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 SECRETS OF
Resilience
VOL. CCLXX NO. 113
What’s
News
World-Wide
rump delivered his vi-
T sion for U.S. economic
ties with Asia built on bilat-
eral trade deals in a speech
to business leaders at the
APEC forum in Vietnam. A1
 Mueller is investigating
Flynn’s alleged role in a plan
to kidnap a Muslim cleric
living in the U.S. and deliver
him to Turkey in return
for millions of dollars. A1
 The Saudi crackdown on
corruption and wave of ar-
rests signal that power is be-
ing consolidated within one
branch of the royal family. A6
 The CEO of a data firm
hired by Trump’s campaign
said he contacted WikiLeaks
in June 2016 in a bid to get
Clinton-related emails. A4
 A GOP political battle
between McConnell and
Bannon has been reignited
by sexual-misconduct alle-
gations against Moore. A4
 Treasury chief Mnuchin
said he expects the House
and Senate to agree by year-
end on a compromise tax bill
that Trump could sign. A4
 Universities are fighting
a Republican plan to tax pri-
vate-college endowments
and other proposals that
would hit their finances. A3
Business & Finance
 Hasbro has made a
takeover offer for rival
Mattel, a deal that would
unite the country’s two
biggest toy makers. A1
 GE’s new CEO is ex-
pected to reveal his strat-
egy Monday, with analysts
and investors bracing for a
potential dividend cut. B1
 Trump administration
feelings about CNN could be
influencing the Time War-
ner-AT&T deal, people at
the companies speculate. B1
 The Dow fell 39.73 points
to 23422.21 for its first
weekly decline since Sep-
tember, on concern over the
status of a tax overhaul. B12
 Media companies are
cutting ties with comedian
Louis C.K. after he admitted
to sexual misconduct. B4
 HSBC was used by the
Guptas for transfers through
firms tied to suspected kick-
backs, documents show. B10
 Uber must give its U.K.
drivers employee rights, an
appeals tribunal ruled. B3
 China’s Bytedance is
buying app maker Musi-
cal.ly for up to $1 billion. B4
 Altice’s founder is re-
turning as president of the
telecom and cable firm. B3
Inside
NOONAN A13
Will Virginia
Teach Trump
Fans a Lesson?
CONTENTS
Books.................... C5-10
Business News..... B3
Food......................... D4-5
Heard on Street...B12
Obituaries................. A8
Opinion............... A11-13
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
The New
Anti-Aging
Buzzwords
REVIEW OFF DUTY
* * * * * * * * WEEKEND HHHH $5.00
SATURDAY/SUNDAY, NOVEMBER 11 - 12, 2017 WSJ.com
Across the U.S., a Day to Honor Those Who Have Served Hasbro
Sets Its
Sights on
Mattel
BY DANA MATTIOLI
Hasbro Inc. has made a take-
over offer for rival Mattel Inc.,
according to people familiar
with the matter, a combination
that would unite the two big-
gest U.S. toy makers and put
Barbie and G.I. Joe under the
same roof.
Hasbro’s approach to Mattel
was made recently, one of the
people said. The terms of any
possible deal couldn’t be
learned, and the approach may
KEVIN LAMARQUE/REUTERS
go nowhere.
After taking a beating this
year, Mattel’s market value
stands at about $5 billion, or
less than half as much as Has-
bro’s, which is currently more
than $11 billion. Hasbro, which
REMEMBRANCE: Army Sgt. James Luong of Chandler, Ariz., visited a grave at Arlington National Cemetery in Virginia on Friday, a day before is based in Pawtucket, R.I., com-
Veterans Day. On Saturday, commemorations around the country will pay tribute to those who have served in the U.S. armed forces. prises brands including Nerf,
Transformers and My Little
Pony. The company has made a
Trump, Xi Visions Contrast
push into getting the rights to
television and movie franchises
such as Disney’s “Frozen” and
“Star Wars,” and its results have
outperformed those of Mattel.
Mattel, based in El Segundo,
U.S. leader promotes same stage at a Pacific Rim
By Jake Maxwell
leaders at the Asia-Pacific Calif., is the maker of Barbie
summit and praised the kind Economic Cooperation forum, dolls, American Girl dolls,
nationalist view as of multi-country treaties that Watts, Mr. Trump, a Republican, re- Fisher-Price and Hot Wheels
Chuin-Wei Yap
China’s seeks to claim have underpinned American
and Jacob M.
pudiated the policy of prede- toys. The company has been
influence in the region for de- cessors from both parties, struggling with losses and weak
regional leadership cades. Schlesinger where Washington took the sales, forcing it to suspend its
The dueling remarks laid lead in shaping market-open- dividend and outline plans to
DA NANG, Vietnam—Presi- out the battle plans of the rhetoric and reality, as Mr. ing rules for the region. slash costs and scale back new
dent Donald Trump delivered world’s two largest economies Trump has yet to find willing But he said that the U.S. product launches. It hired a new
his vision for a new American as Mr. Trump seeks to remake partners for new bilateral Please see TRUMP page A8 chief executive, Margo Geor-
economic relationship with trade policies that have made deals, much of China’s market giadis, from Google earlier in
Asia here Friday, one that es- Asia the globe’s fastest grow- remains under government  GOP feud flares up over the year after a previous turn-
chews big trade deals the U.S. ing region and flooded U.S. control and the openings that Alabama Senate race............ A4 around effort stalled.
has long favored for country- consumers with cheaper emerged from a Trump-Xi  Treasury chief plays down Representatives for both
to-country bargaining. goods. summit in Beijing could prove tax-bill differences.................. A4 companies declined to comment.
Moments later, Chinese The speeches also high- smaller than they appear.  Heard on the Street: Rare win Shares of Mattel have fallen
President Xi Jinping took the lighted a contrast between In his speech to business in China for Wall Street....... B12 Please see DEAL page A2
Tax Concerns Weigh on Dow
Stocks posted a weekly loss for the first time since September as
investors questioned the prospects for a U.S. tax overhaul. B12
Flynn Probed Over Alleged
Dow Jones Industrial Average weekly performance
2%
Plot to Kidnap Turkish Cleric
WASHINGTON—Special the possibility of transporting
By James V. Grimaldi,
Counsel Robert Mueller is inves- Mr. Gulen on a private jet to the
Shane Harris
tigating former White House na- Turkish prison island of Imrali,
1 and Aruna Viswanatha
tional security adviser Mike according to one of the people
Flynn’s alleged role in a plan to who has spoken to the FBI.
forcibly remove a Muslim cleric dent Recep Tayyip Erdogan, The Wall Street Journal pre-
0
living in the U.S. and deliver who has pressed the U.S. to ex- viously reported on efforts by
him to Turkey in return for mil- tradite him, views the cleric as a Turkish officials to get Mr. Gu-
lions of dollars, according to political enemy. len to Turkey without going
people familiar with the investi- Federal Bureau of Investiga- through the U.S. extradition le-
–1 gation. tion agents have asked at least gal process, an effort that in-
Week ended Under the alleged proposal, four individuals about a meeting cluded a meeting with Mr. Flynn
Friday Mr. Flynn and his son, Michael in mid-December at the ‘21’ in September.
Flynn Jr., were to be paid as Club in New York City, where The investigation is being
t0.5%
–2 much as $15 million for deliver- Mr. Flynn and representatives of handled by Mr. Mueller as part
ing Fethullah Gulen to the Turk- the Turkish government dis- of his probe of Trump campaign
J F M A M J J A S O N ish government, according to cussed removing Mr. Gulen, ac- Please see FLYNN page A4
Source: FactSet THE WALL STREET JOURNAL. people with knowledge of dis- cording to people with knowl-
cussions Mr. Flynn had with edge of the FBI’s inquiries. The  Data firm hired by campaign
Turkish representatives. Presi- discussions allegedly involved contacted WikiLeaks............. A4
Harassment Scandals Prompt If the Robot Apocalypse Comes,
Try Closing the Door
Rapid Workplace Changes i i i
Math comes easily but stairs, balls,
Companies bear down on sexual misconduct in a far-reaching shift doorknobs still confound them
Top brass at advertising giant
By Carol Hymowitz,
places, prompting companies to BY DANIELA HERNANDEZ by a breeze that kept blowing
Interpublic Group of Cos. told its scrutinize how employees work the door shut.
20,000 U.S. employees last week Lukas I. Alpert and
Suzanne Vranica
with one another, in one of the Robots may enslave us all Robots excel at many tasks,
they had until year’s end to com- most rapid changes in corporate someday. In the meantime, if as long as they don’t involve too
plete sexual-harassment training. behavior in generations. one of them goes ber- much hand-eye coor-
Sports....................... A10 The session quizzes employees on what to do Vox Media says it tapped an outside firm to serk, here’s a useful dination or common
Style & Fashion D2-3
Technology............... B4 when a co-worker discusses weekend sexual examine its procedures following the dismissal tactic: Shut the door sense. Like some
Travel...................... D6-8 exploits at work or comes on to a colleague’s of an executive for inappropriate behavior. behind you. gifted children, they
U.S. News............ A2-4 girlfriend after hours. Uber Technologies Inc. says it added staff to One after another, can perform impres-
Weather.................. A10
World News....... A5-7
IPG doesn’t have a harassment scandal. examine worker concerns including reports of robots in a govern- sive feats of mental
Chief Executive Michael Roth told his board he inappropriate conduct, following female em- ment-sponsored con- arithmetic but are
fast-tracked announcing the mandatory train- ployees’ allegations of harassment and mis- test were stumped by profoundly klutzy on
> ing, a board member says, in response to high- treatment. an unlocked door that the playground.
profile harassment allegations in Hollywood At a growing number of companies that ha- blocked their path at The machines
and media. “Women are crucial to our business ven’t had public allegations of sexual harass- an outdoor obstacle A robot misstep stumble over tasks
and our workforce,” says Mr. Roth. “We need ment, including Dell Inc., Rockwell Automation course. One bipedal requiring even tod-
our environment to be safe for all.” Please see HARASS page A9 machine managed to wrap a dler-level balance, like kicking a
The wave of misconduct allegations has claw around the door handle ball, getting out of a car or
abruptly shifted the climate in American work-  Media firms cut ties with Louis C.K.................... B4 and open it but was flummoxed Please see ROBOT page A9
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, November 11 - 12, 2017
THE NUMBERS | Jo Craven McGinty
Traffic Is Piling Up—and So Are Its Costs
A driver plans to travel 20
miles. The speed limit is 60
mph. How much time should
be allowed for the trip?
The classic answer is 20
minutes. But if it’s important
to arrive on time, the real-
world answer is more like 48
minutes.
The extra time accounts
for crashes, bad weather and
other delays. How long to al-
low depends on the hour,
type of road and location, ac-
cording to researchers at
Texas A&M who made the
calculation for Inrix, a com-
pany that provides real-time
traffic information and tracks
the cost of delays.
Last year, congestion
cost each U.S. driver $1,400
on average, for a total of
nearly $300 billion, according
to Inrix’s annual scorecard.
The cost reflects wasted
fuel, decreased productivity
and lost time, which might
include longer delivery times
or missed meetings. The big-
gest losers are the most con-
gested cities.
Los Angeles drivers spent
an average of 104 hours in
rush-hour traffic jams last
year, costing drivers $2,408
on average for a combined to-
tal of $9.7 billion, according
to Inrix.
New York City drivers sat
Chicago Gets a Winter Preview
KIICHIRO SATO/ASSOCIATED PRESS
FIRST SNOWFALL OF THE SEASON: A pedestrian walked across the street as the snow came down Friday in downtown Chicago.
CHLOÉ
Platform lace-up
espadrilles, $650.
Pixie small suede
and leather
handbag in
motty gray, also
in lemonade,
$1,490.
BLOOMINGDALES.COM/GIFTS
in traffic for fewer hours but
at greater expense, idling in
congestion for 89 hours, cost-
ing drivers $2,533 on average
for a combined total of $16.9
billion.
A
verages for individual
drivers are about the
same now as they were
a decade ago, according to
the work of Tim Lomax, a re-
search engineer at the Texas
A&M Transportation Institute
who has helped prepare pre-
vious Inrix congestion re-
ports. But total delays and
costs have increased because
more commuters are on the
road and congestion has
spread beyond the morning
and evening rush hours.
About 40% of delays in 2014
occurred in off-peak hours,
the Texas researchers found.
“The amount people drive
has rebounded since the
Great Recession and contin-
ues to grow,” said Bob Pishue,
a senior economist at Inrix.
Congestion, which dipped
during the 2007-09 recession,
tracks loosely with changes in
employment.
“Congestion adds a 1% to
2% growth premium on top of
jobs numbers,” Dr. Lomax
said. “If jobs have increased
by 3%, traffic has probably in-
creased 4% or 5%.”
U.S. NEWS
Not Going Anywhere
More than 3 billion gallons of fuel are The top 10 most congested roads in the U.S. On average, American
wasted on congested roads a year.
3 billion gallons of fuel
2 New York
1 Austin
0 Philadelphia
2000 ’03 ’06 ’09 ’12
Source: Inrix
With the recession now in
the nation’s rearview mirror,
congestion is worse than
ever, but additional factors
have helped drive it up.
Companies including Bank
of America, Yahoo and Reddit
have reduced or eliminated
opportunities to work re-
motely, and most recently, In-
ternational Business Ma-
chines Corp. pulled its
workers back to the office af-
ter having pioneered the
work-from-home concept de-
cades ago.
DEAL
Continued from Page One
47% this year, ending Friday’s
session at $14.62 after gaining
5% on the day. Hasbro, mean-
while, has gained 18% on the
year and closed Friday at
$91.45, up 3.1% on the day.
The possibility of a tie-up be-
tween the companies has long
been discussed by analysts and
investors as the toy industry
has come under pressure from
customers moving a higher
share of their spending to tech-
nology-based items. Indeed, this
isn’t the first time the compa-
nies have discussed a union,
people familiar with the negoti-
ations have said.
Some analysts have long
been skeptical about a deal be-
tween the two toy giants, how-
ever, in part because they ques-
tion whether antitrust
regulators would approve a
combination of the industry’s
two biggest players. Hasbro has
jettisoned all of its manufactur-
ing operations in recent years
and buying Mattel would put it
back into the business of own-
ing toy factories.
What’s more, the two compa-
nies also have headquarters on
opposite sides of the country
and analysts believe melding
their two vastly different cul-
tures could prove problematic.
It isn’t clear how receptive
Mattel would be to a deal. Its
stock is less than a third of
where it was a few years ago
and officials of the company
may be wary of selling at such a
depressed price.
drivers lost 42 hours in congestion during commuting hours in 2016.
City Road
New York I-95 Westbound
Chicago I-90/I-94 Northbound
I-95 Eastbound
Boston I-93 Northbound
Los Angeles I-10 Eastbound
I-35 Southbound
New York 5th Avenue Southbound
New York NJ-495 Eastbound
I-76 Southbound
Chicago I-90/I-94 Southbound
Walking back the option to
telecommute adds to peak-
hour traffic loads. Also con-
tributing to congestion are
ride-hailing services such as
Uber and Lyft.
New York City now has al-
most five times as many vehi-
cles affiliated with ride-hail-
ing services as it has yellow
cabs—65,992 compared with
13,587, according to Allan J.
Fromberg, a spokesman for
the Taxi and Limousine Com-
mission.
Last year, the five app-
Hasbro has held up rela-
tively well. Chief Executive
Brian Goldner has forged close
ties to Hollywood, where the
company is producing movies
and is a favored partner for
creating toys tied to films. In
recent years, Hasbro won the
coveted license for Walt Dis-
ney Co.’s Disney Princess char-
acters and has long made toys
tied to the media company’s
“Star Wars” franchise.
Hasbro is also more ad-
vanced in telling stories and
creating content around its
large brands, including a string
of feature-length films for its
Transformers franchise and
more-recent launches like a My
Little Pony movie.
After years of trailing behind
Mattel, Hasbro passed its rival
in quarterly revenue for the
first time since 2000 in April,
Toy Story
Share-price performance since
the end of 2012
Hasbro
200%
100
0 dominant a share in the indus-
Mattel
–100
2013 ’14 ’15 ’16 ’17
Source: WSJ Market Data Group
THE WALL STREET JOURNAL.
* ***** THE WALL STREET JOURNAL.
Peak Period Avg mph
PM 15.3
AM 20.2
AM 30.2
AM 27.7
PM 27
PM 23.4
PM 6.8
AM 13.4
PM 35
AM 28.5
THE WALL STREET JOURNAL.
based ride services licensed
to operate in New York City
provided 80 million trips, ac-
cording to Bruce Schaller, a
taxi expert who formerly
worked for the city’s Depart-
ment of Transportation.
T
here is limited informa-
tion about how these
services affect travel
patterns, but the Institute of
Transportation Studies at the
University of California, Da-
vis, has documented a 6% re-
duction in public transit in
U.S. WATCH
VETERANS DAY
In Vietnam, Trump
Meets U.S. Veterans
President Donald Trump
marked his first Veterans Day in
office saluting American veter-
ans in Vietnam, home to one of
the most polarizing conflicts in
U.S. history.
Mr. Trump traveled to Da
Nang, Vietnam, site of an
American air base during the
war, and met with seven veter-
ans who had returned to the
country where they lost com-
rades.
Thanking the veterans, Mr.
Trump said: “I got to know them
for a few minutes upfront, and
they are definitely tough, smart
cookies. We like them. I think
they like me, too.”
Several veterans praised Mr.
Trump, including Max Morgan,
whose voice cracked and began
to cry as he talked about fallen
veterans.
“From my heart, thank you
for your support of the mili-
tary, and it’s an honor to be
here as one of seven Vietnam
veterans representing the
58,000 heroes who never
made it home,” said Mr. Mor-
gan of Santa Clarita, Calif.
—Associated Press
highlighting the diverging for-
tunes of the two toy makers.
Last month, Hasbro reported a
7% increase in third-quarter
sales, while Mattel said sales
dropped 13% in the quarter.
In September, pressure on
toy makers ratcheted up further
when retailer Toys “R” Us filed
for chapter 11 bankruptcy pro-
tection, undone by a hefty debt
load and the rapid shift to on-
line shopping. That same
month, Lego AS said it would
cut 8% of its global staff.
Both Hasbro and Mattel were
stung by the Toys “R” Us bank-
ruptcy, which threw a major
sales channel into turmoil and
prompted them to stall deliver-
ies to the retailer, but Mattel’s
problems run deeper. The new
regime laid out a plan that
would keep the company in
turnaround mode for a few
more years as it tries to fix
problems that it blamed on past
management. Those included a
proliferation of new toys with
little staying power that heaped
additional costs and complexity
onto Mattel’s supply network.
Over the years, both compa-
nies have considered some sort
of combination. Mattel has often
analyzed possibly buying Has-
bro and executives were confi-
dent regulatory concerns could
be overcome, given that the two
companies wouldn’t have too
try, said a person familiar with
the matter. A bigger concern
was that a tie-up could trigger
change-of-control clauses in the
many licensing agreements with
Disney, Nickelodeon and others.
—Paul Ziobro
contributed to this article.
major cities that use them.
“We find that 49% to 61%
of ride-hailing trips would
have not been made at all, or
by walking, biking or transit,”
the researchers reported.
The conundrum for drivers
is figuring out how much
time to allow for a trip.
The Federal Highway Ad-
ministration calculates a
planning time index that rep-
resents how much more time
should be allowed to account
for unexpected delays.
The index is computed by
dividing a route’s average
rush-hour travel time by its
average free-flow travel time.
Calculating the index allows
researchers to compare dif-
ferent routes.
Last year, the American
Automobile Association pre-
dicted 48.7 million Americans
would travel more than 50
miles for Thanksgiving,
nearly all by car. That was a
million more than the previ-
ous year, and AAA predicts
the number will increase
again this year.
As some experts put it,
the Wednesday before
Thanksgiving is the
Black Friday of holiday travel.
If you’re driving that day,
plan for it—or the delays
may be more than you bar-
gained for.
MARINES
Ex-Drill Instructor
Sentenced in Hazing
A former drill instructor ac-
cused of mistreating recruits at
the Marine Corps’ storied Parris
Island boot camp received a 10-
year sentence in military
court on Friday, the highest-level
punishment meted out in a
broader hazing scandal that has
bedeviled the service.
Gunnery Sgt. Joseph Felix, 34
years old, was found guilty by a
military jury of maltreating sub-
ordinates, violating general order,
making false official statements
and engaging in drunk and disor-
derly conduct.
The verdict comes more than
a year and a half after 20-year-
old Raheel Siddiqui, a Muslim re-
cruit from outside Detroit, died
after falling three stories from a
barracks staircase in what the
Marines deemed a suicide. His
family says he was driven to his
death by the treatment of his
superiors, disputing the notion
that he committed suicide. Mr.
Siddiqui leapt to his death after
an altercation with Mr. Felix that
involved the drill instructor slap-
ping the recruit in the face, ac-
cording to the Marine Corps.
—Paul Sonne
CORRECTIONS 
AMPLIFICATIONS
In some editions Friday,
the surname of Randall Ste-
phenson, AT&T Inc.’s chief ex-
ecutive, was incorrectly given
as Stephens in one reference
in a Business & Finance article
about the proposed merger of
AT&T and Time Warner Inc.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
What to Do
When There
Is a Shooter
After mass shootings,
Americans stream
to defense classes;
‘Run, Hide, Fight’
BY JENNIFER LEVITZ
AND VALERIE BAUERLEIN
CLIFTON PARK, N.Y.—At a
yellow-brick public library in a
quiet upstate town, 200 peo-
ple participated in active
shooter training Wednesday. It
was the second session the li-
brary offered this week.
Retirees, college students
and young parents crouched
under desks, barricaded them-
selves in the “local history
room,” and fled outside into
nearby woods. Many said they
came so they could move be-
yond helplessness, conquer
fear and take control of the
one thing they can: their sur-
vival.
“It’s going to keep happen-
ing,” said Ninevah Aranas, a
77-year-old retired family-
medicine doctor. “We have to
be prepared because you go to
church, it’s not safe. You go
shopping, it’s not safe. Just
walking around the park, it’s
not safe.”
Similar sessions were
planned this week at a hotel in
Michigan, a college in South
Dakota, a church in Tennessee,
a hospital in West Virginia and
a middle school in Massachu-
setts. The demand for the
courses reflects a growing ac-
ceptance among many Ameri-
Universities Resist Endowment Tax, Other Measures
BY JOSH MITCHELL
AND DOUGLAS BELKIN
WASHINGTON—Universi-
ties are intensifying efforts to
defeat a Republican plan to tax
private-college endowments
and other proposals that would
hit their finances, as they con-
front growing concerns over
higher education.
Separate measures proposed
in Congress this year would de-
mand that universities pay back
part of the loans on which their
graduates default and that
schools produce new data so
consumers can better gauge the
value of college degrees.
The proposals are testing
the might of the powerful
higher-education lobby, which
has defeated recent efforts to
increase government oversight.
Republican lawmakers are em-
powered by a shift in attitudes
Travel Bookings to Las Vegas Decline
BY CHRIS KIRKHAM
Last month’s mass shooting
at a country-music festival in
Las Vegas has prompted a
slowdown in travel bookings
to the nation’s gambling capi-
tal, airline data show.
Data from two organiza-
tions that track airline book-
ings across the world show a
notable decline in reservations
after the Oct. 1 massacre, com-
pared with the year-earlier pe-
riod. The data, though,
showed improvement toward
the end of last month.
While Las Vegas reels from
the shooting that killed 58 and
injured about 500 more, it is
also grappling with economic
fallout.
Jim Murren, chairman and
chief executive of MGM Re-
sorts International Inc., a ma-
jor operator on the Las Vegas
Strip, alluded to the slowdown
on an earnings call this week,
saying the October decline will
affect fourth-quarter results.
October is “usually one of the
strongest months of the year,”
Mr. Murren said. “So that is go-
ing to impact the fourth-quar-
ter revenues and profitability.”
Frequent and casual visitors
alike said they have noticed an
uptick in Las Vegas discounts
and promotions in recent weeks.
Brad Johnson, who usually
travels to the city twice a year
from Raleigh, N.C., said he
added a third trip in December
after getting a promotion last
month for a $109 a night rate
* * * * * * *
cans that they may face a
shooting in their lifetimes.
So far this year, there have
been shootings in big cities
and small towns, in hospitals
and churches, at a congressio-
nal baseball practice in Vir-
ginia, an airport baggage
claim area in Florida and a
Wal-Mart in Colorado. Two of
the biggest mass shootings
happened in recent weeks at a
country music festival in Las
Vegas where 58 people were
killed and on Nov. 5 at a small-
town church were 26 people
were slain.
Christopher Combs, Federal
Bureau of Investigation agent
involved in investigating the
Sutherland Springs, Texas,
church shooting, at a televi-
toward higher education. A
Wall Street Journal NBC/News
poll this summer showed ma-
jorities of key groups—includ-
ing people under 34, men and
those who define themselves as
white working class—think col-
lege isn’t worth the cost, a re-
versal from four years earlier.
Student debt totals $1.3 tril-
lion, according to the New York
Federal Reserve, and tuition
has climbed at triple the rate of
inflation over the past decade,
according to the Labor Depart-
ment.
“There certainly has been a
string of bills that betray a kind
of structural antipathy toward
higher education,” said Barmak
Nassarian of the American As-
sociation of State Colleges and
Universities, a lobbying group
in Washington. “I suspect it’s
payback for rising costs and al-
leged opacity of outcomes and
at the Bellagio, plus a $150
food and beverage credit.
“The deal was everything,”
he said.
Airlines Reporting Corp.,
which tracks more than 65% of
all passenger-airline transac-
tions around the world, found
that ticket sales in the 28 days
after the Oct. 1 shooting were
down an average of 4.5% from
a year earlier. By comparison,
ticket sales in the 28 days be-
fore the shooting were up more
than 10% from the prior year.
ForwardKeys, another data
provider that tracks airline
bookings around the world,
analyzed slightly different
time periods but came to the
same conclusion.
Weekly flight bookings to Las Vegas, change from a year earlier:
Pre-shooting
U.S. NEWS
Amanda Corneau hides as Saratoga County Sheriff Deputy Kenneth D. Cooper Jr. conducts a drill for an active-shooter situation.
sion press conference this
week, said that the number of
active shooters are on the rise,
and called on people to be pre-
pared. “Everybody, no matter
where you are, needs to think
about this,” Mr. Combs said.
Despite the deadly recent
events, active shooter inci-
dents in the U.S. remain rela-
tively rare and have leveled off
at an average of about 18 an-
nually, after increasing be-
tween 2000 and 2009, accord-
ing to J. Pete Blair, who co-
wrote an FBI study in 2014 on
the issue.
The FBI defines an active
shooter incident as involving
“an individual actively en-
gaged in killing or attempting
to kill people in a confined and
From left, Sens. Mitch McConnell and Orrin Hatch, Treasury Secretary
Steven Mnuchin and economic adviser Gary Cohn on Thursday.
run-of-the-mill complaints that
have been escalating over the
years.”
Perhaps no measure better
represents the populist push-
back than the House Republican
In the eight weeks before
the shooting, international
bookings to Las Vegas were
up 2%, compared with a year
earlier, whereas in the three
weeks after, bookings fell by
16% year-over-year. For do-
mestic bookings, Forward-
Keys found reservations were
down 7% from the year before
in the eight weeks before the
shooting, then fell 21% in the
following three weeks.
“The immediate reaction is
an emotional reaction of say-
ing ‘You know what, it’s not a
good time to go there,’ ” said
Olivier Jager, chief executive of
ForwardKeys. “It’s obvious that
the situation is going to come
back to normal. The only thing
Post-shooting
Shooting took place Oct. 1
Saturday/Sunday, November 11 - 12, 2017 | A3
MIKE GROLL FOR THE WALL STREET JOURNAL
populated area.” Its recom- 130,000 people since it started walked briskly around the li-
mended response is “Run, two years ago. brary, opening doors and peer-
Hide, Fight.” The Saratoga County Sher- ing under desks. Some people
The median toll of an ac- iff’s Office, which led the were well hidden, while a few
tive shooter incident is two training at the Clifton Park- stood behind bookcases. Some
dead and four wounded, said Halfmoon Public Library, has participants froze. “You freeze,
Mr. Blair, who leads the feder- fielded requests from a dentist you may end up dying,” Dep-
ally funded Advanced Law En- office, a pain-management uty Kenneth Cooper Jr. said.
forcement Rapid Response clinic, a lumber store and an Susan Maciejewski, a 68-
Training at Texas State Uni- insurance agency, Deputy Ryan year-old retired preschool
versity. Mahan said. teacher, climbed over the
“We’ve seen a series of inci- The drill at the library stone patio and ran as far into
dents and an increase in le- started with a warning over the woods as she could. That
thality,” he said. “It could also the public-address system at was what sheriff’s deputies
be that we had a really un- 1:30 p.m. Wednesday. “In- had advised, saying trees,
lucky few weeks.” truder in the building. In- brick walls and buildings can
Demand for training is in- truder in the building. Lock- stop bullets.
creasing, especially among the down. Lockdown. Lockdown. “I’m so nervous right now,”
general public, say local police Lockdown.” Ms. Maciejewski had said be-
departments and safety in- The participants were given fore the drill. “We have to
structors. Mr. Blair said his 90 seconds to take shelter, af- start fighting back any way we
group has trained more than ter which sheriff deputies can.”
with at least 500 students and ments,” said Doug Webber, an
endowments equal to at least associate professor of econom-
$250,000 a student, under an ics at Temple University.
amendment adopted by a Mr. Webber, who thinks the
House panel this week. tax would have a negligible ef-
That would affect about 66 fect on college finances, said he
schools, including Harvard, doesn’t support the measure
Princeton and Yale universities, but understands the motivation
ANDREW HARRER/BLOOMBERG NEWS
according to New America, a behind it. “This is recognition
think tank. Harvard’s endow- that if you’re going to hoard all
ment, the largest in the coun- this money and it’s just kind of
try, exceeds $36 billion. The sitting there and not being
measure would increase tax spent on students, we should
revenue by $2 billion to $3 bil- actually tax it.”
lion over 10 years, according to College and university en-
the congressional Joint Com- dowment assets totaled $516
mittee on Taxation. billion in 2014, according to a
Critics have targeted univer- 2015 report by the Congressio-
sities for socking away billions nal Research Service, but those
of dollars in endowment money funds were concentrated
tax plan, which calls for a new that they say would be better among a small group of
1.4% excise tax on the annual used to reduce tuition and pro- schools. About 11% of institu-
investment earnings of the vide more scholarships. tions held 74% of all endow-
largest private-university en- “There is an absurd amount ment assets. On average, those
dowments. The tax would apply of inequality when it comes to assets earned a rate of return
to private, nonprofit schools the value of college endow- of 15.5% in 2014.
that is unknown is when.”
Data for both ForwardKeys
and Airlines Reporting Corp.
showed a sharp decline in
bookings in the days immedi-
ately after the shooting, fol-
lowed by a gradual recovery in
the following weeks.
Official visitation numbers
won’t be available until later
this month from the Las Vegas
Convention & Visitors Authority.
The group’s chief executive,
Rossi Ralenkotter, said there
have been no convention can-
cellations since the shooting,
nor has the pace of new book-
ings slowed down.
“If you go downtown, if you
go on the Strip, the sense you
get is that it’s very busy,” he
said.
Other casino companies, in-
cluding Caesars Entertain-
ment Corp., Las Vegas Sands
Corp. and Wynn Resorts Ltd.,
said they don’t expect any
long-term impact on visita-
tion.
Mr. Murren, of MGM Re-
sorts, said the company saw
about twice as many cancella-
tions as usual after the shoot-
ing, but bookings “remarkably
returned to normalized levels CLASSIMA Starting at
Collection $990
by mid-October.” The company
expects its Las Vegas Strip
revenue to decline by about 5%
or less in the fourth quarter.
He attributed the decline to Styles for Him & Her / Free Engraving
the company’s pullback in
marketing spending: MGM
stopped all marketing for its www.baume-et-mercier.com
Strip properties for about a
week and a half.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A4 | Saturday/Sunday, November 11 - 12, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ******** THE WALL STREET JOURNAL.

U.S. NEWS

GOP Feud Flares Up Over Moore

BY JULIE BYKOWICZ
Data Firm
Hired by
AND SIOBHAN HUGHES

Accusations of sexual mis-

Trump
conduct against Alabama’s
GOP candidate for U.S. Senate
have reignited a political battle
Contacted
between Senate Majority
Leader Mitch McConnell and
former White House strategist
WikiLeaks
Steve Bannon over the direc-
tion of the Republican Party. BY REBECCA BALLHAUS
Roy Moore denied the alle- AND JULIE BYKOWICZ
gations first reported by the
Washington Post that he sexu- The chief executive of Cam-
ally touched a 14-year-old girl. bridge Analytica contacted the
“I have never provided alco- founder of WikiLeaks to ask
hol to minors, and I have never him to share Hillary Clinton-re-
engaged in sexual misconduct,” lated emails at the same time
he said in a statement Friday. that people familiar with the
In an interview with Fox News matter say the data-analytics
host Sean Hannity, Mr. Moore firm had begun working for
TOM WILLIAMS/CQ/NEWSCOM/ZUMA PRESS

said he didn’t recall dating Donald Trump’s campaign.

“any girl without the permis- Cambridge Analytica CEO Al-
sion of her mother.” Asked to exander Nix said Thursday he
say he never dated anybody in asked the office that handles his
their late teens when he was speaking engagements to con-
32, Mr. Moore said, “It tact WikiLeaks founder Julian
would’ve been out of…my cus- Assange in “early June 2016,”
tomary behavior.” after reading a newspaper re-
Mr. Moore, who is backed port that WikiLeaks planned to
by Mr. Bannon, secured his publish a trove of Clinton-re-
party’s nomination in a Sep- lated emails. He said Mr. As-
tember runoff against Sen. Lu- Sex allegations against Senate candidate Roy Moore, center, sparked barbs between Sen. Mitch McConnell’s allies and Steve Bannon. sange was asked “if he might
ther Strange, a Republican who share that information with us.”
had the support of Mr. McCon- tional Committee and the Ala- race had narrowed to a Mr. Moore. At a New Hamp- perch in the Senate. “We received a message
nell and his Senate colleagues. bama Republican Party, ac- 46%-46% tie. The poll of 515 shire Republican dinner Thurs- Republican lawmakers have back from them that he didn’t
“The contrast between what cording to a Federal Election likely voters by Opinion Savvy, day night, he said the Post is complained that money that want to and wasn’t able to,
we’d be thinking about with Commission filing. The RNC commissioned by the nonparti- part of “the opposition party.” Senate leadership spends to and that was the end of the
Luther Strange versus what we and the state party declined to san political website Decision In the same speech, Mr. defend incumbents against story,” Mr. Nix said at the Web
are thinking about with Roy comment on whether they will Desk HQ, was far closer than Bannon said Mr. McConnell Bannon-backed primary chal- Summit in Lisbon.
Moore—that is a wake-up call,” follow the NRSC. most recent polls before the owes his job to Mr. Trump and lengers are dollars not in- When Mr. Nix’s approach to
said Steven Law, who leads an Mr. Moore faces Democrat Moore accusations surfaced, hasn’t been sufficiently sup- vested in winning seats from WikiLeaks was reported by The
outside effort aligned with Mr. Doug Jones, a former U.S. at- which showed the Republican portive of the president. Mr. vulnerable Democrats. Wall Street Journal last month,
McConnell (R., Ky.). “Luther torney, in a special election with double-digit leads. Bannon served as White House Josh Holmes, a former po- it wasn’t clear whether Cam-
Strange would be 20 points next month in what is a deep- Mr. McConnell and Mr. strategist until August. Since litical adviser to Mr. McCon- bridge Analytica was working
ahead. Now, there’s at least a red state. President Donald Trump were among the Repub- his resignation, he has ad- nell, said Mr. Bannon’s anties- for the Trump campaign at the
concern and a worry. And Trump, a Republican, won Ala- lican leaders who called for vanced a strategy to take on tablishment campaign may time. Federal Election Commis-
that’s at least in part because bama by more than 27 points Mr. Moore to step aside if the what he calls “establishment” “very well hand the keys” to sion records show the first pay-
of Steve Bannon.” last year. The race is to fill At- allegations are true. GOP senators in 2018. Sen. Chuck Schumer of New ment by the campaign to the
On Friday, the National Re- torney General Jeff Sessions’ The Wall Street Journal Mr. Bannon has told poten- York, the chamber’s Demo- firm is dated July 29, 2016.
publican Senatorial Committee former seat. contacted several of the tial Senate challengers that to cratic leader. New details about the tim-
withdrew from a joint fund- A poll taken Thursday in the women in the Post article; gain his backing they must —Janet Hook ing show that the firm’s effort
raising committee with Mr. aftermath of the Washington none disputed the report. vow to try to dislodge Mr. and Natalie Andrews to obtain the emails—which
Moore, the Republican Na- Post report showed the Senate Mr. Bannon is standing by McConnell from his leadership contributed to this article. U.S. intelligence agencies later
determined had been stolen by
Russian intelligence—came as

Treasury Chief Plays Down Bills’ Differences

BY NICK TIMIRAOS chambers’ proposals. “I’m
AND RICHARD RUBIN very comfortable that we have
the same objectives and we’ll
WASHINGTON—Treasury iron out the differences,” he
Secretary Steven Mnuchin said said.
he expects the House and Sen- The Treasury secretary said
ate to agree on a compromise he was “highly confident” the
tax bill that President Donald compromise legislation could
Trump could sign into law by be signed by Christmas.
year’s end. Senate Republicans’ pro-
In an interview on Fox posal to overhaul the tax code,
Business Network on Friday, which was released on Thurs-
Mr. Mnuchin played down dif- day, diverges in key ways from
ferences between the two a plan that advanced through a
Cambridge Analytica was in
the advanced stages of con-
tract negotiations with the
campaign and had already dis-
House committee this week. the deduction for medical ex- million and for second homes. patched employees to help it.
Senators would delay a cor- penses, a break that is crucial Mr. Mnuchin said the bills Mr. Nix first pitched Mr.
porate tax rate cut until 2019, to nursing-home residents and feature “some very small dif- Trump’s advisers on working
forgo an estate-tax repeal, and taxpayers with significant out- ferences.” He said they with Cambridge Analytica in
eliminate the entire state and of-pocket health-care costs for wouldn’t be insurmountable. mid-May, after Steve Bannon
local tax deduction. Compared chronic illnesses. Republicans, who control introduced them, according to
with the House bill, those The Senate plan also both houses of Congress, are people familiar with the matter.
changes and others freed up doesn’t touch the deduction determined to get a tax bill In the first week of June, the
hundreds of billions of dollars for student-loan interest, passed to notch an accom- company dispatched a small
that enabled senators to avoid which has become a rallying plishment they can tout in the team to San Antonio, where Mr.
other tough and politically point for critics of the House 2018 election campaign. Trump’s digital operation was
painful choices. plan. The Senate also pre- based, according to people fa-
Unlike the House bill, the served the mortgage-interest  Tax Report: How to prepare miliar with the firm’s hiring.
Senate plan wouldn’t repeal deductions on loans up to $1 for a code overhaul..................B5 On June 13, 2016, the com-
pany shipped a contract to the
campaign, according to emails

FLYNN Biden felt the Gulen matter

should be handled through the
courts.
Mr. Woolsey, who served
Continued from Page One briefly as an adviser to the
advisers and Russian interfer- Trump campaign, said he
ence in the 2016 election, ac- turned down a consulting fee
cording to those familiar with from Mr. Flynn’s company be-
the investigation. cause of what he heard at the
A spokesman for Mr. Mueller meeting.
declined to comment. Federal records show the
The people who described company, Flynn Intel Group, was
the alleged proposal said they paid $530,000 for advocacy
didn’t attend the December work that “could be construed
meeting and didn’t have direct to have principally benefited the
knowledge from Mr. Flynn or Republic of Turkey.”
CHARLES MOSTOLLER/REUTERS
reviewed by the Journal. Mr.
Nix and a Trump campaign rep-
resentative signed the contract
on June 23, a person familiar
with the matter said.
A representative for Cam-
bridge Analytica didn’t return
a request to comment.
Mr. Nix, speaking in Lisbon,
denied any collusion with Rus-
sia: “We did not work with Rus-
sia in this election, and more-
over we would never work with
a third-party state actor in an-
other country’s campaign.”
The exact date of Mr. Nix’s

his associates about its pur- Federal investigators are outreach to Mr. Assange is un-
ported details. It isn’t clear how looking at whether Mr. Flynn’s clear. On June 12, 2016, Mr.
advanced Mr. Mueller’s investi- work on behalf of Turkey vio- Assange told U.K. television
gation of the alleged plan to re- lated the Foreign Agents Regis- that he had Clinton-related
move Mr. Gulen is, nor is there tration Act, which requires peo- emails “pending publication.”
any indication that any money ple to disclose when they are In July, WikiLeaks began pub-
changed hands, according to acting in the U.S. on behalf of lishing emails stolen from
those familiar with the discus- foreign powers, according to Clinton campaign chairman
sions and the FBI investigation. Cleric Fethullah Gulen, shown at his home in Saylorsburg, Pa., in July, faces charges in Turkey. people with knowledge of the John Podesta and the Demo-
But federal investigators’ in- investigation. cratic National Committee.
terest in whether Mr. Flynn was his financial ties to Turkey and tended by former CIA Director that spokesman said, referring The Journal reported in Trump campaign officials
pursuing potentially illegal Russia, and into whether the James Woolsey, was reported to the December meeting. “And March that Mr. Flynn had said last month they were un-
means to deal with Mr. Gulen ties played any role in his deci- earlier by the Journal. if it did take place it happened sought immunity from investi- aware of Mr. Nix’s outreach to
indicates that the former Trump sions as the president’s adviser, Mr. Gulen’s removal was dis- not withstanding the transi- gators probing Russia’s interfer- Mr. Assange and have sought
adviser faces another investiga- The Wall Street Journal has pre- cussed as “a covert step in the tion.” ence in the presidential election to distance the campaign from
tion stemming from his work on viously reported. dead of night to whisk this guy At the time the plan was dis- in exchange for his testimony. Cambridge Analytica. None of
behalf of Turkish government One person familiar with the away,” according to Mr. Wool- cussed, Turkey had been lobby- Mr. Flynn’s attorney, Robert Kel- the people familiar with the
interests, both before and after alleged discussions about Mr. sey, who said he attended the ing Obama administration offi- ner, wouldn’t comment at the matter suggested Cambridge
the presidential election. Gulen said Mr. Flynn also was meeting at the request of one of cials to release Mr. Gulen to time on details of his discus- Analytica made the approach
After this article was pub- prepared to use his influence in Mr. Flynn’s business associates. Turkish custody, according to a sions involving Mr. Flynn, but at the campaign’s request.
lished online, Mr. Flynn’s lawyer, the White House to further the Also present at the Septem- former official with direct said “General Flynn certainly Cambridge Analytica became
Robert Kelner, called the plot al- legal extradition of the cleric, ber meeting were Mr. Erdogan’s knowledge of Turkish and has a story to tell, and he very a key part of the Trump cam-
legations “outrageous and prej- who lives in Pennsylvania. American discussions. The much wants to tell it, should the paign in the ensuing months,
udicial,” adding, “they are Mr. Gulen’s legal residency in Obama administration rebuffed circumstances permit.” providing data, polling and re-
false.” A lawyer for Mr. Flynn Jr. the U.S. became a major irritant those requests, the official said. Mr. Flynn, who was fired in search services. The firm col-
declined to comment. in American and Turkish rela-
The investigation is In Mr. Flynn, the Turks found 2014 as the director of the De- lected close to $9 million from
Before entering the Trump tions during the Obama admin- being handled by a more sympathetic ear. Mr. fense Intelligence Agency, is a the campaign, including $6 mil-
administration as the presi- istration, and Turkish officials Flynn wrote an op-ed published central figure in the sprawling lion that was publicly disclosed
dent’s national security adviser, pressed for Mr. Gulen’s extradi-
special counsel in The Hill on the day of the special counsel investigation, and additional funds routed
Mr. Flynn was lobbying on be- tion so that he could face Robert Mueller. presidential election in which he which is examining whether through Giles Parscale, a firm
half of Turkish interests in the charges. Mr. Erdogan’s govern- praised Mr. Erdogan’s govern- Trump campaign or business run by Trump digital director
U.S., including about Gulen. He ment has accused the cleric of ment and called the cleric “a associates coordinated with the Brad Parscale, according to a
didn’t disclose that work until masterminding a failed coup shady Islamic mullah” and “rad- Russian government in its ef- person familiar with the pay-
March of this year, after he was and have called him and his son-in-law and Turkey’s foreign ical Islamist” who may be run- forts to steal private emails ments. Such payment structures
forced out of the White House supporters a terrorist network. minister, foreign-lobbying dis- ning “a dangerous sleeper terror from political groups and cam- aren’t unusual in campaigns.
for misleading Vice President Mr. Gulen denies both accusa- closure documents show. The network” in the U.S. paigns and expose them pub- The House and Senate Intel-
Mike Pence and other White tions. Turkish Embassy has previously Mr. Woolsey said he in- licly. Mr. Flynn’s contacts with ligence committees have re-
House officials about conversa- The alleged meeting in New acknowledged Turkish officials formed the U.S. government the then-Russian ambassador to quested information from Cam-
tions he had with the Russian York in December, which came met with Mr. Flynn but declined about the September meeting the U.S., Sergey Kislyak, have bridge Analytica as they probe
ambassador to the U.S. Mr. after Mr. Flynn was tapped as to discuss the conversation. by notifying Vice President Joe been scrutinized as part of that Russian interference in the 2016
Flynn served as national secu- national security adviser, was a A White House spokesman Biden through a mutual friend. probe, according to people with election, according to lawmak-
rity adviser for 24 days. follow-up to a discussion on deferred all questions to a The mutual friend confirmed knowledge of the investigation. ers and a company spokesman.
He is now facing military, Sept. 19, where Turkish officials spokesman for the Trump tran- to the Journal that he told Mr. President Trump has denie- The spokesman has said the
congressional and criminal in- first raised the possibility of sition process. Biden about the meeting. Mr. Bi- dhis campaign colluded with firm isn’t under investigation.
vestigations into allegations forcibly removing Mr. Gulen. “We don’t have any evidence den’s spokeswoman declined to Russia. The Russians have de- —Byron Tau
that he improperly concealed That September meeting, at- that such a meeting took place,” comment, other than to say Mr. nied interfering in the election. 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.
Upstart Party Remixes Czech Politics
BY DREW HINSHAW
AND PHILIP HEIJMANS
PRAGUE — Voters have
tossed out established parties
in favor of upstarts in a string
of recent European elections,
but nowhere with as much
gusto as in the Czech Repub-
lic. So many veteran lawmak-
ers were ousted in elections
here last month that the role
of center-left opposition now
falls to a group led by a dread-
locked disc jockey with an
aversion to suits.
The local chapter of the Pi-
rate Party, a youth-powered
civil-liberties movement fo-
cused on internet freedom and
transparency, roughly tied for
second in a vote that yielded
possibly the most outsider-led
legislature on the Continent.
The party’s rise shows how
Central and Eastern Europe
has become a laboratory for
democratic disenchantment,
producing a welter of parties
and movements looking to
govern in ways that don’t nec-
essarily follow the traditional
Western model.
“This is my small victory,”
said Ivan Bartos, the Pirates’
cigarette-smoking, leather
jacket-clad leader, who be-
lieves in internet-enabled di-
rect democracy.
Nine parties in parliament,
EU Gives U.K. 2-Week Deadline in Brexit Negotiations
BY JASON DOUGLAS
AND LAURENCE NORMAN
BRUSSELS—The European
Union’s chief Brexit negotiator
gave the U.K. two weeks to
demonstrate that sufficient
progress has been made on a
trio of divorce issues for talks
to move on to Britain’s future
relationship with the bloc.
Speaking at a news confer-
ence with U.K. Brexit secretary
David Davis in Brussels on Fri-
day, Michel Barnier said the
two-week deadline is neces-
* * * *
Pirate Party leader Ivan Bartos addressing backers in Prague after a strong showing in Oct. 21 elections.
whose members include a
mathematician, a singer, the
head of an orphanage, and a
21-year-old student, are strug-
gling to form a government,
most likely to be led by a 63-
year-old agriculture billion-
aire. The body’s right flank
has grown more nationalistic
and anti-immigrant, but the
transformation has been even
more disruptive on the left.
sary to ensure European lead-
ers are fully briefed on the
status of negotiations before
they convene next month.
German Chancellor Angela
Merkel, French President Em-
manuel Macron and other lead-
ers are due to decide at a mid-
December gathering whether to
authorize negotiators to pro-
ceed to discussing the U.K.’s fu-
ture economic ties to the bloc.
Mr. Barnier said “real and
sincere” progress would be
needed over the next 14 days.
“If that is not the case, then we
WORLD NEWS
The Czech Republic’s once-
powerful Social Democrats—a
139-year-old fixture of the
center-left—won just 7%, less
than the moribund Communist
Party. Many of its former seats
are now held by the Pirate
Party, which took 11%.
Pirate Parties have won
seats in Iceland and the Euro-
pean Parliament, pitching
themselves as a socially liberal
will continue, and that will put
back the opening of the discus-
sions on the future,” he said.
A further delay would be a
blow for U.K. Prime Minister
Theresa May, who is strug-
gling to control a government
weakened by infighting and
scandal.
The U.K. is scheduled to
leave the EU in March 2019. Di-
vorce talks are expected to con-
clude in October 2018, leaving
Mrs. May with less than a year
to finish negotiations both sides
consider extremely complex.
Saturday/Sunday, November 11 - 12, 2017 | A5
Outsiders In
Czech voters sent some of their country's oldest parties packing, and
some their newest parties to parliament, in last month's election.
Party
Founded
Ano
2012 Antiestablishment, euroskeptic
Civic Democratic Party
1991 Conservative, free market
Pirate Party
2009 Socially liberal, anticorruption,
e-government
Freedom and Direct Democracy
2015 Anti-immigration, nationalist,
socially conservative
ROMAN VONDROUS/CTK/ZUMA PRESS
Communist Party
1989 Marxist, euroskeptic
Social Democratic Party
1878 Center-left, pro-EU
TOP 09
2009 Center-right, pro-EU
Christian Democrats
1919 Socially conservative, pro-EU
Source: Czech parliament
alternative both to Europe’s In an interview in a small
established order and the new cafe in the grungy-but-gentri-
nationalists challenging it. The fying Prague neighborhood of
first Pirate Party was founded Zizkov, the part-time IT spe-
in Sweden in 2006. cialist said the party would fo-
Mr. Bartos’s party has run cus on increasing education
on a pledge to fight corrup- funding, helping Czech schools
tion, improve government ser- teach their students new skills
vices, and legalize marijuana. for an information economy,
“We are smart and not just a and bring more services on-
bunch of people from the play- line. Of the top six parties in
ground,” he said. the new parliament, the Pirate
The three preliminary issues The two-day talks were
being discussed are citizens’ marked by sparring over the
rights after Brexit, preventing Irish border, an issue that had
the re-emergence of a border appeared to take a back seat
between Ireland and Northern next to more serious disagree-
Ireland, and the U.K.’s financial ments over money.
settlement for withdrawal. EU officials floated the idea
The two negotiators said of keeping Northern Ireland
they achieved some progress within the EU’s customs union,
but no breakthrough, with dis- which sets common tariffs on
agreements persisting over goods entering from outside
the financial settlement and the bloc. But that solution to
citizens’ rights. “To find a way is anathema to London, as it
forward will need flexibility would effectively mean a bor-
and pragmatism from both der between Northern Ireland
sides,” Mr. Davis said. and the rest of the U.K.
Percentage of vote
Now 30%
2013 election 19%
11%
8%
11%
3%
11%
New party
8%
15%
7%
21%
7%
12%
7%
7%
THE WALL STREET JOURNAL.
Party is the only one that says
it welcomes refugees.
“There’s a gap to fill on the
political landscape, and some
Pirate movements across Eu-
rope are willing to fill that
gap,” said Benjamin Leruth, an
international politics professor
at the University of Can-
berra. “It’s about finding the
right way to respond to popu-
lism.”
“We respect the European
Union desire to protect the le-
gal order of the single market
and customs union,” Mr. Davis
said. “But that cannot come at
cost to the constitutional and
economic integrity of the
United Kingdom.”
Irish officials said one solu-
tion to the border issue would
be for Britain to agree that
Northern Ireland will be sub-
ject to the same rules and reg-
ulations as Ireland—an EU
member—in areas such as ag-
ricultural standards.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A6 | Saturday/Sunday, November 11 - 12, 2017
Prince Shakes Up Saudi Royal Tradition
BY MARGHERITA STANCATI
AND SUMMER SAID
RIYADH, Saudi Arabia—In
what amounts to a top-down
revolution in the House of Saud,
an aging king and his son are
shattering the monarchy’s long-
held tradition of ruling by con-
sensus and accelerating a crack-
down on alleged corruption
that has caught up scores of
royals.
The wave of arrests offers
the clearest sign yet that the
world’s largest royal family is
gradually being whittled down
to two who matter: King Sal-
man and his 32-year-old son
and heir, Crown Prince Moham-
med bin Salman, who has as-
cended to a position of unri-
valed power since his father
assumed the throne nearly
three years ago.
Under King Salman, senior
princes once thought untouch-
able have been sidelined from
power, silenced—and now also
detained. As part of the govern-
ment’s anticorruption drive,
which some critics see as just a
power grab by the crown
prince, many more royals have
had their bank accounts frozen
and are banned from traveling
outside the country, people fa-
miliar with the matter said.
The family previously
ruled by consensus
with the king as the
first among equals.
In the royal family, “every-
one is terrified of either being
arrested or of having their as-
sets frozen,” one of them said.
The moves consolidate au-
thority largely within a single
branch of the family, and posi-
tion King Salman and Prince
Mohammed to pursue an ag-
gressive agenda of economic
and social overhauls with as lit-
tle opposition as possible.
“With King Salman and his
son, we are moving toward a
different kind of kingdom, one
that sees a centralization of
power and the elimination of
other power centers,” said Mad-
awi al-Rasheed, a Saudi analyst
and government critic at the
London School of Economics.
“The message is that you can’t
challenge the rule of King Sal-
man or his son.”
Meanwhile, Secretary of
State Rex Tillerson said that the
arrests raised “a few concerns”
and that he was awaiting word
on “how these particular indi-
viduals are dealt with.”
For decades, the throne
passed from brother to brother
among six of the sons of King
Abdulaziz Ibn Saud, founder of
modern Saudi Arabia, with suc-
cessive monarchs ruling as the
first among equals with their
siblings. Senior princes staffed
much of the cabinet, often hold-
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ing the same position for de-
cades, with ministries operating
as fiefdoms for the wings of the
family.
Today, no senior prince out-
side the Salman line has signifi-
cant clout at the center of gov-
ernment. Only the three
security ministries are led by
princes, fewer than in the past,
with most cabinet positions in
the hands of nonroyals. And,
unlike Prince Mohammed, who
is defense minister, those
princes wield less influence
than their predecessors.
“The royal family is shifting
from Al Saud to Al Salman,” a
Western official said. “This is
not going down well with the
other branches of the family.”
Increasingly, Prince Moham-
med alone is in charge, control-
ling all key portfolios—from de-
fense to oil policy to the
economic overhaul—a role that
has earned him the nickname
“Mr. Everything.”
He isn’t the only son of King
Salman in a prominent position.
Another is the 29-year-old
Prince Khaled bin Salman, who
in April became the Saudi am-
bassador to the U.S., the king-
dom’s most important overseas
post.
But Prince Mohammed may
soon rise to the pinnacle of the
ruling family. King Salman is
expected to abdicate in his son’s
favor within months, according
to people close to the royal
court, who say the move would
allow the elderly monarch to
oversee a smoother transition
of power and help prevent dis-
cord within the family.
Another option would be for
the crown prince to take the ti-
tle of prime minister from King
Salman, a role that would offi-
cially put him in charge of the
day-to-day running of the coun-
try, according to those people.
In a sign of some reassur-
ance to the family’s other
branches, the governors of the
country’s 13 provinces are all
princes, as are their deputies. A
royal order in June said Prince
Mohammed wouldn’t be al-
lowed to pass the throne to a
son. But many people close to
the royal family say that could
easily change over the decades
that he is expected to rule.
The Saudi government didn’t
respond to requests to com-
ment.
Saudi Arabia’s attorney gen-
eral says that so far 201 people
have been detained in connec-
tion with the corruption probe.
Many of those detained are now
kept at Riyadh’s Ritz Carlton
hotel, which was abruptly con-
verted into a luxury prison.
Despite some pushback, in-
ternal opposition is unlikely to
present a meaningful threat to
the current leadership, people
close to royal circles say.
“Mohammed bin Salman is
really marginalizing the whole
royal family,” a person close to
royal circles said. The family “is
so fragmented, it’s so spoiled, it
can’t do anything.”
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WORLD NEWS
Saudi Arabia’s King Salman, shown Thursday in Medina, is expected to abdicate in his son’s favor, people close to the royal court say.
Locals Hail Antigraft Crackdown
BY MARGHERITA STANCATI
RIYADH, Saudi Arabia—For
many Saudis, the royal purge
was long overdue, though
some still wonder how far the
monarchy is willing to go.
In a kingdom where ram-
pant corruption among the
elite has long been the biggest
open secret, many Saudis see
the crackdown less as a power
grab than as a first move in a
no-holds-barred war on graft.
“The reality is that if you
are going to go after corrup-
tion, you will go after rich
people who have been abusing
their power,” said Faisal Ab-
bas, a Saudi commentator and
editor of the Saudi daily Arab
News. “This is less ‘Game of
Thrones’ and more ‘Wolf of
Wall Street.’ ”
Saudi authorities have de-
tained more than 200 people
as part of what they have de-
scribed as a far-reaching anti-
corruption probe launched last
week. They have frozen about
1,800 bank accounts, including
those of some individuals who
remain free, according to peo-
ple familiar with the matter.
Those detained include
many of the country’s most
powerful individuals—princes,
officials and businessmen. The
government says it is target-
ing assets worth at least $100
billion that it alleges were ac-
cumulated illegally. But people
familiar with the matter say
authorities hope in the end to
SYRIA
U.S. Shifts Air Tactics
As ISIS Retreats
The U.S. is adapting its tactics
in Syria as Islamic State has been
pushed out of urban centers, fo-
cusing on small areas to ensure
that the militant fighters don’t
slip away, the top U.S. air com-
mander in the Middle East said.
At a news conference Friday,
Lt. Gen. Jeffrey Harrigian said
finding targets is more difficult
and the pace of airstrikes is slow-
ing. The Syrian regime claimed
victory over Islamic State in its
last urban stronghold of Albuka-
mal on Thursday, forcing its few
remaining fighters into the desert.
“We know that they are going
to try to get out of there and we
are going to position our assets
to be in a position to find them,
target them, and take the neces-
sary activities required,” he said.
—Robert Wall
INDONESIA
Gunmen Hold
Villagers Hostage
Gunmen seeking to disrupt
operations at an Indonesian
mine owned by U.S.-based Free-
port-McMoRan Inc. are occupy-
ing two nearby villages for a
fourth day as residents run low
on food, police said Friday.
Some 200 police and Indone-
sian soldiers have taken posi-
tions around the area, according
to authorities, who said they are
negotiating with the occupiers to
Prince Miteb bin Abdullah, seen in 2016, was among those arrested.
reclaim assets worth as much
as $800 billion.
Many in the kingdom also
viewed the arrests as an ac-
tion to consolidate power in
the hands of King Salman and
his son and heir, Crown Prince
Mohammed bin Salman, as
they aggressively push to
overhaul the oil-dependent
economy and open up the con-
servative society.
Among those targeted in
the crackdown are two of the
most powerful members of the
royal family, both of whom
have been past contenders for
the throne. One of them is
Prince Miteb bin Abdullah,
who until his arrest last week
was the head of the National
Guard, one of the three
branches of the security
forces. The other is Prince Mo-
hammed bin Nayef, who in
WORLD WATCH
SAFE PASSAGE: Rohingya refugees fleeing ethnic persecution in Myanmar crossed the Naf River to
reach Sabrang, Bangladesh, on Friday. More than 600,000 Rohingya have sought refuge in the country.
leave without bloodshed. Accord-
ing to police, the occupiers are
members of a separatist move-
ment that has long opposed
Freeport’s Grasberg copper-and-
gold mine in West Papua, on the
island of New Guinea.
Police spokesman Suryadi
Diaz said that the number of oc-
cupiers is estimated at 30, about
half of them with guns, and that
some 1,300 villagers are trapped.
A Freeport spokesman said
the mine’s operations haven’t
been affected and described the
situation as safe.
—Anita Rachman
* ***** THE WALL STREET JOURNAL.
SAUDI PRESS AGENCY/REUTERS
king and the crown prince.”
But some are questioning
whether the corruption inves-
tigation will stop short of
those closer to the leadership.
“This is selective justice,”
said Jamal Khashoggi, a prom-
inent Saudi journalist who left
the country this year because
he was worried he would be
FAISAL AL NASSER/REUTERS
targeted in a government
crackdown on dissent.
The crackdown, overseen
by a new anticorruption
agency led by Prince Moham-
med himself, also raised ques-
tions among some Saudis over
rule of law. Despite the gov-
ernment saying the judicial
June was ousted from the po- process will be fair and trans-
sition of crown prince and this parent, those accused have
week had his bank accounts been detained without charge
frozen, according to people fa- and there is no indication they
miliar with the matter. have had access to lawyers.
The monarchy, however, is The anticorruption drive
presenting its action as a new comes as Prince Mohammed is
effort to stamp out graft in a pushing through austerity
country where the above-the- measures, including curbs to
rules sense of privilege and subsidies for power, water and
the financial perks that came fuel. Targeting the country’s
with it was so pervasive it be- elite sends a message to ordi-
came the norm. nary citizens that they aren’t
“The motive is that he the only ones feeling the pres-
wants to consolidate power,” sure of economic reforms.
said a prominent Saudi, refer- “There were people in the
ring to the crown prince. “We country living like kings, while
don’t judge the motive. We others didn’t have good jobs or
judge the actions. And it’s a even land on which to build a
great move. Nobody could de- house,” said a Saudi rights ac-
fend corruption.” tivist usually critical of the gov-
He added: “Instead of hav- ernment. That, he says, has
ing thousands of people ruling fueled support for the crack-
over us and having their way, down. “Most Saudis, 99% of
we now have just two—the people, are very happy,” he said.
MOHAMMAD PONIR HOSSAIN/REUTERS
RUSSIA Deputy speaker Sergei Neverov
said the amendments would
Parliament Considers also refer to social networks.
Retaliating Over RT The measures could include
sanctions on U.S. mass media
Russian lawmakers say they “beginning with labeling their pro-
are planning a quick approval of duction as foreign agents and
legal amendments that would al- ending with suspension or termi-
low a quid pro quo response to a nation of their activities,” state
U.S. demand to the Russian gov- news agency Tass quoted the
ernment-funded broadcaster RT head of the government’s media
to register as a foreign agent. oversight agency as saying.
State Duma speaker Vyache- U.S. intelligence agencies al-
slav Volodin said Friday that the lege that RT served as a tool for
lower house of parliament would the Kremlin to meddle in the
amend the law on foreign 2016 U.S. presidential election.
agents to include foreign media. —Associated Press
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, November 11 - 12, 2017 | A7

WORLD NEWS

Dissidents in Maduro’s Debt Team Panned

Vietnam Face BY ANATOLY KURMANAEV

CARACAS, Venezuela—Meet

New Crackdown the team in charge of the most

BY JAMES HOOKWAY faces reflects what human-
rights groups say is the larg-
HANOI—Vietnamese singer est and most persistent crack-
Do Nguyen Mai Khoi came down in the communist state
face to face with the reach of in years. Vietnamese officials
her country’s security forces didn’t respond to requests to
complex bond restructuring in
recent history: a former mili-
tary officer, a onetime geogra-
phy professor, two engineers, a
minister under sanctions for
alleged corruption and an al-
leged drug kingpin.
As Venezuela runs out of
cash, President Nicolás Maduro

CARLOS BECERRA/ANADOLU AGENCY/GETTY IMAGES

after she met with President comment for this article.
Barack Obama in Hanoi in May Amnesty International says
2016. Vietnam is currently holding
Ms. Mai Khoi was among at least 84 political prisoners
several dissidents who were or dissidents for crimes such
invited to meet with Mr. as “spreading propaganda
Obama during his visit. She against the state” or “abusing
had recently tried but failed to democratic freedoms.” In
make the list of independent many cases they have been
candidates for the country’s prosecuted for posting critical
legislature, which does little comments on Facebook. The
to challenge the ruling Com- latest blogger to be convicted,
munist Party. university student Phan Kim
When she arrived home, Khanh, was given a six-year
four policemen knocked at her prison sentence last month.
door and tried to make her ac- Successive American ad-
knowledge that she owned a ministrations have empha-
Facebook page that criticized sized trade and diplomatic ties
the security forces. She re- more than they have encour-
fused, fearing she would be aged more personal freedoms,
arrested on the spot. said Nguyen Quang A, a prom-
“They have called my par- inent economist who once
ents in for questioning, raided headed Vietnam’s first inde-
two of my concerts, asked my pendent think tank.
landlord to kick me out of my The move toward more au-
house, refused my permit to tocratic forms of government
live in Hanoi, and put me un- in China and Russia, where
der constant surveillance,” many of Vietnam’s top leaders
said Ms. Mai Khoi, 33 years studied during the Soviet
old. “Some of my best friends Union years, have added to
are no longer friends with the sense that there will few,
me,” she said. if any repercussions from the
The pressure Ms. Mai Khoi crackdown. “The authorities
are thinking, ‘OK, we are in a
safe space here,’ ” Mr. A said.
Ms. Mai Khoi, meanwhile, is
trying not to provoke the au-
thorities too much until she
completes her first album with
HOANG DINH NAM/AFP/GETTY IMAGES
last week appointed a six-man
commission to negotiate a deal
regarding up to $150 billion of
the country’s outstanding for-
eign debt. The composition of
the commission—none have
significant training in econom-
ics or finance and two are tar-
gets of U.S. sanctions—sug-
gests to some observers that
the government isn’t really
seeking to restructure its debt,
but rather to create a situation
in which it can blame a default
on the sanctions.
Thin on debt-restructuring
experience, at least some of
the commissioners could pad
out their résumés with long le-
gal disclaimers instead. The
commission’s leader, Vice Pres-
ident Tareck El Aissami, is on
Washington’s drug kingpin list.
Another member, Finance Min-
ister Simón Zerpa, who has a
degree in political science, is
under U.S. sanctions for al-
leged corruption. Both have de-
nied the allegations in the past.
A blanket end of payments
by Mr. Maduro would trigger
the biggest default in history.
Untangling that mess would be
complicated by the lack of col-
lective agreement clauses on
some securities, different issu-
ing entities, and scuffles for re-
payment priority among the
motley array of holders, in-
President Nicolás Maduro, right, with debt team leader Tareck El Aissami, who is under U.S. sanctions.
investors to discuss a restruc-
Heavy Burden turing at a meeting in Caracas
Venezuela's external on Nov. 13, which happens to
debt as of June 2017 be the deadline for almost
$300 million in outstanding
$80 billion bond interest payments.
Bonds But since Mr. El Aissami is
on the kingpins list, it is un-
60 likely anyone will turn up at
the meeting and risk breaking
U.S. laws that prohibit business
40 dealings with people officially
classified as such. Indeed,
those doing so could in theory
20 face possible 30-year jail
terms.
The Venezuelan government
0 hasn’t exactly been forthcom-
Source: Deutsche Bank ing about helping investors at-
THE WALL STREET JOURNAL. tend the proposed meeting.
The only detail Mr. El Aissami
The commission appears so gave was an email address for
ill-suited to the gargantuan interested participants. Two
task at hand that it raises fund managers at multibillion
he was banned from even
emailing by his firm’s compli-
ance department, for fear of
breaking the U.S. ban on busi-
ness dealings with Mr. El Ais-
sami or Mr. Zerpa.
“We can’t engage with them
in any way,” he said. “It’s a
very bizarre situation.”
Mr. El Aissami’s office, as
well as the information and fi-
nance ministries, didn’t re-
spond to requests to comment
about the meeting.
A senior central bank offi-
cial said on Monday the gov-
ernment would opt for a video-
conference with investors
instead, but offered no details.
Many investors and finan-
cial analysts believe the hap-
less commission and the ill-
planned meeting are just props
to allow Mr. Maduro to blame

her new band, The Dissidents,
which switches the perky agit-
pop tracks for which she was
best known for her darker,
folk-and-jazz inflected songs
such as “Re-Education Camp.”
Once it is out, she said, she
plans to visit the U.S. to ex-
plain what’s happening in the
country to congressional lead-
Vietnamese activist singer Do ers—if Vietnamese authorities
Nguyen Mai Khoi in May 2016. agree to renew her passport.
cluding Goldman Sachs Asset
Management and the Chinese
government.
“Napoleon’s invasion of Rus-
sia in 1812 was a large under-
taking. Restructuring Venezu-
ela’s public-sector debt will be
a very large undertaking,” Lee
Buchheit and Mitu Gulati, two
of the world’s most renowned
sovereign-default lawyers,
wrote in July.
doubts about Mr. Maduro’s in-
tentions, including whether he
wants a deal at all, said Risa
Grais-Targow, an analyst at
risk consulting firm Eurasia
Group.
“It looks like political the-
ater,” she said. “They aren’t be-
ing very earnest about negoti-
ating.”
In a televised address last
week, Mr. El Aissami called on
investment firms say they have
emailed asking for details but
got no reply.
Another American investor
said he received an initial reply
asking him to register, only to
discover that the U.S. wasn’t
on the online form’s drop-
down list of countries.
“I put in France and have
not heard back,” he said.
A fourth fund manager said
the failure of talks to stem the
default on U.S. sanctions.
“It’s a waste of time,” said
one Latin America-based bond
investor who holds Venezuelan
debt. “This is just an exercise
to lay the groundwork for a de-
fault and point to the sanctions
as the culprit.”
—Julie Wernau
and Mariana Martínez
contributed to this article.

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A8 | Saturday/Sunday, November 11 - 12, 2017
‘Whiz Kid’ Pushed
Students to Help the World
BY JAMES R. HAGERTY
A
s president of Ford Motor
Co. in the 1960s, Arjay
Miller concluded that busi-
ness leaders could no longer con-
sider pollution, urban riots and
other social issues as someone
else’s problem. He took that
agenda to Stanford University’s
Graduate School of Business,
where he served as dean in the
1970s. He put an emphasis on
teaching corporate social responsi-
bility and skills applicable to both
business and public policy.
Raised on a Nebraska farm with
no indoor plumbing, Mr. Miller
was an economist and one of the
10 “whiz kids” hired as executives
by Ford in 1946 after serving to-
gether in a statistical branch of
the Army Air Forces.
A director of companies includ-
ing Wells Fargo & Co. and Wash-
ington Post Co., he was exception-
ally well-connected. Henry Ford II
in 1986 stipulated that, if he was
ever kidnapped, Mr. Miller should
be in charge of negotiating with
his captors. Warren Buffett played
his ukulele at Mr. Miller’s 100th
birthday party.
Mr. Miller died Nov. 3 in Wood-
side, Calif. He was 101.
Ralph Nader’s crusade for safer
cars and the Detroit riots of 1967
jolted Mr. Miller into rethinking
his approach to business. He saw
Mr. Nader’s indictment of flimsy
automobiles as a justified slap in
the industry’s face. Auto execu-
tives, summoned to Congress to
testify about deathtrap cars, were
unprepared, he believed, and that
led to regulations shaped by gov-
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OBITUARIES
A R J AY M I L L E R
1916 — 2017
ernment officials with little under-
standing of the industry.
The riots galvanized business
leaders in Detroit, where Mr.
Miller became chairman of an eco-
nomic development committee.
“Our primary task was to get jobs
for the unemployed in the city,” he
said in an oral history recorded in
2003. “We failed miserably.”
Rawley John Miller Jr., the
youngest of eight siblings, was
born March 4, 1916, in Shelby, Neb.
A sister dubbed him Arjay. Har-
vesting corn, milking cows and
other chores inspired him to seek
an easier way of life. Teaching
struck him as his best bet.
While he was studying at the
University of California, Los Ange-
les, a young woman named Frances
Fearing gave him a B on a test in
labor economics. When he com-
plained, she refused to change his
grade but “agreed to go out with
FRANCE
me. So we got married,” he re-
called in a 2008 interview.
After graduating in 1937, he en-
tered a doctoral program in eco-
nomics at the University of Califor-
nia, Berkeley. Before he could
finish a dissertation, he was as-
signed to work with other scholars
in the Pentagon, compiling data to
help ensure weapons and parts
were available where most needed.
H
e and nine others from that
military brain trust—includ-
ing Robert McNamara, later
secretary of defense—wanted to
stay together after the war. “We
thought we could sell ourselves as
a package as management experts
to industry,” Mr. Miller said. Henry
Ford II “looked at us and said, ‘I
want to hire all 10 of you. Just put
down your names, how much
money you want, and when you
can come to work.’”
Mr. Miller helped straighten out
Ford’s chaotic financial reporting
in the late 1940s and spent 23
years at Ford, including five as
president. He had two secretaries,
two chauffeurs and access to a
fleet of corporate aircraft.
In 1968, Mr. Ford abruptly re-
placed him with Semon Knudsen,
poached from General Motors
Corp. Mr. Miller was kicked up-
stairs as a vice chairman. He later
said he “had a fill” of corporate
life and welcomed Stanford’s offer.
Mr. Miller is survived by two
children, three granddaughters and
six great grandchildren. His wife of
70 years, Frances, died in 2010.

Read a collection of in-depth
profiles at WSJ.com/Obituaries
Trump's Dance Card
The president seeks to revamp U.S. trade ties in Asia to tackle
American trade deficits. The top three U.S. trade partners in the region:
U.S. trade with China
$500 billion
400
300
200
100
0 0
2000
U.S. balance with China
$0 billion
–200
–400 U.S. trade
deficit
Source: U.S. Census Bureau
TRUMP
* ***
R I C H A R D M O R L EY
1932 — 2017
Inventor Transformed
Factory Automation
R
ichard Morley, an engineer
who dropped out of Massa-
chusetts Institute of Tech-
nology and refused to work cor-
porate hours, often recalled that
he was hung over on New Year’s
Day in 1968 when he designed a
rugged computer that revolution-
ized factory automation.
At that time, factories assem-
bling all kinds of goods had con-
trol centers consisting of thou-
sands of “relays,” or switches, to
tell machinery what to do. Any
time a new or changed product
was created, electricians would
have to reconfigure thousands of
wires and switches. Mr. Morley’s
PETER SCHUTZ
1930 — 2017
Refugee From Nazis
Helped Revive Porsche
P
eter Schutz was eight years
old when his family fled
Germany in 1939, narrowly
escaping the Holocaust. He re-
turned as a U.S. citizen 39 years
later when he was recruited to
help run a maker of engines. In
1981, he became CEO of Porsche
AG, a then-ailing maker of cars.
His return to Germany was
heralded in the media as a sym-
bol of reconciliation. Yet some
people wondered how he could
bear to work for companies that
were once part of the German
war machine. Mr. Schutz didn’t
see it in those terms. “The fact
that I was of Jewish descent and
FROM PAGE ONE
U.S. trade with Japan
$150 billion
120
90
60
30
2010 2000
U.S. balance with Japan
$0 billion
–50
–100
Moments after Mr. Trump’s
address, Mr. Xi echoed the
rhetoric of Mr. Trump’s U.S.
THE WALL STREET JOURNAL.
device—later known as a pro-
grammable logic controller, or
PLC—was then about the size of a
suitcase. It allowed electricians to
use a simple computer to repro-
gram machinery controls. Adjust-
ments in those controls that had
required months of drudgery
could be finished in hours.
Mr. Morley and associates
formed a company called Modi-
con Inc. to make the PLCs, then
sold it to Gould Inc. in 1977.
Modicon now is a PLC brand
made by Schneider Electric SA.
Mr. Morley died Oct. 17 in Mil-
ford, N.H., at age 84.
—James R. Hagerty
working for a traditional German
company was more of an issue
for the press and others living in
the past than it was for me,” he
wrote later.
Mr. Schutz pulled Porsche out
of a slump and revved up sales in
the U.S. market. Then a plunge in
the dollar’s value beginning in the
mid-1980s slashed Porsche profits
in deutsche mark terms. Mr.
Schutz was forced out as CEO in
late 1987. He became a public
speaker and consultant.
He died Oct. 29 at a hospice in
Naples, Fla. He was 87 and had
Alzheimer’s disease.
—James R. Hagerty
Imports to the U.S.
Exports from the U.S.
U.S. trade with South Korea
$100 billion
80
60
40
20
0
2010 2000 2010
U.S. balance with South Korea
$0 billion
–15
–30 U.S. trade
surplus
THE WALL STREET JOURNAL.
over the Asian economy left
unanswered by Mr. Trump’s
week in the region is just how
  Continued from Page One
had no intention of retreating
predecessors.
“We are seeing profound
changes in economic globali-
he plans to deal with China,
which has, by far, the biggest
goods trade surplus with the

  

from Asia, seeking to allay the
fears of allies in the region. “I
will make bilateral trade
agreements with any Indo-Pa-
cific nation that wants to be
our partner and will abide by
the principles of fair and re-
ciprocal trade,” Mr. Trump
said.

 
  


He also disputed the notion
that the U.S. itself had bene-
fited from Asia’s growth and
zation,” the Chinese leader
said, in his first address to a
major multinational forum
since consolidating executive
power last month. “We should
uphold multilateralism, pursue
shared growth through consul-
tations and forge closer part-
nerships.”
Since Mr. Trump’s election
a year ago on an “America
First” platform, Mr. Xi has re-
U.S., valued at $347 billion last
year.
In Mr. Trump’s two-day
China visit, which preceded
his trip to Vietnam, Mr. Trump
hailed progress in opening
China’s market to U.S. compa-
nies, marking the signing of
business deals that officials
said would be worth billions of
dollars—though many in the
$250 billion pool of deals

          liberalization, saying “we are

not going to let the United
peatedly sought to portray
China as the new guardian of
aren’t full contracts.
And shortly after Mr.
States be taken advantage of Trump left China, the govern-
  
  

  
 any more.”
Mr. Trump rejected the
‘We should uphold
ment said Friday that it was
taking a major step in opening
principle of stitching together its financial sector, saying it
         the sprawling region through
a common set of rules and
multilateralism,
pursue shared growth
would relax restrictions on
foreign ownership in the secu-

      ! "  

 "

agreements among multiple rities and banking sectors.

countries, a defining goal of through consultations.’ It was a change long
the 21-member APEC, which sought by previous U.S. ad-



 #
  

 $ 



was founded with U.S. guid- ministrations and by Wall

ance in 1989. Street, and it potentially
“What we will no longer do free trade. paves the way for Wall Street

" % 
 


 &
is enter into large agreements Mr. Xi’s campaign has investment banks to increase
that will tie our hands, surren- drawn skepticism, especially their presence in China’s do-
der our sovereignty and make in Asia. At the same time that mestic market—though prof-


 
 #
%
      meaningful enforcement prac-

tically impossible,” Mr. Trump
said.
he has embraced the rhetoric
of free trade, he and his gov-
ernment have solidified their
its may be harder to find in
China’s finance sector these
days.

'
  "
( The administration of for-

mer President Barack Obama,
a Democrat, had sought to
bind the region’s economies
with the U.S.’s through the
control of the Chinese econ-
omy and espoused a “Made In
China 2025” industrial policy
that seeks Chinese leadership
in a wide range of sectors,
Messrs. Trump and Xi
didn’t find common ground on
a long list of trade disagree-
ments between the two coun-
tries. Mr. Trump’s aides have


 Trans-Pacific Partnership, a
12-nation pact that excluded
China. Mr. Trump withdrew
from robotics to self-driving
cars.
China continues to face a
said they are preparing possi-
ble trade penalties to impose
on China in the coming


 Washington from the TPP af-
ter he took office. The remain-
ing 11 nations are meeting on
long list of allegations of un-
fairly priced and illegally sub-
sidized exports, and com-
months. Chinese officials have
threatened to retaliate. An
open trade war between the
  the sidelines of the APEC
meeting in Vietnam—without
U.S. participation—to try to
keep the bloc alive.
plaints by foreign firms about
restrictions on access to its
two would have great implica-
tions for Asia.
market. —Natasha Khan
One big question hanging 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.
ROBOT
Continued from Page One
climbing stairs. Grasping ob-
jects of varying size and weight
is also perplexing.
At a research lab in San Fran-
cisco recently, a robot tried to
pick up a block of wood from a
table. One engineer joked the
machine had a 50-50 chance. The
robot rammed the table instead.
Robots are unwieldy, says
Jonas Schneider, head of engi-
neering for robotics at OpenAI,
a nonprofit artificial-intelli-
gence research firm where the
robotic-arm flunked the block
test. At first, he confesses, he
and his team thought, “How
hard can it be?”
That was before another one
of their machines had to be put
under wraps. Sunlight coming
through a window shifted, dis-
orienting its camera sensors.
Industrial robots work in
transportation, health care,
mining and manufacturing
world-wide. They ferry goods in
warehouses and down hospital
aisles. They have helped re-
searchers in such hard-to-reach
spots as the Arctic. They have
even learned to drive.
Walking and navigating in-
doors, though, are still tricky. A
security robot named “Steve”
face-planted into a mall foun-
tain this summer after careen-
ing down a set of steps while on
patrol in Washington, D.C. Its
maker, Knightscope Inc., of
Mountain View, Calif., issued a
HARASS
Continued from Page One
Inc. and Facebook Inc., some
employees have attended train-
ing sessions meant to detect bi-
ases that can lead to harass-
ment. House Speaker Paul Ryan
last week called upon members
of Congress to provide sexual-
harassment training for their
staffers.
The dam broke with the Oc-
tober revelation in New York
Times and New Yorker articles
that Hollywood producer Har-
vey Weinstein for decades alleg-
edly engaged in sexual miscon-
duct. His namesake studio fired
him, citing the allegations as
cause. A spokeswoman for Mr.
Weinstein said he “unequivo-
cally” denies “allegations of
nonconsensual sex.”
Since the October reports,
more claims of workplace sexual
harassment have emerged from
individual women and men,
news accounts and companies.
As accusations pile up, they are
sparking public and private
workplace conversations about
how men and women work to-
gether, and how companies deal
with same-sex harassment.
Managers describe a clear
epochal shift: Before Weinstein
to After Weinstein.
“This is a moment where
people will not turn their heads
when something is wrong,” says
Pamela Craig, a former Accen-
ture PLC finance chief who sits
on the boards of Merck & Co.
and Akamai Technologies Inc.
and is foundation chair at C200,
a women’s leadership organiza-
tion. “We need to make it a wa-
tershed.”
Some liken the moment to
the early 1990s, when Anita Hill
testified that Clarence Thomas,
then U.S. Supreme Court nomi-
nee, had sexually harassed her
when he was her boss, igniting a
national conversation about
workplace harassment. He de-
nied her allegations. Mr.
Thomas’s supporters questioned
Ms. Hill’s credibility and mo-
tives, and he was confirmed to
the court in a 52-to-48 vote.
Support for women’s issues
swelled—a flood of new female
members of Congress were
elected in 1992, dubbed “The
Anita Hill Class”—but workplace
changes were limited.
Waves of advocacy
The speed and sweep of the
consequences this time show
how a powerful catalyst, ampli-
fied by social media, can cause a
wave of advocacy that produces
an abrupt shift in social values.
The same phenomenon pro-
duced rapid policy changes re-
garding same-sex marriage.
In the case of Mr. Weinstein,
the fact that some of his accus-
ers were well-known actresses
forced people to take notice and
emboldened millions of women
to share their stories online us-
ing the hashtag #MeToo.
Boardrooms typically don’t
address the topic of sexual ha-
rassment unless a lawsuit has
been filed against the company
or a complaint involves a named
executive. Now, some directors
say they can no longer sit on the
* * * *
A robot contestant goes heels-up during the finals of the 2015 Robotics Challenge in Pomona, Calif.
statement attributed to a
patched-up Steve: “Thank you
to all the human life guards that
pulled me out.” The company
declined to comment.
Robots don’t fully under-
stand where they are or what
their actions mean. Visual sen-
sors that allow them to explore
the world don’t immediately
update their software brains.
Many lack touch sensors to feel
objects. And it is difficult for
sidelines.
“Just as boards should not
wait for the Equifax breach to
put in place proper cyberde-
fense and data-security policies,
similarly they shouldn’t require
a grotesque Harvey Weinstein
example to suddenly say, ‘oh,
gee, we better check how our
own culture is,’ ” says Tom Glo-
cer, former Thomson Reuters
CEO, who sits on several corpo-
rate boards including Morgan
Stanley and Publicis Groupe SA.
Generational change
More allegations are certain
to emerge, business leaders say.
But the treatment of women in
the workplace is getting better,
many say, not worse. Kathleen
Peratis, a partner with the law
firm Outten & Golden who han-
dles harassment cases, says she
believes there is somewhat less
harassment today than there
was 25 years ago, largely be-
cause women have more power
at work and are expressing
more outrage.
“Women feel they aren’t go-
ing to be sent to Siberia, and
that’s giving them courage to
speak out,” says Maggie Wil-
derotter, former Frontier Com-
munications Corp. CEO and a di-
rector at Costco Wholesale
Corp., Juno Therapeutics Inc.,
Hewlett Packard Enterprise Co.
and Cadence Design Systems
Inc. Women now possess
greater visibility and power in
business, she says, coupled with
a belief that they have strong
career options.
Ms. Wilderotter has noticed a
generational change. At a recent
dinner gathering of about 30 se-
nior executive women, “practi-
cally all said they had to fend
for themselves” in the past with
unwanted sexual advances at
work. The new generation of
working women, she says, is
less willing to sweep things un-
der the rug and knows employ-
ers are more likely to take ac-
tion and investigate.
Though a large number of
the women coming forward are
white-collar employees, harass-
ment is equally if not more
prevalent in the hourly work-
force, workplace experts say,
but a similar groundswell is un-
likely because the risk of speak-
ing up and losing income may
be too great.
Even Before Weinstein, re-
cent high-profile scandals in
media and entertainment were
beginning to draw more atten-
tion to sexual misconduct in the
workplace.
At Fox News, Roger Ailes was
ousted as the network’s boss
following allegations against
him that led the company to pay
out millions in settlements to al-
leged victims. Top Fox host Bill
O’Reilly also departed following
revelations that he and the com-
pany paid settlements to women
who had accused him of harass-
ment. Mr. O’Reilly denies all
wrongdoing. Mr. Ailes, who de-
nied wrongdoing, died this year.
Fox News parent 21st Cen-
tury Fox Inc., which shares com-
mon ownership with Wall Street
Journal parent News Corp, says
it has “directed its businesses to
accelerate the pace of live train-
ing on workplace behavior” and
“continued to strengthen re-
IN DEPTH
robots to locate where sounds
are coming from. In effect, they
are near senseless.
This summer, Thunderfish, a
1,600-pound titanium underwa-
ter robotic vehicle reported it
was swimming at 20 mph in
Lake Ontario when, in fact, it
was floating still. Its navigation
sensors were confused by an in-
terfering signal from a boat, says
David Shea, the vice president of
engineering for Kraken Robotics
View from the Workplace
American workers say sexual harassment remains prevalent at their jobs.
How prevalent is sexual harassment in the workplace?
Happens in: Almost all companies
2017
1991
Personal experience with sex harassment at work
Share of employed women who
say they've been the object of
an unwelcome sexual advance
or form of sexual harassment
How recent high-profile stories about harassment have influenced opinions:
WOMEN: 78%
77%
I am more
likely to speak
out in the
future if I am
personally
treated
unfairly due to
gender.
These stories get a lot of
attention, but workplace
sexual harassment and
discrimination are rare.
Source: WSJ/NBC News telephone polls, most recent of 900 adults conducted
Oct. 23-26; margin of error +/-3.27 pct. pts.
Misconduct claims against Harvey Weinstein caused a rapid shift.
porting practices.”
Walt Disney Co.’s ESPN,
which has been through intense
periods of workplace self-exami-
nation about men and women,
continues to tackle internal cul-
ture issues. On Oct. 23, it can-
celed a show made in partner-
ship with Barstool Sports after
Sam Ponder, a female ESPN
host, tweeted that Barstool’s
‘Women feel they
aren’t going to be
sent to Siberia’ for
speaking out.
president, David Portnoy, made
sexist statements about her,
calling her a “slut” in a 2014
blog post, among other com-
ments. ESPN knew of those
statements at the time it chose
to proceed with launching the
show, believing there was
enough distance between Bar-
stool’s on-air staff and the com-
pany’s president, people familiar
Inc., the Canadian company that
developed Thunderfish.
“We talk a lot like they’re
smart or intelligent,” Mr. Shea
says, “but they’re not really.”
Robot failures are widely
chronicled online. In one video,
a machine called ATLAS, made
by Boston Dynamics of Wal-
tham, Mass., tries to shelve a
box on a rack. It drops the box,
loses its balance and, maybe
trying to save itself, holds on to
Most Not sure Some
29
30
Share of men who have
witnessed women receiving
48% an unwelcome sexual advance
or form of sexual harassment
MEN: Agree:
I am more Disgree:
likely to
speak out in These stories have made you want to share your
the future if own past personal experiences about how you
I see a have been treated as a woman.
woman
treated 19
unfairly.
These stories have caused you to think about your
own behavior and how you interact with women.
34%
22
20%
These stories have changed your view about how
women are treated in society.
17
Women Men
with the matter say. Before the
first episode aired, executives
spoke with Ms. Ponder, who ex-
pressed confusion and frustra-
tion, they say.
Still, the network was sur-
prised by Ms. Ponder’s tweets
and feedback from other em-
ployees, one of the people said.
Some asked whether the com-
pany would continue with the
Barstool show if the offensive
comment had been a racist one,
rather than a sexist one. That
resonated with top ESPN execu-
tives, who canceled the show af-
ter a single episode. Barstool
didn’t respond to a request for
comment. In a statement
streamed online after the show
was canceled, Mr. Portnoy said:
“I get why ESPN canceled the
show. The executives there were
put in a box.”
After Amazon.com Inc.’s Hol-
lywood studio head, Roy Price,
resigned after a sexual-harass-
ment allegation against him was
made public, Senior Vice Presi-
dent Jeffrey Blackburn sent Am-
azon Studios a memo saying
“we will use these events as an
opportunity to review our sex-
Saturday/Sunday, November 11 - 12, 2017 | A9
the rack as its falls to the floor.
One quality robots share with
many humans is they have no
clue how to behave in new and
unpredictable situations. That
keeps them from jobs requiring
contact with a capricious spe-
cies—say, chauffeur or elder care.
Robots also don’t fully un-
derstand their own environ-
ment, says Hava Siegelmann, a
project manager at Darpa, the
federal Defense Advanced Re-
search Projects Agency.
During Darpa’s Robotics
Challenge, an obstacle-course
competition that concluded in
2015, robots fell forwards, back-
ward and sideways. One robot
takes a spill after catching its
foot in sand. Another shakes and
jitters, arms out like Franken-
stein’s monster, before it tum-
bles. One successfully exited a
DARPA/ASSOCIATED PRESS
vehicle, but facing a closed door
was a problem for most.
In a robot apocalypse, “that’s
how you keep them out of your
house,” says Erik Krotkov, chief
science officer for the Toyota
Research Institute in Cambridge,
Mass., and a former scorekeeper
for Darpa’s Robotic Challenge.
Dr. Krotkov is working to de-
velop robotic arms that can
successfully grab plastic toys,
water bottles, cellphones and
books from a pile and place
them in a box. Even when they
manage to latch onto some-
thing, he says, they sometimes
drop them on the floor instead.
For now, the danger from ro-
bots isn’t a takeover, it’s acci-
dents. Work with robots at Au-
todesk Research’s San Francisco
Very few
38 25 6
33 25 8 more seriously now.
41%
Strongly Somewhat Not sure
Strongly Somewhat
25 28 23
27 11 37
27 28 25
THE WALL STREET JOURNAL.
ual-harassment policy and pro-
cesses to ensure they are doing
their job to provide a harass-
ment-free workplace. And if
they are not, we will make the
necessary changes.”
Amazon declined to com-
ment. A spokesman for Mr.
Price referred inquiries to an
earlier statement to the Journal
by Mr. Price’s lawyer contesting
the allegation.
ZUMAPRESS.COM
Swift reactions
The latest controversies have
left employees wondering what
relationships, communications
and interactions are appropriate
at work. Complicating matters
is the always-on work culture in
sectors such as tech, finance,
law and media, where long
hours and constant communica-
tions blur the line between work
and life.
Reaction has been remark-
ably swift at many companies,
even when some of the alleged
offenses were decades old.
Michael Oreskes, a top NPR
news executive, resigned last
week following reports he made
unwelcome physical contact
with two women when he was
the New York Times’s Washing-
ton bureau chief in the late
1990s. Mr. Oreskes, who de-
scribed the behavior as “inex-
cusable” in a statement, didn’t
respond to requests for com-
ment.
NPR says it has brought in an
outside law firm to review how
it handled the matter. The
Times says it has reviewed its
files and interviewed managers
from the time in question and
found no formal complaints
about Mr. Oreskes’s behavior. It
has announced additional man-
datory training for its managers
lab begins with a risk assess-
ment, says senior research en-
gineer Heather Kerrick: writing
down “all the ways that some-
one could get hurt.”
Doors and other physical
barriers keep robots from stray-
ing. Invisible laser curtains can
paralyze any robot that passes.
There is also the so-called dead
man’s switch, a button a human
has to keep squeezed for a ro-
bot to work. “The idea is that if
you’re scared, or electrocuted
or got smacked in the head, you
would be unable to hold this
button,” Ms. Kerrick says.
The lab has had to keep a
close watch on a particularly
cantankerous 3D-printing robot
welder. The machine once was
building two metal tubes, alter-
nating between laying down
rings of molten metal on each.
As it switched between the two
tubes, the robo blacksmith
started spewing hot metal.
Researchers intervened and
quickly shut it down.
Another time, following a
lunch break (for the humans),
the robot welder forgot what it
was doing. Like most machines,
it has no sense of how much
progress it has made on a job.
When called back to work, it
started over. “If we had let it
proceed,” Ms. Kerrick says, “it
would have crashed right into
the pieces it had already made.”
So far, the lab’s robots have
made chairs, lamps and vases,
she says, without injury to man
or machine. “A big thing with
robots in general,” she says, “is
reasonable chance of escape.”
on appropriate conduct in the
workplace and how to respond
to allegations of abuse.
“We are in an appropriately
hypersensitive time,” says a
prominent media executive who
sits on multiple industry boards.
“We’ve crossed a tipping point
and people are taking this much
Vox Media took rapid action
after a former web developer,
Eden Rohatensky, published a
long post on Medium, a blog-
ging platform, on Oct. 12 alleg-
ing sexual harassment and as-
sault by colleagues at a number
of places she had worked, with-
out naming people or work-
places. One incident she de-
scribed, in which an unnamed
vice president kissed her neck in
the back seat of a taxi, got the
attention of executives at Vox,
where she had once worked,
says a Vox spokeswoman.
‘New to us’
A week later, CEO Jim
Bankoff announced that edito-
rial director Lockhart Steele had
been fired after he “admitted
engaging in conduct that is in-
consistent with our core val-
ues.” An outside law firm was
brought in to help with an “on-
going” probe. Mr. Steele and Ms.
Rohatensky didn’t respond to
messages seeking comment.
“There are multiple investi-
gations happening,” Mr. Bankoff
told staffers the following day,
according to Vox’s spokes-
woman. “This is something that
is extraordinarily serious but
also extraordinarily new to us.”
The intense focus on work-
place sexual harassment, while
overdue, may lead to unin-
tended consequences, says Mi-
chael Welp, whose consultancy,
White Men as Diversity Part-
ners, has worked with large em-
ployers including Rockwell Au-
tomation and Dell.
Some men in Mr. Welp’s cor-
porate workshops describe
avoiding conversations and
teamwork with women col-
leagues, he says, “afraid that if
they do one thing wrong, they’ll
get labeled a harasser and sent
to HR.” That leaves women out
of conversations and collegial
relationships that could help
them advance, he says. “Compa-
nies have to grapple with all
sides of this.”
Some men who believe
women’s stock is rising at work
find it hard to accept that ha-
rassment may be a problem in
their firms. At a workshop that
his company held recently with
managers at the Stockholm of-
fice of a U.S. technology com-
pany, Mr. Welp says, the men
present said “we don’t have
these issues, so we don’t have to
deal with this.”
A female human-resource
manager told the group she had
been trying to deal with a male
manager who brought a scale to
work and weighed and mea-
sured women on his team. “Our
question to the group,” Mr.
Welp says, “was ‘why weren’t
other men here intervening and
stopping that, and what about
this culture enabled this to oc-
cur?’ ”
—Yoree Koh and Amol
Sharma contributed to this
article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A10 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

SPORTS
COLLEGE FOOTBALL

A Swaggering Giant Awakens

The University of Miami, or “The U,” dominated for most of two decades. Now it is trying to restore the program’s luster
BY ANDREW BEATON AND TOM
PERROTTA

IN OCTOBER 2002, Jay-Z and Beyonce

went on one of their first dates. The setting:
a University of Miami football game.
The Hurricanes were hosting Florida
State, riding a 27-game winning streak and
coming off a national championship. Neither
music icon had any connection to the
school, but Miami games were glittering,
star-studded affairs—and had been for the
better part of two decades.
But soon after, the football program fell
into disrepair. And as the team struggled on
and off the field, the bravado that had de-
fined the school faded. Fans—and certainly
celebrities—fled, and “The U” became sim-
ply another university.
Now, undefeated and No. 7 Miami on Sat-
urday hosts No. 3 Notre Dame in a rematch
of the 1988 thriller that became one of the
most famous games in college football his-
tory. During a monumental week in college
football, in which seven games feature
clashes between ranked teams, Miami argu-
ably has the most at stake.
Here’s why: A win for Miami over the re-
surgent Fighting Irish would signify the re-
vival of the blustery giant that once towered
over the sport, while a loss could lengthen
the hangover that has gripped the school for
more than a decade.
“In many ways, we’ve been public enemy
number one because we’d been so good for
so long and so dominant in such a flamboy-
ant way,” said retired baseball star Alex
Rodriguez, a fan since childhood and board
of trustees member at the school. “People
couldn’t wait for the university to slip.”

AL DIAZ/TNS/ZUMA PRESS
Miami’s era of college football suprem-
acy—when it laid claim to five national
championships between 1983 and 2001—was
in part stunning because it seemed to come
out of nowhere. The private school in Coral
Gables, Fla. won an Orange Bowl in 1945,
but didn’t have the rich tradition of a pro-
gram that dominated the way the Hurri- The “turnover chain” worn by players who force an interception or fumble reflects the team’s dominant defense as well as its renewed confidence.
canes did for the better part of 20 years.
Then Howard Schnellenberger became personality of a city that celebrates swagger is now in jail for a near-billion dollar Ponzi had never seen a Miami game “feel so elec-
coach in 1979 and repeated a mantra that and sin. scheme. tric and be so much fun” since its move
underpinned the school’s burgeoning confi- Its outsize characters fueled the school’s All the while, fans grew disenchanted. Ex- from the Orange Bowl, where he would take
dence. “We’re on a collision course for a na- critics, who assailed the school for its string panses of empty seats became the norm at three buses to see games as a kid.
tional championship,” Schnellenberger of NCAA questions and off-the-field inci- home games. “If you’re 18, what you saw tonight you
would say. “The only variable is time.” dents. That narrative was captured in the A contributing factor was the move from never saw before in your life,” defensive co-
But there was no reason to actually be- famous “Catholics vs. Convicts” t-shirts the Orange Bowl, the Hurricanes’ long-time ordinator Manny Diaz said after that win.
lieve that. The Hurricanes had cycled made by Notre Dame students before their home, to the Miami Dolphins’ Hard Rock “And it’s only going to get better.”
through three coaches in the previous five 1988 game against the Hurricanes, which Stadium--an even longer trip for students Fans say they are rallying around the
years, struggled through off-the-field em- the Fighting Irish won 31-30 on a controver- and many of the program’s core fans. Their team not just because of the wins, but also
barrassments and reached a point where sial, last-second finish. last game at the Orange Bowl, a 48-0 shel- because of its style.
they considered shuttering the football pro- It’s not as if the team was playing well lacking by Virginia, was the worst loss at On defense, Miami is unmerciful and ag-
gram altogether. but falling just short. It was a full-scale their iconic stadium in school history. gressive. Turnovers are treasured: A player
“We were just young enough and dumb breakdown. The school’s 2001 title under “They left on the sourest of notes,” said who nabs one returns to the sideline to don
enough to believe everything he told us,” re- Larry Coker was its last. The mystique Billy Corben, an alumnus who directed the a gold chain that weighs several pounds and
called Mark Richt, a quarterback at the melted away. documentaries “The U” and “The U: Part 2” has an orange-and-green “U” attached.
school from 1979-82, last summer after be- “Anytime you’re not winning and compet- for ESPN. “So not only was there an emo- Lopez even posted a photo to her Insta-
ing hired as the school’s coach. ing at the highest level,” says Blake James, tional disconnect, they made this geographic gram with her own “turnover chain.”
Schnellenberger’s words proved pro- the school’s athletic director, “you lose some disconnect. It created a literal gap between All of this makes Saturday’s game against
phetic. Under him, and later Jimmy Johnson of the luster.” the program and its fanbase.” Notre Dame more than a hurdle for Miami’s
and Dennis Erickson, the team reached No. 1 It’s not as if the team was playing well Under Richt, who was dismissed at Geor- quest to reach it’s first College Football
in the rankings during nine of 10 seasons but falling just short. It was a full-scale gia in 2015 after a string of winning seasons Playoff. It’s a high-profile test of whether
beginning in 1983, the year of the school’s breakdown. In 2007, the school didn’t even but no national title, the program has begun college football’s most raucous show has re-
first championship. reach .500. In 2011 and 2012, the school sat to rekindle the connection with fans and the turned.
And it wasn’t just that Miami won. The out from bowl games as a result of a city. Rodriguez, who attended last weekend’s “When people ask if Miami is back,” says
players, brash stars like receiver Michael Ir- booster scandal that resulted in the suspen- 28-10 win against then-No. 13 Virginia Tech former star linebacker Jonathan Vilma, “you
vin and linebacker Ray Lewis, matched the sion of players. That booster, Nevin Shapiro, with his girlfriend Jennifer Lopez, said he can—almost—say yes.”

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. THE COUNT
Edmonton
d 10s <0
Vancouver
V Calgary 10s 20s
10s
0s
NOT EVERY QB NEEDS A NO. 1 RECEIVER
Winnipeg
ip
Seattle 20s
Por
P d
Portland
Helena
l
30s Montreal 30s The Washington Redskins have put Kirk 2,000 passing yards and 13 touchdown
Ottawa
50s g
Billings
Bismarckk
Augusta
A g t 40s Cousins in an awkward position. Unable to passes, according to Stats LLC.
Eugene
g Boise reach a long-term deal with their starting Cousins’s top-two options thus far in 2017
20s Toronto
T t A ban Boston
Albany t 50s
40s Pierre quarterback, Washington gave Cousins its don’t even play full time. Running back Chris
50s pls / . Pa
Mpls./St. Paul Detroit Buffalo Hartford
rtford 60s
l franchise tag for the second consecutive sea- Thompson has been on the field for 54% of
Sioux
oux FFalls
ll k
Milwaukee Cleveland
Cl l d 30s
Cleve ew Y
New Yorkk 70s
Reno son. That makes Cousins one of the highest-
Salt LLake
ake City
Cheyenne Omaha
Des
es Moines Chicago
Ch Philadelphia
Phhil d lphi 80s
the team’s offensive snaps but leads with 453
h Pitts b h
Pittsburgh
Sacramento
Denver p i gfi ld Indianapolis
Springfield paid players at his position, but doesn’t allow receiving yards, while tight end Vernon Davis
Washington
hington
hi gton D.C.
DC 90s
an Francisco
San
Colorado
C l d Topeka
Topekk Kansas Charleston
Charle
h him to cash in on the guaranteed money that has 384 yards, on 67% of snaps, according to
C
Cityy Richmond
h d 100+
Las Springs
p St.. Louis
Lou
L a multi-year contract would bring. Pro-Football-Reference.
60s Vegas
Ve h
hit
Wichita LLouisville
Lou ill
40s Raleigh gh
h
Angeles
Los A
Ange l 50s
h ill
Nashville
Charlotte
Ch l tt
Cousins has responded with a career-best Cousins’s rate of just 47.3% of yardage
Santaa F
Fe phi
Memphis
Columbia
C b 102 passer rating and is on pace for over from wide receivers through the first eight
San Diego 80s Ph
Phoenix Albuquerque
Alb q q Oklahoma
lahoma City
klahoma Warm Rain
70s Little Rock Atl t
Atlanta 4,000 passing yards and 25-plus touchdown games, is lower than every similarly productive
Tucson
Tuc El P
Paso Birmingham
gh
Ft. Worth
Worthh D Dallas
ll Jackson
Jack
Cold passes. But the most impressive thing about passer since 1960 except for Hall of Famer
T-storms
70s Mobile
bil Jacksonville
Jack Cousins’s performance is that he’s done it Fran Tarkenton (43.4%, 1967 Giants) and Drew
60s Austin
A Stationary without the benefit of top receiving threats. Brees (39.4%, 2013 Saints). Ranking just be-
Houston
t d
Orlando Snow
0s New
ew Orleans
10s 80s San
an Antonio
A t i Tampa After losing his top two receivers last year hind Cousins in the statistic are all-time greats
20s A Anchorage
h g
80s Showers Flurries to free agency, Cousins’s top wideout this year Johnny Unitas (1965 Colts) and Tom Brady
Honolulu
l l 80s Miami
30s
70s is Jamison Crowder, who has only caught 28 (2015 Patriots).
40s Ice passes for 272 yards. No quarterback since po- Expect these figures to be brought up by
sitional stats were recorded in 1960 has ever Cousins and his agent when he hits the free-
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W had a less productive top wideout through agent market after the season.
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; eight games with at least a 100 passer rating, —Michael Salfino
Omaha 46 31 sh 47 28 pc Frankfurt 45 35 r 42 35 c
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 78 67 c 80 66 pc Geneva 47 44 r 50 35 r
Today Tomorrow Philadelphia 40 30 s 49 39 pc Havana 84 70 pc 83 70 pc
City Hi Lo W Hi Lo W Phoenix 84 59 pc 86 65 pc Hong Kong 82 72 pc 76 72 r
Anchorage
Atlanta
23 13 s
56 40 s
27 17 s
53 44 c
Pittsburgh
Portland, Maine
39
37
28 pc
19 s
47 36 pc
41 30 c
Istanbul
Jakarta
61
91
55 c
76 c
66 56 pc
90 77 pc Taking a Pass
Austin 71 61 c 76 59 r Portland, Ore. 57 46 pc 56 46 r Jerusalem 67 50 s 71 56 pc Quarterbacks with at least a 100 rating, 2,000 passing
Baltimore 41 26 s 50 37 pc Sacramento 63 44 pc 64 49 c Johannesburg 77 58 pc 76 58 c
Boise 52 35 s 54 39 c St. Louis 51 41 pc 52 33 r London 54 39 r 48 34 pc yards and 13 TD passes through eight games with the least
Boston 38 26 s 46 37 pc Salt Lake City 55 34 pc 61 39 pc Madrid 64 37 s 63 40 s productive leading receivers.
Burlington 32 20 s 40 28 pc San Francisco 64 51 pc 66 55 pc Manila 89 76 pc 89 77 pc REC.
Charlotte 50 29 s 53 40 c Santa Fe 64 33 s 60 36 pc Melbourne 82 53 s 80 53 s QUARTERBACK SEASON TOP WR YARDS
Chicago 40 34 c 41 30 c Seattle 53 46 r 53 45 r Mexico City 73 49 pc 74 48 pc
Cleveland 40 28 pc 44 37 r Sioux Falls 45 22 pc 40 26 s Milan 55 40 s 52 43 pc Kirk Cousins WAS 2017 Jamison Crowder 272
Dallas 68 58 c 69 54 r Wash., D.C. 42 32 s 50 38 pc Moscow 41 38 r 40 34 sh Drew Brees NO 2013 Kenny Stills 362
Denver 57 27 s 57 31 pc Mumbai 93 77 pc 93 76 pc
Redskins QB Carson Wentz PHI 2017 Alshon Jeffery 416
Detroit
Honolulu
38 31 c
86 73 pc 87 73 pc
41 30 c
International Paris
Rio de Janeiro
55
81
49 r
69 r
51 37 sh
83 66 s
Today Tomorrow Kirk Cousins Drew Brees NO 2011 Marques Colston 424
Houston 74 59 c 78 59 sh Riyadh 91 61 s 86 57 s
Indianapolis 41 32 pc 46 30 r City Hi Lo W Hi Lo W Rome 65 48 s 65 51 c Daunte Culpepper MIN 2004 Nate Burleson 426
Kansas City 46 38 c 50 29 c Amsterdam 49 41 r 46 40 sh San Juan 86 75 sh 86 76 sh Steve Bartkowski ATL 1983 Stacey Bailey 430
Las Vegas 74 53 pc 75 54 pc Athens 68 59 pc 69 58 t Seoul 52 34 s 52 39 pc
Little Rock 62 47 pc 63 42 c Baghdad 80 58 s 79 56 s Shanghai 64 51 s 67 56 s Tom Brady NE 2014 Julian Edelman 467
Los Angeles 71 57 pc 71 55 pc Bangkok 91 78 t 92 78 pc Singapore 87 75 pc 87 76 pc
Philip Rivers SD 2014 Malcom Floyd 470
STEVEN BISIG/REUTERS

Miami 84 77 sh 85 75 pc Beijing 50 29 s 54 32 pc Sydney 72 60 c 71 58 pc

Milwaukee 39 33 i 41 29 sn Berlin 43 35 sh 43 35 c Taipei 73 69 r 75 72 r Dak Prescott DAL 2016 Cole Beasley 499
Minneapolis 40 25 pc 36 23 c Brussels 47 40 sh 44 37 c Tokyo 68 50 r 60 50 pc
Nashville 62 43 pc 57 42 c Buenos Aires 74 47 s 82 61 s Toronto 32 26 c 39 31 c
Drew Brees NO 2008 Devery Henderson 499
New Orleans 73 62 pc 71 60 c Dubai 89 76 s 91 78 s Vancouver 49 42 r 49 42 r Source: Stats LLC; WSJ
New York City 38 32 s 48 41 pc Dublin 48 39 r 46 33 s Warsaw 43 35 sh 43 35 c
Oklahoma City 60 47 c 59 45 r Edinburgh 46 35 s 45 28 pc Zurich 47 44 r 50 33 r
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Zubin Mehta | By Tunku Varadarajan
From India to Israel, Making Beautiful Music
F
New York
or the first few minutes
of our meeting, Zubin
Mehta is on his cellphone
with an old friend (who,
it turns out, is a grand-
son of Muhammad Ali Jinnah, the
founder of Pakistan). The friend,
like Mr. Mehta, is an Indian Zoro-
astrian—or Parsi—and the two are
making plans for dinner after the
maestro and his Israel Philhar-
monic Orchestra finish their per-
formance that night at Carnegie
Hall. They speak in Gujarati, the
adoptive language of the Parsis,
who fled persecution in newly Is-
lamized Persia in the ninth century
and took shelter in western India.
After he’s sorted out dinner, Mr.
Mehta turns to me, mildly irri-
tated. “New York is surprising.
The restaurants all close at 10:30
p.m.,” he says. The night before,
he had wanted an 11 p.m. table at
a favorite spot, “but they said,
The maestro discusses
Wagner, Mahler and the
evolution of the Jewish
state in the half-century
since he adopted it.
‘We cannot serve you that late, we
are unionized.’ ” Tonight he is go-
ing to an Indian restaurant of re-
pute that is happy to accommo-
date a late-dining celebrity. “It’s
good food,” he tells me, adding in
a very Indian touch: “Give them
our name if you go. Then they’ll
pay more attention.”
Mr. Mehta is the musical direc-
tor of the Israel Philharmonic, an
orchestra he has worked with and
loved for more than 50 years, and
with which he is touring the U.S.,
possibly for the last time. At 81,
he’s still a maestro with more raw
oomph than anyone else waving a
baton. He’s also exactly as old as
his orchestra, which was founded
in 1936 by Bronislaw Huberman, a
Polish violinist who made it his
mission to find dignified work in
Palestine for Jewish musicians
forced from their jobs by the Nazis.
For a foreign, non-Jewish man,
Mr. Mehta’s association with Is-
rael is remarkable for its longevity
and passion. Yet its beginnings
were refreshingly humdrum. “It
started by chance,” Mr. Mehta
says. “A great conductor, Eugene
Ormandy, fell ill and couldn’t do a
series of concerts with the Israel
Philharmonic in 1961. I was a job-
less conductor in Vienna, with my
two children, and they called me
to cover as substitute. They sent
me two tickets, for my wife and
myself.”
He recalls the contract as gruel-
ing—about 15 concerts in a short
span—but there was “an immedi-
ate good feeling between me and
the orchestra. We hit it off, musi-
cally and spiritually. And I felt
very at home in Israel, because it’s
somewhat like our place, some-
what like India.” I press him to
elaborate. “Their temperament is
very much like India,” he says.
It’s the Last Stop on the Light-Rail Gravy Train
When it comes to
mass transit, politi-
cians never learn.
Last month, Nash-
ville Mayor Megan
Berry announced a
$5.2 billion proposal
CROSS
COUNTRY that involves build-
ing 26 miles of light
By Randal
rail and digging an
O’Toole
expensive tunnel un-
der the city’s down-
town. Voters will be asked in May to
approve a half-cent sales tax increase
plus additions to hotel, car rental
and business excise taxes to pay for
the project.
San Antonio’s mayor, Ron Niren-
berg, also wants to lay rail, even
though his city’s voters blocked light-
rail plans in 2000 and 2015. In 1933,
San Antonio became the first major
city in America to replace its street-
cars with buses, which are faster,
more flexible and cheaper to buy and
operate. Nevertheless, Mr. Nirenberg
has strongly supported rail construc-
tion on “high density corridors,”
though he wants the transit agency
to work out the specifics.
In the Tampa, Fla., area, transit
planners are proposing a 35-mile
light-rail line to St. Petersburg. They
don’t know how to pay for it, espe-
cially since Tampa voters rejected a
sales tax for light rail in 2010 and St.
Petersburg voters rejected one in
2014.
These proposals are questionable
at best and reckless at worst, given
that transit ridership—including bus
and what little rail these regions
* * * *
“They all talk at the same time.
They’re very opinionated, very ar-
gumentative, very hospitable.”
Mr. Mehta doesn’t say so, but
when he signed on full-time in
1969, he quickly became a sort of
popular hero, an outsider who had
embraced Israel in a time of na-
tional hardship and international
ostracism. He became friendly
with Israeli founder and former
Prime Minister David Ben-Gurion.
Another friend was Jerusalem
Mayor Teddy Kollek: “He was Vi-
ennese, and I’m half-Viennese be-
cause of my musical culture—I
speak the Viennese dialect—so we
became very close,” Mr. Mehta
says. As for Ben-Gurion, he
“didn’t love music so much, but
he was a scholar of oriental reli-
gions. He told me things about
Zoroastrianism that I didn’t even
know. You know, we modern Par-
sis, we don’t know too much. We
even pray in a language we don’t
understand”—a reference to Ave-
stan, the ancient Iranian language
now used only in Zoroastrian
scriptures.
Besides being impressed with
Ben-Gurion’s erudition, Mr. Mehta
was struck by “how very de-
pressed he was” that India’s gov-
ernment had condemned Israel for
the Six Day War in 1967. Prime
Minister Indira Gandhi had visited
Cairo in solidarity with Israel’s en-
emies just four months after hos-
tilities ceased. Mr. Mehta says
Ben-Gurion “said to me, ‘We Israe-
lis—and I particularly—worship
Mahatma Gandhi. He managed to
get rid of the British without spill-
ing blood and we, in our small lit-
tle country, had to kill and shoot
them.’ ” Ben-Gurion couldn’t un-
derstand how the Mahatma’s coun-
try had become hostile to Israel.
“And to this day, I don’t know ei-
ther,” Mr. Mehta says. “What did
India have to do with the Six Day
War? Israel didn’t start it!”
Mr. Mehta still has Indian citi-
zenship and is delighted that India
and Israel now enjoy close rela-
tions, having established full diplo-
matic ties in 1992. I ask how it felt
to be in the vanguard of this rap-
prochement. “Well,” he says, “I
was in a way a substitute ambassa-
dor. In 1994, I took the Israel Phil-
harmonic to Bombay and Delhi,
and they played free of charge. It-
zhak Perlman, the great violist,
didn’t take a fee. So I couldn’t be
happier.”
Has Israel changed over the
many years Mr. Mehta has known
it? The maestro grows somber,
and—in a faithful reflection of the
way so many Israelis are them-
selves—quite critical. “Oh yes, I’m
afraid,” he says, “and not for the
better. This obsession with build-
ing settlements in land that really
doesn’t belong to them—that’s
where the argument is.” It’s a
“great tragedy,” he adds, “that
Sharon isn’t there anymore.” Prime
Minister Ariel Sharon was incapac-
itated by a stroke in 2006 and died
eight years later. “He used to be
very militant, and then completely
changed. He would not have subsi-
dized these settlements to the ex-
tent that is currently happening.”
have—is down in all three jurisdic-
tions. This is a nationwide trend:
Data released this week by the Fed-
eral Transit Administration shows
that ridership is falling in nearly ev-
ery major urban area (with Seattle as
a notable exception).
Some regions have seen cata-
strophic drops in ridership since
2010: 30% or more in Detroit, Sacra-
mento and Memphis; 20% to 30% in
Austin, Cleveland, Louisville, St.
Louis and Virginia Beach-Norfolk;
and 15% to 20% in Atlanta, Charlotte,
Los Angeles, Miami, San Antonio and
Washington.
Adding rail service hasn’t helped.
To pay for new light-rail lines that
opened in 2012 and 2016, Los Ange-
les cut bus service. The city lost
nearly four bus riders for every addi-
tional rail rider. Atlanta, Dallas, Sac-
ramento and San Jose have seen sim-
ilar results. The rail system in
Portland, Ore., is often considered
successful, but only 8% of commuters
take transit of any kind to work. In
1980, before rail was constructed,
buses alone were carrying 10% of
commuters.
The main reason for this drop-off
is that low gas prices and ride-shar-
ing services have given people better
options. Census data show that 96%
of American workers live in house-
holds with at least one car, and any-
one with a smartphone can summon
an Uber or Lyft.
That said, transit ridership has
been sliding for decades as jobs have
become less highly concentrated in
city centers. Since 1970, the number
OPINION
Mr. Mehta is known in Israel for
his vigorous opposition to the set-
tlements. He describes to me a re-
cent visit to the Palestinian city of
Ramallah, where he is involved in
teaching Western classical music
to Arab children. “The houses
there all have black cisterns for
water,” he says. “Israel doesn’t
supply them enough water, so they
wait for the rainy season, which is
brief. And across the hill there’s a
settlement, and you see the flow-
ers growing there in their gardens.
It’s that close. So, I see the rage
that goes on in the hearts of the
Palestinian people, that ‘we have
no water, and they’re planting
flowers.’ ”
I
srael is a knotty place, and I
cannot resist asking about
Richard Wagner, whose music
is taboo there. When will the Is-
raeli attitude toward Wagner
change? Mr. Mehta winces slightly.
“Well, there’s no ‘attitude,’ ” he
says. “There’s a tradition—which I
disagree with—of not playing
Wagner because he was a con-
firmed anti-Semite.” He notes that
such noxious views weren’t rare in
19th-century Europe. But Mr.
Mehta accepts that Wagner was a
special case: “He was outspokenly
anti-Semitic, and then the Nazis
used his music to their own pur-
pose. Every time they won a bat-
tle, they played Wagner, and the
concentration camps blared his
music also. People from the camps
are still alive. They don’t want to
listen to it.”
Mr. Mehta was the first conduc-
tor to perform Wagner in Israel,
as an encore to a 1981 concert. A
vigorous controversy ensued, and,
of transit trips taken per urban resi-
dent has fallen more than 20%. Out-
side the areas of New York, Boston,
Chicago, Philadelphia, San Francisco
and Washington, transit carries less
than 1% of passenger travel. This be-
lies the claim that mass transit is vi-
tal to urban economies.
Mayors want new lines
that won’t be ready for a
decade. Commuters will be
in driverless cars by then.
Yet the subsides go on, seemingly
forever. Since 1970, taxpayers have
plowed more than $1.1 trillion (ad-
justed for inflation) into transit sys-
tems. Critics may reply that roads
are also subsidized. But measured
Notable & Quotable: Princeton’s Endowment
From “Against Princeton” by R.R.
Reno at FirstThings.com, Nov. 10:
The president of my alma mater
. . . wants me to join him in lobbying
Congress to block a tax on super-
sized college and university endow-
ments. His message was, in effect,
“Rise up ye graduates of elite univer-
sities and defend the rich!”
George Will answered the call.
In his regular Washington Post
column, he penned a defense of one
Saturday/Sunday, November 11 - 12, 2017 | A11
TERRY SHOFFNER
although Mr. Mehta says he has no
regrets, he has not repeated the
performance. Still, the maestro be-
lieves it is time to end the taboo.
“I’d have agreed in the first years
of Israel,” he says, “but a lot of
time has passed since 1945, a long
time. And Wagner is missing in
the education of the musicians of
Israel.” In any case, he adds, “we
play the music of all his musical
‘grandchildren,’ such as Richard
Strauss, Schoenberg, Bruckner.
They all come from Wagner. He
was the Queen Victoria of music in
the middle of the 19th century. So,
I think it’s time to play him. I’m
retiring in two years, so I would
hope to play him. But if I can’t, I
hope my successor will.”
The Israel Philharmonic has
evolved along with the country.
When Mr. Mehta first arrived, it
was an orchestra of very uneven
quality. “It was still mostly the or-
chestra that Huberman had put to-
gether,” he says. “The strings
played beautifully, because they
were from Vienna and Poland. But
the brass and woodwind”—here, a
pause in search of euphemism—
“was not so good.” Jewish émigrés
from Russia in the 1970s and ’80s
brought a new excellence. “Thank
God for the Russians!” Mr. Mehta
says. “But we never hired them be-
cause they spoke Russian and car-
ried a violin. They were all chosen
after blind auditions from behind a
screen.”
Those Russians have all retired;
they came to Israel in their 30s and
40s. Today’s orchestra is predomi-
nantly Israeli. “We have,” Mr.
Mehta boasts, “probably one of the
best woodwind sections today, any-
where. And the brass section is
per passenger-mile, the subsidies for
transit are more than 40 times as
great as for driving.
The transit industry has com-
pounded its problems by going heav-
ily into debt, allowing unfunded pen-
sions and health-care obligations to
snowball, and failing to maintain the
rail lines they already have. Accord-
ing to the Department of Transpor-
tation, the nationwide transit main-
tenance backlog is approaching $100
billion, causing exactly the problems
you’d expect: derailments of New
York City subways, slowdowns of
Chicago’s elevated train, smoke in
Washington metro tunnels, and
other operational and safety issues.
Even if all the money now spent on
new construction were redirected to
maintenance, according to the de-
partment, it would take 20 years to
rehabilitate America’s rail transit
systems.
of the richest of the rich universities,
Princeton. The fancy-pants univer-
sity in New Jersey enjoys a mon-
strous endowment of more than $22
billion. But it is so noble and benefi-
cent, Will tells us. Princeton provides
scholarships to nearly one-fourth of
its undergraduates who come from
families that have difficulty paying
its tuition, room, board, and fees,
which exceed $60,000 per year.
That sounds generous, but it’s not.
Do the math. A modest 5-percent
magnificent. All of that never used
to be the case when I first joined.”
Mr. Mehta’s accent is a peculiar
blend of Mumbai and Middle Eu-
rope, and his own tale is as exotic
as the stories of some of the or-
chestra’s musicians. His father,
Mehli Mehta, started the Bombay
Symphony Orchestra in 1934, with
“professional musicians from Goa,
Parsi amateurs, winds from the
navy band, and Jewish refugees
playing strings.” Despite his fa-
ther’s best efforts, the results were
never entirely harmonious, and it
wasn’t until 18-year-old Zubin
went to Vienna for his education
that he realized how heavenly clas-
sical music could be. “It was as if
my ears had been unblocked by
this audio explosion,” he says.
“Ever since then, I’ve always
wanted the Viennese sound—
warm, not forced. Always supple,
never an ugly note.”
I ask him about the work he will
be conducting at Carnegie Hall five
hours after our interview—Mah-
ler’s Third Symphony—and can see
his personal copy of the score in a
corner of the room, bound in ele-
gant tan leather. A spell seems to
fall over Mr. Mehta as he discusses
the symphony in a manner so amo-
rous that I can almost hear the
music in his voice.
“It’s my favorite Mahler sym-
phony,” he says. “It’s all dedicated
to nature.” He describes it move-
ment by movement, pausing to
dwell on the fourth, which was in-
spired by “Zarathustra’s Rounde-
lay,” a poem in Nietzsche’s “Thus
Spoke Zarathustra.” Mr. Mehta
pronounces the name “Zarathus-
tra”—the founder of the Zoroas-
trian religion—with an almost
hushed reverence. “It is an ideo-
logical poem,” he says, “about
night, and the future. ‘O Mensch!
Gib acht!’ ”—Oh Man, take heed!
T
he fifth and penultimate
movement is “almost a
Christmas song, although
Mahler was not Christian. He was
converted later on.” Here Mr.
Mehta pauses, out of breath, and I
hand him a bottle of water that
had been sitting beyond his reach.
He drinks, and beams, and says:
“The last movement, which is
about 25 minutes, is dedicated to
love, and it just breaks your heart.
It is one single melody from begin-
ning to end. It’s like silk and music
and thread.”
We are quiet together after this
for almost a full minute, when Mr.
Mehta sits up with a start, as if a
bee has stung his leg. “Aiii, yaaiii,
yaaiii,” he says, looking at his
watch, and then at me in some
amount of panic. Have we, I ask,
gone on too long? “I phoned my
friend,” he replies, “But I forgot to
call my wife.” He snatches at his
phone and calls her, only to get
her voice mail.
Obviously relieved, he leaves
her a message—soothing, apolo-
getic, uxorious—before shaking my
hand with a maestro’s flourish.
Mr. Varadarajan is a fellow at
Stanford University’s Hoover Institu-
tion.
Instead of spending billions on
new rail lines, cities like Nashville,
San Antonio and Tampa ought to use
buses to move people faster, more
safely, and for far less money. Rail is
simply a bad investment.
That’s especially true given the
bets being made by companies like
Ford, Google and Uber on driverless
cars. Some analysts predict that by
the middle of the next decade, calling
a driverless car will be as easy as hail-
ing an Uber today. Why walk in the
heat or cold for a bus or streetcar
when you can hail a driverless car to
your door for less money than the
transit fare? Nashville’s first light-rail
line won’t even open until 2026. By
then, who’s going to want to use it?
Mr. O’Toole, a senior fellow with
the Cato Institute, is the author of a
new policy report “The Coming Tran-
sit Apocalypse.”
return on $22 billion is $1.1 billion.
Princeton has 5,000 undergraduates.
That’s $220,000 for every undergrad-
uate—every year. The amount given
in scholarship aid is a piddling por-
tion of Princeton’s endowment in-
come. Assume that the quarter of
Princeton students who get aid re-
ceive full scholarships (which they
don’t, of course). That would cost the
university around $75 million per
year—less than 10 percent of its en-
dowment income.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A12 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trump’s Pacific Trade Tear Century of Red Has Left Many Millions Dead

D
onald Trump was having a successful Pa- wants to coax the U.S. back into TPP. Prof. Stephen Kotkin concludes ples . . . is the conviction on which all
cific sojourn this week, and then came In July Japan used domestic trade law to im- that “Communism’s bloody century of civilization depends.” Civilization
has come to an end, and we can only depends on the sanctity of the indi-
Friday’s speech to the Asia Pacific Eco- pose a 50% tariff on U.S. frozen beef. But Austra-
celebrate its passing” (“The Commu- vidual over the power of the collec-
nomic Cooperation confab in lian beef is taxed at 27.5% be- nist Century,” Review, Nov. 4). I tive. Mr. Satter laments that individ-
Vietnam. This was supposed to Things were going so cause Tokyo and Canberra wonder whether the families of Otto ual conscience was subordinated to
lay out his vision for a free and well. Then he returned locked in their TPP conces- Warmbier, Alexander Litvinenko, the “Soviet power.” The individual is the
open Indo-Pacific, but instead sions two years ago. Japan has Hong Kong booksellers and count- source of morality which is the gene-
he went on a tear against multi- to his worst subject. also signed a deal with the Eu- less others would agree that there sis of civilization. It is that which the
lateral trade agreements. This ropean Union to open its mar- has been any ending or cause for tyrannical are even more enraged
dismays America’s friends, ket to farm products. It is celebration? against than civilization itself.
gives a new opening to China, and threatens the working on a similar deal with Canada, whose ALICIA FRIES ALLEN WEINGARTEN
rules-based order Mr. Trump says he wants. The pork producers are taking market share from Littleton, Colo. Monroe Twp., N.J.
biggest victim will be the United States. American competitors.
Anticapitalists remain in control in Communism is a religion and like
“I will make bilateral trade agreements with Meanwhile, China is pushing its own trade
many countries such as China, North other religions it has its own moral-
any Indo-Pacific nation that wants to be our group, the Regional Comprehensive Economic Korea, Vietnam, Cuba and Venezuela ity, ethics and history of slaughtering
partner and that will abide by the principles of Partnership, which includes 16 nations account- to name a few. The philosophy re- perceived heretics, nonbelievers and
fair and reciprocal trade,” the President said. ing for 39% of global GDP. While that deal isn’t mains a force throughout the world. enemies of the “faith.” It is not the
“What we will no longer do is enter into large as ambitious in promoting free trade as TPP, it Many anticapitalists embrace violence first religion to have killed millions of
agreements that tie our hands, surrender our bolsters China’s economic influence. The irony as a legitimate tool and believe that people.
sovereignty, and make meaningful enforcement is that by leaving TPP Mr. Trump is letting China the end justifies the means. The U.S. Communism was a success. It was
practically impossible.” extend its mercantilism, which promotes its “na- has experienced this violence first- not a failure. It delivered what Marx
Mr. Trump is wrong that multilateral agree- tional champions,” more broadly at the expense hand with violent anticapitalists pro- promised in 1859: a 60-hour work
ments have allowed other countries to “take ad- of the U.S. testing and shutting down speech. week, a tiny pension, rudimentary
This embrace of violence by anticapi- health care and education and other
vantage of” the U.S. The multilateral trading sys- The U.S. simply doesn’t have the economic le-
talists is perhaps strongest at our trappings of an ideal 1850s lifestyle.
tem the U.S. created after World War II has built verage to force Asian nations to make big conces- universities. Mr. Kotkin’s declaration Too bad it is 150 years out of date of-
foreign markets for American exports, which sions in bilateral agreements. Perhaps it did in of an end to the threat and violence fering a way of life almost nobody to-
now represent 12.3% of U.S. GDP and an esti- the 1980s, when Mr. Trump’s understanding of from anticapitalists is wrong. We all day wants.
mated 11.3 million jobs. Mr. Trump is also wrong world trade seems to have stopped. Then the U.S. need to recognize the danger and not E. J. NEIBURGER
to believe he can force Asian nations to go along was the destination market for the bulk of Asia’s only condemn but stop the violence. Waukegan, Ill.
with his plan. They are already on the way to production. Countries have many other destina- SCOTT ENGERS
proving that his decision in January to pull out tions for goods and services, and companies are Ann Arbor, Mich. Wanton killing of millions in the
of the Trans-Pacific Partnership (TPP) trade pact focused on trade within the rapidly growing re- name of some bankrupt ideology is a
was a strategic and economic mistake. gion. Complex supply chains have made bilateral In “100 Years of Communism—and bit more difficult when everybody,
Evidence is growing that the U.S. is already trade deals less important, and mulilateral rules 100 Million Dead” (Nov. 7) David Sat- not just the elites, are armed.
ter concludes that “the independent JACK WISSNER
losing out. The remaining 11 countries party to often trump bilateral trade terms.
authority of universal moral princi- Atlanta
the TPP reached partial agreement on the deal As the U.S. is left behind, the biggest Ameri-
without the U.S. at the APEC summit this week. can losers will be the President’s supporters in
If they succeed and the U.S. doesn’t rejoin, the Midwest and farm states. TPP remains
American exporters will be disadvantaged in America’s best chance to benefit from Asia’s
Julius Rosenwald: Exemplar for Philanthropy
markets that represent 16% of global GDP. growth, and the deal addresses many of the What a delight to read Leslie Len- dents of Rosenwald’s approach: Work
Japan’s reaction shows why abandoning TPP President’s complaints about intellectual prop- kowsky’s review of Hasia R. Diner’s diligently to identify a root cause,
will backfire on Americans. Shinzo Abe needs erty theft, predatory industrial policy and en- biography of the philanthropist Julius then boldly build a plan and act on
the deal to underpin his economic reform and forcement of rules. America’s friends at APEC Rosenwald “Julius Rosenwald: Repair- it.
strengthen the country’s alliance with the U.S. were disappointed by Friday’s speech, but their ing the World” (Bookshelf, Oct. 30). SUSAN M. FITZPATRICK
The Japanese Prime Minister is resisting Mr. commitment to multilateral trade can force Mr. While Rosenwald’s legacy may not be President
as recognizable today as that of some James S. McDonnell Foundation
Trump’s requests for a bilateral deal because he Trump or his successor to change course.
of his philanthropic peers (for exam- St. Louis
ple Carnegie or Rockefeller), his story

Bannon’s Senate Minority should be more widely known.

Rosenwald’s history of giving re-
Rosenwald’s brilliant and truly no-
ble gift for the construction of Afri-

J
mains highly influential among those can-American educational structures
udge Roy Moore was always a time bomb tions are completely false. I believe they’re polit- who study and engage in the practice was seed money. Contributions came
for Senate Republicans, which is why most ically motivated.” He’s backed by Breitbart, the of strategic giving as distinct from from Rosenwald (15%), blacks (17%),
GOP leaders opposed him in the primary. website run by former White House aide Steve traditional almsgiving. Strategic phi- local whites (4%) and public tax
But Alabama Republicans nom- Bannon that supported Mr. lanthropy sought to ameliorate or funds that were mainly collected
inated him anyway, and now Voters may have to be Moore in the primary. eradicate serious social ills by identi- from blacks (64%). Stories tell of
the state’s voters will have to fying and targeting root causes. poor blacks emptying their pockets
assess allegations against Mr.
the jury on the charges nonThe truth is that Mr. Ban-
is a partial architect of
Rosenwald’s giving, particularly his to finance the endeavor.
support for the Rosenwald Schools Rosenwald’s policy was to not con-
Moore that are among the against Roy Moore. this mess. He’ll support any providing educational opportunities fuse monetary investments with phi-
worst that can be leveled. Republican candidate who for African-Americans living in segre- lanthropy. He avoided making invest-
Mr. Moore, 70-years-old, is promises to vote against Mr. gated states, is an inspirational ex- ments in businesses for social
vociferously denying a Washington Post report McConnell for Senate leader, and when that’s ample of targeted strategic giving. concerns. His only such investment, a
that he made sexual advances on a 14-year-old your only political standard you end up with The newest generation of philanthro- cotton oil mill in the all black town
girl when he was a 32-year-old district attorney oddballs and misfits as candidates. Judge Moore pists investing billions of dollars of Mound Bayou, Miss., was a failure.
in 1979. The now-adult woman, Leigh Corfman, twice lost his Alabama Supreme Court seat be- with the aim of improving education GENE DATTEL
is on the record with considerable detail, and cause he refused to enforce court orders, so his could benefit from becoming stu- Lakeville, Conn.
corroborating witnesses say she told them about potential for self-implosion wasn’t news.
the events at the time or at points since. She has Luther Strange, the current Senator who
little to gain from coming forward now. was appointed by Alabama’s former Governor
The charges are disqualifying for public of- to replace Attorney General Jeff Sessions, is Veterans Deserve Best of Public, Private Care
fice if true, even if the statute of limitations has every bit as conservative as Mr. Moore without We should be focusing on improv- know that half of veterans prefer to
long expired. The charges may be unprovable at the flakiness. He’d be running away with the ing the quality of care for veterans get care in their own community,
this remove. But they will certainly hang over special election, while Mr. Moore was barely instead of pitting private care while half prefer the VA. Don’t let
Judge Moore’s campaign until the Dec. 12 special ahead of Democratic nominee Doug Jones even against the VA (“Koch Network veterans’ health care continue to de-
Senate election and afterwards if by some before the Washington Post story. A write-in Makes Push on VA Care,” U.S. News, volve into a proxy debate over pri-
chance he wins. campaign for Mr. Strange would be desirable, Nov. 4). As a disabled Iraq war vet- vatization. Our goal should be to
Majority Leader Mitch McConnell and other though it’s a long shot. If Mr. Moore stays in eran, I’m lucky. I truly have choices have both a strong VA and strong
Republicans have called on Mr. Moore to with- the race, Alabama voters will have to be the when seeking care, both through the community-based options so that re-
VA and within my own community. gardless of where a veteran chooses
draw as the nominee if the charges are true, and jury that renders a verdict on the charges
Of course, not every veteran has ac- to get treated, she or he is getting
the national GOP has cut off funding for the cam- against him, as our friends at the New York cess to the numerous VA or private the best possible care.
paign. But no one can force him to stand down, Sun put it. options that I have, but I believe DEREK COY
and Mr. Moore is trying to rally supporters by As for Mr. Bannon, we’re beginning to sus- they should. Veterans’ Health Officer
calling the story a political attack. “I don’t know pect that he wants Republicans to lose the Sen- Narrowly focusing on whether to New York State Health Foundation
Miss Corfman from anybody,” Mr. Moore told ra- ate because it’s easier to rage in opposition. He privatize the VA omits crucial as- New York
dio host Sean Hannity on Friday. “The allega- may get his wish. pects of what makes veterans
healthy. We should be revamping
the Veterans Choice Program and Shariah for All, Not Terror,
Big Wind and Tax Reform working toward things such as im-
proving the cultural competency
Is the Ultimate Goal of ISIS

C
and quality of private providers. Matthew Hennessey has it wrong
onservatives make fun of indulgent lib- Enter Republicans with their pledge to cut Forcing private providers and the (“As Terror Strikes Again, New
eral parents whose offspring remain corporate taxes in exchange for closing loop- VA into separate orbits results in Yorkers No Longer Wonder Why,”
dependents well into their 20s. But Re- holes. Well, some Republicans and some loop- fragmented and uncoordinated care. op-ed, Nov 2). The Islamic religious
publicans rewriting the tax holes. In its draft tax reform Veterans shouldn’t have to choose fanatics don’t want us “to walk
code in Washington are cod- House Republicans try the House proposes to cut between public and private care. We around terrified that instant death
dling a millennial of their to pare back a subsidy. the value of the wind subsidy is always a moment away.” What
own: the wind lobby. to its 1992 level of 1.5 cents ISIS and al Qaeda want is a strict
In the 1980s wind power Senate GOP objects. per kilowatt hour and to George H.W. Bush Is Wrong imposition of Shariah law world-
was dubbed an “infant indus- stick with the phase out wide, interpreted according to their
About This Great Green Issue hardline and delusional fundamen-
try” that needed federal help schedule agreed to in 2015.
As a member of a healthy house- talist interpretation, so that they
to grow. More than three decades and tens of To stop companies from gaming a system in
hold where broccoli is proudly may have the approval of their
billions of dollars in subsidies later, the busi- which the handout shrinks every year, the bill served several times a week, I was courts and legislatures to round up
ness of making electricity from spinning tur- also clarifies the terms for a new turbine to pleased to see George Ball’s enco- all infidels.
bines remains inefficient and heavily depen- be eligible for a credit. mium to the oft-maligned vegetable LARRY SCHNEIDER
dent on federal aid—i.e., the American The wind lobby is crying foul on grounds (“In Defense of Broccoli,” op-ed, Lincolnshire, Ill.
taxpayer. Tax reform is a chance to tell the that it has made commitments to projects that Nov. 6). But although he mentions
wind racket to get off the dole but it isn’t clear rely on the subsidy but may not qualify as President George H.W. Bush’s repre-
Republicans are up to the task. “under construction” in 2017 under the new hensible slander against broccoli, Pepper ...
Since 1992 the wind industry has lived off rules. It ought to be thankful the House is of- Mr. Ball fails to examine its political
consequences.
And Salt
a “production tax credit” that begins with con- fering to let the scam wind down gradually
struction of a turbine and lasts 10 years. The rather than kill it. Even if the House proposal I contend that President Bush’s THE WALL STREET JOURNAL
defeat in the 1992 election was less
original value of the credit was 1.5 cents a kilo- survives, the subsidy will take billions more
a result of his reneging on his “no
watt hour but the law included an annual infla- out of the pockets of working Americans and new taxes” pledge than on other-
tion adjustment. As Warren Buffett explained transfer the money to rich investors. wise sympathetic broccoli lovers
in 2014: We “get a tax credit if we build a lot It’s common knowledge that current wind- withholding their votes. Did Bill
of wind farms. That’s the only reason to build power technology cannot compete in the elec- Clinton like broccoli? Perhaps not,
them. They don’t make sense without the tax tricity market and propping it up drains fed- but sadly the question was never
credit.” This also explains why producers are eral coffers. It also removes the incentive to asked.
known to sell their output below cost merely innovate. But wind blows in red states and the THOMAS CALHOUN
to cash in on the subsidy. subsidy has created an interest group. Iowa’s Bethesda, Md.
By 2015 the credit was up to 2.4 cents per Chuck Grassley has released a statement re-
kilowatt hour at a cost to the feds of $2.6 bil- jecting the House proposal, and the Senate’s Letters intended for publication should
lion. That’s when Congress passed legislation draft tax bill sticks with the current produc- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
to reduce the production tax credit 20% a year, tion credit. or emailed to wsj.ltrs@wsj.com. Please
starting in 2017, with a goal of ending the sub- This goes to show that as long as a subsidy include your city and state. All letters
sidy after 2020—though a turbine that quali- has life, it has lobbyists. No one should be sur- are subject to editing, and unpublished
fies up to that last year would continue to re- prised if the wind-power production tax credit letters can be neither acknowledged nor “I’m some internationally
returned.
ceive credits for 10 years. survives. famed economist.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2017 | A13

OPINION

Will Virginia Teach Trump Fans a Lesson?

areas—suburban, di- The threat for Demo-
verse—and won big in the crats is that they’ll over-
shrinking areas—rural, play their hand—that
white,” the official ob- heady with their first big
DECLARATIONS served. “The suburban ed- win since Barack Obama’s
By Peggy Noonan ucated women problem re-election, they’ll go

L
ook, it wasn’t just Virginia.
It was Westchester and
Nassau counties in New
York. And in Virginia it
will grow in states that crazy-left.
are getting bigger and If they are clever they
more diverse. We have will see their strong space
hitched our wagon to the as anti-Trump, socially
shrinking team.” moderate and economi-

ANDREW CABALLERO-REYNOLDS/AFP/GETTY IMAGES

wasn’t only the governor-
ship the Republicans lost. When all
the votes are counted, their 66-34
majority in the House of Delegates
may turn into a minority.
The Democrats had a big night
Tuesday, and the president of the
United States took it right in the
kisser. And it was all about him.
I spent Wednesday and Thursday
talking to Virginia Republicans, from
centrists to hard rightists. Not one
expressed surprise at the outcome.
All acknowledged the cause was Don-
ald Trump.
A plurality of college-
educated whites supported
him in 2016. This week a
majority went Democratic.
About future prospects, the state
Republican Party was blunt. Yes, out-
of-state money and groups had an
impact, as did Republican congres-
sional inaction. But 68% of voters
under 45 voted Democratic, and Re-
publicans lost nonwhite voters 80%
to 20%. “If we do not find a way to
appeal to these two groups,” the
party chairman said in a statement,
“the results will be grim.”
A smart, experienced Republican
elected official: “It was a total repu-
diation of Trump—no other way
around it. Voters, more women than
men, were literally walking in and
saying ‘I’m here to vote against
Trump.’ The name of the victim on
the ballot didn’t matter.” Accom-
plished mainstream legislators lost
along with bomb throwers.
Mr. Trump lost Virginia last year
by 5%, worse than Mitt Romney’s 3%
defeat, and distributed differently.
“Trump in 2016 lost in the growing
And although “it was a cally liberal. Will they be
suburban bloodbath,” it clever? Hunger encour-
went “well beyond the ages discipline, and they
suburbs. Losing so many are hungry. But embold-
seats in our House of Del- ened progressives will
egates was historic—half want to seize the day.
of the losses in Northern Tuesday night’s losses
Virginia, but losses too in could have a helpful effect
Virginia Beach, where we on Trump enthusiasts.
have military population, They imagine the number
and the Richmond sub- and strength of his sup-
urbs.” Gov.-elect Ralph porters as bigger than it
Northam is from the Vir- is. They imagine his oppo-
ginia Beach area. A woman prepares to vote in suburban Arlington, Va., Nov. 7. nents as unappreciative
The official explains: sellouts: Trump has won
“The female backlash about Trump is “A lot of Virginians are more or less They turned up at the polls as 41% of and will continue to win, you just
in part a response to the resurgence moderate-to-liberal.” Mr. Northam was electorate. Last year it was 38%. don’t get it. After Virginia, they must
of male chest-thumping following Hil- “nonthreatening—a doctor, former They went out of their way to unload surely see trouble. Donald Trump has
lary’s demise and Trump’s victory. military,” and “as long as Democrats on him, and succeeded.” not built support in the middle, he’s
Trump has unleashed men to be more sound moderate, they’ll do OK.” This He thought Tuesday was also a alienated it. The press’s antipathy to
oblivious to real sexism at a time Virginian thought the weather signifi- verdict on Trump’s equivocations af- Mr. Trump is real and unchangeable,
when women are feeling liberated by cant: “It rained all Election Day. People ter Charlottesville: “Trump and Steve but you cannot blame all his prob-
the demise of Harvey Weinstein, Bill had to be highly motivated to come Bannon treated Charlottesville as a lems on it. Pros get around the press,
O’Reilly, etc. They can’t vote against out. The people who are anti-Trump nonevent. Virginia voters thought use it as a foil and straight man, and
Harvey or Bill, but they can vote are highly motivated!” otherwise.” The administration’s speak every day to independents,
against Trump and anyone remotely From a 30-year Northern Virginia “marriage to the alt-right comes with centrists and the softly aligned.
near him.” resident and conservative intellectual: a cost.” Mr. Trump has not been able to do
A GOP political operative who “Midterm elections almost always go The larger picture? We’re in the this. It is the big story of the year
worked on one of the Virginia races against the party in the White House, early scenes of big change. We’re since his election—that he has not a
said “there is a Catch-22: We can’t and Trump hasn’t changed that. But seeing the gradual cratering of both growing base but a smaller, so-far in-
win with Trump, and we can’t win look, Trump is very unpopular—I parties. Tuesday night obscured this dissoluble core.
without him.” Republican Ed Gilles- won’t dispute ‘friggin’ hated’ for much for the Democrats and highlighted it The parties are each in an existen-
pie worked hard, but “authenticity of the country, maybe most. and Re- for the Republicans. Democrats are tial crisis. The Democrats, split be-
matters.” He made a fortune as a publican attempts to repeal Obama- split between moderates and a rising tween the Sanders/Warren progres-
lobbyist and political strategist—a Care are particularly unpopular.” progressive left, which has all the en- sive vision and the old Clinton vision,
swamp creature. Trump supporters Health care was the top issue to Vir- ergy, enthusiasm and intellectual ac- will fight more passionately among
didn’t embrace him as a friend. ginia voters; exit polls showed those tion. Mr. Trump united the Demo- themselves as 2020 approaches. The
Mr. Trump’s first year has left al- for whom it was most important went crats in Virginia. That won’t last Republicans are left knowing that
most everyone embittered: “Demo- Democratic 77% to 23%. forever. day by day, Mr. Trump is crashing.
crats are furious at Trump, and ra- Finally, from a New York-based The Republican Party is divided The wiser of them suspect that when
tional Republicans are deeply political veteran: “It was a referen- by serious questions about its essen- he’s gone, what replaces him is noth-
depressed. Regular Republicans feel dum on Trump, and he lost. Fifty- tial purpose, and by Mr. Trump. As ing. Because the Republican Party is
nothing is getting done—I heard this seven percent of Virginia voters dis- the Virginia officeholder observed: riven and no one knows what it
everywhere I went.” approved of him, half of them “Trump’s divisiveness makes it more stands for anymore.
The bottom line is that the elec- strongly. It was the higher end of challenging to have a center-right In both parties there is too much
tion was about Mr. Trump: “How do Blue America unloading on him. Reaganesque approach, because it’s distance between the top and the
you win when your leader has an ap- Whites with college degrees gave all about Trump—you’re either not bottom. In both, ambivalent leaders
proval rating of 35%?” 51% of their vote to the Democrat. praising him enough or not attacking are chasing after voters they no lon-
From a 45-year Virginia resident, a Last year Trump won that demo- him enough. . . . All the oxygen is ger understand. That is the second
conservative with libertarian impulses: graphic [in Virginia] 49% to 45%. Trump or anti-Trump.” big fact since Trump’s election.

To Thank Veterans, Help Them Build Civilian Careers

By David H. Petraeus Nothing, however, is more impor- prized than ever. That is reflected in end of the second year. When asked numerous industries, a significant

E
very year as Veterans Day ap-
proaches, Americans ask them-
selves how they might best
show their respect and appreciation
for those who have served the nation
in uniform. That question has taken
on ever greater importance as the
wars of the post-9/11 period con-
tinue, and as Afghanistan has become
the longest war in U.S. history.
Veterans deeply appreciate the
near-universal support they and
their families receive, even from
Americans who disagree with the
policies that sent them to war. They
are grateful for recognition at pub-
lic events and for being told,
“Thank you for your service.” Veter-
ans also appreciate tangible initia-
tives like the GI Bill, expanded Vet-
erans Administration services, and
the Yellow Ribbon Program at many
colleges.
tant to veterans who are making the
transition from military service to
civilian life than a job.
Most employers recognize that
hiring veterans is not just the right
thing to do, it’s good for business.
Veterans bring to their firms ex-
traordinary experiences in challeng-
ing endeavors. Those who have worn
the uniform know what it’s like to
perform difficult missions—often lit-
erally under fire—against deter-
mined, frequently barbaric enemies
in the most challenging terrain and
weather conditions imaginable. Busi-
ness leaders know that veterans
have learned teamwork, discipline,
initiative and adaptability in the face
of unexpected circumstances. Veter-
ans can be counted on to lead, di-
rect, inspire and organize those for
whom they are responsible.
The attributes veterans bring to
the workplace are now more highly
the veterans’ unemployment rate,
which is now well below the na-
tional unemployment rate and the
lowest it’s been in 17 years.
Yet that only tells part of the
story. Most veterans seek not just a
job, but a fulfilling career that gives
them a chance to apply the skills
Recognize not only their
service but their potential
by training them for
fulfilling professions.
and experience they gained during
their military service. Such opportu-
nities are not always offered; indeed,
at present 43% of veterans leave
their first civilian job during the
first year, and 80% leave before the
why, they often cite limited opportu-
nities for career advancement and
personal development.
So what can employers do to pro-
vide careers, not just jobs? They can
begin by investing in veterans by
providing job-skill training, educa-
tion, mentoring and support. Such
investment can help veterans be all
that they can be in the civilian
workforce.
At KKR, our Vets@Work program
encourages our portfolio companies
to pursue initiatives going well be-
yond recruiting and job placement,
striving instead to create career op-
portunities for veterans. The re-
sources in our tool kit also help ci-
vilian managers understand how to
get the most out of a veteran’s skills
and experience. Since 2011 our port-
folio companies have hired more
than 50,000 veterans and military
spouses for a variety of roles across
milestone for us as well as an inspi-
ration for continued growth.
Merely hiring a veteran is not
enough. America’s employers can
best serve our veterans—and their
own businesses—by adopting proven
practices that help former soldiers
establish productive careers. Our
veterans have given years of their
lives to the defense of our country.
We honor them by recognizing not
just their past service but their fu-
ture potential, by investing in them,
and striving to provide not just a
job that pays the bills, but a fulfill-
ing profession.
Mr. Petraeus, a retired U.S. Army
general, commanded coalition forces
in Iraq and Afghanistan and the U.S.
Central Command. He is now a part-
ner in the global investment firm
KKR and Chairman of the KKR
Vets@Work initiative.

A Media Merger Is Mugged by Bureaucrats, Not Trump

Is dirty politics go- blocked, apparently because of his All this is unfair to Makan Delra- His intellectual path was laid Comcast, Charter, Apple, Netflix,
ing on at the Jus- animus against CNN. The folks at him, who arrived as the department down by the Obama regulators when Google, et al. to their knees.
tice Department’s CNN, a Time Warner property, are trust-busting chief just a few weeks they vetoed a major Comcast cable Voilà, an excuse to meddle in the
antitrust division? particularly incensed by the last- ago and immediately threw a deal as well as two proposed big deal.
The proposed minute obstacles. They smell an im- wrench into a deal that many ex- wireless mergers. Their reasoning, In truth, Mr. Delrahim’s col-
merger of AT&T proper Trump political vendetta pected to sail through. which he now applies to the AT&T- leagues at Justice were already
and Time Warner against their news organization. The little-known lawyer is por- Time Warner deal, is distinguished manufacturing reasons to lard the
BUSINESS
has suddenly run Suspicious too are many inde- trayed in the press as a Trump mainly by what it ignores. deal with so-called behavioral rem-
WORLD
into trouble de- pendent analysts, who have gen- stooge, a political hack. He’s getting edies before letting it go through.
By Holman W.
spite being under erally endorsed the deal as a bum rap. Mr. Delrahim has upset Mr. Delrahim merely upped the ante
Jenkins, Jr.
review for more strongly pro-competitive because the AT&T-Time Warner apple cart, A shocking possibility: on arrival by saying behavioral
than a year. Liber- wireless would finally start to be all right. But he’s doing it not for remedies aren’t enough, divesti-
als who usually can’t stand a media used to challenge the local cable Donald Trump. He’s doing it for the Partisan politics will tures are required.
combination are cheering the deal oligopolists. sake of Washington’s army of anti- save the AT&T and Altogether, there is nothing
on because they dislike Donald When has a new antitrust chief trust lawyers, lobbyists and hand- novel in this episode, except the id-
Trump, who during last year’s cam- so thoroughly stepped in the holders who otherwise would have Time Warner deal. iosyncratic Trump factor.
paign said the deal should be salmon mousse? to find honest work. Merger review—and especially
The regulatory establishment he review of media mergers—has long
now heads, in fact, has devoted a Ignore the fact of cord-cutting, since become an occasion for arbi-
decade to elaborating new ratio- which is unraveling the tradi- trary regulatory shakedowns at
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY nales for meddling in increasingly tional cable TV business model. least since the Clinton years. Mr.
Rupert Murdoch Robert Thomson competitive media and telecom Ignore the emerging competition Trump’s persistent anti-CNN tweets
Executive Chairman, News Corp Chief Executive Officer, News Corp markets. Check out the 2015 Duke of fixed and wireless, which is actually appear to be providing
Gerard Baker William Lewis University speech of Mr. Delrahim’s blowing up the separate sand- AT&T a measure of inoculation.
Editor in Chief Chief Executive Officer and Publisher predecessor, Bill Baer. Revisit the boxes once enjoyed by the mobile Judging by Friday’s headlines, Mr.
Matthew J. Murray DOW JONES MANAGEMENT: strained reasoning behind the and cable industries. Delrahim already is in full retreat
Deputy Editor in Chief Mark Musgrave, Chief People Officer; Obama administration’s “net neu- Ignore the explosive arrival of under hostile fire from the usually
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS:
Anna Sedgley, Chief Operating Officer & CFO;
trality” intervention. Amazon Prime, YouTube and Netflix anti-merger left.
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett, Katie Vanneck-Smith, President A kind of virginity is always lost to command a large and growing If so, the ending will be a happy
Washington; Andrew Dowell, Asia; OPERATING EXECUTIVES: in the transition from outsider to share of the hours that Americans one. Mr. Trump’s off-the-cuff jibes
Christine Glancey, Operations; Ramin Beheshti, Product & Technology; insider. Mr. Delrahim, as a mere once devoted to watching tradi- are seldom worth taking seriously.
Jennifer J. Hicks, Digital; Jason P. Conti, General Counsel;
Neal Lipschutz, Standards; Alex Martin, News; Frank Filippo, Print Products & Services; Pepperdine law professor, said of tional TV. Certainly his attacks on CNN were
Shazna Nessa, Visuals; Ann Podd, Initiatives; Steve Grycuk, Customer Service; the AT&T deal: “Just the sheer size Embrace the premise that AT&T’s the furthest thing from Mr. Delra-
Matthew Rose, Enterprise; Kristin Heitmann, Transformation; of it, and the fact that it’s media, I control of CNN and a handful of him’s mind when he began looking
Stephen Wisnefski, Professional News Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International think will get a lot of attention. other modestly popular Turner for reasons to fiddle with the
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: However, I don’t see this as a major Broadcasting channels is tanta- AT&T-Time Warner deal.
Almar Latour, Publisher; antitrust problem.” mount to a monopoly on medicine This episode, from beginning to
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: As the most prominent defender for orphans. end, is about the bureaucracy being
Joseph B. Vincent, Operations; Christopher Lloyd, Head; of Washington’s antitrust imperium, Promote the preposterous notion the bureaucracy. The only shocking
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head his priorities now are different. A that CNN, though regularly whupped thing is that partisan politics, for
EDITORIAL AND CORPORATE HEADQUARTERS: major antitrust problem must be in the ratings by Fox News and once, are working in favor of pro-
1211 Avenue of the Americas, New York, N.Y., 10036 found if antitrust is to retain its po- MSNBC, is a precious asset that tecting the right of two big compa-
Telephone 1-800-DOWJONES
litical and bureaucratic relevance. would give AT&T power to bring nies to merge.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

VETERANS,
ACTIVE DUTY
& MILITARY
SPOUSES
MAKE OUR
COMMUNITIES
BETTER
Since 2013 we’ve hired over 10,000 veterans and military spouses,
we’re committed to hiring 15,000 more, and we currently have more than 30
Military Family Stores nationwide. Today and every day, we’re inspired by this
community and their unparalleled civic engagement. As neighbors, friends and
co-workers, they’re changing our perspectives and our company for the better.
Learn about how we support the military community: starbucks.com/veterans.

Today, your coffee is on us.*

*One free tall (12 fl oz) hot brewed coffee for veterans, active duty service members and military spouses.
Offer valid 11/11/2017 at participating Starbucks® stores. Limit one per customer. Customizations extra.

© 2017 Starbucks Coffee Company. All rights reserved. SBX18-334514

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
BUSINESS NEWS B2-4 | WEEKEND INVESTOR B5 | MARKETS DIGEST B6 | MARKETS B11-12 | HEARD ON THE STREET B12
BUSINESS A COMEBACK AT ALTICE B3
© 2017 Dow Jones & Company. All Rights Reserved.
DJIA 23422.21 g 39.73 0.2% NASDAQ 6750.94 À 0.01%
GE Investors Brace for Dividend Cut
New CEO Flannery is
expected to announce
strategy Monday, along
with possible layoffs
BY THOMAS GRYTA
For General Electric Co.
shareholders, the wait will
soon be over.
John Flannery, GE’s new
chief executive officer, on
Monday is expected to reveal
his strategy for the struggling
conglomerate. Investors and
analysts are bracing for a
broad reconsideration of how
the company operates, includ-
ing shedding business units, a
potential dividend cut and lay-
offs among GE’s nearly
THE INTELLIGENT
INVESTOR
By Jason Zweig
The Rot
Beneath
Some
Index Funds
Index funds
are supposed
to meet ex-
pectations al-
most ex-
actly—but
once in a while they can
hand investors an unpleas-
ant surprise.
These mutual funds and
exchange-traded funds pas-
sively track the performance
of a basket of stocks, bonds
or other assets. They seek to
match the market, not to
beat it. After costs and
taxes, they should provide
returns almost identical to
those of the underlying in-
vestments they hold.
Then there is PNC S&P
500 Index Fund.
Next month, PNC has an-
nounced, the fund will pay
out $4.19 in capital gains
per share. This past week,
the fund’s per share value
was around $19. So, even if
you never sold a share, the
fund will pay out nearly 22%
of your total investment as a
taxable gain.
Unless you own it in a re-
tirement account, you’d owe
approximately $325 to $515
in federal tax on a $10,000
holding, depending on your
tax bracket. That would put
something between 3% and
5% of your investment
straight into Uncle Sam’s
pocket. (To be fair, you
would owe proportionately
less in future taxes if you
sell down the road.)
So, even though the PNC
index fund has come within
a third of a percentage point
of matching the S&P 500’s
17.4% return so far this year,
its investors will fall badly
behind the market after they
pay their taxes.
How can that happen?
In general, when investors
exit a fund, it may cash out
of some of its holdings, po-
tentially generating a tax-
able gain that must be paid
out to the remaining share-
holders.
In recent years, at least,
more investors have wanted
to buy index funds than sell,
tending to make such port-
folios unusually tax-efficient.
Vanguard 500 Index Fund
hasn’t paid out a capital
gain since December 1999,
according to Morningstar;
State Street Institutional
S&P 500 Index Fund hasn’t
paid one since December
2000.
However, investors with-
drew $63 million from the
PNC fund, or 38% of its as-
sets, over the 12 months
through Sept. 30, Morning-
Please see INVEST page B5
* * * * **
STOXX 600 388.69 g 0.4%
300,000-person workforce.
“It really has to be a whole-
sale overhaul of the business
model,” said Deane Dray, an
analyst at RBC Capital Markets.
A GE spokeswoman said
“we are looking forward to up-
dating investors at our analyst
meeting on Monday.”
GE shares are down about
35% this year, while the S&P
500 has risen 15%. GE’s stock is
down 23% since mid-July, when
the company told investors to
wait nearly four months for Mr.
Flannery to complete his review.
The shares were up 50 cents, or
2.5%, on Friday to $20.49.
A dividend cut is widely ex-
pected. The company has paid
a dividend since 1899 and last
cut it in 2009, during the
depths of the financial crisis.
Alibaba’s Shopping Extravaganza Returns
SINGLES’ DAY: A mascot in Beijing promotes China’s biggest shopping day but some customers are feeling fatigued. B4
Investing ‘Genius’ Turns to Indexing
After Long-Term Capital’s rise and fall, Victor Haghani now embraces passive investing
BY SAM GOLDFARB
A man once at the center
of a world-rattling hedge-
fund collapse believes you
should think twice before
trying to beat the market.
Victor
WEEKEND Haghani, a vet-
PROFILE eran of the leg-
endary Salo-
mon Brothers
trading floor, is probably
best known as a founding
partner of Long-Term Capi-
tal Management LP, the
hedge fund that posted huge
returns using leveraged bets
in the mid-1990s before col-
New York Pension Scandal Had West Coast Roots
BY JUSTIN BAER
When Guggenheim Part-
ners investment chief Scott
Minerd was asked about Nav-
noor Kang in late 2015, he
praised his former trader as a
good guy who had “made a
mistake.”
The mistake was news to
Vicki Fuller, chief investment
officer at New York state’s gi-
ant retirement plan, who had
caught up with Mr. Minerd at
an event the two executives
were attending, according to
public documents and people
familiar with the matter.
She had hired Mr. Kang
from Guggenheim to manage
the pension’s bond portfolio in
early 2014. By early 2016, she
THE WALL STREET JOURNAL.
10-YR. TREAS. g 18/32 , yield 2.397%
Its previous dividend cut was
during the Great Depression.
When he was named CEO in
June, Mr. Flannery said the div-
idend was safe but warned in
October that his thinking had
evolved. His predecessor, Jeff
Immelt, described the 2009 cut
as the worst day of his CEO ten-
ure, coming weeks after he said
he wouldn’t make such a move.
This time around, a divi-
dend cut is on the table be-
cause of the company’s own
performance rather than be-
cause of a weak economy.
Mr. Immelt reinvented GE
after inheriting it from Jack
Welch, moving it into new
businesses while exiting from
struggling ones, but many ob-
servers now see sprawl and a
need to streamline operations.
lapsing 19 years ago so spec-
tacularly that the Federal
Reserve deemed it a threat
to the financial system.
That experience dramati-
cally altered the course of Mr.
Haghani’s life, leading to a
roughly decadelong break
from full-time work, during
which he seriously considered
a career in another field, such
as arbitration or academia.
Now, Mr. Haghani, 55, is
back as a presence in the fi-
nancial world, a person both
familiar and different from
the one last seen in public.
The relentlessly quantitative
side of him is still very much
had fired him after learning
securities regulators were in-
vestigating gifts he had re-
ceived from a Wall Street
saleswoman. In December,
prosecutors filed criminal
charges against Mr. Kang.
Mr. Minerd didn’t reveal to
Ms. Fuller what he meant by
Mr. Kang’s “mistake” at
Guggenheim, the people said.
And when Ms. Fuller con-
fronted Mr. Kang not long af-
ter her conversation with Mr.
Minerd, he told her he was
forced out of the investment
firm for rejecting the sexual
advances of a Guggenheim ex-
ecutive, according to people
familiar with the situation. A
Guggenheim spokesman said
no harassment claim was ever
OIL $56.74 g $0.43
Mr. Immelt sold multiple
businesses, such as media, ap-
pliances and financial-services
operations, but also made ill-
timed bets on the oil-and-gas
industry. According to people
familiar with Mr. Flannery’s
review, nothing is being ruled
out, including a breakup.
GE’s restructuring may help
explain a change in the divi-
dend, as the company could
struggle to produce enough
cash to cover a payout that ex-
ceeds $8 billion a year.
“If you make all kinds of
portfolio moves and divesti-
tures, you are changing the
earnings basis of the com-
pany,” said RBC’s Mr. Dray.
Mr. Flannery hasn’t been
waiting for the investor meet-
Please see GE page B2
intact. The “volatile, impulsive
streak” identified in “When
Genius Failed,” Roger Lowen-
stein’s 2000 book about
LTCM, is hard to detect.
Since 2011, Mr. Haghani
has run, from a small office
near his home in London,
Elm Partners Management
LLC, an investment firm that
now manages around $550
million of assets. Using a sim-
ple algorithm, the firm takes
into account valuations and
momentum to invest in index
and exchange-traded funds
across different asset classes.
Along with giving Mr.
Haghani something to do in
made.
What Mr. Kang didn’t dis-
close is that Guggenheim
had presented him with nearly
a dozen instances when the
Bond salespeople
knew former manager
at state fund early
in his career.
firm said he had failed to re-
port payments by salespeople
for his entertainment and
other gifts, these people said.
Mr. Kang and at least one out-
side salesman lost their jobs.
MEDIA LOUIS C.K. CUT FROM SHOWS B4
Saturday/Sunday, November 11 - 12, 2017 | B1
GOLD $1,272.40 g $13.20 EURO $1.1665 YEN 113.54
Big Payouts
The biggest annual dividend payers in the S&P 500 for 2016:
Dividends, in billions:
Exxon Mobil $13B
Apple 13
Microsoft 13
AT&T 12
Verizon 10
J&J 9
GE 8
Chevron 8
JPMorgan Chase 8
Pfizer 8
Note: Current indicated dividend rate multiplied by current shares.
Source: S&P Dow Jones Indices THE WALL STREET JOURNAL.
Deal Snag
Puts CNN
Tensions
In Focus
BY AMOL SHARMA
Early this year, President
Donald Trump’s son-in-law
and aide, Jared Kushner, met a
top executive at CNN parent
Time Warner Inc. and raised
concerns about the network’s
coverage of the presidential
election.
Mr. Kushner told the execu-
tive, Gary Ginsberg, that CNN
should fire 20% of its staff be-
cause they were so wrong in
their analysis of the election
and how it would turn out, peo-
ple familiar with the matter say.
NG HAN GUAN/ASSOCIATED PRESS
A White House official said
Mr. Kushner didn’t intend the
comment to be taken seri-
ously, and was simply trying
to make a point. Inside Time
Warner, it wasn’t taken lightly.
Now, as the government has
raised concerns in its review
of Time Warner’s pending sale
to AT&T Inc., people within
the companies and on Wall
Street are speculating that the
Trump administration’s feel-
ings about the network could
be influencing the deal.
The government has denied
politics is playing a role in its
examination of the merger,
and AT&T Chief Executive
Randall Stephenson said
the morning, Elm has given Thursday he has no reason to
him a platform, which he has suspect that is a factor.
used in part to make a force- But Mr. Stephenson ex-
ful case for the merits of pressed some doubt at a meet-
passive investing. In journal ing Monday, when AT&T exec-
articles, blog posts and vid- utives visited the Justice
eos, he has explored, among Department. Mr. Trump’s re-
other issues, the different cently confirmed antitrust
ways that people fail to max- chief, Makan Delrahim, raised
imize their savings, such as the prospect that the compa-
by trusting their intuition or nies would have to sell either
overestimating their abilities. Turner, parent of CNN and
It is, perhaps, the perfect other cable networks, or the
role for him, as his former DirecTV satellite unit, people
success as a trader lends him familiar with the talks said.
credibility while his famous Mr. Stephenson responded
failure provides an example by asking whether the notion
of what can happen to even of a Turner divestiture was re-
Please see INDEX page B2 Please see CNN page B2
The connections Mr. Kang more trading business with
established with brokers dur- the New York pension fund,
ing his years on the West according to U.S. prosecutors.
Coast with investment firms Those West Coast ties also
Guggenheim and Pacific In- contributed to Mr. Kang’s ar-
vestment Management Co. rest. A securities regulator’s
would play a critical role in investigation that eventually
what prosecutors alleged was led to Mr. Kang began when a
the biggest public pension brokerage firm reviewed a
fund scandal in the U.S. of the saleswoman’s expenses. An-
past decade. Mr. Kang pleaded other salesman cooperated
guilty on Wednesday to com- with prosecutors as they pur-
mitting two counts of fraud sued a case against Mr. Kang.
while overseeing fixed-income This article is drawn from
investments for public em- legal proceedings, emails, gov-
ployees across New York state. ernment documents and doz-
Some of the bond salespeo- ens of interviews with people
ple in Mr. Kang’s orbit during with knowledge of the events.
the early part of his ca- At Pimco and Guggen-
reer later provided Mr. Kang heim, Mr. Kang bought and
with meals, vacations and sold bonds through a network
other gifts in exchange for Please see KANG page B10
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Saturday/Sunday, November 11 - 12, 2017
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Alibaba Group.............B4
Altice...........................B3
Apple...........................B4
AT&T............................B1
B General Mills.............B12
Beijing Bytedance
Technology................B4
C Guggenheim Partners.B1
Cablevision..................B3
Caesars Entertainment
.................................. A3
Campbell Soup..........B12
Capitol Securities
Management...........B12
China Minsheng Banking
................................ B12
Citigroup....................B12
Credit Suisse Group . B12
D L
DirecTV........................B1
E M
Elm Partners
Management.............B1
INDEX TO PEOPLE
B Ginsberg, Gary............B1
Bankoff, Jim...............A9
Blackburn, Jeffrey......A9
C P
Craig, Pamela..............A9
D Portnoy, David............A9
Davis, Scott ................ B2
Delrahim, Makan ........ B1
Drahi, Patrick..............B3
E Kushner, Jared............B1
Elvidge, Tom ............... B3
Engelke, Kent............B12
F Senst, Claudius...........B4
Flannery, John ............ B1
Fuller, Vicki.................B1
G Miller, Arjay................A8
Georgiadis, Margo......A1
Ginesin, Brad .............. B2
INDEX
Continued from the prior page
the savviest investors.
Mr. Haghani, seemingly a
relaxed and happy father of
three, appreciates the power
of his story. There is, he said
in a recent interview, “a
healthy amount of irony to it,”
though he denies ever having
any special appetite for risk.
Some friends see larger
trends behind Mr. Haghani’s
evolution. Index funds, as of
Sept. 30, accounted for 43%
of U.S. stock-fund assets, up
from 12% in 2000, according
to the Investment Company
Institute. Many on Wall
Street believe that the prolif-
eration of technology and in-
formation means there are
simply fewer opportunities
than there used to be to find
market-beating returns.
In earlier decades, it made
sense to take advantage of an
opaque market, while today,
“the rational approach is not
to do that,” said Peter Hirsch,
a former head of govern-
ment-bond trading and col-
league of Mr. Haghani at Sal-
omon Brothers. “So I think
Vic has been spectacularly
rational through his career.”
Mr. Haghani worked from
1986 to 1993 on Salomon’s
trading floor with several
colleagues who would even-
tually leave to start LTCM.
Mr. Haghani’s group, led by
John Meriwether, specialized
in exploiting price differ-
ences between similar bonds
and stood out on the trading
floor for its quantitative ex-
pertise and its success—
helping to usher in a new era
on Wall Street.
Michael Lewis, who worked
as a bond salesman at Salo-
mon before launching a liter-
ary career with “Liar’s Poker,”
a book about his experiences,
remembers Mr. Haghani’s
group as “physically unim-
pressive,” oddballs on a floor
that was filled with men who
looked like former lineback-
ers. Mr. Haghani, Mr. Lewis
said, was especially good at
answering questions, his
“eyes blinking like an owl’s”
as he patiently dissected
problems in plain language.
Mr. Haghani recalls his
time at Salomon fondly.
LTCM, he says, was never
J.C. Penney Lowered Goals, Beats Them
BY AUSTEN HUFFORD
Shares of J.C. Penney Co.
jumped Friday after it easily
beat the expectations it low-
ered only weeks before.
Penney beat Wall Street es-
timates on revenue and com-
parable-store sales in its third
quarter and posted a smaller
loss than expected. Shares
rose 15% to $3.17 Friday.
Still, the move comes after
shares fell 15% in one day in
late October after the strug-
F
Facebook ..................... A9
Ford Motor..................A8
International.............A3
Monster Beverage....B12
Morgan Stanley........B12
Musical.ly....................B4
G Continued from the prior page
General Electric.....B1,B2
N ally just a demand to sell CNN,
Nasdaq ...................... B12
Goldman Sachs Group Netflix.........................B4
................................ B12 News Corp...................A9
P People familiar with the
H Ping An Bank............B12
Hasbro.........................A1 S meeting dispute this charac-
Hewlett Packard S&P 500.....................B12
Enterprise.................A9
Spring Real Estate
I Investment Trust ... B11
Interpublic Group........A1 T been at loggerheads over what
J Time Warner..........B1,B4
J.C. Penney..................B2 Toshiba........................B4
JD.com.........................B4 21st Century Fox...A9,B4
U two sides have come together
Las Vegas Sands........A3 Uber Technologies ...... B3
UBS Group.................B12
Mattel .........................A1 W those meetings produced only
MGM Resorts Wynn Resorts.............A3
Murren, Jim................A3
Glocer, Tom.................A9 O Corey Lewandowski was the
Goei, Dexter................B3
Oreskes, Michael........A9
Goldner, Brian.............B3
H found the situation generally
Peratis, Kathleen........A9
Hesse, Chris................B5
K Price, Roy....................A9
Kang, Navnoor............B1 R fired by Mr. Trump in June
Kaplowitch, Scott.......B5
Rose, Dinah.................B3
Kelley, Deborah.........B10
Roth, Michael ............. A1
S campaign, he began lodging
L
Schonhorn, Gregg.....B10
Lewandowski, Corey...B2
M Stephenson, Randall...B1
Mattson, Andy............B5 W
McCaffrey, Carlyn.......B5
Wilderotter, Maggie...A9
Minerd, Scott..............B1 Z speeches, people familiar with
Mulford, Charles.........B2 Zucker, Jeff.................B2
quite as fun. From its start in
1994 through 1997, it was
spectacular success. Then, in
the summer of 1998, it blew
up, a victim of a market panic
that stemmed in part from an
emerging-market crisis but in
part from LTCM itself, as in-
vestors rushed to exit.
After LTCM, Mr. Haghani
still didn’t abandon the
search for market-beating
returns, investing family sav-
ings in hedge funds, private
equity and venture capital. It
wasn’t until around 2006
that he started to question
whether the returns of such
funds were worth their fees,
tax consequences and claim
to his attention.
In the ensuing years, Mr.
Haghani started pulling his
family’s savings from a vari-
ety of complicated invest-
ments and putting them into
index funds. Over time, this
turned into a job as he de-
vised a more active approach
to passive investing.
Using index funds and
ETFs, Elm Partners’ baseline
allocation is 75% risk assets,
such as stocks, and 25% fixed
income, with about two-
thirds from the U.S. Alloca-
tions to specific buckets
such as European stocks,
which normally would repre-
sent 12.3% of the total port-
folio, can be dialed up or
down by up to two-thirds
based on their valuations or
one-third if current prices
depart from their one-year
moving average, suggesting
short-term momentum.
Mr. Haghani says he is
happy now, both managing
money again and sharing his
perspectives. “I feel like the
wind is at my back,” he said.
LAURA PANNACK FOR THE WALL STREET JOURNAL
Victor Haghani in October.
gling department-store chain
slashed its profit goals for the
year and warned of weakening
sales.
Shares have fallen 62% this
year, bringing the company’s
market capitalization to about
$1 billion. This month shares
reached a multidecade low.
Penney said the decision to
discount and clear out slow-
moving inventory was impor-
tant although it significantly
hurt earnings. Inventory de-
clined 8.8% in the quarter
CNN
people close to the companies
said. He asked what problem
that would solve.
government’s thinking on the
terization of events.
For well over a year, CNN
and the Trump camp have
the administration says is un-
fair treatment of the presi-
dent. Representatives from the
multiple times to try to de-es-
calate the feud, but ultimately
brief lulls before hostilities
flared up again, people famil-
iar with the matter say.
Mr. Trump was on good
terms with the network early
on in his campaign, calling
into its shows regularly. When
campaign manager, he would
call to complain, but CNN
manageable, people familiar
with the relationship say.
After Mr. Lewandowski was
2016, Mr. Kushner took on a
greater role. On behalf of the
regular complaints with CNN
executives. The turning point
was a speech by Mr. Trump in
New York on June 22 about
everything from the economy
to Hillary Clinton’s Wall Street
the matter say.
Mr. Kushner was irate at
the fact-checking CNN did and
called CNN President Jeff
Zucker, the people say. He said
campaign officials wouldn’t
General Electric’s Cash-Flow Conundrum
BY MICHAEL RAPOPORT
No matter what happens
with General Electric Co.’s
dividend, investors will still
have to grapple with the fact
it is nearly impossible to tell
how much of its earnings are
backed by cash.
Until investors can figure
that out, a pall could hang over
the battered stock, and ques-
tions linger about the dividend,
analysts said. “I can’t really
build a quarterly cash flow for
these guys that has any credi-
bility,” said Scott Davis, an an-
alyst with Melius Research.
Mr. Davis recently criticized
GE in a research note as “a
company in disarray.” In an in-
terview, he compared GE’s
earnings releases to “an IQ
test—they give you 10,000
numbers, and you have to fig-
ure out which 10 matter.”
In a statement, GE said:
“Our goal is consistency and
transparency with data that
our shareowners can digest.
We are looking at how we can
report in a cleaner way, includ-
ing a simpler presentation.”
GE
Continued from the prior page
ing to move. He has already de-
layed the completion of GE’s
new headquarters in Boston,
grounded its corporate-jet fleet
and announced plans for layoffs
and research-center closures.
The company is looking to
exit from its railroad business,
one of its oldest, along with its
health-care information-tech-
nology business, part of plans
to divest itself of more than
$20 billion of assets in the
next two years.
Mr. Flannery has been shak-
ing up management’s ranks, re-
placing Chief Financial Officer
Jeff Bornstein with Jamie
Miller, who will be in the spot-
light Monday. Mr. Flannery is
looking at the board’s makeup
and last month gave activist
Trian Fund Management a seat.
from a year earlier, which the
company said helped it have
“improved apparel assort-
ment” heading into the impor-
tant holiday season.
“While these actions had a
negative short-term impact on
profitability in the third quar-
ter, we firmly believe it was
the right decision,” Chief Ex-
ecutive Marvin Ellison said.
The Plano, Texas, company
reported same-store sales rose
1.7%, above the 0.7% that ana-
lysts from Consensus Metrix
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
CHIP SOMODEVILLA/GETTY IMAGES
The Trump campaign routinely complained about CNN. Above, the site of a presidential debate.
appear on CNN because of Mr. Zucker told Mr. Kushner under which Time Warner
their view that the coverage that the Trump campaign’s would do that, one of the people
was unfair and the fact-check- posture of freezing CNN out of familiar with the matter said.
ing was poor. Mr. Zucker de- major interviews made no In September, the compa-
fended the reporting and
didn’t take kindly to the
sense, because the network
was the best avenue to reach
nies thought they were on the
verge of getting Justice De-
threat, the people say. independents, people familiar partment approval, with con-
Trump campaign officials with the discussion say. Mr. ditions that appeared mostly
complained that the makeup of Kushner vowed to focus on lo- in line with similar deals, peo-
CNN’s expert panels were tilted cal TV and online avenues to ple close to the companies say.
against them, that even the Re- reach voters, and argued the But last month, after Mr. Del-
publicans weren’t really pro- campaign didn’t need CNN, a rahim was confirmed, the gov-
Trump, the people say. CNN White House official said. The ernment pushed more force-
came to its own conclusion rapprochement failed. fully for structural changes,
that it needed to actively re- By the end of the campaign, not just promises of adhering
cruit more contributors sympa- Mr. Trump had ratcheted up his to certain behavior, they say.
thetic to Mr. Trump, they say. criticism significantly in public, Some Justice Department
In July 2016, Mr. Trump labeling CNN “fake news” in officials have been frustrated
himself called Mr. Ginsberg to tweets and speeches. When the with what they viewed as a
express his frustration at the AT&T deal was announced late campaign by the companies to
coverage, according to a per- in the campaign, Mr. Trump create a sense of inevitability
son familiar with the call. Mr. said, “AT&T is buying Time around the deal’s approval, ac-
Ginsberg said the network was Warner, and thus CNN, a deal cording to people familiar
being fair, highlighted the new we will not approve in my ad- with their thinking. The Jus-
contributors who had been ministration because it’s too tice Department was consider-
hired, and read a list of seven much concentration of power in ing a possible challenge to the
of them, the person said. the hands of too few.” deal before Mr. Delrahim was
Later that month, as the Things didn’t improve after confirmed to lead the antitrust
campaign’s boycott of CNN the election. When Mr. Kushner division, they say.
was going into full swing,
Messrs. Zucker and Kushner
met to try to resolve the issue.
made his remark about cutting
20% of CNN staff, Mr. Ginsberg
told him there was no scenario
—Drew FitzGerald, Brent
Kendall and Joe Flint
contributed to this article.
suring its performance, corpo-
Deep Cuts rate changes and special items
GE substantially cut its dividend in 2009 and could do so again. as well as areas without a lot
Year of disclosure—that analysts
say they have trouble deter-
GE –$9B 2009 mining cash flow.
BofA –6 2009 “When you’re disposing of a
lot of businesses as they are,
BofA –6 2008
it’s difficult to separate out
JPM Chase –5 2009 what assets are here, what as-
Wells Fargo –5 2009 sets are gone and their effects
on cash flow,” said Charles Mul-
Citigroup –5 2008 ford, an accounting professor at
Pfizer –4 2009 Georgia Institute of Technology.
Even before last month’s
Citigroup –3 2008 change to guidance, analysts
Kinder Morgan –3 2015 had been concerned about a
divergence between earnings
Citigroup –3 2008
and cash flow. In May, the
Source: S&P Dow Jones Indices THE WALL STREET JOURNAL. company changed its method-
ology for calculating the rate
The company’s accounting lar Capital LP, which owns GE at which its operating earn-
is a sticking point for inves- shares. “There’s a certain leap ings convert into free cash
tors and is tied to questions of faith you take.” flow, in a way that made it
about the GE’s ability to con- Ideally, a company’s earn- look better. Under the new
vert earnings into cash. ings should be fully backed by method, the conversion rate
The earnings-cash flow re- cash, to demonstrate that was 91% for 2016, versus 76%
lationship has come to the earnings are high quality and under the old.
fore since GE last month that there is money to do The October outlook cut ex-
slashed guidance for the rest things like pay dividends to acerbated fears. GE reduced
of the year for both measures. shareholders. But GE’s ac- its earnings target by about a
“It’s kind of opaque,” said counting has so many moving third but its cash-flow target
Brad Ginesin of hedge fund Po- parts—different ways of mea- by close to half.
Mr. Flannery “is sure taking
out bolt cutters to almost every
aspect of GE,” said Nicholas
Heymann of William Blair & Co.
Unlike most other analysts,
Mr. Heymann doesn’t see the
dividend cut as a foregone con-
clusion. “At GE currently there
are not a lot of things that are
end-of-the-world grim,” he said.
Mr. Dray, however, believes
the market has already priced
in a dividend cut, based on
GE’s stock price. Another ana-
lyst, Deutsche Bank’s John
Inch, also expects a cut but
scoffed at the idea of GE
breaking up or spinning off
major divisions like GE Power.
“In our view, this is not
possible,” Mr. Inch said, noting
that the company has $136 bil-
lion in debt on its balance
sheet. “GE has to maintain
cash flow to backstop and
guarantee its bonds as well as
other substantial GE Capital li-
abilities such as insurance.”
had expected.
Revenue fell 1.8% to $2.81
billion, as a result of 139 store
closures this year through the
end of the quarter. Analysts
polled by Thomson Reuters ex-
pected $2.77 billion in sales.
J.C. Penney posted a loss of
$128 million, or 41 cents a
share, compared with a loss of
$67 million, or 22 cents a
share, in the year-earlier quar-
ter.
—Suzanne Kapner
contributed to this article.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, November 11 - 12, 2017 | B3

BUSINESS NEWS
INDUSTRY FOCUS | Telecommunications
Uber
Altice Founder Responds to Woes Drivers
Score
Patrick Drahi returns to telecom’s helm as operational problems undermine confidence

BY NICK KOSTOV
U.K. Win
PARIS—Patrick Drahi is BY SAM SCHECHNER
back in the driver’s seat at
Altice NV, the telecom jugger- Uber Technologies Inc. suf-
naut that he turned into fered a setback in a British
America’s fourth-largest cable court as an appeals tribunal
operator almost overnight. reaffirmed a decision that the
Mr. Drahi, the group’s company must give its drivers
Franco-Israeli founder and employee rights such as paid
controlling shareholder, is re- vacations.
turning as president of the The ruling Friday from the
company after operational Employment Appeal Tribunal,
problems in its core market if upheld, could significantly
of France wiped away about boost Uber’s labor costs in the
$9 billion of market value in U.K., where it has some 50,000
HORACIO VILLALOBOS/GETTY IMAGES

the past week. It is a role he drivers who work as indepen-

stepped away from last year, dent contractors, and is al-
following back-to-back multi- ready grappling with the loss
billion-dollar cable acquisi- of its license to operate in
tions in the U.S. London.
Mr. Drahi is bringing with The ruling could also serve
him a trusted deputy as chief as a bellwether for other em-
executive of his company. ployment lawsuits against the
Dexter Goei, an American and car-hailing company in other
former Morgan Stanley Attendees light their cellphones on the final day of an internet conference at the Altice Arena in Lisbon on Thursday. countries, including the U.S.
banker, has been by Mr. and Canada, potentially jeop-
Drahi’s side for years as he said the management pany’s announcement late ardizing Uber’s business
built Altice into a global tele- changes, announced late Dealing with Debt Thursday. model globally.
communications, cable and Thursday night, were aimed Altice quickly took on debt in its global expansion. He said Altice has decided San Francisco-based Uber
broadband giant. Mr. Goei at providing “direct, clear that buying back its own said the decision was based on
previously served as Altice’s leadership of the European Net debt Sales shares offers better returns inaccurate information about
chief executive, before step- operations.” for now. Also, as part of the its policies, and that it would
ping back himself a year ago Just a few months ago, Mr. management reshuffling, Mr. appeal to England’s Court of
to run the group’s U.S. busi- Drahi seemed to be riding Okhuijsen will take on the Appeal, presaging what could
nesses. high. Altice listed a big stake added responsibility of chief be a long fight. After that, a fi-
The pair borrowed heavily in its U.S. cable business—a executive for Altice’s Euro- nal appeal is possible before
to fuel an acquisition binge, combination of its 2015 pur- pean businesses. the U.K.’s Supreme Court.
first across Europe and Israel, chase of Suddenlink Commu- Shares of Altice have fallen “Almost all taxi and private-
and then in the U.S. They nications and its $10 billion more than 30% since it dis- hire drivers have been self-
promised their “Altice Way” deal for Cablevision Systems closed the magnitude of its employed for decades, long
would squeeze out costs, free Corp. seven months later. French woes last week. The before our app existed,” said
up money to invest in infra- The initial public offering selloff has spread to the com- Tom Elvidge, acting general
structure and boost mar- for Altice USA in June was pany’s debt. The price of Al- manager for Uber’s U.K. opera-
gins—enough to borrow more the biggest of the year in the tice bonds maturing in 2028 tions.
for the next big deal. U.S., behind Snap Inc. As re- traded as low as 93% of face The Independent Workers’
Saddled with debt and a cently as August, Mr. Drahi Note: €1=$1.17 value on Friday, before ending Union of Great Britain, which
falling share price, that deal was kicking the tires at Char- Sources: the company (debt); FactSet (sales) THE WALL STREET JOURNAL. at 97%, according to represented the Uber drivers
machine is running out of ter Communications Inc., the Tradeweb. They were trading in the case, said it should
steam. No. 2 U.S. cable operator by of Nov. 2, or about $58.2 bil- deal is no longer the priority, above par as recently as early serve as a broader precedent.
“There is a growing con- subscribers, behind Comcast lion, according to company said Altice Chief Financial Of- November. “Today’s victory is further
cern in the market that the Corp. Discussions about a po- disclosures. That is more than ficer Dennis Okhuijsen. Investor unease has bled proof, as if any more was
strategy is not working,” said tential bid were internal, and five times earnings before in- “Now we have to restore into Altice USA, which has needed, that the law is clear
one large Altice investor. there was never an approach, terest, tax, debt and amortiza- confidence in our operational shed close to 30% of its stock and these companies are sim-
“Right now, there is no M&A, said one personal familiar tion—far higher than for most execution and focus all our market value since its IPO. ply choosing to deprive work-
and there is no obvious path with the matter. traditional telecom compa- energy on what we have,” Mr. —Christopher Whittall ers of their rights,” said Jason
to growth.” Altice’s deal binge pushed nies. Amid declining revenue Okhuijsen said in an interview in London Moyer-Lee, the union’s general
Amsterdam-based Altice its debt load to €50 billion as in Europe, finding the next big this week, before the com- contributed to this article. secretary.

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B4 | Saturday/Sunday, November 11 - 12, 2017
Media Firms Cut Ties With Louis C.K.
Netflix, HBO, Fox take
action; comedian says
sexual-misconduct
accounts are true
BY JOE FLINT
Comedian Louis C.K. ex-
pressed remorse for his behav-
ior in the wake of several
women recounting incidents of
sexual misconduct in a report
that caused entertainment
companies to cut ties with him.
On Thursday, the New York
Times reported accounts from
five women who said Mr. C.K.
had masturbated in front of
them or during a phone call,
or requested to do so. While
some of the women said Mr.
C.K. had asked permission
ZUMA PRESS
Musical.ly and social-media stars Lena, left, and Lisa held a meet-and-greet for their fans this year in Hamburg, Germany.
China’s Bytedance Is Buying Musical.ly
Musical.ly Inc., the maker
of a social-media app popular
among teens and tweens,
agreed to be acquired by Chi-
nese news and information
site Beijing Bytedance Tech-
By Liza Lin in Beijing
and Rolfe Winkler
in San Francisco
nology Co. for as much as $1
billion, according to people fa-
miliar with the matter.
The deal comes three years
after Musical.ly’s 30-some-
thing co-CEOs Alex Zhu and
Luyu Yang launched the social-
media app to capture the You-
Tube phenomenon of teenag-
ers sharing videos of
themselves singing or dancing
to popular music.
Users—or Musers as they
are known on the app—create
video selfies with a musical
soundtrack and share them
with friends. The most popular
Musers have tens of millions
of fans on the app and share
revenue from brand partner-
TOSHIBA
Fundraising Plan Set
In Case Deal Falters
Toshiba Corp. plans to raise
¥600 billion ($5.3 billion) through
a new share offering if a ¥2 tril-
lion deal to sell its chip unit
doesn’t get on track to meet an
end-of-March deadline, a person
familiar with the matter said.
The plan fits into Toshiba’s
effort to recover from the finan-
cial blow it suffered when its
U.S. nuclear unit, Westinghouse
Electric Co., filed for bankruptcy
protection in March.
Toshiba’s shareholder equity
stood at negative ¥619.8 billion
as of Sept. 30, signifying that li-
abilities outweighed assets be-
longing to shareholders by that
amount. If the figure stays nega-
tive as of March 31, the end of
Toshiba’s fiscal year, that would
mark the second straight fiscal
year ending with negative share-
holder equity and would trigger
the company’s delisting from the
Tokyo Stock Exchange under ex-
change rules.
The company signed a deal in
September to sell its flash-mem-
ory-chip business to Bain Capital
and other investors, with Apple
first, some thought he was
joking and then were stunned
when he proceeded, according
to the report. Another woman,
fearing potential career reper-
cussions, reluctantly said yes.
In a statement, Mr. C.K.
said the accounts in the article
were true, and he acknowl-
edged abusing his power in
those situations. “The hardest
regret to live with is what
you’ve done to hurt someone
else. And I can hardly wrap my
head around the scope of hurt
I brought on them,” he said.
“There is nothing about this
that I forgive myself for.”
On the heels of the Times re-
port, media firms began sever-
ing ties with the comedian. Net-
flix Inc. canceled the production
of a coming stand-up comedy
special with Mr. C.K., and the
ships with Musical.ly. The
startup, which is based in
Shanghai with an office in
Santa Monica, Calif., has 60
million monthly active users,
the company says.
The purchase price—in the
range of $800 million to $1
billion, these people say—
roughly doubles the valuation
Musical.ly received in a 2016
round of funding. Investors in
the startup include GGV Capi-
tal, Greylock Partners and
Susquehanna International
Group’s China arm.
Bytedance, best known for
its personalized news app
Toutiao in China, made the ac-
quisition to find ways to coor-
dinate content between the
two platforms, and help its ef-
fort to expand overseas, a per-
son close to the deal said.
A rising star on China’s
technology scene, Bytedance
was recently raising capital at
a valuation over $20 billion,
according to people familiar
with the matter. This is a big
leap from its last funding
Inc., Dell Technologies Inc. and
other U.S. tech companies provid-
ing funds for the purchase. The
deal would allow Toshiba to book
enough profit to fill its share-
holder-equity hole, but it must
get approval from antitrust au-
thorities in multiple countries and
clear legal objections raised by
Western Digital Corp., Toshiba’s
partner in the chip business. Ana-
lysts have said that would be dif-
ficult to do by March.
—Takashi Mochizuki
PUBLISHING
Business Insider
Offers Subscription
Business Insider on Friday be-
came the latest publisher to ask
readers to pay for content,
launching a subscription offering
aimed at die-hard consumers of
financial news.
The subscription offering,
called BI Prime, has been tested
in various formats for more than
a year but was rolled out to
Business Insider’s entire audi-
ence this past week.
BI Prime is a “freemium” sub-
scription product, said Claudius
Senst, the company’s new head
of consumer subscriptions. Some
BUSINESS & TECHNOLOGY
dian’s admission.
Mr. C.K. also expressed re-
morse toward the companies
and individuals who have sup-
ported him. “I’d be remiss to
exclude the hurt that I’ve
brought on people who I work
with and have worked with
[whose] professional and per-
sonal lives have been impacted
BRAD BARKET/ASSOCIATED PRESS
by all of this,” he wrote.
The movie, “I Love You,
Daddy,” which Mr. C.K. wrote,
directed and stars in, won’t be
released, according to The Or-
chard, the movie’s distributor.
Time Warner Inc.’s HBO
said Mr. C.K. would no longer
Louis C.K. performing in 2014 appear on the pay-TV channel’s
“Night of Too Many Stars,” a
release of a movie he starred in benefit to support autism
and directed was canceled. FX hosted by Jon Stewart, which
ended its entire production deal is scheduled to air Nov. 18.
with him Friday after the come- HBO said it was removing the
round at the end of last year, tomized third-party content
when the company raised $1 for users based on their inter-
billion at a valuation of $11 ests and viewing history, and
billion, data from S&P Global its 120 million daily active us-
Market Intelligence show. The ers spend 74 minutes each day
company’s investors include on the platform, the company
Sequoia Capital China and says.
Russian billionaire Yuri Mil- The Musical.ly transaction,
ner, who made his name with expected to close at the end of
early bets on Facebook Inc. November, may give Byte-
and Twitter Inc. dance access to original con-
tent from the video platform’s
media partners, which include
MTV, NBCUniversal and
The popular app lets Hearst. It also expands Byte-
users create and share dance’s reach in developed
markets such as North Amer-
video selfies with a ica and Europe.
musical soundtrack. Bytedance, founded in 2012
by serial Chinese entrepreneur
Zhang Yiming, has plans to ex-
pand overseas in those mar-
Bytedance’s attraction for kets, and in others such as
investors is its access to a Japan, Korea and fast-growing
huge user base, and its ability countries such as India and
to offer targeted advertising Brazil, said Liu Zhen, its se-
by breaking down user seg- nior vice president. It recently
ments by age, location and in- acquired Los Angeles-based
terest. Its news app Toutiao— social-video app Flipagram
which means “headlines” in and has invested in news apps
Chinese—pulls together cus- in India and Indonesia.
BUSINESS WATCH
Game-inspired costumes being displayed at the Nintendo Summer of Play event in July in San Diego
of the company’s exclusive fi- Senst said. Subscribers can pay
nancial reporting will now be be- $9.95 a month or a $99 lump sum
hind a paywall, but the vast ma- for a year. The company is also
jority of Business Insider’s offering readers a one-month trial
content is still free. for $1. The full rollout is still in its
Business Insider is offering two early stages, and Business Insider
pricing tiers for BI Prime, Mr. may still adjust the product based
* *** THE WALL STREET JOURNAL.
WSJ.com/Tech
stand-up specials the comedian ownership.
had done for the network from FX Networks and FX Pro-
its on-demand offerings. ductions canceled its overall
Netflix, which had signed deal with Mr. C.K.’s production
Mr. C.K. to a deal for two company on Friday and said
stand-up specials, called the the comedian will no longer
reports of his behavior “unpro- serve as executive producer or
fessional and inappropriate” receive pay from any of the
and said it wouldn’t produce shows it has been producing
the second special as planned. with him—“Better Things,”
Unlike HBO, Netflix won’t “Baskets,” “One Mississippi”
scrub its platform of the come- and “The Cops.”
dian’s content. FX said it wasn’t aware of
21st Century Fox has long any misconduct by the come-
ties to Mr. C.K., whose surname dian on any of the projects he
is Szekely. Besides his stand-up has been involved in over the
comedy work, Mr. C.K. starred past eight years. Production
in the Emmy-award winning has been suspended on “The
dark comedy “Louie” on Fox’s Cops,” an animated show in
FX channel and is an executive development to be produced
producer on some of the net- by FX for Time Warner’s TBS
work’s series. 21st Century Fox network, TBS’s parent Turner
and Wall Street Journal parent said Friday. Mr. C.K. was to
News Corp share common provide a voice on the show.
Alibaba’s Singles’
Day Faces Fatigue
BY LIZA LIN
Ones Add Up
Millions of Chinese consum- Alibaba's Singles' Day sales
ers will be glued to their smart-
phones Saturday, buying shoes,
clothes, cosmetics and more in
an annual shopping extrava-
ganza known as Singles’ Day.
Yujing Liu won’t be one of
them. “Singles’ Day really turns
me off,” says Ms. Liu, a profes-
sional translator in Beijing.
The 26-year-old has been
bombarded in recent weeks
with text messages on her
phone and pop-up ads on her
computer screen imploring her
to place advance orders.
“There is too much advertis-
ing, and deliveries are slow,”
she says. “If there’s anything I
need, I make sure I buy it two
to three weeks before the day.”
Singles’ Day, which derives dimmed its appeal.
its name from the date Nov. 11, “Double 11 used to be spe-
or 11/11, was conceived as a cial,” says James Bay, manag-
day for China’s legions of un- ing partner of marketing and
married young adults to cele- branding agency Possible, in
brate their lack of attachments. Shanghai. “But if every day is
The day was unremarkable Christmas, then there is no
until 2009, when e-commerce value to December 25th.”
giant Alibaba Group Holding An Alibaba representative
Ltd. turned Singles’ Day into said the company has “record
an online shopping event. It engagement” for Singles’ Day
has since become the marquee this year among shoppers and
event for the Chinese retail merchants, and its efforts to
platform and a hallmark of the blend online shopping with
country’s shopping calendar, physical stores are a driving
setting sales records each factor. Even so, Alibaba Chief
year. Last year, Alibaba said Executive Daniel Zhang Alibaba
sales hit $17.8 billion, topping acknowledged last week that
the $12.8 billion American the company needs to keep ex-
consumers spent on the four perimenting with retail technol-
days after Thanksgiving. ogies to meet customer needs.
To reach records each year, When the company reports
Alibaba has had to add new in- its final tally at midnight, the
centives, including pushing pre- U.S. Securities and Exchange
orders, marketing games and Commission will likely be
creating fresh promotions. among those scrutinizing the
But almost a decade in, Sin- numbers.
gles’ Day is starting to lose its Alibaba, whose shares trade
cachet, according to a survey on the New York Stock Ex-
by marketing data firm AdMas- change, said in May 2016 that
ter. Less than 65% of the con- the SEC was looking into the
sumers polled said they would accounting methods for its Sin-
participate in this year’s Sin- gles’ Day figures. The exact na-
gles’ Day, versus 84% in 2015. ture of the probe isn’t clear, but
One reason: With everyone critics have asserted that mer-
rushing to buy, deliveries after chants selling on Singles’ Day
Singles’ Day can be slow, the have inflated their sales figures.
survey found. Competing Alibaba has said it is coop-
shopping festivals, including erating with the SEC.
rival JD.com Inc.’s 18-day pro- —Xiao Xiao
motion in June, have also contributed to this article.
NINTENDO
Production of Game
Console Set to Rise
Nintendo Co. intends to pick
up the production pace for its
hit Switch game console next
year, people familiar with the
matter said, showing the com-
pany’s deepening confidence in
the device.
Nintendo is sketching out a
plan to make 25 million to 30
million units of the Switch in its
next fiscal year, which begins in
April, and has begun informing
business partners about it, the
people said. They said the plan
DENIS POROY/ASSOCIATED PRESS
is still in its early stages and
Nintendo could aim higher, de-
pending on sales during this
year’s holiday season.
The Switch went on sale
globally on March 3, 2017. Be-
tween that date and Sept. 30,
Nintendo said it sold 7.63 million
units.
The company said at its quar-
on audience feedback. BI Prime’s terly earnings announcement in
rollout comes roughly two years October that it planned to sell
after Business Insider was pur- an additional 9.1 million units by
chased by Axel Springer, the Ber- March 2018, meaning total sales
lin-based publishing giant, for by that date would reach nearly
$450 million. 17 million.
—Benjamin Mullin —Takashi Mochizuki
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.
TAX REPORT | By Laura Saunders
Time to Plan for Tax-Overhaul Shifts Is Short
Fewer tax
breaks for
homeowners.
No deduction
for state in-
come taxes. A
higher bar for charitable
write-offs. No personal ex-
emption. No alternative min-
imum tax.
Republican leaders in the
House and Senate have pro-
posed different bills to over-
haul the tax code, but both
sweep away or limit many
tax breaks for individuals in
a bid to lift economic growth
and simplify the system.
Both bills also expand
credits for children. They in-
crease the “standard deduc-
tion” greatly, so that perhaps
30 million filers wouldn’t
need to break out deductions
separately. Many business
owners would get a tax
break and owe less than
wage earners with similar
income. The estate-tax ex-
emption would double, to
$10 million a person.
There are so many differ-
ences between the two bills
that exact outcomes are hard
INVEST
Continued from page B1
star estimates.
A spokesman for PNC
Funds declined to comment.
The manager of an index
fund doesn’t have much flexi-
bility on which shares to sell
when investors want their
money back, says Mark Wil-
son, president of Mile Wealth
Management in Irvine, Calif.,
whose website CapGainsVa-
let.com warns about taxable
payouts.
That’s because such a port-
folio needs to hold stocks in
similar proportions to the in-
dex it’s seeking to match. So
the manager can’t always sell
selected holdings at a loss
that would offset gains else-
where. Instead, he or she has
to sell pretty much across the
board, which can generate un-
* * * *
to predict, assuming a bill
passes. What is clear is that
people could have little time
to do crucial year-end tax
planning. Most provisions
would take effect in 2018.
Here are tax moves to
consider, based on current
proposals.
 Home buyers and sell-
ers. The Senate bill pre-
serves current law allowing
deductions on a total of $1
million of mortgage debt on
as many as two homes.
The House bill would al-
low home buyers taking out
mortgages after Nov. 2 to de-
duct interest only on $500,000
of debt, and only on one
home. It appears to prohibit
mortgage-interest deductions
for all second homes. Both
bills end interest deductions
for home-equity loans.
If the House version pre-
vails, the Nov. 2 cutoff might
be extended in a nod to the
Senate. But there are no
guarantees, so buyers should
beware.
Both bills restrict the pop-
ular exemption of $500,000
wanted capital gains.
Launched in early 2000,
the $125 million PNC fund
tries to match the market be-
fore expenses.
Its prospectus explains that
the fund manager may use fu-
tures contracts on the index, or
various exchange-traded vehi-
cles, “in addition to, or in place
of,” the stocks in the S&P 500.
O
ver the past 10 years,
the fund has trailed the
S&P 500 by 0.29 per-
centage point, or a bit less
than its average expenses
over the period. So it has
come close—but only before
tax. PNC S&P 500 Index
Fund’s 7.2% average annual re-
turn over the past decade
shrivels to 6.2% after tax, esti-
mates Morningstar.
PNC’s isn’t the only index
Eliminate the guesswork.
Get a clear picture of when to claim Social Security.
WEEKEND INVESTOR
of profit on the sale of a first
home ($250,000 for singles).
The new rules would require
sellers to live in a house for
five of the prior eight years,
rather than two out of five
years, to get the benefit.
The House bill reduces the
exemption for sellers whose
income exceeds $500,000
($250,000 for singles). Af-
fected sellers should com-
plete sales before year-end.
 Pass-through income.
Both bills cut taxes on some
income earned by so-called
pass-through firms such as
partnerships and S corpora-
tions, but the rates and cate-
gories of business owners
who would benefit differ.
Stay tuned as the final
provision becomes clear.
Business owners who would
benefit from a lower rate
may want to defer income
into 2018, says Chris Hesse,
a certified public accountant
with CliftonLarsonAllen.
 State taxes. The House
bill repeals the deduction for
state and local income and
Saturday/Sunday, November 11 - 12, 2017 | B5
sales taxes and caps the de- vised funds. Such accounts to such facilities could be de-
duction for property taxes at enable donors to “bunch” ductible for 2017 even if the
$10,000. The Senate bill re- several years of smaller gifts person doesn’t enter until
peals deductions for prop- into one large amount. A do- 2018, says Andy Mattson, a
erty taxes, in addition to re- nor can designate charitable CPA with Moss Adams. This is
pealing the others. recipients later, and mean- a complex area, and taxpayers
Exceptions apply for prop- while the assets can be in- should seek professional help.
erty-sales taxes paid by own- vested and grow tax-free.
ers of pass-through firms.  Employee stock op-
Individuals who won’t  Plug-in cars. Get your tions. Workers with Incentive
owe alternative minimum tax Tesla, Chevy Bolt or similar Stock Options (ISOs) may
this year may want to pre- plug-in vehicles before year- benefit if they wait to exercise
pay 2018 state and local end. The House bill repeals a them until 2018, says Scott
taxes that could be disal- credit of as much as $7,500. Kaplowitch, a CPA with Edel-
lowed next year. This move stein & Co. ISOs can trigger
requires careful analysis, as  Medical-expense de- the alternative minimum tax,
high state and local tax de- ductions. The House bill re- which both bills would repeal.
ductions could trigger the peals the deduction for med-
AMT in 2017 and eliminate ical expenses, which is highly  Alimony. Sign divorce or
much of the benefit. important for people paying separation agreements that
large bills for home health include alimony before the
 Charitable donations. aides and nursing-home care. end of 2017. In the House bill,
If the standard deduction The Senate bill retains it. alimony ceases to be deduct-
greatly increases as pro- Tax professionals caution ible by the payer in 2018.
posed, only 10% of filers will against prepaying 2018 medi- Carlyn McCaffrey, an at-
need to list write-offs sepa- cal expenses in 2017. The law torney with McDermott, Will
rately, compared with 30% allows the IRS to disallow & Emery, says that for a top-
now. Taxpayers donating a such write-offs entirely, and bracket spouse required to
small percentage of income courts have ruled against the provide $250,000 of tax-free
may want to accelerate do- taxpayer on this issue. income to a bottom-bracket
nations into 2017 to get a There is an exception for spouse, the tax savings from
deduction. some people entering retire- signing an agreement in
These givers should also ment homes. Under current 2017 compared with 2018
consider so-called donor-ad- law, part of the entrance fee would be about $43,000.
fund that doesn’t always be-
have like its underlying in-
vestments. Rydex S&P 500
Fund is a $256 million portfo-
margin slightly wider than its
already distended expenses. In
2016, for instance, it trailed
the market by nearly 0.4 per-
lio that seeks to match the centage point more than its
market with swaps, options, expenses. Extra trading costs
futures contracts and other money.
indirect techniques, in addi- Ivy McLemore, a spokesman
tion to the stocks themselves. for Guggenheim Investments,
So Rydex S&P 500 turns its which offers the Rydex funds,
portfolio over at an annual- says the fund is used by—and
ized rate of 133%, implying most suitable for—short-term
that it holds its average in- traders. It “has performed in
vestment for, at most, nine line with expectations” given
months at a time. Most S&P its expenses, he says.
500 index funds have turnover The word “index” is related
rates of 5% or less, equivalent to the Latin word for forefin-
to an average holding period ger. Index funds are meant to
of at least 20 years. be indicators. If you own one,
CHRISTOPHE VORLET
The Rydex fund costs be- it should passively track the
tween 1.6% and 2.3% annually, performance of a broad basket
the most of any S&P 500 in- of stocks, bonds or other as-
dex fund, according to Morn- sets—and its own returns
ingstar. But it tends to under- should indicate, almost ex-
perform the market by a actly, how the underlying in-
vestments performed.
If they don’t, something is
wrong.
At Fidelity, we have the tools and expertise to
help you manage Social Security.
• Determine when to claim and how much you may receive
with our Social Security benefits calculator
• See how Social Security fits into your broader retirement
savings goals in the Planning & Guidance Center
It’s your retirement. Know where you stand.
800.FIDELITY | Fidelity.com/SSCalculator
Investing involves risk, including the risk of loss.
This calculator is for illustrative purposes only.
Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should
not be considered financial, legal, or tax advice. Fidelity cannot guarantee that the information herein is accurate,
complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and
disclaims any liability arising out of your use of, or reliance on, such information. Visit www.ssa.gov when you’re ready
to learn more about filing and about your personalized Social Security statement and estimated benefit.
The trademarks and/or service marks appearing above are the property of FMR LLC and may be registered.
Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2017 FMR LLC. All rights reserved. 812677.1.0
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B6 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23422.21 t 39.73, or 0.17% Trailing P/E ratio 21.17 20.08 2582.30 t 2.32, or 0.09% Trailing P/E ratio 24.42 23.99 6750.94 s 0.89, or 0.01% Trailing P/E ratio * 26.13 23.37
High, low, open and close for each P/E estimate * 19.22 17.66 High, low, open and close for each P/E estimate * 19.37 18.05 High, low, open and close for each P/E estimate * 21.32 18.87
trading day of the past three months. Dividend yield 2.17 2.52 trading day of the past three months. Dividend yield 1.92 2.17 trading day of the past three months. Dividend yield 1.04 1.24
All-time high 23563.36, 11/08/17 All-time high: 2594.38, 11/08/17 All-time high: 6789.12, 11/08/17

Current divisor 0.14523396877348

23500 2580 6750
Session high
DOWN UP
23000 2550 6650
t

Session open Close

Close Open
t

22500 2520 6550

Session low

22000 2490 6450

21500 2460 6350

65-day moving average
65-day moving average 65-day moving average
21000 2430 6250

Bars measure the point change from session's open

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

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 847,988,595 13,546,184
Industrial Average 23452.20 23392.96 23422.21 -39.73 -0.17 23563.36 18847.66 24.3 18.5 10.0 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 386,091,064 5,682,541
Transportation Avg 9518.54 9484.91 9501.36 -16.14 -0.17 10038.13 8578.65 10.8 5.1 1.6 Most-active issues in late trading Decl. volume* 439,063,832 7,422,269
Utility Average 758.40 753.84 756.95 -2.52 -0.33 759.59 625.44 20.6 14.8 7.7 Volume After Hours Issues traded 3,065 324
Company Symbol (000) Last Net chg % chg High Low Advances 1,269 125
Total Stock Market 26724.11 26639.56 26704.08 -15.02 -0.06 26830.60 22440.45 19.0 14.7 8.0
First Tr Util AlphaDEX FXU 14,496.8 27.10 0.05 0.18 27.10 27.05 Declines 1,676 175
Barron's 400 680.21 676.91 678.94 1.00 0.15 691.56 566.59 19.8 12.9 7.9
SPDR S&P 500 SPY 12,704.4 258.14 0.05 0.02 258.29 227.40 Unchanged 120 24
Nasdaq Stock Market Ford Motor F 10,194.0 12.02 0.01 0.08 12.04 12.01 New highs 77 6
Nasdaq Composite 6757.34 6727.35 6750.94 0.89 0.01 6789.12 5218.40 28.9 25.4 13.2 First Tr Tech AlphaDEX FXL 9,709.1 51.99 ... unch. 51.99 51.99 New lows 61 8
Nasdaq 100 6313.17 6284.22 -3.14 6345.81 4702.04 29.7 Closing tick 23 90
6309.07 -0.05 32.8 14.7 Synergy Pharmaceuticals SGYP 9,017.6 2.72 ... unch. 2.90 2.72
Closing Arms† 0.77 0.67
VanEck Vectors Gold Miner GDX 6,445.5 22.51 -0.01 -0.04 22.53 22.50
Standard & Poor's Block trades* 6,686 107
General Electric GE 5,726.7 20.49 ... unch. 20.56 20.27
500 Index 2583.81 2575.57 2582.30 -2.32 -0.09 2594.38 2164.20 19.3 15.3 8.2 Nasdaq NYSE Arca
Rice Energy RICE 4,883.7 29.49 0.17 0.58 29.49 29.24
MidCap 400 1829.02 1822.23 1825.75 -0.45 -0.02 1843.36 1562.99 16.8 9.9 8.4 Total volume*1,946,705,833 211,228,390
SmallCap 600 896.91 892.26 893.77 0.61 0.07 918.72 781.84 14.3 6.7 9.5 Percentage gainers… Adv. volume*1,091,274,777 65,011,053
Decl. volume* 812,817,500 142,901,666
Other Indexes Mattel Inc MAT 1,286.3 18.00 3.38 23.12 18.20 14.40
Issues traded 3,061 1,303
Russell 2000 1479.11 1473.14 1475.27 0.26 0.02 1512.09 1282.39 15.0 8.7 7.7 Hasbro HAS 75.0 95.10 3.65 3.99 95.35 90.98
Advances 1,507 494
NYSE Composite 12332.24 12303.86 12322.60 -17.06 -0.14 12430.52 10652.24 15.7 11.4 4.2 Tetra Technologies TTI 10.1 3.76 0.12 3.35 4.33 3.64 Declines 1,400 771
Value Line 538.84 537.13 537.99 0.09 0.02 545.98 484.80 11.0 6.3 2.7 Immunogen IMGN 116.7 6.35 0.17 2.75 6.35 6.10 Unchanged 154 38
NYSE Arca Biotech 4096.60 4058.16 4088.06 -26.38 -0.64 4304.77 3075.02 21.0 32.9 7.2
Fang Holdings ADR SFUN 16.9 4.61 0.12 2.63 4.62 4.49 New highs 76 28
New lows 66 12
NYSE Arca Pharma 534.89 529.99 533.09 -2.77 -0.52 560.52 463.78 8.1 10.7 0.03 ...And losers
Closing tick 106 11
KBW Bank 98.49 97.58 97.59 -0.40 -0.41 102.31 82.67 18.1 6.3 10.0 Tutor Perini TPC 104.7 23.20 -1.00 -4.15 25.25 23.20 Closing Arms† 0.80 1.26
PHLX§ Gold/Silver 82.04 80.55 80.60 -1.28 -1.56 96.72 73.03 3.3 2.2 7.4 TransEnterix TRXC 10.6 2.80 -0.08 -2.78 2.87 2.78 Block trades* 7,376 1,104
PHLX§ Oil Service 142.86 140.01 140.98 -1.23 -0.87 192.66 117.79 -10.0 -23.3 -16.9 Infinity Pharmaceuticals INFI 19.8 2.36 -0.05 -2.07 2.42 2.36 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1303.98 1295.37 1303.06 8.40 0.65 1321.13 832.08 55.6 43.8 26.6 Aetna AET 12.0 171.51 -3.61 -2.06 175.52 171.51 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 11.58 10.50 0.79 16.04 9.14 -20.3 -19.6 issues with the volume of shares rising and falling. An
11.29 7.52 -3.8 McCormick Co MKC 34.0 95.30 -1.62 -1.67 96.92 95.30 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2961.95 –6.99 –0.24 17.0 China Recycling Energy CREG 5.85 2.10 56.00 9.39 0.95 314.9 Yulong Eco-Materials YECO 3.06 -1.10 -26.44 9.00 0.01 80.0
DJ Global Index 384.68 –0.72 –0.19 18.0 Xunlei ADR XNET 13.09 3.70 39.40 13.98 3.11 196.8 Intrexon Corp. XON 11.81 -4.07 -25.63 32.58 11.80 -59.9
DJ Global ex U.S. 259.14 –0.81 –0.31 21.1 Omeros Corp OMER 18.17 4.08 28.96 27.09 8.71 43.6 Kona Grill KONA 2.05 -0.60 -22.64 13.50 1.50 -82.1
Americas DJ Americas 620.55 –0.63 –0.10 14.8 Avid Technology AVID 5.10 1.06 26.24 6.07 3.99 14.1 Lightpath Techs A LPTH 2.91 -0.83 -22.19 4.10 1.21 74.3
Brazil Sao Paulo Bovespa 72165.64 –765.05 –1.05 19.8 Viking Therapeutics VKTX 2.74 0.55 25.11 3.24 0.88 149.1 Esterline Technologies ESL 70.60 -18.79 -21.02 102.70 69.35 -17.1
Canada S&P/TSX Comp 16039.26 –42.83 –0.27 4.9 Restoration Robotics HAIR 7.19 1.43 24.83 11.95 5.36 ... Grana y Montero ADR GRAM 3.70 -0.98 -20.94 8.60 2.16 -56.3
Mexico S&P/BMV IPC 48028.30 –685.21 –1.41 5.2 Ovid Therapeutics OVID 9.03 1.59 21.37 15.93 5.28 ... Puma Biotechnology PBYI 103.00 -24.20 -19.03 136.90 28.35 104.4
Chile Santiago IPSA 4091.58 –37.31 –0.90 26.9 voxeljet ADR VJET 5.72 0.95 19.92 6.37 2.61 43.0 Marin Software MRIN 9.65 -2.10 -17.87 19.19 7.00 -40.1
Teligent TLGT 3.74 0.62 19.87 9.54 2.82 -50.6 FTD Cos. Inc. FTD 8.09 -1.71 -17.45 26.19 8.01 -61.0
EMEA Stoxx Europe 600 388.69 –1.38 –0.35 7.5
Astrotech ASTC 2.84 0.46 19.33 9.20 2.24 -63.4 Tecogen TGEN 2.32 -0.45 -16.25 4.58 2.32 -45.4
Eurozone Euro Stoxx 390.90 –1.73 –0.44 11.6
Belgium Bel-20 4026.26 –17.23 –0.43 11.6 GTx GTXI 10.30 1.63 18.80 10.50 2.73 25.6 ClearSign Combustion CLIR 2.90 -0.55 -15.82 4.90 2.75 -31.0
France CAC 40 5380.72 –27.03 –0.50 10.7 Immunomedics IMMU 12.40 1.96 18.77 14.48 2.38 382.5 Ranger Energy Svcs Cl A RNGR 8.96 -1.65 -15.55 15.70 8.87 ...
Germany DAX 13127.47 –55.09 –0.42 14.3 China TechFaith ADR CNTF 2.68 0.41 18.06 3.60 1.45 22.9 Frontier Communications FTR 6.77 -1.19 -14.95 57.30 6.72 -85.8
Israel Tel Aviv 1417.35 … Closed –3.6 Med Transcription Billing MTBC 2.54 0.36 16.51 5.44 0.29 188.6 Trade Desk Cl A TTD 51.00 -8.29 -13.98 67.30 24.02 100.4
17.3 Fossil Group FOSL 6.60 0.92 16.20 36.87 5.50 -79.2 Infinity Pharmaceuticals INFI 2.41 -0.39 -13.93 3.84 0.93 85.4
Italy FTSE MIB 22560.79 –80.52 –0.36
Netherlands AEX 547.32 –3.05 –0.55 13.3
Russia RTS Index 1156.74 –4.64 –0.40 0.4 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10092.70 –48.40 –0.48 7.9
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 582.08 –2.76 –0.47 8.9 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9134.16 –43.66 –0.48 11.1
General Electric GE 94,972 68.2 20.49 2.50 32.38 19.63 Atento ATTO 3,885 10872 9.15 -8.50 12.90 6.85
U.K. FTSE 100 7432.99 –51.11 –0.68 4.1
Bank of America BAC 56,621 -10.8 26.51 0.08 27.98 18.63 CA First National Bncp CFNB 301 5415 13.30 -2.92 19.40 12.55
Asia-Pacific AT&T T 55,851 81.0 34.22 0.65 43.03 32.55 First Tr Tech AlphaDEX FXL 7,432 4733 51.99 0.72 52.31 36.11
Australia S&P/ASX 200 6029.40 –20.00 –0.33 6.4 JC Penney JCP 54,271 196.3 3.17 15.27 10.74 2.35 Madison Strategic Sect MSP 439 4437 11.98 3.01 12.42 11.29
China Shanghai Composite 3432.67 4.88 0.14 10.6 Finl Select Sector SPDR XLF 52,881 3.7 26.08 -0.31 26.93 21.40 PwrShrs 1-30 Laddrd Treas PLW 878 3809 32.58 -0.64 33.52 31.40
Hong Kong Hang Seng 29120.92 –15.65 –0.05 32.4 Advanced Micro Devices AMD 49,630 -13.7 11.26 1.26 15.65 6.47 First Tr Util AlphaDEX FXU 13,773 3217 27.05 -0.15 28.59 24.90
India S&P BSE Sensex 33314.56 63.63 0.19 25.1 SPDR S&P 500 SPY 47,158 -25.4 258.09 -0.03 259.35 215.32 First Tr Nasdaq Bank ETF FTXO 1,186 1678 26.96 -0.33 28.49 23.08
Japan Nikkei Stock Avg 22681.42 –187.29 –0.82 18.7 iPath S&P 500 VIX ST Fut VXX 36,578 16.6 34.80 2.35 132.34 33.11 Solaris Oilfield A SOI 3,361 1538 16.08 -2.55 18.42 9.90
Singapore Straits Times 3420.10 –3.81 –0.11 18.7 Roku Cl A ROKU 34,352 377.8 33.25 13.91 36.65 15.75 FT Small Cap Value FYT 276 1220 34.99 0.06 36.13 31.57
South Korea Kospi 2542.95 –7.62 –0.30 25.5 Snap SNAP 31,962 9.1 12.76 3.07 29.44 11.28 Talend ADR TLND 1,228 1212 43.63 -0.95 45.68 21.02
Taiwan Weighted 10732.67 –10.60 –0.10 16.0 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .03020 33.125 –7.5
A consumer rate against its Money market accounts Vietnam dong .00004403 22713 –0.3
3.75% Argentina peso .0571 17.4900 10.2
benchmark over the past year 10% Brazil real .3075 3.2779 0.7 Europe
Bankrate.com avg†: 0.32%
3.00 WSJ Dollar index Canada dollar .7885 1.2682 –5.7 Czech Rep. koruna .04565 21.907 –14.7
ableBanking,adivisionofNortheastBank 1.30% 5 s s Chile peso .001586 631.70 Denmark krone .1568 6.3795 –9.8
Federal-funds –5.7
0.90% Lewiston, ME 877-505-1933 Euro
.0003322 3008.00 1.1665 .8573 –9.8
t

target rate 2.25 0 Colombia peso 0.2 Euro area euro

Barclays 1.30% Ecuador US dollar 1 1 unch Hungary forint .003740 267.40 –9.1
Friday
t

0.60 1.50 Mexico peso .0525 19.1125 –7.8 Iceland krona .009657 103.55 –8.3
Wilmington, DE 888-720-8756 –5
Peru new sol .3086 3.243 –3.3 Norway krone .1229 8.1345 –5.9
0.30 Capital One 360 1.30% 0.75 –10 s Yen Uruguay peso .03426 29.2150 –0.5 Poland zloty .2759 3.6239 –13.4
t
One year ago
t

Glen Allen, VA 877-464-0333 Venezuela b. fuerte .100125 9.9875 –0.1 Russia ruble .01690 59.187 –3.4
Money market 0.00 0.00 –15
Goldman Sachs Bank USA 1.30% Asia-Pacific Sweden krona .1197 8.3564 –8.2
account yields 1 3 6 1 2 3 5 710 30 Switzerland franc 1.0042 .9958 –2.3
New York, NY 855-730-7283 2017 Australian dollar .7662 1.3051 –6.0
–0.30 month(s) years Turkey lira .2588 3.8636 9.7
Pacific National Bank 1.30% China yuan .1506 6.6415 –4.4
D J FMAM J J A S O N maturity Ukraine hryvnia .0377 26.5100 –2.1
Hong Kong dollar .1282 7.8011 0.6
2017 Miami, FL 305-539-7500 UK pound 1.3191 .7581 –6.4
India rupee .01539 65.190 –4.1
Sources: Ryan ALM; Tullett Prebon; Thomson Reuters; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000740 13533 0.06
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008813 113.54 –3.0 Bahrain dinar 2.6522 .3771 –0.03
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .003002 332.80 –0.3 Egypt pound .0567 17.6500 –2.7
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields Macau pataca .1242 8.0465 1.6 Israel shekel .2818 3.5485 –7.8
Malaysia ringgit .2377 4.1915 –6.6 Kuwait dinar 3.3055 .3025 –1.0
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .6930 1.4431 –0.1 Oman sul rial 2.5967 .3851 0.04
Libor, 3-month 1.41 1.39 0.91 l 1.41 1.18 Pakistan rupee .00952 104.950 0.6 Qatar rial .2596 3.853 5.8
Money market, annual yield 0.32 0.33 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1456.399 2.172 2.121 2.237 1.818 0.739 1.982 Philippines peso .0195 51.238 3.3 Saudi Arabia riyal .2667 3.7502 –0.01
Five-year CD, annual yield 1.49 1.47 1.19 l 1.49 -0.06 10-yr Treasury, Ryan ALM 1725.906 2.397 2.343 2.609 2.058 –0.237 1.783 Singapore dollar .7358 1.3604 –6.0 South Africa rand .0696 14.3704 4.9
30-year mortgage, fixed† 3.88 3.92 3.73 l 4.33 -0.14 South Korea won .0008942 1120.97 –7.2
DJ Corporate 376.409 3.172 3.059 3.390 2.879 3.492 3.748 Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0065104 153.60 3.5
15-year mortgage, fixed† 3.25 3.24 2.99 l 3.50 0.05 Aggregate, Barclays Capital 1934.900 2.650 2.600 2.790 2.340 2.017 2.362 Taiwan dollar .03311 30.170 –7.0 WSJ Dollar Index 87.58 –0.03–0.04 –5.77
Jumbo mortgages, $424,100-plus† 4.23 4.29 4.21 l 4.88 -0.07 High Yield 100, Merrill Lynch n.a. n.a. 5.240 n.a. n.a. n.a. n.a. Sources: Tullett Prebon, WSJ Market Data Group, Thomson Reuters
Five-year adj mortgage (ARM)† 3.48 3.46 3.20 l 4.03 -0.13
Fixed-Rate MBS, Barclays 1982.580 2.860 2.840 3.120 2.550 1.128 2.061
New-car loan, 48-month 3.01 3.01 2.85 l 3.36 -0.23
HELOC, $30,000 4.48 5.19 4.48 l 5.30 0.12
Muni Master, Merrill n.a. n.a. 1.984 n.a. n.a. n.a. n.a. COMMODITIES
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 795.178 5.662 5.532 6.290 5.279 7.147 5.485 Commodities Friday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
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 Net chg % Chg High Low % Chg % chg

DJ Commodity 615.94 0.19 0.03 616.46 532.01 15.54 8.58

Get real-time U.S. stock quotes and track most-active Track the Markets 191.65 -0.12 195.14 6.04 -0.45

WSJ
TR/CC CRB Index -0.22 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 56.74 -0.43 -0.75 57.35 42.53 30.71 5.62
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.213 0.013 0.41 3.93 2.56 22.68 -13.72
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1272.40 -13.20 -1.03 1346.00 1127.80 4.00 10.64
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2017 | B7

THE #1 FACTOR IN A
WOUNDED WARRIOR’S RECOVERY?

A well-supported
CAREGIVER.
There are 5.5 million military caregivers in the United States.These are the
family members, friends, and neighbors of wounded warriors, and they are
providing $14 billion a year in uncompensated care.
They need support, understanding, and compassion. Caregivers should thrive, not just survive.
These hidden heroes are doing their work behind the That means we need to understand every step in their
scenes, late at night, early in the morning, and when they journey – starting from the moment they get the call
can steal a moment to return a call or make an appointment. that their loved one is injured or sick. Without that
It is unpredictable and stressful work, which can take a understanding, caregiver support services won’t be as
toll on a caregiver’s physical and mental health, and often effective, and the caregiver’s needs won’t be met.
presents workplace challenges as well.

UR HIDD
R O EN
FO H
G
E
N

R
RI

O
CA

N ES
EL

IO
IZ

A
T

B A
ET D
H N
DOLE FOU

The Hidden Heroes campaign supports military and veteran caregivers. We are collaborating with our partners from
the United States Department of Veterans Affairs, Philips, and more than 400 other service providers to shine a light
on the caregiver’s journey and ensure that all caregivers get the support they need.

Elizabeth Dole Foundation

C A R I N G F O R M I L I TA R Y FA M I L I E S

Learn how you can support the Hidden Heroes campaign at hiddenheroes.org
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
B8 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM 45.06 54.36 34.36 KB Fin KB ... 9 51.19 -0.15 22.95 50.83 36.32 SensataTech ST ... 27 47.89 -0.02 2.43 22.11 13.31 CentennialRsc CDEV ...144 20.20 -0.06
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 25.15 20.77 14.07 KKR KKR 3.5 10 19.26 -0.24 22.54 36.56 25.30 ServiceCorp SCI 1.7 18 34.80 -0.58 37.87 73.86 47.01 Cerner CERN ... 32 65.31 -0.17
The list comprises the 1,000 largest companies based on market capitalization. 1.70 18.82 13.43 KT KT ... 11 14.33 0.10 24.53 48.48 35.25 ServiceMaster SERV ... 27 46.91 -0.26 17.55 408.83 258.63 CharterComms CHTR ...115 338.44 -2.76
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading 23.51 109.13 79.05 KSCitySouthern KSU 1.4 21 104.80 -0.45 69.46 129.56 72.80 ServiceNow NOW ... dd 125.98 0.43 21.37 119.20 80.78 CheckPointSftw CHKP ... 22 102.51 -1.12
volume. -12.22 76.69 58.76 Kellogg K 3.3 29 64.70 1.42 13.71 23.31 19.02 ShawComm B SJR 4.1 29 22.81 0.06 143.00 142.80 43.47 ChinaLodging HTHT ... 68 125.97 -0.45
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was -3.45 19.53 15.62 KeyCorp KEY 2.2 15 17.64 -0.21 44.92 398.22 260.00 SherwinWilliams SHW 0.9 34 389.46 2.43 -3.10 81.98 68.24 CincinnatiFin CINF 2.7 24 73.40 0.30
$2 or higher. 21.85 45.65 33.78 KeysightTechs KEYS ... 34 44.56 0.08 14.56 48.98 36.06 ShinhanFin SHG ... 8 43.12 -0.44 26.43 152.83 106.99 Cintas CTAS 1.1 34 146.10 0.67
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 2.23 78.33 67.00 KilroyRealty KRC 2.3 49 74.85 0.63 133.29 123.94 37.74 Shopify SHOP ... dd 100.01 2.98 12.48 34.75 29.12 CiscoSystems CSCO 3.4 18 33.99 -0.06
s-New 52-week high. standards vj-In bankruptcy or receivership or 0.02 136.21 109.67 KimberlyClark KMB 3.4 19 114.14 0.85 -7.83 189.25 150.15 SimonProperty SPG 4.5 29 163.75 2.49 18.43 87.99 66.29 CitrixSystems CTXS ... 29 84.22 0.19
t-New 52-week low. lf-Late filing being reorganized under the -23.89 26.63 17.02 KimcoRealty KIM 5.8 38 19.15 0.08 23.67 62.16 46.44 SmithAO AOS 1.0 29 58.56 -0.11 s114.34 138.18 53.50 Cognex CGNX 0.3 50 136.36 2.01
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -14.68 23.01 17.59 KinderMorgan KMI 2.8 32 17.67 -0.24 19.55 40.43 26.96 Smith&Nephew SNN 1.4 20 35.96 -0.44 32.54 76.51 51.35 CognizantTech CTSH 0.8 23 74.26 0.32
four quarters. requirements. assumed by such companies. 13.44 44.45 26.68 Knight-Swift KNX ... 54 38.38 -0.27 -18.69 143.68 99.56 Smucker SJM 3.0 22 104.12 1.52 s124.89 310.10 120.70 Coherent COHR ... 37 308.97 12.17
FD-First day of trading. t-NYSE bankruptcy -12.84 59.67 35.16 Kohl's KSS 5.1 11 43.04 1.87 -47.88 29.44 11.28 Snap SNAP ... dd 12.76 0.38 6.73 42.18 32.30 Comcast A CMCSA 1.7 18 36.85 0.29
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and 27.67 42.35 28.19 KoninklijkePhil PHG 2.3 23 39.03 -0.53 -8.99 181.73 140.83 SnapOn SNA 2.1 16 155.87 -0.94 -4.55 60.61 51.22 CommerceBcshrs CBSH 1.6 20 55.18 0.15
changes in the closing prices from 4 p.m. the previous day. -6.33 21.59 16.51 KoreaElcPwr KEP ... 4 17.31 0.03 101.61 63.80 26.47 SOQUIMICH SQM 1.3 44 57.76 -0.20 -9.17 42.75 30.95 CommScope COMM ... 34 33.79 -0.26
YTD 52-Week Yld Net -36.02 36.44 19.69 Kroger KR 2.3 13 22.08 0.13 64.89 47.59 27.72 Sony SNE ... 26 46.22 0.33 29.40 36.76 26.41 Copart CPRT ... 22 35.85 0.23
Friday, November 10, 2017 39.84 71.72 47.08 Kyocera KYO ... 22 69.61 -1.12 57.40 302.12 179.22 CoStarGroup CSGP ... 90 296.68 -2.61
% Chg Hi Lo Stock Sym % PE Last Chg 4.41 53.51 46.20 Southern SO 4.5 93 51.36 -0.65
YTD 52-Week Yld Net 58.07 15.06 8.07 LATAMAirlines LTM 0.5 dd 12.93 -0.37 37.48 44.69 31.15 SoCopper SCCO 2.3 29 43.91 -0.18 7.03 183.18 145.38 Costco COST 1.2 28 171.36 2.25
% Chg Hi Lo Stock Sym % PE Last Chg 8.17 91.84 59.44 Coca-Cola Femsa KOF 2.5 19 68.73 -0.08 -24.57 75.50 35.00 L Brands LB 4.8 15 49.66 1.41 7.32 64.39 42.99 SouthwestAirlines LUV 0.9 15 53.49 0.03 14.18 60.65 39.71 Ctrip.com CTRP ... 80 45.67 -0.23
11.87 77.27 63.43 Colgate-Palmolive CL 2.2 28 73.21 0.30 5.06 17.05 11.26 LG Display LPL ... 7 13.50 0.22 -10.67 47.48 40.19 SpectraEnerPtrs SEP 7.1 14 40.95 -0.34 s 48.34 17.15 10.19 CypressSemi CY 2.6 dd 16.97 0.24
NYSE -15.75 16.09 12.12 ColonyNorthStar CLNS 8.64190 12.57 -0.14 25.11 44.16 30.90 LINE LN ... 83 42.55 -0.98 -14.10 146.09 98.11 SpectrumBrands SPB 1.6 21 105.08 0.93 38.16 65.73 38.80 CyrusOne CONE 2.7 dd 61.80 -0.48
10.01 80.25 55.75 Comerica CMA 1.6 17 74.93 -0.35 21.11 192.00 143.54 L3 Tech LLL 1.6 25 184.22 -0.54 38.30 84.75 51.85 SpiritAeroSys SPR 0.5 28 80.70 0.50 -12.29 66.50 46.07 DISH Network DISH ... 24 50.81 0.51
20.36 26.48 20.26 ABB ABB 3.0 23 25.36 -0.38 2.53 11.33 7.75 SABESP SBS ... 8 8.90 0.02
-2.12 40.72 30.15 AECOM ACM ... 22 35.59 -0.04 17.20 164.22 123.36 LabCpAm LH ... 21 150.46 -1.63 -26.48 9.65 5.62 Sprint S ... dd 6.19 0.02 13.60 67.95 52.53 DentsplySirona XRAY 0.5 dd 65.58 0.02
-12.01 41.68 32.16 ConagraBrands CAG 2.4 25 34.80 0.84 37.28 52.47 28.75 LambWeston LW 1.4 23 51.96 0.34 s187.67 39.73 11.43 Square SQ ... dd 39.21 1.25 10.69 114.93 82.77 DiamondbackEner FANG ... 27 111.86 0.83
t-11.96 12.47 10.00 AES AES 4.7 dd 10.23 -0.07 8.00 147.77 106.73 ConchoRscs CXO ... 38 143.21 -1.22
19.89 85.70 66.50 Aflac AFL 2.2 12 83.44 -0.64 26.19 68.41 51.35 LasVegasSands LVS 4.3 25 67.40 -0.02 42.10 168.25 114.27 StanleyBlackDck SWK 1.5 21 162.97 0.12 -37.29 30.25 16.20 DiscoveryComm A DISCA ... 9 17.19 0.02
5.68 54.22 42.27 ConocoPhillips COP 2.0 dd 52.99 -0.54 15.09 48.86 37.37 Lazard LAZ 3.5 14 47.29 -0.87 -1.91 23.01 21.11 StarwoodProp STWD 8.9 13 21.53 -0.34 -39.81 29.18 15.25 DiscoveryComm C DISCK ... 8 16.12 0.02
-19.54 43.03 32.55 AT&T T 5.7 17 34.22 0.22 18.34 88.08 68.76 ConEd ED 3.2 22 87.19 -0.47 s 23.17 95.64 65.63 DollarTree DLTR ... 24 95.06
42.67 56.69 37.38 AbbottLabs ABT 1.9 43 54.80 -0.65 32.53 178.81 117.53 Lear LEA 1.1 11 175.43 0.90 16.64 99.99 74.45 StateStreet STT 1.9 16 90.65 -0.12 0.68
42.63 219.56 144.00 ConstBrands A STZ 1.0 28 218.67 0.54 -6.01 54.97 43.16 Leggett&Platt LEG 3.1 19 45.94 0.06 14.53 21.02 15.58 Statoil STO 4.2 dd 20.89 -0.12 23.87 45.70 31.33 E*TRADE ETFC ... 20 42.92 -0.16
52.40 98.26 58.60 AbbVie ABBV 3.0 23 95.43 -0.46 -9.41 60.30 29.08 ContinentalRscs CLR ... dd 46.69 0.37 20.98 64.20 45.56 Leidos LDOS 2.1 30 61.87 0.22 28.88 93.39 64.37 Steris STE 1.4 52 86.85 -1.30 351.87 63.60 13.05 EXACT Sci EXAS ... dd 60.37 1.19
22.85 145.00 112.31 Accenture ACN 1.8 26 143.89 0.06 30.94 256.39 158.73 Cooper COO 0.0 33 229.06 -2.89 s 39.13 59.32 40.24 Lennar A LEN 0.3 17 58.71 -0.22 111.45 24.80 8.91 STMicroelec STM 1.0 35 24.00 0.60 11.47 61.90 43.09 EastWestBancorp EWBC 1.4 16 56.66 -0.11
-30.62 261.43 153.28 AcuityBrands AYI 0.3 22 160.18 0.10 30.74 32.33 23.11 Corning GLW 2.0 14 31.73 -0.06 47.96 50.75 32.11 Lennar B LEN.B 0.3 15 49.55 -0.33 28.94 160.62 106.48 Stryker SYK 1.1 33 154.48 -2.14 21.15 39.27 27.28 eBay EBAY ... 5 35.97 0.28
32.12 86.42 44.33 Adient ADNT 1.4 8 77.42 0.47 -10.92 20.88 14.24 Coty COTY 3.1 dd 16.31 -0.49 23.26 201.40 144.15 LennoxIntl LII 1.1 27 188.79 -0.11 2.49 8.30 6.93 SumitomoMits SMFG ... 8 7.83 -0.08 43.38 153.13 98.42 ElbitSystems ESLT ... 26 146.09 -0.29
-51.97 177.83 78.81 AdvanceAuto AAP 0.3 16 81.22 0.77 30.85 213.82 146.03 Credicorp BAP 1.8 14 206.56 -2.24 10.37 27.34 20.17 LeucadiaNatl LUK 1.6 17 25.66 -0.40 20.79 93.84 69.90 SunCommunities SUI 2.9125 92.54 -0.10 43.16 122.79 73.74 ElectronicArts EA ... 30 112.75 0.86
22.02 6.70 4.89 AdvSemiEngg ASX 3.7 14 6.15 0.03 12.02 16.46 13.06 CreditSuisse CS 4.5 dd 16.03 ... 34.92 495.35 314.55 Equinix EQIX 1.7158 482.21
9.76 6.21 4.73 Aegon AEG 5.0 17 6.07 -0.14 12.89 44.89 36.22 LibertyProperty LPT 3.6 19 44.59 -0.15 1.22 40.57 32.22 SunLifeFinancial SLF 3.7 12 38.88 -0.25 -2.65
30.55 114.97 79.38 CrownCastle CCI 3.7 94 113.28 -0.22 13.24 89.09 64.18 EliLilly LLY 2.5 40 83.29 -0.70 s 11.41 36.48 27.96 SuncorEnergy SU 2.8 22 36.42 0.29 3.09 7.47 4.99 Ericsson ERIC 1.9 dd 6.01 0.02
24.18 54.50 41.34 AerCap AER ... 8 51.67 -0.20 12.52 61.61 51.57 CrownHoldings CCK ... 17 59.15 ... 9.10 129.73 102.32 ErieIndemnity A ERIE 2.6 30 122.68 0.93
41.21 184.98 116.04 Aetna AET 1.1 32 175.12 2.59 10.89 77.45 58.14 LincolnNational LNC 1.8 12 73.49 -0.84 3.54 61.69 49.17 SunTrustBanks STI 2.8 15 56.79 -0.01
5.80 103.37 79.76 Cullen/Frost CFR 2.4 18 93.35 0.27 16.10 33.68 24.27 LionsGate A LGF.A ... 48 31.23 1.93 -11.58 38.05 26.01 SynchronyFin SYF 1.9 12 32.07 -0.02 73.37 32.50 14.22 Exelixis EXEL ... 53 25.85 0.10
26.88 198.40 139.15 AffiliatedMgrs AMG 0.4 20 184.36 -0.75 23.62 181.79 133.16 Cummins CMI 2.6 17 168.95 0.99 6.59 161.00 111.88 Expedia EXPE 1.0 48 120.74 3.42
46.64 68.67 42.92 AgilentTechs A 0.8 34 66.81 -0.66 22.45 32.08 22.50 LionsGate B LGF.B ... 35 30.05 1.67 16.74 93.61 74.52 Syngenta SYT ... 41 92.28 -0.02
24.79 60.74 42.96 DCT Industrial DCT 2.4 54 59.75 -0.03 68.31 45.72 26.41 LiveNationEnt LYV ...2238 44.77 -0.08 -2.13 57.23 48.85 Sysco SYY 2.4 25 54.19 0.17 13.01 62.63 50.20 ExpeditorsIntl EXPD 1.4 25 59.85 -0.02
7.14 51.86 35.05 AgnicoEagle AEM 1.0 38 45.00 -0.35 14.15 113.71 90.00 DTE Energy DTE 3.1 21 112.45 -0.77 -12.71 77.50 55.80 ExpressScripts ESRX ... 10 60.05 -0.70
14.52 3.87 2.86 LloydsBanking LYG 3.0 19 3.55 -0.02 151.46 36.16 11.02 TAL Education TAL ...195 29.40 -1.20
6.29 111.88 87.82 Agrium AGU 3.3 41 106.87 -0.34 38.58 99.00 64.06 DXC Tech DXC 0.8163 95.94 1.31 -17.28 149.50 114.63 F5Networks FFIV ... 18 119.71 -1.25
24.50 322.19 245.50 LockheedMartin LMT 2.6 25 311.17 0.09 35.00 93.75 66.13 TE Connectivity TEL 1.7 20 93.53 0.61
11.46 162.86 133.63 AirProducts APD 2.4 29 160.30 -0.25 18.50 93.36 76.27 Danaher DHR 0.6 27 92.24 -0.74 55.12 182.90 113.55 Facebook FB ... 35 178.46 -0.84
5.72 49.99 42.99 Loews L 0.5 17 49.51 0.17 s 20.09 38.47 30.31 Telus TU 4.2 24 38.25 0.77
-29.65 101.43 61.36 AlaskaAir ALK 1.9 10 62.42 0.04 13.64 95.22 69.00 Darden DRI 3.0 21 82.64 0.50 1.30 52.74 39.79 Fastenal FAST 2.7 25 47.59 0.05
8.96 86.25 65.12 Lowe's LOW 2.1 22 77.49 -0.59 48.47 19.42 11.17 TIM Part TSU ... 27 17.52 -0.45
63.36 144.99 76.32 Albemarle ALB 0.9 33 140.62 -0.22 -14.33 70.16 52.51 DaVita DVA ... 21 55.00 -0.11 2.60 29.39 23.20 FifthThirdBncp FITB 2.3 10 27.67 -0.34
21.54 107.83 78.01 LyondellBasell LYB 3.5 11 104.26 0.07 -6.54 80.92 66.66 TJX TJX 1.8 20 70.22 0.97
53.17 50.31 27.63 Alcoa AA ... 28 43.01 -0.32 28.33 136.69 89.69 Deere DE 1.8 22 132.23 0.95 91.93 62.57 25.56 FirstSolar FSLR ... dd 61.59 1.05
0.43 173.72 132.70 M&T Bank MTB 1.9 18 157.10 -1.51 71.17 82.32 41.41 TableauSoftware DATA ... dd 72.15 0.51
13.96 126.88 103.32 AlexandriaRealEst ARE 2.7144 126.64 0.54 50.23 83.98 48.37 DellTechnologies DVMT ... dd 82.58 0.70 20.44 130.20 99.19 Fiserv FISV ... 30 128.00 -0.88
14.05 34.65 25.15 MGM Resorts MGM 1.3 32 32.88 0.13 45.11 42.71 28.34 TaiwanSemi TSM 2.8 19 41.72 0.08
112.29 191.22 86.01 Alibaba BABA ... 54 186.41 1.28 41.48 104.09 60.50 DelphiAutomotive DLPH 1.2 19 95.29 -0.29 27.84 18.47 13.68 Flex FLEX ... 18 18.37 0.06
0.46 39.43 30.88 MPLX MPLX 6.8 38 34.78 -0.15 16.56 48.85 34.16 Tapestry TPR ... 25 40.82 0.66
-4.69 667.19 521.07 Alleghany Y ... dd 579.61 -5.93 -0.61 55.75 43.81 DeltaAir DAL 2.5 10 48.89 -0.30 29.12 48.06 33.69 FlirSystems FLIR 1.3 29 46.73 0.39
58.70 128.00 76.52 MSCI MSCI 1.2 37 125.02 -2.86 -21.29 61.83 39.59 TargaResources TRGP 8.2 dd 44.13 -0.23
29.89 89.81 63.71 Allegion ALLE 0.8 24 83.13 1.05 11.01 19.48 13.47 DeutscheBank DB 1.1 dd 17.94 0.53 32.60 41.56 28.50 Fortinet FTNT ... 83 39.94 0.45
-9.13 73.34 52.12 Macerich MAC 4.6 75 64.37 1.96 -14.99 79.33 48.56 Target TGT 4.0 12 61.40 1.50
-18.00 256.80 169.64 Allergan AGN 1.6 dd 172.21 -0.79 -11.52 50.69 28.79 DevonEnergy DVN 0.6 14 40.41 -0.40 -19.00 83.66 65.57 MacquarieInfr MIC 8.6 31 66.18 -1.17 20.12 39.32 29.32 Gaming&Leisure GLPI 6.9 20 36.78 -0.04
-1.33 266.25 206.41 AllianceData ADS 0.9 24 225.45 -2.46 -6.02 40.34 28.96 TataMotors TTM 0.0 17 32.32 -0.74
30.85 137.59 99.46 Diageo DEO 3.0 25 136.01 0.65 -44.21 45.41 17.41 Macy's M 7.6 9 19.98 0.48 -18.60 37.09 24.53 TechnipFMC FTI 1.8 ... 28.92 -0.44 s 25.45 61.04 47.03 Garmin GRMN 3.4 17 60.83 1.11
15.28 44.39 34.88 AlliantEnergy LNT 2.9 23 43.68 -0.42 22.99 127.23 85.63 DigitalRealty DLR 3.1 99 120.85 -1.39 -10.96 81.77 63.92 MagellanMid MMP 5.4 18 67.34 -0.63 3.02 86.27 63.76 GileadSciences GILD 2.8 8 73.77 0.75
28.52 45.69 30.30 AllisonTransm ALSN 1.4 19 43.30 0.13 7.49 33.76 14.56 TeckRscsB TECK 0.7 7 21.53 0.08
-10.17 74.33 57.50 DiscoverFinSvcs DFS 2.2 11 64.76 -0.71 22.17 55.76 38.27 MagnaIntl MGA 2.1 10 53.02 0.11 81.84 34.20 17.04 TelecomArgentina TEO 1.4 17 33.04 -0.21 t -5.83 37.20 28.81 Goodyear GT 1.9 8 29.07 -0.08
33.73 100.31 68.92 Allstate ALL 1.5 15 99.12 0.17 0.54 116.10 95.78 Disney DIS 1.5 19 104.78 2.10 40.62 126.40 81.14 Manpower MAN 1.5 19 124.97 1.34 44.00 24.20 14.33 Grifols GRFS 1.4 ... 23.14 0.03
34.44 26.93 17.83 AllyFinancial ALLY 1.9 12 25.57 0.07 -6.41 10.53 7.10 TelecomItalia TI 3.1 ... 8.32 -0.11
34.21 61.45 44.98 DolbyLab DLB 1.1 31 60.65 1.01 19.08 21.70 15.97 ManulifeFin MFC 3.0 15 21.22 -0.45 -7.68 8.45 5.85 TelecomItalia A TI.A 4.5 ... 6.73 -0.14 94.95 58.61 23.23 GpoFinGalicia GGAL 0.0 16 52.48 -1.84
-33.05 35.29 20.66 AlticeUSA ATUS ... ... 21.90 0.10 13.61 85.07 65.97 DollarGeneral DG 1.2 19 84.15 2.24 -9.76 19.28 10.55 MarathonOil MRO 1.3 dd 15.62 -0.16 -16.09 44.73 28.97 HD Supply HDS ... 11 35.67 -0.14
-3.85 77.79 60.01 Altria MO 4.1 8 65.02 0.51 46.85 185.66 116.51 TeledyneTech TDY ... 31 180.63 0.30
5.51 82.13 69.51 DominionEner D 3.8 24 80.81 -0.43 22.58 63.41 42.57 MarathonPetrol MPC 2.6 19 61.72 0.06 56.93 263.97 141.41 Teleflex TFX 0.5 46 252.89 -4.25 17.56 116.20 77.20 Hasbro HAS 2.5 20 91.45 2.76
83.15 23.54 9.93 AlumofChina ACH ... 46 18.70 0.16 8.85 221.58 153.58 Domino's DPZ 1.1 33 173.33 0.12 17.57 1105.23 856.98 Markel MKL ...236 1063.41 -13.11 t-11.61 93.50 67.02 HenrySchein HSIC ... 19 67.05 -2.61
24.64 7.03 4.70 Ambev ABEV ... 35 6.12 -0.05 11.58 16.85 11.95 TelefonicaBras VIV ... 21 14.93 -0.21
9.98 48.91 39.49 Donaldson DCI 1.6 27 46.28 -0.14 23.02 84.90 66.75 Marsh&McLennan MMC 1.8 23 83.15 0.22 9.02 11.64 8.15 Telefonica TEF 4.4 18 10.03 -0.06 -2.87 46.80 35.76 Hologic HOLX ... 15 38.97 -0.68
19.10 63.15 46.97 Ameren AEE 2.9 25 62.48 -0.34 9.76 41.12 33.78 DouglasEmmett DEI 2.3 75 40.13 0.05 -3.74 244.32 191.09 MartinMarietta MLM 0.8 31 213.25 0.30 4.92 111.98 83.35 JBHunt JBHT 0.9 27 101.85 -0.15
37.39 19.50 11.02 AmericaMovil AMX 2.0 32 17.27 -0.16 4.01 36.19 27.17 TelekmIndonesia TLK 2.4 18 30.33 -0.18
25.17 97.09 68.10 Dover DOV 2.0 22 93.79 -0.22 22.11 41.10 30.08 Masco MAS 1.1 23 38.61 -0.01 -16.94 37.21 25.91 Tenaris TS 1.8117 29.66 -0.47 -0.61 14.74 11.49 HuntingtonBcshs HBAN 3.3 16 13.14 -0.07
38.05 19.11 10.85 AmericaMovil A AMOV 2.0 31 16.98 -0.38 4.15 73.85 64.01 DowDuPont DWDP ... 38 69.97 -0.26 44.83 152.00 99.51 Mastercard MA 0.6 35 149.54 0.25 91.40 137.86 64.50 IAC/InterActive IAC ... 31 124.01 -0.90
-16.01 51.70 41.06 AmCampus ACC 4.2102 41.80 -0.13 72.05 44.04 23.26 Teradyne TER 0.6 20 43.70 0.06
-4.80 99.47 81.05 DrPepperSnap DPS 2.7 22 86.32 0.63 3.85 106.50 88.64 McCormick MKC 1.9 27 96.92 1.41 -67.50 41.19 10.85 TevaPharm TEVA 2.9 dd 11.78 -0.07 25.93 173.01 107.59 IdexxLab IDXX ... 48 147.68 -2.51
18.77 75.84 57.89 AEP AEP 3.3 20 74.78 -0.71 -21.36 49.41 29.83 DrReddy'sLab RDY 0.9 35 35.61 -0.31 4.25 106.58 89.14 McCormickVtg MKC.V 1.9 27 97.06 1.72 21.24 48.53 34.13 IHSMarkit INFO ... 45 42.93 -0.27
26.24 96.90 69.65 AmericanExpress AXP 1.5 18 93.52 -0.23 11.76 55.80 43.41 Textron TXT 0.1 23 54.27 -0.13
14.52 89.73 72.34 DukeEnergy DUK 4.0 29 88.89 -0.74 36.04 170.92 114.17 McDonalds MCD 2.4 24 165.59 -1.41 31.95 201.20 139.07 ThermoFisherSci TMO 0.3 32 186.18 -5.71 126.45 224.47 93.38 IPG Photonics IPGP ... 33 223.53 4.81
19.87 106.52 78.31 AmericanFin AFG 1.3 14 105.63 0.27 9.04 30.14 22.96 DukeRealty DRE 2.8 39 28.96 0.03 -2.02 169.29 133.82 McKesson MCK 1.0 7 137.61 -2.50 19.19 64.68 39.51 IRSA Prop IRCP 4.3 15 56.46 0.19
5.48 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 22.13 0.23 1.64 48.61 41.26 ThomsonReuters TRI 3.1 31 44.50 -0.11
4.50 34.62 26.15 ENI E 5.7 33 33.69 -0.19 11.37 89.72 69.35 Medtronic MDT 2.3 27 79.33 -1.48 29.83 138.07 78.84 ThorIndustries THO 1.1 18 129.89 -0.11 -6.56 64.46 47.06 IcahnEnterprises IEP 10.8 5 55.69 -0.75
-4.98 67.47 57.90 AIG AIG 2.1 dd 62.06 -0.18 3.44 109.37 81.99 EOG Rscs EOG 0.610458 104.58 -0.20 -5.76 66.80 54.41 Merck MRK 3.4 54 55.48 -0.73 51.34 124.48 73.76 Icon ICLR ... 22 113.81 -1.55
42.45 155.28 99.72 AmerTowerREIT AMT 1.8 57 150.54 -1.28 27.37 238.90 170.72 3M MMM 2.1 25 227.45 -0.94
-0.34 75.74 49.63 EQT EQT 0.2310 65.18 -0.73 8.70 55.91 44.17 MetLife MET 3.1 dd 52.20 -0.61 18.26 97.29 75.33 Tiffany TIF 2.2 25 91.57 0.57 63.18 214.50 119.37 Illumina ILMN ... 39 208.94 -0.67
22.64 90.48 69.79 AmerWaterWorks AWK 1.9 33 88.74 -0.57 -7.55 82.99 68.76 EQT Midstream EQM 5.5 14 70.89 -0.36 48.76 694.48 407.87 MettlerToledo MTD ... 38 622.66 -4.16 4.48 153.15 98.49 Incyte INCY ... dd 104.76 1.77
41.72 163.04 108.81 Ameriprise AMP 2.1 15 157.22 -1.83 -6.14 103.90 85.77 TimeWarner TWX 1.8 17 90.60 3.55
20.66 94.96 73.52 EastmanChem EMN 2.2 13 90.75 0.77 27.29 55.25 32.38 MichaelKors KORS ... 15 54.71 0.18 48.10 46.63 28.30 Toll Bros TOL 0.7 17 45.91 0.11 25.67 47.30 33.23 Intel INTC 2.4 16 45.58 -0.72
-4.08 97.85 71.90 AmerisourceBrgn ABC 2.0 20 75.00 -0.27 16.14 82.34 63.94 Eaton ETN 2.0 12 77.92 0.06 22.32 35.55 27.86 MicroFocus MFGP ... 50 34.53 0.01 47.58 55.66 33.01 InteractiveBrkrs IBKR 0.7 46 53.88 0.19
40.39 70.26 45.78 Ametek AME 0.5 29 68.23 0.22 14.24 86.50 69.09 Torchmark TMK 0.7 18 84.26 -0.24
21.68 52.36 37.72 EatonVance EV 2.4 22 50.96 0.31 7.71 110.95 87.59 MidAmApt MAA 3.3 50 105.47 -0.14 10.94 73.86 48.69 Toro TTC 1.1 26 62.07 0.57 33.76 154.19 108.70 Intuit INTU 1.0 41 153.30 0.89
s 31.26 88.36 66.00 Amphenol APH 0.9 28 88.21 1.49 11.16 134.89 113.50 Ecolab ECL 1.1 29 130.30 0.05 6.17 7.01 5.62 MitsubishiUFJ MTU ... 9 6.54 -0.06 84.09 393.51 203.57 IntuitiveSurgical ISRG ... 50 389.15 -0.85
-26.70 73.33 39.96 AnadarkoPetrol APC 0.4 dd 51.11 -0.29 16.19 57.79 45.18 TorontoDomBk TD 3.3 14 57.33 -0.24
33.04 12.30 7.65 Ecopetrol EC ... 35 12.04 0.01 -0.28 3.87 3.37 MizuhoFin MFG ... 8 3.58 -0.02 10.20 56.98 45.05 Total TOT 5.2 16 56.17 -0.37 16.83 65.51 37.26 IonisPharma IONS ...381 55.88 0.76
22.58 112.21 75.11 Andeavor ANDV 2.2 22 107.20 0.20 11.21 82.82 67.44 EdisonInt EIX 2.7 18 80.06 -0.28 21.30 11.59 7.09 MobileTeleSys MBT 6.4 13 11.05 0.13 57.08 48.99 23.38 JD.com JD ... dd 39.96 0.16
12.06 126.50 98.28 AB InBev BUD 3.1 59 118.16 -0.04 47.52 73.84 47.01 TotalSystem TSS 0.7 32 72.33 0.10
10.83 121.45 81.12 EdwardsLife EW ... 30 103.85 -0.93 32.14 268.46 189.44 MohawkIndustries MHK ... 20 263.85 -0.76 6.22 128.11 103.62 ToyotaMotor TM ... 11 124.49 -0.97 28.06 115.34 83.07 JackHenry JKHY 1.1 36 113.69 -0.27
12.74 12.73 9.83 AnnalyCap NLY 10.7 4 11.24 ... 10.51 67.78 53.92 EmersonElectric EMR 3.1 28 61.61 0.13 -17.44 102.14 78.10 MolsonCoors B TAP 2.0 8 80.34 -0.19 27.21 163.75 99.28 JazzPharma JAZZ ... 23 138.70 3.39
-14.33 27.23 17.89 AnteroResources AR ...405 20.26 0.49 9.35 51.85 42.69 TransCanada TRP 4.0 32 49.37 0.70
-43.84 26.17 13.87 EnbridgeEnPtrs EEP 9.8 23 14.31 -0.19 12.44 122.80 97.35 Monsanto MON 1.8 23 118.30 0.96 7.25 295.00 203.72 TransDigm TDG ... 34 267.00 1.42 -15.30 24.13 18.05 JetBlue JBLU ... 10 18.99 0.16
51.82 220.75 131.38 Anthem ANTM 1.3 20 218.27 2.29 t-13.39 44.52 36.33 Enbridge ENB 5.2 24 36.48 -0.16 50.83 148.00 93.51 Moody's MCO 1.1 51 142.19 -0.90 205.52 61.59 17.52 JunoTherap JUNO ... dd 57.59 3.16
28.44 152.78 109.18 Aon AON 1.0 ... 143.25 -0.21 72.65 54.48 28.92 TransUnion TRU ... 41 53.40 0.28
7.75 13.85 8.01 Encana ECA 0.5 15 12.65 -0.04 15.41 51.52 37.34 MorganStanley MS 2.1 14 48.76 -0.06 10.72 135.71 109.10 Travelers TRV 2.1 16 135.54 1.01 30.20 110.00 74.20 KLA Tencor KLAC 2.3 16 102.44 0.04
-30.47 69.00 38.14 Apache APA 2.3 25 44.13 -1.11 25.46 11.10 7.67 EnelAmericas ENIA 3.4 29 10.30 -0.25 -22.13 34.36 19.23 Mosaic MOS 0.4 24 22.84 0.34 -8.70 97.77 75.21 KraftHeinz KHC 3.1 25 79.72 0.31
-0.70 46.85 39.66 ApartmtInv AIV 3.2143 45.13 -0.08 30.72 9.79 6.35 TurkcellIletism TKC ... 13 9.02 -0.14
25.05 6.31 4.25 EnelChile ENIC ... 12 5.69 -0.03 9.87 94.94 76.92 MotorolaSolutions MSI 2.3 23 91.07 -0.54 -3.41 3.80 2.44 TurquoiseHill TRQ ... 28 3.12 0.01 21.24 38.16 27.85 LKQ LKQ ... 23 37.16 0.23
56.97 33.37 18.75 ApolloGlobalMgmt APO 5.1 10 30.39 -0.11 34.36 27.74 18.35 EnelGenChile EOCC 7.3 14 26.12 ... 131.24 28.66 10.75 NRG Energy NRG 0.4 dd 28.35 0.53 96.15 211.41 95.10 LamResearch LRCX 0.9 19 207.39 1.10
19.77 36.62 28.57 AquaAmerica WTR 2.3 27 35.98 -0.19 24.66 21.96 14.12 Twitter TWTR ... dd 20.32 0.42
-9.53 20.05 15.03 EnergyTrfrEquity ETE 6.8 21 17.47 -0.04 s 9.54 24.95 21.96 NTTDoCoMo DCM ... 16 24.92 0.12 19.54 183.98 139.61 TylerTech TYL ... 50 170.67 0.85 11.57 79.09 58.68 LamarAdvertising LAMR 4.4 24 75.02 -0.38
19.48 44.12 32.73 Aramark ARMK 1.0 31 42.68 -0.07 -31.14 27.99 16.06 EnergyTransfer ETP 13.7 8 16.54 0.07 97.10 3362.85 1510.00 NVR NVR ... 24 3289.64 -10.36 21.07 104.35 66.32 LibertyBroadbandA LBRDA ...516 87.73 -0.40
33.06 30.50 19.59 ArcelorMittal MT ... 4 29.14 0.99 s 20.20 74.30 55.72 TysonFoods TSN 1.2 15 74.14 0.32
-15.26 19.59 14.43 EnLinkMidPtrs ENLK 10.0 dd 15.61 -0.27 -5.79 75.24 59.64 NationalGrid NGG 6.3 13 59.95 -0.53 9.19 18.31 15.10 UBS Group UBS 3.5 16 17.11 0.18 19.47 104.66 67.27 LibertyBroadbandC LBRDK ...521 88.49 -0.07
-12.53 47.44 39.09 ArcherDaniels ADM 3.2 19 39.93 0.33 15.87 87.85 66.73 Entergy ETR 4.2 dd 85.13 -1.29 -10.47 43.63 29.90 NatlOilwell NOV 0.6 dd 33.52 -1.03 -3.40 37.00 27.36 LibertyGlobal C LBTYK ... 32 28.69 0.16
30.74 30.69 18.31 Arconic ARNC 1.0 dd 24.24 -0.21 8.94 40.71 32.85 UDR UDR 3.1128 39.74 -0.09
-7.54 30.25 23.84 EnterpriseProd EPD 6.8 20 25.00 0.10 -4.59 46.34 36.45 NatlRetailProp NNN 4.5 34 42.17 0.20 3.99 52.00 41.79 UGI UGI 2.1 19 47.92 -0.06 -2.84 37.69 28.17 LibertyGlobal A LBTYA ... 33 29.72 0.12
s128.43 221.67 84.73 AristaNetworks ANET ... 46 221.05 7.50 -8.03 147.02 89.59 Equifax EFX 1.4 23 108.74 -0.21 103.16 94.63 37.16 NewOrientalEduc EDU ... 47 85.53 0.11 4.96 27.82 19.40 LibertyLiLAC C LILAK ... 25 22.22 0.05
9.79 84.53 62.10 ArrowElec ARW ... 14 78.28 -0.31 -3.20 30.73 22.46 US Foods USFD ... 23 26.60 -0.05
24.02 90.80 65.87 EquityLife ELS 2.2 43 89.42 -0.38 -23.82 17.68 11.67 NY CmntyBcp NYCB 5.6 14 12.12 0.12 3.91 25.39 18.38 UltraparPart UGP 2.5 27 21.55 -1.26 0.91 28.11 19.65 LibertyLiLAC A LILA ... 25 22.16 -0.03
20.46 35.60 25.55 AstraZeneca AZN 2.7 22 32.91 -0.20 7.60 70.45 58.28 EquityResdntl EQR 2.9 61 69.25 -0.63 t-34.38 55.08 29.22 NewellBrands NWL 3.1 11 29.30 -0.80 19.67 26.00 17.24 LibertyQVC A QVCA ... 8 23.91 0.64
0.48 55.22 43.25 Athene ATH ... 7 48.22 -0.55 39.50 61.62 38.41 Unilever UN ... 26 57.28 -0.05
10.27 270.04 208.92 EssexProp ESS 2.7 32 256.38 -0.57 -17.75 50.00 24.41 NewfieldExpln NFX ... 19 33.31 0.32 37.74 60.13 38.58 Unilever UL 3.0 25 56.06 -0.07 53.43 62.41 36.58 LibertyVenturesA LVNTA ... 18 56.57 0.28
20.24 90.39 69.50 AtmosEnergy ATO 2.2 24 89.16 -0.63 s 62.91 125.29 75.30 EsteeLauder EL 1.2 34 124.61 0.83 4.26 39.62 30.19 NewmontMining NEM 0.8182 35.52 -0.36 19.53 41.14 27.55 LibertyFormOne C FWONK ... ... 37.45 0.02
143.28 67.69 22.07 Autohome ATHM ... 40 61.50 -1.65 12.56 119.71 95.67 UnionPacific UNP 2.1 21 116.70 -0.37
6.81 277.17 206.60 EverestRe RE 2.2 37 231.14 0.35 29.88 156.80 110.49 NextEraEnergy NEE 2.5 17 155.16 -0.09 -19.70 83.04 57.34 UnitedContinental UAL ... 9 58.52 0.13 14.32 39.37 27.63 LibertyFormOne A FWONA ... ... 35.84 0.17
9.09 127.75 96.08 Autoliv ALV 1.9 21 123.44 0.04 16.01 65.01 50.56 EversourceEner ES 3.0 21 64.07 -0.61 -12.71 45.73 34.22 NielsenHoldings NLSN 3.7 26 36.62 -0.48 10.49 26.52 18.70 LibertyBraves A BATRA ... dd 22.64 0.17
-24.28 813.70 491.13 AutoZone AZO ... 14 598.06 -7.91 48.00 2.73 1.74 UnitedMicro UMC 3.2 20 2.59 0.01
16.37 41.56 29.82 Exelon EXC 3.2 19 41.30 0.16 10.35 60.53 49.75 Nike NKE 1.3 24 56.09 -0.04 -1.23 121.75 102.12 UPS B UPS 2.9 28 113.23 1.51 9.76 26.20 18.30 LibertyBraves C BATRK ... dd 22.60 0.01
5.65 199.52 158.32 Avalonbay AVB 3.0 29 187.16 -0.31 11.34 87.31 68.09 ExtraSpaceSt EXR 3.6 33 86.00 0.55 22.85 27.61 21.17 NiSource NI 2.6 33 27.20 -0.32 18.83 46.43 33.79 LibertySirius A LSXMA ... 30 41.02 0.54
33.47 51.87 35.42 Avangrid AGR 3.4 24 50.56 -0.23 38.58 149.45 88.17 UnitedRentals URI ... 21 146.31 1.22
-8.11 93.22 76.05 ExxonMobil XOM 3.7 27 82.94 -0.26 -26.14 42.03 22.98 NobleEnergy NBL 1.4 dd 28.11 -0.34 0.47 56.61 47.42 US Bancorp USB 2.3 15 51.61 -0.50 20.81 46.24 33.14 LibertySirius C LSXMK ... 30 40.98 0.52
49.80 108.99 68.93 AveryDennison AVY 1.7 23 105.19 -0.57 64.82 95.08 52.24 FMC FMC 0.7624 93.22 1.06 2.08 6.65 4.04 Nokia NOK 3.9 dd 4.91 -0.05 13.10 99.59 71.62 LincolnElectric LECO 1.8 21 86.71 0.21
17.57 34.47 24.72 AxaltaCoating AXTA ...133 31.98 -0.10 7.74 124.79 106.21 UnitedTech UTX 2.4 18 118.11 -0.26
20.06 196.57 155.09 FactSet FDS 1.1 30 196.21 -0.03 -1.36 6.80 5.21 NomuraHoldings NMR ... 10 5.82 -0.10 43.12 40.82 23.59 LogitechIntl LOGI 1.8 27 35.45 -0.15
-1.89 49.91 41.17 BB&T BBT 2.9 17 46.13 -0.62 31.89 213.93 146.01 UnitedHealth UNH 1.4 23 211.07 -0.49
-7.11 145.80 119.37 FederalRealty FRT 3.0 42 132.01 0.57 -16.48 62.82 37.79 Nordstrom JWN 3.7 14 40.03 ... t -8.15 129.74 96.84 UniversalHealthB UHS 0.4 13 97.71 19.63 129.51 90.35 LogMeIn LOGM 0.91050 115.50 -0.55
s 11.52 48.32 41.83 BCE BCE 4.7 20 48.22 0.25 -2.08
17.16 231.35 182.11 FedEx FDX 0.9 21 218.15 0.71 17.66 134.52 98.92 NorfolkSouthern NSC 1.9 20 127.15 -0.84 -0.18 72.70 47.26 lululemon LULU ... 31 64.87 0.86
19.56 44.62 33.37 BHPBilliton BHP 4.0 19 42.78 -0.13 19.33 53.36 39.63 UnumGroup UNM 1.8 12 52.42 -0.11
88.44 121.14 52.72 Ferrari RACE ... 37 109.56 0.12 28.18 306.61 220.72 NorthropGrumman NOC 1.3 22 298.13 -1.01 75.34 110.60 49.95 MKS Instrum MKSI 0.7 19 104.15 -0.05
19.58 39.12 28.73 BHPBilliton BBL 4.6 17 37.62 -0.11 -2.96 9.12 7.44 VEREIT VER 6.7 dd 8.21 0.04
89.36 18.33 6.87 FiatChrysler FCAU ... 8 17.27 0.16 13.10 86.90 66.93 Novartis NVS 3.3 29 82.38 -0.10 18.08 211.06 145.10 MarketAxess MKTX 0.8 45 173.49 -1.01
7.81 41.55 32.53 BP BP 6.0 34 40.30 -0.42 30.52 71.95 48.05 VF VFC 2.6 29 69.63 0.27
59.63 17.21 7.98 FibriaCelulose FBR ... 37 15.34 -0.73 39.18 50.95 30.89 NovoNordisk NVO 0.9 22 49.91 0.78 45.27 124.34 72.75 Marriott MAR 1.1 33 120.11 1.30
-14.63 16.00 10.60 BRF BRFS ... dd 12.60 -0.57 43.40 112.91 75.17 Visa V 0.7 41 111.88 -0.26
57.25 38.76 22.84 FidelityNatlFin FNF 2.8 17 38.55 -0.21 -6.20 68.00 51.67 Nucor NUE 2.7 16 55.83 -0.69 45.13 21.08 12.48 MarvellTech MRVL 1.2 47 20.13 ...
-28.22 24.65 16.44 BT Group BT 3.8 16 16.53 -0.05 43.85 237.77 153.66 VailResorts MTN 1.8 47 232.04 -0.54 66.43 32.87 15.42 MatchGroup MTCH ... 19 28.46 -0.10
25.91 18.48 11.55 FNFV Group FNFV ... 8 17.25 -0.20 4.66 37.41 30.10 OGE Energy OGE 3.8 18 35.01 -0.52 32.15 11.71 6.85 Vale VALE 5.6 10 10.07 -0.06
52.39 61.88 37.63 BWX Tech BWXT 0.7 31 60.50 0.31 22.63 96.67 73.97 FidelityNtlInfo FIS 1.3 57 92.76 0.24 -8.73 59.47 46.82 ONEOK OKE 5.7 33 52.40 -0.59 38.81 55.43 37.32 MaximIntProducts MXIM 2.7 26 53.54 -0.27
-11.54 40.82 29.62 BakerHughes BHGE 2.2 dd 32.95 0.21 19.10 82.19 60.35 ValeroEnergy VLO 3.4 18 81.37 0.09 58.49 26.54 14.88 MelcoResorts MLCO 1.4 40 25.20 -0.03
145.93 69.80 27.58 58.com WUBA ...149 68.86 1.75 -4.30 73.51 57.20 OccidentalPetrol OXY 4.5524 68.17 -0.53 16.25 73.14 54.38 Vantiv VNTV ... 48 69.31 0.54
6.51 43.24 35.65 Ball BLL 1.0 62 39.98 -0.34 48.10 56.40 35.28 FirstAmerFin FAF 2.8 21 54.25 -0.60 42.68 37.52 23.93 Olin OLN 2.2 81 36.54 0.35 73.48 297.95 148.98 MercadoLibre MELI 0.2 90 270.87 4.46
23.04 9.35 6.04 BancoBilbaoViz BBVA 5.1 12 8.33 -0.02 35.28 108.78 76.29 VarianMed VAR ... 40 107.55 -0.14 42.73 95.92 60.77 MicrochipTech MCHP 1.6 37 91.56 0.75
20.30 19.23 13.96 FirstData FDC ... 22 17.07 0.32 -10.27 35.14 27.32 OmegaHealthcare OHI 9.3 37 28.05 -0.01 59.90 21.63 11.55 Vedanta VEDL 11.1 20 19.86 -0.08
31.20 95.80 64.92 BancodeChile BCH 2.9 18 90.04 -0.45 -2.08 105.52 80.55 FirstRepBank FRC 0.8 21 90.22 -0.77 -20.63 89.66 65.32 Omnicom OMC 3.3 13 67.55 0.27 104.29 45.33 16.90 MicronTech MU ... 10 44.78 1.28
82.10 136.10 61.12 BancoMacro BMA 0.6 16 117.18 -3.85 51.03 68.07 39.10 VeevaSystems VEEV ... 74 61.47 0.89 -2.50 57.97 46.09 Microsemi MSCC ... 35 52.62
9.40 33.98 27.93 FirstEnergy FE 4.3 dd 33.88 0.28 28.27 53.14 37.64 Oracle ORCL 1.5 22 49.32 0.08 3.82 72.36 57.95 Ventas VTR 4.8 39 64.91 0.10
-0.22
38.96 32.02 21.06 BcoSantChile BSAC 3.4 17 30.39 -0.46 27.58 183.61 121.52 FleetCorTech FLT ... 31 180.55 3.55 9.71 17.63 13.98 Orange ORAN 5.4 89 16.61 -0.02 34.97 86.20 57.28 Microsoft MSFT 2.0 29 83.87 -0.22
24.71 6.99 4.40 BancoSantander SAN 2.9 13 6.46 ... -15.92 54.83 42.80 Verizon VZ 5.3 12 44.88 -0.19 t-14.73 150.87 107.68 Middleby
-10.43 58.37 37.04 Fluor FLR 1.8 33 47.04 -0.01 51.56 134.59 79.97 OrbitalATK OA 1.0 25 132.96 0.21 20.06 21.20 13.65 VistraEnergy VST ... 0 18.61 0.31
MIDD ... 21 109.84 1.12
5.32 48.74 31.98 BanColombia CIB 3.3 10 38.63 -0.21 12.89 103.82 73.45 FomentoEconMex FMX 1.6 12 86.03 -0.79 10.83 89.51 73.70 Orix IX ... 8 86.26 -1.17 54.24 46.69 16.73 Momo MOMO ... 22 28.35 -0.61
19.95 27.98 18.63 BankofAmerica BAC 1.8 15 26.51 0.02 s 55.15 122.21 74.85 VMware VMW ... 38 122.15 1.18 -5.37 47.23 39.19 Mondelez MDLZ 2.1 29 41.95 0.60
-0.99 13.27 10.47 FordMotor F 5.0 11 12.01 -0.03 31.40 94.16 61.74 Oshkosh OSK 1.1 23 84.90 1.04 -10.36 90.29 71.89 VornadoRealty VNO 3.2 18 75.61 0.35
7.37 78.86 63.02 BankofMontreal BMO 3.7 13 77.22 -0.56 19.58 26.30 17.84 ForestCIty A FCE.A 2.2 75 24.92 0.17 58.82 83.31 49.80 OwensCorning OC 1.0 24 81.89 -0.57 s 37.93 61.34 40.64 MonsterBeverage MNST ... 44 61.16 2.48
7.49 55.29 43.85 BankNY Mellon BK 1.9 15 50.93 0.11 3.80 42.96 33.53 VoyaFinancial VOYA 0.1 dd 40.71 -0.62 0.03 45.87 29.39 Mylan MYL ... 24 38.16 0.08
22.09 38.06 29.14 Fortis FTS 3.6 20 37.70 -0.25 -6.29 71.57 49.83 PG&E PCG 3.7 13 56.95 1.00 -0.85 136.82 108.95 VulcanMaterials VMC 0.8 43 124.09 -0.59
17.80 65.99 51.21 BkNovaScotia BNS 3.8 14 65.59 -0.35 35.47 74.38 52.99 Fortive FTV 0.4 27 72.65 0.02 23.88 38.54 25.50 PLDT PHI 5.5 15 34.13 0.76 18.41 118.20 96.00 NXP Semi NXPI ... 25 116.05 0.74
-14.18 12.05 9.35 Barclays BCS 2.2 dd 9.44 ... 37.25 156.08 96.10 WABCO WBC ... 26 145.69 0.14 9.61 78.31 63.36 Nasdaq NDAQ 2.1 48 73.57 -0.16
19.66 68.82 53.15 FortBrandsHome FBHS 1.1 22 63.97 -0.03 13.27 139.23 104.78 PNC Fin PNC 2.3 16 132.48 -0.07 15.81 68.67 54.24 WEC Energy WEC 3.1 22 67.92 -0.31
47.73 335.84 203.63 Bard CR BCR 0.3 44 331.89 -3.39 40.53 85.03 53.31 Franco-Nevada FNV 1.1106 83.98 -0.50 37.07 77.76 50.37 POSCO PKX ... 14 72.03 0.60 45.72 46.33 28.36 NatlInstruments NATI 1.9 53 44.91 0.24
-12.52 20.78 13.80 BarrickGold ABX 0.9 8 13.98 -0.13 20.14 71.99 55.97 W.P.Carey WPC 5.7 47 70.99 -0.26 31.39 47.20 33.26 NetApp NTAP 1.7 22 46.34 0.04
3.92 47.65 36.88 FranklinRscs BEN 1.9 14 41.13 -0.20 21.01 119.85 93.80 PPG Ind PPG 1.6 22 114.67 -0.46 -7.84 93.81 69.20 Wabtec WAB 0.6 29 76.51 1.25
44.43 65.70 43.13 BaxterIntl BAX 1.0 34 64.04 -1.35 9.25 17.06 11.05 Freeport-McMoRan FCX ... 20 14.41 -0.31 6.58 40.20 32.60 PPL PPL 4.4 16 36.29 -0.47 40.65 337.55 211.11 Netease NTES 1.1 21 302.87 -9.99
32.43 225.23 161.29 BectonDickinson BDX 1.3 63 219.23 -5.25 s 31.54 91.69 65.28 Wal-Mart WMT 2.2 22 90.92 0.62 55.11 204.38 110.68 Netflix NFLX ...194 192.02 -1.88
14.71 50.22 38.05 FreseniusMed FMS 1.1 22 48.42 -0.39 41.26 133.24 84.53 PVH PVH 0.1 24 127.47 2.60 32.25 74.20 48.78 WasteConnections WCN 0.8 52 69.29 0.25
3.35 73.17 56.98 Berkley WRB 0.8 16 68.74 0.07 -11.13 27.10 18.83 GGP GGP 4.0 31 22.20 0.20 30.00 120.75 81.55 PackagingCpAm PKG 2.3 20 110.27 1.04 94.99 75.98 37.34 Neurocrine NBIX ... dd 75.46 0.04
12.92 285950 232770 BerkHathwy A BRK.A ... 24 275660 -896.00 14.68 82.87 66.40 WasteMgt WM 2.1 26 81.32 -0.08 s 31.78 16.20 11.75 NewsCorp B NWS 1.3 dd 15.55 0.80
23.33 64.45 48.97 Gallagher AJG 2.4 26 64.08 0.43 12.24 165.69 107.31 PaloAltoNtwks PANW ... dd 140.35 1.35 43.77 199.78 133.35 Waters WAT ... 28 193.21 -1.76
12.70 190.68 155.15 BerkHathwy B BRK.B ... 24 183.68 -0.81 21.35 30.74 21.02 Gap GPS 3.4 13 27.23 0.88 -3.65 33.40 24.65 ParkHotels PK 6.0 2 28.81 -0.31 s 31.76 15.79 11.41 NewsCorp A NWSA 1.3 dd 15.10 0.74
18.08 60.70 43.94 BerryGlobal BERY ... 25 57.54 -0.48 11.43 167.94 134.08 Watsco WSO 3.0 31 165.05 0.45 10.55 131.49 103.37 Nordson NDSN 1.0 25 123.87 0.21
16.24 130.02 90.37 Gartner IT ... dd 117.48 0.14 30.16 189.83 134.03 ParkerHannifin PH 1.4 23 182.23 -0.11 46.30 208.89 119.69 WellCareHealth WCG ... 25 200.55 -0.11
32.83 63.32 37.65 BestBuy BBY 2.4 15 56.68 0.75 8.10 10.69 8.32 Gazit-Globe GZT 4.2 2 9.34 -0.01 -22.87 39.82 22.98 ParsleyEnergy PE ...340 27.18 -0.01 3.89 99.30 78.06 NorthernTrust NTRS 1.8 20 92.51 0.35
41.64 268.40 165.54 Bio-RadLab A BIO ...327 258.19 -9.08 -2.36 59.99 49.27 WellsFargo WFC 2.9 14 53.81 -0.19 29.86 61.48 37.07 NorwegianCruise NCLH ... 17 55.23 -1.66
15.70 214.81 164.09 GeneralDynamics GD 1.7 20 199.77 0.90 -8.71 10.31 7.04 Pearson PSO 1.5 dd 9.12 0.01
9.17 47.55 41.10 BlackKnight BKI ... 68 45.85 -0.45 1.78 78.17 60.62 Welltower HCN 5.1 59 68.12 -0.16 s102.49 218.67 78.50 NVIDIA NVDA 0.3 61 216.14 10.82
-35.16 32.38 19.63 GeneralElec GE 4.7 25 20.49 0.50 14.30 36.30 27.44 PembinaPipeline PBA 4.7 38 35.80 -0.30
56.46 11.78 6.65 BlackBerry BB ... 9 10.78 0.02 19.83 103.36 76.87 WestPharmSvcs WST 0.6 40 101.65 0.22 -22.98 286.57 169.43 OReillyAuto ORLY ... 18 214.43 3.34
-13.74 64.06 49.65 GeneralMills GIS 3.7 19 53.28 1.50 21.37 71.65 55.76 Pentair PNR 2.0 31 68.05 -0.12
22.41 489.79 365.83 BlackRock BLK 2.1 22 465.83 -0.77 -4.58 57.50 49.20 WestarEnergy WR 3.0 23 53.77 -0.75 38.59 124.13 79.35 OldDomFreight ODFL 0.3 29 118.90 -0.21
22.45 46.76 31.92 GeneralMotors GM 3.6 10 42.66 0.55 7.76 119.39 98.50 PepsiCo PEP 2.9 23 112.75 1.27
18.87 35.09 24.10 BlackstoneGroup BX 5.5 14 32.13 -0.30 9.67 57.04 42.32 WestAllianceBcp WAL ... 18 53.42 -0.25 68.97 22.03 10.85 ON Semi ON ... 24 21.56 0.13
28.10 31.93 23.16 Genpact G 0.8 23 31.18 0.04 36.78 73.05 49.72 PerkinElmer PKI 0.4 36 71.33 -0.13
-16.19 18.95 13.40 BoardwalkPipe BWP 2.7 12 14.55 -0.03 -12.18 47.82 36.79 WesternGasEquity WGP 5.8 23 37.19 -0.17 8.14 35.45 29.30 OpenText OTEX 1.6 59 33.42 0.59
-10.56 100.90 79.86 GenuineParts GPC 3.2 19 85.45 -0.11 5.37 91.95 63.68 Perrigo PRGO 0.7 dd 87.70 -0.29 t-22.33 67.44 45.33 WesternGasPtrs WES 7.9 35 45.64
67.56 267.62 144.46 Boeing BA 2.2 24 260.85 -1.85 -0.54 40.03 67.12 45.57 PTC PTC ...1296 64.79 0.13
19.20 32.15 23.55 Gildan GIL 1.2 18 30.24 0.27 -3.04 81.80 60.69 PetroChina PTR 2.9 38 71.46 0.11
32.02 53.84 33.81 BorgWarner BWA 1.3 38 52.07 -0.03 t -8.34 44.53 35.08 GlaxoSmithKline GSK 5.7 29 35.30 -7.27 22.70 18.39 WesternUnion WU 3.5 44 20.14 0.06 8.90 75.68 58.38 Paccar PCAR 1.4 18 69.59 0.17
-0.47 5.93 11.71 7.61 PetroleoBrasil PBR ... dd 10.71 -0.13 66.08 96.14 52.45 WestlakeChem WLK 0.9 20 92.99 -0.41
0.06 140.13 116.77 BostonProperties BXP 2.4 39 125.85 -0.16 42.41 104.83 64.63 GlobalPayments GPN 0.0 ... 98.85 -0.47 15.32 10.73 6.96 PetroleoBrasilA PBR.A ... dd 10.16 -0.19 -17.89 57.53 43.08 PacWestBancorp PACW 4.5 15 44.70 -0.30
31.11 29.93 19.67 BostonScientific BSX ... 46 28.36 -0.23 4.94 27.05 22.17 WestpacBanking WBK 5.9 14 24.64 0.16 6.06 65.62 54.20 Paychex PAYX 3.1 28 64.57 -0.19
37.77 49.36 32.00 GoDaddy GDDY ... dd 48.15 0.17 8.31 36.78 30.51 Pfizer PFE 3.6 22 35.18 -0.02
41.58 33.73 15.26 Braskem BAK 2.6 63 30.03 -0.92 -2.57 17.87 11.91 Goldcorp GG 0.6 22 13.25 15.54 61.60 47.47 WestRock WRK 2.9 36 58.66 -0.37 87.46 75.45 38.06 PayPal PYPL ... 57 73.99 -0.11
-0.13 12.60 123.55 86.78 PhilipMorris PM 4.2 23 103.02 0.56 20.11 36.48 28.62 Weyerhaeuser WY 3.4 32 36.14 -0.13
4.14 66.10 46.01 Bristol-Myers BMY 2.6 24 60.86 -1.13 0.29 255.15 198.25 GoldmanSachs GS 1.2 13 240.15 -0.64 8.39 95.00 75.14 Phillips66 PSX 3.0 23 93.66 -0.76 -8.52 20.13 15.96 People'sUtdFin PBCT 3.9 19 17.71 -0.05
15.38 73.41 52.84 BritishAmTob BTI 2.3 11 65.00 0.06 56.66 134.11 78.60 Graco GGG 1.1 70 130.17 4.24 23.06 16.94 WheatonPrecMetals WPM 1.8 30 20.14 -0.77 s 81.83 35.00 17.15 PilgrimPride PPC ... 14 34.53 0.61
0.06 1.44 66.67 46.36 PinnacleFoods PF 2.4 37 54.22 0.46 -10.85 202.99 159.71 Whirlpool WHR 2.7 15 162.05 -0.69
33.41 91.75 60.25 BroadridgeFinl BR 1.7 31 88.45 0.62 -12.39 262.71 155.00 Grainger GWW 2.5 24 203.48 -1.31 13.21 90.92 72.15 PinnacleWest PNW 3.1 19 88.34 -1.05 15.77 2067.99 1459.49 Priceline PCLN ... 24 1697.25 -5.89
27.29 43.15 32.04 BrookfieldMgt BAM 1.3 93 42.02 -0.02 21.24 33.94 25.85 GreatPlainsEner GXP 3.3 32 33.16 -8.09 32.69 27.65 Williams WMB 4.2 50 28.62 -0.05 8.39 36.34 27.51 Qiagen QGEN ... ... 31.54 -0.07
-0.31 -11.74 199.83 125.46 PioneerNatRscs PXD 0.1222 158.93 -2.21 -2.29 42.32 33.12 WilliamsPartners WPZ 6.5 24 37.16 -0.38
29.88 44.91 30.76 BrookfieldInfr BIP 4.0161 43.47 0.02 4.91 9.38 7.18 GpoAvalAcciones AVAL 4.8 13 8.33 -0.05 -34.69 33.95 18.76 PlainsAllAmPipe PAA 5.7 23 21.09 -0.26 s 50.90 81.20 49.53 Qorvo QRVO ... dd 79.57 0.10
10.30 50.81 38.10 Brown&Brown BRO 1.2 26 49.48 0.11 13.35 10.82 6.73 GpFinSantandMex BSMX 2.0 12 8.15 3.93 6.40 4.50 Wipro WIT 0.6 30 5.03 -0.04 -0.97 70.24 48.92 Qualcomm QCOM 3.5 25 64.57 -0.03
-0.15 -37.86 36.09 18.98 PlainsGP PAGP 5.6 dd 21.55 -0.10
24.74 60.28 45.17 Brown-Forman A BF.A 1.3 32 57.69 0.79 29.94 53.50 30.62 WooriBank WF 3.1 8 41.58 -0.43 18.61 108.29 67.54 RandgoldRscs GOLD 1.1 31 90.55 -0.62
-5.70 27.37 19.69 GrupoTelevisa TV 0.5 50 19.70 -0.49 44.87 126.85 77.91 PolarisIndustries PII 1.9 38 119.36 2.77
27.52 59.71 43.72 Brown-Forman B BF.B 1.3 32 57.28 0.51 62.80 83.47 49.18 GuidewireSoftware GWRE ...287 80.31 38.89 110.74 68.61 Wyndham WYN 2.2 19 106.07 -0.87 10.20 543.55 340.09 RegenPharm REGN ... 37 404.54 -1.67
1.00 5.42 20.27 15.74 Potash POT 2.1 35 19.07 -0.09
t-23.65 73.01 50.10 BuckeyePtrs BPL 10.0 15 50.51 0.12 6.30 91.03 68.02 HCA Healthcare HCA ... 11 78.68 67.05 74.87 39.20 XPO Logistics XPO ... 60 72.10 1.04 0.24 69.81 52.85 RossStores ROST 1.0 22 65.76 1.19
-0.73 26.53 150.25 115.00 Praxair PX 2.1 26 148.28 -0.18
-7.05 83.75 63.96 Bunge BG 2.7 21 67.15 -0.45 -9.12 33.67 25.09 HCP HCP 5.5 19 27.01 23.34 50.57 38.20 XcelEnergy XEL 2.9 21 50.20 -0.31 35.14 94.39 60.21 RoyalGold RGLD 1.1 56 85.61 -1.98
-0.01 17.63 69.95 56.12 PrincipalFin PFG 2.9 11 68.06 -0.36
15.99 104.07 71.41 BurlingtonStores BURL ... 27 98.30 -0.43 54.94 100.26 59.00 HDFC Bank HDB 0.5 ... 94.02 -16.47 39.08 25.84 Xerox XRX 3.4 dd 29.17 -0.10 33.62 122.67 78.34 Ryanair RYAAY ... 16 111.25 -0.62
-0.65 4.85 94.67 81.18 Procter&Gamble PG 3.1 24 88.16 0.38
31.30 25.90 14.08 CBD Pao CBD 0.1 63 21.73 -0.83 43.06 22.31 14.40 HP HPQ 2.5 15 21.23 33.78 67.64 46.67 Xylem XYL 1.1 39 66.25 -0.03 58.80 170.81 102.29 SBA Comm SBAC ...201 168.95 -0.56
-0.11 42.96 51.00 32.41 Progressive PGR 1.3 21 50.75 0.11
s 31.88 41.60 27.35 CBRE Group CBG ... 18 41.53 0.72 21.25 50.86 38.82 HSBC HSBC 4.1 74 48.72 41.33 26.48 15.00 YPF YPF 1.0 dd 23.32 -0.79 31.04 66.00 44.64 SEI Investments SEIC 0.9 28 64.68 -0.05
0.04 25.44 67.10 45.93 Prologis PLD 2.7 20 66.22 -0.26
-11.86 71.07 53.00 CBS A CBS.A 1.3 79 57.13 -0.97 -17.58 58.78 38.18 Halliburton HAL 1.6186 44.58 25.68 81.65 60.34 YumBrands YUM 1.5 25 79.59 0.06 88.68 119.20 55.79 Sina SINA ... 35 105.84 -0.95
-0.43 6.40 115.26 95.88 PrudentialFin PRU 2.7 11 110.72 -1.23
-10.81 70.09 52.75 CBS B CBS 1.3 79 56.74 -1.34 -10.57 26.05 18.91 Hanesbrands HBI 3.1 12 19.29 -0.18 22.24 49.87 37.09 Prudential PUK 1.6 18 48.64 0.22 59.76 43.55 25.50 YumChina YUMC ... 28 41.73 0.67 39.37 42.48 28.43 SS&C Tech SSNC 0.7 38 39.86 -0.15
18.42 39.32 25.04 CF Industries CF 3.2 dd 37.28 0.14 s 45.90 18.08 11.14 ZTO Express ZTO ... 40 17.61 0.14 21.68 223.82 138.16 SVB Fin SIVB ... 23 208.88 0.65
-18.92 63.40 44.52 HarleyDavidson HOG 3.1 15 47.30 1.45 14.81 50.55 39.28 PublicServiceEnt PEG 3.4 57 50.38 0.11
11.08 53.85 45.81 CGI Group GIB ... 21 53.35 0.56 35.42 141.97 99.13 Harris HRS 1.6 31 138.76 1.20 -5.36 232.21 192.15 PublicStorage PSA 3.8 31 211.52 0.15 3.53 36.79 29.30 ZayoGroup ZAYO ... 92 34.02 ... 10.94 88.45 64.87 ScrippsNetworks SNI 1.5 17 79.18 0.85
4.71 50.40 37.87 CIT Group CIT 1.4 dd 44.69 -0.39 16.52 57.16 46.05 HartfordFinl HIG 1.8 42 55.52 0.27 s 69.48 31.36 18.18 PulteGroup PHM 1.2 15 31.15 0.08 7.32 133.49 95.63 ZimmerBiomet ZBH 0.9 35 110.75 -1.09 -0.47 50.96 30.60 Seagate STX 6.6 14 37.99 0.58
18.38 49.41 38.92 CMS Energy CMS 2.7 26 49.27 -0.01 5.05 33.00 27.18 HealthcareAmer HTA 4.0127 30.58 0.08 -5.72 35.45 21.90 Qudian QD ... ... 27.51 2.04 29.14 70.48 48.23 Zoetis ZTS 0.6 39 69.13 -0.17 9.84 73.99 45.31 SeattleGenetics SGEN ... dd 57.96 0.05
30.82 55.62 37.51 CNA Fin CNA 2.2 16 54.29 0.06 46.53 93.00 57.17 Heico HEI 0.2 44 90.44 -0.30 0.16 112.97 80.83 QuestDiag DGX 2.0 19 92.05 -0.97 -17.62 192.15 137.80 Shire SHPG 0.2 27 140.36 0.29
15.00 143.39 108.05 CNOOC CEO 3.6 18 142.55 0.07 40.28 78.70 49.40 Heico A HEI.A 0.2 37 76.20
NASDAQ -16.82 164.23 116.68 SignatureBank SBNY ... 17 124.93 0.56
-0.55 36.82 110.67 71.90 QuintilesIMS Q ...359 104.05 0.54
8.77 17.69 13.27 CPFLEnergia CPL 1.6 37 16.75 -0.17 -24.87 85.78 42.16 Helmerich&Payne HP 4.8 dd 58.15 -0.68 33.53 22.65 14.92 RELX RENX 1.4 28 22.38 ... 7.83 22.34 17.30 AGNC Invt AGNC 11.0 5 19.55 -0.10 20.00 5.89 4.22 SiriusXM SIRI 0.8 30 5.34 0.03
4.13 38.06 32.44 CRH CRH 1.2 21 35.80 -0.03 36.04 79.64 47.62 Herbalife HLF 1.8 15 65.49 0.13 28.60 23.41 16.19 RELX RELX 1.3 29 23.11 0.04 62.48 155.14 86.09 Ansys ANSS ... 47 150.28 -0.19 47.88 117.65 71.65 Skyworks SWKS 1.2 20 110.41 -0.71
-10.04 84.72 66.45 CVS Health CVS 2.8 15 70.99 1.97 5.00 116.49 95.68 Hershey HSY 2.4 32 108.60 0.83 -4.59 56.48 47.87 RPM RPM 2.5 38 51.36 -0.04 60.07 185.39 98.71 ASML ASML 0.7 ... 179.60 1.59 36.34 71.46 50.64 Splunk SPLK ... dd 69.74 -1.04
s 24.10 29.06 20.55 CabotOil COG 0.7 dd 28.99 0.43 -24.37 65.56 37.25 Hess HES 2.1 dd 47.11 -0.42 -14.90 46.92 28.76 RSP Permian RSPP ... 63 37.97 0.55 73.24 198.29 103.53 Abiomed ABMD ... 96 195.21 -0.33 2.74 64.87 52.58 Starbucks SBUX 2.1 29 57.04 -0.32
s 52.81 52.73 31.19 CalAtlantic CAA 0.3 15 51.97 -0.15 1.79 15.12 12.70 HewlettPackard HPE 2.2196 13.70 -0.02 -4.09 114.00 66.06 RalphLauren RL 2.3 89 86.63 0.33 74.47 67.03 35.12 ActivisionBliz ATVI 0.5143 63.00 -0.31 4.64 40.17 31.28 SteelDynamics STLD 1.7 17 37.23 0.04
12.04 96.39 75.36 CamdenProperty CPT 3.2 57 94.19 0.28 30.25 73.76 48.07 Hilton HLT 0.8768 72.69 0.64 20.61 87.22 66.28 RaymondJames RJF 1.1 19 83.55 -0.06 76.51 184.44 98.00 AdobeSystems ADBE ... 57 181.72 -0.20 18.71 34.20 23.20 Symantec SYMC 1.1 dd 28.36 -0.23
-21.58 64.23 44.99 CampbellSoup CPB 3.0 16 47.42 1.78 s 28.36 42.50 23.46 HollyFrontier HFC 3.1 22 42.05 -0.15 30.15 190.25 137.70 Raytheon RTN 1.7 25 184.81 -0.13 -0.71 15.65 6.47 AdvMicroDevices AMD ... dd 11.26 0.14 48.28 87.91 56.03 Synopsys SNPS ... 41 87.28 0.38
9.63 92.22 74.72 CIBC CM 4.6 11 89.46 -0.52 22.40 167.94 122.92 HomeDepot HD 2.2 24 164.11 0.84 -2.11 63.60 52.85 RealtyIncome O 4.5 46 56.27 0.01 -18.63 71.64 44.65 AkamaiTech AKAM ... 33 54.26 0.41 12.06 51.22 35.57 TD Ameritrade AMTD 1.7 30 48.86 0.48
20.18 84.48 62.97 CanNtlRlwy CNI 1.6 23 81.00 0.35 12.81 33.75 27.05 HondaMotor HMC ... 10 32.93 -0.04 s 78.16 124.56 68.54 RedHat RHT ... 75 124.18 0.68 -5.87 149.34 96.18 AlexionPharm ALXN ... 51 115.17 -1.20 -1.23 68.88 51.54 T-MobileUS TMUS ... 22 56.80 0.80
14.55 36.79 27.52 CanNaturalRes CNQ 2.4 22 36.52 0.07 25.81 147.51 111.78 Honeywell HON 2.0 22 145.75 0.31 -3.63 72.05 58.63 RegencyCtrs REG 3.2103 66.45 0.13 159.50 254.19 88.56 AlignTech ALGN ... 76 249.46 -0.17 24.33 97.35 65.33 TRowePrice TROW 2.4 15 93.57 0.85
22.76 179.17 141.32 CanPacRlwy CP 1.0 19 175.26 -1.02 -7.12 37.97 29.75 HormelFoods HRL 2.1 20 32.33 0.38 5.64 16.03 12.00 RegionsFin RF 2.4 16 15.17 -0.11 t-13.91 63.40 46.80 Alkermes ALKS ... dd 47.85 -0.20 134.69 120.62 46.05 TakeTwoSoftware TTWO ...106 115.68 0.52
37.74 39.15 27.76 Canon CAJ 3.6 20 38.76 0.22 s 68.31 46.80 27.14 DR Horton DHI 1.1 17 46.00 0.01 18.91 152.19 114.78 ReinsuranceGrp RGA 1.3 12 149.62 -1.40 273.88 147.63 35.98 AlnylamPharm ALNY ... dd 139.98 2.30 41.79 389.61 178.19 Tesla TSLA ... dd 302.99 ...
-0.10 96.92 76.05 CapitalOne COF 1.8 12 87.15 -0.56 6.10 20.23 15.99 HostHotels HST 4.0 25 19.99 -0.01 -5.00 88.58 68.46 RelianceSteel RS 2.4 15 75.56 -0.63 33.20 1048.39 727.54 Alphabet C GOOG ... 34 1028.07 -3.19 32.85 99.05 69.00 TexasInstruments TXN 2.6 23 96.94 -0.11
-18.65 84.88 57.55 CardinalHealth CAH 3.2 17 58.55 -2.01 7.91 31.85 23.70 HuanengPower HNP 6.0 31 28.10 ... 2.55 152.00 120.55 RenaissanceRe RNR 0.9 22 139.70 1.04 31.76 1063.62 743.59 Alphabet A GOOGL ... 35 1044.15 -3.57 -17.33 78.25 49.87 TractorSupply TSCO 1.7 19 62.67 0.79
-1.11 116.40 92.09 Carlisle CSL 1.4 22 109.07 0.08 5.06 127.34 109.27 Hubbell HUBB 2.5 24 122.60 -0.39 11.22 67.18 52.84 RepublicServices RSG 2.2 27 63.45 -0.32 82.44 72.47 38.24 Altaba AABA ... dd 70.55 0.36 33.90 43.97 26.88 Trimble TRMB ... 53 40.37 -0.19
12.87 77.64 52.50 CarMax KMX ... 20 72.68 0.50 19.78 264.56 186.25 Humana HUM 0.7 19 244.39 -3.07 33.86 87.81 57.45 ResMed RMD 1.7 34 83.06 0.34 50.07 1135.54 710.10 Amazon.com AMZN ...286 1125.35 -3.78 2.85 32.60 24.81 21stCenturyFoxA FOXA 1.2 18 28.84 0.14
24.20 69.89 49.50 Carnival CCL 2.8 18 64.66 -1.52 30.66 253.44 169.87 HuntingtonIngalls HII 1.2 18 240.66 -1.89 36.63 68.89 42.34 RestaurantBrands QSR 1.3 45 65.12 0.18 7.33 67.98 56.10 Amdocs DOX 1.4 21 62.52 0.52 3.01 31.94 24.30 21stCenturyFoxB FOX 1.3 17 28.07 -0.06
27.04 70.56 49.20 Carnival CUK 2.8 18 65.03 -0.98 62.79 32.59 17.98 Huntsman HUN 1.6 15 31.06 0.16 s 37.33 29.72 18.30 RiceEnergy RICE ... dd 29.32 -0.34 0.02 400.99 315.62 Amerco UHAL ... 22 369.67 -1.69 -21.25 314.86 187.96 UltaBeauty ULTA ... 27 200.76 1.57
47.16 140.44 90.34 Caterpillar CAT 2.3 95 136.48 1.14 s 26.37 70.95 50.21 HyattHotels H ... 42 69.83 0.63 28.73 50.77 36.25 RioTinto RIO 4.5 15 49.51 0.39 -1.86 54.48 39.21 AmericanAirlines AAL 0.9 12 45.82 0.15 8.80 233.42 180.29 UltimateSoftware ULTI ...205 198.40 1.49
34.26 109.11 75.79 Celanese A CE 1.7 18 105.72 0.79 41.13 9.85 6.69 ICICI Bank IBN 0.8 22 9.61 0.17 8.45 53.50 41.62 RobertHalf RHI 1.8 21 52.90 0.35 17.88 191.10 138.83 Amgen AMGN 2.7 16 172.35 -1.65 s212.43 176.50 52.10 UniversalDisplay OLED 0.1 86 175.90 6.30
4.91 10.37 6.91 Cemex CX ... 11 8.10 -0.14 29.15 19.01 13.16 ING Groep ING 3.1 ... 18.21 0.04 43.31 210.72 129.28 Rockwell ROK 1.7 30 192.61 3.64 23.37 92.96 64.11 AnalogDevices ADI 2.0 43 89.59 -0.11 -3.38 4.50 3.21 VEON VEON 3.0 3 3.72 -0.07
-25.58 16.82 6.76 CenovusEnergy CVE 1.4 5 11.26 -0.13 15.85 37.75 28.75 Invesco IVZ 3.3 15 35.15 -0.35 44.01 136.50 85.11 RockwellCollins COL 1.0 28 133.58 0.42 50.81 176.24 104.08 Apple AAPL 1.4 19 174.67 -0.58 44.28 110.82 75.71 VeriSign VRSN ... 30 109.75 0.33
65.78 98.72 50.33 Centene CNC ... 19 93.68 0.40 42.15 129.40 88.29 IDEX IEX 1.2 33 128.02 0.73 36.21 54.24 37.03 RogersComm B RCI 2.9 28 52.55 0.05 74.65 57.34 28.24 AppliedMaterials AMAT 0.7 20 56.36 0.88 11.14 92.92 75.60 VeriskAnalytics VRSK ... 33 90.21 -0.61
19.36 30.45 22.32 CenterPointEner CNP 3.6 21 29.41 -0.40 28.32 159.36 120.06 IllinoisToolWks ITW 2.0 24 157.14 0.79 33.19 48.29 30.67 Rollins ROL 1.0 54 44.99 0.27 10.50 102.60 79.86 ArchCapital ACGL ... 31 95.35 -0.56 101.90 167.85 71.46 VertxPharm VRTX ...191 148.74 0.57
-12.24 7.60 3.49 CentraisElBras EBR ... 3 6.02 -0.33 1.21 16.14 13.42 Infosys INFY 2.7 16 15.01 0.03 41.03 261.37 178.01 RoperTech ROP 0.5 37 258.20 0.37 117.61 53.21 23.80 Atlassian TEAM ... dd 52.40 0.07 -29.09 46.72 22.88 Viacom B VIAB 3.2 7 24.89 0.11
-34.90 27.61 14.60 CenturyLink CTL 14.0 27 15.48 ... 13.22 96.23 74.02 Ingersoll-Rand IR 2.1 21 84.96 0.55 16.29 80.98 62.92 RoyalBkCanada RY 3.7 14 78.74 -0.69 66.34 126.44 68.06 Autodesk ADSK ... dd 123.11 0.71 -20.52 49.00 28.20 Viacom A VIA 2.6 8 30.60 0.35
126.66 58.08 20.22 Chemours CC 0.2 35 50.07 -1.04 4.27 132.19 113.07 Ingredion INGR 1.8 19 130.30 0.28 32.37 7.63 4.80 RoyalBkScotland RBS ... dd 7.32 0.04 8.09 121.77 90.45 ADP ADP 2.3 28 111.09 -0.88 20.14 30.39 24.17 Vodafone VOD 8.0 dd 29.35 -0.32
-0.44 120.89 102.55 Chevron CVX 3.7 34 117.18 -0.06 17.46 71.24 53.91 ICE ICE 1.2 25 66.27 0.07 51.41 133.75 78.77 RoyalCaribbean RCL 1.9 17 124.22 -2.45 44.40 274.97 159.54 Baidu BIDU ... 31 237.40 -2.66 -22.01 119.12 84.29 WPP WPPGY 3.5 10 86.30 0.99
12.62 30.90 21.38 ChinaEastrnAir CEA ... 8 25.17 0.28 22.63 57.80 40.53 InterContinentl IHG ... 26 56.78 0.29 17.51 65.83 48.07 RoyalDutchA RDS.A 5.9 25 63.90 -0.37 -18.12 56.86 40.15 BankofOzarks OZRK 1.7 15 43.06 -0.02 -14.22 88.00 63.82 WalgreensBoots WBA 2.3 19 70.99 1.85
38.00 17.85 12.17 ChinaLifeIns LFC 1.0 21 17.76 0.30 -10.14 182.79 139.13 IBM IBM 4.0 12 149.16 -1.14 13.85 67.40 50.94 RoyalDutchB RDS.B 5.7 26 66.00 -0.37 18.85 348.84 244.28 Biogen BIIB ... 19 310.44 0.48 159.01 110.48 40.12 Weibo WB ... ... 105.16 -4.13
-1.60 58.83 50.00 ChinaMobile CHL 4.0 13 51.59 0.61 24.56 153.97 113.16 IntlFlavors IFF 1.9 28 146.77 0.03 30.27 116.90 80.93 SAP SAP 1.2 33 112.59 -0.05 -0.98 100.51 79.50 BioMarinPharm BMRN ... dd 82.03 -0.37 30.86 95.77 56.26 WesternDigital WDC 2.2 19 88.92 1.29
4.89 84.88 67.82 ChinaPetrol SNP 4.0 11 74.49 -0.38 3.37 58.96 45.19 IntlPaper IP 3.5 25 54.85 -0.08 45.94 166.17 107.21 S&P Global SPGI 1.0 23 156.94 -0.97 12.97 64.41 40.00 Bioverativ BIVV ... 13 53.66 -0.01 32.13 165.00 119.70 WillisTwrsWatson WLTW 1.3 48 161.57 0.07
47.61 43.35 25.60 ChinaSoAirlines ZNH 1.9 9 37.95 0.90 -19.74 25.71 18.46 Interpublic IPG 3.8 13 18.79 0.01 10.03 64.80 50.67 SINOPECShanghai SHI 6.2 7 59.56 0.46 145.95 164.80 53.50 bluebirdbio BLUE ... dd 151.75 1.40 62.37 111.94 65.79 Workday WDAY ... ... 107.31 1.16
8.80 53.77 45.58 ChinaTelecom CHA 2.7 16 50.19 0.43 s 18.65 23.89 19.80 InvitationHomes INVH 1.3 ... 23.73 0.43 22.87 28.13 20.44 SK Telecom SKM ... 11 25.68 0.25 -19.17 75.00 52.75 BrighthouseFin BHF ... ... 56.58 0.08 s 78.05 154.67 82.51 WynnResorts WYNN 1.3 43 154.03 0.44
31.60 16.55 10.84 ChinaUnicom CHU ...150 15.20 0.13 25.18 41.17 30.75 IronMountain IRM 5.8 52 40.66 0.03 -7.12 115.34 93.92 SLGreenRealty SLG 3.1 97 99.89 1.14 49.89 281.80 160.62 Broadcom AVGO 1.5258 264.96 -0.68 19.05 75.14 50.78 Xilinx XLNX 1.9 30 71.87 1.11
-25.94 499.00 264.90 Chipotle CMG ... 54 279.45 4.45 -0.49 4.95 3.70 IsraelChemicals ICL 4.3 6 4.09 -0.02 s 53.72 105.38 66.43 Salesforce.com CRM ... dd 105.24 1.64 2.14 36.54 30.01 CA CA 3.1 19 32.45 0.19 53.95 34.83 17.28 Yandex YNDX ... 92 30.99 -0.93
14.55 156.00 124.10 Chubb CB 1.9 18 151.35 -0.29 23.44 14.59 9.10 ItauUnibanco ITUB 0.4 11 12.69 -0.07 11.28 50.65 38.45 Sanofi SNY 3.6 22 45.00 -0.42 6.22 67.49 54.56 CDK Global CDK 0.9 31 63.40 -0.19 21.76 117.44 65.69 ZebraTech ZBRA ...185 104.42 -0.01
7.64 36.37 31.28 ChunghwaTelecom CHT 4.8 22 33.96 0.06 13.00 102.42 75.77 JPMorganChase JPM 2.3 14 97.51 -0.12 19.85 17.05 11.12 SantanderConUSA SC 0.7 9 16.18 -0.03 29.12 71.53 44.54 CDW CDW 1.2 25 67.26 0.10 8.42 51.23 32.56 Zillow C Z ... dd 39.54 -0.84
1.27 54.18 42.55 Church&Dwight CHD 1.7 26 44.75 0.75 5.32 63.42 49.31 JacobsEngineering JEC 1.0 32 60.03 -0.25 7.10 32.40 24.91 Sasol SSL 3.9 13 30.62 -0.04 9.65 81.35 63.41 CH Robinson CHRW 2.2 24 80.33 -0.35 9.03 50.91 32.63 Zillow A ZG ... dd 39.74 -0.69
48.42 206.45 131.03 Cigna CI 0.0 22 197.98 0.46 0.57 17.28 13.55 JamesHardie JHX 3.5 29 15.99 0.43 -40.04 74.99 41.15 Scana SCG 5.6 14 43.94 -0.66 19.53 141.07 111.19 CME Group CME 1.9 31 137.88 -0.16 2.07 48.33 35.96 ZionsBancorp ZION 1.5 16 43.93 -0.04
-7.98 146.96 89.49 CimarexEnergy XEC 0.3 31 125.05 -0.71 s 19.02 36.70 30.24 JanusHenderson JHG ...275 36.42 1.06 -21.69 87.84 61.40 Schlumberger SLB 3.0169 65.74 -1.15 39.38 55.48 33.79 CSX CSX 1.6 26 50.08 -0.15 NYSE AMER
21.57 76.14 51.60 Citigroup C 1.8 14 72.25 -0.18 21.14 144.35 109.32 J&J JNJ 2.4 24 139.56 -0.79 12.16 46.21 34.85 SchwabC SCHW 0.7 28 44.27 0.27 74.62 44.66 24.15 CadenceDesign CDNS ... 47 44.04 0.49
2.95 39.75 29.05 CitizensFin CFG 2.0 15 36.68 -0.13 t-10.34 46.17 36.48 JohnsonControls JCI 2.7 22 36.93 -1.58 3.22 102.50 81.48 ScottsMiracleGro SMG 2.1 27 98.63 0.59 47.06 13.60 6.85 CaesarsEnt CZR ... dd 12.50 -0.20 20.08 51.51 35.07 CheniereEnergy LNG ... dd 49.75 0.12
10.02 141.76 111.77 Clorox CLX 2.5 24 132.05 1.37 44.26 146.96 92.26 JonesLangLaSalle JLL 0.5 20 145.76 0.51 -2.18 50.62 41.22 SealedAir SEE 1.4 28 44.35 -0.42 39.34 24.85 14.85 Carlyle CG 10.5 12 21.25 -0.25 -2.71 33.47 26.41 CheniereEnerPtrs CQP 6.3 dd 28.04 0.56
12.25 46.98 39.88 Coca-Cola KO 3.2 44 46.54 0.31 -11.54 30.96 23.87 JuniperNetworks JNPR 1.6 15 25.00 -0.35 14.70 9.14 4.49 SemicondctrMfg SMI ... 6 8.74 -0.02 54.89 116.56 66.99 CboeGlobalMkts CBOE 0.9 62 114.45 0.32 19.89 27.45 19.00 CheniereEnHldgs CQH 6.7335 26.82 0.17
25.80 44.75 30.55 Coca-Cola Euro CCE 2.3 25 39.50 -0.07 13.77 49.38 38.39 KAR Auction KAR 2.9 29 48.49 0.15 20.36 121.70 92.95 SempraEnergy SRE 2.7 27 121.13 -0.25 -11.59 147.17 94.55 Celgene CELG ... 24 102.34 -0.12 -7.85 36.85 27.59 ImperialOil IMO 1.6 17 32.03 0.03
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2017 | B9

MUTUAL FUNDS
Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret
Explanatory Notes Data provided by
Fed TF A p 11.98 -0.02 3.3 ParnEqFd 44.09 -0.01 13.1 GNMAAdml 10.49 -0.02 1.9 STBondAdml 10.42 -0.01 1.3 INSTTRF2035 23.15 -0.05 15.7 TgtRetInc 13.56 -0.03 7.1 InPrSeIn 10.49 -0.05 2.0
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of
IncomeA p 2.36 ... 7.0 PIMCO Fds Instl GrwthAdml 70.86 +0.01 24.8 STIGradeAdml 10.67 -0.01 2.2 INSTTRF2040 23.35 -0.04 17.1 TotIntBdIxInv 10.96 -0.02 2.0 InstIdx 235.66 -0.13 17.3
at least $500 million each. NAV is net asset value. Percentage performance figures
RisDv A p 60.69 -0.10 16.3 AllAsset NA ... NA HlthCareAdml r 88.17 -0.44 16.3 TotBdAdml 10.74 -0.04 3.0 INSTTRF2045 23.49 -0.04 17.6 WellsI 26.87 -0.10 7.7 InstPlus 235.68 -0.13 17.3
are total returns, assuming reinvestment of all distributions and after subtracting
FrankTemp/Franklin C TotRt NA ... NA HYCorAdml r 5.91 ... 6.2 TotIntBdIdxAdm 21.91 -0.05 2.0 IntlVal 39.36 -0.14 24.0 Welltn 42.60 -0.14 11.1 InstTStPlus 57.86 -0.01 16.5
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees.
Income C t 2.39 ... 6.9 PIMCO Funds A InfProAd 25.76 -0.11 2.0 TotIntlAdmIdx r 29.92 -0.10 23.9 LifeGro 33.10 -0.07 15.8 WndsrII 38.78 -0.07 11.4 MidCpInst 40.74 ... 14.4
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date
return. 3-YR%RET is trailing three-year return annualized.
FrankTemp/Temp A IncomeFd NA ... NA IntlGrAdml 94.14 -0.25 39.8 TotStAdml 64.50 -0.02 16.6 LifeMod 26.89 -0.06 12.4 VANGUARD INDEX FDS MidCpIstPl 200.94 +0.01 14.4
GlBond A p 12.16 -0.01 3.7 PIMCO Funds D ITBondAdml 11.38 -0.05 3.5 TxMIn r 14.15 -0.05 22.9 PrmcpCor 26.75 +0.01 20.6 500 238.83 -0.13 17.2 SmCapInst 68.21 +0.04 11.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Growth A p 26.70 -0.14 13.3 IncomeFd NA ... NA ITIGradeAdml 9.78 -0.03 3.9 ValAdml 39.61 -0.04 11.4 SelValu r 33.10 -0.07 15.0 ExtndIstPl 201.46 +0.22 13.2 STIGradeInst 10.67 -0.01 2.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, FrankTemp/Temp Adv PIMCO Funds Instl LTGradeAdml 10.51 -0.12 8.3 WdsrllAdml 68.83 -0.12 11.5 STAR 27.11 -0.07 15.3 SmValAdml 54.76 -0.04 6.7 TotBdInst 10.74 -0.04 3.1
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r GlBondAdv p 12.11 -0.01 3.8 IncomeFd NA ... NA MidCpAdml 184.44 +0.02 14.3 WellsIAdml 65.11 -0.23 7.8 STIGrade 10.67 -0.01 2.1 TotBd2 10.70 -0.04 3.0 TotBdInst2 10.70 -0.04 3.0
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Harbor Funds PIMCO Funds P MuHYAdml 11.43 -0.03 7.3 WelltnAdml 73.57 -0.24 11.2 TgtRe2015 15.90 -0.04 9.6 TotIntl 17.88 -0.07 23.7 TotBdInstPl 10.74 -0.04 3.1
available due to incomplete price, performance or cost data. NE-Not released by Lipper; CapApInst 76.09 +0.08 34.3 IncomeP NA ... NA MuIntAdml 14.18 -0.04 4.6 WndsrAdml 78.90 -0.19 14.9 TgtRe2020 31.56 -0.07 11.7 TotSt 64.47 -0.02 16.5 TotIntBdIdxInst 32.88 -0.07 2.0
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. IntlInst r 69.53 -0.29 19.0 Price Funds MuLTAdml 11.70 -0.03 6.0 VANGUARD FDS TgtRe2025 18.50 -0.04 13.1 VANGUARD INSTL FDS TotIntlInstIdx r119.64 -0.42 23.9
Harding Loevner BlChip 97.07 -0.12 33.7 MuLtdAdml 10.95 -0.02 2.4 DivdGro 26.38 -0.01 14.3 TgtRe2030 33.42 -0.07 14.5 BalInst 34.03 -0.06 11.0 TotItlInstPlId r119.66 -0.42 23.9
Friday, November 10, 2017 IntlEq NA ... NA CapApp 29.67 -0.05 13.3 MuShtAdml 15.77 -0.01 1.3 HlthCare r 208.99 -1.04 16.3 TgtRe2035 20.53 -0.04 15.7 DevMktsIndInst 14.17 -0.05 23.0 TotStInst 64.51 -0.02 16.6
Net YTD Net YTD Net YTD Invesco Funds A EqInc 34.68 -0.04 11.7 PrmcpAdml r135.29 +0.18 24.3 INSTTRF2020 22.50 -0.05 11.7 TgtRe2040 35.36 -0.07 17.0 DevMktsInxInst 22.15 -0.07 23.0 ValueInst 39.61 -0.04 11.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EqIncA 11.23 -0.04 7.5 EqIndex 69.46 -0.03 17.1 REITAdml r 120.31 +0.14 5.8 INSTTRF2025 22.76 -0.05 13.2 TgtRe2045 22.21 -0.04 17.6 ExtndInst 81.63 +0.08 13.2 Western Asset
John Hancock Class 1 Growth 70.11 -0.05 31.7 SmCapAdml 68.21 +0.04 11.4 INSTTRF2030 22.95 -0.05 14.5 TgtRe2050 35.73 -0.07 17.6 GrwthInst 70.86 +0.01 24.8 CorePlusBdI NA ... NA
American Century Inv IntlCoreEq 14.17 -0.05 23.7 FF2030 18.10 -0.02 16.6
LSBalncd 15.93 -0.03 12.8 HelSci 73.78 -0.48 24.9
Ultra 45.10 +0.02 29.3 IntlVal 19.97 -0.09 21.9 Freedom2020 K 16.70 -0.03 NS
LSGwth 17.10 -0.03 16.3 InstlCapG 39.55 +0.01 35.3
American Funds Cl A
AmcpA p 31.82 -0.06 18.6
IntSmCo
IntSmVa
21.36 -0.04
23.28 -0.06
24.9
23.1
Freedom2025 K
Freedom2030 K
14.45 -0.02
18.11 -0.02
NS
NS
John Hancock Instl IntlStk 19.20 -0.02 25.6 Global Government Bonds: Mapping Yields
DispValMCI 23.92 -0.03 11.4 IntlValEq 15.15 -0.09 18.3
AMutlA p 41.14 -0.05 13.3 US CoreEq1 21.97 +0.01 15.3 Freedom2035 K 15.19 -0.02 NS
JPMorgan Funds MCapGro 91.43 -0.01 21.3 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
BalA p 27.42 -0.06 12.2 US CoreEq2 20.82 +0.01 13.1 Freedom2040 K 10.67 -0.01 NS
MdCpVal L 39.62 -0.02 8.8 MCapVal 31.33 -0.02 7.8
54.92 -0.01 26.8 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
BondA p 12.90 -0.05 3.0 US Small 35.71 +0.02 6.3 Fidelity Invest
JPMorgan R Class N Horiz
CapIBA p 62.85 -0.15 11.7 US SmCpVal 38.05 -0.07 2.2 Balanc 23.65 -0.02 14.0
CoreBond 11.62 -0.03 3.4 N Inc 9.47 -0.03 3.4
CapWGrA 52.28 -0.14 21.1 US TgdVal 24.78 +0.01 4.0 BluCh 87.96 +0.25 33.3 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Lazard Instl OverS SF r 11.32 -0.05 24.8
EupacA p 56.98 -0.21 29.0 USLgVa 38.83 -0.02 12.3 Contra 126.65 -0.07 29.5 Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
EmgMktEq 19.57 -0.13 23.2 R2020 23.16 -0.05 13.5
FdInvA p 63.53 -0.09 18.9 Dodge & Cox ContraK 126.65 -0.07 29.6
GwthA p 51.51 -0.08 22.5 Balanced 108.61 -0.22 8.5 CpInc r 10.24 -0.01 10.1
Loomis Sayles Fds R2025 17.86 -0.04 15.2 1.500 U.S. 2 1.662 s l 1.635 1.516 0.919
HI TrA p 10.38 ... 5.9 GblStock LSBondI 14.14 -0.03 6.7 R2030 26.32 -0.05 16.8 2.250 10 2.404 s l 2.326 2.360 2.152
13.84 -0.05 16.2 DivIntl 41.30 -0.14 24.0
Lord Abbett A R2035 19.24 -0.05 18.1
ICAA p 41.19 -0.06 15.0 Income 13.80 -0.03 3.8 GroCo 183.43 +1.29 34.1
IncoA p 23.35 -0.06 10.1 Intl Stk 46.09 -0.26 21.0 GrowCoK 183.39 +1.30 34.2
ShtDurIncmA p 4.27 ... 2.2 R2040 27.65 -0.06 19.1 2.750 Australia 2 1.827 s l 1.807 1.948 1.686 16.5 16.6 76.7
Lord Abbett F Value 38.66 -0.11 14.9
N PerA p 44.86 -0.12 27.0 Stock 200.54 -0.41 11.9 InvGB 7.91 -0.02 3.3 2.750 10 2.641 s l 2.607 2.841 2.509 23.7 28.1 35.7
NEcoA p 47.56 -0.10 32.3 ShtDurIncm 4.26 -0.01 2.3 PRIMECAP Odyssey Fds
DoubleLine Funds InvGrBd 11.26 -0.04 3.8
Metropolitan West Growth r 35.87 +0.02 25.2
NwWrldA 66.46 -0.30 29.2 TotRetBdI NA ... NA LowP r 52.73 +0.09 15.1 0.000 France 2 -0.567 s l -0.582 -0.490 -0.605 -222.9 -222.3 -152.4
SmCpA p 56.18 -0.04 22.2 Edgewood Growth Instituti LowPriStkK r 52.70 +0.09 15.2
TotRetBd 10.64 -0.03 2.6 Principal Investors
TxExA p 13.03 -0.03 5.0 EdgewoodGrInst 29.47 -0.02 32.7 MagIn 105.96 -0.01 22.8
TotRetBdI 10.64 -0.03 2.9 DivIntlInst NA ... NA 2.750 10 0.782 s l 0.623 0.719 0.686 -162.2 -170.3 -146.6
WshA p 45.31 -0.09 14.9 Federated Instl OTC 108.85 +0.15 36.6
TRBdPlan 10.01 -0.03 2.9 Prudential Cl Z & I
Baird Funds StraValDivIS 6.40 -0.02 11.4 MFS Funds Class I TRBdZ NA ... NA 0.000 Germany 2 -0.749 s l -0.751 -0.691 -0.633 -241.1 -239.3 -155.3
Puritn 23.15 -0.03 16.0
ValueI 40.29 -0.11 12.4 Schwab Funds
AggBdInst 10.86 -0.04 3.6 Fidelity SrsEmrgMkt 21.49 -0.10 36.9
MFS Funds Instl
0.500 10 0.408 s l 0.381 0.445 0.275 -199.6 -194.5 -187.7
CorBdInst 11.22 -0.04 4.0 500IdxInst 90.46 -0.05 17.3 SrsGroCoRetail 18.01 +0.13 34.8 S&P Sel 40.37 -0.03 17.3
BlackRock Funds A 500IdxInstPrem 90.46 -0.05 17.3 SrsIntlGrw 16.20 -0.04 26.6 IntlEq 25.32 -0.02 25.0 TIAA/CREF Funds 0.050 Italy 2 -0.238 t l -0.204 -0.083 0.039 -190.0 -184.6 -88.0
GlblAlloc p 20.33 ... 11.8 500IdxPrem 90.46 -0.05 17.3 Mutual Series EqIdxInst 19.34 ... 16.6
SrsIntlVal 10.79 -0.04 17.8
BlackRock Funds Inst ExtMktIdxPrem r 62.15 +0.07 13.3 TotalBond 10.64 -0.04 3.6 GlbDiscA 32.22 -0.05 7.1 IntlEqIdxInst 20.22 -0.07 22.2 2.050 10 1.845 s l 1.814 2.131 1.908 -55.9 -51.1 -24.4
EqtyDivd 22.98 ... 12.6 IntlIdxPrem r 43.08 -0.15 22.1 Oakmark Funds Invest Tweedy Browne Fds
Fidelity Selects 0.100 Japan 2 -0.174 s l -0.199 -0.144 -0.258 -183.6 -184.0 -117.7
GlblAlloc 20.46 ... 12.1 SAIUSLgCpIndxFd 13.87 ... 17.3 Biotech r 216.71 +0.41 24.5 EqtyInc r 33.85 +0.03 11.3 GblValue 28.33 -0.09 13.1
HiYldBd 7.79 ... 7.0 TMktIdxF r 74.91 -0.01 16.6 First Eagle Funds Oakmark 84.66 -0.02 16.8 VANGUARD ADMIRAL 0.100 10 0.037 s l 0.029 0.059 -0.041 -236.7 -229.7 -219.3
StratIncOpptyIns 9.93 -0.01 4.0 TMktIdxPrem 74.89 -0.02 16.6 GlbA 60.46 -0.26 11.4 OakmrkInt 28.65 -0.04 26.2 500Adml 238.86 -0.13 17.3
Bridge Builder Trust USBdIdxInstPrem 11.56 -0.05 2.8 FPA Funds Old Westbury Fds BalAdml 34.02 -0.06 11.0 2.750 Spain 2 -0.309 s l -0.321 -0.247 -0.148 -197.1 -196.3 -106.7
CoreBond NA ... NA Fidelity Advisor I FPACres 34.82 -0.14 8.0 LrgCpStr 14.88 -0.03 16.0 CAITAdml 11.82 -0.03 4.9
1.450 10 1.560 s l 1.536 1.689 1.413 -79.0 -73.8
Dimensional Fds NwInsghtI 33.33 -0.04 24.8 FrankTemp/Frank Adv Oppenheimer Y CapOpAdml r154.37 +0.06 24.2 -84.4
5GlbFxdInc 11.02 -0.01 2.2 DevMktY 42.25 -0.19 32.2 EMAdmr 37.15 -0.14 27.2 1.750 U.K. 2 0.490 s l 0.475 0.445 0.229 -116.6 -69.0
Fidelity Freedom IncomeAdv 2.34 ... 7.2
IntGrowY 42.83 -0.06 23.5 EqIncAdml 76.15 -0.13
-117.2
EmgMktVa 30.22 -0.16 27.9 FF2020 16.70 -0.03 13.2 FrankTemp/Franklin A 13.6
EmMktCorEq 22.42 -0.09 31.1 FF2025 14.45 -0.02 14.1 CA TF A p 7.48 -0.02 5.6 Parnassus Fds ExtndAdml 81.64 +0.09 13.2 4.250 10 1.341 s l 1.265 1.367 1.231 -106.3 -106.0 -92.1
Sources: Tullett Prebon; Thomson Reuters

Cash Prices | WSJ.com/commodities Friday, November 10, 2017

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate Exchange-Traded Portfolios | WSJ.com/ETFresearch
from the futures price on an exchange, which reflects what the commodity might be worth in future months. Closing Chg YTD
Friday Friday Friday Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
(U.S.$ equivalent) 17.0000 SoybeanMeal,Cent IL,rail,ton48%-u 310.50 VangdGrowth VUG 137.67 0.03 23.5
Energy Friday, November 10, 2017 Closing Chg YTD VangdHlthCr VHT 151.09 –0.59 19.2
Coins,wholesale $1,000 face-a 12761 Soybeans,No.1 yllw IL-bp,u 9.3650 Closing Chg YTD ETF Symbol Price (%) (%) VangdHiDiv VYM 82.52 –0.12 8.9
Propane,tet,Mont Belvieu-g 0.9794 Other metals Wheat,Spring14%-pro Mnpls-u 7.8500 ETF Symbol Price (%) (%) SchwabIntEquity SCHF 33.96 –0.38 22.7 VangdIntermBd BIV 84.00 –0.47 1.1
Butane,normal,Mont Belvieu-g 1.0634 Wheat,No.2 soft red,St.Louis-bp,u 4.4200 ... VangdIntrCorpBd VCIT 87.25 –0.43 1.8
LBMA Platinum Price PM *934.0 AlerianMLPETF AMLP 10.56 –0.66 –16.2
SchwabUS BrdMkt SCHB 62.32 15.0
VangdLC VV 118.51 –0.04 15.8
NaturalGas,HenryHub-i 3.140 Wheat - Hard - KC (USDA) $ per bu-u n.a. SchwabUS LC SCHX 61.66 –0.02 15.8
Platinum,Engelhard industrial 941.0 CnsmrDiscSelSector XLY 92.37 0.34 13.5
SPDR DJIA Tr DIA 234.43 –0.12 18.7 VangdMC VO 148.95 0.05 13.2
NaturalGas,TranscoZone3-i 3.100 Platinum,Engelhard fabricated 1041.0 Wheat,No.1soft white,Portld,OR-u 5.3050 CnsStapleSelSector XLP 54.28 1.02 5.0
SPDR S&PMdCpTr MDY 332.22 –0.01 10.1
VangdMC Val VOE 106.16 –0.13 9.2
EnSelectSectorSPDR XLE 69.66 –0.53 –7.5 VangdREIT VNQ 84.93 0.11 2.9
NaturalGas,TranscoZone6NY-i 3.430 Palladium,Engelhard industrial 1006.0 Food FinSelSectorSPDR XLF 26.08 –0.31 12.2
SPDR S&P 500 SPY 258.09 –0.03 15.5
VangdS&P500 VOO 237.04 –0.06 15.5
NaturalGas,PanhandleEast-i 2.790 SPDR S&P Div SDY 92.44 0.09 8.0
Palladium,Engelhard fabricated 1106.0 GuggS&P500EW RSP 96.90 0.06 11.8
TechSelectSector XLK 63.50 ... 31.3
VangdST Bond BSV 79.45 –0.06 ...
NaturalGas,Opal-i 2.830 Beef,carcass equiv. index HealthCareSelSect XLV 81.20 –0.65 17.8 VangdSTCpBd VCSH 79.64 –0.13 0.3
Aluminum, LME, $ per metric ton *2078.0 IndSelSectorSPDR XLI 71.06 0.14 14.2
UtilitiesSelSector XLU 55.51 –0.47 14.3 VangdSC VB 142.36 0.07 10.4
NaturalGas,MarcellusNE PA-i 2.240 Copper,Comex spot 3.0695 choice 1-3,600-900 lbs.-u 193.69 VanEckGoldMiner GDX 22.52 –1.27 7.6 VangdTotalBd BND 81.42 –0.40 0.8
iShIntermCredBd CIU 109.35 –0.26 1.1
NaturalGas,HaynesvilleN.LA-i 2.980 Iron Ore, 62% Fe CFR China-s 62.0 select 1-3,600-900 lbs.-u 177.78 iSh1-3YCreditBond CSJ 104.94 –0.01 0.0
VangdInfoTech VGT 164.80 0.04 35.6 VangdTotIntlBd BNDX 54.81 –0.18 1.0
Broilers, National comp wghtd-u,w 0.8612 VangdSC Val VBR 127.45 –0.11 5.3 VangdTotIntlStk VXUS 55.73 –0.27 21.5
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.850 iSh3-7YTreasuryBd IEI 122.83 –0.20 0.3
Shredded Scrap, US Midwest-s,w n.a. iShCoreMSCIEAFEETF –0.24 21.0
VangdSC Grwth VBK 155.54 0.15 16.8 VangdTotalStk VTI 132.54 0.02 14.9
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Steel, HRC USA, FOB Midwest Mill-s 613
Butter,AA Chicago 2.2550 IEFA 64.91
VangdDivApp VIG 97.10 0.04 14.0 VangdTotlWrld VT 72.25 –0.08 18.4
iShCoreMSCIEmgMk IEMG 55.89 –0.34 31.7
Cheddar cheese,bbl,Chicago 175.25 iShCoreMSCITotInt IXUS 62.04 –0.31 22.9
VangdFTSEDevMk VEA 44.04 –0.25 20.5 VangdValue VTV 101.56 –0.11 9.2
Metals Fibers and Textiles Cheddar cheese,blk,Chicago 171.00 iShCoreS&P500ETF IVV 259.81 –0.07 15.5
VangdFTSE EM VWO 44.59 –0.38 24.6 WisdTrEuropeHdg HEDJ 64.93 –0.40 13.1
VangdFTSE Europe VGK 57.68 –0.17 20.3 WisdTrJapanHdg DXJ 58.16 –0.63 17.4
Milk,Nonfat dry,Chicago lb. 72.25 iShCoreS&PMdCp IJH 182.18 –0.02 10.2
VangdFTSEAWxUS VEU 53.66 –0.26 21.5 XtrkrsMSCIEAFE DBEF 31.85 –0.38 13.5
Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.6150 Cocoa,Ivory Coast-w n.a. iShCoreS&PSmCpETF IJR 73.35 0.08 6.7
Engelhard industrial 1287.33 Cotton,1 1/16 std lw-mdMphs-u 0.6830 iShS&PTotlUSStkMkt ITOT 59.04 0.02 15.1
Coffee,Brazilian,Comp 1.2524 iShCoreUSAggBd AGG 108.99 –0.40 0.9
Engelhard fabricated 1383.88 Cotlook 'A' Index-t *79.60 Coffee,Colombian, NY 1.4511 iShSelectDividend DVY 94.90 –0.01 7.1
Handy & Harman base
Handy & Harman fabricated
1284.30
1425.57
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
n.a.
n.a.
Eggs,large white,Chicago-u n.a. iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
EFAV
USMV
71.56
51.58
–0.20 16.9
–0.10 14.1
Borrowing Benchmarks | WSJ.com/bonds
Flour,hard winter KC 15.75
LBMA Gold Price AM *1284.00
Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.78
iShGoldTr
iShiBoxx$InvGrCpBd
IAU
LQD
12.26
119.89
–0.73 10.6
–0.57 2.3 Money Rates November 10, 2017
LBMA Gold Price PM *1284.80 Hogs,Iowa-So. Minnesota-u 65.55 iShiBoxx$HYCpBd HYG 87.11 0.22 0.6
Krugerrand,wholesale-e 1324.86 Barley,top-quality Mnpls-u n.a. Pork bellies,12-14 lb MidUS-u n.a.
iShJPMUSDEmgBd EMB 114.45 0.08 3.8 Key annual interest rates paid to borrow or lend money in U.S. and
iShMBSETF MBB 106.50 –0.24 0.2
Maple Leaf-e 1337.60 Bran,wheat middlings, KC-u n.a. Pork loins,13-19 lb MidUS-u 0.8818 iShMSCIACWIETF ACWI 70.38 –0.17 18.9 international markets. Rates below are a guide to general levels but
American Eagle-e 1337.60 Corn,No. 2 yellow,Cent IL-bp,u 3.1000 Steers,Tex.-Okla. Choice-u 122.00 iShMSCIBrazilCap EWZ 38.83 –1.97 16.5
Mexican peso-e 1543.94 iShMSCI EAFE EFA 69.28 –0.27 20.0 don’t always represent actual transactions.
Corn gluten feed,Midwest-u,w 91.0 Steers,feeder,Okla. City-u,w 172.13 iShMSCIEAFESC SCZ 62.39 –0.24 25.2
Austria crown-e 1251.68 Corn gluten meal,Midwest-u,w 492.9 iShMSCIEmgMarkets EEM 46.29 –0.43 32.2
Austria phil-e 1337.60 Cottonseed meal-u,w 225 Fats and Oils iShMSCIEurozoneETF EZU 43.07 –0.25 24.5 Inflation Week —52-WEEK—
Silver, troy oz. Hominy feed,Cent IL-u,w 88 iShMSCIJapanETF EWJ 59.08 –0.74 20.9 Latest ago High Low
Corn oil,crude wet/dry mill-u,w 34.8500 iShNasdaqBiotech IBB 312.18 0.37 17.6
Sept. index Chg From (%)
Engelhard industrial 17.0500 Meat-bonemeal,50% pro Mnpls-u,w 220 Grease,choice white,Chicago-h 0.2500 level Aug. '17 Sept. '16 0.50 0.50 0.25
iShNatlMuniBdETF MUB 110.74 –0.29 2.4 Britain 0.50
Engelhard fabricated 20.4600 Oats,No.2 milling,Mnpls-u 3.0450 Lard,Chicago-u n.a. iShRussell1000Gwth IWF 130.82 0.06 24.7
1.50 1.50 1.50
iShRussell1000ETF IWB –0.05 15.4
Australia 1.50
Handy & Harman base 16.8700 Rice, 5% Broken White, Thailand-l,w 368.00 Soybean oil,crude;Centl IL-u 0.3394 143.58 U.S. consumer price index
iShRussell1000Val IWD 119.35 –0.15 6.5
Handy & Harman fabricated 21.0880 Rice, Long Grain Milled, No. 2 AR-u,w 24.00 Tallow,bleach;Chicago-h 0.2700 iShRussell2000Gwth IWO 178.68 0.04 16.1 All items 246.819 0.53 2.2 Secondary market
LBMA spot price £12.9200 Sorghum,(Milo) No.2 Gulf-u 7.6063 Tallow,edible,Chicago-u n.a. iShRussell2000ETF IWM 146.57 –0.07 8.7 Core 252.941 0.19 1.7
iShRussell2000Val IWN 121.65 –0.04 2.3 Fannie Mae
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence; iShRussell3000ETF IWV 152.75 –0.01 14.9
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data iShRussellMid-Cap IWR 200.56 0.07 12.1
International rates 30-year mortgage yields
as of 11/9 iShRussellMCValue IWS 85.73 –0.10 6.6 30 days 3.481 3.462 3.865 3.253
Source: WSJ Market Data Group iShS&PMC400Growth IJK 208.44 –0.07 14.4 Week 52-Week
iShS&P500Growth IVW 149.37 0.01 22.6 Latest ago High Low 60 days 3.500 3.483 3.899 3.281
iShS&P500ValueETF IVE 108.93 –0.09 7.4
Notes on data:
Futures Contracts | WSJ.com/commodities
iShUSPfdStk PFF 38.19 –0.21 2.6
iShTIPSBondETF TIP 113.71 –0.44 0.5 Prime rates U.S. prime rate is the base rate on corporate
iSh1-3YTreasuryBd SHY 84.14 –0.04 –0.4 U.S. 4.25 4.25 4.25 3.50 loans posted by at least 70% of the 10 largest
Contract Open iSh7-10YTreasuryBd IEF 105.83 –0.51 1.0
Metal & Petroleum Futures iSh20+YTreasuryBd TLT 124.10 –1.51 4.2 Canada 3.20 3.20 3.20 2.70 U.S. banks, and is effective June 15, 2017. Other
Open High hilo Low Settle Chg interest iShRussellMCGrowth IWP 116.23 0.24 19.3 Japan 1.475 1.475 1.475 1.475 prime rates aren’t directly comparable; lending
Contract Open PIMCOEnhShMaturity MINT 101.73 –0.01 0.4 practices vary widely by location. Complete
Open High hi lo Low Settle Chg interest Sugar-World (ICE-US)-112,000 lbs.; cents per lb. –0.01 29.7 Money Rates table appears Monday through
March 14.88 14.99 14.81 14.96 .08 408,191
PwrShQQQ 1 QQQ 153.68 Policy Rates
Copper-High (CMX)-25,000 lbs.; $ per lb. PwrShS&P500LoVol SPLV 46.95 0.09 12.9 Friday.
May 14.89 15.00 14.86 14.96 .06 137,839 PwrShSrLoanPtf BKLN 23.03 –0.09 –1.4 Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; SIX Financial
Nov 3.0790 3.0790 3.0635 3.0695 –0.0105 587 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Dec 3.0890 3.1095 3.0670 3.0760 –0.0100 125,978
SPDRBloomBarcHYBd JNK 36.68 0.47 0.6 Switzerland 0.50 0.50 0.50 0.50 Information
March 27.01 27.18 27.00 27.18 –.15 2,771 SPDR Gold GLD 121.13 –0.82 10.5
Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb.
Nov 1283.50 1283.50 1273.80 1272.40 –13.20 79 Dec 68.39 69.18 68.35 69.05 .76 63,455
Dec 1286.00 1287.70 1273.60 1274.20 –13.30 321,936 March'18 68.65 69.25 68.64 69.14 .60 115,949
1291.10 1291.60 1278.00 1278.50 –13.30 141,736
Feb'18
April 1293.90 1295.70 1282.40 1282.80 –13.20 19,156
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Jan 160.15 162.75 157.40 162.60 1.75 6,156
Insider-Trading Spotlight
June 1299.50 1300.00 1286.60 1287.10 –13.20 19,060 March 158.35 160.40 158.25 160.10 .20 1,550 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
Dec 1312.40 1312.40 1300.00 1299.90 –13.30 11,073
Palladium (NYM) - 50 troy oz.; $ per troy oz. new information about the prospects of a company. Insiders are required to report large trades to the SEC
Dec 1008.80 1010.80 991.50 993.10 –11.30 29,333
Interest Rate Futures within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by
March'18 1001.75 1004.30 985.30 986.90 –10.60 6,768 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Thomson Financial on November 10, and year-to-date stock performance of the company
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 153-220 153-250 152-020 152-100 –1-18.0 769,975
Nov 928.30 928.70 928.30 928.90 –8.40 4 March'18 152-190 152-200 150-300 151-050 –1-18.0 18,298 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer
Jan'18 939.90 944.00 930.20 932.10 –8.50 70,824 Treasury Notes (CBT)-$100,000; pts 32nds of 100% CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 125-040 125-050 124-210 124-225 –15.5 3,193,071 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:
Nov 17.000 17.000 17.000 16.844 –0.099 4 March'18 124-275 124-275 124-110 124-125 –16.5 50,305 unknown VP: vice president Excludes pure options transactions
Dec 16.995 17.095 16.785 16.871 –0.104 121,142 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 117-055 117-065 116-315 117-000 –6.7 3,091,638
Dec 57.02 57.35 56.55 56.74 –0.43 404,002 March'18 116-315 116-315 116-242 116-247 –7.2 64,059 Biggest weekly individual trades
Jan'18 57.26 57.57 56.79 56.98 –0.41 494,974 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Feb 57.41 57.74 56.97 57.16 –0.40 172,782 Dec 107-200 107-202 107-185 107-187 –1.7 1,749,579 Based on reports filed with regulators this past week
March 57.51 57.85 57.10 57.28 –0.37 256,112 March'18 107-157 107-157 107-137 107-140 –2.0 75,052 No. of shrs in Price range ($) $ Value
June 57.27 57.58 56.89 57.13 –0.25 230,287 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)
Dec 55.32 55.62 55.07 55.45 … 266,250 Nov 98.845 98.845 98.843 98.843 … 206,338
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Jan'18 98.615 98.615 t 98.610 98.615 –.005 337,977 Buyers
Dec 1.9465 1.9563 s 1.9271 1.9349 –.0120 106,570 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Oct. 27 Tejon Ranch TRC D. Tisch DO 1096* 18.00 19,731 20.86 -15.5
Jan'18 1.9480 1.9584 s 1.9315 1.9377 –.0113 101,952 Dec 100.844 100.938 100.625 100.672 –.594 29,350
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 1 Month Libor (CME)-$3,000,000; pts of 100% Nov. 6 Accelerate Diagnostics AXDX J. Schuler DOI 341 18.51-19.00 6,311 18.75 -9.6
Nov. 7 J. Schuler DOI 50 18.73 937
Dec 1.8187 1.8336 1.8070 1.8124 –.0073 122,417 Nov ... ... ... 98.7500 … 928 Nov. 6 J. Patience DOI 39 18.61 720
Jan'18 1.7986 1.8123 1.7901 1.7961 –.0054 131,905 Eurodollar (CME)-$1,000,000; pts of 100% Nov. 6 Annaly Capital Management NLY K. Keyes CEO 300 11.12 3,335 11.24 12.7
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Nov 98.5800 98.5850 98.5800 98.5825 .0025 101,048
Nov. 6-8 American Assets Trust AAT E. Rady CEOI 85 38.62-38.95 3,308 39.33 -8.7
Dec 3.208 3.224 3.171 3.213 .013 177,645 Dec 98.4700 98.4750 98.4650 98.4650 –.0050 1,712,371
Jan'18 3.303 3.318 3.272 3.306 .009 265,777 March'18 98.3250 98.3250 98.3050 98.3100 –.0150 1,314,084 Nov. 9 Hain Celestial Group HAIN I. Simon CEO 50 34.14 1,707 35.68 -8.6
Feb 3.302 3.318 3.276 3.308 .010 94,862 Dec 98.0650 98.0750 98.0300 98.0400 –.0300 1,633,150 Nov. 7-9 Drive Shack DS W. Edens D 399* 3.88-4.02 1,585 4.07 8.2
March 3.258 3.272 3.233 3.262 .009 179,857 Nov. 7 DexCom DXCM S. Altman DI 25 50.01 1,250 50.74 -15.0
April 2.978 2.988 2.968 2.987 .007 122,416 Currency Futures Nov. 6 Cheesecake Factory CAKE H. Simon DI 25 43.48-43.51 1,087 44.31 -26.0
May 2.952 2.961 2.944 2.961 .007 88,406
Japanese Yen (CME)-¥12,500,000; $ per 100¥ Nov. 6 Revlon REV R. Perelman DOI 47 22.43 1,062 22.05 -24.4
Agriculture Futures Nov .8823 .8829 .8802 .8804 –.0031 2,304 Nov. 7 Tempur Sealy International TPX S. Thompson CEO 20 51.19 1,002 53.11 -22.2
Dec .8828 .8846 .8813 .8817 –.0031 271,606 Nov. 2 Kellogg K S. Cahillane CEO 16 62.70 999 64.70 -12.2
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD Nov. 6 Benefitfocus BNFT S. Jenkins CEO 37 25.27 935 25.85 -13.0
Dec 341.75 344.00 341.00 343.50 2.00 644,716 Nov .7886 .7886 .7881 .7887 –.0005 1,254
March'18 355.00 357.00 354.25 356.75 2.00 472,923 Dec .7886 .7898 .7879 .7889 –.0004 143,561
Nov. 6 Gogo GOGO M. Small CEO 100 8.79 879 9.72 5.4
Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ Nov. 9 Tallgrass Energy Partners TEP D. Dehaemers CEOI 15 45.82 687 45.09 -5.0
Dec 275.75 276.50 270.25 272.00 –1.00 4,103 Nov 1.3117 1.3226 1.3117 1.3197 .0039 779 Nov. 6-8 Biglari Holdings BH S. Biglari DOI 2 333.46-334.50 613 350.00 -26.0
March'18 280.00 281.50 278.25 280.00 .75 3,332 Dec 1.3156 1.3243 1.3125 1.3209 .0039 172,366 Nov. 7-8 Emerge Energy Services EMES M. Gottfredson AF 69 8.65-8.67 596 8.86 -28.0
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
976.75 981.25 974.50 977.25 2.00 1,666 1.0083 1.0097 1.0054 1.0064 –.0027 81,120
Nov
Jan'18 985.50 991.00 983.75 987.00 2.00 325,367
Dec
March'18 1.0141 1.0167 1.0126 1.0136 –.0026 237
Sellers
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD Nov. 1-3 Amazon.com AMZN J. Bezos CEO 1,000 1087.83-1108.75 1,097,803 1125.35 50.1
Dec 312.30 315.30 311.60 314.50 2.70 97,140 Nov .7675 .7686 .7661 .7659 –.0022 1,199 Nov. 2 TransUnion TRU S. Rajpal DI 3,698 52.25 193,228 53.40 72.6
Jan'18 314.50 317.40 313.80 316.60 2.70 104,565 Dec .7674 .7692 .7651 .7656 –.0023 118,527 Nov. 6 Rockwell Collins COL R. Ortberg CEO 395 135.35 53,478 133.58 44.0
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan'18 .7678 .7682 .7651 .7654 –.0023 517
Nov. 1 VMware VMW M. Dell DOI 436 109.31 47,624 122.15 55.2
Dec 35.07 35.16 34.77 34.81 –.33 118,823 Feb .7679 .7682 .7651 .7653 –.0023 424 Nov. 1 E. Durban DI 436 109.31 47,624
Jan'18 35.24 35.29 34.92 34.96 –.33 119,562 March .7671 .7684 .7650 .7652 –.0023 956 Nov. 1 National Instruments NATI J. Truchard DI 985 43.66 43,012 44.91 45.7
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .7649 .7649 .7649 .7649 –.0023 245
Nov ... ... ... 1116.50 –1.00 52 Mexican Peso (CME)-MXN 500,000; $ per MXN Nov. 7-8 Tableau Software DATA C. Chabot CB 450 70.26-71.25 31,719 72.15 71.2
Nov. 7-8 C. Stolte OD 225 70.27-71.91 15,868
Jan'18 1146.50 1151.00 1140.00 1142.00 –1.50 9,520 Dec .05219 .05230 .05194 .05196 –.00019 177,247 Nov. 7 P. Hanrahan ODI 200 70.23-71.12 14,058
Wheat (CBT)-5,000 bu.; cents per bu. March'18 .05138 .05151 .05119 .05118 –.00019 570 Nov. 2-6 Texas Instruments TXN R. Delagi O 239 96.39-98.26 23,264 96.94 32.8
Dec 429.50 434.25 426.75 431.50 2.50 203,188 Euro (CME)-€125,000; $ per € Nov. 2-6 HealthEquity HQY F. Medici DI 420 51.02-54.14 22,223 49.74 22.8
March'18 446.00 450.25 443.25 449.00 4.00 180,217 Nov 1.1645 1.1675 1.1630 1.1666 .0017 5,128
Wheat (KC)-5,000 bu.; cents per bu. Dec 1.1664 1.1700 1.1645 1.1687 .0017 437,372 Nov. 2 Exelon EXC M. Shattuck CB 519 40.50 21,032 41.30 16.4
Dec 429.00 435.00 427.25 433.25 4.25 112,267 Nov. 7-8 Arista Networks ANET J. Ullal CEOI 81 207.27-215.41 17,244 221.05 128.4
March'18 445.75 451.50 s 443.75 450.00 4.00 120,696 Index Futures Nov. 2-6 Esterline Technologies ESL J. Atwood BI 174 95.05-95.78 16,569 70.60 -20.9
Wheat (MPLS)-5,000 bu.; cents per bu. Nov. 7 NVR NVR W. Moran DI 5 3261.98-3262.00 16,144 3289.64 97.1
Dec 648.00 649.50 645.25 647.50 –.50 33,730 Mini DJ Industrial Average (CBT)-$5 x index
Dec 23403 23447 23338 23382 –34 154,213
Nov. 6 General Dynamics GD G. Gallopoulos GC 78 202.87-203.46 15,903 199.77 15.7
March'18 657.25 661.00 654.50 659.25 1.25 28,114
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'18 23398 23437 23328 23375 –34 1,750 Nov. 8 Coca-Cola KO J. Douglas O 338 46.09 15,579 46.54 12.3
Nov 158.550 158.950 157.625 158.475 … 5,557 S&P 500 Index (CME)-$250 x index Nov. 7-8 Garmin GRMN J. Burrell BI 253 59.15-59.42 15,000 60.83 25.4
Jan'18 157.975 158.700 156.400 157.175 –.675 29,390 Dec 2582.80 2585.30 s 2571.60 2579.60 –4.30 62,378 * Half the transactions were indirect **Two day transaction
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index p - Pink Sheets
Dec 122.175 122.350 120.025 120.575 –1.900 93,852 Dec 2582.00 2585.75 s 2571.50 2579.50 –4.50 3,155,416
Feb'18 128.325 128.400 126.125 126.750 –1.775 131,064 March'18 2582.75 2585.75 s 2572.00 2580.00 –4.25 76,247
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec 63.100 63.100 62.150 62.475 –.700 72,284
Mini S&P Midcap 400 (CME)-$100 x index
Dec 1825.80 1829.00 1819.40 1824.80 –.50 93,049
Buying and selling by sector
Feb'18 70.200 70.325 69.400 70.250 .025 80,975 Based on actual transaction dates in reports received this past week
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Nasdaq 100 (CME)-$20 x index
Dec 6312.8 6321.0 s 6281.0 6309.3 –5.3 281,665
Nov 463.00 471.70 s 462.50 471.00 8.30 274
March'18 6326.0 6335.8 s 6297.0 6325.0 –5.0 2,276 Sector Buying Selling Sector Buying Selling
Jan'18 455.70 461.90 s 455.50 459.60 4.20 5,514
Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (ICE-US)-$100 x index Basic Industries 119,945 12,241,413 Finance 7,669,038 111,416,753
Nov 16.77 16.81 16.72 16.77 .03 4,409 Dec 1476.50 1480.00 1470.40 1474.30 –3.00 68,128 Business services 278,588 28,294,078 Health care 10,489,832 110,656,864
Dec 15.80 15.84 15.51 15.59 –.17 4,461 Mini Russell 1000 (ICE-US)-$100 x index Capital goods 0 0 Industrial 327,268 150,621,755
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1427.50 1430.50 1427.00 1429.20 –2.50 297 Consumer durables 1,001,532 3,009,891 Media 0 841,947
Dec 2,193 2,236 2,187 2,223 25 24,302 U.S. Dollar Index (ICE-US)-$1,000 x index Consumer nondurables 4,415,652 60,417,898 Technology 1,410,315 294,600,346
March'18 2,186 2,226 2,179 2,212 27 132,828 Dec 94.37 94.56 94.16 94.28 –.07 45,867 Consumer services 2,572,158 39,632,387 Transportation 146,258 5,616,723
Coffee (ICE-US)-37,500 lbs.; cents per lb. March'18 94.05 94.23 93.86 93.98 –.06 2,544 Energy 803,526 13,119,819 Utilities 90,369 37,096,042
Dec 126.05 128.35 125.50 127.55 1.15 69,528
March'18 129.35 131.60 128.85 130.90 1.10 89,091 Source: SIX Financial Information Sources: Thomson Financial; WSJ Market Data Group
B10 | Saturday/Sunday, November 11 - 12, 2017 NY * ***** THE WALL STREET JOURNAL.

MONEY & INVESTING

KANG
Continued from page B1
of brokerage firms. Not long
after Mr. Kang started work in
Guggenheim’s Santa Monica,
Calif., offices, his new boss

(L-R): STEVE REMICH FOR THE WALL STREET JOURNAL; KEVIN MAZUR/WIREIMAGE/GETTY IMAGES
told him and other traders
they needed to meet salespeo-
ple regularly over drinks or
dinner.
The salespeople found
Mr. Kang an affable client. In
2011, while at Guggenheim,
Mr. Kang started a spirits
company, Secrets Vodka LLC,
with a close friend from col-
lege.
Mr. Kang appeared to be
doing well. On Christmas Day
in 2012, at the annual holiday Navnoor Kang in Manhattan on
party Mr. Minerd hosted at his Wednesday. His attendance at a
home to raise money for char- Rolling Stones concert in 2012
ity, the Guggenheim CIO chat- set in motion the end of his
ted with Mr. Kang’s parents, career at Guggenheim Partners.
speaking highly of the trader’s
work, people familiar with the spokesman and Mr. Daher’s
matter said. lawyer declined to comment.
But earlier, on Dec. 13, his At the New York pension
33rd birthday, a decision by fund, Mr. Kang reconnected
Mr. Kang to join Joseph Daher with Gregg Schonhorn and
of Jefferies LLC for a Rolling Deborah Kelley, two brokers
Stones concert in Newark, N.J. he knew from his days at
had set in motion the end of Guggenheim and Pimco. Pros- that year, the firm questioned According to the prosecutors, securities and honest-service 2016, Mr. Kang met Mr. Schon-
his Guggenheim career. ecutors alleged Ms. Kelley and her about a report seeking to Mr. Kang then in late 2015 wire fraud, under a law that horn in New York. The sales-
A Guggenheim employee re- Mr. Schonhorn provided Mr. be reimbursed for expenses called Mr. Schonhorn, at the makes it a crime to deprive man told him federal agents
ported anonymously to the Kang the gifts to bribe him at from the Utah ski trip with time a salesman at FTN Finan- someone of “the intangible had showed up at his home.
firm’s compliance department the New York pension fund. In Mr. Kang. Stifel fired her that cial, to ask him if he knew right of honest services.” His voice shaking, Mr. Schon-
that Mr. Kang had sat in the the fall of 2014, prosecutors month following concerns anyone who could create fake “I recognize that what I did horn detailed what he be-
third row of the concert with said those gifts escalated to with her expenses and con- receipts that would show he was wrong,” she said. But lieved the govern-
the salesman, people familiar Mr. Schonhorn handing tacted regulators. paid for the trip. Mr. Kang has when Judge J. Paul Oetken ment was pursuing, one
with the matter said. The inci- Mr. Kang thousands of dollars The Securities and Ex- denied he asked Mr. Schon- asked her if she understood person familiar with the mat-
dent led to a broader review for prostitutes, strippers and change Commission opened an horn about falsifying the re- her actions were illegal, Ms. ter said. On Dec. 21, U.S. mar-
of traders’ relationships with personal expenses. investigation, which spread ceipts, a person familiar with Kelley said: “No.” shals rattled the door of
salespeople by Guggenheim’s In court on Wednesday, Mr. from Ms. Kelley to the matter said. Mr. Schonhorn pleaded Mr. Kang’s Portland, Ore.,
compliance team that uncov- Kang acknowledged he had Mr. Kang, then touched other The Financial Industry Reg- guilty to six counts, including apartment to arrest him on
ered other gifts Mr. Kang failed to report some of the salespeople doing business ulatory Authority, the securi- securities, wire and bank fraud fraud charges.
failed to report. gifts, including a Utah ski trip, with the pension fund, includ- ties industry’s self-regulating charges. His lawyer declined Mr. Kang this year spent
The firm also contacted Jef- a luxury watch, dinners and ing Messrs. Schonhorn and body, banned Ms. Kelley and to comment. Ms. Kelley’s law- time at auditions, looking for
feries to alert them to Mr. Da- concert tickets. But his admis- Daher, who had since left Jef- Mr. Daher earlier this year for yer didn’t respond to requests acting and modeling work. In
her’s expenses, people familiar sions didn’t address other feries to join another firm. failing to cooperate with their for comment. the summer he posted his lat-
with the matter said. Jefferies bribery allegations and the A spokesman for Stifel said inquiries into their dealings A spokeswoman for FTN, a est headshots on his Facebook
asked for the salesman’s resig- omissions weren’t challenged earlier this year that the firm with Mr. Kang. A federal judge unit of First Horizon Na- page and Twitter feed. In
nation later that year. Mr. Da- by prosecutors in court. had inherited the problem, and ordered a stay on the SEC case tional Corp., has said the June, Mr. Schonhorn launched
her hasn’t been accused of any It was Ms. Kelley who first that “our report to the SEC this year until the criminal charges to which Mr. Schon- a motivational-coaching firm
wrongdoing by authorities, attracted the attention of U.S. started their investigation.” proceedings ran their course. horn pleaded guilty “reflect a called “Gregg.” “Over my 23
and neither he nor Jefferies regulators when her firm, The SEC said Ms. Kelley On May 30, Ms. Kelley re- betrayal of FTN and its val- years,” he wrote on his web-
was named in the indictment Sterne Agee, was sold to Stifel and Mr. Kang both lied about turned to Manhattan’s federal ues.” site, “there is not much I have
against Mr. Kang. A Jefferies Financial in 2015. In August of who had paid for the ski trip. courthouse to plead guilty to In the summer of not seen or done.”

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
MiXTelematics MIXT 11.48 -0.2
EnvisionHlthcr EVHC 24.45 -3.0 KraneBoseraChinaA KBA 35.36 1.2 Coherent COHR 310.10 4.1 PilgrimPride PPC 35.00 1.8 FTD FTD 8.01 -17.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and NTTDoCoMo DCM 24.95 0.5
EsterlineTechs ESL 69.35 -21.0 NationwideMaxDivUS MXDU 25.30 1.0 CraftBrewAlliance BREW 20.00 2.9 Qorvo QRVO 81.20 0.1 ForwardPharma FWP 4.35 0.2
Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. NorthstarRltyEur NRE 14.27 0.1
Evertec EVTC 13.15 ... PwrShUsRealEst PSR 83.71 -0.1 CypressSemi CY 17.15 1.4 RCI Hospitality RICK 28.65 -0.6 FrontierComm FTR 6.72 -14.9
% CHG-Daily percentage change from the previous trading session. NuvMtgOppTermFd JLS 26.07 0.3
FT SrFR Incm FCT 12.81 -0.3 ProShXinhuaChina25 XPP 84.23 1.3 Descartes DSGX 30.10 1.2 Roku ROKU 36.65 13.9 FrontierCommPfA FTRPR 12.47 -12.9
OM AssetMgmt OMAM 16.04 3.2
FT SpecFin FGB 6.44 ... SPDRMSCIChinaA XINA 24.46 0.5 DollarTree DLTR 95.64 0.7 SageTherap SAGE 98.80 -0.6 Goodyear GT 28.81 -0.3
Oppenheimer A OPY 24.15 2.4
FortunaSilver FSM 4.06 -5.8 VanEckCSI300 PEK 48.75 1.2 Ebix EBIX 74.80 0.6 ShotSpotter SSTI 20.15 -0.5 HenrySchein HSIC 67.02 -3.7
Friday, November 10, 2017 PLNT 30.22 2.8
GabelliEquityRt GABr 0.04 -4.8 VanEckSMEChiNxt CNXT 36.49 1.3 EducDev
PlanetFitness EDUC 13.95 5.6 SolarEdgeTech SEDG 39.45 -1.7 HoughtonMifflin HMHC 8.80 -4.3
52-Wk % 52-Wk % 52-Wk % PrefApartment APTS 21.23 0.1
GameStop GME 16.22 -6.4 VanEckRareEarth REMX 28.88 1.1 EnphaseEnergy ENPH 2.10 7.4 SperoTherap SPRO 15.00 6.8 INC Research INCR 38.25 -5.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ProPetro PUMP 17.66 -1.2
GlaxoSmithKline GSK 35.08 -1.3 WisdTrUSAggBd AGGY 55.58 -0.4 FARO Tech FARO 54.40 0.5 Talend TLND 45.68 -1.0 Ikonics IKNX 7.35 -3.5
PulteGroup PHM 31.36 0.3
Intrexon XON 11.80 -25.6 XtrkrsHarvCSI300 ASHR 31.42 1.3 FS Bancorp FSBW 57.22 2.0 TheBancorp TBBK 9.07 1.4 IndustreaAcqnWt INDUW 0.36 1.3
CalAtlantic CAA 52.73 -0.3 GeorgiaPwrNt77 GPJA 25.25 0.5 PSTG 16.87 1.5
JohnsonControls JCI 36.48 -4.1 XtrkrsMSCIAllChina CN 37.99 0.8 GDSHoldings USAT 7.23 3.7
PureStorage GDS 19.42 4.5 USA Tech Infinera INFN 6.29 -0.2
NYSE highs - 77 CanadaGoose GOOS 26.08 4.9 GlobusMedical GMED
HeritageInsurance HRTG
35.96 5.0
17.31 1.0
Rayonier RYN 31.67 1.0
JustEnergy JE 4.64 -6.6 GSV Capital GSVC 6.57 7.5 USA Truck USAK 16.78 4.4 InfoSonics IFON 1.42 2.8
AberdeenGrChinaFd GCH 12.50 1.1
Carters
ChnStrsGlbInc
CRI
INB
102.87
9.96
0.4
-0.1 HollyFrontier HFC 42.50 -0.4
RedHat RHT
RICE
124.56
29.72
0.6
KayneAnderson KED
-1.1 KNOP
14.81
20.60
-1.2
-0.7
NYSE Arca lows - 12 Garmin GRMN 61.04 1.9 UniversalDisplay OLED
UroGenPharma URGN
176.50
41.40
3.7
7.3
iShESG1-5YCpBd SUSB 25.02 -0.1
Alteryx AYX 26.89 15.8 RiceEnergy KnotOffshore GilatSatellite GILT 7.90 2.1 iSh1-3YTreasuryBd SHY 84.14 ...
CBPX 27.95 3.1 HoraceMannEdu HMN 45.85 1.2 DirexCSI300CnA CHAD 31.20 -1.3
AmHomes4RentPfdF AMHpF 26.27 1.1
ContinentalBldg Salesforce.com CRM 105.38 1.6
MFS GvMkTr MGF 4.81 -0.2 GladstoneCommPfA GOODP 27.25 2.3 Virtusa VRTU 48.15 -2.6 LaureateEduc LAUR 11.03 -2.3
CPS 120.64 0.3 DR Horton DHI 46.80 ... DirexEMBdBull3X EMBU 24.85 -0.2
APH 88.36 1.7
Cooper-Standard SiteOneLandscape SITE 66.96 5.1
MFS Intermd MIN 4.17 -0.5 GldstoneComrc pf GOODO 26.94 0.4 WisdTrChinaxSOE CXSE 86.01 1.3 LifePointHealth LPNT 44.10 -2.5
Amphenol HyattHotels H 70.95 0.9 DirexChinaBr3 YANG 6.04 -1.8
ANTX 54.82 0.8 Cott COT 16.26 7.6 SixFlags SIX 65.75 -0.6
MetropolitanBk MCB 36.35 -0.1 GTx GTXI 10.50 18.8 WynnResorts WYNN 154.67 0.3 LiquiditySvcs LQDT 5.35 -4.5
AnthemUn IDACORP IDA 95.57 -0.1 DirexSilverMinBl2 SHNY 8.58 -3.5
AristaNetworks ANET 221.67 3.5 EPAM Systems EPAM 103.49 0.4 Square SQ 39.73 3.3
NewellBrands NWL 29.22 -2.7 HailiangEduc HLG 39.98 -2.0 XOMA XOMA 31.03 6.4 MeetGroup MEET 2.26 -2.1
InterXion INXN 56.85 0.8 ETFMG PrimeJrSilver SILJ 10.60 -1.5
ArmadaHoffler AHH 15.16 0.4 EtnVncTxAdvDiv EVT 22.71 -0.7 StarwoodWaypt SFR 38.56 1.9
NuvCreditStrat JQC 8.12 ... Hardinge HDNG 18.00 0.9 Xunlei XNET 13.98 39.4 MIDD 107.68 1.0
InvitationHomes INVH 23.89 1.8 FrankFTSEBrazil FLBR 24.20 -1.5 Middleby
AsiaPacificFund APB 14.70 -0.1 EsteeLauder EL 125.29 0.7 Strats PG GJR GJR 21.98 2.5
NuvFR OppFd JRO 10.82 -1.3 HOLI 23.48 -0.8 ZAGG ZAGG 19.81 2.7 MinervaNeurosci NERV 4.90 4.0
JaggedPeakEner JAG 15.21 ... FrankFTSEJapanHdg FLJH 25.84 -0.3
HollysysAuto
BCE BCE 48.32 0.5 FairIsaac FICO 155.24 0.6 JanusHenderson JHG 36.70 3.0 SuncorEnergy SU 36.48 0.8
NuvNJ MuniVal NJV 14.30 -0.7 HorizNasd100 QYLD 24.55 0.1 NovelionTherap NVLN 4.19 -0.2
GuggBS2027CorpBd BSCR 19.90 -0.5
BrookfieldDTLAPf DTLAp 31.31 -1.4 FourCornersProp FCPT 26.39 -1.0 KBR KBR 21.25 0.2 Telus TU
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ICU Medical ICUI 205.95 10.2 Nasdaq lows - 66 OptiNose OPTN 16.66 -0.1
CBRE Group CBG 41.60 1.8 GTT Comm GTT 37.50 1.4 Lennar A LEN 59.32 -0.4 Textainer PHH II-VI IIVI 47.20 7.5 OxbridgeRe OXBR 3.00 -2.3
ThirdPointReins TPRE 17.10 0.3
PandoraMedia P 4.44 1.8 ProShXinhuaChina25 FXP 17.31 -1.3 AcadiaHealthcare ACHC 27.88 -1.4
CabotOil COG 29.06 1.5 GeoPark GPRK 9.97 0.4 ManchesterUnited MANU 19.00 1.6 InfinityPropCas IPCC 108.10 1.2 PetIQ PETQ 18.92 -12.4
TriNet TNET 43.53 2.3
PIMCOCAMuniIII PZC 10.20 -0.4 SchwabSrtTRmUSTrsr SCHO 50.20 ... AileronTherap ALRN 9.58 -0.4
VelocityShLIBOR DLBR 22.94 -0.5 Intricon IIN 14.75 -0.3 Alkermes ALKS 46.80 -0.4 Premier PINC 27.16 -7.5
Triple-S Mgmt GTS 27.61 -3.1
PIMCO HiIncm PHK 7.57 0.8 Joint JYNT 5.59 15.0 ProQR Therap PRQR 3.55 -1.4
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VMware VMW 122.21 1.0
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NewsCorp A NWSA 15.79 5.2 CleanDiesel CDTI 1.26 -2.2 TherapixBiosci TRPX 4.78 -3.3
AES AES 10.00 -0.7 WorldFuelSvcs NVIDIA NVDA 218.67 5.3 ClearOne CLRO 6.70 -1.5 TopImageSys TISA 1.07 5.4
INT 26.59 -1.1 IMPAC Mortgage IMH 11.32 -0.5
AUCTION BUSINESS OPPORTUNITIES AMC Ent AMC 10.90 -3.5 KelsoTechs KIQ 0.34 ...
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AZZ 44.00 0.2 Overstock OSTK 56.10 1.4 ConsldComm CNSL 14.17 -0.9 UrbanOne D UONEK 1.35 3.4
AZZ
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RegionalHlthProp RHE
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0.30
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PAM Transport PTSI 36.35 7.3 Criteo CRTO 35.00 -0.7 VangdTotalCpBd VTC 84.40 -0.4

  

6+   7
  .
 AnixterIntl AXE 62.90 -0.7 CSOPFTSEChinaA50 AFTY 18.41 1.0 RegionalHlthPfdA RHEpA PatriotNatlBncp PNBK 18.00 1.1 Curis CRIS 1.20 -8.9 VicShEMHiDivVol CEY 24.77 -0.3
5.72 -38.4
AnteroMidstream AMGP 17.58 -0.8 DeltaShS&P500Mgd DMRL 52.43 0.4 SolitarioZinc PennNational PENN 27.27 -0.8 ElevenBiotherap EBIO 0.62 -2.4 Ziopharm ZIOP 4.16 -5.5
XPL 0.56 -2.3

    

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AFT
27.18
16.22
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DirexCSI300CnABl2 CHAU
YINN
30.12 2.8
35.24 1.9

  
  
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BuckeyePtrs BPL 50.10 0.2
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FTHeitmanPrmRlEst PRME 20.51 0.5
Nasdaq highs - 76
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Private Securities, Member FINRA/SIPC. Group 1 Automotive GPI 1.3 .25 /.24 Q Dec15 /Dec01
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 THE WALL STREET JOURNAL.
Bond Market Turns Less Friendly to Junk
Investors typically
look to junk bonds
as a sign of broader
market trouble
BY BEN EISEN
AND SAM GOLDFARB
A red-hot bond market is
turning more frosty toward
junk-rated issuers.
Investors demanded a 3.79
percentage point premium, or
spread, over going rates to
own junk bonds, the highest in
nearly two months on Thurs-
day, according to index data
from Bank of America Merrill
Lynch. That’s up from 3.38
percentage point on Oct. 24,
near its lowest since the finan-
cial crisis. Two low-rated issu-
ers also pulled bond deals
over the last day.
The gyrations suggest a shift
away from particularly easy
conditions that were on display
just a few months ago. The
market showed signs of stabi-
lizing Friday, but the latest
wobble offers a hint that inves-
tors are getting edgier after a
torrid rally in the debt of lower-
Treasurys Slip as Investors Focus on Tax Bill Delay
BY AKANE OTANI
U.S. government bonds
pulled back Friday, notching a
weekly loss, as investors main-
tained focus on the continuing
debate in Washington over a
tax overhaul.
The yield on the benchmark
10-year U.S. Treasury note set-
tled at 2.397%,
CREDIT compared with
MARKETS 2.333% Thurs-
day and 2.343%
at the end of
last week. It was the biggest
one-day rise in yields since
September.
The 10-year yield, which
* * * *
A sign of the change in climate is the decline of Tesla bonds.
rated companies this year.
“It’s just so much easier to
sell when your starting point”
is such low yields, said Drew
Conrad, a fixed-income trader
at Denver Investments.
Investors typically look to
junk bonds as an early-warn-
rises as bond prices fall, has
advanced for three consecu-
tive sessions, something that
has surprised some analysts,
given U.S. stocks on Thursday
narrowly missed posting their
biggest one-day loss in months
after Senate Republicans pro-
posed delaying corporate tax
cuts until 2019.
To some investors, the pro-
posal, which broke signifi-
cantly from a House Republi-
can plan introduced last week,
raised questions over whether
lawmakers would be able to
reach an agreement on an
overhaul they say will cut
taxes by about $1.5 trillion
MARKETS
Tension Rises
In High-Yield ETFs
Trading volume soars, but
price declines and outflows
remain modest for now
Huge trading volumes in
high-yield bond ETFs this week
show the tension facing inves-
tors when it comes owning
risky corporate bonds: Buy the
dip or run for the hills?
MATTHEW LLOYD/BLOOMBERG NEWS
The iShares iBoxx $ High
Yield Corporate Bond ex-
change-traded fund and the
SPDR Bloomberg Barclays High
Yield Bond ETF combined for
$4.7 billion in trading volume
Thursday, the second-highest
on record and most since De-
cember 2015, according to
ing sign of broader market 0.4% lower. It was down a fur-
hiccups. Recent weakness in ther 0.1% Friday.
that market had been brewing As Thursday’s weakness un-
for a few weeks, even as folded, NRG Energy said it
stocks kept climbing to re- withdrew an $870 million refi-
cords. But on Thursday, the nancing “in response to broader
S&P 500 fell as much as 1.1% market conditions.” It marked
before rebounding to close the first pulled deal since June,
over a decade. tion, which threatens govern-
Yet bond yields have con- ment bonds by chipping away
tinued to climb higher, which at the purchasing power of
some say reflects ongoing con- their fixed payments.
cern that a tax overhaul would Others said the week’s
expand the budget deficit. moves seemed to be driven by
When deficits expand, the gov- investors paring bets on
ernment responds by issuing bonds, after the yield on the
more bonds, which can dilute 10-year Treasury note on Nov.
the value of existing debt. 3 notched its largest one-week
“What the bond market is decline since mid-October.
likely responding to is the fact “People just decided to take
that there’s no answer for the some chips off the table,” said
budget deficit in either one of Tom di Galoma, managing di-
these plans,” said Kevin Giddis, rector of rates trading at Sea-
head of fixed income capital port Global Securities, who
markets at Raymond James. added that he doesn’t believe
A tax cut could also spur yields on the 10-year note will
economic growth and infla- rise much higher than 2.5%.
ADVERTISEMENT
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
 
Saturday/Sunday, November 11 - 12, 2017 | B11
FactSet.
Heavy ETF trading coin-
cided with relatively minor
price declines for both ETFs.
While prices fell to March lows,
Thursday’s drop didn’t register
among the iShares fund’s 10
steepest one-day declines over
the past year.
So far, ETF outflows have
been modest.
Some investors say that
the reward for owning high-
grade bonds is so paltry that
investors will run at the first
sign of trouble.
Last month the premium to
own junk bonds over Treasurys
fell to 3.38 percentage points,
the lowest in nearly a decade,
according to an index compiled
by Bank of America Merrill
Lynch.
—Chris Dieterich
according to LCD, a unit of S&P
Global Market Intelligence. The
merchant power producer was
hoping to sell bonds due in
2028, but its 5.75% yield offer
was too low for investors, who
wanted at least 6%, according
to two investors.
Upward
The yield on the 10-year U.S. Treasury posted a weekly gain after
falling last week.
2.40%
2.38
2.36
2.34
2.32
2.30
Monday Tuesday
Source: Thomson Reuters
AVIATION
Canyon Resource Holdings
LLC, a highly leveraged coal
company, pulled its offering of
a $375 million secured note Fri-
day, investors said. The bonds
were to be used as part of its
acquisition of Bowie Resources
Partners, due to close next
week. Representatives for NRG
and Bowie didn’t return re-
quests to comment.
Four other deals were com-
pleted Thursday, totaling $1.85
billion. One of them, chemical
company Platform Specialty
Products, priced its eight-year
notes at 5.875%, the high end
of initial indications.
In one sign of how hot the
junk bond market was just a
few months ago, money-losing
electric-car company Tesla is-
sued $1.8 billion of eight-year
bonds at a yield of 5.3%. De-
mand was so strong that bank-
ers increased the size of the
deal by $300 million.
Since then Tesla’s bonds,
rated B3 by Moody’s Investors
Service, have fallen steadily in
price. The bonds were trading
at 94 cents on the dollar Thurs-
day, down from almost 100
cents in August, according to
trading platform MarketAxess.
Wednesday Thursday Friday
THE WALL STREET JOURNAL.
 



SIMON DAWSON/BLOOMBERG NEWS

      


    
 

A mechanic works on a car at a Kwik-Fit garage. Spring REIT bought the U.K. car-repair centers in July.

Hong Kong’s Spring REIT 

  
  

 
 

 
  


 
  

Fights Off Activist Investor

   

 

BY GREGOR STUART HUNTER port and high recognition of counts Development Bank of
the manager’s performance,” Japan and Itochu Corp. as ma-
HONG KONG—The owners said Toshihiro Toyoshima, jor investors. 
of a Hong Kong real-estate in- chairman of Spring REIT, in a In July, Spring REIT ac- 


vestment trust fought off a
challenge from activist inves-
tor PAG, which had sought the
removal of the REIT’s manage-
ment.
    
   
  
#
PAG, an Asian asset man-
ager that manages $18 billion,
had wanted to force out the
management of Spring Real
Estate Investment Trust, a
$560 million REIT with prop-
erties in China.
The investor had cited a
long period of underperfor-
mance compared with other
Hong Kong-listed REITs and
statement.
Spring REIT’s units are
down 3.3% in the past three
years, compared with a 22.8%
gain for Hong Kong’s bench-
mark Hang Seng Index. A
gauge of Hong Kong-listed
REITs is up 28.6% during the
period.
Earlier this month, proxy
advisory firm Institutional
Shareholder Services recom-
mended that unit holders vote
quired a portfolio of 84 Kwik
Fit car-repair centers in a deal
valued at £73.5 million ($96.6
million). Kwik Fit is fully
owned by Itochu, which in  !"
turn owns a 19.5% stake in
Mercuria.
Another proxy firm, Glass AVIATION VOLVO
Lewis, said it recommended
that the investors vote against
  
Spring REIT. Glass Lewis said
that PAG had identified “per-
vasive underperformance” and
that the firm successfully ar-
gued that the trust was “rid-
dled with prospective conflicts
 

an investment in Kwik Fit car-
repair centers in the U.K. that
PAG said marked a “radical de-
parture” from the REIT’s exist-
ing portfolio and exposed in-
vestors to “unnecessary
economic risks.”
The defeat was the latest in
a string of setbacks for activ-
ist shareholders making public
demands on companies in
Hong Kong.
Holders of a total of 80.7%
units voted down the measure
  11
to remove Spring REIT’s man-
agement, according to an offi-
The defeat was the
latest in a string of
setbacks in Hong Kong
for activist investors.
to support Spring REIT, saying
that PAG didn’t propose a
clear strategy to improve the
trust’s performance. PAG had
previously recommended com-
missioning an independent re-
view of the trust’s governance
and strategy, a measure that
of interest,” which favored
Mercuria and its shareholders
rather than Spring REIT’s in-
vestors.
It is unclear what PAG’s
next move will be. The firm
has continued to increase its
holding in Spring REIT, dis-
closing Tuesday it owned
13.07% of the trust’s units, ac- LUXURY
cording to a filing to the Hong
Kong stock exchange.
Efforts to improve Spring 2018 Lincoln , +- . +/0
REIT’s governance and perfor- Navigator Reserve L %& +/0
mance will continue, said
AWD, loaded. Blk/Blk. $5K off list
Broderick Storie, partner and  

                 

cial tally of the vote released Spring REIT didn’t put to a managing director of PAG Real or lease for $1159 mo + tax       
     !"# $   %& !  
& '( ) *+*
to the Hong Kong stock ex- unit-holder vote. Estate, without elaborating. Nationwide delivery.
Spring REIT is managed by “We’re disappointed—we We offer all current makes & models
change.
“We are delighted to see Spring Asset Management, think some of the issues are
- for less. Call 7 days. Trades accepted. %  '! 2  , 34
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B12 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

MARKETS
Blue Chips’ String of Weekly Gains Ends
Stock indexes’ losses
are modest; energy Investors Hanker for Fiscal Stimulus
The prospect of a delay in proposed tax cuts weighed on stocks during the week, a year after the election of President Donald Trump
shares drop Friday as kicked off a sharp rise in U.S. shares. Energy companies continued to rebound as oil prices traded near their highest levels of the year.
consumer staples rise
S&P 500 Here's how this past year stacks up against other
BY MARINA FORCE
AND CORRIE DRIEBUSCH
2600 postelection performances.
2595 President S&P 500 performance in year after election
The Dow Jones Industrial Friday
Average slipped Friday, notch- 2582.30
2590
t0.2% weekly Herbert Hoover (1928-29) –8.4%
ing its first weekly decline
since September. 2585
Investors’ concerns about Franklin D. Roosevelt (1932-33) 35.4%
the status of a U.S. tax over- 2580
haul pressured stocks during Franklin D. Roosevelt (1936-37) –32.9%
2575
the past week, though Friday’s
moves were relatively muted. Franklin D. Roosevelt (1940-41) –13.4%
2570
The Dow industrials lost
39.73 points, or 0.2%, to Franklin D. Roosevelt (1944-45)* 32.3%
2565
23422.21 on Friday. The S&P Monday Tuesday Wednesday Thursday Friday
500 fell 2.32 points, or 0.1%, to Harry S. Truman (1948-49) –2.2%
2582.30 and the Nasdaq Com-
posite rose 0.89 point to Dwight D. Eisenhower (1952-53) –0.4%
6750.94. KBW Nasdaq Bank Index
All three indexes had weekly 103 Dwight D. Eisenhower (1956-57) –15.1%
declines, though the losses were
102 John F. Kennedy (1960-61) 28.6%
relatively modest: The Dow’s
0.5% drop was the biggest. 101
“Is this the beginning of the Lyndon B. Johnson (1964-65) 8.4%
end? The last two days’ selloff, Friday
100
97.59 Richard Nixon (1968-69) –5.3%
I’m not concerned,” said Kent
Engelke, chief economic strate- 99 t-4.4% weekly
gist at Capitol Securities Man- Richard Nixon (1972-73) –7.2%
agement. However, he said 98
there could be more market Jimmy Carter (1976-77) –12.0%
97
swings if tax-code changes,
particularly for corporations, 96
Ronald Reagan (1980-81) –3.3%
fail to pass in the next several
months. “If we don’t get [a tax Monday Tuesday Wednesday Thursday Friday Ronald Reagan (1984-85) 13.1%
overhaul], I would be concerned
about the market,” he said. George H. W. Bush (1988-89) 22.9%
On Friday, shares of energy S&P 500 Energy Sector
companies fell with oil prices, 520 William Clinton (1992-93) 10.3%
weighing on major stock in- Friday
dexes. The S&P 500 energy 518
513.67 William Clinton (1996-97) 32.0%
sector lost 0.8% on the day but
516 s1.1% weekly
notched a weekly gain as U.S. George W. Bush (2000-01) –22.1%
crude oil ended the week at 514
$56.74 a barrel, its fifth-high- George W. Bush (2004-05) 7.5%
est level of the year. 512
Consumer-staples shares Barack Obama (2008-09) 4.0%
jumped 1% in the S&P 500, fin- 510
ishing as the day’s best-per- Barack Obama (2012-13) 23.9%
forming sector in the broad in- 508
dex. Monster Beverage led Donald J. Trump (2016-17)† 21.3%
506
gains in the group, rising
$2.48, or 4.2%, to $61.16 after Monday Tuesday Wednesday Thursday Friday
Citigroup raised its price tar- *Died in office in April 1945 and succeeded by Harry S. Truman. †Data through Nov. 8
get to $66 a share from $60. Sources: SIX Financial (stocks, indexes); WSJ Market Data Group (presidential performance) THE WALL STREET JOURNAL.

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

Tax Cuts Should Worry Investors OVERHEARD Turkey Can

Congressional Republicans
and Presidential Donald
Trump are confident that
they will notch a win on
taxes. Investors may not see
the final result as the win
they had anticipated.
A hint of this came Thurs-
day, when the Senate Repub-
lican proposal to rewrite the
tax code included some big
differences with the House
plan. One that stuck in the
stock market’s craw was a
proposal to delay cutting the
corporate tax rate until 2019,
compared with a 2018 start
under the House proposal.
That means no bump in earn-
ings next year.
Under a standard valuation
model, that would make stocks
worth a bit less. Small wonder,
then, stocks slipped, with
tax-cut beneficiaries banks
and domestically focused
small caps falling furthest.
More important than the
delay was the idea that a
20% corporate tax rate that
is the biggest change in the
tax plan is subject to negoti-
ation. The problem is making
up for the lost revenue. For
the plan to pass the Senate
Skeptical Split
Small-company stocks, which benefit more from a tax cut,
have underperformed big companies recently.
3%
Total return
2 something done may prompt
1
0 more voters feel they have
–1
October
Source: FactSet
with a simple majority, it
must cost no more than $1.5
trillion over 10 years and
can’t increase the deficit be-
yond that. But looking at the
trade-offs that congressional
Republicans will need to
strike in order to meet that
constraint, and at what is
looking like a challenging
election next year, investors
should be prepared for cor-
porate tax cuts to be pared
back less than in either the
House or Senate plans.
S&P 500
Russell 2000
November
THE WALL STREET JOURNAL.
One of the most difficult
trade-offs is what to do
about state and local income
and property deductions. The
House plan retains property-
tax deductions, with a cap at
$10,000, while eliminating
the remainder of deductions.
The Senate gets rid of all the
deductions. For House Re-
publicans in high-tax states,
neither plan is very palat-
able—especially after Demo-
crats’ performance in Vir-
ginia and New Jersey
elections on Tuesday.
Of course, Tuesday’s per-
formance by the Democrats
may also create a sense of
urgency among Republicans
to get something done on
taxes. But the need to get
them to set their sights
lower.
Worries about the election
could also lead them to rejig-
ger their tax plan so that
gained something from it.
The corporate tax cut—espe-
cially if it is delayed a year
or phased in—won’t do that.
That is because while some
portion of corporate tax cuts
benefit workers (how much
is a big debate), neither will
it benefit them right away
nor will that benefit be clear-
cut.
So it shouldn’t be surpris-
ing if the tax benefits to the
middle class become a bit
more palpable, and the pro-
posed corporate tax cuts end
up getting reined in as a re-
sult. If so, investors will have
to rein in their expectations
for a profit boost as well.
—Justin Lahart
Pay for performance is a
hot topic for investors. Usu-
ally the concern is whether
chief executives are getting
remunerated for the right
reasons.
But what do the widget
makers think? Sadly, rank-
and-file workers see little
connection between doing a
good job and getting a raise,
according to Emolument, a
compensation research firm.
It surveyed 2,200 workers
and found that even in the
recruitment and executive-
search industry, the folks who
know the most about how
pay works, 42% think perfor-
mance has a significant im-
pact on pay. Among lawyers,
40% think better work leads
to more pay.
It gets worse in other in-
dustries. Just a third of work-
ers in tech, transportation and
tourism, and just a fourth in
media, insurance and retail
connect doing a great job to
their pay. Do performance-
linked bonuses help? Not really,
according to the study. Only
30% of bankers think rewards
are linked to their success.
Show Global
Market Risks
In a world worried about
complacency in markets,
where should an investor look
for rumblings of disorder? A
good candidate is Turkey.
The volatile emerging mar-
ket has offered investors
plenty of reasons for concern
in recent years. Now, inflation
has risen into double-digit ter-
ritory, reaching 11.9% in Octo-
ber. Growth has been strong,
although there are concerns it
is reliant on a credit binge
that is unsustainable.
As a result, since peaking
in early September, the Turk-
ish lira has fallen 12% versus
the U.S. dollar. The Bloomberg
Barclays index of local-cur-
rency Turkish bonds has
swung from a year-to-date rise
of more than 10% to a decline
of over 5%, with the yield on
the index rising to 12.5%.
To some extent, investors
have seen this movie before,
but each time tensions have
risen, they have been con-
tained; markets have avoided
outright crisis. That is in
part because the central
bank has, in the end, raised

A Rare Win for Wall Street as China Opens Up Ownership
There won’t be a land
rush for financial firms in
China, but the opening up of
the Chinese financial system
to overseas ownership makes
some deals very attractive
for Wall Street.
A Chinese official said Fri-
day that the country would
begin allowing foreign com-
panies to hold majority
stakes in local securities and
fund-management compa-
nies. Foreigners will be al-
lowed to own 51% of securi-
ties firms, up from 49% now,
and potentially rising to
100% in three years.
The more dramatic action
was to promise to remove
caps on ownership of com-
mercial banks, which cur-
Foreigners at the Back
China’s top 13 equity capital-
markets book runners. Deal
value for 2017 year to date:
1 Citic Securities
2 China Securities
3 China International Capital
…
10 Industrial Securities
11 Goldman Sachs
12 China Merchants Securities
13 UBS
Source: Dealogic
rently can range between
20% to 25%. Until now, con-
trol of the domestic banking
system has been closely
guarded. But there is less
here than meets the eye.
Most banks in China are
owned by local governments
or the central government,
and are unlikely to be sold.
The banks that could be
open to foreign control, such
as privately owned China
$11.1 billion
Minsheng Banking or Ping
$9.6
An Bank, are among the risk-
$8.0
iest places in the system,
with less-stable deposits and
$3.4 heavy exposure to opaque
$3.3 wealth-management products.
$3.0 Foreign banks have been
$3.0 sellers not buyers of their
stakes in Chinese lenders,
under pressure from regula-
tors to raise capital and cut
risks. U.S. and European reg-
ulators are unlikely to bless
new big investments in Chi-
nese banks with complex,
murky risks.
The securities business is
another story. China main-
tains a Glass-Steagall-like
separation of commercial and
investment banking, which is
where foreigners have long
played. Banks including
Goldman Sachs, Morgan
Stanley, UBS and Credit
Suisse own stakes in Chinese
securities joint ventures
ranging from 25% to 49%.
Many foreign banks are
likely to try to take control,
eyeing the relative success of
Goldman Sachs and UBS,
which effectively control their
operations even though they
own minority stakes. They
are the only foreign banks in
the top 15 in stock underwrit-
ing in China this year, though
they rank near the bottom.
Goldman has made it known
it would invest more if given
full control.
Everyone should calibrate
their exposure carefully. Po-
litical, financial and market
risks abound in China. But
there is also ample money to
be made. In the first three
quarters of this year, total
investment-banking revenue
in China came to $5.9 billion,
according to Dealogic, with
the vast majority going to
local Chinese players.
For banks that have
waited for decades to build
real investment-banking
businesses in China, now is
the time to strike.
—Aaron Back
rates in response to pressure.
Yet Turkey is among the
most vulnerable to a change
in the status quo of ultra-
loose monetary policy given
its persistent current-account
deficit, a problem many
emerging-market countries
addressed in recent years.
The latest bout of weak-
ness in Turkish bonds and
the lira has coincided with a
rise in the U.S. dollar as mar-
kets have shifted to reassess
U.S. monetary and fiscal poli-
cies. The question now is
whether investors continue
to ignore fundamental wor-
ries to chase returns.
Turkey looks like an im-
portant country to watch for
signs that the global attitude
to risk and the hunger for
yield are changing.
—Richard Barley
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A Marine returns Into the heart

to Fallujah, of Joseph
finding the same Conrad: A vivid
Iraqi fears new biography of
among the ruins the novelist
C4 C5

BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, November 11 - 12, 2017 | C1

BRIAN STAUFFER

THE SECRETS OF
But resilient people are everywhere, not just in the
ranks of celebrities. They are ordinary women and

Resilience
men, in every walk of life, who meet the definition of
resilience set forth by American Psychological Associa-
tion: “adapting well in the face of adversity, trauma,
tragedy, threats or significant sources of stress.”
Across nearly two decades as a clinical psychologist
and an educator, I have worked with many accom-
plished people who grew up in difficult circumstances.
One thing I have learned from them is that the way we
tend to talk about resilience is too simplistic. In every-
day conversation, we say that people who are resilient
“bounce back” or “rebound.”
The dictionary defines resil-
What does it take to conquer life’s adversities? Lessons from ience as elasticity, that is, the Coping with
successful adults who overcame difficult childhoods. ability to recover quickly and
easily—to snap into shape stress is like
again, like a rubber band exercise:
We get
400 Famous Twentieth-Century Men and Women.” stretched and released.
BY MEG JAY
They selected individuals who had had at least two bi- These images are fine for

OES EARLY HARDSHIP in life keep chil-

dren from becoming successful adults?
It’s an urgent question for parents and
educators, who worry that children
growing up in difficult circumstances will
fail to reach their full potential, or worse,
sink into despair and dysfunction.
Social scientists have shown that these risks are
real, but they also have found a surprising pattern
among those whose early lives included tough times:
Many draw strength from hardship and see their strug-
gle against it as one of the keys to their later success.
A wide range of studies over the past few decades has
shed light on how such people overcome life’s adversi-
ties—and how we might all cultivate resilience as well.
In 1962, the psychologist Victor Goertzel and his
wife, Mildred, published a book called “Cradles of Emi-
nence: A Provocative Study of the Childhoods of Over
ographies written about them and who had made a
positive contribution to society. Their subjects ranged
from Louis Armstrong, Frida Kahlo and Marie Curie to
Eleanor Roosevelt, Henry Ford and John D. Rockefeller.
The Goertzels found that less than 15% of their fa-
mous men and women had been raised in supportive,
untroubled homes, with another 10% in a mixed setting.
Of the 400, a full 75%—some 300 individuals—had
grown up in a family burdened by a severe problem:
poverty, abuse, absent parents, alcoholism, serious ill-
ness or some other misfortune. “The ‘normal man,’ ”
the Goertzels wrote, “is not a likely candidate for the
Hall of Fame.”
If the Goertzels were to repeat their study today,
they would find many more examples of women and
men who rose to great heights after difficult child-
hoods—Oprah Winfrey, Howard Schultz, LeBron James
and Sonia Sotomayor, to name just a few. Today, we of-
ten use the word “resilient” to describe such people.
describing recovery from
short-term problems, like the
stronger
flu or a career disappointment, with
but they don’t capture how re-
silience truly works and feels.
practice.
The most common childhood
adversities aren’t one-time
events but chronic sources of
stress: bullying, neglect, physical or sexual abuse, the
death of a parent or sibling, addiction or mental illness
in the home, domestic violence.
Such problems are recurring threats to a child or
Please turn to the next page
Dr. Jay is a clinical psychologist at the University
of Virginia and author of “Supernormal: The
Untold Story of Adversity and Resilience,” to be
published on Nov. 14 by Twelve Books.

INSIDE

MOVING TARGETS EXHIBIT

Smokes,
Joe Queenan’s got the toy
goods: Unrevealed planes
details on the new and
‘Star stamps
Wars’ about
contract Prince
that William
would BOOKS WEEKEND CONFIDENTIAL ESSAY —all
shock No chaperones, no corsets, lots ‘Freakonomics’ co-author Medicine may go high-tech, but from
Sith and of ‘cultural anxiety.’ The rise Stephen Dubner has a calling: an age-old problem will remain: North
kin. and fall of the flapper. thinking up questions. changing patients’ behavior. Korea.
C11 C6 C11 C3 C12
AHMED DEEB FOR THE WALL STREET JOURNAL (FALLUJAH)
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C2 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

REVIEW

The Path to Resilience

Continued from the prior page found that the extent to which prisoners had fought back in their
teen’s safety and well-being. Resilient youth do not just rebound own minds made a bigger difference than the severity of the abuse
from them. What they do is much more complicated and courageous. they had suffered. Those who felt mentally defeated—who felt like
For them, resilience is an ongoing battle, a way of approaching life, they were “nothing” or who quit caring what became of them—were
not a restorative bounce. more likely to report symptoms of PTSD later. By contrast, prisoners
Physiology plays an important role. In the face of danger, our who had resisted from within—even if they appeared to have given
bodies respond with fight-or-flight. The brain triggers the release up on the outside, by complying with guards or signing false confes-
of stress hormones such as adrenaline and cortisol. Our heart rate sions—fared better down the line.
increases, we become more alert and focused, and blood flows to This sort of inner defiance is, in part, how one man—an officer
our muscles for extra energy. When we think of the fight in fight-or- in the military who came to me for a consultation—told me he sur-
flight, we may imagine physically harming someone. But in the mod- vived years of bullying as a child and teen: “I refused to accept what
ern world, fighting back can take many forms. they said about me was true.”
Consider the Kauai Longitudinal Study, an ongoing project begun Of course, there is enormous variability in terms of how individu-
in 1955 by psychologists Emmy Werner and Ruth Smith, and sum- als respond to adversity. Social scientists rightly argue that resil-
MIND & MATTER: marized most recently in their 2001 book “Journeys From Child- ience isn’t a single quality that someone does or doesn’t have, or a
hood to Midlife.” The Kauai Study’s subjects are the 698 babies single action that a person does or doesn’t take, but rather it is a
SUSAN PINKER born on the island that year, with assessments so far at ages 1, 2, phenomenon—something we can see but may never be able to
10, 18, 32 and 40. neatly explain.
Of the children in the study, Drs. Wer- A minister once shared a parable with
Can Brain Scans ner and Smith identified 129 as being at me that neatly captures this point: Two
high risk for future problems, because brothers are raised in a home in which the
Curb the Rising they faced four or more adversities at father is a violent alcoholic. One brother
birth, ranging from poverty and family grows up to be a drinker and an abuser,
Rate of Suicide? discord to alcoholism or mental illness in while the other becomes an abstinent man
the home. and a model parent. When asked how they
SUICIDE is the 10th leading Two-thirds of these high-risk children came to be who they were, both brothers
cause of death in the U.S. After a went on to have difficulties of their own, gave the same answer: “Given who my fa-
period of decline, it rose 24% in such as delinquency, unplanned pregnan- ther was, how could I not?”
the 15 years ending in 2014, and cies and underemployment. One-third, My aim here is not to say that resilient
a gender gap has persisted—four however, fared well. At school and at people are winners—or that those who are
times as many men as women kill them- work, they did as well as, or better than, suffering have allowed themselves to be
selves. their low-risk peers from more affluent, defeated—but, rather, to say that over-
For clinicians, identifying who is at risk stable homes. In adulthood, they found coming childhood adversity is a phenome-
for suicide has long posed a challenge. How supportive partners and built loving fam- nal struggle indeed. It is a heroic, power-
do you tell the difference between a person ilies that, often, differed greatly from the ful, perilous, often decadeslong endeavor,
who is distressed but not in danger from ones they grew up with. They became, as yet one that, over time, can lead to both
someone quietly planning to take his own Drs. Werner and Smith described, “com- ELEANOR ROOSEVELT’S mother and her ordinary and extraordinary success.
life? If we could answer that question, we petent, confident, caring adults.” How did father, an alcoholic, died by the time she was 10. Back in 1962, the Goertzels’ finding that
could prevent many untimely deaths. Re- they do it? so many prominent people had grown up with hard
search shows that taking one’s life is rarely a
spur-of-the-moment idea and that most sui-
They were active problem solvers who, over a pe-
riod of decades, fought for better lives for them-
Battling times may have seemed counterintuitive but, given
what we now know about stress and coping, it isn’t
cidal people have a plan in mind before they selves. Though they weren’t necessarily gifted, they back on the so surprising. Coping with stress is a lot like exercise:
act on it.
Now, it seems, computers may be able to
used whatever strengths they had to their advan-
tage—a particular talent, an engaging personality, a
outside We become stronger with practice. University of Ne-
braska psychologist Richard Dienstbier explains how
help discern who is in danger. A study pub- ready intelligence. They sought out friends, teachers, begins with this works with his “toughness model,” first pub-
lished last month in the journal Nature Hu- neighbors or relatives who cared. They made plans fighting back lished in 1989 in the journal Psychological Review.
man Behaviour shows that machines can to better themselves and set ambitious but realistic Dr. Dienstbier gathered evidence from a wide
learn to identify suicidal people based on goals for the future. In early adulthood, they seized on the range of human and animal studies demonstrating
their brain scans. opportunities to move forward in life, by way of inside. that exposure to intermittent stressors, such as cold
“Human brains have a common way to higher education, the military, a new job, a support- temperatures and aerobic exercise, made individuals
represent objects and emotions,” said Marcel ive partner or parenthood. physiologically “tougher.” They became less over-
Just, a professor of cognitive neuroscience When the researchers asked these resilient adults whelmed by subsequent difficulties, and by their own
at Carnegie Mellon University and the pa- how they understood their own success in retro- fight-or-flight arousal. This makes a difference be-
per’s first author. That process is so univer- spect, the majority reported that their most important asset was de- cause when a stressor seems manageable, we perceive it as a chal-
sal, Dr. Just said, that his team’s scanning termination. lenge, and adrenaline—which boosts energy, focus and coping—is
studies have found the same brain-activation “I am a fighter—I am determined—I will survive,” said one released. When a stressor seems unmanageable, however, we per-
patterns for a word like apple in English, woman who made her way out of an abusive childhood. “I give it ceive it as a threat and our cortisol levels rise too, suppressing our
Portuguese and Mandarin speakers. 100% before I give up. I will never lose hope.” immune system and making us more vulnerable to disease.
Four years ago, Dr. Just’s team began cap- “When things have to be done, you just do it. I am not the type What’s more, Dr. Dienstbier wrote, toughened individuals increas-
turing brain-activation patterns for emotions of person to run away—no matter how difficult the problem,” said ingly seek out experiences that stimulate them and provide opportu-
by putting actors another subject who became a bookkeeper. nities for more mastery and success. It is a virtuous circle.
into brain scanners. And another who became aerospace engineer put it this way: “I Although I would hardly consider childhood adversities to be de-
Mapping Researchers asked don’t let problems take control. I just pick myself up and start all sirable difficulties, many who grow up with hardship do say they
the brain them to imagine
scenarios that
over—you can always try again.”
Other research has suggested the importance of the fighter
benefit in precisely this way. The military officer who was bullied
in his youth—and who, besides resisting on the inside, also tough-
into a 3-D would make them within. In a 2010 paper in the Journal of Abnormal Psychology, Anke ened himself up as a teen through running and judo—described the
grid. feel anger, envy,
shame and other
Ehlers of the University of Oxford reported on 81 adults who had
formerly been held as political prisoners in East Germany. They had
impact that early adversity had on this life this way: “I see myself
as stronger and more capable than most people around me because
emotions, thus cap- been subjected to mental and physical abuse, including beatings, of the treatment I lived through. I see myself as an optimist, not be-
turing neural signa- threats and being kept in the dark. Decades after their release, cause I think bad things don’t or won’t happen but because I believe
tures for these about two-thirds of the I can overcome whatever comes my way. I feel independent and con-
mental states. The researchers then had a ba- former prisoners had, fident. I feel tested. I feel brave.”
sic visual dictionary of how the brain repre- at some point, met cri- Poet Dylan Thomas said, “There’s only one thing that’s worse than
sents emotions, a resource that would come teria for post-trau- having an unhappy childhood, and that’s having a too-happy child-
in handy for their study on suicide risk. matic stress disorder hood.” I don’t know if this is true, but I do know that too many
In that study, Dr. Just’s team exposed 34 (PTSD), while about women and men feel lesser somehow because of the adversities they
adults under age 30 to over two dozen one-third of the pris- have grown up with, imagining they would be happier or more suc-
words repeated randomly while they were oners had not. cessful people if they had enjoyed stress-free upbringings. This isn’t
lying in the scanner. Of the subjects, half had What made some necessarily the case.
a history of suicidal thoughts or suicide at- more likely to suffer In a multiyear study of more than 2,000 adults aged 18 to 101,
tempts. The other half, with no history of from PTSD? Dr. Ehlers published in 2010 in the Journal of Personality and Social Psychol-
mental illness, were the control group. ogy, University at Buffalo psychologist Mark Seery and col-
While in the scanner, the subjects saw leagues found that those who had known some adversity were
slides of emotionally evocative words, in- both higher-functioning and more satisfied with their lives
cluding “carefree,” “cruelty,” “praise,”
“gloom” and “lifeless.” The participants’ Adversity than those who had experienced extremely high levels of hard-
ship—and compared with those who had experienced no ad-
neural responses to these words were care-
fully mapped using voxel analysis—which Overcome versity at all. They also coped better with more recent prob-
lems they encountered, leading the study’s authors to
captures varying patterns of brain activation conclude, in partial agreement with Nietzsche, that “in moder-
according to a 3-D grid of about 20,000 vox- OPRAH WINFREY was sexually abused by relatives. ation, whatever does not kill us may indeed make
els. These are created when neuroscientists us stronger.”
electronically dice up the brain into 3-D So where does that leave those of us who would
cubes so they can measure and compare like to be more resilient? It helps to take on long-
what’s happening in various locations. form projects that feel like challenges rather than
Only 120 voxels or so reflect how the threats. Whether taking up crew or judo, studying
brain processes emotional concepts, said Dr. for an advanced degree or mastering an instru-
Just, adding: “You show me the activation ment, hard things that aren’t emotional or unex-
pattern in those 120 voxels and I’ll show you pected help us practice for those that are.
what word you’re thinking about.” And when life inevitably becomes difficult, own
By analyzing small pattern differences in the fighter within. Resist defeat in your own mind
the neural signatures, the team created a by a schoolyard bully or an alcoholic parent. Fight-
computer algorithm—a set of rules to follow ing back on the inside is where battling back on the
in digital calculations—that could learn to outside begins.
differentiate people with suicidal intentions Reach out to family, friends or professionals who
from members of the control group. care. It is a myth that resilient people don’t need
Based on the computer’s prototype of help. Seeking support is what resilient people do.
FROM TOP: GETTY IMAGES (2); ASSOCIATED PRESS (2); CSU ARCHIVES/EVERETT COLLECTION

each group’s neural responses, the algorithm Engage in active coping. Most serious adversities
could predict whether a subject had previ- are neither quickly nor easily solved, but taking
ously thought about suicide—or had no such HOWARD SCHULTZ of Starbucks grew up in a housing project. control where we can is
history—with 90% accuracy. The machine empowering. Make a real-
could also separate those who had contem- istic plan to improve your
plated suicide from those who had really situation, and work to-
tried it, correctly distinguishing between the ward it day by day. Prog-
two 94% of the time. ress shores us up and
“I’m a cognitive psychologist. I used to calms us down.
think that the human mind was for arithme- Finally, remember the
tic, reading and planning where to park your ways you have been coura-
car,” Dr. Just said, remarking on the early geous and strong. Too of-
preoccupations of cognitive science with ten we remember what
pure problem solving. “But when I started to has gone wrong in life
do brain imaging, I saw the networks that rather than what we did to
become activated” when a person thinks of survive and thrive. Think
other people, their intentions or their goals. back on a time when you
Predicting the chances of suicide based on were challenged and give
TOMASZ WALENTA

biological markers like brain scans is a mon- yourself credit for how
umental achievement. Let’s hope a reliable you made it through. You
and affordable version will be available to JOHN D. ROCKEFELLER’S father, may already be more resil-
medicine sometime soon. LOUIS ARMSTRONG left school at fifth grade to support his family. a con man, was often absent. ient than you think.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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REVIEW

they died at the same rate as for patients in

the control group. Both groups continued to
exhibit high levels of noncompliance with
physicians’ orders.
High-tech interventions also have failed to
encourage people to live more healthily. For an
October 2016 paper in the journal Lancet, re-
searchers at the Duke-NUS Medical School in
Singapore randomly assigned employees from
13 organizations to one of four groups, in an ef-
fort to encourage exercise. One group got Fitbit
Zip trackers, two other groups got the tracker
plus money that they could use, respectively,
for themselves or for charity, and the last
group got no tracker.
The study found that the device increased
moderate-to-vigorous activity by 20 to 30 min-
utes a week after the first six months—but only
when cash or charity incentives were in play.
When the incentives were discontinued, physi-
cal activity returned to pre-intervention levels.
Why is virtual medicine falling short of the
techno-optimists’ expectations? Most medicine
isn’t about closely monitoring every passing
physiological change. Except for patients in the
ICU, moment-to-moment numbers on blood
pressure, weight or heart rate often don’t really
matter. After all, people don’t become obese by
overeating for one
meal or go into
Patients heart failure from
often don’t one extra-large
sugary soft drink.
cooperate And with the ex-
with their ception of insulin
own care. and drugs adminis-
tered intravenously
in the hospital,
most medications
work over 12- or
24-hour cycles, so the continuous monitoring
promised by technology is largely a waste.
Another reason to be skeptical about virtual
ALEX NABAUM

medicine is the age group in which we most

need behavior to change: older patients with
chronic illnesses. Many of them may use smart-
phones, but they are not on the whole adept
with high-tech gadgets. Even younger, more

The Hype of
Consider the problem of
patients who do not take
their medication properly,
leading to higher rates of
complications, hospitaliza-
tech-savvy patients don’t seem to respond well.
A study at the University of Pittsburgh, pub-
lished in JAMA in September 2016, found that
having overweight and obese millennials (ages
18 to 35) wear a multisensory device did noth-

Virtual Medicine
High-tech interventions
haven’t been effective at
changing patients’ bad habits
BY EZEKIEL J. EMANUEL
WILL “VIRTUAL MEDICINE” transform the
American health-care system? Will the latest
computer-based technologies—apps, wearables,
remote monitors and other high-tech devices—
make Americans healthier? That’s the promise
made by tech gurus, who see a future in which
doctors and patients alike track health prob-
lems in real time, monitor changing conditions
and ensure both healthy habits and compliance
with drug and therapy regimens.
If it all sounds too good to be true, that’s be-
cause it is. Computer-enabled technology will
indeed change the practice of medicine, but it
will augment traditional care, not catalyze the
medical revolution prophesied by Silicon Val-
ley. Machine learning will replace radiologists
and pathologists, interpreting billions of digital
X-rays, CT and MRI scans and identifying ab-
normalities in pathology slides more reliably
than humans. Remote observation of patients
will be used in tele-intensive care units. And
monitoring technologies will make it easier to
treat patients at home, facilitating more out-of-
hospital care.
But none of this will have much of an effect
on the big and unsolved challenge for American
medicine: how to change the behavior of pa-
tients. According to the Centers for Disease
Control and Prevention, fully 86% of all health
care spending in the U.S. is for patients with
chronic illness—emphysema, arthritis and the
like. How are we to make real inroads against
these problems? Patients must do far more to
monitor their diseases, take their medications
consistently and engage with their primary-
care physicians and nurses. In the longer term,
we need to lower the number of Americans
who suffer from these diseases by getting them
to change their habits and eat healthier diets,
exercise more and avoid smoking.
There is no reason to think that virtual med-
icine will succeed in inducing most patients to
cooperate more with their own care, no matter
how ingenious the latest gizmos. Many studies
that have tried some high-tech intervention to
improve patients’ health have failed.
tion and even mortality. Re-
searchers at Harvard, in col-
laboration with CVS,
published a study in JAMA
Internal Medicine in May
comparing different low-cost
devices for encouraging patients to take their
medication as prescribed. The more than
50,000 participants were randomly assigned to
one of three options: high-tech pill bottles with
digital timer caps, pillboxes with daily com-
partments or standard plastic pillboxes. The
high-tech pill bottles did nothing to increase
compliance.
Other efforts have produced similar failures.
Researchers from the University of California
conducted a test involving nearly 1,500 pa-
tients with congestive heart failure who were
discharged from the hospital. Half were given
randomized high-tech interventions, including
wireless scales to track weight gain or loss,
wireless blood pressure cuffs and digital symp-
tom-monitoring devices. The devices reported
back to a central office where nurses monitored
the data and followed protocols to call patients
who, when appropriate, “were encouraged to
contact their health professionals.”
The results, published in JAMA Internal
Medicine in March 2016, showed that wire-
less monitoring and coaching phone calls
made no difference compared with conven-
tional care. Within six months, about half the
“high-tech” patients were rehospitalized, and
ing to improve their weight loss over 24
months, as compared with the control group.
Technology is certainly great at aggregating
data and turning it into useful information, but
a lack of data isn’t the main barrier to deliver-
ing high-quality, low-cost care. The real chal-
lenge lies in changing patients’ habits and be-
haviors once a health problem is identified.
As behavioral economics reminds us, infor-
mation alone doesn’t change behavior. Smokers
know that smoking is bad for them and that
they should quit. Obese people know that they
should lose weight. People want to take their
medicines and do their rehabilitation exercises.
But all of this requires altering habits and daily
routines, which is supremely difficult. Think
about how little time it takes most people to
fail at their New Year’s resolutions.
The only interventions that seem to change
the behavior of patients in a lasting way are fi-
nancial incentives (mainly to stop smoking)
and long-term, face-to-face relationships with
nurses and health-care coordinators. These in-
terventions are decidedly not high-tech. They
are high-touch, and they remain our most ef-
fective prescriptions to treat chronic illnesses.
Dr. Emanuel is the vice provost and chair of
the department of medical ethics and health
policy at the University of Pennsylvania and
venture partner with Oak HC/FT. His most
recent book is “Prescription for the Future.”

AFRICA’S FACTORIES, MADE IN CHINA

BY IRENE YUAN SUN
IN 2014, a midsize Chinese pharma-
ceutical company started looking into
building a manufacturing plant in
Ethiopia. That same year, a Western
company 20 times its size, Glaxo-
SmithKline, explored the same possi-
bility. Two years and multiple feasibil-
ity studies later, the Western firm
decided to hold off on investing in
Ethiopia, citing the country’s limited
market size and low income level. By
that time, the Chinese firm, Human-
well Healthcare Group, had already
broken ground on its new factory in
Ethiopia.
Increasingly, Chinese firms are be-
ing drawn to Africa. New data from a
large-scale McKinsey & Co. research
project (which I co-wrote) reveals that
there are now more than 10,000 Chi-
nese firms operating in the continent,
up from 2,500 a decade ago. What’s
driving this influx is an abundant crop
nese firms operating in Africa past decade—and as domestic own origins growing up in Urumqi, in
are privately owned rather opportunities narrowed due to western China. “We didn’t have
than state-owned, according growing state investment— proper roofs—they were thatched
to the McKinsey study, though these factory owners started with grass. There was no power or
some benefit from state assis- looking abroad for new loca- running water. The Urumqi of my
tance. These private firms tions with lower labor costs. childhood was poorer than Ethiopia!
have a higher rate of local em- Sun Jian, from Wenzhou, If we could build factories there, why
ployment as well: 92% of their China, dropped out after ele- can’t we do it here?” he said.
employees are local Africans, mentary school and started It hasn’t all gone smoothly. Afri-
compared with 81% for state- working in foreign-owned fac- can countries such as Zambia have
owned Chinese firms’ Africa tories from age 13. He worked experienced recent economic down-
businesses. Their managers his way up at several leather turns, turning off investors, and
are 47% local compared with processing plants and eventu- some entrepreneurs have left. There
35% for state-owned firms. All ally was able to start his own also have been protests in countries
52 African countries with dip- factory. In the late 2000s, Mr. where smaller Chinese businesses
lomatic relations with China Sun saw his margins squeezed, are moving into nonmanufacturing
have received investments, as labor costs in China were sectors, such as mining and trading.
with the top five being South rising more than 10% a year. Still, China’s entrepreneurs are
Africa, Algeria, Nigeria, Zam- He looked at several interna- playing a transformative role. The
bia and the Democratic Re- tional destinations before set- U.S. and Europe no longer have
public of the Congo. tling on Nigeria. In 2011 he enough of the sort of labor-intensive
Just three decades ago, built a large-scale ceramic tile manufacturing firms that developing
China’s per capita GDP was factory that employs 1,100 countries need to spark industrial-
lower than that of many Afri- people today and earns 40% ization, which historically has been
can countries. Now, as the higher margins than Mr. Sun the most reliable path for countries
second-largest economy in the would get in China. to generate broad-based economic
LIN QI

of Chinese enterprises that are big
enough to go abroad but small enough
that such developing markets still of-
fer a significant growth opportunity.
Overall, Chinese firms have in-
vested $34 billion in Africa over the
past decade, according to the United
Nations Conference on Trade and In-
vestment, and they employ millions of
Africans. Surprisingly, 90% of the Chi-
world, the country has a bulge There’s another reason Chi- growth. The next wave of developing
of entrepreneurs with experi- CHINESE AND KENYAN workers assemble trucks nese manufacturers are drawn nations are likely to keep seeking
ence in how to build in a de- in Beijing-based AVIC International’s Nairobi plant. to Africa today, beyond eco- Chinese entrepreneurs’ help to be-
veloping country. nomics. When asked whether come healthy market economies.
The largest segment of Chi- it was daunting to build a
nese firms in Africa today—approxi- owned factories in China, often start- technologically sophisticated factory Ms. Sun is author of “The Next Fac-
mately one-third—is in manufactur- ing from the most basic jobs on the in a country with frequent power out- tory of the World: How Chinese In-
ing, according to the McKinsey study. factory floor. They moved on to build- ages and incomplete infrastructure, vestment is Reshaping Africa” (Har-
Many of these Chinese entrepreneurs ing their own factories in China. But Tang Yuzhong, Humanwell’s country vard Business Review Press) and an
got their start working in foreign- as wages and other costs rose over the manager for Ethiopia, pointed to his engagement manager at McKinsey.
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REVIEW

curity deteriorated.
We were “The central govern-
weaving a ment thought their
red SUV job was over, so
they stopped paying
through them,” the sheikh
streets that said.
Next I headed to
I used to the run-down Jubail
patrol in an neighborhood that
my platoon used to
armored patrol, on Fallujah’s
Humvee. southern outskirts.
After a decade of
fighting, abductions
and a substantial ex-
odus from Iraq, I thought few people I had
known would still be around. (And with Islamic
State sleeper cells still a threat in the city, the
Iraqi colleagues I traveled with advised against
publicizing my presence as a Marine. formerly
AHMED DEEB FOR THE WALL STREET JOURNAL

based here )
Yet when we arrived at a neighborhood mili-
tary outpost, Col. Muhammad Abdulla bounded
into the room, looking the same as he did a de-
cade before when he helped set up our platoon
in its house. I always marveled at his straight,
shiny teeth.
Col. Abdulla didn’t recognize me. He had left
Fallujah twice and returned, fought across An-
bar province to push back Islamic State, and
now was back in battles like those of 10 years
THE HOUSE in the Jubail neighborhood, seen in September, where a Marine platoon lived in 2007. It is now a private home again. ago, against insurgents blended into the popu-
lation and people leery of any central govern-
ment authorities. “Intelligence is so bad here,”

A Marine Returns to
he lamented. “The security man wears a uni-
form while a terrorist can wear a disguise.”
That helps explain, he says, why “95% of
people aren’t cooperating.” Residents still fear
being targeted as collaborators, and have long

Fallujah, 10 Years On doubted that the Iraqi government or Ameri-

The Sunni stronghold in
Shiite-majority Iraq holds on
tightly to its tensions
BY BEN KESLING
WE STARED AT collapsed walls and heaps of
twisted, rusting metal that used to be my Ma-
rine Corps company headquarters in Fallujah,
Iraq. A pile of Islamic State homemade bombs
sat in a corner. “Is this the place?” my Iraqi col-
league asked.
“I think so,” I replied. I picked a careful path,
scanning the ground for any leftover Islamic
State booby traps.
A decade ago, Golf Company lived in this
compound of temporary barracks surrounded
by thick walls, a tangible symbol of an Ameri-
can promise to bring stability to the most un-
stable of places. But the remnants that I walked
through on my return signal that combat tours
like mine ultimately fell short of the promise.
The tensions of a Sunni stronghold in a Shiite-
majority county have outlasted an effort that
claimed many American lives.
During my seven-month deployment, I saw
just a small piece of a conflict that has endured
for more than 15 years. Today, with a rebuilt
army, a more inclusive government and war
weariness, Iraq is a different place than a de-
cade ago. Unseating Islamic State’s occupation
brought the country together in some ways.
But that victory has renewed old divisions, and
in Fallujah, the sectarianism and distrust I saw
as a Marine has lingered through my return as
a journalist.
JIM SPIRI
ner. When we left, markets were open, children
ran through the streets and the main road had
solar-powered street lights. Sunni extremism
appeared to have beat a retreat.
But within a few years, Sunnis sought to de-
mand more rights from the Shiite-led govern-
ment, culminating in large protests across An-
bar province, while many Awakening members
were accused of abusing their new power and
were arrested, confusing the security situation.
In this atmosphere, Fallujah fell quickly in 2014
to Islamic State, an al Qaeda heir that collected
Sunni extremists under a new banner. U.S.-
from the capital, navigating the city’s military
checkpoints and weaving in a red SUV through
crowded streets that I used to patrol in an ar-
mored Humvee or on foot. The mood was tense.
Some residents feared extremists would return
and Iraq’s military wouldn’t stop them.
“We say it’s quiet before the storm,” said
Sheikh Talib Hasnawi Aiffan, head of the Fallu-
jah District Council whose office overlooks the
slow-flowing, brown Euphrates River. “We are
scared. We have experienced it before.”
The gravel-voiced Sheikh Aiffan recalled how
the U.S. had helped foster the Awakening only
cans can protect them. And some remain sym-
pathetic to the extremist cause.
When I was deployed here, I remember ask-
ing a woman whose father had been killed by
Marines what we could do to help her. She said
the best thing Marines could do is never speak
to her again.
During our conversation, Col. Abdulla remi-
nisced about the mission he shared with my
Marine company in 2007. “In six months I was
able to stop al Qaeda in this area,” he boasted.
Col. Abdulla probably thought it was true at
the time. We certainly did. But later, when the
American military left, so did the ability to
overpower extremism and tribes who bucked
the government.
We walked together to my old platoon base,
where I had lived for months. The
colonel’s aide banged on the front
gate until an unshaven man named
Hameed Sarhan Hussein opened up,
some wispy hair hastily combed
over the top of his head. He was the
caretaker, living there with his fam-
ily while the owner stayed away, in
Jordan. He offered to show us
around the place. Its most recent in-
habitants before him were Islamic
State officials, he said, who ex-
ploded an improvised device when
they fled the advance of Iraqi-led
forces. He’d fixed it up again by
planting a new garden and patching
up holes in the walls, but I recog-
nized it all.
I remembered the spot where the
commandant of the Marine Corps
came one day to pin a purple heart
on one of my Marines, shot through
the arm weeks earlier while on pa-
trol. The bullet hit a smoke grenade
on his flak jacket, triggering a canis-

When I arrived here in 2007, my company
replaced one that had suffered so many casual-
ties that they no longer patrolled during the
day. But the U.S. had also launched its “surge”
strategy increasing its forces on the ground,
and fostered the so-called Sunni Awakening to
bring local leaders on board to help subdue the
war-riven country. As a lieutenant, I com-
manded a platoon of some 40 Marines that
moved out of the company compound after a
few months and into a neighborhood house a
few hundred yards away. It was part of a strat-
egy to saturate the city, partnering closely with
the Iraqi army and police.
At the time, our deployment appeared to co-
incide with Fallujah—and Iraq—turning a cor-
THE AUTHOR in June 2007, handing out pencils to Iraqi children during a platoon patrol.
backed Iraqi forces managed to drive them out
only in June 2016, after a year of fighting that
destroyed substantial parts of the city again.
Even as the central government begins to re-
build, distrust simmers among the locals. The
city’s Sunni inhabitants had power during the
reign of Saddam Hussein, but as soon as he was
toppled, they complained of being oppressed by
the Shiite-dominated government in Baghdad.
The city and Anbar province became an incuba-
tor for Sunni militants.
In late September, I traveled back to Fallujah
after disbanding the Iraqi military in 2003 and
purging it of members of Saddam Hussein’s
Ba’ath party—a decision that eliminated many
qualified troops and cut deep into the Sunni
community.
The Marines had a program during my de-
ployment called Sons of Fallujah, where locals
earned paychecks as armed neighborhood
watch men. Communities benefited from the
constant surveillance. But after the Americans
left, money for those programs dried up com-
pletely within a few years, spurring anger. Se-
ter that spewed flames, turning him
into a human Roman candle until
fellow Marines rushed to help him
and prevented major injuries.
On a sunny day, a man on a bicycle blew
himself up at the Iraqi-manned checkpoint in
front of our platoon base. Half of him was all
that was left. The ranking Iraqi policeman on
site directed his remains to be gathered for a
proper Islamic burial, rather than showing dis-
dain toward the man who tried to kill him and
his colleagues. I don’t know the bomber’s moti-
vations. But the police chief’s response made
me realize how tangled sympathies were—and
still are—in Fallujah.
—Ghassan Adnan contributed to this article.

WORD ON THE STREET: BEN ZIMMER

A Feast of Words Inspired by Thanksgiving
THERE’S SOMETHING about Thanks-
giving—the sugar rush from pumpkin
pies, perhaps?—that lends itself to
making up new words. The name of
the holiday itself is straightforward
enough, based on “thanksgiving” as
an expression of gratitude for divine
blessings going back to the 1530s.
We don’t know if the colonists at
Plymouth actually used the name
“Thanksgiving” for their celebratory
meal in 1621 that we now commemo-
rate. Evidence suggests that it
caught on in New England before the
Revolution and elsewhere in the
country after independence.
Thanksgiving Day didn’t find a
permanent spot on the calendar until
Abraham Lincoln fixed the date in
1863, selecting the final Thursday of
November. In 1939, when Franklin
Delano Roosevelt moved the holiday
to the month’s third Thursday to help
boost retail sales, his critics dubbed
the new date “Franksgiving.” (The
critics won, and by 1942 FDR had
moved Thanksgiving to the fourth
Thursday in November.)
That wordplay was just the begin-
ning of a widespread trend to play
off the “Thanksgiving” name. Start-
ing around 2007, according to lexi-
cographers at Merriam-Webster,
people began to use “Friendsgiving”
for a Thanksgiving meal eaten with
friends rather than family. By 2013,
verbal branding consultant Nancy
Friedman noticed the name had be-
come thoroughly commercialized,
with companies like Taco Bell, Betty
Crocker and Butterball jumping on
the “Friendsgiving” bandwagon.
Another recent variation on the
“-giving” theme is “Drinksgiving”
(also called “Blackout Wednesday”),
a nickname for the night before
Thanksgiving when intoxication lev-
els run high, especially among col-
lege students returning home. Then
there’s “Cranksgiving,” a bicycling
‘Blackout
Wednesdays’ and
‘turduckens.’
event and food drive held in many
cities in November.
A name has emerged for those
celebrating away from their families:
“Thanksgiving orphans.” That actu-
ally goes back as far as 1966, when
an article in the State Journal of
Lansing, Mich., reported on Michi-
gan State University students stay-
ing put over the Thanksgiving break,
under the headline, “Thanksgiving
Orphans Fight Campus Blues.” A
1986 episode of the sitcom “Cheers,”
called “Thanksgiving Orphans,” pop-
ularized the phrase.
Speaking of sitcoms, “How I Met
Your Mother” regularly played with
Thanksgiving, with episodes titled
“Slapsgiving,” “Slapsgiving 2: Re-
venge of the Slap” and “Blitzgiving.”
That last episode, from 2010, fea-
tured a Thanksgiving dish called the
TurTurkeyKey: a turkey stuffed with
a smaller turkey.
That’s an allusion to the peculiar
culinary creation known as the “tur-
ducken,” consisting of a chicken
stuffed inside a duck stuffed inside a
turkey. The earliest known reference
to “turducken” is in a 1982 article in
Newsweek that credited the Louisi-
ana chef Paul Prudhomme with in-
venting it. (He may have been in-
spired by a 1946 children’s book
called “The Churkendoose,” about a
bird that is equal parts chicken, tur-
key, duck and goose.)
Since then, people have experi-
mented with other Thanksgiving odd-
ities like “turbaconducken,” a tur-
ducken wrapped in bacon. And for
dessert, you can have some “cher-
pumple,” an amalgam of cherry,
pumpkin and apple pie. Somehow,
Thanksgiving has become a time for
mixing up foods—and language.
Answers
to the News Quiz on page C13:
1.A, 2.D, 3.C, 4.C, 5.D, 6.B, 7.B
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BOOKS THE WALL STREET JOURNAL. Saturday/Sunday, November 11 - 12, 2017 | C5

Following in Conrad’s Wake

The author’s life and novels provide an incisive introduction to the origins of our global age
The Dawn Watch
By Maya Jasanoff
Penguin Press, 375 pages, $30

BY MICHAEL GORRA

MOST PEOPLE hate “Heart of Dark-

ness” the first time they read it. I cer-
tainly did, as a high school senior
more than 40 years ago, hated every-
thing from its corkscrew sentences to
the way its narrator gropes after an
understanding he never quite finds.
Students today still hate it for those
reasons, but they’re also not con-
vinced it’s not simply racist, not since
the Nigerian novelist Chinua Achebe
showed that Joseph Conrad’s very
language relies on the imperialism his
plot appears to condemn. As in:
black=darkness=evil. Teaching it can
seem as much an ordeal as that nar-
rator’s own river journey, in a rusty
steamboat, to the core of who knows
what. But what makes “Heart of Dark-
ness” (1899) and indeed Conrad him-
self so interesting is precisely the fact
that they don’t evade their moment.
They embrace it instead; they con-
front it. The achievement of Maya
Jasanoff’s continuously perceptive
book lies in showing just how.
GETTY IMAGES (2)

“The Dawn Watch” is the most

vivid and suggestive biography of
Conrad ever written. Yet it covers
only a part of his life. Or maybe I
should say that it skips over a lot,
that it barely touches many of the
things that fill most other biogra-
phies. Ms. Jasanoff, a professor of
history at Harvard, finds little to note
in the daily course of Conrad’s work
as a writer, little to say about his
perpetual wrestle with English, his
third language; and little reason to
speculate about his poor sales. We
learn nothing, as well, about the
nervous breakdowns that followed
the completion of such masterpieces
as “Under Western Eyes” (1911).
There’s not much on his wife and
children, his friendships or his gout.
What remains is what makes him
matter: the experiences that made it
possible for Józef Teodor Konrad
Korzeniowski, the refugee son of a
Polish political prisoner, to become
first an English sea captain, and then
a novelist called Joseph Conrad.
He was born in 1857 in what’s now
Ukraine and was then a part of the
Russian Empire. To his family,
though, it was forever a part of the
great Polish nation: a people but no
longer a country, with its territory
divided between Austria, Prussia and
Russia itself. The Korzeniowskis were
of noble origin but hardly rich, and
his father was just dreamy enough to
believe in the cause of Polish free-
dom. That got him locked up, and
then sent halfway to Siberia, in what
Ms. Jasanoff describes as a “life sen-
tence of moving and sickness.” The
boy’s mother died of tuberculosis
when he was seven; his father lasted
a few years longer but saw his son
“as an interruption from the business
of grieving.” Young Józef was allowed
to live with an uncle in Krakow, but
he was already the child of despair.
He would have more suicides among
his characters than any other major
British novelist. Ms. Jasanoff has
counted. She puts the figure at 17, and
in 1878, while living in Marseilles,
Conrad would try it himself, with a
pistol shot to the chest.
Going to sea was, among other
things, a way to beat the Russian
draft. He began as a teenager in
French boats, but a few months after
that failed sui-
cide attempt he
signed aboard an
English clipper
headed for Syd-
ney, and soon
became a British
subject. Over the
20 years of his
maritime career,
two jobs stand
out to a reader of
his novels. One
was on a coasting
steamer in the
Dutch East In-
dies, a boat that
took him around
the islands of the
Indonesian archi-
pelago. Then, in 1890, he agreed to
captain a steamboat in the Belgian
Congo, going upriver from Kinshasa
to what was called Stanley Falls. His
contract was for three years; it broke
his health and he lasted just six
months. A few years later he left the
sea, after waiting in a French harbor
for cargo that never arrived. By that
time he was calling himself Joseph
Conrad and had found something else
to occupy him, the manuscript of a suggesting the degree to which
novel that grew out of his Indonesian Conrad himself was there at its start,
experiences. “Almayer’s Folly” was on deck and alert at the beginning of
published in 1895; almost nobody a new day.
read it, but those who did remem- Ms. Jasanoff’s account of the nov-
bered it. elist’s starved childhood is as affect-
Earlier biographers had an obses- ing as any I’ve read. But soon she gets
sive interest in establishing the him off to sea, out into the liquid
sequence of Conrad’s seafaring life: world of late 19th century imperial-
this ship on that date, in this port and ism, pointing out as she does so that
with these crewmates. Ms. Jasanoff Conrad never set an entire novel in
relies on their work, but their prece- the British Empire itself. What mat-
dent allows her to tered to him was the empire made by
do something else trade, by capital rather than soldiers
and maybe some- or statesmen. She concentrates on
thing more inter- just four of his books, treating them
esting. She argues not in the order of their composition
The picture Conrad provides is that
of a world stitched together by water:
slowly, bloodily, knitting itself into one.
that while “biog- but in terms of their roots in the
raphers generally chronology of his own experience.
start with the The first of them was the last written,
person . . . histo- 1907’s “The Secret Agent”: an account
rians generally of the city as the young man got to
start with the know it around 1880, crowded and
conditions” by smoky, Dickens passed through Hell,
which that person is constrained. So and full of people like Conrad himself,
she writes “from the outside in,” human jetsam on an alien coast.
touching on everything from the price “Lord Jim” (1900) took its readers
of coal to the difficulty of harvesting through Indonesia and Borneo, a book
rubber, and she uses Conrad’s life and “about a European trying to make it
work as the vehicle to tell a story in Asia” and failing.
about his world; his world, which Her account of these books is au-
became ours. For most goods today thoritative though brief, but she has
still move by water, and “The Dawn more to say about “Heart of Dark-
Watch” stands a brief history of the ness.” The greed and violence of
origins of our global age, with its title Belgian rule only got worse in the
decade between his own stay and the
time he wrote about it. A growing
global market for rubber, and an
enormous increase in the use of
forced labor, had effectively turned
the “Belgian Free State” into a “Bel-
gian Slave State,” and critics of the
regime used Conrad’s book as evi-
dence against it. But to the author
himself, the brutality lay within
Europe: the very idea of civilization
itself was a fraud, a faded piety with
which to comfort ourselves. His
modern critics rightly insist that
“Heart of Darkness” isn’t really about
Africa at all, but no one knew that
better than Conrad himself. The story
begins on the Thames, a river that
flows out of England’s own dark
places, out into the ocean and then up
the Congo as well. The picture he
provides is that of a world stitched
together by water and slowly, blood-
ily, knitting itself into one.
“The Dawn Watch” traces Conrad’s
travels in detail while giving full
weight to this paradox: He set the
greatest of his novels in a place he
made up, an imaginary country in the
South American continent he never
visited. Yet as Ms. Jasanoff suggests,
only someone who had been to all
those other realms could have
invented the unstable and yet ossified
society he describes in “Nostromo”
(1904), the almost annual revolutions
of the country he calls Costaguana. It
is a rich land, with silver for the
taking, but the old Spanish families
would rather live in Paris, and the
indigenous population has grown used
to starvation. The politicians all take
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C6 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

BOOKS
‘Be a Communist, a stamp collector, or a Ladies’ Aid worker if you must, but for heaven’s sake, be something.’ —Marjorie Hillis

A Guide for the Single Girl
best seller. Books on decorating and
The Extra Woman exploring New York City followed.
By Joanna Scutts Hillis didn’t always live alone. In
Liveright, 335 pages, $27.95 1939, at the age of 49, she married a
wealthy widower, Thomas Roulston,
BY JOANNE KAUFMAN and, for the record, liked living with
him just fine, though the union was
cut short. Roulston had a fatal heart
HELEN GURLEY BROWN became attack a decade into the marriage.
famous, not to say notorious, with the Hillis died in 1971, at the age of 82,
1962 publication of “Sex and the four years after the publication of her
Single Girl,” a vade mecum that last book, “Keep Going and Like It.”
covered such diverse topics as how to Ms. Scutts, a postdoctoral fellow in
spend and save, dress and decorate, women’s history at the New York
get fit, get ahead at work, and of Historical Society, is an assiduous
course how—and how much—to researcher and makes some astute
entertain gentleman callers. observations. “To this day,” she notes
In “The Extra Woman,” Joanna wryly, “a popular corner of the self-
Scutts makes it clear that somebody help section [in the local bookstore] is
was working those fields long before stocked with books that promise to
the ineffable HGB stuck in her spade. share the wisdom of another place as
In 1936, Marjorie Hillis, a Vogue edi- a counterweight to American consum-
tor, wrote “Live Alone and Like It.” erist excess”—for example, “Japanese
Subtitled “A Guide for the Extra decluttering guru Marie Kondo’s best-
Woman,” it gave single women the seller The Life-Changing Magic of
skinny on how to dress and decorate, Tidying Up.”
how to spend and save, and, yes, how Far too frequently, though, the
to entertain gentleman callers. More very, very wordy Ms. Scutts skitters
important, it admonished single off on tangents whose connection to
SHUTTERSTOCK
Conrad’s
World
Continued from page C5
bribes, the English run the railroads
and the Italians man the docks, while
San Francisco supplies the money to
work the mines, the money on which
the future depends. “Nostromo” gives
us an origin story for the world of
multinational capitalism, and a warn-
ing as well about the destructive
power of a culture devoted to “mate-
rial interests” above all.
We’ve lately begun to see books
about serious literature that combine
rigorous scholarship with an appeal to
the general reader, works of inspired
popularization that avoid the special-
ized language of literary theory. Most
of them use the scaffolding of biogra-
phy, and the best are James Shapiro’s
two studies of single years in the
‘Lord Jim’ can be seen as
a novel ‘about a European
trying to make it in Asia’—
and failing tragically.

women to cast off denigrating labels
like “spinster” and stop viewing them-
selves as second-class citizens.
A runaway best seller, “Live Alone
and Like It” spawned several sequels
and turned Hillis into a celebrity. But
fame is fleeting, and yesterday’s bold-
face name is today’s clue on “Jeop-
ardy.” Part biography, part social
history, “The Extra Woman” is Ms.
Scutts’s eye-opening if often frustrat-
ing attempt to rescue Hillis from
obscurity and to make the case for
her as a proto-feminist.
The 1930s were a dream decade
for those preaching the gospel of
self-betterment. The Depression and
the parlous situation in Europe had
the world on edge. People were look-
ing for reassurance and control
where they could find it; between
the pages of a book was as good a
place as any. Along came Napoleon
Hill, the author of “Think and Grow
Rich”; Dale Carnegie, the avatar of
winning friends and influencing
people; and Hillis herself. But unlike
her confrères, Hillis didn’t offer up a
magical formula, and, as Ms. Scutts
notes, she “did not believe that self-
improvement was a zero-sum game
that depended on defeating weaker
rivals.” Rather, she offered practical
common sense and an education in
living graciously and well.
Hillis grew up in Brooklyn, the
elder and rather plain daughter of
Newell Dwight Hillis, the head of the
prestigious Plymouth Congrega-
tional Church, and Annie, a very
proper minister’s wife and, ironi-
cally, the author of a book that
insisted women could find fulfill-
ON HER OWN Claudette Colbert reading Marjorie Hillis’s ‘Live Alone and Like It.’
ment only in marriage. Whoever
said mom knew best?
As a young adult, Marjorie lived
the life she would later write about,
as the sole occupant of an apartment
on the Brooklyn waterfront, then of a
chic little place in Manhattan’s Tudor
City. In her late teens, she joined
Vogue as a caption writer, gradually
moving up the masthead to fashion
reporter, then features editor. In the
process, she became consigliere to
the magazine’s legendary editor in
chief, Edna Woolman Chase.
The impetus to write “Live Alone
and Like It” remains a puzzle. Per-
haps, as Ms. Scutts suggests, the book
grew out of talks that Hillis gave at
the Junior League on subjects like
“The Independence of the Business
Woman to Whom Marriage Is No
Longer a Necessity and Need Not Be
Entered Into as a Compromise.”
By no means was Hillis a flag
waver for single-blessedness. But
“solitary refinement” was a state
that most women would almost cer-
tainly experience, she wrote, even if
“only now and then between hus-
bands.” Smoothing the way were
chapters with headings like “A Lady
and Her Liquor” and “Pleasures of a
Single Bed.” The book also had a
question-and-answer section. Ques-
tion: Is it permissible for a young,
un-chaperoned woman living alone
to wear pajamas when a gentleman
calls? The answer (though not pro-
vided by Ms. Scutts): It depends on
the type of pajama. “Those with a
leaning towards the bed are suitable
only for feminine guests, while the
others”—e.g., hostess pajamas—
“would not shock Bishop Manning.”
In any case, four styles of bed jack-
ets were apparently a must.
Hillis’s book gave rise to
‘Live-Alone’ accessories,
including cocktail shakers,
china dogs and negligees.
“Marjorie’s message, that single
women could work, play, and live
exactly as they chose,” writes Ms.
Scutts, “was nothing short of revolu-
tionary.” Clearly that message struck
a chord. The slim book sold more
than 100,000 copies within the first
five months of its release, aided by
glowing reviews and a sharp promo-
tional strategy devised by its pub-
lisher, Bobbs-Merrill. The campaign
encouraged department stores to sell
“Live Alone and Like It” alongside
accessories for the “Live-Alone life-
style,” including cocktail shakers,
China dogs and negligees. A follow-up
was inevitable. In 1937, along came
“Orchids on Your Budget,” another
the subject at hand is remote at best.
“It was not just Live-Aloners who had
to learn to shift for themselves in the
kitchen in the early years of the twen-
tieth century,” she writes in a section
that delves into the topic of domestic
labor and cookbooks. Mention of the
fact that Hillis’s younger sister split
from her husband becomes the occa-
sion for Ms. Scutts to recite the
divorce statistics of the early 20th
century, offer up an anecdote about a
“professional ‘co-respondent,’ ” set
forth a brief history of marriage coun-
seling and recapitulate the Wallis
Simpson saga.
Rather more vexingly, “The Extra
Woman” tells more than it shows.
Reviews of “Live Alone and Like It”
praised its “joyous flippancy” and
made comparisons to the work of
Dorothy Parker, but readers of Ms.
Scutts’s narrative are left looking for
the evidence. There just aren’t enough
quotations from Hillis’s writing to
make the case.
Hillis herself emerges only in fits
and starts. She comes off as prag-
matic and unflappable: She didn’t bat
an eye when she supervised a Vogue
photo session with a male dancer
wearing only a fig leaf and saw no
problem in a woman of a suitable
age—30—having a romantic involve-
ment. But she is otherwise a bit of a
cipher. Though hardly Auntie Mame,
Hillis was surely a fascinating figure,
someone way ahead of her time. If
only Ms. Scutts had helped us know
her extra woman better.
Ms. Kaufman writes regularly for
the Journal’s Arts in Review pages.
career of Shakespeare, “1599” and
“1606.” “The Dawn Watch” is a worthy
companion, with its story framed by
an account of Ms. Jasanoff’s own trav-
els, first on a container ship, and then
down the Congo River itself. It isn’t
perfect, and she does scant themes
and works she should really consider,
such as the ferocious attack on Rus-
sian autocracy in “Under Western
Eyes” (1911) or the luminous rite of
passage in “The Secret Sharer” (1910).
This historian can be a shrewd literary
critic, noting of “Lord Jim,” for exam-
ple, that everything in it happens in
the “collated layers” of the past, like
“pages in a file” through which its
narrator, Marlow, shuffles, “pulling
different sheets to the front.”
But she says little about Conrad’s
difficult prose and less about the
complex form of either “The Secret
Agent” or “Nostromo.” Conrad didn’t
just spot the dawn, he also invented a
way of telling, and his sense of narra-
tive structure remains utterly insepa-
rable from what he has to say.
“Nostromo” breaks chronology and
switches wildly from one point of
view to another. It skips forward and
then stops, repeats itself, offers a sec-
ond version, it goes back and starts
over, as if history itself were stutter-
ing. I want more on such things—but
what that really means is that I wish
Maya Jasanoff’s beautifully written
book were longer.
Mr. Gorra is the editor of
“The Portable Conrad.”
He teaches at Smith College.

The Moment of the Flapper

Lost Girls
By Linda Simon
Reaktion, 293 pages, $24
BY MOIRA HODGSON
IN 1905 the 70-year-old Mark Twain
began to assemble a collection of
young girls. They were aged between
10 and 16, and he called them his
“angelfish.” He enrolled them in his
“Aquarium Club,” gave them enamel
pins to wear above their hearts and
invited them to his house in
Redding, Conn., which he named In-
nocence at Home. Maybe his friend-
ship with the dear little things was
nothing more than that, but still, it
sounds a bit strange.
That same year J.M. Barrie’s “Peter
Pan” opened on Broadway. The
androgynous role of Peter, the boy
who refused to grow up, was played
by a young woman, Maude Adams. As
productions extended into the next
decade, Barrie insisted that this prac-
tice continue. With a few exceptions,
girl: as a problem, a temptation and The term “flapper” dates back to and dance halls. As early as 1910, there With make-up now the norm and
finally, in the 1920s and beyond, an the 1890s, when it meant a young were more than 500 dance halls in waist-nipping corsets eliminated,
aspiration.” prostitute. By the turn of the century New York City. In 1913 President Wil- women—even matrons—struggled to
Flappers arrived at a time when it was used to describe an adolescent son banned his inaugural ball, fearful keep the boyish figure demanded by
social mores were beginning to relax— girl, thin, long-legged and precocious, that “there would be indulgence in the the clothes. But few had the right bod-
somewhat. They were better educated with flapping braids. Like Twain, the ‘turkey trot,’ the ‘bunny hug,’ and other ies. Bone-thin silhouettes, flat chests,
than their mothers. Many of them had influential American psychologist G. ragtime dances, and thus provoke what and no hips were required. The Holly-
been to college, and since 1920 they’d Stanley Hall compared adolescent might amount to a National Scandal.” wood 18-Day Diet allowed as few as
had the vote. Nevertheless, they were girls with fish. The German word for Ms. Simon writes that in the end, “sis- 585 calories a day. Silph Chewing Gum
expected to marry and have ter balls” allowing ragtime and Elfin Fat-Reducing Gum Drops,
children, not set their minds dances saved the season. both containing a laxative, sugar and
upon careers. The more they Young women also wintergreen, worked to suppress the
were castigated, it seems, the flocked to movie theaters, appetite, as did smoking, which was
more they rebelled. They which were extremely cheap. advertised as the “Modern Way to
bobbed their hair, discarded They identified themselves Diet.” One youth-enhancing treatment
their corsets and adopted a with the strong, unyielding involved eight sessions of X-rays on
slouching, boyish, flat-chested heroines of detective films,
look, dressing in slinky low- westerns and such thrilling
waisted tunics, rolled stockings serials as “The Perils of F. Scott Fitzgerald
and dangling rows of pearls. Pauline” (1914). In these
They wore make-up, drove movies, writes Ms. Simon, defined the flappers
cars and spent their evenings “the female lead stood as the as ‘young things with a
smoking and drinking in jazz triumphant moral centre:
clubs—without a chaperone. strong but feminine, unyield- splendid talent for living.’
“Lost Girls” is a scholarly ing yet nurturing.”
treatise on what at first But nothing caused as
glance would seem a frivolous great a sensation as “The the ovaries, “allegedly reactivating
subject. Ms. Simon is an Sheik,” Edith M. Hull’s 1919 them and revitalizing the endocrine
academic, an emeritus profes- novel that, in 1921, became system.” Short skirts led some women
LIBRARY OF CONGRESS

the “Lost Boys”—who dreamt of flying
away to Neverland to escape the con-
strictions imposed upon their lives—
were to be played by girls too.
The play proved to be exceptionally
popular with adolescent girls, who
were chafing under social restrictions
of their own. And it paved the way for
the flappers, the “Lost Girls” of the
Roaring Twenties, the first of whom
appeared on the scene just after
World War I, flouting convention in
behavior and dress.
“The iconic, mythic, post-war
flapper,” writes Linda Simon in her
involving social history of the
phenomenon, “emerged from a cul-
ture obsessed with the adolescent
sor of English at Skidmore, an even more sensational to have surgery to slim their calves
and has published, among movie starring Rudolph (which, according to Ms. Simon, some-
other books, a biography of Valentino. Hull’s story con- times resulted in amputation, although
Coco Chanel. She has come up cerns Diana Mayo, a young, she gives no source for this).
with a great deal of fascinat- athletic Englishwoman in F. Scott Fitzgerald, who wrote
ing information and her BOYISH ALLURE Iconic image by Russell Patterson. Algeria who becomes the extensively about flappers, concluded
research is impressive, if at lover of Sheik Ahmed Ben on a lighter note that they “are just
times a bit heavy-going. Her refer- teenage girl is Backfisch, which, Hall Hassan, a man with “the handsomest girls, all sort of girls, their one common
ences—and there are many—range explained in 1909, means “a fresh fish, and cruelest face she had ever seen.” trait being that they are young things
from flapper writers of the 1920s such just caught but unbaked, though fit The “slim, boyish figure” that rode with a splendid talent for living.”
as Anita Loos and Elinor Glyn to influ- and ready for the process.” No wonder beside Ahmed “had a charm all its Alas, all that came to an abrupt
ential educators such as Edward H. the flapper, as Ms. Simon writes, “gen- own,” wrote Hall, “but it was the end in 1929, when the stock market
Clarke, a Harvard professor, physician erated a crisis of cultural anxiety on woman in her that sent the hot blood crashed.
and best-selling author who warned both sides of the Atlantic.” racing through his veins.” Just as E.L.
that “girls who taxed their brains At the beginning of the 20th cen- James argued in “Fifty Shades of Ms. Hodgson is the author of
would take energy away from their re- tury, young women had already found Grey” (2011), what every woman really “It Seemed Like a Good Idea
productive organs, which needed to be two venues where they could assert wants, argued Hull, is to be dominated at the Time: My Adventures
protected from stress.” their independence: movie theaters by a strong, sensual man. in Life and Food.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
The Fear and the Freedom
By Keith Lowe
St. Martin’s, 561 pages, $29.99
BY PAUL KENNEDY
IN THE NORTH of England shipyard
town in which this reviewer grew up
(Wallsend-upon-Tyne), shortly after
World War II, there was little doubt
but that the conflict had been a
great thing. Two aunts were recruited
to serve as army nurses. An uncle be-
came a seaman on the dreaded North
Atlantic and Arctic convoys. Many
other uncles, protected from conscrip-
tion by their key labors in coal mines
and shipyards, worked 60- and 70-
hour weeks. Everything was blacked
out. A German aerial bomb demolished
three entire streets of row houses
opposite the Catholic church. Some
inner-city schools were relocated to
the countryside. Rationing in most
things was tight and lasted well be-
yond the end of the war.
Then, at the enemy’s surrender, the
nurses came home and married their
sweethearts. The merchant sailor sur-
vived and got a job in the coast guard.
The mines and shipyards worked on,
at a slower pace. Even the bombed-out
streets were replaced by newer build-
ings. Black-and-white movies of the
1950s assured the public that it had
been a “good” war, a successful one.
Around the corner awaited the pros-
perity of the Macmillan years or, a bit
earlier in the United States, of the
GETTY IMAGES
Eisenhower decade. Folks soon felt
some safe distance from the great
global conflagration, as surely they
also did in Sydney, and Los Angeles
and Rio.
I could not help thinking back to
these memories of World War II and
its aftermath when reading and re-
reading Keith Lowe’s magnificent,
sprawling account of this global phe-
nomenon. “The Fear and the Freedom”
is the author’s third related work
following “Inferno: The Fiery Destruc-
tion of Hamburg, 1943” and “Savage
Continent: Europe in the Aftermath of
World War II.” What fascinates and
captures him clearly is the all-consum-
ing, transformative, total nature of this
conflict—be it in the killing across
Ukraine, the daily compromises and
betrayals in occupied France, the striv-
ings of colonial peoples as one foreign
occupier replaced another or the
The Gospel of Globalism
Protestants Abroad
By David A. Hollinger
Princeton, 390 pages, $35
BY JOHN KAAG
IN EARLY OCTOBER, a month tradi-
tionally dedicated to religious mis-
sions, Pope Francis called for Chris-
tians to serve as “missionaries of
hope.” The pope’s message was well-
timed: Hurricanes had ravaged the
Caribbean, a mass shooting had rocked
the United States and the specter of
nuclear warfare had once again threat-
ened international security. As apoca-
lypse seemed to loom, Christian
missionaries had to get to work. This
moral imperative—a drive to carry
Missionary life abroad
turned America’s most
ardent Christians into
liberal cosmopolitans.
good tidings to distant lands in times
of trouble—is as old as Christianity
itself, and its consequences are pro-
found, but not always in the way that
church leaders anticipate.
David A. Hollinger’s “Protestants
Abroad” articulates the peril and
promise of American missionary zeal.
While Christian missionaries of the
20th century largely failed to change
the cultural, political and religious
climate of countries such as India,
China and Japan, they had a deep and
counterintuitive effect on the U.S. Mr.
Hollinger’s book explains how a cen-
tury of missions abroad transformed
liberal democracy at home; in the pro-
cess, it makes a tacit, but convincing,
argument for cosmopolitanism over
sectarianism and nationalism.
At the heart of Mr. Hollinger’s
elegant and original account is the
“boomerang” thesis, first described by
the Congregationalist leader Buell
* * * *
‘They have sown the wind, and they shall reap the whirlwind.’ —Hosea 8:7
A World Out of Joint
UNCERTAIN FUTURE A soldier says goodbye to his wife and infant child in New York’s Penn Station in 1943.
ardent Communists of one decade who
became obsessed anti-Communists in
the next. In sum, his is a portrait of a
time “out of joint,” in Shakespeare’s
phrase. Mr. Lowe, a British historian
undaunted by the scope of his topic,
seeks to distill it all in this epic study.
There’s 430 pages of text, 70 pages of
notes on sources from all possible
parts of the globe, and a 30-page bibli-
ography. “The Fear and the Freedom”
is peppered with wonderful political
cartoons and moving photos.
The book’s 24 chapters range across
each continent and delve into the
larger themes with great verve, re-
flecting Mr. Lowe’s own pungent, very
personal opinions about everything:
Gallagher in 1946. The missionary
movement, Mr. Hollinger summarizes,
“an enterprise formidably driven by
ethnocentrism and cultural imperial-
ism—and often linked closely with
military, diplomatic, and economic im-
perialism—generated . . . a counter-
reaction” that spread from missionar-
ies themselves throughout society. The
descendants of overseas missionaries
who returned to the U.S. became lead-
ing liberal cosmopolitans, anti-imperi-
alists and staunch opponents of the
“America first” mentality.
Mr. Hollinger’s book is a compre-
hensive history of American Prot-
estant missionaries abroad, but it
is also the more important story
of how a religious and cultural
movement overcame its own pro-
vincialism. When American mis-
sionaries set sail in unprecedented
numbers beginning in the 1880s—
by 1925, Mr. Hollinger notes, there
were some 4,000 American mis-
sionaries in China alone—many of
them had a clear objective: con-
vert the foreign horde before
Christ’s second coming. Of course,
as Mr. Hollinger briefly explains,
this project of cultural assimila-
tion was a failure.
Mr. Hollinger focuses instead
on the rare individuals who recog-
nized the limitations of their
worldview and sought to over-
come them, missionaries like E.
Stanley Jones (1884-1973), the au-
GETTY IMAGES
thor of a memoir of his experience
in India called “The Christ of the
Indian Road” (1925). Jones, ac-
cording to Mr. Hollinger, came to
see that “American Protestants were
more of an obstacle to a genuinely
Christian world than Hinduism.
[Jones] ascribed to Hindus the discov-
ery that Jesus ‘was colour blind.’ ”
This position, while initially controver-
sial in the United States, came to radi-
cally transform missionary work
abroad and, more generally, Ameri-
cans’ perception of Asia. Jones’s book
sold more than 400,000 copies in its
first four years in print, and Jones was
named the world’s greatest missionary
BOOKS
“Heroes,” “Monsters,” “Science,”
“World Law,” “Democracy in Latin
America” and so on. Each subsection,
each swirling chapter, is given a
human face by the author in the form
of an individual’s experience: a simple
American soldier who finds himself a
war hero, a scientist drawn into the
development of the atomic bomb, a
French intellectual (the badly compro-
mised Sartre) dislocated in his search
for meaning. Indonesian freedom
fighters clash with Dutch overlords
and bewildered British military au-
thorities, a much-battered Romanian
Jew travels to the proclaimed new
homeland, and Polish nationalists
suffer calamity and also inflict it.
by Time magazine in 1938. “Sounding
like the multiculturalists of the 1990s,”
Mr. Hollinger writes, “Jones endorsed
the world’s cultural diversity and in-
sisted that Christ traveled many
‘roads’ quite different from those on
which Americans had made their own
spiritual journeys.”
The ecumenical approach to mis-
sionary work that Jones advanced
went hand in hand with what one
might call a pragmatic turn in Chris-
tian missions. In 1932, the Harvard
philosopher William Ernest Hocking
drafted the results of a nine-month
study, funded by John D. Rockefeller
Jr., of Christian missions in China,
Burma, India and Japan. The Hocking
Report, later published as “Re-thinking
Missions,” made the radical assertion
that what mattered most in Christian
proselytizing was not proselytizing at
all; it was the educational and philan-
thropic work that missions performed
while on site. The history of Protes-
tants abroad is, according to Mr.
Hollinger, the history of men and
women thinning out the word of doc-
Saturday/Sunday, November 11 - 12, 2017 | C7
Everything is flux, terror mixed with
hope, decency with atrocity: torn
nations, torn cities, torn worlds. Mr.
Lowe is determined to show us that
this war was the greatest thing in
History. It’s hard to imagine a reader
who will not be daunted by his giant
tale. But “The Fear and the Freedom”
is headed for much acclaim, and possi-
bly big prizes.
One wonders if, occasionally, Mr.
Lowe’s huge tale of change, turmoil,
innovation and movement everywhere
won’t overwhelm many readers; it
nearly did this one. In his epilogue, he
plainly states: “The Second World War
was not just another event—it
changed everything.” Well, perhaps; or,
trinal Christianity in order to commu-
nicate the spirit with an ever greater
cross section of humanity.
In the first decades of the 20th cen-
tury, descendants of Protestant mis-
sionaries began to realize that their
affiliation with the church was an
obstacle to their participation in inter-
national affairs. They first took on an
increasingly transdominational posi-
tion, founding what Mr. Hollinger
terms the “Protestant International,” a
group of organizations through which
mainstream denominations spoke with
“a cohesive, unified voice in foreign as
well as domestic affairs.” A land-
mark 1942 meeting of 400 Prot-
estant leaders convened by the
Federal Council of Churches
“passed strongly worded resolu-
tions against colonialism, racism,
and economic exploitation, and
in favor of a ‘world govern-
ment.’ ” Domestically, Mr. Hol-
linger writes, the ecumenical
Protestant International uninten-
tionally “sharpened the conflict
with . . . evangelical churches,
and achieved political alliances
with secular constituencies that
inadvertently facilitated the later
migration of a number of the
most educated Protestants” out
of the church altogether.
The central chapters of “Prot-
estants Abroad” are laid out in
thematic, not chronological,
fashion, as Mr. Hollinger ex-
plores largely independent
strands of missionary influence
in 20th-century U.S. foreign
policy. How did missionary-
connected Americans affect U.S. gov-
ernment engagement with the “two
Chinas”—the Nationalist government
of Chiang Kai-shek and the insurgency
of the Communist Party led by Mao
Zedong—in the aftermath of World
War II? How did former missionaries
Kenneth and Margaret Landon shape
Americans’ view of Thailand, both
through Margaret’s best-selling “Anna
and the King of Siam” in 1944 (which
became the musical “The King and I”)
and Kenneth’s work in the Office of
well, in most places, yes. But weren’t
there some nooks where the war made
little impact or where, if it caused
change, the locals strove earnestly to
get back to prewar normalcy just as
soon as possible?
Thus, in chapter 24 (“The Globaliza-
tion of Peoples”) we learn the nice
story of Sam King, son of a Jamaican
banana farmer who becomes a Royal
Air Force aircraft fitter, servicing
Lancaster bombers for the campaign
against the Third Reich—take that, Dr.
Goebbels! But when Sam returns home
after war’s end, he’s expected to join
the family farm, finds that notion now
impossible and retraces his way to
Britain (facing yet newer challenges in
his search to put down roots). He him-
World War II swiftly
changed politics, culture
and technology, as well as
the rhythms of everyday life.
self had certainly been changed by the
war, but (as Mr. Lowe tells it) no one
in his family had. Maybe other places,
too, were far less plunged into up-
heaval than, say, Warsaw or Hanoi?
Was there as much change in Mexico
City, or the valley-towns of Wales, or
the farmsteads of Sweden, by 1945?
Perhaps these exceptions prove the
rule, but history is about understand-
ing continuities as well as transforma-
tions. It’s worth observing that some
scholars of, for example, the French
Revolution are as interested in what
remained the same as in what that
great conflict had altered. We may be
still too close to World War II—even
after 70 years—to do a similar analy-
sis. But we might occasionally try.
There is no doubting, however, the
size of Mr. Lowe’s achievement. By
virtue of its ambition; the variety of its
content; its author’s talent in giving us
both “large” History and smaller and
anecdotal tales; and an easy narrative
resting on wide-ranging scholarship,
“The Fear and the Freedom” can justly
claim to be one of the best, most use-
ful books on World War II to have
emerged in the past decade. It belongs
in everyone’s library.
Mr. Kennedy is a professor of history
at Yale and the author of “The Rise
and Fall of the Great Powers.”
Strategic Services and State Depart-
ment? These are not continuous, but
rather interlocking, questions, the an-
swers to which make the sustained
case that 20th-century American his-
tory cannot be told without under-
standing the place of Protestant mis-
sions abroad.
In the keystone chapter, “Anticolo-
nialism vs. Zionism,” Mr. Hollinger
explains how a son of missionaries,
Col. William A. Eddy, an English pro-
fessor and Marine often called “the
American Lawrence of Arabia,” shaped
CIA directives in the Middle East after
the war. These directives stood against
President Truman’s support of Jewish
migration into Palestine. According to
Mr. Hollinger, Eddy, like other liberal
Protestants working in the State
Department, Foreign Service and CIA,
attempted to balance a commitment to
sovereignty without sacrificing a
broader vision of a peaceful Middle
East. Their family experience of the
Middle East and their abhorrence of
European colonialism, Mr. Hollinger
shows, yielded a frank sympathy for
Arab nations that contributed to a still-
sore tension in U.S. foreign policy.
Sustained engagement with foreign
populations, Mr. Hollinger concludes,
allowed the descendants of many
American missionaries to grasp the
complexities of the modern interna-
tional system and to apply their under-
standing to U.S. foreign and domestic
policy. Many of these individuals were
leading intellectuals who re-centered
Ivy League curriculums around the
sustained study of the languages and
cultures of China, India and Japan.
Liberal Protestants returning from
missions abroad retained a cosmopoli-
tan, egalitarian sensibility and embod-
ied it in the civil-rights movement of
the 1960s and the modern Peace
Corps. In other words, they became
“missionaries of hope” for a truly
global community.
Mr. Kaag, a philosophy professor
at the University of Massachusetts
Lowell, is the author of “American
Philosophy: A Love Story.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C8 | Saturday/Sunday, November 11 - 12, 2017
‘In this noble land, memory is all. . . . Where we shall go is where we have been; where we have been is where we shall go—but with a difference.’ —Ralph Ellison
FICTION CHRONICLE: SAM SACKS
The Redcoats Are Coming!
GOOD HISTORICAL
fiction has a way of
suspending certainty.
It can make known
outcomes feel like
chancy propositions.
“Crossing Point” (Rare Bird, 472
pages, $17.95), a meaty and satisfying
novel by James Glickman, works this
magic with the Revolutionary War,
unspooling a story with more set-
backs than triumphs and thrillingly
conveying what a doubtful thing—
both militarily and morally—Ameri-
can independence really was.
Mr. Glickman splits his story
between two Rhode Island families.
The head of the first is John Hazzard,
a slaveholding plantation owner
whose sympathies, at the dawning of
the conflict, are difficult to pin down.
Hazzard’s son has joined the rebels’
volunteer army, yet the Hazzard farm
continues to supply the British with
needed goods. As he explains to his
son, there’s money to be made in
sitting on the fence. “What you must
always ensure is that whatever side
the coin falls on, the coin itself
GETTY IMAGES
remains yours.”
His distant neighbors, the Wards,
have gone all in for independence,
with the patriarch Samuel serving as
a delegate to the Continental Con-
gress and his son, Samuel Jr., fighting
with the Rhode Island militia in the
Battle of Bunker Hill. Eager to prove
himself, Samuel Jr. joins Benedict
Arnold’s disastrous invasion of
Quebec, barely surviving the winter
portage through the wilds of Maine
only to be taken captive and locked
up for a year in a British prison.
The brief appearance of Benedict
Arnold, “a reckless power-mad
monster” who soon after became the
war’s most notorious turncoat, is
illustrative of a narrative startlingly
filled with retreats and betrayals.
The strategy the overmatched Conti-
nental Army adopts is simply to
“avoid losing” until France or Spain
can be persuaded to come to their
aid. Desertion, espionage and cynical
war profiteering run rampant as the
conflict drags on. Mr. Glickman
designs a knotty web of allegiances
formed as much by self-interest as
by true belief.
And if loyalties were complicated
for the colonists, how much more so
were they for the slaves in bondage to
them. Many slaves quite reasonably
saw their best hope for liberty in
fighting alongside the British. Chris-
tian Cameron’s rip-roaring 2004 novel
“Washington and Caesar” dramatized
this ignored aspect of the war, imag-
ining a slave who runs away from
George Washington’s plantation in
Mount Vernon to take up arms
against his former master.
The story Mr. Glickman tells is
different but no less engrossing. He
follows the winding fortunes of Guy
Watson, a slave on the Hazzard farm
Four Days of Rain in the City of Naples
Malacqua
By Nicola Pugliese
And Other Stories, 198 pages, $15.95
BY TOBY LICHTIG
THE ITALIAN JOURNALIST Nicola
Pugliese was born in Milan in 1944
and spent most of his career in
Naples at the newspaper Roma.
When he was in his early 30s he
began to write a novel, scribbling
with feverish rapidity in snatches of
time after the day’s edition had gone
to press.
Within two months he had
produced “Malacqua,” a lyrical,
caustic and highly fantastical imag-
ining of a Naples beset by a biblical
deluge accompanied by a variety of
peculiar phenomena. In “Malacqua”
dolls speak and pocket money sings
while the city everywhere collapses
as though it were a single, drowning,
dying entity. The novel caught the
eye of Italo Calvino, then a consult-
ing editor at the distinguished
Einaudi Press, and was published to
acclaim in 1977, selling out its first
printing.
And that was that. Three years
later Roma folded and the author
ceased writing. He refused to allow
the novel to be reprinted in his life-
time. He moved to the countryside,
where he lived reclusively until his
death, at age 67, in 2012.
Since then, “Malacqua” has experi-
enced something of a rebirth. Repub-
HISTORICAL STORYTELLING Detail from ‘The Death of Major Peirson, 6 January 1781’ by John Singleton Copley (1783).
who finds himself at the mercy of
both sides of the war, forced to act as
both spy and counter-spy. Hazzard
loans him to the Rhode Island militia
with instructions that he report back
information he overhears from Ward
and other officers. The revolutionar-
ies, meanwhile, recruit him to help in
attacks against the British. “It was
not enough that he had to give his
labor,” he thinks as he’s pressed into
service on a dangerous midnight raid.
“Now he had to risk his life.”
Guy’s slim hope for freedom comes
from enlisting with a segregated bat-
talion of black soldiers in the 1st
Rhode Island Regiment, which places
him in the front lines of the Battle of
Newport in 1778 for the novel’s su-
perb climax. The fighting, which cul-
minates in bayonet charges and hand-
to-hand combat, showcases feats of
remarkable personal courage that had
seemed so compromised elsewhere in
the book. Mr. Glickman’s lively and
well-researched account presents a
highly conflicted picture of the Amer-
ican Revolution. There is real heroism
here, but it doesn’t always come from
where we might expect it.
The Revolutionary War may have
formally concluded after the Battle of
Yorktown and the Peace of Paris, but
as James L. Haley notes in “A Darker
Sea” (Putnam, 384 pages, $27), the
British never fully accepted defeat. At
the start of the War of 1812, “Ameri-
can newspapers were correct when
they printed that this war with Eng-
land was, in truth, their second War
for Independence.”
“A Darker Sea” is the second
lished in Italy in 2013, it now receives
a translation into English, courtesy of
the London-based polyglot Shaun
Whiteside. It is no mean feat to cap-
ture the breathless immediacy of
Pugliese’s prose, and Mr. Whiteside
has done the job admirably.
“Malacqua” is a beguiling portrait
of a fractured city, with its jostle of
voices and competing desires, soaked
in magic realism and absurdism. It
begins with a warning about reality’s
being “overabundant” and then lays
Pugliese’s editor, Italo
Calvino, said ‘This is a
book with a meaning
and a force and a message.’
the imagery on thick. The rain is fall-
ing “in violent spates,” the sea is
rising and Naples is beginning to
GETTY IMAGES
soften and erode. Streams of water
“dug, and cut, and dug, and cut, and
now the defences were disappearing,
the cement was crumbling, support-
ing columns sent up desperate cries
for someone to support them.”
“Christ,” one character exclaims, “the
city’s really made of cardboard.”
Sinkholes are opened up and
buildings are toppled. Firemen are
dispatched and multiple inspections
are required. The passive voice is
impishly employed. Pugliese is very
good—and very funny—on municipal
bureaucracy, its rhetoric of obfusca-
BOOKS
volume in Mr. Haley’s cracking
nautical history series starring
Bliven Putnam. In last year’s install-
ment, “The Shores of Tripoli,”
Putnam was a lieutenant in the
United States Navy dispatched to
fight the Barbary pirates. When “A
Darker Sea” begins he is rusticating
on his Connecticut farm with his
wife, Clarity, content to have left his
Loyalties were complicated
for the colonists, but even
more so for the slaves
in bondage to them.
seafaring days behind him. But a
surprise summons brings him to
Washington, D.C., to meet with Pres-
ident Madison (“a tiny bird of a man,
trim-waisted, certainly less than a
hundred pounds”). The brazen
British practice of seizing neutral
American trading vessels and
impressing their sailors into service
against Napoleon has pushed the
government toward a declaration of
war and Putnam, newly promoted to
Master Commandant, is one of the
men tapped to spearhead it.
Putnam is a brave, upright, honor-
able figure, hugely admirable though
perhaps a bit dull in comparison to
the salty and rough-hewn captains of
other popular maritime adventures.
But if Mr. Haley’s forte is not in cre-
ating textured characters, he may
have no peer when it comes to de-
tion and evasion. Officials with over-
blown job titles flail about trying to
impose order while the “fat mayor”
concludes that “it wasn’t his job” to
decide, “other people would decide
for him.” But beneath the jolly satire
lurks a sinister undercurrent. “It is
not appropriate,” we are told, “to
have reservations about the state.”
The novel follows, in the words of
its baroque subtitle, “four days of
rain in the city of Naples, waiting for
the occurrence of an extraordinary
event.” There is no plot as such, just
a succession of episodes and an
accretion of foreboding, the gather-
ing expectation of some sort of reve-
lation. It spoils nothing to say that
the expected “occurrence” never
happens, part of the joke being that
* ***
scribing ships and sea battles. The
true hero of “A Darker Sea” is not
Putnam at all, but the great U.S.
Navy frigate Constitution, with its
extraordinary latticework of rigging
and a triple-layered wooden hull of
such strength that cannonballs
bounced right off it.
Two of Old Ironsides’s legendary
battles—against HMS Guerrière and
HMS Java—are brought to the page
here with wondrous detail and fidel-
ity. In the first battle, the combat is
so close-range that the Guerrière’s
bowsprit becomes entangled in the
Constitution’s rigging, causing the
ships to spin “together like two
great dogs who had each other by
the tail. The Constitution began to
twist back on her opponent until
most of her starboard guns once
more came to bear, the range closing
to point-blank, so that the muzzle
blasts themselves could start fires
on the deck.”
Electric moments like this make
“A Darker Sea” memorable. But as in
the Revolutionary War, the vastly
outnumbered Americans fought
defensively in the War of 1812, rely-
ing on strategic escapes more often
than direct confrontations. Early on
Putnam is amazed the war between
the U.S. and Britain “could be fought
so slowly, that their game of cat-and-
mouse could be sustained for so
long.” It’s still ongoing when this
book comes to a close, which means
that there is more of the war yet to
be fought and more famous victories
for Master Commandant Putnam to
take part in.
“extraordinary events” are happen-
ing all the time.
Naples itself may be the novel’s
true protagonist, but Pugliese is a
gifted portraitist and provides some
wonderfully vivid—and at times
surprisingly moving—character
vignettes. There is the journalist
Carlo, a stand-in for the author, try-
ing to report precisely what is going
on. There is the put-upon policeman
Ferdinando, beset by “his wife’s
illnesses, all nervous in origin.” The
teenage Giovannella skips a friend’s
funeral to lose her virginity, while
young Sara must contend with her
violent and erratic mother, who hurls
her beloved radio out the window.
Women don’t come off particularly
well in this novel—but, then, neither
THE WALL STREET JOURNAL.
MYSTERIES: TOM NOLAN
The Dawn
Of Subatomic
Espionage
IN DAVID IGNATIUS’S
fascinating thriller
“The Quantum Spy”
(Norton, 323 pages,
$25.95), rival U.S.
and Chinese agencies
seek to develop a “quantum com-
puter”—a machine of mind-boggling
capabilities: “Problems that would
take the lifetime of the universe to
solve with a conventional computer
could be computed in a few hours.”
Mr. Ignatius, a prize-winning journal-
ist for the Washington Post, supplies
plenty of up-to-date technical infor-
mation in the course of telling his in-
volving and realistic-seeming story.
Heading the American team is the
CIA’s John Vandel, who “had the gift
of a good case officer, which was
that he looked harmless.” But there’s
nothing harmless about the zeal
with which he pursues his objec-
tives, manipulating loyal agents and
changing the rules as he goes along.
A world away, at the Ministry of
State Security in Beijing, is Vandel’s
opposite number, Li Zian, a man
equally devoted to winning the race
for quantum technology, which he
terms “one of the most precious
secrets of the state.” Li’s greatest
asset is a source within the CIA, a
The race to produce a
quantum computer sends
American agents jetting
from Seattle to Singapore.
mole code-named Rukou—“The
Doorway.”
When Vandel learns of Rukou’s
existence, he vows not only to find
the mole but to bring down the
mole’s handler. He sends agent
Harris Chang—America-born, Ari-
zona-raised—to investigate. So con-
spicuous does Chang make himself
that Li and his crew attempt to
recruit him—which brings Chang
under the angry scrutiny of both
Vandel and the FBI. Chang, who
bristles at being called “Chinese-
American” by colleagues rather than
“American of Chinese descent,”
reflects bitterly: “He had three
generations of American-ness in his
bank account. But it was never
enough.”
“The Quantum Spy” jets from
Seattle to Singapore, from Mexico
City to Amsterdam. There’s even the
occasional touch of humor—as when
an underling to Li Zian cautions: “I
believe it was Leo Tolstoy who said
that the strongest warriors are time
and patience.” The boss responds:
“Tolstoy wasn’t a communist.”
do men. There is disgust in Pugliese’s
description of what a city does to
individuals while it “lives its life in a
continuous form of multiplication.”
The publishers state that “Malac-
qua” was “withdrawn from publica-
tion at the author’s request” and
offer no further explanation. Accord-
ing to the critic and filmmaker
Giuseppe Pesce, who made a docu-
mentary short about Pugliese not
long before his death, the reasons
were rooted in the author’s revulsion
at society.
“Pugliese did not withdraw the
novel, but withdrew himself,” Mr.
Pesce told me recently. But there was
perhaps a further motivation: In
1980, the year that Roma closed
down, Naples and its neighbors
suffered a catastrophic earthquake,
which left nearly 2,500 dead and
250,000 homeless. The city’s social
problems and dirty politics, conse-
quently, went from bad to worse.
Maybe “Malacqua” suddenly seemed
all-too-prophetic. Or maybe, in the
light of this instance of “overabun-
dant” reality, Pugliese thought his
book somehow underimagined.
“Naples is the city of many
springs—beautiful springs—after
which the summer never comes,”
Pugliese told Mr. Pesce elliptically.
He was content for his novel to have
its brief moment in the sun. Now its
spring has come again.
Mr. Lichtig is the fiction
and politics editor at the
Times Literary Supplement.
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.
‘It’s wonderful what a different life one leads inside . . . at least, how unknown the inside one is.’ —Ida John
Cries From Beyond the Heart
The Good Bohemian
Ed. by Rebecca John & Michael Holroyd
Bloomsbury, 331 pages, $35
BY D.J. TAYLOR
A PRELIMINARY sketch of the career
of Ida John (1877-1907) can make her
look like the original Bohemian Girl.
There is the slightly depressed family
background (her father, Jack Nettle-
ship, was a faded Pre-Raphaelite
painter); the shabby-genteel upbring-
ing in Wigmore Street, London, where
her mother ran a drapery business;
the teenage enrollment at the Slade
School of Fine Art; the marriage, at
age 23, to a rising young artist with a
roving eye—one by one, the calling
cards of a life spent on the late-Victo-
rian margin stack up. The general
effect is rather reminiscent of one of
those bourgeois-baiting cartoons from
Punch magazine in the 1890s, in
which a shock-haired “New Woman”
in a divided skirt argues with her
drawing master while an undraped
model poses coyly on a nearby plinth.
All this is, naturally, compounded
by the milieu in which Ida spent much
of her painfully short existence. From
the moment she married Augustus
John, one of the great hopes of fin-
de-siècle English painting, a few days
before the death of Queen Victoria in
January 1901, she was swept off into
an airy, enticing but not especially
moneyed landscape, featuring so-
journs in Liverpool (where “Gus” had
a drawing master’s job); hijinks with
fashionable contemporaries such as
the artists William Orpen and William
Rothenstein; and an out-at-elbow
BRIDGEMAN IMAGES
domestic life vagrantly pursued in the
wilds of rural Essex. The New English
Art Club—where Orpen’s portrait of
Augustus John hung in state—opened
its doors, and toothaches and child
care were forgotten in the excitement
of visits from art-world panjandrums
(“Gus has had this letter from R.
Sickert”), while Rothenstein’s sympa-
thetic wife, Alice, was assured that, in
what turned out to be a serious
understatement, “you know we are
not a conventional family.”
Nor were they, and yet the mes-
sage of “The Good Bohemian”—a col-
lection of Ida Johns’s letters, scrupu-
lously edited by Ida’s granddaughter
Rebecca John and Augustus’s biogra-
pher Michael Holroyd—is just how
woefully short this caricature sells its
subject and indeed the behavioral
standards of the early 20th-century
English art world. Ida is constantly
confounding our expectations by be-
having in ways that other bohemian
women did not (marrying Augustus,
for example, because her moral prin-
ciples would not allow her to “live in
sin”), and her letters are proof of a
highly distinctive personality. When
she remarks to her friend Dorothy
CHILDREN’S BOOKS: MEGHAN COX GURDON
Afloat, Astride and Along for the Ride
ONCE UPON a time
in Mesopotamia, long
before the iPad, peo-
ple used a different
kind of tablet to
record events and
write down stories. There was no
scrolling in those pre-internet days.
Instead, writers used blunt reeds to
press the shapes of cuneiform script
into tablets that were smooth, heavy
and made of clay. Hundreds of thou-
sands of these objects are extant, but
only a small number have been deci-
phered. They give us thrilling
glimpses of the remote past.
In recent years, cuneiform transla-
tors have decoded a 4,000-year-old
Babylonian story of a cataclysmic
flood and the man, Atra-hasis
(“exceedingly wise”), tasked by a god
with building a vessel capacious
enough to hold two creatures of every
species. A later version of the story
appeared, of course, in the Hebrew
Bible in an example of cultural trans-
mission that Irving Finkel explored in
2014’s “The Ark Before Noah.”
Now Mr. Finkel, who oversees the
British Museum’s cuneiform tablet
collection, has taken the scant frag-
ments of the Atra-hasis flood story
and built a narrative scaffolding
around them to create a complete
narrative for young readers, “The
Lifeboat That Saved the World”
(Thames & Hudson, 102 pages,
$16.95). Our companion in this slim
volume is a 9-year-old boy named
Very-quick, the youngest and bright-
est of Atra-hasis’s three sons. One
* * * *
JEWEL ‘Merikli’ (1902), a portrait of Ida John by her husband, Augustus John.
Salaman that “we all live for a blessed
human sympathy, and the more we
open and strengthen ourselves the
more we shall receive,” the reader is
pulled up sharp by the sudden aware-
ness of something that, however con-
ventionally framed in the moral lan-
guage of its time, is genuinely meant.
Meanwhile, her expressions of such
human sympathy—which you some-
times feel that Ida could have done
with a little more of from those clos-
est to her—flow on from one sentence
to the next. Whether chastising early
admirers (“There was a naughty boy
and he ran away to Scotland. But the
girl he went away from didn’t care, oh
no not indeed”) or lapsing into mock-
Cockney (“p’raps we moight jist drop
in upon yer one diye”) and Tennyson-
style pastiche (“Oh darling, my Lady,
my wondrous Lady” etc.), the pre-
Augustus letters seem to be written in
a state of permanent high spirits. At
night the boy wakes to find his fright-
ened father receiving instructions
from the god Enki, the Mesopotamian
trickster deity. “Atra-hasis, pay heed
to my advice that you may live for
ever! Destroy your house, build a
boat!” the god commands, in text
boldfaced to show that the passage is
taken directly from cuneiform.
One of Enki’s powerful fellow
immortals has tired of humanity’s
noise, it seems, and intends to douse
it forever. Enki hopes to thwart the
worst of the plan by enlisting Atra-
The way we live now, with
our tablets, seems sedate
by comparison to our
ancestors’ unbridled lives.
hasis, but they only have seven days
FLYING EYE
to put their plans in motion.
Following the god’s specifications
(as recorded on a real tablet), Very-
quick and his father marshal ship-
wrights to help them construct a vast
coracle, a circular, basket-like vessel
made of rope and wooden stanchions.
Scoffers gather, but so do pairs of
animals that seem somehow to anti-
cipate the boat’s purpose. “When I’ve
gone back through the door, seal it
behind me,” Atra-hasis tells his chief
carpenter, who thinks his boss is
delusional. And then the rains begin
. . . Dylan Giles’s smoky monochrome
illustrations of gods and men
BOOKS
the same time, even when Ida is in-
dulging in her “Jungle Book” fixation,
addressing friends as “Baloo” and
conveying “Mowgli’s love and bless-
ing,” or bringing news of midnight
swims in which “we ran into the sea
without garments,” there is some-
thing brisk and perceptive about her
letters, an imaginative sympathy that,
however gracefully expressed, relies
on straightforward moral toughness
to bring off its effects.
Ida’s ability to get inside the rela-
tionships she so lovingly observed is
apparent in some long letters from
1896 advising Edna Waugh, a younger
friend from the Slade who was being
strenuously courted by an older man.
“Good Heavens, what do you expect,
you idiot,” Ida twits the not-yet-17-
year-old Miss Waugh. “It is sheer
nonsense to think of loving a person
continuously, or at all, in the right
way, for years to come. And I tell you,
enhance this lively yet morally seri-
ous retelling of an ancient saga of de-
struction and renewal.
In prehistory, long before cunei-
form, people confided stories and pic-
tures to the walls of caves. In the dark
interior of the Chauvet cave, in south-
ern France, an unknown artist in the
ice age created an exquisite portrait
of four wild horses, ranked in profile.
Jarom Vogel evokes the picture’s
haunting beauty in an apparently fire-
lit illustration for “Horses: Wild and
Tame” (Flying Eye, 48 pages,
$19.95). “Often representing faithful-
ness, power and freedom, horses have
become immortalized in tales that are
still told today,” Iris Volant writes in
a stylish picture book that draws from
history, biology and legend to help
children ages 5 and older appreciate
the beauty and power of horses and
our long relationship with them.
Paging through Mr. Vogel’s color-
Saturday/Sunday, November 11 - 12, 2017 | C9
baby that you are, that you won’t
come to any conclusion by thinking
about it. The only way to know if you
love a person is to forget all about it
until one day you will laugh to think
you ever doubted, which you did—
love or not love.” Significantly, Ida’s
concern extended from her friend’s
emotional well-being to her ambitions
as an artist. “I believe you want to
paint,” she exhorts the by-then-
proposed-to Edna three months later.
“Then walk down that road and don’t
get looking at the sky.”
This raises the question of which
roads Ida wanted to walk down her-
self. March 1897 finds her in Florence,
copying Old Masters at the Pitti. (“I
am so bold and unafraid in the way I
work that all the keepers and all the
visitors and all the copyists come and
gape.”) Come the early 1900s, on the
other hand, she is married to Augus-
tus, mired in domesticity, and eyeing
ful, stylized pictures (see below), it’s
hard to escape a pang of envy: The
world seems to have been so dramatic
and swashbuckling when Alexander
the Great rode blue-eyed Bucephalus;
when horses thundered before Roman
chariots; when, in India, Rajput sol-
diers fitted their Marwari steeds with
fake trunks to confuse the fighting
elephants of the Mughals; when
Native Americans dashed across the
plains on horseback, hunting buffalo.
The way we live now, with our tab-
lets, seems so sedate by comparison,
and the role of horses so tame: The
tight turns and perfect posture of
dressage are impressive, for instance,
but not exactly . . . unbridled.
Real horses were replaced in many
cases during the Industrial Revolution
by “iron horses,” steam locomotives
that still hold a special place of affec-
tion in the public imagination. Some
people are helpless before trains,
a future of continual childbirth (the
Johns produced five sons in six years)
and, Gus being Gus, the looming spec-
ter of the other woman. In this case it
was Dorothy “Dorelia” McNeill, who
began her career as his model (“Gus
says you are well worth your keep,”
Ida writes encouragingly in December
1903), gave birth to two of his chil-
dren while her rival was still alive,
and survived Ida by the small matter
of 62 years.
Even here, though, the ménage à
trois that Augustus, Ida and Dorelia
entered into around 1904 is not quite
what it seems on the surface. One
might note an October 1904 letter—
self-abasing and spirited by turns—
‘My only happiness is
for him to be happy and
complete,’ she wrote of
her husband and his lover.
again to Alice Rothenstein: “You have
heard Dorelia is beautiful and most
charming, and you must learn that my
only happiness is for him to be happy
and complete, and that far from
diminishing our love for each other it
appears to augment it.” Lest there be
any doubt of the letter’s sincerity, Ida
goes on to insist that “it really ex-
presses the actual state of affairs and
you need not consider there is any
bitterness or heartache behind, as,
though there is occasionally, it is a
weakness not to be tolerated.”
At around this time, Ida writes en-
igmatically to Augustus’s sister Gwen
John: “I hope for a different life later
on.” Meanwhile there is talk of lauda-
num bottles, “demons,” and Dorelia
and Gus being “very kind & when I do
not think it is compassion I am happy
enough.” Ever sensitive, Augustus
begins work on a double portrait from
which his wife is eventually painted
out. “I hate to think I’ve made you
miserable but I know I have,” Ida
consoles Dorelia after one of the inev-
itable flare-ups. “Gus blames me
entirely for everything now. I daresay
he’s right—but when I think of some
things I feel I suffered too much . . .
like being burnt or something.”
Dying at 30 of puerperal fever, Ida
was thought (by Gus) to have spent
her last night on earth “making prepa-
ratory flights into delectable regions—
where the air is too rare for us as yet.”
What remains is what her near-exact
contemporary, the novelist Flora
Mayor, called “‘an odd cry from the
heart, or whatever there is beyond the
heart”—and, for all the dissatisfactions
of her short and demon-haunted life,
she seems curiously complete.
Mr. Taylor is the author of “Bright
Young People” and “The New Book
of Snobs,” among other works.
utterly mesmerized by them. For the
youngest enthusiasts, Chris Gall com-
bines the joy of toy trains with the
muscular glamour of real ones in a
picture book, “The Littlest Train”
(Little, Brown, 40 pages, $17.99).
When a playroom mishap shunts a
little red locomotive off his own
wooden track, he embarks on a great
adventure that soon has him riding
the rails with massive (yet friendly)
monsters that include a freight train,
a cog engine and a bullet train. Rich
colors and clean, elegant illustrations
add a touch of enchantment to this
satisfying tale that brings the little
protagonist full circle.
The first lines in the classic 1938
Polish picture book “Locomotive”
(Thames & Hudson, 47 pages,
$16.95) establish a terrific read-aloud
rhythm that clatters and chuffs like
the train they describe. “Here is the
engine, black, stupendous, / Dripping
with oil, its heat tremendous,” we
read of a coal-gobbling train loaded
with bananas, pianos and “an enor-
mous gun / With blocks of iron to rest
it on.” The humorous original artwork,
now somewhat faded and fuzzy from
duplication, shows three meaty pas-
sengers, “each one a glutton, / Eating
sausages of partridge and mutton!”
Two additional poems (one about the
harvesting of a colossal turnip, the
other about a tweetstorm of gathering
birds) complete this beloved collabo-
ration between poet Julian Tuwim
(1894-1953) and the Warsaw-based
artistic duo Jan Le Witt (1907-91) and
George Him (1900-82).
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C10 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

BOOKS
‘What would your good do if evil didn’t exist, and what would the earth look like if all the shadows disappeared?’ —Mikhail Bulgakov

SCIENCE FICTION: TOM SHIPPEY FIVE BEST: A PERSONAL CHOICE

Inspired Lunacy Otto Penzler

ARTEMIS IS a bub- ers free power from the city’s reactor on villains
ble city on the to process Lunar anorthite, and they
Moon. In science- return the favor with free oxygen.
fiction terms, how Behind the technology there’s on the church steps, an event that
ancient is that idea? also sociology. Who owns Artemis, Red Dragon turned her to ice. Asked about her
Nineteen fifties or and where does its money come By Thomas Harris (1981) lack of tears, she says that she’s
worse. But just as Andy Weir’s first from? The short answers are Kenya, crying inside. She then returns to

1
novel, “The Martian” (2011), which capitalized on the rocket- IN THIS, one of the most the church to make a vow but not,
breathed new life into the old Rob- launching opportunities provided by imaginative and chilling she tells a friend, to pray. Julie
inson-Crusoe-on-Mars plot, now his its position on the equator by elimi- suspense novels ever written, tracks down the men she holds
second, “Artemis” (Crown, 305 nating regulations; and not tourism, a serial killer butchering entire responsible, insinuates herself into
pages, $27), has revitalized the Lu- but immigration. Rich old people families is paying special attention their lives. The tension becomes
nar-colony scenario, with the to the women—mutilating and unbearable as the reader waits for
author’s characteristic blend of en- biting them and earning the sobri- her to fulfill her murderous quest,
gineering know-how and survival The author of ‘The quet “the Tooth Fairy.” Former FBI with the targets of her vengeance
suspense. agent Will Graham recognizes the ignorant of their doom. Letting the
Artemis the city, then, looks Martian’ takes readers work of Hannibal (the Cannibal) audience know what the potential MR. PENZLER is the editor of ’The
exactly like old sci-fi said a moon on another memorable Lecter, a psychopath he captured a victim does not is the key to terri- Big Book of Rogues and Villains.’
city should: It’s a bunch of domes. year earlier. Visiting Lecter in a fying anticipation, Woolrich knew,
These domes, though, have double trip, this time to the moon. hospital for the criminally insane as Alfred Hitchcock did. Few writ- sacred jewel in a New York
aluminum hulls—six centimeters to solicit his help, Graham is ers before or since Woolrich could museum and hires Dortmunder to
thick with a meter of crushed rock in told—unnecessarily—to be careful: match his ability to produce such steal it for him. Dortmunder’s
between—and there’s a reason why come to live in low gravity, and they One of Lecter’s nurses had turned relentless terror. perfect plan appears to succeed,
they’re aluminum. bring all their money with them. away for a second; she managed to but something goes wrong. These
Meanwhile “Artemis” the book But when they stop coming and save one of her eyes. Lecter’s pulse career criminals, it seems,
opens with its heroine, Jasmine start dying off, Artemis looks like a barely went up, a doctor reports, The Strange Schemes succeeded in stealing the gem,
Bashara, or Jazz, taking her extra- Ponzi scheme. “even when he tore out her of Randolph Mason then lost it. They need to steal it
vehicular-activity exam. She re- Moreover, slugs are an unregulated tongue.” Lecter is the most famous By Melville Davisson Post (1896) again, which requires that they
sponds quickly and successfully to a currency, and that means money- villain of the past half-century in break into a prison. All continues

3
life-threatening emergency, but she laundering. Which in its turn means a large part because his creator was THE CRIMES in this story to go wrong. Westlake’s comic
fails anyway. The emergency was an takeover by criminal cartels. Artemis ingenious enough not to make him collection are so inventive, crime novels never turn dark or
equipment failure, and she’s respon- could end up like Chicago in the 1920s, the central character, instead sub- and rogue lawyer Randolph threatening. No weapons, no
sible for her equipment. only much worse. Soon tly limiting his appearances so Mason so brilliant, that Erle Stanley violence, no seriously bad perpe-
Another familiar sci-fi Jazz’s small-time, no- that the reader always wants Gardner named his own lawyer trator. Such discomfort as they
motif: There are no victim criminality more—just as Arthur Conan Doyle protagonist, the highly ethical Perry may give is reserved for readers
excuses on the gets mixed up rarely allowed Professor Moriarty Mason, in homage. The sinister whose ribs ache from laughter.
Moon, because, with serious onto the page. Lecter would play a Randolph Mason’s goal is not to
as Robert crime, and her far greater role in the memorable prove that his clients weren’t guilty
Heinlein told attempts to sequel to “Red Dragon”—“The of a crime but to prove that no The Insidious
us long ago, pay her debts Silence of the Lambs.” crime was committed. He describes Dr. Fu-Manchu
“the Moon is and fix the his amoral philosophy: “No man By Sax Rohmer (1913)
a harsh mis- situations she who has followed my advice has

5
tress”—or a creates get The Bride Wore Black ever committed a crime. Crime is a THE BOXER REBELLION, at
mean old steadily out of By Cornell Woolrich (1940) technical word. It is the law’s term the turn of the 20th century,
bitch, as Jazz’s hand. for certain acts which it is pleased aroused fear in England that

2
examiner re- The big crisis, WOOLRICH WAS the poet of to define and punish with a penalty. Asian hordes were about to start a
phrases it. like so many of the darkness, the Edgar Allan None but fools, dolts, and children war in an attempt at world
Failure puts Jazz story’s surprises, Poe of the 20th century, and commit crimes.” In one story, conquest. Sax Rohmer saw an
in a fix, because she wouldn’t be a surprise if “The Bride Wore Black” was his Mason recommends that his client opportunity for popular literature
needs the money she would you knew (as Jazz does not) first crime novel. Its villain is an murder his adversary. Since Post that capitalized on this rampant if
have earned from being a guide for what methane plus chlorine plus heat avenging angel, Julie Killeen, based his stories on actual cases, irrational fear. His research into the
tourists. She’s at the bottom of the produce, and if you remembered (as whose groom was shot and killed lawmakers were forced to change history of London’s Limehouse
social ladder, working as a porter. she has forgotten) where Artemis’s air criminal procedure to prevent district had revealed the existence
She earns about 12,000 slugs a comes from. But that’s the way Mr. nefarious lawyers from using the of a real-life Chinese figure of enor-
month, her coffin-sized apartment Weir works. He’s always ahead of his legal loopholes he exposed. If exist- mous wealth and power who would
costs her 8,000, and she lives off readers scientifically and technologi- ing laws weren’t revised, they become the model for his character
“gunk,” homegrown yeast plus flavor cally. If he gives you apparently excess cleverly deduced, criminals and Fu-Manchu, an evil mastermind
extracts. She augments her pay by information, you can be sure it will their complicit attorneys would who plots to rule the world. The
smuggling, but Artemis’s solitary turn out to be vital to the plot just have a clear path to careers of Scotland Yard hero of Rohmer’s
law-enforcer, a Canadian ex-Mountie, when you weren’t expecting it. crime without punishment. book, Sir Denis Nayland Smith,
is on to her, and she needs exactly You finish the novel thinking, as replies, when asked who Fu-Manchu
416,922 slugs to pay off a debt. you do with the very best sci-fi: Well, is: “I have only the vaguest idea,
What’s a slug? It’s the basic Lunar maybe this is the way things are going The Hot Rock Inspector, but he is no ordinary
currency, the price of one Soft- to happen. Because the scenario, and By Donald E. Westlake (1970) criminal. He is the greatest genius
Landed Gram sent from Earth. the plot, is constrained by the kind of which the powers of evil have put

4
What’s worth smuggling? Cigars, for hard facts, financial and technological, JOHN Archibald Dortmunder on earth for centuries.” Over a 40-
one thing. Artemis’s atmosphere is most of us aren’t even aware of. is a smart thief who plans year span and more than a dozen
pure oxygen, so its laws are rigid It all seems just about possible, foolproof capers for his gang books, Smith saved the West from
about anything flammable. Even the which is a comforting thought after of crooks, which somehow always the “Devil Doctor” again and again.
superrich who have air-filtration decades of disappointment following fail. This first book in a long- In spite of Fu-Manchu’s occult pow-
units can’t smoke legally, and weld- the old Clarke-and-Heinlein era of running series establishes the ers and control over such secret
ing (Jazz’s other specialty) demands imagined space travel. Finally, Jazz is template for his unfortunate cults of the East as Dacoits, Hash-
GETTY IMAGES

extra precautions. a great heroine, tough with a soft core, mishaps—never quite his fault, of ishin and Phansigars, English read-
GETTY IMAGES

Where does the oxygen come crooked with inner honesty. A big im- course. In this caper, the United ers could rest easy, assured that the
from? It’s a byproduct of the alumi- provement on Heinlein’s Podkayne, Nations ambassador of Talabwo stolid British crime fighter would
num plant. Artemis gives the smelt- sci-fi sacrilege though it is to say so. FIENDISH PLOTS Sax Rohmer. claims ownership of a priceless always thwart the godless tongs.

Best-Selling Books | Week Ended Nov. 5

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
The Pioneer Woman Cooks 1 1 Killing England 6 7 The Rooster Bar 1 1 Turtles All the Way Down 6 3 representing about 85% of the nation’s book sales.
Ree Drummond/William Morrow & Company Bill O’Reilly & Martin Dugard/Henry Holt & Company John Grisham/Doubleday Books John Green/Dutton Books for Young Readers Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
Leonardo da Vinci 2 2 Capital Gaines 7 6 Two Kinds of Truth 2 New Twin Peaks: The Final Dossier 7 New retailers, and food stores. E-book data providers
Walter Isaacson/Simon & Schuster Chip Gaines/Thomas Nelson Michael Connelly/Little, Brown and Company Mark Frost/Flatiron Books include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
Andrew Jackson and the Miracle 3 4 Grant 8 8 Origin 3 2 Harry Potter...Prisoner/Illustrated 8 7 fiction and nonfiction lists in all formats
Brian Kilmeade/Sentinel Ron Chernow/Penguin Press Dan Brown/Doubleday Books J.K. Rowling/Arthur A. Levine Books include adult, young adult, and juvenile
titles; the business list includes only
Bobby Kennedy: A Raging Spirit 4 New The Wisdom of Sundays 9 – Wonder 4 5 A Loud Winter’s Nap 9 New adult titles. The combined lists track
Christopher Matthews/Simon & Schuster Oprah Winfrey/Flatiron Books R. J. Palacio/Alfred A. Knopf Books For Young Readers Katy Hudson/Capstone Young Readers sales by title across all print and e-book
formats; audio books are excluded. Refer questions
Sisters First 5 3 Anxious for Nothing 10 – Dork Diaries 12 5 4 Dog Man: A Tale of Two Kitties 10 8 to Peter.Saenger@wsj.com.
Jenna Bush Hager/Grand Central Publishing Max Lucado/Thomas Nelson Rachel Renée Russell/Aladdin Paperbacks Dav Pilkey/Graphix

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

Beyond Belief 1 – The Pioneer Woman Cooks 1 1 Two Kinds of Truth 1 New Two Kinds of Truth 1 New Strengths Finder 2.0 1 2
Jenna Miscavige Hill & Lisa Pulitzer/HarperCollins Publishers Ree Drummond/William Morrow & Company Michael Connelly/Little, Brown and Company Michael Connelly/Little, Brown and Company Tom Rath/Gallup Press
Leonardo da Vinci 2 5 Leonardo da Vinci 2 2 The Handmaid’s Tale 2 – The Rooster Bar 2 1 Principles: Life and Work 2 1
Walter Isaacson/Simon & Schuster Walter Isaacson/Simon & Schuster Margaret Atwood/Houghton Mifflin Harcourt John Grisham/Doubleday Books Ray Dalio/Simon & Schuster
The 48 Laws of Power 3 – Bobby Kennedy: A Raging Spirit 3 New The Rooster Bar 3 1 Origin 3 2 Total Money Makeover 3 7
Robert Greene & Joost Elffers/Penguin Publishing Group Christopher Matthews/Simon & Schuster John Grisham/Knopf Doubleday Publishing Group Dan Brown/Doubleday Books Dave Ramsey/Thomas Nelson
Bobby Kennedy: A Raging Spirit 4 New The Sun and Her Flowers 4 5 Origin 4 2 The Handmaid’s Tale 4 – The Five Dysfunctions of a Team 4 4
Christopher Matthews/Simon & Schuster Rupi Kaur/Andrews McMeel Publishing Dan Brown/Knopf Doubleday Publishing Group Margaret Atwood / Anchor Books Patrick M. Lencioni/Jossey-Bass
Win Bigly 5 New Andrew Jackson & the Miracle... 5 4 Wilde in Love 5 New Turtles All the Way Down 5 3 Extreme Ownership 5 5
Scott Adams/Portfolio Brian Kilmeade/Sentinel Eloisa James/HarperCollins Publishers John Green/Dutton Books for Young Readers Jocko Willink/St. Martin’s Press
The Sweet Life in Paris 6 – Sisters First 6 3 Deep Freeze 6 5 Wonder 6 9 The Ideal Team Player 6 –
David Lebovitz/Crown/Archetype Jenna Bush Hager/Grand Central Publishing John Sandford/Penguin Publishing Group R. J. Palacio/Alfred A. Knopf Books For Young Readers Patrick M. Lencioni/Jossey-Bass
How Dogs Love Us 7 – Harry Potter: A Journey... 7 9 A Very Merry Princess 7 New Deep Freeze 7 6 The Energy Bus 7 8
Gregory Berns/Amazon Publishing British Library/Arthur A. Levine Books Susan Mallery/Harlequin John Sandford/G.P. Putnam’s Sons Jon Gordon/John Wiley & Sons
All Out War 8 New Killing England 8 6 Broken Bones 8 New Wyoming Winter 8 New Emotional Intelligence 2.0 8 –
Edward Klein/Regnery Publishing Bill O’Reilly & Martin Dugard/Henry Holt & Company Angela Marsons/Angela Marsons Diana Palmer/HQN Travis Bradberry & Jean Greaves/TalentSmart
The Girl with Seven Names 9 2 Grant 9 10 The Inn at Blue Hollow Falls 9 New Room On The Broom 9 7 Forged in Crisis 9 New
Hyeonseo Lee & David John /HarperCollins Publishers Ron Chernow/Penguin Press Donna Kauffman/Kensington Julia Donaldson/Puffin Books Nancy Koehn/Scribner Book Company
Sisters First 10 1 Milk And Honey 10 – The Trouble with Twelfth Grave 10 New Wilde in Love 10 New High Performance Habits 10 10
Jenna Bush Hager/Grand Central Publishing Rupi Kaur/Andrews McMeel Publishing Darynda Jones/St. Martin’s Press Eloisa James/Avon Books Brendon Burchard/Hay House, 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
THE WALL STREET JOURNAL.
He likes
to play the
role of a
skeptic or
moderator.
ALLISON MICHAEL ORENSTEIN FOR THE WALL STREET JOURNAL
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Stephen Dubner
AUTHOR and radio host Stephen
Dubner likes asking questions. Sit-
ting in New York’s Central Park, he
sees two tennis players nearby
and wonders, “Why is the average
age of top-tier tennis players go-
ing up and the average age of golf-
ers going down?”
Ever since he and economist
Steven Levitt wrote “Freakonom-
ics” (2005), Mr. Dubner, 54, has
made a career out of unearthing
surprising facts about how the
world works. The book, based in
economics and social-science re-
search, has sold over seven million
copies and spawned three more
books. He’s gone on to launch a
weekly podcast called “Freako-
MOVING TARGETS: JOE QUEENAN
The Disney Empire Plans to Strike Back
IN A MOVE that rivals Darth
Vader’s misdeeds for sheer ruth-
lessness, Disney is forcing movie
theaters to agree to a list of draco-
nian terms if they wish to screen
“Star Wars: The Last Jedi.”
The Journal reported last week
that besides taking in 65% of the
revenue from U.S. ticket sales, Dis-
ney insists that theaters show the
film in their largest auditorium for
at least four weeks, even if the the-
aters end up empty by the end of
the film’s run. Theaters that violate
any part of the agreement must
fork over another 5% of the take.
But there is more. This week, I
consulted with dissident North Ko-
rean cinephile hackers who operate
deep under Pyongyang and wor-
ship all but the very worst Keanu
Reeves movies, just as I do.
Through them, I was able to obtain
a copy of the contract, known as
“The Vader Rules.” Here are the as-
yet-unreported major stipulations:
No one can leave the theater
* * * *
nomics Radio,” in which he inter-
views experts on topics such as
how gluten got a bad name and
why we don’t all speak the same
language. The show gets about
eight million monthly downloads.
Earlier this year, he launched a
second podcast, “Tell Me Some-
thing I Don’t Know.” The game
show-style podcast, which is re-
corded live in front of an audi-
ence, features guest presenters
who talk about interesting theo-
ries and little-known pieces of in-
formation. They’re questioned by
celebrity co-hosts, and a fact-
checker makes sure in real time
that everything is accurate.
In episodes in January, “Freako-
during the screening of “The Last
Jedi.” Disney thinks that moviego-
ers who go off to the bathroom or
to buy popcorn during the film will
miss certain awesome, mega-iconic
segments and then spread negative
or confusing word-of-mouth about
the film. For example, they might
miss the pivotal moment when
Kylo Ren explains once and for all
why he is not a Sith Lord. “The
film must be experienced in its
awesome, unitary, existential, pro-
prietary totality,” the contract de-
clares. So everyone attending a
screening of the film will be locked
in for the entire two-hours-plus.
Before the show, moviegoers
may only purchase “Star Wars”-
related refreshments. “If you want
ice cream, you have to eat it in a
souvenir, limited-edition cup
shaped like Darth Vader’s helmet,”
says the contract. “And get used
to popcorn dyed the same
color as Yoda.”
Patrons will not be al-
REVIEW
The ‘Freakonomics’ author is on
the hunt for answers
nomics Radio” will look at what
chief executives do. Mr. Dubner
says that interviewing these execu-
tives has made him curious about
other aspects of business, such as
company names. “It struck me that
a lot of firm names…sound a little
bit like baby talk,” he says. While
in the past, companies were often
given strong names like General
Electric and Exxon, today we have
the likes of Google, Alibaba and
Bonobos. “I wonder if there’s
something to be said for the psy-
chology of names,” he says. “Are
they successful in part because
they are very primordial?”
Mr. Dubner was born and raised
in a Catholic family in upstate New
Advice to
theater owners:
Hide your
firstborn.
Saturday/Sunday, November 11 - 12, 2017 | C11
York. His parents were originally
Jewish but converted to Catholi-
cism as adults, changing their
names from Solomon and Florence
to Paul and Veronica.
After earning his master’s of
fine arts in writing from Columbia
University, he started writing and
editing. In 1996, curious about his
family’s Jewish history, he wrote
an oral history of his mother’s
past. That turned into his first
book, “Turbulent Souls” (1998),
about his parents’ religious jour-
ney. In it, he describes how the
only hint of his Jewish heritage
was his father singing “My Yid-
dishe Mama” around the house.
“Woody Allen was the extent of
lowed to laugh or sneer during the
screening of the film, a rule en-
forced by special infrared cameras
delivered with movie copies. The
last time the Force awakened, a lot
of people thought Kylo Ren was
reasonably scary until he took off
his mask and revealed himself to
be the sleepy-eyed, mumbly-wum-
bly Adam Driver. This invited un-
flattering comparisons to the
cruel, raspy, mega-iconic Darth
Vader. This time, no such disre-
spect will be tolerated.
“Anyone suggesting that Adam
Driver is not terribly convinc-
ing as the murderous offspring
of Han Solo and Leia Organa
will be ejected from the cinema
and never allowed back for the
rest of his or her life. One other
thing: Kylo Ren is not, is not, is
not a Sith Lord. So stop saying
that he is, you knuckleheads.”
Multiplexes showing “The
Last Jedi” may only run duds
on their other screens. “The-
my Jewish knowledge,” he says.
Reporting and writing the story
gradually led him to Judaism, and
he and his wife named their first-
born son Solomon, after his fa-
ther’s original name. But Mr. Dub-
ner found that writing one memoir
was enough. He says that he likes
inserting himself into his stories
as a skeptic or moderator, but not
as a subject. “I was never comfort-
able with that,” he says.
Mr. Dubner met University of
Chicago economist Steven Levitt in
2003 during an assignment to pro-
file him in the New York Times
Magazine, where he was an editor.
Mr. Levitt is known for his counter-
intuitive and creative research on
subjects such as crime, sports and
drunken driving. “I was fascinated
with the way that he was so willing
to turn a familiar scenario on its
head and make you see something
that you had never seen before,”
says Mr. Dubner.
That led to the book, which used
statistics and research to examine
topics like the kinds of names par-
ents give their children. One of Mr.
Levitt’s more controversial findings
that appeared in “Freakonomics”
suggested that the legalization of
abortion in the early 1970s was
correlated with a drop in crime in
the 1990s. The theory has drawn
critics, including from economists
at the Federal Reserve Bank in Bos-
ton who said that the research
didn’t count arrests on a per capita
basis and didn’t factor in other
variables such as drug use. Mr. Lev-
itt says he stands by the findings.
Mr. Dubner launched “Freako-
nomics Radio” in 2010. Today, he
has five full-time staff members
for the show, plus another three
for “Tell Me Something I Don’t
Know.” He doesn’t see his new
jobs as producer and entertainer
as a big change. It requires “all the
same things you learn reporting—
thinking and writing and having
good taste,” he says.
In both his writing and his radio
shows, he tries to bridge the gap
between the public and research
and academia. “I find that a lot of
academics are really eager to have
their work understood, but they’re
often not very good at making it
understood,” he says. “They’re es-
sentially speaking to their own
tiny community who speaks a jar-
gon that’s not English.”
Mr. Dubner spends much of his
time tracking down experts to help
him answer the questions that
come to him. His research team has
already started tackling his query
about the average age of top-
ranked tennis players and golfers.
He thinks that the age reversal is in
part thanks to their respective
stars. Tennis has Rafael Nadal, 31;
Roger Federer, 36; and Serena and
Venus Williams, 36 and 37. Mean-
while, Tiger Woods’s success in-
spired younger athletes to take up
golf, lowering the average age of
top-tier golfers. Another factor, he
thinks, could be “scarring,” in
which golfers have a hard time for-
getting their mistakes, so age and
experience become hindrances.
Finding those answers is “pretty
much how I spend my days,” says
Mr. Dubner. Since he works for
himself, he doesn’t schedule a lot
of meetings and spends most of
his time reading, walking around
and talking to people. “That’s my
favorite part of being a writer,” he
says. “A fair amount of ideas come
from just not having a job.”
aters are legally empowered to
screen films like ‘Paranormal Ac-
tivity XIV,’ ‘Return of the Rock
Dog’ or anything starring Charlie
Hunnam,” the Disney contract
states. “If theaters want to screen
a British import starring Judi
Dench, Charlotte Rampling and
Maggie Smith as feuding Edward-
ian triplets, that’s fine too. But
they can’t show anything classy
like ‘Justice League.’ We don’t
want to marginalize the opposi-
tion. We want to crush it.”
Any theater manager who vio-
lates the rules must send an extra
5% of the take and turn over their
firstborn child to Disney. The stu-
dio then has the right to
“Mouseketeer” the child and turn
him or her into the next Ryan Gos-
ling or Demi Lovato. Says one in-
dustry insider: “And that kid bet-
NISHANT CHOKSI
ter be cute. Turn over an ugly
firstborn child and you will never
get to show another Adam Driver
film. Never.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C12 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

REVIEW

EXHIBIT
North Korea  This battery-
operated toy plane

By Design was originally

manufactured in
1983. Chinese
imports are now
replacing many
Korean toys.

Twenty-five years ago,

Nicholas Bonner took a  ‘Until recently there
study trip from his home in has been very little
England to Beijing to learn “brand” awareness in
North Korea beyond the
about Chinese architecture. reliable staples of alco-
He ended up starting a hol and cigarettes,’
North Korean tourism writes Mr. Bonner.
company with a few part- ‘Goods usually just have
ners. Still based in Beijing, a straightforward and
utilitarian picture of
he has now taken hundreds what is inside the can.’  The matchbox on the left shows the Pyongyang Railway Station;
of trips to the secretive Left, a canned beef label. the cigarette packaging on the right features buildings in the capital city.
country and collected boxes
of ephemera such as candy
wrappers, ticket stubs,
stamps and beer labels.
They’re the subject of his
new book, “Made in North
Korea” (Phaidon, $39.95).
The graphics tend to be
simple, such as packaging
that just illustrates what’s
inside. “The country is jus-
tifiably known as a place 
with many restrictions, This 1996 stamp
rules and barriers to inter- commemorates
action,” Mr. Bonner writes, the naming of
Kim Jong Il
but his book offers a as supreme
glimpse into everyday life  Stamps have sometimes featured foreign people or historical events— commander of
there. —Alexandra Wolfe including, unusually, this 1982 set commemorating the birth of Prince William. the army.

COLLECTION NICHOLAS BONNER

PLAYLIST: LOUISE PENNY ASK ARIELY: DAN ARIELY

A Local ‘Conquistador’
The role of a Canadian orchestra in the
rock world thrilled a novelist
Louise Penny, 59, is the author
of 13 mystery novels, including
her latest, “Glass Houses” (Mi-
notaur). She spoke with Marc
Myers.
When I was 13, I liked to take
refuge in the basement of our
family house in Toronto. We had
a stereo down there with re-
cords and a TV. I was a shy teen
and liked spending time
by myself. I probably
feared rejection.
One day after school
in 1972, I discovered the
album “Procol Harum
Live” among the re-
cords. It had just come
out, so my older
brother, Rob, must have bought
it. I didn’t have a stereo in my
room, and the basement was
quiet, especially when no one
was home. There was an old
sofa down there, and it was like
being in a subterranean cave.
As soon as I put the needle
on, I fell in love with the album,
particularly the first song,
“CONQUISTADOR.” It had ap-
peared on the band’s first album
in 1967, but this live version fea-
tured the Edmonton Symphony
Orchestra, in Alberta.
As a Canadian, I
was thrilled. Virtually
every musician I lis-
tened to then came
from someplace else.
The song opens
with the strings bow-
ing furiously and a
trumpet playing a
Mexican fanfare. Then
Procol Harum comes
in, and Gary Brooker’s
vocal begins.
GETTY IMAGES
the symphony behind the band.
The epic orchestration made
me pity the song’s fallen sol-
dier: “Conquistador a vulture
sits upon your silver shield /
And in your rusty scabbard
now the sand has taken seed.”
I loved how rock and classi-
cal sounded together. This
would later color my approach
to writing. That there are no
rules. A rock song can
be symphonic. A
Pop and crime novel can be
classics poetic. I also spent
long periods looking
meet. at the album’s cover.
It featured an illustra-
tion of the full orches-
tra and Procol Harum
on stage from the perspective
of the mezzanine.
Listening to the song’s lyrics,
you’re never given a sense of
how the conquistador wound up
dead in a field. He comes across
as someone who thought he was
doing the right thing fighting
for king and country.
One of my favorite verses is,
“Conquistador your stallion
stands in need of company / And
like some angel’s haloed brow /
You reek of purity.” I wish I had
written that last line.
How to Soften Extreme Views
Dear Dan,
I recently learned about research showing that
when people hold extreme beliefs, giving them
data that contra-
dicts their basic
opinions actu-
ally strength-
ens those be-
liefs! Does this
mean that there is no
way to change the beliefs
of people with extreme
opinions? —Jordan
Changing people’s opin-
ions is indeed difficult,
but there is hope.
With people
who hold ex-
treme views,
one paradoxical
finding is that presenting them with
even more extreme arguments in
support of their beliefs persuades
them to moderate. In a paper
published in Proceedings of the Na-
tional Academy of Sciences in 2014,
Boaz Hameiri and colleagues describe a citywide inter-
vention in Israel where they used this approach in an
ad campaign about the Israel-Palestine conflict. The ad
campaign was designed to try to change the opinions of
right-wing Israelis who oppose peace.
The ads presented the participants with absurd claims
about the benefits of the conflict—for example, that it’s
good for camaraderie and morality and helps to create
the unique culture of Israel. The results showed that the
campaign changed minds: From what they said and how
they reported voting, those with right-wing views became
more conciliatory and cut back their support of aggres-
sive policies, compared with residents of a comparable Is-
raeli city without the ad campaign. The researchers hy-
pothesize that the intervention succeeded because the ads
caused people to more deeply consider their own beliefs.
Hey, Dan!
Why do we believe we can learn from our own mistakes
but blame other people’s failure on their personalities
and/or lack of sufficient skills? Has this “one-way
street” phenomenon been studied? —Darin
that happen to us as the product of our
own doing and bad things as the result
of outside circumstances. Conversely, we
tend to attribute good things that happen
to other people to external circumstances
and bad things to their own doing.
We believe that we can learn from
our own mistakes because those mis-
takes aren’t really about us.
We think they in-
volve external
circumstances
that we can
learn to handle
better.
Can we learn to
override this type
of judgment? I
spent a lot of
time in Silicon
Valley recently,
meeting with exec-
utives of startups and
venture capitalists. I was struck
by what often happens when a startup fails: Peo-
ple in Silicon Valley approach the setback much
less negatively than the rest of the world does. Exec-
utives sometimes even look at their colleagues’ failure in
a positive way, as a sign of experience and learning.
Can we generalize from Silicon Valley to the rest of
the world? I’m not sure, but it seems to me that we can
change the way we look at other people’s failures, and
maybe even limit the blame we assign to them, as we
would with our own failures.
Hi, Dan.
Let’s say that your regular activities include things
like playing poker with friends every week or garden-
ing every weekend. How do you decide when to keep
on going with these activities—or stop and try some-
thing new? —Joanne
Questioning the value of our routines is good, because
it can help us to stop doing things we no longer enjoy.
It’s bad, however, because such questioning gets in the
way of whatever happiness the ac-
Have a tivity gives us. So I suggest that
dilemma you question yourself—but only
for Dan? for a short time. Perhaps take the

What captivated me last week of December to evaluate

Email
JAMES YANG

most was the song’s You are describing behavior that falls under the heading how much pleasure you get from
high drama and the of what social psychologists call the “fundamental attri- AskAriely your leisure activities—and con-
cinematic quality of GARY BROOKER of Procol Harum. bution error.” In general, we tend to see good things @wsj.com. sider what you could do instead.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2017 | C13

PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH Provided by the
National
Museum of
1. Shalane Flanagan became the suing Spotify over royalties. With the holidays Mathematics
first American
C. Farmers say the herbicide, almost upon us,
woman to drifting over from neighboring the coach has
win the land, harms their crops. some shopping
New York
D. Brazil’s famed painter, in puzzles to share
City Mara- a hazmat suit, is picketing a with the team.
thon in 40 gallery selling his work.
years. Who For previous weeks’
was the puzzles, and to
discuss strategies
men’s winner? 5. Democrats on Election Day with other solvers, go
racked up big wins in Virginia, to WSJ.com/puzzle.

A. Geoffrey Kamworor New Jersey and New York.

B. Wilson Kipsang They were also heartened by

C. Meb Keflezighi voters in Maine—who approved

D. Dustin Hoffman what?

A. A statewide ban on
Prime Presents 1 Prime Presents 2
Two days ago, Rachel Yesterday, Alex bought
2. The Dictionary of American assault weapons bought some gifts, and some gifts, and each
Regional English ran out of
B. Free birth control for each cost a prime cost a prime number of
money—but not before high-school students number of dollars. dollars. When he wrote
determining that, in the South,
C. An end to charter schools When she wrote down down all the prices,
someone who complains of
D. Medicaid for all low- all the prices, each digit each digit from 0 to 9
“having lost his nature” is income adults from 1 to 9 was was represented
suffering from what? represented exactly exactly once. The total
once. The total bill was bill was the minimum

A. Forgetfulness 6. Sir Isaac Newton was a the minimum possible possible for this

B. Constipation great investor. But he got for this situation. situation.

C. Living in a big city badly burned by which of What was the bill What was the bill

D. Erectile dysfunction these notorious debacles? and how many gifts and how many gifts did
did she buy? he buy?

A. The Fig Newton bubble
3. U.K. cabinet minister Priti
B. The South Sea bubble
ILLUSTRATION BY LUCI GUTIÉRREZ
Patel resigned after failing to
C. The Dutch Tulip Mania
disclose unauthorized meetings
with officials of Israel. What

D. Britain’s Canal Mania
+ Learn more about the National Museum of Mathematics (MoMath) at momath.org

post had she held? SOLUTIONS TO LAST WEEK’S PUZZLES

7. How are some people coping
FROM TOP: ELSA/GETTY IMAGES; ©WARNER BROS/EVERETT COLLECTION

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turn to page C4.

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 36 Like Beethoven’s
17 18 19 20 21
Pastoral A A
Symphony
22 23 24 25 40 Bucket letters B B
26 27 28
41 Biblical mount

29 30 31 32 33
42 Fox series that
took place in
C C
Newport Beach
34 35 36 37 38
43 Pied-___
D D
39 40 41 42 43 44

45 46 47 48 49 50
44 “Queen of All
Media” E E
46 Anthem
51 52 53 54 55 56 contraction F F
57 58 59 60 61 62 63 64 47 Recipient of a
65 66 67 68 69 70
foundation G G
award
71 72 73 74 75 76 49 Measured using
square units
H H
77 78 79 80 81 82

83 84 85 86 87 88
50 Pivot position
51 24-hour car race
I I
89 90 91 92 93 94 95 52 Charm
53 Alternatively, a
J J
96 97 98 99 100

101 102 103 104 105 106 107 108

beauty pageant
winner? K K
55 Plane that needs
109 110 111 112 little runway, L L
briefly
113 114 115 116
59 Chuckle Rows Garden | by Patrick Berry
117 118 119 120
60 To be, in Toulon Answers fit into this flower garden F Completely ignored what was Biscuits served with tea
121 122 123 124 61 Part of a golf in two ways. Row answers read said (3 wds.) Like lifeboats on the ocean
lesson horizontally from the lettered John Grisham’s first published Formal account
Consider the Alternative | by Randolph Ross 63 2015 Verizon markers; each Row contains two novel (4 wds.) Western Front feature
purchase consecutive answers reading left
Across 48 Intentionally 92 In the sack Down G Fully debugged, as code Chocolate ___ (soda fountain
66 Lot choice to right (except Rows A and L,
ambiguous 96 Embargo
(Hyph.) order)
1 Monaco menu 1 Puts behind 68 Is obligated which contain one answer reading
51 Cavalry soldier 98 ___ the finish bars Measures of past performance Feeds, as a furnace
6 River through 69 Like some checks across the nine protruding spaces).
54 Arboretum flora (2 wds.)
Kazakhstan 99 Pinkish Crayola 2 Question upon 72 Fussy about Blooms are six-letter answers that Medium Blooms
10 Short trip 56 Pacific color untimely arrival fill the shaded and unshaded H Crushing tool used by cooks Cavort playfully
picking friends
13 Disagreement 57 Outback bird 100 Hollywood 3 Rosie’s job hexagons, reading either clockwise (2 wds.)
75 Giardino dell’Eden Dealt a blow to
17 Bahrain bigwigs 58 Mets infielder brother of 4 Fontana di ___ woman or counterclockwise. Bloom clues Accomplishment that
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18 Some old iPods 78 Race-related: Serving of bacon
62 Left ventricle 101 Anticipatory birthplace Prefix Medium and Dark. Answers to (2 wds.)
20 Capitulate time Morning mugful
outlet 6 Like drones 80 Price place Light clues should be placed in I “I’m afraid that’s impossible”
21 Tomato type 102 Alternatively, To some degree
64 Football coach 7 Mayor Emanuel 82 Union in D.C., e.g. hexagons with white centers; (3 wds.)
22 Alternatively, Nick with five afflictions of Medium answers belong in the Big buildings in Vegas
causes a flood? 8 Request of Pat 84 Way to the New Christian rite also known as
national folks who do lots hexagons with gray centers; and The W. of George W. Bush
of horseback Sajak World Eucharist (3 wds.)
25 Meadow moms championships Dark answers belong in hexagons
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26 Important time 65 Autumn with black centers. All three Bloom
on Veterans Day bouquet 105 Spoiled 10 Terse review 87 Ring finish, for Squeeze into a small space, Assert under oath
short lists are in random order, so you What calendar pages often
27 Broadcast 67 Alternatively, a 109 Send in, as 11 Cowed perhaps (Hyph.)
must use the Row answers to represent
network thief of campaign payment 12 Pricing word 88 Depicted K Ponderer’s phrase (2 wds.)
artistically figure out where to plant each
28 Some spa souvenirs? 111 Electrolux 13 Available Cocktail made with Like a hand held to an ear,
Bloom.
offerings 70 On the DL alternative 14 Alternatively, 90 Catering heaters Southern Comfort, amaretto maybe
29 Audited 112 Hair lightener has some 93 “I wouldn’t do Rows Casual comment
71 “Tiny Alice” and sloe gin (2 wds.)
30 Alternatively, a playwright 113 Oklahoma city cosmetic that if I were you” A Intimidate using insults (Hyph.) Gets going
L Questioned the validity of,
challenge to go 73 Dog covering 114 Alternatively, surgery? 94 Wearing thin B Author of the 1922 book as a will Dark Blooms
streaking? 74 Kemper who rebate for a 15 Henry Fielding 95 Breakfast spot “Etiquette in Society,
novel Light Blooms Sentence shortener
33 Tickler’s target plays Kimmy garbage hauler 96 Deprived in Business, in Politics and
at the end of the 16 Elapse at Home” (2 wds.) Poem of 14 lines Patch up
34 Pac-12 athlete 76 Date 97 Park in New York
second quarter? 19 Conclude a deal Tool known as an “adjustable Freud’s “The Interpretation Repetitive training sessions
35 Maria Shriver, 77 Razz 99 Basketball Hall of
to John F. 117 You might 20 Hand unit Famer George spanner” in Britain (2 wds.) of ___” Steers clear of
79 NBC’s chief blow it
Kennedy foreign 23 Rock producer 103 Be abundant C “Living Inside Myself” singer At one’s post (2 wds.) “Anatomy of a Murder” actress
37 Gershwin song correspondent 118 Split bit Brian (2 wds.) Becomes less intense Lee
104 UNC and FSU are
“___ Doing All Richard 119 Peter of 24 “___ geht’s?” in it Cheese included in French Boy, in Burgundy Not rigid
Right” 81 Julia Louis- Herman’s (German “How The sun, for Louis XIV
Hermits 106 Middle-earth military rations of World War I “The Shield” antihero Vic ___
38 For example Dreyfus or Tom are you?”) meanie Fur used to trim royal robes
Selleck 120 Nine Inch Nails D Lovers get the point of it? Uproar
39 Contract extra 28 Apothecary 107 Law school topic (2 wds.) Elizabeth II’s second son
83 Narrow channels singer Reznor tools NASA program of the early
41 Oslo-born 108 Put out “Weeping” tree
121 Hardy heroine Exit line before going off to a job 1960s
Olympic 85 Alternatively, 30 Crewmate of
champion skater an inexpensive 122 Short answer Buzz 110 Dangerous date interview (3 wds.)
112 Await Get the solutions to this week’s Journal Weekend Puzzles in next
s

42 Ore-Ida morsel goody? 123 Sondheim’s 31 Score well on a E Position held by Morgan, Virgil
45 Alternatively, 89 Shooting, barber test 114 Harsh-voiced bird and Wyatt Earp (2 wds.) Saturday’s Wall Street Journal. Solve crosswords and acrostics
plane travel that perhaps 124 Sondheim’s 32 ___ back (rises 115 Putrefy Options on the evening’s final online, get pointers on solving cryptic puzzles and discuss all of the
includes a meal? 91 Sweltered milieu up) 116 Excessively menu puzzles online at WSJ.com/Puzzles.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C14 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

REVIEW

JOHN GEORGE BROWN’S 1879 ‘The Longshoremen’s Noon’ bridges ‘portraiture and genre painting,’ says Dorothy Moss, co-curator of the exhibition.

ICONS

Portraits of the Forgotten

Artists focus on factory
workers, miners and a slave;
‘hope and determination’
BY ALEXANDRA WOLFE
PORTRAITURE tends to be an elite art form,
usually depicting “presidents, the good and
the great” rather than everyday people, says
historian David Ward. To commission a por-
trait from a top-notch artist rarely comes at
a discount: “It’s expensive, so it’s exclusion-
ary,” he adds.
In curating a new exhibition at Washing-
ton’s Smithsonian National Portrait Gallery,
Mr. Ward and co-curator Dorothy Moss de-
cided to seek out those rare times that every-
day people, many of them laborers, became
portrait subjects. The works, from the late
18th century to the present, are by renowned
American artists such as Winslow Homer and
20th-century photographers Dorothea Lange
and Lewis Hine.
“The Sweat of Their Face” runs from Nov. 3
to Sept. 3, 2018, with a title that derives from
the expulsion of Adam and Eve from the Gar-
den of Eden in Genesis. God tells them, as the
King James Bible has it, “In the sweat of thy
face shalt thou eat bread.”
The show’s own genesis began five years
ago, when Dr. Moss was researching her dis-
sertation. She came across an article about an
1897 incident in which a plumber walked into
the Metropolitan Museum of Art in New York
on his lunch break, and was
promptly asked to leave for
wearing dirty overalls. Winslow
“I started reflecting on [the Homer,
1897 article] and wondering how
far we’ve come in terms of mak-
Dorothea
ing museums accessible,” Dr. Lange and
Moss says. She wanted to ex-
plore what part of society art
Lewis Hine.
museums were intended to serve,
and she hopes that the exhibit of
nearly 100 works will help show people of all
economic classes artwork they can relate to.
“I’m trying to…enable our visitors to leave
feeling like they’ve seen themselves in history
and also feeling less alone when they walk out
of our doors,” Dr. Moss adds.
Organized chronologically, the exhibit also
showcases changing labor practices and condi-
tions over the decades. The curators wanted
the collection “to be portraits, not genre paint-
ings or cartoons,” says Mr. Ward. “We wanted
it to be high art.” The earliest works were the
hardest to come by. For example, portraits of
slaves “are really difficult to find because they
were nonpeople, legally,” says Mr. Ward. The
curators managed to locate a rare watercolor
of a slave woman in a blue dress.
Dr. Moss notes that the few
portraits of early workers look
different from those of the upper
classes. In Lilly Martin Spencer’s
“The Jolly Washerwoman” (1851),
the woman, who is likely Spen-
cer’s own maid, smiles broadly
and looks directly at the viewer.
That sets the picture apart from
the usual portraits where the
elite dressed formally and posed
with emotionless, serious expressions.
Pictures of workers took another turn by
midcentury, as the advent of photography ex-
posed grim conditions. By the late 19th and
early 20th century, photographers such as Hine
created moving images of young textile work-
ers in poor conditions. He photographed chil-
dren working in factories and laboring in the
fields, and his images coincided with the labor
reforms of the Progressive Era, says Mr. Ward.
Later, during World War II, portraits of
workers became bolder and more idealized.
“During wartime, when we need workers, we
sort of remember them,” says Mr. Ward, not
without some irony. In “Mine America’s Coal,”
Norman Rockwell depicted a miner’s deter-
mined face in an oil painting for the War Man-
power Commission, which focused on labor
needs and productivity.
Another miner is the focus of Janet Biggs’s
2011 video piece “Brightness All Around.” The
installation portrays a female coal worker
whose daily job is to descend deep into a mine
under frozen Arctic ground. Ms. Biggs and the
coal miner’s colleagues took the footage, and
then Ms. Biggs spliced the imagery together
with music. “It is a powerful portrayal of the
dangers of work and also has this sense of
hope and determination,” says Dr. Moss.
She sees this theme throughout the show.
“In the face of difficult circumstances, there’s
still a sense of resilience that comes through,”
she says. Sometimes the individuality of these
workers is threatened by “their conspicuous
corporate uniforms,” but, through portraiture,
the artists are “desperately trying to focus on
their [subjects’] humanity.”

NATIONAL GALLERY OF ART, WASHINGTON, D.C.

MASTERPIECE: THE MENIN GATE (1927), BY REGINALD BLOMFIELD

A CLASSIC MEMORIAL TO THE VICTIMS OF MODERN WAR

spanned by a causeway. (An old
BY CATESBY LEIGH stone gate demolished well before
World War I had left a gap in the
OF THE 1 MILLION OFFICERS and ramparts.) The arches enclosing the
men of the British Empire who fell in tunnel at each end are articulated
World War I, 193,000 lost their lives with four Roman Doric columns
in the protrusion into enemy terri- surmounted by entablatures and at-
tory that extended some five miles tics, the latter crowned in turn by
east of the ancient textile-manufac- sculpture. A couchant lion gazes
turing town of Ypres, Belgium. More eastward from the summit of one of
than half of those who fell never re- the arches. Symbolizing Flanders as
ceived the burial due them. But a well as Britain, it exudes dignity
magnificent gateway into the old and resolve. From the other arch an
town, renowned for its medieval elaborate draped sarcophagus with
Cloth Hall, commemorates over a wreath on top faces the old town.
ALAMY STOCK PHOTO
sophisticated use of concrete, would
have admired the Menin Gate’s mod-
ern construction. Concrete pilings
were sunk deep in the treacherously
sandy soil so the monument could
repose on a submerged concrete raft.
The monument itself is reinforced
concrete, with the arches finished in
Euville stone from northeastern
France and names of the dead in-
scribed on panels of Portland stone.
External walls facing the rampart
terraces are clad in brick. The cof-
fered segmental vault crowning the
115-foot-long Hall of Memory, beauti-

54,000 of these missing dead by
name and ranks among the 20th cen-
tury’s finest monuments.
There were several Battles of
Ypres (now known by its Flemish
name, Ieper) over the course of the
war. The first, in the fall of 1914,
saw the establishment of the Ypres
Salient, a British defensive front in a
sodden plain abutted by low German-
occupied hills, while marking the end
of the Germans’ march across Bel-
gium toward the Channel ports,
whose occupation would have al-
lowed them to cut off British troops’
supply. In the Second Battle of Ypres,
of 1915, the Germans unleashed poi-
son gas for the first time and reduced
the salient to a mere two miles. In
the horribly costly third battle, also
called the Battle of Passchendaele,
the British recovered lost terrain,
with Canadian troops seizing a ridge
with the remnants of the village of
Passchendaele. During that grisly
four-month contest, which ended on
IT SERVES BOTH as a thoroughfare for vehicles and pedestrians and as
a Hall of Memory.
Nov. 10, 1917, the terrain became so
drenched with rain that wounded sol-
diers drowned in shellholes in which
they had sought refuge.
“A more sacred place for the Brit-
ish race does not exist in the world,”
Winston Churchill declared of Ypres
in the war’s aftermath. He advocated
acquiring the destroyed town in toto
as a memorial, but the Belgians did
not care for that idea. Instead the
British erected the Menin Gate at the
old town’s eastern point of entry. De-
signed by Reginald Blomfield and
completed in 1927, the gate is stylisti-
cally conservative yet brilliantly in-
ventive: a triumphal arch extruded
into a vaulted tunnel that serves both
as a thoroughfare for vehicles and pe-
destrians and as a Hall of Memory.
The Menin Gate is named for the
village to which the thoroughfare
Over 54,000 of
the missing dead
commemorated
by name.
leads. Inserted between ramparts
built by Vauban, Louis XIV’s great
military engineer, it faces Vauban’s
broad, water-filled moat, which is
Panels on the arches are inscribed
“Pro Rege” and “Pro Patria”—for
king and for country—while Ru-
dyard Kipling’s attic inscription
reads: “To the armies of the British
Empire who stood here from 1914 to
1918 and to those of their dead who
have no known grave.”
Blomfield’s masses—the arches
and the raised portals and colon-
nades on the lateral elevations facing
grassy terraces atop Vauban’s ram-
parts—are very skillfully arranged,
with the western arch serving as a
superb visual terminus to the busy
street leading from the reconstructed
Cloth Hall and market square in
front. Ornamental motifs are also as-
tutely deployed and include lions,
banners, spears, garlands, wreaths of
oak and laurel—but no implements of
modern warfare. The ornament steers
clear of bombast largely because it is
subordinated to the abstract inter-
play of mass, space and line.
Ancient Romans, who made very
fully illuminated from above by
three oculi, is exposed concrete
painted white. The quality of the
light, the harmonious configuration
of the space, the vast array of names
rising to the spring of the vault, and
the exquisite detail generate a con-
templative atmosphere.
Since 1928, excepting only the four
years of German occupation during
World War II, buglers from the local
fire brigade have sounded the Last
Post from one end of the hall every
evening at 8 p.m. The coffers enhance
the acoustics by inhibiting echoes. I
have heard a mournful dirge played
by a solo violinist resound with re-
markable clarity during the cere-
mony. Such is the breadth of Blom-
field’s vindication, at the Menin Gate,
of a deep classical past in commemo-
rating the fallen in a war whose dev-
astation was all too modern.
Mr. Leigh writes about public art
and architecture.
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

Daniel The return

Radcliffe’s of the late, great
favorite gear American
and gadgets. station wagon—
(Sorry, no wand) as a Jaguar
D11 D11

EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, November 11 - 12, 2017 | D1

TRUNK ARCHIVE (MODEL); ILLUSTRATION BY SANNA MANDER

A New Wrinkle
ficially entered the Authenticity Era. From the
banning of the phrase “anti-aging” from the
pages of Allure magazine to the rise of “clean”
products with botanical ingredients, the beauty
industrial complex seems determined to send a
boomer-friendly message that pandering to
youth-craving is over. “People—women in partic-
In the beauty biz, ‘anti-aging’ has become a taboo phrase, ular—are often shamed in our society for grow-
replaced by coded, botanical buzzwords. But what exactly do ing and looking older,” said Michelle Lee, Al-
lure’s editor, explaining the ban. “We wanted to
‘restorative leaf juice’ and ‘time traveler serum’ do? shift that narrative.”
While you can debate whether the phrase
“anti-aging” is inherently negative or not,
my last dying breath.” But the company’s there’s a growing sense that the term is taboo,
BY DANA WOOD
founder April Gargiulo, 43, doesn’t believe in especially on beauty products. It’s certainly not

A
T THE NAPA, CALIF., headquarters
of Vintner’s Daughter, purveyors of
a single product—a plant-based
face oil dubbed Active Botanical Se-
rum that costs $185—a neon sign
telegraphs the brand’s ethos: “Beauty is a light
in the heart.”
That’s pretty far afield from the traditional
notion of beauty, which has often amounted to
“I’m gonna fight this lines-and-wrinkles thing to
any of that anti-aging talk, or the chemicals as-
sociated with some old-school wrinkle fighters.
Though her serum promises to restore “skin’s
balance, texture and natural radiance,” which
sounds a little wistful for youth, she says she
considers aging a privilege. “For us, that [mes-
sage] always rings true, whether you’re 25 or
45. A big part of it comes from feeling like you
don’t have to cover anything up. You can be
your true self.”
In beauty, particularly in skincare, we have of-
trendy. “That terminology just feels really old
and irrelevant, not ‘modern’ or ‘transparent or
‘empowering,’ ” said Wendy Liebmann, co-
founder of WSL Strategic Retail, a New York-
based market research firm that in 2016 com-
piled a study with the cheery title ‘How
Mediocrity Undid Shopping.”
The study’s data reflects the many ways in
which the American consumer is confused about
skincare products. Only 55% of participants felt
Please turn to page D2

[ INSIDE ]

FINNISH LINES GERE AND NOW

Architect David Adjaye finds inspiration in Our current coat obsession? The one
a classic, 1939 Scandinavian home D9 Richard Gere wore in ‘American Gigolo’ D3

DESCEND INTO GLADNESS HIDDEN TREASURE

Escape the crowds, happily, at these Bordeaux isn’t just red wine. The obscure
under-the-radar ski resorts D8 white varieties reward inquiry D4
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D2 | Saturday/Sunday, November 11 - 12, 2017
DON’T MENTION AGING
Continued from page D1
brands clearly communicate
product benefits, only 46%
felt brands are “honest,”
and 39% said they have a
clear read on ingredients.
None of those numbers,
said Ms. Liebmann, inspire
confidence. “The term ‘anti-
aging’ doesn’t tell a story,”
she emphasized. “People
are looking for specific, fac-
tual benefits and solutions,
particularly around health,
wellness and beauty.”
The shift away from
anti-aging is drawing more
women to the concept of
clean beauty, especially
when it’s bolstered by evi-
dence that the products are
natural. While there’s no
3 D AYS A U TO M AT I C
ORO ROSSO - Ø 42MM / 4 5MM
official definition of “clean”
( R E F. 6 7 7 - R E F. 67 5 ) (as compared to “organic,”
which is codified by a pre-
cise set of certification
guidelines), products mar-
keted as such are typically
PA N E R A I . C O M • + 1 87 7 726 3724 derived from plants and
other natural ingredients,
and are devoid of the most
demonized cosmetic chemi-
cals, including parabens,
phthalates, sodium lauryl
sulfate and triclosan. Ms.
Liebmann sees a connection
between “this age-positivity
moment and a concurrent
rise of the luxe-natural
skin-care category.”
Another difference, ac-
cording to Ms. Liebmann:
Such brands are grounded in
“the integrity of the
founder.” Goals include em-
phasizing transparency
about ingredients, develop-
ing trust and personally vet-
ting the products.
Jeannie Jarnot, a former
spa director at the Four
Seasons San Francisco and
founder of Beauty Heroes, a
Bay Area-based clean-
beauty subscription service,
for example, chooses one
product a month that she
researches and clears to
send to her subscribers,
who pay $115 for a three-
month subscription. One-off
visitors can also search the
site and find, say, an $90
balm by Mahalo Skin Care
with carrot and tamanu oils
that promises to diminish
inflammation. The site of-
fers a free pocket guide to
PLUME EARRINGS “Ingredient Intel” that lists
18K YELLOW GOLD WITH DIAMONDS. $6,500 the ingredients (dubbed
“Villains”) deemed toxic by
998 MADISON AVENUE, NEW YORK, NY 10075 international-standards’
212 274 11 1 1 groups but still often found
in beauty products.
Likewise, Boston-based
118 EAST DELAWARE PLACE, CHICAGO, IL 60611 multibrand clean retailer
312 944 5225 Follain (a Gaelic word for
“health and wellness”) posts
visit our online shop! an extensive “Restricted In-
SIDNEYGARBER.COM gredients” list on its website
that details the beauty in-
gredients the company
* ***
STYLE & FASHION
THE NEW ‘CLEAN’ BOTANICAL ALTERNATIVES
From left: May Lindstrom Blue Cocoon, $180, follain.com; Intelligent Nutrients
Time Traveler Serum, $90, follain.com; Needle-less Line Smoothing Concentrate, $115,
goldfadenmd.com; Active Botanical Serum, $185, vintnersdaughter.com; Stress Check Face
Mask, $59, thisworks.com; Goji Body & Face Cleansing Oil, $52, sansceuticals.com
avoids when choosing prod-
uct lines to sell. “We worked
with environmental-health
experts [listed by affiliation]
to build that list,” said
founder Tara Foley. It’s a
crib sheet meant to educate
buyers to carefully review
what’s on the label of most
beauty products.
Product names are
short and designed
to be comforting.
The new crop of clean
beauty products comes with
massaged messaging:
Creams, lotions and cleans-
ers are labeled “Nourishing,”
“Restorative” and “Purify-
ing,” hoping to draw us in
under a wellness spell. Prod-
uct names are often rela-
tively short and tilt in a
comforting direction: Con-
sider “May Lindstrom The
Blue Cocoon” or “Indie Lee
Swiss Apple Facial Serum.”
Meanwhile, anti-aging no-
menclature often reads like
the subtitle of a clinical
study. A typical example:
“SkinCeuticals Retexturing
Activator: Bi-Functional Re-
surfacing and Replenishing
Serum.” It feels like the dif-
ference between Pollyanna’s
beauty cabinet and one that
the A.I. Ava (Alicia Vi-
kander) in the 2015 film “Ex
Machina” might have
stocked.
As comforting as these
newer approaches appear,
the simple question re-
mains: What do these clean
products promise? Intelli-
THE WALL STREET JOURNAL.
gent Nutrients’ Time Trav- gelman, “aren’t going to be
eler Serum sold at Follain, as potent as something
for example, has sea daffo- that was formulated specif-
dil, fennel, Spanish needle ically for anti-aging.” A lot
and red algae that purport- of them may work to a cer-
edly “help cell regenera- tain extent, she added, “but
tion.” But do they? And if they aren’t going to change
you’re taking “anti-aging” the structure of your skin.”
off the table, is there a Clean brands such as Tata
plausible workaround for Harper, based in Vermont,
products aimed at remov- and Goldfaden MD, founded
ing the signs that we’re by Florida-based dermatol-
past the age of, say, 5? ogist Gary Goldfaden, are
It’s too early to say, said also moving forward with
Dendy Engelman, a New research and development
York City-based dermatolo- to support their claims.
gist, when asked to com- For now, anti-aging
pare the efficacy of clean phrasing continues to have a
versus classic serums. One presence. New York-based
of the points of difference, unisex beauty line Malin +
she said, is that so far Goetz deploys some of the
most clean products ha- old lingo, especially on its
ven’t undergone clinical tri- website, for one key reason:
als, which beauty compa- search engines, said co-
nies perform to test the founder Andrew Goetz, “It is
safety and efficacy of for- in the vernacular, and we
mulations, as well as to have to use it to a certain
support their claims. Many extent. No one’s Googling
clean products, said Dr. En- ‘aging gracefully.’ ”
F. MARTIN RAMIN/THE WALL STREET JOURNAL
THE ANTI-AGING STALWARTS
From left: 37 Actives High Performance Anti-Aging
and Firming Serum, $175, drmacrene.com; The Next Generation
Double Serum, $89, clarins.com; IT Cosmetics Secret
Sauce Anti-Aging Moisturizer, $68, sephora.com; Advance
Génifique Sensitive Serum, $78, lancome-usa.com; Dr. Barbara
Sturm Molecular Cosmetics Super Anti-Aging Serum,
$350, net-a-porter.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, November 11 - 12, 2017 | D3

STYLE & FASHION

COPY CAT

Not
Just a
‘Gigolo’
A camel-hair polo coat
elevated Richard Gere
Polo Ralph Lauren Coat,
$2,495, ralphlauren.com in ‘American Gigolo.’ It

PARAMOUNT PICTURES/PHOTOFEST (GERE); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI
can pay off for you, too

BY JACOB GALLAGHER

IN THE UNTHRILLING 1980 thriller

that nevertheless made Richard
Gere a star—“American Gigolo”—
male escort Julian Kaye can’t go
anywhere without inviting stares.
And for good reason: He is expertly
coiffed. He has the body of someone
who does sit-ups while hanging up-
side down like a bat. He speaks six
languages. And he hardly ever
wears the same shirt twice. Adding
to his mystique: He rarely stares
Overcoat, $665, back, choosing instead to focus on
editionsmr.fr the minutiae of his urbane ward-
robe. He reviews his ties and cuff HUMP DAY
links with the absorption of Mozart Richard Gere, then 31,
fine-tuning a concerto. He got a lot instilled a classic camel
of help, of course, from the movie’s polo coat and tie (worn
wardrobe designer, Giorgio Armani. for a press photo for the
Though Mr. Armani wasn’t yet a film) with sophisticated
household name, the film would sex appeal.
bring his refined sensibility to a
global audience as only a controver-
sial pop-culture icon could. the large lapels turned up, and the to bring it up to speed by labels have enough structure to avoid de-
One piece from the Los Angeles belt knotted at the waist. It was such as Vetements, Burberry and featist droopiness. Today, “people
gigolo’s closet still holds sway 37 vaguely reminiscent of a dressing Salle Privée. “The polo coat has a would wear a polo coat with jeans
years later: his camel hair polo gown,” added Mr. Armani. casual-yet-dressy feeling,” said G. and tennis shoes,” said Mathieu de
coat (pictured). “It was a ground- The polo coat never actually ap- Bruce Boyer, author of “Eminently Ménonville, the creative director
breaking image, if you think about pears in the film. Though the actor Suitable,” pointing to its envelop- of Parisian label Éditions M.R.
how rigid most coats were at that wore it for press photographs, the ing fit and sloping shoulders. Conversely, Mr. Boyer likes play-
time,” said Mr. Armani via email. A weather in L.A. didn’t exactly call Those defining details date back ing up its dressiness by popping
polo coat—distinguished from for the insulating might of camel to the polo coat’s origins in the one over a tuxedo. He’s also seen
other camel-hair toppers by its hair. New iterations often dispense early-20th century, when polo photos of 1930s country club mem-
broader, peaked lapels—keeps up with belts (though Armani still of- players would slip on the robe-like bers wearing polo coats over
appearances, yet knows how to cut fers a belted version that is the style to keep warm on the side- shorts—the sort of rule-breaking
Overcoat, $3,995, loose, much like the rakish Julian spitting image of the original), but lines. The coats had to be supple that’s reminiscent of Mr. Armani’s
us.burberry.com Kaye. “Richard Gere wore it with little else had to be tinkered with enough to slide over a uniform but bad-boy gigolo.

WEAVE ME THIS WAY

From left: Corgi Socks,
$195, toddsnyder.com;
Socks, $17, wigwam.com;
Falke Socks, $29, Harry’s
Shoes, 212-874-2035;
Anonymous Ism Socks,
$35, jcrew.com; Socks,
$100, gucci.com

SEE YOU
LATER,
SMOOTH
Texture is in your future when
it comes to standout socks.
These days, crazy colors and
patterns look rather flat

wear brand American Trench, notes that

BY MAX BERLINGER
IT’S TIME TO start bundling up, and that
extends all the way down to your ankles.
While acid-bright, graphic novelty socks
look really passe these days (get with the
program, Justin Trudeau), that doesn’t
mean you need to pull on dreary ones. What
feels new for winter: Cozy socks in neutral
or earthy tones that distinguish themselves,
quietly, with texture—nubby weaves, cable
knits and other unsmooth effects.
“There’s a nice double-take element to a
strong dimensional pattern,” said Reed Nel-
son of the San Francisco-based men’s cloth-
ier Unionmade. At first glance, he added,
such socks seem unshowy, but their person-
ality emerges on closer review. “That’s not a
bad way to go about styling the rest of your
wardrobe, either.”
Jacob Hurwitz, co-founder of the mens-
these intricately woven or knit designs hang
out happily with wintry corduroys and plaid
shirts. “A good textured sock plays nicely
with those energetic fabrics,” said Mr. Hur-
witz, whose company does a brisk business
with textured-sock styles.
As you scroll through online options, look
for ribbing, cable effects or socks that com-
bine more than one dimensional pattern like
pairs from Gucci and Todd Snyder’s Corgi
(pictured). The impression, said Mr. Hur-
witz, is like a fisherman’s sweater for your
feet. Falke’s brown-and-red socks rely on an
allover basket-weave effect, while Wigwam’s
marled yarns achieve a neat speckled look.
Unlike flashier hosiery, these socks are
about demonstrating character, without
looking over-the-top. As Mr. Nelson notes,
“A dimensional pattern on your socks allows
for some flair,” without overwhelming inno-
cent passersby.
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, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

ON WINE LETTIE TEAGUE

Why We Don’t Know the Whites of Bordeaux

I RECENTLY PURCHASED three
bottles of white Bordeaux for deliv-
ery from a well-known New York
wine merchant; I received two
whites and one red. I reported the
error and received the replacement:
another red from the same pro-
ducer. Since the château in question
produces both red and white, an
employee must have (repeatedly)
assumed the right wine was red.
Every wine drinker I know thinks
“red” upon hearing the word Bor-
deaux. And yet dry white Bordeaux
are among the most delicious and
affordable wines in the world. Why
aren’t more oenophiles acquainted
with these wines?
It could be based on numbers
alone: White Bordeaux accounts for
roughly 10.5% of Bordeaux produc-
tion overall, or about 69 million
bottles (versus 655 million bottles
of red). This white wine also en-
compasses a wide range of regions
and styles, not to mention price
tags ($10 to $1,200 a bottle).
Further confounding consumers,
white Bordeaux is not only pro-
duced in different places and soils;
it’s also composed of varying grape
blends, though Sauvignon Blanc is
almost always the key variety.
Some white Bordeaux are 100%
Sauvignon Blanc, though more
commonly the grape is
blended with Semillon. Sauvi-
gnon Blanc supplies acidity
and brightness, while Semillon
delivers richness and tex-
ture. Other grapes might be
added in smaller amounts, no-
tably Sauvignon Gris and Mus-
cadelle, a local grape that lends
softness and fruitiness.
Just a few decades ago, more
white than red wine was produced
in Bordeaux—around 60% white.
That changed for a number of rea-
sons, above all the fact that red
cording to Vincent Cruège, chief
winemaker for André Lurton Es-
came to be regarded as the man re-
sponsible for improving the quality
leading Bordeaux winemakers, in-
cluding his own son Jean-Jacques,
general manager of the Dubour-
dieu family estate, which includes
Château Reynon, Clos
Floridene and Château Doisy-
Däene.
I talked with the younger
Mr. Dubourdieu the week
after I’d ordered his 2014
Clos Floridene at a restau-
rant with friends. It was a
bright, mineral white that we
liked very much, though none of
my friends had ever ordered white
Bordeaux in a restaurant. Mr. Du-
bourdieu didn’t seem surprised
when I mentioned this. He lamented
that global awareness of dry white
Bordeaux is so low. “I have this
mission to promote the color
in general, not just our es-
tate,” he said.
The largest amount
of white Bordeaux
comes from the broadest
appellation: Bordeaux AOC.
Simply labeled “white Bor-
deaux,” these can be
made from grapes
grown anywhere in
the appellation.
The second-largest appellation is
Entre-Deux-Mers (“between two
seas”), located southeast of the city
of Bordeaux. Whites labeled Bor-
deaux AOC and Entre-Deux-Mers
are reasonably priced—sometimes
as little as $10 a bottle—and can be
pleasurable everyday wines.
Dry white Bordeaux of greater
complexity and longevity are pro-
duced in Graves and Pessac-
Léognan, a subregion of Graves that
won its own appellation in 1987.
These whites are planted on lime-
stone and gravel soils, which are
particularly conducive to the cre-
ation of wines of character—accord-
ingly priced. Top Graves bottlings
deaux I tasted would easily please
fans of New Zealand Sauvignon.
Among the under-$25 wines, the
2015 Chateau Bonnet Sauvignon
Blanc from Entre-Deux-Mers ($13)
was a zesty predominantly Sauvi-
gnon Blanc wine whose flavor pro-
file and price tag could easily com-
pete with the Kiwis. Ditto for the
2015 Château Puygueraud Blanc
($15), a Sauvignon-dominant wine
with bracing acidity. The 2014 Châ-
teau Pontet Reynaud ($20) from
Graves was even fresher and more
pleasurable. My husband declared,
“This wine is alive in my mouth.”
The other inexpensive wines were
by and large pleasant; only a few
were dilute or lacking in acidity.
Several affordable
white Bordeaux I tasted
would easily please
fans of New Zealand
Sauvignon Blanc.
The wines between $25 and $57
delivered a different and generally
weightier pleasure. The lush 2015
Château Carbonnieux Blanc Pessac-
Léognan ($33) was great with food.
The 2015 Chateau Talbot Caillou
Blanc ($45) was a rich, barrel-fer-
mented wine said to be modeled on
Burgundy. The 2014 Château de Va-
landraud Blanc ($57) was the most
expensive wine we tasted and the
most notable, too. From a cult St.
Emilion producer, it was nuanced
and layered, unfolding over time.
(And while pricey, it’s less than half
the price of the 2014 Chateau Va-
landraud red.)
The white Bordeaux I tasted fell
into two distinct categories,

F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOTTLES); ILLUSTRATION BY VICTORIA TENTLER-KRYLOV

wines commanded higher prices—
especially after influential critic
Robert M. Parker, Jr., set the red
Bordeaux market on fire with his
rave reviews of the 1982 vintage.
In truth, there was also a lot of
lousy white Bordeaux around. In the
’70s, wines of “uncertain aromas”
and high residual sugar hurt the
reputation of white Bordeaux ac-
tates, a large Bordeaux producer.
From 1989 to 1991, Mr. Cruège, who
oversees a large portfolio of white
Bordeaux, was a student of the late,
great Bordeaux winemaker and pro-
fessor of oenology Denis Dubour-
dieu, known as “le Pape du vin
blanc” (the Pope of white wine).
During that period, Mr. Dubour-
dieu, who died just over a year ago,
of white Bordeaux. He led research
on such topics as the effect of oxi-
dation on white wine and the origin
of the off-putting bell-pepper aroma
that often afflicts Sauvignon Blanc.
Mr. Dubourdieu was a consultant
to some of the most important Bor-
deaux châteaux, including Château
Margaux, home to a famous white,
Pavillon Blanc. He mentored many
cost in the hundreds of dollars; the
most expensive white Bordeaux I
found, the 2014 Chateau Haut-
Brion, was priced at $1,200.
In the cheaper range especially,
many white Bordeaux indicate
grape percentages on their labels,
perhaps to attract drinkers of Sau-
vignon Blancs from elsewhere. In-
deed, several affordable white Bor-
grouped consistently by price: at
the lower end, zesty and bright, and
at the upper, more layered and age-
worthy. While red Bordeaux may be
more popular, wine drinkers willing
to sample a second color will find
the white can be just as delicious,
compelling and complex.
 Email Lettie at wine@wsj.com.

OENOFILE // WHITE BORDEAUX FROM HIGH TO LOW

2014 Château de Valan-
draud Blanc, $57
Producer Jean-Luc Thun-
evin made Château Valan-
draud’s red a cult wine in
the 1990s. At less than half
the price, the white is every
bit as cult-worthy, a tex-
tured wine with a penetrat-
ing mineral edge.
2015 Château Carbon-
nieux Blanc Pessac-
Léognan, $33
This lush blend of Sauvi-
gnon Blanc, Semillon and a
touch of Muscadelle, aged
almost a year in barrel be-
fore release, has its devoted
fans just as Carbonnieux
red does.
2014 Clos Floridene
Graves, $20
Clos Floridene is owned by
the Dubourdieu family—a
name synonymous with
quality white Bordeaux.
Lively and bright, marked
by citrus and green apple
notes. This makes a de-
lightful aperitif.
2014 Château Pontet
Reynaud Graves, $20
The Reynaud family pro-
duce reds and whites un-
der the Château Pontet
Reynaud label. This Sauvi-
gnon-Semillon-Muscadelle
blend is medium-bodied
with citrus-floral aromas
and a crisp finish.
2015 Château Puyguer-
aud Blanc, $15
Planted in a cool microcli-
mate on limestone soils,
this juicy, racy Sauvignon
Blanc-Sauvignon Gris blend
from is produced in the
Côtes de Francs appellation
by acclaimed winemaker Ni-
colas Thienpont.

SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

Tahini Chicken Salad With Fennel and Radishes

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

“PEOPLE DON’T KNOW how to use ta- their culinary style. “We don’t talk about
hini,” said Sarah Hymanson. She was healthy cooking outright,” said Ms.
among them until she met Sara Kramer, Kramer. “We think about balance. Our
cooking at the Brooklyn restaurant Glas- food is neither too light nor too rich.”
serie. In 2015, the chefs brought their “We believe healthy fats are impor-
“produce-driven, untraditional,” Middle tant,” Ms. Hymanson added, and tahini fits
East-influenced dishes to Los Angeles with the bill. “People think it’s like peanut but-
the opening of the falafel counter Mad- ter,” she said. “But if you beat in water or
The Chefs capra in Grand Central Market. Earlier this oil, you make an emulsion that changes
Sarah Hymanson year, they opened the all-day restaurant the mouth feel entirely.” Cut with water,
and Sara Kramer Kismet to enthusiastic reviews. lemon juice, olive oil, garlic and chili
In this chicken salad, their first Slow flakes, the silky tahini dressing on this
Their Restaurants Food Fast contribution, Ms. Hymanson salad is just creamy enough to cling.
Madcapra and and Ms. Kramer use tahini in place of the At Kismet, bright, fresh dishes like this
Kismet, both in usual mayonnaise, and the Middle Eastern one come in family-style portions. “It’s an
Los Angeles sesame paste helps to hold the various el- evolution of what we’ve always done,” Ms.
ements together. With a topping of zesty Kramer said. “But it’s better expressed.
What They’re fennel and herbs and a side of crunchy We’ve had time to develop. And two heads
Known For radishes, this dish offers a snapshot of are better than one.” —Kitty Greenwald
Creative cooking
that draws liberally Total Time: 20 minutes Serves: 4
on California
produce and the 1/
4 cup tahini 2 tablespoons water 2 bulbs fennel, thinly
Middle Eastern 1 clove garlic, finely grated ¼ cup olive oil sliced
pantry. Kosher salt and freshly ½ teaspoon chile flakes 1 cup chopped mint
ground black pepper 3 pounds roasted or 1 cup chopped dill
Juice of 2 lemons rotisserie chicken meat 4 radishes, quartered

1. In a blender or food processor, beat tahini
with garlic, a pinch of salt, half the lemon juice
and water until mixture lightens in color and
increases in volume. With the motor running,
beat in half the olive oil to create a consis-
tency like thin mayonnaise. If dressing breaks,
beat in a splash of extra water until it looks
glossy and uniform.
2. Meanwhile, shred chicken into large bite-
size pieces. In a large bowl, toss meat with ta-
hini dressing and chili flakes until evenly
coated. Add salt and lemon juice as needed.
3. In a medium bowl, toss fennel with mint,
dill and 1 tablespoon olive oil. Season with
lemon juice and salt to taste. In a separate
small bowl, toss radishes with a pinch of salt,
lemon juice and remaining olive oil. Adjust
seasoning to taste.
4. To serve, divide chicken among 4 plates. NUTTY ENOUGH This chicken salad has a lemon-sesame dressing with just
Top with fennel and add radishes on the side. the right level of richness. Serve with bread and butter to make it a meal.
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. * * * * NY Saturday/Sunday, November 11 - 12, 2017 | D5

EATING & DRINKING

IN MY KITCHEN

Francisco
Migoya
The ‘Modernist Bread’ maestro dishes
on favorite tools, frozen food and the
pleasure of a good gin and tonic
IT WAS ONLY a matter of time before the Modernist Cuisine
Cooking Lab in Bellevue, Wash.—command central for culi-
nary geeks—trained its laser focus on bread-making. And
when the founder, ex-Microsoft CTO Nathan Myhrvold, sought
a partner for this project and a new head for his test kitchen,
he turned to Francisco Migoya. The Mexican-born former ex-
ecutive pastry chef of Napa Valley’s celebrated French Laun-
dry was at the time a professor at the Culinary Institute of
America in Hyde Park, N.Y. “They were looking for a candidate
who had three-Michelin-star experience, had written books
and had an education background,” said Mr. Migoya. “There

KYLE JOHNSON FOR THE WALL STREET JOURNAL

aren’t that many people who fit that profile.”
In 2014, Mr. Migoya headed west and embarked with Mr.
Myhrvold on meticulous research and development that re-
sulted in “Modernist Bread,” a five-volume compendium of
over 1,200 recipes published by the Cooking Lab on Nov. 7.
Though certainly a food nerd’s dream, the work isn’t mere
science for science’s sake. Mr. Migoya applies the same curi-
osity and enthusiasm to cooking in his kitchen at home, in
Issaquah, Wash. “I wanted to make what I was making bet- BREAD IN THE BONE Mr. Migoya
ter,” he said. “And the only way to do that is to really un- at home outside Seattle.
derstand how it works.”

The kitchen tools I can’t live with-
out are: $2 metal tongs. It’s like an
extension of your hand. A fish spatula
is great for many things, not just for
flipping fish. It’s super thin so it slides
easily under hamburgers, for example. I
wish every kitchen would have a scale.
There’s nothing more imprecise than
using volume to measure. And a ther-
mometer. You don’t want to have dry
chicken? Take the temperature. When it
turkey, just to keep me going. Some-
times on the weekends I like to make
scrambled egg tacos with salsa. I love
Mexican breakfast. I think Mexicans do
breakfast really well.
If I’m not in my kitchen, then I’m
probably in my: art studio in my
house, drawing or painting or making
a sculpture. Or in my bedroom of
course, because I have to sleep at
made into a really awesome drink.
There’s one bar I like to go to in Bar- Chilled Avocado Soup
celona called the Gimlet. They make a Growing up in Mexico City, Mr. Migoya learned to make
gin and tonic where every glass has this soup from Rosa Cano, his family’s cook. “It’s great for using
three perfect ice cubes. They pour the avocados that are starting to get too ripe,” he said.
gin in to get it cold, the lemon is TOTAL TIME: 15 minutes SERVES: 4
peeled into your glass so the oil gets
in, and they give you the tonic on the 3 ripe large Hass
side, in the bottle, so you can pour it avocados
yourself. Once I had it like that, I was 1 jalapeño
hooked. 1/
2 small white onion,

reaches 162 degrees or so, take it out, some point. roughly chopped
let the carry-over heat take it to 165, The most underrated ingredient is: Juice of 2 limes
and boom, you never have to eat My favorite season for cooking is: Old Bay Seasoning. I use it with practi- 1/
4 cup cilantro

chicken that’s like sawdust again.
On weeknights, I typically cook:
something from the freezer. Last night
I made tacos with flank steak I’d
fall, by far. That’s when you start to cally everything. It really brings flavors leaves, plus extra
cook things longer, and spices and aro- out. When I’m roasting potatoes: Old for garnish
mas linger in the air. And there’s the Bay. When I’m roasting chicken: Old 2 cups cold water
produce, pumpkins, gourds, squashes, Bay. Next time you make French fries, Salt
apples. It’s such an aromatic season. toss them in Old Bay. 1/
3 cup Mexican

thawed. I had good tortillas, and I crema or crème

made a black bean salad and guaca- A cocktail I love is: gin and tonic. I A food trend that I am totally fraiche (optional)
mole. It was super fast. hadn’t had a gin and tonic until I over is: eating locally for the sake of 1/
3 cup American

A typical breakfast for me is: fruit,
like a banana, yogurt and maybe sliced
Americana Manhasset
went to Spain the first time in 2009.
It seems like a drink you’d get at a
dive bar. Then I saw how it could be
TASTE TECH From left: avocado
soup set to purée in Mr. Migoya’s
Vitamix blender; trusted tools.
eating locally. I’ve had the conversa-
tion with hard-core locavores, and
then we start talking about tea or
sugar, and the conversation ends
there. You can probably do it in Cali-
fornia, but not in Idaho. It’s a little
elitist, to be honest.
My approach to cooking is a lot like
my approach to: life in general. Hon-
estly, mise en place is a way of life for
me. Everything that I do is structured
by the mentality of having everything
ready in advance. Just to make the
most of your time and to reduce the
amount of errors you can make with
any given task.
I love it when my dinner guests
bring: dessert. I am a pastry chef, but
it’s not like I’m making éclairs at home.
—Edited from an interview by
Gabriella Gershenson
sturgeon caviar
or smoked trout
roe (optional)
1. Rinse and halve avocados. Remove pits and use a large soup spoon to
scoop meat into a blender.
2. Cut stem from jalapeño. If you like heat, leave the seeds inside. If you
don’t, halve jalapeño lengthwise and remove seeds. (Wash your hands well
after you handle chile.)
3. Add jalapeño, onion, lime juice and cilantro to blender. Pour in 1 cup water.
Add a generous pinch of salt. Blend on low speed at first, then increase
speed to high and blend until soup is smooth, with the consistency of a
creamy or puréed soup. If soup is too thick, add more water in 2-3 table-
spoon increments while blending until you obtain the right consistency. Taste
for seasoning, add more salt if necessary and blend to fully incorporate.
5. Transfer soup to a sealable container. Place plastic wrap on surface of
soup to prevent browning. Cover container and chill soup at least 2 hours
before serving.
6. To serve, divide soup evenly among four bowls. If using, scoop 1 table-
spoon crema on top of each bowl. If using, spoon 1 tablespoon caviar on top
of crema. Sprinkle a few cilantro leaves over top to garnish.
—Adapted from Francisco Migoya

Nature is full of infinite causes

Leonardo da Vinci
East Hampton
SoHo
Bleecker Street
Madison Avenue
www.brunellocucinelli.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
D6 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

1. White Point Garden

JOURNAL CONCIERGE
An Insider’s Guide

Charleston
6.Goat. Sheep. Cow. 2. Leon’s Oyster Shop

Not all quaint church steeples and cobblestones, the

South’s ‘Holy City’ is less twee, more fun these days

IN AMERICAN terms, Charleston (founded
1670) is an ancient town, densely packed and
well preserved. Lately, though, the new
is mounting a healthy challenge to
the old in the South Carolina me-
tropolis. Six major airlines fly di-
rectly to what was once a poky air-
port. An excitable entrepreneurial
spirit, celebrating products made in the
south, has infused the “Holy City,” home
to some 400 places of worship. Design shops
are flourishing: You see the placard for Glenn
Keyes Architects, specialists in historic pres-
ervation, posted on many an under-renova-
tion piazza. And at Fritz & Porter Design Col-
lective, in an old cigar factory, 19th-century
oil paintings share floor space with the Shel-
ter Collection’s 21st-century ceramics (5).
Then there’s the food. In every setting
from a converted antebellum home
(Chez Nous) to an old gas station
(Xiao Bao Biscuit), the culinary
scene has turned humble cooks into
local celebrities and is turning the city’s
upper peninsula, where not long ago, you’d
only go to rent a U-Haul, into a destination in
its own right. We asked four notable locals
for their favorite things.— Christian L. Wright

5. The Shelter Collection 4. Living Room at the Dewberry Hotel 3. Gibbes Museum of Art

BRENNAN WESLEY FOR THE WALL STREET JOURNAL; MAP BY FREEVECTORMAPS

THE WINE MERCHANT THE GALLERIST THE COUNTRY SINGER THE ATHLETE
Harry Root Ann Merck Darius Rucker Shelby Rogers
Owner of Grassroots owner of Ann Former frontman for Hoo- Professional tennis
Wine and Rose Long Fine Art tie & the Blowfish, just out player
with his fifth solo album,
‘When Was The Last Time’

SHELL FAME // Leon’s Oyster Shop. (2) The
grilled oysters at Leon’s are kind of classic NOLA
style, garlicky, with lots of butter and cheese. 698
King St., leonsoystershop.com
HIT LIST // Charleston Grill. There are lots of
fantastic wine lists in Charleston, but you’ll find
the best one (and three advanced sommeliers)
at Charleston Grill, a bit off the radar in the Bel-
mond Charleston Place hotel. 224 King St.,
charlestongrill.com
SIXTIES SWIG // Living Room at the Dew-
berry hotel. (4) In a 1964 federal building that
overlooks Marion Square. It’s so sexy and cool,
you’ll feel like you’re on the set of Mad Men.
334 Meeting St., thedewberrycharleston.com
STOCK MARKET // Farmers market. For
brunch on Saturdays, visit the market down-
town. There are six food-truck-style stands. I
lean toward the Banh Mi. Marion Square, 329
Meeting St., charlestonfarmersmarket.com
TIME WELL SPENT // Historic District. I par-
ticularly like the churchyards of St. Michael’s, St.
Philip’s, the Unitarian Church and First Scots, and
the working garden behind the 1772 Heyward
Washington House. 87 Church St.
SHOP TALK // King Street’s antique dealers.
Stop in at Alexandra AD for Northern European
pieces (156 King St., alexandrafrenchantiques.com),
Tucker Payne for English and American (169 King
St., tuckerpayneantiques.com) and at affable John
Pope’s for his eclectic collection (180 King St.,
johnpopeantiques.com).
DISPLAY OF AFFECTION // The Gibbes Mu-
seum of Art. (3) It’s home to 18th- and 19th-
century Charleston furniture and not-to-be-missed
portraits such as Childe Hassam’s ”April (The
Green Gown).” 135 Meeting St., gibbesmuseum.org
HIGH STANDARDS // RTW. At this jewel box of
a designer boutique, you’re greeted by two stan-
dard poodles. 186 King St., rtwcharleston.com
SEA SONGS // The Windjammer. Local and
some national bands come through. Being on the
beach, sitting outside on that deck, it’s so cool.
Have a wine and watch the sun go down. 1008
Ocean Blvd., Isle of Palms, the-windjammer.com
VINYL TAP // Monster Music. It’s by the mall
[in the West Ashley district]. It has new records
but also a huge used selection. I got a Rave-Ups
record and a Rainmakers’ record. Oh man, no one
has those! 946 Orleans Rd., monstermusicsc.com.
STAND AND DELIVER // Boiled Peanuts. It’s
funny, I have a group of friends that always make
me bring them boiled peanuts. They’re sold on
stands on the side of the road, in somebody’s
driveway. You can buy them anywhere.
BITE OF PASSAGE // FIG. The best place in
town—amazing food and service. My favorite dish
is the ricotta gnocchi and lamb Bolognese starter.
If you can’t get a table, just go and sit at the bar
at 5:30. 232 Meeting St., eatatfig.com
FUN RUN // The Ravenel Bridge. I love run-
ning over the Ravenel Bridge, especially at sun-
rise. Some of the most spectacular views of
Charleston can be seen from the span. cooperriv-
erbridge.org
HIDE AND SEEK // Longitude Lane. There are
these little alleys downtown with cobblestones
and historical architecture along the way. I used to
walk through one called Longitude Lane every
week when I was in elementary school. It brings
back a lot of great memories.
NO-RISK BISQUE // Magnolia’s. It’s excellent
for brunch. Shrimp and grits, pimento cheese,
blue crab bisque, crab cakes…you can’t go wrong.
185 East Bay St., magnoliascharleston.com
STRAW VOTE // Sweetgrass baskets. They
are handcrafted masterpieces. No two are alike.
They’re absolutely gorgeous, a trademark souve-
nir from Charleston. 188 Meeting St., thecharles-
toncitymarket.com/main/sweetgrass-baskets

Plus, Don’t Miss: White Point Garden. (1) Stroll past the gnarled oaks along paths paved with oyster shells. charlestonparksconservancy.org // Goat. Sheep. Cow. (6) A little fromagerie that opened downtown
in 2011 has expanded to a brasserie on the upper peninsula with a marble bar; excellent wines and retail, too. 804 Meeting St.goatsheepcow.com // The Charleston Museum. Founded in 1773 and opened to the
public in 1824, it’s one of the country’s oldest museums. 360 Meeting St., charlestonmuseum.org // Rodney Scott’s BBQ. Rodney is known as a pork guy, but his spicy ribeye sandwich is worth a detour. (1011
King St., rodneyscottsbbq.com). // Wentworth Mansion. For some old-world hotel grandeur, get one of the rooms with a chandelier and fireplace. From about $330 a night, wentworthmansion.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. * * * * NY Saturday/Sunday, November 11 - 12, 2017 | D7

ADVENTURE & TRAVEL

A Startling Sip of Japan

Though many Japanese sake breweries date back centuries, they’re only just starting to let nosy tourists have a taste

BY JAY GREENE

A
YANO Okamoto,
an executive at
the Fukumitsuya
Sake Brewery,
poured me a
glass of aged sake on a
steamy September day in the
seaside Japanese city of Ka-
nazawa. It was unlike any
sake I’d ever tasted or seen.
Translucent gold, it could
pass easily enough for iced
tea but tasted faintly like car-
amel, slightly sweet and
creamy. It’d pair nicely with a
juicy steak, I thought.
The overwhelming variety

of sakes available in Japan—
on menus, in liquor stores
and at sake-tasting rooms—
is perhaps the first thing an
American realizes when sam-
pling the country’s signature
tipple, made from fermented
rice. This koshu, or aged
sake, brewed in Fukumit-
suya’s immaculate facility,
with its crisp white walls
and rich wooden accents, is
a 10-year-old version sold
under the brewery’s Momo-
tose label for about $89 a
bottle. Good luck finding it
outside of Japan.
Back home, in Seattle, my
sake tastings were generally
limited to the eight or so bot-
tles available at my favorite
sushi place. Later I learned
that the premium grade most
commonly found in the U.S. is
junmaishu, and its more re-
fined siblings, junmai ginjo
and junmai daiginjo. That’s
because American distribu-
tors select only sakes that go
well with fish.
Eager to bypass such limi-
tations, I spent three days
during a recent trip to Japan
visiting a few sake breweries
in Kanazawa, on Japan’s west
coast; the Japanese Alps in
the Niigata prefecture; and,
finally, the port city of Nii-
gata. For a tasting compan-
ion, I brought along my son
Will, a budding expert in the
field of drinking who was
soon to enter his senior year
of college. We’d dart around
Japan on a bullet train, sam-
pling sake and overnighting
in traditional ryokans. On the
advice of a Japanese friend,
we began our trip in Kana-
zawa, known for historic
neighborhoods and a far-
from-routine food culture
that relies on its locally
caught seafood.
Sake tours are as varied as
the booze itself. While the
sake business is centuries old,
marketing to tourists is a rel-
atively new phenomenon and
only a fraction of Japan’s
roughly 1,600 licensed sake
breweries have fully em-
ALPINE STYLE Ryugon, a ryokan in Minami Uonuma, a town in
the Japanese Alps that’s close to Hakkaisan sake brewery.
braced it. Don’t expect to find
the sort of well-worn paths
that coax travelers to Napa
Valley wineries or Scotland’s
whisky distilleries. More of-
ten than not, you’ll need to
chase down local buses or
taxis to get to each sake
brewery, and producers rarely
work together to lure tourists.
“It has a long way to go,”
said Shuso Imada, general
manager for the Japan Sake
and Shochu Makers Associa-
tion’s information center, of
the state of sake tourism. His
The sake was aged in
a room cooled with a
giant mound of snow.
group is working to change
that. Its website, japan-
sake.or.jp, lists dozens of
breweries that offer tours,
and indicates which ones pro-
vide English-speaking guides.
More often than not, you’ll
need reservations.
Among the most tourist-
friendly of the breweries, Fu-
kumitsuya shows visitors a
perfunctory video (with Eng-
lish subtitles) outlining the
company’s history before a
guide escorts them on a tour
of the pristine brewing facili-
ties. Will and I, encased in
obligatory white lab coats
and hair nets, took turns stir-
JEREMIE SOUTEYRAT FOR THE WALL STREET JOURNAL; MAP BY JASON LEE
READY FOR BOTTLE
Heikichi Yamamoto (right),
the ninth generation
brewery owner
of Imayo Tsukasa, in
Niigata, leads a tour.
ring the fermenting mash in a the eight peaks of Mount ishly spread out rice, recently Reid, a Denver transplant. Un-
giant vat as we chatted with Hakkai, Hakkaisan brewery sprinkled with koji (the same like Fukumitsuya, the Imayo
Fukumitsuya’s toji, or master comprises several buildings. fungus used to make miso), Tsukasa tour is more spit-pol-
brewer, Kazuhiko Itaya. We Some are used to make sake on a long, cloth tarp. Then, in ished than shined. Will de-
tasted the mash in various and the distilled spirit teams of two, they folded the scribed it as “authentic.” The
stages—early in the process, Shochu; others house a res- tarp from one end to the facility is smaller; the floor-
when it‘s reminiscent of rice taurant, gift shop and a cel- other, spreading the rice boards worn. Mr. Reid took
pudding, and later when it lar, where the sake is aged in again to maintain an even Will and me to a section of
takes on a sharper alcohol a room cooled with a 20- temperature so the rice fer- the brewery largely un-
tinge. Then we sampled a foot-high mound of snow. ments at the same rate. changed since its earliest
range of the brewery’s sakes, One of the prefecture’s larg- For our last stop, we days, revealing a small Shinto
including the golden koshu, in est distilleries, 96-year-old headed to the port city of Nii- shrine. “In Japanese religion,
the sleek tasting room, which Hakkaisan could safely be gata, a 50-minute train ride. the feeling of being drunk is
doubles as shop selling sake, called a relative infant in At Imayo Tsukasa, a 250- the feeling of being close to
dishes and cosmetics. sake brewing. year-old sake maker, our God,” he said. “Finally, a reli-
Another Kanazawa brewer, We watched workers fever- guide was the affable Jarom gion I can get behind.”
Yachiya Sake Zou occupies a
bland white building in an in-
dustrial area, down the street
from a row of auto dealer-
ships. Will and I were met by
Masatoshi Kamiya, the 18th
generation head of the 430-
year-old family business. Mr.
THE NEW GENERATION
Kamiya said with conviction
that his 31-year-old son will
OF LUXURY
become the 19th generation
head. His small facility, which
dates back 230 years, accom-
modates just 11 employees,
selling sake under its Kagats-
uru brand. Mr. Kamiya runs
the tour himself.
We joined the other visi-
tors, a dozen university stu-
dents from Nagoya, and fol-
lowed Mr. Kamiya around the
facility, but only after trading
our shoes for the rubber san-
dals the brewery provided. As
we weaved through a
cramped, dim maze of ma-
chinery, vats and crates of
empty bottles, often ducking
to avoid low ceilings and
beams, Mr. Kamiya explained
the process of steaming, fer-
menting and pressing the rice
to the Nagoya students in
Japanese, then shifted to im-
perfect but quite understand-
able English for Will and me.
For the tasting itself, we
sampled a half dozen or so
varieties—in tiny plastic
cups—including Kagatsuru
Umeshu, a sweet plum-fla-
vored version that would
make a fine digestif.
The next day, Will and I
took the train northeast of
Kanazawa, into the Niigata
prefecture’s mountains, dot-
ted with small ski resorts. On
a country road, with a view of

THE LOWDOWN // SAMPLING JAPAN’S SAKE BREWERIES

Getting There Japan’s speedy and efficient train low-slung tables delivered by kimono-wearing
network is the easiest way to move from servers. Those tables are whisked away,
one sake region to another. Both Kana- replaced with futons while guests
zawa and Niigata are a bit more than bathe in their ryokan’s private on-
two hours from Tokyo via the Niigata sen. In Kanazawa, Chaya Ryokan
Shinkansen bullet trains (japan- Minami Uonuma
is a modern inn near the train
rail-pass.com). Kanazawa station (from about $279 a per-
JAPAN Tokyo son, including an eight-course
Staying There You’ll find plenty dinner, chayaryokan.co.jp). In Mi-
of conventional hotel chains in nami Uonuma, near Hakkaisan, 2901 COLLINS AVENUE
Japanese cities, but for a full cul- the charming Ryugon ryokan, built MIAMI BEACH, FLORIDA 33140
tural experience, try a ryokan, a tra- 200 years ago comes with an in- RESERVATIONS +800 466 9695
ditional inn that often includes onsen, door-outdoor onsen (from about $192 WWW.EDITIONHOTELS.COM
or hot spring baths. The rooms are spare with per person, ryugon.co.jp).
tatami mats for flooring and often not much
more than a side table with two chairs. Ryoken  For details on visiting sake breweries, see
generally offer opulent meals in guests’ rooms at wsj.com/travel.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D8 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Hush-Hush Places to Schuss

With ski season descending swiftly, America’s most hyped mountains are booking up. An alternative: These
under-the-radar, uncrowded resorts with ample room to wipe out and old-school charm

BY ELISABETH VINCENTELLI

O
VER THE PAST couple
of years, the corporate
mammoths of the ski
industry have been on
a buying spree. Vail
Resorts added Vermont’s Stowe and
British Columbia’s Whistler Black-
comb to a portfolio that already in-
cluded Colorado’s Vail, Beaver Creek
and Breckenridge, for a total of 11 ski
areas; the consortium of Aspen Skiing
Company and KSL Capital Partners
purchased such top-shelf destinations
as Steamboat, Colo., Mammoth, Calif.
and Deer Valley, Utah.
But for many skiers and snow-
boarders, bigger operations aren’t
necessarily better—especially when
resorts trade their individuality and

MATT GIBSON (WOLF CREEK); IAN MATTESON (POWDER MOUNTAIN)

quirks for slick personas and sticker
shock. Fortunately, an old-school
spirit endures at several spots across
the country. “We want a ski experi-
ence that’s reminiscent of a golden
age,” said Geoff Hatheway, founder
of Vermont’s Magic Mountain, voic-
ing a widely shared sentiment
among indie resorts. Then again,
“resort” doesn’t quite accurately de-
scribe the under-the-radar favorites
listed here. The on-mountain accom-
modations tend to be bare-bones,
when they exist at all. You won’t
find fancy spas or buzzy restaurants,
and visitors in fur-trimmed puffers
are a rarity. What these ski areas of-
fer are relief from crowds, a commu- Powder Play Wolf Creek, Colo. and slushy in mere hours. Snow addicts from New Mexico, Texas and Oklahoma
nity-minded attitude and friendly Owned and operated by the Pitcher family since the late 1970s, Wolf Creek epit- seek out Wolf Creek, but it also makes a good playground for first-timers,
service. “It makes a big difference omizes the mom-and-pop resort—if you ski or snowboard there, you’re likely to thanks to affordable beginner lesson-and-lift packages. For more seasoned ski-
when skiers are running the moun- run into a Pitcher. Nestled in the southern San Juan Mountains, at a quiet re- ers, terrain that’s only accessible by hiking is well worth the effort. As for where
tain, and not a board of directors,” move from the state’s major population centers, Wolf Creek typically gets more to bunk down, the nearest hotels are a 30-minute drive away in either Pagosa
said Rosanne Haidorfer-Pitcher of snow than other Colorado resorts, averaging 430 inches a year. And you can still Springs, with its many hot mineral-water pools, or South Fork, at the confluence
Wolf Creek, Colo. find powder stashes days after a storm, when more popular places get skied out of the Rio Grande and South Fork rivers (wolfcreekski.com).

Thrifty Thrills Bridger Bowl, Mont.

Founded in 1955, Montana’s laid-back Bridger Bowl operates as
a nonprofit, funneling its earnings into improving operations and
keeping prices affordable: Lift-and-lodging packages start at
$99 per person per night with no blackout dates, and this sea-
son a day ticket is just $60 (half of the same-day rate at
neighboring Big Sky). Weekends liven up considerably, especially
when school is in session—Montana State University in Boze-
man is just 18 miles away. But Montana’s idea of busy is rather
different from Colorado’s or Vermont’s, and with 12 lifts spread-
ing skiers over 2,000 acres, you don’t run much risk of getting
stuck in a traffic jam on the mountain.
One of those chairlifts, Schlasman’s, is the go-to ride for
adrenaline chasers—it accesses expert terrain littered with
chutes and cliffs; skiers on these runs must wear an avalanche
beacon. For the far less adventurous, Bridget Bowl recently
spruced up its beginner area and learning center by adding a
new “Snowflake” warming hut and two covered conveyor lifts. If
you want to experience skiing on a quasi-European scale, the
sprawling and more traditional (read: more developed) Big Sky
is an hour away from Bozeman (bridgerbowl.com).

The Sidekick Grand Targhee, Wyo.
As far as Wyoming ski resorts go, Jackson
Hole handily steals the spotlight, but connois-
seurs harbor a soft spot for nearby Grand Tar-
ghee, next to the Idaho border. Sitting on the
western side of the Tetons, its slopes get first
dibs on storms rolling in from the Pacific
Coast, to the tune of about 500 inches a year.
If you happen to be at Grand Targhee on a
powder day—and the odds are more in your
favor than at most resorts—you’ll likely get
pristine runs all to yourself. Admittedly, its
slopes aren’t quite as challenging as Jackson
Hole’s and it lacks the more established ski
area’s fancy lodgings and restaurants, but the
resort’s Sioux Lodge and Teewinot Lodge
make up for their few frills with a heated pool
and hot tub (pictured) and mountain views
(Sioux Lodge, from $240 a night; Teewinot
Lodge, from $215 a night). If you’d rather base
yourself in Jackson, or at least hit both ski re-
sorts in the same trip, Grand Targhee is only
about an hour from Jackson Hole via the Te-
ton Pass. You don’t even have to drive your-
self—use one of the regular shuttles to and
from the Jackson village (grandtarghee.com).
Chill Seeking Magic Mountain, Vt.
When this southern Vermont resort recently fell
on hard times, a group of local investors pur-
chased it—more interested, they said, in pursu-
ing a labor of love than profit. They closed the
deal in November 2016 and reopened just a
month later. Starting this season, they’re rolling
out a series of planned upgrades, including bet-
ter snow-making. The terrain is fairly demand-
ing, with plenty of steep slopes and wooded
trails, and the kind of narrower, winding runs
that used to be common before resorts started
bulldozing wide boulevards in the 1990s. To ap-
peal to less confident skiers, the new owners
plan to improve access to more forgiving mid-
mountain trails.
Indicative of its more laid-back ethos, Magic
Mountain opens just Thursday through Sunday
(and holidays), but it also runs the lifts on any
day at least 6 inches of snow fall. Add a same-
day price of $69 a day for an adult lift ticket
(compared with, say, Killington’s $115) and an ani-
mated après-ski scene at the Black Line Tavern,
and you’ve landed a classic New England experi-
ence. For overnight digs, the Magic Mountain
Lodge is fairly basic, but a 30-minute drive brings
you to the luxury of the Equinox Golf Resort and
Spa (from $199 a night, equinoxresort.com).

Upside Down World Powder Mountain, Utah

Few outside of Utah have heard of Powder Mountain—PowMow to its devotees—yet it’s America’s
largest resort, with a rambling 8,464 skiable acres. While show-offs prefer the more technically chal-
lenging runs at Snowbird and Alta resorts, PowMow offers rolling, welcoming terrain, best suited for
those who want to improve their skills on ungroomed trails. Considering the size of the area, new-
comers may want to hire a local pro, and at PowMow’s low prices, they should: A full-day with a
guide is $180 for one or two people. Even better, although cat-skiing—where a snowcat takes you to
wilder terrain—usually requires a minimum of a half-day commitment and hundreds of dollars, Pow-
Mow offers single rides for $25 a pop. Above all, Powder Mountain is a delightfully quirky place. For
starters, it’s an inverted setup so the base sits at the top of the mountain. After parking, you ski
down to get on the lifts. Experienced skiers and boarders can leave the marked runs and wander
pretty much wherever they
want until they hit the ac-
cess road, where school
buses ferry visitors to the
base. An hour or so north of
the Salt Lake City airport,
near Ogden, PowMow only
sells 1,500 lift tickets a day.
By the time your quads are
burning after countless runs
on deserted slopes, you’ll be
ready for après at the Pow-
der Keg, a beer-and-burger
joint (pictured) favored by
the locals (powdermoun-
tain.com). Most visitors stay
in Ogden or nearby Hunts-
ville—check out the cool
Atomic Chalet B&B (from
$135 a night, atomiccha-
let.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, November 11 - 12, 2017 | D9

DESIGN & DECORATING

MY FAVORITE ROOM

Does This Look Like 1939?

The design moves—from an Alvar Aalto house built nearly 80 years ago—that inspire superstar architect David Adjaye today

RAUNO TRÄSKELIN/MAIREA FOUNDATION (ROOM); ED REEVE (ADJAYE)

TRUNK SHOW Alvar Aalto
brought a Finnish forest setting
into this 1939 house with earthy
materials and elements that
recall tree trunks.

say, “Follow me, you won’t be Which makes his reverence for Aalto’s mastery of spatial story- one permeable, shifting landscape
BY SARAH MEDFORD
sorry.” Best known in this country this airy 1939 getaway on the west telling—especially in the open liv- flanked by slatted-pine ceilings

G
for his 2016 National Museum of coast of Finland a surprise. Villa ing area. “It’s clearly a room, but and tile floors. “Aalto doesn’t just
HANAIAN-British ar- African American History and Cul- Mairea, designed by Finnish mod- also not,” he said. “Somehow, frame the view, he brings the view
chitect David Adjaye ture, in Washington, D.C.—a stack ernist Alvar Aalto for art collec- you’re in an architectural forest.” in to you,” said Mr. Adjaye. “That’s
crafts buildings that of geometric forms clad in perfo- tors Maire and Harry Gullichsen, is Structural columns wrapped in a complete invention that I con-
are the Marlon Bran- rated bronze—he has also turned a sybaritic retreat with generous wood or rattan evoke trees, as do tinue to learn from. It’s very pow-
dos of the designed out private homes here and windows, walls collaged from the extended balusters of the erful and difficult to do because it
world: brooding and weighty, re- abroad. His latest book, “David Ad- stucco, wood, stone and tile, and showstopping staircase. Aalto’s can become very kitschy.”
sistant to easy interpretation and jaye: Living Spaces” (Thames & balconies facing dense pine forest. wife and lifelong professional part- Start by resisting the call of
a bit mysterious. They tear you Hudson), reveals his predilection When Mr. Adjaye visited the ner, Aino Aalto, marshaled just a twig furniture and taxidermy, and
away from whatever else you’re for tucking everyday life behind house, open to the public, about few simple furnishings, letting the find deeper inspiration in nature.
looking at, or thinking about, to massive, dark-hued walls. 25 years ago, he most admired interior and exterior merge into As great architects do.

Simplicity’s Virtues
“Aalto was designing and choosing furni-
ture that would be cool for the coming
world,” Mr. Adjaye said. He believes Aalto
wanted simple profiles to lend serenity and
not distract from one’s ability to perceive
inside, outside, near and far simultaneously.
A table hand-carved in Botswana has simi-
lar purity of line. Peter Mabeo Sesana Table,
Make It Clear about $4,007, mabeofurniture.com
“Part of the space’s brilliance is the way it harnesses trans-
parency to create multiple layers that give it a complex di-
mensionality,” said Mr. Adjaye. “This is as true of larger Secret the Support
gestures—such as the framing of the staircase and the Mr. Adjaye has studied the staircase
windows—as it is for details such as the glass vase [on the at length, he said. “Aalto hides the
bookcase].” Cluster several for more impact. Ruutu Vases mechanics in this sort of crowding of
by Ronan and Erwan Bouroullec, from $98, iittala.com timber that surrounds you.” Such
sleight of hand comes in many
forms. Ian Stell “Cricket Cage” Ex-
tendible Chair from Patrick Parrish
Gallery, $19,500, 212-219-9244
Elevate Your Stacks
The Gullichsens likely consulted their books more fre-
quently than we do today. “The library has moved from
being a device for knowledge to this thing that en-
hances quality of life,” Mr. Adjaye said. “I have books I
just need to have near me while I’m working.” Acquire
this three-volume classic. “Alvar Aalto: The Complete
Work” (Birkhäuser Architecture), $283, amazon.com
Ring Your Bell
Keep It Together “I love those bell lamps Aalto
The living room’s unified design, and that of Villa Mairea used,” said the architect of the Nature Loves
itself, impresses Mr. Adjaye. “Aalto did the door handles, pendant lights scattered through- a Vacuum
the lights, the furniture. He was thinking about convivial- out. In such a pared-back space, “Traditionally, we
ity and friendship. It was incredible. Not many architects light “creates incredible luxury think about interiors as
get that far,” he admitted. Increasingly, Mr. Adjaye de- from a few very simple moves.” being empty and then
signs furniture for his own buildings; several pieces have Artek, the company the Aaltos filling with furnishings,”
been put into production, such as this low table with an founded to produce their designs, said Mr. Adjaye. The Aaltos made space for crafts the cli-
undulating base—a collector’s item and an unusually sen- makes over a dozen lighting styles. ents brought home from their travels, but just a few.
sual form for him. David Adjaye Washington Corona Alvar Aalto “Golden Bell” Pendant “There isn’t that much here,” he said. Birchwood wares
Bronze Coffee Table for Knoll, limited edition, price upon Light A330S for Artek, from $470, from Lapland play into the arcadian theme. Original
request, knoll.com ourworldshops.com. Handmade Kuksa Cup, $55, taikamura.com Walk the Line
Said Mr. Adjaye of the graphic Mo-
roccan carpets the Aaltos used,
BIO IN BRIEF// DAVID ADJAYE “You want to touch them, sit on
them, lay on them.” He speculated
His résumé Born in Tanzania to crafted houses and museums world- its debut in midtown Dec 1. they were chosen both for comfort
Ghanaian parents and schooled in wide (an exception: diplomat and for- His goods The architect’s milestone and as part of a larger architectural
London, where he lives, David Adjaye mer U.N. leader Kofi Annan). His 2011 book, “Adjaye, Africa, Architec- message: “Abstraction and geome-
founded his first office in 1994. The Manhattan projects include a new ture” (Thames & Hudson), features try are the emotive language that
architect has been a visiting profes- home for the Studio Museum in Har- photographs he’s taken of notable describes things—the language of
sor at the Royal College of Art and lem; 130 William, a 66-story condo- buildings in 53 African cities. For the ornament, putting together materi-
was knighted in 2016 by Queen Eliza- minium cloaked in sooty, precast full-on Adjaye experience, read it in als—and human feelings stem from
beth II for service to architecture. stone and bronze, in the financial dis- one of his glittering copper chairs for that,” he said. Vintage Moroccan
His clients Artists and art lovers are trict; and Spyscape, an interactive Knoll or on his playful two-seater Carpet #15327, about 7 feet by 4
Mr. Adjaye’s mainstay, for whom he’s museum of espionage that will make sofa for Moroso. feet, $12,000, fjhakimian.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
D10 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

THE CRITICAL EYE

Oh, What a
Newfangled Web
We pit our appraisal of a curiously walled
living room against the designer’s intent

OUR DESIGN ASSESSMENT When we first

saw this image of a Manhattan apartment deco-
rated by Thomas Jayne and William Cullum, the
spider webs that adorn the walls caught more
than our attention. They also caught us off
guard, given the fairly safe traditionalism of the
Dutch chair, Italian day bed and Agra rug, all
from the 19th century. The choice of arachnid
spinnings seemed marvelous but odd. Also a bit
inexplicable: the presence of a curtained day bed
in a living room—on a marble plinth, no less. Do
the homeowners tend to develop a sudden need
for privacy? We love the color play, however—
the way the carpet’s blue, pink and cream
scheme recurs in the shawl on the bed and the
matching brocade of the chair and pillow. Mean-
while, what looks like a fabric floor molding
picks up the palette of a 19th-century French
painting. But why do the drapes’ rod and hooks
resemble a shower curtain’s? So many questions!

THE DESIGNERS’ RESPONSE “This room has

a back story,” said Mr. Jayne. The hand-painted
wall design, he said, was inspired by a fanciful
19th-century watercolor that hangs elsewhere in
the room, in which a woman greets a tarantula.
So not so random, after all. Mr. Cullum pointed
out other modernizing touches we’d missed: The
plain wool upholstery on the day bed, how the
sheer curtains are equally spartan, how the faux-
marble plinth is very simple. As for the mini-
bedroom: “The clients have a little girl,” said Mr.

Jayne. The wall treatment “creates an environ-
ment,” said Mr. Cullum, “and the bed curtains
make a second interior” within it, conducive to
sleep—and play. —Catherine Romano
DON FREEMAN
CRAWL SPACE Curtains enclose a day bed in the living room of a New York pied-à-terre, with walls hand-painted by artist
Chuck Hettinger; featured in ‘Classical Principles for Modern Design,’ by Thomas Jayne and Ted Loos (Monacelli Press).

FAST FIVE BOOKSHELF

BOHO, SWEET BOHO

 Jasper Morrison Three new titles with different takes on bohemian style: the worldly
All Plastic Chair, eclecticism that’s persistently trending in interior design
$290, vitra.com

The Maverick Soul

By Miv Watts & Hugh Stewart (Nov. 21, Hardie Grant, $50)

How It Interprets ‘Bohemian’ As the inevitable décor extension of

impossibly cool, unpredictable, creative people who imbue their dwell-
 TT54 Chair ings with fascination. The book’s subtitle, ”Portraits of the Lives &
by Richard Homes of Eccentric, Eclectic & Free Spirited Bohemians,” hints at the
Lampert, $482, voyeuristic delights that await.
stillfried.com Practitioners A-list artists, designers, authors. Alongside the figurines
and genteel porcelain tea sets in her Montparnasse apartment, rock mu-
sician Marianne Faithfull displays a collage of press clippings promulgat-
ing a myth involving herself, former-paramour Mick Jagger and a Mars
Bar. In his farm in Rhinebeck, N.Y., actor and filmmaker Griffin Dunne,
son of journalist Dominick Dunne and nephew of writer Joan Didion, mingles first-edition books, an an-
 Hoffmann tique toy train, a battered valise and other dusty detritus of a rich and complicated life.
Side Chair, Takeaways Ignore Marie Kondo. Clutter is king. If your high school junior varsity trophy is important
$350, dwr.com to you, it’s an authentic artifact. Display it.

Haute Bohemians
By Miguel Flores-Vianna (Vendome, $65)

JUST ACT How It Interprets ‘Bohemian’ As eclectic splendor. Mr. Flores-Vi-

CASUAL anna’s luscious photos immerse the reader in unapologetically not-

humble abodes, more well-heeled than hippie, ranging from an 18th-
century villa in Versailles to a transmogrified church in Tangiers to a
Kennedy-esque-compound of circa-1900 summer cottages in Mon-
Pull up a set of our favorite tauk, N.Y.
new seats—ideal for Practitioners Blue bloods and those who dine with them. In their
Milan home, furniture and jewelry designer Osanna Visconti Di
a chic kitchen table
Modrone and her husband, art dealer Giangaleazzo, hang their col-
or an unceremonious lection of contemporary art beneath ceilings last painted in the 18th
dining room century. British antiques dealer Christopher Gibbs displays stag antlers previously owned by Elizabeth
Stuart, the Queen of Bohemia (the region, not the style), aka the Winter Queen.
Takeaways Rembrandts are not necessary: If lords and ladies can have their friend’s gardener’s art-
work presiding over the living room, so can you. Don’t have Egyptian porphyry sculptures for your
mantel? Beach glass, driftwood or Uncle’s Joey’s marbles will do just fine.

The New Bohemians Handbook

By Justina Blakeney (Abrams, $28)

How It Interprets ‘Bohemian’ As the sensibility of a millennial

flower child. Topics include creating flow, harmony and zones—more
practical than they sound—which contribute to “the totality of sen-
F. MARTIN RAMIN/THE WALL STREET JOURNAL

sations and associations one encounters in a given space.”

 Practitioners Anyone and everyone. With Ms. Blakeney as guide,
Hem Udon Chair, princes, plumbers and poets alike can readily replicate the charm
$359, and ease of these featured interiors—from tiny urban studios to
us.hem.com suburban domiciles to rustic retreats.
 Takeaways Adopt ideas from other cultures: Hang tassels from
Beetle Lounge anywhere, display holy objects such as Buddhas or Ganeshas. Use
Chair, from plants, big or small, leafy or spindly, as everything from room dividers to bookends. Create zones
$1,629, without walls: Place a slim runner adjacent to a furnished space to create a “hallway” from a front
suiteny.com door; drop a pendant light from a ceiling to demarcate a dining area within a larger, open space.
—Elizabeth Anne Hartman
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 11 - 12, 2017 | D11

GEAR & GADGETS

Back On
The Wagon

ILLUSTRATION BY SEAN MCCABE; PHOTO COMPONENTS: GETTY IMAGES (OLDSMOBILE, FORD), WARNER BROTHERS/PHOTOFEST (NATIONAL LAMPOON’S VACATION), COLUMBIA/EVERETT COLLECTION (WHEN HARRY MET SALLY), ALAMY (VOLVO, EDSEL, PLYMOUTH, GHOSTBUSTERS CAR)
Need to haul stuff but loath to buy an SUV?
Station wagons, a resonant part of American
culture, are finding a new market of packrats
offer and the ability to maneuver
BY JONATHAN WELSH
and park easily in congested areas.

F
OR YEARS, American
auto gurus have been
predicting the station
wagon’s extinction. The
threats from first mini-
vans, then SUVs and most recently
crossovers were going to deliver the
coup de grâce to the frumpy, wood-
paneled, roof-racked relic.
But wagons persisted. They
evolved. They got into shape, build-
ing muscle with high-tech engines
and improving their agility—on and
off the road—with new suspensions
and computer-controlled all-wheel
drive. Sexier, aerodynamic shapes
have eclipsed the image of the boxy,
overstuffed Family Truckster of
“National Lampoon’s Vacation.”
Today the station wagon is safely
off the endangered-species list.
While still a tiny part of the market,
wagon options are multiplying. For
the 2018 model year, at least 10
wagons are coming to dealer show-
rooms, including four brand-new
models.
Car makers that previously
stopped selling wagons in the U.S.,
like Jaguar and Buick, have brought
them back. Others, including Volvo
and Volkswagen, recently baptized
new models, while longtime wagon
maker Subaru is setting sales re-
cords, led by its rugged, SUV-ish
Outback. The company said it sold
156,277 Outbacks through October,
up 8.2% over last year. Porsche, a
newcomer to the segment, is fur-
ther stretching the definition of a
wagon with the cheetah-like Sport
Turismo, which comes in a 192-mph
hybrid version. You know, because
the farmers’ market is closing really
soon.
Wagons owe their recent success
in part to a backlash against gigan-
tic, gas-guzzling SUVs, especially
among younger drivers who still
want to carry bicycles, baggage and
ill-advised flea-market buys but
crave nimbler handing than SUVs
Also on their wish list: cargo bays
with low floors to ease loading, and
roof racks they can reach without a
stepladder.
For older drivers in their 40s and
50s, nostalgia is a lure. They fondly
recall traveling as children in
roomy, wood-paneled station wag-
ons on fraught vacations to Yellow-
stone and visits with disorientingly
wealthy relatives, not to mention
drop-offs at summer camp, board-
ing school and (at last) college. In
the background of faded Polaroids,
home movies and Kodachrome slide
shows, the big cars appear on
beaches and in ski-resort parking
lots, at picnics and tailgate parties.
Even if your family didn’t own one,
the wagon’s presence in 1970s and
’80s popular culture made a strong
impression. The Bradys became a
bunch riding around in one, Sue El-
len Ewing navigated hers haughtily
in “Dallas.” And who could forget
TUNE INTO A NEW STATION// FIVE NOTABLE 2018 MODELS
Volkswagen Golf
SportWagen
While Volkswagen builds SUVs
like the compact Tiguan and
the new, large Atlas, it knows
some customers shun them
and “want something a little
bit different,” said Megan
Garbis, product manager for
the Golf line in the U.S. Result:
The Golf wagon ($21,580), in
standard and all-wheel-drive
“AllTrack versions. The only
compact wagon available in
the U.S., it still delivers enough
space for “a ski trip or an Ikea
trip,” Ms. Garbis said. An
available manual transmission
will satisfy drivers who still like
to “row the gears.”
the wagons in films from “When might have needed major, expensive producing more for the U.S. is rela-
Harry Met Sally” to “Poltergeist” to modifications to meet American tively cheap.
“Lethal Weapon 2”? regulatory and consumer standards. Wagons generally devour less gas
Changes in the auto industry are Today, manufacturers typically than crossovers and SUVs, so they
also boosting wagons. Years ago build similar vehicles across several help carmakers improve their over-
carmakers avoided introducing a countries—what’s known as a all corporate fuel economy ratings.
new model, or one that was selling global platform—so they can more And if, as expected, global fuel-
well in another global market, un- easily and economically offer vehi- economy regulations grow more
less they believed they could move cles in markets where they might stringent, wagons could entice more
tens of thousands of the vehicle. attract a small following. Because families. Below, some of the wagons
Models sold in Europe or Asia wagons already sell big in Europe, causing a stir in today’s market.
Buick Regal TourX Volvo V90 Cross Jaguar XF Porsche Panamera 4
You might remember Buick’s Country Sportbrake S Sport Turismo
last station wagon, the early Unlike most carmakers, Volvo Many of the current crop of In the 1969 film “Downhill
1990s Roadmaster, was typi- has sold wagons nonstop in station wagons, including the Racer,” Robert Redford drives
cally flanked with faux-wood the U.S. since the 1950s, when Jaguar Sportbrake ($70,450), up to the slopes in a Porsche
paneling. Buick would like you it introduced the PV445 Duett. are luxury cars—a far cry from 911 sports car topped with a
to forget it. Indeed, with the In the ‘90s, it responded to their modest, utilitarian ances- ski rack. Today he would
TourX ($29,070), it is target- the growing popularity of 4- tors like the Pontiac Safari or surely choose the Panamera
ing younger drivers who wheel-drive SUVs, with higher- Ford Country Squire. While 4 Sport Turismo ($96,200), a
might not recall the com- riding, all-wheel-drive “Cross many of the Jaguar’s features, swoopy wagon whose all-
pany’s past as a supplier of Country” versions of its wag- such as lane departure warn- wheel-drive system would
dowdy cars for grandparents. ons. As the company ex- ings and parking assist, can be have lessened his chances of
Like Jaguar, Porsche and oth- panded its XC crossovers dur- found on lesser cars, don’t ex- getting stuck in a snowbank
ers, Buick pitches the new ing the past decade, wagon pect your next rental to in- and whose relatively cavern-
wagon, debuting later this models seemed to fade. But a clude a full-length panoramic ous interior could accommo-
year, as an “adventure” vehi- spokesman said its new flag- glass roof with “gesture con- date his skis inside. If you
cle. But that doesn’t mean ship V90 wagon ($52,300) trol.” That’s right—wave your don’t happen to ski, you can
going off the grid: The TourX confirms its commitment. Due hand like a philharmonic con- still get from Point A to Point
offers built-in WiFi and wire- next year: a redesigned version ductor and the roof’s sun B at triple-digit speeds, if lo-
less phone charging. of its smaller V60 wagon. shade opens or closes. cal laws allow it.

MY TECH ESSENTIALS
I’m in, as most actors are in some
way, a sort of a semi-long distance
DANIEL RADCLIFFE relationship a lot of the time. I
don’t know how people did it be-
fore Skype and FaceTime existed.
Even if the signal is bad and the
The wizarding icon and star of the new image is freezing, you’re still get-
movie ‘Jungle’ on his favorite time killers, ting to see the other person’s face.
iPhone imperatives and glass-less specs That’s very important.

The “How Did This Get Made?”
podcast is one of my favorite
things to listen to. It’s three very,
very funny people talking generally
with other very funny people. It’s a
dissection of crazy movies, not
even necessarily bad ones—though
a lot of them are bad movies.
What I think I love about it is
there’s a lot of respect in the
way they talk about the film. They
I have one of
the new I did take a pair of the glasses
iPhones with- with me [from the “Harry Potter”
out the head- set]. But they are not practical. It
phone jack, amazes most people to find out
which I’m still that they did not have lenses in
very dis- them most of the time. I don’t keep
tressed the glasses out, but if anyone really
about. The wanted to try them on, they could.
headphone No one’s ever asked, which I’m un-
jack adapter happy about.
that allows you
to plug your old
headphones into your
new iPhone is an actual tech es-
sential. I just can’t quite bring my- My app for killing time is Word
self to wear the wireless AirPods, Warp. You just have to find as
or whatever they’re called. They many words within a six-letter
look a bit silly, but it’s more that I word as possible. Though it’s prob-
know I will lose them and that’s re- ably a complete illusion, I feel like
ally annoying. doing anagrams helps my brain do
something more productive than
playing other games.
—Edited from an interview
by Chris Kornelis

The
have an appreciation for the fact I’ve got all my fan-
that getting any film made is basi- tasy football apps
cally a victory. They do make fun on my phone: NFL

of them, obviously, but there’s a
feeling of celebration about it,
which is really lovely. Everyone
should listen to it.
I feel like a good pair of running
socks is essential. When I first
started running, I got a lot of blis-
ters. The Wrightsock Running II
socks have this sort of double layer
inside them. They save my life.
Ultimate Gift
Fantasy Football
and Yahoo Fan-
tasy Football.
And I’m on them
fairly constantly. I was going
to say from Thursday to Monday,
for Him
but then I realized that it’s an all-
week thing. I’m in two leagues. I ARC5 SHAVER: ES-LV65-S
know people who are in so many
more than that, and I have no idea
how they cope. The level of stress
it brings into my life as it is…I don’t
know how anyone could possibly
deal with more than two leagues.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D12 | Saturday/Sunday, November 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

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