America Is Reopening To Tension: For Personal, Non-Commercial Use Only

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A No-Sweats
Fashion
Forecast
OFF DUTY
THE WALL STREET JOURNAL WEEKEND

* * * * * * * * SATURDAY/SUNDAY, MAY 23 - 24, 2020 ~ VOL. CCLXXV NO. 121 WSJ.com HHHH $5.00
What’s
Beijing
News Retreats
World-Wide On Key
T rump called on gover-
nors to reopen places
Goal for
Economy
of worship as essential ser-
vices, pointing to new CDC
guidelines and declaring he
would “override” any state
leaders who don’t agree. A3
In abandoning its GDP
States, counties and
hospitals are using differ- target for the year,
ent approaches to allocate China foreshadows
their share of the first drug
shown to treat Covid-19. A1 more pain from virus
Antimalaria drugs didn’t
help patients fight Covid-19,
BY JONATHAN CHENG
while raising the risk for
heart problems and death,
BEIJING—Under leader Xi
a new study reported. A7
Jinping, China has established
.
Democrats are examin- itself as an increasingly asser-
CHARLES KRUPA/ASSOCIATED PRESS
ing whether Pompeo used tive global player, pushing back
ly
taxpayer resources for per- forcefully against challenges at
sonal purposes, including a home and abroad.
series of private dinners. A6 But even as Beijing tightens
Biden walked back a
comment about black vot-
ers made in a radio inter-
on its grip on Hong Kong and
steps up its rhetoric against the
U.S., senior leaders bowed to
the inevitable on Friday, ac-
view that aired Friday. A6
knowledging the scope of the
us ,
China’s government plans Beaches reopened with restrictions in Gloucester, Mass., on Friday ahead of the Memorial Day weekend. challenges facing the world’s
l
to let mainland state-secu- second-biggest economy—the
America Is Reopening to Tension

e
al a
rity agencies operate offi- bedrock of much of the coun-

cially in Hong Kong. A10 try’s recent strength.
On Friday, Premier Li Keq-
ci on
A son of slain Saudi

iang abandoned the country’s
journalist Jamal Khashoggi
annual gross domestic product
said his family had for-
target for the first time in more
given his father’s killers. A11
Easing restrictions is in some ways turning out to be more divisive than shutting down than a quarter-century, citing
A Pakistani airliner “factors that are difficult to
er s
crashed as it approached predict”—most notably the cor-

Karachi’s airport. A11 Tricia McIntyre, a 48-year-old emer- difficult than closing it down. onavirus pandemic and uncer-
By Rebecca Davis O’Brien,
m er
gency-room nurse, donned a mask last Tensions are intensifying between tainties around trade. It was a
Sunday, sat down behind a plexiglass Arian Campo-Flores those celebrating the end of shutdowns humbling move for the nation
Business & Finance shield at a nail salon in Wisconsin’s and Elizabeth Findell and those fearful of the virus’s re- that also foreshadows more
Walworth County, and got her first emergence, between those driven by economic pain for a world that
China’s scrapping of its manicure in two months. Mr. Nguyen was relieved to be back at economic desperation and those eager has become increasingly reliant
m rp
GDP target serves as a “Finally!” Ms. McIntyre said, a few work, but fearful of the virus and felt he to resume a semblance of normalcy. As on China as an engine of
blunt reminder of the days after Wisconsin’s top court over- had no choice. “If I stay home, there’s restrictions eventually fall in large cit- growth.
magnitude of the many turned the state’s coronavirus shut- no money to pay the bills.” ies including New York, Chicago and Mr. Li and his fellow policy
risks that loom over the down order. “I think people are tired of Americans are tiptoeing—or in some Los Angeles, those dichotomies are makers are portraying the deci-
country’s economy. A1 staying home and they’ll do whatever cases sprinting—their way back into a likely to become more acute. sion as a liberating one that en-
co Fo
they can to get back out.” public sphere reshaped by the coronavi- Nearly 95,000 people have died in Please turn to page A10
Argentina defaulted on
Across the plexiglass from Ms. McIn- rus. Scenes playing out across the coun- the U.S. from Covid-19, and government
sovereign debt for the
tyre at Hollywood Nails in Delavan, Wis., try show that reopening will be fitful, di- officials and public-health experts warn Hong Kong’s investor outlook
ninth time in its history, as
Henry Nguyen, also 48, was conflicted. visive, and in some ways far more Please turn to page A8 dims on China’s moves ..... A10
it grapples with a new cy-
cle of economic woes exac-
Hospitals Parts Shortages at GM

erbated by the pandemic. A1
Hertz, one of the nation’s
Job Losses, State by State
largest car-rental compa- The unemployment rate in three states exceeded 20% in April,
nies, filed for bankruptcy
protection, saddled with
about $19 billion in debt. B1
Ration but all areas recorded a rise, albeit unevenly distributed. B6
State unemployment rates

Stall Pickup Output
A shortage of parts from
Drug to 30%
n-
BY MIKE COLIAS two main U.S. pickup-truck

Mexico is hampering GM’s
AND BEN FOLDY factories by adding additional
Treat Virus
plans to quickly ramp up pro- Nev.
25 shifts of workers next week,
duction of high-profit pickup
A shortage of parts from these people said. The auto
trucks, underscoring the auto Mich.
no
Mexico is hampering General maker doesn’t yet have the

industry’s halting restart. A1 Hawaii
20 Motors Co.’s plans to quickly flow of parts it needs to accel-
The S&P 500 and Dow BY MELANIE EVANS ramp up production of high- erate production as planned,
industrials gained 3.2% AND JOSEPH WALKER R.I. profit pickup trucks, according they said.
15
and 3.3%, respectively, for to a union official and other Companies trying to get
the week, while the Nas- Limited stock of the first people familiar with the mat- their businesses back on track
daq climbed 3.4%. B11 drug shown to treat Covid-19 10 ter, underscoring the auto in- amid the pandemic face a
is arriving at hospitals, and lo- dustry’s halting restart after a choppy landscape, including
The gap between the price N.D.
cation is a driving factor in two-month shutdown from the the threat of supply-chain dis-
of an actual physical barrel 5 Neb.
whether a patient gets any as coronavirus pandemic. ruptions and worker infections
of oil and futures prices Minn.
states, counties and hospitals GM has delayed plans to or government restrictions
has narrowed sharply. B11 Conn.
use different approaches to al- roughly double output at its Please turn to page A6
0
Deere said the pandemic locate their shares.
will intensify a yearslong Gilead Sciences Inc. is March April
slump in agricultural equip- ramping up production of the
ment sales, as farmers fur-
ther reduce spending. B3
drug, remdesivir, which mod-
erately sped recovery for hos-
Note: Seasonally adjusted
Source: Labor Department
Argentina Defaults
pitalized patients in a federal
NOONAN
study—though it isn’t known
whether the drug can prevent
On Its Sovereign Debt
A Plainer People
In a Plainer Time A15
death from the disease, which
is caused by the new coronavi-
Locked-Down Teens Stay Up BY RYAN DUBE continue talks, hoping to avoid
rus. The company is donating
early supplies to the federal
All Night, Sleep All Day AND SANTIAGO PÉREZ a messy outcome.
“Nobody involved in this
NOTICE TO READERS government in the U.S., which i i i Argentina defaulted on sov- process would be well served
WSJ.com and WSJ mobile is allocating it to states. ereign debt for the ninth time by a hard default,” said Hans
apps will publish throughout Food and Drug Administra- Parents see little of offspring in its history, as Latin Amer- Humes, the head of New York-
the weekend. The Wall tion criteria for remdesivir use ica’s third-biggest economy based hedge fund Greylock
Street Journal print edition under its May 1 emergency au- who have adopted vampire schedules grapples with a new cycle of Capital, a creditor, referring to
won’t appear Monday, thorization are broad, doctors economic contraction, runaway a default resulting in lawsuits
Memorial Day, but a daily say, and little published re- inflation and a hard-currency and no negotiations. Argentine
edition will be available in search points to who might BY NICOLE FRIEDMAN With no daytime commit- squeeze exacerbated by the debt is held by a variety of
WSJ iPad and Android apps. benefit most. States and coun- ments, some teens prefer to coronavirus pandemic. hedge funds and managers, in-
ties, which are allocating the Paul Cancellieri wakes up stay up all night and sleep The country entered into cluding BlackRock Inc. and
drug to hospitals, are devising most mornings around 6 a.m. days. default for the third time this Pharo Management LLC.
CONTENTS Obituaries............... A12
Books.................... C5-16 Opinion.............. A13-15 widely different methods of He makes himself breakfast. Some watch movies or chat century after failing Friday to Although Argentina’s debt
Design & Decor. D8-9 Sports........................ A16 awarding the scarce supply. Then he says good night to his with friends on similar sched- make a $500 million interest default is unlikely to spark fi-
Food......................... D6-7 Style & Fashion D2-3 Hospitals, too, use different 16-year-old son, Cole. ules. Others do homework payment on foreign debt. nancial turbulence in Latin
Gear & Gadgets D10 U.S. News............. A2-3
Heard on Street...B12 Weather................... A16
methods to decide who to Cole, a high-school junior in without their folks hovering. The government of national- America, Fitch Ratings expects
Markets..................... B11 World News... A10-11 treat. That means a patient Wake Forest, N.C., is one of “I feel more relaxed, hon- ist President Alberto Fernández a record number of sovereign
who qualifies in one locale the American teens who have estly,” said Zach Zimmerman, failed to reach a deal with defaults this year as the pan-
might be shut out in another. gone nocturnal in the Covid-19 a high-school senior in Mans- bondholders to restructure demic roils the global economy.
> “We’re in a situation of pandemic. field, Texas. That was in April, about $65 billion in foreign In April, Ecuador, a cash-
Please turn to page A7 While some schools require when he was in the habit of debt. The debt includes bonds strapped oil producer, delayed
students to log on to live going to bed around 10 a.m. issued as part of previous re- debt payments until August as
Study results point to classes, many others are in- and waking up in the late af- structurings after the country it was battered by one of Latin
s 2020 Dow Jones & Company, Inc.
efficacy of plasma.................. A7 stead assigning work for stu- ternoon. defaulted in 2001. America’s worst coronavirus
All Rights Reserved Second vaccine is showing dents to complete on their This month, Zach started The government and foreign outbreaks. Lebanon defaulted
promise.......................................... A7 own. Please turn to page A2 bondholders are expected to Please turn to page A11
A2 | Saturday/Sunday, May 23 - 24, 2020 * ****** THE WALL STREET JOURNAL.
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Science Factors in a Better Cup of Coffee

If you’re Hendon said. “All of the cof- Here's how one chemist brews his morning joe. key to a brew’s final flavor.
craving a fee contacts all of the water Over-extracted coffee will
good cup of for the entire brewing pro- 1 Heats soft tap 2 Weighs out 0.53 3 Pours the taste unappetizingly bitter.
coffee but cess.” water in a kettle ounces of whole grounds and the Under-extracted coffee will
can’t get to To make a regular cup, he to around 210 beans using a hot water into an taste unpalatably sour.
your local recommends a ratio of 60 degrees digital kitchen AeroPress. You might anticipate that
cafe, don’t worry. grams of coffee to one liter Fahrenheit–just scale and grinds a coffee devotee would scarf
Dr. Coffee has your back. of water—a formula that below the boiling them with an down a pot a day. But Dr.
The doctor, aka Christo- works for either brewing point. electric burr Hendon usually has a single
pher H. Hendon, teaches method. grinder. cup.
computational materials “That’s way more coffee He begins by heating his
chemistry at the University than you’re used to,” he said. home’s soft tap water in a
4 Waits for one minute and 15 5 When the concoction cools
of Oregon. But on the side, “If you pass the same seconds and presses the kettle fitted with a tempera-
to around 150 degrees, takes
he uses his lab skills to help amount of water through too plunger, forcing the coffee into ture probe set to 99 degrees
first sip.
baristas improve their little coffee, you start to ex- a ceramic mug. Celsius, or around 210 de-
brews, and some of his les- tract flavors that simply grees Fahrenheit—just below
sons can be applied at home. don’t taste good.” Source: Christopher Hendon the boiling point.
“I can’t tell you how to While the water heats, he
A
Alberto Cervantes /THE WALL STREET JOURNAL
make the best coffee,” he ll coffees have about weighs out 15 to 15.5 grams
said, “but I can tell you how the same pH—the of whole beans using a digi-
to minimize the variation in scale used to measure level of bicarbonate found in scale, it’s hard.” your brewing method. tal kitchen scale and grinds
a cup you produce.” how acidic or alkaline a wa- hard water neutralizes cof- To prepare coffee for “Don’t change anything them with an electric burr
Several factors influence ter-based solution is—but fee’s acidic flavors. For that brewing, Dr. Hendon recom- but the grind,” he said. “Once grinder. He pours the
whether a brew will be de- the perceived level of acidity reason, at home, where it’s mends pulverizing frozen you arrive at a coarse or fine grounds and about 250 milli-
lectable or disagreeable, in- varies. difficult to know how much beans with a burr grinder. setting, the only variation is liters of hot water into an
cluding the amount of coffee Coffees from Brazil, Indo- bicarbonate is in the water, “Every time you crack cof- how long to brew and the AeroPress, waits for 1 minute
used, the size and uniformity nesia and Hawaii naturally it’s safer to brew low-acid fee, it makes dust and big temperature of the water.” and 15 seconds and presses
of the grind and the chemis- taste less acidic than the varieties. pieces,” he said. “You want the plunger, forcing the cof-
F
try of the water. “acid bombs” from Kenya, “If the coffee is already the dust to leave the grind or optimal extraction, fee into a ceramic mug.
But let’s start with the pot. Rwanda and Burundi. Coffees low perceived acid, you chamber once the particles water temperature When the concoction cools
There are two varieties of from Colombia and Ethiopia won’t lose anything,” Dr. are sufficiently small. With a should hover between to around 150 degrees Fahr-
devices used to make coffee are somewhere in the mid- Hendon said. blade grinder, nothing 195 to 205 degrees Fahren- enheit, he takes his first sip.
from freshly ground beans: dle. An armchair chemist can leaves. If coffee is cold, the heit, according to the Na- About 20% of the time, he
those that fully immerse the Ultimately, how the beans test the difference water can small particles will be about tional Coffee Association, said, it’s exceptional. An-
grounds in water (like a taste in the cup depends on make by comparing coffees the same size. You’ve mini- but brew time will vary by other 20% of the time it’s
French press) and those that the water used for the brew. made with bottled water: mized the variance.” device. A French press very good.
allow the water to flow “If you have hard water, Dasani is soft. Evian is hard. For the grind setting, should take two to four min- But even Dr. Coffee isn’t
through a bed of grounds you’re never going to be able For tap water, look for Dr. Hendon suggests brewing utes; a drip system should perfect.
.
(like a drip pot). to brew an acidic cup of cof- these clues: “When you wash consecutive batches of coffee take about five minutes for a “About 60% of the time,
“The most foolproof fee,” Dr. Hendon said. “It’s your hair, if there is a lot of with progressively finer liter of water. I’m quite unhappy,” he con-
ly
method, and by far the easi- not possible.” foam, it’s soft,” Dr. Hendon grounds to identify what The percentage of coffee fessed. “I make a lot of bad
est, is full immersion,” Dr. That’s because the high said. “If your kettle has lime particle size works best for that dissolves in the water is coffee.”
on U.S. WATCH
ADMISSIONS SCANDAL FBI MICHIGAN
us ,
l
Loughlin, Husband Wray Orders Review Flooding Forces

e
al a
Plead Guilty Of Flynn Probe More Evacuations

Television star Lori Loughlin FBI Director Christopher Wray More Central Michigan river-
ci on
and her husband pleaded guilty ordered a review of the bureau’s side residents evacuated their
Friday to conspiring with a Cali- investigation into Michael Flynn, homes Friday after being over-
fornia college counselor in a as the criminal case against the whelmed by flooding from two
$500,000 deal to pass off their former Trump national security failed dams that submerged
two daughters as crew-team re- adviser remains in legal limbo. communities further upstream
er s
cruits to get them into the Uni- The Federal Bureau of Inves- earlier this week, authorities said.
versity of Southern California. tigation said Friday that its in- About a dozen people who
m er
The actress, best known for spections division would conduct live near the Tittabawassee River
playing Aunt Becky on the sitcom an “after-action review” to as- in Spaulding Township have evac-
“Full House,” and her husband, sess whether any current em- uated, but some in the commu-
fashion designer Mossimo Gian- ployees engaged in misconduct, nity refused to leave their homes
nulli, entered their pleas by video, and evaluate whether the FBI despite warnings, Fire Chief Tom
m rp
reversing fourteen months in should amend any policies impli- Fortier said. Fields and roads
which the Los Angeles couple has cated by the investigation. were under several feet of water,
maintained their innocence in the President Trump has criti- resembling wide, shallow lakes.
college admissions scam. cized the FBI director in connec- The Tittabawassee became
Their plea agreements, reached tion with Mr. Flynn’s case, saying engorged late Tuesday when the
BRIAN SNYDER/REUTERS
co Fo
with the U.S. attorney’s office of “the jury’s still out” on Mr. Wray. aging Edenville and Sanford dams
Massachusetts, call for two The Justice Department failed after heavy rain. The river
months in prison for Ms. Loughlin moved this month to drop the crested Wednesday in Midland,
and five months for Mr. Giannulli, case, saying FBI documents leaving the small city and sur-
though U.S. District Judge Na- show there were improprieties. rounding areas under several feet
thaniel Gorton still has to officially The judge overseeing the case of water and forcing about 11,000
REMEMBRANCE: Vivian Marshall and Frank Harris Jr. hang the latest string of prayer ribbons at Grant accept those sentences. has yet to rule on that request. people to evacuate their homes.
AME Church in Boston for the more than 6,200 Massachusetts residents killed in the pandemic. —Jennifer Levitz —Aruna Viswanatha —Associated Press
Teens in post-dawn bedtime varies.

She recently broke her rou-
tine for the Advanced Place-
14-year-old son, Ben, during reason to worry.
the drive to and from school. “If it keeps going, it really
Now, he sleeps during the day. gets hard to shift back to a
“You’re free of distrac-
tions,” the 16-year-old said.
“During the day, my parents
up at 2 p.m. then that’s just
fine. Biologically, that’s where
their brains are at anyway.”
n-
Lockdown ment calculus exam, at the un-

godly late 11 a.m. Gabrielle
stayed awake the rest of the
“This is going to sound ter- normal schedule,” Dr. Sterni
rible because he’s my only said. “We’re really telling peo-
child—I probably see him for ple, our young patients, please
are always coming in and vac-
uuming and yelling at me.”
Sebastien’s mother, Lea Nar-
When Sebastien’s school
holiday ended, the teenager
started online classes in mid-
Sleep Days day before going to sleep, but like 10 minutes a day now,” try and stay on as normal a ciso, said she had been fighting April and struggled with the
no
she soon returned to the night she said. schedule as possible.” with her two teenage sons return to daytime hours.
shift. Some parents are fed up Staying up late is part of a about bedtime and screen time. As U.S. businesses prepare
Cole Cancellieri’s dad, a with split schedules. Dana natural transition from child- “I was unplugging the mo- to reopen, and states start to
Continued from Page One middle-school science teacher, Hamilton of Birmingham, Ala., hood. The internal clock of dem and taking it to bed with relax stay-at-home guidelines,
taking an online college class pieces together his son’s over- said she and her teenagers tends to me and sleeping on top of it, some parents are trying to get
that starts at 1 p.m., forcing night activities. husband wake their shift about two and that created a lot of con- their teens back on track.
him back to daylight hours. “It’s almost like being a son, Preston, some hours later than flict,” she said. “The kids, For a while, James Jones of
“When my college classes are crime scene investigator,” Mr. mornings to yank when they were when I was grousing about it, Benicia, Calif., and his 12-year-
over,” he said, “I’ll probably go Cancellieri said. “I’ll find the his schedule closer kids, though they said, ‘Mom, the prime minister old son Jameson mostly saw
back.” wrappers from some snacks to theirs. The high- still need eight to said it’s OK!’” each other over breakfast. Mr.
Some parents welcome the that he had, there will be school senior pre- 10 hours of sleep. New Zealand Prime Minis- Jones sometimes woke up dur-
daytime peace and quiet. They dishes in the sink from what fers to sleep until That is why many ter Jacinda Ardern discussed ing the night and checked on
say it isn’t worth arguing over he ate. Sometimes he’ll leave midafternoon. sleep scientists changing teenager sleep habits his son.
bedtimes when teens are stuck the TV on to what he was “Sometimes, my campaign for high during a wide-ranging conver- “Most of the time, he was
at home and have no compel- watching….It’s like having a dad just wants me schools to start sation with psychologist Nigel just watching ‘King of the Hill’
ling reason to rise early. raccoon that came through my to wake up for no later in the morn- Latta posted on Facebook in and eating a microwave bur-
Gabrielle Powell, a 17-year- house in the night.” reason,” Preston ing, Dr. Sterni said. early April. rito,” Mr. Jones said.
old in Escondido, Calif., spends Some parents are content said. Zzzzzzz. Sebastien Luce, “Don’t worry if they live the After prodding from his
her nights on Snapchat and to share evening meals, which Some moms and of Auckland, New vampire lifestyle of young parents, Jameson has mostly
video calls with friends. She the adults call dinner and dads are seeking professional Zealand, got an early school people,” Mr. Latta advised. resumed his traditional bed-
plows through TV shows like their kids call breakfast. Oth- advice about nocturnal teens. holiday because of the pan- Parents should cut their time hours. Mr. Jones found
“Tiger King: Murder, Mayhem ers mourn the hours of lost Laura Sterni, director of the demic and slipped to nights, teens some slack in these readjusting his son’s sleep
and Madness” and “All Ameri- family time. Johns Hopkins Pediatric Sleep playing guitar and videogames tough times, Mr. Latta said schedule easier than expected.
can,” she said, and makes Lauren Kellogg, of Ledyard, Center, fields calls from upset with friends while his parents Thursday: “If your kids want “I think he was missing us,
macaroni and cheese. Her Conn., used to talk with her parents and said they have slept. to go to bed at 4 a.m. and get too,” he said.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 23 - 24, 2020 | A3
U.S. NEWS
President On Memorial Day Weekend, America Pauses to Remember Those Who Served
Calls for
Reopening
Places of
Worship
BY GORDON LUBOLD
EDDIE MOORE/ALBUQUERQUE JOURNAL/ZUMA PRESS

AND CATHERINE LUCEY
WASHINGTON—President
Trump called on governors to
reopen the nation’s places of
worship as essential services,
pointing to new safety guide-
lines from the Centers for Dis-
ease Control and Prevention
and declaring he would “over-
ride” any state leaders who
don’t agree.
The president said some
governors have deemed abor- PAYING RESPECTS: Edward Carrillo and his mother, Elma, looked Friday for the grave of his father, World War II veteran Jose Carrillo, at the Santa Fe National Cemetery.
tion clinics and liquor stores
as essential but hadn’t put
Rules Change for Migrant Youth

churches and other places of
worship in that category. Mr.
Trump, who since the corona-
virus crisis began has asserted
that he has authority over
state governors only to walk
back his position, didn’t say
how he would overrule the The Trump administration administration has swiftly re- Covid-19 in the U.S. able guardians in the U.S.
states, which have set their is reversing longstanding poli- By Michelle Hackman, turned at least 900 children to “These orders have been tre- Their treatment has gained ur-
own rules in the crisis. cies on the treatment of chil- Alejandro Lazo their home countries, denying mendously effective in provid- gency in light of Covid-19
“I call upon the governors dren and families who enter and Alicia A. Caldwell them the chance to seek ref- ing the ability to effectively spreading in ICE jails.
to allow our churches or the U.S. illegally, citing laws uge, according to Customs and protect United States citizens ICE officials told congres-
places of worship to open,” and court rulings related to has long been legally man- Border Protection data. and others in the country le- sional staff in a briefing this
Mr. Trump said at a hastily the pandemic as reasons for dated. Those rules, Trump ad- The Trump administration gally by reducing the spread of week that they felt caught be-
.
scheduled appearance in the changes it has long sought. ministration officials have ar- has claimed in statements and a Covid-19,” said acting CBP Com- tween the April court order
White House briefing room. “If The government has in re- gued, fueled a rise in notification to Congress that it missioner Mark Morgan, refer- and a separate 2018 ruling in a
ly
cent weeks returned minors unaccompanied minors and has the authority to do so un- ring to both the public-health class-action suit related to
who cross the border alone to families crossing the border in der a 1944 emergency public- law and a ban on all nonessen- families separated at the bor-
their home countries faster the past half-decade because health law, which it says super- tial travel at the border. der. That ruling directs the
Mr. Trump said he
would ‘override’ any
state leaders who
than before—sometimes in a
matter of hours. It has also be-
gun making parents decide
whether their children should
onthey knew migrants could stay
in the U.S., often for years,
while their cases are pending.
“The administration laid out
sedes other immigration laws
that prohibit the government
from deporting most children.
Government officials have re-
Immigrant advocates have
argued the health law didn’t
justify the Trump administra-
tion’s actions. “You can’t ig-
government to make every ef-
fort to keep families united.
To address both concerns,
last week immigration officers
don’t agree. be released or held with them the road map of what their pri- peatedly declined to provide a nore generations of legal de- at ICE’s three family detention
us ,
indefinitely in immigration de- orities were in 2017,” said Jen- legal explanation of why one velopments without any real centers began asking parents
l
tention, where coronavirus nifer Podkul, vice president of set of laws overrides the others. analysis,” said Aaron Reichlin- whether they wanted their
e
al a
outbreaks have been common, policy and advocacy at the im- The government this week Melnick, policy counsel at the children released to a guardian
they don’t do it, I will override according to court records, migration legal aid group Kids extended the order to last for American Immigration Coun- or to stay together in jail, offi-
the governors.” congressional staffers, immi- in Need of Defense. “They are the duration of the pandemic, cil, an advocacy organization. cials told Congress. Parents
ci on
“The ministers, pastors, gration lawyers and advocates. using this as a way to finally a timeline officials have sug- Separately, in an April 24 who let their children go would
rabbis, imams and other faith From its earliest days, the complete those political goals.” gested could be more than a court order, a federal judge in- risk being deported, while their
leaders will make sure their administration has sought the The White House didn’t re- year. The administration has structed Immigration and Cus- children remain in the U.S.
congregations are safe as they ability to indefinitely detain turn requests to comment. repeatedly defended its use of toms Enforcement to “make Lawyers representing immi-
gather and pray,” he said. and deport immigrant children Since the pandemic began the public-health provision, every effort to promptly and grant families in detention
er s
Most U.S. churches have rather than let them live in and the government stopped with immigration authorities safely release” migrant chil- said ICE’s new approach all
closed their doors for now and the U.S., while their immigra- most immigration, citing touting it as an invaluable tool dren currently jailed with but ensured that no children
m er
moved to virtual services amid tion cases are completed, as health concerns, the Trump to stop the further spread of their parents who have suit- would be released.
concerns over the virus, but
others have sought to con-
Minnesota Town’s Economic Engine Threatened

tinue to bring congregants to-
gether physically in some way.
m rp
White House press secretary

Kayleigh McEnany said gover-
nors would decide to allow BY JOE BARRETT barriers between workstations,
places of worship to open added extra space for dining
based on the guidance set forth WORTHINGTON, Minn.—Mi- and beefed up its air-purifica-
co Fo
by the CDC, which posted new guel Rivas emigrated from El tion systems among other
guidance Friday. “That’s up to Salvador to this ethnic melting steps, he said. The plant is
the governors,” she said. pot in the middle of farm working with state and local
Ms. McEnany didn’t re- country 21 years ago, starting officials and adjusting to new
spond to questions about what out at a meatpacking plant and information about the virus
authority the president would a dairy farm, while studying and stands ready to make more
use to force governors to open computers online. He eventu- changes if needed, he added.
churches. ally opened a computer-repair Mr. Krebs said about 70% of
The CDC guidelines issued shop and cell-phone store. workers are now back at the
Friday lay out a series of rec- As the coronavirus hit, plant, and that it is processing
ommendations for houses of business stayed fairly brisk, he 14,000 hogs a day, down from
worship around social distanc- said, until the hulking JBS 21,000 normally.
ing, cleaning practices and us- USA Holdings meatpacking Many workers are apprehen-
n-
ing face covers. They also sug- plant on the edge of town shut sive about returning to work.
gest limiting shared items like down April 20 amid a massive Chansouk Duangapai said
hymnals or communion cups outbreak of Covid-19. Mr. Ri- his parents, both 61, have
and stress the need for a plan vas’s business fell off by 90%. worked at the plant for about
no
should someone become ill. “One day everybody was 25 years since the family ar-
“Implementation should be walking in with face masks,” rived in Worthington as refu-
guided by what is feasible, said Mr. Rivas, 39 years old. gees from Laos. His father got
practical, and acceptable, and “They said, ‘This is very seri- sick in March and his mother
JBS USA
tailored to the needs and tra- ous. There are people that are soon after. Both tested posi-
ditions of each community of very sick at home.’” Then they tive for Covid-19 and grew
faith,” the guidelines state. stopped coming altogether. Workers are separated by newly installed barriers at the local JBS pork processing plant. quite ill but didn’t require hos-
“Millions of Americans em- For years, the JBS pork pro- pitalization.
brace worship as an essential cessing facility has been the 44th largest county. Of the two the reopening to move faster. mayor says he still worries His mother was particularly
part of life,” the CDC said. economic engine that helped deaths in the county, one was a On May 6, JBS started to about whether the efforts will worried about going back, but
Mr. Trump has wavered on turn the sleepy farming com- JBS worker, officials said. Over- bring the plant back online af- fully protect workers. got word over the weekend
how much power he has over munity about three hours all, Minnesota has reported ter a two-week cleaning and “It’s a huge gamble,” Mr. that she was high risk because
the states on reopening their southwest of Minneapolis into 18,200 cases and 809 deaths. revamping. City leaders are Kuhle said. “There’s a lot rid- of other medical conditions
economy. He said in April that a thriving multiethnic enclave. Last week, Minnesota Gov. holding their breath in hopes ing on getting this right.” and didn’t need to return until
he had “total authority” over Twelve different cultures are Tim Walz loosened the state’s that the plant can keep the The city helped set up a June 1. His father went back to
states’ plans to reopen and then, represented here and minori- stay-at-home order, allowing city’s economic blood flowing mass testing for the plant’s work on Monday.
after a backlash, said the states ties now outnumber non-His- nonessential businesses to re- despite the continuing threat 2,200 workers whether they “I think he wanted to get
could decide on their own. The panic white residents. More open May 18 as long as they of Covid-19. The plant pumps had symptoms or not. About out of the house,” Mr. Duanga-
president has no power under than 40 ethnic businesses op- serve no more than 50% of $100 million a year into the 1,700 were tested and about half pai said. “I’m a little worried
existing law to countermand erate in the city of 13,000. their capacity at any one time. area’s economy, said Mayor were positive, Mr. Kuhle said. about him. I don’t know if you
lawful orders from state govern- The outbreak at the plant On Wednesday, the governor Mike Kuhle. Bob Krebs, president of the can catch Covid-19 again.”
ments, legal experts say. accounts for more than half of said that on June 1 bars and The mayor and union offi- JBS pork division, said the Most scientists say that
Several courts have allowed the 1,414 confirmed cases of restaurants can open for out- cials have praised the com- plant is requiring masks, tak- people who have had Covid-19
restrictions on in-person Covid-19 in Nobles County, ac- door dining and businesses pany’s efforts to protect working temperatures and inter- gain some immunity to the vi-
church services during the cording to state records and lo- such as hair salons can reopen ers as they start to return, viewing workers about symp- rus, but it remains unclear
pandemic to safeguard public cal officials. That is the fourth- with limited capacity. The move even if some think the plant toms before the shutdown. whether that protection lasts
health, but the rulings haven’t highest total of any county in disappointed some business moved too slowly at the outset During the closure, JBS in- for a few months, a few years
been uniform. the state, despite being the owners statewide, who want of the pandemic. But the stalled permanent plexiglass or a lifetime.
Montgomery, Ala., Runs Low on ICU Beds as Cases Surge

BY SCOTT CALVERT Covid-19, the disease caused said, adding that some of the in Birmingham, 90 miles to ple were in an ICU, up from them, there are some very le-
by the coronavirus, has risen patients had Covid-19, and the north, if they reached ca- 459 on May 9, according to the gitimate concerns with the
Coronavirus cases in Mont- to 29 from 20, according to some didn’t. pacity. state. large number of people being
gomery, Ala., are rising rap- data compiled by Johns Hop- Six of 80 ICU beds were Montgomery County is 59% Alabama Gov. Kay Ivey, who hospitalized, filling our ICU
idly, and hospitals say they are kins University. empty Friday at three Mont- African American, a demo- waited longer than many other beds,” Ms. Ivey, a Republican,
running low on available in- “We’re at a problematic gomery-area hospitals in the graphic that generally has a Southern governors to start told reporters Thursday.
tensive-care beds, as the state stage that we have to reverse Baptist Health network, a higher rate of other health con- easing restrictions put in place She said statewide hospital
of Alabama further relaxed re- if we don’t want to fall off a spokeswoman said. The net- ditions that can worsen the ef- to slow the pandemic, said of- capacity hadn’t been exceeded.
strictions in hopes of jump- cliff,” said Mayor Steven Reed work has seen an increase in fects of Covid-19, as well as ficials were closely watching Starting Friday evening, an
starting the economy. of the city of Montgomery. Covid-19 hospitalizations in less access to health care, a the situation in Montgomery order issued by Ms. Ivey al-
Confirmed cases of the vi- Montgomery’s Jackson Hos- the past three weeks, she said. spokeswoman for the state De- and elsewhere in the state. lowed entertainment venues
rus in Montgomery County pital said all 30 of its ICU beds Mr. Reed, a Democrat, said partment of Public Health said. “Our numbers are not as like arcades, theaters and
have risen 35% in the past were full Friday. The hospital’s hospital officials told him they Statewide, the number of good as we would hope, and in bowling alleys to reopen, sub-
week to more than 1,050, and critical-care capacity maxed would have to send some critically ill people has been some cities and counties, ject to social-distancing and
the number of deaths tied to out this week, a spokeswoman Covid-19 patients to hospitals rising. As of Friday, 529 peo- Montgomery being one of sanitation rules.
A4 | Saturday/Sunday, May 23 - 24, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.
POLITICS
Gorsuch and Brett Kavanaugh, legations of sexual assault against alition is forming in the Senate, County by 17 points in 2012, top two finishers face off in a
aims to highlight what they la- President Trump, which figured where senators such as Bernie while Clinton won it by around second round, are associated
bel a discrepancy between how prominently in the 2016 race. Sanders and Mark Warner, typi- 10. And in Milwaukee, the goal is with more moderate legislators,
Democrats have handled allega- Trump denies those allegations. cally on opposite poles of the to drive up turnout among the according to new research by
tions of sexual assault against Democratic Party, have embraced Democratic base, closer to University of Southern California
Kavanaugh and Biden. PROGRESSIVE HOUSE MEM- a similar idea, along with such Obama’s 332,438 votes rather political scientist Christian Grose.
Biden has denied the allega- BERS’ PLAN to subsidize busi- GOP conservatives as Josh Haw- than Clinton’s 288,882. Open primaries, in which voters
tions from Tara Reade, a former ness payrolls directly wins its ley of Missouri and Cory Gardner of any party registration can
aide in his Senate office. Warren first Republican co-sponsor, after of Colorado. THE AMERICAN LEGISLATIVE vote in a party primary, also re-
has called those denials “credible attracting around a dozen front- EXCHANGE COUNCIL, the pow- duce ideological extremity,
WASHINGTON and convincing,” and Harris has

also defended Biden. Both
line Democrats in competitive
districts. GOP Rep. Brian Fitzpat-
‘SHE DIDN’T VISIT WISCONSIN’
became shorthand among some
erful group of primarily Republi-
can legislators and major corpo-
though to a lesser degree than
the top-two scheme. Just three
WIRE strongly opposed Kavanaugh’s

confirmation and called for him to
rick of Pennsylvania has signed
on to the legislation, introduced
Democrats for why Hillary Clin-
ton lost the Rust Belt in 2016,
rations, is rewarding Florida Gov.
Ron DeSantis for his handling of
states—California, Louisiana and
Washington—used the top-two
step aside following allegations, by Progressive Caucus co-Chair- and Democrats vowed early on coronavirus with a plan to hold system in 2020, but Grose sug-
Dispatches from the which he denied, that he commit- woman Rep. Pramila Jayapal, not to make the same mistake its in-person annual meeting in gests “that those in the policy
Nation’s Capital ted sexual assault as a teenager. that aims to maintain ties be- in 2020, starting with the choice Orlando in July, as scheduled. community looking for ways to
The ad buy is unusual in that tween employers and workers, of Milwaukee to host the Demo- Tourism-dependent central Flor- reduce ideological extremity
it will run mostly in Democratic and cut down on unemployment cratic National Convention. ida has been hard-hit by the clo- among legislators” should con-
BY GABRIEL T. RUBIN strongholds—California and Mas- amid the coronavirus pandemic. Those plans have been upended sure of Disney parks, which have sider them.
sachusetts, which Harris and Fitzpatrick’s office didn’t respond by the pandemic, but Biden is begun to slowly reopen periph-
A GROUP that promotes con- Warren represent, respectively, to requests for comment. The still trying to do as many virtual eral areas but not the main at- MINOR MEMOS: Florida Trump
servative judicial nominees as well as the Washington, D.C., bill, which has so far been re- “local” events in the state as he tractions like Disney World. Vice supporters try out new socially
launched a six-figure digital ad media market—making it evident jected by Speaker Nancy Pelosi, can, including two “in” La Crosse President Mike Pence visited the distant rally technique: a boat pa-
campaign on Friday attacking that the effort is aimed at ding- is attracting an increasingly and Milwaukee on Wednesday. Orlando area on Wednesday, rade.… Biden warned a live-stream
Sens. Elizabeth Warren and Ka- ing their chances of getting broad coalition of around 100 The two regions encapsulate eating lunch with DeSantis at a audience he could be interrupted
mala Harris, two top contenders picked as Biden’s running mate. members that includes the left- the Biden strategy for winning burger joint. by Canada geese in his backyard;
to be former Vice President Joe The ads will also air in Michigan most House Democrats along back the state. In La Crosse, when his prediction came true, he
Biden’s running mate. The ad and Alabama, two top GOP Sen- with moderates and swing dis- they’re aiming for Obama-level TOP-TWO PRIMARIES in con- soldiered on above the honking.…
from the Judicial Crisis Network, ate pickup targets. trict members such as Rep. Ha- margins in a more competitive, gressional elections, in which Pelosi says the pandemic could
which spent millions to promote The Biden campaign has re- ley Stevens of Michigan. but still Democratic, area. Presi- candidates of all parties run in cut down on people double-dip-
the nominations of Justices Neil peatedly pointed out numerous al- Another broad and unusual co- dent Obama won La Crosse the same primary and then the ping into guacamole.
Biden Struggles to
Attract Sanders’s
Small Donors
Large pool of untapped funders means
.
possible new sources of cash, but suggests
ly
tepid enthusiasm among this group
BY CHAD DAY
AND JULIE BYKOWICZ
enthusiasm among many
backers of his former rival.
on
ERIC THAYER/REUTERS
Mr. Biden trails Mr.
Presumptive Democratic Trump’s re-election effort in
us ,
presidential nominee Joe Bi- available funds despite frugal

l
den has yet to unlock a key spending in April. Mr. Biden’s

e
al a
part of the party’s fundrais- Democratic rivals routinely

ing base less than six months outraised him in the primary,
before Election Day: Bernie although he has posted two The campaign of former Vice President Joe Biden, shown in November, had about 1.3 million donors by the end of April, data show.
ci on
Sanders’s army of online strong fundraising months in

small donors. a row, raking in cash after status. “We feel very confi-
About 60,000 people who winning the South Carolina dent about the growth and
Biden’s New Recruits The Journal’s analysis of the overlap
among donors to Democratic presi-
gave to the primary Feb. 29 and after Mr. importance of our grass roots Joe Biden gained about 310,000 new donors in April when he dential campaigns relied on each cam-
became the presumptive Democratic nominee. He drew the most paign’s public filings with the Federal
ELECTION Vermont sena- Sanders dropped out in early donor program,” Mr. Flaherty
er s
support from those who had not given to a candidate this cycle. Election Commission as well as the
tor during the April and endorsed him, pub- said.
2 2 Democratic lic filings show. Now, the cor- If Mr. Biden persuades
public filings of Democratic donation
platform ActBlue. Donors were identi-
fied using a unique ID based on the
m er
primary had onavirus pandemic has pre- more supporters of Mr. Sand- New donors to Biden’s 2020 presidential campaign in April
first name, last name and ZIP Code
also chipped in to Mr. Biden’s vented both presidential ers to get on board with his listed on each contribution record.
campaign by the end of April, campaigns from holding big candidacy, it could yield a po- The IDs were then used to compare
according to an analysis by in-person fundraisers. litical and financial windfall. unique donor lists for each candidate.
The Journal’s totals should be treated
The Wall Street Journal of Mr. Biden’s campaign had If each untapped donor
m rp
as estimates and may vary slightly

Federal Election Commission about 1.3 million donors by made a single contribution of from totals released by the cam-
data filed this week. That the end of April after gaining the average amount given to paigns. The analysis also doesn’t in-
clude donors who didn’t use ActBlue
group amounted to just un- around 310,000 new contrib- Mr. Sanders—roughly $19, ac- to give $200 or less to a campaign.
der 3% of the roughly 2.2 utors during the month, the cording to a March email New donors
million total Sanders donors Journal found. Of those new from the Vermont senator’s 200,000
co Fo
the Journal identified in pub- funders, about two-thirds campaign—Mr. Biden could sive candidates down-ballot.
lic filings. hadn’t previously given to a bring in $41 million. The A Sanders aide said that re-
The large pool of Sanders presidential candidate this value could be greater over mains the senator’s position.
donors who remain untapped cycle. time because many Sanders Massachusetts Sen. Eliza-
by Mr. Biden presents both a “From the very beginning, donors made a habit of giv- beth Warren, another 2020
challenge and an opportunity grass-roots donors have been ing multiple times. rival, also endorsed Mr. Bi-
for the former vice president the essence of this campaign, A USA Today/Suffolk Uni- den, and two emails his cam-
as he heads into the general and we feel really good about versity poll last month found Elizabeth Warren Joe Biden paign sent to her list of sup-
election campaign against that,” said Rob Flaherty, the that 77% of Sanders support- 42,000 310,000 porters netted about
President Trump. It means Biden campaign’s digital diers said they would vote for donors $650,000, making them
new sources of cash are pos- rector. He said the campaign Mr. Biden in November, a Pete Buttigieg among the top-raising mes-
sible if Mr. Biden wins over has doubled its email sup- sign of his ability to make in- 16,000 sages, the Biden campaign
these voters, but it also indi- porter list since Mr. Biden’s roads with the group. But said.
n-
cates that the presumptive Super Tuesday wins ce- even if Mr. Biden earns Sand- Bernie Sanders Another former primary
13,000
nominee hasn’t yet generated mented his likely nominee ers supporters’ votes, his candidate, Pete Buttigieg,
campaign may not get their Amy Klobuchar also has allowed Mr. Biden to
money. Kamala Harris use his list for fundraising
no
Tarik Abdelazim, 46, a fre- and is hosting a virtual

quent Sanders donor, said he Cory Booker grass-roots fundraiser for
would vote for Mr. Biden in Beto O'Rourke him.
November but has no plans Tom Steyer Mr. Biden is also starting
to donate. “I will not be do- to get a boost from a joint
nating to Biden, unless he Julián Castro fundraising arrangement he
pivots and supports Medicare Andrew Yang made with the Democratic
for All and other key pro- Note: Donors were grouped by the candidate to whom they had given the largest donation. National Committee in late
gressive policies that the ma- Source: WSJ analysis of Federal Election Commission data April. Individuals can give up
Maureen Linke/ THE WALL STREET JOURNAL
jority of Americans support,” to $360,600 to the joint fund-
said Mr. Abdelazim, who lives raising committee, called the
in Binghamton, N.Y., and that were centerpieces of the being the nominee. Biden Victory Fund, with
works for a national non- Vermont senator’s pitch to The former vice president $5,600 earmarked for the
profit. voters. A Wall Street Journal/ has intensified his outreach campaign. The rest goes to
A significant chunk of NBC News poll in March to liberals, with help from the national party, which will
Sanders supporters have also found that about four in 10 Mr. Sanders. But Mr. Sanders be investing heavily to sup-
been hesitant to embrace Mr. Sanders supporters surveyed told the Journal last month port Mr. Biden and other
Staying home
Biden’s candidacy after he said they had reservations that he had no plans to use Democratic candidates down
campaigned as a relative about supporting Mr. Biden his email list to raise money the ballot.
moderate and opposed poli- and about 16% said they were for Mr. Biden, instead saying —Eliza Collins
saves lives.
cies such as Medicare for All very uncomfortable with him he planned to help progres- contributed to this article.
Campaign Debate Turns to How Ballots Are Cast

BY GERALD F. SEIB ing by mail. “Yeah, we’re not feature of the 2020 campaign of 2,068 election-fraud cases
going to go to voting by mail,” debate to the end. Mr. Trump’s in recent years; about a quar-
This fall’s presidential he declared at a White House comments reflect longstand- ter involved mail ballots.
contest will be about how event. “Voting by mail is ing Republican concerns about In total, more than 130
voters choose between two wrought with fraud and not just potential voter fraud, million votes were cast in
candidates, obviously. But abuse, and people don’t get but also a fear that mail vot- the 2016 election.
events this their ballots that happen to be ing benefits Democrats. In tactical terms, some Re-
week showed
the battle also
in a certain district, whether
it’s Republican or Democrat.”
Still, there isn’t much hard
evidence of widespread fraud
publicans think it may be a
mistake for the GOP to resist
THIS will be about Beyond that, he publicly from mail balloting. The con- more use of mail-in voting.
WEEK how those attacked the Democratic sec- servative Heritage Founda- They believe mail-in ballot-
voters cast retaries of state of Michigan tion’s voter-fraud database ing can play to their party’s
their ballots. and Nevada for taking steps chronicles a sampling of organizational strengths.
Democrats increasingly ar- to make mail-in ballots 1,088 proven cases of voter Dave Wasserman, an ana-
For more information, visit gue for more use of mail-in widely available, and threat- fraud over time, a list that lyst for the nonpartisan Cook
ballots in the time of the coro- ened to block federal funds includes mail-in fraud but Political Report, says two of
coronavirus.gov navirus, when some voters to the two states. also examples of duplicate the groups whose participa-
presumably will remain afraid The exchanges brought to votes cast, faulty registration is most likely to drop
of joining crowds at polling the surface a disagreement tions and voter imperson- off in a mail-heavy election—
places. President Trump, in over voting practices that has ation at polling places. Simi- college students and non-
turn, went on the warpath been long simmering, and that larly, the News21 project white voters—actually lean
against more reliance on vot- now figures to be a prominent developed in 2012 a database Democratic.
.
ly
on
Thanks to our frontline
us ,
l
e
al a
colleagues...
ci on
er s
m er
We’re performing COVID-19 tests, and soon we’ll be in up to 1,000 communities.

It’s one of the many ways our more than 150,000 frontline colleagues are making it easier
m rp
for people to get tested, so we can get our country back on its feet.
co Fo
n-
no
We’re helping support mental health We’re providing intravenous therapy

via telehealth, particularly for workers in thousands of homes, to help free up
on the front lines of care. hospital beds.
To learn more, visit CVSHealth.com.

A6 | Saturday/Sunday, May 23 - 24, 2020 * ***** THE WALL STREET JOURNAL.
POLITICS
Democrats Probe Dinners Pompeo Hosted

BY LINDSAY WISE Among the attendees at the with prospective political do- events has prompted criticism
AND COURTNEY MCBRIDE Kansas-specific dinner at the nors, including during official from some former U.S. diplo-
State Department a few months travel. He said Wednesday that mats, who said they were held
Secretary of State Mike ago was Kansas Republican Sen. he hadn’t received a response. to stricter standards regarding
Pompeo hosted a dinner at the Pat Roberts. The senator, who is The Kansas dinner attended the use of taxpayer funds.
State Department for guests retiring, said “it was a real treat” by Mr. Roberts took place about Brett Bruen, who served as a
with ties to Kansas—the state to be hosted in the historic diplo- a month after Mr. Pompeo told U.S. diplomat in the Obama ad-
where he had been urged to run matic rooms, along with other Senate Majority Leader Mitch ministration, said most of the
for Senate—one of a series of guests who had Kansas ties. McConnell that he wasn’t inter- guests reported to have at-
private events that Democrats “All we did was talk about ested in running for Senate in tended the dinners “do not have
in Congress are scrutinizing as Kansas, Wichita, just a bunch of Kansas this year. Mr. McConnell an obvious foreign-policy exper-
Mr. Pompeo comes under fire stories that we shared and had had been recruiting Mr. Pompeo tise,” while acknowledging that
for recommending the removal a good time,” Mr. Roberts said. to run to succeed Mr. Roberts. there may be situations where
of his agency’s watchdog. “There was nothing more to it Mr. McConnell and other Re- professional athletes could be
Democrats are examining than that, and I think he’s had a publicans are worried that if recruited to serve as sports am-
whether Mr. Pompeo used tax- series of those.” Mr. Pompeo doesn’t jump in to bassadors, for example. “Simply
payer resources for personal Democrats say the Kansas clear the crowded GOP primary to have celebrities or CEOs over
purposes, and they are partly event and other dinners, which field, they could lose a Senate to the State Department—and
focused on a series of private weren’t on Mr. Pompeo’s public race in Kansas for the first time especially those that are almost
KEVIN DIETSCH/POOL
events, known as “Madison din- schedule, served political rather since 1932. The filing deadline entirely domestically focused—is
ners,” sponsored by Mr. than foreign-policy objectives for the race is June 1. quite questionable,” he said.
Pompeo and involving political, as the secretary builds a net- Mr. Pompeo dismissed Mr. But Thomas Pickering, whose
diplomatic and media figures. work for a possible future run Menendez’s inquiry Wednesday diplomatic career under presi-
That scrutiny has intensified for president or Senate. and challenged the senator’s dents of both parties included
in the days since Mr. Pompeo A State Department spokes- Democrats are partly focused on a series of private events sponsored own ethics record. Mr. Menen- stints as United Nations ambas-
advised President Trump to fire woman said Madison dinners by Mr. Pompeo and involving political, diplomatic and media figures. dez was indicted in 2015 for his sador and undersecretary of state
Steve Linick, the State Depart- provide an “opportunity to dis- alleged participation in a years- for political affairs, said there is
ment’s inspector general, while cuss the mission of the State De- Mr. Menendez has asked for a guidance sought or received re- long bribery scheme involving a precedent for the dinners. “Mad-
under investigation for alleg- partment” and complex foreign- list of the dinners, guests, re- lating” to the gatherings. Florida eye doctor. A federal eleine Albright gave frequent din-
edly using government staff for policy matters. The department marks delivered by Mr. Pompeo, Mr. Menendez also sent let- judge declared a mistrial in the ners in which she invited some-
personal errands and for his didn’t respond to questions on their cost and records of agency ters to the Office of Special case. The Justice Department times outsiders to come and
emergency declaration to sell the Kansas-focused gathering. approvals. House Oversight Com- Counsel in October and Decem- decided not to proceed with a comment on foreign policy to her
arms to Middle East allies, side- “What type of foreign-affairs mittee and House Foreign Affairs ber seeking an examination of retrial. Mr. Menendez responded and to members of her immedi-
stepping Congress. Mr. Pompeo work goes on in Kansas?” asked Committee Democrats also sent possible improper political ac- by saying that Mr. Pompeo was ate staff,” he said, noting he had
on Wednesday denied that Mr. Sen. Bob Menendez (D., N.J.), Mr. Pompeo a letter Thursday tivity by Mr. Pompeo. The mis- attempting to divert attention attended some of the dinners.
Linick’s firing was retaliation the top Democrat on the Senate asking for guest lists for the sives cited the secretary’s from his own controversies. —Andrew Restuccia
for those investigations. Foreign Relations Committee. Madison dinners and “all ethics travel to Kansas and meetings Mr. Pompeo’s hosting of the contributed to this article.
Local Chapters of Biden Walks Back Quip on Black Vote
.
Planned Parenthood
ly
BY JOSHUA JAMERSON prompting Mr. Biden’s quip. cratic electorate. He has come certed effort than in 2016 to
Asked to Return Loans on Joe Biden told a black radio

host Friday that “if you have a
The host responded that his
questions didn’t have to do
with President Trump but
under pressure since becoming
the presumptive nominee to
solidify that support by nam-
peel away some black support
from Democrats, and it
pounced on Mr. Biden’s com-
problem figuring out whether with the fact that “I want ing a black woman as his run- ments Friday.
BY NATALIE ANDREWS Ms. Ayers said in a statement. you’re for me or Trump, then something for my community.” ning mate and making clear “White liberal elitists have
Treasury Secretary Steven you ain’t black,” remarks his Symone Sanders, a senior how he would help black continuously dictated which
Planned Parenthood Federa- Mnuchin said last month the campaign characterized as jok- adviser to Mr. Biden and one Americans as president. Black Americans are allowed
us ,
tion of America is facing scru- government will scrutinize any ing but that some black Demo- of his most prominent black Speaking to black business to come to the table and have
l
tiny from the Trump adminis- entity taking out more than $2 crats said were dismissive of surrogates, said on Twitter leaders later Friday, Mr. Biden a voice,” said Katrina Pierson,
e
al a
tration after local chapters million from the small-busi- their concerns. that the comment was “in jest, walked back his remark. a senior Trump adviser who is
received more than $80 million ness loan program. An SBA of- The comments came at the but let’s be clear about what “No one should have to vote one of his most prominent
in loans under the Paycheck ficial said the discovery of the end of a radio interview that the VP was saying: he was for any party based on their black aides.
ci on
Protection Program, the latest loans to member organizations aired Friday morning in which making the distinction that he race, their religion, their back- A Quinnipiac University poll
flashpoint in the fight over what of Planned Parenthood was host Charlamagne tha God would put his record with the ground,” he said. “There are released this week showed Mr.
kinds of entities should be eligi- part of that process, which urged Mr. Biden, the presump- African American community African-Americans who think Biden’s support among black
ble for the small-business funds. could result in the SBA calling tive Democratic nominee for up against Trump’s any day. that Trump was worth voting voters at 81% compared with
The Small Business Admin- for other loans from different president, to choose a black Period.” for. I don’t think so. I’m pre- 3% for Mr. Trump, with 13%
er s
istration, which oversees the companies to be paid back. woman as his running mate Mr. Biden enjoyed strong pared to put my record who said they didn’t know.
PPP, sent letters to about three Planned Parenthood Federa- and asked him about other support among black Demo- against his. That was the bot- At a similar point in the
m er
dozen chapters of Planned tion of America said its chap- topics important to black crats in the party’s primaries, tom line and it was really un- 2016 race, the Quinnipiac poll
Parenthood this week, saying ters are independent 501(c)(3) Americans. The host told the including a nearly 30-point fortunate, I shouldn’t have found 2% of black respondents
it has made a preliminary organizations with their own former vice president as the victory in South Carolina, been so cavalier.” were undecided, with 93%
finding that the chapters are leadership and aren’t con- interview was wrapping up where black people make up a The Trump campaign this backing Democrat Hillary Clin-
ineligible to get money from trolled by the Planned Parent- that he had more questions, significant share of the Demo- year has made a more con- ton and 4% for Mr. Trump.
m rp
the program, and directing hood Federation of America.

that the money be returned. The SBA letter, according to
The SBA letters said that be-
cause it found the chapters to
be centrally controlled by the
a copy viewed by The Wall
Street Journal, said that the
chapters could provide docu-
GM Faces
Shortages
co Fo
broader Planned Parenthood ments and other information

Federation of America, they to try to prove that they
count as one entity, which is weren’t centrally controlled
too large to qualify for the aid.
Jacqueline Ayers, vice presi-
dent of government relations
and submit to an SBA investi-
gation. But the letter also
warned that if the SBA deter-
Of Parts
and public policy for Planned mined a borrower made a
Parenthood, said the group’s false certification on an appli- Continued from Page One
chapters received PPP money to cation, the agency may “refer that can halt operations.
continue operating amid coro- the borrower for appropriate GM is prioritizing large
navirus-related shutdowns. She civil or criminal penalties.” pickup trucks as the auto
defended the loans as proper The fight highlights a central maker restarts North Ameri-
and said the SBA’s investigation challenge with the program: It can operations, executives
n-
was a politically motivated at- was designed to get money have said. The company is
tack on the organization. quickly to small businesses and scrambling to replenish thin
ANTHONY LANZILOTE/BLOOMBERG NEWS
“Just like other nonprofits nonprofits, and relied on busi- dealership lots and also needs
and health-care providers, this nesses self-certifying that they to jumpstart cash flow, after
no
pandemic has had a significant were eligible. It also renews a burning through billions of
impact on Planned Parenthood battle in Congress over Planned dollars over the last few
health centers’ ability to pro- Parenthood, the largest abor- months amid the industry’s
vide care. Paycheck Protection tion provider in the nation. shutdown.
Program loans have ensured Many Republicans criticize the At its Fort Wayne, Ind.,
health centers can retain staff organization for its abortion truck factory, GM postponed
and continue to provide pa- services and have tried to strip plans to call back roughly
tients with essential, time-sen- it of federal funding; Democrats 1,300 workers who were sup-
sitive sexual and reproductive praise it for providing afford- posed to start Tuesday for a GM is prioritizing large pickup trucks as it restarts North American operations, in a scramble to jump-
health care during this crisis,” able reproductive health care. second eight-hour work shift, start cash flow. Above, new trucks at GM’s assembly plant in Flint, Mich., in March.
said Rich LeTourneau, an offi-
cial at United Auto Workers to first get permission to re- positive for the virus, which relatively strong sellers in an
Local 2209, which represents sume work before the official cut off the supply of seats to otherwise dismal sales envi-
BURN SAFELY workers at the factory. The re-

turn date tentatively has been
pushed back to June 1, he said,
citing shortages of compo-
restart date of June 1. Some
factories in Mexico began re-
opening this week, but the re-
boot of operations has been
the Ford factory.
Ford’s pickup-truck plant in
Dearborn, Mich., near the
company’s headquarters,
ronment for auto makers, who
in April reported a roughly
50% drop in sales overall and
continued weakness heading
with the nents from Mexico as the rea- gradual. closed for several hours into May.
son for the delay. In the U.S., GM, Ford Motor Wednesday following a con- By comparison, pickup
Stainless Steel “We continue to plan to Co. and Fiat Chrysler Auto- firmed Covid-19 case. truck sales fell only 21% in
BurnCage ™ ramp up production in a grad- mobiles NV resumed limited Any disruption in pickup- April and helped lift results
ual cadence,” a GM spokesman work at most of their factories truck production is especially for GM, Ford and Fiat Chrys-
said, declining to discuss spe- this week, with plans to ramp problematic for the Detroit ler, which benefited from
cifics about the schedule. up output in coming weeks. auto makers, which derive many big truck-buying states
PERFECT FOR: GM also delayed adding a Two of GM’s Mexican en- much of their profit from the in middle America not getting
• Sensitive financial documents second work shift at its Flint, gine and transmission plants hulking vehicles. It is of par- hit as hard by the virus as on
• All burnable household waste* Mich., pickup factory, which began reopening Thursday the coasts.
makes GM’s largest, priciest night, and two assembly The relatively swift selling
• Old leaves and branches pickup trucks, some of the plants—including its third pace for trucks, however, has
people said. main pickup-truck plant, in Si-
Some factories in dented inventories and dealers
More than 1,000 additional lao, Guanajuato—began opera- Mexico reopened now worry it will take a while
employees had been scheduled tions Friday, a company to replenish stock with facto-
STAINLESS STEEL is light, durable, and portable to come back Tuesday, but spokesman said.
this week, but the ries at limited output.
(folds for easy storage). those plans have been delayed The slower start at GM’s reboot is gradual. GM ended April with about
PERFORATED CONSTRUCTION maximizes airflow and workers haven’t been truck plants and multiple 150,000 trucks on its dealer-
and traps embers. Available in 3 Sizes! given a new callback date, the Covid-19-related disruptions at ships’ lots, 45% less than a
1600° TEMPERATURES mean people said. two Ford factories this week year earlier, according to
more thorough burning with Combined, the Flint and are reminders of the chal- ticular concern for GM, whose Wards Intelligence. Ford’s in-
MAX XL Original
Fort Wayne factories ac- lenges the industry faces as it inventory of large pickup ventory of F Series pickup
less ash.
1B139X © 2020
counted for about 62% of GM’s tries to crank up production. trucks has been running trucks was down 15% from a
No more UNSAFE and output of large pickup trucks Ford halted work at its Ex- leaner than that of its compet- year earlier. Fiat Chrysler’s in-
UNSIGHTLY rusty barrel! last year, data from researcher plorer SUV plant in Chicago a itors, partly a hangover effect ventory of Ram pickup trucks
Ward’s Intelligence show. number of times this week af- from a 40-day United Auto was 32% lower.
Go Online or Call for FREE Info Kit! Mexico, which is a major ter a few workers tested posi- Workers strike at its U.S. fac- The trucks, along with GM’s
FREE
source of auto parts for U.S. tive for Covid-19. tories last fall. line of mechanically similar
SHIPPING
6 MONTH
BurnCage.com factories, has experienced a One work stoppage GM also had steady truck full-size SUVs, such as the Ca-
TRIAL TOLL
FREE 877-201-5094 slower reopening of its plants, stemmed from a brief closure sales in April, leaving dealer dillac Escalade, generate about
Some Limitations Apply * Always check local ordinances before burning. with the country’s health offi- of a nearby Lear Corp. factory stocks further depleted. $65 billion in annual revenue,
cials requiring manufacturers after a worker there tested Pickup trucks have been GM told investors in February.
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, May 23 - 24, 2020 | A7
THE CORONAVIRUS PANDEMIC
Another
Vaccine
Research Points to Efficacy of Plasma
BY AMY DOCKSER MARCUS made up of Covid-19 patients
Is Showing A study of hospitalized pa-

tients with Covid-19 infections
who didn’t get the plasma but
had similar characteristics and
variables, including age, gen-
Promise provided a sign that blood-

plasma transfusions from re-
covered patients improve sur-
der, length of hospital stay, ox-
ygen requirement on the day of
transfusion and whether they
BY CHAO DENG vival rates, the largest were administered drugs such
research effort to date to shed as hydroxychloroquine and the
An experimental coronavi- light on the therapy’s efficacy. antibiotic azithromycin.
rus vaccine from drugmaker The study, posted on the The researchers were able to
CanSino Biologics Inc. Medrxiv public server on Fri- scour electronic health records
showed promising results in a day, compared 39 Covid-19 pa- and apply what they called an
LINDSEY WASSON/REUTERS
preliminary human study, a tients who received convales- “aggressive matching algo-
sign that China is advancing cent plasma transfusions with rithm” to find close patient
toward playing a key early similar, matched patients who matches. Even so, the investiga-
role stopping the global pan- didn’t receive the therapy, all tors acknowledged that despite
demic. at Mount Sinai Hospital in their best efforts, their conclu-
CanSino’s vaccine appeared New York during the same 16- sions aren’t as strong as those
safe for use and produced an day period. derived from a traditional clini-
immune response in most of Researchers at Icahn School Donated convalescent plasma being collected at a Seattle blood center last month. cal trial. The study, the largest
the 108 healthy volunteers, ac- of Medicine at Mount Sinai and to date to look at efficacy of
cording to the new study pub- the Johns Hopkins Bloomberg Coronavirus Daily Update convalescent plasma in Covid
lished Friday by the journal School of Public Health found patients, is still relatively small.
The Lancet. the patients who received con- As of 10:32 p.m. EDT May 22 According to the study, on
It is the second positive but valescent plasma had better the day of the transfusion,
1,600,937 95,979 350,135

preliminary report this past outcomes compared with simi- most of the patients who re-
week about one of the most lar patients who didn’t get the ceived plasma required sup-
advanced coronavirus vaccines transfusions. In the study, the plemental oxygen and four re-
in development. Moderna Inc. plasma recipients were more U.S. cases U.S. deaths U.S. recoveries quired mechanical ventilation.
said Monday its vaccine also likely to remain stable or show By day 14 after transfusion,
5,210,817 338,160 2,056,643

induced an immune response improvement in their require- the condition of 18% of the pa-
and was generally safe and ments for supplemental oxygen. tients who received the
well-tolerated. They also had improved sur- plasma had worsened com-
CanSino’s results put it vival when compared with the World-wide cases World-wide deaths World-wide recoveries pared with 24.3% in the
among the front-runners that control patients. matched control group.
have emerged from more than While the findings haven’t Source: Johns Hopkins University Center for Systems Science and Engineering As of May 1, the authors
100 coronavirus vaccines in undergone peer review or publi- wrote, 12.8% of the plasma re-
development world-wide. cation in a scientific journal, geted therapies are developed. appeared to indicate the ther- because every patient in the cipients had died compared
The phase 1 trial marks just they provide more evidence Earlier this month, a na- apy was safe. Investigators in study had received it. with 24.4% of the control pa-
the start of human testing, that convalescent plasma could tional study involving thou- that study said they couldn’t The Mount Sinai researchers tients. “Overall, we observed
however. More study will be be a possible stopgap treatment sands of Covid-19 patients determine whether plasma addressed that problem by cre- improved survival for the
.
needed to make sure the vac- until vaccines and more tar- who received the transfusions caused the improved outcomes ating their own control group, plasma group,” they wrote.
cine candidate can safely pro-
ly
tect people against the coro-
navirus specifically. Last
month, CanSino began a phase
2 trial of the candidate, ac-
cording to the official Xinhua
Malaria Drugs Raise Risks for Patients, Study Says
on
News Agency BY JARED S. HOPKINS appeared to raise the risk the funded by Brigham and entifically rigorous kind of as- that they be used only in clini-
The vaccine is being co-de- heart would beat irregularly Women’s Hospital in Boston, sessment because patients cal trials and on hospitalized
veloped by CanSino, which is Antimalaria drugs didn’t and more rapidly than nor- provides one of the largest weren’t randomly assigned to patients. In March, the agency
us ,
based in Tianjin, and the Peo- help patients fight Covid-19, mal—and of dying in the hospi- looks so far at among the most receive either malaria drug or allowed for their use in certain
l
ple’s Liberation Army. while raising the risk for heart tal, the study said. closely watched potential neither, and conditions weren’t Covid-19 patients.
e
al a
Researchers conducted the problems and death, a new “There was absolutely no ev- Covid-19 treatments. carefully controlled. Dr. Mehra said the FDA
phase 1 study in the city of study analyzing real-world use idence of benefit noted and if It was based on medical re- President Trump, who said should review its decision with
Wuhan, where Covid-19 first of the medicines reported. anything there was a clear sig- cords of 96,000 patients hospi- this week he was taking hy- an intent to prohibit its use
ci on
broke out. The study took Coronavirus patients taking nal of harm with these drugs,” talized across six continents droxychloroquine to protect outside of clinical trials.
place in March, after authori- chloroquine and hydroxychloro- said Mandeep Mehra, a physi- with confirmed coronavirus against the coronavirus, has “The first principle of medi-
ties had put the city on lock- quine didn’t fare better than cian at Brigham and Women’s cases from Dec. 20 to April 14. promoted use of the drugs. cine is to do no harm, and
down. patients who received other Hospital who was lead author Of the total, 15,000 patients The drugs have long been when you see evidence of a
In the phase 2 trial, re- treatment, according to the of the study. “I was quite sur- were treated with the malaria associated with heart risks. The clear signal of harm, one has to
er s
searchers plan to test the low study published online Friday prised by the very clear depic- drugs alone or in combination Food and Drug Administration take a step back and correct a
and middle doses in about 500 by the journal The Lancet. At tion of harm.” with an antibiotic. has warned about using the wrong we may have done,” Dr.
m er
subjects. the same time, use of the pills The peer-reviewed study, The study isn’t the most sci- drugs against Covid-19, urging Mehra said.
States Vary States receiving the most remdesivir vials from the
m rp
Department of Health and Human Services
In Drug
Remdesivir vials distributed by HHS Covid-19 cases as of May 21
N.Y.
Allocation Calif.
co Fo
N.J.
Ill.
Continued from Page One
scarcity and we have to find a Mass.
fair way to allocate this scarce Texas
resource,” said Doug White, a
Ga.
doctor and ethicist at the Uni-
versity of Pittsburgh. Penn.
Hospitals affiliated with the
Fla.
University of Pittsburgh decide
who gets the drug by lottery— Md.
though not a totally random
Mich.
n-
one. It is designed to slightly

boost chances of patients from 0 00,000 00,000 300,000
economically distressed neigh-
Note: Vials distributed for weeks beginning May 4, 11 and 18. Excludes U.S. Veterans'
borhoods. “Random lotteries Administration and Defense Department.
no
will simply propagate dispari- Sources: Department of Health and Human Services (Remdesivir); Johns Hopkins University
ties,” said Dr. White, who
helped develop the system. expects to receive more than National Institutes of Health,
It will also increase chances 330,000 additional doses from which includes the NIAID, to
for essential workers, such as Gilead, but the company de- release detailed study data,
bus drivers, agricultural work- clined to confirm any in- which they say will help to
ers and grocery-store clerks, creased donation. “We are re- prioritize who should get the
he said. viewing the incidence of drug.
West Virginia hospitals will disease and discussing with Doctors expect that analyz-
use the drug for patients first the U.S. government the ing granular study data will
come, first served. UW Medi- amount of remdesivir poten- reveal patterns showing which
cine in Seattle is requiring tially needed through the end variables—such as symptoms
anonymous patient applica- of June,” Gilead spokesman or length of illness—predict
tions, to avoid possible bias. Chris Ridley said. who will be helped by the
Decisions about how best to In a National Institute of drug.
use remdesivir are the latest Allergy and Infectious Dis- “When you’re allocating
example of the health-care sys-
tem’s need to ration critical
eases study, patients with
Covid-19 who were given rem-
scarce resources without good
information, it’s really dicey,” on top of the world
goods and services amid the desivir recovered four days said Rochelle Walensky, chief
pandemic. To deal with scar- of infectious diseases at Mas- edmund davenport
city, health-care providers typi- sachusetts General Hospital.
cally rely on plans for how to “We haven’t seen any data; it’s
American illustrator. Inspiring
ethically deploy resources,
‘When you’re been paralyzing.” subject. Post cover. This original
where the highest priority isn’t allocating scarce Some states have issued oil painting by the great American
the welfare of any one patient guidance that narrowed pools illustrator Edmund Davenport
but rather the community, said
resources...it’s of eligible patients. celebrates a young woman’s college
Robert Truog, director of the really dicey.’ Beaumont Health, which graduation – a rare accomplishment
Harvard Medical School Center has eight hospitals in Detroit for the era. Made for the cover of
for Bioethics. But maximizing and Southeast Michigan, re- the Saturday Evening Post in 1925,
benefits can conflict with their ceived about 400 vials of rem- the work perfectly captures the
fair use, he said. faster than those given a pla- desivir. It wasn’t enough for
UPMC, the hospital system cebo. It is the first drug to the roughly 130 Covid-19 pa-
graduate’s pride and readiness to
and health insurer affiliated show success in a late-stage tients who met FDA criteria, take on the world. Signed (lower
with the University of Pitts- clinical trial against the virus. said Paul Chittick, section right). Canvas: 38 1/4”h x 29 1/4”w;
burgh, doesn’t have enough That study and another led head of infectious disease at Frame: 45”h x 35”w. #31-1368
remdesivir for all patients who the FDA to clear the drug for Beaumont Hospital, Royal Oak.
qualify for treatment. “Not by emergency use for hospital- Michigan then issued new
a long shot,” Dr. White said. ized patients with low blood- guidance calling for hospitals to
States took over allocations oxygen or those who either use doses for patients with
to specific hospitals after the need ventilators to breathe or more severe oxygen needs, such
Department of Health and Hu- supplemental oxygen through as those with nose tubes or
man Services faced criticism a respirator mask or nasal ventilators, Dr. Chittick said.
for its initial distribution. HHS tubes. Michigan’s Department of 622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com
will have shipped 80% of That covers virtually all pa- Health and Human Services
Gilead’s initial donation of tients admitted to hospitals urged hospitals to treat se- Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
about 607,000 doses to states for Covid-19, doctors say. Be- verely ill patients and comply Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
by week’s end, the agency said. cause there isn’t enough rem- with ethical considerations to
An HHS spokeswoman said desivir to treat them all, doc- treat those who need it most,
this week that the government tors have called for the an agency spokesman said.
A8 | Saturday/Sunday, May 23 - 24, 2020 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, May 23 - 24, 2020 | A9
THE CORONAVIRUS PANDEMIC

States are easing restrictions
with a patchwork of local laws
and protocols, including where
America Is Cumulative Covid-19 cases,
per 100,000 people
Days it will take for cases to double*
Reopening
+ No new cases
cases continue growing.
Stay-home order started Reopening started†
WISCONSIN
To Tension
West
300 cases per 100,000 people
Colorado New Mexico Washington Utah Nevada California
200
Walworth County
100 Rest of the state Continued from Page One

new outbreaks could flare up
0 as the country reopens. All 50
CLOCKWISE FROM TOP: CAITLIN O’HARA FOR THE WALL STREET JOURNAL (2); DUSTIN CHAMBERS FOR THE WALL STREET JOURNAL (2); JEFF LAUTENBERGER THE WALL STREET JOURNAL
Feb. March April May
states have begun to lift the April May April May April May April May April May April May
restrictions imposed to slow
the pandemic. Arizona Idaho Wyoming Oregon Alaska Hawaii
ARIZONA “Shutting it down is easy,”
300 per 100,000 said Dan Stec, a Republican

state assemblyman represent-
200 ing a swath of northeast New April May April May April May April May April May April May
Rest of the state
York, which began lifting some Montana
Maricopa County
100 restrictions on businesses this
week. “Reopening it in the right
0 order, so that you don’t make it
Feb. March April May worse, is a real challenge.” April May
America’s ambivalence
about re-entering public life
NEW YORK
doesn’t fall neatly along the
2,400 per 100,000 country’s political divides. In Midwest
downtown Houston, reopened
office buildings sat empty last Illinois Nebraska Michigan Iowa South Dakota Indiana
New York City week. In New York City, which
2,200
Rest of the state has the highest death toll in
the U.S., some have ventured
Clinton County
out to see friends while others

refuse to leave their homes.
2,000 At the Horny Toad restau-
rant in Cave Creek, Ariz., a sub-

urb just north of Phoenix in
April May April May April May April May April May April May
Maricopa County, servers wore
1,800 masks and gloves, tables were
Minnesota Kansas North Dakota Ohio Wisconsin Missouri
set 6 feet apart, and groups
were limited to no more than
10. Arizona restaurants and
1,600 bars that serve food are now
allowed to have dine-in service,
though state officials have en- April May April May April May April May April May April May
.
couraged businesses to limit
the number of customers inside
ly
1,400
a restaurant.
John Vrooman, a 59-year- South
old subcontractor, said the ex-
on
1,200 tra effort for safety was fine, D.C. Delaware Louisiana Maryland Mississippi Virginia
but in his view unnecessary.
“I don’t believe in masks,”
he said after lunch at the Horny
Toad. “I just don’t think that
us ,
1,000
little piece of fabric over your
l
mouth is going to do anything.
e
al a
And I’ve only got one lung.”

800
ci on

Fraught with anxiety April May April May April May April May April May April May
Many people are carefully
calculating once-routine deci- Georgia Tennessee Alabama Florida North Carolina Kentucky
600
sions, considering not just lo-
cal laws and protocols but also
er s

personal comfort and eco-
nomic circumstances. Going to
400 the office, arranging a child’s
play date or ordering a cup of
m er April May April May April May April May April May April May
coffee is suddenly fraught with Texas South Carolina Arkansas Oklahoma West Virginia
anxiety and conflict.
200 Some can afford to stay
m rp
home, but millions, like health-
care workers and meatpackers,
need to go out to work. Some April May April May April May April May April May
0 bristle against what they see
Feb. March April May as government overreach,
co Fo
while others welcome the en-

GEORGIA forcement of stay-at-home or-
ders. Business owners are des- Northeast
400 per 100,000
perate to reopen their doors,
but their employees are anx- New York New Jersey Massachusetts Rhode Island Connecticut Pennsylvania
300
Rest of the state ious about returning to work 1,800
Fulton County to face the growing throngs.
200 1,600
Debates about mask etiquette,
looming state budget cuts and 1,400
100
local business practices rage in
1,200
Facebook groups, on the eve-
0
ning news, on street corners 1,000
Feb. March April May and within families.
800
n-
Adding to the uncertainty:

FLORIDA There is no government-run, 600
600 per 100,000 centralized source of data or 400
federal regulations for report-
no
500 ing coronavirus test results, 200

Miami-Dade hampering the ability to un- 0
County (Miami) derstand the spread of the vi-
400 April May April May April May April May April May April May
Broward rus and trends in daily death
County (Fort tolls and hospital capacity. New Hampshire Vermont Maine
300
Lauderdale) A patchwork is emerging, Scenes from reopening, clockwise from top: Customers dining
400 *Based on the increase in cases for that day. †Reopening date is
Rest of with states such as Colorado at the Horny Toad in Cave Creek, Ariz., where tables are set based on when restrictions started easing.
200
the state and Arizona, which have in- 6 feet apart; Abbygail Lopez posing for her mother in 200
creased testing capacity, re- Phoenix; barista Zach Stolz at Inman Perk Coffee in Atlanta;
100 0 Sources: Johns Hopkins University (cases); U.S. Census Bureau
opening as confirmed Covid a sign on Atlanta’s BeltLine; and Sal Vega and Susie Saldana (population counts); state governments (stay-at-home-order and
cases continue growing. Ha- visiting a Houston mall with their 10-year-old son. April May April May April May reopening dates)
0 waii has maintained tighter
Feb. March April May restrictions with caseloads
that appear to be plateauing.
TEXAS Test results are being bles, individual seatings lockdown last month. fast,” Mrs. Chambers said. sands of workers returning to early hot spot for the virus but beaches are open, though Na-
200 per 100,000 watched closely in places like spaced 6 feet apart. Barista Zach Stolz re- “But enough is enough.” their desks in close quarters. is now starting to reopen. After ples set daily time limits and
Harris County Plattsburgh, N.Y., a manufactur- “You can’t build a bus and counted how one customer Florida began easing restric- Texas has had relatively low wearing masks for weeks, peo- other rules after crowds formed
100
Rest of the
ing town near the Canadian stay 6 feet apart,” Ms. Miller asked when the cafe would re- tions on businesses and travel rates of Covid-19 for its popu- ple walking on the creekside without social distancing.
state border in Clinton County that is said, so masks will have to be open fully. Right now, it’s take- weeks ago, and so far, its num- lation, with 52,268 cases and trail system in the town of Ea- New York City beaches will
0 among the first regions in the worn. “Nobody knows the out only and the staff wear ber of new cases has remained 1,440 fatalities. Confirmed gle now rarely put them on. open for Memorial Day, only
Feb. March April May state to reopen. A recent surge playbook—we have never masks. “I felt that wave of relatively stable. A total of cases of the virus have in- A local yoga studio, Yoga Off no one is allowed to swim. The
in Covid-19 cases, traced back played this game before.” anxiety from March just come 2,190 have died. Fort Lauder- creased in recent weeks as the Broadway, is holding some prospect of packed city shore-
COLORADO to spring parties around closed- Patty Waldron reimagined flooding over me,” he said. dale real-estate company Na- state expands testing, but Re- classes, and owner Yvonne lines has riled some residents
1,000 per 100,000 down college campuses, sent a the colorful layout of her cafe, tive Realty opened its office on publican Gov. Greg Abbott has Schwartz expects to open more in rural New York, where some
scare through the community. Koffee Kat, for social distanc- Monday with new protocols: Its noted that hospitalizations fully next week. The studio is businesses remain shut down.
If more people there are hospi- ing: no more self-serve coffee, ‘Enough is enough’ eight employees must wear have remained steady and said across the street from a nurs- It’s one of the many sources of
900
Eagle County
talized with Covid, the state no indoor seating. The biggest Audrey and Chuck Chambers masks, visitors get temperature the state has plenty of hospital ing home that reported a new ire in the calls pouring into
may reverse the reopening and challenge is when customers drove from their home in Mi- checks, and desks are spaced at capacity. outbreak of Covid-19 on May 8. the office of Mr. Stec, the New
800 Rest of the close businesses a second come in without masks and ami, which has been slower to least 6 feet apart and equipped Ms. Schwartz, 38 years old, York assemblyman.
state
time—which could spell doom stride up to her counter. She reopen, up to Fort Lauderdale with bottles of hand sanitizer. contracted the virus early on He said he welcomes the
700
for many, said Garry Douglas, doesn’t want to make other this week, where restaurants When they gathered in a Vacant offices and found herself trying to open beaches as part of an ef-
president of the North Country customers uncomfortable, so and retail stores are back open conference room for a morning Despite the looser restric- come up with ways to run the fort to get the local economy
600
Chamber of Commerce. she tells them she can serve but limited to 50% capacity. meeting, staffers discovered a tions, offices in Houston, in studio remotely, such as offer- moving. The beaches, to him,
The town, on the shore of them outside. Some have told They said business mostly problem. Many had brought Harris County, remained nearly ing online classes, while lying represent the challenge offi-
500 Lake Champlain, has just be- her that’s a violation of their dried up for their party-rental coffee but they couldn’t take a vacant. A few downtown lunch in bed ill. She was able to get a cials face as they balance eco-
gun buzzing with activity constitutional rights. company, leading them to sip without removing their spots have begun to reopen, government loan and a break nomic interests against the
400 again. Nova Bus and Prevost, “I’m not making a political fight more than usual. “It’s masks, which would violate so- but Deets Hoffman, an owner of from her landlord to prop up lurking menace of a pandemic.
North American divisions of statement here,” said Ms. Wal- causing anxiety, the aggrava- cial-distancing guidelines. So Leaf & Grain, a popular salad the business. She said her big- “I can’t help but think about
300 Sweden’s Volvo Cars AB, are dron, 56 years old, who wears tion at the lack of work and they drank their coffees cold at eatery, said business there was ger fear is that she reopens and ‘Jaws,’ ” said Mr. Stec. Amid
preparing to welcome workers a mask at work. “I’m just try- lack of money,” said Mrs. their desks later. down around 80%. a person with the virus comes public outrage, Amity Island of-
200 back after closing their Platts- ing to follow the guidelines set Chambers, 48 years old. “The “Everyone wants to get “My biggest fear is a resur- to class, exposing everyone ficials opened the town’s
burgh production lines in for me. For those who want to pipe was about to burst. We back to business, but you have gence of all this, a rolling lock- else. “Just navigating that will beaches after a reported shark
100 March, said Lola Miller, the be rebellious—I’m not trying needed to get out.” to do it in an appropriate man- down type situation,” he said. be something new,” she said. attack, with lethal cinematic re-
plant’s health, safety and envi- to take your rights away.” They requested an outdoor ner,” said Native Realty Chief “That’s the big question with Beaches are reopening percussions. “I always felt for
0 ronment manager. Customers are boosting sales table at American Social, a gas- Executive Jaime Sturgis, 31. everything opening back up: Is across the country, with differ- that mayor,” he said.
Feb. March April May Returning workers will get again at Inman Perk Coffee, a tropub. It was the couple’s first Companies in Texas can it the right time? I don’t know ent rules set by local officials. —Cameron McWhirter, Alicia
protective equipment, and the shop off Atlanta’s BeltLine path, outing in nearly three months, now bring up to 25% of their that and I don’t think anyone In eastern Maryland, the board- A. Caldwell, Joe Barrett and
Sources: Johns Hopkins University Center for
Systems Science and Engineering (cases); U.S. furniture in the cafeteria was which has been packed since and they were tentative. workforce back in, raising the knows.” walks are open but the bars are Justin Scheck contributed to
Census Bureau (populations) replaced with small cafe ta- the state eased its coronavirus “You don’t want to do it too prospect of hundreds of thou- Eagle County, Colo., was an closed. In Florida, many this article.
A10 | Saturday/Sunday, May 23 - 24, 2020 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Hong Kong Investor Outlook Dims WORLD WATCH
UNITED KINGDOM
Beijing’s plan to stiffen late Thursday to tackle what not what most people would freedoms as an attraction, over the former colony.
New Arrivals Face
Beijing views as subversion, like,” said Bob Dodds, founder along with low taxes and a lack New laws could drive dis-
its grip on the territory sedition and foreign interfer- of investment bank DRP Capi- of capital controls. cussions about whether it 14-Day Quarantine
likely will escalate ence in the city were seen by tal Ltd. and a longtime adviser Hong Kong’s Chief Execu- made sense to move some
some as a dramatic repudia- on big China-related acquisi- tive Carrie Lam said Friday banking business to mainland The U.K. government said it
tensions with the U.S. tion of longstanding policy to tions. “No matter what hap- the proposed law targets only China instead, he said. And would impose next month a 14-
allow Hong Kong to craft key pens, Hong Kong will still have crimes such as secession, sub- closer ties to the mainland le- day self-quarantine requirement
BY CHUIN-WEI YAP laws itself. a unique position. It’s just a version and “activities inter- gal system could prompt some for nearly all travelers arriving
AND JING YANG Businesses say a lack of question to what extent.” fering [in] Hong Kong’s inter- wealthy investors to transfer into the country, a tightening
clarity about the limits of such Hong Kong’s Basic Law, its nal affairs.” These have been a assets to Singapore or West- that comes as the rest of Eu-
HONG KONG—Markets fal- a national security law might mini-constitution, also pro- concern of businesses in the ern financial centers instead, rope slowly begins to ease bor-
tered and businesses braced jeopardize future prospects for past year, she said. he added. “The structural out- der restrictions.
for more instability as China international business, spur a Some executives fear the look for Hong Kong is bleak.” Britain has been among a
6%
set out plans for national se- tit-for-tat battle with the U.S., longer-term damage to Hong Evidence on capital out- small number of countries to
curity laws to tighten its con- and make it harder for compa- Kong’s autonomy will dilute its flows so far is mixed. Last leave their borders largely open
trol over Hong Kong, piling nies to recruit talent. appeal as a financial center that summer, some businesses said during the Covid-19 crisis. With in-
stress on the global finance “No one wins if the founda- helped underpin China’s they were seeing money move fection rates falling, the U.K. gov-
hub already battered economi- tion for Hong Kong’s role as a Drop in its stock index, the worst growth. “The rule of law is fun- abroad, and several individu- ernment argued that a quarantine
cally by a year of violent pro- prime international business one-day fall since July 2015 damental for Hong Kong to op- als said they had swapped would make it easier to halt a
tests and the pandemic. and financial center is eroded,” erate as a financial center. It is money into other currencies new wave of Covid-19 infections.
Investors on Friday signaled said Robert Grieves, chairman what makes the city so special,” or were considering doing so. “We are introducing these new
broad pessimism about the of the American Chamber of said Benjamin Quinlan, chief ex- Data from the Monetary measures now to keep the trans-
move that likely will escalate Commerce in Hong Kong. vides for freedom of assembly ecutive of strategy consulting Authority of Singapore shows mission rate down and prevent a
tensions with the U.S., pushing Many are waiting to see the and the media, and has helped firm Quinlan & Associates. a near-tripling in foreign-cur- devastating second wave,” U.K.
the city’s benchmark stock in- actual details of China’s legis- the city prosper as a major hub China “has torn apart the rency deposits at the country’s Home Secretary Priti Patel said.
dex down by nearly 6%, its lation. A resolution, which for international banks, invest- whole pretense of ‘one country, banks since the Hong Kong The quarantine will take ef-
worst one-day drop since July would allow the drafting of ment firms, hedge-fund manag- two systems,’ ” said Lee Cheuk- protests began last summer. fect on June 8 and be reviewed
2015. Property and infrastruc- such a law, is expected to be ers and other financial players. Yan, general secretary of the However, the Hong Kong every three weeks. Except for
ture stocks led the fall. voted on by China’s parlia- For many institutions, the city Hong Kong Confederation of Monetary Authority said it workers in a handful of indus-
Many business observers ment when its annual conclave is a conduit for investment in Trade Unions, referring to the had seen “no significant out- tries including trucking and med-
had expected Beijing to pre- ends next week, after which and out of mainland China and governing agreement Beijing flows from the Hong Kong dol- icine, people arriving in the coun-
empt a revival of street pro- the central government will much of Asia. Foreign execu- promised in 1997 to preserve lar or Hong Kong’s banking try will have to hole up at a
tests as the viral outbreak sta- work on the specific language. tives often cite its independent Hong Kong’s autonomy for 50 system” in the six months to given address for two weeks or
bilizes. But the plans disclosed “I’m still digesting it—it’s legal system and Western-style years when Britain handed the end of February. face a £1,000 fine ($1,218).
—Max Colchester
China to Allow Its Forces to Patrol Territory

BRAZIL
Court Permits Release
Of Cabinet Recording
BY CHUN HAN WONG
.
AND NATASHA KHAN Brazil’s Supreme Court deliv-
ly
ered a blow to President Jair
HONG KONG—China’s gov- Bolsonaro on Friday by allowing
ernment plans to let mainland the airing of a video of a cabinet
state-security agencies operate meeting recording.
officially in Hong Kong, a se-
nior Chinese official said Fri-
day, adding to concerns about
the territory’s diminishing au-
on Former Justice Minister Ser-
gio Moro said the video proves
the president pressured him to
change the head of the Federal
tonomy as Beijing steps up its Police in Rio de Janeiro state to
us ,
efforts to rein in the protest- shield Mr. Bolsonaro’s family

l
torn city. from investigations.

e
al a
Surprise plans for Beijing to Moments after the ruling was

impose national security laws issued, Brazilian television net-
on Hong Kong already have works aired video of an April 22
ci on
stirred up considerable concern cabinet meeting in which Mr.

ANTHONY WALLACE/AGENCE FRANCE-PRESSE/GETTY IMAGES
in the largely self-administered Bolsonaro is seen telling Mr.

Chinese territory. Beijing offi- Moro that he wanted to replace
cials first mentioned the plans officials in Rio to protect his
on Thursday, saying the mea- family and friends from what he
er s
sures are needed for punishing called false accusations of

what they called acts of sepa- wrongdoing. Mr. Moro resigned
m er
ratism, subversion, terrorism two days after the meeting, and

and foreign interference. Mr. Bolsonaro removed the Rio
President Trump promised police chief, Mauricio Valeixo.
the U.S. would “address that is- Mr. Bolsonaro doesn’t say pre-
sue very strongly” if China pro- cisely whom he wanted replaced,
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ceeds. Secretary of State Mike though Mr. Moro has said the
Pompeo said the decision president wanted control of the
“would be a death knell for the Federal Police in Rio state to in-
high degree of autonomy Bei- terfere in their probes.
jing promised” for the territory. Pro-democracy protesters marched Friday from outside the Western Police Station to the Chinese Liaison Office in Hong Kong. Two of Mr. Bolsonaro’s three
co Fo
He urged “Beijing to reconsider eldest sons have been under in-

its disastrous proposal.” Chinese lawmakers are re- was meant to grant it a high on large gatherings, roiled cal authorities haven’t tried to vestigation in Rio de Janeiro. Con-
Wang Chen, a senior official viewing a resolution that Bei- degree of autonomy until 2047. Hong Kong and battered eco- reintroduce it since. gress is investigating a third son.
at China’s legislature, added to jing says would strengthen legal Tanya Chan, an opposition nomic activity in the financial This time, Beijing is prepar- —Jeffrey T. Lewis
those fears, saying the unrest and enforcement mechanisms legislator in Hong Kong, hub. ing to bypass Hong Kong’s leg-
that has rocked Hong Kong for national security in Hong feared that a national security As the months passed with- islature by tapping a provision ECB
since last year has “severely Kong. The resolution would al- office would enable Chinese out what they regarded as sat- in the Basic Law that allows
threatened China’s sovereignty,” low the standing committee of state-security officials to en- isfactory government conces- China’s parliament to apply Central Bank Ready
which demands a national-level China’s legislature to draft laws force mainland Chinese laws sions to their demands, some national laws to Hong Kong To Expand Stimulus
response, according to footage that punish threats to national in Hong Kong. “Thus, the Chi- demonstrators adopted more through promulgation by the
published by state broadcaster security in the city that can be nese officials are above Hong radical tactics, regularly con- city’s leader in matters of na- European Central Bank offi-
China Central Television. applied without approval from Kong laws.” fronting armed riot police with tional unity or security, Mr. cials are prepared to step up
In a new detail not divulged Hong Kong’s own legislature. Fears that Hong Kong citi- bricks and Molotov cocktails. Wang said. bond purchases next month if
n-
by the legislature’s spokesman The decision, announced late zens could be transferred to The Basic Law, Hong Kong’s Hong Kong Chief Executive they consider such a move nec-
the previous day, Mr. Wang said Thursday by a spokesman for mainland China and prosecuted mini-constitution, requires the Carrie Lam said her adminis- essary to combat the economic
China’s state-security bodies China’s parliament, the Na- under Chinese law as part of a city to enact its own legisla- tration would fully cooperate fallout from the coronavirus pan-
would set up offices in Hong tional People’s Congress, sent proposed extradition bill are tion against secessionist, sub- with the NPC Standing Com- demic, according to the minutes
no
Kong to carry out national secu- shock waves through the for- what sparked the protests that versive and other activities mittee to complete as soon as of their April policy meeting.
rity tasks “as needed”—an an- mer British colony, where ac- drew millions to the city’s that threaten state security. possible the legislation, which The ECB in March unveiled a
nouncement that drew applause tivists and pro-democracy leg- streets. The demonstrations, Hong Kong authorities at- she said would take aim at €750 billion ($820 billion) bond-
from deputies in the audience islators worried it could spell which began this past June but tempted to do so in 2003, but those who resort to violence buying program to support gov-
Friday at China’s annual parlia- the end of the “one country, have largely subsided during abandoned the effort after half and advocate Hong Kong’s in- ernments and businesses amid
mentary session in Beijing. two systems” framework that the pandemic because of a ban a million people protested. Lo- dependence. plunging economic growth. The
bank surprised some analysts by
leaving the program’s size un-
Beijing Is lodestar of Chinese economic

policy, forces Mr. Xi to give up
on one of leadership’s most
China’s annual GDP growth,
actual and targets
14%
business with telecommunica-
tions giant Huawei Technolo-
gies and threatened to tear up
They are also holding back on
stimulus, raising the fiscal defi-
cit target to 3.6% or more of
changed at its April 29-30 meet-
ing, while sweetening the terms
of loans to eurozone banks.
Abandoning vaunted political goals: to dou-

ble the economy’s size from a
decade earlier ahead of next 12
the phase-one trade deal with
China. At the same time, he has
offered vocal support for Tai-
GDP—a new high—but falling
short of the kind of forceful
“all-in” stimulus that character-
The minutes of the April
meeting, published Friday, sug-
gest the ECB is ready to expand
A Key Goal year’s centennial of the Chinese

Communist Party’s founding.
Officials have begun to lower 10
wan President Tsai Ing-wen,
whose government, reviled in
Beijing, began a second four-
ized their response to previous
downturns.
“It’s a relatively modest
the new bond-buying program at
its June 4 meeting, which would
help eurozone governments fi-
expectations. He Lifeng, the Target year term on Wednesday. package,” said Zhu Haibin, an nance the battle against the vi-
Continued from Page One head of China’s main economic- The danger for China is that economist at J.P. Morgan, who rus, if new data suggest the cur-
8
ables them to focus on ensuring planning body, told reporters the U.S. could take further described China’s fiscal stimu- rent stimulus is too small.
stability and security. Friday that even meager GDP steps to pinch China’s economy, lus package as falling in the —Tom Fairless
There is an element of truth growth this year of 1% would 6 particularly as emotions run middle of the pack as far as
there. China’s economy is expand overall GDP by 1.9 times high on Hong Kong, and Mr. global responses go. As a re- MEXICO
slowly plateauing after an ex- from a decade earlier—not Trump and his Democratic sult, Mr. Zhu expects the Chi-
tended run of world-beating quite double, but close enough. 4 challenger, Joe Biden, vie to es- nese economy to grow by 1.3% Higher Food Costs
growth, and leaders have in re- “Beijing is taking a more re- tablish themselves as the in 2020, the worst full-year Push Up Inflation
cent years de-emphasized ex- alistic and humbler approach 2 toughest candidate on China. performance since Mao Ze-
plicit growth targets anyway, by omitting a growth target “The uncertainty is too big, dong’s death in 1976. Mexican consumer prices in-
increasingly regarding them as this year amid so many uncer- especially given the U.S. elec- To be sure, if the situation creased more than expected in
burdensome. tainties,” said Betty Wang, an 0 tion later this year,” said Ding deteriorates further, policy the first half of May, with food
In March, Mr. Li called on of- economist with ANZ Research. 1994 2000 ’10 ’19 Shuang, an economist at Stan- makers may be forced to ramp costs up sharply as the country
ficials to prioritize employment Ultimately, the scrapping of Note: 2019 target is a 6.0%-6.5% range dard Chartered. “It’ll be awk- up stimulus, said Larry Hu, an entered its second full month of
over raw GDP growth, under- the GDP target serves as a Source: National Bureau of Statistics via Wind ward if they set a growth target economist at Macquarie Group. social-distancing measures and
scoring the senior leadership’s blunt reminder of the magni- and couldn’t reach it.” As it stands, he said, China’s shutdowns to confront the
concerns about social instabil- tude of the many risks that emergence of infections in the Just hours before Mr. Li’s other economic targets this spread of the coronavirus.
ity. “As long as employment is loom over China’s economy in fall, which could force authori- policy address in Beijing, U.S. year—to create more than nine The consumer-price index
stable this year, it’s not that big the coming months. ties inside and outside China to senators from both parties be- million urban jobs and keep ur- rose 0.30% from the end of April
of a deal whether the economic While China claimed success keep their economies on lock- gan drafting legislation to sanc- ban unemployment below and was up 2.83% from a year
growth rate is a bit higher or in stamping out the initial out- down for longer than expected. tion Chinese officials and enti- about 6%—are ambitious earlier, the National Statistics In-
lower,” Mr. Li said. break of the virus, which was Then there is the other great ties involved in enforcing the enough, given the myriad un- stitute said Friday. Core CPI,
“This year could be a turn- first detected late last year in uncertainty: a tense and quickly new national security laws in certainties. which excludes energy and agri-
ing point for Beijing to further the central city of Wuhan, au- deteriorating relationship with Hong Kong and punish any “Chinese authorities don’t cultural produce, increased 0.24%
downplay the GDP target,” said thorities have struggled to pre- the U.S., the world’s largest banks doing business with have to defend the GDP growth in the first half of this month
Liu Li-Gang, chief China econo- vent continued outbreaks economy, as the two sides fight them—a move that could snarl target anymore,” Mr. Hu said, for an annual rise of 3.76%.
mist at Citigroup. “We are around the country and haven’t over trade, technology and the China’s financial system. “but they are still under pres- Energy costs fell 2.04% from
likely to see this trend extend loosened tight restrictions on coronavirus. With so many uncertainties, sure.” the end of April, while prices of
into the future.” international travel. In the past week alone, Pres- Chinese policy makers aren’t —Liyan Qi, Bingyan Wang food and nonalcoholic beverages
Even so, dropping the GDP Epidemiologists have ident Trump has moved to just struggling to forecast a and Grace Zhu rose 1.38%.
target for the year, long the warned about a potential re- tighten restrictions on doing growth target for the year. contributed to this article. —Anthony Harrup
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, May 23 - 24, 2020 | A11
WORLD NEWS
Argentina tortion discourages exporters,

who are forced to sell the dol-
lars they earn at an artificially
Pakistan International Airlines Plane Crashes in Karachi
Enters Into low exchange rate.

It would also drive inflation,
already one of the world’s high-
Default est at 46%, by fueling money

printing to finance government
spending. Businesses risk los-
ing access to financial markets.
Continued from Page One “Entering another default
in March for the first time. restarts the clock on another
Argentina has been looking crisis cycle,” said Jimena
to drum up support for its re- Blanco, a Buenos Aires-based
structuring proposal as credi- economist for consulting firm
tors have faced pressure to Verisk Maplecroft. “The out-
provide poorer countries with look will become very negative,
debt relief. But its woes aren’t very quickly.”
new. The country has suffered Lowering Argentina’s debt
recurring political and eco- has been a priority for Mr.
nomic crises marked by devas- Fernández, a member of the
tating devaluations, bank runs Peronist movement who took
and financial-market collapse. office in December. His popu-
Insolvent governments, unwill- larity surged after he imposed
ing to cut public spending, of- strict social-distancing mea-
ten opted to print money or sures to contain the pandemic.
borrow dollars. A recent survey by pollster
Poliarquía said 60% of Argen-
FAREED KHAN/ASSOCIATED PRESS

Finance Minister Martín
Guzmán said Friday that the tines want the government to
government was working to reach a deal with creditors, re-
amend its offer to creditors. calling the economic hardship
The price of Argentina’s $4.25 caused by the devastating hard
billion due in 2028 has risen default of 2001.
steadily on hopes of an agree- Mr. Fernández called the
ment with creditors, trading at debt unsustainable after it rose
sharply under his predecessor,
Mauricio Macri.
Mr. Macri took on tens of ISLAMABAD—A Pakistan In- “We have lost engines…may- had come from Lahore and was crashing into buildings near the
The country has billions of dollars in foreign ternational Airlines domestic day, mayday, mayday,” the pilot due to land in Karachi at about airport, video footage shows.
been trying to drum debt to plug a budget deficit. flight crashed as it approached told air-traffic control just before 3 p.m. local time. It went down At least two passengers sur-
But in 2018, Argentina was hit Karachi’s airport with at least 98 the plane went down, according in a residential area near Jinnah vived and are in a stable condi-
up support for its by a currency crisis, forcing Mr. passengers and crew aboard af- to a voice recording confirmed International Airport, Karachi. tion, a government spokesman
restructuring plan. Macri to seek a bailout from ter the pilot said the plane had as authentic by the airline. It was on its second approach said.
the International Monetary lost power. The plane, an Airbus A320, that the plane lost height before —Saeed Shah
Fund. Argentina owes $44 bil-
lion to the IMF.
32.50 cents on the dollar Fri- The government’s proposal
Khashoggi’s Family Forgives His Killers
.
day from about 24 cents in would give Argentina about
early May, according to analyt- $40 billion in debt relief by is-
ly
ics service Advantage Data Inc. suing new bonds with lower in-
“We want to start from a terest rates and longer due
point where we redefine our dates. It also included a three- A son of slain Saudi jour- hammed bin Salman to account The family’s pardon, seen by death sentence,” one of the ad-
commitments in ways that can
be fulfilled, because we will ful-
fill them,” Mr. . Guzmán said in
an interview.
year freeze on payments, push-
ing back any debt payments
until near the end of Mr.
Fernández’s term.
onnalist Jamal Khashoggi said
his family had forgiven his fa-
ther’s killers, sparing them ex-
ecution in a case that ostra-
for a murder he has been ac-
cused of ordering.
Mr. Khashoggi, a well-known
critic of the kingdom’s leader-
the crown prince’s critics as
made under duress, raises
questions about the credibility
of the judicial process and
visers said. Mr. Khashoggi’s son
Salah wrote on Twitter: “We,
the sons of the martyr Jamal
Khashoggi, announce that we
This time, because of a Bondholders, including some cized Saudi Arabia’s crown ship who had fled Saudi Arabia could further deter interna- forgive those who killed our fa-
us ,
sharp drop in demand for the of the largest money managers prince from the West and im- fearing arrest, was killed and tional investors. Despite those ther—God have mercy on him.”
l
commodities that Argentina ex- in the world and small retail in- periled his economic agenda. his body dismembered by concerns, it appears designed Hours later, Mr. Khashoggi’s
e
al a
ports, a default risks fueling an vestors, rejected the offer, say- Saudi agents during a 2018 to put to rest an issue that crit- fiancée, Hatice Cengiz, said she
economic meltdown. The coun- ing it puts an unfair burden on By Stephen Kalin visit to the kingdom’s consul- ics have used to pummel the wouldn’t stop seeking justice,
try’s gross domestic product them while the government has in Riyadh and ate in Istanbul. He was seeking crown prince and the few allies, tweeting: “Nobody has the
ci on
fell almost 12% in March. Un- yet to provide a long-term plan Summer Said in Dubai papers needed to marry his including President Trump, right to pardon the killers. We
less resolved quickly, econo- to restore financial stability. Turkish fiancée. His killing who have defended him. will not pardon the killers nor
mists say it would lead to more They also want Argentina to The pardon, which under evoked an international outcry. Advisers to Prince Moham- those who ordered the killing.”
pressure on the peso. The address how it will repay the Saudi Arabia’s system of Is- A court in December sen- med wanted to avoid a situation Saudi Arabia’s media minis-
country’s official exchange rate IMF, which has higher priority lamic law can release a con- tenced five people to death and where junior officials were exe- try didn’t respond to questions
er s
is about half of what Argen- of repayment. victed killer from the death three others to prison, while cuted, people familiar with the about the case. Salah and a law-
tines have to pay to buy dollars —Julia-Ambra Verlaine penalty, is a blow to those seek- releasing two senior officials matter said. Those responsible yer for the family didn’t re-
m er
in the black market. Such dis- contributed to this article. ing to hold Crown Prince Mo- with ties to Prince Mohammed. “are not the ones facing the spond to requests to comment.
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World War II: Battlefield Europe

Taught by Professor David R. Stone
co Fo
.
.

1. The Battle of Moscow, December 1941

2. Anti-Semitism and the Nazis
3. Tearing Up the Treaty of Versailles
4. The War Begins, 1939
5. The Nazi Rise to Power, 1922–1933
E D TIME OF 6. The Fall of France, Spring 1940
IT
n-
FE
7. The Battle of Britain—and the Blitz

LIM
70%
R
8. Britain and Germany’s Standoff at Sea

9. Hitler, Stalin, and Operation Barbarossa
off
no
10. Roosevelt, Isolationism, and Lend-Lease

6
RD 11. North Africa and the Battle of el-Alamein

O
E R BY J UN 12. The Battle of Stalingrad, 1942–1943

13. Resistance in Nazi-Occupied Europe
14. The Holocaust
15. U-Boats and the Battle of the Atlantic
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OBITUARIES
JA M ES B. S H E RWO O D JOHN O’NEIL
1933 — 2020 1921 — 2020
Entrepreneur Re-Created Converse CEO Kept

All Stars in Game
Orient Express Trains
J
ohn O’Neil, son of a Converse set to dominate shoe production.
factory manager, took pre- Converse remained relevant in
med courses at Tufts Univer- the athletic world with endorse-
BY JAMES R. HAGERTY went public in the late 1960s, he sity in the early 1940s. His father ments from basketball stars Ju-
was suddenly rich, “free to move wanted him to be a doctor. lius Erving, Larry Bird and Earvin
Starting in his college days at my life forward any way I wanted,” After graduating from Tufts “Magic” Johnson. Though its
Yale, James B. Sherwood devel- as he later put it. and serving in the Army, however, share of the basketball market
oped a habit of seeking out the He bought one of his favorite and with a young family to sup- dwindled, Converse benefited as
best hotel wherever he traveled hotels, the Cipriani in Venice, in port, Mr. O’Neil followed his fa- rock musicians, artists and skate-
and asking for a suite. Those ex- 1976 after learning that the Guin- ther into the shoemaking plants. boarders discovered Chucks as
pensive tastes drove him into debt ness brewing family was eager to He started on the production retro fashion statements.
as a student but served him well sell it. floor and rose to become chief ex- Converse egged on fashion
in the long run. In 1977, he heard about a ecutive of Converse from 1976 to buyers by offering dozens of col-
After making a fortune in con- planned auction of five cars from 1986. ors. Fashion-related demand was
tainer leasing in the 1960s, Mr. an old Orient Express train service. Mr. O’Neil, who died March 30 strong in Japan and Europe as
Sherwood devoted most of his en- His imagination ran wild: Why not at the age of 98 of pneumonia un- well as in the U.S.
ergies to more romantic ventures. re-create the storied train as a way related to the novel coronavirus, Early in his career, when Mr.
In 1977, he bought two decrepit to deliver guests to his hotel in confronted two existential threats O’Neil ran a stitching plant in
train sleeping cars at an auction in Venice? At the auction, he man- to the company’s canvas Chuck Berlin, N.H., people seeking jobs
Monte Carlo, spent several years aged to buy two of the cars for a Taylor All Star basketball shoes, occasionally knocked on his door
restoring them and other relics to total of about $114,000. sometimes known as Chucks. at home in the evening. Rather
their original splendor, and re- Over the next few years he and Nike, Adidas, Reebok and other than shoo them away, he sat
launched the Orient Express train his wife, the former Shirley Cross, brands were sprinting past Con- them down at his kitchen table,
service between London and Ven- restored 18 train cars, including verse as demand for running offered them a beer and took
ice in 1982. In 1951, he enrolled at Yale Uni- one that had been used as a shoes soared. Meanwhile, low- down their information.
For three decades, he roamed versity. “I was not an outstanding brothel during World War II. The cost Asian manufacturers were —James R. Hagerty
the world to buy and renovate lux- student,” he wrote in a memoir, cost of re-creating the train came
ury hotels. His Orient-Express Ho- “Orient Express: A Personal Jour- to $31 million. In May 1982, the
tels chain owned the Hotel Cipri- ney.” He spent much of his time train service began. CHAIN S. SANDHU
ani in Venice, the Copacabana playing bridge, usually for money. Sea Containers diversified fur- 1941 — 2020
Palace in Rio de Janeiro and the He received a bachelor’s degree in ther by buying Sealink Ferries in
Windsor Court in New Orleans, economics in 1955 and later said 1984. The company’s hotel busi-
among many others.
His companies also owned the
21 restaurant in New York and Le
he regretted not having majored in
history instead.
His bridge skills helped him dur-
ness expanded rapidly as Mr. Sher-
wood chased deals.
Mr. Sherwood regarded his in-
Immigrant Built Up
.
Manoir aux Quat’Saisons in Ox-
fordshire, England. He organized
ing a subsequent four-year hitch in
the Navy. Senior officers of the Pa-
vestments in Peru as some of his
most successful. In the late 1990s, Auto-Parts Maker
ly
train adventures between Bangkok cific Fleet invited him to their ta- he acquired a stake in the Hotel
and Singapore, Irrawaddy river bles. He learned to command sub- Monasterio, a former monastery in
C
cruises in Myanmar and safaris in ordinates and spent time in the Cusco, and a lodge in the Inca cita- hain S. Sandhu was embark- air-conditioning systems. The
Botswana. The risk of malaria, he
said, was “all part of the thrill of
being on safari in the bush.”
Last year, LVMH Moët Hennessy
After his 1959 discharge from
on
Philippines, Japan and Hong Kong.
the Navy, Mr. Sherwood considered

business school, but a Navy friend
del of Machu Picchu.
The 2008-09 recession forced
Orient-Express Hotels to sell as-
sets, including the Windsor Court
ing on an academic career
in engineering in India’s
northern state of Punjab in the
early 1960s when he heard about
firm was NYX Inc., an abbrevia-
tion for nylon extruders. Mr.
Sandhu ended up buying NYX
three years later, when it had an-
Louis Vuitton SE of France ac- recommended him to United States in New Orleans. “I regret losing it President Kennedy’s vow to put a nual sales of less than $2 million.
us ,
quired the hotel and travel busi- Lines, an ocean-shipping company, more than any of the others,” Mr. man on the moon. The audacity NYX now focuses on interior
l
ness he built, renamed Belmond which needed a representative in Sherwood wrote. of the plan inspired Mr. Sandhu plastic parts, such as door panels
e
al a
Ltd., for about $2.6 billion. Europe. His survivors include his wife, to emigrate to the U.S. and storage spaces. Annual sales
Mr. Sherwood, who had stepped His work with cargoes in France Shirley, and two stepsons. After working briefly as a jani- last year totaled about $600 mil-
down from the hotel company’s and England exposed Mr. Sher- In his memoir, Mr. Sherwood in- tor in the Detroit area, he found lion. Based in Livonia, Mich., the
ci on
board in 2011, died May 18 at a wood to the inefficiencies of load- cluded tips for anyone wishing to an assembly-line job at General company has 4,200 employees
hospital in London. He was 86. A ing goods at docks with rigid create a five-star hotel. Rooms Motors, where he applied anti- and operates plants in Michigan,
family spokeswoman said the union work rules. That experience should include a bathtub, separate rust spray to the bottoms of cars. Indiana, Tennessee and Mexico.
cause of death was complications made him an early convert to the shower stall and two sinks, he He attracted notice when he spot- Mr. Sandhu died May 16 of can-
following surgery to remove his use of standardized steel contain- wrote, and hotel keepers shouldn’t ted an electrical problem that cer at his home in Northville,
er s
gallbladder. ers, which could be loaded else- assume everyone wants a duvet. halted the line one day—and fixed Mich. He was 78.
An only child, James Blair Sher- where and delivered to docks by Mr. Sherwood added: “I hate with it. That helped win him a promo- In retirement, Mr. Sandhu en-
m er
wood was born Aug. 8, 1933, and train or truck. a passion soaps that are tightly tion to an engineering job. Mr. joyed the fruit and vegetable gar-
grew up partly in Lexington, Ky., In 1965, he founded London- wrapped in plastic because it is Sandhu later took part in GM pro- dens around his home. He estab-
and Berkeley, Calif. His father, a based Sea Containers to buy con- impossible to unwrap them with grams to envision higher-technol- lished scholarship funds that so
patent lawyer, came from a long tainers and lease them to compa- moist hands.” ogy factories. far have helped pay for the edu-
line of tobacco farmers. His nies moving goods. His initial In 1986, a friend hired him to cation of nearly 100 students, his
m rp
mother was a pianist and wrote investment of $25,000 gave him a Read in-depth profiles at turn around a maker of plastic family said.
poetry. 50% stake. When the company WSJ.com/news/types/obituaries tubes for automotive heating and —James R. Hagerty
co Fo
In Memoriam For more information:

wsj.com/inmemoriam

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© 2020 Dow Jones & Company, Inc. All Rights Reserved.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, May 23 - 24, 2020 | A13
OPINION
THE WEEKEND INTERVIEW with Edward Luttwak | By Adam O’Neal
Coronavirus and the Chernobyl Analogy

A
s Chinese authorities And in Chernobyl itself, it didn’t governor in 2017.
botched their response to fall for moral reasons,” he says. “He says to me, ‘You should go
the coronavirus outbreak “Even at the end, the Soviet regime talk to this guy who is an agricul-
in Wuhan, a quote from was able to summon people to sac- ture expert.’ ” The “expert” eventu-
the HBO miniseries rifice themselves for the system.” ally made clear “that the only way
“Chernobyl” went viral on the Chi- Instead, he argues, the Politburo that I could do this investment was
nese messaging app WeChat: sealed its fate in 1984 when it ap- by giving a 70% share to his
“What is the cost of lies? It’s not pointed the ailing, 72-year-old Kon- friends.” Mr. Luttwak says he re-
that we’ll mistake them for the stantin Chernenko general secre- plied: “I went to school in Palermo,
truth. The real danger is that if we tary. Sicily, and I see now that Russia
hear enough lies, then we no lon- “He could barely talk. He could badly needs to have technical assis-
ger recognize the truth at all.” barely walk. However, the require- tance from Sicily—to learn how to
The analogy between the 1986 ments of the Soviet system were do extortion properly.” Such
nuclear accident and the 2020 pan- that when a new general secretary clumsy corruption kept him from
demic—Communist regimes trying is installed, his colleagues are investing in the country. “And I’m a
to cover up the truth of a disaster filmed saying that they swoon with guy who has access to the gover-
and thereby worsening it—may delight, as if it’s a beautiful 19- nor! This is happening to the guy
seem a little pat. It may also seem year-old girl in a bikini coming out who is trying to open a sandwich
wishful: After all, the Chinese Com- of the water,” Mr. Luttwak says. stand.”
munist Party, unlike the Soviet one, Chernenko “never did anything. His Mr. Luttwak notes Russia still
KEN FALLIN
emerged from the unrest of 1989 name is associated with nothing. produces plenty of highly edu-
with a tighter grip on power. Ed- And now, they’re all pretending cated and sophisticated workers,
ward Luttwak doesn’t exactly agree that they are swooning with de- but “the problem with the overall
with the analogy, but he takes it light.” thing is that it is actually a gang-
seriously. “The Wuhan virus has People throughout the Soviet tors first noted the novel coronavi- retired real-estate tycoon and Com- ster regime.” This leaves the
made it impossible for Xi Jinping Union, including party elites, were rus in December. Mr. Xi didn’t munist Party member, wrote of tri- country “as dependent on oil as if
to continue with this program of disgusted with the spectacle. They speak publicly about the outbreak umphant February remarks by Mr. it was a [expletive] Arab emirate
staying in power for another 10 wondered, in Mr. Luttwak’s words, until Jan. 20, when Beijing ac- Xi. “Without a media representing with nothing but sand.” Vladimir
years,” he says. “Impossible.” “What is this absurdity?” knowledged human-to-human the interests of the people by pub- Putin remains in power because
When Chernenko died a year transmission of the virus. But he lishing the actual facts, the peo- he can pay off a large under-
later, the Politburo moved in the had been leading the response ple’s lives are being ravaged by growth of corrupt elites and “has
He wrote the book on opposite direction and chose since at least Jan. 7. As the virus both the virus and the major ill- a wonderfully coherent message
regime change, and he sees Mikhail Gorbachev, 54, in what Mr. spread, 40,000 families attended a ness of the system.” Mr. Ren has to his people.”
Luttwak calls “a desperate attempt massive Lunar New Year banquet been arrested, but his words circu- Mr. Luttwak says Mr. Putin es-
parallels between China’s to overcome stylistic failure.” But on Jan. 18. Millions continued trav- lated widely. sentially acknowledges that “you
pandemic response and the Mr. Gorbachev “had been harbor- eling out of Wuhan without screen- Mr. Luttwak doesn’t go so far as will never be living so well as the
ing these revolutionary thoughts.” ing. to foretell the fall of Chinese com- Western Europeans. You will not
Soviet Union’s late years.
.
By 1991 the Soviet Union had dis- The Communist Party’s subse- munism, but he’s bearish on Mr. Xi. have big cars, but you are an impe-
solved. Mr. Gorbachev had sought quent spinning of Wuhan as evi- Elites are “going to say, ‘Xi Jinping rial people. You hold the largest
ly
to save it, but Mr. Luttwak insists dence of Mr. Xi’s exemplary leader- is too much. Let’s go find our Gor- country in the world. You rule
Mr. Luttwak, 77, knows a thing stylistic failure had already broken ship enraged everyday Chinese and bachev, who is more reasonable, many nationalities peacefully. Well,
or two about regime change. A mil- the system. elites. Italy made similar mistakes and sits around the table and lis- there’s the Chechens, but nobody
itary strategist and historian, he
may be best known for his 1968
book, “Coup d’État: A Practical
Handbook.” Rumor has it that a
on
In China today, Mr. Luttwak sees
ample evidence of stylistic failure.
Mr. Xi’s predecessor, Hu Jintao,
shifted power away from Beijing
in handling the virus, but “nobody
in Italy is ordering embassies
around the world to proclaim the
genius of Prime Minister Conte,” he
tens to opinions.’ And from then
on, who knows which way they’ll
go. I’m not a prophet,” Mr. Luttwak
admits. But “it will be either Gor-
can deal with Chechens.” Mr. Putin
has convinced the Russian people
that his predecessors “lost part of
your inheritance. And they allowed
copy was found on the body of Mo- and promoted “peaceful develop- says. “This is the stylistic failure.” bachev, or something bigger hap- chunks of it to fall off. I will not do
us ,
M
roccan Gen. Mohammad Oufkir af- ment.” Mr. Xi, who took power in pening.” Whatever happens, “peo- that.”
l
B
ter he failed to overthrow King 2012, has made himself the most r. Luttwak likes Caixin ple will go back to the events of
e
al a
Hassan in 1972. powerful Chinese ruler since Mao. Global, a Beijing-based in- the coronavirus in Wuhan and ut this style of governance is
Over a half-century, Mr. Luttwak “Prior to this great disaster in vestigative outlet that the thereafter” for an explanation. susceptible to failure. “We
has produced a significant body of China,” Mr. Luttwak says, “he had Chinese authorities tolerate. “I Mr. Luttwak joined Twitter in know that another two years
ci on
work on international affairs and chosen to redefine his role from read the English edition,” he says. March after avoiding social media of $20 oil would mean that the
military strategy. He also has built first among equals to being the all- “But I always look at the Chinese for years. The short-form platform Russian state would not be able to
a lucrative career advising busi- powerful and therefore all-respon- edition to make sure that the pic- suits his astringent sense of humor. pay its people, except in ever-
nessmen, political leaders, even the sible.” That put him “in charge of tures and so on are the same.” He His first tweet: “Anti-semites are more-inflated rubles,” Mr. Luttwak
Dalai Lama. Along the way the Ro- two great disasters.” recently noticed Caixin running dumb—so let me try. Obviously the says. “The Russian elite is very im-
er s
manian-born polyglot made power- The first was “waking up the “story after story with things like, Rothschilds launched the pandemic port dependent. They consume for-
ful friends across the world—from world to protecting its technologi- ‘China needs more than one opin- to depress stock prices to buy up eign things. They have their mis-
m er
liberal democratic civil servants to cal assets.” Mr. Xi’s Made in China ion.’ ” The story of coronavirus the world economy cheaply. All I tresses and wives in Mayfair
party apparatchiks. The British his- 2025 initiative sought to displace whistleblower Li Wenliang—the want to know is when the bars will apartments that they have to pay
torian Eric Hobsbawm once wrote the U.S. as the world’s paramount ophthalmologist who was punished re-open. Good news: the Bank of Is- for in pound sterling. So $20 oil
that “like Machiavelli himself, he technological and economic power for warning about the virus, which rael just called me: it will all be could bring an end to it.”
enjoys truth not only because it is through forced technology transfer later killed him—appeared across over by June 15.” Mr. Putin’s departure from
m rp
true but also because it shocks the and aggressive state subsidies for the country “again and again as a His Twitter bio describes him power could prove anticlimactic, in
naive.” Chinese firms. Beijing dropped the case of the cost of suppressing the simply as a “Historian and contrast with the Soviet Union’s
Mr. Luttwak has come to believe program’s name last year as criti- truth.” Rancher” based in San Joaquin, fall. Mr. Luttwak thinks the “Cher-
that “regimes fall because of stylis- cism grew, but the program already Along with Chernobyl compari- Bolivia, though he spoke to me nobyl” miniseries may be “the No.
tic failure.” That happens “when had alienated many U.S. support- sons, Chinese citizens online through Skype from his home in 1 film ever made in the history of
co Fo
the more alert members of the rulers—or, as Mr. Luttwak puts it, started describing the regime as Maryland. Ranching has been mankind.” He says it’s “right up
ing elite are prompted to realize “killed off the panda huggers from “ridiculous,” Mr. Luttwak says. more than an investment. It has there with films like ‘Seven Samu-
that the regime’s official ideology the American system.” Other coun- “Not evil, not bad—ridiculous. Sud- helped him understand the funda- rai,’ which contain universal teach-
and style of government have be- tries were taken aback by China’s denly, they’re ridiculous.” Some mental weakness of post-Soviet ings.” As for the Wuhan outbreak,
come totally outmoded, obviously new brashness. Mr. Luttwak says elites joined in. “I saw not an em- Russia. “Between Vladivostok and the history and its teachings are
irrelevant and even ridiculous.” the international backlash was a peror standing there exhibiting his the North Korean border, there is still being written.
The Soviets are a case in point. “disaster that’s not felt by the man ‘new clothes,’ but a clown who the most wonderful grassland in
“I visited the Soviet Union almost on the street but precisely by alert stripped off his clothes and in- the world,” he says. “I wanted to Mr. O’Neal is a London-based
every year for years and years. It members of the ruling elite.” sisted on continuing being an em- go there and bring some angus editorial page writer for the Jour-
didn’t fall for material reasons. Then came Wuhan, where doc- peror,” billionaire Ren Zhiqiang, a cattle.” He met with Vladivostok’s nal.
Gentlemen, Don’t Start Your Engines

n-
Indianapolis the speedway, postage-stamp yards peering in upper-level windows. city, at least for a few weeks. Losing for a month in the middle of a
For more than a would have gone commercial as But the Indy 500 is the anchor. that stings. deadly global pandemic and then
no
century the month pop-up parking lots. At $50 or more Its name and imagery pop up in We’re hardly the only community crowding them cheek-by-jowl into
of May has meant a car per day for a month, raceway jokes, metaphors, analogies, casual making a sacrifice. New York has bleachers for three hours would
one thing in Indi- neighbors are all winners. Not this comments and advertisements that lost Broadway, Boston its marathon, cause a disease explosion, giving
ana: The Indianapo- year. reach far beyond the local market Los Angeles its beaches. Many Indianapolis a global reputation as
lis 500, our annual It’s true that this town, once de- towns around the country have put a coronavirus superspreader it
CROSS
celebration of risively known as India-no-place, themselves into sleep mode. Under would regret forever.
COUNTRY
By Daniel
spring and the Hoo- punches above its weight as a small- With the Indy 500 lockdown, we’re all a little bit less Indianapolis is somehow a bit
sier State’s nearly market sports capital, consistently than ourselves, not a feeling Ameri- less than itself without the race, and
Lee
forgotten early fielding competitive professional postponed until August, cans enjoy. But New York, Boston we who live here are searching for
dominance of auto football and basketball teams. The it’s been an unusually quiet and L.A. always have other means of the balance point between the indi-
manufacturing. Indianapolis Indians, the Triple-A maintaining a steady presence in vidual and the community. When
The race and its monthlong activ- affiliate of the Pittsburgh Pirates, spring in Indianapolis. the national imagination. In India- you get down to it, America has al-
ities—practice laps, qualifying, the sets minor-league attendance re- napolis, it’s been an especially ways been about that.
queen and her court waving from cords at downtown Victory Field. empty May without the 500. At the end of every May, all but
convertibles in a downtown parade, The city is also home to a collection and far beyond the sport of racing. Even the most anti-lockdown one racing team leaves Indianapolis
a 13-mile half-marathon, and all of unique museums—the NCAA Hall Indianapolis and Indiana ride along protester would have to admit that disappointed, telling themselves,
those people swarming local restau- of Champions, the Eiteljorg Museum on the coattails of our own creation. postponing the race, the largest “There’s always next year.” This
rants and nightclubs—pump an esti- of American Indians and Western When the world beats a path to our one-day sporting event in the time the city is saying it too.
mated $300 million into the local Art, and the Indianapolis Children’s door every May, it confirms that world, was necessary. Bringing
economy. On race day, close to Museum, with its life-size dinosaurs we’re more than another flyover nearly half a million people to town Mr. Lee is a writer in Indiana.
400,000 people crowd into the
track’s huge bleachers and the
Snake Pit, the infield’s writhing den
of iniquity (itself an important
boost for the local bail-bonds trade).
Johnson & Johnson Takes a Powder
Spectators watch open-wheel race By James R. Copland talc as an ovarian-cancer risk. The cum cases were filed in St. Louis, half running mass tort in the U.S. It also
I
cars “go like hell and turn left,” with Food and Drug Administration has a country away from Johnson & appears in trace amounts in naturally
the exhausted winner gulping a bot- f you want Johnson & Johnson consistently found insufficient evi- Johnson’s headquarters in New Jer- occurring talc. Despite longstanding
tle of cold milk about three hours baby powder, stock up now or dence to mandate an ovarian-cancer sey, as lawyers exploited historically efforts by Johnson & Johnson and
later. prepare to travel overseas. On warning label on talcum powder. lax venue rules. Missouri appellate other manufacturers to eliminate as-
In 1911, it took almost seven Tuesday the company announced it In other developed countries, reg- courts eventually reversed verdicts in bestos entirely from consumer prod-
hours to finish the first 500-mile will discontinue sales in the U.S. and ulators would apply the best science four of the five cases, in which plain- ucts, a small number of tests over the
race. There was no milk for the win- Canada of talcum-based baby powder, and essentially end the matter. But tiffs had hailed from Alabama, Cali- past five decades have detected some
ner. There will be no milk for any- which it has sold since 1894. Amer- not in the U.S., where claims that a fornia, South Dakota and Virginia. asbestos in talcum powder samples.
one this year. The race should have ica’s litigation-friendly legal system product causes an injury are typically These readings may have been
been run this Sunday, May 24. It has has subjected the company to a flood matters of state law. An FDA determi- false positives, as they were not rep-
been rescheduled for Aug. 23. of baby-powder lawsuits, making it nation that a product is safe doesn’t If your baby has diaper licated by additional testing. No mat-
It’s hard to overstate the hole too expensive to sell in the U.S. usually preclude litigation alleging rash, there may be a long ter: Asbestos lawyers have Johnson &
this leaves in Indianapolis life. Most The first wave of lawsuits alleged otherwise. Johnson as their latest deep-pock-
years, “Welcome Race Fans” ban- that the product caused ovarian can- Juries often rejected these law- trip in your future. eted corporate defendant. And a nec-
ners would fly all month at busi- cer—a claim the best medical science suits: Johnson & Johnson won at essary one too, as other lawsuits
nesses and many private residences. doesn’t support. A January study in least eight jury verdicts in 2019. bankrupted all the actual asbestos
There would be race parties every the Journal of the American Medical Some juries have gone for cancer pa- More-recent talcum-powder law- manufacturers long ago.
weekend leading up to the big day. Association followed more than tients too—at least five in 2019— suits have invoked a new theory of
Stores would be festooned with 250,000 American women for 11 sometimes levying giant damage harm. Asbestos, once ubiquitous in Mr. Copland is director of legal
checkered flags and run Speedway years and found no significant ovar- awards. Between 2016 and 2018, five home insulation, has been defini- policy for the Manhattan Institute
Specials. Reporters would be pulling ian-cancer risk associated with tal- different juries in St. Louis returned tively linked to the lung cancer meso- and author of “The Unelected: How
their hair out trying to find new cum-powder use. The Centers for Dis- verdicts totaling almost $5 billion. thelioma—leading asbestos litigation an Unaccountable Elite is Governing
story angles. And for blocks around ease Control and Prevention don’t list Two-thirds of the early series of tal- to become the largest and longest- America,” forthcoming in September.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
A Vote-by-Mail Nightmare Lockdown Hurts the Blue-Collar Poor Most
R
oughly 100 million Americans voted in Commission told voters in March that ballots may Peggy Noonan gets it exactly My mom, upset at the extreme
the flesh during the 2016 elections, min- be returned by “a family member or another per- right in “Scenes From the Class lockdowns in Wisconsin, told me that
Struggle in Lockdown” (Declara- this kind of thing would have devas-
gling at 117,000 polling places with son.” Technically, that covers anybody at the door
tions, May 16). Growing up in Wis- tated our family for years. Her rural
918,000 staff, many of whom in a Biden shirt or a Trump hat. consin, I was one of six children liv- county has eight cases of Covid-19
were seniors. Given how fast Trump or Biden by a Last year when the commission ing in a mobile home in the middle and zero deaths as I write this.
Covid-19 has spread without whisker, with a million consin law flagged the issue, it said Wis- of the woods. My dad, having never And we “deplorables” from a “too
this kind of national mixer, it’s also doesn’t “clearly finished college, had a decent, but big” family? Five out of eight of us
easy to see why an epidemiolo- ballots thrown out. prohibit failing or refusing to low-paying job at an automotive earned bachelor’s degrees, one sister
gist might dread November. deliver a marked ballot col- plant and worked odd jobs to keep has two master’s degrees and one
California Governor Gavin lected from another voter.” his family fed. Our family grew to brother has a Ph.D. We have all paid
Newsom signed an order this month ensuring i i i eight children and my dad’s com- off our student loans and are living
that every registered voter in his state will re- So imagine: It’s Nov. 4, 2020. Swarms of peo- pany changed hands many times. He productive, taxpaying lives.
ceive a mail-in ballot this fall. Michigan Secre- ple have voted by mail for the first time, many always kept his job because he was A lockdown this broad 35 years
underpaid due to his working-class ago would have changed the course
tary of State Jocelyn Benson said Tuesday that of them incorrectly. State election officials are
rank. Good health insurance from of all our lives.
every voter there will be sent an application to struggling to keep up with the deluge. The presi- his employer saved our family from ROSEMARY DOUGAL
cast a ballot by mail. Other states will probably dential race is tight, with Donald Trump or Joe financial ruin when one of my sis- Grand Rapids, Mich.
expand their absentee options. This is under- Biden (pick your poison) leading nationally by ters was extremely sick and died at
standable in a pandemic, but it’s worth keeping 500,000, similar to the popular vote in 2000. But the age of 6 months. The privileged, whether they work
in mind what can go wrong. something like a million mail-in ballots have I often gave my mother money in government or in private enter-
In 2016 almost a quarter of votes were carried been thrown out. from babysitting and my newspaper prise, are armed with the means to
by the post, according to the federal Election As- The Electoral College comes down to Ohio route to buy bread and milk before wait out the pandemic and cast as-
sistance Commission. But roughly 1% of submitted and Wisconsin, where the contenders are sepa- the next paycheck. Hand-me-downs, persions on those below them, many
absentee ballots were rejected. About half of the rated by several thousand votes. For 10 days, late beater cars and simple food was our of whom likely live paycheck to pay-
life. Living on the edge of poverty is check. We are not all in this together.
time, the voter’s signature was missing or didn’t ballots keep being counted in Ohio. As voters
always a risk. You learn to be re- DOUGLAS PAGE
match the John Hancock on file. Another quarter race to fix bad signatures, it sets off a scramble sourceful and determined. Norwood, Mass.
of these ballots arrived after the deadline. All in of challenges and counter-challenges. Mr. Biden
all, 319,000 votes were thrown out. files a lawsuit pointing to higher rates of ballot
Black and Hispanic mail voters in Florida had rejection in areas with more black voters. Mr.
rejection rates in 2018 that were twice as high: Trump accuses Democratic activists in Wiscon-
What Are the Consequences for Schiff’s Lies?
2% and 2.1%, compared with 0.9% for whites, ac- sin of mass ballot harvesting. Maybe a canvasser Regarding your editorial “All the ingly similar to Adam Schiff’s claims
cording to a study by the state chapter of the in Milwaukee finds a box of votes in his trunk Schiff Transcripts” (May 13): In the to have “more than circumstantial evi-
American Civil Liberties Union. In several coun- that he—whoops—forgot to deliver. good old days if a member of Congress dence” of Trump-Russia collusion
ties the minority rejection rates passed 3% or The worst of this nightmare can be avoided. was caught in a major lie, knowingly while he was being briefed by numer-
4%. Among first-time voters, 3.1% of ballots were As states extend mail voting, they should tighten misleading Congress and the Ameri- ous investigators that there was no
can public, there were consequences. evidence of such a connection. Is
thrown out. That call is often made by local offi- deadlines and ban ballot harvesting. The push
His own party would denounce him, “Schiffism” going to become a new
cials, who are simply eyeballing the voter’s sig- for all-mail voting is relentlessly focused on bal- the electorate would surely vote him word in our political vocabulary as
nature against the version on record. lot access, which is important. But ensuring bal-
.
out of office but perhaps he would re- McCarthyism did?
Some states allow voters to “cure” a signature lot integrity is crucial for public confidence in sign in disgrace beforehand. But not JAMES H. HASTINGS
ly
mismatch after Election Day. In Ohio they have election outcomes and, ultimately, for demo- today. Rep. Adam Schiff was playing to Rapid City, S.D.
seven days to fix the issue. It’s eight days in Colo- cratic legitimacy. the base with a calculated lie, cheered
rado and 14 in Illinois. North Carolina says mail Democrats in Congress want to go the other on by fellow party members and sup- I always wondered why so much
on
ballots are valid if they arrive three days after Elec- direction. The Heroes Act, passed by the House
tion Day, provided their postmarks beat the dead- this month, would mandate the counting of late
line. It’s six days in Iowa and 10 in Ohio. ballots postmarked before Election Day, with a
ported by most of the media. He is a
hero—to some. There are not, nor will
there be, consequences for him. How
times have changed. Any wonder the
money was spent on the Mueller Re-
port when, according to Adam Schiff,
he had all the evidence against Presi-
dent Trump.
In 27 states, “a voter can designate someone uniform 10 days to cure bad signatures. The bill
approval rating of Congress is at such I hope there will be repercussions
us ,
to return their ballot,” says the National Confer- also says that states “shall permit a voter to des-
an abysmally low rating? for all those who have lied so easily to
l
ence of State Legislatures. This practice is often ignate any person to return a voted and sealed ANDRE GEORGE the public and divided this country for
e
restricted to family members and caregivers, or absentee ballot,” on the sole condition that can-
al a
Paradise Valley, Ariz. their own political gain.

with rules that cap the number of ballots any vassers not be paid per vote. In effect it would BARBARA DEGREGORIIS
single person may return. Not always. “Ballot impose ballot harvesting nationwide. I’ve been rereading David Halber- Greenwich, Conn.
ci on
harvesting” has made news in California, where At best, mass mail voting is a roll of the dice, stam’s “The Fifties,” which tells of the
activists have canvassed neighborhoods collect- calculated against the grim reality of the pan- rise and fall of Sen. Joseph McCarthy, House Speaker Nancy Pelosi should
ing votes. The registrar in Orange County re- demic. If the country is lucky, the 2020 election, who started his yearslong witch hunt remove Adam Schiff from the House
ported in 2018 that his office had “people drop- whoever wins, won’t be decided by a whisker. by claiming to have a list of 205 Intelligence Committee because of his
ping off maybe 100 or 200 ballots.” Then as the coronavirus is tamed, the temporary names of known communists in the continued lying to the American pub-
er s
State Department. It turned out after lic about Trump-Russia collusion. She
Ballot harvesting isn’t widespread, but laws in measures should end. For ballot security and
all the character assignation was over won’t because she doesn’t care.
13 states are “silent on the issue,” the NCSL says. democratic legitimacy, it’s hard to beat going to JAY GREEN
m er
that he never had such a list and

That includes Wisconsin, where the Elections the polls on Election Day. never named anyone. This is frighten- La Quinta, Calif.
California’s College Testing Mistake

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Social Division and Reporting Hate Crimes

T
hursday’s decision by the University of because of unions are nearly impossible to reform.
California regents to eliminate the SAT For California’s political class the convenient solu- I was very pleased to read Gerard Marino because that person was shot
and ACT in admissions is a historic blow tion is to ban tests—concealing the achievement Baker’s “Editor at Large: The Often and killed after an exchange of gun-
to excellence in higher education. Applicants to gap while congratulating themselves on a com- Distorted Reality of Hate Crime in fire with police. Do you think that
co Fo
America” (Review, May 16). The dis- prosecutors would have hesitated to
the largest university system in the U.S. will now mitment to equity and inclusion.
torted coverage of hate crimes by the vigorously pursue prosecution if the
be judged entirely on how well they can flatter The result is that wealthy students will find mainstream press is a travesty. White suspect had survived?
admissions bureaucracies with coached personal the system easier to game, and more students victims of attacks by blacks wonder LLOYD DAVID
statements, as well as high school grade-point of all races who aren’t ready will be thrust into why their suffering doesn’t warrant Seattle
averages whose meanings are obscured by grade UC schools. If that happens on a large scale, the coverage by the media, when black
inflation. rigor of instruction will have to fall to keep victims of white criminals are lion- The fact is that the levers of
The UC started using the SAT in the 1960s to graduation rates up and the value of degrees ized, especially because black crime power are usually controlled by
find talented students from modest back- may erode. is much more common. This leads to whites, and in exercising that power
grounds. As an exhaustive faculty senate re- California was a bellwether when it started a distorted notion of what is wrong they not too infrequently disregard
port—ignored by university leadership—put it using the SAT 60 years ago, so some think this in America. the rights of our fellow citizens of
this year, “This original intent is clearly being re- week’s move heralds the beginning of the end for JENNIFER MARKS color. By not stating the key fact of
Laguna Woods, Calif. the delay in the arrest of Mr. Ar-
alized at UC.” Yet diversity bean-counting has testing nationwide. Yet few other schools have
n-
bery’s killers and by not discussing it

displaced the philosophy of merit and excellence made moves as radical as UC’s. The University The issue that has been called out in the context of possible institu-
that made the UC the envy of the world in the last of Chicago made headlines in 2018 by going test- in the press about Ahmaud Arbery’s tional racism, Mr. Baker fails to make
century. The claim that math and reading tests optional, but 85% to 90% of admitted applicants death isn’t his being killed, but the his point.
discriminate against minorities (except Asians) still submitted a score last year. HAROLD FLOYD
no
failure of the justice system to pur-

easily won the day, never mind the evidence. The higher education business model was al- sue justice in his death. Prosecutors Media, Pa.
California’s political class is desperate to create ready under pressure before the coronavirus, were unable to press charges against
a different racial makeup at the UC, and it sees and the recession may force deep cuts in the UC. the alleged killer of Paul and Lidia Mr. Baker’s excellent piece on hate
testing as an obstacle. The SAT shines a light on The regents’ political move to compromise edu- crime will, I imagine, bring in much
failures and inequalities in California’s public K-12 cational quality against faculty advice does not hate mail. He speaks a truth that is
school system. Black and Hispanic students are bode well for the future of a system that for de- Meat Alternatives Can Help unpopular. By saying that “the em-
peror has no clothes,” Mr. Baker has
more likely to attend low-quality schools which cades was an engine of opportunity. Reduce Covid-19 Mortality shown courage.
Plant-based food makers’ mouths CRAIG JONES
Larry Fink’s Political Purgatory are watering not only due to in-
creased sales from “filling in” for
Nags Head, N.C.
T
meat, but over the opportunity for Any imbalance in reporting of
ry as he might, Larry Fink can’t seem duty to do its best to deliver strong returns to the world to better understand crimes between the races, if indeed it
to get off the political left’s target list. its clients. how our food choices impact our exists, isn’t as important as the ac-
The BlackRock CEO earlier this year Progressives don’t care about Mr. Fink’s po- health and the environment (“Meat tual imbalance in prosecutions, and
promised to sell coal invest- litical remonstrances. They Alternatives Maneuver to Win the recent tragedy in Georgia is a
ments, threatened to punish The BlackRock CEO want BlackRock to use its cli- More Supermarket Turf,” Business perfect example. If the video of Mr.
& Finance, May 14). Arbery’s killing hadn’t been made
corporate managers who can’t seem to buy ents’ money to accomplish
Obesity, diabetes and cardiovas- public, there is no indication that the
don’t disclose their climate what they can’t through regu- cular disease are the most com- two white men would have been ar-
(and other political) risks, progressive absolution. lation or legislation. And to mon chronic conditions found in rested. How differently would the
and proclaimed that public some degree so does Mr. Fink, Covid-19 patients. The medical prosecutors have acted if the perpe-
companies must serve all who in his annual letter to community has advised for years trators were black and Mr. Arbery
“stakeholders,” not shareholders. CEOs threatened to vote against corporate di- that a plant-based diet is integral were white? That is the most impor-
If he thought that was enough to buy abso- rectors who don’t disclose political risks as to reducing these risks. Production tant longstanding and frequent im-
lution for being rich, he’s learning the hard stipulated by the Sustainability Accounting of meat and dairy also signifi- balance we should be talking about.
way. At BlackRock’s annual shareholder meet- Standards Board. “A commitment to stake- cantly contribute to greenhouse- VALENTINE BARNES
ing Thursday, climate ultras staged “socially- holders helps a company connect more deeply gas emissions, deforestation, soil New York
distanced” demonstrations in cities around the to its customers and adjust to the changing de- degradation, water use and coastal
“dead” zones. Choosing a plant-
globe demanding that the world’s largest asset mands of society,” he wrote.
manager “make substantial changes to its en- Fortunately for Mr. Fink, BlackRock share-
based diet is the most effective Pepper ...
way to reduce an individual’s envi-
tire investment model in order to be the cli- holders don’t agree with him. A resolution by ronmental footprint. Eating more
And Salt
mate leader it claims to be.” the liberal activist nonprofit “As You Sow” that plants and less meat can create a THE WALL STREET JOURNAL
Some activists inflated a 10-foot hot air bal- asked BlackRock’s Board to prepare a report healthier world. The world doesn’t
loon at BlackRock’s New York City headquarters on how to implement a stakeholder corporate need to go vegan. But we clearly
with a banner “BlackRock: Hot Air on Climate.” purpose drew only 3.85% shareholder support. need to reduce our dependence on
On Wednesday Illinois Rep. Jesús García and BlackRock’s board opposed the resolution. animal products.
Rhode Island Sen. Sheldon Whitehouse led a Mr. Fink said at the shareholder meeting GREG STELTENPOHL
“People’s Assembly on BlackRock” on Zoom. that BlackRock was “trying to make sure that Founder and CEO, Califia Farms
Los Angeles
In an online flyer, fossil-fuel opponents called we are representing the ideas, the needs of our
BlackRock “the largest or second-largest share- clients” who live in different parts of the U.S.
Letters intended for publication
holder in Big Oil giants” and “the biggest single We suspect his foremost goal is to be Joe Bi- should be emailed to wsj.ltrs@wsj.com.
investor in the 56 companies most responsible den’s Treasury Secretary. Perhaps he is figur- Please include your city, state and
for building new coal plants in the developing ing out that the left will never forgive him for telephone number. All letters are sub-
world.” BlackRock is the world’s largest asset having made money as a capitalist, even if he ject to editing, and unpublished letters
cannot be acknowledged.
manager, not investor, and it has a fiduciary now refuses to defend capitalism. “This interview already has 19 Likes.”
OPINION
A Plainer People in a Plainer Time

In those two months we learned a in near perfection of dress and
lot. How intertwined and intercon- grooming. There is a red rose, photo-
nected our economy is, how provi- graphed by the late Irving Penn,
sional, how this thing depended on which symbolizes more than a mere
DECLARATIONS that. And how whisperingly thin were trend of dress.” He called the cover
By Peggy Noonan everybody’s profit margins. The well- “iconic.” To him it symbolizes “the
W
being of the West Side block depends larger issues of life”—nature, gar-
e’re easing up. Good, on human traffic, which depends on dens, fresh flowers.
it’s time. Spring is restaurants and bars, which depend on When he speaks to people in fash-
here, summer’s com- the theater being open. It was a George ion, “they are not even concerned
ing. You can pass any Bailey economy: “Every man on that with acquiring the new.” “Women are
well-meaning restric- transport died. Harry wasn’t there to wearing neat, coordinated exercise
tion and do your best to enforce it, save them, because you weren’t there gear or track suits as they walk off
but great leaders work with human to save Harry.” Every economy is, in the extra pounds gained from self-
BARBARA KELLEY
nature, not against it. People need to the end, and if you’re interested in eco- quarantine.”
be together, out in the air, in the sun, nomics you knew this, but not the way This, he said, is the mood: “I re-
and if you don’t let them they’ll find you know it after the business catas- cently saw a video of Amish men
a way anyhow, and then everybody trophe of 2020. moving a big red barn across a
will have to fight. But the biggest things I suspect we field. Instead of having it raised on
All 50 states are to varying degree learned were internal. No matter lives, and our society’s arrange- reasons economic and existential a a flatbed, 300 men wearing black
unlocking. How citizens do this will what you do for a living, when you ments. We have applauded together, new simplicity is coming, glitz leav- simply picked up the full-size barn
determine the size and severity of weren’t busy introspection knocked for the first time, those whose jobs ing. (All this would be especially true and moved it across a field. That
second and third waves. It’s almost on the door and settled in. Two dif- kept our towns up and operating, for those over 40, but according to was so moving to me. The idea of
all in our hands. A report this week ferent men, professionals, both from nurses to truckers. We’ve re- the Census Bureau that’s more than how humans can be so resourceful,
from a scientist who helped discover blinked with surprise as they re- thought not only what is “essential” half the country.) based on strength and their cultural
ported, unasked, that they can’t be- but who is important. All this will Fashion is a sliver of life. Maybe roots. Amish people are elegant, yet
lieve they have their college-age kids change you as a nation. you approach it as the fun of glam- they adhere to traditions that have
As the lockdown forces us home again and they’re all together Here is what I am certain of. We our; maybe you see it as a way of been passed down generation to
and they have dinner every night and will emerge a plainer people in a paying tribute to life by making it generation.”
to turn inward, we rethink play board games. They were so plainer country, and maybe a deeper even more beautiful. Maybe you see Women “will always want to look
what’s important and what grateful. They had no idea this was one. Something big inside us shifted. it as vanity, chasing youth. But it’s a smart, neat and well groomed,” he
possible, that it would make them so Superficially, the hair is scruffier, leading indicator of a nation’s mood, said. “There’s nothing like a woman
we were meant to do. happy. That it had been missing. the roots grew out, but you can al- and it will be changed by what we’ve who has put on a simple white cotton
People have suffered. They’ve been most hear people thinking eh, our experienced. button-front shirt, a simple skirt, and
afraid. The ground on which they time is finite, our money limited— We’re getting pared down. We’re she has taken a beautiful cotton or
SARS said that a lab experiment con- stand has shifted. Many have been re- maybe that’s not gray, it’s silver. paring ourselves down. linen or silk scarf and neatly knotted
firms what common sense always viewing their lives, thinking not only Maybe that new fringe is my silver I asked Andre Leon Talley, former it at the chin or the nape of her neck.
suggested: Wearing a mask can sub- of “what’s important” or “what lining. We’ve grown used to soft creative director at Vogue, whose That is what I mean when I say
stantially reduce disease transmis- makes me happy” but “what was I clothes, gym clothes. I have three new memoir, “The Chiffon Trenches,” Amish stoicism. The pioneer genes
sion and viral loads. If we all do that designed to do?” They’ve been con- outfits in daily rotation and I keep is about more than fashion, if he saw shall prevail, and women will focus
one small thing, chances are we’ll get ducting a kind of internal life review, them folded on a window ledge, like it as I did, knowing he’d disagree. But on the essentials: nurturing their
through OK. reflecting on the decision that a child laying out her clothes for no. “I think more people will be children in the arc of safety (homes
.
How could we not? Especially af- seemed small and turned out to be school. I like the simplicity of this. I dressed, when we come out of this and schools) providing food (driving
ter we’ve just done something so big. crucial, wondering about paths not shared it with a friend. “That’s what pandemic, in almost Amish sto- to breadlines and food banks) and
ly
What we did—essentially shut taken, recognizing strokes of luck. I do!” he said. “And I don’t want to icism—a simple uniform of basic making do with what is already in the
down a great, complex, modern na- They’ve been thinking about their re- stop!” We watch TV news and home wash and dry. It’s going to be difficult closet. Everything old will be sud-
tion for two months out of concern ligious faith or lack of it, about their studios, light makeup and spectral for fashion to exist as a mainstream denly new again.”
that people would become sick—had
never been tried before. It’s some-
thing new in history. We will look
back on it, however it turns out, with
lack more admitted.
on
relationships. Phone calls have been
longer, love more easily expressed, its
It has been a dramatic time. We

lighting and think OK, sign of the
times.
The world has admired and imi-
tated America’s crisp chic, but I see
addiction.”
Vogue, he noted by email, has just
published a new issue. “For the first
time in ages there is no celebrity
We will lose, for a while, our old
patina. We will not much miss it.
America is about to become a
plainer place. Maybe a deeper one,
a certain wonder. have stopped and thought about our an altering of the national style. For cover choice, no high-fashion model too. Maybe that’s good.
us ,
l
e
al a
Nobody Likes Tourists—Until They Stay Away

ci on
By Dave Seminara lion in tax revenue. One-third of coro- those with Democratic governors, billion last year, appear poised to keep their fellow citizens out. If
I
navirus job losses in the U.S. are con- are actively discouraging tourists find out. Maine’s Democratic gover- you’re from Lagos, welcome, but if
’m a compulsive traveler who is nected to the travel industry. for the foreseeable future. If travel- nor, Janet Mills, has enacted strict you’re from Long Island, buzz off,
beyond ready for my next fix. And The economy cannot recover with ers were feeling unwelcome in the lockdown policies, despite the state’s right?
so, when my wife’s family, who everyone at home watching Netflix. pre-Covid era, many will feel like modest toll of 73 Covid-19 deaths. Preachy elites are warning us not
er s
live in Dekalb County, Ill., proposed This is a reality I’m not sure some lepers now. Maine’s 14-day quarantine require- to travel this summer. But I suspect
that we meet this summer in a small on the left—the people who’ve I used to live in Bend, Ore., seat ment for visitors will likely remain many won’t forgo their holidays to
m er
town in Tennessee that is roughly cheered the virus’s positive impact of Deschutes County, which has a in effect through at least the end of Martha’s Vineyard or Cape Cod. J.B.
halfway from our home in Florida, I on the environment and favor indefi- population of 197,000. As of May 21, July, effectively killing the vital high Pritzker, the Democratic governor of
was all for it. I contacted a venerable, nite closures—fully grasp. Even be- Deschutes County has 116 coronavi- season for many businesses. Illinois, has sold his strict lockdown
historic hotel in eastern Tennessee to fore Covid-19, environmentalists rus cases and zero fatalities. Bend’s I get it. People in safer areas using the “All in” catchphrase. But
see if it was taking reservations. “If tried to make beleaguered travelers economy relies on tourism and has don’t want their communities with when asked why his wife, M.K., had
m rp
you are considered to be in a hotspot feel bad about ruining the planet. A been devastated by a shelter-in- limited health-care resources over- left Illinois for their $12 million
area (100 current cases),” the hotel host of destinations nag travelers to place order that Gov. Kate Brown whelmed by visitors. Travelers have equestrian estate in Florida, he called
replied, “we will ask that you hold off sign “responsible tourism pledges”; has extended for parts of the state been regarded with suspicion since it a “reprehensible” question. As a
on your visit.” Dekalb County (popu- activists “flight shame” travelers despite just 137 coronavirus casual- Biblical times, but nearly all of us former resident of Illinois and a cur-
lation 105,160) had 211 active cases who fail to buy carbon offsets; and ties in Oregon. Most Central Orego- have good intentions and will dem- rent resident of Florida, I empathize
co Fo
(but just two deaths) at the time, and travel industry organizations like the nians resented tourists for clogging onstrate good judgment. My hunch with M.K. because, as Sir Richard
Pinellas County, Fla., where we live, Tourism Declares a Climate Emer- area attractions and turning neigh- is that travelers will stay as far from Burton once put it, “man wants to
had 909 cases. So all of us were un- gency initiative have turned their borhoods into Airbnb crash pads be- others as possible this summer. wander, and he must do so, or he
welcome. own clients into perps. And let’s not fore Covid-19; now they’re about as And there’s a peculiar irony that shall die.”
forget that the Green New Deal seeks welcome as a plague. liberals—who seem to believe that
to relegate the airline industry to the Tourists can be an annoyance, but everyone from around the globe has Mr. Seminara is author of “Bed,
The #stayhome brigades scrap heap of history. what happens when they stay away? a constitutional right to move Breakfast & Drunken Threats:
The travel industry should be bet- Municipalities in some blue states here—now effectively want to build Dispatches From the Margins of
are shaming travelers, but ter stewards of the environment. like Maine, where tourists spent $6 walls around their communities to Europe.”
summer travel may be And I’m not advising untested travel-
ers from New York City and other
what this country needs. hard-hit areas to fan out around the
world with unwashed hands and un- Media Cowardice and the Collusion Hoax
n-
covered faces. But I think that many

Never before has travel seemed at of us, particularly those like me who To many hack com- Take a podcast in February with the voters when I see one. Worth
once so enticing and so illicit. Tour- have tested negative for Covid-19 or mentators, “con- former Obama adviser David Axelrod 1,000 Washington Post op-eds was
ists are viewed as nuisances in the those who live in lightly affected ar- spiracy theory” has and Rep. Adam Schiff, under the aus- Duke University polymath Timur
no
best of times, and these are clearly eas, can travel ethically and respon- become a term pices of the University of Chicago and Kuran’s analysis of Mr. Trump’s fa-
the worst of times. David Foster sibly. Simple, restorative journeys used to make cer- CNN. In an hourlong, intimate set- mous campaign cheap shot at John
Wallace compared tourists to insects like a camping or volunteer trip, or a tain kinds of im- ting, how could Mr. Axelrod not ask McCain. Even veterans who revered
on a dead thing, which are “econom- visit to a loved one, will be manna plicit and explicit about the unraveling of the Russia McCain rallied to Mr. Trump because
BUSINESS
ically significant but existentially from heaven after months stuck at cooperation unac- collusion theory and the Steele dos- of his “fearless” willingness to hit
WORLD
loathsome.” This summer more than home. knowledgeable. sier that Mr. Schiff so assiduously back against a Republican icon.
By Holman W.
ever, travelers who eschew the pleas Travel-industry executives under- With evidence promoted for three years? Or take his continually misrepre-
Jenkins, Jr.
of the #stayhome brigades might stand public anxiety. Hotels are es- newly in hand last The questions needn’t be accusa- sented comment about shooting
feel like loathsome insects, tolerated tablishing social-distancing proto- week, we see that tory, but how does someone with a someone on Fifth Avenue, which re-
perhaps, but not welcome in many cols, offering contactless check-in, the resources poured into promoting living mind not ask? Instead, Mr. Axel- porters still advance as proof that
places. Are you helping the country and disinfecting rooms and public the Steele dossier before the 2016 rod abused JFK by painting Mr. Schiff Mr. Trump thinks a president is
more by staying home or hitting the spaces like never before. Airbnb now election were nothing next to those as a profile in courage for peddling a above the law. Mr. Trump was speak-
road this summer? mandates a 72-hour booking buffer mobilized by Clinton campaign chief lie that made him extraordinarily pop- ing as a candidate: If you’re a pressie
Some consider the summer travel between guests for more intensive John Podesta after the inauguration. ular with the anti-Trump media (as if who still doesn’t understand that he
debate a trifling matter—after all, cleaning. Airlines use fogging disin- Transcripts two years old show vari- this could ever be courage). was marveling (and hyperbolizing) in
people are dying and millions are un- fectants and many are requiring ous Obama officials denying under real time about the mainstream
employed. Those who are healthy and masks, but they need to do a better oath that they possessed evidence of press’s hostility as his best recruiting
have the resources to travel are job spacing passengers. Trump-Russia collusion while they What happens when tool, you are unfitted to be an ob-
blessed. According to the U.S. Travel With travel restrictions in place implied the opposite on TV. server of anything.
Association, domestic and interna- in every country, most American Even the outside firm that the FBI the press becomes an The most interesting question
tional travelers spent $1.1 trillion in travelers will want to stay stateside relied on for its claim that Demo- interest group whose would concern the political establish-
the U.S. in 2019, which supported nine and support our economy. But some cratic emails were hacked by the Rus- ment’s response to the 2016 message
million jobs, and generated $180 bil- not-so-hard-hit places, particularly sians admitted under oath to finding interest isn’t the truth? from voters. Whatever you think of
no evidence that emails had been ac- this moment in our history, 100% of
tually removed from Democratic your contempt should be reserved for
servers. At least Mr. Axelrod noted that Mr. those who responded by inventing
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Newsies in the aftermath of the Schiff comes from a safe seat unlike the Russia collusion hoax.
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
Russia hoax now insist they were the many Republicans Mr. Schiff con- The purpose of reporting is not to
Matt Murray Almar Latour
merely reporting on official actions. stantly accuses of cowardice. But how propagate falsehoods; what good are
Editor in Chief Chief Executive Officer and Publisher They carefully avert their eyes from could any GOP officeholder work with commentators who lack the judgment
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: the fact that the leaks they received Democrats to rein in Mr. Trump when to recognize that the Steele dossier (a
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; and possibly even the official acts voters back home see Mr. Schiff collection of accusations by some-
Natalie Cerny, Chief Communications Officer;
Jason Anders, Chief News Editor; Louise Story, Chief
Kamilah Mitchell-Thomas, Chief People Officer; they reported were manufactured de- falsely trying to frame the GOP presi- body who would neither vouch for
News Strategist, Product & Technology Officer
Edward Roussel, Chief Innovation Officer; liberately to put lies into the news. dent as a Kremlin mole? their accuracy nor reveal their
Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer If they had any grit, many of our The failure to think about these source) had no journalistic value ex-
Features & Special Projects; Andrew Dowell, Asia;
Anthony Galloway, Video & Audio; Alex Martin,
OPERATING EXECUTIVES: senior reporters would be hopping larger consequences is the real cow- cept as proof of the concocter’s low
Kenneth Breen, Commercial;
Print & Writing; Michael W. Miller, Features & Jason P. Conti, General Counsel;
mad now to learn they had been ma- ardice. (For the record, Messrs. Tai- opinion of journalists?
Weekend; Emma Moody, Standards; Tracy Corrigan, Chief Strategy Officer; nipulated into reporting untruths to bbi and Maté in their own podcast re- Fools become liars when they
Shazna Nessa, Visuals; Matthew Rose, Frank Filippo, Print Products & Services; the public. fer to Mr. Schiff as a “pathological knowingly persist in their misrepre-
Enterprise; Michael Siconolfi, Investigations; Kristin Heitmann, Chief Commercial Officer;
Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales;
If they had any grit. Instead many liar” and the person most likely to sentations to preserve personal dig-
Gerard Baker, Editor at Large Thomas San Filippo, Customer Service; of them seem to be hanging around assure Mr. Trump’s re-election.) nity and professional standing. By
Paul A. Gigot, Editor of the Editorial Page;
Josh Stinchcomb, Advertising Sales; the same leakers and whisperers, When all is said and done, half the rights, the rectification should begin
Suzi Watford, Chief Marketing Officer; hoping for new talking points to get story of our age will be how Demo- with the dismissal, on competence
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International
themselves off the hook in air-clear- crats and the press became more grounds, of the leadership in many
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; ing now coming. It’s all part of what Trumplike than Trump in their oppo- newsrooms. It won’t. But at least reg-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head Matt Taibbi of Rolling Stone and sition to Trump. ister in your own mind how routinely
EDITORIAL AND CORPORATE HEADQUARTERS: Aaron Maté of the Nation (two left- My own taste in presidents runs in and sometimes completely press be-
1211 Avenue of the Americas, New York, N.Y., 10036 wing critics of the Russia hoax) call an Eisenhowerly direction, but I havior is at odds with values the
Telephone 1-800-DOWJONES
the “privilege protection racket.” know an interesting experiment by press claims to represent.
SPORTS
College Football’s Game of Chicken
The season remains up in the air as university and state leaders take wildly different positions on return dates to campus
BY LAINE HIGGINS have seven home football
AND LOUISE RADNOFSKY games scheduled that month,
T
including a blockbuster
he most intense matchup between the Ducks
event in college and Ohio State on Sept. 12.
athletics right Some clear national trends
now is a game of are also emerging. Schools in
chicken among the south and middle of
conferences, universities and America—largely red states
state officials over whether that are less dense, have
they will reopen campus in generally been less ravaged
the fall—and therefore un- by the virus to date—have
lock the ability to begin a been more eager to ease so-
football season. cial-distancing measures and
It’s a game that is playing more eager to resume play.
out in wildly different ways To be sure, too, colleges
across the country, suggest- have changed their tones al-
ing that a chaotic runup to most weekly. A pledge to
the 2020 season is ahead. make a decision by mid-June
Football programs, which can become an announce-
generate big money and ment in mid-May, so there’s
please boosters, are trying to no reason to believe that ev-
charge ahead. But the deci- ery college’s statement that
sions rest not with athletic it plans to have in-person
directors, but university classes is binding. But for
presidents and their bosses— football, where teams typi-
the governor of each state. cally have to be training at
None of the game’s organiz- least six weeks before a sea-
ing bodies—the NCAA and son’s start, planners want to
big conferences—has the be able to take those prom-
power to dictate a consistent ises to the bank.
outcome. No one wants to be Commissioners from the
responsible for stopping the 50 States of Play Officials in the state of California have signaled that they might “Power 5” leagues have held
season. not allow students to return to campus this fall. If they don’t, daily conference calls since
Schools have taken a variety of positions on fall classes – and
No one is more familiar college football games might not be allowed until later. March 6. But the once united
with them, football. Some say they’re committed to having an
with this staredown than Pa- front they presented is be-
in-person campus. For others, that’s not looking likely.
cific-12 Conference commis- ing it before a possible sec- SEC have also said they are ginning to disintegrate.
In the middle dozens of schools are weighing options and
.
sioner Larry Scott. He main- ond wave during the usual planning for students to take Scott insists that there
waiting to make predictions.
tains that the conference’s flu season begins in late au- classes in person in the fall, will be a “unified national
ly
football season “will start on tumn. with some, like Mississippi approach” to restarting foot-
time and play in full.” He Atlantic Coast Conference Pittsburgh
South Carolina in the SEC State, pronouncing they’re ball, just like the unified ap-
adds that the Pac-12 “will be will cancel fall break and “fully committed” to the proach he imagines for the
aligned and unified with
what we do as a conference.”
Yet public officials in Ore-
gon and California, where Southeastern Conference
on Duke, Georgia Tech, North Carolina,
Syracuse, Louisville, Virginia Tech
move all instruction online
after Nov. 24, a move that
other universities might imi-
tate. The arrangement also
plan. None have said they’ve
already decided against hav-
ing classes.
By contrast, none of the
Pac-12. But Greg Sankey of
the SEC has hinted that his
conference may go ahead
and play games even if some
half of the league’s teams are paves the way for the California schools in the universities in other states
us ,
located, have signaled that schools to play football. Pac-12 have announced plans were not yet ready.
l
they might not allow stu- The shifting landscape has to be back to in-person in- If it seems like an easy fix
e
Vanderbilt
al a
dents to return to campus Indiana, Michigan, Michigan State, Minnesota,

forced conference commis- struction in the fall: UCLA on the uniformity could
this fall. And if they don’t, Northwestern, Ohio State, Penn State, Rutgers, Wisconsin sioners to call frequent audi- and California say they’re come from the NCAA, think
football games might not be Big Ten bles. “The thing that has planning for multiple scenar- again. Football is the sole
ci on
allowed until later. been the most interesting to ios with “robust” remote in- college sport where the
It’s a different story in the me is that every single day NCAA does not orchestrate
Atlantic Coast Conference, something occurs that causes the national championship.
where commissioner John Oregon and Oregon State want a new thought process that The conferences exert the
Swofford suggested that his Pac-12
to open but the state says no. changes decision making,”
Aug. 29 most control over how the
er s
league, which stretches from said new Big Ten commis- sausage gets made. And it all
Florida to Massachusetts, sioner Kevin Warren. “I trust The scheduled date of the comes down to TV money.
m er
might go ahead even if only our presidents and chancel- kickoff to the 2020 college- “There’s no question that
Colorado
some schools participate. “I Calif. state officials lors and athletic directors to football season. it all emanated from that
don’t think some schools not have warned make the very best decisions 1984 Supreme Court deci-
being able to compete neces- Big 12 against mass for their total student body sion,” said Tom McMillen,
sarily keeps a majority of the population.” chief executive of the LEAD1
m rp
gatherings.
schools that could compete The 10 schools in Iowa, struction; USC and Stanford association for major football
from competing,” he said. Kansas, Oklahoma, Texas and have said students will re- schools’ athletic directors, of
That’s not nothing, since Sources: universities; local news reports West Virginia that make up turn when it is safe, but have the NCAA v. Board of Re-
the conference also includes the Big 12 are sufficiently been mum about when that gents of the University of
Duke—one of two schools commissioners were initially Friday that athletes could re- clear, and uniform in their may be. This comes as the Oklahoma case. The court’s
co Fo
whose pullout from March in agreement. sume voluntary team activi- plans, to make life easier for University of Washington, opinion gave universities the
Madness helped topple the But in recent weeks, the ties on campus as soon as their commissioner, Bob Washington State, Arizona ability to independently ne-
basketball tournament within consensus has splintered. In- June 8. But the Big Ten and Bowlsby. They’re all planning and Arizona State are lean- gotiate television contracts—
hours—and Duke says it dividual states and universi- ACC have big question on inviting students back, ing toward having in-person and paved the way for con-
won’t decide until June. ties are all over the map on marks, and the Pac-12 is with the only concession be- classes. ferences to strike the
SPENCER ALLEN/ZUMA PRESS
The scramble is fallout the question of whether stu- deeply fractured. ing that some returns may Things get more compli- multimillion-dollar television
from a simple idea: that cam- dents will be on campus this Some universities, includ- happen in phases. “Those de- cated in Oregon, where Gov. deals that today pad athletic
puses should probably open fall. Most of the schools in ing football independent cisions will be made campus Kate Brown said sporting department coffers.
for fall classes in order for the Southeastern Conference Notre Dame, have overhauled by campus,” Bowlsby said in events through the end of “The NCAA is a fragmen-
student athletes to be there and the Big 12 are barreling their academic calendars and a text message. September should be can- tation, particularly in foot-
training and playing. The ahead and preparing to plan to start the semester Most of the southern celed or drastically modified. ball, as a result of that,” Mc-
NCAA and major conference play—the SEC announced early with hopes of complet- schools that make up the Oregon and Oregon State Millen said.
n-
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
30s <0
Manning, Brady Renew Rivalry
no
d t
Edmonton 40s
Vancouver
Vancouver C g y
Calgary
0s BY ANDREW BEATON
80s 50s 10s
50s
Seattle ip
Winnipeg
20s PEYTON MANNING TURNED
ANDY LYONS/GETTY IMAGES; JEFF GROSS/GETTY IMAGES
70s 50s 60s 60s

P
Por
Portland d t
Montreal 30s heads back in February when
l
Helena 80s
Bismarckk
Ottawa 40s he delivered a ball from an
Billings 70s A g t
Augusta
g
Eugene Boise 40s 80s 70s pls /St
/ . Pau
Mpls./St. Paul T
Toronto t
Boston 50s impressive distance with un-
30s A bany
Albany
canny accuracy. Fans were
60s oux FFalls
Sioux ff
Buffalo Hartfordd 60s
Pierre k
Milwaukee
Dess Moines
t
Detroit
Cl
Cleve l d Newe Y Yorkk 70s amazed. Tom Brady was
Ch
Chic g
Chicago Cleveland
Reno Salt Lake
L City
C snarky.
Omahah
di p li Pittsburgh P
Indianapolis h d ph
Philadelphia 80s
Sacramento Manning wasn’t playing
Cheyenne
h
70s Charleston Washington
h on D.C.
D.C
D C 90s
an Francisco Las
San L
Denver Topeka Kansas Spring
p i fi ld
Springfield the sport that he retired from
City Lou ill
Louisville h
Richmond d 100+
80s Ve
Vegas C d
Colorado
St.. Louis
Lou and that Brady still plays pro-
p
Springs h
Nashville i h 80s
Raleigh
Los A
Ange
Angeles 90s
hit
Wichita fessionally. It was at the Peb-
Santaa FFe C h
Charlotte
80s Memph p
Memphis ble Beach Pro-Am, where
90s Ph h
Phoenix Alb q q
Albuquerque kl homa City
Oklahoma C Warm Rain
San Diego LLittlee Rockk Atlanta C
A l bbi
Columbia Manning expertly landed his
Tuc
Tucson Birmingh
Birmingham
El P
Paso F .
Ft. Wor
Worthth D
Dallas Jack k
Jackson
Cold
approach shot on the par-5
90s T-storms
10th hole on the back of the
bil
Mobile Jacksonville
30s 40s A
Austin green and watched it roll to Peyton Manning, left, and Tom Brady are pretty good at golf.
50s Houstont Stationary Snow
60s ew Orleans
New Orlando
l d
80s an Antonio Tampa just a couple feet from the
70s San
A h g
Anchorage Honolulu
90s Miami
Showers Flurries hole. rus. Woods couldn’t defend slightly worse than Manning
70s 80s “Brady would have sunk his Masters title in April and but still far above average.
Ice this,” one golf podcast com- the tournament has since Among the rules for the
mented with a video of the been postponed until Novem- event, which include a special
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W feat. ber. Actual PGA Tour tourna- exemption for the competi-
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 80 67 pc 82 65 t Frankfurt 61 46 r 66 50 pc “Not true,” Brady retorted ments are set to resume but tors to wear shorts if they
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 93 70 c 91 70 pc Geneva 70 45 t 68 49 pc on Twitter. “Peyton is the not until June. would like, is that the ama-
Today Tomorrow Philadelphia 76 55 t 67 52 pc Havana 87 70 t 86 72 t
City Hi Lo W Hi Lo W better golfer right now. He’s And with pretty much ev- teurs will get three handicap
Phoenix 93 69 s 95 69 s Hong Kong 85 79 sh 86 80 r
Anchorage 57 46 c 52 44 r Pittsburgh 77 60 c 82 66 t Istanbul 62 50 sh 67 55 s had much more practice erything else erased on the strokes on the front nine.
Atlanta 88 68 pc 89 68 t Portland, Maine 64 42 s 59 42 s Jakarta 93 78 pc 93 77 t these past few years.” sports calendar, half of the Woods noted Manning has
Austin 92 73 pc 83 66 t Portland, Ore. 66 49 pc 72 56 sh Jerusalem 75 60 pc 68 55 pc Brady and Manning will competitors in the premier dramatically improved since
Baltimore 80 58 t 70 55 pc Sacramento 87 55 s 93 61 s Johannesburg 69 43 pc 68 46 pc
Boise 62 42 pc 68 47 c St. Louis 85 70 pc 89 72 t London 66 51 sh 72 51 pc play—golf—against each sporting event on Memorial he stopped wasting his time
Boston 62 47 pc 58 47 pc Salt Lake City 58 42 c 64 46 pc Madrid 91 60 pc 89 63 pc other this Sunday, and the Day weekend are playing the throwing a football. “He’s got
Burlington 77 51 s 78 54 pc San Francisco 73 52 s 75 54 s Manila 93 82 t 93 82 t longtime rivals may not even wrong sport. so much better,” Woods said
Charlotte 85 66 pc 86 65 t Santa Fe 79 45 s 76 40 s Melbourne 58 50 sh 57 43 pc
Chicago 76 67 t 86 69 t Seattle 65 50 c 66 54 sh Mexico City 82 55 t 81 56 t be the most famous people in Brady and Manning are ar- at the 2019 Memorial Tourna-
Cleveland 73 63 pc 82 68 t Sioux Falls 76 61 c 74 60 pc Milan 83 60 pc 77 56 pc their foursome. Manning is guably the two greatest quar- ment. “Now that he’s retired
Dallas 87 72 t 83 68 t Wash., D.C. 82 62 t 72 58 c Moscow 47 38 sh 49 37 r teaming up with Tiger terbacks in football history. and can play a lot more golf.”
Denver 81 45 pc 61 41 t Mumbai 92 83 pc 93 82 pc
Woods, and they’re going up Now they’ll be on national TV Brady and Mickelson are
Detroit
Honolulu
75 61 pc 82 68 t
86 72 pc 85 71 pc
International Paris
Rio de Janeiro
67
85
48 pc 70 51 pc
71 s 74 67 c against Brady and Phil Mick- playing a game they’re merely underdogs in the event, ac-
Today Tomorrow
Houston 91 76 pc 88 73 t
City Hi Lo W Hi Lo W
Riyadh 104 77 pc 106 80 pc elson in an event called good at. But, to be clear, Tom cording to oddsmakers, but
Indianapolis 81 67 t 85 68 c Rome 77 62 pc 76 59 pc
Kansas City 83 70 pc 86 68 t Amsterdam 63 52 pc 61 51 pc San Juan 90 77 pc 90 77 t Champions for Charity, bene- Brady and Peyton Manning there’s one area where the
Las Vegas 82 63 s 86 68 s Athens 79 59 s 76 61 s Seoul 76 58 pc 69 55 r fiting Covid-19 relief. are most likely a lot better new Tampa Bay Buccaneers’
Little Rock 87 70 t 89 69 t Baghdad 105 76 pc 103 67 pc Shanghai 81 69 pc 91 71 pc The event, 18 holes of than you at golf. quarterback may be able to
Los Angeles 76 58 s 79 60 s Bangkok 97 84 t 95 82 t Singapore 87 79 t 88 79 t
Miami 87 77 c 86 77 c Beijing 79 58 r 83 59 s Sydney 64 54 r 62 54 sh
match play at Medalist Golf Manning has a 6.4 handi- help his team.
Milwaukee 64 56 t 73 60 t Berlin 65 48 r 61 48 sh Taipei City 79 74 r 87 76 pc Club in Hobe Sound, Fla., is a cap index, according to Golf “I’ll tell you what, Tom
Minneapolis 71 62 c 79 67 t Brussels 66 48 pc 66 50 pc Tokyo 71 63 sh 72 65 pc rare spectacle during a time Digest, which the USGA says Brady can putt,” Rickie
Nashville 87 70 t 87 69 t Buenos Aires 61 46 c 62 54 pc Toronto 74 55 pc 71 59 sh
New Orleans 90 77 pc 89 76 t Dubai 101 84 pc 105 86 pc Vancouver 63 50 c 62 52 r
when most major American would place him in the top Fowler said after playing a
New York City 67 52 r 67 52 pc Dublin 58 50 pc 65 45 pc Warsaw 65 49 pc 63 47 sh sport events have been called 17% of golfers in the country. practice round with him
Oklahoma City 85 69 pc 80 64 t Edinburgh 55 48 sh 61 46 sh Zurich 70 43 r 67 45 pc off because of the coronavi- Brady’s is 8.1, which rates ahead of the 2018 U.S. Open.
EXCHANGE
Cashing In School Tax

Tech’s titans are Uncle Sam wants
leaping ahead, a piece of your
even now B5 scholarship B4
BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * * * ** Saturday/Sunday, May 23 - 24, 2020 | B1
DJIA 24465.16 g 8.96 0.04% NASDAQ 9324.59 À 0.4% STOXX 600 340.17 g 0.03% 10-YR. TREAS. À 5/32 , yield 0.659% OIL $33.25 g $0.67 GOLD $1,734.60 À $14.10 EURO $1.0899 YEN 107.63
Pie in the Sky

In normal times, most laid off workers don't expect to come back to the same
job. But as businesses abruptly closed this spring, the vast majority of those
63%
Share of restaurant operators
let go saw their job loss as only temporary, hopes that are now fraying. in an April poll who said they
Reason for unemployment among those who lost their job
expect lower staffing levels in
six months than a year earlier.
100%
RECESSION
ES
75 April 2020
88% anticipated
returning to the
Permanent jo
job loss* same job within
50 six months
25 NO GO
When no one leaves the house,
Temporary
y layoff some tech companies suffer, too.
0 Uber said Monday it would cut
You can’t disinfect a slide every time
“
3,700 jobs in addition to 3,000
1980 ’90 2000 ’10 ’20
previously announced, shedding
someone goes down it.
*Includes those who completed temporary jobs
Source: Labor Department
roughly a quarter of its workforce
in under a month’s time. ”
—MIKEL BLAIR, owner of an indoor playground
THE LONG
ROAD BACK
YMCAs around the The Pacific Northwest Ballet
initially warned about hundreds of
country have warned layoffs, including seasonal workers,
about layoffs. but managed to keep some workers
.
on for the time being, partly with
ly
the help of government subsidies.
At first, workers and employers thought furloughs would be

temporary. Increasingly, many are looking permanent.
on BY ERIC MORATH
T
us ,
l
he vast majority of people laid off ruary, the unemployment rate was at a 50-year
e
al a
this spring assumed they’d be back low at 3.5%, and many employers worried
Acoustic-guitar maker CF Martin at their jobs fairly soon. It is be- about being able to attract workers. Weeks
coming more clear now that for later, the largest mass layoffs since the De-
ci on
& Co furloughed more than 400

workers at its Nazareth, Pa., gui- many, that was wishful thinking. pression were under way. Cheesecake Factory and
tar factory in early April, after Even as states encourage a re- A signature feature of this crisis was its
Pennsylvania barred manufactur- turn to pre-Covid-19 normalcy, restaurants, blizzard of confusion. States and employers, Outback Steakhouse
ing deemed nonessential. The factories and other businesses are increasingly faced with the uncertainties of a new disease, have told states about
company has since called back saying they either won’t open when allowed, took placeholder measures they hoped would plans to reduce hours or
er s
the workers with the help of or will do so with reduced staff. Federal Re- be temporary. Government programs aimed
paycheck-protection funds, though serve Chairman Jerome Powell has warned to encourage employers to keep workers on furlough thousands of
m er
the ban is still in place. It sees that the U.S. economy could take more than a their payrolls. Now, some forecasts estimate workers in recent weeks.
still-strong demand for guitars year to recover. that of the more than 21 million workers laid
but will likely offer buyouts for The closures were sudden and swift. In Feb- Please turn to page B6
Both say they plan to
some employees. bring back workers.
m rp
235,000
The number of new hourly
Reverse Course
Before the pandemic, the job market was so strong many employers worried
about attracting new workers. Now, projections are for unemployment to
workers to help Walmart meet remain at record levels all of this year and stay elevated through 2021.
co Fo
new demand as consumers Unemployment rate, quarterly

turn to its stores to stock up.
20%
RECESSION
15
3Q 2020
15.8%
10 unemployment
rate projected
TOOTH DECAY
Projections
n-
Bans on elective dental procedures 5

forced Dental Arts Laboratories,
which makes crowns, dentures,and
other products, to furlough three- 0
no
I thought we’d be closed for two weeks... quarters of its 430-person staff. It
“ I can’t bring everyone back.
”
—KRISTAN VAUGHAN, Chicago pub owner
has called back some sales reps
but needs more certainty before
calling other workers back.
1980 ’90
Source: Congressional Budget Office

2000 ’10 ’20
CLOCKWISE FROM TOP: BING GUAN/BLOOMBERG NEWS; KATE CAHILL; ANGELA STERLING; DOUGLAS R. CLIFFORD/TAMPA BAY TIMES/ZUMA PRESS; LAURA THOMPSON/SHUTTERSTOCK; DUSTIN YODER; MARK HUMPHREY/ASSOCIATED PRESS; JOHANNES EISELE/AFP/GETTY IMAGES
Debt-Laden Hertz Higher Costs

Files for Bankruptcy Of Operating
In Pandemic
Deal eludes No. 2 rental-car company, creditors as
pandemic shutdown of travel contributes to woes Test Profits
HBO MAX
BY ALEXANDER GLADSTONE Group Inc., as well as from ride-hail- BY MATT GROSSMAN

AND NORA NAUGHTON ing services such as Uber Technolo-
gies Inc. and Lyft Inc. The company Elmo of ‘Sesame Street’ fame hosts a new show on HBO Max. Companies from major retailers
Hertz Global Holdings Inc., one of lost some $58 million last year, its and package carriers to local restau-
HBO Max’s Cliffhanger:

the nation’s largest car-rental compa- fourth consecutive annual net loss. rants and hair salons are awakening
nies, filed for bankruptcy protection But Hertz’s business was ham- to a new economic reality in the age
Friday, saddled with about $19 billion mered by the onset of the coronavirus, of the new coronavirus: Being open
Can It Become a Star?

in debt and nearly 770,000 vehicles as people world-wide bunkered in at for business is almost as hard as be-
that have been largely idled because home and global travel shriveled up. ing closed.
of the coronavirus. Going forward, as businesses adapt by Facing higher costs to keep work-
The Estero, Fla.-based company conducting meetings remotely, busi- ers and customers safe and an indef-
entered chapter 11 proceedings in ness travel may not return to prepan- inite period of suppressed demand,
the U.S. Bankruptcy Court in Wil- demic levels, according to bankers and BY JOE FLINT including a much-anticipated businesses are navigating an ever-
mington, Del., hoping to survive a analysts who follow Hertz. “Friends” cast reunion—won’t narrower path to profitability. To
drop-off in ground traffic from the Hertz didn’t reach a deal with The launch of HBO’s stream- be ready when WarnerMedia’s make the math work, some busi-
pandemic and avoid a forced liquida- creditors before entering chapter 11, ing service was just three HBO Max debuts Wednesday, nesses are cutting services and jobs.
tion of its vehicle fleet. heightening the risk of a full liquida- weeks away when HBO Max the latest entertainment giant Others are raising prices, including
The company’s collapse marks one tion of the fleet, although the com- boss Kevin Reilly laid out the to join the streaming wars. That imposing coronavirus-related fees
of the highest-profile corporate de- pany and investors have several situation for his fellow execu- puts additional pressure on HBO aimed at getting customers to share
faults stemming from the pandemic’s weeks to work out an agreement tives on a video call. Max executives to make sure some of the expenses.
impact on air and ground travel, avoiding that outcome, people famil- The good news, he told them, the platform—which at $15 a For large companies, the price—
though Hertz also had challenges be- iar with the matter said. was the service had more than month is also much pricier than and perils—of operating in a pan-
fore the current economic crisis. Hertz has spent years trying to re- 100 shows in various states of rivals like Netflix Inc.’s $12.99 demic are already coming into focus.
Even before the Covid-19 outbreak, structure its business, and has blown production. The not-so-good standard fee and Disney+’s Walmart Inc., Target Corp. and
Hertz had been struggling with com- through four chief executives in less news? Many were in limbo due $6.99—won’t be starved for Home Depot Inc. this week said they
petition from peers including Enter- than a decade. Most recently, former to the coronavirus pandemic. new shows in coming months. absorbed more than $2 billion com-
prise Holdings Inc. and Avis Budget Please turn to page B2 Some of the biggest shows— Please turn to page B5 Please turn to page B10
B2 | Saturday/Sunday, May 23 - 24, 2020 * ******* THE WALL STREET JOURNAL.
THE SCORE
THE BUSINESS WEEK IN 7 STOCKS
HERTZ GLOBAL HOLDINGS INC. WALMART INC. NVIDIA CORP.

PERFORMANCE OF HOME IMPROVEMENT STOCKS
Hertz has a new driver at the
wheel during a tumultuous
Source: FactSet
When consumers rushed to
stock up on essentials during People are working and play-
ing from home. That is wel-
HTZ time. The car-rental company
on Monday named Paul
8%
WMT the pandemic, many looked
to Walmart. The country’s
NVDA come news for Nvidia, which
makes chips that help power
7.5% Stone as its president and Lowe's
2.1% largest retailer said on Tues- 2.9% laptops, data centers and
chief executive and moved 6 day that U.S. comparable videogame consoles. The
ahead on its preparations to file for sales rose 10% in the recent quarter company’s revenue rose 39% in the re-
bankruptcy. Hertz and its rivals such as when many competitors temporarily cent quarter from a year earlier. The
Avis Budget Group Inc. and Enterprise closed and more than 30 million Ameri- company said late Thursday that its
Holdings Inc. have come under financial 4 cans filed for unemployment. Walmart data-center sales rose 80% to a record
pressure due to plunging ridership amid noticed a boost in April when shoppers $1.14 billion, lifted by the shift to cloud
the coronavirus pandemic, while its fi- spent government stimulus money. The computing as workers log on remotely.
nancing costs are rising. Hertz disclosed company said it absorbed about $900 Another boost came from the millions
Friday night that it filed for chapter 11 2 million in additional costs related to of people playing Nintendo’s “Animal
protection, after failing to reach a stand- Covid-19 and hired 235,000 new hourly Crossing” on the Switch console, which
still agreement with top lenders. The Home workers to help it staff stores. Walmart uses Nvidia chips. Nvidia shares added
Depot
company’s shares dropped 7.5% Friday. 0 shares fell 2.1% Tuesday. 2.9% Friday.
MODERNA INC. –2
STARBUCKS CORP. FACEBOOK INC.
A weapon to slow or halt the

coronavirus pandemic could
Mon. Tues. Wed. Thurs. Fri.
Plans are brewing at Star-
bucks for more drive- Mark Zuckerberg is really
embracing WFH. The chief
MRNA be on the horizon. Drugmaker
Moderna said on Monday
SBUX throughs to offset losses
from dining. The coffee com-
FB executive is shifting Facebook
toward a substantially re-
20% that the first human study of HOME DEPOT INC. 0.4% pany said Thursday that it is 0.6% mote workforce over the next
its experimental vaccine
showed promise in some healthy volun- DIY is propping up Home Depot. Locked-down cus-
tomers turned to more do-it-yourself repairs dur-
accelerating a schedule to
build drive-through and to-go only loca-
decade. It will apply only to
senior engineers at first. Within 10
teers. The results offered a preliminary
but promising sign about one of the
HD ing the coronavirus pandemic, boosting sales at tions in the next 12 to 18 months
rather than three to five years. Star-
years, Mr. Zuckerberg expects as many
as half of Facebook’s employees to
most advanced coronavirus vaccines in 3% the home improvement giant. But the increase bucks will also close locations in unpop- work from home, he told The Wall
development, and suggested Moderna ulated malls. Starbucks opened more Street Journal on Thursday. Facebook is
was on track to produce the vaccine for wasn’t enough to offset costs from boosting workers’ pay than 85% of its owned U.S. stores to moving gradually because the shift will
possible emergency use in the fall. The and benefits in the recent quarter, the company said Tues- drive-through, delivery and carryout ear- require new techniques and tools to
vaccine still has much to prove but the day. Home Depot kept stores open as much of the U.S. lier this month. The company has said compensate for the loss of in-person of-
initial results buoyed optimism and it expects 90% of its stores to reopen fice interactions, he said. Facebook
helped lift the broader market. Moderna shut down. Home Depot shares fell 3% Tuesday. by early June. Starbucks shares fell shares added 0.6% Thursday.
shares gained 20% Monday. 0.4% Thursday. —Francesca Fontana
Hertz Files
.
ly
Chapter 11
on Bankruptcy
Continued from page B1
us ,
Chief Executive Kathryn Marinello

l
was succeeded Monday by Paul

e
al a
Stone, who previously served as

the company’s executive vice presi-
dent and chief retail operations of-
ci on
ficer for North America.

Hertz has also had a debt
problem that can be traced back
to a 2005 leveraged buyout by
private-equity firms.
er s
Founded in Chicago in 1918

and originally known as Rent-a-
m er
Car Inc., Hertz opened its first

airport car-rental facility at Mid-
way Airport in 1932. The com-
pany’s owners have included RCA
Corp. and later Ford Motor Co.,
m rp
which sold Hertz to a buyout

group led by Clayton Dubilier &
Rice in 2005 for $5.6 billion.
The company went public in
2006, and activist investor Carl
co Fo
Icahn, who started acquiring

Hertz shares in 2014, now owns
more than one-third of the com-
ALEX NABAUM
pany and has placed three of his

representatives on the board.
The pandemic has diminished
automotive traffic in the U.S.,
squelched car sales and cut into
rental reservations at Hertz. The
What an asset is THE INTELLIGENT INVESTOR | JASON ZWEIG May 8, Blackstone cited “signifi- Wall Street Journal reported in
worth depends on cant declines in the unrealized early May that Hertz, the nation’s
who owns it—and valuations of investments in sec- second-largest rental-car company
how.
When Your tors that are materially chal- by fleet size behind Enterprise, was
n-
If you own pub- lenged” by the pandemic, includ- preparing for a bankruptcy filing.
licly traded real-es- ing retail. The bankruptcy is expected to
tate investment Michael Brennan of Chicago- be complex given the company’s
trusts, your REITs
Lookalike Funds based Brennan Investment Group, vast debt and corporate structure,
no
are worth an average of 21% less one of the nation’s largest devel- which includes $14.4 billion of ve-
than they were at the end of opers and owners of industrial hicle-backed bonds at subsidiaries
2019. If, however, you hold the real estate, says he is “amazingly that aren’t part of the filing.
TIAA Real Estate Account, a
$25.2 billion variable annuity in-
vested mostly in private assets,
your stake is down only 1.1% for
Don’t Act Alike bullish” in the long run and ex-
pects any declines to be transi-
tory. However, “it would be fool-
hardy to say we can still lease or
Like Avis and some other
rental car companies, Hertz
doesn’t own its vehicles. The
company leases its rental-car
the year. sell buildings at the same rates as fleet, about 770,000 vehicles in
These differences highlight the Similar assets can have very different returns before March,” he says. “I’m not total, from separate financing
gap between how public and pri- so sure anyone’s value estimates subsidiaries. The lease payments
vate markets work. The common in private and public markets; are worth the paper they’re writ- are earmarked for investors that
fund abbreviation NAV, which ten on for the time being.” own bonds backed by the fleet.
stands for “net asset value,” in a story of two real-estate funds Ian Matthew, a senior director Now that Hertz has filed for
reality often signifies “near asset at TIAA, declined to discuss bankruptcy, investors with rights
value.” That can be the case As of March 31, the Real Estate quarter. The National Council of whether the account might have to the vehicle fleet have to wait
whenever a fund owns nontraded Account’s properties were spread Real Estate Investment Fiducia- to mark down its holdings. for 60 days before they can fore-
assets—not just private real es- across four major sectors: offices, ries, which tracks data on the “There may be times when mar- close on and sell the cars. Hertz
tate, but private equity, venture at 37% of total assets by fair- performance of institutional ket values of properties or even and its creditors will likely aim to
capital and whatever else doesn’t value estimates; apartments, at property, says its main diversified perceived market values might prevent a complete liquidation
have a daily market value. 26%; retail, at 20%; and indus- index fell only 0.98% before fees. change faster than they can be and strike a deal to downsize the
Look what happened on March trial, at 16%. “We might have expected more appraised,” he says. “That’s in fleet while keeping some vehicles
16, when markets went into melt- Other big managers of private of a drop in value,” says Jeffrey the nature of private assets that in operation, said people familiar
down and REITs were wrecked. real estate also reported a mini- Fisher, a research consultant for are not priced every day in a with the matter.
Yet the TIAA Real Estate Account mal change in value in the first NCREIF. “The managers and their public market.” With the $14.4 billion in vehi-
dropped only 0.7%. That’s largely appraisers were challenged to de- The Real Estate Account’s cle-finance bonds so widely held—
because most of its properties termine how much the appraisals properties are appraised quar- by pension funds, mutual funds
don’t trade. That same day, TIAA- A Real Difference needed to be updated to reflect terly, although those valuations and structured-credit funds—the
CREF Real Estate Securities, of- the impact of Covid-19.” come in steadily rather than all at company has faced difficulty coor-
One TIAA real estate fund owns
fered by the same firm but in- That’s because the pandemic once at quarter end “so you don’t dinating with bondholders, people
nontraded properties, while another
vesting primarily in public REITs, froze the property market imme- get big lumpy spikes” in valuation familiar with the matter said.
owns public assets. The values of
lost 17.7%. diately before the end of the changes, says Mr. Matthew. The Rental-car companies play an
the private holdings have barely
TIAA offers the Real Estate Ac- quarter, eliminating the transac- account keeps a large cushion of important role in supplying
budged in 2020.
count only in retirement savings tions that normally would pro- cash, more than 10% at last reck- newer models to the used-vehicle
plans for teachers and other not- Total returns at TIAA vide prices on which valuations oning, to meet the demand from market. Hertz also is a major cus-
for-profit employees. The Real Es- can be based. selling investors without having tomer for U.S. auto makers, pur-
tate Securities fund is available to 10% In Mr. Fisher’s opinion, the to liquidate real estate. chasing about half of its fleet
the general public. Real Estate “truth” about how much property Returns have been impressive. from General Motors Co., Ford
0 Account
Although the pandemic’s im- values changed probably lies The account returned an average Motor Co. and Fiat Chrysler Au-
pact on rents across office, indus- somewhere between the extreme of 8.8% annually over the 10 tomobiles NV in 2019, according
trial and residential properties –10 losses on REITs and the flat per- years ended March 31, according to a financial filing.
isn’t fully clear yet, rents at U.S. formance of the NCREIF index. to TIAA. The S&P U.S. REIT Analysts were concerned that
retail properties have collapsed –20 Blackstone Group Inc., the index returned 7.3% over the Hertz could be forced to sell part
by 30% to 50%, estimates the Na- giant private-equity manager, same period. or all of its fleet into an unusually
tional Association of Real Estate –30 reported in its earnings an- Still, at funds that own private weak market. But the possible liq-
Real Estate
Investment Trusts. Funds from Securities Fund nouncement last month that assets, potentially higher long- uidation would come as demand
–40
operations, a measure of earn- the firm’s two major real-estate term returns often come with the for used vehicles is rising slightly,
ings, fell 9% at all traded U.S. eq- J F M A M strategies lost 3.9% and 8.8% in short-term risk that some hold- and pricing in the market is
uity REITs in the first quarter, ac- Note: Figures through May 20 the first quarter. ings might turn out to be worth showing signs of recovery after
cording to Nareit. Sources: FactSet (Securities Fund); TIAA (Account) In its quarterly report, filed less than the managers thought. hitting historic lows in April.
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, May 23 - 24, 2020 | B3
BUSINESS & FINANCE NEWS
Stock Loss
Torpedoes
Deere Sees Pandemic Pain Deepening
BY BOB TITA of the corn crop already and
Earnings Deere & Co. said the coro-

navirus pandemic will inten-
about half of the soybeans.
Deere said it expects rising
exports of farm products later
At Alibaba sify a yearslong slump in agri-

cultural equipment sales, as
farmers further reduce spend-
this year to boost farmers’
confidence. Under a new trade
deal that the U.S. and China
BY LIZA LIN AND ALLISON PRANG ing amid lower demand for negotiated last year, China
their crops and livestock. agreed to lift its tariffs on U.S.
Alibaba Group Holding On Friday Deere reset its farm goods and pledged to
Ltd.’s fourth-quarter profit fell profit forecast for this year at purchase $36.5 billion worth
88% from a year earlier after a significantly lower range af- of U.S. farm products in 2020.
the coronavirus pandemic after tossing out its previous For the fiscal second quar-
fected the value of the Chinese guidance in March as the pan- ter, which ended May 3, sales
e-commerce giant’s public in- demic disrupted its farm-and- of Deere’s farm and landscap-
vestments. construction equipment busi- ing equipment fell 18% from a
Alibaba, China’s most-valu- nesses. year earlier and operating in-
able technology company, re- The company’s shares fell come plunged 22%. Sales of
ported net income of 3.16 bil- 1.5% to $140.71. construction equipment fell
LUKE SHARRETT/BLOOMBERG NEWS

lion yuan ($447 million) for the “We are still operating in a 25%. Operating profit plunged
quarter ended in March. The very uncertain environment,” 72% from lower shipments and
decline was mainly because of a Deere finance chief Ryan shrinking margins.
net investment loss of $1.09 bil- Campbell said during a confer- Income from Deere’s financ-
lion as the pandemic weighed ence call. ing business decreased by 56%
on stock markets and dented The Moline, Ill., company during the quarter as the com-
the value of Alibaba’s equity in- said it expects world-wide pany reported rising costs and
vestments, the company said sales of its farm equipment to losses on the value of leased
Friday. A year earlier, Alibaba contract by 10% to 15% this equipment returned to the
had a net investment gain. year. In February, it had fore- The company said it expects world-wide sales of its farm equipment to contract by 10% to 15% this year. company.
Even so, the spending power cast a decline of 5% to 10%. Net income declined to
of Chinese consumers remained The company has been cut- demic damps demand for farm virus hit their workforces and temporary plant closures $665.8 million, or $2.11 a
strong. Revenue rose 22% to ting expenses since last fall by products and disrupts the hard, forcing slaughtering op- to improve workers’ safety. share, compared with $1.13
114.31 billion yuan, exceeding offering a voluntary employee meat industry. With schools erations to cease. Deere has kept busy filling billion, or $3.52 a share, in the
the expectations of analysts layoff program and shrinking and restaurants in the U.S. The company’s U.S. dealers orders for farm equipment year-earlier quarter. Total
polled by FactSet. Alibaba’s inventories of equipment. The closed for more than a month, and assembly plants, deemed that were placed months ago. equipment sales fell 20% to
revenue comes mostly from ad U.S. machinery market is stuck farmers have plowed under essential for food production, The company said it has $8.22 billion. Deere expects
sales and selling other services in a six-year slump caused by vegetables, dumped millions of have remained open during nearly a full order book for net income this year of $1.6
to third-party merchants on its lower grain prices and trade gallons of milk and euthanized state lockdowns. But opera- large tractors and harvesting billion to $2 billion. The com-
platform. China commerce re- tensions. livestock. Dozens of meat-pro- tions have endured inter- combines for this year. Favor- pany started the year with an
tail sales grew 21% from a year Farmers are now facing in- cessing plants have been idled rupted deliveries from suppli- able weather this spring al- income forecast of $2.7 billion
ago. creased pressure as the pan- in recent weeks as the corona- ers, higher costs for shipping lowed farmers to plant most to $3.1 billion.
More consumers began buy-
.
ing fresh food and groceries
Bars Face Up to a Social-Distancing Headache

online, with city lockdowns
ly
forcing people to cook at home,
Daniel Zhang, Alibaba’s chair-
man and chief executive officer
told investors. Still, other cate-
gories such as apparel and
makeup fell, as most people
wore face masks and stayed
BY SAABIRA CHAUDHURI
Bars and clubs, designed for

patrons to socialize, are grap-
on
home, he added. pling with how to reopen in an
us ,
Alibaba—which runs China’s era of social distancing.

l
two most popular e-commerce As coronavirus lockdowns

e
al a
platforms—started to see a re- ease, places that rely on

covery in those platforms be- crowds of drinkers interacting
ginning March as the country with each other, often in con-
ci on
returned to normalcy quickly fined spaces and with fewer

inhibitions, are rethinking
Alibaba’s net income, their spaces and changing how
quarterly* they do business, or deciding
80 billion yuan to stay shut.
er s
“It is hard for these venues

to open up, especially night
m er
clubs where the number one

60 product is alcohol, and to have
social-distancing guidelines
where you have to be 6 to 10
feet apart,” said Juan Carlos
m rp
40
Diaz, president of the American
Nightlife Association, a trade
body. “It looks barren when
20 you open the doors, what kind
KAI SCHWOERER/GETTY IMAGES
of atmosphere do you have?”

co Fo
The difficulty of safely re-

0 starting nightlife was high-
FY2018 ’19 ’20 lighted recently in South Korea,
when a man who didn’t know
*Attributable to ordinary shareholders: includes he had Covid-19 visited several
value of Alibaba’s equity investments.
Note: 1 billion yuan = $140.54 million. Fiscal year clubs in Seoul. He didn’t follow
ends in March. social-distancing guidelines, ac-
Source: S&P Capital IQ cording to the mayor’s office, Bars in New Zealand including the Bog, in Christchurch, were allowed to reopen Thursday, with restrictions.
setting off a spate of infections
with the government’s rapidly- that triggered the suspension sitting down for a meal. said manager Oscar Tornell.
introduced virus control mea- of 2,000 nightlife venues. The ANA is lobbying for a Nevada Eyes Date ment rate is the highest in the People in romantic relation-
sures, Chief Financial Officer In the U.S., bars are being moratorium on rents and mort- country at 28.2%. ships can sit close together,
Maggie Wu said. allowed to reopen in some gages, asking payment proces- To Reopen Casinos Mr. Sisolak said that the friends are asked to stay an
n-
Its businesses have been states but are up against strict sors to lower credit-card fees June 4 reopening date is con- arm’s length apart and groups
steadily recovering and in restrictions. In Texas, bars and helping bars apply for tem- tingent on Covid-19 trends seated at separate tables must
April, transaction volumes and were permitted to reopen Fri- porary licenses to serve food so Nevada Gov. Steve Sisolak and the results of a Nevada maintain a 2-meter distance.
user activity in Alibaba’s China day at 25% capacity, half the they can offer home delivery or said the state aims to reopen Gaming Control Board meet- Although revenue is down
no
retail businesses returned to allowance made to restaurants. pickup as states relax restric- casinos on the Las Vegas Strip ing scheduled for Tuesday. sharply, drinkers have mostly
levels seen in the October-De- Other states, like Florida and tions to allow for this. and elsewhere on June 4. Gambling regulators are hold- adapted and Soap Bar hasn’t
cember quarter, she said. Nebraska, have allowed restau- In Britain, pubs and clubs Mr. Sisolak ordered casinos ing a public hearing on re- had any trouble with the police
The company said it expects rants to reopen, but for now must remain closed until at to close March 17 in response opening plans including com- who regularly check the venue,
revenue to top 650 billion yuan bars are closed. least July. A recent survey of to the coronavirus pandemic, ments from public-health said Mr. Tornell.K
this fiscal year. In Austin, Texas, the Brass venues by the Night Time In- effectively shutting down the officials. In Australia, New South
When the coronavirus broke Tap will have fewer tables, dustries Association, a U.K. tourism industry, which is re- Regulators have already Wales is allowing only bars and
out in late January, Alibaba had groups of chairs limited to six trade body, found 43.1% of the sponsible, directly or indirectly, limited casinos to 50% occu- pubs with kitchens to reopen,
warned investors that the virus and beer served in disposable 130 respondents said they for one in three jobs in the pancy upon reopening and are alcohol must be sold alongside
would hurt the company in the plastic cups. would need social-distancing state. The closures led to wide- requiring operators to imple- food, and capacity is capped to
short run. “The place will look empty requirements removed to re- spread furloughs and layoffs. ment social-distancing and provide 4 square meters per
Uncertainties still exist, Ms. but it doesn’t matter to us so start business. On Friday, the Labor Depart- cleaning measures. person up to a maximum of 10
Wu said, as countries around long as it can get started back “We’re at the very sharp ment said Nevada’s unemploy- —Katherine Sayre customers.
the world face fallout from the up,” said Lewis Smith, the craft end of this relative to any sort Those who rely on bars,
pandemic and there is little beer bar’s general manager, of licensed premise,” said Mi- clubs and tap rooms including
clarity on the speed of a global ahead of reopening. chael Grieve, managing direc- Mr. Grieve said his club lockdown but its government is musicians, DJs, bartenders,
economic recovery. Geopolitical Some bars and clubs say tor of Sub Club in Glasgow, a needs to operate at over 90% requiring bars to serve custom- brewers and distillers, are also
issues between the U.S. and they won’t reopen until social- basement nightclub with ca- capacity to be economically vi- ers seated at tables that must hurting from closures.
China also weigh on the econ- distancing guidelines are with- pacity for 410 people. “The able since his customers, many be spread out. An April survey of 118 dis-
omy, she added. drawn, citing the cost of oper- whole experience is about a of whom are young with low Stockholm’s Soap Bar, which tillers by the Distilled Spirits
Alibaba’s earnings results ating with fewer patrons. shared emotional, and at its disposable income, come used to welcome 700 to 800 Council, a U.S. trade body,
will likely be closely monitored Owners say they need to run at best euphoric, experience. Re- mostly to dance and listen to people a day through its doors found 42% of respondents an-
by major retailers globally, as a higher capacity than many alistically you can’t achieve music. He doesn’t foresee re- before the pandemic, has added ticipated being unable to sus-
they assess the impact of the restaurants because drinkers that with 2 meters, or really opening until next year. tables, cut staff and slashed ca- tain their businesses for more
coronavirus on their own sales typically spend less than those any, social distancing.” Sweden never went into pacity to 70 people from 360, than three months.
and watch for the speed of re-
covery.
Sales in the company’s cloud
computing business grew 58%
from a year ago, while digital
media and entertainment seg-
Hollywood Film Executive Charged With Fraud
ment revenue for the March BY DAWN LIM He also used some of the and 2017, he billed fake invoices son, after a weekslong internal Meanwhile, the Justice De-
quarter rose 5%. money to buy a Tesla car and requesting that Aviron make investigation. partment on Friday unsealed a
Ms. Wu also addressed a bill The Securities and Ex- a Beverly Hills mansion, and payments to the sham com- In a February interview complaint in Manhattan fed-
passed by the U.S. Senate on change Commission on Friday to remodel his home, accord- pany, the SEC said. with the Journal, Mr. Sadleir eral court alleging Mr. Sadleir
Wednesday that might force filed fraud charges against a ing to the SEC’s lawsuit. In 2019, he forged signa- said he regretted copying the carried out fraud and forgery.
Chinese companies such as Ali- Hollywood movie executive for Some of Mr. Sadleir’s ac- tures to release claims on Avi- fund manager’s signatures. Aviron has released films
baba and Baidu Inc. to give up allegedly stealing money from tions were reported in a Wall ron assets so he could resell “I should not have done it,” such as “A Private War” and
their U.S. listings. American a BlackRock Inc. fund. Street Journal column in Feb- them, the SEC said. That July, he said. “It was bad judgment “Kidnap,” starring Halle Berry.
regulators say China has often The regulator alleges that ruary. A BlackRock fund had he created fake agreements on my part. I know better.” “BlackRock is pleased that
been unwilling to allow access William Sadleir diverted some invested roughly 10% of its as- between the BlackRock fund Mr. Sadleir lost control of the government has moved
to audit records sought by an $25 million from the BlackRock sets in Mr. Sadleir’s ventures. and Aviron in which he copied various Aviron subsidiaries swiftly to investigate and
oversight board. Multi-Sector Income Trust, a Mr. Sadleir, according to the the signatures of the fund’s late last year, according to the bring Mr. Sadleir to justice,”
Ms. Wu said the company roughly $600 million fund that SEC, set up a company with a then-portfolio manager Randy SEC. The agency is asking the said a firm spokesman.
was “closely watching the de- financed his film distribution name resembling another ac- Robertson. Mr. Sadleir’s movie court to compel Mr. Sadleir to Neither Mr. Robertson nor
velopments,” and that Chinese holding company, Aviron tual media investment company company cast Mr. Robertson’s return gains received through Mr. Sadleir responded to re-
and U.S. securities regulators Group. The SEC said Mr. Sa- and created a fictitious individ- daughter in one of its films. fraudulent dealings and pay quests for comment. Calls to
and the oversight board were dleir siphoned the money into ual working for that company Early this year, BlackRock civil penalties. The SEC said Aviron’s corporate office went
already in talks. a fake company he created. as part of the scheme. In 2016 fired the manager, Mr. Robert- its investigation is continuing. unanswered.
B4 | Saturday/Sunday, May 23 - 24, 2020 * *** THE WALL STREET JOURNAL.
EXCHANGE
ON BUSINESS Committee and the
Senate Finance Com-
JOHN D. STOLL mittee asking to tem-
porarily stop collecting
Tragedy
taxes on scholarship
and grant aid during
the coronavirus pan-
demic. A spokesman
Comes for the Senate commit-

tee says it received the
proposal and is consid-
ering it along with
Without other ideas presented

to the committee for
possible economic re-
A Map lief and recovery ef-

forts in the future. Rep-
resentatives of the
House committee de-
clined to comment.
MARGEUAX WALTER FOR THE WALL STREET JOURNAL
While most of One low-income stu-

the world’s chief dent who had not ac-
executives have counted for the scholar-
been navigating ship tax hit was Sol
the coronavirus, Adams. He started his
Aaron Marshall freshman year at Colo-
has charted an en- rado Mesa University
tirely different journey. with enough financial
The 44-year-old father of three aid, including scholar-
is the founder of Keyrenter Prop- ships and a Pell grant, to
erty Management and is six pay for his tuition, room
months removed from a stage- and board, and other ex-
four colon cancer diagnosis. In penses without taking
November, doctors gave him a out any student loans.
slim chance of long-term survival. It wasn’t until he
Kudos on Your Scholarship.

That means he may never walk and his mom were doing his taxes
his daughter down the aisle or in 2019 that he found out he owed
help his children start a business. about $600 in taxes that year,
It also means Mr. Marshall’s thanks to his full ride. Mr. Adams
goals to make Keyrenter, with paid his tax debt to the IRS using
millions of dollars of property
under management, bigger and
more profitable may have to be
met without him.
Now Pay Uncle Sam. money from his savings account.
Now when tax season rolls
around, he knows what to expect
—he just wishes he’d known it
He said he’ll “fight like hell” sooner. “I was totally blindsided,”
to do all those things, but it’s Mr. Adams says. “Fortunately, I
far from guaranteed that he’ll
Taxes are due if college students used financial aid for housing, travel or food had enough saved up.”
.
win that fight. Confusion about how to calcu-
CEOs don’t generally admit BY FRANCESCA FONTANA late the tax on scholarships is a
I ly
they sometimes want to curl up problem for some students. The
in a ball under a blanket during only tax form involving scholar-
the workday; there are no tips t is the end of the school treated as taxable income. Maya for living and travel as taxable, part ships that arrives from universities
on enduring 90-minute Zoom
sessions while in pain. Mr. Mar-
shall, on the other hand, was
willing to tell me that is exactly
year. For college students
who received financial aid,
on
that means it is time to cal-
culate what they could owe
Mauroof, a sophomore interna-
tional student from the Maldives,
says she ended up owing $785 in
income taxes from her first semes-
of a sweeping overhaul that closed
some tax loopholes and streamlined
the tax code to broaden the tax
base and lower rates. Textbooks
is a 1098-T tuition statement,
which shows how much the student
paid the school in tuition and fees
and how much the student received
what he sometimes faces. Uncle Sam. ter at Mount Holyoke College due and supplies would be free from in total financial aid. What the
us ,
Jerry Colonna, a former ven- The problem? Some students to the grants she received for taxation but if a student used a por- statement doesn’t say is how much
l
ture capitalist who counsels top have no idea their scholarships or health insurance, room and board tion of those funds to pay for hous- of a student’s financial aid will be
e
al a
executives, recently told me exec- grants may be taxable in the first and student activities. She was ing, travel or food, that amount taxable because there is no way for
utives often shoulder personal place, resulting in an unexpected working part time at the dining would become taxable as income. the colleges to know for sure.
crises—whether illness, loss of a financial burden for those who hall making minimum wage and This rule now appears to be a The IRS discusses the tax status
ci on
loved one or failure—alone be- have school loans or hail from used her paychecks to pay for her source of increasing revenue for the of scholarships in its annual tax
cause finding solidarity seems im- low-income households. textbooks and personal expenses. U.S. Roughly 703,000 taxpayers re- guide and its guide to tax benefits
possible. CEOs can easily buy the One group representing colleges She couldn’t afford to pay. ported scholarships on their returns for education. The latter includes a
myth that they are automatons and universities is asking Congress “I remember I cried because I in 2017, bringing in $2.8 billion in worksheet on how to determine
capable of solving every problem. for help with these costs while a didn’t see this coming,” Ms. Mau- tax revenue, according to the most the amount of taxable aid.
er s
That’s why there’s practically deadly virus rages across the roof says. A suspension of that tax, recent IRS report. That is up from Being familiar with the higher
no playbook for executives country. The American Council on she added, would save her $1,600 roughly 44,000 taxpayers who paid education system doesn’t necessar-
m er
grappling with tragedy. But Mr. Education sent lawmakers a pro- owed for her fall and spring se- $325 million in 2015. However, the ily make this understanding any
Marshall takes inspiration from posal last month asking that stu- mesters. “Keeping that money IRS says that the amount may not easier, according to Debbie Gale
a few big-name CEOs who have dents receive a temporary reprieve would help me afford to stay in have actually changed much, as the Mitchell, an assistant teaching pro-
acknowledged their illness in from scholarship taxes for as long the U.S. since I absolutely can’t go agency improved its accuracy in fessor at the University of Denver.
recent years. as the coronavirus pandemic lasts. home right now. It would help me identifying scholarship income in She had no idea she would have
m rp
Taxes this year are due July 15 in- make it through the summer.” electronic returns starting in 2017. to pay taxes on a portion of the
stead of April 15 due to the spread Scholarships haven’t always Some who oppose the tax say it $125,000 National Science Founda-
Executives sometimes of the new coronavirus. been subject to taxation in the U.S. is unfairly applied. “Those who can tion graduate research fellowship
The new campaign to suspend The Internal Revenue Code didn’t afford to give charitably receive a she received while in grad school
buy the myth that they college aid taxation is part of a even reference financial aid until tax deduction while students who at the university in 2010. It wasn’t
are capable of solving
co Fo
larger effort to reduce the cost of 1954, when Congress introduced a rely on the aid, who need every dol- until after she had graduated from
higher education for those who section declaring that scholar- lar, have a tax liability,” says Kalwis her Ph.D. program that she heard
every problem. need assistance to pay for it. The ships, grants and fellowships for Lo, director of policy at Scholarship from the IRS.
U.S. government has already sus- degree candidates were tax-free. America, a nonprofit that distrib- “I got a notification saying that
pended payments and interest on That stance changed in the utes millions of dollars to students I owed more than $5,000 in back
JPMorgan Chase & Co. CEO federal student loans for nearly six 1980s. Lawmakers decided the tax each year. “Something doesn’t make taxes,” she says. At the time, her
Jamie Dimon told employees in months to provide relief during a benefit should be tied more directly sense there.” husband was in his medical resi-
2014 he was diagnosed with time of economic uncertainty. to education rather than rent or Certain organizations have been dency, she was an adjunct profes-
throat cancer. A temporary Hundreds of thousands pay lev- food, according to Erica York, an working for years to restore finan- sor, and they had two children.
leadership plan was laid out, the ies on their scholarships each year economist at the Tax Foundation, a cial aid’s full tax-free status. The They didn’t have the money, so she
status of his recovery updated due to a 34-year-old federal ruling think tank that collects data on U.S. American Council on Education paid with a credit card.
in a timely manner. that any aid used for living, travel tax policies. The Tax Reform Act of says it sent a proposal in April to “In retrospect it seems so obvi-
Marriott International Inc. and other expenses should be 1986 then officially defined aid used the U.S. House Ways and Means ous,” she says.
n-
CEO Arne Sorenson, diagnosed

with pancreatic cancer one year
ago, disclosed the issue within
days. He has openly discussed
no
how it has affected his health

and job performance. See How Much of
“You have to face it,” said Mr. Your Aid Is Taxable
Marshall, recounting how tough
it was to join his wife in a con- It can come as a surprise that
ference room to inform staff not all college scholarship money
three weeks after getting his di- is considered tax free
agnosis. “They’re going to grow
more worried and more frus-
trated if you don’t.” It’s up to college students to
Mr. Marshall’s health is im- compute whether they owe taxes
proving and doctors are even on their financial aid. The Wall
mentioning the “C word,” he Street Journal created this calcula-
said, referring to him poten- tor, based on the IRS’s 2019 guide
tially being cured. This gives to tax benefits for education.
him more optimism after —Kara Dapena
months of grueling treatment. and Francesca Fontana
“I’m not the best boss, I can
admit that,” he said, but he has
TOMASZ WALENTA
been forced to grow as a leader. QUESTION 1

Typically a workaholic who What was the total amount of any
thrives on outperforming oth- scholarship or fellowship grant you QUESTION 3
ers, he’s had to hire manage- received for 2019? How much of the remaining
ment coaches for the staff, and Box 5 of your 1098-T form will amount of your scholarship
build a succession plan with his show the total amount of scholar- or fellowship grant did it require
co-founder. “I give my team ships or grants that your university you to use for non-qualified
members more power, more au- received during the tax year. Be education expenses? QUESTION 5 For more, go to wsj.com/graphics/
tonomy,” he said. sure to add amounts from any other Example: If a portion of your aid was What is Q1 minus Q2 , minus Q3 ? scholarship-tax-calculator/
Personal crisis has helped scholarships you received that are designated for rent or travel, that
him confront the 15.5% uptick in
delinquencies in April and other
not included
clude in that box. amount would be included here.
Q5 $ Note: This article is for
informational purposes only
ENTER AMOUNT
E
pandemic-related problems that
confronted Keyrenter. He was at
Q3 $ and is not intended to be relied on
a treatment facility in Reno,

Q1 $ QUESTION 6
for tax advice. Consult your own
advisers about how tax laws apply
Nev., when his co-founder called Comparing Q4 and Q5 , what is to your particular situation.
in March to say the staff needed QUESTION 4 the smaller value? This calculator is designed to
to start working from home. QUESTION 2 How much were your qualified help degree candidates at eligible
“I was like, ‘Hell no, they can
stay at the office,’ ” he said.
How much from Question 1 was for
teaching, research, or any other
education expenses?
Box 1 of your 1098-T form will show
Q6 $ educational institutions. If you
are not a degree candidate at an
“Then I thought about it and re- services required as a condition for the amount that you paid for quali- eligible educational institution,
alized, ‘What does it really mat- receiving the scholarship? fied tuition and related expenses the entire amount you received
ter?’ ” He told everyone to take Example: Does a portion of your during the tax year. Other amounts, QUESTION 7 is taxable.
everything they needed to work scholarship represent payment like the cost of required textbooks What is Q1 minus Q6 ? For information on how to
from home for months, includ- for work as a part-time teaching you purchased for your classes with report taxable income on your
ing desk chairs. “I need to fig-
ure out what the real issue is
assistant? If so, that amount
would be included here.
scholarship or grant money, can be
added here as well.
Q7 $ return, refer to ‘Reporting
Scholarships and Fellowship
and focus on that.” Grants,’ on page 6 of the IRS’s
That’s wisdom for even the
healthiest leaders among us.
Q2 $ Q4 $ THIS IS HOW MUCH OF
YOUR AID IS TAXABLE
E
2019 guide to tax benefits for
education.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 23 - 24, 2020 | B5
EXCHANGE
SÉBASTIEN THIBAULT
Here’s a stark ex- KEYWORDS | CHRISTOPHER MIMS It is possible that advertising

ample of how the will crater for Facebook and
global coronavirus Google in the way it has cratered
pandemic affects
America’s tech gi-
ants, versus how it
affects pretty much
Not Even a Pandemic Can Slow for traditional media companies.
Maybe demand for iPhones and
other consumer electronics crashes
because of high unemployment and
everyone else.
On May 12, Alphabet Inc. subsid-
Down These Technology Giants low consumer spending. Perhaps
Amazon’s competitors make in-
.
iary Waymo announced it had roads against its e-commerce busi-
scored an additional $750 million to ness in unexpected ways.
ly
make self-driving cars a commercial Even if all of this happened, all
reality, bringing its total external recession since the Great Depres- zon, Alphabet and Microsoft, or ing with Covid-19. of these companies have enough
fundraising to $3 billion inside two sion. Anindya Ghose, professor of the “Faaam,” as I like to call them, Any shortfalls in future R&D cash to sustain their innovative
months. Then, on the 18th, The Wall
Street Journal reported that Uber
Technologies Inc. is cutting $1 bil-
lion in fixed costs. This included
on
business at New York University’s
Stern School of Business, says
even the big tech companies will
“see a much bleaker scenario” in
spent almost $29 billion on R&D
last quarter, up 17% from the year-
earlier quarter. That is bigger than
the entire annual budget of the
spending by the Faaam could be
made up by acquisitions—a form
of outsourced R&D. The giants let
others build businesses around
core and avoid laying off the kinds
of design, engineering and prod-
uct talent that are so expensive to
hire in good times.
laying off roughly a quarter of its coming months, and perhaps be- National Aeronautics and Space new ideas, then buy them up. All market signals indicate in-
us ,
workforce and rethinking big, ex- yond, with revenue potentially de- Administration. As public companies, none of vestors are confident these com-
l
pensive bets—such as its own work pressed for a long time if reopen- Some initiatives are related to the Faaam are willing to comment panies can continue to grow in the
e
al a
on self-driving vehicles. ing leads to new waves of the coronavirus pandemic. Micro- on their plans for future quarters long run. The value of these five
It isn’t just Uber that is suffer- infections and additional shut- soft is rolling out services to help beyond the guidance they gave in companies are at or near their
ing. Many brand-name retailers downs. health-care professionals; Face- earnings calls. highs.
ci on
are now bankrupt or on the preci- These firms are still likely to book is going all-in on remote Just as no one predicted the One thing that could trip up
pice, all weakened by shopping come out ahead, says Rita work. Amazon founder Jeff Bezos coronavirus (well, almost no one), the Faaam is antitrust action. The
habits transformed by e-com- McGrath, a professor at Columbia told investors to “take a seat” as it is impossible to know what’s Journal revealed on May 15 that
merce. Then there are the inter- Business School. What they are he conveyed the company’s plans coming for these companies in both the Justice Department and
net-era businesses in every cate- selling—e-commerce, cloud ser- to spend its entire second-quarter terms of revenue and whether state attorneys general are well
er s
gory, from Airbnb to WeWork, vices, social media, devices re- profit—about $4 billion—on deal- they’ll dip into their reserves. into planning antitrust lawsuits
that might not have the cash to quired to work from home and the against Google. Facebook’s in-
m er
survive in their current forms. like—are all in high demand and tended acquisition of Giphy is
Meanwhile, Big Tech’s biggest will be for the foreseeable future. raising antitrust alarms on both
advantage—business models that The tech giants that are thriv- The Big Get Bigger sides of the aisle in Congress.
convert cash into innovation, mar- ing aren’t merely doing it by ac- The biggest tech companies have the resources to further solidify Sen. Josh Hawley (R., Mo.) is
ket share and an ever-larger lead quiring competitors and dominat- their dominance as smaller rivals struggle. pushing the Justice Department
m rp
over their competitors—is acceler- ing markets. Like some to launch an antitrust investiga-
Cash and short-term securities, Research and development,
ating, thanks to the pandemic. The monopolists of ages past, these tion of Amazon after a Journal
quarterly quarterly
biggest of the big—not just Google- companies spend heavily on re- investigation found the company
parent Alphabet, but also Ama- search and development. Facebook Microsoft Apple Google Amazon.com had used data about independent
zon.com Inc., Apple Inc., Facebook At the end of the roaring ’20s, sellers on its platform to develop
co Fo
Inc. and Microsoft Corp.—all have General Electric invented the first $150 billion $9 billion competing products.
businesses that throw off huge television. Throughout the Great As long as managing the pan-
profits and bigfoot anyone and any- Depression, GE and its subsidiary demic continues to take prece-
thing that gets in their way. RCA continued to invest in its de- 100 6
dence in the halls of governments
With the war chests these com- velopment. The result was RCA’s everywhere, it seems unlikely reg-
panies have accumulated, it is dominance of the medium in the ulators will act on any of the still-
clear they have the power, and the decades that followed. unofficial proposals before them.
habit, of continuing to spend— Big Tech is adopting the same 50 3 This buys Big Tech even more
even if the current situation dam- strategy today. Overall R&D time to lobby politicians and mol-
ages their revenue and profits. spending at the five biggest U.S. lify regulators, build goodwill with
And it might. Economists at the tech companies continued to rise, consumers and plow resources
International Monetary Fund pre- even in the first months of the 0 0 into opening up an ever bigger
dict this will be the largest global pandemic. Facebook, Apple, Ama- 2010 ’15 ’20 2010 ’15 ’20 lead over competitors.
n-
no
HBO Max Is ple have signed up for the service,

according to people familiar with
the situation. The company aimed
outage in Seattle affected a building
where HBO Max was being tested.
“We had to go out and buy new
turning HBO into the anchor of a
broader, more prolific platform.
Decades ago HBO championed
to people who steered clear of
HBO because of its often dark and
risqué content.
Ready for Its to sign up more than seven million

subscribers in its first year.
Top HBO Max executives briefly
equipment and let people put it in
their apartments and homes to
carry on with the testing and exam-
the edgy and high-production TV
content that is now widespread on
streaming services including Netflix,
The streaming service will have
1,300 feature films at launch, in-
cluding the “Harry Potter” fran-
Close-Up considered delaying the streaming

service’s launch in mid-March
when the virus started forcing
ine the results,” incoming AT&T
Chief Executive John Stankey said.
The pandemic is the most for-
Amazon.com Inc.’s Prime Video and
Disney-controlled Hulu. AT&T CEO
Randall Stephenson, whom Mr.
chise. HBO Max is expected to re-
lease 11 more original series
between mid-June and August in-
most Americans to stay home, ac- midable challenge to stand in the Stankey will succeed at the end of cluding new episodes of the cult
Continued from page B1 cording to Robert Greenblatt, way of HBO Max, but certainly next month, once compared HBO’s favorite “Search Party,” a series
The stakes are high for Warner- chairman of HBO Max parent War- isn’t the first. The service’s incep- brand with the high-end jewelry about a group of friends who be-
Media Entertainment and its par- nerMedia Entertainment. tion was delayed by a nearly two- store Tiffany. come entangled in a hunt for a
ent AT&T Inc. HBO Max is Warner- “I think we wrestled with it year antitrust dispute between There have been concerns missing friend. In August, HBO
Media’s hedge against consumers over a couple of days,” Mr. Green- then-acquirer AT&T and the Jus- among HBO purists that the net- Max will premiere “An American
cutting the cord to traditional ca- blatt said in an interview. “It tice Department, which meant work’s image would be hurt by HBO Pickle,” a comedy starring Seth
ble and satellite services. It wants quickly dawned on us that people AT&T only gained control of HBO Max. The first marketing effort Rogen about an immigrant who
to establish its own direct rela- were watching more television and parent Time Warner at a time from the new streaming service falls into a vat of pickles and has a
tionship with its audience much we thought...‘let’s get this thing to when most rivals had already laid showcased its various offerings Rip Van Winkle experience.
the way Netflix and Disney+ have. the customers.’ ” out plans for their own streaming with pictures from “The Sopranos,” At a price of $15 a month, the
AT&T, in turn, will use its base of For a while, it wasn’t clear the services. “Friends” and “The Big Bang service is more expensive than all
phone, broadband and pay-TV cus- tech platform on which the service “It would have been great to Theory” and a tagline: “From Bada its streaming rivals, which could
tomers to drive subscriptions to would run could be completed by have been in the market a year to Bing to Bang.” It caused some make it a harder sell. WarnerMe-
the service as well. people working remotely. That was ago,” Mr. Greenblatt said. eyerolls among HBO employees. dia had no wiggle room on HBO
The pandemic has been a boon further complicated when a power Another difficult endeavor was Mr. Reilly brushed off those con- Max’s pricing because it isn’t al-
to the streaming industry: Netflix cerns. “We’re going to have Tiffany lowed to make the service cheaper
recently reported its largest sub- aisles within a larger store,” he said. than HBO or current streaming
scriber surge in years, while Walt HBO Max head of original pro- service HBO Now under existing
Disney Co.’s Disney+ topped 50 gramming Sarah Aubrey said HBO agreements with cable and satel-
million users just months after it Max’s originals will complement lite operators.
launched. HBO, not duplicate it. The shows Current subscribers to HBO will
But it has been a different story ready for launch will include a talk have access to HBO Max at no extra
for the services that had yet to show from the “Sesame Street” charge either through HBO Now or
launch when the virus hit. Com- character Elmo, new Looney Tunes if their pay-TV distributor has cut a
cast Corp.’s streaming service Pea- cartoons and “Love Life,” a roman- deal to offer the new service. If not,
cock, which became available to tic comedy starring Anna Kendrick, subscribers will have to drop HBO
Comcast customers last month but part of what Ms. Aubrey called an from their current service and sub-
won’t be seen by the broader pub- effort to focus on children, Genera- scribe directly to the platform.
lic until July, is uncertain when tion Z and millennial viewers. Pro- Mr. Stankey said the company
some of its highly anticipated new grams for children has been in high isn’t planning to disclose HBO
shows like a “Battlestar Galactica” demand during the coronavirus Max’s subscriber numbers a day
reboot will be ready. lockdowns across the country. after the launch, something Disney
Quibi, which produces short-form HBO’s subscriber numbers have did back in November when it
videos tailored for people on the go, been relatively flat for the past touted 10 million Disney+ sign-ups
HBO MAX
has been downloaded more than several years at around 33 million, on its first day.
four million times since its launch and WarnerMedia is betting that “We don’t have to worry about
in early April, according to the com- the broader mix of programming one day’s worth of activity to say,
pany, and more than a million peo- Anna Kendrick, middle, stars in HBO Max’s romantic comedy ‘Love Life.’ available on HBO Max will appeal ‘are we successful or not?’ ” he said.
EXCHANGE
Temporary
Becomes The Losses, State by State
N
Long Term evada registered the highest un-
employment rate in the U.S. last
since 1948. In total, U.S. employers cut more
than 20 million jobs in April.
mobiles NV all closed plants in Michigan
mid-March, causing a ripple effect of layoffs
month at 28.2%, the Labor De- Nevada’s unemployment rate reflects its at suppliers in the state and elsewhere.
Continued from page B1 partment said Friday in a report dependence on hospitality and tourism: The unemployment rate represents the
off in March and April, only about detailing the impact of the new Nearly a quarter of the state’s labor force people without jobs but actively seeking
half might be able to return to coronavirus and related lock- was employed in the hospitality and leisure employment as a share of a state’s overall
their old jobs. downs on the job market in all 50 states. industry before the pandemic began. That labor force. Separate Labor Department
The psychological shift to the The jobless rate rose in all 50 states and industry, which normally employs about data show that many people who recently
new landscape has taken some the District of Columbia last month, and 43 350,000 in the state, lost roughly 40% of its lost jobs dropped out of the labor force be-
time to sink in. states recorded the highest level on record workforce in March and April. cause they were either not seeking work or
Lockdowns were first billed as since 1976. The rate in three states exceeded States heavily dependent on manufactur- were unable to report to a job in mid-April,
short-lived. Even when they were 20% in April, well above the national rate of ing also saw big job losses. General Motors the period covered by the survey.
extended, many companies pre- 14.7%, which was the highest on record Co., Ford Motor Co. and Fiat Chrysler Auto- —Eric Morath and Kim Mackrael
ferred to furlough workers rather
than cut ties permanently. Laid-
off workers don’t normally feel
very upbeat that they’ll get their Where the Jobs Left
jobs back. But of those unem-
Sh
Employers shed millions of Leisure and hospitality jobs fell nearly ME
are
ployed due to job loss in April,
of jo
88% called their absences tempo- jobs in April, led by a near 50% in April. The sector made Decline
bs
rary, according to the Labor De- halving of jobs in the leisure up 11% of U.S. jobs in March. in jobs
partment, meaning they antici- 50% 25%
and hospitality sector, a blow Goods-producing jobs fell 11%.
pated returning to the same job
within six months.
to states that rely heavily on
tourism. Manufacturing losses Total payrolls shrank 13.5%. VT NH
April’s reading, the most opti-
mistic since records started in also hit hard in states like Government and other service
1967, suggests many left their jobs Michigan and Washington. jobs saw smaller declines.
with a promise they’d be back.
Since then, several national re-
tailers have filed for bankruptcy
protection. J.C. Penney Co., which AK Michigan shed nearly a third NY CT MA
closed its stores on a temporary of its goods-producing jobs as
basis in March, said Monday it will manufacturing plants closed.
permanently close 240 locations,
or nearly 30% of stores. Pier 1 Im-
ports Inc. reversed a plan to re-
open some stores by June 1, in-
WA MT ND MN WI MI DE NJ RI
stead closing stores for good.
Goodyear Tire & Rubber Co. re-
cently said it would close an Ala-
.
bama plant after temporarily sus-
pending operations there and at
ly
other U.S. factories in March.
OR ID SD IA IL IN OH PA VA MD
Permanent layoffs are likely at
more factories, as consumer spend-
ing declines. Airlines have warned
employees on paid leave that they
could be cut this fall as forecasts
suggest full recovery of robust travel
CA NV
on WY NE MO KY WV NC DC
might take years. And in communi-
us ,
ties across the country, restaurants

l
and other small businesses are clos-

e
al a
ing up shop for good.

Kimberly Smith was furloughed
UT CO KS AR TN AL SC
from her job as a server and super-
ci on
visor at the Hard Rock Café in Bos- Nevada State unemployment rates
ton in March, around the time that and
Massachusetts ordered nonessen- 3%
tial businesses to close. Then, in
Hawaii
Nev.
late April, she received a notice in are
reliant on AZ NM OK LA MS GA
er s
Mich.
the mail that she had been perma-
nently laid off. “To get that letter Hawaii
tourism
m er
was just devastating,” says Ms.

Smith, 47 years old.
and had R.I.
1
She tried driving for Lyft part large job Other
time, but so few customers losses. HI TX FL 1
wanted rides that she stopped. Di- N.D.
m rp
agnosed with breast cancer in Neb.

February, she also didn’t want to Minn.
take chances with her health. She Conn.
has health insurance through the March April
state, and hopes that her seniority
co Fo
may help her chances if the res- Note: Seasonally adjusted; sector jobs shares based on March payrolls
taurant calls workers back once Source: WSJ analysis of Labor Department data Danny Dougherty/THE WALL STREET JOURNAL
operations resume. Hard Rock de-
clined to comment.
Mikel Blair’s business vanished
in two hours. On March 7, a Satur-
day, she had 25 birthday parties of jobs created in the last decade— nearly half of all jobs lost. vey overseen by economists Alex- But the business was burning
scheduled for the weekend at her about 20 million—were lost in a Employers operating restaurants ander Bick, of Arizona State Uni- through cash too quickly and shut-
indoor playground, Badlands in single month. brands like Cheesecake Factory and versity, and Adam Blandin, of ting the operation was the right
Rockville, Md. Two parties went as University of Chicago economist Outback Steakhouse and retailers Virginia Commonwealth University, move for remaining employees
planned. But during the second, at Erik Hurst noted that employment like Ross Stores Inc. have told gives a greater sense of apprehen- and shareholders, he said. The
about 10:30 a.m., she realized par- has fallen by 22% in recent states about plans to reduce hours sion among those dismissed from South Windsor, Conn., company
ents were talking about how this months. In no recession since or furlough thousands of workers their jobs. In that survey, intended will close another plant in Ari-
n-
was likely their last social outing World War II did employment fall in recent weeks. All say they plan to give an early glimpse of the zona, eliminating 40 more jobs. It
for a while. Other families were by more than 2% in the first three to bring back employees. state of the job market ahead of laid off 20% of its remaining
calling to ask if their parties would months of a downturn. Employers filing mass-layoff no- the Labor Department’s job report workforce, or about 230 people, at
be canceled. In economics, the term hystere- tices with states ranged from non- each month, more than 35% of its nine other locations.
no
“It didn’t feel like it was safe to sis describes when a temporary profits like Goodwill and YMCA those temporarily laid off said they “I feel horrible for the very tal-
be open,” she said. She started loss becomes permanent even after family centers to oil-field service either don’t expect to return to ented employees that are affected
calling other customers to cancel the shock that caused the loss in giant Halliburton and United States their old jobs or are unsure by this,” Mr. Folsom said. “I get the
bookings. “By noon on Saturday, the first place has disappeared. Steel Corp. whether they will. Among those feeling we’re on the front end of
we were closed.” That doesn’t mean tens of million The ripple effects of 10 million who called their layoffs permanent, this thing.”
She furloughed some employ- of Americans will be forever jobless. or more jobs permanently lost rule half expressed uncertainty or no Mr. Shain, who earned $23.81
ees but managed to keep some on Many will find positions elsewhere, out any hope of a quick economic expectation they’d be rehired. an hour, said he is now looking for
to help sell milk, eggs and the perhaps moving from stores and res- bounceback. People who aren’t re- In California, which requires work, including at delivery compa-
company’s stock of beverages in taurants to online retailers’ ware- porting to work don’t pay for child companies to declare if mass lay- nies, while trying to get health in-
the playground’s parking lot. Af- houses and delivery services. care or gas, skip eating out or offs are temporary or permanent, surance for himself, his wife and
ter reviewing Maryland Gov. Larry The virus-induced shock has cre- making big-ticket purchases. And temporary ones accounted for two children and keep up with car
Hogan’s May 11 “Roadmap to Re- ated its own job opportunities, many won’t go on vacation even about 90% of announced layoffs in payments, a student loan and
covery,” with safety guidelines for leading to about three new hires when travel is allowed again. late April. By the week ended Mon- other expenses.
the near term, she determined for every 10 layoffs, according to Restaurants’ prognosis is espe- day, the share had shrunk some- Vaughan Hospitality Group, which
that she won’t be able to reopen cially dire. As a rule, they have what to 78%. operates seven Irish pubs in Chicago,
until 2021. small margins and fail at rapid Jordan Shain, 38, expected to was preparing to open its seasonal
Her entire business model is in- Some of the layoffs rates even in economic booms. be out for a month or two when Riverwalk location for St. Patrick’s
compatible with current social- Seating half as many diners as be- he was furloughed from his job in- Day. Instead it had to close all its
distancing guidelines. “You can’t billed as temporary were fore—as required in some reopen- specting titanium parts used in jet bars and lay off 160 workers.
disinfect a slide every time some- at businesses that are ing scenarios—just isn’t a viable engines at Whitcraft Group in “I thought we’d be closed for
one goes down it,” she said. “You option for many. And even if all re- Scarborough, Maine. Then on two weeks,” said owner Kristan
can’t expect kids to play with closing or already gone. strictions lift, how comfortable April 29 he learned that he and Vaughan. Now she doesn’t plan to
masks on.” people will feel in a crowded res- about 130 machinists, engineers reopen until July, but said, “I can’t
She has laid off 55 full- and taurant is an open question. and others would lose their jobs bring everyone back.” At least one
part-time employees indefinitely. Federal Reserve Bank of Atlanta re- “There are a lot of people whose permanently. of the pubs will stay closed be-
Gregory Daco, chief U.S. econo- searchers. Walmart Inc. said Tues- jobs depend on more than five peo- “This is just a shock,” said cause it’s too small to operate
mist at Oxford Economics, a U.K.- day it hired 235,000 new hourly ple being in the same room at the Mr. Shain. He worked at the plant profitably at the 25% capacity level
based forecasting and consulting workers to help it meet increased same time,” said Martha Gimbel, for eight years and felt secure state officials have proposed.
firm, forecast that about half of demand. Amazon.com Inc. and CVS manager of economic research at at a business he thought was Before the pandemic, Austin
workers laid off or furloughed in Health Corp. have also announced Schmidt Futures. doing well. Sweet, 28, patched together 60 or
March and April, or at least 10 mil- hiring plans. Most states are taking some Whitcraft’s Chief Executive Doug 70 hours of work every week as an
lion people, won’t be returning to But for many workers, the tran- steps to reopen, and workers are Folsom said the plant was one of audio engineer, juggling part-time
their old jobs, or roughly the same sition will take time. “It will be being recalled. Auto factories in the company’s best performing. In and freelance gigs in the Dallas-
number that permanently lost jobs years before we recover all the Michigan reopened over the past March, as the pandemic spread, Fort Worth area. But in late win-
in the 2007-09 downturn. His fore- jobs lost,” Mr. Daco said. week. Gyms are cleared to operate the company estimated a drop of ter, the work began drying
cast considers that in recessions The jobless rate, which was in Georgia and Tennessee. Texas between 30% and 50% for engine up as concerts and conventions
since World War II, most layoffs 14.7% in April, is expected to re- and other states are allowing components from the plant and put were canceled.
have been permanent, and that main well above anything seen movie theaters to open, with lim- employees on rotating furloughs. A One of Mr. Sweet’s employers,
several large employers have sig- since records started after World ited capacity. But those rehires few weeks later, he learned a cus- a small firm that supplied audio
naled that recent temporary layoffs War II through this year, according won’t come close to offsetting the tomer wouldn’t buy any compo- equipment and engineers for cor-
are becoming permanent. to a May 8-12 Wall Street Journal millions of jobs lost in May. nents through the rest of the year porate events, laid off staff in
He expects job losses due to the survey of 64 economists. The Con- And the broad belief of return- from the Scarborough plant and early March. Two weeks later,
pandemic shutdowns will total 30 gressional Budget Office sees un- ing to the same job that the Labor that demand would be low in 2021. he was told the layoff would
million. employment peaking at 15.8% this Department documented this He said the company, which be permanent.
In 2007, the recession built summer and ending 2021 at 8.6%. spring reflects false hope, said Ms. makes other precision components “My industry doesn’t exist right
gradually over months and years. The April shelter-in-place orders Gimbel. “A lot of these temporary for the aerospace and power gen- now,” he said.
Furloughs were a lot less common. caused especially great devastation layoffs occurred at businesses that eration industries, might have —Lauren Weber, Kris Maher
The crisis caused by the pandemic in the hospitality and retail sec- are now gone.” shifted another product to Scar- and Gwynn Guilford
is different. The equivalent number tors, which together accounted for A separate April 26-May 2 sur- borough if it had had more time. contributed to this article.
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
24465.16 Trailing P/E ratio 20.66 17.57 2955.45 Trailing P/E ratio * 25.56 21.66 9324.59 Trailing P/E ratio *† 28.52 23.09 commodities performed around the world for the week.
t 8.96 P/E estimate * 22.48 15.62 s 6.94 P/E estimate * 23.15 16.95 s 39.71 P/E estimate *† 27.98 20.54
Stock Currency, Commodity, Exchange-
Dividend yield 2.70 2.27 Dividend yield * 2.09 1.96 or 0.43% Dividend yield *† 0.95 1.06
or 0.04% or 0.24% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Nymex crude 12.64%
9817.18, 02/19/20
29551.42, 02/12/20 0.14579812049809 3386.15, 02/19/20 Dow Jones Transportation Average 9.14
S&P SmallCap 600 8.84
Session high 30000 3500 10500 Russell 2000 7.84
DOWN UP S&P MidCap 400 7.42
t
Session open Close

28000 3250 9750 S&P 500 Industrials 7.20
Close Open Nymex RBOB gasoline 7.01
t
65-day moving average 65-day moving average

9000 Nymex ULSD 6.69
26000 3000
Session low S&P 500 Energy 6.11
Sao Paulo Bovespa 5.95
24000 2750 8250
DAX 5.82
65-day moving average S&P 500 Real Estate 5.58
22000 2500 7500 South African rand 5.52
Mexico peso 5.41
20000 2250 6750 Nymex natural gas 5.16
Bars measure the point change from session's open S&P 500 Telecom Svcs 4.47
18000 2000 6000 Euro Stoxx 4.44
Mar. Apr. May Mar. Apr. May Mar. Apr. May S&P 500 Financials 4.30
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index S&P 500 Consumer Discr 4.25
S&P 500 Materials 3.97
CAC-40 3.90
Major U.S. Stock-Market Indexes Trading Diary Stoxx Europe 600 3.63
Latest 52-Week % chg Volume, Advancers, Decliners Comex silver 3.63
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Nasdaq Composite 3.44
Dow Jones Total volume* 718,945,452 18,491,060 IBEX 35 3.44
Industrial Average 24481.64 24294.07 24465.16 -8.96 -0.04 29551.42 18591.93 -4.4 -14.3 5.4 Adv. volume* 322,081,222 11,250,203 FTSE 100 3.34
Transportation Avg 8496.77 8374.91 8470.09 17.24 0.20 11304.97 6703.63 -16.4 -22.3 -1.9 Decl. volume* 383,566,431 6,880,209 Dow Jones Industrial Average 3.29
Utility Average 764.28 751.07 763.93 9.91 1.31 960.89 610.89 -5.1 -13.1 2.5 Issues traded 3,005 272 S&P 500 Information Tech 3.28
Total Stock Market 29996.53 29744.53 29985.34 88.58 0.30 34631.28 22462.76 3.2 -9.2 6.6 Advances 1,648 146 iShJPMUSEmgBd 3.28
Barron's 400 633.64 626.91 633.41 2.62 746.64 455.11 -4.5 -13.5 -0.1 Declines 1,275 106 Comex copper 3.24
0.42
Unchanged 82 20 S&P 500 3.20
Nasdaq Stock Market New highs 26 1 iShiBoxx$HYCp 3.20
Nasdaq Composite 9328.28 9239.41 9324.59 39.71 0.43 9817.18 6860.67 22.1 3.9 15.0 New lows 7 2 S&P 500 Utilities 3.00
Nasdaq 100 9421.93 9325.07 9413.99 36.00 0.38 9718.73 6978.02 28.9 7.8 18.2 Closing Arms† 1.64 0.60 Nasdaq 100 2.86
Block trades* 4,884 129 Russian ruble 2.76
S&P
Nasdaq NYSE Arca
FTSE MIB 2.75
500 Index 2956.76 2933.59 2955.45 6.94 0.24 3386.15 2237.40 4.6 -8.5 7.3
Norwegian krone 2.33
MidCap 400 1697.93 1678.20 1695.33 1.15 0.07 2106.12 1218.55 -9.0 -17.8 -0.5 Total volume*3,647,263,650 222,219,048
Kospi Composite 2.22
SmallCap 600 775.58 763.86 775.34 3.93 0.51 1041.03 595.67 -15.5 -24.1 -2.4 Adv. volume*2,292,446,582 89,073,915
Australian dollar 1.90
.
Decl. volume*1,318,457,038 128,733,634
Other Indexes S&P/TSX Comp 1.88
ly
Issues traded 3,329 1,385
Russell 2000 1355.77 1338.13 1355.53 7.97 0.59 1705.22 991.16 -10.5 -18.8 -0.5 Bloomberg Commodity Index 1.75
Advances 1,839 741
NYSE Composite 11333.65 11247.29 11331.97 -19.63 -0.17 14183.20 8777.38 -9.9 -18.6 -0.7 Nikkei 225 1.75
Declines 1,385 625
Value Line 416.86 411.84 0.51 0.12 562.05 305.71 -24.5
S&P/ASX 200 1.71
416.68 -19.2 -7.0 Unchanged 105 19
NYSE Arca Biotech
NYSE Arca Pharma
KBW Bank
5625.06
643.79
68.77
5532.52
637.36
67.19
5621.89
641.32
68.00
27.76
-2.47
-0.60
-0.38
-0.87
on
0.50 5652.22
670.32
114.12
3855.67
494.36
56.19
24.7
9.6
-29.1
10.9
-1.9
-40.0
15.7
7.3
-9.0
New highs
New lows
Closing Arms†
72
10
0.76
9
2
1.52
Wheat
iShiBoxx$InvGrdCp
Lean hogs
Indonesian rupiah
1.70
1.67
1.56
1.49
PHLX§ Gold/Silver 127.49 123.89 124.24 -0.31 -0.25 129.26 66.24 86.7 16.2 13.0 Block trades* 22,851 998
us ,
iShNatlMuniBd 0.93
PHLX§ Oil Service 30.85 29.84 30.36 -0.65 -2.10 81.76 21.47 -61.1 -61.2 -41.6
l
* Primary market NYSE, NYSE American NYSE Arca only. Canada dollar 0.80
PHLX§ Semiconductor †(TRIN) A comparison of the number of advancing and declining
e
1803.60 1772.67 1802.31 11.35 0.63 1979.50 1286.84 37.4 -2.6 18.9 Euro area euro
al a
0.74
issues with the volume of shares rising and falling. An
Cboe Volatility 31.55 28.03 28.16 -1.37 -4.64 82.69 11.54 77.7 104.4 37.1 UK pound 0.44
Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. VangdTotIntlBd 0.37
ci on
VangdTotalBd 0.34
IPC All-Share 0.26
International Stock Indexes Percentage Gainers... S&P 500 Consumer Staples 0.25
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg iSh TIPS Bond 0.12
Swiss franc 0.03
er s
World The Global Dow 2640.16 –14.13 –0.53 –18.8 Inari Medical NARI 42.51 23.51 123.74 47.89 19.00 ...
Renren ADR RENN 4.21 1.16 38.03 4.50 0.45 6.3
-0.05 iSh 1-3 Treasury
DJ Global Index 375.23 –1.52 –0.40 –13.5
Celsion CLSN 3.03 0.68 28.94 3.28 0.69 44.3 -0.06 iSh 7-10 Treasury
m er
DJ Global ex U.S. 213.70 –2.74 –1.27 –18.9

Xeris Pharmaceuticals XERS 5.80 1.27 28.04 12.94 1.42 -49.0 -0.22 Indian rupee
Americas DJ Americas 683.44 1.71 0.25 –10.2 LiveRamp Holdings RAMP 48.17 9.42 24.31 56.00 23.44 -11.5 -0.39 Corn
Brazil Sao Paulo Bovespa 82173.21 –853.88 –1.03 –28.9 -0.40 Chinese yuan
Village Farms Intl VFF 5.20 0.96 22.64 14.60 2.07 -60.6
Canada S&P/TSX Comp 14913.64 28.79 0.19 –12.6 -0.53 Japanese yen
Maxar Technologies MAXR 12.15 2.15 21.50 21.45 5.79 59.2
m rp
Mexico S&P/BMV IPC 35784.42 223.66 0.63 –17.8

Ocular Therapeutix OCUL 7.22 1.16 19.14 8.12 2.38 173.5 -0.61 South Korean won
Chile Santiago IPSA 2593.39 –31.70 –1.21 –22.3
Hebron Technology A HEBT 16.28 2.58 18.83 17.39 0.79 1838.1 -0.63 Soybeans
EMEA Stoxx Europe 600 340.17 –0.09 –0.03 –18.2 Zynerba Pharmaceuticals ZYNE 6.48 1.00 18.14 15.70 2.55 -50.8 -0.67 WSJ Dollar Index
Eurozone Euro Stoxx 322.20 1.09 0.34 –20.2 Axcella Health AXLA 6.20 0.95 18.10 15.25 2.25 -56.3 -0.70 iSh 20+ Treasury
Belgium Bel-20 2962.73 22.11 0.75 –25.1 BlueLinx Holdings BXC 5.96 0.90 17.79 35.40 3.60 -73.3 -0.78 S&P 500 Health Care
co Fo
Denmark OMX Copenhagen 20 1223.79 … Closed 7.7 36Kr Holdings ADR KRKR 4.95 0.74 17.58 14.50 3.31 ... -1.07 Comex gold
France CAC 40 4444.56 –0.89 –0.02 –25.7 e.l.f. Beauty ELF 16.86 2.43 16.84 20.00 7.58 47.1 -1.37 S&P BSE Sensex
Germany DAX 11073.87 7.94 0.07 –16.4 Spark Energy SPKE 8.45 1.21 16.71 11.71 5.25 -19.8 -1.91 Shanghai Composite
Israel Tel Aviv 1424.64 … Closed –15.4
Italy FTSE MIB 17316.29 229.24 1.34 –26.3
Percentage Losers -3.64 Hang Seng
Latest Session 52-Week *Continuous front-month contracts
Netherlands AEX 524.38 1.57 0.30 –13.3 Company Symbol Close Net chg % chg High Low % chg
Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Russia RTS Index 1188.47 –17.81 –1.48 –23.3 Recon Technology RCON 2.09 -1.61 -43.51 5.55 1.11 -53.3 THE WALL STREET JOURNAL
South Africa FTSE/JSE All-Share 50147.21 –875.55 –1.72 –12.2 Luckin Coffee ADR LK 1.39 -0.62 -30.85 51.38 1.33 -90.9
Spain IBEX 35 6697.50 11.40 0.17 –29.9 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
SeaChange Intl SEAC 1.77 -0.66 -27.16 4.98 1.15 35.1
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–0.48 Syndax Pharmaceuticals SNDX 16.00 -4.50 -21.95 21.97 5.35 111.9
Switzerland Swiss Market 9688.99 –101.86 –1.04 –8.7 Gulf Resources GURE 4.37 -1.00 -18.65 5.75 2.25 -24.0
Turkey BIST 100 103024.34 375.41 0.37 –10.0
Surface Oncology SURF 5.22 -0.73 -12.27 7.66 1.15 35.6
U.K. FTSE 100 5993.28 –21.97 –0.37 –20.5
BiondVax Pharma ADR 21.65 -3.02 -12.24 228.0
n-
BVXV 25.50 5.20

U.K. FTSE 250 16398.86 12.90 0.08 –25.1
Asia-Pacific
Intercept Pharmaceuticals
51job ADR
ICPT
JOBS
80.51 -11.18 -12.19
57.05 -7.84 -12.08
125.00 47.57
92.61 53.94
-8.3
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Australia S&P/ASX 200 5497.00 –53.43 –0.96 –17.8 JOYY ADR YY 55.83 -7.63 -12.02 79.90 41.33 -12.9
China Shanghai Composite 2813.77 –54.16 –1.89 –7.7
no
Document Security DSS 7.45 -1.01 -11.94 32.59 3.67 -75.7

Hong Kong Hang Seng 22930.14 –1349.89 –5.56 –18.7 Yunji ADR YJ 3.40 -0.46 -11.92 12.75 2.64 -68.9 With 30-plus charts and concise analysis,
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Japan Nikkei Stock Avg 20388.16 –164.15 –0.80 –13.8 Hoth Therapeutics HOTH 2.80 -0.37 -11.67 9.07 2.60 -46.5
Singapore Straits Times 2499.83 –55.51 –2.17 –22.4
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Cleanspark CLSK 2.13 -0.28 -11.62 26.25 0.97 -91.1
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Volume % chg from Latest Session 52-Week
Thailand SET 1303.97 –16.72 –1.27 –17.5 Company Symbol (000) 65-day avg Close % chg High Low s 2020 Dow Jones & Co., Inc. All Right reserved. 2DJ6399
Sources: FactSet; Dow Jones Market Data XpresSpa Group XSPA 349,437 1675.7 0.88 70.21 5.45 0.05
Luckin Coffee ADR LK 94,770 508.8 1.39 -30.85 51.38 1.33
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Ford Motor
HEXO
F
HEXO
76,575
74,136
-24.5
932.8
5.65
0.63
0.36
21.12
10.56
7.19
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
3.96
0.35
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days
Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004297 23270 0.4
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Argentina peso .0147 68.1875 13.9 Europe
Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Brazil real .1807 5.5326 37.6 Czech Rep. koruna .03998 25.011 10.3
U.S. consumer rates notes and bonds major U.S. trading partners
Canada dollar .7141 1.4005 7.8 Denmark krone .1462 6.8410 2.7
Chile peso .001237 808.50 9.4 Euro area euro 1.0899 .9176 2.9
A consumer rate against its 30-year mortgage, Rate Colombiapeso .000265 3775.03 15.0 Hungary forint .003118 320.73 8.6
benchmark over the past year 4.00% 8%
Ecuador US dollar 1 1 unch Iceland krona .007001 142.84 17.9
Bankrate.com avg†: 3.57% Mexico peso .0440 22.7329 20.1 Norway krone .1000 10.0016 13.9
Farmers State Bank 2.88% One year ago Uruguay peso .02318 43.1400 16.2 Poland zloty .2415 4.1408 9.2
3.00 4 Yen
4.00% Waterloo, IA 877-FSB-1879 t s
Asia-Pacific Russia ruble .01396 71.632 15.4
t Sweden krona .1034 9.6707 3.2
30-year fixed-rate MidWestOne Bank 2.88% 2.00 0
Australian dollar .6536 1.5300 7.4
Switzerland franc 1.0294 .9714 0.4
3.00 China yuan .1402 7.1304 2.4
mortgage Iowa City, IA 800-247-4418 Turkey lira .1467 6.8159 14.6
Tradeweb ICE Friday Close Hong Kong dollar .1289 7.7567 –0.4
First Federal Savings of Lorain 3.00% 1.00 Ukraine hryvnia .0374 26.7653 13.1
2.00 –4 s s India rupee .01316 75.995 6.5
t UK pound 1.2159 .8224 9.1
t
Lorain, OH 440-282-6188 WSJ Dollar index Euro Indonesia rupiah .0000680 14710 6.0
10-year Treasury 1.00 0.00 Japan yen .009291 107.63 –0.9 Middle East/Africa
Home Loans Today 3.00% –8
note yield 1 3 6 1 2 3 5 710 30 Kazakhstan tenge .002405 415.74 8.9 Bahrain dinar 2.6486 .3776 0.1
Centennial, CO 866-919-2064 2019 2020 Macau pataca .1252 7.9846 –0.4 Egypt pound .0631 15.8589 –1.2
0.00 month(s) years
J J A S O N D J FMAM Union Bank 3.13% Malaysia ringgit .2292 4.3635 6.7 Israel shekel .2832 3.5314 2.2
maturity New Zealand dollar .6097 1.6402 10.4 Kuwait dinar 3.2349 .3091 2.0
2019 2020 Goldsboro, NC 919-583-8989
Pakistan rupee .00623 160.600 3.6 Oman sul rial 2.5974 .3850 unch
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.827 Qatar rial .2748 3.639
0.2 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7018 1.4249 5.9 Saudi Arabia riyal .2661 3.7585 0.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008060 1240.66 7.4 South Africa rand .0568 17.6143 25.8
Sri Lanka rupee .0053874 185.62 2.4
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Taiwan dollar .03324 30.084 0.6
Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03136 31.890 7.2 WSJ Dollar Index 93.72 0.30 0.32 4.64
Libor, 3-month 0.37 0.38 0.36 l 2.52 -0.82
U.S. Treasury, Barclays 2475.800 0.520 0.500 2.280 0.480 13.20 5.63 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.30 0.30 0.30 l 0.78 -0.02
0.81 l -0.50 U.S. Treasury Long, Barclays 4897.080 1.280 1.240 2.710 0.980 33.24 12.81
Five-year CD, annual yield
30-year mortgage, fixed† 3.57
0.83
3.54
0.81
3.51 l
1.97
4.22 -0.39 Aggregate, Barclays 2241.560 1.370 1.410 2.850 1.310 10.50 5.10
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 2.90 2.97 2.90 l 3.57 -0.27
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2223.760 1.350 1.340 3.030 0.930 7.26 3.94
Jumbo mortgages, $510,400-plus† 3.66 3.61 3.54 l 4.71 -0.85 DJ Commodity 520.04 -4.41 -0.84 647.86 433.70 -14.22 -19.04
High Yield 100, ICE BofA 2936.792 6.266 6.888 10.740 4.516 –2.697 1.559
Five-year adj mortgage (ARM)† 3.25 3.23 3.21 l 4.78 -0.06 TR/CC CRB Index 129.53 -0.98 -0.75 187.39 106.29 -27.48 -30.28
New-car loan, 48-month 4.27 4.28 4.26 l 4.81 1.07 Muni Master, ICE BofA 577.338 1.285 1.513 3.441 0.959 4.933 3.934 Crude oil, $ per barrel 33.25 -0.67 -1.98 63.27 -37.63 -43.29 -45.55
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 838.978 5.645 6.047 7.480 4.523 1.712 2.339 Natural gas, $/MMBtu 1.731 0.021 1.23 2.862 1.552 -33.37 -20.92
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 1734.60 14.10 0.82 1756.70 1276.50 35.20 14.16
MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures Soybean Oil (CBT)-60,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept .04302 .04337 .04250 .04326 .00034 1,406
July 27.14 27.14 26.58 26.64 –.47 169,145 June 110-082 110-090 110-081 110-083 –.2 1,920,993 Euro (CME)-€125,000; $ per €
Contract Open Sept 110-126 110-135 110-126 110-130 … 496,658
Dec 27.94 27.96 27.42 27.50 –.43 89,494 June 1.0953 1.0959 1.0890 1.0892 –.0069 544,232
Open High hi lo Low Settle Chg interest 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 1.0973 1.0979 1.0911 1.0913 –.0069 4,987
Copper-High (CMX)-25,000 lbs.; $ per lb. July 16.02 16.13 16.00 16.05 .01 6,736 May 99.9475 99.9500 99.9475 99.9500 .0000 231,318
May 2.3925 2.4130 2.3900 2.4090 –0.0430 1,298 Sept 11.90 11.92 11.90 11.91 –.01 4,522 July 99.9500 99.9550 99.9450 99.9500 .0000 220,547
2.4275 2.4310 2.3715 2.3865 –0.0455 101,583
Index Futures
July Wheat (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Gold (CMX)-100 troy oz.; $ per troy oz. July 515.00 516.25 503.25 508.75 –7.25 208,014 June 105-295 105-315 105-230 105-260 .5 78,231 Mini DJ Industrial Average (CBT)-$5 x index
May 1726.60 1726.70 1726.60 1734.60 14.10 445 Sept 518.00 518.75 506.75 512.75 –6.00 75,840 Eurodollar (CME)-$1,000,000; pts of 100% June 24377 24506 24101 24424 48 74,691
June 1726.00 1742.00 1722.50 1735.50 13.60 201,298 Wheat (KC)-5,000 bu.; cents per bu. June 99.7050 99.7050 99.6775 99.6825 –.0150 1,781,090 Sept 24325 24387 23999 24315 47 975
Aug 1741.60 1758.00 1737.80 1753.50 16.60 220,141 July 453.50 454.75 443.50 444.50 –10.00 131,729 Sept 99.7200 99.7250 99.7000 99.7050 –.0100 1,680,033 S&P 500 Index (CME)-$250 x index
Oct 1750.80 1763.40 1746.40 1760.50 15.70 20,447 Sept 460.75 461.75 450.75 451.75 –10.00 44,378 Dec 99.6950 –.0100 1,155,260 June 2941.80 2956.70 2904.30 2952.90 16.00 106,652
Dec 1755.90 1768.90 1750.60 1765.60 15.20 67,839 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'21 99.7850 99.7950 99.7700 99.7750 –.0050 957,515 Sept … … … 2943.80 15.60 11
Feb'21 1759.00 1770.60 1758.00 1768.80 15.30 10,786 Aug 128.700 129.975 128.500 128.800 –.075 15,841 Mini S&P 500 (CME)-$50 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 130.125 131.225 129.800 130.150 .025 5,126 Currency Futures June 2936.75 2957.50 2903.75 2953.00 16.00 3,136,611
May … 2260.00 s 2260.00 1971.80 –85.20 24 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2920.00 2942.50 2891.00 2938.50 15.50 41,907
2069.40 2077.80 1944.80 1977.10 –85.20 1,780
Japanese Yen (CME)-¥12,500,000; $ per 100¥
June June 98.375 99.000 96.775 97.700 –1.100 36,203 June .9291 .9320 .9282 .9299 .0002 146,604
Mini S&P Midcap 400 (CME)-$100 x index
Sept 2064.40 2069.20 1942.00 1975.80 –82.30 4,770 Aug 98.000 98.300 96.625 97.325 –.900 106,382 June 1687.00 1701.60 1659.70 1693.00 –.10 68,374
July .9307 .9324 .9292 .9304 .0002 2,859
Dec 1997.70 1997.70 1996.20 1965.10 –84.80 391 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 1690.40 1.90 6
Platinum (NYM)-50 troy oz.; $ per troy oz. Canadian Dollar (CME)-CAD 100,000; $ per CAD
June 59.025 59.725 58.550 58.775 –.575 27,019 June .7165 .7173 .7118 .7136 –.0034 120,613 Mini Nasdaq 100 (CME)-$20 x index
May 807.60 807.60 805.10 881.70 19.80 40 July 56.925 57.000 55.825 55.900 –1.275 63,580 June 9360.50 9422.50 9241.50 9406.25 50.50 204,962
Sept .7168 .7173 .7119 .7137 –.0034 4,036
July 864.90 900.60 846.90 886.30 19.80 39,330 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 9364.25 9407.25 9229.50 9391.50 50.75 2,165
Silver (CMX)-5,000 troy oz.; $ per troy oz. British Pound (CME)-£62,500; $ per £
July 370.00 374.00 363.90 367.50 –2.80 1,601 June 1.2223 1.2234 1.2161 1.2170 –.0066 181,055 Mini Russell 2000 (CME)-$50 x index
May 17.385 17.690 17.385 17.664 0.329 148 Sept 372.90 375.70 367.00 368.10 –4.50 727 June 1342.20 1357.50 1315.90 1354.30 11.70 552,665
Sept 1.2220 1.2237 1.2168 1.2174 –.0066 2,526
July 17.435 17.770 17.190 17.693 0.329 116,637 Milk (CME)-200,000 lbs., cents per lb. Sept 1344.80 1354.30 1315.10 1351.60 11.60 4,965
Swiss Franc (CME)-CHF 125,000; $ per CHF
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 12.20 12.22 12.17 12.18 –.02 4,632 June 1.0308 1.0317 1.0279 1.0288 –.0025 39,267 Mini Russell 1000 (CME)-$50 x index
July 33.95 34.00 30.72 33.25 –0.67 282,132 June 17.60 17.60 16.93 17.03 –.60 4,883 Sept 1.0337 1.0344 1.0307 1.0315 –.0026 141 June 1620.50 1630.30 1617.60 1630.20 4.40 8,194
Aug 34.41 34.48 31.28 33.65 –0.69 240,084 Cocoa (ICE-US)-10 metric tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 34.82 34.95 31.88 34.14 –0.67 320,545 July 2,330 2,406 2,318 2,394 54 72,179 June .6562 .6573 .6507 .6529 –.0036 131,708 June 99.45 99.90 99.40 99.89 .48 29,663
Nov 35.39 35.54 32.79 34.84 –0.58 116,796 Sept 2,305 2,362 2,292 2,352 37 59,446 Sept .6571 .6572 .6507 .6529 –.0037 1,105 Sept 99.60 99.89 99.58 99.88 .48 935
Dec 35.69 35.85 33.12 35.18 –0.52 323,356 Coffee (ICE-US)-37,500 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec'21 38.12 38.29 36.09 37.77 –0.28 134,966 July 104.75 105.15 102.35 103.60 –1.15 80,706 June .04362 .04391 .04302 .04381 .00035 106,551 Source: FactSet
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 108.60 t 106.25
108.65 107.35 –1.05 51,864
June .9873 .9934 .9344 .9820 –.0070 33,739 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
July 1.0268 1.0345 .9750 1.0198 –.0117 75,487 July 10.83 11.00 10.66 10.93 –.05 306,608
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
June 1.0450 1.0500 .9851 1.0382 –.0069 30,559
Oct 10.88 10.99 10.70 10.93
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
–.07 247,525
Bonds | wsj.com/market-data/bonds/benchmarks
July 1.0614 1.0674 1.0012 1.0518 –.0100 107,274 July 25.77 25.77 25.77 25.85 –.05 1,605
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 25.90 25.90 t 25.90 25.95 –.05 2,617 Global Government Bonds: Mapping Yields
June 1.726 1.760 1.680 1.731 .021 23,451 Cotton (ICE-US)-50,000 lbs.; cents per lb.
July 1.870 1.903 1.832 1.881 .029 351,053 July 58.07 58.21 57.06 57.61 –.45 82,796 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Aug 1.950 1.976 1.910 1.958 .025 72,638 Dec 58.80 58.80 57.45 57.81 –.89 67,850
Sept 2.001 2.029 1.965 2.013 .020 144,983 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Oct 2.086 2.112 2.049 2.095 .014 101,917 July 126.75 127.50 124.55 126.80 –.20 7,672 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Jan'21 2.929 2.973 2.915 2.957 .022 94,412 Sept 124.65 125.80 124.05 125.50 –.50 2,301 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
0.125 U.S. 2 0.174 s l 0.157 0.217 2.225
Agriculture Futures Interest Rate Futures
0.625 10 0.661 t l 0.673 0.626 2.386
Corn (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
July 317.75 319.00 316.00 318.00 .25 608,385 June 220-290 223-170 220-250 221-170 31.0 861,314 2.000 Australia 2 0.270 s l 0.265 0.211 1.208 9.7 10.8 -101.7
Dec 332.75 333.75 330.75 332.75 –.25 359,298 Sept 219-080 222-000 219-040 220-000 1-00.0 302,937 2.500 10 0.876 t l 0.925 0.844 1.646 21.5 25.2 -74.0
Oats (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
July 320.25 324.75 s 318.25 323.50 3.75 3,205 June 179-260 181-040 179-240 180-080 17.0 961,547 0.000 France 2 -0.525 s l -0.552 -0.426 -0.563 -69.8 -70.9 -278.8
Dec 275.50 278.00 s 273.75 276.50 2.00 1,278 Sept 178-120 179-180 178-060 178-220 17.0 228,522
0.000 10 -0.036 s l -0.051 0.125 0.306 -69.7 -72.4 -208.0
Soybeans (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
July 835.25 839.50 t 828.50 833.25 –1.75 315,642 June 139-020 139-135 139-015 139-050 3.0 2,988,216 0.000 Germany 2 -0.684 s l -0.689 -0.673 -0.624 -85.8 -84.6 -284.9
Nov 846.00 849.25 840.75 844.50 –1.00 176,041 Sept 138-250 139-045 138-245 138-285 3.5 594,564
Soybean Meal (CBT)-100 tons; $ per ton. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.000 10 -0.479 s l -0.494 -0.407 -0.084 -114.0 -116.7 -247.0
July 282.50 286.90 t 282.00 284.10 1.60 170,250 June 125-195 125-242 125-192 125-205 1.0 2,528,819 1.000 Italy 2 0.371 s 0.358 1.051 0.577 20.1 -164.7
l 19.7
Dec 291.00 294.30 290.60 292.50 1.60 78,159 Sept 125-142 125-190 125-137 125-152 1.2 1,255,486
1.350 10 1.604 t l 1.627 2.099 2.636 94.3 95.4 25.0
0.100 Japan 2 -0.180 t l -0.172 -0.143 -0.151 -32.9 -237.6
.
-35.3
New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 0.100 10 -0.006 t l 0.001 -0.007 -0.050 -66.7 -67.1 -243.6
ly
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
MongoDB MDB 220.86 5.4 Tri-Cont Pfd TYp 57.00 0.4 0.400 Spain 2 -0.292 s l -0.307 0.163 -0.334 -46.6 -46.4 -255.9
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
NICE NICE 184.19 1.2 Twilio TWLO 209.50 7.5 0.500 10 0.695 t l 0.711 1.137 0.870 3.5 3.8 -151.6
NavideaBiopharm NAVB 3.50 91.3 USAutoPartsNtwk PRTS 6.43 -3.3
in the latest session. % CHG-Daily percentage change from the previous trading session. NovaMeasuring NVMI 47.98 4.3 Wix.com WIX 218.74 4.1 0.500 U.K. 2 -0.043 t l -0.042 0.094 0.734 -21.7 -19.9 -149.1
Stock
52-Wk %
Sym Hi/Lo Chg Stock
Friday, May 22, 2020
Cellectis
52-Wk %
Sym Hi/Lo Chg Stock
CLLS 21.97 0.7 HorizonTherap HZNP
52-Wk %
Sym Hi/Lo Chg
49.81 3.4
on NVIDIA
Okta
OldDomFreight ODFL
1-800-FLOWERS FLWS
OvidTherap
NVDA
OKTA
OVID
363.72
192.95
159.90
24.75
6.11
2.9
2.5
1.8
2.7
14.9
YunhongIntlWt ZGYHW 0.10 ...
Zynga ZNGA
Lows
CITICCapAcqnA CCAC
8.41 3.0
9.51 -1.4
4.750 10 0.178 s l 0.174 0.326 1.014 -48.3 -49.9 -137.1
Source: Tullett Prebon
Highs Celsion CLSN 3.28 28.9 InariMedical NARI 47.89 123.7 PanAmerSilver PAAS
PassageBio PASG
28.06
25.52
0.9
2.6 EuroDry EDRY 3.43 -8.8 Corporate Debt
us ,
Cerence CRNC 34.48 3.6 Innodata INOD 1.48 18.0

ADC Therap ADCT 36.28 2.8 Pool POOL 239.18 -0.1 500.com WBAI 2.85 0.9
AMCIAcquisition AMCIU 10.96 2.4
ChannelAdvisor ECOM 13.78 -0.2 Inphi IPHI 120.16 4.6
Genfit GNFT 5.21 -0.6 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
l
ChemoCentryx CCXI 60.44 0.9 IntelliaTherap NTLA 21.00 2.0 ProvidenceService PRSC 75.76 8.2
AMCIAcqnWt AMCIW 0.46 8.1
ChinaJoJoDrug CJJD 3.24 6.9 IovanceBiotherap IOVA 41.08 7.5 PureAcqnWt PACQW 1.59 22.3 GuangshenRail GSH 9.60 -1.3 that same company’s share price.
e
HSBC 22.96 -5.9
al a
AdaptimmuneTher ADAP 6.05 -1.7 Renren RENN 4.50 38.0 HSBC

CMG 1057.69 2.8 KALA 13.40 4.2
AlaskaCommSys ALSK 2.64 7.7
Chipotle
CorbusPharm CRBP 8.32 5.2
KalaPharm
Kamada KMDA 9.75 2.8 Repay RPAY 23.51 2.5 KingsoftCloud KC 17.01 -7.1 Investment-grade spreads that tightened the most…
AllogeneTherap ALLO 54.34 7.6 RothCHAcquisitionI ROCHU 10.05 1.0 LuckinCoffee LK 1.33 -30.8 Spread*, in basis points Stock Performance
CoupaSoftware COUP 228.45 7.0 KinsaleCapital KNSL 150.94 3.7
Altimmune ALT 7.00 14.3 SPS Commerce SPSC 64.83 2.6 Momo MOMO 19.08 -9.3 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Datadog DDOG 74.00 4.5 KornitDigital KRNT 51.79 1.4
ci on
Appian APPN 64.69 2.2 eBay EBAY 43.50 2.3 Lazydays LAZY 6.00 2.4 ScottsMiracleGro SMG 151.03 0.7 Noble NE 0.15 1.3
AstaFunding ASFI 12.43 9.5 EvokePharma EVOK 2.39 16.7 LongviewAcqn LGVW.U 11.11 0.1 Sea SE 79.19 1.5 ParkNational PRK 65.05 -4.2 Siemens Financieringsmaatschappij SIEGR 3.250 May 27, ’25 75 –37 121 ... ...
AUDC 36.83 2.5 PointsIntl PCOM 6.89 -3.7
AudioCodes Fastly FSLY 45.53 -7.2 lululemon LULU 277.02 3.4 Shopify SHOP 826.38 2.8 Synchrony Financial SYF 4.375 March 19, ’24 437 –36 484 17.85 –1.54
Avaya AVYA 15.13 2.7 FateTherap FATE 35.25 5.0 MadrigalPharm MDGL 126.98 5.3 Sphere3D ANY 2.48 17.3 RandCapital RAND 12.02 -5.0
BJ'sWholesale BJ 38.35 5.2 G Willi-Food WILC 15.53 -1.3 MaidenHldgsPfdC MHpC 8.40 0.9 Splunk SPLK 185.26 12.7 SelectQuote SLQT 25.70 -1.9 Boeing BA 2.250 June 15, ’26 402 –34 n.a. 137.53 –1.06
BigLots BIG 33.15 -0.7 Genasys GNSS 5.20 5.4 MaidenHldg6.7%PfdD MHpD 8.70 7.4 StifelFinlPfdC SFpC 25.70 2.0 Sogou SOGO 2.95 -6.6 Fluor FLR 3.500 Dec. 15, ’24 613 –26 n.a. 10.82 –0.82
BiondVaxPharm BVXV 25.50 -12.2 GrafIndlWt GRAF.WS 0.59 11.0 MaidenHldgsPfdA MHpA 9.77 8.4 StrongbridgeBio SBBP 3.72 4.8 StudioCity MSC 12.48 -1.7
Bio-RadLab A BIO 479.94 1.2 HaymakerAcqnII HYACU 11.51 1.9 MarvellTech MRVL 30.19 3.5 Switch SWCH 19.22 4.0 Taoping TAOP 0.31 -10.0
Southwest Airlines LUV 4.750 May 4, ’23 467 –25 724 28.87 –2.47
er s
BrighthousePfdB BHFAO 25.04 0.4 HebronTech HEBT 17.39 18.8 Materialise MTLS 23.00 4.0 Synopsys SNPS 171.47 1.6 TimberPharm TMBR 2.75 -11.6 Imperial Brands Finance IMBLN 3.500 July 26, ’26 284 –24 n.a. ... ...
Calix CALX 12.82 2.4 HeclaMining HL 3.57 -2.6 MercadoLibre MELI 843.38 3.3 TG Therap TGTX 21.89 4.0 WiMiHologram WIMI 3.29 -3.6 Marriott International MAR 4.650 Dec. 1, ’28 420 –24 n.a. 91.05 –0.33
CarrierGlobal CARR 19.86 -2.1 HennessyCap HCAC 11.55 0.1 MinervaNeurosci NERV 14.87 -2.0 Trex TREX 127.87 2.3 ZionsBancorpWt ZIONW 0.01 -30.5
Ralph Lauren RL 3.750 Sept. 15, ’25 223 –24 235 72.84 –2.32
m er
…And spreads that widened the most

Exchange-Traded Portfolios | WSJ.com/ETFresearch HSBC Holdings HSBC 6.500 March 23, ’49 539 26 n.a. 22.97 –5.86
Closing Chg YTD
Metlife MET 5.875 Feb. 6, ’41 197 22 220 33.34 –0.45
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) General Electric Capital … 6.875 Jan. 10, ’39 420 18 460 … …
m rp
iShRussell1000Val IWD 109.27 –0.05 –19.9 American Honda Finance … 2.050 Jan. 10, ’23 136 17 180 ... ...
Friday, May 22, 2020 Closing Chg YTD
ETF Symbol Price (%) (%) iShRussell2000 IWM 134.89 0.48 –18.6 SL Green Operating Partnership … 3.250 Oct. 15, ’22 420 17 338 … …
Closing Chg YTD iShRussell3000 IWV 171.44 0.26 –9.0
ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 117.44 0.05 4.5 iShRussellMid-Cap IWR 50.65 0.36 –15.0 Reynolds American BATSLN 5.850 Aug. 15, ’45 316 15 341 ... ...
CnsmrDiscSelSector XLY 121.23 –0.15 –3.3 iShSelectDividend DVY 78.63 0.10 –25.6 iShRussellMCValue IWS 72.42 0.08 –23.6 AT&T T 4.850 March 1, ’39 230 15 245 29.88 0.37
CnsStapleSelSector XLP 57.47 0.35 –8.7 iShEdgeMSCIMinEAFE EFAV 63.88 –0.42 –14.3 iShS&P500Growth IVW 196.09 0.43 1.3 Anheuser–Busch Inbev Worldwide ABIBB 5.550 Jan. 23, ’49 265 12 287 ... ...
EnSelectSectorSPDR XLE 38.48 –0.62 –35.9 iShEdgeMSCIMinUSA USMV 59.40 0.35 –9.5 iShS&P500Value IVE 105.26 ... –19.1
0.47 0.02
iShEdgeMSCIUSAMom MTUM iShShortCpBd IGSB 54.07 0.8
High-yield issues with the biggest price increases…
co Fo
FinSelSectorSPDR XLF 21.92 –0.36 –28.8 123.72 –1.5

FT DJ Internet FDN 159.63 0.93 14.7 iShEdgeMSCIUSAQual QUAL 93.27 0.19 –7.7 iShShortTreaBd SHV 110.82 0.01 0.3
FT ValDivFd FVD 29.21 0.03 –18.9 iShGoldTr IAU 16.58 0.61 14.3 iShTIPSBondETF TIP 121.70 0.06 4.4 Bond Price as % of face value Stock Performance
HealthCareSelSect XLV 99.62 0.21 –2.2 iShiBoxx$InvGrCpBd LQD 130.70 ... 2.1 iSh1-3YTreasuryBd SHY 86.64 ... 2.4 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
InvscQQQI QQQ 229.66 0.35 8.0 iShiBoxx$HYCpBd HYG 81.23 0.25 –7.6 iSh7-10YTreasuryBd IEF 121.88 0.19 10.6
InvscS&P500EW RSP 96.30 0.08 –16.8 iShJPMUSDEmgBd EMB 105.51 –0.45 –7.9 iSh20+YTreasuryBd TLT 165.55 0.60 22.2 SESI … 7.750 Sept. 15, ’24 28.500 6.50 n.a. … …
InvscS&P500LowVol SPLV 47.73 0.36 –18.2 iShMBSETF MBB 111.10 –0.04 2.8 iShRussellMCGrowth IWP 149.39 0.69 –2.1 QEP Resources QEP 5.625 March 1, ’26 49.750 5.08 38.250 0.79 1.72
iShUSTreasuryBdETF GOVT 28.04 0.18 8.1
iSh3-7YTreasuryBd IEI 133.48 0.03 6.1 iShMSCI ACWI ACWI 69.79 –0.11 –11.9
JPM UltShtIncm JPST 50.49 ... 0.1
United Airlines Holdings UAL 5.000 Feb. 1, ’24 71.200 4.45 54.448 25.40 –1.70
iShCoreDivGrowth DGRO 36.15 –0.08 –14.1 iShMSCI EAFE EFA 56.95 –0.28 –18.0
iShMSCI EAFE SC SCZ 50.52 ... –18.9 PIMCOEnhShMaturity MINT 100.97 0.07 –0.6 Hertz … 6.250 Oct. 15, ’22 16.450 3.70 18.500 … …
iShCoreMSCIEAFE IEFA 53.53 –0.19 –17.9
SPDR BlmBarcHYBd JNK 100.29 0.33 –8.4
iShCoreMSCIEM IEMG 43.53 –2.00 –19.0 iShMSCIEmgMarkets EEM 36.43 –2.07 –18.8
SPDRBloomBar1-3MTB BIL 91.53 –0.01 0.1
L Brands LB 5.625 Oct. 15, ’23 91.480 3.23 78.938 15.08 4.36
iShCoreMSCITotInt IXUS –0.80 iShMSCIJapan EWJ 52.67 0.13 –11.1
50.62 –18.2
SPDR Gold GLD 163.21 0.59 14.2 Hilcorp Energy HILCRP 5.750 Oct. 1, ’25 86.000 2.75 59.771 ... ...
iShCoreS&P500 IVV 296.41 0.20 –8.3 iShNatlMuniBd MUB 114.55 0.31 0.6
iShCoreS&P MC IJH 169.30 –0.07 –17.7 iShPfd&Incm PFF 34.33 0.50 –8.7
SchwabIntEquity SCHF 27.65 –0.29 –17.8 Golden Nugget NUGGET 6.750 Oct. 15, ’24 76.000 2.75 74.000 ... ...
SchwabUS BrdMkt SCHB 69.97 0.32 –9.0 HRDRCK 12.000
iShCoreS&P SC IJR 63.76 0.41 –24.0 iShRussell1000Gwth IWF 180.69 0.41 2.7 Enterprise Development Authority July 15, ’24 96.500 2.50 90.250 ... ...
SchwabUS Div SCHD 50.71 0.12 –12.4
iShS&PTotlUSStkMkt ITOT 66.17 0.23 –9.0 iShRussell1000 IWB 163.54 0.25 –8.3
SchwabUS LC SCHX 70.66 0.36 –8.0
SchwabUS LC Grw SCHG 95.72 0.57 3.0 …And with the biggest price decreases
Schwab US TIPs SCHP 59.39 0.15 4.9
Carrizo Oil & Gas … 6.250 April 15, ’23 26.750 –2.50 23.250 ... ...
Borrowing Benchmarks | WSJ.com/bonds SPDR DJIA Tr DIA 244.88 –0.06 –14.1
n-
SPDR S&PMdCpTr MDY 309.03 –0.09 –17.7 Bombardier BBDBCN 7.875 April 15, ’27 54.682 –2.32 56.250 ... ...
SPDR S&P 500 SPY 295.44 0.19 –8.2 Staples … 10.750 April 15, ’27 70.000 –1.97 58.500 ... ...
SPDR S&P Div SDY 86.77 –0.18 –19.3
5.250 July 1, ’25 112.051 –1.40 109.972 64.51 0.73
Money Rates May 22, 2020 TechSelectSector XLK 96.49 0.36 5.3
Ball BLL
UtilitiesSelSector XLU 56.48 1.11 –12.6 PulteGroup PHM 5.500 March 1, ’26 108.077 –1.39 106.260 33.31 1.90
VanEckGoldMiner GDX 35.55 –0.31 21.4
Key annual interest rates paid to borrow or lend money in U.S. and CVR Partners UAN 9.250 June 15, ’23 92.323 –1.38 90.500 0.92 1.50
no
VangdInfoTech VGT 256.72 0.49 4.8

international markets. Rates below are a guide to general levels but VangdSC Val VBR 100.87 0.24 –26.4 Clear Channel Outdoor Holdings CCO 5.125 Aug. 15, ’27 97.000 –1.37 94.000 1.03 11.09
don’t always represent actual transactions. VangdSC Grwth VBK 188.48 0.75 –5.1 MGMGrowthPropertiesOperatingPartnership MGMGPO 5.625 May 1, ’24 104.125 –1.31 101.750 ... ...
VangdDivApp VIG 113.67 0.16 –8.8
VangdFTSEDevMk VEA 36.01 –0.28 –18.3 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Week —52-WEEK—
Inflation Latest ago High Low VangdFTSE EM VWO 36.12 –1.90 –18.8 Note: Data are for the most active issue of bonds with maturities of two years or more
April index Chg From (%) VangdFTSE Europe VGK 46.38 –0.13 –20.9 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
level March '20 April '19 Switzerland 0.50 0.50 0.50 0.50 VangdFTSEAWxUS VEU 43.92 –0.75 –18.3
Britain 0.10 0.10 0.75 0.10 VangdGrowth VUG 189.37 0.44 4.0
VangdHlthCr VHT 191.02 0.32 –0.4
U.S. consumer price index Australia 0.25 0.25 1.50 0.25
All items 256.389 –0.67 0.3 Secondary market
VangdHiDiv
VangdIntermBd
VYM
BIV
76.95
91.86
–0.09
0.09
–17.9
5.3 Dividend Changes
Core 266.089 –0.46 1.4 VangdIntrCorpBd VCIT 92.37 –0.16 1.1
Fannie Mae
VangdLC VV 136.60 0.24 –7.6 Dividend announcements from May 22.
VangdMC VO 154.84 0.47 –13.1
International rates 30-year mortgage yields VangdMBS VMBS 54.53 –0.07 2.6
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
VangdRealEst VNQ 73.57 1.35 –20.7
Week 52-Week 30 days 2.261 2.196 3.578 2.196 VangdS&P500ETF VOO 271.55 0.23 –8.2
Latest ago High Low 60 days 2.314 2.249 3.591 2.249 Increased Initial
VangdST Bond BSV 82.84 0.10 2.8
Notes on data: VangdSTCpBd VCSH 81.69 0.04 0.8
Educational Dev EDUC 3.7 .06 /.05 Q Jun18 /Jun02 Richmond Mutual Bncp RMBI 1.9 .05 Jun18 /Jun04
Prime rates U.S. prime rate is the base rate on corporate VangdShortTermTrea VGSH 62.25 0.03 2.3 Equitable Holdings EQH 3.8 .17 /.15 Q Jun09 /Jun01 Foreign
loans posted by at least 70% of the 10 largest VangdSC VB 137.55 0.44 –17.0 Flowers Foods FLO 3.5 .20 /.19 Q Jun19 /Jun05
U.S. 3.25 3.25 5.50 3.25 U.S. banks, and is effective March 16, 2020. Banco Bradesco Ord ADR BBDO 5.0 .00303 M Jul13 /Jun03
VangdTotalBd BND 87.65 0.03 4.5
Canada 2.45 2.45 3.95 2.45 Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 57.36 ... 1.4 Reduced Banco Bradesco Pref ADR BBD 6.0 .00333 M Jul13 /Jun03
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. VangdTotIntlStk VXUS 45.45 –0.72 –18.4 Haverty Furniture HVT 4.9 .15 /.20 Q Jun19 /Jun04 Genpact G 1.2 .0975 Q Jun26 /Jun11
Complete Money Rates table appears Monday VangdTotalStk VTI 149.26 0.28 –8.8
Policy Rates through Friday.
Haverty Furniture A HVT.A 4.9 .14 /.19 Q Jun19 /Jun04 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
VangdTotlWrld VT 70.41 –0.10 –13.1
Euro zone 0.00 0.00 0.00 0.00 VangdValue VTV 97.17 ... –18.9
United-Guardian UG 7.3 .42 /.55 SA Jun17 /Jun03 S2:1: stock split and ratio; SO: spin-off.
Sources: Bureau of Labor Statistics; FactSet
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
TMktIdxInstPrem 82.60 +0.25 -8.5 FPA Funds ValueI 37.39 +0.05 -15.8 PRIMECAP Odyssey Fds TotBdAdml 11.53 +0.01 5.4 TotIntBdIxInv 11.47 +0.01 1.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. USBdIdxInstPrem 12.47 +0.01 5.7 FPACres 29.11 -0.12 -14.0 MFS Funds Instl Growth r 35.79 +0.09 -12.6 TotIntBdIdxAdm 22.93 +0.01 1.7 USGro 47.44 +0.34 10.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s Fidelity Advisor I Franklin A1 IntlEq 23.44 -0.17 NA Schwab Funds TotIntlAdmIdx r 24.41 -0.21 -18.1 WellsI 26.53 +0.05 -2.1
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- NwInsghtI 31.81 +0.15 -2.7 CA TF A1 p 7.58 +0.02 0.3 Northern Funds 1000 Inv r 65.57 +0.19 -7.8 TotStAdml 72.63 +0.23 -8.4 Welltn 40.33 +0.01 -6.3
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes Fidelity Freedom IncomeA1 p 2.02 ... -12.0 StkIdx 33.97 +0.09 -7.8 S&P Sel 45.55 +0.11 -7.8 TxMCapAdml 152.64 +0.42 -7.5 WndsrII 31.13 -0.01 -14.5
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete FF2020 14.81 -0.04 -5.8 FrankTemp/Frank Adv Oakmark Funds Invest TSM Sel r 51.17 +0.16 -8.6 TxMIn r 11.57 -0.05 -17.8 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not FF2025 13.02 -0.03 -6.8 IncomeAdv 2.01 +0.01 -11.6 OakmrkInt 16.70 -0.16 -33.1 TIAA/CREF Funds USGroAdml 122.91 +0.86 10.3 SmValAdml 43.31 +0.07 -26.2
tracked. NS-Fund didn’t exist at start of period. FF2030 15.90 -0.04 -8.2 FrankTemp/Franklin A Old Westbury Fds BdIdxInst 11.59 ... 5.3 ValAdml 37.92 ... -18.2 TotBd2 11.45 +0.01 5.0
Freedom2020 K 14.80 -0.03 -5.8 Growth A p 110.54 +0.54 -1.5 LrgCpStr 13.42 -0.04 -10.9 VANGUARD ADMIRAL WdsrllAdml 55.24 -0.02 -14.5 TotIntl 14.59 -0.13 -18.1
Freedom2025 K 13.00 -0.03 -6.8 RisDv A p 63.04 -0.09 -9.2 Parnassus Fds 500Adml 273.64 +0.69 -7.8 WellsIAdml 64.26 +0.11 -2.1 TotSt 72.60 +0.22 -8.4
Friday, May 22, 2020 Freedom2030 K 15.89 -0.03 -8.1 FrankTemp/Franklin C ParnEqFd 43.24 +0.06 -7.8 BalAdml 37.90 +0.08 -2.6 WelltnAdml 69.65 +0.02 -6.3 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD Freedom2035 K 13.10 -0.03 -10.4 Income C t 2.05 ... -12.1 PGIM Funds Cl Z CAITAdml 12.15 +0.03 1.4 WndsrAdml 57.91 -0.08 -19.9 BalInst 37.91 +0.09 -2.6
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Freedom2040 K 9.07 -0.03 -11.6 FrankTemp/Temp Adv TotalReturnBond 14.41 +0.01 NA CapOpAdml r 140.76 +0.23 -10.8 VANGUARD FDS DevMktsIndInst 11.59 -0.05 -17.8
Fidelity Invest GlBondAdv p 10.03 +0.02 -4.0 PIMCO Fds Instl DivAppIdxAdm 30.85 +0.04 -8.4 DivdGro 27.63 +0.06 -9.5 DevMktsInxInst 18.11 -0.08 -17.8
American Century Inv BlackRock Funds TAUSCoreEq2 17.30 +0.03 -13.8
Ultra 56.04 +0.25 7.4 HiYldBd Inst 7.04 ... -7.4 US CoreEq1 22.57 +0.05 -12.5 AMgr50% 17.87 +0.01 -3.8
Guggenheim Funds Tru AllAsset 10.55 -0.05 NA EMAdmr 30.10 -0.68 -18.4 INSTTRF2020 23.07 -0.01 -4.3 ExtndInst 83.64 +0.53 -12.3
TotRtnBdFdClInst 28.49 +0.03 6.1 InvGrdCrBd 10.68 +0.02 -0.7 EqIncAdml 66.14 +0.10 -16.1 GrwthInst 97.47 +0.48 4.1
American Funds Cl A BlackRock Funds A US CoreEq2 20.31 +0.04 -13.8 Balanc 23.78 +0.07 -2.8 INSTTRF2025 23.32 -0.01 -5.7
4.6 ExplrAdml InPrSeIn
Harbor Funds 89.09 +0.66 -8.4 11.04 ... 4.8
AmcpA p 32.44 +0.07 -3.4 GlblAlloc p 18.46 ... -3.9 US Small 27.22 +0.10 -22.0 BluCh 117.20 +0.91 8.8 TotRt 10.70 +0.01 INSTTRF2030 23.37 -0.02 -7.0
CapApInst 82.83 +0.58 9.3
PIMCO Funds A ExtndAdml 83.64 +0.53 -12.4 InstIdx 264.44 +0.67 -7.8
AMutlA p 38.44 +0.06 -11.1 BlackRock Funds Inst US SmCpVal 23.83 +0.01 -30.6 Contra 14.15 +0.08 3.9 INSTTRF2035 23.41 -0.02 -8.2
Harding Loevner
IncomeFd 11.24 -0.01 -4.6
GNMAAdml 10.83 ... 3.6 InstPlus 264.45 +0.67 -7.8
BalA p 27.18 +0.04 -4.2 MultiAstIncome 10.17 ... -5.7 USLgVa 29.59 -0.06 -22.9 ContraK 14.17 +0.07 3.9
IntlEq INSTTRF2040 23.44 -0.03 -9.4
20.51 -0.08 NA
PIMCO Funds I2
GrwthAdml 97.47 +0.49 4.1 InstTStPlus 62.14 +0.20 -8.4
BondA p 13.85 +0.01 6.8 StratIncOpptyIns 9.67 ... -2.0 Dodge & Cox CpInc r 9.17 +0.02 -9.1 Invesco Funds Y HlthCareAdml r 86.45 +0.17 INSTTRF2045 23.41 -0.03 -10.6
1.3 MidCpInst 42.35 +0.20 -12.7
GroCo Income 11.24 -0.01 -4.5
CapIBA p 55.39 -0.05 -11.6 Bridge Builder Trust Balanced 86.48 -0.34 -13.3 24.38 +0.22 14.1 DevMktY 37.12 -0.97 -18.6 HYCorAdml r 5.53 +0.01 -5.3 INSTTRF2050 23.44 -0.03 -10.6
MidCpIstPl 208.89 +1.01 -12.7
GrowCoK PIMCO Funds Instl
CapWGrA 45.87 -0.10 -11.8 CoreBond 10.78 +0.01 4.5 Income 14.36 -0.01 3.3 24.43 +0.22 14.2 JPMorgan I Class InfProAd 27.10 ... 4.8 INSTTRF2055 23.53 -0.04 -10.6 SmCapInst 65.93 +0.31 -16.6
EupacA p 47.85 -0.39 -14.0 CorePlusBond 10.38 +0.01 3.2 Intl Stk 32.24 -0.22 -26.1 InvGrBd 11.92 ... 4.2 CoreBond 12.25 +0.01 4.5 IncomeFd 11.24 -0.01 -4.5
IntlGrAdml 101.18 -0.84 -1.6 IntlVal 29.57 -0.22 -21.2 STIGradeInst 10.81 +0.01 1.8
FdInvA p 55.39 +0.07 -10.3 Intl Eq 10.15 -0.04 -15.3 Stock 151.57 -0.70 -20.2 LowP r 40.60 -0.15 -18.9 EqInc 15.98 ... -17.2 Price Funds ITBondAdml 12.42 +0.02 6.2 LifeCon 20.44 -0.01 -2.4 STIPSIxins 24.93 -0.01 0.9
GwthA p 51.80 +0.14 1.3 LargeCapValue 11.28 +0.01 -17.2 DoubleLine Funds Magin 10.36 +0.07 1.6 JPMorgan R Class BlChip 130.40 +0.19 4.9 ITIGradeAdml 10.31 +0.01 4.4 LifeGro 32.91 -0.03 -8.9 TotBdInst 11.53 +0.01 5.4
HI TrA p 9.02 +0.01 -8.3 ClearBridge CoreFxdIncmI NA ... NA OTC 13.44 +0.04 5.1 CoreBond 12.27 +0.02 4.6 DivGro 47.96 +0.14 -9.8 LTGradeAdml 11.55 +0.04 7.6 LifeMod 27.23 -0.01 -5.6 TotBdInst2 11.45 +0.01 5.0
ICAA p 36.31 +0.07 -7.7 LargeCapGrowthI 55.21 +0.33 NA TotRetBdI 10.62 +0.01 1.1 Puritn 22.53 +0.08 -0.6 CorePlusBd 8.63 +0.01 3.2 EqInc 24.60 ... -22.8 MidCpAdml 191.73 +0.92 -12.7 PrmcpCor 23.66 -0.03 -15.3 TotBdInstPl 11.53 +0.01 5.4
IncoA p 20.40 +0.01 -11.4 Columbia Class I Edgewood Growth Instituti SAIUSQtyIdx 14.39 +0.04 -2.0 Lord Abbett A EqIndex 78.72 +0.20 -7.8 MuHYAdml 11.28 +0.04 -2.7 STAR 26.32 ... -3.7 TotIntBdIdxInst 34.41 +0.02 1.7
IntBdA p 14.04 ... 5.1 DivIncom I 21.32 +0.04 -12.2 EdgewoodGrInst 41.77 +0.49 8.4 SrsEmrgMkt 16.95 -0.37 -17.8 ShtDurIncmA p 4.08 +0.01 -1.9 Growth 75.49 +0.22 2.9 MuIntAdml 14.49 +0.04 1.1 TgtRe2015 14.85 ... -2.2 TotIntlInstIdx r 97.62 -0.85 -18.1
N PerA p 44.57 -0.01 -5.7 Dimensional Fds Fidelity SrsGlobal 10.80 -0.11 -18.0 Lord Abbett F HelSci 84.66 +0.58 4.0 MuLTAdml 11.83 +0.03 0.6 TgtRe2020 31.12 -0.01 -4.3 TotItlInstPlId r 97.64 -0.85 -18.1
NEcoA p 44.53 +0.03 -2.6 5GlbFxdInc 10.82 ... 0.8 500IdxInstPrem 102.73 +0.26 -7.8 SrsGroCoRetail 20.46 +0.18 15.3 ShtDurIncm 4.07 ... -2.1 LgCapGow I 46.17 +0.15 4.8 MuLtdAdml 11.10 +0.01 0.9 TgtRe2025 18.70 -0.02 -5.7 TotStInst 72.64 +0.22 -8.4
NwWrldA 61.65 -0.47 -12.6 DFARlEst 32.99 +0.47 -19.0 Contrafund K6 14.92 +0.07 3.1 SrsIntlGrw 15.92 -0.12 -9.1 Lord Abbett I MidCap 88.29 +0.58 -7.4 MuShtAdml 15.88 +0.01 0.8 TgtRe2030 33.91 -0.03 -7.0 ValueInst 37.92 ... -18.2
SmCpA p 55.90 +0.25 -5.0 EmgMktVa 21.34 -0.40 -25.6 ExtMktIdxInstPre 55.89 +0.35 -12.4 SrsIntlVal 7.60 -0.01 -23.2 ShtDurInc p 4.07 ... -2.0 NHoriz 66.29 +0.69 11.7 PrmcpAdml r 126.62 -0.31 -12.2 TgtRe2035 20.67 -0.02 -8.2 WCM Focus Funds
TxExA p 13.16 +0.03 -0.3 EmMktCorEq 16.99 -0.32 -21.8 IntlIdxInstPrem 35.26 -0.20 -17.9 TotalBond 11.16 ... 3.4 Metropolitan West R2020 20.73 ... NA RealEstatAdml 104.31 +1.48 -20.1 TgtRe2040 35.44 -0.04 -9.4 WCMFocIntlGrwIns 18.12 -0.05 -4.2
WshA p 42.30 +0.08 -11.6 IntlCoreEq 10.93 -0.03 -20.7 MidCpInxInstPrem 20.22 +0.08 -14.4 Fidelity SAI TotRetBd 11.40 +0.01 5.0 R2025 16.52 ... NA SmCapAdml 65.93 +0.31 -16.6 TgtRe2045 22.09 -0.03 -10.6 Western Asset
Baird Funds IntSmCo 14.86 -0.01 -21.4 SAIUSLgCpIndxFd 15.93 +0.04 -7.9 TotalBd 10.66 ... 2.7 TotRetBdI 11.40 +0.01 5.2 R2030 23.82 ... NA SmGthAdml 66.28 +0.51 -5.0 TgtRe2050 35.58 -0.05 -10.5 CoreBondI NA ... NA
AggBdInst 11.65 +0.01 4.8 IntSmVa 14.20 -0.04 -26.6 SeriesOverseas 9.55 -0.03 -11.4 First Eagle Funds TRBdPlan 10.72 +0.01 5.1 R2035 17.35 -0.01 NA STBondAdml 10.85 ... 3.5 TgtRet2055 38.63 -0.05 -10.6 CorePlusBdI 12.08 ... NA
CorBdInst 11.91 +0.02 3.9 LgCo 22.72 +0.06 -7.8 SmCpIdxInstPrem 17.19 +0.10 -18.3 GlbA 51.29 -0.06 -11.5 MFS Funds Class I R2040 24.50 -0.01 NA STIGradeAdml 10.81 +0.01 1.8 TgtRetInc 13.83 ... -1.2 CorePlusBdIS 12.08 +0.01 NA
BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. -2.01 62.62 24.36 Floor&Decor FND ... 33 49.79 0.93 -24.00 1347.64 710.52 Markel MKL ... dd 868.85 5.77 9.35 195.72 115.29 Salesforce.com CRM ...864 177.85 2.59
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 5.29 25.08 17.42 FlowersFoods FLO 3.5 52 22.89 0.07 27.22 517.93 275.50 MarketAxess MKTX 0.5 81 482.32 9.39 -5.78 51.84 37.62 Sanofi SNY 2.5 37 47.30 -0.14
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE.
-30.61 99.43 55.40 FomentoEconMex FMX 2.3 23 65.58 0.70 -39.87 153.39 46.56 Marriott MAR 0.0 33 91.05 -0.30 -33.80 27.75 9.74 SantanderCons SC 5.7 7 15.47 -0.12
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -39.25 10.56 3.96 FordMotor F 0.0 dd 5.65 0.02 -6.20 119.88 74.33 Marsh&McLen MMC 1.7 30 104.50 -0.04 16.71 158.80 72.05 SareptaTherap SRPT ... dd 150.60 4.86
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 33.61 149.69 68.87 Fortinet FTNT ... 67 142.64 -0.74 -35.74 281.82 135.08 MartinMarietta MLM 1.2 19 179.69 1.06 -56.27 41.40 11.87 Schlumberger SLB 2.8 dd 17.58 -0.21
-12.81 44.72 28.59 Fortis FTS 4.0 13 36.20 0.21 s 13.44 30.19 16.45 MarvellTech MRVL 0.8 13 30.13 1.03 -30.97 51.65 28.00 SchwabC SCHW 2.2 13 32.83 -0.39
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -23.38 83.18 37.31 Fortive FTV 0.5 36 58.53 0.25 -6.61 50.06 27.04 Masco MAS 1.2 28 44.82 -0.12 -2.42 96.80 45.45 ScienceApplicat SAIC 1.7 22 84.91 0.55
s-New 52-week high. standards vj-In bankruptcy or receivership or -7.35 73.28 33.90 FortBrandsHome FBHS 1.6 19 60.54 0.21 56.07 258.00 128.36 Masimo MASI ... 67 246.68 4.06 s 41.93 151.03 76.50 ScottsMiracleGro SMG 1.5 26 150.70 1.12
t-New 52-week low. lf-Late filing being reorganized under the -25.01 39.73 19.81 FoxA FOXA 1.7 13 27.80 0.18 -1.23 347.25 199.99 Mastercard MA 0.5 38 294.91 0.65 s 96.42 79.19 26.41 Sea SE ... dd 79.00 1.19
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -24.81 38.84 19.13 FoxB FOX 1.7 13 27.37 0.14 3.43 95.32 44.74 MatchGroup MTCH ... 44 84.93 0.93 -14.35 64.17 39.02 Seagate STX 5.1 8 50.96 -0.30
four quarters. requirements. assumed by such companies. 42.62 152.70 72.98 Franco-Nevada FNV 0.7154 147.33 2.77 -8.76 65.73 41.93 MaximIntProducts MXIM 3.4 19 56.12 0.47 36.33 168.10 63.02 SeattleGenetics SGEN ... dd 155.77 1.57
FD-First day of trading. t-NYSE bankruptcy
-31.14 35.77 14.91 FranklinRscs BEN 6.0 9 17.89 -0.07 0.66 180.00 113.12 McCormickVtg MKC.V 1.4 33 172.20 1.80 -18.27 161.87 88.00 SempraEnergy SRE 3.4 16 123.81 2.73
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -33.38 13.63 4.82 FreeportMcM FCX 0.0 dd 8.74 -0.16 1.26 180.38 112.22 McCormick MKC 1.4 33 171.87 1.31 -35.12 54.72 18.25 SensataTechs ST ... 27 34.95 -0.40
10.62 42.08 29.17 FreseniusMed FMS 0.0 18 40.74 0.19 -6.68 221.93 124.23 McDonalds MCD 2.7 24 184.41 -0.67 -16.75 52.89 33.93 ServiceCorp SCI 2.0 19 38.32 -0.19
Friday, May 22, 2020 YTD 52-Week Yld Net 8.02 172.18 112.60 McKesson MCK 1.1 29 149.42 3.60 37.42 394.75 213.99 ServiceNow NOW ...114 387.96 4.32
YTD 52-Week Yld Net
% Chg Hi Lo Stock Sym % PE Last Chg GHI -17.24 24.29 12.35 MedicalProp MPW 6.2 21 17.47 0.09 -21.24 21.00 12.20 ShawComm B SJR 5.3 15 15.98 -0.11
% Chg Hi Lo Stock Sym % PE Last Chg -27.35 30.12 19.13 Canon CAJ 6.4 20 19.87 -0.20 -7.09 79.06 26.51 GCI LibertyA GLIBA ... 11 65.83 0.67 -16.51 122.15 72.13 Medtronic MDT 2.4 27 94.72 -0.69 -1.07 599.95 325.43 SherwinWilliams SHW 0.9 33 577.30 7.30
-7.92 45.78 9.00 CanopyGrowth CGC ... dd 19.42 1.17 6.53 65.34 30.90 GDS Holdings GDS ... dd 54.95 -4.62 -40.79 25.49 10.81 MelcoResorts MLCO 4.5 dd 14.31 -0.75 -39.37 40.00 17.09 ShinhanFin SHG 5.0 2 23.08 -0.63
ABC -41.49 107.59 38.00 CapitalOne COF 2.7 12 60.21 -0.71 ... 19.00 11.92 GFLEnvironmental GFL 0.2 dd 17.69 0.44 s 47.10 843.38 422.22 MercadoLibre MELI ... dd 841.31 26.60 s 107.55 826.38 262.17 Shopify SHOP ... dd 825.17 22.82
5.95 60.69 39.05 CardinalHealth CAH 3.6 dd 53.59 0.41 -3.21 274.03 112.00 Galapagos GLPG ... 73 200.20 -3.90 -16.03 92.64 65.25 Merck MRK 3.2 19 76.37 -0.18 -20.64 13.27 3.17 Sibanye-Stillwater SBSW ... dd 7.88 -0.51
-22.08 25.30 14.71 ABB ABB 3.6 28 18.77 0.23 -28.71 169.86 97.55 Carlisle CSL 1.7 15 115.38 -1.33 21.33 96.29 52.24 MercurySystems MRCY ... 64 83.85 -2.47 -29.68 148.64 68.98 SignatureBank SBNY 2.3 9 96.06 -1.89
-4.34 109.46 65.09 Gallagher AJG 2.0 26 91.10 0.10
19.78 53.70 21.56 ACADIA Pharm ACAD ... dd 51.24 -0.33 -16.40 34.98 15.21 Carlyle CG 4.6 dd 26.82 0.32 -34.59 53.28 22.85 MetLife MET 5.5 4 33.34 -0.15 -63.35 172.39 42.25 SimonProperty SPG 15.3 9 54.59 -1.41
-20.79 50.99 13.04 Gaming&Leisure GLPI 7.0 19 34.10 0.55
-17.78 9.71 3.40 ADT ADT 2.1 dd 6.52 0.10 -6.98 103.18 37.59 CarMax KMX ... 15 81.55 1.13 -5.67 873.51 579.40 MettlerToledo MTD ... 34 748.31 25.31 -25.80 7.40 4.11 SiriusXM SIRI 1.0 23 5.30 0.11
-14.02 105.58 61.04 Garmin GRMN 2.7 16 83.89 -0.31
-16.95 52.40 21.76 AECOM ACM ... dd 35.82 0.19 -71.55 53.86 7.80 Carnival CCL 0.0 5 14.46 -0.14 -16.15 112.47 53.15 MicrochipTech MCHP 1.7 40 87.81 0.18 -3.19 128.48 66.29 Skyworks SWKS 1.5 25 117.02 2.89
-23.68 171.78 76.91 Gartner IT ... 37 117.61 1.34
-38.49 21.23 8.11 AES AES 4.7 28 12.24 -0.07 s ... 19.86 11.50 CarrierGlobal CARR ... ... 19.05 -0.40 -16.44 61.19 31.13 MicronTech MU ... 22 44.94 -0.28 41.06 42.00 15.10 SlackTech WORK ... dd 31.71 0.07
13.73 118.86 54.19 Generac GNRC ... 29 114.40 -0.04
-34.40 57.18 23.07 Aflac AFL 3.2 9 34.70 -0.15 4.78 115.23 22.16 Carvana CVNA ... dd 96.45 1.71 16.37 190.70 119.01 Microsoft MSFT 1.1 31 183.51 0.08 25.91 57.88 30.91 Smartsheet SMAR ... dd 56.56 0.59
-21.42 193.76 100.55 GeneralDynamics GD 3.2 12 138.57 -0.10
-25.51 19.65 6.25 AGNC Invt AGNC 10.9 dd 13.17 0.12 -4.74 181.99 114.01 CaseysGenStores CASY 0.8 25 151.45 1.12 -13.33 148.88 82.00 MidAmApt MAA 3.5 40 114.28 0.46 -11.38 52.61 33.80 SmithAO AOS 2.3 21 42.22 -0.46
-42.56 13.26 5.48 GeneralElec GE 0.6 10 6.41 -0.07
26.92 15.53 4.10 ANGI Homesvcs ANGI ...354 10.75 0.37 39.47 79.93 31.04 Catalent CTLT ...112 78.52 0.22 -28.91 5.54 3.32 MitsubishiUFJ MUFG 4.6 10 3.86 -0.07 -14.96 52.26 26.07 Smith&Nephew SNN 1.8 30 40.88 -0.28
11.95 64.31 46.59 GeneralMills GIS 3.3 17 59.96 0.01
4.84 299.06 174.25 Ansys ANSS ... 57 269.87 3.59 -23.84 150.55 87.50 Caterpillar CAT 3.7 12 112.47 -1.59 -27.83 3.20 1.96 MizuhoFin MFG 4.7 7 2.23 -0.04 4.25 127.91 91.88 Smucker SJM 3.2 20 108.56 0.66
-29.02 41.90 14.32 GeneralMotors GM 0.0 8 25.98 0.18
-26.98 5.70 3.17 ASETech ASX 2.6 16 4.06 -0.09 -30.57 128.88 52.70 Celanese CE 2.9 14 85.48 -0.64 -11.13 11.00 6.20 MobileTeleSys MBT 8.1 10 9.02 -0.19 8.21 19.75 7.89 Snap SNAP ... dd 17.67 0.12
31.21 30.14 16.24 Genmab GMAB ... 80 29.30 0.25
7.91 326.26 186.31 ASML ASML 0.7 46 319.36 0.37 -58.13 10.82 1.41 CenovusEnergy CVE 0.0 23 4.25 -0.03 252.76 87.00 11.54 Moderna MRNA ... dd 69.00 1.95 -23.92 172.61 90.72 SnapOn SNA 3.4 11 128.88 -3.99
-19.75 45.20 19.41 Genpact G 1.2 20 33.84 -0.25
-23.54 39.70 26.08 AT&T T 7.0 15 29.88 0.11 3.13 74.70 41.62 Centene CNC ... 33 64.84 -0.81 -38.91 156.60 56.62 MohawkInds MHK ... 8 83.31 -0.83 37.12 143.73 52.03 SolarEdgeTech SEDG ... 39 130.39 -6.12
-11.90 31.27 19.48 Gentex GNTX 1.9 16 25.53 0.23
5.31 100.00 61.61 AbbottLabs ABT 1.6 46 91.47 1.08 -37.95 30.71 11.58 CenterPointEner CNP 3.5 dd 16.92 0.16 34.28 187.83 102.85 MolinaHealthcare MOH ... 16 182.21 0.49 -2.75 21.66 11.50 SolarWinds SWI ...358 18.04 0.44
-27.31 108.58 49.68 GenuineParts GPC 4.1 19 77.22 0.07
4.02 97.86 62.55 AbbVie ABBV 5.1 16 92.10 -0.92 -50.86 11.69 2.96 CentraisElBras EBR ... 3 4.58 0.26 -31.67 61.94 34.01 MolsonCoorsB TAP 6.2 dd 36.83 0.04 -20.38 66.57 37.30 SonocoProducts SON 3.5 17 49.14 -0.11
12.87 85.97 60.89 GileadSciences GILD 3.7 19 73.34 -0.16
20.85 285.77 119.01 Abiomed ABMD ... 47 206.16 9.84 -25.66 15.30 8.16 CenturyLink CTL 10.2 9 9.82 0.11 -9.77 59.96 41.19 Mondelez MDLZ 2.3 19 49.70 0.42 -7.00 73.86 47.29 Sony SNE 0.4 15 63.24 0.50
-12.98 48.25 31.43 GSK GSK 4.8 17 40.89 -0.14
85.95 108.50 37.01 AcceleronPharma XLRN ... dd 98.59 -0.50 -6.57 79.11 38.40 CeridianHCM CDAY ...125 63.42 -0.79 s 67.37 220.86 93.81 MongoDB MDB ... dd 220.28 11.36 -14.32 71.10 41.96 Southern SO 4.7 16 54.58 0.75
-3.18 209.62 105.54 GlobalPayments GPN 0.4 83 176.75 0.34
-8.01 216.39 137.15 Accenture ACN 1.7 25 193.71 0.21 -8.33 80.90 53.08 Cerner CERN 1.1 42 67.28 0.16 13.57 219.57 114.84 MonolithicPower MPWR 1.0 79 202.18 -0.26 -17.18 44.82 23.43 SoCopper SCCO 2.3 21 35.18 -0.30
29.18 141.67 70.83 Globant GLOB ... 94 137.00 1.33
22.99 75.97 41.84 ActivisionBliz ATVI 0.6 36 73.08 0.61 13.65 179.38 95.58 CharlesRiverLabs CRL ... 35 173.61 -1.62 8.12 70.52 50.06 MonsterBev MNST ... 33 68.71 0.35 -46.52 58.83 22.46 SouthwestAir LUV 0.0 9 28.87 -0.73
-31.08 111.43 56.74 GlobeLife GL 1.0 11 72.54 -0.84
39.47 55.12 15.19 AdaptiveBiotech ADPT ... dd 41.73 1.69 5.74 546.54 345.67 CharterComms CHTR ... 62 512.90 -4.06 8.18 287.25 164.19 Moody's MCO 0.9 32 256.82 3.05 s 23.03 185.26 93.92 Splunk SPLK ... dd 184.26 20.81
-6.40 60.15 33.41 GlobusMedical GMED ... 38 55.11 0.52
16.81 386.75 255.13 Adobe ADBE ... 58 385.26 3.09 -3.65 120.99 80.06 CheckPoint CHKP ... 19 106.91 0.43 -21.50 57.57 27.20 MorganStanley MS 3.5 8 40.13 -0.17 27.16 196.75 109.18 Spotify SPOT ... dd 190.17 -2.57
11.40 78.99 40.25 GoDaddy GDDY ... 81 75.66 1.29
-16.66 171.43 71.33 AdvanceAuto AAP 0.7 24 133.48 -1.31 71.22 67.98 25.89 Chegg CHGG ... dd 64.91 2.12 -6.56 166.59 102.59 Morningstar MORN 0.8 43 141.39 -1.13 30.26 87.25 32.33 Square SQ ...134 81.49 ...
19.85 8.67 3.79 GoldFields GFI 1.0 42 7.91 -0.26
20.30 59.27 26.40 AdvMicroDevices AMD ...133 55.17 0.52 8.63 513.75 324.31 Chemed CHE 0.3 34 477.16 -0.05 -16.72 187.49 120.77 MotorolaSol MSI 1.9 26 134.19 -3.00 -26.70 173.67 70.00 StanleyBlackDck SWK 2.3 20 121.49 -2.03
-21.75 250.46 130.85 GoldmanSachs GS 2.8 10 179.93 -0.17
-45.70 5.18 1.80 Aegon AEG 5.7 ... 2.46 0.03 -24.91 70.49 27.06 CheniereEnergy LNG ... 17 45.86 1.17 -22.19 23.11 12.75 Mylan MYL ...133 15.64 -0.35 -11.72 99.72 50.02 Starbucks SBUX 2.1 28 77.62 -0.43
-11.79 56.98 38.43 Graco GGG 1.5 24 45.87 -0.58
-0.39 90.64 61.13 AgilentTechs A 0.8 39 84.98 4.23 -17.81 49.30 17.75 CheniereEnerPtrs CQP 7.5 14 32.72 0.94 47.49 126.30 42.65 MyoKardia MYOK ... dd 107.50 0.77 -30.06 85.89 42.10 StateStreet STT 3.8 10 55.32 -2.77
-13.47 346.60 200.61 Grainger GWW 2.0 21 292.91 -2.53
6.56 69.66 31.00 AgnicoEagle AEM 1.2 38 65.65 0.59 -25.09 127.00 51.60 Chevron CVX 5.7 45 90.28 -1.76 s 17.54 184.19 110.59 NICE NICE ... 61 182.37 2.20 -28.23 35.78 14.98 SteelDynamics STLD 4.1 8 24.43 -0.33
-11.51 25.73 13.40 Grifols GRFS 1.4 20 20.61 -0.19
-0.27 257.01 167.43 AirProducts APD 2.3 27 234.35 -1.19 47.41 47.55 20.62 Chewy CHWY ... dd 42.75 2.56 -10.14 41.78 19.54 NRG Energy NRG 3.4 2 35.72 0.42 -19.93 67.94 38.45 Stericycle SRCL ... dd 51.09 -0.16
17.91 80.25 29.35 GrubHub GRUB ... dd 57.35 1.01
16.25 108.25 73.19 AkamaiTech AKAM ... 33 100.42 -0.58 -34.42 14.70 8.27 ChinaLifeIns LFC 4.9 7 9.07 -0.51 -17.71 4071.13 2043.01 NVR NVR ... 14 3133.86 9.86 3.32 168.98 105.69 Steris STE 0.9 33 157.48 1.18
-53.33 8.92 3.32 GpoAvalAcc AVAL 8.0 5 4.07 -0.02
-6.75 99.40 48.89 Albemarle ALB 2.3 14 68.11 0.14 -17.48 46.03 30.12 ChinaMobile CHL 5.4 9 34.88 -0.70 -22.73 139.59 58.41 NXP Semi NXPI 1.5115 98.33 -0.56 -10.29 31.98 14.67 STMicroelec STM 0.8 21 24.14 0.17
24.02 112.22 55.90 GuardantHealth GH ... dd 96.91 1.05
7.74 65.37 39.37 Alcon ALC ... dd 60.95 -1.05 -25.94 71.82 41.31 ChinaPetrol SNP 8.8 8 44.55 -2.42 7.69 120.23 71.66 Nasdaq NDAQ 1.7 26 115.34 1.35 -38.68 46.69 17.72 StoneCo STNE ... 34 24.46 -0.24
-8.10 124.16 71.64 Guidewire GWRE ... dd 100.88 2.01
-9.03 175.74 109.22 AlexandriaRlEst ARE 2.8 69 146.99 1.56 -39.21 11.15 5.08 ChinaUnicom CHU 0.0 11 5.69 -0.33 -13.82 69.08 44.29 NationalGrid NGG 5.7 20 54.01 -1.24 -12.29 226.30 124.54 Stryker SYK 1.2 32 184.14 -0.95
-27.82 151.97 58.38 HCA Healthcare HCA 0.0 12 106.69 -1.36
-6.15 134.84 72.67 AlexionPharm ALXN ... 10 101.50 0.36 s 26.11 1057.69 415.00 Chipotle CMG ... 88 1055.70 28.99 -11.15 47.89 20.42 NatlInstruments NATI 2.8 18 37.62 0.13 -28.74 7.56 4.49 SumitomoMits SMFG 5.4 6 5.28 -0.08
-42.05 65.89 29.50 HDFC Bank HDB 0.9 18 36.72 -0.48
-5.85 231.14 147.95 Alibaba BABA ... 21 199.70 -12.46 -24.84 167.74 87.35 Chubb CB 2.7 15 117.00 3.92 -51.74 25.81 8.00 NatlOilwell NOV 0.0 dd 12.09 -0.03 -11.53 173.98 95.34 SunComms SUI 2.4 ... 132.79 -0.49
-24.24 43.29 21.69 HD Supply HDS ... 11 30.47 -0.21
-12.65 319.17 127.88 AlignTech ALGN ... 10 243.74 7.78 1.00 37.57 33.61 ChunghwaTel CHT 3.0 27 37.27 0.05 -42.39 59.26 24.04 NatlRetailProp NNN 6.7 21 30.89 0.19 -26.79 50.13 24.37 SunLifeFinancial SLF 4.7 11 33.36 -0.37
-17.27 23.93 12.54 HP HPQ 4.1 8 17.00 -0.18
-37.35 847.95 426.87 Alleghany Y 0.0141 500.96 -0.15 2.26 80.99 47.98 Church&Dwight CHD 1.3 27 71.93 0.96 ... 23.90 7.93 Natura&Co NTCO ... dd 12.18 0.02 -47.87 34.56 9.61 SuncorEnergy SU 3.5 dd 17.10 -0.43
t -41.24 42.17 22.95 HSBC HSBC 6.5 26 22.97 -1.43
-24.29 139.24 77.37 Allegion ALLE 1.4 28 94.29 0.29 23.71 53.36 30.58 Ciena CIEN ... 29 52.81 1.09 -28.22 65.38 34.66 NetApp NTAP 4.3 11 44.68 -0.79 -29.67 10.84 4.43 Suzano SUZ 1.5 dd 6.92 0.05
-5.88 140.36 63.41 Haemonetic HAE ... 73 108.14 1.69
-15.24 60.28 37.66 AlliantEnergy LNT 3.3 19 46.38 0.35 -7.57 224.64 118.50 Cigna CI 0.0 15 189.00 0.32 21.40 402.06 209.01 Netease NTES 1.8 15 372.25 -29.51 -50.43 38.18 12.15 SynchronyFin SYF 4.9 4 17.85 -0.28
-52.64 25.47 4.25 Halliburton HAL 6.2 dd 11.59 -0.39
s 108.01 54.34 17.43 AllogeneTherap ALLO ... dd 54.04 3.84 -45.49 118.19 46.07 CincinnatiFin CINF 4.2181 57.32 -0.13 32.68 458.97 252.28 Netflix NFLX ... 87 429.32 -6.93 0.43 74.25 30.02 SyneosHealth SYNH ... 32 59.73 0.18
-39.13 62.75 19.04 HartfordFinl HIG 3.5 8 36.99 -0.12
-15.68 125.92 64.13 Allstate ALL 2.3 8 94.82 0.69 -10.57 304.81 154.33 Cintas CTAS 1.1 27 240.65 -1.91 16.10 127.28 72.14 Neurocrine NBIX ... 68 124.80 3.63 -21.90 153.07 52.06 Synnex SNX 0.0 10 100.59 -0.62
-36.85 126.87 41.33 Hasbro HAS 4.1 20 66.69 -2.11
-48.00 35.42 10.22 AllyFinancial ALLY 4.8 6 15.89 -0.24 -6.38 58.26 32.40 CiscoSystems CSCO 3.2 18 44.90 0.26 -6.44 142.38 81.03 NewOrientalEduc EDU ... 41 113.44 -3.91 s 22.92 171.47 104.90 Synopsys SNPS ... 56 171.11 2.62
-11.99 34.22 20.61 HealthcareAmer HTA 4.7167 26.65 0.36
22.01 151.84 65.95 AlnylamPharm ALNY ... dd 140.52 -1.34 -44.80 83.11 32.00 Citigroup C 4.6 6 44.10 -0.90 19.09 40.22 26.13 NYTimes A NYT 0.6 45 38.31 0.13 -39.50 85.98 26.00 Sysco SYY 3.5 20 51.75 -0.73
-28.78 37.93 18.63 HealthpeakProp PEAK 6.0 49 24.55 0.33
5.49 1532.11 1013.54 Alphabet C GOOG ... 28 1410.42 7.62 -47.60 41.29 14.12 CitizensFin CFG 7.0 7 21.28 -0.07 -33.51 20.99 10.44 NewellBrands NWL 7.2 dd 12.78 -0.08
-13.77 113.69 51.78 Heico A HEI.A 0.2 29 77.20 0.04
5.51 1530.74 1008.87 Alphabet A GOOGL ... 29 1413.24 6.49 23.57 155.10 90.28 CitrixSystems CTXS 1.0 24 137.04 0.31 -17.66 147.93 52.01 Heico HEI 0.2 35 93.99 0.88 -10.68 505.16 304.65 NewMarket NEU 1.7 17 434.54 7.52 TUV
48.50 160.11 75.17 Alteryx AYX ...2519 148.60 5.88 34.64 24.98 12.80 Clarivate CCC ... dd 22.62 -0.01 45.11 69.13 31.10 Newmont NEM 1.6 15 63.05 -0.43
-15.00 73.99 41.85 HenrySchein HSIC ... 16 56.71 -0.47 10.58 59.76 30.78 TAL Education TAL ...301 53.30 -1.36
-11.63 31.78 15.96 AlticeUSA ATUS ... 97 24.16 -0.16 29.34 214.26 144.12 Clorox CLX 2.2 29 198.59 -0.81 -19.85 15.36 7.88 NewsCorp B NWS 1.7 dd 11.63 0.08
-12.63 48.82 20.73 Herbalife HLF ... 23 41.65 -1.71 -21.01 57.92 32.37 TC Energy TRP 5.5 13 42.11 0.60
-24.40 53.11 30.95 Altria MO 8.9 dd 37.73 0.19 65.65 30.78 14.50 Cloudflare NET ... dd 28.26 0.22 -18.53 15.07 7.90 NewsCorp A NWSA 1.7 dd 11.52 0.14
-11.38 162.20 109.88 Hershey HSY 2.4 25 130.26 2.23 -31.45 53.99 27.70 TD Ameritrade AMTD 3.6 10 34.07 -0.42
31.88 2525.45 1626.03 Amazon.com AMZN ...116 2436.88 -9.86 -18.64 60.13 36.27 Coca-Cola KO 3.6 19 45.03 -0.14 -3.43 283.35 174.80 NextEraEnergy NEE 2.4 32 233.85 4.95
-29.50 74.11 26.06 Hess HES 2.1 dd 47.10 -0.14 -20.46 101.00 48.62 TE Connectivity TEL 2.5 37 76.23 -0.06
-54.08 5.45 1.90 Ambev ABEV ... 11 2.14 0.01 -27.97 58.94 28.35 Coca-Cola Euro CCEP 3.8 14 36.65 -0.20 -33.05 24.69 11.62 NielsenHoldings NLSN 1.8 dd 13.59 0.17
-42.18 17.59 7.43 HewlettPackard HPE 5.2 dd 9.17 -1.19 -16.50 20.91 13.54 Telus TU 5.1 16 16.17 ...
.
-11.44 11.77 5.80 Amcor AMCR 4.8 31 9.60 0.12 10.05 62.39 35.20 Cognex CGNX 0.4 57 61.67 0.49 -7.46 105.62 60.00 Nike NKE 1.0 35 93.75 -0.51
-11.87 117.50 72.29 Hill-Rom HRC 0.9 46 100.05 0.97 -40.19 20.32 10.29 TIM Part TSU 3.3 6 11.43 -0.22
-12.38 77.29 44.05 Amdocs DOX 2.1 17 63.25 0.30 -17.04 71.48 40.01 CognizantTech CTSH 1.7 16 51.45 -0.29 -17.06 30.67 19.56 NiSource NI 3.6 47 23.09 0.10
-29.32 115.48 44.30 Hilton HLT 0.0 30 78.39 0.73 -12.53 64.95 32.72 TJX TJX 0.0 39 53.41 -0.89
ly
15.03 218.44 107.17 Amedisys AMED ... 50 192.01 0.21 2.77 77.41 58.49 ColgatePalm CL 2.5 24 70.75 0.49 -59.34 27.31 2.73 NobleEnergy NBL 0.8 dd 10.10 0.06
-39.93 58.88 18.48 HollyFrontier HFC 4.6 25 30.46 -0.18 22.16 102.73 63.50 T-MobileUS TMUS ... 24 95.80 1.41
-18.27 426.50 222.34 Amerco UHAL 0.0 19 307.15 4.33 -13.85 47.74 31.70 Comcast A CMCSA 2.4 15 38.74 -0.21 3.77 5.77 2.34 Nokia NOK 4.4 dd 3.85 0.08
0.23 55.25 26.49 Hologic HOLX ... 23 52.33 -0.23 -5.54 139.81 82.51 TRowePrice TROW 3.1 14 115.09 0.44
-9.09 87.66 58.74 Ameren AEE 2.8 22 69.82 0.52 -12.41 71.92 45.51 CommerceBcshrs CBSH 1.8 19 59.51 -0.54 -25.78 5.41 3.05 NomuraHoldings NMR 3.8 6 3.83 -0.05
10.76 248.32 140.63 HomeDepot HD 2.5 24 241.88 1.00 -14.29 60.64 37.18 TaiwanSemi TSM 2.6 20 49.80 -0.95
-20.00 18.04 10.12 AmericaMovil AMX 2.9 12 12.80 0.09 -48.04 15.40 5.54 SABESP SBS 2.6 7 7.82 0.25 6.95 180.28 96.45 Nordson NDSN 0.9 30 174.15 -0.89
-16.60 29.44 19.38 HondaMotor HMC 3.7 10 23.61 -0.12 14.77 149.28 100.00 TakeTwoSoftware TTWO ... 40 140.51 2.32
-16.64 104.97 65.14 AEP AEP 3.6 21 78.78 1.41 -4.56 35.59 22.83 ConagraBrands CAG 2.6 21 32.68 0.43 -11.67 219.88 112.62 NorfolkSouthern NSC 2.2 19 171.47 0.91
-21.37 184.06 101.08 Honeywell HON 2.6 16 139.18 1.49 -4.05 20.93 12.43 TakedaPharm TAK 3.4 dd 18.93 -0.24
-28.24 138.13 67.00 AmerExpress AXP 1.9 14 89.33 -0.50
-45.45 115.03 44.01 AmericanFin
-43.72 58.66 16.07 AIG

AFG 3.0 21 59.81 -0.70
-7.75 29.89 17.50 AmHomes4Rent AMH 0.8 81 24.18 0.10
AIG 4.4 6 28.89 0.08
5.49 260.43 174.32 AmerTowerREIT AMT 1.7 57 242.43 14.27
-1.74 141.70 92.00 AmerWaterWorks AWK 1.8 35 120.71 0.09
-36.25 107.69 33.13 ConchoRscs
-22.43 95.10 62.03 ConEd

on CXO 1.4 dd 55.83
-33.45 67.13 20.84 ConocoPhillips COP 3.9 14 43.28
ED 4.4 18 70.18
-9.21 211.39 107.51 ConstBrands B STZ.B 1.6 dd 171.39
-9.19 212.00 104.28 ConstBrands A STZ 1.7 dd 172.31
-59.07 43.57 6.90 ContinentalRscs CLR 0.0 13 14.04
-0.89
-0.44
0.26
13.85
1.31
0.16
s 36.91 49.81 22.69 HorizonTherap HZNP ... 17 49.56
4.03 51.53 38.44 HormelFoods
2.48 62.54 25.51 DR Horton
-39.46 19.43 7.86 HostHotels
HRL 2.0 28 46.93
DHI 1.3 11 54.06
HST 0.0 11 11.23
-50.56 27.87 9.25 HowmetAerospace HWM 0.0 11 12.37
-24.48 43.15 25.01 Huazhu HTHT ... 35 30.26
1.63
0.92
1.06
-0.20
-0.06
-2.23
-30.46 110.48 60.67 NorthernTrust NTRS
-5.25 385.00 263.31 NorthropGrum NOC
-20.71 28.70 15.12 NortonLifeLock NLOK
-10.33 99.84 69.18 Novartis
12.01 66.02 46.85 NovoNordisk
-21.70 98.84 51.35 Novocure
NVS
NVO
NVCR
3.8 11 73.88
1.8 25 325.91
2.5 3 20.23
2.4 17 84.91
1.4 26 64.83
...817 65.98
-0.06
-2.20
...
-0.08
0.01
2.79
47.19 92.37 43.69 TandemDiabetes TNDM
-8.36 130.24 79.13 Target
-47.27 23.30 5.60 TeckRscsB
108.05 203.85 53.46 TeladocHealth TDOC
-2.38 398.99 195.34 TeledyneTech TDY
-3.51 398.65 221.27 Teleflex
TGT
TECK
TFX
... dd 87.74
2.2 22 117.49
1.5 dd 9.16
... dd 174.18
... 31 338.29
0.4 31 363.24
0.11
-1.19
-0.31
-0.81
-0.93
11.74
-1.06 40.42 23.30 AmericoldRealty COLD 2.4 90 34.69 0.08 -10.54 365.68 236.68 Cooper COO 0.0 32 287.42 -0.38 20.36 23.58 12.98 NuanceComms NUAN ... 41 21.46 0.50
-20.94 155.00 85.62 Hubbell HUBB 3.1 16 116.86 -0.93 1.14 10.07 6.15 Ericsson ERIC 0.5122 8.88 0.25
us ,
-20.48 180.85 80.01 Ameriprise AMP 3.1 5 132.46 0.34 -5.16 104.88 55.69 Copart CPRT ... 30 86.25 -0.15 -29.85 58.70 27.52 Nucor NUE 4.1 15 39.48 -0.52
22.58 207.98 90.83 HubSpot HUBS ... dd 194.29 3.84 -41.34 14.68 7.75 TelefonicaBras VIV 7.2 11 8.40 -0.11
9.55 97.50 72.06 AmerisourceBrgn ABC 1.8 12 93.14 0.89 -26.55 34.26 17.44 Corning GLW 4.1 68 21.38 0.06 -21.27 37.86 11.31 Nutanix NTNX ... dd 24.61 0.60
7.61 412.70 208.25 Humana HUM 0.6 20 394.43 -0.84
l
-35.29 8.55 3.75 Telefonica TEF 7.6 22 4.51 -0.03

-13.88 102.31 54.82 Ametek AME 0.8 21 85.90 1.04 -16.98 32.78 20.38 Corteva CTVA 2.1 dd 24.54 -0.01 -31.27 55.34 23.85 Nutrien NTR 5.5 21 32.93 0.32
-7.12 122.29 75.29 JBHunt JBHT 1.0 23 108.46 2.35 -27.72 31.48 16.06 TelekmIndonesia TLK 3.1 14 20.60 -0.12
e
-6.07 244.99 166.68 Amgen AMGN 2.8 18 226.43 1.65 10.16 746.70 496.11 CoStar CSGP ... 80 659.10 15.50 s 53.44 363.72 132.60 NVIDIA NVDA 0.2 67 361.05 10.04
al a
-46.32 15.63 6.82 HuntingtonBcshs HBAN 7.4 8 8.10 -0.07 -1.84 108.36 45.11 10xGenomics TXG ... dd 74.85 -1.15
-16.10 110.24 63.05 Amphenol APH 1.1 25 90.80 0.59 2.90 325.26 233.05 Costco COST 0.9 35 302.43 0.46 -27.15 279.71 147.14 HuntingIngalls HII 2.3 12 182.77 1.27 1.79 16.74 9.22 TencentMusic TME
-6.55 127.30 79.08 AnalogDevices ADI 2.2 37 111.06 0.05 s 55.54 228.45 99.01 CoupaSoftware COUP ... dd 227.48 14.93 -41.21 94.98 24.02 HyattHotels H 0.0 9 52.74 -0.70 OPQ -7.98 81.57 40.92 Teradyne TER
... 35 11.95
0.6 21 62.75
-0.19
1.01
-2.56 63.71 26.04 Anaplan PLAN ... dd 51.06 2.11 -37.83 240.88 118.00 Credicorp BAP 6.5 10 132.51 -1.83 -21.25 51.74 21.79 IAA IAA ... 27 37.06 0.59 -30.74 46.43 23.00 OGE Energy OGE 5.0 dd 30.80 0.12 95.27 968.99 176.99 Tesla TSLA ... dd 816.88 -10.72
ci on
13.92 28.00 11.46 AngloGoldAsh AU 0.3 dd 25.45 -0.51 -24.30 498.06 199.00 CreditAcceptance CACC ... 10 334.84 -5.36 4.70 278.85 124.60 IAC/InterActive IAC ...235 260.83 4.17 -52.16 78.48 12.16 ONEOK OKE 10.3 19 36.20 0.18 22.04 13.76 6.07 TevaPharm TEVA ... dd 11.96 -0.06
-50.15 102.70 32.58 AB InBev BUD 3.6 9 40.90 -0.25 -38.59 14.12 6.47 CreditSuisse CS 0.7 6 8.26 -0.20 -48.58 15.42 6.86 ICICI Bank IBN 0.4 19 7.76 -0.22 -7.59 454.31 251.51 OReillyAuto ORLY ... 23 404.99 0.71 -11.58 135.70 93.09 TexasInstruments TXN 3.2 22 113.43 -0.03
-32.70 10.50 3.51 AnnalyCap NLY 15.8 dd 6.34 ... 12.09 64.95 27.77 Cree CREE ... dd 51.73 0.77 12.86 302.99 168.65 IdexxLab IDXX ... 59 294.72 2.06 -65.71 54.05 9.00 OccidentalPetrol OXY 3.1 dd 14.13 -0.12 -39.66 54.24 20.26 Textron TXT 0.3 9 26.91 -0.04
-8.25 312.48 171.03 Anthem ANTM 1.4 15 277.11 -1.57 64.87 101.88 31.95 CrowdStrike CRWD ... dd 82.22 1.62 -11.07 81.65 44.81 IHS Markit INFO 1.0 31 67.01 -0.08 s 66.85 192.95 88.66 Okta OKTA ... dd 192.49 4.75 4.74 351.86 250.21 ThermoFisherSci TMO 0.3 37 340.26 4.51
-7.84 238.19 143.93 Aon AON 0.9 28 191.97 -1.36 9.88 168.75 114.18 CrownCastle CCI 3.1 82 156.20 5.37 -52.95 12.44 4.52 ING Groep ING 10.9 4 5.67 -0.02 s 25.51 159.90 87.25 OldDomFreight ODFL 0.4 31 158.79 2.88 -7.49 82.50 52.23 ThomsonReuters TRI 2.3 20 66.24 0.04
-30.49 55.68 24.53 ApartmtInv AIV 4.6 27 35.90 0.12 -14.42 80.56 42.97 CrownHoldings CCK ... 17 62.08 -0.04 8.60 166.49 98.04 IPG Photonics IPGP ... 52 157.39 1.53 31.08 103.03 28.83 Ollie'sBargain OLLI ... 40 85.61 2.20 -16.99 187.72 114.04 3M MMM 4.0 17 146.44 0.63
-5.24 52.67 19.46 ApolloGlbMgmt APO 5.1 dd 45.21 0.25 -18.87 36.32 19.61 CubeSmart CUBE 5.2 29 25.54 0.29 -7.51 169.14 81.79 IQVIA IQV ...132 142.90 -0.30 -30.18 45.22 13.33 OmegaHealthcare OHI 9.1 19 29.57 -0.16 -6.42 134.42 78.60 Tiffany TIF 1.9 28 125.07 -1.29
8.60 327.85 170.27 Apple AAPL 1.0 25 318.89 2.04 -13.37 186.72 101.03 Cummins CMI 3.4 11 155.04 -2.51 -26.59 75.56 35.41 ITT ITT 1.2 14 54.26 0.46 -36.09 85.05 46.37 Omnicom OMC 5.0 9 51.78 -0.08 -15.10 84.26 52.07 Toro TTC 1.5 26 67.64 -0.26
er s
-10.89 69.44 36.64 ApplMaterials AMAT 1.6 17 54.39 -0.63 10.52 79.73 43.72 CyrusOne CONE 2.8 dd 72.31 2.15 -19.95 79.37 34.00 IcahnEnterprises IEP 16.3 dd 49.23 0.93 -35.44 25.92 8.17 ON Semi ON ... 80 15.74 0.12 -29.29 59.55 33.74 TorontoDomBk TD 5.7 8 39.69 -0.60
-9.10 126.19 79.84 Aptargroup ATR 1.4 30 105.10 0.01
-24.30 99.04 29.22 Aptiv APTV 0.0 8 71.89 0.36 DEF -3.32 178.99 104.28 Icon
-12.53 178.14 104.56 IDEX
ICLR ... 24 166.51
IEX 1.3 28 150.45
1.77
-1.11
... 42.00 15.00 1LifeHealthcare ONEM ... dd 38.00
40.28 16.94 9.02 OneConnectFinTech OCFT ... dd 14.07
0.12
-1.37
-34.86 56.91 22.13 Total
-16.35 145.41 108.01 ToyotaMotor
TOT
TM
... 8 36.02
3.0 7 117.56
-0.02
-0.39
-43.41 47.22 9.65 Aramark ARMK 1.8 56 24.56 -0.54 -16.66 44.48 17.09 DISH Network DISH ... 14 29.56 1.00 -8.84 190.85 115.94 IllinoisToolWks ITW 2.6 21 163.75 -0.35
m er
-10.01 47.84 29.11 OpenText OTEX 1.8 38 39.66 0.55 19.70 114.25 63.89 TractorSupply TSCO 1.3 24 111.85 3.25
-48.52 18.89 6.64 ArcelorMittal MT 0.0 dd 9.03 -0.15 -21.37 135.67 71.21 DTE Energy DTE 4.0 17 102.12 1.08 6.92 380.76 196.78 Illumina ILMN ... 56 354.70 5.28 -0.68 60.50 39.71 Oracle ORCL 1.8 17 52.62 0.40 18.41 327.35 136.00 TradeDesk TTD ...121 307.60 3.18
-34.02 48.32 20.93 ArchCapital ACGL ... 9 28.30 0.85 3.11 170.64 119.60 Danaher DHR 0.5 42 158.26 0.60 62.90 35.20 8.80 Immunomedics IMMU ... dd 34.47 -0.24 -23.65 16.64 9.93 Orange ORAN 5.5 13 11.14 -0.03 34.89 63.59 33.23 Tradeweb TW 0.5 80 62.52 1.13
-23.67 47.20 28.92 ArcherDaniels ADM 4.1 13 35.38 0.26
-30.62 128.41 26.15 Darden DRI 0.0 15 75.63 -1.59 -42.35 28.75 7.04 ImperialOil IMO 4.1 9 15.26 -0.26 -25.96 89.21 52.65 Orix IX 2.2 5 61.76 -0.22 -19.16 118.10 70.00 TraneTech TT 2.5 17 83.36 2.00
-1.59 169.50 103.75 arGEN-X ARGX ... dd 157.96 2.00 s 93.33 74.00 27.55 Datadog DDOG ... dd 73.04 3.15 13.80 104.81 62.48 Incyte INCY ... dd 99.37 0.69 ... 54.70 38.00 OtisWorldwide OTIS 1.5 ... 51.71 -0.32 -32.00 673.51 200.06 TransDigm TDG 0.0 26 380.80 5.45
8.24 289.45 156.63 AristaNetworks ANET ... 22 220.17 -2.91
2.37 90.15 43.40 DaVita DVA ... 12 76.81 -1.92 -12.31 12.08 6.76 Infosys INFY 2.7 17 9.05 0.12 -25.63 68.72 28.56 OwensCorning OC 2.0 dd 48.43 1.30 -5.90 101.16 52.50 TransUnion TRU 0.4 45 80.56 -0.54
-21.51 85.80 39.25 ArrowElec ARW ... dd 66.51 -0.68 6.15 203.19 78.70 DeckersOutdoor DECK ... 18 179.24 11.21 -22.19 38.96 17.01 IngersollRand IR ... 71 28.54 -0.87 7.64 25.19 3.55 PG&E PCG ... dd 11.70 -0.13 -26.91 155.09 76.99 Travelers TRV 3.4 11 100.10 0.93
m rp
5.34 150.00 90.06 AscendisPharma ASND ... dd 146.55 -0.29

-18.79 181.99 106.14 Deere DE 2.2 16 140.71 -2.10 -14.43 99.51 59.11 Ingredion INGR 3.2 14 79.54 0.73 19.86 26.28 15.91 PLDT PHI 4.3 12 23.96 0.27 s 42.09 127.87 56.22 Trex TREX ... 48 127.71 2.90
-21.47 142.89 73.07 AspenTech AZPN ... 28 94.97 0.64 -16.19 67.87 25.51 DellTechC DELL ... 7 43.07 -1.32 s 59.92 120.16 41.68 Inphi IPHI ... dd 118.37 5.22 -34.47 161.79 79.41 PNC Fin PNC 4.4 10 104.61 1.42 -5.66 46.67 20.01 Trimble TRMB ... 19 39.33 -0.05
-22.67 142.61 76.27 Assurant AIZ 2.5 19 101.37 0.92 -61.20 63.44 17.51 DeltaAir DAL 0.0 4 22.69 -0.47 12.20 228.79 105.92 Insulet PODD ...2363 192.08 -1.81 -31.11 54.53 26.27 POSCO PKX 3.9 9 34.87 -0.64 -29.04 40.91 20.10 Trip.com TCOM ... 15 23.80 -1.18
10.75 57.44 36.15 AstraZeneca AZN 2.5106 55.22 -0.06 -25.36 60.87 31.57 DentsplySirona XRAY 0.9116 42.24 0.28 4.02 69.29 43.20 Intel INTC 2.1 12 62.26 0.28 ... 33.23 10.61 PPD PPD ... ... 27.27 -0.39 -40.89 56.92 24.01 TruistFinl TFC 5.4 9 33.29 -0.18
-44.72 50.43 13.37 Athene ATH ... 17 26.00 -0.71 -5.91 11.16 4.99 DeutscheBank DB 1.7 dd 7.32 -0.04 1.32 101.93 63.51 ICE ICE 1.3 25 93.77 0.91 -27.95 134.36 69.77 PPG Ind PPG 2.1 20 96.18 1.09 s 112.27 209.50 68.06 Twilio TWLO ... dd 208.62 14.62
51.74 190.21 107.00 Atlassian TEAM ... dd 182.60 2.35 -53.25 29.36 4.70 DevonEnergy DVN 3.6 dd 12.14 -0.15 -34.31 71.02 25.39 InterContinentl IHG 0.9 21 45.11 1.43 -28.51 36.83 18.12 PPL PPL 6.5 10 25.65 -0.05 1.78 45.85 20.00 Twitter TWTR ... 20 32.62 0.28
-12.10 121.08 77.92 AtmosEnergy ATO 2.3 21 98.33 1.12 85.27 428.59 114.39 DexCom DXCM ...255 405.25 5.88 -11.68 158.75 90.56 IBM IBM 5.5 12 118.39 -0.73 -12.32 113.10 58.67 PRA HealthSci PRAH ... 27 97.46 0.77 20.01 368.98 205.90 TylerTech TYL ... 88 360.05 5.62
6.72 211.58 125.38 Autodesk ADSK ...203 195.78 1.03 -17.66 176.22 100.52 Diageo DEO 2.5 21 138.67 -0.68 0.31 152.95 92.14 IntlFlavors IFF 2.3 31 129.42 0.44 -6.25 93.34 43.90 PTC PTC ...216 70.21 0.32 -34.98 94.24 42.57 TysonFoods TSN 2.8 11 59.19 -0.06
co Fo
-6.89 100.10 59.54 Autohome ATHM 1.0 19 74.50 -6.28 -53.76 111.84 14.55 DiamondbkEner FANG 3.5 dd 42.94 0.05 -29.12 47.64 26.38 IntlPaper IP 6.3 20 32.64 -0.29 -13.50 83.41 49.11 Paccar PCAR 1.9 11 68.42 0.23 -21.94 13.49 7.48 UBS Group UBS 1.9 8 9.82 -0.20
-24.24 87.01 38.16 Autoliv ALV 3.9 13 63.95 0.05 13.42 158.36 105.00 DigitalRealty DLR 3.3 49 135.81 5.06 -28.66 25.20 11.63 Interpublic IPG 6.2 10 16.48 0.15 -16.97 114.78 71.05 PackagingCpAm PKG 3.4 14 92.99 0.08 -22.31 51.25 29.20 UDR UDR 4.0 65 36.28 0.41
-20.90 182.32 103.11 ADP ADP 2.7 23 134.87 1.55 -52.29 92.98 23.25 DiscoverFinSvcs DFS 4.3 6 40.47 -0.28 9.80 306.89 187.68 Intuit INTU 0.7 57 287.61 -2.39 -23.01 53.43 13.58 PagSeguroDig PAGS ... 25 26.30 0.08 -32.66 54.48 21.75 UGI UGI 4.3 17 30.41 -0.39
-5.74 1274.41 684.91 AutoZone AZO ... 17 1122.94 18.47 2.73 103.00 24.80 DiscoveryB DISCB ... 13 37.25 1.75 -4.80 619.00 360.50 IntuitiveSurgical ISRG ... 49 562.80 16.85 2.89 251.10 125.47 PaloAltoNtwks PANW ... dd 237.93 8.43 17.11 47.08 13.71 Uber UBER ... dd 34.83 0.57
46.10 110.32 55.50 Avalara AVLR ... dd 107.02 4.55 -38.01 33.66 17.12 DiscoveryA DISCA ... 7 20.30 -0.38 -15.08 32.70 15.64 InvitatHomes INVH 2.4171 25.45 0.22 s 15.18 28.06 10.26 PanAmerSilver PAAS 0.7184 27.29 0.23 -5.80 199.91 107.22 Ubiquiti UI 0.7 33 178.02 -0.81
-26.72 229.40 118.17 Avalonbay AVB 4.1 27 153.67 -0.51 -39.77 31.20 15.43 DiscoveryC DISCK ... 6 18.36 -0.28 -9.83 73.09 39.32 IonisPharma IONS ... 53 54.47 0.17 -18.92 215.94 93.00 ParkerHannifin PH 2.1 16 166.88 0.15 -12.85 368.83 124.05 UltaBeauty ULTA ... 18 220.62 -2.14
-19.94 57.24 35.62 Avangrid AGR 4.3 18 40.96 0.68 -18.40 153.41 79.07 Disney DIS 0.0 40 118.02 0.19 s 48.12 41.08 16.12 IovanceBiotherap IOVA ... dd 41.00 2.85 -20.55 90.53 47.87 Paychex PAYX 3.7 22 67.58 0.18 -16.43 63.62 42.00 Unilever UN 3.2 20 48.02 -0.23
-1.76 19.59 6.66 Avantor AVTR ... dd 17.83 1.29 79.46 136.29 43.13 DocuSign DOCU ... dd 133.00 0.15 -26.58 27.50 14.51 iQIYI IQ ... dd 15.50 -1.00 1.73 342.00 163.42 PaycomSoftware PAYC ... 80 269.35 -4.93 -11.19 64.84 44.06 Unilever UL 3.5 21 50.77 -0.07
-18.63 141.09 76.96 AveryDennison AVY 2.2 15 106.45 0.54 -14.59 73.20 44.68 DolbyLab DLB 1.5 27 58.76 0.11 -24.16 34.49 21.00 IronMountain IRM 10.2 23 24.17 0.24 -2.46 150.73 66.98 Paylocity PCTY ... 94 117.85 -3.34 -8.65 188.96 105.08 UnionPacific UNP 2.3 19 165.16 1.57
-29.14 32.20 12.92 AxaltaCoating AXTA ... 20 21.54 0.23 14.75 185.01 118.20 DollarGeneral DG 0.8 27 178.98 0.57 -55.41 10.01 3.48 ItauUnibanco ITUB 3.3 7 4.08 0.01 39.47 151.08 82.07 PayPal PYPL ... 95 150.86 2.64 -71.17 96.03 17.80 UnitedAirlines UAL ... 7 25.40 -0.44
-15.71 49.58 31.66 BCE BCE 6.1 16 39.07 0.06 -13.13 119.71 60.20 DollarTree DLTR ... 24 81.70 0.48 15.35 103.13 38.01 Pegasystems PEGA 0.1 dd 91.88 1.91 -8.21 2.85 1.87 UnitedMicro UMC 2.6 20 2.46 -0.01
-16.83 59.02 29.78 BHP Group BHP 6.3 12 45.50 -0.04 -2.79 90.89 57.79 DominionEner D 4.7 39 80.51 1.91 JKL 61.30 49.68 17.70 Peloton PTON ... dd 45.81 0.51 -17.38 125.31 82.00 UPS B UPS 4.2 20 96.72 0.42
-19.36 51.87 23.64 BHP Group BBL 7.5 10 37.91 0.11 26.66 387.85 220.90 Domino's DPZ 0.8 36 372.10 -3.14
s 63.10 38.35 18.84 BJ'sWholesale BJ 41.64 56.50 25.48 JD.com JD ... 88 49.90 -2.67 -32.25 40.65 10.58 PembinaPipeline PBA 7.1 13 25.11 -0.17 -21.71 170.04 58.85 UnitedRentals URI ... 9 130.56 2.84
... 21 37.09 1.84 -21.69 58.32 31.08 Donaldson DCI 1.9 22 45.12 -0.03
-39.11 42.70 15.51 BP BP 10.9 19 22.98 -0.40 -35.82 141.10 76.91 JPMorganChase JPM 4.0 10 89.47 -0.70 -20.47 47.43 22.01 Pentair PNR 2.1 16 36.48 0.26 -44.46 61.11 28.36 US Bancorp USB 5.1 9 32.93 0.01
-36.86 45.59 23.16 DouglasEmmett DEI 4.0 13 27.72 -0.52 7.74 194.93 121.80 Penumbra PEN ...164 176.99 0.88 33.48 124.78 74.31 UnitedTherap UTHR ... 10 117.57 0.37
33.67 5.75 2.16 B2Gold BTG 0.7 16 5.36 -0.12 28.32 195.03 123.64 JackHenry JKHY 0.9 49 186.92 1.42
-22.12 120.26 62.95 Dover DOV 2.2 18 89.77 -1.07 -35.74 17.22 9.37 People'sUtdFin PBCT 6.6 9 10.86 -0.31 -1.37 306.71 187.72 UnitedHealth UNH 1.5 20 289.94 3.03
-8.10 70.57 40.40 BWX Tech BWXT 1.3 20 57.05 -0.34 -14.17 104.00 59.29 JacobsEngg J 1.0 dd 77.10 0.13
-34.00 56.25 21.95 Dow DOW 7.8 dd 36.12 0.30 -4.53 147.20 101.42 PepsiCo PEP 3.1 25 130.48 0.27 -28.25 230.32 105.11 UnivDisplay OLED 0.4 48 147.85 -0.04
-18.26 147.38 82.00 Baidu BIDU ...122 103.32 -6.71 -19.76 22.13 8.98 JamesHardie JHX 0.0 29 15.76 0.11
26.69 53.64 33.33 DrReddy'sLab RDY 0.5 31 51.41 0.84 -3.80 102.45 62.91 PerkinElmer PKI 0.3 46 93.41 0.91 -27.39 157.79 65.20 UniversalHealthB UHS 0.0 13 104.17 -1.40
-41.01 25.99 9.12 BakerHughes BKR 4.8 dd 15.12 -0.12 -26.59 154.24 86.88 JazzPharma JAZZ ... 23 109.59 -1.26
172.06 31.78 9.76 DraftKings DKNG ...528 29.11 0.56 5.07 63.86 40.01 Perrigo PRGO 1.7 39 54.28 -0.05 -41.02 10.18 3.56 VEREIT VER 5.7 dd 5.45 0.14
-0.25 82.82 51.26 Ball -1.03 157.00 109.16 J&J JNJ 2.8 23 144.37 -1.33
n-
BLL 0.9 46 64.51 0.47 20.97 26.20 14.55 Dropbox DBX ... dd 21.66 -0.47
-49.46 5.80 2.64 BancoBilbaoViz BBVA 8.2 5 2.82 0.02 -27.46 44.82 22.77 JohnsonControls JCI 3.5288 29.53 0.12 -33.84 57.67 27.74 PetroChina PTR 5.1 9 33.30 -1.44 -44.17 100.25 45.07 VF VFC 3.5 33 55.64 -0.65
-8.75 103.79 62.13 DukeEnergy DUK 4.5 16 83.23 0.89 -55.71 16.95 4.01 PetroleoBrasil PBR 2.7 5 7.06 -0.12 -26.30 28.75 9.85 VICI Prop VICI 6.3 23 18.83 0.50
-61.42 8.62 2.58 BancoBradesco BBDO 5.0 5 3.04 -0.06 -46.25 178.55 78.29 JonesLang JLL 0.0 9 93.57 -4.65
-4.01 38.88 25.19 DukeRealty DRE 2.8 30 33.28 0.24 -54.69 15.66 4.16 PetroleoBrasilA PBR.A 5.5 4 6.76 -0.14 -18.72 255.37 125.00 VailResorts MTN 0.0 27 194.94 2.05
-21.11 30.03 12.50 BancodeChile BCH 3.8 10 16.56 -0.61 -5.97 27.57 15.20 JuniperNetworks JNPR 3.5 24 23.16 -0.15
-14.52 84.73 38.51 Dunkin' DNKN 0.0 22 64.57 -0.22 -4.29 44.56 27.88 Pfizer PFE 4.1 13 37.50 0.24 -31.97 14.19 6.49 Vale VALE ... dd 8.98 -0.15
-62.90 12.85 3.69 BancSanBrasil BSBR 13.4 8 4.50 -0.02 -39.64 42.90 20.93 KB Fin KB 5.9 3 24.97 -0.90
-24.16 77.03 28.33 DuPont DD 2.5 dd 48.69 -0.18 -17.21 90.17 56.01 PhilipMorris PM 6.6 14 70.45 -0.05 -29.87 101.99 31.00 ValeroEnergy VLO 6.0 67 65.68 -0.05
-31.08 30.47 11.43 BcoSantChile BSAC 1.9 9 15.90 -0.31 -7.99 34.14 15.55 KKR KKR 2.0 dd 26.84 0.29
46.25 39.00 17.05 Dynatrace DT ... dd 37.00 0.95 -31.37 119.92 40.04 Phillips66 PSX 4.7112 76.46 -0.63 -18.73 150.06 89.62 VarianMed VAR ... 42 115.41 -0.35
-49.76 4.74 1.90 BancoSantander SAN 12.2 5 2.08 0.06 -2.90 184.50 101.34 KLA KLAC 2.0 27 173.00 0.57
no
-41.76 33.52 12.10 ENI E 7.4182 18.03 0.07 -36.79 33.67 15.75 PilgrimPride PPC ... 12 20.68 -0.12 44.29 205.67 118.11 VeevaSystems VEEV ...107 202.96 5.49
-35.66 35.72 17.95 BankofAmerica BAC 3.2 9 22.66 -0.24 -15.69 12.59 6.66 KT KT 3.8 9 9.78 -0.04
-37.58 95.29 27.00 EOG Rscs EOG 2.9 14 52.28 -0.04 81.65 69.50 18.46 Pinduoduo -41.62 75.40 13.35 Ventas VTR 9.4 16 33.71 0.78
-40.77 79.93 38.31 BankofMontreal BMO 6.9 7 45.90 -0.82 -3.86 178.59 92.86 KSCitySouthern KSU 1.1 25 147.25 0.91 PDD ... dd 68.70 8.70
5.32 248.27 151.97 EPAM Systems EPAM ... 45 223.45 -0.41 -19.20 105.51 60.05 PinnacleWest PNW 4.3 15 72.66 0.38 10.92 221.78 148.77 VeriSign VRSN ... 32 213.72 2.66
-31.45 51.60 26.40 BankNY Mellon BK 3.6 7 34.50 -0.48 -10.22 71.05 51.34 Kellogg K 3.7 21 62.09 0.72
-9.28 57.30 25.76 E*TRADE ETFC 1.4 12 41.16 -0.22 -0.21 36.83 10.10 Pinterest PINS ... dd 18.60 -0.09 5.32 171.73 116.61 VeriskAnalytics VRSK 0.7 54 157.28 0.44
-35.32 58.22 31.94 BkNovaScotia BNS 7.0 7 36.54 -0.32 -6.18 32.00 18.98 KeurigDrPepper KDP 2.2 33 27.16 0.28
-30.86 51.88 22.55 EastWestBncp EWBC 3.3 8 33.67 ... -38.94 159.01 48.62 PioneerNatRscs PXD 2.4 22 92.42 -0.51 -11.89 62.22 48.84 Verizon VZ 4.5 12 54.10 0.13
-47.16 10.22 3.41 Barclays BCS 2.9 ... 5.03 -0.03 -46.94 20.52 7.45 KeyCorp KEY 6.9 8 10.74 0.03
-17.41 83.99 34.44 EastmanChem EMN 4.0 11 65.46 0.06 -46.98 25.26 3.00 PlainsAllAmPipe PAA 7.4 dd 9.75 ... 30.15 295.55 165.23 VertxPharm VRTX ... 49 284.96 0.33
41.58 28.50 11.65 BarrickGold GOLD 1.1 11 26.32 0.06 -0.56 110.00 71.03 KeysightTechs KEYS ... 29 102.06 2.07
-16.94 105.78 56.41 Eaton ETN 3.7 15 78.67 0.38 -15.69 88.77 23.77 PlanetFitness PLNT ... 53 62.96 1.61 -48.47 53.68 13.12 ViacomCBS A VIACA 4.2 9 23.12 -0.45
-40.64 31.97 11.15 BauschHealth BHC ... dd 17.76 -0.42 -35.33 88.99 45.96 KilroyRealty KRC 3.6 29 54.26 -1.71
s 20.33 43.49 26.02 eBay EBAY 1.5 7 43.45 0.98
3.96 95.19 69.10 BaxterIntl BAX 1.1 44 86.93 0.37 1.59 149.23 110.66 KimberlyClark KMB 3.1 20 139.74 2.28 -17.68 104.37 37.35 Polaris PII 3.0 19 83.72 0.66 -53.32 53.71 10.10 ViacomCBS B VIAC 4.9 8 19.59 -0.25
3.89 211.24 124.60 Ecolab ECL 0.9 38 200.50 0.10 s 12.15 239.18 160.35 Pool
-12.03 286.72 197.75 BectonDicknsn BDX 1.3 72 239.25 0.31 -45.29 21.86 7.45 KimcoRealty KIM 0.0 15 11.33 0.07 POOL 1.0 37 238.18 -0.17 5.72 18.95 6.17 Vipshop VIPS ... 18 14.98 -0.12
-47.29 20.95 6.28 Ecopetrol EC 7.6 5 10.52 -0.02
-4.01 210.35 113.01 BeiGene BGNE ... dd 159.12 -5.48 -27.21 22.58 9.42 KinderMorgan KMI 6.8 27 15.41 0.05 -22.24 112.89 68.97 PostHoldings POST ... dd 84.84 -0.64 1.58 214.17 133.93 Visa V 0.6 35 190.86 0.24
-25.17 78.93 43.63 EdisonInt EIX 4.5 16 56.43 0.16
-18.31 79.92 43.05 Berkley WRB 0.8 22 56.45 0.73 48.73 7.67 2.72 KinrossGold KGC ... 11 7.05 -0.10 -32.85 60.81 23.31 PrincipalFin PFG 6.1 8 36.93 -0.07 -13.83 27.96 11.30 VistraEnergy VST 2.7 13 19.81 0.21
-6.21 247.64 154.52 EdwardsLife EW ... 42 218.81 0.31
-22.77 231.61 159.50 BerkHathwy B BRK.B ... 44 174.93 -0.01 -12.39 51.08 18.02 KirklandLakeGold KL 1.3 13 38.61 -0.41 -9.85 128.09 94.34 Procter&Gamble PG 2.8 64 112.60 0.98 -11.32 201.57 86.00 VMware VMW ... 9 134.60 -1.96
-35.69 35.46 15.17 ElancoAnimal ELAN ... dd 18.94 ...
-22.53 347400 239440 BerkHathwy A BRK.A ... 44 263094 1188.00 11.33 40.46 27.03 Knight-Swift KNX 0.8 24 39.90 1.34 3.22 84.96 62.18 Progressive PGR 0.5 12 74.72 -0.30 -17.69 21.72 11.46 Vodafone VOD 6.0 dd 15.91 0.18
29.81 104.10 39.01 Elastic ESTC ... dd 83.47 7.02
-14.26 55.26 25.00 BerryGlobal BERY ... 13 40.72 0.06 -8.77 50.78 30.50 KoninklijkePhil PHG 2.1 28 44.52 -0.20 -1.78 99.79 59.82 Prologis PLD 2.6 34 87.55 1.15 -48.65 68.85 27.64 VornadoRealty VNO 7.7 2 34.15 -1.60
-11.45 167.75 110.00 ElbitSystems ESLT 1.3 26 137.30 0.44
-12.39 91.99 48.10 BestBuy BBY 2.9 14 76.92 -1.06 -27.30 12.30 6.28 KoreaElcPwr KEP ... dd 8.60 -0.21 -2.14 133.58 83.81 Proofpoint PFPT ... dd 112.32 0.10 -30.98 63.81 29.75 VoyaFinancial VOYA 1.4 9 42.09 -0.33
11.45 121.76 85.69 ElectronicArts EA ... 12 119.82 2.46
80.95 239.71 48.18 BeyondMeat BYND ... dd 136.80 -1.31 -6.78 33.43 19.99 KraftHeinz KHC 5.3 19 29.95 0.24 -15.68 75.22 42.02 ProsperityBcshs PB 3.0 13 60.62 -0.95 -30.66 152.49 65.56 VulcanMatls VMC 1.4 22 99.84 -0.79
-26.74 78.38 37.75 EmersonElec EMR 3.6 16 55.87 -0.38
11.66 36.84 20.70 Kroger KR 2.0 16 32.37 0.25 -39.96 103.56 38.62 PrudentialFin PRU 7.8 8 56.28 -0.29
77.44 36.47 13.23 Bilibili
74.95 97.84 23.61 Bill.com
BILI ... dd 33.04 -0.89
BILL ... dd 66.57 -4.10
-20.87 43.15 22.57 Enbridge ENB ... 42 31.47 -0.05
19.66 165.45 100.00 LHC Group LHCG ... 52 164.85 0.92 -36.31 44.84 15.68 Prudential PUK 3.8 39 24.26 -3.12 WXYZ
5.63 83.30 48.01 EncompassHealth EHC 1.5 21 73.17 -0.05
21.36 282.52 155.17 Bio-Techne TECH 0.5 56 266.40 -0.35 1.29 51.97 27.04 Line LN ... dd 49.64 0.07 -18.51 63.88 34.75 PublicServiceEnt PEG 4.1 17 48.12 0.05 0.64 136.45 117.20 WABCO WBC ... 37 136.37 ...
-31.24 11.21 5.21 EnelAmericas ENIA 6.9 8 7.55 -0.02
s 27.68 479.94 281.66 Bio-RadLab A BIO ... 9 472.45 5.66 -29.03 36.63 13.31 LKQ LKQ ... 13 25.34 -0.18 -12.44 266.76 155.37 PublicStorage PSA 4.3 25 186.47 3.70 -6.60 109.53 68.01 WEC Energy WEC 2.9 23 86.14 -0.54
-23.58 5.11 2.95 EnelChile ENIC 6.6 12 3.63 -0.21
2.63 374.99 215.78 Biogen BIIB ... 9 304.53 0.07 -26.49 99.60 32.01 LPL Financial LPLA 1.5 10 67.81 -0.33 -14.15 47.37 17.12 PulteGroup PHM 1.4 9 33.31 0.62 -33.77 236.51 71.12 WEX WEX ... 92 138.73 0.22
-36.09 15.26 3.75 EnergyTransfer ET 14.9 12 8.20 0.02
15.33 100.75 62.88 BioMarinPharm BMRN ...159 97.51 2.66 -8.80 230.99 142.01 L3HarrisTech LHX 1.9 26 180.45 -3.67 27.19 43.45 25.04 Qiagen QGEN ... dd 42.99 0.06 -23.93 93.62 38.62 W.P.Carey WPC 6.8 35 60.89 -0.95
115.92 70.36 14.56 EnphaseEnergy ENPH ... 33 56.42 -3.51
50.62 105.00 12.53 BioNTech BNTX ... dd 51.03 -0.87 0.59 196.36 98.02 LabCpAm LH ... 53 170.16 -2.16 -12.64 122.37 60.15 Qorvo QRVO ... 36 101.54 2.57 -48.03 70.80 27.18 WPP WPP 7.6 13 36.53 0.30
16.79 59.53 33.75 Entegris ENTG 0.5 28 58.50 -0.03
15.62 76.44 50.01 BlackKnight BKI ... 84 74.55 1.12 -10.69 344.32 171.04 LamResearch LRCX 1.8 19 261.14 0.44 -10.80 96.17 58.00 Qualcomm QCOM 3.3 23 78.70 0.70 -26.99 81.75 35.07 Wabtec WAB 0.8 25 56.80 -0.30
-18.23 135.55 75.19 Entergy ETR 3.8 18 97.96 0.33
2.11 576.81 323.98 BlackRock BLK 2.8 19 513.30 4.79 -23.10 96.82 30.89 LamarAdv LAMR 5.8 19 68.64 0.27 5.66 125.00 73.02 QuestDiag DGX 2.0 19 112.83 -0.16 -32.84 64.50 36.65 WalgreensBoots WBA 4.6 10 39.60 -0.15
-33.66 30.86 10.27 EnterpriseProd EPD 9.5 9 18.68 -0.11
-3.56 64.97 33.00 Blackstone BX 3.7 73 53.95 0.34 -33.49 96.32 39.06 LambWeston LW 1.6 18 57.22 1.39 131.23 210.81 52.49 Quidel QDEL ... 85 173.49 -7.21 4.62 133.38 100.60 Walmart WMT 1.7 24 124.33 -0.66
4.93 164.77 103.01 Equifax EFX 1.1 67 147.03 0.33
-57.78 391.00 89.00 Boeing -32.07 74.29 33.30 LasVegasSands LVS 0.0 17 46.90 -1.67 1.01 105.17 70.87 WasteConnections WCN 0.8 42 91.71
BA 0.0 dd 137.53 -1.47
-20.57 2094.00 1107.29 BookingHldgs BKNG ... 21 1631.30 35.62
14.79 715.75 471.80 Equinix
-25.77 21.04 8.41 Equinor
EQIX 1.6113 670.02
EQNR 5.8 26 14.78
25.62
-0.28
-23.18 143.50 63.20 Lear LEA 0.0 10 105.40 -0.21 RS -13.20 126.79 85.34 WasteMgt WM 2.2 25 98.92
0.58
-0.01
6.58 82.00 54.37 BoozAllen BAH 1.4 25 75.81 0.94 3.14 125.84 68.00 Leidos LDOS 1.3 25 100.96 1.56 -9.10 27.25 16.81 RELX RELX 2.5 23 22.97 0.12 -20.10 245.68 154.39 Waters WAT ... 23 186.68 1.42
-28.57 27.30 9.89 Equitable EQH 3.8 2 17.70 -0.31
-31.21 46.60 17.00 BorgWarner BWA 2.3 9 29.84 -0.06 0.76 56.32 18.87 Lennar B LEN.B 1.1 7 45.04 0.68 -9.09 77.47 42.85 RPM RPM 2.1 28 69.78 0.12 -8.00 186.87 132.97 Watsco WSO 4.3 27 165.73 0.02
-12.69 77.55 41.97 EquityLife ELS 2.2 48 61.46 0.82
37.67 533.59 290.02 BostonBeer SAM ... 60 520.19 6.46 7.71 71.38 25.42 Lennar A LEN 0.8 10 60.09 1.09 -37.86 128.29 59.82 RalphLauren RL 3.8 8 72.84 -1.73 83.35 197.06 21.70 Wayfair W ... dd 165.69 2.19
-29.07 89.55 49.62 EquityResdntl EQR 4.2 18 57.40 -0.53
-43.41 147.83 71.57 BostonProps BXP 5.0 13 78.01 -1.90 -18.67 298.49 163.40 LennoxIntl LII 1.6 22 198.43 3.21 -27.11 102.45 54.21 RaymondJames RJF 2.3 10 65.21 0.43 -55.07 54.75 22.00 WellsFargo WFC 8.4 9 24.17 -0.29
3.73 270.23 130.20 ErieIndemnity A ERIE 2.2 30 172.19 -2.10
-20.59 46.62 24.10 BostonSci BSX ... 12 35.91 1.12 -33.02 23.74 9.09 LeviStrauss LEVI 3.2 13 12.92 -0.14 -32.07 93.45 40.71 RaytheonTech RTX 3.2 13 60.00 -0.10 -41.53 93.17 24.27 Welltower WELL 5.1 47 47.82 1.40
-12.59 54.52 30.40 EssentialUtil WTRG 2.3 37 41.03 ...
-29.44 176.98 64.23 BrightHorizons BFAM ... 37 106.04 0.01 0.27 140.00 86.20 LibertyBroadbandC LBRDK ...187 126.09 -0.08 22.83 67.25 36.91 RealPage RP ...121 66.02 1.83 40.65 221.96 113.04 WestPharmSvcs WST 0.3 61 211.44 0.42
-21.42 334.17 175.81 EssexProp ESS 3.5 25 236.41 0.98
-5.30 68.34 42.48 Bristol-Myers BMY 3.0 75 60.79 -0.35 -0.24 138.47 80.14 LibertyBroadbandA LBRDA ...185 124.26 0.37 -29.17 84.92 38.00 RealtyIncome O 5.4 36 52.15 0.40 -33.17 72.00 27.40 WesternDigital WDC 0.0 dd 42.42 -0.27
-13.72 220.42 137.01 EsteeLauder EL 0.0 50 178.20 0.32
-8.53 45.64 27.32 BritishAmTob BTI 6.8 12 38.84 0.26 -5.99 27.84 14.36 LibertyGlobal C LBTYK ...162 20.49 -0.04 -21.73 257.96 70.00 ReataPharm RETA ... dd 160.00 1.64 -29.01 28.45 17.39 WesternUnion WU 4.7 8 19.01 0.12
74.90 88.02 29.95 Etsy ETSY ...127 77.48 3.17
-12.46 331.58 155.67 Broadcom AVGO 4.7 46 276.65 1.85 -8.38 28.62 15.23 LibertyGlobal A LBTYA ...164 20.84 -0.05 -34.60 70.26 31.80 RegencyCtrs REG 5.8 56 41.26 -0.83 -37.26 75.65 28.99 WestlakeChem WLK 2.4 12 44.01 0.42
-41.87 171.25 61.27 EuronetWorldwide EEFT ... 16 91.59 -0.83
-5.45 136.99 81.90 BroadridgeFinl BR 1.8 33 116.81 -0.98 7.26 58.31 15.98 LibertyGlobal B LBTYB ...193 24.39 -0.41 51.78 583.54 271.37 RegenPharm REGN ... 29 569.91 8.93 -41.46 20.56 7.98 WestpacBanking WBK 12.0 7 9.94 0.01
85.05 165.79 59.85 Everbridge EVBG ... dd 144.49 0.28
-21.37 45.61 21.57 BrookfieldMgt BAM 1.6 25 30.30 0.26 -29.33 46.52 16.87 LibertyFormOne A FWONA ... dd 30.94 0.61 -42.02 17.54 6.94 RegionsFin RF 6.2 8 9.95 0.01 -40.92 44.39 21.50 WestRock WRK 3.2 8 25.35 0.20
-25.70 294.31 157.32 EverestRe RE 3.0 12 205.68 -0.33
-12.96 50.74 23.22 BrookfieldInfr BIP 4.9184 39.21 0.12 -28.40 48.95 18.31 LibertyFormOne C FWONK ... dd 32.91 0.68 -44.81 169.26 55.39 ReinsGrp RGA 3.1 9 90.00 -0.46 -34.50 31.58 13.10 Weyerhaeuser WY 0.0 41 19.78 0.33
-7.82 76.57 42.01 Evergy EVRG 3.4 22 60.00 1.35
-2.68 48.69 30.70 Brown&Brown BRO 0.9 25 38.42 -0.31 -31.12 50.52 22.63 LibertySirius C LSXMK ... 16 32.62 0.50 -23.63 122.17 70.57 RelianceSteel RS 2.7 11 91.46 0.18 50.59 47.15 18.66 WheatonPrecMet WPM 0.9163 44.80 0.19
-7.77 99.42 60.69 EversourceEner ES 2.9 28 78.46 -0.36
-6.77 68.15 41.03 Brown-Forman A BF.A 1.2 33 58.52 -0.84 -32.81 51.11 22.54 LibertySirius A LSXMA ... 16 32.48 0.38 -12.78 202.68 113.27 RenaissanceRe RNR 0.8 21 170.97 -0.18 -18.86 163.64 64.00 Whirlpool WHR 4.0 9 119.70 0.70
-9.61 123.99 35.25 ExactSciences EXAS ... dd 83.59 0.41
-4.17 72.85 44.68 Brown-Forman B BF.B 1.1 36 64.78 -0.87 -32.18 50.89 24.49 LibertySirius B LSXMB ... 16 33.00 -2.17 50.82 143.93 67.54 Repligen RGEN ...310 139.51 -0.80 -17.16 29.06 8.41 Williams WMB 8.1177 19.65 0.18
39.73 27.80 13.67 Exelixis EXEL ... 26 24.62 ...
-18.64 54.49 30.78 Bruker BRKR 0.4 37 41.47 -0.05 15.01 164.90 101.36 EliLilly LLY 2.0 25 151.16 -1.12 -9.49 100.91 65.37 RepublicSvcs RSG 2.0 24 81.12 0.31 -9.46 77.00 26.01 Williams-Sonoma WSM 2.9 15 66.49 -0.05
-19.17 51.18 29.28 Exelon EXC 4.2 14 36.85 0.41
-38.52 59.65 29.00 Bunge BG 5.7 dd 35.38 -0.15 -17.62 98.32 59.30 LincolnElectric LECO 2.5 18 79.69 0.34 4.12 177.99 108.85 ResMed RMD 1.0 46 161.35 0.67 -1.70 220.97 143.34 WillisTowers WLTW 1.4 24 198.51 -1.65
-27.92 144.00 40.76 Expedia EXPE 0.0 dd 77.95 0.94
-11.26 250.89 105.67 BurlingtonStrs BURL ... 29 202.35 -0.03 -40.69 67.17 16.11 LincolnNational LNC 4.6 10 35.00 -0.94 -16.86 79.46 25.08 RestaurantBrands QSR 3.9 23 53.02 -0.32 -21.07 4.61 2.52 Wipro WIT 0.5 12 2.96 -0.04
-7.64 81.64 52.55 ExpeditorsIntl EXPD 1.4 22 72.06 -0.13
-3.14 288.59 156.15 CACI Intl CACI ... 22 242.14 1.80 -10.35 227.85 146.71 Linde LIN 2.0 44 190.87 -2.80 -15.11 53.48 31.79 RexfordIndlRealty REXR 2.2 81 38.77 -0.35 s 75.85 218.74 76.81 Wix.com WIX ... dd 215.21 8.40
-18.36 124.45 72.70 ExtraSpaceSt EXR 4.2 26 86.23 -0.70
-34.25 64.75 29.17 CBRE Group CBRE ... 11 40.30 -0.45 -34.95 76.60 21.70 LiveNationEnt LYV ... dd 46.49 0.96 ... 35.92 21.61 ReynoldsCnsmr REYN 1.8 27 33.63 -0.14 -36.91 38.26 15.54 WooriFin WF 7.0 4 19.09 -0.34
-36.08 77.92 30.11 ExxonMobil XOM 7.8 17 44.60 0.04
-28.69 57.00 29.12 CDK Global CDK 1.5757 38.99 0.50 133.28 63.55 15.12 LivongoHealth LVGO ... dd 58.46 0.51 55.05 292.48 110.34 RingCentral RNG ... dd 261.53 0.98 2.25 226.83 107.75 Workday WDAY ... dd 168.15 4.32
-1.68 153.99 79.78 F5Networks FFIV ... 24 137.31 0.17
-25.97 146.09 73.39 CDW CDW 1.4 21 105.74 -1.47 -59.21 3.58 1.27 LloydsBanking LYG 4.1 8 1.35 ... -12.20 64.02 35.35 RioTinto RIO 7.3 11 52.12 0.30 -43.65 153.41 35.84 WynnResorts WYNN 0.0 dd 78.25 -4.90
-6.53 108.77 56.77 FMC FMC 1.9 26 93.30 1.43
-42.21 55.15 19.73 CF Industries CF 4.3 13 27.59 -0.11 14.45 237.20 137.10 Facebook FB ... 32 234.91 3.52 -5.23 442.53 266.11 LockheedMartin LMT 2.6 17 369.00 0.18 -24.92 63.97 32.38 RobertHalf RHI 2.9 13 47.41 -0.75 -25.23 43.52 15.50 XP XP ... 52 28.80 0.32
-25.64 87.12 46.32 CGI GIB ... 18 62.25 1.11 7.84 310.25 195.22 FactSet FDS 1.1 31 289.34 -1.07 -39.21 56.88 27.32 Loews L 0.8 dd 31.91 -0.18 -0.24 209.60 115.38 Rockwell ROK 2.0 33 202.19 -1.54 -5.13 100.18 38.47 XPO Logistics XPO ... 22 75.61 2.49
-0.44 91.23 56.94 CH Robinson CHRW 2.6 22 77.86 -0.05 3.93 436.69 177.65 FairIsaac FICO ... 51 389.40 4.22 19.74 57.86 31.37 LogitechIntl LOGI 1.3 21 56.47 1.03 -21.00 54.82 32.20 RogersComm B RCI 3.6 13 39.24 -0.36 -4.91 72.14 46.58 XcelEnergy XEL 2.8 23 60.37 0.22
-10.92 225.36 131.80 CME Group CME 1.9 27 178.80 0.62 4.68 40.46 26.71 Fastenal FAST 2.6 28 38.68 -0.03 2.08 126.73 60.00 Lowe's LOW 1.8 21 122.25 1.61 -18.96 176.55 58.22 Roku ROKU ... dd 108.51 -6.19 -11.44 133.00 67.68 Xilinx XLNX 1.8 28 86.59 -0.65
-11.54 69.17 46.03 CMS Energy CMS 2.9 22 55.59 0.85 s 19.45 277.02 128.84 lululemon LULU ... 56 276.73 9.20 16.80 42.80 30.72 Rollins ROL 0.8 63 38.73 0.09 -21.03 89.34 54.62 Xylem XYL 1.7 31 62.22 0.25
-39.03 141.35 64.11 FederalRealty FRT 5.4 17 78.49 -1.48
-33.83 51.30 25.18 CNA Fin CNA 5.0 14 29.65 0.39 -22.62 178.50 88.69 FedEx FDX 2.2 8 117.00 1.23 -7.24 93.23 40.28 Lumentum LITE ... 50 73.56 1.84 3.62 395.00 240.00 RoperTech ROP 0.6 24 367.06 2.00 32.91 5.65 1.78 YamanaGold AUY 1.2 18 5.25 -0.04
-50.00 11.99 5.06 CNH Indl CNHI 0.0 7 5.50 -0.02 -3.06 180.95 127.73 Ferrari RACE 0.8 39 160.48 1.72 -27.34 68.33 14.56 Lyft LYFT ... dd 31.26 0.87 -19.36 124.16 56.30 RossStores ROST 1.2 36 93.88 -2.99 -7.43 48.95 27.93 Yandex YNDX ... 58 40.26 -0.37
-32.39 181.13 81.11 CNOOC CEO 8.0 6 112.69 -3.09 -44.72 16.25 6.00 FiatChrysler FCAU ... 21 8.12 0.07 -36.05 98.91 33.71 LyondellBasell LYB 7.0 8 60.42 0.16 -25.67 82.74 49.55 RoyalBkCanada RY ... 9 58.87 -1.11 -13.38 119.72 54.95 YumBrands YUM 2.2 24 87.25 -0.76
-25.81 40.88 17.73 CRH CRH 3.0 13 29.92 0.11 -59.47 7.05 2.45 RoyalBkScotland RBS 0.0 4 2.61 0.01 -9.12 50.74 38.33 YumChina YUMC 0.0 31 43.63 -3.89
-5.29 80.62 46.81 CSX CSX 1.5 17 68.53 0.73
-39.47 49.28 19.00 FidNatlFin
-2.11 158.21 91.68 FidNatlInfo
FNF 4.8 10 27.45
FIS 1.0256 136.16
0.02
-0.34
MN -67.69 135.31 19.25 RoyalCaribbean RCL 0.0 51 43.14 -0.21 31.43 35.64 17.12 ZTO Express ZTO 0.0 31 30.69 -1.76
-14.75 77.03 52.04 CVS Health CVS 3.2 11 63.33 -0.01 -42.71 31.64 11.10 FifthThirdBncp FITB 6.1 8 17.61 0.16 -42.25 174.93 85.09 M&T Bank MTB 4.5 8 98.03 1.26 -45.34 66.48 21.25 RoyalDutchA RDS.A 3.4 8 32.24 -0.20 52.68 76.39 25.42 ZaiLab ZLAB ... dd 63.50 -4.25
19.32 2044.41 1031.39 CableOne CABO 0.5 49 1776.00 -59.77 -23.44 69.89 37.92 58.com WUBA ... 6 49.56 -0.69 -52.21 34.63 5.90 MGM Resorts MGM 0.1 3 15.90 -0.09 -49.41 67.45 19.19 RoyalDutchB RDS.B 4.2 8 30.34 -0.14 -4.66 260.40 150.06 ZebraTech ZBRA ... 26 243.54 -0.61
8.56 25.85 13.06 CabotOil COG 2.1 17 18.90 0.27 -15.17 66.78 29.36 FirstAmerFin FAF 3.6 9 49.47 0.40 -9.52 122.30 66.87 MKS Instrum MKSI 0.8 28 99.54 -0.25 12.03 139.63 59.78 RoyalGold RGLD 0.8 51 136.96 0.23 6.92 94.89 50.23 Zendesk ZEN ... dd 81.93 1.75
24.06 88.55 51.39 CadenceDesign CDNS ... 24 86.05 -0.06 -17.16 122.34 70.06 FirstRepBank FRC 0.8 19 97.30 -1.25 -22.55 32.65 6.87 MPLX MPLX 13.8 dd 19.72 0.03 -27.29 96.79 44.44 Ryanair RYAAY ... 20 63.70 -0.41 22.99 66.68 20.04 Zillow C Z ... dd 56.50 2.34
-18.31 14.73 3.22 CaesarsEnt CZR ... dd 11.11 0.10 -16.38 52.52 32.00 FirstEnergy FE 3.8 41 40.64 0.21 30.90 356.66 206.82 MSCI MSCI 0.8 54 337.97 4.62 -13.37 140.67 90.89 SAP SAP 1.1 37 116.07 -0.12 22.39 66.96 18.65 Zillow A ZG ... dd 55.98 2.55
-16.51 120.73 62.48 CamdenProperty CPT 3.7 39 88.58 -0.20 -10.12 125.05 73.50 Fiserv FISV ... 57 103.93 0.35 -29.44 67.75 22.02 MagellanMid MMP 9.2 9 44.36 0.26 14.21 317.29 186.06 S&P Global SPGI 0.9 33 311.86 1.10 -17.56 161.11 74.37 ZimmerBiomet ZBH 0.8 68 123.40 1.40
-2.17 57.54 35.27 CampbellSoup CPB 2.9 29 48.35 1.17 -22.14 137.97 47.53 FiveBelow FIVE ... 32 99.55 2.25 -27.97 57.09 22.75 MagnaIntl MGA 4.1 13 39.50 0.20 20.32 317.11 203.10 SBA Comm SBAC 0.6 dd 289.96 8.67 -41.85 52.48 23.58 ZionsBancorp ZION 4.5 10 30.19 -0.54
-29.19 87.62 46.45 CIBC CM 7.1 7 58.91 -0.25 59.67 107.96 46.09 Five9 FIVN ... dd 104.71 1.37 -2.08 90.46 35.20 ManhattanAssoc MANH ... 58 78.09 1.30 -21.58 69.61 35.41 SEI Investments SEIC 1.4 16 51.35 -0.21 -1.69 146.26 90.14 Zoetis ZTS 0.6 39 130.11 -0.22
-8.86 96.53 65.13 CanNtlRlwy CNI 2.0 18 82.44 0.32 -16.85 329.85 168.51 FleetCorTech FLT ... 25 239.25 -0.59 -44.01 21.23 8.62 ManulifeFin MFC 7.0 7 11.36 -0.24 -19.08 24.97 14.07 SK Telecom SKM 3.9 16 18.70 -0.33 151.41 181.50 60.97 ZoomVideo ZM ...2107 171.06 -0.97
-43.96 32.79 6.71 CanNaturalRes CNQ 6.8 9 18.13 -0.32 -23.85 14.00 5.36 Flex FLEX ... 56 9.61 -0.21 -56.63 14.86 3.02 MarathonOil MRO 0.0 18 5.89 -0.05 -9.04 66.74 29.51 SS&C Tech SSNC 0.9 32 55.85 -0.16 65.46 89.54 35.00 Zscaler ZS ... dd 76.94 1.31
-5.42 275.13 173.26 CanPacRlwy CP 1.0 18 241.13 0.11 -13.46 59.44 23.85 FlirSystems FLIR 1.5 49 45.06 -0.10 -40.96 69.65 15.26 MarathonPetrol MPC 6.5 dd 35.57 -0.12 -24.52 270.95 127.39 SVB Fin SIVB ... 10 189.49 -1.36 s 36.93 8.41 5.51 Zynga ZNGA ...131 8.38 0.25
B10 | Saturday/Sunday, May 23 - 24, 2020 NY * ***** THE WALL STREET JOURNAL.
BUSINESS & FINANCE NEWS

ADVERTISEMENT
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds That Pandemic Puppy?
AVIATION
Be Ready for the Costs.
BY AMBER BURTON
Many Americans have de-

cided to use their newfound
time at home as an opportu-
nity to buy or adopt a furry
friend.
The pandemic puppy is in
many cases an impulse deci-
sion that can quickly add up in
cost. But a cuddly quarantine

buddy could be more afford-
able with a budget in mind.
“New puppy parents do not

have to overspend,” says So-
phia Angelakis, owner of The
Pet Market in Manhattan.

Many pet-supply stores have
stayed open dur-

PERSONAL ing the pandemic,
FINANCE providing deliver-
ies and allowing a
limited number of customers
into shops at a time.
According to a survey by

the American Pet Products As-
! " #$#$ sociation, American pet own-
ers will spend an estimated
$99 billion in 2020. That in-
cludes everything from vet
visits to dog toys.
AMBER ODOM
Here are some tips for bud-

geting if you are thinking of
getting a canine compan-
ion. (Much of this also applies Amber Odom’s dog Kobe, a labradoodle, has a thing for shoes
BANKRUPTCIES AVIATION for those considering a feline and is known to frequently tear through toys.
friend.)

flat rate including vaccinations Ellis, who has been a dog
.
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#
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Adopting a dog is far from Some pets may need to be has two dogs herself, warns
ly

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adoption fees can range from
$75 to $150. Smaller and youn-
ger dogs often have higher
adoption fees to help give
Having a large breed spayed
may cost between $1,200 and
$1,400 when a less-invasive
surgery is performed, says Dr.
Ms. Ellis suggests the pur-
chase of pet insurance and a
good car harness.
In addition, pet owners are

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older dogs more attention Sarah J. Cutler, a veterinarian encouraged by veterinarians to
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local adoption agency and County. Someone might pay expect to spend about $150 a
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) breeder will often cost more The average initial cost of Unforeseen Expenses
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MARKETS
Major Indexes Notch Big Weekly Gains

The S&P 500 rose on Friday downturn. a sharp deterioration in the la- strategist at Principal Global 0.659% on Friday from 0.640%
and notched a big weekly gain By Anna Hirtenstein, Markets are closed Monday bor market. On Friday, some of Investors. last week as bond prices rose.
as states around the country Gunjan Banerji for Memorial Day in the U.S. the tensions between the U.S. Beijing’s decision to omit a Brent crude, the global oil
eased coronavirus restrictions, and Chong Koh Ping “We’ve been aggressive and China escalated, weighing formal target comes amid the benchmark, fell 2.6% on Friday
boosting hopes about an eco- buyers” of stocks, said Dev on global stocks. sharpest contraction in four to $35.13 a barrel. Copper, a
nomic recovery. this year. Additionally, all 50 Kantesaria, founder of Valley The Hang Seng Index closed decades precipitated by a sud- closely watched metal for its
Major indexes declined states have relaxed some of Forge Capital Management, down 5.6% in its worst day den halt in manufacturing ac- use in industrial activity,
early in the day before revers- their coronavirus restrictions, which oversees about $750 since July 2015 after China tivity because of the pan- slipped 1.8%.
ing course or paring losses. stirring hopes about an eco- million in assets. “I believe a moved to impose new national- demic. The nation’s policy “China is today the biggest
The S&P 500 nomic rebound as municipali- year from now we will be security laws on the city. makers are signaling that they importer of crude oil, so Chi-
FRIDAY’S added 6.94 points, ties start to reopen. back…almost at old levels for China scrapped its eco- won’t rush to introduce addi- nese growth is hugely impor-
MARKETS or 0.2%, to The S&P 500 and Dow the economy.” Mr. Kantesaria nomic growth target for 2020 tional stimulus measures, tant for oil demand,’’ said
2955.45. The Nas- added 3.2% and 3.3%, respec- added that he’s expecting in a stark acknowledgment of which suggests more economic Bjarne Schieldrop, chief com-
daq Composite gained 39.71 tively, for the week, while the weakness in parts of the econ- the challenges facing the pain for countries that have modities analyst at Nordic bank
points, or 0.4%, to 9324.59. Nasdaq climbed 3.4%. omy, but remains broadly opti- world’s second-largest econ- become increasingly reliant on SEB. “But at the same time, de-
The Dow Jones Industrial Av- The moves this week mark mistic about a recovery. omy, sending crude oil and China as an engine of growth. mand is ticking up and supply
erage edged down 8.96 points, a continuation of an impres- Still, some of the confidence metal prices sharply lower. China’s proposed national is ticking down,’’ as Asian
or less than 0.1% to 24465.16. sive stock rebound since major that drove indexes higher ear- “Anything that knocks security law would challenge countries reopen, he said.
Despite the relatively indexes’ lows in March, as in- lier in the week abated Thurs- China’s growth rate, whether the financial hub’s autonomy In Asia, most other major
muted moves, all three major vestors have looked ahead to a day as investors parsed new it’s a slower recovery from the and threatens to increase ten- stock benchmarks ended the
indexes gained at least 3% this potential bounceback in the data showing that about 2.4 coronavirus or a rise in tensions with the U.S. Congress day lower. China’s Shanghai
week, in part driven by opti- domestic economy despite million Americans filed for un- sions with the U.S., will weigh condemned the move. Composite Index fell 1.9%
mism that coronavirus vac- abysmal data that has shown employment benefits in the on global growth expecta- The yield on the 10-year while South Korea’s Kospi In-
cines will be available later the extent of the current week ended May 16, continuing tions,’’ said Seema Shah, chief U.S. Treasury note rose to dex retreated 1.4%.
Oil-Market Disruption Eases as Crude Demand Jumps

BY DAVID HODARI and lockdowns in Europe and
the U.S. eased, creating an up-
In a sign that oil markets are tick in demand. And a short-
returning to relative normality, age of oil storage, which at
the once yawning gap between one point drove U.S. oil fu-
the price of an actual physical tures prices into negative ter-
barrel of oil and futures prices ritory, appears to have peaked.
has narrowed sharply. Oil prices, both physical and
At its worst in April, a barrel futures, have almost doubled
of oil in the North Sea cost $10 since their April nadir, though
JOHANNES EISELE/AGENCE FRANCE-PRESSE/GETTY IMAGES

less than the price on a Brent they slipped Friday after China
oil futures contract, a decade- abandoned its yearly gross do-
.
high gap for the world’s bench- mestic product growth target.
mark oil price, according to S&P Front-month futures for
ly
Global Platts. Now, the gap has Brent crude, the global bench-
shrunk to less than $2 a barrel mark, fell 2.6% to $35.13 a bar-
as the oil rel Friday, having rebounded
COMMODITIES market rebal-
ances
traders are no longer in panic
mode to find buyers for un-
and
from their $19.33-a-barrel low
on April 21. Its physical coun-
terpart was priced at $34.13 a
barrel late Thursday.
on
wanted crude. One of the largest indepen-
us ,
“A few weeks ago, we had ar- dent traders, Trafigura Group

l
mageddon pricing when nobody Pte., has been on a buying

e
al a
wanted physical barrels apart spree. The Swiss company

from for storage,” said Richard snapped up at least 15 cargoes The price of physical oil slipped far below futures prices last month when oil storage ran short. An crude storage facility in Cushing, Okla.
Fullarton, chief investment offi- of North Sea crude—amounting
ci on
cer at hedge fund Matilda Capi- to 9 million barrels of oil—be- producers could rush to store their owners to take delivery of western refiners are 400,000 stored and transported at sea
tal Management Ltd. tween May 13 and 21, according oil on massive tanker ships. physical oil when the contracts barrels a day higher than they has started to unwind. Total
The price of physical oil to S&P Global Platts. Trafigura Sellers of the largely landlocked settle. Even so, physical WTI at were in early April, according to floating storage of crude, diesel,
slipped far below futures prices declined to comment on its bet U.S. benchmark, West Texas In- the end of March was $6 less a commodity-market information gasoline and jet fuel fell to 258
last month when oil storage ran on North Sea crude, which was termediate, had to pay buyers barrel than the futures market. provider Genscape. million barrels on May 21, down
er s
short. The return to health in reported by Reuters. to take it off their hands when That gap is now close to gone. As road miles increase and 7% from the recent peak on 14
the physical oil markets re- Overall, the gap between futures prices turned negative A pickup in refiner demand factories reopen, Chinese refin- May, according to oil analytics
m er
flects several factors. Oil pro- physical oil and futures was on April 20. to supply Americans getting eries are buying more physical company Vortexa.
ducers have made large, coor- more pronounced in interna- Unlike Brent oil futures, back on the road has helped oil. Another sign that physical —Pat Minczeski
dinated cuts in production. tional markets than the U.S. As which are all cash settled, some WTI’s recovery. Pipeline flows oil markets are returning to and Joe Wallace
China’s economy has restarted a largely seaborne crude, Brent WTI futures contracts require from Cushing, Okla., to Mid- normal: The amount of oil being contributed to this article.
m rp
Troubled Companies Up Risks for Loan Funds Corporate

Bond Rally
co Fo
BY PAUL J. DAVIES Share of loans with the weakest ratings from Rolling three-month total of credit ratings the amount of triple-C debt
AND CEZARY PODKUL Standard & Poor's in the U.S. LSTA loan index* changes for loans in the U.S. LSTA index they can own, typically up to
The future of a $700 billion 30% 100

7.5% of their portfolios. This ef-
fectively limits how the CLOs Picks Up
DOWNGRADES UPGRADES
market for risky corporate debt operate and can make it harder
rests on companies like Porti-
llo’s Hot Dogs, Chicago’s famous
fast-food chain.
25
0
for them to buy new loans.
Managers can guard against
this by selling loans that are
Steam
Portillo’s owed about $550 facing problems and buying
million in loans when it stopped 20 better ones. BY SAM GOLDFARB
serving inside its 62 restaurants 100 Portillo’s debt rebounded
in March. It was suddenly at from the low 80s to above 90 U.S. corporate bonds
risk of going bust and credit- 15 cents on the dollar after wrapped up another strong
n-
ratings firms quickly slashed Moody’s March downgrade. week on Friday, reflecting in-
Single-B-minus 200
grades on its borrowings. Chief Executive Michael Osan- vestors’ hopes for an economic
The company’s loans sit on 10 loo credits the rebound to a rebound and support from the
the books of dozens of collater- quick pivot toward serving Federal Reserve.
no
alized debt obligations, which 300 drive-through customers who As of Thursday, the average
buy up risky corporate debt and 5 have flocked to the restaurant extra yield, or spread, inves-
package it into securities. With chain. “We generate enough tors demand to hold specula-
sales way down, many of those Triple-C and weaker cash flow to cover all of our tive-grade corporate bonds
companies have gone from just 0 400 debt payments with no prob- over U.S. Trea-
being risky to teetering on the 2008 ’10 ’12 ’14 ’16 ’18 ’20 2008 ’10 ’12 ’14 ’16 ’18 ’20 lem,” Mr. Osanloo said. surys was 6.81 per-
brink of bankruptcy. Retailers However, it isn’t easy for
CREDIT centage points, ac-
like Neiman Marcus and J.Crew
*Data through April 17, the latest available
CLOs to take advantage of those
MARKETS cording to
Source: S&P Global LCD
Group Inc. have already tipped buying opportunities. With in- Bloomberg Bar-
over the edge. with a yield that is attractive historic boom in corporate bor- were triple-C or below, accord- dustries like travel, hotels and clays data, down 0.76 percent-
The stress is testing the CLO for banks, which buy about half rowing, much of it driven by ing to LCD. At the end of Janu- retail all suffering, investors are age point from the previous
market, which has allowed com- of the bonds, insurance compa- private-equity buyouts. In 2008, ary this year, single-B-minus trying to sell the same loans, Friday—on track for the big-
panies to rack up debt, often to nies and pension funds. private-equity firms owned loans made up 20% of the index driving prices down, while buy- gest weekly decline since the
fund private-equity buyouts. So Two of the biggest individ- about 4,700 companies, roughly and triple-C loans nearly 6%. ing better ones. week ended April 17.
far, only modest cracks have ap- ual holders of triple-A bonds the same number as companies Since then there have been “Everyone’s competing for The average spread on in-
peared in CLOs, but they are Japanese farmers bank, listed on stock exchanges. A de- more than 200 ratings down- the same ones and they’re get- vestment-grade corporate
threaten to cut off a cheap Norinchukin, which owns cade later there were a couple grades for loans, the most rapid ting bid up,” said Michael Her- bonds also was down the most
source of corporate credit and about $75 billion worth, and of hundred fewer public compa- wave ever seen in the market, zig, head of business develop- since that week, having tight-
cause losses for investors who Wells Fargo & Co, which owns nies, while private equity according to investors and ana- ment for First Eagle Alternative ened 0.23 percentage point to
stretched for a bit of extra re- about $30 billion worth. John owned more than 7,700, accord- lysts. Now about 11% of the U.S. Credit, which runs 25 CLOs 1.85 percentage points.
turn. CLOs have become the Shrewsberry, Wells’s chief fi- ing to the Milken Institute. index is rated at the trouble- with about $13 billion in assets. Various market gauges on
dominant force in high-risk nancial officer, said the bank With the growth in buyouts, some triple-C and worse level, In the U.S., more than half of Friday suggested relatively lit-
lending, buying about 60% of had seen “no meaningful signs the U.S. market for junk-rated close to the 11.5% peak hit in all CLOs now exceed their tri- tle change to those levels.
new leveraged loans in the past of stress” among these hold- early 2009, according to LCD. ple-C limits, according to ana- Blackrock’s iShares U.S.
few years. In total, CLOs own ings, on the bank’s first-quar- UBS analysts forecast that lysts in Wells Fargo’s invest- high-yield corporate-bond ex-
about half the U.S. market, acter earnings call. triple-C rated loans will make ment bank, while in Europe, change-traded fund ticked up
cording to LCD, S&P Global’s The safe CLO bonds didn’t
Downgrades and up 33% of the market in their about a quarter exceed this 0.3%, while its investment-
loan research arm. default in the financial crisis defaults have caused most optimistic view, which is limit. grade ETF was flat.
For investors in CLOs, the and are unlikely to suffer this based on U.S. economic activity For now, the CLO bonds fac- The yield on the benchmark
downgrades and defaults have time, people in the industry say.
prices to fall, leading being largely back to normal by ing downgrades are mostly the 10-year U.S. Treasury note set-
caused prices to fall, potentially “Triple-A CLOs can with- to potential losses. the end of June. riskier, lower-rated ones, but tled at 0.659%, according to
leading to losses on securities stand defaults to almost the en- Portillo’s was cut into the tri- supposedly safer ones could Tradeweb, compared with
that were supposed to be as tire portfolio of underlying ple-C category by ratings firm suffer in future if loans keep de- 0.677% Thursday. Yields fall
safe as government bonds. loans,” said Sid Chhabra, head Moody’s Corp. in late March. teriorating. In stress tests run when bond prices rise.
CLOs create these securities the of structured credit and CLO leveraged loans more than dou- The restaurant chain owes by S&P on the U.S. CLOs it has Actions taken by the Fed
same way bankers turned risky management at BlueBay Asset bled in size since 2008, to more about $550 million after a 2014 rated, nearly 90% of triple-A have played a role in lifting
mortgages into triple-A bonds Management. The reason is be- $1.2 trillion, according to S&P’s leveraged buyout by Boston- bonds were downgraded to corporate bonds, investors and
before the financial crisis. They cause even if loans default, his- LCD. The booming CLO and based Berkshire Partners. In double-A in its worst-case sce- analysts say. Data released by
slice up pools of loans so that torically investors have recov- loan markets of recent years al- 2019, its debt was about 7.5 nario. That worst case included the central bank late Thursday
most of the risk is squeezed ered 60 cents on the dollar. lowed borrowers to get larger times its earnings, according to 40% of loans being downgraded indicated it bought around
into a few securities that are Combined with the cushion pro- loans with looser terms. That Moody’s, which predicted that to triple-C and defaults leading $1.5 billion of corporate-bond
sold to investors who are will- vided by the riskier pieces of meant credit quality was al- would increase to 9 times. to outright losses of nearly 11% ETFs in the week ended
ing to take it on in exchange for the CLO, the amount left over ready worse than in 2008 be- Close to 100 CLOs hold across CLO portfolios. Wednesday. That brought its
high returns. after a default would protect in- fore the coronavirus hit. pieces of Portillo’s debt, accord- Downgrades for loans and total holdings to $1.8 billion
The remainder, about 65% of vestors in the safe securities. At the start of 2008, about ing to loan tracker Trepp CLO. CLOs have barely started. Alto- after it started buying the se-
a CLO’s debt, is sold as triple-A There are signs that CLOs 9% of loans in the main U.S. So when companies like Porti- gether, Moody’s, S&P and Fitch curities early in the previous
bonds. Now protected by a could perform worse than they loan index, the S&P/LSTA, re- llo’s suffer downgrades, that Ratings are reviewing more week. Individual investors also
cushion against losses, these did in the past. The pandemic- ceived relatively low ratings of can cause a ripple effect for the than 1,600 bonds from various have been pouring money into
bonds are considered safe but caused downturn came after a single-B-minus and less than 2% managers. CLOs have a limit on CLOs for possible downgrades. bond funds.
HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
Luxury Is More
Chinese Than Ever
Labels will need to consider store closures in
Europe as they become more dependent on China
The world’s top luxury brands made to Chinese shoppers, an in-

make much of their European heri- crease from the consulting firm’s
tage, but their future is looking earlier forecast of 46%.
more Chinese than ever. However The expectation of a fairly
this contradiction plays out in the rapid, China-led recovery partly
long run, it poses one immediate explains why some luxury stocks
problem: too many boutiques on have been resilient this year, de-
their home continent. spite forecasts of a 35% fall in in-
ALEX PLAVEVSKI/EPA/SHUTTERSTOCK
Amid all the uncertainty about dustry sales this year compared
how the Covid crisis will change with last—three times the decline
business, it is probably safe to recorded in 2009. Shares in Her-
say that designer brands will be mès are up 3% since the start of
more reliant than ever on sales to the year, while sector bellwether
Chinese shoppers—and on Chi- LVMH Moët Hennessy Louis Vuit-
nese turf. ton is down 14%. The Stoxx Europe
Before the new coronavirus hit, 600 index has fallen 17%.
labels like Birkin handbag maker However, capturing spending by
Hermès and trench coat specialist Chinese consumers is trickier now
Burberry were already making that worries about infection have Chinese consumers will likely decide the future of European luxury brands.
more than a third of their world- hobbled long-haul travel. Last
wide sales to consumers from year, China’s shoppers made 70%
China, who overtook Americans as of their luxury purchases abroad goods. A Louis Vuitton Speedy 25 open closer to home—Prada cur- generates up to 70% of revenue
the top luxury shoppers by na- or in Hong Kong, often on over- handbag currently costs 46% more rently has 230 stores in the region, there, according to RBC Capital
tionality back in 2011. The crisis seas trips to Europe where it is in Shanghai than in a European for example. Last year, half of all Markets analyst Tyler Broda—but
may amplify the trend as Chinese much cheaper to buy designer boutique, according to a price sales made in European luxury it has raced ahead of other con-
consumers recover their appetite comparison by analysts at broker- shops were to overseas visitors. sumer categories. Even Apple
.
for top-end handbags and watches age Jefferies. Business has dried up over- made just 15% of its net sales
faster than Americans and Euro- Share of luxury sales by nationality As air-passenger numbers night, with little immediate pros- there in the three months through
ly
peans. Burberry, which reported aren’t expected to recover to pre- pect of returning. Revenue gener- December, before the Covid-19 out-
Chinese All other nationalities
its full-year numbers Friday, said Covid levels until 2023, brands ated in Europe is expected to be break closed its Chinese stores.
shoppers have queued outside 100% now need the Chinese to spend at 14% lower by the middle of the de- This dependence on one nation-
some reopened boutiques in main-
land China.
The International Monetary
Fund expects the current health 75
on home instead.
Bain estimates that sales made
within mainland China itself will
almost triple from 2019 levels to
cade than last year, Bain esti-
mates. Labels understand the
branding power of a store on the
Rue Saint-Honoré in Paris or Lon-
ality carries risks, even if luxury
companies have no choice. Aside
from the possibility of a China-spe-
cific crisis, there is the question of
crisis to hit the U.S. and European €88 billion ($96.5 billion) by the don’s Bond Street, but less promi- brand image. Among Chinese con-
us ,
economies harder than China. And middle of the decade. Some labels nent locations may be quietly sumers, there was a certain cachet
l
Chinese luxury consumers, who such as Gucci and Burberry already closed up or downsized. in traveling to Europe to buy de-
e
al a
are almost two decades younger 50 have plenty of boutiques in the Brands probably have less to signer handbags or clothing that
and less indebted than their West- country. Others like Christian Dior, worry about in the U.S., where often weren’t available in local bou-
ern counterparts, can afford to owned by LVMH, have fewer. They stores are far less dependent on tiques. And the marketing myth of
ci on
spend a larger chunk of their dis- are likely to open new outlets or sales to tourists. That said, the European haute couture may be
25
posable income on designer bau- invest heavily in online platforms outlook is far from clear: The key trickier to maintain when the locals
bles. Already there are signs of and logistics to capture more to continued demand for luxury show so little interest in the
what stock analysts are calling “re- spending through e-commerce. goods among well-heeled Ameri- goods—though this has been the
venge spending” as lockdowns lift 0
Ramping up sales capacity in cans is how well the stock market case for some years now.
er s
in Chinese cities and shoppers China has an awkward corollary in holds up. As luxury brands turn further to
head to the mall. Consulting firm 2010 ’15 ’20 ’25 Europe. Brands will face tough de- The luxury sector isn’t as ex- the east, they will have to work
m er
Bain estimates that by 2025, up to Note: 2020 to 2025 are estimates cisions about whether they can af- posed to China as some other in- hard to disguise an ever more lop-
49% of global luxury sales will be Source: Jefferies, Bain estimates ford to keep as many locations dustries—mining giant BHP Group sided look. —Carol Ryan
m rp
Insurers Aren’t in the Clear Yet

co Fo
Life insurers aren’t facing any Life-insurance share-price and index has recovered from a low of 0.35
DISCOUNT: RICHARD B. LEVINE/ZUMA PRESS; JORDAN: SOTHEBY’S
imminent holes in their balance performance this past month times to about 0.5 times, accord-
sheets. But the further-out future ing to FactSet figures.
Brighthouse Principal Financial
should still worry investors. Financial Group That’s a substantial discount to
Most life insurers in their first- Lincoln S&P 500 Financials
a year-earlier average of around 1
quarter reports gave a benchmark National Sector Index times book value. But caution is
loss estimate for 100,000 U.S. still warranted. If the cost of a
deaths from Covid-19. The current 40% lower mortality rate is an economy
recorded U.S. death toll is about that remains mostly in lockdown,
30
94,000, according to data compiled then insurers’ investment books
by Johns Hopkins University. None will continue to be under pressure.
20
of the big insurers said that the The longer rates stay depressed,
100,000-death scenario would gen- the bigger the pressure on their
10
n-
erate levels of loss in their policy long-term investment returns.

portfolios that would require them 0 At present most life insurers are
to raise additional capital. still projecting benchmark 10-year
Even at double that level of –10 Treasury rates to return to levels
no
mortality, this would still largely north of 3% over 10 years, accord-

April 24 May 1 15
The big question: Will shoppers seek out discount retailers again? be the case, in part because mor- ing to figures compiled by UBS an-
tality risk is typically only one Source: FactSet alyst Brian Meredith. But a long
Not Much of a Bargain

part of insurers’ business, esti- and fitful recovery would stress
mates Erik Bass of Autonomous those assumptions.
Research. Lincoln National and Principal So although life insurers’ core
Financial Group are two of the
In Discount Retailers
The ultimate death toll from the strength doesn’t now appear to be
coronavirus is, of course, still un- biggest gainers in the past month at risk, they are also not out of the
known. But for now, investors among S&P 500 financial stocks, woods, either. At a 50% discount
across the market appear to be both up more than 20% since April to book, the sector is definitely
pouncing on hopeful trends and 22. Brighthouse Financial is up not expensive. But there is still too
Discount retailers’ share prices tendency to perform well amid signals—and life insurers have about 40%. Major U.S. life insur- much uncertainty to yet call it a
are holding up remarkably well de- economic hardship. When people been big beneficiaries. ers’ average price-to-book ratio bargain. —Telis Demos
spite a dismal last quarter, a testa- open their wallets during down-
ment to their postrecession track turns, they turn to such places.
record. Investors should still ap- Still, it’s hard to ignore the pos-
OVERHEARD
proach them with some caution. sibility that some market share ers from 1985. of the ’90s nostalgia as well. It’s
Both TJX and Ross Stores said could have been taken by online Companies such as Twitter and one thing to walk in His Airness’s
they lost more than half their shopping channels during the lock- DraftKings have also cited interest shoes for $560,000—their record
sales in the quarter ended May 2 down period. There are plenty of in the series on their platforms. And auction price—but what about
compared with a year ago. You steeply discounted options online. of course, ESPN-owner Walt Disney shooting jumpers on his court or
wouldn’t guess that from their And unlike previous downturns, Michael Jordan powered the and Netflix, which partnered on pro- washing your dishes in his sink for
share prices, which are down a fair the rummage-heavy, treasure hunt- Chicago Bulls through 1997’s infa- ducing and distributing the show, $14.855 million? That’s the listing
amount from the start of year, but like aspect of off-price shopping mous “flu game.” Now can he do are poised to benefit. Disney noted price for his nine-bedroom High-
still basically flat from a year ago. seems to be much less appealing the same for the U.S. economy in early May that the show at the land Park, Ill., estate, replete with a
These two off-price retailers, these days. So far, the reopening and the coronavirus recession? time ranked as “the number one giant “23” on the security gate. Ac-
alongside Burlington Stores, need of bricks-and-mortar stores has It’s not as far-fetched as it program in America amongst all key cording to Chicago magazine, the
physical stores to sell. The corona- caused lots of awkward dances of sounds. “The Last Dance” docu- male ‘demos’ since sports halted.” property has been on the market
virus lockdowns meant they lost caution as shoppers navigate the mentary series that recently aired Even before the series aired, for eight years. Could interest in
out on almost two months of busi- aisles, and each other. That’s about Mr. Jordan’s career and final Air Jordan-maker Nike noted in the series finally prompt a sale?
ness. None of them use e-com- hardly the “retail entertainment” season with the Chicago Bulls has March that a recent shoe launch Even the battle against the cor-
merce in any meaningful way and kind of experience TJX would like spurred a surge in M.J. memora- in the line was the largest in onavirus needs his touch. Chad
don’t plan on starting to depend to provide its customers. bilia, including a record auction Nike’s history, and that overall the Robins, chief executive of Adap-
on it: TJX relies on it for 2% of its TJX’s shares trade at almost 1.8 price at Sotheby’s for a pair Jordan brand grew double digits in tive Biotechnologies, told analysts
sales and Burlington even less, times the previous 12 months’ of autographed, the quarter. in May that he has been bingeing
while Ross has no online selling sales per share, above the 10-year game-worn Air The real-estate industry is the documentary and equated his
platform at all. average of 1.42, while Ross Stores Jordan sneak- feeling some company’s search for Covid-19
Investors seem to understand sells at 2.37 times, also above its treatments to “finding the Michael
that last quarter’s reality isn’t per- 10-year average of 1.78 times, ac- Jordan of antibodies.” To find it,
manent. TJX began opening some cording to FactSet. he said his company’s technology
of its stores earlier this month, TJX’s strong early sales num- would have to do something
and for the roughly 1,100 stores bers and off-price retailers’ his- equivalent to “scout every single
open for at least a week, sales ex- tory show they will eventually high school basketball player in
ceeded the previous year’s. Some have no problem with demand the entire country at the exact
of that was from pent-up demand, for cheaper choices. But that is same time.”
as shoppers rushed to buy items demand that can be realized only Should M.J. inspire a cure for
they had been meaning to get. through stores. That should give If the shoe fits... Covid-19, it might become his
Investors are also optimistic investors a bit of pause for now. most clutch shot yet.
based on the off-price retailers’ —Jinjoo Lee
REVIEW
Back to the Drive-In The End of Dominance

Thanks to social distancing, The U.S. military is losing
a new generation is seeing the high-tech edge it needs
movies 1950s-style C3 to win future wars C17
CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 23 - 24, 2020 | C1
.
ly
on
us ,
l
e
al a
ci on
er s
m er
THE GERMS
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THAT
co Fo
Will Covid-19 transform our own era, too? Are Why, before quinine, were Europeans unable
we entering an age of pandemics? It is far too to establish themselves in New Guinea and Af-
early to say, but the long history of germs as rica, where indigenous peoples had been thriving
agents of historical change can provide needed for hundreds of thousands of years? Because dif-
TRANSFORMED
perspective—and perhaps a window into how ferent peoples have different susceptibilities to
Covid-19 and its likely successors may shape our the same disease—a major theme of medical his-
destiny, for good and ill. tory. Over thousands of years of exposure to ma-
Consider first a familiar case: the plague bac- laria, New Guineans and Africans evolved many
HISTORY
terium, which was transmitted from rodents to forms of genetic resistance through natural se-
humans by fleas, and spread from Asia into Eu- lection. Northern Europeans, by contrast, had no
rope in the 14th century. The Black Death killed history of exposure to malaria, hadn’t evolved
about a third of Europe’s popula- any of those genetic protections
n-
tion in the years 1347-51 and re- and hence were unlikely to sur-
curred with lower death tolls for vive long enough to develop an-
Over the past
For eons, epidemics have caused mass deaths and many decades thereafter. tibodies.
Its immediate effect on West- 10,000 years, The most lethal, permanent
social upheaval, with far-reaching effects on politics,
no
ern Europe’s economy and trade we humans and far-reaching effect of germs
trade, migration, colonization and conquest. was disastrous. Paradoxically,
acquired most in recorded history was to aid
By Jared Diamond though, its long-term effect was the European conquest and ex-
positive. By reducing the number of our infectious tensive replacement of Native
of laborers, the Black Death diseases Americans, Pacific Islanders and
forced landowners to start pay- Aboriginal Australians. This was
ing their tenants and to grant
from domestic the reverse of what happened in
them more rights and freedoms. animals; now Africa and New Guinea, where
Societies became less rigidly the problem is local diseases and differential
The Covid-19 pandemic is an almost unique phe- stratified; nuclear families be-
came stronger; and sanitation
contact with susceptibilities enabled local
peoples, for a time, to resist Eu-
nomenon in world history. The only precedent for its rapid spread wild animals.
and quarantines developed to ropean invaders.
to every continent, killing people everywhere and devastating both combat infectious diseases. Perhaps the deadliest germ
local economies and world trade, was the flu pandemic of 1918-19. Europeans weren’t the that Europeans brought with
In both cases, the germs behind the pandemic weren’t especially plague’s only victims. In Central Asia, it had a them was smallpox. The disease killed Europe-
lethal. Covid-19 and the flu both fall within the normal range of mild big effect on history’s largest land empire, the ans too, of course, but through natural selec-
infectious diseases. Compared with smallpox and Ebola, they kill Mongol Empire, which stretched from China to tion over thousands of years of exposure, they
only a small percentage of their victims, and their person-to-person Persia and Russia. By cutting off travel and had evolved partial genetic resistance. They
trade, plague severed connections between the also had acquired immunity by developing anti-
transmissibility isn’t unusual. What sets them apart—what has empire’s parts, thereby causing Mongol control bodies. In the centuries before vaccination was
made them world-wide pandemics—is modern transportation: fast of Persia and China to collapse in 1335 and 1368, developed, smallpox was widespread in Europe,
steamships for the flu, and now jet airplanes for Covid-19. respectively, and control of Russia to wither Please turn to the next page
Of course, there have been a great many “mere” epidemics in hu- away slowly.
man history, diseases that have spread more slowly over large areas, Tropical diseases have had similarly pro- Mr. Diamond, a professor of geography at
but their effects have been profound. Over the course of recorded found effects. Only after quinine was found to the University of California, Los Angeles, is
be effective in treating malaria, for instance, the author of “Upheaval: Turning Points for
history and now in the archaeological record, examples abound of
could Europeans embark on their colonial con- Nations in Crisis,” “Collapse: How Societies
germs producing high death tolls and social and political upheaval, quests in New Guinea and Africa, carving up Choose to Fail or Succeed” and “Guns, Germs
with far-reaching effects on local economies, trade, migration, colo- territories where European settlement had been and Steel: The Fates of Human Societies,” for
nization and conquest. impossible before. which he won the Pulitzer Prize.
Inside ILLUSTRATION BY TAYLOR CALLERY
HEALTH WORD ON THE STREET

Summer AMERICANA
Ancient cultures knew

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REVIEW
Beware of Moralistic medical experts

and, at the same
small, sparsely populated state.
What about Florida, a big pop-
Narratives of the time, dastardly

Machiavellian
schemers, know-
ulous place, a destination peo-
ple flock to from all over, a vi-
ral stew of lethal scale—surely,
Lockdown Debate ing that contin-
ued economic pa-
absolute carnage down there?
In Florida, daily deaths from
EDITOR ralysis is going to the virus peaked on April 28.
AT LARGE doom them—and Since then the figure has de-
SIMPLE-MINDED FOLK, incapa- ened, science-fol- their patron, the clined by almost 50%.
GERARD
ble of understanding the sub- lowing humanitar- quack-remedy- The story is the same or
BAKER
tleties of science and econom- ian. You can’t help touting guy in the similar in most of the states
ics, need a clear narrative to it, but you just love White House—at that have opened up. These
guide them through the com- people (well, some the polls. governors didn’t just take a
The plexity of the national lock- people) and want Open up the reckless gamble. Apparently
down debate. Fortunately, the them to live. You economy too they used science and data and
effort to usual wise heads in the media put the interests of soon, we’re told, economics too—who knew?
reopen is have been here all along to pro- the vulnerable in society above like whether People enjoy the and watch the They recognized that once the
not a vide an easily understood moral things like nice dinners and va- those students weather in Atlanta on hospitals fill and virus has passed its greatest le-
fable, complete with its own cations. You always listen re- might ever get a May 1 after Georgia’s the bodies pile thality, the balance of risks
neat cast of villains and heroes. spectfully to the experts. job. They’re the shelter-in-place order up, thanks to the shifts. The benefits of the shut-
fable If you say the lockdown has The anti-lockdown people are (still employed, expired. mindless deci- down look increasingly out of
gone on too long, that you want the beer-soaked jerks partying for now) all- sions of science- proportion to its costs.
with to return to some possibility of on beaches in Florida. They’re knowing media commentators denying, heartless conserva- It’s early days still. Perhaps
villains ever having a livelihood again, the red hat-wearing, hairy- whose recently acquired exper- tives. Well, many states have the data will change. Perhaps
and you’re a science-denying troglo- palmed bigots screaming ob- tise in epidemiology has been indeed now opened up large the great reopening may yet
dyte, an antisocial hedonist, scenities through a glass door in derived from Twitter and who parts of their economy. The re- falter as the virus returns.
heroes. who will crawl over the bodies Ohio. They’re the conspiracy are graciously willing to share sults must be truly grim. Let’s There are different circum-
of sick children and dying theorists framing reasoned pub- it with the rest of us. check. stances in different states that
grandparents to get to that res- lic health guidance as the latest The narrative also applies— Georgia lifted its most strin- may demand differing re-
taurant so you can fill your face sinister efforts by the “deep surprise!—to our political geog- gent restrictions on May 1. How sponses. But that’s the point, in
from the all-you-can-eat barbe- state” to control our minds. raphy. The governors of Demo- are they doing? Plague hospi- a way. The truth is complicated;
JOHN BAZEMORE/ASSOCIATED PRESS

cue. Or you’re a greedy, profit- The stay-the-course types cratic states are devoted father tals overwhelmed? Bodies piled there’s so much about this vi-
before-people capitalist, desper- are the hardworking (and still and mother figures, shepherd- up in the streets? Not quite. rus we don’t know. Getting the
ate to get your employees back employed) officials in governing their ignorant flocks with a Preliminary data suggest that balance between economic and
into the workhouse so you can ment and international organi- mix of unchallengeable science the number of new daily cases health risks right is hard.
go back to exploiting them, with zations simply doing their al- and homespun wisdom. Gover- has halved since May 1. Aver- It’s not a simple moral story
the added potential benefit that truistic duty. They’re the (still nors of Republican states are age daily deaths dropped from of Science versus Ignorance, of
they might get sick and die. employed) teachers, putting the (in some oddly bifurcated ver- 36 on May 1 to seven this week. Right versus Wrong. But that
If you support the continued interests of their students sion I haven’t grasped yet) both Ah, the narrative quickly piv- wouldn’t really fit the narra-
lockdown, you’re an enlight- above grubbier considerations half-wits who refuse to listen to ots: But Georgia is a relatively tive, would it?
.
ly
Epidemics as Agents on eases in recent decades has
been large-scale contact with
wild animals. China has closed
Of Historical Change its wild animal markets in re-

sponse to Covid-19, but other
us ,
points of contact remain: wild

Continued from the prior page diseases That is also why Na- animal markets in other coun-
l
e
and almost everyone was exposed in tive Americans lacked their tries, the use of wild animals
al a
childhood, when some died but most own equivalent of smallpox to for traditional medicines and
survived and remained immune give back to Europeans. the African trade in bushmeat.
ci on
thereafter. As scientists have recently As long as those routes re-

When smallpox was brought by discovered, similar deadly en- main open, we’re likely to see
Europeans to the New World, all Na- counters also happened long more diseases like Covid-19 in
tive Americans of all ages lacked an- before written history could the near future.
tibodies, and the mortality rate was record them. Archaeologists And many of them will
er s
high, especially among adults. In have found abundant evidence probably become pandemics
1837, for example, when a steamship of nomadic horse-mounted because of jet planes and other
m er
on the Missouri River accidentally in- herders from the Asian steppes forms of mass travel. Covid-19
troduced smallpox to a village of reaching Eastern Europe in has circled the globe in a mat-
2,000 previously unexposed Mandan prehistoric times. Those herd- ter of months; the Black Death
Indians, all but 40 of the villagers ers were the predecessors of of the Middle Ages lacked the
m rp
died within a few weeks. the Huns, the Mongols and means to spread so widely.
We often think of European set- other steppe invaders who ter- Finally, there is the issue of
tlers taking up arms to dispossess rorized Europe over the past who is suffering most from
or kill Native Americans. In fact, two millennia. Covid-19. The big killers of
most Native Americans died in bed In recent years, geneticists history and prehistory have
co Fo
of European diseases, leaving only a analyzing ancient skeletons involved differential mortal-
fraction to be defeated by guns on have found the DNA of steppe ity: peoples with some genetic
the battlefield. The most conse- peoples appearing widely over and acquired protection from
quential of these outbreaks were the Europe and partly replacing the previous exposure, who then
smallpox epidemics that struck the DNA of Europe’s ancient farm- infected and caused mass
New World’s most powerful states, ers. But how could these horse- mortality among previously
the empires of the Aztecs and Incas. mounted nomads have success- unexposed peoples with no
The disease killed their emperors fully invaded Europe‘s forests, protection.
Cuitláhuac and Huayna Capac and where their horses would have At first, it might seem that
millions of their subjects, making been of limited military value? this doesn’t hold true for
possible the conquests of Cortés Those same forests deprived Covid-19. After all, the disease
and Pizarro. the Huns and Mongols of their has existed for less than a year.
n-
But this familiar history raises a military advantage, so how No one had genetic protection
question: Why didn’t Native Ameri- could their ancient predecessors have has occupied all of Europe for at least ers. Again, though, Detail from or antibodies to protect them,
cans, like Africans, have diseases of succeeded where Attila and Genghis the last 30,000 years, however, since all subequatorial ‘The Triumph which is why Covid-19 is killing
their own to which they had some Khan failed? the extinction of the Neanderthals. African peoples un- of Death’ by people all around the world.
no
genetic and acquired resistance—and Prehistoric European skeletons Surely, the modern humans who cre- til around 2,000 Pieter Bruegel But as we all know by now,
which could have killed off invading have revealed an agent of conquest ated the great cave paintings at Las- years ago were the Elder, 1562. there is differential mortality
Europeans? more potent than horses: DNA of the caux in France spoke fully modern hunter-gatherers with Covid-19; it just has noth-
The answer is relevant to under- bacterium causing plague. So perhaps human languages and didn’t just similar to the few ing to do with pre-existing ge-
standing Covid-19 and other new dis- steppe invaders didn’t kill ancient grunt. Yet the only non-Indo-Euro- surviving subequatorial hunter-gath- netic resistance or antibodies. We’re
eases that have emerged over the European farmers just with bows and pean language remaining in Western erer groups of Pygmies and Khoisan seeing big differences in mortality
past 40 years—AIDS, SARS, MERS, arrows. A troop of plague-bearing no- Europe today is the Basque language peoples. between population groups in the
Ebola and Marburg. All of them are mads riding into a European farming of the Pyrenees. Both in Southeast Asia and in sub- U.S.—between poor Native Ameri-
zoonoses, that is, diseases of animals. community would have had an effect One has to wonder whether lan- equatorial Africa, archaeologists have cans and African-Americans, for ex-
They reach humans from wild ani- like that of a Missouri River steam- guages related to Basque were the assumed that denser populations and ample, and other Americans—related
mals with which we came into close ship with a smallpox patient arriving languages of Europe’s first farmers, superior technology were what en- to differences in pre-existing health
contact through hunting and most of whose languages abled Chinese or West African farm- conditions. We’re seeing even bigger
animal markets. were replaced by the Indo-Eu- ers to replace the indigenous hunter- differences among American states
We now know that, thou- ropean languages spoken by gatherers. While that is undoubtedly (lower mortalities in Montana than
sands of years ago, animals plague-infected steppe no- part of the story, I’d suggest that the in New York) and among countries
were also the source of our mads around 5,000 years ago. germs of the invading farmers and (much lower mortalities in New Zea-
major epidemic infectious dis- If so, plague may help to ex- land, Germany and Vietnam than in
eases: smallpox, measles, in- plain why this article is pub- Italy and the U.S.) because of differ-
fluenza, tuberculosis and oth- lished today in English, rather In our global age, ences in geography and government
ers. The diseases infected us than in a language related to poor, unhealthy policy. When Covid-19 reaches its
from domestic animals such as Basque. peak in India and Africa, we are
cattle, pigs and camels, with Were germs also involved people infected likely to see further disparities, re-
which we come into much in some of the other great re- with Covid-19 will lated to differences in national
closer, more frequent and placements of the prehistoric remain sources wealth and health-care systems.
more prolonged contact than past? At least two prominent Covid-19 may thus increase in-
with wild animals. It all began cases cry out for study. of re-infection equality within and between coun-
around 10,000 years ago, when Yersinia pestis, at a Mandan Indian First, as we know from their ap- for wealthy, tries. Inequality was causing big
people began to domesticate the bacterium village in 1837. pearance, genes, languages and ar- healthy people. problems before the pandemic, of
livestock. that causes This discovery chaeological remains, the farming course, but now, thanks to modern
FROM TOP: MONDADORI/GETTY IMAGES; SCIENCE PHOTO LIBRARY
Almost all of our livestock bubonic plague. may also contribute peoples now living in tropical South- travel and globalization, it means
were domesticated in Eurasia, to answering the big- east Asia—Vietnamese, Thais, Ma- their domestic animals likely played that poor, unhealthy, infected people
from Eurasian wild ancestors. gest unresolved lays, Indonesians, Filipinos and oth- a role too, infecting hunter-gatherers will remain sources of re-infection
The only large animal domesticated question of historical linguistics: the ers—came originally from South who had had no exposure to those for wealthy, healthy people.
in the New World was the llama, wide distribution today of Indo-Euro- China and Taiwan. But ancient skele- diseases. A challenge for the future will be
which didn’t infect us because we pean languages, all closely related to tons show that, until around 3,000 What do the histories of these to ensure that face masks, vaccines,
don’t milk or cuddle llamas as we do each other, from India all the way B.C., the region was occupied by early epidemics tell us about the pan- treatments and ventilators become
cows and calves, or sheep and lambs. west to Ireland, from Hindi and Rus- hunter-gatherers related to modern demic that the world is now endur- available to everyone in the world. If
That is why the major epidemic dis- sian to English and Spanish. Linguists New Guineans and Aboriginal Austra- ing? they don’t become available, we shall
eases of history have all been Eur- and archaeologists studying the dif- lians. One obvious conclusion is that all remain vulnerable. If they do be-
asian diseases. Compared with Eur- ferences among these languages sug- Another intriguing case: Almost Covid-19 is certain to have succes- come available, that global response
asia, the Americas were a healthy gest that the Indo-European family all modern peoples of subequatorial sors. Over the past 10,000 years, we to a global problem may inspire
environment, and Native Americans a expanded only within the last 10,000 Africa today are blacks who speak humans acquired most of our infec- other global responses to other
healthy people, until Europeans ar- years. Bantu languages, closely related to tious diseases from domestic ani- global problems. That would be a de-
rived, bringing their livestock-derived Biologically modern Homo sapiens the languages of West African farm- mals. The main source of new dis- layed benefit of the Covid-19 tragedy.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 23 - 24, 2020 | C3
REVIEW
Left and below: Scenes from
a Warwick, N.Y., drive-in showing
‘Trolls 2: World Tour,’ May 15.
ins was never ideal. The sound ema-

nating from speakers fixed to car
windows was inadequate, and dark
cinematography could be hard to see
outdoors. “Whenever [drive-in oper-
ators] would write the box office
and complain about some movie,
they would say, ‘Too many night
scenes,’” Mr. Dante said. Studios
sometimes produced drive-in prints
that were artificially brightened.
In the 1980s, as low-budget dis-
tributors shifted to video and multi-
plexes began hoarding the available
prints of mainstream productions,
drive-ins faced irrelevance. John
Vincent, the president of the United
Drive-In Theatre Owners Associa-
tion, points to 1987 as the lowest
ebb. “We could only get one new
movie that year, and it was ‘Super-
man IV,’” said Mr. Vincent, who is
the owner of a drive-in on Cape
Cod. The property values of the
large lots on which drive-ins sat
made matters worse. “Drive-ins did
MARK PETERSON/REDUX PICTURES (2)
not fade because of the lack of in-

terest,” Mr. Corman said. “They
faded because, economically, it was
better to tear down the drive-in and
build an office building.”
Drive-ins came part of the way
back in the 1990s, and today they
play the same big releases, on the
same schedules, as multiplexes.
Even the lowliest drive-in fare has
acquired a certain respectability,
BY PETER TONGUETTE
Heading Back thanks to championing from direc-
N
tors like Quentin Tarantino, whose
ow that most entertain- 2007 homage to low-rent cinema,
.
ment can be streamed “Grindhouse,” could just as easily
ly
To the Drive-In
or downloaded at home, have been titled “Drive-In.”
it’s easy to forget that There is something oddly appro-
for a century, moviego- priate about the drive-in’s surpris-
ing involved a physical journey to a
movie theater—by car, by bus or on
foot. “So many of the movies that we
on ing resiliency. Quick: Do you remem-
ber the winner of the Best Picture
Oscar in 1965? Probably not. But if
remember best from our youthful After decades of theater closures, the pandemic is introducing a new you went to a drive-in that summer
us ,
moviegoing years were because we to groove with Frankie Avalon and

went out and saw them,” said Joe
generation to the fun of 1950s-style outdoor moviegoing. Annette Funicello in the camped-up
l
e
Dante, the director of “Gremlins” musical “Beach Blanket
al a
(1984) and “The ’Burbs” (1989). “It Bingo,” you are unlikely to
wasn’t just because we happened to cept appeared in the 1910s, the first HydraMatic and Rocket have forgotten the occa-
ci on
find them on the ‘Late Show.’” real drive-in theater was built in T350.” sion. Drive-ins sold not
Only one venue, however, actually Camden, N.J., in 1933 by Richard M. Viewing movies from just cinema but a total ex-
required patrons to arrive in an auto- Hollingshead Jr., who had obtained a behind a steering wheel perience.
mobile: the drive-in movie theater, patent for the format. Drive-ins blos- enables the sort of social Still, no one could have
whose enormous screens and over- somed in the following decades and distancing now being pre- anticipated the drive-in’s
er s
flowing parking lots used to be as reached their peak in the 1950s, scribed by public health newfound prominence dur-
ubiquitous as the golden arches of when the automobile connoted a officials, but the drive-in ing the pandemic. Some
m er
McDonald’s. Most of the drive-ins in restless quest for freedom. The Beat experience has never been operators call it a mixed
the U.S. closed in recent decades, novelist Jack Kerouac wrote “On the altogether solitary. “People blessing. “It’s nice to have
thanks to the vagaries of film distri- Road” in 1957, and CBS debuted the still managed to pack as some interest in it, but
bution, rising property values and drama “Route 66” three years later. many people as they could none of us want to be in
m rp
the proliferation of home viewing op- into a car,” said Bob Mu- this environment,” Mr.
tions. According to the United Drive- rawski, an Oscar-winning Vincent said. “Most of us
In Theatre Owners Association, the
high-water mark for drive-ins came
Viewing movies film editor who grew up
going to drive-ins in Mich-
are going to have to oper-
ate at 50% capacity.”
in 1958, when there were 4,063 in the from behind igan. Drive-ins found loyal patrons in over-the-top, not meant to be taken For now, the movie business finds
co Fo
U.S. Last year, there were just 305. a steering wheel large families who could pile into a entirely seriously. “For us, horror itself in thrall to drive-ins. Whether
During the pandemic, however, car for an evening of double- and tri- films and science-fiction films it’s releases from this spring or cult
Americans are giving drive-ins a enables ple-bills, as well as side attractions: played better in drive-ins than in classics from long ago, whatever
fresh look. The doors of multiplexes social distancing, “There’s the candy and the refresh- hardtops,” said Mr. Corman, using movie product is available will play
and art houses are shut, but drive- ments and the intermission—and the an industry term for indoor the- in drive-ins and drive-ins only. Could
ins in all but a handful of states
but it’s never swings, because there were always aters. He added that drive-ins were a Hollywood screenwriter have
have been given the all-clear to start been an swings,” Mr. Dante said. often called “passion pits” because dreamed up such a scenario? “It’s
running movies again. “You go Mr. Corman said that while drive- they catered to lustful teenagers kind of ironic that we all ended up
there, you sit in your own car, you
entirely solitary in owners booked major studio re- looking for some privacy. making drive-in movies now,” said
don’t have any contact with any- experience. leases, they were especially receptive The films shown in drive-ins in Mr. Dante. “That’s how we started,
body, so it’s the safest way to see a to independent distributors—like the 1960s and ’70s, from “Billy the and that’s apparently how we’re go-
motion picture,” said Roger Corman, New World Pictures, which Mr. Cor- Kid vs. Dracula” to “Satan’s Sadists,” ing to end.”
n-
the 94-year-old producer and direc- “Everything was drive-through—the man founded—because they took a would hardly be considered first-
tor whose low-budget exploitation idea of getting in your car and going smaller percentage of the box-office class in either production value or Mr. Tonguette is the author of
films—such as “The Pit and the Pen- places,” said Mr. Dante, who was a receipts. Consequently, drive-ins taste. But it’s easy to imagine how “Picturing Peter Bogdanovich: My
dulum” (1961) and “The Wild An- faithful patron of drive-ins in his eventually became synonymous not they might be unapologetically en- Conversations With the New Holly-
no
gels” (1966)—routinely cycled hometown of Livingston, N.J. “If you only with a certain type of viewing joyed in a rowdy, crowded outdoor wood Director,” which will be pub-
through the drive-in circuit. turned on the TV, there was nothing experience but a certain type of environment, especially after dark. lished by the University Press of
Though early versions of the con- but commercials for cars—Jetaway low-budget production: campy, The viewing experience in drive- Kentucky in July.
Safety From Viruses, termed “vaccine

inoculation,” or
to immunize people and animals
against other diseases. Since
Courtesy of the “vaccination” for

short.
Recent research
then, “vaccination” has been
used for any treatment of a con-
tagious disease using an agent
Cows (Maybe) has complicated
this story, how-
that resembles the microorgan-
ism that caused the disease.
WORD ON ever. A 2017 report More recent developments
THE STREET AFTER WEEKS OF SOMBER power of the word in The New Eng- have taken the term in unex-
news about the coronavirus pan- “vaccine” serves as land Journal of pected directions. Around 2000,
BEN
demic, the appearance of a par- a beacon of hope in Medicine posited chiefly in online forums, those
ZIMMER
ticular word in headlines was the midst of the that, based on an- skeptical of (or flatly opposed
enough to brighten spirits: “vac- global health crisis. alyzing historical to) the routine use of vaccina-
cine.” The terms “vac- smallpox vaccine tions started to be called “anti-
On Monday, the biotech com- cine” and “vaccina- samples, Jenner’s vax,” facing off against the “pro-
pany Moderna reported some tion,” in fact, come original vaccine vax” camp. Later, members of
promising results in initial tests from humble be- derived from the anti-vaccination contingent
for an experimental coronavirus ginnings, originating with cows concluded that the cowpox inoc- horsepox rather than cowpox. In were dubbed “anti-vaxers,”
vaccine, and that wisp of good and the dairymaids who milked ulation had protected him. Jenner’s own journals, he ac- which morphed into the more
news was enough to help propel them. Jenner wrote up his findings knowledged he had used matter eye-catching “anti-vaxxers.” The
the stock market out of the dol- At the end of the 18th century, in a booklet titled “An Inquiry from both cows and horses in double “x” spelling may have
drums, with the Dow Jones In- the English physician Edward into the Causes and Effects of his experiments. As Kai Kupfer- been influenced by “doxxing,” a
Jenner was researching how to the Variolae Vaccinae.” “Variolae schmidt wrote in Science maga- term for publicly exposing
[Vaccine]
cure the deadly disease small- vaccinae” was the term he used zine, if we have horses rather someone by posting documents.
pox, and he looked into reports for cowpox, with the second than cows to thank for the first That in turn may have been in-
that milkmaids were immune if term derived from the Latin vaccine, perhaps we should call spired by playful hacker mis-
they had already contracted a word “vacca,” meaning “cow.” it “equusine” instead. spellings known as “Leet-
less virulent but related disease, (In Latin, the word “bos,” the While cows got the credit, speak”—such as spelling
cowpox. The story goes that in root of “bovine,” is a more gen- their role in disease prevention “hacker” as “haxxor.”
dustrial Average surging 900 1796, Jenner inoculated a young eral word for cattle, while eventually began to fade from As scientists scramble to de-
points. The optimism could boy with the cowpox virus, using “vacca” refers just to female bo- common memory as “vaccine” velop a coronavirus vaccine, the
prove to be premature, as even matter taken from the lesions of vines as found on dairy farms.) and “vaccination” were applied next chapter in the term’s his-
in the best of circumstances a a milkmaid named Sarah Nelms. Rendered into English, Jenner’s more broadly. That process tory has yet to be written. As a
JAMES YANG
successful vaccine is still many After the boy recovered, he was terminology led to cowpox being started in the 1880s, when Louis handy shorthand for headline
months away from coming to inoculated with smallpox. When called “the vaccine disease,” and Pasteur explored using Jenner’s writers in the coming months,
market. And yet the simple no disease developed, Jenner the treatment for smallpox was inoculation technique as a way may I suggest “coronavax”?
REVIEW
HISTORICALLY SPEAKING works out to about six breaths a
minute.
AMANDA FOREMAN
When we breathe like this we
can better protect the lungs from
Sleuthing irritation and infection while
boosting circulation to the brain
Through and body. Stress on the heart re-
laxes; the respiratory and nervous
The Ages systems enter a state of coherence
where everything functions at peak
efficiency. Just a few minutes of in-
I HAVE TO CONFESS haling and exhaling at this pace
that I’ve spent the lock- can drop blood pressure by 10,
down reading thrillers even 15 points.
and whodunits. But Two New York psychiatrists,
judging by the domina- Richard Brown and Patricia Ger-
tion of mystery titles on the best- barg, found that patients who prac-
seller lists, so has nearly everyone ticed these slow-and-low breaths
else. In uncertain times, crime fic- could blunt the symptoms of anxi-
tion offers certainty, resolution and ety, depression and other mental
comfort. disorders. It even helped 9/11 survi-
The roots of the genre go back to vors restore airway damage caused
the ancient Greeks. Sophocles’s “Oe- by debris, a horrendous condition
dipus the King,” written around 429 called ground-glass lungs. Where
B.C., is in essence a murder mystery. other therapies failed, breath alone
The play begins with Oedipus swear-
ing that he will not rest until he dis-
covers who killed Laius, the previ- Healthy
ous king of Thebes. Like a modern
detective, Oedipus questions wit-
breathing
nesses and follows clues until the habits can
terrible truth is revealed: He is both stop the
the investigator and the criminal,
having unwittingly murdered his fa- entropy of our
ther and married his mother. respiratory
The Chinese were the first to give
crime fiction a name. Gong’an or systems and
“magistrate’s desk” literature devel- increase our
oped during the Song dynasty
(960-1279), featuring judges who re-
lung capacity.
count the details of a difficult or
dangerous case. Modern Western
crime fiction adopted a more indi- offered significant improvement.
vidualistic approach, making heroes By building healthy breathing
.
out of amateurs. The 1819 novella habits we can stop the entropy of
ly
“Mademoiselle de Scuderi,” by the our respiratory systems and in-
German writer E.T.A. Hoffmann, is crease our lung capacity. We can
an early prototype: The heroine, an also reduce—or in some remark-
elderly writer, helps to solve a serial
murder case involving stolen jew-
elry.
on able cases, reverse—modern mala-
dies such as asthma and allergies
and even emphysema and autoim-
The Healing
But it is Edgar Allan Poe who is mune diseases.
us ,
generally regarded as the godfather Last year, I wanted to see just

of detective fiction. His short story how dramatically breathing hab-
l
Power of Proper
e
“The Murders in the Rue Morgue,” its—good and bad ones—could af-
al a
published in 1841, features an ama- fect my own brain and body. I’d
teur sleuth, Auguste Dupin, who learned that up to 50% of us are
ci on
solves the mysterious, gruesome chronic mouth breathers, a prob-
Breathing
deaths of two women. (Spoiler: The lem well described by an ancient
culprit was an escaped orangutan.) Tao text: “The breath inhaled
Poe invented some of the genre’s through the mouth is called ‘Ni
Ch’i, adverse breath,’ which is ex-
er s
tremely harmful.”
Scientists have known for de-
m er
How we inhale and exhale has profound effects on our cades that inhaling through this
pathway saps the body of moisture,
health—and not just during a crisis like the pandemic. irritates the lungs and loosens the
soft tissues at the back of the
m rp
mouth. Mouth breathing has also

BY JAMES NESTOR breathing essential to health. Start- kingdom. been linked with neurological dis-
B
ing around 400 B.C., Chinese schol- We can also blame our middle- orders, periodontal disease and in-
reathing is not an ac- ars wrote several books on breath, aged bodies. Starting around 30, creased risk of respiratory infec-
tivity that anyone is believing that it could be a medi- bones in the chest become thinner tion. But nobody knew how quickly
co Fo
feeling confident cine or a poison, depending on how and collapse inward. We lose about this damage came on.
about right now. We we used it. “Therefore, the scholar 12% of our lung capacity by the Working with Dr. Jayakar Nayak,
spend our days cov- who nourishes his life refines the time we hit 50, and then the de- chief of rhinology research at Stan-
DOMINIC BUGATTO
ering our mouths and noses with form and nourishes his breath,” cline speeds up. We’re forced to ford’s Otolaryngology Head and
masks, struggling to inhale and ex- says a Tao text. “Isn’t this evi- breathe faster and harder, making Neck Surgery Center, I spent 10
hale. We toss and turn at night, dent?” it even more difficult just to catch awful days with silicon plugs up
worried that we might be feeling a Not really. Think back to your a breath. my nose, breathing only through
cough coming on or some tightness last health check-up. Chances are But it’s not all bad news. Unlike my mouth. Within a single night,
most important devices, including in our chests. Covid-19 has turned that your doctor took your blood problems with other parts of the my formerly minimal snoring in-
the “locked room” puzzle, in which us into a planet of breath-obsessed pressure, pulse and temperature body, such as the liver or kidneys, creased 13-fold. I suddenly had
a murder takes place under seem- people. and then placed a stethoscope to we can improve the airways in our sleep apnea. My blood pressure
ingly impossible conditions. But as hard as it might be to your chest to listen to your heart too-small mouths and reverse the shot up to stage 2 hypertension
n-
Toward the end of the 19th cen- fathom now, there is a silver lining and lungs. Maybe she discussed entropy in our lungs at any age. We while my stress levels spiked and
tury, Arthur Conan Doyle’s Sherlock here: Breathing is a missing pillar diet, taking vitamins, stresses at can do this by breathing properly. cognitive scores plummeted. I felt
Holmes series added three innova- of health, and our attention to it is work. Any issues digesting food? In the 1980s, researchers with anxious, stressed, fatigued.
tions that quickly became conven- long overdue. How about sleep? Were the sea- the Framingham Study, a 70-year Within a day of switching back
no
tions: the loyal sidekick, the arch- Most of us misunderstand sonal allergies getting worse? But research program focused on heart to nasal breathing, my snoring be-
villain and the use of forensic breathing. We see it as passive, gan to revert and soon was almost
science. In the violin-playing, drug- something that we just do. Breathe, gone. I went from having two
abusing Holmes, Doyle also created live; stop breathing, die. But dozen sleep apnea events a night
a psychologically complex character breathing is not that simple and bi- to zero. My blood pressure
who enthralled readers—too much nary. How we breathe matters, too. dropped 20 points from its peak.
for Doyle’s liking. Desperate to be Inside the breath you just took, The other subject in the experi-
considered a literary writer, he there are more molecules of air ment suffered the same damage
killed off Holmes in 1893, only to be than there are grains of sand on all from mouth breathing and the
forced by public demand to resur- the world’s beaches. We each in- same restoration from nasal
rect him 12 years later. hale and exhale some 30 pounds of breathing.
When Doyle published his last these molecules every day—far Which brings us to the second
Holmes story in 1927, the “Golden more than we eat or drink. The step in healthy breathing: Breathe
Age” of British crime fiction was in way that we take in that air and ex- through your nose. Nasal breathing
full swing. Writers such as Agatha pel it is as important as what we not only helps with snoring and
Christie and Dorothy L. Sayers cre- eat, how much we exercise and the some mild cases of sleep apnea, it
ated genteel detectives who solved genes we’ve inherited. also can allow us to absorb around
“cozy crimes” in upper-middle-class This idea may sound nuts, I real- 18% more oxygen than breathing
settings, winning a huge readership ize. It certainly sounded that way through our mouths. It reduces the
and inspiring American imitators to me when I first heard it several risk of dental cavities and respira-
like S.S. Van Dine, the creator of de- years ago while interviewing neu- tory problems and likely boosts
tective Philo Vance, who published a rologists, rhinologists and pul- she likely never Young children disease, gathered two sexual performance. The list goes
list of “Twenty Rules for Writing monologists at Stanford, Harvard checked your respira- learn breathing decades of data from on.
Detective Stories.” and other institutions. What they’d tory rate or breathing techniques in a 5,200 subjects, Covid-19 has forced modern
As violence and corruption in- found is that breathing habits were habits. And yet how yoga class. crunched the numbers medicine to broaden its outlook
creased under Prohibition, American directly related to physical and we breathe affects all and discovered that and look for new solutions, even in
mystery writing turned toward more mental health. of these things, and the greatest indicator the wisdom of the past. Fortu-
“hard-boiled” social realism. In Breathing properly can allow us much more. of life span wasn’t genetics, diet or nately, a remedy for many of our
Dashiell Hammett and Raymond to live longer and healthier lives. Today, doctors who study the amount of daily exercise, as chronic health problems is right
Chandler’s noir fiction, dead bodies Breathing poorly, by contrast, can breathing say that the vast major- many had suspected. It was lung under our noses. It requires no bat-
in libraries are replaced by bloody exacerbate and sometimes cause a ity of Americans do it inadequately. capacity. Larger lungs equaled lon- teries, Wi-Fi, headgear or smart-
corpses in cars. laundry list of chronic diseases: We can blame some of our poor ger lives. Because big lungs allow phones. It costs nothing and takes
ILLUSTRATION BY JAMES STEINBERG; GETTY IMAGES
At the time, critics quarreled asthma, anxiety, attention deficit breathing habits on morphological us to get more air in with fewer little time and effort. It’s a therapy
about which type of mystery was su- hyperactivity disorder, hyperten- changes in the human skull. Over breaths. They save the body from a our ancestors self-administered for
perior, though both can seem old- sion and more. Poor breathing hab- the past 300,000 years, our mouths lot of unnecessary wear and tear. thousands of years with only their
fashioned compared with today's its can even change the physical and sinuses have shrunk. It’s gotten That’s the first step in healthy lips, noses and lungs. Let’s hope
spy novels and psychological thrill- structure of our skeletons, deplet- so bad that today humans are the breathing: extending breaths to that this time around we don’t for-
ers. The number of mystery sub- ing essential minerals and weaken- only species whose teeth no longer make them a little deeper, a little get it.
genres seems to be infinite. Yet one ing our bones. fit in our mouths; they grow in longer. Try it. For the next several
thing will never change: our yearn- The ancients understood this. crooked. A smaller mouth and ob- minutes, inhale gently through This essay is adapted from Mr.
ing for a hero who is, in Raymond Almost every major religion and structed nose make it harder to your nose to a count of about five Nestor’s new book, “Breath: The
Chandler’s words, “the best man in many cultures—from the Greeks to breathe. Humans now have the sad and then exhale, again through New Science of a Lost Art,” which
his world and a good enough man the Buddhists, Hindus to Native distinction of being the most your nose, at the same rate or a lit- will be published on May 26 by
for any world.” Americans—considered proper plugged-up species in the animal tle more slowly if you can. This Riverhead Books.
SUMMER BOOKS
READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 23 - 24, 2020 | C5
.
ALL SUMMER BOOKS ILLUSTRATIONS BY CAROLYN GAVIN; MARVEL ENTERTAINMENT (3); STEVE SCHAPIRO/CORBIS/GETTY IMAGES
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Our Poet of Loneliness

Henry Wadsworth Longfellow was 19th-century America’s most popular and approachable poet.
After the shocking death of his charismatic second wife, his life and verse took a poignant, inward turn.
n-
Cross of Snow their private pain. “I hear your voices, softened message of Longfellow’s poetry, Mr. Basbanes ulations about the real nature of Longfellow’s
By Nicholas A. Basbanes by the distance, / And pause, and turn to writes about him the way a friend would, with relationship with Clara Crowninshield, his
listen,” Longfellow reassured them at the generosity, gentleness and grace. The author of travel companion during his 1835-36 trip to
Knopf, 461 pages, $37.50
beginning of his volume “The Seaside and several well-received books on collectors and Europe, no second-guessing as to why the
no
BY CHRISTOPH IRMSCHER the Fireside” (1850), in lines wafting easy collecting, Mr. Basbanes is the ideal biographer tall, handsome and difficult Charles Sumner
H
approachability. And so they wrote to him, too, for a poet who never threw anything out and was Longfellow’s closest friend. Buoyed by
ENRY WADSWORTH Long- offering their friendship in return. Inevitably, would even label his pencil stubs with the titles Mr. Basbane’s palpable enthusiasm over his
fellow is the perfect poet for Longfellow’s followers also felt connected to of the poems for which he had used them. In discoveries, the reader feels warmly invited to
our current moment. A master one another. During the poet’s visit to Windsor his sumptuous residence at 105 Brattle Street in enter the author’s charmed circle of friendship.
at what’s now called social Castle, an amazed Queen Victoria saw her Cambridge, Mass., now a National Historic Site, It is worth remembering that, for Long-
networking, he commanded, servants united in their desire to get a good Longfellow surrounded himself with a library fellow, writing poetry was hard work, a civic
at the height of his fame, a virtual empire of look at the American poet whose works out- of more than 12,000 books in 50 languages, duty, different from other important jobs like
readers at home and abroad, a grateful audi- sold those of their own national icon Tennyson. many of which he spoke or read with some those of the farmer or the fisherman only
ence larger than that of any American poet Nicholas Basbanes’s superbly sympathetic degree of fluency. Mr. Basbanes knows that “because you can do it all Winter,” as his little
before or after him. Though most had never “Cross of Snow” is not, as his publisher claims, library so well that he can tell us exactly where daughter Annie pointed out to him. This posi-
met him, Longfellow’s fans from Calcutta to the first major Longfellow biography to appear the poet kept his copy of Charles Dickens’s tion, while admirable for its modesty, doesn’t
London to Cincinnati were convinced that the in 50 years (Charles Calhoun’s briefer, more “Great Expectations” (in the dining room, simplify the biographer’s task. Longfellow was
author of such bestsellers as “Evangeline” analytical “Longfellow: A Rediscovered Life” “at eye level, on the middle shelf, to the left”). well aware of his reticence: “Of my inner life,
(1847) and “The Song of Hiawatha” (1855) was was published in 2004). But it is, perhaps, Yet Mr. Basbanes never pummels his sources not a word,” he said about his habit of daily
their personal friend, a constant companion the biography Longfellow himself would have into revealing more than they will yield: record-keeping. Mr. Basbanes’s inspired
who knew their innermost thoughts and felt most liked to read. Absorbing the underlying In “Cross of Snow,” we find no anguished spec- Please turn to page C6
America 1942 Me and Patsy

After the shock of Pearl Harbor, Loretta Lynn remembers kickin’ up dust
Washington, the press and the public with her country-music soul mate
struggled to unite for the fight ahead C7 Patsy Cline C13
Mr. Marvel
Stan “The Man” Lee, co-creator of Spidey,
Iron Man, Hulk, Thor and more, was the
Walt Disney of comic books C16
SUMMER BOOKS
‘For love of country[these men]accepted death....Here let them rest, asleep on the Nation’s heart, entombed in the Nation’s love.’ —JAMES A. GARFIELD, 1868
Learning to Honor the Dead

Death at the
Edges of Empire
By Shannon Bontrager
Nebraska, 384 pages, $60
BY RANDALL FULLER
B
EFORE IT WAS a na-
tional military cemetery,
the Arlington Estate be-
longed to the wife of
Confederate Gen. Robert
E. Lee, who had inherited it from her
father, George Washington’s adopted
grandson. In 1864, at the peak of the
Civil War, the federal government
seized the 1,100-acre property and
began burying Union dead there. The
government also built housing for
formerly enslaved people who had fled
the South seeking freedom. Before
long, Arlington’s “Freedman’s Village”
had grown to some 3,000 souls.
Establishing a national cemetery
and sheltering the self-emancipated
at this location served a number of
symbolic and political purposes. It
commemorated the death of Union
soldiers on land that had once be-
longed to the leader of the Confederate
army. It also linked the Union cause
with the nation’s revered first presi-
dent. Most important of all, it made
explicit the idea that the war was being
fought to free four million enslaved
people in the South.
According to the historian Shannon
.
Bontrager, the way we bury and then
BETTMANN ARCHIVE/GETTY IMAGES
ly
remember the war dead necessarily
involves such symbolic and political
calculations. Who we remember—and
how we remember them—is another
way of expressing the values we be-
lieve important enough to warrant the
sacrifice of human life. Our memorials
on
us ,
not only help to ensure that we re-

member these deaths as meaningful TOMB OF THE UNKNOWN SOLDIER Speaking at the tomb in 1921, Warren G. Harding echoed Abraham Lincoln’s lessons about how to memorialize the
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and justifiable. They also bolster our deaths of soldiers who fought for their country: ‘Our part is to atone for the losses of the heroic dead by making a better Republic for the living.’
al a
self-conception as a nation. Mr. Bon-

trager’s “Death at the Edges of Empire: assurance that the nation would do Philippines, they had first to symboli- The message was simple: Soldiers in for the losses of heroic dead by making
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Fallen Soldiers, Cultural Memory, and everything possible to honor the sacri- cally bury old enmities and reunite. these wars died to free others outside a better Republic for the living.” In an
the Making of an American Nation, fice of fallen soldiers by working to They did so, as the historian David the nation. effort to join together an increasingly
1863-1921” chronicles the ways in transform the Declaration of Indepen- Blight has persuasively argued, by con- The book also describes how state fractured nation that was still ambiva-
which our commemorative habits have dence into reality. The focus of “Death veniently forgetting the issue that had and national war archives accumulated lent about its new imperialistic nature,
been shaped by personal, cultural and at the Edges of Empire” is on just how sparked the Civil War in the first place: material to celebrate a version of Harding consecrated what is now the
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political imperatives from the Civil War difficult that promise was to uphold, slavery. Ignoring the claims of African- American heroism that was largely most famous monument in Arlington
through World War I. especially once the post-Civil War Americans, soldiers from both sides white, Protestant and middle-class. National Cemetery. The simple marble
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Lincoln was not the first president to of the Mason-Dixon line celebrated War memorials at home and abroad tomb connected an anonymous body
grapple with the problem of how to their bravery in the Civil War. Toward minimized the contributions of Afri- to American memory—a last step,
remember those who had died in battle, Lincoln honored soldiers’ the end of the 19th century, as troops can-Americans while simultaneously Mr. Bontrager writes, in the “democra-
but he was the most profound. Speak- were shipped overseas, the Freedman’s glossing over the nation’s racial and tization of death.”
sacrifices and subtly
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ing at Gettysburg, where some 3,000 Village in Arlington was quietly dis- economic inequalities. However, in In his epilogue, the author asserts
Union soldiers had recently perished, redefined the reasons mantled and its inhabitants dispersed. an especially salient chapter about that Lincoln’s promise did not begin to
he declared the soil on which they fell a for them. Memorials Other conceptual problems arose, a World War I hospital ward over- unravel until the last decades of the
sacred site. Then, in a deft rewriting of however. How exactly were Americans whelmed by victims of the Spanish 20th century. (He traces this develop-
the war’s original goals, he announced often do the same. supposed to think about the casualties influenza pandemic, Mr. Bontrager ment not to the controversial war in
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that Northern soldiers had died not just and deaths of soldiers who were not shows the limitations of archives and Vietnam, as might be expected, but
to preserve the Union but to safeguard fighting for freedom but were instead memorials; the heroic experiences of to the Bay of Pigs episode in Cuba.) His
the principle of liberty—to free the United States began to expand its im- seizing vulnerable territories? One of military doctors and nurses who book concludes with a plea for “a new
enslaved and, in the process, serve as a perial ambitions, first in the American the most compelling sections of Mr. treated blacks and whites dying from cultural memory with new rituals” that
model for other nations. It was the west and then in Cuba, the Philippines Bontrager’s book is his careful descrip- infectious disease rather than battle- might both “confront the imperialism
living, Lincoln concluded, who were and eventually much of the world. In tions of the recovery and reburial of field wounds runs counter to official of the nation and truly fulfill Lincoln’s
now obliged to complete “the unfin- Mr. Bontrager’s telling, national rituals war dead in Cuba and the Philippines. versions of American sacrifice. promise.” Though a work of history,
ished work which they who fought here of mourning and commemoration were By exhuming bodies from the sunken According to Mr. Bontrager, the last “Death at the Edges of Empire” ulti-
have thus far so nobly advanced.” Sur- increasingly constructed to convince USS Maine, in Havana Harbor, and successful attempt to fulfill Lincoln’s mately raises questions about the
vivors burdened with grief were left to Americans that their nation was still returning them to Arlington and other promise was Warren G. Harding’s present: Are we too divided to do war
“resolve that these dead shall not have a republic and not an empire. national cemeteries, and by launching speech at the Tomb of the Unknown memorials anymore? And if so, are
died in vain—that this nation, under The ideological somersaults required extensive missions to recover the Soldier in 1921. Speaking into a public honest forms of commemoration even
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God, shall have a new birth of freedom.” to accomplish this shift in the message scattered dead in Southeast Asia, address system that for the first time possible?
Mr. Bontrager describes the Gettys- of mourning are apparent in the the federal government subtly recon- ever transmitted a political speech
burg Address as Lincoln’s promise to changes that occurred at Arlington. In figured the terms of sacrifice while at from Washington, D.C., to San Fran- Mr. Fuller is Herman Melville
the dead. Contained in the speech’s order for Northern and Southern sol- the same time drawing new territorial cisco, Harding told an audience of tens Distinguished Professor of American
no
famously concise 272 words was the diers to fight together in Cuba and the boundaries for the American empire. of thousands that “our part is to atone Literature at the University of Kansas.
Longfellow’s have, with respect, admiration and, Ernest remembered later, the Long- heart to hold her once more” seems
yes, a lover’s eye. But he is also happy fellow children inevitably turned to somehow more piercing than “Resig-
to let Fanny speak for herself, quoting “Papa” for solace: He kept bandages at nation,” the popular poem that Long-
modernist poetry, blinded by the
glossy optimism of Longfellow’s more
famous poems such as “A Psalm of
Cross copiously from her letters and journals, the ready for their little scrapes and fellow composed about the tragedy.
in which she regularly transforms the scratches and, when they ran a fever, Longfellow could not save his wife
Life” (“Let us, then, be up and doing”),
have lost sight of how good a writer
To Bear
world around her, with a few when, on July 9, 1861, her he was. Mr. Basbanes’s book, marvel-
casual strokes of her pen, hooped dress caught on fire, ously rich in biographical detail, has
NATIONAL PARK SERVICE, LONGFELLOW HOUSE WASHINGTON’S HEADQUARTERS NATIONAL HISTORIC SITE
into something intense and a freak accident that shocked only limited space for the poetry. But
wonderful. As an 18-year-old the world. She died the next much remains to be discovered there.
Continued from page C5 in Rome, for example, visit- day. Nathaniel Hawthorne, Just consider the moving elegy for his
solution to this dilemma is to focus ing the Colosseum at night, assuming the experience friend Sumner (from the sequence
much of his book on Longfellow’s far she found herself catching had permanently changed “Three Friends of Mine”), in which
less buttoned-up second wife, the bril- “glimpses of wild beauty Longfellow, felt he could Longfellow watches the evening mists
liant Fanny Appleton, daughter of one as the torches flashed along never face him again. Once, thicken on the river outside “like
of the richest men in New England. the huge arches—like the in a letter, Fanny had asked damps that gather on a dead man’s
Scarred by his first wife’s recent glare of fiends beside the Henry not to be so “timid face,” while still holding on, as death
death from a miscarriage, Longfellow pale, celestial flooding of the of tender words”; now, inca- will make us do, to the comforting
had not expected to fall in love again clear moonlight.” And later, pacitated by grief, he cele- fiction that Sumner has just gone up-
when, stopping at a hotel in Switzer- shortly before the birth of brated her with one of the stairs for the night. And in “Chimes,”
land, he encountered Fanny, her vaca- her first son, watching her most shattering declarations another late poem, Longfellow imag-
tioning family in tow. He was instantly husband row past her as of love I know: “I never ines, with rhythmic precision, that
hooked (as was most everyone who the golden sun set on the looked at her without a thrill moment during a long sleepless night
met her). An early portrait by the Charles River in Cambridge, of pleasure;—she never came when, swaying between wakefulness
American artist G.P.A. Healy, included she followed “the flashing of into a room where I was and the promise of oblivion, our body
in Mr. Basbanes’s book, is saturated his oars with my eyes and without my heart beating suddenly seems to be both heavy and
with Fanny’s mesmerizing presence: heart” and was suddenly quicker, nor went out with- weightless, as if we were drifting in
Her clear-featured face, framed by fine, seized with the immensity of out my feeling that some- a leaking boat and our life was drain-
brunette hair, appears illuminated by her love for him: “Can any thing of the light went with ing away from of us, “a mere rush of
her unforgettably vivid, almond-shaped child excite as strong a pas- her.” foam / On the great sea beneath a
eyes radiating keen intelligence. Un- sion as this?” Mr. Basbanes borrows his sinking keel.” Here, at long last,
surprisingly, Longfellow had to fight Although Fanny went on title from an affecting Fanny’s “terrible hunger of the heart”
for her. It was only after an agonizing to bear Longfellow five more sonnet about Fanny’s death had been laid to rest.
seven years of courtship, during which children, she did not settle BEAUTY Fanny Appleton (1817-61) by G.P.A. Healy (1834). kept hidden among Long-
she was often as “cool as an East easily into the role of the fellow’s private papers. Mr. Irmscher is director of the
wind,” that Fanny finally agreed to nurturing mother. A lifelong pacifist, would stay up all night with them, Shuddering under the burden of his Wells Scholars Program at Indiana
marry him. she was forever troubled by her boys’ wrapping them in wet sheets to keep personal “cross of snow,” Longfellow University. He is the author of two
Mr. Basbanes’s singular achievement militancy, their childish penchant for them cool. And yet, when her little went on to become one of the most books on Longfellow—“Public Poet,
in “Cross of Snow” is to bring this re- playing war, their casual brutality. daughter Frances died, not even 2 searingly authentic poets of loneliness Private Man” and “Longfellow
markable woman back to life. He writes When Charley hit her with a stick, the years old, Fanny’s outcry that she was in our language. Generations reared Redux”—and the editor of “Long-
about her the way Longfellow would pain made her “cry like a baby.” As filled with “the terrible hunger of the on the self-conscious complexities of fellow Reconsidered.”
SUMMER BOOKS
‘Difficult choices may have to be made in the months to come. We do not shrink from such decisions.’ —FDR , STAT E O F THE UNION ADDRESS , JANUARY 1 942
First They Fought One Another

The Year of Peril: America in 1942
By Tracy Campbell
Yale, 384 pages, $30
BY PAUL KENNEDY
S
OME BOOKS APPEAR just at the
appropriate moment. Consider:
a nation struck suddenly from
outside, and with great loss of
innocent life. Emergency legislation
and lockdowns put in place. The largest
emergency spending programs in all of U.S.
history. Enormous, really frightening deficit
spending announced. A controversial president,
both hated and adored, faced with a moment
calling for national unity. A crisis that shows
up great divides—divides among the races in
America, the divide between the liberal coasts
and the more conservative South and prairie
states, the tug between internationalism and
go-it-alone-ism. A host of anxieties spreading
across the land, even as examples of valor and
generosity abound. A broad feeling that things
will never be the same again.
WEEGEE/INTERNATIONAL CENTER OF PHOTOGRAPHY/GETTY IMAGES
No, Tracy Campbell’s “The Year of Peril” is

not a book about today’s America, though the
features listed above suggest that it could be.
Nor is it describing America in the aftermath
of the 9/11 attacks. Rather it portrays the U.S.
in the momentous year of 1942—that is, in the
12 months after the Japanese attack upon Pearl
Harbor and after the onset of total war with
Germany and Italy. For this, too, was a year of
enormous challenge and change, a year that
revealed a nation both frazzled and resolute,
divided and united, admirable yet wanting.
.
The Japanese navy had struck Pearl Harbor
ly
with extraordinary power, virtually destroying
the U.S. battle fleet; the great early fear was that
it was going to come further across the Pacific.
Hitler had declared war on the U.S. (not the
other way around), and the ferocious German
war machine, at the gates of Moscow and
battering British positions in the Mediterranean,
on
MARCHING TO WAR Even after Pearl Harbor, Americans remained divided over many issues. Above, a photograph by Weegee (Arthur Fellig)
documents demonstrators marching past a gas station to protest its ‘unpatriotic’ refusal to cooperate with the petroleum coordinator.
“1861: The Civil War Awakening,” because it Meanwhile invasion alarms abounded, a united, tolerant, responsible and well-function-
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was deploying U-boats up and down the Eastern allows so many different voices to speak. Japanese-Americans were bundled into camps, ing nation, out to reform itself and to reform
seaboard. Churchill had been over for a White The author uncovers an impressive variety of and Italian stores were attacked. Some bigots the world, was securely in place. We still like to
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House Christmas and New Year; declarations sources: congressional acts, official documents, continued to blame the Jews—or Churchill— think about that image today. “The Year of Peril”
al a
had been made about the Grand Alliance’s Gallup polls, a vast number of private diaries for everything. The American left sang Stalin’s calls us to think again.
resolve; FDR had uttered firm and uplifting and letters. He also draws from an array of praises, and Time magazine named him Man of As one imbibes the lessons of Mr. Campbell’s
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messages, and the government was asking provincial newspapers, which provide a proper the Year. At the same time, the Kaiser Shipyards study, and looks with fascination at how the U.S.
Congress for a slew of truly extraordinary understanding of how contentious (though on the country’s West Coast were not only is handling the present enormous challenge of
wartime measures. Thus the great question left necessary) so many government enactments of mass-producing Liberty ships but also offering Covid-19, it may be worth recalling “The Audit
was: How would the American people respond 1942 were. The rubber shortage caused by the health care to their workers. They paid blacks of War,” a brilliant and controversial 1986 book
to all this? Would they be up to the challenge? loss of British Malaya, Mr. Campbell notes, and women the same wages as their white by the iconoclastic British historian Correlli
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The answer is laid out in detail in this meant that the free-wheeling driving habits of male employees. Barnett. Only when a nation is tested by some
thought-provoking book by Mr. Campbell, Americans had to come to an immediate end. One of the more interesting data points in huge and unprecedented crisis, Mr. Barnett
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a professor of history at the University of Gasoline was rationed, private car production Mr. Campbell’s book is that, according to argued, is an “audit” possible of just how well
Kentucky. “The Year of Peril” was not, of course, was halted, and the great automobile companies Google’s Ngram tool, the key word “democracy” aspects of the commonwealth perform: national
written with foreknowledge of the current shifted to making planes. With federal spending was mentioned more often throughout 1942 cohesion, decision-making process, the
epidemic. But Mr. Campbell explains that the on defense soaring and tens of millions of than in any of the other great years of trial in constitutional system, the policy toward science
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idea did grow out of his interest in a different workers suddenly earning high wages, the only the nation’s history. Roosevelt’s planners urged and technology, the response of industry, the
contemporary crisis: the great financial upset means planners could think of to check the nation to forge the Arsenal of Democracy; level of public debate, the educational system,
of 2008, “when the world was on the brink of inflation—and pay for the war—was to hike African-American leaders in the South pleaded and, finally, the quality and integrity of the
another abyss . . . [and] the nation’s economy personal taxes, push everyone to buy Treasury for democracy for all ethnicities; isolationists country’s leader(s). All these will be held to
teetered on the verge of collapse.” Every so bonds and impose unpopular price controls. complained that American democracy was being account, both by the public of the time and by
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often in America’s long history—1776, 1812, 1865, Federal regulation required that women swallowed by socialism; Atlanticists saw the war the verdict of history.
1917, 1929, the years of the Cold War—the nation workers be paid the same as men; employers as a struggle between democracy and fascism. Back in 1942, despite all its discords and
is tested in ways, he argues, that show its many and unions grumbled. Large numbers of African- Since ideas and idealism mattered to every part failings, the U.S. came through its critical
sides, good and bad, fragile and resilient. Americans, recruited into the Army and the Air of the nation, the real issue was: “Whose ideas national test very well indeed—in fact, better
After a brief scene-setting chapter on Christ- Force, were sent to training bases in the South; will prevail?” than any other major power of the age. Right
mas 1941, Mr. Campbell presents a steadily pro- Mr. Campbell chronicles how this change caused By the end of 1942, with epic mobilization now, it is too early to judge how well our great
gressing account of what took place across the dire tensions, bar brawls between black and achieved at home and the Anglo-American national emergency has been handled and how
U.S., month by month, over the next year. The white troops, and bitter resentment toward the armies in control of North Africa and America compares with other nations. But at
book thus has a simple structure, with January central government. Tax rates soared to 88% in Guadalcanal, the march to victory was under some time in the future a verdict will be
being chapter 1, February chapter 2 and so on; the highest bracket by October 1942, and federal way. Isolationists like the historian Charles rendered, and we shall know how well or
roughly 25 pages are dedicated to each month. pressure upon CEOs to agree to a $25,000-a- Beard could only seethe in disbelief at the great poorly we did.
This could become tedious, but “The Year of year maximum income provoked a different popularity of Roosevelt. Mr. Campbell suggests
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Peril” turns out to be a compelling narrative sort of fury at Roosevelt and the “New Deal that the nasty undersides of American culture— Mr. Kennedy is professor of history at Yale
showing how a large, complex nation grappled socialists” around him. Congress, still controlled nativism, intolerance of blacks and Jews—were and author of “The Rise and Fall of the
with a giant, transcendent event. It’s analogous, by the president’s party, agreed to a lot of this temporarily swept out of sight. So was much of Great Powers.” He is completing a book
in many ways, to Adam Goodheart’s 2011 book, revolutionary stuff. the skepticism of big government. The myth of on sea power and World War II.
no
mentally a story of the degradation of at the 1787 Constitutional Convention voters that a highly intelligent politician But presidential elections don’t turn
Why American politics, perpetrated in part
even by the likes of Franklin Roosevelt
pondered at length how to control but
also leverage this inherent element of
is more desirable than a man of ordi-
nary intellect with limited knowledge
on quips or other superficial factors
such as public gaffes, debating points,
Presidents (identified correctly by Mr. Dallek as

one of our three greatest chief execu-
politics and human nature.
Mr. Dallek gets further ensnared with
of the country’s history.”
Four years later, voters faced the
image-making and ad buys. They turn
primarily on the question that Reagan
tives), Harry Truman (“in the front rank a suggestion that phony image-making question of whether they considered posed to voters during his 1980 debate
Win of presidents”) and Dwight Eisenhower
(“a successful leader of the nation”).
and promotional “razzle-dazzle” sway
elections far more than performance
Reagan eligible for rehire. Among the
considerations were the taming of
with Mr. Carter: “Are you better off than
you were four years ago?” Mr. Dallek
There are elements of truth in this in office. “Posturing,” he writes, “is a 14% inflation, nearly 25 straight months calls this a “subtle attack,” but it wasn’t
How Did We Get Here? thesis. Certainly presidential history surprising advantage in presiding over of economic growth (including a cam- subtle at all and not much of an attack.
By Robert Dallek since TR is the story of ever-expanding the Republic.” Here we can discern an paign-year growth rate in real GDP of It’s the question voters ask them-
Harper, 258 pages, $32.50 presidential authority, with nearly every underlying theme of Mr. Dallek’s thesis, selves—and should ask themselves—
president seeking to outdo his prede- not explicitly articulated and perhaps every four years.
BY ROBERT W. MERRY cessors in aggrandizing the office. Tru- not even consciously embraced but Did precedents set by Mr. Dallek does credit Reagan with
I
man’s decision to send a large contin- lurking nonetheless in the interstices of seeking to ease U.S.-Soviet relations in
N “How Did We Get Here?” gent of ground troops into the Korean his argument. It is that the voters are
TR’s ‘need for attention’ his second term. But he emphasizes
Robert Dallek’s engaging but conflict without any congressional war essentially stupid. This comes into focus and Wilson’s gauzy what he considers the man’s superficial-
flawed analysis of presidential declaration clearly encouraged future in Mr. Dallek’s chapter on Ronald Rea- ambition give us Trump? ity with what is probably the most
leadership, the prolific biogra- foreign-policy adventurism, particularly gan, particularly in juxtaposition with questionable sentence of his book: “Per-
pher posits a provocative the- in the post-Cold War era. his chapter on Jimmy Carter. The au- No—the voters did that. haps no one opened the way to Donald
sis—that the transgressions and weak- But Mr. Dallek wanders into a thorny thor clearly likes Mr. Carter for his lib- Trump’s presidency more than Ronald
nesses of even our greatest chief thicket when he suggests, for example, eral idealism and despises Reagan’s con- Reagan.” No, Reagan didn’t give us Mr.
executives set precedents of thought that Woodrow Wilson’s grandiosity of servatism. But he knows that Mr. Carter 6.2%), and the creation of 7.3 million Trump, and neither did Teddy Roosevelt
and action that led eventually to the po- vision—a world of democratic harmony was a failure—“a second-rate president, jobs in two years. Time magazine, no or any of his 20th-century successors.
litical rise of Donald Trump. As he puts maintained by benevolent forces called at best,” as he puts it, who seemed “in- conservative journal, pronounced: “Ron- Mr. Trump’s rise, like that of every pres-
it: “There were traditions in place going forth by his own Fourteen Points—in- competent” when he couldn’t retrieve ald Reagan can now boast of having ident, improbable or predictable, was
back to Theodore Roosevelt . . . that duced future presidents to develop their U.S. diplomats held hostage in Iran engineered one of the most stunning the product of distinct political, cultural
made Trump’s ascent to the presidency own “soaring aspirations.” In fact, from and “left the economy in poor shape” economic turnarounds in U.S. history.” and social forces welling up from within
and behavior in office possible.” the beginning of the republic presidents (a breathtaking understatement). Yet Mr. Dallek still thinks the voters America in his time. Mr. Dallek, declar-
TR’s “insatiable need for attention,” have pursued bold ambitions without And yet he can’t quite bring himself were bamboozled by Reagan’s image- ing himself mystified by the question of
for example, led him to seek the lime- the benefit of Wilson’s gauzy notions. to place Mr. Carter’s re-election defeat making and celebrity status. He credits how Mr. Trump got elected, ponders
light obsessively and dominate the One thinks of Thomas Jefferson, An- at his own feet, notwithstanding his a single quip from a 1984 presidential whether it was a “fluke” or the product
news—opening the way for the celeb- drew Jackson, James Polk and Abraham manifest deficiencies. No, he writes, the debate—when the elderly Reagan de- of “something deeper in American soci-
rity politics of our time. Further, writes Lincoln as prime examples. Polk sought voters were fooled into viewing Reagan fused the age issue by promising not ety that spawned so unsuitable a char-
Mr. Dallek, the first Roosevelt pushed nothing short of the consolidation of as a legitimate presidential candidate to exploit the “youth and inexperience” acter to become president.” Good ques-
out the boundaries of presidential America’s position on the landmass of when in fact he was an ignorant pretty of his opponent, Walter Mondale—with tion. This book, despite its title, doesn’t
power, “both positively and negatively— North America from sea to sea, while boy with not much more to qualify him essentially washing away other issues offer much of an answer.
in ways that have lasted to this day.” Lincoln transformed the country by put- for the White House than a winsome that might have tripped up Reagan. This
Mr. Dallek sifts through the works ting equality at the center of its identity, sense of humor. Mr. Dallek attributes in the face of Reagan’s subsequent cap- Mr. Merry is the author, most
and plans of 10 post-TR presidents as historian Garry Wills and others have Reagan’s victory in part to the fact that ture of nearly 59% of the popular vote recently, of “President McKinley:
to bolster his thesis, which is funda- demonstrated. Indeed, the Founders Mr. Carter “did nothing to convince and 49 states in his re-election bid. Architect of the American Century.”
SUMMER BOOKS
‘My voice sticks in my throat; and, as I dictate, sobs choke my utterance. The City which had taken the whole world was itself taken.’ —JEROME
An Early Gothic Revival

Alaric the Goth immigrant is denied citizenship by an unjust
By Douglas Boin empire and, in retaliation, unleashes a surprise
attack.” Later he reiterates this view, in
Norton, 254 pages, $26.95
discussing the unwillingness of Rome to accept
BY JAMES ROMM the Gothic nation. “For most of his forty years,
W
[Alaric] fought to be a part of Rome,” Mr. Boin
HEN ALARIC, warrior-chief writes. Alaric belonged to a nation that “did
of the Visigoth nation, died not want to forfeit their heritage” in the way
of disease in A.D. 410, his that Rome required.
people buried him in their Mr. Boin’s characterization of Alaric as an
traditional way: laying his “immigrant” clearly connects the Goths of late-
body in a riverbed and allowing the current to imperial Rome to groups excluded or ejected
cover it with mud. Since that time, history from the modern-day West. He even recounts
has heaped ever more mud on Alaric’s name. a child-separation policy, enacted by Rome to
He has been too easily characterized as the force Gothic youth to assimilate, that is clearly
paradigmatic “barbarian at the gate,” an enemy meant to have a contemporary point. But his
of civilization and higher culture. sympathetic view of Alaric, as a “disillusioned”
Much of this bias against Alaric derives from man who “watched as his dream of . . . citizen-
his last major act before death, an event known, ship slipped away,” fails to convince, largely
perhaps misleadingly, as “the sack of Rome.” because of inconsistencies and opacities in his
To most ears this phrase conjures up ruthless own presentation.
destruction by an implacable enemy. But Alaric Mr. Boin first portrays Alaric as “a rebellious
was no Attila the Hun. At the time of his twenty-year-old Gothic agitator” leading a
dreaded “sack”—a plundering raid, not a whole- “band of guerillas” into Roman territory, in
sale slaughter—he was trying to regain his high A.D. 391. Relying on thin evidence that has
rank as an officer in the army of Rome and been deemed untrustworthy by other histori-
ans, he asserts that Alaric’s band, “daggers at
their sides,” tried to ambush a Roman convoy
At the time of the infamous sack “when they confronted the cavalcade of the
emperor himself.” It’s not clear from Mr. Boin’s
of Rome, Alaric—the warrior- account what happened next—was Theodosius
chief of a Germanic nation— himself put in danger?—but Alaric, he claims,
was in fact trying to regain his became “infamous as an insurgent” thereafter.
First impressions count for a great deal, and
high rank as a Roman officer. this first encounter with Alaric in Mr. Boin’s
narrative—one that need not have even oc-
curred, given the unreliability of the sources—
.
indeed had fought for the Romans, or some hardly bears out the view that he later tries to
ly
portion of them, at several points in his career. adduce. He seems to want to have it both ways
Even to call Alaric a “barbarian” is problem- in his presentation of Alaric, making him out
atic, since the term becomes labile and complex to be a dashing brigand at some points, an op-
in the fourth and early fifth centuries—an era
riven by criss-crossing religious, ethnic and
geographic fault lines. Rome was split into
eastern and western halves, often at war with
on pressed Roman wannabe at others. Readers of
“Alaric the Goth” will often be uncertain which
side its subject is on or what he is fighting for.
Alaric’s marches through Greece and Italy,
us ,
each other; in both, pagan cults still thrived in the last years of the fourth century and
despite the official adoption of the Christian beginning of the fifth, pass by in a blur in Mr.
l
e
religion. The notion of Romanitas, “Roman- Boin’s retelling. Leading a column of Goths
al a
ness,” had become cloudy as peoples from that was part army, part mass migration,
northern and eastern Europe, as well as from Alaric appeared at Constantinople and Athens,
ci on
the Mideast and North Africa, attained citizen- then crossed the Alps and fought Stilicho in
ship and rose to high rank, even, in some cases northern Italy. Roman forces stopped the Goths
(such as that of Galerius in the early fourth on this first incursion, but Rome itself gained
ALAMY
century) to the highest of all, the emperorship. only a few years of security. After Stilicho’s
Alaric’s career exemplifies these LEGEND ‘The Sack of Rome by Visigoths in 410’ (1890) by Joseph-Noël Sylvestre. death there was little to hold Alaric back.
er s
complexities. He fought for Theodosius, It’s apparent from “Alaric the Goth” that
emperor of the East, against his counterpart as head-spinning as those of Russell Crowe’s to protect itself, building the immense Aurelian Mr. Boin, whose previous books have dealt with
m er
Eugenius, ruler of the West, in A.D. 394; along- Maximus in the film “Gladiator.” When Alaric wall around the city in the late third century social and regional history, is more skilled at
side him fought Stilicho, a brilliant general who became aggrieved at the empire’s failure to pay A.D. The Gothic nation to which Alaric belonged applying a broad brush than the more focused
served as Theodosius’ commander in chief him, Stilicho persuaded the senate to give him was among the last to enter the empire, in the tools of biography. The most engaging parts
despite his “barbarian” roots. Partly as a result his fee. Stilicho’s execution in 408, the result of late fourth century, and thus the least subject of “Alaric the Goth,” and by far the greater
m rp
of poor treatment in that battle, Alaric turned a palace intrigue, led largely to Alaric’s second to assimilation. Though most Goths were portion of its contents, diverge from Alaric’s
against Rome, leading troops of Goths on estrangement from Rome and the “sack” of 410. Christian, including Alaric, they were excluded story to give a sweeping view of Roman life
destructive raids into Greece and Italy. Stilicho, This seismic event came as the culmination from Roman citizenship and deeply mistrusted. near the fall of the empire. It’s here, especially
now his enemy, fought him three times of more than two centuries of pressure from That exclusion does much to explain Alaric’s in matters of Christian-pagan tension, that
between 397 and 402, defeating him each time. northern and eastern Europe, where Rome’s antagonism toward Rome, according to Douglas Mr. Boin excels rather than in trying to fathom
co Fo
After Alaric barely escaped from Stilicho in imperial boundaries, the Rhine and Danube Boin, a historian at Saint Louis University. The the complex Gothic warlord of his title.
a battle south of the Alps in 402, the two rivers, were no longer secure. Germanic tribes first sentence of “Alaric the Goth,” a biography
became allies again, fighting this time for the living north of these lines, pressed by invasions of sorts and portrait of the empire’s waning Mr. Romm is a professor of classics at Bard
Western emperor against his Eastern counter- and wars, began moving southward. Rome days, lays out an approach to his subject that College and the author of “Dying Every Day:
part. Such shifts of allegiance and identity are absorbed them as best it could but took steps will surprise many readers: “A talented Seneca at the Court of Nero.”
Setting in different parts of the world at that

precise moment, Ms. Hansen reveals
the social and economic changes that
on Chichen Itza, existed 500 years trade in slaves and gold for centuries. aromatics. The rich enjoyed wonder-
before the arrival of Columbus and By the late 10th century in Central fully decadent scented saunas, built
reached from Colombia to Cahokia in Asia, both the Samanid Empire ruled from fragrant wood perforated to allow
The Globe
n-
linked individuals and societies in the Mississippi valley. from Bukhara and the Abbasid Empire burning incense to perfume the air.
astonishing ways. Meanwhile, across the Atlantic, rul- centered on Baghdad were effectively People navigated along the trading
Spinning
According to the Vinland sagas— ers like Prince Vladimir of the Kievan controlled by ex-slave soldiers. routes from China to the Persian Gulf
Icelandic texts that contain the first- Rus’ (who traded and raided along the Material culture and information and East Africa, and from Scandinavia
no
ever descriptions of North America— rivers from the Baltic to the Black Sea) played an important role in the to North America and the Caspian Sea,
Leif Erikson set out from Greenland realized that converting to the religion strengthening of identities and alle- long before da Gama, Magellan and Co-
The Year 1000 with 35 men around the year 1000 to of a more developed society was a giances. In China during the Song lumbus. But for most ordinary people
By Valerie Hansen explore a mysterious territory to the swift way to strengthen his life was still circum-
Scribner, 308 pages, $30 west. Leif called this area Vinland. In rule and advance trade. Hav- scribed. Globalization in
the 1960s, archaeologists found the ing deliberated on the reli- 1000 may have opened
BY KARIN ALTENBERG remains of a Norse settlement at gions of nearby powers (he the world to rulers—
W
L’Anse aux Meadows in Newfoundland, even sent four kinsmen to and busy ports and
HEN WE consider believing it to be the fabled Leifsbudir, Khwarazm to ask about Is- cities like Quanzhou
globalization, we Leif’s first settlement in Vinland. (Sub- lam), Vladimir sided with the and Bukhara may have
don’t automati- sequent research suggests that the Byzantine emperor and East- hosted culturally and
cally think of Vinland of the sagas may have been ern Christianity. Ms. Hansen religiously diverse pop-
Khwarazm, a re- located some 600 miles south in the reminds us that, while not ulations—but there was
gion south of the now-vanished Aral Gulf of St. Lawrence.) Leif’s encounters causing great waves at the little sense of a wider,
Sea, that straddles modern Kazakhstan, with the Amerindians were not par- time, “Vladimir’s conversion cosmopolitan embrace
Turkmenistan and Uzbekistan. Yet, in ticularly successful, and Ms. Hansen marked a key step in the of a common humanity.
the decades around the year 1000, this argues that the Vinland settlement formation of the Christian “The most important
is where the paths of far-flung trav- may have been abandoned because the world.” (Runic graffiti in the lesson we can learn
elers and intellectuals met. The Islamic Vikings were insufficiently interested Hagia Sophia confirms the from our forebears is
polymath Al-Biruni was born in in the goods offered to them. Nonethe- contact between the Rus’ and how best to react to the
Khwarazm in 973 and returned there, less, a Norse coin dating from 1065-80 Constantinople throughout unfamiliar,” Ms. Hansen
after years abroad collecting data, to that was found in Goddard Point, the Viking Age.) writes. “Those who
write pioneering scientific work. In Maine, indicates that the links between Ms. Hansen effectively remained open to the
1036, Ingvar the Far-Traveled led a the Norse and the Amerindians contin- describes how the forces of unfamiliar did much
Viking raid to Särkland, the Norse ued after the Vinland colony was dis- globalization changed peo- better than those who
name for the area around the Caspian mantled in the first years of the 11th ples’ lives. Small trading rejected anything new.”
Sea. Ingvar may have reached as far as century. Ms. Hansen argues that the posts mushroomed into cit- The cliché about
Khwarazm before he died. In the Viking Scandinavians “kicked off globaliza- ies, learning spread as stu- traveling the world
ALAMY
Age heartlands of what is today part of tion” by pioneering new routes around dents and scholars (including from the comfort of
Sweden, 26 rune stones commemorate 1000 and connecting pre-existing trade many female Muslim schol- GLOBE TROTTERS The Skálholt Map (1590), the earliest one’s home has never
Ingvar and his men who perished in networks on both sides of the Atlantic, ars) traveled widely—but, as surviving Norse depiction of North America as the Vikings seemed more appro-
Särkland. The year 1000 thus marks in places as far apart as North America prosperity grew, this new understood it around the year 1000. priate—or indeed so en-
the start of globalization in the most and Central Asia. world order was soon di- ticing. The coronavirus
fundamental sense—developments in More astonishing still—if less reli- vided into the haves and the have-nots. dynasty (960-1279), increased contact pandemic has effectively shut down
a particular place that informed and able—is the suggestion that the Norse The slave trade was extremely lucra- with markets in the Middle East, society and isolated countries, com-
affected people who lived half a world might have reached the Yucatan Pen- tive, with the numbers of individuals Africa, India and Southeast Asia munities and individuals. Through this
away. insula. New research suggests that being trafficked from Africa to the brought wealth and information to the generous and accessible distillation
Valerie Hansen’s “The Year 1000: murals from the ruined city of Chichen Islamic world almost matching the elite and eventually trickled down into of global history, Ms. Hansen opens
When Explorers Connected the Itza, depicting captives with yellow later trans-Atlantic trading of slaves. wider society. Ms. Hansen argues that our minds to a world where it was
World—and Globalization Began” is a hair and light skin and a boat with The spread of Islam through Africa fol- the Chinese “weren’t experiencing a still possible to venture, fearlessly,
gripping account of exploration and sharply outlined strakes, may be evi- lowed the trade routes. Some enslaved preparatory phase for globalization. into the unknown.
ingenuity, sweeping across the eco- dence that a band of Vikings went a people were sold for strips of red cloth, They lived in a globalized world, pure
nomic alliances and great networks of tad too far, only to be sacrificed by whereas others eventually rose to and simple.” Organized manufacture Ms. Altenberg is the author of the
trade that connected disparate regions the Mayans. What we do know is that become rulers themselves—such as the of trade goods, such as ceramics, for novels “Breaking Light” and “Island
around the globe. By touching down an extended trade network, centered Mamluks of Cairo, who continued to export supported the mass import of of Wings.”
SUMMER BOOKS
‘Your stature as a fisherman isn’t determined by how big a trout you can catch but by how small a trout you can catch without being disappointed.’ —JOHN GIERACH
JOHN GREIM/LIGHTROCKET/GETTY IMAGES
Reel Truths
How to Think Like a Fish of us, fishing is an adjunct to life: It’s recre- in his 30s, he received a modest inheritance He writes of how the “day-to-day background
By Jeremy Wade ation, renewal, an escape from the humdrum. from his father and knew himself well enough of deadlines, money troubles, and broken water
To Mr. Wade, it’s the main event. He loves to to know that he could either burn through it heaters” deaden him to the beauty of his home
.
Da Capo, 260 pages, $27
fish, but it is his livelihood—“no fin no fee,” and end up with an “epic hangover” or buy water. It takes a foreigner, “charmed by
ly
as he says. For a professional angler like him, something he’d be able to use, like a house. everything here in the way you can only be
Dumb Luck and the thinking of fishing as a sport is “unhelpful.” He also knew he wasn’t the type for a mort- with a country that’s not your own,” to open
Kindness of Strangers “Personally, I try to fish as if my life depended gage. Even if he’d qualified, he wasn’t the sort his eyes. At which point he feels “like a schlub
By John Gierach
Simon & Schuster, 225 pages, $27
BY BILL HEAVEY
on
on it,” he writes. It’s all about eliminating
human error and boils down to putting the
right bait in the right place at the right time.
Although it’s easy to romanticize Mr. Wade’s
to come up with regular monthly payments.
He got the cheapest house he could buy
outright, which happened to be the cheapest
house in the county. It was “wretched but
who’d been taking his wife for granted until
someone else made a pass at her.” In each
instance, I had the sense that a lesser writer
would have striven for—and failed to achieve—
A
us ,
job—who wouldn’t love to write a sentence habitable,” right on a trout stream and near a greater effect. There’s no exaggeration or
S THE STAR of the Discovery that begins, “Fishing for Nile perch in Uganda, a little town he liked. The seller nearly balked grandiosity here. Mr. Gierach never tries to
l
e
Channel’s wildly popular reality beneath the thundering Murchison Falls”?— wow you. He knows that less is more.
al a
show “River Monsters,” Jeremy the author is a scientist at heart. He gives a He writes about taking over a lease last held
Wade traveled to the world’s lengthy explanation of Snell’s window, which Two seasoned anglers on the by a professional guide who stocked the nearby
ci on
most remote regions to catch explains why a fish sees a distorted image of stream with big rainbow trout for his clients
the world’s biggest freshwater fish. After nine the world above the surface surrounded by a
lessons they’ve learned from a to catch. A few of the trout are still there
seasons, having run out of uncaught species, mirror of its own world down below. If, like lifetime spent catching fish. when Mr. Gierach and his friend first go fish-
the show ended in 2017. Mr. Wade is an me, you’re an English major who loves to fish, ing. He sees them occasionally, sulking at the
obsessed angler, biologist and conservationist. reading this will make your head hurt. The bottom of a pool in some “private funk.” They
er s
He was also a serious guy caught up in the same holds for the whole chapter Mr. Wade because only a hippie dealing dope would don’t belong there and he imagines they know
nonserious style of reality television, devotes to more than a dozen of his favorite have had that kind of money. The anecdote— their days are numbered in a stream too small
m er
competing against shows like “Naked and knots without the help of a single illustration. shrewd, perceptive and wryly funny—fore- to support fish their size. By the second year,
Afraid” and “RuPaul’s Drag Race.” He went I’m a knot geek myself and I barely made it shadows the book’s pleasures to come. they’re all gone. He’s glad of it. “They made
along with the decision to portray every fish through; a layman will have an even harder Mr. Gierach, the man who coined the term me sad,” he writes. It’s an unexpected and
as a potential man-eater and every outing time. He spends numerous pages justifying “trout bum,” is arguably the best fishing writer wistful observation. It nails the human core.
m rp
as quite possibly his last. The danger was his use of heavy tackle, explaining that he working. Like all of his books, his new one is a The author carries his own foibles with
mercilessly hyped and episodes were given must always be prepared to land the biggest collection of informal narrative essays about philosophic detachment, whether they involve
titles like “Amazon Flesh Eaters,” “Face fish a given body of water could hold. In fly-fishing—but only loosely. Fly-fishing is his past as a poacher or a fisherman’s natural
Ripper” and “Chainsaw Predator.” It didn’t Wade’s world, human error is unacceptable. merely the lens through which he regards view of the truth as a flexible thing. One day,
hurt that Mr. Wade is British, craggily hand- Fair enough, but this mindset is of interest what William James called the “human core.” he and a friend watch a blackbird ingeniously
co Fo
some and telegenic. In fact, 40% of the “River only to a tiny slice of the fishing public. There is a wonderful honesty and restraint perched so it can grab passing mayflies from
Monsters” audience was female. There’s even Mr. Wade is a good writer. His prose is vivid in Mr. Gierach’s writing. In situations that a the water. At a certain moment, there is a boil
a “Jeremy Wade Shirtless” Facebook page. and energetic. He is humorous when he wants lesser writer might have milked for dramatic in the water beneath it that looks as if an
“How to Think Like a Fish” is Mr. Wade’s to be. But he is less successful as an author. effect, Mr. Gierach pulls his punches elegantly. enormous trout is trying to grab the bird. The
attempt to take the reader deeper. In this the I kept wanting to read about the characters Of an agreement that once would have been observers are pretty sure that the two animals
book succeeds. But be forewarned. Just as he’d met, the experiences he’d had and how sealed with a handshake, he writes only that just tried to eat the same bug and scared each
catching a 400-pound freshwater stingray in his travels had changed his perspective over “now everyone seems more comfortable when other. But the story of a huge trout nearly
Southeast Asia or a 375-pound goliath grouper the years. To be fair, that’s not what he set out money changes hands.” Writing of a stream taking a bird is a better tale, so that’s the
in Florida has almost nothing in common with to do in this book. On the other hand, it seems in Idaho, he packs a whole story into one one they settle on.
a day’s trout fishing, Mr. Wade’s methods— strange that such things are entirely missing. sentence: “Fishermen under forty say it’s back The book is full of such moments.
and state of mind—have almost nothing in In the opening pages of “Dumb Luck and the to being as good as it ever was, while some
common with the average angler’s. For most Kindness of Strangers,” John Gierach tells how, over fifty say it’ll never be the same again.” Mr. Heavey is a freelance writer in Bethesda, Md.
n-
AS A YOUNG BOY who dreamed told many times and in great The same extraordinary relationships he developed in an
no
of riding the Tour de France, I detail. Mr. Nye covers it ably. resilience drove Marshall often brutal world. I felt as though
devoured any cycling-related book But perhaps more intriguing “Major” Taylor to become I were on the starting line with
or magazine I could find. That are the stories he tells of the most famous sportsman Taylor as his competitors taunted
included Peter Nye’s detailed yet women such as Evelyn in America at the turn of him, and in the belly of the
poetic account of American bicycle Stevens, who rode her first the 20th century, even as his peloton as his rivals blocked and
racing. First published in 1988, amateur race at the age of rivals and race organizers barreled into him. I could feel his
his book helped fuel my ambitions 24, quit her job on Wall tried to eliminate him from torn and burned skin after he
and gave me great insight into the Street two years later to competition because of came crashing down.
sport’s biggest races—how they compete full time, and, by the color of his skin. In During his 14-year racing
unfolded, the characters who the time she was 29, was “The World’s Fastest Man” career, Taylor broke numerous
animated them and the ebb and racing at the 2012 Olympics (Scribner, 365 pages, $30), world records and won national
flow of the sport through periods in London. In a sport recently Michael Kranish tells the and world titles, making him the
of change. The second edition of marred by doping, women story of “America’s first dominant racer of the period. But
Mr. Nye’s book, “Hearts of Lions” such as Ms. Stevens and black sports hero,” one that for Mr. Kranish, it was Taylor’s
(Nebraska, 513 pages, $39.95), Kristin Armstrong (no begins more than a decade human qualities that made him
has been revised and updated to relation to Lance) provided before Jack Johnson became a champion. “The lesson of his
include the major events of the “wholesome success.” heavyweight champion and life was not bitterness at the
past 30 years. They raced at the highest a half-century before Jackie unbearable racism he had faced,”
I eventually got to race in many level, often juggling careers, Robinson broke the color we are told, “but the hope he saw
of the events Mr. Nye writes about, graduate degrees and barrier in baseball. in the boys and girls who looked
including the Tour, the Olympics motherhood on all sides. “As slender and changed the establishment. They As a teenager, Taylor’s strength up to him and thought: if Major
and Paris-Roubaix, and came to as Degas ballerinas,” Mr. Nye writes, include 16-year-old Tessie Reynolds, as a cyclist was already remarkable. Taylor can be the world’s fastest
know many of the people he these women were “tougher than who in 1893 rode 120 miles from His talent soon caught the eye of man, they, too, could succeed by
interviewed, from both my era and they looked—as competitive, gritty, Brighton to London and back, setting America’s top cyclists, some of whom employing ‘good habits and clean
before. “From one generation to and determined as any men.” a women’s record of 8 hours and advised him, sponsored him, coached living.’ ” Riding was Taylor’s
the next,” Mr. Nye writes, “riders Sadly, cycling remains pre- 38 minutes and the trend for “knee- him and protected him. It was the passion and a means to a sizable
are connected like legs to their dominantly white and male, a sport length wool knickerbockers, with a height of bike mania, when factories income. But each victory on the
torsos. All that separates cyclists where women still have to push for long jacket in the same fabric.” Then across the country struggled to track was also a score against
today from those of the past is a equal opportunities. Through a life- there are the women in Afghanistan keep up with demand, pumping prejudice.
series of overlapped wheels.” Mr. time spent around bikes, and as the who, not so long ago, defiantly rode out thousands of bikes a year. The world’s streetscapes have
Nye’s history-rich writing has the spouse of a professional and Olympic their bikes despite being labeled “The main sports of the day were in recent months been trans-
fluid pace of a peloton coursing cyclist, I have witnessed the in- infidels and sinners, so angering baseball, boxing, and bicycle racing,” formed. Amid the pandemic,
through the French countryside. equalities battled by women who religious scholars that the mullahs Mr. Kranish tells us, “and cycling bicycles are again populating the
Old stories remain as captivating ride: They are taunted, jeered at called for the women to be stoned for was by far the most popular.” Velo- streets as people rediscover this
today as they were decades ago. and even abused by team staff. In “parading around in groups.” Now, dromes were packed with cheering safe and accessible form of
Most important, he shows how the face of pervasive sexism, their with the help of the bicycle, these spectators. Cyclists were household transportation. The bicycle
the bicycle has remained a passion drives them to compete; women, and many others in similarly names. remains one of our most efficient
constant despite the arrival of their resilience and example help oppressive or underdeveloped Taylor’s life is told through details means of travel. It has also,
new protagonists and technologies. change the culture of the sport. countries, are at last gaining access collected from historical documents through its 200-year history,
Among the defining moments Hannah Ross’s “Revolutions: to education, health care and jobs. and his autobiography, but what been a catalyst for change.
of American cycling in recent How Women Changed the World “Revolutions” gives a detailed if aca- captures the reader is the insight —Mr. Barry is the author of
history, of course, was the rise on Two Wheels” (Plume, 352 pages, demic account of this history, but it’s into his complex life, the rough and “Shadows on the Road: Life at the
and fall of my old teammate Lance $17.99) tells us the stories of those the riders’ passion and shared sense colorful characters whom he raced Heart of the Peloton, From
Armstrong. It’s a story that’s been throughout history who challenged of adventure that shines through. against, the tender and trusted U.S. Postal to Team Sky.”
SUMMER BOOKS
‘The more the habits of any particular animal are studied by a naturalist, the more he attributes to reason and the less to unlearnt instincts.’ —CHARLES DARWIN
Creatures on Their Own Terms

Becoming Wild
By Carl Safina
Holt, 368 pages, $29.99
BY DAVID P. BARASH
A
NTHROPOLOGISTS,
psychologists and biolo-
gists have given consid-
erable attention to what
was involved in our
becoming human. But what about
other creatures becoming wild? In his
latest book, the ecologist Carl Safina
looks at how three spectacularly
interesting species—sperm whales,
scarlet macaws and chimpanzees—
became what they are, while also
passionately urging our responsibility
to keep them that way.
The answer to what makes wild
animals wild might seem surprising:
Could it be culture? There is a pe-
culiar arrogance in the widespread
assumption that culture is what
makes humans different from other
creatures: We have it and they don’t.
But as Mr. Safina points out, “as-
suming that other animals don’t have
culture because they don’t have
human culture is like thinking that
MARK BOWLER/SCIENCE SOURCE
other creatures don’t communicate

because they don’t have human
communication.”
Science has long undervalued the
extent to which animals of every
kind employ cultural traditions. “An
.
individual receives genes only from
ly
[its] parents,” Mr. Safina notes, “but
can receive culture from anyone and STIRRED FOR A BIRD A scarlet macaw parrot in flight.
everyone in the social group . . . and
because culture improves survival,
culture can lead where genes must
follow and adapt.” He makes the
surprising but reasonable suggestion
on
duces scientific discussions alongside
personal insertions: “The sea, glitter-
ing, rolls like a carpet of short blue
flames,” he writes. “We travel in small
outtakes from “The Sopranos.” But
sometimes these accounts read more
like a steamy romance novel, al-
though (spoiler alert) the sex isn’t
swallowed up by a text that I realize
I’ve forgotten to take notes. “Becoming
Wild” made me forget myself, more
than once. At a moment when so many
beauty and an appreciation of it have
been selected as a sort of natural
antidepressant; perhaps “beauty is
the reward our brains give us for
us ,
that culture-based characteristics can ecstatic sparks of time.” Mr. Safina much to speak of, whereas the of us have been stuck inside, watching making the effort to stay in the
actually cause speciation, because tagged along with various research- maneuvering to achieve it definitely the walls, what better therapy than world,” something that “makes us
l
e
individuals who share a particular is. Chimpanzees have extraordinarily to visit the deep ocean, the upper love what it takes to live,” a kind of
al a
cultural tradition often avoid those rich social lives and colorful indi- Amazon and a central African forest, motivating carrot.
whose styles are different. As cultural The author suggests that vidual personalities. If you haven’t yet sharing the lives of their denizens with Mr. Safina makes a powerful plea
ci on
distinctions literally divide and dis- been treated to the detailed accounts a superb guide? to preserve species, arguing that this
tance creatures from one another,
a love of beauty evolved of chimpanzee behavior on offer from “A flock of scarlet macaws,” Mr. is our ethical duty while also con-
their genetic branches can drift apart. as a sort of natural anti- Christophe Boesch, Frans de Waal, Safina writes, “bursts from the deep tending that the cultural diversity of
“Becoming Wild” showcases three depressant: a reward Craig Stanford and Jane Goodall—or rainforest like flaming comets, animals is valuable in itself. He often
important arenas of animal culture: even if you have—you’ll be captivated several dozen big, bright birds with writes as these creatures’ champion,
er s
raising families and establishing for staying alive. by these sections of “Becoming Wild.” streaming tails and hot colors. With as when he describes the various
identity (sperm whales); creating and Mr. Safina’s prose achieves the much self-generated fanfare, they labels people have attached to whales:
m er
maintaining beauty (scarlet macaws); elusive goal of being both informative settle into high trees above a steep “Pygmy. Dwarf. False killer. Names of
and achieving peace in a world full of ers, exploring the lives of each of the and luminously evocative: “A forest at riverbank. They’re noisy and playful. diminishment and dismissal. Names
conflict and difference (chimpanzees). species he highlights, and he in- dawn can seem like the quietest place If this is the serious business of their reflecting some confusion. They are
In these fascinating discussions, other corporates these scientists into each on Earth,” he writes. “Yet it sparkles lives, they seem to be enjoying them- real species named as if not the real
m rp
species also show up. We learn for narrative, while never losing his focus with sound. While the infinity of stars selves and each other.” And you can thing. Of the many torments humans
example, that sperm whales make on the creatures in question: “Alf [a above underscore vast vacuums of enjoy it too. have inflicted on whales, not least is
distinctive vocal “codas”—declara- chimpanzee] takes a break from space, the notes of Earth’s living Macaws are invoked to suggest a the nomenclature they must drag
tions of individual identity—and that gluttony, lying on a broad limb become across the quietude as frogs and novel biological explanation for the around the seas like little dories of
their social systems converge with tween two heavy clumps of figs, a trilling insects yield to birdsong. sense of beauty. Maybe, suggests Mr. indignity.” Nonetheless, Mr. Safina
co Fo
those of elephants (both are matri- simian Bacchus. Life is good for him Susurrations and declarations, greet- Safina, “the world appears beautiful hopefully suggests, there is still
lineal, forming groups based on at the moment. On the forest floor, ings and exclamations, all the living so that the living may love being alive time—and abundant reason—to re-
motherhood links). Yet this book is the filtered light is soft. We rest lit in conversation. . . . Dawn is the in it. Life has developed—and we have place the indifference, hatred or fear
as much about individual differences against trees, watching chimps and song that silence sings. In a recess of inherited—a sense of the beautiful often directed toward wild creatures
among whales, macaws and chimps as listening to doves sending beautifully the world such as this forest, you can to let us feel at home in the world, with protectiveness, appreciation
about their different cultures. rhythmic coos to one another.” still hear the magic.” As well as the without further reason.” This differs and love.
It is also about giving the reader a Mr. Safina devotes roughly half of author’s poetry. from the popular notion that beauty
sense of being near these creatures “Becoming Wild” to the social ex- A reviewer’s job is to provide evolved particularly in male birds Mr. Barash is professor of
and experiencing some of the most ploits of chimpanzees: Their episodes perspective on a given book. Normally, because choosy females prefer it psychology emeritus at the
seductive environments on Earth. In of scheming, alliance-shifting, man- as I read, I do so with an eye toward (for no real reason)—a circular University of Washington and
bite-sized sections—rarely more than dated deference and casual, lethal my own perceptions and opinions; “explanation” devoid of bio-logic. author of the forthcoming “Threats:
several pages each—the author intro- violence could easily be mistaken for only rarely do I find myself so Rather, Mr. Safina’s hypothesis is that Intimidation and Its Discontents.”
n-
THERE’S A MISTY-EYED look lish civilizations that would, ical for the real and begin The walks that Tom Cox
no
that comes upon people who have in time, allow us to spend all their pilgrimages at any recounts in “Ring the Hill”
hiked the Appalachian Trail that day planted in a desk chair. nearby trailhead. (Unbound, 311 pages, $15.95)
convinces others there must be “In Praise of Walking” In “Walking the Great have humbler ambitions, as each
something spiritually transcen- is a reader-friendly digest North Line” (Weidenfeld & is oriented around England’s
dent about the trek, so I’ve of scientific studies meant Nicolson, 304 pages, small, picturesque prominences.
encountered confusion when to coax us back on our feet. $26.99), British writer “Society isn’t ever going to buy
I’ve explained that in my limited Chapters elucidate the neu- Robert Twigger chronicles you a drink for climbing a hill,”
experience—I’ve hiked only a rology of walking, when our his trek along a straight line Mr. Cox writes. “A hill is not a
quarter of the AT’s 2,200 miles— brain activity ramps up and that crosses through 42 mountain. You climb it for you,
the reasons the expedition is so we become “cognitively ancient sites in England, then you put it quietly inside you,
memorable are both more modest mobile.” Others focus on the including Stonehenge, Thor’s in a cupboard marked ‘Quite A
and more meaningful. The first is ways constitutionals help Cave and Mam Tor. The Lot Of Hills’ where it makes its
about companionship. Forget the with obesity or depression. occult-minded would call this infinitesimal mark on who you are.”
myth of the solitary adventurer: Mr. O’Mara is interested in a “ley line,” and though Mr. The low-key simplicity of
The Appalachian Trail is virtually measurable improvements Twigger isn’t a New Ager, Mr. Cox’s rambles is perfectly
a mosh pit in high season and you in lifestyle rather than in he’s intrigued by the pagan mirrored in the discursive, essay-
leave having forged deep and un- resistance to modernity. The monuments that dot the istic nature of his writing, which
foreseen friendships. The second walker is often characterized landscape and seem to speak traipses from childhood memories
reason has to do with basic physi- as the flâneur, the artistic to a lost understanding of to regional trivia. In Dartmoor
cal fitness. Those who can persist rebel who wanders the out- the world. His journey is an National Park he passes the for-
beyond the crucible of the first skirts of society. But the walking that is more, shall we say, kumbaya: attempt to achieve “alignment” with mer site of the Snail House, home
brutal weeks quickly find them- Mr. O’Mara admires is the Italian “Paths resemble legends, myths, folk these forces by tapping into bygone to two old women in the early
selves in better shape than they passeggiata, the “sociable, evening ballads, fairy tales. They originated rituals, not least the walking itself. 1800s who allegedly ate only
have been in their entire adult lives. stroll along the streets, greeting and from a collective and cannot be The quest for ancient wisdom is snails; beyond it, he notes, is a
The lesson is that you don’t chatting with neighbours and friends.” traced back to one particular author. always a bit of a fool’s errand, and to ledge from which a cow once fell
need to quit your job and head Thus his book delivers a great deal They have a body and a soul, at once his credit, Mr. Twigger is very funny onto his friend’s car. The book’s
to Springer Mountain to capture of salutary, practicable common sense. material and immaterial.” about his foolishness. Higher under- title, it turns out, is an archaic
some of the rewards of a thru- Mr. O’Mara repeatedly notes that Mr. Ekelund converted to the standing is forever being interrupted nickname for Dorset’s brown hare,
hike. A recent quartet of books walking is so instinctual that we do gospel of the footpath after he was by earthly annoyances: His feet blister; along with “Old Fat Bum, Dew-
makes the case, either directly or it without having to think about how, diagnosed with epilepsy and for- he misplaces his fancy walking poles; flirt, Stag of the Stubble, Woodcat
indirectly, that walking is not only leaving our minds stimulated but bidden from driving. His monograph he has to “stealth camp” on private and The One Who Does Not Go
the most elemental and demo- unencumbered, free to roam. Though mixes social science with accounts property and trudge alongside high- Straight Home.” There’s some-
cratic form of human activity, it’s the author is never less than genial, of his hikes in Norway’s forests in a ways—at one point he gashes his thing wonderfully unconscious
also one of the most beneficial. it’s an indictment of how sedentary fashion that frustratingly gives short head on a road sign, like Don Quixote about these digressions, as
As Shane O’Mara takes pains to re- we’ve become that we need a book to shrift to both, so that the book is in a hiking backpack. Despite the though Mr. Cox has been wholly
mind us in “In Praise of Walking” tell us things that are this obvious, as neither as comprehensive as Mr. anxieties, the walking has its magical liberated by the rhythmic mind-
(Norton, 218 pages, $25.95): though it were a guide to the forgotten O’Mara’s nor satisfying as a personal effect: “It alters time; it untangles lessness of his jaunts. And maybe
“Humans present a unique form art of drinking water or breathing air. travelogue. But if it lacks focus, thoughts. Why did I have to contin- that is walking’s ultimate gift:
of animal bipedalism. We stand Torbjørn Ekelund’s “In Praise it’s never low on zeal, and in the ually relearn that thoughts proceed It grants us the forgetfulness to
upright, with our hands free and of Paths” (Greystone, 230 pages, end Mr. Ekelund’s evangelism has a in an orderly line when we walk?” be ourselves. As Mr. Cox writes,
mobile, and our spinal columns $24.95), translated from the Nor- down-to-earth aim. “The metaphor This too is stirring testimony to the you “don’t have to ‘sort it all out’;
more or less vertical.” Our earli- wegian by Becky L. Crook, similarly of the path is used more frequently transformative power of movement, you just have to exist.”
est ancestors traversed migratory urges a return to our ambulatory than the thing itself,” he observes, even if no sane person is going to —Mr. Sacks is the Journal’s
routes across the planet to estab- origins, though from a perspective pushing readers to leave the allegor- follow in Mr. Twigger’s footsteps. fiction columnist.
SUMMER BOOKS
‘Gradually, the observer realizes that these organisms are connected to each other, not linearly, but in a net-like, entangled fabric.’ —ALEXANDER VON HUMBOLDT
Digging Into Enigmatic Organisms

Entangled Life
By Merlin Sheldrake
Random House, 352 pages, $28
BY EUGENIA BONE
L
IKE MANY PEOPLE, I got
interested in mycology because I
wanted to find wild mushrooms,
especially morels, which are in
season right now. That required
some study on why they lived where they lived.
I admit it was a rather mercenary starting
point, but the more I learned about fungi and
their fruiting bodies, mushrooms, the more
fascinated I became. Fungi are implicated in
all aspects of life on Earth. They live most
everywhere and in most everything, and some
can—theoretically—live forever. They function
as a shadow immune system and procurer of
nutrition for plants; they are the source of
some of the worst plagues of people and
animals and crops, and the best medicine we
have. Without decomposing fungi we’d be
buried under miles of plant debris, and with
them, all sorts of organic compounds may be
decomposed, from petroleum to sarin gas.
They bind soil particles so they don’t blow
apart when water passes by and they seed
raindrops. As the English biologist Merlin
Sheldrake writes in “Entangled Life,” his rich
and colorful portrait of fungi, “the more we learn
about fungi, the less makes sense without them.”
Mr. Sheldrake manages the immense subject
of mycology by taking a literary approach.
He looks at fungi through a variety of themes
and analogies, and in the process is able to
.
disclose so much more about these enigmatic
ly
organisms. A chapter called “A Lure,” for
example, explores the way fungi attract mates,
prey and animal vectors—the whole point of
truffle aroma is to get animals to dig them up on
DESIGN PICS/NATIONAL GEOGRAPHIC
so their spores disperse—and how they are in

turn lured by plants to attach to their roots
and become pipelines to the buffet of nutrients
us ,
in the soil. Another chapter, “Living Laby-

rinths,” describes the bizarre morphology of
l
e
an organism that can divide itself to take both
al a
routes in a forked path, and meditates on the

nature of the nonhuman perception and
ci on
intelligence of “decentralized organisms”

without heads or brains. FRUITING BODIES ‘The more we learn about fungi,’ writes Merlin Sheldrake, ‘the less makes sense without them.’
Equally provocative chapters describe the
“radical” decomposing powers of fungi, their truffle hunter and his dog in inappropriate of an organism. “When we humanize the more-than-human world may start to change.”
implications for pollution remediation and shoes; sinking into a Californian fermentation world,” writes Mr. Sheldrake, “we may prevent Mr. Sheldrake returns again and again to
er s
their ability to transform industrial and bath of decomposing woodchips, “a complex ourselves from understanding the lives of other our growing understanding of symbiosis, the
agricultural waste into a variety of new cuddle, blissful and unbearable in turn”; organisms on their own terms.” Another is our interconnectedness of life that he admits has
m er
materials, from building blocks to vegan stealing apples in Cambridge from a clone of “collapsed into a cliché” but remains a model
leather. A chapter on the evolutionary role Isaac Newton’s tree, pressing them and calling for evolutionary creativity, ecological stability
fungi play in plants introduces us to Toby the resulting cider Gravity. The author Robert Without decomposing fungi and responsible human behavior. “Biology,”
Kiers, who posits that subterranean fungi Macfarlane says there is “something faintly he writes, has “transformed into ecology—
we’d be buried under plant
m rp
function like a marketplace, trading the antiquarian” about Mr. Sheldrake and, indeed, the study of the relationships between living
nutrients they gather in the soil for the sugars I kept picturing the 32-year-old—brother of the debris. With them, all sorts of organisms.”
that plants make through photosynthesis, even composer Cosmo, son of the parapsychologist compounds can be broken down, “Entangled Life” is a gorgeous book of
shuttling nutrients from areas of abundance to Rupert and friend of Terence McKenna (father literary nature writing in the tradition of Mr.
trees in areas of need—a kind of “buy low, sell of the stoned-ape theory)—as a millennial from petroleum to sarin gas. Macfarlane and John Fowles, ripe with insight
co Fo
high” model. There are investigations on how version of Charles Darwin, fresh off the Beagle, and erudition. It may appeal most to readers
and why fungi participate in plant presenting his findings to the Royal Society in who have a little mycology under their belts,
communication and inquiries into the curious waistcoat and tie. practice of using intellectual hierarchy to but the language is eloquent and the analogies
fungi that affect animal nervous systems, By the end of the book, a few overarching describe organisms in nature. Classical science plentiful enough to secure the pleasure of
serotonergic systems and muscular systems, themes emerge about how we relate to fungi. used human intelligence “as a yardstick by someone less scientifically literate. Frothy
such as the Ophiocordyceps that creates One is the folly of anthropomorphism, our which all other species are measured,” which beach reading? Maybe not. But food for the
“zombie ants” and the Psilocybe mushrooms tendency to use a human concept, like “nurse,” is not good news for slime mold. And yet slime soul, definitely. And for this reader, who got
that cure some people of despair. to make sense of a nonhuman organism such molds exhibit sophisticated problem-solving her start in mycology through appetite,
But there’s more packed into this lively stew as a fungus that provides nutrients to a needy behavior all the time. Mr. Sheldrake points “Entangled Life” is a feast.
of scientific fact, poetic observation and tree, when that nurturing fungus can also be out that such organisms “think” differently,
philosophical musing. Interwoven throughout the tool by which plants kill each other. and if we can let go of our intellectual peck- Ms. Bone’s most recent book is “Microbia:
are glimpses of the author: trailing an Italian Anthropomorphism boxes in our understanding ing order, “our ruinous attitudes toward the A Journey Into the Unseen World Around You.”
n-
WHEN WE HEAR the word in a specialized honey stom- out Borders, which seeks to the eager eye of the novice but
no
“bee” we’re likely to imagine the ach, she passes the liquid to alleviate poverty through spins it into the honeyed prose
common honey bee or bumblebee. a house bee, who deposits promoting beekeeping. of the expert writer.
But there are as many as 25,000 it in one of the honeycomb’s Mr. Coté has installed Between trips to the hive,
recognized bee species in the empty cells. The house bees hives at the United Nations she reads obsessively about bees,
world—more than birds and tend the honey, stirring it and the sculpture garden at and we glean the fruits of her
mammals combined. Most of with their mouthparts and the Museum of Modern Art, research, not only on anatomy,
these lesser-known bees don’t live beating their wings to and has worked with tele- behavior and ecology but on the
in hives, many don’t sting and evaporate excess moisture. vision shows ranging from history of beekeeping and even
relatively few make honey. But Finally, they cover the honey “Nightline” to “Cake Boss.” the etymology of its terms
since nearly all depend on flower- with an airtight wax cap Among the famous figures (“honey” derives from the Old
ing plants for their food, they until it is needed to feed who cross his bees’ paths English “hunig”). She admits she
have evolved into the most pro- the hive in winter. All told, are Martha Stewart, Paul identifies so intensely with her
ficient pollinators on the planet. a cache of 3.3 pounds of Newman, Spike Lee, Bill bees that she finds it hard to
“The Good Bee” (Michael honey represents the work Clinton and Michelle Obama. maintain a “healthy distance,”
O’Mara, 192 pages, $16.95), of about 12,000 bee-hours. “So beyond just maintaining that “at times it’s felt like a
by Alison Benjamin and Brian Ms. Benjamin and Mr. Mc- my small charges in a boundary has slipped, and the
McCallum, examines the gamut of Callum, a husband-wife team beehive and stealing their details I am noticing about the
apian species, from mining bees of London beekeepers, hope honey,” he writes, “beehive are in fact the ones I most
that live in earthen burrows to that if we learn more about keeping in an around New need to notice about myself.”
vulture bees with a taste for bees we will care about them York City has led me to The book is as much about what
carrion. Through sharp prose and as much as they do. Bees are respon- profile urban beekeeper: retailing his some unusual situations with bees is going on inside the author as
precise line drawings, the authors sible for pollinating about a third of products in New York City, installing and humans. And I love it all.” what is going on inside the hive.
address such subjects as bees’ the world’s food crops, but a recent hives for upscale restaurants and Helen Jukes’s “A Honeybee By the end of the season, the
evolution from wasps, about 100 assessment of nearly 1,500 species hotels, and consulting for media Heart Has Five Openings” (Pantheon, bees have taught their keeper
million years ago, and their in North America and Hawaii found industries. As the book’s title 238 pages, $26.95) is an intimate, about far more than hives and
singular anatomy, which includes that almost a quarter of bee species implies, this can be a vicious busi- finely observed memoir of her first honey. “Down by the hive,” she
five eyes for navigating by the are at risk from habitat destruction, ness, and the bees aren’t the only season keeping bees in her back writes, “away from the city’s
sun, a strawlike proboscis for pesticides, parasites, climate change ones administering the stings. garden in Oxford, England. As her tough exteriors, I found a place
sipping nectar and a furry coat and other threats. The authors Buzzing through his busy story opens, she is having trouble where I could take my armor
for collecting pollen, the hive’s suggest five things that homeowners calendar, Mr. Coté pauses from time adapting to a new, stressful job. She plating off; could become more
main source of protein. can do, from planting year-round to time to fill us in on honeybee feels stuck, unable “to think much exposed, more capable of touching
Turning to the seven species of bee-friendly trees, shrubs and flowers lifeways and history. But the focus beyond ‘now’ and ‘next’ and ‘straight and being touched. Perhaps I
honey bee, the authors consider to building bee hotels. But they also never strays far from his own ahead.’” Having helped a friend tend became better at caring, too.”
the ancient art of beekeeping, recognize that protecting bees could exploits, such as retrieving errant his hives, she is considering starting Apparently so. As the story ends,
which is thought to be at least require significant changes in the swarms from inside a hot-dog a colony of her own when she re- she has discovered something not
3,000 years old; the complicated way we raise our food, requiring vendor’s umbrella in Times Square ceives the promise of bees as a gift. just about the honey bee’s five-
social structure of the hive, action by lawmakers, farmers and or from the underside of the Brook- Watching over her shoulder, we feel part heart but about her own.
bustling with queen, workers consumers alike. “And then, perhaps,” lyn Bridge. He also recounts his her anticipation as she waits for her She has fallen in love.
and drones; and the painstaking they write, “we can save these amaz- occasional squabbles with other bees to arrive, her trepidation on —Mr. Helferich’s most recent
process of converting nectar into ing creatures on whose existence our beekeepers and an unexpected in- opening the hive for its first weekly book is “An Unlikely Trust:
honey. In a single day, a foraging own depends, before it is too late.” terrogation by New York City police inspection, her worry that the Theodore Roosevelt,
honey bee may visit up to 2,000 In “Honey and Venom” (Ballan- detectives—as well as his and his colony will decamp in a swarm. J.P. Morgan, and the
flowers and collect half a gram of tine, 295 pages, $27), Andrew Coté father’s travels around the world on As she feels her way into her craft, Improbable Partnership That
nectar. After partially digesting it shares his experiences as a high- behalf of their nonprofit, Bees With- Ms. Jukes takes in everything with Remade American Business.”
SUMMER BOOKS
‘In normal life, “simplicity” is synonymous with “easy to do,” but when a chef uses the word it means “takes a lifetime to learn.” ’ —B ILL B U FO RD
IF, AS JOHN STEINBECK wrote, “Texas is a

nation in every sense of the word,” what better
way to understand the state’s physical and
cultural expanse than through its foodways? A
recent handful of cookbooks helps make the case.
The Texas Gulf Coast is a good place to start.
More than 1,400 species of finfish swim in
the Gulf of Mexico. “Texas Seafood” (Texas,
310 pages, $35)—a combination reference guide,
cookbook and environmental manifesto by P.J.
Stoops and Benchalak Srimart Stoops—has room
to consider less than 15% of them yet still feels
comprehensive. Houston-area fishmongers, the
couple specializes in bycatch, the unintentional
harvesting of nontargeted species. A typical
JEAN-YVES LEMOIGNE; THOMAS SCHAUER; BILL BUFORD

Gulf shrimp trawler’s net will contain, for
instance, only 16% shrimp. The rest, made up
of more than 70 fish and invertebrate species,
is often dumped. Most bycatch is edible; the rest
can be used in fish meal and oil production.
“Everything should be kept,” the Stoopses
advocate. “Everything should be landed.”
A valuable compendium no matter where you
live, “Texas Seafood” encourages you to explore
uncommon varieties from your local fishmonger.
Swap out red snapper for the less-common
vermilion or mangrove snappers. Substitute
piggy perch for the overharvested redfish. Seek
out the underappreciated rainbow runner. The EN PLACE Buford at La Mère Brazier, Lyon, in 2010.
recipes are inspirational and playful: “Trashfish
Soup,” “Appropriately Cooked Whiting,” “The
Role of Calamari Will This Evening Be Played by
the Lightning Whelk.”
Moving from sea to smoke, Texas is nothing
if not a barbecue nation, and perhaps no name
better personifies the Lone Star State’s barbecue Dirt
The Gift of Good Soil French language. After a month unable to find work water, drain and ice; the pea’s
fanaticism than that of Aaron Franklin, By Bill Buford Lyon is a dour town and he be- in a restaurant, Mr. Buford be- membrane will slide off with a
proprietor-pitmaster of the eponymous, ever- gins to think the move had been a comes his apprentice. gentle squeeze. He imagines the
popular Austin smokehouse. But why wait in line huge mistake. “This wasn’t going The job is a stopgap. He leaves belly-wobbling laughs this idea
for three-plus hours when you can smoke brisket BY MOIRA HODGSON to be easy. What we were finding Bob when he is accepted at would provoke in his Italian col-
M
the Franklin way at home? That’s the theory was a city that knew what it was, the prestigious culinary institute leagues. “In the long history of
.
behind “Franklin Barbecue,” recently reissued in ORE THAN any- whether you liked it or not. It had named for Paul Bocuse. The course Italian cuisine, you will not dis-
ly
a striking slipcased set alongside “Franklin Steak” thing else during a personality, a strong one. It is hard and, as in “Heat,” Mr. cover a single popped pea.”
(“The Franklin Barbecue Collection,” Ten this lockdown, wasn’t a boutique destination. It Buford is humorously self-depre- But he has another goal besides
Speed, 448 pages, $50). Co-authored with I’ve missed res- wasn’t naturally friendly. It was a cating. “My life had been a happy training in a French kitchen: to in-
Jordan Mackay, both cookbooks function as
single recipes, taking the reader from buying—
or building—a smoker to sourcing wood and
spices and meat, which doesn’t hit the grill until
on taurants. What
wouldn’t I give right now to be sit-
ting with friends in a cheerful bis-
tro, nursing a glass of wine and
little rough. (I would turn out to
be wrong: It was actually very
rough and entirely unwelcoming.)”
His descriptions of his new city
one, not quite knowing what a
fricassee was.” At the school he
learns, among other things, the
three principles of a French plate:
vestigate the history and origins of
that country’s cooking and its links
to Italian cuisine. Food historians
have debunked the long-held myth
us ,
looking over the day’s menu? In- are vivid and evocative. “In Lyon, color, volume and texture. Then, that Catherine de’ Medici taught
stead, tucked under the bedcovers, the rivers make everything built at last, he finds a restaurant will- the French how to cook. Mr. Bu-
l
e
I’m reading about dishes I might near them—bridges, quais, pastel- ing to take him on. ford, however, discovers that a
al a
have ordered had I been so lucky. painted sixteenth-century homes, The kitchen in Mathieu Vian- large colony of Italians had been
You can almost taste the food in random Roman ruins—into perfor- nay’s Michelin-starred La Mère living (and cooking) in Lyon since
ci on
Bill Buford’s “Dirt,” an engrossing, mances of light and darkness Brazier was run the old-fashioned the late 1400s. When Catherine
beautifully written memoir about and reflection. But Lyon is also a French way. It was hierarchical arrived in 1548, her cured meats
his life as a cook in France. throwback city—wiseguys, corrupt and tense, with 15-hour days. Bul- and cheeses “were already there.”
“Dirt” refers to the soil that cops, unbathed operators working lying and hazing were common- In his research he amasses a
gives food its taste, the goût du a chance, the women, mainly East- place. “In the beginning, no one collection of old worn family rec-
er s
terroir to which the French fa- ern European, working their trade. ever takes you aside and says, ipe books. One of them is heart-
mously attribute the complexities Friday nights are rough: The after- ‘Hey, let me tell you how this place breaking, written on thin paper by
m er
inherent in wine. The book is a se- hours clubs across the Saône from works.’ Instead, built into the a soldier captured by the Nazis in
quel to “Heat” (2006), Mr. Buford’s our home open at 11:00 p.m. culture of the kitchen is a patho- 1940, with detailed recipes for
account of how he quit his job as iconic dishes such as cassoulet
an editor for the New Yorker to from the southwest and cervelas
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work in Italian restaurant kitchens. sausage from Alsace. It was as

He was a man obsessed, deter- though the author had been afraid
mined to prove his worth among that French cuisine, the epitome of
professionals, earning the requisite the country’s civility and dignity,
badges of honor: knife cuts, singed was on the verge of being erased.
co Fo
hair, burns and blisters. Former

editor of the literary magazine
Granta and author of “Among the A put-upon outsider in
Thugs” (1990), a hair-raising ac-
each book’s penultimate chapter. The key to count of British soccer hooligan-
a strict French kitchen
achieving that all-important smoke ring, says ism, Mr. Buford seeks out extreme remembers being
Mr. Franklin, is repetition: “Sweat the details experiences. He finds plenty when happy not knowing
and you’ll end up producing barbecue that would he gets to Lyon.
make the most seasoned of pitmasters proud.” The city, about 250 miles south what a fricassee was.
Paula Disbrowe, a veteran cookbook author of Paris, is the capital of French
also based in Austin, prefers a quick, high-heat gastronomy and has been home to
smoking method—around 300 degrees. Her latest the finest chefs, including Daniel This attitude towards food pre-
n-
book, “Thank You for Smoking” (Ten Speed, Boulud, who is from there, and the vails even at the local school
233 pages, $30), insists that the taste of most great Paul Bocuse. Mr. Buford where Mr. Buford’s twins are en-
any food or drink could be improved by the intends to stay for three months, rolled. For lunch, the children are
subtle introduction of smoked hickory, pecan, but he ends up living in the town served three-course meals, no
no
mesquite, or even teas and herbs. Ms. Disbrowe for five years, joined by his wife, menu ever repeated during the
is interested in smoking key elements of a dish Jessica Green, a wine educator, year, ending with cheese, fruit,
rather than the whole hog. Start with a cocktail, and their young twin boys. During dessert or yogurt. And it prevails
perhaps a dirty martini with smoked that time he works for a baker, in the lines that form outside Bob’s
Castelvetrano olives or a smoked cherry old- attends a top cooking school and, bakery on Sundays. “Late-night
fashioned. Pair with wild wings with smoked finally, toils on the line in one of carousers appeared at two in the
arbol honey or rosemary lamb kebabs with Lyon’s most famous restaurants. morning to ask for a hot baguette,
smoky eggplant. Ms. Disbrowe makes room for Mr. Buford brings a novelistic swaying on tiptoe at a high win-
vegetarians with such dishes as smoked carrot approach to his story; he is both dow by le fournil, the oven room,
hummus, smoked chickpeas with spinach and observer and participant. He’s an an arm outstretched, holding out
saffron yogurt, and smoky lentil tacos with red- entertaining, often comical, racon- a euro coin. By nine, there were
cabbage slaw. Leave room for the nine-apple pie teur. “The women were beautiful, so many people going in and out
with smoked peppercorn crust. Whether you’re as you would expect—it was the door that it never closed, the
a veteran smoker or newbie griller, this book France,” he observes upon arrival line extended down the street. . . .
deserves your time and attention. in Lyon. “It was the men who were I learned something, I got it, the
The artsy mecca of Marfa might not conjure unexpected. Their look was almost appeal of a good bread . . . hand-
up images of Texas at its most gustatorily uniform: blunt, short-cropped hair, made, aromatically yeasty, with
authentic, but allow the new cookbook from the unshaven, sometimes a cheek scar, a just-out-of-the-oven texture of
husband-and-wife team behind the restaurant thuggish—ugly: forthrightly so. crunchy air. No one lingered. This
Capri to change your mind. In “Cooking in These were not New York faces. was their breakfast. It completed
Marfa” (Phaidon, 255 pages, $49.95), co-owner They were not Parisian. They were the week.”
Virginia Lebermann and chef Rocky Barnette more English than French, an In the end Lyon teaches Mr.
document the indigenous foodways of the aging-lad look. I thought: I know Buford the taste of food that
surrounding Chihuahuan Desert. Beans, chiles these people. They are not fancy or “comes from a place as it has for
and nixtamal (masa). Squash, prickly pear and fussy, and they unexpectedly put thousands of years, from a soil that
desert flowers such as amaranth and hibiscus. me at ease.” is a testament to its ancient his-
Like Marfa itself, this West Texas cookbook is Nevertheless, he’s quite put out FRENCH LESSON Top, Joel Buchman, Bill Buford and Daniel tory.” And hasn’t been ruined by
ambitious, beautiful and a bit odd. Recipe sections when strangers, taking him for a Boulud make canard à la presse (roasted duck with blood sauce); pesticides or chemicals. Lyon, he
alternate with personal essays—even the restau- local, ask him for directions. In his bottom, a table along the Cuisance river, about two hours from Lyon. writes, has also created a great
rant’s designer pens his own chapter. The book’s neighborhood bistro, a diner com- cuisine, not just thanks to its lo-
photography, by Marfa local Douglas Friedman, plains to Mr. Buford’s wife: “Do and close whenever . . . Saturday logical intolerance of the novice cation but mainly because of the
pairs stunning cerulean desert-sky landscapes you really need to smile so much?” nights, remarkably, are rougher and a perverse bully’s pleasure in belief that “what happens at the
with moody-hued shots of food and drink. A taxi driver hits his 3-year-old than Fridays. You wake on Sunday watching a novice’s failed efforts table is among the most important
The recipes are more achievable for the average boy for putting his legs on the and there is a drunk guy leaning to figure out a kitchen that every- activities in civilization. It is about
home cook than at first glance: hibiscus margarita, seat. “I searched for words, while against your door. A vehicle that one else there already knew. For intimacy, convivium, creativity,
seven-layer yucca dip, fire-roasted pumpkin soup securing my children on the had been parked in front of the them, it must be very funny.” appetites, desire, euphoria, culture,
with soft masa, mesquite-bean ice cream. sidewalk, and put my head back apartment has been torched. Mr. Buford is late, slow and and the joys of being alive.”
“We wanted the Capri to embody the feeling into the car to tell the driver, in Farmers arrive early at the market confused. “The French kitchen was Alas, it may be some time
of the history on the border,” Ms. Lebermann my best possible French, that he to hose away vomit.” about rules: that there was always before we can feel that again.
writes. But “Cooking in Marfa,” like all these must never (jamais!), ever touch But early in the morning the en- one way and only one way (like But meanwhile, there is “Dirt.”
books, embodies the distinct and diverse culinary (toucher) my child (mon fils) or I ticing smell of bread wafts across trimming the gnarly ends off your
heart of Texas. would rip the eyeballs out of his the street from a bakery opposite beans—with your fingertips, never Ms. Hodgson is the author of
—Mr. Fertel is the author of fat sockets and eat them. Actually his apartment. He befriends the a knife).” There was even a rule “It Seemed Like a Good Idea
“The One True Barbecue.” I have no idea what I said.” Mr. owner, Bob, a large, jowly man, about popping peas. Split the pod, at the Time: My Adventures
Buford had yet to master the permanently bedecked with flour. drop the peas quickly into boiling in Life and Food.”
SUMMER BOOKS
‘If you have a girlfriend on your side, someone who...believes in you no matter what, it can make all the difference in the world. It did for me.’ —LORETTA LYNN
A Grand Ole Friendship

Me & Patsy mance and breaking into tears
Kickin’ Up Dust after being romantically (in a barn-
By Loretta Lynn yard sense) pinched by bluegrass
deity Bill Monroe. She even con-
Grand Central, 222 pages, $28
sidered her inability to drive as
BY DAVE SHIFLETT something of a marital aid. Having
T
reasoned that if she learned to
HE HEART LEAPS at operate a car she might one day
the chance to shift drive away from Doolittle, she
attention from epi- changed her position after Cline
demics, recession told her that driving might come
and state-sponsored in handy if one of her children
snitching back to more intimate needed to be carted to the hospital.
and familiar dissolutions, including Ms. Lynn credits Cline, whose
serial adultery, virtuoso drunken- crossover hits included “Walkin’
ness and unscheduled tooth removal After Midnight,” “I Fall To Pieces”
via sucker punch. Country-music and “Crazy,” for bringing millions
legend Loretta Lynn’s “Me and Patsy
Kickin’ Up Dust” is rich in those
traditional themes. It’s also a quick The singers had a lot
and illuminating read.
Ms. Lynn, now 88, offers a heart-
in common, including
felt and often rollicking remem- having husbands who
brance of her friendship with the could drink like
late Patsy Cline, perhaps the great-
est country singer ever, though condemned pirates.
Boxcar Willie fans may dispute this
claim. Both women grew up hard,
which made them tough, a quality of listeners to country music. She
that came in handy as they made “shut up all those folks who said
their way in a male-dominated pro- women can’t sell tickets or records.”
fession. They also had to contend She also proved that female
with domestic behavior only lightly performers were worthy of top
modified since our cave-man past. billing, earning $6,000 a week as
Ms. Lynn first became aware of the first featured female performer
Patsy Cline in 1957, while watching in Las Vegas.
Arthur Godfrey’s television talent She also was a fountain of prac-
.
show. Cline sent the applause tical knowledge, playing a crucial
ly
meter spinning. Ms. Lynn, who was role in Ms. Lynn’s discovery of—
24 at the time, had four children how to put it?—the full pleasure of
and musical dreams of her own. sexual relations. The blessed event
She learned enough chords
on her $17 Harmony guitar
to begin writing songs and
performing—and set out on
on followed Cline’s gift of alluring
lingerie, which cast a carnal spell
on Doo (perhaps not a tough assign-
HONKY TONK DIVAS A heartfelt, rollicking remembrance of Lynn’s friendship with Patsy Cline. ment). He sent the earth shaking
us ,
the hard slog to stardom. beneath his wife’s feet for the first
While today’s musicians can improvisations that will make pedantic Cline’s story is still harder. She moved 19 time in 15 years of marriage. Doolittle, it seems,
l
e
send their digitized compositions blood boil. “I’ve wrote a lot of songs,” times as a child, Ms. Lynn writes, and suffered did not live down to his name that evening.
al a
around the world in seconds, Ms. she reports early on. Still, daughter and abuse too painful to directly relate. Earlier The Lynn-Cline friendship ended with Cline’s
Lynn and her husband, “Doo”— singer-songwriter Patsy Lynn Russell has accounts that Cline was sexually abused by her death in a plane crash on March 5, 1963, at age
ci on
short for Doolittle—built her knocked the book into a breezy memoir. father find affirmation in Ms. Lynn’s mention 30. Searchers found her watch, which stopped
brand the old way: hand- What it lacks in pretension it makes up of shared secrets that “I promised to take to at 6:20 p.m.—the “moment my life as I knew
delivering demo records to for in brevity. Several chapters are my grave”—adding that “by the time she was it stopped,” Ms. Lynn writes. Yet there were
disc jockeys, using their only a few pages, but like a tight eleven she’d lived a woman’s life.” good times ahead, including Ms. Lynn being
car as both vehicle and country lyric their success doesn’t Cline had been performing a dozen years the first country star to appear on the cover of
er s
motel room. Countless depend on syllabic excess. when Ms. Lynn hit Nashville, and she knew Newsweek (1973) and hits like “The Pill” (1975).
bologna sandwiches Ms. Lynn met Cline in July the music business in all its reptilian glory. Birth-control pills, or the lack thereof, inspired
m er
were also involved. 1961, while Cline was recovering After a crooked promoter ran off with Ms. what might be Ms. Lynn’s most famous lines:
When they finally from a near-fatal car crash. “We Lynn’s gig money, Cline shared a golden rule: “Like I told that People magazine,” she recalls,
arrived in Nashville were the same age,” Ms. Lynn Always get half up front. “No dough, no “if I’d known, I’d have eaten ’em like popcorn.”
in 1959—“more a writes. “We both grew up poor. show.” She advised eternal wariness of More darkness followed. Doo took up a
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town than a city,” Ms. Both of us had to grow up too managers and producers and phony public- morning-to-bedtime drinking regimen, which
Lynn recalls—she was fast. Neither one of us went to relations imaging. “Nobody can tell you who didn’t go well with his diabetes. The disease,
on her way. Her song high school.” Nothing burnishes you are. Ain’t nobody can be you but you.” she writes, first took his legs, then his kidneys
“I’m a Honky Tonk Girl” a brand like a few hard-luck Ms. Lynn and Cline had another thing in and finally his life. He died in her arms in 1996;
would hit No. 14 on the stories, and Ms. Lynn and Cline common: husbands who could drink like con- the lack of bitterness in her summing up of
co Fo
country charts by the are divas in that department. demned pirates and had an eye for the ladies. their life together is breathtaking.
summer of 1960. She Ms. Lynn’s family was so poor While Cline’s husband was an accomplished A diva’s work is never done. Women make
quickly gained admirers, that among her tasks was flirt, Ms. Lynn was never able to curb Doo’s up only 16% of country artists and 12% of
playing her first Grand collecting “snipes”—cigarette philandering enthusiasm, though sometimes country songwriters, Ms. Lynn reports, which
Ole Opry gig on Oct. 15, butts—for her mother to smoke. she struck back. One night, while “mad as a “just ain’t right.” Besides encouraging young
1960, netting $15. She often went to bed hungry, hornet” about his alley-catting, “I fired up and artists, she offers a short list of essential Cline
Ms. Lynn tells her she says, though sometimes hit Doo square in the mouth”—taking out his songs to keep her friend’s music alive. Meaning
story without literary her mother would wake the two front teeth. She also spun a few hits out no disrespect to other geniuses, but they’ll
flourish, sometimes family in the middle of the of these experiences, including “Don’t Come likely make you forget all about Boxcar Willie.
including grammatical night to feed them a chicken Home a-Drinkin’ (With Lovin’ On Your Mind).”
UNIVERSAL MUSIC GROUP; GAB
just stolen by a cousin named She put the mono in monogamy, refusing Mr. Shiflett posts his original music and writing
ARCHIVE/REDFERNS/GETTY IMAGES Lee Dollarhide. to sit in Dean Martin’s lap during a TV perfor- at Daveshiflett.com.
n-
TO DESCRIBE Emma Straub’s There are a number of guess who’s among the are bad enough. Now factor in his
no
novel “All Adults Here” (River- secrets in “All Adults Here”; suspects? pathetically slow place. But what
head, 356 pages, $27) without some of them are better kept The whodunit, which really gets Serenata is Remy’s
using the word “charming” is like than others. There are sev- works in elements of the sudden exhibition of herd men-
trying to describe an accordion eral surprises; some of them high-profile, real-life murder tality. She views “large numbers
without using your hands. But you will not see coming. of the writer Christa of people doing the same thing
winsome and big-hearted do There are quite a few exam- Worthington, is the least in one place a little repulsive.”
fine to characterize Ms. Straub’s ples of unfortunate behavior; convincing aspect of “Big She wants to be alone.
loosely knit, multigenerational some people are very slow Summer” (think second-rate Serenata is so tough to be
fourth novel, which, light tone learners. And there are many Susan Isaacs), and Ms. around, so full of self-righteous-
and light touch notwithstanding, instances of fierce longing. Weiner’s contempt for her ness, really so full of herself (as a
concerns itself with fraught Will Astrid’s elder son Elliot size-two female characters— child she invented her own work-
matters: adultery, gender identity finally get the respect he they’re almost all nasty, vain out; she invented scrunchies) that
and a few instances of sudden craves? Will Porter, Astrid’s and empty-headed—becomes readers may well want to give her
death. daughter, pregnant by a more than a little tiresome. the privacy she craves. They may
In fact, “All Adults Here” leads sperm donor, stop skulking But Daphne is an endearing want to give “The Motion of the
off with just such a death. When around with her married creation: funny, plucky, will- Body Through Space” a wide
Astrid Strick, a 68-year-old widow high-school boyfriend? Will ing to acknowledge certain berth too.
and mother of three, witnesses Cecilia, Astrid’s precocious critical lapses in judgment The themes that Ms. Shriver
a school bus strike and kill an 13-year-old granddaughter, and eminently worthy of explores here—among them, the
acquaintance and long-time a terrifically conceived char- the love that she is certain industrial-fitness complex, politi-
nemesis, it’s cause for her to acter who has been sent to Clapham Counting the number of slights and will never come her way. cal correctness and the excesses
evaluate, then re-evaluate, her life. after some unpleasantness at her insults she has endured from people When Remington Alabaster de- of New Age religion as embodied
“There were always more school Brooklyn middle school, help a new who don’t think she measures up. cides, at 64, to run a marathon (blame in Serenata’s daughter—feel very
buses—how many times did a friend make a gender transition? The list includes Nana, who a few that ignominious dismissal from his old hat. That same daughter has
person have to be reminded?” The novel’s ending is a bit too Disney- decades ago tended Daphne one sum- job at the Transportation Depart- furnished Serenata with a grand-
Astrid zeroes in on the many rosy, but Ms. Straub has earned so mer and took the liberty of putting ment), his wife, Serenata, is conde- child named Nancee, “a victim
perceived mistakes she’s made much good will that it’s easy to give the pudgy 6-year-old on a starvation scending: “It doesn’t bother you . . . of a nomenclatural fad that cele-
with her offspring. Then there’s her a pass. diet. There is also Brett from a dating that your ambition is hopelessly trite?” brated an inability to spell as a
her decision to stay mum about Hungry? You could do worse than app, who met Daphne at a bar, took a She’s also decidedly competitive. manifestation of originality,” Ms.
her same-sex relationship with sample the buffet that is Jennifer good long look, took her drink order, Until her knees cruelly turned on Shriver writes. It’s an odd aperçu
Birdie, the owner of the beauty Weiner’s “Big Summer” (Atria, then took off. At the top of the list her, Serenata, the protagonist in from someone who christened her
salon in Clapham, the fictional 357 pages, $28). It’s part dissection is Daphne’s on-again, off-again best Lionel Shriver’s exasperating novel main characters Remington Ala-
upstate New York hamlet where of female friendships, part murder friend: the gorgeous, manipulative, “The Motion of the Body Through baster and Serenata Terpsichore.
the novel is set. mystery, part social-media tutorial, poor little rich girl Drue Cavanaugh. Space” (Harper, 338 pages, $28.99), The novel’s prose is similarly
Tight, flinty Astrid, who seems part love story and—the best of After one particularly humiliating was the fitness avatar in the family, a bit much. “Yet Remington had
like close kin to Elizabeth Strout’s them all—part portrait of an over- episode, Daphne ends the friendship jogging 10 miles a day without no need to draw drastically on
Olive Kitteridge, “wasn’t into weight, under-confident striver. and admirably uses the hurtful event breaking a sweat, swimming, cycling. the bottomless reserves of his
public displays of anything except That would be the novel’s 30-ish to launch herself as a plus-size And now here’s her husband poach- wife’s forgiveness for not having
irritation at those who didn’t narrator, Daphne Berg, who has Instagram influencer. Years later, ing on her territory. Marathon been dipped in preservative
follow the rules, like drivers who spent more hours than she can count when Drue begs forgiveness and completed, he fixes on a triathlon plastic when they met, like an
made rolling stops.” She knows counting. Counting calories and begs Daphne to be the maid of and hires a comely personal trainer. ID card.” This is on page seven.
that it’s hard to keep a secret in a Weight Watchers points. Counting honor at her wedding, guess who Can this marriage go the distance? There are miles to go.
small town, but it’s “easier when how many sit-ups must be done caves? And when, on the night Remy’s garish workout clothes —Ms. Kaufman writes on culture
you were a woman over fifty.” before she can wrap up for the day. before the nuptials, Drue is offed, (green and purple shorts and shirt) and the arts for the Journal.
SUMMER BOOKS
‘Freeing yourself was one thing, claiming ownership of that freed self was another.’ —TO N I MO RRIS O N
FIVE BEST NOVELS OF WOMEN ON THEIR OWN SCIENCE FICTION

TOM SHIPPEY
Lovers, Madmen
Rupert Thomson And an Honest
The author of the novel ‘Never Anyone but You’ and, most recently, ‘NVK’ Puck’s Murder
Voyage in the Dark SHAKESPEARE’S “A Midsummer
By Jean Rhys (1934) Night’s Dream” has great appeal
1
for fantasy fans, with Oberon and
Like many of Jean Rhys’s Titania, a cast of supporting
protagonists, Anna Morgan fairies, Hippolyta the Amazon
has left the vivid landscape queen, the enchanted wood, the
of the Caribbean for the love-inducing flower and Bottom
cold gray streets and “curled-up with his ass’s head. Nevertheless,
bacon” of England between the there may be a feeling that
wars, where there is “always Shakespeare, writing in an age when official
a high, dark wardrobe and censors were looking over his shoulder, did not—
something dirty red in the room.” dare one say?—quite develop the erotic potential
Anna works as a chorus girl, of his story.
touring endless small towns In Classical tradition, Amazons were notorious
and moving from one grim for using men for procreation and then disposing
boardinghouse to another. of them in indelicate ways, which would have
HULTON-DEUTSCH COLLECTION/CORBIS/GETTY IMAGES
Like other women who have made even the hero Theseus a little wary of
stepped off the conventional marriage to their queen. The rift between Oberon
path of marriage and children— and Titania may have had more causes than the
“professionals,” as one of her Indian boy whose possession they dispute;
landladies describes them—she perhaps Oberon’s fairy-harem? Conversely,
falls prey to men who offer to perhaps Titania’s obsession with donkey-Bottom
pay for her, but the encounters was not entirely the product of the magic flower.
are awkward and thankless. And, as for Puck, maybe his idea of erotic fun
“You pick up people and then ran to more than mere frivolity.
they are rude to you.” Anna’s All these possibilities, and more, are picked
world is one of silk stockings, up in Christopher Moore’s irreverent pastiche
whisky and gas fires. Her hands “Shakespeare for Squirrels” (Morrow,
are often cold. In recasting 271 pages, $28.99). It opens with Pocket—once
Anna’s fatalism and vulnerability Fool to King Lear—stranded on the Athenian
.
as resilience, especially when ing, then, when Effi’s indiscretion loves her there is the sense she elegiac precision typical of this shore and rescued by the fairy Cobweb. He rap-
ly
compared to the pampered returns to haunt her seven years is trying out the words for the master stylist: “It was fall, then idly, if briefly, becomes
entitlement and callousness of later. The deft, ironic writing lulls first time, and we believe her. winter. It was summer. It got THIS WEEK director to the “rude
the men who are drawn to her, us into a false sense of security dark, and then it got light again.” mechanicals” rehearsing
Rhys achieves something para-
doxical and miraculous. “Of
course, you get used to things,”
Anna says, “you get used to any-
and leaves us completely unpre-
pared for the cold and brutal
heartbreak of Effi’s demise.
on Unformed Landscape
By Peter Stamm, translated by
Michael Hofmann (2001)
Play It as It Lays
By Joan Didion (1970)
Shakespeare
for Squirrels
By Christopher
Moore
their abysmal play in the
wood, but is then
commissioned by both
Hippolyta the Amazon
4 5
us ,
thing.” Written almost a century queen and Oberon the

ago, the book’s simple, lyrical yet Veronica The distilled and One of the most iconic fairy-king (here called
l
e
gritty sentences refuse to age. By Mary Gaitskill (2005) disquieting quality of images in 20th-century king of the goblins) to investigate the alleged
al a
3
Peter Stamm’s prose American literature is that murder of Puck. Theseus, meanwhile, has
Aged 16, Alison Owen finds perfect expression of a young woman driving something going on with Titania, and the murder
ci on
Effi Briest runs away from home in “Unformed Landscape.” along a Los Angeles freeway in a suspects include Oberon’s goblin guards. Adding
By Theodor Fontane, and fetches up in a San Kathrine works in a customs yellow Corvette and dark glasses. further confusion are the four human lovers
translated by Hugh Rorrison Francisco boardinghouse office on the windswept northern She has no destination in mind from Shakespeare’s play, who seem to have
and Helen Chambers (1895) with her mother’s jaundiced edge of Europe. Already in her and no purpose other than to gone rather further in their complex romancing
2
words ringing in her ears: “She late 20s, with a failed marriage escape the desolation of her life. than the Bard of Avon allowed.
er s
“Effi Briest” is a subtle thinks being pretty will make her behind her and an 8-year-old The woman is actress Maria In a final word to Bard and Bardolaters,
yet devastating portrait way.” Befriended by an ex-model, son, she marries Thomas, the Wyeth: “Age, thirty-one. Married. Mr. Moore confesses that he was “always drawn
m er
of a young woman whose Alison sees through the woman’s production manager at the local Divorced. One daughter, age to Shakespeare’s subservient characters.” He
life is destroyed by a brittle glamour. “Now I understand fish factory. When asked why she four.” The characters in “Play It has written two earlier pastiches, “Fool” and
rigidly rule-bound and patriar- that a person can be wild with married him, she says, “Because as It Lays” talk in caustic, “The Serpent of Venice”: These featured off-stage
chal society. Effi is 17 when she loneliness.” She is approached he loved me.” But then she finds abbreviated sentences, and the wives, maids, daughters, minor villains, none of
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is married off to a high-flying by the porn industry but isn’t out he has been lying to her and detail is finely judged and them more interestingly subservient than the
civil servant 21 years her senior. daunted. She talks instead of the she leaves. She writes him a note: atmospheric. “She sat on the fairies. So in “Shakespeare for Squirrels” he
She is articulate and irrepressible, “enticements” of the business, “You won’t find me.” Later she rattan chaise in the hot October decided to take the characters he loved so much
a delight to everybody close to the “electrical buzz” of being realizes that it should have said, twilight and watched BZ throw and set them loose to explore their own agendas.
her. “Not so wild, Effi, not so wanted. When she sleeps with a “You won’t bother looking for the ice cubes from his drink one And if you ask, “What about the squirrels?”—
co Fo
passionate,” her mother says top agent, she says: “It was so me.” The writing is insistently by one into the swimming pool.” well, “they sort of worked their way into the
when Effi rushes over and kisses good that when it was over, I felt plain and mysteriously gripping. There is a feeling of instability story,” according to the author, from the redwood
her. “It always worries me when torn open. Being torn open felt Kathrine visits her friend and panic, and a longing for forests north of San Francisco, where he writes.
I see you like this.” Once married, like love to me.” Years later, Christian in Boulogne. When he sedation. The dialogue crackles Peter Quince, superseded as stage-director
Effi feels patronized and re- when Alison’s modeling career regrets sleeping with her—he has and fizzes like wires short- by Pocket, insists that the mechanicals’ play
stricted by a husband who wants is over, she meets Veronica, a girlfriend, he wants a straight- circuiting. The prose has an remains “completely suitable for ladies and
to “improve her,” and alienated a middle-aged proofreader in forward life—Kathrine says acrid smell and the tension children,” which is not entirely true of Mr.
in her new home among the “prissy loafers.” Their unlikely “Welcome to the world.” If she is never lets up. Joan Didion’s Moore’s story. Pocket proves to be a master of
bleak dunes and marshes of and yet symbiotic relationship looking for something, we never novel is the literary equivalent of inventive verbal rudeness, and there is a good
northern Germany. Her adulter- is shaken but reinforced when really understand what it is. “She 1969’s Altamont Speedway Free deal of fairy frolicking, but no one could call it
ous liaison with the local Don Veronica tests positive for AIDS. was even more afraid of a new Festival: It perfectly captures the anything but lighthearted. Christopher Moore
Juan is described with such ex- It is Veronica who allows Alison life than she was of her old one.” end of the decade, the nightmare has written a wonderful diversion for hard
n-
quisite tact that it is hardly there to start dismantling her armor, The novel ends with three brief of things unraveling, a descent times. Even Shakespeare would have
at all. How ominous and terrify- and when she tells Veronica she sentences, their austere but into darkness and violence. appreciated the jokes. Maybe.
no
Masters of the Form

EDGAR ALLAN POE essentially poetry contest with a conceited Jack is an awkward hero. tells what Dunne did to lose his follows police detective Ulf Varg
invented the detective story in salon-hostess—and Charles He enlists the help of an old job and land in jail for a year, of the Department of Sensitive
1841, with the first of his tales Baudelaire declares him the flame, an ex-FBI agent, and then and what he does afterward to Crimes as he explores tricky
involving the French investigator hands-down winner. Ms. Street accuses her of using “his” case restore his life and hunt down ethical nooks and crannies in
C. Auguste Dupin. The premise evokes Poe’s unique sensibility for her advantage. But he’s those who ruined it. Malmö, Sweden. Spiteful cops
of Karen Lee Street’s series of through passages of inspired driven by the same passion for Dunne, in 2016, gets talked in other departments sneer at
Poe-narrated novels—the latest prose, in a narrative that pre- justice as Mr. Connelly’s better- by higher-ups into infiltrating Varg’s branch: “Sniffing around
being “Edgar Allan Poe and the serves the spooky penumbra sur- known detective Harry Bosch “Fallen Empire,” a group of ridiculous non-crimes. . . . What
Empire of the Dead” (Pegasus, rounding Poe’s enduring legend. anarchist internet “journalists” a waste of resources!”
341 pages, $25.95)—is that Los Angeles investigative THIS WEEK run by an American and pre- Swedish “bad boy” author
MYSTERIES Dupin was a real person and a journalist Jack McEvoy, one of sumed to be operating in Italy. Nils Personn-Cederström—
TOM NOLAN close friend of Poe’s, and that the author Michael Connelly’s lesser- Edgar Allen Poe and But wouldn’t this covert opera- “Ernest Hemingway and Norman
two shared several adventures. known series protagonists, the Empire of the Dead tion against a “news organiza- Mailer rolled into one”—has
This book begins in Philadel- makes his third appearance By Karen Lee Street tion” be against the law? “It been making “confidential pay-
phia in June 1849, when Poe in 24 years in “Fair Warning” isn’t illegal” is the answer he ments” to someone, his female
receives a letter from Dupin beg- (Little, Brown, 399 pages, $29). Fair Warning gets. “It’s just unusual.” partner says: “But he won’t tell
ging him to come immediately to Has time been kind to this By Michael Connelly Dunne does what he’s asked: me anything about them.” She
France by steamship. There Poe dogged newshound? Yes and no. travels to Italy to gain access is convinced that Cederström is
Poe, finds a puzzled Dupin, who says Once a crime-beat reporter for The Paladin to Fallen Empire and learn being blackmailed, and she wants
Dupin that he never sent such a sum- the city’s major newspaper, Jack By David Ignatius its secrets—only to have his Ulf to make it stop. In another
mons. Who lured Poe to Paris? wrote two bestselling books, superior officer deny that he “case,” Ulf, alerted by a veteri-
and the Suspicion falls on Englishman then labored at a blog called the The Talented Mr. Varg was on official business once narian, looks into whether a man
mystery George Reynolds, who blames Velvet Coffin, and now works at By Alexander McCall Smith his mission is exposed. To make is misrepresenting his canine’s
of loot Poe’s grandparents for the false FairWarning: “an Internet news matters worse, his pregnant wife lineage: “I think he’s selling dogs
hidden imprisonment of his father 50 site with no paywall.” He has demands a divorce after the as wolves,” the vet frets. But the
years before. There’s also Dupin’s just returned to his Sherman and soon finds himself in persis- group Dunne was investigating matter of greatest import to Ulf
beneath nemesis, Ernest Valdemar, Oaks home, after a day at the tent pursuit of a vicious serial posts an intimate picture show- is not official: His co-worker
Paris. a criminal mastermind who office, when two LAPD detectives killer. “For a long time before,” ing Dunne with a Swiss woman Anna, with whom Ulf is smitten,
has sought to destroy the show up and tell him that he is a the ex-crime reporter notes, he met during his assignment. thinks her husband is having an
Dupin lineage. person of interest in the murder “I had said death was my beat. After prison, Dunne calls on affair; she asks Ulf to verify this.
Aside from these personal of a former one-night stand. Now . . . I knew it still was.” old friends to help him catch and Such are the concerns that
vendettas, Poe and Dupin con- The woman died of “internal Revenge is the passion punish those who targeted him. Ulf explores in this second series
tend with the theft of an incrimi- decapitation”: a neck-twist motivating Michael Dunne, the “What if you do it wrong?” a entry by the prolific Mr. Smith.
nating letter, the discovery of a administered by hand. Jack disgraced CIA officer featured lawyer asks. “That won’t hap- Cheerful or melancholy, irritated
trove of loot hidden in a network starts his own inquiry—which in “The Paladin” (Norton, pen,” Dunne says. “I only make or resigned, Detective Varg gives
of underground tunnels, and a comes to involve copious dark- 310 pages, $27.95), the latest mistakes once.” Time will tell. the reader more dry wit, inspired
sinister magician’s plot to be- web research—and finds cases spy novel by D.C. author-colum- Alexander McCall Smith’s whimsy and comic pleasure than
come the emperor of France. On of other victims killed in the nist David Ignatius. A text that “The Talented Mr. Varg” any other Swedish investigator
a lighter note, Poe takes part in a same grotesque fashion. switches between 2016 and 2018 (Pantheon, 228 pages, $24.95) in the business.
SUMMER BOOKS
‘Few women writers have had lives of unbroken productivity. Time granted does not necessarily coincide with time that can be most fully used.’ —TILLIE OLSEN
Women’s Work Kumin, whom she successfully championed for

The Equivalents
By Maggie Doherty a Pulitzer Prize for her fourth poetry collection,
“Up Country,” in 1973. At the Institute, Sexton
NATIONAL PORTRAIT GALLERY, SMITHSONIAN INSTITUTION/ROSALIE THORNE MCKENNA FOUNDATION, CENTER FOR CREATIVE PHOTOGRAPHY, UNIVERSITY OF ARIZONA FOUNDATION
connected deeply with Barbara Swan, whose
BY HELLER MCALPIN drawings later adorned the covers of many of
I
her books. She was also inspired by Marianna
N 1960, the newly appointed president Pineda’s “sensuous, mystical, powerful” female
of Radcliffe College, Mary Ingraham figures, and especially the “Aspects of the Ora-
Bunting—a microbiologist by training, cle” series she produced while at the Institute.
university administrator by accident Tillie Olsen came to the Institute thanks to
and prematurely widowed mother of Sexton, who encouraged the perpetually
four—initiated an audacious experimental strapped and blocked West Coast writer to
program to combat what she called the apply after a correspondence that began when
“climate of unexpectation” that was thwarting she wrote to say how moved she was by the
women in mid-20th-century America. The story “Tell Me a Riddle.” Olsen, who felt sty-
Radcliffe Institute for Independent Study mied in her writing by the challenges of raising
would offer stipends, private offices, access to four daughters and working at unfulfilling jobs
Harvard’s research facilities and “membership to support them, was the working-class, politi-
in a professional and creative female com- cally active outlier among the mostly comfort-
munity” to a select group of accomplished, able early Institute fellows, the majority of
“intellectually displaced” women whose whom lived within commuting distance of
careers had been derailed by marriage and Radcliffe. Although she never completed the
motherhood—a situation which Bunting rued great social novel she had hoped to write when
as a terrible waste of talent.
The Institute’s application requirement
stipulated either a doctorate or the “equivalent” The Radcliffe Institute
of achievement in an artistic field. Among the
200 women who applied for the inaugural
for Independent Study was
fellowships were Anne Sexton and Maxine founded in 1960 to combat
Kumin, two emerging poets who had become the ‘climate of unexpectation’
close friends and literary collaborators when
they met three years earlier at a poetry thwarting female achievers.
workshop in Boston. Sexton, one of the few
candidates without a college degree, clearly fell
into the latter category. Kumin held B.A. and freed from the constraints of wage-earning,
M.A. degrees from Radcliffe—where Wallace Olsen did find her great subject during her
Stegner had mercilessly trampled her literary fellowship: a study of the impediments—
.
aspirations—but no doctorate. Accepted into including marriage, maternity, poverty, hard
ly
the first group of 24 candidates, the two poets labor and censorship—that have silenced so
bonded with several other creative artists— many writers and artists.
painter Barbara Swan, sculptor Marianna Pineda With Olsen, Ms. Doherty expands the
and, joining them in their second fellowship
year, activist writer Tillie Olsen. The quintet,
“a sort of institute within the Institute,” dubbed
themselves the Equivalents.
on purview of her book to touch on the issue of
America’s endemic social inequities, including
the notable absence of women of color during
the Institute’s early years. She notes the irony
BUNTING FELLOW Anne Sexton in 1961.
us ,
Maggie Doherty, a lecturer in expository that “almost all of the Institute women spent
writing at Harvard, learned of the Equivalents their stipends on help with housework”—
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when she was finishing her doctorate in Ms. Doherty paints an indelible picture of the included menstruation, masturbation, abortion, largely provided by black women.
al a
English there. She realized that their story two women sitting on the edge of Sexton’s adultery and divorce. In 1981, seven years after “The Equivalents” is most engaging when
captured an overlooked chapter in the history swimming pool with typewriters in their laps, her friend’s suicide, Kumin wrote in her focused on its titular group, and especially its
ci on
of American feminism, “a hinge between the collaborating on a children’s book while their foreword to “Anne Sexton: The Complete most famous member, Sexton. Ms. Doherty
1950s and the 1960s, between a decade of children splashed in the water. (In addition to Poems”: “Women poets in particular owe a barely mentions the academic fellows who
women’s confinement and a decade of her 18 poetry collections and numerous volumes debt to Anne Sexton, who broke new ground, made up the majority of the early cohort, but
women’s liberation.” of fiction and nonfiction, Kumin published 25 shattered taboos, and endured a barrage of her book’s long tail provides welcome snap-
“The Equivalents,” Ms. Doherty’s first book, children’s books over the course of her career, attacks along the way because of the flam- shots of the Equivalents’ post-fellowship
er s
is written with panache. She adroitly weaves four of them co-written with Sexton.) boyance of her subject matter, which, twenty productiveness as well as a broader view of
vivid, empathetic portraits of these talented As in life, Anne Sexton tends to years later, seems far less daring.” the program’s evolution over 60 years. The
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women, focusing on their artistic accomplish- commandeer center stage in this book, some- Among the many fascinating nuggets Ms. most marked and controversial change
ments, their impact on the women’s movement times overshadowing its other subjects. Ms. Doherty tucks into her chronicle is the relation- occurred when admission was opened to men
and its impact on them. Her nuanced depiction Doherty characterizes the strikingly attractive, ship between Sexton and Sylvia Plath, who met after Radcliffe’s merger with Harvard in 1999.
of deep, supportive female friendships provides glamorously dressed poet as “a natural in a poetry seminar led by Robert Lowell at The bottom line? “The Equivalents” is a
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a welcome contrast to the fractious competi- performer” despite her chronic anxiety. Boston University in 1959 and recognized each resounding endorsement of an initially daring
tiveness and infighting that has so often Sexton’s confessional poems, many of which other as kindred spirits. Over drinks at Boston’s social experiment that quickly demonstrated
tarnished the history of feminism. are braided into the narrative and analyzed Ritz-Carlton bar, “the women compared the sagacity of investing in human potential.
The tent pole at the center of this cultural with skill, are visceral and accessible. Kumin, suicide attempts and munched on potato If you want further evidence of its remarkable
history is the extraordinary connection between whose poetry mined much of its imagery from chips,” Ms. Doherty writes memorably. Sexton track record, check out the accomplishments of
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Sexton and Kumin, who for many years lived a the natural world, was floored and inspired was shaken by news of Plath’s 1963 suicide, some subsequent fellows—including Geraldine
few blocks from each other in Newton, Mass. “watching and listening to Sexton unspool her but also, apparently, felt scooped. In her elegiac Brooks, Annette Gordon-Reed, Gish Jen,
From the time they met in 1957 until Sexton’s soul” in the first poem she heard her read, poem “Sylvia’s Death,” she articulated her Samantha Power, Natasha Trethewey and
suicide in 1974, they spoke daily on second “Music Swims Back to Me,” set in the mental dismay that Plath had usurped “the death I Elizabeth Warren.
phone lines installed in their homes to accom- institution where she stayed after an early wanted so badly and for so long.”
modate their long calls—during which they suicide attempt. Yet despite Sexton’s insecurities and fierce Ms. McAlpin reviews books regularly for the
talked about their lives, read aloud their work Not everyone was charmed by Sexton’s hunger for attention, she was generous in her Journal, the Washington Post, the Christian
in progress and suggested edits to each other. intimate, unorthodox subject matter—which praise of other writers and artists, including Science Monitor and NPR.org.
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Feeding the Hunger for a Prequel

no
‘MAY THE ODDS be ever Early on, the girl’s charis- himself assigned to the girl Coriolanus and his grim The scientist experimenting
in your favor!” The phrase matic defiance and bow-hunting from coal-mining District 12 surroundings in the relatively with such abominations, Dr.
entered popular culture in skill bring her to the attention (the home of the future Katniss) graceful past tense rather than Volumnia Gaul, sees promising
2008, when readers went of Panem’s white-haired but warms to his prospects— the grinding present tense of leadership material in young
wild for “The Hunger Games,” president, Coriolanus Snow. and hers, in the arena—when the trilogy. She is not a subtle Coriolanus. She engages him in
the first installment of a Sickening in his person (he she reveals herself to be stylist, though, and in places Hobbesian tutorials, explaining
dystopian trilogy by Suzanne reeks of blood and roses), unexpectedly daring and the prose is so wooden that that the arena is “humanity
Collins. With its teen-warrior pitiless as a ruler, Snow would colorful. Lucy Gray is a singer Katniss could fashion arrows undressed.” Civilization
heroine and gory mashup of seem an unsympathetic and a charmer, and a bond from it. At one point, we read disappears, she says, even for
Greek mythology, Roman protagonist for a new novel, but develops between ambitious that a teenage girl being a boy like him: “All your fine
CHILDREN’S entertainment and modern here he is at 18 in “The Ballad mentor and half-starved tribute. slaughtered in the arena meets manners, education, family
BOOKS mass media, the book caught of Songbirds and Snakes” The first two-thirds of the book a “frantic, but blissfully short, background, everything you
MEGHAN fire, so to speak, with the (Scholastic, 517 pages, $27.99), ratchet back and forth between end.” (Blissful? Really?) At pride yourself on, stripped away
COX GURDON trilogy selling some a prequel set 64 years before bureaucratic banality and another, the student mentors in the blink of an eye, revealing
100 million copies in Katniss comes along to disrupt are watching district kids die everything you actually are.
54 languages. the scene. THIS WEEK on screen: “By midafternoon, A boy with a club who beats
The books are set in a high- Before the story gets the school had made fruit another boy to death. That’s
tech feudal society, Panem, going, Ms. Collins quotes a The Ballad of Songbirds punch available, which gave mankind in its natural state.”
built on the wreckage of what passage from Mary Shelley’s and Snakes a festive feel to the event.” Such is the morality of the
was once North America and “Frankenstein”: “I thought of By Suzanne Collins That said, Hunger Games Capitol, and though readers
A return consisting of a decadent Capitol the promise of virtues which devotees will probably be too will hear from dissenters—even
to the and 12 subjugated districts. In he had displayed on the open- busy relishing their return to Coriolanus demurs for a while—
compelled penance for former ing of his existence, and the violent evil in the Capitol, and Panem to care. Readers who there is no victory here for the
dystopian “dark days” of rebellion, every subsequent blight of all kindly then the story takes a jarring enjoyed the details of tender or the kind.
landscape year the districts must supply feeling by the loathing and turn—and keeps turning. gladiatorial game-making in After the harrowing events
of the the Capitol with 24 children, scorn which his protectors had The events are all related the trilogy will find all sorts of of the Hunger Games, a twist
Hunger two each, for a televised fight manifested towards him.” It is in deadly earnest, but there is satisfying explanations for why in the plot sends Coriolanus
to the death. a warning: We are going to see what seems to be unintentional things developed the way they out into the grimy hinterlands
Games The Hunger Games trilogy the making of a monster. comedy in Ms. Collins’s choice did. The Hunger Games of where Lucy Gray grew up. Here,
trilogy, follows Katniss Everdeen, who Coriolanus is a high-school of names for her minor Coriolanus’ adolescence are in scenes that feel increasingly
where is 16 at the start of the first senior when we meet him. His characters. The practice in the crude and makeshift. He and contrived, he undergoes ethical
book when she volunteers to once-powerful family has been Capitol is to choose baby names his classmates come up with and emotional switchbacks
‘human take her little sister’s place as reduced to himself, his cousin from antiquity, which makes refinements: letting the public with unbelievable speed and
decency’ a “tribute.” Katniss’s flinty voice and a haughty grandmother who for some hilarious pairings. gamble on the tributes, for abruptness. One has the sense
is a takes us through the surreal cultivates roses outside their Iphigenia Moss. Lysistrata example, and allowing the that Ms. Collins is in a hurry to
preparations for the Hunger Capitol penthouse. The Snows Vickers. Androcles Anderson. audience to supply their get to her foregone conclusion.
contra- Games (to build audience are broke, but they keep up Crispus Demigloss! Some of favorites with drone-delivered There is a point in the novel
diction involvement, the gladiators are appearances and cling to an arro- the characters have a thematic food and water. We see early at which Coriolanus describes
in terms. glamorized and interviewed), gant mantra: “Snow lands on top.” connection with their Greco- developments toward the himself feeling “like a
the grisly slaughter before the At school, Coriolanus learns Roman namesakes (Nero Price barbarous practice of marionette being jerked here
cameras, and, in the sequels that he and 23 classmates are once ate human flesh, for implanting the eyes (and and there by invisible strings.”
“Catching Fire” (2009) and to be mentors to the district instance), but the exoticism perhaps the brains) of dead That’s a pretty good description
“Mockingjay” (2010), the unfortunates being “reaped” mostly seems comical. tributes in beasts that are sent of what happens to the reader
district uprising that takes for the 10th Hunger Games. Ms. Collins should be back into the arena to hound of this exhausting book,
Katniss as its mascot. He’s initially disgusted to find commended for conjuring the survivors. already a bestseller.
SUMMER BOOKS
‘I don’t have inspirations. I only have ideas. Ideas and deadlines.’ —STA N LEE
BY MICHAEL SALER
The Astonishing Mr. Marvel! Lee never intended to have a Liel Leibovitz, like Danny
S
career in the comic-book industry. Fingeroth, acknowledges that Lee
TAN LEE WAS, in some But after high school he needed a pursued “his larger creation, the
ways, Walt Disney’s job, and in 1939 he started as an myth of Stan Lee.” But Mr.
successor, an avuncular office boy at Timely Comics, a Leibovitz, a writer at Tablet
public figure co-creating small company established by his magazine, focuses on how Lee’s
and promoting an empire relative Martin Goodman. By the spiritual beliefs spoke to a secular
of marvelous characters who would late 1950s, he was the company’s world yearning for moral
eventually generate billions of dollars in editor, writer and art director; his guidance. His gracefully written
revenue. (Much of it for the Walt Dis- work lacked prestige, but it did “Stan Lee: A Life in Comics”
ney Co., which purchased Marvel Enter- provide for his family. Yet Lee (Yale, 179 pages, $26) is part of
tainment in 2009.) Yet Lee was more became increasingly frustrated Yale University Press’s “Jewish
like P.T. Barnum than Disney, barn- by having to write the pabulum Lives” series and interprets its
storming fan events and conventions demanded by Goodman and subject’s work in terms of his
for decades, ballyhooing his comic-book required by the Comics Code Jewish background—a tall order,
pantheon as the Greatest Show on Authority, which in 1954 had been Mr. Leibovitz admits, since Lee
Earth. Intriguingly, Lee also became a established by the industry to stated he was nonobservant. Yet
fictional character himself. Many film assure parents that comics would Lee did write a long poem, “God
viewers recognize him from his cameos remain wholesome. “I never felt Woke,” and entertained the idea
in Marvel movies during the past two that it was the kind of work for an of a higher power.
decades, but fans can also play him adult, for a guy who wanted to get Mr. Leibovitz provides fresh
as a character in the 2012 “Amazing somewhere,” he later said. When interpretations of the Marvel
Spider-Man” videogame—or even play Goodman instructed him, in 1961, universe, itself a super-heroic
with him as an action figure. Stanley to devise a superhero team feat. Lee’s contentious heroes, he
Lieber conjured the “Stan Lee” persona modeled after one created by DC finds, take their cue from the
as early as 1941, when the 18-year-old Comics—the home of relatively Talmud, which unveiled spiritual
wrote his first comic-book story, re- uncomplicated icons such as truths through the clash of
serving his real name for the Great Superman—Lee was ready to quit. opposing interpretations. This
American Novel he hoped to write. His wife counseled him instead to dynamic occurs in the Fantastic
Lee’s recent biographers document write the comic exactly the way Four, between the powerful
his self-refashioning, but are mainly he wanted; so what if he were Thing and the cerebral Mister
concerned with other issues, in- fired? Mr. Fingeroth wryly deems Fantastic; the author also finds
cluding Lee’s disputed role as the pri- this moment “the midlife crisis that the two echo the Golem and
mary creator of the Marvel universe heard ’round the world.” the Dybbuk, figures from Jewish
and the influence of his work on the Lee decided he would portray lore. Mr. Leibovitz provides
comics field and the wider culture. his champions more realistically other bravura interpretations,
They don’t ask what becoming a fic- than previous superheroes had concluding that Lee’s conflicted,
.
tional character meant to Lee, person- been; they would be ordinary peo- quarreling, “deeply Jewish he-
ly
ally and creatively. Yet the once-novel ple who just happened to have roes . . . were intrigued by life’s
situation of being both a real person powers. The Fantastic Four didn’t greatest mystery, the charge to
and a brand name seems relevant in don costumes in their first issue go on living in a covenant with
our social-media age.
Danny Fingeroth was an avid fan of
Stan Lee’s comics when they first
appeared, and later worked with him
on
and lived in gritty New York rather
than a gleaming fictional metrop-
olis. Like Lee’s parents, the four
bickered, and their characters
other humans who were ulti-
mately unknowable and with a
God who was ultimately unreach-
able.” Mr. Leibovitz lends gravi-
at Marvel. “A Marvelous Life” (St.
us ,
were distinguished as much by tas to Lee’s work, which might

Martin’s, 390 pages, $29.99), his Lee’s punchy dialogue as Jack explain his otherwise curious
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e
intimate yet balanced account, high- Kirby’s dynamic illustrations. omission of Jewish humor in his
al a
lights Lee’s humanity, humor and even The team was a hit, and within EXCELSIOR! Art by Colleen Doran from Stan Lee’s ‘graphic memoir’ ‘Amazing analyses: After all, Lee delighted
humility. But it doesn’t ignore how his the next few years Lee and his Fantastic Incredible’ (Graphic 13/Simon & Schuster, 192 pages, $19.95). in being a comic in the comics.
ci on
canny self-promotion at times short- collaborators created other relat- Roy Thomas, a former editor
changed his collaborators and con- able heroes aimed at adults as well as first company to feature black super- Kirby and Ditko, among others, in chief of Marvel, worked closely
strained his own choices. Mr. Fingeroth children, including the Hulk, Spider- heroes, and he attacked racism, bigotry complained that their contributions with Lee from 1965, and opens his
charts how the ambitious, insecure Man, Iron Man, Ant-Man, Thor, the and intolerance in his comics. weren’t sufficiently recognized. Mr. affectionate tribute “The Stan Lee
Stanley Lieber became subsumed by Avengers and the X-Men. Lee situated Yet not all was harmonious in the Fingeroth concludes that, although Story” (Taschen, 624 pages, $200) by
er s
the bombastic Stan Lee, the fictional his protagonists within a single shared (real) Marvel bullpen. While Lee hyped individual comics were often co-cre- stating that Lee has “been playing—
persona “steadily evolving from within world, one as intricately interwoven— his artists, praising Jack “King” Kirby ations, Marvel—especially during the and living—the role of ‘Stan Lee’ nearly
m er
the real one and becoming the real one.” and addictive—as the fictional realms (Fantastic Four, Hulk, Captain America, ’60s—was an expression of Lee’s own all his adult life.” Mr. Thomas has
Born in Manhattan in 1922 to of Balzac or contemporary soap operas. X-Men) or “Sturdy” Steve Ditko values: “intellectualism, humanitar- written a detailed biography that is
Jewish immigrants from Romania, Lee He even, via each issue’s letters and (Spider-Man, Dr. Strange), he didn’t ianism, and mutual understanding.” also a broad-ranging history of Marvel
recalled a childhood of poverty, his editorial pages, created a subsidiary always acknowledge their extensive Lee’s vision of a shared, realistic and American comics since the 1930s.
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father desperately seeking work and imaginary world: the “Marvel Bullpen,” contributions. “Promoting Marvel fantasy world, populated by self- Disguised as a mild-mannered coffee-
both parents bickering over finances. where the kibitzing staff came to seem became promoting Stan Lee,” Mr. deprecating titans who battle internal table book, his tome provides firsthand
To escape, the youngster read fantasy like readers’ personal friends. (In reality, Fingeroth writes. In fact, the artists at demons as well as external foes, still accounts and is accompanied by eye-
and adventure novels and comic strips, most of the artists worked from home.) Marvel did have a greater creative role galvanizes the Marvel movies. catching photos, full-color illustrations,
thrilled to the cadences of Shakespeare Fans were amused by Lee’s than their peers elsewhere. Lee would Thanks to those movies—and his and reproductions of original art and
co Fo
and the Bible, watched movies and boisterous Bullpen banter, which he brainstorm a scenario, often with the cameos—Lee became more famous key comics stories from Lee’s career.
listened to comedians on the radio. As peppered with contemporary cultural artist, who would then plot the story than ever in the new century. He These garish tales become poignant
a teen, he dreamed of being a lawyer, references and corny fighting slogans as he drew it, returning penciled pages, continued to attend fan conventions when we reflect that Lee transformed
writer or actor, but his lifelong goal (“Face Front!”; “Excelsior!”), intimating to which Lee added dialogue. This into his 90s, even if his pace slowed himself into a character that became a
was expressed by the motto he chose a shared secret code. “Stan Lee had “Marvel Method” developed out of after his wife died in 2017. While some caricature he couldn’t escape: As Mr.
for his high-school yearbook: “Reach become the literal and figurative voice necessity: Lee wrote nearly all the journalists contend he may have been Leibovitz observes, Lee was “a creator
the top—and STAY there!” Lee would of Marvel,” Mr. Fingeroth observes. He comics until the mid-1960s, and manipulated into making his final of myths who could be understood
frequently be torn between a creative also became the public face of comics couldn’t provide artists with finished appearances, Mr. Fingeroth believes only as another character in his
urge to shake things up and a prag- in the 1960s, lionized on college scripts. But the expeditious method Lee was always energized by perform- fictional universe.”
matic desire not to rock the boat. His campuses and visited by celebrities. had a bonus, Mr. Fingeroth suggests: ing. And performing, once second na-
later heroes and villains would be dis- And Lee’s style could have substance. the stories acquired dramatic tension ture, had become his essential nature: Mr. Saler is the author of “As If:
tinguished by their own self-divisions, Ever the pragmatist, he was rarely from the “ongoing arm-wrestling Stan Lee died on Nov. 12, 2018, but Modern Enchantment and the Literary
n-
expressing four-colored shades of gray. controversial, but Marvel would be the match” of writer and artist. Stanley Lieber vanished long before. Prehistory of Virtual Reality.”
Bestselling Books | Week Ended May 16

no
With data from NPD BookScan
Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-sale bookdata
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacross theU.S.,
representing about85%ofthenation’sbooksales.
Untamed 1 2 The Splendid and the Vile 6 6 Camino Winds 1 1 Walk the Wire 6 7 Print-book dataproviders includeallmajorbooksellers,
Glennon Doyle/Dial Erik Larson/Crown John Grisham/Doubleday David Baldacci/Grand Central webretailersandfoodstores. E-bookdataproviders
includeallmajore-bookretailers.Freee-booksand
Becoming 2 4 This Is Not a Fashion Story 7 New Where the Crawdads Sing 2 4 The One and Only Bob 7 6 thosesellingforlessthan99centsareexcluded.
Michelle Obama/Crown Danielle Bernstein/Vertel Delia Owens/Putnam Katherine Applegate/Harper Thefiction andnonfiction combinedlistsinclude
aggregated salesforallbookformats (exceptaudio
Magnolia Table, Vol. 2 3 1 Incomparable 8 7 Oh, the Places You’ll Go! 3 5 Big Summer 8 New books,bundles, boxedsetsandforeign
Joanna Gaines/Morrow Brie & Nikki Bella/Gallery Dr. Seuss/Random House Books for Young Readers Jennifer Weiner/Atria languageeditions) andfeaturea
combination ofadult,youngadultand
Relationship Goals 4 3 Becoming: A Guided Journal... 9 9 If It Bleeds 4 2 The Boy, the Mole, the Fox and... 9 9 juveniletitles.Thehardcoverfiction
Michael Todd/WaterBrook Michelle Obama/Clarkson Potter Stephen King/Scribner Charlie Mackesy/HarperOne andnonfiction listsalsoencompassa
mixofadult, youngadultandjuveniletitleswhilethe
Magnolia Table 5 5 You Can Drop It! 10 New The 20th Victim 5 3 American Dirt 10 — businesslistfeatures onlyadulthardcover titles.
Joanna Gaines/Morrow Ilana Muhlstein/Galvanized Media James Patterson & Maxine Paetro/Little, Brown Jeanine Cummins/Flatiron Referquestions toTeresa.Vozzo@wsj.com.
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
Untamed 1 4 Untamed 1 2 False Assurances 1 New Camino Winds 1 3 Atomic Habits 1 1

Glennon Doyle/Dial Glennon Doyle/Dial Christopher Rosow/Quadrant John Grisham/Doubleday James Clear/Avery
The Splendid and the Vile 2 5 Becoming 2 4 Camino Winds 2 5 Where the Crawdads Sing 2 4 Total Money Makeover 2 2
Erik Larson/Crown Michelle Obama/Crown John Grisham/Doubleday Delia Owens/Putnam Dave Ramsey/Thomas Nelson
Ruthless River 3 — Magnolia Table, Vol. 2 3 1 The Last Trial 3 New If It Bleeds 3 2 Ask for More 3 5
Holly FitzGerald/Vintage Joanna Gaines/Morrow Scott Turow/Grand Central Stephen King/Scribner Alexandra Carter/Simon & Schuster
Daring Greatly 4 3 The Splendid and the Vile 4 7 Walk the Wire 4 6 Oh, the Places You’ll Go! 4 9 Dare to Lead 4 —
Brené Brown/Gotham Erik Larson/Crown David Baldacci/Grand Central Dr. Seuss/Random House Books for Young Readers Brené Brown/Random House
Plague of Corruption 5 1 Relationship Goals 5 3 The 20th Victim 5 1 The 20th Victim 5 1 Never Split the Difference 5 4
Judy Mikovits & Kent Heckenlively/Skyhorse Michael Todd/WaterBrook James Patterson & Maxine Paetro/Little, Brown James Patterson & Maxine Paetro/Little, Brown Chris Voss/Harper Business
Born Standing Up 6 — Summer Bridge Activities, Grades K-1 6 — Big Summer 6 4 Walk the Wire 6 7 StrengthsFinder 2.0 6 3
Steve Martin/Scribner Summer Bridge Activities/Summer Bridge Jennifer Weiner/Atria David Baldacci/Grand Central Tom Rath/Gallup
Say Nothing 7 — My First Learn to Write Workbook 7 8 Where the Crawdads Sing 7 — The Last Trial 7 New Extreme Ownership 7 7
Patrick Radden Keefe/Doubleday Crystal Radke/Rockridge Delia Owens/Putnam Scott Turow/Grand Central Jocko Willink & Leif Babin/St. Martin’s
Educated: A Memoir 8 — Disney Learning—Preschool 8 — May Contain Wine 8 New Little Fires Everywhere 8 6 The Energy Bus 8 8
Tara Westover/Random House Carson Dellosa Education/Disney Learning Lani Lynn Vale/Lani Lynn Vale Celeste Ng/Penguin Jon Gordon/Wiley
Becoming 9 — This Is Not a Fashion Story 9 New Killing Mind 9 New Blue Moon 9 — Principles 9 —
Michelle Obama/Crown Danielle Bernstein/Vertel Angela Marsons/Angela Marsons Lee Child/Dell Ray Dalio/Simon & Schuster
Momofuku Milk Bar 10 — Summer Brain Quest 10 — The Goodbye Man 10 New Big Summer 10 10 The Ride of a Lifetime 10 10
Christina Tosi/Clarkson Potter Workman Publishing/Workman Jeffery Deaver/Putnam Jennifer Weiner/Atria Robert Iger/Random House
REVIEW
MIND & MATTER
SUSAN PINKER
Does
Bilingualism
Make You
Smarter?
PERFECT FLUENCY in a
second language can
make someone seem so
worldly and intelligent.
But does knowing more
than one language really make a per-
son smarter?
The answer is a matter of debate,
and the pendulum has swung back and
forth. In the first half of the 20th cen-
tury, hearing two languages at the
same time was considered to be a be-
wildering experience for small chil-
dren. In fact, many experts thought
that speech delays and cultural confu-
sion would be inevitable; bilingual ed-
ucation would thus create social and
cognitive Frankensteins, as two psy-
cholinguists put it.
But by the time I was a psychology
student in the late 1970s, an about-face
was under way. Early exposure to two
languages was considered not a handi-
BY CHRISTIAN BROSE
The End of The aircraft carrier USS cap but a cognitive advantage. My pro-
C
Ronald Reagan (left) and fessors at McGill University, Wallace
ould the U.S. other U.S. Navy ships in Lambert and Fred Genesee, published
lose a war with formation, South China reams of studies showing that truly bi-
China? That
alarming possi-
bility was one
of the last things I ever dis-
U.S. Military Sea, Oct. 6, 2019.
military advantage.
The military we need
lingual children did better than mono-
lingual children on intelligence tests,
were more able to inhibit unwanted
thoughts and actions, and were more
cussed in person with my
Primacy will be rooted in emerging sophisticated abstract thinkers.
.
old boss, Sen. John McCain. technologies, such as artifi- Now the consensus is changing
ly
In late 2017, we had just left cial intelligence, autono- again. A vast online study published
a briefing that he had asked mous systems, distributed last month in the journal Psychologi-
me to arrange for his col- networking and advanced cal Science suggests that bilingualism
leagues about China’s grow-
ing arsenal of precision-
strike missiles, long-range
sensors, counter-space capa-
the Pentagon must
on
As China’s advanced arsenal grows,
focus on emerging technologies,
manufacturing. Our current
force won’t survive on fu-
ture battlefields. A truly
digital force must be built
can be handy but doesn’t make you a
whit more intelligent.
“If you ask people on the street,
they will say that people who speak
not traditional weapons platforms.
us ,
bilities and other advanced around large networks of two or more languages are smarter,”
weapons. Every senator was smaller, cheaper, more ex- said Adrian Owen, a neuroscientist at
l
e
invited to the briefing; about pendable, more autonomous the University of Western Ontario and
al a
a dozen showed up. They got a de- stimulus spending, political lead- redefine our objectives. If China systems. (Disclosure: I now work a senior author of the study. “I’m inter-
pressing dose of reality. ers are already calling for sharp continues to grow in wealth, tech- at a technology startup that ested in challenging intuitive ideas. It’s
ci on
One briefer was a senior Penta- Pentagon budget cuts, especially to nology and power, it will become a builds national-security products.) fun to take on a bit of folk psychology.”
gon official in the Obama admin- pay for enhanced pandemic pre- peer competitor to the U.S. Recov- Producing this military will re- Emily Nichols, the lead author and
istration named David Ochmanek. paredness. The result will be a ering our global military primacy quire a defense industrial base a postdoctoral fellow at the Univer-
Last year, he spoke publicly about reckoning that our “military-indus- is no longer a practical goal. We very different from the insular sity of Western Ontario, told me that
the many war games he has con- trial-congressional complex”—as must instead pursue a more lim- and consolidated one we now the study enlisted 11,000 people to
er s
ducted for the Department of De- Sen. McCain used to call it—has ited and achievable goal: denying have. In 1991, according to a pa- complete 12 online cognitive tests.
fense. “When we fight China or long sought to avoid. military dominance to China. The per from the Center for Strategic Participants included “people who
m er
Russia,” Mr. Ochmanek said, the The core problem is that the U.S. military will have to focus less and International Studies (CSIS), hadn’t finished high school and others
U.S. military “gets its ass handed decades-old assumptions underly- on projecting power and control- there were 107 major defense with professional degrees.” The re-
to it. We lose a lot of people. We ing the U.S. military are increas- ling territory than on preventing firms; a decade later, there were searchers then selected 372 pairs
lose a lot of equipment. We usu- ingly obsolete. We have long as- China (and other competitors) five. In the 15 years that followed,
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ally fail to achieve our objective sumed that no adversary would be from projecting power themselves nearly 80% of new entrants that
of preventing aggression by the able to overmatch us technologi- and committing acts of aggression sought to work for the U.S. gov-
adversary.” cally and deny our ability to proj- beyond their borders. We must ernment eventually quit, as an-
As Sen. McCain and I sat in his ect military power world-wide. As create defense without dominance. other CSIS report has noted.
office after the briefing, we talked a result, we have built our force This will require us to think dif- Some 17,000 companies left the
co Fo
about the waning of the military around small numbers of large, ex- defense business between 2011
dominance that the U.S. has en- pensive, manpower-intensive and and 2015 alone. And while more
joyed since World War II. We hard-to-replace platforms: ships, ‘Future than 100 U.S. startups have grown
spent the evening imagining how aircraft, satellites and vehicles. into billion-dollar “unicorns” in
a war with China might unfold. Our political, military and indus- generations recent years, barely any have
TOMASZ WALENTA
He worried that our forward trial leaders have continuously di- of Americans been in the defense sector.
bases in Asia could be reduced to rected most defense resources to As a result, the U.S. military is
smoking holes in the ground, our these traditional platforms. And are going shockingly behind the commercial
aircraft carriers and other ships nothing—not even the 2009 reces- to look back world in many critical technolo-
knocked out of the fight and pos- sion and the painful budget “se- gies. For example, the AI-enabling
sibly sunk, our communications questration” that followed it—has
and ask computers in self-driving com- comprising one bilingual and one
networks shattered, our satellites altered the demands of our de- how we let mercial vehicles can be hundreds monolingual subject, matching people
n-
jammed and shot out of orbit, and fense establishment for more of of times more capable than the who were equivalent in age, educa-
perhaps thousands of Americans the same.
this happen.’ “flying supercomputer” on the tion, income and gender. Satisfied
lost in action. “Future generations As the U.S. has doubled down SEN. JOHN MCCAIN, 2017 F-35 combat aircraft. that they had controlled for these
of Americans are going to look on old priorities, China’s military This shortfall didn’t just hap- confounding factors, the researchers
no
back,” Sen. McCain said, “and ask has surged forward over the past pen. It was the result of incen- compared the performance of the pair
how we let this happen.” three decades and is now aggres- ferently about modernizing the tives that Washington created, es- in online tests of their intelligence.
The message was clear: If we sively embracing new technolo- U.S. military. The goal cannot be to pecially its failure to develop new The study found almost no cogni-
don’t reimagine America’s out- gies such as artificial intelligence, accumulate more and better ver- technologies into large-scale mili- tive differences between people who
dated model of national defense advanced drones and hypersonic sions of traditional platforms in tary programs. speak just one language and those who
and harness emerging technolo- missiles. Beijing’s new arsenal is the expensive pursuit of a 355-ship Reversing this dangerous situa- said they speak at least two. Bilinguals
gies to build a different kind of focused not on confronting the Navy or a 386-squadron Air Force. tion will require hard choices. We had a slight leg up on Digit Span, a
military, we will fail to deter the U.S. military directly but on un- We must focus instead on develop- must shift much of our military task that requires a person to remem-
next war—or even lose it. dermining the way it operates— ing networks of systems that en- spending from the traditional mil- ber increasingly long strings of num-
Even before Covid-19, defense what China calls “systems de- able U.S. commanders to under- itary of yesterday to the advanced bers by heart. Otherwise, the perfor-
budgets were declining. With tril- struction warfare.” stand the battle-space, make battle networks and capabilities mance of the two groups was a wash.
lions of dollars urgently needed in This doesn’t mean that China decisions and act—the process of tomorrow. Such a change can- That “no difference” finding might
is 10 feet tall. But it does mean that our military calls “the kill not happen all at once. It must be be partly explained by the fact that the
that the U.S. is playing a losing chain”—and to do so better, faster a process of experimentation. We study “treated all bilinguals as a single
A Chinese drone at a military game. And we cannot spend our- and more dynamically than our must concentrate our limited re- group,” said Prof. Genesee. In a 2015
parade, Tiananmen Square, selves out of our predicament. adversaries. This battle network, sources on core strategic goals, study, he and his colleagues looked at
Beijing, Sept. 3, 2015. To change course, we must first not platforms alone, creates real ensure that programs are in con- neural differences between children
stant competition with each who learned two languages simultane-
other, pick winners, rapidly scale ously in infancy and those who learned
up the most promising new capa- a second language later. The very early
bilities and cancel those that un- learners, Prof. Genesee said, “engaged
derperform. neural areas related to language but
The U.S. can make this transi- also areas of executive control,” such
tion, even with smaller defense as planning and problem solving.
budgets, but only if our political The degree of mastery of a second
FROM TOP: U.S. NAVY; SIMON SONG/SOUTH CHINA MORNING POST/GETTY IMAGES
leaders understand that the language also matters, said Richard

short-term pain of these choices Haier, author of “The Neuroscience of
pales in comparison to the conse- Intelligence” and a professor emeritus
quences of failing to change, such in pediatrics at the University of Cali-
as losing a future war. These fornia, Irvine. “Proficiency can range
changes were long overdue before from barely adequate to excellent;
the Covid-19 crisis created new lumping everyone into the same
budget constraints. Now they are group obscures effects.”
nonnegotiable. Absence of evidence isn’t evidence
of absence, as the aphorism goes. We
Mr. Brose is the chief strategy don’t know all the details about this
officer of Anduril Industries and new study’s participants, so we can’t
the author of “The Kill Chain: yet close the book on whether their
Defending America in the Future bilingualism boosts their smarts. But
of High-Tech Warfare,” recently there are clearly other benefits, said
published by Hachette Books. Prof. Owen: “You can speak to more
From 2015 to 2018, he was staff people, qualify for more jobs and fall
director of the Senate Armed in love with more people.” And for
Services Committee. most of us, that’s enough.
REVIEW
‘How did Maggie happen?’” she says.

As a child, she read a lot of books
and wrote down the lyrics to Beatles
and Joni Mitchell songs. Her high
school didn’t teach poetry, she says,
so she asked teachers to read her
poems and give her feedback.
“I don’t really have a knack for
plot, but I think I have a knack for
imagery and for metaphor,” she says.
“A poem doesn’t have to tell a story;
it can just crystallize a moment.”
She majored in English at Ohio Wes-
leyan University in Delaware, Ohio,
and then earned her MFA in poetry
at Ohio State University. “I read
poems to understand the conversa-
tions people are having with their
minds,” she says. “They say the un-
sayable.” Two of her favorite au-
thors are the American poet and es-
sayist Louise Glück and the late
Israeli poet Yehuda Amichai.
Her 2018 series “Keep Moving,” a
collection of poetic tweets that she
started during a tough divorce, has
been popular online during the crisis,
and this fall, One Signal Publishers, a
division of Simon & Schuster, will
publish them as a book. The first
tweet, she says, “was just a note to
‘A poem
doesn’t have to
tell a story;
it can
just crystallize
a moment.’
.
ly
help motivate me to get up and get
moving through the day and not get
on bogged down in my own grief and
anxiety.” She kept writing them and
has stitched hundreds together in
the new book.
us ,
One example reads, “Stop strain-

ing to hold the door to the past
l
e
open, as if your old life is there,
al a
waiting, and you could just slip right

PATRI HADAD
in…. Muscle your way forward. Keep

ci on
moving.” In recent months, she had

started sending fewer “Keep Moving”
tweets, but when the pandemic hit,
T
she started up again. “I feel in a lot
he poet Maggie Smith WEEKEND CONFIDENTIAL | ALEXANDRA WOLFE of ways like I’m back in the head
er s
Maggie Smith
usually knows some- space of being in the thick of my di-
thing tragic has hap- vorce,” she says. “There’s all of this
m er
pened even before she transition and loss and anxiety and
sees the news. When that feeling that the life I had before
she picks up her phone and notices doesn’t exist anymore.”
that she has been mentioned thou- With the pandemic restricting
m rp
sands of times on Twitter, it means travel and human contact, Ms. Smith
that people are sharing “Good A poet faces painful times and finds notes of optimism and defiance is also worried about her income.
Bones,” her 2016 poem about keep- She says that most poets have to
ing the reality of life’s ugliness from cobble together multiple jobs to
young innocents. (“Life is short, among other awards, and she was a though I keep this from my chil- home schooling her two young chil- make a living, including academics
co Fo
though I keep this from my chil- 2011 recipient of a creative writing dren,” the poem says. But it ends on dren when they are with her. The who teach poetry at high schools or
dren,” it begins.) The poem coinci- fellowship from the National Endow- a more optimistic, defiant note: “Any themes of her poems are both exis- colleges. Ms. Smith travels to differ-
dentally came out in an online jour- ment for the Arts. Her six collections decent realtor, / walking you through tential and quotidian. She can find ent schools and writers’ groups to
nal the same week as the June 2016 of poetry have won multiple honors, a real s—hole, chirps on / about good inspiration in the unusual rhythms of teach workshops and give lectures.
Orlando nightclub shooting and has including the 2016 Independent Pub- bones: This place could be beautiful, pandemic life, for instance. On a re- “Most of that has been canceled for
often gone viral after other terrible lisher Book Award. / right? You could make this place cent day, she was walking in her the next six months, which is precar-
events, including the May 2017 sui- Ms. Smith, 43, has mixed feelings beautiful.” Ms. Smith thinks that the neighborhood, crossing the street as ious,” she says. She also does edito-
cide bombing at a Manchester, U.K., about having her work associated end of the poem is upbeat. “I meant others came near, when she noticed rial work for poets and nonfiction
concert and the deadliest mass with tragedy. “It seems somehow it in a hopeful way,” she says. that the trees were planted in inter- writers at home, helping them pre-
shooting in modern U.S. history, the crass that I’ve become more well- Social media, she has found, can vals that made it look like they too pare manuscripts for publication.
2017 massacre in Las Vegas that left known as a poet because of bad be a particular boon to poets, whose were social distancing. “I was think- Still, she relishes not having a
58 concertgoers dead. “It’s this things happening in the world,” she work can be captured in a screenshot ing about that as a metaphor for the management team trying to shape
n-
weird poetry bat signal that is a di- says. “I’ve joked that I wished that and easily shared. These days, Ms. way that we’re having to keep away what she has to say. “If I were writ-
saster barometer,” says Ms. Smith I’d written a poem that everyone Smith is posting pictures of her from each other,” she says, adding ing pop songs, there would probably
over the phone from her home in shares when a baby is born or when handwritten pandemic diary on that the image may feature in a fu- be someone saying that after ‘Good
Bexley, Ohio. people fall in love, but that’s not the Twitter. Recently, she wrote, “I feel ture poem. Bones,’ now every poem you write
no
Now, amid the coronavirus pan- poem I wrote.” like I live on a small, remote island Ms. Smith has been writing po- has to be like that because that was
demic, “Good Bones” is one of the She feels better when people tell and there are no more ferries run- etry since junior high school. She the one that sold,” she says. “The
most shared poems on the Academy her they share “Good Bones” because ning. Sometimes I wonder if I grew up near Bexley in another sub- brilliant thing is that it was a poem
of American Poets’ website. Ms. it gives them comfort. “The world is dreamed the mainland.” urb of Columbus, Ohio. Most of her published for free on the internet, so
Smith has won two prizes from the at least / fifty percent terrible, and Recently, Ms. Smith has spent her family was interested in math and there’s no one to tell me what my
academy and a Pushcart Prize, that’s a conservative / estimate, days writing, reading poetry and science. “The joke in my family is, work has to look like.”
With the demic I had never seen

wild animals display
household pets are finally
getting put in their place.
to the patio to read my newspa-
per and a phalanx of chipmunks
Coyotes in such brass and sass in

broad daylight. In 27 years
of living in my house, I had
Recently, I’ve noticed
that a lot of fluffy, extra-
neous domestic ani-
would stampede right over my
tootsies as if I didn’t even exist.
But with more and more preda-
MOVING Charge, seen a coyote on my prop-

erty no more than twice.
mals—particularly smug,
self-involved, teeny-tiny
tory birds on patrol, these ram-
bunctious rodents are spending
TARGETS
JOE
The Yard Now it happens all the
time. These guys wander
little dogs—have been
keeping a low profile,
a lot more time in their holes
or lairs or tunnels, fearing a
QUEENAN
Goes Wild around, vogueing, sashay-
ing, acting like I’m not even
there. Sometimes I get the
fearing that a short pirou-
ette around the garden
might result in their be-
surprise aerial attack.
The re-emergence of the ani-
mal kingdom offers other bene-
feeling that they are giv- coming lunch for some fits. If you’re as sick of con-
ing me the high hat. hawk or coyote. In a way, trived, stage-managed cat
While FOXES ARE NORMALLY furtive I’m not the only one, of this is long overdue payback for videos as I am, a blizzard of TV
creatures, but the rusty-red course, to notice that animals, things can now go back to the millennia of getting wined, programs with names like
humans creature that lives at the bot- with most of humanity in some way they were in 1492 or just dined, petted and stroked while “America’s Cutest Coyotes” and
shelter tom of my neighbor’s driveway sort of lockdown, are now before the Little Ice Age or all less overtly cuddly animals had “Foxes Go Rio!” is more than
in their now takes her afternoon consti- strutting around like they own the way back to 65,000,000 to forage in the wild for suste- welcome. No, I am not suggest-
tutional around our property, the place. Flippant foxes, rowdy B.C.—before people had flower nance. For the longest time, ing that I want bears or alliga-
homes, bold as brass, in the middle of raccoons, contemptuous coy- beds that deer could ravage. cats and dogs and parakeets tors or caribou flexing their
the lawn the day. One day as I was shoo- otes and disrespectful deer are At first I was upset by this and pet turtles had the run of muscles and seizing control of
has ing her away, I heard a sound everywhere, rapidly expanding development, having lived in the planet. Now they have to the planet. Much less water
behind me and turned to find a their faunal fiefdom. A lot of fear of an ecological coup by batten down the hatches and moccasins. But I don’t mind let-
become coyote ambling across the lawn. naturalists are overjoyed at this hegemony-minded herons or wait for this thing to blow past. ting foxes and coyotes and owls
a jungle. Or it may have been a “coydog,” development, greeting it is a dive-bombing ducks ever since I Play time is over. and turkey vultures have their
a hybrid of whose existence I sign that the planet is recali- saw Alfred Hitchcock’s “The The other thing I like about day in the sun. And if it means
was unaware until a local wild- brating, that animals are at Birds” as a child. But now I’m the spread of the coyote, fox that a few inattentive pet
life buff gave me the rundown long last reclaiming their pri- starting to warm to the idea. and hawk hegemony is that guinea pigs and careless Shih
NISHANT CHOKSI
on the subspecies. Whatever macy in the natural order. In One reason is that with coyotes these guys do a much better job Tzus have to go down for the
species it belonged to, it didn’t short, restoring a delicate bal- and coydogs and coywolves and of policing the planet than hu- count, this is merely nature’s
seem to be afraid of me. ance. Some feel that the planet possibly even coyverines on the mans do. Before the current cri- way of saying: What goes
The thing is, before the pan- is literally healing itself, that prowl, all those yappy, annoying sis exploded, I would go outside around, comes around.
PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal
1. Actress Lori practice to peg rates at a Cell Blocks Cell Blocks

Loughlin and de- target. Divide the grid
signer Mossimo C. A statistical tech- into square or
Giannulli pleaded nique for predicting rectangular blocks, For previous
guilty to fraud recessions. each containing weeks’ puzzles,
conspiracy D. Crop-yield circuit- one digit only. and to discuss
charges in con- breakers used by farm- Every block must strategies with
nection with ers to boost soil health. contain the number
other solvers, go
trying to get their of cells indicated by
to WSJ.com/
daughters into what the digit inside it.
5. Central Michigan residents puzzles.
school?
were told to evacuate after
which river overwhelmed two Killer Sudoku
A. Heidelberg University Level 1 Suko
dams?
B. University of Southern
California
C. University of California A. Tahquamenon
Los Angeles B. Tamarack
D. New York University C. Tittabawassee
D. Thornapple
2. Kevin Mayer, who built the
Killer Sudoku Level 2
Disney+ streaming service, will 6. Dozens of new coronavirus As with standard
take over as CEO—of which Sudoku, ill the
cases cropped up—around which
company? grid so that every
northeastern Chinese city?
column, every row
and every 3x3 box
Roadblocks
A. ViacomCBS A. Fuxin contains the digits I M P S A N G E L I C P A P P C A T
B. Comcast B. Harbin 1 to 9. Each set of N O L A L E A V E B E A S I A H E W
C. AT&T C. Jilin D O U G L A S MA C A R T H U R A N Y
cells joined by
D. TikTok D. Panjin I N S E AM T R A S H S I S K E L
dotted lines must
A P O R O S E B U S H E S A T R I A
add up to the N I N E S P O U R M E T A L H E A D
3. Name the big cyclone that 7. Joe Rogan is taking his target number in S E E R I N B E T A I L O S E
slammed India’s eastern coast. its top-left corner. A D Z E B R A K E C A B L E S
popular podcast exclusively F O B E E L A S K E D R E M I X E S
Within each set
to which streaming service? U N O B E S S E MO R Y A E T N A
A. Amphan of cells joined by S C O T U S H O U S E M I S T R E S S
B. Nisarga dotted lines, a digit E A T E N S H E L F B A E R N O S
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM
A. Spotify S L I N K I N I T I S I C T O D R Y
C. Gati cannot be repeated.
B. Apple L E D G A L L I V A N T I N G
D. Nivar C. Amazon E L O P E M E C C A S M I S T
R E N E R U S S O R AM A A S N E W
D. Napster Suko L E I C A P S I M E N A S U V A R I
4. Yield-curve control, common in I N S Y N C T R E A D L E S H A N
Place the numbers T O N S O P H T R A F F I C S T O P S
Japan, may soon land here. What
.
8. Seafood suppliers are strug- 1 to 9 in the spaces so that H I E O K R A A I R R A C E A L E E
is it? gling for want of restaurant E R R N E O N L A T I M E R B E S T
ly
the number in each circle is
business. About how much of equal to the sum of the four
Obedience School
A. The use of artificial intelli- seafood consumption normally surrounding spaces, and
gence to moderate traffic at A G A S S I B T A R P S
FROM TOP: CJ GUNTHER/EPA-EFE/SHUTTERSTOCK; GETTY IMAGES
occurs outside the home? each color total is correct.

roundabouts.
B. A central bank bond-buying A. 90%
B. 70%
on C
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ACROSS 1. AGAS + SI (rev.) 6. SP(R)AT 10. CURTAILING (anag.) 12. REV + I + R L E A I P R O P A N E

LED 13. ETHIC (hid.) 14. MIGHT (2 defs.) 15. KANE (“cane” hom.) 16. T(SARIS)T
17. OBSERVE (anag.) 22. LACERTA (hid.) 23. RO(BAR)DS 25. BOA + RD B E A S T L Y B O R E D
ci on
26. TIME (“thyme” hom.) 27. SAM + O + A (“mas” rev.) 30. PRO(PA)NE
31. GROUND RULE (anag.) 32. DEN’S + E 33. A + SCENT
E M I T H I S A M O S A
L A C E R T A R A Q S B
DOWN 1. R + ACE 2. ARCH + IE 3. NUTS (even letters of “in quotes”) 4. ISRAELI
(anag.) 5. SP + LIT UP 6. T + YLER (rev.) 7. LAM(IN)A 8. PERSIan’S TENT E T G R O U N D R U L E
9. DESSERTS (“deserts” hom.) 11. ST(ALE + M)ATE 15. CORBELED (anag.)
18. BLEATER (anag.) 19. BEASTLY (anag.) 20. BARQUE (“bark” hom.)
D E N S E P A S S E N T
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21. STARES (“stairs” hom.) 24. T(HR)OW 28. MARS (2 defs) 29. BE + T Shaded squares provide your BISCUIT.
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Answers to News Quiz: 1.B, 2.D, 3.A, 4.B, 5.C, 6.C, 7.A, 8.B
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK
m rp
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 42 Square, in old
slang 1 2
20 21 22
43 Where to find a
23 24 25 list of supporting 7 8
players?
26 27 28 29 30
co Fo
44 Site with 191

31 32 33 34 35 gates 13 3
36 37 38 39 40 45 Fresh from the
shower 9
41 42 43 44 45 46 47
46 Straight dope
48 49 50 51 52 53
47 “Say it ain’t so!”
19 17
54 55 56 57 58 59 50 Tons of treasure
60 61 62 63 64 65 51 Fluff that might
trigger an allergy 12 14
66 67 68 69 70
52 Theater awards
71 72 73 74 75 since 1956
20
76 77 78 79 55 Deep-seated
58 Loosefitting shirt
n-
80 81 82 83 84 85 6
59 Phone fillers
86 87 88 89 90 91
61 Eugene O’Neill’s
92 93 94 95 96 daughter 16 18 4
62 Heart’s parts
no
97 98 99 100 101 102 103 104 105

64 Not a good looker 15
106 107 108 109 110
65 “The Two ___”
111 112 113 114 115 (Martha Finley
book) 11 10
116 117 118
68 Live it up
119 120 121
69 Brown hue 5
72 News bit
Where Am I? | by Randolph Ross
75 “M*A*S*H” role
Across 49 Where to find the 86 Fleeting 3 What the nose 78 Signal of insight Alternation | by Mike Shenk
1 Poker variant conductor’s 89 Crew tool knows
baton? 80 Bit of jurist This puzzle has three sets of clues: 7 Breaks ground, in a way Prokofiev or Rachmaninoff
9 Dam city 90 Stress removers 4 Fantine’s jargon
53 Dad’s rival daughter in Mixed, Light and Dark. Answers to
14 Feature of a 92 Turned right 81 Gilbert and the Mixed clues should be entered 8 Prime minister preceded Wire medium (2 wds.)
54 2019 Oscar- “Les Misérables”
high-numbered Sullivan one after the other in the grid, one and succeeded by Churchill House break
winning portrayer 93 Coxcomb 5 Bills in tills
pool ball performance letter per space, starting at the
of Judy 94 JFK served in it 6 Bring in 9 Secluded hideaways Assigned stars to, say
20 Expert witnesses 82 Scruff upper left and spiraling around to
56 Chinese zodiac
at murder trials 96 Frigid finish 7 Look in on 83 Muscle quality the center. The starting spaces for 10 Guarded Serve at a diner (2 wds.)
animal
21 Bit of a wait 97 MGM motto 8 Texas leaguer? these answers are numbered in the
57 “Aladdin” monkey word
84 Moonmate of 11 Cheap tickets on the Titanic Frank
22 Gene in the Rock 9 Blow away Buzz grid. Answers to the Light and Dark
and Roll Hall of 58 Miami team, 98 Where to find clues should be entered in order, 12 Mysterious sort Dark
familiarly 10 Bed Bath & 87 Sci-fi movie
Fame winter on a one after the other, also starting at Infomercial imperative
Beyond buy feature 13 Fearsome females
23 Where to find 60 Restaurant calendar? the upper left, but using only every
opening? 11 Letters on shoe 88 Memorization (2 wds.)
Bono? 102 Beatles song other space, so the Light answers 14 Site for many files
boxes method
25 “Swan Lake” role 62 Bickering “___ in the Life” will fill all of the light yellow spaces Edging for a dainty
12 Pond buildup 91 Mariner’s in the grid, beginning in the first 15 They’re divided into minutes handkerchief
26 Breaks, say 63 Last Supper 106 Rent out measure
attendee 13 Alumna bio word space of the top row, and the Dark 16 Cracker topping (2 wds.)
27 Debate position 107 General in gray 94 Jazz lover, answers will fill all of the darker Capital on the Delaware
66 Duff 14 “The apes’
28 KLM 108 Canal site planet is Earth,” probably blue spaces, beginning in the 17 Secures firmly (2 wds.) River
announcement 67 Where to find a e.g. 95 Pilgrim’s second space.
camel blanket?
109 Dorothy Parker 18 Wright field? It’s drawn from the aquifer
29 Chart type quality 15 Aided, with destination (2 wds.)
70 German 110 Clobbered “over” 96 Tennis great 19 Anchor bit (2 wds.)
30 Straight, for short automaker Beverage brand started
16 GPS suggestion Gibson Mixed
31 Quick hit 71 Scientist
111 Right-leaning? 20 Cause of some night frights by two Yorkshire brothers
113 Where to find 17 Where to find 98 Venusian, e.g. 1 Breakfast bowlful
32 Where to find a Lavoisier Light (2 wds.)
church ceiling? the Washington Adam and Eve? 99 She played 2 Expresses amusement
73 Baseball stats June to Joaquin’s Hires
35 Prior to, to Prior that are better
Post’s circulation? 18 Controversial hit Self-righteously superior
man Johnny 3 Words of resignation
when lower 116 Block side Cause of some chaotic Muddy deposit
36 May or Major, e.g.
19 They may 100 VCR button (2 wds.)
74 Makes a bad call 117 Downward dog, weather (2 wds.)
38 Mountain road for one precede dilations 101 Hopeful start? 4 The Hibernians, for one Flock makeup
shape 76 ___ blazes
118 Blue hue 24 Carpool lane 103 Like St. Paul’s (2 wds.) Extremely tired Tesla contemporary
39 Parisian way 77 Sundial numeral letters
119 Layers of stones 104 Really bothered 5 Sovereign state Bartholomew or Thomas, Most likely to stop by a
40 Corp. money 78 Crunch targets 29 Come down hard
managers 120 Doctrine 105 Simple question
6 Recovery program of the e.g. mirror
79 Battlezone maker 32 Bohemian type
41 Victoria’s 80 Soprano 121 Given, personally 1930s (2 wds.) Photoshop tool Terrarium growth
husband 33 Twisty fish 110 Poker variant
Lehmann Down 34 Available 112 Sign of summer
44 Maker of night Get the solutions to this week’s Journal Weekend Puzzles in next
s
82 Where to find an 1 They’re protected

flights offensive tackle? by the FDIC 37 Spherical 113 Diamond club Saturday’s Wall Street Journal. Solve crosswords and acrostics
46 FBI target 85 Semicircular 2 “Congress shall 40 Calls for help 114 D.C. baseballer online, get pointers on solving cryptic puzzles and discuss all of the
48 Treat shabbily shape make ___...” 41 Light show 115 Directional suffix puzzles online at WSJ.com/Puzzles.
REVIEW
ICONS
Dynamic
Visions of
The Future
The sleek, streamlined work of British architect
Norman Foster draws inspiration from the early
20th-century Italian Futurists.
BY J.S. MARCUS Space,” a 1913 sculpture by Umberto
E
Boccioni, whose faceless figure in mo-
uropean modernism un- tion seems to be caught in a wind tun-
derwent a growth spurt nel. It has “an incredible kind of pres-
in the years just before ence for me,” says Mr. Foster, who
World War I thanks to a encountered a bronze copy of “Unique
group of Italian artists Forms” in New York’s Museum of
known as the Futurists, who found in- Modern Art in the late 1950s, when he
spiration in fast cars, airplanes and learned about Futurism while studying Clockwise from top: Tullio Crali,
the restlessness of cities. The Futurists architecture at Yale. Mr. Foster and his ‘The Forces of the Bend’ (1930);
turned out swirling, shard-filled paint- family own a bronze version of the Norman Foster’s 30 St. Mary Axe
ings and apparently windblown sculp- work made in the 1970s, which is on building in London; a bronze cast
tures that suggested ceaseless motion, display at the Norman Foster Founda- of Umberto Boccioni’s ‘Unique
turning dynamism into a hallmark of tion, a gallery and event venue in Ma- Forms of Continuity in Space’
early 20th-century art. drid. The original 1913 version, now in (1913).
Decades later, Futurism found a Brazilian museum, is made of plas-
a disciple in the British archi- ter. imagery at a time when Italy was pio-
tect Norman Foster, whose Last year, “Unique Forms” made a neering aerial bombing in its wars
sleek, often streamlined loud splash in the art world when against Ethiopia. Vivien Greene, a cu-
COUNTERCLOCKWISE FROM TOP: PRIVATE COLLECTION / ESTORICK COLLECTION; NIGEL YOUNG / FOSTER + PARTNERS; CHRISTIE’S IMAGES LTD. 2020
buildings are informed by another bronze copy sold for rator at New York’s Guggenheim Mu-
.
what he calls the “sensu- $16.2 million at an auction at seum, says “Futurism ended up being
ly
ous quality” of Futurist Christie’s in New York, more a right-wing avant-garde.”
art. Mr. Foster, 84, won the than three times its high-end es- Tullio Crali, a second-generation
Pritzker Prize, architecture’s timate. The work’s long and Futurist, is another artist who inter-
highest honor, in 1999,
thanks to works like his
Willis Building (1975)—
a black wraparound
on
complicated afterlife is a sub-
ject of research by art histo-
rian Rosalind McKever, a cu-
rator at London’s
ests Mr. Foster. One of his favorite
Crali works is “The Forces of the
Bend” (1930), which uses bulbous red
shapes to suggest the path of a speed-
us ,
structure northeast of Victoria and Albert ing car. The painting is included in
London that seems to Museum. Ms. McK- “Tullio Crali: A Futurist Life,” an exhi-
l
e
billow within its narrow ever says that the bition that opened in January at Lon-
al a
site. His firm, Foster + many copies of the don’s Estorick Collection of Modern
Partners, went on to sculpture, some Italian Art. Currently closed because
ci on
alter city skylines made from the plas- of the pandemic, the museum expects
on several conti- ter original and to reopen later this year. Meanwhile, it
nents with office some cast from is offering online video introductions
buildings such as other bronze copies, may to Crali’s work, including one devoted
London’s 30 St. Mary betray the artist’s intentions. “There is to “The Forces of the Bend.”
er s
Axe, whose soaring pickle shape has no evidence that Boccioni intended to Thinking about our own future, Mr.
earned it the nickname “the Gherkin.” cast in bronze,” she says, adding that Foster expects the current crisis to
m er
The 41-story building, completed in the plaster original has a feeling of “expedite things that were going to
2004, may be more aeronautical than “ephemerality” and heightened move- happen anyway,” such as elevators
vegetal, suggests Mr. Foster. “It’s very ment that you don’t get from “the that use facial recognition to send you
curvilinear,” he said recently, speaking more solid bronze” versions. to the right floor, instead of touchable
m rp
by videoconference from St. Moritz, Scholars now distinguish the first buttons. Like the young Italians of a
Switzerland, where he has been shel- phase of Futurism, which wound down century ago, he has a hopeful take on
tering during the pandemic. “The air during World War I and is sometimes technology, noting that it has allowed
moves over the surface like an air- called “heroic,” and a second phase him to continue working on projects
plane wing.” So does the eye, which that flourished under Italy’s Fascist re- around the world while in Alpine iso-
co Fo
shoots up, over and around, in a way gime. In the 1930s, a younger genera- lation. “I am totally impressed by the
that recalls Futurist sculpture. tion of Futurist artists undertook gov- way we compensate with screens and
Mr. Foster is especially drawn to ernment commissions such as post telephones,” he says, adding: “I’m an
“Unique Forms of Continuity in office murals, and embraced airplane optimist.”
MASTERPIECE | ‘THE CHOCOLATE GIRL’ (C. 1744), JEAN-ÉTIENNE LIOTARD
Feasting on a
n-
paper). Parchment the girl on the bare wall.

is more stable and If Liotard made preparatory
Delicious Pastel
offers a smooth sur- drawings, none exist; nor are
face that allowed Li- there any traces of underdrawing,
no
otard to create an according to Roland Enke, curator

image with a lus- of the 2018 exhibition. To achieve
trous, porcelain-like the effects he wanted, Liotard
BY JUDITH H. DOBRZYNSKI vant—a rare subject in quality. used several methods. For precise
the Rococo period in Liotard fused two lines, like the floral pattern on the
WHEN THE ART CONNOISSEUR which she was cre- pieces of parchment cup, he drew with pastel crayons.
Francesco Algarotti saw a pastel ated—surrounded by to get the size he When necessary, as for the back-
called “The Chocolate Girl” (c. formal portraits of wanted for “The ground, he smudged his pigments
1744) in Venice in 1745, he imme- princes and muses. Chocolate Girl” (at and rarely let his chalk marks
diately wanted to acquire it from She’s carrying a cup of 32.5 inches by 20.7 show, in contrast to most other
the artist, Jean-Étienne Liotard, chocolate, then exotic, inches, she is much pastelists of his times. He made
for King August III of Saxony. The to her mistress. She is larger than the smooth color transitions—witness
king loved pastels—especially aesthetically a triumph heads surrounding the girl’s soft cheeks, girlish
those by Rosalba Carriera and technically flaw- her). Cleverly, he hands and the sheen on her
(1673-1757), a Venetian artist in- less—exemplifying the used the join— clothes.
ternationally renowned for hers— illusionistic, painterly which falls on her For touches like the reflections
and was building a unique cham- qualities of pastels, pleated white apron on the glass, Liotard blended
ber in his Dresden palace for which many people to- about three-quar- ground pastels with water and ap-
works in this light-sensitive me- day view as a drawing ters down from her plied the mix with a brush, some-
dium. medium. waist—to make a times layering the pigments, like
No fool, Algarotti relayed Carri- She is also some- deep wrinkle, as if oil paints. He creates texture and
era’s opinion of the Liotard work thing of an anomaly for the apron had just highlights in some places, such as
to the king: She had proclaimed it Liotard (1702-1789), a been unfolded. the rim of the cup’s saucer, with
“the most beautiful pastel ever Swiss-born eccentric “The Chocolate thick, impasto layers. His greatest
seen.” The king bought it, and who traveled widely, Girl” is neither a illusion comes in the girl’s apron,
eventually “The Chocolate Girl” spent years in Constan- portrait nor an illus- where the pleats, folds and
passed to the Dresden State Art tinople, and took to tration. She is a real creases seem palpable. This au-
Collections, where it has probably wearing Levantine person, painted thenticity anticipates the turn to-
become the most popular pastel dress and calling him- from life. The im- ward realism in the 19th century
ever seen, too. Visitors love her self “the Turkish A technically age—a plain girl and seems almost modern.
and, aside from being copied by painter” upon his re- flawless aesthetic few embellishments. wearing a gray skirt, tan jacket, When Liotard finished “The
other artists, “The Chocolate Girl” turn to Europe, where triumph of the He claimed to be “a white shawl, lace-trimmed pink Chocolate Girl,” he placed her in a
has appeared in countless adver- he won portrait com- medium. painter of truth,” ac- bonnet and that crisp apron—is carved, gold, high-relief frame—
tisements, folk art pieces and as a missions and favor in cording to the catalog sharp, almost like a stop-action far more elaborate than usual.
Meissen porcelain figure. various courts. He sometimes of a 2018-19 exhibition in Dresden photograph: Not moving, she And although he made reproduc-
These days, “The Chocolate painted in oil, but by his day, pas- focused on “The Chocolate Girl.” holds a tray with the chocolate, tions of many of his other works,
Girl” occupies the place of honor tels were considered finished, not Liotard also placed her on a sweetmeats and a glass of water. he never created another “Choco-
in the Pastel Cabinet of Dresden’s preparatory, works, and Liotard plain background—light gray—but You can see her eyelashes, the late Girl.” Perhaps he sensed that
newly renovated Old Masters Pic- soared with his pastels, especially he signaled in many ways that she stitches on her hem and the white his radiant teenager would eclipse
BRIDGEMAN IMAGES
ture Gallery, which reopened this the portraits. is different. Significantly, Liotard tips of her fingernails. You can his own fame.
month after being closed in March For them, Liotard generally put her on lamb’s skin parchment, see through the water in the
because of the coronavirus. There, portrayed his subjects very pre- which is more expensive than pa- glass, which reflects two windows Ms. Dobrzynski writes about art
it’s obvious why she charms so cisely against a plain background, per (even his famous c. 1746 “Self- that are the source of light. You and culture for the Journal and
many. She is a sweet teenage ser- just as they appeared to him, with Portrait in Turkish Costume” is on can see a very subtle shadow of other publications.
OFF DUTY
Higher A Trendy
Steaks Sedan?
How French Hybrids with
chefs elevate crazy gas mileage
beef into are resurrecting
savory bliss D6 the category D10
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 23 - 24, 2020 | D1
Oh, to Dress Up Again!
‘Let me give
you a lift. I’m
tired of being
irrelevant!’
.
ly
HEAMI LEE FOR THE WALL STREET JOURNAL, PROP STYLING BY REBECCA BARTOSHESKY; ILLUSTRATIONS BY LUCY HAN
on
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al a
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‘I feel
so used. Do I
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really deserve
to be tossed
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aside?’
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A TALE OF TWO
ACCESSORIES
Slippers, $90, ugg.com;
High heels, $695,
christianlouboutin.com
co Fo
Adam Pally: ‘American Rachel Comey:

Gigolo’ Camel Overcoat Night-Out Shoes
After months of isolation with his As WFH days drag on, we’re sick of slippers and sweatpants, The fashion designer, who is cur-
three young kids, the ‘Indebted’ and crave the expressiveness and decorum of ‘real clothes.’ rently shipping product from her
actor is ready for a crisp fall walk. upstate New York garage, misses
Here’s what notable style insiders dream of wearing again—and fun evenings out.
What “An how they foresee fashion evolving post-pandemic.
overcoat—like What “Red
E
a vintage high heels. I
Giorgio Ar- ARLIER THIS YEAR, it was inconceiv- While terry-cloth clothes might feel good, want to dress
n-
mani double- able that we’d spend all day in cozy they don’t say much about you except that you up.“
breasted coat, uniforms. Today, they’re a given to a enjoy slathering sourdough with butter. Many of Where “I’d go
something grim degree. Scott Rothkopf, the se- us miss the opportunity to express ourselves be- to Chelsea
that Richard nior deputy director of the Whitney yond the confining context of a teensy Zoom and take in a
no
Gere would Museum in New York, was recently called out by tile. “One reason I get dressed up is because I few art shows
wear in New his boss for repeating the same sweater on video like to be made aware that I have a body and and find a
York City in call after video call. “Not only was I apparently can be seen,” admitted the artist, filmmaker and friend. We’d walk downtown and
the ’80s.” getting sick of that sweater, but so too were my writer Miranda July. stop to get a drink and an appe-
Where “I wish colleagues,” he realized. Though the path to re- The break from society as we once knew it has tizer at the bar at Estela, then
I could just go opening our country appears fraught and confus- also compelled people to reassess what really mat- we’d walk to Prune for dinner,
right to next ing, many of us are starting to dream of trading ters. “The coronavirus has forced us to rethink our then meet friends at Lucien for a
fall: walking our dowdy sweatpants for something more fash- role in society and what we really value,” said Ms. drink. We’d go to a bar in China-
out in a crisp breeze and wearing ionable. But will our time in quarantine redefine Muston. That could affect you on a micro level— town and let loose. After that, a
a nice overcoat and not having to what that means? pushing you to purge your closet of corny logo T- friend and I would take the F to
wear a mask.” Some say it’s unlikely athleisure will linger— shirts—or in a more macro sense, leading you to fi- Brighton Beach to walk on the
Predictions ”One of the things at least with such potency—post-lockdown. “I nally heed sustainability. boardwalk as the sun comes up.”
historically that happens in fash- don’t think that the boom in lounge wear is go- To get a better sense of what we all might Predictions “I think time alone
ion after catastrophic events is ing to stay,” said Francesca Muston, a vice presi- dress like in the future, we asked 11 notable men does give you the opportunity to
there’s a bunch of opulence, like dent at WGSN, a London-based trend-forecasting and women what they’re most looking forward experiment a bit, so I wonder if
in the Roaring ’20s. I feel like agency. Still, some who grew accustomed to to wearing when all of this is over—unsurpris- people will do that with their
that will happen. You will see a sweats will be loath to squeeze back into slacks. ingly, no one said sweatpants—and where they’d personal style. The pace of ev-
ton of cashmere. People will Be on the lookout for the comforts of lounge like to go in their dream outfits. Because what’s erything [normally] is so fast,
reach for their tuxedos and wear wear—elastic waists, stretchy fabrics—to seep a new outfit worth if no one can see it? you don’t necessarily have the
fur again and they won’t care. into jeans as well as suiting. —Jacob Gallagher and Rory Satran time to explore different looks,
They’ll be like, ‘I almost died last so in the future people may do
year...I’ll put on a fur coat.’” that more, which is optimistic.”
FOR THE REST OF OUR PANEL’S PICKS, TURN TO D2
Inside
AMBITIOUS TIPPLES RESCUE ANIMALS WE ARE FAMILY SUIT OF AMOUR

A tip for those with time to kill: Is zoological statuary endearing This week’s ‘Comfort Read’ explores the Why quarantined women are loving the
Undertake a ‘project cocktail’ D7 or pretentious? D9 links between mothers and daughters D4 simple, one-and-done jumpsuit D3
D2 | Saturday/Sunday, May 23 - 24, 2020 * *** THE WALL STREET JOURNAL.
STYLE & FASHION

Stylish Types on What They Can’t Wait to Wear in the Post-Pandemic Era
Antwaun Sargent: Natty
Double-Breasted Suit What “A pair of Homme Plissé
The writer and curator, working Issey Miyake neon-yellow shorts
from his downtown Brooklyn apart- I bought last year. They’re so
ment, is dreaming of future soirees. bright that I wouldn’t feel appro-
priate if I wore them out now.”
What “This tan Dries Van Noten Where “I’d just wear them in the
suit with a light pinstripe of red city. What’s great about shorts
that I bought last season. It’s so like these is they give you the
easy for a suit to be conservative mentality that you’re on vacation
and to seem like a mundane choice. or at a festival or just some-
I like to buy suits which have a little where more uplifting. We’re living
bit of personality and a little bit of in such a dreary time that if you
quirk to them.” can reflect your mood through
Where “I’m itching to wear this suit your clothes, you can make peo-
to something art-related. I miss art ple smile.”
openings where I can see friends Predictions “I think [after
and colleagues.” Covid-19] we’ll become a little bit
Predictions “After this people will Tommy Ton: Smile- more conscious of how we dress
become conscious about how and Inducing Lime Shorts and not be so frivolous. It’ll be a
where clothes are produced. For ex- The Deveaux designer is relishing different time where we’re not
ample, I recently bought several dif- the idea of a future date when buying clothes for the sake of
ferent masks from small local de- he and his fluffy bear of a dog, showing off that we’re wearing a
signers whom I wanted to support, Mochi, can wander widely certain brand or to show off a
like Phlemuns in Los Angeles and through New York City again. certain status.”
Three as Four in New York.”
Darren Walker: Gratifying Scott Rothkopf:

Todd Snyder: Getaway Gray Trousers Reassuring Raincoat
Linen Blazer Social distancing at home in Man- The senior deputy director at
The menswear designer, who is hattan has compelled the president the Whitney Museum in New
currently camped out with his fi- of the Ford Foundation to reflect on York City is itching to return
ancée and newborn baby in Phil- buying clothes with a purpose. to his normal routine back in
adelphia, can’t wait to breeze off Manhattan.
on a vacation. What “A pair of beautiful Ralph
Lauren Purple Label wool trousers. I What “My navy blue Mackin-
What “A linen-wool jacket. It’s missed the opportunity to buy them tosh raincoat.”
very versatile; I can wear it to last winter, so I’m going to get Where “I want to wear it any-
.
dinner with clients or I can wear those wool trousers next winter.” where. Wearing my raincoat
ly
it in the South of France.” Where “I might just wear them would mean that I actually
Where “On vacation anywhere. around my apartment. It’s true that had somewhere to be. I want
For me that sportcoat was my we buy clothes to project, but we something to compel me to be
go-to and it signified ‘vacation is
here.’ I don’t think any of us will
be going on vacation anytime
soon, so I’m very much looking
on also buy luxury clothing because it’s
satisfying personally.”
Predictions “I’m thinking a lot
about corporate philanthropy. Con-
outside in the rain.”
Predictions “I think the way
people dress after this will fol-
low their creativity. The art
us ,
forward to that moment.” sumers who like luxury are still go- world is full of people who are
l
Predictions “I remember after ing to like luxury. But it’s going to interested in expressing them-
e
9/11, clothing became more about Covid, I do think disposable cloth- matter to us what brands we buy selves in different kinds of
al a
quality. Shoppers cared about ing is going to be less important. and where we shop. As a consumer, ideas and ways of being. We
where the stuff was made and People are going to be like, ‘I I want to support companies that can expect something that
ci on
the purpose behind it. After want to wear this forever.’” recognize they have a responsibility doesn’t feel conventional.”
to help reduce inequality.”
Morgan DeBaun: transition to a happy hour

Margaret Zhang: Nostalgic Optimistic White Suit session, hang out with the
er s
Fashion Fix The CEO and founder of Los girls and go to an event af-
The filmmaker, consultant and photogra- Angeles media company terward. At Blavity I’m con-
m er
pher, currently at home in New York, de- Blavity dreams of changing stantly on stage, meeting
scribes a piece she first coveted as a teen. out of the soft pants she’s with investors or clients, so if
been stuck in. I have a day at the office or
What “A Marc Jacobs for Louis Vuitton out of my home, then I need
m rp
corset from 2010. There’s a lot of merit to What “The all-white power to be in boss-lady vibes.”
giving a second life to something.” suit, mostly in some sort of Predictions “For women who
Where “I would wear it to get groceries in event scenario in which we’re used to spend a lot of time
Chinatown. I grew up in Australia and I am all together, that’s my dream. on makeup and getting
Chinese and Chinatown is a reminder of Bright and light. I’m feeling dressed every day, I think
co Fo
home. It’s not like I’m dressing up for like we kind of got summer that pressure is now gone. I
somebody. It’s like, this is just for me.” stolen so I want to just really don’t expect someone to go
Predictions “The hope is that enough peo- embody summer in whatever on Zoom with a full face of
ple and enough companies do a self-as- outfit I wear.” makeup, and collectively my
sessment of their business models so that Where “I would wear it to hope is that people feel more
we’re able to put in work for the new nor- meetings across town, on the comfortable showing up as
mal to be better than it was before.” West side in Beverly Hills or they are and spending less
in Santa Monica, and then energy on appearance.”
Laila Gohar: Charmingly Miranda July: take-no-prisoners fearlessness

Impractical Ensemble Transformative that I plan on having that’s like: I
n-
The New York artist, who posts soothing All-Leather Look lived through a f---ing pandemic.
recipes to Instagram, on sharing fashion. The Los Angeles filmmaker, I’ll wear whatever I want.”
writer and artist, whose new Where “It’s October in New York
What “A Simone Rocha shirt and a skirt. book is out now, might emerge and New York is not a hot spot
no
My sister lives in Toronto and sometimes from isolation as a completely in the new sense of the word,
we buy things and then trade them with different person. just a hot spot in the old sense.
each other. I’m excited to see my sister I’m there for my New York pre-
first and foremost, then get this back.” What “A vintage leather jacket miere of my movie, and I go to
Where “It’s a Friday. I work at my China- and pants from this rack of Omen. It’s so busy and you walk
town studio. We have a good day and clothes at my studio. I do a lot of around and you run into people.”
come up with ideas that we actually like Zoom meetings and talks from Predictions “I want to survive,
and then a few friends come by with wine. my office, and sometimes I’ll grab first and foremost, and every-
We go to dinner at Altro Paradiso, we sit one of those things and put one to, but secondarily I’d love a
outside and order everything on the menu.” them on to make it more exciting shift in consciousness, and
Predictions “It’s crucial to think about our than what I was wearing. It is a that’s what this outfit repre-
footprint and how we consume clothes. I’m totally different me that was sents for me. I don’t even totally
questioning myself as a consumer.” birthed in quarantine. There’s a understand it yet.”
—Edited from interviews by Jacob Gallagher and Rory Satran
How Fashion Shifts After Things Go South

Nancy MacDonell outlines five fashion changes that followed catastrophes, though in some cases that’s meant
merely speeding up trends that were already percolating
GETTY IMAGES; ILLUSTRATIONS BY LUCY HAN
The French Revolution: Simplicity World War I: Shorter Skirts World War II: The New Look NYC Transit Strike: Sneakers 9/11: Jeans
Marie Antoinette preferred dressing Hemlines were creeping up before Fashion froze during WWII, and by When trains stopped on April 1, After the Twin Towers fell, fashion
like a maid over an aristocrat. Her WWI, but the war, which propelled 1947, women wanted change. Chris- 1980, New Yorkers tied on sneakers offered patriotic comfort via All-
penchant for plainness was a har- women into more active lives, has- tian Dior provided it. The somber to start walking. The news coverage American denim. Jeans, which had
binger: After the Revolution, fashion tened their rise. By the mid-1920s, military look was replaced by his of women wearing suits and sneaks been enjoying a resurgence in 1999
rejected the ancien régime’s excess women were wearing the shortest combination of narrow shoulders, while marching to work made ath- with low rises, went from weekend
in favor of suits and white dresses. skirts in Western fashion’s history. tight waists and spreading skirts. letic shoes more acceptable. wear to clothing for any occasion.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 23 - 24, 2020 | D3
STYLE & FASHION

appeal? In March, while the world
was on pause, Los Angeles designer SOLO ARTISTS
DILEMMA-FREE Jane Herman successfully launched Jumpsuits do all the
DRESSING In a denim the Only Jane, her line of utilitarian work of polished separates
romper, model Ally denim and Japanese cotton jump- with half the hassle. Here,
Walsh enjoys the suits. “I didn’t design them for lock- three singular sensations
sartorially simple life down,” she said, adding that she al- worth adding to your
in L.A. Earrings, $900, most delayed their release due to lockdown repertoire.
zoechicco.com; Jumpsuit, the Covid crisis. But the $485 suits
$485, theonlyjane.com; flew out of the 500 boxes that once
Heels, $455, cluttered her living room. Thirty
emmeparsons.com percent of each jumpsuit’s purchase
price goes to the charity No Kid
Hungry—a poignant partnership,
considering that Ms. Herman was
inspired to start her brand after giv-
ing birth. “I was wearing a lot of
jumpsuits because they made it easy
to get dressed and still feel cool.”
Modern jumpsuits gained popu-
larity during World War I, a prag-
matic outfit for pilots and factory
workers of both sexes. The immod-
est Italian Futurist Thayaht pro-
claimed the TuTa, a baggy version
he designed in 1919, the “most inno-
vative” garment in Italy’s history.
“The Futurists…looked at it as
something that dismisses all the un-
necessary frivolity of fashion,” said
Sara Idacavage, a New York fashion
historian. By World War II, however, Floral in One
frivolity found its way back into Apiece Apart Jumpsuit,
their design with couturiers selling $395, shopbop.com
luxury siren suits—easily pulled on
during air raids—to their clientele.
Elsa Schiaparelli’s sharp-collared
wool rendition came with pockets
big enough to fit a handbag, and
Winston Churchill commissioned
several from Turnbull & Asser in
materials that included plush velvet.
.
‘If it’s good enough for
ly
Winston Churchill, it’s
going to work for me.’
on “If it’s good enough for Winston
us ,
Churchill, definitely it’s going to

work for me,” said Alysia Abbott,
l
e
49, of the black cotton jumpsuit
al a
that she bought in February. Before

quarantine, the Cambridge, Mass., Coverall in Caramel
ci on
writer elevated it in un-Churchill Staud Jumpsuit, $295,

ways with heels and earrings for net-a-porter.com
book events in New York and Paris.
Jumpsuit Conclusions
Lately, she’s been layering it over T-
shirts at home, fond of its motivat-
er s
ing Rosie the Riveter associations

and slimming silhouette.
m er
While jumpsuits are superbly

straightforward, a perfect fit can
prove elusive. “It can be a tricky
In quarantine, comfort and convenience are key. No wonder women are piece…some of them are really un-
m rp
flattering, but when you find the

finding the one-piece wartime classic an answer to wardrobe woes. right one, it keeps giving and giv-
ing,” said Ms. Green, who prefers
hers with belts or cinched waists.
BY KATHARINE K. ZARRELLA convenient, streamlined jumpsuits, For many women, the one-and- Ms. Herman dedicates hours to
M
CASEY WOJTALEWICZ FOR THE WALL STREET JOURNAL
co Fo
which she calls “insta outfits.” Back done jumpsuit happily resolves the fielding fit questions, soothing
EGAN GREEN de- when people left home regularly, quarantine conundrum of how to fears of saggy backsides. Her struc-
tests getting she’d pair hers with Golden Goose feel dressed for the day. “It repli- tured styles are designed to hug
dressed. “I love sneakers for the office or platform cates the comfort of sweats, but the body like a favorite pair of
fashion, but…I heels for drinks with friends. In it’s not sweats,” said Olivia Song, a jeans. If you’re between sizes, she
can’t be both- these days of social distancing, she Brooklyn design consultant in her advises sizing up.
ered,” said the New York business slides on slippers and her navy early 40s. While sheltering in In light of her recent reliance
development manager, who so Norma Kamali one-piece to “look place, she’s been living in knit one- on jumpsuits, Ms. Green is reas-
loathes devising ensembles that she nice” for family dinners. “Jump- sies. Pre-lockdown, she relished sessing her wardrobe. “I think I’m
wants her employer to implement suits,” she said, “are the perfect wearing leather flight suits to for- going to only wear jumpsuits go- Boiler in Blue
uniforms. Too pressed for time to quarantine outfit because they’re mal events and cotton versions to ing forward,” she declared. “Why Jumpsuit, $1,865,
mix prints competently or ponder like being in a pajama set, but they business meetings. would I ever buy two separate stellamccartney.com
n-
proportions, Ms. Green, 34, turns to also look like you tried.” A testament to coveralls’ current pieces of clothing? That’s insane.”
no
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TINY PHONE TOTES that hang around able cases. Jil Sander sells a minimal-
F. MARTIN RAMIN/THE WALL STREET JOURNAL (TORY BURCH)
© 2020 Dow Jones & Company, Inc. All rights reserved. 2DJ7886
your neck aren’t purse substitutes, but ist blue one; Hermès offers an
what do you really need to carry in iso- equestrian take; and Anya Hindmarch
lation? Whether she’s running around For a makes cases and straps you can mix
the house or the block, Brooklyn pub- Gentle Soul and match to suit your style.
lisher Julia Cheiffetz, 41, said her pro- Who Needs A self-professed phone-pouch
tective pouch grants her a third hand. to Multitask “evangelist,” Ms. Cheiffetz casually
Plus, it helps cut down on those pan- Phone Case, $480, drapes her hands-free holster across
icked “where’s my phone?” moments. jilsander.com her chest and touts it as 2020’s an-
Now that we’re dependent on our swer to the functional but frumpy
phones—tiny computers, wallets and fanny pack. At a time when we’re still
a way of life in one device—brands rather dismally restricted, it gives her,
like Bandolier and Tory Burch are in- she said, “a feeling of freedom.”
creasingly peddling fashionable, wear- —Sara Bosworth
READING & RETREATING

BY MARTHA CHENG
F
AMILY DRAMAS don’t
halt when a country is
in crisis. If anything,
they intensify, and in EATING AND DRINKING
these pandemic times, Dishes with double meaning
family is either too close or too far. Food features prominently in
Many of us have separated from par- Chinese culture, and with a lan-
ents and grandparents to protect guage rife with homonyms and
them, while confined with children metaphors, dishes served at the
unmoored from classrooms. But re- Joy Luck Club gatherings are of-
gardless of physical distance, pan- ten symbolic: “dumplings
demic or no, our kin can often be in- shaped like silver money ingots,
scrutable to us. In her 1989 novel long rice noodles for long life,
“The Joy Luck Club,” Amy Tan boiled peanuts for conceiving
plunges deep into the chasm be- sons and, of course, many good-
tween mother and daughter, immi- luck oranges for a plentiful,
grant and first-generation, telling a sweet life.” It carries over to
tale engrossing enough to pull us English, as when Lindo nurses
out of our own present caves. her young daughter, Waverly,
Ranging from China in the 1930s with chicken rice porridge be-
to California in the 1980s, the 16 in- cause “the chickenpox and one
terwoven narratives of four pairs of chicken knew how to fight an-
mothers and daughters alternate be- other.” But food is also pleasure
tween foreign and familiar, just like in itself, like a decadent picnic
family. The mothers’ pathos— packed for the Autumn Moon
Suyuan Woo abandons her babies, Festival: “a woven hamper filled
An-Mei’s Hsu’s mother is ensnared with zong zi—the sticky rice
as a concubine, Lindo Jong escapes wrapped in lotus leaves, some
from an arranged marriage, and filled with roasted ham, some
Ying-Ying St. Clair endures a philan- with sweet lotus seeds…a cot-
dering first husband—is juxtaposed ton sack of apples, pomegran-
with their American-born daughters’ ates, and pears... red boxes lined
longing for maternal approval, a with four mooncakes each.” As
cryptic language all its own. parks begin to open at last, Ms.
The older women gather as the Tan’s loving food descriptions
Joy Luck Club, its origins perhaps a have us plotting our own ex-
guide for these dark days. It began travagant picnics.
when Suyuan was hiding in caves
with other refugees as the Japanese
invaded Kweilin (now Guilin), in
.
southern China. “But you can’t stay
ly
in the dark for so long,” Suyuan tells
her daughter, as she recounts the
story years later. “Something inside
of you starts to fade and you become
like a starving person, crazy-hungry
for light.” Suyuan assembled three
other young women to meet once a
on TECHNOLOGY
Circuitous flights
us ,
week to play mahjong and to laugh. The mothers flee China in 1949,
“We all had our miseries. But to de-
l
just ahead of the Communist

e
spair was to wish back for something revolution, some on a “slow
al a
already lost. Or to prolong what was boat.” Lindo Jong, meanwhile,

already unbearable.” After settling in proudly says, “I was not that
ci on
San Francisco, Suyuan meets three poor. I took a plane”—albeit one

other women who left behind “un- that, in the early days of inter-
speakable tragedies” in China and national air travel, takes three
forms a new club, once again as a weeks to arrive in the U.S., via
salve, a way to climb out of grief. Hong Kong, Vietnam, the Philip-
er s
pines and Hawaii. Planes help

the mothers escape and the
m er
daughters to return. Decades

later, Jun-mei takes a flight to
COMFORT READS
China to meet the twins—now
Eastern Union
grown—her mother had aban-
m rp
doned in Kweilin long ago, redis-

covered only after her death.
And as Waverly hopes to fly to
China with her new Caucasian
husband and estranged mother,
co Fo
her reflection feels especially

LOCALES poignant now, with so much
Jagged peaks, Mothers and daughters lay at the heart of Amy Tan’s 1989 novel, but in travel and family inaccessible:
mysterious alleys bridging the generational gap—and crisscrossing the globe—the story “The three of us, leaving our dif-
Most outside of China know ferences behind, stepping on the
only of Shanghai and Beijing—
imparts key lessons for forging ahead in trying times plane together, sitting side by
and now, Wuhan—but “The Joy side, lifting off, moving West to
Luck Club” is set in other cities reach the East.”
deliciously depicted, such as
Kweilin, where “the peaks
F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOOK); MATTHEW COOK (ILLUSTRATIONS)
[shown] looked like giant fried

fish heads trying to jump out of DESIGN of the foreign-built FASHION strands of colorful silk” and
n-
a vat of oil.” During the Autumn Feng shui or fate house. The mer- Not a hair out of place wound into a tight ball, while in
Moon Festival, a full moon and Many of the houses in chant, writes Ms. In the sliver between post-impe- America, Jun-mei gets a Peter
red lantern lights illuminate Tai “The Joy Luck Club” feel Tan, “liked foreign rial China and pre-Communist Pan haircut, a prerequisite on her
Lake, one of China’s largest unsettled, mirroring its things because for- China—regimes that employed path to child prodigy. Before
no
lakes, and a boisterous scene of inhabitants’ emotions eigners made him clothing as an instrument of or- school, Waverly’s mother “would
aquatic tailgating—revelers cele- and a China in up- rich.” At first, An- der—the women slip in and twist and yank on my thick
brate on boats and floating pa- heaval. When Lindo’s Mei is amazed and out of Western dress and black hair until she had
vilions. Even the depictions of family’s home floods, amused by what a traditional qipao. Now, formed two tightly
San Francisco are especially she’s sent to her arranged she sees: “a curved reading the book while wound pigtails,” a
evocative, with its bellowing fog- husband’s house in a village near staircase that wound up and up, a many of us are still form of “Chinese
horns and Chinatown alleyways Taiyuan. It has four stories, “one ceiling with faces in every corner, sheltering-in-place, as torture” says Wa-
“crammed with daily mysteries for each generation...The house had then hallways twisting and turning our hair grows shaggy verly slyly. In a re-
and adventures,” such as herbal a confused look…reflecting too into one room and then another.” and our roots start to versal of roles de-
medicine shops, Chinese baker- many opinions.” In the British con- But the house, she soon learns, is show, it’s the detailed cades later, Waverly
ies and a playground where Wa- cession of Tientsin (aka Tianjin), a gilded cage, and even the “ex- hairstyles that catch our subjects her mother
verly, Lindo’s daughter, learns to where An-Mei goes to live with travagant nuisance” of the big eye. In China, young Ying to a salon (gasp!) for
play chess to become a national her mother, the concubine of a wooden clock can’t mask the terri- Ying’s braid is wo- a soft wave before her
champion at age 9. wealthy merchant, much is made ble truth of her mother’s fate. ven with “five wedding.
POP THE QUESTION
What Books Best Capture the Immigrant Experience?

Three notables share their picks for the most poignant works, including one that rivals ‘The Great Gatsby’
“When I think of the O.G. im- “Eva Hoffman’s ‘Lost in “I remember being stunned by
migrant novel, what comes to Translation’ is an autobio- Jhumpa Lahiri’s ‘The Name-
mind is Anzia Yezierska’s ‘The graphical account of her fam- sake.’ By the beauty of the lan-
Bread Givers’—published in ily’s migration from Krakow to guage, the richness of the char-
1925, the same year as F. Scott Canada, and her time at Rice acters and the fact that [the
Fitzgerald’s ‘The Great Gatsby.’ University and Harvard. Set in main character] Gogol’s interior
Fitzgerald gave us Gatsby, a the 1960s and ‘70s, it’s about life sounded so much like mine,
Midwestern romantic ob- nostalgia, homesickness, about despite his being raised in an
sessed with a ridiculous departure and return, and ulti- Indian American family and me
woman, and Yezierska offered mately about accepting that in a Chinese American one.
up Sara Smolinsky, a poor im- home is wherever we can find There is something that ties
Min Jin Lee migrant willing to forsake al- Helon Habila happiness. Most of all it is Francis Lam many immigrant families—the
Author of novels ‘Pachinko’ most everything for an educa- Author, most recently of about language—our first lan- Host of radio show and sacrifice it takes to uproot your
and ‘Free Food For tion. Both books, nearing a ‘Travelers: A Novel’ guage is our truest home, in podcast ‘The Splendid Table’ life for the sake of your chil-
Millionaires’ century old, are great Ameri- which we express ourselves on American Public Media dren, and how those children
can novels, but unlike Fitzger- with all the innocence of child- struggle to understand what
ald’s, Yezierska’s does justice hood, before we are forced to that means.” —Edited from
to the new American woman.” change by adulthood.” interviews by Martha Cheng
READING & RETREATING
Acquired Tastes Morsels by Mail

Short on appetizing souvenirs
yourself? Here are a few items
to order from far afield
SAFFRON Handpicked in the

Now’s the time to raid High Atlas Mountains of Mo-
the cupboards for those rocco, Villa Jerada’s version of
edible souvenirs the world’s most expensive
spice adds an ineffable perfume
you brought home from to both sweet and savory
your travels. The best dishes. $11 for 1 gram from villa-
jerada.com
spark memories of
carefree wanderings. SALT The
pristine seas
TAKE AWAY From left: Artichokes around Salt
BY MATTHEW KRONSBERG from Rome and cookies from Tokyo; Spring Island
D
strawberry wafers from New York are the source
URING A RECENT and pickled vegetables from Japan. material for this
purge of the deep- flaky finishing salt, made with
est, coldest corners serving workers of the adjacent the pyramid-shaped crystals
of my freezer, I Mercado da Ribeira since 1911. that form on the water’s sur-
made a pair of dis- There we devoured a lunch of fried face during the evaporative pro-
coveries worthy of Arctic explorer caul fat, slithery pork skins in es- cess. Flavored versions range
Roald Amundsen. The first: a bag- cabeche and a poached, salted blue from locally brewed dry porter
gie containing either a Jurassic mackerel served with potatoes, to chocolate and vanilla, ideal
sausage or a banana escaped from kale and black-eyed peas—“real for topping cookies or cheese-
smoothiedom, which I respectfully cuisine du marché,” he said. After cake. From about $8.45,
returned to its frosty home for fu- saltspringseasalt.com
ture generations to ponder.
The other was a portal to Den- The marine scents of the PORT Though Ramos Pinto
GRAYDON HERRIOTT FOR THE WALL STREET JOURNAL (2); F. MARTIN RAMIN/THE WALL STREET JOURNAL (SALT, CHILES)
ver: two bags of roasted green Vinho Quinado is not imported
chiles, which I brought home from
salt brought me back to a to the U.S., you can order it di-
the Mile High City last fall. I de- summer evening in the rectly from Portugal via Manuel
frosted one and the next night Gulf Islands, watching for Tavares, a wine and gourmet
made a chile verde. As it sim- shop that’s been in business
mered, the smoky smell of Hatch breaching orcas. since 1860. Since shipping is ex-
peppers transported me back to pensive, take the opportunity to
the roadside stand where I bought bundle in other seldom-seen
them. With the Rockies glinting in eating, we wandered the market, spirits like Licor de Bolota, a
.
the distance, a cowboy-hatted man stopping in a shop catering to Af- sweet acorn liqueur. About $9,
ly
roasted the peppers in a metal rican expats. Bins and shelves manueltavares.com
drum he slowly turned over roar- overflowed with pungent dried
ing gas burners until they black- fish, sacks of flour, bottles of palm CHILES Autumn
ened and blistered.
The housebound weeks wore on.
I found in cupboards and cabinets
the remains of other comestible
on
One night, I fished a nearly
empty pouch of Salt Spring Sea
Salt’s blackberry fleur de sel from
the back corner of my spice
cas in the waters of Trincomali
Channel.
In the spirit of self-medicating, I
cracked into one of my favorite
oil, and sundries from São Tomé
and Príncipe, Mozambique, Cape
Verde and Angola. When I asked
for a bottle of the Vinho Quinado,
on Colorado’s
Front Range is
marked for many
by the smell of
us ,
souvenirs. As anybody knows drawer. I had met its makers Phi- keepsakes, a bottle of Ramos Pinto the clerk offered an unmistakable roasting green chiles:
who’s brought home pickled vege- lippe Marill and Carolyn Kvajic Vinho Quinado, a ruby Port wine pantomime of the drink’s alleged
l
Hatch peppers trucked up from

e
tables from Japan, jars of arti- while on a kayaking trip to British infused with herbs and quinine, an potential for male fortification. New Mexico; Pueblos grown
al a
chokes from Italy or saffron from Columbia’s Southern Gulf Islands antimalarial derived from tree Sipping it at home, I found the closer to home; or countless
Morocco, their main drawback a few years ago. When I pinched bark. I had picked it up during a wine more effective at lifting my other varieties varying in size
ci on
compared with say, a rug, is that out a few purple flakes to sprinkle memorable afternoon in Lisbon morale. For a moment, each of these and heat. A freezer packed with
they can only be enjoyed a finite over a roasted pork loin, the tart with André Magalhães, the chef of souvenirs served as a vacation by roasted chiles is the secret to
number of times. In efforts to berry and marine scents of the the city’s beloved Taberna da Rua proxy. Finishing them now feels like improving everything from
stretch my tether to trips past, the salt brought me back to a cool das Flores. an act of faith, in a promise that stews to summer salsas. (from
travel treats I found were often in summer evening on their front We had started at Casa Cid, a some day I’ll be able to travel again $5, lulusfarmstore.com)
er s
comically minuscule quantities. lawn, watching for breaching or- small canteen which has been and replenish my stores.
m er
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co Fo
KAGAN MCLEOD
Best Seat in Your House

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periments. “What makes the- countries in its first four days. distancing!” Other shows are
ater powerful is it’s happening Over in Brooklyn, Billie one-time-only events, like the
in real time, with real actors, Holiday Theater (thebilliehol- recent reading of Sophocles’s
and nobody can totally con- iday.org) has several Face- “Oedipus Rex” with Oscar
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James Sheldon’s “Repara-
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EATING & DRINKING

TASTE DRIVE
BY GABRIELLA GERSHENSON places connect producers
Outstanding in the Field

R
and consumers. Some farm-
EMEMBER ers operate without middle-
what shop- men, shipping direct from
ping for pro- the field to you.
duce used to Because demand is high
be like, com- and shipping logistics are
Produce boxes have proliferated in recent years. These top options bring the farm to you. plete with comforting ritu- complicated right now, on-
als like sniffing tomatoes, line ordering can require
knocking on melons and some patience. Some sub-
squeezing avocados? With scriptions might have a wait
the CDC recommending we list of one or two weeks to
choose home delivery over join, and some mom-and-
visiting the supermarket in pop operations have limited
the face of the coronavirus, shipping to one day a week
our habits have changed to consolidate labor. The
overnight. vendors we liked best were
A Nielsen survey of con- transparent about all of this.
sumer habits during the
pandemic shows that sales
of canned and frozen fruits
and vegetables have out-
Frequent shopping
paced sales of fresh produce trips are what we're
at grocery stores—maybe trying to avoid.
because the fresh stuff
needs to be replenished
with more frequency. And
frequent shopping trips are As farmers pivot, it’s also
what we're trying to avoid. worth checking to see if lo-
Fortunately for consum- cal produce is being deliv-
ers, the choices for online ered in your area. Inquire
produce-box deliveries have with your farmer’s market:
gotten more robust in re- Green City Market in Chi-
cent years, with strong op- cago, for instance, has
tions for varying budgets teamed up with the app
and household needs. Na- WhatsGood to deliver pro-
tionally, subscription boxes duce, and Lancaster Farm
ship a mix of fruits and veg- Fresh Coop in Pennsylvania
etables, allowing you to tai- has started its own home-
lor the size of the box, its delivery service. It’s all un-
.
contents and frequency. Re- folding in real time, so keep
ly
BOUNTY CALL The Chef's Garden is actually a 350-acre farm, where Lee Jones grows high-end produce hard to find elsewhere. gionally, online market- an ear out for fresh options.
on
us ,
l
e
al a
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FARM TO TABLE NO FRILLS THE BRIGHT BOX PRO-LEVEL VEGETABLES

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Wildkale Misfits Market Friend’s Ranches The Chef’s Garden

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This online farmers’ marketplace connects The first thing I thought when I opened the box Though the lineage of this 70-acre citrus farm Farmer Lee Jones is a sort of agricultural Willy
farmers directly to consumers. There is no of organic produce sent by this New Jersey- in Ojai, Calif., goes back to the late 19th century, Wonka, growing the most rarefied produce for
warehouse or distribution center—the order is based food-salvage delivery service was…there’s fifth-generation co-owner Emily Ayala’s memo- the country’s top restaurants. Normally, the
received and packed by the farmers themselves, nothing wrong with it. Misfits Market rescues ries reach only as far as the 1970s, when her 350-acre Ohio farm he co-owns with his family
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and shipped to your doorstep overnight for a food prevented from reaching consumers by mother would tap out shipping labels for outgo- caters to chefs such as Thomas Keller and
$5.99 fee. The company currently works with a various issues—distribution snafus, off-spec size ing boxes of citrus on a typewriter. Friend’s Daniel Boulud. “It’s like overnight our entire
dozen farms in the northeast that deliver within or shape—which would otherwise result in Ranches grows 50 varieties of citrus and a few customer base for 37 years vanished,” said Mr.
300 miles of their respective locations, covering waste. Worthy mission aside, Misfits also hap- types of avocado, with a focus on the late-sea- Jones. He started selling boxes of produce pre-
parts of Pennsylvania, New York, New Jersey, pens to be an accessible source of quality or- son tangerine, a regional delicacy. Because of viously destined for Michelin-starred kitchens
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Connecticut and farther into New England. The ganic produce. Choose from two subscription the coronavirus outbreak, the food service ac- direct to home cooks. For the vegetable lover,
platform is easy to use, and the prices seem al- box sizes—$22 for 10-13 pounds, $35 for 18-22 counts that are an important source of income it’s a treat. The $59 Introduction Box includes
most too good to be true. Enter your ZIP Code pounds—with the option to select add-on items, for the ranch this time of year have evaporated, approximately a pound of seasonal lettuces; a
and choose from a list of farms specializing in such as Bob’s Red Mill grains and Taza choco- but delivery is booming. What’s available at the root-vegetable mix, such as multicolored
produce, grain, dairy and meat. Shoppers must late, at an extra cost. Contents of boxes vary de- online store depends on what’s been harvested thumbelina carrots and baby turnips; about a
spend a minimum of $30 with a farm, but it pending on what the company procures that that week. Single varieties, like blood oranges or pound of field greens; roughly a pound of pota-
ends up being a good value. My order of beets, week. It’s blissfully uncomplicated. My first ship- low-acid Ojai Pixies can be purchased by the box toes; and a packet of microgreens. Bundles
two heads of cauliflower, green cabbage, two ment was a bonanza of 11 types of fruits and (in season). The May Special is a 10-pound grab with themes such as Best of the Season and
types of squash, kale, parsley and spinach to- vegetables, including perky butter lettuce, sweet bag including the rich, shiny-skinned W. Murcott Immunity Booster are also available, with
taled just over $30, and the quality was pristine. bell peppers and Champagne mangoes. Misfits and sweet Pixies, plus some fragrant Eureka prices as high as $175 for a box that feeds 4-6.
Founder Ana Jakimovska said she is in talks delivers to 23 states plus Washington, D.C., and lemons, for $55. Shipments, available nationally, Produce varies with the season, and shipping
with other farms to expand Wildkale’s coverage is expanding at a steady clip. misfitsmarket.com go out on Mondays and are available through is included. chefs-garden.com
n-
nationally this summer. wildkale.com May, until June 5. friendsranches.com

no
COOK’S PLAYBOOK
HOW TO SEAR A BISTRO-QUALITY STEAK / A CLASSIC FRENCH TECHNIQUE
The Steak Frites Secret

Why it’s so good in France. Beaucoup butter, for one
AS MANY TIMES as I’ve cooked rooted in culinary science. The high-

steak, I’ve only rarely achieved that heat searing encourages the Mail-
state of perfection found in Paris lard reaction, by which a food’s
bistros. So, on a trip to that city re- amino acids and sugars caramelize
searching recipes for an upcoming to create a savory golden crust. The
book, I was eager to consult with sizzling butter spooned over the
Hugo Desnoyer, the eponymous pro- steak undergoes the same reaction, 1. Begin with 1 (8- to 10-ounce) filet 2. Coat steak all over with 1 teaspoon 3. Set steak in skillet and leave it
prietor of what is arguably Paris’s further heightening the flavor as mignon, 1½-2 inches thick, and 2 ta- flaky salt and a generous quantity of alone 21/2 minutes. Gently try to lift
most highly regarded butcher shop. well as lending richness. blespoons butter (preferably high-fat coarsely ground black pepper. Set a steak. If it clings to pan, cook 30 sec-
“In France we have a method to Could it really be as easy as Mr. European-style). Let these come to 12-inch ovenproof skillet over high onds-1 minute more. Once steak re-
make a perfect steak every time. It’s Desnoyer made it sound? There was room temperature at least 1 hour be- heat until it gently smokes, about 5 leases fully, cooked side should be a
very simple,” he assured me. “As only one way to find out. The first fore cooking. Just before you’re ready minutes. Coat pan with 1 tablespoon deep golden, almost brown. Flip steak
long as you use quality meat to be- step was choosing a cut; I decided to cook, heat oven to 450 degrees. neutral oil such as canola. and cook, undisturbed, 2 minutes.
gin with.” on a grass-fed filet mignon. I made
Bifteck pôelé au beurre—steak sure I had on hand a European-style
pan-seared in butter, the type that butter, with a higher butterfat con-
usually graces a plate of steak tent that prevents it from browning
frites—originated in restaurant as fast as typical American-style
kitchens but is just as easily (and in butters do. I readied my mise-en-
France, just as often) made by home place, including tongs, for as Mr.
cooks. It involves a few straightfor- Desnoyer had explained, piercing
ward steps: An iron skillet heats un- the meat with a fork allows valuable
til wisps of smoke appear. A thick juice to escape.
steak sears until it develops a tooth- I heated the skillet a full five min-
some crust. After a brief sojourn in utes as directed, recalling the mas-
the oven, it returns to the stovetop ter butcher’s parting words: “It’s not
to be finished with melted, herb-fla- complicated. Just one thing is essen-
vored butter. tial: You must resist the temptation
“This allows the full flavor to to turn the steak until it has cooked 4. Transfer skillet to center rack in 5. Return skillet to stove. Off heat, 6. Transfer steak to a plate along
shine. Otherwise you are not doing for two full minutes. It will be worth oven. For rare meat, cook 4 minutes. add butter, 1 sprig rosemary, 1 sprig with pan juices. Cover plate with
justice to the meat,” said Mr. the wait, I promise you.” For medium-rare, cook until juices thyme and 1 clove garlic, bruised with foil, and let steak rest 10 minutes
Desnoyer. And reader, it was—juicy, pre-
JOE MCKENDRY
bead on surface, 6 minutes. Bear in the flat of a knife. Tip pan toward you before eating, to allow time for
Unlike many staple French tech- cisely medium-rare, full of primal mind, steak will continue to cook on and spoon hot butter over steak, lift- juices to redistribute through meat.
niques, this one isn’t dependent on savor and as deliciously French as the stovetop, so here you want to stop ing occasionally so butter coats bot- Serve immediately with french fries
precision—though its steps are any I’d ever eaten. —James Oseland slightly short of done to your liking. tom of meat, about 11/2 minutes. and a glass of red wine.
EATING & DRINKING
Mission:
Imbibable Saturn
To crush the ice for this
drink, place cubes in a
Lewis bag (for purchase
info, see below) and pound
with a mallet. Or, pile cubes
‘Project cocktails’ deliver a particular sort of into a tea towel or zip-top
satisfaction. This one begins with a thrifty trick. bag and pulverize with a
meat mallet.
BY KARA NEWMAN full of untapped potential. “Despite In a shaker filled with ice,
L
looking pretty hard, they contain a combine 11/2 ounces gin,
ATELY, cocktail recipes lot of moisture and are quite soft,” 1/
4 ounce passionfruit
are skewing fast and she said. So they’re easier to grate liqueur, such as Giffard,
easy, all the better for than you might imagine. The syrups 1/
2 ounce Avocado Pit
mixing at home. Yet require overnight steeping but are Orgeat, 1/4 ounce Avocado
there’s a lot to be said otherwise simple to make, and you Pit Falernum and 1/2 ounce
for the “project cocktail,” a longer- can use them in many other drinks. fresh lemon juice. Shake
lead challenge to take on when time, Orgeat is called for in the Mai Tai, and strain into a glass, such
at least, is in abundant supply. for instance, while falernum is a as a Pearl Diver or rocks
From-scratch syrups with a building block of the Zombie. glass, filled with crushed
thrifty bent are particularly enticing To round out a classic Saturn, a ice. Garnish with a long
right now. This riff on the Saturn, a long curl of lemon peel is wound lemon-peel strip, wound
gin-based tiki drink, starts with a around the interior rim of the glass around the inner rim of the
duo of syrups that can be DIY’d side like the titular planet’s rings; you can glass or wrapped around a
by side, using an ingredient you’d also wrap the strip of peel around a maraschino cherry and
otherwise toss in the trash. cherry with a skewer to secure it, as skewered.
Traditionally, the cocktail syrups shown. It’s another way to minimize —Adapted from Trash Tiki
orgeat (nutty and floral) and faler- waste: Cut the peel first, then juice 1
num (spicy) start with almonds. The the lemon. And it introduces a bit of
recipes below begin instead with whimsy—a reminder not to let the
shredded, toasted avocado pits. This “project” aspect of this cocktail out-
genius idea comes from Trash Tiki, weigh the enjoyment. If you’re going
an anti-waste bartending group to put in the time, you might as well
(trashtikisucks.com). Member Kelsey do as Ms. Ramage directs: “Garnish
Ramage, a Vancouver-based bar- with something fun!” And while the
tender, was inspired to parlay her barware recommended here isn’t
avocado toast into a zero-waste mandatory, if ever there were a time
TED + CHELSEA CAVANAUGH FOR THE WALL STREET JOURNAL, FOOD STYLING BY SUE LI
cocktail ingredient. The pits seemed to treat yourself, it’s now.
.
ly
lidded container.
Orgeat keeps, refriger-
on
ated, about 2 weeks //
Make the falernum: In
a dry skillet over me-
dium heat, toast 1 ta-
us ,
blespoon whole
l
cloves and 1 table-

e
spoon whole allspice
al a
until fragrant, about 1

minute. In a bowl or
ci on
other container, stir to-

gether 21/2 cups each
sugar and hot water
until sugar dissolves.
Avocado Pit cado pits, constantly Add remaining toasted
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Orgeat + moving pan to prevent avocado pits, toasted

Falernum burning, 1-2 minutes. spices, a 2-inch piece
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Remove from heat, fresh ginger, peeled

Yield about 2 cups and divide into two and roughly chopped, STIR CRAZY / BAR GEAR TO BUY FOR THE FUN OF IT
of each syrup equal portions. // Make and 2 spent lime
the orgeat: In a bowl, shells. Stir to combine. 1. Developed with New Orleans drink aficionados, the sleek
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Take 3 medium-size stir together 21/2 cups Cover, and let infuse at 2 bar owner/tiki expert Jeff Skull Barspoon, shown here in
avocado pits and each sugar and hot room temperature, “Beachbum” Berry, the Pearl matte black, makes stirring
scrub off any re- water until sugar dis- overnight. The next Diver glass (see above) is a drinks feel downright subver-
maining green flesh. solves. Add half the day, use a spoon to re- replica of a mid-20th-century- sive. ($28, cocktailking-
Let dry thoroughly toasted avocado pits. move lime shells, gin- vintage specialty vessel used to dom.com)
co Fo
at room tempera- Stir to combine. Cover, ger and larger pieces hold the Pearl Diver cocktail.
ture, overnight. Avo- and let infuse over- of spice. Discard shells Ideal for tall drinks or those 4. Blow off quarantine stress
cado pits must be night. The next day, re- and spices. Return built over crushed ice. ($37 for with a good bout of pounding.
clean and dry be- turn the syrup to the syrup to Vitamix or 4-pack, cocktailkingdom.com) A canvas Lewis ice bag and
fore you proceed. // Vitamix or blender, blender, and blitz one 4 wooden mallet combo keeps
Blitz the pits in a and blitz one more more time to combine. 2. A hand-held mesh strainer chips from flying across the
Vitamix or blender time to combine. Strain through a fine 3 holds back tiny bits of fruit room while you pulverize ice
until the shreds are Strain through a fine mesh strainer lined pulp, smashed-up spices and for Saturns, juleps and other
fine and consistent mesh strainer lined with cheesecloth. other fine particles from your cocktails. ($24, kegworks.com)
in size. Alternatively, with cheesecloth. Stir Store in a lidded con- drink. The conical, gold-plated
use a microplane to in 1/4 teaspoon orange tainer. Falernum keeps, Coco Strainer feels more luxe 5. Based on a 1950s design, the
grate the pits. // In flower water and/or refrigerated, about 2 than utilitarian stainless-steel cast-aluminum Gotham Juicer
n-
a dry skillet over rose water and ¼ tea- weeks. counterparts. ($13, cocktailking- has a pleasing heft and makes
medium-high heat, spoon almond extract —Adapted from Kelsey dom.com) quick work of juicing lemons
toast shredded avo- (optional). Store in a Ramage, Trash Tiki 5 and limes. ($70, cocktailking-
3. A cult item among tropical- dom.com)
no
SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
Spring Crudités With Tonnato, Eggs and Olives

WITH ROOM for just 34 guests, the dining want tuna packed in water,” Mr. Mester
room at Le Comptoir du Vin, in Baltimore, is said. “That’s always grainy. The creamiest
cozy. Before the pandemic pushed the opera- tuna, if you can get it, comes from the
tion to takeout-only, shareable plates further belly.” Fennel, radicchio, radishes, carrots,
fostered a sense of intimacy. “I’m afraid sugar snap peas and blanched broccolini,
when this is over we won’t eat the way we plus olives and eggs boiled just until the
used to,” said chef-owner Will Mester. So, for yolks are set and jammy, make for great
ALPHA SMOOT FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES; MICHAEL HOEWELER (PORTRAIT)
The Chef his final Slow Food Fast recipe, he shares a dipping. It’s a riff on a grand aioli, the
Will Mester dish that brings that convivial vibe home. breezy French vegetable feast. Rosé is the
This vegetable spread is built around a classic pairing. And the easy sense of cele-
His Restaurant bowl of tonnato, essentially a garlicky aioli bration this meal promotes feels more pre-
Le Comptoir du Vin, bolstered with oil-packed tuna. “You don’t cious now than ever. —Kitty Greenwald
in Baltimore
Total Time 30 minutes 1 small fennel bulb, colini under cold water. Toss
What He’s Serves 4 quartered lengthwise dry and set it aside.
Known For 1 small head radicchio 3. Make the tonnato: In a
Robust, wine- 4 eggs cleaned, trimmed and food processor, pulse tuna,
friendly dishes. 1 small bunch broccolini, quartered capers, anchovies and yolk
1/
Translating his love trimmed 2 cup mix of Castelvetrano until well combined, 30 sec-
of traditional bistro 2-3 ounces olive oil-packed and Taggiasca olives, onds. Scrape down bowl and
cooking into vital tuna, drained drained purée until color is uniform,
new recipes. 1 tablespoon capers 30 seconds more. With motor
2 anchovy fillets roughly 1. Set a pot of water over running, slowly drizzle in olive
chopped high heat. Once boiling, lower oil until a thick, yellow emul-
1 egg yolk eggs into water and cook at a sion forms, 1 minute. Season
1 cup olive oil, plus more gentle boil until yolks just set, with lemon juice and salt.
for drizzling 8 minutes. Remove eggs and 4. Transfer tonnato to a small
Juice of 1/2 lemon run under cold water to fully bowl and set in the center of
Kosher salt cool. Peel eggs, halve length- a large platter. Arrange
4 medium carrots, cut on wise and set aside. halved eggs, blanched brocco-
the diagonal into 1-inch 2. While eggs cook, bring a lini, carrots, sugar snap peas,
pieces kettle of water to a boil and baby turnips, fennel, radicchio
1 cup sugar snap peas, ends place broccolini in a colander and olives all around. Drizzle
trimmed in the sink. Pour boiling water vegetables with more olive oil
6 baby turnips or radishes, over broccolini. When color and season with salt and OH BOIL A quick blanching gives the broccolini on this platter a vivid
halved lengthwise turns bright green, run broc- pepper. Serve with bread. green color and mellows it slightly while retaining its snappy bite.
DESIGN & DECORATING

Now, seated at the kitchen table, I
unpacked my materials—six little
pots of acrylic paint in leafy shades
of green and terra-cotta tan—and
two fine-tip paintbrushes.
As I lined up everything in front of
me, with a little bowl of water in
which to rinse the brushes, I felt bet-
ter than I had in weeks. And why
not? Research shows that drawing,
painting or coloring are distractions
that can improve your mood, said
Jennifer Drake, an assistant profes-
sor of psychology at Brooklyn Col-
lege, City University of New York:
“You can get really focused on what
colors to use, and really pay attention
to the activity, and that helps you
lose a sense of consciousness of the
‘What happened to those

kits featuring windmills
in 80 shades of brown?’
things that are making you upset.”

I considered what to paint first—
the tropical plant with a canopy of
fronds? The elegant leaves of the
mother-in-law plant? The spiky cac-
tus in a clay pot?
I looked up to see two of my adult
daughters, who have been quarantin-
GUY SHIELD
ing here since March, peering curi-

ously over my shoulder.
“Congratulations, your paint-by-
number kit finally arrived,” said
like a cartoon drawing—must have Clementine.
A MATTER OF LIFE AND DÉCOR / MICHELLE SLATALLA looked vintage even when they were “It looks like you have three,” said
.
new,” he agreed. “Now we can make a Ella, reaching for a paintbrush.
ly
really detailed canvas that is much For the next couple of hours, we all
Paint-by-Number’s on more interesting. In my living room I

have one that turned out really well,
from a photo taken by wildlife pho-
tographer Isak Pretorius.”
filled in little blobs of color. I don’t re-
member what we talked about—not
much, really—but it felt companion-
able, everybody seated together but
Second Coming The photograph-to-paint-by-num-

ber thing is very popular, sellers say.
off in different worlds. Privately I
thought mine came out best. I won-
us ,
Isabella Brodniewicz of dered if it had any value.

123PaintingStore in London uses But all the paintings, which dried
l
e
Photoshop to convert customers’ quickly, turned out to be adorable. So
al a
LAST WEEK I lay in wait for the mail- Supper.” Instead they feature virtu- studies of house plants floating on photos into numbered templates. what to do with them now?
man, watching from the window for ally any type of original artwork— white backgrounds, printed on six- “We get photos of pets, of grand- For display tips, I called Pittsburgh
ci on
him to appear in his starched blue graphic designs, photographs and by-eight-inch sheets of textured children, of the last holiday people interior designer Michael Wurm, Jr.,
uniform and rumpled surgical mask. paintings that range in genre from sketch paper. took. We’ve gotten a lot of mes- who collects both vintage and mod-
After he drove off, I pulled on my own pointillism to pop art. “What happened to those kits fea- sages saying that painting the ern paint-by-number pictures, and
surgical mask and a pair of nitrile “Sounds super tacky,” he cri- turing a boring landscape with a scenes allowed them to think on a features them on his blog called In-
gloves and scurried to see if my tiqued, reaching for the remote. windmill that had to be painted 80 time when they were happy and not spired by Charm.
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paint-by-number kit had arrived. He was not going to paint me into shades of brown?” I had asked Mr. in quarantine.” “I am trying to figure out what to
“It’s here,” I breathlessly an- a corner—I had done my homework Leon. Frankly, I was surprised those Maybe I should have sent her a do with my picture,” I said. Until it
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nounced, hoping to set up a painting before settling on the tasteful set old chestnuts have become collect- photo of my husband on the couch, appreciates in value.
station while the light was still good. that had just arrived. On Etsy, I had ible, treasured pieces of Americana. but I wasn’t sure it was something Mr. Wurm said he likes to display
“Wonderful,” said my husband, found “Potted Plants,” a kit with “Those vintage images—of things that would give me pleasure years them as a collection. “I lay them on
the well-known art critic. “A cheesy numbered guides for three simple like a cowboy on a horse that looked from now. Even as a painting. the floor and play with the arrange-
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landscape with a rustic covered ment until I find something I like,” he

bridge is just what every living said. “Once they’re on a wall, I switch
room needs.” GOOFPROOF ARTISTRY / THE NEW WAVE OF KITS FOR QUARANTINERS them out if I want to make the room
The searing criticism might have look seasonal. In winter, I hang snowy
had more impact had it not come landscapes.”
co Fo
from a man proudly wearing saggy After I hung up, I laid my trio of
sweatpants and a powder-blue T- houseplants on the floor. Framed,
shirt emblazoned with the words they might be useful in my back hall-
“Who’s my chippie?” way, where they could hide an ugly
“For your information, paint-by- electrical fuse panel.
number is all the rage again,” I said. While I was arranging them, my
In locked-down America, celebrities husband walked past, carrying his
like Dakota Fanning are posting laptop. On-screen was a paint-by-
their finished paintings on Insta- number kit. “Looks like it could be
gram. James Leon of Masterpiece fun,” he admitted.
by Numbers, in St. Petersburg, Fla., A few days later, I noticed him
told me, “We can’t keep the bestsell- sitting by the window, lying in wait
n-
ing sets on the shelves for more for the mailman. I wasn’t sure
than a few hours when we do a where we would put his future mas-
production run.” The latest sets often skew ex- Any photo can be turned into a Some canvases let images terpiece—he had ordered a portrait
Plus, I explained to my husband, pressionist. Paint the Town by numbered template. Custom breathe, unlike old-school sets. called “Funky Monkey,” of a pensive
no
today’s paint-by-number kits are no Numbers Nashville Paint by Paint-by-Number Image, from $70, Cate Paper Co. Potted Plants Paint chimpanzee wearing headphones—
longer sadly earnest attempts to Numbers Kit, $22, etsy.com bestpaintbynumberkits.com by Number Kit, from $25, etsy.com but at least it would distract him
copy, say, Leonardo da Vinci’s “Last from ordering T-shirts.
No Company? Be Your Own Guest

Ten ways quarantiners are treating themselves like esteemed visitors
“Our 9-year-old drinks Diet Coke more difficult to clean, but we said, end of the year. I just decided to
out of our Tiffany wedding flutes. Why not?” —Steve Turner, enjoy the beautiful things I had
He said it tastes better, especially Chesterfield, Mo. tucked away waiting for a special
with ice in it. I’m not worried about day.” —Noemi Bitterman,
them breaking—I’m glad they are “With six computers set up on the Brooklyn, N.Y.
getting use.” —Kelley Kitley, dining room table, a child do-
Chicago ing remote learning and a “I have real flowers and candles in
puppy, the uplifting sensory the bathrooms, entryway and bed-
“I change the sheets fre- input of a diffuser has rooms. They make the place feel
quently, using the best linen, made home feel more luxu- more joyful, like a bed & breakfast.”
and put out the thickest rious and spalike.” —Dana Young, Oakland, Calif.
WILLIAM WALDRON/OTTO (TABLE SETTING); ISTOCKPHOTO (AROMATHERAPY STICKS)
bathroom towels that were —Christopher Totaro,

gifts. It gives me a sense of Manhattan, N.Y. “I’ve been drinking out of whiskey
security, comfort and abun- glasses gifted to me from my par-
dance.” —Shannon Wilkin- “Even pre-quarantine I ents for my 21st birthday, even
son, Queens, N.Y. would take an afternoon though they usually only come out
break with a cup of tea ev- for special occasions. Maybe it’s me
“I filled up a beautiful ery day around 4 p.m. I but I feel like whiskey tastes much
glass beverage dispenser would usually just have it better out of these square glasses.”
with cold, refreshing water in my ‘Mom’ mug. But I —Mike Falahee, Livonia, Mo.
infused with fresh lemons have broken out my Mar-
and cucumbers. Each time I ESPECIALLY chesa for Lenox teacup and “I recovered an old hammock from
walk by my bar area, I fill ESSENTIAL saucer, and I drink a tradi- storage and hung it up on the ve-
up, take a deep breath and OILS tional English breakfast tea randa. A milk crate doubles as a ta-
go back to work.” —Allyson Stressed-out with a cookie or two in- ble with a nice flowering tablecloth.
Wyles, Roseville, Calif. folks in stead. It actually feels quite Every afternoon, I find a new recipe
cramped regal.” —Jenelle Hamilton, for a cocktail and make a point of
“My wife and I are using quarters are Beverly Hills, Calif. sipping it in my hammock, ponder-
special silver-plated silver- indulging in ing good times to come.” —Elle
ware we would only use luxuries like “I finally took out the Meager, Queensland, Australia
on the rarest of occasions. scent diffusers. fancy and expensive soaps —Edited from interviews
We realized it’s a little that I was gifted at the by Rachel Wolfe DISH FULFILLMENT Exactly who are you saving the good china for?
DESIGN & DECORATING

THAT’S DEBATABLE
Are Animal Statues Inherently Pretentious?
.
ly
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us ,
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e
al a
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GETTY IMAGES (TOP)
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MANE ENTRANCE While you might find the creatures that guard the doorway of the historic William C. Bee House, in Charleston, S.C., silly, be warned: Lions hate mockery!
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WHERE DO YOU think you live? through landscaping. The same disdain ap- A LION OR OTHER powerful ani- of the lion. For a modern house, Mr. Nievera
YES Library? “Self-aggrandizing,” “un-
Graceland? The New York Public parently applies to beasts in the backyard, NO mal’s likeness at a doorstep? Sym- proposes a sleeker statue in black metal, say
where one might be tempted to display life- bolic and stylish, say other design- a greyhound, even if no dog resides within. If
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sophisticated” and “tacky” are like reproductions of rabbits or deer. Santa ers, as long as you choose one in a you do own a dog, however, he argues that
among the words that scornful design pros Monica, Calif., landscape designer Art Luna, motif, material and scale that works with the likeness should match your pet’s breed.
attach to the practice of dotting your out- admitting to snootiness, finds such objets pe- your home. “Most traditional style architec- “You can’t have a French bulldog statue if
door space with zoological replicas. Some be- destrian. “If it was something I’d never seen ture can handle a lion, but it has to be coor- you have a retriever,” he chided. “It doesn’t
lieve that flanking your home’s entrance with before, was over-the-top and funny, maybe dinated with your house and it can’t just be make sense.” Jon Carloftis, a landscape de-
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a pair of lions, dogs, swans or, heaven forbid, found at a flea market, then I might like it. plopped down,” explained Mario Nievera, of signer in Lexington, Ky., suggests that witty
geese, is not only in poor taste but down- But if it’s something you can get on Amazon, Nievera Williams Design, in Palm Beach, Fla. or kitschier styles be reserved for casual
right unneighborly. “You have a pretty house it’s not special,” he said. Harry Allen, the in- He recommends the beast and its plinth (a homes such as vacation cottages. He also
and you put that out front? I don’t want to terior and industrial designer behind the must) be proportionate with each other and likes tucking statuary into unexpected spots
see that,” said Jessica Lagrange, an interior well-received, realistic piggy bank called the door. His rough formula: The lion—or any in yards, gardens or woods to create an ele-
designer based in Chicago. “It’s laughable “Bank in the Form of a Pig” summed it up: animal statue, sitting or supine—should be, ment of surprise. He likens his outdoor-
and embarrassing.” Ms. Lagrange would “The only animals in the garden should be at most, a third the height of the door, and sculpture recipe to a mullet: “Business up
rather homeowners express their personality live ones.” the plinth should be, at most, half the height front and party in the back.” —Rima Suqi
BEST BEASTS / FIVE ANIMAL EFFIGIES WE’D CONTEMPLATE ADDING TO OUR LIVES, NEIGHBORS BE DAMNED
n-
The cast-stone Resin rabbits For those who Customer Over 37 inches
concrete owl, Stan and Oliver think a prone photos of this tall, these
no
27 inches tall, stand at 28 and cat projects Stone Hunting cast-iron bucks
can be finished 25½ inches. Big indolence, this Dog, 28½ are meant to
in one of 13 Burly Bunnies stone lion sits inches tall, top pillars or
patinas. Dr. Statue Set, nearly 27 often feature a posts. Alpine
Hoo, $730, $125, preorder inches tall. Lion neck scarf. Stag Finial,
garden- at design- Statue, $499, $199, ballard- $998 for pair,
fountains.com toscano.com frontgate.com designs.com shopterrain.com
Visionary House Tours
Oh, the Places @terzopianoimagestudio Terzo Pi-

ano adapts the principles of advertis-
You’ll Scroll! ing to create compositions that play

to our grandest home décor aspira-
tions. They often hinge on chic accent
These fantasy-room Instagram feeds pieces like pendant lights or sinks, but
let you escape the house sans mask are transformed by ghostly, cinematic
staging: In this image, a striated mar-
ble wall, lit by a hidden source of day-
WHEN YOU’RE UNDER the ground. A dining ta- light, shows through a translucent
lockdown, you day- ble seems familiar until bathtub and free-standing basin. His
dream more reflexively, you notice it’s sand- feed, while still reliably escapist, has
more urgently, and a wiched between white- oddly practical applications: The im-
new niche within Insta- sand dunes and a ages might just inspire your redecora-
gram might just be what friendly lake, and the tion plan for 2021.
we need to scratch our lighting fixture above it
collective escapist itch. descends from a night
Artists and architects sky. In these eerie, se- Almost Touchable
Man Meets World are tapping pro soft- ductive, unpopulated @ccmrdesign Milan-based Cristina
@teaaalexis With close to 175k fol- ware to render and post worlds, no one wears La Porta understands why her style
lowers and a flair for the sci-fi-ish, hyper-realistic—yet not masks or latex gloves. of art has proven addictive among
South African artist Alexis Christ- quite viable—land- Irene Yu, a San Fran- social-media devotees, especially in
odoulou is undoubtedly the poster scapes and interiors cisco interior designer, times of widespread anxiety. “I work
boy for the “faux render” move- that woo you in. said she follows accounts hard to create images that make
ment. His work most persuasively At first glance, the im- like these to relax: “They me dream with my eyes wide open.”
evokes Magritte, a limbo-world ages appear straightfor- convey a hopeful and op- As shown here, she loves to con-
where the environment seems to be ward. But on closer ex- timistic vision of a uto- trast textures, setting a woolly chair
reclaiming man-made structures. In amination, that chic pian future. It makes the rendered in a sugary pastel on pol-
this typical image, craggy boulders holiday home on a rocky uncertain and the un- ished floors, the scene’s serene still-
cut through a courtyard, where teal cove reveals unexpected, known a wonderful place ness countered by brooding cloud-
waters invite you to explore their implausible details. Ce- to explore.” scapes just beyond. We’d like to
depths—after you finish your sun- ramic orbs float just off —Arianna Reiche quietly nod off in her spaces, per-
bathing session, of course. haps lulled by a salty breeze.
GEAR & GADGETS

years skirmishing over hybrid IP,
working against and around Toy-
PULLING OUT THE STOPS ota’s fundamental patents.
You could theoretically steer The Hyundai’s maximum system
Hyundai’s Hybrid from output, 192 hp, falls short of the
Manhattan to Detroit and still Camry (208 hp) and Accord (212) so
have a little fuel in the tank. the Hyundai is also not quite as fleet
of foot (0-60 mph in 8.2 seconds).
But the slight advantage Hyundai
yields in power is repaid with the
“best in class” fuel-economy title.
Seeking to grease the Sonata’s al-
ready slippery aerodynamics (0.27
coefficient of drag), engineers added
two sets of active grille shutters to
the hybrid, as well as lower aero
skirting and nearly enclosed vehicle
underside. The Sonata Hybrid tests
at 0.24 Cd, according to the com-
pany. This must be close to the prac-
The slight advantage the

Sonata Hybrid yields in
power is repaid with the
‘best in class’ fuel-
economy title.
tical limit, matching the best pub-

HYUNDAI
lished number for the Toyota Prius.

But did they go too far? A large
part of this car’s efficiency is the
RUMBLE SEAT / DAN NEIL low-rolling-resistance tires and
aero-efficient alloy wheels. However,
what primarily makes these tires
low resistance is that they are rela-
A Hybrid Miles (and Miles)

tively smaller (17-inch wheel diame-
ter) and narrower (305 mm), which
.
does solicit lower frictional and aero
ly
losses (less hissing tire noise too).
Ahead of Standard Sedans on The trade-offs are functional and

aesthetic. This 3,530-pound car feels
a bit under-tired, with less grip at
the front end, more squawking and
squealing around corners, than is
I TRY TO RUN at least one tank of cial” and be made by Pontiac. same interior space, the Sonata’s it needs additional power the sys- entirely decent. Meanwhile, at
us ,
gas through every test car, but with I give you the Sonata’s signature seat layout allots more spacious- tem draws upon the phlegmatic re- standoff distances, the smaller
the 2020 Hyundai Sonata Hybrid flourish: glowing chrome. Seemingly ness to the front cabin passengers solve of a 39-kW permanent-magnet wheels can appear feeble and under-
l
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Limited I didn’t have that kind of continuous strips of metal trim and less to the rear. motor (51 hp), fed by a 1.6-kW/270 V nourished under so much car.
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time. The South Korean car maker’s frame the headlights and race aft In many ways, the Hyundai pow- lithium polymer battery pack under Many have asked me why e-cars
redesigned gas-electric sedan— along the hood’s shut-lines before ertrain package can be thought of the rear seat bench. don’t use roof-mounted solar pan-
ci on
large, comfortable, solid to the touch looping around the side-window as legacy plus. The engineers based In Hyundai’s power flow chart, els to charge the batteries? This
if slightly intangible in appeal—ex- openings. The brightwork around their system around a conventional the permanent-magnet motor tech has been attempted a few
tracts up to 54 highway miles from a the headlights is made of a material six-speed automatic transmission— spends much of its time synchroniz- times. What distinguishes the
gallon of gas (51 mpg in Limited like a two-way mirror, highly reflec- with stepped gear ratios and a fluid ing the transmission with engine Hyundai is that the panel output
trim). Our tester had a theoretical tive but allowing the light to pass torque converter—rather than a speed, quickening and refining gear (maximum 205 Watts) can be used
er s
range of 673 miles, but with no place from underneath. The LED glow stepless hybrid transmission, a CVT shifts so that they come and go al- to maintain charge in the 12-volt
to go and nowhere to stay once I got fades from the trim as it moves aft, or anything like it. most imperceptibly. Its polish is ex- system and feed the high-voltage
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there, I was obliged to patrol mostly like the dulling incandescence of a In typical driving, the Hyundai’s ceptional for a six-speed automatic. traction battery. Hyundai provides
empty interstates, rolling up the white-hot wire. That’s pretty neat. naturally aspirated 2.0-liter, 150-hp Still, I wonder if the experiential the West Hollywood Example,
miles, hour after hour, watching a Automotive historians will credit inline four-cylinder snores quietly, was worth preserving? I rather where the roof solar has the poten-
needle that didn’t want to move. the Sonata as a pioneer in the use of driving the front wheels and shuf- think the deciding factor in this lay- tial to generate 309 kWh/year,
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Sure is quiet—too quiet for some, this Tron-like illuminated welting fling toward the highest gear acces- out was patent law. Honda, GM, equivalent to 1,236 miles annually.
apparently. Apart from satellite ra- that has crossed over from other ap- sible, as often as it can. If and when Hyundai and others have spent I found myself hoping for rain.
dio’s usual wallpaper channels, like plied design and visual arts. If their
Spa and Chill, the infotainment sys- judgment of the exterior styling is
tem offers a selection of soothing less charitable, let it begin with me. 2020 Hyundai Sonata Hybrid
co Fo
ambient soundscapes—rain, ocean While the composition succeeds

waves, cafe murmurings—to drown overall, the grille design is a bit na- Price, as Tested $36,430
out the voices in your head. ive. The Hybrid’s front aspect is Powertrain Gasoline-electric hybrid,
The 2020 model year represents dominated by the polished trim with 2.0-liter DOHC inline four-cylin-
the sixth design generation of Hyun- piece dividing the upper and lower der (150 hp/139 lb-ft); six-speed auto-
dai’s midsize four-door, arriving at a grille and curling up at the ends, like matic transmission; permanent-mag-
time when most American car buy- a milk mustache. This brightwork net electric motor (51 hp/151 lb-ft);
ers wouldn’t get into a family sedan doesn’t connect so much as compete lithium polymer battery (56 kW max)
if they were escaping murder hor- with the illuminated trim, causing a Max System Output 192 hp
nets. Hyundai’s response to the SUV pileup of triangular shapes around Length/Width/Height/Wheelbase
craze has been to recalibrate the So- the lateral air ducts. 192.9/73.2 (excluding mir-
nata’s appeal, primping it as a snaz- The Hyundai lines up against gas- rors)/56.9/111.8 inches
n-
zier, more me-forward alternative, electric versions of the Honda Ac- Curb Weight 3,505-3,530 pounds
pouring some pride of ownership cord and Toyota Camry/Avalon. Each 0-60 mph 8.2 seconds
gravy on the usual value gristle. In of these gadgets lives, works and EPA Fuel Economy 45/51/47 mpg,
an alternate timeline it would have drives a little differently. For exam- city/highway/combined
no
been called a “businessman’s spe- ple, while they all enclose about the Trunk Capacity 16 cubic feet
Clippers That Make the Cut Buzzworthy Blades

Three machines real barbers
Quarantine hair driving you crazy? With these barber- recommend for at-home jobs
tested tools, a DIY trim needn’t be traumatic
For Thick Manes
UNTIL THEIR STRIPED poles re- twice the power of an electromag-
volve again, the quarantined bar- netic motor to help you easily mow
bers we spoke to have faith that thick or wet hair to a desired length,
America’s men can keep them- said Justin Gramelspacher of Blind
selves looking respectable. To jus- Barber in New York’s East Village.
tify their optimism, you’ll need a There’s more to a precision cut,
good set of clippers, a set of however, said J. Clark Walker of Oster Fast Feed;
guards to achieve the right hair Martial Vivot in Manhattan’s Meat $112, sallybeauty.com
length and maybe a patient You- Packing district. For fine-tuning
Tube video explanation or two. around the neck and ears, you might
But don’t just impulse-buy a $20 also want a smaller, nimble trimmer. For Blending and Texture
set of clippers on Amazon. You’re He suggested the Andis Slimline Pro,
going to get a bit more life out of which features an ergonomic handle
powerful premium clippers that are and narrow blade for exacting cuts.
well built, more maneuverable and As for using shears, don’t. “That’s
run smoother than shoddier ver- where barbers have job security,”
sions, said Austin Klucker, a barber Mr. Walker said. It might seem
at Brooklyn’s Persons of Interest. counterintuitive, but he suggested Wahl Magic Clip Cordless;
His pick: the $80 Wahl Magic DIY barbers start on top. Use the $80, sdbarbersupply.com
Clip, a powerful cordless device with longest clipper guard—sizes run by
an electromagnetic motor for fast, the 1/8th inch, so an 8 guard is a full
easy cutting and a “stagger tooth” inch in length—and then gauge how For Cleanup Duty
blade to let you (or someone you’ve long you want the sides and use a
guilted into helping) blend and fade lower guard to even out the look.
your mane. “You can do everything If that sounds too daunting, or if
with it. It’s a workhorse clipper.” you don’t trust your partner to pull
Another barbershop model that’s it off, embrace unruly hair, said Mr.
DAVE URBAN
good for at-home use is the $112 Os- Gramelspacher. Or, heck, buzz it off. Andis Slimline Pro Li T-Blade;
ter Fast Feed, a versatile machine No rules or expectations in quaran- from $62, andis.com
with a pivot motor that has roughly tine.—Aaron Stern
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.

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WSJ

THE WALL STREET JOURNAL WEEKEND

ing whether Pompeo used tive global player, pushing back

to let mainland state-secu- second-biggest economy—the

America Is Reopening to Tension

rity agencies operate offi- bedrock of much of the coun-

A son of slain Saudi

crashed as it approached predict”—most notably the cor-

Hospitals Parts Shortages at GM

State unemployment rates

BY MIKE COLIAS two main U.S. pickup-truck

Mexico is hampering General maker doesn’t yet have the

A2 | Saturday/Sunday, May 23 - 24, 2020 * ****** THE WALL STREET JOURNAL.

Science Factors in a Better Cup of Coffee

Loughlin, Husband Wray Orders Review Flooding Forces

Plead Guilty Of Flynn Probe More Evacuations

Teens in post-dawn bedtime varies.

Lockdown ment calculus exam, at the un-

CORRECTIONS AMPLIFICATIONS THE WALL STREET JOURNAL

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 23 - 24, 2020 | A3

EDDIE MOORE/ALBUQUERQUE JOURNAL/ZUMA PRESS

Rules Change for Migrant Youth

Minnesota Town’s Economic Engine Threatened

White House press secretary

Montgomery, Ala., Runs Low on ICU Beds as Cases Surge

A4 | Saturday/Sunday, May 23 - 24, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

WASHINGTON and convincing,” and Harris has

WIRE strongly opposed Kavanaugh’s

presidential nominee Joe Bi- available funds despite frugal

den has yet to unlock a key spending in April. Mr. Biden’s

part of the party’s fundrais- Democratic rivals routinely

Sanders’s army of online strong fundraising months in

as estimates and may vary slightly

Tarik Abdelazim, 46, a fre- and is hosting a virtual

Campaign Debate Turns to How Ballots Are Cast

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 23 - 24, 2020 | A5

We’re performing COVID-19 tests, and soon we’ll be in up to 1,000 communities.

We’re helping support mental health We’re providing intravenous therapy

To learn more, visit CVSHealth.com.

A6 | Saturday/Sunday, May 23 - 24, 2020 * ***** THE WALL STREET JOURNAL.

Democrats Probe Dinners Pompeo Hosted

Local Chapters of Biden Walks Back Quip on Black Vote

Asked to Return Loans on Joe Biden told a black radio

the program, and directing hood Federation of America.

broader Planned Parenthood ments and other information

BURN SAFELY workers at the factory. The re-

THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, May 23 - 24, 2020 | A7

THE CORONAVIRUS PANDEMIC

Is Showing A study of hospitalized pa-

Promise provided a sign that blood-

1,600,937 95,979 350,135

5,210,817 338,160 2,056,643

Department of Health and Human Services

one. It is designed to slightly

THE CORONAVIRUS PANDEMIC

while others welcome the en-

Adding to the uncertainty:

500 ing coronavirus test results, 200

China to Allow Its Forces to Patrol Territory

efforts to rein in the protest- shield Mr. Bolsonaro’s family

torn city. from investigations.

Surprise plans for Beijing to Moments after the ruling was

stirred up considerable concern cabinet meeting in which Mr.

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