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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
Political Spin
VOL. CCLXVII NO. 7
What’s
News
World-Wide
exico recaptured fu-
M gitive drug kingpin
Joaquín “El Chapo”
Guzmán, whose second es-
cape from prison embar-
rassed the government. A6
 Swelling levels of debt,
bloated state firms and aver-
sion to market forces threaten
to derail China’s ascent to
the ranks of rich countries. A7
 A man arrested for
shooting a Philadelphia po-
lice officer told detectives
he was inspired by Islamic
State, officials said. A3
 Obama administration
officials met with tech exec-
utives on ways to thwart ter-
rorists’ use of the Internet,
but the talks appeared to
yield few breakthroughs. A3
 Germany said at least 22
migrants seeking asylum
were among the suspects
in alleged New Year’s Eve
assaults in Cologne. A12
 An elite counterterrorism
force independent from Iraq’s
regular army carried the
bulk of the battle for Ra-
madi, Iraqi officials say. A12
 U.S. officials are skeptical
about the chances of build-
ing a criminal case against
anyone for sending a U.S.
Hellfire missile to Cuba. A6
Business & Finance
 The Dow fell 167.65
points to 16346.45 to end
the week down 6.2%, its
worst-ever five-day start to
a new year, as volatility rat-
tled nervous investors. A1
 The U.S. economy
closed out last year with
robust payroll gains but a
sharp slowdown in overall
economic output. A1
 Steven A. Cohen reached
a settlement with the SEC
that clears the billionaire in-
vestor to eventually resume
managing outside money. A1
 China’s top securities
regulator faced a grilling
over the performance of a
circuit-breaker meant to pre-
vent a free fall in stocks. B1
 Saudi Arabia’s potential
sale of shares in state-
owned Aramco could lead to
a publicly listed firm valued
in the trillions of dollars. B1
 VW’s CEO will meet with
U.S. regulators amid frustra-
tion over the firm’s coopera-
tion on emissions inquires. B3
 FedEx’s deal to acquire
TNT Express received EU
approval, ending a six-
month antitrust probe. B3
 Puerto Rico is being sued
by two bond insurers, adding
to its creditor struggles. B2
Inside
NOONAN A11
The GOP
Establishment’s
Civil War
CONTENTS
Books.................... C5-10
Business News B1-12
Food....................... D6-11
Heard on Street...B12
In the Markets...... B5
Opinion................. A9-11
s Copyright 2016 Dow Jones &
Company. All Rights Reserved
A CENTURY OF
REVIEW
* * * * * * * *
Bad Week for Stocks Dims Outlook
Major indexes have
worst start to year as
China’s deepening woes
bring new worries
BY CORRIE DRIEBUSCH
The Dow industrials tumbled
more than 1,000 points this
week, marking the worst first
five days of any year, as volatil-
ity across the globe rattled ner-
vous investors.
Traders said they are bracing
for further big swings in the
weeks to come.
The Dow fell 1% Friday after
starting the day in positive ter-
Suspect in Police Ambush Pledged Allegiance to Islamic State
PHILADELPHIA POLICE DEPARTMENT/HANDOUT/AGENCE FRANCE-PRESSE/GETTY IMAGES
POINT-BLANK: A video image of a gunman shooting and wounding a Philadelphia police officer late Thursday. The suspect was captured. A3
IRAN DEAL FUELS HARD-LINERS
Since completion of the nuclear agreement, Tehran has stepped up arrests of political opponents
BY JAY SOLOMON
The Obama administration’s nuclear
deal was intended to keep Iran from pur-
suing an atomic bomb, and raised hope
in the West that Tehran would be
nudged toward a more moderate path.
But there are growing fears in Wash-
ington and Europe that the deal—cou-
pled with an escalating conflict with
Saudi Arabia—instead risks further en-
trenching Iran’s hard-line camp.
Since completion of the agreement in
July, Tehran security forces, led by Su-
For Politicians on the Stump,
A Rack of Raccoon Is a Must Eat
i i
For decades, annual Arkansas event has
served up furry varmint; ‘take little bites’
BY ALISON SIDER
list,” said U.S. Sen. John Booz-
It’s an election year, and for man, a Republican running for
the raccoons in eastern Arkan- re-election who plans to eat rac-
sas that’s bad news. coon with locals this weekend.
Hundreds will be
part of Saturday
night’s 73rd annual
Coon Supper in Gil-
lett, a must-stop
event on the cam-
Sports......................... B11
Style & Fashion D2-3
Travel.................. D14-16
U.S. News............ A2-5
paign trail where Ar-
kansas’ political elite
mingle with residents
Weather.................... B11 of one of the state’s
Wknd Investor....... B7 smallest towns.
World News. A6-7,12
The fundraiser,
hosted by the Gillett Raccoon diner
> Farmers and Busi-
nessmen’s Club, is the social Arkansas Gov. Mike Huckabee.
event of the season for the tiny And current U.S. Sen. Tom Cot-
hamlet, population 691. For ton.
elected officials and would-be
politicians in the state, it is a po- night in 1987, when he and then-
litical rite of passage.
What I Spent to
Look Good in 2015
OFF DUTY
WEEKEND HHHH $4.00
SATURDAY/SUNDAY, JANUARY 9 - 10, 2016 WSJ.com
ritory amid a strong U.S. jobs
report and an uneventful ses-
sion in China’s markets over-
“The conundrum is there are
parts of the world that are do-
ing fine...and we have pockets
Rough Start
The Dow's starting slump in 2016 stands in contrast to previous years.
night. But shares slumped in af- that aren’t doing so well,” said But initial performance doesn't always indicate the direction for the year.
ternoon trading as investors Lawrence Kemp, head of Black-
became increasingly unwilling Rock’s Fundamental Large Cap 2% Yearly performance
to enter the weekend exposed Growth team. “Given what’s go-
to the risk of further losses. ing on in China and the rest of 1.4% 2012 7.3%
In all, U.S. stocks lost $1.36
trillion in value this past week.
the world, the U.S. economy
could grow a little more slowly.”
0
1.7% 2013 26.5%
The unusually severe declines The Dow Jones Industrial
highlighted the precarious posi- Average lost 1,078.58 points in –2
–0.7% 2014 7.5%
tion of markets caught between the first week of 2016, down
relatively high valuations—at- 6.2%. The broader S&P 500 was
–4 0.5% 2015 -2.2%
tributable in part to years of down 6%, and the Nasdaq Com-
easy money from central posite Index was down 7.3%.
–6.2% 2016
banks—and a new round of un- Please see STOCKS page A7
–6
certainty about the fundamental
underpinnings of key parts of  China faces an era of difficult Day 1 2 3 4 5 Source: FactSet
the global economy. trade-offs..................................... A7 THE WALL STREET JOURNAL.
Hurdles
Persist
Despite
Job Gains
BY ERIC MORATH
The U.S. economy closed out
last year with robust job gains
but a sharp slowdown in over-
all economic output, conflicting
signals that could set 2016 off
on the same slow-and-low tra-
jectory that’s been a hallmark
of the expansion.
Yet this year will play out
against two new wild cards that
could weigh on the economy: a
Federal Reserve that expects to
continue the process of raising
short-term interest rates after
years near zero and turbulence
in China that is buffeting many
markets around the world.
Readings from the job mar-
ket alone suggest the U.S. re-
mains one of the world’s
healthiest economies despite
mounting trouble around the
world. U.S. employers added
292,000 jobs in December to
bring 2015’s total job gain to
2.7 million, the Labor Depart-
ment said Friday. Last year
trails only 2014 as the best
year for job creation since 1999.
preme Leader Ayatollah Ali Khamenei, prayer leaders this week. The jobs numbers “put the
have stepped up arrests of political op- The feud between Tehran and Riyadh, kibosh on any fears that the U.S.
ponents in the arts, media and the busi- sparked by the execution of a prominent would slip into recession this
ness community, part of a crackdown Shiite cleric in Saudi Arabia, could also year with all the oddball things
aimed at ensuring Mr. Khamenei’s politi- strengthen hard-line nationalist forces in going on in the world,” said
cal allies dominate national elections Iran. U.S. officials fear the conflict could Wells Fargo & Co. economist
scheduled for Feb. 26, according to Ira- undermine international efforts to end Mark Vitner. “But I don’t get the
nian politicians and analysts. the civil wars in Syria and Yemen. Iran sense that hiring has picked up
“Americans have set their eyes covet- and Saudi Arabia joined international in a dramatic way either.”
ously on elections, but the great and vig- talks in Vienna late last year that put in Instead, the strong finish to
ilant nation of Iran will act contrary to place a timeline to end the war in Syria. Please see JOBS page A2
the enemies’ will, whether it be in elec- The future of the talks is now uncertain.
tions or on other issues, and as before And in a challenge to the U.S., Iran in re-  Heard on the Street: The Fed’s
will punch them in the mouth,” he told Please see IRAN page A8 dilemma—jobs vs. China.... B12
Drug Lord
Nabbed—
Episode 3
PLAZA DE ARMAS/AGENCE FRANCE-PRESSE/GETTY IMAGES
i
Mexican marines
recaptured on
Friday fugitive drug-
cartel leader
Joaquín ‘El Chapo’
“It’s right at the top of the
Guzmán, who had
escaped from prison
for a second time
last July through a
mile-long tunnel
“They do a pretty that led to his cell,
good job of doctoring embarrassing the
it up,” he said of the government. A6
critters that are
quartered and slath-
ered in barbecue
sauce.
Bill Clinton dug
into plates of boiled
Deal Ends SEC’s Pursuit of Cohen
and smoked raccoon BY ARUNA VISWANATHA Long a target of law-en- barred for life from the indus-
long before he be- AND JULIET CHUNG forcement authorities, Mr. Co- try. Mr. Cohen was never crim-
came president, and, hen’s SAC Capital Advisors LP inally charged.
more recently, a ve- Billionaire investor Steven pleaded guilty to insider trad- But a 2014 appeals court
gan. So did former A. Cohen reached a settlement ing in 2013, paid $1.8 billion in ruling overturning insider-
with regulators that clears penalties, and shrank to man- trading convictions in a re-
him to return to managing age only his own fortune. One lated case weakened the case
outside money in two years, a of his confidants at SAC was against Mr. Cohen, paving the
Mr. Clinton recalled a snowy remarkable turnaround for the convicted, and the Securities way for Friday’s settlement.
Wall Street veteran after years and Exchange Commission The pact with the SEC re-
Please see SUPPER page A8 of legal fights. sought to have Mr. Cohen Please see COHEN page A6
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, January 9 - 10, 2016
How to Figure Penalty in VW Scandal
A
1959 ad campaign for
the Volkswagen Beetle
urged consumers to
think small.
But a lawsuit filed this
past week by the U.S. De-
partment of Justice on be-
half of the Environmental
Protection Agency against
the car maker sends a differ-
ent message: Think big, at
least when it comes to the
dollar figure the German
auto maker
may have to
pay for install-
ing “defeat de-
vices” to will-
fully violate
THE U.S. emissions
NUMBERS standards.
JO CRAVEN The maxi-
MCGINTY mum amount
the regulators
are seeking is
unclear, and once the matter
is resolved, the penalty may
be less than they hope for. But
the figures cited in the lawsuit
add up at least $46 billion.
So how do you put a
value on the damage caused
by the rigged cars?
To come up with one esti-
mate, researchers at the
Massachusetts Institute of
Technology and Harvard Uni-
versity assessed the damage
to public health caused by
the vehicles’ excessive emis-
sions of nitrogen oxide.
The lawsuit alleges Volks-
wagen sold 580,000 rigged
diesel Volkswagens, Porsches
JOBS
Continued from Page One
the year in the job market
could translate into a familiar
first-quarter slowdown.
Strong hiring in construc-
tion due to unseasonably
warm weather is likely to re-
verse in January and February.
The burgeoning e-commerce
industry boosted employment
in transportation and ware-
housing during the holiday
season, but those jobs could
prove temporary. Even the lat-
est Star Wars film appears to
have boosted employment in
the movie industry by an un-
usually large number, a force
not likely to persist.
As well, struggles under the
surface remain. Consumer
spending failed to accelerate in
the past year despite lower gas-
oline prices. The manufacturing
sector is contracting. And a
stronger dollar and falling com-
modity prices have derailed two
earlier drivers of the recovery:
the energy industry and exports.
Economic output in the
third quarter advanced an an-
nualized 2%, about the same
lackluster pace averaged
throughout the expansion’s
first 6½ years. Readings on
fourth-quarter gross domestic
product won’t be released until
the end of this month, but
many economists expect the
pace of growth to slow. Fore-
casting firm Macroeconomic
Advisers on Friday lowered its
fourth-quarter forecast to a
0.5% annualized pace after new
data showed businesses are al-
lowing inventories to dwindle.
Weak fourth-quarter output
stands in contrast to employers
delivering the best three-
month stretch of hiring of
2015. The contrast would indi-
cate worker productivity—seen
as an underlying driver of
wage growth—is deteriorating.
One cause of the mixed sig-
nals: Businesses serving do-
mestic consumers are doing
fairly well while those with in-
ternational exposure are in-
creasingly struggling.
Christian Brothers Automo-
tive Corp., an auto-repair chain
with locations in 22 states, is
hiring five workers at its Hous-
ton headquarters and plans to
open at least 15 stores over the
next 18 months. “With gas prices
lower, customers are coming in
with a little more money, and
saying ‘Let’s make that repair
and maintain this vehicle,’ ” said
Josh Wall, the company’s vice
president for franchise and stra-
tegic development.
Services firms, which range
from repair shops to hospitals,
accounted for almost 90% of
all jobs created in the U.S. last
year. Manufacturing, a sector
feeling the brunt of the export
slowdown tied to a stronger
dollar, added 35,000 jobs in
2015 after adding more than
200,000 in 2014. The mining
sector, which includes oil and
gas extraction, shed nearly
and Audis in the U.S. since
model year 2009 with illegal
defeat devices.
The devices allow the cars
to meet strict U.S. emissions
standards at testing stations,
but during normal operation,
the vehicles emitted up to 40
times the amount of nitrogen
oxide permitted by the Clean
Air Act. A spokeswoman for
Volkswagen Group of Amer-
ica said the company is work-
ing with the EPA to bring the
vehicles into compliance.
Nitrogen oxide has been
linked to increased asthma
attacks and respiratory and
cardiovascular diseases that
can cause premature death.
Understanding the associ-
ated costs, the researchers
said, is important for deter-
mining an adequate penalty.
To calculate the effect of
the excess pollution, the re-
searchers gathered vehicle-
sales figures for the affected
cars; estimated their emis-
sions; modeled the effect of
the excess pollution on air
quality; measured the likely
health impacts; and calcu-
lated the cost to society.
“We estimated the vehi-
cles affected were driven
40.5 billion kilometers from
2008,” or about 25.2 billion
miles, from 2008 when the
2009 models first hit the
road to the end of 2015, said
Steven Barrett, an aerospace
engineering professor at MIT
and lead author of the study.
Strong Job Growth Masks Middling Gains Elsewhere
2015 brought improvement for prominent gauges of labor-market health, but relative to the past 15 years it delivered an underwhelming
performance in other key measures.
Rank Job gains, average
monthly nonfarm
payroll gains/losses
for each year
–424K 260K
low 0 high
1st ’14
2nd ’15 221K
3rd ’05
4th ’13
5th ’12
6th ’06
7th ’11
8th ’04
9th ’07
10th ’10
11th ’03
12th ’02
13th ’01
14th ’08
15th ’09
Note: All figures are seasonally adjusted, GDP is also adjusted for inflation.
Sources: Labor Dept. (payrolls, unemployment, earnings, participation, CPI); Commerce Dept. (GDP); WSJ Survey of Economists (Q4 2015 GDP forecast)
Wage Growth Is Weak, but Not if Inflation-Adjusted
Whether today’s wage
growth is healthy depends a
lot on how a worker feels
about inflation.
Average hourly earnings for
workers who aren’t managers
rose by 2.4% over the course of
2015, the Labor Department said
Friday, a figure many economists
consider disappointing. Including
managers, wage growth rose by
2.5% for all private employees.
In the late 1980s, late 1990s
and mid-2000s, wage growth
for production and nonsupervi-
sory workers was climbing by
130,000 jobs last year.
A long-missing ingredient
during the expansion has been
stronger wage growth, signal-
ing continued slack in the labor
market. Average hourly earn-
ings slipped by a penny in De-
cember from November. Wages
were up 2.5% from a year ear-
lier, among the best annual
gains of the current expansion,
but the improvement remains
below historical averages.
When adjusted for infla-
tion—which is near zero due to
falling gasoline prices—work-
ers’ earnings gains look better.
But economists including Fed
Chairwoman Janet Yellen have
pointed to wage growth as an
important driver of a healthy
level of inflation. Consumer in-
flation has undershot the Fed’s
2% annual target for 3½ years.
The job gains and stable
unemployment could reassure
central bankers that the econ-
omy is able to handle addi-
tional interest-rate increases
this year, though officials are
unlikely to act again before
their March meeting.
Even then, the latest wage
numbers will only strengthen
U.S. NEWS
Dirty Diesel
The Department of Justice is suing Volkswagen for violating
U.S. emissions standards by installing ‘defeat devices’ in 580,000
diesel Volkswagens, Audis and Porsches sold in the U.S. beginning
with model year 2009.
100,000 Number of vehicles sold in the U.S.
80,000 VW/Audi 2.0L Diesel
VW/Audi/Porsche 3.0L Diesel
60,000
40,000
20,000
0 environmental economist at
2009 ’10 ’11
Note: 2015 and ’16 figures are not available
Source: Enviromental Protection Agency
The researchers concluded
the excess pollution emitted
from the cars will cause 59
premature deaths, 31 cases of
chronic bronchitis, 34 hospi-
tal admissions, 120,000 days
of restricted activity—includ-
ing lost work days—210,000
days with lower-respiratory
problems and 33,000 days
with increased use of asthma
inhalers. The cost, they said,
will be $450 million.
The numbers are based on
482,000 cars initially tagged
by the EPA for violating the
emissions standards. Given
that the government’s lawsuit
alleges an additional 100,000
Unemployment GDP growth,
rate, at the end of average annualized
each year quarterly change
for each year
4.4% 9.9% –2.7%
0 low high low 0 high
'06 '03
'05 '04
'15 5.0% '05
'07 '10
'04 '14
'14 '13
'03 '06
'01 '15 (est.) 2.2%
'02 '02
'13 '07
'08 '11
'12 '12
'11 '01
'10 '09
'09 '08
more than 4% a year.
Wage figures are being
closely watched by everyone
from presidential campaigns to
Federal Reserve policy makers.
But inflation complicates the
picture. While wages are growing
slowly, the U.S. inflation rate has
been even lower thanks to low
gas prices and a strong dollar.
According to the official mea-
sures, wages have been growing
faster than prices for about
three consecutive years. The
last long stretch during which
wages grew faster than prices
the hand of central bankers
“who question the robustness of
the link between slack and price
pressures,” said J.P. Morgan
Chase economist Michael Feroli.
One factor holding wages in
check is a potential supply of
workers outside of the labor
CORRECTIONS  AMPLIFICATIONS
Foxconn Technology Group
said subsidies it received from
the Chinese city of Zhengzhou
were granted for providing
stable employment in 2014. A
Business & Tech article in
some editions Wednesday
about Apple Inc. scaling back
orders for its iPhones said Fox-
conn declined to say if changes
in iPhone demand were a fac-
tor in the subsidies it received
from Zhengzhou. Foxconn sub-
sequently said there were no
other factors involved in the
granting of the subsidies.
A driver for Uber Technol-
ogies Inc. in Russia could earn
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-410-2667.
’12 ’13 ’14
THE WALL STREET JOURNAL.
vehicles are involved, the fig-
ures may be low, but one
thing to keep in mind is the
range of probable outcomes
in the study is wide. The
number of premature deaths
could be as high as 150 or as
low as 10, the researchers
said, and the associated costs
could be as much as $1.2 bil-
lion or as little as $72 million.
Nonetheless, the figures
matter because to be effec-
tive, the researchers said, the
penalty for breaking the rules
must exceed the social cost
of the violation.
“In cases where there is a
high probability you won’t
Wage growth, for
private non-
managers, at the
end of each year
4.4% 1.7% 4.2%
0 low high
'06
'08
'07
'01
'02
'05
'04
'09
'15 2.4%
'13
'10
'14
'11
'12
'03
occurred in the late 1990s and
early years of the 2000s.
At the time, households em-
braced the dynamic—the Confer-
ence Board’s consumer-confi-
dence index hit its highest level
of the past four decades in 2000.
The current environment is
shaping up as a test of what
really mattered more for work-
ers in the late 1990s. Was it
wage growth of around 4%? Or
wages that were climbing
about 2% faster than prices, as
is also the case today?
—Josh Zumbrun
market. The labor force grew
by nearly a half-million people
in December, a factor that
helped hold the unemploy-
ment rate at 5% despite strong
hiring. The labor-force partici-
pation rate ticked up to 62.6%
in December, but it remains
more than 100,000 rubles a
month by working eight to 10
hours, five days a week, while
union drivers on average earn
60,000 rubles to 80,000 rubles
a month by working 80 hours
a week. In some editions
Wednesday, a Technology arti-
cle about taxi-hailing services
in Russia incorrectly said driv-
ers could earn those amounts
weekly.
Saudi Arabia’s Council of
Economic and Development Af-
fairs was incorrectly called the
Supreme Economic Council in
a Page One article Friday about
a possible initial public offer-
* *** THE WALL STREET JOURNAL.
be caught and enforcement
costs are high, you want a
fine that is significantly
higher than the social costs,”
said David Keith, a professor
of applied physics and public
policy at Harvard and a co-
author of the report.
The EPA’s default for
valuing mortality risk is $7.4
million. By that measure, the
penalties outlined in the law-
suit would be well over the
estimated mortality cost.
“F
rom a purely envi-
ronmental-health
economic point of
view, this penalty is way too
high,” said Hendrik Wolff, an
the University of Washington
in Seattle, referring to the
fines outlined in the lawsuit.
“Clearly, however, there are
other losses. The competi-
tors of VW have been disad-
vantaged, and more gener-
ally, the public trust had
been breached.”
Mr. Wolff notes that, in
the big picture, excess emis-
sions from the vehicles iden-
tified in the lawsuit are
small, contributing up to
56,000 tons of nitrogen ox-
ide above what is allowed.
But when it comes to dis-
couraging bad corporate be-
havior, some argue, thinking
big is the only way to go.
 Volkswagen sales drop;
CEO to meet with EPA........ B3
People ages 25–54 Consumer-price
working or looking inflation, at the
for work, at the end of each year
end of each year
80.8% 83.7% 0.0% 4.1%
0 low high low high
'01 '07
'02 '04
'02 '05
'02 '11
'03 '09
'03 '06
'03 '02
'04 '03
'09 '12
'10 '01
'11 '13
'12 '10
'14 '14
'15 80.9% '15 0.4% (Nov.)
'13 '08
Andrew Van Dam/
THE WALL STREET JOURNAL.
down from a year ago, and is
still near a 40-year low.
A broader measure of unem-
ployment that includes Ameri-
cans stuck in part-time jobs or
too discouraged to look for
work stayed at 9.9% in Decem-
ber and has been virtually un-
changed since September.
If employers can attract
people who weren’t actively
seeking work, they may be
able to limit wage gains.
Moving company Two Men
and a Truck, which plans to hire
up to 3,000 workers as it ramps
up for spring and summer, is
seeking to attract people not
actively searching on job boards
with television ads and by of-
fering more-flexible schedules.
“We’re spending more money
on finding good people than we
ever have,” said Jeff Wesley,
chief executive of the Lansing,
Mich., chain. “What we used to
do to find customers, we’re now
doing to find workers.”
ing for Saudi Arabian Oil Co.
Zebra Technologies Co. ac-
quired the enterprise business
unit of Motorola Solutions
Inc. in 2014. A Business News
article Friday about bar-code
scanners incorrectly said Ze-
bra acquired Motorola Solu-
tions Inc.
The suspect killed in an at-
tack Thursday at a Paris police
station told authorities two
years ago that his name was
Sallah Ali. A World News arti-
cle Friday about the attack in-
correctly gave the name as
Salam Ali.
U.S.
Watch
POLITICS
Obama Vetoes Bill
Changing Health Law
President Barack Obama on
Friday vetoed legislation that
would have gutted his signature
2010 health law, saying the Af-
fordable Care Act is working and
chiding Republicans for their re-
peated attempts at repeal.
“This legislation would cost
millions of hard-working middle-
class families the security of af-
fordable health coverage they
deserve,” Mr. Obama wrote.
Mr. Obama had vowed to
veto the legislation before the
House cleared it this past week.
The legislation marks the first
time Republicans have gotten a
bill overturning much of the law
to his desk. It also would have
stripped federal funding from
Planned Parenthood Federation
of America for a year.
GOP lawmakers said they
were delivering on a pledge to
topple a law they say has cost
Americans jobs, raised health-
care costs and failed to deliver
on early promises such as allow-
ing people to keep insurance
plans if they liked them.
—Stephanie Armour
GUANTANAMO
Alleged Bin Laden Aide
Repatriated to Kuwait
The Pentagon said it had sent
a prisoner from the U.S. deten-
tion facility at Guantanamo Bay,
Cuba, home to Kuwait, part of a
push to whittle the prison’s pop-
ulation down to 90 this month.
The detainee, Faez Mohammed
Ahmed Al-Kandari, was cleared
for transfer in September by a
board with representatives from
six federal agencies. His transfer
follows that of two Yemeni pris-
oners to Ghana earlier this past
week, and the prison’s population
is now 104, including 45 detainees
approved for transfer if security
conditions can be met.
When the panel approved Mr.
Al-Kandari’s repatriation, it said
ongoing detention wasn’t neces-
sary for protection against a
“continuing significant threat” to
U.S. security. According to a
prison profile of Mr. Al-Kandari
released by WikiLeaks, he was
an adviser to and confidante of
Osama bin Laden and an influ-
ential religious figure for al
Qaeda fighters in Afghanistan.
—Felicia Schwartz
BASEBALL
Ex-Cardinals Official
Pleads Guilty to Hack
The former scouting director
for the St. Louis Cardinals
pleaded guilty to criminal
charges in connection with an
unauthorized breach of the
Houston Astros’ computer net-
work, in the first known case of
cyberespionage involving a pro-
fessional sports team hacking
into another team’s database.
The Cardinals fired Chris Cor-
rea, 35, last summer, weeks after
news broke that the Federal Bu-
reau of Investigation was probing
whether Cardinals employees ille-
gally accessed the Astros’ private
database of player information.
Major League Baseball had asked
the FBI to look into the matter
after information related to po-
tential player trades was released
anonymously online in 2014.
Appearing in Houston federal
court, Mr. Correa pleaded guilty
to five counts of unauthorized
access to computer information.
Each count carries a maximum
sentence of five years in prison
and a $250,000 fine.
—Brian Costa and
Devlin Barrett
THE WALL STREET JOURNAL
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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.
Police:IslamicStateInspiredCopShooter
Philadelphia officials
say suspect pledged
allegiance to the terror
group after ambush
BY SCOTT CALVERT
The man arrested for shoot-
ing a Philadelphia police offi-
cer three times in a late-night
ambush told detectives he was
inspired by the Islamic State
terrorist group, police officials
said Friday.
Edward Archer, 30 years
old, allegedly opened fire on
Officer Jesse Hartnett’s cruiser
at a West Philadelphia inter-
section late Thursday night,
firing about 11 times and hit-
ting the officer in his left arm
three times. Mr.Hartnett re-
turned fire, hitting Mr. Archer
in the buttocks, a police
spokeswoman said.
The officer, 33 years old,
underwent surgery and was in
stable condition on Friday.
Police arrested the suspect
and recovered a 9mm pistol
police believe was used. The
gun was reported stolen in
2013 from the home of a police
officer, Commissioner Richard
Ross said Friday. He said he
didn’t know how Mr. Archer
obtained the gun.
Capt. James Clark, head of
Times a-Changin'
Twenty-one states had some kind of legislative proposal regarding
daylight-saving time in 2015.
Wash.
Ore.
Idaho
Nev.
Utah
Ariz. N.M.
Alaska
Hawaii
Note: Arizona and Hawaii don’t use daylight-saving time.
Source: Time Zone Report
Daylight-Saving
Time Gets Old
BY ARIAN CAMPO-FLORES
Fed up with the annual rou-
tine of moving clocks ahead in
spring and back in fall, a Flor-
ida lawmaker is pushing a bill
that would make daylight-sav-
ing time full-time in the state.
“I’m so over the time
change,” said Democratic state
Rep. Kristin Jacobs. “Everyone
I know is grumbling about the
same thing.”
Her measure, dubbed the
Sunshine Protection Act, and
filed ahead of the legislative
session that starts next week,
reads in part: “As the ‘Sun-
shine State,’ Florida should be
kept sunny year-round.”
Other states are rebelling,
too. From Alaska to Alabama,
21 states have weighed propos-
als in the past year to tinker
with the time, according to the
Time Zone Report, a website
that tracks such legislation.
While some measures are
aimed at making daylight-sav-
ing time permanent, others
seek to abolish it.
“People just want to stay on
Few Breakthroughs in Talks With Tech Firms on Terror
BY DAMIAN PALETTA
AND DEEPA SEETHARAMAN
Top Obama administration
officials met Friday with tech-
nology executives on how best
to thwart terrorists’ use of the
Internet to recruit members
and incite violence, though the
discussions appeared to yield
few breakthroughs.
The administration, facing
evidence that its efforts to
prevent domestic jihadist radi-
calization are falling short,
also announced a new task
force aimed at improving co-
ordination between agencies
and to launch a renewed effort
to bolster anti-radicalization
voices from overseas.
The Obama administration
assigned some of its top offi-
cials to the session in San
* * * * * *
the Philadelphia homicide unit,
said the alleged shooter pro-
vided a motive in his com-
ments to homicide detectives
after he was taken into cus-
tody.
“He stated that he pledges
his allegiance to Islamic State,
he follows Allah, and that is
the reason he was called upon
to do this,” Capt. Clark said.
“He just kept on echoing those
sentiments, and he wouldn’t
give us anything more than
that.”
Officials with the Federal
Bureau of Investigation and
Department of Homeland Se-
curity were working with Phil-
adelphia police to execute
search warrants at residences
in Southwest Philadelphia and
Upper Darby, Pa.
Mr. Ross said police don’t
know if Mr. Archer has any
connection to Islamic State or
acted on his own.
Mr. Archer has a criminal
history, according to court re-
cords. In November, he was
convicted of forgery, driving
without a valid license and
four other charges in Delaware
County, outside Philadelphia,
court records show. He is
scheduled to be sentenced on
Monday. A public defender
listed in court records as Mr.
Archer’s attorney didn’t re-
spond to requests for com-
S.D.
Mich.
Iowa Pa.
Ill.
Kan. Mo.
Ark.
Miss. Ala.
Texas
Fla.
THE WALL STREET JOURNAL.
one time,” said state Sen. Cliff
Pirtle, a New Mexico Republi-
can who sponsored a measure
last year to keep daylight-sav-
ing time year-round. It cleared
the Senate but stalled in the
House.
Federal law presents a
sticking point, though. It es-
sentially provides states with
two options: Skip daylight-
saving time entirely, as Hawaii
and most of Arizona do, or ad-
here to it according to the offi-
cial schedule. Staying on day-
light-saving time permanently
isn’t allowed.
Mr. Pirtle’s bill got around
that by proposing to move
New Mexico to Central time
from Mountain time, a change
that requires approval from
the U.S. Transportation De-
partment.
A measure in Nevada—the
only one to pass last year—
took a different approach: urg-
ing Congress to change the law
so states can use daylight-sav-
ing time all year. Ms. Jacobs in
Florida said that if the federal
government were to challenge
Jose, Calif., including White
House Chief of Staff Denis Mc-
Donough and Attorney General
Loretta Lynch. They argued
that the executives should do
more to block terrorists from
using the Internet to recruit
and incite violence.
White House spokesman
Josh Earnest said the meet-
ing’s goal was to find ways to
cooperate to make it harder
for terrorists “to find refuge in
cyberspace.”
Two people familiar with
the meeting said there were
no surprises as both sides out-
lined their positions. The
White House told participants
of its new initiatives as they
were being announced outside,
one person said.
Silicon Valley executives
described the session as con-
U.S. NEWS
PHILADELPHIA POLICE DEPARTMENT (2)
ment.
In March, Mr. Archer
pleaded guilty to carrying an
unlicensed gun and simple as-
sault in Philadelphia, court re-
cords show. He was sentenced
to between nine and 23
months on the gun charge but
was immediately paroled due
to time already served in jail,
said a spokeswoman for the
Philadelphia district attorney’s
office. He received two years’
probation for the assault, ac-
cording to court records.
According to Michael Nacht,
a former U.S. Defense Depart-
ment official, any links be-
Mass.
A Florida lawmaker is pushing a bill that would make daylight-saving time full-time in the state. Above, sunrise by Cocoa Beach Pier.
a move by her state, she would
seek to assert its authority to
act.
Historically, the rationale
for daylight-saving time, for
which Congress set uniform
dates in 1966, was to conserve
energy by adding an hour of
sunlight at the end of the day
and reducing use of electric
lighting, said Michael Down-
ing, a lecturer at Tufts Univer-
sity and author of “Spring For-
ward: The Annual Madness
of Daylight Saving Time.”
Chambers of commerce tradi-
tionally supported using day-
light-saving time, because hav-
ing more sunlight in the
evening tends to boost cus-
tomer traffic to retail and out-
door businesses, he added.
But academic studies have
challenged the assumption
that daylight-saving time saves
energy.
To bolster the case for her
bill, Ms. Jacobs cited research
suggesting that increased
darkness in evening hours, af-
ter clocks are turned back,
contributes to more fatal vehi-
structive. Christopher Young,
general manager of the secu-
rity group at Intel Corp., said
after the meeting that it was a
“good discussion,” giving no
further details.
A spokeswoman for Face-
book said the firm outlined
the company’s policies at the
session, including its determi-
nation to take down any ter-
rorist propaganda as quickly
as possible. Sheryl Sandberg,
Facebook chief operating offi-
cer, represented the company.
“We explained our policies
and how we enforce them—
Facebook does not tolerate
terrorists or terror propa-
ganda and we work aggres-
sively to remove it as soon as
we become aware of it,” the
spokeswoman said.
One of the most pointed in-
Edward Archer, above, was
arrested in the shooting of
Officer Jesse Hartnett, at left,
who was in stable condition on
Friday.
tween Mr. Archer and Islamic
State would represent an
“alarming” and hard-to-com-
bat threat: attacks inspired
over social media, but poten-
tially without detailed instruc-
tions intelligence officials can
try to trace.
Islamic State, also known as
ISIS, has signaled to its follow-
ers that if they can’t join the
group overseas, they should
kill people wherever they are,
meaning sympathizers could
act out suddenly with little
warning to law enforcement.
“I think this is, unfortu-
nately, a very effective ISIS
Like Clockwork: From the 1890s to the Present
1895: Many credit New Zealand
entomologist George Vernon
Hudson with first conceiving the
idea of daylight-saving time in a
paper he presented that year.
1918-1919: The U.S. temporarily
adopted daylight-saving time,
one of several countries to im-
plement it as a way to conserve
energy during World War I.
1942-1945: Congress reinstated
daylight-saving time during
World War II.
cle crashes.
Floridians have reacted pas-
sionately to her proposal.
“I hate” daylight-saving
time, said Tracy Faulkner, a
Fort Lauderdale resident who
supports the measure. “It
brings on depression, as soon
as the time changes” in the
fall.
But Dylan Engelman, who
lives in West Palm Beach,
called the bill “moronic.” Al-
teractions at the meeting was
when Apple Inc. Chief Execu-
tive Tim Cook pressed govern-
ment officials to issue a uni-
fied statement acknowledging
the many benefits of strong
encryption for communication
technology, a person familiar
with the interaction said.
This has been a flashpoint
between law-enforcement offi-
cials and technology execu-
tives, as some government of-
ficials have said terrorists
were taking advantage of en-
crypted technology to hide de-
tails about potential plots.
U.S. officials at the meeting
acknowledged Mr. Cook’s per-
spective but were noncommit-
tal about how they are going
to proceed.
The government has strug-
gled to connect multiple fed-
Saturday/Sunday, January 9 - 10, 2016 | A3
strategy, which is basically to
use social media to inspire
Muslims around the world,
hoping that a fraction of them
will become motivated enough
to commit acts of violence in
their own areas,” said Mr.
Nacht, who is a professor at
the University of California,
Berkeley’s Goldman School of
Public Policy.
For instance, the FBI be-
lieves a San Bernardino, Calif.,
couple—Syed Rizwan Farook
and Tashfeen Malik—were at
least in part inspired by Is-
lamic State when they stormed
into a holiday gathering of
county workers in a Dec. 2 as-
sault that killed 14 and injured
two. David Bowdich, assistant
FBI director in charge of the
bureau’s Los Angeles office,
said Tuesday that while the
couple were apparently in-
spired to commit violence by
foreign terrorists, investiga-
tors haven’t found evidence
the attack was directed by oth-
ers. The two were killed in a
gun battle with police.
Separately, two refugees
from Iraq were arrested on
Thursday on separate charges
that they lied to U.S. authori-
ties about their alleged affilia-
tions and activities with ter-
rorism suspects.
Aws Mohammed Younis Al-
Jayab, 23, of Sacramento, Ca-
1966: To clear up a confusing
patchwork of states and localities
that did or didn’t observe day-
light-saving time, Congress passed
the Uniform Time Act. The legis-
lation set the start of daylight-
saving time on the last Sunday of
April and the conclusion on the
last Sunday of October, though
states and localities could opt out.
1974-1975: Congress placed the
U.S. on extended daylight-saving
time in response to the energy
crisis.
though he dislikes the time
change and would love to
see daylight-saving time
ended, he said, the bill for four
months of the year would put
Florida on a different time
than the rest of its time zones.
“Why do this to ourselves?” he
said.
Most of Florida is on East-
ern time, with the far west of
the state in the Central time
zone.
eral initiatives—spread across
law enforcement, homeland
security, intelligence and other
agencies—that work to pre-
vent the spread of extremist
Islamic ideologies within the
U.S. The shooting in San Ber-
nardino, Calif., underlined the
threat from attackers who are
inspired by foreign terrorists
rather than directed by them.
On Friday, in conjunction
with the meeting, the White
House announced a Counter-
ing Violent Extremism Task
Force, to be headquartered at
the Department of Homeland
Security and led, at least ini-
tially, by George Selim, direc-
tor of that agency’s office for
community partnerships.
Rep. Michael McCaul (R.,
Texas), chairman of the House
Committee on Homeland Secu-
lif., was charged with making a
false statement involving ter-
rorism. According to court fil-
ings, Mr. Al-Jayab is a Pales-
tinian born in Iraq who came
to the U.S. as an Iraqi refugee
in 2012. Between October 2012
and November 2013, while liv-
ing in Arizona and Wisconsin,
he allegedly told others in on-
line discussions that he
planned to travel to Syria to
fight for terrorist groups.
In addition, federal prosecu-
tors said Omar Faraj Saeed Al
Hardan, 24, of Houston, lied
when he claimed he wasn’t as-
sociated with a terrorist or-
ganization. Authorities charge
he had relationships with
members of Islamic State.
Lawyers for Messrs. Al Har-
dan and Al-Jayab couldn’t im-
mediately be identified.
Last year, about 60 individ-
uals were arrested in the U.S.
on charges related to support
for Islamic State, the highest
number of terrorism-related
arrests in a single year since
the attacks on Sept. 11, 2001,
according to George Washing-
ton University’s Program on
Extremism. Overall, more than
70 people have been arrested
since early 2014.
—Nicole Hong, Devlin
Barrett, Miriam Jordan
and Jon Kamp
contributed to this article.
MALCOLM DENEMARK/ASSOCIATED PRESS
1986: The U.S. moved up the
start of daylight-saving time to
the first Sunday in April instead
of the last.
2007: The U.S. again extended
the length of daylight-saving
time, moving the beginning to
the second Sunday in March and
the end to the first Sunday in
November.
Sources: U.S. Department of Energy and
California Energy Commission
—Arian Campo-Flores
State Rep. Mike Moyle, the
Republican majority leader in
the Idaho House, has tackled
the issue twice, first proposing
to do away with daylight-sav-
ing time in 2014, then pushing
to make it permanent last year.
Each approach triggered oppo-
sition, and the measures failed.
“People really want to do
something,” Mr. Moyle said.
“But they’re split on which
way they want to go.”
rity, called the creation of a
task force a “step in the right
direction” but said he planned
to “conduct rigorous oversight
to ensure the task force will
make progress toward in actu-
ally improving the effective-
ness” of the government’s
anti-extremism efforts.
The State Department,
meanwhile, will revamp its ef-
forts to confront extremist
groups’ social-media messag-
ing by launching a “Global En-
gagement Center.”
These efforts appear to re-
flect less a major change in
strategy or infusion of new re-
sources than an attempt to im-
prove communication and to
highlight the importance of
the anti-radicalization goal.
—Felicia Schwartz
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
A4 | Saturday/Sunday, January 9 - 10, 2016 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

A Dose of Kemp Optimism for ’16 Campaign

Ryan said in an interview Govs. Chris Chris-
this week. “He was really the tie and John Kasich are.
person who inspired me to

B
public service as a vocation.” eyond Mr. Trump, the
Seven Republican presi- tenor of the campaign
dential candidates are de- has turned nasty more
touring from their other generally, in a very un-Kemp-
CAPITAL JOURNAL campaign business to attend like way. “Kemp would be
GERALD F. SEIB the event. That turnout is appalled at the way every-
testimony to both the ongo- body is just trashing each
ing power of the Kemp name other,” said Scott Reed, who

B
ack in 1993, the and to the current power of worked on Mr. Kemp’s 1988
late Jack Kemp—fresh the Paul Ryan one. But it presidential bid and then ran
from a career in Con- also raises the question of the Bob Dole/Jack Kemp

CHRIS MADDALONI/ROLL CALL/GETTY IMAGES

gress and a seat in the cabi-
net, and having established
himself as heir to Ronald
Reagan’s brand of optimistic
conservatism—set up a new
advocacy
group called
Empower
America. He
hired as an
economics
assistant a
bright young 23-year-old
from Wisconsin.
That assistant’s
name: Paul Ryan.
On Saturday, that connec-
tion moves into the heart of
the 2016 Republican presi-
dential campaign when Mr.
Ryan, now speaker of the
House and the titular leader
of the GOP, will help moder-
ate for the Jack Kemp Foun-
whether there is anyone in campaign in 1996. He re-
the party, other than Mr. called that “when Kemp ran
Ryan himself, capable of car- for president, he would
rying to a national audience never go negative” despite
the sunny Kemp message of staff pleadings that he do so.
what he called bleeding- “He would drive us crazy.”
heart conservatism. Now, Mr. Reed said, “I
Ultimately, Mr. Kemp be- run into people all the time,
came the Republican Party’s many of them minorities,
vice-presidential nominee in who tell me, ’Kemp told me
1996. Throughout his career, to pursue my dreams.’ ” And
and until his death in 2009, Rep. Paul Ryan, right, credits Jack Kemp, with whom he is shown in 2004, with inspiring his career. those people, Mr. Reed said,
he proselytized for a kind of often went on to become
conservatism that strongly termined to help the Kemp erty. “He made our philoso- ald Trump, said just this successful entrepreneurs and
advocated low tax rates to philosophy live on. That is il- phy and our policies week: “We’re like a third- leaders.
spur high growth, but also lustrated by his decision to inclusive and aspirational. world country. We are a Jimmy Kemp, the late Mr.
an aggressive outreach to keep his promise to appear That is exactly what we need dumping ground” because of Kemp’s son and the head of
minorities to convince them at Saturday’s forum, which to do…to reignite the Ameri- an influx of immigrants. He his foundation, described his
that Republicans were inter- some suspected he would can idea.” has suggested the voters of hope for this weekend’s
ested in policies to help skip after unexpectedly be- Mr. Kemp, he added, “just Iowa are “stupid” for believ- gathering in this way: “I
them rise as quickly as any- coming House speaker late made you hopeful and opti- ing one of his rivals. In his want people to recognize
body else. That, in fact, was last year. mistic” in the way Ronald announcement speech he de- that there are conservative
precisely the kind of out- “This is such a high prior- Reagan did. clared: “Sadly, the American solutions and propositions
reach many GOP leaders ity for me, I instantly deter- dream is dead.” for these really difficult chal-

dation a forum in South Car-
olina on how to fight poverty
and advance economic op-
portunity for all in America.
“Jack Kemp put the heart
in the heart and the soul of
the Republican Party,” Mr.
H
were urging after Mitt Rom- mined as soon as I became opeful and optimistic Mr. Trump, as it happens, lenges that exist around pov-
ney did so poorly with mi- speaker that I’m going to aren’t necessarily the was invited to the Kemp Fo- erty and the lack of opportu-
nority voters as the party’s keep this on the schedule,” words that most rum, its organizers say. He nity in this country.”
nominee in 2012. Mr. Ryan said. would apply to the rhetoric isn’t showing up. Jeb Mr. Ryan, he said, “is the
For his part, Mr. Ryan, Mr. Kemp “would go into in this year’s primary sea- Bush, Ben Carson, Carly leader of the party right
Mr. Romney’s 2012 vice-pres- poor communities and prose- son. The leading Republican Fiorina, Sen. Marco Ru- now. I believe he does have
idential running mate, is de- lytize” about escaping pov- presidential candidate, Don- bio, Mike Huckabee and an optimistic message.”

A New Gender Gap?

Amid revived fears of terrorism, women are more likely than men
Clinton
to say ensuring security is more important than protecting privacy.
And while women view President Obama’s job performance more
favorably than do men, they are more dissatisfied with his handling
Questioned
of terrorism and of U.S. progress against terrorists.
Q: Which concerns you more: That the government won't go far enough in
monitoring activities of potential terrorists in the U.S., or that the U.S. will
Staffer’s
go too far and violate privacy rights?
WOMEN
61%
MEN
EmailUse
gh BY BYRON TAU
ou
fa r en
Not Former Secretary of State
51% Too far Hillary Clinton expressed sur-
50% prise that a State Department
48%
MARK KAUZLARICH/REUTERS

47% staffer was using a personal

ugh
43% a r eno email account, despite the fact
42% Not f
she conducted all official busi-
Too ness on an email account run
far
off her own personal server.
33%
A department expert wrote
Jan. 2015 Dec. 2015 Jan. 2015 Dec. 2015 an email in 2011 with thoughts
Supporters listened as GOP presidential candidate Ted Cruz spoke in Carroll, Iowa, this past week. on the future of Libya—a note
Obama’s overall approval rating
that was eventually forwarded

A Revival of ‘Security Moms’ Approve

49%
Disapprove
50%
Approve
44%
Disapprove
54%
to Mrs. Clinton. In response,
Mrs. Clinton asked her top
aide where the expert worked
and questioned why he was us-

Would Stand to Benefit GOP WOMEN MEN ing a personal account.

BY AARON ZITNER
As a group, women lean
Democratic. But if the recent
rise of terrorism fears per-
sists, the Republican Party
could well make gains.
Already, signs are emerging
of the return of “security
moms,” the women who
moved toward the GOP after
the 9/11 attacks made national
security a dominating concern.
These women were credited
with helping to deliver seats
to the Republican Party in
both the House and Senate in
2002, a tough feat for a presi-
dent’s party in a midterm year.
Signs of a security-mom re-
vival are incipient, but they
bear watching. Here is one po-
tential signal: In weighing the
costs of the government’s hunt
for terrorists, women are wor-
rying more about stopping at-
tacks and less about intruding
on people’s privacy.
When The Wall Street Jour-
nal/NBC News poll asked a
year ago which worried them
Heard on the Stump
more—that the U.S. wouldn’t
go far enough in monitoring
potential terrorists, or that it
would go too far and violate
citizens’ privacy rights—half
of women voters said the
greater importance was stop-
ping terrorism. By this Decem-
ber, after the attacks in Paris
and California, 61% of women
said the bigger concern was a
failure to monitor terrorists.
Terrorism fears have the
potential to move voters to-
ward the Republican Party be-
cause voters tend to see it as
doing a better job on national
security. The GOP’s lead over
Democrats on that issue, for
example, was 12 percentage
points in a December survey
by the Pew Research Center. It
found that 46% of adults be-
lieved the GOP would do a bet-
ter job handling terrorism,
compared with 34% who
named the Democratic Party.
The danger to Democrats
also surfaced in a CNN/ORC
International result from its
December survey: Women
ASSOCIATED PRESS
“I was surprised that he
used personal email account if
were more likely than men to he is at State,” she wrote to
approve of President Barack Jake Sullivan, a top aide who
Obama’s job performance. But 1% No opinion 2% No opinion had forwarded her the note.
when it came to his handling A spokesman for Mrs. Clin-
of terrorism, the gender roles Obama’s handling of terrorism ton’s campaign didn’t respond
were reversed. to a request for comment.
Only 35% of women ap- 35% 64% 42% 57% The email was among about
proved of Mr. Obama’s perfor- 3,000 pages released by the
mance on terrorism, compared State Department early Friday.
with 64% who disapproved. WOMEN MEN Mrs. Clinton is now the Demo-
Among men, the gap was 15 cratic front-runner for presi-
points, with 42% approving dent. The department has been
and 57% disapproving. releasing Mrs. Clinton’s emails
Right now, the presidential 2% 1% in batches. The last trove is
contest seems tight. Asked due at the end of the month,
which party should control the Level of satisfaction with the U.S.’s progress in the war on terrorism just days before the first presi-
White House after 2016—with Very Somewhat Not too Not at all dential contests in Iowa and
no candidate names at- satisfied satisfied satisfied satisfied New Hampshire.
tached—44% of voters said Mrs. Clinton’s use of a per-
Democrats and 44% said Re- sonal email account was dis-
publicans in December’s Jour- WOMEN 3% 18% 39% 40% couraged by State Department
nal/NBC News poll. But there policy but wasn’t explicitly
was a big gender split, as is forbidden.
typical: 48% of women wanted Critics have said Mrs. Clin-
a Democratic White House, MEN 4 27 27 42 ton’s use of a personal account
while 48% of men wanted a put sensitive government in-
Republican president. formation at risk and may
If Democrats find support Sources: WSJ/NBC News telephone polls of 800 adults conducted Jan. 14-17, 2015, and 501 have hampered government
among women softening, na- adults conducted Dec. 6-9, 2015, full-sample margins of error: +/–3.46 and 4.38 pct. pts. record keeping. The Federal
(government monitoring); CNN/ORC International telephone poll of 512 adults conducted Dec.
tional security could be a big 17–21, 2015, full-sample margin of error: +/–4.5 pct. pts.
Bureau of Investigation is con-
part of the explanation. THE WALL STREET JOURNAL. ducting an inquiry into possi-
ble mishandling of classified
information, but officials say
Mrs. Clinton isn’t a target of
the probe.
Despite not breaking any
‘Can I have a selfie?’ I would like manizing a presidential candidate formal rules, Mrs. Clinton’s
Clinton Confronts to have more the conversation at times criticized as excessively email practices appear at odds
The Selfie Question because I learn a lot from what scripted, the Florida senator jokes with internal State Department
Hillary Clinton, who is people tell me, but right now, that this year, as always, his pick policies. A diplomatic cable
swamped for photos as she you know, it’s the tyranny of the for the Super Bowl was the Mi- from 2011 issued under Mrs.
meets voters at campaign selfie,” she said. ami Dolphins—”the same one I Clinton’s name instructed em-
events, lamented “the tyranny of That said, Mrs. Clinton said have made for the last 40 years.” ployees to avoid using their
the selfie” in an appearance on she didn’t hesitate when selfie An off-screen voice asks his personal email accounts for
“The Ellen DeGeneres Show” queen Kim Kardashian asked for Super Bowl pick winner percent- government business.
taped this week. one. “Of course when she says age, to which Mr. Rubio answers, Mrs. Clinton has apologized
Voters used to talk to her to me, ‘Can we take a selfie?’ I “I have never gotten a Super for her decision to use a pri-
about personal challenges and say, ‘Hello, of course.’ That’s like Bowl right.” The Dolphins ended vate email server but insisted
important issues, the Democratic an obvious answer,” she said. the regular season last in the that she broke no rules.
front-runner said. Now, she said, The show airs on Monday. AFC, with a 6-10 record. The “I opted for convenience to
people just want a photo. —Laura Meckler team last played in a Super Bowl use my personal email ac-

“You can see them try to say, in 1985 and last won in 1974. count, which was allowed by
‘Do I talk to her about, you know,
Rubio Stays True The ad will be broadcast on the State Department, because
I lost my job and I can’t, I’ve To Miami Dolphins television this weekend during I thought it would be easier to
been looking for a long time, and Marco Rubio better hope his the National Football League carry just one device for my
what is she going to do to help political chops are better than playoffs in early primary states, work and for my personal
Democratic presidential candidate Hillary Clinton posing for a me?’ or do I say, ‘Can I have a his football handicapping. the campaign said. emails instead of two,” she
photo during a campaign stop in Osage, Iowa, this past week. selfie?’ And most people say, In a new ad likely aimed at hu- —Daniel Nasaw said last year.
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.
Slipping off the Stage
Martin O'Malley is at risk of
exclusion from the next
Democratic debate, which
requires participants to draw 5
percent support in a set of
designated national or state
polls.
Democratic presidential
primary national polling average
As of Thursday
NBC threshold: 5%
Hillary
Clinton
Bernie
36.0%
Sanders
Martin
O’Malley 2.0%
Note: The polling average above includes the
same polls NBC says it will recognize except
for the Pew Research Center poll.
Source: Huffpo Pollster
THE WALL STREET JOURNAL.
O’Malley
In Danger
Of Missing
Debate Cut
BY REBECCA BALLHAUS
The next Democratic debate
might be a two-candidate af-
fair.
Criteria released by NBC
News and YouTube ahead of
the Jan. 17 debate will make it
difficult for former Maryland
Gov. Martin O’Malley to qualify
for the stage, a severe blow to
his campaign. If Mr. O’Malley
is cut, only former Secretary of
State Hillary Clinton and Ver-
mont Sen. Bernie Sanders
would participate in the debate
to be held in South Carolina.
Candidates need an average
of 5% nationally or in the
three early-voting states of
Iowa, New Hampshire and
South Carolina, in polls recog-
nized by the debate hosts. Mr.
O’Malley currently stands at
3.5% nationally, at 2.3% in New
Hampshire, at 2.5% in South
Carolina and at 6.3% in Iowa.
But his higher polling in Iowa
is largely due to the 10% sup-
port he got in a poll that was
conducted by Gravis—which
NBC and YouTube don’t recog-
nize. The debate hosts will
take into account the five
most recent polls conducted
by select major polling organi-
zations before Jan. 14.
Mr. O’Malley said it would
be an undemocratic and arbi-
trary decision to ban him from
the debate. After talking to
supporters at a union hall in
Davenport, Iowa, on Friday,
Mr. O’Malley told reporters:
“The people that should deter-
mine the outcome of a presi-
dential race are the people of
the United States. Not execu-
tives at NBC and not poll-
sters.”
He added: “We’re a strong
enough party that we can ac-
commodate a debate with
more than two candidates.”
Mr. O’Malley suggested the
issue might be moot if his poll
numbers climb, as he expects. “I
hope to be in the debate. We’re
getting stronger every day as
we’re now in the decision
pocket here in Iowa,” he said.
The campaigns of Mr. Sand-
ers and Mrs. Clinton said they
opposed debate criteria that
would exclude Mr. O’Malley.
“He’s one of the top three
Democratic candidates run-
ning for president,” Sanders
campaign manager Jeff
Weaver said. “He has worked
very hard, and he has a very
active campaign in Iowa and
New Hampshire and other
places, and he should be in-
cluded in the debate. It’s a
question of basic fairness.”
Brian Fallon, a spokesman
for the Hillary Clinton cam-
paign, said: “We believe all
three candidates should be al-
lowed to participate in the
South Carolina debate, and
would oppose any debate cri-
teria that might leave some-
one excluded.”
In contrast to Democrats,
the most recent Republican
primetime debates have fea-
tured eight or nine candidates,
and “undercard” debates have
included four more low-polling
contenders.
Mr. O’Malley’s campaign
has failed to gain traction in
the relatively small Demo-
cratic field. He raised less than
$1.3 million in the third quar-
ter—compared with Mr. Sand-
ers’s $26 million and Mrs.
Clinton’s $30 million.
—Peter Nicholas
contributed to this article.
* * * * * * *
GOP Rivals to Tackle Poverty
BY BETH REINHARD
COLUMBIA, S.C.—One of
the nation’s oldest public
housing projects stands just 2
miles from the convention
center where Republican pres-
idential candidates on Satur-
day will deliver their prescrip-
tions for poverty.
It is a topic rarely ad-
53.2%
dressed on the campaign trail
and one that Gonzales Gardens
residents suspect that most of
the White House contenders
know or care little about.
“They could learn a lot from
being here for a day, about
how if you don’t have money,
you got to grind,” said 20-
year-old Vincent Borom, who
earns $8 to $10 an hour on the
days he gets a call to do demo-
lition work.
South Carolina’s early and
influential presidential pri-
mary on Feb. 20 makes the
state one of the most popular
stomping grounds in the coun-
try. But voters in rural, finan-
cially strapped regions in this
state and nationwide rarely
see White House contenders.
Of the more than 200 visits
by 2016 candidates since the
last presidential election, ac-
cording to figures used by the
South Carolina GOP, the vast
majority were in the more
prosperous areas of Columbia,
Greenville, Charleston, Myrtle
Beach, Hilton Head and Rock
Hill.
The candidates who talked
the most about the needy or
their own hardscrabble up-
bringings have either dropped
out, such as South Carolina
Sen. Lindsey Graham, or lag
far behind the GOP front-run-
ner, celebrity billionaire Don-
ald Trump. And even here, in
the most indigent state at the
front of the nominating calen-
dar, with the nation’s eighth-
highest poverty rate at 18.3%,
candidates typically couch
economic issues in terms of
the struggles of the “middle
class.”
Some Republican candi-
dates are speaking on the is-
sue, such as former Arkansas
Republican presidential candidate Donald Trump addressing
campaign supporters in Burlington, Vt., this past week.
H H H H H
CAMPAIGN
WIRE
H H H H H
REPUBLICAN PRIMARY
Trump Set to Speak
At Liberty University
Republican presidential candi-
date Donald Trump will give a
convocation address at Liberty
University, an evangelical Chris-
tian college that frequently plays
host to presidential candidates,
his campaign said.
Mr. Trump will deliver his re-
marks on Jan. 18, the Martin Lu-
ther King Jr. holiday. The appear-
ance is part of his effort to court
the evangelical Christian voters.
Texas Sen. Ted Cruz, who has
emerged as Mr. Trump’s chief ri-
val and is the son of a prominent
evangelical pastor, kicked off his
campaign with a speech at Lib-
erty University last March.
Mr. Trump’s scheduled ap-
pearance has prompted dissent
among some university alumni.
“His repeated claims that he is a
Christian should disqualify him
from speaking at Liberty,” wrote
Joel Ready, a former Liberty
theological student in a Facebook
post shared among alumni.
—Heather Haddon
REPUBLICAN PRIMARY
Rand Paul Speaks Out
On Dad’s Supporters
Attendees at a Ted Cruz town
hall in Winterset, Iowa, this past
week sat through a 10-minute
video of Ron Paul 2012 support-
ers talking about how they’re
Saturday/Sunday, January 9 - 10, 2016 | A5
ERIK S. LESSER/EUROPEAN PRESSPHOTO AGENCY
Seven Republican presidential candidates will participate in a forum on poverty in South Carolina on Saturday, including Sen. Marco
Rubio, who was forced to cancel a campaign event on Jan. 2 in Easley, S.C., above, due to an aircraft mechanical issue.
Gov. Mike Huckabee and Ohio the Jack Kemp Foundation, Jimmy Kemp, son of the lower in less affluent commu-
Gov. John Kasich. Former Flor- which honors Mr. Ryan’s men- late Mr. Kemp, said in an inter- nities. Among American voters
ida Gov. Jeb Bush released a tor, the self-described “bleed- view that the foundation also with family incomes less than
welfare-overhaul policy on Fri- ing heart conservative” and has approached Democratic $30,000, 42% voted in the
day that calls for replacing former U.S. housing secretary presidential candidates about 2012 election, while 73% of
food stamps and housing as- remembered for his efforts to holding a similar session with those with family incomes ex-
sistance with “Right to Rise” reach out to minorities and them to sharpen the focus on ceeding $75,000 cast ballots,
grants to the states tied to lure businesses to downtrod- poverty issues in both parties. U.S. Census figures show.
work requirements. “We will den areas. In a column in Friday’s Wall Several residents inter-
create a safety net that pro- Mr. Trump and his closest Street Journal, Messrs. Ryan viewed on a recent afternoon
tects hard-working Americans rival, Texas Sen. Ted Cruz, will and Scott said attendance at said Mr. Obama had improved
who fall on hard times, but no not be among the seven candi- the poverty forum by seven the U.S. economy, but there is
longer traps families in per- dates in attendance. candidates “indicates that our a lot of work left to be done.
petual dependence,” Mr. Bush “I’m not sure what the can- party is not willing to concede “The candidates keep going
said in the policy paper. didates can say with any credi- this issue to the Democrats.” on about ISIS…. What about
The forum moderators will bility, because they haven’t In the 2012 election, President our problems right here?”
be House Speaker Paul Ryan, a spent the time in the neigh- Barack Obama won 60% of the asked Lashonda Williams, 37,
leading Republican voice for borhoods,” said community ac- vote from people earning less who said she lost her job in
overhauling the nation’s safety tivist Robert Woodson, who than $50,000, exit polls show. the dining hall of the Fort
net for the poor, and South toured poor communities Low-income areas offer few Jackson military base after she
Carolina’s Tim Scott, the across the country in recent scenic backdrops for image- took medical leave.
state’s first black U.S. senator. years with Mr. Ryan and will conscious presidential candi- —Dante Chinni
The event is being hosted by attend the forum. dates. Voter turnout is also contributed to this article.
CHARLES KRUPA/ASSOCIATED PRESS
now backing the Texas senator’s
presidential campaign.
It’s part of Mr. Cruz’s effort,
having consolidated support
from the state’s social conserva-
tives, also to win over libertar-
ian-minded supporters from Mr.
Paul. But Ron Paul’s son has
something to say about that.
“I don’t think that Ron Paul
supporters are very excited
about making the sand glow in
the Middle East,” Kentucky Sen.
Rand Paul said, referring to Mr.
Cruz’s declaration of what he
would do to combat Islamic
State militants. In a Wall Street
Journal interview Friday, the
younger Mr. Paul, who is running
for president, said Mr. Cruz will
lose support from people who
backed his father for his claims
that he expanded the govern-
ment’s surveillance capabilities.
—Reid J. Epstein
DEMOCRATIC PRIMARY
Bill Clinton Talks Up
Foundation Work
Former President Bill Clinton
jumped into the 2016 race this
week with speeches praising his
wife, Hillary Clinton. But he also A look ahead from
praised the work of the Bill, Hil-
lary & Chelsea Clinton Founda- The Wall Street Journal.
tion, which has come under scru-
tiny due to its many large
donors who may be interested in READ MORE AT WSJ.COM/FOE
influencing U.S. policy.
Mr. Clinton promoted the
foundation’s work on opioid ad-
diction on Thursday, at a rally in
Cedar Rapids, Iowa. He said: “Our
foundation…has worked for years
finding a partner who agreed to
develop a nasal spray version of”
Narcan, a medication that can re-
verse the effects of an opioid © 2016 Dow Jones & Co., Inc. All rights reserved. 3DJ2925
overdose.
—Rebecca Ballhaus
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A6 | Saturday/Sunday, January 9 - 10, 2016
Mexico Nabs Drug Lord ‘El Chapo,’ Again
Marine unit captures
head of the Sinaloa
Cartel, who broke out
of prison in July
BY DAVID LUHNOW
AND DUDLEY ALTHAUS
MEXICO CITY—Mexican ma-
rines on Friday recaptured fugi-
tive drug lord Joaquín “El
Chapo” Guzmán, whose second
escape from prison in July em-
barrassed the government and
raised questions about corrup-
tion in the country’s law en-
forcement.
“Mission accomplished: We
got him. I would like to inform
all Mexicans that Joaquín
Guzmán Loera has been de-
tained,” Mexican President En-
rique Peña Nieto said on his of-
ficial Twitter account.
The recapture is a big boost
for Mr. Peña Nieto, whose ad-
ministration was widely
mocked at home and abroad af-
ter Mr. Guzmán busted out of a
maximum-security prison in
July—his second escape in 14
years—by ducking into a mile-
long tunnel that had been dug
into the shower stall of his cell.
“The arrest will help Mr.
Peña Nieto’s reputation at a
critical moment,” said Ale-
jandro Schtulmann, head of re-
search at Empra consultancy.
“It could give him greater inter-
national credibility.”
A key question now is
whether Mexico will extradite
Mr. Guzmán, the leader of the
Sinaloa Cartel, to the U.S.,
where he is wanted on drug-
trafficking charges. That deci-
sion will be left up to Mexico’s
courts, according to a high-
ranking official in the Mexico
Attorney General’s Office.
It “could be a long judicial
DR. QIAN ZHAO AND DR. TAO XIE
The plastic polymer material can reconfigure itself in response to preset temperature changes, changing from a sheet to a bird and
back again. Unlike previous shape-shifting materials, it can accumulate changes to create complicated new forms.
Researchers Develop Shape-Shifter
BY ROBERT LEE HOTZ
Taking industrial origami to
a new level, researchers in
China on Friday unveiled an
experimental shape-shifting
material that can fold itself
into complex forms one after
another, offering a world of
possibilities for medical and
aerospace applications.
The scientists designed
their new polymer plastic to
reconfigure itself on cue in re-
sponse to preset temperature
changes. The material is de-
signed so that, when desired,
it can alter into a new form
without erasing features from
its previous shape, making it
suitable for intricate parts dif-
COHEN
Continued from Page One
stricts Mr. Cohen for two more
years from serving as a super-
visor at a registered fund be-
fore allowing him to get back
into the business that made
him one of the country’s most-
profitable hedge-fund manag-
ers. During that time, his firm
will be subject to SEC exams.
It also requires the firm to
hire an independent consul-
tant to review its compliance
procedures and implement any
recommended fixes.
The settlement also extends
oversight if the SEC takes any
new actions against Mr. Co-
hen.
While that is short of the
lifetime ban that some SEC of-
ficials had once sought, “the
Joaquín ‘El Chapo’ Guzmán is shown with top lieutenant Orso Iván Gastélum Cruz in a photo released by Mexican authorities after
his capture on Friday in his home state of Sinaloa. His detention was announced by President Enrique Peña Nieto, upper right.
process, it depends on the
judges,” the official said. If Mr.
Guzmán stays in Mexico, he
could wind up back at the same
Altiplano prison he escaped
from last year.
U.S. Attorney General Lo-
retta Lynch hailed the capture,
calling it “a blow to the interna-
tional drug-trafficking syndi-
cate he is alleged to have led, a
victory for the citizens of both
Mexico and the United States,
and a vindication of the rule of
law in our countries.’’
The U.S. Drug Enforcement
Administration said on its offi-
cial Twitter account that it was
“extremely pleased” at the cap-
ficult to mold or machine by
conventional means, they said.
“This allows you to produce
permanent shapes that are ex-
tremely complicated,” said Tao
Xie, a senior scientist on the
project team at China’s Zheji-
ang University in Hangzhou.
The polymer is the latest
example of “programmable
matter” that blurs the line be-
tween materials and mechan-
ics. Dr. Xie and his colleagues
reported their development in
the journal Science Advances.
To demonstrate its capabili-
ties, the researchers pro-
grammed a small sheet of the
new polymer material with a
sequence of predetermined
shapes. With repeated heating,
strong combination of a two-
year supervisory bar and addi-
tional oversight requirements
achieves significant and imme-
diate investor protection and
deterrence,” said Andrew
Ceresney, the SEC’s enforce-
ment director, in a statement.
Mr. Cohen declined to com-
ment through a spokesman.
The question now is
whether Mr. Cohen, 59 years
old, can recover from his ex-
tended battle with regulators.
One former investor, Brad
Alford of Atlanta-based invest-
ment firm Alpha Capital Man-
agement, said he would be
glad to invest again with Mr.
Cohen. “People are going to be
lining up out the doors. It’s a
layup,” Mr. Alford said, de-
scribing Mr. Cohen as “one of
the best traders in history.”
At a time when many star
hedge-fund managers are
WORLD NEWS
PLAZA DE ARMAS/AGENCE FRANCE-PRESSE/GETTY IMAGES; OMAR TORRES/AGENCE FRANCE-PRESSE/GETTY IMAGES (NIETO)
Los Mochis
La Tuna: Guzman’s birthplace
Sinaloa
P a c i fi c O ce a n State
Altiplano prison
where he escaped
200 miles
from prison in July
200 km
ture. “We congratulate the MX cluding a rocket-propelled-gre-
Government and salute the nade launcher.
bravery involved in his cap- Mr. Guzmán and his top lieu-
ture,” it tweeted. tenant, Orso Iván Gastélum
The capture came hours af- Cruz, were at the house but
ter an anonymous tip late managed to escape in a white
Thursday that armed men had Ford Focus, which then ran out
been seen at a house in the sea- of gas, a senior Mexican official
side city of Los Mochis in Mr. said. The pair then stole a
Guzmán’s home state of Sina- Volkswagen Jetta, which the
loa, Mexico’s navy said Friday. navy located after a woman
When marines turned up, called in the robbery, he said.
they were met by gunfire. In A picture released by Mex-
the ensuing battle, five sus- ico’s government of Mr.
pected gang members were Guzmán shows him sitting next
killed and four captured, and to Mr. Gastélum after their cap-
one marine was wounded. The ture.
marines found a stash of auto- Mr. Guzmán, whose exact
matic weapons at the house, in- age is the subject of dispute,
the material morphed from moisture or a magnetic field.
the shape of a boat into a bird, But conventional shape-
then into a pinwheel, before shifting materials can’t accu-
returning to its original form. mulate changes as they morph
While it is still a laboratory from one form to the next;
novelty, the material’s many each successive change wipes
potential applications include the slate clean.
flexible medical sensors that The new polymer material
change in response to body allows desirable changes to ac-
temperature, solar panels that cumulate, adding up to a new
unfurl when warmed by sun- permanent form, according to
light, and, ultimately, shape- the researchers. The scientists
shifting tools or robots. designed the polymer’s molec-
Since the 1940s, research- ular structure so that it can
ers have been experimenting memorize and cycle through
with shape-shifting polymers many changes in response to
and metals that can be preset temperature changes.
squished, twisted or bent into Their new material is easy and
a temporary shape, and then cheap to make, they said, and
revert to their original form could be readily adapted for
when exposed to heat, light, use as an ink in a 3-D printer.
FROM PAGE ONE
struggling, Mr. Cohen will be
welcomed back by investors,
said Don Steinbrugge of Age-
croft Partners LLC, a hedge-
would focus “on delivering su-
perior risk-adjusted returns,
not accumulating assets and
fees.” Point72 manages the
fund consultant and marketer wealth of Mr. Cohen, his fam-
who works with pension funds ily and employees, a set-up
and other large investors. known as a family office.
“I wouldn’t be surprised if The SEC had sued Mr. Co-
he got $2.5 billion the day he hen in July 2013, accusing him
opens up,” Mr. Steinbrugge of failing to supervise two
said. traders who were later con-
Others aren’t so sure. victed of insider trading, in-
“Some people will be happy cluding by ignoring warning
to invest with him, and some signs of their illicit activity
will not,” said Stephen Mor- and instead trading personally
ton, a former hedge-fund exec- on their advice. The agency
utive at Blackstone Group LP. had alleged the trading re-
Mr. Morton is investing chief sulted in hundreds of millions
at money manager GDP Capi- of dollars in profits and
tal Management. avoided losses for Mr. Cohen
Mr. Cohen said in a note to and the firm.
employees of his current firm, The SEC action was based
Point72 Asset Management LP, largely on the alleged actions
that he hadn’t decided of SAC employees Michael
whether to resume managing Steinberg and Mathew Mar-
outside funds, but if he did he toma, who were separately
* ***** THE WALL STREET JOURNAL.
UNITED STATES
MEXICO Gulf of Mexico
Mexico City
G U AT.
THE WALL STREET JOURNAL.
wore a tattered undershirt,
which Mexican media said got
dirty when he reportedly tried
to elude capture by ducking
into Los Mochis’s sewer system
with Mr. Gastélum.
In a news conference, Mr.
Peña Nieto said the capture was
the result of months of intelli-
gence work. “Today our institu-
tions have demonstrated once
again that the public can trust
in them,” he said, referring
obliquely to the public anger
and ridicule caused by Mr.
Guzmán’s escape nearly six
months ago.
Mr. Guzmán, the world’s
most wanted drug lord and per-
Officials Doubt Charges
For U.S. Missile in Cuba
BY DEVLIN BARRETT
AND GORDON LUBOLD
U.S. officials are increasingly
skeptical about their chances of
building a criminal case against
anyone for sending a U.S. Hell-
fire missile to Cuba, according
to people familiar with the case.
The sensitive technology
passed through so many hands
in so many places it may be
hard to blame it on any person
or company in the chain of cus-
tody, these people said.
The Wall Street Journal re-
ported Thursday that a training
missile sent to Europe for a
North Atlantic Treaty Organiza-
tion exercise in 2014 ended up
being shipped to Cuba, where
officials seized it. Cuba has re-
fused to return the missile.
At the Pentagon, the head
of U.S. Southern Command,
Gen. John Kelly, was asked if
he knew where the Hellfire
was. “No idea,’’ he replied.
Agents with the Immigration
and Customs Enforcement’s Ex-
port Enforcement Coordination
Center have been chasing the
paper trail of the wayward mis-
sile to determine if the missile’s
redirection was the result of
crimes or espionage. Investiga-
tors are trying to determine
whether airport cargo workers
may have been involved in
sending the missile off course.
But the people close to the
case cautioned that given the
many stages of the missile’s
convicted of insider trading.
Mr. Steinberg was a senior
employee and confidant of Mr.
Cohen, and his case brought
prosecutors after a nearly dec-
adelong investigation as close
as they ever got to Mr. Cohen.
In 2013, SAC pleaded guilty
to securities and wire fraud,
and agreed to pay $1.8 billion
in penalties, a rare instance of
a hedge fund being criminally
charged for insider trading. In
its plea, SAC took responsibil-
ity for the actions of Mr.
Steinberg and a handful of
other employees.
But in December 2014, the
Second U.S. Circuit Court of
Appeals in New York over-
turned the insider-trading
convictions of two hedge-fund
portfolio managers who didn’t
work for Mr. Cohen, saying it
wasn’t enough for prosecutors
to show that someone who re-
haps most resourceful escape
artist, is believed to oversee an
empire that accounts for as
much as one-quarter of illicit
drugs ferried into the U.S. from
Mexico. The city of Chicago, a
prime market for the Sinaloa
Cartel, had declared Mr.
Guzmán Public Enemy No. 1.
Mexican and U.S. officials
blame Mr. Guzmán’s successful
battles with underworld rivals
for smuggling routes through
the Mexican border cities of Ti-
juana, Laredo and Ciudad
Juárez for much of the height-
ened violence of the past dozen
years, which has killed more
than 100,000 and left more than
20,000 others missing.
His prison escape in July
shocked even the most cynical
Mexicans. Surveillance video
later leaked to the press re-
vealed loud banging as his res-
cuers broke through the shower
floor. Video also showed that
federal police tasked with moni-
toring Mr. Guzmán’s cell didn’t
raise the alarm for more than
20 minutes after Mr. Guzmán
disappeared from view.
A number of custodians, in-
cluding the prison’s warden,
have been arrested in relation
to the escape. Mexico’s na-
tional-security commissioner,
whose office oversees the fed-
eral prisons, resigned in the
wake of the investigation.
The July escape was the sec-
ond time he had broken out of a
maximum-security prison in
Mexico. In 2001, Mr. Guzmán
hid in a laundry cart and was
wheeled out of prison.
The U.S. government for-
mally requested his extradition
a little more than two weeks
before his July escape.
—Santiago Pérez,
José de Córdoba
and Anthony Harrup
contributed to this article.
journey and the number of peo-
ple who handed it, bringing
charges would be difficult even
if they identify a key suspect.
By one U.S. government esti-
mate, more than a dozen people
saw or should have seen the la-
beling on the crate telling them
it was cargo that needed to be
sent back to the U.S.
“It’s easier for all of them to
point the finger at someone
else,’’ said Peter Singer, a senior
fellow at the New America
Foundation.
While there is skepticism
that any charges will be filed,
it could be years before a final
decision is made on whether
to charge anyone.
Even if charges are
filed, it could be
years before such a
decision is made.
Since much of the evidence
is in Europe, the U.S. has to go
through a long diplomatic pro-
cess to request interviews with
individuals, or to get corpora-
tions or governments to pro-
vide critical documents.
ceived an inside tip traded on
material, nonpublic informa-
tion about a corporation. The
court said a trader had to
know that it came from some-
one who stood to be substan-
tially rewarded in exchange.
In October 2015, prosecu-
tors cited that ruling and
dropped the case against Mr.
Steinberg, as well as charges
against six others who had co-
operated in the investigation
and previously pleaded guilty.
The move undermined half the
SEC case and set the stage for
settlement negotiations.
The case against Mr. Mar-
toma stood untouched, be-
cause the evidence
had showed he had paid for
confidential information, while
the others had only obtained it
through a chain of analysts.
—Timothy W. Martin
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.
Seoul
Counters
Bomb Test
With Pop
BY ALASTAIR GALE
SEOUL—As world leaders
debate their responses to
North Korea’s nuclear test—
sanctions, dialogue, or even
military force—South Korea
has begun its own retaliation
with powerful blasts of pop
music.
At midday Friday, North
Korean leader Kim Jong Un’s
birthday, Seoul fired up banks
of high-wattage speakers
along its border to broadcast
criticism of Mr. Kim’s leader-
ship and other subversive
messages into the country.
Also on the playlist: recent
South Korean hit songs.
One chart-topping track
from boy band Big Bang is a
tale of romantic escapism. “To
burn up your heart. I wanna
make you go crazy,” raps the
five-member group.
Another song is a ballad by
a middle-aged female singer
about living for 100 years. “If
someone comes from the af-
terlife to take me at age 90,
send word not to hurry be-
cause I’ll find a way on my
own,” she croons.
The songs, and the other
content of the broadcasts such
as news and information about
North Korea’s economic prob-
lems, have a serious intention:
to challenge Pyongyang’s efforts
to keep an information block-
ade on its own people. In doing
so, Seoul aims to unsettle the
North Korean regime by raising
questions among its people
about the political system they
are forced to live under.
Some South Korean songs
circulate illegally in North Ko-
rea via devices such as thumb
drives. North Korean defectors
say they are appealing because
they provide a break from the
relentless political propaganda
of the state. The all-female
North Korean pop band cre-
ated by Mr. Kim, Moranbong
Band, primarily performs
songs with a political message.
South Korea used the
speakers for the first time in
more than a decade last year
in retaliation for a border at-
tack that maimed two of its
soldiers. The impact appeared
to be significant. After first
threatening to fire artillery at
the speakers, North Korea
sought talks and then agreed
to end the confrontation.
South Korean officials say
that North Korean negotiators
were insistent that the speak-
ers were turned off. While
only a tiny fraction of the
North Korean population near
the border would hear the
broadcasts, defectors and ex-
perts say the regime fears the
spread of the messages by
cellphone and word-of-mouth.
As part of the deal last
summer, Seoul reserved the
option to switch the speakers
back on if North Korea staged
another provocation. That
came on Wednesday, when
Pyongyang detonated a power-
ful explosive that it called a
hydrogen bomb.
As of late Friday, North Ko-
rea had made no response to
the loudspeakers.
The use of the speakers
also reflects the lack of other
leverage that South Korea has
over North Korea. Diplomatic
and economic ties between the
two sides are almost entirely
frozen.
—Min Sun Lee
contributed to this article.
STOCKS
Continued from Page One
Traders said the glum tone is
likely to carry over into the
coming week, as U.S. companies
start reporting earnings for the
last quarter of 2015.
Corporate-earnings reports
are widely expected to be un-
derwhelming. The strong dollar
is weighing on the competitive-
ness of U.S. exporters and the
dollar value of companies’ over-
seas sales. Oil prices, which fell
below $33 a barrel Friday in
New York before closing at
$33.16, continue to weaken. And
China’s growth continues to
slow.
Fourth-quarter earnings by
companies in the S&P 500 are
expected to come in 4.7% lower
than they were a year earlier,
according to FactSet.
* * * * * *
China Faces Era of Hard Trade-Offs
Structural problems,
if not addressed, will
hinder the country’s
Steady Slide
As China's growth slows, debt is rising and profits are falling.
Total new government and
growth, economists say corporate bonds
BY MARK MAGNIER
BEIJING—China has pulled
hundreds of millions of peo-
ple from poverty, super-
charged its economy and bur-
nished the pride of a nation
that stood weak and isolated
only decades ago.
But swelling levels of debt,
bloated state companies and
an overall aversion to market
forces are threatening to de-
rail its ascent to the ranks of
rich countries.
As Beijing battles another
bout of stock-market tur-
moil—and global markets
shudder in response—the
risks of doing nothing about
these deep-seated problems
are rising, economists say.
Without a change in course,
they say, China faces a period
of low growth, crimped
worker productivity and stag-
nating household wealth.
“The era of easy growth is
over,” said Victor Shih, pro-
fessor at the University of
California-San Diego. “It is in-
creasingly about difficult
choices.”
Some economists don’t
rule out an abrupt drop in
Xi’s Micromanaging Leaves Markets Lurching
CHINA’S WORLD
ANDREW BROWNE
SHANGHAI—A defining
characteristic of Xi Jinping,
the Chinese president, is his
controlling personality.
Mao reigned with godlike
aloofness. Deng Xiaoping left
the details to underlings. Mr.
Xi, by contrast, takes charge of
everything; he’s an inveterate
micromanager.
Amid the mayhem of
China’s markets, one dysfunc-
tion stands out: bureaucratic
confusion. The central bank is
clearly not on the same page
as the securities regulator. Its
surprise decision to steer the
yuan sharply
lower this
week added
to panic in
equity mar-
kets, where
investors took
the move to mean that finan-
cial authorities are getting
desperate about the economy.
Part of the problem is a
policy-making bottleneck. Mr.
Xi has reversed a collective-
type leadership process inher-
ited from Mr. Deng and con-
centrated decision-making
authority in his own hands.
But he’s thinly stretched.
On his plate already: reorga-
nizing the armed forces, lead-
ing the charge against en-
demic corruption, confronting
America in the South China
Sea, and worrying about Tai-
wanese elections next week.
Naturally, he also com-
mands the economy. His plat-
form is the Leading Group for
Overall Reform, which he set
up and chairs. Traditionally,
the Central Finance and Econ-
omy Leading Group has coor-
Stocks in many markets
around the globe, meanwhile,
are still trading above their his-
torical valuations, making
shares vulnerable to any new
market shock or souring of sen-
timent.
That has left investors reluc-
tant to jump in and buy stocks,
even as many of them remain
broadly upbeat on the longer-
term outlook for U.S. markets
given the relative strength of
the country’s economy.
“Investors have been contin-
ually able to buy stocks cheaper
the next day,” said Justin
Wiggs, managing director in eq-
uity trading at Stifel Nicolaus.
“The mind-set is, ‘I don’t need
to rush to buy now.’”
The Dow industrials fell
167.65 points to 16346.45 on Fri-
day. The S&P 500 declined 21.06
points, or 1.1%, to 1922.03, and
the Nasdaq fell 45.80, or 1%, to
4643.63.
WORLD NEWS
Profits of state-owned companies
Percent change from previous year
15 trillion yuan
14.42
10
5 0
0 –20
1997 ’00 ’10
*Figures from January through November
Source: Wind Info
growth, a hard landing that
would see bad debts
soar, consumer confidence
tank, the Chinese yuan
plunge, unemployment spiral
and growth crater.
More likely is that Beijing
will continue to prop up
growth, steering more capital
to money-losing companies,
unneeded infrastructure and
debt servicing, depriving the
economy of productive invest-
ment and leading to the sort
of protracted malaise seen in
Japan in recent decades. But
China is less prosperous than
Japan.
Chinese leaders are aware
of the risks. On Tuesday, Pre-
mier Li Keqiang called for a
The regulatory confusion causing mayhem in China’s markets reflects a contradiction in President Xi Jinping’s economic policies.
dinated financial and eco-
nomic issues; it has now been
eclipsed by Mr. Xi’s outfit.
A
s a consequence, Pre-
mier Li Keqiang’s job
has shrunk. His immedi-
ate predecessors ran the econ-
omy; he doesn’t enjoy the
same autonomy. Other compe-
tent economic leaders look
less like decision makers and
more like cheerleaders for pol-
icy concocted above their
heads.
Conventional analysis holds
that the Chinese stock market
doesn’t have much connection
to the underlying economy,
and therefore the wider world
shouldn’t be too worried
about the latest gyrations.
But this misses the point.
Investors have a right to feel
concerned about the mishan-
The Stoxx Europe 600 fell
1.5% Friday after initial modest
gains, ending the week off 6.7%,
for its largest one-week per-
centage decline since 2011.
Oil prices tumbled 10% for
the week—good news for con-
sumers, but promising more
pain for investors in the energy
sector.
“The mind-set is, `I
don’t need to rush to
buy now,’” said
trader Justin Wiggs.
“Everyone’s happy the week
is over,” Mr. Wiggs said.
The New Year has brought
fresh worries about China. The
week began with disappointing
reports on the country’s manu-
facturing and services sectors,
as well as steeper-than-usual
40%
20
2011 ’12 ’13 ’14 ’15 *
THE WALL STREET JOURNAL.
greater focus on innovation to
spur new sources of economic
growth and to revitalize tra-
ditional sectors, according to
the Xinhua News Agency.
An economic blueprint laid
out in 2013 after President Xi
Jinping came to power vowed
to let markets take a “deci-
sive” role and build out a le-
gal framework to restructure
the economy and benefit con-
sumers and small businesses,
rather than industry. Progress
to date, economists say, has
been disappointing.
Political objectives stand in
the way. Mr. Xi has commit-
ted the government to meet-
ing a goal of doubling income
per person between 2010 and
dling of the markets, given the
magnitude of China’s long-
term economic problems.
The big drivers of growth
are running out of steam, in-
cluding what had seemed an
endless stream of rural labor
and insatiable demand for
things China manufactures.
The country must upgrade its
manufacturing sector while
grappling with legacy prob-
lems of the old growth model,
including a despoiled environ-
ment and massive debt.
Instead, we’ve seen almost
comical ineptitude, most re-
cently the introduction of cir-
cuit breakers to reduce volatil-
ity in the stock market.
The measure had been
fast-tracked by the securities
regulator after the stock-mar-
ket wobbles made Mr. Xi look
more vulnerable than at any
drops in the value of the yuan.
The impact was made worse
by a series of confusing signals
from the overseers of the coun-
try’s economy and markets that
raised questions about their
ability to navigate a difficult
slowdown.
“The uncertainty about
what’s going on in China re-
sulted in incredible volatility
and a massive selloff,” Black-
Rock’s Mr. Kemp said.
In Asia, Chinese stocks
showed signs of stabilization
Friday after authorities moved
the yuan higher and suspended
a new “circuit breaker” mecha-
nism blamed for exacerbating
losses in its market.
The Shanghai Composite In-
dex, which was halted by au-
thorities on two separate occa-
sions during the week, added
2% Friday. For the week, the in-
dex fell 10%, for its largest
weekly decline since August.
Saturday/Sunday, January 9 - 10, 2016 | A7
2020, the eve of the 100th an-
niversary of the ruling Com-
munist Party. That means, in
Mr. Xi’s eyes, growth must
reach 6.5% annually.
With global demand slip-
ping and fewer Chinese enter-
ing the workforce, Beijing will
need to resort to stimulus
spending to get there, ana-
lysts said, delaying the reck-
oning with restructuring.
“It is very costly and inef-
ficient to reach these growth
targets,” Mr. Shih said. “The
political leaders want all
these good outcomes, growth,
some degree of reform and a
high degree of stability,”
without recognizing the tough
trade-offs these entail, he
said.
One such trade-off is that
between pollution and
growth. By letting steel and
other heavy industries in
northern Hebei province ramp
up to meet their year-end
production targets last year,
the government left the capi-
tal bathed in toxic pollution,
angering the city’s residents,
according to Mr. Shih. If Bei-
jing shutters them, growth
will fall, leading to more un-
employment, which is another
potential source of unrest.
Among the most nettle-
some issues is what to do
about the state companies
that dominate heavy industry
and strategic sectors of the
time since coming to power in
2012. But the circuit breakers
had to be abandoned after
only four days because they
made volatility much worse.
I
nvestors seem to be
spooked more by policy
muddles than economic
data. Some suspect that policy
makers must have lost their
once-steady touch because
they’ve been so rattled by
problems only they can see.
The regulatory confusion
reflects a contradiction at the
heart of Chinese economic
policy-making, one that has
Mr. Xi’s stamp all over it. The
Chinese leadership wants effi-
cient markets to help pull
China through the transition
to consumer-led growth. Yet
Beijing doesn’t really trust
free markets and prefers guid-
The turmoil came against a
backdrop of improvement in the
U.S. economy. The Labor De-
partment said nonfarm payrolls
increased 292,000 in December.
The unemployment rate, ob-
tained through a separate sur-
vey, held at 5.0%. Economists
surveyed by The Wall Street
Journal had expected payroll
growth of 210,000 in December
and an unemployment rate of
4.9%.
Many investors said the solid
jobs gains and small recovery in
Chinese markets did make them
feel better about the U.S., but
not necessarily enough to start
a rally after the tumultuous
week in stock trading.
Even so, many investors are
unwilling to jump into stocks
and buy on recent weakness as
the stock market is still trading
at above-average valuations.
The S&P 500 is trading at 17.4
times the past 12 months of
economy and wield great po-
litical influence.
Some state firms remain in
business despite massive
debt, several years of unprof-
itable operations and a weak
business model—Chinese offi-
cials have dubbed them “zom-
bie” companies.
Reducing the footprint of
these state behemoths, let
alone getting rid of them,
poses a huge challenge.
Getting a handle on mount-
ing debt is becoming a critical
task in the eyes of some econ-
omists. While debt levels are
manageable by global stan-
dards, their rate of increase
has set off alarm bells. Rising
debt also threatens to crowd
out innovators and entrepre-
neurs that China is counting
on to reboot growth.
China stands to reap a
huge dividend if it weeds out
the economy’s many ineffi-
ciencies and vast amount of
misallocated capital, said Es-
war Prasad, economics pro-
fessor at Cornell University
and former China head for the
International Monetary Fund.
“My view is that reforms
and rebalancing are compati-
ble with high growth,” he
said. “Of course, high growth
built on a shaky foundation of
rapid credit expansion with-
out reforms and rebalancing
would be undesirable and
risky.”
LI XUEREN/ZUMA PRESS
ing them with regulation.
It’s these bureaucratic in-
terventions, poorly conceived
and badly implemented, that
threaten the most damage.
The most pressing danger
is that it will exacerbate cap-
ital flight, now at a record. A
crisis of confidence in stock
and currency markets could
spill into the still-fragile
economy. Worse, it would
make Chinese leaders more
wary about implementing
overhauls needed to ensure
long-term prospects at the
cost of a short-term hit to
growth.
If he wants to stop the
economy from running away
from him, Mr. Xi may have to
learn to give up control.
 The man behind China’s
circuit-breaker gets grilled.. B1
earnings, higher than its 10-year
average of 15.7, according to
FactSet.
Money managers said the
coming week, when big compa-
nies such as J.P. Morgan Chase
& Co. and Intel Corp. begin to
report fourth-quarter earnings,
may provide the catalyst to woo
more investors into the stock
market.
The earnings of banks will be
closely watched after the group
started the new year falling
more than the broader market.
Shares of J.P. Morgan, Citi-
group Inc. and Morgan Stanley
all dropped by nearly 11% on the
week.
“We’re still in a bull market,
but it’s going to be a tough
slog,” said David Donabedian,
chief investment officer of At-
lantic Trust Private Wealth
Management.
—Saumya Vaishampayan
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
A8 | Saturday/Sunday, January 9 - 10, 2016
IRAN
Continued from Page One
cent weeks tested two ballistic
missiles and fired rockets near
U.S. naval vessels in the Persian
Gulf.
U.S. and European officials
had hoped the nuclear accord
would broaden cooperation with
Tehran, and empower Iranian
President Hassan Rouhani to
promote democratic change. He
was elected in 2013 on a plat-
form to end the nuclear standoff
and build bridges to the West.
The agreement, which calls
for Iran to scale back its nuclear
work in exchange for removal of
international sanctions, fueled
euphoria in Tehran among resi-
dents, students and business ex-
ecutives seeking greater free-
dom.
But the continuing purge and
the conflict with Saudi Arabia
stand to weaken Mr. Rouhani, a
moderate Islamic cleric who
backed the nuclear deal that in-
volved more than two years of
negotiations by his closest
aides.
As much as $100 billion in
frozen revenues are expected to
return to Iran after sanctions
are lifted, which U.S. officials
said could happen in coming
weeks. The White House hoped
the cash windfall would aid Mr.
Rouhani’s political fortunes. But
Iranian academics close to Mr.
Rouhani are concerned Mr.
Khamenei will use the money
and diplomatic rewards to en-
trench hard-line allies, at the ex-
pense of the president.
Many of the companies
about to be removed from inter-
national blacklists are part of
military and religious founda-
tions, including some that re-
port directly to Mr. Khamenei.
Those firms could be the first to
benefit from the rush of inter-
national businesses looking to
profit from the lifting of sanc-
tions.
A senior Obama administra-
tion official said Wednesday
that it was too early to gauge
the political fallout created in
Iran by the nuclear agreement:
“There is the opposite case to
make,” the official said, “that as
sanctions relief comes into play
it will dilute the hold on power
of the old guard.”
Mr. Khamenei, who gave
lukewarm support to the deal,
has said the U.S. would use the
accord to try to sabotage his
country’s Islamic revolution.
“We won’t allow American po-
litical, economic or cultural in-
fluence in Iran,” the 76-year-old
supreme leader said in August.
Weeks later, evidence of the
crackdown surfaced. Award-
winning filmmaker Keywan Kar-
imi was sentenced in October to
six years in prison and more
than 200 lashes on the charge
of “insulting sanctities.” He was
making a documentary about an
Iranian artist, based in Europe,
A Green Movement demonstrator joined a crowd in Tehran in June 2009 protesting election results.
SUPPER
Continued from Page One
Sen. Dale Bumpers decided to
brave the weather and make
their way to the supper. Their
small plane hit a snowbank at
the end of the landing strip and
spun off the runway making for
a rocky landing.
“The first thing I said was,
‘We’ll never lose Gillett again.’
The second was, ‘Do you realize
how many Arkansas politicians
we almost made very happy?’ ”
he said in an email.
Mr. Huckabee, who served as
governor from 1996 until 2007,
said he attended the supper for
years, back when he was usually
the only Republican in the room.
“It was one of those events
where you knew that you stuck
out like somebody wearing a
tuxedo at a beach party,” he
said. But “even people who were
hard-core Democrats who never
Iranian poets Fatemeh Ekhtesari, left, and Mehdi Mousavi were sentenced to prison in Iran for kissing members of the opposite sex.
accused of blasphemy by Shiite
clerics.
The same month, two Iranian
poets, Fatemeh Ekhtesari and
Mehdi Mousavi, each received
decadelong sentences and 99
lashes for kissing members of
the opposite sex and shaking
their hands, Iranian state media
reported. They have denied the
charges.
Authorities also arrested Sia-
mak Namazi, an Iranian-Ameri-
can energy industry executive
whose family owns a consulting
firm that specializes in attract-
ing foreign investment to Iran,
his family said. No charges have
been filed against Mr. Namazi,
who attended Tufts and Rutgers
universities.
U.S. reporter
In November, an Iran court
convicted the Washington Post’s
Tehran bureau chief, Jason
Rezaian, of espionage and sen-
tenced him to prison. The Post
and Mr. Rezaian have denied the
charges. The White House,
while voicing concerns about
the arrests, has said the nuclear
agreement was in the best in-
terests of the U.S., regardless of
where Iran’s domestic politics
goes next.
“The guiding assumption was
that Iran would not moderate
its behavior,” said Rob Malley,
President Barack Obama’s top
Mideast adviser. “The president
considered [it] absolutely criti-
cal to get this nuclear deal be-
cause we had no assessment
that in the foreseeable future,
Iran would change its ap-
proach.”
Many of the regime’s
staunchest critics, including No-
bel Peace Prize laureate Shirin
Abadi, said a more open society
would have voted for me if I
were the only name on the ballot
at least appreciated that I would
show up.”
Mr. Clinton and Mr. Huckabee
have one position in common: a
large slathering of barbecue
sauce is essential.
For an Arkansas politician,
the only thing worse than not
showing up in Gillett is refusing
to eat raccoon.
Former Arkansas Gov. Mike
Beebe credits the supper as the
springboard to his first state
Senate campaign in 1982. He
went back nearly every year un-
til he left office last year. Chok-
ing down a few bites of raccoon,
which he describes as greasy, is
pretty much required.
“You don’t have to eat a lot of
it, but you have to eat some,” he
said. His advice: “Take little
bites.”
Skip Rutherford has been to
his share of the suppers over the
years, starting with one in the
late 1970s he will never forget.
FROM PAGE ONE
would one day emerge as Iran’s
global relations improved, an
argument made by many in the Political Showdown
White House. Iran will hold two national elections on Feb. 26 that could shape
Mr. Obama said last March in the country's politics for decades
a message to Iran marking the
Persian New Year that he be- BODY Assembly of Experts
lieved a nuclear agreement Elect, choose and dismiss
DUTIES
could “lead to a better path, the Iran’s supreme leader
path of greater opportunities
for the Iranian people. More MAKEUP Shiite clerics
trade and ties with the world.
More foreign investment and TERM 8 years
jobs, including for young Irani-
ans. More cultural exchanges MEMBERS 88
and chances for Iranian stu-
dents to travel abroad. More
partnerships in areas like sci- DECLARED
ence and technology.” CANDIDATES* 801
But recent arrests have sent
a chill through Iran’s business
and political circles, even as Eu-
ropean executives stream to
Tehran to pursue opportunities. *Must be approved by
At an upscale hotel in north- 12-member Guardian Council
ern Tehran recently, an Iranian Sources: Iranian State media reports;
businessman told a European CIA World Fact Book
delegation in hushed tones what THE WALL STREET JOURNAL.
he believed motivated hard-lin-
ers. “The fear is penetration Ayatollah Ruhollah Khomeini,
from the West through busi- may be barred because he
ness,” said the executive, who missed a religious exam. He is
holds dual-citizenship with a seen as an ally of Mr. Rouhani
Western country. “They want to and reformist politicians.
send the message that they still Iranian analysts and politi-
count.” cians said Mr. Rouhani shouldn’t
Next month’s Iranian election be written off. The cleric is
will choose a new parliament working with a coalition of loy-
and the administrative body alists, technocrats and religious
empowered to select Mr. leaders who are trying to gain
Khamenei’s successor, a new control of parliament. An overly
leader who could steer Iranian aggressive effort by hard-liners
politics for many years ahead, to thwart Mr. Rouhani and his
analysts said. There are signs allies could backfire, they said.
that hard-liners will limit the But the ranks of reformists in
number of reformist politicians Iran have been depleted. Many
eligible to run, analysts said. activists are angry at the Obama
Earlier this week, the Guard- administration for failing to
ian Council, a clerical body that support them six years ago in a
has begun vetting candidates, rebuff that hasn’t been previ-
announced that the grandson of ously reported.
Iran’s revolutionary founder, Iranian opposition leaders
secretly reached out to the
White House in the summer of
2009 to gauge Mr. Obama’s sup-
port for their “green revolu-
tion,” which drew millions of
people to protest the allegedly
fraudulent re-election of Presi-
dent Mahmoud Ahmadinejad.
The demonstrations caught
the White House off guard, said
current and former U.S. officials
who worked on Iran in the
Obama administration.
Some U.S. officials pressed
Mr. Obama to publicly back the
fledgling Green Movement, ar-
BEN CURTIS/ASSOCIATED PRESS
guing in Oval Office meetings
that it marked the most impor-
tant democratic opening since
the 1979 Islamic revolution.
Mr. Obama wasn’t convinced.
“‘Let’s give it a few days,’ was
the answer,” said a senior U.S.
official present at some of the
White House meetings. “It was
Long before he was an adviser to
Mr. Clinton during his first pres-
idential run or became dean of
the University of Arkansas Clin-
said, adding he and his prede-
cessors have spent decades fine-
tuning the cooking process.
The technique includes soak-
ton School of Public Service, he ing about 700 pounds of raccoon
was just beginning to cut his meat in a brine solution for
teeth in politics when he found hours to drain the blood and
himself in the Gillett High draw out the wild taste. On Sat-
School gym, squaring off with a urday, the meat is boiled with
heaping plate of raccoon. vegetables and spices to tender-
“You have a person across the ize it. Then some two dozen men
table from you saying, ‘You like strip the fat so the meat can be
it? Is it good? You want some smoked for hours on hickory
more? Take a big bite!’ I did all wood until the raccoons glow
of the above,” Mr. Rutherford red.
said. The consequences were Women in town make sweet
painful. “I had what you would potatoes and rice as sides, and
call a serious stomach reaction planners now serve pork ribs
to excessive ’coon.” and beef brisket for those with
Since then he has been warn- pickier palates.
ing newbies to “eat responsibly.” The supper got its start in the
Scott Place, a local farmer 1940s as a way to raise funds for
who heads up the cooking oper- Gillett’s high-school football
ation, confirmed that raccoon team and attending became an
doesn’t taste like chicken. The effective way for office seekers
dark meat doesn’t really have an to ensconce themselves with the
equivalent, he said. old guard Democratic Party and
“Barbecued and smoked get on the ballot.
right, I really like it,” Mr. Place Now, even though politicians
* *****
Majlis (parliament)
Draft legislation, ratify international
treaties and approve national budget
Clerics, retired military, religious
minorities, women, business leaders
4 years
290
12,123
made clear: ‘We should monitor,
but do nothing.’ ”
The president was invested
heavily in developing a secret
diplomatic outreach to Mr.
Khamenei that year, sending
two letters to the supreme
leader in the months before the
disputed election of Mr. Ah-
madinejad, said current and for-
mer U.S. officials.
Obama administration offi-
cials at the time were working
behind the scenes with the Sul-
tan of Oman to open a channel
to Tehran. The potential for
talks with Iran—and with Mr.
Khamenei as the ultimate arbi-
ter of any nuclear agreement—
influenced Mr. Obama’s think-
ing, current and former U.S.
The deal fueled
euphoria among
Iranians seeking
greater freedom.
officials said.
U.S. officials said the White
House also was getting conflict-
ing messages from Green Move-
ment leaders. Some wanted Mr.
Obama to publicly warn Mr.
Khamenei against using force.
Others said such a declaration
would give Iran’s supreme
leader an excuse to paint the
opposition as American lackeys.
Mr. Obama and his advisers
decided to maintain silence in
the early days of the 2009 up-
rising. The Central Intelligence
Agency was ordered away from
any covert work to support the
Green Movement either inside
can rally more voters by tweet-
ing than eating, Republicans and
Democrats alike show up in Gil-
lett. Nearly 600 tickets, at $20
each, have been sold this year
and organizers say they may
have to turn people away.
Though Gillett is too small for its
own high school these days, the
event raises scholarship money
for local college-bound students.
Raccoon used to be a more
common source of protein in the
wilds of Arkansas than it is to-
day, and the animals were popu-
lar hunting targets because their
pelts could fetch high prices.
Now the supper, which pays
$1.60 per pound of the dressed
meat, is the best deal in town for
raccoon.
One requirement has never
changed—trappers and hunters
have to leave one foot attached
when they turn in their car-
casses so the supper’s organiz-
ers can be sure attendees aren’t
dining on possums or, say, cats.
After all, there is a lot of road
THE WALL STREET JOURNAL.
Iran or overseas, said current
and former U.S. officials in-
volved in the discussions.
“If you were working on the
nuclear deal, you were saying,
‘Don’t do too much,’ ” said Mi-
chael McFaul, who served as a
senior National Security Council
official at the White House be-
fore becoming ambassador to
Russia in 2012.
After a week of demonstra-
tions, Iran’s security forces went
on to kill as many as 150 people
INTERNATIONAL CAMPAIGN FOR HUMAN RIGHTS IN IRAN/ASSOCIATED PRESS
and jail thousands of others
over the following months, ac-
cording to opposition and hu-
man rights groups. Mr. Khame-
nei accused the U.S. of
instigating the uprising. Iran de-
nied killing protesters.
Some of Mr. Obama’s closest
advisers, including former Sec-
retary of State Hillary Clinton,
said in retrospect the U.S.
should have backed the Green
Movement. “If we could do it
again, I would give different
counsel,” said Dennis Ross, Mr.
Obama’s top Mideast adviser
during his first term. At the
time, he said, he argued against
embracing the protests.
A senior U.S. official said this
week that the Obama adminis-
tration argued against covert
support for the Green Move-
ment because it risked under-
mining its credibility domesti-
cally, not out of fear of Mr.
Khamenei’s reaction. “We did
not want to tar the movement,”
the official said.
Mr. Obama pursued nuclear
diplomacy with Iran using a
two-track approach: ratcheting
up economic sanctions while
leaving the door open for direct
negotiations.
Over the next four years, in-
ternational sanctions cut Iran’s
oil exports in half, and the value
of its currency, the rial, dropped
by two-thirds. The U.S. also suc-
ceeded in shutting off most of
Iran’s financial institutions from
the global economy, including
Iran’s central bank.
In 2012, the White House,
working through Omani inter-
mediaries, set up the first direct
talks with Iran. A year later, Mr.
Rouhani was elected, and the
negotiations moved more
quickly toward an agreement.
Mr. Obama’s advisers said the
White House’s cautious han-
dling of Iran’s political opposi-
tion was the best course in
2009. The Green Movement
wasn’t unified, they said, and
didn’t have much of a chance to
overthrow the regime.
House arrest
Former presidential candi-
dates Mir Hossein Mousavi and
Mehdi Karroubi, who led the
protests, remain under house
arrest in Tehran, despite
pledges by Mr. Rouhani to re-
lease them. Thousands of stu-
dent leaders and democracy ac-
tivists who took to the streets
six years ago were exiled to
Turkey, Europe and the U.S.,
fearing arrest if they return
home.
At a recent oil conference in
Tehran, Mr. Rouhani’s energy
minister, Bijan Zanganeh, an-
swered questions about oil pro-
duction and job promotion in
the wake of the nuclear agree-
ment. When pressed about the
status of political prisoners,
which include Messrs. Mousavi
and Karroubi, he didn’t answer
and instead jumped into a wait-
ing SUV.
“A historic opportunity was
missed” six years ago, said for-
mer Green Movement leader
Heshmat Tabarzadi in an inter-
view via Skype in Tehran. He
has served intermittent jail
terms there since 2009.
“There isn’t much of a Green
Movement left,” he said.
—Benoît Faucon contributed
to this article.
kill on the drive from Little
Rock, about 100 miles away.
“We don’t know for sure what
it is without that foot,” said
Larry Bauer, who helps organize
the event every year.
To be sure, Arkansas isn’t the
only state where politicians are
required to eat strange stuff. The
2016 presidential candidates had
a deep-fried field day last sum-
mer at the Iowa State Fair, pig-
ging out on everything from
pork chops on a stick to
breaded-and-fried Snickers bars.
And Gillett isn’t the only town in
Arkansas that embraces eating
varmints. In Bentonville, home
to the headquarters of Wal-Mart
Stores Inc., rodent connoisseurs
launched a World Champion
Squirrel Cook Off five years ago.
For many locals, eating rac-
coon is a once-a-year nod to the
area’s heritage, but some older
residents still have a taste for
the meat. “I’ve had people call
me wanting to know if they can
get takeout,” Mr. Bauer said.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 9 - 10, 2016 | A9

OPINION
THE WEEKEND INTERVIEW with Chris Christie| By Joseph Rago

Chris Christie Makes His Charge

C
Rochester, N.H.
hris Christie on Tuesday is
an introduction and two
answers deep into his 47th
town-hall meeting in New
Hampshire so far, at an
American Legion post. He’s sur-
rounded by about 250 voters with
the slightly feral look of people who
understand their influence in choos-
ing the next Republican nominee.
There are also several moles, plot-
ting a social ambush.
the press corps writing pre-emptive president of the United States?
obituaries. A Republican who has “Let me tell you, as a governor,
attempted to govern with a liberal that’s not the way the issues come
legislature and electorate, he’s a to you,” Mr. Christie says. The
relative moderate for the modern questions are “nuanced and com-
Republican coalition, and he’s poll- plex and unpredictable. . . . To me,
ing nationally in the single digits. for someone who likes action and
Meanwhile, New Jersey’s state who wants to accomplish things,
and local tax burden of 12.3% is get things done, I can’t imagine
second highest among the states, referring the bill to the subcom-
according to the Tax Foundation; mittee for further amendment, and
economic growth is slack; and the then waiting a year to see if some-
fiscal troubles he inherited, espe- thing will happen.”
DARREN MCCOLLESTER/GETTY IMAGES

The New Jersey governor calls on
a small woman, a college student
probably, who doesn’t have a ques-
tion but “a quick suggestion,” by
which she means a demand to “ban
fossil-fuel extraction.” Other kids
start to stand up one by one, shriek-
ing catchphrases about climate
change, but Mr. Christie bares his
full bridge-and-tunnel pugnacity: He
shouts them down instead. “You
know I won’t. I won’t ban fossil-fuel
extraction, because it’s stupid,” he
yells, fixing the instigator with a
gelid stare that lasts so uncomfort-
ably long that you almost feel sorry
for her.
“With all due respect, you said
you had a suggestion, well, I’ll
make a suggestion back to you,”
Mr. Christie says. “When you stand
up, and you put people in, you
stock the room, and you put on a
little show—no one’s here to see
The New Jersey governor
on why senators make
lousy presidents and
how his focus on New
Hampshire is paying off.
your show.” Subtly but shrewdly,
he converts the interruption into
an insult to the retail, participatory
traditions of the first-in-the-nation
primary—as if everybody had to sit
there and listen to her bad-mouth
democracy.
“You’re young, and this is a new
cially public pensions, are partly i i i
rehabilitated but not resolved. The New Hampshire body politic
Other potential baggage involves typically waits until the final
the credit downgrades, the George weeks, or even days, to decide. In
Washington Bridge traffic-jam the Franklin Pierce poll, only 45%
scandal, the toxic political dump of likely GOP voters described their
that is Trenton. loyalty as “firm.” In a University of
Yet as Mr. Christie campaigns in New Hampshire poll from early
New Hampshire, he is steadily December, merely 18% said they’ve
improving his image, which is hard made up their minds, while
to do in American politics. In a Dec. A Chris Christie campaign stop at the Loudon, N.H., fire department, Nov. 30. another 26% are committed merely
18 Franklin Pierce University poll, to “leaning” toward a candidate.
some 64% of likely Republican vot- Mr. Christie’s platform is often Mr. Christie’s domestic-policy This uncertainty isn’t captured in
ers viewed him favorably, up from bold, especially on tax and entitle- impurities may not matter as much traditional if-the-election-were-
43% in March—and higher than any ment reform, but he can be self- to New Hampshirites now that held-today surveys.
other candidate except for Mr. deprecating. Earlier in the day, he national security is defining the But Mr. Christie wouldn’t be the
Trump at 65%. tells students at a high-school con- debate and he articulates his anti- first roman-candle candidate rely-
Following Mr. Christie over two vention that they can find specifics terror background as a U.S. attor- ing on a single state to become a
days helps explain why he is con- on his website, “if you’re having ney. Then again, Mr. Christie’s stranded winner, lacking the
necting, not least because of his trouble sleeping.” In Rochester, he theory of the election has always money and field organization for a
charisma and communication says, “Don’t vote for me because of been that the candidate is the most protracted campaign. “Listen, I
gifts. He’s a political natural, a list of proposals.” important variable. think if you’re winning you’ll have
alternating fluidly between humor Those familiar with Mr. Christie “In the end, the presidency is the resources. If you’re winning,
and resolve—though his Borscht from the YouTube video library of about personal attributes. When the resources come,” he says.
Belt routines tend to have a point him yelling at union—or global- they’re voting, it’s about personal The other danger, not exclusive
and the toughness is always a warming—protesters may be sur- attributes. Do they believe you’re to Mr. Christie, is that the prima-
little wry. The Rochester town hall prised by the raw emotional side the right type of person at the ries will be so punishing and
lasts nearly two hours, and at the he shows as he politicks. He tells moment?” as he put it in August estranging that the nominee will
end he looks like he’d keep going lengthy, funny and sometimes gen- during one of his periodic visits to emerge as smithereens. He’ll have
even if he got hit with a veteri- uinely moving yarns about his old- the Journal for a campaign update. to somehow repair the ideological
nary tranquilizer dart. school Jersey upbringing, his chil- “That’s why I say to all my folks, breaches—and character and biog-
One fellow asks Mr. Christie dren and his parents, in particular just calm down, this is a process. raphy aren’t likely to be enough.
about “the concern of a lot of folks his late mother, where he says he You got to just go through the Mr. Christie is already looking
that you’re not conservative got his candor. “There will be no process and it stinks and when ahead. “Any significant division
enough to win nationally.” Mr. deathbed confessions in this you’re not at the top of the polls within the Republican Party leads
Christie replies: “I think that’s family” was her refrain. Mr. it’s aggravating but it’s not going to the same awful result: Hillary
based on some stereotypes that I Christie then proceeds, without to happen overnight.” Clinton taking the oath of office in
think we need to explode. The first apparent qualms, to tell the audi- Throughout, Mr. Christie has January 2017. This country cannot
is that I’m a Republican from the ence about their final moments never appeared less than confident afford that outcome, and thus we
Northeast. So you can’t possibly be together in the cancer ward. that everything is going reasonably Republicans have a duty—a
conservative, right? Well, man, “When you make your decision, according to plan. “You know me, profound, moral duty—to work
you’re from the Northeast. You you need to know who I am, and I’m not a genius, OK. I don’t need together,” he said in a speech this
think you’re conservative?” He gets now you do,” he concludes. The to be a genius, I’m not running to week at Saint Anselm College.

H
process to you, and I respect that a few laughs. medium is his message, and the be a genius,” he said in November.
you’re here, and I wish that you Mr. Christie continues: “If you’re medium is Mr. Christie himself. “I know how to make decisions and is pitch is that he’s best

would have just gotten up and asked
a question, and I would have been
happy to answer it for you,” Mr.
Christie continues. “But if you want
to put on a show for me, I can guar-
antee you of one thing: This ain’t
my first rodeo, and I’m happy to put
on a show for you too, and my show
will be a hell of a lot better than
yours is. Other questions?”
Mr. Christie is depending on a
strong performance in the Granite
State to loft him into national con-
tention, and four weeks away from
the ballot, he tells “those of you
who are here tonight and still
undecided, this is the time to buy.”
He has spent more days in-state
than any other candidate—and he
says his wife, Mary Pat, has too.
But New Hampshire is jammed
with broken heroes on a last-chance
power drive, to adapt a lyric from
Mr. Christie’s beloved Bruce
Springsteen. The question now is
whether he can break out from his
so-called establishment rivals and
rise as the non-Donald Trump,
non-Ted Cruz alternative.
That was not the question when
Mr. Christie announced his candi-
dacy last July, which had most of
T
someone who is somewhat ethnic I know how to execute on them positioned to appeal to most
from the Northeast, then there is his week half the field and I know how to execute on of the blocs on the center-
even less of a chance that you can seemed to zero in on Mr. political strategy.” right, even if everybody doesn’t
be conservative, right? So all of a Christie as their most imme- As Mr. Christie sees it, he has agree all the time, and defeat Mrs.
sudden, you’re this guy with a diate threat in New Hampshire. A been annealed by his executive Clinton. The governor could also
Sicilian heritage, and they say, ‘He super PAC affiliated with Marco experience. “For the last 13 years, make a plausible case that he has
can’t possibly be conservative, Rubio put two negative television repeatedly, over and over and over crossover appeal in the states John
right, there’s no way. He’s an spots into rotation, one of which again,” he says in the interview McCain and Mitt Romney failed to
Italian from the Northeast, he can’t features footage of Mr. Christie this week, “I’ve been making deci- carry, like Pennsylvania, Colorado
possibly be conservative.’ And then bear-hugging President Obama sions of consequence,” and the and Wisconsin.
they say, lastly, they get even more after Hurricane Sandy in 2012 over important lesson is “understanding In November, Mr. Christie said:
direct: ‘And he’s from New Jersey. the narration “one high-tax, Com- that you’re not always going to get “I bet you this much. Come Janu-
So how could you possibly be con- mon Core, liberal energy loving, it right. And then how do you fix it ary, I’ll be standing and people will
servative from New Jersey?’ ” He ObamaCare-Medicaid-expanding once you don’t get it right, and as be talking about me, and they’ll go,
pauses a few beats and lets the president is enough.” An outfit a result then having to go back and ‘Is this really gonna happen or is it
laughter grow. backing John Kasich distributed a analyze: Why did I get it wrong? not gonna happen?’ From where I
“Well, we exist,” he quips. mailer that carves up Mr. Christie’s What will I do differently the next started to there, all right—I’ll take
On the trail, Mr. Christie has governing performance in detail, time? What further questions will I my chances.”
fashioned his own Yoknapatawpha concluding: “Tough Talk. Weak ask? You don’t learn that except by Mr. Christie’s prediction turned
County out of the Garden State, a Record.” Jeb Bush chimed in too. doing it. It’s not something you can out to be right, so perhaps his
land whose ways outsiders can’t “Nobody wastes money on peo- read in a book.” counsel this week on the state of
begin to comprehend. It’s his way ple they’re not worried about,” Mr. He’s especially contemptuous of the race is worth thinking over:
of pivoting to his record. Christie says in an interview before sitting freshmen Sens. Rubio, Cruz “Everybody gets frantic,” he sneers.
With a former prosecutor’s skills the town hall. “In fact, this is a and Rand Paul. He says the Senate “Everybody’s speculating based on
for persuasion and building an ar- good day for me—the fact that I’m “is like school. You’re told where to polls, based on feelings and anec-
gument, Mr. Christie then walks being attacked, it’s like OK, it con- go, what time to be there, where to dotes and punditry and the rest of
through his center-right firms everything we’ve been feel- sit, they ask you questions, and you that. . . . Calm down.” If this bet
credentials. He says they include ing for a while up here, which is: have to answer yes or no. I’m dis- doesn’t pay off, at least no one has
vetoing more tax increases than We’re doing well. Now we’re get- missive of the United States Senate to worry he’ll run for the Senate.
any governor in American history, ting confirmation of it not only because it is not a place to breed
capping property taxes and from polling, but other people’s presidents. What about that experi- Mr. Rago is a member of the
reforming teacher tenure. polling is saying the same thing.” ence makes someone qualified to be Journal’s editorial board.

Cain and Abel, Michael and Fredo, Cuomo and de Blasio

When New York City
Mayor Bill de Blasio,
the first Democrat
to hold that title in
20 years, assumed
office two years ago
this month, he and
CROSS
COUNTRY his fellow New York
Democrat, Gov. An-
By Kyle
drew Cuomo, ap-
Smith
peared to be politi-
cal brothers, both
progressive former Clinton allies. Mr.
Cuomo served as secretary of Hous-
ing and Urban Development in the
1990s; Mr. de Blasio was Hillary
Clinton’s campaign manager for her
2000 Senate bid.
Today, though, it’s clear the
brothers that Messrs. Cuomo and de
Blasio most closely resemble are
Michael and Fredo Corleone in “The
Godfather” movies. What started as
friction grew into a rift and is now
undisguised mutual loathing. One of
Mr. Cuomo’s top political priorities
seems to be using his superior
political power to nettle, check and/
or humiliate Mr. de Blasio at every
opportunity. Nearly every day, the
two men act out another scene in
one of the most curious and enter-
taining political psychodramas of
our time.
A recent New York magazine pro-
file noted that when Mr. de Blasio
was, for instance, described in the
press as “universally acknowledged
to be bumbling and incompetent” by November statement that “it’s clear
an unidentified “Cuomo administra- that the mayor can’t manage the
tion official,” that official was gen- homeless crisis, and the state does
erally understood to be Mr. Cuomo intend to step in with both manage-
himself. New Yorkers are getting the ment expertise and resources”—
feeling that if one of the two lead- rolled up his sleeves and announced
ers called hot dogs our greatest his policy: Roust the vagabonds and
street food, the other would imme- tell them to get to the nearest city
diately hold a press conference shelter. Mr. de Blasio’s team replied
declaring the knish to be far better. that they were already doing that,
but many of the sidewalk dwellers
simply refuse to budge.
They were once brothers Unless the homeless are able to
in liberalism, but now the warm themselves with the hot air
emitted by the two politicians, their
governor regularly yanks the plight appears to be merely a plat-
mayor’s chain, especially form for Messrs. Cuomo and de
Blasio. After Mr. de Blasio said
about homelessness. homelessness was “much more an
economic problem than it’s being
acknowledged to be,” Mr. Cuomo
In the past week, the two men fired back in another forum: “The
butted heads over homelessness in homeless problem is not an eco-
Manhattan. It is widely believed nomic problem . . . it’s a human
(though disputed by the city) that problem.”
street disorder, exemplified by To Mr. de Blasio, who spent his
ragged mounds of humanity hud- honeymoon in Cuba and honed his
dled under blankets on sidewalks, economic policy while working for
has increased under Mr. de Blasio. A the Sandinistas in Nicaragua in 1988,
New York Times-Siena College poll the homeless problem is simply a
released in November said that 62% piece of the big puzzle, which is
of New Yorkers disapproved of the inequality. Why wouldn’t there be
mayor’s handling of homelessness. inequality in a city that attracts both
The problem became increasingly penniless immigrants and Wall Street
dire as temperatures dropped into fund managers? Indeed, with the
the teens, and the governor inter- latter’s gusher of tax revenue funding
ceded yet again. Mr. Cuomo—follow- services for the former, isn’t inequal-
ing up on his spokeswoman’s bald ity critical to the city’s solvency? Mr.
de Blasio has little interest in such
questions, but he has resolved to
build more affordable housing. That’s
a little like telling your hungry
toddler not to worry because you’re
about to plant some wheat.
All New York mayors talk up
affordable housing—voters expect
it—but Mr. de Blasio is peculiarly
indefatigable, suggesting that he
believes it is in his power to make
rents more affordable by adding to
supply. Alas, in a city where devel-
opers must hack their way through
thick jungles of red tape lovingly
nurtured by Mr. de Blasio’s pro-
gressive predecessors, housing
grows slowly. During former Mayor
Michael Bloomberg’s 12-year admin-
istration, some 165,000 affordable-
housing units were built, but the
city population increased by more
than 300,000. Hence the waggish
headline: “As Bloomberg Built
Affordable Housing, City Became
Less Affordable.”
Mayors can’t give New Yorkers
more affordable housing without
also handing them something they
don’t want—a recession or a crime
spree, sometimes both. Mr. de
Blasio might look for inspiration on
this point to the past two Demo-
crats to hold the office before him,
Ed Koch and David Dinkins. Their
success in spurring economic
turmoil and street mayhem led un-
regulated rents to drop about 15%
between 1988 and 1992, while prices
of condos and co-ops plummeted
about 30%, as the New York Times
reported at the time. A headline in
the Nov. 28, 1990, Times noted,
“After Decades of Rises, Rents Sag
in Much of New York City.” That
was the first year of the Dinkins
administration, the year when 2,245
New Yorkers were murdered, setting
a record as yet unequaled.
Or is Mr. de Blasio cleverer than
he seems? Though his administra-
tion boasted of record low levels of
major crime last year, Bloomberg-
era Police Commissioner Raymond
Kelly openly accused Mr. de Blasio’s
police department of fudging the
numbers. Even so, the city admitted
that murders rose 5.1%—the first
increase in five years—while rapes
were up 6.3%.
Meanwhile, in response to the
latest temporary Wall Street boom,
the mayor has been busy commit-
ting the city to expensive and
intractable new entitlements, such as
a $15 minimum wage for municipal
workers, that seem to herald future
tax hikes. Maybe Mayor Sandinista
understands the demand side of the
housing market after all. He may not
be able to roust the derelicts, but he
can certainly chase successful people
out of New York City.
Mr. Smith is a critic and colum-
nist for the New York Post.
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A10 | Saturday/Sunday, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Muslims and the Police Jeb Bush Does Need the GOP Base After All

T
error attacks in Paris and San Ber- provisions. First, another independent mon- The short answer to Joseph Rago’s pressed the Times’s staff and the me-
nardino have shown the danger of itor will be imposed to second-guess police “Can Jeb Bush Make a Comeback?” dia in general, but they are not likely
(The Weekend Interview with Jeb to be voting for Mr. Bush in the pri-
homegrown Islamist radicals. Natu- decisions. This will surely have an inhibit- Bush, Jan. 2) is “no”—unless every maries, much less voting for any Re-
rally, then, progressives ing effect on antiterror other GOP candidate decides to drop publican in the general election.
want to shame and punish New York City ignores practices. Second, the de- out of the race. Mr. Bush announced ROGER LARSON
the police who first warned the lessons of its partment will take down in 2014 that if he ran for president, he Greenville, S.C.
about the threat. from its website a 2007 re- wasn’t going to pander to the conser-
That’s the essence of the antiterror success. port called “Radicalization vative Republican base to win the Ironically, Mr. Bush tells Mr. Rago
settlement disclosed this in the West: The Home- nomination. His campaign therefore exactly what is wrong with the Bush
week between New York City grown Threat.” challenged conventional wisdom that campaign but in an unknowing fash-
and the American Civil Liberties Union over Together these amount to a huge victory GOP presidential candidates must tack ion. He completes his two-part expla-
the police department’s Muslim intelligence for political correctness. As an ACLU spokes- to the right during the primary sea- nation of the Trump phenomenon
son. Mr. Bush argued a year ago that saying, “the deep angst and anger
program. The deal confirms that the cops man crowed, “this agreement with the coun-
a candidate must be willing to “lose people feel, the deep disaffection
have been right all along in saying they did try’s largest police force sends a forceful mes- the primary to win the general” elec- people feel . . . is real. You gotta re-
nothing wrong. But it nonetheless embar- sage that bias-based policing is unlawful, tion. Twenty of 32 NFL head coaches spect that.”
rasses the cops with a new civilian monitor harmful, and unnecessary.” could have told Mr. Bush that if one Yes, Jeb, that’s it. We are con-
and castigates them for being right about In other words, the settlement reinforces doesn’t win enough games to make it cerned, we are angry, we do feel dis-
radicalization. false claims that a bigoted New York police to the playoffs, one will be heading affected, and it is real. What must we
The settlement proposes changes to the force was engaged in wholesale spying on home, not to the Super Bowl. do to get our message past your over-
Handschu Guidelines on surveillance that po- Muslims. This is the same police force that un- The New York Times’s Nate Cohn paid media and polling consultants,
lice have followed since they were laid out in der Commissioner Ray Kelly drove the murder was impressed with Mr. Bush’s will- past those who have gotten you to a
a 1986 settlement of a federal lawsuit. In 2003 rate to record lows and saved countless lives ingness to snub the GOP base (“Jeb 5% polling position after tens of mil-
a judge modified the guidelines to give police by helping to break up multiple terrorist plots Bush, Evangelicals and the Pandering lions of media spending, past those
Question,” Feb. 5, 2015). Mr. Cohn who are counseling you to stay in the
the greater investigative freedom to meet the after 9/11. Preventing attacks helps law-abid-
noted that Mr. Bush’s pragmatic im- game because your time will come?
threat from Islamist terrorism. ing Muslims, who could become scapegoats if migration and education policies Mr. Trump stepped through the right
As part of this effort, the police set out to there are more jihadist attacks. weren’t popular with conservatives, door and read the right script, but the
identify places in New York where a terrorist As for the now-censored 2007 report on but that “he doesn’t need to win the door isn’t closed. Others may enter.
might turn for shelter, a job, a meal, access radicalization: The authors deserve an award very conservative or the evangelical We aren’t populists, we aren’t haters,
to an Internet cafe and so on. Such intelli- for prescience. This week a 30-year old man vote to win the party’s nomination.” we aren’t supplicants waiting for our
gence might have come in handy, for example, confessed he ambushed and shot a Philadel- As a conservative, I could have over- demagogue. We are employed, taxpay-
if the Tsarnaev brothers had succeeded in phia police officer in the name of Islamic looked Mr. Bush’s uninspiring and ing Americans who want responsible
their plan to make New York their next target State. The alleged gunman, Edward Archer, low-energy delivery, as well as dis- government. It’s a simple proposition,
after they exploded their pressure-cooker is from a Philly suburb, not Syria. Meanwhile, agreeing with some of his some poli- yet, Mr. Bush, you and your ilk ha-
bombs at the 2013 Boston marathon. authorities this week arrested an Iraqi refu- cies, but his candid lack of enthusiasm ven’t heard us, as evidenced by your
for placating conservatives was a cen- wooden message. If our angst, anger
Enter the Associated Press, which portrayed gee in Sacramento and another in Texas on trist bridge too far. Primaries aren’t and disaffection are real, as you say,
these tactics as illegal, followed by new Mayor terror-related charges. Far from removing one-and-done playoffs, so Mr. Bush’s then speak to it. That is the first step
Bill de Blasio, who campaigned by portraying the 2007 report, the city should update it campaign may survive several losses. in your comeback act.
police as the city’s enemy. Mr. de Blasio is with what we’ve learned about Islamic State’s His “lose the primary to win the gen- STEVE SZYMCZAK
close to the activists who sued and—unlike radicalization tactics. eral election strategy” may have im- Spring, Texas
predecessor Mike Bloomberg—seems incapa- Mr. Bratton and his intelligence chief, John
ble of standing up for cops. Mr. de Blasio’s po- Miller, insist they retain the tools they need
lice commissioner, Bill Bratton, has already to prevent terrorism. We hope so, because
killed the Muslim mapping program. otherwise this settlement will come back to Technology Too Soon Doesn’t Help Learning
The settlement also includes two telling haunt them and the American people.
Regarding Naomi Schaefer Riley’s ing our natural human evolution be-
“Teach Your Children Well: Unhook fore gradually integrating the fast-

Europe’s Closing Borders Them From Technology” (Cross

Country, Jan. 2): Having attended the
paced media world of modern
electronics and flashing screens. The

E
Rudolf Steiner School in New York growing pandemic of children’s atten-
njoy traveling easily through Europe Austrians have put up a fence along their border City from kindergarten through 12th tion-deficit spectrum and anxiety-dis-
while you can, because who knows how with Slovenia. grade, and now a family-practice phy- order syndromes appears suspi-
long it will be before you need to show There’s a political warning here. Voters who sician for over 30 years, I’ve wit- ciously linked to precocious
your passport at every border. otherwise appreciate Europe’s nessed the effect of Waldorf educa- challenges in childhood development.
Sweden this week extended Support for free travel borderless travel within the so- tion on thousands of students. My observations indicate that, in
the temporary border checks called Schengen Zone will de- It might seem counterintuitive to general, Waldorf-schooled individuals
it has imposed along its
is contingent on mand controls if governments eschew the temptation to give chil- are protected from adverse influences
better law and order. dren an educational advantage by while being adjunctively enabled to
boundary with Denmark, and can’t manage mass migration
ever earlier exposure to infant screen navigate the challenge of maturing
Denmark is imposing spot or guarantee law and order. time, reading instruction and virtual- into able adults. My college-bound
passport checks at some Brussels has still done little to world indoctrination, and instead al- 18-year-old son is a national cham-
crossings from Germany. impose tightened passport checks for EU nation- low the delicate developing neurolog- pion model-airplane builder and ra-
Such steps are part of an attempt to manage als returning from places like Syria, and Europe’s ical system to gently grow into dio-controlled aerobatic pilot.
the fallout from Angela Merkel’s open invitation external-borders agency Frontex remains chroni- appreciation of real-world colors, JOHN TAKACS, D.O.
to Middle Eastern refugees in September. Some cally underfunded. forces and textures, thus recapitulat- Portland, Ore.
one million migrants took up the Chancellor’s Mrs. Merkel may have finally realized the po-
offer last year, and Germany’s belated efforts to litical danger her asylum policy has put her in,
strike an EU-wide deal to share responsibility particularly as allegations of sexual assaults Stark Is Wrong About U.S. ‘Nones’ and Faith
for processing asylum claims and resettling ref- perpetrated by immigrants in Cologne raise
Naomi Schaefer Riley’s review far from alone in documenting the
ugees have gone nowhere. Nor does Turkey ap- questions about whether authorities can main- (Bookshelf, Jan. 4) of Rodney Stark’s growth of religious “nones.” Gallup
pear to be abiding by a November deal under tain basic law and order amid the mass influx. “The Triumph of Faith” notes that polls and the American Religious
which it was supposed to stanch the refugee “[T]he Schengen system can only work if there Prof. Stark makes several claims Identification Survey document the
flows in exchange for billions of euros. is joint responsibility for taking in refugees and about the Pew Research Center’s same trend, as does the General So-
Instead, those refugees are making their own joint responsibility for protecting the external work. These require clarification. cial Survey, an academic study with
plans once they reach Europe. Sweden, with its borders,” she said Thursday. Chief among them is his assertion very high response rates.
generous welfare state, now has the highest The real issue for Mrs. Merkel and other EU that the growing share of Americans Declining response rates do,
concentration of asylum-seekers relative to its leaders isn’t where the refugees go once they with no religious affiliation (the reli- though, pose a challenge for the en-
population. Stockholm has been trying to close are in Europe. It’s whether Europe can manage gious “nones”) documented in the tire survey research community. To
every route by which migrants find their way its wider borders while doing more to bring or- center’s surveys cannot be trusted understand this challenge, Pew Re-
because of declining response rates. search has conducted three major
northward. der to the political chaos from Libya to Afghani-
In fact, Pew Research surveys are studies of declining response rates,
Denmark joins Finland and Norway in clamp- stan that is driving these refugees toward Eu- most recently in 2012. The studies
ing down on its own border to avoid getting rope’s beckoning shore. A borderless Europe is demonstrate that telephone surveys
stuck with the thousands of asylum-seekers still a dream worth having—so long as Europe’s Pick the Encryption Devil continue to provide accurate data on
Sweden won’t accept. Border controls are still leaders are willing to do the hard work to keep most political, social and economic
in place between Germany and Austria, and the it from descending into a nightmare. That You Dislike the Least measures. In many ways, participants
I read Sen. Richard Burr’s defense in telephone polls with relatively low
of encryption (“The Debate Over En- response rates closely resemble those
A Speech Mugging in Montana cryption,” op-ed, Dec. 24) with dis-
may. He displays a complete lack of
who participate in government sur-
veys with high response rates.

L
aws restricting political speech are easily ics, noting that with a “partisan” running the historical perspective. We can all Our studies also show that declin-
agree that encryption, to some extent, ing response rates aren’t without
abused for partisan gain, as we’ve seen office, “the people of Montana aren’t sure if a
enables and protects terrorists. But consequence. Our 2012 report states,
with the IRS and Wisconsin’s John Doe in- Republican can get fair treatment.” That was two people meeting in a hotel room “Survey participants tend to be sig-
vestigation. The latest example prescient. According to Mr. or walking down the street may be nificantly more engaged in civic ac-
is unfolding in Montana, where A case of twisting Motl’s agency website, since plotting something. Why not put bugs tivity than those who do not partici-
a state official is taking revenge campaign-finance law taking office Mr. Motl has in all public and private places and in- pate.” This may lead to overestimates
against a political rival. gone after conservative stall cameras everywhere, so that of behaviors linked with civic activity,
Arthur Wittich is a conser- for partisan ends. groups or parties, with suits with facial recognition we can track including contacting elected officials,
vative state representative against nine conservative everyone? attending campaign events and at-
elected in 2010 who led Mon- groups in 2014. Mr. Wittich Mr. Burr fails to recognize whence tending church. In other words, the
tana’s pushback against ObamaCare mandates decided to fight. the danger. Terrorists kill in the thou- data suggest that if declining re-
as state Senate Majority Leader. In 2014, when Mr. Motl’s revenge against Mr. Wittich has sands. It’s truly terrible. But Stalin sponse rates introduce bias into sur-
and Mao killed in the tens of millions. veys about religion, they would over-
he was running for the seat he now holds in the been a one-man show; he filed as the plaintiff For over two centuries our found- state the religiousness of the
state house, he was sued by state Commissioner party and lawyer and designated himself an ex- ing documents and court decisions population, not understate it, as Prof.
of Political Practices (COPP) Jonathan Motl, who pert witness. He later hired two outside attor- have protected our rights to free Stark claims.
accused Mr. Wittich of accepting illegal cam- neys, Gene Jarussi and John Heenan, who are speech, assembly and a general right ALAN COOPERMAN
paign contributions in the 2010 campaign. working on a pro-bono basis with a small sti- to privacy. Both “terrorism” and “tyr- Pew Research Center
Mr. Motl claimed Mr. Wittich had broken the pend. Both have made political donations to anny” start with “t.” Pick your devil. Washington
law by taking an in-kind contribution in dis- Democrats. ABRAHAM IRWIN
counted direct mail services. But an expert wit- Montana is known for its restrictive—and ille- Delray Beach, Fla.
ness showed the vendor made a profit on the gal—campaign-finance laws. After the Supreme Setting the Fox to Guard the
Sen. Burr’s argument over allowing
work and Mr. Motl’s calculations overstated the Court’s 2010 decision in Citizens United, then At-
government back doors to encryption
Chickens Doesn’t Fly at All
cost of materials, inflating the presumed mar- torney General Scott Bullock tried to claim that
is weak at best. You cannot compare Regarding David Skeel’s “Fixing
ket cost. Mr. Motl also claimed Mr. Wittich’s Montana could continue to limit corporate expen- the communications of a regulated in- Puerto Rico’s Debt Mess” (op-ed, Jan.
campaign had improperly coordinated with ditures. He was smacked down by the Justices in dustry, such as banking, to the com- 6): Let me get this straight. Prof.
Western Tradition Partnership, which ran ad- American Tradition Partnership v. Bullock; Mr. munications between spouses on an Skeel argues that our Congress
vertising during his 2010 campaign. Mr. Motl Wittich’s law firm brought that case. iPhone. Americans deserve to be able should run a board to “restrain
has not produced any evidence that such coor- Campaign-finance coordination allegations to communicate with each other with- Puerto Rico’s profligate tendencies”?
dination occurred. have become a favorite tool of the political left, out the fear of the government or oth- Congress? What a delightful satire!
Messrs. Motl and Wittich have some history. which knows proving coordination often re- ers listening in. I wonder if Sen. Burr RICK MILLER
In 2013 Mr. Motl was appointed state Commis- quires a fishing expedition into a target’s per- would be OK with microphones in- Wallingford, Pa.
sioner of Political Practices by Democratic Gov- sonal communications. Prosecutors hope they stalled in his home so the government
ernor Steve Bullock. Conservative lawmakers can unearth evidence that will be embarrassing could listen in if he is ever suspected Letters intended for publication should
of something. There is not much dif- be addressed to: The Editor, 1211 Avenue
objected to his work with liberal anti-speech even if not illegal.
ference between that and what he is of the Americas, New York, NY 10036,
groups like Common Cause and for urging Mon- Perhaps some evidence will emerge to justify proposing. As the argument goes, he or emailed to wsj.ltrs@wsj.com. Please
tana’s elected officials to support a constitu- this political dragnet. Until then it looks like should not fear this if he has nothing include your city and state. All letters
tional amendment overturning the U.S. Supreme Montana’s effort to silence conservative voices to hide. are subject to editing, and unpublished
Court’s Citizens United ruling. in the legislature is the left’s latest attack on po- TONY FISCHER letters can be neither acknowledged nor
returned.
Mr. Wittich was among his most vocal crit- litical free speech. Germantown, Tenn.
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, January 9 - 10, 2016 | A11

OPINION

The GOP Establishment’s Civil War

race.” He continued: “This guy’s You only have to look
been spoon-fed every victory he’s at what is reported to
ever had in his life. That’s the kind have happened in Co-
of person that we want to put on logne, Germany, on New
DECLARATIONS stage against Hillary Clinton? I don’t Year’s Eve to get a sense
By Peggy Noonan think so. She’ll pat him on the head that Europe’s establish-
and then cut his heart out.” It was ment, with its politically

W
hat everyone’s wait-
ing for is the winnow-
ing. New Hampshire
and Iowa will force
some Republican can-
didates out. When we know who’s
still in we’ll have a surer sense of
wonderfully colorful and malicious correct thinking, is los-
and reminded me of Sen. Bob ing control. Angela
Kerrey, who said of Bill Clinton in Merkel is a great lady
1992 that he wouldn’t win in Novem- and most of her leader-
ber because he hadn’t served in Viet- ship has been sound as
nam: “He’s going to get opened up a drum, but she will
like a soft peanut.” probably lose her job
Democratic presidential primaries eventually because of

the contours of the race.
It is still true that the party has
never had a year like this, with the
ground shifting beneath its feet. It’s
hard to see this clearly because on
the surface the things you expect to
see happening are happening.
The candidates are starting to
throw hard punches. They’re all try-
ing to show they can float like a but-
terfly and sting like a bee—a neces-
sary talent if you make it to the
A free-for-all among
Christie, Rubio, Cruz
and others, while Trump
hovers above it all.
general election. No point in hand-
wringing or telling them to stop on
the grounds that what they’re doing
will produce, for the Democrats, a
badly bloodied GOP nominee.
Best and worst have come from
Chris Christie, who has a way of
keeping things lively. Earlier he
counseled his fellow contenders not
to savage each other—don’t waste
your ammo, keep your eyes on the
prize. Good advice. This week Marco
Rubio’s PAC unloaded a spot slam-
ming Mr. Christie on the old charge
that he embraced President Obama
during Hurricane Sandy. The gover-
nor answered Wednesday on Laura
Ingraham’s radio show. He called Mr.
Rubio “a first-term United States
senator who has never had a tough
LM OTERO/ASSOCIATED PRESS
in those days were fierce. They’re her epic miscalculation
not anymore, because the new Dem- in accepting more than
ocratic Party, the one of the progres- a million Middle Eastern
sive left, has only a single unifying refugees.
principle: winning. Hillary Clinton’s Her decision was no
opponents have not laid a glove on doubt driven by heart
her, and won’t. and sympathy, but it
Mr. Rubio has turned stern and reminds me of the fall of
indignant, as if he’s decided the base Republican presidential hopeful Marco Rubio at a rally in Dallas, Jan. 6. Margaret Thatcher. In
is angry so he’ll enact anger too. Ted 1989 Thatcher moved to
Cruz and Rand Paul, he darkly registered voter can vote in either themselves and their leadership. impose a change in the British tax
alleges, are “isolationist candidates” primary—but the GOP apparently Political consultants can’t see it system. This caused resentment and
whose intent is “weakening our mili- wants to discourage independents because they don’t think issues then unrest. She wouldn’t back
tary and intelligence capabilities.” and Democrats from voting for Mr. matter—not to them and certainly down, and the next year she fell.
Mr. Paul responded by comparing Trump. So they’ve decided voters not to the dumb voters. Years later she told me what she’d
Mr. Rubio to Rahm Emanuel. should sign a statement of affiliation But issues do matter, and Mr. learned. People are afraid, she said;
More touchingly, Jeb Bush again with the GOP before they get to cast Trump has functioned this year not they live closer to the margins than
warned the base about Donald a ballot. This is so idiotic it’s almost as a great communicator or great we understand. When you propose a
Trump. “It’s very fun to talk about unbelievable. When Democrats and compromiser but as the great dis- big change you can leave people feel-
the theatrics,” he said on “Morning independents want to vote in your rupter. He brags that he has brought ing as if the rug is being pulled from
Joe.” Mr. Trump has tapped into primary you should be happy. Poli- up great questions and forced other under them. That’s a big thing to
“angst and anger,” but “his views are tics is a game of addition! You want candidates to face them and some- learn, and she spoke of it with
not the views of a conservative.” headlines that say “Massive GOP times change their stands—and he humility.
Mr. Trump’s supporters don’t care Turnout.” You don’t greet first-time has. He changed the debate on illegal She lost her job by being too
if he’s classically conservative. Doc- voters with an oath but with cookies, immigration. He said he’d build a tough. Ms. Merkel has imperiled
trinal purity is not the story this ginger ale and balloons. Ronald wall and close the border and as the hers by being too soft. But the
year. The GOP base is a big jumble. Reagan reached out to Democrats in months passed and his competitors lesson is the same: Know how close
Democrats are likely less unified 1984: “Come too, come walk with saw his surge, they too were to the edge people feel, how power-
than they think. On the rightward me.” We still speak of Reagan Demo- suddenly, clearly, aggressively for less, and respect their anxiety. Don’t
and leftward edges of both parties crats. ending illegal immigration. look down on it, and them.
they hate political correctness, ille- I do not understand the inability Mr. Trump touched an important Back to the Republicans. It re-
gal immigration, Wall Street. or refusal of Republican leaders to nerve in opposing the political flects badly on the party that Donald
A new playbook is emerging while take Mr. Trump seriously. They take correctness that has angered the Trump—whom one journalist this
some contenders seem to be reading his numbers seriously—they can American people for a quarter cen- week characterized as a guy running
from the old playbook and wonder- read a poll—but they think, as Mr. tury. He changed the debate when he around with his hair on fire—had to
ing why the plays they’re calling Bush said, that his support is all asked for a pause in Muslim immi- become the party’s 2016 thought
aren’t working. about anger, angst and theatrics. gration until America “can figure out leader.
And the GOP is struggling. In That’s part of the story, but the what’s going on.” In the age of Bernie Sanders has, in a way, had
Virginia the state Republican Party other, more consequential part has terror, that looked suspiciously like the wit to see this, which is why he
wants a so-called loyalty oath in the to do with real policy issues. The common sense. Americans do not said he is reaching out to Trump
March 1 presidential primary. Vir- establishment refuses to see that, want America to become what supporters.
ginia is an open-primary state—any because to admit it is to implicate Europe is becoming. Reaching out. What a concept.

The Myths of China’s Currency ‘Manipulation’

By Matthew J. Slaughter lending facility,” its version of that A large academic literature has re- U.S. swing into a massive trade sur- uted to surging Chinese real-estate

G
lobal equity markets have
experienced steep declines
since the new year, and many
assert the devaluation of the yuan by
the People’s Bank of China is a major
cause of this week’s turmoil.
These devaluations have fueled
long-standing outcries that China is
playing dirty. Presidential hopeful
Donald Trump, for example, recently
claimed on these pages that “the
wanton manipulation of China’s
currency” is “robbing Americans of
billions of dollars of capital and mil-
lions of jobs.”
Movements in the yuan’s
nominal exchange rate do
not affect long-term trade
flows or jobs in the U.S.
overnight market. Other central peatedly found that profit competi- plus with Japan? No. prices and to high saving rates of
banks fix a nominal exchange rate; tion among a country’s exporting From $1.2 billion in 1970 the U.S. Chinese households. Relaxing con-
China’s central bank, for example, companies typically undoes about half trade deficit with Japan rose by a trols on outward capital flows will
for years fixed the yuan-U.S. dollar of that country’s nominal exchange- factor of 50, to $59.1 billion in 1995. expand Chinese demand for non-Chi-
rate and since last month fixes the rate swings. Today more companies From 2004 to 2014 the dollar simi- nese assets—and thus will expand
yuan price of a basket of 13 curren- operate in global supply networks—in larly depreciated—note, not appreci- demand for non-Chinese currencies.
cies (in which the dollar still figures which trade and investment link ated—against the yuan by about The world has legitimate concerns
prominently). different stages of production across 25%. Over that decade the U.S. trade about several Chinese economic poli-
Currency devaluation or revalua- different countries. Because these deficit with China soared—not fell— cies. China has too many barriers to
tion is a common exercise of sover- networked companies incur both from $161.9 billion to $342.6 billion. trade and investment, too much
eign monetary policy. During the revenues and costs in many curren- Third: As China relaxes its many favor for local companies, too weak
post-World War II Bretton Woods cies, their trade competitiveness capital controls—per the entreaties protection of intellectual property.
regime, dozens of countries pegged tends to vary little with the move- of America and many others—strong But the more leaders in America and
their currencies to the dollar while, ment of any one currency. forces will be pushing down the elsewhere hector China over the
in turn, the Fed pegged $35 to an Long-term movements in nominal value of the yuan. The main such yuan, the less ability these leaders
ounce of gold. exchange rates often have nothing to force will be the pent-up demand of have to encourage China to over-
Reasonable people can and do dis- do with the evolution of global trade Chinese households and companies come its policy shortfalls that truly
agree about how countries conduct flows. In the generation after the to diversify their wealth into non- do cost America good jobs at good
their monetary policies: what price Bretton Woods system dissolved, the Chinese assets. wages.
should the central bank fix, or at dollar steadily depreciated against The surging incomes and wealth
what pace should that fix evolve. But the Japanese yen, from its fix of 360 in China over the past 35 years have Mr. Slaughter is dean of the Tuck
to label as manipulation the conduct yen per dollar to an average of just had very little access to global School of Business at Dartmouth
of monetary policy itself betrays a 94 in 1995. Over that time did the assets, a restriction that has contrib- College.
fundamental confusion about the op-
eration and goals of central banks. If

To cut through all the hyperbole,

the mechanics and consequences of
China’s exchange-rate regime need to
be understood—not only for this
week but also for the coming year,
when the yuan will be debated in the
context of other issues such as the
Trans-Pacific Partnership. Here are
three essential points.
First: The legal monopoly power
to create money that each central
bank enjoys allows it to fix one nom-
inal price—which can legitimately be
an exchange rate—to achieve policy
goals such as price stability or full
employment.
Today many central banks choose
to fix a nominal interest rate. The
U.S. Federal Reserve targets the fed-
eral-funds rate, the interest banks
charge each other for overnight
loans. The European Central Bank
targets the rate on the “marginal
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Zhou Xiaochuan, governor of the
People’s Bank of China, is a currency
manipulator, then Janet Yellen is an
Does Donald Want to Be President?
interest-rate manipulator. Even when politi-
Second: Movements in the nomi- cians tell the truth,
nal yuan exchange rate have almost they do so in the
no long-term impact on global flows spirit of a lie. They
of exports and imports or on broader speak the truth
considerations such as average instrumentally, to
wages. The exchange rate that gain advantage. As
BUSINESS
matters for trade flows is the real Machiavelli instructs
WORLD
exchange rate, i.e., the nominal us, if princes are to
By Holman W.
exchange rate adjusted for local-cur- deliver the order
Jenkins, Jr.
rency prices in both countries. and security we
The real exchange rate, in turn, seek, they have to
reflects the deep forces of compara- get and hold power. Our outrage at
tive advantage such as technology political lies, accordingly, is set low.
and endowments of labor and capi- Donald Trump’s list of fibs is aus-
tal. These forces drive trade regard- picious considering he’s new to poli-
less of monetary policy. tics. Many fall into the category of
Think about the companies in- acceptable exaggerations, claims that
volved in trade. Yuan depreciation nobody believes, and name-calling
tends to be partly offset by Chinese aimed at rivals in which strict factu-
companies raising their yuan prices. ality is not the point.
The list is often hilarious. He
accused Hillary Clinton of being the
first to question whether President
Obama was legally born in the U.S.
He says Bernie Sanders wants to
Robert Thomson
Chief Executive Officer, News Corp raise tax rates to 90%, which proba-
William Lewis bly better describes something Mr.
Chief Executive Officer and Publisher Sanders would like to do than any-
DOW JONES MANAGEMENT:
thing he would admit to.
Anna Sedgley, Chief Financial Officer; But even given our benign accep-
Ashley Huston, Chief Communications Officer; tance of political lying, some lying is
Paul Meller, Chief Technology Officer;
Mark Musgrave, Chief Human Resources Officer;
irresponsible lying, destructive lying,
Katie Vanneck-Smith, Chief Customer Officer lying that undermines security and
OPERATING EXECUTIVES: order. Look hard and you might find
Edwin A. Finn, Jr., Barron’s; Edward Roussel, a few demagogic lies at the foot of
Innovation; Ingrid Verschuren, Data Strategy;
any politician, but Mr. Trump’s lies
Suzi Watford, Marketing;
Professional Information Business, Sales: are particularly disturbing.
Nancy McNeill, Global; William Ashworth, He tweeted the fantastically false
Americas; Florence Lefevre, Europe; Tomasz statistic that 81% of murdered white
Rustowski, Asia
people are murdered by blacks. If
true, this sounds like an undeclared
race war, but it’s utterly false. The
vast majority (82%) of white victims
are killed by other whites, according
to the FBI.
Mr. Trump also persists in his
claim that thousands of Muslims in
Jersey City, N.J., cheered the 9/11 at-
tacks. He says he witnessed these
demonstrations on television, but
there is zero evidence they took
place. Mr. Trump already has ex-
pressed approval of the internment
of Japanese-Americans during World
War II. New Jersey is a state with the
highest percentage of Muslim resi-
dents, 3%. Mr. Trump is basically say-
ing large numbers of Americans can
be expected to be loyal to our
enemies.
These are unfitting lies in a presi-
dent. Frankly, they also don’t seem
the prevarications of somebody seri-
ously seeking the U.S. presidency,
though they do seem useful if you are
riding a wave and want to keep
riding it.
We’ve previously doubted whether
Mr. Trump really intends to spend
large sums of his own money chasing
the White House or whether he’s just
playing us. His first TV ad began run-
ning this week and famously includes
an inaccuracy. A scene meant to sug-
gest illegal immigrants storming the
U.S. border actually shows North
Africans trying to cross into a Span-
ish enclave on the Moroccan coast.
The $2 million Mr. Trump report-
edly has committed to ad spending
likely is not coming from his pockets—
the sum represents about half the
“unsolicited donations” he reported in
the third quarter. His first TV ad might
have been an opportunity to broaden
his pitch. Everybody already knows
about his proposed border wall with
Mexico. His protectionist-nativist
shtick has received saturation cover-
age from the media.
As the New York Times reports,
Mr. Trump’s fans are disproportion-
ately Democrats who lean Republican
and have a low propensity to vote.
Even so, his ad doubles down on these
fans. Mr. Trump is focused on niche
deepening, not niche broadening,
likely because free media amplification
makes it remarkably cheap for him to
do so, and because he is whipping up
a fan base that he knows will be useful
to him beyond 2016 politics.
Lately the Trump campaign has
been likened to the immigrant-bait-
ing re-election campaign of Califor-
nia Gov. Pete Wilson in 1994, but the
differences are also telling. Mr.
Wilson was a respected incumbent
and titular head of the then-strong
California GOP. His turn to immi-
grant bashing was unseemly and
self-defeating for California Repub-
licans, but California had been
hammered by the recession and
defense cutbacks. Along came Prop.
187, an anti-immigrant referendum
then on the ballot and widely popu-
lar with voters. A panicky Mr. Wilson
grabbed it as a life preserver.
Though at a long-term cost to his
party, it helped him to a surprisingly
hefty 15% re-election margin. But Mr.
Wilson was a GOP establishment fig-
ure and pro-business moderate who
might have won anyway—unlike, say,
an invading celebrity whose commit-
ment to GOP principles and partisan
interests is deeply suspect.
If Mr. Trump were to become GOP
nominee much less president, the
consequences would be incalculable,
and some of us find it hard to
believe they would be good. Espe-
cially if, like 2008, the presidential
election turns out to be fought
against the background of a global
financial crisis, as looks increasingly
possible. But we continue to doubt
whether Mr. Trump is seriously seek-
ing the presidency.
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, January 9 - 10, 2016
Germany Says Attackers Include Refugees
Police chief forced out
amid criticisms
leadership obfuscated
what happened
BY ANTON TROIANOVSKI
BERLIN—Germany said at
least 22 migrants seeking asy-
lum were among the suspects
in alleged New Year’s Eve as-
saults in Cologne, the latest
disclosure in the aftermath of a
night of violence that has put
new pressure on Chancellor
Angela Merkel’s welcoming
policy toward refugees.
The state government
forced the police chief in the
city of Cologne, Wolfgang Al-
bers, to resign amid wide-
spread criticism of how his
force handled the incident. Co-
logne Mayor Henriette Reker
said the police leadership had
apparently tried to obfuscate
what happened that night,
leaving her trust in the city’s
top police officials “signifi-
cantly shaken.”
A spokesman for the Ger-
man interior minister said 22
people registered as asylum
seekers were among 32 sus-
pects identified as of Friday
night.
The identified suspects in-
cluded 17 people from Algeria
and Morocco, as well as three
Germans and one U.S. citizen,
about whom no further infor-
mation was available. An addi-
tional 44 suspected assailants
hadn’t been identified, he said.
Police said they were identi-
fying suspects in part by using
video footage, both from fixed
cameras in and around the sta-
In Ramadi, Small Force Carried Burden
BY MATT BRADLEY
AND ALI A. NABHAN
RAMADI, Iraq—Amid the
rubble of hundreds of air-
strikes that helped drive Is-
lamic State fighters from the
center of this city, almost the
only people in sight earlier
this week were among 500
members of an elite unit of
U.S.-trained forces, credited by
Iraqi officials with carrying
out the bulk of the fighting.
On Friday, nearly two weeks
after the government declared
that it had retaken control of
Ramadi, members of this unit
had only just subdued the east-
ern neighborhood of Mala’ab
with little help from the regular
army, tribal fighters or federal
police, who were deployed in
large numbers but remained on
the outskirts of the battle, ac-
cording to Iraqi officials.
Ramadi has been hailed as
an important victory for the
Iraqis. But the counterterrorism
forces’ dominant role highlights
the risk of relying on a small,
elite fighting group to take on a
wide range of battlefield tasks.
Military experts warn that
even if the counterterrorism
troops could take Ramadi,
they will strain to reconquer
Mosul, a city four times the
size and Islamic State’s main
stronghold in Iraq.
Ramadi was almost entirely
leveled as a result of the feroc-
ity of the international air-
strikes, a critical part of the
Iraqi government’s plan to dis-
lodge Islamic State extremists
from the besieged city.
Islamic State had planted
improvised explosive devices
on roads and in buildings
throughout the city. Among
the tasks of the counterterror-
ism group was to detonate
these IEDs, allowing Iraqi
forces to advance.
Col. Arkan, an Iraqi officer
from the counterterrorism
Belgian Workshop for Paris Bombs Is Discovered
BY JULIAN E. BARNES
BRUSSELS—Belgian author-
ities discovered what they be-
lieve was the workshop where
suicide belts used in the No-
vember Paris terror attacks
were assembled, the federal
prosecutors office said Friday.
In a raid on the Brussels
apartment on Dec. 10, police
also found a fingerprint of
Salah Abdeslam, one of the
men accused of involvement in
the Paris attacks and the sub-
ject of an international man-
hunt, the prosecutors said.
The third-floor apartment,
located on Rue Bergé in the
Police officers stood Friday in front of Cologne’s cathedral, near where the mass assaults on women occurred on New Year’s Eve.
tion and from videos shot by
witnesses with their phones.
Witnesses have been asked to
hand in such footage and to
provide descriptions of alleged
perpetrators.
The alleged series of attacks
and thefts by migrants on New
Year’s Eve in the Rhineland city
of one million people—with
more than 170 complaints,
largely for sexual assault, filed
by victims with local police—
has turned into one of Ms.
Counterterrorism forces walk through central Ramadi, a provincial capital devastated by war.
unit, gazed out at the at the
ruins of Ramadi on Wednesday
through black Oakley sun-
glasses. He looked and sounded
every bit like an American spe-
cial forces soldier as he barked
airstrike coordinates into a ra-
dio in unaccented English.
“I’m the first Iraqi graduate
from Ranger training school,”
he said proudly while rattling
off U.S. military jargon and
listing the American cities he
had visited. He is one of the
few Iraqis to have qualified for
training in the U.S. by the elite
American force.
The victory in Ramadi was
initially hailed by U.S. and
Iraqi officials as the first for
the Iraqi army standing mostly
on its own, without relying on
the powerful Kurdish Pesh-
merga forces or Shiite militias.
But the counterterrorism
forces who stood at the center
of the fight are detached from
the regular army; they answer
directly to Iraq’s prime minis-
ter, Haider al-Abadi.
Schaerbeek district of Brussels,
contained material used to make
explosives, three belts that
could be used to carry them,
and traces of triacetone triper-
oxide, an unstable explosive
made from hydrogen peroxide
that was used in the attacks.
Prosecutors said the apart-
ment was rented by a man un-
der a false identity. Eric Van
der Sypt, the spokesman for
the prosecutors, said the man
is currently in custody but
didn’t identify him.
Mr. Van der Sypt said inves-
tigators were trying to deter-
mine when Mr. Abdeslam was
at the apartment, adding it is
WORLD NEWS
Merkel’s biggest domestic cri-
ses as she has tried to keep
Germans behind her in wel-
coming refugees.
Amid widespread criticism
in the news media that officials
were playing down the extent
of the attacks and the involve-
ment of migrants, Ms. Merkel’s
government pushed back on
Friday and tried to show trans-
parency.
“First and foremost, this is
about criminality, not about
Iraqi officials and military
experts warn that without
well-trained ordinary troops,
soldiers like Col. Arkan could
be too exhausted to take on
the decisive battles with Is-
lamic State that lie ahead.
“There is nothing unusual or
new that you rely on a handful
of elite units and you risk
burning them out,” said An-
Members of an elite
unit led the way in
retaking the city
from Islamic State.
thony Cordesman, a national-
security analyst for the Center
for Strategic and International
Studies. “I saw it happen in
Vietnam. It was a critical rea-
son for the collapse there.”
Though at least some of
this damage was left from ear-
lier fighting in Ramadi a de-
cade ago, the devastation also
possible he went there imme-
diately after the attacks.
Investigators have said the
atrocities on Nov. 13, in which
130 people were killed, were
plotted in Belgium, where sev-
eral of the terrorists were
from. The new information
confirms that key weaponry
used to carry them out was
created in the country.
Belgian authorities have
since arrested 10 people in con-
nection with their investigation,
and temporarily detained nu-
merous others for questioning.
Much of the Belgian investi-
gation has focused on Mr. Ab-
deslam. French prosecutors
* ***** THE WALL STREET JOURNAL.
day they had received 108 com-
plaints related to incidents on
New Year’s Eve. In Stuttgart,
police have said about a dozen
women had filed complaints of
being groped on New Year’s
Eve by “Arab-looking young
men.” An Iraqi asylum seeker
was arrested in the probe.
Analysts said the attacks,
along with the administrative
chaos in Cologne, had the po-
tential to shake the German
public’s trust in Ms. Merkel’s
oft-repeated “We can do it!”
promise that the country can
handle the huge influx of mi-
grants.
About 1.1 million people
seeking asylum entered Ger-
many last year, according to
government figures, largely
OLIVER BERG/EUROPEAN PRESSPHOTO AGENCY
from the Middle East, Africa
and Afghanistan.
“The fears and prejudices of
people have thus been com-
pletely fulfilled, and much
faster than expected,” said Jür-
gen Falter, a political scientist
at the University of Mainz.
“Those who have been skepti-
cal feel themselves vindicated
and those who have said ‘We
can do it!’ feel unnerved.”
The far-right Alternative for
Germany party, which has risen
refugees,” a spokesman for Ms. ports leaked to the press. to around 10% in polls in recent
Merkel said. “Holding back and Hours later, the top security of- months, said on Friday that
sugarcoating things will not ficial in the North Rhine-West- “uncontrolled immigration” en-
only hurt us, it will also hurt phalia state government, Ralf abled by Ms. Merkel had given
the rule of law and the major- Jäger, announced he was re- free rein to a “mixture of north
ity of completely blameless ref- lieving Mr. Albers of his duties. African bands and refugees
ugees who are seeking protec- “The trust of the public in the prepared to commit violence.”
tion with us.” Cologne police must be re- A loosely organized anti-Islam
Ms. Reker, Cologne’s mayor, stored,” Mr. Jäger said. movement, Patriotic Europeans
slammed her police chief for Investigations also contin- Against the Islamization of the
forcing her to learn details ued into alleged New Year’s as- West, promised protests across
about the chaos outside the saults in the cities of Hamburg Germany in coming days, in-
city’s central train station on and Stuttgart. cluding in Cologne on Satur-
New Year’s Eve from police re- In Hamburg, police said Fri- day.
World
Watch
They operated under U.S. con-
trol until 2007, when they
were handed over to the com-
mand of former Prime Minis-
ter Nouri al-Maliki.
Those remaining here cut BRAZIL
an imposing figure with their
black uniforms, black guns and
Inflation Rate Surges
black vehicles. Consumer price inflation in
They are unique in other Brazil surged to a 13-year high
ways as well. They have had at last year, even as the country
least a year of training, often skidded into a recession, under-
directly by Americans and in scoring one of the main chal-
the U.S. Regular army troops lenges facing Latin America’s
MATT BRADLEY/THE WALL STREET JOURNAL
get 20 to 30 days, said Lt. Gen. largest economy.
Abdel Wahab al-Saadi, the Brazil’s consumer-price index
deputy commander of the rose 10.67% last year, compared
force. with an increase of 6.41% in
“It was an army that was 2014, the Brazilian Institute of
trained to hold checkpoints,” Geography and Statistics, or
said Gen. Saadi, who has been IBGE, said.
a commander in the unit since At the same time, Brazil’s
2007. “Many of those army economy contracted at a pro-
soldiers had gone to the fight jected level of 3.71%, according
and they had never before to economists surveyed by the
shot a bullet. My soldiers had central bank.
been trained and were shoot- —Rogerio Jelmayer
reveals the heavy cost of free- ing thousands of bullets a
ing the city. Without larger week.” FRANCE
military units capable of tak- They were so isolated from
ing and holding territory, the the regular army that many
Identity Is Unknown
counterterrorism forces were officers weren’t aware of the Paris prosecutor François Mo-
able to advance only after a military’s precarious state un- lins said investigators are still
battering of more than 600 co- til Islamic State began taking trying to establish the identity
alition airstrikes over the past cities west of Baghdad such as of the man shot dead by police
six months, according to U.S. Ramadi two years ago, said after he tried to attack a police
officials. Gen. Saadi. station on Thursday, the anni-
Partly as a result, this pro- After Islamic State took versary of the deadly attack on
vincial capital barely resem- Iraq’s second-largest city Mo- satirical newspaper Charlie
bles the city of nearly half a sul in June 2014, Gen. Saadi Hebdo.
million people it once was. said he quickly found that reg- Authorities on Thursday eve-
The broad avenues, sprawling ular troops weren’t even capa- ning said they matched his finger-
parks and spacious squares ble of holding on to land that prints to those of a man detained
are now filled with the rubble counterterrorism fighters had on the French Riviera two years
of those airstrikes. just retaken. ago for alleged theft.
Buildings lean against each That forced large numbers But Mr. Molins said Friday he
other next to rutted roads of highly trained troops to was “doubtful” that the man
strewed with downed power stay in the rear as a holding gave his real name to police at
lines. force. Though the regular the time. The man, who had no
All seven of the elegant army has improved, he said, documents, had said his name
bridges that once spanned the the counterterrorism force will was Sallah Ali and that he was
Euphrates River were de- still struggle to shoulder the born in Morocco in 1995. Police at
stroyed before the airstrikes bulk of the fight. the time ordered him to leave
by Islamic State after it took “Everyone’s eyes are on the the country.
over Ramadi in May. counterterrorism forces,” he “This identity is contradicted
The U.S. created the coun- said. “If we collapse, the whole by a handwritten note found in
terterrorism forces in 2003. country will collapse.” his clothes,” Mr. Molins said on
France Inter radio.
Police also found a phone
with a German SIM card on the
man’s body, Mr. Molins said.
—Noemie Bisserbe
believe he intended to deto- detonator in a trash pile in the FINLAND
nate a suicide vest in the at- southern Parisian suburb of
tacks but instead threw it Montrouge, near where a sig-
Extradition Is Ordered
away and fled to Belgium. nal from Mr. Abdeslam’s cell- Finland’s Justice Ministry
In early October, Mr. Abde- phone was detected. said it agreed to extradite Rus-
slam traveled to Paris and Similar vest were worn by sian national Maxim Senakh to
bought 10 small detonators in a seven suicide bombers in the the U.S. where he is suspected
fireworks workshop in a south- attacks, leading French inves- of wire fraud as well as com-
ern suburb, French police said. tigators to believe Mr. Abde- puter fraud and abuse. The deci-
The sale of those small devices slam aborted the suicide mis- sion cannot be appealed in Fin-
is legal in France provided that sion before fleeing France. land.
the buyer identifies himself, In November, Belgian police Mr. Senakh was detained in
something Mr. Abdeslam did, on a raid found a weapon and Finland in August after a re-
according to the owner of the a type of paintball belt that quest by the U.S. The Finnish
workshop, who alerted the po- terrorists have in the past Justice Ministry said at the time
lice in late November. used to create suicide vests. that Mr. Senakh was suspected
More than a week after the —Natalia Drozdiak of having made considerable
attacks, a street sweeper and Inti Landauro money from criminal activities.
found a suicide vest without a contributed to this article. —Charles Duxbury
 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
METRO MONEY CHILLING INSIDE A14
>
WSJ.com/NY
De Blasio’s Slog in Albany
New York mayor faces
another tough session
with GOP-led Senate;
signals a lower profile
BY JOSH DAWSEY
On a rainy Sunday last year,
New York City Mayor Bill de
Blasio invited state Sen. Carl
Marcellino to Gracie Mansion
and outlined his education
agenda to the powerful Long
Island Republican who heads
the Senate Education Commit-
tee.
Critical to the Democratic
Penn’s Overhaul
Stirs Debate Over
Moynihan Name
BY ANDREW TANGEL
AND MELANIE GRAYCE WEST
Travelers often complain
that New York Penn Station is
confusing to navigate. A new
plan to overhaul it comes with
its own complication: What is
the revamped transit hub go-
ing to be called?
Empire Station Complex is
what New York Gov. Andrew
Cuomo called a plan to im-
prove the maligned station
and breathe life into a stalled
effort to build a grand train
hall inside a neighboring post-
office building.
His announcement on
Wednesday caught some by
surprise, including board mem-
bers of the Moynihan Station
Development Corp., people fa-
miliar with the matter said.
The state-run entity is
named for U.S. Sen. Daniel
Patrick Moynihan, who died in
2003 and was an early cham-
pion of the train-hall project.
It has long been dubbed Moy-
nihan Station.
In a city accustomed to re-
christened public spaces, the
names being discussed—Em-
pire Station, Penn Station,
Moynihan Station—sparked
debate about which would
stick.
“My inbox nearly
crashed…with people saying,
STEVE REMICH FOR THE WALL STREET JOURNAL
The train hall would be inside the Farley post office building.
50°
TODAY’S
Weather
Real Feel
9 a.m. 41°
HIGH
5 p.m. 46°
Max. Humidity
82%
A.M. FOG, Sunrise/Sunset
CLOUDY 7:20 a.m./4:47 p.m.
Sunday’s High
61°
N.Y. Sports Lineup
1 p.m. Saturday
Islanders
@ Flyers
7:30 p.m.
Saturday
Nets @ Pistons
For N.Y. sports coverage, see A18
CITY NEWS A14, A15 | OPEN HOUSE A16 | HEARD & SCENE A17
* * * * **
mayor’s 90-minute presenta-
tion was his pitch to secure
permanent mayoral control of
city schools.
So far, Mr. Marcellino, who
called Mr. de Blasio’s record
on education a “mixed bag,”
isn’t sold. “I doubt we’d do it
permanently,” Mr. Marcellino
said of mayoral control. “The
idea is to make people talk to
each other more.”
While the political dynamic
for New York City mayors is
often difficult in Albany, Mr.
de Blasio is entering his third
legislative session in the state
capital with some especially
heavy baggage: He has a frosty
‘Whaaaat?’ ” said Maura Moy-
nihan, the senator’s daughter,
who accepted to carry forward
his deathbed wish to keep the
project alive.
Ms. Moynihan, an author,
said she wasn’t consulted
about the name or told in ad-
vance of Mr. Cuomo’s plan, al-
though she applauded it.
While Moynihan Station has a
“nice resonance,” she added,
her father never expressed
any desire to have his name
on the project.
“Me personally, I don’t care
what they call it, as long as
they build it. I mean that from
the bottom of my heart,” Ms.
Moynihan said. “I think my fa-
ther would feel the same way.”
A Cuomo administration of-
ficial said Empire Station
Complex is the working title
of the project that includes
Penn Station and what would
be called the Moynihan Train
Hall.
Those who worked with Mr.
Moynihan differed on how to
honor his role in the train-hall
project, which has dragged on
since the early 1990s.
Mr. Moynihan’s legacy on
the project “is untouchable
and not in need of any emolu-
ments,” said Bill Cunningham,
a former aide. “Robert Moses
isn’t remembered today be-
Please see page A14
Summer Now Starts in January for Parks Maven
BY JENNIFER SMITH
Think of it as a reverse take
on Christmas-in-July.
Starting next week, New
Yorkers can get a taste of the
coming SummerStage season
at a monthly indoor concert
series intended to showcase
emerging performers even
when the mercury drops.
The aim: to keep the arts
festival, the marquee program
of the City Parks Foundation,
high in people’s minds.
“Not enough people know
who we are,” said Heather
Lubov, executive director of
the group, which provides free
arts, sports and educational
programs in city parks across
the five boroughs.
“We present in the summer,
and we stop,” said Ms. Lubov,
45 years old, who joined the
THE WALL STREET JOURNAL.
relationship with Gov. Andrew
Cuomo, his fellow Democrat
whom he accused last year of
conducting political “vendet-
tas,” and he must contend
with acrimony among the Re-
publicans who control the
Senate.
The mayor’s aides and ad-
visers privately say they have
low expectations for the ses-
sion and some are largely
dreading the prospect of an-
other legislative session and
working in the capital again
over the course of the next
several months. Mr. Cuomo’s
office declined to comment.
Much of Republican distaste
Sgt. Kizzy Adonis, in gray, at a news conference Friday with Sgt. Edward Mullins, head of the Sergeants Benevolent Association.
Sergeant Faces Action in Garner Case
BY PERVAIZ SHALLWANI
A New York City police ser-
geant who was in charge when
Eric Garner was put in a
chokehold was served with de-
partmental charges on Fri-
day—the first officer to face
formal discipline in his death,
officials said.
New York Police Depart-
ment Sgt. Kizzy Adonis faces a
charge of failure to supervise
in connection with the July
2014 death of Mr. Garner, an
unarmed black man whose
case became a flashpoint in
the nationwide debate over
police tactics.
Video of the incident—in
which the 43-year-old Mr. Gar-
ner can be heard saying “I
can’t breathe” as officers re-
strain him during an arrest for
allegedly selling loose ciga-
rettes—shows Sgt. Adonis
standing in the background, a
law-enforcement official said.
“If you look at the video,
she just stood there,” the offi-
cial said.
The Weekend Profile | Heather Lubov
 Executive director, City
Parks Foundation
 Launching monthly indoor
SummerStage preview series
 In her first year, expanded
SummerStage season 24%, to
135 concerts, in more parks
across the city
organization in late 2014. “And
people forget about us for six
to nine months.”
The native New Yorker
plans to change that. Fifteen
months into the job, she has
already grown SummerStage’s
season to 135 shows from 109,
expanding into more parks and
boroughs. And she set up the
first audience survey for the
for the mayor stems from his
leadership in an unsuccessful
2014 campaign to wrest con-
trol of the Senate from the
GOP. The mayor’s liberal allies
want him to reprise his role in
a similar effort this year, argu-
ing their cause could be
boosted by higher voter turn-
out in a presidential election
year.
Aides and advisers have be-
gun conversations about a re-
newed campaign, though Mr.
de Blasio has signaled he
would lower his profile this
year. “I will take my cues from
others as to whether I can be
helpful” to candidates, he said
Sgt. Adonis, 38, was placed
on modified duty, which in-
cludes being stripped of her
badge and gun, following an
internal NYPD review of the
Staten Island incident, which
is also the subject of probes
by the U.S. Justice Department
’This can only be
described as
political pandering,’
the union head said.
and the U.S. attorney’s office
in Brooklyn.
She will face a departmen-
tal judge to determine if she
violated NYPD policies and
could be subject to discipline
including termination.
Sgt. Adonis declined to
speak during a news confer-
ence called Friday by the Ser-
geants Benevolent Association,
the union that represents her.
But Sgt. Edward Mullins, the
head of the union, called the
 Planning to overhaul the
venue at Rumsey Playfield in
Central Park
 Former fundraiser for the
New York Public Library and
Park Avenue Armory
 Attended her first
SummerStage concert in 1989
festival, which attracted more
than 300,000 people last year.
Next up: Ms. Lubov wants to
widen the group’s donor base
and overhaul SummerStage’s
shopworn venue at Rumsey
Playfield in Central Park.
“Our primary mission is to
present work in your local
parks, in your own backyard,”
Please see page A17
SPORTS WASHINGTON WORRIES A18
Saturday/Sunday, January 9 - 10, 2016 | A13
Party Lines
Even with one seat open, Republicans are set to maintain
control of the New York State Senate—but just barely.
Political breakdown of the New York State Senate
1 Democrat
who caucuses
with Republicans
31 Republicans
1 Empty seat
vacated by Former Majority
Leader Dean Skelos
Source: New York State Senate
in December.
The Working Families Party,
a liberal group aligned with
Mr. de Blasio, will raise money
department’s move political.
“This can only be described
as political pandering to the
antipolice rhetoric that is out
there, that we’re seeing across
the country, and a failure of
character to stand up and
make a decision that is, al-
though not popular, would be
the right decision,” Sgt. Mull-
ins said.
Officer Daniel Pantaleo,
who applied the chokehold,
has been stripped of his gun
and badge and assigned to a
nonenforcement role during
the investigations. A second
officer had been placed on ad-
ministrative duty.
A Staten Island grand jury
declined to indict Officer Pan-
taleo on criminal charges in
the case in 2014, setting off
protests around the country.
The NYPD has conducted its
own probe to determine if Of-
ficer Pantaleo committed any
misconduct and has come to a
decision, but the department
has agreed not to release it
until after the Justice Depart-
25 Mainline
Democrats
5 Independent Democratic
Conference members
THE WALL STREET JOURNAL.
to wage a campaign and wants
the mayor’s help, said Bill Lip-
ton, the group’s director.
Please see page A14
THOMAS MACMILLAN FOR THE WALL STREET JOURNAL
ment probe is complete.
Sgt. Adonis was one of two
sergeants who arrived on the
scene when Mr. Garner was be-
ing arrested, Sgt. Mullins said.
“She’s right at that scene,
looking right into that pile
while this is happening,” he
said. Sgt. Adonis checked to
see that Mr. Garner could
breathe, consulted with her
driver, an emergency medical
technician, and confirmed that
an ambulance was called, Sgt.
Mullins said.
“Sgt. Adonis is no doctor.
She’s no trained EMT. She did
what the NYPD teaches her to
do. So for Commissioner [Wil-
liam] Bratton to come to the
conclusion that she failed to
supervise—what would he like
her to do?” Mr. Mullins said.
The officers involved in the
arrest weren't using excessive
force, Mr. Mullins said. “This
was tried in the grand jury
and there was no wrongdoing
found.”
—Thomas MacMillan
contributed to this article.
STEVE REMICH FOR 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
A14 | Saturday/Sunday, January 9 - 10, 2016 * ***** THE WALL STREET JOURNAL.

CITY NEWS

EMPIRE opened the original, since-de-

molished station in 1910 and
dug the Hudson and East River
rail tunnels serving it.
Continued from page A13 When Mr. Cuomo an-
cause they named a power nounced his plans at Madison
plant in Lewiston after him or Square Garden on Wednesday,
a state park on Long Island.” he slammed the current Penn
Mr. Moynihan, to be sure, is Station’s uninspiring design as
commemorated elsewhere in “un-New York.”
New York. The U.S. courthouse Amtrak, which owns the
at 500 Pearl St. is named for building, doesn’t intend to
him, as is an institute of change the name of Pennsylva-
global affairs at Syracuse Uni- nia Station, said a spokesman
versity. for the national passenger
Still, Tony Bullock, a former railroad.
chief of staff Peter Derrick, a transit his-
to the sena- torian and former planner at
tor, said he the Metropolitan Transporta-
was troubled tion Authority, said there ha-
by Moynihan ven’t been attempts to rename
GETTY IMAGES
Holding Court in New York’s Atriums
On the first day of this
week’s cold snap, Denise
Johnson took a break at the
Urban Garden Room, a
toasty public atrium near
Bryant Park in the Bank of
America Tower. A package
courier for the past 15 years,
she’s familiar with most of
the indoor atriums around
town. While the Urban Gar-
den is one of the best, she
says, “You have some atri-
ums that are
even better
than this
one—be-

Station’s ap- Grand Central Terminal, also cause they

p a r e n t named for a railroad that also have bath-

KEVIN HAGEN FOR THE WALL STREET JOURNAL (2)

downgrade went bankrupt, the New York rooms!”
METRO
to a “train Central. But re-
MONEY
hall,” which Daniel Patrick Jacques de Spoelberch, gardless of
ANNE KADET
he said was Moynihan the great-great-grandson of the ameni-
a term that Alexander Cassatt, the former ties offered
didn’t befit the man’s legacy. Pennsylvania Railroad presi- by the differ-
“Train Hall sounds too dent who oversaw that com- ent spaces, she says, you can
much like ‘food court,’ ” said pany’s original project, said always count on an interest-
Mr. Bullock, calling it an anti- “Empire Station” seems more ing crowd: “All kinds of peo-
quated name for a public fitting for a station in Troy or ple be in the atrium.”
space. “It’s not a term that Albany, N.Y. That’s right. When the
people use.” But Mr. de Spoelberch, a lit- weather turns, New Yorkers
The name Empire Station erary agent in Connecticut, of all stripes—office workers,
has also raised eyebrows, with said revamping the station book worms, homeless folks,
commenters on social media and adding additional rail ca- tutors, chess players, retirees, Ford Foundation’s atrium,
likening it to something that pacity was a higher priority. freelancers, knitting squads— above. A jazz trio at the
might appear in “Star Wars.” “That’s far more important stampede from the parks to Citigroup Atrium Center, left.
Penn Station’s name is a than the name,” he said. the atriums. They’re one of See more photos of the city’s
nod to the now-defunct Penn- —Ted Mann the few places in town where public atriums at WSJ.com/NY
sylvania Railroad, which contributed to this article. a body can take a break with-
out spending money or lis- atrium at Trump Tower. On
tening to a sermon. a chilly day, this pink marble
Many are the product of a and brass extravaganza is a
BOUTIQUE 1961 zoning incentive that warm, inviting alternative to
New York 5th Ave lets developers build bigger more sterile environments
in exchange for providing elsewhere. The chairs have
public space, indoors or out. padded brocade seats and
The agreements can be the 60-foot waterfall pro-
strangely detailed. The city vides a shimmering backdrop
may dictate specifics ranging to such wonders as the
from the number of chairs Trump Café, Trump Bar,
and trash bins to how fre- Trump’s Ice Cream Parlor
quently the art is updated. and the Trump Store selling
Harvard professor Jerold Trump Tower gummy bears.
Kayden, founder of Advo- But for sheer comfort,
cates for Privately Owned nothing beats the vast David
Public Space, an outfit that Rubenstein Atrium at Lincoln
maintains a searchable direc- Center, which offers great
Easy to use, NEW
tory at apops.mas.org, esti-
mates that just over 30 of The loveliest, in contrast, earmuffs and headphones
lighting, comfortable seats, a
cafe, restrooms, charging
hard to forget. these 530-odd spaces in New may be the soaring atrium of who nevertheless managed to outlets and free Wi-Fi. Stan
York City are indoors; most the Ford Foundation building launch a strange conversa- Getz and Dave Brubeck play
The new Leica T Camera System.
are in Midtown. on East 43rd Street. It’s a tion. I was saved by the pia- in the background. It’s al-
The arrangement strikes lush, multi-tiered jungle filled nist, a man with a charming most like hanging out in your
16.3MP APS-C CMOS Sensor me as curious. Imagine if the with exotic flowers and trees, propensity for dramatic flour- living room, if your living
3.7" LCD Touchscreen city said you could put an walking paths and a rainwa- ishes—he drowned out our room happened to include a
addition on your home, but ter pool. It’s a poor choice chatter with a gala perfor- fountain, garden walls and an
Full HD 1080p Video only if you let anyone off the for a lunch meeting—there’s mance of “As Time Goes By.” information booth.
Wi-Fi Connectivity street hang out in your liv- no seating and no eating. But Despite help from volun-
ing room. Perhaps that’s why this quiet space is great for teer attendants, the atrium
these venues often impose contemplation or, if one has
For comfort, nothing costs a lot to operate: $3 mil-
$1,628 Black strict regulations. Rules in- the day off, laughing at the beats the vast David lion a year including $20,000
clude prohibitions on swear- desk workers toiling behind to maintain the gardens. But
(Lens not included)
PRICE REFLECTS 12% INSTANT SAVINGS ing, shopping carts, bathing the atrium’s glass walls.
Rubenstein Atrium Lincoln Center President Jed
suits, “undue odors” and, at Atrium aficionados flock at Lincoln Center. Bernstein says hosting the
the Urban Garden Room, wa- to the East 50s, an area space is an advantage.
LEICA BINOCULARS ON SALE tering the plants. hosting many of the city’s Lincoln Center aims to
Some efforts feel frankly largest rec rooms, each with The cavernous Sony serve all New Yorkers, and
begrudging. Take the atrium a distinct personality. building atrium has all the the atrium—which will pro-
Willoughby’s Is The Place To Buy Your Leica at 60 Wall St., a cavernous ar- The 601 Lexington Avenue panache of an airline hanger, vide 150 free performances
chitectural mashup featuring atrium, popular with the of- but boasts free cafe seating this year—serves as a gate-
a mirrored grid ceiling, Egyp- fice crowd, has the look and for 238. The glass-tastic way, he says. Someone who
tian pillars and fake palm feel of a mall food court, lobby at nearby 590 Madi- stops by to use the free Wi-
trees. It’s often chilly and a with one notable exception: son, meanwhile, is popular Fi one day is more likely to
www.willoughbys.com little trashy. The bathroom is a live piano player. for its bamboo groves and buy “Nutcracker” tickets the
NYC’s Oldest Photographic Emporium -Established 1898 a scandal—I saw a pair of On a recent visit, I was live chirping birds. next: “It’s sticking our chest
298 Fifth Avenue, NY, NY 10001 French tourists peek in before joined at my table by a If you can’t get enough out in the city to say, ‘Come
OPEN 7 DAYS A WEEK
(corner of 5th Ave. & 31st St.) slowly backing away. stranger wearing two hats, Donald Trump, try the see what’s going on here.’ ”
212.564.1600
NYC Department of Consumer Affairs #0906861

MAYOR Senate Republicans and have

struggled to decipher what Mr.
Cuomo is planning. Sen. Liz
Krueger, a Manhattan Demo-
Continued from page A13 crat who supports the mayor,
Yet, Republicans say such a said she thought Republicans
campaign would hurt the were opposed to mayoral con-
mayor’s agenda. After the trol simply because of partisan
failed 2014 effort, many held politics and because of the

SALE
grudges. Several Senate Re- mayor’s past actions.
publicans said they would be “I think Bloomberg got a lot
unlikely to support any agenda of what he wanted for the city
MIKE GROLL/ASSOCIATED PRESS

item backed by Mr. de Blasio. of New York because he wrote

“I believe he understands them enormous campaign
the need to work well with the checks,” Ms. Krueger said. “De
Republican conference and Blasio doesn’t have an enor-
make sure he stays out of poli- mous amount of money to

Amazing savings tics,” said Martin Golden, a

Brooklyn Republican who re-
write large personal checks.”
Mr. Marcellino, who said he

on showroom beds
AVAILABLE 01 JANUARY – 16 FEBRUARY 2016
cently appeared with Mr. de
Blasio.
The mayor’s 2016 agenda
New York City Mayor Bill de Blasio last spring at the Legislative
Office Building in Albany. He has signaled a lower profile in 2016.
frequently chats with New York
City Schools Chancellor Car-
men Farina, said it wouldn’t
for Albany has familiar themes. surprise him if Mr. de Blasio
Hästens manufactures perfect sleep – by hand He wants permanent control of able housing plan. Karen Hinton, a spokeswoman campaigned against him.
in Sweden, using pure natural materials that breathe, the city’s schools after he won Mr. de Blasio also plans to for the mayor. Mr. Bloomberg cultivated
to keep you warm through the winter nights. Discover only one year of control last push for the $15 minimum Unlike in previous years, Senate Republicans by inviting
the magic of genuine Hästens sleep. year. He also seeks a guarantee wage statewide and wants to the mayor’s top political aides groups of them to Gracie Man-
for the continuance of the tax- secure money for supportive have met with dozens of state sion. Mr. de Blasio hasn’t
break program known as 421-a, housing for the homeless, legislators, including Republi- hosted the caucus there.
hastens.com which is central to his afford- which includes apartments as cans, and have promised help “Bloomberg was always
well as social services. Negoti- in city districts on legislator friendly to us, and we were
ations for a partnership with priorities. After attacking the friendly to him,” he said. “But
the state on supportive hous- governor last summer, Mr. de he didn’t get everything he
CORRECTIONS  ing fell through last year amid
rising tensions between
Blasio has tried to be more
deferential, not even mention-
wanted either.”

AMPLIFICATIONS Messrs. de Blasio and Cuomo.

On Wednesday, Mr. de Bla-
ing Albany or the Capitol in a
statement after the Nov. 30 We Want to Hear
sio is expected to make his conviction of former Assembly From You
Last June, Sotheby’s sold first trip of the year to Albany Speaker Sheldon Silver. Have something to say about
a group of 126 ceramics from for the governor’s State of the “I’m definitely more in- an article in Greater New
the collection of Marina Pi- State address. clined to work together with York? Email us, along with
casso for $19.4 million. A n “We are and have been en- the administration in Albany your contact information, at
article on Friday about gaging state legislators to now,” said Philip Goldfeder, a gnyltrs@wsj.com. Your letter
EAST 58TH 202 East 58th Street, 212.486.8022
SOHO 75 Grand Street, 212.219.8022 an upcoming auction incor- push not only the city’s Queens Democrat who said the could be published in our
FLATIRON 876 Broadway, 212.505.8022 rectly said the sale totaled agenda but also ensure legisla- administration had met with weekly Feedback column on
MADISON 1100 Madison Ave., 212.628.8022 $2.1 million. tors’ concerns and policy him and had been more re-
HastensNY@hastensstores.com Friday. Letters will be edited
needs are heard. It’s a two- sponsive. for brevity and clarity. Please
Readers can alert The Wall Street way street, and we want to The mayor’s aides and ad-
Journal to any errors in news articles include your city and state.
by emailing wsjcontact@wsj.com or build a partnership with them visers say they expect little
by calling 888-410-2667. to serve all New Yorkers,” said help from Mr. Cuomo or the
 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.
Brooklyn to Lose Your Ship May Have Come In
Sweetener Plant
BY CORINNE RAMEY
After more than 70 years in
Brooklyn, the maker of sugar-
substitute Sweet’N Low said
Friday it will cease local man-
ufacturing and packing opera-
tions over the next year,
meaning that some 300 people
will lose their jobs.
Cumberland Packing Corp,
which also produces Sugar in
the Raw, among other prod-
ucts, will maintain its head-
quarters in the Brooklyn
neighborhood of Fort Greene,
said president and chief execu-
tive Steven Eisenstadt.
The family-run company
owns about 179,000 square
feet just outside the Brooklyn
Navy Yard and leases 242,000
square feet within it. The com-
pany declined to give the loca-
tions of the contract facilities
where its products will be pro-
duced, though it said they are
in the U.S.
The company’s Brooklyn
operation had long remained
less automated than competi-
tors and had become noncom-
petitive, said Mr. Eisenstadt.
The company had been in
the midst of union negotia-
tions since September, said
Louis Mark Carotenuto, presi-
dent of United Food and Com-
mercial Workers Local 2013,
which represents the workers.
After collective-bargaining
negotiations broke down in
the fall, both sides consented
to a federal mediator, who be-
gan working with the parties
in December.
“At no point did they bring
up any issues around competi-
tive pressure that would force
them out of Brooklyn,” said
Mr. Carotenuto.
The company declined to
comment on the talks and said
it hoped to help find the
workers new jobs.
Manufacturing jobs have
decreased in the city, to 75,654
in 2014 from 113,384 in 2005,
according to the state Depart-
ment of Labor.
Food manufacturing jobs,
however, have seen an uptick,
from 13,929 in 2005 to 16,368
in 2014.
The administration of
Mayor Bill de Blasio has
worked to boost manufactur-
ing, including through invest-
ing in industrial facilities and
changing zoning regulations.
“We are glad that even as
their industry changes, Cum-
berland is keeping its head of-
fice with all its jobs right here
in New York City,” said Wiley
Norvell, a spokesman for the
mayor.
In 1940, Benjamin Eisen-
stadt bought a building near
the Brooklyn Navy Yard called
the Cumberland Cafeteria,
where he and his wife Betty
served lunch to Navy Yard
workers.
In 1945, after World War II,
CORINNE RAMEY/THE WALL STREET JOURNAL
A sheet of Sweet'N Low packaging at the Cumberland Packing
Corp’s facility near the Brooklyn Navy Yard.
Hospital Oxygen Line Hit
BY THOMAS MACMILLAN
AND PERVAIZ SHALLWANI
Patients had to be diverted
from a Midtown Manhattan
hospital Friday morning after
a 31-year-old man jumped
from a nearby building and hit
a pressurized line that sends
oxygen to the hospital, author-
ities said.
Employees at Mount Sinai
West Hospital on Tenth Ave-
nue and West 59th Street di-
verted incoming patients to
other hospitals and moved
those admitted and in need of
oxygen to other parts of the
building, a law-enforcement
official said.
Only the hospital’s backup
oxygen supply was affected,
* * * * * *
Made in the City
As overall manufacturing jobs in
New York City have declined,
food-manufacturing employment
has edged up.
120 thousand
100
80
Manufacturing
60
40
20
0 Food manufacturing
2005 ’07 ’09 ’11
*Preliminary
Source: NY State Department of Labor
THE WALL STREET JOURNAL.
the Eisenstadts used the space
as a tea-bag factory.
One Sunday at local restau-
rant, Betty Eisenstadt saw a
sugar bowl with a hovering fly
and a communal spoon, said
Marvin Eisenstadt, Benjamin’s
son.
“[My mother] said to my
father, ‘This is so unsanitary,’”
said Marvin Eisenstadt, 82
years old. “He said, ‘Eureka,
let’s put sugar in a tea bag.’”
Benjamin and Marvin then
developed Sweet’N Low, which
is made with saccharin.
The name Sweet’N Low
came from an Alfred, Lord
Tennyson poem and the treble
clef on its pink packaging is a
reference to a musical of the
same name.
After many successful de-
cades, the company in more
recent years has faced increas-
ing competition as American
tastes have shifted toward
more natural sweeteners.
During the yearlong period
ending Nov. 29, 2015, Sweet’N
Low’s U.S. retail sales totaled
$61.6 million, far behind
Splenda, at $206.8 million,
and both Truvia and private-
label sugar substitutes, ac-
cording to IRI, a Chicago-
based market-research firm.
Cumberland’s total U.S. retail
sales of sugar substitutes dur-
ing that period were $120.1
million, IRI said.
In the densely sweet air of
one of the company’s Brooklyn
sites Thursday, Sweet’N Low
poured through tubes extend-
ing down from the ceiling.
Reams of pink paper snaked
through decades-old machines
that stamped out neat, pink
packets, which workers placed
by hand in boxes.
Steven Eisenstadt, 42, sat
in a conference room where
art created from sugar-substi-
tute packets adorned the wall.
He said he was thinking about
what he would tell his work-
ers, some of whom had known
him as a child. “This is most
difficult decision I’ve ever had
to make,” he said.
said a person familiar with the
matter, and the diversion of
patients was precautionary.
A line from the hospital’s
oxygen tank to a vaporizer had
been damaged, said Amy Ficon,
a spokeswoman for the Linde
Group, which supplies oxygen
to the hospital. But, she said,
the oxygen supply to the hospi-
tal was never interrupted.
Within hours, the hospital
had secured a portable oxygen
system from a vendor in Penn-
sylvania and repair crews, who
had been provided a police es-
cort into the city from New
Jersey, were on site working
to fix the problem, the law-en-
forcement official said.
Sid Dinsay, spokesman for
Mount Sinai West, said the di-
CITY NEWS
’13 ’14*
A VESSEL AS BIG AS A HOUSE: Dreaming of taking to the high seas, or maybe the local pond? The New York Boat Show, featuring
vessels ranging from yachts to kayaks, runs through Sunday at the Jacob K. Javits Convention Center on Manhattan’s Far West Side.
City Settles Wrongful Conviction Case
BY REBECCA DAVIS O’BRIEN
New York City will pay
$3.75 million to a man who
spent nearly 17 years in prison
before his murder conviction
was overturned, the city comp-
troller’s office said Friday.
Roger Logan, now 54 years
old, was arrested in 1997 and
convicted in 1999 for the
shooting death of Sherwin
Gibbons in Brooklyn’s Bedford-
Stuyvesant neighborhood. He
was sentenced to 25 years to
life in prison.
In 2014, Mr. Logan was ex-
onerated and released after a
review by the Brooklyn dis-
trict attorney’s office found
that testimony in the trial had
been false and that evidence
had been unlawfully withheld.
That year, Mr. Logan filed a
notice of claim with the city
seeking $150 million, records
Greater
New York
Watch
NEW JERSEY
Governor Supports NEW YORK CITY
Sweeney Casino Plan Fire Deaths Dropped
With New Jersey’s two top
lawmakers at an impasse over In 2015, FDNY Says
proposals to legalize casinos in
the northern part of the state,
Gov. Chris Christie said Friday he
is in favor of legislation ad-
vanced by state Senate Presi-
dent Steve Sweeney.
Mr. Sweeney, a Democrat,
held a news conference Friday
calling for the Assembly to pass
his version of the gambling bill,
which would allow two casinos
in northern New Jersey but re-
serve the licenses for vendors
already operating in Atlantic City.
His counterpart in the As-
sembly, Vincent Prieto, also a
Democrat, responded by saying
that his bill, which reserves only
version of patients from the
emergency room ended by 6
a.m. “There was no adverse
impact to other hospital oper-
ations or patient care; the hos-
pital’s oxygen supply system
remains fully functional,” he
said.
Police said the man, who
lived at 1 Columbus Place,
jumped from a window on the
31st floor of the building,
which is adjacent to the hospi-
tal. He was found lying face-
down in an enclosed area on
West 59th Street where the
oxygen equipment is kept. He
was pronounced dead at the
scene, police said.
Building managers at 1 Co-
lumbus Place didn’t respond to
calls for comment.
show. Mr. Logan’s case is the
latest to be settled by the of-
fice of Comptroller Scott
Stringer, the city’s chief finan-
cial officer, who has sought to
resolve such claims before
they go to court.
‘The whole case was
a horror show for
him and his family,’
said his attorney.
Mr. Stringer’s office has
settled eight pre-litigation
claims for wrongful death or
conviction—for a total of
$41.55 million—since 2014.
“While it is impossible to
put a price on the time Mr. Lo-
gan spent in prison, this set-
tlement reflects the city’s and
Mr. Logan’s desire to bring
one of the two licenses for At-
lantic City operators, was the
better choice.
Mr. Christie said it appears
Mr. Prieto’s bill doesn’t have suf-
ficient support in the Assembly.
The governor urged both
chambers to approve Mr.
Sweeney’s version of the bill be-
fore the current legislative ses-
sion ends early next week.
—Kate King
New York City had 17% fewer
fire deaths in 2015 than a year
earlier. The death count was the
lowest since the city began
keeping records of fire-related
deaths in 1916.
Mayor Bill de Blasio and Fire
Commissioner Daniel Nigro an-
nounced Friday that the city had
59 fire deaths in 2015, compared
with 71 in 2014.
The worst fire in 2015 was
on March 21 when seven chil-
dren from the same family died
in a house fire in Brooklyn.
The fewest number of fire
deaths occurred in 2012, when
58 people died.
A section of the sidewalk on West 59th Street was cordoned off after a man jumped to his death.
Saturday/Sunday, January 9 - 10, 2016 | A15
this matter to a close,” Mr.
Stringer said in a statement.
Last year, Mr. Logan settled
a separate claim against New
York state for $2.975 million,
his lawyer, Harold C. Baker,
said.
“The whole case was a hor-
ror show for him and his fam-
ily,” Mr. Baker said, adding
that he was happy with the re-
sult of the negotiations with
the city. Mr. Logan was “abso-
lutely ecstatic” to hear of the
settlement, Mr. Baker said.
Mr. Logan’s wife still has an
outstanding notice of claim
against the city seeking $100
million in connection with her
husband’s conviction and in-
carceration, Mr. Baker said.
In his pre-litigation filing
against the city, Mr. Logan
said he was threatened by de-
tectives who forced him to
sign a statement and later
The Fire Department of New
York also set a new record in
2015 for the most emergency
responses—1.7 million. That is up
6.4% from 2014.
The city has now recorded 10
consecutive years with fewer
than 100 fire-related deaths an-
nually.
—Associated Press
CONNECTICUT
Yale Frat Settles Suit Subway to Get Wi-Fi,
Over Tailgate Crash Cellphone Service
A Yale University fraternity
and more than 80 of its mem-
bers have settled lawsuits over
a fatal rental truck accident out-
side the popular Yale-Harvard
football game in 2011, bringing
an end to all litigation in the
case, a lawyer said Friday.
A U-Haul truck carrying beer
kegs heading to the Sigma Phi
Epsilon tailgating area outside
the Yale Bowl fatally struck 30-
year-old Nancy Barry and injured
two other women. Brendan
Ross, a Yale student and frater-
nity member who was driving
the truck, was allowed into a
probation program that erased
criminal charges against him.
Terms of all the settlements
WANG LEI/ZUMA PRESS
framed him for the murder.
While in prison in 2013, Mr.
Logan, wrote to the Brooklyn
district attorney’s office ask-
ing that his case be reviewed.
Mr. Logan’s conviction was
one of more than 70 cases that
Brooklyn prosecutors flagged
for review that involved for-
mer New York Police Depart-
ment Detective Louis Scarcella.
Mr. Scarcella has been ac-
cused by inmates and their
lawyers of coercing confes-
sions through threats and ob-
taining witness statements
that were later discredited.
Mr. Scarcella, who has retired,
has previously denied wrong-
doing and hasn’t been charged
with any crimes.
Since Kenneth Thompson
became Brooklyn district at-
torney in 2014, his office’s
conviction review unit has
overturned 17 convictions.
were confidential, and none of
the defendants admitted any
wrongdoing, an attorney repre-
senting Ms. Barry’s family said.
A lawyer for the fraternity
didn’t immediately return a mes-
sage seeking comment Friday.
A Yale spokesman had no im-
mediate comment.
—Associated Press
NEW YORK CITY
City subway riders will soon
have access to Wi-Fi and cell-
phone service as part of a plan
to upgrade an aging transit sys-
tem that serves 9 million people
daily.
Gov. Andrew Cuomo detailed
the improvements Friday. The
five-year, $29 billion plan in-
cludes subway station count-
down clocks, improved signal
technology and replacement sub-
way cars. Thirty stations will be
completely overhauled.
In addition, the Metropolitan
Transportation Authority plans
to buy new transit buses, ex-
pand service and complete
bridge and tunnel repairs.
—Associated Press
KEVIN HAGEN FOR THE WALL STREET JOURNAL
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A16 | Saturday/Sunday, January 9 - 10, 2016 * ***** THE WALL STREET JOURNAL.

OPEN HOUSE SATURDAY

IF YOU’RE
BROWSING FOR
A HOME...

BROWN HARRIS STEVENS

$2 million
STEVE REMICH FOR THE WALL STREET JOURNAL (3)

328 Bergen St. #5A

This is a three-bedroom,
two-bathroom duplex
condominium in a postwar
elevator building, with
private rooftop deck and
basement storage

Year Built: 2004

Square Footage: 1,730
Property Plus: The kitchen
has been newly renovated
with top-line finishes. The

The Happening Boerum Hill

apartment receives plenty of
light throughout.
Property Minus: The third
bedroom doesn’t have a
closet.
Listing Date: Jan. 5
A little-noticed Brooklyn neighborhood is getting a second look for its new homes and quaint shops Listing Agent: Lee Solomon
of Brown Harris Stevens
Long in the shadow of Car- since 1985. “You’d say Boerum Open House: Sunday, 11:30
roll Gardens and Cobble Hill, Hill and no one knew where a.m. to 1:30 p.m.
Brooklyn’s Boerum Hill neigh- that was. That has certainly
borhood is getting noticed changed.”
these days for its new homes At the heart of Boerum Hill
and re-energized commercial are neat tracts of 19th-century
strips. row houses, ranging in style
But, residents say Boerum from Greek Revival to Italian-
Hill, only about seven blocks ate to Queen Anne. But it also
long and eight blocks wide, is home to state offices, the
isn’t barreling toward gentrifi- Kings County Criminal Court
cation. and the Brooklyn House of De-
“That presumes nobody was tention.
there when you got there,” said “The whole street used to
resident Peter be institutions—where I would

ANDREW KIRACOFE
OPEN HOUSE McGuire, who go to get my license re-
LANA owns the bro- newed—all state offices and
BORTOLOT kerage firm parking lots…it was a down-
Smith Hanten town street,” said Jay Moli-
Properties. shever, a Carroll Gardens resi-
“The neighborhood was great dent since 1999 who is an
before…” agent for the real-estate firm $4 million
Though surrounded by the Citi Habitats. “If you talk to 227 Bergen St.
Brooklyn Academy of Music, some of the real old-timers, This is a two-family
Barclays Center and Brooklyn they talk about Boerum Hill as brownstone townhouse that
Bridge Park, Boerum Hill hid being pretty gritty, and the has an upper-level triplex
in plain sight until a few bold- grittiness is certainly gone.” and a garden apartment. It
face names—notably Michelle State Street drew attention could be converted into a
Williams and the late Heath for the 2013 conversion of a single-family home.
Ledger, and Ethan Hawke— blighted block to 23 new
moved in. A short time later, townhouses. The block is now Year Built: 1868
an upscale grocer and Mi- flanked by State + Bond, a de- Top, the restaurant and bar 61 Local was a former carriage house. Square Footage: 3,200
chelin-starred restaurant velopment of five townhouses Boutiques on Atlantic Avenue, above. A sampling of the artisanal Lot Size: 2,000 square feet;
opened on Schermerhorn expected to be ready by sum- foods at Brooklyn Fare, a supermarket with a gourmet focus, right. backyard is 800 square feet
Street, the dividing line be- mer, and the Boerum, a 20- Property Plus: The parlor
tween Boerum Hill and Down- story hotel/condominium expected,” said Mick Walsdorf, a really nice energy come to floor level has an outside
town Brooklyn. tower. The 128 units, ranging managing partner of Flank, this street,” she said. “There’s deck. There is a renovated
“We’ve had our share of ce- from one to five bedrooms, the firm developing the tower enough here now for people to recreation room in the
lebrity residents and that has, are slated for occupancy later with the Carlyle Group. Four make this a destination.” basement.
in some sense, put us on the this year. units are still on the market. Transportation: Boerum Property Minus: If kept as
map,” said Howard Kolins, Sales of the Boerum’s con- On the other side of the Hill is served by subway sta- two units, the backyard is
president of the Boerum Hill dos began in early 2015 and neighborhood, 465 Pacific will tions at Hoyt-Schermerhorn shared.
Association and a resident “went a little bit faster than bring 30 one- to five-bedroom (A, C, G), Nevins Street (2, 3, Listing Date: Nov. 24, 2015
condominiums to the market. 4, 5), Bergen Street (F, G) and Listing Agent: James Kerby
Much of the commercial en- Atlantic Avenue-Barclays Cen- of Douglas Elliman
ergy is emanating from Atlan- ter (2, 3, 4, 5, D, N, R). The Open House: Sunday, by
tic Avenue and Smith and Long Island Rail Road’s Atlan- appointment, from 5 to 6:30
Court streets. Smith Street be- tic Terminal serves Far Rock- p.m.
came a restaurant row in the away and Hempstead.
1990s with more shops mov- Shopping: On Atlantic Ave-
ing in over the years, said Mr. nue, mainstays include Horse- Brooklyn Frontiers High
McGuire, who recalls when the man Antiques, City Foundry School and H.S. 519 Cobble
street was pocked with closed and Sahadi’s, a Middle-Eastern Hill School of American Stud-
storefronts. grocery store. On Smith Street, ies. Tuition-based schools for
HALSTEAD PROPERTY DEVELOPMENT MARKETING

Now, with the new residen-
tial buildings, “…Smith Street
is going from version 3.0 to
version 4.0, which is good,” he
©2015 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.
the 55-year-old Paisano’s pre-K through eight grade in-
Butcher Shop specializes in ar- clude A. Fantis Parochial
tisanal meats and poultry as School and Brooklyn Heights
well as Italian groceries. Es- Montessori School on Court

said. tablished in 1981, BookCourt, Street. In Brooklyn Heights,

Atlantic Avenue, once a
bustling antiques district, is
now lined with shops special-
izing in home décor, children’s
clothes and toys, specialty
clothing boutiques and salons
for people and pets alike.
“You have a lot of very
eclectic boutiques and a mix
on Court Street, hosts readings private options include the
of local authors. Packer Collegiate Institute and
Schools: P.S. 38 the Pacific St. Ann’s School, both pre-
School and P.S. 261 Philip Liv- school through 12th grade.
ingston School offer prekin- Brooklyn Friends in downtown
dergarten though fifth grade. Brooklyn is preschool through
High schools nearby include 12th grade.
$4.9 million
DOWNTOWN
St .

of small, medium and large in B R O O K LY N

75 Bond Street TH75
2
t
Cour

the neighborhood,” said St a t 3 This is a four-bedroom,

e St
.
S ch
erm 4
Tammy Ben-Eliezer-Baxter, ex- Atla
ntic erh 5 three-bathroom maisonette
ecutive director of the Atlantic Ave orn condominium in a new
Pac St .
St .

ific .
Avenue Local Development St . building with a roof deck, a
ith

Dea
Sm

n St
t St

Corp. Even with larger busi- . A rear garden and dedicated

B er C
Hoy

nesses coming in, Ms. Ben- gen F G parking space.

St .
Eliezer-Baxter said, “It still
Wy
c ko G
ff S BOERUM HILL
St .

has that mom-and-pop feel…it Wa

t. B Year Built: Under
ins

r re n Boerum Hill
N ev

depends on which block you’re St . Q construction

.
Ave

Histo ric Dist ri c t

going to.” Square Footage: 4,151
3 rd

.
Ave

Mary Jo Pile is a co-owner CARROLL Property Plus: This triplex

California Closets creates custom storage
4th

of Collier West, a home décor GARDENS unit has floor-to-ceiling

solutions for every room in your home. shop that opened on Atlantic windows throughout, two
Avenue four years ago, a time, gas fireplaces and a flexible
Visit our showroom or call today to arrange your
she said, when the street was ground-floor space with a
complimentary in-home design consultation. turning over because of high bathroom and an entrance.
rents. Property Minus: The project
U PPE R EAST SI DE212.517.7877 Lately, Ms. Pile said, “We’ve Boerum Hill GOWANUS R PARK is under construction with an
seen a lot of really great SLOPE expected move-in date of
TR I B ECA & B ROOKLYN 646.486.3905 N
things happening and a lot of B RO O K LY N D
summer 2016.
NASSAU & QU E E NS 516.334.0077 great stores, boutiques and sa- Listing Date: Sept. 8, 2015
WESTCH ESTE R & H U DSON VALLEY 914.592.1001 lons come into the neighbor- Listing Agent: Tamara Abir
hood, which has really helped. of the Aguayo Team at
californiaclosets.com “We’ve seen dramatic in- 500 feet Halstead Property
THE WALL STREET JOURNAL.
creases in not only traffic but Open House: Not applicable
 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, January 9 - 10, 2016 | A17

HEARD & SCENE

Sounds of Summer at Lincoln Center

RICHARD TERMINE

IAN LONDIN (2)

Louis Langrée with the Cincinnati Symphony Orchestra before receiving the Chevalier dans l’Ordre National de la Légion from Alain Coblence, right. Antoine, Louis, Aimee and Celeste Langrée, above right.

BY PIA CATTON pointed to his new post in
2012, after a career that has
Conductor Louis Langrée led him to some of world’s
is like a migratory bird of top classical music institu-
New York summer: In July, tions.
he lands at Lincoln Center to A native of Alsace,
lead the Mostly Mozart Fes- France, Mr. Langrée has con-
tival Orchestra. By the end ducted at the Berlin Philhar-
of August, he’s gone—until monic, the London Sym-
next year. phony Orchestra and NHK
On Wednesday, though, he Symphony in Tokyo, as well
reappeared in a rare winter as at high-profile European
sighting at the newly re- festivals such as BBC Proms
named David Geffen Hall to and Glyndebourne Festival
show off a new orchestra Opera. From 1998 to 2003,
and receive a major award, he was music director of
France’s Chevalier dans l’Or- Glyndebourne’s touring op-
dre National de la Légion era company.
d’Honneur. In New York, he has led a
As music director of the steady stream of perfor-
Cincinnati Symphony Or- mances at the Metropolitan
chestra, Mr. Langrée brought Opera House, including “La
his Ohio players to New York Bohème” and “Don Gio-
at the invitation of Lincoln vanni.” But he is best known
Center’s venerable Great here for polishing the sound
Performers series, now in its of the Mostly Mozart or-
50th season. The milestone chestra.
appearance was the orches- Violinist Laura Frautschi,
tra’s first visit to Lincoln who has played with Mostly
Center since the late 1960s. Mozart for about 10 years,
Mr. Langrée was ap- said he has done this by cre-
ating a summer gig that for
the musicians is both a “lov-
ing atmosphere” and no pic-
nic.
“There is no sense of ly-
ing back,” she said on
Wednesday. “He feels so
deeply and passionately. He
expects that, demands it and
’It’s good to receive
[the award] here in
this artistic hive.
It’s important
because I am with
all my families.’
he makes everybody willing
to give that.”
During Mostly Mozart
concerts, Mr. Langrée often
wears a loosefitting conduc-
tor’s smock with a Nehru-
style collar, a contemporary
look he has custom-made for
summer in the city. But at
Wednesday’s all-Tchaikovsky
program, he took to the
stage in full-dress tails. cracker.” musicians, a few countrymen
It was an unusually for- The importance of his ex- and Mr. Langrée’s wife and
mal sight for those accus- pertise was not lost on Cin- two teenage children, the
tomed to his casual togs, but cinnati’s leaders. conductor received France’s
then there was his familiar “This is where you make highest decoration.
grin, signaling a mix of joy your image,” said the or- Traditionally, the award is
and preconcert concentra- chestra’s board chairman bestowed by someone who
tion. By the finale, the inten- Jim Schwab, who has helped has already earned the rec-
sity morphed into his brand guide a long-range plan to ognition. On Wednesday,
of manic pride, as he stabilize the orchestra finan- that was lawyer and arts
wedged himself through mu- cially and raise its profile. philanthropist Alain
sic stands to praise players The effort appears to be Coblence, who founded the
and orchestra sections. working: Cincinnati’s orches- European Mozart Founda-
After the concert, Mr. tra, founded in 1895 and as tion in 1991 to encourage the
Langrée said he had stressed an example of America’s arts and reconciliation in
in rehearsal that the orches- civic commitment to classi- Central Europe.
tra would have to control its cal music, has had a bal- Receiving the award, Mr.
sound judiciously to adjust anced budget since 2009, ac- Langrée said he was grateful
to the acoustics and smaller cording to a spokesman. to be surrounded by his New
size of David Geffen Hall as In May, the orchestra an- York and Cincinnati artistic
compared with Cincinnati’s nounced its $20 million en- cohorts.
Music Hall. dowment campaign ex- “It’s good to receive it
With nearly 4,000 seats ceeded the goal by $5 here in this artistic hive. It’s
at home, “you really need to million. And in the past six important because I am with
dig in,” he said. But at the seasons, average attendance all my families,” he said, giv-
Lincoln Center venue, he at concerts increased by ing special recognition to his
wanted to bring “everybody 28%. summer friends. “For all the
onto the same vibe” before In a post-concert recep- musicians from Mostly Mo-
unleashing the full waves of tion attended by Cincinnati zart who are here, thank you
sound in their encore, a boosters and orchestra so much for being part of
waltz from “The Nut- members, Mostly Mozart my life.”

ARTS & ENTERTAINMENT

PROFILE
tending one of our sports
programs,” Ms. Lubov said,
while also tapping into ranks
of moneyed donors “who
Continued from page A13 care about addressing ineq-
she said on a chilly morning uity in New York.”
at the Highline Ballroom, Fundraising will be key for
where the first two indoor the organization’s next big
shows will be held. “You step: renovating the 16-year-
can’t do that when it’s 5 de- old stage at Rumsey Play-
grees out. So this is the next- field. Improving the space,
best option.” which accommodates about
Billed as a preview of 5,500 on bleachers and a
JACK VARTOOGIAN/GETTY IMAGES (2)

SummerStage’s 2016 season, stretch of tatty synthetic

the series is expected to run grass, will cost about $5 mil-
each month through May. lion to $10 million, she said.
It kicks off Wednesday Ms. Lubov wants to pull
with a concert headlined by the seating closer to the
Monsieur Periné, a Colom- Sunni Colon performs onstage stage and move concessions
bian band that plays Latin- at Central Park SummerStage to the venue’s outer edges,
inflected gypsy jazz and won in June 2015, left. Beck, above, letting people focus on the
a 2015 Latin Grammy for headlines a benefit in 2014. performances.
best new artist. Next month Also needed: backstage
features Revive Big Band, a reggae band Toots and the ence at one of New York’s ward arts programming. porate sector, while $1 mil- improvements, such as show-
multigenerational jazz en- Maytals in 1989. great community-minded in- Ms. Lubov’s zest for the lion comes from foundations ers for the talent, and an up-
semble led by trumpeter and Ms. Lubov spent 14 years stitutions and at a scrappier group’s mission is evident, and $1.6 million from govern- grade of the stage and audio-
composer Igmar Thomas. at the New York Public Li- cultural startup was a good said Tupper Thomas, execu- ment sources. visual and lighting gear to
The shows won’t be free. brary and served as its vice fit for City Parks Foundation, tive director of New Yorkers Ms. Lubov said such sup- accommodate today’s more
But City Parks Foundation, president for development. said David Moore, the organ- for Parks. “She gets around port needs to be augmented elaborate productions.
co-presenting the perfor- In 2008, she joined the lead- ization’s chairman. to a lot of places.” with more donors who be- Such changes are crucial
mances with Blue Note En- ership at the Park Avenue Created in 1989 to handle Mitchell Silver, the city’s lieve in free public program- to helping book top acts.
tertainment Group, is work- Armory, a young institution private donations for im- commissioner of parks and ming in city parks. SummerStage almost didn’t
ing to keep prices low, Ms. then still developing its mis- provements at New York’s recreation, called Ms. Lubov The goal, said Mr. Moore, land Beck, for instance, said
Lubov said, around $15 or so. sion and programming. green spaces, the group be- “a breath of fresh air,” prais- is to boost fundraising by Ms. Lubov, because of ques-
While this is her first time As chief development offi- gan offering programs in the ing her push to expand audi- 20% to 40%—a big ask for a tions about the venue’s abil-
heading an organization, Ms. cer and vice president for 1990s and took over manage- ences. social-service entity, he said, ity to handle the size of his
Lubov has more than two de- planning, she led a team that ment of SummerStage in In the coming months, Ms. because “our clients are not production.
cades of nonprofit experi- grew the Armory’s income by 1994. Now with 60 full-time Lubov wants to increase the donors.” “We want someone to
ence, plus a master’s degree 250%. She also worked with employees, 415 part-time number of individual donors “It’s a combination of come and perform for free in
in public administration from the board to launch an an- staff and a $15 million en- to the organization. Of the looking for people like me, the middle of Central Park,”
New York University. nual gala and line up the Ar- dowment, the organization $6.8 million the group is cur- who grew up in New York she said. “To make that hap-
She is also a SummerStage mory’s first season sponsors. allots nearly half of its $12.4 rently raising this year, $2.1 and benefited from Summer- pen, we need to be as com-
veteran—her first show was Her combination of experi- million operating budget to- million comes from the cor- Stage, or benefited from at- petitive as we can.”

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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
A18 | Saturday/Sunday, January 9 - 10, 2016
Rangers Look to Avoid Capital Punishment
The red hot Washington
Capitals have decidedly
surpassed New York since
December drubbing
BY ALEX RASKIN
GREENBURGH, N.Y.—Ahead of Sat-
urday’s matinee with the visiting,
Metropolitan Division-leading Wash-
ington Capitals, the Rangers sounded
as if they were up against one of the
legendary Soviet Union teams or the
1977 Montreal Canadiens.
“Skill, size, speed, great transition
game and probably the hottest goal-
tender in the league right now,”
Rangers head coach Alain Vigneault
said Friday, after watching footage of
the Capitals’ 4-1 win over the sec-
ond-place Islanders in Brooklyn on
Thursday night.
Back in November, when the Rang-
ers were wrapping up a nine-game
winning streak and sitting peacefully
atop the division, they were being
discussed in the same terms.
Now the Rangers are in third
place, having gone 5-8-2 since the
beginning of December, including a
7-3 collapse against Washington on
Dec. 20 in which goaltender Henrik
Lundqvist was replaced after giving
up five goals on 24 shots.
“Rangers have lost a little bit of
their identity in terms of their fast-
paced offensive attack,” said NHL on
NBC Sports analyst Pierre McGuire.
“They don’t seem as comfortable or
as confident.”
December was filled with obsta-
cles for the Rangers, including a rib
injury that cost center Derek Stepan
10 games. He has since returned, but
until Tuesday’s 6-2 drubbing of the
Western Conference-leading Dallas
Stars, the Rangers have not looked
like the team that took the top seed
in the Eastern Conference Playoffs
last season.
The Capitals, meanwhile, have
won 11 of their last 13, while pushing
their total to a league-high 63 points.
“They’re just an amazing jugger-
Garden Welcomes the
Biggest College Stars
—Also the Shortest
BY ANDREW BEATON
After the Rangers and Capitals
clear the ice on Saturday afternoon,
the star players in the next game
may look smaller. There’s a reason
for this. They’re actually shorter.
No. 5 Harvard and No. 2 Quinnip-
iac, who play Saturday night at Mad-
ison Square Garden in the Garden’s
annual “Rivalry on Ice” game, both
feature undersized forwards who are
turning heads as some of the most
productive players in college hockey.
Both are leading offenses that aver-
age nearly four goals per game and
are part of the larger trend within
the game that favors speed and skill
over size and strength.
“I think you’re seeing more smaller
guys doing well,” 5-foot-8 Quinnipiac
forward Sam Anas said. “It’s more of
a fun game to watch now with more
goals, more speed out there.”
Quinnipiac’s front line stars Tra-
vis St. Denis, 5 foot 7, and Anas, who
rank first and second on the team in
points and in the top 15 in the entire
country. Anas weighed just 130
pounds as a senior in high school,
when the Bobcats were one of the
Was Fitzpatrick Too Good
To Be True in 2015? Probably
The Jets first priority this offsea-
son is determining whether quarter-
back Ryan Fitzpatrick, a free agent, is
for real.
Take a Number
Expected to be a backup when ac-
quired last offseason, Fitzpatrick rose
to prominence unexpectedly in 2015
at age 33, because of his ability to
find an open target in the end zone.
He set a team record for touchdown
passes (31) and helped the Jets be-
come the only team in football to
score at least two offensive touch-
downs in every game.
But it’s not just Fitzpatrick’s age
and journeyman reputation that
cause many to doubt the sustainabil-
ity of this new-found efficiency in
producing points. His touchdown rate
was not accompanied by overall pass-
naut,” McGuire said. “This is a really
high-end offensive team, but they
have tremendous grit and grinding
factors that really matter when it
comes to playing tough games. That’s
one of the reasons why I think they
have staying power.”
The Rangers’ grit went unques-
only teams recruiting him.
“He looks like he’s in seventh
grade,” Rand Pecknold, Quinnipiac’s
coach, recalled saying to an assistant
coach after first meeting with Anas.
Harvard’s leading scorer, mean-
while, is a regular giant compared to
Quinnipiac’s front line. At 5 foot 9,
Kyle Criscuolo leads the team with 11
goals. But their small statures aren’t
a result of college hockey players be-
ing generally smaller. St. Denis and
Anas are the two shortest Bobcats,
and Criscuolo is the smallest member
of the Crimson.
Criscuolo, who comes from
nearby Southampton, N.J., says he
tries to model his game after similar
players, like Montreal Canadiens
right wing Brendan Gallagher, who is
5 foot 9, or retired great Theo Fl-
eury, who thrived as one of the
game’s smallest players at 5 foot 6.
“[Criscuolo is] going to get
knocked on his butt a few times by
bigger guys, but he keeps coming,”
Harvard coach Ted Donato. “He goes
to the tougher areas of the ice even
if he knows he’s going to have to pay
a price for that.”
Criscuolo and Anas both said they
ing efficiency. In fact, Fitzpatrick
ranked ninth best in touchdown
pass rate (5.5% of attempts) but
just 27th in average gain on all of
his 532 passes—the best statis-
tic for measuring a quarterback’s
overall effectiveness.
This type of discrepancy is
unusual. Since 2000, there have
been 10 other quarterbacks
who had similar variance (how
well they moved the ball vs.
how well they threw touch-
downs) and played enough the fol-
lowing season to statistically qualify.
Another, Derek Carr, achieved the feat
like Fitzpatrick in 2015. Looking at
these 10 passers, nearly all of them
dropped substantially the next year in
touchdown efficiency, while, on aver-
age, their yards per pass remained al-
most exactly the same. This suggests
that TD% by focusing on such a small
number of attempts is more volatile
SPORTS
Henrik Lundqvist gave up five goals on 24 shots in a 7-3 collapse
the last time the Rangers and Capitals met in December.
tioned when they boasted one of the
league’s top offenses and defenses.
Now, though, Vigneault is reminding
reporters of his first two seasons in
New York, one of which ended with
an Eastern Conference title.
“Wouldn’t you say we’re ahead of
where we were our first two sea-
Harvard’s Kyle Criscuolo. left, and Quinnipiac’s Sam Anas are among the smallest players in college hockey.
hope to play in the NHL even though
they went undrafted out of high
school, and Anas has been invited to
and participated in several NHL de-
velopment camps. Several current
Harvard and Quinnipiac players, all
taller, were drafted out of high
school. But the good news for smaller
players is that the NHL is trending in
a favorable direction for them.
The most obvious comparison is a
player who will be on ice earlier that
day: 5-foot-7 Rangers left wing Mats
Zuccarello. Nicknamed “The Norwe-
and random than overall passing ef-
fectiveness.
Another Jets quarterback, Mark
Sanchez in 2012, had the same yards
per pass attempt (6.4) as in 2011 but
BRUCE BENNETT/GETTY IMAGES (LUNDQVIST); GIL TALBOT (HARVARD);; RICHARD T GAGNON/GETTY IMAGES (QUINNIPIAC); TAN: BRETT CARLSEN/GETTY IMAGES
* *****
sons?” Vigneault asked reporters af-
ter Friday’s practice. “I remember
our first year, it took us awhile to get
going… Our game is getting better
and it is making strides in the right
direction and I’m confident that the
results will be there.”
To be fair, the Rangers have been
gian Hobbit,” Zuccarello’s grit and
goal-scoring prowess has made him a
fan favorite in Garden.
Mark Messier, the Hall of Fame
player who spent 10 seasons with
the Rangers, said rule changes, such
as the removal of the two-line pass
rule and stricter enforcement of
hooking and holding penalties, favor
skill over strength. Messier is the of-
ficial ambassador for the “Rivalry on
Ice” event and his nephew, Luke Es-
posito, is a junior on Harvard’s team.
“Those are the rules that really
Dropoff Looming
Here are the qualified quarterbacks since 2000 with this biggest discrepancy in touchdown
efficiency (% of passes for TD) and overall efficiency (yards per pass attempt) and how those
quarterbacks performed the following season:
QB/TEAM/YEARS YEAR 1: TD% (RANK) YEAR 1: YPA YEAR 2: TD% YEAR 2: YPA
Brian Griese Den, 2001-02
Christian Ponder Min, 2011-12
Mark Sanchez NYJ, 2011-12
Jay Cutler Chi, 2014-15
Derek Carr Oak, 2015-
Ryan Fitzpatrick NYJ, 2015-
Eli Manning NYG, 2006-07
Donovan McNabb PHI, 2001-02
Tom Brady NE, 2002-03
Brett Favre GB, 2002-03
Matt Cassel KC, 2010-11
Tom Brady NE, 2014-15
AVG:
Source: Stats, LLC
saw his rate of throwing touchdowns
nearly halved the following year.
That’s not to say that Fitzpatrick
should be expected to collapse next
season like Sanchez did. But even ap-
THE WALL STREET JOURNAL.
in third place on this date in each of
the previous two seasons before find-
ing their stride over the season’s sec-
ond half. And Tuesday’s win was sig-
nificant, particularly for a team that
had struggled to kill penalties of late.
On Tuesday, the Rangers’ penalty
kill was perfect, stopping three Dal-
las power plays.
“I think the pressure and the tim-
ing was good,” Lundqvist said Friday.
“We were on top of [the Stars’ power
play] the whole night. They didn’t
have time to set it up, but when they
did set it up, we were in good posi-
tion. I think that’s key.”
Lundqvist will be tested again Sat-
urday. Led by wingers Alex Ovechkin
(seven power play goals) and T.J. Os-
hie (five), the Capitals boast the sec-
ond-best power play in the NHL.
And as McGuire is quick to point
out, Washington is good everywhere,
particularly in net, where Braden
Holtby ranks third with a 1.90 goals
against average.
After 40 games, it has slowly be-
come obvious to all Eastern Confer-
ence teams that the road to the Stan-
ley Cup Finals goes through
Washington, so it is no surprise that
the Rangers have been mentioned in
numerous trade rumors of late.
A Rangers spokesman declined to
comment on multiple reports that
they are interested in Tampa Bay’s
Jonathan Drouin, the third-overall
pick in the 2013 NHL Draft.
The 20-year-old left wing has just
eight points in 19 NHL games this
season, but after a recent trade re-
quest, Drouin was sent down to the
minors by Lightning general man-
ager Steve Yzerman, who made a
statement, insisting he will do what’s
“in the best interest of the Tampa
Bay Lightning hockey club.”
The Rangers are one of several
teams looking to make a deal, ac-
cording to McGuire, but the question
is whether the Lightning will be will-
ing to deal within the Eastern Con-
ference.
“If that’s where the best deal
comes from, then they probably do
that,” McGuire said.
opened up the speed of the game and
allowed players with more skill to
show their ability,” Messier said. “You
don’t have to be a big player in stature
to have a big impact on the game.”
This doesn’t mean being small on
the ice is all of a sudden easy. The
players do their best to avoid hits
from defenders who are often sev-
eral inches taller and more than 50
pounds heavier, but those checks are
an inevitability.
“You’re going to take a beating at
times,” Criscuolo said.
5.1% (4) 6.3 (25) 3.4% (25) 7.4 (6)
4.5% (12) 6.4 (30) 3.7% (21) 6.1 (31)
4.8% (9) 6.4 (27) 2.9% (27) 6.4 (30)
5% (11) 6.8 (29) 4.3% (20) 7.6 (11)
5.6% (8) 7 (26) N/A N/A
5.5% (9) 6.9 (27) N/A N/A
4.6% (11) 6.2 (28) 4.3% (13) 6.3 (28)
5.1% (5) 6.6 (21) 4.7% (8) 6.3 (23)
4.7% (9) 6.3 (25) 4.4% (13) 6.9 (13)
4.9% (5) 6.6 (21) 6.8% (1) 7.1 (10)
6% (3) 6.9 (19) 3.7% (23) 6.4 (29)
5.7% (5) 7.1 (21) 5.8% (6) 7.6 (9)
5.1% (8) 6.6 (17) 4.4% (16) 6.6. (19)
The Wall Street Journal.
plying the group’s average regression
in TD efficiency projects Fitzpatrick
next year to drop to a TD rate of
4.7%. Fitzpatrick’s TD rate since 2009
is 4.8%. —Michael Salfino
 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

PUERTO RICO B2 | BUSINESS NEWS B3, B4 | IN THE MARKETS B5 | HEARD ON THE STREET B12
MARCIO JOSE SANCHEZ/ASSOCIATED PRESS

NEW YEAR, NEW RULES TAX REPORT B7 HOW TO BEAT THE TIGERS SPORTS B11

© 2016 Dow Jones & Company. All Rights Reserved. * * * * ** THE WALL STREET JOURNAL. Saturday/Sunday, January 9 - 10, 2016 | B1
DJIA 16346.45 g 167.65 1.02% S&P 1922.03 g 1.08% NASDAQ 4643.63 g 0.98% 10–YR. TREAS. À 6/32, yield 2.131% OIL $33.16 g $0.11 EURO $1.0926 YEN 117.26 See more at WSJMarkets.com

Taking Aramco’s Measure ‘Star Wars’ Extends Global Reach

State-owned energy on Friday held out the pros-
pect of an IPO on the Saudi
giant could be valued at stock exchange. Aramco said it
more than $10 trillion was considering “the listing in
capital markets of an appro-
if publicly traded priate percentage of the com-
pany’s shares and/or the list-
Exxon Mobil Corp., the largest
non-state-controlled oil com-
pany, has a market value of
$317 billion.
Mohammad al-Sabban, an
independent oil analyst and
former senior adviser to the
nificant given the size of those
businesses.
A person familiar with the
national oil company said
Western banks likely are
months away from hearing
what the Saudis’ decision will

QILAI SHEN/BLOOMBERG NEWS

BY KEVIN BAXTER
AND SUMMER SAID
LONDON—Saudi Arabia’s
potential sale of shares in its
state-owned oil giant could
lead to a publicly listed com-
pany valued in the trillions of
dollars, more than 10 times
Apple Inc.’s peak of about
$756 billion.
Saudi Arabian Oil Co., bet-
ter known as Saudi Aramco,
ing of a bundle of its
downstream subsidiaries.”
That potential drew atten-
tion because the company pro-
duces more than 10% of the
world’s oil every day and con-
trols a large chain of refineries
and petrochemical facilities to
complement its exploration
and production operations.
Taken together the business
could be valued at more than
$10 trillion by some estimates.
Saudi oil ministry, said it was
unlikely the Saudi kingdom
would list shares in the par-
ent. That could open it up to
scrutiny about financial con-
trols and lift a veil on informa-
tion that the royal family re-
gards as state secrets.
More likely is a Saudi
Aramco listing of parts of its
refining and chemical opera-
tions, Mr. Sabban and others
said. That would still be sig-
be. There hasn’t been serious
discussions with banks about
the particulars of any stock of-
fering, that person added.
One clue to the scale of
Aramco’s domestic refining
operations is its Sadara Chem-
ical Co. complex in the eastern
city of Jubail. It will be the With nearly $1.6 billion in global box-office receipts, ‘Star Wars:
largest petrochemicals project The Force Awakens’ is already the No. 4 movie of all time.
ever built at one time when it Reaching No. 1 will depend in large part on China, where it opens
starts full operations in 2017. this weekend. Above, fans wearing storm trooper masks awaited
Please see ARAMCO page B4 the first public screening in Shanghai on Friday.

Declaring Independence
Advisers not associated with the biggest
Grilling China’s
Securities Cop
brokerages could soon be No. 1 by share
of wealth-management assets.
45%

BY LINGLING WEI just happened. The automated

40
trading halt had made a selloff
At an emergency meeting worse as investors raced for
Independent
convened by China’s cabi- the exits when it looked set to
advisers
net Thursday, the country’s kick in. Trading on the Shang-
35
Big top securities regulator, Xiao hai Stock Exchange lasted only
brokerages Gang, was in the hot seat. 29 minutes Thursday, the
The meeting, in the walled shortest day in the stock mar-
30
ILLUSTRATION BY BILL BUTCHER FOR THE WALL STREET JOURNAL

Zhongnanhai compound where ket’s 25 years.

China’s top leaders live and
forecasts where few ordinary Chinese
25 have ever set foot, Mr. Xiao was
2008 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 being grilled on a system he had
championed, a circuit-breaker to
assets under prevent a free fall in Chinese
$16.32 management for stocks and protect investors, ac-
trillion 2014 cording to people with knowl-
Source: Cerulli Associates edge of the gathering.
THE WALL STREET JOURNAL. Ironically, the opposite had
Now China’s top economic
decision makers wanted to
discuss what had caused the
worst-ever start to a year for
Chinese stocks and hammered
markets from Asia to Europe
Please see XIAO page B5
 Market turmoil leaves traders
gasping for air........................... B2

How Many Surprises

Brokers Set to Turn Free Agents
BY MICHAEL WURSTHORN
Big brokerages are wres-
tling with a threat to their cli-
ent assets: their own brokers.
Thousands of stockbrokers
will turn free agent this year
as their long-running reten-
tion deals expire. That is
prompting the big brokerage
firms, most of which are
owned by banks, to take steps
to stymie their departures and
keep clients from moving with
them if they do go.
Recruiters say brokers typi-
cally take 80% of their clients
with them when they change
firms. As brokerages brace for
a wave of adviser departures,
firms including Bank of Amer-
ica Corp. unit Merrill Lynch
and Morgan Stanley have
changed their policies to de-
clare some clients property of
the firm and off-limits when
brokers depart.
The firms also are applying
greater scrutiny to departing
brokers’ client lists and the
steps they take to persuade
clients to join them when they
leave, turning departures into
extensive negotiations involv-
ing attorneys and debates
about which accounts are fair
game, some brokers and their
business advisers say.
The retention deals date
back to the financial crisis,
when banks handed out incen-
tives to get brokers to stick
around as giant mergers re-
shaped the industry. They are
expiring at a time when big
banks are relying on the
steady income produced by
their armies of wealth manag-
ers—and when many success-
ful advisers are choosing to
leave big brokerages to launch
their own firms.
On average, financial advis-
ers at the four biggest U.S.
brokerages—Merrill, Morgan
Stanley and the securities
units of UBS Group AG and
Wells Fargo & Co.—manage
$122 million in assets and gen-
erate just over $1 million an-
nually in fees and commis-
sions. Top producers generate
far more.
“The brokerages will do
anything and everything they
can to make your move as dif-
ficult as possible—not to get
you back, but to scare the next
wave of people leaving” the
major brokerages, said Steven
Dudash, a former Merrill
Lynch broker who left in 2014
and now operates his own
firm, IHT Wealth Management
in Chicago.
Mr. Dudash said Merrill
slowed the account-transfer
process for a number of his
clients by not taking his calls
to complete the moves.
“They’d say someone isn’t
there,” Mr. Dudash said, “then
forward all the calls to man-
Please see BROKERS page B2
Can an Investor Bear?
Twice this past week,
China’s stock market
dropped 7% in a single day.
Three times this week, the
Dow Jones Industrial Aver-
age sank at
least 300
points dur-
ing the trad-
ing day. And
then on Fri-
THE day, the lat-
INTELLIGENT est employ-
INVESTOR ment report
JASON ZWEIG shocked al-
most every-
one, as the
economy added 292,000 jobs
in December—nearly 40%
above what analysts had pre-
dicted.
To stick to your long-term
investing plan, it is impor-
tant to understand what sur-
prises do to your thinking.
All investors have a narra-
tive in their head, a set of
facts and beliefs they select
to make sense of the world.
The simpler that story is, the
more likely you are to feel
you are in control and the
more confident you will be
that your investment deci-
sions are sound.
But when a simple story is
refuted by new facts, your
sense of control can be shat-
tered. That can lead to a
sudden fear of the unknown.
The human brain is an ex-
Please see SHOCK page B7
INDEX Markets Digest............................ B6
Bond Tables................................. B11 Money Rates................................ B8
Cash Prices..................................... B9 Mutual Funds............................... B9
Dividend News........................... B11 New Highs & Lows............... B8,9
Exchange-Traded Funds...... B9 Stock Listings............................ B10
Heard on the Street.............. B12 Weather Watch........................ B11
Insider-Trading Spotlight.. B12 Weekend Investor..................... B7

INVESTING ISN’T ABOUT MEETING BENCHMARKS. It’s

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for average. Instead, we believe investors need to look beyond
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Past performance is not a guarantee of future performance. An investment cannot be made directly in an index. Invesco Distributors, Inc.
 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, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Insurers Sue Puerto Rico

BY AARON KURILOFF

Bond insurers Ambac Fi-

nancial Group Inc. and As-
sured Guaranty Ltd. have
sued Puerto Rico to stop it
from paying some investors at
RON ANTONELLI/BLOOMBERG NEWS

the expense of others, escalat-

ing the U.S. commonwealth’s
struggle with creditors.
The insurers, which back al-
most $8 billion of debt from

CHRISTOPHER GREGORY/BLOOMBERG
the island between them,
asked the U.S. District Court
for the District of Puerto Rico
late Thursday to block the
Goldman Sachs’ headquarters at 200 West St. in New York move, arguing it violates the
U.S. Constitution.

Junk Bonds’ New Puerto Rico this week

missed about $37 million in
bond payments, after redirect-
ing money to pay some debt The governor’s mansion in San Juan. Gov. Alejandro Garcia Padilla says lawsuits were expected.

Buyer: Goldman toward bonds with stronger

BY MATT WIRZ was to resell much of the debt
AND JUSTIN BAER to bond- and loan-fund man-
agers. But investor appetite
Many investors are taking a for junk bonds dried up in the
break from the junk-bond mar- fall, forcing banks to sell the
ket, but not Goldman Sachs loans at a loss or keep them
Group Inc. on their books, incurring high
An $8 billion fund the firm capital charges required by
raised last year in anticipation new regulations.
of market turmoil has snapped In November, Bank of
up at least two large junk-debt America Corp. canceled a
deals in recent weeks, said roughly $5 billion debt sale for
people familiar with the mat- the buyout of data-storage
ter. business Veritas, citing weak
The “mezzanine debt” fund investor demand, people fa-
bought $750 million of bonds miliar with the matter have
backing private-equity firm said.
CVC Partners’s $4.6 billion Now, banks are far less will-
leveraged buyout of retailer ing to finance acquisitions,
Petco Holdings Inc., and $600 and buyout firms are increas-
million of debt for Silver Lake ingly calling on investors such
and Thoma Bravo’s $4.6 bil- as Goldman, which are willing
lion purchase of software com- to lend even in choppy mar-
pany SolarWinds Inc., they kets if the price is right.
said. Goldman raised the new
legal protections.
The commonwealth “is dis-
rule of law,” Mr. Garcia Padilla
said.
year led Mr. Garcia Padilla to
declare its debts unpayable.
new pressure for action from
the U.S. Congress, where Dem-
regarding the priorities of its Bond insurers, which make The U.S. commonwealth be- ocrats and the Obama admin-
own Constitution and the principal and interest pay- gan defaulting on debt in Au- istration have sought legisla-
rule of the law,” Domi- ments when a state or local gust, and in December said tion that would allow Puerto
nic Frederico, Assured’s chief government that sold debt that it would begin diverting Rico to restructure its debt
executive officer, said in a fails to pay, are central to any money toward bonds guaran- and proposed bills to tempo-
statement. “This confiscation restructuring effort in Puerto teed by the island’s constitu- rarily stay lawsuits against the
of revenues pledged to bond- Rico because they back a wide tion. commonwealth.
holders is illegal.” variety of bonds from the That move violates the U.S. House Speaker Paul Ryan
Puerto Rico Gov. Alejandro commonwealth’s nearly 20 Constitution’s takings and (R., Wis.) has called for law-
Garcia Padilla said in a state- debt-issuing entities, compli- contracts clauses, and the makers to find a “responsible
ment that such lawsuits have cating the island’s ability to commonwealth isn’t allowed solution” to the island’s finan-
“been widely predicted and prioritize payments. to divert the money “where cial crisis by the end of March.
forewarned” because the U.S. The situation also threatens other available resources exist Some investors oppose such a
Congress hasn’t granted the to derail a modest comeback from which the public debt move, saying it is unneeded
island access to municipal for the bond insurers, who could be paid,” the insurers and won’t solve Puerto Rico’s
bankruptcy protections. suffered losses in the 2008 fi- said in the court filing. problems.
“This latest development nancial crisis after guarantee- Mr. Garcia Padilla said last Nader Tavakoli, chief execu-
will force a race to the court- ing risky mortgage-backed se- week that the redirection tive for Ambac, said Puerto
house, and with no legal curities. would avert a wave of lawsuits Rico is attempting to blame its
framework to handle this im- Puerto Rico owes investors that would have followed a de- fiscal and structural problems
pending litigation crisis, both about $70 billion and has fault on debt backed by the on creditors, “in an effort to
the commonwealth and its struggled with a nearly dec- commonwealth’s full faith and deflect responsibility and ob-
creditors will soon face the adelong recession and a steep credit. tain retroactive application of
opposite of due process and population decline that last The insurers’ suit may re- bankruptcy laws.”

China’s Turmoil: ‘It’s Just a Mess’

The fund is one of a num- mezzanine fund, its sixth,
ber of nontraditional lenders early last year.
stepping up to lend to compa- The mezzanine funds are
nies with credit ratings below run by Tom Connolly, a part-
investment grade as banks and ner in Goldman’s merchant HONG KONG—So much for mechanisms work.”
other investors, like mutual bank, and has targeted invest- a quiet start to New Year’s One Week In, A Year To Forget Shares in Hong Kong con-
funds, step back. Firms like ments that help finance buy- trading. Performance during the first week of the year tinued to trade, however, end-
Ares Management, Golub outs ranging from $200 mil- As traders at CLSA, a Hong ing the day down 3.1%. Mean-
Capital and Oaktree Capital lion to more than $800 Kong brokerage, gathered for 15% while, foreign-exchange
Group are increasingly buying million. The fund also bought their first morning meeting of Shanghai Composite traders pushed the currency
loans and bonds directly from debt backing Thomas H. Lee 2016 at 7 on Monday, they ex- 10 Shenzhen Composite down further.
companies. They offer the ad- Partners’s buyout of retailer Then, at just after 9:30 a.m.
vantage of one-stop shopping 1-800 Contacts Inc. last By Chao Deng, Fiona 5 Thursday, the central bank
for companies needing to raise month, the people familiar Law and Anjani abruptly changed course and
money when public sales of with the matter said. Trivedi started buying yuan via large
0
junk bonds and loans have Most of the firms providing Chinese state-owned banks to
slowed to a trickle. In ex- such loans specialize in debt pected the calm that normally increase its value and appar-
change, they are pulling in of junk-rated companies and ushers in a new year. Maybe –5 ently to teach the traders a
fees and high yields. look to pounce on riskier deals China’s stock markets would lesson: We determine the cur-
CVC agreed to pay Goldman in times when the markets slip by about 1%, they figured, –10 rency’s level, not you. Bets
an underwriting fee on top of turn jittery and more tradi- after yet another batch of me- made earlier in the week sud-
the 9% interest rate Petco will tional investors back off. But it diocre Chinese economic data, denly backfired. Many traders
–15
pay on the bonds to ensure is unusual for the firms to said Robert Levine, the firm’s had been lulled into a sense of
the deal would get done, peo- take on such large financing, head of Asia sales and trading. 1993 ’95 2000 ’05 ’10 ’15 complacency that the central
ple familiar with the matter which traditionally have been Instead, for the thousands Source: FactSet THE WALL STREET JOURNAL. bank wouldn’t intervene in the
said. the province of investment of traders and analysts in offshore markets.
Wall Street banks made bil- banks with large balance Hong Kong—the major finan- By Monday evening, Mr. trade 2% above or below that “It’s just a mess—can’t
lions of dollars of loans back- sheets. cial center that pays closest Levine was taking calls from level. In the offshore market, breathe,” said a foreign-ex-
ing a wave of mergers and ac- —Dana Cimilluca attention to markets on the clients in the U.S., who awoke principally Hong Kong, its change trader at a European
quisitions in 2015. The plan contributed to this article. mainland, just a few miles to the mayhem in China mar- value floats freely. bank’s offices in Hong Kong
away—it was a start to the kets. By then, he added, those On each day from Mon- when contacted Thurs-
year like no other that many working in the financial mar- day to Thursday this past day morning. She stayed at
Notice to Readers could remember. kets in Hong Kong had become week, the People’s Bank of her desk until 9 p.m. to watch
The indexes to businesses and people were unavailable for this Rather than gliding lower, “deer in the headlights.” China fixed the yuan at a level what happened to the yuan in
edition because of production issues. Chinese shares plummeted, Of course, traders are used lower than traders expected. London. Reached Friday, when
falling 7% on Monday and to—and paid to deal with— On Thursday, the bank let markets were calmer, she said:
again on Thursday, triggering volatile markets, which often the yuan drop by more in a “I eat lunch everyday, but not
trading halts in China’s stock present as many opportunities single day than it had yesterday.”
Photography by Craig LaCourt
exchange and spreading a chill to make money as lose it. But since Aug. 11. Investors took it There was time for some
across markets world-wide. even in the rough-and-tumble as a sign that China’s eco- gentle humor, though. After
©2016 Dow Jones & Co. Inc. All rights reserved. 2DJ2774

“This is the most volatility of emerging-markets trading nomic prospects were dim- the mainland’s stock market
I’ve seen at the start of the in a financial center such as ming. Traders dumped Chi- shut early Thursday, Mr.
year in my more than 15 years Hong Kong, this was a stand- nese shares, with mainland Levine said, traders at CLSA
in the brokerage business,” Mr. out week, in part because of markets closing in less than joked that “it must be nice to
Levine said. “The big joke is the double whammy of a half an hour as a circuit trade in China: At 10 a.m., ev-
we can’t believe it’s only the plummeting stock market and breaker kicked in designed to eryone can say it’s time to
first week of the year.” whipsawing currency. stem losses beyond 7%. play golf.” On Chinese social-
Compounding the atmo- Each morning, China’s cen- “All of a sudden you had to media website Weibo, traders
sphere of chaos was China’s tral bank sets the yuan’s rate become an expert on the cur- joked they would be able to
currency, the yuan, which is against the U.S. dollar in the rency,” said Mr. Levine. “Peo- head home for breakfast,
traded the most in Hong Kong onshore, or domestic, market, ple get confused about the on- claiming time off for a new
outside of mainland China. and the currency is allowed to shore and offshore, how their “circuit-breaker holiday.”

BROKERS kers to change jobs. The pro-

tocol says advisers can take
names, addresses, phone num-
out of receiving those refer-
rals, they said.
“There are some advisers
Bank of America acquired
Merrill; Morgan
bought Smith Barney from
Stanley

Continued from the prior page bers and email addresses for that will leave behind a vast Citigroup Inc., and Wells
agement, and then manage- “clients that they serviced majority of their clients,” said Fargo bought Wachovia Corp.
ment wouldn’t take the call.” while at the firm.” Brian Hamburger, managing Most of the acquirers asked
Mr. Dudash retained those These days, though, firms director of MarketCounsel, an brokers to sign retention
accounts but he said the de- are putting clients inherited Englewood, N.J.-based firm deals, typically giving them
lays bogged down the process, when other advisers retired or that counsels brokers who go millions of dollars in forgiv-
giving other Merrill advisers a left a firm off limits to depart- independent and helps them able loans in exchange for
chance to pitch his clients. ing brokers. comply with financial regula- agreements to stay for as long
A spokeswoman for Merrill Each of the four big broker- tions. “The goal here is for the as nine years. The deals Bank
declined to comment on Mr. ages has introduced a program adviser to avoid litigation.” of America offered to Merrill
Dudash’s allegations. that allows a retiring adviser Many of the experienced brokers begin expiring this
Karlie Kloss. Model, entrepreneur, philanthropist and Wall Street Journal reader. Clients can always follow to hand clients over to a col- advisers who leave do so to year. Morgan Stanley’s reten-
their advisers if they wish. league in exchange for a cut of launch their own firms. Before tion packages offered to
The debate is over how ac- the revenue for as long as the financial crisis, the largest Smith Barney brokers will
tively brokers can try to re- three years. securities firms held about start to expire mostly in 2019.
cruit them to come along. The adviser who inherited half of all retail client assets, If brokers leave before then,
PEOPLE WHO DON’T HAVE TIME The new restrictions are
chipping away at procedures
the clients could be sued if he
or she were to try to take
according to research firm Ce-
rulli Associates. At the end of
some of that money must be
repaid.
MAKE TIME TO READ agreed to under the Protocol them along to a new firm 2014, their share had fallen to As these deals expire, some
THE WALL STREET JOURNAL. for Broker Recruiting—a de-
cade-old truce that brought
within a set period.
Merrill also has been telling
38%, compared with 36% for
independent advisers. Cerulli
express little surprise at the
measures firms are taking.
relative peace among more its more than 14,000 brokers predicts independent advisory “It has to go this way, be-
Find out why you should make time for the Journal. Visit WSJ.com/MakeTime than 1,200 securities firms in- that they can’t reach out to cli- firms will edge ahead of the cause the firms are dealing
cluding Merrill, Morgan Stan- ents who were referred to them major brokerages as early as with assets that are walking
ley, Wells Fargo and UBS. by Bank of America’s branches, this year. out the door,” said Thomas B.
The 2004 accord has helped brokers and lawyers say. The brokerage industry has Lewis, an attorney with Ste-
limit the number of lawsuits Merrill views those refer- changed since Merrill, UBS vens & Lee who represents
and arbitration claims filed rals as being the bank’s prop- and Smith Barney became the brokers who leave the major
over broker moves by outlin- erty, people familiar with the first firms to sign the broker- firms. “It’s going to get harder
ing an orderly system for bro- policy said. Advisers can opt recruiting protocol in 2004. for advisers to leave.”
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.
Sales Slide at VW
Continues Globally
CEO Müller to meet
U.S. regulators amid
rising complaints
about pace of probe
BY WILLIAM BOSTON
Volkswagen AG Chief Exec-
utive Matthias Müller will visit
the U.S. next week to attend
the Detroit auto show and
meet top regulators amid
growing frustration over the
German car maker’s coopera-
tion with U.S. investigators
probing its emissions-cheating
scandal.
Monday’s visit comes as
Volkswagen on Friday dis-
closed its world-wide sales fell
in 2015, its first annual decline
in 13 years. Mr. Müller said the
drop reflected “challenging”
emerging markets and fallout
from the emissions scandal.
On Wednesday, he is set to
travel to Washington, D.C., to
meet Gina McCarthy, head of
the Environmental Protection
Agency, a day before the
deadline for the California Air
Resources Board to rule on
Volkswagen’s proposals to fix
nearly 600,000 tainted diesel
vehicles in the U.S.
FedEx-TNT Express Deal Clears Hurdle in Europe
BY TOM FAIRLESS
AND LAURA STEVENS
BRUSSELS—European
Union regulators have uncon-
ditionally approved FedEx
Corp.’s acquisition of Dutch
parcel company TNT Express
NV, ending a six-month anti-
trust investigation that was
one of the biggest hurdles fac-
ing the nearly $5 billion deal.
The merger, announced in
April, would hand FedEx an
extensive ground network in
Europe, making it a bigger
player in the burgeoning e-
commerce market.
The approval had been ex-
pected since FedEx said in Oc-
tober that European regula-
tors wouldn’t challenge the
transaction. That was seen as
an unexpectedly easy pass
from Europe’s antitrust po-
lice, who had blocked a simi-
lar deal between United Par-
cel Services Inc. and TNT in
2013.
It is welcome news for
FedEx, which suffered a black
eye over the holidays, as it
said last-minute online orders
and severe weather resulted
in some packages arriving
late.
FedEx, which is based in
Samsung Takes Cues From Silicon Valley
Samsung Electronics Co.’s
estimates for its fourth-quar-
ter performance reflected a
mild recovery, but top execu-
tives indicated the company is
weighing new approaches
amid a cooling in global
smartphone and semiconduc-
By Jonathan Cheng
in Las Vegas and Min-
Jeong Lee in Seoul
tor markets.
In an interview at the Con-
sumer Electronics Show in Las
Vegas, Co-Chief Executive B.K.
Yoon said Samsung is looking
to learn more from Silicon Val-
ley, boosting acquisitions and
having its top executives
spend more time in the U.S.
“If we only work within
ourselves, we can’t really keep
up with the speed of change,”
Mr. Yoon said, pledging the
company would seek to strike
more deals and work more
closely with startups. “With
our own efforts, we cannot ad-
dress everything.”
The South Korean technol-
ogy giant said this week its
operating profit for the quar-
ter ended December likely
grew 15% from a year earlier
to 6.1 trillion Korean won ($5.1
billion). It estimated revenue
was flat at 53 trillion won. Ac-
tual results are due at the end
of January.
After a nearly two-year
slump in earnings, Samsung
showed signs of a recovery in
the third quarter as the com-
* * * *
Mr. Müller’s visit to the
U.S.—his first since taking the
helm in September as the cri-
sis was unfolding—comes as
consumers, car dealers, inves-
tigators and government offi-
cials grow increasingly critical
of Volkswagen’s handling of
the scandal.
Some U.S. investigators say
the company is refusing to
turn over documents, includ-
ing emails, needed to figure
out which employees orches-
trated one of the biggest cor-
porate scandals.
“Our patience with Volks-
wagen is wearing thin,” New
York Attorney General Eric
Schneiderman said in an
emailed statement. “It has
been slow to produce docu-
ments from its U.S. files, it has
sought to delay responses un-
til it completes its ‘indepen-
dent investigation’ several
months from now, and it has
failed to pursue every avenue
to overcome the obstacles it
says that German privacy law
presents to turning over
emails from its executives’
files in Germany.”
New York is one of 46
states that are conducting an
investigation into Volks-
wagen’s emissions deception
Delivery Destinations
FedEx’s acquisition of TNT Express will help boost its presence in Europe. Estimated 2014 market share for
international shipments guaranteed for delivery by a specific time.
FedEx TNT
12% 10%
12%
Europe
MARKET SIZE
41% $6.6
BILLION
25%
Note: Converted from euros at current rate. Sources: DHL presentation from March 2015
Memphis. Tenn., is still await-
ing approvals for the TNT
deal from several countries,
most notably China and Bra-
zil. U.S. regulators approved
the merger last year.
China has emerged as
something of a wild card for
deal-makers world-wide. Ex-
perts say the country’s newly
established antitrust author-
ity considers issues that go
beyond traditional competi-
tion law, including whether
deals may harm Chinese na-
Samsung Co-CEO B.K. Yoon is spending more time in the U.S.
pany pared the number of
smartphone models it sold and
as profit from chip sales hit a
record high on robust demand
and tight supply.
Even so, Samsung execu-
tives are aware of the fragility
of the recovery—and of the
company’s vulnerability to
quickly shifting tides.
“The global economy will
continue to see tepid growth
while uncertainty will grow in
emerging markets,” Kwon Oh-
hyun, another Samsung co-
chief executive, said in his New
Year’s speech to a gathering of
500 employees this past week.
Mr. Kwon said competition
will intensify this year for all
of Samsung’s main products
including smartphones, TVs
and memory chips. Buoyant
semiconductor prices have
cushioned the earnings blow
BUSINESS NEWS
and is one of the six states
leading the probe. Earlier in
the week, the U.S. Justice De-
partment filed a separate civil
complaint against Volkswagen,
carrying potential fines of up
to $45 billion, on behalf of the
EPA. The Justice Department
is also investigating Volks-
wagen but hasn’t filed any
criminal charges.
The EPA and the California
Air Resources Board disclosed VW group sales fell 2% in 2015 as the auto company contends with its emissions scandal.
in September that Volkswagen
had installed so-called defeat has provided investigators ac-
devices, software to manipu- cess to its files, including
late engines, that allowed the emails. Jones Day, the U.S. law
vehicles to produce fewer firm that is conducting an in-
toxic emissions in lab tests ternal investigation for Volks-
than driving on the open road. wagen, has been granted un-
The revelation hit the com- hindered access to more than
pany hard. The company’s a decade of documents, includ-
share price tumbled, and sales ing emails, to conduct its in-
of its namesake Volkswagen vestigation.
brand fell nearly 5% last year. During the presentation of
Its overall sales, which in- initial findings of the internal
clude luxury car maker Audi, investigation by Jones Day, the
sports car maker Porsche, as company said it had secured
well as Skoda and SEAT, de- “102 terabytes of data—the
clined 5.2% in December and equivalent of 50 million books.
2% for the year, the annual More than 1,500 electronic
first decline in 13 years, even storage devices were collected
as sales at car makers includ- from around 380 employees.”
ing General Motors Co. and But U.S. officials say they
Toyota Motor Co. are expand- haven’t received requested
ing. files because Volkswagen
In Germany, Volkswagen claims German privacy law
UPS DHL Others
3%
21% 20%
18%
Americas Asia Pacific
46% 4%
$7.4B $7.4B
11%
32%
1%
44%
THE WALL STREET JOURNAL.
tional economic development. it will close the deal in the
It also has a smaller staff than first half of the year.
many of its peers. On an analyst call last
As a result, China has held month, FedEx Chief Executive
up some mergers for months Fred Smith said TNT would be
after they were approved by a welcome addition to the
U.S. and EU antitrust authori- company’s portfolio amid a
ties, including Microsoft’s global economic slowdown.
Corp.’s $5.85 billion acquisi- “Despite contraction of U.S.
tion of Nokia Corp.’s handset exports due to the high U.S.
business. dollar and low world [eco-
Analysts largely expect nomic] and trade growth, the
FedEx to receive clearance overall market for interna-
from the remaining countries, tional door-to-door express
and FedEx said it is confident continues to increase, also
shaping the technology indus-
try around software and rele-
vant platforms, putting less
emphasis on hardware and
posing a challenge to Samsung
to beef up its software capabil-
ities and pursue fresh growth.
At the CES trade show,
Samsung executives touted
BIZUAYEHU TESFAYE/ZUMA PRESS
services that would help it
build what it described as an
ecosystem of software and ser-
vices, including a mobile-pay-
ment service, Samsung Pay,
that it introduced last year, as
well as new Internet-con-
nected home appliances.
In a sign of increased em-
phasis on software, Samsung
last month promoted Rhee In-
from weak mobile-phone sales. jong, the fast-rising executive
Samsung’s smartphone who spearheaded the launch of
business faces continued pres- Samsung Pay, to head software
sure from Chinese brands as development at its mobile
they seek expansion even as unit.
the market’s growth slows. Re- Samsung’s top executives
search firm IDC estimated are increasingly talking about
growth in global smartphone learning from Silicon Valley, an
shipments slowed to 10% last attempt to adapt to a fast-
year from nearly 28% in 2014. changing market by taking a
The Wall Street Journal re- page from nimbler upstarts
ported recently that rival Ap- like SmartThings, a U.S. busi-
ple Inc. has cut its order fore- ness it acquired in 2014.
casts for iPhone components Starting late last year,
to suppliers in the past several Messrs. Yoon and Kwon and
months, citing people familiar the company’s third co-CEO,
with its supply chain. J.K. Shin, have begun spending
“This year’s aim for Sam- more time in Silicon Valley.
sung will likely be about mini- Mr. Yoon said he now
mizing the damage from tough spends about a fifth of his
business conditions,” said Lee time in the company’s Moun-
Seung-woo, an analyst with tain View, Calif. and Manhat-
IBK Securities in Seoul. tan offices, adding that it has
Samsung’s Mr. Kwon said opened his eyes to the rapid
new business models are re- changes in the industry.
Saturday/Sunday, January 9 - 10, 2016 | B3
SUZANNE PLUNKETT/REUTERS
prohibits them from providing statement.
documents. Volkswagen also was quick
Mr. Müller has promised to come up with a fix for
full disclosure, and this past tainted vehicles in Germany.
week the company said again The company will begin recall-
it is cooperating fully and con- ing vehicles in Europe by the
structively with U.S. officials. end of this month. Some cars
But U.S. officials say Volks- will receive a simple software
wagen is hiding behind a nar- update, while others will also
row interpretation of German require a hardware fix.
privacy laws to withhold evi- Customers and car dealers
dence. in the U.S. are still largely in
“I find it frustrating that, the dark about how and when
despite public statements pro- their vehicles will be repaired.
fessing cooperation and an ex- The German daily Süd-
pressed desire to resolve the deutsche Zeitung reported this
various investigations that it week that Volkswagen is con-
faces following its calculated sidering buying back up to
deception, Volkswagen is, in 115,000 vehicles in the U.S.
fact, resisting cooperation by that could prove too difficult
citing German law,” Connecti- or costly to fix.
cut Attorney General George Volkswagen declined to
Jepsen said in an emailed comment on the report.
driven by e-commerce,” he FedEx’s regional president for
said. Europe. He said the deal
Up until now, FedEx has would “provide significant
largely focused on delivery value to the employees, cus-
services in and out of Europe, tomers and shareholders of
with limited shipping options both companies.”
between countries within the EU antitrust chief Mar-
region. Combining the two grethe Vestager said her
networks will make it the agency had “thoroughly as-
third-largest player in Eu- sessed the markets affected”
rope’s international express- by the deal due to the impor-
delivery market, behind tance of affordable package
Deutsche Post AG’s DHL and delivery for many businesses
UPS. Its step-up in ground de- and consumers, particularly in
livery will allow it to better the burgeoning e-commerce
compete for e-commerce ship- market.
ments. “The conclusion is that Eu-
The European Commission ropean consumers will not be
opened a full investigation adversely affected by the
into the deal in July, warning transaction,” Ms. Vestager
that a merger could lead to said.
insufficient competition on Executives at both compa-
certain parcel delivery routes nies had maintained the deal
and, thus, higher prices for was substantially different
businesses and consumers. from UPS’s attempt because
But on Friday, the regulator FedEx’s operations in Europe
said it had concluded that the are much smaller than those
delivery companies weren’t of its Atlanta-based rival.
particularly close competitors UPS had revised its €5.2
in Europe and that the billion proposal—then valued
merged entity would “con- at nearly $7 billion but now
tinue to face sufficient com- $5.63 billion—three times and
petition from its rivals.” made plans to create a pan-
“We are extremely pleased European competitor in the
to receive the European Com- overnight-parcel-delivery
mission’s unconditional ap- market, but still failed to sat-
proval,” said David Binks, isfy the EU’s concerns.
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 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B4 | Saturday/Sunday, January 9 - 10, 2016 * ******* THE WALL STREET JOURNAL.

BUSINESS NEWS

Shell Bid for BG

Receives a Boost
BY SELINA WILLIAMS
LONDON—An influential
shareholder-advisory
group has recommended ap-
proval of Royal Dutch Shell
PLC’s takeover of BG Group
PLC in a cash-and-share trans-
action valued around $51 bil-
lion.
Institutional Shareholder
Services, which advises many
GAUTHAM NAGESH/THE WALL STREET JOURNAL
tion is warranted,” said the re-
port, which was dated Thurs-
day.
ISS’s recommendation car-
ries great weight because 35
of Shell’s top 50 shareholders
subscribe to its services, said
Fred Ward of Olive Tree Finan-
cial Ltd. About 3% to 5% of
Shell investors are “highly de-
pendent” on ISS opinion and
can be expected to vote in line

of Shell’s top shareholders, with the recommendation, he

said in a report pub-
lished Friday that there was
“credible evidence” the Anglo-
Dutch oil giant was paying a
“reasonable” price for its
smaller U.K. rival. The decline
in oil prices and oil companies’
share prices has had some in-
vestors worrying that Shell
was overpaying.
Oil prices have fallen by
Demand for brawny sport-utility vehicles is keeping the General Motors assembly plant in Arlington, Texas, running at full bore. around 40% since Shell in
April proposed to buy BG, and
said.
However, one top investor
wasn’t convinced.
“We have concluded that
the proposed terms of the ac-
quisition of BG are value de-
structive for Shell sharehold-
ers,” said David Cumming,
head of equities at Standard
Life Investments. “This view is
based on the downside risks to
Shell’s oil price assumptions
plus the tax and operational

SUVs Fuel U.S. Production Boom

Three years ago, Lili Rodri- The development has
guez gambled when she trans- helped further insulate Texas’
ferred from General Motors economy at a time when its
Co.’s small-car factory in energy industry is under pres-
Lordstown, Ohio, to GM’s plant sure. While low oil prices have
hurt the state’s economy, most
By Gautham Nagesh Lone Star state cities are hold-
in Arlington, Texas, ing employment steady or
and John D. Stoll gaining due to a diversified
in Neenah, Wis. job market, including more
openings in auto factories
in north Texas making full-size owned by GM, Toyota Motor
sport-utility vehicles. Corp. and parts suppliers.
As the U.S. auto industry Nearly 5% of light trucks
was on the mend after a near- built in the U.S., were the
financial collapse in 2009, 300,000 full-size SUVs made
low-cost passenger cars like in Arlington. The factory’s re-
Lordstown’s compact Chevro- vival has encouraged Ms. Rod-
let Cruze were driving its re- riguez to put down roots here.
covery. With the national aver- “Texas is my home now,” she
age for a gallon of gasoline says.
costing about $3.50 at the
time of Ms. Rodriguez’s move,
The industry’s contribution
to Arlington’s good fortune is
sales of Arlington’s full-size replicated in communities
SUVs were declining. across America as gains in ex-
The tables have turned for ports of U.S.-built cars and
the U.S. auto industry trucks lend additional momen-
and Arlington is among the tum to production levels. The
biggest winners. GM is com- trend is boosting employment
mitting $1.4 billion to upgrade at dealerships as well, with
the factory, part of tens of bil- head count at new-car stores
lions in U.S. capacity invest- up 5% according to the Na-
ments planned for the next tional Automobile Dealers As-
good times can continue with
the average age of vehicles on
U.S. roads hitting a record 11.5
years at the end of 2014.
Recent developments—in-
cluding a $6.75 billion contract
to replace military Humvees
awarded to Oshkosh Corp.—
have boosted optimism head-
ing into 2016 that there will be
continued economic expansion
in the corridor stretching from
Madison to Green Bay, where
dozens of Bergstrom car
stores can be found.
Driving to another meeting
at a Chrysler dealership in
Kaukauna, he said his stores
saw an immediate boost when
$1.4B
Amount that General Motors
is committing to upgrade its
factory in Arlington, Texas.
Oshkosh’s new business was
announced.
“One of the first things peo-
ple do when they get a job is
buy a new car,” he said. With
Plant manager Juan Carlos
Jimenez said GM was so eager
to start construction on up-
grades that it hid equipment
behind AT&T Stadium before
an official announcement this
summer.
Mayor Jeff Williams said a
current project to extend toll
lanes for Texas State Road 360
south to U.S. Route 287 is
largely because many GM
workers make their homes
Mansfield, a southern suburb.
Bruce Payne, Arlington’s
economic development man-
ager, said home buyers are
having to bid more than ask-
ing price to snag even the
older homes surrounding the
plant. “That wasn’t the case
during the recession,” he said.
That demand for housing
has helped fuel a number of
new projects, including a five-
story, mixed-used develop-
ment next door to City Hall on
the site of the old library, and
a sprawling housing develop-
ment north of the city.
The booming local economy
has also put a premium on
commercial space; Arling-
the gap between BG’s share
price and the higher price of-
fered by Shell has been widen-
ing. As of Friday, the premium
was around 6%.
Shell’s top management
stepped up its engagement
with investors and analysts in
the past week to convince
them of the merits of the take-
over ahead of a shareholder
vote later this month.
Shell finance chief Simon
Henry has been making the
rounds this week in London,
while Chief Executive Ben van
Beurden has had a series of
telephone calls with U.S. inves-
tors. Mr. van Beurden was ex-
pected to meet with U.K.
shareholders in London on
Friday and next week to press
home the rationale behind the
deal.
ISS said the current volatil-
ity in oil prices may be of little
value in assessing the strategic
opportunity of a transaction
whose benefits will be realized
over decades.
“Given the compelling stra-
tegic rationale and the signifi-
cant positive economics to be
realized within a short time
frame, support for the transac-
risks surrounding BG’s Brazil-
ian asset base. Consequently,
we shall vote against the deal.”
Standard Life Investments
holds 0.4% of the A shares in
Royal Dutch Shell and 1.7 % of
the B shares.
Shareholders in Shell and
BG will vote on the deal in
meetings Jan. 27 and Jan.
28, respectively.
If approved, the merger
would give Shell a dominant
position in the growing lique-
fied natural-gas market, as
well as stakes in highly prized
oil fields offshore Brazil.
Meanwhile, BG investors could
receive a chunky premium for
selling up if the deal goes
through.
The deal has been roiled by
further declines in oil prices in
recent weeks and the turmoil
in China’s stock market that
has pulled down global equi-
ties.
Shell confirmed the meet-
ings and said the fall in oil
prices hadn’t undermined the
rationale for the deal. “We’re
confident the deal retains
broad shareholder support and
will complete as expected,”
said a Shell spokesman.

Europe to Combat
several years by Volvo Car sociation. state unemployment at one of ton has 39 million square feet
Corp., Ford Motor Co., Daim- One thousand miles north its lowest points since the of industrial space, but less
ler AG and other car makers. of Arlington, the economic for- 1990s, Mr. Bergstrom believes than 4% is vacant. Similarly,

Cyber Air Threats

Cars and light-trucks hit a tunes of America’s heartland real-estate development near Mr. Payne said there is
record in 2015, and an increas- are helping fuel GM’s SUV the Green Bay Packers’ foot- roughly 23 million square feet
ing bulk of those units are boom. “People are fixing their ball stadium could help keep of retail space, but less than
hulking highly profitable mod- houses; the carpenters, the the good times rolling locally. 5% is vacant.
els like the Chevrolet Subur- plumbers and the electricians Mr. Bergstrom emphasized “I just say we’re full, and I
bans, Tahoes, Cadillac Esca- need new cars and trucks,” the role the pump price plays lobby with our city council BY ANDY PASZTOR Gilligan, the top safety official
lades and GMC Yukons that John Bergstrom, owner of in the industry’s boom. “Peo- and others that we need more at the U.S. Federal Aviation
roll off an Arlington assembly Bergstrom Automotive in Nee- ple underestimate the impor- space,” Mr. Payne said. “The Europe’s top air-safety offi- Administration.
line running six days a week, nah, Wis., told employees at a tance…the price of gasoline is engine is running about as cial said he is hiring a group of Initially, the focus will be on
building 16.5% more vehicles Ford dealership in late Decem- huge.” He estimated Wiscon- hard as it will run with us.” high-level computer experts to cataloging and monitoring cy-
through the first 11 months in ber. sinites have an extra $250 to identify and combat looming ber-related hazards confront-
2015 than in the same period a Mr. Bergstrom said new spend each month from MORE ON MOBILE cyberthreats to aviation. ing commercial planes and
year ago. GM posted record Jeeps drive off his lots almost cheaper gasoline. Intended to be a kind of other aircraft world-wide. But
profit in the third quarter; as soon as they arrive, and the The Arlington plant, mean- Track the latest digital SWAT team for hacking by late 2016, according to Mr.
with its SUV plant—one of the
most profitable auto factories
in the world—contributing
demand for pickups is through
the roof. On a tour of the car
dealerships his company owns
while, can barely keep up with
demand even after adding a
third shift and 1,500 employ-
WSJ
.COM
news as the auto
show in Detroit
gets under way, at
attacks, the initiative launched
last month goes beyond U.S.
efforts and is the most dra-
Ky, a core team of roughly a
dozen troubleshooters should
be ready to respond to specific
much of the earnings. across the state, he says the ees over the past three years. WSJ.com/Business. matic example of the European incidents. He envisions 50 or
Aviation Safety Agency’s in- 60 experts will eventually be
creasingly aggressive approach dedicated to such work.

ARAMCO to such risks.

The aim is to quickly pro-
vide technical assistance to
carriers and national regula-
Leaders of EASA and the
FAA have previously talked
about cooperating on more-

Continued from page B1 tors anywhere in Europe in the

Built in partnership with Dow event of a cyberattack, Patrick
The move is part of
Chemical Co., it has already Ky, the agency’s executive di- a broad push by the
been earmarked for an IPO rector, said in an interview.
this year to raise the funds to The move is also part of a
agency, which serves
pay its $20 billion price-tag. broader campaign by the 32 member states.
If the Sadara complex was agency, which serves 32 mem-
floated in the U.S., it would ber states, to expand its au-
immediately become a Fortune thority beyond traditional stringent design standards to
500 company, the company safety regulations. “We think insulate flight controls and
ALI HAIDER/EUROPEAN PRESSPHOTO AGENCY

has said. If added to all of the aviation system is quite other safety-critical systems
Aramco’s other domestic re- vulnerable to cyberattacks,” from potential cyberattacks.
finery and petrochemical facil- Mr. Ky said. Each agency has asked its own
ities, the resulting company Aviation authorities world- phalanx of industry officials
would be one of the largest of wide have said there hasn’t and outside experts to come
its type in the world. been a verified instance of an up with recommendations.
The notion of a public share individual or a group success- But the U.S. and Europe are
offering was still under review fully hacking into a commer- at odds over some principles,
and would have to be ap- cial airliner’s power or flight- especially when it comes to
proved by the company’s control systems while the best way to safeguard
board of directors and its su- airborne. But, like many ex- smaller, private aircraft. Even
preme council, which includes Saudi Aramco has 261 billion barrels of proved crude-oil reserves, according to its 2014 annual report. perts, Mr. Ky worries about if a joint approach emerges,
oil minister Ali al-Naimi and growing potential threats as sweeping regulations or legis-
Mohammad bin Salman Al Company, known as PetroRab- ran a record deficit of nearly at brokerage FBR & Co. aircraft become more con- lation could take years to be-
Saud, Saudi Arabia’s powerful igh, offered 25% of its shares $98 billion last year, and late He also said that the longer nected to ground-based com- come final.
deputy crown prince who first to investors in 2008. The com- last month it announced ex- the Saudi government refrains puter networks, ranging from Rather than simply wait for
revealed the idea in an inter- plex, located north of Jeddah penditure and subsidy cuts for from production cuts, the lon- maintenance to navigation to that process to end, Mr. Ky
view with the Economist. along the Red Sea, is co- 2016 to keep its widening defi- ger global prices will remain cabin entertainment. and EASA’s policy-setting
Prince Mohammad said a deci- owned by Saudi Aramco and cit in check. low. A sizable and successful Mr. Ky said he has started management board are intent
sion would be made within Japan’s Sumitomo Chemical The kingdom’s foreign re- public offering could have an to recruit cyber experts with on ensuring that timely, de-
months. Co., which each hold a 37.5% serves are shrinking—down impact on U.S. oil competitors the aim of reassuring political tailed technical assistance will
Floating Saudi Aramco share. 15% to $635.5 billion at the now struggling at current leaders and passengers that be available to deter or mini-
shares on the Saudi Arabian Some analysts said it would end of November, from a peak prices, he said. “we are ready and we are go- mize the impact of any com-
stock exchange, known as the be strange for Saudi Aramco of $746 billion in August last Saudi Aramco has 261 bil- ing to help” if aviation com- puter breach.
Tadawul, may sound like a to list its shares when the oil year—limiting the govern- lion barrels of proved crude- puter systems are compro- “The aircraft when it’s fly-
radical move by Riyadh, but if market is in the midst of a ment’s ability to continue its oil reserves, according to its mised. The team will be ing, is quite immune” to such
it chooses the second option— deep price collapse, dropping massive spending at home, 2014 annual report, compared supplemented by staff lent threats “at least for the time
bundling its refining and pro- a barrel of oil more than two- where people are accustomed with less than 14 billion bar- from various national regula- being,” according to the EASA
cessing operations—then there thirds over the past 18 months to state assistance. rels of proved liquid reserves, tors. chief.
is a precedent. to the lowest levels in more Raising a large sum of excluding natural gas, re- He added that France, the But he said he is more wor-
Saudi Aramco has already than a decade. money from a stock sale would ported at the same time by U.K. and a number of Scandi- ried about maintenance func-
held an initial public offering But the sale would help bol- allow the energy giant to Exxon. navian countries have pledged tions and other ground- based
for one of its domestic down- ster the kingdom’s coffers as it weather low crude prices for a —Ahmed Al Omran to assist with the policy, and systems that can tap into on-
stream facilities. The Rabigh copes with a slump in income few more years, said Chad and Ryan Dezember that he discussed the concept board computers. “The risk is
Refining and Petrochemical from oil sales. Saudi Arabia Mabry, a senior energy analyst contributed to this article. earlier this week with Peggy there,” 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.
Kazakhstan
National Fund
Is Drying Up
As state savings in oil-rich nations disappear,
the governments need to find new revenue
BY SIMON CLARK
Kazakhstan’s $64 billion oil
fund could run out of money
within six or seven years as
slumping oil prices cut reve-
nue and the government
spends its savings, a central-
bank official said.
The so-called National Fund
has fallen 17% from its peak of
$77 billion in
SOVEREIGN August 2014.
FUNDS The govern-
ment is draw-
ing as much as
$9.5 billion a year from it for
spending. Kazakh politicians
and the central bank need to
cut spending, boost tax collec-
tion and invest the fund in
higher-yielding assets such as
private equity, according to
Berik Otemurat, chief execu-
tive of the National Investment
Corp., a unit of the central
bank created in 2012.
“We are eating up the Na-
tional Fund,” Mr. Otemurat
said in an interview. “The
money we have been lucky to
accumulate is the only money
we have to capitalize on. I
think the government needs to
focus on the National Fund’s
investment management.”
Mr. Otemurat’s unit was set
up to manage the fund but
hasn’t actually taken it over.
Instead, it is investing $800
million of the central bank’s
foreign-exchange reserves.
Trillions of dollars of state
savings in oil-rich nations from
Kazakhstan to Saudi Arabia are
under threat as governments
that grew accustomed to high
XIAO
Continued from page B1
to the Americas.
Mr. Xiao, chairman of the
China Securities Regulatory
Commission, laid out the ra-
tionale for the circuit-breaker
system. But senior officials de-
cided that only four days after
its introduction, the mecha-
nism must be suspended.
The fiasco marks another
black eye for the top securities
cop, who had already been
blamed by investors and offi-
cials for perceived policy mis-
steps that contributed to a
summer stock-market crisis,
the last time China’s spiraling
stock markets pummeled the
world’s financial system.
“Xiao is under tremendous
pressure,” said an official at
the China Securities Regula-
tory Commission. “Unlike in
the summer, when he might
have been unfairly criticized
for the stock selloff, the latest
big drop was a direct result of
a system he had insisted on
putting in place.”
Mr. Xiao couldn’t be
reached for comment. On Fri-
day, a spokesman at the secu-
rities watchdog said Mr. Xiao
has taken on an added role at
the agency as head of its newly
formed “poverty assistance”
group—in an apparent attempt
to dismiss private speculation
about him being replaced as
chairman of the agency.
The securities watchdog is
part of China’s government ap-
paratus, and Mr. Xiao answers
to the Communist Party lead-
CHINAFOTOPRESS/GETTY IMAGES
Chinese media had nicknamed securities cop Xiao Gang, shown in March, ‘Mr. Circuit Breaker.’
* * * * * * Saturday/Sunday, January 9 - 10, 2016 | B5
IN THE MARKETS
Oil at $33
Was Pricey
In 2004
BY NICOLE FRIEDMAN
Oil has slumped to nearly
12-year lows, shocking even
the most bearish forecasters.
But back in February
ANDREY RUDAKOV/BLOOMBERG NEWS
2004, the last time the U.S.
benchmark settled below
$33.50 a barrel, oil at these
oil revenues scramble for cash. prices was considered pricey.
The International Monetary Inflation played a role, of
Fund is advising nations from course. Oil at $33 a barrel in
Asia, Africa, Latin America and 2004 is roughly equivalent
the Middle East to devise sov- to $41 in
ereign-asset and liability-man- MONEYBEAT 2015 dollars.
agement plans that will in- So how
volve a combination of asset Equipment at a Kazakhstan oil field is adjusted. Falling oil prices have hit the country’s National Fund. did $30 oil
sales, budget cuts and domes- go from expensive to cheap
tic and international borrow- change rate. After meeting the private-equity manager Hamil- serving the public interest. in just 12 years?
ing to stabilize public finances. new central-bank governor in ton Lane and approved more The National Fund had an Demand growth in China
“They need to act quickly,” November, Mr. Otemurat said than $100 million of commit- average annual return of 1.96% drove commodity prices
Michael Papaioannou, an IMF he thought the National Invest- ments spread across Black- in the last five years, just a higher in the mid-2000s,
official who has advised Ka- ment Corp.’s future is uncertain. stone Group LP, Warburg Pin- fifth of the 9.6% average for a helping push oil prices to a
zakhstan on managing its re- The deputy governor who was cus LLC and Advent group of sovereign-wealth record of nearly $150 a bar-
serves, said in an interview. “If chairman of the unit he leads International Corp. funds including those of Nor- rel in 2008. Even after the
the current situation contin- also has left, and a new chair- In September, Mr. Otemurat way, Singapore and South Ko- dust cleared from the finan-
ues, the assets of the sover- man hasn’t been appointed. helped organize a dinner in rea, according to the National cial crisis, oil prices stayed
eign-wealth funds are going to “The new governor is busy New York so that Nursultan Investment Corp. document. high, hovering above $90 a
be disappearing fairly quickly.” with other things,” Mr. Otemu- Nazarbayev, president of Ka- The fund has invested 86% of barrel between 2011 to
The reserves of the Saudi rat said. “The whole idea we zakhstan for the past 24 years, its money in bonds, compared mid-2014. The cheap sources
Arabian Monetary Agency, the worked on for the last two could meet investment profes- with a 16% average for the of oil were being depleted,
nation’s central bank, fell 14% years could be just shelved.” sionals. The president of the group of sovereign-wealth analysts said, and only more-
to $635 billion in the 12 The central bank declined to former Soviet state dined on funds, the document said. expensive sources were left.
months through the end of No- comment. sea bass and caviar with for- “If on $100 billion we can Now that oil has plum-
vember. Khalid Alsweilem, for- While National Investment mer U.S. Federal Reserve make $5 billion or $6 billion a meted about 70% from its
mer chief investment officer of Corp. was created to manage Chairman Ben Bernanke and year in income, it helps sup- mid-2014 highs, is it time for
the agency, said his country the oil fund, it didn’t get final Wall Street chiefs, including port annual government another paradigm shift?
needs to create an independent approval, Mr. Otemurat said. KKR & Co. co-founder Henry spending,” Mr. Otemurat said. Some analysts say yes.
sovereign-wealth fund to make To win the trust of politicians, Kravis, Blackstone co-founder “We have to disclose our re- BP’s chief economist Dale
it harder for the finance minis- the central bank gave the unit Stephen Schwarzman, Carlyle turns, how we invest, who the Spencer argued in October
try to dip into the reserves. $2 billion from its foreign-ex- Group co-founder David managers are, inflows, out- that due to shale-oil drilling
“If we go on with the same change reserves to start in- Rubenstein and TPG co- flows and spending. It isn’t the techniques and growing con-
spending pattern, the reserves vesting in 2013. The following founder David Bonderman. case today, and it is difficult.” cerns about curbing carbon
will go much lower,” Mr. Als- year, the central bank took “The president previously The profit-sharing agree- emissions, “there is no lon-
weilem said. “The Saudi reserves back $1.2 billion as its reserves met oil-and-gas guys,” Mr. ments for Kazakhstan’s oil ger a strong reason to expect
were practically open to the came under pressure. Otemurat said. “If the presi- fields—the source of the the relative price of oil to in-
Ministry of Finance spending, so According to a document dent has the final say, we money in the National Fund— crease over time.”
reserves have been declining.” prepared by the National In- thought it would be helpful for aren’t publicly available, and
Kazakhstan’s Mr. Otemurat vestment Corp. in November, the president to meet Wall the fund doesn’t have its own MONEYBEAT
is concerned about losing his it has invested $150 million of Street people.” website, he said. The 35-year-
job. The central-bank governor the money it was left with in Mr. Otemurat said he made old executive said he sees him- Read the
who hired him in 2014 was
fired in November after the na-
tional currency, the tenge,
Chicago-based hedge-fund
manager Grosvenor Capital
Management LP. It also made a
the unusual move of speaking
publicly about his concerns for
the central Asian nation of 17
self as part of a new genera-
tion of Kazakhs with
international experience that
WSJ
.COM
continuously
updated look
inside the
plunged following August’s $225 million commitment to million because he believes a isn’t represented in the coun- markets, free
move to a free-floating ex- the Bala Cynwyd, Pa.-based lack of transparency there isn’t try’s political leadership. online at wsj.com/moneybeat
ership. He has been the point
man for measures to foster the
development of the country’s
capital markets, a job that has
installed by him just didn’t
work,” says Peng Junming, a
former official at China’s cen-
tral bank and now chief in-
gained importance as Presi- vestment officer at Empire
dent Xi Jinping turned to the Capital Management LLP, an
stock market as a way to re- investment firm in Beijing.
capitalize state-owned Chinese “It’s a big policy mistake.”
companies burdened by debt The short-lived system was
after a huge stimulus plan. about three years in the mak-
In early 2015, Mr. Xiao joined ing. Soon after becoming
a chorus of officials talking up a chairman of the securities
stock rally that had started in watchdog in 2013, Mr. Xiao
late 2014 as a resounding cheer was struck by how fast a trad-
for Beijing’s policies to put the ing error made by a Shanghai-
economy on sounder footing.
That strategy soon backfired.
Investors who had borrowed
heavily to buy stocks started
based brokerage roiled China’s
markets. Since then, he has
sought to establish a tripwire
mechanism similar to the one
A perfect night’s sleep.
selling in mid-June, and Mr.
Xiao took heat for failing to ef-
fectively rein in such loans. As
in the U.S. He mentioned the
need for such a mechanism on
many public occasions, earning
On the perfect pillow.
the plunge gained force, he was him the nickname “Mr. Circuit
part of clumsy efforts to prop Breaker” in Chinese media.
stocks back up. After the July stock crisis,
But many say Mr. Xiao, 56 Mr. Xiao stepped up the push
years old, was only a tool in for tools to help contain panic
the leadership’s intentions. selling of stocks. In Septem-
“Xiao Gang may have made ber, he instructed his agency
plenty of mistakes, but he to put together a plan for cir-
does not deserve most of the cuit breakers, according to of-
blame. Those who gave him ficials at the commission.
instructions to push the mar- But Mr. Xiao’s proposal was
ket up in 2014 and rescue it in seen as unpractical by many
2015 are most responsible,” analysts and investors. One is-
said Scott Kennedy, a deputy sue was its quick-draw setting,
director at Center for Strate- halting trading for 15 minutes
gic & International Studies, a after a 5% swing and for the
Washington think tank. “If he’s rest of the trading day if the We select only the finest European white
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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
B6 | Saturday/Sunday, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
16346.45 t 167.65, or 1.02% Trailing P/E ratio * 15.50 16.65 1922.03 t 21.06, or 1.08% Trailing P/E ratio * 21.63 19.16 4643.63 t 45.80, or 0.98% Trailing P/E ratio * 22.01 23.06
High, low, open and close for each P/E estimate * 15.22 15.05 High, low, open and close for each P/E estimate * 15.75 16.75 High, low, open and close for each P/E estimate * 17.65 19.60
trading day of the past three months. Dividend yield 2.72 2.45 trading day of the past three months. Dividend yield 2.26 1.90 trading day of the past three months. Dividend yield 1.23 1.28
All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15

Current divisor 0.14602128057775

18500 2150 5250

18000 2100 5100

17500 2050 4950

17000 2000 4800

Session high
65-day moving average
65-day moving average DOWN UP 16500 1950 65-day moving average 4650
t

Session open Close

Close Open
t

16000 1900 4500

Bars measure the point change from session's open Session low
15500 1850 4350
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.

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

Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 1,116,045,961 8,450,707
Industrial Average 16651.89 16314.57 16346.45 -167.65 -1.02 18312.39 15666.44 -7.8 -6.2 7.0 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 234,032,751 2,700,702
Transportation Avg 7057.89 6934.69 6946.36 -49.03 -0.70 9178.48 6946.36 -21.6 -7.5 8.1 Most-active issues in late trading Decl. volume* 871,604,618 5,571,015
Utility Average 582.72 577.34 578.82 1.31 0.23 652.11 541.97 -7.2 0.2 8.1 Volume After Hours Issues traded 3,225 376
Company Symbol (000) Last Net chg % chg High Low Advances 998 145
Total Stock Market 20196.02 19764.47 19794.61 -228.81 -1.14 22287.78 19528.72 -6.9 -6.2 9.2
SPDR S&P 500 SPY 22,805.7 191.92 -0.003 -0.002 207.75 191.55 Declines 2,157 214
Barron's 400 490.87 478.06 478.67 -7.87 -1.62 586.75 478.67 -10.2 -7.3 8.4
Mkt Vectors Gold Miners GDX 10,864.3 14.50 -0.020 -0.138 14.93 14.00 Unchanged 70 17
Nasdaq Stock Market Bank Of America BAC 9,760.2 15.20 … unch. 15.55 15.15 New highs 20 5
Nasdaq Composite 4742.57 4637.85 4643.63 -45.80 -0.98 5218.86 4506.49 -1.3 -7.3 14.5 VelocityShares 3x Lg Nat UGAZ 6,117.0 2.90 … unch. 2.90 2.88 New lows 518 24
Nasdaq 100 4362.46 4264.81 -34.94 4719.05 4016.32 -7.0 Closing tick 183 5
4270.78 -0.81 1.4 16.2 PwrShrs QQQ Tr Series 1 QQQ 5,363.6 104.01 … unch. 109.58 103.88
Closing Arms† 1.59 1.50
iPath SP 500 VIX Sht Tm VXX 5,360.6 25.24 0.410 1.65 25.47 18.94
Standard & Poor's Block trades* 6,098 97
Vanguard Finls VFH 4,131.4 45.09 0.03 0.073 45.09 45.09
500 Index 1960.40 1918.46 1922.03 -21.06 -1.08 2130.82 1867.61 -6.0 -6.0 9.7 Nasdaq NYSE Arca
iShares Russell 2000 ETF IWM 4,069.2 103.97 0.120 0.12 114.12 103.71
MidCap 400 1334.89 1307.30 1308.48 -18.01 -1.36 1549.44 1308.48 -9.2 -6.4 7.6 Total volume* 2,267,035,707 406,171,500
SmallCap 600 638.54 622.72 623.42 -10.50 -1.66 742.13 623.42 -8.4 -7.2 8.4 Percentage gainers… Adv. volume* 597,950,404 80,872,518
Decl. volume* 1,639,809,581 324,940,009
Other Indexes Global Net Lease GNL 7.9 8.00 0.85 11.89 8.00 8.00
Issues traded 2,950 1,439
Russell 2000 1072.09 1045.11 1046.20 -18.36 -1.72 1295.80 1046.20 -11.8 -7.9 6.1 Blucora BCOR 7.3 9.36 0.68 7.86 9.36 8.64
Advances 826 342
NYSE Composite 9725.90 9513.25 9528.77 -121.65 -1.26 11239.66 9528.77 -11.0 -6.1 3.5 Antero Resources AR 25.7 23.99 1.73 7.77 23.99 22.04 Declines 2,038 1,082
Value Line 422.66 413.07 413.50 -5.98 -1.43 522.42 413.50 -16.3 -7.2 3.1 XenoPort XNPT 15.7 5.50 0.39 7.69 5.50 5.08 Unchanged 86 15
NYSE Arca Biotech 3542.95 3430.70 3437.10 -50.33 -1.44 4431.87 3303.47 -2.9 -9.9 28.5
EnerNOC ENOC 10.3 3.57 0.25 7.48 3.57 3.30 New highs 14 21
New lows 360 321
NYSE Arca Pharma 525.69 512.31 513.38 -8.93 -1.71 605.94 509.74 -5.9 -5.2 10.5 ...And losers
Closing tick 62 171
KBW Bank 68.55 66.28 66.40 -1.33 -1.96 80.41 66.40 -5.4 -9.1 7.6 DB Crude Oil Long ETN OLO 13.0 5.31 -1.10 -17.20 6.35 5.31 Closing Arms† 1.11 1.09
PHLX§ Gold/Silver 47.74 46.35 47.10 -1.36 -2.81 82.07 43.21 -38.2 4.0 -33.6 New Oriental Edu ADR EDU 38.5 24.00 -3.96 -14.16 27.89 24.00 Block trades* 8,085 1,549
PHLX§ Oil Service 145.85 141.19 142.20 -2.52 -1.74 224.32 142.20 -28.4 -9.8 -14.7 iSh S&P Totl US Stk Mkt ITOT 51.0 81.00 -6.13 -7.04 89.00 81.00 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 616.58 599.87 600.48 -9.77 -1.60 746.08 559.59 -12.4 -9.5 15.3 Tidewater Inc TDW 9.3 5.56 -0.35 -5.98 5.91 5.56 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 27.08 22.48 2.02 40.74 11.95 48.3 issues with the volume of shares rising and falling. An
27.01 8.08 53.9 25.6 Universal Tech Institute UTI 6.6 3.36 -0.21 -5.94 3.57 3.36 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 Latest Session 52-Week Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg

World The Global Dow 2189.48 –16.04 –0.73 –6.3 NGL Energy Partners NGL 13.28 4.16 45.61 33.64 8.04 -51.9 Southcross Engy Partners SXE 1.30 -1.32 -50.38 16.20 1.19 -89.7
The Global Dow Euro 1890.43 –26.60 –1.39 –6.7 DB Crude Oil Long ETN OLO 6.41 1.72 36.74 7.98 4.45 -12.5 Container Store Group TCS 4.22 -2.96 -41.23 23.50 4.02 -76.8
DJ Global Index 289.19 –2.37 –0.81 –6.1 Fuling Global FORK 2.80 0.43 18.14 5.27 2.24 ... Barracuda Networks CUDA 10.73 -5.70 -34.69 46.78 10.52 -71.8
World DJ Global ex U.S. 197.37 –0.99 –0.50 –6.1 FuelCell Energy FCEL 6.16 0.84 15.79 17.76 4.90 -64.1 SORL Auto Parts SORL 1.74 -0.68 -28.10 4.49 1.56 -51.4
Direxion Cyber Bear 2X HAKD 49.12 6.03 13.99 49.12 37.98 ... Weight Watchers WTW 14.85 -4.85 -24.62 28.05 3.67 -22.3
Americas DJ Americas 457.28 –5.05 –1.09 –6.1
–6.3 Direxion S&P Biotch Br 1X LABS 45.61 5.43 13.51 45.77 39.48 ... Nymox Pharma NYMX 2.18 -0.65 -22.97 4.37 0.35 451.9
Brazil Sao Paulo Bovespa 40612.21 –82.51 –0.20
–4.3
Harvard Apparatus Reg HART 2.25 0.25 12.50 4.43 0.53 -40.6 Juniper Pharmaceuticals JNP 6.19 -1.76 -22.14 15.44 5.09 9.8
Canada S&P/TSX Comp 12445.45 –2.76 –0.02
General Employment Ents JOB 5.63 0.59 11.71 13.30 3.60 -49.5 Lifevantage LFVN 7.92 -2.01 -20.24 10.55 1.40 -11.6
Mexico IPC All-Share 40265.37 –396.20 –0.97 –6.3
VelocityShares 3x Lg Nat UGAZ 2.90 0.30 11.54 27.15 1.29 -85.7 Auris Medical Holding EARS 5.69 -1.39 -19.63 7.96 3.02 57.6
Chile Santiago IPSA 2843.48 –0.43 –0.02 –3.4
Sientra SIEN 6.58 0.68 11.53 26.67 2.78 -58.9 Cellular Biomedicine Grp CBMG 16.44 -3.86 -19.01 49.00 15.47 2.0
Europe Stoxx Europe 600 341.35 –5.16 –1.49 –6.7
Tronox Cl A TROX 4.04 0.40 10.99 23.64 2.98 -81.9 Inventergy Global INVT 1.75 -0.35 -16.67 9.40 0.71 -71.8
Euro zone Euro Stoxx 321.62 –4.67 –1.43 –6.8
EV Energy Partners EVEP 2.65 0.26 10.88 20.02 1.91 -85.7 American Eagle Outfitters AEO 13.24 -2.64 -16.62 18.49 13.15 -4.4
Belgium Bel-20 3493.98 –56.73 –1.60 –5.6
China Automotive Systems CAAS 5.24 0.50 10.55 8.97 4.20 -19.9 Vestin Realty Mortgage II VRTB 1.85 -0.35 -15.91 5.35 1.75 -56.5
France CAC 40 4333.76 –69.82 –1.59 –6.5 DB Base Mtls Double Lg BDD 4.20 0.40 10.53 8.30 3.71 -41.6 Conn's CONN 16.20 -2.90 -15.18 43.95 14.98 -10.3
Germany DAX 9849.34 –130.51 –1.31 –8.3 BIND Therapeutics BIND 2.24 0.21 10.34 8.10 1.80 -68.9 Flamel Technologies ADR FLML 10.22 -1.79 -14.90 26.09 9.30 -44.0
Israel Tel Aviv 1493.97 … Closed –2.3
Italy FTSE MIB 19869.49 –319.99 –1.58 –7.2
Netherlands AEX 410.82 –9.94 –2.36 –7.0 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 8909.20 –150.10 –1.66 –6.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Sweden SX All Share 471.97 –3.54 –0.74 –6.6
Switzerland Swiss Market 8257.28 –192.58 –2.28 –6.4 SPDR S&P 500 SPY 186,750 59.4 191.92 -1.10 213.78 182.40 Xenith Bankshares XBKS 422 5952 7.20 2.97 7.49 5.84
–5.3 Bank Of America BAC 114,831 45.4 15.20 -1.94 18.48 14.60 Container Store Group TCS 8,755 2453 4.22 -41.23 23.50 4.02
U.K. FTSE 100 5912.44 –41.64 –0.70
iPath SP 500 VIX Sht Tm VXX 101,307 63.6 24.83 5.21 37.35 15.48 DJ 2xSelect Div ETN DVYL 126 2231 41.40 -1.66 52.26 22.93
Asia-Pacific DJ Asia-Pacific TSM 1310.89 –1.01 –0.08 –5.7 SunEdison SUNE 88,014 64.4 3.41 2.10 33.45 2.55 Ardelyx ARDX 3,254 2103 10.72 6.24 27.99 7.95
Australia S&P/ASX 200 4990.80 –19.50 –0.39 –5.8 General Electric GE 72,909 -20.5 28.45 -1.79 31.49 19.37 Barracuda Networks CUDA 8,040 1629 10.73 -34.69 46.78 10.52
China Shanghai Composite 3186.41 61.41 1.97 –10.0
iShares MSCI Emg Markets EEM 70,449 12.0 29.51 -1.07 44.19 29.50 FT China FCA 121 1526 18.44 -2.42 31.10 17.43
Hong Kong Hang Seng 20453.71 120.37 0.59 –6.7
Apple AAPL 69,699 57.0 96.96 0.53 134.54 92.00 OceanFirst Financial OCFC 582 1209 18.69 -1.06 21.00 16.01
India S&P BSE Sensex 24934.33 82.50 0.33 –4.5
PwrShrs QQQ Tr Series 1 QQQ 63,954 97.7 104.01 -0.82 115.75 84.74 First Trust L/S Equity FTLS 438 1183 31.38 -1.23 33.42 29.93
Japan Nikkei Stock Avg 17697.96 –69.38 –0.39 –7.0
Finl Select Sector SPDR XLF 63,648 53.1 22.10 -1.56 25.62 18.52 E-TRACS UBS BB CMCI Sil USV 64 1139 18.20 -1.82 25.14 17.17
Singapore Straits Times 2751.23 21.32 0.78 –4.6 iShares MSCI Japan ETF EWJ 56,973 56.5 11.44 -2.14 13.35 11.03 Collegium Pharmaceutical COLL 1,743 1131 19.72 -6.67 30.58 11.92
South Korea Kospi 1917.62 13.29 0.70 –2.2
* 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
Taiwan Weighted 7893.97 41.91 0.53 –5.3 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
5-year CDs US$vs, US$vs,
A consumer rate against its Fri YTDchg Fri YTDchg
5.00% 15%
benchmark over the past year Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 1.40% 10 WSJ Dollar index
4.00 s Americas Thailand baht .02751 36.350 0.9
First Internet Bank of Indiana 2.22% 5 Vietnam dong .00004448 22482 1.5
1.50% Indianapolis, IN Argentina peso .0720 13.8858 7.3
888-873-3424 3.00 Europe
t 0 Brazil real .2484 4.0260 1.6
Barclays 2.25% s Canada dollar .7055 1.4174 2.4 Czech Rep. koruna .04043 24.733 –0.6
Five-year CD yields 1.00 2.00 –5
Wilmington, DE 888-720-8756 Yen Chile peso .001375 727.30 2.6 Denmark krone .1464 6.8288 –0.6
–10 s Colombia peso .0003058 3269.60 3.0 Euro area euro 1.0926 .9153 –0.6
Federal-funds 0.50 Synchrony Bank 2.25% Friday 1.00
t

Euro Ecuador US dollar 1 1 unch Hungary forint .003451 289.77 –0.2

target rate One year ago –15
t

Morristown, NJ 800-903-8154
t 0.00 Mexico peso .0558 17.9337 4.3 Iceland krona .007727 129.41 –0.6
0.00 EverBank 2.35% –20
Peru new sol .2919 3.426 0.3 Norway krone .1129 8.8613 0.2
1 3 6 1 2 3 5 710 30 2015
Jacksonville, FL 855-228-6755 Uruguay peso .03283 30.4600 1.8 Poland zloty .2502 3.9966 1.9
–0.50 month(s) years Venezuela b. fuerte .158595 6.3054 unch Russia ruble .01337 74.805 4.0
F M A M J J A S O N DJ E-Loan 2.45%
maturity Asia-Pacific Sweden krona .1177 8.4994 0.6
2015 New York, NY (866) 576-7283 Switzerland franc 1.0051 .9949 –0.7
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .6955 1.4378 4.8
Turkey lira .3311 3.0206 3.5
China yuan .1517 6.5934 1.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0430 23.2420 –3.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1288 7.7628 0.2
UK pound 1.4518 .6888 1.5
India rupee .01495 66.881 1.0
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000718 13931 0.7 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008528 117.26 –2.5 Bahrain dinar 2.6558 .3765 –0.1
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002910 343.60 1.4 Egypt pound .1277 7.8325 unch
Libor, 3-month 0.62 0.61 0.25 l 0.62 0.32
Macau pataca .1251 7.9963 –0.1 Israel shekel .2547 3.9257 0.9
Money market, annual yield 0.28 0.27 0.25 l 0.43 -0.23 Treasury, Ryan ALM 1421.973 1.782 1.917 1.957 1.305 0.286 1.934
Malaysia ringgit .2262 4.4200 2.7 Kuwait dinar 3.2888 .3041 0.2
Five-year CD, annual yield 1.40 1.39 1.37 l 1.53 0.04 10-yr Treasury, Ryan ALM 1709.585 2.131 2.273 2.480 1.669 –1.373 2.062 New Zealand dollar .6543 1.5284 4.4 Oman sul rial 2.5980 .3849 unch
30-year mortgage, fixed† 3.89 4.08 3.71 l 4.22 0.19 DJ Corporate 343.873 3.321 3.426 3.462 2.633 –0.620 2.217 Pakistan rupee .00954 104.810 –0.1 Qatar rial .2746 3.642 unch
15-year mortgage, fixed† 3.14 3.34 2.94 l 3.42 0.13 Aggregate, Barclays Capital 1837.690 2.500 2.590 2.630 1.920 0.513 1.753 Philippines peso .0211 47.285 0.9 Saudi Arabia riyal .2664 3.7536 unch
Jumbo mortgages, $417,000-plus† 4.41 4.61 4.00 l 4.97 0.30 Singapore dollar .6931 1.4427 1.7 South Africa rand .0613 16.3161 5.4
High Yield 100, Merrill Lynch 2370.026 7.713 7.601 8.056 5.016 –5.334 1.063 South Korea won .0008267 1209.70 2.9
Five-year adj mortgage (ARM)† 3.42 3.80 3.14 l 4.00 0.34 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1915.940 2.690 2.780 2.900 2.280 1.702 2.251 Sri Lanka rupee .0069793 143.28 –0.7
New-car loan, 48-month 3.16 3.21 2.71 l 3.33 0.10 Taiwan dollar .02990 33.446 1.6 WSJ Dollar Index 90.64 0.19 0.21 0.52
Muni Master, Merrill 503.566 1.625 1.762 2.099 1.475 3.069 2.986
HELOC, $30,000 4.62 4.58 4.24 l 4.71 -0.02
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 668.717 6.780 6.709 6.817 5.679 1.491 –0.110 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Friday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg

DJ Commodity 443.32 0.69 0.16 584.70 441.41 -20.03 -2.31

ONLINE
WSJ
Reuters-Jefferies CRB 168.58 0.04 0.02 231.77 168.54 -25.27 -4.36
Crude oil, $ per barrel 33.16 -0.11 -0.33 61.43 33.16 -31.43 -10.48
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and
.COM Natural gas, $/MMBtu 2.472 0.090 3.78 3.23 1.76 -16.09 5.78
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1097.80 -9.90 -0.89 1300.70 1050.80 -9.72 3.54
WSJMarkets.com
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 9 - 10, 2016 | B7

WEEKEND INVESTOR
New Year, New Tax Rules
BY LAURA SAUNDERS
What You'll Owe
A new year usually brings Income-tax rates haven't changed for 2016, but tax brackets have
tax changes, and 2016 is no ex- been adjusted for inflation.
ception.
The good news is that last 2016 TAXABLE INCOME
Rate on
month, in the nick of time, Married couples, long-term
Congress enacted permanent Rate Single filers filing jointly capital gains*
extensions of 10% $0–9,275 $0–18,550
several popular 0%
15 9,276–37,650 18,551–75,300
provisions, in-
cluding the 25 37,651–91,150 75,301–151,900
American Op- 28 91,151–190,150 151,901–231,450
portunity tax 15%
33 190,151–413,350 231,451–413,350
TAX credit, a higher-

CHRISTOPHE VORLET
35 413,351–415,050 413,351–466,950
REPORT education bene-
LAURA fit; the IRA 39.6 415,051 and above 466,951 and above 20%
SUANDERS c h a r i t a b l e
Source: Internal Revenue Service *and qualified dividends THE WALL STREET JOURNAL.
transfer provi-
sion for people higher income is taxed at investment income. The
70½ and older; certain mass- higher rates—after deductions, threshold is $250,000 of ad-

transit benefits; a child tax
credit; and the ability to de-
duct state sales taxes instead
of income tax on the federal
return.
No longer will people using
these benefits have to bite
their nails waiting for lawmak-
ers to re-enact them—espe-
cially if a provision already
has expired, as happened sev-
eral times over the past de-
cade.
Here are other changes to
be aware of:
Affordable Care Act pen-
alty tax. For people who don’t
have ACA-approved health in-
surance, the payment is rising
steeply once again. Such tax-
payers often owe a “shared re-
sponsibility payment” that is
either a flat assessment or a
percentage of income, which-
ever is higher. Roberton Wil-
liams, a tax specialist with the
Tax Policy Center in Washing-
ton, says the percentage
method will apply to virtually
all higher-income households
and even many single filers
earning above $40,000.
In 2016, the flat assessment
more than doubles. It is now
$695 per individual, up from
$325 last year, with a maxi-
mum of $2,085 per household.
The percentage-of-income pay-
ment rises to 2.5% of income
from 2% last year, with a pro-
jected maximum of about
$13,400 per household.
Members of some groups
aren’t subject to the payment,
including certain religious
groups and people covered by
Medicare or Medicaid. The Tax
Policy Center has posted an
ACA penalty calculator on its
website.
Tax brackets. Because the
U.S. tax code is progressive,
exclusions and other adjust-
ments. Tax rates haven’t
changed for 2016, but brackets
have reset upward due to in-
flation indexing. The top stat-
utory rate of 39.6% now kicks
in above $466,950 of taxable
income for married couples
filing jointly and $415,050 for
singles.
“It’s good to know your top
bracket, because it lets you es-
timate the value of a deduc-
tion,” says Greg Rosica, a part-
ner with the accounting firm
EY. In other words, $100 of a
write-off could save as much
as $28 of tax for someone in
the 28% bracket.
A glance at the tax tables
also serves as a reminder of
the code’s unequal treatment
of married couples versus sin-
gle people who are above the
15% bracket. This anomaly
raises tax bills substantially
for some couples, especially if
both partners have similar in-
comes, and lowers them for
others. To find out if you are
affected, see the Tax Policy
Center’s marriage tax calcula-
tor.
Investments. The favorable
rates on long-term capital
gains (for investments held
longer than a year) and cer-
tain dividends also haven’t
changed for 2016, but inflation
adjustments have lifted the
brackets.
This year the 0% rate,
which applies to both types of
income, ends at $37,650 of
taxable income for single filers
and $75,300 for couples.
Meanwhile, the top rate of
20% kicks in at $415,051 for
single filers and $466,951 for
couples.
In addition, some investors
owe a 3.8% surtax on their net
justed gross income for mar-
ried couples and $200,000 for
singles.
This levy can cast a wider
net than it appears to at first
glance. That is because a tax-
payer’s adjusted gross income
is often much larger than tax-
able income, as it excludes
Schedule A write-offs such as
for mortgage interest, state
taxes and charitable gifts. In
addition, the thresholds aren’t
indexed for inflation, so more
investors could owe this sur-
tax in 2016.
Mileage deductions. Lower
gasoline prices are a boon, but
they translate to lower mile-
age deductions on tax returns.
For 2016, the business rate is
54 cents per mile driven ver-
sus 57.5 cents a mile last year.
The write-off per mile
driven in the service of a char-
itable group is 14 cents this
year, and the rate per mile
driven for moving or medical
purposes is 19 cents. Be sure
to keep records to document
these deductions.
Estate and gift tax. For
2016, the estate- and gift-tax
exemption rises to $5.45 mil-
lion per individual, up slightly
from the 2015 level. This
means the exemption per cou-
ple is now nearly $11 million,
and only some 4,400 people
will owe this tax for 2015, ac-
cording to estimates by the
Tax Policy Center.
The annual gift exclusion of
$14,000 isn’t changing for
2016. This provision allows a
giver to make tax-free trans-
fers of up to $14,000 a year to
each recipient, and one part-
ner of a married couple can
transfer up to $28,000 per re-
cipient if the other spouse
doesn’t use the break.
SHOCK
Continued from page B1
quisitely adaptive mechanism
that tends to tune out gradual
changes, downshifting its ac-
tivity as the expected comes
to pass and familiar patterns
repeat. But sudden changes
set off the
THE alarm bells
INTELLIGENT of the unex-
INVESTOR pected.
Neurosci-
entists have
found that specialized cells in
a region of the brain called the
anterior cingulate cortex re-
spond to unexpected outcomes
in as little as three-tenths of a
second, firing out warning sig-
nals to other parts of your
brain that control your pulse,
blood pressure and stress hor-
mones—putting your body on
almost instant alert.
That helps explain why the
collective mood of investors
can shift so quickly—as it has
ever since the dawn of modern
markets in 1719 and 1720,
when stocks in London, Paris
and Amsterdam levitated to-
gether and then crashed in
lock step.
“Metaphors and stories are
important in investors’ think-
ing, and they can become a
self-fulfilling prophecy,” says
Robert Shiller, a finance pro-
fessor at Yale University who
has studied centuries’ worth
of booms and busts. Investors
adjust their stories, he says,
partly “by the almost instinc-
tive urge to look at others’
emotions.”
Investors had long believed
that Chinese economic policy
makers were all but infalli-
ble—and that narrative helped
sustain financial confidence
around the world. But the Chi-
nese government’s inconsis-
tent fumbling as it tried to
prop up local stock markets
has turned that story upside
down almost instantly.
“You’re seeing some real
body blows to this narrative of
competence,” says W. Ben
Hunt, chief risk officer at
Houston-based Salient Part-
ners, an investment firm that
manages $15 billion. “And that
is the one thing that a one-
party state cannot allow. They
have to do something.”
Surprise thus plants the
seeds for further surprises.
One possibility, Mr. Hunt
says, would be for China to de-
value its currency, the yuan,
by 10% or 15% overnight.
“That’s the sort of shock-and-
awe move,” he says, “that
could restore a floor under the
Chinese stock market and en-
able the politicians to reclaim
the mantle of competence.”
There is long historical
precedent for such a sudden
move: When governments
don’t reduce the value of over-
priced currencies, markets do
it for them.
In 1720, when the financier
John Law gave up his efforts
to stabilize the price of the
Mississippi Co., the quasigov-
ernmental firm he had set up
to support the French national
debt, the value of the French
franc collapsed on interna-
tional currency markets.
More recently, the Bank of
England backed away from
propping up the British pound
in 1992 after hedge-fund man-
ager George Soros drove its
value down.
Even if the Chinese govern-
ment doesn’t pull off a sur-
prise devaluation, it may have
to do something drastic to re-
verse the narrative that it is
losing control over markets.
Investors shouldn’t panic
over this imponderable. But
even after the recent declines,
markets offer little margin for
error. The average stock on
the Shenzhen Stock Exchange
is trading at 45.4 times earn-
ings, or two-and-a-half times
the price/earnings ratio on the
MSCI All-Countries World In-
dex. U.S. stocks, meanwhile,
remain considerably more ex-
pensive than their long-term
average.

529s Get Less Restrictive

BY ANNE TERGESEN
A year ago, Congress cre-
ated the 529 ABLE account, a
savings vehicle for disabled
people that offers the same
individuals can have as much
as $100,000 in one and still
qualify for benefits including
Medicaid and Supplemental
Security Income, or SSI, a fed-
eral program for disabled peo-
state’s Guaranteed Education
Tuition college savings plan.
IN CASE OF
RATE ENVY,
Experts say families who
want to maximize their contri-
butions to these accounts
should set one up in 2016,

tax-free growth available in
529 college-savings plans.
Now, thanks to a tax law
passed last month, consumers
eligible to open a 529 ABLE
ple with low incomes. Previ-
ously, to qualify for SSI, a
person could have no more
than $2,000 in assets. Tradi-
tionally, Medicaid had a simi-
CONTACT US
even if there are relatively few
plans to choose from. The rea-
son: Annual contributions to
529 ABLE accounts are cur-
rently capped at $14,000 per

account will be free to select a
plan sponsored by any state,
rather than being restricted to
their home state’s plan.
That change will make it
possible for people across the
country to start one of these
lar asset cap.
To qualify for an ABLE ac-
count, a minor or adult must
be blind or have a severe
physical or mental disability
before age 26, said Len
Weiser-Varon, an attorney
IMMEDIATELY.
beneficiary, and each benefi-
ciary is restricted to just one
such account. Such limits,
which are far below those that
apply to 529 college-savings
accounts, make it harder to ACCURATE AS OF 01/06/2016
amass significant savings with

accounts as soon as the first
state program opens for busi-
ness—something that is likely
to happen in the coming
months.
About 35 states have passed
legislation to sponsor ABLE
programs, said Sara Hart Weir,
president of the National
Down Syndrome Society,
which lobbied for the ac-
counts. Officials in Nebraska,
Virginia and Florida say they
plan to make 529 ABLE ac-
counts available in 2016.
In many ways, 529 ABLE ac-
counts resemble 529 plans. A
disabled person or friends and
relatives can make one-time or
regular contributions, which
grow tax-free if they are used
for “qualified expenses.” In the
case of the 529 ABLEs, that in-
cludes education, housing,
transportation and employ-
ment training. If used for
other purposes, investment
gains are subject to income
tax and a 10% penalty.
The account owner—or a
parent or guardian appointed
to make decisions on behalf of
that disabled individual—will
pick from the plan’s invest-
ment options, which are ex-
pected to include money-mar-
ket funds and stock and bond
mutual funds.
The biggest benefit of an
ABLE account is that disabled
who specializes in state-spon-
sored savings programs. The
person also must be entitled
to SSI or Social Security Dis-
ability Insurance benefits or,
with some exceptions, have a
doctor’s diagnosis.
Now that these programs
Annual offerings to
529 ABLE accounts
are currently capped
at $14,000.
can attract contributions from
other states’ residents, experts
say it is unclear whether all
the states that passed legisla-
tion will set up their own
plans. Some may put their
programs on hold and reassess
once the initial 529 ABLE
plans are operating, to see
whether the market is big
enough to accommodate addi-
tional players.
Others may opt to subcon-
tract with another state or
join a multistate consortium
to achieve economies of scale
to reduce investment costs
and account fees, said Betty
Lochner, chairwoman of the
College Savings Plans Net-
work, which includes officials
involved with 529 programs,
and director of Washington
1.00 %
529 ABLE accounts, said Jamie
Canup, who, as head of the tax
department at Richmond, Va., ANNUAL On All
PERCENTAGE
law firm Hirschler Fleischer, YIELD Balance Tiers
serves as a consultant to
states on 529 ABLE plans.
But families should keep an The Ally Bank Online Savings Account.
eye on offerings from other With consistently great rates, no monthly
states. If they find a plan with maintenance fees and 24/7 customer care,
lower fees or better invest- our Online Savings Account is sure to help
ment options they can initiate your money grow. Just remember that your
a tax-free rollover—or trans- variable rate may change after opening the
fer—of their assets from one account and fees may reduce earnings.
state plan to another, Mr. Bank where No Branches = Great Rates.
Canup said.
As with 529 college plans, allybank.com | 1-877-247-ALLY
some states may offer a state
tax break for using your home-
state plan. States that cur-
rently intend to offer one in-
clude Oregon, Iowa, Missouri,
Montana, Nebraska, New York
and Wisconsin, Ms. Weir said.
For families that can fund a
special-needs trust, deciding
whether to use that or a 529
ABLE account—or both—is
complicated. Because these
trusts typically cost from
$2,000 to $5,000 to set up,
they often make sense only if
there is at least $50,000—and
potentially far more—available
to invest, Mr. Canup said.
With the trusts, investment
gains are taxable. But families
can make unlimited contribu-
©2009-2016 Ally Financial Inc.
tions without affecting a bene-
ficiary’s eligibility for govern-
ment benefits.
B8 | Saturday/Sunday, January 9 - 10, 2016 NY * *** THE WALL STREET JOURNAL.

NEW HIGHS AND LOWS

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
Market stocks that hit a new 52-week intraday high or low in the latest session. 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
% CHG-Daily percentage change from the previous trading session.
Novartis ADR NVS 81.38 -2.8 ThaiFund TTF 6.49 -0.5 ETRACSWFMLPxEnergy FMLP 16.79 -0.1 iShChinaLarge-Cap FXI 31.60 -1.0 WisTrexJpFd AXJL 50.25 -1.8 CapellaEducation CPLA 39.06 1.7
Friday, January 8, 2016 Nucor NUE 36.36 -2.4 ThirdPointReins TPRE 11.72 -2.3 EGBeyondBRICs BBRC 13.35 -1.0 JanusVelTailRIskLC TRSK 26.29 -0.3 WisTrAusDiv AUSE 40.15 -1.1 CapitalSouthwest CSWC 13.26 0.5
52-Wk % 52-Wk % 52-Wk % NuverraEnvlSolns NES 0.29 -18.0 3DSystems DDD 8.30 -2.4 EGSharesEMQualDiv HILO 10.66 -1.0 JohnHancockConsDis JHMC 23.86 -1.4 WisTreeCommdtyCurr CCX 14.65 -1.5 Carlyle CG 13.88 -3.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg OFGBancorp OFG 6.25 -7.4 Tidewtr TDW 5.44 5.2 EGShsEmergMkCORE EMCR 14.83 -0.6 JohnHancockMultFin JHMF 24.09 -1.2 WisdomTreeEMHiDiv DEM 28.94 -0.9 CarrizoOil CRZO 21.47 7.0
CarMax KMX 46.70 -0.7 HFF A HF 27.78 -1.6 OaktreeCapital OAK 41.89 -5.5 Tiffany TIF 68.15 -3.8 EGSharesEmerMk ECON 19.50 -1.0 JohnHancockMultiLC JHML 24.75 -0.8 WisdomTreeEurope HEDJ 49.85 -0.8 CatalystPharma CPRX 1.80 -5.0
NYSE highs - 20 CarpenterTech CRS 27.21 -2.0 HNI HNI 31.58 -2.7
OasisPetroleum OAS 5.98 1.4 TimeInc. TIME 14.30 -1.0 EGAEMDmestcDemand EMDD 16.19 0.3 JohnHancockMultifactorMidCap JHMM 23.97 -1.3 WisdomTrGlbxUSDiv DXUS 20.82 -4.7 CellectarBiosci CLRB 0.52 14.2
CAT 62.93 -1.0 HPQ 10.55 -1.8 OccidentalPetrol OXY 62.94 -1.7 Timken TKR 25.69 -3.6 EnSelectSectorSPDR XLE 55.84 -1.3 JPMorganDivRetEM JPEM 37.73 -0.8 WisTreeGlexUSQty DNL 42.10 -0.6 ChemoCentryx CCXI 4.77 -7.4
AtmosEnergy ATO 65.49 0.1 Caterpillar HP
OceaneeringIntl OII 33.58 -1.3 TimkenSteel TMST 6.60 -4.6 EthoClimateLeader ETHO 23.17 -0.6 LatticeEMStrategy ROAM 17.96 -0.1 WisdmtrGlbexUSREFd DRW 24.27 -1.3 Chiasma CHMA 15.30 -11.1
BlkRkNY MI Tr BNY 15.89 0.6 CeladonGroup CGI 7.82 -2.7 HSBCHoldingsADR HSBC 36.15 -0.7
HarteHanks HHS 2.65 0.4 OneLiberty OLP 20.69 -1.9 TitanInternational TWI 3.21 -3.6 FIEnhancedEur50ETN FIEU 85.07 -1.6 MktVecAfrica AFK 16.58 -0.5 WisTreGlbexUSUtlFd DBU 14.49 -1.6 CleanDieslTech CDTI 0.72 -9.4
DigitalRealtyTrust DLR 77.67 0.3 Celestica CLS 10.48 -2.5
HavrtyFurn HVT 19.15 -3.0 OppenHldgs OPY 14.86 -2.9 Toll Bros TOL 29.63 -1.9 FidelityMSCIEn FENY 15.82 -1.3 MktVecAgBusETF MOO 43.69 -0.7 WisdomTreeGlbHiDiv DEW 36.92 -1.0 CodeRebel CDRB 2.40 -2.0
DigitalRealtyPfdI DLRpI 26.10 0.9 CemexADR CX 4.30 -6.9
CenovusEnergy CVE 11.48 -1.4 HavrtyFurn A HVT/A 19.50 -4.6 Oracle ORCL 34.61 -1.1 TotalADR TOT 40.58 -2.5 FinSvsSectorSPDR XLFS 28.20 -1.9 MktVecCoal KOL 5.70 -0.7 WisTrGlNatRes GNAT 10.00 -0.2 Cognex CGNX 28.29 -3.0
EnduranceDepPfdC ENHpC 26.21 0.8 OwensIL OI 14.98 -2.1 Transocean RIG 10.61 -2.3 S&P 500 Tail Hedge VIXH 23.00 -0.8 MVEmgMkAggregateBd EMAG 19.70 -0.6 WisdmTrIntDiv DOO 35.80 -1.0 ColumbusMcKinnon CMCO 16.51 -3.6
EntergyMS EMQ 26.88 1.8 CenturyLink CTL 23.90 -1.0 HershaHospitalityA HT 19.61 -2.4
HertzGlobal HTZ 11.81 -5.4 POSCOADR PKX 33.13 -1.6 TravelCtrsAmerica TA 8.30 -2.6 FstTrEngyAlpDx FXN 12.51 -0.1 MktVecGaming BJK 28.80 -0.8 WisdomTreeIntlEqty DWM 43.56 -1.2 CombiMatrix CBMX 0.63 1.5
FedPrmrIntMuni FPT 13.72 0.1 Cenveo CVO 0.72 -6.6
HES 42.86 -0.1 PVH Corp. PVH 70.21 -1.5 TravelportWorldwd TVPT 11.27 -2.8 FstTrISEGlblEngCon FLM 41.28 -2.9 MktVectorsIsrael ISRA 27.44 -1.4 WisdomTreeIntlHi DTH 35.21 -1.2 comScore SCOR 36.34 -4.8
FedPrmrMuni FMN 15.19 0.7 ChinaFund CHN 14.16 -2.1 Hess
HGG 2.11 -14.0 PacificDrilling PACD 0.63 -9.0 Tredegar TG 11.90 -2.4 FstTrISE NatGas FCG 3.85 3.1 MktVectorsJPMEMLC EMLC 16.60 -0.1 WisdmTrIntLgCp DOL 40.25 -1.3 ConatusPharma CNAT 2.25 -6.9
GabelliMultimedia GGTpB 26.84 -0.9 ChnGrn Agricult CGA 1.27 -8.6 HHGregg
TribuneMediaClA TRCO 31.31
HilltopHoldings HTH 17.21 -1.4 PackCpAm PKG 58.22 -2.1 0.2 FstTrMatAlpDX FXZ 26.06 -1.7 MktVecMngstrItl MOTI 24.97 -1.2 WisTreeJpnCapGds DXJC 22.32 -1.2 ContraVirPharm CTRV 1.14 -10.8
HSBCHldgPfd HSEA 27.15 0.8 ChinaLifeInsADR LFC 14.07 -1.4 TrinityIndustries TRN 21.32
HiltonWorldwide HLT 19.13 -0.5 PandoraMedia P 10.68 -1.7 -1.9 FTMidCapValue FNK 24.63 -0.2 MVNaturalRscs HAP 24.55 -1.5 WisTreeJpnRealEst DXJR 24.42 -2.9 CovenantTransportA CVTI 16.36 -5.8
InvescoMuniOpp VMO 13.45 0.1 ChinaYuchaiIntl CYD 10.01 -0.9
HondaMotorADR HMC 28.83 -2.1 ParkerDrilling PKD 1.54 ... TurkcellIletismADR TKC 8.00 -2.1 FTSTOXXEurSel Div FDD 11.56 -0.7 MktVectorsOilSvcs OIH 23.67 -2.1 WisTreeJpnTchMedia DXJT 24.29 -1.3 CowenGroup COWN 3.43 -3.1
NuveenCalAMT NKX 15.58 0.1 CimarexEngy XEC 80.61 0.6
HornbeckOffshore HOS 7.75 5.1 ParkerHannifin PH 90.33 -1.8 TurquoiseHillRscs TRQ 2.14 -1.4 FlexSharesCurrHdDM TLDH 22.70 -0.4 MktVecPoland PLND 12.20 -1.4 WisdmTrLrgCapVal EZY 59.56 -1.3 Crocs CROX 9.13 -4.5
PPLCapFundingNts PPX 26.55 1.0 CircorIntl CIR 35.90 -6.1 TutorPerini TPC 14.74
HostHotels&Resorts HST 14.49 -0.3 ParkwayProperties PKY 14.81 -1.7 -0.2 FlexSharesCurrHdg TLEH 22.14 -0.1 MktVecRussia RSX 13.33 -1.4 WisdmTrSCEarn EES 69.40 -2.0 CrossroadsCapital XRDC 2.71 -2.5
PartnerRePfdD PREpD 27.80 0.8 Citigroup C 46.03 -3.0
HudBayMinerals HBM 3.17 -4.8 PearsonADR PSO 9.97 -1.1 Twitter TWTR 19.60 -1.4 FlexGlbUpstmNatRsc GUNR 20.57 -1.2 MktVecSteel SLX 17.20 -2.1 WorkplaceEquality EQLT 24.94 -1.2 CumberlandPharm CPIX 4.42 -5.7
PIMCO MuniIII PMX 11.93 0.1 Clarcor CLC 44.94 -1.8 USG 21.68 -2.9
HudsonPacificProp HPP 25.68 -2.8 PengrowthEnergy PGH 0.65 0.3 USG FlexSharesIntlDiv IQDE 19.77 -0.7 MktVectorsUnconv FRAK 11.83 1.2 DISHNetworkClA DISH 53.66 -1.9
PIMCO NY PNF 12.14 0.2 CloudPeakEnergy CLD 1.74 0.5 UIS 9.74 -1.2 NYSE MKT highs - 5
HUN 9.23 1.5 PennVirginia PVA 0.21 -19.6 Unisys FlexSharesIntl IQDY 20.59 -1.4 MktVecUrNucEngy NLR 44.21 -0.5 DXPEnterprises DXPE 18.82 -3.5
PIMCO NYMuniIII PYN 10.72 1.6 ClubCorpHoldings MYCC 16.05 -2.5 Huntsman
HyattHotels H 41.23 -3.2 PennyMacFinSvcsClA PFSI 14.34 -0.4 Unit UNT 9.29 -4.8 FlexSharesIntlQual IQDF 19.96 -0.9 MeidellTacticalAdv MATH 26.28 -0.6 EtnVncMA MAB 15.20 0.2 DelTacoRestaurants TACO 9.68 -0.8
SouthernNts2015A SOJA 27.30 0.9 CobaltIntlEnergy CIE 4.20 -1.4 PenskeAuto PAG 34.82 -1.1 UtdParcel B UPS 91.21 -1.3 FlexMDevexUSFac TLTD 51.70
HysterYaleMatls HY 48.87 -1.4 -1.2 NashvilleAreaETF NASH 24.37 -1.3 EtnVncMI MIT EMI 13.34 1.3 Dennys DENN 9.00 -1.6
SunTrustBk pfA STIpA 23.52 0.4 CoeurMining CDE 2.25 -4.5 UNVR 15.00 -2.9
IMSHealthHoldings IMS 23.86 0.1 Pentair PNR 45.58 -1.8 Univar FlexSharesEmMktsFa TLTE 38.41 -1.7 OShFTSEAsiaPacQlty OAPH 24.19 -1.2 EtnVncOH MIT EVO 15.18 1.4 Derma Sci DSCI 3.64 -0.5
VoceraComms VCRA 14.58 5.8 Colfax CFX 20.26 -3.2 PerformanceSports PSG 8.04 -6.7 UAM 6.07 -3.2 FlexSharesSTOXXGlb NFRA 39.28 -0.7
ComcastHldg CCZ 40.60 -4.7 Invesco IVZ 30.06 -4.4 UnvlAm OShsFTSEEurQltyDiv OEUR 21.86 -1.1 EtnVncPA EIP 13.78 1.1 Donnelly RRD 12.78 -3.1
NYSE lows - 518 IRS 9.79 -1.8 Perrigo PRGO 140.20 -2.5 VF VFC 58.07 -2.1 GldmnSchsGSCnnct GSC 18.85 -0.3 OShFTSEEurQltyDiv OEUH 24.46 -0.9 NuveenNYMuni NYV 15.77 -1.3 DormanProducts DORM 43.32 -2.9
Comerica CMA 38.93 -1.7 IRSA GDR
PetroChinaADR PTR 58.37 -0.7 ValeADRClAPfd VALE/P 1.99 -4.7 GaveKalLeadersEM KLEM 21.15 -4.2
IMN 1.12 5.1 OppNavellOverA100 RWV 44.29 -3.4 EPIQSystems EPIQ 11.44 ...
ABBADR ABB 16.27 -1.7 EngGr-Cmg ADR CIG 1.15 -5.0 Imation
PIR 4.36 -7.0 VALE 2.60 -4.1 GlbCommodityEquity CRBQ 27.31 -0.2 NYSE MKT lows - 24
IndependenceContr ICD 4.09 -8.2 Pier 1 ValeADR OppenheimerRevWtd RTR 26.99 -1.8 EVINELiveClA EVLV 1.40 -4.7
ABMIndustries ABM 26.50 -0.5 COPELADR ELP 4.97 -4.4 Plantronics PLT 43.69 ... VRTV 32.56 -5.4 GlblXBrazilMidCap BRAZ 5.61 -0.2
HIFR 16.50 1.0 Veritiv OppenheimUltraDiv RDIV 26.26 -0.7 AbrdnAusEq IAF 4.80 -2.0 EchoStar SATS 35.05 -1.9
ACCOBrands ACCO 6.16 -1.1 CompassMnlInt CMP 70.07 -3.5 InfraREIT
PlyGemHoldings PGEM 10.42 -4.1 VirtusTotalRetFd DCA 3.56 -0.3
IntelsatPfdA IpA 10.53 0.5 GlblX ChEnrgy CHIE 9.47 -4.1 PowerSharesDBEnFd DBE 10.25 -0.8 AberdChileFd CH 5.27 -0.4 ElectroRent ELRC 8.73 -2.1
AMCEntHldg AMC 22.30 -1.1 CSC CSC 29.47 -2.7 PolarisIndustries PII 80.30 -2.4 VoyaEmgMkHiIncmDiv IHD 6.80 -0.9 GlblXChnaIndust CHII 11.08 -1.2 ElizabethArden RDEN 7.47 -5.6
Intelsat I 3.44 -0.3 PowerSharesDBOilFd DBO 8.04 -1.2 AmericanFarmland AFCO 6.60 -3.2
AMECFosterWheelADR AMFW 5.62 -2.4 ContainerStoreGrp TCS 4.02 -41.2 POL 28.05 -1.9 VoyaFinancial VOYA 32.31 -2.4 GlbXCopperMiners COPX 10.10 -1.2 EmpireResorts NYNY 14.14 -2.4
ContinentalBldg CBPX 15.21 -4.1 IBM IBM 131.32 -0.9 PolyOne PSDWAEmergingMkts PIE 13.81 -0.9 AsteriasBiotherap AST 3.12 -1.0
AVX AVX 10.75 -2.0 Praxair PX 97.33 0.1 VoyaGlbAdvantage IGA 9.92 -1.8 GlblXFTSEAndean40 AND 5.92 -0.5 PowerShDWANASDAQ DWAQ 68.45 -0.9 B2Gold EncoreCapitalGroup ECPG 24.06 -5.4
CorpBancaADR BCA 11.08 -0.1 InternationalPaper IP 35.78 -1.1 BTG 0.88 -7.8
Aaron's AAN 20.24 -1.6 PrecisionDrilling PDS 3.25 -3.2 VoyaIntlHiDiv IID 5.93 -1.0 GlblXFTSEGreece20 GREK 7.20 -1.1 PwrShsDynEngySec PXI 30.44 -0.4 BancroftFd BCV 17.49 -0.6 Endocyte ECYT 3.47 -1.7
Costamare CMRE 8.06 -3.6 IntraLinksHldgs IL 8.10 -2.7
Accuride ACW 1.26 -5.3 PrincipalFinancial PFG 40.04 -0.2 VoyaNaturalRscs IRR 5.09 -1.7 GlbXFertilizersPot SOIL 8.30 -1.2 PwrShrEmrgInfra PXR 24.95 -0.2 CVSL CVSL 0.81 -6.9 EnerNOC ENOC 3.31 -3.2
CRD/B 4.80 -3.0 IntrawestResorts SNOW 7.02 -1.9
AdamsDivEquityFd ADX 12.02 -1.2 Crawfrd B PrsprtyBc PB 42.51 -2.2 WABCO Hldg WBC 90.24 -3.1 GlbXJPMEfficiente EFFE 22.00 -0.9 PwrShsIntDivAch PID 12.40 -1.3 ContangoO&G MCF ENTG 11.41 -2.9
CreditSuisseADR CS 19.56 -3.3 IntrepidPotash IPI 2.35 -2.4 4.46 -11.1 Entegris
AdamsNaturalRscsFd PEO 16.30 -1.2 PrudentialFin PRU 72.86 -1.0 W&TOffshore WTI 1.90 ... GlbXMSCINigeria NGE 6.41 -3.3 PwrShrWtrRes PHO 19.83 -1.1 CoreMldTch CMT 10.01 -7.6 Enteromedics ETRM 1.38 8.6
CullenFrostBankers CFR 54.64 -1.7 InvenSense INVN 8.29 -8.7
AdvDrainageSystems WMS 20.61 -1.7 PrudentialADR PUK 39.71 -0.5 WEX WEX 76.58 -1.0 GlbXMSCIPakistan PAK 12.72 -1.5 PwrShsDynOil PXJ 10.39 -1.9 DocumentSecSys DSS ESND 29.45 -1.3
CypressEnergyPtrs CELP 6.91 -7.7 IronMountain IRM 25.51 -2.3 0.15 -2.0 Essendant
AegonADR AEG 5.14 -0.6 PulteGroup PHM 15.76 -2.0 Wabtec WAB 63.04 -1.8 GlbXNextEmerging EMFM 16.11 -1.2 PwrShsDynRtl PMR 34.71 -1.9 EvolutionPetroA EPMpA 19.00 -10.0 Euroseas ESEA 2.45 -2.8
DanaHolding DAN 12.41 -0.3 iStar STAR 10.90 -1.9
AerCapHoldings AER 36.62 -3.1 QuadGraphics QUAD 8.31 -8.4 WadlRed A WDR 24.44 -1.7 GlbXSciBetaAsiaXJ SCIX 19.85 -4.8 PwrShrETFEmgMk PXH 12.77 -0.7 FriedmanIndustries FRD EyegatePharm EYEG 2.17 -6.0
DeckersOutdoor DECK 44.21 -5.4 JanusCapitalGroup JNS 12.69 -1.3 5.11 -1.9
AerojetRocketdyne AJRD 13.98 -1.4 QuakerChm KWR 69.47 -0.8 WattsWater A WTS 44.83 -3.0 GlbXSuperDivEM SDEM 11.22 -0.4 PwrShrETFDvMkt PDN 24.33 -1.3 GoldResource GORO 1.55 -4.2 EzcorpClA EZPW 4.04 -12.2
DelEnhGlDivInc DEX 8.88 -0.9 JerniganCapital JCAP 13.79 -2.3
Aeropostale ARO 0.23 -8.0 RLJLodging RLJ 20.04 -3.6 WeatherfordIntl WFT 6.86 -5.0 GSActiveBetaEM GEM 23.10 -0.8 PwrShrAPac ex-Jap PAF 39.18 -6.2 GrupoSimecADR SIM 5.99 0.9 Federal-MogulHldgs FDML 5.42 -2.9
DenburyResources DNR 1.51 1.2 JohnsonControls JCI 35.28 -1.4
AffiliatedManagers AMG 134.04 -3.4 RackspaceHosting RAX 22.76 -1.4 WescoAircraftHldgs WAIR 10.56 -4.1 GSActiveBetaIntlEq GSIE 22.89 -0.8 PwrShrDevMkt ex-US PXF 33.73 -1.4 HC2Holdings HCHC 4.19 -4.7 FemaleHealth FHCO 1.22 -2.5
DeutscheBank DB 22.08 -2.7 JonesEnergyClA JONE 3.05 0.3
Agrium AGU 82.54 -1.2 9.49 -2.0 RadianGroup RDN 11.88 -5.6 WestlakeChemical WLK 47.24 -2.0 GugCnEngy ENY 6.10 1.1 PS KBW Cap Mkts KBWC 47.68 -1.7 LGLGroup LGL 3.42 -1.7 FifthStreetAssetA FSAM 3.14 -7.3
DevonEnergy DVN 27.45 1.6 JoyGlobal JOY
AirProducts&Chems APD 118.83 -0.5 Rayonier RYN 20.41 -2.4 WestRock WRK 41.74 -4.2 GuggenheimDJIADiv DJD 23.93 -0.8 PowerSharesS&PIntl IDHB 21.17 -4.6 Libbey LBY 19.58 0.3 FireEye FEYE 18.27 -3.6
DeVryEducation DV 20.55 -1.1 KBFinancialGrpADR KB 25.95 -0.9
AlcoaDepPfdB1 AApB 28.24 -0.5 RegalBeloit RBC 53.63 -1.7 Whirlpool WHR 135.26 -1.5 GugFrMkts FRN 10.11 -1.8 PwrShRuss1000EqWt EQAL 22.07 -0.8 Medgenics MDGN 4.62 -5.8 FirstTrCdaAlphaDEX FCAN 19.39 -7.2
DiamondResortsIntl DRII 22.14 -1.1 KB Home KBH 9.77 0.3
AlerepfB ALRpB 272.25 -2.4 KTADR KT 11.36 -2.3 Regal A RGC 17.36 -0.3 Wiley B JW/B 41.65 -1.2 GuggenheimS&P500Eq RYE 43.00 -0.5 PSRussell2000EW EQWS 29.34 -0.8 NavideaBiopharm NAVB 1.10 -5.0 FirstTrEmgMkLocal FEMB 39.10 -1.5
Alere ALR 35.66 -4.0 DiamndrckHspty DRH 9.07 -2.3 RestaurantBrands QSR 31.81 -1.8 Wiley A JW/A 41.63 -0.7 GugIntlMltyAst HGI 13.28 -0.4 PWSH SP500HiBeta SPHB 26.45 -1.6 RingEnergy REI FirstTrEurAlphaDEX FEP 27.67 -1.0
DianaShipping DSX 3.42 -10.1 K12 LRN 7.75 3.2 4.86 1.4
AlleghenyTechs ATI 9.44 -0.4 KSCitySo KSU 68.81 0.8 RestorationHardwr RH 69.52 -4.0 WilliamLyonHomes WLH 13.32 -1.7 GuggenheimMSCIEM EWEM 23.66 -1.0 PSS&PEmgMkLowVol EELV 18.99 -0.9 SeabrdCp SEB 2525.36 -3.0 FirstTrIdxGlbAgric FTAG 3.70 -0.3
AllisonTransmissn ALSN 23.89 -1.7 Diebold DBD 25.93 -2.8 Rexnord RXN 15.65 -3.1 Williams WMB 19.47 -1.5 GugMultiAstInco CVY 17.38 -0.8 ProSharesShtVIXST SVXY 39.40 -5.8 SifcoInd FTRBAQualityIncm QINC 19.12 -1.3
DDS 60.66 -5.2 KateSpade KATE 16.44 -3.7 SIF 7.75 -12.5
AllyFinancial ALLY 16.80 -3.0 Dillards
Kennametal KMT 17.07 -0.5 RioTinto ADR RIO 25.00 -2.9 WillmSnoma WSM 54.51 -3.2 GuggS&PGlbl LVL 8.11 -0.9 PSUltBloombergCrd UCO 9.82 -2.3 SynergyResources SYRG 6.00 -8.1 FTSSIStratCvSec FCVT 23.94 -1.0
AlpineTotDynDiv AOD 7.28 -1.6 DiscoverFinSvcs DFS 49.88 -1.2 RobHalfIntl RHI 43.70 -2.5 WinthropRealtyTr FUR 12.82 -1.1 GuggenheimS&PHiInc GHII 20.25 -3.5 FirstTrUKAlphaDEX FKU 37.46 -0.9
KennedyWilson KW 20.71 -4.5 ProShUltFTSEEurope UPV 34.84 -1.2 WidePoint WYY 0.58 -3.9
AmericaMovilADR AMX 12.12 -4.3 Domtar UFS 33.32 -0.8 Rogers ROG 43.46 0.5 WolverineWorldWide WWW 15.70 -4.1 GuggenheimShipping SEA 11.23 -1.5 ProShXinhuaChina25 XPP 38.61 -2.0 FlexSharesRealAsst ASET 23.33 -0.7
DCI 26.28 2.5 KenonHoldings KEN 9.25 -2.6
AmericanAxle AXL 15.82 -1.1 Donaldson
DouglasDynamics PLOW 18.44 -5.0 KeyCp KEY 11.89 -2.1 RoseRockMidstream RRMS 12.90 -1.3 WooriBankADR WF 20.78 -1.4 IQ CndaSmCap CNDA 11.26 -2.1 ProShrsUltBrzl UBR 21.62 ... Nasdaq highs - 14 FogodeChao FOGO 13.81 -1.1
AmEagleOutfitters AEO 13.15 -16.6 KeysightTechs KEYS 25.32 -2.9 RowanCos RDC 14.08 -2.7 XeniaHotels XHR 14.25 -2.7 IQ50%HdgFTSEEur HFXE 16.89 -0.2 ProSharesUltraMSCI EFO 79.22 -1.9 AmerIndep AMIC 14.95 -0.7 FossilGroup FOSL 29.90 -6.7
AmerprsFncl AMP 94.75 -2.3 Ducommun DCO 14.62 -2.9 RoylBkCan RY 49.42 -0.8 YirendaiADR YRD 6.62 -3.4 IQGlobalResources GRES 20.09 -1.2 FREE 0.01 -11.7
KilroyRealty KRC 58.94 -1.6 ProShrUMdCp400 MVV 59.09 -2.7 BurconNutrascience BUR 3.99 123.9 Freeseas
AmphenolClA APH 46.50 -1.5 DunBradst DNB 94.76 -1.6 RoyalBkScotlandADR RBS 8.16 -1.7 Zoe'sKitchen ZOES 25.44 -1.9 IQLeadersGTAATrkr QGTA 19.81 -4.4 ProShrUlOilGas DIG 25.60 -2.5 ChicopeeBanc CBNK 18.25 1.6 FullCircleCapital FULL 2.35 -0.1
E 27.55 -2.3
Kindred KND 10.12 -3.7
AnixterIntl AXE 51.92 -3.0 ENIADR
Kirby KEX 46.42 -0.3 RoyalDutchADRA RDS/A 40.27 -4.1 ZweigFund ZF 12.27 -1.4 iPathAIGCarbon GRN 7.88 -2.7 ProShsUltraOil&Gas UOP 17.79 0.8 E-compassAcqnRt ECACR 0.25 27.2 G&KServicesClA GK 58.25 -0.9
Apache APA 35.07 0.3 ENSCO ESV 12.58 -1.7 RoyalDutchADRB RDS/B 39.60 -5.6 iPathGSCrdOil nts OIL 5.64 -1.9 ProShrUltraRus UWM 66.94 -3.5 Equinix GSITechnology GSIT 3.60 -1.6
Knoll KNL 17.45 -1.7 NYSE Arca highs - 21 EQIX 312.29 2.1
ApolloGlobalMgmtA APO 13.99 -3.8 EOG Res EOG 64.77 0.1 RycMcroCap RMT 6.83 -1.6 iPathPBBroadCmod BCM 22.93 -0.2 ProShrUlSmC600 SAA 45.78 -1.4 HookerFurniture HOFT 30.51 -3.1 GTXI 0.58 -7.5
ESCO Tech ESE 32.70 -2.4
Knowles KN 12.62 -0.6 GTX
ArcelorMittalADR MT 3.44 -7.8 KosmosEnergy KOS 4.30 -0.7 RoyceValTr RVT 10.71 -2.4 DBBaseMtlsShrtETN BOS 39.22 1.7 iPat PBCrudeOil OLEM 13.42 -2.5 ProShrsRusl2000 URTY 57.47 -5.0 MBTFinancial MBTF 7.35 1.0 GWPharmADR GWPH 59.52 -3.2
ArcelorMittalNotes MTCN 5.25 -8.5 EagleMaterials EXP 54.89 -1.7 RubyTuesday RT 4.52 4.6 DBCrudeOilDblShrt DTO 197.50 2.2 iPathPBS&PGSCIWt SBV 18.48 -2.4 GalectinTheraptcs GALT 1.40 -8.3
KratnPrfmcPlymr KRA 15.28 -1.2 PureFdsISEJrSilver SILJ 4.99 -1.7 MeetMe MEET 4.54 8.2
Archrock AROC 5.95 0.2 EastmanKodakWt125% KODK/WS 1.50 -27.0 RyderSystem R 50.47 -2.8 DBCrudeOilShortETN SZO 104.00 1.3 iShA/PDividend DVYA 35.98 -1.2 RealityDIVCONLdrs LEAD 23.20 -0.4 NaturalAlternative NAII 11.25 5.6 GalenaBiopharma GALE 0.66 -15.0
KronosWorldwide KRO 4.77 -3.8
Argan AGX 28.85 -1.6 EastmanKodak KODK 10.42 -4.7 RymanHospitality RHP 47.61 -1.4 DirexnCyberBear2X HAKD 49.12 14.0 iShCommOptimized CMDT 31.31 0.4 SPDREUROSTOXX50 HFEZ 32.55 -0.7 SimulatnsPls SLP 10.64 2.6 GenoceaBiosciences GNCA 4.11 -5.3
KyoceraADR KYO 43.43 -0.8
ArmstrongWInd AWI 42.35 -1.6 EatonCorp.PLC ETN 49.06 -1.1 SEACORHoldings CKH 45.16 -1.9 DirexionHlthcrBr3X SICK 45.20 5.6 iShCoreMSCIEAFEETF IEFA 50.80 -1.3 SPDREUROSTOXXSC SMEZ 45.46 -0.8 SoundFinBancorp SFBC 23.54 4.0 GEVO 0.49 -3.6
LaQuintaHoldings LQ 11.80 -1.8 Gevo
ArtisanPtrsAsset APAM 31.67 -1.7 EatonVance EV 28.74 -2.0 SKTelecomADR SKM 18.87 -3.4 DirexionS&PBioBr1X LABS 45.77 13.5 iShCoreMSCIEmgMk IEMG 36.23 -1.0 SPDRMFSSysValueEqu SYV 49.50 -4.1 SouthrnFrst SFST 24.60 1.3 GlbEagleEnt ENT 9.10 0.2
LaZ Boy LZB 22.49 -0.9
AsburyAutomotive ABG 53.12 -4.1 EcopetrolADR EC 6.12 -1.0 SM Energy SM 15.43 1.3 DirexnS&POil&GasBr DRIP 112.43 -1.1 iShCoreMSCIEurope IEUR 39.46 -1.1 SPDRACWILowCarbon LOWC 66.38 -1.8 WshgtnFirstBksh WFBI 24.28 -1.1 GlbPartnerAcqnUn GPACU 9.90 -0.1
LaSalleHtl LHO 23.41 -1.6
AshfordHospitality AHT 5.54 -2.6 EmergeEnergySvcs EMES 3.45 -9.2 SPXC 7.99 -5.6 DrxSmlCapBear 3x TZA 56.95 5.2 iShCoreMSCITotInt IXUS 46.04 -1.2 SPDRMSCIAUQuality QAUS 40.23 -0.7 WebMD Htlh WBMD 53.71 2.8 GreatBasinScien GBSN 0.44 -10.6
LazrdGlblFd LGI 11.96 -1.0 SPX
AsiaTigersFund GRR 8.50 -1.0 Encana ECA 4.60 3.8 Lazard LAZ 37.43 -4.0 SPXFLOW FLOW 23.55 -3.0 iShiBondsDec2018Cp IBDH 26.20 ... iShCurrHdgIntlHY HHYX 23.88 -1.0 SPDRMSCICdaQuality QCAN 41.86 -1.8 GrtLksDrdgDck GLDD 3.43 -0.9
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BHPBillitonADR BHP 21.93 -2.2 Energen EGN 35.18 -0.9 LeggMason LM 35.24 -1.9 SafeguardSci SFE 13.00 -1.4 iSh2019AMTFrMuniBd IBMH 25.98 0.6 iShCurHdgMSCIItaly HEWI 20.51 -0.3 SPDRMSCIEM50 EMFT 34.04 -5.8 ADMABiologics ADMA 6.97 -6.2 GreenBrickPartners GRBK 5.97 -4.3
BHPBillitonADR BBL 18.96 -3.1 EnergizerHoldings ENR 31.78 -3.5 LexingtonRealtyTr LXP 7.65 -3.2 SanchezEnergy SN 3.30 -1.6 ProShrShrtRus RWM 67.34 1.7 iShCurHdgMSCISpain HEWP 19.09 -1.2 SPDRMSCIEmgQuality QEMM 43.95 -0.4 AMAG Pharm AMAG 23.01 -6.1 HSN HSNI 47.88 -4.6
BPADR BP 28.84 -1.8 EngyTrnsfrEqty ETE 9.74 2.5 LibtyASG ASG 4.19 -1.2 SanofiADR SNY 40.31 -2.1 ProShrShrtRusl2000 SRTY 37.15 5.4 iShCurHdgMSCISwitz HEWL 22.86 -4.3 SPDRRussell2000ETF TWOK 61.43 -1.9 ASMLHolding ASML 80.13 -2.7 HTGMolecularDiagn HTGM 3.70 -1.3
BakerHughes BHI 41.38 -2.2 Enerplus ERF 2.63 -1.8 LincolnNtnlWt LNC/WS 36.50 -2.8 SantanderCnsmrUSA SC 13.94 -2.3 PSUltBloomCrudeOil SCO 167.92 2.1 iShIntlSelDividend IDV 26.60 -0.9 SPDRRuss1000LowVol ONEV 56.15 -1.0 Actua HalladorEnergy HNRG 4.38 -1.3
BancoBilbaoVizADR BBVA 6.69 -2.3 EnersisADR ENI 10.93 -0.3 ACTA 9.80 -1.1
LincolnNational LNC 44.12 -2.5 SasolADR SSL 23.74 -1.5 PrShrsMidCp MZZ MZZ 46.23 2.8 iShTransportAvg IYT 124.43 -0.7 SPDRRuss1000Mom ONEO 55.81 -5.9 AegerionPharm AEGR 8.28 -3.9 HansenMed HNSN 1.92 -1.4
BancoBradescoPfADR BBD 4.37 -2.2 EnovaInternational ENVA 5.77 -2.7 M&T Bnk MTB 109.96 -2.1 Schlumbgr SLB 64.89 -1.7 ProShsUltShOil&Gas SOP 42.95 -2.0 iShU.S.EnergyETF IYE 31.34 -1.3 SPDRRuss1000Yd ONEY 55.11 -6.1 Affimed Harmonic HLIT 3.45 -2.0
BancoBradescoADR BBDO 4.80 -4.8 ENV 25.38 -2.1 AFMD 5.05 -7.7
Envestnet MDC Hldgs MDC 22.35 -4.1 ScorpioTankers STNG 6.44 -2.7 ProShrUlShtRus TWM 46.10 3.5 iShUSOilEquip&Svcs IEZ 31.90 -2.1 SPDRS&PEmgLatAmer GML 32.29 -0.2 AixtronADR AIXG 3.65 -7.8 HaynesIntl HAYN 32.41 -3.2
BcoSantChileADR BSAC 16.73 -1.7 EverBankFin EVER 14.98 -3.0 MGIC Inv MTG 7.84 -3.5 SeaDrill SDRL 2.75 -1.7 ProShrUlShtSmC600 SDD 42.99 3.2 iShUSOil&GasExpln IEO 48.06 -0.7 SPDREmMktsDiv EDIV 21.85 -0.5 AkamaiTechnologies AKAM 48.05 -0.2 HlthStrm HSTM 19.64 -3.9
BancoSantanderADR SAN 4.27 -2.9 ExtendedStayAmer STAY 14.40 -1.0 MagnaChipSmcndctr MX 3.99 -4.5 Seaspan PfdC SSWpC 23.93 -0.2 MktNtrlAnti-Beta BTAL 21.72 0.4 iShEmgMktDividend DVYE 27.60 -0.7 SPDRS&P500FossFree SPYX 46.55 -1.6 Alico HerculesOffshore HERO 1.79 -2.2
BankofAmericaClAWt BAC/WS/A 4.86 -4.1 FMCTechnologies FTI 25.98 -3.1 ALCO 35.02 -2.1
MarathnOil MRO 9.86 -3.0 SempraEnergy SRE 86.72 1.0 UntdStsShrtOil DNO 91.53 1.1 iShEnhancedUSLC IELG 29.62 -1.4 SPDRS&P500HiDiv SPYD 28.07 -0.8 AllegianceBcshs ABTX 21.83 -0.6 HerzfeldCaribBasin CUBA 6.00 -0.6
BarclaysADR BCS 11.66 -2.1 FairmountSantrol FMSA 1.89 5.1 Marcus&Millichap MMI 25.91 -1.5 SensataTech ST 39.57 -0.7 VelocityShares3x DWTI 282.76 3.0 iShEnhancedUSSC IESM 27.56 -1.4 SPDRS&PGlbDividend WDIV 53.83 -0.9 AllegiantTravel ALGT 147.49 -1.9 HubGroupClA HUBG 30.13 -0.7
BarnesGroup B 32.19 -1.2 FederatedInvestors FII 25.91 -2.0 MarinSoftware MRIN 3.00 1.6 ShakeShackClA SHAK 33.91 -3.6 iSharesEuropeETF IEV 37.47 -1.0 SPDRS&PGlbInfr GII 39.32 -0.9 AmbacFinGroup AMBC 12.19 -1.7 JBHunt JBHT 68.05 -1.1
BarracudaNetworks CUDA 10.52 -34.7 Felcor FCH 6.42 -0.5 MasoniteIntl DOOR 57.43 -2.0 ShawCom B SJR 16.40 -1.0 NYSE Arca lows - 321 iShFactorMSCIUSASC SMLF 27.61 0.1 SPDRS&PGlbNatRes GNR 29.46 -1.5 AmbacFinGroupWt AMBCW 4.89 -3.3 Iberiabank IBKC 50.09 -1.5
BasicEnergySvcs BAS 1.79 -1.0 Ferrari RACE 43.11 -7.6 MatadorResources MTDR 14.93 -2.3 ShinhanFinADR SHG 31.41 -1.0 ALPSIntlDivDogs IDOG 21.74 -0.9 iShFloatingRateBd FLOT 50.29 ... SPDRS&PHlthCareEqp XHE 41.72 -0.8 Ambarella IconixBrandGroup ICON 5.33 -9.0
FOE 9.48 0.9 AMBA 44.61 -10.6
BeazerHm BZH 9.65 -5.9 Ferro Materion MTRN 24.33 -2.1 SonicAuto A SAH 19.08 -4.9 AdvisorAthenaHiDiv DIVI 13.86 0.4 iShIntRtHdgCorpBd LQDH 90.70 -0.1 SPDRS&PNAmNatlRscs NANR 23.72 -1.5 AmericaMovilClAADR AMOV 12.07 -4.7 InnophosHoldings IPHS 25.92 -0.8
Belden BDC 39.49 -1.9 FiatChrysler7.875 FCAM 69.98 -1.3 MensWearhs MW 12.04 -8.2 Sothebys BID 21.65 -2.3 ArrowDowJonesGlbYd GYLD 16.38 -0.5 iShIRHdg10+ CLYH 23.42 -0.9 SPDRS&POil&GasEq XES 15.22 -1.9 AmericanCaresource GNOW 0.31 -10.2 InovalonClA INOV 15.57 2.7
Belmond BEL 8.17 -2.7 FidNtlFnl FNF 32.31 -2.7 MercuryGen MCY 42.98 -2.6 SouthcrossEnPtrs SXE 1.19 -50.4 BarcETNFIEnhEur50 FEEU 79.95 -3.6 iShLatinAmerica40 ILF 19.33 -1.0 SPDRS&PTransport XTN 39.19 -1.2 AmericanPubEdu APEI 16.22 -1.9 InsightEnt NSIT 23.00 -3.8
BenchmkElec BHE 18.73 -0.6 FidelityNtlInfo FIS 58.04 -1.8 Meredith MDP 38.64 1.1 Sparton SPA 18.13 0.4 Barrons400ETF BFOR 27.82 -1.5 iShMSCIAllPeruCap EPU 19.13 -0.9 SPDRSSgAGlbAll GAL 31.72 -0.8 AnalogDevices ADI 49.98 -0.9 InteractiveIntel ININ 27.26 -2.7
BigLots BIG 36.87 -1.5 FirstBanCorp FBP 2.97 -3.9 MeritageHomes MTH 28.45 -5.6 StJudeMedical STJ 58.01 -0.5 CSOPMSCIChinaAInt CNHX 27.70 -5.3 iShMSCIAustralia EWA 16.86 -1.5 SchwEmrgMktEq SCHE 17.89 -0.9 Andersons ANDE 29.17 -0.3 InterceptPharm ICPT 133.50 -1.0
BiglariHoldings BH 321.00 -0.5 FirstDataClA FDC 14.01 -3.1 Meritor MTOR 7.12 -0.8 StateSt STT 58.53 -2.6 CambriaGlbValue GVAL 16.91 -0.8 iShMSCIBRICETF BKF 26.71 -1.0 SchwabFundEmgLrg FNDE 16.87 -1.1 AngioDynamics ANGO 10.39 -6.0 InterNAP INAP 5.37 -6.1
BlkRkEngyResTr BGR 11.60 -0.5 FTDynamicEurope FDEU 16.19 -2.0 MetaldynePerform MPG 16.01 -2.4 StatoilADR STO 12.31 -2.7 ColumbiaSelLCValue GVT 39.64 -0.3 iShMSCIBrazilCap EWZ 19.07 -0.5 SchwabFundIntLrgCo FNDF 22.19 -1.2 AntaresPharma ATRS 1.04 -5.4 IntlMultiAssetDiv YDIV 15.16 0.6
BlackRckRscComStr BCX 6.49 -0.9 Flowserve FLS 37.98 -3.2 MetLife MET 41.96 -1.1 SteelPartnersHldgs SPLP 14.75 -1.3 CurShsBritPnd FXB 142.03 -0.6 iShMSCICanadaETF EWC 20.02 -0.4 SchwIntlEqty SCHF 25.74 -1.2 ApogeeEnt APOG 38.81 -4.0 InterpaceDiagnostics IDXG 0.31 -5.3
BlackstoneGroup BX 25.46 -3.3 ForestarGroup FOR 9.49 -3.3 MidSoBcp MSL 8.50 -1.3 Steelcase A SCS 13.36 -3.5 CurShsCanDlr FXC 70.11 -0.4 iSharesMSCIEAFEETF EFA 54.84 -1.2 SchwIntSmCpEq SCHC 27.17 -1.1 ApolloEducGrpClA APOL 6.47 -1.6 IntervalLeisureGrp IILG 13.64 -1.4
BoiseCascade BCC 20.69 -4.1 FranklinResources BEN 33.54 -1.2 MidstatesPetroleum MPO 1.46 -6.8 StewInfo STC 34.08 -3.0 DeutscheXAllChina CN 27.21 -0.7 iShMSCIEmgMarkets EEM 29.50 -1.1 SPDR DJMCap RSCO 71.72 -0.7 ApproachResources AREX 1.22 -4.9 Inventure SNAK 5.94 -6.2
BorgWarner BWA 36.52 -2.9 Freeport-McMoRan FCX 5.36 -3.6 MineralsTechs MTX 39.15 -1.4 StifelFinancial SF 36.42 -2.3 DeutscheXMSCIAWxUS DBAW 21.50 -1.1 iShMSCIEurozoneETF EZU 32.76 -0.9 SPDR DJRlEst RWX 36.98 -1.4 Aradigm Invuity IVTY 7.85 -6.0
GAMCOInvestorsClA GBL 28.31 -1.0 ARDM 3.48 0.8
BostonBeerClA SAM 177.02 -7.6 MiXTelematicsADR MIXT 3.95 -2.9 Stillwater SWC 7.15 -6.2 DeutscheXAllxUSHiD HDAW 21.38 -1.3 iShMSCIFranceETF EWQ 22.67 -0.8 SPDR EurSTOXX FEZ 31.95 -1.0 AratanaTherapeutic PETX 3.57 -7.1 iShCommodSelStrat COMT 26.72 -0.6
BridgepntEdu BPI 6.68 -1.6 GATX GMT 37.45 -0.6 MobileTeleSysADR MBT 5.20 -2.8 STMicroelectronics STM 6.01 -3.7 DeutscheXEAFEHiDiv HDEF 21.40 -4.0 iShMSCIFrontier100 FM 23.72 -1.7 SPDR MSCI exUS CWI 28.69 -1.1 ArbutusBiopharma ABUS 3.98 -2.0 iShEurDevRealEst IFEU 35.36 -0.4
Bristow BRS 21.04 -3.1 GOLLinhasADR GOL 0.41 -5.0 ModineMfg MOD 6.89 -5.5 StonegateMortgage SGM 4.46 -2.2 DeutschexRuss1000 DEUS 23.54 -1.5 iShMSCIGloblEnProd FILL 15.25 -1.0 SpdrSPIntDiv DWX 31.05 0.1 ArcadiaBiosciences RKDA 2.42 -9.3 iShGlbTimber WOOD 43.84 -1.8
BrookfieldMgt BAM 28.34 -1.1 GabelliTr GAB 4.92 -1.2 MorganStanley MS 28.30 -2.1 Stryker SYK 87.68 -0.6 DirexnBrazilBull3X BRZU 8.99 -1.5 iShMSCIGlbMet&MnPr PICK 7.42 -1.2 SPDR S&P IntEngy IPW 13.84 -1.4 ArcBest iShIntlDevRealEst IFGL 26.44 -1.6
ARCB 18.58 -3.2
BrookfieldGlb INF 10.76 -1.5 Gallagr AJG 38.25 -1.1 MS ChinaShrFd CAF 16.75 -3.9 SummitHotelProp INN 10.75 -0.6 DirexnCyberBull2X HAKK 29.77 -6.1 iShIntlDevQuality IQLT 23.52 -1.1 SPDR S&P IntMtrls IRV 15.55 -0.6 ArchrockPartners APLP 10.08 -4.0 iShMSCIACWIexUSETF ACWX 36.77 -1.0
BrookfieldInfr BIP 33.27 0.9 Gap GPS 22.63 -14.3 Mosaic MOS 24.77 -2.4 SummitMaterialsClA SUM 16.32 -3.3 DrxDevMktBull 3x DZK 40.49 -3.9 iShMSCIMalaysiaETF EWM 7.27 -1.0 SPDR S$P Russ RBL 12.68 -1.0 ArcticCat iShMSCIEmgMktLA EEML 22.27 -2.8
ACAT 14.22 -4.2
Brunswick BC 45.43 -2.1 Gener8Maritime GNRT 7.86 -3.3 MurphyOil MUR 19.18 -0.6 SuncorEnergy SU 23.41 -0.6 DrxEmMktBull 3x EDC 8.79 -3.2 iShMSCIMexicoCap EWW 45.34 -1.5 SPDR S&P BRIC BIK 16.98 -0.7 AriadPharm ARIA 5.25 1.1 iShMSCIEuropeFinls EUFN 18.70 -1.1
BuckleInc BKE 28.14 -6.5 GenAmInv GAM 29.31 -1.3 NCR NCR 20.84 -4.3 SunstnHtlInv SHO 11.63 -0.7 DrxEnrgBull 3x ERX 18.45 -4.4 iShMSCINetherlands EWN 22.34 -1.1 SPDR SP EmMkt GMM 47.93 -0.9 ArrayBioPharma ARRY 3.63 -3.2 iShr S&P EmMkt EMIF 25.02 -1.1
BuildABear BBW 10.75 -3.9 GenDynam GD 129.87 -0.5 NLIndustries NL 2.54 -4.8 SprEngy SPN 10.90 -3.1 DirexionChBull3X YINN 12.60 -2.9 iShMSCIPacificxJp EPP 34.78 -1.3 SPDR SP EmMEA GAF 45.12 -1.2 AscendisPharmaADR ASND 14.15 -13.0 Isramco ISRL 81.75 -0.2
CAIInternational CAI 7.95 -1.7 GeneseWY A GWR 46.31 -4.3 NaborsIndustries NBR 6.92 -3.0 SwissHelvFd SWZ 10.06 -0.4 DirexFTSEEurBull3x EURL 19.88 -4.0 iShMSCIPolandCap EPOL 16.45 -1.4 SPDR S&P Home XHB 30.99 -1.7 AscentCapGrpA ASCMA 14.85 1.0 KBSFashionGroup KBSF 2.00 -0.6
CBL Assoc CBL 11.61 -3.5 GenesisHealthcare GEN 3.19 -0.6 NtlOilwellVarco NOV 29.68 -2.6 TCFFinancial TCB 12.80 -2.1 DrxFinancBull 3x FAS 23.18 -4.7 iShMSCIRussiaCpd ERUS 10.28 -1.5 SPDR S&P MtlMng XME 13.81 -2.7 AtlAlliancePtnrshp AAPC 9.98 1.0 KCAPFinancial KCAP 3.67 -0.3
CBRE Group CBG 30.64 -1.1 GenuineParts GPC 78.45 -2.9 NaviosMaritime NNA 2.48 -2.7 TELUS TU 26.34 -1.1 DirexnHmbldrBull3X NAIL 19.81 -4.8 iShMSCISouthAfrica EZA 41.15 -2.1 SPDRS&POilGasExpl XOP 27.07 0.5 AvalancheBiotechno AAVL 7.17 -3.1 KEYWHolding KEYW 4.96 -1.4
CDI CDI 5.56 -2.5 GenworthFinClA GNW 3.04 -2.8 NaviosMaritimPfADR NMpG 5.51 -1.2 TERNIUMADR TX 11.00 -2.7 DrxDlLtAmBull 3x LBJ 9.05 -3.0 iShMSCISpainCapped EWP 26.41 -0.9 SPDR S&P Retail XRT 40.89 -3.0 AviatNet KLX KLXI 27.66 -3.8
AVNW 0.66 -6.9
CEB CEB 56.09 -0.4 GerdauADR GGB 0.90 -2.7 NaviosMartm NM 0.98 -9.1 TIMPartADR TSU 7.51 -6.2 DirexionMSCIEurCur HEGE 30.13 -8.7 iShMSCISwedenETF EWD 27.07 -0.7 SPDR S&P exUS GWL 24.06 -1.4 AvisBudget CAR 29.92 -2.7 KVH Ind KVHI 8.49 -5.5
CIT Grp CIT 36.50 -1.9 GlobalNetLease GNL 7.10 -4.3 NaviosMaritimeMid NAP 8.22 -16.7 TRIPointeGroup TPH 10.65 -4.5 DXNDlyNatGas3XBl GASL 3.82 7.7 iShMSCISwitzerland EWL 29.18 -1.5 SPDR STOXX Eu50 FEU 29.67 -1.3 B/EAerospace BEAV 39.81 -0.6 KaryopharmTherap KPTI 9.36 -5.1
CNAFinancial CNA 33.36 -1.7 GlblPwrEquipment GLPW 3.15 -5.9 NaviosMaritime NMM 2.36 -4.8 TaylorMorrisonHome TMHC 13.68 -3.2 DirexRgBanksBull3X DPST 24.79 -7.1 iShMSCITurkeyETF TUR 34.03 -2.7 TrimTabsIntlFrCash FCFI 20.09 ... BINDTherapeutics BIND 1.80 10.3 KeyTronic KTCC 6.85 -4.7
CNHIndustrial CNHI 6.20 -1.4 GoodrichPetroleum GDP 0.19 -16.4 NavistarIntl NAV 7.55 -1.0 TeledyneTechs TDY 82.51 -2.0 DirexionDailyRusBl RUSL 8.37 -4.8 iShMSCIUK EWU 15.00 -0.7 USCFStockSplitIndx TOFR 14.17 -1.7 Bazaarvoice BV 3.81 -4.7 KimballElectronics KE 9.50 -4.6
CNOOCADR CEO 95.06 -2.2 GovtPropIncoTr GOV 14.62 -3.3 NetSuite N 77.90 -1.7 TelefonicaBrasADR VIV 8.10 -2.5 DirexnS&PBiotechBl LABU 13.20 -6.6 iShMSCIEAFEValue EFV 43.12 -1.4 USBrentOilFd BNO 10.76 -1.1 BedBath BBBY 45.44 0.3 Kopin KOPN 2.26 -8.5
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CndNatRes CNQ 18.92 -1.2 GrphPackHldg GPK 12.09 -1.9 NomuraHoldingsADR NMR 5.18 -3.7 TenarisADR TS 21.41 -2.1 DirexionValLnS&MC VLSM 21.46 -0.7 iShMicro-CapETF IWC 65.99 -2.0 US12moOilFd USL 15.46 -0.6 BioDeliveryScience BDSI 4.21 -4.1 LeggMasonUSDivCore UDBI 23.74 -0.6
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CapOneFnl COF 64.07 -1.3 Gp1Auto GPI 59.58 -5.1 NordicAmerOffshore NAO 4.26 -0.9 Tennant TNC 52.91 -1.2 ETRACSMly2xDJRlEst RWXL 26.03 -2.9 iShGlobalMaterials MXI 41.67 -0.6 VangdSmCapValue VBR 92.16 -1.4 BlackBox BBOX 7.39 -7.2 LibertyGlobalClB LBTYB 38.81 -2.8
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CapSrLvng CSU 18.85 -1.3 Gulfmark GLF 3.06 -2.2 NorthStarAssetMgmt NSAM 10.41 -3.7 Textainer TGH 11.85 -2.5 ETRACSMnly2xLevISE HOML 16.20 -6.6 iShIntlPfdStock IPFF 14.93 -1.8 VanguardFTSEEmgMk VWO 29.96 -0.9 BldrsEur100 ADRU 19.30 -0.2 LibertyInteractQVC QVCB 25.24 -4.3
Carlisle CSL 80.52 -0.4 HCIGroup HCI 31.39 -3.3 NorthStarRealty NRF 14.88 -3.0 Textura TXTR 18.71 -3.1 ETRACSS&P500VEQ VQTS 19.67 -0.6 iSharesGlobalInfra IGF 34.30 -0.4 VanguardFTSEEurope VGK 46.66 -0.9 BloominBrands BLMN 15.69 -0.2 Limoneira LMNR 13.58 -2.1
VangdAllWldxUS VEU 40.38 -1.2 Blucora BCOR 8.63 -7.3 LnclnElec LECO 49.30 -1.3
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Online>> VanguardS&PSmCp600 VIOO 92.05 -1.7 BluStrTABIGIIsrael ITEQ 22.75 -0.7 Lionbridge
VelocityShares3x UWTI 2.69 -3.2 BravoBrioRestr BBRG 7.77 -4.8 LiquiditySvcs LQDT 5.88 -3.1
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LivePerson LPSN 6.16 -6.9
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
52-week highs and lows are
updated hourly at
WSJMarkets.com. Lists for
WBITacticalLCV WBIF 21.77 -1.1 CSICompressco CCLP
WBITacticalLCY WBIG 20.78 -0.9 CSX
WBITacticalSMG WBIA 21.07 -1.5 CYREN
9.19 -0.5
CSX 23.43 -0.6
CYRN 1.45 -5.8
LombardMedical EVAR 1.01 -11.4
LoncarCancerETF CNCR 24.25 -1.7
LumosNetworks LMOS 10.38 -2.7
WBITacticalSMS WBID 20.25 -1.1 CaesarsAcqnClA CACQ 4.60 -2.7
WBITacticalSMV WBIB 21.36 -1.2 CaladriusBiosci CLBS 0.40 -25.7 MTSSystems MTSC 54.29 -3.5
each market are available free, MagellanPetroleum MPET 0.44 -7.7
WBITacticalSMY WBIC 20.50 -1.0 CalamosGlblTot CGO 10.79 -0.8
PUBLIC NOTICES along with easy access to WilshireMicroCap WMCR 23.79 -1.0 Camtek CAMT 1.95 -1.0 MarinePetroleumUn MARPS 4.00 -2.7
charts and headlines. WMELocalDebt ELD 33.45 -0.4 CancerGenetics CGIX 2.67 -2.5 Continued on Page B9

   

       
  ADVERTISEMENT
Borrowing Benchmarks
      

  
  

Money

 
 
            Showroom Rates
January 8, 2016
             !    ! To advertise: 800-366-3975 or WSJ.com/classifieds
"    #   $ !       Key annual interest rates paid to
borrow or lend money in U.S. and
 #   !!  "             LEASE international markets. Rates below
#     %  "  & '! ( ) *** + ,)/: are a guide to general levels but

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SHOWROOM Secondary market
Fannie Mae
ADVERTISE TODAY 30-year mortgage yields
   ! "#$% MAKES AND MODELS (800) 366-3975 30 days 3.467 3.582 3.750 3.024
3.497 3.618 3.788 3.080
&' $ "
( )
60 days
FOR LEASE sales.showroom@wsj.com
Notes on data:

* +, -'  We offer all current makes & models
- for less.
Place an ad with the self-service tool at:
wsj.com/classifieds
U.S. prime rate is effective December 17, 2015.
U.S. prime rate is the base rate on corporate
.0 '12  Zero Down. Call 7 days. © 2015 Dow Jones & Company, Inc.
loans posted by at least 70% of the 10 largest
U.S. banks; aren’t directly comparable; lending

( )%
( ) 34445 Nationwide delivery. All Rights Reserved. practices vary widely by location. Complete
877.989.1500 Money Rates table appears Monday through


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Friday.
www.LEASEFAX.com Sources: Bureau of Labor Statistics; SIX Financial
Information
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 9 - 10, 2016 | B9

MUTUAL FUNDS
Explanatory Notes Data provided by Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
Top 250 mutual-funds listings for Nasdaq-published share classes with FF2030 14.38 -0.14 -5.5
net assets of at least $500 million each. NAV is net asset value. Growth A p 69.10 -0.63 -5.8 John Hancock Instl TRBdPlan +0.01 0.5 ParnEqFd
10.05 34.88 -0.32 -5.7 BalAdml 28.24 -0.17 -3.4 LifeMod 22.26 -0.13 -3.5
Percentage performance figures are total returns, assuming reinvestment FreedomK2020 12.99 -0.08 -3.9 IncomeA p 2.01 -0.02 -3.8 DispValMCI 17.88 -0.24 -6.6 MFS Funds Class A PIMCO Fds Instl CAITAdml 11.95 +0.01 0.9 Primcp r 93.37 -1.16 -6.3
of all distributions and after subtracting annual expenses. Figures don’t FreedomK2025 13.47 -0.11 -4.5 RisDv A p 45.02 -0.58 -5.7 JPMorgan Inst Class ValueA p -0.33 -5.8 AllAsset
30.90 NA ... NA CapOpAdml r 110.48 -1.33 -6.9 PrmcpCor 19.61 -0.23 -5.8
reflect sales charges (“loads”) or redemption fees. NET CHG is change in FreedomK2030 13.55 -0.13 -5.4 FrankTemp/Franklin C MdCpVal 32.12 -0.47 -5.4 MFS Funds Class I ShortT NA ... NA EMAdmr 25.27 -0.05 -7.5 SelValu r 24.18 -0.33 -6.5
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR FreedomK2035 13.87 -0.15 -6.0 Income C t 2.04 -0.01 -3.4 JPMorgan R Class ValueI 31.07
-0.32 -5.7 TotRt NA ... NA EqIncAdml 58.60 -0.67 -5.4 STAR 22.37 -0.16 -4.0
%RET is trailing three-year return annualized. FreedomK2040 13.90 -0.15 -6.0 FrankTemp/Temp A CoreBond 11.64 +0.02 0.7 MFS Funds Instl PIMCO Funds A ExplrAdml 69.08 -1.06 -7.6 STIGrade 10.59 ... 0.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. Fidelity Invest GlBond A p 11.23 -0.04 -3.0 JPMorgan Select Cls IntlEq 19.20
-0.23 -6.6 TotRetA NA ... NA ExtndAdml 59.02 -0.84 -7.2 TgtRe2015 13.85 -0.06 -2.7
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. AMgr50% 15.58 -0.08 -2.9 Growth A p 20.43 -0.26 -6.8 CoreBond 11.62 +0.01 0.7 Mutual Series PIMCO Funds D GNMAAdml 10.72 +0.01 0.6 TgtRe2020 26.24 -0.15 -3.4
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock Balanc 20.32 -0.15 -4.2 FrankTemp/Temp Adv USLgCpCorPls 24.85 -0.32 -7.3 GlbDiscA 27.32
-0.21 -5.3 IncomeFd NA ... NA GrwthAdml 51.39 -0.50 -6.2 TgtRe2025 15.01 -0.10 -3.9
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. BalancedK 20.32 -0.15 -4.2 GlBondAdv p 11.19 -0.04 -2.9 Lazard Instl GlbDiscz -0.21 -5.3 PIMCO Funds Instl
27.79 HlthCareAdml r 87.80 -1.31 -5.5 TgtRe2030 26.49 -0.21 -4.4
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to BluCh 64.00 -0.79 -7.2 TgtRe2035 16.00 -0.14 -5.0
incomplete price, performance or cost data. NE-Not released by Lipper; data GMO Trust Class IV EmgMktEq 12.60 -0.05 -6.3 Oakmark Funds Cl I IncomeFd NA ... NA HYCorAdml r 5.52 ... -0.3
under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Contra 92.55 -1.02 -6.5 IntlEq 18.83 -0.25 -6.2 Loomis Sayles Fds EqtyInc -0.24 -4.8 PIMCO Funds P
27.21 InfProAd 25.37 +0.04 0.6 TgtRe2040 26.89 -0.26 -5.5
ContraK 92.48 -1.02 -6.5 Harbor Funds LSBondI 12.66 -0.03 -1.7 Oakmark -0.66 -7.5 IncomeP
58.13 NA ... NA IntlGrAdml 62.26 -0.67 -7.2 TgtRe2045 16.80 -0.16 -5.5
Friday, January 8, 2016 CpInc r 8.98 -0.01 -1.8 CapApInst 57.10 ... -6.1 Lord Abbett A OakmrkInt -0.24 -8.6 Price Funds
19.53 ITBondAdml 11.38 +0.03 1.1 TgtRe2050 26.91 -0.26 -5.5
Net YTD Net YTD DivIntl 32.83 -0.41 -6.4 IntlInst r 56.12 ... -5.6 ShtDurIncmA p NA ... NA Old Westbury Fds BlChip 67.24 -0.91 -7.1 ITIGradeAdml 9.71 +0.01 0.8 TgtRetInc 12.27 -0.03 -1.4
Fund NAV Chg % Ret Fund NAV Chg % Ret DivIntlK r 32.76 -0.41 -6.4 Invesco Funds A Lord Abbett F LrgCpStr -0.13 -6.2 CapApp
11.70 24.19 -0.15 -3.4 LTGradeAdml 10.02 +0.02 1.3 TotIntBdIxInv 10.61 +0.01 0.6
American Century Inv GlblAlloc 17.34 -0.11 -3.3 GroCo 126.94 -1.46 -7.3 EqIncA 9.17 -0.08 -4.7 ShtDurIncm NA ... NA Oppenheimer Y EmMktS 26.34 -0.17 -7.6 MidCpAdml 139.21 -1.81 -6.4 WellsI 24.16 -0.06 -1.5
Ultra 32.75 -0.38 -6.5 HiYldBd 7.12 +0.01 ... GrowCoK 126.86 -1.45 -7.3 John Hancock Class 1 Metropolitan West DevMktY 27.79
-0.12 -7.3 EqInc 26.64 -0.32 -6.4 MorgAdml 72.21 -0.85 -6.5 Welltn 35.42 -0.24 -3.7
American Funds Cl A StratIncOpptyIns 9.75 ... -0.2 InvGrBd 11.09 +0.01 0.6 LSBalncd 13.68 -0.09 -3.9 TotRetBd 10.67 +0.01 0.5 IntGrowY 33.83
-0.29 -5.7 EqIndex 51.70 -0.57 -5.9 MuHYAdml 11.40 ... 0.8 WndsrII 31.41 -0.38 -6.2
AmcpA p 24.40 -0.25 -6.0 Davis Funds A LowP r 45.22 -0.66 -5.3 LSGwth 14.05 -0.13 -5.3 TotRetBdI 10.67 +0.01 0.5 Parnassus Fds Growth 49.76 -0.67 -7.3 MuIntAdml 14.38 ... 0.9 VANGUARD INDEX FDS
AMutlA p 32.14 -0.28 -5.1 NYVen A 28.47 -0.32 -7.8 LowPriStkK r 45.18 -0.66 -5.3 HelSci 63.91 -1.00 -7.2 MuLTAdml 11.85 ... 0.9 500 177.35 -1.94 -5.9
BalA p 23.04 -0.12 -3.3 Dimensional Fds MagIn 83.50 -1.08 -6.6 HiYield 6.15 -0.01 -0.4 MuLtdAdml 11.06 ... 0.4 ExtndIstPl 145.64 -2.08 -7.2
TotIntl 13.56 -0.14 -6.4
BondA p
CapIBA p
12.67
53.84
+0.02 0.7 5GlbFxdInc
-0.31 -3.6 EmgMktVa
10.97
19.03
+0.01
-0.03
0.6
-6.7
OTC
Puritn
76.44
19.48
-0.78
-0.14
-8.4
-4.2 Exchange-Traded Portfolios | WSJ.com/ETFresearch Intl G&I InstlCapG 26.71
12.38
-0.38 -7.5 MuShtAdml 15.82
-0.12 -5.3 PrmcpAdml r 96.71
... 0.1
-1.21 -6.4
TotSt 47.66 -0.55 -6.1
CapWGrA 40.87 -0.38 -5.7 EmMktCorEq 14.76 ... -6.3 SrsInvGrdF 11.10 +0.01 0.6 VANGUARD INSTL FDS
IntlStk 14.30 -0.17 -6.4 REITAdml r 109.72 -1.50 -2.9
EupacA p 42.63 -0.46 -6.0 IntlCoreEq 10.68 -0.13 -6.2 StratInc 10.11 ... -0.3 Largest 100 exchange-traded funds, latest session Closing Chg YTD BalInst 28.24 -0.17 -3.4
MCapGro 68.77 -0.77 -6.2 SmCapAdml 49.33 -0.72 -7.0
FdInvA p 47.69 -0.44 -6.0 IntSmCo 16.28 -0.19 -5.4 TotalBond 10.31 +0.02 0.5 ETF Symbol Price (%) (%) DevMktsIndInst 11.08 -0.14 -6.3
Friday, January 8, 2016 MCapVal 23.71 -0.24 -4.9 STBondAdml 10.47 ... 0.4
GwthA p 38.55 -0.38 -6.6 IntSmVa 17.63 -0.22 -5.6 Fidelity Selects VangdAllWldxUS VEU 40.45 –1.20 –6.8 N Horiz ExtndInst 59.01 -0.85 -7.2
Closing Chg YTD 39.43 -0.56 -7.1 STIGradeAdml 10.59 ... 0.3 GrwthInst 51.39 -0.50 -6.2
HI TrA p 9.29 ... -0.5 Dimensional Fds Biotech r 205.27-4.30-13.0 ETF VangdGrowth VUG 99.84 –0.93 –6.2 N Inc 9.41 +0.01 0.6 TotBdAdml 10.72 +0.02 0.8
Symbol Price (%) (%) InPrSeIn 10.33 +0.01 0.6
ICAA p 31.54 -0.27 -5.5 US CoreEq1 16.08 -0.20 -6.3 Health r 193.79-3.19 -6.9 VangdHiDivYld VYM 63.28 –1.13 –5.2 OverS SF r 8.42 -0.11 -6.3 TotIntBdIdxAdm 21.21 +0.01 0.5
Fidelity Spartan AlerianMLPETF AMLP 10.99 1.95 –8.8 BIV 83.99 0.26 1.1 R2015
InstIdx 175.59 -1.93 -5.9
IncoA p 19.48 -0.12 -3.7 US CoreEq2 15.28 -0.20 -6.5 VngdInter-Term 13.25 -0.07 -3.1 TotIntlAdmIdx r 22.68 -0.24 -6.4
500IdxInv 67.55-0.75 -5.9 CnsmrDiscSelSector XLY 73.61 –1.08 –5.8 InstPlus 175.61 -1.92 -5.9
N PerA p 33.63 -0.37 -6.6 US Small 26.32 -0.44 -7.2 VangIntrCorpBd VCIT 84.58 0.04 0.6 R2020 18.93 -0.14 -3.9 TotStAdml 47.68 -0.55 -6.1
500IndInst 67.56-0.74 -5.9 CnsStapleSelSector XLP 49.02 –0.77 –2.9 InstTStPlus 43.13 -0.50 -6.1
NEcoA p 33.62 -0.38 -6.5 US SmCpVal 28.13 -0.50 -7.7 VangdLgCap VV 87.95 –1.07 –5.9 R2025 14.30 -0.11 -4.3 TxMIn r 11.07 -0.14 -6.3
Fidelity Spartan Adv DBGoldDoubleLgETN DGP 19.67 –0.78 8.4 MidCpInst 30.75 -0.40 -6.4
NwWrldA 47.07 -0.33 -5.9 USLgVa 28.85 -0.36 -6.4 VangdMdCap VO 112.38 –1.29 –6.4 R2030 20.75 -0.18 -4.9 ValAdml 29.98 -0.36 -5.8
500IdxAd 67.56-0.74 -5.9 DBGoldDoubleShrt DZZ 8.14 0.99 –8.2 MidCpIstPl 151.66 -1.97 -6.4
SmCpA p 40.82 -0.38 -6.4 Dodge & Cox VangdReit VNQ 77.46 –1.34 –2.8 R2035 14.95 -0.15 -5.3 WdsrllAdml 55.73 -0.67 -6.2 SmCapInst 49.33 -0.72 -7.0
TxExA p 13.17 ... 0.7 Balanced 90.33 -0.67 -4.3 ExtMktAd r 46.60-0.67 -7.2 DeutscheXMSCIEAFE DBEF 25.34 –1.13 –6.7 VanguardS&P500 VOO 175.97 –1.06 –5.9 R2040 21.30 -0.22 -5.7 WellsIAdml 58.52 -0.16 -1.5
IntAd r 33.61-0.46 -6.5 EnSelectSectorSPDR XLE 56.05 –1.29 –7.1 STIGradeInst 10.59 ... 0.3
WshA p 36.26 -0.39 -5.7 Income 13.33 +0.01 0.3 VangdShrtTrm BSV 79.89 0.11 0.4 SmCapStk 35.94 -0.55 -6.9 WelltnAdml 61.16 -0.41 -3.7 TotBdInst 10.72 +0.02 0.8
AMG Managers Funds Intl Stk 33.43 -0.50 -8.4 TotMktAd r 55.06-0.64 -6.2 FinSelSectorSPDR XLF 22.10 –1.56 –7.3 VangShrtCorpBd VCSH 79.00 0.01 0.0 Value 29.29 -0.33 -6.3 WndsrAdml 59.52 -0.85 -7.8
FTDorseyWrightFoc5 FV 21.84 –1.13 –7.0 TotBdInstPl 10.72 +0.02 0.8
YacktmanFd 19.99 -0.13 -4.2 Stock 151.85 -1.76 -6.7 First Eagle Funds VangdSmCap VB 102.97 –1.39 –6.9 Schwab Funds VANGUARD FDS
FDN 68.22 –1.14 –8.6 TotIntBdIdxInst 31.83 +0.02 0.5
AQR Funds DoubleLine Funds GlbA 49.11-0.43 -4.4 FstTrDJIntrnt VangdTtlBndMkt BND 81.29 0.12 0.7 S&P Sel 29.69 -0.33 -5.9 DivdGro 21.24 -0.22 -5.3
GuggenheimSP500EqW RSP 72.00 –1.22 –6.1 TotIntlInstIdx r 90.70 -0.95 -6.4
MgdFutStrI NA ... NA TotRetBdI NA ... NA FMI Funds VanguardTtlIntlStk VXUS 42.10 –1.17 –6.7 TIAA/CREF Funds GNMA 10.72 +0.01 0.6 TotItlInstPlId r 90.71 -0.95 -6.4
Artisan Funds TotRetBdN NA ... NA LgCap 17.58-0.15 -5.5 HealthCareSelSect XLV 68.02 –1.51 –5.6 VTI 97.97 –1.14 –6.1 EqIdxInst 14.15 -0.16 -6.1 HlthCare r 208.15 -3.12 -5.5
IndSelSectorSPDR XLI 49.72 –1.02 –6.2 VangdTtlStock TotStInst 47.69 -0.55 -6.1
Intl Inv 26.88 -0.30 -6.3 Fidelity Advisor A FPA Funds VangdTotlWrld VT 53.88 –1.17 –6.5 Tweedy Browne Fds IntlVal 29.08 -0.37 -6.5 VirtusFunds Cl I
BlackRock Funds A NwInsghtA p 24.40 -0.27 -6.7 FPACres 29.71-0.23 -4.3 iShIntermCredBd CIU 107.78 0.12 0.5 VangdValue VTV 76.86 –1.18 –5.7 GblValue 23.31 -0.19 -4.7 INSTTRF2025 18.33 -0.12 -3.9 EmMktI 8.46 -0.03 -5.6
GlblAlloc p 17.24 -0.11 -3.4 Fidelity Advisor I FrankTemp/Frank Adv iSh1-3YCreditBond CSJ 104.74 0.07 0.1
WisdomTreeEurope HEDJ 49.98 –0.75 –7.1 VANGUARD ADMIRAL LifeCon 17.47 -0.07 -2.1 Western Asset
BlackRock Funds C NwInsghtI 24.85 -0.28 -6.7 IncomeAdv 2.00-0.01 -3.4 iSharesTIPSBondETF TIP 110.39 0.08 0.6
iSh3-7YTreasuryBd IEI 123.80 0.20 1.0 WisdomTreeJapanHdg DXJ 45.96 –1.92 –8.2 500Adml 177.35 -1.94 -5.9 LifeGro 25.94 -0.22 -4.8 CorePlusBdI NA ... NA
GlblAlloc t 15.71 -0.10 -3.4 Fidelity Freedom FrankTemp/Franklin A
BlackRock Funds Inst FF2020 13.95 -0.10 -4.0 CA TF A p 7.56 ... 0.8 iShCoreMSCIEAFEETF IEFA 50.89 –1.28 –6.4
EqtyDivd 19.79 -0.25 -5.8 FF2025 11.88 -0.09 -4.5 Fed TF A p 12.43 ... 0.7 iShCoreMSCIEmgMk IEMG 36.30 –0.95 –7.8
iShCoreS&P500ETF IVV 192.83 –1.11 –5.9
iShCoreS&PMdCp IJH 130.47 –1.29 –6.4 ADVERTISEMENT
iShCoreS&PSmCpETF IJR 102.17 –1.67 –7.2
New Highs and Lows | WSJ.com/stocks iShCoreUSAggBd AGG 108.66 0.22 0.6

Continued From Page B8

Stock
52-Wk %
Sym Hi/Lo Chg Stock
iShSelectDividend DVY 72.43 –0.69 –3.6
52-Wk % iSharesGold
IAU 10.66 –0.56 4.2
Sym Hi/Lo Chg iShiBoxx$InvGrCpBd LQD 114.64 0.08 0.6
The Mart
To advertise: 800-366-3975 or WSJ.com/classifieds
52-Wk % iShiBoxx$HYCpBd HYG 79.52 –0.26 –1.3
Stock Sym Hi/Lo Chg PSRuss1000LowBeta USLB 23.34 -1.6 SuperMicroComputer SMCI 21.82 -0.3 iShMBSETF MBB 108.41 0.11 0.7
MarroneBioInnova MBII 0.80 -6.6 PwrShSP CnsDscr PSCD 42.56 -2.1 support.com SPRT 0.87 -1.1 iShMSCIACWIETF ACWI 52.18 –1.16 –6.5
MentorGraphics MENT 17.02 -1.4 PwrShSP SmEnrg PSCE 13.18 -1.1 SyntaPharm SNTA 0.27 -2.7 iSharesMSCIEAFESC SCZ 47.14 –1.34 –5.6 ANNOUNCEMENTS FRANCHISE
Methanex MEOH 27.63 -0.1 PwrShSP SmInds PSCI 39.90 -1.4 SynutraIntl SYUT 3.97 -1.2 iSharesMSCIEAFEETF EFA 54.93 –1.21 –6.5
MicronTechnology MU 13.29 -2.4 PwrShSP SmMatr PSCM 28.50 -4.2 TGTherapeutics TGTX 8.64 -8.3 iShMSCIEmgMarkets EEM 29.51 –1.07 –8.3
MicroStrat MSTR 141.06 -8.0 PriceSmart PSMT 72.34 -3.7 THT HeatTrans THTI 0.31 -33.3 iShMSCIEurozoneETF EZU 32.84 –0.91 –6.3 Gorgeous George Resurfaces
MillerHrm MLHR 25.64 -1.3 ProfessionalDivers IPDN 0.39 -14.6 TOR Minerals TORM 4.20 -3.4 iShMSCIGermanyETF EWG 24.29 –0.98 –7.3
Mimecast MIME 8.60 -3.7 ProNAiTherapeutics DNAI 11.89 -3.7 TRACONPharma TCON 7.68 4.4 iShMSCIJapanETF EWJ 11.44 –2.14 –5.6 Looking for folks who have archival
MobileMini MINI 26.34 -4.1 ProQRTherapeutics PRQR 6.69 -4.1 TRowePrice TROW 65.28 -2.5 iShMSCIUSAMinVol USMV 40.24 –1.01 –3.8 items related to wrestler Gorgeous
MoneyGramIntl MGI 5.68 -2.4 PyxisTankers PXS 0.87 -34.1 TTMTechnologies TTMI 5.47 -3.8 iShNasdaqBiotech IBB 302.20 –1.81–10.7
NIIHoldings NIHD 3.86 -1.8 Qualcomm QCOM 45.84 -0.6 TeleNav TNAV 5.28 -2.8 iShNatlAMTFrMuniBd MUB 111.30 0.04 0.5 George (George Wagner), especially
NMIHoldingsClA NMIH 6.16 0.2 Quidel QDEL 16.71 -6.1 Tesco TESO 6.30 -4.1 iShRussell1000Gwth IWF 93.49 –0.99 –6.0 home movies and photos.
Navient NAVI 10.03 -0.9 QuinStreet QNST 3.60 -2.2 TesseraTechs TSRA 27.25 -2.8 iShRussell1000ETF IWB 106.59 –1.04 –5.9
RCIHospitality RICK 8.91 -5.4 TetraLogicPharm TLOG 0.30 -21.3 iShRussell1000Val IWD 91.98 –1.29 –6.0 If you have things to loan for a
NetApp NTAP 22.93 -1.6
NetScout NTCT 26.53 -1.6 REGENXBIO RGNX 13.43 -6.1 TetraphasePharma TTPH 7.01 -5.3 iShRussell2000Gwth IWO 127.29 –1.73 –8.6 documentary on GG kindly email
NicholasFinancial NICK 10.86 0.3 RandLogistics RLOG 1.20 1.7 BancpBk TBBK 5.46 -6.2 iShRussell2000ETF IWM 103.85 –1.72 –7.8
gorgeousgeo32415@gmail.com.
Nordsn NDSN 57.72 -2.1 Rapid7 RPD 14.00 -4.3 ThrshldPharm THLD 0.43 -2.3 iShRussell2000Val IWN 85.69 –1.62 –6.8
NorthwestPipe NWPX 9.19 -7.4 RaptorPharm RPTP 3.93 -5.1 TitanPharms TTNP 2.83 2.3 iShRussell3000ETF IWV 112.96 –1.15 –6.1 Serious inquiries only, thank you.
NovaLifestyle NVFY 1.70 -10.5 RavenIndustries RAVN 14.86 -0.9 TiVo TIVO 7.84 -1.4 iShRussellMid-Cap IWR 150.55 –1.22 –6.0
RealNetworks RNWK 3.73 -2.3 TokaiPharma TKAI 5.69 -9.8 iShRussellMCValue IWS 64.77 –1.19 –5.7
NovatelWireless MIFI 1.41 -4.9
RennovaHealth RNVA 0.83 -9.8 TrinityBiotechADR TRIB 10.50 -0.3 iShS&PMC400Growth IJK 151.05 –1.33 –6.2
OceanPwrTech OPTT 1.78 -8.0 BUSINESS FOR SALE
Rent-A-Center RCII 13.76 -4.1 TuttleTactMgtMulti TUTI 22.50 -0.6 iShS&P500Growth IVW 108.80 –0.96 –6.0
OldDomFrght ODFL 54.80 -0.7
RENT 41.60 -5.1 TwinDisc TWIN 9.30 -2.6 iShS&P500ValueETF IVE 83.37 –1.27 –5.8
OldNtlBcp ONB 12.46 -1.6 Rentrak
OnTrackInnovations OTIV 0.36 -3.5 RestaurantETF BITE 23.33 -1.1 UMBFinancial UMBF 43.05 -1.1 iSharesUSPreferred PFF 38.84 0.28 –0.0 Website For Sale
US Ecology ECOL 32.37 -1.7 iSh1-3YTreasuryBd SHY 84.56 0.07 0.2
OncoGenexPhrm OGXI 1.00 -8.9 RigNet RNET 16.00 -9.9 I’ve created a site called bitsstock.com.
Ultrapetrol ULTR 0.08 -6.6 iSh7-10YTreasuryBd IEF 107.15 0.25 1.5
OncoSecMedical ONCS 2.08 3.3 RushEnt B RUSHB 19.27 -0.6 It’s up and running, but I’m looking for
SFXEntertainment SFXE 0.09 -49.5
Umpqua UMPQ 14.53 -2.4 iSh20+YTreasuryBd TLT 123.36 0.45 2.3
OpexaTherapeutics OPXA 2.26 -5.7 VOXXInternational VOXX 4.77 -2.4 iShChinaLarge-Cap FXI 31.62 –1.03–10.4 someone to take it over. All the hard
OsirisThera OSIR 9.67 -6.4 SMARTTechnologies SMT 0.23 -11.0 ValideaMktLegends
VALX 21.52 -0.7 iShRussellMCGrowth IWP 86.06 –1.25 –6.4 work has been done, now it just needs
Outerwall OUTR 33.21 -3.2 SORL AutoParts SORL 1.56 -28.1 VanguardRuss2000
VTWO 83.00 -1.8 MktVectorsBiotech BBH 115.94 –1.61 –8.7 someone to take it to the next level.
Overstock OSTK 11.19 -2.6 SagentPharms SGNT 13.02 -5.0 VangrdRss2000Grwth
VTWG 92.38 -1.9 MktVectorsOilSvcs OIH 23.81 –2.14–10.0 Best Offer!
OxbridgeReHldgsWt OXBRW 0.26 35.0 ScanSource SCSC 29.50 -3.5 VanguardTtlIntlStk VXUS 42.03 -1.2 MktVectorsPharm PPH 61.50
–1.91 –5.8 stan08817@yahoo.com
OxfordImmunotecGlb OXFD 10.08 -2.7 SchnitzerStl SCHN 12.40 -4.1 VSInverseVIXSTerm XIV 20.16 -5.5 MktVectorsRetail RTH 73.64 –1.72 –5.2
PAM Transpt PTSI 24.44 1.3 SchulmnA SHLM 28.40 -1.5 VerintSystems VRNT 38.74 -0.6 MktVectorsSemi SMH 48.53 –1.58 –8.9
PDFSolutions PDFS 9.29 -4.3 SeagateTechnology STX 32.16 -5.8 Versartis VSAR 9.22 4.5 PwrShrs QQQ QQQ 104.01 –0.82 –7.0
PRAGroup PRAA 32.18 -2.6 SeanergyMar SHIP 2.27 -3.4 VestinRealtyMtg II VRTB 1.75 -15.9 PS SP500LoVoltlPrt SPLV 36.94 –0.97 –4.2 BUSINESS OPPORTUNITY
PacSunwear PSUN 0.20 0.8 SearsCanada SRSC 3.95 -4.5 Vicor VICR 8.07 -5.4 SPDRBarclaysHiYdBd JNK 33.48 –0.36 –1.3
PacWestBncp PACW 38.57 -2.5 SearsHldgs SHLD 17.96 -1.8 VictoryCEMPDevEnh CIZ 29.31 -1.6 SchwIntlEqty SCHF 25.78 –1.23 –6.5
PapaJohns PZZA 48.00 -4.1 SecondSightMedProd EYES 4.39 -9.1 VictoryCEMPIntlVol CIL 31.63 -0.1 SchwUS BrdMkt SCHB 46.05 –1.14 –6.1 TAX SAVINGS
PapaMurphy'sHldgs FRSH 10.16 -4.2 Senomyx SNMX 3.27 -2.1 VictoryCEMPUSDiscv CSF 31.88 -2.3 SchwUS LrgCap SCHX 45.68 –1.13 –6.0
ParnellPharmaceutl PARN 3.12 -2.1 ShilohIndustries SHLO 4.20 -7.3 VictoryCEMPUSEQInc CDC 33.74 -1.1 SPDR DJIA Tr DIA 163.24 –1.04 –6.2 CONN. TAX CREDITS
Patterson PDCO 42.29 -2.5 SigmaDesigns SIGM 5.88 -1.5 VictoryCEMPUS500 CFO 33.68 -1.2 SPDR GldTr GLD 105.68 –0.44 4.2 Offering $700,000 of CT tax credits
PnsWdsBcp PWOD 39.30 -2.9 Sky-mobiADR MOBI 2.07 -1.4 VictoryCEMPUS500 CFA 33.91 -0.6 SPDR S&PMdCpTr MDY 237.82 –1.34 –6.4 for 2015-16 at a 12% discount.
PerryEllis PERY 16.62 -3.3 SthsdBcsh SBSI 21.91 -1.7 VictoryCEMPUSSmCp CSB 31.12 -0.4 SPDR S&P 500 SPY 191.92 –1.10 –5.9 Call 203-879-2009
PerseonWt PRSNW 0.01 -33.7 SpartanNash SPTN 20.03 -2.1 VictoryCEMPUSSmCp CSA 30.78 -0.4 SPDR S&P Div SDY 69.90 –0.96 –5.0
Pixelworks PXLW 2.18 -3.5 SpeedCommerce SPDC 0.04 -12.5 VidentCoreUSEquity VUSE 23.11 -1.8 TechSelectSector XLK 40.09 –0.79 –6.4
ftownsend@snet.net AUCTION
Plexus PLXS 31.84 -2.4 Sphere3D ANY 1.02 -5.8 WSIIndustries WSCI 3.93 -3.5 UtilitiesSelSector XLU 43.11 –0.05 –0.4 connecticuttaxcredits.com

 
PointsIntl PCOM 8.35 -3.5 Spherix SPEX 0.11 -6.3 WstnDgtl WDC 54.79 -4.2 VangdInfoTch VGT 100.42 –0.86 –7.3
Popular BPOP 25.80 -1.8 StealthGas GASS 2.87 -4.8 WTEMQltyDivGrwth DGRE 18.01 -0.7 VangdSmCapValue VBR 92.27 –1.41 –6.6
Proof of Funds - Credit Enhancements -
Potlatch PCH 27.13 -2.0
PowerSolutions PSIX 14.16 -7.9
StemlineTherap STML 5.68 -0.3 WisdomTreeInvs WETF 13.26 -4.1 VangdHlthCr
Stratasys SSYS 21.50 -3.0 WisTrUSSmCpQltyDiv DGRS 24.72 -1.0 VangdDivApp
VHT 124.83 –1.45 –6.1
VIG 73.87 –1.03 –5.0 SwiftsJV Credit & Proof of facilities -We


 
    
PSDBOptYdDivCmdty PDBC 14.82 -0.2 Strattec STRT 51.81 -1.6 Xcerra XCRA 5.13 -1.9 VanguardFTSEDevMk VEA 34.37 –1.24 –6.4 (  )
 
 
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work with global banks for the best POFS 

  
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PowerShDWATactical DWTR 23.21 -1.3 SunHydraulics SNHY 26.89 -3.8 XteraComms XCOM 3.80 -0.5 VanguardFTSEEmgMk VWO 30.00 –0.89 –8.3
PSFTSEIntlLowBeta IDLB 23.01 -2.3 SunEdisonSemicon SEMI 6.49 -1.9 ZionsBcp Wt ZIONW 2.22 -4.5 VanguardFTSEEurope VGK 46.75 –0.87 –6.3 available in the marketplace & 
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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
GOLFERS! 

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NEW GAME CHANGER !1 
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months.
Acquire$3k inv. / Earn$10k/mo   
 
Friday Friday Friday
No selling / Exclusive territories 


Energy
Cottonseed meal-u,w 258 Cheddar cheese,blk,Chicago 146.00    
Propane,tet,Mont Belvieu-g 0.3436
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
95
205
Milk,Nonfat dry,Chicago lb.
Cocoa,Ivory Coast-w
74
3335
contact@probegolf.com
Butane,normal,Mont Belvieu-g 0.5133 Oats,No.2 milling,Mnpls-u 2.6575 Coffee,Brazilian,Comp 1.2153 PROFESSIONAL SERVICES
NaturalGas,HenryHub-i 2.470 Rice, 5% Broken White, Thailand-l,w 351.00 Coffee,Colombian, NY 1.3674
   
  

NaturalGas,TranscoZone3-i 2.450 Rice, Long Grain Milled, No. 2 AR-u,w 23.25 Eggs,large white,Chicago-u 0.9450 
   
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
3.210
2.450
Sorghum,(Milo) No.2 Gulf-u
SoybeanMeal,Cent IL,rail,ton48%-u
7.4025
277.70
Flour,hard winter KC 13.80
   
 &

 
 
   

Hams,17-20 lbs,Mid-US fob-u n.a.
NaturalGas,Opal-i 2.560 Soybeans,No.1 yllw IL-bp,u 8.6200 Hogs,Iowa-So. Minnesota-u 54.41 
   

 
NaturalGas,MarcellusNE PA-i 1.290 Wheat,Spring14%-pro Mnpls-u 6.1850 Pork bellies,12-14 lb MidUS-u 1.0938 ! 
   
 
       
NaturalGas,HaynesvilleN.LA-i 2.400 Wheat,No.2 soft red,St.Louis-bp,u 4.2400
Pork loins,13-19 lb MidUS-u 0.8908
  
          
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 43.500 Wheat - Hard - KC (USDA) $ per bu-u 4.5075
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 10.900 Wheat,No.1soft white,Portld,OR-u 5.2925
Steers,Tex.-Okla. Choice-u 133.00             
Steers,feeder,Okla. City-u,w 183.88
  
  !"#  
Metals Food
Fats and Oils
    $% &    
 $%
Gold, per troy oz Beef,carcass equiv. index 



choice 1-3,600-900 lbs.-u 209.58 Corn oil,crude wet/dry mill-u 40.0000             % 
Engelhard industrial 1105.02   .            
Engelhard fabricated 1187.90 select 1-3,600-900 lbs.-u 202.39 Grease,choice white,Chicago-u 0.2100   
Handy & Harman base 1101.85 Broilers,dressed 'A'-u 1.1320 Lard,Chicago-u n.a.   
  %#    '     
Handy & Harman fabricated 1223.05 Broilers, National comp wghtd-u,w 0.8799 Soybean oil,crude;Centl IL-u 0.2852 
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LBMA Gold Price AM *1096.00 Butter,AA Chicago 2.0325 Tallow,bleach;Chicago-u 0.2325
$ $  $
%

     *  +,  ,- %     % %
149.50 0.2450  !" 
&
LBMA Gold Price PM *1106.35 Cheddar cheese,bbl,Chicago Tallow,edible,Chicago-u



    .  /0    1    
Krugerrand,wholesale-e
Maple Leaf-e
1142.23
1153.22

              !!!
American Eagle-e 1153.22
Mexican peso-e 1332.22 ADVERTISEMENT CAREERS
Austria crown-e 1079.55 CAREERS PROFESSIONAL SERVICES
Austria phil-e
Silver, troy oz.
Engelhard industrial
1153.22

14.1000
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds



 

    



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0


Engelhard fabricated 16.9200
 
 
  


Handy & Harman base 14.0400
 
    

    0   /  0
Handy & Harman fabricated
LBMA spot price
17.5500
£9.6171 FRANCE 
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/01 / 01
2/03 4  

 
 
0  
      
      !   
(U.S.$ equivalent) 14.0400


0
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 0
0      
  
Coins,wholesale $1,000 face-a 12686  


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 0 0 " # $  !    
Other metals 0
0

5  0 / 01
/ 

 

  
        

 0
0
 
0
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LBMA Platinum Price PM *865.0 )         

   
    
875.0 40


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Platinum,Engelhard industrial


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0
0        
    
  

Platinum,Engelhard fabricated 975.0
 
 
4
  3  0 
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 0 *  !          
  
Palladium,Engelhard industrial 508.0 
5 0 / 01
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0 
0


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Palladium,Engelhard fabricated 608.0
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0 / 
 
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Aluminum, LME, $ per metric ton *1455.0
 0
0 0  
1
0
0 3 1 0
Antimony-d 2.5250 /

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0
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, %    
 

 
     
Copper,Comex spot 2.0165  0
0

Lead,NA solder-d 102.386   
 
  
     
Iron Ore, 62% Fe CFR China-s 41.5 /
 

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0
0   
0 )%    " 
Shredded Scrap, US Midwest-s,w 184   

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01  
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Stainless steel scrap,US-d 1560
Steel, HRC USA, FOB Midwest Mill-s 383  /

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0  /  0
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864.434  0  6" 1

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/ 3
 

 
Tin,NA solder-d
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0
0

Zinc,NA-d 75.064  0
0


/  /  0 $ PROFESSIONAL SERVICES
Fibers and Textiles
Burlap,10-oz,40-inch NY yd-n,w 0.5000
  


 
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/
0 40 2  " /
/
  
Cotton,1 1/16 std lw-mdMphs-u 0.6165  0

Cotlook 'A' Index-t *68.90

0
/
0
  
/
 3 00
Expert Key Account 
  
Hides,hvy native steers piece fob-u 81.000 0 $  0 '

/ / 01 2/03 00 Sales & Marketing
 

    
Wool,64s,staple,Terr del-u,w n.a. 4
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* 3 / For over 35 years I’ve worked closely and in      
+ 
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/
1 confidence with private business owners to 
Grains and Feeds 88 87&. evaluate their current sales and marketing  ! "##$
Barley,top-quality Mnpls-u n.a. '

/ / 01 

/
 $ 0/ 01 programs. I will help you identify opportunities
Bran,wheat middlings, KC-u 103 1  for significant growth. I’ll then develop and
Corn,No. 2 yellow,Cent IL-bp,u 3.4750 execute a sophisticated, integrated direct
Corn gluten feed,Midwest-u,w 111.3 sales program to contact and engage new
Corn gluten meal,Midwest-u,w 453.3
   customers. I’ll do whatever it takes to get

 
    results: new clients, key account sales,
  
  

KEY TO CODES: A=ask; B=bid; BP=country elevator
   additional revenue and profit. Call or e-mail me,

   

bids to producers; C=corrected; D=Ryan's Notes;
E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas

  
        *  
Steve Weintz, for a free consultation. More
information and client references at:
   
 


Intelligence; L=livericeindex.com; M=midday;   

 

 www.sbwventuresinc.com 

 
  
N=nominal; n.a.=not quoted or not available; R=SNL
  
! " #
Energy; S=The Steel Index; T=Cotlook Limited; 
$%
!!&! sweintz@sbwventuresinc.com
U=USDA; W=weekly, Z=not quoted. (843) 849-7376  

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'
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!!&!
*Data as of 1/7
Source: 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
B10 | Saturday/Sunday, January 9 - 10, 2016 * *** 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 -13.10 14.44 9.68 JamesHardieADR JHX 24.5 5 11.01 -0.20 -9.32 103.40 65.91 RylCaribn RCL 1.6 36 91.78 -0.65 -11.68 150.50 99.16 AvagoTech AVGO 1.4 27 128.20 -0.85
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. -7.69 57.97 43.19 Jarden JAH ... 47 52.73 -0.81 t-11.81 67.16 40.27 RoyalDutchADRA RDS/A 9.3 99 40.38 -1.74 -9.36 234.67 100.00 BaiduADR BIDU ... 31 171.34 -3.03
The list comprises the 1,000 largest companies based on market capitalization. -4.44 106.50 81.79 JohnsJohns JNJ 3.1 19 98.16 -1.06 t-13.81 70.15 39.60 RoyalDutchADRB RDS/B 9.5 97 39.68 -2.36 t -3.34 79.36 45.44 BedBath BBBY ... 9 46.64 0.13
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading t-10.48 54.52 35.28 JohnsonControls JCI 3.3 26 35.35 -0.49 -2.78 81.21 62.57 SAPADR SAP 1.6 26 76.90 -0.31 -8.41 480.18 254.00 Biogen BIIB ... 18 280.59 -3.42
volume. -9.97 179.97 141.07 JonesLangLaSalle JLL 0.4 15 143.92 -1.95 1.72 67.80 28.21 SINOPECShanghaiADR SHI 2.0 16 40.27 1.47 -8.60 151.75 89.18 BioMarinPharm BMRN ... dd 95.75 -1.34
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was t-22.84 45.29 9.49 JoyGlobal JOY 0.4 dd 9.73 -0.20 t -6.25 30.24 18.87 SKTelecomADR SKM ... 8 18.89 -0.66 -16.92 12.63 5.96 BlackBerry BBRY ... dd 7.71 -0.29
$2 or higher. -6.81 32.39 21.24 JuniperNetworks JNPR 1.6 dd 25.72 -0.37 -7.71 135.81 99.97 SL GrnRlty SLG 2.8 53 104.27 -2.12 -6.31 58.51 40.21 Broadcom BRCM 1.0 24 54.17 -0.30
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -9.26 39.87 33.25 KARAuctionServices KAR 3.2 22 33.60 -0.65 -6.59 82.90 54.95 Salesforce.com CRM ... dd 73.23 -1.07 -7.74 33.42 25.16 CA CA 3.8 15 26.35 -0.03
s-New 52-week high. standards vj-In bankruptcy or receivership or t -6.78 38.91 25.95 KBFinancialGrpADR KB ... 7 25.98 -0.24 t -5.28 54.98 40.31 SanofiADR SNY 4.0 19 40.40 -0.87 -3.62 72.53 55.04 CBOE Holdings CBOE 1.5 26 62.55 -0.31
t-New 52-week low. lf-Late filing being reorganized under the -9.17 25.04 8.00 KKR KKR 9.9 15 14.16 -0.33 t-11.42 26.83 13.94 SantanderCnsmrUSA SC ... 5 14.04 -0.33 -6.21 57.89 40.44 CDKGlobal CDK 1.2 36 44.52 -0.73
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities t -4.37 14.90 11.36 KTADR KT ... 14 11.39 -0.27 t-11.41 42.35 23.74 SasolADR SSL 7.2 6 23.76 -0.35 -5.69 46.92 33.01 CDW CDW 1.1 19 39.65 -0.04
four quarters. requirements. assumed by such companies. t -6.62 120.63 68.81 KSCitySo KSU 1.9 16 69.73 0.56 0.35 65.57 49.89 SCANA SCG 3.6 12 60.70 -0.25 1.77 76.18 59.71 CH Robinson CHRW 2.7 19 63.12 0.03
FD-First day of trading. t-NYSE bankruptcy -1.09 73.68 61.13 Kellogg K 2.8 70 71.48 1.11 t -6.70 95.13 64.89 Schlumbgr SLB 3.1 25 65.08 -1.11 -4.82 100.87 83.43 CMEGroupClA CME 2.3 23 86.23 -1.30
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and t -9.63 15.70 11.89 KeyCp KEY 2.5 11 11.92 -0.26 -11.93 35.72 25.43 SchwabC SCHW 0.8 29 29.00 -0.18 t -9.52 37.67 23.43 CSX CSX 3.1 12 23.48 -0.14
changes in the closing prices from 4 p.m. the previous day. t-10.17 38.99 25.32 KeysightTechs KEYS ... 9 25.45 -0.77 -2.99 76.59 47.62 ScrippsNetA SNI 1.7 12 53.56 1.41 -7.54 23.30 16.52 CadenceDesign CDNS ... 25 19.24 -0.51
t -6.80 85.70 58.94 KilroyRealty KRC 2.4 25 58.98 -0.98 -7.24 55.84 38.42 SealedAir SEE 1.3 31 41.37 -0.06 t-11.14 31.88 13.88 Carlyle CG 16.1 dd 13.88 -0.53
Friday, January 8, 2016 YTD 52-Week Yld Net -1.63 130.05 103.04 KimberlyClark KMB 2.8 77 125.23 -1.63 t -6.57 116.21 86.72 SempraEnergy SRE 3.2 17 87.83 0.83 -3.53 129.53 80.94 CaseyGnStr CASY 0.8 21 116.20 -0.76
% Chg Hi Lo Stock Sym % PE Last Chg -9.00 140.72 92.98 Celgene CELG ... 55 108.98 -2.91
YTD 52-Week Yld Net -4.69 28.54 22.07 KimcoRealty KIM 4.0 58 25.22 -0.44 -5.11 32.02 22.21 ServiceCp SCI 1.9 21 24.69 -0.32
% Chg Hi Lo Stock Sym % PE Last Chg -3.38 43.91 36.56 CocaCola KO 3.2 27 41.51 -0.11 -1.01 44.71 14.13 KinderMorgan KMI 13.8 29 14.77 0.52 -2.42 39.99 26.15 ServiceMasterGlb SERV ... 32 38.29 -0.20 -2.38 75.72 55.82 Cerner CERN ... 39 58.74 1.07
-6.67 91.11 61.70 Coca-ColaFemsaADR KOF 2.8 21 66.09 -1.40 -0.28 18.00 11.63 KingDigitalEnt KING ... 10 17.83 -0.02 -9.75 91.28 62.55 ServiceNow NOW ... dd 78.12 -1.52 -4.48 199.00 149.47 CharterComms CHTR ... dd 174.89 1.26
NYSE -5.61 53.79 41.03 CocaColaEnt CCE 2.4 20 46.48
-6.11 71.56 50.84 ColgatePalmolive CL 2.4 23 62.55
-0.49
-0.46
0.52 79.60 41.85 Kohl's KSS 3.8 13 47.88 -2.98
-5.54 30.43 23.16 KoninklijkePhilADR PHG ... 24 24.04 -0.21
t -4.13 26.82 16.40 ShawCom B SJR 5.5 9 16.48
-6.87 294.35 218.27 SherwinWilliams SHW 1.1 23 241.77
-0.16
0.20
-5.74 88.49 65.09 ChkPntSftwr
-6.15 61.59 49.72 CincinnatiFin
CHKP ... 21 76.71 -0.80
CINF 3.3 14 55.53 -0.29
t -8.01 23.66 16.27 ABBADR ABB 1.1 16 16.31 -0.29 -7.25 33.00 16.95 ColumbiaPipeline CPGX 2.7 ... 18.55 0.18 -2.41 23.40 18.09 KoreaElcPwrADR KEP ... 3 20.66 -0.23 t -6.28 42.88 31.41 ShinhanFinADR SHG ... 8 31.48 -0.32 -7.05 94.35 75.90 Cintas CTAS 1.2 15 84.63 -2.25
t -6.77 53.45 38.93 Comerica CMA 2.2 13 39.00 -0.69 -2.46 42.75 27.32 Kroger KR 1.0 20 40.80 -0.27 2.62 152.27 114.77 SignetJeweler SIG 0.7 24 126.93 -6.35 -8.75 30.31 23.03 CiscoSys CSCO 3.4 13 24.78 -0.63
-5.90 119.86 96.00 ACE ACE 2.4 13 109.96 -1.62
-3.80 45.49 33.45 ConAgraFoods CAG 2.5 dd 40.56 0.20 t -5.81 59.69 43.43 KyoceraADR KYO ... 15 43.43 -0.35 2.82 24.22 11.03 SilverWheaton SLW 1.6 77 12.77 -0.23 -7.89 84.17 56.47 CitrixSystems CTXS ... 40 69.68 -1.25
-8.37 42.88 29.34 ADTCorp. ADT 2.9 17 30.22 -0.68
-9.09 134.13 80.59 ConchoResources CXO ... 51 84.42 2.00 -2.70 101.11 75.11 LBrands LB 2.1 24 93.23 -3.29 -4.29 208.14 170.99 SimonPropertyGroup SPG 3.4 35 186.10 -5.46 -7.10 69.80 53.14 CognizantTechSolns CTSH ... 22 55.76 -0.88
-4.60 14.02 8.76 AES AES 4.8 11 9.13 0.13
-7.28 70.11 41.10 ConocoPhillips COP 6.8 dd 43.29 -0.77 -13.12 18.43 8.20 LGDisplayADR LPL ... 5 9.07 -0.19 -3.39 55.35 41.60 SixFlagsEnt SIX 4.4 45 53.08 -0.89 -3.13 64.99 50.01 Comcast A CMCSA 1.8 17 54.66 0.05
-5.33 66.53 51.41 Aflac AFL 2.9 10 56.71 -0.50 -9.77 34.12 20.19 CommScopeHldg COMM ... 87 23.36 -0.06
-1.00 64.08 46.36 AGLResources GAS 3.2 19 63.17 -0.26 3.36 72.25 56.86 ConEd ED 3.9 18 66.43 0.71 -4.15 132.92 101.11 L-3Communications LLL 2.3 87 114.55 -1.13 -12.26 81.15 50.09 SmithAO AOS 1.1 24 67.22 -2.48
3.20 154.31 105.21 ConstBrands A STZ 0.8 33 147.00 -2.61 -5.98 131.19 105.77 LabCpAm LH ... 26 116.25 -2.34 -5.65 37.84 32.14 Smith&NephewADR SNN 1.4 ... 33.59 -0.34 -11.89 223.49 163.49 CoStarGroup CSGP ... dd 182.12 -2.17
-2.53 36.45 30.97 AT&T T 5.7 36 33.54 0.03 -5.81 169.73 117.03 CostcoWholesale COST 1.1 29 152.11 -2.71
-9.44 51.74 39.00 AbbottLabs ABT 2.6 22 40.67 -0.87 3.28 153.99 105.51 ConstBrands B STZ/B 0.8 33 148.91 -0.80 -11.02 61.59 36.53 LasVegasSands LVS 6.7 14 39.01 0.23 -2.68 125.33 99.77 Smucker SJM 2.2 36 120.04 -0.27
-5.40 53.65 19.60 ContinentalRscs CLR ... dd 21.74 0.68 t-16.73 59.82 37.43 Lazard LAZ 3.7 5 37.48 -1.56 -5.20 174.52 129.14 SnapOn SNA 1.5 21 162.52 -1.72 -2.81 57.36 21.54 Ctrip.comIntlADR CTRP ... 49 45.03 -0.22
-6.06 71.60 45.45 AbbVie ABBV 4.1 33 55.65 -1.56 t -5.89 80.75 53.66 DISHNetworkClA DISH ... 19 53.81 -1.05
-6.03 109.86 83.47 AccentureClA ACN 2.2 21 98.20 -0.96 -4.09 190.00 121.01 Cooper COO 0.0 31 128.71 0.75 -12.77 127.00 89.71 LearCorp LEA 0.9 11 107.14 -1.45 -12.26 26.40 12.65 SOQUIMICH ADR SQM 3.8 19 16.68 -0.42
-6.18 25.16 15.42 Corning GLW 2.8 11 17.15 0.05 -3.83 51.28 39.47 Leggett&Platt LEG 3.2 22 40.41 0.18 -6.54 32.95 20.34 SonyADR SNE ... 33 23.00 -0.27 -6.34 63.45 49.42 Dentsply XRAY 0.5 29 56.99 -1.68
-7.84 241.90 146.95 AcuityBrands AYI 0.2 42 215.48 -8.36 -2.81 103.29 55.93 Dexcom DXCM ... dd 79.60 -2.19
-3.29 201.24 142.63 AdvanceAuto AAP 0.2 21 145.56 -3.27 -8.58 32.72 18.33 CotyClA COTY 1.1 25 23.43 -0.04 -13.90 56.04 41.25 LennarClA LEN 0.4 12 42.11 -1.32 -0.36 53.16 41.40 Southern SO 4.7 18 46.62 -0.35
-8.06 158.00 81.78 Credicorp BAP 2.4 8 89.48 -0.28 -13.51 46.55 32.86 LennarClB LEN/B 0.5 10 34.75 -0.78 -7.85 33.31 23.41 SoCopper SCCO 0.7 19 24.07 -0.49 -5.44 37.90 23.88 DiscoveryCommsB DISCB ... 16 25.56 -0.74
-9.88 8.12 4.54 AdvSemiEnggADR ASX 6.0 12 5.11 -0.11 -2.51 34.94 25.02 DiscoveryCommsA DISCA ... 16 26.01 0.53
t -9.17 8.35 5.14 AegonADR AEG ... 37 5.15 -0.03 t -9.73 29.99 19.56 CreditSuisseADR CS ... 9 19.58 -0.66 -5.96 138.57 93.16 LennoxIntl LII 1.2 24 117.45 -1.48 -1.97 51.34 31.36 SowestAir LUV 0.7 15 42.21 0.26
-16.39 27.31 8.53 CrescentPntEnrg CPG 9.0 dd 9.74 0.45 -8.22 25.39 15.93 LeucadiaNational LUK 1.6 29 15.96 -0.59 3.59 38.47 21.43 SpectraEnergy SE 6.5 21 24.80 0.23 -0.87 32.78 23.42 DiscoveryCommsC DISCK ... 15 25.00 0.68
t-14.94 51.50 36.62 AerCapHoldings AER ... 7 36.71 -1.19 0.74 84.22 60.31 DollarTree DLTR ... 63 77.79 -0.66
-0.97 134.40 88.70 Aetna AET 0.9 16 107.07 -3.20 -16.70 77.60 13.14 CrestwoodEquity CEQP ... dd 17.31 0.02 -8.11 57.08 40.86 Level3Comm LVLT ... 96 49.95 -0.74 -7.27 56.91 36.21 SpectraEnergyPtrs SEP 5.7 14 44.23 1.29
-3.90 89.44 75.78 CrownCastl CCI 4.3 55 83.08 -1.18 -2.03 41.44 29.68 LibertyPropertyTr LPT 6.2 19 30.42 -0.60 -1.20 106.55 86.02 SpectrumBrndsHldgs SPB 1.3 37 100.58 2.85 -10.14 56.79 38.17 DunkinBrands DNKN 2.8 23 38.27 ...
t-15.98 230.63 134.04 AffiliatedManagers AMG ... 14 134.23 -4.77 0.32 37.83 14.01 Dyax DYAX ... dd 37.74 0.08
-7.70 43.59 33.12 AgilentTechs A 1.2 32 38.59 -0.41 -6.88 57.08 43.85 CrownHoldings CCK ... 19 47.21 -1.26 -3.57 92.85 68.31 EliLilly LLY 2.5 37 81.25 -0.16 -6.07 57.99 41.46 SpiritAeroSystemsA SPR ... 12 47.03 -1.64
2.16 31.88 22.09 CubeSmart CUBE 2.7136 31.28 -0.24 t-11.98 62.08 44.12 LincolnNational LNC 2.3 9 44.24 -1.12 -6.08 5.45 3.10 Sprint S ... dd 3.40 0.05 -9.89 31.48 21.01 E Trade ETFC ... 36 26.71 -0.18
12.48 34.89 21.00 AgnicoEagleMines AEM 1.1297 29.56 -0.43 -9.72 46.50 35.68 EastWestBancorp EWBC 2.1 14 37.52 -0.75
t -7.39 116.81 82.54 Agrium AGU 4.2 11 82.74 -0.99 -2.26 148.04 84.99 Cummins CMI 4.5 9 86.02 -1.17 -4.08 276.18 165.57 LinkedInA LNKD ... dd 215.90 -1.10 t -5.84 80.84 58.01 StJudeMedical STJ 2.0 17 58.16 -0.27
-3.68 20.41 14.71 DDR Corp DDR 4.7 dd 16.22 -0.40 -7.16 29.68 22.64 LiveNationEnt LYV ... dd 22.81 -0.30 -0.11 115.43 61.56 StanCorpFinancial SFG 1.2 21 113.75 -0.05 -6.30 29.83 22.11 eBay EBAY ... 14 25.75 0.06
t -8.52 158.20 118.83 AirProducts&Chems APD 2.7 20 119.02 -0.62 -8.13 76.92 45.21 ElectroArts EA ... 25 63.13 0.67
-0.38 139.22 86.09 Airgas ARG 1.7 28 137.80 -0.10 -2.26 92.27 73.23 DTEEnergy DTE 3.7 15 78.38 -0.34 -6.42 5.65 4.07 LloydsBankingADR LYG 2.2 40 4.08 ... -9.64 111.18 90.08 StanleyBlDck SWK 2.3 19 96.44 -1.97
-4.72 97.62 81.25 Danaher DHR 0.6 25 88.50 0.05 -1.95 227.91 181.91 LockheedMartin LMT 3.1 19 212.91 -0.38 -8.10 87.99 62.94 StrwdHtlRsrt HOT 2.4 19 63.67 0.51 -12.15 96.58 46.66 EndoInternational ENDP ... dd 53.78 -2.58
-12.58 87.17 58.15 AlaskaAirGroup ALK 1.1 11 70.38 -3.61 s 2.44 312.29 213.89 Equinix EQIX 2.2 dd 309.79 6.50
-12.50 64.99 41.37 Albemarle ALB 2.4 11 49.01 -0.94 -2.56 67.69 51.94 Darden DRI 3.2 22 62.01 -0.47 -6.51 42.78 34.40 Loews L 0.7 20 35.90 -0.26 -3.50 24.79 19.30 StarwoodPrTr STWD 9.7 10 19.84 -0.38
-2.93 85.17 67.30 DaVitaHlthcrPtrs DVA ... 30 67.67 0.05 -6.79 78.13 64.22 Lowe's LOW 1.6 22 70.88 -1.19 t-11.62 81.26 58.53 StateSt STT 2.3 14 58.65 -1.57 -5.31 13.14 8.87 EricssonADR ERIC 4.3 22 9.10 0.04
4.44 4.96 3.06 AlcatelLucentADR ALU ...3077 4.00 0.10 -10.37 140.51 76.34 Expedia EXPE 0.9 18 111.41 -3.40
-18.24 17.10 7.81 Alcoa AA 1.5 22 8.07 -0.20 -3.29 98.23 71.85 Deere DE 3.3 13 73.76 -1.23 -5.43 74.00 54.76 LuxotticaGroupADR LUX 2.6 33 61.34 0.12 t-11.10 21.72 12.31 StatoilADR STO ... dd 12.41 -0.35
-1.03 25.14 18.57 DelhaizeGroupADR DEG 1.9 47 24.04 0.02 -8.41 107.32 71.74 LyondellBasell LYB 3.9 9 79.59 -0.50 -6.36 78.77 60.75 Steris STE ... 38 70.55 -1.95 -5.14 51.80 40.50 ExpeditrInt EXPD 1.7 19 42.78 0.12
-5.30 102.96 82.91 AlexREEq ARE 3.6101 85.57 -1.19 -1.91 94.61 68.06 ExpressScriptsHldg ESRX ... 26 85.74 -0.10
-12.88 105.30 57.20 AlibabaGroupADR BABA ... 18 70.80 -1.92 -14.17 90.57 66.10 DelphiAutomotive DLPH 1.4 16 73.58 -1.46 t -9.09 134.00 109.96 M&T Bnk MTB 2.5 15 110.17 -2.31 t -9.76 9.98 6.01 STMicroelectronics STM 6.7 39 6.01 -0.23
-8.05 52.77 34.61 DeltaAir DAL 1.2 13 46.61 -0.39 -9.82 24.41 16.84 MGMResortsIntl MGM ... dd 20.49 -0.13 t -5.43 105.34 87.68 Stryker SYK 1.7 29 87.89 -0.55 -4.98 135.20 90.81 F5Networks FFIV ... 18 92.13 0.31
-2.82 518.48 436.44 Alleghany Y ... 14 464.45 3.43 -7.00 110.65 72.00 FacebookClA FB ... 98 97.33 -0.59
-9.33 68.08 52.33 Allegion ALLE 0.7 49 59.77 -1.19 t -8.49 36.20 22.08 DeutscheBank DB 3.8 dd 22.10 -0.62 -11.21 85.57 26.38 MPLX MPLX 5.4 20 34.92 0.50 -6.06 9.28 6.74 SumitomoMitsADR SMFG ... 9 7.13 -0.17
t-10.94 70.48 27.45 DevonEnergy DVN 3.4 dd 28.50 0.44 -5.03 73.44 51.27 MSCI MSCI 1.3 37 68.50 -0.99 -9.29 35.13 27.87 SunLifeFinancial SLF 4.2 8 28.30 0.06 -4.95 47.03 34.45 Fastenal FAST 2.9 22 38.80 -0.25
-4.17 340.34 237.50 Allergan AGN ... 38 299.46 -3.69 -8.53 21.93 17.14 FfthThrd FITB 2.8 11 18.39 -0.32
-7.07 312.00 241.91 AllianceData ADS ... 34 257.01 -5.02 -4.12 122.51 100.59 DiageoADR DEO 4.1 18 104.58 -0.12 -2.33 95.93 71.98 Macerich MAC 3.5 dd 78.81 -1.94 t -8.95 33.49 23.41 SuncorEnergy SU 3.7454 23.49 -0.14
s 1.88 77.67 60.66 DigitalRealtyTrust DLR 4.4 51 77.04 0.26 -8.31 87.88 64.06 MacquarieInfr MIC 6.8 dd 66.57 0.15 -12.53 46.72 21.41 SunocoLgst SXL 8.1 dd 22.48 -0.58 -0.56 72.12 39.18 FirstSolar FSLR ... 12 65.62 -0.60
-8.47 32.74 21.23 AllncBrnstnHldg AB 7.9 11 21.83 -0.62 -4.30 97.76 71.17 Fiserv FISV ... 30 87.53 -0.68
-0.78 70.80 54.27 AlliantEnergy LNT 3.6 17 61.96 -0.02 t -6.81 64.62 49.88 DiscoverFinSvcs DFS 2.2 10 49.97 -0.63 2.60 73.61 34.05 Macys M 4.0 9 35.89 -1.00 -9.17 45.84 36.52 SunTrustBanks STI 2.5 11 38.91 -0.57
-5.55 122.08 90.00 Disney DIS 1.4 20 99.25 -0.25 -3.03 85.49 54.51 MagelnPtnrs MMP 4.6 17 65.86 0.53 -5.16 36.40 27.92 SynchronyFinancial SYF ... 11 28.84 -0.28 -9.19 12.86 9.55 FlextronInt FLEX ... 11 10.18 -0.65
-6.22 72.87 54.12 Allstate ALL 2.1 10 58.23 -0.21 -8.21 50.31 28.37 Fortinet FTNT ...274 28.61 -0.56
t -9.44 24.00 16.80 AllyFinancial ALLY ... dd 16.88 -0.53 -0.57 81.42 59.75 DollarGeneral DG 1.2 19 71.46 -0.38 -12.72 59.42 34.73 MagnaInt MGA 2.5 6 35.40 0.13 -6.41 98.15 61.61 SyngentaADR SYT 3.2 24 73.68 -0.54
2.78 79.89 64.54 DominionResources D 3.7 23 69.52 1.01 -12.77 134.26 52.01 Mallinckrodt MNK ... 24 65.10 -1.75 -2.93 42.03 35.45 Sysco SYY 3.1 36 39.80 0.01 ... 8.46 4.19 FrontierComms FTR 9.0 dd 4.67 -0.02
0.05 61.74 47.31 AltriaGroup MO 3.9 22 58.24 0.10 -9.74 57.16 31.32 Garmin GRMN 6.1 12 33.55 -1.35
-9.83 17.44 7.01 AlumofChinaADR ACH ... dd 7.43 0.09 -2.05 119.73 94.88 Dominos DPZ 1.1 35 108.97 2.22 -10.16 96.87 63.16 ManpowerGroup MAN 2.1 14 75.73 -1.03 -10.00 73.73 54.32 TEConnectivity TEL 2.3 10 58.15 -0.64
-7.22 32.32 26.66 DouglasEmmett DEI 3.0 82 28.93 -0.52 -10.35 19.61 13.35 ManulifeFinancial MFC 3.8 11 13.43 0.05 -7.92 33.40 21.30 TEGNA TGNA 2.4 5 23.50 -0.30 -4.68 123.37 86.00 GileadSciences GILD 1.8 9 96.45 0.20
-6.28 6.83 4.11 AmbevADR ABEV ... 15 4.18 0.07 -13.87 35.30 23.74 Goodyear GT 1.0 3 28.14 -0.57
0.65 46.81 37.26 Ameren AEE 3.9 16 43.51 -0.34 -5.66 78.21 55.50 Dover DOV 2.9 15 57.84 -0.50 t-17.79 31.53 9.86 MarathnOil MRO 1.9 dd 10.35 -0.32 t -4.45 36.18 26.34 TELUS TU 5.1 11 26.42 -0.30
-10.10 57.10 35.11 DowChemical DOW 4.0 12 46.28 -0.36 -10.90 60.38 37.62 MarathonPetroleum MPC 2.8 7 46.19 -1.80 t-11.42 21.80 11.00 TERNIUMADR TX 8.2 30 11.01 -0.30 -4.88 18.04 14.53 Grifols ADR GRFS 0.6 35 15.41 -0.19
t-13.51 23.67 12.12 AmericaMovilADR AMX 2.5 27 12.16 -0.54 -9.39 36.81 26.52 HDSupplyHoldings HDS ... 17 27.21 -0.41
-2.01 45.38 32.12 AmCampus ACC 3.9 40 40.51 -0.60 -0.79 95.26 72.00 DrPepperSnap DPS 2.1 25 92.46 -0.83 -3.79 14.34 11.00 MarineHarvestADR MHG 1.3 57 12.68 -0.05 -5.61 76.93 63.53 TJX TJX 1.3 20 66.93 -3.06
-4.10 68.00 43.41 DrReddysLabADR RDY 0.7 20 44.39 0.22 -5.24 937.91 660.05 Markel MKL ... 23 837.09 -9.19 -8.27 131.34 76.01 TableauSoftware DATA ... dd 86.43 -2.14 1.01 84.42 51.42 Hasbro HAS 2.7 19 68.04 -1.08
-0.02 65.38 52.29 AEP AEP 3.8 16 58.26 -0.09 -5.00 161.62 126.17 HenrySchein HSIC ... 26 150.28 -1.39
-8.51 91.80 63.08 AmericanExpress AXP 1.8 12 63.63 -0.21 -8.15 76.61 47.11 DuPont DD 2.5 19 61.17 -0.33 -4.51 59.99 50.90 MarshMcL MMC 2.3 19 52.95 -0.75 -8.53 25.77 17.32 TaiwanSemiconADR TSM 3.5 11 20.81 -0.29
-0.49 89.97 65.50 DukeEnergy DUK 4.6 20 71.04 -0.16 -7.65 178.67 104.53 MrtnMarMat MLM 1.3 32 126.13 -3.43 -1.69 85.81 68.15 Target TGT 3.1 dd 71.38 -2.50 -5.53 43.00 26.60 Hologic HOLX ... 79 36.55 -0.82
-6.26 75.68 57.50 AmericanFinancial AFG 1.7 17 67.57 -0.91 t -7.05 93.50 68.05 JBHunt JBHT 1.2 19 68.19 -0.73
-7.29 64.93 48.68 AmIntlGp AIG 1.9 17 57.45 -0.87 -5.47 22.70 17.60 DukeRealty DRE 3.6 40 19.87 -0.43 -9.79 30.61 20.42 Masco MAS 1.5 24 25.53 -0.60 -2.59 173.00 124.35 TaroPharm TARO ... 12 150.54 -4.20
-4.71 29.81 22.66 EMC EMC 1.9 21 24.47 -0.38 -7.67 101.76 74.61 MasterCard MA 0.8 28 89.89 -1.75 -13.20 51.41 21.56 TataMotorsADR TTM ... 14 25.58 0.31 -9.13 11.90 9.63 HuntgBcsh HBAN 2.8 13 10.05 -0.18
-2.81 104.12 86.83 AmericanTowerREIT AMT 2.1 70 94.23 -1.58 -7.06 84.66 55.09 IACInteractv IACI 2.4 22 55.81 -0.08
-0.13 61.20 48.36 AmericanWaterWorks AWK 2.3 23 59.67 0.23 t -7.55 39.33 27.55 ENIADR E 6.5 dd 27.55 -0.65 -2.26 87.46 70.70 McCormick MKC 2.1 27 83.63 -0.06 -3.53 85.26 66.83 TaubmanCtr TCO 3.1 dd 74.01 -0.98
t -7.44 101.36 64.77 EOG Res EOG 1.0 dd 65.52 0.06 -2.69 87.11 68.29 McCormickVtg MKC/V 2.0 27 84.05 -0.02 0.11 27.23 17.60 TecoEnergy TE 3.4 46 26.68 -0.22 -5.24 84.25 61.37 IdexxLab IDXX ... 38 69.10 -0.71
8.64 52.72 30.80 Amerigas APU 9.9 54 37.23 0.23 -2.43 101.50 59.50 IcahnEnt IEP 10.0 dd 59.81 0.12
t-10.79 138.26 94.75 AmerprsFncl AMP 2.8 11 94.94 -2.19 4.45 92.79 47.10 EQT EQT 0.2 40 54.45 2.58 -2.25 120.23 87.50 McDonalds MCD 3.1 25 115.48 -0.18 -7.28 11.67 7.95 TelecomItaliaADR TI/A 3.2 20 9.55 -0.14
-3.47 92.09 56.52 EQTMidstreamPtrs EQM 3.7 16 72.84 2.62 -10.22 109.13 84.64 McGrawHillFin MHFI 1.5 dd 88.51 -2.61 -7.67 14.18 9.94 TelecomItaliaADR TI 2.2 24 11.68 -0.30 -13.95 242.37 130.00 Illumina ILMN ... 48 165.17 -2.55
-5.54 120.68 90.35 AmeriSrcBrg ABC 1.4 dd 97.96 -0.57 -12.60 133.62 71.48 Incyte INCY ... dd 94.78 -0.98
-8.43 57.67 47.85 Ametek AME 0.7 20 49.07 -0.91 -5.70 83.90 62.84 EastmanChemical EMN 2.9 13 63.66 -1.08 -7.52 243.61 160.10 McKesson MCK 0.6 24 182.39 -5.42 -2.31 140.50 107.45 Teleflex TFX 1.1 32 128.41 -0.30
t -5.51 73.82 49.06 EatonCorp.PLC ETN 3.1 11 49.17 -0.56 -7.42 105.45 69.20 MeadJohnNutr MJN 2.3 22 73.09 -2.55 t-10.08 20.54 8.10 TelefonicaBrasADR VIV ... 9 8.12 -0.21 -8.53 37.49 24.87 Intel INTC 3.0 13 31.51 -0.33
t-10.72 60.54 46.50 AmphenolClA APH 1.2 20 46.63 -0.71 -14.56 45.95 25.56 IntrctvBrkGrp IBKR 1.1 59 37.25 -0.30
-16.51 95.94 39.80 AnadarkoPetroleum APC 2.7 dd 40.56 0.45 -8.77 122.48 99.51 Ecolab ECL 1.3 28 104.35 -0.92 -4.81 86.09 64.12 Mednax MD ... 20 68.21 0.25 t -6.42 15.66 10.32 TelefonicaADR TEF ... 9 10.35 -0.21
t-11.98 19.91 6.12 EcopetrolADR EC ... 25 6.17 -0.06 -4.08 79.50 55.54 Medtronic MDT 2.1 39 73.78 -0.63 -0.18 47.07 34.09 TelekmIndonesiaADR TLK 2.5 19 44.32 -0.72 -3.48 109.21 79.63 Intuit INTU 1.3 63 93.14 -1.30
-6.30 130.08 102.52 AnheuserBuschADR BUD 2.9 22 117.13 -2.34 -1.76 564.86 447.00 IntutvSrgcl ISRG ... 37 536.54 -0.36
0.32 10.93 8.98 AnnalyCap NLY 12.8 dd 9.41 -0.04 -4.95 107.49 72.44 EdgewellPersonal EPC ... dd 74.49 -1.42 -3.29 63.62 45.69 Merck MRK 3.6 14 51.08 -0.88 t -9.87 32.77 21.41 TenarisADR TS 2.8 95 21.45 -0.46
-1.57 69.59 55.18 EdisonInt EIX 3.3 13 58.28 -0.01 t-12.82 58.23 41.96 MetLife MET 3.6 8 42.03 -0.48 -3.56 119.67 64.16 Tesoro TSO 2.0 8 101.62 -5.41 -8.15 77.80 37.38 IonisPharma IONS ...569 56.88 1.45
2.11 46.06 18.50 AnteroResources AR ... 4 22.26 1.31 -14.40 38.00 21.55 JD.comADR JD ... dd 27.62 -0.33
-5.24 173.59 126.25 Anthem ANTM 1.9 13 132.13 -3.30 -3.72 83.44 61.38 EdwardsLife EW ... 36 76.04 -1.52 -7.43 350.11 275.30 MetlrToledo MTD ... 26 313.93 -1.80 -6.52 61.74 40.14 TesoroLogistics TLLP 6.4 31 47.04 0.99
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t-17.58 71.87 35.07 Apache APA 2.7 dd 36.65 0.10 -7.80 62.75 42.20 EmersonElectric EMR 4.3 11 44.10 -0.51 -0.61 92.80 70.67 MidAmApt MAA 3.6 21 90.26 -0.59 -7.00 46.93 32.20 Textron TXT 0.2 16 39.07 -0.45
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t -3.93 14.73 4.60 Encana t-15.53 12.79 5.20 MobileTeleSysADR MBT 3.4 7 5.22 -0.15 t-10.53 104.96 68.15 Tiffany TIF 2.3 18 68.26 -2.66 -2.17 81.20 61.42 KraftHeinz KHC 3.2 dd 71.18 -0.72
-1.33 35.06 28.09 Aramark ARMK 1.2 33 31.82 -0.08 ECA 5.7 dd 4.89 0.18
-8.50 32.25 22.90 LKQ LKQ ... 20 27.11 -1.08
t-18.48 11.95 3.44 ArcelorMittalADR MT 5.8 dd 3.44 -0.29 t-21.25 35.44 9.74 EngyTrnsfrEqty ETE 10.5 12 10.82 0.26 -8.37 64.48 32.41 Mobileye MBLY ... ... 38.74 -0.78 -1.43 194.22 134.21 TimeWarnerCable TWC 1.6 27 182.93 1.73
10.05 91.34 62.94 TimeWarner TWX 2.0 16 71.17 -11.26 84.49 61.20 LamResearch LRCX 1.7 15 70.48 -1.23
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t-18.71 13.16 2.63 Enerplus t-10.54 42.19 29.63 Toll Bros TOL ... 15 29.79 -0.58 0.72 61.73 51.03 LamarAdvertisingA LAMR 4.6 15 60.41 0.28
-11.52 88.56 56.11 AristaNetworks ANET ... 46 68.87 0.12 ERF 9.4 dd 2.78 -0.05 -5.00 95.74 63.91 MolsonCoors B TAP 1.8 40 89.22 -1.13 -4.55 58.13 44.08 LibertyBroadbandA LBRDA ... dd 49.30 0.51
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t -9.47 50.99 36.84 LibertyGlobalClC LBTYK ... dd 36.91 -0.84
s -1.24 65.49 50.83 AtmosEnergy ATO 2.7 20 62.26 0.07 1.62 45.95 20.33 EnvisionHealthcare EVHC ... 33 26.39 -0.02 -6.14 72.97 56.40 MotorolaSolutions MSI 2.6 26 64.25 0.14 -8.11 145.80 105.00 ToyotaMotorADR TM ... 9 113.06 -2.51
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t -6.99 30.75 25.24 LibertyInteractQVC QVCB ... 19 25.26 -1.14
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-6.09 116.48 95.21 TravelersCos -8.42 31.62 24.72 LibertyInteractQVC QVCA ... 19 25.02 -0.37
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t-15.75 4.74 2.14 TurquoiseHillRscs TRQ ... 12 2.14 -6.78 42.22 32.67 LibertyMediaA LMCA ...141 36.59 -0.51
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-6.99 40.61 32.18 LibertyMediaC LMCK ...136 35.42 -0.30
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2.74 70.00 43.14 lululemonathletica LULU ... 29 53.91 -0.88
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t-14.75 49.65 21.93 BHPBillitonADR BHP 11.3 15 21.96 -0.50 -7.54 177.28 137.84 FactSetResearchSys FDS 1.2 26 150.32 -2.19 -4.87 49.37 41.92 NielsenHoldings NLSN ... 35 44.33 -0.81 -0.98 38.61 31.50 UGI UGI 2.7 21 33.43 0.18 -14.92 42.18 29.47 MaximIntProducts MXIM 3.7269 32.33 -1.93
t-16.25 48.09 18.96 BHPBillitonADR BBL 13.1 13 18.97 -0.61 -0.57 151.11 124.87 FedRlty FRT 2.6 57 145.27 0.24 -5.81 68.19 45.35 NikeClB NKE 1.1 29 58.87 -0.98 -8.46 24.53 13.85 UltraparPartADR UGP 3.3 17 13.96 0.11 -15.74 70.79 37.63 Medivation MDVN ... 26 40.73 -1.32
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t-12.79 43.59 25.46 BlackstoneGroup BX 7.7 15 25.50 -0.88 -5.50 94.82 74.39 Gartner IT ... 44 85.71 -0.54 -2.12 60.21 47.33 PG&E PCG 3.5 29 52.06 -0.40 t-12.30 48.30 32.31 VoyaFinancial VOYA 0.1 4 32.37 -0.81 -10.08 54.78 41.59 Paychex PAYX 3.5 24 47.56 -0.87
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-8.09 17.93 10.54 BdwlkPipePtnr BWP 3.4 15 11.93 0.02 t -5.22 153.76 129.87 GenDynam GD 2.1 15 130.19 -0.61 t -6.28 66.86 33.13 POSCOADR PKX ... dd 33.14 -0.53 t-11.55 133.31 90.24 WABCO Hldg WBC ... 22 90.45 -2.89 -7.43 16.95 13.97 People'sUnitedFin PBCT 4.5 18 14.95 -0.30
-10.10 158.83 115.14 Boeing BA 3.4 16 129.99 -3.02 -8.67 31.49 19.37 GenElec GE 3.2857 28.45 -0.52 -4.38 118.95 82.93 PPG Ind PPG 1.5 22 94.49 -0.76 0.31 58.01 44.93 WECEnergyGroup WEC 3.8 22 51.47 -0.25 3.71 37.17 17.39 PilgrimPride PPC ... 8 22.91 0.74
-0.58 31.34 23.87 BoozAllenHamilton BAH 1.7 21 30.67 -0.09 -3.79 31.70 24.22 GeneralGrowthProp GGP 2.9 17 26.18 -0.75 -2.17 35.00 29.05 PPL PPL 4.5 12 33.39 -0.15 -1.47 73.88 56.01 W.P.Carey WPC 6.6 42 58.13 -1.04 -3.09 39.81 31.36 Premier PINC ... dd 34.18 0.07
t-15.34 63.30 36.52 BorgWarner BWA 1.4 13 36.60 -1.11 -4.11 59.87 47.43 GeneralMills GIS 3.2 23 55.29 0.18 t -4.49 120.67 70.21 PVH Corp. PVH 0.2 12 70.34 -1.10 t-11.19 105.10 63.04 Wabtec WAB 0.5 16 63.16 -1.14 -10.82 1476.52 990.69 PricelineGroup PCLN ... 24 1136.96 -30.23
-4.75 146.07 94.91 BostonProperties BXP 2.1 31 121.48 -3.50 -13.17 38.99 24.62 GeneralMotors GM 4.9 11 29.53 -0.46 t -7.63 84.88 58.22 PackCpAm PKG 3.8 13 58.24 -1.25 3.65 90.97 56.30 WalMart WMT 3.1 14 63.54 -1.49 -7.52 28.53 22.41 Qiagen QGEN ... 41 25.57 -0.32
-5.48 19.06 14.17 BosSci BSX ... dd 17.43 -0.21 -6.20 25.97 19.53 Genpact G ... 23 23.43 -0.21 -7.61 200.55 121.11 PaloAltoNetworks PANW ... dd 162.74 -1.34 -4.08 57.65 42.05 WasteConnections WCN 1.1 dd 54.02 -1.62 -12.59 88.35 42.24 Qorvo QRVO ... 35 44.49 -1.15
-7.50 70.87 51.82 BristolMyers BMY 2.4 60 63.63 -1.66 t -8.53 103.22 78.45 GenuineParts GPC 3.1 17 78.56 -2.32 t -6.63 128.29 90.33 ParkerHannifin PH 2.8 14 90.55 -1.66 -1.91 55.93 45.86 WasteMgt WM 2.9 22 52.35 -0.32 t -8.22 75.05 45.84 Qualcomm QCOM 4.2 14 45.88 -0.27
-2.17 27.43 20.77 BrixmorPropertyGrp BRX 3.9 47 25.26 -0.43 -6.26 35.15 26.30 Gildan GIL 1.0 21 26.64 -0.46 -0.06 140.21 110.06 PartnerRe PRE 2.0 50 139.65 -0.20 -5.84 137.39 112.30 Waters WAT ... 23 126.72 -2.10 -22.32 55.93 26.52 QunarCaymanIslADR QUNR ... dd 40.97 3.67
-6.05 60.10 45.82 BdridgeFnlSol BR 2.4 22 50.48 -0.35 -2.30 49.08 37.24 GlaxoSmithKlineADR GSK 5.9 6 39.42 0.41 t -7.33 22.47 9.97 PearsonADR PSO 5.6 26 9.99 -0.11 t-16.92 14.90 6.86 WeatherfordIntl WFT ... dd 6.97 -0.37 2.99 85.84 54.88 RandgoldRscsADR GOLD 0.9 32 63.78 -1.96
t -9.90 39.00 28.34 BrookfieldMgt BAM 1.7 9 28.41 -0.32 -6.71 74.64 41.78 GlblPymts GPN 0.1 28 60.18 -1.18 -6.76 36.09 19.65 PembinaPipeline PBA 6.5 21 20.29 0.56 -8.83 58.77 47.75 WellsFargo WFC 3.0 12 49.56 -0.84 -9.43 605.93 393.00 RegenPharm REGN ... 96 491.68 -10.28
t -9.60 46.95 33.27 BrookfieldInfr BIP 6.2 26 34.27 0.31 -6.52 35.35 21.04 GoDaddyClA GDDY ... dd 29.97 -0.53 t -7.85 69.65 45.58 Pentair PNR 2.9 16 45.64 -0.84 0.09 84.88 58.19 Welltower HCN 4.8 46 68.09 0.15 -3.18 56.68 43.47 RossStores ROST 0.9 21 52.10 -1.66
-5.87 122.94 86.85 BrownFormanClA BF/A 1.3 32 103.65 0.46 8.04 25.00 10.87 Goldcp GG 1.9 dd 12.49 -0.23 -1.00 27.50 21.61 PepcoHoldings POM 4.2 28 25.75 0.13 -0.75 44.03 33.88 WestarEngy WR 3.4 20 42.09 -0.15 -1.35 88.24 62.53 RyanairHoldingsADR RYAAY ... 14 85.29 1.16
-6.30 111.06 86.71 BrownFormanClB BF/B 1.5 29 93.03 -0.33 -9.04 218.77 163.60 GoldmanSachs GS 1.6 11 163.94 -0.68 -2.71 103.44 76.48 PepsiCo PEP 2.9 29 97.21 -0.36 -3.00 66.24 29.57 WesternGasEqtyPtrs WGP 4.3 29 35.20 1.46 -3.26 128.47 100.12 SBACommunications SBAC ... dd 101.64 -0.95
-7.43 82.98 52.04 BuckeyePartners BPL 7.7 20 61.06 0.32 -8.82 104.94 84.25 GraceWR GRA ... 48 90.81 -1.34 -7.93 54.52 42.27 PerkinElmer PKI 0.6 32 49.32 -0.74 -11.97 74.30 36.70 WesternGasPartners WES 7.4 21 41.84 0.19 -9.35 55.48 38.80 SEIInvestments SEIC 1.1 25 47.50 -1.21
-3.16 93.04 61.55 Bunge BG 2.3 21 66.12 -0.42 -3.85 252.87 189.60 Grainger GWW 2.4 17 194.79 -2.34 t -2.77 215.73 140.20 Perrigo PRGO 0.4142 140.69 -3.62 -5.58 22.84 16.73 WesternUnion WU 3.7 10 16.91 -0.14 -9.87 77.19 52.53 SS&CTechs SSNC 0.8 77 61.53 -0.76
t-11.16 39.77 30.64 CBRE Group CBG ... 18 30.72 -0.35 -9.31 97.05 59.82 GpoAeroportuarADR PAC 2.3 26 80.06 0.95 t-10.87 136.98 58.37 PetroChinaADR PTR 3.3 16 58.46 -0.44 t-12.96 79.25 47.24 WestlakeChemical WLK 1.5 9 47.28 -0.98 -10.18 152.99 100.76 SVBFinancialGroup SIVB ... 18 106.80 -2.02
-2.32 72.50 42.54 CBSClA CBS/A 1.2 16 50.91 0.57 -6.44 10.75 6.01 GpoAvalAccionesADR AVAL 6.5 9 6.10 -0.05 -12.79 10.55 3.72 PetroleoBrasilADR PBR ... dd 3.75 -0.06 -12.46 31.42 20.12 WestpacBankingADR WBK ... 11 21.21 -0.44 -7.51 30.45 19.22 Sabre SABR 1.4 15 25.87 -0.38
-1.42 63.95 38.51 CBSClB CBS 1.3 15 46.46 1.12 -9.69 11.83 6.79 GpFinSantandMexADR BSMX 1.8 12 7.83 -0.13 -11.18 9.71 2.99 PetroleoBrasilADRA PBR/A ... dd 3.02 -0.01 t -8.09 66.40 41.74 WestRock WRK 3.6 13 41.93 -1.86 -2.36 97.69 44.28 SanDisk SNDK 1.6 36 74.20 -0.77
-17.13 70.32 33.69 CFIndustries CF 3.5 9 33.82 -0.32 -5.84 40.05 25.24 GrupoTelevisaADR TV ... 20 25.62 0.22 -3.97 36.46 28.47 Pfizer PFE 3.9 23 31.00 -0.40 -6.94 37.04 26.73 Weyerhaeuser WY 4.4 26 27.90 -0.26 t-11.24 66.97 32.16 SeagateTechnology STX 7.7 8 32.54 -2.00
-5.90 46.30 31.99 CGI Gp A GIB ... 12 37.67 0.05 -4.97 95.49 43.91 HCAHoldings HCA ... 13 64.27 -0.02 -1.37 90.27 75.27 PhilipMrrsIntl PM 4.7 19 86.71 -0.54 t -7.70 217.11 135.26 Whirlpool WHR 2.7 16 135.56 -2.09 -16.76 52.33 30.05 SeattleGenetics SGEN ... dd 37.36 -0.53
t -7.91 49.27 36.50 CIT Grp CIT 1.6 6 36.56 -0.69 -4.84 49.61 32.71 HCP HCP 6.2 56 36.39 -0.10 -5.29 72.93 39.70 PhilippineLgDisADR PHI 6.8 13 40.49 -0.42 -6.14 52.53 32.37 WhiteWaveFoods WWAV ... 42 36.52 0.18 -9.27 270.63 184.69 ShireADR SHPG 0.1 12 186.00 -0.73
0.06 38.66 31.22 CMSEnergy CMS 3.2 19 36.10 -0.06 -5.05 65.44 51.06 HDFCBankADR HDB 0.6 ... 58.49 -0.37 -8.06 94.12 57.33 Phillips66 PSX 3.0 9 75.21 -1.24 t-20.97 61.38 19.47 Williams WMB 12.6 45 20.31 -0.30 -11.39 163.15 113.98 SignatureBank SBNY ... 20 135.90 -3.03
t -5.06 43.65 33.36 CNAFinancial CNA 3.0 12 33.37 -0.56 t-10.64 18.66 10.55 HP HPQ 4.7 4 10.58 -0.19 1.25 59.14 34.95 PiedmontNaturalGas PNY 2.3 32 57.73 0.09 -15.87 59.44 20.48 WilliamsPartners WPZ 14.5133 23.43 -0.33 -2.58 9.17 4.92 SiliconwareADR SPIL 6.1 13 7.55 -0.11
t -8.62 175.60 95.06 CNOOCADR CEO 6.8 6 95.38 -2.11 t -8.41 50.26 36.15 HSBCHoldingsADR HSBC 5.5 10 36.15 -0.24 1.20 48.13 34.76 PinnacleFoods PF 2.4 30 42.97 0.21 t -6.40 89.38 54.51 WillmSnoma WSM 2.6 16 54.67 -1.82 -6.39 4.20 3.31 SiriusXMHoldings SIRI ... 38 3.81 -0.03
-7.67 30.95 22.52 CRHADR CRH 3.7 27 26.61 -0.19 -4.64 50.20 30.93 Halliburton HAL 2.2108 32.46 -0.45 -0.71 73.31 56.01 PinaclWCap PNW 3.9 18 64.02 -0.45 -3.29 14.18 10.81 WiproADR WIT 2.0 20 11.16 -0.04 -6.51 113.58 86.29 SironaDental SIRO ... 31 102.44 -2.97
-7.70 33.44 26.26 CSRA CSRA ... ... 27.69 0.22 -1.46 34.80 25.92 Hanesbrands HBI 1.4 30 29.00 -1.44 -7.61 181.97 105.83 PioneerNaturalRscs PXD 0.1 22 115.84 -0.58 t -7.08 31.80 20.78 WooriBankADR WF 6.1 6 21.00 -0.30 -12.94 112.88 66.10 SkywrkSol SWKS 1.6 16 66.89 -0.27
-4.31 113.65 81.37 CVSHealth CVS 1.8 21 93.56 -0.62 -3.61 66.53 42.51 HarleyDavidson HOG 2.8 12 43.75 0.62 -4.94 52.70 17.83 PlainsAllAmPipe PAA 12.8 18 21.96 0.94 -10.81 95.17 65.33 Workday WDAY ... dd 71.07 -0.68 -4.33 63.79 24.07 SolarCity SCTY ... dd 48.81 1.74
-2.79 33.28 17.66 Cablevision CVC 1.9 44 31.01 -0.40 -9.25 149.12 84.41 HarmanIntlInds HAR 1.6 18 85.50 -1.74 -13.33 29.86 7.18 PlainsGPHldgsClA PAGP 11.3 15 8.19 0.15 -5.49 94.35 68.39 WyndhamWorldwide WYN 2.4 15 68.66 -0.21 -11.56 76.85 51.41 Splunk SPLK ... dd 52.01 -0.97
-2.77 35.64 14.94 CabotO&G COG 0.5 dd 17.20 0.62 -1.22 89.78 66.15 Harris HRS 2.3 27 85.84 -0.40 -6.89 51.63 36.95 PlumCrk PCL 4.0 34 44.43 -0.51 -6.97 40.48 5.40 XL Group XL 2.2 9 36.45 -0.72 0.42 19.40 9.03 Staples SPLS 5.0190 9.51 -0.32
0.41 23.50 11.74 Calpine CPN ... 11 14.53 0.18 -6.47 50.95 38.65 HrtfrdFnl HIG 2.1 11 40.65 -0.55 t -6.46 158.24 80.30 PolarisIndustries PII 2.6 11 80.40 -1.99 0.75 38.34 31.76 XcelEnergy XEL 3.5 19 36.18 -0.40 -5.66 64.00 39.50 Starbucks SBUX 1.4 31 56.63 -0.06
-2.83 81.41 67.27 CamdenPropertyTr CPT 3.8 19 74.59 -1.31 -3.17 76.67 52.33 HealthNet HNT ... 34 66.29 -0.81 -6.02 37.60 15.81 PotashCp POT 9.4 7 16.09 -0.06 -9.78 14.15 9.17 Xerox XRX 2.9 33 9.59 -0.28 -1.96 151.57 110.56 Stericycle SRCL ... 38 118.24 -1.27
-7.22 17.77 10.94 Cameco CCJ 2.6 31 11.44 0.47 -10.74 79.90 46.16 HelmPayne HP 5.8 12 47.80 -0.71 t -4.44 130.38 97.33 Praxair PX 2.9 20 97.85 0.06 -5.84 38.00 29.90 Xylem Inc. XYL 1.6 20 34.37 -0.33 -2.43 27.32 19.07 Symantec SYMC 2.9 21 20.49 -0.01
-5.17 71.22 39.52 CameronIntl CAM ... 60 59.93 -0.80 -6.06 61.95 29.27 Herbalife HLF 2.4 12 50.37 -0.38 0.03 232.96 186.17 PrecisionCastparts PCP 0.1 25 232.07 -0.15 -6.81 32.00 14.34 YPFADR YPF 1.9 7 14.65 -0.09 -7.15 52.78 41.60 Synopsys SNPS ... 30 42.35 -0.93
-2.74 55.08 44.45 CampbellSoup CPB 2.4 25 51.11 0.29 -4.87 111.35 82.41 Hershey HSY 2.7 38 84.92 -0.78 t-10.76 58.02 40.04 PrincipalFinancial PFG 3.8 10 40.14 -0.09 -4.15 12.24 4.19 YanzhouCoalADR YZC 0.7 9 4.39 0.05 -10.63 39.05 29.69 TDAmeritrade AMTD 2.2 21 31.02 -0.01
-4.36 81.60 62.42 CIBC CM 5.5 7 63.00 -0.59 t-16.73 24.22 11.81 HertzGlobal HTZ ... ... 11.85 -0.68 -4.33 91.79 65.02 Procter&Gamble PG 3.5 29 75.97 -1.21 -0.44 31.50 11.85 YoukuTudouADR YOKU ... dd 27.01 0.06 -5.15 19.42 13.83 TFSFinancial TFSL 2.2 71 17.86 -0.30
-8.14 71.11 50.40 CanNtlRlwy CNI 1.9 12 51.33 0.30 t-10.11 79.00 42.86 Hess HES 2.3 dd 43.58 -0.04 -5.41 33.95 25.23 ProgressiveCorp PGR 2.3 14 30.08 -0.45 -6.72 95.90 66.35 YumBrands YUM 2.7 33 68.14 -0.94 1.94 43.43 28.54 T-MobileUS TMUS ... 67 39.88 -0.63
t-11.54 34.46 18.92 CndNatRes CNQ 3.6 50 19.31 -0.24 -10.92 18.50 13.12 HewlettPackardEnt HPE ... ... 13.54 -0.17 -4.31 47.56 36.26 Prologis PLD 3.9 19 41.07 -0.37 -3.16 30.94 21.89 ZayoGroupHoldings ZAYO ... dd 25.75 ... t -8.57 85.22 65.28 TRowePrice TROW 3.2 14 65.36 -1.70
-11.70 198.44 112.19 CanPacRlwy CP 0.9 13 112.67 0.16 t-10.51 31.60 19.13 HiltonWorldwide HLT 1.5 26 19.15 -0.10 t-10.27 92.60 72.86 PrudentialFin PRU 3.8 10 73.05 -0.74 -1.01 121.84 88.77 ZimmerBiomet ZBH 0.9 90 101.55 -0.43 -12.09 286.65 181.40 TeslaMotors TSLA ... dd 211.00 -4.65
t -6.94 38.02 27.98 CanonADR CAJ 5.0 17 28.04 -0.41 -5.89 54.73 30.15 HollyFrontier HFC 3.5 13 37.54 -1.21 t-11.82 52.60 39.71 PrudentialADR PUK 1.9 13 39.75 -0.19 -4.26 55.38 37.73 Zoetis ZTS 0.8 52 45.88 -0.68 -8.12 59.99 43.49 TX Instr TXN 3.0 18 50.36 -1.34
t-11.01 92.10 64.07 CapOneFnl COF 2.5 9 64.23 -0.85 -6.31 135.47 92.17 HomeDepot HD 1.9 23 123.90 -1.50 -0.70 44.45 36.80 PublicServiceEnt PEG 4.1 11 38.42 -0.39 -4.26 96.28 74.52 TractorSupply TSCO 1.0 27 81.86 -0.62
-6.06 91.91 74.76 CardinalHealth CAH 1.8 21 83.86 -1.14 t -9.52 36.44 28.83 HondaMotorADR HMC ... 11 28.89 -0.61 -0.19 253.93 182.08 PublicStorage PSA 2.8 41 247.23 -1.82 NASDAQ -9.42 27.61 15.90 TrimbleNav TRMB ... 34 19.43 -0.36
t -9.08 104.99 80.52 Carlisle CSL 1.5 18 80.64 -0.30 -4.96 107.41 87.00 Honeywell HON 2.4 17 98.43 -0.80 t-10.77 23.36 15.76 PulteGroup PHM 2.3 12 15.90 -0.32 -10.64 94.00 62.24 TripAdvisor TRIP ... 48 76.18 -1.51
t-13.29 75.40 46.70 CarMax KMX ... 16 46.80 -0.31 -1.15 80.78 50.13 HormelFoods HRL 1.5 31 78.17 -0.46 -3.87 73.33 41.64 Qihoo360Technology QIHU ... 34 69.99 -0.98 1.63 87.18 61.10 AMCNetworks A AMCX ... 16 75.90 1.49 -4.68 36.16 22.81 21stCenturyFoxClA FOXA 1.2 7 25.89 ...
-4.46 55.77 42.51 Carnival CCL 2.3 23 52.05 -0.34 -14.70 33.10 22.12 DR Horton DHI 1.2 13 27.32 -1.21 -5.23 89.00 60.07 QuestDiag DGX 2.3 14 67.42 -0.35 -7.68 98.39 79.11 Ansys ANSS ... 31 85.40 -1.83 -4.77 34.81 22.85 21stCenturyFoxClB FOX 1.2 7 25.93 0.01
-4.48 58.08 43.30 Carnival ADR CUK 2.2 24 54.37 -0.32 t -5.41 24.19 14.49 HostHotels&Resorts HST 5.5 17 14.51 -0.04 -5.18 80.45 58.46 QuintilesTransnat Q ... 22 65.10 -0.08 -9.20 54.82 38.40 ARMHoldingsADR ARMH 0.7 39 41.08 -0.52 -1.53 188.48 120.38 UltaSalon ULTA ... 39 182.17 -0.81
3.68 109.53 79.85 Carters CRI 1.0 21 92.31 -1.55 -1.14 61.37 32.20 HuanengPowerADR HNP 7.3 6 33.91 0.06 -4.28 17.52 14.80 RELXADR RENX 1.6 19 16.11 -0.10 t -9.56 114.14 80.13 ASMLHolding ASML 0.9 18 80.28 -2.21 -8.93 216.27 139.32 UltimateSoftware ULTI ...207 178.06 1.58
t -6.87 89.62 62.93 Caterpillar CAT 4.9 13 63.29 -0.65 -6.07 117.03 80.33 Hubbell HUBB ... 19 94.91 -0.09 -3.93 18.43 15.57 RELXADR RELX 1.3 25 17.13 -0.05 -7.75 39.93 18.43 ActivisionBliz ATVI 0.6 81 35.71 -0.56 -9.65 190.29 117.88 UnitedTherapeutics UTHR ... 11 141.50 -2.92
-7.65 74.19 52.56 Celanese A CE 1.9 ... 62.18 -0.25 -3.14 219.79 143.44 Humana HUM 0.7 20 172.91 -2.24 -6.47 51.42 40.11 RPM RPM 2.7 22 41.21 -0.43 -6.48 96.42 68.98 AdobeSystems ADBE ... 71 87.85 -1.26 -10.54 93.94 53.48 VeriSign VRSN ... 31 78.15 -2.40
t-22.62 10.48 4.30 CemexADR CX ... dd 4.31 -0.32 0.29 144.00 102.76 HuntingtonIngalls HII 1.6 15 127.22 2.33 -7.08 177.53 103.29 RalphLaurenA RL 1.9 16 103.59 -0.97 t -8.61 78.44 48.05 AkamaiTechnologies AKAM ... 26 48.10 -0.09 -4.57 82.00 62.28 VeriskAnalytics VRSK ... 25 73.37 0.33
-9.87 8.20 5.20 CencosudADR CNCO 2.4 21 5.57 0.27 t-12.25 61.99 41.23 HyattHotels H ... 23 41.26 -1.37 -12.32 61.82 45.86 RayJamFnl RJF 1.6 15 50.83 -1.19 -11.86 208.88 142.02 AlexionPharm ALXN ...137 168.13 -6.24 -12.02 143.45 97.45 VertxPharm VRTX ... dd 110.71 -4.25
t -7.61 21.12 11.48 CenovusEnergy CVE 4.2 14 11.66 -0.16 -8.94 13.24 7.10 ICICIBankADR IBN 2.2 10 7.13 0.02 -2.20 129.99 95.32 Raytheon RTN 2.2 18 121.79 -1.21 -2.00 68.48 51.65 AlignTechnology ALGN ... 39 64.53 1.03 -1.41 74.02 38.06 Viacom A VIA 3.7 9 43.37 1.80
-4.95 83.00 50.93 Centene CNC ... 22 62.55 -1.02 -7.12 135.17 104.65 IHSClA IHS ... 36 110.00 -0.39 -7.31 49.75 33.24 RealogyHoldings RLGY ... 26 33.99 0.50 -10.25 80.71 53.01 Alkermes ALKS ... dd 71.24 -0.80 -0.44 74.17 36.32 Viacom B VIAB 3.9 9 40.98 2.09
-3.00 23.46 16.05 CenterPointEnergy CNP 5.6 dd 17.81 -0.04 t -5.14 33.52 23.86 IMSHealthHoldings IMS ... 21 24.16 0.03 -0.89 55.54 43.15 RealtyIncome O 4.5 47 51.17 -0.52 -10.12 140.00 71.14 AlnylamPharm ALNY ... dd 84.61 -3.03 -5.18 6.50 2.89 VimpelComADR VIP 1.1 dd 3.11 -0.02
t -4.73 40.59 23.90 CenturyLink CTL 9.0 18 23.97 -0.25 -7.43 17.44 12.05 INGGroepADR ING 4.3 10 12.46 -0.21 -4.42 84.44 62.43 RedHat RHT ... 75 79.15 -0.34 -6.05 798.69 490.91 AlphabetClA GOOGL ... 34 730.91 -10.09 0.87 39.46 30.58 VodafoneGroupADR VOD 3.4 dd 32.54 0.91
-8.70 112.93 69.58 Chevron CVX 5.2 18 82.13 -0.89 t-10.01 42.05 30.06 Invesco IVZ 3.6 13 30.13 -1.38 -0.13 70.80 55.79 RegencyCtrs REG 2.9 51 68.03 -0.59 -5.85 779.98 487.56 AlphabetClC GOOG ... 33 714.47 -11.92 -7.49 123.33 99.00 WPPADR WPPGY 2.3 14 106.15 -1.46
-12.44 50.65 22.13 ChinaEasternAirADR CEA ... 6 24.64 0.13 1.12 44.00 30.33 ITCHoldings ITC 1.9 25 39.69 0.05 -8.75 10.87 8.54 RegionsFinancial RF 2.7 13 8.76 -0.20 -10.19 696.44 285.25 Amazon.com AMZN ...880 607.05 -0.89 -4.82 97.30 73.00 WalgreensBootsAll WBA 1.8 20 81.05 -0.12
t-11.69 26.29 14.07 ChinaLifeInsADR LFC 2.3 13 14.12 -0.20 -6.49 80.31 65.45 IDEX IEX 1.8 20 71.64 -0.97 -3.82 98.70 81.82 ReinsuranceGrp RGA 1.8 11 82.28 -0.66 -4.40 61.46 46.58 Amdocs DOX 1.3 18 52.17 -0.25 t -7.76 113.88 54.79 WstnDgtl WDC 3.6 10 55.39 -2.44
-8.56 75.52 51.33 ChinaMobileADR CHL 3.8 12 51.51 0.14 -9.34 100.14 78.79 IllinoisToolWorks ITW 2.6 17 84.02 -0.71 -1.56 116.10 93.89 RensHldg RNR 1.1 9 111.42 -0.96 -7.09 436.89 274.39 Amerco UHAL ... 16 361.90 -6.78 -4.55 57.57 28.73 WholeFoods WFM 1.7 22 31.98 -0.52
-9.17 96.69 53.49 ChinaPetroleumADR SNP 5.2 19 54.48 0.77 -3.46 19.46 15.26 InfosysADR INFY 1.9 25 16.17 0.11 0.32 45.35 38.95 RepublicServices RSG 2.7 25 44.13 -0.02 t-13.72 23.52 12.07 AmericaMovilClAADR AMOV 2.6 27 12.07 -0.59 -9.36 132.34 106.57 WillisTowersWatson WLTW ... 2 116.62 1.67
-18.93 64.71 22.49 ChinaSoAirlinesADR ZNH 1.1 7 30.93 -2.59 -7.20 70.93 49.74 Ingersoll-Rand IR 2.3 20 51.31 -0.49 -2.92 75.33 48.99 ResMed RMD 2.3 21 52.12 0.26 -4.68 56.20 34.10 AmerAirlinesGrp AAL 1.0 6 40.37 -0.08 -16.55 160.41 50.96 WynnResorts WYNN 3.5 30 57.74 -2.45
-6.74 78.28 43.00 ChinaTelecomADR CHA 2.8 12 43.32 0.32 -4.86 99.64 75.11 Ingredion INGR 2.0 18 91.18 -0.25 t-14.83 45.71 31.81 RestaurantBrands QSR 1.6 dd 31.82 -0.57 1.67 22.10 16.89 AmeriCapAg AGNC 13.6 dd 17.63 -0.09 -8.60 50.72 37.20 Xilinx XLNX 2.9 20 42.93 -0.90
-7.46 19.88 10.98 ChinaUnicomADR CHU 2.9 18 11.16 0.15 -2.34 266.74 202.24 ICE ICE 1.2 24 250.27 -3.90 2.10 49.56 32.47 ReynoldsAmer RAI 3.1 18 47.12 -0.11 -7.16 181.81 130.09 Amgen AMGN 2.7 18 150.71 -2.27 -7.91 50.41 27.20 Yahoo YHOO ...123 30.63 0.47
-13.87 758.61 411.61 ChipotleMex CMG ... 25 413.29 -2.71 -5.21 44.72 33.34 InterContinentlADR IHG ... 17 36.72 0.35 t-13.91 50.07 25.00 RioTinto ADR RIO 8.4 16 25.07 -0.74 -9.03 71.87 48.85 AmTrustFinSvcs AFSI 2.1 10 56.02 -1.58 -14.63 21.36 9.94 Yandex YNDX ... 16 13.42 -0.54
-2.99 134.49 94.35 Chubb CB 1.8 15 128.67 -0.81 t -4.35 176.30 131.32 IBM IBM 4.0 9 131.63 -1.23 -1.02 9.47 5.88 RiteAid RAD ... 4 7.76 -0.05 -15.20 156.93 32.04 AnacorPharm ANAC ... dd 95.80 -5.90 -9.89 33.03 23.72 ZionsBcp ZION 1.0 22 24.60 -0.28
-1.00 32.85 28.49 ChunghwaTelecomADR CHT 5.0 18 29.73 0.16 -2.76 123.08 100.02 IntFlavor IFF 1.9 22 116.34 -0.25 t -7.11 63.27 43.70 RobHalfIntl RHI 1.8 17 43.79 -1.11 t -9.65 68.97 49.98 AnalogDevices ADI 3.2 23 49.98 -0.44 -10.07 3.13 2.20 Zynga ZNGA ... dd 2.41 -0.07
-3.32 90.73 78.96 Church&Dwight CHD 1.6 27 82.06 0.98 t -4.77 57.90 35.78 InternationalPaper IP 4.9 17 35.90 -0.39 -8.91 127.05 93.22 Rockwell ROK 3.1 15 93.47 0.04 -7.89 134.54 92.00 Apple AAPL 2.1 11 96.96 0.51
-5.19 170.68 105.23 Cigna CI 0.0 17 138.74 -2.63 -5.28 23.80 18.16 Interpublic IPG 2.2 18 22.05 -0.11 -5.62 99.37 78.15 RockwellCollins COL 1.5 17 87.11 -2.21 -10.07 25.64 14.25 AppliedMaterials AMAT 2.4 15 16.79 -0.42 NYSE MKT
t -7.90 132.18 80.61 CimarexEngy XEC 0.8 dd 82.32 0.46 t -5.15 41.53 25.51 IronMountain IRM 7.6 42 25.62 -0.60 -1.57 41.38 32.67 RogerComm B RCI 4.3 13 33.92 0.11 -1.91 78.81 57.67 ArchCapitalGroup ACGL ... 13 68.42 -0.72
t-10.86 60.95 46.03 Citigroup C 0.4 10 46.13 -1.43 ... 7.70 3.97 IsraelChemicals ICL ... 3 4.05 0.03 -6.87 30.42 21.32 RollinsInc ROL 1.3 34 24.12 -0.16 -0.65 170.42 110.68 AthenaHealth ATHN ...421 159.93 0.63 -5.23 119.91 102.14 BritishAmTobADR BTI 2.9 16 104.67 -1.45
-9.05 28.71 21.14 CitizensFinancial CFG 1.7 16 23.82 -0.77 -7.37 12.42 6.01 ItauUnibancoADR ITUB 0.8 4 6.03 ... -7.47 195.93 144.62 RoperTechnologies ROP 0.7 26 175.62 -2.27 -9.67 31.46 26.02 AtlassianClA TEAM ... ... 27.17 0.20 -6.01 82.32 34.16 CheniereEnergy LNG ... dd 35.01 0.04
-0.51 131.78 103.77 Clorox CLX 2.4 25 126.18 0.54 -10.77 70.61 50.07 JPMorganChase JPM 3.0 10 58.92 -1.35 t -7.65 67.49 49.42 RoylBkCan RY 4.8 7 49.48 -0.39 -9.63 65.78 42.06 Autodesk ADSK ... dd 55.06 -0.92 -2.57 34.55 20.15 CheniereEngyPtnr CQP 6.7 dd 25.40 0.12
-2.38 43.87 27.22 Coach COH 4.2 23 31.95 -0.94 -7.63 48.25 36.05 JacobsEngineering JEC ... 16 38.75 -0.69 t -8.00 12.52 8.16 RoyalBkScotlandADR RBS ... dd 8.16 -0.14 -7.78 90.67 64.29 ADP ADP 2.7 26 78.13 -0.65 -7.96 45.60 28.66 ImpOil IMO 1.4 15 29.93 -0.16
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SPORTS
Four Plays That Alabama May Use To Burn Clemson
BY JONATHAN CLEGG AND BEN COHEN Tide up 31-0. lor and Oregon in their recent games for the national championship, and Clemson surrendered only nine pass-
But there’s something else that against Michigan State. we can only assume that Alabama ing plays of 40 yards or more, which
GLENDALE, Ariz.—The play that links those two Alabama plays: They The first Alabama deep ball was a coach Nick Saban and offensive co- means there were some games when
started Alabama’s steamrolling of weren’t actually Alabama’s. ripoff of a Baylor play that went for ordinator Lane Kiffin have locked bagels had more holes than the Ti-
Michigan State in last week’s Col- Chris B. Brown, a corporate law- a touchdown against Michigan State themselves in a film room this week gers’ defense. But after a compre-
lege Football Playoff semifinal was yer who writes about strategy for in the very same bowl game and sta- on the lookout for the plays that hensive breakdown of those plays—
a 50-yard pass to wide receiver his website Smart Football, was dium last season. The second Ridley Clemson has struggled to defend. and interviews with the coaches who
Calvin Ridley. The play that essen- watching the game the next morn- bomb was right out of Chip Kelly’s That’s why we decided to do the designed them—we came up with
tially put the Spartans out of their ing, when he noticed something un- old playbook at Oregon. same thing. four that Kiffin might want to slip
misery was another 50-yard pass usual. Alabama had recycled the This strategic plagiarism is one It turns out there weren’t that into his playbook before the final
to Ridley that got the Crimson same plays that had worked for Bay- reason Alabama plays again Monday many plays to watch. This season, game of the season.

Clemson’s defensive philosophy is fairly simple. The Tigers load up against the run on early downs, use star Clemson’s talented pair of cornerbacks will line up directly in front of receivers in press-man coverage. This allows
cornerback Mackensie Alexander to lock up the opposing team’s best receiver, and then they blitz like crazy in the Tigers to deploy safety T.J. Green close to the line of scrimmage, where he can help in run support. But
obvious passing situations. But when blitzing against three-receiver plays, the Tigers are vulnerable to deep plays teams have found success by sending running backs and tight ends on sideline routes and forcing Green to cover
down the sideline to a receiver in a one-on-one matchup. Here, Louisville exploited that weakness for a 55-yard gain. them outside. Clemson gave up a 56-yard touchdown to Notre Dame when running back C.J. Prosise did just this.

Pass 2

Pass 1

Clemson can be vulnerable against tight bunch formations, in which receivers line up in close proximity to one
another. Receivers have the option to go inside or outside, while creating natural picks in man coverage. The
Tigers often respond to these looks by switching to zone coverage and that brief moment of confusion can result
in some big plays for the opponent. Here, North Carolina put a receiver in motion to create a bunch formation. As
the defense scrambled to cover the criss-crossing routes, Quinshad Davis got free on a corner route for a big gain.
Wofford head coach Mike Ayers knew his team couldn’t outrun Clemson’s defensive backs. (“They’ve got a lot of
Cadillacs back there.”) So the offense would have to improvise. “If you can’t run away from them,” Ayers said, “you’ve
got to trick them.” The answer: a double-pass play known as Ace Left 61 Smoke Vegas. With two receivers lined up
to his left and three runners in the backfield, Terriers quarterback Evan Jacks rifled a quick pass to outside receiver
Will Irwin. Clemson’s aggressive secondary bit, and Irwin lofted it to senior running back Will Gay for 41 yards.

Bonds | WSJ.com/bonds
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/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
1.000 U.S. 2 0.948 t l 0.952 0.935 0.609 0.500 Germany 2 -0.390 t l -0.373 -0.306 -0.099 -133.7 -132.5 -70.8
2.250 10 2.135 t l 2.147 2.221 2.020 1.000 10 0.517 t l 0.540 0.574 0.511 -161.8 -160.7 -150.9
5.500 Australia 2 2.018 s l 1.967 2.054 2.211 107.0 101.5 160.2 4.500 Italy 2 -0.001 t l 0.028 0.094 0.483 -92.4 -12.6
-94.9
3.250 10 2.728 s l 2.667 2.843 2.738 59.3 52.0 71.9 2.000 10 1.520 t l 1.561 1.443 1.829 -58.7 -19.1
-61.5
4.250 France 2 -0.345 t l -0.332 -0.246 -0.042 -129.3 -128.4 -65.1 0.100 Japan 2 -0.019 t l -0.017 -0.027 -0.018 -96.9 -62.7
-96.7
1.000 10 0.880 t l 0.923 0.881 0.803 -125.5 -122.5 -121.7 0.300 10 0.230 t l 0.244 0.317 0.290 -190.5 -190.4 -173.0
0.500 Spain 2 0.009 t l 0.024 0.065 0.455 -93.9 -92.8 -15.4
Corporate Debt 2.150 10 1.717 t l 1.755 1.605 1.673 -41.8 -39.2 -34.7
Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
that same company’s share price. Here’s a look at both for two companies in the news. 1.000 U.K. 2 0.507 t l 0.523 0.591 0.414 -44.0 -42.9 -19.5
2.000 10 1.774 t l 1.805 1.822 1.649 -36.1 -34.2 -37.1
Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance Source: Tullett Prebon
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg

Walter Energy WLT 0.000 Oct. 15, ’19 3527 –97 n.a. ... ...
Anglo America CA AALLN 4.125 April 15, ’21 1234 –24 n.a. ... ... Weather
Sysco SYY 2.600 June 12, ’22 106 –24 n.a. 39.80 0.03 Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Energy Transfer Partners ETP 5.200 Feb. 1, ’22 472 –21 n.a. 29.70 –1.36 10s <0
d t
Edmonton
Freeport–McMoRan FCX 3.550 March 1, ’22 1363 –16 1147 5.41 –3.57 20s 0s
Noble Holding International NE 4.625 March 1, ’21 1168 –12 n.a. … …
V
Vancouver Calgary
l
Calgary -0s
Bhp Billiton Finance USA BHP 5.000 Sept. 30, ’43 263 –11 n.a. … … 10s 30s
10s
ip
Winnipeg
Devon Energy DVN 5.850 Dec. 15, ’25 415 –11 390 28.50 1.57 ttl
Seattle 20s
20s Montreal 30s
…And spreads that widened the most Portland l
Helena Ottawa 20s
Bismarckk 40s
g
Eugene g
Billings A g t
Augusta
Anglo American Capital AALLN 9.375 April 8, ’19 1346 57 n.a. ... ... i
Boise 50s
0s pls / . Paul
Mpls./St. T
Toronto A bany
Albany t
Boston
Bank of America BAC 2.250 April 21, ’20 123 53 n.a. 15.20 –1.94 0s
P
Pierre rtford
Hartford 60s
Freeport–Mcmoran FCX 4.550 Nov. 14, ’24 1171 42 1019 5.41 –3.57 30s 20s k
Milwaukee Detroit Buffalo
Williams Partners WPZ 4.875 May 15, ’23 660 41 610 23.43 –1.39 oux FFalls
Sioux ll Cleve d
Cleveland 40s New Yorkk
ew Y 70s
Reno 30s es Moines
Des
Ch
Cheyenne h
Omaha Chicag
h g
Chicago Ph
hil d lph
hi
Philadelphia 80s
Macy's Retail Holdings M 3.450 Jan. 15, ’21 236 30 n.a. … … Salt Lake
L City
Pittsburgh
Pittsb gh
Sacramento Denver Indd p
Indianapolis
Shell International Finance RDSALN 2.125 May 11, ’20 80 24 n.a. ... ... hington
hi gton D.C.
Washington DC 90s
n Francisco
San Topeka Sprin
p
Springfieldd Charles
Ch
h l t
Charleston
Continental Resources CLR 5.000 Sept. 15, ’22 964 18 823 21.74 3.23 C
Colorad
l d
Colorado h d
Richmond 100+
Las p
Springs Kansas St. .Louis
L
Lou Louisville
L
Lou ill
Royal Bank of Canada RY 2.000 Dec. 10, ’18 97 18 44 49.48 –0.78 V g
Vegas City
City igh
Raleighh
h
Wichita
Angeles
Los A
Angel 30s Nashville
h Charlotte
Ch
High-yield issues with the biggest price increases… anta Fe
Santa
Memphis
phi C b
Columbia
Bond Price as % of face value Stock Perfomance an Diego
San
60s Ph
Phoenix Albuquerque Oklahoma City
City Warm Rain
Little
L e Rockk Atl t
Atlanta
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg T c
Tucson i h
Birmingham
Ft. Worth Dallas
D
Jackso
Jackson Cold T-storms
Toys R US TOY 10.375 Aug. 15, ’17 79.250 6.25 69.813 ... ... El Paso
P Jacksonville
J k
Ipayment IPMT 9.500 Dec. 15, ’19 101.000 3.00 103.313 ... ... 10s 0s 50s A ti
Austin New
ew Orleans Stationary
b
Mobile Snow
Dynegy DYN 5.875 June 1, ’23 81.500 2.00 n.a. 13.09 4.47 t
Houston 70s Orlando
d
EXCO Resources XCO 7.500 Sept. 15, ’18 31.000 2.00 n.a. 1.29 4.03 20s 80s an Antonio
San A t Tampa
Anchorage
A h g
80s Showers Flurries
30s Honolulu
l l 60s Miami
Altice Financing S.A. ALTICE 6.625 Feb. 15, ’23 97.875 1.88 n.a. ... ...
Cenveo CVO 11.500 May 15, ’17 82.750 1.75 92.750 0.73 –6.55 40s 70s
Ice
Arcelormittal S.A. MTNA 6.125 June 1, ’25 70.000 1.75 n.a. ... ...
Antero Resources Finance AR 6.000 Dec. 1, ’20 84.500 1.50 84.250 … …
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
…And with the biggest price decreases s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 16 -1 pc 18 13 s Frankfurt 43 40 pc 47 40 r
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Laredo Petroleum LPI 5.625 Jan. 15, ’22 84.500 –2.25 n.a. 7.00 3.55 Orlando 79 64 t 75 46 s Geneva 48 40 r 48 41 r
Today Tomorrow Philadelphia 54 48 c 63 30 r Havana 83 69 pc 80 67 pc
Triumph TGI 4.875 April 1, ’21 80.813 –2.19 80.563 35.85 0.25 City Hi Lo W Hi Lo W Phoenix 57 43 pc 59 41 c Hong Kong 70 64 c 70 64 c
Atwood Oceanics ATW 6.500 Feb. 1, ’20 47.000 –2.00 n.a. 8.54 –2.73
Anchorage 33 27 sn 30 28 c Pittsburgh 51 43 c 47 17 sh Istanbul 53 45 s 57 49 pc
Lamar Media LAMR 5.375 Jan. 15, ’24 100.500 –2.00 103.500 … … Atlanta 56 43 r 47 26 s Portland, Maine 40 35 i 49 35 r Jakarta 90 76 pc 90 77 t
Ultra Petroleum UPL 5.750 Dec. 15, ’18 14.500 –1.75 n.a. 2.16 8.00 Austin 55 30 pc 50 26 s Portland, Ore. 45 35 r 45 33 pc Jerusalem 52 41 pc 54 42 pc
CBRE Services CBG 5.000 March 15, ’23 100.698 –1.68 100.550 … … Baltimore 52 46 c 62 28 r Sacramento 53 40 r 56 42 pc Johannesburg 79 58 t 80 58 t
Boise 33 23 c 33 23 c St. Louis 42 13 r 22 14 s London 50 41 r 48 40 c
Peabody Energy BTU 6.250 Nov. 15, ’21 11.188 –1.56 n.a. 6.67 0.15
Boston 44 41 c 54 34 r Salt Lake City 35 21 c 29 18 pc Madrid 54 49 c 56 51 c
Crestwood Midstream Partners CMLP 6.000 Dec. 15, ’20 72.000 –1.54 73.500 ... ... Burlington 42 38 sh 49 29 r San Francisco 55 44 r 56 48 pc Manila 87 76 pc 88 74 c
*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. Charlotte 56 47 sh 58 25 s Santa Fe 34 14 pc 31 11 pc Melbourne 77 56 pc 89 63 pc
Chicago 37 16 sn 17 5 c Seattle 45 39 c 47 34 pc Mexico City 72 48 s 68 42 pc
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group Cleveland 50 42 c 44 16 sn Sioux Falls 6 -13 pc 8 -5 s Milan 41 36 r 46 37 sh
Dallas 47 28 pc 44 27 s Wash., D.C. 53 47 c 60 29 pc Moscow 10 3 sn 8 -9 pc
Denver 26 11 pc 32 13 s Mumbai 90 66 pc 90 66 pc
Detroit 47 34 c 34 17 sn
International Paris 50 43 c 49 42 r
Dividend Changes Honolulu
Houston
81 68 pc 81 67 s
58 35 pc 51 34 s Today Tomorrow
Rio de Janeiro
Riyadh
93
76
78 t
48 pc
93 78 pc
66 41 s
Indianapolis 49 25 r 26 11 sf City Hi Lo W Hi Lo W Rome 63 54 c 62 53 pc
Dividend announcements from January 8. Amount Payable /
San Juan 84 72 pc 82 71 pc
Company Symbol Yld % New/Old Frq Record Kansas City 25 6 c 23 18 s Amsterdam 45 42 c 46 40 sh
Amount Payable / Las Vegas 52 37 pc 53 35 pc Athens 63 50 pc 64 52 c Seoul 36 25 pc 36 14 s
Stocks Little Rock 55 27 r 41 23 s Bangkok 88 77 pc 90 77 pc Shanghai 48 43 c 51 42 sh
Company Symbol Yld % New/Old Frq Record
Seanergy Maritime SHIP 1:5 /Jan08 Los Angeles 59 50 c 61 44 pc Beijing 38 13 s 31 8 s Singapore 88 79 t 87 78 c
Increased Miami 83 71 t 81 61 sh Berlin 37 28 pc 38 31 sh Sydney 79 66 s 81 68 s
Foreign
ADT Corp. ADT 2.9 .22 /.21 Q Feb17 /Jan27 Milwaukee 36 17 sn 18 5 c Brussels 47 41 c 47 39 r Taipei 68 64 c 74 63 pc
Pembina Pipeline PBA 6.5 .10928 M Feb15 /Jan25 Minneapolis 11 -6 pc 4 -4 pc Buenos Aires 85 66 pc 88 67 pc Tokyo 51 41 pc 52 40 s
Initial Signet Jewelers SIG 0.7 .22 Q Feb26 /Jan29 Nashville 57 31 r 31 17 pc Calgary 18 8 pc 31 15 pc Toronto 44 37 c 42 19 r
Four Corners Property Tr FCPT .20 Jan29 /Jan19 Tahoe Resources TAHO 2.7 .02 M Jan28 /Jan21 Vancouver 42 32 c 43 31 c
New Orleans 70 44 pc 53 37 s Dubai 76 63 s 76 61 pc
Funds and investment companies KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA: New York City 50 47 c 61 34 r Dublin 45 35 sh 43 34 c Warsaw 35 24 pc 33 30 sn
Oklahoma City 35 18 sn 33 23 s Edinburgh 40 35 sh 40 34 sh Zurich 48 35 r 47 36 r
MS Cush MLP HI ETN MLPY 15.1 .2409 Q Jan22 /Jan13 semiannual; S2:1: stock split and ratio; SO: spin-off.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B12 | Saturday/Sunday, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

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

Morgan Isn’t
A Bargain
Play Just Yet
Concerns about global
growth have hit banks hard.
The KBW Nasdaq Bank Index
has dropped 9.2% so far in
January, far worse than the
broader market’s decline.
Fed’s Dilemma: Jobs vs. China
The strong jobs report
must have pleased the Fed-
eral Reserve. But coming
during a week of renewed
global financial-market tur-
moil, it also underscored a
thorny task for the central
bank this year: figuring out
how to set monetary policy
for an economy that isn’t
OVERHEARD
that will flow through into Sometimes, there is no-
On the Jobs
Monthly change in Actual
Economists'
low U.S. inflation figures.
Particularly as the latest leg
down in commodity prices,
where to go but up. That
may be the case for Apple.
For those worried about
nonfarm payrolls
pre-report and China’s move to further how the new iPhone 6s is
300,000 estimate
lower the value of the yuan selling, Thursday brought the
versus the dollar, take hold. latest round of bad news.
It is a situation that could Qorvo and Cirrus Logic,
200,000 make it hard for the Fed to which make chips used in the
raise rates by the full per- iPhone and depend on Apple

The six biggest U.S. banks
have fallen harder; Morgan
Stanley’s 10.6% slump leads
the pack. But investors
should resist any temptation
to go bargain hunting.
For starters, Morgan Stan-
ley’s shares aren’t particu-
larly cheap. They currently
trade at around an 18% dis-
count to book value, just
slightly above their post-fi-
nancial-crisis average. Per-
haps more telling is where
the shares trade when the
price/book value multiple is
adjusted for expectations of
return on equity. This looks
at how much investors are
willing to pay for each per-
centage point of return.
The mean analyst forecast
of Morgan Stanley’s 2016 re-
turn is 8.4%, according to
FactSet. This translates into
a price/book value multiple,
adjusted for return on eq-
uity, of 9.76 times. That is
above the postcrisis average
for global investment banks
at 8.9 times, according to
Credit Suisse’s Susan Katzke
and Christian Bofu.
Plus, market turmoil could
make it difficult for Morgan
Stanley to live up to expecta-
tions of improving returns.
In part, these were based on
hopes that clients’ increased
confidence following the
Federal Reserve’s first rate
increase would cause trading
activity to pick up. Instead,
volatile markets have left in-
vestors uncertain, putting
returns at risk.
So while Morgan Stanley
has suffered the most this
year, it may have more time
in the penalty box.
—John Carney
following the old rules.
The U.S. added 292,000
jobs last month, the Labor
Department said Friday;
economists expected 210,000
jobs. With another round of
upward revisions adding
50,000 jobs to October and
November, job gains have av-
eraged 283,000 over the past
three months—far better
than most forecasters ex-
pected. Since September the
unemployment rate has
dropped to 5% from 5.1%, but
would have dropped to 4.7%
if it hadn’t been for a pickup
in people looking for jobs.
So, good. But to look at
long-term Treasury yields,
you would hardly know it.
The 10-year note, after ini-
China’s Currency Communication Suffers a Breakdown
China hasn’t lost control
of its currency so much as it
has lost control of the narra-
tive about its currency. A
dose of certainty could help
investors adjust to China’s
perilous predicament.
The yuan’s fall against the
dollar has spooked global
markets. But maybe inves-
tors shouldn’t be so sur-
prised. Late last year, China
unveiled a new currency bas-
ket index it said was an im-
portant reference point. The
yuan is down almost 6%
against the dollar since the
start of last year, but against
that basket, it is almost flat.
So why isn’t the world
taking Beijing’s word seri-
ously? For one, Beijing has
talked about linking to a bas-
ket like this twice before, in
100,000
0
Oct. 2015 Nov.
Source: Labor Department
THE WALL STREET JOURNAL.
tially rising on the strong
jobs data, fell back to yield
just 2.11% later in the day.
That was below the 2.19% it
yielded on the day in Sep-
tember when the Fed opted
to delay raising rates on
worries trouble overseas
might bleed into the U.S.
The reasons yields remain
so low are twofold. First,
troubles overseas haven’t
Yuaning Gap
Performance of the yuan:
Against a basket
6%
of currencies
3 the market mayhem again
0 referenced the basket and
–3
–6 Versus the dollar
2015
Sources: Oxford Economics; FactSet
2005 and 2010, and not fol-
lowed through. For another,
Beijing’s latest word on the
matter was buried in an un-
signed editorial posted on
the People’s Bank of China’s
website, attributed to the
staff of the currency-trading
system administered by the
Laura McDermott/Bloomberg
Dec.
An applicant at a job
fair in Michigan
gone away. China continues
to flash weak, while tum-
bling energy and raw materi-
als prices portend further
slowdowns in global demand
and financial strains for
commodity producers. That
makes Treasurys appealing.
Second, and related, the
weakness in overseas econo-
mies continues to put pres-
sure on import prices, and
government. It came late on
a Friday in December. It was
filled with oblique and con-
ditional language.
A follow-up editorial pub-
lished this Thursday amid
the yuan’s stability against
it. Beijing seems to be hint-
ing that we should be paying
attention to the basket.
’16 The yuan fell into nega-
tive territory against analyst
estimations of the basket in-
dex for the first time this
year on Thursday. That could
be what triggered the PBOC
to intervene this week and to
support the currency, and to
set a stronger central parity
against the dollar on Friday.
Why China doesn’t just
come out and say it is peg-
centage point it expects to for a big portion of revenue,
this year. For while the re- warned business for the De-
cent run of jobs strength, if cember quarter was lower
it continues, would probably than expected. More bad
make it feasible to again news for the new iPhone. An-
tighten in March, more rate alysts already had been ex-
increases would be tough ab- pecting iPhone unit sales to
sent a pickup in inflation. rise barely 1% in fiscal 2016.
More troubling, low Trea- Thursday’s warnings sparked
sury yields, despite the job several to trim forecasts fur-
market’s strength and de- ther, leaving the consensus at
spite the Fed’s move to start zero growth for the year.
raising rates last month, Ironically, that may help
shows how unhinged long- wash fear out of Apple’s ab-
term rates have become surdly undervalued stock. It is
from U.S. economic condi- down 17% the past month.
tions and Fed policy. But at just 7.5 times forward
America used to be the earnings, excluding net cash,
straw that stirred the global it is easy to see why inves-
economy’s drink. Now the tors may start taking a shine
drink is stirring it. to a bruised Apple.
—Justin Lahart
ging its currency to the bas- lar, not the basket, making it
ket may be to keep the world look like China is devaluing
guessing on some level. Ex- when it is actually trying to
plicitly tracking a basket keep the yuan stable against
would mean Beijing, used to trading-partner currencies
tight control over all aspects overall. Of course, the dollar-
of society, was giving up the yuan rate still matters in the
currency to a math formula. real world, since Chinese
Policy makers may want companies, especially ones
the flexibility, for example, that buy commodities, oper-
to allow the yuan to depreci- ate in a dollarized world.
ate against the basket for a And the dollar-yuan pair is
period if the economy keeps the one that gets traded the
worsening. And if it were to most in financial markets.
target an explicit red line, But better explained in-
traders could more directly tentions might prevent the
test the PBOC’s resolve, forc- world freaking out every
ing it to spend even more re- time the yuan weakens
serves on intervention. against the dollar. China is
Ambiguity, however, has trying to stop a market
its costs. People inside and panic. The information vor-
outside of China will con- tex coming from the central
tinue to focus on the ex- bank isn’t helping.
change rate against the dol- —Alex Frangos

Futures Contracts | WSJ.com/commodities Insider-Trading Spotlight

Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
Contract Open
Metal & Petroleum Futures Open High hilo Low Settle Chg interest
new information about the prospects of a company. Insiders are required to report large trades to the SEC
Contract Open within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by
Open High hi lo Low Settle Chg interest Coffee (ICE-US)-37,500 lbs.; cents per lb.
March 119.60 119.90 118.25 119.00 .55 87,849 Thomson Financial on January 8, and year-to-date stock performance of the company
Copper-High (CMX)-25,000 lbs.; $ per lb. KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer
Jan 2.0185 2.0185 2.0090 2.0165 0.0010 1,607 May 121.30 122.05 120.50 121.20 .60 34,801
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
March 2.0225 2.0515 2.0110 2.0220 … 131,334
March 14.75 14.98 14.44 14.46 –.29 369,057 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:
Gold (CMX)-100 troy oz.; $ per troy oz. May 14.42 14.65 14.17 14.18 –.27 181,099 unknown VP: vice president Excludes pure options transactions
Jan 1111.10 1111.10 s 1093.00 1097.80 –9.90 262
Feb 1108.80 1113.10 s 1091.80 1097.90 –9.90 271,905 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March 25.90 25.90 25.90 25.90 … 3,071
April
June
1109.20 1113.70 s 1092.50 1098.60 –9.80
1109.90 1112.30 s 1093.40 1099.20 –9.90
70,745
31,924 May 26.05 26.05 s 26.05 25.98 .02 2,195 Biggest weekly individual trades
Aug 1114.20 1114.20 s 1096.40 1099.90 –9.90 10,159 Cotton (ICE-US)-50,000 lbs.; cents per lb. Based on reports filed with regulators this past week
Dec 1112.60 1112.60 1099.00 1101.80 –10.00 17,830 March 61.52 61.90 61.31 61.40 –.03 121,501
May 62.18 62.47 t 61.98 62.06 –.06 31,653 No. of shrs in Price range ($) $ Value
Palladium (NYM) - 50 troy oz.; $ per troy oz. Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)
Jan 485.10 495.50 s t 483.75 493.60 0.60 4 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Feb 504.50 504.50 t 491.85 494.50 0.60 27 Jan 136.90 138.50 t 136.90 130.85 –6.80 80
March 494.00 505.50 488.60 493.60 0.60 25,961 March 140.05 140.15 t 134.45 135.20 –5.00 11,285 Buyers
June 500.60 500.60 490.95 494.20 0.70 625
Sept 498.30 498.30 498.30 495.20 0.80 29 Interest Rate Futures Jan. 4 Enterprise Products Partners EPD R. Williams DOI 3,830 26.11 100,008 24.25 -5.2
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec. 30-31 Sears Holdings SHLD B. Berkowitz BI 368 20.21-20.62 7,561 18.03 -12.3
Jan 876.60 883.90 872.00 877.10 0.70 861 March 155-300 156-240 154-140 156-120 12.0 493,130
June 154-110 155-000 154-110 154-300 11.0 79 Jan. 4-5 Layne Christensen LAYN N. Obus DI 289 5.25 1,517 4.86 -7.6
April 880.30 885.90 866.50 878.70 1.20 63,129
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec. 30-31 N. Obus DI 97 5.20-5.23 504
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Jan 14.060 14.060 13.920 13.908 –0.427 82 March 127-045 127-180 126-185 127-130 9.5 2,547,281 Jan. 4-6 Lands' End LE E. Lampert BI 57 22.94-23.00 1,308 23.43 -0.04
March 14.325 14.340 13.870 13.918 –0.426 130,038 June 126-250 126-285 126-250 126-265 10.0 1,142 Dec. 30-31 E. Lampert BI 24 22.99-23.00 546
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 119-052 119-145 118-260 119-110 6.5 2,355,088 Jan. 5 Commercial Vehicle Group CVGI A. Siemer B 434 2.67-2.71 1,163 2.42 -12.3
Feb 33.30 34.34 32.64 33.16 –0.11 404,315
March 34.50 35.54 33.78 34.32 –0.17 340,329 June 118-307 118-315 118-307 118-312 7.2 1,118 Dec. 31-Jan. 4Sears Hometown Outlet Stores SHOS E. Lampert BI 137 7.89-7.93 1,083 7.97 -0.4
April 35.69 36.67 34.90 35.48 –0.16 138,438 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
March 108-262 108-280 108-220 108-272 1.0 1,044,491 Jan. 4-6 Biglari Holdings BH S. Biglari CEOI 3 327.65-333.67 935 323.70 -0.7
May 37.27 37.55 35.94 36.55 –0.13 84,893
June 37.62 38.59 36.85 37.49 –0.09 146,431 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec. 31-Jan. 5JMP Group JMP J. Jolson CEOI 164 5.42-5.48 892 5.38 -1.5
Dec 41.01 41.89 40.32 40.99 0.01 168,457 Jan 99.665 99.665 t 99.663 99.665 … 171,749
Feb 99.640 99.645 s t 99.640 99.645 … 155,254 Dec. 31-Jan. 4Actuant ATU A. Lampereur CFO 36 23.53-23.97 861 22.11 -7.7
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec. 30-Jan. 4 E. Skogg O 20 23.50-24.50 475
Feb 1.0669 1.0853 t 1.0347 1.0521 –.0135 82,599
March 1.0860 1.1052 t 1.0559 1.0736 –.0113 66,240 March 103.438 104.281 s 103.281 104.047 .516 29,092 Dec. 31-Jan. 4FS Investment FSIC M. Forman CEO 69* 8.86-8.95 612 8.64 -3.9
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 1 Month Libor (CME)-$3,000,000; pts of 100% Jan. 4 D. Adelman DI 22 8.86 199
Feb 1.1520 1.1725 t 1.1125 1.1277 –.0183 95,891 Jan ... ... s ... 99.5725 … 1,423
March 1.1822 1.2019 t 1.1428 1.1573 –.0197 65,495 Eurodollar (CME)-$1,000,000; pts of 100% Dec. 30-31 Liberty Tax TAX R. Howard D 12 23.32-23.84 284 21.58 -9.4
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Jan 99.3825 99.3850 t 99.3725 99.3750 –.0100 214,929 Jan. 4 R. Howard D 8 23.22 185
Feb 2.397 2.495 s 2.377 2.472 .090 195,835 March 99.3150 99.3150 99.2800 99.3000 –.0150 1,317,095 Jan. 6 Devon Energy DVN B. Baumann D 8 30.44 250 28.50 -10.9
March 2.407 2.493 s 2.390 2.471 .077 217,602 June 99.2000 99.2000 99.1450 99.1850 –.0100 1,160,688
April 2.443 2.512 s 2.427 2.497 .067 101,725 Dec 98.9250 98.9550 s 98.8400 98.9400 .0150 1,298,070 Dec. 31 DXP Enterprises DXPE D. Little CEO 10 22.90 229 18.92 -17.0
May 2.482 2.544 s 2.462 2.534 .068 72,973
Sept 2.582 2.643 s 2.571 2.637 .062 43,693 Currency Futures Sellers
Oct 2.613 2.670 s 2.594 2.665 .062 61,885 Japanese Yen (CME)-¥12,500,000; $ per 100¥
March .8511 .8542 s .8422 .8511 –.0013 238,693 Jan. 4 McKesson MCK J. Hammergren CEO 102 194.11 19,766 182.39 -7.5
Agriculture Futures June .8534 .8561 s .8454 .8535 –.0013 891
Jan. 4 Avago Technologies AVGO H. Tan CEO 106 140.56-142.03 14,934 128.20 -11.7
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
March 353.00 357.75 352.75 357.00 4.00 727,244 March .7083 .7113 t .7052 .7074 –.0026 165,183 Dec. 31 Alphabet GOOGL S. Brin P 17 778.02-787.79 13,035 730.91 -6.1
May 358.25 363.25 358.00 362.75 4.25 207,689 June .7092 .7116 t .7058 .7077 –.0026 2,104 Jan. 5 S. Brin P 17 756.67-768.72 12,711
Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ Jan. 4 S. Brin P 17 748.37-760.37 12,575
March 208.25 212.00 208.25 210.75 2.00 7,212 March 1.4627 1.4646 t 1.4505 1.4517 –.0099 234,090
May 208.25 212.75 207.50 211.75 4.00 1,574 June 1.4621 1.4650 t 1.4514 1.4523 –.0099 518 Jan. 4 ServiceNow NOW F. Slootman CEO 150 83.79-85.45 12,573 78.12 -9.8
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Jan. 5-6 SS&C Technologies Holdings SSNC W. Stone CEO 165 65.31-66.74 10,961 61.53 -9.9
Jan 877.50 884.75 s 877.50 879.50 2.50 5,368 March 1.0089 1.0091 .9970 1.0070 –.0029 48,332
March 865.00 871.00 s 863.50 865.25 .75 329,808 June 1.0111 1.0132 1.0021 1.0115 –.0029 157 Jan. 4 Gilead Sciences GILD J. Martin CEO 100 97.53-99.49 9,768 96.45 -4.7
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD Jan. 5-7 Validus Holdings VR J. Greenberg D 175* 45.08-45.80 7,943 44.18 -4.6
Jan 268.40 269.90 s 267.80 267.90 1.70 1,099 March .6996 .7057 t .6929 .6963 –.0010 110,964 Dec. 30-31 J. Greenberg D 107* 46.52-46.96 5,005
March 268.40 271.10 s 267.90 268.70 1.30 190,583 June .6967 .7026 t .6903 .6935 –.0010 406
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Dec. 31 INC Research Holdings INCR A. Macdonald CO 160 46.64-48.64 7,575 45.03 -7.2
Jan 29.42 29.54 29.42 29.45 .01 1,087 March .05588 .05621 t .05538 .05560 –.00036 145,107 Jan. 4-5 ePlus PLUS P. Norton CEOI 58 91.41-92.76 5,327 92.45 -0.9
March 29.61 29.87 29.50 29.64 .02 174,138 June .05575 .05586 t .05506 .05525 –.00036 130
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per € Jan. 5 Edwards Lifesciences EW M. Mussallem CEO 59 79.52-80.04 4,710 76.04 -3.7
Jan 1135.50 1148.00 t 1135.50 1161.50 23.00 82 March 1.0941 1.0950 1.0812 1.0920 –.0032 401,175 Jan. 5 Boston Beer SAM J. Geist O 24 194.45-199.10 4,697 177.52 -12.1
March 1159.00 1186.50 t 1156.50 1184.50 22.50 9,800 June 1.0974 1.0979 1.0852 1.0952 –.0032 2,846
Wheat (CBT)-5,000 bu.; cents per bu. Jan. 5 Hanesbrands HBI R. Noll CEO 141 29.58 4,184 29.00 -1.5
March 468.25 480.00 s 467.50 478.50 10.00 244,784 Index Futures Jan. 4 Las Vegas Sands LVS R. Goldstein P 98 42.25 4,138 39.01 -11.0
July 480.50 491.00 s 479.50 490.25 9.75 65,350 Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu. Jan. 5 Liberty Interactive QVCA M. George D 150 26.54 3,981 25.02 -8.4
March 16446 16666 s 16220 16235 –184 71,856
March 462.25 477.00 s 462.00 472.75 10.00 112,481 June 16308 16575 s 16148 16164 –183 224 Jan. 4 Wayfair W S. Conine H 78 44.58-46.16 3,538 42.15 -11.5
July 481.50 496.00 s 481.25 492.25 10.00 43,424 S&P 500 Index (CME)-$250 x index
Wheat (MPLS)-5,000 bu.; cents per bu. March 1933.00 1964.40 s 1910.00 1911.50 –21.40 94,807
* Half the transactions were indirect **Two day transaction
March 493.25 504.50 s 493.25 501.00 6.25 34,041 June 1942.00 1944.60 s 1901.60 1904.30 –21.30 2,585 p - Pink Sheets
May 500.75 511.25 s 500.25 508.00 6.50 14,996 Mini S&P 500 (CME)-$50 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March ... 1964.75 s 1910.00 1911.50 –21.50 2,610,790
Jan 163.050 165.550 t 158.700 159.425 –4.400 6,301 June 1929.50 1957.75 s 1903.00 1904.25 –21.25 11,013 Buying and selling by sector
March 160.250 162.600 t 156.100 157.325 –3.625 14,622
Mini S&P Midcap 400 (CME)-$100 x index Based on actual transaction dates in reports received this past week
Cattle-Live (CME)-40,000 lbs.; cents per lb. March 1318.20 1337.10 t 1301.10 1302.70 –16.10 91,777
Feb 133.500 134.850 t 132.350 132.875 –.650 96,702
Mini Nasdaq 100 (CME)-$20 x index Sector Buying Selling Sector Buying Selling
April 134.475 135.900 t 133.375 133.825 –.475 76,969
March 4298.0 4370.0 s 4255.8 4261.5 –27.8 308,560
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 4293.3 4362.0 s 4252.3 4256.3 –28.5 331 Basic Industries 10,600 2,060,648 Finance 4,061,299 33,277,462
Feb 59.600 60.950 59.300 59.850 .300 61,828
April 65.075 66.450 65.075 65.225 –.375 47,150
Mini Russell 2000 (ICE-US)-$100 x index Business services 0 4,283,321 Health care 131,386 63,050,393
March 1059.80 1074.50 t 1039.80 1041.20 –16.60 384,182
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 1046.00 1046.00 t 1032.80 1037.10 –19.70 5 Capital goods 0 0 Industrial 3,015,892 2,605,418
Jan 250.60 257.90 250.00 257.00 6.50 318
March 247.00 247.70 t 243.20 247.10 1.00 3,053
Mini Russell 1000 (ICE-US)-$100 x index Consumer durables 0 3,373,641 Media 0 8,392,574
March 1078.30 1084.50 t 1057.70 1058.30 –11.20 7,699
Milk (CME)-200,000 lbs., cents per lb. Consumer nondurables 17,095 21,626,044 Technology 158,659 15,309,776
Jan 13.59 13.68 13.58 13.68 .11 3,971 U.S. Dollar Index (ICE-US)-$1,000 x index
March 98.42 99.30 98.38 98.60 .33 74,042 Consumer services 1,394,244 16,752,801 Transportation 0 2,869,161
Feb 13.23 13.57 13.21 13.55 .32 4,974
June 98.50 99.37 98.50 98.69 .32 1,505 Energy 2,173,741 1,306,215 Utilities 39,975 2,864,458
Cocoa (ICE-US)-10 metric tons; $ per ton.
March 2,985 3,025 2,975 3,017 54 85,928
May 2,986 3,024 2,976 3,017 51 48,613 Source: SIX Financial Information Sources: Thomson Financial; 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 young A market for

jazz sensation reform: books on
Cécile McLorin Martin Luther
Salvant loves to and his era’s
sing the oldies printing industry
C11 C5

BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, January 9 - 10, 2016 | C1
PETER OUMANSKI

A
Century
of
Americans gripe
Political Spin BY DAVID GREENBERG
about today’s AS THE 2016 ELECTION starts for real next month, one
shallow, scripted complaint that unites Americans left and right—and helps
to explain the rise of outsiders like Donald Trump and Ber-
politics, but nie Sanders—is that our political process has become shal-
presidents have low and scripted, manipulated at every turn. We gripe
about the suffocating presence of “spin”: the policies
been using tools tested by pollsters and focus groups, the slogans and laugh
lines penned by speechwriters, the staged photo ops and
like photo ops, town-hall meetings. To find examples of a nobler, more au-
speechwriting and thentic politics, we can only look to the past: the irrepress-
ible Theodore Roosevelt, the austere Calvin Coolidge, the
polling for a long jaunty Franklin Roosevelt, the unrehearsed Harry Truman,
the unprepossessing Dwight Eisenhower.
time—and often But the spin that we find so pervasive today is noth-
for their biggest ing new. It actually goes back more than a century. In
fact, all those revered past presidents were pioneers in
achievements. honing the modern methods of image-making and mes-
sage-craft that we now so often denounce.
Since Theodore Roosevelt’s day, when candidates be-
gan campaigning for votes and presidents started regularly courting the pub-
lic, politicians have been refining the tools and techniques of what we now
call spin. Spin turns out to be woven into the fabric of American politics, and
though it is hardly an unmixed good, it is inseparable from many of the signa-
ture achievements of our greatest leaders.
Consider the presidential press conference, an institution so familiar today that
no one thinks twice about it. But it began as a political gambit.
When he became president in 1901, the spotlight-loving Teddy Roosevelt
realized that news coverage was changing. Newspapers had once targeted
elite audiences loyal to a paper’s editorial line; now big-city dailies claimed
millions of readers hungry for news. TR realized that
by providing the news, he could shape it.
Roosevelt cultivated journalists relentlessly. He be-
Since Theodore
friended them, learned details about their families and
sent personal notes that dripped with flattery. But Roo- Roosevelt’s day,
sevelt’s main vehicle was the press conference—“sé-
presidents have
ances,” as they came to be called.
Typically Roosevelt would ask a half-dozen reporters been pioneers in
to join him in the afternoon in a small room off his of-
fice. There, a Treasury Department messenger would
image-making and
shave the president as he served up a mix of politics, message-craft.
policy and gossip. The excitable Roosevelt would often
spring out of his armchair, lather flying off his face, to
lecture the newsmen, who were barely able to squeeze
in a word, let alone a question. The muckraking reporter Lincoln Steffens, a reg-
ular guest, would let Roosevelt ramble until the barber’s razor skimmed his
lower lip, forcing it shut; then the journalist would fire his queries as the wrig-
gling president was stilled by the barber’s admonition, “Steady, Mr. President.”
Please turn to the next page
Dr. Greenberg is a professor of history and of journalism and media
studies at Rutgers University. This essay is adapted from “Republic
of Spin: An Inside History of the American Presidency,” to be
published Monday by W.W. Norton.

INSIDE

MIND & MATTER

The ‘other-race effect’:
Are humans hard-wired to spot
differences early in life?
C2

EXHIBIT ESSAY ESSAY BOOKS

Creature feature: Awards for
comic wildlife photography
hailed this hamster in a hurry.
C12
LEONARDO CENDAMO/LUZ PHOTO/REDUX PICTURES (BOOKS)
Just say no: Let’s stop buying Americans love puzzles. Elizabeth Strout’s powerful ‘My
‘blood oil’ from autocrats, So why aren’t they being Name Is Lucy Barton’ delves
thugs and extremists. taught to love mathematics? deep into family and trauma.
C3 C3 C5
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C2 | Saturday/Sunday, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

REVIEW

The Deep Roots of American Spin

Continued from the prior page
Roosevelt’s successors institutionalized this practice, albeit
without the personal grooming. William Howard Taft, though
much more press-shy than TR, held press conferences on occasion,
and Woodrow Wilson opened them to anyone with credentials.
Soon they were widely regarded as an essential part of American
democracy.
By the 1920s, presidents were touring the country to push their
agendas, and their routine activities started to be covered regularly
by newspapers, magazines and newsreels. All of this meant deliver-
ing many more speeches.
Speechwriting had come easily to Roosevelt and Wilson—Wilson
kept a typewriter at his desk—but not to Warren Harding, who was
renowned for his windiness. (H.L. Mencken wrote that Harding’s
speaking style “reminds me of a string of wet sponges; it reminds
showed how the party had wasted funds in 1928 by advertising in
states like Pennsylvania that he could have predicted would go Re-
publican. He promised instead to use “a definite method of statisti-
cal control and analysis of political sentiment during the coming
campaign.”
Hurja set up a color-coded map of the U.S. in his office, with
counties shaded in dark blue (strongly Democratic), light blue
(leaning Democratic), dark red (strongly Republican) and light red
(leaning Republican). To color each state, Hurja drew on a battery
of polls—from newspaper surveys to bookies’ door-to-door can-
vasses—correcting for bias as best he could. Delighted, DNC Chair-
man James Farley let Hurja write press releases prophesying vic-
tory.
Roosevelt, then the governor of New York and the Democratic
presidential nominee, summoned Hurja to Albany and peppered

MIND & MATTER: me of tattered washing on the line; it reminds me of stale bean
soup, of college yells, of dogs barking idiotically through endless
ROBERT M. SAPOLSKY nights.”) So Harding turned to an Iowa newspaperman named Jud-
son Welliver who became—in reality if not in formal title—the first
White House speechwriter.
A round-faced, snub-nosed man with arched eyebrows, Welliver
To Read Faces learned his trade at the Sioux City Journal and the Des Moines
Register. After joining the Washington press corps, he started going
Across Races, to Roosevelt’s séances in 1906. In 1920, Welliver joined Harding’s
presidential campaign. After the election, the writer represented
Start Very Young Harding on Capitol Hill and kept him updated on public opinion.
But Welliver’s key job was speechwriting. Harding drafted major
WHEN BARACK OBAMA was presidential addresses himself, including his bombastic inaugural.
elected president, there was But for routine talks, Welliver did the heavy lifting. When Harding
talk of how America was be- toured the country to sell his programs, Welliver rode in the secre-
coming a post-racial society. tarial car.
Yet the news suggests abun- Welliver left no immortal words (not even the phrase “Founding
dantly that this is not the case. Fathers,” which Harding is sometimes credited with having coined,
Why is progress on this issue so difficult? but while he was a senator). But even the dyspeptic Mencken con-
Recent research suggests that part of it has ceded that the speechwriter made a difference: Welliver “knows
do with learning that occurs remarkably how to write simply and charmingly, but he is also a fellow with
early in life. a sense of humor.” Harding’s successors followed this model, rely-
Scientists have used neuroimaging to study ing on a stable of hired pens to perfect the presidential message.
the responses of our brains to faces of differ- No politician today who takes to the podium dares go at it alone.
ent races and have uncovered a disquieting With well-chosen words came well-
result called the “other-race effect,” or ORE. chosen images. In the 1920s, photogra-
Our brains distinguish race insanely phy was assuming a larger, splashier
quickly, within tenths of a second. An other- place in the papers, and photographers’
race face tends to activate the amygdala, an tripods and boxes became fixtures on
ancient brain region central to experiencing the White House lawn. Surprisingly, it
fear and anxiety. Another brain region, the was the seemingly guileless, mild-man-
fusiform, helps us recognize individuals, read nered Calvin Coolidge who helped turn
their expressions and make inferences about the photo op into a regular tool in the
their internal state. When we see an other- image-makers’ kit.
race face, there is less activation of the fusi- “It was a joke among the photogra-
form, and we are less accurate at reading fa- phers that Mr. Coolidge would don any
cial expressions. attire or assume any pose that would
A key qualification is that the “other-race produce an interesting picture,” one
effect” does not typically occur when we look Washington reporter noted. One summer
at the faces of well-liked other-race celebri- vacation in the Black Hills, Coolidge ABOVE, Calvin Coolidge dons a Sioux
ties or when a stronger categorization domi- donned an Indian headdress to address headdress for a 1927 photo op; below, Theodore
nates (if, say, a Red Sox fanatic views an 10,000 members of the Sioux tribe. An- Roosevelt drives home a point to reporters.
other-race face wearing a Red Sox cap or a other time, he dressed up in garish cow-
same-race face with a Yankees cap). boy regalia—from chaps and silver spurs
An even more important qualification is to a flaming red shirt and blue ban-
that the size of the ORE varies among people. danna—while being feted by local South
The literature suggests that people who grew Dakotans.
up in racially homogeneous environments The shutters always clicked during
show larger OREs. But this has been tough to Coolidge’s trips to his homestead in Ver-
test, given how racially mixed the U.S. is. mont, which provided camera-ready set-
Which is where an ingenious study comes in. tings to catch him wielding a scythe or
Writing in the Journal of Neuroscience in riding a tractor—decades before Ronald
2013, Eva Telzer of the University of Illinois Reagan chopped wood at Santa Barbara
and colleagues studied children adopted by or George W. Bush cleared brush in
European-American families from either Texas. Coolidge was filmed felling trees
Asian or Eastern European orphanages. Such and pitching hay, sometimes wearing a
orphanages are notorious for their under- business suit.
stimulating environments, a facet of which is Another time in Vermont, the president hosted Henry Ford,
that their young wards never get exposed to Thomas Edison and Harvey Firestone—longtime “camping pals,”
other-race faces. Years later as American pre- the papers said. They sang Coolidge’s praises on his veranda as he
adolescents, asked the researchers, do these gave Ford a sap bucket that had belonged to the president’s great-
children show a pronounced ORE?
It depends. Most of the children adopted
great-grandfather. Coolidge’s more photogenic successors soon
made the photo op a staple.
from Eastern Europe showed strong amygdala By the 1930s, politicians were realizing that to decide which
activation and poor accuracy in reading ex-
pressions when looking at Asian faces; chil-
words and pictures worked best, they needed to gauge public opin-
ion. They turned to another practice that has since become a core
dren adopted from Asia showed the reverse. part of the White House spin machine: scientific polling.
But there was a mitigating factor. The chil- Franklin Roosevelt led the way this time. Hunting for a public-
dren had been adopted, on average, at the opinion guru, he ended up with a Finnish-American geologist and
age of 2 or 3, but some as early as 6 months self-taught polling expert named Emil Hurja. Through his studies
and as late as 10 years. Critically, the longer a of rocks and minerals, Hurja had figured out techniques of weight-
ing and sampling that allowed him to make better forecasts than
the big national polls.
We seem to be hard- “You apply the same test to public opinion that you do to ore,”
he explained. “In mining, you take several samples from the face
wired to decide who is of the ore, pulverize them and find out what the average pay per
an Us and who is a ton will be. In politics, you take sections of voters.” Then, he said,
“you can accurately predict an election result.”
Them early in life. In 1932, Hurja walked into the offices of the Democratic National
Committee and offered his services. With his charts and graphs, he
child had spent in the uni-racial orphanage
FROM TOP: BETTMANN/CORBIS; PHOTOQUEST/GETTY IMAGES; ED CLARK/THE LIFE PICTURE COLLECTION/GETTY IMAGES
him with state-by-state questions. The candidate was especially
fascinated by Hurja’s “trend analysis”—the changing responses to
the same questions over time.
On the Friday before Election Day 1932, Hurja forecast “a revolu-
tion at the ballot box” that would leave the GOP weaker than at any
point since the Civil War. He was right. That accuracy won him a
plum job in Washington, dispensing official jobs and favors. Nick-
named the “Wizard of Washington,” Hurja worked for the DNC for
several more years, but even after he left, FDR was hooked on his
regular fix of public-opinion data.
So were Roosevelt’s successors—even those who claimed other-
wise. Harry Truman, for instance, loved to belittle pollsters. “I won-
der how far Moses would have gone if he’d taken a poll in Egypt?”
he asked. But when the underdog president hit the hustings in 1948
on his whistle-stop tour, his staff had dutifully reviewed survey data
showing how he might follow a path to victory.
Dwight Eisenhower also professed scorn for image-craft even as
he made canny use of it. He became the first president to bring
spin into the television era.
In 1953, when Ike took office, television was the hot new me-
dium. But Eisenhower was hardly a TV natural. During the 1952
race, his televised campaign debut in his hometown of Abilene,
Kan., had bombed. Amid a downpour, Ike had struggled to read his
speech through fogged-up glasses, while people had traipsed back
and forth on the emptied-out bleachers
behind him “as though nothing impor-
tant was happening,” said his friend
Henry Cabot Lodge.
Robert Montgomery, an Oscar-nomi-
nated former actor and Hollywood pro-
ducer, made what he recalled as a “fran-
tic long-distance phone call” to the
campaign, urging repairs. A year into his
presidency, Eisenhower hired Montgom-
ery to help him master the new medium.
Youthful-looking, dark-haired and dap-
per, Montgomery had reached the limits
of his box-office potential by the 1950s.
He’d fallen back on hosting a weekly TV
program on NBC, “Robert Montgomery
Presents” (which also featured the debut
of his bewitching daughter, Elizabeth).
Over the course of Eisenhower’s two
terms in the White House, Montgomery
gave the president a new look, trading
dark gray suits for light ones and striped
shirts for blues. Banishing Eisenhower’s
black horn-rimmed glasses, Montgomery
instructed the former general to read his
cue cards without them.
Montgomery also made use of softer
lights and liberally applied makeup to
eliminate what one critic called Eisen-
hower’s “washed-out look.” A three-inch
base under the president’s lectern kept
the bald Eisenhower from bending his
Presidents neck while reading—which had shown
took up off Ike’s glistening pate. Montgomery
pulled the president out from behind his
each new desk while speaking and urged him to
tool of spin flash his bright smile.
as soon as With these cosmetic changes in place,
Eisenhower and Montgomery turned the
it became televised Oval Office address into a sta-
available. ple of presidential communication. Dur-
ing national crises, Eisenhower took to
the airwaves to calm the public. In Sep-
tember 1957, he assured the nation that
federal troops would safeguard the orderly integration of Little
Rock’s Central High School. That November, he promised a resolute
U.S. response to the Soviets’ Sputnik launch. These speeches gave
Ike a platform for framing the issues and mobilizing the public—
and unlike press conferences, they allowed him to avoid reporters’
pesky questions at delicate times.
From behind-the-scenes operatives to before-the-cameras stage-
craft, the pillars of today’s towering edifice of spin have long been
integral to presidential leadership. Seeing the past as a spin-free
zone turns out to be not just a factual error but an act of deceptive
nostalgia. The story of modern American politics isn’t a steady de-
cline from authenticity to artifice. Rather, it is a story of the refine-
ment of tools and techniques that
presidents—pretty much all of
them—have cannily exploited from

environment, the stronger the “other-race ef- the moment they became available.
fect.” Those adopted in their first year of life Nor does the long history of spin
had minimal OREs, if any. mean that our politics have always
(A complication is that such children typi- been an empty spectacle. Of course,
cally have social and emotional problems and in massaging the press and crafting
heightened amygdala responses to social their words and images, politicians
stimuli. But as a control, subjects were tested have overpromised, misrepresented
with both same-race and other-race faces, their opponents and inflated their
and OREs were calculated by comparing the own accomplishments. But our lead-
two sets.) ers have also used these same tools
The existence of the “other-race effect” has to produce moments of lasting inspi-
been interpreted by some as demonstrating ration.
an innate tendency to see members of other Theodore Roosevelt’s crusades
races as Them rather than as Us. This would for fairer regulation, Woodrow Wil-
be grim news for eliminating racism. But the son’s vision of a just international
studies I’ve cited suggest otherwise. We do order, FDR’s gallant wartime lead-
indeed seem to be hard-wired to decide who ership, Eisenhower’s rallying the
is an Us and who is a Them remarkably early nation to the space race, Reagan’s
in life, based on familiarity. But if our early challenge to tear down the wall of
environment is racially mixed, race doesn’t Soviet oppression—many of the
become an Us/Them dividing line. greatest moments of presidential
The bad news is how early in life this seems leadership have been forged not by
to occur, long before children celebrate Martin lone statesmen but by teams of
Luther King Jr.’s birthday in kindergarten, or savvy speechwriters, pollsters and
learn the word “equality” or are smitten with image crafters. Spin has often
TOMASZ WALENTA

bright red Elmo. The research suggests that helped modern presidents to mis-
the first building blocks of a truly post-racial lead, but it has been just as essen-
society must be laid soon after we enter this tial, at crucial junctures in our his-
strange, heterogeneous world. DWIGHT EISENHOWER is directed before a speech by actor Robert Montgomery (center), 1959. tory, in helping them to lead.
 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, January 9 - 10, 2016 | C3

REVIEW

from all countries where

citizens lack basic civil lib-
erties and political rights.
(We could use Freedom
House’s list of countries
rated “Not Free,” to name
just one sensible yard-
stick.) Exactly how a coun-
try above this threshold
manages its oil would be
its own affair. The U.S., for
instance, has decided to
privatize its petroleum as-
sets, under laws passed by
publicly accountable legis-
lators. Privatize, national-
ize, leave it in the ground—
we would respect any rules
that foreigners choose for
oil, so long as they’re not
selling off the people’s as-
sets without the people’s
consent.
After reforming its own
laws, the U.S. could lead
the world to follow suit, as
BEHROUZ MEHRI/AGENCE FRANCE PRESSE/GETTY IMAGES

it has already started to do

with other politically
fraught commercial prac-
tices. The U.S. has passed
groundbreaking statutes
aimed at making corrupt
foreign officials in oil
states more accountable to
their own citizens—laws
imitated by dozens of
countries. The U.S. also led
a world-wide import ban
on “blood diamonds” sold
A GAS FLAME bursts skyward, as seen through a bus window, in the South Pars gas-field facilities in the southern Iranian port of Assaluyeh, Jan. 22, 2014. by African militias. Why
not expand this ban to in-

Just Say No
ple for Iraq’s oil: “The oil belongs to the Iraqi
people. It’s their asset.”
Today the whole world speaks Lincoln’s lan-
guage. The vast majority of countries—including
clude blood oil?
Thanks to the recent boom in U.S. produc-
tion, the West would have enough energy at
reasonable prices without tainted oil and gas.
Nick Butler of King’s College London (formerly

To Stolen Oil
We don’t have to buy from
autocrats and extremists
BY LEIF WENAR
POLITICAL TENSIONS are rising atop the
world’s largest storehouse of energy. After Saudi
Arabia’s execution of a leading Shiite cleric last
week and Iran’s angry response, sectarian ha-
treds are running high in the Middle East, and
observers worry about the possibility of an oil-
fueled regional conflict that could clobber the
world economy.
But the current crisis is just the most recent
instance of these hostile theocracies threatening
the global order: Iran has routinely caused
havoc through surrogates like Hezbollah, and
the Saudis have long subsidized and spread
Sunni radicalism. The real question is this: Why
do we give our money to the world’s most unsa-
vory regimes—often our declared enemies—in
exchange for the oil they control?
Oil money has funded the Soviet surge in the
nuclear-arms race in the 1970s and Iraqi Presi-
dent Saddam Hussein’s invasion of Kuwait in
1990, as well as Syrian President Bashar al-
Assad’s ongoing atrocities and Vladimir Putin’s
recent takeover of the Crimea.
The simple answer, of course, is that these
regimes control oil, and we need it. But we too
often look past the troubling moral reality of the
global oil trade, which is based on the archaic
principle that “might makes right.”
Consider this: If an armed gang in Manhattan
seizes a gas station, New Yorkers don’t have the
right to buy the gas from the gangsters. That
would cause chaos. But when Islamic State seized
Iraq’s oil fields, lots of countries started buying
oil from them. And when Omar al-Bashir—now
wanted for crimes against humanity in Darfur—
came to power in Sudan in a 1989 coup, the
world bought oil from him too. Every country’s
default law for foreign oil has long been, “Who-
ever controls it by force can sell it to us.”
This bit of business as usual violates a funda-
mental principle of market economics: that vio-
lence shouldn’t create property rights. Reward-
ing the control of oil with big money encourages
armed conflict over oil—and it enables strong-
men to use the money to buy the muscle and
loyalty they need to stay in power.
We are long overdue for changing our laws to
halt our business with oil-funded autocrats and
militias. One of America’s most profound ideas,
proclaimed by Lincoln in his First Inaugural, is
that a country belongs to its people. The people
have the ultimate right to control the land and
its resources. In 2006, another Republican presi-
dent, George W. Bush, affirmed Lincoln’s princi-
the U.S., China, Iran, Iraq, Nigeria and Russia—
have ratified one of two major global human-
rights treaties, both of which declare, “All peo-
ples may, for their own ends, freely dispose of
their natural wealth and resources.”
But not even the U.S. has turned Lincoln’s
principle into law. When a country’s natural
resources are sold off by autocrats or extrem-
ists, without any accountability to its citizens,
those assets are stolen from the people. By
that standard, more than half of the world’s
traded oil is stolen goods.
If Lincoln’s principle were
law, Americans would have no The U.S.
legal right to buy that oil. To
make this principle practical,
should taper
the U.S. would—deliberately off imports
and responsibly—taper off oil
imports from all countries in
from abusive
which citizens cannot hold regimes.
their leaders accountable for
oil exports. To do so, America
only needs to change its own
laws, enforced on its own people on its own soil;
American soldiers can stay home. The U.S.
would declare that who rules in Saudi Arabia is
not our concern, but the current Saudi regime
does not qualify for our business.
It is fair to ask how far such a principle might
go. Could we still buy, say, dishwashers from one-
party China? Yes, in good conscience—not just
because natural resources are unique as a shared
national possession, but because oil is so singu-
larly destructive in the funding of global crises.
New laws can start by winding down imports
a top BP executive) says that the U.S. could
quickly and costlessly switch to other suppliers;
the transition in Europe would be slower, re-
quiring billions in new infrastructure invest-
ments. China and India also have an interest in
signaling an eventual end to buying stolen oil,
lest they become dependent on the increasingly
unstable arc of oil running from Russia to Libya.
The cost of upgrading the global oil trade would
be substantial—but so is the alternative of end-
less, oil-fueled conflict across the Middle East,
Central Asia and Africa.
The slave trade, colonialism,
apartheid—all were once legal,
widely accepted practices. His-
tory’s great movements for
freedom have broken the legal
links between might and right
that everyone once took for
granted. The progress that hu-
manity has made in the last
300 years has come from turn-
ing “respectable” practices of
violence into widely reviled crimes.
The U.S. can now lead the world in taking the
next giant step toward the rule of law by abol-
ishing the right to buy stolen oil—and getting us
out of business with rulers and thugs whose
riches come from bloody hands.
Mr. Wenar is the author of “Blood Oil: Tyrants,
Violence, and the Rules That Run the World”
(Oxford University Press) and chair of philoso-
phy and law at King’s College London.

A PUZZLING SOLUTION duced, following Brunelleschi, in rules

for drawing that allow students to

FOR MATH EDUCATION create splendid, convincing town

BY FRANK WILCZEK
YOU MIGHT NOT expect to find chal-
lenging mathematics on supermarket
magazine stands, but it is there in
abundance. New collections of cere-
bral puzzles are always coming out
(including a weekly feature in this
section). Many, such as Sudoku, in-
volve pattern recognition. Others,
such as Kakuro and Kenken, bring in
simple arithmetic. Still others smug-
gle in graph theory and topology. My
favorites are logic puzzles.
Though never labeled as such, all
of these puzzles involve the same
kinds of thinking as for-
mal mathematics. Yet
many people think of Students
squares and buildings within minutes.
I myself only learned these tech-
Whole magazines are devoted to niques recently, and it’s been a magi-
logic puzzles, which come graded in cal experience to play with them. To
difficulty from one star (suitable for me, it is a no-brainer that this experi-
beginners) to five stars (fiendishly ence should be a very early part of
difficult). The situations that they de- the geometry curriculum. It’s another
scribe vary widely, from the everyday way into serious thinking and pro-
to the surreal. You might, for exam- gramming—and, of course, into art.
ple, have lists of characters, presents We know that people like games of
and holidays, and the problem will be chance and gambling. These lead natu-
to figure out, from a bunch of clues, rally into adventures in probability and
who gave what to whom, when. statistics, which can be tested in enter-
If you consider the clues as axioms taining experiments. And these adven-
and the solution as a theorem, you’ll tures scale up. Just a few steps take us
recognize that these puzzles embody into hot developments in big data.
the same logical structure as Euclid’s I should admit that some very im-
geometry. But they are easily digest- portant branches of mathematics
ible miniatures, self-contained and at- don’t have immediate entertainment
tuned to the human taste value, at least for most people. Linear
for narrative. In a won- algebra, for example, is the language
derful variant called
LUC MELANSON

of quantum physics. Learning it is an

“math” as something
scary and of puzzles as
need the
something fun. The rea- fun of
son for this paradox is logic and
that they’ve been misled
about what mathematics geometry
is. Their main exposure games.
to something with that
name, in school, is often
an off-putting ritual fea-
turing memorization and mindless
replication of useless abstractions.
Can we do better? An idea from
economics, “revealed preferences,”
may be helpful. To understand what
people enjoy, look at what they
choose. Those racks at the supermar-
ket are telling us something important.
logic art, you deduce in-
structions for filling in a
grid that ultimately pro-
duces a picture.
The branch of mathe-
matics that governs logic
puzzles is called proposi-
tional calculus. It is fun-
damental not only for
mathematics but also for
computer science. It’s a fascinating
and open-ended problem to program
a computer to solve them. (When my
daughter Mira was in high school, we
played around at this. Our programs
got to the point that they could solve
the four-star problems in a few min-
utes on a 2000 vintage laptop, but we
didn’t do as well with the five stars.)
Recreational logic problems can be a
gateway, leading to a serious commit-
ment to thinking and programming.
Another revealed mathematical
preference, this time in geometry,
comes to us from the Italian Re-
naissance. Around 1413, Filippo
Brunelleschi discovered perspec-
tive—the art and science of captur-
ing, in a drawing, the proportions
of how things actually look. Con-
temporary artists including Masac-
cio, Donatello and da Vinci took up
Brunelleschi’s constructions enthu-
siastically. Within a few decades,
they created masterpieces that peo-
ple have enjoyed and admired ever
since.
Perspective introduced a new kind
of geometry, called projective geome-
try, into mathematics. The concepts of
projective geometry permeate the
most vibrant, advanced parts of con-
temporary mathematics and com-
puter graphics. Yet they can be intro-
essential part of understanding how
the physical world works. Yet the
early parts of linear algebra are quite
dull and abstract. One must have pa-
tience to persevere until the more ad-
vanced, and spectacularly beautiful,
parts of the subject open to view.
Still, the more addictive parts of
math are a good place for students to
start. Once they’re hooked, they’ll be
ready for the harder stuff.
Dr. Wilczek, winner of the 2004
Nobel Prize in physics, is a profes-
sor at the Massachusetts Institute
of Technology and the author of
“A Beautiful Question: Finding Na-
ture’s Deep Design.”
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, January 9 - 10, 2016
WORD ON
THE STREET:
BEN ZIMMER
An Acronym
Breaks Out
Of the Lab
A NEW GENE-EDITING technol-
ogy has been relentlessly hyped
over the past year, and it goes
by a catchy if rather incongru-
ous acronym: Crispr.
Hailed as the breakthrough
of 2015 by Science Magazine,
Crispr could help eradicate dis-
eases like malaria and, more
controversially, could be used
to modify the DNA of human
embryos. But it’s safe to say
that Crispr wouldn’t be grab-
bing the headlines if it were
known by its full name: “clus-
tered regularly interspaced
short palindromic repeats.”
The acronym emerged out
of email exchanges in 2001
between two microbiologists:
Francisco Mojica of the Uni-
versity of Alicante in Spain
RUTH GWILY
and Ruud Jansen, then at
Utrecht University in the
Netherlands. A team led by
Dr. Jansen is believed to be
the first to use it in print the
following year, in the journal
Molecular Microbiology.
Crispr was created to sim-
plify a welter of acronyms that
had been proposed by geneti-
cists to label a family of repeti-
tive DNA sequences at the heart
of the new biotechnology. In
one early email, Dr. Jansen
complimented Dr. Mojica on the
“snappy” coinage. Two other al-
‘Crispr’ is
already fusing
with other words
in intriguing
ways.
ternatives, SRSR and Spidr,
were deemed “less crispy.”
By having Crispr sound like
the pre-existing word
“crisper,” the scientists were
in fact creating a “backro-
nym.” Had they gone with
Spidr instead (for “spacers in-
terspersed direct repeats”),
the backronym would have
been more creepy than crispy.
As the gene-editing tech-
nique caught on at labs around
the world, Crispr quickly be-
came part of standard scien-
tific parlance. And for those
who were most intimately in-
volved in Crispr experimenta-
tion, the word effortlessly
moved from noun to verb.
Paul Knoepfler, a biologist at
the University of California,
Davis and author of the new
book “GMO Sapiens,” told me
that his lab started using
Crispr as a verb early on. “We
routinely say ‘Crispr’ing’ when
we talk about changing specific
genes,” he said. When one of
his students successfully uses
Crispr to make a genetic modi-
fication, a lab-mate may well
say, “You Crispr’d it!”
As the Crispr terminology
spreads beyond the lab, the
verb could mutate. If Crispr is
treated like “crisper,” then the
“-er” suffix could be removed
to make the verb “crisp.”
That is what happened with
“laser,” introduced in 1960 as
an acronym for “light amplifi-
cation by the stimulated emis-
sion of radiation.” Just two
years later, “laser” had
spawned the verb “lase.” Simi-
larly, “Taser,” a playful acronym
for “Tom Swift’s electric rifle”
(a weapon from an old adven-
ture novel), begat “tase.”
Regardless of how Crispr
gets verbed, the word is already
fusing with others in intriguing
ways. Genes that are “Crispr-as-
sociated” are simply called
“Cas” (an acronym built on an
acronym). And a recent essay in
the American Journal of Bioeth-
ics sounds the alarm over the
prospect that new techniques of
gene-editing could, in theory at
least, lead to the creation of
customized animals dubbed
“Crispr Critters.” By combining
with other words, Crispr is gen-
erating new lexical life-forms.
THE WEEK
MY WEEK: KWASI KWARTENG
The Business of Parliament
“WHAT DO YOU DO?” People always ask. Even af-
ter five years, it feels strange to say that I’m a mem- too old.” “People say he is gaga.” “People say he
ber of Parliament. When I said that I was a banker,
as I was before entering Parliament, I always got the “People say he is deaf.”
same mildly hostile response. Being an MP seems to
elicit even worse ones.
Attended a party in the Palace of Westminster to
celebrate the birthday of the deputy leader of the
House of Commons—a fun evening with many fellow
MPs, although some of the karaoke singing left a lot
to be desired. Chancellor of the Exchequer George Os-
borne performed a duet with my good friend Eliza-
beth Truss, who now serves as environment secretary. arrested and executed under that brutal regime.
I think they sang Madonna, but the songs all blur into
each other. Liz and I both turned 40 re-
cently, so we know all the cheesy ’80s hits.
TTT
Sunday lunchtime. A reasonably warm
day in my constituency in northern Surrey.
I planted a tree in memory of Lia Slade, a
13-year-old girl killed in a traffic accident
here almost a year ago; her best friend, Ja-
mie, got in touch with me earlier this year
to ask if she could arrange something to
commemorate Lia’s life. We held a short Kwasi
and informal but moving ceremony—a trib- Kwarteng
ute, I hope, to Lia’s short life.
Had dinner with my mother, now 71, in north Lon-
don. She said she wanted to spend a few weeks in her of the Commons. I must admit I enjoy visiting: Un-
native Ghana over the winter. She came to Britain in
1964. Originally, she’s told me, she wanted to visit
Britain as a tourist and see all the sights related to
the empire and the slave trade. She now wants to re-
engage with the history of the country of her birth. A
big consideration, I suppose, is the weather: My
phone tells me it is 86 Fahrenheit in Ghana, as op-
posed to a chilly 37 in London.
TTT
In post-Paris debates about the “war on terror,”
Labour Party leader Jeremy Corbyn, a well-known
pacifist, has been under pressure from some of his
own MPs. At 66, he is not exactly young for a leader
of the opposition. Still, Churchill held the job in his
early 70s and was 76 when he became prime minis-
ter for the second time in 1951. The story goes that
young MPs were once muttering among themselves
Answers to the News Quiz on page C13: 1.C, 2.D, 3.B, 4.A, 5.C, 6.D, 7.D, 8.A, 9.B
PHOTO OF THE WEEK
Stuck in the Mud: Paris’s Canal Saint-Martin gets drained for the first time in 15 years.
* *** THE WALL STREET JOURNAL.
R&D:
DANIEL AKST
Your Moods
Can Move
Your Mouse
SANTA CLAUS probably knew
if you were naughty or nice,
but your computer mouse
knows whether you are angry,
fearful or stressed.
The part about the mouse, at
least, comes from a new paper
by researchers at universities
on both sides of the Atlantic.
Building on prior research into
mood and muscle control, the
scientists show that bad feel-
ings increase the distance and
reduce the speed of mouse-cur-
sor movements, which could let
computers detect users’ emo-
tional states from their clicks.
That data could be valuable.
Online shoppers who get frus-
trated, for example, are more
likely to give up, go elsewhere
and not come back. They’re also
more likely to tell their friends
about their bad experience.
The researchers, at the Uni-
versity of Arizona and Brigham
Young University as well as in-
stitutions in Europe and Hong
Kong, conducted three experi-
ments, cutting across cultures,
to show that mouse movements
reflect mood. Moods were low-
ered as needed by, for example,
as they walked behind Churchill: “People say he is giving participants a rigged in-
telligence test and then telling
drinks too much.” Churchill turned around and said, them they performed worse
than average. Volunteers from
TTT India, the U.S., Hong Kong, Ger-
I have my weekly Arabic lesson with Ali, an Iraqi many and elsewhere took part.
refugee, at the Royal Festival Hall, just across the The scientists found that
river from Parliament. I would say that he is about mouse movements allowed
32, and he’s lived in London for 12 years, having fled them to detect the presence
Iraq just before the 2003 U.S.-led invasion. Ali has
terrible memories of Saddam Hussein’s rule and tells
of negative emotion with 82%
accuracy.
me, in simple Arabic, how many of his friends were Why do bad feelings influ-
I understand barely half of what Ali says, despite
ence mouse movements? The
scientists think that negative
four years of studying Arabic. I have always emotions impair the brain’s
liked trying to learn languages—probably processing capacity and under-
derived from the fact that my parents, as mine users’ ability to focus. Jo-
immigrants from Ghana, spoke Twi in the seph Valacich, one of the scien-
house when I was growing up. Arabic seems tists, recalled an episode when
more useful for international politics these he struggled to dial his
days than Twi, which is spoken by only brother’s phone number after
about seven million people. their father’s death.
TTT One obvious application for
A series of meetings on parliamentary these findings: Web developers
business. As a liaison between the House could alter their pages based on
of Commons and the House of Lords, I try which areas or tasks seem to in-
to keep the leader of the upper house and duce telltale cursor movements
her colleagues updated about the mood and temper indicating user unhappiness.
Companies might even build in
like the House of Commons chamber, the House of automated apologies—or notify
Lords wasn’t destroyed by German bombs in World customer service—when a
War II and has kept all of its Victorian, Hogwarts- user’s mouse movements indi-
like charm. cate that a frustration threshold
Hosted a reception for local activists in my con- has been reached. Or software,
stituency. It is always fun to see them, I find. If you
think otherwise, you shouldn’t be a representative—
even though one former Conservative MP once said
that happiness is looking at your constituency in the
rearview mirror.
Mr. Kwarteng is a Conservative member of Parlia-
ment, representing the Spelthorne constituency. His
latest book is “Thatcher’s Trial: 180 Days That Cre-
ated a Conservative Icon,” recently published by
PublicAffairs. installed with a user’s consent,
could monitor an older person’s
smartphone to flag diseases
such as Parkinson’s long before
a tremor is noticeable. (Bad
+ For more images: WSJ.com/Photos
feelings affect not just mouse
clicks but inputs on touch
screens and keyboards.)
The Arizona and Brigham
Young scientists recently
launched Neuro-ID Inc., a Seat-
tle-based startup built on their
embryonic technology. Dr. Va-
lacich, one of the founders, says
that the firm serves customers
in the financial-services indus-
try (he declines to say how
many) and that its technology
could be used by governments
and other enterprises. Neuro-ID
claims it can help identify po-
tential security risks since “ma-
licious insiders” usually have
encountered a financial, per-
sonal or other setback that al-
tered their emotional state—and
thus their computer inputs.
YOAN VALAT/EUROPEAN PRESSPHOTO AGENCY
More mundanely, the tech-
nology might help insurers
tell if customers are truthfully
answering the question, “Do
you smoke?”
“Inferring Negative Emotion
from Mouse Cursor Move-
ments,” Martin Hibbeln, Jeffrey
L. Jenkins, Christoph Schnei-
der, Joseph S. Valacich and
TIM LAHAN
Markus Weinmann, MIS Quar-
terly (forthcoming)
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

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BOOKS THE WALL STREET JOURNAL. Saturday/Sunday, January 9 - 10, 2016 | C5

This Is a Story About Love sion and ruthlessness, but this ten-
My Name Is Lucy Barton sion has never been set down in such
By Elizabeth Strout stark terms as it is here. Her previous
Random House, 193 pages, $26 novels, including the splendid “Amy
and Isabelle” (1998) and the Pulitzer
BY SAM SACKS Prize-winning “Olive Kitteridge”
(2008), all take place in the working-
IN “MY NAME Is Lucy Barton,” Eliza- class Maine of the author’s upbring-
beth Strout’s fifth novel, the titular ing. They are noisy books, full of stub-
narrator describes viewing a statue in born personalities and darkly comic
New York’s Metropolitan Museum of imbroglios. (No one who has read “Ol-
Art. The work shows a seated man ive Kitteridge” will forget the marital
with a tortured expression clawing at spat that Olive inexplicably starts
his mouth as his children cling im-
ploringly to his knees. Though Lucy
doesn’t name the sculpture, she is
talking about Jean-Baptiste Car-
‘Lonely was the first flavor
peaux’s 1860 rendering of Ugolino, an I had tasted in my life and
Italian nobleman who, as immortal-
ized in Dante’s “Inferno,” was shut up
it was always there, hidden
with his sons and condemned to die inside the crevices of my
of starvation. But Lucy’s eyes are
drawn to his boys, who “only want
mouth, reminding me.’
one thing—to have their father’s dis-
tress disappear. They will allow him—
oh, happily, happily—to eat them.” with her husband while the two are
The primal compulsions that bind being held hostage by drug addicts.)
children and their parents are the Perhaps a change in geography freed
taproot of this novel, which begins at her for a change in style. The spare
a New York hospital in the mid-1980s, “My Name Is Lucy Barton” is intro-
where Lucy is feverishly waiting out spective and self-aware, its prose
an infection contracted after an ap- stripped down to bare essentials and
pendectomy. Her husband is busy its emotions plainly stated—“I really
with their two daughters and has agonized,” “I felt especially fright-
asked her mother, who had never be- ened,” “I was so happy.” The effect is
fore been on an airplane, to travel disarming.
from rural Illinois to sit at Lucy’s Near the book’s midpoint, Lucy de-
bedside. The women have been es- scribes attending a writing workshop
tranged for years, but because of the led by a novelist named Sarah Payne,
illness they revert to the roles that who warns her that critics are going
defined Lucy’s childhood, the mother to dismiss her autobiographical sto-
watchful but withholding, the daugh- ries as over-the-top: “Now listen. Peo-
ter needy and meek. ple will go after you for combining
The two reconnect through the poverty and abuse. Such a stupid
best means yet invented by human- word, ‘abuse,’ such a conventional and
kind: They gossip. With an ear for di- stupid word, but people will say
THE LIFE PICTURE COLLECTION/GETTY IMAGES

alogue and a knowing sense of the there’s poverty without abuse, and
narcotic pleasures of small talk, Ms. you will never say anything. Never
Strout recounts the stories of fretful ever defend your work. This is a story
cousin Harriet, whose husband went about love, you know that.”
out for cigarettes and never came Payne proves to be the catalyst for
back (“I should say he indeed never Lucy’s development as a writer, and
came back. He dropped dead on the there’s a canny apologia in the advice
street and Harriet had such a time she dispenses. Agony novels have
trying to keep the state from taking lately become as divisive as they are
those kids”) and of their old neighbor numerous, sometimes lauded for shin-
Kathie Nicely, who left her family for ing a light on once unspeakable sub-
a man who then left her. jects, sometimes disparaged for pan-
Such reminiscences are a way of is also about the difficulties of writ- to inference, calling it only the Thing, erty of her youth and making a career dering to a readership arrested in
tiptoeing around their own history. ing about those things. “meaning an incident of my father”— as a writer. “You just went ahead and adolescence and attracted to morally
And though little else takes place, the Lucy parcels out the details of her a damaged World War II veteran— . . . did it,” her mother remarks. But facile stories of victimhood. Hanya
week of convalescence forms a trunk past circumspectly. For years, her “becoming very anxious and not in part of the deep melancholy of this Yanagihara’s “A Little Life” (2015)
for Lucy’s branching memories. In family (she has two siblings) lived in control of himself.” novel grows from Lucy’s gradual dis- tested the boundaries of the genre by
one direction they turn back to her an unheated garage; when she was Her refuge was in books: Louisa covery of the inadequacies of thera- pushing its depictions of child abuse
impoverished and abusive upbringing very small, her parents would lock May Alcott, Laura Ingalls Wilder and peutic art. Writing, she learns, is tan- to extremes. A work more representa-
in Illinois; in the other they advance her in a truck when they went to quickly, at a teacher’s urging, more tamount to a declaration of solitude, tive of the literary zeitgeist, however,
beyond the hospital stay to her work. “Lonely was the first flavor I mature authors. “They made me feel and writing honestly means living is Karl Ove Knausgaard’s “My Strug-
emerging career as a novelist, culmi- had tasted in my life and it was al- less alone. This is my point. And I close to your hurts and longings. gle,” whose six confessional volumes
nating in the very book we are read- ways there, hidden inside the crevices thought, I will write and people will Ms. Strout’s fiction has always chart the author-hero’s journey out of
ing. For “My Name Is Lucy Barton” is of my mouth, reminding me.” But the not feel so alone!” By any standard, seen a push and pull between affec- the long shadow of his bullying father.
not only about trauma and family; it worst part of her childhood she leaves Lucy is a success, escaping the pov- tion and disavowal, between compas- Please turn to page C6

The Printing-Press Prophet

read not just the Bible or a book was a capable but not exceptional stu- ians, Luther became a regular faculty some schoolchildren remember. This
Martin Luther: about Scripture but also scientific and dent. His father had hoped his son member responsible for teaching call for debate, posted on Oct. 31, 1517,
Visionary Reformer philosophical texts, which in time might study law and find a position Scripture. His performance was un- questioned the church’s sale of indul-
By Scott H. Hendrix helped lead to the Enlightenment. as an adviser to one of the region’s distinguished, as Andrew Pettegree gences, one of the ways by which a
Yale, 341 pages, $35 The significance of book publishing observes in “Brand Lu- priest could forgive a penitent sinner.
explains in part the reaction of Ro- ther,” a perceptive study Instead of engaging in pious acts, a
Brand Luther man Catholic authorities. At the of Luther’s ideas and the person could also purchase forgive-
By Andrew Pettegree Council of Trent in 1546, when the rise of a new print cul- ness by giving to worthy causes. Be-
Penguin Press, 383 pages, $29.95 church’s bishops deliberated on how ture in Europe. In 1515, a tween 1100 and 1500, the church had
to respond to Protestantism, they document circulated in used indulgences to raise armies and
BY D.G. HART threatened with anathemas anyone Germany to recruit stu- build cathedrals. Luther’s challenge to
who printed or “caused to be printed, dents to study at univer- this system went “viral” thanks to the
any books whatever, on sacred mat- sities in Leipzig, Witten- scope of the indulgence business. Lu-
IF THEY STILL TEACH European his- berg and Frankfurt-an- ther had tapped into popular animos-
tory in America’s public schools, der-Oder. It featured ity toward a financial enterprise that
chances are that schoolchildren have The rise of Protestantism biographical sketches of was draining money from the German
some notion that the Protestant Ref- the 101 most distin- economy and hurting commoners and
ormation of the 16th century de- relied upon the print guished professors. Mar- nobles. He also questioned the theol-
pended on the 15th-century techno- culture that Gutenberg’s tin Luther did not make ogy behind indulgences, laying the
logical innovation of the printing the cut. Within five groundwork for a new set of teach-
press. Johannes Gutenberg first pro- invention hatched. years, the improbable ings and another church.
duced a Bible using movable type in happened: Luther was a “Brand Luther” directly illuminates
1453, and Martin Luther posted his 95 name that most German Luther’s success by placing it in the
theses on the door of Wittenberg’s ters” without the prior approval of speakers knew. context of book publishing. Having a
Castle church in 1517. Protestantism the local church authority. Certainly His first attempt to winning message was one thing, but
relied upon the print culture that Gu- the division of western Christianity start a conversation distributing it was another. Here Lu-
GETTY IMAGES

tenberg’s invention hatched. would have been much easier for Ro- about church deficiencies ther was helped not by divine inter-
Bible reading by lay people, memo- man Catholic bishops to restrain had came in 1516, when he vention but by the invisible hand of
rization of printed catechisms, sing- it not been for the printed book. posted on a local church the marketplace. Printers all over Eu-
ing hymns printed in song books, and As Scott H. Hendrix notes in his TYPECAST Luther ca. 1529, by Lucas Cranach. door a set of debating rope, and especially in Germany, saw
polemical books and tracts were the richly detailed portrait “Martin Lu- points about scholasti- a business opportunity in the monk’s
Reformation’s chief vehicles of dis- ther: Visionary Reformer,” before princes. But theology resonated with cism, the method that European aca- innovations and capitalized on it. In
semination. As historian Niall Fergu- posting his broadsheet on the door of Luther more than law, and he deter- demics used to study and teach theol- Wittenberg alone the book industry
son argued in “Civilization: The West the local church—a standard practice mined to join the Augustinian order ogy. Instead of reading dead white boomed, as Mr. Pettegree shows. Be-
and the Rest” (2011), the Reforma- in medieval university cities—Luther and train for the priesthood. By 1507 medieval theologians, Luther wanted tween 1502 and 1516, the city’s pub-
tion’s dependence on published mate- was a minor figure in an obscure Ger- he was ordained and the following to study Scripture in the light of the lishers had printed a mere 123
rials and encouragement of literacy in man town. Born in 1483 in Eisleben to year was teaching at the University of advances being made among human- books—an average of eight per year.
all ranks of society (the priesthood of an aspiring businessman with plans to Wittenberg, mainly as a visiting pro- ists in the recovery of the original Between 1517 and 1546, the year of
all believers) greatly swelled the num- open a copper mine, Luther grew up fessor of theology. biblical languages. Luther’s death, the Wittenberg book
ber of Europeans who could read and in a conventional home and enrolled After a trip to Rome to plead the The next year, though, Luther pro- industry produced more than 2,700
write. This meant more people could at the University of Erfurt, where he case for reforms among the Augustin- duced another set of theses, the ones 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, January 9 - 10, 2016
‘I’m a lover of my own liberty, and so I would do nothing to restrict yours. I simply want to please my own conscience, which is God.’ —M.K. Gandhi
Gandhi the Imperialist
The South African Gandhi
By Ashwin Desai & Goolam Vahed
Stanford, 343 pages, $80
BY WM. ROGER LOUIS
AT THE CLOSE of his presidency in
1999, Nelson Mandela praised Mohan-
das Gandhi for believing that the “des-
tiny” of Indians in South Africa was
“inseparable from that of the op-
pressed African majority.” In other
words, Gandhi had fought for the free-
dom of Africans, setting the pattern
for his later effort to liberate India
from British rule.
Nothing could be more mislead-
ing. Gandhi’s concern for the African
majority—“the Kaffirs,” in his
phrase—was negligible. During his
South African years (1893-1914), ar-
gue Ashwin Desai and Goolam Vahed
in “The South African Gandhi,” he
was far from an “anti-racist, anti-co-
lonial fighter on African soil.” He
had found his way to South Africa
GETTY IMAGES
mainly by the accident of being of-
fered a better job there than he
could find in Bombay. He regarded
himself as a British subject. He
aimed at limited integration of Indi-
ans into white society. Their new
status would secure Indian rights but
would also acknowledge white su-
premacy. In essence, he wanted to
stabilize the Indian community
within the stratified system that
later became known as apartheid.
Gandhi’s two decades in South Af-
rica did enable him to perfect the
methods and aims of nonviolent resis-
tance, but he practiced them solely on
behalf of Indians. Gandhi was espe-
cially concerned with the indentured
laborers of the sugar plantations in
Natal, where the Indian population
since the mid-19th century had grown
to some 150,000, outnumbering
whites. From the time of his arrival, he
suffered such indignities as being
forced off a train even though he held
a first-class ticket and being pushed
from the sidewalk into the gutter. But
he remained loyal to the ideals of the
British Empire, to, in his words, its
“spiritual foundations.”
Gandhi’s principal adversary was
Jan Christian Smuts. They were born a
year apart, Gandhi in 1869 and Smuts
in 1870. Both studied law in England.
Smuts received highest honors at Cam-
bridge. Though leading a lonely exis-
tence, he established lifelong contact
with some of Cambridge’s more promi-
nent intellectuals. By contrast, Gandhi
acquired legal credentials while becom-
ing acquainted with Helena Blavasky,
the occultist and founder of the Theo-
sophical Society, and with Annie Be-
sant, another theosophist, with whom
Gandhi discussed “the universal broth-
erhood of humanity.” Both Gandhi and
Smuts shared the assumption that
black Africans were simply, in Smuts’s
summation, “barbarians.”
They fought on the opposite sides
of the Boer War (1899-1902). Smuts
rose to the rank of general, and Gandhi
waged one of his most conspicuous
FICTION CHRONICLE: SAM SACKS
A Story of Mother and Daughter
Continued from page C5
Yet as the invocation of Carpeaux’s
Ugolino makes clear, extreme suffer-
ing—and the perverse, tenacious love
that it can engender—is more than a
contemporary phenomenon. Ms.
Strout’s allies herself less with recent
autobiographical fictions than with Er-
nest Hemingway, whose style remains
unmatched for its capacity to convey
the effects of trauma without senti-
mentality. His influence is present
here in her combination of candor and
indirection and in the economy and
simplicity of the language that con-
veys a sense of childlike vulnerability.
At the book’s most fragile moment,
when Lucy, who has been raised never
to cry, breaks down in front of her
doctor, Ms. Strout calmly steers our
attention outward: “He put his hand
on my forehead, as though checking
for a fever, and he left it there as the
tears kept slipping from my eyes. He
moved his thumb once, as though to
brush away a tear. My God, he was
kind. He was a kind, kind man.”
This debt is worth noting because
Hemingway is often characterized as
the ultimate man’s writer (an impres-
sion, of course, that he himself en-
couraged). “God, I love Hemingway,”
Ms. Strout has said. “It’s something I
don’t even talk about that much any-
more because a lot of women don’t
like Hemingway. He’s out of fashion
campaigns on behalf of the British. He
organized an “ambulance corps” of no
fewer than 11,000 Indians, who helped
wounded soldiers find their way to
field hospitals, often by bearing them
on stretchers. In the fierce battle of
Scion Cot in Natal, Gandhi, with the
discipline of a sergeant major, led his
volunteers through rough terrain in
blistering heat and heavy fire to save
British lives. The Indian volunteers
found the terrain so rough that
stretchers proved impossible to use, so
injured soldiers had to be carried indi-
vidually. Gandhi’s bravery proved that
he was willing to sacrifice his own life
to save the lives of others and, in this
case, to further the purposes of the
British Empire.
Gandhi was never naïve enough to
think that the Indian communities in
Durban and Johannesburg would
achieve social equality with whites.
But they were, he believed, entitled to
legal protection. The viceroy in India
agreed with Gandhi. The status of
overseas Indians was a sensitive issue.
The power and influence of the Raj
lent force to the cause of upholding
the rights of British subjects—Indi-
ans—in South Africa.
Gandhi’s legal credentials enabled
him to practice law in South Africa. He
challenged the government with peti-
tions, thereby raising issues such as
the right of Indians to own property.
His success in organizing protest
movements brought him to such
prominence that he was able to meet
with high-ranking officials, including
Smuts, by then on his way to becom-
ing prime minister.
Gandhi helped lead the two Indian
rebellions of the era in South Africa,
one in 1906 and the other in 1913. Both
had origins in complaints about work-
ing conditions and the ambiguous sta-
tus of Indian immigrants. In 1906, Indi-
ans protested against the Black Act,
and what’s the point of having the
conversation except that I love him?”
Reading “My Name Is Lucy Barton,”
I was frequently put in mind of Hem-
ingway’s famous injunction to write
“the truest sentence that you know.”
“Once in a while,” Lucy says, “I see a
child crying with the deepest of des-
peration, and I think it is one of the
truest sounds a child can make.” The
sound of that cry reverberates through
this powerfully distilled novel.
THE GERM OF Andria Williams’s de-
but novel, “The Longest Night”
(Random House, 383 pages, $27), is
a real incident, a fatal explosion in
1961 at a nuclear reactor in Idaho
Falls, Idaho. Ms. Williams’s reimagin-
ing of the event centers on a young
Army engineer, Paul Collier, and his
wife, who have moved with their two
daughters to the outpost. Paul discov-
ers that his superior, an incompetent
drunk on the verge of retirement, is
whitewashing the reactor’s mechani-
cal failings. To the stresses of family
life add “visions of stuck rods, radio-
active steam, inextinguishable ura-
nium-fed fires.”
Paul confronts his boss and is pun-
ished with a six-month tour at a nu-
clear plant in Greenland, leaving his
wife to ease her isolation through an
ambiguous friendship with a local me-
chanic. Ms. Williams follows the par-
BOOKS
which required them to be finger-
printed—a practice reserved in India
for common criminals. At one point
Gandhi was briefly jailed, on Smuts’s
own orders, as a result of his followers
turning peaceful protests into riots.
When Gandhi eventually met with
Smuts, they reached agreement, ac-
cording to Gandhi, that the petty re-
Gandhi fought for Indian
rights in South Africa, but
his concern for the black
majority was minimal.
strictions of the Black Act would be re-
pealed. Smuts did not believe that he
had made any fundamental conces-
sions. In fact many of the restrictions
were not repealed but recast suffi-
ciently, so Smuts thought, to meet
Gandhi’s satisfaction. He had not taken
notes and failed to catch some of Gan-
dhi’s exactitude. Gandhi later declared
that he had been deceived. At their
next and last meeting, some seven
years later, Smuts took care precisely
to transcribe all legal and other points.
The revolt of 1913 arose over the
question of sending Indian dissidents
back to India if they protested about
wages or rights to property. In this ac-
tion, the authors argue, Gandhi per-
fected the revolutionary technique of
nonviolent resistance. At one point he
led 13,000 Indians in protest. Gandhi
proclaimed victory. Yet Smuts deftly
secured important points regarding
immigration and land ownership.
Gandhi was capable of spontaneous
goodwill, as he demonstrated not only
with Smuts but also later with Lord Ir-
win (Halifax) in India. In both cases, he
characteristically laughed at his own
inconsistencies and reaffirmed his
allel stories of a reactor and a mar-
riage headed toward meltdown with
mixed success. The domestic melo-
drama is a lusterless tableau of an
Updikean Middle America full of
lonely housewives, short-spoken hus-
bands, busybody neighbors and pan-
demic levels of infidelity. But the
chronicle of cover-ups and bureau-
cratic indifference around the reactor
is properly enraging. Ms. Williams
nicely captures the graveyard-whis-
tling helplessness of low-ranking men
performing “a service no one would
love them for” and which would cost
some of them their lives.
SERGEI LEBEDEV’S novel “Oblivion”
(New Vessel, 290 pages, $15.95)
takes us to one of the ungodliest
sources of nuclear power: the Soviet
Gulag, where uranium mines were
worked by prisoners digging for a
“philosopher’s stone commensurate
with the philosophy of the new age
that seeks means of destruction
rather than construction; methods of
stopping history, ending time.”
“Oblivion” is presented as the
travel journal of a narrator tracing the
footsteps of a man he calls Grandfa-
ther II. This blind, elderly villager
saved the narrator’s life—and sacri-
ficed his own—by giving hima blood
transfusion after a boyhood accident.
Nothing is known of the man’s past,
* ***
ADVOCATE Gandhi in
South Africa, 1908.
faith in the ideals of the British Em-
pire. He inspired intellectual and emo-
tional bonds. Both sides could at least
try to comprehend their differences
and attempt to forge mutual respect.
But it was an undertaking that had
nothing to do with the African major-
ity. Smuts believed that he could make
minor concessions on such matters as
passports and minimal labor laws,
which persuaded Gandhi that Indians
had secured legal protection.
When Gandhi left South Africa in
1914, he was hailed as the Mahatma
(Great Soul). He thereafter wore a
loincloth and shawl, looking not much
different from the way Churchill fa-
mously described him later as a fakir
striding “half-naked” up the steps of
the viceroy’s palace.
“The South African Gandhi” deals
comprehensively with Gandhi’s deci-
sive two decades in South Africa. It
complements Perry Anderson’s “The
Indian Ideology” (2013), which ex-
plains how Gandhi later treated the
Dalits, or Untouchables, much as he
had dealt with black Africans.
For my taste, the book’s tone is too
academic, but the authors use sound
evidence and argue their case relent-
lessly—Gandhi’s vision did not include
the majority of the people in South Af-
rica, the Africans themselves. Gandhi
was consistent, but in ways quite at
variance with the general belief that
he championed all parts of society,
whether in South Africa or, in regard
to caste, in India. “The South African
Gandhi” helps explain the complexity
and contradictions of Gandhi’s person-
ality while emphasizing the way in
which he became a symbol of peaceful
means to resolve conflict.
Mr. Louis is Kerr Professor at the
University of Texas and the au-
thor of “The British Empire in the
Middle East.”
and our narrator, who feels tied to him
by blood, resolves to “travel the entire
trajectory of Grandfather II’s fate.”
This is a Dantean descent into the
polar circle, where the dark events of
the prison camps are gradually un-
veiled. But most startling to the nar-
rator is the absence of evidence of the
region’s murderous history in that
frozen vastness. His journey takes him
to the mines, now operated privately,
which seem to symbolize the yawning
blankness of the landscape and its
place in time, where the labor of
countless men was expended “to mag-
nify the gaping hole in the ground.”
The quarry, Mr. Lebedev writes, is “a
mirror reflection . . . of the Tower of
Babel, molded out of emptiness.”
Though it shares a subject with
Solzhenitsyn’s “The Gulag Archipel-
ago” (1973), this work is bleaker and
more dehumanized. Its motifs of pits
and abysses, sightlessness and collec-
tive amnesia, make it a closer cousin
to the apocalyptic writing of José
Saramago and Roberto Bolaño. “An
entire country . . . had protected itself
from the present through blindness
and then become trapped in it,” the
narrator concludes. In a steely trans-
lation by Antonina W. Bouis, “Obliv-
ion” is as cold and stark as a glacial
crevasse, but as beautiful as one, too,
with a clear poetic sensibility built to
stand against the forces of erasure.
THE WALL STREET JOURNAL.
Martin
Luther
Continued from page C5
works for an average of about 90 per
year. Luther enjoyed a particularly
fruitful relationship with Lucas Cra-
nach, a local publisher who brought
out many of the reformer’s books in
distinct styles that set the titles apart
from their competitors. Cranach also
depicted Luther himself in drawings
that increased the theologian’s visibil-
ity and fame.
During the early years of Luther’s
popularity, the Holy Roman Emperor,
German princes, bishops and the pope
became aware of the reformer not
merely as a best-selling author but as
a subject who needed to conform to
the law. His celebrity owed much to
the ecclesiastical and civil controver-
sies that ensued. Despite imperial
bans and papal declarations of excom-
munication, Luther continued to
teach, write and defend his views. His
ability to avoid legal and ecclesiastical
censure owed much to quirks in the
highly decentralized nature of the
Holy Roman Empire’s politics and es-
pecially to the patronage of a sympa-
thetic prince, Frederick the Wise,
Elector of Saxony, who provided ways
of escape to Luther the outlaw. At the
same time, Luther had by 1520 be-
come a figure worth protecting be-
cause of the fame generated through
the distribution of affordable books.
He avoided the fate of would-be
church reformers such as Jan Hus or
John Wycliffe—the first executed for
heresy, the second’s views condemned
posthumously—thanks in part to a
following created by the printing
press and the businessmen who ran
the book industry.
As these books show, shutting Lu-
ther down was impossible after 1522.
The only serious question was how
European authorities would reach an
understanding with him and the Lu-
theran churches that grew up around
him. It was not an easy process.
A 1515 document names
the top 100 university
professors in the region.
Luther isn’t on the list.
Peasants who revolted in 1524, partly
inspired by the egalitarian implica-
tions of Luther’s ideas, were disap-
pointed by the theologian’s rejection
of their bloody rebellion. Ulrich
Zwingli, the leader of Reformed
churches in Zurich, experienced his
own disappointment with Luther in
1529, when the two men became ene-
mies over different understandings
of the sacrament of the Lord’s Sup-
per. Meanwhile, the German princes
who backed Luther forged political
alliances and fought battles with the
emperor that did not end until the
1555 Peace of Augsburg. Even so, the
most dramatic portion of Luther’s re-
ception came in the five years after
1517, when his books and Cranach’s
drawings turned him into an icon.
Both of these books provide ac-
cess to the latest assessments of Lu-
ther on the eve of the West’s (if not
the world’s) celebrations of the
500th anniversary of the Reforma-
tion. Each author also cannot resist
rendering Luther, who some regard
as the man who opened the flood-
gates of modernity, as a very modern
man. Mr. Hendrix compares him to
Martin Luther King Jr., the name that
shows up in Google searches much
more frequently than the original.
King and Luther were, he writes,
“both extremists” because they “re-
fused to settle for the status quo and
defied the powers who were loath to
have it disturbed.” Mr. Pettegree
does not attempt an explicit compar-
ison, but the name that comes to
mind is Steve Jobs, a person who
transformed an industry and created
his own brand in doing so.
Mr. Pettegree’s Luther was an in-
novator who transformed the book
trade and in the process found a me-
dium in which his version of Christi-
anity could thrive. That Luther, an un-
remarkable monk in a small
university town for the first half of
his career, continues to stimulate the
imaginations of readers, from profes-
sional historians to schoolchildren, is
a testament to the remarkable set of
circumstances that in 1520 coalesced
to make him the center of one of Eu-
rope’s greatest transformations.
Mr. Hart teaches history at
Hillsdale College and is the
author, most recently, of
“Calvinism: A History.”
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, January 9 - 10, 2016 | C7

BOOKS
‘If from infancy you treat children as gods, they are liable in adulthood to act as devils.’ —P.D. James

From Too Many People to Too Few

occasional waft of urine from the toi-
One Child lets and a fug of cigarette smoke” im-
By Mei Fong mediately transported me to the hos-
Houghton Mifflin Harcourt, 250 pages, $27 pitals I visited while living in China.
Ms. Fong writes of a village called
BY MARA HVISTENDAHL New Peace where families have re-
sorted to buying wives from other
provinces for their sons. She rightly
CHINESE CULTURE is centered on the observes that most of the young peo-
family. The parent-child relationship is ple of working age—including unat-
the first of the five Confucian relation- tached men—are off working in cities.
ships that govern society and among The men’s parents arrange wives for
the most important. Families in China them from afar. She also introduces us
were traditionally large, in part be- to a phosphate miner who, after losing
cause children—particularly sons—are his daughter in the 2008 Sichuan
needed to perform ancestor rites. earthquake at age 50, reverses his va-
Even language reflects the importance sectomy—a product of an era when
of family: Chinese contains distinctive such procedures were implemented
words for paternal and maternal un- forcefully and often in public spaces
cles, aunts and grandparents, as well “as an advertisement for family plan-
as for older and younger brothers and ning.” A staff member at the clinic
sisters. And so the Chinese Communist that the miner visits tells Ms. Fong
Party’s 1980 introduction of the one that she often sees female patients
child policy reshaped a society once who have difficulty conceiving because
steeped in filial piety. they have scarred their tubes through
The grand experiment also proved multiple abortions. Yet throughout the
grossly inhumane, yielding, to start book, everyone from villagers to schol-
with, countless forced abortions. Pro- ars echo a common Chinese idiom:
vincial officials were given birth quo- Ren tai duo. Too many people.
CHINAFOTOPRESS VIA GETTY IMAGES

tas—at times absurd ones like “no “One Child” is, like the policy’s abo-
births within the next hundred lition, long overdue, and Ms. Fong was
days”—and were demoted or dis- the perfect person to write it. Born in
missed if they didn’t meet them. In Malaysia to Chinese parents, the fifth
“One Child,” Mei Fong talks to one cig- of five daughters conceived in the
arette-puffing rural family-planning hope of a son, the author weaves into
worker who recalls escorting a woman her book the story of her own journey
on the back of a bicycle to abort her to motherhood. After a miscarriage,
third child. A family-planning official she undergoes in vitro fertilization in
now in exile claims to the author that, NATAL MANEUVER A mother and daughter walking by a poster in Taizhou, China. Beijing, learning firsthand about a fer-
to meet abortion quotas, some women tility industry that is, ironically, boom-
were forced to undergo operations ducing the denominator—the per cap- son who tastes his father’s fecal mat- estimated one million parents who ing in the land of population control.
when they weren’t in fact pregnant. ita part—was much easier than boost- ter to gauge how sick he is and a child have lost their only child. Even nurs- (Because “multiples” are exempt from
Today the one-child policy has left ing production. Planners calculated who bares his skin to mosquitoes, en- ing homes won’t take them, as Ms. the policy, some shrewd parents use
in its wake a ballooning population of that only a cap of one child per couple couraging the insects to bite him Fong writes, “because they have no fertility drugs to have more than one
pensioners with few workers to sup- would enable China to reach Deng’s rather than his parents. Ms. Fong fol- progeny to authorize treatments or child.) Unfortunately Ms. Fong’s per-
port them and, thanks to sex-selective goal—even though they had only the lows a 20-something man in a town sonal story—that of a woman inter-
abortions by couples intent on getting sketchiest idea of China’s actual popu- outside Shanghai whose heroic efforts viewing families shaped by the one-
a son, millions of men who are likely lation size at the time. (The last cen- to care for his ailing mother while jug- child policy as she is in the midst of
doomed to bachelorhood. In less than sus had been taken in 1964.) Although gling school and work turned him into Soon there will be her own difficult path to parenthood—
a decade, Ms. Fong writes, “there will China’s per capita GDP skyrocketed, as a national celebrity. more Chinese bachelors drops off for whole chapters. Her path
be more Chinese bachelors than Saudi planners hoped, unfettered growth The coddling of China’s “little em- to IVF, along with her twin sons’ even-
Arabians, more Chinese retirees than brought with it numerous costs. peror” generation has shifted the tra- than Saudi Arabians, tual birth in California, is overshad-
all Europeans.” The Chinese government claims ditional balance of power toward the more Chinese retirees owed by her other reporting, produc-
The Chinese government’s deci- that the policy averted 400 million young, however. Chinese parents ing a certain disjointedness.
sion, this past fall, to loosen family- births. In fact, Ms. Fong says, that fig- raised under the hardship of the Great than all Europeans. But the eclipse of a personal story
planning regulations was late in com- ure is “an exaggeration based on Leap Forward and the Cultural Revolu- is forgivable in a book about a policy
ing and disappointingly cautious; faulty math and wishful thinking.” De- tion have devoted unparalleled re- that has thoroughly altered the
rather than scrap limits altogether, fenders of the one-child policy often sources and energy to raising their act as payment guarantors.” Ms. Fong world’s largest nation. By 2100, ac-
China simply moved to a two-child say that the policy has been at least only children—and saddled them with reminds us that, when we read of a cording to one demographer, China’s
policy. Yet to Chinese people who had an environmental success. Such praise unparalleled expectations. There are shoddily constructed school collaps- population is projected to decline to
suffered under birth limits for de- seems baffling considering that too few children to support the el- ing in an earthquake or workers per- around 500 million from 1.4 billion,
cades, the change was hugely signifi- China’s feverish rate of industrializa- derly, and on top of this some choose ishing in an industrial explosion, the and most scholars believe that the
cant. Ms. Fong, a fellow at the New tion has led to blackened rivers, pol- not to: With an inadequate social people dying are often their parents’ belated switch to a two-child policy
America Foundation and a former luted groundwater and cities thick safety net and no one to foot their only children. is unlikely to spark a significant
correspondent for The Wall Street with smog. The one-child policy had bills, nearly a quarter of China’s 185 The author spent over a decade re- baby boom. “No other country has
Journal, has written a timely, impor- other far-reaching effects, which Ms. million retirees live on less than a dol- porting from Asia, and “One Child” is ever shed this much of its popula-
tant work that takes stock of the one- Fong details. lar a day. Rural Chinese villages are evocatively rendered and peppered tion without the aid of warfare or
child policy’s damage. Traditionally, Chinese children are filled with senior citizens who lack with quirky characters, including a pestilence,” writes Ms. Fong. Ren tai
At its adoption 35 years ago, the expected to revere parents and look sufficient medical care, and rates of el- sex-doll salesman and a dating guru duo? Not for long.
one-child policy was actually seen as a after them in old age to repay them der abuse and suicide among the ag- who claims that overly assertive
form of economic stimulus. Deng Xiao- for their years of sacrifice—an expec- ing are on the rise. In 2013, Beijing women contract breast cancer. Ms. Ms. Hvistendahl is the author of
ping, the leader who introduced mar- tation drilled into them by television even passed a law requiring children Fong’s description of a Kunming hos- “Unnatural Selection: Choosing Boys
ket reforms, had vowed to quadruple and media. A medieval collection of to visit their aging parents frequently. pice that smells like “pork bone soup Over Girls, and the Consequences of
China’s per capita GDP by 2000. Re- tales still told to children features a That law is of little help to China’s and instant noodles mingled with the a World Full of Men.”

Hot on the Trail of Molten Lava

Nature’s Most Magnificent Fury,” a scope at Mauna Kea in Hawaii, the is-
was released—much like “what hap- ported Jaggar’s idea of establishing
The Last Volcano lively biography of a forgotten father land where Jaggar did his most pro- pens when a bottle of French cham- a volcano observatory station on Ki-
By John Dvorak of volcanology. ductive work. A great storyteller with
pagne is opened.” Mr. Dvorak gives a lauea. Jaggar’s work in Hawaii estab-
Pegasus, 309 pages, $28.95 Seeing the devastation caused by a keen eye for details, he takes hisriveting account of Jaggar’s colleagues lished him as the foremost expert on
the eruption, Jaggar decided to devote readers into volcano craters and across
trying to measure the temperature of volcanoes. He devised techniques
BY ANDREA WULF his life to investigating lava and collecting gas that are still used today to predict
volcanoes, which he did samples from deep in Ki- eruptions: collecting volcanic gases,
with iron-willed deter- lauea’s crater. recording earthquakes and measur-
IN SPRING 1902, a ship drifted into mination and an often In between his travels, ing the rise and fall of the ground as
harbor on the Caribbean island of St. dangerous obsession. Jaggar found time to lava moves inside volcanoes. He also
Lucia. The masts were broken, the For 50 years Jaggar marry, but his wife worked out how to predict tsunamis
sails burned and every surface was Helen—unsurprisingly and was the first person to warn of
covered in ash. When the rescue party given her husband’s sin- an approaching wave.
stepped onto the deck of the Roddam, glemindedness—became One of the most extraordinary as-
they found a horrific scene: several The peripatetic unhappy. The peripatetic pects of this story is the number of
dead men scorched so badly that they volcano-chaser Jaggar seems to have tourists who were enthralled by volca-
were unrecognizable. Only a few of the been thoroughly unsuited noes. Mr. Dvorak describes an endless
crew were alive, including the captain, found a home as the husband and fa- rush of people running toward bub-
who told them that they had come atop Hawaii’s ther of a small family. bling lava, standing on precarious cra-
“from the gates of hell.” When news reached him ter rims and breathing noxious vapors.
Earlier that day the Roddam had Mount Kilauea. that Vesuvius was ex- The 1919 eruption of Mauna Loa on
been at Martinique, another island just ploding, he got on the Hawaii caused the biggest traffic jam
north of St. Lucia, where the captain first ship to Italy. When the island had ever seen and 300 peo-
and many of the islanders had watched traveled across the he heard President Theo- ple bought a ticket on a steamer to
a plume of gray ash rising from the world to chase erup- dore Roosevelt was send- watch the lava dropping into the ocean
GETTY IMAGES

peak of the volcano Mount Pelée. The tions. He eventually set- ing a battle fleet to South from the comfort of a deck chair and
crew on the Roddam sought the best tled in Hawaii, where he America, Jaggar volun- equipped with a cocktail. One Hawai-
places on the ship to observe the spec- lived on Kilauea, one of teered to join them (he ian newspaper simply announced:
tacle. They saw a black cloud rolling the world’s most active MOUNT PELÉE Martinique’s peak three years after a 1902 eruption. was denied), and when “More Lava, More Tourists—More
from the volcano towards the sea but volcanoes. Along the an earthquake shook Tourists, Better Times.”
within seconds, the cloud hit the water way several fascinating figures make molten lava. There are parts in “The Costa Rica, he was on his way there. This book’s subtitle refers to “ro-
and the Roddam almost capsized. Mo- cameos—such as Tempest Anderson, a Last Volcano” where Mr. Dvorak’s de- When he inherited some money, he mance.” That’s a bit misleading. Yes,
ments later hot ash rained onto the volcano-chaser who always kept two scriptions of the intense heat almost decided to spend it on an expedition there was a bit of a romance—after
ship. Most of the men died. packed suitcases in his house, one in singe the page. while Helen thought they should buy Helen finally filed for a divorce, Jaggar
The eruption of Mount Pelée killed case he had to rush to an eruption in When one scientist observes that a house. And when they went on a met a woman as fascinated by volca-
tens of thousands and was reported in the tropics and one for colder climates. Mount Pelée’s “spine” was rising by 40 family vacation, Jaggar made sure noes as he was. But the drama of “The
newspapers around the world. The Or Fusakichi Omori, a Japanese scien- feet a day and then collapsed with jets that it would include the volcanoes of Last Volcano” does not lie in romance
United States sent money for the sur- tist who invented the “Omori seismo- of hot gas shooting up while at the Hawaii and Japan. but in red lava, hot gas jets, falling
vivors and a group of scientists to in- graph,” an instrument that would be- same time sending out a cloud of ash, It was during that trip that Jag- rocks and a crazy bunch of people who
vestigate the volcano. One of the men come essential for Jaggar’s work. Mr. Dvorak explains that the spine gar became fascinated with Kilauea risked their lives to understand it all.
was Thomas Jaggar, an instructor of John Dvorak, a scientist who stud- functioned like a cork that kept the hot and its lake of molten lava “pound-
geology at Harvard and the protago- ied earthquakes and volcanoes for the rocks under pressure. When the spine ing on the rock shores and rolling Ms. Wulf is the author of “The In-
nist of “The Last Volcano: A Man, a United States Geological Survey early collapsed, it was as if one part of the like surf.” He also met Lorrin Thurs- vention of Nature. Alexander von
Romance, and the Quest to Understand in his career, now operates the tele- cork was removed and the pressure ton, a local businessman who sup- Humboldt’s New World.”
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, January 9 - 10, 2016
‘The difference between a cow and a bean is a bean can begin an adventure.’ —Stephen Sondheim
Merrily We Roll Along
On Sondheim
By Ethan Mordden
Oxford, 198 pages, $27.95
BY TED CHAPIN
STEPHEN SONDHEIM has become
the laureate of the musical theater. At
85, he is still very much with us, ac-
tive with revivals, ready to work on
new movie versions and hard at work
on a new show. He is prepared to hop
on a plane to London or grab a cab
cross town to go to a rehearsal and
give pointers to actors. I can’t think of
another theater composer or play-
wright who has been so present for—
and encouraging of—reassessments of
his own work. There is even a periodi-
cal—the Sondheim Review—dedicated
ROBBIE JACK/CORBIS
to reports on, and critical evaluation
of everything connected with the man.
Ethan Mordden’s first book on the
musical theater was published in
1976. That was nearly 40 years ago,
and since then he has continued to
write about the musical theater in a
variety of ways, ranging from de-
cade-by-decade chronicles to overall
histories and books on specific sub-
jects. The final chapter of that first
book, “Better Foot Forward: The His-
tory of American Musical Theatre,”
was on two then-recent Sondheim
musicals, “Follies” and “A Little
Night Music.” He was a fan then and
remains one today, which has
prompted this current book—what he
calls “an opinionated guide” to 18
shows, from the initial effort “Satur-
day Night” (1954), which went un-
produced for 43 years, through
“Road Show” (2008). As he says up
front, this “is not a reference book.”
It’s a book to be savored by those
who are interested in the musical
theater and in Mr. Sondheim’s work
in particular. Find a comfortable
chair, get yourself a tall drink, kick
off your shoes and sit back.
Mr. Mordden sets up his point of
view with two short essays at the be-
ginning. Mr. Sondheim, he states, is
“the man who intellectualized the
American musical.” At college, Mr.
Sondheim’s main area of study was
music, and Mr. Mordden extends his
thesis by supposing that Mr. Sondheim
is “a Neo-classical Romantic” whose
chosen form of expression was “as if
Claude Debussy had written musicals.”
He also takes up the notion of the
“concept musical”—a term applied to
virtually all Sondheim shows, although
Mr. Mordden says it has become so
vague that “today it has no meaning.”
Early on, he offers this analysis of “A
The Art of Democracy
David’s Sling
By Victoria C. Gardner Coates
Encounter, 310 pages, $27.99
BY EMILY SCHULTHEIS
‘WE HAVE FORCED every sea and land
to be the highway of our daring, and
everywhere, whether for evil or for
good, have left imperishable monu-
ments behind us,” said Pericles in his
well-known funeral oration as reported
by Thucydides. This same Pericles
charged the sculptor Phidias with over-
seeing the rebuilding of the Acropolis,
including the creation of a 30-foot
Michelangelo’s ‘David’
reminded Florentines
that they must be ready
to defend their republic.
AFP/GETTY IMAGES
statue of Athena; and Phidias in turn
managed the artists carving the marble
friezes that decorated the Acropolis’s
Parthenon, depicting the divine origins
of Athens and the courage of its people.
In time, this temple to Athena be-
came the world’s most recognizable
symbol of democracy. So it’s fitting
that the tale of the Parthenon is the
first recounted by Victoria C. Gardner
Coates in her engaging and accessible
book, “David’s Sling: A History of De-
mocracy in Ten Works of Art.” Each
chapter focuses on a single artist and
one of his most significant creations,
telling the story behind the sculpture
or painting—which, according to Ms.
Coates, is inevitably also the story of a
nation, a people and their heroes. She
recounts the history of Picasso’s “Guer-
nica” in the struggle against fascism;
St. Mark’s Basilica, pride (and treasure
ROME ANTICS A 2004 production of ‘A Funny Thing Happened on the Way to the Forum’ in London.
Little Night Music”: “Instead of learn-
ing only what the characters know
about themselves, we learn much
more: what the authors know about
the world. And that is the concept mu-
sical in a nutshell. It doesn’t simply tell
the story: it dissects the story.” The
book is full of these kinds of observa-
tions, which is part of what makes Mr.
Mordden one of the more interesting
essayists on the musical theater.
It is a leisurely, anecdotal and
chatty journey. Although the struc-
ture is basically chronological, with
an essay on each of the shows, Mr.
Mordden meanders, repeating
themes that he wants to make certain
we get (“Sondheim sees his songs as
‘playwrighting’ ”) and making refer-
ences to one show while talking
about another. He returns to influ-
ences that he feels are deeply impor-
tant to Mr. Sondheim’s work, like his
association with Oscar Hammerstein
II and the impact of Rodgers & Ham-
merstein’s most experimental work,
“Allegro” (1947), on which Mr. Sond-
heim was a gofer, having been men-
tored by Hammerstein since meeting
him as a child. “Allegro,” Mr. Mord-
den writes, was “a dangerously ordi-
nary story,” but its “non-realistic,”
self-conscious staging, in which
“scenes tumbled into each other cine-
matically” on a minimal set, left a
distinct mark on Mr. Sondheim’s own
innovative works.
As he goes into each of the shows,
he offers piquant comments that are
pure Mordden. A few examples:
chest) of the Republic of Venice; and
Michelangelo’s “David,” the icon of the
Renaissance and the source of the
book’s title. Michelangelo’s masterpiece
catches David before the battle, holding
in his hand the sling with which he will
defeat Goliath. “As David did with his
sling, so I do with my drill,” Michelan-
gelo wrote on a drawing for the statue.
“David” would serve as a reminder that
Florentines must stand ready to defend
their hard-won republic.
Much of great Western art was
commissioned by royalty or the church,
of course, and Ms. Coates does not
claim that creative genius is impossible
without self-rule. (Michelangelo would
have been Michelangelo, with or with-
out representative government.) Her
goal here is to emphasize the often un-
der-appreciated “synergy between lib-
erty and creativity.”
The creativity she has in mind is not
limited to art; it takes great ingenuity
to establish and maintain a self-govern-
ing state, as well as great sacrifice. As
Tocqueville said of the “art of being
free”: “Nothing is harder than the ap-
prenticeship of liberty.” Consider Lu-
cius Junius Brutus, the founder of the
BOOKS
“Many Sondheim characters live in a
form of slavery.” “If Hair was the
hippy of musicals, [Anyone Can]
Whistle was the Saturday Night Live.”
“In fact, knowing what you want—and
even getting it—isn’t enough. Time
takes it all away, so nothing’s enough.
And that’s Follies.”
Sondheim intellectualized
the American musical.
Rather than tell stories,
his works dissect them.
Generally speaking, the opinions
are generous—more generous, in fact,
than one might expect from a book
subtitled “An Opinionated Guide.” Has
time soothed the savage breast? Per-
haps. Here you get the sense of an ex-
perienced professor who, after years
of high-level courses, has taken on a
survey class for undergraduates.
Clearly he knows his material and has
spent a lifetime making connections
with the work being examined. Refer-
ences are made to composers like
Erik Satie and Kurt Weill and to play-
wrights like Arthur Miller and Eugene
O’Neill. He finds new ways of going
over familiar negative territory, like
comments on Mr. Sondheim’s collabo-
rators—Richard Rodgers in “Do I Hear
a Waltz?” (“Rodgers was in a cranky
mood”) and Arthur Laurents in “Any-
one Can Whistle” (“The worst prob-
Roman Republic, encountered in this
book as the subject of a bronze bust
(circa 300 B.C.). After his own sons
fought against the new regime, Brutus,
as consul of Rome, had them executed
for treason. As Ms. Coates observes,
this ethos of civic responsibility at even
the highest cost was reflected in Ro-
man art. While the Greeks, at their own
cultural peak, sculpted idealized fig-
ures, the Romans preferred to show
imperfections: “In Roman culture, their
weathered, lined faces had something
higher than mere beauty; they reflected
the toil and sacrifice that produced the
republic,” she writes. Thus the bronze
face of Brutus is that of a middle-aged
man, dignified but battered.
The theme of Jacques-Louis David’s
“Last Breath of Murat” is much the
same: a man’s sacrifice—in this case,
martyrdom—on the altar of French re-
publicanism. In a striking illustration
of the public role that art can play, Ms.
Coates describes how David’s painting
was paraded from Murat’s apartment
to the Louvre on Oct. 16, 1793, just
hours after Marie Antoinette had been
executed; “Murat’s sans-culottes cried
openly in the streets as the painting
* ***
lem was perhaps not the gnomic li-
bretto but the terrible director:
Arthur Laurents”). At the very end of
the book, he refers to the critic Wal-
ter Kerr as a “homophobic s—thead.”
But there are some surprising gener-
osities, to things like the often-criti-
cized book of “Follies” (“James Gold-
man’s book is completely unlike all
other books, not only concise but
gnomic and allusive”) and to the
movie of “Gypsy” (“Disdained at first,
[it] has been gaining admirers”). In
his bibliography and discography he
voices his strongest opinions (and I
should note that Mr. Mordden is com-
plimentary about my book on “Fol-
lies,” among others).
Yes, there are occasional flaws. His
characterization of the British career
of John Dexter, the director of “Do I
Hear a Waltz?,” as dealing with “You
know . . . fluff” is wrong-headed. And
I did point out in my book that al-
though Newsweek designed a cover
featuring “Follies,” the cover never
actually ran. But such errors are few.
Over his long and full career, Mr.
Sondheim has continued to push the
musical theater into a territory that
has given it artistic stature. With
this book, Ethan Mordden continues
his critical examination of that body
of work and, with affection and
smarts, gives us a good overview.
The more you know, the more you
will like “On Sondheim.”
Mr. Chapin is president of the Rod-
gers and Hammerstein Organization.
passed by, and women fainted dead
away with sorrow.” The painting pro-
vided an image around which a whole
political movement could coalesce (ty-
rannical though that movement may
have been).
The 10 works Ms. Coates focuses on
here were all designed with a public
purpose in mind. Nearing the end of
his work on “Nymphéas” (“Grand Déc-
orations”), Claude Monet wrote to his
friend and patron George Clemenceau
the day after the signing of the armi-
stice that ended World War I: “I am
about to finish two decorative panels
that I wish to sign on the day of Vic-
tory, and I approach you with the re-
quest to offer them to the State
through your mediation.” Monet ulti-
mately donated 12 panels. The dark
and melancholy sections alternated
with the light and serene; to Clem-
enceau, they told “a story of trial and
regeneration.” Though not popular at
first, the paintings eventually came to
be understood, Ms. Coates writes, “as
a symbol of national healing and the
renewal of the French Republic.”
Ms. Coates warns in her introduc-
tion that the reader will encounter
“creatively reconstructed dialogues”
throughout. They are always footnoted.
Yet the imaginary scenes are jarring in
their specificity, especially the one fea-
turing a creepy Pericles joking lewdly
about a prostitute. Still, the author’s
fundamental argument is clear and
convincing: Freedom’s requirements—
creativity, invention and constant ef-
fort—are the same as those of art and
so create a fertile ground for artistic
genius. Appropriately, as the author
points out, “David’s Sling” shares a
name with Israel’s next-generation mis-
sile defense system. She writes, “Both
versions of David’s sling demonstrate
how liberty inspires human ingenuity.”
Ms. Schultheis is the managing editor
of National Affairs.
THE WALL STREET JOURNAL.
HISTORICAL FICTION:
ALLAN MASSIE
Give Her
Liberty
HILARY MANTEL HAS called Alix Na-
than’s “The Flight of Sarah Battle,”
(Parthian, 280 pages, $14.99) set in
late 18th-century London and Philadel-
phia, “the best kind of historical fic-
tion.” This is high, if not necessarily
meaningful, praise. Good historical fic-
tion comes, after all, in many forms.
Some, like Ms. Mantel’s own Thomas
Cromwell novels, take up important af-
fairs of state. The politics in Ms. Na-
than’s novel, by contrast, are those of
the powerless, of revolutionaries
whose activity comes to very little.
Her heroine, Sarah Battle, is born in
a London coffeehouse. When she is a
child, her mother is killed, though an
innocent bystander, during the anti-
Catholic Gordon Riots of 1780—a
frightening explosion of popular re-
sentment that was the centerpiece, as
many readers will know, of Dickens’s
“Barnaby Rudge.” Sarah grows up to
serve in the coffeehouse, under the eye
of her domineering father. Sympathiz-
ing with demands for radical reform in
the wake of the French Revolution, she
elopes with a professed reformer and
agitator. The marriage is unsatisfac-
tory. She soon finds him physically re-
pulsive and untrustworthy and leaves
him for a truly dedicated reformer,
A tale of the revolution
that never was.
Thomas Cranch. He is a pamphleteer,
printer and bookseller, a disciple of
Tom Paine, and when he falls under
suspicion for revolutionary activities,
the pair escape to the New World.
Happiness and fulfillment are to be
found in Philadelphia, where they are
able to pass as man and wife. Prosper-
ity beckons too. Cranch enters into
partnership with a printer and pub-
lisher, a Scots emigrant called Robert
Wilson. But there are serpents in the
American Eden. One is a blackmailer
who knows Sarah’s story. Then Wilson
himself is not quite the bold democrat
he seems, and he is also tainted by the
curse of slavery. The Philadelphia
scene is charming, but Sarah’s idyll
cannot last. Disconsolate, she returns
to London and her coffeehouse duties,
with memories of her brief happiness
and a new awareness of possibilities.
This is a well-imagined novel that
commands the reader’s attention and
admiration. Ms. Nathan’s feeling for
time and place and her ability to
paint persuasive pictures are alike
admirable. “Preachers and mad-
women threatened crowds with de-
struction of the world,” she writes,
catching the feverish atmosphere of
the time. “Thousands left London.
And while neither earthquakes nor
pestilence appeared and the prophets
were locked in the madhouse, in the
summer the rivers burst their banks,
the ground flooded, harvests failed.
Only the numbers of starving grew.”
Though Sarah Battle is at the center
of the story—as the title suggests—
she is essentially a character to
whom things happen. Action is di-
vided between the coffeehouse, which
she takes over after her father’s
death, and the streets, where discon-
tent, sharpened by poverty, is rife.
The coffeehouse is a place where
people meet to talk and where her
estranged, despised husband imposes
himself on her, eating and drinking
excessively and indeed becoming a
public spectacle with wagers taken
on his ability to eat gigantic meals.
Though the coffeehouse is admira-
bly realized, the novel’s public
themes are less satisfactorily devel-
oped. Suggestions of revolutionary
conspiracies remain little more than
suggestions. This is partly doubtless
because the author is trapped by his-
torical reality. There was indeed dis-
content and radical agitation in Eng-
land in the 1790s, but it was more
talk than action. The authority of the
state was never seriously challenged.
It is impossible for Ms. Nathan to
make her radicals seem anything but
feckless, no matter how much she
may seem to sympathize with their
genuine grievances.
If this novel is not quite the sum of
its parts, the parts are always engag-
ing. If a disjointed narrative makes the
novel less than a page-turner, the viv-
idness with which she portrays her
heroine’s world makes it always inter-
esting and often moving. “The Flight
of Sarah Battle” is the work of a very
talented novelist.
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, January 9 - 10, 2016 | C9

BOOKS
‘All true wisdom is only to be found far from the dwellings of men, in the great solitudes; and it can only be attained through suffering.’ —Igjugarjuk

White Eskimo
By Stephen R. Bown
Da Capo, 339 pages, $27.99

BY HOWARD SCHNEIDER

IS KNUD RASMUSSEN the most re-

Native
markable polar explorer that few peo-
ple have ever heard of? In “White Es-
kimo: Knud Rasmussen’s Fearless
Journey Into the Heart of the Arctic,”
Stephen R. Bown makes a good case
Informant
that he is. Shackleton, Scott, Peary
and Amundsen: These names still
spark recognition, excitement and
controversy. But “apart from special-
ists in the Arctic, Inuit ethnography
and Arctic exploration,” Mr. Bown
writes, “few know what an adventur-
ous life Rasmussen led.”
Explorer, ethnographer and author,
man of the world but perhaps most at
home within Inuit culture, Rasmussen
“was as much an explorer of people as
of place,” Mr. Bown writes. “During
nearly three decades of travel by dog-
sled throughout the polar world, he
visited every Inuit tribe then known to
MONDADORI VIA GETTY IMAGES

exist” and “published dozens of anthol-

ogies of Greenlandic and Inuit songs,
stories, folk tales, legends and poems.”
He seemed fated to carry out his
exploits. He was born in 1879 in
Greenland and raised in Jakobshavn,
in Greenland’s north. (Southern Green-
land was a Danish colony; northern POLE STAR A memorial to Knud Rasmussen in Ilulissat (formerly Jakobshavn), Greenland, the town in which he was born.
Greenland was uncolonized, though
Rasmussen was a Danish citizen.) His dition that had been organized to ex- they seemed cruel or violent by Danish traversing Canada and Alaska, where “White Eskimo”—the first English-
father, a Danish missionary, “viewed plore the northern reaches of Green- standards.” Cruel and violent, indeed. the trio wended its way to Point Bar- language biography of Knud Rasmus-
his job as that of an advocate [for Inu- land by dogsled. For 21/2 years, the six Among the practices that Rasmussen row, “the most northerly permanent sen—offers much pleasure. Mr. Bown’s
its] rather than a crusher of local lan- explorers endured savage weather, dis- condoned were infanticide and canni- settlement in North America.” They prose is clear and lively, and while he
guage and customs.” His mother was a ease and near starvation. But they balism. “As Rasmussen was fond of even reached Siberia for a brief stay clearly believes that Rasmussen was
native Greenlander and one-quarter reached the land of the Etah Eskimos, saying,” Mr. Bown writes, “a life in before being deported by Soviet au- an extraordinary man, he doesn’t
Inuit. He grew up speaking fluent “who lived farther north than any such a raw and unforgiving environ- thorities. Mr. Bown maintains that sci- dodge Rasmussen’s flaws, such as his
Greenlandic and Danish, and, through other people on earth, in a land Ras- ment doesn’t produce squeamish hot- entists today have shown that Ras- adulteries and frequent apathy toward
his mother’s family, “he absorbed a mussen called ‘The Kingdom of the house plants.” mussen’s theories about Inuit his three children. My one misgiving is
great deal of [Inuit] culture,” including North Wind,’ ” Mr. Bown writes. Previ- In 1910, Knud conceived a plan to migration were “mostly right”: About that the author doesn’t more fully ex-
how to dogsled, hunt and survive in ous contacts with Westerners had establish a trading post in northern 1,500 to 2,000 years ago the Inuits be- amine his subject’s relationship with
the most hostile Arctic environs. Greenland, partly as a business en- gan moving from Alaska across Can- the Zeitgeist. “S.O.S. Iceberg,” the film
What he didn’t learn was how to deavor to obtain fox pelts from the In- ada; after several centuries, they that Rasmussen consulted on, starred
thrive in school. He was an unhappy uits but mostly because he “believed reached Greenland. He was wrong, Leni Riefenstahl, who later became
boy and a poor student in a Copenha- In the 1920s, Knud that the northern Greenlanders though, in supposing that the Inuits Hitler’s favorite moviemaker. Before
gen boarding school and barely gradu- Rasmussen trekked from needed the protection of a nation-state and North American Indians were at working on “S.O.S. Iceberg,” she had
ated in 1899. He was also academically to help them make the transition to a one time the same people. appeared in a number of “mountain
adrift at a Danish college, where he Canada to Siberia—some market economy and prevent their ex- Rasmussen was 45 when the fifth films,” films that, as Pauline Kael
spent more time partying than study- 20,000 miles—by dogsled. ploitation.” With the financial support Thule Expedition concluded, and he wrote, were “full of that Promethean
ing. After dropping out, he lived some- of yet another businessman, Rasmus- knew that, his inveterate wanderlust Alpine idealism about the conquest of
thing of a bohemian life in Copenha- sen (and his longtime friend and trav- notwithstanding, his days of derring- the peaks which was soon after to be-
gen for a while. (He wanted to act at been rare. Rasmussen discovered that eling companion Peter Freuchen) do were over. But he didn’t lapse into come identified with Nazi mysticism.”
one time; at another, he aspired to be his Greenlandic dialect was close opened his post and called it Thule, a stagnant existence. He continued to Since Rasmussen revered nature, it
an opera singer.) He wasn’t tall, dark enough to the Etah Eskimos’ language “the term ancient geographers placed turn out books and articles, lectured, would be quite interesting to know
and handsome; he was short—5- for them to communicate. He got to on their charts to signify the farthest met VIPs, and served as a pundit and whether he and Riefenstahl ever dis-
foot-5—dark and handsome. (The 22- work—befriending them, hunting with north territory inhabited by people.” consultant on Inuit topics. He also as- cussed ideology and Kultur.
year-old Knud had a child out of wed- them and recording their folklore. The entrepôt became the jumping-off sisted in the making of the film Perhaps I’m nitpicking, so I will
lock, and he was a serial philanderer When Rasmussen returned to Co- point for a number of expeditions. “S.O.S. Iceberg” (1933) and subse- leave the last word to Mr. Bown:
after his marriage in 1908.) penhagen in 1904, he was lionized by In November 1921, the fifth and quently produced his own film, “The “Without doubt, [Rasmussen’s] ex-
In 1901, while covering the Nordic the press and the public. His two most ambitious Thule Expedition Wedding of Palo” (1934), an Inuit love plorations are legendary, and his
Games in Stockholm as a freelance books about his journey boosted his landed on what is known today as story. He even organized and accom- collections and translations of Inuit
journalist, he talked his way into a fame. They offered travel details, char- Danish Island—part of North America. panied the Sixth and Seventh Thule philosophy, legends and poetry a
glitzy soiree and beguiled a wealthy acter studies and, of course, sympa- After 18 months exploring the enor- Expeditions in Greenland, but be- groundbreaking literary and cultural
businessman into sponsoring an ex- thetic accounts of the Inuits. His sym- mous terrain west of Hudson Bay, the cause of modern technology, like mo- feat, but perhaps Knud Rasmussen’s
ploratory trip to Lapland. The trip be- pathy, according to Mr. Bown, derived party split up. In March 1923 Rasmus- torized sleds, the missions lacked the underlying greatness lay in his
came the prototype for future expedi- from “an intuitive sense of human na- sen and two Inuits (one of them Ras- man-against-nature challenges that warmth—his genuine passion for life
tions: coaxing wealthy individuals to ture and a deep understanding of Inuit mussen’s mistress) set off on what Rasmussen craved. He died in Decem- and his deep respect for all those
support his endeavors, living hard out- culture, not only the rituals and cus- would become the “longest sled jour- ber 1933 at the age of 54 from a rare whose world he shared.”
doors, and mingling with and studying toms but also an insight into why ney in history and the first through form of botulism—contracted from
the indigenous inhabitants. those rituals and customs came to be, the entire Northwest Passage.” They tainted meat probably consumed Mr. Schneider reviews books for
In 1902, Rasmussen joined an expe- and an acceptance of them even when traveled 20,000 miles over 31/2 years, while feasting on Inuit food. newspapers and magazines.

Lovely Weather for a Sleigh Ride

son of a partner at the investment writer’s creation. Jay O’Brien, a New by founding the bigoted Lake Placid paper accounts makes the book feel
Speed Kings bank Dillon Read, young William Yorker and polo-playing Lothario Club, which excluded blacks, Jews and like a rush through a Jazz-Age People
By Andy Bull Meade Lindsley Fiske III enjoyed a known to pal around St. Moritz with sundry “new-rich groups” on Melvil’s magazine, filled with glittering, extra-
Avery, 290 pages, $26.95 comfortable childhood split between heavyweight boxing champ Gene Tun- orders. Melvil’s equally prejudiced son neous characters.
Chicago, Paris and English boarding ney and former Crown Prince Wilhelm launched his bid for the Games in or- The book is at its best when it fol-
BY CHARLES DAMERON school. In 1927, his family began of Germany, served as brakeman. Rid- der to consolidate control over the lows Fiske, whose remarkable life
spending time in St. Moritz, and 15- ing in between Fiske and O’Brien were family fiefdom. needs no embellishment. At the age of
year-old Billy began making a name for 20, with two Olympic medals to his
BOBSLEDDING FLITS only briefly be- himself on the world’s first dedicated name, Fiske turned his attention away
fore the public eye once every four bobsled track, cheered on by assorted from bobsledding. He tried his hand at
years at the Winter Olympics. Even European and American society-page film—he made one flop, “White
then, between the big-ticket Alpine denizens. When the second Winter Heat”—before joining a venture to
skiing and figure skating events, the Olympics came to St. Moritz the next turn Aspen, then a humble mining
bobsled ranks as a curio at the Games. town, into an American St. Moritz. He
As with curling, it lends itself to arm- settled down with an English girl,
chair fantasies of easy Olympic gold: At 16, William Meade Rose Bingham, and planned to take up
When Americans took home a silver work at Dillon Read.
and three bronze medals from Sochi Lindsley Fiske III won But Billy felt a special attachment
the winter before last, ESPN felt com- Olympic gold with a crew to England, and when war arrived in
pelled to advise its audience that bob- Europe, he worked his Cambridge
sledding is “tougher than it looks.” of novice bobsledders. connections to get a spot in the Royal
Readers of Andy Bull’s “Speed Air Force. Mr. Bull makes great use of
Kings,” the story of the 1932 U.S. Billy’s and Rose’s correspondence,
Olympic bobsled team, will be in- year, Billy qualified to drive the second along with the recollections of Billy’s
clined to agree. Especially when it American sled, despite his tender age. comrades, to tell the story of his
AVERY

comes to the driver. He took a ragtag crew composed brief career as a Hurricane fighter pi-
The bobsled driver steers his sled mainly of guys who had never seen a FROZEN OVER Fiske’s team with the sled he had nicknamed ‘Satan,’ 1928. lot. Speed had long been his stock-in-
down a precipitous ice track at speeds bobsled and led them to a gold medal, trade, and Billy’s commander called
of over 80 miles an hour, navigating beating out 21 other sleds in a style Clifford Gray, an elusive music com- The centerpiece of his plans was him “the best pilot I’ve ever known.”
each sharp turn within a few inches of that “would make a man smoking a poser and actor frequently confused the construction of an elaborate bob- In August 1940, at the height of the
the perfect line needed to win. He cigarette sitting over a powder maga- with the English songwriter Clifford sled run at Mount Van Hoevenberg, Battle of Britain, his plane was hit
must visualize in advance precisely zine appear a first rate insurance com- Grey; and Eddie Eagan, a dogged Colo- and Dewey—himself a bobsledder— and caught fire. Rather than bail out,
where his sled will be on the track at pany risk,” one reporter wrote. Billy, rado native who first achieved renown was determined to personally oversee Billy returned to base in order to
every moment of the run. This re- then 16, remained the youngest man as a light-heavyweight boxing gold the U.S. bobsledding effort. That save his plane, even as his legs
quires patience, hard work and guts: ever to win Winter Olympics gold until medalist at the 1920 Antwerp Olym- meant fielding a team composed of lo- burned. He was the first American
Hitting the perfect line means court- 1992, when Finnish ski-jumper Toni Ni- pics in between stints at Yale, Oxford cal squads that he handpicked. Before airman killed in the war. A memorial
ing disaster as you let the sled slide to eminen broke his record by a day. and Harvard Law School. Fiske & Co. could compete, they would to Billy in the crypt of St. Paul’s Ca-
the lip of the embankments while When the Winter Olympics came to Standing in the way of this colorful first have to work around Dewey’s in- thedral reads: “An American citizen
trusting that the men behind you are Lake Placid in 1932, Fiske—now fresh band was Godfrey Dewey, the orga- terference. who died that England might live.”
shifting their body weight in unison. out of Trinity Hall, Cambridge—was nizer of the Lake Placid Olympics and Mr. Bull, a senior sportswriter for Like the sport he mastered, he was
Billy Fiske, the driver of the 1932 the natural choice to lead the Ameri- an appropriately sinister villain. The Guardian, tells this tale with brio, tougher than he looked.
sled and the hero of Mr. Bull’s book, can bobsledders. He was joined by a Dewey’s father Melvil devised the though his punchy storyline occasion-
certainly did not lack courage. He supporting cast of characters that Dewey Decimal System and later ally flies off-track. In a few places his Mr. Dameron is a law clerk for
didn’t lack for much else, either: The might as well have been a screen- turned Lake Placid into a resort town heavy reliance on contemporary news- Judge Raymond M. Kethledge.
 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, January 9 - 10, 2016
‘Patriotism consists not in waving a flag, but in striving that our country shall be righteous as well as strong.’ —James Bryce
CHILDREN’S BOOKS: MEGHAN COX GURDON
LITTLE SIMON
New Environments
FOR CERTAIN read-
ers ages 10-15, noth-
ing satisfies quite so
much as a good “or-
phan” story. They
vary, as stories do,
but the general run of the thing in-
volves a parentless child who must
survive by his wits, who faces thrill-
ing perils and exotic villains, and
whose deepest longings are in the
end wholly gratified. Joan Aiken did
this superbly in “The Wolves of
Willoughby Chase” (1962), as did
Laura Amy Schlitz with “A Drowned
Maiden’s Hair” (2006); now Kather-
ine Marsh adds a dash of the super-
natural to the type with “The Door
by the Staircase” (Disney-Hyper-
ion, 273 pages, $16.99). That we can
predict a happy ending is no mark
against any of these wonderful
books; rather, it intensifies our relief
when things finally go right for the
main character.
In Ms. Marsh’s engaging, almost
cinematic story, a tragic fire has left
12-year-old Mary Hayes trapped in
an orphanage in upstate New York,
her only consolation a worn copy of
the Grimms’ “Household Tales.” So
she is thrilled when an old woman
with keen eyes and a thick foreign
accent comes to adopt her. Madame
Z, as the woman styles herself, lives
with her cat just outside an amusing
little tourist town filled with magi-
cians, mind readers and tricksters,
and Mary throws herself into her
new environment with zest. She
makes a friend, Jacob, the son of an
illusionist, and, between sumptuous
meals that appear almost from
nowhere, she pokes around Madame
Z’s property.
Now and then Mary perceives a
discordant note—she hears references
to “other girls” before her, and the
lock on a mysterious door under the
staircase practically bites her finger
when Mary probes it—but at first
she’s too happy to worry. Yet things
take a dark turn, for Madame Z is
really the legendary child-eating Rus-
sian witch Baba Yaga, her cat can talk
and her enchanted house walks
around on chicken legs. Thank good-
Best-Selling Books | Week Ended Jan. 3
With data from Nielsen BookScan
Hardcover Nonfiction
TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK
Life-Changing Magic of Tidying Up 1 5
Marie Kondo/Ten Speed Press
Star Wars Visual Dictionary 2 6
Pablo Hidalgo/DK Publishing
The Pioneer Woman Cooks 3 2
Ta-Nehisi Coates/Spiegel & Grau
Between the World and Me 4 9
Ree Drummond/William Morrow & Co.
Thomas Jefferson/Tripoli Pirates 5 4
Brian Kilmeade and Don Yaeger/Sentinel
Nonfiction E-Books
TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK
Not My Father’s Son 1 New
Alan Cumming/HarperCollins
Running With Scissors 2 New
Augusten Burroughs/St. Martin’s Press
Life-Changing Magic of Tidying Up 3 10
Marie Kondo/Potter-Ten Speed Press-Harmony
Man’s Search for Meaning 4 New
Viktor E. Frankl/Beacon Press
The Essential Calvin and Hobbes 5 New
Bill Watterson/Andrews McMeel
What If? 6 New
Randall Munroe/Houghton Mifflin Harcourt
Such Good Girls 7 —
R.D. Rosen/HarperCollins
Indispensable Calvin and Hobbes 8 New
Bill Watterson/Andrews McMeel
Authoritative Calvin and Hobbes 9 New
Bill Watterson/Andrews McMeel
Beyond Belief 10 1 Jesus Calling—Delux Edition
Jenna Miscavige Hill/HarperCollins
ness Mary is an unusually brave and
resourceful child, for as the folkloric
elements multiply and the paranormal
dangers mount, she will have to draw
on all her capacities to save herself
and the ones she has come to love.
Like the tiles in a sliding puzzle,
the animal inhabitants of a three-
story townhouse in “The Brown-
stone” (Princeton Architectural
Press, 32 pages, $17.95) have to
move around many times, left to
right, up and down and sometimes
back again, before everyone slots
into the right place to live. This 1973
picture book, now back in print,
pairs a pleasantly confusing story by
graphic designer Paula Scher with
Stan Mack’s color-daubed, wobbly-
lined drawings. In scenes that will
resonate with apartment dwellers,
the trouble starts when the bear
An orphan girl is adopted
by an old lady whose cat
can talk and whose house
walks on chicken legs.
family tries to hibernate just as Miss
Cat begins her voice exercises. Before
long, everyone in the building (includ-
ing the pig and mouse clans and a
dancing kangaroo couple on the top
floor) starts madly swapping apart-
ments in an effort to find the
arrangement that suits everyone best.
“A Crash of Rhinos” (Little Si-
mon, 40 pages, $16.99) is just as
boisterous as the title would suggest:
Stephan Lomp’s pictures (see above)
are brash and bright, and the typeface
for Greg Danylyshyn’s rhymes has a
kind of high-impact chunkiness. The
game here is the names of wild-ani-
mal groups, those collective nouns
that are such fun for children who
enjoy wordplay. “A group of vultures
is called a committee,” goes one
verse, “when they hold meetings, it’s
not very pretty.” In the picture, we
see tie-wearing vultures debating the
deliciousness of “carcass crackers” at
a conference table.
TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK
Killing Reagan 6 1
Bill O’Reilly and Martin Dugard/Henry Holt & Co.
The Whole 30 7 New
Dallas Hartwig/Houghton Mifflin
Presence 8 —
Amy Cuddy/Little, Brown
The Amazing Book 9 —
Dan Howell/Random House
Thing Explainer 10 7 Escaping Peril
Randall Munroe/Houghton Mifflin
Nonfiction Combined
TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK
Life-Changing Magic of Tidying Up 1 6
Marie Kondo/Ten Speed Press
Not My Father’s Son 2 New
Alan Cumming/HarperCollins
Between the World and Me 3 —
Ta-Nehisi Coates/Spiegel & Grau
Star Wars Visual Dictionary 4 8
Pablo Hidalgo/DK Publishing
The Big Short 5 —
Michael Lewis/W.W. Norton & Co.
Thomas Jefferson/Tripoli Pirates 6 4
Brian Kilmeade and Don Yaeger/Sentinel
Killing Reagan 7 1
Bill O’Reilly and Martin Dugard/Henry Holt & Co.
The Pioneer Woman Cooks 8 2
Ree Drummond/William Morrow & Co.
The Whole 30 9 New
Dallas Hartwig and Melissa Hartwig/Houghton Mifflin
10 10
Sarah Young/Thomas Nelson
BOOKS
FIVE BEST: A PERSONAL CHOICE
William Leuchtenburg
on presidential power
The American
Commonwealth
By James Bryce (1888)
1
WHEN, AFTER TWO decades
of scrutiny of U.S. political in-
stitutions, James Bryce, pro-
fessor at Oxford and Liberal mem-
ber of Parliament, published his
incisive analysis, he found it neces-
sary to devote an entire chapter to
“Why Great Men Are Not Chosen
President.” It seems especially baf-
fling, he observes, because the
U.S., “beyond all other countries,”
is the land of “a ‘career open to
talents.’ ” Yet, save for Lincoln, no
one of distinction had occupied the
White House since James Madison.
Bryce suggests several answers to
his query, notably that the Ameri-
can voter “does not value, because
he sees no need for, originality or
profundity, a fine culture or a wide
knowledge.” Fortunately, he con-
cludes, it did not matter much that
a president was lackluster because
“four-fifths of his work is the same
in kind as that which devolves on
the chairman of a commercial
company or the manager of a rail-
way.” One American thoroughly
agreed with Bryce’s bleak assess-
ment. The presidency, asserted the
young Woodrow Wilson, was “too
silent and inactive, too little like a
premiership and too much like a
superintendency.”
An Autobiography
By Theodore Roosevelt (1913)
2
IN HIS BOISTEROUS memoir,
TR (the first president to be
known by his initials) cele-
brates his achievement in trans-
forming the presidency from the
CANDIDATE A 1908 portrait of Taft.
Hardcover Fiction
TITLE
AUTHOR / PUBLISHER
Diary of a Wimpy Kid: Old School
Jeff Kinney/Harry N. Abrams
The Girl on the Train
Paula Hawkins/Riverhead
Rogue Lawyer
John Grisham/Doubleday Books
All the Light We Cannot See
Anthony Doerr/Scribner
T. Tui Sutherland/Scholastic
Fiction E-Books
TITLE
AUTHOR / PUBLISHER
Point Blank
Fern Michaels/Kensington
The Girl With No Past
Katrhyn Kroft/Bookouture
Pretty Girls
Karin Slaughter/HarperCollins
January: Calendar Girl Book 1
Audrey Carlan/Waterhouse Press
Rogue Lawyer
John Grisham/Knopf Doubleday
The Forgotten Soldier
Brad Taylor/Penguin
The Girl on the Train
Paula Hawkins/Penguin
Cross Justice
James Patterson/Little, Brown
The Girl in the Glass
James Hayman/HarperCollins
The Nightingale
Kristin Hannah/St. Martin’s Press
* *** THE WALL STREET JOURNAL.
feckless institution Bryce described
into a vigorous engine of democracy
appropriate for a newly acquired
American empire. Roosevelt writes:
“I declined to adopt the view that
what was imperatively necessary
for the nation could not be done by
the President unless he could find
JEAN ANNE LEUCHTENBURG
some specific authorization.”
Though he had designated William
Howard Taft as his successor, he
goes out of his way to discredit Taft
by linking him to James Buchanan,
widely regarded as the weakest of
U.S. presidents. Roosevelt, who dur- MR. LEUCHTENBURG is the
ing the 1912 campaign had called author, most recently, of ‘The
Taft a “fathead” and “a flubdub, American President: From Teddy
with a streak of the second-rate and Roosevelt to Bill Clinton.’
common in him,” denounces “the
Buchanan-Taft school” for its “mis- in his three-volume “The Age of
chievous misconception of the pow- Roosevelt” (1957-60). But the ex-
ers . . . of the President.” cesses of Lyndon Johnson and, con-
siderably more, of Richard Nixon
caused him to reconsider. The pres-
Our Chief Magistrate ident, he contends, has become “on
and His Powers issues of war and peace the most
By William Howard Taft (1916) absolute monarch (with the possi-
ble exception of Mao Tse-tung of
3
IN LECTURES ACROSS the China) among the great powers of
country and beyond, Taft the world.” Schlesinger does not,
struck back at Roosevelt, however, want to be regarded as
whom he had once idolized. In what an advocate of a circumscribed
has come to be regarded as the chief magistracy in the Taft mode.
most important statement of the “The answer to the runaway Pres-
advisability of restraint in the exec- idency is not the messenger-boy
utive office, Taft declares: “The President,” he states. “The Ameri-
view of . . . Mr. Roosevelt, ascribing can democracy must discover
an undefined residuum of power to middle ground between making
the President, is an unsafe doc- the President a czar and making
trine.” To be sure, he acknowledges him a puppet.”
that “the Constitution does give the
president wide discretion and great
power.” But TR’s notion that the The Presidency
chief magistrate should “play the By Marcus Cunliffe (1987)
part of a Universal Providence,” he
5
warns, “might lead . . . to results of BRITISH SCHOLARS find the
an arbitrary character, doing irre- American presidency end-
mediable injustice to private right.” lessly fascinating, and no one
“The President,” Taft pithily de- in the U.K. wrote about it with
clared, “cannot make clouds to rain greater insight than Marcus Cun-
and cannot make the corn to grow; liffe. Amid a swiftly paced narrative
he cannot make business good.” that moves the reader from the
Constitutional Convention of 1787
in Philadelphia to the administra-
The Imperial Presidency tion of Ronald Reagan, he delivers a
By Arthur M. Schlesinger Jr. (1973) scathing account of the Watergate
infamy that so troubled Schlesinger.
4
SCHLESINGER’S cri de coeur But Cunliffe is less impressed by
against executive aggrandize- the omnipotence of the chief execu-
ment caught the political tive than by his infirmity in a pe-
world by surprise because no histo- riod when Gerald Ford said sol-
rian had done more to extol larger- emnly, “We have not an imperial
than-life presidents. The author of presidency but an imperiled presi-
“The Age of Jackson” (1945), a vol- dency.” After expressing skepticism
ume that had hailed the victor of that the American system would be
the Bank War, Schlesinger had improved by adopting the British
served in the White House under model, as some commentators were
John F. Kennedy. He was especially proposing, Cunliffe concludes: “For
identified with the magisterial the foreseeable future, the quasi-
GETTY IMAGES
reign of Franklin D. Roosevelt, who monarchs briefly occupying the
had rejected Taft’s premises and White House will probably come in
embraced those of Cousin Teddy— at the iron gate but leave by the
a development Schlesinger lauded gate of the weeping willows.”
Methodology
THIS LAST TITLE THIS LAST
WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK Nielsen BookScan gathers point-of-sale book data
from more than 16,000 locations across the U.S.,
1 1 See Me 6 5 representing about 85% of the nation’s book sales.
Nicholas Sparks/Grand Central Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
2 7 Cross Justice 7 3 retailers, and food stores. E-book data providers
James Patterson/Little, Brown include all major e-book retailers (Apple excepted).
Free e-books and those sold for less than 99 cents are
3 2 Dork Diaries 10 8 8 excluded. The fiction and nonfiction lists in all
Renee Rachel Russell/Aladdin formats include both adult and juvenile titles; the
business list includes only adult titles. The combined
4 6 The Bazaar of Bad Dreams 9 4 lists track sales by title across all print and e-book
Stephen King/Scribner formats; audio books are excluded. Refer questions
to Michael.Boone@wsj.com.
5 New The Guilty 10 10
David Baldacci/Grand Central
Fiction Combined Hardcover Business
THIS LAST TITLE THIS LAST TITLE THIS LAST
WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK
1 New The Choice 1 New Strengths Finder 2.0 1 1
Nicolas Sparks/Grand Central Tom Rath/Gallup Press
2 5 Point Blank 2 New Total Money Makeover: Classic 2 2
Fern Michaels/Zebra Dave Ramsey/Thomas Nelson
3 New The Martian 3 2 Extreme Ownership 3 3
Andy Weir/Broadway Books Jocko Willink and Leif Babin/St. Martin’s Press
4 New The 5th Wave 4 New Good Profit 4 7
Rick Yancey/Speak Charles Koch/Crown Business
5 2 Diary of a Wimpy Kid: Old School 5 1 Emotional Intelligence 5 —
Jeff Kinney/Amulet Books Travis Bradberry/TalentSmart
6 New Rogue Lawyer 6 3 The Five Dysfunctions of a Team 6 6
John Grisham/Little, Brown Patrick M. Lencioni/Jossey-Bass
7 7 Girl on the Train 7 6 Who Moved My Cheese 7 —
Paula Hawkins/Riverhead Spencer Johnson/Penguin
8 1 Cross Justice 8 4 The Energy Bus 8 —
James Patterson/Little, Brown Jon Gordon/John Wiley & Sons
9 4 All the Light We Cannot See 9 7 The 4-Hour Workweek 9 9
Anthony Doerr/Scribner Timothy Ferriss/Crown Publishing
10 3 The Nightingale 10 — The One Thing 10 —
Kristin Hannah/St. Martin’s Press Gary Keller/Bard Productions
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, January 9 - 10, 2016 | C11

REVIEW
WEEKEND CONFIDENTIAL:
ALEXANDRA WOLFE

Cécile
McLorin
Salvant
At just 26, the jazz singer
has already hit some
impressive high notes
SIX YEARS AGO, a little-known
singer named Cécile McLorin Sal-
vant became the surprise winner of
an international jazz competition.
She was young—just 21—but loved
to perform old standards. One of
her winning songs was Bessie
Smith’s 1920s “Take It Right Back,”
and her subsequent album was full
of songs from the ’20s to the ’40s.
Ms. Salvant, now 26, is just
starting a four-month interna-
tional tour. She’ll sing titles from
her most recent album, “For One

ERIN PATRICE O’BRIEN FOR THE WALL STREET JOURNAL; HAIR & MAKEUP BY WILLIAM MARSHALL
to Love,” as well as from her pre-
vious two compilations, “Woman-
Child” (2013) and “Cécile” (2009).
Since her breakout win at the The-
lonious Monk Institute Interna-
tional Jazz Competition, she has
been nominated for two Grammy
Awards, including one for her
most recent album, and has per-
formed at Jazz at Lincoln Center
in New York City and at the New
Orleans Jazz & Heritage Festival.
In style and voice, Ms. Salvant
has been compared with Billie
Holiday, Ella Fitzgerald and Sarah
Vaughan, all of whom she lists as
influences. Her music is a combi-
nation of jazz, blues and even
show tunes. “Sometimes I wish I
had a really raspy blues singer’s
voice,” she says. “I feel like
there’s a certain intimacy and im-
mediacy in hearing someone who
has mistakes and cracks and im-
perfection, and that’s so wonder-
ful and human. So singers who ing more seriously. “He would ba- love fading away. She describes eryone listens to digitized tracks She tries to get into character
have that excite me.” sically just give me hours and herself “as a woman who has on headphones. “There is some- for each song so that she can con-
Why does she favor songs from hours and hours of recording” to struggled with feelings of inade- thing about this time where every- vey its meaning. In concert, she
the past? It means something, in listen to, she says. quacy, feelings of not being beauti- body is so into, like, organic living says, “I just try to…really let my-
Ms. Salvant’s view, for a work to She learned a great deal by im- ful enough, and all the things that and kale and being healthy, and self be overtaken by the meaning
have withstood the test of time. mersing herself in those songs. “I women feel.” With songs such as yet it doesn’t show up in any other of it, and when that happens it
“It’s almost easier because you think at first it was listening to Richard Rodgers’ “Stepsisters’ La- realm,” she says. “I feel like people feels really, really good. But it’s
have a bird’s-eye view, and you the quality of the singers—how ment” (from the 1957 musical aren’t very organic with their mu- really draining, and it doesn’t
can pick and choose songs with she would express emotion, how sic choices in that they’re not try- happen all the time.”
more distance,” she says. She still she would pronounce certain ing to experience music.” When Ms. Salvant is home, she
listens to contemporary music— words. And then it was the whole ‘Sometimes She’s disheartened by the num- likes to visit local clubs and listen
even Justin Bieber—but singing it
doesn’t appeal to her, at least not
interaction of the band and singer
and understanding that dialogue
I wish I had a ber of jazz clubs that she sees
closing around the world. These
to new songs. Lately she’s been lis-
tening to a wide range of musi-
yet. “The day that I find a song and that feeling of empathy.” really raspy days, she says, “There’s less de- cians, from Kendrick Lamar to
today that I say, ‘Oh, I really want
to be able to sing that,’ then I ab-
She still wasn’t sure that she
wanted a career in music. “I felt
blues singer’s mand, but [jazz clubs] are still
some of the places to be if you
Marvin Gaye to Joni Mitchell. The
day we meet, in her spacious Har-
solutely will.” like it was really a lonely life,” she voice.’ want to perform it.” She moved to lem apartment, she is on a rare
Born in Miami, the daughter of says. Nevertheless, she was show- New York partly because of its three-week vacation, wearing a
French and Haitian immigrants, ing such promise in France that many jazz venues. loose black dress that she says re-
Ms. Salvant grew up listening to her teacher and mother persuaded She’s usually on the road three flects her relaxed state of mind.
all types of music, from folk to her to enter the Thelonious Monk “Cinderella”) and Burt Bacharach’s weeks a month, and she works Often when performing, she wears
classical. She started playing the competition. She signed a contract “Wives and Lovers,” she tried to hard to stay in the moment dur- thick-rimmed glasses, bright colors
piano at age 4 and continued tak- with a record label soon after. explore those thoughts and ideas ing performances. She admits that and bold shapes.
ing music lessons after school. She Her own romantic experiences “without getting too deep into it.” it isn’t easy. “Depending on my “When I was in high school, I
moved to France at 17 to study law played into her latest album, “For Ms. Salvant is looking forward day and my mood, I could some- decided, let’s just be outrageous
and pursued music on the side. One to Love.” (She declines to say to her coming tour in part because times find myself slipping into au- and try a lot of different things,”
At a conservatory program in whether she’s in a relationship to- she feels that live concerts are an topilot and not being completely she says—and she’s stuck with it.
Aix-en-Provence, she met a teacher day.) Each song, she says, relates important way to experience mu- connected,” she says. “I hate But “I’m actually a lot less outra-
who encouraged her to take sing- to feelings like frustration, hope or sic—especially in an era when ev- when that happens.” geous than I am in my mind.”

MOVING TARGETS: JOE QUEENAN

When Pets Get Hold of Online Shopping

LAST SATURDAY, my son called
to ask if I had ordered a “Star
Wars” digital movie collection for
him off Amazon. I think it was the
deluxe, six-film edition that retail-
ers are pushing. I said no, why
would I have done that? Christmas
is over, and I’m done shopping.
The problem was, he said, he
had gotten an order confirmation
for the digital “Star Wars” collec-
tion, and he didn’t know who
placed it. I assured him that it
wasn’t me. And it definitely wasn’t
his mother, who only orders ther-
mal socks and comforters online.
While trying to sort out this
mystery, my son’s fiancée remarked
to him that the dogs had been
gnawing on the game controller the
previous evening. They now theo-
while munching on the controller.
Sure enough, they found the or-
der had been placed from that de-
vice. They doubted very much that
the dogs had done it deliberately,
but you never know. Dogs are
funny critters.
My son called Amazon cus-
tomer service, explained what had
happened, and the service rep
blithely said, “OK.” Didn’t chal-
lenge him, didn’t question this
zany, unlikely tale, just went
ahead and voided the order.
This got me to thinking: How
often does this kind of stuff hap-
pen? How many online orders re-
sult from dogs chewing on the
remote? What portion of the
GDP is generated by inad-
vertent online canine
What portion of the tomer experiencing buyer’s remorse
might say. After using the silver-
GDP is generated ware. “I’d never buy that stuff.”
by the inadvertent “My turtle strolled across the re-
mote and ordered season tickets to
orders of chew- the Montreal Canadiens home
crazy dogs? games,” a sports fan might explain.
“Why would I want Canadiens’ sea-
son tickets? I live in Tokyo.”
suggests that this kind of refund- “My kid was playing with the re-
ing activity happens all the time. mote and ordered a motorcycle
“My cat sat on the remote and that must have been on my wish
ordered new silverware,” a cus- list,” a would-be biker brought
crashing back to earth by her dis-
approving spouse might volunteer.
The thing is, the dog-ordered-
“Star Wars” explanation certainly
makes a good excuse for a wide
range of other questionable pur-
chases, and not just on Amazon.
“The Rottweiler ordered those
“It was my pet boa constrictor
that shorted Apple, not me. He
just slithered across the controller.
So you can’t expect me to cover
my short position. Honest.”
“I did not send my life’s savings
to a mysterious ex-ambassador in
Nigeria last week, Mr. Bank Man-
ager. It was Sparky. Now, may I
please have my life’s savings back?”
This is why we should never,
ever adopt home electronic voting
in this country. Frisky, out-of-con-
trol mutts could gnaw on the re-
mote and elect just about anybody.
Then where would we be?
There’s an even scarier side to
all this. What if the president of
the U.S. had that doomsday sce-
nario attaché case open and a lov-
able puppy started gnawing on the
NISHANT CHOKSI

rized that the Amazon home page shopping? The fact that flowers for Brandi in Las Vegas, red button? Moscow could be gone
had been open on the TV screen Amazon’s customer ser- not me. That also applies to the in 30 seconds.
and that the dogs had hit the one- vice rep was so blasé Victoria’s Secret orders for Shali- Worse still, what if Putin has a
click order button for “Star Wars” about the whole thing mar, Brianna and Kaylee.” puppy?
 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, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

REVIEW
The winning photographers were a
EXHIBIT mix of professionals and amateurs,
says Mr. Joynson-Hicks. Clockwise
from left: A. Sifaka lemur by Ali-
son Buttigieg, Madagascar (highly
commended). The three winners:
B. Stag, “You haven’t seen me…”
by William Richardson, U.K. C. Eu-
ropean hamster, “Rush hour,” by
Julian Rad, Austria. D. Silverback
gorilla, “Nearly got it,” by Oliver
Dreike, Rwanda.

B.

Animal
Antics
COMEDY WILDLIFE PHOTOGRAPHY AWARDS (4). CLOCKWISE FROM TOP LEFT: ALISON BUTTIGIEG; WILLIAM RICHARDSON; JULIAN RAD; OLI DREIKE

A.

It isn’t just Tigger and Rover who D.

look goofy when we snap their pic-
tures. The Comedy Wildlife Photogra-
phy Awards recently announced the
results of its first competition, with
images including a seal that looks like
it’s rolling with laughter and a chee-
tah landing upside-down. Founded
last year by the wildlife photographer
Paul Joynson-Hicks of Tanzania, the
awards are given in partnership with
the Born Free Foundation, an animal-
advocacy nonprofit group, in an effort
to promote wildlife conservation.
“I hope that the images can bring a
smile to people’s faces and at the
same time remind people that the
natural world is in jeopardy,” says
Mr. Joynson-Hicks. —Alexandra Wolfe C.

PLAYLIST: TOM JONES ASK ARIELY: DAN ARIELY

Shakin’ It Up in Wales
A classic tune by Jerry Lee Lewis showed
Why We Prefer to Brush
a young Tom Jones how to make a song work Dear Dan, tant? I’d vote for brushing. It isn’t ideal, and
Is it more important to floss or to brush? we’re not doing it for the right reason, but
Singer Tom Jones, 75, recently released mond told me about a new song playing at —Ting at least we’re doing it.
“Long Lost Suitcase” (Virgin/EMI), a new Fred H. Fey Records.
album, and “Over the Top and Back” When we arrived there, Fred put on Jerry It’s a tricky question. In terms of dental Dear Dan,
(Blue Rider), a memoir. He spoke with Lee Lewis singing “WHOLE LOT OF health, my understanding is that flossing is How can I make myself wake up earlier? No
Marc Myers. SHAKIN’ GOING ON.” I said to myself, much more important than brushing—so if matter how much I sleep at night, I can’t
“Man, this is it.” What got me was Jerry you had to pick one of the two, flossing motivate myself to get out of bed
American rock ’n’ roll was hard to come by Lee’s piano. It was a different boogie-woogie should be your choice. on time. I just lie there and ig-
when I was growing up in Wales in the than what I had been hearing—more urgent But we also need to consider which of nore any plans for my morning.
1950s. Our local record shop was the only and driving. And he wouldn’t let up. these activities people are more likely to Help! —Diego
place you could hear hits like “Rock Around Elvis was about love, but Jerry Lee was do. Here the answer is undoubtedly
the Clock” and “Heartbreak Hotel.” I was about something else. The lyrics didn’t quite brushing. So even though flossing does This is another case where re-
singing then and listening for inspiration. spell it out, but you knew what he was sing- more good for your mouth, brushing is ward substitution can play a role,
When Elvis hit in 1956, I could hear he ing about. “All you gotta do, honey, is kinda what people are more likely to perform because you need a different in-
was Southern but figured there must be stand in one spot / Wiggle around just a lit- routinely, which makes it more important centive that is more motivating.
other rockabilly artists who were less pol- tle bit, that’s what you gotta do.” He created from a practical How about promising yourself
ished. One day in ’57, while walking through a whole new thing. perspective. that if you get up at the right
Treforest, my hometown, my friend Ray- Jerry Lee also painted a picture when he The under- time, you’ll get a cup of
sang. I could see the shaking going on at lying issue is fantastic coffee, but if
the barn. That record taught me that to why we are you oversleep, you’ll
make a song work as a performer, you so much only allow yourself to
have to get inside of it. more likely to have terrible instant cof-
The first time I saw Jerry Lee was in brush than to fee—or even prune juice?
1962, at Sophia Gardens in Cardiff. floss. If we You could draft your signifi-
Johnny Kidd & the Pirates closed the first thought about cant other to be the con-
half of the show and tore up the place. our long-term troller so you can’t cheat
When Jerry Lee came out after the break, well-being, we on your little pledge.
he was holding up his right hand menac- would floss regu- Remember, reward
ingly, his fingers curled and poised to larly, but in den- substitution bypasses
land on the keyboard. It was cocky and tal care as in many our natural
wild. other human en- inclina-
MICHAEL OCHS ARCHIVE/GETTY IMAGES

In 1969, I had Jerry Lee on my TV vari- deavors, we often tions

ety show, and we sang “Whole Lot of don’t act in ways that (lounging
Shakin’ Going On” as a duet. But I messed serve our enlightened in bed) by get-
up the lyric in the beginning. When he self-interest. (We eat too much, save too lit- ting us to do the right thing (waking up on
sang, “Whose barn?” I forgot to answer, tle and so on.) time) for the wrong reason (for love of fine
“My barn.” I was watching him too hard, So why do we like to brush? In large part coffee and/or hatred of prune juice). It’s a
and my mind went back to playing his re- because the toothpaste industry has cun- handy recipe for better behavior in many ar-
cord in Wales. Jerry Lee saved me by ningly convinced us that to be socially ac- eas of life.
quickly singing, “Whose barn, what barn— ceptable, we must be minty fresh. Preoccu-
JERRY LEE LEWIS performs around 1957. somebody’s barn.” I just laughed. pied as we are with our social standing, we Dear Dan,
wake up, feel the mint deficit in our mouths My husband and I love each other deeply,
and immediately brush. but when we get home at night, we usually
In essence, this is a case of “reward sub- wind up on our computers until it is time for
SOLUTIONS TO LAST WEEK’S PUZZLES stitution.” The basic idea is that some ac- bed. How can we make ourselves have more
tions just aren’t sufficiently motivating by romantic evenings? —Helen
Bank Statements Ups and Downs themselves, so we create rewards for them
D E B
T A D L A I F I S T S L O E
U S E
R C U E U P A N N O S H I N S
S L O P E S H R I N K ACROSS 1. S + LOPE 2. SH + R + INK that aren’t necessarily relevant but still get Try having an eye exam with pupil dilation
B A L
A N C E T R A N S F E R W A N E S
S U L
F U R S A N I T A R Y E L E N A L U T E N E S A T I N
3. LUTE (“loot” hom.) 4. SAT + IN 5. GO + us to do what we’re supposed to. just before going home. For a few hours, you
F L U E V E N T M E L O D Y RING 6. DOES (2 defs.) 7. PIC + ANTE
M O B I L E P A Y M E N T MO T I F E G O R I N G G O WE 8. VESSEL (anag.) 9. W + ELDER 10. OF + Most of us brush not because we want to won’t be able to work or see anything
B L O C O C E A N P Y L E C M D
A D O U S R D A U T A H A N R O O D O E S P I C A N T E F(BE)AT 11. HOlmES 12. SITCOM (anag.) make sure that we have gleaming, healthy clearly—and you will be forced to focus on
13. H(O) + RNS 14. NAP + A 15. TWI(S)TS
S
B
P I R
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I
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S A P
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A G
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E R
R M
B
I
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S GM X E U V E S S E L 16. MAN + OR
teeth in five, 10 or 30 years; we brush be- your spouse. If this approach works, maybe
E
T
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O T A
E
L
E L S O R
O N E R O
L
U S
R O B O
A R
T
E
I
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C
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O E Q U I L I B R I UM UPS AND DOWNS a. ANCHORS (anag.) cause we feel a socially driven need for that you can simulate pupil dilation by promising
S
O
V E N
E R G
R
A
O U T I N
F F E S
G N U
O T
M B E
R A S
R
B E G WE L D E R O O L T O b. BO(T + T)OM c. FLOW (“floe” hom.) minty feeling right now. Brushing is really a to put on glasses with the wrong prescrip-
d. K(N)EEL e. L(UP)INE f. MOGUL (2 defs.)
N N E U S A F S C O N E Z U L U
O F F B E A T H O E S g. PER SE + ID h. RAG + A i. dRAINS j. RAN delivery vehicle for mint. That is another rea- tion as soon as you walk into the house.
SERGE BLOCH

SW A T H R E M O T E D E P O S I T
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A TW I S T S M A N O R r. VI(N)ES So is flossing or brushing more impor- Email AskAriely@wsj.com.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 9 - 10, 2016 | C13

PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH Provided by the
National
Museum of
1. Adele’s
C. Cuba This week, the Varsity Math Mathematics
album
D. Libya team is visiting the National Museum
“25” of Mathematics in New York, where
topped they find a lot of puzzling situations.
the U.S. 6. What proportion of American
charts last adults have the cash to cover an
year. What unexpected expense of $1,000?
came in second? Staircase Surface |

A. 67% Freshman Relay

A. Ed Sheeran’s “X”
B. 57% The team loves to look at the giant

B. Bing Crosby’s “White
C. 47% light sculpture in the central well of
Christmas”
D. 37% the spiral staircase in the museum. It

C. Taylor Swift’s “1989” consists of a circular paraboloid, a

D. Justin Bieber’s “Purpose” surface whose vertical cross sections
7. ARF is making a splash in the are all parabolas and whose horizontal
Iowa presidential primary. Who cross sections are circles. There are many
2. “Star Wars: The Force Awak- or what is it? lines of light connecting different points in
ens” became the highest gross- the sculpture. Jean notices one in particular
ing movie ever in U.S. theaters.
A. Animal Rights Forever, for that starts at a point on the paraboloid 64
Which film previously reigned? better treatment of farm animals units vertically above the lowest point of the

B. Americans for Reforming parabola, and passes through the vertical

A. “Persona” Football, which backs new rules central axis (the line consisting of the centers

B. “Titanic” to protect young players of all of the circular cross sections) at a height

C. “Frozen”
C. A group of dog lovers that of 24 units above that lowest point.

D. “Avatar” rates candidates’ canines online How many units vertically above the lowest

D. The state’s ethanol lobby point of the paraboloid does the line again For
intersect the paraboloid? previous
3. Name the lip-smacking classic weeks’
brought to New York by Roma- 8. The only surviving prop shark puzzles,
go to
nian Jews in the 1800s. from the making of “Jaws” is WSJ.com/
named Bruce. Why? puzzles.

A. Knishes

B. Pastrami
A. That was the name of positions, 90 degrees apart, in which all of the

C. Corned beef Steven Spielberg’s lawyer. ends of the tracks line up, but the tracks connect

D. General Tso’s chicken
B. In honor of Bruce Spring- differently depending on which position the
steen’s shark encounter at the turntable is in. The team members immediately
Jersey Shore make up a two-player game: Players take turns
4. Four recently discovered sub-
C. The movie’s propmaster setting the position of a turntable, one at a time.
stances are joining the periodic was divorcing a guy named Once a player has set the position of a given
table of the elements. Which of Bruce. turntable, it may not be rotated again. The first
these is among them?
D. As a jab at Bruce Willis, player wins if there are an odd number of loops of
who turned down the lead
track at the end of the game, when every

A. Ununspetium
turntable has been set, and the second player

B. Ununseptium

C. Unimpedium 9. Ken Griffey Jr.
Beaver Bash | Freshman wins if there are an even number of loops. (As

D. Unamuno
The team also gets a look at a new exhibit called shown in the diagram, the edges of the board
was elected to
Beaver Run. It has 24 turntables with two have fixed pieces of track to close off the loops.)
the National
quarter-circle track sections (see the diagram). Which player has a winning strategy in this
Baseball Hall
5. An inert U.S. Hellfire missile
Each turntable can be rotated to either of two game, and what is that strategy?
of Fame by
sent to Europe for training pur- 99.3% of voters,
poses somehow ended up in the the highest per-
wrong place. Where? centage ever. Which Solutions
team did he mainly play for? For the relay, in Champion Countdown, Charlie must start counting down at 10:02:26 p.m. on Dec. 31.
ASSOCIATED PRESS (2)

A. Iran Then, 2,015 seconds later, Charlie is saying 1,517; with 2,015 seconds to go, Charlie is saying 696. In Boxes

B. China
A. Chicago White Sox not Urns, the probability of drawing different colors is 60/91. So in New Year-amid, Ms. Leavenmath has

B. Seattle Mariners 31 pupils in her class, which leads to exactly 2,016 blocks in the rectangular prism.
To see answers, please
C. Toronto Blue Jays In Gonzi Scheme, Topnotch Finances must invest at least $6 million to avoid bankruptcy of their account.
turn to page C4.
D. Hiroshima Toyo Carp ILLUSTRATION BY LUCI GUTIÉRREZ

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

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk For the solutions to last week’s puzzles, please turn to page C12

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 38 Dirt road
19 20 21 22
depressions 1
39 Low, extensive
23 24 25 26 cloud 2
41 Raid target
27 28 29 30 31
43 Longtime 3
32 33 34 35 Chicago Tribune
film critic 4
36 37 38 39 40 41 42 43 44 44 Zip, as a Ziploc
45 46 47 48 49 bag 5
45 Solstice mo.
50 51 52 53 46 Deadly gas 6
54 55 56 57 58 48 Applaud
49 Garrisons’ places 7
59 60 61 62 63
52 Hand component
64 65 66 67 68 69 70 55 Eventful journey 8
57 Gullible type
71 72 73 74
58 “___ Little 9
75 76 77 78 79 80 81 82 83 Tenderness”
60 Drive off 10
84 85 86
62 Trees that
87 88 89 90 91 92 produce a light 11
honey
93 94 95 96 64 Source of 12
secretions
97 98 99 100 101
65 Win back 13
102 103 104 105 106 107 108 109 66 Comfortable
67 Utterly humiliate,
14
110 111 112 113 114
informally
115 116 117 118 68 Atlas expanses
15
69 Celeb with a
119 120 121 122
TV network Sand Boxes | by Patrick Berry
70 Poor woodcutter It’s playtime! Each Row of the grid 7 • Beach house, often Boxes
Mind Your P’s and Clues | by Melina Merchant of fiction contains a series of answers placed • Ingredients in a witches’ • Particolored cat (6)
Across 45 Dotty dimwits? 86 Obits, Down 73 Philanthropist end to end, clued in order. Answers
essentially Charles for whom brew • Starter’s phrase (3,3)
1 Common 47 Precinct boss 1 1995 film set on to clues in the Boxes list must be
with a hoarse 87 Server who’s a Northwestern • “Mending ___” (Robert • Where high school students
bruschetta the Hoggetts’ library is named packed into rectangular containers
ingredient cough? short and stout? sheep farm before entering. Letters in a given Frost poem) play all summer long? (4,4)
50 “It is,” on Ibiza 90 Treats at Pueblo 76 Powerful brews
6 Approaching 2 Team booster, Box should be packed left-to-right 8 • No longer on vacation • Like the winter solstice, of all
51 Purpose of a parties? 77 Positioned
10 One might be often • One guarded in soccer days (8)
chronic UPS number 93 For every 3 Singers Cooke
78 Treated a stain, S A M and top-to-bottom, as
in a way shown in the SAMPLE. • “Scattered” phenomena in • Upholstery protector (9)
14 Make 53 One might get 94 Out of memory? and Smith P L E Box clues are ordered by
applesauce, thrown from a 96 Flashers in a 79 Corp. division weather forecasts • Suggest without actually
4 Little varmint
perhaps horse club 81 It should stop a S A length (shown in 9 • Sanction saying (9)
5 Quality of a
19 Colonel Bowie’s 54 Drink akin to a 97 For every good subject
run on the banks M P parentheses after each • Skull cavity • Novel whose narrator is named
last stand Cape Codder 99 Singer born on 6 ___ bene
82 Splits L E clue) but otherwise • “The Age of Anxiety” poet Sal Paradise (2,3,4)
56 Big name in Oahu 83 Curving river randomly, so you must
20 Vegetable in the 7 1979 miniseries • Took a leisurely walk (9)
mallow family baked goods 101 Nirvana song
feature use the Row answers to determine 10 • Site of much sand
with Robert
57 Dangerous fan “___ Plain” 85 Half a sawbuck where each Box belongs. The 21 • Copy protection? • Mattress supporter (9)
21 1963 title role for Duvall in the
Shirley 59 Back pages, often 102 It opens a lot of title role 88 Screwball Boxes will almost fill the grid; the • On any occasion • Some daytime TV fare (4,5)
22 Big ___ outdoors 61 Continental doors 8 “That’s just 89 Coolidge’s alma letters outside the boxes will reveal • Often-scenic journey (5,4)
product mater where the missing sand is. 11 • Antinuke agreement
23 Ranch animal 105 Like balsamic perfect!” • Trattoria appetizer (10)
62 Rain delay sight vinegar 91 Swift specialty Rows (2 wds.)
with an uneven 9 Road hog?
92 Horns for the • “Don’t you ___!” • One of two on a dress shirt
hide? 63 Dinnertime 106 Co. designation 10 Elvis’s daughter 1 • Goes for the gold?
25 Serving that directive 107 Capital of Tritons • Pantheon feature (6,6)
11 Rub the wrong • Slender
doesn’t even 64 Dog that smells Tartarus? 95 Processed food? • Story full of adventure and
way
98 Easy ___ • Add nutrients to
12 • Sleepless baby’s affliction
moisten your like cheap wine? 110 Brittle shale, 12 “Money” novelist derring-do (12)
cornflakes? 100 Start of several • Current units
68 Cascade say? 13 Increases, as 2 • Sci-fi film of 1982 • Like some antique books (7-5)
27 Ambulance composed of 112 Time spent Keats titles • Green container?
production • Disney World attraction • Impediments for quiz takers
letters chowder? watching 102 “No ___!” (“Sure 13 • L on a tag
14 Golfer Stewart thing!”) • Makes tweaks to (6,6)
28 Enlightened 71 Rent out tearjerkers? • Vandalize
exclamation 15 Member of the 103 Opera 3 • Pigeon meat • An acre comprises over six
72 Plants 115 1936 Bing Crosby oldest federal commissioned by • Flock sound
29 Letter before 73 Star of 2015’s song law enforcement • Beg, borrow or steal, e.g. million of them (6,6)
Bravo “Black Mass” 116 Largest of the a khedive 14 • Offers unwanted opinions
agency • Setting • Brunch dish containing ham,
31 Some anesthetic 74 Moviefone’s Inner Hebrides 104 John’s wife (2 wds.)
shots
16 Complain
106 Device with a 4 • Bit attachment pepper and onions (6,6)
parent 117 It’s over twice as bitterly • Sherwood friar
2015 Pro version • Ornament • Hollywood star born Betty
32 Tankard fill 75 Secretary of tall as Vesuvius
17 Angled annexes 107 Pull some • Flavorful plant Joan Perske (6,6)
33 Contract content state before 118 Banks of • Like a lizard’s skin
18 Caribou’s cousin strings? 15 • Voicemail sound
35 Future expert Dulles Chicago • Faulty measuring system? (7,5)
24 Taffeta feature 108 Far from lush 5 • “Through the Looking-
36 Copier 77 Secured, as an 119 Humiliate • Relatively rare baseball play • Carnival performers with
components hors d’oeuvre 120 Ned Flanders’s
26 Devotion 109 Finds functions Glass” game
• Big pub purchase suppressed gag reflexes (5,10)
80 Region of high younger son 30 Melanin cluster for • Tout de suite
40 Words from a
qualified atmospheric 121 Longtime 32 Concierge desk 110 Pres. Davis’s side • Much-revered person
Get the solutions to this week’s Journal Weekend Puzzles in next
s

agreement pressure Connecticut handout 111 Charisse of

34 Stood out “Silk Stockings” 6 • Singing the praises of Saturday’s Wall Street Journal. Solve crosswords and acrostics
42 Latvia or 84 Hangman’s loop senator
36 Fair 113 Wrap up • One of a matched set online, get pointers on solving cryptic puzzles and discuss all of the
Lithuania, once: 85 Ploy to avert 122 They may be on
Abbr. bankruptcy a roll 37 Is decisive 114 Vein stuff • Scrabble play 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, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

REVIEW
IN “BENEATH THE
BRIDGE” (2014), one
woman holds a baby
doll. Mr. Crewdson
wanted a real baby but
decided it wasn’t safe
due to the river’s strong
current.

Medal for Photography.

Growing up, Mr.
Crewdson had been more
interested in music than
in the visual arts. He
played guitar in a band
called the Speedies. Mr.
Crewdson started taking
photos as an undergradu-
ate at the State Univer-
sity of New York at Pur-
chase. By his early 20s,
he became inspired by
the work of Walker Evans
and Diane Arbus. In his
mid-30s, he came up with
his own cinematic style
of taking pictures, with
large crews and shoots
lasting several weeks.
Most recently, he had
only 20 people on each of
the three shoots, which
he says is “by my stan-
dards fairly small.”
He starts by writing a
one-page description ex-
plaining each moment
that he will capture. “I’m
not interested in before
or after or the plotline,”
he says. Then he scouts a
location and hires a crew,
and his “director of pho-
tography” starts shooting.

Photos Staged Like the Movies Digital photography

BY ALEXANDRA WOLFE
PHOTOGRAPHER Gregory Crewdson says that
his latest body of work, “Cathedral of the
Pines,” was “not business as usual.” During
staging and shooting in Becket, Mass., a crew-
man nearly drowned in a flood and a subject
standing naked in the snow in subfreezing
weather lost feeling in her feet. It took three
shoots over three years to finish the series.
Mr. Crewdson takes photographs the way a
director makes a movie. He comes up with a
concept and composes a scene on location—of-
ten with a crew of some 40 people. “I don’t
even like holding a camera,” he says. “I see my-
self as a picture maker, where I’m interested in
the thing that’s happening in front of me.”
From Jan. 28 through March 5, an exhibit of
31 works from Mr. Crewdson’s new “Cathedral of
the Pines” series will be at Gagosian Gallery in
New York. Many are ethereal, emotional images
of intimate moments, often with nature in the
backdrop, calling to mind 19th-century interiors
and landscapes. In one image, two people talk
on the porch of a small white house in a snowy
winter scene. In another, a seminude woman sits
on the back of a pickup truck surrounded by tall
pines. At auction, Crewdson
photos have sold for up to six
figures and usually sell in the Gregory
mid-to-high five-figure range.
The idea for the series
Crewdson’s
started about five years ago, shoots often
when Mr. Crewdson, now 53,
was going through a divorce
involve a crew
and taking a break from work. of dozens.
To stabilize his life and clear
his mind, he moved to a town
close to his childhood home in
Becket, in the Berkshires. He bought a former
Methodist church and a nearby firehouse and
turned them into his home and studio.
He would frequently cross-country ski on
the nearby trails. One day, he came across a
small wooden trail sign that read “Cathedral of
the Pines.” He decided he would set his next
project among the trees in Becket. “I think at
that moment the entire body of work came to
me,” he recalls. “It was inspired by reconnect-
ing to this place…and the sense of longing and
loss, I think, too.”
Mr. Crewdson’s father was
a psychoanalyst, and as a boy
in Brooklyn, N.Y., Mr. Crewd-
son would listen through the
floorboards to the patients in
his father’s office in their
home. He thinks that the per-
spective in his photos is simi-
lar to the point of view of a
psychoanalyst. His pictures,
he says, are “very intimate,
private moments, but they’re photographed in a
very removed…distanced way.” In analysis, “you
speak about very private things in a kind of dis-
tanced way.” Mr. Crewdson’s honors have in-
cluded the National Endowment for the Arts Vi-
sual Artists Fellowship and the Skowhegan
and mobile devices, Mr.
Crewdson says, have
made images as transient
as they are ubiquitous. “I want to sort of rein-
troduce some real, almost not traditional,
things that really haven’t been in the discourse
recently, like photographic beauty and form,
pictorial space and psychological meaning,” he
says. With all of his experience establishing
scenes, he hopes someday to make a movie.
But, he adds, “It’s also terrifying to me.”
For now, Mr. Crewdson is relieved to be
working again. “When you’re an artist and
you go through a period of not working for
whatever reason, you feel fraudulent or you
feel like you’re not alive in the fullest sense,
so making these pictures just felt like a sense
of reconnection,” he says.
For him, “Cathedral of the Pines” symbol-
izes new hope. His girlfriend and creative
producer Juliane, an old acquaintance with
whom he reconnected in Becket, is in some of
the photos. “Although I have to say there is a
certain sadness that runs through the pic-
tures,” he observes, “this body of work to me
is my most optimistic.”

GREGORY CREWDSON/GAGOSIAN GALLERY

MASTERPIECE: possession of the things which

are desired, but by removing
‘DISCOURSES OF EPICTETUS’ (C. A.D. 108) the desire.” Do not “desire
many things, and you will have
what you want.” (This advice,
if followed, would close down

VIRTUE AS ITS the consumer society.) All that

you truly have need of is

OWN REWARD
BY JOSEPH EPSTEIN
CHIEF AMONG the schools of an-
cient philosophy were the Academ-
ics led by Plato, the Peripatetics by
Aristotle, the Epicureans by Epicu-
rus, and the Stoics founded by
Zeno of Citium. Only Stoicism, now
nearly entirely eclipsed, gained a
strong footing in the Roman Em-
pire, where it was embraced by
Marcus Aurelius, best of all emper-
ors, who, in his Meditations, pro-
duced one of the leading Stoic
texts. The major Stoic teachers
were Chrysippus, Diogenes of Baby-
lon and, above all, Epictetus (A.D.
55-135). Cicero and Seneca claimed
“firmness, of a mind which is
conformable to nature, of be-
ing free from perturbation.”
“From your own thoughts,”
his pupils Arrian, the chroni- Epictetus states, “cast away
cler of the campaigns of Alex- sadness, fear, desire, envy,
ander the Great, who tran- malevolence, avarice, effemi-
scribed Epictetus’ teachings nacy, intemperance.” Among
around A.D. 108 into a work the things we must not desire
called the “Encheiridion,” or is long life. Behind this desire
“Handbook,” but which now is the fear of death, which is
carries the overarching title of useless since all things in life
“Discourses of Epictetus.” are transient. Like Montaigne,
In what has come down to Epictetus invokes us never to
us, Epictetus largely ignores allow death to be long out of
the scientific and metaphysical mind. Montaigne hoped that
teachings of the Academics death would take him while
and Peripatetics. He concen- he was cultivating the cab-
trates instead on ethics and bages in his garden. “May
the ideal of the virtuous life. death take me,” Epictetus
Virtue, in Epictetus’ philoso- says, “while I am thinking of
phy, brings tranquility, leading these things, while I am thus
on to happiness. Unlike the Ep- writing and reading.” We
DAVID GOTHARD

to be Stoics, but the wavering tem- icureans, who taught that tran- know that Montaigne’s death
perament of the first and the ex- quility resided exclusively out- was a painful one, of quinsy,
pensive tastes of the second did side the life of action, the which rendered him speech-
not permit them to live the philos- Stoics were not disdainful of less at the end. How Epictetus
ophy in the quotidian manner Sto- the active life, and in Marcus died is not known.
icism requires. Aurelius the theme of service not things appear as they are,” he power are opinion, movement to- Virtue is truly its only reward for
Epictetus, the slave of a freed- only to individuals but to the wider notes, “or they are not, and do not ward a thing, desire, aversion…; Epictetus, for, though he frequently
man of Nero named Epaphroditus, community is part of the human even appear to be; or they are not, and in a word, whatever are our cites God and his greater design of
who eventually freed contract. Epictetus’ and yet appear to be.” Misappre- own acts; not in our power are the the world, no mention in his work is
him, was Phrygian philosophy is hension of appearances sets one on body, property, reputation, of- made of an afterlife. Nor is there any
(from Western Ana- His principal grounded in com- the track of anguish, frustrated de- fices…, and in a word, whatever are talk of the fate of the soul once de-
tolia) by birth and lesson is mon sense. How sire, sadness, ruin. This advice of not our own acts.” This distinction parted, if depart it does, from the
lame in one leg. best to meet the re- Epictetus is a precursor to Henry anticipates Reinhold Niebuhr’s se- body. What one gains from the phi-
When in A.D. 89 the how best to quirements of life, James’s advice to be a person on renity prayer, later adopted by Al- losophy of Epictetus is awareness, a
Emperor Domitian meet the or how to live one’s whom nothing is lost. coholics Anonymous: “O God, give plan for righteous conduct, and self-
banished all philoso-
phers from Rome,
requirements life “conformable to
nature,” is his prin-
“No man is free unless he is mas-
ter of himself,” claims Epictetus,
us the serenity to accept what can-
not be changed, / The courage to
mastery of the kind available only to
those rare philosophers for whom
Epictetus took up of life. cipal lesson. and self-mastery comes through change what can be changed, / and word and deed are indivisible.
residence in what is The first step on will. We must will what is right for the wisdom to know the one from
now Albania. Like the way to doing us, and will the avoidance of what the other.”
Socrates, whom he this, according to is not. Will is strengthened through Desire, for Epictetus, must be Mr. Epstein is the author, most re-
much admired, Epictetus committed Epictetus, is the scrupulous obser- accurate observation of appear- carefully monitored. One must not cently, of “Masters of the Games:
none of his teachings to writing. He vation of appearances to form a ances. Will operates only on those “require a fig in winter.” Freedom is Essays and Stories on Sport”
had the good fortune to have among right judgment of them. “Either things within our power. “In our gained, he holds, “not by the full (Rowman & Littlefield).
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

Author David Nice

Lehman on patchwork,
Frank Sinatra’s if you can
drink of choice get it.
D6
(And you can)
D3

EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, January 9 - 10, 2016 | D1

The Price FACE VALUES

// SOME
TYPICAL COSTS

Of Beauty BLOWOUT
$40

HAIRCUT
$125

HAIR COLOR
$215
Given the onslaught of new ways
to spend money on one’s looks,
we asked women to tally up their
annual costs. The results—and BROW
SHAPING
the experts’ advice on what’s really $25

worth it—might surprise you EYELASH

EXTENSIONS
$140

BY MEENAL MISTRY
CHEMICAL
PEEL
“WHO’S GOING TO spend $50 on $20-$600
a blowout?”
That was Jessica Richards’ reac- VITAMIN
tion in 2005 when her neighbor in C+E SERUM
$162
New York’s West Village opened a
salon that offered only blow-drying FILLERINA
and styling—then an utterly novel HYALURONIC
concept. Ms. Richards, an ex-Vogue ACID
editor who owns Shen Beauty, a bou- $80-$100
tique-cum-spa in Brooklyn, is no lon- ULTHERAPY
ger so incredulous. “Now I go into a $1,000–
meeting,” she said, “and I’m the only $5,000
one in there without a blowout.”
CLEANSING
Blow-dry bars across the country
CREAM
are an indispensable part of many $42
women’s lives in 2016, and that’s
hardly the only difference between SPF 30
then and now. Over the last decade, SUNSCREEN
$45
the beauty landscape has grown
considerably more crowded with
new, wallet-taxing options like
KYBELLA
15-minute laser facials, eyelash INJECTIONS
extensions and apps that can book $1,200–
you a manicure on your own sofa. $2,000
When you visit the dermatologist,
DÉCOLLETÉ
any number of jowl-tightening, sad- CREAM
dlebag-zapping treatments are avail- $285
able right there in the office, at a
few thousand dollars a pop. And
thanks to the Kardashians, even
MASSAGE
those of us who don’t work in show $150-$300
business are familiar with the com-
plex stage-makeup art of contouring.
Those palettes of foundation add up. WAXING
That’s not to imply there’s a con- $30-$100
spiracy to make women overspend
in the pursuit of physical perfec-
VITAMIN
tion. Some of the above can be INJECTIONS
quite helpful and convenient for $400
women who need and want to look
good. But there is quite a bit to
parse in terms of what’s worth the
money and what’s not.
“I think people are confused be-
cause they’re told so many different
things in so many different places,”
said Shen’s Ms. Richards. Certainly
one way to cut through the noise
and to avoid spiraling beauty expen-
ditures is to ask a professional you
feel you can trust. To encourage can-
dor in her salespeople, Ms. Richards
doesn’t pay them by commission.
Her own top recommendations are
Antonia Burrell’s Cream Supreme
Moisturizer for $115—“the best anti-
acne product on the market in the
most hideous packaging”—as well
as LED light therapy, which involves
a board (for the face) or a bed (for
the body) of infrared lights that are
meant to tighten the skin and kill
the bacteria that cause acne.
New York-based facialist Joanna
Vargas has also developed a reputa-
PHOTO ILLUSTRATION: GETTY IMAGES

tion for a skeptical, no-nonsense

approach to new procedures. “One Note: Prices for
of the reasons people come here is beauty products
that I’m known for vetting technolo- and services vary
gies,” said Ms. Vargas. “If you ask me widely. Amounts
whether you should do [nonsurgical listed above are
Please turn to page D2 approximate.

INSIDE

IT’S TOASTED!
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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D2 | Saturday/Sunday, January 9 - 10, 2016
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* *** THE WALL STREET JOURNAL.
STYLE & FASHION
ACCOUNTING FOR ALLURE
Continued from page D1 you. “We don’t sell anything, so it’s a tenance in that [regard],” she said.
face-lifts] Thermage or Ultherapy, I’m very different experience than if you’re The exact price of someone’s beauty
going to give you an honest answer.” at a department store makeup counter,” regime is a very personal piece of infor-
(The answers vary by client.) She will said CEO Alexandra Wilkis Wilson. mation. But, as style and beauty expert
also be truthful with clients she feels are It can also be enlightening to ask Mary Alice Stephenson pointed out,
doing the wrong thing, like a 29-year-old other women how they allot their we’re in an era when women are more
woman she saw a couple of years ago beauty budgets. Take fashion designer prone to share such things. Ms. Ste-
who was frequently getting pricey and duo and sisters-in-law Veronica Swanson phenson, founder of Glam4Good, an or-
harsh chemical peels from her dermatol- Beard and Veronica Miele Beard. While ganization that provides makeovers for
ogist. “She was a beautiful girl who Ms. Swanson Beard swears by the re- women in need of a boost, from veter-
worked in finance and made a lot of storative properties of lymphatic drain- ans to breast-cancer survivors, is re-
money,” recalled Ms. Vargas. “But her age massage ($60-100) and the effective- freshingly transparent—and a believer
skin felt like scar tissue from all the ness of Georgia Louise facials ($650), that money spent on beauty isn’t frivo-
peeling.” One of Ms. Vargas’s near-uni- lous. “I’ve seen how beauty empowers
versal recommendations is also LED light and self-esteem brings joy,” she said.
therapy. “It’s appropriate no matter your (Ms. Stephenson, like many beauty in-
age or skin type,” she said. “It will keep ‘My regime has been dustry insiders, frequently receives dis-
your elasticity over time.” And since it through years of trial and counts on products and services.)
doesn’t require an aesthetician to admin- We asked Ms. Stephenson and three
ister, it’s not exorbitant—$150 for 20 error. This is where I am.’ others to tally the big-ticket expendi-
minutes. tures they make over the course of a
Though services are typically more year (see below). The process was eye-
expensive than products, product junkies Ms. Miele Beard doesn’t partake in ei- opening, but all stood by their choices.
know that little purchases add up over ther, relying instead on a couple of well- “I’m sure there are people who do a
time. They might look into a new service chosen face products (Dr. Perry’s Clean- quarter of what I do, and I’m sure others
called “The Makeup Refresher,” launch- Thyme cleansing bar, $45 for a pack of do more,” said jewelry designer Jennifer
ing January 11, from GlamSquad, the 3, and NightThyme serum, $65.) Her pri- Fisher. “But [my regime] has been
on-demand beauty app that lets you ority is ensuring that her makeup appli- through years of trial and error. This is
book private hair stylists and makeup cation—a mix of Tom Ford, Dior and where I am, and I’m not apologizing.”
artists. For $135, a makeup artist will sift Cover Girl—is flawless each morning.
through and streamline your products, “In New York, you never know who  For one more annual maintenance
tossing those that are old or don’t suit you’re going to see. I’m only high-main- budget, go to WSJ.com/Lifestyle.
A PRETTY PENNY // THREE WOMEN BREAK DOWN
THEIR ANNUAL MAINTENANCE BUDGETS
Mary Alice
Stephanie Stephenson
Michels Style expert and founder of
Actress, mid-40s charity Glam4Good, late-40s
THE ANNUAL OUTLAY
Manicure and pedicure $43 x 12 a year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$516
Haircut and color $300 x 4 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,200
Massage $165 x 12 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980
Reflexology $175 x 12 a year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,100
Chiropractor or acupuncturist $75 x 6 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$450
Facial $125 x 6 a year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $750
Dermatologist for Botox and B-12 Shots $1,000 x 3 a year. . . . . . . . . . . . . . . . . . . . . . . . $3,000 THE ANNUAL OUTLAY
Yoga, cardio, barre or weight training About $75 a week . . . . . . . . . . . . . . . . . . . . . . . . . . .$3,900 Hair color with Serge
IPL peel $750 for a biannual visit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $375 Normant $300 x 10 a year . . . . . . . . . . . . . . . . . . . $3,000
Ultherapy on chin and jawline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,000 Facial at Shen Beauty
$98 x 10 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $980*
Crème de la Mer $310 x 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $720
Custom peel at Shen Beauty
SkinCeuticals Vitamin C Serum + Retin A $200 x 3 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . $600
$105 x 8 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $840*
TOTAL $18,491
Tracie Martyn facial
$315 x 4 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,260*
THE OBSERVATIONS
Shen Beauty LED Light
If you had to cut $2,000 from your and bunny lines [the top of the Treatment $56 x 8 a year ...................... $448*
budget, what would it be? “I would bridge of the nose]. It doesn’t
Brazilian wax $65 x 8 a year . . . . . . . . . . . . . . . . . . $520
do either reflexology or massage really change your face. I’m an
each month, not both. To have two actress, and I can’t freeze my face Green juices $24 a week ...................... $1,248
a month is kind of a luxury.” like some of the superstars do. Holistic doctor and intravenous vitamin
And buying Crème de la Mer. therapy $500 x 4 a year . . . . . . . . . . . . . . . . . . . . . . $2,000
GETTY IMAGES (STEPHENSON, FISHER, SYRINGE, SCISSORS, DUMBELL, ACUPUNCTURE NEEDLES, WAX, BUDDHA, GREEN JUICE, MAKEUP BRUSH, TWEEZERS, LAPTOP, BLOW DRYER, BRUSH); ISTOCK (IV)
What are the biggest splurges It’s expensive but my other
that you think are necessary? products aren’t. For body, I use Energy healing
“My dermatologist, Dr. Suzanne whatever brand is organic at the $150 x 4 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $600*
Trott. I get Botox in my neckline drugstore.” Directional non-force chiropractor
$105 x 2 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $210
Bikram yoga One year unlimited . . . . . . . $999.20*
Make-up artist/hair stylist
THE OBSERVATIONS (one person)
If you had to cut $250 x 25 sessions a year . . . . . . . . . . . . . . . . . . . . $6,250
$2,000, what would The Infinity Call daily meditation
you lose? $25 a month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300
“I would automatically
cut the blowouts. Jiva-Apoha oils for face and body
But I also think it’s not Year’s supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $840*
necessarily about Joshua Scott Onysko
cutting stuff entirely custom serum $150 x 6 a year ............... $900
but about making
Jennifer Fisher things stretch. Could TOTAL $20,395.20
Jewelry designer, early-40s my pedicure last three
weeks instead of two? *Ms. Stephenson receives industry discounts
THE ANNUAL OUTLAY I think if you don’t ranging from 20% to 50% on certain products
Hair color at Marie Robinson Salon schedule the follow-up and services. Figures marked with an asterisk do
$300 x 12 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,600 right away, that’s a not reflect standard prices available to the public.
Haircut at Marie Robinson Salon good way to save
$250 x 4 a year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,000 money—because you
could probably stretch THE OBSERVATIONS
Joanna Vargas facial it another two to three What do you think other people see as
$550 x 4 a year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,200 weeks and not know indulgent but you deem necessary?
Eyebrow shaping at Robert the difference.” “Before I have to do events or speak some-
Sweet William $80 x 6 a year . . . . . . . . . . . . . . . . . . . . .$480 where—anytime I need to look my best—
What do you think
other people see as an
I’ll go to Shen Beauty in Brooklyn for a
facial. I might get three in one week. Like
 
 
 Intravenous vitamin therapy
LUXURY HOTELS
EnjOY MicHELin STaR Dining
EXcLUSiVE ViP EXPERiEncES
cOnciERgE SERVicE
Call your travel agent or
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u InSIgHtluXurygolD.CoM
indulgence but you in December, I was presenting for L’Oréal
$200 x 12 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,400 consider worth it? Women of Worth, I was hosting a big lun-
Hair vitamins $250 a year . . . . . . . . . . . . . . . . . . . . . . . . . . $250 “The eyelash extensions cheon and I was going to the White House so
feel a bit frivolous but I was there three times in the same month.
Ultherapy One treatment . . . . . . . . . . . Starts at $3,500 save me time. I’m a But my skin looks better than it ever has.”
Eyelash extensions $120 x 12 a year . . . . . $1,440 working mom; I’ve got
two kids. I get them What did you formerly do that you
Tracy Anderson workout
out of the house by realized wasn’t worth the money?
livestream $90 a month . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,080
myself in the morning. “In my 30s, I spent a lot on injections.
Oribe shampoo and conditioner Not having to put on I tried it all—Juvederm, Botox. That was
$100 x 5 a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $500 eye makeup—or all through a dermatologist and it was
Manicure and pedicure $80 a month ........ $960 remove it—cuts so thousands of dollars. Now I might spend
u
much time out of my the same amount but I do my antiaging
TOTAL $20,110 regime.” in a more holistic way.”
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, January 9 - 10, 2016 | D3

STYLE & FASHION

20 ODD QUESTIONS

Tomas Maier
The German ready-to-wear designer on
Porsches, Chihuahuas and his appreciation for
an age when there was no fashion

M
any fashion designers talk about purity of design
and quality of materials, but few uphold the rigorous
standards of Tomas Maier. Through his eponymous
18-year-old collection and his work as creative
director for Bottega Veneta since 2001, Mr. Maier
defines luxury through deeply considered form and meticulous pro-
duction rather than flash and status.
The 58-year-old, German-born son of architects holds fashion
to the same standard of functionality he admires in midcentury in-
dustrial design. He has no patience for pieces that don’t work—
“a skirt you can’t walk in,” he said, “a bag that is heavy before you
even load it up.”
Over the past 18 months, Mr. Maier has opened three stores and
greatly expanded his own label to include full collections of men’s
and womenswear, as well as shoes, handbags and jewelry. His latest
addition is a range of unisex eyewear—10 minimalist riffs on such
classic silhouettes as the aviator and the Wayfarer that are distinc-
tive in their easy wearability. Having sported glasses from age 6
(“I couldn’t read the blackboard in school,” he said), he recognizes the
value of light materials when making spectacles: “It’s important that
they don’t feel heavy and distracting.”
Mr. Maier works and lives between New York, Palm Beach and
Milan, though he and his partner, Andrew Preston, recently completed
a vacation house in Maine designed by the Japanese architect Toshiko
Mori. He talked about the difficulty of finding worthy pants for men

WESTON WELLS FOR THE WALL STREET JOURNAL (PORTRAIT); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (JEANS, SUNGLASSES, BOOK); PETER AARON/OTTO (INTERIOR)
and the twin drivers of creativity, passion and patience.

The well-dressed man: takes care
of his hands and feet. You can have
messy hair or wear a T-shirt inside
out—all of that can be cool and cute,
but nasty hands are not good.
yet you always end up making really
great-tasting food. You run into
someone who gives you tomatoes,
salad, you get eggs at the farm next
door. Everything tastes fresh.

The hardest part of a man’s ward-
robe to get exactly right is: pants.
It’s a hell of a lot easier to make
a beautiful dress than a good pair of
pants. You don’t want him to look too
old and also not too young. You don’t
want him to look uncomfortable, or
too comfortable either. I wear jeans
most of the time. I like Levi’s 501s.
The design book I always return
to is: “Less and More” about Dieter
Rams. This man was the head of
design at Braun in Germany for
30 years starting in the 1950s. He
designed all the beautiful stuff you
grew up with. Then there are his
10 rules of design, which are like honey
water when you read them.
If I could, I would bottle:
time, because it goes too
fast. If I could keep a lit-
tle—bottle it and go back
to it—that would be nice.
For a real vacation,
there is no place
like: Maine. Our place
is on an island an
hour and a half out in
the ocean. We love it
there because it’s a place
about other values—about
nature and about people
having real relations with
each other, and not having to
lock your house door. There
are no fancy food shops, and
My dream project would be: some-
thing to do with preservation and
conservation. I’ve studied it a bit,
especially midcentury architecture in
Japan. It would also be a dream to
conserve land, so that’s a project I’ve
started to work on slowly in Maine.
My favorite gadgets are: the
iPhone and iPad, because they are
nicely designed and functional, but
also I use these devices to photo-
graph everything, even in a fitting.
Then I look on the screen. It’s like
looking at it in the mirror.
The best design advice I’ve ever
received is: to combine passion and
patience. They go together,
not without each other. It was
Jean Louis Dumas [former
head of Hermès] who said
that to me. You have to
give an object time to be
understood. That’s a
problem in my in-
dustry; things come
on and off the shelf
so quickly. A lot
of good stuff falls
through the cracks.
Leave it for a while,
and let people look
at it and discover it.
An underrated designer
is: Ward Bennett. I’ve seen
houses that Bennett designed
and they are pretty amazing.
He did interior architecture for
[Gianni and Marella Agnelli] in the
[late ’60s], particularly an apartment
in Rome that was filled with such
interesting objects.
My biggest design pet peeve is:
things that don’t function. We all
have a chair in our house where no-
body ever sits because it’s uncomfort-
able because it’s ill-conceived. That’s
not right; it should work.
If I had to choose one chair to sit
in it would be: the Eames Soft Pad.
It swivels so you can turn or pick up
a glass. I like the higher version where
you can lean your head back.
I don’t collect anything because:
I’m not really into collecting anymore.
I’m into getting rid of things. I was
into collecting for a long time. I col-
lected photography, antiquities, books,
but it becomes overwhelming. And
then I say: If there would be nothing
it would be really nice.
FASHION FUNCTIONARY Clockwise
from top left: Tomas Maier; Levi’s 501
jeans; “Less and More” about Dieter
Rams; sunglasses from Mr. Maier’s new
eyewear collection; Eames Soft Pad
Chair; interior designer Ward Bennett’s
home. Inset below: Rolex Daytona
My favorite hotel is: the Post Ranch shape of the clothes told where you
Inn in Big Sur. The architecture has came from, like the tartans of Scot-
not aged well; it’s pointy and harsh. land or the dirndls of Austria. None
But I love that spot. It’s a beautiful are the same and they tell the stories
place. And I like the attitude. The of families. That was in the 19th cen-
rooms are separate; they leave you tury. I find those clothes still inspira-
alone. You hike through a meadow tional and beautifully made. And
to get to a pool. Everything is about you can still go to people in Salzburg
an effort. It’s outdoorsy. and have lederhosen made. I still
have mine from when I was a kid.
For transportation, I prefer: driving.
I drive a Porsche 911. I like the design Every day I wear: a Rolex Daytona
and the technique. I’ve been driving watch. But maybe I will stop soon
the same model for 35 years. I first because it weighs my arm down and
got one when I couldn’t afford it. I have an iPhone that tells me the
It evolves but never changes. time. One of these days it will come
off and never go on again.
The best places to shop for mens-
wear are: Barneys and Mr Porter. I start my day: walking my dogs,
It’s easy online if you know the prod- Pepe and Rubi. They’re Chihuahuas,
uct. And they have a good selection. and they’re brothers. We were going
to get one but we couldn’t leave
If I could live in another era in the brother behind. They used to be
fashion, I would choose: a time very feisty, but they’re old now so
when there was no fashion. You went they’re mellow.
to the tailor and had clothes that —Edited from an interview
fulfilled a necessity. The color and by Kate Betts

GIVE PIECES A CHANCE

JUNYA WATANABE

The patchwork look is stitching extra personality into menswear for spring
BY JACOB GALLAGHER
STUART VEVERS HAS always disliked things
that are too perfect. As a teen in Yorkshire,
England, Mr. Vevers—now executive cre-
ative director at Coach—personalized his
Patchwork Shirt,
patchwork is a technique that wears thought- $398, Polo Ralph Lauren,
ful, handcrafted value on its sleeve. “You 646-774-3900
can see the work that has gone into stitching 
these pieces together and the consideration
in the mixed materials,” said Mr. Vevers.
The idea of designers co-opting the hum-
ble look of mended clothing can seem a bit
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (CLOTHING); GETTY IMAGES (PORTS)

pristine school uniform by sewing patches
onto the shirt’s cuffs and the jacket’s el-
bows. Somehow, his school administrators
did not see these as improvements. Unchas-
tened, Mr. Vevers never lost his penchant
for patchwork, and it plays a major role in
Coach’s spring men’s collection, which fea-
tures field jackets and raincoats stitched
with neutral-hued panels. “It was about us-
ing things that are deliberately not a luxury
reference,” he said.
The prevalence of patchwork this season—
at brands like Jil Sander, Junya Watanabe,
Valentino and Ports 1961—indicates that, for
some, luxury is about maintaining individu-
ality, especially at a time when it feels as
if the only thing separating two shirts is the
tag on the inside.
Many designers have used patchwork
on familiar silhouettes like button-up shirts,
jeans and jackets, giving guys a relatively
safe way to make a fashion statement. The
truly risk-averse can stick to subtler clothes
that collage fabrics in the same family of
hues, like the indigo-washed Polo Ralph Lau-
ren shirt pictured here. In either case, much
the way embroidery does in women’s wear,
contrived. New York-based interior designer
Anton Anger, 25, prefers to do his own
patching—“there’s something about patch-
worked clothing that communicates that you

really love that garment,” he explained—but
Surplus Patchwork
he’s made room in his wardrobe for a shirt
Parka, $1,400, Coach
from Japanese label Kapital and admits that
1941, 212-581-4115
he is generally a fan of the look, no matter
its genesis. “I can’t help it,” he said. “It’s re-
ally interesting. There’s a lot of complexity.”
Though designers like Junya Watanabe
can bring integrity to the form, anyone
seeking a bit more soul might try Hartley
Goldstein’s burgeoning New York-based label
Rare Weaves, which uses antique textiles
from England, France and Japan to create
staples like oxford shirts with Mondrian-
esque stitched panels and jumbled Japanese-
boro-fabric blazers. (The one-of-a-kind
clothes are sold privately. You can reach Mr.
Goldstein via his website, rareweaves.com.)
As patch-happy as Mr. Goldstein is, he does
PORTS 1961 
caution that the look can easily go a bit mad.
Simon Miller Keene
“It’s tricky. You need to be careful with how
Jeans, $365,
you wear it,” he said. “A little goes a long
barneys.com
way for me, both when I’m designing it and
when I’m wearing it.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D4 | Saturday/Sunday, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

Dusters That Double as Décor
Can pretty housecleaning tools sweep you off your feet? We tested some of the better-looking implements out there

BY KELLY MICHÈLE
GUEROTTO

I
n freshman year of
college, reaching my
bed required a run-
ning leap from my
roommate’s side of
our room. Heaps of my cloth-
ing, shoes, binders, pens and
books around my mattress
blocked my path. By second
semester, rather than clean,
I spent the remainder of the
year in another friend’s room.
My hoarding tendencies
have since been tamed; I can’t
stand clutter anymore. A little
dust and dirt, however, I seem
able to happily ignore.
My boyfriend, with whom
I recently moved in, has
different standards, and his
predilection for a germ-free
home has led him to take
on the lion’s share of the
deep cleaning. I declutter;
he scrubs. Not fair, I know.
Coincidentally or not, I’ve
started to notice an uptick
in handsome, well-designed
cleaning tools from high-end
retailers and wondered: Might
these polished-wood handles
and natural-fiber brushes—
so aesthetically superior to
rubber and plastic versions—
have an effect on my under-
developed desire to clean?
Bridget Bodoano, author
of several domestic how-to
books, including the newly
released “A Spotless Home”
(Quadrille Publishing), told
me she advocates acquiring
good-looking tools to make
housekeeping more enjoyable.
And environmental psycholo-
gist Sally Augustin said stud-
ies show that merely seeing
wood grain has a de-stressing
effect on humans, who also
respond positively to objects
Delightful Duster
As soon as I unpacked this
Cheery Toilet Cleaner
Kontextür’s Ferrari-red
toilet-bowl brush looked
emphatic against my white-
and-black tiled floor, and its
silicone container politely
hid the nylon-bristled brush.
The dirt: The fixed lid dipped
into the toilet water when
I cleaned the basin, which
grossed me out. According to
Kontextür’s Kenneth Schiller,
in the brush’s six years of
production, I’m the first to
question the lid’s design. And
silicone was chosen for its
antimicrobial properties.
Handsome Hand
Brush and Pan
I decided to try another, more
straightforwardly designed
set, Iris Hantverk’s beautiful
but unassuming beechwood
and horsehair brush and
thick, recycled-cardboard pan.
The dirt: They got the job
done. The pan laid flush and
captured all the grit, which
showed satisfyingly well
against the black surface (the
pan is also available in natu-
ral). I will, though, be careful
Intriguing Hand when I throw the bendable
Broom and Pan pan in my supply bin.
Fetching Broom
At 60 inches tall, Bürstenhaus
Redecker’s beechwood and
horsehair broom had immedi-
ate presence, its wraparound
brush poised for work.
The dirt: My kitchen floor
has never looked as clean
without a washing. Better
than a vacuum, the broom
grabbed particles as well
as cobwebs under sofas and
kitchen cabinets, impres-
sively trapping dirt in its
bristles. I was initially se-
duced by its looks, but this
tool’s utility won me over.
Bürstenhaus Redecker Vienna
Style Duster Brush, $105,
and Broomstick, $9, The Best
Brushes, 888-463-9177
Diminutive Dish Pads
When I received these scrub-
F. MARTIN RAMIN/THE WALL STREET JOURNAL; ILLUSTRATION BY REMIE GEOFFROI

that are curved as opposed
to angular or straight.
Which is all very convinc-
ing. But increased incentive
doesn’t get the job done; the
tools, however attractive,
have to be effective, too.
My editors and I certainly
oohed and aahed like good
lab subjects while narrowing
down a selection of comely
cleaning tools to those eight
we deemed the prettiest on
the market. What remained
to be seen, however, was
whether their designs would
also prove functional. So,
with rubber-gloved hands,
I put them to the test.
implement from the Laun-
dress, a Manhattan-based
purveyor of stylish, eco-
friendly cleaning products,
I swept my TV and console.
Later, my boyfriend was simi-
larly compelled by the tool’s
turned pear-wood handle and
the Chinese goat-hair strands.
The dirt: Designers chose
the fibers for their ability
to pick up dust, which they
did very well. Though a cou-
ple brush hairs lingered on
my TV, they were easy to
pick up. I can live with that.
The Laundress by Redecker
Duster Wand, $60, thelaun-
dress.com
OK, I’m being irrational, but
I’ll look for another brush.
Kontextür by Josh Owen Toi-
let Brush, $51, kontextur.com
My editors and I were taken
with the elegant beauty of
Oji Masanori’s Kake Tosaka
broom. Japanese hemp-palm
fibers, which release a bit of
palm-fiber oil to protect and
polish floors, are hand-affixed
to its curved rattan handle.
The dirt: Sadly the broom
is just over 2 feet high, an
awkward length for sweep-
ing dust into the equally
handsome Harimi dustpan.
I would love to use and
display it, but I need a more
practical hand-broom set.
Sojirushi by Oji Masanori
Broom, $135, and Dustpan,
from $22, nalatanalata.com
Iris Hantverk Dustpan, $10,
thefoundryhomegoods.com;
Iris Hantverk Dustpan Brush,
$29, theline.com
bers, I thought I’d inadver-
tently gotten a kiddie size.
Then Food52, the retailer
that stocks the 3-inch pads,
told me they aren’t meant
to be used like a sponge but
for heavy-duty scrubbing.
The dirt: Unlike a steel
wool pad that rusts sink-
side, the crocheted nylon
netting seemed to release
food bits readily and stay
fresher longer. I’ll keep the
pads around. They’re as
effective as those sponges
wrapped in nylon mesh
and infinitely cuter.
Reusable Pot Scrubbers, $26
for five, food52.com

FLOWER SCHOOL
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR (ARRANGEMENT); ©THE METROPOLITAN MUSEUM OF ART/ART RESOURCE (INSPIRATION)

A PARTY IN A VASE
Floral designer Lindsey Taylor rings in the new year with a splash of mostly pastels
inspired by American Modernist Florine Stettheimer’s dreamy, festive scene
WHEN IT CAME TIME to strategize my first col- ment to echo the floaty quality of the figures in the
umn of 2016, I wanted to start with an inspiration scene. Somehow, learning about Ms. Stettheimer
that combined humor and a playful palette, espe- and creating a bouquet in such sprightly hues with-
cially given all the chaos in the world last year. out laboring over it helped me enter 2016 with
I turned to American artist Florine Stettheimer, something resembling a skip in my step.
whose paintings I’d been introduced to by a Berlin
potter friend, Christine Roland.
Ms. Stettheimer (1871-1944), an early Modernist
artist and poet, was born in Rochester, N.Y., to
a wealthy German-Jewish family. Her paintings’
witty, eccentric and dreamy take on life befuddled
critics, who found her idiosyncratic work difficult
to categorize. Ms. Stettheimer struggled to receive
recognition and eventually chose to show her
work only privately. With her sisters, she hosted
a Manhattan salon from 1915 to 1935 for fellow
creative types such as Georgia O’Keeffe and Mar-
cel Duchamp, a fan of her work.
As a jumping-off point for this month’s ar-
rangement, I selected Ms. Stettheimer’s last can-
vas, “Cathedrals of Art” (1943-44), a party in
a painting, full of life, color and sly digs at the
posturing and greed of the art world. A collector
cradles a sculpture to her bosom; patrons vie
for prizes for their artists.
To reference the figures in black, I selected
three pieces of Ms. Roland’s pottery. Next I gath-
ered flowers in the painting’s feminine colors:
ranunculus in pale yellow, pink and apricot; red
amaryllis left over from the holiday season; and THE INSPIRATION
a few stems of periwinkle-blue delphinium I found Florine Stettheimer’s blithe “Cathedrals of Art”
in the flower market. I placed the blooms in the (1943-44), above, sparked a bouquet of ranunculus,
largest vessel rather quickly and somewhat ran- amaryllis and delphinium, left. Christine Roland
domly, though I made sure certain flowers seemed Vases, about $22-$433 each, Can Cats Talk to Dogs
THE ARRANGEMENT to rise up and away from the rest of the arrange- in Their Own Way? Studio, 49-1-76-6385-6470
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, January 9 - 10, 2016 | D5

DESIGN & DECORATING

CLOCKWISE FROM TOP: STEVE HALL/HEDRICH BLESSING; LISA ROMEREIN/OTTO; SPACE INT’L; GREY CRAWFORD; MIRO DVORSCAK
A Little
 TRICKY BRICK Named for the intricate two-story brick screen wall at its streetfront, the Brick Weave House, de-
signed by Studio Gang Architects, offers more than a unique facade. The architects fenced in the small front yard of the
home—located in a Chicago neighborhood of tightly spaced houses built close to the street—with a double-height fili-
greed brick wall that casts geometric light patterns onto the interior floors during the day. At night, to passersby, the

Privacy, Please
effect evokes a delicate lantern. The second-floor master bedroom suite overlooks the front garden through a wall of
floor-to-ceiling windows, and like the dining room immediately below, enjoys plenty of natural light as well as privacy.

 BUSH LEAGUE ”Outdoor liv-

While most attempts to foil prying eyes
block out light as well, these five solutions
deliver both sunshine and seclusion
BY RON BROADHURST
WE’RE LIVING in an era where
personal transparency—the free
exchange of too much information
via social media—trumps privacy.
So it isn’t surprising that, when
it comes to their homes, people
are asking designers to shield
them from the world. But must
seclusion come at the expense of
natural light? Can a street-front
window let in sun without making
your home a living diorama for
passersby?
Sure. The development of new
materials means homeowners
have more options than ever,
from perforated aluminum to new
takes on semi-opaque glass. And
many of these alternatives to the
ing is a classic tenet of Southern
California design,” said architect
Deborah Richmond, who with for-
mer partner Olivier Touraine de-
signed this house for themselves.
“We wanted as few barriers as
possible between indoors and
entombing nature of shades and outdoors on the ground floor.”
drapes function better than their And though the couple sought
traditional forebears. “You can’t expansive views of their own gar-
use drapes in a shower,” said Los den, “we did not necessarily want
Angeles architect Linda Brettler, to commune with the sidewalk
“and it’s a pain to drop down and our neighbors—as cool and
shades when you’ve got to reach nice as they are—all the time,”
over a kitchen sink.” said Ms. Richmond. So the pair
For traditional houses, Ms. planted a naturalistic screen of
Brettler continued, “I love shades vegetation around the building to
and drapes.” But modern houses create a gentle buffer.
require modern solutions. “I think
the fixed option of translucent
glass works, and it doesn’t re-
quire rethinking the style of drap-
ery or shades every few years.”
Tried-and-true materials such
as brick and vegetation are also
being conscripted as pleasantly
porous barriers. Here, a few cre-
ative workarounds to drawing
the blinds.

 FANCY FRETWORK After nearly a decade in their single-story, two-bedroom house, a Venice, Calif., couple
turned to local architecture firm Space International for renovations. Among the many outdoor areas that head
designer Michael Ferguson created is a large terrace off the master bedroom on the second floor. The couple
enjoys a filtered view through countless tiny milled apertures in the aluminum front wall that shield them from
pedestrians and passing cars. A discreet strip of plantings, by Mr. Ferguson’s wife, Kathleen, a landscape designer,
further distances the living space from the road.

 WRIGHT STUFF This contem-

porary home in Los Angeles, de-
signed by architect Linda Brettler,
sits on a narrow lot and looks out
on the dilapidated brick wall and
chimney, plus a window, of a house
8 feet away. The designer used
laminate glass to obscure the unat-
tractive view one had from a seat
 GLASS ACT In this master bath renovation, in the Woodlands, Texas, at the table. “I kept the top and
local designer Carla Aston customized a typical developer-designed bath- bottom [clear] because I find when
room to showcase the room’s travertine marble floors. The leaded win- glass is all opaque, it’s too oppres-
dow replaced glass block installed by the developer. “We wanted an un- sive,” she said, admitting that she
cluttered look, where the stone was the star,” noted Ms. Aston. “The cadged the idea from Frank Lloyd
creamy stained-glass design kept things simple and softer.” Soap and Wright. “He only put stained glass
water, too, call for a hands-free solution over a tub. “Most people enjoy in the sight lines, to retain privacy
natural light but don’t want to mess with opening and closing window and mask the view when you’re
treatments in a bathroom,” she added. Translucent material lets light in sitting at the table. This is a mod-
while creating a retreat. ern take on 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
D6 | Saturday/Sunday, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

MESSAGE IN A BOTTLE: AUTHOR DAVID LEHMAN ON JACK DANIEL’S SINATRA CENTURY

How To Get Your Swing On Like Sinatra

1. The Background spoils the verse intro. The skinny
Frank Sinatra discovered Jack singer can scarcely keep a straight
Daniel’s one sleepless night in the face when obliged to sing “I’m your
early 1940s. “It’s been the oil to big and brave and handsome Romeo.”
my engine ever since,” he later said. He’s on safer ground with Cole
He famously praised “anything Porter’s “I’ve Got You Under My
that gets you through the night, Skin.” Perhaps the most celebrated
be it prayer, tranquilizers or Jack of all Sinatra’s up-tempo finger-
Daniel’s.” Frank always kept a bottle snappers, it brings out his swinging
nearby, offstage, and he was buried best. In adapting Nelson Riddle’s
with a flask of JD in his casket. 1956 arrangement, Quincy Jones
In her autobiography, Judith makes miraculous use of reeds and
Campbell Exner—the moll who was muted horns to compensate for the
mistress to both John F. Kennedy lack of a string section.
and the head of the Chicago mob— Sinatra always maintained he
recalled a day spent with Sinatra. was at heart a saloon singer and he
He “acknowledged the comings and proves it anew in “Street of
goings of an endless string of visi- Dreams” and Matt Dennis’s great,
tors, growled at flunkies, drank haunting “Angel Eyes.” As you savor
martinis, ate lunch, drank Jack another swallow, the pace changes
Daniel’s, ate hors d’oeuvres, drank with “Fly Me to the Moon,” a high-
Jack Daniel’s, ate dinner, and drank light of the night. Sinatra rein-
more Jack Daniel’s.” vented Bart Howard’s 1954 song:
By the mid-1960s, Sinatra could It wasn’t a sad wistful plea, after
drink a fifth of Jack Daniel’s and all, but an assertive proclamation
still go on stage. of love. It was also a nod to NASA’s
great decade, the conquest of space
2. The Anticipation as a seduction song. Killer arrange-
Like any respectable Sinatra aficio- ment. Love that flute.
nado, I’ve imbibed my share of The timeless “You Make Me Feel
Tennessee’s trademark sour mash So Young” shows Sinatra at his
whiskey. And as the author of a most buoyant, and then he turns
new book titled “Sinatra’s Century,” up the warmth in Johnny Mandel’s

F. MARTIN RAMIN/THE WALL STREET JOURNAL; LETTERING BY ANGELA SOUTHERN

I had extra incentive to try the lat-
est ultra-premium Jack Daniel’s
bottle, sent to me by my editor at
The Wall Street Journal. Called,
by coincidence, Sinatra Century, the
limited-edition 100-proof whiskey
was aged in 100 “alligator-charred”
oak barrels (so called for their scaly
interior surface, the deepest of all
the chars used to impart flavor and
color to the liquor). It hit shelves
in October, in plenty of time for
toasts to Frank Sinatra on his 100th
birthday, December 12, 2015.
I wrote my book because I’ve
loved the singer’s voice, musical
savvy and definitive versions of
standards ever since I heard “All
the Way” and “Witchcraft” on the
radio when I was 8 or 9. Timing it
to the centennial, I wrote the book
in 100 parts, because Sinatra’s ca-
reer ran parallel to and threw into
relief what Henry Luce called the
“American century,” and because
the century is the perfect form for
a subject with so many facets.
Jack Daniel’s already has a top-
shelf whiskey with Sinatra’s name
on it: Sinatra Select, which is sell-
ing well at twice the price of sin-
gle-barrel bourbons that are just
as good. Part of me wondered
whether, with “Sinatra Century,”
JD is selling a name and a future
souvenir rather than a whiskey
that can go head-to-head with
A. H. Hirsch Reserve or the best of
Buffalo Trace’s Antique Collection.
3. The Presentation
The packaging of Sinatra Century is
as lavish as it should be, priced at
$379 or more per one-liter bottle.
It arrives in a lacquered case with
an engraved brass handle. Pop open
the case, and the bottle sits like
a dark liquid jewel set against black
velvet. Each bottle is numbered—
mine is FAS 23095, the initials
standing for Francis Albert Sinatra.
Also included: a slim hard-bound
book devoted to Sinatra’s relation-
ship with Jack Daniel’s and a tie
clip that doubles as a thumb drive.
The last item comes loaded with
a previously unreleased album of a
live Sinatra performance: 13 songs,
two monologues and a coda consist-
ing of a brief monologue and fore-
shortened reprise of “My Kind of
Town” as exit music, all recorded at
the Sands Hotel in Las Vegas in
January 1966. Frank had just turned
50 and was teamed with brilliant
arranger Quincy Jones and the
Count Basie Orchestra. What better
way to return to that evening than
with a rocks glass in hand?
4. The Proof
Isn’t “proof” a lovely word?
It stands in one context for the
potency of a potable, and in
another it means verification: a
geometrical proof, say. Both senses
come into play here. Would Sinatra
Century prove potent enough to
accompany belters like “Luck Be
a Lady” and “Fly Me to the Moon”?
At 100 proof, it had better.
As to color, I said amber, my
wife said topaz. She described the
taste as “warm orange afterglow.”
I sipped again and said, “Cognac.”
She said, “The Cognac of bour-
Oscar-winning “Shadow of Your
Smile.” Sinatra is dating Mia Far-
row and Mia likes the song.
Frank Loesser’s “Luck Be a Lady”
comes from the musical “Guys and
Dolls.” In the movie version, Sinatra
played Nathan Detroit, but it was
Marlon Brando as Sky Masterson
who got to sing this ode to gam-
bling that marks the show’s heroic
climax. Now, to correct the injus-
tice, Sinatra demonstrates how the
song should be sung. One of Sina-
tra’s anthems in the 1960s, a hymn
to Las Vegas, here it’s as electric
as “Fly Me to the Moon,” with a tail
like that of “My Kind of Town.”
Time for another round.
The audience is hushed when
Frank sings “It was a Very Good
bons.” Goes well with dark choco- Year,” where again the reeds do the
late. Warms the soul “in a drear- work of strings, and then the Rod-
nighted December” (to quote gers and Hart standard “Where or
Keats). The whiskey is the best When,” not only a marvelous love
I’ve had from Jack Daniel’s. song but also the greatest ever on
How to drink it? Neat or over the subject of déjà vu: “Some things
ice. We stuck to Sinatra’s recipe: that happen for the first time /
“three rocks, two fingers and a Seem to be happening again.”
splash.” We omitted the splash. The nightclub act ends with a
song Sinatra owns: “My Kind of
5. The Playlist Town,” the terrific tribute to Chi-
Sinatra Century promises not cago that Sammy Cahn and Jimmy
merely a whiskey but an experience. Van Heusen wrote for their boss
So you’re sitting in your favorite to sing in “Robin and the Seven
reclining armchair sipping and Hoods,” his last movie musical.
playing the recording of that By now you’ve made a dent
Sands appearance of January 1966. in the bottle and you’re robustly
It opens with a trusty icebreaker, singing along.
“Come Fly with Me,” then turns to
a ballad he’s sung since his crooner Mr. Lehman is the author of “Sina-
days, the Gershwins’ “I’ve Got a tra’s Century: One Hundred Notes on
Crush on You.” Self-consciousness the Man and His World” (Harper).

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

Basque Salad With Chicken and Piquillo Vinaigrette

LUCY SCHAEFFER FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY ED GALLAGHER; ILLUSTRATION BY MICHAEL HOEWELER

A RARITY AMONG professional chefs, Justin a satisfying main course.

Severino actually enjoys cooking at home as
much as he does in his restaurants.
For his final Slow Food Fast contribution,
the Pittsburgh chef shares a butter-lettuce
salad suited to both types of kitchen.
The chunky vinaigrette—loaded with chopped
capers, piquillo peppers, soft-boiled eggs
and parsley—plus curls of Manchego cheese
and broiled chicken breasts make this salad
The Chef:
Justin Severino TOTAL TIME: 35 minutes SERVES: 4
Though Mr. Severino has traveled exten-
sively in Spain, this Basque-style recipe
entered his repertoire while he was living in
California. “Friends in Monterey used to own
this great restaurant. I’d go there on my days
off and have this salad with a glass of wine,”
he said. Weekend dinner-party special or
simple weeknight supper—this one can go
either way. —Kitty Greenwald

His Restaurants: 4 skin-on chicken breasts 4 piquillo or other jarred 4 tablespoons minced
Cure and the Kosher salt and freshly ground red peppers, diced parsley
recently opened black pepper 3 tablespoons capers, roughly 1 teaspoon Sherry vinegar
Morcilla, both in 9 tablespoons olive oil, chopped 2 heads of butter lettuce,
Pittsburgh plus more as needed Zest and juice of 2 lemons, outer leaves removed and
4 cloves garlic, peeled plus extra as needed quartered
What he is known 8 thin baguette slices 3 oil-packed anchovies, ½ cup Manchego cheese
for: Masterful 3 eggs drained and minced shavings
butchery and
charcuterie. 1. Preheat oven to 425 degrees. Season chicken with crunchy, about 5 minutes.
Bringing serious, salt and pepper. Heat 1 tablespoon oil in a large 4. Soft-boil eggs: Bring a small pot of salted water
seasonal, oven-proof sauté pan over medium-high heat. Lay in to a boil over medium-high heat. Add eggs and
Mediterranean-style chicken breasts, skin-side down. Cook until browned simmer 8 minutes. Cool eggs under cold running
cooking to the at edges, then, without flipping, transfer pan to oven water then peel and roughly chop.
Steel City. to cook breasts through, about 14 minutes. Let rest, 5. Make vinaigrette: Whisk together eggs, garlic,
skin-side up, at least 5 minutes before serving. peppers, capers, lemon zest, half of lemon juice,
2. Meanwhile, add garlic and remaining oil to a small anchovies, parsley and vinegar. Slowly whisk in
pot over medium-low heat. Cook garlic until golden remaining garlic-infused oil. Season with salt and
and tender, about 5 minutes. Use a slotted spoon to extra lemon juice as needed.
remove garlic from oil. Reserve oil. Chop garlic. 6. To serve, divide chicken and lettuce quarters
3. Make croutons: Brush bread with garlic-infused among 4 plates. Sprinkle lettuce with salt and lemon TWO TIMER Gently cooking garlic in olive oil yields not only
oil. Lightly season with salt. Arrange bread on a juice, then dress generously with vinaigrette. tender, mellow cloves but also an infused oil to flavor both croutons
baking sheet and toast in oven until golden and Crumble croutons and scatter Manchego over salad. and vinaigrette.
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, January 9 - 10, 2016 | D7

Special
SpecialAdvertising
Special Advertising Feature
Advertising Section
Section

The Florida Keys

& KeyWest BEAUTY
IN CONTRASTS

F
ew destinations offer such a contrasting range of soul-nourishing experiences as the the Lower Keys, home to abundant wildlife and marine
sanctuaries. Celebrate the unspoiled natural treasures
Florida Keys,a 120-mile-long stretch beginning just south of Miami. This is an area of this region by attending the Florida Keys Wildlife
where you can snorkel through stunning coral reefs, then later walk amid architec- Refuges Outdoor Fest (March 17–20).
Finally, arrive in laid-back Key West. During the 56th
turally significant homes. Explore untamed nature preserves, then browse edifying Annual Key West House & Garden Tours (February
artworks.Go on a sport-fishing excursion,then dine on the freshest seafood at a fine restaurant. 12–13), get a compelling historical perspective of the
island’s most noteworthy private homes. Bring the fam-
To start your Florida Keys vacation, dive into ize on the area’s reputation as the sport-fishing capital ily to the seventh Annual Florida Keys Ocean Festival &
nature in Key Largo, the northernmost of the Keys. Take of the world. Back on land, indulge your creative tastes Waterfront Craft Show (April 2). And check out the year-
advantage of ample opportunities for scuba diving, snor- at the 25th Annual Florida Keys Island Fest (April 9–10), round exhibits, classes and events at The Studios of Key
keling, sport fishing, dolphin encounters, bird watching which showcases the work of nearly 100 artists and West, the island chain’s cultural center of the arts.
and more. Get a taste of the Key Largo lifestyle during craftspeople. Afterwards, retreat to Amara Cay Resort, a You’ll find a wide range of luxury accommodations
the 36th Annual Garden Walk (February 27), when you stylish yet comfortable luxury property offering refined on Key West that capture the breezy local lifestyle. The
can tour some of the Upper Keys’ most beautiful garden dining and cocktails, an oceanfront pool and access to a beachside Sheraton Suites Key West puts you at the
properties and attend a private outdoor tea party. range of water activities. heart of island life. The deluxe amenities of the bou-
Your choices for accommodations in Key Largo are as Next, discover Marathon, one of the Keys’ most ma- tique-style oceanfront property Casa Marina, A Waldorf
varied as the leisure activities. Consider Key Largo Bay rine-centric spots, with world-class diving and snor- Astoria Resort, include the lush Spa al Mare and a pair
Marriott Beach Resort, with its verdant waterfront and keling amid reefs and shipwrecks. Consider staying in of tropical pools. The Reach, also A Waldorf Astoria
rejuvenating spa; Key Lime Sailing Club and Cottages, the intimate conch-style waterfront villas or cottages Resort, located on Key West’s only private beach just a
with its charming cottages and complimentary Catalina of the Coral Lagoon Resort & Marina, one of several short stroll from Duval Street, offers a vast array of wa-
sailboat usage; or Amy Slate’s Amoray Dive Resort, with KeysCaribbean luxury properties dotted throughout ter activities. The captivating private homes and cottag-
its guided excursions to superb dive sites in Key Largo. the Keys. es of Sunset Key Cottages, a Luxury Collection Resort,
Continue to Islamorada and charter a boat to capital- Heading south, don’t miss out on Big Pine Key and are located on a nearby secluded island.

The Wall Street Journal news organization

was not involved in the creation of this content. GO TO VISITFLORIDA.COM TO PLAN YOUR NEXT VACATION

What’s SUP?
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Stand-up paddleboarding is all the rage, especially here in The Florida Keys & Key West. Paddle just a short distance
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from shore and you’ll discover uninhabited islands and winding mangrove tunnels filled with marine and bird
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AD
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BIG PINE KEY & THE LOWER KEYS

Key Largo Cottages @ Key Lime Sailing Club
FREE: Kayaking, sailing, bicycles, fishing,
snorkeling, sunset sail, all FREE with cottage
rental. Award winning sailing classes
available. Cottages $175 night.
305-451-3438
keylimesailingclub.com
Amy Slate’s Amoray Dive Resort
Spectacular sunsets. Waterfront
accommodations steps from pool, beach,
kayaks & scuba/snorkel catamarans. 3/night,
2/dive packages from $345 ppdo. Rooms
from $119.
305-451-3595 or 800-426-6729
amoray.com
The Sheraton Suites Key West
Tropical relaxation located just steps away
from Smathers Beach. All-suite hotel,
watersports, lagoon-style pool, Jacuzzi,
and Coral Crab Café.
305-292-9800
sheratonkeywest.com
Sunset Key Cottages,
A Luxury Collection Resort
An exclusive tropical island sanctuary
of charming cottages, Latitudes beachfront
dining and unforgettable sunsets
await you, a boat ride away.
305-292-5300
sunsetkeycottages.com
KeysCaribbean Luxury Resort Villas
& Marinas
Special Rates! Affordable luxury
vacation villas – Key Largo to Key West.
1-4 bedroom, beautiful sunsets,
free Wi-Fi, docks, swimming pools.
305-853-5000
keyscaribbean.com

Amara Cay Resort
Craft your own adventure at Amara Cay,
a newly renovated, oceanfront, 110 room
resort in the heart of Islamorada.
877-783-2124 or 305-664-0073
amaracayresort.com
Key Largo Bay Marriott Beach Resort
Grab your flip flops and escape to paradise
featuring endless relaxation with blue skies,
fishing, diving and more!
855-410-3911
keylargobaymarriott.com
The Studios of Key West
Key West’s premiere arts center offers
concerts, residencies, exhibitions, and
classes. Learn about our annual visual arts
conference in March.
305-296-0458
tskw.org/currents-confluences/
Casa Marina, A Waldorf Astoria Resort
Situated on more than 1,100 feet of private
beachfront, our Key West landmark provides
an elegant yet simple hideaway for travelers.
305-293-3535
www.casamarinaresort.com
The Reach, A Waldorf Astoria Resort
Offering a boutique resort experience with
spectacular on-site amenities located on
a private beach, steps away from world-
famous Duval Street.
305-296-5000
www.reachresort.com
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D8 | Saturday/Sunday, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

Special
Special Advertising
Advertising Section
SpecialAdvertising Feature
Section

The
Palm Beaches
ENDLESS DISCOVERIES

I
n the mood for a winter break filled with
magnificent finds at every turn? You’ll do
well to book a flight to The Palm Beaches, a
collection of 38 cities and towns set along 47 miles
of prime Atlantic coastline in South Florida. From
a graceful ballet performance, to thrilling coast-
al views at a prestigious golf course, to a fantastic
meal at one of the region’s many first-rate restau-
rants and cafés, the only limitation you’ll find here
is the length of your stay.
This year will mark the 10th Annual Festival of the Arts BOCA.

After a day spent strolling the romantic espla-
nades and shopping the high-end boutiques of
Worth Avenue on the island of Palm Beach, head to
the nearby Kravis Center in West Palm Beach, home
of performances by the acclaimed Miami City Ballet,
for a presentation of Program Three (February 26–28),
featuring Justin Peck’s Year of the Rabbit, Paul Taylor’s
Sunset and George Balanchine’s Bourrée Fantasque.
For a broader taste of the Beaches’ thriving cultural
scene — you’ll find more than 200 cultural attractions
throughout the area — visit during the Festival of the
Arts BOCA (March 4-16), which brings together an
eclectic mix of talented jazz, opera and classical musi-
cians, along with award-winning authors and speakers,
in a series of performances at an outdoor amphitheater
in Boca Raton.
If your setting of choice is not the theater but the fair-
way, you’ll discover a bit of heaven here as well. Play a
round of golf with some of the most awe-inspiring vistas
in the country in Florida’s Golf Capital, home to more
than 160 courses, such as the extensively renovated
Red Reef Executive Golf Course in Boca Raton, featur-
ing unbeatable views of the Intracoastal Waterway and
the Atlantic, or Okeeheelee Golf Course in West Palm
Beach, with its 27 holes of championship play amid a
park-like setting and sublime views of Clear Lake.
Perhaps your muse is the ocean. Here you can in-
dulge in a full day of diving, snorkeling, sailing, fishing,
kayaking, jet skiing or any other fun activity that’s easily
accessible along the coast.
Or say you’re an enthusiast of the culinary arts, in
which case you’ll want to explore the Beaches’ vibrant
dining scene, which includes not just resort flagships
from internationally celebrated chefs, but also fine
local and eclectic spots packed into destinations like
Clematis Street in West Palm Beach, Atlantic Avenue
and Pineapple Grove in downtown Delray Beach, and
Harbourside Place in Jupiter.
No matter how you choose to fashion your vacation
in The Palm Beaches, you’ll find a wide range of lux-
ury accommodations. For the absolute latest in South
Florida luxury, book a stylish, comfortable room or
suite at Hilton West Palm Beach. This recently unveiled,
400-room downtown property across from City Place
shopping and dining and the Kravis Center for the
Performing Arts and is connected to the Palm Beach
County Convention Center via enclosed walkway.
Inside you’ll discover Manor, a farm-to-fork restaurant
featuring locally-sourced seasonal ingredients curated
by signature chef Matthew Byrne; dine al fresco by the
fire pit and enjoy a resort-style pool where you can re-
serve a private cabana and enjoy tropical cocktails.
For a timeless luxury experience, consider The
Breakers Palm Beach. Originally conceived by Henry M.
Flagler, the industrialist who founded Palm Beach itself,
The Breakers has re-imagined The Flagler Club, a new
ultra-luxury 25-room boutique hotel located amidst its
538 guestrooms. Or for sophistication with a playfully
modern twist, look to Eau Palm Beach Resort & Spa. This
chic oceanfront property offers Club-level rooms, which
include a personal concierge and access to the Eric
Villency-designed Club Lounge. And don’t forget to visit
the award-winning 42,000 square-foot Eau Spa.

GO TO VISITFLORIDA.COM TO PLAN YOUR NEXT VACATION

discover
blue skies
this winter.

Discover The Palm Beaches, The Official Tourism Marketing

Corporation for Palm Beach County | The Best Way to Experience Florida

An Irresistible Winter Escape

In addition to The Breakers’ lush beachfront and unparalleled amenities,
now enjoy over $30 million in recent enhancements, including the state-
of-the-art Ocean Fitness center, magnificent new Spa and ultra-luxurious
Flagler Club.
The Breakers Palm Beach
TheBreakers.com I 855.343.0207

Your #EauMoments Await

Create memories at the #1 Resort in Florida as awarded by readers of
Conde Nast Traveler and receive up to $600 in resort credits. Enjoy culinary
themed events, kids activities, a private beach, oceanfront pools and the
Forbes Five-Star Eau Spa.
Eau Palm Beach Resort & Spa
EauPalmBeach.com I 800.328.0170
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, January 9 - 10, 2016 | D9

Special
Special Advertising
Advertising Section
SpecialAdvertising Feature
Section

Miami Beach
MAGIC AFTER SUNSET

I
t’s a given that you head to Miami Beach
in winter to feel the radiance of that
elusive golden orb as you frolic on
sparkling sands, sail on Biscayne Bay
or luxuriate poolside at a fine resort. What you
might not know: This South Florida destination
shines just as brightly when the sun slips below
the horizon.
On an early Thursday evening in Miami Beach,
as dusk sets in and the building facades reach peak
loveliness, stop by the Art Deco Welcome Center to
begin an expert-guided architectural tour of the Art
Deco District. In addition to neon-lit gems, you’ll
encounter outstanding examples of Streamline
Moderne and Spanish-Mediterranean design.
During the 33rd Annual Miami International
Film Festival (March 4–13), catch a screening
at the dazzling Colony Theatre — one of several
Miami-area venues participating in the festival
— which has been restored inside and out to its
original 1930s grandeur.
Regardless of when you choose to visit, be sure
to discover the magnetism of the South Beach
nightlife scene. Yes, you’ll find the legendary,
nonstop parties and pulsating dance clubs. But
you’ll also come across a wide range of chic loung-
es, craft-cocktail establishments, award-winning
restaurants and more. Custom-tailor your South
Beach evening to suit your mood.
As a base for your getaway, look to the ocean-
front Nobu Hotel Eden Roc, The Miami Beach
Luxury Collection. Undergoing a multimillion-dol-
lar renovation, the resort later this year will unveil
within its footprint the Nobu Hotel, Eden Roc
Miami Beach, a luxury boutique property designed
by David Rockwell. Opening at Nobu Hotel Eden
Roc this spring is the beachfront Malibu Farm
restaurant, featuring fresh, locally sourced organ-
ic fare from California chef Helene Henderson.
Meanwhile, the signature Nobu Restaurant and
Bar is now open, serving chef Nobu Matsuhisa’s
much-lauded take on Japanese cuisine.

Sarasota County
BEAUTY IN MOTION

T
he nimble movements of skilled cir-
cus performers were largely brought
to the American public by the Ringling
family, who moved to Sarasota,
Florida in the early 1900s. Sarasota’s central role
in this high-flying art is fitting, because today the
entire region is defined by graceful motion, from
the waves of the Gulf of Mexico lapping against
pristine sands to the wave of the wand by Maestro
Victor DeRenzi at the Sarasota Opera.
During your Sarasota County winter getaway,
be sure to spend time at some of the area’s silken
Gulf Coast beaches. Sift through the sands with
your kids and you just might discover the treasure
of prehistoric sharks’ teeth, plentiful in this region.
Take a time out from the sun and sea by visiting
the John and Mable Ringling Museum of Art, wan-
dering its 31 galleries of antiquities, old masters
and contemporary works. While on the grounds,
view an impeccable replica, based on original
drawings, of the Walker Guest House, a striking
home built by famed mid-century modernist ar-
chitect Paul Rudolph.
Head down the coast to stroll the impeccably
kept boulevards of Venice for a variety of shop-
ping finds. Explore handcrafted works including
sculpture, glass, paintings, ceramics and jewelry
during the 15th Annual Downtown Venice Art
Classic (March 5–6).
And through March 12, enjoy the lively move-
ments of Mozart’s classic comic opera Così fan
tutte at the Sarasota Opera House, a gorgeously
restored space known for its excellent acoustics.
Once you’ve experienced all Sarasota County
has to offer, it’s time for one last motion: raising
a glass of estate-bottled wine before a memo-
rable dinner at Sarasota’s AAA Four Diamond
award-winning Michael’s on East, and vowing to
return as soon as possible.

GO TO VISITFLORIDA.COM TO PLAN YOUR NEXT VACATION

There is a threshold you cross here where you leave

the ephemeral reality of the rest of the world and enter
into a hideaway of timeless creativity. Eden Roc changes
your view from more than just a terrace.
EdenRocMiami.com

SOMETIMES, the most

indulgent luxury is time.

Find us on:
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, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

IT’S IMPOSSIBLE
T O B E A T C A N C E R.

A L O N E.

Julie Bowen
SU2C Ambassador

It takes all of us to beat cancer.

Doctors, researchers, volunteers,
and most importantly, people like
you. Join the movement to beat
cancer at StandUp2Cancer.org

Stand Up To Cancer is a program of the Entertainment Industry Foundation (EIF), a 501(c)(3) charitable organization.
Photo Credit: Randall Slavin
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.
BREAKFAST 2.0
Spread It
On Thicker
Avocado toast, that irresistible,
Instagrammable, possibly Australian
invention, is also highly adaptable
BY ELIZABETH G. DUNN
B
y now, you’re
probably famil-
iar with avo-
cado toast. Per-
haps you’ve
seen it listed on breakfast
menus, scrolling by on your
Instagram feed or peeking
out from the pages of the
latest best-selling clean-diet
cookbook—a glimmering
heap of mashed avocado,
flecked with salt and spices,
atop a plank of rustic bread.
Avocado toast is everywhere
you turn, and I don’t think
it’s an overstatement to
call it the emblematic food
of our times: snacky and
casual, all “good” fats and
whole grains. And, it has to
be said, absurdly delicious.
You might think
the dish sprang,
fully formed, from
the forehead of
Gwyneth Paltrow.
So vegan and virtuous—
not to mention photogenic—
is avocado toast that you
might think the dish sprang,
fully formed, from the fore-
head of Gwyneth Paltrow.
(The actress-turned-lifestyle
guru does have a recipe
for it in her 2013 cookbook,
“It’s All Good.”) In fact, many
consider the dish to have ori-
gins in Australia. There, over
the past 15 or so years, the
“avocado smash” has prolif-
erated as a menu staple of
the country’s flourishing café
culture. Today, Melbourne
and Sydney are lousy with
effortlessly chic little cafés
serving excellent coffee and
food that manages to be
healthy, approachable and el-
evated all at the same time.
“You have to remember
that Australia was founded
as a nation by convicts, so
we have this great tradition
of simply claiming things as
our own,” said the Austra-
A LITTLE SOMETHING SWEET
You won’t believe what roasting does for pineapple—not to mention a sprinkle of spice and a drizzle of boozy syrup
* * * *
lian chef and television per-
sonality Curtis Stone. “I’m
not sure whether avocado
toast is actually ours to
stake claim to, but we really
take it on.”
Mr. Stone’s favorite ver-
sion tops pumpernickel
or seven-grain bread with
chunky mashed avocado
mixed up with citrus juice
or Sherry vinegar and avo-
cado oil, sprinkled with sea
salt and chili flakes or duk-
kah—a spice blend that’s
Egyptian in origin but popu-
lar in Australia. He buys
his avocados firm and un-
ripe, before they’ve had
a chance to be squeezed to
smithereens by fellow shop-
pers, and allows them to
ripen on his countertop.
Once you’ve mastered
the basic avocado toast for-
mulation—which requires
little more than locating
a good source for avocados
and a nice, hefty artisan
bread—the sky is the limit
in terms of potential top-
pings and embellishments.
Sliced radishes are a com-
mon topper, as are poached
eggs and smoked salmon.
Crushed chili flakes can
be downgraded to freshly
ground black pepper for the
heat-averse, or traded up
for harissa or sriracha for
those craving extra punch.
Personally, if I’m going
to deviate from the no-frills
classic, I’ll gravitate to the
quirkier version made by
Franklin Becker, executive
chef and partner at the Little
Beet in New York City. Mr.
Becker tops his avocado with
mango and toasted coconut—
bedfellows not as unlikely
as they may sound. “Mango,
coconut and avocado are
all tropical fruit and they all
grow in a similar climate,”
said Mr. Becker. If it grows
together, it goes together,
as the saying goes, and the
acidity and brightness of
mango and the nutty, crisp
coconut certainly balance
out avocado’s unctuousness
in a glorious way. Then, of
course, there’s always Insta-
gram to consider; it all makes
for a pretty picture, too.
TOO GOOD TO BE FRUIT
EATING & DRINKING
G’DAY, MEAL
The classic, in the
antipodean style,
topped with
mashed avocado
and little else.
Classic Avocado Toast
TOTAL TIME: 10 minutes SERVES: 4
3 ripe Haas avocados, pitted
Juice of ½ lemon
1 tablespoon avocado oil
4 large slices hearty whole-grain or pumpernickel bread,
toasted
Crushed red pepper flakes
Maldon sea salt flakes
Freshly ground black pepper
1. Use a fork to coarsely
smash avocado so
some larger chunks
remain. Mix with
lemon juice and
avocado oil.
2. Liberally spread
avocado mash over
toast. Sprinkle with
red pepper flakes, salt
and black pepper to taste.
ROASTING FRUIT SO intensifies its
flavor that, paradoxically, it almost
tastes fake—like an idea of what the
fruit should taste like and rarely does.
Nowhere is this more evident than at
the London restaurant Dinner by Heston
Blumenthal at the Mandarin Oriental,
where pineapples roast on rotisseries,
destined to be served in thick slices
alongside puffy brioche “tipsy cake”
drenched in boozy syrup. As the fruit
turns, its exterior caramelizes, trapping
the juices within. Tempting though it
may be to install a pineapple rotisserie
in your kitchen, you’ll find 20 minutes in
the oven works wonders. I like to keep
roasted pineapple pieces in the fridge to
use as a topping for coconut yogurt or
sliced mango in the morning, or to eat
just as they are for an afternoon snack
while waiting for the coffee to brew.
A few flourishes make this recipe from
London-based, New Zealand-born chef
Miles Kirby an outstanding dessert. Even
the cooking of it is a pleasure. First
there’s the scent of Sichuan peppercorns:
complex and floral. Then the fruit itself
roasting, perfuming the house with trop-
ical sweetness. The rum syrup, more in-
tense, calls to mind an exotic hot toddy.
By the time you sit down to eat the pine-
apple—over coconut sorbet or ice cream
and drizzled liberally with the syrup—
you’ll be dizzy with anticipation. Fortu-
nately this dessert’s as quick to make
as any I know. —Aleksandra Crapanzano
Saturday/Sunday, January 9 - 10, 2016 | D11
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS; CORBIS (AVOCADO)
HELLO,
SUNSHINE
This tropical toast
combines avocado
with mango and
coconut.
Mango Coconut Avocado Toast
TOTAL TIME: 20 minutes SERVES: 4
2 ripe Haas avocados, pitted
Juice of ½ lemon, plus an additional squeeze
1 teaspoon finely chopped cilantro
1 tablespoon extra-virgin olive oil
Sea salt and freshly ground black pepper
¼ cup unsweetened coconut flakes
1 small mango, peeled, pitted and diced
1 tablespoon chopped mint
4 large slices 7-grain whole-wheat bread, toasted
1. In a bowl, smash one avo- 2-3 minutes. Combine with
cado to a chunky paste, then mango, mint, a squeeze of
mix with juice of ½ lemon, lemon juice and salt to taste.
cilantro, olive oil and salt and 3. Evenly distribute avocado
pepper to taste. Dice remain- over each slice of toast and
ing avocado and fold it into top with mango-coconut mix-
avocado-olive oil mixture. ture. Cut in half and serve.
2. In a small skillet over —Adapted from Franklin
low heat, toast coconut Becker of the Little Beet,
flakes until golden brown, New York
Roast Pineapple
With Lime-Rum Syrup Over
Coconut Ice Cream
TOTAL TIME: 30 minutes SERVES: 4
1 pineapple Juice of 1 lime, plus
¼ teaspoon ground zest of 2 limes
Sichuan pepper or 3 tablespoons Demerara
½ teaspoon Sichuan sugar
peppercorns, lightly 1 vanilla pod, split and
smashed seeds scraped out
½ cup plus 3 table- ½ cup dark rum
spoons granulated Coconut ice cream or
sugar sorbet, for serving
½ cup water, plus
LUCY SCHAEFFER FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY ED GALLAGHER
½ cup cold water
1. Preheat oven to 400 degrees. Cut off and discard
exterior of pineapple, as well as any remaining brown
spots. Core fruit; discard core. Cut fruit into one-inch
cubes. Place pineapple in a large mixing bowl.
2. Make Sichuan pepper syrup: Bring Sichuan pepper,
½ cup sugar, ½ cup water, lime juice and half of lime zest
to a simmer in a small saucepan over medium heat, stirring
to help sugar dissolve. Cook mixture until reduced a tiny
bit, 1-2 minutes. Let mixture steep, off heat, 5-10 minutes.
3. Pour Sichuan pepper syrup over pineapple chunks, toss-
ing gently to coat. Spread pineapple out in one layer on
a parchment-paper-lined rimmed baking sheet. Pour any
syrup remaining in bowl over pineapple. Roast pineapple in
oven, shaking pan occasionally, 20 minutes. Transfer pine-
apple and any accumulated juices back to bowl. Set aside.
4. Meanwhile, make lime-rum syrup: Bring ½ cup cold
water, remaining granulated sugar, Demerara sugar,
remaining lime zest and vanilla seeds, to a boil in a small
saucepan over low heat. Cook until sugar dissolves,
5 minutes. Remove from heat and set aside to cool to
room temperature. Once cooled, stir in rum.
5. To serve, place a scoop or two of coconut ice cream
or sorbet in a bowl, then top with roasted pineapple and
a drizzle of boozy syrup.
—Adapted from Miles Kirby of Caravan, London
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, January 9 - 10, 2016 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

ILLUSTRATION BY SIMONE NORONHA; ALEXANDER K SIMPSON (IGNEOUS SKI)

To Each His FLURRY OF EXCITEMENT // THREE SOURCES FOR CUSTOM-MADE SKIS

FOR GEEKY PRECISION FOR FORTITUDE FOR FLAIR

Own Custom Ski

A bespoke design can be tailored to
perfectly fit your body type—and style
BY BRIGID MANDER
WHETHER YOU’RE an expert skier or
spend most of your time warily negotiating
the bunny slopes, finding a pair of skis
that matches your build, athletic ability
and ski style is key to enjoying the sport.
That’s because, more so than with other
outdoor equipment—say, a bike—skis re-
spond very differently depending on who’s
using them. A pair that’s not suited to you
can make the sport more difficult and tir-
ing—and a lot less gratifying.
Unfortunately, retailers rarely take these
nuances into account. A salesperson will
often recommend the same mass-produced
skis for two people of the same height,
weight and skill level, even though one may
be much stronger than the other. And with-
out undergoing the time-consuming process
of testing various demo skis—which isn't
how most people envision spending their
limited vacation time—you can easily end
up purchasing a less-than-ideal pair.
One admittedly pricey solution to this
problem is a bespoke ski. Available from
a handful of independent ski makers, each
pair is designed precisely for your body
Wagner Custom Skis
Pete Wagner, a mechanical
engineer by trade and founder
of this Telluride, Colo.-based
company, relies on computing
power to help design each
pair of skis. Mr. Wagner
began in the golf industry,
making software to customize
and fit clubs. An avid skier
himself, he realized that this
type, style of turning, athletic ability and skill could be parlayed into
the snow and terrain you ski most often. success in the alpine realm,
Arranging to have such skis designed and so he created an algo-
often involves answering a questionnaire, rithm for the fitting process
talking on the phone with a builder and that he calls “Skier DNA.”
sometimes even hitting the slopes with The algorithm—which takes
him or her. A custom-made ski can cost into account height, weight
on average about double what you’d pay and ski preferences—is only
for a high-end, mass-produced version. a starting point, however. Mr.
Boutique ski companies, including cus- Wagner and his builders fine-
tom-ski makers, still make up a tiny tune each ski’s characteristics
segment of the market—only around 5% based on a consultation over
according to Kelly Davis, research director the phone or in person. “We’re
at SnowSports Industries America (SIA), like the nerds of the ski build-
a trade association. (The other 95% of the ing world, with computer
market is dominated by just 14 large codes and engineering, but
brands.) However, according to insiders, we also use old-world crafts-
these craft producers have an outsize manship,” said Mr. Wagner.
influence on the industry: Their creativity Despite the risk of investing
is what often drives innovation in skis in a one-of-a-kind ski that
and snowboards. “The craft ski and snow- can’t be tested in advance,
board markets are critical to the health of nearly all buyers have been
the industry because these brands explore happy with the product, Mr.
new territory…and pioneer new designs,” Wagner reports. “We have
said Ms. Davis. “Burton Snowboards, for a 100% guarantee,” he said.
example, was once a craft company.” “Last year we built over 1,200
Here, three respected made-to-measure skis, and we only got back
makers for downhillers who are ready to four pairs to be redone.” From
make the leap. $1,750, wagnerskis.com
Igneous Skis
Adam Sherman and Michael
Parris launched this Jackson,
Wyo.-based custom-ski-
and-snowboard maker two
decades ago when they
couldn’t find the type of ski
they wanted among the big
brands’ offerings: a tough,
durable model that would
hold up in powder and rocky
ground.
Today, the company’s fo-
cus is durability. It uses sin-
tered graphite bases, oversize
hardened steel edges, hard-
wood sidewalls and a sheet
of Kevlar to protect the base
of the ski from rock dam-
age—qualities that benefit
a very specific type of ag-
gressive skier tackling a very
specific type of terrain.
Igneous hand-selects and
mills much of its wood, includ-
ing hard maple and white ash.
Based on conversations with
the buyer and, when possible,
a run down the slopes to
observe the client’s skiing
style, Mr. Parris will then build
a ski with a flex pattern, stiff-
ness, length and width to sup-
port that skier’s strengths and
to help mitigate any weak-
nesses. By altering the con-
struction method and materi-
als used, Mr. Parris said, he
can calibrate the ski’s behavior.
From $1,600, igneousskis.com
Folsom
Some small custom-ski mak-
ers also sell ready-made mod-
els as a way to boost busi-
ness. Such is the approach of
Folsom Custom Skis, which is
based in Denver. “We have
a huge range of customers,
from the guy who has tried
everything and wants a fully
custom ski to the person who
just wants personal artwork,”
said Ryan Prentiss, the com-
pany’s chief of sales.
For the skier who may not
be ready to commit to a cus-
tomized ski but prefers some-
thing one-of-a-kind, Folsom
can tweak its ready-made
models. “If people are looking
for a cheaper build, we can
help them select the right ski
from our retail line…and then
we finish it with a custom
graphic of whatever they
want,” said Mr. Prentiss.
The majority of Folsom’s
business still comes from
custom-building skis to client
preferences, however, accord-
ing to Mr. Prentiss. The com-
pany’s website allows you
to begin the custom-ordering
process and specify each
aspect that can be tweaked,
from overall shape and weight
to tip and tail profiles, stiffness
and camber. From $850 for
semi-custom, $1,100 for cus-
tom, folsomskis.com

BEST IN SNOW From top:

Custom skis from Igneous
Skis, Folsom Custom Skis and
Wagner Custom Skis

WIN THE COLD WAR

A heated ski boot comes to the rescue of skiers with chilly feet

HOT TO TROT SKIING IS FUN—but for many
Salomon’s Quest aspiring downhillers, the sport
Access Custom would be even more fun if it
Heat ski boot didn’t require you to encase
your feet in cold boots all day.
Granted, there are workarounds
to cold-toe syndrome—like
stuffing your socks with warm-
ing packets or, for the more
dedicated, having separate
heated soles installed.
The French ski-equipment
maker Salomon, however,
has come up with a less
cumbersome solution: its
Quest Access Custom Heat,
a ski boot with an integrated
heated liner.
When creating the product,
the company set out to over-
come two problems that had
plagued integrated heated boot
liners that were made in the
past: poor battery life (good
luck getting a whole day
of heat on the slopes) and
underperforming circuitry
that failed to deliver consis-
tent heat.
Teaming up with the Aus-
trian electronics company
Therm-ic, a maker of heated
gloves, socks and insoles,
Salomon engineers figured out
a fix: embedding two slim bat-
tery packs in the boot’s liner
on either side of the calf. This
effectively insulates the batter-
ies, allowing them to hold
a longer charge. (Battery life
is rated from four to 18 hours,
depending on how cold it is
outside and how high you’ve
cranked the settings).
The company also opted to
run the heating elements only
above the toes, which it says
does a better job of keeping the
foot warm using less energy
than an element that goes
under the length of the sole,
the sort that’s commonly
found in aftermarket liners.
In our tests, the heating-
element design worked as
promised and kept our feet
comfortably warm. We also
found the controls, located at
the top of the boot, easy to
access on the slopes. The three
temperature settings allowed
us to hit that sweet spot of
cozy-but-not-sweaty.
The Quest Access Custom
Heat cost about $150 more
than the non-heated version of
the boot. That’s considerably
less than the price of an after-
market boot heater (which can
run upward of $250). $600,
salomon.com
—Brigid Mander
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, January 9 - 10, 2016 | D13

GEAR & GADGETS

JAGUAR LAND ROVER NORTH AMERICA

ITS NUMBER IS UP
The Td6 gets 32% better
fuel economy than its
gas-powered counterpart.

RUMBLE SEAT: DAN NEIL

Range Rover Td6: Keep Calm and Diesel On

THE UNSPOKEN WORD hanging
in the air over the 2016 Range
Rover Td6 and Range Rover Sport
Td6: still.
Range Rover, the luxury SUV im-
print of Jaguar Land Rover (JLR)
and currently a brimming fountain
of Yankee cash, is still following
through with its plan to offer die-
sel powertrains to the U.S. market.
This, despite the recent unpleas-
antness known as Dieselgate,
Volkswagen’s emissions-cheating
scandal.
Talk about climate change. Five
years ago diesel was the great
green hope, a conventionally han-
dled fuel with about 20% higher
fuel economy and lower CO2 emis-
sions. With low-sulfur fuel and
post-combustion urea-injection
Even before VW, there
were reasons to doubt
the prospects of diesel.
systems to reduce NOx (nitrogen
oxides), diesel light-duty vehicles
could pass even California’s strin-
gent tailpipe tests.
Today, thanks to VW, diesel’s
brand is in disgrace. Meet your
new spokesman: Jared.
The good people of JLR under-
stand the timing of their push is
less than optimal, but they note
heavy industry doesn’t turn on a
dime. They make the case, reason-
ably, that there remains a cadre
of unserved Jaguar and Land
Rover/Range Rover clients who
prefer the range, durability, ready
torque and efficiency of diesel.
We’ll see. Range Rover clients
can now order either truck with a
3.0-liter turbodiesel V6 (254 hp at
4,000 rpm and 440 pound-feet of
torque at 1,750 rpm). The optional
diesel will continue across the
JLR’s lineup, including the keenly
awaited Jaguar F-Pace crossover.
For them, the Td6 puts up some
pretty persuasive numbers.
Example: The Td6-powered Range
Rover gets 32% better fuel econ-
omy (EPA combined fuel economy
rating of 25 mpg) than its petrol
V6-powered twin.
I interviewed JLR’s hushed, oily
gyre under the hood of both Range
Rover and Range Rover Sport, on
and off-road, around Sedona, Ariz.,
and its next-generation transpar-
ency was remarkable. Not only
can’t you tell it’s a diesel; you can
hardly tell it’s on.
The throttle pickup is nearly
identical to JLR’s feisty super-
charged six’s. On the highway,
a warm warble soars from under
a stamped right foot, very like a
gasser, and nothing but serene
forward thrust.
Milled from compacted graphite
iron, the Td6 boasts a super-solid
construction (deep skirt, through-
bolted, load-bearing oil sump)
designed to attenuate diesel-y
noise and vibrations. The engine
is carried by fancy dual-isolating
mounts.
To outwit diesel’s famous knock,
the Td6’s injection cycle comprises
multiple injection events, with fuel
spritzes timed to interfere with
the initial detonation’s pressure
wave. Other emoluments include
acoustic windscreen glass and
noise-dampening firewall design.
These exertions are necessary
primarily due to the vehicle’s stan-
dard start-stop function. Start-stop
is demanding for diesel engines,
because it is that first half-second
that sees the big spike in transient
rocking, when a heavy crank gets
spun up against all that compres- luxury vehicle. That, as any engineer can tell
sion. Third, which I believe is the nail you, is a vastly more stringent
Taming this shuddering has left in the coffin: Increased scrutiny by standard, and a game changer.
the Td6 RR an overstuffed, deeply European regulators, who have for VW’s diesels (Audi and Porsche are
hushed product otherwise. When years waved past auto makers’ now also implicated) couldn’t pass
the engine lights again, you feel less-than-clinical test results. such standards as there are with-
the barest frisson through the alu- It would be hard to overstate out weaseling, allegedly.
minum-intensive frame, and hear European indignation over Diesel- As of September 2014, the Euro
the faintest thrum, as if you were gate and the gaming of emissions 6 rules for light-duty passenger
in the wheelhouse of a tugboat and tests by auto makers generally. cars include a NOx standard of
somebody on the fantail started In response, the EU Parliament .08 milligram per kilometer.
using an electric razor. is hammering out new Real Mind you: It’s not that auto
It’s all pretty marvelous. Driving Emissions (RDE) makers cannot technically make
So let’s call this application of requirements, whose purpose is any number the regulators put
Rudolf Diesel’s principles what self-explanatory: to take the up. It’s only doubtful they can do
it is: the technical high point of self-reporting and bench biases it in a way that doesn’t cost them
compression-ignition in passenger out of emissions tests. money.
cars, the beginning of sunset.
Even before VW’s betrayal,
there were good reasons to doubt
the long-term prospects of diesel
fuel in the American passenger-car
fleet, now lingering at about 3%
penetration. First, in an age of his-
torically low gasoline prices, diesel
fuel prices have trended stub-
bornly high, an artifact of limited
refining capacity and demand from
the commercial-trucking sector in
a growing economy.
Nationally in January, a gallon
of on-highway diesel averaged
$2.21 compared with gasoline’s
$2.03, according to the U.S. Energy
Information Administration
(eia.gov). Taxes on gasoline and
diesel average about the same: 2016 RANGE ROVER HSE TD6
22%. The price difference just
doesn’t want to go away.
Second, diesel powertrains Base price: $87,445 Length/weight: 191.2 inches/4,709
come with a price premium, due Price, as tested: $103,925 pounds (est)
primarily to the aforementioned (HSE trim) Wheelbase: 115.1 inches
50-state legal emissions controls, Powertrain: Turbodiesel 0-60 mph: 7.4 seconds
including exhaust treatment with direct-injection 3.0-liter V6; EPA fuel economy: 22/28/25 mpg,
Diesel Emission Fluid (DEF). How- eight-speed automatic transmission; city/highway/combined
ever, in the case of these two new full-time four-wheel drive with Cargo capacity: 27.7 cubic feet
Range Rovers, the price difference low-speed transfer case. behind row two, 62.1 cubic feet
between gas and V6 turbodiesel Horsepower/torque: 254 hp at behind row one
version ($1,500) is painlessly ab- 4,000 rpm/440 lb-ft at 1,750 rpm
sorbed into the overall cost of the

THE FIXER: MICHAEL HSU

An Affordable Cure for the

Lost-Remote-Control Blues
Q Remote controls have a way of disappearing
in our family. What’s an alternative to spending
a fortune replacing them?
like the ability to execute macros and to copy specific
keys from your current remotes.
Setting up a universal remote is simple but can be
a bit tedious: You start by consulting the manual for a

A If your television or Blu-ray player is Wi-Fi

enabled, its manufacturer has probably released
an app that will let you use your smartphone as a
remote control. (Lose the phone in the sofa? Just
call your number to locate it.) Most streaming media
players, including the Apple TV, Roku and Amazon
Fire TV, can be controlled via an app, too.
For basic A/V gear, a simple universal remote
control should do the trick. RCA’s RCRPS04GR ($20)
is a reasonably priced but full-featured model.
It can commandeer up to four devices, including
table of numerical codes for various manufacturers’
products. For example, you’ll see two codes listed for
a Sony TV—10810 and 11300. Enter the first number
into the remote and press the power button. If your
TV responds, you’re done. If not, proceed to the next
code. Dennis Rosiak, senior product manager for RCA’s
remote controls, suggests trying each code in the order
shown, as the most common codes are listed first.
(In testing various remotes from RCA and GE, I found
they all worked with my equipment on the first try.)
By the way, universal remotes are compatible with
KIERSTEN ESSENPREIS

TVs, DVD players, cable boxes, receivers and many
streaming-media players. (If your existing remote
requires direct line-of-sight to the device to work,
chances are a universal remote can replace it.)
The RCRPS04GR also supports advanced features,
a majority of older devices, too, like that VCR you’ve
unearthed along with a box of long-lost home videos.
Have a lifestyle problem that a gadget might solve?
E-mail us: thefixer@wsj.com
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D14 | Saturday/Sunday, January 9 - 10, 2016
Bolivia’s remote Salar de Uyuni salt flat is an unlikely, unnerving—and unforgettable—spot for a family vacation
BY HILARY MACGREGOR
WE WERE HURTLING toward the
edge of Bolivia’s Salar de Uyuni
salt flat in a Toyota Land Cruiser
as the sun was sinking, turning the
world from pink to lavender, to
a deep, cobalt blue. Our driver was
picking up speed, and I could hear
the whoosh of the salt crystals
spewing out behind us.
The radio crackled an announce-
ment: Another 4X4 had fallen
through the crust near the edge of
the flat, where the 4-foot layer of
salt grows thin. Its rear tires were
stuck in the mud. We sped to the
scene, where our guide and driver
jumped out to help push. Tempera-
tures were falling fast and we were
in the middle of nowhere.
I shot my husband, Jonathan,
a look: Were we crazy to bring our
boys, Theo, 12, and Benji, 10, here?
To put them at risk for the sake
of beauty and a thrill?
“The cavalry ain’t coming,”
Jonathan said. “If another jeep
gets stuck, or we do, there’s no
way out of here.”
We were eight weeks into a
10-week South American odyssey.
Before we left Los Angeles, every-
one we turned to for advice told
us we had to see Salar de Uyuni.
There’s nothing else like it in the
world, they promised.
Located in the southwest corner
of Bolivia, near the remote and
wild borderlands of Argentina and
Chile, Salar de Uyuni is a desert on
top of the world—more than 7,000
square miles of blinding white salt
12,000 feet above sea level. It is
the largest salt flat on earth, an
ancient dried-out lake bed in the
southern Altiplano, or high plains,
THE LOWDOWN // EXPLOR-
ING SALAR DE UYUNI
BRAZIL
LA PAZ
BOLIVIA
PARAGUAY
NATION
NAL
CHILE
ARGENTINA 200 KM
200 MI
Getting There: Amaszonas airlines
offers daily flights between La Paz
and Uyuni.
Touring There: Red Planet Expedi-
tion offers a three-day, two-night
tour of the Southwest Circuit (about
$190 per person, redplanetexpedi-
tion.com).
ADVENTURE & TRAVEL
Going Flat-Out
region, where the Andes are at
their widest.
Jonathan and I knew it could be
dangerous and had been told about
reckless and drunken tour-vehicle
drivers. “At least 21 people, includ-
ing 17 tourists, have been killed
in jeep accidents on the Salar de
Uyuni salt plains since 2008,” our
Lonely Planet Bolivia guidebook
warned. But the allure of the place
outweighed any trepidation we felt
about going.
In La Paz, I booked a three-day
trip with Red Planet Expedition
that starts at the salar and con-
tinues higher into the mountains,
ending at a nature preserve.
After a short flight from La Paz,
we landed in the town of Uyuni
at sunrise. It was desolate and
bone-cold, with a bitter wind blow-
ing. The town doesn’t make a very
good first impression: Dusty, dry
and grim, it has a frontier feel, un-
derscored by a cemetery of junked
19th-century railcars.
We headed to the Red Planet
Expedition office, where our guide
soon arrived and took charge.
The endless white
burned my eyes, yet I
couldn’t look away.
“One bag, people, one bag!”
Gonzalo Alcerreca shouted. “Leave
everything else behind. This is
camping, people. Indoor camping!”
Born in Bolivia and raised in the
U.S., Mr. Alcerreca had missing
teeth, wild hair and a wide, conta-
gious smile.
We climbed into our Land
Cruiser and took off into the salar.
The low, jagged silhouette of the
Bolivian Andes floated on the hori-
zon like a hallucination. The ground
had dried into a pattern of polygons
that looked like tiles laid by the
gods, each big enough to curl up in.
We were surrounded by a whiteness
as vast as a frozen ocean.
“Can I eat it?” Benji asked, put-
ting his hand on the cold, hard, salt
after we’d climbed out of the 4x4 to
take photos.
“No. No. It must be processed!”
Mr. Alcerreca said.
The endless white burned my
eyes, yet I couldn’t look away.
Dizzy from the altitude, everything
felt brighter, sharper and slightly
unreal.
About 50 miles into the salar,
the hilly, cactus-covered outcrop-
ping called Isla Incahuas rose out
of the salt. When I saw a visca-
cha—a weird rodent with a rabbit
body and a squirrel tail—I thought
my mind was playing tricks on me.
We spent 15 minutes hiking a trail
to the top of the outcrop, where
we sat in a silence so profound
I thought I could hear the earth
breathe.
After driving until dusk, we
spent a frigid night in a hotel on
the edge of the salar, where the
walls, the tables, the chairs, even
the beds were made of salt.
“This is just so cool,” Jonathan
said, as he lifted the mattress on
our bed to look at the platform
of salt beneath.
The next morning we headed
out before sunrise, leaving the salt
flat and bouncing violently along
a rutted road, grateful for seat
belts. The salar now behind us, we
would spend the next two days
moving through remote wilderness.
We drove all day, past abandoned
railroad tracks and rivers of ice and
through fields of red, white and
black quinoa. Our guide told us that
the isolated towns in the area were
climbing out of poverty as health-
conscious westerners fuel demand
for the protein-rich grain.
The wildlife grew more diverse
as the road climbed higher toward
snowy volcanic peaks and fields
of lava. Wild ostriches sprinted at
amazing speed alongside our vehi-
cle. We stopped to run after llamas
in a huge field and saw an Andean
fox and a flock of wild parrots.
The only vegetation was a plant
called the yareta that looks like
a freakishly big, boulder-size piece
of green coral.
In the shadow of snow-capped
volcanoes, I hiked away from ev-
eryone and stood in the nothing-
ness. I felt tiny and the world
around me felt huge. It was as if
the landscape cracked something
open inside me that poured out
peace and gratitude and giddiness.
* ***
It made Yosemite, Yellowstone and
Joshua Tree feel like theme parks.
After more than 9 hours of driv-
ing and exploring, we felt as if we
were crossing a marathon’s finish
line when we finally reached the
Reserva Nacional de Fauna Andina
Eduardo Avaroa, a 2,700-square-
mile protected area. Inside the
reserve, we stopped at the broad,
shallow, mineral-red Laguna Colo-
rado, which was half-covered with
ice and filled with flamingos that
took flight in groups, showing off
their dramatic black underwings
as they rode the wind.
When we were all back in the
4X4, our driver, Pedro Caral, left
the dirt road completely, tearing
across the open, treeless wilder-
ness. He was chewing madly on
coca leaves, the all-purpose Boliv-
ian pick-me-up. I looked over at
my husband, jostling violently in
the jeep, wondering, as I did often
that day: Is this safe?
Near dusk we came to a lagoon
at nearly 13,000 feet. Mr. Alcerreca
had warned us at the outset that
THE WALL STREET JOURNAL.
PRETTY IN PINK
Flamingos gather at
Avaroa National Reserve.
FROM TOP: ALAMY; GETTY IMAGES; HILARY MACGREGOR; MAP BY JASON LEE
UPPER CRUST Above: The salt
crystals of Salar de Uyuni dry into
polygonal shapes that resemble
a vast expanse of tiles. Left: A hot
spring provides welcome warmth
in the icy mountain air.
this night would be our coldest and
most primitive. Our crude lodging
of cinder block and stone had no
electricity or heat. The inside was
colder than the outside; the walls
felt like ice. There’s no way out,
I thought to myself.
I asked my older son if he was
frightened.
“No,” he said. “It’s too amazing
to think about being scared.”
That night, Mr. Alcerreca, wear-
ing a tiny swimsuit, led us to a hot
spring on the edge of the lagoon.
It was ringed by stones and had a
soft, sandy bottom. We slipped in
and stared up at the moon and the
stars. It was quiet, still and won-
derfully warm. Our stiff, frozen,
jeep-jostled bodies softened in the
heat, our bones dissolved into jelly.
We soaked until we were shriveled
and dizzy.
The next day we set out for
the long ride home. We had sur-
vived one of the great adventures
of our lives.
On the way back, Mr. Alcerreca
told us that Salar de Uyuni is
changing fast. With more travelers
comes more development. Already
the government is working to put
in more infrastructure.
“It used to be just hippies who
came here. People who didn’t mind
sleeping in their cars, camping, go-
ing to the bathroom outside,” Mr.
Alcerreca said wistfully, clearly un-
impressed by my family’s intrepid-
ness. “Gypsies we used to call
them. They were real explorers.”
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, January 9 - 10, 2016 | D15

ADVENTURE & TRAVEL

THE PASTRAMI COMEBACK
2nd Ave. Deli
A legendary kosher eatery for
50 years, the 2nd Ave. Deli
closed in 2006, a decade after
the death of its beloved owner,
Abe Lebewohl. His two young
nephews reopened the business
a year or so later on East 33rd
St. and then opened another on
First Avenue, nearly exact repli-
cas of each other, with the
same retro-style tile floors and
Yiddish Theater posters on the
walls, and the same slew of
T-shirts, cookbooks and mail-
order chicken soup for sale. But
plenty of the old soul remains,
including a few menu items
that might be classified as
shtetl-inspired cuisine, such
as ptcha, or jellied calves feet.
And they still serve a mean
pastrami sandwich, with thin,
buttery folds of dark-red meat
(it’s smoked and cured by A to
Z Kosher Meat Products, and
made from the well-marbled
navel end). It comes with
a generous plate of pickles and
my favorite kind of coleslaw
(crispy, not too sweet), and
rarest of all, an exceptionally
friendly waitstaff ($20, 162 East
33rd Street, 1442 First Avenue;
2ndavedeli.com).

IN SEARCH OF

Pastrami Glories
A guide to the best and juiciest pastrami sandwiches in
New York, the city that invented the deli classic

ing else, most likely originated in one of

BY DEBORAH DUNN
THE NEWS LAST SPRING that New York’s
famed Carnegie Deli would be shuttered in-
definitely came as a blow to fans of the
mile-high pastrami sandwich.
But there’s reason to take heart: “You can
still get amazing pastrami in this town,” said
Ed Levine, founder of SeriousEats.com and
a noted cured-meat connoisseur. “It just
might not be in the usual places,” he said,
citing Gramercy Tavern and Dickson’s
Farmstand Meats, an organic butcher shop,
as two spots that turn out fine variations
of the old classic.
I grew up in Los Angeles, in a family
where kosher meat platters accompanied
most major milestones (when someone died
in my family, the first call was to the rabbi;
the second was to the caterer). So I had
plenty of exposure to the curiosities of the
Jewish meat counter. But pastrami, consid-
ered the filet mignon of the deli world,
rarely crossed our table. I had my pastrami
conversion relatively late in life, after mov-
ing to Manhattan in my 20s and finding my
way to the original 2nd Ave. Deli, in the East
Village. After my first pastrami sandwich
there—two thin slices of caraway-studded
rye bread stuffed with silky red ribbons of
fragrant cured beef—I never looked back.
‘You get all those flavorful
nooks and crannies and no
gristle when it’s cut by hand.’
According to David Sax, author of “Save
the Deli,” pastrami is not actually a food but
a cooking technique brought to New York in
the late 1800s by Romanian Jews who prob-
ably inherited it centuries earlier from the
Turks. The idea was to take whatever meat
or fowl was readily available, press it with
the hundreds of kosher delicatessens that
sprang up in New York City at the turn of
the last century.
“The standard deli sandwich hasn’t
changed much in a hundred years,” said Will
Horowitz, co-owner of Harry & Ida’s Meat
and Supply Co., a new delicatessen in the
East Village. (Mr. Horowitz’s father is a car-
diologist. Go figure.) “Except that everything
used to be handmade. Now we’re one of the
few places who do it all ourselves.”
Other deli owners confirmed that much
of the pastrami sold in New York eateries
comes precooked from either Hebrew
National (owned by Omaha’s ConAgra) or
A to Z Kosher Meat Products in Brooklyn.
A rare few pastrami purveyors—including
Harry & Ida’s, Dickson’s, Pastrami Queen
and Katz’s Delicatessen—still make the
pastrami they sell.
“Cooking pastrami is one of the more
complex processes in the kitchen,” said
Michael Anthony, the executive chef at
Gramercy Tavern, who also serves his
own made-from-scratch pastrami, but
only a few times a year. “I’m a little infat-
uated with pastrami,” Mr. Anthony admit-
ted, “and the nostalgia the taste evokes.
New York’s delis and the food they pro-
duced were the foundation of America’s
food culture.”
As for what makes a perfect pastrami
sandwich, opinions vary but ever so
slightly—some prefer their meat sliced thin
so that the peppery trim has a nice crunch;
others like it cut thick, which better traps
the juices. The aficionados are all ardent
supporters of hand-slicing over mechanical
meat slicers, “You get all those flavorful
nooks and crannies and none of the gristle
when it’s cut by hand,” said Mr. Levine.
Many insist on a rye bread, seeded or
unseeded with a nice crunchy crust, but the
more adventurous are willing to mix it up
with, say, a French roll (see Harry & Ida’s,
below). But there are a few non-negotiables.
No mayo. Ever. “And the flavor of the meat
THE LEGENDARY PASTRAMI
Katz’s Delicatessen
One of the last relics of Jewish immigrant culture on the Lower East Side, the 128-year-old Katz’s
now shares the neighborhood with fashionable hotels and pricey boutiques but is still a major tourist
magnet in its own right. Locals and out-of-towners alike shuffle through the cafeteria-like lines in
the massive wood-paneled dining room, plastered with celebrity photos and thank-you letters and
old signs (one for the deli’s World War II promotional campaign, “Send a Salami to Your Boy in the
Army,” dangles from the ceiling). It’d be easy to write Katz’s off as past its prime, but it has legions
of loyal fans. “It’s still my go-to deli in New York,” said James Beard Award-winning food writer
David Sax. It’s also one of the few delis in town that still hand-cuts the pastrami (the cutters them-
selves, many from the neighborhood, are part of the charm). The pastrami sandwich itself—despite
all the hype—can be hit or miss, especially when the place is busy. On a recent visit, the meat was
too lean and the bread crumbled in my hand, but the side of matzo ball soup, heaven in a bowl,
atoned for all sins ($20, 205 East Houston Street, katzsdelicatessen.com).
THE CHEESY PASTRAMI
Dickson’s Farmstand
Meats
This sliver of a gourmet butcher
shop in the middle of Chelsea Mar-
ket has just a few stools at the
counter. Its very unconventional in-
terpretation of the pastrami classic
scores points for sheer novelty and
quality control. The organic beef
(sourced from pasture-raised New
York state cows) is cured, smoked
and extremely well seasoned in-
house (the Dickson crew rubs the
spices into the meat and then rolls
it tightly before smoking and steam-
ing). The bread is whole-wheat
multi grain, the mustard is paired
with apricot-celery chutney and the
CLOCKWISE FROM TOP: STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL (4); ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL

salt, flavor it with copious amounts of
spices, then smoke and steam it to tender
perfection. The technique is like a hammam
for your favorite protein.
Most culinary historians agree that pas-
trami on rye, the classic combo of sliced
hot pastrami, lightly seeded rye bread,
spicy brown mustard and absolutely noth-
needs to strike a good balance between surprise guest star is a slab of
sweet and spicy and smoky—but not too sharp cheddar. I prefer mine without
smoky,” said Mr. Sax, adding, perhaps most the cheese—it seemed too rich to
importantly, “There should be good moisture pair with the salty meat—but the
content and marbling. It needs a good apricot chutney is a stroke of
amount of fat running through it.” genius. Go early: The pastrami sells
Mr. Levine couldn’t agree more: “A lean out quickly ($9, Chelsea Market, 75
pastrami sandwich is pastrami blasphemy.” Ninth Ave., dicksonsfarmstand.com).

THE COOL KID’S PASTRAMI
Harry & Ida’s Meat
and Supply Co.
If Hogwart’s Apothecary smoked its
own pastrami (and chicken and eels)
it might look a lot like this pint-size
sandwich shop and wacky artisanal
grocery in the East Village, where
oversize wooden cupboards are
stocked with a curious assortment
of pigs ears, rock candy and bags of
mushrooms and herbs foraged in the
wilds of Long Island. Opened last
June by the young siblings Julie and
Will Horowitz and their chef-partner
Jonathan Botta (the team behind the
equally inventive Duck’s Eatery
nearby), Harry & Ida’s draws inspiration from
traditional New York delis and southern barbe-
cue, then builds on both. Their pastrami, made
from the brisket’s fatty top point (sometimes
called the deckle, which pastrami snobs swear
by), is smoked for about 10 hours over planks
of oak and maple, then cut thickly by hand and
served in a Po-boy-style roll with buttermilk-fer-
mented cucumbers and an anchovy-and-lemon
infused mustard. It may sound overly fussy, but
the meat was so rich and tender and the top-
pings so tangy that the combo made it my
hands-down favorite ($17.50, 189 Avenue A,
meatandsupplyco.com).
THE UNDERRATED PASTRAMI
Pastrami Queen
This tiny, bare-bones Upper East Side
kosher deli, with a handful of metal
tables and bustling takeout counter, has
a devoted following who come for pas-
trami made on site following, according
to manager Jack Turner, an “age-old
recipe.” One of its fans is Micah Wexler,
owner of Wexler’s Deli in Downtown
Los Angeles. “Pastrami Queen is very
underappreciated,” said Mr. Wexler, who,
coincidentally, is often referred to as
Los Angeles’s new pastrami king. “They
turn out a very good sandwich.”
Agreed. But as much as I enjoyed the
refreshingly modest portions and
slightly sour seeded rye bread, I craved
a little more salt and pepper and a little
more attention from the harried staff.
Neither were deal breakers in the end.
I grabbed a delivery menu on my way
out the door. ($16, 1125 Lexington
Avenue, pastramiqueen.com).
THE OLD-SCHOOL PASTRAMI
Ben’s Best
Run by the affable Jay Parker for the last 30 years and
by his father for 40 years before that, Ben’s Best has all
the trappings of a traditional kosher delicatessen, including
the fluorescent lighting and ceramic bowls of sour pickles
on the tables. Mr. Parker is also a traditionalist when it
comes to his pastrami, using a decades-old formula.
“When all the stars
align,” said Mr. Parker,
“the pastrami becomes
so soft that it’s like cot-
ton candy. It just melts
in your mouth.” Even
when the stars don’t
quite align, Mr. Parker’s
pastrami is well worth
the trip, especially when
paired with his home-
made french fries and
Dr. Brown’s Cel-Ray
Soda. ($14, 96-40
Queen’s Boulevard,
bensbest.com).
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D16 | Saturday/Sunday, January 9 - 10, 2016
TRAVELERS TALE: COLUMNIST RALPH GARDNER JR. ON MAKING THE TRANSITION FROM LEADING TO BEING LED
The Rewards of Letting Kids Call the Shots
WITHIN AN HOUR or so of arriv-
ing in Cape Town, I was sitting
with my wife and daughter Gracie
on the sweeping lawn of Leeuwen-
hof, the provincial Premier’s offi-
cial residence, enjoying the view
of Table Mountain. I was also en-
joying my first plate of bobotie—
a South African dish of spiced
minced meat topped with custard.
Gracie, who insisted I try the
dish, was spending a junior semes-
ter abroad at the University of Cape
Town. She’d taken us to the busy
Oranjezicht farmers market, held
on Leeuwenhof’s grounds. My wife,
Debbie, and I picked up some free-
range eggs, honey and an exuber-
antly large head of lettuce to take
back to our rental house, which
Gracie had found for us in Constan-
tia, a suburb that reminded us of
Santa Monica, simultaneously well-
groomed and steeped in nature.
Your child’s junior semester
abroad is the perfect excuse to take
a vacation, ostensibly to check out
her living conditions in whatever
exotic locale she’s chosen to further
her education. But the experience
involves a role reversal that I didn’t
anticipate: After a lifetime of my
wife and I making the plans and
calling the shots, suddenly our
daughter was in charge.
It doesn’t seem that long ago
that we were carrying Gracie on
our backs up the Swiss Alps.
(She’d shown less interest than
her older sister Lucy in the souve-
nir pins we awarded the kids at
the end of our hikes as incentive
to keep them walking uphill.)
We first experienced the tour-
guide phase in our children’s evo-
lution a few years ago, when we’d
visited Lucy in Rome during her ju-
nior year abroad. Her Italian didn’t
noticeably improve over the course
of her time in the Eternal City, but
her mother and I do give her credit
for introducing us to two of
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Among the highlights of our trip
to Cape Town was lunch at the Test
Kitchen, an award-winning restau-
rant where, Gracie informed us, one
typically has to wait weeks and
sometimes months for a reserva-
tion. I didn’t inquire too deeply into
what strings she’d pulled to bump
us to the front of the line, but
I was almost as impressed by her
resourcefulness as by the quality
of chef Luke Dale-Roberts’ cuisine.
That’s another vacation devel-
opment for which our children are
largely responsible: When Debbie
and I were in charge, the family’s
happiness didn’t turn on whether
we ate at the best, or merely the
second best, sandwich shop in
town. Now, thanks to kids who are
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card-carrying foodies armed with
the latest restaurant apps, we of-
ten find ourselves at cutting-edge
eateries waiting for our names to
be called because these establish-
ments, in some misguided attempt
at egalitarianism, don’t take reser-
vations (several in Portland,
Maine, which we visited last sum-
mer, come to mind).
Of course, there are still situa-
tions where parental authority
must be asserted. While we’ve
developed substantial confidence
in our children’s ability to set our
itinerary (not to mention employ
GPS to get us to the destinations
in question), Debbie and I are
less sanguine about their driving
skills in foreign lands. No matter
how hard they plead. In South
Africa, for example, where the
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driver’s seat is on the right-hand
side of the car, I demanded the
steering wheel.
I suppose I’m being overpro-
tective (especially considering
the appalling risks I took at their
age, about which my own parents
were totally in the dark). But
that’s the price our children pay
for being part of a generation
that’s never further away than
their computers or cellphones:
When we showed up at Gracie’s
doorstep, we felt as if we’d
been there before because she’d
already given us the royal tour
of her dorm room on FaceTime.
As much as Debbie and I en-
joyed the meals in Cape Town and
the tourist sites Gracie took us
to see, the most gratifying aspect
of the trip was seeing that our
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daughter was getting a great edu-
cation half a world away.
For me, the trip’s most moving
moment came when I sat with her
in her South African Black Poetry
class at the University of Cape
Town, where students who were
born after apartheid worked their
way through its legacy.
Your child’s semester
abroad is the perfect
excuse to take a vacation,
ostensibly to check out
her living conditions.
That class was also where Gra-
cie’s autonomy really hit home:
Her self-confident participation
and the difficult questions the
class confronted suggested her
understanding of South Africa
was more than skin deep. The life
she’d made for herself in Cape
Town—developing a circle of
friends, negotiating the city and
volunteering at a local organic
farm—was wholly her own.
From Cape Town we headed
to Botswana for a family safari.
I thought that traditional familial
roles would be re-established
there, but each of us, including
Gracie, happily deferred to our
tour guides, especially with leop-
ards and elephants and other wild
animals in the vicinity.
The truth is, I’m growing in-
creasingly comfortable relinquish-
ing authority to my kids. I’d for-
gotten how relaxing not having to
be in charge all the time can be.
Ralph Gardner Jr. writes the
Urban Gardner column for
The Wall Street Journal’s Greater
New York section.