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COMMUNIST
CENTURY
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review WSJ. MAGAZINE

VOL. CCLXX NO. 107 * * * * * * * * WEEKEND HHHH $5.00
SATURDAY/SUNDAY, NOVEMBER 4 - 5, 2017 WSJ.com
What’s Jobs Rebound, Wages Stand Still

News Economy bounces
back from hurricanes;
widely expected to raise short-
term interest rates at its final
meeting of the year in Decem-
Hiring bounced back in October after earlier hurricanes, and the jobless rate has resumed a rapid descent.
Monthly change in nonfarm payrolls Unemployment rate

businesses can’t find ber. Its prospective leader, Fed
World-Wide governor Jerome Powell, who 400 thousand 8%
enough people to hire was nominated Thursday by
President Donald Trump to be- Six-month average
BY HARRIET TORRY come central bank chairman,
T he House GOP tax plan
rewards those who law-
makers think boost the
AND DAVID HARRISON might need to consider picking
up the pace of rate increases
300
7
economy the most, but it The U.S. economy rebounded next year to tamp down the
could lead to inconsisten- from recent hurricanes, sending risk of financial excesses or the 6
cies and tax avoidance. A1 the jobless rate down to a 17- threat of future inflation. 200
year low in October and driv- The Labor Department re-
Trump’s Asia tour, 5
ing up the pace of hiring. ported that the unemployment
which begins Saturday,
While that is good news, it rate fell 0.1 percentage point
will focus on North Korea
could pose a challenge for pol- to 4.1% in October, its lowest 100
and its nuclear efforts. A7
icy makers: the risk of the level since December 2000, 4
Bergdahl will receive a economy or financial markets the height of a technology
dishonorable discharge, overheating as labor becomes bubble. The unemployment
not jail time, for leaving more scarce, stocks march to rate, which changed little over 0 3
his base in Afghanistan. A3 routine record highs and stimu- Please see JOBS page A2
lative tax cuts potentially kick 2014 ’15 ’16 ’17 2014 ’15 ’16 ’17
A government report
in during the coming months. Heard on the Street: Job Note: Seasonally adjusted
drew a direct line between
The Federal Reserve is market at a tipping point... B10 Source: Labor Department THE WALL STREET JOURNAL.
human activity and the faster
pace of climate change. A4
New York police said they
are investigating a “credible Bergdahl Avoids Prison Sentence in Afghanistan Desertion Case In Tax Bill,
and detailed” rape allegation
against Harvey Weinstein. B1
Islamic State lost two of
its last toeholds in Syria and
How You
Iraq, leaving the group with
just a sliver of territory. A9 Get Rich
A Spanish judge issued an
international arrest warrant
for the ex-Catalan leader. A9
Matters
BY RICHARD RUBIN
A Chinese official played
down his country’s role as
WASHINGTON—The House
the source of opioids. A7
Republican tax bill intensified
a debate about whether the
Business & Finance GOP is setting up a big give-
away to the rich, but there is a
broader policy shift embedded
The U.S. economy rein the proposal: What matters
bounded from recent hur- isn’t just how rich you are, but
ricanes, sending the jobless how you are rich.
rate to down to a 17-year The plan, which was un-
low in October and driving veiled this past week and will
up the pace of hiring. A1 be further dissected when law-
A strong global economy makers return to Washington
has helped power U.S. com- on Monday, aims to eliminate
panies’ sales and earnings, estate taxes by 2024. It cuts to
GERRY BROOME/ASSOCIATED PRESS
but also is pushing up costs, 20% the tax rate on corporate

which could curb profits. A1 income. It also cuts to 25% the
rate on some income that own-
Broadcom plans an unso-
ers of so-called pass-through
licited bid for rival chip
businesses such as partner-
maker Qualcomm that could
ships and S corporations earn
be worth $100 billion. B1
from their operations.
Anthem’s CEO will step At the same time, the
down and veteran managed- House plan leaves a top tax
care executive Gail Bou- EXIT: A military judge ruled Army Sgt. Bowe Bergdahl, above, who walked off his military base in Afghanistan in 2009 leading to five years rate of 39.6% for those earning
dreaux will succeed him. B1 of Taliban captivity, shouldn’t go to prison. Instead, he will receive a dishonorable discharge. Sgt. Bergdahl’s fate became a polarizing issue. A3 big salaries from their em-
ployers and doesn’t touch the
Venezuelan bonds tum-
top tax rate of 23.8% for capi-
bled after Maduro said the
tal gains and dividends.
nation would seek to re-
In total, the party’s pro-
structure its debt. B1
Stocks closed at records,
helped by Apple’s gain. The
A ‘Mother’s Boy’ Turned Terror Suspect posed vision of the tax code
shows its focus in rewarding
Please see TAXES page A4
Dow rose to 23539.19. B10
Private equity has a GOP tax
Twitter said it added safe-
guards to prevent a lapse
Saipov studied accounting in Uzbekistan. Then he got a U.S. green card and his life fell apart. headache....................................... B9
that allowed a worker to de-
activate Trump’s account. B3
In a paradox worthy of a Russian unhappy and tired.
An Equifax probe cleared
four executives over their
novel, it may have been Sayfullo Saipov’s
good fortune that sent him spinning into
By Melanie Grayce West and
Joseph De Avila in New York
“I saw with my own eyes how much
he was working, how hard it was for
Sales and
sales of company shares. B9 a deadly trajectory as a terrorist on a
lower Manhattan bike path.
and Nathan Hodge in
Tashkent, Uzbekistan
him,” said Ms. Saipova. She said her son
wanted to return to Uzbekistan and
Spending
Inside
Interviewed in the family home in
Tashkent, Uzbekistan, Mr. Saipov’s
mother, Muqaddas Saipova, says her
Unexpectedly, he won, and moved to
the United States in 2010. By all ac-
talked of saving money for the trip. “He
said, ‘I’ll save money, and we’ll build a
new house,’ ” she recalled.
Surge at
NOONAN A13
son, almost on a lark, entered a lottery
to win a U.S. green card. At the time, the
counts, he struggled to make his way in
an unfamiliar land. It was on a visit last
Mr. Saipov, 29 years old, now sits in a
federal detention center in New York. On
U.S. Firms
22 year old was a studious boy with a year to New Jersey when Ms. Saipova Tuesday, police say he killed eight peo-
Finding Relief degree in accounting. saw that her “mother’s boy” had turned Please see SAIPOV page A10 BY THEO FRANCIS
On the Streets Sales at large U.S. companies
And at the Office Global Shortage of Magnetic Tape Debt Crisis Roils Venezuela are growing at a clip rarely seen
over the past five years, driven
Has Cassette Lovers Reeling In the latest blow to cash-strapped Venezuela, bond prices tumbled on
Friday after the president opened the door to a debt restructuring. B1
by an improving global econ-
omy, U.S. consumer spending
Clocks Move Back i i i and increased capital invest-
Price for Venezuelan Annual inflation rate ment.
Standard time begins at
2 a.m. Sunday. Clocks
Brisk demand prompts one die-hard bonds by maturity Profits, too, are healthy at
Projections S&P 500 firms, though they
move back by one hour. 2,500%
Daylight-saving time
supplier to press ‘play’ on production 2018 2022 2028 aren’t rising as quickly as they
$0.80 did earlier in the year. Earnings
returns March 11, 2018.
2,000 growth was pinched in the third
BY RYAN DEZEMBER Mr. Stepp is president and co- quarter by higher materials and
AND ANNE STEELE owner, has been hoarding a 0.60 labor costs, as well as the im-
CONTENTS Sports....................... A14 stockpile of music-quality, 1/8 - 1,500 pact of three major hurricanes
Books.................... C5-10 Style & Fashion D2-4
Business News B3-4 Travel...................... D5-6 SPRINGFIELD, Mo.—Steve inch-wide magnetic tape from on insurers.
Food......................... D7-8 U.S. News............ A2-5 Stepp and his team of septua- suppliers that shut down in 0.40 Strong profits, labor markets
Heard on Street...B10 Weather................... A14 genarian engineers are using a the past 15 years after music 1,000 and U.S. economic output, along
Obituaries................. A6 Wknd Investor....... B5
Opinion............... A11-13 World News....... A7-9
bag of rust, a kitchen mixer lovers ditched cassettes. Na- with expectations for lower cor-
larger than a man and a 62- tional Audio held on. Now, 0.20 porate tax rates, have helped
foot-long contraption that many musicians are clamoring 500 power gains in the equities
> used to make magnetic strips for cassettes as a way to phys- markets, leading the S&P 500
for credit cards to avert a di- ically distribute their music. index to a roughly 15% surge so
0 0
saster that no one saw coming The company says it has far this year.
in the digital-music era. less than a year’s supply of Oct. 2 N 2010 ’12 ’14 ’16 ’18 But some investors say the
s Copyright 2017 Dow Jones &
The world is running out of tape left. So it is building the Note: Bond prices per $1 of par value improved global growth could
Company. All Rights Reserved cassette tape. first manufacturing line for Sources: MarketAxess BondTicker (bonds); International Monetary Fund (inflation) have an unintended side effect:
National Audio Co., where Please see TAPE page A10 THE WALL STREET JOURNAL. Please see SALES page A6
A2 | Saturday/Sunday, November 4 - 5, 2017 * *** THE WALL STREET JOURNAL.
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Puerto Rico Would Get More, Pay More as State

Even before funds allotted to Puerto Rico $2.2 billion to $2.3 billion.
Puerto Rico What Price Statehood are capped, and if it had Corporate Taxes: Corpo-
was devas- If Puerto Rico were a state, its residents would receive more federal dollars and pay more taxes. been a state, it would have rations are trickier. Puerto
tated in Sep- received up to $6 billion. Rican corporations are con-
tember by ANNUAL EXPENSES Medicaid: Medicaid sidered foreign entities un-
Total federal In Puerto Rico
Hurricane Ma- spending was $685 million, der U.S. tax law and, in gen-
Program spending Actually spent Spent if P.R. were a state (range)
ria, the island existed in a but as a state, it would have eral, don’t pay federal tax.
strange nether world. Medicare (2010) $524.3 billion received $1.1 billion to $2.1 Meanwhile, U.S. parent cor-
Its residents are U.S. citi- Medicaid (2011) 242.3 billion billion. The estimates don’t porations with subsidiaries
zens, but they can’t vote for SNAP* (2011) 57.8 billion include home-health services in Puerto Rico can defer tax
president. They pay payroll or nursing homes. on foreign income until it is
Supplemental Security 54.5 billion
taxes, but not income taxes. SNAP: Spending on a pro- repatriated to the U.S.
Income (2011)
They receive benefits from $0b 1 2 3 4 5 6 7 8 9 10
gram similar to the Supple- The GAO estimated cor-
some government programs, mental Nutrition Assistance porations paid $1.42 billion
but not others. ANNUAL REVENUES Program was $1.9 billion. As in taxes. Had the island been
The same is true for other Total federal In Puerto Rico a state, eligible residents a state, they would have paid
U.S. territories, but Puerto Program receipts Actually paid Paid if P.R. were a state (range) would have received $1.7 bil- $5 billion to $9.3 billion, as-
Rico is the largest and most Individual Income Tax $1.1 trillion lion to $2.6 billion. The low suming none relocated. If
populous. The island has an Corporate taxes $242 billion end is less than actual spend- some did relocate, the GAO
area of 3,515 square miles, a Corporate taxes ing because Supplemental calculated the range from a
population of 3.4 million and, if some businesses left P.R. Security Income, for which loss of $100 million to an in-
in 2016, a per capita gross $0b 1 2 3 4 5 6 7 8 9 10 residents would also become crease of $3.4 billion. The
domestic product of $38,400. *Supplemental Nutrition Assistance Program—also known as food stamps—provides vouchers for certain foods to low-income citizens. eligible, would affect SNAP. negative figure was attri-
Puerto Rico is larger than Source: Government Accountability Office THE WALL STREET JOURNAL. SSI: Spending for a pro- buted to potential tax write-
two states, more populous gram similar to Supplemen- offs by U.S. corporations for
than 21 and outranks six in impact, the U.S. Government largest federal programs, in- 2009 or 2010, depending on tal Security Income was $24 prior-year losses.
per capita GDP. Accountability Office exam- stead of $7.1 billion. Its cor- which year it had the most million, but as a state, resi- Together, revenues from
It is unlikely Puerto Rico ined expenditures, as well as porations would have paid $5 current data. dents would have received individual and corporate
will become a state soon, if tax revenues. Because it’s un- billion to $9.3 billion in taxes Here’s the breakdown of $1.5 billion to $1.8 billion. taxes would increase by as
ever. The prospect divides its known at what rate eligible instead of $1.4 billion, as- the largest of 11 programs The total for all four pro- little as 48% to as much as
residents nearly in half, and residents of Puerto Rico suming none relocated. And the GAO determined would grams would amount to an eight times.
even if they agreed in favor might participate in pro- its residents would have paid be affected by Puerto Rico increase in spending of 24% The GAO cautioned that
of statehood, it would take grams and some firms might $2.2 billion to $2.3 billion in statehood: to 42% in Puerto Rico. the effect of statehood would
an act of Congress. But if did relocate, the GAO estimated individual income tax. Medicare: Puerto Rico Individual Income be influenced by the terms of
happen, residents would re- a range of potential effects. The GAO conducted its residents, who pay payroll Taxes: On the revenue side, admission, strategies to pro-
ceive billions more in federal Overall, it found that as a analysis in 2014 and gener- taxes at the same rates as Puerto Ricans paid $20 mil- mote economic development
dollars and they would pay state, Puerto Rico would ated estimates based on residents of the states, re- lion in payroll taxes, but if and other decisions. In addi-
billions more in taxes. have received $8.8 billion to Puerto Rico being treated the ceived $4.5 billion in Medi- the island had been a state, tion, the report doesn’t
To assess the economic $12.5 billion from the four same as the states in either care benefits. But Medicare residents would have paid quantify the effect migration.
JOBS bor demand is robust, it’s just a

matter of finding people at this
point,” Stephen Stanley, chief
Growing Pains
Wages are only narrowly outpacing price gains even though
But the longer-run trend is
anemic. From a year earlier,
wages increased 2.4% in Octo-
Financial
Continued from Page One
the course of 2016, has bar-
economist of Amherst Pierpont
Securities said in an interview.
For two months straight, the
labor-force participation has held steady over the past two years.
Change from a year earlier: Labor-force participation rate:
ber, the weakest pace of
growth since February last
year. Broader inflation is ane-
Loss Cited
reled down from 4.8% at the
start of this year.
A broader measure of un-
jobless rate has been below
4.3%, the level Fed officials in
September estimated it would
6%
4
Average hourly earnings,
all private employees 66
67% mic too, running below the
Fed’s 2% target.
Fed Chairwoman Janet Yel-
In Vegas
employment that includes
Americans stuck in part-time
jobs or too discouraged to
average in the fourth quarter.
That means the job market is
tightening more rapidly than 2 65
len, whose term expires in Feb-
ruary, described the inflation
undershoot in recent months as
Massacre
look for work fell to 7.9% in officials expected. It is also well a “mystery” given low unem- BY ZUSHA ELINSON
October. The last time it was under the 4.6% jobless rate that 0 64 ployment, though her “best
lower was in 2001. officials see as the marker for a guess is that these soft readings Las Vegas gunman Stephen
It is all a sign that new labor market running at full Consumer prices will not persist.” Mr. Powell has Paddock lost a “significant
–2 63
hires are rapidly become steam, a level known as “full expressed similar puzzlement. amount of wealth” in the past
harder to find, a challenge ag- employment.” Tax cuts being considered by two years, which may have
gravated by the aging work- Labor-market churn shows –4 62 Congress could rev up growth. been part of what motivated
force and retirement of many signs of picking up as people 2007 ’10 ’15 2007 ’10 ’15 House Republicans this week him to carry out the deadliest
workers. scuffle for better jobs. Brian proposed $1.4 trillion in net mass shooting in modern U.S.
Nonfarm payrolls rose a Faistenhammer, general man- Note: Seasonally adjusted cuts over a decade. That’s mod- history, according to a local
seasonally adjusted 261,000 in ager at Lone Star Ford in Source: Labor Department THE WALL STREET JOURNAL. est when stretched out over 10 law-enforcement official.
October. September’s payroll Houston, Texas, said he lost a years in an economy that annu- Las Vegas Metropolitan Po-
data, initially reported as the handful of the more than 100 tion workers, “we had to in- market to a job, up from 4.3 ally churns out $19 trillion lice Department Sheriff Joseph
first drop in seven years, were employees at his car dealer- crease wages to get the cream million in the same period of worth of goods and services. Lombardo told local television
revised to show employers ac- ship to the real-estate industry of the crop.” 2016. Still, the wage backdrop Still, it has added fuel to a syn- station KLAS-TV this week
tually created 18,000 new jobs in the aftermath of Hurricane For now, the Fed is likely to is a puzzle. In theory, a tighten- chronized global economic up- that Paddock’s financial losses
that month, extending the Harvey. People went to high- welcome signs that the tight ing labor market should lead to turn and financial markets that “might have been a determin-
economy’s streak of job gains paying construction jobs in labor market is drawing peo- wage increases and potentially are already shooting higher. ing factor on what he deter-
to a record 85 straight the aftermath of the storm. ple back to work. The prime- even inflation. That isn’t hap- “In this environment we be- mined to do.”
months. Hurricane Harvey bat- Kristin Ruff, vice president age labor-force participation pening now. lieve the Fed will see even But investigators are still
tered Texas in late August and of human resources at iFLY, an rate—which measures the Worker wages actually de- more need for a steady, regu- struggling to piece together
Irma hit Florida in early Sep- Austin, Texas-based company share of adults ages 25 to clined 1 cent to $26.53 an hour lar removal of accommoda- exactly what led the 64-year-
tember, denting economic ac- that runs indoor skydiving 54 who are working or look- in October after increasing by tion,” J.P. Morgan economists old Paddock to fire from his
tivity but not discernibly al- centers, said “it’s definitely ing for a job—bottomed out in 12 cents the prior month. concluded in a note to clients hotel suite onto the crowd at a
tering the underlying pace. been challenging” to find cer- September 2015 at 80.6% after Those figures may have been after Friday’s jobs report. country-music festival on Oct.
The Dow Jones Industrial tain types of skilled workers. a seven-year decline and has affected by the hurricanes, as They projected four Fed quar- 1. The attack killed 58 and in-
Average finished up 22.93 “We pull people from out- since rebounded to 81.6%. restaurants and bars added ter-percentage-point interest- jured nearly 500.
points, or 0.1%, at 23539.19. It side of Austin to relocate,” she So far this year, an average many low-wage workers back rate increases in 2018. If that Sheriff Lombardo didn’t say
is up 19% so far this year. said, adding that for engineer- 4.5 million people have gone to their payrolls, dragging is right, it would be the most exactly how Paddock, an avid
“It is pretty cut and dry, la- ing, technology and construc- from the sidelines of the labor down average earnings overall. in more than a decade. video-poker player, lost his
money but suggested that
some was from gambling.
Service Sector Hits September’s strong report. The traction. “He was pretty prolific, but
index was introduced in 2008, The details of Friday’s re- he was going in the wrong di-
A 12-Year High and last month it was at its port were largely positive. The rection, so I don’t know if that
highest level since then; histori- business activity and produc- if had any effect on what he
POLO RALPH LAUREN
cal calculations showed the tion index rose to 62.2. The decided to do,” he said.
Tartan velvet
tuxedo jacket, $895. The U.S. economy was gauge was higher in August new-orders index eased to 62.8. Paddock had done well as a
Black merino wool humming in October, according 2005. The index tracking employment gambler as of several
turtleneck, $125. to a broad gauge of business It will be difficult to sustain rose to 57.5. years ago, according to people
Black slim-fit stretch activity that hit a fresh 12-year the current robust pace of ex- The prices index was 62.7, who knew him.
jeans, $125. high last month. pansion in coming months, said down from September but still Paddock fired 1,000 rounds
The Institute for Supply Anthony Nieves, who oversees high. and had access to more than
Management on Friday said its the ISM survey. “Even with a Inflation has been subdued 4,000 more, the sheriff also
nonmanufacturing index rose to strong holiday season, it will this year, though a hurricanes- revealed during the interview.
60.1 in October from 59.8 in have to eventually level off or fueled spike in gasoline prices
September. A reading above 50 move sideways,” he said. But has pushed up broad price
indicates activity is expanding even with a modest pullback, gauges in recent months. THE WALL STREET JOURNAL
across service and other indus- “it would still be reflecting a The overall U.S. economy (USPS 664-880)
(Eastern Edition ISSN 0099-9660)
tries, while a number below 50 strong rate of growth.” has expanded at a healthy pace (Central Edition ISSN 1092-0935)
signals contraction. Some 16 sectors reported in recent months, bolstered by (Western Edition ISSN 0193-2241)
Economists surveyed by growth, led by agriculture, while consumer and business spend- Editorial and publication headquarters:
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THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, November 4 - 5, 2017 | A3
U.S. NEWS
Bergdahl
Avoids
Jail Time
BY NANCY A. YOUSSEF
A military judge ruled that

Sgt. Bowe Bergdahl, who
walked off his military base in
Afghanistan in 2009 leading to
five years of Taliban captivity,
shouldn’t receive prison time.
Instead, Sgt. Bergdahl will
receive a dishonorable dis-
charge, which denies him any
military health or veterans
DAVID CARSON/ST. LOUIS POST-DISPATCH/ASSOCIATED PRESS

benefits, and will be demoted
to the rank of private. The U.S
military will also deduct
$1,000 a month of his salary
for the next 10 months, the
judge ruled on Friday.
The judge, Col. Jeffrey
Nance, didn’t explain the rea-
soning behind the sentence as
he delivered his ruling in a
Fort Bragg, N.C., courtroom.
Sgt. Bergdahl, donning his mil-
itary uniform, wept as the
judge read the sentence.
The decision over Sgt. Berg-
dahl’s fate became a deeply po- St. Louis city is one of 91 local governments in the county. A business group says reunification would make the area more efficient and more economically competitive.
Rethinking the ‘Great Divorce’

larizing issue, dividing those
who felt he had suffered
enough during his captivity
and those who felt that anyone
who deserted fellow troops, es-
pecially while at war, deserved
the maximum punishment. St. Louis county and
On Twitter and across Regional Differences Ferguson Riots ten lead to excessive court
other social-media platforms, city split in 1876; now An effort to consolidate the governments of the city of St. Louis and fines.
many already were expressing a group sees merging St. Louis County has highlighted the region's economic disparities.
Spur Push to Unite The Ferguson Commission,
anger over the sentence as set up following the 2014 riots
too light, demanding harsher as a fix for local woes Median household income, 2015 By municipality (county) or tract (city) to explore the sources of ten-
punishment, or even the Nancy Rice, executive direc- sion, recommended consolida-
death penalty. BY SHAYNDI RAICE tor of Better Together, said the tion of courts and law-enforce-
Sgt. Bergdahl, 31, pleaded $90,000 275 consolidation movement began ment agencies as a partial
guilty to desertion and misbe- The St. Louis region is los- 70 Ladue in 2012 but gained momentum solution to racial inequality.
havior before the enemy. The ing population, its economy is $70,000 after 2014, when riots over the Proponents also say consol-
$182,875
misbehavior conviction carries sluggish and violent crime is (highest) police shooting death of Mi- idation could help the region
a maximum life sentence. on the rise. $50,000 64 chael Brown in Ferguson, Mo., vie together for business.
Throughout his sentencing, A group of Missouri busi- highlighted economic dispari- Bob O’Loughlin, chairman
Sgt. Bergdahl’s defense team ness leaders with bipartisan $30,000 ties in the county. and CEO of Lodging Hospitality
St. Louis
pushed to avoid a prison sen- political backing see a com- Many of those can be Management, favors consolida-
tence. Last week, they argued mon issue behind the prob- Tract traced to the fragmented gov- tion, in part because it could
Unincorp-
that he shouldn’t receive lems—the region’s multitude orated/ 1062, ernments, say Ms. Rice and bring more conventions or
prison time because President of local governments. no data St. Louis proponents of a merger. tourists by effectively lowering
44
Donald Trump made com- They are pushing a plan to $11,295 Wealthier, white municipalities the per capita crime statistics
ments about the case at an explore the reunification of County 255
(lowest) often pay for local services in the city by spreading them
Oct. 16 press conference. the city and county to make boundary
5 miles
with sales taxes. Poorer, black over a larger base.
Mr. Trump afterward issued the region of 1.3 million peo- City MISSOURI ILLIN O IS areas raise revenue through “There’s a perception that
5 km
a statement calling for fair ple more efficient and eco- boundary punitive traffic tickets that of- hurts us,” he said.
and unbiased rulings in mili- nomically competitive. Source: U.S. Census Bureau THE WALL STREET JOURNAL.
tary justice cases, an apparent St. Louis County has 89 in-
move to undo any appearance dependent municipalities, with of Better Together, which has park and an extensive shop- rated from the county. and county as well as the Re-
of influence. But Col. Nance, in 57 police departments, 43 fire put nearly $2 million toward ping district. Today, the area has a wide publican president of the state
an Oct. 30, ruling, said he districts and 81 local courts. the campaign. When city-county consoli- range of municipalities, big and Senate.
would consider Mr. Trump’s The city of St. Louis is a sepa- Grand plans to reduce the dations are put to a public small. The village of Champ “We need to start imagin-
comments as “mitigation evi- rate municipality. Proponents size of government through vote, they are approved 15% of has five elected officials for a ing and dreaming about some
dence as I arrive at an appro- of consolidation say the frag- merger or consolidation have the time, said Suzanne Leland, population of 13 people. Mean- of the things that we could ac-
priate sentence in this case.” mentation turns off potential long been touted by advocates a professor of political science while, the independent city of tually do with the funds that
The judge began deliberat- investors and leads to wasteful of efficiency across the U.S., and public administration at St. Louis has its own eco- we would save if we didn’t
ing on the sentence Thursday government and disparities in including Michigan Republican the University of North Caro- nomic-development agency have this really fractured gov-
afternoon. service. It is unclear whether a Gov. Rick Snyder. lina at Charlotte, who has and other agencies that com- ernment,” said St. Louis Mayor
Mr. Trump weighed in on the consolidation would mean the Backers point to mergers studied such mergers. pete with the county’s. Lyda Krewson, a Democrat.
case again on Friday, saying in dissolution of the municipali- like those that helped spur Last year, merger talks be- Some residents are doubtful In a 2012 poll paid for by
a Twitter message: “The deci- ties sprinkled across the economic growth in places tween the city of Cleveland about the benefits of consoli- anti-income tax billionaire Rex
sion on Sgt. Bergdahl is a com- county. Many in those cities such as Indianapolis, Louis- and its financially troubled dation. Sinquefield, 77% of city resi-
plete and total disgrace to our and villages cherish the local ville, Ky., and Kansas City, Kan. neighbor East Cleveland “I think the people are bet- dents supported a combina-
Country and to our Military.” control they have over issues When Kansas City, Kan., largely stalled after the mayor, ter served the closer govern- tion, while 39% of county resi-
The defense team, in addi- like neighborhood zoning and and Wyandotte County, Kan., a political champion of the ment is to them,” said Greg dents would support it.
tion to arguing Sgt. Bergdahl services like fire departments. consolidated, the unified gov- move, was ousted in a recall Carl, the mayor of Olivette, a Better Together is holding
was a victim of unlawful com- “We are really divided by ernment won a project to election. city in St. Louis County of town-hall style meetings and
mand influence exerted by the the city and the county and build the Kansas Speedway, What people in Missouri about 7,700 people. plans to recommend a plan for
president, said that he had there doesn’t seem to be any which hosts two annual Na- call “the great divorce” dates The move to explore con- consolidation the summer. Ei-
suffered enough through the real momentum for this re- scar race weekends. A once- to 1876, when the city of St. solidation has powerful back- ther a statewide or local vote
torture and abuse he endured gion,” said George Herbert vacant area of the city now Louis, then thriving as the ers and has won over the could happen as early as No-
at the hands of the Taliban. Walker III, chairman emeritus has hotels, a casino, a water Gateway to the West, sepa- Democratic leaders of the city vember 2018.
Koch Network Makes Push on VA Care

BY BEN KESLING
WASHINGTON—A conserva-
tive goal of opening more of
the Department of Veterans
Affairs’ medical services to the
private sector is due to get a
push from the well-funded
Koch brothers’ network.
Brothers Charles and David
Koch, whose network is plan-
ning to spend hundreds of mil-
BO RADER/THE WICHITA EAGLE/ASSOCIATED PRESS
lions of dollars to advance its

conservative agenda across the
government and protect vul-
nerable congressional Republi-
cans, will mobilize several af-
filiates and subgroups to battle
for its vision of the future of
the VA, Koch representatives
said this week.
“I think you’re seeing the
conservative movement
awaken to this issue,” said a
spokeswoman for Concerned
Veterans for America, a Koch- Charles Koch in 2012. Charles and David Kochs’ network is pressing for changes in the VA care system.
backed group that for years
has fought to increase the role ners outside the sprawling VA “The Koch brothers can do would provide care more effi-
of private-sector health care at system. whatever the hell they want,” ciently.
the department. The spokes- A push for expanded use of said Sen. Jon Tester (D., “Right now you have tre-
woman added, “This is about a private-sector services stands Mont.), the top-ranking Dem- mendous opportunity with [VA
broader conversation about to reignite a long-simmering ocrat on the Senate Commit- Secretary David] Shulkin and
the government’s role in debate. Many veterans groups tee on Veterans’ Affairs, who the Trump administration who
health care.” have said expanding veterans’ opposes steps he says would have prioritized this issue,”
House and Senate veterans care to more of the private sec- weaken the VA. “But if they said James Davis, spokesman
committees are drafting legis- tor could leave former mem- want to privatize the VA, for the Kochs’ Seminar Net-
lation that could determine, in bers of the military navigating bring it on,” he added as a work, as it is officially known.
large part, how much the VA facilities that may not be vow to fight the effort. Concerned Veterans for
outsources care to the private equipped to handle the prob- Concerned Veterans and the America has led the Koch ef-
sector and whether the VA lems veterans face, including Koch network, including Free- fort on veterans issues.
would remain at the center of post-traumatic stress and inju- dom Partners and Americans “It’s really an integrated,
veterans’ health services. The ries sustained on the battle- for Prosperity, say they aren’t network-wide campaign now,”
VA already pays for some 30% field. Some say this is a way to privatizing the VA but said said Dan Caldwell, executive
of veterans’ appointments care slowly choke off funding from opening up the ability to use director for Concerned Veter-
to be performed by practitio- government-run hospitals. more private-sector providers ans.
A4 | Saturday/Sunday, November 4 - 5, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.
U.S. NEWS
Humans Linked to Climate Change Pace

Greenhouse gases are Program, which is mandated by strained American industry.
federal law to produce a com- Among its findings, the re-
tied to the speed of prehensive climate assessment. port also notes that the global
warming, report says; The report was crafted by sci- average sea level has risen by
entists from 13 federal agen- about 7 to 8 inches since
cuts could curb effects cies, including the National 1900, but nearly half of that
Oceanic and Atmospheric Ad- increase has happened in the
BY DANIELA HERNANDEZ ministration, the National past 25 years or so. That is
Aeronautics and Space Admin- already affecting cities in the
A new U.S. government re- istration, the Energy Depart- U.S. along the Atlantic and
port drew a direct line be- ment, and the Environmental Gulf coasts, where tidal flood-
tween human activity and the Protection Agency. The finding is becoming more com-
quickening pace of climate ings are based on scientific, monplace, according to the
WILFREDO LEE/ASSOCIATED PRESS

change, saying the future peer-reviewed research, plus report.
emissions of greenhouse gas- publicly available data sets and Looking ahead, the report
ses will determine how warm assessments of previous re- says sea levels are expected to
the earth will get and how ports written by federal agen- rise by at least several inches
quickly sea levels will rise. cies, according to the report. in the next 15 years and by 1
“The last three years have The report’s statement that to 4 feet by 2100.
been the warmest years on re- cuts in greenhouse-gas emis- Average surface air temper-
cord for the globe,” according sions could mitigate the ex- ature has increased by about
to the National Climate As- pected rise in global tempera- 1.8°F over the past 115 years,
sessment. “Many lines of evi- tures comes as the Trump with recent years serving “re- Hurricane Irma hit Miami in September. A report says rising sea levels are affecting some coastal areas.
dence demonstrate that it is administration has rolled back cord-breaking, climate-related
extremely likely that human efforts to limit emissions. extremes,” according to the re- ciers and diminishing snow ously thought. change before he entered poli-
influence has been the domi- President Donald Trump port. Heavy rains, heat waves, cover and sea ice. On Wednes- The change in climate will tics, calling it an “expensive
nant cause of the observed moved to pull the country and forest fires are becoming day, NASA published maps also affect human health and hoax” and a concept invented
warming since the mid-20th from the Paris climate accord, more frequent, the report said. showing that two to four productivity, according to the by the Chinese. Since entering
century.” the global push to slow carbon Scientists have also ob- times as many of Greenland’s report and other studies. the Oval Office, Mr. Trump has
The report was produced by emissions, saying it stepped served changes in ocean tem- coastal glaciers are at risk of President Trump was an largely avoided stating his po-
the Global Change Research on U.S. sovereignty and con- peratures, plus melting gla- accelerated melting as previ- outspoken skeptic of climate sition on the science.
WASHINGTON
Tax Plan Reshapes College Savings, Loans WIRE
BY VERONICA DAGHER ilar to 529s in that they offer
tax-free withdrawals when the SEX TRAFFICKING
The House Republican tax funds are used on qualified ed-
plan includes a number of pro- ucation expenses. But unlike a Tech Companies
visions that, if part of a final 529 plan, a Coverdell can be Back Senate Bill
bill, would affect a swath of used to save for K-12 expenses.
popular higher-education ben- “They basically took the Big internet companies sig-
efits and programs. best feature of the Coverdell naled their support for a Senate
The plan calls for about $65 and rolled it into the 529,” Mr. bill aimed at curbing online sex
billion less in tax benefits for Kantrowitz says. This means trafficking, apparently ending on
postsecondary students and that 529 plans will now be able Friday what had become a diffi-
borrowers over the next de- to be used to pay for elemen- cult political fight.
cade, according to the con- tary and secondary education. The bipartisan legislation,
gressional Joint Committee on sponsored by Sens. Rob Port-
Taxation. But many of those man (R., Ohio) and Richard Blu-
taxpayers would benefit from Tuition assistance menthal (D., Conn.), would carve
broader provisions of the plan, The plan proposes the re- out an exception for sex traffick-
like lower marginal rates and peal of employer-paid tuition ing in the sweeping legal immu-
a sharply higher individual assistance of up to $5,250. (The nity that Congress granted to in-
standard deduction. benefit isn’t taxable to the em- ternet businesses in the 1990s.
Here are some things col- ployee but is deductible for the Many critics contend that the
lege borrowers and savers employer.) This repeal may be immunity law has allowed a
might want to know: opposed by employers who are number of sites featuring prosti-
offering the benefit to attract tution ads to flourish. The
talent, Mr. Kantrowitz says. change now being debated in
Interest deductions The plan also wouldn’t re- Congress would allow underage
The GOP plan proposes store a recently expired provi- victims of sex trafficking, as well
CHARLES MOSTOLLER/REUTERS
ending the popular student- sion that allowed taxpayers to as local prosecutors, to file civil
loan interest deduction. Cur- deduct up to $4,000 a year in lawsuits or take other legal ac-
rently, borrowers with a modi- tuition and related expenses, if tion against businesses that fa-
fied gross income of $65,000, they earned less than $65,000 cilitate online trafficking.
or $135,000 for couples, can in adjusted gross income. The Internet Association,
deduct up to $2,500 a year on which includes Google as well as
interest paid toward qualify- Facebook Inc., announced its
ing federal and private stu- Death or disability support for the bill, after spon-
dent loans. Students walk between classes on the campus of the University of Pennsylvania in Philadelphia. Under the current system, if sors agreed to several changes
About 12.4 million people student-loan borrowers die or that somewhat tighten the bill’s
claim the student-loan inter- year—or an annual tax refund dents, the Hope Scholarship become permanently disabled, reach.
est deduction, according to Tax credits of up to $1,000—for a maxi- Credit and the Lifetime Learn- their loans would be dis- —John D. McKinnon
the Internal Revenue Service. The tax plan would in- mum of four years while ening Credit. charged and they (or their es-
Borrowers who are in the crease aid available under the rolled in a degree or certifi- tate) would be taxed on the EPA
25% tax bracket roughly save American Opportunity Tax cate program. The GOP plan amount of the discharge.
about $272 and a maximum of Credit, or AOTC, which helps would maintain the AOTC ben- Coverdells and 529s In the GOP plan, however, Pruitt to Meet With
$625, says Mark Kantrowitz, a defray such higher-education efit while providing a fifth- The plan would phase out borrowers who die or are per- Chemical Industry
financial-aid expert and pub- costs as tuition, fees and year credit of up to $1,250, or Coverdell education-savings manently disabled will no lon-
lisher of Cappex.com, a web- course materials. a maximum refund of $500. accounts and guide savers into ger get taxed on this amount. The Trump administration’s
site that connects students Currently, students can col- The GOP plan would elimi- “529” college savings plans. “This is a big benefit,” says top environmental regulator is
with colleges and financial aid. lect a credit of up to $2,500 a nate two other credits for stu- Coverdell accounts are sim- Mr. Kantrowitz. set to speak privately to chemi-
cal industry executives next
week during a conference at a
TAXES utive; the owner-operator of a

manufacturer; an investor re-
ceiving dividends; a passive
business owner, such as one
Net Effect
Projected change in after-tax income under the House Republican tax
proposal, by income group:
investors in pass-through
businesses get the 25% rate.
Active owners instead fall into
two groups. Those in profes-
luxury oceanfront golf resort.
Environmental Protection
Agency Administrator Scott
Pruitt is listed as the featured
Continued from Page One who has a stake in a real-es- sional services businesses, speaker at a board meeting of
taxpayers who lawmakers tate property; and an heir Income group In 2018 In 2027 such as lawyers and, ironically, the American Chemistry Council,
think boost the economy the from a large estate. 0% to 20% 0.8% 0.4% accountants, don’t get it. They a group that has lobbied against
most. Under the GOP plan, the ex- are treated just like the CEO stricter regulations for chemical
“If you earn your income as ecutive would pay $868,000 in 20% to 40% 1.4 0.7
taxed at a 39.6% high-end rate. manufacturers. The three-day
a doctor, a lawyer, an archi- taxes, according to a rough 40% to 60% 2.2 0.5 Others, such as a retail- conference is being held at the
tect, you’re not getting any- calculation by Tony Nitti, of 60% to 80% 2.4 0.9 store owner or a manufac- Sanctuary resort on Kiawah Is-
thing,” said Rep. Chris Collins WithumSmith + Brown, an ac- turer, are treated as part CEO land, S.C.
80% to 100% 3.6 1.1
(R., N.Y.). “But you’re not sup- counting firm. The manufac- and part investor; 70% of their Council spokeswoman Anne
posed to get anything—that’s turer pays $704,400, but 80% to 90% 2.4 0.8 income under the House bill is Kolton said Mr. Pruitt’s speech
how you earn your income. It might be able to argue her 90% to 95% 1.5 -0.1 taxed at individual rates up to won’t be open to the public or
wasn’t intended to lower the way into a lower bill. The pas- 95% to 99% 1.6 -0.3 39.6%, and 30% of their in- the news media.
tax rate for a doctor, a lawyer sive business owner pays come is taxed at the lower —Associated Press
or an architect. It was in- $576,000. The dividend-earn- 99% to 100% 7.5 3.3 25% rate for business owners.
tended to lower the rate for ing investor pays $476,000. Total 2.9 0.9 Not surprisingly, lawyers JFK DOCUMENTS
manufacturing companies The heir to the estate pays Note: Figures are based on a static basis not accounting for projected economic growth. and architects are unhappy.
making widgets and employing nothing. The manufacturer, Source: Tax Foundation “The issue is fairness,” said New Files Focus on
other people.” the estate and the passive THE WALL STREET JOURNAL. Andrew Goldberg, a spokes- Oswald Mexico Trip
The GOP says its plan, if en- owner get big tax cuts from man for the American Insti-
acted, would encourage invest- the plan. The investor and the fessor and former aide to would get a 7% tax cut on av- tute of Architects. “If Congress Newly released government
ment, hiring and growth by al- wage earner generally don’t. President Barack Obama. erage, while households earn- is going to provide a new rate files related to President John F.
lowing owners and investors On top of that, upper-mid- Early estimates show that ing more than $1 million for pass-through entities, it Kennedy’s assassination show
to keep more of what they put dle-class taxpayers who make about $1 trillion worth of the would get a 5% cut, according shouldn’t knock out some ar- officials scrambling to gather in-
into their businesses. “The far less than $2 million could tax cuts in the plan go to busi- to an analysis released late bitrarily.” formation about Lee Harvey Os-
kind of growth you’re looking see tax increases, especially if nesses, including pass-through Friday by the Joint Committee Some business owners wald’s trip to Mexico City weeks
for is not quick stimulus,” said they live in high-tax states and ones, while about $228 billion on Taxation, Congress’s offi- could have an incentive to earlier.
Republican economist Douglas would no longer be able to de- goes to individuals and $172 cial nonpartisan scorekeeper leave pass-through status and Documents released Friday
Holtz-Eakin. It is “to raise the duct state and local income billion goes to estates. The for tax legislation. That top turn their businesses into cor- show officials questioned
return to saving and invest- taxes. plan is likely to change repeat- group would get about 20% of porations. They would pay a whether Oswald had been trying
ment, improve productivity.” edly, both in the House and the tax cut that year, and its 20% tax on profits and keep to get visas from the Soviet and
Yet because of these the Senate. share of the tax cut would in- their money inside the corpo- Cuban embassies in Mexico City
changes, the tax code could Democrats seized on some crease over time. ration. They could also get the in order to “make a quick escape
become even more complex
The effort to overhaul of the plan’s provisions, in- The Republican effort to benefit of deducting state after assassinating the president.”
for America’s wealthiest and update business cluding its proposal to repeal overhaul and update business taxes from their profit calcula- A secret CIA message sent
households and open new ave- many deductions and end the taxes causes these twists and tions. They could then invest two days after Kennedy’s death
nues for tax avoidance.
taxes causes these estate tax, as a sign that the turns. Republicans say cutting the retained earnings and de- says an “important question”
The changes also could lead twists and turns. benefits were tilted to the the corporate rate would make fer the tax on dividends. They that remained unsolved was
to inconsistencies that some highest-earning households. U.S. business more competi- might also pass appreciated whether Oswald had been plan-
construe as unfair. Some bil- The Tax Foundation, a conser- tive with firms overseas. stock to their heirs without ning to travel right away.
lionaire pro sports team own- vative-leaning think tank, esti- Under current law, the cor- estate or capital gains taxes. The message says although it
ers, for example, would get “It creates a lot of complex- mated Friday that the top 1% porate tax rate is 35%. But “There’s all different ways to appears Oswald “was then
sizable tax cuts while their ity for taxpayers and a lot of of households would see their much business income is taxed structure,” said Gregg Polsky, a thinking only about a peaceful
millionaire employees on the opportunities to game the tax after-tax incomes rise by 7.5% through the individual tax sys- tax-law professor at the Univer- change of residence to the So-
field see little change. code, which tend to benefit in 2018, compared with a 2.2% tem. For them, business in- sity of Georgia. “They’re going viet Union, it is also possible
Take a simplified example people who are richer and able boost for the middle 20% of come appears on the owner’s to pick whichever’s the lowest.” that he was getting documented
of $2 million, received at the to afford the best tax advice,” the population. individual returns and gets —Laura Saunders to make a quick escape after as-
relevant top rates, by five dif- said Lily Batchelder, a New In 2019, households earning taxed at rates of up to 39.6%. and Siobhan Hughes sassinating the president.”
ferent people: a salaried exec- York University tax-law pro- between $50,000 and $75,000 Under the GOP plan, passive contributed to this article. —Associated Press
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, November 4 - 5, 2017 | A5
U.S. NEWS
Democrats Fight
Over 2016 Race
BY LOUISE RADNOFSKY fering” in the primary process.
She noted that both Mrs. Clin-
WA S H I N G T O N — D e m o - ton and Mr. Sanders had the
crats became embroiled in an option to raise money through
intraparty fight Friday over joint DNC accounts.
last year’s election. The two campaigns set up
Donna Brazile, the interim joint fundraising accounts with
chairwoman of the Democratic the DNC during the primary,
National Committee during the though the accounts were ulti-
election, asserted in a new mately used very differently.
book that the fundraising Joint fundraising accounts al-
agreement between the DNC low campaigns and parties to
and Hillary Clinton’s campaign solicit larger individual dona-
was unethical because it gave tions that are then divvied up
her too much influence on the between the entities that sign
party’s infrastructure. the agreement.
In excerpts published on Po- Mr. Sanders shunned big-
litico, Ms. Brazile said Mrs. dollar fundraising, relying in-
Clinton’s campaign raised stead on small donors to fuel
money for the DNC and helped his campaign. Mrs. Clinton,
fund it, and in return took con- however, routinely held large-
BOB STRONG/REUTERS
trol of its finances and strat- dollar fundraisers for her joint
egy. Ms. Brazile noted it is account with the DNC and
common practice for a nomi- state parties—some of which
nee to take control of party would then transfer the funds
operations and fundraising. they received back to Mrs.
But she said Mrs. Clinton’s Clinton’s campaign.
President Donald Trump on Gen. John Baker, chief defense counsel at Guantanamo Bay, Cuba, above, had been arrested for letting civilian attorneys quit case.
Friday called on his Justice De-
Ex-DNC chairwoman
Gitmo General Is Released
partment to investigate Demo-
crats. In remarks just before
sees unethical acts by his trip to Asia, he said it was
Clinton team. They a “disgrace” that a special
counsel investigation into ties
say her facts are off. between his campaign and BY JESS BRAVIN The Defense Department re- lawyers to return to his court ing of the USS Cole when she
Russia continues when investi- leased Gen. Baker a day after if things drag out. called at Aden, Yemen, killing
gators “should be looking at WASHINGTON—Under pres- his attorneys filed a petition The arrest of a Marine gen- 17 U.S. sailors.
the Democrats.” sure from a federal court, the with the U.S. District Court ar- eral was the latest crisis to be- With rare exceptions, com-
campaign signed the agree- “You want to look at Hillary Pentagon on Friday released a guing the military judge had fall the military commission munications between attor-
ment with the DNC in August Clinton, and you want to look Marine Corps general who was no authority to punish the Ma- system, conceived after the neys and their clients are con-
2015, almost a year before she at the new book that was just put under house arrest for dis- rine officer. At an emergency Sept. 11, 2001, terrorist attacks fidential. Defense attorneys
clinched the party’s nomina- put out by Donna Brazile, obeying what he said was an hearing Thursday, government to handle alien terrorist sus- said they tried to learn more
tion. That disadvantaged Ver- where she basically bought the illegal order that would com- authorities asked U.S. Judge pects the U.S. expected to cap- about the surveillance, but
mont Sen. Bernie Sanders in DNC, and she stole the election promise a fair trial for a Guan- Royce Lamberth to avoid rul- ture during the invasion of Af- were stymied by rulings from
his primary fight with Mrs. from Bernie,” he said. tanamo detainee facing a po- ing on the petition while the ghanistan. The project has the military judge.
Clinton, Ms. Brazile wrote. Special Counsel Robert tential death penalty. head of the military commis- been beset by legal miscalcula- Those classified rulings
Late Friday, Mrs. Clinton’s Mueller has been investigating Brig. Gen. John Baker, the sion apparatus, Harvey Ri- tions, political interference “placed us in the untenable po-
supporters pointed to a memo possible collusion between as- chief defense counsel for the shikof, considered the matter. and administrative disarray. It sition of having to advise our
obtained by NBC News that sociates of Mr. Trump’s cam- military commission system at When Judge Lamberth re- has yielded a handful of con- client that we could not visit
said the agreement related paign and Russia during the Guantanamo Bay, Cuba, had convened proceedings Friday, victions, mostly through plea him, but could not tell him
only to the general election. 2016 election, and issued his been sentenced to 21 days’ de- the government said Mr. Ri- bargains, and faced a series of why we could not visit him,”
“Enough of this. If you’re a first charges earlier this week. tention and a $1,000 fine by a shikof, whose title is “conven- reversals from federal courts. one of the civilian attorneys,
Democrat, we have things to Democrats rushed to dis- military judge angry that he ing authority,” decided to “de- The latest conflict arose Richard Kammen, said in an
do,” wrote Mrs. Clinton’s tance themselves from Ms. allowed civilian defense attor- fer” Gen. Baker’s punishment when the defense team appar- October statement announcing
spokesman, Nick Merrill, in a Brazile’s comments. “You ha- neys to resign from a case. while weighing arguments. ently discovered in June that that the Nashiri defense team
Twitter message referencing ven’t heard me relitigate last They withdrew after appar- Judge Lamberth said the secret listening devices had had disbanded because it
the reported memo. year’s election,” House Minor- ently discovering the govern- decision to release Gen. Baker been placed in the facility couldn’t guarantee its client
DNC Communications Direc- ity Leader Nancy Pelosi (D., ment had been monitoring “was a wise one.” He said he where they met with their cli- confidentiality.
tor Xochitl Hinojosa said that Calif.) said. their communications, includ- would allow Mr. Rishikof “a ent, Abd al-Rahim al-Nashiri, Gen. Baker concurred with
“there shouldn’t even be a per- —Natalie Andrews ing legally privileged ex- reasonable time” to resolve who is alleged to have orches- that finding and dismissed the
ception that the DNC is inter- contributed to this article. changes with their client. the matter, but invited defense trated the 2000 suicide bomb- attorneys.
OBITUARIES
IONA OPIE LU G UA N Q I U
1923 — 2017 1945 — 2017
Compiler Explored Chinese Tycoon Braved

Jeers as ‘Capitalist’
Children’s Games, Rhymes
I
n his journey from the farm to ated $16.6 billion in revenue last
the boardroom, Lu Guanqiu year.
embodied China’s economic With international customers
BY JAMES R. HAGERTY of rhymes but wanted far more de- transformation in the past half- including Ford Motor Co. and
tail about the history of each one. century as one of its original General Motors Co., Wanxiang
I
ona Opie’s life could have “We staggered along from the Café bootstrap tycoons. Starting as a provides parts for one in three
made a fine children’s tale, if Royal afterwards and stood blindly rebel entrepreneur defying Com- American cars, the company says.
only it wasn’t so improbable. in front of a corset shop in Leices- munist dogma, he became a cele- In 1969, with China in the
A teenage girl in England writes ter Square, not even seeing the brated member of the establish- throes of the Cultural Revolution,
a fan letter to a young author five corsets, just discussing what we ment and leader of China’s it wasn’t just near-impossible to
years older. They meet and drift should do next,” she said later. Mr. ambitious push into battery-pow- start a business; it was dangerous.
into marriage. During a walk in the Opie quit his job to concentrate on ered cars. People would yell at Mr. Lu and
countryside, the sight of an insect the dictionary. It took them seven Wanxiang Group Corp., the his partners in the street for be-
reminds them of a rhyme: years to complete. auto-parts company Mr. Lu built, ing the “tails of capitalist dogs,”
Ladybird, ladybird, The dictionary traces sources started with $600 to open a trac- he recalled in a 2004 interview
Fly away home, and variations of more than 500 tor-repair shop in China’s eastern with The Wall Street Journal, and
Your house is on fire nursery rhymes. It reports that the Zhejiang province, south of government officials heaped pres-
And your children all gone. ladybird rhyme is akin to “incanta- Shanghai. By the time he died, Mr. sure on him to go back where he
Those mysterious lines rouse tions known in France, Germany, Lu was worth an estimated $7.4 belonged—the farm.
their curiosity about nursery Switzerland, Denmark and Swe- billion, and Wanxiang was a mul- Mr. Lu died Oct. 25 at age 72.
rhymes. They become self-taught den”—and cites a German theory tinational corporation that gener- —Trefor Moss
scholars, working outside aca- that the house on fire is a symbol
demia and yet renowned for their of a red evening sky.
books on children’s chants, pas- A later book by the couple, “The
times and stories, including “The Colchester, England. Her father, an Lore and Language of Schoolchil- JOHN MEDICA
Oxford Dictionary of Nursery expert in tropical diseases, spent dren,” recorded schoolyard chants, 1958 — 2017
Rhymes.” much of his time in Khartoum, Su- including:
Entranced by their research, dan. She later recalled a timid, Latin is a subject
they have virtually no social life.
They feel no need for a car or a
television set. So immense is their
watchful childhood: “It didn’t oc-
cur to me that I was supposed to
speak. My whole attention was
That no one enjoys;
It killed the ancient Romans
And now it’s killing boys.
Engineer Helped Apple
collection of children’s books that
they move to a bigger house in
Hampshire, where the husband,
given to noticing and taking things
in.”
During World War II, she
Working from home in separate
rooms, they strove to avoid inter-
rupting each other. Suggested
And Dell With Laptops
Peter Opie, watches woodpeckers worked as a meteorologist for the changes in manuscripts were con-
A
from his office window while pon- Women’s Auxiliary Air Force. She veyed as notes scribbled in the s computers shrank into 1993 after its laptops were panned
dering the mysteries of childhood. was impressed by an Eton school- margins. “We never discussed the laptops and notebooks in for quality problems and deemed
“The whole of our life has been boy’s autobiography, “I Want to Be writing…because if we did we al- the late 1980s and early too slow to compete with the
slightly ridiculous,” Ms. Opie said a Success,” and so wrote to the ways got into a muddle,” she said. 1990s, some of the top makers of PowerBook and other rivals. Be-
in a 1998 speech at the University precocious author, Peter Opie. His Ms. Opie carried on the research desktop machines struggled to fore accepting the offer, he re-
of Sheffield. Few children would letter of reply filled 45 pages. They after her husband died in 1982. For adapt. Two of them, Apple Com- ceived assurances that he could
agree, though many would support shared a love of reference books. one of her books, “The People in puter Inc. and Dell Inc., called on bring his English sheepdog, Mag-
her advice to parents: “We really the Playground,” she traveled John Medica, a boisterous electri- gie Mae, to work with him at
S
should leave children to their own he was 19 and he was 24 around Britain to observe children cal engineer, to help them get Dell’s offices in Austin.
devices. And respect their privacy. when they married in 1943. playing in schoolyards. back on track. His team at Dell came up with
And generally stop trying to orga- Mr. Opie was bored with his She described her methodology In 1989, Apple introduced a the Latitude line of notebook com-
nize them in their own free time.” job at a publishing company, and as “mooning about” and found portable Macintosh. Considered puters, introduced in 1994. They
Ms. Opie died Oct. 23 in Peters- they both liked the idea of doing children were happy to enlighten too expensive and bulky, it made a splash with their lithium
field, Hampshire, England. She was their own research at home. So her on their lore and recite their bombed. Apple assigned Mr. Med- ion batteries, a novelty then.
94. they began gathering information naughty jokes. ica, a 31-year-old, to head a team Mr. Medica died of a heart at-
Summing up her career, she told at the British Museum Library and She is survived by three chil- of engineers in a crash program to tack Oct. 13 in Reston, Va. He was
her audience in Sheffield that “like buying old nursery rhyme books in dren, five grandchildren and two design a laptop. The result was 59.
most other people, we began by bulk. great-grandchildren. the PowerBook, which became a He was known for his humor.
accident.” A publisher bought them lunch huge success after its introduction His Apple business card listed his
Iona Margaret Balfour Archibald in London and expressed interest Read a collection of in-depth in 1991. title as Big Shot.
was born Oct. 13, 1923, in in a draft of their first dictionary profiles at WSJ.com/Obituaries Dell poached Mr. Medica in —James R. Hagerty
FROM PAGE ONE
SALES
Continued from Page One
rising costs that keep profit
increases in check.
“Profit margins may be in
the process of topping out,”
said Jim Russell, a portfolio
manager at Bahl & Gaynor in
Cincinnati. “In fact, there’s
ERIC GAY/ASSOCIATED PRESS
pretty good evidence that they

probably are.”
Per-share earnings for com-
panies in the S&P 500 are on
track to rise 8% over the third
quarter last year, according to
data from Thomson Reuters, led
by outsize gains in the energy James Wheeler Jr., right, works to help rebuild his fishing
patch and at technology giants business in Port Aransas, Texas, after Hurricane Harvey.
like Apple Inc. and Alphabet
Inc. But that is a step down panies generating mostly non- ing the degree to which compa-
from the 15% and 12% growth U.S. sales. nies can generate higher profits
rates posted in the first two Several companies reported on improved sales.
quarters of the year. a general improvement in Euro- Both Southwest Airlines Co.
Excluding the energy sector, pean demand. Snack-food giant and American Airlines Group
which is still rebounding from a Mondelez International Inc. Inc. said rising fuel and labor
painful contraction, S&P 500 cited stronger European sales, costs partly offset stable pricing
earnings are expected to rise including of chocolate in Europe and solid demand for leisure
5.6%—well below a median of and Oreos and other cookies in and business travel. American
about 8% since 2011, Thomson the U.K. and Germany, as a sig- Airlines executives said they ex-
Reuters data show. Estimates nificant driver of overall sales pect fuel prices to continue to
reflect actual results for the growth. rise in the fourth quarter, but
80% or so of companies that “Europe feels pretty good. expressed optimism that the
have reported earnings and an- It’s about 40% of our revenue, airline could raise prices.
alyst estimates for the rest. and it’s solid and stable and “We’re big consumers of fuel,
jackpot! The insurance industry
dragged on results in the third
growing,” Brian Gladden, Mon-
delez’s finance chief, told inves-
so fuel spikes could have an im-
pact,” American CEO Doug
quarter as significant claims Parker told investors on Oct. 26.
Rol-A-Top Slot Machine from three major hurricanes Companies reported other
pushed profits down 61%. Ex- commodity price increases as
Classic Americana. Highly desirable model. Original floor case. cluding insurers, S&P 500 earn-
The insurance well. Packaging Corp. of Amer-
This exceptionally rare Bird of Paradise model of the ings are expected to rise 10.8%. industry dragged on ica, which makes a variety of
Revenues are expected to cardboard for boxes, said it ex-
famed Rol-A-Top slot machine was introduced by Watling
rise 5.2%, the second-best
results in the third pects energy, wood and some
Manufacturing Co. of Chicago in 1937, and is considered the showing in six years and hand- quarter. key chemical costs to rise, along
most glamorous Art Deco model from this golden age of the ily outpacing a median increase with freight shipping and energy
slot machine. Featuring its namesake exotic bird emerging of 3.6% since the height of the costs. Packaging Corp. also cited
from the cornucopia, this machine retains its original floor financial crisis, Thomson Reu- higher labor costs in the latest
ters data show. “The revenue tors on Oct. 30. quarter. Martin Marietta Mate-
case and bears full Watling numbers and marks. Circa 1940. numbers we are seeing now are U.S. consumer spending re- rials Inc., a gravel and sand sup-
20”w x 16”d x 60”h. #30-6739 stronger than we have seen go- mains healthy too, as does sen- plier, said tight labor markets
ing back to 2011 or 2012,” said timent. A widely tracked mea- have led to project delays and
John Butters, senior earnings sure of current consumer are limiting significant increases
analyst at FactSet. sentiment rose in October to its in construction activity.
A key driver: global growth, highest level in nearly 17 years, But overall, economists say
including improvements in Eu- pushed by Americans’ favorable rising labor costs alone aren’t
rope, which had struggled to review of the job market. cause for worry, thanks to an
cover from sovereign-debt and “The U.S. consumer contin- uptick in productivity in the
banking crises. ues to feel positive about future U.S. The cost of labor relative to
In the third quarter, S&P 500 prospects for their personal fi- goods and services produced is
630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com companies generating at least nances and employment,” David edging up, but slowly.
half their revenue outside the Nelms, chief executive of Dis- “What you really care about
Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry. U.S. posted earnings growth cover Financial Services, told is cost per widget,” said Kathy
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. nearly six times that of compa- investors in late October. Bostjancic, chief financial econ-
nies with mostly U.S. sales, ac- But the stronger global economist for Oxford Economics.
cording to an analysis by Mr. omy also is pushing up costs for “Even if your cost is going up, if
Butters. Similarly, revenue grew many companies—from fuel and you’re producing more widgets,
more than twice as fast at com- commodities to labor—restrain- that’s fine.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 4 - 5, 2017 | A7
WORLD NEWS
North Korea to Dominate Agenda for Trip
President set to push and pushing to exert even his relationship with President
more pressure on Pyongyang, Moon Jae-in has room for im-
nations in Asia to step his advisers said. provement, both South Korean
up pressure on regime; “The president’s trip will and U.S. officials said. Mr.
focus on three goals: First, Moon has sought stability in
trade will also be topic strengthening international re- dealings with North Korea,
solve to denuclearize North while Mr. Trump has exerted
BY MICHAEL C. BENDER Korea,” said Lt. Gen. H.R. Mc- pressure.
Master, the president’s na- In Beijing, Mr. Trump will
WASHINGTON—President tional security adviser. Sec- have a chance to further de-
Donald Trump starts the lon- ondary goals, Gen. McMaster velop what may be his most
gest and most anticipated trip said, are to promote a “free important relationship in the
of his first year in office on and open Indo-Pacific region” region: his interactions with
Saturday, a 10-day excursion and to seek “fair and recipro- Chinese President Xi Jinping.
that boasts stops in five Asian cal trade.” The White House has
countries. But the biggest fo- The president’s itinerary lauded China’s decision to en-
cus will be on where he isn’t underscores the message he force sanctions on North Ko-
CHRIS KLEPONIS/DPA/ZUMA PRESS

going: North Korea. aims to send to North Korean rea, along with recent reports
Pyongyang’s desire to be leader Kim Jong Un. The first that China’s central bank also
considered a global nuclear half of his trip will be spent in is implementing United Na-
power—and the rest of the de- three of Mr. Kim’s closest tions sanctions.
veloped world’s attempt to un- neighbors: Japan, South Korea Still, the U.S. will push
dermine that ambition—will and China. He finishes with China to apply even more
be a theme of every bilateral visits to Vietnam and the Phil- pressure to North Korea. In his
meeting, economic discussion ippines, two countries hosting meeting with Mr. Xi, Mr.
and commercial announcement international summits. Trump will “seek to secure
on the trip. While Mr. Trump seeks ad- President Donald Trump departing the White House Friday to travel to Hawaii and then on to Asia. China’s commitments to exert
The lengthy tour will help ditional pressure on North Ko- more pressure on North Korea,
define Mr. Trump’s approach rea and continues to suggest term success, or failure, of his Korea. “Will he talk about pre- Still, his relationship with and to rebalance the U.S.-
to China and provide the the use of military force, his first official visit to Asia, inventive war?…Will he talk Japanese Prime Minister China economic relations,” a
White House an opportunity to Asian counterparts have varied ternational scholars said. about defending our allies? Shinzo Abe stands apart from White House official said.
take steps to narrow its trade in their preferred responses to “One big question is: How Will he keep it vague?” others in Asia, if not around But as Mr. Xi has consoli-
deficit with Asia’s economic Pyongyang. How Mr. Trump will the president articulate Mr. Trump has had 43 tele- the world. Mr. Abe was the dated power in China, scholars
powers, administration offi- navigates those differences this?” Michael Green, senior phone calls with Indo-Pacific first to visit him in the White see little reason for him to ac-
cials said. But the president’s and allows the dynamics of his vice president for Asia at the leaders and held bilateral House. Japan will be Mr. cede to Mr. Trump’s requests.
top priority will be managing individual relationships with Center for Strategic and Inter- meetings with leaders of 10 of Trump’s first stop in Asia. —Eva Dou, Chun Han Wong
relationships with North Ko- these men to shape U.S. policy national Studies, said about in- those countries, some more From Japan, Mr. Trump and Jonathan Cheng
rea’s neighboring countries will help determine the short- creasing pressure on North than once. travels to South Korea, where contributed to this article.
Beijing Deflects U.S. Criticism Over Opioids Alarm Bells

Fentanyl seizures reported by
U.S. forensic laboratories
BY JAMES T. AREDDY in China. Mr. Wei accused the Korea and other issues. through the mail, as a major amine, cocaine and other sub-
AND EVA DOU U.S. of being too aggressive in When Mr. Trump last factor propelling the trade in stances over the past year. 15,000 reports
pinning blame, and he tried to month declared U.S. opioid ad- fentanyl, a powerful drug and Late last month, the U.S.
BEIJING—A Chinese narcot- turn aside U.S. criticisms that diction a “public-health emer- the driving force behind an es- Justice Department credited 12,500
ics control official played China is a main source for gency,” he criticized Chinese timated 20,000 synthetic-opi- the Ministry of Public Security
down China’s role in the dis- synthetic opioids and the fentanyl manufacturing. He oid deaths last year. for providing it “valuable in- 10,000
tribution of synthetic opioid chemicals that go into making said when he meets with Pres- U.S. officials say China is vestigative assistance” that
drugs, though President Don- them. ident Xi Jinping, “I will men- increasingly cooperative in ad- led to the indictments of two 7,500
ald Trump has vowed to press “I can’t say that the major- tion this as a top priority. And dressing the problem. A U.S. Chinese nationals on fentanyl
the issue at a summit in Bei- ity of the fentanyl or new psy- he will do something about it.” Drug Enforcement Administra- distribution charges, the first- 5,000
jing next week. choactive substances are origi- China’s chemicals industry tion official sat beside Mr. Wei ever U.S. attempt to prosecute
Wei Xiaojun, a top officer in nating from China,” he said. produces ingredients for boot- at Friday’s briefing. Afterward, such activity. The U.S. Em- 2,500
the Ministry of Public Secu- The opioids issue has leg fentanyl, methamphet- Ministry of Public Security of- bassy in Beijing, the Justice
rity’s Narcotics Control Bu- emerged as a point of con- amines and other manufac- ficials issued a three-page Department and the DEA de- 0
reau, told reporters on Friday cern—and fledgling coopera- tured substances banned in statement that cited examples clined to comment further on
that Beijing is determined to tion—for Beijing and Washing- the U.S. Washington blames of its agents acting on U.S. law-enforcement cooperation. ’09 ’10 ’11 ’12 ’13 ’14 ’15
stem exports of drugs like the ton in a relationship marked Chinese manufacturing and tips and other information to —Kersten Zhang Source: Drug Enforcement Administration
opioid fentanyl that are made by disagreements over North distribution, sometimes intercept shipments of ket- contributed to this article. THE WALL STREET JOURNAL.
A8 | Saturday/Sunday, November 4 - 5, 2017 NY * *** THE WALL STREET JOURNAL.
WORLD NEWS
Economic Woes Loom Large in Sicily Vote

Antiestablishment the former prime minister—is
leveraging its traditional
party seeks to strength among small busi-
capitalize on discontent; nesses by promising cuts to
red tape. It also pledged to
immigration a factor help Sicilian youth find jobs.
“The regional government
BY GIOVANNI LEGORANO needs to attract European and
private resources to help
Sicilians thrust the anties- youths find a job,” said Nello
tablishment 5 Star Movement Musumeci, the center-right’s
onto the national stage in 2012 candidate to serve as the is-
by giving the largely untested land’s president.
populist party nearly a fifth of The center-right coalition
all votes in regional elections. has formed an alliance with a
Now the island, a micro- national anti-immigration
cosm of the problems that party, and the alliance could
plague the country, has a appeal to some voters on an is-
chance to set Italy’s political land that has been on the front
direction again in a fresh lines of Italy’s migration crisis.
round of regional elections on Most of the 600,000 Afri-
Sunday, months before a na- cans and Middle Easterners
tional vote likely in March. that Italy has rescued in the
Unemployment is rampant, Mediterranean in recent years
tensions over immigration run have been brought first to Sic-
high and discontent with polit- ily. Until last year, it absorbed a
ical elites is widespread on the fifth of all migrants to Italy.
island. “Sicily is a concentra- In recent years, some Sicilian
tion of the answers politicians mayors have staged protests
failed to give,” said Franco against the government’s deci-
Pavoncello, a political-science sion to settle migrants on the
professor at Rome’s John island. This summer, the mayor
Cabot University. of a small town in the northeast
A center-right coalition and of the island tried to use his car
5 Star, which now holds 13% of to block a road leading to a ho-
the seats in Italy’s Parliament, Giancarlo Cancelleri is running as 5 Star’s candidate for president of Sicily. The island is a microcosm of the problems Italy faces. tel where the government had
were virtually tied in a recent sent a group of migrants.
poll of Sicilians. Both groups Anger at Italy’s political
ROCCO RORANDELLI/TERRAPROJECT FOR THE WALL STREET JOURNAL (2)

were outpolling the center-left By the Numbers class could help 5 Star, which
Democratic Party and its al- Italy's economy has contracted significantly over the past regularly criticizes the politi-
lies, which are in power na- 10 years, and the Sicily region has been particularly hard hit. cal establishment.
tionally. Sicily is currently The local governments in
governed by an alliance that Percentage change in GDP Unemployment rate, quarterly 70 Sicilian municipalities have
includes the Democratic Party. Italy 25% been dissolved due to mafia
One-fifth of the Sicilian 2000-2007 infiltration since 1991. Last
workforce is unemployed, 2007-2016 8.5% 20 year, 11% of all the complaints
nearly twice the national rate, to the national anticorruption
–7.0% Sicily
and almost 60% of people 15 authority about potentially
aged 15 to 24 are out of work. Sicily corrupt practices in the public
“There is zero economic ac- 2000-2007 10 sector regarded Sicily.
tivity here,” said Carmen Gian- 5.9% 5 Star has proposed to
2007-2016
garrà, a 27-year-old from a Italy slash by half the salaries of Si-
–12.0% 5
small town in northern Sicily. cilian lawmakers, reduce their
Over the past five years, she Sources: Bank of Italy (GDP);
pensions, fine them if they are
said she has only worked for a 0 absent too frequently, and
Istat (unemployment)
short stint as a waitress, mak- THE WALL STREET JOURNAL. 2000 2010 strip them of their govern-
ing around €3 ($3.50) an hour ment cars and drivers.
and working 12-hour shifts. Entrepreneurs complain “Companies here are really sues—universal income, a ba- from a national campaign de- “We will finally give this
The Sicilian economy has about the difficulty of running a in trouble,” said Domenico sic government stipend—is es- crying the failure of banks to land the opportunity to have a
shrunk by 12% since the global business in Sicily. They say they D’Agati, 53, who owns citrus or- pecially popular on the island. support small business, it pro- government and parliament
financial crisis erupted 10 face extortion from organized chards and said he has strug- In the Sicilian race, the move- poses subsidizing credit for lo- made of honest citizens,” said
years ago, and the national crime, as well as unfair compe- gled to compete with rivals ment is proposing that the re- cal companies. Giancarlo Cancelleri, the 5
economy has contracted by 7% tition from companies that skirt who hire illegal cheap labor. gional government fund such The center-right coalition— Star candidate for president of
over the period. regulations. One of 5 Star’s signature is- income support. Taking a page led in part by Silvio Berlusconi, Sicily in a video on Tuesday.
THE LONG-AWAITED NEXT CHAPTER TO

THE PULITZER PRIZE-WINNING GOTHAM
Witness’s European Road to Trump
Before George Papadopoulos the London Centre. Mr. Mifsud
pleaded guilty to lying to fed- couldn’t be reached.
eral agents about contacts with Mr. Trump has denied any
Russians, he played a starring collusion by his campaign with
“Fabulous.” role in Europe as a foreign-pol-

icy surrogate for then-presiden-
tial candidate Donald Trump.
Russia. Russia has denied
meddling in the U.S. election.
A spokesman for Russian Pres-
ident Vladimir Putin has ridi-
—NPR Books By Scott Patterson in culed the allegations against
London and Nektaria Mr. Papadopoulos.
Stamouli in Athens The allegations surprised
Kamil Alboshoka, who worked
He drew headlines for criti- with Mr. Papadopoulos at the
cizing U.K. Prime Minister Da- consultancy as a researcher.
vid Cameron in May 2016 over “He never talked about Rus-
comments that Mr. Trump was sia,” said Mr. Alboshoka.
“divisive, stupid and wrong.” At the London consultancy,
“An apology or some sort of Mr. Papadopoulos was the di-
retraction should happen,” Mr. rector of energy and natural-re-
Papadopoulos told the Times sources law and security, ac-
of London. cording to his LinkedIn profile.
That spring, Mr. Papadopou- Mr. Papadopoulos met the
los traveled to Greece, present- professor in mid-March 2016
ing himself to the Greek presi- at the London consultancy.
dent and foreign minister as a The consultancy didn’t re-
senior campaign official, Greek spond to requests to comment.
officials said. Later that year, he George Papadopoulos pleaded guilty to lying to the FBI. On March 31, 2016, Mr. Papa-
dined in an Athens fish tavern dopoulos told Trump campaign
with a far-right political leader, Mr. Papadopoulos counted lary Clinton, the agreement officials that he had connec-
Panos Kammenos. “He was also as his base a little-known con- says, and a Trump “campaign tions who could help arrange a
saying he would be able to sultancy, the London Centre of supervisor” encouraged Mr. Pa- meeting between Mr. Trump
grant access to the Trump ad- International Law Practice. He padopoulos to make a trip to and Russian President Vladimir
ministration after his election,” joined in February 2016 after Russia to meet with officials. Putin, the plea document says.
one Greek official said. leaving Ben Carson’s presiden- Mr. Papadopoulos pleaded No meeting took place.
Since Mr. Papadopoulos tial campaign. A month later guilty early last month to lying In April, Mr. Papadopoulos
emerged this week as a central he was tapped for Mr. Trump’s to the Federal Bureau of Inves- met the professor for break-
figure in Special Counsel Robert foreign-policy team. tigation about his meetings fast at a London hotel, where
Mueller’s Russian election-med- At the London legal consul- with the professor. Mr. Papado- the professor told him the
dling probe, Trump campaign tancy, Mr. Papadopoulos met a poulos didn’t respond to mes- Russian government had col-
and administration officials figure federal prosecutors de- sages seeking comment. Au- lected “dirt” on Mrs. Clinton,
have said he was an unimport- scribe as “the professor” who thorities have described him as the plea agreement says.
ant adviser whose ideas were “took interest in [Mr. Papado- a cooperating witness. Mr. Papadopoulos contin-
consistently rebuffed. poulos] because of his status” An academic in the U.K., Jo- ued for months to hold con-
Over nearly a year in Eu- with the Trump campaign, ac- seph Mifsud, has said he was versations with the professor
rope, Mr. Papadopoulos, now 30 cording to Mr. Papadopoulos’s the professor Mr. Papadopou- and a member of the Russian
years old, gained attention as plea agreement. The professor los contacted. Mr. Mifsud was Ministry of Foreign Affairs,
“The particular years recounted an advocate for the president. offered to provide “dirt” on Hil- at the time a board adviser for the agreement says.
in this essential, absorbing and

mostly sprightly history went a Documents Say Aide vealed that the former campaign ing to court documents. Speaking to reporters be-
aide was in contact with Russian J.D. Gordon, who also served fore he departed for his trip to
Informed Campaign officials who claimed they could on the national security commit- Asia on Friday, the president
long way in shaping the pulsating Of Russia Contacts provide “dirt” on Democratic can- tee and attended that meeting, said he didn’t “remember
didate Hillary Clinton in the form said in an interview that Mr. Pa- much” about the March meet-
city we know.” of “thousands of emails,” and that padopoulos specifically men- ing attended by Mr. Papado-
Former Trump aide George Mr. Papadopoulos informed others tioned a connection in London, poulos, and called it “very un-
—The New York Times Book Review Papadopoulos’s Russia interac- on the campaign of his efforts. the Russian ambassador, who important.”
tions—and new details of his In a March 31, 2016, meeting would be able to help him ar- Ten days before the meeting,
effort to keep other campaign of the campaign’s national secu- range such a meeting. in an interview with the Wash-
officials informed of them—are rity advisory committee, which Mr. Gordon said Mr. Sessions ington Post, Mr. Trump called
AVAILABLE WHEREVER BOOKS ARE SOLD calling into question previous included President Donald Trump “shut down George pretty quickly” Mr. Papadopoulos an “excellent
assertions by members of the and Attorney General Jeff Ses- after he pitched the Trump-Putin guy” as he introduced him as a
administration that they were sions, who led the group, Mr. Pa- meeting. “He was told at the member of his national security
unaware of any contacts with padopoulos told the group that March meeting not to bring up his team. This week, Mr. Trump
Russia in the lead-up to the he had connections that could idea again,” Mr. Gordon said, add- called his former adviser a “liar”
2016 election. “help arrange a meeting” being that Mr. Sessions also said he and “a low-level volunteer.”
A guilty plea by Mr. Papado- tween Mr. Trump and Russian would “prefer if nobody ever —Rebecca Ballhaus
poulos unsealed Monday re- President Vladimir Putin, accord- speaks about this again.” and Byron Tau
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, November 4 - 5, 2017 | A9
WORLD NEWS
Catalan
Ex-Leader
Sought
For Arrest
A Spanish judge issued an
international arrest warrant
for the former head of Catalo-
nia’s regional government and
four of his ex-ministers, rais-
ing the possibility of a legal
battle to force them to return
to Spain from Belgium.
By Jeannette Neumann
AGENCE FRANCE-PRESSE/GETTY IMAGES

in Madrid
and Valentina Pop
in Brussels
Judge Carmen Lamela on

Friday issued the order after
Carles Puigdemont, the leader
of Catalonia’s secessionist
movement, and the four ex-
ministers fled to Belgium in re-
cent days. The ex-officials de- Smoke billowed from the Syrian city of Deir Ezzour during a regime offensive against Islamic State militants Thursday. The Assad regime said it captured the city on Friday.
fied an order to appear before
Syria and Iraq Erode ISIS Territory

her on Thursday, calling the in-
quiry politically motivated.
A Belgian judge now has to
decide within 15 days whether
to execute an arrest warrant.
If Mr. Puigdemont agrees to be Islamic State lost two of its urban stronghold. The group 50 miles units were in the process of
extradited, his return to Spain last toeholds in Syria and Iraq controls only one small town TURKEY combing through Deir Ezzour
50 km
would take place within 10 on Friday, leaving the extremist in Iraq, Rawa, near al-Qaim. city to clear out mines and ex-
days. If he refuses, Belgian au- group clinging to a sliver of the While Islamic State has lost Euphrates plosives left by Islamic State.
thorities would have two territory it captured three years territory, it has also remained River The War Media Center, an
months to repatriate him. ago, its self-declared caliphate a global terrorist threat, plot- Aleppo Raqqa agency of the Lebanese mili-
Judge Lamela’s order came a almost completely wiped out. ting or inspiring attacks in- tant group Hezbollah, cited
M ed . S ea
day after she sent nine former cluding Tuesday’s deadly truck IRAQ one of its field commanders as
Catalan officials who had also By Raja Abdulhrahim attack in New York City. Deir Ezzour saying Islamic State still held
served in Mr. Puigdemont’s in Beirut and Ghassan In Syria, as Islamic State SYRIA about 5% of the city. Hezbollah
al-Omar
government to jail. The ousted Adnan in Baghdad militants have withdrawn from Tartus
Mayadeen
al-Tanak
has fought on the side of the
officials and Mr. Puigdemont the battlefield, they have Homs Palmyra al-Ward Rawa Syrian regime in the war.
are being investigated for re- The Syrian regime said Fri- staged counterattacks days or Abukamal Deir Ezzour24 said that a
bellion, sedition and misappro- day that it had captured the weeks later that appear aimed LEBANON DEIR EZZOUR
al-Qaim small part of the city remains
priation of public funds as part eastern city of Deir Ezzour, at inflicting casualties rather PROVINCE in the hands of militants amid
of their two-year bid to see the capital of an oil-rich prov- than regaining land. clashes, and reported that
Catalonia secede from Spain. ince, depriving Islamic State of “The new ISIS tactic that Damascus about 700 civilians are still
The secessionist push, led one of its most important they are using in Deir Ezzour trapped in the city and caught
by Mr. Puigdemont, culmi- sources of oil revenue. is to withdraw from the main in the fighting. The monitor-
nated in a declaration of inde- Hours later, Iraqi Prime cities,” said Omar Abu Leila, Oil and natural-gas ing group warned about possi-
pendence a week ago. Immedi- Minister Haider al-Abadi de- who heads the monitoring pipelines ble retaliation against them
ately after that declaration, clared the “liberation” of the group Deir Ezzour24, which JORDAN Oil fields from regime soldiers.
the government of Prime Min- group’s last stronghold in the opposes both Islamic State The regime’s rapid ad-
ister Mariano Rajoy seized country, the town of al-Qaim and the regime of Syrian Pres- Source: U.S. Energy Information Administration THE WALL STREET JOURNAL. vances prompted the U.S.-led
control of the restive region. near the country’s western ident Bashar al-Assad. “These coalition to move up its own
Direct rule is scheduled to end border with Syria. Troops also thousands of fighters that city is blunted somewhat as State was collapsing and campaign in eastern Syria, ac-
with the establishment of a retook a nearby border cross- have left will then carry out U.S.-backed forces, in a sepa- would soon no longer hold any cording to commanders in the
new regional government fol- ing. The Iraqi military spokes- individual attacks,” he said. rate campaign against Islamic territory there. Kurdish-led Syrian Democratic
lowing Catalan elections that man said the operation was Deir Ezzour is the capital of State, have already captured The offensive on Deir Ezzour Forces. At the time, the SDF
Madrid has set for Dec. 21. coordinated with the Syrian an oil-rich province of the two of the largest oil and gas city began in September, when were battling to take Raqqa,
Mr. Puigdemont suggested regime’s military forces. same name and was an impor- fields in Deir Ezzour province. the Syrian army broke through Islamic State’s de facto capital.
on Friday that he will fight ex- Islamic State now controls tant urban center in large part Whichever force assumes Islamic State’s three-year siege Raqqa was fully captured from
tradition on fears he would face just 4% of the land it captured because of its proximity to control over the province’s gas of the regime-held half of the the group last month.
an unfair trial in Spain. “There in 2014 at the height of its Syria’s major oil and gas and oil fields will have one of city. From there, the regime While Syrian regime forces
are no guarantees for a just, in- power, according to Brett fields. Control was divided for the biggest bargaining chips in army, supported by Russian air and its allies have focused
dependent verdict, that can McGurk, the U.S. envoy to the years between the government any political negotiations as forces and Iran-backed Shiite mostly on capturing cities from
avoid the enormous pressure international coalition battling and Islamic State, before the the multisided war, now in its militias, captured neighbor- Islamic State, the SDF has gone
and influence from politics on the radical fighters. Syrian army began its offen- seventh year, winds down. hood after neighborhood. after oil and gas fields.
the judicial power in Spain,” he The Syrian city of Abuka- sive in September. In Iraq, a military spokes- State-run news agency —Nazih Osseiran in Beirut
told Belgian broadcaster RTBF. mal is now Islamic State’s last The regime’s victory in the man told state TV that Islamic SANA said army engineering contributed to this article.
New Zealand Offers to Take Some Australian Camp Refugees

New Zealand’s prime minister
repeated her country’s offer to
take up to 150 refugees from an
Australian immigration camp in
Papua New Guinea, where more
than 600 weakened men are con-
tinuing a standoff with authorities.
Jacinda Ardern said she
would restate the offer to Aus-
tralia’s prime minister on Sun-
day. Australia previously declined
the offer on the grounds it the
refugees could access Australia.
The camp was declared closed
Tuesday based on a court ruling,
but the refugees, at right in a
photo taken from social media on
Friday, have refused to leave, say-
ing they fear for their safety.
Australia has paid Papua New
Guinea for four years to house
asylum seekers who attempt to
reach Australia by boat.
—Associated Press
Afghanistan Orders WhatsApp Blocked

BY HABIB KHAN TOTAKHIL While state-owned Salaam Others questioned the gov- man sent a message to a jour-
AND EHSANULLAH AMIRI Telecom blocked the apps, ernment’s motives, especially nalist, dryly noting: “In case
three private service provid- suggestions that the ban was WhatsApp doesn’t work, this
KABUL—Afghan authorities ers—MTN, Etisalat and aimed at curbing use of the is my Viber number.” Viber is
have ordered internet service Roshan—refused, with an offi- apps by the Taliban or one of another popular messaging
providers to block Facebook cial at one saying compliance the many other insurgent app.
Inc.’s WhatsApp messaging with the order would lead to groups in the country. Where the order originated
service, triggering condemna- more censorship. “If it’s really about security was unclear. One official for
tion from civil-liberties groups WhatsApp is reporting nor- concerns, the government the National Directorate of Se-
and protests from users on so- mal messaging rates but said curity, the country’s intelli-
cial media. users may have faced access gence agency, said the direc-
The
In a letter sent to service issues due to a global outage tive came from his agency
providers on Thursday, Af- around 1 a.m. Pacific time Fri-
A state-owned telecom because militant groups were
ghanistan’s Telecommunica- day. “Earlier today, WhatsApp blocked the apps, but using the apps. Another offi-
Ultimate Gift
tion Regulatory Authority users globally had trouble ac- cial in the agency, however,
didn’t say why it was ordering cessing the app for about an
three private service- denied that.
the providers to shut Whats- hour. This issue has been fixed providers didn’t. In response to the furor, the
for Him
App, as well as Telegram, an- and we apologize for the in- government late Friday of-
other encrypted messaging convenience,” a WhatsApp fered another explanation for
app, for 20 days “without de- spokeswoman said. the ban. The Ministry of Com-
lay.” Najib Sharifi, president of must understand how ridicu- munications, Information and
The response to the order the Afghan Journalists Safety lous this is,” said Asif Ashna, a Technology issued a statement ARC5 SHAVER: ES-LV65-S
was immediate and sharply Committee, a press freedom civil-liberties activist. “Terror- saying it had received com-
critical, particularly among Af- group, said the ban wasn’t in ist groups know how to use plaints about WhatsApp and
ghans for whom freedom of keeping with “the spirit of Af- apps and the internet, and can Telegram and was shutting
press and expression is one of ghanistan’s constitution and get around such bans to them temporarily to “improve
the country’s great accom- stands against the laws of the spread their propaganda.” the quality of the applica-
plishments since a U.S.-led in- country pertaining to freedom As criticism of the ban tions.”
vasion forced the Taliban from of expression and communica- went viral on social media late —Deepa Seetharaman
power in 2001. tion.” Thursday, a Taliban spokes- contributed to this article.
IN DEPTH
SAIPOV Ms. Saipova said her son

didn’t drink or smoke, and
“didn’t have time” for the
mosque as a young man.
Continued from Page One He finished a professional
ple and injured at least a dozen college in 2005, and studied at
others by driving a rented the Tashkent Financial Institute
CRAIG RUTTLE/ASSOCIATED PRESS, NATHAN HODGE/THE WALL STREET JOURNAL, SAIPOV FAMILY
truck down a crowded Manhat- from 2005 to 2009. Family
tan bike path. On Wednesday, members in Tashkent showed
federal prosecutors charged certificates that attested to his
him with terrorism and inten- good performance in school.
tionally killing and harming It was a friend from the in-
people. They say he was institute who persuaded Mr.
spired by watching Islamic Saipov to put in for a diversity
State videos on his phone. green-card via a lottery.
And on Thursday, Islamic “He didn’t even know what a
State claimed responsibility for green card was,” she said.
the attack, calling Mr. Saipov The U.S. Diversity Visa Lot-
one of its “soldiers.” Authori- tery, known as a green-card lot-
ties have established no direct tery, awards 50,000 visas to
ties between Mr. Saipov and foreigners around the world
ISIS. annually. The program was cre-
ated in 1990 as part of a
‘Early stage’ broader immigration bill,
In a news conference Friday, meant to broaden the pool of
Deputy Commissioner of Intel- eligible immigrants beyond
ligence and Counterterrorism those who already had family
John Miller said police are still members in the U.S.
investigating how Mr. Saipov Just over 4,000 people from
became radicalized. Uzbekistan won the diversity
“It’s still in a very early lottery for 2010, one of the top
stage,” Mr. Miller said. “We countries in that budget year,
have a lot of leads to go according to State Department Images of Sayfullo Saipov after his arrest, above, and from his youth in Uzbekistan, where his mother displayed family items.
through, a lot of due diligence statistics.
to do going backwards to Family members said the Saipov’s wife sitting on the
friends, associates, phone re- separation from Uzbekistan steps in front of her apartment,
cords, internet contacts” to see was difficult for the family, and while her two daughters played
if he had any help in the attack. his mother described an emo- with a toy kitchen in the court-
Mr. Miller said investigators tional send-off from Tashkent yard. Ms. Dimistrovska de-
interviewed neighbors who in 2010. “I didn’t want to let scribed the children as well be-
claim they saw two men with him go,” she said. “I’m still haved and the mother as a
Mr. Saipov driving in a Home young,” she recalls him answer- “quiet lady.”
Depot rented truck in the days ing. Another neighbor, a long-
before the attack. He didn’t Mr. Saipov arrived in the distance truck driver also from
specify whether those individu- U.S. that year, briefly stayed in Tashkent, said that when Mr.
als were identified. Cincinnati, and then spent Saipov arrived in Paterson he
In at least one regard, Mr. about three years in the Cuya- sought a job as a local truck
Saipov appears to share a trait hoga Falls area outside Akron, driver but couldn’t get one. In-
with some other terrorist sus- Ohio. There, he married Tash- stead, he started driving for
pects who struck on U.S. soil: kent native Nozima Odilova in Uber.
He failed to achieve personal 2013, according to a marriage- A spokesperson for Uber
and career ambitions in the license certificate issued by the says Mr. Saipov completed
U.S. and became embittered, Summit County Court of Com- more than 1,400 trips in the six
say those who know him. mon Pleas. Mr. Saipov arguing with an- Mr. Saipov had an abrasive ing-looking,” Mr. Jaffray said. months he was a driver. That’s
Tamerlan Tsarnaev, the As a long-haul truck driver, other Uzbek man over the sale personality and was difficult to “It just shows you never know neither an exceptionally large
older of the two brothers who he was frequently in and out of of a trailer in an incident in work with, often yelling at his who your neighbors nor exceptionally small num-
planted bombs at the Boston the area, those in Cuyahoga 2015. customers, Mr. Muminov said. are.…You’re not safe any- ber.
Marathon in 2013, had hoped to Falls’ Uzbek and wider Muslim “He was just talking to this Mr. Saipov later moved to where.”
compete as a professional community say. Many remem- guy, also from our community, Florida. His truck engine blew Mr. Saipov’s apartment was Uber driver
boxer before falling into ex- ber seeing him at prayers at and he suddenly said ‘I will up and he couldn’t afford to re- a mile away from the Islamic There were no ratings or
tremism. the Islamic Society of Akron beat you up right now,’ ” he repair it, according to Mr. Mumi- Society of Tampa Bay, and a feedback on him to indicate he
The New York-born Omar and Kent, just a mile away from counted. “It was surprising—he nov. He moved to New Jersey less-than-five-minute drive to was a bad driver and passed
Mateen, son of Afghan immi- his apartment in the quiet Wa- was a truck driver, so we only after that, he said. the Florida office of the Council their standard background
grants, killed 49 people in the ter’s Edge complex on Ameri- saw him once or twice a month, “Probably that’s why he be- on American-Islamic Relations. check, the spokesperson said.
Pulse nightclub in 2016, and cana Drive. but even then, still he managed came depressed after he lost But Tampa-area Muslims, like Workers at Valvoline Instant
had hopped from job to job be- to pick a fight with someone.” his job,” said Mr. Muminov, those in Cuyahoga County, say Oil Change in Clifton, N.J. re-
fore radicalizing online, author- The loner Mr. Yusupov, 40, said he who still lives in Cuyahoga Mr. Saipov wasn’t particularly member Mr. Saipov coming in
ities said. When at prayers and ser- kept his distance from then on, Falls. active in the local Islamic com- for oil changes since July.
Ahmad Khan Rahimi, who mons, he kept to himself. He describing Mr. Saipov as a “guy While in Florida, Mr. Saipov munity. His last service was Oct. 13.
was convicted last month in the never asked questions, the Is- with a temper.” The incident and his family landed in Hills- “He’s not a familiar face. Not Jardae Figueroa, a senior tech-
2016 bombing in Manhattan’s lamic Society’s leadership said, stood out among the area’s Uz- borough County, occupying one a familiar name,” said Hassan nician there, said Mr. Saipov
Chelsea neighborhood, was also nor expressed any views that bek community, he said, which Shibly, 30, the executive direc- was friendly and chatted with
part of the “bridge generation,” would hint at radicalization. is tightknit, with just 30 or so tor of CAIR Florida. “One of the him about football. “I saw the
a term used by Muslim leaders Several Uzbek-Americans inter- families. first things that ISIS does is try news and thought, that’s crazy,
for young people struggling viewed said they don’t remem- Among them, Mirrakhmat
‘He wasn’t socially to isolate those individuals I just serviced his car,” he said.
with their identities to be both ber him having any close Muminov, 38, who met Mr. attached to the from the local mosques and the One year ago Mr. Saipov
Muslim and American. friends or being involved in Saipov in about 2012. Both men community at large.” first began formulating a plot
According to family mem- community activities. drove trucks for a living.
community, not even It isn’t entirely clear what for an attack, according to the
bers in Uzbekistan, Mr. Saipov “He wasn’t socially attached Mr. Muminov said Mr. the Uzbek community.’ drew Mr. Saipov to New Jersey FBI complaint. He settled on
had a happy and well-adjusted to the community, not even the Saipov owned his own truck a year ago, but after the family using a truck, which has be-
early life. His mother and fa- Uzbek community,” said Azam and would make deliveries for arrived in Paterson, a baby boy come the preferred method for
ther, Habibullo Saipov, ran a Haque, who volunteers at the other companies, a common was born. recent ISIS-inspired attacks
shop in the Bektepi bazaar, a Islamic Society. practice in the industry. About of the 110 units at Heritage at The family lived in a second- against the West.
local shopping center that sells No one in the Ohio commu- a year ago, the Missouri High- Tampa Apartments, a decades- floor apartment in a residential His mission ended Hallow-
building supplies. The family nity described him as particu- way Patrol arrested Mr. Saipov old brick complex across the section of the city, which is een afternoon on Manhattan’s
now lives in Uchtepa, a residen- larly religious. His appearances after a warrant was issued fol- street from a drab strip mall home to the nation’s second- West Side Highway when he
tial area not far from the cen- at the mosque were sporadic lowing his failure to appear in and rundown transmission re- largest Muslim community. The entered a bike path and
ter of Tashkent. and he was often late, even court after a 2015 traffic cita- pair shop. town draws many Muslim impressed the gas pedal on his
The family’s home sits in a during the Ramadan months. tion, according to court re- David Jaffray, an 85-year-old migrants who are seeking the rented Home Depot truck, aim-
small courtyard, the gate Despite his disconnection, cords. tenant who has lived at the support of others in finding ing for cyclists and pedestrians.
flanked by tall rose bushes. In he managed to make an im- The arrest record indicates Heritage apartments for around work and making a life in the —Zolan Kanno-Youngs,
comparison with the Soviet- pression. he was shipping for IIK Trans- 30 years, recalled seeing Mr. U.S., said Ramy Elhelw, 30, a Shibani Mahtani, Lisa
style high rises in the capital, Bekzod Yusupov, who has port, based in Chicago, as re- Saipov on two occasions earlier member of the neighborhood Schwartz, Jim Oberman, Greg
the neighborhood is quiet and lived in Cuyahoga Falls since he cently as October 2016. The this year walking around the Omar Mosque. Bensinger, Paul Berger, Leslie
nearly bucolic, with a small migrated from Uzbekistan in company couldn’t be reached complex. Neighbor Altana Dim- Brody and Quint Forgey
mosque in the center. 2012, remembers when he saw for comment. “He was just non-threaten- itrovska, said she often saw Mr. contributed to this article.
TAPE settes are cool again, particu-

larly with listeners raised on
earbuds and streaming music.
Sales are small but rising, ac-
great,” says Mr. Miranda, the
“Hamilton” composer.
National Audio got small
orders from Burger and other
Continued from Page One cording to Nielsen Music data. labels. Pearl Jam called. The
high-grade ferric oxide cas- The founders of Burger Re- Seattle band needed 15,000
sette tape in the U.S. in de- cords, an independent label copies for a 2011 box set. Me-
cades. If all goes well, the ma- run from a Southern California tallica wanted 20,000 replicas
chine will churn out nearly 4 strip mall, grew fond of the of its original demo tape.
miles of tape a minute by Jan- cassette format a decade ago Mr. Stepp’s company has
uary. “The best tape ever when their band, Thee Make- had to rely on repurposed
made,” boasts Mr. Stepp, 69 out Party, was touring in a van equipment, including an 80-
years old. “People will hear a equipped with a cassette deck. year-old machine built to seal
whole new product.” The band had copied records cigarette packs with cello-
“Hamilton” creator Lin-Ma- to cassettes so they would phane. It was modified to
RYAN DEZEMBER/THE WALL STREET JOURNAL, BLAKE NELSON FOR THE WALL STREET JOURNAL
nuel Miranda insisted that have tunes to play on the wrap cassettes. National Audio
“The Hamilton Mixtape,” a 23- road. They decided to sell has a Noah’s ark of spare parts
track album based on the hit their own music on cassette. to keep what Mr. Stepp calls
Broadway musical and re- Burger has sold some its “orphaned” gear running.
leased last year, be available in 500,000 copies of about 1,000 “It’s the finest equipment
cassette format. Brooklyn different releases on cassette, the 1960s has to offer,” he
post-punk trio Big Bliss’s cas- ranging from new bands to re- says. When his supplier in
sette debut last year earned issued albums by Green Day South Korea stopped making
music-blog reviews and gas Monte Chaney, left, and Steve Stepp of National Audio are finishing a new cassette-making line. and Weezer. Other labels tape in 2014, Mr. Stepp bought
money on the band’s first tour, chuckled at first. “When they everything that was left.
even though the musicians Mr. Stepp’s father sold reels realized they could make a Tape-making is compli-
didn’t have a cassette player of background music to res- buck or two on these things, cated. The process includes a
when the tape was released. taurants and factories. The they started doing it them- finely calibrated slurry of me-
Metallica is a repeat cus- family started National Audio selves,” says Burger co- tallic particles and polyure-
tomer of National Audio, and in 1969, buying an early type founder Sean Bohrman. thane, miles of Mylar, 48 feet
the company’s 45 employees of tape and loading it into car- Nostalgia and analog chic of ovens, a small amount of
have produced cassette sound- tridges for radio stations. The aside, cassettes solve two di- radioactivity and a very pre-
tracks for installments of the company began selling cas- lemmas: the high cost of mak- cise slicer. Employees broke an
movies “Star Wars” and settes a few years later. ing vinyl records and getting elevator while hauling in a
“Guardians of the Galaxy” and When tapes took over the fans to buy digital downloads, 4,600-pound component that
a surprise release by the plati- music business, outselling vi- particularly when bands are squeezes tape to a shine.
num pop act Twenty One Pi- nyl records by the early 1980s, touring. A hundred cassettes Mr. Stepp hopes to ship the
lots. It left the factory in un- National Audio stuck to the packaged with download cou- first cassettes made with the
marked boxes. spoken word. The company pons can be made in a few new tape by January. He is
Most customers are up-and- produced continuing-educa- weeks for a few hundred dol- working the phones to pro-
coming bands, hobbyists or tion lessons for lawyers, mag- ton, Mo., ordered 250,000 send a truck and offer pennies lars, compared with months mote the new product and
eccentrics who order 50 to azines read aloud for the blind blank tapes a week on which it on the dollar. “They were and thousands of dollars for take orders. Mr. Stepp says he
500 copies at a time, including and blank cassettes. dubbed sermons and self-help laughing as we drove away be- vinyl. They often sell at retail treats every customer alike.
a man who claimed to have re- For years, Joyce Meyer advice. When competitors cause they were putting in CD- for as little as $5 each. “You never know who you’re
corded the sound of grass Ministries, an evangelical scrapped their cassette equip- replicating lines,” he says. “Plus, tapes fit in your dealing with or who that per-
growing, says Mr. Stepp. Christian group based in Fen- ment, National Audio would The joke was on them. Cas- breast pocket, which is pretty son will become,” he says.
OPINION
THE WEEKEND INTERVIEW with Johnny C. Taylor Jr. | By Allysia Finley
Why Black Colleges Need Charter Schools

C
Washington Other schools are now offering The conversation turns to what
harter schools are the generous financial aid and superior the Trump administration can do
“polite cousins of segrega- facilities to recruit black students, to help HBCUs. Mr. Taylor’s priority
tion,” in the words of while the demographics of “eco- is infrastructure: “I’m not necessar-
Randi Weingarten, presi- nomically fragile” communities ily talking bricks and mortar. The
dent of the American Fed- have shifted. Five of the Marshall most important investment in
eration of Teachers. Last year the Fund’s members—West Virginia HBCUs has to be technology—wir-
National Association for the Ad- State University, Bluefield State ing these campuses and positioning
vancement of Colored People called College, Lincoln University, Ken- them to compete in the 21st cen-
for a moratorium on charters. Film tucky State University and the tury. I don’t need a larger Office of
festivals are screening “Backpack Charles Drew University of Medi- Civil Rights.”
Full of Cash,” a pro-union docu- cine and Science—now enroll more His other request is simple:
mentary narrated by Matt Damon white than black students. “Talk with us, learn our commu-
that portrays charters as separate “Sometimes you have to be care- nity.” Mr. Taylor says “I can’t help
and unequal institutions. ful what you pray for,” Mr. Taylor myself” from pointing out that the
Pushing back against these in- says. “You wanted diversity, and Obama administration “made too
vidious attacks is the Thurgood guess what happened? You got di- many decisions for HBCUs without
Marshall College Fund, an organi- versity. We have two schools in talking to HBCUs.” He cites the de-
zation that represents 47 histori- Missouri, Harris-Stowe State Uni- cision in 2012 to reduce eligibility
cally black schools. “We cannot af- versity and Lincoln University of for Pell Grants to 12 semesters
ford this kind of issue-myopia in Missouri. Well, while people are from 18. “People say that ‘anybody
our society,” the fund’s president, screaming bloody murder for the should finish in six years.’ Yes, if
ZINA SAUNDERS
Johnny Taylor, wrote in a syndi- University of Missouri to be more that ‘anybody’ had 12 years of solid
cated op-ed this fall. “If the diverse, guess where it’s going to K-12 education.”
NAACP continues to reject the ed- get its students? It’s cannibalizing He says the early signs from the
ucational opportunities school our campuses.” Here in the nation’s Trump administration are promis-
choice provides them, they risk be- capital, he adds, “Georgetown is ing. While Education Secretary
coming irrelevant—or worse—an going to Howard to pick off their Fort Lauderdale, Fla. “I can tell you ‘parental choice.’ That is a far bet- Betsy DeVos in February clumsily
enemy of the very people they best students.” now where everyone else in my ter phrase. Schools don’t choose referred to HBCUs as “pioneers” in
claim to fight for.” Thus HBCUs tend to educate pre- neighborhood ended up and where children, because if that’s the case, school choice, she quickly clarified
dominantly low-income popula- I ended up, because I was bused then it buys into this notion that, her remarks and has since made
tions, while well-to-do and better- out of my neighborhood,” he says. ‘Well, the kids that I don’t want, numerous overtures. She gave a
Only 35% of students earn educated black students attend “My mother wanted me to get a I’m not going to accept into my May commencement address at
bachelor’s degrees in six more-prestigious schools. That better shot than my public school school. I’ll leave them at the public Florida’s Bethune-Cookman Univer-
makes it harder for HBCUs to raise and my neighborhood.” school.’ ” sity and in August met privately in
years. Why? Because money for scholarships and campus Thus Mr. Taylor takes the oppo- In the District of Columbia, Mr. the Sunshine State with several
traditional public schools improvements. Mr. Taylor says he sition to such opportunities per- Taylor has witnessed firsthand how HBCU leaders.
L
donates to his alma mater, Florida’s sonally: “The notion that someone charter competition impels im-
failed to prepare them. University of Miami, which is not sitting at the NAACP’s headquar- provements at traditional public ast month, Mr. Taylor says, he
an HBCU: “All of my money goes to ters in Baltimore could take that schools. Similarly, he hopes in- got wind that the Education
Miami. I have no reason to give it choice away from my mother is creased competition for black col- Department was preparing
Mr. Taylor will step down next to Howard. I didn’t go to Howard.” unacceptable.” lege students will make “the entire changes to Title III’s funding formu-
H
month after a seven-year tenure A related challenge is low reten- HBCU sector step up and respond.” las that could cost HBCUs $100 mil-
during which he has relentlessly tion. Just 35% of HBCU students e adds that “I don’t suggest As an example of that competi- lion. “To their credit,” he recalls,
promoted charters as a lifeline for graduate in six years, compared that charters or vouchers or tion he points to Georgia State Uni- “we sent a letter to Secretary DeVos
black students and a pipeline for with about 60% for all colleges. At any of the other options are versity, which takes “Pell Grant-eli- on a Wednesday. Friday she con-
historically black colleges and uni- seven HBCUs, less than 20% of the panacea.” But he insists that if gible kids and graduates them at vened a meeting of all of the heads
versities, or HBCUs. On the heels of black students earn a bachelor’s de- “you know that the traditional pub- double the rate of everyone else. of the HBCU advocacy organizations
the fund’s 30th-anniversary gala gree in six years. lic school system is failing your The kids are coming out of school and announced she was going to
last week, Mr. Taylor sat down in a The root problem, Mr. Taylor ex- children, to say, ‘I’m not going to faster and with significantly less grandfather all of the HBCUs in.”
Washington hotel to chat about the plains, is that traditional public do anything but pour more money debt . . . and they have good jobs— He acknowledges that “I don’t
challenges HBCUs face and why he schools are failing to prepare stu- into something I know is not work- relevant jobs to industry.” He be- think that we’re going to get some
thinks parental choice—he doesn’t dents. In “economically fragile” ing,’ should be criminal. And I lieves HBCUs like Clark Atlanta huge appropriation of cash, be-
like the term “school choice”—is a communities, many low-income know that’s a strong word—but it University will have to improve to cause it’s a conservative move-
solution. students graduate from high school should be criminal because you are prevent the likes of Georgia State ment.” Still, “I’m optimistic about
First on the syllabus is a short without basic literacy, and those stealing children’s lives.” from poaching recruits. North Car- HBCU issues.”
history of HBCUs, which were es- admitted to HBCUs often need re- Several HBCUs have set up char- olina A&T State University, an How does he respond to staff
tablished during the Jim Crow era medial classes. That presents ters of their own, which serve as HBCU, has boosted its STEM cur- and students who object to engage-
to educate blacks who were then HBCUs with a dual challenge. prep schools. “Howard University riculum to compete with nearby ment with the GOP and the Trump
barred from many colleges and “When you show up to my college, has a charter school, and the idea Duke and the University of North White House? “More than half of
universities. I’m in trouble and you’re in trou- is to expose students to Howard Carolina. our HBCUs sit in Republican con-
The Higher Education Act of ble,” Mr. Taylor says. “I can’t get University much earlier in their ed- One impediment to progress, not gressional districts,” he says. A
1965 authorized federal aid to you through, and the feds are hold- ucational life cycle,” Mr. Taylor unique to HBCUs, has been institu- large majority are in states with
HBCUs, a program known as Title ing me accountable for graduation says. “Nine or 10 of our schools ac- tional inertia, Mr. Taylor says. GOP legislatures, governors or
III. But as states reduced their sup- rates. And you’re frustrated be- tually operate charters. You have Many colleges and faculty have re- both. In other words, Republicans
port two decades later, tuition at cause you feel like you were K-12 kids walking onto a college sisted tailoring their curricula to hold the purse strings. “If your
public HBCUs was rising. The Thur- shafted for 12 years by the second- campus every day. So they can en- the workforce needs of businesses. budget comes from the federal gov-
good Marshall College Fund was ary-school system—and you were.” vision college as a real option.” So even though companies aggres- ernment and the state government,
formed in 1987 to provide scholar- Charter schools, he says, can do But Americans still need con- sively recruit minorities, candi- not talking to them is a bad idea,”
ships to students attending public better, which would help HBCUs vincing. A poll earlier this year by dates graduate ill-equipped for Mr. Taylor says.
HBCUs. (Its counterpart for private succeed in turn. Many charter net- Education Next showed that public jobs. “We are nonpartisan,” he em-
HBCUs is the United Negro College works, such as the Knowledge Is support for charters had dropped “Just because you finished a phasizes before rushing off to give
Fund, established in 1944.) Power Program (often called KIPP), over the preceding 12 months, to master’s degree,” Mr. Taylor says, a keynote speech on criminal jus-
Lately HBCUs have been strug- have placed a special emphasis on 39% from 51%. Mr. Taylor attributes “if what you learned in your cur- tice at the Charles Koch Institute’s
gling with enrollment and recruit- ensuring that their students finish the decline in part to the deceptive riculum was not rigorous or rele- Advancing Justice annual summit.
ment because they no longer have a college. Overall, only 9% of stu- claim by teachers unions that char- vant, then Silicon Valley looks at “I hope we all start thinking:
“captive market,” as Mr. Taylor dents from low-income families ter schools are private. They aren’t: you and says, ‘Well, that’s interest- What’s in the best interest of the
says. Over the past 40 years, the earn college degrees within six Charters are public schools free ing that you have a degree, but it kid? If we let that be sort of our
higher-education landscape has sig- years; the rate for many major from union control and under inde- doesn’t work for us. You’re not compass, our guiding light, then
nificantly changed as more schools charter networks is three to five pendent management. prepared to do anything.’ ” Faculty you don’t care what the union
have sought to diversify their stu- times as high. But poor communication by edu- at HBCUs need to understand, he wants. You don’t care about what
dent bodies. In 1977, 35% of black The dapper and upbeat Mr. Tay- cation reformers hasn’t helped. “I adds, that “your syllabus is not to- the NAACP wants.”
college graduates received bachelor attributes his personal success don’t like the term ‘school choice,’ ” tally yours; it has to be a partner-
lor’s degrees from HBCUs. By 2015 to having attended a magnet public Mr. Taylor says, “because schools ship between industry and you the Ms. Finley is a Journal editorial
that had declined to 14%. school—a charter prototype—in don’t choose children. I believe in professor.” page writer.
In Utah, the Federal Government Puts Prairie Dogs Over People

In southwestern question arises, the stock answer is Clause could be stretched to reach then any regulation that furthers responsibility of protecting animals
Utah, federal regu- the Constitution’s Commerce Clause, noneconomic activities that affect that purpose is constitutional un- found in only one state and having
lations are artifi- which allows lawmakers to regulate any species. This summer, the 10th der the Commerce Clause, even if it nothing to do with interstate com-
cially pitting peo- commerce “among the several U.S. Circuit Court of Appeals over- is unrelated to commerce. Were merce. The bill calls on Congress to
ple against prairie States.” But this species of prairie turned Judge Benson, putting the re- that theory to prevail, there would respect and abide by the Constitu-
dogs—to neither’s dog is found only in Utah, and it has striction on moving prairie dogs back be no limit to what Washington tion’s limits, to restore Utah’s abil-
benefit. There are no conceivable connection to inter- could regulate. ity to pursue real recovery of its
CROSS
about 80,000 Utah state commerce. But People for the Ethical Treat- prairie dogs, and to give other
COUNTRY
By Mike Lee
prairie dogs in the In 2014 a federal district court The question for the U.S. ment of Property Owners did not states the same opportunity.
region, and the agreed, striking down the regulations give up. In September, the organiza- As Utah has shown, states are
and Jonathan
species is listed as as unconstitutional. “If Congress Supreme Court is whether tion filed a petition asking the Su- well equipped to protect threatened
Wood
threatened. State could use the Commerce Clause to protecting rodents counts preme Court to hear their case. We species. State biologists and officials
biologists would regulate anything that might affect urge the justices to do so, not only have more local knowledge and are
like to move the creatures from the ecosystem (to say nothing about as ‘interstate commerce.’ to restore the state conservation more accountable than far-off regu-
backyards and playgrounds to public its effect on commerce), there would plan but also to vindicate constitu- lators. The Supreme Court and Con-
conservation lands, but that’s for- be no logical stopping point to con- tional limits on federal power. This gress should restore federalism to
bidden under federal rules. The re- gressional power,” wrote Judge Dee into place. Once again it is a crime week, 23 states, led by Utah, filed a its rightful place and enforce the
sult of the regulations has been con- Benson. for state biologists to do what is best friend-of-the-court brief calling for Commerce Clause’s intended limits.
flict but little progress toward As the residents of Cedar City for the species. the justices to take the case. Utah’s prairie dogs and countless
lasting recovery for the species. cheered, the state of Utah began In its ruling, the appeals court Utah’s two senators—Mike Lee other species depend on it.
For years, towns like Cedar City work on a plan that would be better embraced a theory of federal power (one of the authors here) and Orrin
have been stuck in what Greg Shee- for people and prairie dogs alike. beyond any the Supreme Court has Hatch—have introduced a bill called Mr. Lee, a Republican, is U.S. sen-
han, principal deputy director of the The central component was for biol- ever accepted. It held that if Con- the Native Species Protection Act. ator from Utah. Mr. Wood is an at-
Fish and Wildlife Service, has called ogists to relocate the rodents to gress adopts a “comprehensive It would reform the Endangered torney with the Pacific Legal Foun-
“a quagmire of federal bureaucracy.” lands where they could be perma- scheme” to address some issue, Species Act and return to states the dation.
Washington’s heavy-handed regula- nently protected.
tions make it a crime for these Conflict gave way to real conser-
Notable & Quotable: Realtors and Homebuilders

Utahns to do things that the rest of vation. In 2010 the prairie dog pop-
us take for granted, like building ulation had been estimated at
homes in residential neighborhoods 40,000, but the figure has since
or starting small businesses. Cedar doubled, providing the highest Peter J. Wallison and Edward J. Freddie Mac, two government-backed chose profits. . . . If large numbers of
City can’t even protect its play- count since surveys began in the Pintowriting at RealClearPolitics.com, mortgage companies, because (they taxpayers use the new—and much
grounds, airport and cemetery from 1970s. “It was a win-win for every- Nov. 1: argued) the government subsidies higher—standard deduction in the Re-
the disruptive, tunneling rodent. one,” Mr. Sheehan said this summer, these firms received would create af- publican plan, they will not be eligible
Tired of being ignored, local resi- when he was still head of the Utah Two powerful lobbying groups fordable housing for the middle class. to use the mortgage interest deduc-
dents banded together to form Peo- Division of Wildlife Resources. “Lo- that advertise themselves as helping . . . The real rationale, as they have tion in calculating offsets to the cost
ple for the Ethical Treatment of cal communities, local governments, Americans buy homes have an- now made clear, is that Fannie and of the home. . . . A bigger and more
Property Owners. The group, repre- and private landowners were happy. nounced that they will oppose the Freddie’s policies drove up housing costly home will not necessarily mean
sented by the Pacific Legal Founda- And Utah prairie dogs have never Republican tax plan. Their reason? prices, thereby increasing their mem- a bigger tax deduction. Accordingly,
tion, filed a lawsuit in 2013 arguing done better.” Because it will lower housing bers’ profits. the Realtors and homebuilders would
that the federal regulations were Sadly, this proved to be only the costs. . . . For years, the National As- When the Republican tax plan suffer a reduction in profits.
unconstitutional. Where did Con- beginning of the story. The federal sociation of Realtors and the National made them choose between helping The same thing is true for the
gress get the power to pass such in- government appealed Judge Benson’s Association of Home Builders were the middle class to buy homes and restate and local tax deduction, which
trusive rules? Whenever this kind of ruling, arguing that the Commerce strong supporters of Fannie Mae and ducing their members’ profits, they applies to local property taxes.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Trump’s Pacific Strategy Now Isn’t the Time for a Presidential Pardon
D
onald Trump’s visit to East Asia next leadership on security issues, as next week’s In “Begging Your Pardon, Mr. Presi- To cite the pardons issued by Presi-
week is the most important trip of his trip should confirm. Congress agreed in Sep- dent” (op-ed, Oct. 30), David B. Rivkin dents Washington, Lincoln, Ford and
Jr. and Lee A. Casey explain that the Carter as a basis for a presidential
Presidency so far, and the most impor- tember to boost defense spending, and the U.S.
major issue involving President Trump pardon in the current special counsel’s
tant Asian trip by a U.S. Presi- Navy is conducting freedom of is whether “Mr. Trump’s firing of FBI investigation is unsupported by the
dent in more than a decade. Next week’s trip is navigation operations with Director James Comey might have ‘ob- very facts Messrs. Rivkin and Casey
His meetings and speeches will crucial for showing U.S. greater regularity to contest structed’ justice.” cite as justification. In each of the
send a message, for good or ill, China’s illegal claims to the If John Kennedy fired then-FBI Di- cases they outline, the presidential
about the U.S. commitment to commitment to Asia. South China Sea. rector J. Edgar Hoover because Hoover pardon was issued to unrelated third
meet the challenges of North The contradiction is Mr. was investigating Martin Luther King parties, not as it would be in the pres-
Korea’s nuclear breakout and Trump’s withdrawal from the Jr., we would applaud Kennedy, not in- ent case to members of the president’s
China’s bid for regional hegemony. TPP trade pact, which cost the U.S. a key build- dict him. If Harry Truman fired Hoover family, inner circle or even more out-
Secretary of State Rex Tillerson previewed ing block of a free and open Indo-Pacific. Closer because he did not like Hoover’s inves- rageously the president himself. As
the Trump Administration’s Asia strategy last economic integration between the U.S. and tigation of Ernest Hemingway, we their opinion piece points out, in each
would applaud Truman, not indict him. case, the pardons issued by Presidents
month when he called for a free and open Indo- Asian democracies is essential to fostering
If FDR had fired Hoover because he did Washington, Lincoln, Ford and Carter
Pacific, safeguarded by greater cooperation greater trust. That trust will be further dam- not like Hoover’s investigation of Al- were for the good of the country, not
among the region’s democracies. He accused aged if Mr. Trump continues to fixate on the U.S. bert Einstein, we would applaud FDR, for the direct or indirect benefit of the
China of undermining the international, rules- trade deficit. Last month the Administration not fire him. president and his circle.
based order and practicing “predatory econom- bullied South Korea into renegotiating the Ko- Richard Nixon’s alleged obstruction ALAN M. EPSTEIN
ics” around the region. Mr. Trump will expand rea-U.S. Free Trade Agreement, and Japan faces of justice (and I should know, I was as- Wellington, Fla.
on those themes in his speech in Vietnam. similar pressure. sistant majority counsel to the Senate
The goal is to forge a security network among Asian allies will also watch Mr. Trump’s meet- Watergate Committee) involved using We’re trying to find out if someone
U.S. friends and allies that previously looked to ings in Beijing to see how he presses on North hush money to bribe witnesses to be broke the law. The authors’ proposal
Washington alone as the guarantor of peace. Korea. So far he continues to flatter President silent or promising a pardon in ex- includes turning the investigation
Japan and South Korea have strengthened ties Xi Jinping, calling him “a very good person” and change for false testimony. There is no over to Congress, in part because Mr.
such claim in the current investigation. Mueller’s investigation “has been
in recent years. Japan, Australia and India are tweeting congratulations on his “extraordinary RONALD D. ROTUNDA widely interpreted as partisan.”
moving toward a quadrilateral alliance with the elevation” at last month’s Communist Party Con- Orange, Calif. Does anyone see the irony here?
U.S. that could become the cornerstone of the gress. This is naive. Mr. Xi elevated himself, and One of the reasons Congress enjoys
Indo-Pacific vision. he has yet to act decisively to stop North Korea’s The primary reason pardons are an abysmal approval rating in the
The rationale is obvious. Constraints on U.S. nuclear program. dangerous at this stage is that the peo- low teens is because no one trusts it
defense spending limit any military buildup, The best reassurance for Asian democracies ple who might be pardoned are percip- to do anything right. Given the
while China’s military budget continues to grow that Mr. Trump can give next week will be ient witnesses to facts and incidents choice between an independent coun-
even faster than its economy. Asia’s Pax Ameri- proof he understands that Xi Jinping’s long- under investigation. The protections of sel with a sterling reputation or an
cana needs to evolve into a collective defense re- term goal is to push the U.S. out of Asia, and the Fifth Amendment are gone for par- inherently politicized, do-nothing
gime among the region’s democracies. that the Obama years encouraged Mr. Xi to pur- doned subjects, at least at the federal Congress, I’ll put my money on the
level after a presidential pardon, and former, as there is little hope for ob-
Several obstacles lie in the way. South Kore- sue that goal more aggressively. The first test
the pardoned must truthfully answer jectivity with the latter.
ans are naturally sensitive about cooperation of Mr. Trump’s new Asia strategy will be to any questions put to him or her. Presi- EDWARD G. WRIGHT
with Japan given their colonial past. India has convince China that its support for North Ko- dential pardon’s don’t apply to state Hamburg, N.Y.
doubts about Australia’s reliability after then rea is backfiring. charges.
Prime Minister Kevin Rudd pulled out of joint ex- Mr. Trump’s message should be that the U.S., A pardoned percipient witness to As for the analogy to Ford and
ercises a decade ago. Asian countries are in- South Korea and Japan will ramp up their mili- facts and incidents in the past remains Nixon, I’d just note that Ford par-
creasingly reliant on China as a trading partner tary spending and cooperation as long as Kim subject to perjury, obstruction of jus- doned Nixon after he resigned. I think
and investment source and thus are nervous Jong Un retains his nukes. The U.S. will consider tice and any related crimes arising in most of the country would be fine
about offending Beijing. deploying tactical nuclear weapons on the pen- the current investigation. with a repeat of history like that.
Most critically, Asians worry that the U.S. insula. It could also challenge China more di- MICHAEL EDWARDS MATTHEW T. HEFFNER
commitment to the region is shaky. Barack rectly in the South China Sea and increase con- La Crescenta, Calif. Chicago
Obama proclaimed a “pivot to Asia” but didn’t tacts with Taiwan.
deliver resources to match. On his watch the U.S. The U.S. should not want a confrontation with
lost ground in the region to China, and the threat China, but only the cold logic of national interest
from North Korea grew. Mr. Trump didn’t help will change calculations in Beijing. The Trump No Wait for Dr. Google, but What’s He Worth?
when he entered office questioning why the U.S. Administration’s regional strategy shows prom- Marc Siegel should be happy that lines today it would appear that most
must defend Asian allies and withdrew from the ise, but it needs the President to show his per- patients can now treat themselves people who get narcotics become ad-
Trans-Pacific Partnership (TPP) trade deal. sonal commitment to America’s presence in the with Dr. Google’s help (“Dr. Google dicted, sell them or give them to
The Trump Administration has reasserted Pacific. Will See You Now,” op-ed, Oct. 30). Dr. friends and family. I am so looking
Siegel understands, but too many forward to Dr. Google, Dr. Amazon and
don’t understand, that writing a pre- Dr. Facebook assessing the symptoms,
Anything but Weekends With Mitch scription for a patient whether for
their depression or pain doesn’t add
writing and filling the prescriptions,
and seeing how the opioid crisis
W
to the value the insurer, Medicaid or evolves.
hile you were watching other news, The Senate also confirmed Joan Larsen of the Medicare places on that office visit. MICHAEL P. CARTER, M.D.
the U.S. Senate this week made major Michigan Supreme Court to the Sixth Circuit, My risk goes up whenever I write Savannah, Ga.
progress confirming judges. Credit 60-38. Judges Larsen and Barrett are prime can- prescriptions for narcotics. I always
goes to Majority Leader Mitch didates for the Supreme Court thought that my assessment of what If you don’t like how you feel, get a
McConnell, who threatened to The Senate confirms when the next opening arrives. drugs are appropriate had some value. treatment. Treat depression, anxiety,
make Senators work on the four more Trump Allison Eid of the Colorado Su- Now the lawyers are waiting to sue for obesity, loneliness, insecurity, hope-
weekend, including Friday. The preme Court was approved for undertreatment or overtreatment. The lessness, incurable cancer, pain, abuse
horror. appellate judges. the Tenth Circuit, 56-41, and DEA is drooling in the wings, hoping I or neglect with a substance. Life is rife
Chuck Schumer’s Demo- University of Pennsylvania law will write a prescription for one too with disorders. Acceptance, honesty,
many pills for my noncancer patients. self-coping and support change the
crats have used every trick to professor Stephanos Bibas will
I have personally taken narcotics for way you feel. Substances mask how
delay confirming judicial and executive-branch join the Third Circuit after a 53-43 vote. multiple cancer and lumbar surgeries you feel.
nominees, including 30 hours of floor debate for The Senate has now confirmed eight of Presi- and never got addicted nor had with- DAVID B. GILBERT, M.D.
even noncontroversial choices. This week Mr. dent Trump’s nominees to the appellate bench, drawal symptoms. To read the head- Fayetteville, N.C.
McConnell called their bluff by declaring he was in addition to Neil Gorsuch for the Supreme
going to hold votes on four appellate-court nom- Court. As Delaware Democrat Chris Coons noted,
inees no matter how long it took. Democrats aghast, on the Senate floor on Thursday, “Four
blinked so they could take off. nominees in one week, beginning to end. That’s
Race-Based Affirmative-Action Admissions
On Tuesday the Senate confirmed Notre more than the number of circuit court nominees Regarding John Katzman and When affirmative action in educa-
Dame law professor Amy Barrett for a seat on that were confirmed in the entire first year of Steve Cohen’s “Let’s Agree: Racial tion began it not only paved the way
the Seventh Circuit Court of Appeals. She’s the President Obama’s Presidency.” Affirmative Action Failed” (op-ed, for more blacks in colleges, graduate
Oct. 27): Collectivist identity politics schools and professional careers, it
nominee razzed by Democrats because she He’s right. Mr. Obama had three. Maybe the
is systematically destroying the edu- also encouraged many predominantly
might be, as Dick Durbin put it, an “orthodox Steve Bannonistas should start giving Mr. cational establishment (see “The white, private high schools to include
Catholic.” The vote was 55-43. McConnell some political credit. Weekend Interview with Jonathan more minorities.
Haidt: The Cultural Roots of Campus WAYNE E. WILLIAMS
Rage,” April 1) to the benefit of no Camden, N.J.
The Stealth-Tax Republicans one, save the power holders and
T
seekers. Justice Sandra Day O’Con- The real damage of the affirma-
he House GOP’s reform proposal for in- if the bill does not deliver on promises of nor’s opinion in Grutter v. Bollinger tive-action policies is to the percep-
dividual taxes is a mess, but now we growth and broad prosperity. was essentially an exercise in soft tion of all parties involved. Many
learn it also includes a stealthy 45.6% A second dynamic is that the Trump Admin- bigotry. If government-sanctioned, nonminority students assume that
marginal tax rate on some race-conscious decisions have ex- the minority students aren’t as aca-
istration is filled with people
The House tax bill panded into selective ethnicity- demically astute, and the minority
high earners. This dishonest who feel guilty about driving based, fluid gender-based bigotry, it students have to wonder if their
surcharge betrays the GOP’s has a surprise rate of a Porsche in college (Treasury must be a manifestation of white achievements are legitimate. A
purposes of growing the econ- Secretary Steven Mnuchin), privilege or white supremacy after strictly race-based handicapping sys-
omy and simplifying the code, 45.6% on some earners. and don’t want to be per- all. Will focusing on class or poverty tem diminishes everybody’s accom-
and Republicans ought to kill ceived as cutting their own be successful? Not likely. plishments.
this gift to the left that will be taxes. Yet it is not a “cut” to PHILIP MELITA DAVE VOSS
slapped on more Americans when Democrats subject income below the threshold for the top Charlottesville, Va. Rockford, Ill.
return to power. rate to the same rate schedule as everyone else.
The GOP’s tax bill released Thursday col- The point of a progressive tax is to impose a Can we agree that so-called “leg-
lapses seven brackets into four—12%, 25%, 35% higher rate only on higher earnings. Somewhere Halloween Skeleton Horses acy admissions” should also be abol-
ished as being contrary to an effec-
and 39.6%. But the 12% rate applies to a large back in time the goal was also to make the code Shouldn’t Have Ears of Bone tive and equitable process for
range of income, up to $45,000 for individuals less distorted and easier to understand. The Regarding “No Bones About It: admitting a diverse and imaginative
and $90,000 for married couples. This means surtax defies that simplicity principle. Animal Skeletons Are Hot for Hal- class of students?
more of a person’s income is taxed at a lower This tax ambush reminds us of PEP and loween” (page one, Oct. 31): I can STEVEN GREENFIELD
rate, even for folks who earn enough to reach Pease, the deduction and exemption phaseouts understand that pet lovers are buy- Baldwin, N.Y.
into higher brackets. that Democrats deployed to increase taxes at ing animal skeletons for Halloween,
But wait. The Ways and Means bill analysis the top, which the GOP bill repeals. Except the but I have one “pet” peeve. All of
notes that for high-income taxpayers the bene- clawback is worse. Republicans had already sur- these animal skeletons have ears! Pepper ...
fit of the 12% rate “would phase out.” For a sin- rendered lowering the top rate, which is the This is an affront to my sensibilities.
Several acquaintances have made the
And Salt
gle person earning $1 million, and couples who most potent engine for growth in the individual
make $1.2 million, the benefit is phased out by code. Now the GOP is pretending to abandon a same observation and are equally THE WALL STREET JOURNAL
appalled. My daughter is a small-ani-
$6 on every $100 of income, until the 12% rate surtax on millionaires while burying the same
mal emergency-room veterinarian.
relief has been clawed back. A married couple damage in its bill. She currently owns an actual dog
would thus face a 45.6% marginal rate on earn- By separating small business income from skeleton head named Clifford, and
ings between $1.2 million and about $1.6 mil- personal returns, Republicans have also en- an anatomically correct plastic cat
lion. Then the rate returns to 39.6%. sured the highest rate will never drop. Demo- skeleton named Celeste that she
One ostensible reason for the phase out is crats must be thrilled because the 45.6% “bub- keeps year-round in her apartment.
that Republicans are passing around a collec- ble” rate will become the new top rate for Neither has ears.
tion plate to “pay for” business tax cuts and sat- everyone once they win back the White House NORM DICK
isfy the Senate’s dysfunctional budget proce- and Congress. Fairfield, Conn.
dures. The party may think that the phase out The Reagan reform of 1986 lowered the top
will raise revenue, but don’t expect the money rate to 28% from 50%, but that has steadily Letters intended for publication should
to materialize in the real world. crept back up, including the 3.8% ObamaCare be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
High earners may move their taxable income investment tax the party failed to repeal earlier or emailed to wsj.ltrs@wsj.com. Please
around to avoid the penalty. Or they will decline this year. With its new bubble bracket, the GOP include your city and state. All letters
to work or invest on the margin, which is what is repudiating Reagan’s reform and bringing the are subject to editing, and unpublished “Have you tried skipping?
creates jobs and lifts incomes. Balancing the top income-tax rate back to 50%. Voters might letters can be neither acknowledged nor A skip around the block
returned.
budget tables will be a pathetic excuse to voters as well have elected Hillary Clinton. always cheers me up.”
OPINION
Finding Relief on the Streets and at the Office

after 9/11, we feared al Qaeda would Something happened. Media outfits
hit us again, harder. Sixteen years made a commitment—expensive in
later what we see is a series of sin- terms of resources, personnel and le-
gle, random-seeming acts by weak, gal costs—to get the story. What they
DECLARATIONS stupid, highly emotional men who found was numbers—the sheer num-
By Peggy Noonan read propaganda sites and become ber of abusers and the number of ac-
excited in the way of the weak, stu- cusers who’d testify. They discovered
I
New York pid and highly emotional. Their at- details that established patterns.
n 2001 I thought it would be a tacks are low-tech, limited. This is all good. And one of the
suitcase bomb, a homemade Graeme Wood had a smart piece things that fell is the phrase “every-
nuclear device, not airplanes for the Atlantic hours after the at- body knew.” That is now a self-in-
going into buildings. I’d felt tack. “The details strongly suggest dicting phrase.
KENA BETANCUR/GETTY IMAGES

something coming, had writ- that the man was a complete idiot,” I close with a point that may grate
ten of it, but that day, amid all the Mr. Wood wrote of the suspect, Say- on those who, like me, are glad at
grief and carnage, I felt a lurking re- fullo Saipov. “I harp on Saipov’s ap- what has happened and wish to see
lief. I’d feared worse—tens of thou- parent stupidity for one reason: As just revelations continue.
sands gone, parts of the city ren- long as Islamic State’s attackers are The challenge is to pursue justice
dered uninhabitable. idiots like Saipov, our societies can while keeping a sense of humanity.
I feel a version of that relief now, probably handle them. . . . The Idiots’ Human-resources departments terri-
after Tuesday’s truck attack down- Crusade is a manageable problem. fied of costly lawsuits will impose
town, within the shadow of the Free- Much less tolerable would be a cam- Near the scene of the terror attack in New York City, Oct. 31. more and stranger rules that won’t
dom Tower. Barely three hours later, paign of competent terror—the kind necessarily thwart bad guys but will
on Lexington Avenue from the 90s of mayhem enabled by training, like Here we shift to another thing that power in the sexual-abuse scandals harass good men. This is the way of
through the 70s, the streets were the 2015 Bataclan killers in Paris had, has changed, this one permanently. of the 2010s.” things. Two recent anecdotes: At a
crowded with kids and parents out or by patient planning, as Stephen Before it goes away as a regular That there is a price to be paid yearly checkup, a male doctor went
for Halloween. The mood was not a Paddock in Las Vegas did.” front-page story—and it will, because will have a deterrent effect. Human through his short list of how to stay
Continued vigilance is in order: “As as Thoreau said, once you’re familiar sin won’t stop; harassment will con- healthy in New York. It included: don’t
Islamic State loses territory, the great- with a principle you become less in- tinue—but something important hap- stray onto the curb, stay on the side-
Terrorists are much weaker est danger remains the prospect that terested in hearing of its numerous pened here. walk, keep back from careening trucks
some of the battle-hardened fighters applications—it must be noted that In July 2015 New York magazine that take a corner too tight and knock
than we feared in 2001. will return home, raising the average what has happened the past month put 35 women on the cover who al- people down. I got it, I said—I take
And sexual harassers are IQ of attackers, and making possible regarding sexual harassment in the leged that Bill Cosby had sexually vi- the arms of cellphone zombies and
attacks that would be many times workplace is epochal, a true water- olated them. Until then it had been guide them a step back to keep them
suddenly more vulnerable. more deadly than this one.” shed and long overdue. a cloudy, amorphous story. Suddenly safe. I’d done it recently with a young
The bad guys now seem incompe- The revelations will have a huge it was no longer he-said/she-said: woman. He got a poignant look. “I
tent. But the bad guys will never go impact, not because men now under- You saw the faces, read the testi- can’t do that now,” he said. If he put
sag-shouldered “This is the new nor- away, and it is to the deep and ever- stand that sexual abuse and bullying mony, and knew what Mr. Cosby re- his hand on a strange woman’s arm, it
mal,” but a collected sense of “We lasting credit of U.S. law enforcement, are wrong—they always knew, and ally was. A year later Gretchen Carl- might be misunderstood.
can handle this.” There was an air of especially the New York City Police for many the wrongness would have son, and later others, went up I was told the other day of a news
gallant enjoyment. It made the emo- Department, that they have been so been part of the enjoyment—but be- against Fox News’s Roger Ailes; her executive who complimented his co-
tionalism of the mayor’s remarks— contained. Some day they’ll hit us cause they now know, really for the lawsuit was settled for $20 million. worker on her boots. He was later
“We will not be cowed”; “This action hard again, so no relaxation of efforts first time, that they will pay a terri- Then came the revelation of the Bill taken aside by a colleague: You can’t
was intended to break our spirit”— is possible. But right now it feels ble price if their misbehavior is re- O’Reilly settlements. talk like that now! He hurriedly called
seem both hyped up and rote, and more like Britain’s long struggle with vealed. And from here on in, there’s But Black October for sexual ha- the woman and apologized: He meant
appropriate to another time. the Irish Republican Army than an ex- a greater chance it will be revealed, rassers began with the New York no offense, didn’t mean to sound leer-
Yes, ISIS is here; yes, this will istential threat, and we must be and believed. Times stories by Jodi Kantor and Me- ing. She said: Are you kidding? I knew
happen again, and security is appro- thankful when feelings improve. This The price to be paid was the real gan Twohey on Harvey Weinstein’s it was a compliment, no offense at all.
priately high for this weekend’s mar- was my small epiphany Tuesday night lesson of the past few weeks of resig- history of abuses and payoffs, fol- That was human. Common sense
athon. But it’s obvious, and has been as I moved among people dressed as nations and firings. Celebrity abusers lowed by Ronan Farrow’s lengthy in- is better than antihuman edicts.
for some time, that we’re in a differ- bumblebees, Pharaohs, Godzilla and understand the first paragraph of vestigation in the New Yorker, and It’s good the pendulum has swung.
ent moment, a different part of the an angel with black wings. I liked the their obit will now include something then on to other men in show busi- You want it to hit the bad guys hard,
battle. For months and then years gallant enjoyment. I shared it. like, “. . . but fell from his position of ness and the news media. and leave the good ones untouched.
What John Kelly Got Right About Robert E. Lee

By Jay Winik of the Confederate armies, while pre- that cleaved the country after Appo- Union he once loved nor of the Con- to obliterate the marks of civil strife,
R
dicting that the country would pass mattox. When Lee surrendered to federacy that ceased to exist, Lee to commit to oblivion the feelings en-
obert E. Lee is back in the “through a terrible ordeal.” He was Ulysses S. Grant, in arguably one of publicly rejected the idea of a guer- gendered.”
news thanks to White House right. the most moving scenes in American rilla struggle. The debate will surely continue
Chief of Staff John Kelly. In a Still, he was never much of a history, the military situation re- Most important, by April 1865 he over whether to move the Confeder-
Fox News interview Monday, Mr. hater. Like Lincoln, more often than mained quite perilous. The war was no longer spoke of the Confederacy ate monuments out of public view,
Kelly called Gen. Lee “an honorable not Lee called the other side “those still raging. Jefferson Davis, the Con- as “we” or “our country.” Now he as it will over whether to rechristen
man” and observed that “men and people,” rather than “the enemy.” Nor federate president, was on the run, spoke as a U.S. citizen, thereby forg- spaces bearing the names of Jeffer-
women of good faith on both sides was it clear that he loved war itself. calling on Southerners to take to the ing the path to a reunited country. son, Andrew Jackson, Woodrow Wil-
made their stand where their con- “It is well that war is so terrible,” he hills and wage guerrilla warfare. For this reason when there were son and even Washington. Where
science had made them stand.” once said, “or we should grow too This at a time when there were still cries to try Lee for treason, Grant will it end? Robert E. Lee’s story
Mr. Kelly has a point. It is worth fond of it.” With words that could three Confederate armies, and ha- vigorously opposed them. should serve as a reminder that the
remembering that Lee, who has have been uttered by Lincoln, Lee treds between North and South were What would Lee have thought of past is more nuanced and complex
lately been painted as a traitorous talked of the cruelty of war, how it at their peak. Lincoln was assassi- recent events? He might have sup- than the current political debate
caricature, embodied in countless filled “our hearts with hatred instead nated five days later. Had the South ported the moving of his own stat- suggests. It is important to take
ways the poignancy and tragedy of of love for our neighbors.” undertaken guerrilla warfare, it’s ues. In 1869 he was invited to partici- public sentiment into account, but
the Civil War. It would be a gross Nor was he fond of slavery, once more than likely the U.S. would have pate in a ceremonial meeting of not at the expense of ignoring or
misfortune if the political debate ob- describing it as “a moral and politi- broken up into two countries. officers at Gettysburg, Pa., to com- perverting history.
scures his story. cal evil.” True, he did benefit from At Appomattox, Lincoln and memorate the battle there six years
slavery. But in 1863, one day after Grant gave generous terms to the earlier. He declined, writing: “I think Mr. Winik is author of “April
the Emancipation Proclamation took South, paving the way to reconcilia- it wiser . . . not to keep open the 1865” and “1944” and historian-in-
The Confederate general effect, Lee went a step further than tion. But they found a willing part- sores of war but to follow the exam- residence at the Council on Foreign
Thomas Jefferson ever did and freed ner in Lee. Neither a citizen of the ples of those nations who endeavored Relations.
embodied in countless his family slaves, fulfilling the
ways the poignancy and wishes of his father-in-law, George
tragedy of the Civil War. Washington Parke Custis. And in
1865, as the Confederacy stood on
the throes of destruction, Lee sup-
Social Media Is the Trump of Industries
ported a dramatic measure to put Let’s start with Russian “active measures” in the U.S. The problem of the public mind
Lee’s lineage was impeccable. His slaves in uniform and train them to some crackpot pre- Hits included a forged letter peddled being shaped by false or undesirable
father was Henry “Light-Horse fight, which would have effectively dictions. The Muel- to the Washington Post from the U.S. information is a fact of life, not an
Harry” Lee III, the celebrated Revo- emancipated them. ler investigation Information Agency supposedly de- excuse for a federally sponsored so-
lutionary War general and close Upon the conflict’s close, Lee will quietly wind tailing its efforts to exaggerate the cial-media censorship scheme that
friend of George Washington. Lee gave a forceful interview to the down rather than Chernobyl nuclear accident, a KGB- wouldn’t work anyway.
himself descended from two signers New York Herald in which he proceeding to some promoted claim that HIV was cooked An education system that taught
BUSINESS
of the Declaration of Independence, strongly condemned Lincoln’s as- greater climax. Like up in a CIA lab, and fake letters from critical thinking, rather than crybaby
WORLD
and his wife, who later became an sassination and claimed that the James Comey be- the Ku Klux Klan to African athletes victimhood, might help. The respon-
By Holman W.
ardent Confederate, was none other “best men of the South” had long fore him, Robert at the 1980 Summer Olympics. sible media have a role—which
Jenkins, Jr.
than Mary Custis, a great-grand- wanted to see slavery’s end. Later Mueller has a dis- they’ve been abdicating lately—in
daughter of Martha Washington and, he declared, “I am rejoiced that tinct interest in helping the public distinguish valid
through adoption, of George Wash- slavery is abolished.” leaving some rocks unturned. Don’t like Twitter, statements from invalid ones. Imag-
ington himself. Arguably his most powerful state- Vladimir Putin railed last week ine if reporters and editors were
Lee agonized over whether to ment about race relations came at against those “using the internet Google and Facebook? trained to vet their reasoning as
fight for the Confederacy. As war war’s end in St. Paul’s Church, the and the information space for crimi- Tar them with the carefully as they do their facts?
loomed, Abraham Lincoln offered him congregation of the Richmond elite. nal purposes.” This was interpreted American journalism would be revo-
command of the new Union Army, a To the horror of many of the con- in some quarters as a threat of fur- Russia brush. lutionized.
position he had always coveted. De- gregants, a well-dressed black man ther cyberaggression against the There’s another angle to talk
spite being an avowed Federalist who advanced to take communion, and West. It may signal the opposite: ar- about. The U.S. has been cursed
longed for compromise to save the knelt down at the altar rail. The rests and crackdowns aimed at rein- Twitter, Google and Facebook’s lately with close elections, heighten-
Union, Lee, like so many others, gave minister froze, unsure what to do. ing in Moscow’s hacktivists. Mr. Pu- business model of letting the public ing concerns about everything from
in to the permanency of birth and Lee knelt down next to the black tin’s overwhelming priority is have its diverse, antic, usually misin- our ability to count votes accurately
blood. “I cannot raise my hand man to partake of the communion intimidating Russian civil society formed and often dishonest say to election fraud, fake news and
against my birthplace, my home, my with him. into acquiescing to his manipulated about public matters is something even the peculiarities of the Elec-
children,” he wrote a friend, “save in Finally, Lee’s greatest legacy was re-election early next year. Now he new under the sun—and like all toral College itself.
defense of my native state.” Instead not in war, but in peace. Lee went to wants stability and improved U.S. re- things that exist under the sun, can It’s irresistible to theorize, in
he became the commanding general great pains to heal the bitterness lations. The predictions of a fresh be used for good or ill. such circumstances, about tiny in-
Russian hacking onslaught aimed at At the same time, only 85-year- puts having large effects, as with
the 2018 midterms and 2020 presi- old senators are wowed by a report Mr. Trump’s flukish electoral win in
dential race may turn out to be that 135 million Americans were ex- the upper Midwest. This makes life
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY wrong. posed to Russia-sponsored Facebook easy for Democratic propagandists
Rupert Murdoch Robert Thomson Congress turned its fibrillating at- ads and messages over a 32-month who wish to paint Mr. Trump’s vic-
Executive Chairman, News Corp Chief Executive Officer, News Corp tention this week to Russian activity period. Facebook delivers 517 million tory as a Russian plot. It makes life
Gerard Baker William Lewis on U.S. social media. Russia’s attempt ad impressions per hour. User posts, easy for rivals and rent-seekers of
Editor in Chief Chief Executive Officer and Publisher to propagandize in our election may messages, photos and shared links Google and Facebook who have
Matthew J. Murray DOW JONES MANAGEMENT: be a lot of things, but it was hardly pile up at a rate of three million-plus tried and failed for years to con-
Deputy Editor in Chief Mark Musgrave, Chief People Officer; unprecedented. Read Joseph Conrad’s per minute. The average American, vince politicians to regulate the in-
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS:
Anna Sedgley, Chief Operating Officer & CFO;
“The Secret Agent” about active from all sources, is estimated to see ternet giants in ways convenient to
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett, Katie Vanneck-Smith, President measures in the Czarist era. Soviet upward of 5,000 ads or branding the complainers.
Washington; Andrew Dowell, Asia; OPERATING EXECUTIVES: defector Stanislav Lunev estimates messages each day. Yelp does not give two hoots
Christine Glancey, Operations; Ramin Beheshti, Product & Technology; the Kremlin invested $1 billion in the A free society is a tempting target about Russia. Yelp’s problem is hav-
Jennifer J. Hicks, Digital; Jason P. Conti, General Counsel;
Neal Lipschutz, Standards; Alex Martin, News; Frank Filippo, Print Products & Services; Vietnam peace movement. It spent for authoritarian propaganda, but ing to compete with Google in pro-
Shazna Nessa, Visuals; Ann Podd, Initiatives; Steve Grycuk, Customer Service; tens of millions (in today’s dollars) there’s a flip side: If you’re a political viding online reviews while depend-
Matthew Rose, Enterprise; Kristin Heitmann, Transformation; subsidizing the U.S. Communist Party party, think tank, do-good organiza- ing on Google for traffic. News
Stephen Wisnefski, Professional News Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International and its publications from the 1920s. tion or government agency worried stories incriminating Google and
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: It bribed journalists around the about fake news, Facebook is an ex- Facebook for transmitting “fake
Almar Latour, Publisher; world to plant pro-Soviet stories in cellent way to fight back. Facebook news” are written by reporters
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: the local press. was pilloried recently because its al- whose amour propre is offended by
Joseph B. Vincent, Operations; Christopher Lloyd, Head; In contrast to President Obama’s gorithms let advertisers market their fake news nearly as much as their
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head agonizing over whether to call out Mr. wares self-identified “Jew haters.” paychecks are undermined by it.
EDITORIAL AND CORPORATE HEADQUARTERS: Putin in the run-up to the 2016 vote, Who says those buying such ads Bottom line: Skepticism is an
1211 Avenue of the Americas, New York, N.Y., 10036 the State Department in the 1980s aren’t targeting these head cases endlessly useful quality to culti-
Telephone 1-800-DOWJONES
routinely published compendiums of with corrective messages? vate.
SPORTS
GOLF
Trump’s Mystery
Round of 68
The golf world buzzes over the president’s posted score
According to White House pool reports,
BY BRIAN COSTA
Trump visited one of his golf clubs on nearly
every weekend day in October. He was at his
FOR MOST OF HIS presidency, Donald Bedminster, N.J., golf club on Oct. 1. He vis-
Trump’s golf outings have been shielded ited Trump National Golf Club in Sterling,
from public view. Though he visits his golf Va., on Oct. 7, 8, 9, 14, 15, 21, 22 and 28.
clubs frequently, the White House rarely Between those two clubs, there are four
specifies whether he actually played. When courses with 29 different sets of tees, each of
he does tee it up, the quality of his play is which have their own course rating and slope.
largely left to the public’s imagination. But according to the USGA’s database, none
Then, this week, a rare and remarkable of them match the 66.1 course rating and 118
piece of information emerged: According to slope listed alongside Trump’s round of 68.
the Golf Handicap and Information Network, USGA spokeswoman Janeen Driscoll said
which is maintained by the U.S. Golf Associa- the organization could not reveal any fur-
tion to calculate each golfer’s handicap, Trump ther information about Trump’s round, cit-
posted a score of 68 sometime in October. ing its privacy policy. When asked if it could
By any measure, it was a phenomenal identify the course based on the rating and
score, particularly for a 71-year-old. Prior to slope, she cited the 15,000 courses in the
that, the lowest score listed for Trump on system, saying, “It’s a needle in a haystack.”
the GHIN website was a 70 in August of Trump’s only rounds of golf in October NEW YORK CITY MARATHON
2013. The 68 lowered Trump’s handicap confirmed publicly by the White House were
A LEGEND EYES THE

from a 2.8, which already put him in the up- two outings with Sen. Lindsey Graham (R.,
per tier of American golfers, to a 2.5. S.C.) at Trump National in Sterling. After the
It also became a subject of intrigue first, on Oct. 9, the senator was impressed.
among avid golfers. Though the month and He wrote on Twitter, “President Trump shot
FINISH LINE
year of the score is publicly listed, the exact a 73 in windy and wet conditions!” How
date is not. Two measures of course diffi- Trump fared the second time was unclear. A
culty, the course rating and slope, are listed spokesman for Graham, Kevin Bishop, said,
alongside the score. But the name of the “I heard the 73 but haven’t heard of the 68.”
course is not. And those measures do not For Trump, a 68 would represent a cov-
match any of those listed for any course eted feat: shooting a score that is lower
that Trump was known to visit in October. than his age.
BY SARA GERMANO
A White House official said the score was “Shooting one’s age or bettering it is far
not posted by the president or on his behalf, rarer for an amateur than a hole in one,” said
and was posted when the president was not Golf Channel analyst and former pro golfer AS THE DISTANCE running community
at a golf course. The official declined to Brandel Chamblee. “An ace requires one descended here this week, the talk of the
comment on whether Mr. Trump did or did swing of the club and a little luck.” By con- town has been Meb Keflezighi, a modern-
not shoot a 68 at any point in October. trast, Chamblee said, such a round requires a day marathoning legend who will contest
The handicap system is designed to allow player to be fairly old yet physically fit, resis- his final competitive race at the New York
golfers of different ability levels to compete tant to stress, extremely good at golf and City Marathon this Sunday.
against each other by measuring one’s perfor- likely retired, given the time usually needed Keflezighi, 42, is not the fastest man to
mance on any given day relative to their hand- to keep one’s game at such a high level. ever run, nor is he the winningest. But he
icap. It is a numerical measure of a golfer’s Trump’s round of 68 was met with some holds the distinction of being the only run-
potential ability, based on his or her posted skepticism on social media, though it was ner to ever win both the Boston and New
scores. The lower the handicap, the better. hardly the most widely mocked score ever York City races as well as an Olympic mara-
According to the USGA, scores can be posted by a head of state. According to offi- thon medal. He said he is retiring with Sun-
posted either by individuals or by club com- cial North Korean state media reports, the day’s race, his 26th marathon, a nod to the
mittee or staff members. But there is no re- late leader Kim Jong Il tried golf for the 26.2 miles that comprise the distance.
quirement that a golfer post all of his or her first time at a course in Pyongyang in 1994. For Keflezighi, retirement will mean more
scores. Prior to last month, Trump’s last The reports said he shot a 38-under-par 34 time with his wife Yordanos and their three
posted score was a 77 in June 2016, even that included multiple holes-in-one. young daughters. The demands of elite
though he has been known to play numerous —Louise Radnofsky contributed to this training over the past two decades have
times since then. article. meant that “you don’t get Saturdays and
Sundays off, or Christmas or other holi-
T-B: HENNY RAY ABRAMS/ASSOCIATED PRESS; DAVID GRAY, MIKE SEGAR (REUTERS)
days,” he said.
Donald Trump hits a shot at his golf course in Scotland in 2012. Keflezighi’s retirement after such a long
career raises a question that all of his con-
temporaries eventually confront: Is there a
limit to how many marathons an elite ath-
lete can run?
Few runners have enjoyed careers as long
and as prosperous as that of Keflezighi.
Other professionals preparing to race this
Sunday marveled at his longevity. Jared
ANDY BUCHANAN/AFP/GETTY IMAGES
Ward, 29, a 2016 U.S. Olympian, has a half-

dozen marathons under his belt, but couldn’t
fathom doing as many as Keflezighi.
“Twenty-six? That’s a lot,” he said. “It’s
hard enough to train for the next one, so it’s
hard to think too many in advance.”
Other great marathoners have been felled
by injury or depletion. Ryan Hall, a contem-
porary of Keflezighi’s, abruptly retired last
year after, he said, he ran “until my body
could take it no longer.”
“I don’t think there’s a number you pick,”
Weather said Stephanie Bruce, 33, who has a 2:29:35 Meb Keflezighi, at top, will run his 26th and
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
personal best and will race her first New final competitive marathon on Sunday. Shalane
d
Edmonton <0
20s 20s York City marathon this weekend. “Maybe it Flanagan, above, may also wrap up her career
V
Vancouver 10s 0s takes you 14 marathons to hit your goals, or Sunday, while 40-year-old Abdi Abdirahman
40s C ary
Calgary 10s
Seattle ip
Winnipeg
20 marathons.” Because of the demands of plans to keep running.
40s 20s training, racing, and recovering, she said,
30s
30s Helena Ottawa
Montreal 30s she can realistically do about two mara- Early Thursday afternoon, he was pre-
P d
Portland Bismarckk
g
Billings A g t
Augusta 40s thons a year. sented with a custom surf board adorned
Eugene
30s p /St
pls / . Pau
Mpls./St. Paul T t
Toronto A bany
Albany t
Boston 50s Many of the top professionals, like reign- with the New York City course map and his
Boise 40s
50s oux FFalls
Sioux ll k
Milwaukee 50s rtford
Hartford 60s ing Olympic champion Eliud Kipchoge of finish times over the years, an homage to
P
Pierre t
Detroit l
Buffalo
es Moines
Des i
Ch g
Chicago Cleve d
Cleveland ew York
New Y k 70s Kenya, operate on more or less the same the fact the Southern Californian said he’s
Sacramento Reno 40s Cheyenne
Ch y
60s 50s Phil d lph
hi
Philadelphia schedule. Since his debut at the marathon never taken part in the local surf scene.
P b gh
Pittsburgh 80s
L
Salt Lake City
City 70s d p
Indianapolis
40s 40s
h
Omaha
hington
gton D.C.
Washington DC 90s distance in 2013, Kipchoge has run 10 mara- Later Thursday, Keflezighi was honored
Denver Spring
p d
Springfield
an
n Francisco
San Las C d
Colorado
Topeka Kansas Ch
h
Charleston Richmond
h d 100+ thons, winning all but one in which he fin- with the Abebe Bikila Award, presented
Vegas Springs
p g St.. Louis
Lou L
Lou
Louisville
60s h
Wichita City
City 60s Raleighgh
h ished second. since 1978 “to an individual who has made
70s
Los A
Ange
Angeles 60s Santaa F
Fe Memphiph
Memphis Nashville
h ill Ch l tt
70s Charlotte At 40, Abdi Abdirahman is among the an outstanding contribution to the sport of
San Diego 80s Ph
Phoenix Alb q q
Albuquerque Oklahoma City C b
Columbia
Warm Rain oldest professional runners still in the game, distance running,” according to the NYRR.
Littlee Rockk A
Atlanta
Tucson 80s gh
Birmingham but chalks up his longevity to starting run- By now, Keflezighi’s rags-to-marathon
D ll
Ft. Worth Dallas Jackson
Jack
P
El Paso Cold T-storms ning later in life, at 19, when many of his riches tale is well-known: he emigrated with
Mobile
bil Jacksonville
k
90s A ti
Austin competitors started in junior high. his family from Eritrea to San Diego as a child,
Houston 80s Stationary Snow
20s ew Orleans
New l d
Orlando “Your body, it’s like a car. A car that has committed himself to schoolwork but found
80s an Antonio
San Tampa
30s Showers Flurries
200,000 miles on it doesn’t drive the same early success in physical education classes.
Honolulu
l l
A h g
Anchorage 90s Miami way a car with 150,000 miles on it does,” he “Sport was something that, when I didn’t
40s 70s said. “I’m like a Toyota Prius.” speak a word of English, it got me the
Ice
Studies on the health effects of running, thumbs up,” he said. He doesn’t rule out
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
both positive and negative, has been a popu- running other races in the future, albeit not
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; lar topic for researchers for years. A 2012 in a competitive capacity, saying he is inter-
Omaha 58 40 c 50 28 pc Frankfurt 58 47 pc 51 35 r
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 84 66 pc 83 66 pc Geneva 62 45 r 51 36 r study in the medical journal Heart found ested in possibly doing so for charity or to
Today Tomorrow Philadelphia 59 54 pc 67 62 sh Havana 83 69 pc 84 67 pc that “long term excessive exercise may ac- help pace others to their goals.
City Hi Lo W Hi Lo W Phoenix 85 61 pc 80 58 s Hong Kong 81 69 sh 79 71 s
Anchorage 36 30 pc 34 28 sn Pittsburgh 59 52 pc 70 60 r Istanbul 59 52 r 61 51 pc
celerate aging in the heart” and recom- Some 50,000 runners are expected to run
Atlanta 78 61 sh 78 57 pc Portland, Maine 52 37 pc 55 51 r Jakarta 91 78 t 92 77 t mended moderation in marathoning. Other the five borough race this Sunday, with pro-
Austin 83 68 pc 86 65 pc Portland, Ore. 48 41 r 49 35 r Jerusalem 65 52 s 68 52 pc studies suggest that endurance exercise ben- fessional men and the first wave of runners
Baltimore 58 51 r 68 58 sh Sacramento 62 40 r 60 39 c Johannesburg 87 57 s 86 59 s
Boise 46 31 r 47 28 c St. Louis 70 60 c 77 48 t London 55 38 r 50 33 pc
efits diminish after runners exceed 30 miles taking off at 9:50 A.M. Professional women
Boston 52 45 s 59 58 r Salt Lake City 59 44 r 55 40 r Madrid 62 43 t 62 37 pc per week. begin at 9:20 A.M., and the wheelchair divi-
Burlington 47 40 pc 56 54 r San Francisco 60 48 r 61 48 c Manila 87 78 c 86 80 c Abdirahman, like many runners preparing sion begins at 8:30 AM.
Charlotte 72 54 pc 75 56 pc Santa Fe 68 42 pc 65 38 s Melbourne 60 42 pc 66 48 c
Chicago 50 47 r 61 36 t Seattle 45 37 r 44 34 sn Mexico City 77 51 pc 78 50 pc for Sunday’s race, praised Keflezighi not Keflezighi’s race may not be the only cap-
Cleveland 58 55 r 69 53 r Sioux Falls 54 35 c 43 22 c Milan 57 52 sh 55 45 t only for his accomplishments but for his stone among professionals this weekend.
Dallas 87 69 s 90 67 pc Wash., D.C. 59 54 sh 68 61 sh Moscow 34 31 pc 40 34 c character. “If I had a son, I’d want my son to Shalane Flanagan, an Olympic silver medalist
Denver 71 37 pc 55 29 pc Mumbai 96 77 s 96 78 s
be like Meb,” he said. and one of the fastest American marathon-
Detroit
Honolulu
52 48 r
87 76 sh 85 73 sh
65 47 t
International Paris
Rio de Janeiro
60
90
40 r
74 pc
51 35 sh
84 69 r As has become the norm for retiring ath- ers ever, said if she is able to pull off a win
Houston 86 70 pc 86 69 pc Today Tomorrow Riyadh 90 63 s 88 61 pc
Indianapolis 64 58 r 70 48 c City Hi Lo W Hi Lo W Rome 69 54 pc 70 53 t
letic icons these days, Keflezighi has spent —which would be her first of a major mara-
Kansas City 59 50 c 60 36 pc Amsterdam 57 43 r 51 41 pc San Juan 88 75 pc 86 77 sh much of this week being feted and lavished thon—she likes the idea of going out on top.
Las Vegas 75 57 c 73 55 pc Athens 64 54 t 66 50 s Seoul 54 37 s 59 46 pc with gifts in New York. At a media luncheon “To me the perfect ending is about hav-
Little Rock 81 65 c 80 64 c Baghdad 82 60 pc 85 68 s Shanghai 60 50 c 64 57 c
Los Angeles 69 60 c 67 56 sh Bangkok 89 72 pc 81 72 sh Singapore 88 78 c 87 76 t
on Tuesday, he broke down in tears when ing one last really feel good moment. In ev-
Miami 85 72 s 86 72 pc Beijing 58 34 s 58 38 s Sydney 65 61 sh 66 63 pc NYRR officials played a highlight reel from a eryone’s career, what really keeps us coming
Milwaukee 49 47 r 56 33 sh Berlin 53 45 pc 52 42 r Taipei 70 65 r 73 70 pc documentary of his career, “MEB: The Home back and going hard is that feeling of sense
Minneapolis 43 38 c 39 24 c Brussels 58 40 r 48 36 c Tokyo 66 51 pc 59 53 s
Nashville 77 64 c 79 63 c Buenos Aires 74 56 s 74 58 pc Toronto 47 41 c 61 50 sh Stretch.” The race organizers said they of accomplishment can last years,” she said.
New Orleans 82 64 pc 82 63 pc Dubai 92 75 s 93 75 s Vancouver 40 33 c 44 30 c would retire the custom of printing first “Like Meb, he’s going to decide on his
New York City 57 53 pc 63 61 c Dublin 48 36 pc 49 35 pc Warsaw 52 41 pc 53 44 pc names on athlete bibs following Keflezighi’s terms. It’s always nice as an athlete to de-
Oklahoma City 81 61 pc 83 45 s Edinburgh 49 36 pc 47 30 s Zurich 60 43 pc 50 36 r
final race. cide your career on your terms.”
BUSINESS NEWS B2-4 | WEEKEND INVESTOR B5 | MARKETS DIGEST B6 | MARKETS B10 | HEARD ON THE STREET B10
JASON KEMPIN/GETTY IMAGES FOR TURNER
ANDREW HARRER/BLOOMBERG NEWS

BUSINESS CNN PUSHES WEB EFFORT B4 TAX REPORT: CUTS BRING WORRIES B5
© 2017 Dow Jones & Company. All Rights Reserved. * * * * * * * * THE WALL STREET JOURNAL. Saturday/Sunday, November 4 - 5, 2017 | B1
DJIA 23539.19 À 22.93 0.1% NASDAQ 6764.44 À 0.7% STOXX 600 396.06 À 0.3% 10-YR. TREAS. À 1/32 , yield 2.343% OIL $55.64 À $1.10 GOLD $1,266.50 g $8.40 EURO $1.1610 YEN 114.06
Broadcom to Launch Bid for Qualcomm

Combination of rival miliar with the matter. It is iPhones and its gear is at the Qualcomm, Broadcom is a so-
likely to be made up mainly of heart of many high-end An- called fabless chip company, Where the Chips Fall
chip makers could be cash, with 10% or 20% in stock, droid phones. Qualcomm also designing processors while re- Market capitalization for semiconductor companies, in billions
worth $100 billion; the person said. owns patents on technology es- lying on manufacturers such as
$0 $50 $100 $150 $200 $250
It isn’t clear how much sential to implementing cellu- Taiwan Semiconductor Manu-
long road to approval Broadcom would offer for Qual- lar-communications standards, facturing Co. to actually make Intel
comm, which currently has a which allows it to collect a roy- them. Taiwan Semiconductor
BY DANA MATTIOLI market value of roughly $90 alty on nearly every smart- Broadcom used to be called
AND TED GREENWALD billion. There is no guarantee phone sold world-wide. And it Avago Technologies Ltd. In Nvidia
an approach will be made or is a front-runner in the emerg- 2015, the company agreed to Broadcom $111B
Broadcom Ltd. is planning that Qualcomm would be re- ing fifth-generation cellular buy Broadcom for roughly $37
an unsolicited takeover ap- ceptive. It is even less certain standard known as 5G. billion and changed its name to Texas Instruments
proach to rival chip maker that there ultimately would be Broadcom sells a diverse Broadcom when the deal Qualcomm $91B
Qualcomm Inc., a bid that such a deal, given potential line of equipment for network- closed. Broadcom had been SK Hynix
could be worth $100 billion but regulatory and other hurdles. ing and communications—in- best known as a supplier of
also faces steep odds of suc- Qualcomm is the market cluding technology for smart- highly specialized networking Micron Technology
cess. leader in chips that manage phones from Apple and chips and its revenue was twice NXP Semiconductor
Broadcom may launch its wireless communications in Samsung Electronics Co.—as the size of Avago’s at the time
bid for Qualcomm this week- smartphones. It supplies chips well as data storage, electronic of the merger. Under Chief Ex- Analog Devices
end, according to a person fa- for a portion of Apple Inc.’s displays and set-top boxes. Like Please see CHIPS page B2 Source: FactSet THE WALL STREET JOURNAL.
THE INTELLIGENT
INVESTOR NYPD
By Jason Zweig
Reviews
Can Weinstein
Earthquakes Rape
Forecast Allegations
Markets? BY ZOLAN KANNO-YOUNGS
AND ERICH SCHWARTZEL
Bill Miller
isn’t always New York City police said
right, but he’s they are investigating a “credi-
never boring. ble and detailed” rape allegation
The former by a woman against Hollywood
manager of producer Harvey Weinstein and
the Legg Mason Capital Man- are gathering evidence for a
agement Value Trust mutual possible criminal case.
fund beat the S&P 500 stock Chief of Detectives Robert
index for an unprecedented Boyce told a media briefing
15 years in a row only to lose Friday that the police have in-
a bloodcurdling 55% in 2008. terviewed the accuser on her
MARCO BELLO/REUTERS
The largest mutual fund he allegation about an incident

now runs, Miller Opportu- seven years ago. He said the
nity Trust, has outperformed police need to collect evidence
99% of similar funds over the with the object of obtaining an
past five years, although it arrest warrant, which requires
lagged behind badly in 2016. a court order.
And a hedge fund run by Mr. A line at an ATM in Caracas on Friday. The country’s president said the government might seek to restructure its debt. “We have an actual case here,
Miller has made a bet on bit- so we are happy with where the
Venezuela Unnerves Bondholders

coin, the digital currency. investigation is right now,” Mr.
Through it all, Mr. Miller Boyce said. He added that if Mr.
has remained fascinated by Weinstein was still in New York
everything from the physics and “if it was recent we would
of baseball to the social dy- BY JULIE WERNAU country was running out of op- duro’s remarks on Thursday two important elections. go right away to make the ar-
namics of ant colonies. In his AND KEJAL VYAS tions in its economic crisis. The called into question how long “Maduro is adding up the rest,” he said. “But with a seven-
latest intellectual foray, he is development casts doubt on that would last. numbers for the presidential year-old case, we have to move
exploring whether the sci- Venezuelan bond prices Caracas’s practice of paying its “The way in which this has elections next year and is try- forward collecting evidence.”
ence of earthquakes can help tumbled on Friday after Presi- debts while limiting vital im- been handled does not give ing to see how to raise im- Mr. Boyce said the person
make investing smoother. dent Nicolás Maduro opened ports like food and medicine. confidence that refinancing or ports,” said Alejandro Grisanti, came forward last week and
Mr. Miller hopes to use in- the door to a debt restructur- Many investors dumped debt restructuring talks will start an economist with the Caracas- said the police are working
sights from geophysics to ing that could be the largest issued by Venezuela and its smoothly nor that there will be based consultancy Ecoanalitica. with the Manhattan district
measure when stock prices and most complicated in world state-owned oil company, re- a quick solution,” said Stuart Despite Venezuela having attorney’s office.
will be calm, when they will history. flecting some fears of a messy Culverhouse, head of macro the world’s largest oil reserves, When asked why the vic-
fluctuate sharply, and when to Mr. Maduro said the cash- default. Venezuela’s benchmark and fixed-income research at rampant graft and economic tim’s narrative was credible,
reduce exposure to the mar- strapped nation would seek to government bonds due in 2018 Exotix Capital, a specialist fron- mismanagement have left the he said “the ability to articu-
ket. In effect, he is hoping to restructure its remaining debt fell to 40 cents on the dollar tier and emerging markets in- country on the edge of a hu- late each and every movement
develop a financial seismo- after making a payment on Fri- from 74 cents a day earlier, ac- vestment bank, which doesn’t manitarian disaster, economists where she was, where they
graph that could identify mar- day, confounding bondholders cording to MarketAxess own Venezuelan securities. say. Mr. Maduro’s leftist gov- met, where this happened.”
ket shocks—before they occur. who are restricted in their deal- BondTicker. Normally as bonds Mr. Maduro’s move had a ernment has slashed food and A representative for Mr.
So far, Mr. Miller is test- ings with his administration near maturity their prices rise political motive, bond investors medicine imports by more than Weinstein didn’t immediately
ing the idea only in a private due to U.S. sanctions. as the likelihood of investors and economists said: Halting 70% since 2013 to preserve lim- respond to request to com-
fund he runs for his family, How Venezuela’s debt crisis being repaid increases. bond payments in favor of ited resources for debt payment. Mr. Weinstein has seen
Seismic Value Partners 1, will play out remains unclear, Venezuela has rewarded more material goods for its ments, according to the invest- his personal life and namesake
that had about $15 million in but Mr. Maduro’s late-Thursday risk-tolerant investors with long-suffering population can ment bank Torino Capital. studio implode following mul-
December 2016, according to announcement was the latest some of the best returns in provide a vital political boost The International Monetary tiple allegations of sexual ha-
Please see INVEST page B5 sign that the South American emerging markets. But Mr. Ma- for his administration ahead of Please see BONDS page B2 rassment and assault.
PERSONAL TECHNOLOGY | Joanna Stern

Anthem
Steep Price of Admission but iPhone X Is a Good Show Readies CEO
The first 48
hours with the
mend even for its $1,000
price tag.
Succession
iPhone X elic- This week I’ve quickly and BY ANNA WILDE MATHEWS
its a feeling reliably unlocked the phone
similar to the with my face in numerous dif- Anthem Inc. Chief Executive
one you get ferent scenarios. I’ve run mul- Joseph R. Swedish will step
assembling mail-order furni- tiple battery tests, taken hun- down, and the insurance giant
ture using a poorly drawn 45- dreds of photos and spent far will name veteran managed-
step instruction manual. After too long becoming a talking care executive Gail K. Bou-
a lot of fumbling and mis- poop head. While I do have dreaux as its next leader, ac-
steps, you wonder: Am I an some real gripes, they are cording to people with
idiot, or is this thing’s maker outweighed by many reasons knowledge of the matter.
out to crush my soul? for me to give the thumbs-up It wasn’t immediately clear
But then comes the mo- emoji, especially to those who how quickly the transition will
ment when the much-hyped have long wanted Plus-model occur, but the plan is expected
F. MARTIN RAMIN/THE WALL STREET JOURNAL
new iPhone feels so natural to features in a smaller, more to be announced as soon as

use that when you go back to manageable size. next week, the people said. Mr.
even the brand-new iPhone 8, The lack of a home button Swedish is expected to keep his
it’s like picking up an old means your thumb is about to title as chairman for a transi-
BlackBerry. turn into one of those inflat- tion period, one of the people
The iPhone X is a huge able waving tube-men outside said.
change—no more home but- the car dealership. To get Ms. Boudreaux is well-
ton, no more fingerprint sen- around the stunningly sharp, known among managed-care
sor, no more wide-as-a- edge-to-edge OLED screen, investors, previously serving as
Costco-aisle edges around the you must master a list of Please see ANTHEM page B2
screen. The surprise for me thumb wiggles, waves and
was, it’s also a fabulous swipes. Outcome Health operating
smartphone, one I can recom- Please see STERN page B4 The phone will please those who have long wanted Plus-model features in a more manageable size. chief Kundra departs............. B4
B2 | Saturday/Sunday, November 4 - 5, 2017 * ******* THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Alibaba Group Holding
...................................B10
Funko...........................B9
G
General Electric ........ B10
N
National Audio............A1
NXP Semiconductors..B2
CHIPS Marvell, Cavium
Push Merger Talks
market value of $4.6 billion.
Marvell’s was around $9 billion.
Marvell is based in Bermuda
that would eliminate around
900 employees, or approxi-
mately 16% of its workforce. It
Alphabet......................B4 Goldman Sachs Group B9 O-P Continued from the prior page but run from Santa Clara, Calif. also hired a new CEO to run
American Airlines Group
.....................................A1
I OptionMetrics.............B9 ecutive Hock Tan, Broadcom Its chips are used primarily in the company.
Infineon Technologies Outcome Health..........B4 has pursued a string of acquisi- Marvell Technology Group storage devices, printers and Cavium, based in San Jose,
Anthem ....................... B1
...................................B10 Packaging of America tions. Ltd. is in advanced talks to wireless products, and can be Calif., makes products that are
Apple...............B1,B4,B10
Intel.............................B2 .....................................A1
ASML Holding...........B10 Both Broadcom’s origins and combine with Cavium Inc., ac- found in cars. The company used for networking, data-cen-
K Q
B its move to purchase Qual- cording to people familiar with had long been run by husband- ter and wireless applications.
KKR..............................B9 Qualcomm..............B1,B2 comm reflect a broad wave of the matter, a deal that would and-wife co-founders Sehat Su- While global deal making is
Bank of America.........B9
Barclays.......................B9 L S consolidation in the semicon- create a chip maker worth tardja, who was chairman and down 11% year to date com-
Blue Apron Holdings .. B9 Largan Precision.......B10 Samsung Electronics..B1 ductor industry in recent years some $14 billion. chief executive, and Weili Dai, pared with the same period
Broadcom...............B1,B2 Southwest Airlines....A1 that has driven Qualcomm’s As currently envisioned, who was president. last year, technology M&A has
M Starboard Value..........B2
C own $39 billion proposed deal Cavium shareholders would re- Last year, activist investor been particularly slow. There
Martin Marietta STMicroelectronics...B10
Cavium.........................B2 Materials .................. A1 for NXP Semiconductors NV. ceive a modest premium, one Starboard Value LP took a have been $347 billion in an-
Cigna............................B2 T
Marvell Technology The companies are still seeking of the people said. A deal could 6.7% stake in Marvell and nounced technology deals, ac-
Citigrouo......................B9 Taiwan Semiconductor
CME Group..................B2
Group.........................B2
Manufacturing..........B1
regulatory approval for that be announced in the next few pushed for the company to cut cording to Dealogic. That is a
MediaTek.....................B2 deal. weeks assuming the talks don’t costs and consider exiting its 35% decrease from 2016.
CNN ............................. B4 Tencent Holdings......B10
Medrobotics................B3
D-F Tesla..........................B10 In another sign of the deal- fall apart. mobile-devices business. Mar- —By Dana Mattioli
Miller Opportunity Trust
Deutsche Bank............B9 .....................................B1
Time Warner...............B4 making push, Marvell Tech- As of Friday, Cavium had a vell initiated a restructuring and Dana Cimilluca
Twitter ........................ B3 nology Group Ltd. is in ad-
Ecoanalitica.................B1 Miller Value Partners.B5
Equifax ........................ B9 Mondelez International U vanced talks to combine with
Facebook......................B4 .....................................A1 UnitedHealth Group....B2 Cavium Inc., The Wall Street have proven enormously valu- could be helpful in resolving year ago.
Journal reported Friday, a deal able—and in which Broadcom the bitter legal battle between That deal was originally
that would create a chip maker in its earlier incarnation failed the iPhone maker and Qual- scheduled to close by the end
INDEX TO PEOPLE worth some $14 billion.
Chip makers are aiming to
to gain a foothold.
The companies overlap in
comm.
That battle escalated this
of the year, but recently Qual-
comm acknowledged the tim-
boost declining revenue as Wi-Fi and Bluetooth technol- week, with the Journal reporting could slip into 2018.
A-B Greenfield, Rich..........B4 R competition cuts into prices. ogy, which could draw antitrust ing that Apple is designing NXP shares fell 2.1% to close
Adams, Jon...............B10 Grisanti, Alejandro.....B1 Rasgon, Stacy.............B2 Semiconductors are central to scrutiny to any deal. “That’s a iPhones and iPads for next year at $115.02 on fears that a bid
Angilletta, Nicholas..B10 H-I Repetto, Rich..............B2
digital technology and have in- huge regulatory issue,” said that would jettison Qualcomm’s from Broadcom for Qualcomm
Bohrman, Sean.........A10 Harris, Joshua.............B9 Rundle, John...............B5
Boudreaux, Gail. ......... B1 Kundra, Vivek..............B4 S-T filtrated an ever broader range Patrick Moorhead, an analyst components as it considers us- could jeopardize the NXP deal.
Braly, Angela...............B2 L Schwartzman, Jerome
of products as computing and with Moor Insights & Strategy. ing only modem chips from In- Qualcomm shares, mean-
Brandberg, Douglas....B9 wireless-communications func- “They’re the two biggest in the tel Corp. and possibly Medi- while, rose 13% to close at
Lifson, David...............B5 .....................................B9
Bruckner, Caroline ...... B5
Loehnis, Alison...........D2 Smith, Richard............B9 tions become indispensable in business.” aTek Inc. Qualcomm shares $61.81 after Bloomberg re-
C Loughran, Joseph........B9 Staley, Jes...................B9 products ranging from cars and Broadcom’s Mr. Tan is dropped substantially on the ported that Broadcom was con-
Canavan, John.............B9 Luciano, Juan..............B4 Stepp, Steve...............A1
Cook, Tim....................B4 Straface, Samuel........B3 doorbells to factory equipment. known for managing lean oper- news. sidering a deal for the company
M-P Broadcom and Qualcomm ations, and he could wring effi- It isn’t clear what a deal be- and the Journal reported that a
Cordani, David.............B2 Sullivan, Martin..........B5
Miller, Bill ................... B1
Culverhouse, Stuart ... B1
Miller IV, Bill...............B5
Sutardja, Sehat...........B2 have largely complementary ciencies out of Qualcomm, said tween Broadcom and Qual- bid was imminent. Broadcom
D-G Swedish, Joseph.........B1 product lines. By purchasing analyst Stacy Rasgon of Bern- comm would mean for Qual- shares rose 5.4% to $273.63.
Moorhead, Patrick ...... B2 Tan, Hock .................... B2
Dai, Weili .................... B2 Morse, Andrew...........B4 Qualcomm, Broadcom would stein Research. Moreover, Mr. comm’s effort to buy NXP, —Chris Dieterich
Davis, Scott .............. B10 Morzaria, Tushar ........ B9 W-Z
Duffy, Terrence...........B2 Weinstein, Harvey......B1
get cellular technologies that Tan’s relationship with Apple which was announced over a contributed to this article.
Musk, Elon................B10
Gamble, John..............B9 Parikh, Rupesh............B9 Wolkoff, Neal..............B2
Graetz, Michael...........B5 Ploder, Rodolfo ........... B9 Zucker, Jeff.................B4
CME Makes
Bitcoin Gambit
Chief Duffy Could Become Hero or Villain
BY ALEXANDER OSIPOVICH CME’s once-powerful floor
traders to allow more elec-
In early October, CME tronic trading, drawing on
Group Inc. Chief Executive his history in the pits to win
and Chairman Terrence support for the change.
Duffy set in motion a risky Mr. Duffy took the CEO
plan that the exchange oper- job a year ago, after his pre-
ator had been secretly devel- decessor unexpectedly re-
oping for two years: launch- tired. Since then, CME’s
JACOB HANNAH FOR THE WALL STREET JOURNAL

ing a futures contract based share price is up nearly 20%.
on bitcoin. The move into bitcoin is by
WEEKEND That plan far the boldest step he has
PROFILE was unveiled made as CEO.
this past week, “By nature I think he’s a
and represented pretty conservative guy, but
a big step toward bringing he will move swiftly when he
the highly volatile digital needs to,” said Rich Repetto,
currency into the financial an analyst at Sandler O’Neill
mainstream. Bitcoin, which + Partners.
started trading only in 2009, CME was tight-lipped
has long been a niche market about its bitcoin plans before
and continues to be tar- Tuesday’s announcement, Justin Charron, left, used a loan program at his company to help purchase a new vehicle and end his daily 2-mile walk to work.
nished by its association but behind the scenes, it had
with illicit activity.
Thanks to Mr. Duffy, it
now has the blessing of the
$47.6 billion global exchange
long been laying the ground-
work for the launch.
In November 2016, after
close to a year of work, CME
Firms Offer Same-Day Loans to Workers
giant. If the Chicago-based started publishing a daily BY YUKA HAYASHI cracking down on payday much as $1,000 with no credit recently used the program to
firm can establish a viable bitcoin price index that will lenders is likely to create fur- checks and no questions asked buy a car, which allowed him to
bitcoin-futures market, both be the basis of its new fu- More U.S. employers are ther needs for alternative to any employee that has end his daily 2-mile walk to
Wall Street banks and retail tures contract. More re- teaming up with financial insti- forms of credit, but it remains worked at the company for at work. He took an earlier loan to
investors would be more cently, CME has consulted tutions such as credit unions to unclear who can fill the gap. least a year. The loans’ current pay an unexpectedly large heat-
likely to trade the digital cur- with outside advisers, in- offer small personal loans to No formal statistics exist to annual interest rate is 16.99%, ing bill in 2015. “Life happens. I
rency, many market partici- cluding major bitcoin inves- their workers, offering employ- show how many employers of- a fraction of the rates for pay- know it really helped to keep
pants say. CME plans to list tors, about how its contract ees a way to bridge financial fer such programs, but several day credit that can climb to me on track,” Mr. Charron said.
the futures by year-end, sub- would work, people familiar crunches without turning to community-based networks 400%. While the companies’ HR
ject to regulatory approval. with the situation said. At a high-cost payday loans. with participating local em- “If you could help an em- departments process payroll
If digital-currency futures New York meeting in May, Lower-income workers’ pay ployers have emerged across ployee whose car breaks down deductions, loans are kept
take off, Mr. Duffy would add the group discussed how is stagnating, propping up de- the country in recent years. A or water heater is broken, you confidential from the borrow-
another major accomplish- CME should handle a mand for small consumer program in Savannah, Ga., for are going to have an employee ers’ managers and company
ment to his tenure at CME, “fork”—a situation where a loans. A Federal Reserve survey example, was started in 2015 come to work in better shape,” officials. Unlike payday loans,
though he risks harming the breakaway faction of pro- last year found 44% of Ameri- and one in Geauga County, said Ted Castle, chief executive employer-based loans help the
company’s reputation should grammers sets up an alter- cans had difficulty covering an Ohio, in 2014. of Rhino, which has 140 em- borrowers build credit history.
the contract flop or generate native version of bitcoin. emergency expense of $400. Rhino Foods Inc., a Burling- ployees. He said the loan pro- Some programs also encour-
controversy. Mr. Duffy said he green- Many low-income workers lack ton, Vt., company that makes gram helped the company boost age employees to build rainy-
A former hog-futures lighted the launch in October credit history and access to ice-cream ingredients, teamed its employee retention rate. day funds by continuing pay-
trader who got his start in after repeatedly hearing credit cards or bank loans. up with a local credit union to Rhino employee Justin Char- roll deductions even after the
the frenzy of the Chicago from CME customers that A new federal regulation provide same-day loans of as ron, a 32-year-old line operator, loans are paid off.
Mercantile Exchange’s trad- they wanted bitcoin futures.
ing pits, he now oversees a The 59-year-old CEO said
sprawling exchange empire
that runs a dizzying array of
markets, from crude oil to
he grew more comfortable
with bitcoin after watching it
survive repeated blows, such
ANTHEM Anthem and Cigna are cur-
rently suing each other for bil-
lions of dollars in damages.
Express Scripts.
Mr. Swedish also made the
call for Anthem to pull back in
gold to stock-market futures. as a recent crackdown in Continued from the prior page Anthem has accused Cigna the ACA’s exchanges in most
As CME’s chairman since China, a major hub for the chief executive of the biggest and Mr. Cordani of sabotaging of its markets amid uncer-
2002, Mr. Duffy helped turn digital currency. “It’s a story U.S. health insurer, the insur- the deal, and Cigna has said tainty in the business. The
the firm into the world’s that just doesn’t want to go ance arm of UnitedHealth that Anthem, over Cigna’s ob- law’s marketplaces were once
largest exchange operator, away,” he said. Group Inc. She is regarded as a jections, chose an antitrust de- expected to be an engine of
spearheading tie-ups with Mr. Duffy concedes that his strong operator, and she has fense and strategy that failed. growth for the company. But
the Chicago Board of Trade big gambit may fail. “I’m not experience overseeing Blue Cigna has said Anthem didn’t Anthem has retained a bigger
in 2007 and the New York saying this is going to work,” Cross Blue Shield plans like use its “reasonable best ef- footprint than other big na-
Mercantile Exchange in he said. “But I do know there those that Anthem operates. forts” to get regulatory ap- tional insurers such as Aetna.
2008. He also handled the is pent-up demand for people Anthem, the second-biggest proval, and as a result the ac- Anthem has projected that
UNITEDHEALTHCARE
delicate task of persuading to participate in it.” health insurer, had revenue of quisition was blocked. next year its enrollment in
around $84.9 billion last year. Mr. Swedish has led Anthem ACA plans will drop by around
Mr. Swedish, 66, would be since 2013, replacing previous 70%, but it said the business is
BONDS ment default ever at the time.

Venezuela’s finances appear
to be increasingly tight. About
95% of Venezuela’s export reve-
leaving after his signature stra-
tegic effort, Anthem’s $48 bil-
lion bid to buy Cigna Corp.,
ran aground earlier this year.
CEO Angela Braly, who re-
signed under pressure from in-
vestors unhappy with the com-
pany’s direction. Anthem,
Gail K. Boudreaux is expected
to become Anthem’s next CEO.
expected to be profitable in
2018, after break-even results
in this year. Anthem’s 2017
proxy statement says Mr.
Continued from the prior page nue comes from the oil sector, However, since the beginning which had revenue of $71 bil- Swedish could be due to re-
Fund estimates that by January according to S&P Global Rat- of the year, Anthem shares lion in 2013, has grown under manager, to be serviced by ceive a payout worth around
the economy will have shrunk ings. But oil prices have have risen by 47%, amid strong Mr. Swedish’s watch, but his CVS Health Corp. A little over $26.5 million upon his retire-
by 35% since 2014 and inflation dropped sharply in recent results across the health-insur- tenure has been marked by a week later, The Wall Street ment. In the case of a com-
is set to top 2,300% in 2018. years, and a lack of investment ance sector and Anthem’s an- challenges. Journal reported that CVS was pany-initiated termination
That has eroded the value of in Venezuela’s oil sector has nounced pullback from the Af- Anthem remains locked in in talks to take over Aetna that is “not for cause,” the
the country’s currency, the boli- hampered production. Analysts fordable Care Act exchange litigation with its current phar- Inc., an Anthem rival. Anthem payout and benefits would be
var, hurting Venezuelans’ abil- say that can make it difficult business. macy-benefit manager, Express factored in the possibility that worth around $34.9 million,
ity to purchase basic items. for the country and its state- The Cigna deal was blocked Scripts Holdings Inc., with An- CVS might buy another in- according to the proxy.
Estimates of Venezuela’s to- owned oil company Petróleos by courts on antitrust grounds, them alleging that Express surer in structuring its con- Ms. Boudreaux left United-
tal outstanding debt vary, with de Venezuela, SA to pay back but it was already mired in overcharged for drugs. Express tract with the drugstore giant, Health in 2015, at a time when
some analysts putting it be- the dollar debts it took on. Pd- well-publicized acrimony be- has denied the allegations and according to a person with some analysts said the com-
tween $100 billion and $150 bil- VSA didn’t respond to a request tween the companies’ top exec- made its own counterclaims. knowledge of the matter. The pany was facing challenges
lion. Argentina defaulted on for comment. utives, including Mr. Swedish Mr. Swedish unveiled a plan new PBM is slated to launch in with its Medicare business.
about $80 billion in 2001 in —Anatoly Kurmanaev and his opposite number at last month for Anthem to start 2020, after the end of An- —Joann S. Lublin
what was the largest govern- contributed to this article. Cigna, CEO David Cordani. its own pharmacy-benefit them’s current contract with contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 4 - 5, 2017 | B3
BUSINESS NEWS
Trade-Secrets Case Fizzles Out Twitter

U.S. attorneys in Tightens
Boston drop charges
against man claiming Security
to work at Chinese firm BY DEEPA SEETHARAMAN
AND ROBERT MCMILLAN
BY PETER LOFTUS
Twitter Inc. said Friday that
The U.S. Justice Depart- it has added safeguards to pre-
ment unexpectedly dropped vent a security lapse that al-
criminal charges against a Chi- lowed a worker to deactivate
nese-Canadian man two President Donald Trump’s ac-
months after accusing him of count for 11 minutes.
trying to steal trade secrets The social-media company
from a Massachusetts medical- blamed the incident, which oc-
technology company. curred Thursday evening, on a
In an Oct. 27 motion to dis- customer-support employee
miss the charges against Dong on the worker’s last day of
Liu, attorneys for the U.S. At- work at the company, after it
torney’s Office in Boston said initially blamed the deactiva-
“that based on further investi- tion on “human error.” The
gation,” dismissal of the @realdonaldtrump account re-
charges “is in the interests of appeared late Thursday.
justice.” A federal judge Twitter provided no details
granted the motion Sunday, of the new measures and no
according to court records. new information about how the
The charges were dismissed incident unfolded. The event
“without prejudice,” which has sparked broad questions
leaves open the possibility Mr. about the power of individuals
SIMON SIMARD FOR THE WALL STREET JOURNAL
Liu could be charged again in working at tech companies, in-

the future. cluding Twitter and Facebook
Prosecutors didn’t provide Inc., that are communication
further details in the court fil- platforms for billions of people.
ing about why they were drop- Mr. Trump often takes to
ping the August charges. A Twitter to air policy views,
spokeswoman for the U.S. At- spar with foreign officials and
torney’s Office in Boston de- criticize mainstream news
clined to comment. coverage, making the platform
The move came after Mr. more visible than ever. His use
Liu’s attorney, Robert Gold- of the platform has caused
stein, questioned the govern- controversy among many em-
ment’s evidence in court docu- Medrobotics CEO Samuel Straface said he caught Dong Liu trespassing with laptops in hand at the company’s offices in late August. ployees and other critics, who
ments and said that Mr. Liu argue some of his tweets vio-
had suffered a traumatic brain laptops and other computer wasn’t the case. jing, didn’t respond to an court filing in September the late Twitter’s content rules
injury several years ago. equipment in a conference “We are obviously disap- email, and a receptionist for government hadn’t provided against inciting violence.
“We fully expect a full and room at the company’s Rayn- pointed with the outcome of the firm in Beijing said no one any evidence that Mr. Liu at- The president is obviously
fair investigation will establish ham, Mass., headquarters one this case,” Dr. Straface said in by Mr. Liu’s name worked at tempted to infiltrate Medro- no ordinary Twitter user. As a
that Mr. Liu had no criminal evening in late August. an interview Thursday. “I have the firm. botics’ private computer net- security precaution, Twitter
intent whatsoever when he Medrobotics makes a ro- to trust that the smart and ca- Mr. Liu had Canadian and work or proprietary material, restricted the number of em-
was present at” the company, botic surgical machine that pable people of the FBI and Chinese passports with him and that Mr. Liu’s actions ployees with back-end access
Medrobotics Corp., Mr. Gold- costs $1 million. U.S. prosecutor’s office have during the incident, according weren’t federal crimes. to Mr. Trump’s account after
stein said in an interview Fri- Dr. Straface called local po- made decisions that this case to court documents. Mr. Goldstein also said in the presidential inauguration
day. He said the government’s lice, who then summoned the was not winnable, or at least The FBI said in court docu- the September court filing this year, according to a per-
motion to dismiss the charges Federal Bureau of Investiga- not winnable at this time. I ments Mr. Liu had logged on that Mr. Liu’s 2012 brain in- son familiar with the matter.
was a “first step in that direction. trust in their judgment on this to the company’s publicly jury from a car crash “robbed Employees with back-end
tion.” Dr. Straface said Mr. Liu one.” available wireless network for him of his brilliance” and im- access can suspend or deacti-
Prosecutors had charged hadn’t been invited to the Mr. Liu, 44 years old, told guests, and that there was paired his cognitive abilities. vate accounts with just a click,
Mr. Liu with attempted theft company, and that when the investigators he was a patent probable cause to believe that Mr. Liu was initially held in but can’t tweet from them,
of trade secrets and attempted CEO asked him what he was attorney for a Chinese firm Mr. Liu was using his com- federal custody after his ar- people familiar with the pro-
access to computers without doing there, Mr. Liu said he called Boss & Young Patent & puter equipment to try to gain rest, but released on bail to cess say. It is unclear if the
authorization, after Medrobot- had appointments with certain Trademark Law Office, accord- access to Medrobotics’ private stay with his sister in Georgia safeguards Twitter put in
ics Chief Executive Samuel employees including the CEO. ing to court records. computer system. in October, according to court place Friday have changed
Straface found Mr. Liu with Dr. Straface said he knew that Boss & Young, based in Bei- Mr. Goldstein said in a records. those procedures.
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BUSINESS NEWS
CNN Embraces Online Publishing Outcome

Health
TV news giant spends across all of CNN’s sites. Pric- “For the most part, the
to develop web brands
as it searches for
ing hasn’t been finalized.
The move is part of a
broader five-year plan to de-
Digital Leaderboard
Top U.S. news/information sites in September
story of legacy media transi-
tioning into the digital space
has been to take digital as an
Executive
Resigns
velop new revenue streams and U.S. news and information Unique visitors in millions afterthought,” said Mr. Morse.
new revenue streams reach $1 billion in digital reve- CNN 138.8 “What we realized a long time
nue by 2022. CNN’s digital arm USA Today 125.3 ago is that doesn’t work for
BY BENJAMIN MULLIN expects to pull in $370 million Yahoo-ABC News 122.2 digital audiences.” BY ROLFE WINKLER
this year, according to a person NBC News 121.6 Under Mr. Zucker, the com-
Two years ago, an employee familiar with its financials. CBS News 119.1 pany has invested in its poli- One of the top executives at
in CNN’s digital news group in “We have to find more sub- Weather Company 118.9 tics and business verticals. prominent Chicago startup
New York decided to attach scription products,” Mr. Zucker The New York Times 99.6 CNN Politics now ranks No. 1 Outcome Health has left the
rearview mirrors to her desk said in an interview. “We have Washington Post 95.3 in unique visitors among sites company three months after
Fox News 93.0
near the team’s “war room,” to experiment with e-com- or verticals dedicated to poli- he was given control over
HPMG News 83.4
where a real-time display shows merce. And I think we have to tics, ahead of Politico, The- most day-to-day operations.
web traffic to CNN.com stories. find ways to monetize mobile Finance-focused ‘verticals' Hill.com and Fox News Politics, Vivek Kundra, whose resig-
She wanted to be ready just in traffic.” Yahoo Finance 59.7 according to measurement nation was announced Friday,
case network president Jeff CNN Digital currently makes Business Insider 53.4 firm comScore. Outlets that was among Outcome’s highest-
Zucker decided to drop by. most of its money on ads that CNBC 49.2 don’t break out their audience profile hires this year. Before
These days, he’s a frequent run before videos. Ultimately, Forbes Digital 48.6 for politics stories, including joining the company in Janu-
visitor. CNN wants its digital arm to Bloomberg 36.6 the New York Times and Wash- ary, he was an executive at
Mr. Zucker, a veteran televi- split revenue evenly between CNN Money 36.2 ington Post, weren’t included Salesforce.com Inc. and the
sion executive who once advertising and direct-to-con- Dow Jones 34.7 in the ranking. CNN Money is first chief information officer
warned that the TV business sumer products, said Andrew IBT Media 26.4 sixth among financial sites. of the U.S. during the Obama
couldn’t afford to trade “analog Morse, executive vice president Reuters sites 24.7 As the TV business in gen- administration.
dollars for digital pennies,” is of CNN U.S. and general man- Fortune.com sites 19.2 eral comes under pressure, He leaves Outcome as the
now embracing online publish- ager of CNN Digital Worldwide. Politics-focused ‘verticals' other broadcast networks are company investigates allega-
ing as central to CNN’s model. Convincing users to pay for CNN Politics 29.5 also investing in stand-alone tions that some employees
After investing in digital news won’t be easy. Even TheHill.com 22.9 digital brands. NBC News, for misled clients.
“verticals,” or distinct web more challenging will be mak- Politico 20.8 instance, launched several ver- In a statement, Outcome
brands, focused on business ing headway in the already Fox News Politics 15.5 ticals this year. Chief Executive Rishi Shah
and politics and acquiring an cutthroat online-ad business HuffPost Politics 14.8 CNN Digital is working on said Mr. Kundra “made a fam-
online-video startup, CNN is dominated by Facebook Inc. MSNBC TV 9.7 other revenue streams. On ily decision to move on while
gearing up for another big step: and Alphabet Inc.’s Google. WesternJournalism.com 7.6 Thursday, the company continuing to believe in the
the launch of tiered subscrip- TV networks have long NBCNews.com Politics 5.3 launched CNN Underscored, an long-term vision for Outcome
tion offerings for its digital treated their digital operations WashingtonExaminer.com 5.1 online shopping guide that rec- Health. We are deeply grateful
news business as early as the as a vestigial limb whose main Salon.com 5.1 ommends products and services for all his contributions over
second quarter of next year. purpose was to recycle con- Note: Sites that aren't dedicated to politics/finance or don't break out their audience for for readers, with CNN receiving this past year.”
A proposed premium offer- tent created for television. politics/finance stories are not included in rankings. a cut of revenue when pur- Mr. Kundra didn’t respond
ing will give subscribers ac- “These are all relatively mi- Source: comScore THE WALL STREET JOURNAL. chases are made on other sites. to requests for comment.
cess to special content on nor extensions relative to the CNN is also betting big on Outcome, which in May said
topic-specific verticals, such gravy train that drives all to buck that trend, building a York Times and Chris Cillizza original digital video. Its Great it was valued at $5.5 billion by
as CNN Money and CNN Poli- these businesses,” said Rich newsroom with journalists from the Washington Post was Big Story unit was created in investors including Goldman
tics, built around network per- Greenfield, an analyst for BTIG who can break news on TV or part of that approach. The 2015 to offer branded content, Sachs Group Inc. and Google
sonalities. A second option Research. online, or both. Bringing in company has more than 600 creative services and content parent Alphabet Inc., puts
will provide additional, though CNN, which is part of Time multiplatform reporters like digital-focused employees, out production. The editorial team screens and tablets in doctors’
less specialized, content Warner Inc., has been trying Brian Stelter from the New of a total workforce of 4,000. now numbers 35. offices and gets paid by phar-
maceutical companies to
stream ads to them. The com-
STERN pany rose to prominence in re-

cent years, recently leasing
394,000 square feet of office
space in downtown Chicago
Continued from page B1 for its new headquarters.
While the iPhone 8 Plus The Wall Street Journal re-
has a 5.5-inch display in a ported on Oct. 13 that some
much bigger body, the Outcome employees misled
iPhone X has a taller but drug-company customers by
slimmer 5.8-inch display in a charging them for ad place-
phone closer in size to a ments on more screens than
smaller iPhone 8. The design the startup had installed. The
is reminiscent of the most company has offered tens of
recent Samsung Galaxy millions of dollars worth of
phones—Samsung has been free advertising this year to
packing larger screens into make up for shortfalls, the
smaller bodies for a few Journal reported.
years.
Watching a video on this
$5.5B
vibrant, high-contrast screen
is just awesome. So is listen-
ing to that video: The new
stereo speakers are so loud,
you’ll likely be turning down Outcome Health’s value in May,
the volume. That also trans- according to the company.
lates to great speakerphone
RICHARD DREW/ASSOCIATED PRESS
calls. Yes, this thing still

makes phone calls, and they
sound crisp and clear. In response to the Journal’s
So what about that notch inquiries for that article,
everyone’s been complaining Lanny Davis, a lawyer Out-
about—or widow’s peak, as I come had hired as spokesman,
like to call it? The indenta- said the company put three
tion at the top of the screen employees on paid leave and
really wasn’t a big deal to hired the law firm of former
me, until I realized that less Early iPhone X customers were greeted Friday by Apple staff as they entered the company’s store on New York’s Fifth Avenue. U.S. attorney Dan Webb “to re-
info up top means no more view allegations about certain
battery percent meter. To Customers Line Up a.m. local time, a half-hour before store opening at 8 a.m., an hour when supplies would catch up employees’ conduct” raised in-
check that, you have to the doors opened. Sabino Rodri- earlier than usual. IT worker Gav with demand. The company pro- ternally and by the Journal.
swipe down from the upper At Apple Stores guez, a phone-repair technician, Hannelly, who says he bought al- jected record revenue for the cur- Mr. Davis said Outcome “has
right corner to launch the said he joined the line midday most every new iPhone as soon rent quarter, which Mr. Cook attri- always upheld the highest eth-
Control Center. I took this Thursday, when it was about 25 as it hit the shelves, said he buted partly to the iPhone X. ical standards” and has ad-
change almost as well as Long lines outside Apple Inc. people deep. waited for an hour for his space- The iPhone X is the most ex- opted new policies throughout
that time my mom turned stores around the world showed In China, Apple didn’t offer gray iPhone X. pensive iPhone ever, with a start- 2017 to comply with customer
my childhood bedroom into strong initial demand for the new walk-in sales of the iPhones but It wasn’t clear how many ing price of $999. It is the last in contracts.
a guest room. iPhone X, but analysts said the sold the device to customers with units Apple would have available a trio of new phones this year. In Mr. Kundra joins an exodus
That widow’s peak con- real test would be the company’s reservations as it has since 2013. for first-day sale. September, Apple released the of other top executives over
tains the TrueDepth cameras ability to sustain that level of in- About 80 customers lined up out- The company began offering iPhone 8 and 8 Plus. Mr. Cook the past year, including the
and fancy depth-sensing tech terest over the coming months as side the Beijing Apple store on advance orders online on Oct. 27, said he expects sales to pick up head of human resources, two
that make the facial recogni- it works through supply bottle- Friday morning to pick up their and shipment delays quickly grew after customers have had a look product chiefs, another oper-
tion work. I’ve found FaceID necks. devices. to five to six weeks. Apple Chief at all three products. ating chief who left three
to be just as fast, secure and At San Francisco’s flagship At an Apple store in central Executive Tim Cook said Thurs- —Tripp Mickle, Robert weeks after joining, and the
reliable as TouchID…in most Apple store, the line of early buy- Sydney, lines snaked around the day that production of the phone McMillan, Rachel Pannett and chief growth officer who was
situations. I still miss the ers reached about 500 by 7:30 corner midmorning, despite the is “going well” but declined to say Yoko Kubota recently put on paid leave. The
fingerprint sensor when I company has also added exec-
am: utives in recent months in-
In bed. When I’m lying head, or create dramatic cluding a new chief engineer-
down and wearing glasses, it lighting effects on your face. The iPhone X Manual Apple Forgot ing officer and a new general
struggles to unlock—likely be- Animojis—“animated This all-new iPhone brings To wake up screen counsel.
cause the rims obscure my emojis”—are a fun trick to all-new gestures. tap anywhere Behind the scenes the com-
10:22
eyes, or I’m holding the showcase the impressive face pany has faced challenges. In
phone too close to my face. tracking. The phone maps addition to the free advertis-
To open notifications To open the Control Center
At my desk. When I want your voice and facial move- ring/silent switch ing for clients, it recently
swipe down from here swipe down from here
to unlock the phone quickly, I ments to the character. slashed employee travel to cut
have to pick it up and look at Now let’s talk battery life. To take screenshot volume up
To summon Siri
costs. Hours after Mr. Shah
it. I know, life is hard. In my daily use, I could make press volume up sleep/wake stood next to Chicago Mayor
press and hold sleep/wake
At the cash register. You it from wake-up (7 a.m.) to and sleep/wake volume down Rahm Emanuel to announce
button
now have to double-click the just about bedtime (11 p.m.) button the new headquarters in Sep-
side button to initiate Apple without charging the phone. To launch Apple Pay tember, Outcome executives
Pay, then look at the phone. That’s similar to what I get press twice met to complete plans for lay-
Placing a finger on the home with the iPhone 8 Plus, and To restart phone offs that included 76 of its
button was simpler. far better than the iPhone 7 press volume down 600-plus total employees. Mr.
and sleep/wake
But let’s talk about the real or 8. With the smaller To get home Davis said the company hired
button
significance of the improved phones, I often charge at least swipe up from here more people in the third quar-
front-facing camera: ex- once midday. To see open apps ter than were let go that week.
tremely detailed selfies and Like the iPhone 8 models, swipe up to here Outcome trumpeted Mr.
those talking emojis. the X also supports wireless To switch between apps Kundra’s hiring in a February
Like the dual cameras on charging. The $60 Mophie swipe the bar horizontally press release and his promo-
To close apps
the back of the phone, the Wireless Charging Base I from right to left or left tion in a July release.
swipe up to here then
new front-camera array col- tested required me to care- to right When he was promoted, Mr.
hold down on the
lects depth data used to blur fully place the iPhone X at its app card Shah told staff in an email:
the background around your center, and even then, it took Source: the company THE WALL STREET JOURNAL. “We are excited to share with
an hour to charge from just all of our colleagues…that
FOR MORE 20% to 40%. And at $1,000, a sports car, so why won’t the interaction is still very powerful wearables—lay a Vivek Kundra is being pro-
the thing that’s billed as “the Apple give it a fast charger? iPhone-like…for now. The X’s foundation for bigger changes moted into a new office of the
For Joanna’s future of the smartphone” de- In many ways, the iPhone faster processor and depth- to come. One day, the iPhone COO with a broad remit of
WSJ
.COM
extended iPhone
X review and
videos, visit
serves better than the tiny
charging cube that has come
with every iPhone for the
X seems like a bridge be-
tween the past and the fu-
ture. Sure, you have to learn
sensing tech—along with Ap-
ple’s new augmented-reality
initiative and embrace of talk-
X will feel old, but today, at
the risk of sounding like a
Hallmark graduation card, it’s
most day to day operations at
Outcome Health,” according to
a copy of the email reviewed
wsj.com/tech. past 10 years. The X feels like some new tricks, but much of ing speakers and ever-more- the start of something new. by the Journal.
WEEKEND INVESTOR
TAX REPORT | By Laura Saunders
Concerns Mount Over Pass-Through Tax Cut

A special Pass-throughs include Bruckner, a managing direc- wouldn’t get the tax cut at The part that is their com- To prevent abuses, the law
25% tax rate on large private companies, as tor at the Kogod Tax Policy all. Most doctors, lawyers, pensation would be taxed at has “guardrails” that assume
“pass-through” well as manufacturers and Center at American Univer- accountants, architects and the owner’s higher rate of up the income of active business
businesses is mom-and-pop businesses. sity, which studies small- professionals who provide to 39.6%, plus payroll taxes, owners is 70% compensation
emerging as The tax cut would be a boon business tax issues. services wouldn’t be eligible while their “business income” and 30% “business income”
one of the to many pass-through firms The National Federation of for the 25% rate, unless they would get the 25% rate. that qualifies for the 25%
most controversial elements of because they won’t benefit Independent Business, which can prove they have a capi- Current law for S corpora- rate, with rare exceptions.
the Republican tax plan for from a proposed drop in the advocates for small firms, tal-intensive business. tions requires owners to Many pass-through owners
many reasons, including who top corporate-tax rate to 20% says it won’t support the bill A spokesman for the make this distinction in or- will soon owe more payroll
won’t benefit from it and from 35%. Pass-through enti- in its current form. American Institute of Archi- der to determine which earn- taxes if lawmakers adopt the
whether it is ripe for abuse. ties account for more than tects says that the bill ings are subject to employ- 70/30 standard, because cur-
O
House Republicans want to 40% of all business income, ther critics note that “would unfairly damage the ment and Medicare taxes. S- rently they are paying them-
spur economic growth by according to the Joint Com- the rule benefits the majority of U.S. architecture corp. owners often push to selves less. According to Mar-
lowering taxes on a portion of mittee on Taxation. highest earners the firms,” and that the AIA understate compensation in tin Sullivan, an economist
income earned by many pass- But many others would be most. According to research won’t support it as drafted. order to lower these taxes—a with the nonprofit publisher
through businesses, dropping left out of the new break be- by the Tax Policy Center, just Tax professionals are also maneuver made famous by Tax Analysts, compensation
the top rate to 25% from cause the change lowers over half of pass-through in- concerned about how the former Democratic Sen. John of all S-corp. officers totaled
39.6%. So-called pass-through taxes only for owners whose come flows to the top 1% of pass-through change could Edwards and former Republi- just 57% of net income in
businesses include millions of rate is above 25%. That taxpayers, and they would be abused. They argue can House Speaker Newt 2013. For S corporations that
partnerships, limited-liability means couples earning less reap nearly three-quarters of the special 25% rate will ag- Gingrich. The 25% rate would were manufacturers, compen-
companies, S corporations than $260,000 and singles the benefit of the 25% rate. gravate an issue that is al- raise the stakes on this issue. sation was 30% of net income.
and sole proprietorships that earning less than $200,000 “This is not a tax cut tar- ready a major source of ten- “They are so asking for Meanwhile, tax-policy spe-
don’t pay corporate taxes or couldn’t take advantage of it. geted to the middle class,” sion with clients: a murky trouble if this passes. Deter- cialists worry that the large
dividends. Instead, their net “At least 10 million small- says Michael Graetz, a for- distinction between compen- mining how a business owner difference between the 39.6%
income goes directly to business owners wouldn’t mer Treasury Department of- sation and business income. contributes to his firm is a rate on some earnings and
the owner’s personal return see a dime from this tax cut, ficial who is now at Colum- The tax cut requires busi- known minefield,” says David 25% rate on others will en-
and is taxed only once, at the because they don’t earn bia University’s law school. ness owners to divide their Lifson, a CPA in New York courage schemers to look for
owner’s individual rate. enough,” says Caroline Others object because they earnings into two portions. with high-income clients. loopholes.
INVEST John Rundle, a geophysi-

cist at the University of Cali-
fornia, Davis, who helped de-
sign the forecasting
cles throughout a liquid or
gas. Decades later, financial
economists Fischer Black and
Myron Scholes borrowed an
Continued from page B1 approach, says earthquakes equation from thermodynam-
an SEC filing. He isn’t using and market crashes “look so ics to value stock options.
the technique in any ac- much alike that you can de- Perhaps the last word
counts that his firm, Miller scribe them both with the should come from the most
Value Partners LLC, man- same mathematics.” famous of all physicists.
B
ages for outside investors. oth kinds of shocks are On April 20, 1720, when the
“What we’re hoping to do is preceded by tremors; rise in the South Sea Co., one
to have a quantitative model both are followed by af- of the hottest stocks then, al-
that would add value when the tershocks. Earthquakes reach a ready resembled a bubble, Sir
market’s going up and when critical point at which all fluc- Isaac Newton dumped his
it’s going down,” he says. tuations, large or small, are South Sea shares, doubling
Using market prices and correlated and synchronized; his money by locking in a gain
other measures, the system in a market crash, nearly all of £7,000, says historian John
seeks to predict when condi- assets tend to fall in lockstep. Carswell. A few months later,
tions will favor buying or Financial markets, like tec- though, he jumped back in at
CHRISTOPHE VORLET
selling, and how aggressively tonic plates, can form what a far higher price; he ended
the fund should buy or sell. physicists call a “metastable up losing £20,000, or at least
Mr. Miller’s son, Bill Miller state,” temporarily harboring $3.6 million in today’s money.
IV, a portfolio manager who latent energy that gets sud- Predicting earthquakes is
oversees the seismic model, denly and violently released. hard. Predicting human be-
says it “has done exactly Investors have long sought havior, especially tens of mil-
what we thought it would do” a reliable technique for deter- cious. As Cliff Asness, Antti Il- form those who held stocks between physics and finance lions of people at a time, is
since its launch two years mining when to get out of the manen and Thomas Maloney nonstop through the booms isn’t new. In 1900, French harder. As Newton is reputed
ago. That includes doing market before a crash and of AQR Capital Management, and busts of the past six de- mathematician Louis Bachelier to have said, he “could calcu-
“OK” at the start of last year, back in before a rise. Unfortu- have shown, contrarian inves- cades, without even account- likened the path of stock late the motions of the heav-
when U.S. stocks slumped nately, that holy grail remains tors trying to time the market ing for taxes and trading costs. prices to Brownian motion, enly bodies, but not the
roughly 10% in six weeks. at least as elusive as it is pre- didn’t substantially outper- The search for connections the random diffusion of parti- madness of the people.”
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
DirexS&P500Br1 SPDN 31.76 -0.3 Hortonworks HDP 18.65 8.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE DirexSemiBear3 SOXS 15.32 -5.3 ILG ILG 30.52 1.3
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in DirexSilverMinBl2 SHNY 8.89 -3.6 Icon ICLR 123.55 2.1
DEFY
the latest session. % CHG-Daily percentage change from the previous trading session. DirexTechBear3 TECS 7.16 -2.2 Immucell ICCC 8.75 3.6
ETRACSAlernMLPInfr MLPB 23.46 -4.5 Insulet PODD 69.90 19.4
GlbXSuperIncPfd SPFF 12.29 -0.3 Intel INTC 47.30 -1.6
Friday, November 3, 2017 Inspire100ETF BIBL 25.01 0.3 Intuit INTU 154.04 1.0
52-Wk % 52-Wk % 52-Wk % ProShShtBasicMat SBM 18.23 0.4 IntuitiveSurgical ISRG 386.59 1.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ProShShtDow30 DOG 15.74 ... iPath10-yearBull DTYL 77.88 0.7
ProShShortQQQ PSQ 36.19 -0.9 iRhythmTechs IRTC 53.87 5.2
Your Age.
STMicroelec STM 24.58 2.5 AlphaCloneAltAlpha ALFA 42.40 -0.1 ProShShrtS&P500 SH 31.28 -0.3 iSectorsPostMPT PMPT 27.23 0.8
NYSE highs - 138 Stoneridge
SunCommunities SUI
SRI 22.99
92.44
3.1
1.1
CambriaGlbMomentum GMOM
CSAxela3xLgBrent UBRT
26.93
138.00
-0.5
3.7
ProShUltTelecom LTL 40.43 -5.4 iShCoreS&PUSGrowth IUSG 52.47 0.6
ProShUltVIXST UVXY 14.85 -0.6 iShCurrHdMSCIGrmny HEWG 29.92 0.3
Accenture ACN 144.69 0.4 SuncorEnergy SU 35.55 1.1 CS FI LC Grwth FLGE 214.00 1.2 ProShUltShtDow30 SDOW 22.93 -0.3 iShMSCIUSAESGOpt ESGU 56.74 0.3
AdamsDivEquityFd ADX 15.74 0.4 Sysco SYY 57.23 1.5 DeltaShS&PIntMgd DMRI 52.55 1.0 ProShUltraProShFnl FINZ 9.38 -2.8 iShPHLXSemicond SOXX 176.01 1.8
AgilentTechs A 68.67 0.4 TeledyneTech TDY 182.88 2.4 DirexJapanBl3 JPNL 74.07 0.7 ProShUlt3xShCrude OILD 13.88 -5.2 JackHenry JKHY 111.94 0.6
AlamoGroup ALG 114.34 0.4 TowerIntl TOWR 33.65 -1.4 DirexS&P500Bl3 SPXL 41.50 0.9 ProShUltBloomCrd SCO 28.89 -3.4 JunoTherap JUNO 61.59 -2.4
AlliantEnergy LNT 44.39 1.8 ToyotaMotor TM 125.63 0.2 DirexS&P500Bl1.25 LLSP 34.60 0.4 ProShUltShDow30 DXD 9.68 -0.3 KellyServices A KELYA 27.12 -0.8
AllianzGIDivIncm ACV 22.40 0.2 Tri-Continental TY 26.15 0.7 DirexSemiBl3 SOXL 156.49 5.3 ProShrUS MSCI Jpn EWV 27.50 -0.4 LHC Group LHCG 76.14 -0.3
AllyFinancial ALLY 26.91 0.5 TriNet TNET 43.38 15.0 DirexTechBull3 TECL 110.54 2.3 ProShUltShtQQQ QID 13.89 -1.8 Lantheus LNTH 23.00 -1.3
AlonUSAPartners ALDW 13.40 -0.9 TsakosEnergyPfdD TNPpD 25.70 0.2 DirexUtilBl3X UTSL 31.52 2.6 ProShUltShtS&P500 SDS 44.14 -0.6 LendingTree TREE 275.00 2.3
Ameren AEE 62.83 -0.2 TwoHarborsPfdB TWOpB 26.75 0.2 ETRACSMnthly2xLev SPLX 50.53 0.9 ProShrUSSemi SSG 10.06 -2.5 LigandPharm LGND 147.00 0.9
AmHomes4RentPfdF AMHpF 26.17 1.1 UnitedHealth UNH 213.83 0.8 FidelityMSCIIT FTEC 49.99 0.8 ProShrUSTech REW 16.70 -1.6 LivaNova LIVN 81.80 4.7
Anthem ANTM 213.45 0.6 Visa V 111.42 0.3 FT GlbEngg FLM 58.76 0.6 ProShrUSUtil SDP 23.56 -0.1 MGPIngredients MGPI 74.19 4.0
AristaNetworks ANET 202.15 11.2 VailResorts MTN 235.99 1.6 FlexShCurrHdDM TLDH 29.55 1.6 ProShsVIXSTFut VIXY 27.76 -0.2 MillAcqn Un MIIIU 10.65 1.6
ArtisanPtrsAsset APAM 36.45 1.1 VirtusGlbDiv&Incm ZTR 13.50 -0.1 FrankUSLowVol FLLV 29.33 0.3 SchwabSrtTRmUSTrsr SCHO 50.22 -0.1 MillAcqn Wt MIIIW 0.75 26.4
AveryDennison AVY 108.99 -0.3 VishayPrecision VPG 25.05 -0.6 GlbXMSCIArgentina ARGT 33.17 2.2 UBSProSh3xInvCrd WTID 19.72 -5.3 Marriott MAR 121.58 1.6
BkNovaScotia BNS 65.62 0.3 WEC Energy WEC 68.67 0.8 GlbXSciBetaAsiaXJ SCIX 26.17 0.1 UBSWellsFargoETN BDCS 20.26 1.3 MatchGroup MTCH 27.92 -2.0
Bard CR BCR 335.84 -0.5 WNS WNS 39.74 0.5 GlbXSciBetaJapan SCIJ 32.22 -0.1 E-TRACS AlrInfr MLPI 22.29 0.8 MaximIntProducts MXIM 53.46 2.1
BectonDickinson BDX 224.89 0.2 W.P.Carey WPC 70.43 2.6 GSActiveBetaJapan GSJY 33.12 0.2 US3xShrtOilFd USOD 14.76 -8.0 MerchantsBancorp MBIN 19.16 -1.2
Bio-RadLab B BIO.B 255.47 14.2 Wal-Mart WMT 89.88 1.0 GraniteS&P Comm COMG 26.42 0.4 85.97 -1.3
VangdTelecom VOX MonarchCasino MCRI 46.51 1.2
Bio-RadLab A BIO 262.49 20.5 WarriorMetCoal HCC 28.00 -0.1 GuggDefEqty DEF 45.49 0.2 Velocity3xInvCrude DWT 18.10 -5.2
BroadridgeFinl BR 87.10 0.7 NICE NICE 85.59 2.0
WellCareHealth WCG 207.26 2.8 GuggS&P500Top50 XLG 184.16 0.4 118.20 -2.1
NXP Semi NXPI
BrookfieldDTLAPf DTLAp
CNA Fin CNA
30.00
55.33
2.2
0.9
Workiva
XPO Logistics XPO
WK 22.95
73.88
1.6
2.4
GuggSolar
HartfordTRBd HTRB
TAN 24.35
40.25
0.8
0.7
NYSE American highs - 2 NanoVibronix NAOV 4.89 5.6
CVR Energy CVI 31.08 -0.3 Nathan's NATH 92.95 13.7
Zoetis ZTS 68.80 2.1 IQ50%HdgFTSEEur HFXE 20.31 -0.1 Chase CCF 122.80 1.3
CabotOil COG 28.41 -0.1 Neogen NEOG 82.00 1.4
IQ50%HdgFTSEIntl HFXI 21.70 ... StoneEnergyWt SGY.WS 6.10 20.8
NeosTherap NEOS 13.15 27.1
CadenceBancorp CADE
CAE CAE
25.42
18.25
0.6
-0.2 NYSE lows - 80 IQ50%HdgFTSEJapan HFXJ
iPathAIGCarbon GRN
22.37
9.75
0.4
0.2 NYSE American lows - 10 NewaterTech NEWA 15.75 7.4
CanNaturalRes CNQ 36.09 2.1 AK Steel AKS 4.05 -0.2 Novanta NOVT 53.95 1.9
iPathPBNickel NINI 21.99 0.3
Care.com CRCM 19.68 15.1 AMC Ent AMC 11.80 -7.4 BioPharmX BPMX 0.16 2.8 NuvNasd100Dyn QQQX 23.91 0.4
iShCoreDivGrowth DGRO 33.43 0.4 35.45 0.8
CenturyComm CCS 30.16 6.3 ARCDocumentSolns ARC 2.65 -19.0 CRH Medical CRHM 1.80 -15.9 OpenText OTEX
iShCoreS&P500ETF IVV 260.25 0.3 49.80 -0.8
Chemed CHE 235.96 2.2 AlaskaAir ALK 62.65 ... ComstockMining LODE 0.09 -0.7 Orbotech ORBK
iShCurrHdgNikk400 HJPX 30.40 0.3
ChinaFund CHN 21.33 0.1 AlticeUSA ATUS 20.66 -7.8 GoldStandrdVntr GSV 1.25 -4.1 OrigoAcqnRt OACQR 0.60 3.5
iShCurrHdMSCIJapan HEWJ 33.26 0.3
ComericaWt CMA.WS 50.75 1.5 ArcherDaniels ADM 39.65 -0.9 Inuvo INUV 0.80 -5.8 OrthoPediatrics KIDS 21.00 6.7
iShU.S.Technology IYW 163.19 0.9
ConocoPhillips COP 53.27 0.9 ArlingtonAsset AI 10.93 -1.6 OrientPaper ONP 0.75 -7.1 PCSB Fin PCSB 19.34 0.3
iShEdgeMSCIMultUSA LRGF 31.01 0.1
ConEd ED 87.58 0.3 AshfordHospPrime AHP 8.95 -8.6 PacGE pfB PCGpB 26.80 -0.6 PayPal PYPL 73.41 1.6
iShGlobal100 IOO 91.72 0.2
CubeSmart CUBE 28.38 0.4 AvonProducts AVP 1.90 -9.8 RegionalHlthProp RHE 0.40 -42.7 PwrShDynFinl PFI 34.34 0.3
iShMSCIJapanETF EWJ 59.20 0.2
CurtissWright CW 120.25 ... BT Group BT 16.45 -1.5 TelInstrElec TIK 2.35 -4.4 PwrShDynHlthcr PTH 70.12 1.4
iShMorningstarLC JKD 154.89 0.5
Dana DAN 31.91 -0.1 BlueApron APRN 3.56 -0.3 US Antimony UAMY 0.20 3.1 PwrShDynTech PTF 54.11 1.8
iShMornLCGrowth JKE 152.31 0.5
Danaher DHR 93.16 0.5 BlueCapReins BCRH 12.75 -1.9 PwrShGlbWater PIO 25.40 0.2
iShMornMCGrowth JKH 196.47 0.7
DaqoNewEnergy DQ
DreyfAlcGlb2024 DCF
40.72
10.05
-1.5
0.3
CBL Assoc CBL 5.83 -25.9 iShRussell1000Gwth IWF 130.73 0.6 Nasdaq highs - 156 PwrShQQQ 1 QQQ
PwrShWaterRscs PHO
153.29
29.47
1.0
...
CBS B CBS 52.75 1.7 iShRussellTop200Gr IWY 71.14 0.6 ASML ASML 184.65 1.3 ProShEquRising EQRR 43.79 0.3
DriveShackPfdD DSpD 25.50 1.1 CBS A CBS.A 53.00 1.9 iShRussellTop200 IWL 59.57 0.5 Abiomed ABMD 195.02 2.6 ProShUltPrQQQ TQQQ 132.87 2.8
DukeEnergy DUK 89.50 ... CNX Coal CNXC 14.25 -1.4 iShS&P100 OEF 114.71 0.4 ActivisionBliz ATVI 67.03 -3.4 ProvidentBancorp PVBC 25.30 2.0
EMCOR EME 81.73 0.1 CapsteadMtg CMO 8.60 -0.1 iShS&P500Growth IVW 149.15 0.6 AdamasPharm ADMS 29.29 6.6 PumaBiotech PBYI 131.70 0.4
EPAM Systems EPAM 100.30 0.5 CenturyLink CTL 16.31 -6.2 iShGlobalTechETF IXN 154.84 0.6 AdobeSystems ADBE 182.74 0.8 QAD B QADB 31.45 0.7
EmergentBiosol EBS 44.86 7.4 ChannelAdvisor ECOM 8.60 -18.3 iShNorthAmerTech IGM 168.20 0.7 AeriePharm AERI 66.25 1.8 QAD A QADA 39.45 1.4
Entergy ETR 87.85 0.4 CircorIntl CIR 42.25 0.4 JPMDivRetEurCur JPEH 29.42 0.6 AlliedMotionTech AMOT 33.63 10.4 Qualys QLYS 57.75 0.2
EvoquaWater AQUA 21.20 -2.7 CobaltIntlEner CIE 0.50 -14.7 PwrShDBComTr DBC 16.24 0.6 AltairEngg ALTR 19.40 11.3 Radware RDWR 19.50 1.6
Exelon EXC 41.56 0.5 EngGr-Cmg CIG 2.04 -7.9 PwrShDevEuroPac FXEP 29.00 0.6 Apple AAPL 174.26 2.6 RealPage RP 45.10 2.1
FactSet FDS 191.51 0.3 ContainerStore TCS 3.53 -1.9 PwrShDynLC Grwth PWB 40.57 0.4 ArchCapitalPfdE ACGLP 25.02 0.1 SareptaTherap SRPT 54.42 4.7
FairIsaac FICO 153.26 3.1 Volaris VLRS 9.89 -2.2 PwrShFTSERAFIDevMk PDN 33.78 0.1 ArenaPharm ARNA 28.77 2.5 SolarEdgeTech SEDG 34.00 4.3
FangHoldings SFUN 4.98 3.8 Corts JCPen JBR JBR 9.82 -2.4 PwrShIndia PIN 26.05 -0.2 ArrowInvDWATact DWAT 11.72 0.7 StarsGroup TSG 20.90 0.2
Ferro FOE 24.84 4.7 Coty COTY 14.24 -0.7 PwrShRussMCGrw PXMG 40.35 0.7 Atlassian TEAM 51.77 3.2 SunHydraulics SNHY 59.21 0.6
FiatChrysler FCAU 18.33 1.6 DeanFoods DF 9.30 -1.5 PwrShRussTop200 EQWL 51.12 0.5 AxcelisTechs ACLS 36.20 10.2 SuperCom SPCB 4.44 -1.2
FidelityNatlFin FNF 38.16 0.6 DeutscheMuniIncmTr KTF 11.82 ... PwrShRussTop200G PXLG 44.57 0.9 AxoGen AXGN 24.90 7.9 Synopsys SNPS 87.52 ...
FT EnhEquity FFA 15.62 0.3 DeutscheStratMuni KSM 11.81 -0.7 PwrShS&P500xRate XRLV 32.69 0.1 BallardPower BLDP 5.89 0.7
FortressTransport FTAI
GreatPlainsEner GXP
GreenDot
GrubHub
GDOT
GRUB
18.98
33.35
57.07
62.96
0.2
1.4
-0.5
2.2
DieboldNixdorf DBD
DynagasLNG DLNG
EdgewellPersonal EPC
Enbridge ENB
17.90 1.4
12.21 0.2
60.27 -2.6
36.49 -0.1
PwrShS&P500Mom SPMO
PwrShWldrClean PBW
ProShS&P500xFin SPXN
ProShrUltraDow30 DDM
33.52
24.84
52.50
119.29
0.6
0.5
1.0
...
Biomerica
bluebirdbio
BlueprintMed BPMC
BoingoWireless WIFI
BMRA
BLUE
3.46
164.80
74.35
25.99
7.4
1.4
2.4
13.5
Talend
TivityHealth
TransActTechs TACT
TLND
TexasInstruments TXN
TVTY
42.89
98.00
48.15
12.95
1.5
1.2
3.4
9.4
Take Control of Your Health.
HawaiianElec HE 36.81 0.4 Trupanion TRUP 32.39 13.4
EvolentHealth EVH 13.20 -11.1 ProShrUltraJapan EZJ 126.14 ... Bottomline EPAY 34.89 6.7
HeritageInsurance HRTG
HysterYaleMatls HY
16.72
93.90
0.5
11.2
Fabrinet
FT SrFR Incm FCT
FN 31.20 -0.2
12.97 -0.6
ProShrUltraQQQ QLD
ProShrUltraS&P SSO
71.11
102.16
1.9
0.6
Broadcom
Bruker
AVGO
BRKR
278.00
35.16
5.4
6.5
USA Truck USAK
UnitedSecBcshrs UBFO
US GlobalInv GROW
15.08
10.00
4.30
1.5
-1.6
...
Feel 10+ years younger with the Cenegenics Elite Health
IDACORP IDA 93.79 0.8 FootLocker FL 29.24 -0.5 ProShrUlSemi USD 131.06 3.7 CME Group CME 141.07 -0.2 UniversalDisplay OLED 160.95 9.5
IONGeophysical IO
IRSA IRS
13.90
30.69
15.5
1.0
GGP
GameStop
GGP
GME
18.83 -2.9
18.10 -2.2
ProShrUlTech ROM
ProShUltDow30 UDOW
88.81
80.98
2.0
0.2
CMSevenStarUn CMSSU
CRA Intl CRAI
10.07
44.29
0.6
1.1
UroGenPharma URGN
VangdRuss1000Grw VONG
38.38
134.04
9.0
0.5
Program, the Gold Standard in Age Management Medicine.
ITT ITT 53.00 -0.3 HeclaMining HL 4.43 -2.8 ProShUltS&P500 UPRO 126.39 0.9 CadenceDesign CDNS 43.92 0.3
Ingevity NGVT 75.60 3.7 VaronisSystems VRNS 51.70 16.0
Interpublic IPG 18.86 ... SPDRS&P500Growth SPYG 32.23 0.5 CalamosConvOp CHI 11.75 -0.1
JapanSmlCap JOF 13.13 0.5 VeriskAnalytics VRSK 91.41 ...
KinderMorgan KMI 17.59 -0.3 SPDRMomentumTilt MMTM 111.20 0.2 CalamsGlblDynInc CHW 9.35 2.0
KBR
Kaman
KBR
KAMN
20.37
57.11
3.0
-0.3
KinderMorganPfdA KMIpA
Luby's LUB
36.61 0.5
2.38 ...
SPDR US LC Low Vol LGLV
SchwabUS LC Grw SCHG
91.36
68.44
0.1
0.7
CallidusSoftware CALD
CalumetSpecialty CLMT
28.75
9.55
12.2
1.1
VicShUSMultMin VSMV
Wingstop WING
26.31
38.88
0.5
13.1 BENEFITS INCLUDE
KenonHoldings KEN 17.75 -0.8 WisdTrGermanyHdg DXGE 33.08 0.2
Macy's M 18.33 -2.2 SPDR DJIA Tr DIA 235.39 0.1 CanadianSolar CSIQ 18.89 1.6
Kyocera KYO 70.12 0.6 Mallinckrodt MNK 30.08 1.3 SPDR S&P 500 SPY 258.50 0.3
LambWeston LW 52.43 0.6 McEwenMining MUX 1.88 ... SPDR IntlSC GWX 35.83 0.3
Carbonite
CboeGlobalMkts CBOE
CARB 27.00
115.91
8.1
-0.5 Nasdaq lows - 83 + Decreased Body Fat + Improved Mental Sharpness
Leidos LDOS 64.20 1.3 NCR NCR 30.00 -1.3 Whiskey&SpiritsETF WSKY 31.97 1.1 Celcuity CELC 19.84 6.9 ADMA Biologics ADMA 2.16 1.6
LibertyProperty LPT 44.38 0.6 NeoPhotonics NPTN 4.56 -8.0 TechSelectSector XLK 63.55 0.8 ChemungFinl CHMG 48.49 -1.5 AMC Networks AMCX 47.44 -2.1
LiveNationEnt LYV
MadisonSquGarden MSG
44.01
231.44
7.1
3.6
NewSeniorInvt SNR
NordicAmerTankers NAT
8.15 -7.7
4.19 -3.4
UBS FIEnhLCGrw FBGX
USAACoreInterBd UITB
212.80
50.28
1.2
...
Cognex
Control4
CGNX
CTRL
134.70
34.10
4.3
14.0
AcaciaComms ACIA
AcadiaHealthcare ACHC
36.75 -5.8
28.96 -1.9 + Increased Muscle Tone and Sleep Quality
MainStreetCap MAIN 41.06 2.1 Nordstrom JWN 38.43 -2.2 USAA IntlVal UIVM 50.90 -0.3 CSX-LinksCrudeOil USOI 26.12 1.1 AccelerateDiag AXDX 16.75 -6.7
Manpower MAN 126.05 0.5 NuSTAREnergy NS 31.88 -0.2 USBrentOilFd BNO 16.72 2.3 Cresud CRESY 22.95 0.2 Aceto ACET 8.29 7.0
ManulifeFin
MarathonPetrol MPC
MFC 20.93
62.78
0.6
...
NuvMN QualMuni NMS
Omnicom OMC
14.98 2.4
65.55 ...
USGasolineFd UGA
VanEckIndiaSC SCIF
32.35
64.03
0.4
0.2
DASAN Zhone DZSI
DavisWorldwide DWLD
7.74
25.43
10.1
0.3
AllenaPharm
AndinaAcqnII ANDA
ALNA 8.66 -1.9
9.51 -0.2
+ Increased Physical and + Decreased Risk of
MarriottVacations VAC 142.73 3.8 PQ Group PQG 15.56 -0.8 VanEckSemiconduc SMH 102.94 1.1 DentsplySirona XRAY 66.00 6.0 Atomera ATOM 2.66 -12.4
McDonalds
Meritor
MCD
MTOR
169.45
27.96
0.3
0.5
PandoraMedia P
PenneyJC JCP
5.35 -24.6
2.37 -7.1
VangdInfoTech VGT
VangdGrowth VUG
164.74
137.20
0.8
0.7
DicernaPharma DRNA
DoubleEagleUn EAGLU
8.23
12.25
7.6
13.9
BaringtonHilcoUn BHACU
Benefitfocus BNFT
8.52 -20.4
22.30 -3.5 Sexual Vitality Age-related Diseases
MiXTelematics MIXT 11.01 3.4 PennyMacTr PMT 15.18 -5.8 VangdLC VV 118.69 0.3 DoubleEagleWt EAGLW 0.80 6.9 CF CFCO 9.50 1.9
ModineMfg MOD 23.60 0.2 PIMCOCAMuniIII PZC 10.38 -0.8 VangdMegaCap MGC 88.95 0.3 Ebix EBIX 68.95 ... Caesarstone CSTE 23.10 -1.1
MolinaHealthcare MOH 79.90 14.8 PitneyBowesNt43 PBIpB 24.93 -1.1 VangdMegaGrwth MGK 108.51 0.7 EldoradoResorts ERI 30.00 9.2 CapitalaFinance CPTA 7.92 1.1
MotorolaSolutions MSI 94.94 4.7 PrestigeBrands PBH 42.30 -1.8 VangdS&P500 VOO 237.44 0.3 ElectroScientific ESIO 22.96 4.6 Cardtronics CATM 17.41 -5.0
NRG Energy NRG 28.09 6.4 RAIT Financial RAS 0.40 -3.1 VangdS&P500 Grw VOOG 133.80 0.5 EnantaPharma ENTA 50.89 1.7 Cartesian CRTN 0.21 -7.5
NatlPrestoInds NPK 120.20 0.2 RR Donnelley RRD 8.54 -1.6 VirtusWMCGlb VGFO 25.38 0.4 EncoreCapital ECPG 52.00 7.9
NiSource
NuvHiIncm2020 JHY
NI 27.41
10.50
1.4
-0.3
RiteAid
RubiconProject RUBI
RAD 1.52 -3.1
2.02 -40.0
WBITacticalLCGD WBIE
WBITacticalLCQ WBIL
25.02
26.36
0.6
0.6
FARO Tech
FT CapStrength FTCS
FARO 52.95
49.34
-1.2
0.2
ChinaBiologic CBPO
CleanEnerFuels CLNE
72.21 4.2
1.98 -14.0 Schedule your complimentary consultation today!
ConsldComm CNSL 16.03 -10.8
OaktreeSpecNts24 OSLE 25.25 ... SafetyIncome SAFE 17.77 0.5 WisdTrCBOES&P500 PUTW 29.72 0.3 FT CloudComp SKYY 44.17 0.1 DareBioscience DARE 2.24 -2.0
Oppenheimer A OPY 23.60 2.6 Satrn JCPen HJV 10.00 -0.4 WisdTrJpnCapGds DXJC 28.83 0.6 FT DevMkts FDT 61.36 ... DarioHealth DRIO 1.53 -2.5
Orix IX 89.51 0.1 SeaWorldEnt SEAS 10.83 -5.0 WisdTrJpnHdgQuDiv JHDG 29.20 0.3 FT NasdTechDiv TDIV 34.64 0.5 DigitalAlly DGLY 1.70 ...
PNC Fin Wt PNC.WS 71.94 1.9 SocialCapHedWt IPOA.WS 1.50 ... WisdTrJapanHdg DXJ 58.81 0.3 FT GerAlpha FGM 49.47 -0.2 DiscoveryComm A DISCA 16.20 -4.6
Penumbra PEN 101.45 1.4 Switch SWCH 18.15 -3.6 WisdTrJpnHlthCare DXJH 36.11 0.8 FT JapanAlpha FJP 58.48 ... DiscoveryComm C DISCK 15.25 -5.4
PolyOne POL 46.59 0.7 Tanger SKT 21.81 -5.1 WisdTrUSEarn500 EPS 89.75 0.4 FT MC GrwthAlpha FNY 38.27 1.0 ENDRA LifeSci NDRA 2.20 -12.0
Progressive PGR 50.27 1.7 TaubmanCtrs TCO 44.78 -2.4 WisdTrUSLCValueFd EZY 78.43 0.8 FirstUnited FUNC 18.20 0.6 ElPolloLoco LOCO 9.75 -12.9
Prologis PLD 66.83 0.5 TimeInc. TIME 10.23 ... XtrkrsMSCIAWxUSHi HDAW 26.86 ... Flex FLEX 18.33 1.5 Energous WATT 8.01 -6.8
PublicServiceEnt PEG 50.56 1.0 TreeHouseFoods THS 40.26 -2.0 XtrkrsMSCIEAFE DBEF 32.29 0.2 FlexShUSQualLC QLC 32.13 0.1 ENGlobal ENG 0.80 -25.6
QuakerChemical KWR 160.47 1.9 TwoHarbors TWO 15.42 -0.3 XtrkrsMSCIGermany DBGR 29.45 0.2 FormFactor FORM 18.65 4.1 FAT Brands FAT 8.96 -5.1
RH RH 93.64 -2.7 VitaminShoppe VSI 4.25 -5.5 XtrkrsMSCIJapan DBJP 43.75 0.3 ForresterResearch FORR 46.10 0.3
FTD FTD 10.32 -2.1
RPC RES 25.72 1.1 FoundationMed FMI 52.45 4.0
866.251.2319
VoyaPrimeRate PPR 5.09 -0.2 FinancialEngines FNGN 24.45 -24.1
Renren
ResoluteForest RFP
RENN 11.68
8.20
1.6
11.8
WashingtonPrime WPG
WideOpenWest WOW
6.93 -11.0
12.36 -4.7
NYSE Arca lows - 38 GladstoneCommPfA GOODP
GladstoneInvt GAIN
26.92
10.71
1.0
1.0
Fred's FRED 4.25 -1.6
FrontierComm FTR 7.36 -19.3
SPX SPXC 32.71 8.3 AIPoweredEquity AIEQ 24.50 -0.3 GlbBloodTherap GBT 43.95 6.3
FrontierCommPfA FTRPR 13.46 -13.4
SemicondctrMfg SMI
ServiceCorp
Southern
SCI
SO
8.77
35.94
53.51
9.8
1.7
-1.5
NYSE Arca highs - 109
ALPS EqSecWgh EQL
iPathS&P500VIXST VXX
BrandValueETF BVAL
67.54 0.1 CSAxela3xInvBrent DBRT
33.42
14.49
68.90
-0.1
-1.1
-4.3
GlbXMillThematic MILN
GlbXS&P500Catholic CATH
Grifols GRFS
18.65
32.04
24.20
0.7
0.4
2.8
FulgentGenetics FLGT
GenMarkDiagn GNMK
3.42 -8.5
3.87 -41.3
TRYCENEGENICS.COM
GenoceaBiosci GNCA 1.04 -4.5
SpiritAeroSys SPR 83.13 -0.3 AdvShKIMKorea KOR 31.79 0.6 DirexMexicoBl3 MEXX 20.79 -3.3 Groupon GRPN 5.49 3.6
StellusCap5.75Nt22 SCA 25.63 ... AdvShNewTech FNG 22.98 0.9 DirexS&P500Br3 SPXS 33.41 -0.9 HailiangEduc HLG 33.01 0.7 Continued on Page B8
B6 | Saturday/Sunday, November 4 - 5, 2017 * *** THE WALL STREET JOURNAL.
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23539.19 s 22.93, or 0.10% Trailing P/E ratio 21.28 19.56 2587.84 s 7.99, or 0.31% Trailing P/E ratio 24.33 23.02 6764.44 s 49.49, or 0.74% Trailing P/E ratio * 16.10 23.75
High, low, open and close for each P/E estimate * 19.35 16.91 High, low, open and close for each P/E estimate * 19.39 17.78 High, low, open and close for each P/E estimate * 21.55 18.79
trading day of the past three months. Dividend yield 2.18 2.66 trading day of the past three months. Dividend yield 1.92 2.20 trading day of the past three months. Dividend yield 1.05 1.25
All-time high 23539.19, 11/03/17 All-time high: 2587.84, 11/03/17 All-time high: 6764.44, 11/03/17
Current divisor 0.14523396877348

23500 2570 6700
Session high
DOWN UP 23000 2540 6600
t
Session open Close
Close Open
t
22500 2510 6500

Session low
22000 2480 6400
21500 2450 6300

65-day moving average 65-day moving average 65-day moving average
21000 2420 6200
Bars measure the point change from session's open

20500 2390 6100
Aug. Sept. Oct. Aug. Sept. Oct. Aug. Sept. Oct.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 811,511,750 10,284,883
Industrial Average 23557.06 23481.57 23539.19 22.93 0.10 23539.19 17888.28 31.6 19.1 10.7 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 392,928,540 3,702,409
Transportation Avg 9798.25 9728.13 9755.00 -23.33 -0.24 10038.13 8075.14 20.8 7.9 3.6 Most-active issues in late trading Decl. volume* 403,661,931 5,862,675
Utility Average 755.71 747.62 753.43 2.46 0.33 754.80 625.44 15.3 14.2 7.8 Volume After Hours Issues traded 3,062 330
Company Symbol (000) Last Net chg % chg High Low Advances 1,407 122
Total Stock Market 26793.23 26674.05 26789.00 74.76 0.28 26789.00 21514.15 24.5 15.1 8.5
SPDR S&P 500 SPY 13,274.7 258.19 -0.26 -0.10 258.46 257.64 Declines 1,514 179
Barron's 400 686.82 683.80 686.22 0.85 0.12 691.56 523.22 31.2 14.1 8.6
VanEck Vectors Gold Miner GDX 4,704.7 22.45 0.02 0.09 22.47 22.35 Unchanged 141 29
Nasdaq Stock Market Finl Select Sector SPDR XLF 3,199.4 26.78 … unch. 26.82 26.78 New highs 138 2
Nasdaq Composite 6765.14 6712.93 6764.44 49.49 0.74 6764.44 5046.37 34.0 25.7 13.4 iShares Russell 2000 ETF IWM 2,973.3 148.51 -0.10 -0.07 148.78 148.47 New lows 80 10
Nasdaq 100 6297.62 6237.65 59.19 6295.58 4660.46 29.4 Closing tick 242 13
6295.58 0.95 35.1 14.7 Schwab Short Trm US Trsr SCHO 2,735.2 50.23 … unch. 50.23 50.23
Closing Arms† 0.96 1.23
VanEck Vectors Jr Gold GDXJ 2,627.2 32.12 … unch. 32.17 32.11
Standard & Poor's Block trades* 6,664 107
Qualcomm QCOM 2,573.7 62.41 0.60 0.97 65.75 53.07
500 Index 2588.42 2576.77 2587.84 7.99 0.31 2587.84 2085.18 24.1 15.6 8.6 Nasdaq NYSE Arca
General Electric GE 2,431.9 20.17 0.03 0.15 20.32 19.93
MidCap 400 1836.65 1827.23 1835.98 4.64 0.25 1839.12 1478.83 24.2 10.6 8.9 Total volume*2,157,266,895 208,532,010
SmallCap 600 904.49 900.07 900.88 -5.79 -0.64 918.72 707.17 27.4 7.5 9.9 Percentage gainers… Adv. volume*1,319,136,037 82,738,311
Decl. volume* 794,614,184 124,471,143
Other Indexes Cavium CAVM 88.2 76.50 8.23 12.06 80.18 67.07
Issues traded 3,050 1,283
Russell 2000 1497.14 1490.66 1494.91 -1.64 -0.11 1512.09 1163.44 28.5 10.2 8.5 Twin Disc TWIN 10.5 24.07 1.38 6.08 24.07 22.69
Advances 1,434 670
NYSE Composite 12376.23 12340.89 12373.06 0.10 0.00 12430.52 10289.35 20.3 11.9 4.6 Marvell Tech Group MRVL 743.4 19.34 0.83 4.48 20.59 18.45 Declines 1,464 580
Value Line 540.76 539.38 540.13 -0.12 -0.02 545.98 456.36 18.4 6.7 3.1 Urban Outfitters URBN 51.0 25.67 0.95 3.84 25.67 24.71 Unchanged 152 33
NYSE Arca Biotech 4214.82 4139.98 4207.22 61.95 1.49 4304.77 2887.17 45.7 36.8 7.8
Emergent Biosoltns EBS 95.0 44.61 1.58 3.68 44.61 43.03 New highs 156 109
New lows 83 38
NYSE Arca Pharma 537.13 533.52 537.12 3.27 0.61 560.52 463.78 15.0 11.5 0.4 ...And losers
Closing tick 86 42
KBW Bank 102.23 101.53 102.13 -0.18 -0.17 102.31 73.36 39.2 11.3 12.2 Neos Therapeutics NEOS 42.7 11.85 -1.05 -8.14 13.00 11.65 Closing Arms† 0.59 1.67
PHLX§ Gold/Silver 81.50 80.01 80.72 -0.58 -0.71 96.72 73.03 -9.4 2.4 6.5 Bioverativ BIVV 77.2 50.77 -3.24 -6.00 54.02 50.77 Block trades* 7,555 1,100
PHLX§ Oil Service 135.27 132.06 134.88 1.99 1.50 192.66 117.79 -10.0 -26.6 -17.7 WisdomTree Japan Hdg Eqty DXJ 57.1 55.75 -3.00 -5.10 58.82 55.75 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1300.02 1273.15 1299.97 22.63 1.77 1299.97 802.88 61.9 43.4 26.3 Embraer ADR ERJ 38.1 18.86 -1.00 -5.04 19.86 18.86 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 9.91 8.99 -0.79 -7.96 22.51 9.14 -59.4 -34.9 -14.7 issues with the volume of shares rising and falling. An
9.14 Diana Containerships DCIX 78.4 10.77 -0.44 -3.93 11.57 10.13 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2976.28 –5.37 –0.18 17.6 Diana Containerships DCIX 11.21 8.71 348.40 1131015.06 1.56 -99.9 GenMark Diagnostics GNMK 4.26 -3.00 -41.32 13.67 3.87 -64.5
DJ Global Index 385.82 0.39 0.10 18.3 Myomo MYO 4.14 1.29 45.26 23.20 2.53 ... Rubicon Project RUBI 2.07 -1.38 -40.00 9.16 2.02 -67.5
DJ Global ex U.S. 260.04 –0.24 –0.09 21.5 Neos Therapeutics NEOS 12.90 2.75 27.09 13.15 4.85 143.4 KEYW Holding KEYW 5.17 -2.58 -33.29 13.57 4.97 -50.9
Americas DJ Americas 621.85 1.68 0.27 15.1 Hexindai ADR HX 12.66 2.66 26.60 ... ... ... CBL Assocs Properties CBL 5.92 -2.07 -25.91 12.35 5.83 -42.9
Brazil Sao Paulo Bovespa 73915.43 91.69 0.12 22.7 Cerus CERS 3.52 0.64 22.22 5.91 1.93 -26.8 Pacific Biosciences CA PACB 3.03 -1.00 -24.81 8.32 2.92 -56.0
Canada S&P/TSX Comp 16020.16 5.17 0.03 4.8 Bio-Rad Labs A BIO 261.42 44.48 20.50 262.49 164.44 58.7 Pandora Media P 5.59 -1.82 -24.56 14.10 5.35 -47.6
Mexico S&P/BMV IPC 48534.84 200.39 0.41 6.3 Aratana Therapeutics PETX 6.54 1.08 19.78 8.63 4.97 -10.4 Financial Engines FNGN 26.60 -8.45 -24.11 45.75 24.45 -4.1
Chile Santiago IPSA 4162.76 –19.87 –0.47 29.2 Insulet PODD 69.45 11.30 19.43 69.90 32.12 97.1 ePlus Inc PLUS 74.25 -21.75 -22.66 97.75 46.65 52.0
0.28 Kala Pharmaceuticals KALA 16.32 2.64 19.30 26.75 13.51 ... Stamps.com STMP 171.25 -50.00 -22.60 233.13 94.93 69.1
EMEA Stoxx Europe 600 396.06 1.12 9.6
0.05 Arbutus Biopharma ABUS 6.50 1.05 19.27 8.25 2.35 120.3 RE/MAX Holdings Cl A RMAX 52.65 -14.05 -21.06 67.50 42.65 17.1
Eurozone Euro Stoxx 400.01 0.21 14.2
Belgium Bel-20 4112.55 10.29 0.25 14.0 National Security Group NSEC 15.40 2.43 18.73 18.90 11.53 -16.7 Xperi XPER 17.75 -4.70 -20.94 45.95 16.70 -52.5
France CAC 40 5517.97 7.47 0.14 13.5 Boot Barn Holdings BOOT 9.90 1.50 17.86 17.26 5.90 -23.5 NanoString Technologies NSTG 7.79 -1.99 -20.35 23.45 7.32 -62.0
Germany DAX 13478.86 37.93 0.28 17.4 Varonis Systems VRNS 48.70 6.70 15.95 51.70 24.75 68.8 Frontier Communications FTR 7.41 -1.77 -19.28 57.30 7.36 -84.2
Israel Tel Aviv 1427.62 … Closed –2.9 ION Geophysical IO 13.80 1.85 15.48 13.90 3.20 117.3 ARC Document Solutions ARC 2.82 -0.66 -18.97 5.55 2.65 -17.1
19.6 ViewRay VRAY 8.31 1.10 15.26 10.39 2.67 191.6 ChannelAdvisor ECOM 8.95 -2.00 -18.26 15.85 8.60 -24.5
Italy FTSE MIB 23014.13 –31.92 –0.14
Netherlands AEX 555.15 1.32 0.24 14.9
Russia RTS Index 1109.38 –9.28 –0.83 –3.7 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10357.80 –100.00 –0.96 10.8
0.47 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 600.20 2.79 12.3 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9322.05 42.40 0.46 13.4
Qualcomm QCOM 78,440 885.0 61.81 12.71 70.24 48.92 Pwrsh FTSE Dev Mkt xUS PDN 753 3184 33.67 0.09 33.78 26.15
U.K. FTSE 100 7560.35 5.03 0.07 5.8
Pandora Media P 73,657 1243.5 5.59 -24.56 14.10 5.35 Saban Capital Acquisition SCAC 525 2075 9.90 -0.60 14.29 9.82
Asia-Pacific General Electric GE 65,403 20.2 20.14 1.00 32.38 19.63 Shore Bancshares SHBI 393 1785 17.05 1.07 17.92 11.53
Australia S&P/ASX 200 5959.90 28.20 0.48 5.2 Apple AAPL 58,360 112.1 172.50 2.61 174.26 104.08 GenMark Diagnostics GNMK 7,005 1750 4.26 -41.32 13.67 3.87
China Shanghai Composite 3371.74 –11.57 –0.34 8.6 TOP Ships TOPS 54,649 3120.6 0.72 67.05 151200.00 0.32 ProShs Ultra Semicon USD 118 1719 130.51 3.73 131.06 55.71
Hong Kong Hang Seng 28603.61 84.97 0.30 30.0 Teva Pharmaceutical ADR TEVA 52,932 101.2 11.40 1.51 42.90 10.85 HMS Holdings HMSY 9,140 1692 15.57 -17.53 21.83 11.01
India S&P BSE Sensex 33685.56 112.34 0.33 26.5 SPDR S&P 500 SPY 46,213 -27.3 258.45 0.33 258.50 208.38 Glbl X Fertilizers/Potash SOIL 167 1615 10.34 -0.39 10.46 8.28
Japan Nikkei Stock Avg 22539.12 … Closed 17.9 Advanced Micro Devices AMD 43,848 -23.0 11.12 2.49 15.65 6.22 M III Acquisition MIII 230 1584 9.90 0.62 10.09 9.43
Singapore Straits Times 3382.31 1.81 0.05 17.4 Ambev ADR ABEV 42,949 134.8 6.17 -1.75 7.03 4.70 NXP Semiconductors NXPI 25,642 1429 115.02 -2.08 118.20 95.88
South Korea Kospi 2557.97 11.61 0.46 26.2 iShares MSCI Emg Markets EEM 42,205 -12.4 46.34 -0.52 46.85 33.94 Pandora Media P 73,657 1243 5.59 -24.56 14.10 5.35
Taiwan Weighted 10800.77 12.26 0.11 16.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days
CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .03015 33.170 –7.4
A consumer rate against its Money market accounts Vietnam dong .00004403 22711 –0.3
3.75% Argentina peso .0567 17.6350 11.1
benchmark over the past year 10% Brazil real .3017 3.3144 1.8 Europe
Bankrate.com avg†: 0.33%
3.00 WSJ Dollar index Canada dollar .7835 1.2763 –5.1 Czech Rep. koruna .04520 22.125 –13.9
ableBanking,adivisionofNortheastBank 1.30% 5 s
Chile peso .001576 634.50 Denmark krone .1560 6.4123 –9.3
Federal-funds s –5.3
0.90% Lewiston, ME 877-505-1933 Euro .0003292 3037.50 1.1610 .8614 –9.4
t
target rate 2.25 0 Colombia peso 1.2 Euro area euro

BankPurely 1.30% Ecuador US dollar 1 1 unch Hungary forint .003735 267.73 –9.0
Friday
t
0.60 1.50 Mexico peso .0521 19.2034 –7.4 Iceland krona .009405 106.33 –5.9
Uniondale, NY 844-878-7359 –5
Peru new sol .3081 3.246 –3.2 Norway krone .1223 8.1765 –5.4
0.30 Barclays 1.30% 0.75 –10 Uruguay peso .03421 29.2300 –0.4 Poland zloty .2735 3.6566 –12.7
t
t
Wilmington, DE 888-720-8756 One year ago s Yen Venezuela b. fuerte .099392 10.0612 0.7 Russia ruble .01694 59.024 –3.7
Money market 0.00 0.00 –15
Capital One 360 1.30% Asia-Pacific Sweden krona .1186 8.4335 –7.4
account yields 1 3 6 1 2 3 5 710 30 Switzerland franc .9994 1.0006 –1.8
Glen Allen, VA 877-464-0333 2017 Australian dollar .7650 1.3072 –5.9
–0.30 month(s) years Turkey lira .2573 3.8864 10.3
Goldman Sachs Bank USA 1.30% China yuan .1506 6.6387 –4.4
N D J F MAM J J A S O N maturity Ukraine hryvnia .0371 26.9285 –0.6
Hong Kong dollar .1282 7.8026 0.6
2017 New York, NY 855-730-7283 UK pound 1.3075 .7648 –5.6
India rupee .01545 64.705 –4.8
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000741 13499 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008767 114.06 –2.5 Bahrain dinar 2.6512 .3772 0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .002992 334.23 0.2 Egypt pound .0567 17.6475 –2.7
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields Macau pataca .1245 8.0345 1.5 Israel shekel .2850 3.5086 –8.8
Malaysia ringgit .2361 4.2360 –5.6 Kuwait dinar 3.3038 .3027 –1.0
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .6906 1.4480 0.3 Oman sul rial 2.5974 .3850 0.01
Libor, 3-month 1.39 1.38 0.88 l 1.39 1.16 Pakistan rupee .00950 105.280 0.9 Qatar rial .2615 3.825 5.1
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.09 Treasury, Ryan ALM 1461.665 2.121 2.168 2.237 1.482 –1.342 2.079 Philippines peso .0195 51.282 3.4 Saudi Arabia riyal .2666 3.7503 –0.01
Five-year CD, annual yield 1.47 1.47 1.19 l 1.47 -0.06 10-yr Treasury, Ryan ALM 1735.009 2.343 2.426 2.609 1.783 1.763 1.945 Singapore dollar .7327 1.3649 –5.7 South Africa rand .0703 14.2236 3.9
30-year mortgage, fixed† 3.92 3.99 3.61 l 4.33 -0.15 South Korea won .0008958 1116.29 –7.6
DJ Corporate 379.749 3.059 3.067 3.390 2.730 2.856 3.990 Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0065117 153.57 3.5
15-year mortgage, fixed† 3.24 3.28 2.85 l 3.50 0.01 Aggregate, Barclays Capital 1942.740 2.600 2.640 2.790 2.100 1.012 2.475 Taiwan dollar .03314 30.171 –7.0 WSJ Dollar Index 87.96 0.24 0.27 –5.36
Jumbo mortgages, $424,100-plus† 4.29 4.36 4.23 l 4.88 -0.03 High Yield 100, Merrill Lynch n.a. n.a. 5.172 n.a. n.a. n.a. n.a. Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.46 3.52 3.13 l 4.03 -0.31
Fixed-Rate MBS, Barclays 1988.330 2.850 2.910 3.120 2.270 0.592 2.172
New-car loan, 48-month 3.01 3.02 2.85 l 3.36 -0.23
HELOC, $30,000 5.19 5.19 4.57 l 5.30 0.74
Muni Master, Merrill n.a. n.a. 1.977 n.a. n.a. n.a. n.a. COMMODITIES
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 801.386 5.532 5.496 6.290 5.279 5.641 5.420 Commodities Friday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg
DJ Commodity 606.51 2.22 0.37 606.51 527.06 15.07 6.92

Get real-time U.S. stock quotes and track most-active Track the Markets 189.38 0.67 195.14 3.77 -1.63
WSJ
TR/CC CRB Index 1.25 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 55.64 1.10 2.02 55.64 42.53 26.25 3.57
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 2.984 0.049 1.67 3.93 2.56 7.84 -19.87
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1266.50 -8.40 -0.66 1346.00 1127.80 -2.82 10.13
BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net
How to Read the Stock Tables
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices
% Chg Hi Lo Stock Sym % PE Last Chg
22.45 44.94 31.82 KeysightTechs KEYS ... 34 44.78 0.42
Notice to Readers
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. -0.79 78.33 66.98 KilroyRealty KRC 2.3 48 72.64 0.52 Due to production requirements, cash prices, dividends and bonds data will be published in
The list comprises the 1,000 largest companies based on market capitalization. -2.92 136.21 110.33 KimberlyClark KMB 3.5 18 110.79 -0.76 the Monday, November 6, 2017 edition this week. Up-to-date data for these tables can be
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading -26.19 26.63 17.02 KimcoRealty KIM 6.0 37 18.57 -0.39
volume. t-14.34 23.01 17.59 KinderMorgan KMI 2.8 32 17.74 -0.06 found online at WSJMarkets.com.
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was 21.83 44.45 26.68 Knight-Swift KNX ... 43 41.22 -0.25
$2 or higher. -14.88 59.67 35.16 Kohl's KSS 5.2 11 42.03 -0.21 YTD 52-Week Yld Net YTD 52-Week Yld Net
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 35.62 42.35 28.19 KoninklijkePhil PHG 2.2 24 41.46 0.34 % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
s-New 52-week high. standards vj-In bankruptcy or receivership or -4.76 21.59 16.51 KoreaElcPwr KEP ... 6 17.60 0.24
t-New 52-week low. lf-Late filing being reorganized under the -37.70 36.44 19.69 Kroger KR 2.3 13 21.50 0.32 -20.18 143.68 101.82 Smucker SJM 3.1 21 102.22 -0.91 -4.20 81.98 68.11 CincinnatiFin CINF 2.8 24 72.57 0.01
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities s 40.86 70.12 47.08 Kyocera KYO ... 22 70.12 0.39 -37.62 29.44 11.28 Snap SNAP ... dd 15.27 0.72 28.39 152.83 102.84 Cintas CTAS 1.1 34 148.37 0.82
four quarters. requirements. assumed by such companies. 62.84 15.06 8.07 LATAMAirlines LTM 0.5 dd 13.32 -0.20 -7.62 181.73 140.83 SnapOn SNA 1.8 16 158.22 -0.28 14.06 34.75 29.12 CiscoSystems CSCO 3.4 18 34.47 0.26
FD-First day of trading. t-NYSE bankruptcy -29.04 75.50 35.00 L Brands LB 5.1 14 46.72 -0.38 105.41 63.80 26.47 SOQUIMICH SQM 1.3 45 58.85 0.80 19.38 87.99 65.56 CitrixSystems CTXS ... 29 84.90 2.54
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and 2.57 17.05 11.26 LG Display LPL ... 7 13.18 -0.01 59.86 45.25 27.72 Sony SNE ... 25 44.81 -0.08 s108.87 134.70 49.91 Cognex CGNX 0.3 49 132.88 5.46
changes in the closing prices from 4 p.m. the previous day. 23.14 42.88 30.90 LINE LN ... 82 41.88 -0.02 s 6.61 53.51 46.20 Southern SO 4.4 95 52.44 -0.81 32.55 76.51 51.35 CognizantTech CTSH 0.8 23 74.27 -0.09
22.62 192.00 133.75 L3 Tech LLL 1.6 26 186.52 -1.04 34.28 44.69 26.52 SoCopper SCCO 2.3 28 42.89 -0.05 89.15 281.00 114.57 Coherent COHR ... 39 259.87 5.40
Friday, November 3, 2017 YTD 52-Week Yld Net 19.75 164.22 119.51 LabCpAm LH ... 22 153.74 1.93 8.63 64.39 39.55 SouthwestAirlines LUV 0.9 16 54.14 0.15 3.35 42.18 30.02 Comcast A CMCSA 1.8 17 35.68 0.53
% Chg Hi Lo Stock Sym % PE Last Chg s 37.70 52.43 28.75 LambWeston LW 1.4 23 52.12 0.32 -6.98 47.48 40.19 SpectraEnerPtrs SEP 6.8 15 42.64 -0.65 0.07 60.61 46.65 CommerceBcshrs CBSH 1.6 21 57.85 -0.26
YTD 52-Week Yld Net
% Chg Hi Lo Stock Sym % PE Last Chg 17.09 80.25 49.81 Comerica CMA 1.5 18 79.75 0.31 23.35 66.22 51.35 LasVegasSands LVS 4.4 25 65.88 0.98 -14.95 146.09 98.11 SpectrumBrands SPB 1.6 21 104.04 1.74 -9.92 42.75 30.95 CommScope COMM ... 34 33.51 0.02
1.96 11.33 7.75 SABESP SBS ... 8 8.85 -0.33 14.41 48.86 37.37 Lazard LAZ 3.5 13 47.01 0.55 s 41.22 83.13 51.85 SpiritAeroSys SPR 0.5 29 82.40 -0.22 31.42 36.76 25.37 Copart CPRT ... 22 36.41 -0.09
NYSE -14.26 41.68 32.16 ConagraBrands CAG 2.5 24 33.91 0.05 32.80 178.81 112.53 Lear LEA 1.1 11 175.79 -1.04 -20.78 9.65 6.05 Sprint S ... dd 6.67 0.24 56.92 301.04 179.22 CoStarGroup CSGP ... 89 295.78 2.16
7.73 147.55 106.73 ConchoRscs CXO ... 38 142.85 2.87 -5.89 54.97 43.16 Leggett&Platt LEG 3.1 19 46.00 -0.11 170.65 37.52 11.43 Square SQ ... dd 36.89 0.82 3.95 183.18 142.11 Costco COST 1.2 27 166.44 1.49
24.35 26.48 20.26 ABB ABB 2.9 24 26.20 0.11 s 5.62 53.27 42.27 ConocoPhillips COP 2.0 dd 52.96 0.48 s 24.48 64.20 43.46 Leidos LDOS 2.0 28 63.66 0.84 42.24 166.70 114.10 StanleyBlackDck SWK 1.5 21 163.13 1.32 16.00 60.65 39.71 Ctrip.com CTRP ...162 46.40 -0.06
-9.72 12.47 10.46 AES AES 4.6 dd 10.49 -0.30 s 18.13 87.58 68.76 ConEd ED 3.2 21 87.04 0.24 27.23 58.96 39.68 Lennar A LEN 0.3 16 54.62 -0.48 19.06 99.99 69.73 StateStreet STT 1.8 16 92.53 0.02 -17.02 66.50 46.07 DISH Network DISH ... 22 48.07 -0.20
20.66 85.70 66.50 Aflac AFL 2.1 12 83.98 -0.43 40.83 219.56 144.00 ConstBrands A STZ 1.0 28 215.91 1.59 36.06 49.99 32.09 Lennar B LEN.B 0.3 14 46.94 0.20 11.40 20.77 15.58 Statoil STO 4.3 dd 20.32 -0.02 s 12.25 66.00 52.53 DentsplySirona XRAY 0.5 dd 64.80 3.64
-21.70 43.03 32.93 AT&T T 5.9 16 33.30 0.13 -17.79 60.30 29.08 ContinentalRscs CLR ... dd 42.37 1.23 24.16 201.40 142.10 LennoxIntl LII 1.1 27 190.17 0.34 31.52 93.39 63.80 Steris STE 1.4 53 88.63 0.91 9.98 114.00 82.77 DiamondbackEner FANG ... 33 111.15 2.18
44.42 56.69 37.38 AbbottLabs ABT 1.9 43 55.47 1.10 31.06 256.39 158.73 Cooper COO 0.0 33 229.27 2.37 10.75 27.34 17.87 LeucadiaNatl LUK 1.6 17 25.75 0.30 s116.56 24.58 8.87 STMicroelec STM 1.0 35 24.58 0.61 t-39.73 30.25 16.20 DiscoveryComm A DISCA ... 9 16.52 -0.79
47.41 98.26 55.87 AbbVie ABBV 3.1 22 92.31 1.29 30.49 32.31 22.33 Corning GLW 2.0 13 31.67 0.09 s 11.57 44.38 36.22 LibertyProperty LPT 3.6 19 44.07 0.28 30.36 160.62 106.48 Stryker SYK 1.1 33 156.18 1.16 t-42.53 29.18 15.25 DiscoveryComm C DISCK ... 8 15.39 -0.87
s 22.97 144.69 112.31 Accenture ACN 1.8 26 144.04 0.61 t-21.57 22.32 14.24 Coty COTY 3.5 dd 14.36 -0.10 13.54 89.09 64.18 EliLilly LLY 2.5 40 83.51 0.38 5.89 8.30 6.61 SumitomoMits SMFG ... 8 8.09 -0.02 21.47 94.80 65.63 DollarTree DLTR ... 24 93.75 1.20
-29.80 261.43 153.28 AcuityBrands AYI 0.3 22 162.07 0.84 31.33 213.82 146.03 Credicorp BAP 1.8 15 207.32 0.28 14.14 77.45 50.23 LincolnNational LNC 1.7 12 75.64 -1.08 s 20.34 92.44 69.90 SunCommunities SUI 2.9125 92.19 0.96 27.04 45.70 27.34 E*TRADE ETFC ... 21 44.02 -0.43
34.30 86.42 39.66 Adient ADNT 1.4 dd 78.70 -2.38 13.00 16.46 12.34 CreditSuisse CS 4.4 dd 16.17 -0.21 3.16 33.68 24.27 LionsGate A LGF.A ... 43 27.75 -0.74 2.73 40.57 32.22 SunLifeFinancial SLF 3.5 12 39.46 0.28 17.49 61.90 38.13 EastWestBancorp EWBC 1.3 16 59.72 -0.17
-51.63 177.83 80.21 AdvanceAuto AAP 0.3 16 81.80 0.11 -2.35 28.30 19.15 CrestwoodEquity CEQP 9.6 dd 24.95 -0.05 9.33 32.08 22.50 LionsGate B LGF.B ... 31 26.83 -0.51 s 7.77 35.55 27.96 SuncorEnergy SU 2.9 21 35.23 0.37 26.31 39.27 27.28 eBay EBAY ... 6 37.50 0.10
22.22 6.70 4.89 AdvSemiEngg ASX 3.7 14 6.16 -0.04 22.75 110.66 79.38 CrownCastle CCI 3.9 89 106.51 0.14 s 64.74 44.01 26.41 LiveNationEnt LYV ... dd 43.82 2.90 10.12 61.69 44.49 SunTrustBanks STI 2.6 15 60.40 -0.24 47.26 153.13 95.37 ElbitSystems ESLT ... 27 150.04 0.34
6.51 6.13 4.22 Aegon AEG 5.2 17 5.89 -0.11 14.93 61.61 51.57 CrownHoldings CCK ... 17 60.42 0.54 16.13 3.87 2.77 LloydsBanking LYG 2.9 20 3.60 -0.03 -8.71 38.05 26.01 SynchronyFin SYF 1.8 13 33.11 0.04 43.73 122.79 73.74 ElectronicArts EA ... 30 113.20 0.51
26.20 54.50 40.62 AerCap AER ... 9 52.51 -0.50 10.91 103.37 72.96 Cullen/Frost CFR 2.3 19 97.86 -1.13 24.03 322.19 236.21 LockheedMartin LMT 2.6 25 309.99 -0.87 16.71 93.61 74.52 Syngenta SYT ... 41 92.26 -0.04 36.16 491.80 314.55 Equinix EQIX 1.6159 486.65 -2.03
42.72 184.98 105.39 Aetna AET 1.1 33 176.99 4.67 26.63 181.79 121.43 Cummins CMI 2.5 18 173.07 -0.22 5.94 49.93 41.38 Loews L 0.5 17 49.61 0.11 s 2.33 57.23 47.69 Sysco SYY 2.3 27 56.66 0.82 8.58 7.47 4.85 Ericsson ERIC 1.8 dd 6.33 ...
27.56 198.40 130.48 AffiliatedMgrs AMG 0.4 20 185.35 0.01 12.58 113.71 89.66 DTE Energy DTE 3.0 20 110.90 0.10 9.56 86.25 64.87 Lowe's LOW 2.1 22 77.92 1.27 143.85 36.16 11.02 TAL Education TAL ...189 28.51 1.11 9.23 129.73 100.83 ErieIndemnity A ERIE 2.5 30 122.83 0.13
s 50.07 68.67 42.92 AgilentTechs A 0.8 35 68.37 0.24 32.10 93.40 64.06 DXC Tech DXC 0.8 dd 91.45 0.76 23.08 107.83 77.64 LyondellBasell LYB 3.4 11 105.58 2.04 33.85 93.11 62.22 TE Connectivity TEL 1.7 20 92.73 1.16 76.06 32.50 10.65 Exelixis EXEL ...138 26.25 0.73
5.02 52.32 35.05 AgnicoEagle AEM 1.0 38 44.11 0.06 s 19.64 93.16 76.27 Danaher DHR 0.6 28 93.13 0.42 7.88 173.72 120.31 M&T Bank MTB 1.8 19 168.76 -0.27 14.35 37.26 30.31 Telus TU 4.3 23 36.42 0.08 8.62 161.00 111.88 Expedia EXPE 1.0 49 123.05 -0.46
7.50 111.88 87.82 Agrium AGU 3.2 26 108.09 -0.23 13.15 95.22 63.26 Darden DRI 3.1 21 82.28 0.47 8.43 34.65 25.15 MGM Resorts MGM 1.4 18 31.26 0.55 21.37 33.39 21.62 Ternium TX 3.4 7 29.31 -0.53 9.42 60.81 47.23 ExpeditorsIntl EXPD 1.4 25 57.95 -0.21
10.73 162.86 132.07 AirProducts APD 2.4 29 159.25 -0.16 -6.68 70.16 53.58 DaVita DVA ... 9 59.91 0.39 -1.44 39.43 30.88 MPLX MPLX 6.9 37 34.12 -0.13 51.95 19.42 11.17 TIM Part TSU ... 31 17.93 -0.45 -11.99 77.50 55.80 ExpressScripts ESRX ... 10 60.54 0.22
t-28.27 101.43 62.65 AlaskaAir ALK 1.9 10 63.65 ... 31.05 135.04 87.68 Deere DE 1.8 23 135.03 0.59 59.99 127.23 76.52 MSCI MSCI 1.2 41 126.04 0.62 -8.69 80.92 66.66 TJX TJX 1.8 19 68.60 -1.61 -17.32 149.50 114.63 F5Networks FFIV ... 18 119.65 -1.36
62.69 143.69 76.32 Albemarle ALB 0.9 32 140.04 3.13 47.12 83.98 48.37 DellTechnologies DVMT ... dd 80.87 -0.99 -23.22 73.34 52.12 Macerich MAC 5.4 70 54.39 -1.26 76.99 82.32 41.41 TableauSoftware DATA ... dd 74.60 -7.57 55.51 182.90 113.55 Facebook FB ... 41 178.92 ...
67.81 50.31 23.56 Alcoa AA ... 31 47.12 -0.34 43.86 104.09 60.50 DelphiAutomotive DLPH 1.2 21 96.89 -2.42 -16.46 83.66 65.57 MacquarieInfr MIC 8.3 32 68.25 0.69 46.75 42.66 28.34 TaiwanSemi TSM 2.7 19 42.19 0.04 1.98 52.74 38.68 Fastenal FAST 2.7 25 47.91 0.33
12.75 125.99 101.73 AlexandriaRealEst ARE 2.7143 125.30 0.74 2.46 55.75 41.75 DeltaAir DAL 2.4 10 50.40 0.06 t-48.73 45.41 18.33 Macy's M 8.2 8 18.36 -0.42 17.50 48.85 34.16 Tapestry TPR ... 20 41.15 -0.20 7.97 29.39 21.18 FifthThirdBncp FITB 2.2 11 29.12 -0.14
108.64 191.22 86.01 Alibaba BABA ... 64 183.21 -1.60 4.08 19.48 11.89 DeutscheBank DB 1.2 dd 16.82 -0.24 -9.90 81.77 63.92 MagellanMid MMP 5.3 19 68.14 1.28 -21.72 61.83 39.59 TargaResources TRGP 8.3 dd 43.89 1.07 86.57 61.47 25.56 FirstSolar FSLR ... dd 59.87 2.00
-4.02 667.19 521.07 Alleghany Y ... 19 583.68 16.68 -14.01 50.69 28.79 DevonEnergy DVN 0.6 13 39.27 0.44 27.00 55.76 36.77 MagnaIntl MGA 2.0 10 55.12 -0.11 -17.82 79.33 48.56 Target TGT 4.2 12 59.36 -0.43 19.52 130.20 97.06 Fiserv FISV ... 30 127.03 0.45
28.16 89.81 63.31 Allegion ALLE 0.8 23 82.02 -0.21 30.66 137.59 99.46 Diageo DEO 3.0 25 135.81 0.82 s 41.78 126.05 76.38 Manpower MAN 1.5 19 126.00 0.57 -1.66 40.95 28.96 TataMotors TTM 0.0 18 33.82 0.61 s 27.14 18.33 13.35 Flex FLEX ... 18 18.27 0.27
-16.71 256.80 169.64 Allergan AGN 1.6 dd 174.92 -0.46 21.17 127.23 85.63 DigitalRealty DLR 3.1 97 119.06 0.29 s 16.89 20.93 14.14 ManulifeFin MFC 3.1 15 20.83 0.13 -19.56 37.09 24.53 TechnipFMC FTI 1.8 ... 28.58 0.33 29.79 48.06 31.81 FlirSystems FLIR 1.3 30 46.97 0.25
-1.27 266.25 198.06 AllianceData ADS 0.9 24 225.59 -0.65 -6.45 74.33 55.71 DiscoverFinSvcs DFS 2.1 12 67.44 0.51 -9.99 19.28 10.55 MarathonOil MRO 1.3 dd 15.58 0.14 4.04 33.76 14.56 TeckRscsB TECK 0.8 7 20.84 -0.14 29.52 41.56 28.50 Fortinet FTNT ... 81 39.01 0.40
9.38 26.65 20.40 AllianceBernstein AB 8.0 12 25.65 0.11 -5.35 116.10 92.11 Disney DIS 1.6 17 98.64 0.29 s 23.54 62.78 40.93 MarathonPetrol MPC 2.6 19 62.20 0.03 84.37 34.20 17.04 TelecomArgentina TEO 1.3 17 33.50 -0.61 19.92 39.32 29.32 Gaming&Leisure GLPI 6.9 20 36.72 0.36
s 15.68 44.39 34.88 AlliantEnergy LNT 2.9 26 43.83 0.77 30.52 61.45 44.98 DolbyLab DLB 1.1 30 58.98 0.49 18.63 1105.23 825.07 Markel MKL ...238 1073.00 -17.39 -0.67 10.53 7.10 TelecomItalia TI 2.9 ... 8.83 -0.12 22.81 60.44 46.80 Garmin GRMN 3.4 16 59.55 0.69
29.65 45.69 28.29 AllisonTransm ALSN 1.4 19 43.68 -0.40 10.53 85.07 65.97 DollarGeneral DG 1.3 18 81.87 -0.64 21.88 84.90 63.47 Marsh&McLennan MMC 1.8 23 82.38 -1.28 -2.47 8.45 5.85 TelecomItalia A TI.A 4.3 ... 7.11 -0.19 2.58 86.27 63.76 GileadSciences GILD 2.8 8 73.46 -0.35
32.00 98.21 66.55 Allstate ALL 1.5 14 97.84 -0.01 5.33 82.13 69.51 DominionEner D 3.8 24 80.67 -0.17 -4.39 244.32 188.59 MartinMarietta MLM 0.8 30 211.81 2.85 s 48.29 182.88 102.78 TeledyneTech TDY ... 34 182.40 4.31 -4.60 37.20 27.59 Goodyear GT 1.9 8 29.45 -0.49
s 40.27 26.91 16.68 AllyFinancial ALLY 1.8 12 26.68 0.14 11.74 221.58 153.58 Domino's DPZ 1.0 34 177.94 -0.15 23.40 41.10 29.42 Masco MAS 1.1 23 39.02 0.13 59.11 263.97 140.91 Teleflex TFX 0.5 49 256.41 1.61 s 48.66 24.20 14.33 Grifols GRFS 1.4 ... 23.89 0.65
t-30.94 35.29 20.66 AlticeUSA ATUS ... ... 22.59 -1.91 13.52 48.91 35.93 Donaldson DCI 1.5 27 47.77 -0.12 44.59 152.00 99.51 Mastercard MA 0.6 35 149.29 1.04 11.06 16.85 11.95 TelefonicaBras VIV ... 21 14.86 -0.48 -15.03 44.73 28.97 HD Supply HDS ... 11 36.12 0.35
-5.49 77.79 60.01 Altria MO 4.1 8 63.91 0.01 8.83 41.12 33.78 DouglasEmmett DEI 2.3 68 39.79 0.08 3.83 106.50 88.64 McCormick MKC 1.9 27 96.90 -1.15 11.52 11.64 8.15 Telefonica TEF 4.3 18 10.26 -0.21 16.58 116.20 77.20 Hasbro HAS 2.5 19 90.69 1.08
87.76 23.54 9.32 AlumofChina ACH ... 47 19.17 -0.48 28.01 97.09 65.50 Dover DOV 2.0 22 95.92 0.88 s 38.56 169.45 110.83 McDonalds MCD 2.4 24 168.65 0.55 3.19 36.19 27.17 TelekmIndonesia TLK 2.4 18 30.09 0.20 2.35 93.50 73.61 HenrySchein HSIC ... 23 77.64 1.34
25.66 7.03 4.70 Ambev ABEV ... 35 6.17 -0.11 5.92 73.85 64.01 DowDuPont DWDP ... 33 71.16 -0.88 -2.02 169.29 129.27 McKesson MCK 1.0 7 137.61 0.55 -15.29 37.21 25.91 Tenaris TS 3.7120 30.25 -0.33 -1.40 46.80 35.76 Hologic HOLX ... 15 39.56 1.14
s 18.55 62.83 46.97 Ameren AEE 2.9 22 62.19 -0.13 -5.57 99.47 81.05 DrPepperSnap DPS 2.7 21 85.62 0.28 10.11 89.72 69.35 Medtronic MDT 2.3 26 78.43 0.56 68.82 43.64 22.68 Teradyne TER 0.7 20 42.88 0.33 10.46 111.98 80.12 JBHunt JBHT 0.9 29 107.22 -0.16
37.23 19.50 11.02 AmericaMovil AMX 2.0 32 17.25 0.04 -18.84 49.68 29.83 DrReddy'sLab RDY 0.9 36 36.75 -0.87 -4.77 66.80 54.41 Merck MRK 3.4 54 56.06 0.69 -68.55 42.90 10.85 TevaPharm TEVA 3.0 dd 11.40 0.17 4.24 14.74 10.07 HuntingtonBcshs HBAN 3.2 17 13.78 -0.09
38.78 19.11 10.83 AmericaMovil A AMOV 2.0 31 17.07 -0.03 s 14.04 89.50 72.34 DukeEnergy DUK 4.0 26 88.52 -0.04 13.76 55.91 41.57 MetLife MET 2.9607 54.63 -0.70 12.34 55.80 39.01 Textron TXT 0.1 24 54.55 0.27 99.34 131.11 64.16 IAC/InterActive IAC ... 49 129.15 -0.35
-15.87 51.70 41.06 AmCampus ACC 4.2102 41.87 0.14 8.51 30.14 22.96 DukeRealty DRE 2.8 39 28.82 0.11 54.34 694.48 407.87 MettlerToledo MTD ... 40 646.00 -25.60 37.29 201.20 139.07 ThermoFisherSci TMO 0.3 33 193.71 2.43 32.59 173.01 104.21 IdexxLab IDXX ... 50 155.49 3.66
17.66 74.92 57.89 AEP AEP 3.3 19 74.08 0.36 3.63 34.62 26.15 ENI E 5.7 33 33.41 0.04 10.80 52.33 32.38 MichaelKors KORS ... 15 47.62 -0.31 1.83 48.61 40.74 ThomsonReuters TRI 3.1 31 44.58 0.12 22.82 48.53 34.13 IHSMarkit INFO ... 45 43.49 0.56
30.17 96.56 65.03 AmericanExpress AXP 1.5 19 96.43 0.45 3.36 109.37 81.99 EOG Rscs EOG 0.6 dd 104.50 1.55 23.41 35.55 27.86 MicroFocus MFGP ... 51 34.84 -0.02 36.20 138.07 74.00 ThorIndustries THO 1.1 19 136.27 -0.45 11.03 61.10 40.65 INC Research INCR ... 36 58.40 1.35
16.61 106.52 74.27 AmericanFin AFG 1.4 13 102.76 -0.24 -4.01 75.74 49.63 EQT EQT 0.2299 62.78 0.75 5.59 110.95 87.59 MidAmApt MAA 3.4 49 103.39 1.22 30.04 238.90 165.84 3M MMM 2.0 26 232.22 -0.01 116.65 219.64 92.88 IPG Photonics IPGP ... 31 213.86 6.52
-5.07 67.47 57.37 AIG AIG 2.1 dd 62.00 -2.98 -5.83 82.99 68.76 EQT Midstream EQM 5.4 14 72.21 0.28 10.71 7.01 4.96 MitsubishiUFJ MTU ... 10 6.82 -0.02 19.54 97.29 72.09 Tiffany TIF 2.2 25 92.56 -0.45 18.22 64.68 39.51 IRSA Prop IRCP 4.4 15 56.00 0.50
34.46 148.71 99.72 AmerTowerREIT AMT 1.9 54 142.10 -0.34 21.42 94.96 70.85 EastmanChem EMN 2.2 13 91.32 0.19 2.23 3.87 3.26 MizuhoFin MFG ... 9 3.67 -0.01 -3.37 103.90 85.22 TimeWarner TWX 1.7 18 93.28 -1.42 -2.69 64.46 46.25 IcahnEnterprises IEP 10.3 7 58.00 2.25
22.66 90.22 69.41 AmerWaterWorks AWK 1.9 33 88.76 -0.69 16.41 82.34 59.70 Eaton ETN 1.9 12 78.10 -1.28 18.66 11.59 7.09 MobileTeleSys MBT 6.6 12 10.81 -0.01 41.61 46.63 26.65 Toll Bros TOL 0.7 16 43.90 0.11 s 63.63 123.55 73.76 Icon ICLR ... 24 123.05 2.58
-5.68 50.00 42.00 Amerigas APU 8.4129 45.20 0.20 21.94 52.36 34.84 EatonVance EV 2.4 22 51.07 0.03 28.87 268.46 184.14 MohawkIndustries MHK ... 20 257.33 -0.46 15.81 86.50 63.37 Torchmark TMK 0.7 18 85.42 -0.12 67.13 214.50 119.37 Illumina ILMN ... 40 213.99 5.17
43.85 163.04 87.22 Ameriprise AMP 2.1 15 159.59 -0.14 12.08 134.89 110.65 Ecolab ECL 1.1 30 131.38 0.14 -18.04 106.34 78.10 MolsonCoors B TAP 2.1 8 79.76 0.68 12.51 73.86 46.66 Toro TTC 1.1 27 62.95 0.19 4.80 153.15 83.01 Incyte INCY ... dd 105.08 -1.43
-4.34 97.85 68.70 AmerisourceBrgn ABC 2.0 19 74.80 1.57 23.98 11.56 7.65 Ecopetrol EC ... 26 11.22 -0.05 13.93 122.80 97.35 Monsanto MON 1.8 23 119.87 -0.56 16.38 57.79 44.37 TorontoDomBk TD 3.3 14 57.42 0.10 s 27.76 47.30 33.23 Intel INTC 2.4 16 46.34 -0.76
39.22 70.26 44.18 Ametek AME 0.5 30 67.66 -0.72 10.46 82.82 67.44 EdisonInt EIX 2.7 18 79.52 0.45 55.18 148.00 93.51 Moody's MCO 1.0 60 146.29 2.76 10.52 56.60 45.05 Total TOT 5.2 16 56.33 -0.24 47.71 55.66 31.96 InteractiveBrkrs IBKR 0.7 46 53.93 -1.06
29.96 88.19 64.83 Amphenol APH 0.9 28 87.33 -0.26 9.63 121.45 81.12 EdwardsLife EW ... 30 102.72 1.34 18.39 51.52 32.56 MorganStanley MS 2.0 14 50.02 -0.40 47.38 72.62 47.01 TotalSystem TSS 0.7 32 72.26 0.09 s 34.05 154.04 103.22 Intuit INTU 1.0 41 153.64 1.49
-29.00 73.33 39.96 AnadarkoPetrol APC 0.4 dd 49.51 0.12 14.98 67.78 49.38 EmersonElectric EMR 3.0 31 64.10 0.48 -23.70 34.36 19.23 Mosaic MOS 0.4 23 22.38 -0.09 s 7.18 125.63 103.62 ToyotaMotor TM ... 11 125.62 0.31 s 81.77 386.58 203.57 IntuitiveSurgical ISRG ... 50 384.25 4.50
25.98 111.27 75.11 Andeavor ANDV 2.1 39 110.17 0.44 -41.52 26.17 13.87 EnbridgeEnPtrs EEP 9.4 dd 14.90 0.13 s 13.70 94.94 72.54 MotorolaSolutions MSI 2.2 25 94.25 4.23 6.07 51.85 42.69 TransCanada TRP 4.2 56 47.89 0.05 13.23 65.51 26.70 IonisPharma IONS ...258 54.16 2.34
15.45 126.50 98.28 AB InBev BUD 3.0 61 121.73 0.80 t-12.89 44.52 36.49 Enbridge ENB 5.2 36 36.69 -0.02 s125.29 28.09 10.73 NRG Energy NRG 0.4 dd 27.62 1.65 13.48 295.00 203.72 TransDigm TDG ... 31 282.52 -0.03 51.02 48.99 23.38 JD.com JD ... dd 38.42 0.54
12.64 12.73 9.83 AnnalyCap NLY 10.7 4 11.23 -0.06 5.03 13.85 8.01 Encana ECA 0.5 14 12.33 0.28 6.64 25.01 21.96 NTTDoCoMo DCM ... 16 24.26 0.04 74.23 54.48 28.92 TransUnion TRU ... 41 53.89 0.45 s 25.72 111.94 79.84 JackHenry JKHY 1.1 36 111.61 0.64
-18.65 27.23 17.89 AnteroResources AR ...385 19.24 0.34 31.79 11.10 7.67 EnelAmericas ENIA 3.3 31 10.82 0.07 92.37 3320.18 1480.70 NVR NVR ... 24 3210.65 10.72 8.90 135.71 103.45 Travelers TRV 2.2 15 133.32 -1.37 26.47 163.75 95.80 JazzPharma JAZZ ... 21 137.89 0.95
s 47.32 213.45 118.42 Anthem ANTM 1.3 19 211.80 1.21 27.47 6.31 4.25 EnelChile ENIC ... 10 5.80 ... -4.36 75.24 60.08 NationalGrid NGG 6.2 13 60.86 0.08 32.17 9.79 6.35 TurkcellIletism TKC ... 13 9.12 -0.33 -14.41 24.13 16.85 JetBlue JBLU ... 10 19.19 0.27
24.31 152.78 107.73 Aon AON 1.0 39 138.64 -0.32 33.69 27.74 18.35 EnelGenChile EOCC 7.4 11 25.99 -0.07 -10.74 43.63 29.90 NatlOilwell NOV 0.6 dd 33.42 0.06 -3.41 3.80 2.44 TurquoiseHill TRQ ... 52 3.12 0.07 s210.24 61.59 17.52 JunoTherap JUNO ... dd 58.48 -1.43
-32.65 69.00 38.14 Apache APA 2.3 dd 42.75 1.07 -7.87 20.05 13.77 EnergyTrfrEquity ETE 6.6 22 17.79 0.28 -7.67 46.34 36.45 NatlRetailProp NNN 4.7 35 40.81 -0.32 22.09 21.96 14.12 Twitter TWTR ... dd 19.90 0.19 35.10 110.00 73.99 KLA Tencor KLAC 2.2 16 106.30 -0.08
-2.71 46.85 39.66 ApartmtInv AIV 3.3141 44.22 0.62 -27.10 27.99 16.06 EnergyTransfer ETP 12.9 9 17.51 0.05 93.68 94.63 37.16 NewOrientalEduc EDU ... 44 81.54 -0.13 23.22 183.98 139.61 TylerTech TYL ... 52 175.92 1.28 -10.67 97.77 75.21 KraftHeinz KHC 3.2 25 78.00 -0.03
61.62 33.37 17.65 ApolloGlobalMgmt APO 5.0 12 31.29 0.65 s 18.42 87.85 66.71 Entergy ETR 4.1 dd 87.00 0.36 -20.87 17.68 11.67 NY CmntyBcp NYCB 5.4 14 12.59 -0.01 18.03 73.66 55.72 TysonFoods TSN 1.2 15 72.80 -0.35 23.03 38.16 27.85 LKQ LKQ ... 23 37.71 -0.03
19.94 36.27 28.03 AquaAmerica WTR 2.3 27 36.03 0.10 -7.54 30.25 23.84 EnterpriseProd EPD 6.8 20 25.00 0.45 -31.09 55.08 29.70 NewellBrands NWL 3.0 12 30.77 0.76 9.00 18.31 13.38 UBS Group UBS 3.5 16 17.08 -0.18 95.85 210.45 93.69 LamResearch LRCX 0.9 19 207.07 0.25
22.48 44.12 32.73 Aramark ARMK 0.9 32 43.75 0.25 -8.06 147.02 89.59 Equifax EFX 1.4 23 108.70 -0.22 -24.30 50.00 24.41 NewfieldExpln NFX ... 18 30.66 1.17 5.46 40.71 32.85 UDR UDR 3.2124 38.47 0.34 4.06 79.09 58.68 LamarAdvertising LAMR 4.7 23 69.97 0.23
34.34 30.50 18.84 ArcelorMittal MT ... 4 29.42 -0.11 24.69 90.80 65.87 EquityLife ELS 2.2 43 89.90 0.80 5.78 39.62 30.19 NewmontMining NEM 0.8185 36.04 -0.44 3.28 52.00 41.79 UGI UGI 2.1 22 47.59 0.03 19.28 104.35 61.69 LibertyBroadbandA LBRDA ...508 86.43 -0.86
t-12.86 47.88 39.65 ArcherDaniels ADM 3.2 19 39.78 -0.38 5.98 68.83 58.28 EquityResdntl EQR 3.0 58 68.21 1.36 27.78 156.80 110.49 NextEraEnergy NEE 2.6 17 152.65 2.79 0.58 30.73 22.26 US Foods USFD ... 21 27.64 0.05 17.93 104.66 63.64 LibertyBroadbandC LBRDK ...514 87.35 -0.65
36.68 30.69 16.75 Arconic ARNC 0.9 dd 25.34 0.10 9.24 270.04 208.92 EssexProp ESS 2.8 33 253.98 0.14 -12.18 45.73 35.84 NielsenHoldings NLSN 3.7 26 36.84 0.03 11.86 25.39 18.38 UltraparPart UGP 2.3 29 23.20 -0.38 -0.26 37.69 28.17 LibertyGlobal A LBTYA ... 34 30.51 -1.11
s108.22 202.15 79.05 AristaNetworks ANET ... 52 201.49 20.32 59.12 124.80 75.30 EsteeLauder EL 1.2 33 121.71 1.56 9.60 60.53 49.75 Nike NKE 1.3 24 55.71 0.59 39.48 61.62 38.41 Unilever UN ... 26 57.27 0.13 -0.34 37.00 27.36 LibertyGlobal C LBTYK ... 33 29.60 -0.89
9.64 84.53 58.52 ArrowElec ARW ... 14 78.17 -0.93 5.29 277.17 205.02 EverestRe RE 2.2 36 227.84 0.40 s 23.44 27.41 21.17 NiSource NI 2.6 33 27.33 0.39 37.20 60.13 38.58 Unilever UL 3.0 25 55.84 0.13 0.23 28.11 19.10 LibertyLiLAC A LILA ... 25 22.01 -0.43
26.21 35.60 25.55 AstraZeneca AZN 2.6 24 34.48 0.37 15.05 64.19 50.56 EversourceEner ES 3.0 21 63.54 0.31 -25.64 42.03 22.98 NobleEnergy NBL 1.4 dd 28.30 0.55 13.02 119.71 87.88 UnionPacific UNP 2.1 21 117.18 -1.21 3.50 27.82 19.33 LibertyLiLAC C LILAK ... 25 21.91 -0.65
-0.88 55.22 43.25 Athene ATH ... 8 47.57 -0.01 s 15.36 41.56 29.82 Exelon EXC 3.2 21 40.94 0.22 3.33 6.65 4.04 Nokia NOK 3.8 dd 4.97 -0.06 -18.15 83.04 55.75 UnitedContinental UAL ... 9 59.65 1.38 11.80 25.10 17.62 LibertyQVC B QVCB ... 9 22.64 -0.04
18.13 89.00 68.51 AtmosEnergy ATO 2.1 24 87.59 1.07 10.10 85.92 68.09 ExtraSpaceSt EXR 3.7 33 85.04 1.92 -3.22 6.80 4.83 NomuraHoldings NMR ... 10 5.71 ... 45.14 2.73 1.74 UnitedMicro UMC 3.2 20 2.54 -0.02 12.36 26.00 17.24 LibertyQVC A QVCA ... 9 22.45 -0.05
135.60 67.69 22.07 Autohome ATHM ... 39 59.56 1.21 -7.84 93.22 76.05 ExxonMobil XOM 3.7 27 83.18 -0.35 t-19.67 62.82 38.43 Nordstrom JWN 3.8 18 38.50 -0.85 0.72 121.75 102.12 UPS B UPS 2.9 28 115.46 -1.41 53.43 62.41 36.54 LibertyVenturesA LVNTA ... 18 56.57 -0.65
11.06 127.75 93.31 Autoliv ALV 1.9 22 125.67 -1.06 61.09 95.08 51.00 FMC FMC 0.7277 91.11 0.96 20.63 134.52 91.28 NorfolkSouthern NSC 1.9 20 130.36 -1.79 37.06 147.60 71.55 UnitedRentals URI ... 21 144.71 -0.87 15.34 39.37 27.01 LibertyFormOne A FWONA ... ... 36.16 -0.22
-23.22 813.70 491.13 AutoZone AZO ... 14 606.41 3.71 s 16.64 191.51 152.09 FactSet FDS 1.2 29 190.63 0.65 29.70 306.61 220.72 NorthropGrumman NOC 1.3 22 301.66 0.30 6.39 56.61 43.83 US Bancorp USB 2.2 16 54.65 -0.23 20.87 41.14 26.56 LibertyFormOne C FWONK ... ... 37.87 -0.18
2.72 199.52 158.32 Avalonbay AVB 3.1 28 181.97 1.62 -10.94 145.80 119.37 FederalRealty FRT 3.2 41 126.56 -1.54 14.91 86.90 66.93 Novartis NVS 3.2 30 83.70 0.92 -18.09 41.83 18.55 US Steel X 0.7 40 27.04 -0.55 9.76 26.52 16.52 LibertyBraves A BATRA ... dd 22.49 -0.27
34.87 51.87 35.42 Avangrid AGR 3.4 24 51.09 0.64 20.43 231.35 172.85 FedEx FDX 0.9 21 224.24 -1.06 39.26 50.95 30.89 NovoNordisk NVO 0.9 22 49.94 0.30 10.45 124.79 100.74 UnitedTech UTX 2.3 19 121.07 -0.39 10.34 26.20 16.28 LibertyBraves C BATRK ... dd 22.72 -0.28
s 53.93 108.99 68.93 AveryDennison AVY 1.7 24 108.09 -0.35 101.98 121.14 50.39 Ferrari RACE ... 42 117.43 0.32 -2.55 68.00 48.62 Nucor NUE 2.6 17 58.00 -0.45 s 33.01 213.83 136.22 UnitedHealth UNH 1.4 24 212.87 1.77 18.34 46.43 31.83 LibertySirius A LSXMA ... 30 40.85 -0.21
20.74 34.47 24.44 AxaltaCoating AXTA ...137 32.84 0.07 s 99.01 18.33 6.71 FiatChrysler FCAU ... 8 18.15 0.29 t-35.74 55.64 31.88 NuSTAREnergy NS 13.7 44 32.00 -0.08 -4.48 129.74 99.72 UniversalHealthB UHS 0.4 14 101.61 -0.79 20.67 46.24 32.17 LibertySirius C LSXMK ... 30 40.93 -0.16
5.36 49.91 38.23 BB&T BBT 2.7 18 49.54 -0.05 68.16 17.21 7.49 FibriaCelulose FBR ... 39 16.16 -0.03 6.52 37.41 29.98 OGE Energy OGE 3.7 19 35.63 -0.43 19.42 53.15 35.79 UnumGroup UNM 1.8 12 52.46 -0.45 17.15 99.59 64.19 LincolnElectric LECO 1.7 22 89.82 -1.53
9.74 48.27 41.83 BCE BCE 4.7 19 47.45 0.31 s 54.93 38.16 22.84 FidelityNatlFin FNF 2.8 16 37.98 0.24 -8.29 59.47 46.04 ONEOK OKE 5.7 33 52.65 0.05 -6.38 9.17 7.44 VEREIT VER 6.9 dd 7.92 ... 45.54 40.82 23.59 LogitechIntl LOGI 1.8 28 36.05 0.52
17.80 44.62 33.37 BHPBilliton BHP 4.1 19 42.15 -0.65 28.47 18.48 11.00 FNFV Group FNFV ... 9 17.60 -0.25 -4.17 73.51 57.20 OccidentalPetrol OXY 4.5525 68.26 0.36 30.22 71.95 48.05 VF VFC 2.6 29 69.47 -0.44 27.14 129.51 90.35 LogMeIn LOGM 0.81116 122.75 -0.15
18.44 39.12 28.73 BHPBilliton BBL 4.6 17 37.26 -0.60 23.19 96.67 73.97 FidelityNtlInfo FIS 1.2 58 93.18 -0.18 0.30 3.95 2.15 Och-Ziff OZM 2.4 24 3.32 -0.18 s 42.73 111.42 75.17 Visa V 0.7 41 111.36 0.38 -5.91 72.70 47.26 lululemon LULU ... 29 61.15 0.39
8.51 41.20 32.53 BP BP 5.9 35 40.56 -0.11 143.89 69.80 27.58 58.com WUBA ...148 68.29 0.92 38.50 37.52 21.12 Olin OLN 2.3 79 35.47 -0.31 s 46.07 235.99 153.66 VailResorts MTN 1.8 48 235.62 3.82 81.14 110.60 48.05 MKS Instrum MKSI 0.7 19 107.60 0.45
-12.60 17.14 10.60 BRF BRFS ... dd 12.90 -0.37 49.28 55.00 35.28 FirstAmerFin FAF 2.8 22 54.68 0.43 t-22.21 89.66 65.55 Omnicom OMC 3.3 13 66.21 0.02 32.41 11.71 6.59 Vale VALE 5.6 10 10.09 -0.17 20.47 211.06 145.10 MarketAxess MKTX 0.7 46 177.00 0.50
t-28.31 24.65 16.45 BT Group BT 3.8 16 16.51 -0.25 20.72 19.23 13.01 FirstData FDC ... 23 17.13 0.07 30.51 53.14 37.64 Oracle ORCL 1.5 22 50.18 -0.10 s 47.01 121.58 68.68 Marriott MAR 1.1 42 121.55 1.91
18.38 82.19 57.57 ValeroEnergy VLO 3.5 17 80.88 -0.71
53.73 61.88 36.16 BWX Tech BWXT 0.7 32 61.03 -0.32 2.51 105.52 72.49 FirstRepBank FRC 0.7 22 94.45 0.56 9.18 17.63 13.98 Orange ORAN 5.4 89 16.53 -0.08 33.45 18.88 12.30 MarvellTech MRVL 1.3 43 18.51 0.23
15.46 73.14 54.38 Vantiv VNTV ... 47 68.84 0.04 s 57.95 27.92 15.23 MatchGroup MTCH ... 37 27.01 -0.56
-16.30 40.82 29.62 BakerHughes BHGE 2.3 dd 31.18 0.08 5.75 34.83 27.93 FirstEnergy FE 4.4 dd 32.75 0.15 51.45 134.59 73.07 OrbitalATK OA 1.0 28 132.87 0.17 33.44 108.78 75.94 VarianMed VAR ... 39 106.09 1.42
11.23 43.24 35.65 Ball BLL 1.0 82 41.75 -0.05 26.34 183.61 121.52 FleetCorTech FLT ... 30 178.80 -3.51 s 14.89 89.51 73.70 Orix IX ... 9 89.42 0.05 s 38.58 53.46 37.32 MaximIntProducts MXIM 2.7 26 53.45 1.11
68.44 21.63 11.55 Vedanta VEDL 10.5 21 20.92 -0.38
25.70 9.35 6.04 BancoBilbaoViz BBVA 5.0 13 8.51 -0.20 -10.78 58.37 37.04 Fluor FLR 1.8 59 46.86 2.40 34.10 94.16 54.18 Oshkosh OSK 1.1 23 86.64 -0.39 62.96 26.53 14.88 MelcoResorts MLCO 1.4 50 25.91 0.37
51.40 68.07 37.34 VeevaSystems VEEV ... 74 61.62 0.67
32.25 95.80 64.92 BancodeChile BCH 2.8 18 90.76 -1.85 12.56 103.82 73.45 FomentoEconMex FMX 1.6 12 85.78 0.37 58.18 83.31 46.50 OwensCorning OC 1.0 24 81.56 0.06 71.22 297.95 148.98 MercadoLibre MELI 0.2 82 267.35 31.35
2.53 72.36 56.20 Ventas VTR 4.8 38 64.10 0.26 46.00 95.69 59.45 MicrochipTech MCHP 1.5 50 93.66 0.20
83.92 136.10 61.12 BancoMacro BMA 0.6 16 118.35 -1.38 1.90 13.27 10.47 FordMotor F 4.9 11 12.36 -0.06 -6.53 71.57 49.83 PG&E PCG 3.7 14 56.80 0.15 -11.17 54.83 42.80 Verizon VZ 5.0 12 47.42 -0.04
42.07 32.02 21.06 BcoSantChile BSAC 3.4 18 31.07 -0.11 19.48 26.30 17.79 ForestCIty A FCE.A 2.2 dd 24.90 ... 19.78 38.54 25.50 PLDT PHI 5.7 15 33.00 -0.25 99.41 45.33 16.45 MicronTech MU ... 10 43.71 -0.63
24.06 21.20 13.60 VistraEnergy VST ... 0 19.23 0.11 -0.19 57.97 45.51 Microsemi MSCC ... 51 53.87 0.13
27.41 6.99 4.40 BancoSantander SAN 2.8 14 6.60 -0.17 20.53 37.67 29.14 Fortis FTS 3.6 22 37.22 0.65 18.54 139.23 94.30 PNC Fin PNC 2.2 17 138.64 0.24 49.80 121.09 74.85 VMware VMW ... 37 117.94 -0.96
0.85 48.74 31.98 BanColombia CIB 3.5 9 36.99 -0.53 37.31 74.38 50.54 Fortive FTV 0.4 28 73.64 0.33 37.94 77.76 50.37 POSCO PKX ... 14 72.49 -0.51 35.40 86.20 57.28 Microsoft MSFT 2.0 29 84.14 0.09
-13.16 90.29 69.78 VornadoRealty VNO 3.3 18 73.25 -0.18 -7.65 150.87 112.12 Middleby MIDD ... 22 118.95 2.33
25.88 27.98 16.35 BankofAmerica BAC 1.7 16 27.82 -0.05 20.03 68.82 52.80 FortBrandsHome FBHS 1.1 22 64.17 -0.39 22.97 119.85 90.88 PPG Ind PPG 1.5 22 116.53 0.37 6.71 42.96 29.80 VoyaFinancial VOYA 0.1 dd 41.85 -0.66
8.13 78.86 62.32 BankofMontreal BMO 3.7 13 77.77 0.38 33.22 85.03 53.31 Franco-Nevada FNV 1.2103 79.61 -0.69 7.90 40.20 32.46 PPL PPL 4.3 17 36.74 -0.16 62.13 46.69 16.73 Momo MOMO ... 23 29.80 -0.48
1.02 138.18 108.95 VulcanMaterials VMC 0.8 41 126.43 2.16 -7.58 47.23 39.19 Mondelez MDLZ 2.1 28 40.97 -0.19
8.34 55.29 42.76 BankNY Mellon BK 1.9 15 51.33 -0.07 8.11 47.65 33.34 FranklinRscs BEN 1.9 14 42.79 -0.24 40.60 133.24 84.53 PVH PVH 0.1 24 126.88 -0.68 41.74 156.08 96.10 WABCO WBC ... 27 150.46 1.47
s 17.69 65.62 51.21 BkNovaScotia BNS 3.8 14 65.53 0.20 7.28 17.06 10.50 Freeport-McMoRan FCX ... 20 14.15 -0.08 36.45 120.75 78.03 PackagingCpAm PKG 2.2 21 115.74 -0.47 30.06 58.54 40.64 MonsterBeverage MNST ... 43 57.67 0.22
s 16.23 68.67 53.66 WEC Energy WEC 3.1 22 68.17 0.56 -6.37 45.87 29.39 Mylan MYL ... 29 35.72 0.38
-13.00 12.05 8.94 Barclays BCS 2.2 dd 9.57 -0.14 14.48 50.22 38.05 FreseniusMed FMS 1.1 23 48.32 0.48 17.04 165.69 107.31 PaloAltoNtwks PANW ... dd 146.36 3.13 s 19.04 70.43 55.77 W.P.Carey WPC 5.7 34 70.34 1.79
s 48.61 335.84 203.63 Bard CR BCR 0.3 44 333.86 -1.71 t-23.54 27.10 18.83 GGP GGP 4.6 27 19.10 -0.57 -2.74 33.40 24.65 ParkHotels PK 5.9 2 29.08 0.03 s 17.36 118.20 95.88 NXP Semi NXPI ... 25 115.02 -2.44
-7.22 93.81 69.20 Wabtec WAB 0.6 29 77.03 0.60 7.87 78.31 63.36 Nasdaq NDAQ 2.1 48 72.40 -0.77
-12.39 20.78 13.80 BarrickGold ABX 0.9 8 14.00 -0.10 22.58 64.06 47.16 Gallagher AJG 2.4 25 63.69 -0.19 32.41 189.83 119.13 ParkerHannifin PH 1.4 26 185.38 -1.74 s 29.75 89.88 65.28 Wal-Mart WMT 2.3 22 89.68 0.88
46.37 65.70 43.13 BaxterIntl BAX 1.0 35 64.90 0.83 17.56 30.74 21.02 Gap GPS 3.5 13 26.38 -0.07 -21.88 39.82 22.98 ParsleyEnergy PE ...250 27.53 0.80 45.04 46.33 27.08 NatlInstruments NATI 1.9 53 44.70 -0.09
32.88 74.20 48.78 WasteConnections WCN 0.8 53 69.62 -0.13 25.43 45.24 30.36 NetApp NTAP 1.8 21 44.24 -0.01
s 35.55 224.89 161.29 BectonDickinson BDX 1.3 64 224.41 0.39 35.45 30.66 19.91 GardnerDenver GDI ... ... 28.58 -0.73 -9.71 10.31 7.04 Pearson PSO 1.5 dd 9.02 -0.06 15.22 82.87 63.35 WasteMgt WM 2.1 26 81.70 0.05
4.12 73.17 55.92 Berkley WRB 0.8 16 69.25 0.07 17.40 130.02 90.37 Gartner IT ...216 118.66 -1.68 11.14 35.63 27.44 PembinaPipeline PBA 5.0 36 34.81 1.26 30.27 337.55 211.11 Netease NTES 1.2 19 280.52 4.42
47.27 199.78 133.35 Waters WAT ... 29 197.92 0.01 61.56 204.38 110.68 Netflix NFLX ...202 200.01 0.69
14.89 285950 213680 BerkHathwy A BRK.A ... 21 280470 -2963.99 9.14 10.69 8.32 Gazit-Globe GZT 4.2 2 9.43 -0.05 23.70 71.65 54.02 Pentair PNR 2.0 31 69.36 -0.57 11.87 167.35 133.18 Watsco WSO 3.0 31 165.70 -0.35
14.90 190.68 142.35 BerkHathwy B BRK.B ... 21 187.27 -1.34 18.19 214.81 149.66 GeneralDynamics GD 1.6 20 204.06 0.24 5.34 119.39 98.50 PepsiCo PEP 2.9 23 110.22 0.17 89.87 74.96 37.34 Neurocrine NBIX ... dd 73.48 0.70
s 50.64 207.26 114.41 WellCareHealth WCG ... 26 206.50 5.57 21.03 14.48 10.99 NewsCorp A NWSA 1.4 dd 13.87 0.07
21.08 60.70 43.19 BerryGlobal BERY ... 25 59.00 0.48 -36.27 32.38 19.63 GeneralElec GE 4.8 25 20.14 0.20 35.42 73.05 45.35 PerkinElmer PKI 0.4 42 70.62 -1.45 2.25 59.99 44.49 WellsFargo WFC 2.8 15 56.35 -0.13
33.40 63.32 37.10 BestBuy BBY 2.4 15 56.92 -0.42 -16.89 64.06 50.12 GeneralMills GIS 3.8 18 51.34 -0.42 -1.05 91.95 63.68 Perrigo PRGO 0.8 dd 82.36 1.09 20.34 14.90 11.25 NewsCorp B NWS 1.4 dd 14.20 0.15
1.82 78.17 59.39 Welltower HCN 5.1 48 68.15 0.43 13.10 131.49 96.05 Nordson NDSN 0.9 25 126.73 0.27
s 43.42 262.49 164.44 Bio-RadLab A BIO ...523 261.42 44.48 21.53 46.76 30.21 GeneralMotors GM 3.6 9 42.34 -0.26 -8.02 81.80 60.69 PetroChina PTR 3.1 43 67.79 -1.03 19.00 103.36 73.69 WestPharmSvcs WST 0.6 40 100.95 0.95 6.00 99.30 71.94 NorthernTrust NTRS 1.8 21 94.39 0.38
s 39.23 255.47 171.50 Bio-RadLab B BIO.B ...510 255.00 31.80 24.24 31.93 22.62 Genpact G 0.8 23 30.24 -0.03 5.74 11.71 7.61 PetroleoBrasil PBR ... dd 10.69 -0.11 -4.17 57.50 49.20 WestarEnergy WR 3.0 23 54.00 0.69 29.39 61.48 35.21 NorwegianCruise NCLH ... 19 55.03 0.12
8.93 47.55 41.10 BlackKnight BKI ... 74 45.75 -0.20 -8.10 100.90 79.86 GenuineParts GPC 3.1 20 87.80 -0.73 15.89 10.92 6.96 PetroleoBrasilA PBR.A ... dd 10.21 -0.15 16.36 57.04 36.48 WestAllianceBcp WAL ... 19 56.68 0.17
58.93 11.78 6.65 BlackBerry BB ... 9 10.95 0.24 14.11 32.15 23.55 Gildan GIL 1.3 18 28.95 -0.24 9.45 36.78 29.90 Pfizer PFE 3.6 22 35.55 0.09 95.51 209.97 66.58 NVIDIA NVDA 0.3 59 208.69 2.75
-10.13 47.82 37.44 WesternGasEquity WGP 5.6 23 38.06 -0.10 -23.67 286.57 169.43 OReillyAuto ORLY ... 18 212.50 -2.02
25.90 489.79 339.90 BlackRock BLK 2.1 22 479.11 4.19 -6.13 44.53 35.86 GlaxoSmithKline GSK 5.6 30 36.15 0.20 12.21 123.55 86.78 PhilipMorris PM 4.2 23 102.66 -0.14 -20.86 67.44 45.34 WesternGasPtrs WES 7.8 35 46.50 0.11
21.68 35.09 23.33 BlackstoneGroup BX 5.4 14 32.89 0.38 49.27 104.47 64.63 GlobalPayments GPN 0.0 ... 103.61 0.80 8.30 95.00 75.14 Phillips66 PSX 3.0 23 93.58 0.12 41.08 124.13 72.99 OldDomFreight ODFL 0.3 30 121.03 -0.40
-10.22 22.70 18.39 WesternUnion WU 3.6 50 19.50 -0.58 69.67 21.77 10.74 ON Semi ON ... 32 21.65 0.41
-18.32 18.95 13.40 BoardwalkPipe BWP 2.8 12 14.18 0.02 34.08 46.95 31.63 GoDaddy GDDY ...297 46.86 0.14 1.50 66.67 46.36 PinnacleFoods PF 2.4 37 54.25 0.15 53.19 87.22 48.92 WestlakeChem WLK 1.0 25 85.77 0.15
68.13 267.21 138.80 Boeing BA 2.2 24 261.75 -0.88 -3.68 17.87 11.91 Goldcorp GG 0.6 21 13.10 0.04 14.21 90.92 70.86 PinnacleWest PNW 3.1 20 89.12 1.20 s 11.57 35.45 29.30 OpenText OTEX 1.5 8 34.48 0.28
8.73 27.05 22.17 WestpacBanking WBK 5.4 15 25.53 -0.12 43.18 67.12 43.57 PTC PTC ...1325 66.25 -0.20
34.31 53.84 33.09 BorgWarner BWA 1.1 38 52.97 0.07 2.07 255.15 174.73 GoldmanSachs GS 1.2 13 244.40 -2.48 -16.54 199.83 125.46 PioneerNatRscs PXD 0.1153 150.29 2.49 18.08 61.60 43.79 WestRock WRK 2.9 37 59.95 0.13 11.61 75.68 53.38 Paccar PCAR 1.4 18 71.32 -0.64
-4.05 140.13 113.76 BostonProperties BXP 2.5 38 120.68 -2.09 59.00 134.11 73.64 Graco GGG 1.1 71 132.11 1.05 -37.32 33.95 18.76 PlainsAllAmPipe PAA 5.9 15 20.24 0.03 18.68 36.30 28.60 Weyerhaeuser WY 3.5 31 35.71 0.10 -12.71 57.53 41.28 PacWestBancorp PACW 4.2 16 47.52 -0.11
28.80 29.93 19.67 BostonScientific BSX ... 46 27.86 0.42 -13.88 262.71 155.00 Grainger GWW 2.6 24 200.01 0.98 -41.64 36.09 18.98 PlainsGP PAGP 5.9 dd 20.24 -0.01 5.95 24.97 16.94 WheatonPrecMetals WPM 2.0 31 20.47 -0.21 5.11 65.62 52.78 Paychex PAYX 3.1 28 63.99 -0.55
43.19 33.73 15.26 Braskem BAK 2.6 64 30.37 -0.80 s 21.68 33.35 25.85 GreatPlainsEner GXP 3.3 32 33.28 0.46 41.69 126.85 75.86 PolarisIndustries PII 2.0 37 116.74 -1.66 -9.85 202.99 151.23 Whirlpool WHR 2.7 15 163.86 0.45
6.47 66.10 46.01 Bristol-Myers BMY 2.5 24 62.22 -0.01 6.30 9.38 7.18 GpoAvalAcciones AVAL 4.7 13 8.44 0.02 6.80 20.27 15.74 Potash POT 2.1 35 19.32 -0.10 s 85.94 73.41 38.06 PayPal PYPL ... 57 73.39 1.14
-9.25 32.69 27.65 Williams WMB 4.2 46 28.26 0.15 -4.49 20.13 15.96 People'sUtdFin PBCT 3.7 20 18.49 -0.13
16.00 73.41 52.71 BritishAmTob BTI 2.3 11 65.35 0.64 16.27 10.82 6.73 GpFinSantandMex BSMX 2.0 12 8.36 0.08 25.86 149.91 114.43 Praxair PX 2.1 26 147.50 -0.40
s 30.98 87.10 59.86 BroadridgeFinl BR 1.7 32 86.84 0.58 -4.15 42.32 32.93 WilliamsPartners WPZ 6.6 22 36.45 -0.06 65.30 32.18 17.15 PilgrimPride PPC ... 16 31.39 -0.23
-0.77 27.37 19.69 GrupoTelevisa TV 0.5 53 20.73 -0.38 18.08 69.40 52.67 PrincipalFin PFG 2.9 11 68.32 -0.57 5.99 6.40 4.50 Wipro WIT 0.6 31 5.13 -0.05
26.33 43.15 32.04 BrookfieldMgt BAM 1.3 33 41.70 0.09 64.12 81.46 49.18 GuidewireSoftware GWRE ...289 80.96 0.55 2.97 94.67 81.18 Procter&Gamble PG 3.2 23 86.58 0.07 29.22 2067.99 1422.19 Priceline PCLN ... 40 1894.49 -16.65
37.97 53.50 30.62 WooriBank WF 2.9 9 44.15 0.18 15.82 36.34 27.51 Qiagen QGEN ...103 33.70 -0.04
26.38 44.91 30.76 BrookfieldInfr BIP 4.1 90 42.30 0.08 3.26 91.03 67.00 HCA Healthcare HCA ... 11 76.43 ... s 41.27 50.27 30.99 Progressive PGR 1.4 21 50.15 0.84 42.61 110.74 64.18 Wyndham WYN 2.1 20 108.91 1.45
12.33 50.81 36.05 Brown&Brown BRO 1.2 26 50.39 -0.01 -8.68 33.67 25.09 HCP HCP 5.5 19 27.14 0.56 s 25.54 66.83 45.93 Prologis PLD 2.7 20 66.27 0.33 40.03 79.34 48.28 Qorvo QRVO ... dd 73.84 -0.46
s 69.72 73.88 34.01 XPO Logistics XPO ... 61 73.25 1.69 -5.20 70.24 48.92 Qualcomm QCOM 3.7 24 61.81 6.97
20.84 60.28 45.17 Brown-Forman A BF.A 1.3 31 55.89 -0.35 55.26 100.26 59.00 HDFC Bank HDB 0.5 ... 94.21 -0.75 7.48 115.26 85.36 PrudentialFin PRU 2.7 13 111.84 -1.10
23.80 59.71 43.72 Brown-Forman B BF.B 1.3 31 55.61 -0.32 21.84 50.56 38.00 XcelEnergy XEL 2.9 21 49.59 0.33 19.54 108.29 67.54 RandgoldRscs GOLD 1.1 31 91.26 0.68
44.68 22.31 14.40 HP HPQ 2.5 16 21.47 0.03 22.84 49.87 32.52 Prudential PUK 1.6 18 48.88 -0.02 -16.78 39.08 25.84 Xerox XRX 3.4 dd 29.06 -0.42
-21.36 73.01 50.14 BuckeyePtrs BPL 9.7 14 52.03 -0.67 20.33 50.86 36.93 HSBC HSBC 4.1 83 48.35 ... s 14.65 50.55 39.28 PublicServiceEnt PEG 3.4 57 50.31 0.52 11.26 543.55 325.35 RegenPharm REGN ... 41 408.41 10.96
-6.06 83.75 63.96 Bunge BG 2.7 22 67.86 -1.27 34.43 67.64 46.67 Xylem XYL 1.1 39 66.57 -0.49 -2.24 69.81 52.85 RossStores ROST 1.0 21 64.13 -0.23
-20.08 58.78 38.18 Halliburton HAL 1.7180 43.23 0.54 -6.50 232.21 192.15 PublicStorage PSA 3.8 31 208.97 0.64 49.15 26.48 15.00 YPF YPF 0.9 dd 24.61 -0.05
15.36 104.07 68.94 BurlingtonStores BURL ... 27 97.77 -0.35 -10.25 26.05 18.91 Hanesbrands HBI 3.1 12 19.36 -0.72 64.91 30.62 17.69 PulteGroup PHM 1.2 15 30.31 0.22 35.02 122.67 74.61 Ryanair RYAAY ... 16 112.42 0.09
36.50 25.90 14.08 CBD Pao CBD 0.1 66 22.59 -0.20 24.60 80.66 59.57 YumBrands YUM 1.5 22 78.91 -0.24 45.25 159.14 102.29 SBA Comm SBAC ...184 154.53 -1.57
-19.37 63.40 45.25 HarleyDavidson HOG 3.1 15 47.04 -1.28 -14.26 35.45 21.90 Qudian QD ... ... 25.02 -0.25 60.07 43.55 25.50 YumChina YUMC ... 28 41.81 1.64
26.71 40.34 25.97 CBRE Group CBG ... 19 39.90 0.69 36.05 141.97 92.35 Harris HRS 1.6 31 139.41 2.31 2.38 112.97 79.28 QuestDiag DGX 1.9 20 94.09 0.34 31.50 65.30 43.65 SEI Investments SEIC 0.9 28 64.91 0.31
t-12.97 71.07 53.00 CBS A CBS.A 1.3171 56.41 1.07 37.37 17.18 11.14 ZTO Express ZTO ... 37 16.58 -0.13 95.13 119.20 55.79 Sina SINA ... 36 109.46 1.12
17.19 57.16 43.18 HartfordFinl HIG 1.8 43 55.84 0.13 42.04 109.00 71.90 QuintilesIMS Q ...373 108.02 0.72 4.69 36.79 29.30 ZayoGroup ZAYO ...101 34.40 -1.22
t-12.92 70.09 52.75 CBS B CBS 1.3168 55.40 0.94 3.33 33.00 26.34 HealthcareAmer HTA 4.1125 30.08 0.21 33.53 22.65 14.92 RELX RENX 1.4 28 22.38 0.25 41.78 42.48 28.43 SS&C Tech SSNC 0.7 39 40.55 0.07
22.62 39.04 22.58 CF Industries CF 3.1 dd 38.60 0.05 5.86 133.49 95.63 ZimmerBiomet ZBH 0.9 34 109.25 -3.07 27.88 223.82 116.59 SVB Fin SIVB ... 25 219.52 0.60
47.23 93.00 53.10 Heico HEI 0.2 44 90.87 -0.32 28.83 23.41 16.19 RELX RELX 1.3 29 23.15 0.27 s 28.32 68.80 48.23 Zoetis ZTS 0.6 39 68.69 1.38
10.87 53.85 45.81 CGI Group GIB ... 20 53.25 0.50 41.38 78.70 47.44 Heico A HEI.A 0.2 37 76.80 0.20 -1.71 56.48 46.32 RPM RPM 2.4 39 52.91 0.23 11.55 88.45 63.43 ScrippsNetworks SNI 1.5 17 79.61 -1.36
7.50 50.40 35.60 CIT Group CIT 1.4 dd 45.88 -0.45 0.39 114.00 66.06 RalphLauren RL 2.2 dd 90.67 -1.06 -4.82 50.96 30.60 Seagate STX 6.9 14 36.33 -0.44
15.64 49.11 38.78 CMS Energy CMS 2.8 25 48.13 0.01
-29.06 85.78 42.16 Helmerich&Payne HP 5.1 dd 54.91 0.03 NASDAQ 16.32 75.36 45.31 SeattleGenetics SGEN ... dd 61.38 0.60
42.11 79.64 47.62 Herbalife HLF 1.8 14 68.41 -2.06 23.72 87.22 58.77 RaymondJames RJF 1.0 20 85.70 -0.32
s 32.48 55.33 35.67 CNA Fin CNA 2.2 16 54.98 0.50 2.41 116.49 95.68 Hershey HSY 2.5 32 105.92 -0.67 30.08 190.25 132.91 Raytheon RTN 1.7 25 184.71 0.69 9.10 22.34 17.30 AGNC Invt AGNC 10.9 5 19.78 -0.07 -14.20 192.64 137.80 Shire SHPG 0.2 28 146.19 0.75
12.58 141.11 108.05 CNOOC CEO 3.7 18 139.56 -1.48 -27.02 65.56 37.25 Hess HES 2.2 dd 45.46 1.05 -4.00 63.60 52.72 RealtyIncome O 4.6 45 55.18 0.26 61.21 155.14 82.28 Ansys ANSS ... 47 149.10 0.42 -12.38 164.23 116.68 SignatureBank SBNY ... 18 131.60 1.13
7.53 17.69 13.27 CPFLEnergia CPL 1.6 37 16.56 -0.21 0.30 15.12 12.52 HewlettPackard HPE 1.9193 13.50 -0.13 74.52 122.95 68.54 RedHat RHT ... 73 121.64 0.65 s 64.51 184.65 98.71 ASML ASML 0.7 ... 184.58 2.33 19.10 5.89 4.11 SiriusXM SIRI 0.8 29 5.30 -0.04
6.28 38.06 31.55 CRH CRH 1.3 21 36.54 -0.02 31.10 73.31 45.67 Hilton HLT 0.8773 73.16 0.72 -7.03 72.05 58.63 RegencyCtrs REG 3.3254 64.10 -1.18 s 72.97 195.02 102.28 Abiomed ABMD ... 96 194.90 4.85 51.61 114.80 71.65 Skyworks SWKS 1.1 22 113.19 1.43
-12.24 84.72 68.01 CVS Health CVS 2.9 14 69.25 -0.13 22.53 41.34 22.63 HollyFrontier HFC 3.3 21 40.14 -0.11 10.10 16.03 10.32 RegionsFin RF 2.3 16 15.81 0.10 s 75.02 67.03 35.12 ActivisionBliz ATVI 0.5143 63.20 -2.25 32.22 69.61 50.64 Splunk SPLK ... dd 67.63 1.08
s 20.85 28.41 20.02 CabotOil COG 0.7 dd 28.23 -0.03 22.61 167.94 120.06 HomeDepot HD 2.2 24 164.39 1.68 19.42 152.19 108.38 ReinsuranceGrp RGA 1.3 12 150.27 1.20 s 77.08 182.74 98.00 AdobeSystems ADBE ... 57 182.30 1.36 0.92 64.87 50.84 Starbucks SBUX 1.8 28 56.03 1.16
10.02 96.39 75.36 CamdenProperty CPT 3.2 56 92.49 1.69 12.61 32.94 27.05 HondaMotor HMC ... 10 32.87 0.07 -2.69 88.58 67.03 RelianceSteel RS 2.3 15 77.40 -1.10 -20.50 71.64 44.65 AkamaiTech AKAM ... 32 53.01 0.72 5.42 40.17 27.19 SteelDynamics STLD 1.7 17 37.51 0.01
-23.14 64.23 44.99 CampbellSoup CPB 3.0 16 46.48 -0.37 25.14 147.00 108.01 Honeywell HON 2.1 22 144.97 -0.44 12.01 67.18 51.15 RepublicServices RSG 2.2 33 63.90 -0.90 -3.60 149.34 96.18 AlexionPharm ALXN ... 53 117.95 2.32 t-12.62 88.00 66.68 Stericycle SRCL ... dd 67.32 -0.60
9.56 92.22 72.62 CIBC CM 4.6 11 89.40 0.61 -10.03 38.35 29.75 HormelFoods HRL 2.2 19 31.32 -0.19 33.96 87.81 56.59 ResMed RMD 1.7 34 83.12 0.26 151.07 244.60 85.56 AlignTech ALGN ... 73 241.35 7.88 25.05 34.20 22.76 Symantec SYMC 1.0 dd 29.88 0.50
19.09 84.48 61.72 CanNtlRlwy CNI 1.6 23 80.27 -0.06 62.17 44.92 26.69 DR Horton DHI 0.9 17 44.32 -0.31 37.77 68.89 42.34 RestaurantBrands QSR 1.3 45 65.66 0.15 -8.26 63.40 47.01 Alkermes ALKS ... dd 50.99 2.15 s 47.67 87.52 56.03 Synopsys SNPS ... 41 86.92 -0.03
s 12.99 36.09 27.52 CanNaturalRes CNQ 2.4 36 36.02 0.74 4.19 20.21 14.69 HostHotels HST 4.1 25 19.63 0.17 33.26 29.55 18.30 RiceEnergy RICE ... dd 28.45 0.18 253.53 147.63 31.42 AlnylamPharm ALNY ... dd 132.36 -1.23 14.06 51.22 33.26 TD Ameritrade AMTD 1.7 30 49.73 -0.14
21.14 179.17 139.29 CanPacRlwy CP 1.0 18 172.95 -2.26 1.84 31.85 23.70 HuanengPower HNP 6.3 30 26.52 -0.01 28.03 50.77 33.91 RioTinto RIO 4.5 15 49.24 -0.24 32.50 1063.62 743.59 Alphabet A GOOGL ... 35 1049.99 7.02 -17.53 192.94 106.64 TESARO TSRO ... dd 110.91 0.04
34.26 37.89 27.76 Canon CAJ 3.7 20 37.78 0.05 7.22 127.34 102.41 Hubbell HUBB 2.5 24 125.12 -1.07 7.30 53.50 37.37 RobertHalf RHI 1.8 21 52.34 0.49 33.77 1048.39 727.54 Alphabet C GOOG ... 35 1032.48 6.90 2.43 68.88 48.79 T-MobileUS TMUS ... 23 58.91 0.61
5.00 96.92 71.91 CapitalOne COF 1.7 13 91.60 -0.85 25.81 264.56 165.52 Humana HUM 0.6 21 256.69 0.34 47.60 210.72 117.51 Rockwell ROK 1.7 32 198.38 -0.84 81.61 72.47 38.24 Altaba AABA ... dd 70.23 -0.28 25.66 97.35 63.32 TRowePrice TROW 2.4 16 94.57 -0.06
-14.71 84.88 60.33 CardinalHealth CAH 3.0 15 61.38 0.31 27.62 236.94 146.52 HuntingtonIngalls HII 1.0 19 235.07 0.50 46.54 136.50 81.97 RockwellCollins COL 1.0 28 135.93 -0.09 48.24 1122.79 710.10 Amazon.com AMZN ...282 1111.60 17.38 121.00 111.11 45.87 TakeTwoSoftware TTWO ... 72 108.93 0.43
-0.51 116.40 92.09 Carlisle CSL 1.3 22 109.73 -0.24 66.25 32.59 16.65 Huntsman HUN 1.6 15 31.72 0.06 34.58 54.24 37.03 RogersComm B RCI 3.0 27 51.92 0.27 9.10 67.98 54.91 Amdocs DOX 1.4 22 63.55 0.30 43.24 389.61 178.19 Tesla TSLA ... dd 306.09 6.83
16.77 77.64 47.50 CarMax KMX ... 21 75.19 -0.79 21.90 70.48 50.21 HyattHotels H ... 34 67.36 0.65 34.04 48.29 30.33 Rollins ROL 1.0 54 45.28 0.58 4.62 400.99 307.80 Amerco UHAL ... 20 386.66 -6.52 s 34.27 98.00 66.80 TexasInstruments TXN 2.5 23 97.98 1.19
25.68 69.89 47.99 Carnival CCL 2.8 18 65.43 0.23 40.40 9.85 6.69 ICICI Bank IBN 0.8 22 9.56 -0.07 40.95 261.07 169.42 RoperTech ROP 0.5 37 258.06 1.38 1.63 54.48 39.21 AmericanAirlines AAL 0.8 12 47.45 0.09 -22.21 78.25 49.87 TractorSupply TSCO 1.8 17 58.97 -0.69
28.70 70.56 47.92 Carnival CUK 2.7 18 65.88 0.28 29.65 19.01 13.03 ING Groep ING 3.1 14 18.28 -0.22 17.29 80.98 60.92 RoyalBkCanada RY 3.6 14 79.42 0.32 18.62 191.10 133.64 Amgen AMGN 2.7 16 173.44 1.03 33.00 43.97 25.30 Trimble TRMB ... 53 40.10 0.31
47.33 140.44 80.59 Caterpillar CAT 2.3 95 136.63 0.16 18.82 37.75 27.58 Invesco IVZ 3.2 16 36.05 -0.11 33.27 7.63 4.58 RoyalBkScotland RBS ... dd 7.37 -0.10 26.43 92.11 62.50 AnalogDevices ADI 2.0 44 91.81 1.02 t-10.95 32.60 24.91 21stCenturyFoxA FOXA 1.4 16 24.97 -0.84
34.79 109.11 71.24 Celanese A CE 1.7 19 106.13 -0.64 41.92 129.40 84.64 IDEX IEX 1.2 33 127.81 -0.67 50.15 128.09 75.15 RoyalCaribbean RCL 1.9 17 123.18 0.09 s 48.94 174.26 104.08 Apple AAPL 1.5 20 172.50 4.39 t-10.35 31.94 24.39 21stCenturyFoxB FOX 1.5 15 24.43 -0.72
2.32 10.37 6.91 Cemex CX ... 11 7.90 -0.18 28.45 159.36 113.23 IllinoisToolWks ITW 2.0 24 157.30 0.32 17.87 64.24 48.07 RoyalDutchA RDS.A 5.9 34 64.10 -0.12 75.24 57.34 28.02 AppliedMaterials AMAT 0.7 20 56.55 0.29 -20.75 314.86 187.96 UltaBeauty ULTA ... 27 202.05 -0.85
-29.54 16.82 6.76 CenovusEnergy CVE 1.5 6 10.66 0.25 -1.35 16.14 13.42 Infosys INFY 2.7 15 14.63 0.04 13.64 66.06 50.94 RoyalDutchB RDS.B 5.7 35 65.88 -0.15 9.51 102.60 77.10 ArchCapital ACGL ... 30 94.50 -0.88 13.40 233.42 180.29 UltimateSoftware ULTI ...213 206.78 -4.06
69.93 98.72 50.00 Centene CNC ... 20 96.03 0.22 14.94 96.23 67.04 Ingersoll-Rand IR 2.1 22 86.25 -1.35 32.95 116.90 80.93 SAP SAP 1.2 34 114.91 -0.61 s111.75 51.77 23.80 Atlassian TEAM ... dd 50.99 1.56 s180.82 160.95 50.55 UniversalDisplay OLED 0.1 91 158.10 13.75
20.09 30.45 22.32 CenterPointEner CNP 3.6 21 29.59 -0.15 4.03 133.46 113.07 Ingredion INGR 1.8 19 129.99 0.71 47.56 166.17 107.21 S&P Global SPGI 1.0 23 158.69 3.19 68.69 126.44 67.15 Autodesk ADSK ... dd 124.85 0.13 -1.04 4.50 3.21 VEON VEON 2.9 4 3.81 -0.01
-13.85 7.60 3.49 CentraisElBras EBR ... 3 5.91 -0.30 17.41 71.24 53.27 ICE ICE 1.2 25 66.24 -2.43 10.51 64.80 48.82 SINOPECShanghai SHI 6.1 7 59.82 0.40 9.20 121.77 87.58 ADP ADP 2.0 29 112.24 -2.10 42.62 110.82 75.71 VeriSign VRSN ... 29 108.49 -0.89
t-31.16 27.61 16.31 CenturyLink CTL 13.2 24 16.37 -1.09 23.43 57.80 39.82 InterContinentl IHG ... 27 57.15 0.88 25.60 28.13 20.44 SK Telecom SKM ... 9 26.25 0.02 4.55 92.08 68.72 BOK Fin BOKF 2.1 18 86.82 0.27 s 12.15 91.41 75.60 VeriskAnalytics VRSK ... 34 91.03 0.01
136.12 58.08 16.39 Chemours CC 0.2 35 52.16 -3.67 -8.68 182.79 139.13 IBM IBM 4.0 13 151.58 -1.77 -12.46 115.34 93.90 SLGreenRealty SLG 3.3 92 94.15 -1.04 46.91 274.97 159.54 Baidu BIDU ... 31 241.54 -0.55 103.57 167.85 71.46 VertxPharm VRTX ...192 149.97 5.07
-2.30 120.89 102.55 Chevron CVX 3.8 33 114.99 -0.34 25.87 151.04 113.16 IntlFlavors IFF 1.9 30 148.31 0.11 50.03 103.92 66.43 Salesforce.com CRM ... dd 102.71 0.11 -11.98 56.86 35.63 BankofOzarks OZRK 1.6 16 46.29 -0.16 t-26.23 49.00 28.20 Viacom A VIA 2.8 8 28.40 -0.25
15.26 30.90 21.38 ChinaEastrnAir CEA ... 9 25.76 -0.45 7.65 58.96 43.62 IntlPaper IP 3.3 26 57.12 -0.38 13.11 50.65 38.45 Sanofi SNY 3.6 22 45.74 -0.48 20.27 348.84 244.28 Biogen BIIB ... 19 314.14 4.74 t-33.70 46.72 22.88 Viacom B VIAB 3.4 6 23.27 -0.13
36.60 17.85 12.16 ChinaLifeIns LFC 1.0 33 17.58 -0.02 t-19.14 25.71 18.86 Interpublic IPG 3.8 13 18.93 ... 25.85 17.02 10.76 SantanderConUSA SC 0.7 9 16.99 0.05 1.56 100.51 78.75 BioMarinPharm BMRN ... dd 84.13 1.39 19.12 30.39 24.17 Vodafone VOD 8.0 dd 29.10 -0.24
-3.01 58.83 50.00 ChinaMobile CHL 4.1 13 50.85 0.09 14.20 23.56 19.80 InvitationHomes INVH 1.4 ... 22.84 -0.37 4.58 32.40 24.91 Sasol SSL 4.0 13 29.90 0.24 13.71 64.41 40.00 Bioverativ BIVV ... 13 54.01 0.36 -22.07 119.12 85.06 WPP WPPGY 3.5 10 86.24 -0.08
3.60 84.88 67.82 ChinaPetrol SNP 4.1 11 73.58 -0.97 23.52 41.17 30.75 IronMountain IRM 5.9 51 40.12 0.23 -43.14 74.99 41.15 Scana SCG 5.9 10 41.67 -0.34 s153.24 164.80 41.25 bluebirdbio BLUE ... dd 156.25 2.20 -19.20 88.00 63.82 WalgreensBoots WBA 2.4 18 66.87 0.09
50.29 43.35 25.60 ChinaSoAirlines ZNH 1.9 9 38.64 -0.83 2.19 4.95 3.58 IsraelChemicals ICL ... dd 4.20 -0.04 -24.26 87.84 61.40 Schlumberger SLB 3.1163 63.58 0.33 -17.40 75.00 52.75 BrighthouseFin BHF ... ... 57.82 -1.41 137.46 108.30 40.12 Weibo WB ... ... 96.41 1.73
8.65 53.77 45.58 ChinaTelecom CHA 2.7 16 50.12 -0.47 23.05 14.59 9.10 ItauUnibanco ITUB 0.5 11 12.65 -0.03 13.55 46.21 30.66 SchwabC SCHW 0.7 29 44.82 -0.24 s 54.79 278.00 160.62 Broadcom AVGO 1.5267 273.63 14.13 28.05 95.77 54.26 WesternDigital WDC 2.3 18 87.01 -1.59
29.52 16.55 10.84 ChinaUnicom CHU ...148 14.96 0.13 17.52 102.42 67.64 JPMorganChase JPM 2.2 15 101.41 -0.18 4.18 101.00 81.48 ScottsMiracleGro SMG 2.1 27 99.54 -0.30 2.77 36.54 30.01 CA CA 3.1 19 32.65 0.24 30.51 165.00 112.76 WillisTwrsWatson WLTW 1.3 45 159.59 2.11
-27.51 499.00 264.90 Chipotle CMG ... 53 273.53 -5.93 4.02 63.42 49.16 JacobsEngineering JEC 1.0 32 59.29 0.55 -2.65 50.62 41.22 SealedAir SEE 1.4 23 44.14 0.25 8.46 67.49 54.54 CDK Global CDK 0.9 31 64.74 1.35 66.08 111.94 65.79 Workday WDAY ... ... 109.76 -0.84
12.22 156.00 123.08 Chubb CB 1.9 18 148.27 -0.99 -6.23 17.28 13.55 JamesHardie JHX 3.8 27 14.91 -0.16 s 14.70 8.77 4.49 SemicondctrMfg SMI ... 6 8.74 0.78 34.46 71.53 43.71 CDW CDW 1.2 26 70.04 0.04 73.49 153.56 82.51 WynnResorts WYNN 1.3 41 150.09 0.04
7.10 36.37 31.28 ChunghwaTelecom CHT 4.8 22 33.79 ... 13.73 36.25 30.24 JanusHenderson JHG ...262 34.80 -0.13 18.22 120.17 92.95 SempraEnergy SRE 2.8 26 118.98 1.17 8.44 81.35 63.41 CH Robinson CHRW 2.3 24 79.44 -0.11 20.59 74.11 49.78 Xilinx XLNX 1.9 31 72.80 0.32
-0.61 54.18 42.55 Church&Dwight CHD 1.7 26 43.92 -1.51 21.59 144.35 109.32 J&J JNJ 2.4 24 140.08 0.15 22.90 50.83 35.10 SensataTech ST ... 27 47.87 -0.22 s 21.42 141.07 102.06 CME Group CME 1.9 32 140.06 -0.24 63.98 34.83 17.28 Yandex YNDX ... 99 33.01 -0.43
51.36 205.75 117.11 Cigna CI 0.0 23 201.90 3.51 -1.24 46.17 36.74 JohnsonControls JCI 2.5 dd 40.68 0.03 s 26.23 35.94 24.90 ServiceCorp SCI 1.7 19 35.85 0.61 42.81 55.48 30.92 CSX CSX 1.6 26 51.31 -0.31 33.31 117.44 62.91 ZebraTech ZBRA ... dd 114.33 1.63
-9.84 146.96 89.49 CimarexEnergy XEC 0.3 42 122.53 1.66 32.13 134.76 87.56 JonesLangLaSalle JLL 0.5 20 133.50 4.39 25.25 48.48 34.98 ServiceMaster SERV ... 27 47.18 0.19 s 74.07 43.92 24.15 CadenceDesign CDNS ... 47 43.90 0.11 11.44 50.91 32.63 Zillow A ZG ... dd 40.62 0.95
24.60 76.14 47.70 Citigroup C 1.7 14 74.05 -0.37 -13.13 30.96 23.87 JuniperNetworks JNPR 1.6 14 24.55 0.15 68.03 129.56 72.80 ServiceNow NOW ... dd 124.91 0.57 52.35 13.60 6.70 CaesarsEnt CZR ... dd 12.95 ... 11.00 51.23 32.56 Zillow C Z ... dd 40.48 0.97
8.95 39.75 25.98 CitizensFin CFG 1.9 16 38.82 0.08 13.82 49.04 38.16 KAR Auction KAR 2.9 29 48.51 0.16 14.56 23.31 19.02 ShawComm B SJR 4.1 29 22.98 -0.16 47.87 24.85 14.45 Carlyle CG 9.9 13 22.55 0.05 8.76 48.33 30.96 ZionsBancorp ZION 1.4 18 46.81 -0.04
6.74 141.76 111.24 Clorox CLX 2.6 24 128.11 -1.17 51.74 54.36 34.36 KB Fin KB ... 10 53.55 0.17 47.77 398.22 242.50 SherwinWilliams SHW 0.9 35 397.11 5.00 s 55.66 115.91 62.68 CboeGlobalMkts CBOE 0.9 64 115.02 -0.55
10.88 46.98 39.88 Coca-Cola KO 3.2 44 45.97 0.09 30.08 20.77 13.57 KKR KKR 3.4 10 20.02 0.29 21.25 48.98 36.06 ShinhanFin SHG ... 8 45.64 0.22 -13.57 147.17 94.55 Celgene CELG ... 24 100.04 1.84
NYSE AMER
27.17 44.75 30.55 Coca-Cola Euro CCE 2.5 25 39.93 0.32 -0.07 18.82 13.43 KT KT ... 11 14.08 0.02 130.25 123.94 37.74 Shopify SHOP ... dd 98.71 -1.18 38.13 73.86 47.01 Cerner CERN ... 33 65.43 -0.04 18.18 51.41 35.07 CheniereEnergy LNG ... dd 48.96 1.62
5.52 91.84 59.44 Coca-Cola Femsa KOF 2.6 18 67.05 0.45 23.58 109.13 79.05 KSCitySouthern KSU 1.4 21 104.86 -0.89 -12.76 189.25 150.15 SimonProperty SPG 4.8 28 155.00 -4.36 16.50 408.83 241.50 CharterComms CHTR ...114 335.43 -2.23 -1.70 33.47 26.09 CheniereEnerPtrs CQP 6.2 dd 28.33 0.58
7.20 77.27 63.43 Colgate-Palmolive CL 2.3 27 70.15 -0.79 -15.94 78.37 58.76 Kellogg K 3.5 28 61.96 -0.42 25.74 62.16 43.67 SmithAO AOS 0.9 29 59.54 -0.54 25.09 119.20 80.78 CheckPointSftw CHKP ... 23 105.65 -0.97 17.30 27.45 19.00 CheniereEnHldgs CQH 0.3328 26.24 0.88
-17.02 16.09 12.12 ColonyNorthStar CLNS 8.7 95 12.38 0.01 1.31 19.53 13.85 KeyCorp KEY 2.1 16 18.51 0.07 24.34 40.43 26.96 Smith&Nephew SNN 1.3 20 37.40 0.98 137.58 142.80 41.72 ChinaLodging HTHT ... 66 123.16 -0.52 -10.18 36.85 27.59 ImperialOil IMO 1.6 17 31.22 0.65
B8 | Saturday/Sunday, November 4 - 5, 2017 NY * *** THE WALL STREET JOURNAL.
EXCHANGE- COMMODITIES WSJ.com/commodities
TRADED Futures Contracts Contract Open
PORTFOLIOS
ADVERTISEMENT Open High hilo Low Settle Chg interest
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 14.27 14.68 14.20 14.38 .15 415,024
The Mart
To advertise: 800-366-3975 or WSJ.com/classifieds Largest 100 exchange-traded
Open
Contract
High hi lo Low
Copper-High (CMX)-25,000 lbs.; $ per lb.
Settle Chg
Open
interest
May 14.41 14.75
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March 27.28 27.34
14.32
27.28
14.48
27.29
.12 137,730
.01 2,743
funds, latest session Nov 3.1345 3.1360 3.1020 3.1105 –0.0250 1,131 May 27.10 27.10 27.10 27.10 –.03 1,606
Dec 3.1375 3.1550 3.1050 3.1175 –0.0260 148,308 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Friday, November 3, 2017 Gold (CMX)-100 troy oz.; $ per troy oz. Dec 69.06 69.37 68.35 68.72 –.36 100,444
Closing Chg YTD Nov 1265.30 1267.90 1265.30 1266.50 –8.40 141 March'18 68.92 69.12 68.40 68.77 –.20 90,741
AUCTION BUSINESS OPPORTUNITIES ETF Symbol Price (%) (%) Dec 1277.50 1281.20 1265.90 1269.20 –8.90 369,077 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Feb'18 1282.30 1285.00 1270.10 1273.40 –9.00 101,924 Nov 151.90 152.80 151.90 157.85 2.10 47
AlerianMLPETF AMLP 10.77 0.84 –14.5
April 1286.00 1287.90 1275.00 1277.40 –9.00 16,824 Jan'18 155.35 157.00 154.05 156.60 1.70 5,696
CnsmrDiscSelSector XLY 91.70 0.41 12.7
June 1290.00 1291.50 1278.00 1281.40 –8.80 14,859
ASSET SALE CnsStapleSelSector XLP 53.14 0.02 2.8 Interest Rate Futures
!! "!#$ US and Overseas Patents of PeptiMed DBGoldDoubleLgETN DGP 23.84 –0.96 18.5
Dec 1303.50 1303.50 1292.30 1293.80 –8.60 10,957

DBGoldDoubleShrt DZZ 5.66 1.17 –17.5
Palladium (NYM) - 50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Immuno-Oncology Drug Dec 992.70 999.95 986.95 991.50 –2.50 29,431

Tumor-Targeting Nanoparticle Delivery EnSelectSectorSPDR XLE 68.68 0.29 –8.8 Dec 153-160 154-000 153-110 153-210 6.0 735,323
FinSelSectorSPDR XLF 26.78 –0.41 15.2 March'18 986.90 990.80 979.15 983.70 –2.20 5,202 March'18 152-130 152-250 152-070 152-160 5.0 9,954

Orphan Designation in Ovarian Cancer
GuggS&P500EW RSP 96.73 0.14 11.6 Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100%

For More Information Contact HealthCareSelSect XLV 81.61 0.83 18.4 Nov 914.40 917.20 914.00 918.50 –5.60 9 Dec 125-050 125-130 125-005 125-050 .5 3,194,262
! "
–0.10 15.4 Jan'18 927.10 929.20 918.00 921.90 –5.90 70,148 March'18 124-265 125-015 124-230 124-270 .5 30,018
# $ %

""& ' # Shiloh Consulting IndSelSectorSPDR XLI 71.83
shilohconsulting@att.net iShIntermCredBd CIU 109.83 0.08 1.5 Silver (CMX)-5,000 troy oz.; $ per troy oz. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
( )
*
+ , iSh1-3YCreditBond CSJ 105.00 –0.04 0.1 Nov 17.105 17.105 16.790 16.794 –0.300 21 Dec 117-072 117-120 117-037 117-062 –1.0 3,095,918
Bids accepted until December 31,2017 Dec 17.125 17.195 16.770 16.834 –0.303 142,429

,' iSh3-7YTreasuryBd IEI 123.13 0.06 0.5 March'18 116-315 117-010 116-287 116-310 –1.2 37,924
iShCoreMSCIEAFEETF IEFA 65.42 –0.09 22.0 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%

55.91 –0.46 31.7 Dec 54.73 55.76 54.40 55.64 1.10 552,399
iShCoreMSCIEmgMk IEMG Dec 107-210 107-225 107-192 107-202 –.7 1,674,202
''
'" - + . /+ 62.39 –0.10 23.6 Jan'18 54.92 55.97 54.63 55.86 1.09 346,416
CAPITAL WANTED iShCoreMSCITotInt IXUS March'18 107-167 107-167 107-147 107-150 –1.0 35,762

/+ '0 ' iShCoreS&P500ETF IVV 260.18 0.31 15.6 Feb 55.03 56.08 54.76 55.98 1.09 148,567 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
iShCoreS&PMdCp IJH 183.15 0.30 10.8 March 55.07 56.11 54.85 56.02 1.09 245,425 Nov 98.843 98.845 98.843 98.843 … 211,735
%
& #
iShCoreS&PSmCpETF IJR 73.94 –0.64 7.5 June 54.69 55.65 54.50 55.58 1.00 223,475
! 1 * 2 $ Jan'18 98.625 98.630 t 98.615 98.620 –.010 354,379
iShS&PTotlUSStkMkt ITOT 59.20 0.30 15.4 Dec 53.22 53.80 52.90 53.77 0.79 269,793 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
$ # 12 y.o. IT Staffing CO / $100M+ iShCoreUSAggBd AGG 109.45 0.09 1.3 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 100.969 101.297 100.969 101.141 .078 28,619
'
()
Govt contracts seek PRIVATE lender/ iShSelectDividend DVY 94.79 –0.06 7.0 Dec 1.8598 1.8909 1.8523 1.8866 .0327 136,856 1 Month Libor (CME)-$3,000,000; pts of 100%
*+,,+* --- %
) iShEdgeMSCIMinEAFE EFAV 71.61 –0.06 17.0 Jan'18 1.8604 1.8931 1.8545 1.8889 .0334 85,995
investor for $10M refinance loan paid iShEdgeMSCIMinUSA USMV 51.46 0.12 13.8
Dec 98.5550 98.5550 t 98.5525 98.5550 .0025 2,264
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Jan'18 98.5300 98.5325 t 98.5300 98.5325 .0025 22
iShGoldTr IAU 12.21 –0.49 10.2 Dec 1.7812 1.7998 s 1.7687 1.7934 .0237 158,164
off through $5M annual ESOP tax iShiBoxx$InvGrCpBd LQD 121.13 0.12 3.4 Eurodollar (CME)-$1,000,000; pts of 100%
Jan'18 1.7428 1.7610 s 1.7303 1.7560 .0213 87,584 Nov 98.5850 98.5900 98.5825 98.5850 … 95,865
reimbursement for cost plus govt iShiBoxx$HYCpBd HYG 87.98 0.01 1.7 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
BUSINESS FOR SALE iShJPMUSDEmgBd EMB 115.42 –0.63 4.7 Dec 98.4850 98.4900 98.4750 98.4800 –.0050 1,701,021
contractors. No brokers. 530-307-0103 Dec 2.935 2.998 2.930 2.984 .049 313,521 June'18 98.2250 98.2400 98.2050 98.2150 –.0100 1,276,511
iShMBSETF MBB 106.91 0.16 0.5
Jan'18 3.052 3.109 3.049 3.097 .046 229,954 Dec 98.0750 98.1000 98.0500 98.0650 –.0100 1,607,150
iShMSCIACWIETF ACWI 70.59 0.10 19.3
Feb 3.060 3.113 3.056 3.102 .044 85,134
iShMSCI EAFE EFA 69.80 –0.16 20.9
Very Rare AGERWOOD (Oud) fully function- iShMSCIEAFESC SCZ 63.19 0.21 26.8
March 3.025 3.079 3.023 3.068 .043 171,768 Currency Futures
April 2.871 2.908 2.870 2.903 .028 123,307
al plantation in Vietnam. Certified for Organic
export. 95 Hectares private land. 36,000 ma-
EARN iShMSCIEmgMarkets
iShMSCIEurozoneETF
EEM
EZU
46.34
43.84
–0.52 32.4
–0.61 26.7 May 2.858 2.889 2.856 2.885 .024 77,921 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov .8775 .8806 t .8743 .8761 –.0013 2,687
iShMSCIJapanETF EWJ 59.19 0.24 21.1
ture trees 15 to 20 years. 6000 extremely rare
RED Agerwood. Excellent yield with 2 hectare
12% iShNasdaqBiotech
iShNatlMuniBdETF
IBB
MUB
316.87
110.74
1.54 19.4
0.14 2.4
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
Dec
Nov
.8782
.7806
.8820
Canadian Dollar (CME)-CAD 100,000; $ per CAD
.7860
.8754
.7792
.8774 –.0014 269,832
.7837 .0030 1,259

iShRussell1000Gwth IWF 130.72 0.58 24.6 Dec 350.25 351.00 347.50 348.25 –2.25 755,873
Dec .7807 .7867 .7793 .7839 .0030 151,994
propriety processing plant. Call Dong Bach, FUNDING 1ST MORTGAGES iShRussell1000ETF IWB 143.84 0.33 15.6 March'18 363.75 364.50 361.00 362.00 –2.00 365,966
British Pound (CME)-£62,500; $ per £
ph +849 6628 6676 or dong.bach@gmail.com iShRussell1000Val IWD 119.87 0.05 7.0 Oats (CBT)-5,000 bu.; cents per bu.
561-703-9223 0.38 17.4 Nov 1.3072 1.3125 1.3053 1.3071 .0005 1,514
iShRussell2000Gwth IWO 180.79 Dec 265.00 267.75 260.25 263.00 –1.50 4,688 Dec 1.3071 1.3150 1.3053 1.3083 .0005 185,015
iShRussell2000ETF IWM 148.61 –0.07 10.2 March'18 270.50 271.75 266.00 268.50 –1.00 2,872
iShRussell2000Val IWN 123.59 –0.53 3.9 Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
153.10 0.29 15.1 Dec 1.0034 1.0084 1.0002 1.0019 –.0017 77,620
BUSINESS OPPORTUNITIES
iShRussell3000ETF IWV Nov 988.25 988.50 976.00 977.00 –12.00 5,994 March'18 1.0104 1.0135 1.0074 1.0087 –.0017 174
TRAVEL iShRussellMid-Cap IWR 200.80 0.23 12.3 Jan'18 999.00 999.00 985.75 986.75 –12.50 331,267
iShRussellMCValue IWS 85.80 0.20 6.7 Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
iShS&PMC400Growth IJK 209.74 0.36 15.1 Nov .7687 .7692 .7639 .7648 –.0067 1,338
Dec 317.10 317.40 312.70 313.90 –3.50 121,430 Dec .7711 .7713 .7635 .7646 –.0067 125,929
iShS&P500Growth IVW 149.14 0.61 22.5
Jan'18 319.10 319.10 314.80 316.00 –3.40 95,658 Jan'18 .7683 .7686 .7635 .7644 –.0067 719
GLACIER VALLEY MINING AND iShS&P500ValueETF IVE 109.50 –0.02 8.0
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
iShUSPfdStk PFF 38.30 0.01 2.9 Feb .7681 .7683 .7633 .7643 –.0067 495
METALS IS FOR SALE - INVEST iShTIPSBondETF TIP 113.95 0.07 0.7
Dec 34.85 34.86 34.27 34.42 –.44 135,928 March .7706 .7706 .7634 .7642 –.0067 1,000
Jan'18 35.01 35.01 34.44 34.59 –.43 106,315
Included is a $47 million dollar tax shelter that
was created in 1984 via the IRS regulations of
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
SHY
IEF
84.18
106.37
–0.06 –0.3
0.16 1.5 Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .7640 .7653
Mexican Peso (CME)-MXN 500,000; $ per MXN
.7640 .7639 –.0066 243
the U.S. Treasury Dept. Never used, and intact.

iSh20+YTreasuryBd TLT 125.64 0.27 5.5 Nov
Jan'18
1110.00 1110.00
1144.50 1159.00
1110.00 1128.50 13.50
1138.00 1157.50 14.00
26
9,286
Dec .05225 .05232 .05157 .05185 –.00053 176,279
iShRussellMCGrowth IWP 116.57 0.34 19.7 March'18 .05148 .05153 .05082 .05107 –.00052 553
gjdeden@aol.com
PIMCOEnhShMaturity MINT 101.73 0.02 0.4 Wheat (CBT)-5,000 bu.; cents per bu. Euro (CME)-€125,000; $ per €
153.27 0.96 29.4 Dec 427.00 429.00 422.25 425.75 –.25 281,974 Nov 1.1662 1.1693 1.1605 1.1613 –.0054 5,362
www.gvmtaxshelter.com
PwrShQQQ 1
PwrShS&P500LoVol
QQQ
SPLV 46.79 0.09 12.5 March'18 445.50 447.25 440.75 444.50 … 144,598 Dec 1.1684 1.1723 1.1625 1.1634 –.0054 429,224
PwrShSrLoanPtf BKLN 23.09 –0.09 –1.2 Wheat (KC)-5,000 bu.; cents per bu.
SPDRBloomBarcHYBd JNK 37.00 –0.05 1.5 Dec 426.75 429.00 423.00 426.75 1.00 158,140 Index Futures
Attention High-Tax Payers: SPDR Gold GLD 120.62 –0.47 10.0 March'18 444.00 446.25 440.75 444.50 1.00 95,058
Save Up To 60% SchwabIntEquity SCHF 34.21 –0.15 23.6 Wheat (MPLS)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index
Cut Your Taxes Now 62.46 0.29 15.3 Dec 622.75 626.50 620.00 624.75 2.00 34,745 Dec 23455 23494 s 23416 23449 5 158,883
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First & Business SchwabUS BrdMkt
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SCHB
SCHX 61.74 0.31 15.9 March'18 636.25 639.75 633.00 638.50 2.00 26,040 March'18 23446 23483 s 23414 23441 5 1,625
INTERNATIONAL SPDR DJIA Tr DIA 235.18 0.09 19.1 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index
Legal, simple tools cut your taxes now. Strategies Dec 2577.00 2585.20 s 2573.80 2582.70 6.00 59,437
Major Airlines, Corporate Travel SPDR S&PMdCpTr MDY 333.86 0.25 10.6 Nov 159.700 161.500 s 159.400 160.875 2.950 8,109
previously reserved for the mega-wealthy now at your SPDR S&P 500 SPY 258.45 0.33 15.6 Jan'18 160.025 162.075 s 159.975 161.525 3.300 29,066 Mini S&P 500 (CME)-$50 x index
fingertips. No obligation. No gimmicks. Don’t wait till it’s Never Fly Coach Again! Dec 2577.50 2585.50 s 2573.50 2582.75 6.00 3,135,768
SPDR S&P Div SDY 92.38 –0.24 8.0 Cattle-Live (CME)-40,000 lbs.; cents per lb.
too late. To get your FREE guide simply www.cooktravel.net TechSelectSector XLK 63.49 0.79 31.3 Dec 126.900 127.325 126.000 127.300 2.975 128,008 March'18 2577.25 2585.75 s 2574.00 2583.00 6.00 71,747
text "TaxCut" to (323) 870-1040 (800) 435-8776 UtilitiesSelSector XLU 55.21 0.36 13.7 Feb'18 130.800 131.750 s 130.450 131.750 3.000 101,744 Mini S&P Midcap 400 (CME)-$100 x index
VanEckGoldMiner GDX 22.43 –0.66 7.2 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1828.90 1836.20 1826.40 1834.80 4.50 91,718
VangdInfoTech VGT 164.59 0.80 35.5 Dec 66.050 66.300 64.775 65.100 –.700 101,968 Mini Nasdaq 100 (CME)-$20 x index
VangdSC Val VBR 128.74 –0.24 6.4 Feb'18 72.050 72.425 71.550 71.975 –.075 66,226 Dec 6252.5 6296.8 s 6236.0 6290.5 54.8 272,517
VangdDivApp VIG 97.21 0.11 14.1 March'18 6263.0 6309.8 s 6249.0 6303.5 54.8 1,690
VangdFTSEDevMk VEA 44.33 –0.09 21.3
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Nov 447.10 453.60 444.90 449.00 … 665 Mini Russell 2000 (ICE-US)-$100 x index
VangdFTSE EM VWO 44.62 –0.58 24.7 Dec 1495.80 1499.00 1489.60 1495.00 –1.20 66,968
Jan'18 435.80 442.80 435.00 439.60 –4.00 5,247
VangdFTSE Europe VGK 58.58 –0.19 22.2
Milk (CME)-200,000 lbs., cents per lb. March'18 1497.00 1497.00 1497.00 1496.00 –1.20 95
VangdFTSEAWxUS VEU 53.92 –0.22 22.0
VangdGrowth VUG 137.18 0.69 23.1
Nov 16.56 16.60 16.53 16.54 –.02 4,574 Mini Russell 1000 (ICE-US)-$100 x index
Dec 15.66 15.73 15.60 15.69 –.04 4,165 Dec 1429.00 1432.70 1426.40 1431.50 3.60 239
VangdHlthCr VHT 152.13 0.93 20.0
VangdHiDiv VYM 82.82 0.04 9.3 Cocoa (ICE-US)-10 metric tons; $ per ton. March'18 … … … 1432.50 3.60 1
VangdIntermBd BIV 84.48 0.07 1.7 Dec 2,060 2,065 2,035 2,061 9 79,455 U.S. Dollar Index (ICE-US)-$1,000 x index
VangdIntrCorpBd VCIT 87.79 0.01 2.4 March'18 2,062 2,062 2,032 2,056 1 118,215 Dec 94.61 94.92 94.12 94.86 .27 46,555
ADVERTISEMENT VangdLC VV 118.67 0.31 15.9 Coffee (ICE-US)-37,500 lbs.; cents per lb. March'18 94.31 94.63 93.95 94.57 .27 2,241
VangdMC VO 148.92 0.20 13.1 Dec 127.15 127.40 123.25 123.95 –2.45 110,083
VangdMC Val VOE 106.16 0.04 9.2 March'18 130.45 130.85 126.70 127.50 –2.35 71,009 Source: SIX Financial Information
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds
VangdREIT
VangdS&P500
VangdST Bond
VNQ
VOO
BSV
83.09
237.43
79.53
–0.25
–0.03
0.7
0.33 15.6
0.1 New Highs and Lows | WSJ.com/newhighs Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
VangdSTCpBd VCSH 79.79 –0.03 0.5
VangdSC VB 143.49 0.19 11.3 52-Wk % 52-Wk % SequentialBrands SQBG 2.34 -6.4 VeecoInstr VECO 16.00 -8.4
VangdTotalBd BND 81.80 0.09 1.3
Continued From Page B5
Sym Hi/Lo Chg Shutterfly SFLY 40.47 -1.1 VS2xVIXShortTerm TVIX 8.13 -0.1
VangdTotIntlBd BNDX 54.95 0.04 1.2 52-Wk % Stock Sym Hi/Lo Chg Stock
Stericycle SRCL 66.68 -0.9 VSVIXShortTerm VIIX 14.14 -0.3
Stock Sym Hi/Lo Chg MBFinancialPfdA MBFIP 25.34 0.2 ProfDiversity IPDN 2.56 4.7
FRANCE VangdTotIntlStk VXUS 56.03 –0.20 22.1
NanoStringTech NSTG 7.32 -20.3 ProShUltraProShQQQ SQQQ 22.80 -2.9
Synaptics SYNA
TandemDiabetes TNDM
33.73 -3.3
2.15 -4.7
VeraBradley VRA
VIAB
6.99 ...
22.88 -0.6
VangdTotalStk VTI 132.82 0.26 15.2 GlobalEagle ENT 1.87 -1.3 ProteostasisTher PTI 1.67 -5.0
Viacom B
GPRE 16.00 -1.0 NuCana NCNA 9.64 -1.9 Teligent TLGT 5.14 -4.3 Viacom A VIA 28.20 -0.9
VangdTotlWrld VT 72.51 0.08 18.9 GreenPlains RMG Networks RMGN 1.05 -7.3
HMS Holdings HMSY 11.01 -17.5 Oclaro OCLR 5.87 3.9 The9 NCTY 0.70 -12.5 VicShEMHiDivVol CEY 24.92 -0.5
VangdValue VTV 102.21 0.03 9.9 RaPharm RARX 12.03 -0.7
HalladorEnergy HNRG 4.98 -0.6 OriginAgritech SEED 1.29 -9.2 RadiusHealth RDUS 27.16 -1.9 21stCenturyFoxA FOXA 24.91 -3.3 WestwaterRscs WWR 0.77 -0.1
WisdTrEuropeHdg HEDJ 66.66 0.03 16.1 OxfordImmunotec OXFD 12.24 5.5 21stCenturyFoxB FOX 24.40 -2.9 WheelerREITPfdD WHLRD 19.16 -5.3
iShESG1-5YCpBd SUSB 25.03 0.1 RosettaGenmcs ROSG 0.72 -7.1
WisdTrJapanHdg DXJ 58.75 0.34 18.6 KEYW KEYW 4.97 -33.3 PacBiosciCA PACB 2.92 -24.8 SabraHealthcare SBRA 19.16 -1.5 US Gold USAU 1.05 ... Xperi XPER 16.70 -20.9
XtrkrsMSCIEAFE DBEF 32.29 0.22 15.1 Macom Tech MTSI 35.58 3.5 Precipio PRPO 1.32 -14.5 SearsHoldingsWt SHLDW 0.53 -41.8 UnivElectro UEIC 51.10 -15.7 ZealandPharma ZEAL 15.10 -9.0

Mutual Funds | WSJ.com/fundresearch

Explanatory Notes Data provided by
Fund
IntlInst r
Harding Loevner
Net YTD
NAV Chg % Ret Fund
69.88 +0.01 19.6 IntlStk
IntlValEq
Net YTD
NAV Chg % Ret Fund
19.30 ...
15.31 -0.04
26.2
19.5
WelltnAdml
WndsrAdml
Net YTD
NAV Chg % Ret
74.02 +0.08
79.19 +0.22
11.9
15.3
IntlEq NA ... NA MCapGro 92.23 +0.44 22.4 VANGUARD FDS
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least Invesco Funds A MCapVal 31.11 +0.03 7.1 DivdGro 26.27 +0.01 13.8
$500 million each. NAV is net asset value. Percentage performance figures are total returns,
assuming reinvestment of all distributions and after subtracting annual expenses. Figures don’t
EqIncA 11.31 +0.02
John Hancock Class 1
8.2 N Horiz
N Inc
55.96 +0.23
9.52 +0.01
29.2
3.9
HlthCare r 210.92 +1.62
INSTTRF2020 22.57 +0.01
17.3
12.1

reflect sales charges (“loads”) or redemption fees. NET CHG is change in NAV from previous LSBalncd 16.00 +0.03 13.3 OverS SF r 11.40 -0.01 25.7 INSTTRF2025 22.85 +0.02 13.6
trading day. YTD%RET is year-to-date return. 3-YR%RET is trailing three-year return LSGwth 17.17 +0.03 16.8 R2020 23.26 +0.02 14.0 INSTTRF2030 23.04 +0.02 14.9
annualized. John Hancock Instl R2025 17.95 +0.03 15.8 INSTTRF2035 23.24 +0.02 16.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s DispValMCI 24.04 +0.07 12.0 R2030 26.45 +0.04 17.4 INSTTRF2040 23.43 +0.02 17.5
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- JPMorgan Funds R2035 19.34 +0.03 18.7 INSTTRF2045 23.58 +0.03 18.1
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes MdCpVal L 39.73 +0.04 9.1 R2040 27.80 +0.05 19.8 IntlVal 39.39 -0.06 24.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete JPMorgan R Class Value 38.93 +0.13 15.7 LifeGro 33.22 +0.03 16.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not CoreBond 11.66 +0.01 3.8 PRIMECAP Odyssey Fds LifeMod 26.99 +0.02 12.9
tracked. NS-Fund didn’t exist at start of period. Lazard Instl Growth r 35.90 +0.31 25.3 PrmcpCor 26.93 +0.10 21.4
EmgMktEq 19.61 -0.14 23.5 Principal Investors SelValu r 33.18 +0.01 15.3
Loomis Sayles Fds DivIntlInst 14.01 ... 27.4 STAR 27.25 +0.06 15.9
Friday, November 3, 2017 LSBondI 14.17 -0.01 6.9 Prudential Cl Z & I STIGrade 10.68 ... 2.2
Lord Abbett A TRBdZ 14.56 ... 6.0 TgtRe2015 15.95 +0.01 9.9
Net YTD Net YTD Net YTD
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret ShtDurIncmA p 4.27 ... 2.2 Schwab Funds TgtRe2020 31.67 +0.02 12.1
Lord Abbett F S&P Sel 40.43 +0.13 17.5 TgtRe2025 18.57 +0.02 13.6
American Century Inv US CoreEq1 22.07 +0.05 15.9 BluCh 87.81 +0.70 33.1 ShtDurIncm 4.27 ... 2.5 TIAA/CREF Funds TgtRe2030 33.55 +0.04 14.9
Ultra 44.95 +0.34 28.9 US CoreEq2 20.94 +0.03 13.8 Contra 127.51 +0.46 30.4 Metropolitan West EqIdxInst NA ... NA TgtRe2035 20.61 +0.02 16.2
American Funds Cl A US Small 36.19 -0.11 7.7 ContraK 127.51 +0.46 30.5 TotRetBd 10.68 ... 3.0 IntlEqIdxInst NA ... NA TgtRe2040 35.49 +0.04 17.5
AmcpA p 31.97 +0.14 19.1 US SmCpVal 38.81 -0.19 4.3 CpInc r 10.33 ... 11.0 TotRetBdI 10.68 +0.01 3.2 Tweedy Browne Fds TgtRe2045 22.30 +0.03 18.1
AMutlA p 41.16 +0.12 13.4 US TgdVal 25.02 -0.07 5.0 DivIntl 41.49 +0.06 24.6 TRBdPlan 10.05 ... 3.3 GblValue 28.59 +0.11 14.2 TgtRe2050 35.87 +0.04 18.0
BalA p 27.51 +0.07 12.6 USLgVa 39.02 +0.03 12.8 GroCo 183.08 +1.60 33.8 MFS Funds Class I VANGUARD ADMIRAL TgtRetInc 13.60 +0.01 7.4

BondA p 12.96 ... 3.4 Dodge & Cox GrowCoK 183.04 +1.60 34.0 ValueI 40.67 ... 13.5 500Adml 239.20 +0.76 17.5 TotIntBdIxInv 10.98 +0.01 2.2

CapIBA p
CapWGrA
62.86
52.41
...
...
11.8
21.4
Balanced
GblStock
109.26 -0.03
13.95 -0.06
9.2
17.1
InvGB
InvGrBd
7.94 ...
11.31 +0.01
3.7
4.2
MFS Funds Instl BalAdml 34.14 +0.07 11.4 WellsI 27.03 +0.04 8.4
IntlEq 25.51 +0.06 25.9 CAITAdml 11.82 +0.01 4.8 Welltn 42.86 +0.04 11.8
EupacA p 57.22 -0.14 29.5 Income 13.85 +0.01 4.2 LowP r 52.78 +0.01 15.2 Mutual Series CapOpAdml r 155.50 +0.92 25.2 WndsrII 38.97 +0.06 12.0
FdInvA p 63.86 +0.27 19.5 Intl Stk 46.52 -0.30 22.1 LowPriStkK r 52.74 ... 15.3 GlbDiscA NA ... NA EMAdmr 37.10 -0.17 27.1 VANGUARD INDEX FDS
GwthA p 51.72 +0.24 23.0 Stock 202.11 -0.04 12.8 MagIn 106.43 +0.70 23.3 Oakmark Funds Invest EqIncAdml 76.53 +0.07 14.2 500 239.17 +0.76 17.4
HI TrA p 10.46 -0.01 6.6 DoubleLine Funds OTC 108.87 +1.17 36.6 EqtyInc r 33.97 +0.04 11.7 ExtndAdml 82.29 +0.11 14.1 ExtndIstPl 203.08 +0.28 14.1
ICAA p 41.22 +0.09 15.1 TotRetBdI 10.69 +0.01 3.8 Puritn 23.25 +0.08 16.5 Oakmark 85.05 +0.05 17.3 GNMAAdml 10.53 ... 2.2 SmValAdml 55.29 -0.14 7.7
IncoA p 23.48 ... 10.7 Edgewood Growth Instituti SrsEmrgMkt 21.48 -0.09 36.8 OakmrkInt 29.13 -0.05 28.3 GrwthAdml 70.59 +0.45 24.3 TotBd2 10.75 ... 3.4
N PerA p 45.16 +0.15 27.8 EdgewoodGrInst 29.59 +0.17 33.2 SrsGroCoRetail 17.98 +0.15 34.6 Old Westbury Fds HlthCareAdml r 88.98 +0.68 17.4 TotIntl 17.98 -0.02 24.4
NEcoA p 47.69 +0.20 32.7 Federated Instl SrsIntlGrw 16.24 +0.04 26.9 LrgCpStr 14.94 +0.03 16.4 HYCorAdml r 5.97 ... 7.1 TotSt 64.64 +0.18 16.8
NwWrldA 66.47 -0.07 29.2 StraValDivIS 6.37 ... 10.9 SrsIntlVal 10.86 -0.03 18.6 Oppenheimer Y InfProAd 25.81 +0.01 2.2 VANGUARD INSTL FDS
SmCpA p 56.61 +0.18 23.1 Fidelity TotalBond 10.69 ... 4.1 DevMktY NA ... NA IntlGrAdml 95.15 +0.39 41.3 BalInst 34.15 +0.07 11.4
ADVERTISEMENT TxExA p 13.02 +0.02 4.9 500IdxInst 90.59 +0.29 17.5 Fidelity Selects IntGrowY 43.39 +0.10 25.1 ITBondAdml 11.45 +0.01 4.1 DevMktsIndInst 14.26 -0.01 23.8
WshA p 45.54 +0.13 15.5 500IdxInstPrem 90.59 +0.29 17.5 Biotech r 221.48 +3.41 27.3 Parnassus Fds ITIGradeAdml 9.83 +0.01 4.4 DevMktsInxInst 22.30 -0.01 23.8
500IdxPrem 90.59 +0.29 17.5
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Baird Funds
AggBdInst
CorBdInst
BlackRock Funds A
10.91
11.27
...
+0.01
4.1
4.5
ExtMktIdxPrem r 62.64 +0.09
IntlIdxPrem r 43.37 -0.05
SAIUSLgCpIndxFd 13.89 +0.05
14.1
22.9
17.5
First Eagle Funds
GlbA
FPA Funds
FPACres
60.51 +0.02
35.24 ...
11.5
9.3
ParnEqFd
PIMCO Fds Instl
AllAsset
TotRt
44.14 +0.10
NA
10.30
...
...
13.3
NA
5.0
LTGradeAdml 10.68 +0.02
MidCpAdml 184.42 +0.36
MuHYAdml
MuIntAdml
11.40 +0.02
14.18 ...
9.9
14.3
6.9
4.5
ExtndInst
GrwthInst
InPrSeIn
InstIdx
82.29 +0.11
70.59 +0.44
10.51 ...
236.00 +0.75
14.1
24.3
2.2
17.5
GlblAlloc p 20.34 +0.03 11.9 TMktIdxF r 75.10 +0.22 16.9 FrankTemp/Frank Adv PIMCO Funds A MuLTAdml 11.68 +0.02 5.7 InstPlus 236.02 +0.75 17.5
BlackRock Funds Inst TMktIdxPrem 75.08 +0.21 16.9 IncomeAdv 2.35 ... 7.7 IncomeFd NA ... NA MuLtdAdml 10.97 ... 2.6 InstTStPlus 58.01 +0.17 16.8
EqtyDivd 23.18 +0.04 13.5 USBdIdxInstPrem 11.63 +0.01 3.4 FrankTemp/Franklin A PIMCO Funds D MuShtAdml 15.78 ... 1.3 MidCpInst 40.74 +0.08 14.4
PUBLIC NOTICES GlblAlloc 20.47 +0.03 12.1 Fidelity Advisor I CA TF A p 7.45 +0.01 5.2 IncomeFd NA ... NA PrmcpAdml r 135.87 +0.50 24.8 MidCpIstPl 200.92 +0.39 14.4
HiYldBd 7.86 +0.01 7.9 NwInsghtI 33.56 +0.10 25.7 Fed TF A p 11.96 +0.01 3.1 PIMCO Funds Instl REITAdml r 117.82 -0.25 3.6 SmCapInst 68.72 +0.09 12.3
StratIncOpptyIns 9.97 ... 4.4 Fidelity Freedom IncomeA p 2.37 ... 7.5 IncomeFd NA ... NA SmCapAdml 68.72 +0.09 12.3 STIGradeInst 10.68 ... 2.3
LEGAL
Bridge Builder Trust FF2020 16.75 +0.02 13.5 RisDv A p 60.77 +0.18 16.4 PIMCO Funds P STBondAdml 10.44 ... 1.5 TotBdInst 10.79 +0.01 3.5

CoreBond 10.21 ... 4.0 FF2025 14.50 +0.02 14.5 FrankTemp/Franklin C IncomeP NA ... NA STIGradeAdml 10.68 ... 2.3 TotBdInst2 10.75 ... 3.5
Dimensional Fds FF2030 18.16 +0.03 17.0 Income C t 2.40 ... 7.4 Price Funds TotBdAdml 10.79 +0.01 3.5 TotBdInstPl 10.79 +0.01 3.5
NOTICES
5GlbFxdInc 11.04 ... 2.4 Freedom2020 K 16.75 +0.02 NS FrankTemp/Temp A BlChip 97.61 +0.51 34.4 TotIntBdIdxAdm 21.94 ... 2.1 TotIntBdIdxInst 32.93 +0.01 2.2
! "# $% EmgMktVa 30.54 -0.05 29.3 Freedom2025 K 14.50 +0.02 NS GlBond A p NA ... NA CapApp 29.76 +0.03 13.6 TotIntlAdmIdx r 30.07 -0.04 24.5 TotIntlInstIdx r 120.27 -0.15 24.5
$&' "% (!) % (!) EmMktCorEq 22.50 -0.06 31.5 Freedom2030 K 18.17 +0.03 NS Growth A p NA ... NA EqInc 34.85 +0.05 12.3 TotStAdml 64.67 +0.18 16.9 TotItlInstPlId r 120.29 -0.15 24.5
"**"+ ", % ( - IntlCoreEq 14.29 -0.01 24.8 Freedom2035 K 15.24 +0.03 NS FrankTemp/Temp Adv EqIndex 69.56 +0.22 17.3 TxMIn r 14.24 -0.01 23.7 TotStInst 64.68 +0.18 16.9
./#&"+ "# $% IntlVal 20.08 -0.07 22.6 Freedom2040 K 10.71 +0.02 NS GlBondAdv p NA ... NA Growth 70.36 +0.39 32.1 ValAdml 39.86 +0.01 12.1 ValueInst 39.86 +0.01 12.1
21.57 +0.01 26.1 75.13 +0.84 27.2 69.16 +0.10 12.0
$&' "% 0-!1 % 0-!1
ADVERTISE TODAY
IntSmCo Fidelity Invest Harbor Funds HelSci WdsrllAdml Western Asset
"**"+ ", % ( ( IntSmVa 23.54 -0.04 24.5 Balanc 23.74 +0.07 14.4 CapApInst 76.11 +0.53 34.4 InstlCapG 39.72 +0.20 35.8 WellsIAdml 65.48 +0.09 8.4 CorePlusBdI 11.87 -0.01 6.5

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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, November 4 - 5, 2017 | B9
MONEY & INVESTING
Private Equity Has a GOP Tax Headache

BY MIRIAM GOTTFRIED cap would limit the amount of interesting opportunities for concessions to those groups.
debt they could pin to compa- A Love of Leverage people that get ahead of that In addition to allowing some
House Republicans’ tax pro- nies, curbing potential returns. Total value of leveraged buyouts each year and adjust to it,” said Joshua interest deductibility for all
posal faces stiff opposition Private-equity firms typically Harris, senior managing direc- corporations, it exempts real-
from private-equity firms that purchase companies using a $800 billion tor of Apollo Global Manage- estate firms and small busi-
say it threatens to disrupt relatively small amount of eq- 700 ment LLC and a co-founder of nesses from the 30% limit.
their business model, which uity and cover the remainder the firm. “And I don’t think It also contains a new pro-
often relies on ladling debt by heaping additional debt 600 that it will fundamentally vision allowing companies that
onto acquisition targets. onto their targets. 500 change the private-equity exceed the 30% threshold to
Still, this version of the bill The number of big lever- model.” carry the excessive interest
is more positive for the indus- aged buyouts has fallen dra- 400 Shares of three of the four forward for five years.
try than a previous plan that matically since the financial 300 largest publicly traded pri- The bill also appears to
may have had more dire con- crisis, though leverage on private-equity firms—Apollo, skirt another previous concern
sequences for firms’ returns. vate-equity deals has been 200 Blackstone Group LP and KKR for the industry.
And they are holding out hope creeping higher in recent 100 & Co.—fell on Thursday. President Donald Trump
that more concessions are yet months. Shares of Carlyle Group LP has said he plans to close the
to come, as the bill has a long “Any limitation on the de- 0 finished the day up. so-called carried-interest loop-
way to go before becoming ductibility of interest is a limi- 2000 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17* Private equity isn’t the only hole that would tax carried in-
law. tation on a businesses’ ability *Through Friday industry that has been advo- terest at regular income-tax
The version of the bill re- to grow,” said James Maloney, Source: Dealogic THE WALL STREET JOURNAL. cating against the cap on in- rates instead of the current
leased Thursday, titled the Tax vice president of public affairs terest deductibility. The AIC is lower rate. The bill makes no
Cuts and Jobs Act, would limit for the American Investment downturn when having the “People are going to have to part of a coalition called Busi- direct mention of carried in-
businesses’ ability to deduct Council, the main advocacy or- cushion of the full deduction is run the math,” said Jerome nesses United for Interest and terest.
interest from their taxes with ganization for private-equity most valuable, Mr. Maloney Schwartzman, head of M&A Loan Deductibility, or BUILD, The House proposal is still
a cap of 30% of earnings be- interests in Washington. said. tax services at Houlihan Lokey which includes representatives subject to more changes. And
fore interest, taxes, deprecia- Curbing interest deductibil- Still, many private-equity Inc. He said private-equity from real estate, telecommuni- the Senate tax proposal could
tion and amortization. The ity will increase the cost of portfolio companies would firms may end up using more cations, manufacturing and end up differing in key ways.
prior version would have done capital, he said. The House also benefit from the bill’s preferred stock in place of health care, among other in- Either way, many in private
away with interest deductibil- proposal would particularly headline move to lower the debt. dustries. equity don’t appear to expect
ity entirely. hurt private-equity backed corporate tax rate to 20% from Changes to private equity’s The version of the bill re- a resolution out of Washington
Private-equity firms say a businesses during an economic 35% on a permanent basis. tax credit “will provide a lot of leased Thursday makes some soon.
Stock Derivatives Trading Struggles at Banks Equifax

BY GUNJAN BANERJI
Hard Hit
derivatives business at banks
can also include over-the-
on ETFs and indexes, which
dominated U.S. options activ-
Clears
Waning stock volatility is
pressuring the equity deriva-
tives business, suppressing
The number of employees in equity derivatives at big banks has fallen,
as activity—especially in options on individual company stocks—has
slowed.
counter derivatives and swaps.
Traders help research and exe-
cute trades using derivatives,
ity last quarter, Tabb data
show. Structured products—
investment packages put to-
Four
revenue and driving traders
out of what was once a key
Wall Street moneymaker.
Global headcount in equity derivatives of twelve largest banks by revenue
5,000 employees
while sales employees contact
clients, such as hedge funds
and pension funds, to suggest
gether by banks that often in-
clude derivatives—were also
lucrative for some firms.
Executives
Revenue in an equity deriva- 4,000 moves, collecting commissions Equity derivatives account BY ANNAMARIA ANDRIOTIS
tives business that focuses on when the trades are done. for a tiny slice of the deriva-
listed options shrank by 41% in 3,000 The situation looks more tives held by U.S. banks, which Equifax Inc. said a board in-
the U.S. and by 28% globally 2,000 dire for some banks. In the first held $2.9 trillion in notional vestigation exonerated four se-
during the first half of 2017 half of 2017, revenue from Bar- amount as of the second quar- nior executives who sold
1,000
from the year-earlier period, clays’s U.S. equity derivatives ter, compared with over $185 shares in the days after the
according to data firm Coali- 0 flow trading slumped to less trillion across derivatives on discovery of suspicious activ-
tion, which tracked 12 of the 2012 ’13 ’14 ’15 ’16 ’17* than half of the $200 million it assets including interest-rate ity on its systems, moves that
biggest banks in the world. The brought in the first half of 2016, products, data from the Office were viewed in a harsh light
number of employees in equity Options volume by underlying asset according to a person with of the Comptroller of the Cur- once the credit-reporting firm
derivatives at banks has con- 100% knowledge of the matter. Banks rency show. disclosed a hack that affected
tracted by about 10% since rarely break out this business After 16 years of trading millions of Americans.
75
2012, Coalition data also show. Individual company from their equities broadly. Bar- options during which he as- Three executives—finance
An extraordinary calm in stock clays declined to comment on cended to managing director chief John Gamble, U.S. infor-
50
markets has choked the trades Index
the drop in revenue. at Bank of America Corp. and mation solutions President Jo-
that typically funnel through 25 Analysts pressed Barclays in Deutsche Bank, Zahid Biviji seph Loughran and Rodolfo
banks’ derivatives desks. ETF an October earnings call on why left Wall Street this year. Ploder, president of workforce
Banks such as Deutsche Bank 0 the firm underperformed peers He cited fewer opportuni- solutions—collectively sold
AG, Barclays PLC and J.P. 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17† in stocks. Chief Executive Jes ties in the space, partly caused about $1.8 million in Equifax
Morgan Chase & Co. blamed Staley acknowledged that the by regulations imposed after shares Aug. 1 and Aug. 2. The
*2017 headcount data through June 30 †2017 volume data through October
lower revenues on depressed Sources: Coalition (headcount); Options Clearing Corp. (volume) bank was “surprised” by the de- the financial crisis. He report on Friday also exoner-
volatility when recently re- THE WALL STREET JOURNAL. cline in their flow equity deriva- founded Wapanda, a phone ated share sales by a fourth ex-
porting earnings. tives business. A main area of app that will connect riders ecutive, Douglas Brandberg, se-
Goldman Sachs Group Inc. spokeswoman said. desire to use derivatives like underperformance in equities with taxis and ride-sharing nior vice president of investor
pulled back from U.S. options “While Goldman Sachs will options to hedge or protect was in derivatives, Barclays services like Lyft. “I had a relations, who wasn’t previously
market-making on exchanges, no longer hold the on-ex- holdings. Derivatives also face Group Finance Director Tushar good run making money,” Mr. named as among those selling.
a spokeswoman for the firm change options market-maker competition from quantitative Morzaria said. Biviji said, noting that “a lot The share sales came under
said Thursday. It is the latest designation, we remain com- trading, in which computers The decline was largely of the derivatives business is scrutiny when Equifax dis-
to withdraw from the business mitted to the options business help develop strategies. driven by its exposure to indi- in survival mode right now.” closed in early September that
of continuously buying and and will continue to offer cli- “With lower volatility this vidual stocks, the person fa- Some traders have pivoted a massive hack had compro-
selling contracts on venues us- ents the full range of relevant year, we’re seeing less of those miliar with the matter said. to a less-regulated asset: cryp- mised vital personal informa-
ing automated programs. products, such as access to trades come through,” Coali- Options bets on specific com- tocurrencies. tion of potentially 145.5 million
The business isn’t a large listed options across all US ex- tion’s research director Amrit panies have been one of the “For the most part, you’re Americans. The Securities and
part of Goldman’s overall equity changes and access to our Shahani said. “It’s a vicious hardest hit areas, as investors not going to get wealthy like Exchange Commission is inves-
derivatives revenue and the de- principal liquidity,” the cycle.” gravitate toward passive in- you could in the late ’90s or tigating the share sales.
cision to retreat was driven by spokeswoman said. OptionMetrics LLC founder vestments and algorithmic early 2000s” in equity deriva- Shares in Equifax, which
the high costs related to con- The number of equity deriv- David Hait said investors tend strategies. Trading individual tives, said Arthur Hayes, the fell slightly Friday, have de-
necting to the many options ex- atives contracts that have to think of options as insur- U.S. stock options has fallen Hong Kong-based co-founder clined about 25% since the
changes, and how retail orders traded world-wide has dwin- ance for stock bets. With U.S. steadily since 2006 and is near and chief of Bitcoin Mercantile company disclosed the breach.
are handled, among other mar- dled since 2011, data from the equities in an eight-year bull its record low of 49% of total Exchange, who traded deriva- A special committee created
ket structure issues, a person World Federation of Ex- market, people are asking, U.S. options volume, according tives at Citigroup Inc. and by Equifax’s board found that
familiar with the matter said. changes show, as central “What do I need an option to Tabb Group research Deutsche Bank. “In cryptos, “none of the four executives
The firm will still provide op- banks world-wide propped up for?” he said. through the third quarter. you actually get to do what had knowledge” of the suspi-
tions services for clients, the markets, damping investors’ The so-called flow equity Bright spots include trading you like to do: trade.” cious activity when their
trades were made and that
“preclearance for the four
IPOs Stumble Despite Jobs Data Boost Treasurys trades was appropriately ob-
tained” and in line with com-
pany trading policy.
Records for Indexes As Inflation Fears Recede “None of the four executives
engaged in insider trading,”
the report states.
The company has main-
It has been a rough week necessary backdrop for sustained since the breach that
for newly public companies in tainable gains in the broader BY SAM GOLDFARB the executives were unaware
the U.S. stock market. Slipping of the attack when they sold
Funko Inc., a pop-culture Heading into Blue Apron’s U.S. government bonds The yield on the 10-year Treasury note posted a weekly decline after the stock.
toy company, slid more than third-quarter results, some in- edged higher Friday, extending two straight weeks of gains. Equifax has said that it dis-
40% in its stock-market debut vestors had hoped the prior weekly gains, after the latest covered suspicious activity on
Thursday. That marked the quarter’s disappointing earn- jobs report showed a small 2.42% its systems July 29. Richard
biggest first-day decline by a ings were an anomaly and that drop in workers’ earnings. Smith, who was chief executive
U.S.-listed initial public offer- the company’s outlook at the The yield on the benchmark 2.40 at the time, has said he
time had been overly conser- 10-year Treasury learned of the activity on July
By Corrie Driebusch, vative, according to Rupesh CREDIT note settled at 2.38 31 but wasn’t aware the com-
Maureen Farrell Parikh, senior analyst for Op- MARKETS 2.343%, down pany had been breached until
and Heather Haddon penheimer & Co. Instead, the from 2.347% 2.36 around mid-August and that
results were worse than antic- Thursday and he then informed several se-
ings since 2005, and the worst ipated, and Mr. Parikh said he 2.426% a week earlier. 2.34 nior executives and board
by a U.S. IPO raising more has received a flood of calls Yields, which fall when members.
than $100 million since 1995, from investors concerned bond prices rise, declined after The share sales have also
2.32
according to Dealogic. The about Blue Apron’s stock drop. the Labor Department said the put the spotlight on the com-
company also priced its shares Blue Apron shares slipped 1 economy added fewer jobs Monday Tuesday Wednesday Thursday Friday pany’s chief legal officer, John
below the range it had tar- cent to $3.79 on Friday, shed- than expected in October, Source: Thomson Reuters THE WALL STREET JOURNAL. J. Kelley, whose office is ulti-
geted in a regulatory filing. ding more than 26% during while average hourly earnings mately responsible for signing
Further rattling some inves- the week. slipped slightly from the previ- by distortions to the data in July through September. off on the trades.
tors and bankers this past Funko fell another 1% Fri- ous month. Bond investors caused by recent hurricanes. That was one of the largest The report said the commit-
week: a steep drop in the day to $7, remaining below its have been closely watching Partly for that reason, the quarterly gains in recent years. tee examined the role of the
shares of Blue Apron Hold- IPO price of $12. wage data because a pickup in report “doesn’t really change a This past week’s modest legal department and con-
ings Inc. The stock fell 19% on A spokeswoman for Blue workers’ pay could exert up- lot” for the bond market, bond rally marked a break cluded that “neither Equifax’s
Thursday to an all-time low Apron declined to comment, ward pressure on inflation, though the “surprising weak- from the recent climb in chief legal officer nor his des-
after the meal-kit company, while a spokeswoman for which has stalled below the ness of average hourly earn- yields. Reports that President ignated preclearance officer
which went public in late Funko didn’t reply to a request Federal Reserve’s 2% target. ings could be supportive” for Donald Trump would nominate had reason to believe” the four
June, reported a loss and said for comment. Inflation is one of the main longer-term Treasurys, said Federal Reserve Board gover- executives knew about the se-
it shed customers in the third Both Funko and Blue Apron threats to government bonds John Canavan, market analyst nor Jerome Powell to become curity incident when they re-
quarter. The stock closed at are relatively small companies, because it erodes the purchas- at Stone and McCarthy Re- the central bank’s next chair- quested preclearance and exe-
$3.80, 62% below its IPO price, and their poor showings are ing power of their fixed pay- search Associates. man, followed by the official cuted their trades.
making it the worst-perform- the exception in the broader ments. It can also lead the Fed Other gauges of workers’ announcement on Thursday, The committee concluded
ing IPO of 2017, according to IPO class of 2017. Roughly two- to raise interest rates, which pay have been more positive helped ease pressure on the the authorization given to the
Dealogic data. thirds of U.S.-listed IPOs this poses another threat to the than the data released Friday. market. Mr. Powell is viewed executives to trade was
As major stock indexes trade year are trading above their value of outstanding debt. On Tuesday, the Labor Depart- by investors as representing a “within the authority permit-
at records, stumbles in IPOs IPO prices, based on Dealogic Heading into the jobs re- ment said the employment-cost continuation of Fed Chair- ted under [company] policy.”
tend to grab the attention of data through Thursday; on av- port, analysts and investors index, a measure of wages and woman Janet Yellen ’s gradual —Joann S. Lublin
analysts and traders, as many erage, 2017’s IPOs are up 21% had cautioned that its impact benefits for civilian workers, approach to raising interest and Dave Michaels
view a healthy IPO market as a from their offer prices. on Treasurys could be limited rose a seasonally adjusted 0.7% rates. contributed to this article.
B10 | Saturday/Sunday, November 4 - 5, 2017 * *** THE WALL STREET JOURNAL.
MARKETS
Stock Indexes Hit Records as Apple Gains
BY DAVID HODARI
AND CORRIE DRIEBUSCH Earnings, Tax Overhaul Swing U.S. Stocks
Some strong earnings reports lifted shares of technology companies during
A sharp rise in Apple’s stock the week, while the newly unveiled tax plan shook up home builders.
helped catapult three major U.S.
stock indexes to close the week Strong performance by tech stocks has lifted the Nasdaq Composite Apple’s stock jumped Friday after the tech giant
with records. to 63 record closes in 2017, the most ever in a calendar year. reported its best quarterly growth in two years.
Investors faced a string of
potentially market-moving an- 1.0% 3.5%
nouncements over the past Nasdaq performance Share-price performance
0.8 3.0
week, from the House Republi-
cans’ plans for a tax overhaul,
0.6 2.5
to a Federal Reserve meeting to
the October jobs report. 0.4 2.0
Through it all, the stock market
remained resilient, traders said. 0.2 1.5
“Investors don’t want to
miss the next new high tomor- 0 1.0
row,” said Nicholas Angilletta,
head of capital markets for –0.2 0.5
Deutsche Bank Wealth Manage-
–0.4 One-minute intervals 0 One-minute intervals
ment Americas.
The tech-heavy Nasdaq Com- Mon. Tues. Wed. Thurs. Fri. 10 11 noon 1 2 3 4
posite gained 49.49 points, or
0.7%, to 6764.44 on Friday after
Newell Brands tumbled during the week after the Home-builder stocks fell after details of the Oil prices reached their highest level in more than two
Apple delivered its best quar-
maker of Sharpie markers cut its 2017 forecast House Republicans’ tax bill were released. years, boosting shares of oil-and-gas producers.
terly growth in two years. It
and declined to offer any estimates for 2018.
marked the index’s 63rd record
5% 2% 4.0%
close in 2017, setting a new high KB Home
for the number of records hit in Lennar
0 Share-price performance Toll Brothers
Crude-oil performance
a calendar year. 0 3.0
The Dow Jones Industrial
–5
Average rose 22.93 points, or
0.1%, to 23539.19, while the S&P Share-price performance –2 2.0
–10
500 added 7.99 points, or 0.3%,
to 2587.84. –15
Both indexes notched their –4 1.0
eighth consecutive weekly –20
gains, their longest winning
–6 0
streak in nearly four years. It –25
also was the 25th time the three
major U.S. stock indexes closed –30 One-minute intervals –8 One-minute intervals –1.0 One-minute intervals
at records together on the same
Mon. Tues. Wed. Thurs. Fri. Thurs. Fri. Mon. Tues. Wed. Thurs. Fri.
day.
Apple shares jumped $4.39, Source: FactSet THE WALL STREET JOURNAL.
or 2.6%, to $172.50 on Friday,
putting its year-to-date gain at ings, attention among U.S. in- the prior month. set Management, noting that Exporting Countries will extend Puigdemont, the leader of Cata-
49%. Global technology shares vestors also rested on the Octo- On Friday, investors also expectations for a tax cut in its deal to cut production. U.S.- lonia’s secessionist movement
mostly moved higher in concert, ber jobs report, a key indicator continued to parse details of a 2018 are one of the reasons for traded crude oil for December who fled to Belgium to escape
also supported by upbeat re- of the strength of the economy. Republican tax bill and the the asset manager’s modest delivery rose 2% to $55.64 a the authorities in Spain.
sults from Alibaba and other The report showed a gain of nomination of Fed governor Je- preference for equities over barrel on Friday, putting its Asia-Pacific equities were lit-
U.S.-listed tech giants earlier 261,000 jobs last month, ac- rome Powell to be the next bonds. weekly gain at 3.2%. Energy tle changed Friday. Chinese tech
this week. In Europe, shares of cording to the Labor Depart- chairman of the central bank. Still, “this is a very fluid pro- stocks in the S&P 500 added giant Tencent Holdings ad-
chip-gear firm ASML Holding ment, a pickup from the prior The yield on the 10-year Trea- cess, and it’s likely that there 1.7% in the past week, making it vanced 1.7% to a fresh record af-
rose 1.2%, chip maker Infineon month but below the 315,000 sury note slipped to 2.343%, will be a lot of change to what the best-performing sector after ter peer Alibaba reported posi-
Technologies added 1.7% and jobs expected by economists from 2.347% on Thursday. is currently being proposed,” he technology. tive quarterly results. The gain
semiconductor maker STMicro- surveyed by The Wall Street Yields decline as prices rise. added. In Europe, Spanish bank helped Hong Kong’s Hang Seng
electronics climbed 2.7%. In Journal. The closely watched “We think tax reform is more Oil prices rose to their high- shares fell, dragging Spain’s Index—of which Tencent is the
Taiwan, shares of Largan Preci- wage-growth figure showed likely than the market thinks it est levels since July 2015 on in- IBEX 35 down 1%. A Spanish largest component—rise 0.3%.
sion were up 3.6%. that wages rose 2.4% from a is,” said Jon Adams, investment vestors’ hopes that the Organi- judge Friday issued an interna- —Riva Gold
In addition to Apple’s earn- year earlier, a slowdown from strategist with BMO Global As- zation of the Petroleum tional arrest warrant for Carles contributed to this article.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Jobs Market Is at a Tipping Point OVERHEARD Venezuelan

Debt Crisis
Whether Republicans suc- would happen to asset prices. Hell hath no fury like a
Work Slowdown
ceed in passing their tax plan
will matter for the economy.
What the jobs market does,
Change in U.S. nonfarm payrolls from a year earlier
Mr. Powell favors lighter fi-
nancial regulation than cur-
rent Fed Chairwoman Janet
bullish analyst who gets an
important stock very wrong.
On Friday, Scott Davis of
Will Be Huge
and how the Federal Reserve 3.5 million Yellen, but he was also wor- Melius Research let loose on There are sovereign-debt
under the leadership of Je- ried about investors’ reach General Electric. He called crises and then there is Ven-
rome Powell responds to it, for yield during the run-up to the stock price, which fell be- ezuela.
will matter more. 3.0 the 2013 taper tantrum. low $20 this past week, “un- In one way, President Nico-
After a storm-related The other possibility is fathomable” and decried what lás Maduro’s announcement
stumble, hiring picked up in that employers start paying he saw as the “incompe- late Thursday that Venezuela
2.5
October. The Labor Depart- more. Maybe demand heats tence” of former Chief Execu- will seek to restructure its
ment on Friday reported the up or maybe because the tive Jeff Immelt and the com- debt is hardly a shocker. The
U.S. added 261,000 jobs last money that companies get pany’s board of directors. country is racked by political,
2.0
month, versus a gain of from corporate-tax breaks Mr. Davis was just getting social and economic crises: The
18,000 in September, when gives them more firepower started. “Given how many International Monetary Fund
the aftermaths of Hurricanes to compete for workers. Or hundreds of thousands of thinks gross domestic product
1.5
Harvey and Irma kept many maybe it happens just be- shareholders/employees/retir- will fall 12% this year after con-
people out of work. The un- 2012 ’13 ’14 ’15 ’16 ’17 cause the jobs market has ees are being hurt by GE’s ac- tracting 16.5% in 2016, while
employment rate slipped to a Source: Labor Department THE WALL STREET JOURNAL. tightened to the point where tions, we would expect an inflation next year could top
new multiyear low of 4.1%. it is hard to keep workers SEC investigation, AG investi- 2,000%. Yields on a Bloomberg
But although the labor tinues, the job gains will reac- adding the 100,000 or so without paying them more. gation, and potential criminal Barclays index of dollar-de-
market is strong, jobs growth celerate. But it is also a reflec- workers a month needed to Then the Fed would start investigations…in the best nominated Venezuelan bonds
is slowing. There were two tion of a tighter labor market, keep up with population worrying more about the case, GE misled investors as have been north of 20% since
million more jobs last month where companies are strug- growth. The result would be economy overheating, to its financial health; in the late 2014 after the price col-
than a year earlier; in Octo- gling to fill jobs and are re- uninspiring economic growth launching it into a debate worst case there may have lapse of oil, which accounts for
ber 2016, the on-the-year gain sisting paying higher wages to and low inflation—or pretty over how quickly to raise been actions that rise to a 95% of the country’s exports
was 2.4 million, and in Octo- attract the workers they say much what investors have rates. Experience suggests it higher level of harm.” according to Standard & Poor’s.
ber 2015, it was 2.8 million. they need. Average hourly been used to over the past would be a dangerous time A GE spokeswoman said, But any restructuring is
Some of that shift lower in earnings were up just 2.4% several years. Under those for the Fed and the economy. “There is no accounting fraud set to be fearsomely com-
hiring is a reflection of slow last month from a year earlier. circumstances, Fed governor If he gets the nod from the at GE.” plex. Holders of some $64
economic growth—companies So what happens next? Powell, if he gets confirmed Senate, Mr. Powell will be at But Wall Street is a billion in bonds issued by the
aren’t going to hire to meet One possibility is that em- for the chairmanship, proba- the Fed’s helm early next strange place. Mr. Davis has a government and PdVSA may
demand that isn’t there—so ployers hold the line on bly would guide the Fed to year. He could be put to the “buy” rating on the stock be pitted against bilateral
maybe if the recent pickup in wages, and hiring drifts raise rates slowly. test soon after. with a $35 price target. creditors including China and
gross domestic product con- lower until the jobs market is The risk might be what —Justin Lahart Russia, where economic con-
siderations will be combined
with political and diplomatic
Tesla and Its Investors Need to Watch the Company’s Cash motives; total debt is pegged
at between $100 billion and
$150 billion, according to
Tesla has huge growth profitability and positive cash burn could look similar shortage of investors who brokerage Exotix Capital.
plans and a heavy balance cash flow once it hits its to the third quarter. Wrong Direction want to own a piece of the And creditors might not
sheet. Those conflicting real- weekly Model 3 production Chief Executive Elon Musk Tesla's automotive gross margins electric-car maker. Tesla an- even be willing to agree to a
ities mean the company, and targets in the first quarter of said on Wednesday’s earn- nounced in March that Chi- restructuring with Mr. Ma-
investors, should be closely next year. Further delays ings conference call that 30% nese internet company Ten- duro in power, since a drastic
watching its capital needs. would put a focus on its bal- next year’s capital needs will 28 cent had bought nearly $2 economic overhaul is needed:
The electric-car giant is ance sheet. be similar to this year’s total 26 billion of stock on the open In its absence, it is impossi-
scrambling to get its Model 3 Tesla ended the third of $3.6 billion. 24 market. ble even to determine what
mass-market sedan into full quarter with $3.5 billion in Issuing more bonds 22 The more cash that Tesla kind of debt might be sus-
production and to speed up cash. But that money is doesn’t seem practical. The 20 can raise now, the more tainable. Support from the
deliveries to its long list of bound to go quickly. Tesla company now has more than breathing room it can buy it- IMF seems indispensable, but
18
reservation holders, who burned $1.4 billion in cash in $9.5 billion in long-term self to sort out the produc- Venezuela hasn’t undergone a
were informed of delays this the third quarter, meaning bonds. 2015 2016 2017 tion issues. The longer it regular annual consultation
past week. nearly all of the proceeds of Investors who bought the Source: FactSet takes to solve the problems, with the fund since 2004. The
Reducing that backlog is August’s $1.8 billion bond is- bonds sold in August are al- THE WALL STREET JOURNAL. the lower the share price U.S. sanctions may make it
necessary to get the stock sue have already been spent. ready sitting on losses—the will be and the more skepti- extremely hard to effect any
moving in the right direction Tesla expects $1 billion in debt trades at less than 95 Stock would be easier to cal investors will grow. restructuring involving newly
once again: Tesla shares are capital spending for the cents on the dollar just three sell. Investors who bought There is always some issued debt, and PdVSA has
down 21% in the past six fourth quarter and given the months after it was issued. shares in the last stock sale comfort in having cash in extensive commercial links
weeks, though still up 43% continued production prob- Those are large losses for in March still have healthy the bank. Tesla should top with the U.S.
this year. lems, operating cash flow is bond investors, especially in gains. Even now, there up its account. Any resolution will be diffi-
Tesla expects improved likely to be negative, so the a strong credit market. doesn’t appear to be a —Charley Grant cult indeed. —Richard Barley
Living well with Genes: Don’t be

Alzheimer’s: too impressed.
Why many can A new book says
stay active and we’re more alike
engaged than we think
C3 C7
BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, November 4 - 5, 2017 | C1
In the 100 years since

Lenin’s coup in Russia,
T the ideology devoted to
IS
abolishing markets
M E
and private property has

UN
M TH
left a long and bloody

trail of destruction.
A CENTURY AGO THIS WEEK,

communism took over the Rus-
sian empire, the world’s largest
CE
state at the time. Leftist move-

ments of various sorts had been common in
CO
European politics long before the revolution

of Oct. 25, 1917 (which became Nov. 7 in the
reformed Russian calendar), but Vladimir
Lenin and his Bolsheviks were different.
NT
They were not merely fanatical in their con-

victions but flexible in their tactics—and for-
tunate in their opponents.
Communism entered history as a ferocious
yet idealistic condemnation of capitalism,
promising a better world. Its adherents, like
others on the left, blamed capitalism for the
UR
miserable conditions that afflicted peasants

and workers alike and for the prevalence of
indentured and child labor. Communists saw
the slaughter of World War I as a direct re-
sult of the rapacious competition among the
great powers for overseas markets.
Y
But a century of communism in power—

with holdouts even now in Cuba, North Ko-
rea and China—has made clear the human
cost of a political program bent on over-
throwing capitalism. Again and again, the ef-
fort to eliminate
markets and pri-
vate property has The
brought about the human
deaths of an as-
cost:
IN
tounding number
of people. Since at least
TK
1917—in the Soviet

Union, China, Mon-
65 million
KO
golia, Eastern Eu- lives.

rope, Indochina,
N
Africa, Afghanistan
HE
and parts of Latin

America—communism has claimed at least
EP
65 million lives, according to the painstaking

research of demographers.
ST
Communism’s tools of destruction have in-

cluded mass deportations, forced labor camps
and police-state terror—a model established
BY
by Lenin and especially by his successor Jo-

seph Stalin. It has been widely imitated.
Though communism has killed huge numbers
of people intentionally, even more of its vic-
tims have died from starvation as a result of
its cruel projects of social engineering.
For these epic crimes, Lenin and Stalin bear
personal responsibility, as do Mao Zedong in
China, Pol Pot in Cambodia, the Kim dynasty in
North Korea and any number of lesser commu-
nist tyrants. But we must not lose sight of the
ideas that prompted these vicious men to kill
on such a vast scale, or of the nationalist con-
text in which they embraced these ideas. Anti-
capitalism was attractive to them in its own
right, but it also served as an instrument, in
their minds, for backward countries to
leapfrog into the ranks of great powers.
Please turn to the next page
Mr. Kotkin is a professor of

history and international
affairs at Princeton and a
senior fellow at
Stanford’s Hoover
Institution. His latest
book, “Stalin: Waiting for
Hitler, 1929-1941,” was
published last month by
ILLUSTRATION BY EDEL RODRIGUEZ
Penguin Press.
INSIDE
MIND & MATTER WEEKEND CONFIDENTIAL

She has photographed
What would everybody who was anybody.
Batman do? A portrait of Annie Leibovitz.
New research C11
on children
and the
power of
pretending.
C2
ESSAY EXHIBIT BOOKS
Coming soon: Products that Admit it, that’s a good-looking Was William McKinley
can transform themselves tri-colored jewel beetle. our first truly modern
according to our needs. Bugs can be beautiful. president? A new biography.
C4 C12 C5
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C2 | Saturday/Sunday, November 4 - 5, 2017 * *** THE WALL STREET JOURNAL.
Communism: A Global Reckoning

Continued from the prior page the country descended into yet another famine from 1931 to 1933.
The communist revolution may now be spent, but its centenary, Forced collectivization during those few years would claim five to
as the great anticapitalist cause, still demands a proper reckoning. seven million lives.
In February 1917, Tsar Nicholas II abdicated under pressure from The Soviet Union’s awful precedent did nothing to deter other
his generals, who worried that bread marches and strikes in the communist revolutionaries. Mao Zedong, a hard man like Stalin,
capital of St. Petersburg were undermining the war effort against had risen to the top of the Chinese movement and, in 1949, he and
Germany and its allies. The February Revolution, as these events his comrades emerged as the victors in the Chinese civil war. Mao
became known, produced an unelected provisional government, saw the colossal loss of life in the Soviet experiment as intrinsic
which chose to rule without the elected parliament. Peasants began to its success.
to seize the land, and soviets (or political councils) started to form His Great Leap Forward, a violent campaign from 1958 to 1962,
among soldiers at the front, as had already happened among politi- was an attempt to collectivize some 700 million Chinese peasants
cal groups in the cities. and to spread industry throughout the countryside. “Three years
That fall, as the war raged on, Lenin’s Bolsheviks undertook an of hard work and suffering, and a thousand years of prosperity,”
armed insurrection involving probably no more than 10,000 people. went one prominent slogan of the time.
They directed their coup not against the provisional government, Falsified reports of triumphal harvests and joyful peasants inun-
which had long since become moribund, but against the main so- dated the communist ruling elite’s well-provisioned compound in
MIND & MATTER: viet in the capital, which was dominated by other, more moderate Beijing. In reality, Mao’s program resulted in one of history’s dead-
socialists. The October Revolution began as a putsch by the radical liest famines, claiming between 16 and 32 million victims. After the
ALISON GOPNIK left against the rest of the left, whose members denounced the Bol- catastrophe, referred to by survivors as the “communist wind,”
sheviks for violating all norms and then walked out of the soviet. Mao blocked calls for a retreat from collectivization. As he de-
The Bolsheviks, like many of their rivals, were devotees of Karl clared, “the peasants want ‘freedom,’ but we want socialism.”
The Power of Marx, who saw class struggle as the great engine of history. What
he called feudalism would give way to capitalism, which would be
Nor did this exhaust the repertoire of communist brutality in the
name of overthrowing capitalism. With their conquest of Cambodia
Pretending: What replaced in turn by socialism and, finally, the distant utopia of
communism. Marx envisioned a new era of freedom and plenty, and
in 1975, Pol Pot and his Khmer Rouge drove millions from the coun-
try’s cities into the countryside to work on collectives and forced-
Would a Hero Do? its precondition was destroying the “wage slavery” and exploita-
tion of capitalism. As he and his col-
labor projects. They sought to remake Cambodia as a classless,
solely agrarian society.
SOMETIME OR OTHER, almost laborator Friedrich Engels declared The Khmer Rouge abolished
all of us secretly worry that in the Communist Manifesto of 1848, money, banned commercial fishing
we’re just impostors—bumbling our theory “may be summed up in and persecuted Buddhists, Muslims
children masquerading as com- the single sentence: Abolition of pri- and the country’s ethnic Vietnamese
petent adults. Some of us may vate property.” and Chinese minorities as “infiltra-
deal with challenges by pretend- Once in power in early 1918, the tors.” Pol Pot’s regime also seized
ing to be a fictional hero instead of our unim- Bolsheviks renamed themselves the children to pre-empt ideological in-
pressive selves. I vividly remember how chan- Communist Party as they sought to fection from “capitalist” parents.
neling Jane Austen’s Elizabeth Bennet got me force-march Russia to socialism and, All told, perhaps as many as two
through the awkwardness of teen courtship. eventually, to history’s final stage. million Cambodians, a quarter of the
But can you really fake it till you make it? Millions set about trying to live in population, perished as a result of
Two recent studies—by Rachel White of new ways. No one, however, knew starvation, disease and mass execu-
the University of Pennsylvania, Stephanie precisely what the new society was tions during the four nightmarish
Carlson of the University of Minnesota and supposed to look like. “We cannot years of Pol Pot’s rule. In some re-
colleagues—describe what they call “The Bat- give a characterization of socialism,” gions, skulls could be found in every
man Effect.” Children who pretend that they Lenin conceded in March 1918. pond.
are Batman (or Dora the Explorer or other “What socialism will be like when it Marx’s class analysis denied legiti-
heroic figures) do better on measures of self- reaches its completed form we do macy to any political opposition, not
control and persistence. not know, we cannot say.” just from “bourgeois” elements but
In the first study, published in 2015 in the But one thing was clear to them: from within communist movements
journal Developmental Science, the experi- Socialism could not resemble capi- themselves—because dissenters “ob-
menters gave 48 5-year-olds increasingly talism. The regime would replace jectively” served the interests of the
challenging problems that required them to private property with collective international capitalist order. The re-
use their skills of control and self-inhibition. property, markets with planning, lentless logic of anticapitalist revolu-
For example, researchers might ask a child to and “bourgeois” parliaments with tion pointed to a single leader atop a
sort cards according to their color and then “people’s power.” In practice, how- single-party system.
suddenly switch to sorting them by shape. ever, scientific planning was unat- From Russia and China to Cambo-
Between the ages of 3 and 7, children gradu- tainable, as even some communists dia, North Korea and Cuba, commu-
ally get better at these tasks. conceded at the time. As for collec- nist dictators have shared key traits.
The experimenter told some of the children tivizing property, it empowered not All have conformed, more or less, to
to pretend to be powerful fictional characters the people but the state. MAO ZEDONG in Beijing, 1952. the Leninist type: a fusion of militant
as they completed these tasks. The children The process set in motion by the ideologue and unprincipled intriguer.
even put on costume props (like Batman’s communists entailed the vast expan- And all have possessed an extreme
cape or Dora’s backpack) to help the pretend- sion of a secret-police apparatus to handle the arrest, internal de- willpower—the prerequisite for attaining what only unspeakable
ing along. The experimenter said, “Now, portation and execution of “class enemies.” The dispossession of bloodshed could bring.
you’re Batman! In this capitalists also enriched a new class of state functionaries, who Communism was hardly alone over the past century in commit-
game, I want you to gained control over the country’s wealth. All parties and points of ting grand carnage. Nazism’s repression and wars of racial extermi-
Children ask yourself, ‘Where view outside the official doctrine were repressed, eliminating poli- nation killed at least 40 million people, and during the Cold War,
perform does Batman think
the card should go?’ ”
tics as a corrective mechanism.
The declared goals of the revolution of 1917 were abundance and
anticommunism spurred paroxysms of grotesque violence in Indo-
nesia, Latin America and elsewhere.
better as The pretenders did social justice, but the commitment to destroy capitalism gave rise But as evidence of communism’s horrors emerged over the de-
Batman substantially better to structures that made it impossible to attain those goals. cades, it rightly shocked liberals and leftists in the West, who
than the children who In urban areas, the Soviet regime was able to draw upon armed shared many of the egalitarian aims of the revolutionaries. Some
or Dora. tried to solve the task factory workers, eager recruits to the party and secret police, and repudiated the Soviet Union as a deformation of socialism, attrib-
as themselves. on young people impatient to build a new world. In uting the regime’s crimes to the backwardness of
In the second the countryside, however, the peasantry—some 120 Russia or the peculiarities of Lenin and Stalin. Af-
study, published last million souls—had carried out their own revolution, To ter all, Marx had never advocated mass murder or
December in the journal Child Development, deposing the gentry and establishing de facto peasant Gulag labor camps. Nowhere did he argue that the
the experimenters set up a task so fiendish it land ownership. implement secret police, deportation by cattle car and mass
might have come from the mind of the Joker. With the devastated country on the verge of fam- Marxist death from starvation should be used to establish
They gave 4- and 6-year-old children a boring
and somewhat irritating task on the com-
ine, Lenin forced reluctant party cadres to accept the
separate peasant revolution for the time being. In the
ideals is to collective farms.
But if we’ve learned one lesson from the com-
puter—pressing a button when cheese ap- countryside, over the objections of communist pur- betray them. munist century, it is this: That to implement Marx-
peared on the screen and not pressing it ists, a quasi-market economy was allowed to operate. ist ideals is to betray them. Marx’s demand to
when a cat appeared. The children also re- With Lenin’s death in 1924, this concession became “abolish private property” was a clarion call to ac-
ceived a tablet device with an interesting Stalin’s problem. No more than 1% of the country’s ar- tion—and an inexorable path to the creation of an
game on it. able land had been collectivized voluntarily by 1928. oppressive, unchecked state.
The children were told that it was impor- By then, key factories were largely owned by the state, and the re- A few socialists began to recognize that there could be no free-
tant for them to finish the task on the com- gime had committed to a five-year plan for industrialization. Revo- dom without markets and private property. When they made their
puter but that, since it was so boring, they lutionaries fretted that the Soviet Union now had two incompatible peace with the existence of capitalism, hoping to regulate rather
could take a break when they wanted to play systems—socialism in the city and capitalism in the village. than to abolish it, they initially elicited denunciations as apostates.
the game on the tablet instead. Stalin didn’t temporize. He imposed coercive collectivization Over time, more socialists embraced the welfare state, or the mar-
The children then received different kinds from the Baltic Sea to the Pacific Ocean, even in the face of mass ket economy with redistribution. But the siren call to transcend
of instructions. One group was told to reflect peasant rebellion. He threatened party officials, telling them that capitalism persists among some on the left.
and ask themselves, “Am I working hard?” if they were not serious about eradicating capitalism, they should It also remains alive, though hardly in orthodox Marxist fashion,
Other children got to dress up like a favorite be prepared to cede power to the rising rural bourgeoisie. He in- in Russia and China, the great redoubts of the communist century.
heroic character—Batman, Dora and others. cited class warfare against “kulaks” (better-off peasants) and any- Both countries continue to distrust what is perhaps most impor-
They were then told to ask themselves, “Is one who defended them, imposing quotas for mass arrests and in- tant about free markets and private property: Their capacity to
Batman [or whoever they were playing] ternal deportations. give independence of action and thought to ordinary people, pursu-
working hard?” Once again, pretending Stalin was clear about his ideological rationale. “Could we de- ing their own interests as they see fit, in private life, civil society
helped even the younger children to succeed. velop agriculture in kulak fashion, as individual farms, along the and the political sphere.
They spent more time on the task and less on path of large-scale farms” as in “America and so on?” he asked. But anticapitalism also served as a program for an alternative
the distracting tablet. “No, we could not. We’re a Soviet country. We want to implant a world order, one in which long-suppressed nationalist aims might
Last month at a conference of the Cognitive collective economy, not solely in industry, but in agriculture.” be realized. For Stalin and Mao, heirs to proud ancient civilizations,
Development Society in Portland, Ore., Dr. And he never backtracked, even when, as a result of his policies, Europe and the U.S. represented the allure and threat of a superior
Carlson discussed another twist on this exper- West. The communists set themselves
iment. Was it just the distraction of pretend- the task of matching and overtaking
ing that helped the children or something their capitalist rivals and winning a
FROM TOP: LYU HOUMIN/VISUAL CHINA GROUP/GETTY IMAGES; ANDY EAMES/ASSOCIATED PRESS
about playing powerful heroes? She and her central place for their own countries
colleagues tried to find out by having children on the international stage. This revo-
pretend to be “Batman on a terrible day.” lutionary struggle allowed Russia to
They donned tattered capes and saw pictures satisfy its centuries-old sense of a spe-
of a discouraged superhero—and they did cial mission in the world, while it gave
worse on the task than other children. China a claim to be, once again, the
These studies provide a more complex pic- Middle Kingdom.
ture of how self-control and will power work. Vladimir Putin’s resistance to the
We tend to think of these capacities as if they West, with his peculiar mix of Soviet
were intrinsic, as if some people just have nostalgia and Russian Orthodox re-
more control than others. But our attitude, vival, builds on Stalin’s precedent. For
what psychologists call our “mind-set,” may its part, of course, China remains the
be as important as our abilities. last communist giant, even as Beijing
There is a longstanding mystery about why promotes and tries to control a mostly
young children pretend so much and what market economy. Under Xi Jinping,
benefits such play provides. The function of the country now embraces both com-
adult pretending—in fiction or drama—Is munist ideology and traditional Chi-
equally mysterious. In the musical “The King nese culture in a drive to raise its
and I,” Oscar Hammerstein II wrote that by standing as an alternative to the West.
TOMASZ WALENTA
whistling a happy tune, “when I fool the peo- Communism’s bloody century has
ple I fear, I fool myself as well.” Pretending, come to an end, and we can only cele-
for children and adults, may give us a chance A CAMBODIAN MAN prayed during a ceremony in front of a map of skulls of Khmer Rouge brate its passing. But troubling as-
to become the people we want to be. victims at the Tuol Sleng Genocide Museum in Phnom Penh, March 10, 2002. pects of its legacy endure.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 4 - 5, 2017 | C3
REVIEW
tive reserve,” which kept his brain resilient.

He also had good “brain reserve.” His MRI
revealed a healthy brain. He exercised vigor-
ously twice a week, keeping his heart healthy
and increasing blood flow through his brain,
which keeps it more robust. These two types
of reserve—cognitive and brain—help to stave
off the effects of Alzheimer’s: the plaques and
tangles that kill nerve cells and cause net-
working dysfunction.
Joe was motivated to seek any and all avail-
able treatments, both those approved for Alz-
heimer’s and those that were still “off-label”
(approved for use in other illnesses) but
seemed promising. We started him on a combi-
nation of approved medications, to increase
levels of a brain chemical called acetylcholine
that becomes depleted in Alzheimer’s and to
amplify the efficiency in communication
among nerve cells.
We also started a brain-stimulation regimen,
including exercises like word-retrieval games,
done one-on-one with a psychologist, and tar-
geted, noninvasive magnetic pulses to alter
brain activity. Our goal was to capitalize on
Joe’s numerous strengths and to buttress capac-
ities where he was showing deficits.
Joe is 80 now. I recently got a call from an
outraged cardiologist whom Joe had seen for
a problem unrelated to his Alzheimer’s.
“What do you mean Joe has Alzheimer’s?”
he asked. “He is functioning perfectly!
There’s nothing wrong with him. You should
redo his tests. I do not believe this man has
JON KRAUSE
Alzheimer’s.”
As I told Joe’s cardiologist, Joe had had sev-
eral extensive work-ups over the seven years I’d
been treating him, including spinal fluid analy-
sis, and all of them were positive for Alzhei-
Living Well, Even

mer’s. In neurocognitive testing over that span,
ing, independent individ- Joe showed remarkable stability in most areas,
uals, but they are, in fact, such as visuospatial skills, and even improve-
the majority. ment in others, such as language, although his
Patients and families memory remained poor. Some may consider it
With Alzheimer’s
who are worried about heresy to speak of improvement in Alzheimer’s,
the potential ravages of but Joe unequivocally showed a positive re-
Alzheimer’s or another sponse to his treatment.
form of dementia often Joe had more insight into his cardiologist’s
make decisions based on irate reaction to the diagnosis than I did.
fear rather than on facts. When I recounted the conversation to Joe, he
The disease exists on a ter a thorough evaluation and laboratory work-
up, it turned out that his internist was right—
Physicians and other health caregivers are
sometimes subject to such emotions too. I’ve
said, “My cardiologist’s wife died of Alzhei-
mer’s. She spent her last year in a nursing
spectrum, and patients can Joe had Alzheimer’s disease. been as guilty of this as anyone else. home. He is old school and doesn’t understand
remain active and engaged Many people have the idea that Alzheimer’s
is a one-way street to inexorable decline. They
Confused and unsure about what to expect,
patients often lose confidence and begin to
or believe that some people with Alzheimer’s
do well with the proper treatment.”
believe that treatment is ineffective, which of- doubt their abilities, withdrawing into them- Joe’s situation will be familiar to physi-
BY GAYATRI DEVI ten discourages them from selves. In permitting this to cians with experience in memory disorders.
seeking a diagnosis when facing happen, we are doing our Some patients do, in fact, improve with treat-
memory loss. Seven loved ones and society a dis- ment, and many patients stay stable. This
SEVEN YEARS AGO, Joe, a 73-year-old man
with a patrician bearing, came to see me at my
But the reality of the disease
is very different. Having
years later, service, depriving those who
suffer from the disease of
makes sense once you recognize that Alzhei-
mer’s is a spectrum disorder, with many sub-
Manhattan office with his stylish wife and worked as a neurologist for Joe was years of pleasure, purpose and types and outcomes.
their grown daughter. (I’ve changed his name over 20 years, I see Alzhei- still sharp; fulfillment. Joe continues to work and to enjoy his days;
to protect his privacy.) A money manager in mer’s not as a single disease Joe did not want this to hap- he now manages his firm part-time. He has be-
charge of more than a billion dollars in assets, but as a spectrum disorder— his mind pen to himself. He had several gun to spend more time in Florida, but that
Joe could tell that his memory was fading. with a wide range of symp- was stable. things in his favor, all associ- feels natural to him at this stage in his career.
Transactions that were once easy for him had toms, responses to treatment ated with a better prognosis. Not very long ago, Joe and I had a heated
started to cause him trouble. and prognoses. Early diagnosis His subtype of Alzheimer’s— discussion about the stock market—and I am
“I was born with an extremely good brain, and treatment has kept many with mild language dysfunc- delighted to report that, despite my best ef-
and I’ve utilized it very well,” Joe said. “But in of my patients stable. tion, moderate memory loss, and excellent forts, I lost the argument. He is living proof
the last couple of years or so, I’ve been forget- Alzheimer’s is still poorly understood, and in visuospatial, language and life skills—sug- that an Alzheimer’s diagnose is not necessarily
ting. I watch a movie and lose the thread of it. thinking about it, most of us tend to focus on gested that he would respond to treatment. a barrier to leading a life of fulfillment and
I drive right past my destination. I used to have severe cases—people in the advanced stages of Also in his favor: He was still working and cognitive engagement.
a fantastic vocabulary, and now I search for the illness who may be mute and confined to a keeping his brain active. He was still handling
words. I think my brain cells are dying.” bed or wheelchair. But that is just a fraction of the demands of his job, which meant that the pa- Dr. Devi is director of Park Avenue Neurol-
Attesting to his eloquence, Joe summed up patients on the Alzheimer’s spectrum. Most are thology was early and not yet significantly af- ogy in New York. This essay is adapted from
by saying, “I see a consistent failure in cogni- still living in their communities, engaged in fecting his functioning. He had a supportive fam- her new book, “Spectrum of Hope: An Opti-
tion.” His astute internist was concerned that normal, everyday activities. We have not yet ily and social network, keeping him communally mistic and New Approach to Alzheimer’s
Joe was developing some type of dementia. Af- learned to associate the disease with function- engaged. All of this spoke to his excellent “cogni- Disease and Other Dementias” (Workman).
WHEN COFFEE BREWED A DIFFERENT SPIRIT

Its unhappy effect on Muslim A 16TH-CENTURY miniature of
BY JEFF KOEHLER
piety and observance didn’t go an Ottoman coffee house, popular
unnoticed. In the early 1700s, the centers for social activity.
WHAT INSTITUTION better captures the in- French traveler Jean de la Roque
tense, work-obsessed individualism of Ameri- wrote of “inhabitants of Mecca”
can life than the high-end coffee shop? Walk who frequented coffeehouses At the time, Starbucks only sold
into a Starbucks, Peet’s or some boutique cafe “without troubling themselves beans and not brewed drinks. The
and you encounter people hunkered down with about the Intention of the Devout romance and mystery of coffee
their brews and their screens or busily hurry- and Learned.” There, he noted, needed to include its social aspect,
ing to their next appointment. The coffee shop they “play Chess, and at Man- he believed, and he got the idea to
is now an extension of the office cubicle and calah [a shell game], even for open a series of Italian-inspired
the college library. Boring. Money. There they sing, play on cafes—but with larger cups and
But it wasn’t always that way. Coffee shops Instruments and dance; Things places to sit. Unable to convince
were born as raucous, free-spirited, slightly which the more rigid Muslims his bosses of his vision, Mr.
disreputable places—a bit of history that might cannot endure.” Over the next Schultz soon left to launch a small
help us to escape from today’s dreary, but- two centuries, pious mobs chain of coffee bars. Two years
toned-down coffee culture. wrecked the occasional coffee- later he bought Starbucks from his
The stimulating effect of drinks brewed house and a few conservative rul- former employers and aggres-
from coffee beans was first widely recognized ers placed bans on opening them. sively expanded.
in the Middle East. Coffeehouses could be The drink was virtually un- But the effort to turn Star-
found in Aden and Mecca by the early 1500s, known in Europe until 1615, when bucks into what Mr. Schultz
followed by ones in Cairo, Damascus, Baghdad a shipment arrived in Venice. As called “a comfortable, sociable
and Istanbul. in the Middle East, coffee’s popu- gathering spot away from home
Restaurants didn’t really exist at the time, larity—and the advent of places and work,” never really took hold.
and alcohol was forbidden under Islam, so cof- to serve it—was immediate and Most Americans today, it turns
feehouses soon emerged as a prime social intense. In England, the strong, out, are too harried to pause and
venue. The open seating broke down class bar- caffeinated drink was an antithe- chat over coffee, too preoccupied
riers, and the drink itself encouraged conversa- sis to ale: Coffee was considered with their own affairs to engage
tion. “It brings to the drinker a sprightliness of a catalyst for clear thoughts and with strangers. In today’s coffee-
spirit and a sense of mental well-being,” as the clever talk. An illustrious collec- houses, noise is rarely tolerated,
Arab writer Abd al-Qadir al-Jaziri observed in tion of poets, writers and wits and mirth receives scowling
BRIDGEMAN IMAGES
1558. There was even a word for coffee’s bliss- were habitués of English coffee- glances
ful effects, marqaha, which can be translated houses, from Alexander Pope and So the next time you go to
as “coffee euphoria.” John Milton to James Boswell and Starbucks, take a friend and sit
Coffeehouses quickly sprouted up across the Samuel Johnson. for a few minutes at leisure. Try
region. According to historian Ralph Hattox, Is- It was Italy, though, that devel- to recall the days when the
tanbul already had some 600 well before the end oped an influential culture around drink’s social effects were part of
of the century. The clientele, though, was not al- the drink, especially with the in- coffee’s “euphoria.”
ways considered upstanding. “All these people vention of the espresso machine in the late changing epiphany in 1983. He was fascinated
are quite base, of low costume and very little in- 1800s and the flourishing of neighborhood by these vibrant, noisy and sociable places,
dustry, such that, for the most part, they spend espresso bars. each one unique but uniformly abuzz with the This essay is adapted from Mr. Koehler’s
their time sunk in idleness,” wrote the Venetian In one such Milan bar, Starbucks employee camaraderie between the clientele and the new book, “Where the Wild Coffee Grows,”
traveler Gianfrancesco Morosini in 1585. Howard Schultz experienced his industry- barista behind the counter. to be published on Nov. 14 by Bloomsbury.
REVIEW
WORD ON THE
STREET:
BEN ZIMMER
‘Flip’ Vaults
Into Inquiry
On Russia
ON MONDAY, court documents
revealed that George Papadopou-
los, a former foreign-policy ad-
viser to Donald Trump, had en-
tered into a plea agreement after
FROM TOP: ICD UNIVERSITY OF STUTTGART; BIOROBOTICS LABORATORY/EPFL; MELANIE GONICK/MIT
his July arrest and had tried to

cooperate with Special Counsel
Robert Mueller’s investigation.
This promoted speculation that
the Mueller team may have
“flipped” Mr. Papadopoulos.
As a HuffPost headline read
about the investigation into al-
leged Russian interference in the
2016 presidential campaign,
“Robert Mueller Flipped a Trump
Campaign Adviser. That’s Bad
News for the White House.”
When a prosecutor “flips” a
witness, that witness has been
talked into providing information
and testifying against associates
or accomplices, typically in ex-
change for leniency. (Mr. Papado-
poulos pleaded guilty to lying to
federal agents about his contacts
with Russia during the cam-
paign.) “Flipping” is a term that
THE HYGROSCOPE, at the Centre Pompidou in Paris, moves in response to humidity—without motors or computers. originated in underworld slang
before being embraced in law-en-
The Future of
forcement circles.
The word “flip” has been used
since the 16th century to refer to
tossing something in the air so
Programmable Stuff
that it turns over quickly, like
flipping a coin. It is historically
related to the word “fillip,” origi-
nally an onomatopoetic term for
the flick of a finger. Over time,
“flip” developed a variety of
slang senses. “Flipping your lid”
The next generation of or “flipping your wig” means los-
ing your composure, often short-
products and tools will shift ened to “flipping” or “flipping
shapes to meet our needs ROOMBOTS out.” It also came to be used not
are softball- just for turning someone or
sized blocks
BY KELLY WEINERSMITH that can
AND ZACH WEINERSMITH rotate and A history tied to
dock with prosecutors,
each other.
WHY DO YOU USE your computer so much mobsters and
more than your bike? Because your bike basi- novelists.
cally does just one thing: It moves forward
when you pedal it. Your computer does many
things—and is capable of doing a limitless
number of things. That is because your com- something over, but for turning
puter is what we call “programmable matter.” someone against another person.
In principle, it can run any program, display Slang dictionaries record one
any image, make any sound and connect to any early printed use of “flip on,”
device that Windows hasn’t broken yet. meaning “to inform on an associ-
The question for the future is: What if we ate,” in the 1960 crime novel
could make all of our stuff as flexible and re- “The Scene,” by Clarence Cooper
sponsive as the computer? Or, at least, what Jr. In Cooper’s story, one petty
would it take to create many more everyday criminal assures another, “I
objects capable of adapting to our shifting won’t flip on you. I’ll never flip
tasks, needs and desires? Why can’t the mate- on nobody again.”
rials in a building automatically respond to This use of “flip” joined a col-
changes in the weather? Why can’t we recon- orful collection of terms for in-
figure our living room by ordering four chairs forming on someone to the po-
to reshape themselves into a table? Why can’t lice. The informer might “sing
we program robots to help us out in danger- could be a step toward a “universal tool,” ca- you, a particularly valuable feature for people like a canary,” “squeal,” “snitch,”
ous, unpredictable situations? In our age of pable of turning into anything you might find with limited mobility. It also would make fur- “rat on” associates or “sell them
advanced synthetic materials and ever more in a tool kit. That would be a big plus in envi- niture more adaptable and comfortable. You down the river.”
powerful computers, these things may not be ronments where packing efficiency is impor- could have a table that scales its height and From the perspective of law
as far off as they sound. tant, such as outer space or combat zones. breadth to suit a particular task, for example, enforcement, persuading crimi-
Various teams of researchers are working, A different kind of programming is involved or a light that moves to the optimum location. nals to “flip on” their confeder-
for instance, on paper-like robots that can fold in the elegant, membrane-like structure of the Such machines could be especially useful in ates came to be known as “flip-
themselves origami-style. Part of what makes HygroScope, created in 2012 by the architect dealing with dangerous environments. A ping” them, transforming “flip”
traditional origami en- Achim Menges and swarm of small robots that can assemble and into a transitive verb with the
joyable is that you can doctoral student Stef- disassemble on command might be deployed turncoat as the object.
make complex struc- fen Reichert, both at to do reconnaissance in a combat zone or to As early as 1980, police in
tures from a small set the University of Stutt- survey damage after a natural disaster. And if Manhattan were using “flip” in
of rules. But why do all gart. The HygroScope one component gets damaged or destroyed in this way, as documented in the
the folding ourselves? is made of thin pieces the process, the rest would be able to reas- book “Times Square” by New
A simple origami roof wood and synthetic semble and carry on. York Daily News investigative re-
bot consists of a piece composites carefully In 2014, a computer science group at Har- porter William Sherman. His
of flat material that engineered to bend in vard demonstrated another project, Kilobots, book was billed as “the true
permits a certain set of response to humidity— which is a swarm of 1,024 tiny, simple robots. story of an undercover cop on
folds. Along those folds without motors or They look like watch batteries with three stiff the toughest beat in America.” In
are mechanized hinges. computers. Now on little legs, and they move around by wobbling. it, an officer is quoted as saying,
The material also con- display at the Centre Using a simple algorithm, they can wobble into “Something tells me we can flip
tains circuitry allowing Pompidou in Paris, it is any two-dimensional shape, such as a star or these two guys.”
it to talk to a computer, more than just a beau- (a very impractical) wrench. The word also shows up in
so you can program the tiful object. It is a fore- The swarm currently takes about 6 hours to Nicholas Pileggi’s 1986 book
robot to fold in partic- runner for what may reshape, so there’s no need to worry that it “Wiseguy,” which served as the
ular sequences to cre- one day be a more en- will suddenly take the form of a killer robot basis for Martin Scorsese’s
ate different shapes. vironmentally friendly like the T-1000 from “The Terminator” movie. movie “Goodfellas.” Former
Daniela Rus, direc- and energy-efficient But there is great potential for a relatively in- prosecutor Edward A.
tor of the computer AN ORIGAMI BOT from MIT can way to regulate the cli- expensive, controllable swarm of robot ants McDonald, who served as attor-
science and artificial unfold itself. mate within a building. capable of working together. Like termites, ney-in-charge of the Federal Or-
intelligence laboratory at the As for the living space in the they might be able to build structures by care- ganized Crime Strike Force in
Massachusetts Institute of Tech- house of the future, wouldn’t it be fully moving the right parts into place. New York, recalled zeroing in
nology, envisions origami bots A table convenient if your furniture could Winged versions might be able to act as ro- on Henry Hill, who was part of
that can shape themselves into that comes reconfigure itself according to botic crop-pollinators. the criminal ring responsible
tools to perform medical proce-
dures or deliver drugs inside the
to you; a your changing needs? A robotics
group at École Polytechnique Fé-
Even in its simplest forms, there are many
possible uses for programmable matter that
for a 1978 heist at John F. Ken-
nedy Airport. He is quoted as
body. In a demonstration by her sheet that dérale de Lausanne in Switzer- could improve our lives. Imagine, for example, saying, “If there was ever a
team in May 2016, a tiny origami
bot made from pig intestine was
turns into land has created Roombots, which
are basically rounded, softball-
going to IKEA to shop for the next generation
of origami robots: You buy a flat board, take it
time to flip him against his old
crew it was at that moment.”
able to unfold itself from a swal- a chair. sized blocks that can rotate and home, and instead of reaching for that little After flipping Hill in real life,
lowed capsule in a simulated dock with each other. Because Allen wrench, just tell it to assemble itself into Mr. McDonald got to flip him all
stomach and move across the they can rotate, they can move, a desk or a dresser. We estimate that for this over again when he played him-
stomach wall with the help of an either by wiggling along or by innovation alone, humanity would save just self in “Goodfellas.”
external magnet. connecting together to make simple wheels. over 800 billion hours of labor a year.
Similar robots could be useful in larger Because they can dock, they can be formed
forms. If the material and folds can hold in into large complex assemblies, such as chairs This essay is adapted from the Weiner-
Answers
to the News Quiz on page C13:
place firmly enough, you could have a flat and desks. smiths’ new book, “Soonish: Ten Emerging
sheet that converts itself into a chair, a table, Once perfected, such robots would mean Technologies That’ll Improve and/or Ruin 1.B, 2.D, 3.A, 4.B, 5.C, 6.A,
a vase or anything else. The technology also that the objects in your house could come to Everything,” published by Penguin Press. 7.D, 8.C
ADAM SMITH & DAVID HUME C6 | THE STORIES IN OUR GENES C7 | A SEQUEL TO HENRY JAMES’S ‘PORTRAIT’ C9 | BEST SELLERS C10
© 2017 Dow Jones & Company. All Rights Reserved. * * * *

BOOKS THE WALL STREET JOURNAL. Saturday/Sunday, November 4 - 5, 2017 | C5
The McKinley Mystery

The 25th president was the first modern Republican. But was he an agent of change or merely its beneficiary?
aged by Cleveland industrialist Mark
President McKinley Hanna, changed the way Americans
By Robert W. Merry elect our presidents. With a war chest
Simon & Schuster, 608 pages $35 extracted from corporate interests
terrified of McKinley’s populist oppo-
BY RICHARD NORTON SMITH nent, former Nebraska congressman
William Jennings Bryan, Hanna & Co.
distributed 100 million pieces of liter-
TO MOST AMERICANS William ature, targeting diverse voting blocs
McKinley Jr. (1843-1901) is a color- as precisely as today’s Cambridge
less cipher, a name without a face. Analytica or Russian trolls. Yet even
We remember the Maine, but not the as he applied modern business prac-
man who oversaw the Spanish- tices to the campaign, McKinley
American War. No conspiracy theo- tapped into small-town nostalgia
ries attach themselves to his assassi- through a carefully orchestrated
nation. Modern visitors to his front-porch campaign in Canton.
hometown of Canton, Ohio, are more Before Election Day some 750,000 of
likely destined for the Pro Football his countrymen trooped to the
Hall of Fame than the Napoleonic McKinley front lawn for a highly
mausoleum built as a shrine to our effective dose of image making.
25th president. Trailing the parade
of (mostly) bearded seat warmers
who occupied the White House be- McKinley applied modern
tween the heroic Lincoln and the
swashbuckling Theodore Roosevelt, business practices to his
McKinley is seen as the Un- campaign, but also tapped
Roosevelt, a frock-coated conciliator
with more to say to the 19th century into small-town nostalgia.
than the 21st.
Robert Merry is not “most Ameri-
cans.” A veteran Washington journal- His election that fall realigned
ist, deeply knowledgeable of the polit- American politics, ushering in a pe-
ical character, Mr. Merry contends riod of Republican dominance lasting
that our last old-fashioned president until FDR’s Depression-era triumph in
was also our first truly modern one. 1932. “The advance agent of prosper-
Having authored a 2009 biography of ity” lived up to his name, though Mr.
the unjustly neglected James K. Polk, Merry leaves room for doubt as to
Mr. Merry is accustomed to question- how much the new president’s protec-
C.M. BELL/LIBRARY OF CONGRESS PRINTS AND PHOTOGRAPHS DIVISION
ing historical convention. Polk, the tionist policies actually contributed to

11th chief executive, made history by ending the nation’s worst economic
achieving in a single term all of his depression to date. (Discoveries of
announced objectives—tariff and gold in Alaska, Australia and else-
banking reform, peaceful settlement where undoubtedly helped.) To the
of the Oregon territorial dispute with old Hamiltonian reliance on govern-
Great Britain, and the forced acquisi- ment as the handmaiden of capitalist
tion of Texas, California and huge enterprise McKinley added a fervent
swaths of the American West. McKin- commitment to sound currency and
ley, by contrast, anticipates the reac- the first tentative steps toward freer,
tive president of more recent times, fairer trade.
judged less by inaugural-day visions Not for nothing did crusty House
than his response to unforeseen Speaker “Uncle Joe” Cannon claim
events at home and abroad. that McKinley, a thoroughly profes-
From boyhood McKinley showed sional politician, kept his ear so close
an instinct for leadership. Not yet to the ground it was full of grasshop-
20, his bravery at Antietam attracted pers. He didn’t just listen; he learned.
the patronage of his commanding of- THE IDOL OF OHIO ‘Call me Major. I earned that,’ McKinley would demur. ‘I am not so sure of the rest.’ Outgrowing his economic nationalism,
ficer, future president Rutherford B. by the end of his life McKinley was
Hayes, who would prove a helpful the onset of chronic, if mysterious, streak in his character. In Congress his Henry Clay Frick. McKinley returned declaring “Isolation is no longer pos-
guide through the cutthroat school illnesses that reduced Ida to clinging, name became synonymous with high all the donations from sympathetic sible or desirable.” The transforma-
of Ohio politics. Grounded in his sometimes querulous invalidism. The tariffs—the highest in American his- strangers. He also insisted on deduct- tive leader was himself transformed.
Methodist faith, McKinley retained a afternoon sun gave her headaches. tory. Gerrymandered out of his seat in ing something from every paycheck Far from being Hanna’s tool, as he is
sweet-tempered equanimity unim- She found the color yellow unset- 1890, he returned to office a year later for the rest of his life and handing it often portrayed, the McKinley de-
paired by early success, first as a tling. Because his emotionally fragile as governor of Ohio. When an unscru- over to his trustees. scribed by Mr. Merry is an indepen-
lawyer and then as a perennially wife hated to lose at cards, McKinley pulous friend defaulted on $130,000 in More facile rivals underestimated dent agent, unafraid to denounce
popular congressman. (“Call me Ma- took it upon himself to caution new- loans to which a trusting McKinley McKinley, usually to their regret. Con- mushrooming business trusts that
jor. I earned that,” he told strangers comers to the game, “Mrs. McKinley had affixed his signature, the gover- fronting a phalanx of machine politi- confused monopoly with efficiency. A
with typical modesty. “I am not so always wins.” nor faced financial and political ruin. cians hoping to deny him the Republi- gifted storyteller, Mr. Merry breathes
sure of the rest.”) His 1871 marriage In time Ida was diagnosed with In a twist worthy of a Frank Capra can presidential nomination in 1896, life into distant controversies. Peering
to Ida Saxton, the spirited daughter epilepsy, a condition widely, inaccu- movie, 5,000 citizens sent McKinley the supposed innocent conceived the behind his subject’s masks, he locates
of a Canton banker, formalized a life- rately associated with mental impair- unsolicited contributions to supple- perfect slogan to frame his candidacy: the driving ambition and calculating
long love affair whose ardor survived ment. McKinley’s efforts to conceal ment larger gifts from such Gilded “The Bosses Against the People.” His shrewdness of a chief executive who
the early deaths of two children and her vulnerability reinforced a furtive Age worthies as George Pullman and fall campaign, brilliantly stage man- Please turn to page C7
The Wit in the ‘Big House’

Anglo-Irish. They were more knowl- lier works to return to print on both near ye what have I seen? / Deep Ms. Phipps, “and was a good stock-
Molly Keane: A Life edgeable about the lives of foxes, sides of the Atlantic and was fol- great seas an’ a sthrong wind sighin’ man and horseman.”) He met his wife
By Sally Phipps pheasants and salmon than those of lowed by two further novels and two / Night an’ day where the waves are on a trip back home and, after the
Virago, 336 pages, $26.99 the Irish people who surrounded works of nonfiction. green.”) Her father, an Englishman, birth of their first child, they left
them. Snobs of the deepest dye, they Late in life, Keane Canada for Ireland, first
BY KATHERINE A. POWERS shrank in revulsion from anything suggested to the older of to Kildare, later to
connected with commerce—to their her two daughters, the County Wexford, where
own ruination. Molly Keane was one journalist Sally Phipps, Molly—as we shall call
IN A FAMOUS SPEECH before the of them, Anglo-Irish in every preju- that she write her biog- her henceforth—grew
Senate of the Irish Free State in 1925, dice and predilection, but she was raphy, saying that she up.
William Butler Yeats eulogized his also a writer of genius. She was the feared only that Ms. As a child, Molly
people, the Anglo-Irish, a race, as last chronicler of the Irish “big Phipps wouldn’t “be adored her mother, who
they saw it, unto themselves: “We are house,” summoning onto the page nasty enough.” Whether, returned the girl’s love
one of the great stocks of Europe. We the worst in her ilk—and, indeed, in in fact, she would have with indifference, being
are the people of Burke; we are the herself—with infectious relish. welcomed a truly nasty utterly wrapped up with
people of Grattan; we are the people account is doubtful, for her husband. And there,
of Swift, the people of Emmet, the the volatile, contradic- in Father, was another
people of Parnell. We have created The Anglo-Irish novelist tory character who chilly customer, a per-
the most of the modern literature of emerges from her fectionist who prized
this country. We have created the Molly Keane dissected daughter’s book is one competence, most espe-
best of its political intelligence.” the worst of her privileged who could dish it out cially in horsemanship.
Well, yes—and no. The Anglo- but not take it at all. He did not so much
Irish were also the people who gal- kind with infectious relish. Molly Keane was born teach his children to
loped and swanned through the Mary Nesta Skrine in ride as expect them to
pages of Molly Keane’s 14 novels: the 1904 in County Kildare, master it as a “God-
sort of people who considered an Molly Keane’s first 11 novels were the third of Walter and given” faculty, an atti-
interest in politics dreary and for published under the name M.J. Far- Agnes Skrine’s five chil- tude displayed by a
whom reading anything beyond rell, the last of these in the early dren. Her mother, raised number of Molly’s mer-
Burke’s Peerage and the General Stud 1950s; but she would not be known to in County Antrim, was a ciless fictional fathers.
Book was considered degenerate. us now had she not again taken up poet of some repute who Taken together, her
(One of the funniest scenes in her pen almost 30 years later and published under the parents left young Molly
Keane’s masterpiece, “Good Behav- produced the brilliant black comedy name Moira O’Neill. Her feeling lonely and
HACHETTE
iour,” describes the horrified reaction and near miracle of narrative ingenu- verses, many of them excluded, feelings—
to the discovery that the young heir ity, “Good Behaviour.” This is a novel sentimental songs of along with monstrous,
of a landed family has been reading so disconcertingly wicked that it was exile, were written in the WICKED BY BIRTH Keane’s humor was learned in a loveless home. ravening love—that be-
“A Child’s Garden of Verses.”) Horses, turned down by several publishers cooked-up version of came persistent themes
dogs, the house, the land and hospi- until André Deutsch in London picked Irish speech that so tickled the had emigrated to Canada, where for in her novels. These emotions could
tality to their own kind were the it up in 1980. The novel, short-listed Anglo-Irish. (“Wathers o’ Moyle an’ years he ran a successful ranch. (“He explode, in her characters and
chief concerns of the majority of the for the Booker Prize, caused her ear- the white gulls flyin’, / Since I was loved and understood land,” writes Please turn to page C6
BOOKS
‘Truth springs from argument amongst friends.’ —David Hume
An Enlightened Friendship
to the sarcastic comment: “What has
The Infidel and the Professor become of Rousseau? Has he gone
By Dennis C. Rasmussen abroad, because he cannot continue
Princeton, 316 pages, $29.95 to get himself sufficiently persecuted
in Great Britain?”
BY RUTH SCURR Hume and Smith were both radi-
cal critics of British policies toward
the American colonies in the 1770s.
ARISTOTLE DIVIDED friendship Hume was one of the first advocates
into three types, according to of American independence, arguing
whether it was motivated by utility, as early as 1771 that “our Union with
pleasure or virtue. In his “Theory of America . . . in the Nature of things,
Moral Sentiments” (1759), Adam cannot long subsist.” In “The Wealth
Smith claimed that only the last of of Nations” (1776), Smith reasoned
these deserved “the sacred and ven- that the voluntary granting of Amer-
erable name of friendship.” Smith’s ican independence was an implausi-
best friend was the philosopher ble dream. Instead he advocated full
David Hume, whom he described as American representation in the Brit-
approaching “as nearly to the idea ish Parliament, even imagining that
of a perfectly wise and virtuous the seat of the empire might move
man, as perhaps the nature of across the Atlantic in “little more
human frailty will permit.” In “The than a century” as America’s popula-
Infidel and the Professor,” Dennis tion and economy surpassed that of
Rasmussen, a professor of political the mother country.
science at Tufts University, tells the By 1776, it was clear that Hume
story of Smith and Hume’s bond, was dying. Smith spent as much
arguing convincingly and engag- time as he could with him but reso-
THE GRANGER COLLECTION; BRIDGEMAN IMAGES
ingly that there is “no higher exam- lutely refused to commit himself to
ple of a philosophical friendship in publishing posthumously Hume’s
the entire Western tradition.” “Dialogues Concerning Natural Reli-
Despite their 12-year age gap— gion” (published in 1779 by Hume’s
Hume was born at Ninewells, south nephew). Biographers of Hume and
of Edinburgh, in 1711, Smith at Kirk- Smith have long found this baffling:
caldy, north of the city, in 1723— How could Smith refuse his dearest
there were remarkable similarities in friend’s dying wish? Mr. Rasmussen
the two men’s experiences before explains this in the context of
they met. Both were brought up by Smith’s habitual caution and need
their mothers after the early deaths for a quiet life. Instead he wrote
of their fathers; both had nervous EMINENT EDINBURGHERS Eighteenth-century illustrations of Adam Smith and David Hume. and published a deeply moving
breakdowns in early adulthood from account of Hume’s death. He de-
overstudying; both wrote first books tery and suicide—never damaged his the most indispensable Duty, if they som”; and it was not long before scribed Hume reading Lucian’s
that they would later describe as friendship with the much more dis- did not make to me a long & elabo- Rousseau penned a paranoid letter 38 second-century satirical “Dialogues
juvenilia. Hume’s “A Treatise of creet and cautious Smith. The only rate Harangue in my Praise.” Hume pages long claiming that all Hume’s of the Dead” on his deathbed and
Human Nature” (1739) was published obstacle was the distance between wrote to Smith to tell him that a kindness was a plot against him. diverting himself with amusing
when he was 28, and Smith’s “The Edinburgh and Glasgow. Smith French translation of “The Theory of Rousseau’s contrarian ideas and excuses that he might make to delay
Principles Which Lead and Direct deemed Edinburgh “a very dissolute Moral Sentiments” was being pre- “extreme sensitivity . . . made it diffi- his departure on Charon’s boat
Philosophical Enquiries” was written town” and happily accepted the pared, and Smith wrote back to say cult for him to stay on good terms across the Styx to the underworld.
when he was 23, though not pub- chair of moral philosophy at Glasgow In the published version, Smith
lished until after his death. University in 1752. Hume, mean- reports Hume saying: “I have been
By the time they met, an event while, settled in Edinburgh, fre- Hume’s flamboyant skepticism often incensed his endeavouring to open the eyes of
that Mr. Rasmussen dates to 1749, quenting its taverns and clubs. Their the Public. If I live a few years lon-
Hume had already influenced Smith correspondence is full of entreaties contemporaries but never damaged his relationship ger, I may have the satisfaction of
through his work. Both men were to each other to undertake the ardu- with the much more discreet and cautious Smith. seeing the downfal of some of the
skeptical about the existence of God ous journey between Scotland’s two prevailing systems of superstition.”
and interested in behavioral explana- great cities. But in a private version, Smith re-
tions of religious belief, but whereas The two friends, who found it that he would soon be coming to with anyone for long,” Mr. Rasmussen ported Hume saying: “Have a little
Hume was branded an infidel and hard to meet while living in the Paris himself, as tutor to the stepson observes. Hume turned to his true patience only till I have the plea-
considered unsuitable for academic same country, managed to coincide of the Duke of Buccleuch. friend Smith for advice and received sure of seeing the churches shut up,
positions, Smith tactfully disguised in Paris. In 1763, Hume was invited Hume left Paris in 1766 to accom- the characteristically cautious counsel and the Clergy sent about their
the radical implications of his by Lord Hertford, Britain’s newly pany Jean-Jacques Rousseau across that he should publish nothing about business.” Even after death, Smith
thoughts and secured a succession of appointed ambassador to France, to the Channel. In “The Confessions,” his quarrel with Rousseau. It was not thought it prudent to tone Hume
professorial chairs. Hume’s flamboy- accompany him to Paris as his pri- Rousseau claimed to have been “born enough to have the facts on his side, down: That was the way their long
ance—he once joked that he would vate secretary. While Hume was for friendship,” but his infamous fall- Smith reminded Hume, when the deep friendship worked.
give up writing his six-volume “His- reviled in England and Scotland, in ing out with Hume once in England church and the whole English nation
tory of England” to concentrate on Paris he was lauded: “Every Man I suggests otherwise. Hume was “love to mortify a Scotchman.” Hume Ms. Scurr is the author, most
attacking the Lord’s Prayer and the meet, and still more every Lady, warned by a friend in Paris that he ignored Smith’s advice, but Smith recently, of “John Aubrey:
catechism while recommending adul- wou’d think they were wanting in was “warming a viper in your bo- didn’t take offense, restricting himself My Own Life.”
The Anglo-Irish Wit of Molly Keane

Continued from page C5 London stage. Three were directed by which hardly makes sense. Still, it less yearning for love that translated her chilly-eyed observation of others,
herself, as Ms. Phipps writes, “like John Gielgud and the casts included may be that no one really did influ- itself into the voracious neediness of and her complicated, often self-
tiny subterranean bombs.” Again and such luminaries as Margaret Ruther- ence Molly Keane’s writing; she her- so many of her characters. We find, destructive emotions.
again Ms. Phipps mentions her ford, Peggy Ashcroft and Michéal self made it clear that she abhorred too, the basis, greater than the death
mother’s capacity for rage, its “pa- Mac Liammóir. literary analysis and talk of tech- of her husband, for Molly’s strong Ms. Powers, a recipient of the
nache and totality,” as well as the It was also at Woodrooffe that nique—and there truly is about her sense of goneness, her nostalgia for a National Book Critics Circle’s
stinging retorts which deeply Molly met Bobbie Keane, some years work a feeling of sui generis. way of life in which she had partaken Nona Balakian Citation for
wounded her children and friends. her junior. It was a match about As a key to the mystery of the and whose death throes she wit- Excellence in Reviewing, is the
But again and again, too, we feel the which Ms. Phipps says she felt both often perturbing sensibility of Molly nessed. We see from these pages how editor of “Suitable Accommoda-
daughter’s hesitation to be “nasty” as ecstatic and guilty because she had Keane’s novels, however, the book is true was Molly’s claim that all her tions: An Autobiographical Story
she follows almost every instance by seduced him. When he died only invaluable. It’s all here: Molly’s child- work was autobiographical, that it of Family Life: The Letters of
assuring us of her mother’s great eight years after their marriage from hood experience of loving and boot- was drawn from her own experience, J.F. Powers, 1942-1963.”
and, as Ms. Phipps would have it, a post-operative blood clot, Molly
compensating acts of kindness. was so devastated that she could not
To the extent that Molly was edu- attend the funeral or even wish to Reviewer’s Choice | Three by Molly Keane
cated, it was by governesses at home, know the whereabouts of his grave. It
with only a brief, unhappy spell at a was the greatest tragedy of her life,
boarding school. She began writing to out of which, as she wrote later, “a ’Good Behaviour’ include more Irish common people,
terrible value of the past was born (1981), a disturbing inscrutable and clandes-
for me.” Still, that marriage, we black comedy, is Molly tine in their doings,
Keane’s childhood yearning learn, was not all sunshine. On occa- Keane’s greatest, most than is usual in
sion, Molly directed blasts of her ingenious novel, distill- Keane’s novels. It is
for love translated into anger at Bobbie and he, in turn, had ing the author’s essen- wonderfully funny but
the voracious neediness of an affair during her second preg- tial themes—oblivious- also marked by the
nancy. Ms. Phipps describes her ness, heartlessness, menace of those
so many of her characters. mother’s reaction to this—anguish snobbery, neediness and “strange, silent, danger-
and offer of a divorce—but they re- long-fermented spite. ous days” when Anglo-
mained together, though Bobbie was The novel opens with Irish houses were
earn money for clothes, doing so dead within a year. Aroon, the middle-aged methodically put to the
secretly at first as it was considered Ms. Phipps includes her own mem- daughter of a decayed torch by the IRA. The
bad form. Her books were a success ories of her mother and of friends, Anglo-Irish family, feeding young people’s return to
and she came to revel in her reputa- providing a plenitude of character her aged, bedridden Puppetstown provides an
tion as a novelist and, later, play- sketches; some are astute and de- mother rabbit, a dish so ending that is magnificent
wright. Her great passion, however, tailed, but many are more like toasts hated, and offered with in its celebration of grace in
was hunting, and she found her first to the departed and the good times of such malicious solicitude, the midst of ruin.
lover in that milieu, a married Master yore. In this way, and in a certain that it kills the old woman. Just how things came to this
of Hounds. Their affair was brought vagueness about what was going on pass is a story told by the unlovely and unloved Aroon, ’Time After Time’ (1983), Keane’s penultimate novel, is
to an end by a letter from the man’s when, the book is more memoir than unaware that the account she gives us reveals states of a mordant comedy about the Swifts, four elderly siblings
wife to Molly’s mother. full-scale biography. affairs of which she is, almost willfully, ignorant. The forced to live together by the terms of the will left by
Molly’s halcyon days came at Moreover, for a literary life there book offers a wicked portrait of a way of life—outdoor “darling Mummie.” There, in the cold, damp and decay of
Woodrooffe House in County Tipper- is little about which books and writ- pursuits, reckless spending and sexual dalliance—that Durraghglass, the Swift family mansion, they spend their
ary, “a rakish, generous, sophisticated ers Molly admired except passing was the last glory and means of dissolution of an Anglo- time tormenting each other, pursuing secret pastimes
establishment” whose owner, Maj. mentions of Proust, “her most loved Irish big house. and feeling sensitive about their disabilities. April is deaf,
Willie Perry, and his family became author,” Chekhov, Somerville and May has a deformed hand, Baby June is dyslexic and
her fast friends. She spent happy pe- Ross’s “The Real Charlotte,” Jean Published in 1931, ’Mad Puppetstown’ is shot through Jasper is missing an eye. Into this unhappy milieu steps
riods there, hunting and socializing, Rhys’s “Wide Sargasso Sea,” and, as with a sense of loss for an Edwardian childhood in one the manipulative and scheming cousin Leda, a “bad
in the late 1920s into the 1930s, the a friend, Elizabeth Bowen. The only of Protestant Ireland’s big houses, its disintegration fairy” who plays on her cousins’ infirmities. Everyone is
twilight years of the “big house.” She literary influences Ms. Phipps men- here brought about by improvidence, the Great War and enjoyably unlikable in these pages, but we begin to warm
also began to write plays, four in col- tions are Dornford Yates, a popular the Troubles. The young heirs to Puppetstown are sent to the Swifts as they develop a fragile commonality
laboration with the Perrys’ son, John, author of humorous romances upon off to England to escape Ireland’s civil violence, leaving against the horrible Leda, whose comeuppance could not
whose friendship with Hugh “Binkie” which Molly modeled her first novel, only eccentric Aunt Dicksie and her servant, Patsy, to be more exquisite.
Beaumont, a bright light of the West and, strangely, E.B. White, whom she preside over the house’s decay. The novel’s characters —K.A.P.
End theater, brought them onto the calls “one of Molly’s chief mentors”—
BOOKS
‘It may be doubted whether any character can be named which is distinctive of a race and is constant.’ —Charles Darwin
A Family Portrait for All Humanity

A Brief History of Everyone
Who Ever Lived
By Adam Rutherford
The Experiment, 401 pages, $25.95
BY CHARLES C. MANN
‘A BRIEF HISTORY of Everyone Who

Ever Lived” is not particularly brief,
not exactly a history and not con-
cerned with everyone who ever lived.
A more accurate title would be some-
thing like “An Omnium-gatherum
about Genetics by a Real Smart Guy
With an Amusing Prose Style.” What-
ever the title, this enjoyable book
has a great deal to say about our
genetic code—or, more precisely,
about how our knowledge of genetics
is misused and misconstrued. One of
the “continuing themes” of “Brief
History,” Adam Rutherford an-
nounces, “is the limits to what genes
can tell us about us.”
Popular writing about science is
often accused of hyping the science to
sell the story. Books about DNA tend
to be especially prone to exaggeration
and overstated claims. This one isn’t.
When scientists began the human
genome project, Mr. Rutherford
writes, they hoped that completing it
GETTY IMAGES
would solve “the mysteries of history

and culture and individual identity.”
Instead, he says, “the human genome
turned out to be far more interesting
and complicated than anyone antici- digest milk, because after childhood related. The term “Celtic,” Mr. Ruth- [family] tree, if they left children. The black person and a white person. In
pated.” The more we learned, the the body stopped making lactase, a erford says, “is a modern invention of further back we go, the more the cer- other words, while the physical differ-
more we realized how much more we chemical exuded by our small intes- a presumed people that isn’t reflected tainty of ancestry increases. . . . It is ences are clearly visible between a
would have to learn. tines’ linings that breaks up lactose, in Britain’s DNA.” simultaneously wonderful, trivial, white and a black person, the total
People have used genetic testing to the type of sugar in milk. When non- Mr. Rutherford has a Ph.D. in meaningless, and fun.” amount of difference is much smaller
establish the fascinating fact that lactase-producing adults drink milk, genetics from University College Human ancestry, Mr. Rutherford than between two black people.” The
humans today (Homo sapiens) carry the lactose isn’t digested. Instead it London, but has spent most of his writes, is a “matted web,” not a sim- obvious physical differences—skin
genes from other human species— passes into the colon, where bacte- career as a science writer and editor ple tree. Because of this snarl of tone, hair type, nose and eye shape—
Neanderthals (Homo neander- ria feed on it, producing carbon at Nature and the BBC, and proves an complexity, there is no “group of among races are real. But the genome
thalensis) and Denisovans (Homo dioxide, which in turn leads to bloat- enthusiastic guide and a good story- people on Earth that can be defined encodes vast numbers of other char-
denisova). For Europeans, Neander- ing, flatulence, stomach pain and teller. But he keeps interrupting his by their DNA in a scientifically satis- acteristics, ranging from immune-
thal genes typically comprise about diarrhea. As a result, most adult narrative to go on digressions— factory way.” system components to the shapes of
2% of their genome; for Africans, the humans still can’t drink milk—they lambasting inaccurate journalism, surface proteins in red blood cells.
figure is close to zero. Some Melane- are lactose-intolerant. mocking the hype of gene-mapping And in these characteristics there is
sians have inherited as much as 5% of Some 7,000 to 12,000 years ago, firms, complaining about fad diets, All of us today are related such variability—less visible than skin
their genome from Denisovans. But somewhere between Hungary and recounting family stories (we learn tone, but much more vital to life—
we don’t yet know if those foreign Poland, a mutation occurred in the four times that his mother was of In- by descent from a small that it swamps the visible character-
genes make any difference, or what lactase gene that let its activity per- dian descent). Yet just when I was be- pool of ancestors just a istics, foiling efforts to divide people
they do. sist into adulthood. Archaeological coming exasperated by the detours— into cohesive genetic groups.
In a triumph of the geneticist’s art, evidence suggests that people were somewhere around the paragraph few thousand years ago. Mr. Rutherford does not deny that
the complete Neanderthal genome already keeping cattle and making with footnotes referring to both there are genetic differences be-
was decoded in 2010. The results cheese (aged cheeses contain almost Charlemagne’s tibia and Jesus’s fore- tween groups of people that are
showed that Neanderthals had a gene no lactose, and thus are safe for skin—it dawned on me that what I In the final, most impassioned linked to geographic origin. Asian-
known as FOXP2, as do we. “Although almost all of the lactose-intolerant). had seen as divagations were in large section of the book, he explains what Americans, for example, are much
we don’t really have a great under- The ability to drink milk as adults, part the point of the book. this means. There are clear differ- more likely to die of cancer than
standing of what [FOXP2] does in the suddenly acquired, should have been What “Brief History” is about is ences between one person’s genome people of African descent. But this
body,” Mr. Rutherford writes, “it is a godsend. The lactase mutation challenging popular ideas about the and the next, but these don’t parti- does not mean you can sort human-
clear that it is essential for the type spread rapidly through Europe. But it import of genetics, especially the tion us into identifiable groups. I kind into well-defined races based on
of verbal communication and dexter- seems not to have dramatically genetics of race. One beginning is the could lump together all the people cancer-proneness, because other
ity that we find so trivially easy.” altered people’s lives. Two other fact—first shown mathematically in with blue eyes, for example, but groups of related people are also
Humans with mutated forms of mutations that similarly changed 2003 by a Yale statistician, then dem- except for this single characteristic prone to cancer. Race as a category
FOXP2 have serious speech difficul- human bodies but did not greatly onstrated in the laboratory in 2013 by the group would share little else that is too simple to fit well into the com-
ties; finches and mice with equivalent affect cultures or societies were those two California researchers—that sets its members apart as an identi- plexities we now see in biology.
mutations in the equivalent gene can- for blue eyes and red hair. everyone on Earth, no matter where fiable group. Almost all of those The import of this complex truth,
not properly vocalize. Considering Sometimes new tools of genetic they live, what languages they speak, blue-eyed people would have pale Mr. Rutherford believes, has yet to
that Neanderthals possessed FOXP2, research can dispel historical myths. or what skin color they have, is related skin, but a far larger group of people be reflected by “what we talk about
therefore, they “very probably had Mr. Rutherford devotes much of one by descent from a small pool of ances- has pale skin and dark eyes. Many of when we talk about genetics.” His
the capacity for speech.” We also chapter to the People of the British tors just a few thousand years ago. them might have blond hair, but book is an attempt to change the
knew this from archaeology—Nean- Isles project, which in 2015 produced “You are of royal descent,” Mr. there is a far larger group of people conversation. “DNA has become a
derthal throat bones, like ours, seem the first fine-scale genetic map of the Rutherford says, “because everyone with dark eyes and blond hair. And byword for destiny,” he thunders,
adapted for talking. But neither United Kingdom. The maps show is. You are of Viking descent, because so on—these single characteristics something that dictates our fates.
genetics nor archaeology can tell us clusters of genetically related peo- everyone is. You are of Saracen, don’t define a group except in the “But it is not.”
whether our long-ago cousins actu- ple—the faint DNA footprints of Roman, Goth, Hun, Jewish descent, most tautological way.
ally did speak. ancient cultures. Surprisingly, the because, well, you get the idea. . . . If Nor can you use clusters of charac- Mr. Mann is the author of the
Genes can track our history, Mr. Celts are not one of them. The Welsh, you’re a human being on Earth, you teristics to define groups satisfacto- forthcoming “The Wizard and
Rutherford says, but they do not set Bretons, Irish, Cornish, Scottish and almost certainly have Nefertiti, rily, Mr. Rutherford says. “Genetically, the Prophet: Two Remarkable
our course. Throughout most of our others who are lumped together as Confucius, or anyone we can actually two black people are more likely to be Scientists and Their Dueling
species’ existence, adults could not Celts are not, in fact, genetically name from ancient history in your more different to each other than a Visions to Shape Tomorrow’s World.”
President McKinley and the Coming American Century

Continued from page C5 consisting of boldness, brashness, “patiently nudging events incremen- When the board blamed the Maine failure to consult Congress before
combined the inscrutability of Coo- directness, and flamboyance,” the tally to the desired goal,” says Mr. disaster on an external explosion, dispatching 5,000 U.S. troops to help
lidge, the optimism of Reagan (“A author contends. Stolid and self- Merry—might have achieved Cuban the president found himself “caught suppress the anti-Western Boxer
patriot makes a better citizen than a effacing, McKinley played by his own independence without humiliating between congressional agitation and Rebellion in China. The presidential
pessimist”), FDR’s adaptive skills and set of rules. “He had a way of han- Spain or spilling American blood in Spanish intransigence.” luck held as both it and the Philippine
Lincoln’s political cunning. dling men so that they thought his In April 1898, an upstairs office uprisings were eventually quelled, and
The closest modern parallel to ideas were their own,” explained became the first White House War voters endorsed his imperial agenda in
McKinley may be Dwight Eisenhower Secretary of War Elihu Root. “He Room, with 15 telephone lines and the 1900 elections. McKinley’s luck ran
and his canny “hidden hand” style of cared nothing about the credit, but 20 telegraph machines to keep out on the afternoon of Sept. 6, 1901,
management. As likeable as Ike, McKinley always had his way.” McKinley abreast of far-flung when, six months into his second term,
McKinley cautioned a fellow pol, The annexation of Hawaii combat. In Manila Bay a de- a failed anarchist, the Oswald of his
“Never keep books in politics,” ad- bears out Root’s claim. “Of crepit Spanish fleet offered day, fired two bullets at the president
vice from which more recent White course I have my ideas about scant resistance to the as he shook hands with the public at
House occupants might profit. Both Hawaii,” McKinley notified an steel flotilla of Adm. Buffalo’s Pan-American Exposition.
men hid a capacity for ruthlessness island representative early in George Dewey. Cuban Thus it fell to his dynamic successor to
behind a genial facade. “I don’t think his presidency, “but consider independence exacted a build the transocean canal that McKin-
that McKinley ever let anything that it is best at the present higher toll. Thanks in part ley had envisioned, battle the trusts
stand in the way of his own advance- time not to make known what to McKinley’s incom- and become the first incumbent presi-
ment,” a Buckeye acquaintance ob- my policy is.” Privately he petent secretary of war, dent to leave American soil.
served. Mr. Merry agrees, citing an spoke of Manifest Destiny, in- Russell Alger, more Ameri- As Theodore Roosevelt redefined
offer to the younger McKinley of a sisting that “we need Hawaii just cans in Cuba died from presidential leadership in the new
railroad job worth $25,000 a year, as much and a good deal more typhoid fever than Spanish century McKinley faded from public
more than enough to guarantee his than we did California.” Unable to bullets. Moreover, in Asia the memory. Yet as this splendid revi-
financial security while simultane- persuade two-thirds of the Senate to fruits of victory contained seeds of sionist narrative makes plain, his
ously defraying the costs of caring pass a treaty of annexation, McKinley insurrection, as McKinley’s belated legacy includes three rules to guide
for Ida. McKinley rejected the sine- settled for a simple joint resolution. He claim to the Philippines ignited a his successors: Transformative lead-
cure, no doubt graciously. His slavish was equally resourceful in prying guerilla resistance that bears striking ership wears many faces. The presi-
devotion to Ida did not exceed his Cuba, Puerto Rico and Guam from the Cuban jungles. Unfortunately pros- resemblance to that of post-Saddam dency is no job for a political ama-
desire to be president. fading grip of imperial Spain. pects for a peaceful settlement ex- Iraq. What the president called “be- teur. Character counts, sometimes
What Mr. Merry calls the McKin- Ultimately it is McKinley’s expan- ploded along with the battleship nevolent assimilation” looked to rebel even more than charisma.
ley mystery remains. Was he an sionist foreign policy that justifies USS Maine on the night of Feb. 15, fighters suspiciously like the former
GETTY IMAGES
agent of change or merely its passive his status as the most consequential 1898. Amidst the ensuing public out- Spanish occupation. Mr. Smith is the author, most
beneficiary? “We have come to re- president you’ve never heard of. Left rage McKinley bought time by con- Nothing about his presidency so recently, of “On His Own Terms:
gard true presidential greatness as to himself, his gradualist approach— vening a naval board of inquiry. foreshadowed the future as McKinley’s A Life of Nelson Rockefeller.”
BOOKS
‘A man who is careful with his palate is not likely to be careless with his paragraphs.’ —Clifton Fadiman
‘Who Was Clifton Fadiman?’

her father’s tortured struggle to out-
The Wine Lover’s Daughter run his childhood as the son of poor
By Anne Fadiman immigrant Jews.
Farrar, Straus & Giroux, 256 pages, $25 Born in Brooklyn, N.Y., in 1904,
Clifton Fadiman eventually migrated
BY DANNY HEITMAN to Manhattan, a small geographical
distance that socially seemed much
greater. His mother had named him
AS HOST OF “Information Please,” a Clifton after scouring the phone book
weekly radio game show that began in for, as the family story goes, a “fancy”
1938, lasted more than a dozen years name—fancy, in this case, meaning
and was briefly adapted for television, “Christian,” he recalled.
Clifton Fadiman challenged listeners Fadiman spent the rest of his life
to stump a panel of experts with playing down his lineage, not always
questions even the best and brightest successfully. When he sought a teach-
couldn’t answer. For much of the ing job at Columbia, he was bluntly
show’s run, winners got a new set of told that the English department had
the Encyclopaedia Britannica. room for only one Jew, and that Lionel
If “Information Please” were still Trilling had already filled that slot.
around, a promising puzzler might Rebuffed, Fadiman gravitated toward
be “Who was Clifton Fadiman?” the work that would win him a much
Since his death in 1999 at age 95, wider audience. He loved wine for
Fadiman seems largely forgotten. many reasons, but as his daughter
His faint claim on public memory is notes, one of its appeals was that, in
all the more striking given his cen- his view, wine culture “wasn’t Jewish.”
tral role in the cultural life of post- The elder Fadiman’s alienation from
war America. his ancestry, a recurring theme of the
Fadiman was something of an book, is painful to read about.
encyclopedia himself, his mind a Clifton Fadiman’s capacity to re-
magpie’s nest of odd facts and glitter- define himself had more humorous
ing insights that he summoned with aspects, too. Blindness forced him
seeming ease as a great explainer of into a rehab program that taught
literature and culture to popular audi- him many new skills—including,
ences. Fadiman was the New Yorker’s through a simulation, how to buy a
MAXWELL COPLAN/FSG
book-review editor. He also helped meal at McDonald’s. It was an excur-

establish the Book-of-the-Month Club sion unthinkable even when he was
and select its titles. His broadcast sighted. “He had managed to spend
gigs made him a national celebrity. In decades complaining about American
1960 he introduced readers to the popular culture,” Anne Fadiman ob-
classics through a durable classic in TASTEMAKER Clifton Fadiman, 1960. serves, “without actually experienc-
its own right, “The Lifetime Reading ing any.”
Plan.” His familiar essays, on every- Daughter,” Anne Fadiman’s fondly thoughts of suicide could drive some- Anne Fadiman’s essays, gathered Near the end of his life, Fadiman
thing from catalogs to conversation to drawn portrait of her celebrated fa- one to drink a Cheval Blanc ’61 from a in memorable collections such as “Ex did manage to dip his toe into the
the joys of autumn, were collected in ther. As the title suggests, her book Styrofoam cup.” Libris” and “At Large and At Small,” internet, gratified to find frequent
several volumes that still hold up as is ostensibly about Clifton Fadiman’s One doesn’t have to fathom the fine also evoke the Lamb tradition, mentions of his name. That medium
exemplars of the genre, though love affair with wine, although she points of Cheval Blanc to grasp the though in other books, her back- created a house of many rooms—one
they’re long out of print. writes about his oenophilic odyssey humor here. The author, in fact, in which the kind of cultural authority
Perhaps no one would be less as a way to write about many other counts herself among those outside Fadiman once wielded now seems
surprised by Fadiman’s present-day things: his ideals, his affectionate if the circle of enthusiasts. After decades An essayist’s elegy not impossible for any single voice. In this
obscurity than Fadiman himself. complicated relationship with her, of trying to match her father’s inter- way, “The Wine Lover’s Daughter”
Although television helped make his and his lifelong struggle to transcend est, Anne Fadiman concluded that she only for her once-famous emerges as an elegy not only for
name a household word, he found his origins. didn’t have his palate for wine. father but also for his lost Fadiman but also for a way of life.
the medium ephemeral and habitu- We learn about Clifton Fadiman’s It was a vivid difference between a Clifton Fadiman had a keen sense
ally vulgar, arguing—perhaps only preference for Bordeaux over father and daughter who, in many intellectual way of life. of the transitory—another reason, one
half-jokingly—that it should be abol- Burgundy, his deepening pursuit of other ways, seemed simpatico. They gathers, he was drawn to the durabil-
ished by constitutional amendment. California wines to complement his shared a love of writing and reading, ity of wine. “He would get old,” Anne
He didn’t see much prospect for the beloved French vintages, his increas- including a common admiration for ground as a journalist has inclined Fadiman writes. “His pompadour
kind of essays he wrote, either, de- ingly casual attitudes toward pairings the 19th-century essayist Charles her to reveal uncomfortable facts would turn white. His body would fail.
pendent as they were on a delicate as he aged. “I knew he’d really loos- Lamb. Lamb’s life was troubled by when the subject calls for it. In her But he would still have these magnifi-
discourse that the coarsening cul- ened up the night he drank a German tragedy, a reality largely invisible in acclaimed “The Spirit Catches You cent wines, and they would improve
ture couldn’t sustain. white with a large plate of spaghetti,” his wry musings on roast pig, chim- and You Fall Down” she explored the with each passing decade.”
Fadiman’s worries about civility she recalls. Such connoisseur comedy ney sweeps and bachelorhood. For tragic cultural divide between a
seem more timely than ever, under- routinely brightens the book. “Had he Clifton Fadiman, such reticence was a Hmong family and its American doc- Mr. Heitman, a columnist for
scoring the need to bring the best of lived long enough to see Sideways,” literary model. As his daughter puts tors. Though a much happier book, the Advocate newspaper in
his writings back into circulation. she writes, “he would immediately it, her father’s writing “often buried “The Wine Lover’s Daughter” is Louisiana, is the author of
Until then, readers can make his have recognized that the wine-snob what he most valued under layers of equally alert to the complications of “A Summer of Birds: John
acquaintance in “The Wine Lover’s hero was seriously depressed: only wit and irony and self-deprecation.” cultural assimilation—in this case, James Audubon at Oakley House.”
FICTION CHRONICLE: SAM SACKS
A Visit to the Lit Lab

NEWLY RELEASED The other kind of experiment is trawled the internet for anything re- web users and customer-service rep- Molly Bloom’s soliloquy in James
from the dauntless much more playful, more along the motely related to her unsolved disap- resentatives called “website greet- Joyce’s “Ulysses,” it is written as a
independent publish- order of dropping Mentos into a liter pearance, including photos, partial ers.” Nothing happens in these inter- single riverine sentence. There are
ing house Grove of Diet Coke. (If you haven’t seen this news clippings, garbled message actions except that each party tries paragraph breaks to reflect shifts and
Atlantic is a strange tried, hie thee to YouTube at once.) board postings and even the spam vainly to extract personal information pauses in thought, but no full stops.
specimen by Wash- The object is to toy with structure found in comment fields. Spliced into from the other. “Is this an automated Mr. McCormack’s Bloomsday is
ington State native Matthew McIntosh and language and see what fireworks this indiscriminate info dump are program or is there a live person on Nov. 2, 2008, also known as All Souls’
titled “theMystery.doc” (Grove, result. A perfect case in point is John factoids relating to the Earth’s geo- the other end?” one asks. Day, and we find his everyman alone
1,660 pages, $35). As large and un- Barth’s sublime historical farce “The The question could at the kitchen table in his house in
wieldy as a cinder block, the novel Sot-Weed Factor.” People think of be directed toward the County Mayo. His meditations com-
showcases text of varying fonts and James Joyce’s “Finnegans Wake” as book itself. The dis- mence with the tolling of the noonday
sizes arranged in unusual patterns. a serious tome, but no—as the title jecta membra of dis- church bells and end at the start of
Many of its pages contain a single hints, it is at heart an outrageously embodied voices and the one o’clock news, and in that hour
sentence or the same sentence re- elaborate pub song. Joyce’s wife used absurdist visuals are he navigates the circumference of his
peated over and over; other pages are to hear him chortling to himself as common in experimen- life, recalling his marriage of 25 years,
blank or filled with asterisks; still he wrote it. tal novels that look to his relationship with his two head-
others feature blurry photographs or What kind of experimental novel is give form to a per- strong children and his work as a
stills from old movies. These and “theMystery.doc”? From the early ceived breakdown in county engineer.
other typographic tricks are the tell- *going it’s plain that the goal of this conventional narrative A portrait of Ireland—its art, its
tales of what is inevitably called a or in human relations politics, its national crises—emerges
work of experimental fiction. more generally. (Mark as these reflections unspool. As in his
“Experimental”: The adjective has Two novelists who toy Z. Danielewski’s striking if discordant 2005 novel,
become a placeholder reviewers use “House of Leaves” is “Notes From a Coma,” Mr. McCor-
when faced with a book that does any- with narrative structure the best-known recent mack is fascinated by modernity’s
thing out of the ordinary. Like the and literary language to instance of this kind of incursions into the Irish countryside.
catchall term “postmodern,” it’s one book-as-abstract-art- When Marcus’s wife is afflicted by a
of those labels that conjures a host of see what fireworks result. object.) But “theMys- nationwide viral event resulting from
prejudices yet concretely describes tery.doc” goes further contaminated drinking water, he’s
very little. How could it, when it can than anything before startled by the “intimate sense of
be applied with equal justification to book is not to entertain but to sow it: It reads like the first history’s immediate forces affecting
writers as disparate as Laurence discomfort. The passages are short, posthuman novel, an my day-to-day life.”
Sterne, Gertrude Stein, William Faulk- splintered and disconnected, sprays of arbitrary sampling of But most of his memories are hum-
ner and Lydia Davis? “random buckshot,” in Mr. McIntosh’s web-searched text and ble and domestic. It’s in sifting these
So perhaps a very rough tax- words. The motifs are morbid: ship- images aggregated by homespun details that the formal risk
onomy is in order. Consider experi- wrecks, natural disasters, the 9/11 no one for the benefit pays such big dividends. The restlessly
GETTY IMAGES
mentation as you would in a labora- terror attack, infant mortality and of no one. Much ink onrushing sentence confers a sense of
tory. Sometimes the writer’s goal is what appear to be the author’s memo- has been spilled pon- urgency and holiness to Marcus’s
to solve a problem with the tradi- ries of his father’s death from cancer. dering what the grow- “daily rites, rhythms and rituals.” The
tional novel, like a scientist testing a The writing throughout is numbed ing technological di- ordinary is hallowed by the originality
vaccine. When Virginia Woolf con- and uninflected, perceiving the world logic history. Like the planet’s rock vide will do to the art of novel of its expression. And because the
ceived her “play-poem” “The Waves,” in the unfocused way of someone strata, the juxtaposition suggests, peo- writing. There’s an answer in this writing is so precise and consistent,
she dreamed of a narrative that groggy from too much cold medicine. ple are the sum of their online book’s near-infinite feedback of glyphs one quickly adjusts to Marcus’s exha-
stayed “away from facts,” free of the The mood ranges from puzzlement to records, mostly a bottomless inven- and fragments, but you may have to lations of thought and the reading be-
weight of realism yet still evoking muted horror. tory of indecipherable gibberish. be a machine to understand it. comes easy and natural. “All good hu-
the real. When he produced the A paradigmatic example of the In Mr. McIntosh’s emotionless tell- The experiment in Mike McCor- man stories no matter how they will
churning interior monologue of his book’s technique, if you can use such ing, we are all missing persons; his mack’s “Solar Bones” (Soho, 217 pan out, you can feel that, the flesh
novel “Molloy,” Samuel Beckett was a word, is in its treatment of a real- preoccupation is not with death so pages, $25) has a famous pedigree. and blood element twitching in them,”
trying to resist the consolations of life figure named Kim Forbes. Forbes much as with nonexistence. One of The novel captures the stream of con- Marcus thinks. “Solar Bones” is a suc-
meaning and coherence that novels tragically went missing in Hood River, his recurring gambits is to transcribe sciousness of a middle-aged Irishman cessful experimental novel, but more
reflexively develop. Ore., in 2004, and Mr. McIntosh has online dialogues between anonymous named Marcus Conway, and much like than that it is a good human story.
BOOKS
‘Love has nothing to do with good reasons.’ —Isabel Osmond, ‘The Portrait of a Lady’
The Lady Lives On

to wrestle with what happened
Mrs. Osmond before “Mrs. Osmond” begins. More
By John Banville revelations will follow, however, and
Knopf, 369 pages, $27.95 Isabel’s final decision depends,
appropriately, on a set of new facts,
BY MICHAEL GORRA on incidents that Mr. Banville himself
has created. She will move in a new
direction, and yet her future seems
WE LAST SAW Mrs. Osmond—Isabel no more settled than at the end of
Archer that was—as she darted “The Portrait of a Lady” itself.
through the dusk toward an English Many readers will enjoy spotting
country house, pausing by the door traces of James’s own biography
to listen for the sounds of pursuit, here, or moments lifted from his
and then opening the latch on her other work, such as “The Wings of
future. She had been walking in the the Dove” or “Daisy Miller.” A deeper
park, puzzling over where to go and satisfaction lies in comparing this
what to do, and uncertain of what her book’s structure to its predecessor’s.
next weeks might hold; now she Mr. Banville follows an initial se-
knows, and sees a straight path quence in England with a momentary
before her. An old suitor had sur-
prised her out there under the trees,
an American named Caspar Good- Picking up the story of
wood. He asked her to run away with
him, away from her unhappy mar- Isabel Archer, Banville
riage, and caught her up in a kiss that does what James avoided:
felt like lightning, a spreading flash
that reminded her of everything she He takes us inside his
didn’t like about him. Yet when he villain’s consciousness.
dropped her into darkness she was
free. Two days later Goodwood
knocked in hope at the London house interlude in Paris; then he takes us
of Isabel’s friend, Henrietta Stackpole, to Italy before returning at the end
only to be told she had just left for to England. That’s James’s itinerary
Italy; returning, presumably, to her as well, but “Mrs. Osmond” doesn’t
union with a hollow adulterous aes- follow him slavishly. There’s more
thete called Gilbert Osmond. Florence here and less Rome, noth-
What happens next? I’ve just de- ing at all in the English countryside,
scribed the final page or so of Henry and the first hundred pages exist in
James’s “The Portrait of a Lady” the space between two of James’s
(1881), a novel whose final words own paragraphs, between Isabel’s
offer no clue about its heroine’s ulti- flight in the dark and Caspar’s ap-
mate fate. That open and unhappy pearance at Henrietta’s door. For just
conclusion disturbed the novel’s what did she do in the two days
19th-century readers, who expected before she left for Italy?
an ending to be an ending, and pref- Roberto Calasso once argued that
erably a cheerful one; it gave no while the figures of Greek myth may
satisfaction to those who saw Isabel “live many lives, die many
as trapped, and made others fear she deaths . . . the characters we find in
might eventually yield to temptation. novels . . . can never go beyond the
BRIDGEMAN IMAGES
And ever since, we have read those single gesture.” Myths have variants,
pages with a mixture of frustration they contradict one another, and Ath-
and curiosity, and projecting our ena or Zeus exist independently of
hopes for her on to the blank sheets any single story about them. Yet
at the end of the book. James’s con- there’s only one Anna Karenina. So
temporaries quizzed him about IN THE PINK John Singer Sargent’s 1904 portrait of Lady Helen Vincent, a London society figure and friend of James. the argument goes, but this book
Isabel’s later episodes, and some challenges it. Mr. Banville’s Osmond
asked for a sequel; he gave nothing to change. Isabel above all, who peril: embattled, ousted from the doesn’t really figure except in mem- has done things that James’s charac-
away, except to write in his note- shows here both a new confidence sanctuary of his castle . . . menaced on ory. But then much of this novel is ter hasn’t, and his early life is far
books that the “whole of anything is and a coolly calculating mind. every side yet nothing daunted.” about memory. James claimed that more fully detailed. To what degree
never told; you can only take what The book’s real triumph, however, The devil knows his own, and the “best thing” in his own book was does he, or indeed this novel itself,
groups together.” lies in its portrait of Gilbert Osmond, though Mr. Banville typically writes in a chapter in which Isabel sits in front have an independent life?
The Irish novelist John Banville in which Mr. Banville does something the first person these archly vulpine of the fireplace and does nothing for “Mrs. Osmond” is a tribute paid by
has now done what Isabel’s creator James avoided. He takes us inside, sentences sound as if they belong in a dozen pages but think. She sorts a great writer to a greater one, and I
did not. He has imagined a version dramatizing that villain’s conscious- the pages of his own best work, in the cards of the past, and slowly, expect that in rereading James’s own
of her next months, in prose that ness, allowing him to make the case novels like “The Untouchable” or the slowly begins to understand the trap novel I’ll eventually be able to forget
echoes James’s own, and the first for himself: “He had always fancied Booker Prize-winning “The Sea.” her life has become. “Mrs. Osmond” about this one; maybe not the next
thing to say about “Mrs. Osmond” is himself a person misplaced in time,” Osmond’s snarl and sneer, the threats offers many such chapters, moments time, but the time after that. Never-
that it seems an almost entirely Mr. Banville writes, “his was a sensi- backed by nothing more than his own in which this Isabel hangs upon theless there are some scenes here—a
plausible next installment. There are bility more attuned, he was convinced, vicious tongue—Mr. Banville has long James’s, in which she works her few, but enough—when Mr. Banville
a few bobbles, most involving char- to a grander, more garlanded age . . . specialized in such tawdry poseurs, mind through the plot in which the drives James himself from my mind.
acters Mr. Banville himself has in- suited, so he considered, to the civili- and that black hole of a mind must earlier novel enmeshed her. She
vented, but his Isabel, his Madame ties and exquisite subtleties of the have been an even greater lure than hasn’t yet fully absorbed what she Mr. Gorra’s books include “Portrait
Merle or Countess Gemini act as Quattrocento. Today he felt somewhat the desire to follow Isabel’s path. learned in James’s last pages, and of a Novel: Henry James and the
we’d expect them to act; and then, as akin to one of the nobler condottieri I won’t give away the plot, except Mr. Banville’s most psychologically Making of an American Master-
events press upon them, they begin from those days, but sadly fallen into to note that Caspar Goodwood acute moments show her continuing piece.” He teaches at Smith College.
CHILDREN’S BOOKS: MEGHAN COX GURDON
Learning to Look More Closely

THE FIRST THING Travis Nichols takes young readers sequel of sorts to her 2004 Caldecott each child realizes that he is looking was starting out. Mr. Blake’s first
that a child will on a laugh-out-loud alliterative ad- Honor-winner, “The Red Book.” In- at a real person in another place. published work, in collaboration with
notice about the venture in the picture book “Betty’s stead there is a kind of calm, happy Potential friendship becomes actual the wonderful writer John Yeoman (it
hushed and beautiful Burgled Bakery” (Chronicle, 32 Möbius-strip meandering. A boy when the boy in the boat finds an was his debut, too), came out in 1960
picture book “Look! pages, $14.99). “My enticing edibles bicycling through light snow along a ingenious means of getting his ves- and returns to print after a long
What Do You See?” were entirely extracted,” explains the paved city seafront stops to lift a sel towed toward the city. With yet absence with “A Drink of Water and
(Viking, 38 pages, $18.99) is that it perturbed proprietress, a puzzled red-jacketed picture book that’s another child finding one of the Other Stories” (Thames & Hudson,
seems to be written in Chinese. On panda by the name of Betty, when a 64 pages, $14.95). This collection of
parchment-brown pages, a delicate team of crack investigators arrives animal tales is good for reading aloud
brush has inked lines of calligraphy from the Gumshoe Zoo. “Fear not, and abounds with Mr. Blake’s funny,
that are lovely to contemplate but friend,” the goat assures her. “We’ll expressive drawings. In the titular
apparently incomprehensible to some- find the fully fed, fiendish foe.” In story, a thirsty monkey realizes how
one who reads only English. Almost simple, cartoon-style panel illustra- he can get water from the bottom of
as striking, the writing is paired with tions, we see the animal sleuths a heavy urn when he watches a hippo
folk-art-style illustrations that depict immerse herself in a pond: “It’s a
scenes of Americana. There’s an old- clever monkey,” we read, “who uses
fashioned barn dance, a 19th-century Optical mind-benders, his eyes and his commonsense.” In
horse race, cowboys around a camp- other tales, a vain jackdaw goes too
fire. It is a fascinating juxtaposition, a scenes of natural wonders far in his pursuit of elegance; a party-
visual paradox that brings us back to and a wordless tale of an crashing bear gets carried away
the title. What do we see? during a sing-a-long; and a wily vixen
At first, perplexity. Yet then the impossible friendship. intimidates two big bullies by taking
eye adjusts and picks up clues. Sud- up with sharp-clawed “Tibbles, lord
denly what looked like inscrutable and master of the forest,” a kitten
ideograms resolve into what they inspecting the depleted shelves (only only 5 weeks old.
really are: English words configured the kale crumpets remain). Moving Living things form a pattern that is
in “square word calligraphy,” a style through the alphabet as they go, the “big, beautiful, complicated,” writes
CANDLEWICK PRESS
of writing devised by the book’s cre- detectives theorize about the motiva- Nicola Davies in “Many: The Diversity
ator, contemporary artist Xu Bing. tion and stature of the perpetrator. of Life on Earth” (Candlewick, 40
Now Becca Stadtlander’s nostalgic “These racks reach from rug to roof,” pages, $15.99), a picture-book
pictures make perfect sense: They the mole rat observes. “No runt could appreciation of the natural world for
illustrate the lyrics to a dozen clas- ransack this room.” With an “Alert” at children ages 3-6. Inviting watercolor
sic American songs, including “Skip the beginning and a “zany, zigzag- artwork by Emily Sutton (see left)
to My Lou” and “Oh, Susannah,” as ging” conclusion, this crisp comic lying on the ground. Once at home books at the end, this silent, satisfy- alternates between scenes of teeming
well as five Chinese sing-a-longs, caper will have 4- to 8-year-olds and ensconced in a glassed aerie at ing tale leaves open the possibility vitality in deserts, oceans and jungles
such as “Tiger Learns to Climb” and requesting a rousing read-aloud— the top of his house, he opens the of future adventures. and delicate portraits of unsung
“Little School Kids.” In a short coda, robustly and repeatedly. book and sees, in its pages, pictures The distinctive, scraggly, energetic wonders, such as the Exquisite Sea Ur-
Mr. Xu explains the technique he There is no “reading,” in the strict of a boy in a rowboat who happens lines of ink that we associate with the chin and the Cypriot Mouse. Near the
used to create square words (there’s sense, with Barbara Lehman’s to be plucking a red book from the great Quentin Blake, the beloved end, the tone turns admonitory—“all
a cheat sheet for the songs, too) for captivating wordless picture book sea and, upon opening it, sees pic- British illustrator who has created over the world, human beings are de-
this cross-cultural collaboration, as “Red Again” (Houghton Mifflin tures of a snowy paved seafront. In pictures for some 300 children’s stroying pieces of the pattern”—before
artful as it is refreshing. Harcourt, 32 pages, $16.99), a two lovely moments of epiphany, books, were even scragglier when he ending on a note of subdued optimism.
BOOKS
‘New York is not a civilization; it is a railway station.’ —John Jay Chapman, in 1909
MYSTERIES: TOM NOLAN FIVE BEST: A PERSONAL CHOICE
Back to Baker Street Mike Wallace

ARTHUR CONAN ond of Bonnie MacBird’s book-length on New York City 100 years ago
Doyle’s Sherlock Sherlock Holmes pastiches, the sequel
Holmes seems to be to 2015’s “Art in the Blood.” Set in the by giant corporations. Billy now
as popular as ever, winter of 1889, the book takes Sher- The Real New York worships “a new god, and its name
nine decades after lock and Watson from London to the By Rupert Hughes (1904) was Efficiency.” But then a muck-
the author’s death. French Riviera and then to Braedern raker’s exposés open Billy’s eyes to
1
Not only have many authors written Castle, an allegedly haunted estate in THE MERGER OF Manhattan the brutal impact of Dillon’s system
their own Sherlock stories; other have the Scottish Highlands. They are first and Brooklyn into Greater on the harbor’s workers. The god of
spun tales starring the detective’s approached at Baker Street by Isla Gotham in 1898 was accompa- Efficiency “had now come tottering
associates, including his sidekick Dr. McLaren, a young woman whose nied by an outpouring of guide- crashing down. And in its place a
Watson, his landlady Mrs. Hudson and father-in-law is a noted Scots whisky books to the newly merged city. huge new god, whose feet stood
his nemesis Professor Moriarty. Now baron, the laird of Braedern. She tells Most were merely informative, but deep in poverty.” “The Harbor” is
CARMEN BOULLOSA
English writer H.B. Lyle gives us “The of strange doings at the family estate: “The Real New York,” a cross no tract peopled by saints and vil-
Irregular” (Quercus, 294 pages, between guidebook and novel, lains; it’s far more complex. In 1918,
$26.99), an inventive espionage thriller conveyed what it felt like to be in Poole was awarded the first Pulitzer
set before World War I and featuring a Sherlock Holmes returns Gotham. Hughes confects some Prize for a novel, ostensibly for his
grown-up Wiggins, the former leader arriving first-time tourists, one a 1917 book, “His Family,” but in fact, MR. WALLACE is the author, most
of Sherlock’s street-children posse of in two skillful pastiches, Hoosier cleric come to gather mate- it was generally acknowledged, recently, of ‘Greater Gotham.’
Baker Street Irregulars. one an espionage novel, rial for a sermon on “The Modern honoring its 1915 predecessor.
By 1909, Wiggins is a handsome Babylon Where Mammon Alone Is pion. Gorky retreated to Staten Is-
but uneducated army veteran, barely the other a gothic thriller. God.” A Chicagoan, conversely, has land to produce “City of the Yellow
eking out a living by chasing down im- come to sample the fleshpots of Darkness and Dawn Devil”—a revenge essay. New York,
poverished debtors—many of whom Gotham, which he’s sure won’t hold By George Allan England (1912-14) Gorky wrote, was a monstrous me-
he mercifully allows to escape. His a beautiful maid named Fiona gone a candle to those of his raucous tropolis that gorged on its citizens.
3
prospects are nil, but he retains a Hol- missing, only to be returned days hometown. A young woman on her IN THIS FANTASY, Allan, an “Yellow” is a hoot for its splenetic
mesian talent for keen observation, as later, bound like a prisoner with her way to Paris is planning to skip New engineer, and Beatrice, his fury. The work also figured in a
displayed to a Whitehall type he has long red hair shorn off. York altogether, as it is well known stenographer, awake from a larger cultural drama. Twain, blam-
just met: “All I can tell you . . . is that Though Sherlock dismisses the to be culturally barren. These misin- millennium of suspended animation ing Gorky, pointed out that “laws
you sailed in Malaya and spent time in woman with prejudice, he soon has formed souls are then confounded atop the ruins of the Metropolitan can be evaded and punishment
Singapore, though I reckon you was his own reasons for visiting Braedern. by a crew of Gothamites who take Life Tower (in 1912 the tallest escaped, but an openly transgressed
born in India? Either way, you’re Scots whisky-makers—including the the visitors out to spots high and building in the world). Soon trouble custom brings sure punishment.”
shortsighted, twice married . . . and McLarens—have come under suspi- low. Hughes’s descriptions open a arrives, borne across the Hudson in But Gorky’s reception did not signal
you suffer from gout in your right toe cion of sabotaging French vineyards portal to the past through which thousands of canoes. It is the a moral machinery in good working
that you try to pass off as a by introducing a deadly one wants to rush. To Café Boule- “Horde,” the offspring of centuries order—it was a skirmish in an
war wound.” parasite. Sherlock’s vard, say, a Hungarian place on of degeneration by nonwhite emerging war over manners, morals
Wiggins is ap- brother Mycroft—a Second Avenue and 10th Street, survivors of a global catastrophe— and gender conventions.
proached by Ver- British govern- beloved by bohemians who dine on cannibal ape-men. Besieged, the
non Kell—the ment official— chicken paprikash, down shots of couple use “Pulverite bombs” to
counterintelli- urges him to slivovitz and dance the Csárdás. destroy many of the Horde, though The War in the Air
gence chief at investigate Alas, one can’t: It was shuttered a not enough. But suddenly “the By H.G. Wells (1908)
the British the contro- century ago. greater part, thousands on thou-
5
War Office— versy. Follow- sands of the little monstrosities, fell IN WELLS’S NOVEL, the rival
about joining a ing a fact- prone and grovelling.” Allan realizes empires of Europe, North
new secret ser- finding mission The Harbor exultantly that the couple had America and Asia have spent
vice, at the rec- in the south of By Ernest Poole (1915) become “Gods! Gods we are now to the first decades of the 20th
ommendation of France, Sherlock them. . . . The Great White Gods of century developing blimp-like “fly-
2
Wiggins’s old mentor and Watson make THE PROTAGONIST of this Terror!” “Darkness” is a fascinating ing machines” and preparing for
Sherlock. Wiggins de- their way to the Scots novel, a young journalist work of dystopic science fiction that combat. The first move comes from
clines, but when his best castle, after the laird is un- named Billy, used to write draws on the era’s pseudo-scientific Germany, whose huge dirigibles
friend—a London police officer—is wittingly served the severed head of about the wonders of New York’s racism—in particular the faith that, drop bombs on New York. The
killed by Russian anarchists, he vows Fiona at a grisly dinner. changing harbor. But he has come without the civilizing influence of effect is horrific. The mayor capitu-
to avenge his pal. Sherlock, whom he As the duo deconstructs a decades- under the spell of Mr. Dillon, an slavery or empire, blacks would lates. The citizenry does not. Young
visits in his bee-keeping retirement, long cat’s cradle of fatalities, conspir- engineer who wants to create a revert to savagery. What England men hoist an artillery piece to a
discourages the vigilante path and acies, disappearances and things that smoothly functioning seaport run did, powerfully if perniciously, was rooftop in Union Square and
urges him to reconsider working for go bump in the night, Watson supply the monstrous images that manage to shoot down one airship.
Kell. “The day of the amateur is over,” unearths a hidden chapter from Sher- would haunt the white imagination. The German commander orders a
Sherlock tells Wiggins. “There are lock’s own early life—an episode of full-scale bombardment. Sailing
large and growing forces ranged love and villainy that shaped Sher- along Broadway, the airships
against us. . . . I urge you to help him, lock’s psychology and serves as a City of the Yellow Devil “smashed up the city as a child will
not only for your sake, but for the sake retrospective prologue to the book’s By Maxim Gorky (1906) shatter its cities of brick and card.”
of this great country of ours.” Working more current events. The enraged Americans now strike
4
as a secret agent may give Wiggins his Ms. MacBird does a fine job of re- ON APRIL 10, 1906, Maxim back at the Germans with their own
best shot at finding those responsible creating the familiar Holmesian uni- Gorky, immensely popular in weapons. France and England join
for his friend’s death. verse and tying up her complex story’s America for his resistance to in. Berlin, London and Paris are
Wiggins follows Sherlock’s advice many strands. But it is in the pages czarist despotism, arrived in the demolished. Thousands of Japanese
and signs on with Kell, going under- recounting Sherlock’s early emotional U.S. to raise money for revolution in and Chinese airships enter the fray.
cover in the gritty London streets he trials that her creative spirit best as- Russia. Metropolitan luminaries led The conflict escalates into a full-
knows so well. Soon he is close to the serts itself. “I was certain Holmes had by Mark Twain planned gala recep- scale world war. Wells’s narrative is
center of a terrorist conspiracy ghosts of his own,” Watson confides— tions. The city was his. Then Joseph a bit rambly but on the whole
directed by an elusive figure, whose not spectral apparitions but haunting Pulitzer’s New York World reported compelling, his battle sequences
identity is but one of many effective memories of “things not said or left that the woman traveling with the absorbing, his characters plausible.
surprises delivered in this twist-filled undone, of accidents, violence, deaths, visitor was not Madame Gorky but But from a 21st-century perspective
GETTY IMAGES
adventure that proves far from people we might have helped, those “an actress,” one Maria Andreyeva. what packs the biggest punch is his
GETTY IMAGES
elementary. we have lost.” As Watson notes of his Brutal ostracism followed. Doors prescience. Six years before Sara-
“Unquiet Spirits” (Collins Crime suddenly vulnerable partner: “I saw slammed all over Manhattan, and jevo, he’d figured out where imperi-
Club, 497 pages, $25.99) is the sec- through his stoicism to his deep pain.” GRAND SPAN Brooklyn Bridge, 1898. Twain resigned as Gorky’s cham- alism and nationalism might lead.
Best-Selling Books | Week Ended Oct. 29

With data from NPD BookScan
Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
The Pioneer Woman Cooks 1 New Capital Gaines 6 2 The Rooster Bar 1 New Deep Freeze 6 4 representing about 85% of the nation’s book sales.
Ree Drummond/William Morrow & Company Chip Gaines/Thomas Nelson John Grisham/Doubleday Books John Sandford/G.P. Putnam’s Sons Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
Leonardo da Vinci 2 1 Killing England 7 5 Origin 2 1 Harry Potter...Prisoner/Illustrated 7 9 retailers, and food stores. E-book data providers
Walter Isaacson/Simon & Schuster Bill O’Reilly & Martin Dugard/Henry Holt & Company Dan Brown/Doubleday Books J.K. Rowling/Arthur A. Levine Books include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
Sisters First 3 New Grant 8 6 Turtles All the Way Down 3 2 Dog Man: A Tale of Two Kitties 8 10 fiction and nonfiction lists in all formats
Jenna Bush Hager/Grand Central Publishing Ron Chernow/Penguin Press John Green/Dutton Books for Young Readers Dav Pilkey/Graphix include adult, young adult, and juvenile
titles; the business list includes only
Andrew Jackson and the Miracle 4 New A Die Hard Christmas 9 New Dork Diaries 12 4 3 The Book of Dust 9 6 adult titles. The combined lists track
Brian Kilmeade/Sentinel Doogie Horner/Insight Editions Rachel Renée Russell/Aladdin Paperbacks Philip Pullman/Alfred A. Knopf Books for Young Readers sales by title across all print and e-book
formats; audio books are excluded. Refer questions
Smitten Kitchen Every Day 5 New What Happened 10 7 Wonder 5 8 Uncommon Type: Some Stories 10 7 to Peter.Saenger@wsj.com.
Deb Perelman/Knopf Publishing Group Hillary Rodham Clinton/Simon & Schuster R. J. Palacio/Alfred A. Knopf Books For Young Readers Tom Hanks/Knopf Publishing Group
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
Sisters First 1 New The Pioneer Woman Cooks 1 New The Rooster Bar 1 New The Rooster Bar 1 New Principles: Life and Work 1 1
Jenna Bush Hager/Grand Central Publishing Ree Drummond/William Morrow & Company John Grisham/Knopf Doubleday Publishing Group John Grisham/Doubleday Books Ray Dalio/Simon & Schuster
The Girl with Seven Names 2 — Leonardo da Vinci 2 1 Origin 2 2 Origin 2 1 Strengths Finder 2.0 2 2
Hyeonseo Lee & David John /HarperCollins Publishers Walter Isaacson/Simon & Schuster Dan Brown/Knopf Doubleday Publishing Group Dan Brown/Doubleday Books Tom Rath/Gallup Press
The Radium Girls 3 — Sisters First 3 New Quick & Dirty 3 New Turtles All the Way Down 3 3 Blue Ocean Shift: Beyond Competing 3 3
Kate Moore/Sourcebooks Jenna Bush Hager/Grand Central Publishing Stuart Woods/Penguin Publishing Group John Green/Dutton Books for Young Readers W. Chan Kim and Renée Mauborgne/Hachette Books
A Train in Winter 4 — Andrew Jackson and the Miracle 4 New Leopard’s Blood 4 New Leopard’s Blood 4 New The Five Dysfunctions of a Team 4 4
Caroline Moorehead/HarperCollins Publishers Brian Kilmeade/Sentinel Christine Feehan/Penguin Publishing Group Christine Feehan/Berkley Books Patrick M. Lencioni/Jossey-Bass
Leonardo da Vinci 5 1 The Sun and Her Flowers 5 3 Deep Freeze 5 1 Quick & Dirty 5 New Extreme Ownership 5 —
Walter Isaacson/Simon & Schuster Rupi Kaur/Andrews McMeel Publishing John Sandford/Penguin Publishing Group Stuart Woods/G.P. Putnam’s Sons Jocko Willink/St. Martin’s Press
High Performance Habits 6 — Killing England 6 6 The Lost Child 6 New Deep Freeze 6 2 Open Source Leadership 6 New
Brendon Burchard/Hay House, Inc. Bill O’Reilly & Martin Dugard/Henry Holt & Company Patricia Gibney/Patricia Gibney John Sandford/G.P. Putnam’s Sons Rajeev Peshawaria/McGraw-Hill Education
Unlimited Memory 7 — Capital Gaines 7 2 Seeing Red 7 — Room On The Broom 7 6 Total Money Makeover 7 6
Kevin Horsley/Kevin Horsley Chip Gaines/Thomas Nelson Sandra Brown/Grand Central Publishing Julia Donaldson/Puffin Books Dave Ramsey/Thomas Nelson
Andrew Jackson and the Miracle 8 New Smitten Kitchen Every Day 8 New Gansett Island Episode 2 8 New Dork Diaries 12 8 4 The Energy Bus 8 9
Brian Kilmeade/Penguin Publishing Group Deb Perelman/Knopf Publishing Group Marie Force/HTJB, Inc. Rachel Renée Russell/Aladdin Paperbacks Jon Gordon/John Wiley & Sons
American Radical 9 New Harry Potter: A Journey... 9 9 Mind Game 9 New Wonder 9 — The Power of Moments 9 New
Tamer Elnoury/Penguin Publishing Group British Library/Arthur A. Levine Books Iris Johansen/St. Martin’s Press R. J. Palacio/Alfred A. Knopf Books For Young Readers Chip Heath & Dan Heath/Simon & Schuster
Unbroken 10 — Grant 10 7 The Martian 10 — It 10 7 High Performance Habits 10 —
Laura Hillenbrand/Random House Publishing Group Ron Chernow/Penguin Press Andy Weir/Crown/Archetype Stephen King/Scribner Book Company Brendon Burchard/Hay House, Inc.
REVIEW
and friends to be so vulnerable,”

she says. “I know I consciously re-
turned to working on my portrai-
ture…which is not so out of line
with growing older and being a
more mature artist.”
Born in Waterbury, Conn., she
moved around the country with
her father, an Air Force lieutenant
colonel, and her mother, a modern
dance teacher. “We were definitely
a strange traveling group,” she
says. “You hear mixed things with
children growing up in the mili-
tary, but I loved how every two
years you can move and reinvent
yourself and learn to do things in
kind of a fast way.”
After high school, she went to
the San Francisco Art Institute to
study painting. “I wasn’t really
that good,” she says. “I was trying
to be a realist, but my work was
very abstract and a little angry.
She admired the paintings of van
Gogh, Degas and Turner, and then
later the photographs of Richard
Avedon and Diane Arbus.
After a stint on a kibbutz in Is-
rael, she returned to the U.S. to
work for Rolling Stone as a staff
photogra-
pher. She
Having stayed at
your picture the maga-
zine for 13
taken is ‘like years be-
the dentist fore joining
Condé
coming to Nast, where
visit.’ she is now
a contribu-
tor for Van-
ity Fair and
Vogue. “I left that romance of tak-
ing drugs and that being a cool
thing,” she says of her years at
Rolling Stone, “and moved into a
whole new world.” It came at the
right time. “At a certain point it
was sort of stupid, or you’re dead.”
Ms. Leibovitz says that she still
works in the style of her early in-
fluences, often holding her camera
close to her and shooting her sub-
CHRIS BUCK FOR THE WALL STREET JOURNAL
jects as a journalist would rather

than as a director standing back
with a tripod. She doesn’t like to
talk during a shoot. “I’m still fairly
direct in that respect,” she says.
“If I’m going to do any talking, it
will happen before.”
Ms. Leibovitz knows that few
people actually enjoy having their
picture taken. “It’s like the dentist
coming to visit,” she says. But she
takes special pleasure in shooting
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE spirited subjects. “When Queen
Elizabeth comes in and she’s
Annie Leibovitz
feisty?” she asks. “That’s great!
That’s a live one.” A photograph of
the queen appears in the book.
Ms. Leibovitz says that she gen-
erally admires the people whom
she photographs, but “the dark
The photographer on Leibovitz doesn’t see it as a feat. Olympic swimmer Katie Ledecky to Her previous collection, “A Pho- people are part of our world too.”
“Each setting is kind of tailored to the late architect Zaha Hadid. tographer’s Life: 1990-2005” in- Her favorite portraits by an-
her portraits—and the what the subject does,” she says. Ms. Leibovitz, 69, the recipient cluded portraits of figures such as other photographer are the hun-
discomfort of posing Ms. Baez for example, “likes of honors such as the Library of Nicole Kidman, Johnny Cash and dreds that Alfred Stieglitz took of
trees,” says Ms. Leibovitz. “She Congress’s Living Legends desig- Nelson Mandela, but it was also a his wife Georgia O’Keeffe. “His re-
PHOTOGRAPHER Annie Leibovitz picked that tree.” nation and the Centenary Medal personal look at close friends and lationship with her in the portraits
is more famous than some of her Known for her arresting and of the Royal Photographic Society family, she says. While she was was so intimate and beautiful,” she
subjects, and she doesn’t give widely reproduced photographs of in England, says that this collec- working on it, her longtime com- says. She particularly likes Stieg-
much thought to making them subjects such as John Lennon and tion of images is an “edit” of the panion, the writer and critic Susan litz’s nude photographs of
comfortable with her attention. “I Yoko Ono (taken on the day Len- past decade of her photographs. Sontag died, as did her own father. O’Keeffe. “They’re probably the
don’t think it’s my job to make non died), a pregnant Demi Moore Many of the images in the book Sontag wrote frequently about best photographs ever done, be-
them relax by the time they sit and Whoopi Goldberg submerged have been exhibited at museums photography, but Ms. Leibovitz cause of the intimacy.”
down,” she says. “They have to in a bath of milk, Ms. Leibovitz around the country, including the says that the two didn’t talk much People sometimes tell her, “Oh,
come to terms with who they are has just released her latest body of Smithsonian National Portrait about the art. “We just loved do- you really captured that person,”
and what they look like or not.” work in a new tome, “Annie Leibo- Gallery in Washington and New ing things together,” she remem- but she doesn’t think that a single
Still, she managed to convince vitz: Portraits 2005-2016.” In the York’s International Center of bers. “In this age, I would love to photograph can be so all-encom-
singer Joan Baez to pose in a tree hefty book, she includes photo- Photography, an institution that have a voice like hers.” passing. “It’s not going to be cap-
and actress Meryl Streep to sit on graphs of a range of notables, from awarded her a Lifetime Achieve- Her new book excludes her per- turing their soul,” she says. “I
a rock surrounded by waves. Ms. former President Barack Obama to ment Award in 2009. sonal life. “I didn’t want my family think we’re complicated.”
MOVING TARGETS: JOE QUEENAN
If Amazon Gets Us to Take Its Medicine

AMAZON IS CONSIDERING a move Reviewing some new dieting pill, look into our expanding line of health. If Amazon can tell from all
into the pharmacy business, the a customer might write: “I sort of trusses.” that Xanax you’re ordering that you
Journal reported last weekend. Just enjoyed taking this drug, and its How about And how about the promotions? seem to be having a hard time, it
imagine the special cross-market-
ing touch the retail giant could
cool aftertaste, but Amazon will
only sell me 200 pills at a time, and
streaming a Get ready for: “Countdown to Black
Friday: Amazing drugs you thought
might recommend video offerings
like “Love, Actually” or “8 Hours:
bring to the splintered industry if it I’m going to need a lot more than movie to go with were out of your price range!” and Ocean Lights & Whale Songs.”
moves into the health-care field in that if I’m going to fit into that that Xanax? “Get ready for the holidays by Because Amazon can easily fig-
a big way. Santa costume by December. I’m stocking up on Prozac!” ure out that you’re going to be laid
The company already sells a going to stop writing now because One great thing about Amazon up with that busted ankle for three
range of familiar drugstore items, I’m starting to feel sad again.” getting involved in the health-care months, it can recommend reading
but a medicine-dispensing Amazon Or: “This is personally one of industry is that people living in re- to help you pass the time—riveting
of the future would be something the five best drugs I have ever mote areas where the drugstores books like Shelby Foote’s three-
more. It wouldn’t have to stop at taken. This means a lot coming only carry down-market medica- volume history of the Civil War or
delivering prescription drugs by from me because I have taken tons tions will be able to buy top-shelf Ron Chernow’s electrifying new
mail or drone. It could fully im- of drugs. I mean, I was at both Al- products, speedily shipped in from 1,100-page biography of Ulysses S.
merse itself in health care—open- tamont and Woodstock. Five bil- afar: “If you have a Prime account Grant.
heart surgery, preventive medicine, lion stars, man.” and order Ventolin HFA today, Jo- Nor will Amazon hesitate to
nursing by Alexa, interactive cloud Of course, Amazon, with its seph, it will arrive by Tuesday.” cross-market medications that
rehab—and drastically change the amazing algorithm-fueled ability to Noticing that an Amazon cus- might tie in nicely with the music
health-care industry as we know it. determine exactly what its custom- tomer seems to be taking an awful you like, as in: “We thought you
I, for one, can’t wait to see Ama- ers might want, will start sending lot of medication to lose weight, might be interested to know that 9
zon customers reviewing drugs. out helpful suggestions, such as: “If the company might pitch fitness out of 10 customers who bought
Giving one star to lisinopril while you liked amoxicillin, Joseph, you machines or online yoga classes. Ambien also found that Van Morri-
NISHANT CHOKSI
raving about perindopril. Dismiss- might also be interested in ce- But it could also provide entertain- son’s new album helped them get
ing simvastatin as “the worst statin fadroxil and spiramycin.” Or, “Due ment suggestions—free with that to sleep.”
ever. And trust me on this, I’ve to your interest in surgical ban- Prime account—that would go Actually, 9 out of 10 might be a
taken a lot of statins.” dages, Joseph, you might want to nicely with the state of your bit low.
REVIEW
EXHIBIT
Longhorn
BUGGING OUT beetle

It takes more
than 20 years
Close-up, bugs can be beautiful. In “Microsculpture” (Abrams, $45), British photogra- for the larvae
pher Levon Biss showcases magnified images of 36 different insects. Each portrait of this bug
to develop.
takes weeks to create. Mr. Biss illuminates each bug with strobe lights and takes metic-
ulous shots of it in 20 to 30 different sections. He then uses software to combine thou-
sands of these photos into a single image, ensuring that the lighting and clarity are
just right throughout. The preserved specimens, from the Oxford University Museum Stalk-
of Natural History, include some that were collected by Charles Darwin and Alfred Rus- eyed fly
The heads of
sel Wallace. Such a high-resolution encounter, Mr. Biss says, “helps us appreciate the these flies are
beauty of these tiny creatures that are so important to us.” —Alexandra Wolfe made up
of two long
eye stalks.
Orchid cuckoo bee
The females lay their eggs in other
bees’ nests rather than build their own.
Lantern bug Tri-colored jewel beetle

Scientists once thought that the heads of these Naturalist Alfred Russel Wallace
insects glowed at night, though they don’t actually. collected this specimen around 1860.
LEVON BISS
PLAYLIST: JULIAN LENNON HISTORICALLY SPEAKING: AMANDA FOREMAN
A Day in John’s Life The Unloved Electoral College

A son connects with his father’s voice
and the Beatles’ past
THE 2016 ELECTION results caused plenty of bitter-
Julian Lennon, 54, is a musi- Pepper’s Lonely Hearts Club ness—not the least of which had to do with the
cian, photographer, founder of the Band,” followed by the piano. Electoral College. Donald Trump won the presidency
White Feather Foundation and My father’s words flow to- a year ago this week but lost the popular vote—
son of John Lennon and his first gether so effortlessly. And yet something that has happened a handful of times in
wife Cynthia. He is the co-author there’s emotional complexity: “I the republic’s history and twice in the past two de-
of the children’s book, “Touch the read the news today, oh boy / cades. In a December press conference, President
Earth” (Sky Pony). He spoke with about a lucky man who made the Barack Obama declared the system to be past its
Marc Myers. grade / And though the news was sell-by date: “It’s a carry-over from an earlier vision
rather sad / Well I just had to of how our federal government was going to work.”
I was only 4 when the Beatles’ laugh.” What were the Founding Fathers thinking? At the
“Sgt. Pepper” album was released Paul McCartney’s vocal in the 1787 Constitutional Convention, they created a
in 1967. Not until my middle section has an unique system for choosing the president. Each
teens, when I began to alternate feel: “Woke state got a number of electors based on the total of
play guitar, did I start Sweet up, fell out of bed / its U.S. senators (two) and U.S. representatives (as
to appreciate “A Day in
the Life” properly.
moments, dragged a comb across
my head.” The words
set by census). Each state legislature could decide
the method of picking electors, but if the electors’
My father, John Len- too short. take you on a different vote was inconclusive, the choice would be sent to
non, co-wrote the song trip, but the two parts the House of Representatives. “The original idea,”
and is singing on much intertwine thematically. wrote Federal Election Commission official William
of it. But I don’t have Listening to the song C. Kimberling in 1992, “was for the most knowledge-
sentimental feelings for the song. now, and my dad’s voice, it’s a re- able and informed individuals from each State to se-
My parents divorced when I was 5 minder I’m part of that legacy, a lect the president based solely on merit and without
in 1968, and I didn’t see much of part of him. regard to State of origin or political party.”
THOMAS FUCHS
my dad until the mid-1970s. My father and I rarely ever The system didn’t last long without repairs, pre-
I’ve always loved the pace of talked about music. The brief mo- cipitated by the crisis of the 1800 election. Electors
“A Day in the Life.” The tempo re- ments we had together were too could vote for two names for president, with the run- ing each member of the electoral college offer two
mains consistent, but the lyrics short and sweet. We were too ner-up becoming vice president. With the Federalist choices for president (neither would become vice
jump from one concept to an- busy trying to get to know each Party’s John Adams defeated, it came down to the president). Congress briefly considered abolishing the
other. If you close your eyes, other. Today, of course, I wish we candidates of the Democratic-Republican party. But college completely, with President Andrew Jackson de-
you’re taken on a journey. Even had spent more time together. because of a procedural error, Thomas Jefferson tied claring in 1829 that the more “agents” there were to
without the lyrics, with his running-mate Aaron Burr. Awkwardly, the tie- do the will of the people, the more likely it was that
there’s a narrative in breaking vote went to the House of Representatives, their will would be frustrated.
the melody and the which the Federalists still controlled. It took 36 ballots But nothing more happened.
dense orchestration for Jefferson to win his majority. A serious attempt at abolition
created by producer It’s not surprising that four died in the Senate in 1934. In
George Martin, who re- years later the 12th Amendment In 1969, Nixon 1969, after segregationist George
ally was the fifth was ratified. Among other tried reform. Wallace got 46 electoral votes
Beatle. In my teens, the changes, it separated the vote for and raised the possibility that
song made me want to president and vice president into It failed. neither major-party candidate
become a singer-song- two processes. would win a majority of electors,
writer. Today, I think The next change to the elec- President Richard Nixon tried to
it’s far more personal. toral college, as it came to be abolish the electoral system—
As I listen to my father known, happened without constitutional changes. One with the aid of his defeated rival, Hubert Humphrey.
sing, I hear myself in by one, the states began making their presidential But Southern and small-state senators stopped the
the nasal tonality of his picks by popular vote, which the electors were then plan with a filibuster.
voice. supposed to echo. The move led to the winner-take-all Why has reform failed so often? As many have
EVERETT COLLECTION
I love how “A Day in system for each state that all but Maine and Nebraska pointed out, the electoral college was an attempt to
the Life” emerges on practice today. balance the power of more populous states with that
the album—the acoustic This was not what the Founding Fathers had in- of more rural ones, to balance the needs of the nation
guitar bleeding through tended. In the 1820s, the aging James Madison sug- with those of the states. Many have called the solution
the applause at the end gested various ideas for reform, such as having each imperfect, but perhaps it’s a good match for our re-
of the reprise of “Sgt. JOHN LENNON in 1967. congressional district vote for an elector, or even hav- markable but imperfect democracy.
PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH Provided by the National Museum
of Mathematics
1. The White 5. Special counsel Robert A medicinal puzzle
House tapped Mueller unveiled the first fruits and a shopping puzzle are
Fed governor of his probe into Russian election on this week’s workout menu.
Jerome meddling—including a guilty plea
Powell as by which ex-adviser to the
the next Trump campaign?
chairman of Precise Prescription
the central A. Richard Gates The coach poses a medical
bank. In B. Paul Manafort challenge to the team: A doctor must
what subject did he get a C. George Papadopoulos measure out a precise fraction of a
graduate degree? D. Steve Bannon tablet for a young patient. She has
an empty 5-ounce vial,
A. Economics an empty 3-ounce vial,
B. Law 6. Amy Barrett was confirmed a water supply, a sink
C. Accounting by the Senate for a judicial and a single water-
D. Culinary arts position on which body? soluble tablet. Gift Dilemma
How can she Math team members
A. The Seventh U.S. Circuit measure out a Mandy and George
dose (dissolved in want to buy a DVD set
2. Using cosmic-ray imaging, Court of Appeals
water) of exactly for the coach, and each
scientists have discovered B. The Eighth U.S. Circuit
10% of a tablet? has a positive whole
something inside the Great Court of Appeals number of dollars.
Pyramid of Giza. What is it? C. The U.S. Court of Tariffs, Mandy finds that she
Customs and Claims is $2 shy of the price;
A. Donald Trump’s tax D. The U.S. Supreme Court George finds that he is
returns $32 shy. If they pool
B. Hillary Clinton’s emails their money, they still
C. A set of royal mummies 7. Canada plans to boost don’t have enough to
D. A large space dubbed the immigration in the years ahead. buy the DVD set.
Big Void How much of its population is How much is the DVD
foreign-born now? For previous set if it costs a whole
weeks’ puzzles, number of dollars?
3. Grain trading firms, like farm- A. Less than 5% and to discuss
ers, are being squeezed—by what? B. More than 10% strategies with
other solvers,
C. More than 15% go to WSJ.com/
A. A global grain glut D. More than 20% puzzle.
B. A global fertilizer shortage
FROM TOP: CARLOS BARRIA/REUTERS; KEITH BIRMINGHAM/PASADENA STAR-NEWS/ZUMA PRESS
C. Eccentric weather in the

U.S. and South America 8. The Houston Astros won their ILLUSTRATION BY LUCI GUTIÉRREZ
D. The spread of tariffs on first-ever World Series. Name
agricultural imports the general manager who turned + Learn more about the National Museum of Mathematics (MoMath) at momath.org
them into champs.
SOLUTIONS TO LAST Why Not? Deadbeats
WEEK’S PUZZLES y
4. Saudi Arabia said it would A. Brian Cashman L A P U P S H E R A D I S C S A S S
A C C O S T S D I F F
open some sports stadiums to B. Theo Epstein A
S
R
C
O
O
P
T
E
C
A R R OW E C
HWH I S K T O
R U
O T H
A
F
C
A
H
I
E
R M O R A L E A R N E R
women—with what caveat? C. Jeff Luhnow Varsity Math S H R I
C
K
A
E
R V E
N E WM A N
L A I T
N E
T O R
E
S
D
I
L
O
E
N E D I T O R V I T A E
D. Branch Rickey The total number of Pumpkins C
U
O
G
C K
H
T A I L P A R T
O N E N D
G
T R
R I M
I C I A
A H A
N A B S B R A V E S T
A. They won’t be allowed to in the Crop was 42 + 50 + 75 S L A T E L I E D P E A C E T R E A T
W A D E S A G E N T S
P E N A N D I N K P L A T O T I M E
watch games played by men. = 167. The solution to The S T E N O D R AMA T I C I R O N A G I L E M E D D L E
B. They will have to sit in a Halloween Goblin is 46. With A G A T E S G R I N S N O S E R S
R E A L L Y D E F A T
S I B E R I A N H U S K C A R E T
special “family section.” the proper strategy, all but the S N U B L O O I E MO V E D I N O N
S O R E S T C L I P S
first person goes free. N A T U R E S T U D N AM E S C O P E
C. They will need permission D E T A I L S O L I D V E E P L Y B E H O L D E R
C U P T A C T A P R I C O T B R A N D
from a male relative. O N E P A G E V I L E S N A R E A D D U P I N S O L E
S T R O K E C AM E T O R E N A T A
D. They won’t be allowed to MA S T E R C O P N U D I S T C O L O N S C I R O C C O S I R
see most halftime shows. OM
S E
I T
A S
E U R O
S E A R
D R I V
A N N E
E
X
H
T
I T
R O
O
T
N
S
S O A R S B E H A V E
O R B I T A R A B I A
F A L T E R T R E E D
F L O O R B O A R D S
To see answers, please T H ET E LL TA L E HE AR T
turn to page C4.
THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 36 City about 25 1 2 3 4 5 6
miles south of
19 20 21 22 Tampa Bay
7 8
23 24 25 26 37 Water, whirled
27 28 29 30 31
38 You can read it
on a quarter back 9
32 33 34 35 36 37 38 39 39 Congressional
40 41 42 43 44
worker 10 11 12 13
41 Elvis’s wife
45 46 47 48 49 50 51
45 Doesn’t keep 14 15 16
52 53 54 55 one’s cool
46 Exhausted 17 18
56 57 58 59
47 Sign up, in
60 61 62 63 64 65 66 67 68 Southampton
19
69 70 71 72 73 48 Low-risk
investments
74 75 76 77 78 20 21 22 23
49 Trophy won by
79 80 81 82 83 Dorsett and
Staubach 24
84 85 86 87 88 89 90 50 ___ the good
91 92 93 94
(positive) 25
51 Kept in a barrel,
95 96 97 98 perhaps
26 27 28 29 30 31 32 33 34
99 100 101 102 103 104 105 106 54 Tracking shot
needs
107 108 109 110 111
55 Buccaneer’s gun
112 113 114 115 116 117 118 58 Pragmatic person Checkerboard | a cryptic puzzle by Emily Cox & Henry Rathvon
119 120 121 122 62 Crabs and
crayfish This puzzle’s Dark clue answers Fire consuming middle of 10 Something light popped
14
123 124 125 126 64 Funny Russell
start in the appropriately the cabin (5) at a party place in Ireland
numbered squares and proceed in (4)
66 Bullies School’s principal illegally
Football Follies | by Aaron L. Peterson straight lines along the shaded
67 Approaching diagonals. They always go procured photo (4) Piece of silver I wrapped
Across 49 Robust 88 Last Olds off Down 68 Sea around the 19 Laurel surrounding one
rightward, angling either upward or in fleece (4)
51 See 69-Across the assembly Cyclades downward. When two clues share dark spot (5) 12 Made square lamp,
1 Apply a sponge 1 Hitherto
to line 71 Festive a number, one answer goes upward ultimately, with help (4)
52 Stubborn one 2 His library will 21 Devices that darken in
90 LIRR operator occasions and the other goes downward;
6 One might 53 Not up be hosted by the honor of late bloomers 15 Requesting fleece
contain pico de 91 “You said it!” University of 72 Puccini product either may come first. Light
54 What might lead (8) wrapped in silver (6)
gallo hunters to 92 Fowl position Chicago 75 Yard answers occupy the white
10 Sour substances twiddle their 93 Onstage 3 Nickname of the 80 Marching band diagonals in the same way. Dark23 True Dadaist’s canvas 16 Firework’s finale after
15 Pac-12 footballers thumbs? goings-on? Saints’ home staffers and Light portions of the grid are (4) sun’s gone down (4)
19 Beyond beefy 56 One might be 95 Puppy’s bite 4 Destroyer 84 Stadium crowd brought together by the unclued24 Get into mafia title (3) Retracted crazy guess (4)
hung behind goal 96 Lacking designation 85 Drop horizontal entry at 17-Across.
20 Jump ___ the
posts 26 Article tucked into bed 17 On race, reformed white
deep end coverage? 5 Duke or duchess 86 Drove back
57 Hindu honorific cover (4) neighbor? (6)
21 Influential music 97 Mob melee 6 Nissan Stadium 87 Blockhead
teacher 58 Makes muddy 98 A little butter? footballer 28 Near faucet, taking cup, Light speed taking too
88 Heaps
Boulanger 59 End for duct or 99 Class members 7 Comparable drink in the late evening much work for software
89 Room to Dark
22 Captain born cup 101 Main ingredient
thing
maneuver (8) engineers (6)
Prince Dakkar 60 Filmdom’s Lupino of dal 8 Coach for 1 Ones going both ways 30 Kremlin denial so far, 18 Tease out meal from a
93 Miss
23 Feigned response 61 Kind of snap 104 NFL quarterback
training? taking a diagonal (4) after end of election (4) stewpot (6)
94 NFL quarterback
to a loud noise? 63 NFL safety Trae Ryan 9 Cushioned 4 Drive crazy, hanging
Tebow 32 President Hoover, for one, 20 Exhibition showing light
footstool
25 Tall stack at a 65 Tony winner 107 Like a Hail Mary 96 Crook decor with a darkening invested in arsenic (5) features (4)
Gap store? Menzel 10 Composer
108 Congressional
Webern 97 ___ zone (area effect (5)
27 Caen crony 69 With 51-Across, worker close to the goal
34 Heavenly body, dude 22 Instrument initially on
11 Bookstore 6 Shadowy figure covered reflected (3) back of engine (4)
28 Muscat money dance 109 Election Day line)
abbr. feature, often by Thomas Pynchon (3)
29 Aerophone with 70 Proposal that 100 Crocheter’s Light 25 Caution Republican
keys doesn’t follow 111 Unduly 12 It may be heard
creation 8 Search around near a cold dressed in white (4)
Robert’s Rules of before a underground passage (8) 2 Fall lightly right into
31 Premium cable 112 Close associate reception 101 Had a crush on ballroom maneuver (4) 27 Eyepiece taking in white
channel owned Order? who’s always
13 Board member: 102 Drew in 9 Make a big mistake in goods (6)
by MGM 73 Once called performing? going after head of state 3 Fresco painter reached
Abbr. 103 Ready to go
32 Be a rusher? 74 Briefly fill in for 116 USS, herein? (3) outside opening of 29 Change the look of
14 Insult response 105 Specifically
34 Ephemeral 76 Gorsuch’s 119 React to a hit interior (6) brightly colored goose
sculptures predecessor 15 Prior to 106 Phone button Protectively encased gun egg (4)
120 Rolling in les
16 Former Yankees sounds in equipment storage 5 Two-way praise returned
36 Pay the tab 77 Sched. listing francs (4) 31 White person out on bail
slugger Mark 108 Post-scrimmage spot (8)
40 Fender 78 Paint graffiti on 121 Quaint shop (6)
17 Expressive rock woe 7 Early daylight
attachment 79 Styled after adjective
genre 110 Counterfeit
11 Bank deposit name in
42 Navy’s mascot 122 Eagle’s home blue (4) catching Delaware’ s 33 Nerdy expert earned
81 Disturbingly
18 Peyton, to Archie 112 Round figure current (6) $1000 (4)
43 Bustles unfamiliar 123 Whodunit 13 Rattles containers for
discovery 24 Family address 113 Role for Keanu
44 Opener for stew 82 Ingredient of eau tips (4)
26 Rms. for rent 114 Hobbyist’s buy Get the solutions to this week’s Journal Weekend Puzzles in next
s
or pickle de mer 124 Bronco, e.g.

83 Rage 125 NFL tight end 30 Get into the pool 115 Ensure of victory Make fun of positive Saturday’s Wall Street Journal. Solve crosswords and acrostics
45 Second half of a
river boat’s round 84 Brazen sexual Jordan 33 911 call responder 117 Futbol cry response in German gym online, get pointers on solving cryptic puzzles and discuss all of the
trip? overture? 126 Clipper parts 35 “You said it!” 118 Raiders’ org. (4) puzzles online at WSJ.com/Puzzles.
REVIEW
ICONS
Mass Production Gets Personal

Patricia Urquiola’s cozy own. “I was finally free to work with my own
poetry,” she says now. The Philadelphia exhibi-
desks, seductive chairs and tion includes her 2002 breakout design, the
abstract textiles on display Fjord armchair and stool, inspired by a trip to
Scandinavian capitals. An asymmetrical riff on
typically bulbous, midcentury modernist chairs,
BY J.S. MARCUS
the Fjord, made by the Italian furniture com-
pany Moroso, is part of a whole collection.
IN LITTLE MORE than 15 years, the Spanish- A decade later, Ms. Urquiola moved on to
born, Italian-based architect and designer Patri- textiles. In 2013, she created the abstract-pat-
cia Urquiola has gone from a supporting role in terned Grid curtain and upholstery collection
Milan’s industrial design scene to high-profile for Denmark-based Kvadrat. The new exhibi-
product launches for brands like Copenhagen’s tion includes examples of her work for the
Georg Jensen and Paris’s Louis Vuitton. She has company, which supplies many of Europe’s
designed everything from curvaceous, banana- leading design labels.
fiber chairs to Ferrari exhibitions. Meanwhile, the design profession was chang-
Next stop: Philadelphia. On Nov. 19, “Patricia ing. Back in 2001, it was still common for Mi-
Urquiola: Between Craft and Industry” will give lan’s industrial designers to work piece by piece
American museum-goers an overview of the Eu- with the small, family-owned companies that
ropean designer. The survey of her solo career had helped to make Italy a design hub. In a
includes work dating from 2002, soon after she trend echoing the fashion and luxury-goods in-
first set up her own studio in Milan, to 2016. dustries, larger corporations and investors
Ms. Urquiola manages to combine human- bought up and refashioned those design compa-
scale craftsmanship with the industrial denies. These days, Haworth owns Cassina, Polt-
mands of mass production—an achievement rona Frau and Cappellini, three of the biggest
that sets her work apart, according to Donna names in Italian furniture design.
Corbin, the decorative-arts curator at the mu- Ms. Urquiola has adjusted by becoming a de
seum and creator of the exhibition. “She has in- facto brand designer, creating showrooms and
troduced the hand to the ma- office spaces as well as furni-
chine,” says Ms. Corbin, ture for Cassina, where she
citing her 2008 Crinoline ‘She has has been art director since
armchair, produced by Italy’s 2015. At Cassina, she created
B&B Italia furniture label.
introduced the the Gender chair in 2016. The
Ms. Urquiola, now 56, says hand to the customizable, high-backed
that a trip to London when
she was a teenager partly in-
machine.’ piece combines a rounded
back with angled legs. The
spired the chair. She and her chair’s name points to a mix
friends, who grew up in the of genders, by attaching a
strict atmosphere of Fran- traditionally feminine round
coist Spain, got a titillating glimpse of the 1974 shape with a harder-edged, more masculine
erotic film “Emmanuelle.” The movie ads of the base, says Axel Söderberg, who sells Urquiola’s
time featured a woven, high-backed chair that work at his Nordiska Galleriet showroom in
finds an echo in the Urquiola piece. Her chair Stockholm. He praises Ms. Urquiola for her
uses a petticoat-like shape for a base and a range—creating a cutting-edge piece like Gen-
hand-woven backing featuring durable fibers der, “which you would not normally find in
taken from a species of banana plant. someone’s house,” but still making very popular
Ms. Urquiola has left her mark in office fur- pieces like her 2005 Tufty-Time sofa for B&B
niture as well. Working with Haworth of Hol- Italia, a plush, modular update on furniture
land, Mich., Ms. Urquiola has designed the from the 1960s and ‘70s.
Openest system, which turns cubicle walls into As for the Ferraris, they will show up when
soft extensions of sofas and desks. Her work London’s Design Museum opens “Ferrari: Under
“has redefined office furniture,” says Lothar the Skin” on Nov. 15. Ms. Urquiola designed the
CLOCKWISE FROM TOP: B & B ITALIA, USA; MARCO CRAIG; MOROSO

Windels, head of the furniture-design depart- display. “I myself prefer not to drive,” Ms.
ment at Rhode Island School of Design. “She Urquiola says.
took the idea of a cubicle and made it into a Her own Milan commute amounts to taking
cozy space that someone actually wants to the stairs from her upper-floor home—where
work in.” The Philadelphia show includes a desk she lives with her business and life partner,
from a 2011 collection. Alberto Zontone, and their two children—to
Born in northern Spain, Ms. Urquiola arrived a lower-level studio. “I run a studio, and I run
in Milan in the late 1980s after studying archi- a family,” she says, and explains the close
tecture in Madrid. She charted a path separate quarters this way: “People I work with need
from postmodernism, which was all the rage in to see how I live, and my family needs to see
Italy’s design capital, replacing modernism’s how I work.”
clean lines and functional goals with a playful
use of unusual shapes and colors. Instead, Ms. PATRICIA URQUIOLA’S ‘Crinoline’ armchair
Urquiola worked for an old-school, nearly mini- (2008), top; her ‘Fjord’ armchair and stool (2002),
malist Milan furniture company, De Padova. right; and the designer, far right, photographed in
Eventually, Ms. Urquiola went out on her Milan in 2015.
MASTERPIECE: ‘PORTRAIT OF MARY MATTINGLY’ (1850), BY JOHN JAMES TRUMBULL ARNOLD
A FOLK-ART PAINTING WITH FINE-ART QUALITIES

BY JUDITH H. DOBRZYNSKI symmetrically arched eyebrows and bine to raise this painting almost to
fine, visible eyelashes. She wears a the realm of fine art and certainly
dress, gathered around her tiny make it a standout among American
IN AN 1841 watercolor-and-ink draw- waist, that looks black but was ini- folk art portraits.
ing, John James Trumbull Arnold, an tially dark green. It’s trimmed at the According to the museum’s cura-
itinerant artist who roamed Mary- neck in white lace, and her sleeves, torial records, drawn from the
land, Virginia and Pennsylvania in gathered at the wrist, are trimmed Western Maryland Historical Li-
pursuit of commissions, portrayed in dark lace. Curators at the mu- brary, Mary never married and
himself with a quill in his long, slen- seum are unsure about the dress’s spent most of her life in Mount Sav-
der fingers and declared himself a fabric; it could be cotton, silk or age. At some point, she moved to
“Professor of Penmanship.” Below, al- worsted wool. nearby Cumberland, Md., where, in
most overshadowed, he added “Por- Families of the period would have 1909, she was making and selling ice
trait and Miniature Painter.” instructed their portraitists to avoid cream. She died, at 73, in 1920.
Visitors to the Abby Aldrich betraying the sitter’s emotions or The portraits of Mary and her par-
Rockefeller Folk Art Museum in Co- personality, but they ents remained in the
lonial Williamsburg, Va., can see the
flourish of his cursive script on the
would have wanted them
to signal their class and
Details family until 1990, when
an heir sold them. In
back of a canvas: “Portrait of / Mary circumstances. Mary’s point to 1995, Sylvester and Ellen
Mattingly / Drawn by John Arnold /
On the 26th of October / 1850,” he
picture, then, shows her
wearing gold bracelets
her went on the auction
block at Christie’s, and
wrote. But it is, of course, the front on both arms and a blue- family’s they have disappeared
that places Arnold (1812-c. 1865) in beaded necklace centered station. into a private collection.
our esteem today. on a golden pendant. When Mary’s portrait
Mary, age 3 (or possibly 4), is a Mary’s face, though, came up for sale in 2014
beguiling little girl with penetrating seems a bit androgy- at Jeffrey S. Evans & As-
brown, almond-shaped eyes. She is nous. And her hair is not arranged sociates, the museum—already in
limned in Arnold’s trademark sharp, in the typical girlish fashion of the possession of Arnold’s 1841 self-por-
simple lines. Presented frontally, en- period, which would have been trait and two lesser works attributed
circled by a brownish oval back- short and parted in the middle, not to him—jumped at the opportunity.
ground set against black corners, parted on the side. Rather, it is Even at $33,000, about four times the
she stares directly at the viewer, pulled back, perhaps in a braid, and low estimate, she was a bargain.
holding a red rose in her left hand. tied with an unusually large, cock- Mary was recently revealed to
Arnold, the son of a Connecticut eyed white-and-blue bow that gives the public for the first time in a
doctor who moved to Pennsylvania her a bit of a mischievous charac- long-term exhibition called “We the
in 1790 (and is apparently, despite ter. One wonders if Arnold added People: American Folk Portraits,”
his middle name, no kin to the well- the silk ribbon to clarify her gen- which will remain on view through
known Connecticut artist John der, as young boys in that era often December 2019.
Trumbull), took no formal art group. She was the eldest child of painted Sylvester’s stepmother, also wore dresses. As for Arnold, his last docu-
classes but clearly had some train- Sylvester M. Mattingly and Ellen named Ellen. Unlike less-skilled itinerant artists mented painting is dated 1853, ac-
COLONIAL WILLIAMSBURG FOUNDATION
ing, probably from a tutor. He made Hogan Mattingly of Mount Savage, To portray adults, Arnold often of the period, Arnold draws Mary in cording to the Cumberland County
a career capturing in paint the na- Md., a little town in the far north- used a shelf, a chair back or some- proper proportion. And he models her Historical Society. He is said to have
tion’s growing middle class in the west of the state. Arnold painted thing similar as a prop for one of face softly, while leaving her hands drunk himself to a premature death.
decades before the Civil War. At her father on Oct. 21, 1850, and her their hands; sometimes they hold just a bit flat. There’s no detectable
least two dozen of his paintings mother, holding her baby brother, books. For Mary, he chose no such light source and the background is
have survived, though some are un- Romanus, on Oct. 25, 1850. Then device—only the rose, which might devoid of detail: Together, they con- Ms. Dobrzynski writes about cul-
signed; other extant works are came Mary. Two weeks later, Arnold symbolize her singular beauty, spire to focus attention on Mary’s un- ture for many publications and
thought to be by him. painted her aunt and uncle, James adorns her tidy portrait. smiling but charming face. She seems blogs at www.artsjournal.com/re-
Mary’s portrait is part of a family and Ann. The previous June, he had She has, in Arnold’s rendition, to radiate. All of these qualities com- alcleararts.
Buys ‘n the hood: Alfa Romeo’s

Our obsessive Stelvio crossover:
sweatshirt More than just a
shopping guide pretty face?
D3 D10
EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, November 4 - 5, 2017 | D1
No Turkeys Here
Shouldn’t Thanksgiving desserts be something we can all agree on?
We challenged a butter-loving baker to satisfy her own exacting palate
as well as her vegan guests—without a whit of puritanism
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY REBECCA MCEVOY
go away unthankful or less than thoroughly in- She delivered a recipe for a coconut crust made
BY CHARLOTTE DRUCKMAN
dulged. With all respect to the Pilgrims, there is with vegan butter and a parsnip filling whipped
H
no place for puritanism at my Thanksgiving table. with silken tofu. Her vegan butter is a solid fat
OW WOULD YOU LIKE to write My experience with vegan baking was slim to composed of a combination of oils; she relies on it
about vegan desserts for Thanks- nil, and the clueless can’t afford to be proud. My for pie dough as well as cake batters “when they
giving?” my editor asked. And here first cry for help went out to Clara Polito. The 20- need to hold their body a little more” than they
I thought she liked me. Imagine, year-old Los Angeles native was in junior high would with a liquid like canola oil.
requesting this of someone who when she founded Clara Cakes in her family’s Warning: If you’re a fan of real butter, the ve-
loves butter as I do—rubbing cold cubes of it into home kitchen, and the vegan baking company has gan version may break your heart. It has a slip-
flour with my fingers, tasting its sweetness in the continued to grow ever since. A “Clara Cakes” pery, greasy texture and melts on contact, even
yeasty apses of a croissant. cookbook debuted in March, filled with recipes for when chilled. It’s also salted and lends a distinct
I accepted the assignment knowing full well American icons like banana cream pie and choco- flavor not at all comparable to its dairy-based
how high the stakes are. “This is good…for a ve- late layer cake. Figuring its author could sort me counterpart’s. The dough I made with it had none
gan pie” will not fly on this holiday. I would bake out on pie, I requested one made with parsnip of the desired marbling of fat, and tasted, to my
for everyone, not just for vegans. No guest would and coconut, a combination I thought promising. Please turn to page D8
[ INSIDE ]
HUM: A FEW NOTES

Here’s a thousand tiny reasons to visit PLASTIC WITH CLASS
Ecuador’s forests—all hummingbirds D5 Collectible vintage dishes that
kids can’t destroy D9
A CLAM CHOWDER THAT STYLE COUNSELOR

MERITS ACCLAIM Shake up your work look: tips from
Not gummy, rubbery or tricky to make D7 Net-a-Porter’s chief exec D2
D2 | Saturday/Sunday, November 4 - 5, 2017 * *** THE WALL STREET JOURNAL.
STYLE & FASHION

STYLE ROLE MODEL
Serious Necking Jacket Required
The Expressive Exec

I love any style of dress for My fitted Saint Laurent
work, but I especially love blazer is my perfect all-
ones like Alessan- around piece. I can
dra Rich’s that dress it up or
have a high down; it goes
Victorian everywhere I
neckline and Net-a-Porter’s president Alison Loehnis is reshaping the corporate go, even on
long sleeves. I
also love Saint
dress-for-success model for women, one emphatic red boot at a time flights, so I
don’t get
Laurent cold. Blazer,
dresses. $2,990,
ysl.com
The Lee Way

Lee Radziwill is the epitome Curriculum ‘Vita’
of elegance. Everyone loves “La Dolce Vita” is a favorite
looking at Jackie Onassis in film. I fell head over heels
photos of her and [her sis- for Marcello Mastroianni,
ter] Lee in Capri in the thinking he was the dreami-
’70s, but I est man ever.
always end I love the mu-
up staring at sic, how it’s
Lee in her fit- styled and
ted knit top, that kind of
low-slung belt light and dark
and white element it
pants. has.
DYLAN THOMAS FOR THE WALL STREET JOURNAL; F. MARTIN RAMIN/THE WALL STREET JOURNAL (NECKLACES, EYE LINER, PERFUME); GETTY IMAGES (RADZIWILL, PEONIES); EVERETT COLLECTION (POSTER)
High There Liquid Asset

I’m not averse to flats, but With makeup, you’re either
I’m more of a heels person. an eye person or a lip per-
These Gianvito Rossi sandals son. I’m an eye person. My
are my perfect shoes. My “What would I want on a
advice: Wear desert island” pick? Tom
heels you can Ford black liquid eye liner.
walk in. No one Eye Defining Pen, $57,
looks chic clomp- tomford.com
ing around.
Sandals, $815, gi-
anvitorossi.com
Zodiac
Carnal Knowledge Chic
Years ago, I heard about I recall seeing
Carnal Flower, a perfume a woman in a
mix of tuberose and euca- Scorpio neck-
lyptus that sounded amaz- lace and
ing. I have a very strong THE SCARLET LEATHER thinking,
sense of Alison Loehnis in an Erdem ”That is the
smell and it dress and Gianvito Rossi coolest thing I’ve ever seen.”
was love at boots in her London office. Scorpio is my son’s sign; my
first sniff. daughter’s, Cancer. Neck-
Perfume, laces, $2,290, and $1,390,
$390, comes to corporate attire. Ask her what she wears to brookegregson.com
BY BARBARA STEPKO
frederic- work, and she ticks off a list of labels that would trig-
malle.com ger envy in any business woman who aspires to chic.
FOR OVER A DECADE, Alison Loehnis was obliged to “Let’s go with Friday: a Saint Laurent gray tweed
put on the same clothing day after livelong day. “I jacket, Marc Jacobs denim culottes and a Prada cash-
wore a uniform to school for 12 years,” said Ms. Loeh- mere turtleneck with elbow patches.” Dramatic pause: Pale-eontology
nis, who is the president of influential online fashion “Oh, and Paul Andrew red knee-high boots.” My favorite bouquet? A big
On the Right Track retailers Net-a-Porter and Mr Porter. “So being able While some executives might draw the line at fiery fat bunch of white peonies.
I’m not really the track suit to choose what I was going to wear was something I kicks, Ms. Loehnis thinks working women should feel I love single stem arrange-
type, but I love to be cozy always looked forward to.” Given these monotonous secure in making bold statements, as long as they re- ments, but if I want one
and comfortable at home. strictures, how did she develop her impeccable taste? strain the rest of their outfits. She doesn’t fear bright that’s more mixed up, I al-
So an Aviator Nation track “My mom had a great sense of style, so part of it colors (offering an Alessandra Rich turquoise frock as ways go for white.
suit is the most unusual comes from that,” she said. “Of course, I’d style my one of her favorite looks this season), but under-
thing you’ll find me wear- Barbie dolls too.” stands that modest coverage can deliver its own kind
ing. It’s just about the most Both parents and Mattel dolls are worthy fashion of impact.
Southern California thing role models, but it’s clear that Ms. Loehnis, who lives “I love a Victorian neckline with a ruffly pie-crust
one can own—and it’s like in London with her husband, Alexander, son Milo, 10, collar,” said Ms. Loehnis. “Basically, I channel Holly
nothing else in my closet. and daughter Tilly, 9, has managed to hone her own Hobbie.” Minus the calico bonnet, of course. Here, 10
instincts for what looks good, especially when it of this rule-breaking fashion player’s favorite cues.
BARNEYS.COM
NE W YORK B E V E R LY H I L L S SAN FRANCISCO
CHICAGO BOSTON LAS VEGAS PHILADELPHIA S E AT T L E
F O R I N S I D E R A C C E S S : T H E W I N D O W. B A R N E Y S . C O M
GIANVITO
ROSSI
S A M E D AY D E L I V E RY
AVA I L A B L E I N M A N H AT TA N A N D S E L E C T Z I P C O D E S
I N T H E G R E AT E R M E T RO P O L I TA N A R E A
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 4 - 5, 2017 | D3
STYLE & FASHION
A Look Under
The Hood
We scrutinized—and tried on—dozens of gray
hooded sweatshirts to find the choicest four:
all durable and stylish, whatever your budget
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (HOODIES); BLOOMBERG (ZUCKERBERG); EVERETT COLLECTION (STALLONE); GETTY IMAGES (7); ILLUSTRATION BY SEAN MCCABE
BY JACOB GALLAGHER
J
UST AS ECONOMISTS fret over GDP, shoppers should worry
about CPW (cost per wear)—which is to say, how much use you
get out of an item relative to how much it dented your bank ac-
count. Those trusty leather dress shoes you lace up daily?
They’ve got an enviably low CPW, even if you did plunk down
two weeks’ salary for them. Prada’s $1,260 still-life-printed angora
sweater? You’ll wear it maybe three times, rack up a few compliments, then
get branded “that sweater guy” and shelf it. And that frighteningly costly
Pennywise Halloween costume you sprang for? Not penny-wise at all.
Few menswear items have a better cost-per-wear ratio than the
hooded sweatshirt. “It’s an essential,” said Laird Gallagher (no relation),
a 28-year-old associate editor at Farrar, Straus and Giroux in New York
City. His Calvin Klein hoodie set him back $220, a small price to pay for
his go-to weekend wear, he said.
Yet even basics should be scrutinized for wearability, especially if you
work in the tech world, where a hoodie counts as business casual. Eric
Johnson, 35, a UX designer in Oakland, Calif., rattles off a laundry list of
concerns: “The weight can be off, the material itchy, cheap zippers.” His
current favorite is a $35 Uniqlo number. “You don’t have to spend a ton
of money to find one that’s comfortable and long-lasting,” he said.
I tried on over 50 sweatshirts in two price ranges—both pullovers and
zip-ups, all-cotton and blends—evaluating them for fit, fabric, comfort and
itch-factor to find four that will leave you with no CPW concerns.
PULLOVER // UNDER $80 PULLOVER // OVER $80 ZIP-UP // UNDER $80 ZIP-UP // OVER $80
The Winner Runners-Up The Winner Runners-Up The Winner Runners-Up The Winner Runners-Up
If you’re trying to max A hoodie from Companies often churn Carhartt Work in Zip-up hoodies can Direct-to-consumer There is clearly some- American Giant’s
out your cost per wear, Uniqlo’s U collection out hearty hoodies Progress scored high sometimes conjure label Everlane nearly thing in the fleece up zip-up had some seri-
go in for this hoodie by Parisian designer that feel stiffer than with a pillow-soft unsettling images of went direct to the top in Canada: Cham- ous beefed-out Hulk
from Gildan, which Christophe Lemaire 18-ply cardboard, but hoodie, but its poly teenage emo-musi- of the list with its pion’s Canadian-made attitude: I enjoyed the
boasts a soft interior. might have won out if Canadian label Reign- blend gives off an un- cians in skintight sturdy but soft sweat- zip-up, designed in sturdiness of the
The fit is surprisingly it weren’t for the un- ing Champ delivers a earthly sheen. Calvin American Apparel shirt. However, the collaboration with shoulder panels and
tailored for something conventional “hidden” formidable sweatshirt Klein’s hoodie hit at hoodies. Not so this hood’s disproportion- New York designer its comfy, thick fleece.
so cheap: It hugged pockets stitched along that is substantial and the ideal length, but heathered version ately wide span (a Todd Snyder, takes That said, it seems
my body and arms just the side seams, a de- tautly knit instead of conspicuous branding from Muji with its common problem the title here. Slit more like a heavy
right. Too many hood- tail that might bother suffocatingly thick. might turn off some. straight-up-and-down among hoodies) ruled pockets contribute to jacket than a versatile
ies in this price range those who prefer a The ribbing is attrac- (There’s a teensy retro fit. Another plus? Its it out. The nicely the sleek look, while mid-layer garment
seemed loose around kangaroo pocket. tive, as are the patch on the right looser raglan sleeves priced $78 zip-up the two-way zipper al- you could wear solo
the bicep. As a sharp Some swear by the stretchy side gussets hem.) Finally, Free- mean you won’t feel from J. Crew has a lows you to loosen it or under outerwear.
finishing touch, this Champion Reverse that make the pullover mans Sporting Club’s as if you’re jamming supple texture, though up around your hips Save Khaki’s version
sweatshirt forgoes the Weave but its slim- easier to, well, pull version was a con- your arms through a colleague quibbled and waist. No Victo- has a checked thermal
standard tubular draw- mer-than-average fit over. Half-raglan tender, but its deep- pieces of penne, a fre- that the inside felt a rian corset vibes here. lining that feels
strings for flat slate- necessitated a lot of sleeves ensure flexy dyed color is less ver- quent issue with zip- little too fluffy, like an Todd Snyder & Cham- slightly stiff but will
gray adjusters. Gildan, pretzel-twisting when freedom. Hoodie, $160, satile than the more ups. Zip Hoodie, $49, overgrown labrador’s pion Zip Hoodie, $178, keep you comfortably
$20; amazon.com. I took it off. reigningchamp.com typical silvery gray. muji.us not-so-silky coat. toddsnyder.com warm.
Visit the installation from

November 3-19, 2017
Cedar Lake
547 West 26th Street
Chelsea, New York
Book your visit at

ArkVCA.com
Walk-ins welcome
STYLE & FASHION

FÊTE ACCOMPLI
H&M’S CLUB KIDS

Movie clips, moody décor and a new fast-fashion line
intrigue party guests at a venerable L.A. women’s club
FRAGRANT ROSES, lilacs and bougainvillea dangled from the ornate

ceiling of the Ebell of Los Angeles, a historic women’s club—trans-
forming it into a haute hothouse for the launch of the new H&M and
Erdem collection. “An overgrown garden that’s been let loose,” said
the event’s artistic director Simon Costin, describing the lush décor.
Impatient fans of designer Erdem Moralioglu may similarly break the
bounds of decorum when the affordable collection’s 87 items go on
sale this week.
The runway show itself was equally elaborate, with models wan-
dering through a warren of rooms clad in dark florals, faux leopard
coats, and he-wears/she-wears suiting. “Young people inhabiting an
old country house, boys dressed up as girls and girls as boys,” said
Mr. Moralioglu, loosely referencing the Pet Shop Boys’ 1990 “Being
Boring” video as his inspiration. “Beautiful,” enthused actress Rashida
Jones, who particularly noted “the men’s pajamas, the floral combat
boots and the oversized plaid jackets.”
Director Baz Luhrmann popped in to project the H&M ad campaign
he created, calling it “a poetic trailer” of a movie that will never be
made. While guests, including actresses Kate Mara and Zendaya, were
PATRICK LEGER
invited to shop, those who weren’t inclined to grab a lace blouse or

retro ski sweater nibbled on pâtè-stuffed beignets and chilled shrimp
while watching Grimes perform. Model Alek Wek was thrilled when
Mr. Moralioglu told models they could have their outfits from the
show. Said Ms. Wek: “He was like Oprah!” —Christine Whitney
Heat Advisory
The buzz about infrared sauna therapies is growing, thanks to claims of Erdem Kate Mara
detox benefits and stress relief. But do these sessions truly deliver? Moralioglu
Rashida Jones
School of Medicine study of rescue relief benefits appeal to those who

BY FIORELLA VALDESOLO
workers affected by exposure from dislike the blistering heat of a reg-
9/11 did find a reduction in levels ular sauna, which can average be-
Kirsten Dunst
S
WEAT-BASED therapies of harmful toxins following the tween 150 to 175 degrees Fahren-
have been around for sauna therapy. “But, while some heit; the heat of an infrared
hundreds of years: The reductions were statistically signif- treatment, hovering around 120,
ancient Greeks and icant, the detox protocol included feels less intense. “I’d always
Egyptians loved to heat other interventions besides found both wet and dry saunas
up in bathhouses; temazcal lodges sauna—like exercise, healthier diet, suffocating, but with infrared I al- Baz Luhrmann
were an integral part of indigenous and nutritional supplements,” said most don’t notice the heat until I and Catherine Martin
communities in Mesoamerica; and Chiti Parikh, MD, co-director of in- start sweating 20 minutes in,” said
in Finland, sauna-ing (the word tegrative health at NewYork-Pres- Lesley Aitken, 54, a creative direc-
“sauna” derives from the Finns) so byterian/Weill Cornell. Sweating it- tor in Los Angeles, who goes twice
pervades the culture that this na- self is not a mechanism for toxin a week when her schedule permits.
tion of 5.5 million people harbors clearance; your liver and kidneys You can undertake an infrared
more than 3 million saunas. are responsible for the majority of session in two ways: by slipping
Infrared sauna therapy, which the body’s detoxing. into a body-sized sauna wrap, Taylor Kitsch
involves exposing the body to ra- made from non-porous vinyl, that Jaime King
diant energy, emerged in mid-20th envelops the body and allows you
century Japan where doctors pio- to comfortably recline (as one does
neered its use in the belief it ‘You feel energized not at Shape House in Los Angeles); or
could help heal wounds. Nowa- exhausted. It’s like a by sitting in an enclosed private
days, infrared sauna spas are pro- sauna room. At New York City’s
moting the idea that the sweat runner’s high.’ Higher Dose, the spa that has
you emit during a treatment will helped popularize the sauna selfie,
detoxify your body—eliminating it’s common for friends to infrared
heavy metals, radiation and envi- Are infrared sauna treatments in such a room together. Zendaya
ronmental toxins. safe? “In general, sauna bathing— Modest folk can don a swim-
While doctors acknowledge that whether traditional or infrared—is suit; most clients, say spa owners,
any kind of sauna treatment can felt to be safe,” said Dr. Haythe. “I choose to go naked for 30-to-60
deliver general benefits like relax- always advise patients with medi- minute sessions. The average cost
ation and stress relief, they take cal problems such as heart disease is between $50 to $65 an hour.
issue with the detox claims associ- and heart failure to discuss sauna Some compare the experience
ated with infrared. “While we bathing with their physician before to that of feeling your body heat
know that infrared saunas cause beginning the practice.” New York up when you’re lazing in the sun
sweating at lower temperatures, City dermatologist Anne Chapas on the beach. “Infrared is a gen-
BILLY FARRELL AGENCY
there is no data to support the added another warning: “Patients tler way to heat the body so you
idea that they release more tox- with skin conditions like rosacea, feel energized, not exhausted,”
ins,” said Jennifer Haythe, MD, a melasma or acne may [find they] said Lauren Berlingeri, co-founder
cardiologist at NewYork-Presbyte- get worse with heat and sweating.” of Higher Dose. “It’s like a run- LIGHT GARDENING The chandelier-lit ceiling was
rian/Columbia. Yet a 2007 UCLA Detox claims aside, the stress- ner’s high.” abloom with roses, hydrangeas and blue delphiniums.
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ADVENTURE & TRAVEL
Humming
Along
Ecuador’s forests—havens
for hummingbirds—offer
plenty of cushy perches for
the ‘bird nerd’ crowd
FROM TOP: PEREGRINE ADVENTURES; BELLAVISTA CLOUD FOREST RESERVE & LODGE (2); MAP BY JASON LEE
BY ADAM H. GRAHAM
A
S I STOOD on a trailhead in
northern Ecuador, in the town of
Baeza, the sky above me was im-
plausibly blue. My backpack was
weighed down by the 3-pound,
970-page “Birds of Ecuador Field Guide,” the
beefiest such guide I’d ever seen. Just a few
minutes after I entered the Sendero de Las
Cascadas trail, its surface turned from a fine
Andean dust to squishy and slippery mud,
and the sky disappeared behind a canopy
thick with gossamer webs and dangling moss.
Another 10 minutes and I plunged deeper into
the fog soup of a cloud forest—as cool, tropi-
cal mountain forests perpetually shrouded in
mist are known. Given Ecuador’s reputation
as hallowed ground for bird-watching, I as-
sumed the forest would be teeming with
tweet, but even after an hour of sloshing
around on the muddy trail, I heard nothing
but the waterfall at the trail’s end.
Richly biodiverse, Ecuador is full of hiking TWITTERSPHERE Clockwise from top: Bird-watching with Peregrine Adventures at Ecuador’s Bellavista Cloud Forest Reserve; a guest room at
trails like this one in Baeza, a ramshackle vil- Bellavista Cloud Forest Reserve and Lodge; a booted racket-tail hummingbird photographed at Bellavista Lodge.
lage-turned-backpacker-town, that lead from
high-altitude scrubby grassland to lush cloud wings 80 times per second). For non-birders Cotopaxi and Pichincha volcanoes before easier?” I thought over my second glass of
forests in the blink of an eye. But the scenery who don’t thrill at the thought of seeing a corkscrewing down through fern-draped ra- Cabernet, my binocs still around my neck.
isn’t what drew me to the country. I was few flapping wings in the wild, consider this: vines. For bird nerds like me, Mindo is Mecca. About 15 miles north of Mindo, the de
hunting for hummingbirds. About the size of Seventeen rather humdrum hummingbird Murals of toucans and hummingbirds adorn facto pioneer of Ecuador’s bird tourism, a Brit
Oregon, Ecuador is home to the planet’s high- species are known to breed in the U.S., but the village walls, the town’s palm-frond- named Richard Parsons, opened the Bellavista
est concentration of colibries, or humming- the jewel-toned, iridescent birds in Ecuador thatched cafès offer dawn birder breakfasts Cloud Forest Reserve and Lodge in 1991. Situ-
birds, representing 130 of the world’s 328 include such varieties as woodnymphs, to- and signs everywhere advertise colibri guides. ated in a 2,000-acre conservation area, the
species. Between October and April, most of pazes, sapphires, coronets and emeralds. That We checked into Sisakuna Lodge, a quiet ref- property has a tree-house-like restaurant and
the diminutive fliers take up residency in the uge on the edge of town whose website offers observation deck and a dozen-plus feeders in
cloud forests that straddle the eastern and “close and immediate contact” with birds— the main garden. I planted myself on a bench
western slopes of the Andes, from 4,590 to rarely a selling point outside of Ecuador. opposite the feeders and photographed the
11,480 feet above sea level. Adventurous bird- While I simmered in the hot pool, On a morning hike to the town’s Santuario colibri rush-hour one late afternoon; I saw no
ers enthusiastically trek deep into Ecuador- a rainbow-bearded hummingbird de Cascadas waterfall, we brushed past intri- less than a dozen species of hummingbirds
ean forest reserves like Ayampe on the Pacific cately patterned butterflies and wild orchids, including the booted racket-tail with its
Coast or Gualaceo near Cuenca or, increas- zipped through its steam. and cooled off with a swim in a crystalline forked blue tail and white furry legs. The only
ingly, to the cloud forest near Baeza, thanks pool beneath the falls but spied no humming- challenge to watching birds there was to sit
to a new superhighway that links the town to birds. Back in town, we popped in for lunch at quietly and wait.
the Ecuadorean capital of Quito. As I learned iridescence comes not from the bird’s color the Dragonfly Inn whose restaurant Beehive For my final bird-watching excursion, I
during my hike in Baeza, trekking down mud- but from its feather structure and is only visi- offers a riverside terrace strewn with sugar- headed to the town of Papallacta, about a 90-
soaked trails in search of tiny moving targets ble if the light hits the bird at the right angle. water feeders. Within five-minutes of sitting minute drive from Quito and checked into
has certain disadvantages, but, fortunately, In other words, seen from the wrong perspec- down, I spotted two hummingbird species Termas de Papallacta, a resort and spa with
many of the best hummingbird sightings in tive, even the most enchanting and glitzy hovering over me: a rufous-tailed humming- several thermal baths, fed by four natural
the country require minimal effort. hummer can look dull and mousy. bird with its signature coral-red beak and the springs. Hikers and birders who’ve been on
Over the years, these furious flappers have Any serious colibri fan—or those gra- white-necked Jacobin with its sapphire hood. strenuous Andean treks come to the baths for
become such a popular tourism draw that ciously willing to tag along—should start in By the time lunch finished, I’d seen five more soothing relief. But in my case, they offered
most of Ecuador’s eco-lodges—many set in a Mindo, a charming dirt-road strip of a river- species. An afternoon rain shower forced us an afternoon of unearned pampering. While
cloud forest—have built hummingbird sta- side village northwest of Quito. While some back to Sisakuna Lodge, where we sat in the simmering in the hot pools outside my room,
tions to attract them. Other shamelessly easy people hire guides, I engaged my old friend garden gazebo with a bottle of wine and I saw a rainbow-bearded thornbill humming-
ogling spots include village gardens and cafes Michael who lives in Quito to provide trip- watched collared Incas, banaquits and flower- bird, zipping through the bath’s steam.
where hummingbird feeders are continuously planning tips and companionship. Our two- piercers flutter through the banana trees in
filled with sugar water, which give the birds a hour drive from Quito to Mindo plowed up the rain. The latter two aren’t hummingbirds, For more details on bird-watching in Ecuador,
much needed energy boost (they flap their rocky ridges past vistas of the snow-capped but I wasn’t complaining. “Could this be any see wsj.com/travel.
BOOKSHELF
MISSION STATEMENTS
New books inspired by three itinerant writers’ passions: storied bookstores, singular cemeteries and fly fishing
Bookshops: A Reader’s History 199 Cemeteries to See Before You Die A Fly Rod of Your Own
By Jorge Carrión ($26, Biblioasis) By Loren Rhoads ($28, Black Dog & Leventhal) By John Gierach ($25, Simon & Schuster)
“Every bookshop is a condensed version of the world,” begins Mr. The author is so interested in the macabre that she has made cem- This book might be like fishing itself, meandering like a man in
Carrión’s literary and unabashedly sentimental exploration of book- etery travel a significant part of her life’s work. But cemeteries turn waders looking for a choice spot. Even as Mr. Gierach, a veteran
stores around the globe. This is not a geographic guide, however; out to be not as creepy as you might hope. Most of those high- angler, explores rivers, streams and camps across North America,
rather it’s a series of essays that weave in the Spanish writer’s visits lighted in this guidebook are historically rich exemplars of design. he writes that “fly-fishing is less a series of discrete adventures
to shops such as Libreria Acqua Alta in Venice (“with a long gon- They can be romantic (the moss-draped Bonaventure in Savannah, than a continuous process that you learn to love for its own sake.”
dola stuffed with secondhand volumes”) and the Last Bookstore, Ga.), moving (the battlefield at Gettysburg, littered with tens of His trips flow into one another and double back, and he drops in
which occupies an old bank in downtown Los Angeles. He also thousands of corpses, became a sacred memorial in 1863), hum- and out of destinations: Alaska, looking for king salmon in a john-
wanders through volume-laden aisles in Athens, Paris, Bratislava, bling (the Valley of the Kings in Luxor, Egypt, pictured above) or boat near the Negukthlik and Ungalikthluk rivers; Maine, to fish
Budapest, Tangier and Sydney, and invokes many other shops, both even just odd (more than 700 people have had their ashes buried the Androscoggin and Rapid rivers; through Quebec and Labrador
open and closed, telling stories about writers, readers and literary with their pets in Hartsdale, N.Y.). Beyond exploring cemeteries of to the Three Rivers Lodge; another river in Alaska; the Big Lara-
circles. His tour is strewn with quotations (from Alfonso Reyes: “In startling variety, Ms. Rhoads also tells the stories of prominent peo- mie River in Wyoming; back to Labrador; back to Alaska, and re-
Rome, bookshops were well known, at least in the days of Cicero ple interred therein as well as of those who found themselves peat. He passes the time fishing, looking around and making con-
and Catullus”) and amazing facts (in 2002, the Harry Potter books grouped together by class, race or creed. Whether a mound, an versation—about tackle, his “Jeepology,” camp food, floatplanes,
“were at the centre of more than five hundred different court cases etched stone or a Minneapolis mortuary chapel inspired by Istan- friends and their stories—until a fish grabs the line and grabs the
throughout the U.S.”). By the end, you may feel poorly read—but bul’s Hagia Sophia, she points out that the ways we honor the focus, and then it’s back to the pleasure of being outside.
well armed with titles and bookshops to visit on your own. fallen tell us far more about the living than the dead. —Alison Humes
ADVENTURE & TRAVEL

ing (albeit Epcot Center-
esque) window into the cul-
ture of the indigenous Li and
Sanya
Miao people in a tropical for-
est lush with areca palms.
My previous knowledge of
these communities was ex-
actly zero so I was plenty
SideUp
grateful for the experience.
For lunch or dinner beyond
the confines of the resorts,
the seafood restaurants clus-
tered around Hongsha Port
serve everything from fresh
This Chinese coastal city, a short hop oysters and crabs to sea cu-
cumber and other, more ob-
from business hubs, is ushering in a scure varieties of sea crea-
tures for the daring. And
wave of indulgent, fly-and-flop resorts. many of the restaurants along
FRANCESCO LASTRUCCI FOR THE WALL STREET JOURNAL; MAP BY JASON LEE
Beleaguered road warriors, take note Yalong and Serenity bays—

about 45 minutes by taxi
from Haitang—prepare mod-
ern interpretations of tradi-
tional dishes, such as Dong-
shan Lamb (actually goat
braised in coconut milk) and
Wenchang Chicken (poached
in a ginger-seasoned broth).
The red-coconut ice cream
sold at stalls along the coast
is hard to beat on a sticky af-
ternoon.
A TALL DRINK OF WATER While the much-ballyhooed
Guanyin statue at the Nanshan fish market in Sanya’s down-
Temple, a prime attraction near the town was a bit too intense for
Chinese resort city of Sanya. me, the weekend night mar-
ket, located on the same
street, dazzles with string
was its association a few And I get that the burgeoning movie set mid-construction. It enced in Shanghai. The staff lights and the high-decibel
BY HORACIO SILVA
years ago with a celebrity Chinese middle class is vaca- was also hard not to notice all even made eye contact and entreaties of the stall owners
sex scandal at a yacht show, tioning in greater numbers the Porsches and other luxury smiled often, which is far and hawkers selling snacks
S
ANYA has never a controversy that launched and wants to avoid the hassle vehicles plying the highway from the norm in China. Still, and souvenirs.
really called my a thousand quips on social of trekking to Southeast Asia that encircles the island. as much as l love nothing Otherwise, in terms of
name. Over the media. and beyond. (It takes over Conceived in partnership more than reading a book by Sanya’s nightlife scene, unless
years, this resort Then, last year, I began to nine hours to fly from Beijing with Marriott International, the pool, cocktail in hand, I you fancy jockeying for bar
hub on the Chinese hear reports that luxury- to Bali, and longer to deal Mr. Schrager’s new take on ventured out to see what else space or karaoke time with
island province of Hainan brand hotels were sprouting with immigration lines and the self-contained fly-and-flop Sanya had to offer. drunken Korean tourists, the
would appear on my radar up all over perennially sunny traffic to your hotel.) But resort is a 512-room, six-res- Nanshan Temple, a sprawl- bars downtown are miss-able
but usually as blips that did Sanya and a new interna- other than the promise of ing Buddhist theme park of for the most part. Though if
it no favors. Officially adver- tional airport would open in white sand and year-round sorts, featuring a 354-foot- you’re game for a late-night
tised as “the Hawaii of 2020. I could understand why good weather, easily found in tall titanium statue of the tipple, the Dolphin Bar
China,” it was derided by de- this relatively untapped city, the Caribbean, what exactly Red-coconut ice Bodhisattva Guanyin, made seemed to be where everyone
tractors as a holiday play- about four hours by air from did Sanya hold for the West- cream sold at stalls for a fascinating half-day ends up at some point during
ground for retirees from the Beijing and Shanghai, lures ern traveler? outing. Sure, the place, about their stay.
mainland and nouveau-riche mainland Chinese wanting to When I heard that the Edi- along the coast is hard an hour outside of Sanya, For now at least, the af-
Russians. One of the rare escape the congestion and tion, Ian Schrager’s haute to beat on a sticky was only built in 2005, but ter-hours options fall well
times it seemed intriguing chilly winters of the north. chain aimed at discerning when you consider that reli- short of most international
young moderns (hey, I’m afternoon. gion was banned for so long cities’ temptations. But, even
modern at heart!), had in China, it’s hard not to with the influx of resorts
THE LOWDOWN// FLOPPING DOWN IN SANYA opened a branch in Sanya, I share the enthusiasm and cu- and the cashed-up clientele
decided to detour there dur- taurant beast of a hotel set on riosity of the parasol-carry- they attract, the city is too
Getting There Fly into Sanya Phoenix International Airport, about ing a trip to Shanghai. The 50 landscaped acres, coming crowds. lively and vital these days
an hour’s drive away from Haitang Bay. You can’t fly direct from the Edition, like much of the new plete with two enormous In the Ganza Ridge Natural for anyone to mistake it for
U.S., but several airlines, including Cathay Pacific and Air China, offer development in Sanya that swimming pools and its own Reserve in the island’s moun- a placid beachside retire-
nonstop service from major business hubs such as Beijing, Shang- has sprung up in Haitang Bay, much-touted “private tainous interior, Bing Lang ment community. The Boca
hai, Shenzhen, Singapore and Hong Kong. is about 60 minutes by car ocean”—in fact, a man-made, Yuan village offered an edify- Raton of China, this isn’t.
from the airport, 45 from saltwater lake. (The real
Staying There The Edition Sanya brings downtown and even less via beach on Haitang Bay is, alas,
art-inflected glamour and next-level ser- the new high-speed train that too rough for swimming.) The
vice to the area. The hotel’s Sky Bar is a connects the entire island. In hotel also places a premium
kicking rooftop joint that’s popular with the past year alone, the Grand on modernist design and con-
Sanya’s beau monde (from about $248 Hyatt, Edition and Rosewood temporary art. Just Space, a
a night; editionhotels.com/sanya). The have hung out shingles in gallery and design store
256 rooms in the Rosewood Sanya are Haitang Bay, near mainstays within it, hosts exhibitions
all ocean-facing, as is the infinity pool bar such as the Shangri-La, Con- curated in conjunction with
on the 13th floor (from about $260 a night; rad and Sheraton. The Atlan- the Ullens Center for Contem-
rosewoodhotels.com/en/sanya). tis and Four Seasons, among porary Art, an agenda-setting
others, are imminent. institution in Beijing.
Spending There Be warned that working ATMs are frustratingly As with most things in The art gallery aside, the
rare in Sanya, but there’s a reliable one a designer bag’s throw from China, Sanya is changing at Edition offers precisely the
the new resorts in Haitang Bay at CDF, an expansive luxury duty- breakneck speed. Driving mindless relaxation you
free shopping center. It features the usual suspects (Prada, Fendi, along the coast, I was dis- might crave after a harried
Gucci) and a newfangled roof design that alludes to the begonia, a tracted by the countless business trip in mainland
ubiquitous flower on the island and the official symbol of Sanya. cranes that dot the skyline, an China. The service was less AL FRESCO FEAST A seafood restaurant at Sanya’s Dadonghai
(cdfg.com.cn/en/business/sanya.html). experience akin to visiting a gruff than what I had experi- beach. Countless fish eateries and stalls line the city’s coastline.
9AM FLIGHT TO PBI

1pm dip in the ocean.
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EATING & DRINKING

MESSAGE IN A BOTTLE NOVELIST RACHEL KHONG ON NIKKA COFFEY VODKA
Who Says You Can’t Mix Vodka With Squirt?

HERE’S A CONFESSION: I was in wholeheartedly. The vodka im-
college when I had my first alco- proved the apple juice, which was
holic drink—vodka, mixed with or- too sweet on its own.
ange juice and sipped tentatively Next came Gatorade. I always
from a plastic cup. “That’s a buy the orange Gatorade because it
Screwdriver,” somebody told me, seems more natural—it’s a real
educationally. This person knew fruit’s color. Once mixed in, the
much more than me, which wasn’t vodka was undetectable in the
hard to do—everyone seemed to drink’s scent. And yet, drinking the
know more than me. I remember cocktail, you tasted a bitterness on
thinking, Oh. I remember thinking, the back of the tongue. The vodka
Screwdriver, what’s that about? gave a slicker mouthfeel to the Ga-
But I failed to look it up because torade. “It’s like I’m drinking a
there was so much else to learn drink that was left out,” Eli said.
back then. “I’ve got no interest in it.” The ver-
Only recently did I probe the or- dict: Vodka makes apple juice bet-
igins of the drink and its name. ter and Gatorade worse.
One story has it that sometime in Next we tried Kerns Nectar
the mid-1900s, American oil work- Mango, a mango juice with a little
ers in the Persian Gulf combined hummingbird on the can. I realized
vodka with orange juice and, out of I’d never approached mango juice
necessity, stirred their new cocktail itself critically. It smelled a bit
with a screwdriver. It stuck: the weird. As for the taste of the two
Screwdriver. mixed together: “There’s no dance
Another of my early drinks was between the flavors,” said Eli.
Smirnoff Ice, which I mistakenly “They’re not bickering, but they’re
believed to also be a kind of vodka. not dancing.” The vodka was loos-
The “Smirnoff” misled me. Later I ening up his descriptive faculties,
would learn that Smirnoff Ice is a but it was true, this was not a
malt beverage more akin to beer, good drink. Though the vodka
F. MARTIN RAMIN/THE WALL STREET JOURNAL, LETTERING BY ANGELA SOUTHERN

but also not at all like beer in that slightly improved the cloying
you shouldn’t drink it at parties— mango juice, as a cocktail, this was
not if you want to be taken seri- no vodka and Martinelli’s. “Every-
ously. I learned that very quickly. thing in the jungle is both dying
A few weeks ago, when a bottle and blooming,” Eli mused. “That’s
of vodka arrived in the mail from the jungle. It’s a harsh contrast to
my editor at The Wall Street Jour- vodka.”
nal, I freed it from its bubble-wrap By now we’d decided fizzy
swaddle. The brand: Nikka, an things make better mixers. Next we
award-winning Japanese whisky experimented with Squirt—like Ga-
producer now foraying into gin and torade, billed as a “thirst
vodka. The simple, modern glass quencher.” Yet unlike Gatorade, we
bottle wore a no-frills blue label found, Squirt mixed with vodka
reading NIKKA COFFEY VODKA in makes a delicious drink.
capital letters. It suggested cleanli- Finally, we tried Fruit Punch fla-
ness, nothingness, like a good vor Capri Sun, a kids’ drink that
vodka bottle should. comes in a metallic pouch. When
My first vodka, in the aforemen- we squeezed the liquid out into a
tioned Screwdriver, was probably glass, the fruit-punch smell was
Popov, poured from an unbreakable strong. The taste of the Capri Sun
plastic bottle. By now I’ve been distilled separately and then cocktail. After my introduction to by them and not appear foolish. and vodka cocktail was almost re-
drinking for over 10 years. I have blended; it’s filtered with white Screwdrivers, I learned about ra- And now that I know those rules? I pulsive, in large part because of
had good vodkas as well as bad birch charcoal. The Coffey still in tios. One summer when I was liv- wonder why they’re there, and if the expectation formed in the nose.
ones that make your voice hoarse which this vodka is made was ing on my own for the second time they actually make sense, and if we “The intense fruit-punch odor
because they tear your throat up named after the Irishman Aenaeus in my life, I mixed pilfered Absolut shouldn’t be breaking them. makes me think I’m going to have
going down. Vodka is no longer the Coffey, who invented this method with cranberry juice in a naive ra- Vodka is the ultimate straight something fun and flirty,” Eli said.
first liquor I reach for. Somewhere of distilling sometime in the 1830s. tio and chased it with a salad I man. So why don’t we mix it with “It sets the stakes, which makes
along the way, getting older and Also called a continuous still or made that really wasn’t very good. more things? Upon receipt of this the vodka a very unwelcome
learning to trust my own tastes, I column still, it has two columns Dressing a salad with oil and vine- bottle of Nikka Coffey Vodka I set guest.”
came to prefer gin and whiskey. that allow for continuous distilla- gar turned out to be more compli- out to experiment in a way I’ve Our conclusion: Vodka is an ab-
Sometimes the nothingness of tion. This results in a much cated than it sounded—or at least never experimented before. I sence, yes, but it can also be reve-
vodka is disorienting. You want a smoother end product. to require more knowledge than I bought five different potential mix- latory. This vodka turned an al-
flavor or a color. Nikka imported its Coffey stills had at the time. Both cocktail and ers not commonly combined with ready delightful mixer like Squirt
A good vodka is the absence of from Scotland in 1963 for the pro- salad were harsh on the palate. vodka and set out to learn some- into a delightful cocktail, but it
everything, clear like water and di- duction of Scotch-style whisky and Eventually I learned to make a thing exciting and new. My hus- couldn’t render a juvenile fruit
amonds and clean windshields. A now employs their mellowing influ- balanced vinaigrette, and, with re- band, Eli, agreed to help. drink instantly adult. As I learned
good vodka is distilled and distilled ence in the production of vodka. gard to cocktails, not only how The first mixer we tried was upon my very first taste, vodka is
again, and sometimes even again, Drunk neat and chilled, Nikka Cof- much mixer to add but also which Martinelli’s sparkling apple juice. the absence that shows you who
aspiring to tastelessness. In that fey Vodka strikes me as a good juices are approved for mixing Its slogan: “Drink your apple a you are.
sense, it’s an especially good first vodka, mellow and smooth. with alcohol and which ones aren’t. day.” Nikka Coffey Vodka mixed
drink. Of course, the quality of the Yes to tomato juice; no to apple with apple juice tasted like a Ms. Khong is the author, most re-
Nikka Coffey Vodka is 40% ABV; vodka is only one factor in the juice. The younger me wanted to slightly bitter apple juice. “I think cently, of the novel “Goodbye, Vita-
it has a base of corn and barley, composition of a successful vodka know what the rules were, to abide this is delicious,” said Eli. I agreed min” (Henry Holt and Co.).
SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
New England Clam Chowder

BRYAN GARDNER FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY VANESSA VAZQUEZ; PORTRAIT: MICHAEL HOEWELER
MAINE CHEF Erin French was deter- more care. There is really no compari-
mined to avoid certain pitfalls when she son.” (Sorry, Dad.) Forget the gummy
put together her first cookbook, “The chowders full of rubbery clams too often
Lost Kitchen,” published earlier this on offer, in New England and beyond. “I
year. “I didn’t want to play into New cook everything separately to have con-
England tropes,” she said. “Making a trol,” Ms. French said. “There’s literally
lobster roll, blueberry pie and chowder nothing worse than an overcooked clam.
cookbook was definitely not the point.” And my soup doesn’t have cornstarch
And yet she made an exception in the because I don’t want to feel like I’m dig-
case of this clam chowder recipe. Her fi- ging into a bowl of Jell-O.”
The Chef: nal Slow Food Fast contribution, it’s a Full of tender shellfish and new pota-
Erin French creamy, hearty soup ready in 20 min- toes and finished with a sprinkling of
utes—and a far cry from the chowder parsley and dill, Ms. French’s chowder is
Her Restaurant: she grew up watching her father make at clean tasting and elegant. Perhaps it
The Lost Kitchen, in his diner in Maine. takes a true Mainer to make this old
Freedom, Maine “Dad microwaved his and had it ready standby her own.
in two minutes,” said Ms. French. “I take —Kitty Greenwald
What She’s
Known For: TOTAL TIME: 20 minutes SERVES: 4-6
Making her tiny
town a dining desti- 5 pounds Littleneck or other 2 cups whole milk Juice of 1 lemon
nation. Forthright small clams, scrubbed Kosher salt and freshly 2½ tablespoons chopped
New England cook- 1 pound new potatoes, cut ground black pepper fresh parsley
ing punctuated with into 1-inch dice 3 tablespoons olive oil 2½ tablespoons chopped
fresh surprises. 3 cups heavy cream 6 shallots, thinly sliced fresh dill
1. Pick through clams and discard any with until potatoes are fork-tender, about 10 min-
cracked shells. In a large, lidded pot, heat utes. Meanwhile, in a small saucepan, heat ol-
clams and 11/2 cups water over high heat. Once ive oil over medium heat. Once hot, add shal-
water comes to a simmer, cover with lid and lots and cook, stirring frequently, until lightly
steam until clams just pop open, about 4 caramelized, about 7 minutes.
minutes. Remove pan from heat. Shuck clams 3. Stir shallots into potato-cream mixture and
and discard shells. Discard any clams that simmer until flavors meld, 2 minutes. Add re-
don’t open. Set clam meat aside. served clams. Season with salt, pepper and
2. Discard any drippings and wipe pot clean. lemon juice to taste, and simmer until clams
Add potatoes, cream, milk and a pinch of salt, are just warmed through, about 1 minute.
and bring to a simmer over medium-high 4. Remove soup from heat and stir in parsley THE SHELLFISH GENE Ms. French, a Maine native, makes chowder her way.
heat. Reduce heat to medium and simmer and dill. Serve immediately. Cooking the clams separately from the soup keeps them tender.
EATING & DRINKING
SWEETS WE CAN ALL GIVE THANKS FOR

Continued from page D1
butter-bred palate and for lack of a
better word, gross. I knew I must
find an alternative.
The tofu met with the same fate.
No amount of spice or brown sugar
could mask its soy taste. It actually
overpowered the parsnips, which
Ms. Polito, in an inspired move, car-
amelizes for a deeper flavor.
The pie I wanted was in there, I
knew. I just needed to find a work-
around for the ingredients my appe-
tite could never come around to.
That’s when I remembered the
press-in crust. Made with melted
butter, it’s a shortcut for those
who’d rather skip the rolling-out
process. It could easily be done
with liquid coconut oil.
Solving the tofu problem was
only a matter of finding an alter-
native egg substitute. I grabbed
Amy Chaplin’s “At Home in the
Whole Food Kitchen,” a cookbook
that focuses on the merits of
plant-derived ingredients and, in-
cidentally, leaves out dairy and
eggs. Her pumpkin pie filling is
held together with arrowroot pow-
der. I adapted Ms. Chaplin’s recipe,
subbing parsnip for the gourd and
applying the spices and orange
zest from Ms. Polito’s recipe. Con-
veniently, Ms. Chaplin also fea-
tured a coconut-oat crust that re-
quired minimal editing.
As I reworked Ms. Polito’s pie I
deduced that the optimal way to Chocolate-Swirled Preheat oven to bined, 1 minute. 6. Pour batters into For a stiffer icing,
bake vegan is to bake like a non- Pumpkin Bundt Cake with 350 degrees. Gradually add prepared Bundt pan use a stand mixer
vegan, hacking recipes you trust Molasses Glaze Lightly oil a 10- pumpkin purée, vain alternating lay- with a paddle at-
through a considered process of ACTIVE TIME: 40 minutes to-12-quart Bundt nilla extract and ers, 1 cup pumpkin tachment and beat
removal and selection. Use more TOTAL TIME: 21/4 hours SERVES: 8-10 pan or 3-pound (4- rice milk mixture. batter followed by on high speed until
of what you like and skip the fill- by-2-by-9-inch) Continue to beat ½ cup chocolate lightened in color, 5
ers. Seek out the most efficient For the cake: baking powder ground nutmeg loaf pan. Dust with until ingredients are batter. Repeat until minutes.
structural agents, those that are ½ cup sunflower 1½ teaspoon ¼ teaspoon flour and tap out well incorporated. you use up batters. 8. Place wax paper
neutral in flavor or effective in seed oil, plus baking soda ground allspice excess. Set aside. Turn off mixer. Add Bake until a skewer beneath cooling
small doses; I particularly love more for ½ teaspoon salt Salted pepitas, for 2. In a small bowl, dry ingredients and inserted in cake rack. Turn cake out
products that can do double duty, greasing pan 2¼ cups garnish combine 1 cup rice beat on low speed comes out clean, of Bundt pan onto
like the coconut oil in the pie 2 cups all-purpose granulated sugar milk with vinegar until just combined. about 11/2 hours. Let cooling rack. Spoon
crust. Let your featured ingredi- flour, plus more 1/
3 cup maple syrup For the glaze: and let sit at least 4. Make the choco- cake cool in pan on glaze over surface
ents come to the fore. for dusting or brown rice 2 cups powdered 10 minutes. In a late swirl: Transfer a baking rack 20 of cake to coat.
From baker Amanda Bergman, 1 cup plus 2 syrup sugar medium bowl, sift 1½ cups batter to minutes before re- While glaze is still
who sells her products at the tablespoons 2 cups (15-oz can) 1 tablespoon together flour, bak- another bowl. Add moving. wet, sprinkle a few
Santa Monica farmers’ market, I rice milk, oat unsweetened molasses, or ing powder, baking cocoa powder, re- 7. Make the glaze: handfuls of pump-
learned that items like applesauce, milk or pumpkin puree maple syrup soda and salt. maining sugar and In a medium bowl, kin seeds all over.
mashed banana and puréed winter preferred (without spices) 3 tablespoons 3. Use an electric remaining rice milk, whisk together You may need to
squash can function as egg replac- plant-based 2 teaspoons vanilla rice milk, oat mixer fitted with and whisk until powdered sugar, gently press them
ers, which makes them ideal, re- milk extract milk or paddle attachment smooth. molasses and rice into the cake to
spectively, for apple, banana or 1 tablespoon apple ½ cup cocoa preferred to beat together 5. Add cinnamon, milk to combine. help them adhere.
pumpkin cakes. She mentioned cider vinegar, or powder plant-based oil, 2 cups sugar nutmeg and allspice Add more pow- —Adapted from Di-
that she bakes with almond oil and distilled white 1 teaspoon ground milk and maple syrup to batter in mixer dered sugar to ad- ane Forley of Flour-
I filed that fact away too. My for- vinegar cinnamon on medium speed and beat on low just thickness of ish Baking Company
ays into vegan baking have also 1½ teaspoon ¼ teaspoon 1. Make the cake: until evenly com- speed to incorporate. glaze as necessary. and Meringueshop
brought home to me that flours
and meals aren’t just for building
a crumb; they can simultaneously
be terrific sources of flavor. Cornmeal-Molasses Pudding
Over weeks of consulting chefs I ACTIVE TIME: 30 minutes TOTAL TIME: 11/2 hours SERVES: 8
admire, ingredient-swapping and
re-engineering, three more vegan 2/
3cup medium-grind Two (131/2 -ounce) cardamom
desserts I consider universally ir- yellow cornmeal cans regular ¼ teaspoon ground
resistible joined my repertoire. Neutral oil, such as unsweetened white pepper
There’s an unbelievably moist canola, for greasing coconut milk ¼ teaspoon salt
chocolate-pumpkin Bundt cake 2 cups chilled oat milk 3/
4 cup dark brown 1 tablespoon vanilla
or preferred sugar, packed extract
plant-based milk 2 tablespoons Vegan whipped
¼ cup arrowroot molasses cream, for
I’m officially through with powder ½ teaspoon ground serving
defining vegan desserts by
1. Preheat oven to 350 degrees. Spread ture thickens but can still be poured,
what they don’t contain. cornmeal on a baking sheet and toast about 20 minutes. Remove from heat
in oven until lightly browned and aro- and let cool slightly. Add vanilla extract
matic, about 15 minutes. Set aside. and oat milk-arrowroot slurry, whisking
from Diane Forley, chef-owner of 2. Lower heat to 325 degrees. Grease a to combine.
the acclaimed, now-closed Verbena 13-by-9-by-2-inch glass baking dish. 5. Transfer pudding mixture to pre-
in New York City, who relocated to Place greased baking dish inside a pared baking dish set in larger vessel.
Scarsdale and opened Flourish larger baking dish or roasting pan. Carefully pour hot water into larger ves-
Baking Company, a bastion of 3. In a small bowl, whisk together sel to come halfway up sides of baking
plant-based baking. Cookbook au- 1/
2 cup oat milk and arrowroot powder to dish set inside.
thor Heidi Swanson, known for form a slurry. 6. Bake pudding until center is set,
recipes that emphasize whole 4. In a large heavy-bottomed saucepan about 40 minutes. Pudding should
foods, gave a cocktail-inspired, over medium-high heat, whisk together have a creamy, silky texture. Let cool 15
Dark and Stormy twist to a fruit cornmeal, coconut milk, remaining oat minutes before serving. To serve, spoon
crumble whose zingy ginger-oat milk, brown sugar, molasses, carda- into individual bowls and add a splash
topping you’ll want to put on ev- mom, white pepper and salt. Continue of oat or coconut milk, or top with the
erything. Finally, I revisited an to cook, whisking frequently, until mix- vegan whipped topping of your choice.
old-school autumn sweet, corn-
meal-molasses pudding, and in-
fused it with some less-expected
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY REBECCA MCEVOY
spices for a deeply soothing end to Dark and Stormy Crumble

the meal—or breakfast the next ACTIVE TIME: 35 minutes TOTAL TIME: 13/4 hours SERVES: 4-6
day, if you have some left over.
(Bonus: It’s gluten-free.) For assembly: salt 1/
4 cup natural cane,
At the end of this experiment, Melted coconut oil, for 1/
4 cup finely diced muscovado or brown
I’m officially through with defining greasing baking dish crystallized ginger sugar
vegan desserts by what they don’t Zest of one lime 1/
3 cup melted coconut 12 ounces (4-5 cups)
contain. These recipes celebrate the oil seasonal soft fruit
produce, spices and nuts we associ- For the crumble topping: such as fresh
ate with the season as lavishly as 3/
4 cup whole wheat For the filling: quartered figs
any finale to a harvest feast should. pastry flour 1 (2-inch) piece ginger, or mixed berries
2 cup rolled oats finely grated ¼ cup dark rum
1/
2 cup natural cane sugar 2 teaspoons all-natural 8 teaspoon Angostura

1/ 1/
Scant 1/2 teaspoon fine sea cornstarch bitters

Find a recipe for
coconut-parsnip tart at
1. Set rack in middle of oven and heat to 375 4. In a large bowl, whisk together cornstarch
wsj.com/food.
degrees. Oil an 8-inch square baking dish and and sugar. Add fruit and gently toss until evenly
sprinkle in lime zest. coated. Let sit for 3 minutes. Add rum, ginger
2. Make crumble: In a medium bowl, mix juice, and bitters, and toss again. Transfer filling
flour, oats, sugar, salt and crystallized ginger to prepared baking dish. Remove crumble from
until thoroughly combined. Use a fork to stir freezer and break apart over filling, making sure
in melted coconut oil. Divide mixture into you have both big and small pieces.
thirds and use your hands to form three pat- 5. Bake until topping is deeply golden and fruit
ties. Place patties in a large bowl, separated juices have thickened and are vigorously bub-
with layers of wax paper. Freeze at least 10 bling, 35-40 minutes. Let cool slightly, 30 min-
minutes or until ready to bake. utes. Serve with vegan vanilla or coconut ice
3. Make filling: Place ginger in a strainer and cream or vegan whipped cream of your choice.
press to expel liquid. Discard solids. You —Adapted from Heidi Swanson of 101 Cook-
should have 2-3 teaspoons liquid. books and Quitokeeto
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, November 4 - 5, 2017 | D9
DESIGN & DECORATING

Melamine
Spirited
Family-friendly dishes
needn’t be homely, as one
writer rediscovers
PRIMARY CANDIDATES From left: Assorted vintage Dansk bowls, platters, trivet, big spoon and cups by Gunnar Cyrén; vintage Rosti egg cups by Bjorn Christensen. All pieces: author’s own.
swooning over for years. Yet Homes,” she explained that To test my hunch, I con- he said with a laugh. again—only they’re toys for
BY SARAH
their comic-book, Lichtenstein the enduring appeal of the sulted Jillian Chaitin and Jer- Emboldened, I mentioned my house now.”
KARNASIEWICZ
color scheme and unpreten- pieces was no accident. emy Hollingworth, owners of my new collection—and was His suggestion: Keep col-
tious material made them feel “Somewhere along the line, Cabin Modern, a design stu- pleased to see Ms. Chaitin’s lecting, but stick to a limited
BECOMING A PARENT means more playful and lighter, both people decided plastic was dio and eclectic midcentury and Mr. Hollingworth’s eyes color scheme and deploy the
letting go of lots of little luxu- literally and figuratively. down-market—but these modern furniture shop in light up. The sleek, sturdy pieces strategically as a con-
ries—sleeping late, cussing Clutching them in his dimpled things were not made in the Cobble Hill, Brooklyn. Did plastic shapes and riotous trast to more organic, mini-
with abandon, eating food fist, my son arranged the cups down-market spirit, they they think the doctrinaire colors had also made a mark malist elements. “This
from your own plate—but in in a leaning tower before top- were designed to last,” she white, cement, and wood ver- on the childhoods of these shouldn’t be about doing
my early days as a mom, pling them with a delighted said. “When the Eameses sion of Scandi modernism 40-somethings. “I remember your whole house up in rain-
what I mourned the most was squeal. Clearly, the set was were designing their famous might be losing its luster af- looking at them as a kid and bow melamine,” said Mr.
the luxury of exercising good coming with me. chairs, they experimented ter more than a decade of relating to the chunky play- Hollingworth. “But those
taste. I’d spent my child-free Once home, I did what any with wood and fiberglass— domination? Mr. Hollingworth fulness of them,” said Mr. bright-blue salad serving
twenties and thirties trolling design-starved mom would: and they didn’t see a value was frank. “It used to be that Hollingworth. “They looked spoons will make you smile
auctions and flea markets, sent my son’s Thomas the difference between one or the every piece we carried had a like toys to me then. These every time you use them.”
proudly assembling a trous- Tank Engine dish set to the other.” I’d harbored some em- provenance and a price tag to days I see them in shops and A smile with every salad.
seau of ironstone platters, scrap heap and started surfing barrassment about my new match. But it got too serious,” it feels like Christmas Now that’s a luxury.
mod art pottery and hand- Etsy and eBay. A shatterproof collection—after all, wasn’t I
blown cocktail coupes. trove awaited: UFO-shaped supposed to be purging plas-
Then my sweet, squalling egg cups ($20 for 4) that tic from my home?—but I felt
little boy arrived. Keeping would make every breakfast of absolved. Who was I to argue
him happy and healthy I soft-boiled eggs feel like a with the Eameses?
could handle. But the way party; stackable cereal bowls Not to mention, these
cartoon-festooned bowls and ($35 for 6) that managed to be finds were a bargain. Unlike
pastel baby bottles colonized both sculptural and ideal for earlier, midcentury modern
my kitchen proved harder to corralling Cheerios; a swoop- tableware that has become
bear. As I transferred my ing cloverleaf serving tray collectible and pricey—nota-
cherished objets onto high, ($15) with a quartet of com- bly the iconic Kobenstyle
babyproof shelves, I found partments ideal for cheese enameled-steel cookware and
myself wondering despair- and crackers (or my desk’s of- the Festivaal lacquered serv-
ingly: Did family-friendly de- ing pieces that designer Jens
sign have to be so frumpy? Quistgaard produced for
A chance encounter a few Dansk in the 1950s—the mel-
years ago with some artifacts The pieces I’d begun amine pieces I’d begun
from my own childhood fi- hoarding were largely hoarding were still largely
nally cheered me up. On a regarded as B-sides. Which
rummage through the re- regarded as B-sides. isn’t to say they lacked pedi-
cesses of my parents’ beach gree: Those Rosti egg cups
cottage, I knocked into an were part of the popular
oversize serving tray and set fice supplies); plus a lanky, Style Copehagen line by
of stacking tumblers in sun- long-handled pitcher ($15) Bjorn Christensen, and the
shine-yellow and cloud-white whose sleek profile recalled Dansk pieces bear the hall-
melamine. I was instantly both Erté and Beetlejuice and mark of Gunnar Cyrén, a ver-
transported to my suburban would, I had a hunch, become satile designer who first rose
Connecticut home circa 1980, my go-to vessel for cold- to fame with fine work in sil-
with its grasscloth-papered brewed coffee. Many of the ver, gold, and crystal. “Be-
hallways, Marimekko sheets pieces were produced by lieve it or not, melamine and
and Danish modern every- Dansk in the 1970s and early thermoplastics were sort of
thing. Sure enough, when I ‘80s—but I recognized other novelty luxury materials in
turned the tumblers over, I collectible Nordic names, like themselves, and enjoyed for
found the Dansk hallmark. Copco and Rosti. All were ren- their own sakes,” explained
Though I typically dismissed dered in electric, saturated Elizabeth Wilhide, author of
plastic tableware as practical primary colors that brought “Scandinavian Home: A Com-
but chintzy, something about welcome oomph to my prehensive Guide to Mid
these grabbed me. kitchen’s neutral backdrop of Century Modern Scandina-
It wasn’t simply nostalgia. slate-hued stone counters and vian Designers.”
Squat and sturdy yet sleek white brick. I was also betting my plas-
and perfectly cylindrical, they When I spoke with Alexan- tic pieces wouldn’t be second-
shared the balanced propor- dra Lange, a design critic and tier much longer, judging by
tions and economical lines of author of “Design Research: the growing interest among
the pared-down midcentury The Store that Brought Mod- millennial designers in design
pieces that hipsters had been ern Living to American movements like the Memphis
group and the popularity of
museum exhibitions such as
the recent retrospective at
New York’s Met Breuer of Et-
tore Sottsass, one of the I M P R E S S I O N I S T, M O D E R N , P O S T- WA R & C O N T E M P O R A RY A RT
group’s founders. After all,
with its embrace of laminate
surfaces, bold palettes and AUCTION Wednesday, Nov 15, 2017 at 11am
squiggly shapes, Memphis it-
EXHIBITION November 11 – 13
self was a rebuke to the re-
straint and understatement of L O C AT I O N 175 East 87th Street, New York, NY 10128
mainstream midcentury mod-
ernism—the sort of counter- C ATA L O G U E View and bid at Doyle.com
programming that’s in the air

again. “These things happen F E AT U R I N G Fernand Léger, Salvador Dalí, Guy Pène du Bois,
in cycles,” said Ms. Lange. Maurice de Vlaminck, Maurice Brazil Prendergast,
“For so long, high-end taste John Gutzon de la Mothe Borglum, Diego Rivera,
has been in this really Alexander Calder, Mel Ramos, David Hockney,
stripped-down place, but Fernando Botero
lately there’s been a bubbling
up of interest in more exuber- Willard Leroy Metcalf (American, 1858-1925), Clearing in the Woods, Autumn, 1906, Oil on canvas
ant postmodern looks.” In
other words, a bit of Crayola- Principal Auctioneer: Rodney J. Lang No. 0777006
colored melamine might be

Vintage Rosti pitcher; vintage Dansk platter by Gunnar Cyrén. just what the doctor ordered.
GEAR & GADGETS

RUMBLE SEAT DAN NEIL
2018 Alfa Romeo Stelvio: It Gives Great Face

THIS HIGH-STEPPING fashionista
is the 2018 Alfa Romeo Stelvio, a
five-seat, all-wheel-drive midsize
crossover, in premium/entry-luxury
country, with prices ranging from
the low-$40,000s to mid-$50,000s.
It’s tardy to the party.
An Alfa Romeo SUV has been in
the works for about 15 years, and
such a vehicle has always been the
linchpin of any theoretical return
of the sporty Italian brand to the
U.S. market. No doubt Alfa’s deal-
ers would have seen more foot
traffic if corporate had started
with the SUV model two years ago,
rather than the exquisite, rarefied
Giulia sedan.
And yet, you couldn’t exactly call
the Stelvio eagerly awaited. The
plains are already black with herds
of hot-handling, mass-class cross-
overs: Audi Q5, BMW X3, Mercedes-
Benz GLC, Jaguar F-Pace, Porsche
Macan, Range Rover Evoque, to
name a few. Among this competi-
tive set, the Stelvio has little to of-
fer the wise consumer beyond the
reassuring handshake of Fiat Chrys-
ler Automobiles (FCA). The very
idea seems like a skyrocket of woe.
And yet, people will buy the HANDSOME AND THEN SOME
Stelvio anyway, for no better rea- The Alfa Romeo Stelvio has one
son than that it gives great face. key advantage over its SUV
FCA US LLC
First, the basics: Named for an competitors: It looks really good.
awesome mountain pass in Italy
that tourists have ruined, thank
you, the Stelvio is in most respects And as with the Giulia, Ameri- onds quicker than the mighty the Italian company by about 1958 faced contemporaries such as the
a lifted Giulia sedan. Built on the can buyers can choose between Porsche Cayenne Turbo S. If your and the revered Giulietta series. Lexus RX 350 or the Infiniti QX50.
same assembly line, in Cassino, It- two engines, amounting to two route to work takes in the Eifel The Villa d’Este Coupe also proto- In my two weeks with the Stelvio,
aly, the Stelvio benefits from the very different cars. In the base and mountains, the choice is clear. types Alfa’s raptor-eyed gaze, the it turned more heads than an
same lightweight fabrication, in- Ti model there dwells FCA’s I haven’t yet had a go in the headlights round, high and wide- Army doctor. What’s interesting is
cluding the lavish use of aluminum torque-y, game-as-hell 2.0-liter Quadrifoglio, but since it is the SUV set; though, 68 years later, the that, aft of the flourishing front
for front and rear sub-frames, sus- turbocharged four (280 hp/306 lb- version of what I consider the best- lenses of the Stelvio’s bi-xenon end, the Stelvio reverts to a fairly
pension bits and body panels. This ft), paired with an eight-speed au- driving sport-sedan on the market, I headlamps make it look more owl- conventional shape; so all this vox-
diet, and exotica like the carbon-fi- tomatic and rear-biased all-wheel feel certain there will be a lot to ish than hawkish. pop is being generated by the first
ber driveshaft, helps the Stelvio drive, the Q4 system. Caned from like. If only it weren’t, you know, an Officially, the grille shape is foot or so of a 15.4-foot vehicle.
achieve a quite svelte 4,044 pounds. a stop, the Stelvio will touch 60 SUV, with the driver’s seat hiked called the Scudetto, the “little If it seems like I’m overvaluing
mph in 5.4 seconds, says the fac- another half-foot in the air. I was shield.” But feel free to indulge aesthetics in the marketplace, I
tory—that sounds about right— sorry to learn Alfa had canceled the your inner Jung: an arrowhead, a wish it were so. It’s you out there—
and achieve a top speed of 144 Giulia-based wagon program. That cat’s face (with whiskers), a heart, impulsive, self-adoring, attention-
Alfa’s dealers might have mph. Goodly punch is to be had. would have been epic, shades of the V for victory, V for mons Venus. seeking, waving your checkbooks at
seen more foot traffic if Our test car’s Ti Sport package 159 Sportwagon. Now that’s marketing. status-y crossovers. When it comes
($44,990) layered on firmer suspen- Perhaps you are beguiled. Don’t Whatever. It still works, and to the car-buying public, the irratio-
they’d introduced this sion settings, 20-inch alloys, be ashamed. These feelings are works fantastically well, particu- nal rules. Pretty sells.
SUV before the exquisite, painted brake calipers, sport seats, natural. On the con side, the Stel- larly when judged against mutt- Thank God, says Alfa Romeo.
aluminum pedals and shift paddles. vio comes to us from the finan-
rarefied Giulia sedan. Thus equipped, the Stelvio is not cially ailing FCA, which is worri-
just a pretty face. Put your right some. Among the possible
foot down and the turbo four sneers scenarios, the company may
Thus the topline from any driv- and snares happily between lashing change hands, partly or wholly,
ing encounter must be the Stel- upshifts and rev-matching down- and the Alfa Romeo brand would
vio’s comparatively light, well-bal- shifts. For maximum laughs, the be sold off. How might this affect
anced nature (50/50 front/rear drive-mode selector should remain dealer support in the U.S.? Further
weight distribution) and agreeable in D for Dynamic, and gearshifts testing one’s optimism are the Alfa
handling. It’s also got quick, well- tapped out with the shift paddles. owner forums detailing a lot of
weighted steering (e-assisted, Over rough pavement, our tes- small but maddening glitches with
11.8:1 ratio) and a small, flat-bot- ter’s big wheels trembled a bit in the Giulia sedan.
tom steering wheel to wield it, their sockets. The Stelvio’s ride On the pro side, those same
with stitched leather like a Prada might be too busy for some con- Giulia owners have probably
truncheon. Mom has always had a sumers’ tastes. And yet, in that ini- helped debug the Stelvio, which
thing for leather. tial reflex of commitment to a cor- shares nearly all the same hard-
Again, owing to the Giulia, the ner, the Stelvio dives for it like ware and software. I didn’t experi-
Stelvio is sprung like a sports se- wide receiver. ence any issues with the test car 2018 ALFA ROMEO STELVIO TI SPORT
dan: double-wishbone front sus- Let’s call that Regular Strength. except a slight delay in screen-
pension and Alfa’s own five-link Extra Strength is the Stelvio based functions and over-stacked
array in the rear, all in aluminum. Quadrifoglio, powered by a Fer- menu structure, which the user ne- Base price $44,990 Power/torque 280 hp at 5,200
The primary difference is the taller rari-derived 2.9-liter twin-turbo gotiates with a central rotary con- Price, as tested $55,240 rpm/306 lb-ft at 2,000-4,800 rpm
steel springs required to raise the V6 putting out 505 hp and 443 troller. Powertrain direct-injected twin- Length/width/height/wheelbase
ground clearance (8.1 inches, 3 pound-feet of twist, and up-ar- Which brings us round to the scroll turbocharged and intercooled 184.6/74.9/66.0/111.0 inches
inches higher than Giulia). The mored with a torque-vectoring biggest Why and the Stelvio’s one 2.0-liter inline four cylinder with 0-60 mph/top speed 5.4 sec-
overall damping works a little rear differential, track-hardened blazing competitive advantage: its variable valve timing; eight-speed onds/144 mph
harder. If you are looking for the suspension, bigly Brembo brakes looks. automatic transmission with manual EPA fuel economy 22/28/24 mpg,
most serene ride and greatest and racy tires. In September a Alfa Romeo’s hawkbill grille de- shift mode; rear-biased all-wheel city/highway/combined
cabin isolation, you can scratch Quadrifoglio claimed the produc- sign dates back to the 6C 2500 drive, with up to 60% torque avail- Cargo capacity 18.5/56.5 cubic feet
the Stelvio off your list. Perhaps tion SUV lap record of 7:51.7 Villa d’Este Coupe (1949) and be- able at front axle (behind 2nd row/1st row seats)
something in size Maserati? around the Nurburgring, eight sec- came visually synonymous with
DEALER’S CHOICE
Beautifully designed playing cards are magicians’ new calling cards. And they’re not just for pros
“AS A MAGICIAN, your job is to work of various global companies, tions. In July, a print run of
perform,” said Dan Buck, 32, who, can be found on the Bucks’ web 20,000 decks sold out on the
along with his twin brother, Dave card store, artofplay.com. Bucks’ site within an hour. “When
Buck, helped create and popularize Artist couple Peter Dunham and something has a high expectation
the performance art of card shuf- Linnea Gits, co-founders of the for resale, people will buy multiple
fling known as cardistry. “Why not Chicago design studio Uusi, have decks,” Dave said.
have your own custom deck of created nine decks. They credit the Dave particularly likes the deck
playing cards?” Bucks with defining a new card Odd Bods, printed by the United
When the Southern California- market. “I think they’re one of the States Playing Card Company. Eng-
based Buck boys started showcas- few who’ve really pushed the de- lish illustrator Jonathan Burton,
ing their card illusions more than sign-driven end of it,” said Ms. who lives in France, designed the
a decade ago, just a half-dozen or Gits, who added that both magic deck and added quirky touches;
so notable new decks would debut and poker purists often shop at the queen of clubs holds a red
annually. Now, with the popularity the competing website telephone while the jack of hearts
of card-design projects on Kick- theory11.com. wields a banana. Dave also likes
starter, there were probably “85 A collectible deck represents a the Drifter cards, which have a cig-
decks released last year,” Dan said. jewel box of exacting graphic de- arettes, Stetsons and bandoliers
More than 100 unique sets ranging sign, from the anti-tamper seal on vibe; the queen of hearts wears a
from $3 to more than $20, the the case to the look of the suit prairie bonnet and carries a pistol.
symbols on the cards. The Bucks “They remind me of the black-and-
DECK FLAIR From left: Drifters, Dan say the on-trend decks display white Westerns I would watch Sat-
and Dave, $12, Ultimate Deck, Stranger bold and simple patterns inspired urday mornings with my dad,” he
and Stranger, $25; Odd Bods, Jonathan by street art and fashion, and the said.
Burton, $15; all decks, artofplay.com sets are often sold in limited edi- —Michael Tortorello

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