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***** MONDAY,NOVEMBER 23,2020~VOL. CCLXXVI NO.123 WSJ.com HHHH $4.00

Last week: DJIA 29263.48 g 216.33 0.7% NASDAQ 11854.97 À 0.2% STOXX 600 389.61 À 1.2% 10-YR. TREASURY À 20/32 , yield 0.828% OIL $42.15 À $2.02 EURO $1.1856 YEN 103.85 Trump PressesOnasLegal Path to Challenge Vote Narrows Dividends What’s Restart News In Sign Business&Finance Of Hope ome large U.S. compa- Snies that halted their div- Companies predict idend paymentsinthe spring worstofpandemic’s arereversing theirdecision, a sign their leaders believe economic impact is over, the worst of the coronavi- even as cases surge ruscrisis is behind them. A1 BY THOMAS GRYTA  Tech firms in smaller cities arestarting to see an uptick in Some large U.S. companies applications from candidates that halted their dividend pay- living in San Francisco and mentsare reversing their deci- NewYork,areas that have long sion, asign that their leaders had agrip on tech talent. A1 believethe worstofthe crisis is  Auto-industry executives behind them. arefinding that stocking fewer Earlier this year,when much cars amid high demand, apan- of thecountry’seconomyshut OL

demic-related legacy, has lifted PO down because of the coronavirus makers’ and dealers’ profits. B1 S pandemic,companies withdrew cash from credit lines,stopped  CoStarhas taken itsfirst /PRES AS repurchasing stock and halted major step intothe residen- dividend paymentsamid the un-

tial-real-estate-databusiness NTRER certainty.The public-health by agreeing to pay $250 CO plight continues,but manybusi- million for Homesnap. B3 nesses—from factories to law OLIVER  Ruby Tuesday gotspeedy NEXTSTEPS:President Trump returnedtothe WhiteHouseonSundayafter spending the dayatthe Trump National Golf firms—have learned howtoop- court approval forasale pro- Club.The president has continuedefforts to contest the outcome of the election, even as his legal options areshrinking. A4 erateduring the pandemic. Re- cess afterthe bankrupt chain tailers, fast-food restaurants and made last-minute changes carmakers aredoing better, and sought by landlords. B3 thereishope among executives that anynew restrictions to bat-  Noble wascleared to exit tle the latest U.S. surge in cases bankruptcy with a plan the Biden ChoosesSecretaryofState won’t be as severe. operator of offshoredrilling “Multinationals arebeginning rigssaid had overwhelming to exhale,” said Mark Zandi, support from itscreditors. B3 BY KEN THOMAS dor to the United Nations and Blinken’sselection is expected bright StonebridgeGroup, chief economist at Moody’s Ana-  OneWeb emerged from select Jake Sullivan, aState by Tuesday at the latest, peo- whereshe led the consulting lytics.“Theresumption of cor- bankruptcy protection af- WASHINGTON—President- Department veteran, to serve ple familiar with the selection firm’s Africa practice. poratedividend paymentsisan tergetting a$1billion in- electJoe Biden intends to as nationalsecurity adviser, said. Mr.Biden, aDemocrat, Ms.Thomas-Greenfield, encouraging sign that executives vestment from the U.K. and nominateAntonyBlinken to the people said. said last week that he had also who is Black,could be the first believethat the pandemic will India’sBharti Global. B3 serveassecretaryofstate, Mr.Blinken served as Mr. settled on a pick for Treasury nominee of color by Mr.Biden, soon be behind us.” turning to a trusted diplomat Biden’s top foreign-policy ad- secretary. who has vowedtoput to- Kohl’sCorp.was one of the andforeign-policyadviserto viserduring his presidential Ms.Thomas-Greenfield gether an administration that 42 companies in the S&P 500 in- World-Wide oversee his work to rebuild campaign. He had roles as served as assistant secretary reflectsthe nation’sdiversity. dexthat suspended itsdividend U.S. relationships around the deputy secretaryofstate dur- of statefor African affairs Mr. Sullivan, a national se- to preservecash afterthe globe, according to people fa- ing President Barack Obama’s from 2013 to 2017. Beforethat curity adviser to Mr.Biden Covid-19 virus arrived. In Sep-  The U.S. government miliar with the decision. second term and as national she wasambassador to Liberia while he served as vice presi- tember,financechief Jill Timm stands to lose more than Theformer vicepresident security adviser to Mr. Biden from 2008 to 2012 and held dent,was asenior policyad- said theretailer would protect $400 billion from the federal is also expected to nominate while he served as vice presi- diplomatic postingsinseveral viser to Mr. Biden’s campaign itscash reserves because of con- student loan program, an in- diplomat Linda Thomas-Green- dent under Mr. Obama. other countries.She is cur- andserved in senior roles to tinued uncertainty.“As we see ternal analysis shows, ap- field to serveasU.S.ambassa- Theannouncement of Mr. rently on leave from the Al- PleaseturntopageA4 PleaseturntopageA2 proaching the sizeoflosses incurred by banks during the subprime-mortgagecrisis. A1 Car U.S. new-vehicle sales and inventories, Average number of days vehicles change from previous year areremaining on dealer lots  President-elect Biden in- Tech Talent Seeks tends to nominate foreign-pol- Buyers 10% Sales 100days icy adviser Antony Blinken to Move Off serve as secretary of state. A1 New Opportunities 0 80  Adefiant Trump continued The Lot effortstocontest the outcome of the election and anumber The pandemic is –10 60 Far From Coasts of Republicans expressed changing the way frustration with his refusal consumersshop to acknowledge defeat. A4 forautomobiles, –20 40 BY KATHERINE BINDLEY company, 75FInc., which  A judge’s rebuke of the requiring dealers makes internet-connected, en- Trump campaign’schallenge to keep smaller Inventory Tech companies in smaller ergy-saving HVAC control sys- to Pennsylvania’s election inventories on –30 20 cities arestarting to see an tems. One résumé came from resultsguttedone of itsfew their lots amid uptick in applications from Facebook Inc.; another came high demand. candidates living in SanFran- from TwitterInc.The 130-em- remaining legal cases. A4 –40 0 Smaller inventories ciscoand NewYork—areas ployeefirm just hired an engi-  The Trump administra- help dealerscut 2016 '20 2019 '20 that have long had agrip on neer from Sonos Inc. tion formally shut the door costs. B1 Sources: MotorIntelligence(sales, inventories); Edmunds.com tech talent. He hadseen the reverse— on the Open Skies treaty, Deepinder Singh,founder of employees leaving for Google exiting the pact while mov- aBloomington, Minn.-based and Tesla—but, he said, ing to discard the aircraft startup,had never bothered “We’venever actually seen that have enabled it. A4 trying to recruit Silicon Valley this.”  The FDA cleared Regen- Not Everyone tech workers. They were too For years, high-talent tech eron’s Covid-19 antibody Coronavirus Upends expensive and didn’t want to workershavebeen drawnto drug foruse treating mild to move. In seven years, he had Silicon Valley,willing to put moderateCovid-19 patients Relishes the never gotten an applicant from up with exorbitant housing 12 yearsofage and older. A6 ARural Hospital a large tech company. prices and long commutes to Cranberry But sinceMay,morethan a benefit from the skill and ex-  TheU.K. and Canada said dozenpeople on both coasts perienceoftheir colleagues, they had agreed on an interim iii have applied for jobs with his PleaseturntopageA8 trade pact onceBritain is no longer part of an EU-Canada Montana’s Crow reservation has been hit A German island trade treaty, starting Jan. 1. A18 hard, and medical staff know many of the ill wants the invasive U.S. Faces $400 Billion BY DAN FROSCH to working, not being in a JOURNAL REPORT room alone,” Ms. Long War- species off its land Wealth Management: CROW AGENCY, Mont.— rior said. Student-Loan Loss Nursing assistant Becky The Crow reservation, BY CECILIE ROHWEDDER The linksbetween love Long Warrior shuttled be- home to about 7, 200 people and money. R1-10 tween the two hospital in southern Montana, has The island of Sylt is a Ger- BY JOSH MITCHELL lion in principal and interest. rooms. Both housed family been struck by one of the man version of Nantucket, That would leave taxpayers on CONTENTS Outlook...... A2 members stricken with nation’s worst outbreaks in with windswept beaches, TheU.S.government stands thehook for$435 billion, ac- Arts in Review... A13 Personal Journal A11-12 BusinessNews...... B3 Sports...... A14 Covid-19. recent weeks. That has cre- quaint lighthouses and amon- to lose morethan $400 billion cording to documentsreviewed Crossword...... A14 Technology...... B4 In one room, her grand- ated a situation at this 24- eyed clientele. from the federal student-loan by TheWall Street Journal. HeardonStreet... B10 U.S. News...... A2-6 mother stared up at her bed hospital, operated by the Except when it comes to is- program, an internal analysis Theanalysis wasbased on Markets...... B9,10 Weather...... A14 through a large oxygen mask U.S. Indian Health Service, landers’ attitude toward cran- shows,approaching the sizeof government accounting stan- Opinion...... A15-17 World News...... A8,18 as Ms. Long Warrior gently unlike almost any other berries.While Nantucket, off losses incurred by banks during dardsand didn’t include about squeezed her shoulder and medical facility in the coun- thecoast of Massachusetts, the subprime-mortgagecrisis. $150 billion in loans originated > told her to rest. try: The people helping com- celebrates itscranberryhar- TheEducation Department, by privatelendersand backed Next door, Ms. Long War- PleaseturntopageA10 vest with an annual festival, with the help of two private by thegovernment. rior checked in on her uncle, Sylterslook at the plantsas consultants, looked at $1.37 Thelosses arefar steeper a cattle rancher in his 70s  FDA clears Regeneron’s hostile invaders. In the fall, trillion in student loans held by PleaseturntopageA6 whose lungs were being antibody cocktail ...... A6 volunteerswork to getrid of the government at the start of s 2020 Dow Jones & Company, Inc. All Rights Reserved aided by a machine blowing  Surge in cases slams older them because they endanger the year.Their conclusion: Bor-  More on the impact of the high-flow oxygen. “He’s used Europeans...... A8 PleaseturntopageA10 rowers will payback $935 bil- pandemic on education...... A3 P2JW328000-4-A00200-1------XA

A2 | Monday, November 23, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By David Harrison ECONOMIC CALENDAR

Pent-Up Demand Looms forPrices Monday: Surveys of purchas- ing managers in the U.S. and Europe are expected to point to Inflation ployment aid,gavepeople Some forecasters seestronger inflation in the coming years. “For the Fedtobuild cred- slowdowns in the services sec- could be morecash—and much of it Othersaren't convinced. ibility it’sgoing to take some tor following a surge in new cor- poised fora has yettobespent, as sug- time,” said Ms.Zentner.“It’s onavirus infections and a tight- comeback. gested by arelatively high Inflation rate (excluding energy and food) going to take proof wherein- ening of restrictions on Some econ- savingsrate. Those payments 2.5% flation is running abovetheir households and businesses. In omistsare will contributetopushing the 2% goal and indeed they Europe, the surveys are ex- starting to embracethe idea federal debt to 98% of gross Morgan don’t raise rates.” pected to point to a decline in that aprospectiveCovid-19 domestic product this year, Stanley overall activity despite a rise in vaccine could allowpeople to according to the Congressio- 2.0 aul Ashworth, chief manufacturing output, while the onceagain spend money on nal Budget Office, the highest U.S. economist at Capi- U.S. is expected to record contin- travel, restaurantsand other sincethe end of World War P ued growth. Goldman talEconomics,who services—and driveupprices II. That also should cause 1.5 Sachs also forecastsstronger up- Tuesday: The Conference in the U.S. prices to rise sincethereis ward pressureonprices,said Board’s U.S. consumer confi- That would be achange moremoney sloshing FORECASTS the Fed’snew hands-off pol- dence survey for November is from the past 10 years, when through the economy. icycould itself driveinfla- likely to reflect rising coronavirus inflation rarely hitthe Fed- 1.0 tion. caseloads and a patchwork of eral Reserve’s2%targetde- ll this could push up 2018 '19 '20'21 '22 “Most of the Fedboardof state and local measures to help spiteastrong economyand the priceindexfor Note:Personal Consumption Expenditures priceindex. governorsunderstand that contain the pandemic. lowunemployment. It would A Wednesday: U.S. durable- personal-consumption Sources: Commerce Department, Morgan Stanley, Goldman Sachs they have to keep alid on in- also test the central bank’s expenditures,the Federal Re- flation,” he said.“But you goods orders are expected to newframework,which calls serve’sclosely watched mea- nomic] growth fornext higher inflation, but would cansee aworld wherethey increase for the sixth consecu- forperiods of inflation above sureofinflation. Annual in- year,” said Ellen Zentner, an instead be comfortable with just getpersuaded that actu- tive month, though some econo- that level afterstretches,like flation by that measurestood economist at MorganStanley. letting inflation rise mod- ally we just need moretime mists are forecasting a lacklus- the current one,when it has at 1.4% in October,shy of the “Some of that comes from estly above2%for awhile to forthe real economytocatch ter gain amid signs the recovery runbelow. central bank’s2%target. pent-up demand forser- makeupfor stretches when up andthe unemployment is losing momentum. Theeconomy’sprogress In the near term, some vices.” Ms.Zentner sees in- it runs belowthat level. In rate to come down.” U.S. applications for unem- sincethe sharp,pandemic-in- economistsexpect ashort- flation running at or above practice, that means the Fed Not everybody believes ployment benefits are expected duced recession in the spring lived boost of inflation fora the Fed’s2%targetfor all of is likely to leave ratesvery that inflation is about to in- to remain elevated in the week has made forecastersmore month or two next spring. 2022. lowevenifinflation moves tensify. Spencer Hill, an ended Nov. 21. While employers confident of astrong recov- That is because prices fell Inflation remained tame in higher in the next few years. economist at Goldman Sachs, have been adding jobs, layoffs ery onceavaccine enables sharply in March and April of the yearsleading up to the To Joel Prakken, chief U.S. wroteinarecent report that remain historically high and the people to resume their pre- this year as the firstwaveof pandemic despiteahistori- economist at IHS Markit, a he doesn’t expect the labor latest efforts to contain a surge pandemic lives. the virus hit. Sinceinflation cally lowunemployment rate betterexplanation forthe market to recoveruntil 2024, of coronavirus infections could Airlines and hotels,which is calculated as ayear-over- and strong economic growth. past few yearsofweak infla- holding down inflation until hurt the labor market. laid off thousands of workers year changeinprices,it That suggested to some ana- tion were lowoil prices and then. U.S. consumer spending has and slashed prices at the makes sense that it should lyststhat inflation mayno astrong dollar holding down Fedgovernor Lael Brain- been a driving force for the re- start of the pandemic,could appear strong when com- longer respond to astrong import prices.Mr. Prakken ard, who has suggested in covery and economists are fore- struggle to meet the surge in pared to weaker baseline economyasitoncedid. expectsoil prices to rise and the past that broad struc- casting the sixth straight in- demand, sending prices numbers. Structural factors, such as the dollar to weaken as a tural factorscould be under- crease for household outlays in higher.And city rents, which TheFed will likely not re- technological changeoran global recovery takeshold, lying the past few yearsof October. Spending on goods has dropped as people hunkered act to such atemporary aging population, could be which he thinks will push in- weak inflation, said in Octo- been especially robust in recent down, could start creeping burst of inflation and it will holding down pricegrowth, flation consistently abovethe ber she didn’t see inflation months, while spending on ser- up again as they look at al- subside over the summer,the they said. 2% target by the middle of hitting the target on asus- vices such as in-person enter- ternatives. forecasterssaid. That thinking wasamong the decade. tained basis in the next few tainment and travel is lagging Likewise,the March coro- Some economists, how- the reasons the Fedan- Howthe Fedresponds to a years. Fedofficials have behind. navirus relief bill, which sent ever,expect it will pick up nounced in August it would resurgenceofinflation under made clear they don’t intend The Federal Reserve releases direct paymentstohouse- again later. no longer raise interest rates their newframework will be to raise interest ratesany- minutes from its Nov. 4-5 meet- holds and increased unem- “We’rebullish on [eco- pre-emptively to head off closely watched. time soon. ing. U.S. WATCH

PENNSYLVANIA The CoastGuardsaid the man wasn’twearing alifejacket and Bullet Shot Through didn’tresurface. Front Door Kills Boy —Associated Press

A 12-year-old boy was killed NORTH CAROLINA by a bullet shot through the front door of a northeast Phila- Suspect Is Shot in delphia home, authorities said. Gunfight With Police The boy was shot shortly be- fore 3 a.m. Sunday in the Frank- A North Carolina man ac- ford neighborhood and was pro- cused of shooting a deputy and nounced dead minutes later at another man, and evading law the scene, police said. enforcement for more than two Police said preliminary infor- days, was shot multiple times in mation indicates the youth went a gunfight with officers late Sat- to his front door and someone urday and taken into custody.

S shot through the crescent moon Robert LeeStrother,30, was

PRES glass of the door, striking him in shotbyofficers outside ahome the forehead. near Kinston, Lenoir County Sher- TED —Associated Press iff Ronnie Ingram said. No offi- OCIA

SS cers were struck in the gunfight. /A FLORIDA Mr. Strother had been on the ALD run since Thursday night when Man Missing After the sheriff’s office said he shot RLD-HER Falling Overboard Deputy Steven Key, 30, in the WO neck while he was responding to The CoastGuardand other a domestic call in La Grange.

OMAHA agencies searched Sundayfor a The deputywas taken to a Florida man who fell overboardin hospital fortreatmentand later CHIAN/ St.John’sRiver near Jacksonville. released. It wasunclear whether MA Authorities saythe 43-year-old Mr.Strother he had an attorney

CHRIS man fell into the waterabout 3 who could commentonhis behalf. AFTERMATH: A23-year-old man wasarrestedafter an attack at aSonic restaurantSaturdaynightthatkilled twopeople in Bellevue, Neb. a.m. Sunday. —Associated Press

Number of S&P500 firms to decrease or suspend their dividend ment officer of money manager CORRECTIONS  AMPLIFICATIONS Dividend Navellier &Associates Inc., said 80 Suspensions Decreases companies have been working to free up cash flow in the pan- Stefan Larsson is president works.Aphotoonthe Tech- Payments demic,and he sees morecompa- of PVHCorp., which owns Cal- nologypageinFriday’sedition 60 nies resuming their dividends. vin Klein, TommyHilfiger and showed the Bally’s Las Vegas He expectsinvestorstofocus other clothing labels.AnEx- casino,which is owned by Resume moreondividend-paying stocks changearticle Saturdayabout Caesars Entertainment Inc., because interest rateswill re- retailerspreparing forthe hol- not Bally’s Corp. 40 main lowfor aprolonged period. idayshopping season incor- ContinuedfromPageOne “I think dividends will become rectly identified him as the Noticetoreaders stabilization, we’ll moveback moreimportant, and morecom- company’schief executive, a Wall Street Journal staff intopaying adividend,” she said 20 panies will do it,” he said. title he is to assume early next membersare working re- at an investor conference. Some companies aredoing year. motely during the pandemic. Her tone changed last week more than just resuming divi- Forthe foreseeable future, when the department-store dends. RetailerTJX Cos.said Sinclair BroadcastGroup please send reader comments 0 chain reported third-quarter re- last week that it would resume Inc.isteaming up with Bally’s only by email or phone, using sultsthat showedits business 2005 '10'15 '20 itsdividend but at a13% higher Corp.touse the casino opera- the contactsbelow, not via recovering afterreopening loca- Note:2020through Nov. 12 rate than it last paid in March, tor’sbrand on itsregional net- U.S. Mail. tions.Revenue fell 14%, com- Source:S&P DowJones Indices citing itscash flow and $10.6 bil- pared with a23% drop in the lion in cash on itsbalancesheet. Readers can alert The Wall Street Journal to any errors in news articles by previousquarter.Kohl’ssaid it have successfully navigated the RestaurantsInc., operator of Thecompany has reopened emailing [email protected] or by calling 888-410-2667. would resume itsdividend in the pandemic,and some arebenefit- OliveGarden, LongHorn Steak- most of the TJ Maxx,Marshalls firsthalf of 2021. ing by taking market sharefrom house and other chains; cos- and HomeGoods stores it had “Wehaveshown progressive smaller competitors. “It maynot metics companyEstéeLauder closed in the spring. THE WALL STREET JOURNAL improvement and stability in the be abarometer of the strength Cos.;and timber firm Weyer- “Weare very bullish on the (USPS 664-880) (Eastern Edition ISSN 0099-9660) business,” Ms.Timm said on a of the broader economy,” Mr. haeuserCo. longer-termoutlook because (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) conferencecall. Zandi said, referring to renewed Apparel chain Gap Inc.halted that feels significantly better Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Acompany’sdecision to pay dividend payment itsdividend in March while also than it did at the beginning of Published daily except Sundays and general legal holidays. adividend typically depends on Oil producer Marathon Oil skipping rent payments,issuing [the thirdquarter] when we Periodicals postage paid at New York, N.Y., and other mailing offices. management’scomfort with hav- Corp.halted itsdividend pay- debt and drawing cash out of its didn’t knowwhereall of this Postmaster: Send address changes to The Wall Street Journal, ing enough cash flow forother mentsinMay afteroil prices credit line.InOctober,finance washeading,” CEO Ernie Her- 200 Burnett Rd., Chicopee, MA 01020. uses—postpayment—along with dropped because of adecline in chief Katrina O’Connell said the rman said on aconferencecall. All Advertising published in The Wall Street Journal is subject to the applicable rate card, itsability to access other cash. It consumption of gasoline and jet companywould be “returning to One of the nation’slargest copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to is acommitment to makeregu- fuel as millions of people paying aconsistent and compet- hospital chains,Universal Health accept an advertiser’s order. Only publication of an advertisement shall constitute final lar payoutstoshareholders, and worked from home and avoided itivedividend” in early 2021. Services Inc., said that it wasn’t acceptance of the advertiser’s order. suspending it is frequently alast driving and flying.Last month, General MotorsCo. CEO quiteyet ready to resume pay- Letters to the Editor: Fax: 212-416-2891; email: [email protected] resort in acrisis. the companydeclared adivi- MaryBarratold investorsin ing adividend, largely because Need assistance with your subscription? Of the 42 companies in the dend forpayment in December. early November that the com- of the recent surge in cases By web: customercenter.wsj.com; By email: [email protected] S&P 500 indexthat suspended “Webelievewehavesuccess- pany would aim to resume its acrossthe country. If the com- By phone: 1-800-JOURNAL (1-800-568-7625) theirdividend earlier this year, fully repositioned our company dividend, suspended in April, panycan managethrough an- Reprints &licensing: By email: [email protected] sixhaveresumed paying their forsuccess in alower, morevol- around mid-2021 if the current otherdifficult Covid-19 period, By phone: 1-800-843-0008 dividend and several morehave atile commodity priceenviron- recovery continues forthe auto CFOSteve Filton said on acon- WSJback issues and framed pages: wsjshop.com given atimeline to do the same, ment,” ChiefExecutiveOfficer maker.In2019,GMpaid more ferencecall, it would feel more Our newspapers are100% sourcedfromsustainably certified mills. says S&P DowJones Indices. Lee Tillmansaid at the time. than $2.3billion in shareholder comfortable paying out cash to Despitethe economic shocks Other companies resuming dividends. shareholdersindividends and GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS this year,manylarge companies their dividends include Darden Louis Navellier,chief invest- sharerepurchases. P2JW328000-0-A00300-1------XA

THE WALL STREET JOURNAL. Monday, November 23, 2020 | A3 U.S. NEWS CommunityCollegesSee Steep Enrollment Drop

BY MELISSA KORN

Enrollment tumbled this fall at community colleges around the country, flipping along- standing trend in which people flock to school when the econ- omyweakens and raising con- cerns about the colleges’ finan- cial outlook. Overall enrollment at public two-year colleges fell 9.5% in thefall term, according to the National Student Clearing- house Research Center.Enroll-

ment by first-year students S

plummeted18.9%, indicating PRES

that some people who weren’t TED yetonthe path to adegree are OCIA

sidestepping it entirely right SS now. /A Those drops arefar worse ALD HER

than what has been reported Y IL

by four-year public and private DA

nonprofit colleges,which saw T/

small, single-digit declines WES

overall. RICK “In hindsight, knowing what Students satone to atable during aclassatElgin CommunityCollege in Illinois in August. Communitycolleges generally receivestate funding based on enrollmentlevels. we knowabout the pandemic and who wasmost affected, it fall, down 14.5%fromayear EnrollmentSlide mentsafter four-year schools collegestudentsfound almost Afterinvesting in protective perhaps should not have been ago. Chancellor Félix V. Matos moved online never showed 60% reported being food inse- equipment and upgrading their asurprise,” said Thomas Rodríguez attributed thede- Year-over-year change in up.Unofficial tallies show cure, housing insecureand/or online course offerings, Ms. Brock, director of Columbia cline to the pandemic’soutsize undergraduate enrollment, some of Michigan’scommunity homeless. Nearly 20% had no Palmer said, some schools are University’s Community Col- impact on people forwhom by schooltype colleges keeping enrollment or poor internet service, and “basically living off their re- lege ResearchCenter. CUNY is acommon destination Public Fall 2020 about even with last year, 12% reported not having areli- serves.” Communitycolleges over- and said the system is looking whileothersplunged by as able laptop or other computing Houston Community College four-year Fall 2019 whelmingly servestudentsof fornew ways to reach out to much as 20%. device. set itsbudget with the expec- color,those from low-income them. Private Head count at Northeast Another factor in the wide- tation of maintaining flat en- backgrounds and those who Freshman enrollment fell nonprofit Wisconsin Technical Collegeis spread decline is that out-of- rollment. But the Texas school would be the firstintheir fam- 29.3%for NativeAmerican stu- four-year off by 6% this fall. It waseven work adultsdon’t knowwhat has 53,057 studentsthis fall, ilies to attend college. Individ- dentsatcommunity colleges worseinthe summer,plum- skills to be pursuing forwhen down 19%overlast year. uals at the center of that Venn this fall,28.4% among Black Private meting 27%. the economydoes rebound. Theschool already paused for-profit diagram were hit hardest by studentsand 27.5%among His- four-year “We’re ahands-on institu- “Theredoesn’t seem to be a most hiring and eliminated thecoronavirus and itsresul- panic students, according to tion,” said Aliesha Crowe,vice really clear path to what jobs travel, said Kurt Ewen,vice tant economic blows,losing a current Clearinghouse data, president of collegeadvance- aregoing to be spared,” said chancellor forplanning,strat- disproportionateshareofjobs which include tallies from 76% Public ment at the school, which has Iris Palmer,asenior adviser egyand institutional effective- in the serviceand hospitality of schools that will eventually two-year campuses in Green Bay, Stur- forhigher education and the ness.Sustained enrollment de- industries. shareinformation with it. -10-% -8 6-4 -2 0 2 geon Bayand Marinette,Wis. workforce at NewAmerica, a clines would requiremore Poor internet connections, Whiteand Asian studentshad “They wanted to learn face-to- center-leftthink tank. aggressivecuts, he said. Note:DataasofOct. 22. warinessabout taking classes declines of 18.7%and 19.3%, re- Source:National StudentClearinghouse face.” Community colleges gener- In early August, morethan online,financial strain and the spectively. Research Center Theschool moved general- ally receive state funding 250 Houston faculty and staff need to care forchildren or “Community-collegeenroll- education and manyother based on enrollment, and earn began calling studentswho at- younger siblingsare all factor- ment historically tracked un- be summed up in one word, courses online,but still holds money from tuition. In the tended last year but hadn’t yet ing intothe decision-making cannily close to the unemploy- and that’s‘uncertainty.’ ” hands-on and lab-based classes past, if statebudgetswerecut re-enrolled, urging them to processofthose opting not to ment rate.People lose their Out-of-work individuals in person. It is hardtoteach because of arecession, tuition register and offering connec- enroll, saystudentsand school jobs,they go and getre- didn’t enroll in skills-based welding or intravenous inser- dollarsfromhigher enrollment tionstoresourcessuch as the officials. trained,” said MikeHansen, classes.And studentswho col- tion techniques over the com- helped softenthe blow. Now financial-aid office. TheCity University of New president of the Michigan Com- legeofficials had hoped would puter,Dr. Crowe said. enrollmentsare down right as “Thousands of phone calls York’sseven community col- munity CollegeAssociation. turn to low-cost options for AJune survey of around statefunding is also being later,the impact of that was legeshad 78,516 studentsthis “What’sdifferent this time can general-education require- 50,000 California community- squeezed. minimal,” Dr.Ewensaid. Infection Spike Feared When Students Head Home

BY DOUGLAS BELKIN “Any institution that is not areinfected areasymptomatic. to collegestudentsasamajor who leave forthe break.At breaks and astay-in- placeor- doing exit testing right now “This is abig issue,” said Sen potential problem. NotreDame,studentswho der last month, only Hundreds of thousands of hasthe potential to be atime Pei, an infectious-disease mod- ThegovernorsofNew York, aren’t tested on the way out undergraduates who liveon collegestudentsare poised to bomb,” Dr.Marsicano said. eler and associateresearch sci- NewJersey,Connecticut, Dela- won’t be able to register for campus aremandated to get leave campuses this week and “They arelikely contributing to entist at Columbia University ware,Pennsylvania, Rhode Is- classes next semester.Boston tested, but thereisnoenforce- travel home without taking a an incredible increase across Mailman School of Public land and Massachusetts are University is encouraging stu- ment mechanism. Students Covid-19 test, creating asignifi- thecountry.” Health. “Young people have urging all colleges to make dentstostayatthe school over wholiveoff campus areen- cant health risk in their home- When studentsmoved to been the driversoftransmis- testing available to all residen- the holiday. couraged to be tested. towns. campus in the fall, therewas an sion in theU.S.” tial studentsbeforethey leave But hundreds of other Testswereavailable Less than one-thirdofuptick in the U.S. of around Hundreds of schools have forThanksgiving break. schools areonly recommending through Nov.20, and as of schools have mandated testing, 3,200 cases aday,according to mandated testsfor students “Testing should apply to all aCovid-19 test beforestudents Wednesdayabit over half had said Chris Marsicano, an educa- research by Dr.Marsicano and heading home and areoffering studentswhether they liveon leave forthe holiday. This pol- been tested, said Preeti tional-studies professor at Da- colleagues.Heexpectsasimilar them—free of charge.But most or off campus,” Massachusetts icywill mostly attract students Malani, the chief health officer vidson Collegeand founding di- increase as studentsleave for schools areonly recommending Gov.Charlie Baker said with symptoms and “the walk- at the University of Michigan rector of the CollegeCrisis Thanksgiving break—only this tests, according to Dr.Marsi- Wednesday. He asked colleges ing worried,” said David Paltiel, and aprofessor of medicine in Initiative, an effort to track the time the spread wouldn’t be fo- cano. to ensurethat everystudent aprofessor at the Yale School the division of infectious dis- responses to the pandemic by cused on colleges but on home- About 50 million Americans leaving forthe holidayget a of Public Health. eases. colleges and universities around towns. areexpected to travel in the Covid-19 test administered by Schools that are doing Dr.Malani said it wasn’t lo- the country. Some schools are People in their teens and coming days.Thanksgiving is the school and anegativeresult symptom checks instead of gistically feasible to test every asking studentstospend the 20s areamong the most likely traditionallythe busiest travel within 72 hoursofdeparture. testing “makefor good theater student because the school holidayoncampus,while others to carrythe virus and not know period of the year.Ofall the Boston University and the but nothing else,” he said. wasn’t surewho wasstill in aremoving all classes online af- it unlessthey aretested, be- travelerscommuting during the University of NotreDame are At the University of Michi- the area, who is traveling and terThanksgiving break. cause manyyoung people who holiday, officials have pointed mandating testing forstudents gan, which experienced out- who has already had Covid-19. Math Skills Faltered as ClassWent Virtual

BY LESLIE BRODY AND YOREE KOH

American children started COLLECTION school this fall significantlybe- hind expectations in math, and

S Villeret modestly behind in some grades in reading,according to PRES

one of the firstreportson UMA widely used testssince the cor- /Z

onavirus pandemic shut TIMES schools in March. Y It would take studentsin BA PA

grades five and six at least 12 AM weeks on averagetocatch up /T to wherethey were expected to ORD

be in the fall in math, com- CLIFF R.

pared with pre-pandemic skills, S the report found. Children in

grades two and three would DOUGLA need four to seven weeks to Fourth-grade students engaged in a self-paced learning lesson last week in Wesley Chapel, Fla. catchupinmath,while those in grades four,seven andeight Previousstudies have relied Gene Kerns,chief academic of- pandemic’seffect on math would need eight to 11 weeks. largely on projections. Teach- ficeratRenaissanceLearning. skills would be moresevere Thereport wasreleased by ersand parentshaveworried “Ifwehavelessthan typical than on reading.Manyparents RenaissanceLearning Inc., an that academics would suffer as growth this year,and these aren’t comfortable helping online testing program used by manychildren went at least gaps become further exacer- their children with math skills, thousands of U.S. schools to as- five months without in-person bated, then we will be facing a which build on each other,so sessstudentsseveral times instruction.Some researchers very direacademic situation.” children learning remotely can yearly and track their progress. have warned continued remote In reading,children in getstuck if they don’t under- Timelines forcatchingup learning will likely increase grades one and three were stand akey unit,Mr. Kerns were calculated based on prog- learning losses,and catching roughly at pre-pandemic levels, said. ress that would be made under up students will further strain while those in grade two were John Ewing,president of

normal school circumstances, cash-strapped schools strug- slightly ahead, the analysis Math forAmerica, anonprofit .com rather than remotelearning, gling to teach safely.Manydis- said.Itcautioned, however, that helps math and science eyer researcherssaid. trictsremain remote-only,and that some young studentstook teachersadvance,said Ameri- Theanalysis included more more have gone virtual in re- the testsathome and might cans focus toomuch on test than two million students cent days as the coronavirus have had help from parents. It scores.Hesaid most students tested in math and three mil- surges. estimated students in grades areresilient and bounceback patriceschr

lion in reading in 50 states and Formanystudents, the four through seven would typi- afterhaving the wrong teacher aph: NEW YORK ·697 FIFTH AVENUE BETWEEN TH TH the District of Columbia. amount of learning lost in math cally need four to seven weeks or along absencedue to ill- 54 &55 STREET ·212 396 1735 Schools involved areinsubur- equals roughly the amount of to catchuptopre-pandemic ness, so the real priority should LAS VEGAS ·THE FORUM SHOPS AT CAESARS PALACE ·702 369 1735 ban, urban and ruralareas, time schools were shut in expectations forthe beginning be helping disadvantaged chil- ©Photogr serving various income levels, spring,sothat period became of the year. dren who lack technologyand and at least 85% arepublic. likea“giant pause button,” said Educatorshad predicted the support to join online classes. P2JW328000-5-A00400-17FFFF5178F

A4 | Monday, November 23, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS U.S. Withdraws From Open Skies Treaty

Longtime accord let hurdles Mr. Biden would face if he opted to reverseMr. West and Russia do Trump’s withdrawal. reconnaissance flights It also follows other steps the Trump administration has over each other taken that may constrain Mr. Biden’sforeign-policyoptions. BY MICHAEL R. GORDON Trump officials have sought to maketheir economic pressure The Trump administration campaign against Iran politi- formally shut the door on the cally difficult to reversebyim- Open Skies treaty Sunday, ex- posing sanctions under au- iting the agreement while thorities used to punish moving to getrid of the U.S. terrorist-related groups. Air Forceplanes that have Last week the Trump ad- been used to carryout the ministration also said it would nearly three-decade-old ac- reduce troops in Afghanistan cord. and Iraq to 2,500 in each President Trump had country, cutsdue to be com- served notice in May that the pleted days beforeMr. Biden U.S. would withdraw in six takes office.

months from the accord, E The Open Skies treaty was RC

which wasintended to reduce FO negotiated during the George

the risk of warbyallowing AIR H.W. Bush administration as

Russia and the West to carry .S. the Cold War drew to a close. outunarmed reconnaissance /U Thirty-four countries have flightsovereach other’s terri- OND joined the agreement, includ- YM

tories. U.S. officials have long HA ing the U.S.,Canada, European

complained that Moscow J. nations, Russia and Ukraine. hasn’t fully complied with its In May 2018, then-Defense

terms. CHARLES SecretaryJim Mattis told Con- In amovethat could com- An Open Skies aircraft at Offutt Air Force Base in Nebraska in September 2018. The U.S. is moving to dispose of such airplanes. gressthat staying in the treaty plicatePresident-elect JoeBi- was“in our best interest.” But den’soptions if he sought to come purchase or just take the cision by then-Defense Secre- tor, because Iunderstand that respond to questions about his afterMr. Mattis leftthe Penta- re-enter the agreement, the airframes. They are really old tary Mark Esper to cancel the the United States and our al- intentions on the Open Skies gon over disagreements with Trump administration is tak- and cost-prohibitive for us to program to buy newer planes lies would benefit from being accord. Mr.Trump,the administra- ing steps to dispose of the two maintain. We don’t have ause to replace the OC-135Bs. able to observe—on short no- Thesenior U.S. official in- tion’s opposition to the agree- specially equipped OC-135B for them anymore.” Mr.Biden has been sharply tice—what Russia and other sisted that the goal in dispos- ment hardened. planes theU.S.has used to As part of the disposal, the critical of Mr.Trump’sdeci- countries in Europe were do- ing of the OC-135B planes isn’t Trump officials complained carry out Open Skies flights. old wet-film cameras on the sion to withdraw from the ing with their forces.” to tie the hands of the incom- that the Russians were using Asenior U.S. official said aircraft are likely to be given Open Skies treaty, saying the Mr.Biden hasn’t indicated ing Biden administration, but theirflightsoverthe U.S. to theplanes arebeing desig- to European allies.New digital accord had strong allied sup- whether he will trytore-enter rather to provide allies with gather targeting information nated as “excess defense arti- cameras that the Pentagon had port andthat problems with the accord and has higher pri- access to aircraftand cameras on sensitiveAmerican infra- cles,” whichmeans they can planned to install on the Russian complianceshould be orities,including extending the U.S. militarynolonger structurewhile limiting access be given to foreign partnersat planes used forOpen Skies addressed by using the theNew Start nuclear weap- needs.Nor is the schedule for for Western flights over Rus- reduced or no cost. flightswill instead be trans- treaty’s dispute procedures. ons treaty and trying to sal- handing off the equipment sian territory. Improvements “We’ve started liquidating ferred to other unitsinthe Air In aMay statement, Mr.Bi- vage and build on the 2015 clear, he added. in satellite technology, they theequipment,” the official Force. den said, “I supported the Iran nuclear deal. Spokesmen Still, the decision could add said, made the flightslessuse- said.“Other countries can Themoves followaJuly de- Open Skies Treaty as asena- forthe Biden transition didn’t to the legal and budgetary ful for Washington. Trump’s Legal President Keeps Up His Election Fight

BY CATHERINE LUCEY Path Shrinking AND TED MANN WASHINGTON—Adefiant BY BRENT KENDALL said therewas no basis to effec- President Trump continued ef- AND DEANNA PAUL tively throw out all of Pennsyl- fortstocontest the outcome of vania’svotes based on claims the election, as his legal op- Afederal judge’srebukeof that asmall number of voters tions narrowed and anumber the Trump campaign’schal- were unable to correct anyer- of Republicans expressed frus- lengetoPennsylvania’selection rors they made. tration with his refusal to ac- resultsguttedone of itsfew re- “This is simply not howthe knowledgedefeat. S maining legal cases and under- Constitution works,” he wrote. Despitepressuretoconcede, scored what election-lawex- Thejudgesaid one of the cam- Mr.Trump’steam over the PRES pertshavesaid forweeks: paign’scentral claims washap- weekend sought fresh avenues TED CIA

Thereisvirtually no chancethe hazardly stitched together “like to reversehis losstoPresident- SO

courtswill block President- Frankenstein’sMonster.” elect JoeBiden. They pledged to AS

elect JoeBiden’spath to the TheTrump campaign on appeal afederal ruling in Penn- TIN/

White House. Sundayappealed JudgeBrann’s sylvania that dismissed one of MAR

President Trump and his al- decision and has pledged to their lawsuitsand filed are- YN

lies have nowlost dozens of eventually attempt to go to the count petition in Georgia after UEL CQ

rulingsinseveral states,upend- U.S. Supreme Court, wherePres- the election resultswerecerti- JA ing their initial strategyoffiling ident Trump has said repeatedly fied with Mr.Biden the winner. The Trump campaign’s lawyers on Thursday included, from left, Rudy Giuliani, Sidney Powell, Jenna an array of cases in hopes that the election would be decided. Thepresident continued to Ellis and Joseph diGenova. But on Sunday, the legal team said that Ms. Powell wasn’t a member. atrial judgewould stop astate In astatement Saturday, the allegeelection fraud in aseries from certifying election results. Trump campaign’stwo topat- of tweetsonSaturday and Sun- ber of the Trump LegalTeam. Some Republicans took to and unwillingnesstoconcede, They have said their aim wasto torneys, RudyGiuliani and day—no evidenceofwide- She is also not alawyer forthe the airwaves to signal that it Mr.Trump responded with build momentum and establish Jenna Ellis,said they were dis- spread fraud has emerged—but President in his personal capac- wasnow time forthe fight to false allegations of widespread afoundation forthe claims of appointed that JudgeBrann his campaign faced dwindling ity,” said acampaign statement end. “The voters spoke,” said voterfraud, and suggested that election irregularities and out- didn’t givethem another hear- options to contest the outcome signed by Trump attorneys Rep.FredUpton (R., Mich.) on Ms.Cheney and Mr.Toomey right fraud, which have been of- ing to present evidencethat of the Nov.3election. Michigan RudyGiuliani and Jenna Ellis. on CNN.“In Michigan, it’snot a didn’t supporthim because feredwith little or no evidence. Pennsylvania officials ignored is scheduled to certifyits re- In an emailed statement, Ms. razor-thin margin, it’s154,000 they opposed his administra- “They cankeep trying,but election laws andallowedbal- sultsMonday, which is also the Powell said: “I intend to expose votes. You’vegot to let those tion’s policies. everyday that Biden continues lotstobecast illegally.They deadline forPennsylvania all the fraud and let the chips votesstand.” He added: “It’s On Sunday, Mr.Trump criti- in his role as president-elect, have offered no evidenceof counties to do so. fall wherethey may. We will over.” cized Mr.Hogan on Twitter the lack of momentum any- that so far,including at ahear- Sundayevening,the Trump not allowthe foundations of Maryland Gov.LarryHogan shortly afterthe governor’s ing with the judgelast week. legal team distanced them- this great Republic to be de- said on CNN that Mr.Trump’s television appearance. “Hogan “This is another case that selves from Sidney Powell, an stroyed by abject fraud.” effortstopressurestate legisla- is just as bad as the flawed ‘Simply not how the appearstobemoving quickly attorney whom the president Manymembersofthe presi- tors in Michigan to overturn testshepaid big money for!” to the United StatesSupreme had included among his legal dent’spolitical party have sup- the election resultswere“com- thepresident wrote, arefer- Constitution works,’ Court,” they said. advisers.Ms. Powell, speaking ported his attemptstocontest pletely outrageous.” encetoareport last week in a federal judge said But thereisnomechanism Thursdayatanewsconference theresultsincourt sinceMr. Thepresident has re- the WashingtonPost that under which the campaign with other Trump team law- Biden wasdeclared the winner. sponded by denouncing Repub- 500,000 Covid-19 testsMr. Ho- of the arguments. could challengeseveral states’ yers,claimed the election had TheGeneral Services Adminis- licans on Twitter. On Saturday, ganacquired from South Korea election procedures in asingle been riggedby“communist tration also hasn’t issued atyp- afterSen. PatToomey of Penn- during the early stages of the Supreme Court case.Mr. money” from Cuba and China, ically routine technical designa- sylvania and Rep.Liz Cheney of coronavirus pandemic were Trump would need to overturn without offering evidence. tion that would allowthe Wyoming both issued state- faulty and never used. whereelse makes these long- resultsinseveral to win. By Ms.Powell “ispracticing law president-elect and his team to mentsexpressing impatience —Alexa Corse shot lawsuitsevenlesslikely to contrast, the famous Bush v. on her own. She is not amem- access key resources. with Mr.Trump’slegal moves contributed to this article. succeed,” said University of Gorecase that effectively de- California, Irvine lawprofessor cided the 2000 election in- Richard Hasen. volved just hundreds of votes Biden assailed President there’sadivision in the world U.S. District JudgeMatthew in asingle state, Florida. Biden Taps Trump’s handling of interna- between techno-democracies Brann’sdecision on Saturday, TheSupreme Court has a tional relations,accusing him and techno-autocracies,” Mr. Mr.Hasen said, was“another largely discretionarydocket of failing to maintain alliances Blinken said beforethe elec- nail in the coffin” forthe cam- and could choose not to get Secretary and creating tensions. tion. paign’slegal efforts. involved.Throughout 2020,the Mr.Blinken supportsMr. Bi- Mr.Blinken said recently on JudgeBrann’sopinion dem- high court has signaled it den’semphasis on the need to Twitterthat “stronger eco- S onstrated howdifficult it will didn’t want the judiciaryplay- recommit the U.S. to alliances nomic ties with Taiwan also

Of State PRES be forthe Trump campaign to inganactiverole by upending and international accordsthat support our shared democratic challengethe election results state-election procedures. Mr.Trump,aRepublican, has values,and our common com- ZUMA with argumentsthat could nul- Thecampaign’snextstop ContinuedfromPageOne quit or criticized. mitment to regional peaceand OM/

lifymillions of votes. would be the ThirdU.S.Circuit former SecretaryofState Hil- SC “If we’re not in the game, stability.” Fewissues rile Bei-

Over 37 pages,hedismantled Court of Appeals,based in Phil- laryClinton. As director of NEW then it’s likely that it’s going jing morethan U.S. support

the campaign’sclaim that Penn- adelphia. Courtscan act policy planning at the State S/ to getevenmoreproblematic,” forTaiwan.

sylvania’sresultsshouldn’t be quickly when needed, and the Department, he played a key NEW Mr.Blinken said beforethe Control of the Senateinthe certified because some but not ThirdCircuit mayfeel com- role in negotiating the Iran nu- election. “You’re much more next Congressisn’t yetdeter- allcounties mayhaveallowed pelled to hear anycampaign clear agreement. NHAP likely to be effectiveifyou’re mined. If Democratswin both YO voters to fixtheir mail-in ballots appeal right away,though it is Mr.Blinken’sties to Mr.Bi- Antony Blinken wasJoe Biden’s actually inside—you don’t Georgia runoff contestsinJan- if they made errors. Thejudge under no obligation to do so. den dateback nearly two de- topforeign-policy adviser during have much standing if you’re uary, they cantakethe major- Earlier this month, the appeals cades,beginning when he the presidential campaign. outside,and you’veceded your ity with a50-50 split and Vice court rejected adifferent Re- served as staff director of the influence.” President-elect Kamala Harris publican challengetoPennsyl- SenateForeign Relations Mr.Blinken said in arecent in- Mr.Biden plans to maintain to break the tie.Otherwise, Order by vania’sextendedthree-day Committeewhile Mr.Biden terview. “The firstthing we atough stancetoward China, Republicans will control the 12/22 for deadline foraccepting ballots wasasenator representing have to deal with, domestically but with an approach that re- chamber,and Mr.Biden would Christmas! postmarked by Election Day. Delaware.Mr. Blinken also as well as internationally, is lies moreonpressurefrom need at least aRepublican or JudgeBrann’sruling cap- worked on Mr.Biden’s2008 working to getout from under U.S. allies,sanctions and other two to vote forhis cabinet turesacentral problem with presidential campaign. the Covid rock.” tools to shape Beijing’sbehav- picks to getthem confirmed. the remaining Trump lawsuits: Mr. Blinken, 58 years old, Likehis boss, Mr.Blinken is ior,according to Biden advis- Susan Rice, who served as Thepresident trails by tens of hasmade clear that dealing acentrist on foreign policy ersand China experts. nationalsecurity adviser in thousandsofvotes in several with the coronavirus pandemic who has been chastened by Mr.Blinken has said that the Obama administration, had states,and judges aren’t going will be the firstpriority for the difficulties the U.S. mili- Mr. Biden is concerned about also been seen as acontender to issue rulingsthat close the Biden administration. tary encountered in Iraq and China using technologytoad- forsecretaryofstate.

Your Children’sNames hand-craftedin those kinds of gaps,evenifthe “Thereisanurgent leader- Afghanistan but still sees a vancestate control, rather —Andrew Restuccia sterling silver with brilliant Swarovski crystals set in solid gold -$390 to $450 campaign turns around its ship requirement internation- role forU.S.militarypower. than empowercitizens.“As and Michael R. Gordon JOHN-CHRISTIAN.COM 888.646.6466 streak of legal defeats. ally with regard to Covid-19,” During his campaign, Mr. the vicepresident sees it, contributed to this article. P2JW328000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** Monday, November 23, 2020 | A5 U.S. NEWS Nevada Adds to CurbsonCasinos, Other AreasAmid Rise in Covid-19

BY KATHERINE SAYRE offrevenue overnightfor ca- audiencesinrecent weeks. thority.

sino operators. Tens of thou- MGM ResortsInterna- On the LasVegas Strip in S

Nevada Gov.Steve Sisolak sands of workerswerefur- tional,which operates 13 re- September, casino gambling PRES further restricted public gath- loughed or laid off.InNevada, sortsonthe Strip,said Sunday revenue wasdown39% from TED eringsinLas Vegascasinos and the April unemployment rate that the companyisadjusting the previous year at $355 mil- OCIA

other areas Sundayinresponse rose to the highest of anystate operations immediately to com- lion. SS to rising Covid-19 cases,asthe in the countryat28.2%, with ply with the order.“This will With itsrelianceonthe /A

statestruggles to balance job losses centered on the clearly have amajor impact on struggling tourism sector,Ne- CHER health concerns with itshospi- travel-and-leisuresector. entertainment, and we are vada had the second-highest LO

tality-focused economy. Nevada casinos were al- working with our partnersto unemployment rate in the JOHN Theorder rolls back occu- lowedtoreopen in June at 50% determine the path forward,” countryat12% in October be- The Las Vegas Strip relies on tourists traveling by airplane. pancylimitsincasinos,restau- occupancy, but large crowd- thecompanysaid. hind Hawaii, another hospital- rantsand barsto25% from gathering events, including en- About 1.7million people vis- ity-dependent statewherethe has laggedbehind regional ca- Covid-19 cases,109 of thecoun- 50%. tertainment and conventions ited LasVegas in September, a unemployment rate was14.3% sinos,smaller properties across try’s995 commercial and tribal It also reduces the capon that driveprofits,havere- 51% decrease from the previous the same month. the U.S. that attract frequent casinos were closed as of Sun- public-gathering sizes,includ- mained off-limits. Some smaller year with 3.5million visitors, TheLas VegasStrip,which customerswithin driving dis- day, according to the American ing entertainment venues,to50 shows began to return to the according to the LasVegas relies on touristsand conven- tance, in recovery. Gaming Association, agam- people or potentially fewer LasVegas Strip with reduced Convention and VisitorsAu- tiongoerstraveling by airplane, Amid the November surge in bling-industrytrade group. from 250 people,beginning Tuesdayand foratleast three weeks. Mr.Sisolak said rapid growth in cases of Covid-19,in- cluding arecent one-dayrecord in Nevada of 2,416 newcases, threatens to overwhelm the health-caresystem. “I am also balancing the significant rami- fications that further restric- tions will have on our suffering HAPPY economy,” Mr.Sisolak said, adding the lack of diversity in the economywas achallenge. Thechanges come as states andcities acrossthe country THANKSGIVING have added fresh restrictions on activity to stanch the spread of Covid-19. As Covid-19 gripped the countryinMarch, the U.S. ca- sino industryentered atotal shutdown,essentially turning Virus Seen Changing Priorities On Intel

BY MICHAEL R. GORDON AND WARREN P. STROBEL

WASHINGTON—U.S.intelli- genceagencies have long failed to makedetecting global pandemics a priority, current andformer U.S. officials say, PRATT INDUSTRIES posing a challenge for the in- coming Biden administration, which has pledged to step up the government’sability to preparefor biological dangers. In the wake of aglobal pan- WOULD LIKE TO THANK demic that has killed more than 250,000 Americans,there is growing support among President-elect JoeBiden’sad- visersfor broadening the defi- nition of national security OUR 10,000 within spy and defense agen- cies and upgrading their abil- itytodetect, analyze and re- spond to pandemics. “Weare looking at whether EMPLOYEES, our intelligence resources are appropriately focused on something that’s very impor- tant,” said asenior foreign- policy adviser to Mr. Biden. Congress, which is likely to THEIR FAMILIES hold hearingsnextyear on the U.S. response to the pandemic, is also taking a closer look at the intelligenceagencies’ role. AND ALL A House Intelligence Com- mitteereport in September found that U.S. spy agencies payinsufficient attention to so-called softnational-security threats, such as infectious dis- OUR CUSTOMERS. eases and climatechange. It recommended areview of the $85 billion intelligencebudget and said the Central Intelli- genceAgencyand other spy agencies should increase sup- port to U.S. public-health agencies. On paper,the intelligence community has acknowledged that infectious diseases present Sincerely, asignificant threat. Areport in 2000 by the National Intelli- genceCouncil said that new and re-emerging diseases could endanger U.S. forces deployed overseas and pose arisk for the American population. In practice,gatheringintel- ligence about military adver- saries, weapons proliferation Anthony Pratt and terrorist groups has been a much higher priority. Chairman of Pratt Industries & Proposals for reorganizing the government’sability to re- The Pratt Foundation spond to biological threats aren’t new. In 2018,the Trump White House unveiled its Na- tional Biodefense Strategy, which called forthe establish- ment of aCabinet-level Biode- fense Steering Committee led Pratt Industries is one of the largest corrugated boxmanufacturers in the United States. by HHS. That body,however, never met, aperson familiar Our 100% recycled boxessavemoney and save the environment. with themattersaid. When the pandemic emerged, the Trump administration impro- vised asolution: aWhite www.prattindustries.com House task force overseen by Vice President Mike Pence. P2JW328000-4-A00600-1------XA

A6 | Monday, November 23, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS FDA Clears Antibody Drug New Wave Leaves

Regeneron treatment Hospitals Short authorized for use in patients with mild to Of Space, Staff moderate Covid-19 BY SHAN LI Saturday, according to the BY JOSEPH WALKER Covid Tracking Project. When the coronavirus pan- Thecountryhas set records Regeneron Pharmaceuti- demic firstarrived in the forhospitalization for12 cals Inc.’sCovid-19 antibody spring, University of Wiscon- straight days,according to the drug wasauthorized Saturday sin Health set aside four hos- project’s data. The number of by U.S. health regulators, the pital wingsfor Covid-19 pa- people hospitalized for second cleared this month to tients. That sufficed for Covid-19—which lags behind treat patientswho aren’t hospi- months,until anew wave of newinfections by several talized but areathigh risk of virus cases started hitting weeks—has risen by more developing severedisease. Wisconsin in early November. than 21,000 in that time span. TheFood and Drug Adminis- “Three weeks ago, it waslike And health-careexpertssay tration cleared the antibody the floor dropped out,” said the numbersare likely to con-

drug cocktail foruse treating /REUTERS Jeff Pothof,chief quality officer tinue to increase. mild to moderateCovid-19 pa- at thehealth-caresystemand BeforeNov.10, the prior re- tients12yearsofage and older, an emergencymedicine physi- cord was59,940, set April 15 including people older than 65 MCDERMID cian who has been treating as critically ill patients years. AN Covid-19 patients.“Within a flooded hospitals in the earli-

Regeneron’s drug combines BREND few days we had completely est hot spotsofNew York, two lab-made antibodies de- Regeneron will provide the first 300,000 doses to the U.S. governmentaspart of a$450 million contract. filled up the Covid wings.” New Jersey and California. signed to latch ontothe novel In recent weeks,UWHealth Despiteimproved treat- coronavirus and prevent it pandemic,” said Patrizia Cavaz- terthe virus’sgenetic sequence Regeneron hasagreed to has scrambled to open up mentssincethose early days of from replicating and hijacking zoni,M.D., acting director of waspublished in January. provide the first300,000 more beds, converting half of the pandemic,hospitals have human cells.The treatment is the FDA’sCenter forDrugEval- Other companies working on doses to the U.S. government a medical intensive-care unit only so much capacity,doctors still being tested in clinical tri- uation and Research. thetherapies include Astra- as part of a $450 million con- intospacefor Covid-19 pa- and health-careexpertssay. als,after being developed by Earlier this month, the FDA Zeneca PLC, GlaxoSmithKline tract signed in July. tients, and then converting the In states including Okla- Regeneron scientists in Tarry- issued an emergencyauthoriza- PLC and VirBiotechnology Inc. Regeneron said it would other half as well when space homa, Minnesota, Nebraska, town, N.Y.,earlier this year. tion foranantibody drug made Antibodies aresoldiersin have enough doses of itsdrug got tight. A brand-new inten- Utah, Iowa and Texas,hospi- In October,itwas one of by Eli Lilly &Co. forasimilar the body’s immune system that to treat 80,000 patientsbythe sive-careunit slated forneuro- tals arenow grappling with threepharmaceutical treat- set of patients. help it fight off pathogens.Lab- end of November,anaddi- surgery patientsinstead made crowded wardsand asteady mentsgiven to President TheEli Lilly and Regeneron made antibody drugsmimic tional 120,000 doses in the its debut as a Covid-19 space, stream of patients. Trump fortreatmentofdrugsare the firsttoshow their natural counterparts. firstweek of January, and an- and one floor of asister hospi- Demand forhealth-care Covid-19. Mr.Trump later attri- promising resultsintreating Lilly’s antibody drug wasde- other 100,000 doses by the tal was taken over. workersisofheightened con- buted his recovery to Regen- patientswho haven’t yetbeen rived from antibodies isolated end of January 2021. Wisconsin Gov. Tony Evers cern, according to hospital offi- eron’sdrug. “They gavemeRe- hospitalized,filling abig hole The drug cocktail contains on Fridaydeclared apublic- cials.Cases aremoregeograph- generon, and it waslike, in treatment. antibodies named casirivimab health emergency. ically widespread, reaching unbelievable.Ifelt good imme- Previousdrugs cleared for The FDA said its and imdevimab,acombination Dr.Pothof said he worries moreremoteregions than the diately,” he said. Covid-19 use,such as Gilead that formerly went by the that afterThanksgiving,hospi- spring and summer.Federal TheFDA said it authorized Sciences Inc.’sremdesivir,were authorization was code name REGEN-COV2. talizations might skyrocket so and privatepools of health- thedrug’semergencyuse,a authorized forhospitalized pa- based on a study of “Demandmay exceed sup- quickly that UW Health will be care workerstypically draw kind of clearancethe agency tients. ply initially,making it even forced to expand intospace from one statetohelp another. has been using during the pan- Researchershaveexpressed about 800 people. more critical that federal and that isn’t normally intended to “Our hospitals areonthe demic to speed up access to hope the antibody drugscan stategovernmentsensureRE- treat patients. brink of being overwhelmed in medicines. help reducehospitalizations GEN-COV2isdistributed fairly “We are reaching the edge acouple of weeks,” Taylor TheFDA said itsauthoriza- and deaths from Covid-19 until and equitably to the patients of the knife,” he said. “We Wilson, aspokesman forthe tion wasbased on astudy of vaccines areauthorized and from the blood of apatientwho most in need,” Regeneron thought maybe we would be health-caresystemNebraska about 800 people.Inthe study, widely available. Pfizer Inc. recoveredfromCovid-19.Re- Chief ExecutiveLeonardSchle- OK and suddenly we are not.” Medicine, said Sunday. 3% of subjectstaking Regen- andpartner BioNTech SE on generon’sdrugcombines an an- ifer said. Staffing shortages arethreat- In a video posted on Twit- eron’sdrugand who were at Fridayasked the FDA to autho- tibody from arecovered patient The FDA hasn’t authorized ening to overwhelm the hospi- ter, Lacie Gooch, anurse at high risk of severedisease had rizetheir vaccine. and one generated by mice Lilly or Regeneron’streat- tals,headded. They maybe Nebraska Medicine working in to be hospitalized or visit TheLilly and Regeneron an- with genetically modified im- mentsfor hospitalized pa- forced to recruit retired health- aCovid-19 intensive-careunit, emergencyrooms,compared tibody drugsare being tested mune systems. tients. In the sickest patients, care workersback intoservice said her hospital is short- with 9% of patientswho re- fortheir ability to provide tem- Thedrugs aremade from thoserequiring high-flowoxy- if the numberskeep climbing. staffed and that medical work- ceived aplacebo. poraryprotection against new living cells,aprocess that is gensupport or mechanical Hospitals acrossAmerica ersare dealing with an on- “The emergencyauthoriza- infections in people who areat more complicated and expen- ventilation while hospitalized, arestraining amid an expo- slaught of Covid-19 patients. tion of these monoclonal anti- risk of contracting the virus. sive than making pills.Both monoclonal antibodies such as nential rise in Covid-19 infec- “I’m exhausted,” she said. bodies administered together Thecompanies were among companies sayshortages are Regeneron andEli Lilly’s drugs tions.Therewere83,227peo- “I’veseen people moresick offershealth-careprovidersan- the firsttoset out to develop likely given the expected de- could makepatients sicker,the ple hospitalized with the than I’ve ever seen in my life. other tool in combating the antibody drugsfor Covid-19 af- mand. FDA warned. disease acrossthe U.S. as of They just drop so fast.” Big Losses In Student Loans Seen

ContinuedfromPageOne than prior government projec- GES tions,which typically measure IMA howmuch the portfolio will GETTY cost the government in the OBE/

next decade,not the entirelife GL

of the loans.Last year the Con- ON gressional Budget Officeesti- ST mated that the student-loan BO

programwould cost taxpayers /THE

$31.5billion,including adminis- LKER

trativecosts. WA Afterdecades of no-ques- F. AIG

tions-asked lending,the govern- CR ment is realizing that it has a The government lends over $100 billion a year to students but pile of toxic debt on itsbooks. doesn’t weigh factors such as credit score or the ability to repay. By comparison, privatelenders lost $535 billiononsubprime- evaluatethe quality of the bor- have stepped up calls forPresi- mortgages during the 2008 fi- rower, the ability to repay, the dent-elect JoeBiden to use ex- nancial crisis,according to Mark effectivenessofthe loans,” said ecutiveaction to forgivestu- Zandi, chief economist at Douglas Holtz-Eakin, aformer dent debt. Moody’s Analytics. head of the Congressional Bud- Mr.Biden, aDemocrat, has Theeffect this time is differ- getOfficewho leads the Ameri- reiterated his support forlegis- ent. Thegovernment, unlike canAction Forum, aconserva- lation to forgive$10,000 for BLUE VELVET privatelenders, canborrow tive think tank.“Thetaxpayer each borrowerwith afederal trillions of dollarsatlow rates ends up picking up the tab.” student loan. KASHMIR SAPPHIRE RING to absorb the losses,without Borrowers with subprime Theadministration of Presi- causing apanic. credit scores—indicating they dent Trump,aRepublican, has Rare origin. Naturalbeauty. Perfecthue. This But taxpayers will end up have had previous trouble paying opposed wide-scale debt for- rare Kashmir sapphire achievesthe deep,velvety paying apricebecause Con- off debt—areamong the most giveness. blue colorfor which thesestonesare so prized. gresswill have to raise taxes, likely to default, Federal Reserve But the government is al- cut services or increase the research shows. ready effectively forgiving debt Weighing 3.32 carats,the octagonal step-cut gemhas deficit to coverthe losses. through programs known as in- beencertifiedbythe GIA, AGLand Gübelin to be Theabsenceofacataclysmic come-based repayment, which untreatedand of Kashmir origin.Naturalsapphires eventlikethe financial crisis is requireborrowers to payonly hailing from this region are ranked among themost removing the impetus forthe 10% of their discretionaryin- desirablegemstones in theworld alongside Burma federal government to change $435B come—defined as adjusted itslending practices,which an- grossincome minus 150% the rubiesand therarest coloreddiamonds. This alystssaid have enabled col- Loss the government found it federal poverty line—and then exceptionalsapphireisframedbytwo colorless leges to raise tuition far above faces on unpaid student loans forgivebalances after10, 20 or diamonds totaling 1.58 carats anddisplaying the rate of inflation. 25 years. stunningclarity.Set in platinum. #31-2396 “There’snomarket discipline Worried that government ac- here,” said Constantine Yan- countantshad underestimated nelis,aformer TreasuryDepart- Between 2005 and 2016, losses on student loans,the Ed- ment official in the Obama ad- nearly four in 10 student loans— ucation Department under ministration who nowteaches most of them federal ones—went Betsy DeVos hired FI Consulting at theUniversity of Chicago. “In to borrowers with credit scores to project losses. 2007-2008,wesaw alot of belowthe subprime threshold of It developed acomputer lenderswho were making risky 620, according to aWall Street model to produceamuch more betsgoing under.There’sno Journal analysis of datafromthe detailed analysis than prior gov- forcelikethat in the student- credit-rating firm Equifax Inc. ernment methods to value the loan market.” That figure excludes borrowers portfolio.The accounting firm Thegovernment lends more who lacked credit histories.By Deloitte washired to reviewthe than $100 billioneach year to comparison, subprime mort- model. Neither contractor re- studentstocover tuition at gagespeaked at nearly 20% of all sponded to requestsfor com- 622 RoyalStreet,New Orleans,LA•888-867-9583 •[email protected] •msrau.com morethan 6,000 colleges and mortgageoriginations in 2006. ment. universities.Itignores factors Sincethe financial crisis,pri- It is unclear howmuch debt Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. such as credit scores andfield vate lenderstypically originate that is settobeforgiven will be Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. of study,and it doesn’t analyze loans only to borrowers with interest in stead of principal. Bal- whether studentswill earn clean credit and requirecosign- ances typically rise in income- enough aftergraduating to ers, and default ratesare far driven repayment because covertheir debt. lowerthan on federal loans. monthly paymentsoften aren’t “Wemakenoattempt to Congressional Democrats bigenough to coverinterest. P2JW328000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, November 23, 2020 | A7

AdventHealth AdventististHHeeaallthth AlleghenyHealth Network Atrium Health AveraHealth BaBannernner HeaHeallthth BapBapttiissttHHeaealth NortNortheaheassttFFlloorriiddaa BaylorScott &White HeaHeallthth Baystate HeaHeallthth BeebeHealthcare BJCHealthCare BonSecours MeMerrccyyHHeaealth Boston Children’s Hospital Cedars-rs-SSiinnaiai CenturaHealth Children’s Hospital LosAngeles Children’s Hospital of OrangangeeCCoouunnttyy Children’s Hospital of Philadelphia Children’s National Hospspiittaall ChristianaCare CiCinncciinnnnaattiiCChhiilldrdren’s Hospitatall Medical Center City of Hope ClevelandClilinicnic CommonSpSpiririt Health Community HeaHeallthth Systems Cooper UniversityHealealthth CaCarree DaDannaa--FFaarrbbeerrCCancancer Institute Dartmoumoutthh--HHiittcchhccoocckkHHeaealth Duke Health EmoryHealthcare Geisingerger Hackensack Meridian Health HCAHCAHHeeaallththcare InspirInspiraHealth IntermountaiainnHHeeaallththcare JeJeffffeerrssoonnHHeealalth JoJohhnnMMuuiirrHHeeaallthth JohnsHopkinsMedicine KaiserPermanente Keck MedicindicineofUSC LifePointintHHeeaallthth MarMariinnHeHealalth Mass GenenerraallBBrriigghhaamm Mayo Clinic MedStarHealth Memorial HerHermmannann MemMemoorriiaallSSllooaannKKeetttteerriinngg CaCancncer Center MemoMemorialCarCaree((SSououthernCalifornia) MeMerrccyy MiMicchhigigan Medicindicine MouMounnttSSininai HeaHeallthth System Nationalonal Jewish Health NationwideChildldrreenn’’ssHHoospspital Nebraska Medicindicine NeNemomoursChildren’s Health System NewYork-Presbyteririaann NoNortrthwellHealth NortNorthwestern MeMeddicicine NoNortrton Healthcare OchsnhsneerrHHeeaallthth OhioHealth OregonegonHHeaealth &Science University OSFHealthCare OU HealHealth PeaceHealth Penn Medicdicinine Penn StateHealth Piedmont Healthcare Providence Renown Health RoswellParkComprehensive CaCancncer Center Rush UniversitySystemfor HeaHeallthth LET’S KEEP IT UP RWJBarnabasHealth SaintLuke’sHealth System (KansasCity, MO) SCSCLLHHeeaallthth ScrScriippppssHHealealthth LET’S ALL#MASKUP ShaSharrppHHeeaallththCare SouthwesternHealthlthRReessoouurrcceess SSMHealth St.Elizabeth HeaHeallththcare St.JudeudeCChhiilldrdren’s Research Hospital St.Luke’sHospital (St. Louis) As some of themosttrusted hospitalsinthe nation, Stanford Medicdicinine SuSutttteerrHHeeaallthth we knowit’stough that we allneed to do ourpart and keep Temple Health TexasHealthResources wearingmasks.But here’swhatwealsoknow: Thescience has TheChristHospital HeaHeallthth Network TheOhio StateUniversity notchanged.Masks slow thespreadofCOVID-19. Wexner MeMeddicical Center TheUniversityofTexas MD AnderAnderson So please join us as we allembracethissimpleask: CaCancncer Center ThedaCaCarare TriHealth (Cincinnati) Wear.Care. Share with #MaskUp.Together,wearing TrinityHealth UC DavisHealth is caring. And together,weare saving lives. UCHealHealth UC Health CINCINNATI UC SanDiego HeaHeallthth UChicagoMedicinicine UCIHealealthth UCLA HealHealth UCSF HealHealth UNUNCCHHeeaallthth UniversityHospitals (Cleveland) UniversityofCaliforniaHealth UniversityofIowaHealth CaCarree everymaskup.com VirtuaHealtlthh WellSpan Health Paid forbythe health systems listed above. P2JW328000-4-A00800-1------XA

A8 | Monday, November 23, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Virus Surge Slams Older Europeans

Covid-19 survival rates physician in Liverpool, Eng- improve modestly,but land. “But people arehaving better outcomes,” he said. disease still affects The27countries of the Eu- most vulnerable ropean Union and the U.K. have recorded 106,281 deaths BY JASON DOUGLAS linked to Covid-19 sincethe startofAugust through Nov. LONDON—Europe’solder 19,according to the European citizens arebearing the brunt Center forDisease Control and

of the coronavirus pandemic’s Prevention. GES

second wave in the region. That compares with 177,054 IMA People over 60 makeup deaths acrossthe region dur- ETTY

morethan nine in 10 fatalities ingthe firstwaveofthe out- /G linked to Covid-19 sincethe break through July 31, when ONG start of August, figuresshow, lockdowns sloweddaily re- with moremen than women ported deaths to fewerthan FURL

succumbing to it. Thevirus 100.That compares with more PHER

has nowclaimed morethan 1.3 than 4,000 aday at thespring TO

million lives world-wide. peak in April, when the toll CHRIS Thepattern, similar to that amongolder people grew as British troops assist elderly people arriving at a Covid-19 testing center at Aintree Baptist Church in Liverpool earlier this month. observed in Europe’sfirst the virus seeded inside nursing wave of the pandemic as well homes acrossthe continent. ShareofCovid-19 casesand deaths in Europe* haven’t been able to keep the wave between younger people as in theU.S., highlightsthe Demographic dataonall disease away from the very el- with mild illnessand severely danger thevirus continues to deaths in Europe isn’t avail- BY AGEOFVARYING SEVERITY,BYAGE derly,” said Jason Oke, senior ill elderly people,hesaid. pose to older agegroups and able.But an analysis by The statisticianatthe University Dr.Wingfield said one big Less severe cases the difficulty of shielding the Wall Street Journal of around Percentage of cases of Oxford,who estimates the differencebetween the first most vulnerable if the pan- 78,000 deaths in an ECDC da- Percentage of deaths Mild Hospitalized median ageofdeath in Eng- and second wavesisthe prog- demicspreads morebroadly, tabase of patientshospitalized Severely hospitalized Fatal land and Wales peaked in May nosis forpeople sick enough researcherssay. with Covid-19 shows that in 0–10 years 0–10 years at almost 84. to end up in the hospital. Ad- European countries eased both the firstand second British dataalso sheds light vances in treatment, such as restrictions on daily lifeand wavesmorethan 90% of 10-19 10-19 on who is falling ill with betteruse of oxygen and the their economies in the sum- deaths were in those age60 20-29 20-29 Covid-19.The median ageof steroid dexamethasone,mean mer,only to reimpose them in and over. almost 11,000 critically ill fewerpatients who enter the recent weeks.Caseloads and Those over 80 yearsold ac- 30-39 30-39 Covid-19 patientswho needed hospital need intensivecare deathsincreased as the virus count foraslightly higher intensivecarethrough Aug. and moreofthose who do end spread to elderly citizens from proportion of second-wave 40-49 40-49 31 was60. It was63for the up in intensivecaresurvive, younger agegroups. deaths,with 67% of fatalities 50-59 50-59 4,035 patientsadmittedtoin- he said. Thepolicyconclusion: If in that age group from Aug. 3 tensivecarefromSept. 1 Datafromthe U.K.’s Inten- the virus gets out of control in to Nov.15. That compares with 60-69 60-69 through Nov.12. People from sive CareNational Auditand the community,thereisn’t a 60% forthe year through July 70-79 70-79 the poorest fifthofdistrictsin ResearchCenter,which col- practical way to prevent older 31. Men made up 56% of all the U.K. accounted forabout a lectsdataoncritically ill pa- people from catching it. deaths acrossboth waves. 80+ years 80+ years thirdofpatients in the second tientsatU.K.hospitals,shows Doctorssay they areseeing Thepattern in the ECDC 0% 20 40 60 0% 25 50 75 100 wave,compared with alittle the improvement. Among modest improvementsinsur- data, which vary in quality over aquarter of patientsin those admittedtointensive vival ratesamong all age and timelinessfromcountry *Includes 27 countries of the EU,plus the U.K., Norway,Iceland and Liechtenstein. the first. care with Covid-19 afterSept. Notes: Cases and deaths reported through the ECDC's epidemic surveillancesystemare lowerthan groups,astheir armoryof to country, is reflected in fig- overall deaths and cases forthe region; data through Nov. 15. Julian Tang, aclinical virol- 1, 78%werestill aliveafter treatmentsexpands and their ures forindividual countries. Source:European Center forDisease Prevention and Control ogistand professor of respira- two weeks and nearly two- knowledgeofthe disease In the U.K.,England and tory medicine at the Univer- thirds were still aliveafter 28 deepens. Wales recorded 52,030 deaths talities,93% were among peo- Of those who died in the sity of Leicester,said he is days.Inthe period up to Aug. “On the ground, the demo- linked to Covid-19 in 2020 ple over 60.For the Aug.1 firstwave, 55% were male,ris- seeing moremiddle-aged pa- 31, only 72%had survived past graphic is pretty similar to through July 31. (Scotland and through Nov.6period, 14,573 ing to 57% in the second wave. tientsinintensivecareduring 14 days and only 61% of pa- what it was,” said TomWing- Northern Ireland report fig- people died, and 95% were “The differenceissubtle the second wave.Therewas a tients in intensivecarewere field,aninfectious-disease ures separately.) Of those fa- over 60. and pointstothe fact that we clearer split during the first aliveafter 28 days. FROM PAGE ONE

have abroad set of skills.He neersfromtop-tier Silicon Tech Talent said they don’t generally need Valley companies,itismore as much management and can likely to getfunding,said be game to work crazy hours economist RossDeVol,who Seeks Jobs to launch aproduct. He said runs Heartland Forward, a some people in the Midwest nonprofitfocused on eco- weren’t as exposed to that nomic renewal. Not only do Far Afield kind of workplaceculture, and these employees bring en- a mix could be a good thing. hanced technical skills,they But one concern weighs on also understand networking ContinuedfromPageOne him as he considersinterview- andmight eventually build Our14ktgold andthe largess of employers ing candidates from Facebook their ownbusinesses,leading and investors. Theresult, a and Twitter: “I don’t even to increased jobs in their new double-ovallinkbracelet culture of entrepreneurialism know what kind of salaries hometowns. and inspiration, has been hard they’regoing to be paid or are “Even though the numbers Addour classicbracelettoyourjewelry to match elsewhere. thinking of.” maynot be substantial—and I But the remote-work era Podium Corp., an 800-per- think they will be—but just a wardrobe!Handcrafted of 14kt gold and ushered in by the coronavirus son Utah startup,also in Lehi, small percentageofthis entre- pandemic is upending not only has hired six senior-level peo- preneurial talent canmakea polished to amirror-like shine, wheretech workerswant to ple from SanFrancisco-based huge difference,” he said. thedouble-oval link design is the live and howmuch money companies including Lyft Inc. As forwhy they arewilling they can make, but also what and MicrosoftCorp.-owned to take achanceonless-estab- perfectfinishingtouch forany outfit, kinds of opportunities they are GitHub Inc. in the past six lished employers,Mr. DeVol willing to consider. months,and considered at pointstoemployees’ increased worn aloneorinastylish stack. Executives at tech startups least 600 BayAreaapplicants interest in mission-driven including Jane LLC in Lehi, in that time.That is two to companies and the belief they Utah; World View Enterprises three times the volume of canhaveabiggerimpact in Inc. in Tucson, Ariz.; Starkey typical years. Not all of Po- lessdensely populated re- Hearing Technologies in Eden gions. Prairie,Minn.; and TheZebra AppHarvest,aLexington, in Austin, Texas,said they are ‘This opportunity Ky.-based startup that builds seeing an increase in appli- energy-efficient indoor farms, cantsfromSan Franciscoand, popped up to really recently hired two high-level in some cases, New York. build and do employees from the Bay Area SinceMay,the nonprofit and another from NewYork One AmericaWorks has something new.’ City. Marcella Butler, its new launched four virtual fairsfor chief people officer,was previ- employers based in Indianapo- ously adirector at Google and lis, Pittsburgh and Columbus, waschief people officer at Im- Ohio. Of more than 3,800 job dium’snew hires plan to relo- possible Foods until Septem- seekers, around 25% were cate to Utah. ber of last year. from California and another Philip Luedtkewas working Beforeshe took the job 9% were from New York. as aGitHub vicepresident with AppHarvest, Ms.Butler It goes both ways: Tech gi- when he and his wife decided was in late-stage hiring talks antsare recruiting employees they wanted to leave the Bay with two Bay Area tech com- from smaller tech companies Area foreither Utah or Wash- panies.While weighing her in places likeBoise,Idaho.Yet ingtonstate—most likely keep- options,she recalled afriend’s even if only asmall percentage ing his job.Then he received a description of Silicon Valley’s of big-tech employees leave call from Podium. “cultureofscarcity.” Even their current jobs and fan out “Thisopportunity popped though it is one of the world’s acrossthe U.S.,economists up,” he said, “toreally build richest areas,“there’snever $ said, the talent dispersal could and do something newand be enough time,never enough eq- 349 meaningfully affect busi- in adifferent cultureand envi- uity,never enough,” shere- nesses, their home cities and ronment.” He added, “It membered him saying. Plus Free Shipping even theflowofventure-capi- pushed us over the edgein In July,she gotrid of her tal funding. terms of where we wanted to electric car, listed her Menlo 14kt Gold Double-OvalLinkBracelet “These companies are on a relocate.” Park, Calif., home and moved 1 7" length. ⁄4"wide. Lobsterclasp. hiring spree,” said Guy Berger, Mr.Luedtke’soffer included east. While Ms. Butler’s com- principal economist at what he describes as asub- pensation includes more eq- Also availablein8"$395 LinkedIn. Covid-19 “has really stantial equity package. 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THE WALL STREET JOURNAL. Monday, November 23, 2020 | A9

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A10 | Monday, November 23, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

the small fruit, rich in vitamin ground, moist shrubs and natu- Middleboro, Mass. Ocean Spray of the island were biggerthan them further.But she waswary Island Says C, on long voyages to fend off ralbogs, cranberries have near- says itscranberries arefound ecologiststhought, and that of weeding them out entirely. scurvy. Locallorehas it that in perfect growing conditions be- in more than 1,000 products. newones were sprouting in the “It’shardfor me to com- the 1840s,abarrel of berries tween the dunes in Sylt. Cranberries aren’t as big a north. pletely uproot aplant,” she No More went overboardaship and “I have no idea what we’ll part of German cuisine. In the “I didn’t expect to find many said. “Plants, too, have asoul washed up in Terschelling,a do” with the berries,said Tim food halls of the KaDeWe, Ber- cranberries,” she said. “But andvitality.” Dutch island southwest of Sylt. Kress, 35,who works as atech- lin’sbiggest department store, they were almost everywhere ConservationistsonSylt Cranberries Birds then helped spread the nician at an institutefor polar alonely jar of apple cranberry in thedunes.” agree that eradicating healthy seedsacrossthe area. and marine research.“Ididn’t chutney,imported from York, Another helper with the vol- plantsposes adilemma, but In their U.S. home,cranber- think we’d find that many.” Me.-based Stonewall Kitchen, unteersthat drizzly morning, they arguethat endangered lo- ContinuedfromPageOne ries coexist with other plants. Afterthe excursion, Mr. sitsinthe store’sdedicated UtePausch, 59,vigorously calspecies need the spaceto nativespecies. In Sylt, the northernmost is- Kress’spartner,Anne Schacht, “Amerika” section. yanked out the berries’ long survive. This year,cranberries Late this summer,island en- land in Germany, they crowd made 18 jarsofcranberryapple Afterhis firsthaul in Sylt, roots. She didn’t bother taking crowded out the northern bog vironmentalistsrealized that out rare species,such as jam. “I’venever eaten cranberry Mr.Schaper,the conservation- the berries themselves.“It’s club mossinseveral spots cranberries were spreading the pygmyrush, northern bog jam or rawcranberries before,” ist, looked online forrecipes, simply an invasivespecies that whereitwas still seen in 2019. more aggressively than they club mossand great sundew. said Ms.Schacht, aranger at eventually settling on one doesn’t belong hereinthe Thepygmy rush, also choked hadassumed. They arenow “Our goal is the permanent the island’snational park. called “cranberrycookies from Wadden Sea,” said Ms.Pausch, by cranberries, doesn’t grow working on aplan to com- removal of the cranberry,” said Her 4-year-old daughter, the USA.” His family approved. who works with gray seals as a anywhereelse in Germany. pletely eliminatethe alien spe- Dennis Schaper,the 41-year-old Minna, also had her firsttaste “They have averyfruity ranger on another island. Hardening his resolve cies,which involves bringing in manager of the Wadden Sea of the tart fruit. “It’salittle taste,” Mr.Schaper reported. Maren Schulz,a41-year-old against the trespasser,said Mr. morevolunteer crewsand re- Conservation Station in Sylt, sour,” she said with ashudder. Theextentofthe Sylt inva- yoga instructor,was working Schaper,isthat itsinfiltration moving the cranberries with defining the mission to volun- Americans consume 400 sion emergedinAugust, when nearby with herinfant daugh- is man-made,rather than anat- excavators.Meanwhile,some of teersonarecent Sunday. million pounds of cranberries a 25-year-old student Karolin ter. It washer second mission ural development. the volunteersare wondering Thesmall band of volunteers year—80 million of them dur- Vormann hiked the island’s against cranberries,which she “Ifnature were doing this by what to do with those berries. went to work under acold driz- ing the week of Thanksgiving, grassy dunes to map itscran- has used in bread, cake and itself,wewouldn’t intervene,” NativetoNorth America, zle.Some extracted the whole according to agricultural coop- berrypatches forher master’s chutney. Picking the berries, he said. Yetthe way thingsare, cranberries came to Sylt with plants, while othersstuck to erativeOcean SprayCranber- thesis.She discovered that she says,helps naturebypre- he added, “every berrythat roving seafarers. Sailorstook picking berries.Amid sandy ries Inc.,based in Lakeville- cranberrycolonies in the south venting birds from spreading comes out is awin.”

again, not knowing when they’d Covid see each other again. Several days later,her mother wasreleased from the Upends hospital. Some 20 milesaway,atan IHS outpatient clinic in the tiny Hospital community of LodgeGrass, Casaja Fritzler recently sat in a waiting room chair,exhausted. ContinuedfromPageOne Thesoft-spoken, 38-year-old bat the disease knowmanyof public-health nurse helps con- the sick. duct contact tracing forthe “Tohaveloved ones [and] clinic andthe main hospital. friends be affected by it, and That hasmeant calling people to care forthem, sometimes it she oftenknows personally to drains youinevery way imag- tell them they have tested posi- inable,” said Ms.Long Warrior. tiveorwereexposed. Afterlargely beingspared in Much likeother small com- the spring and summer,many munities acrossthe plains, ruralcommunities acrossthe there’snosingle reason forthe U.S. arenow being swamped by rise in Covid cases.IHS and Covid. The small, resource- Crow officials said primary strapped hospitals that serve elections forthe tribe on Oct. them arestruggling to keep up. 10,which involved crowdsgath- Last month, Big Horn ering foroutdoor rallies and County,comprised mostly of voting,havecontributed. the 3,600-square-mile reserva- Mrs. Fritzler,who is Crow, tion, reported morethan 450 has lost four membersofher cases,its highest tally during family during thepandemic. the pandemic.With 13,300 peo- Sherecently handled contact ple,the county has the highest tracingfor acluster of close infection rate in Montana and relatives.“Iwas an emotional among the highest in the coun- mess. Ijust started imagining try, according to aWall Street theworst and just howdevas- Journal analysis. tating it would be forthe whole Thevirus has nowinfected family,” she said. “I canusually around 20%oftribal members put on my nurse hat and handle who liveinthe tinyreservation anything.But then when it communities that dot this came to my ownfamily,Ial- stretch of rolling plains. most couldn’t handle it.” Thewifeoftribal chairman Thepressureofworking on Alvin NotAfraid Jr.fell ill in herfamily’s cases,while also September.Her son, parents trying to protect her three chil- and four other family members (3) dren, husband and in-laws at also gotsick.The tribe’svice home,made her consider quit-

chairman washospitalized this JOURNAL ting nursing.But she decided to fall. In Crow clan tradition, stay. REET

cousins areconsidered to be ST “Ifthe few of us that were

close relatives,making the LL herewould have quit, Idon’t

reach of the virus intolocal WA knowwho’d be lefttotakecare

families feel even moreinescap- THE of our community,” she said. R

able.Ms. Long Warrior’s grand- FO mother is her grandfather’s ALE Heavy toll cousin by blood. Her uncle is VIT technically her mother’s cousin. I As another dayatthe hospi- AM “The differencebetween Na- Becky Long Warrior checks on her grandmother at the Crow/ talwound down, Mr.Crowe,a tiveAmerican hospitals and Northern Cheyenne Hospital, top. Left, Sherri Don’t Mix works in member of the Western Sho- non-Nativehospitals is that you the Covid ward. Above, Dale Good Luck Jr. holds his son during a shone tribe from Nevada, can’t separatehome from work Covid test outside the hospital. burned sweet grassinthe inci- here,” said Darren Crowe,the dent command room to blessor hospital’s chief executive. memorials,the safety of her Tenextendedfamily mem- “smudge” staff aftertheir family at home andkeeping bers have died sinceAugust, shifts—a NativeAmerican watchoverher relatives at the shesaid. She has barely been cleansing ritual. Hardhit hospital. able to grievefor them all. “It Mr.Crowe said the weight of TheCrow/Northern Chey- Her uncle’scondition, espe- almost doesn’t seem real, that caring forpatients who areex- enne Hospital, amodest, beige cially,was precarious. they’regone,” she said. tended family and friends was brick building,sitsnear afield Outside the hospital’smain Beforethe pandemic,when a taking itstoll. “Compassion fa- whereGeorge Custer’s Seventh entranceonOct. 21, aline of tribal member wasadmittedto tigue has set in,” he said. Cavalryand Crow scoutswere pickup trucks and cars crowded the inpatient floor,20to30rel- Ms.Long Warrior’s uncle, defeated by Lakota and Chey- with families idled in the cold, ativesmight visit at one time, meanwhile,was betterone day, enne warriorsatthe Battle of waiting forIHS’sdaily drive- filling the hallways.But now, worsethe next, she said. theLittle Bighorn in 1876. residents, and it has one of the Molloy, anurse anesthetist who through testing to begin. These Covid patientsare cut off from Over the next week,he On arecent morning,Mr. nation’shighest ratesofhad known Ms.Black Eagle for were tribal memberswho had extended families,ajarring and would grow sicker.Hewas Crowe,aneasygoing former crowded housing,datashow. years, tended to her. recently been exposed or felt lonesome break from tradition. transferred to aBillingshospi- linebacker forIdaho State Uni- Studies showthat packed Ms.Black Eagle,55, had ap- sick.The hospital had recorded TanyaStewart, a36-year-old talonOct. 31, and placed on a versity,gathered topstaff for homes areespecially dangerous parently contracted the virus 113 positivetestsoverthe pre- nursing assistant and Crow ventilator.OnNov.6,hesuf- their daily check-in. Afall places forthe virus’sspread. away from work,her family viousseven days,upfrom80 tribal member who started feredaheart attack,acondi- snowstorm wasbearing down Adding to the challenges,the said. She wasalready tooill for the week beforeand aweekly working forIHS in 2019,said tion that canberelated to andtentswereneeded outside Indian Health Service, afederal the IHS hospital’scapabilities averageof55the previous she’shad at least 12 friends or Covid infections. fortesting. agency that provides free andwas transferred by ambu- three weeks. relatives admittedtothe Covid Ms.Long Warrior spent Several hospital staffwere health care to 2.6million Na- lancetothe ICU at alargerhos- In one pickup sat 35-year- floor. much of her three-daybreak deployedtoanursing home tiveAmericans,has long grap- pital 70 miles away.Mr. Molloy old Dale Good Luck Jr., his cry- One dayinAugust, she re- from work trying to getinfor- with an outbreak on the reser- pled with understaffing and rode with her in the back. cently recalled, she wasmaking mation on his condition, which vation. Afuneral washeld a funding shortages.Mr. Crowe is “When Itook her to the ICU, her rounds when she came to a seemed to have stabilized dayearlier foranIHS employee perpetually saddled with ava- she wasstill smiling.She was ‘You can’t separate room with arelativeofhers slightly. who had died of Covid, one of cancyratefor staff that runs in good spirits,” he said. “She who had been hospitalized for On Nov.9,Ms. Stewart, 46 of Mr.Crowe’s 240staff who between 20% to 24%, not un- smiled allthe time.” home from work several days.Ms. Stewart gath- whose mother had finally fin- contracted the virus during the common at IHS facilities. She died several days later. here,’ said the ered herself in the doorway be- ished recovering at home,ac- pandemic,virtually all from Shaken staff cried when the fore walking toward the patient. companied her grandparentsto community exposure. news wasannounced. hospital’s CEO. “Hey,mom!” she said. the IHS hospital afternoticing NativeAmericans acrossthe Rising cases Twoweeks afterthat, her Ms.Stewart’smother hergrandfather washaving a countryhavebeen hit hardby When cases started rising in husband, LarryBlack Eagle—a strained to recognizeher hard time breathing. the virus.They aremorethan August, the Crow facility shut longtime custodianfor IHS— daughter through the coatsof Both tested positivefor five times likelier to be hospi- down all inpatient services, also died from Covid. ing one-and-a-half-year-old son protectivegear,beforeboth Covid-19.Her grandmother was talized from Covid as whites, turning the inpatient floor into On abreak from her shifton in his lap.Arelativewas ill, and women burst intotears. It was sent home to quarantine,and according to the Centersfor aCovid ward that could admit the Covid floor,Ms. Long War- the two had come to gettested. the firsttime they had seen Ms.Stewart began stopping by Disease Control and Prevention. at least 15 people. rior,who knows the Black Eagle Ahospital security guard, each othersinceshe wasad- beforeand afterwork and dur- That’shigher than anyother Thehospital is toosmall for family,talked about taking time Dale Good Luck Sr., strode out mittedtothe Covid ward.Ms. ing lunch to check her blood racial group.Diabetes and obe- an intensive-careunit. But a off forthe endlessfunerals. to check on his son and grand- Stewart said her mother pressureand oxygen levels. sity—which afflict Native team of non-IHS doctorsand “You have to pick which son. scolded her forworking there Her grandfather wastrans- Americans at higher ratesthan nurses dispatched by the ones.But I’m related to all of LeeAnn Bruised Head, an because it wastoo risky. She ferred to aBillingsfacility,his other groups—areamong the agencyrecommended the hos- them,and Ijust feel really aw- IHS official, wasalso there, reminded her mother that it condition moreserious.OnNov. underlying conditions that pital use high-flowoxygenther- ful,” said Ms.Long Warrior, speaking to some of the drivers washer job. 14,hedied. leave people at higher risk,ac- apy in lieu of ventilators. That who speaks with asteady,bed- in Crow,her firstlanguage. “I’m so happytosee you,” Thenextnight, Ms.Long cording to the CDC. allowedstaff to treat sicker pa- side manner.“Even if Iatleast Ms.Bruised Head, who at hermother said. Warrior’s uncle passed away, Thedeath rate in Big Horn tientswithout transferring just go to the morgueand sign nearly 6feet tall and in a “I just wanted to laybyher too. County amonginfected people them to alargerhospital. my name and paymyre- pressed blue uniform stands andhug her,” Ms.Stewart re- Days later,both women 70 and over is 17.4%, compared One October day, Samantha spects…” outonthe reservation, has called. “But Icould only stand planned to be back at work. with the 5.4% fatality rate in Black Eagle,who had worked in The43-year-old, who raised been detailed to the hospital thereand hold her hand with Therewerestill patientsthey that agerangenationwide,ac- patient registration at the hos- three children mostly on her from the agency’sregional of- my gloves on.” knewatthe hospital, and more cording to local and federal pital and at alocal IHS clinic ownwhile attending apre- fice in Billings. She has had nu- When Ms.Stewart’sfinal cases would be coming in. data. fornearly three decades,came nursing program at nearby Lit- merous relatives hospitalized shiftofthe week on the Covid —Anthony DeBarros and Paul Aquarter of households in intothe emergencyroom ex- tle Big Horn College, said she with Covid at the Crow IHS floor ended, she and her Overberg contributed to this the county have five or more tremely sick with Covid. Brian wasstruggling to balancethe hospital. mother clasped hands and wept article. P2JW328000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, November 23, 2020 | A10A GREATER NEW YORK Covid Dead Remain in Freezer Trucks

Hundreds of bodies rusthemselves or had lost their jobs because of the pan- are still in storage at demic.Othersweredealing pandemic morgue on with the second or third fam- ily member to die of Covid-19. Brooklyn waterfront “This wasone of the few times whereitroutinely felt BY PAUL BERGER appropriatetoask people to remember to take care of Thebodies of hundreds of themselves,” Ms.Naka said. people who died in New York “So many people just needed City during the Covid-19 surge us to hear their stories,tolis- in the spring are still in stor- tentotheir experiences,tobe ageinfreezer trucks on the afriendly voiceonthe other Brooklyn waterfront. end of the phone,inaway Many of the bodies areof that Ihavenot experienced people whose families can’t be before.” located or can’t afforda Theofficedeveloped a proper burial, according to the backlog of cases that led to city’s OfficeofChief Medical some families finding out Examiner.About 650 bodies weeks or months afterthe fact are being stored in the trucks that aloved one had died and at adisaster morguethat was was awaiting collection. set up in April on the 39th Lea-Anne Carafa received

Street Pier in Sunset Park. O such acall on July 28 at her Before the pandemic, most OL home in Westchester County. NS

if not all of the deceased CO About 650 bodies are stored in trucks on the 39th Street Pier in Sunset Park, Brooklyn. Lea-Anne Carafa was separated from her Thechief medical examiner’s would have been buried within husband, Frank Joseph Carafa, shown together in 2015, and didn’t learn of his death until nearly three months later. officesaid her husband, Frank

afew weeks in agravesitefor MARIA Joseph Carafa, from whom she the indigent on Hart Island, wasseparated, had died and which is located in Long Island Finding Next of Kin spokeswoman said. Dina Maniotis, the office’s been found in bed almost three JOURNAL; Sound near the Bronx. Takes Many Steps The chief medical examiner’s executive deputy commissioner, months earlier,onMay 6. But MayorBill de Blasio REET officeusually identifies abody said the city is slowly reducing Mr.Carafa died of cardio- pledged in April that mass ST with the help of afamily mem- the number of bodies in stor- vascular disease in aroom he burialswouldn’t take place LL ber or through documentation, age. Between mid-September had recently rented in Manhat- WA following reportsthat New The city’s Office of Chief fingerprints, medical and dental and mid-November, the number tan. His death certificatedidn’t THE

York City wasconsidering the R Medical Examiner dealt with an recordsorDNA. In other cases, of bodies decreased to 650 mention Covid-19 as acontrib- use of temporarygraveson FO unprecedented number of investigators reach out to city from 698. The spokeswoman uting factor in his death.

Hart Island. GEN deaths during the height of the agencies or the policetocheck for the medical examiner’s of- “It’s so hard knowing that Officials at the chief medical HA pandemic and the first success- records. In severalcases, investi- fice said the long-term storage he was deceased in a medical examiner’s officesaid they are ful contact with a family is of- gators realized next of kin facility would remain in opera- examiner’s officefor all that KEVIN

having trouble tracking down P: ten the result of many other weren’tanswering the phone tion at least until the pandemic time without his family know- relatives of about 230 deceased TO calls and investigative steps, a because theytoo had died. is declared over. ing,” Ms. Carafa said. OM

people.Incases likethese,a FR Ms.Carafa said she and her spokeswoman said, it isn’t un- 22-year-old son had wondered common forthe deceased to A typical cremation with ser- along to maketheir plans. about 20 deaths aday,said whomight have died as well whyMr. Carafa hadn’t re- have been estranged from fam- vicecostsabout $6,500,ac- Manyofthem will decide they Aden Naka, the office’sdeputy as adviceonrequesting a turned their textsand phone ilies and fornext-of-kin details cording to the group. want to go to Hart Island, director of forensic investiga- death certificate, viewing a calls. They had assumed that to be dated or incorrect. When Every family has a right to which is fine.” tions.During the peak of the lovedone’sbody and making Mr. Carafa, who was 54 years next of kin have been con- request afreeburial on Hart Thechief medical exam- pandemic,itwas inundated funeral arrangements. Officials old, wasbusy settling intoa tacted, officials said most bod- Island. Some families arecon- iner’s officewasn’t built to with as manyas200 new of the chief medical examiner’s newhome and performing his ies haven’t been collected be- fused about what to do,ac- deal with aglobal pandemic cases daily.Scientistsfromthe officesaid the city’s health de- job delivering packages.Ms. cause of financial reasons. cording to Dina Maniotis, the that killed tens of thousands laboratories of the chief medi- partment redirected morethan Carafa said she thought he NewYork City increased its chiefmedical examiner’s of- of New Yorkers in a matter of calexaminer’s officewere 100 staff from other fields to might have had problems with burial assistanceto$1,700 fice’s executivedeputy com- months.Its forensic-investiga- draftedtoreinforce the inves- manage the volume of calls, his cellphone and would be in from $900 in May.That is still missioner,who oversawthe tions department has 15 staff tigations team and speed up which soared to 1,000 a day touch soon. short of the average$9,000 unit’s pandemic response. memberstasked with identifi- the identification process, Ms. from the usual 30 or 40. “He wasverymuch loved cost of atraditional service “This has been traumatic,” cation of bodies.Afurther Naka said. Ms. Naka said many of the by his family,evenifwedidn’t with burial in NewYork,ac- Ms.Maniotis said. “Weare seven people areresponsible Family members deluged callerswerestruggling with talk every day,” she said. cording to the NewYork State working with them as gently for contacting next of kin. the office with calls seeking problems of their own. Some —Stephanie Yang Funeral DirectorsAssociation. as we canand coaxing them Theunit is set up to handle information about relatives were recovering from the vi- contributed to this article. Advocates Hope to Keep Homeless in Hotel Rooms

BY EMMA TUCKER director of HomelessServices terresidentsduring the coro- United, or HSU, aNew York navirus’sresurgence. An effort NewYork City is figuring City-based coalition fornon- is under way to secureenough

out howtokeep homeless profit providers. “The most personal protectiveequipment S

people safeasitprepares fora important thing we can do is forworkersand residents, im- PRES resurgenceofCovid-19,with stay the course on the pro- plement social-distancing mea-

sheltersdoubling down on gram to ensurethat people sures,enhancecleaning and ZUMA strict safety protocols and ad- have the ability to shelter in a spearhead wavesoftesting. S/

vocatespushing to continue a socially distanced manner.” Gabrielle Routhier,policy PRES

program that turns certain ho- Thecity has worked with director at Coalition forthe IFIC tels into shelters. serviceprovidersfor those ex- Homeless, said several thou- AC Thecoronavirus pandemic periencing homelessnessto sand people arestill in congre-

disproportionately affected the conduct five incremental gate shelter facilities operat- NCHEZ/P city’s homelesspopulation wavesofCovid-19 testing.The ing at reduced capacity. She SA EVE

when it firsthit in March. New firstwave, in roughly adozen said manyhomelesspeople are ST Yorkersliving in homelessshel- sheltersinMay and June, afraid to enter the shelter sys- Advocatesrallied lastmonth to showsupport forhomelessmen housed in an Upper West Side hotel. ters were dying from thevirus showed a positive rate of 8%. tem due to the risk of Covid-19 at a61% higher rate than the That rate dropped to 0% in the exposurewithin the facilities. ters,including closely moni- shelter at the Lucerne Hotel. MayorBill de Blasio an- rest of the city,according to an following wavesoftesting ev- “Wewant everybody who toring health indicatorswith Last week, New York State nounced the city would move analysis by the Coalition forthe erymonth until October,when still remains in these shelters health expertsatthe NewYork Supreme Court Justice Debra the men.Randy Mastro, alaw- Homeless, an advocacygroup. the positive rate among resi- to be directly placed in single- City Health Department and James ruled that agroup of yerfor WestCo, had threat- TheDepartment of Homeless dentshit 1.3%, according to occupancyhotel rooms to pre- following their lead in all that Upper West Side residents ened legalaction against the Services relocated morethan Daniel Farrell, senior vice vent the spread of the corona- we do.” dubbed West Side Community city over the Lucerne location, 10,000 NewYorkersexperienc- president of homelesspreven- virus,” she said. City officials have been met Organization, or WestCo,can’t citing quality-of-lifeissues for ing homelessnessintomore tion andrehousing services at Neha Sharma, associate with pushback from neighbor- intervene in alawsuit filed by residents of the area. than 60 hotels around the city Help USA, a member of HSU. presssecretaryatthe city De- hood residents in some places DowntownNew YorkersInc. Federal funds from the Fed- to combat the spread of the vi- NewYork City shelter pro- partment of Social Services, wherehotels chosen forthe against the city to stop the re- eral EmergencyManagement rusincongregateshelters. vidersare ramping up safety said that “our actions will be shelterprogram arelocated, location of morethan 200 Agencyand the Coronavirus “The news on the hotel pro- procedures that were deemed guided by the scienceand data notably Manhattan’sUpper homeless men to ahotel in Aid, Relief,and Economic Secu- gram is that it worked,” said effectiveinthe early stages of in determining when it is safe West Side,wherehundreds of Manhattan’sFinancial District. rity Act reimburse the city for Catherine Trapani, executive the pandemic,toprotect shel- to return to congregateshel- men arrived this summer to Thelawsuit came after the costsofthe hotel program.

STATESTREET | By Jimmy Vielkind High Court Challenge Could Test Cuomo’s Pandemic Powers

Since New dean of Touro Law Center on secular activities—likeshop- New York’s restrictions don’t to gather closely for an ex- practice in recent months. York’s first Long Island. But Mr. Cuomo’s ping at grocerystores—were unfairly target religious or- tended period of time.” “If this noncooperation is novel corona- orders still face challenges deemed as essential and al- ganizations. Lower-level fed- Mr. Cuomo’s senior ad- a pattern, then one of our virus case in from religious organizations lowedtocontinue.The prac- eral judges declined to stop viser, Richard Azzopardi, first orders of business as a March, Gov. and some state lawmakers ticeofreligion is protected by the new limits from taking said the state had been Legislature should be to put Andrew who now say there should be the FirstAmendment, he said. effect despite legal chal- “sued virtually every day for up guardrails—to force col- Cuomo has issued executive limits on the authority they “If we were essential, lenges from the diocese and virtually every action taken laboration,” he said. orders closing offices and ceded in March. you’d have to look at us dif- Agudath Israel, an umbrella during the pandemic and a Republicans have been say- restaurants, schools and fit- The U.S. Supreme Court is ferently—whether we were a group representing promi- vast majority of them have ing this formonths,and As- ness centers. And courts expected this week to say grocery store or a phar- been tossed out of court.” sembly Minority Leader Will have backed him up almost whether it will hear a chal- macy,” Bishop DiMarzio said. Thelaw signed by the Barclay, aRepublican from Os- every time. lenge by the Roman Catholic “We have been relegated Brooklyn Diocese governor on March 3gave wego County,said membersof Morethan 30 cases chal- Diocese of Brooklyn to the with the bowling alleys.” him broad newpowertois- his conferencewill meet this lenging various restrictions restrictions that Mr. Cuomo In May, the Supreme maintains church sue directives “necessaryto week to hone their strategy. were either dismissed or de- placed on parts of the bor- Court declined a request by attendance limits cope with” abroad list of po- Mr. Azzopardi noted both cided in the state’sfavor,ac- ough in October. a California church to halt tential disasters, including an Messrs. Skoufis and Barclay cording to atally provided by In response to rising infec- enforcement of an executive violateConstitution. impending disease outbreak. joined the large majority of aCuomo administration offi- tions,Mr. Cuomo created order by Gov. Gavin Newsom Adirectivecan be rescinded lawmakers who voted for the cial. These include lawsuits color-coded limitsonmass that limited attendance at by avoteofboth the state bill enhancing the governor’s filed by restaurateurs, gym gatheringsand businessoper- houses of worship to 25% of Assembly and Senate, which authority. The legislators ownersand even the mother ations.Inthe hardest-hit ar- capacity or 100 people. Chief nent ultra-Orthodox Jewish arecontrolled by Democrats. both said they supported the of ateenager who challenged eas,which were designated Justice John Roberts, writ- rabbis. Agudath is also peti- State Sen. James Skoufis, legislation because some the state’sdecision to ban redzones,the statelimited at- ing for the majority, wrote tioning the Supreme Court. a Democrat from Orange transfer of lawmaking power high-school football. tendanceinhouses of worship that state officials should be The state said in a filing County, said he became frus- to the governor was neces- A law enacted in the pan- to 25% of their capacity or 10 given broad latitude—espe- in the diocese’s case that its trated last week after state sary and the measure appro- demic’s earliest days bol- people,whichever is fewer. cially when local conditions rules “target the settings officials declared zone-based priated $40 million to re- stered the Democratic gover- Bishop Nicholas DiMarzio were ever-changing. that most naturally facilitate restrictions in his district spond to the pandemic. nor’s position, according to said in an interviewthat the Attorneys for Mr. Cuomo Covid-19 spread, namely but didn’t consult with him Patricia Salkin, a former limitswereunfair because said in court papers that those in which persons tend first, a break from their [email protected] P2JW328000-2-A010B0-1------NS

A10B | Monday, November 23, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

GREATERNEW Thanksgiving Feasts to Go Al Fresco YORKWATCH

BY CHARLES PASSY

Forprevious Thanksgivings, STATEN ISLAND Manhattanresident Arianna O’Dell would travel to Seattle Surge May Trigger and spend the holidaywith Business Closures family.But when the coronavi- ruspandemic upended that NewYork Gov. Andrew plan—or pretty much the idea Cuomo warned Sundaythatcor- of doing anytype of tradi- onavirus cases arerising so tional gathering—she came up quickly in parts of Staten Island with an alternative. thatthe borough maysee the She is taking Thanksgiving closureofnonessential busi- to the rooftop, joining her nesses and aban on massgath- friend RamNadella foraholi- erings laterthis week. daygatheringshe is helping Some neighborhoods on the host at the outdoor spaceof island, including Tottenville and his West Villageco-op.It BayTerrace, have positivityrates might be achilly way to mark of morethan 5%, he said at a the lateNovember occasion, news conference. Thatsurge is but it will be asafeand hope- on track to trigger the state’s fully cheery affair, Ms. O’Dell highestlockdown measures. said. Hospitals in Staten Island are And staying warm shouldn’t already feeling the weightof be aproblem, either,Ms. Covid-19 patients, Mr.Cuomo O’Dell insists. “We’ll just wear said. “Weare running into ahos- jacketsand drink wine or pital capacityissue.” something harder.Whatever it Other areas of NewYork City takes,” she said. and throughout the statemay Ms.O’Dell is far from alone also see additional restrictions in this regard, particularly as this week unlesstheycan rein in health officials and govern- O’DELL rising Covid-19 cases, the Demo- ment leadersacrossthe coun- crat said. Upper Manhattan may

tryhaveadvisedagainst in- ARIANNA enterthe “yellowzone” this door holiday gatherings. New week with infection rates, which York Gov.Andrew Cuomo,a AND would trigger alimit on gather- Democrat, has also put a10- ings to 25 people.

person limit intoeffect forall NADELLA —Shan Li M

eventsatprivateresidences, RA indoors or outdoors. Ram Nadella and Arianna O’Dell plan to have Thanksgiving dinner on his rooftop in the West Village. Others will eat in Central Park. MANHATTAN With all that in mind, many locals saythey aremaking too much an issue with some 15 degrees in 1871. the table,” he said. ing to the streets—or at least Washington Heights their Thanksgiving meal an in- traditional holiday items. If thereisanip in the air, Mr.McLaughlin also makes to the stoop of his Brooklyn Fire Leaves 2 Dead timateand, yes, al frescoone. “Cranberrysaucecan be Kevin McLaughlin has awork- noteofthe historyofhosting home. And they arechoosing any served at anytemperature,” around forthe family Thanks- Thanksgiving outdoors, though Colin Asare-Appiah, a resi- Two women died Sunday in a number of settings, from a she said. giving celebration he is plan- in his case,heisthinking less dent of the borough’sBedford- high-rise fire in upper Manhat- rooftop to a backyard to even Ms.Choi also invokesthe ning outdoors at his home in of colonial times and moreof Stuyvesant neighborhood, usu- tan, police said. Central Park. holiday’shistory—or at least the holiday meal depicted in ally hoststhe holiday The fire was reported shortly Thelatterlocale is where the mythologized one of Pil- theanimated TV special, “A gathering forfriends inside his after midnight on the 24th floor Svetlana Choi,aManhattanite grims and NativeAmericans ‘Cranberry sauce Charlie BrownThanksgiving.” residence. He wanted to keep of a 32-story building in Wash- who calls the Upper West Side dining together outdoors. “If Mr. McLaughlin pointed to the party going,sohedecided ington Heights, a Fire Depart- home,hopes to gather with they could do it, we could do can be served at any howthe charactersinthe his stoop would makeafine ment of New York spokesperson family andaneighbor in her it,” she said. temperature,’ says showwereserved toast and alternative. If anything,he said. More than 75 firefighters building. She is making some So far, it is a bit of a ques- popcorn. He said histhree said he likes the fact he can responded and brought the blaze accommodations forthe set- tion mark as to howmuch the one New Yo rker. children arerequesting the enjoythe holiday—he plans on under control in about an hour, ting—specifically,she is plan- weather will cooperate in the same as part of the spread to serving both turkey and oxtail the department said. ning to have the meal at 2 city.The National Weather add some mirth to the occa- stew—and connect with his A 78-year-old woman and a p.m. rather than lateafter- Serviceiscalling fortempera- sion. neighborsand the city at large 37-year-old woman were taken noon, when it is likely to be tures as high as 58 degrees on Island Heights, N.J. Mr. Mr.McLaughlin is happy to at once. to hospitals suffering from colder. the holiday, but also said there McLaughlin recently pur- playalong.“Youcan either If it goes well, he said he smoke inhalation. Both were Ms.Choi admitsthat the is a 50% chance for rain. The chased asecond chiminea, a suffer through it or youcan mightdoThanksgiving the pronounced dead, police said. food, which she said she service’srecords showthere type of outdoor fireplace, and makeitfun,” he said of same way in 2021, even if the The fire was confined to one would package in containers, have been some bone-chilling he figures he will use the two Thanksgiving in the open air. pandemic has subsided. apartment, the FDNY said. The might not be as hot as usual. Thanksgivingsinthe past, together. At least one New Yorker is “I think Imight start anew cause is under investigation. But she doesn’t consider that with an all-time holidaylow of “We’re just going to flank planning on taking Thanksgiv- tradition,” he said. —Associated Press

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godslovewedeliver @godslovenyc God’sLove We Deliver is amember of the Food is Medicine Coalition (FIMC). To learn moreabout FIMC’s work around the country,visit fimcoalition.org P2JW328000-5-A01100-1------XA

CAREERS & LEADERSHIP PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Monday, November 23, 2020 | A11

AT WORK post-pandemic world, just howro- Romanceonthe Job? mantic canthey get? KRITHIKA Love contracts are one recent, VARAGUR if clunky, intervention. These are written documents signed by a Many Yo unger Workers pair of employees starting a con- shley Roszko, a 22-year- sensual workplace romance. old sales associate at “When I first heard about this, the Detroit Zoo, has a around four years ago, I thought it crush on one of her co- Would Never. was kind of gimmicky,” says Mark Aworkers. Kluger, an employment lawyer in Not someone she re- Fairfield, N.J. He changed his mind portsto, or even works with side- in 2017, when a financial services by-side.Just another zooemployee firm explicitly asked for his help she interactswith about oncea designing a contract to deal with a week.But she has no plans to con- budding romance between two of fess her feelingsanytime soon. its employees. “I basically have my dream job,” “Today, I’m seeing these con- she says,“and Iplan on working tracts more in white-collar envi- herefor the rest of my career.” ronments, like accounting firms Although employee relation- and law firms,” Mr. Kluger says. ships aren’t totally forbidden, Ms. Despite his initial skepticism, he Roszko says her boss generally now actively recom- discourages them. “So I feel like if mends such con- something romantic developed and tracts to the many he found out, it would make things 11% corporate clients really awkward. Why risk it?” who approach him. Many millennial and Gen Z the percentage of Some companies workers can relate. Our genera- heterosexual have adopted con- tions’ careers have not so much crete, blanket anti- been informed by, but violently couples in a study fraternization poli- buffeted by, forces like the who met ‘through cies prohibiting 2007-09 recession, the #MeToo or as co-workers’ romantic relation- movement and the coronavirus ships between any pandemic. With the job market so in 2017, down from given employeeand precarious and workplace harass- 19% in 1995. adirect report or su- ment under the microscope, many perior.Large tech young people see dating a col- companies like league the way Ms. Roszko does: Google have also experimented with as a bad idea. apolicythat letsemployees ask a We live in a deeply awkward colleague out onceand only once. time for workplace romance. Com- “Having a meaningful conversa- panies have experimented recently tion about this in 2020 means with intense disclosure policies leaning into the gray area,” says like one at the investment firm Anne Solmssen, chief technical of- BlackRock requiring employees to ficer of Ethena, a New York-based reveal relationships not just with software startup trying to modern- their 16,000 or so colleagues, but ize antiharassment training for also anyone employed by the corporate clients. Office dating firm’s external business partners. isn’t a mandatory subject for em- There are even so-called “love con- ployers to cover, unlike sexual-ha- tracts” between romantically in- rassment prevention training, volved co-workers who can pledge which is required by law in a half- not to do things like engage in dozen states, including New York PDA at the office. and California. “We started to see a decline in “But it’satopic that the coun- workplace romance around 2013,” sels we work with were most insis- says Amy Baker, an associate psy- tent that we addressinanengaging chology professor at the University way,” Ms.Solmssen says. of New Haven. From 1995 to 2017, Up to half of the averagecom- the percentage of heterosexual pany’semployees have no idea what couples who met “through or as their dating policies areatall, Ms. co-workers” dropped from 19% to Solmssen says,“so thereistremen- 11%, according to a long-running dous room forerror.” Ethena basi- Stanford University study called cally discourages hierarchical rela- “How Couples Meet and Stay To- tionships,but also encourages gether.” transparencywhen other kinds of Dr. Baker told me my genera- dating happens—through personal tion—I’m 26—is much more com- communication instead of contracts. fortable meeting people online. The upside of today’s great “And the pandemic has, of course, workplace upheavals may well be accelerated that.” that people can finally set the “One of the drivers of work- terms of office dating proactively, place romance is working together not just reactively. sort of intensely, face-to-face, in And not a moment too soon. close physical proximity,” Dr. Eight months of apocalyptic isola- Baker says. “The more we’re re- tion have driven home the need mote, that puts a damper on peo- for companionship. It’s hard to ple forming relationships.” Virtual imagine even risk-averse young happy hours, she says, are “simply workers simply dismissing a prom- not the same.” Gen Z, whose oldest members and you’reseen as not focusing on Still, it’sunthinkable that work- ising avenue for connection in the Another nail in the coffin of the are 23, entered the workforce al- your work,” says Erin Brady, a20- placeromancewill vanish com- post-pandemic world. office romance: the #MeToo move- most entirely after the #MeToo year-old collegestudent in Mel- pletely.Overhalf of all workersre- Some arenavigating this for FFER ment, which took off in 2017. reckoning, so it’s no surprise that bourne,Fla., who worked at acall ported having an officecrush and themselves already.Ms. Brady,in AU

ST Those in the business of regulating many are so wary about any kind center earlier in the year and devel- 27% had dated acolleague in asur- Florida,asked out her officecrush or studying workplace romance of office entanglement. oped acrush on her shiftleader af- veybythe Society forHuman Re- in lateAugust—aftershe lefther BRIAN view that time as a turning point, “Thereare these weirdstigmas terbonding at break times over source Management published job. BY driving both a reluctance to get around workplacedating,especially “dark Twittermemes” about fan shortly beforethe onset of the pan- “We’vebeen dating sincethen, ION

AT romantically involved with col- forpeople my age, whereifyou fiction tied to the “It” horror films. demic in the U.S. So it’sworth ask- and it’sbeen great,” she says.“This

TR leagues and a demand for policies have aworkplacerelationship,it’s “I don’t want to say it’s taboo, ing: When officeromances do clear is definitely the most natural rela- US

ILL addressing it head-on. seen as not professional to do so but it’s certainly frowned upon.” the higher barrierstoentryinthe tionship I’veeverbeen in.”

‘I’m seeking aposition,’” Ms.Jen- Did I improve a process?” These ics. Sans-serif fonts such as Arial 11 Résumé Tips to Help You ningssays. will help your bullet points. or Helvetica are also best to en- n Use metrics. Say what you sure readability. GetNoticed By Employers 6. Display information clearly for achieved, then contextualize it— n Think about order. List the com- skim readers. with figures if possible. pany name first, followed by the Most recruiters spend just a few n Don’t omit accomplishments job location (city, state), your title, BY ALLISON POHLE ing. You can leave out some past seconds skimming through a ré- that aren’t quantifiable. If there and your start and end dates. jobs and internships if the experi- sumé—with an average in one are figures, you might not always ompanies increasingly rely on ence wasn’t related. Whatever you study of 7.4 seconds. Ensure your have access to them. But that 9. Keep it to one page. Csoftware to sort through ap- do: Don’t submit a generic résumé. job titles, company names and shouldn’t stop you from including It is OK to start spilling onto a plicants, which is why it is es- “Even if you have the best experi- dates of employ- second page after sential to tailor your résumé to en- ence, if your résumé isn’t speaking ment are easy to you have eight to sure it makes the cut. Applicant directly to the position in which read. Your ré- 10 years of experi- tracking systems sort, scan and you are applying, there is a strong sumé’s sections ence, says Ms. rank applicants by looking for key- chance you’ll never even get an in- should be ade- Leavy-Detrick. words in applications. Although terview,” says Demisha Jennings, a quately spaced, these programs can save time and certified professional résumé too, says Dana 10. If you lack ex- JOURNAL money for employers, about 60% writer and founder and owner of Leavy-Detrick, perience, focus on

REET said such tools cause them to miss She Assists, LLC. founder and di- transferable skills. ST

LL some qualified candidates, accord- rector of Brook- If youdon’t have

WA ing to a 2016 survey by CareerArc, 3. Decide on the format. lyn Resume much direct experi- a human-resources technology Most of the time, a chronological Studio. ence, don’t worry. company, and Future Workplace, a résumé will work well. But, in Highlight skills

ZUKE/THE research firm. Here’s how you can some cases, a functional or hybrid 7. Craft concise that will serve you KE make sure your résumé stands out format might be more appropriate. bullet points. well in the posi- JA to robots and humans alike. Résumé-writing tion, says Ms. AND 4. Make contact infoeasy to find. expertsrecom- Leavy-Detrick. For 1. Play up your achievements. Include your name, phone number, mend no more example, you could

JOURNAL A common mistake job seekers email address, city and state. It than five bullets play up leadership make is believing a résumé is a re- may also be appropriate to include per job. skills you developed REET

ST cap of your career, when in reality, the URL to your LinkedIn profile. n Don’t focus on tasks. Many job them, says Ms. Leavy-Detrick. Per- participating in an extracurricular

LL it should convey what you have ac- You want it to be easy for hiring seekers describe what they did ev- haps you had a positive impact on activity or time-management skills

WA complished, says Christy Noel, a managers to reach out. ery day, says Ashley Watkins, a ca- the culture of an organization, or you learned in a prior job.

/THE career expert and author of “Your reer coach and résumé writer with improved a struggling relationship Personal Career Coach.” 5. Consider adding a summary. Write Step Résumés, LLC. “Copy- with a client. 11. Prioritize work experience over LIAN/

Y “I always say, spend less of Thesummaryisoften the first ing and pasting the job description education.

MM your real estate describing your placeahiring manager will look, doesn’t account for the things you 8. Make sure your format passes Your work experience should be TA job, and more time describing your and gives youanopportunity to in- did great, that you did above and the robot test. listed first. In the “Education” sec- BY results,” says Ms. Noel. troduceyour skills high up on the beyond your peers,” she says. Ms. Leavy-Detrick suggests: tion, you should list where you at- ION page. Youcan also work in relevant n Instead, explain what those n Optimize keywords. Use the tended college, if applicable, or the AT

TR 2. Customize for each application. keywordsfromthe job description. tasks achieved. Emphasize your same words and language that are highest level of education you US Think about the work experience “Recruitersare looking forwhat results. Ms. Watkins suggests ask- in the job description. have attained. If you graduated ILL

TO you have that is most directly rele- youcan bring to the table and what ing yourself “Did I save [the em- n Use a straightforward format. with honors, you can flag that, but

PHO vant to the position you are pursu- you’vedone,rather than yousaying, ployer] money? Did I save time? Avoid tables and text-based graph- it isn’t necessary to list your GPA. P2JW328000-0-A01200-1------NS

A12 | Monday, November 23, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

hands dirty and research thingsand figure them out.” UPDATE Driving to work one morn- ing she waslistening to apod- REBOOT | CAREER REINVENTION cast on frozenbreakfast foods. Name: Emily Groden It made her wonder whygro- Age: 33 cery stores didn’t offer much choiceinfrozenwaffles.She Location: Chicago had ababy on the way and Education: B.A. in psychol- knewshe could makeabetter ogy, Yale University; J.D, From Deal-Making breakfast. As soon as she Harvard Law School pulled intoher parking spot, she ordered awaffle iron and Former Job: General spent nightsand weekends counsel for Alinea Group To Waffle-Baking over the next months and Tock playing with recipes to New Job: Founder and makethem nutrient- chief executive officer of dense but still tasty. Evergreen BY ANNE STEELE icypiqued her inter- Afterthe birth est in food security, of her daughter in Aha moment: Two pivots mily Groden was food wasteand the August 2018 and were inspired by food handling mergers obesity epidemic in her return to work media: A “Chef’s Table” and acquisitions at America. She ig- three months later, episode prompted the aChicagolaw firm nored an itch to pur- Ms.Groden realized move to general counsel; a when an episode of sue working in food that anewborn and frozen-food podcast in- E spired her to get cooking Netflix’s“Chef’s Ta- and lawand instead afull-time job left ble” gother thinking about joined Kirkland & no time foraside her own waffles awhole newcareer path. Ellis in Chicago, hustle. Most important piece of Ms.Groden, who gradu- whereshe focused “It wastaking advice for changing jobs: ated from HarvardLaw on private-equity up moreand (2)

“Never stop being a ON School in 2015,had always deals. moreofmyhead student,” she says. “And

been interested in healthy She loved the spaceand Iwas PIERS always write that email.”

work,she says, really excited DD ‘I found myself more “but Ifound my- about it,” said TO self moreex- Ms.Groden, excited to get out of the cited to getout who at that March—just as stay-at-home office and into the kitchen.’ of the office point had ordershad consumersempty- and intothe spent a ing out the frozenfood aisles. kitchen than year work- Beforestepping away alto- Iwas to be ing on rec- gether from Alinea and Tock, eating.“Chef’s Table,” along sitting in ipes.At Ms.Groden helped recruit and with apassion forfood, in- front of my the begin- train asuccessor.“Ididn’t spired her to leave the firm computer.” ning of knowifEvergreen would be a to become general counsel On her own 2019 she splashing success but Iknewit of arestaurant company time,Ms. dropped wouldn’t be if Ididn’t giveit and then to commit full Groden kept re- down to three days a my all,” she says.  Emily Groden time to her frozenwaffle searching obesity through week in her general coun- Though she has enlisted a spentmonths business, Evergreen, in books,TVshows and pod- sel work,and began build- sales team to land moreretail- tinkering with September. casts, learning about the ing awaffle company. ersand take Evergreen na- frozenwaffle An avid athlete—she sugar and preservatives in She hired designers to tional, she runs much of the recipes before swamcompetitively at Yale packaged food. She came to make packaging. Reaching businessherself,fromfood she began as an undergraduate, and distrust big brands and de- out to contract manufactur- staging,photographyand man- building her has sincecompleted an votedherself to making foods ers, she was told to call back aging the Instagram account to company, Ironman race and qualified from scratch, working with ceeded my wildest dreams,” when she had customers. negotiating contractswith ser- Evergreen. forthe Boston Marathon— sourdough starters, rolling her Ms.Groden says. “It quickly became apparent viceproviders. She hasn’t paid ownpastaand curing salmon. “They’realways questioning that Iwas going to have to acent in legal fees,she says, One night, she wasmoved the status quo,” she says.“Ask- makethese myself,” she said. and if she needs to raise capi- by a“Chef’s Table” episode ing these questions like, ‘Why So she became licensed to taldownthe line,isconfident featuring Alinea,the three-Mi- do upscale restaurantsneed to work in ashared commercial she canmanagethat as well. chelin Starrestaurant in Chi- have whitetablecloths’ and kitchen, and started She found acommercial cago just blocks from her home ‘Why is therealways abread baking Evergreen waffles— baker to makethe waffles and at the time.“By the time it was basket’ and ‘Why must food be with 100% whole wheat and gets up at 3:45 a.m. to super- done Iwas so inspired by how served on plates’.” without refined sugar,dairy, or vise manufacturing runs twice beautiful the food wasand how Her transition to restau- preservatives. amonth. She is present when- passionatethe chefs were,” she rantsrequired brushing up on She demo-ed the first ever her waffles arebeing says.“Iopened my computer, labor and employment law. As batch—in her household made,and samples from every Googled the owner,Nick Koko- general counsel, Ms.Groden toaster—at her favoritenearby batch. Evergreen offersfive nas,and sent him acold email managed both companies’ in- corner storeinChicago. Olivia’s different flavorsofwaffles, asking if he needed acorporate tellectual-property portfolios, Market bought them on the which retail forabout $6.99for lawyer.” Twoweeks later she handled data-privacyissues spot. Ms.Groden applied to apackageofnine. wasoffered the general counsel and negotiated deals with en- Whole Foods’ local vendor pro- Ms.Groden says she has Ms.Groden, now33years gig at Alinea’sparent group terprise partners. She also gram and wasaccepted right found work that doesn’t feel old, has been on alifelong and Tock,areservations-sys- worked on finding betteror away.The chain became her likework.“Idon’t getthe Sun- search forhealthysnacks to temcompanyalso owned by morecost-efficient waysofdo- second customer,expanding dayscaries anymore,” she said. fuel tough workouts. When Mr.Kokonas. ing things. “It wasalittle bit of from an initial runin28Illi- On Monday, “I wake up and I’m she wasalaw student, a Thejob,which she started everything everyday,” she nois stores to 46 locations excited forwhatever it is I course on food lawand pol- at the beginning of 2017, “ex- says.“Iliked having to getmy acrossthe Midwest in early have to tackle that day.”

LETTERS aside to cope with the day, including on Saturdays. stress of the pandemic. “I reachedcompassion fatigue “There has to be a re- about three months ago,” said Mrs. Readers’ laxation period,” Mr. Black.“I’ve had to find increasingly Bishop says, recom- creativewaystokeepmypatients Stories of mending a strict, but re- upliftedand socially connected.Most alistic, schedule for your of their stress and anxietyisakin to workday and sticking to grief and loss, because we’velostour Workplace it. He’s also been limit- abilitytobewith each other,which is ing his time on social averybasic human need.” Burnout media when working— and making sure he has BY NICO GENDRON time for a run outside Clients and colleagues AND TAYLOR NAKAGAWA to recharge. ‘commiserate and Wall Street Journalarticleby Andy and complain when things workplace reporter Chip Cut- Karen Black A “For anumber of yearsI ter on how companies can get tough.’ combat employee burnout during worked forQualcomm the pandemic prompted readers to and other big companies share their own stories about the and theywerereally risk of burnout and what measures good at having pro- April Ervin help them cope. grams” to help combat During the pandemic,April Ervin, an Readers highlighted the “invisible burnout,said Andy Indianapolis-basedspeaker and facili- burnout” of those who are self-em- Black,anindependent tatorspecializing in workplaceburn- ployed, work in the mental health consultantinTemecula, Calif., about out,saysshe has observedhow it field, lost their job during the pan- spread of Covid-19.” in Lacona, Iowa,about 40 miles 60 miles north of SanDiego. has impacted our mental and emo- demic or are juggling the responsi- Hereare someedited excerpts of southeastofDes Moines,sincethe “But nowthatIwork formyself,I tional health, as people “trytokeep bilities of work and child care. With- whatour readershad to sayabout beginning of the pandemic. don’t have access to those programs. things as normal as possible,inthe out a company and ultimately, a burnout: “Weoften overestimate how WhatIdohave is an ‘unofficial net- abnormal.” But achieving normalcy greater network to seek support much we cando,” Mr.Bishop told the work,’ if youwill, of clients and busi- during an extraordinaryevent canbe HO

TC from, invisible burnout can take Thomas Bishop Journal. “Wetry to fill up aschedule, nesscolleagues who Italk to repeat- challenging if notimpossible.

MA hold. A study published in May by Time managementduring apan- and if only half of the tasksare ac- edly during the dayand the week, Instead, Ms.Ervin says that“it the Pew Research Center found demic canbeincreasingly difficult as complishedweoften get frustrated and we commiserateand complain can’tbetaboo to talk about mental MARK that “one-third of Americans (33%) the bordersbetweenwork and life with the lack of progress. But,inmy when things get tough.” health anymore, because we’reall ex- BY have experienced high levels of psy- continue to blur while working from experience, thathappens moreoften Unlikeher husband, KarenBlack periencing the same things,whether ION

AT chological distress at some point home.That’sbeenthe case forMr. than not.” does nothave avirtual support sys- it’s hibernating in our homes for

TR during the extended period of social Bishop,50, who has been balancing Even if you’re good at time man- tem. She is aself-employedtherapist months or being afraid to go to the US

ILL distancing undertaken to slow the work and caring forhis elderly father agement, it’s important to set time who sees up to eightpatients per grocerystore.” P2JW328000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, November 23, 2020 | A13 ARTS IN REVIEW (4) N TO HOUS , TS AR FINE OF MUSEUM /THE BARNES RICHARD

ARCHITECTURE REVIEW ATriumphant, User‑FriendlyAddition Museum of Fine Arts, Houston, gets a flashy new building

BY MICHAEL J. LEWIS would otherwise be amonolithic mass. His solution wastoslice Houston seven deep notches intothe build- hould the spaces,struc- ing,breaking it up intopavilion- tureand materials of a likeblocks,each corresponding to building align so seam- asuiteofgalleries inside.This lessly,soorganically, profusion of openingsispleas- Sthat it appearstoex- antly welcoming in character,and pressasingle mighty is made moresobythe pools and thought? To ask this of the Nancy plantingsthat makeeach of these and Rich Kinder Building,the new cutsaminiaturegarden. addition to the Museum of Fine Even moreremarkable is the Arts, Houston, seems rude,for innovativecurtain wall, composed hereare thoughtsenough fora of translucent glasscolumns or platoon of museums. tubes,semicircular in plan and In 2012 the firm of Steven Holl each 30 inches in diameter.Anac- Architects wasselected to givethe commodation to the ferocious MFAH itsthirdmuseum gallery, Houston summer,these columns Views outside and inside the new special consideration forthe ease joining earlier ones by Ludwig Mies serveasa“cool jacket,” screening Nancy and Rich Kinder Building at and comfort of itsusers. It is also vander Rohe and Rafael Moneo. the concretecoreofthe building the Museum of Fine Arts, uncommonly well detailed (Mr. Thenew building had to be strong from direct sunlight. They give Houston; the project, designed by McVoy told me that they made ex- enough to stand up to them yet the building itsodd sense of Steven Holl Architects, adds tensiveuse of large-scale study graceful enough to complement weightlesstexture; when illumi- 100,000 square feet of gallery models,and it shows). In short, Isamu Noguchi’sadjoining sculpture nated from within at night, it space to the museum. the building deliversall that was garden. With some 100,000 square turns intoapleated glowing asked of it, in abundance. But feet of gallery prism. could morehavebeen asked? spacefor the Atopthe stair,which glides invitingly into TheNoguchi sculpturegarden has Thereisastrangely detachable, museum’scollec- A thoughtfully designed building,above the spaceand from whose landing been integrated intothe complex clip-on quality to the partsofthe tion of contem- the blockywalls, the logic of the building reveals it- by landscape architect Deborah Kinder,the sense that itscurtain poraryand mod- building well integrated the roof self: aceremonial central space, en- Nevins,and so sensitively that it wall and the cloud-likeroof might ern art, it would with the museum’s abruptly turns cased within acontinuous mantle seems likeanaturalextension of be replaced by other walls or become the cen- curvilinear,dis- of galleries. themuseum. And the 215-seat the- roofs,all without affecting the in- terpieceofthe other structures playing what Mr. Afterthe free-form extrava- ater is almost toowarm and cozy terior in the slightest. But such is MFAH’s14-acre Holl describes as ganzaofthe atrium, these galler- forits owngood (I canenvision the agewelivein, when the in- campus.(Holl “concaveforms, ies come as asurprise,for they audiences drowsing peacefully dustrialization of the construction also designed a imagined from areastightly composed and well- through all but the loudest film processturns everylarge building classroom building forthe mu- cloud circles.” Itsfroth of arcs and proportioned as aPalladian villa. screenings). Finally,the visitor intoanaggregation of separatein- seum’sschool; together the two curls is tooshallowtobevisible Forsuch ahefty building they are should descend to the parking ga- dustrial systems,snapped into projectscost $385 million.) from the exterior,but it allows unusually intimate, forming dis- rage level and inspect the pedes- placelikesomanyLegoblocks.In Forinspiration, Steven Holl and shafts of sunlight to peek through, cretesuites as defined by those trian tunnels to the MFAH’SGlas- our best buildings, each part has a hisdesign partner Chris McVoy forming aluminous overhead can- notches intothe exterior walls.In sell School of Art building,whose certain ineffable rightnessof revisited their groundbreaking opy forthe atrium below. everyrespect they aresuperb, startlingly sassy lighting by Olafur shape,likeabone that could be Nelson-Atkins Museum of Art in That atrium, reached by multiple with generous 16-foot ceilingsand Eliasson offsetsany sense of the part of no other body.Ifclients Kansas City,Mo. While that wasa entrances,serves as the museum’s subtle LED lighting that achieves subterranean. begin to ask that of their archi- stately procession of luminous public rotunda, rising three stories remarkably consistent illumina- As aplacefor viewing art, and tectsoncemore, it will be likethe glasspavilions,the Kinder Build- to form one vast well of space, en- tion. Another surprise is the floor, in terms of sheer sensational im- coming of spring. ing offersonly asingle colossal closed by irregularly curved walls which is of attractiveend grain pact, the Kinder is atriumph. It is form, itstriangular sitedetermin- that suggest aflowing whiteribbon wood and whose surfaceisunex- impressivebyday or night, Mr. Lewis teaches architectural ing itsangular shape.Mr. Holl’s unspooling airily upward. Enhanc- pectedly pleasant to walk on. adroitly integrated intoits site, history at Williams and reviews challengewas to break up what ing the sense of upliftisthe central Other featuresshould be noted. and—best of all—designed with architecture for the Journal.

SIGHTINGS small proportion of American the- cannot exceed 300% of capacity, TERRYTEACHOUT atersare putting their shows on- while those with 350ormorecan- line.When Iask their artistic di- not exceed twicecapacity.Soifa rectorswhy,theytypicallysay the 250-seattheaterwantstoput on Theater same thing: “Actors’ Equity.” four shows,itcan nowsell 3,000 Actors’ Equity Association is tickets, but a400-seattheaterput- Caughtina the union thatrepresentsprofes- ting on the same number of shows sional stageactorsand stageman- could not sell all thatmanymore: agers. It has long been opposed on 3,200. Union principle to pay-per-viewwebcast- What’sthe point? SaysBill ing,arguing thatitdiscourages Hayes, PalmBeach Dramaworks’ Headlock people from coming to the theater producing artistic director: “It’s to watchaliveperformance, thus better, but whyshould therebe leading to shorterruns and fewer anyrestrictions?Iftheaters and versinceAmerica’stheaters workweeks forEquity members. artistscan getunlimited exposure, Eshut down in March, I’ve So afterthe pandemic closed thatwill translate to moreinterest been reviewing streaming we- American theaters,Equity initially in theater, morework forthe art- bcastsoftheaterproductions.Not insisted on putting atight capon istsbeing morewidelyviewed, onlyhaveIbeen consistentlyim- admission to webcasts, limiting it and morerevenue forall.” He’s pressed by the artistic and techni- to the number of people who could ontosomething there. calquality of these performances, theoreticallyhaveseen the show Andwhatabout the actors? Jes- but Iquicklyrealized thatthey in the theaterhad it been open. If sikaD.Williams resigned from Eq- were good fortheaterinall sorts your theaterhas 250seats and uity in order to playthe title role in of ways:putting acompanyback youwanted to webcast the show American ShakespeareCenter’s in touch with itspatrons; putting four times,you were permittedto non-Equity production of “Othello.” unemployedactorsback to work; sell only1,000 electronic “tickets.” “At the end of the day,” she told the and providing theaters with an in- This made it impossible for ViewofBroadway on March 12;theatershavebeenshuttered by Covid-19. New York Times, “Iwasn’t receiv- come stream thatissmall but po- companies to capitalizeonanen- ing anyunemployment, and I tentiallysignificant (San Fran- thusiastic revieworfavorable eration of Television and Radio erately, the equallyimportant needed apaycheck.Iliveinavan

GES cisco’sAmerican Conservatory word of mouth by selling as many Artists),whose policies on stream- question of whatwill be the fate and travel from job to job…Ifelt a

IMA Theatrebrought in $60,000 with ticketsasthe public—apotential ing webcastsare lessrestrictive. of webcasting oncethe pandemic lot safer at the A.S.C. than if Ihad itsfirst two webcasts). It canalso audiencethatnow encompasses This triggeredajurisdictional dis- has runits course.) to pick up ajob at agrocery store GETTY givearegional theateranational the entireworld—waswilling to putebetween the two unions,both But the restrictions on theater or go work aserviceindustryjob SE/ profile thatwould be impossible buy. As aresult, theywereunable of which claimed thatwebcasts companies remain onerous.Under and find my [way]all the way to getinany other way. Every re- to break free from the financial fell intotheir domain. the newagreement, webcastscan acrossthe countryduring the pan- gional artistic director to whom devastation of pandemic life. Thegood news—of asort—is be viewedonlybyticketholdersor demic and move in with my mother, ANCE-PRES

FR I’vespoken wantstokeep web- Forthis reason, severalthe- thatEquity and SAG-AFTRAan- subscribers, not the general public. who is elderlyand at risk.” casting afterthe pandemic is aters, most notablyNew York’s nounced on Thursdaythatthey’d And while the number of tickets So yes, the agreement is astep ENCE

AG over,for all these reasons and one Irish Repertory Theatre, started signed an agreement giving Eq- thatcan be put on sale is signifi- in the right direction—but onlya S/ more: It will maketheir shows ac- working instead with SAG-AFTRA, uity the right to represent stage cantlyincreased, arestrictivetwo- very small one.

WEIS cessible to older patrons who find the union thatrepresentsfilm and actorsappearing in webcasts tier arrangement regulatestheir it increasinglydifficult to go out. TV actors(the initials stand for through the end of 2021. (It also sale.Intheaters with fewerthan Mr. Teachout is the Journal’s

ANGELA But I’vealso noticed thatonlya Screen Actors Guild-American Fed- leftupinthe air,possiblydelib- 350seats,the number of tickets drama critic. P2JW328000-0-A01400-1------XA

A14 | Monday, November 23, 2020 THE WALL STREET JOURNAL. SPORTS Bengals’ Burrow Injures Knee

BY ANDREW BEATON

Joe Burrow, the rookie quarter- back sensation for the Cincinnati Bengals, suffered what appeared to be a serious leg injury during Sun- day’s game against the Washington Football Team, likely ending what was on track to be a record-setting debut season. The team described it only as a left knee injury, but Burrow summed it up more in a tweet on

Sunday when he wrote: “See ya GES

next year.” IMA Players from both teams sur- GETTY

rounded Burrow before he was T/

carted off the field. The sight of OR one of the NFL’s most promising SP young quarterbacks exiting in this ON CUS

manner was unfortunate and un- FO comfortable, but it was not unfa- Virgil Carter in action during the 1970 season. The former Bengals quarterback is the unlikely thread thatbinds the most importanttrends changing modern football. miliar to football fans this season. The Dallas Cowboys’ Dak Prescott already had his season ended by a devastating ankle injury, which like Burrow’s was apparent in its The QB Who Solved Football severity as soon as it happened. Burrow emerged as a national phenomenon at LSU a year ago, A half century ago, Virgil Carter pioneered the data that’s changing the NFL today when he led the school to the na- tional championship and won the Heisman Trophy. He married bra- BY ANDREW BEATON as nearly indistinguishable on his endaryowner and coach, George of the 1969 season. vado with his extraordinary abili- stat sheet, but the 7-yarder pro- Halas,brought him to Chicago. Carter and Machol’spaper,called ties as a quarterback, and there Virgil Carter wasagraduatebusi- duced 2.9expected pointsadded, Carter playedsparingly,and eventu- “Operations Research on Football,” was never much doubt the Bengals nessstudent at Northwestern in according to nflfastR’smodel, while ally Halas came up with an offer: waspublished in 1971 and quanti- would use the No. 1 pick in the 1970who spent hoursaday on an the 6-yarder had -0.6. Thediffer- he’dpay forCarter to attend grad fied this idea of expected points. It draft on him. enormous computer in adingyold ence: the 7-yard completion came school at Northwestern in the off- found that ateam facing 1st-and-10 They did just that, and he room wherehecoded thousands of on fourth-and-5.The 6-yarder came season if he would help the team from itsopponent’s5-yardline had quickly injected hope into a team punch cards. His goal wastogain a on third-and-13.One allowedthe Ar- break down film. 6.041 expected points. From the 15, that went 2-14 last season, hasn’t greater understanding of his day izona Cardinals to keep the ball, the That’swherehemet aprofessor that fell to 4.572expected points. won a playoff game in decades and job—as an NFL quarterback. other they were leftpunting the named Robert Machol, who wasfas- All the way back on ateam’sown 5- had previously suffered a stagger- Half acenturylater,quarterbacks ball. cinated by several things. Machol yard-line,itwas -1.245 points—the ing string of injuries to its top maketens of millions of dollarsper Theconcept also explains why wasaconsultant to NASA.Hewas opponent waslikely to gain more picks over the years. year and don’t spend their offsea- teams should go foritmoreon later the chief scientist forthe FAA. pointsfromthat position. Burrow, through Cincinnati’s sons in grad school. Thefootball fourth downs—the subject of an- He also loved football. Another paper by Carter and Ma- first nine games, was on a record- world, though, is still catching up to other study Carter conducted in the “Why don’t we do an extended chol in 1978used this concept to setting pace. He was on track to Virgil Carter.The datahecrunched 1970s on astrategythat didn’t be- study in the spring on expected val- study one of the most important de- throw 657 passes for 4,417 yards— is the foundation of the NFL’s ana- come gospel until decades later.He ues?” Machol asked his student who cisions in football: when teams both of which would have been all- lytics revolution. used expected pointstoshowteams should go foritonfourth down. time highs for any rookie quarter- Carter,who spent most of his ca- were far tooconservativeand would While teams hardly went foritat back, putting him in an elite class reer with the ChicagoBearsand benefit morebygoing foritmore Why don’t teams go for the time,the numbersrevealedhow alongside the likes of Andrew Cincinnati Bengals,wanted to calcu- often. Now, in 2020,fourth down mathematically boneheaded that Luck. The Bengals are 2-7-1 on the latesomething he intuitively under- attemptsare at an all-time high. it on fourth down more was. It showed, forexample,that a season, meaning they’re out of stood but had never seen quanti- “I just liked to work to an exact often? Carter wrote a team facing 4th-and-1fromits op- playoff contention but they have fied. So he authored the seminal number,” Carter says.“Iwasn’t ponent’s15-yard-line would have already surpassed last season’s re- paper on ametric called expected happy with an opinion.” paper about it. 3.45 expected pointsifitran the cord. points—the typical number of net Carter’s career took off as a ball versus 2.29 forafield goal. pointsateam canexpect based on quarterback at BYU. Theschool’s Those numbershavebeen refined field position, down and distance. offensivecoordinator wasLavell and advanced, but the conceptsare Carter is the unlikely thread that Edwards,the coach whose pass- had to makeupfor aclasshe the basis of whysmarter teams are binds the most important trends heavy schemes led the school to a missed in the fall because he was going foritmorethan ever. changing modern football. He national championship yearslater. playing football. “It’sthe current stateoffootball playedunder Lavell Edwards and Edwards’ offense eventually Carter began the spring of 1970 analytics,” said Michael Lopez, Bill Walsh, the two coaches whose spawned disciples likeKansas City by calling everyNFL team and ask- who’s the NFL’s director of dataand GES offensiveideas came to rule the Chiefs coach Andy Reid and Air ing fortheir play-by-playlogs. (The analytics.“And it’ssomething these IMA sport. And this wonkyidea Carter Raid pioneer MikeLeach, and pro- Raiderswerethe only team that re- two authorshad in mind quiteliter-

ETTY researched nowunderpins the tools duced quarterbacks likeHeisman- fused, Carter said. But the jokewas ally half acenturyago.”

/G used to evaluateplayers and teams, winner Ty Detmer,record-breaker on them: He had their logsfrom Carter retired afterthe 1976sea- TT because it moves beyond the tradi- Jim McMahon and Super Bowl their opponents.)Then, assisted by son and gotonwith his lifeafter tional boxscore to measureacon- champion SteveYoung. his wifeatthe time,hespent hours football. He made alivelihood in a

MCDERMO cretevalue forplays and strategies. Beforeany of them, therewas aday formonths coding punch businessthat’sknown formaking Consider two Kyler Murray Carter.But NFL scoutsdidn’t think cards. Therewere8,373 punch itsdecisions based on numbersand TRICK

PA passes,7-yardand 6-yardcomple- so highly of him, though, and Carter cards, to be precise—one forevery nothing but numbers. Virgil Carter Joe Burrow suffered aleft knee injury. tions,fromSunday. They show up fell in the draftuntil the Bears’ leg- playthey put in from the firsthalf worked in the insuranceindustry.

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THE WALL STREET JOURNAL. Monday, November 23, 2020 | A15 OPINION Gambling Is the OnlyGame in Town BOOKSHELF | By Karen Elliott House

As Iheaded acasino,see abent- dealer,when he heard Finding the Key home from nose bookie—I’ve got a we were from Wall collegefor horse right here, his Street, asked, “Why Thanksgiv- name is Paul Revere—or would youguyscome ing,aforeign physically writedown here?You work at the To the Kingdom studentstay- your picks forafriend’s biggest casino in the INSIDE ingthe week- football pool. Technol- world.” That’s never VIEW end asked ogymakes it so easy to truer than now. Oh, and Vision or Mirage: Saudi Arabia at the about the hol- bet—too easy.Atany the market crashed that By Andy iday’smean- age. Iworry. Monday. Crossroads Kessler ing. Iquickly Professional leagues Yearslater in theCity GES By David Rundell answered, have arude historywith of Lost Wagesfor acon- “Food, family and football.” He betting: Raidersquar- IMA cert, Iwandered intoa (I.B. Tauris, 316 pages, $27)

said he understood the first terback KennyStabler’s ETTY sportsbook.Dukewas at /G

two but not football. Another relationship with a CK 10-to-1odds to win the xford University has produced some of the world’s TO friend pipedin, “Toenjoyit, “well-known NewJer- IS NCAA basketball cham- O most illustrious scholars of Arabia, including Sir yougotta have alittle action sey gambling figure,” pionship.SoIbet $100 RichardBurton, Gertrude Bell and T.E. Lawrence, the going on the games.” So Itook National Basketball Associa- member when NewJersey andgavethe ticket to my son famous LawrenceofArabia. Morerecently,ayoung Oxford the Cowboys over the team tion refereeTim Donaghy’s legalized gambling in Atlantic at Christmas, who wasasenior graduate, David Rundell, landed in Saudi Arabia in 1981 and formerly known as the Red- prison time forbetting and City.Soon afterthe Resorts there. Dukewon it all and now began anearly 40-year career as aU.S.diplomat there. skins (hopefully they’ll be re- manipulating scores,and Pete Casino Hotelopened in 1978, Idon’t have to buy him pres- Steeped in Islamic history and Arabic literature, and fluent named the Washington Rose’sban forlifefor betting the presswas all over astory ents foradecade. in the language, he visited everycorner of the kingdom, Swamperssoon). We had to on baseball. Temptation is too about asingle mother on wel- People gamble on elections, talking with tribesmen, businessmen, clerics and kingswhile explain spreads and over/un- alluring.But who caresnow? farewho wonamillion-dollar celebrity baby names—heck, panning forknowledgelikeaCalifornia miner forgold. der—like teaching ababy to Heck,the RaidersplayinLas jackpot playing dollar slot ma- on almost anything,including Out of this long experience comes “Vision or Mirage,” a walk. Vegas! Wanna bet all profes- chines.Itwas afeel-good story whether an umpire’sbaseball book of staggering breadth and depth that explains how a sional leagues embracegam- foraday,until opinion pages roll between inningswill end now-anachronistic monarchy has ruled Saudi Arabia (with bling as another revenue startedclucking, Uh, what the up on themound or back on two short breaks) sinceits founding in 1744. Moreimportant, Courtrulingsand the stream? heck is asingle welfare mother thegrass.Parleys, arbitrage, thebook examines whether this continuity in governance Noweveryone is gambling. doing gambling at dollar slot buying points—thingscan get canwithstand the sweeping webhavemade betting Online poker is addictive, until machines? What indeed. very complicated separating reforms being imposed on universal. Be careful youlose.After the lockdown Forthe most part, Istay youand your money. the kingdom by King Salman, drought, sportsblissfully came away from casinos or only Itry to keep it simple,like now84, and his son Crown withyour money. back,asdid betting.Evenfor- play games whereIhavean football pools.There’sanapp PrinceMohammed bin merly family-friendly fantasy advantage, likecraps (OK,kid- forthat—no messy bookies. Salman, 35.Their so-called football leagues arenow big ding). Onceatanoffshoreca- I’m in an NFL pick ’empool, so Vision 2030 reforms,Mr. Alittle action helps.Iwas business. Betting operator sino,Itaught ayoung son Iactually care about every Rundell notes, areaparadox: in asportsbar during college DraftKingssaw usersup64% howtoplayblackjack.Feel game,and diligently watchAn- They proposedisruptive basketball’sMarch Madness andrevenuesalmost double free to question my parenting. drew Siciliano on DirectTV’s economic and social changes when all the games were from last year’s thirdquarter. He jubilantly found me later, RedZone channel. Ievenwon in order to preserverule by pretty much over,and then If,likeme, youwonder how saying he won$80.Ilooked week five.I’ll just leave my the House of Saud. In short, Northeast Louisiana hit a this is possible,New Jersey him in the eyeand explained, winningssitting in my Venmo Vision 2030 is aHail Mary bucket at the buzzertolose by wona2018 Supreme Court “yeah, that’snot your money. account until the gambling passfor the monarchy—and only 8with the spread at 9. I ruling that allowedstatesto You’reonly holding on to it gods take them back someday. perhaps forglobal oil prices too. stood up and screamed and got legalizesportsbetting.Bits until youeventually lose it Likeeverything else,modera- Mr. Rundell asks a critical alot of funnylooks.Yes,inter- easily crossborderstobet. back to casinos.” tion is good. But alittle action question, one that is today on est definitely turns intocom- Thespigotshaveopened. In October 1987,Iwent with goes along way,especially on the minds of U.S. policy makers: mitment. ButIwonder if it’s Lotteries arestill amonster some colleagues to see Mike Thanksgiving.And not odd- Does Saudi Arabia any longer matter in a world awash in gone toofar. business, despitethe truism Tysonbeat up Tyrell Biggs, sounding at all in 2020,Ilike U.S. shale oil? In only a few short years, fracking has No question that gambling that the lottery is atax on peo- presented by,yes,the Trump the Football Team and the transformed the U.S. from a major oil importer into a is fun, but it’snot forevery- ple who don’t understand sta- PlazaAtlantic City.Weplayed points. producer greater than Saudi Arabia. As aresult, the kingdom’s one.You used to have to go to tistics.Same forcasinos.Ire- blackjack afterwardand the Write to [email protected]. primaryprotector has become itschief competitor.U.S.oil abundancehas helped slash world oil prices to about half of what the kingdom needs to financeits welfarestate. America’s new oil independence, Mr. Rundell shows, is Populism and Politics in Peru only one reason whysupport forAmerica’scommitment to Saudi Arabia is eroding. There is also exhaustion from Millions of Pe- line of succession has been rogative—ahead of considering which leans in Mr.Vizcarra’s unsuccessful Mideast wars, as well as human-rights abuses ruvians have moreorlessrespected, and an ajudicial reform he had pro- favor, ruled last week that his in the kingdom and a growing consensus in Washington lifted them- April election foranew presi- posed. Piqued by the move, Mr. removal is constitutional. that theChina threat should be America’sprimaryfocus. selves out of dent is on schedule.That’sthe Vizcarra declared it a “de Plus,asaself-described If American policy makers would read “Vision or Mirage,” poverty in the good news.But it’sbeen a facto” second vote of no confi- champion of anticorruption, the debate over the future of U.S.-Saudi relations would be past two de- bumpy ride. denceeventhough no such Mr.Vizcarraneeded to be more enlightened and less divisive. AMERICAS cades,thanks Mr.Vizcarrahad no vice vote had occurred. Scholars squeakyclean. Ajudgehas UnlikeLawrenceofArabia, Mr.Rundell is an analyst, to amore president when he was im- arestill debating the legality barred him from leaving the not an advocate. He lucidly describes the pillars of Saudi By Mary open and mar- peached by a105-19 vote in the of that decision,though the countryand prosecutorshave stability—tribes, clerics, merchants, technocrats and the Anastasia ket-oriented unicameral legislatureearlier high court voted4-3 in the chargedhim with aggravated extended royal family of some 7,000 princes—and traces O’Grady economy this month. As the head of president’sfavor in January. collusion, briberyand illicit as- howeach has been used to uphold the ruling family.Healso- yielding fast Congress, Mr.Merino wasnext Mr.Vizcarraruled by decree sociation to commit acrime. examines howeach is weakening under the changes growth. Socialistsdon’t likeit. in the line forthe job.But Pe- forfivemonths.His relation- Mr.Vizcarramaintains his in- imposed since 2015 by King Salman and his son. “Because But they have been unable to ruvians who didn’t approveof ship with thenew Congress nocence. of an exceptionally rapid rate of change,” Mr. Rundell says, reversethe laws underpinning the impeachment took to the elected in Januarywasn’t Peruvians arefrustrated. the kingdom “is less stable than many presume.” the country’sprogress. Now streetsinprotest. Twopeople much better.InSeptember They have been told that by To wean Saudis off their dependence on government they’reusing the latest politi- died in violent clashes with po- voting they cansecureanhon- handouts, the Crown Prince—known in shorthand as calcrisis to makeanother try. lice. In an effort to restore est government. But elected “MBS”—has offered new social freedoms: permitting Peru’s rampant corruption calm, Mr.Merino agreed to There’s no way to stop officials repeatedly turn out to women to drive, rock concerts to be performed, and the is again on the front burner. step aside and let Congress be self-interested and corrupt. sexes to mix publicly. Such changes are aimed at making Coming amid the Covid-19 choose acaretaker president. the corruption of a Thepublic perennially mis- steep cuts in government largess more palatable. But they pandemic and adeep reces- Hard-leftlawmaker Rocío state with vast power takesits dashed hopes as a also give MBS’s enemies “a clear avenue to attack his sion, it has raised the ireofthe Silva-Santisteban ranfor the problem of the wrong people legitimacy” if the economyfalters, as Mr.Rundell notes,or nation. post unopposed, but she to redistribute wealth. in the job.Yet as fast as they Yetit’shardtosee howan couldn’t garner enough sup- throw the bums out and bring electoratethat so oftenvotes port from her peerstowin in newones,morescandals With anuanced policy, American officials can forpopulism at the polls can when her candidacywas put to lawmakersreleased audiotapes arise. encouragereform in Saudi Arabia without extricateitself from the grasp avote. Aday later Mr.Sa- that allegedly exposed witness At the core of this dysfunc- of crooked politicians.The gasti—of the moderatePurple tampering on the part of the tion is astate with vast powers supporting itsauthoritarian tendencies. hardleft’ssolution, which is to Party, which had opposed Mr. president, butasubsequent to redistributewealth. Thein- rewritethe 1993 constitution Vizcarra’sremoval—won con- impeachment vote failed. centives to maintain the status and givethe statealargerrole gressional approval. The Afterwhistleblowers came quo aresignificant. Even vot- if the unpopular warinYemen continues to drag on, or if in the economy, would make streetsare calm—for now. forwardalleging Mr.Vizcarra erswho saythey want less succession is in disputewhen the ailing King Salman dies. things worse. Vizcarrasupporterssay he took bribes while he wasgov- corruption may find that Already the economyisfaltering: Thekingdom’sthird- FranciscoSagasti was is avictim of congressional ernor of the Moquegua region changeconflictswith their quarter oil income,long 90% of government revenue,was sworn in as interim president abuse of power. But he may from 2011-14, asecond vote to self-interest. Thesiren song of shockingly lessthan itstax proceeds.For Saudi citizens,who Tuesday. Thecenter-leftfor- have made his ownbed in Sep- impeach succeeded. populism drawsthem to politi- started paying non-trivial taxesonly in 2018,the govern- mer lawmaker replaces interim tember 2019 when he unilater- Technically Mr.Vizcarra cians who canhand out plenty ment’sshiftfromgiving money to taking it is asea change. President Manuel Merino,who ally dissolved Congress. wasremoved on grounds of of government jobs and other What lies aheadfor Saudi Arabia? Curtailing entitlements only aweek earlier had re- Theconstitution allows a “moral incapacity,” the same goodies in aworld of weak in- is breeding widespread resentment; bringing rock concerts placed President Martín Viz- presidenttosend legislators tool used to impeach President stitutional checks. and single-women tourists to the land of Islam’s two most carra, who in 2018 replaced home andschedule newelec- AlbertoFujimori in 2000.Mr. That such powerisabused holy mosques is angering religious conservatives; curbing President PedroPablo Kuczyn- tions if they givehim two Vizcarraiscrying foul because is as predictable as human na- the wealth and power of thousands of princes is reducing ski, who resigned amid allega- votesofnoconfidence. One he has not been convicted of a tureitself.Sotoo is Peru’s their ability to help average citizens, leaving many Saudis tions of corruption. With me had already occurred. Then, on crime.But impeachment in grim futureifthe statist rab- feeling less connected to their monarch. Mr. Rundell so far? Sept. 30,2019,Congress Peru is apolitical process, as it ble-rousersdemanding anew focuses on three destabilizing forces: discrimination against Thecivilian government has named anew Constitutional is in the U.S. and most other constitution prevail. the country’s Shiite minority; elite corruption; and growing mostly followedthe law, the Court justice—which is itspre- countries.Eventhe high court, Write to O’[email protected]. authoritarianism. The first isn’t new. The second is diminishing though not disappearing.The third, however, is amajor cause of discontent inside the kingdom and a key source of mounting U.S.-Saudi tensions. Forgive Student Loans, but Only a Little TheCrown Prince’srefusal to tolerateevenmild criticism from female activists, popular religious figuresorroyal By Beth Akers fessional or graduatedegrees gencysavings; and they are passlegislation that would relatives frightens Saudis and angersAmericans.Human- that lead to careerswith high the firsttobelaid off in a streamline the existing stu- rights activists and hard-line religious critics now sit side tudent-loan cancellation earning potential. downturn. dent-loan repayment pro- by side in Saudi prisons.The brutal murder in 2018 of Jamal S maybeanappealing Borrowers who owe less Each dollar spent on loan grams and ensure that strug- Khashoggi—the self-exiled Saudi columnist and sometime idea, but it would enrich than $5,000 arethe most likely relief is a dollar raised in gling borrowers with large regime critic—has also aroused American opposition to the the privileged and leave be- to default. Manyinthis cate- taxes, and far lessthan half of balances who areeligible kingdom. (The CrownPrincedenies anyrole,but U.S. intelli- hind—orperhaps even drain gory started a degree but taxpayers have afour-year de- would have the time to enroll genceofficials have concluded otherwise.) ForAmericans money from—the truly needy. didn’t finish, and thus aren’t gree.Student-loan cancellation in them. Washingtoncould thereisacontradiction between MBS’smodernizing agenda Progressivecalls forPresident- enjoying the higher earnings would bleed the working class even expand those programs and his authoritarian means of achieving it. Thecontradiction elect JoeBiden to forgivestu- afforded by adegree. to alleviate debt forthose with to require borrowers to pay a maybeunavoidable in the short run, Mr.Rundell says,but dent debt in hisfirst 100 days more-lucrativecareer options. smaller fraction of their “inthe long runitislikely to be unsustainable.” of officeshould be ignored in Theprogressivenature of the monthly income to loan repay- Still, he urgesU.S.engagement with the kingdom, arguing lieu of amoremoderatepro- The most distressed existing taxcode helps to focus ment or allowdebtstobefor- that ostracizing Riyadh makes instability morelikely.A posal: forgivenesscapped at the payment burden on the given sooner.Atleast these deeper understanding of Saudi cultureand historymight $5,000 of debt. borrowers didn’t get moreaffluent, but the spend- changeswould ensurethat allowU.S.officials to encouragereform without supporting Workerswith acollegede- degrees and owe less ing would still drain resources dollarsspent on loan relief the kingdom’sauthoritarian tendencies.This nuanced policy gree arethe highest paid in the that could otherwise be spent flow to those that need them is what Mr.Rundell seeks to encouragebywriting his book. economyand the last to get than $5,000. on programs benefiting those most. Sadly, if history is a guide, the likely outcomes are bleak. laid off during adownturn. with greater needs. Morethan half of Ameri- The U.S. supported the Shah of Iran before pressing a Sure,having debt is worsethan That brings us back to my cans have built their lives and changeagenda that helped topple him in 1979,bringing in not having debt. But because of Then thereare those with proposal, a$5,000 student- made ends meet without acol- amore intolerant regime. Over the next three decades, the large financial returns to no collegeeducation. The loan jubilee in the form of a legedegree.Call universal stu- Washington supported China’s economic reforms, believing postsecondaryeducation, folks plight of borrowers with col- one-time taxcredit. That dent loan cancellation what it that they would lead to political liberalization. Instead, the with debt and adegree areof- legedegrees is surely prefera- would ensurethat most bor- is: elitist. U.S. faces a powerful and repressive China. Similarly, trying tenbetteroff than those who ble to that of workersgetting rowers who aretruly up a to reshape Saudi Arabia into what we wish it to be may have neither.It’sclear in the by on thelowerwages paid to creekcan escape debt and Ms. Akers is asenior fellow prove a bridge too far. data: Borrowers with the larg- the less-educated. ManyAmer- move on with their lives. And at the Manhattan Institute and est balances arethe least likely icans without degrees come such aproposal would buy the aco-author of “Game of Ms. House, a former correspondent, foreign editor and to default. That’sbecause from less well-off families; a government the time,and per- Loans: The Rhetoric and Real- publisher at the Journal, is the author of “On Saudi Arabia: they’veoften invested in pro- higher percentage lack emer- haps the political leeway,to ity of Student Debt.” Its People, Past, Religion, Fault Lines—and Future.” P2JW328000-0-A01600-1------XA

A16 | Monday, November 23, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Price of Bad Polling Maybe Not So Shockingly Moderate After All

he 2020 polling autopsies arestill be- which is takenasgospel by the media, wasno- Regarding Mark Penn’s“America’s not the types of compromises that ing written, and thereare manyunan- tably wrong about GOP prospects. Charlie Shockingly ModerateElectorate” Mr.Penn says voters want. T sweredquestions: Howdid Republi- Cook says he and his team were misled by the (op-ed, Nov.17): Mr.Penn states, Relying on aDemocratic pollster “Moderatemen swung the race to to define what it means to be amod- cans win 27 of 27 House polls. Polls and bias feed a Mr.Biden.” He bases this on Mr. erateisdicey.One guesses that most districtsidentified as tossups “In my judgment, there Trump’sadvantage among white Americans want to think of them- by the Cook Political Report? media conformity that wasablue wave building,a men narrowing from 30 pointsto23 selves as reasonable moderates (re- Howdid Sen. Susan Collins pretty big one,then some- and Mr.Biden expanding the lead gardlessoftheir views) and that win Maine by nine points misleads the public. thing happened, likeafish among moderates to 30 pointsfrom someone to their leftorright isn’t when she didn’t lead in asin- getting spooked beforetaking 12 in 2016.Contrarytothis,Gerald moderate. gle major poll formonths? abiteout of alure,” Mr.Cook Seib’s“Big Year forWomen Suggests JEFF ADAMS Howare President Trump and JoeBiden sepa- explained.“Toomanyofthe most experienced aNew Era” (Capital Journal, Nov.17) Atlanta ratedbyalittle under four pointsinthe na- political operatives in both parties could see says,“Women voters were responsi- tional popular vote when Nate Silver’sFive- it coming.Myguessisthat while amajority, ble forMr. Biden’svictory.” He bases ForMr. Penn to suggest that mod- ThirtyEight averageshowedan8.4-point Biden albeit asmall one,wanted to unseat Trump, this on women making up 53% of the erates swung the election to JoeBi- electorateand that one survey den because they are“moderate” is lead on Election Day? they gotskittish about giving Democratsuni- showedthem going forMr. Biden by unsupported by the facts. Likeor TheNYU economist Arpit Guptacompared fied control.” 55% to 44%. It seems that the 11- hateDonald Trump, therewas no the FiveThirtyEight presidential forecast to Something happened all right. But if he’s point margin among women rather mistakeonwherehestood. JoeBi- that of online betting markets, wherepeople right that polls misled him, then the Cook Po- than the shiftofmoderatemen is den, on the other hand, presented trade contractsreflecting the likelihood acan- litical Report has no special claim to expertise. morelikely to be the deciding factor. exactly zero substantiveinformation didatewill win. He found that the “marketsare Yetits estimates influencethe flow of cam- JIM ED RICE concerning his presidential policyin- pretty well calibrated—statemarketsthat paigncash. TheChamber of Commerce en- Nashville, Tenn. tentions.Votersheardnothing more have an estimateof50% are, in fact, tossups dorsed 23 House Democratsthis year,inpart than vaguegeneralities,outright re- in the election. 538 is at least 20 pointsoff—if because it anticipated having to work with a Had President Trump performed fusals to commit to aposition and 538 says that astate has a~74%chanceofgo- largerDemocratic majority,and it mayhave as well in communicating effectively Covid, Covid, Covid. In his 47 years ing forDemocrats, it really is atossup.” savedNancyPelosi’sSpeakership. about his handling of the Covid virus in WashingtonJoe Biden has adocu- as he did in dealing with it, JoeBi- mented record of pandering to the Prediction marketsaren’t perfect, and some TheGOP washeavily outspent, yetitmay den would have lost. Afterall, most moment. Howcan anyone,especially aresothinly traded that they canmovewith gain as manyas12net seatsinthe House. Americans don’t expect perfection, the groups alleged to have swung to afew bets. But at least everyone knows they’re What mighthavehappened if Mr.Cook and his just the knowledgethat aproblem is the former vicepresident, reason- bets. Thepolling industryand statistical mod- House analyst, David Wasserman,had been being dealt with. ably suggest that avotefor Mr.Bi- els makeclaims to objectiveexpertise,yet they moreaccurateand said the battle forHouse RICHARD MUCHOW den wasademonstration of moder- again clearly missed Republican strength. control would be close? Pittsburgh ateprinciples? Combined with media conformity,this can And who knows howthe perception that SETH TAYLOR lead punditsand the public astray.The prog- states likeOhio were close at the presidential Theone-factor analysis (i.e.,mod- Chatham, Mass. nosticatorsmakeprojections—shaped by as- level (Mr.Trump wonbyeight) affected eratevotersseized the day) by Mr. sumptions about demographics,turnout and voterturnout. It could have mobilized Trump Penn produces afeel-good narrative LarryHogan’s“Biden’sMandate that has an element of truth but is forModeration” (op-ed, Nov.9)ex- response rates—which influencethe press. voters—or demoralized them. While Mr.Bi- shockingly simplistic and misleading. hibitsahugeblind spot or perhaps a These views arereinforcedonsocial media, es- den cantout aconvincing popular-votevic- If it wasmoderatevoterswho tipped significant lossofmemory. As Ire- pecially Twitter. Everyone runs in the same di- tory,Mr. Trump would have tied the Elec- Mr.Biden over the topinaclose call, the call forresistanceand divi- rection, and the presssetsthe conversation in toralCollegeand thrownthe election to the race,those moderates were mostly sivenessoriginated with the Demo- away that canfurther influencepollstersand House by closing agap under one percentage in groups that tilted Democratic in cratic Party beforeDonald Trump campaign decisions. point in Georgia, Arizona and Wisconsin several election cycles. even took officeand persisted non- Consider the impact. Radical Democratic (whereaWashingtonPost-ABC poll released TheBiden-SandersUnity Task stop forfour years. It is interesting ideas likecourt-packing maynot have received Oct. 28 had Mr.Biden up 17). Forceagenda that mollified the dem- to nowhear all these calls forunity as much backing from party leadership if fore- Pollstersare working on bettermodels,but ocratic-socialist wing of Vice Presi- coming from the resistanceparty. castshad been morerealistic about Demo- it would be healthier if politics and media nar- dent Biden’sparty is by no means What goes around comes around. craticodds of winning SenateseatsinIowa, ratives were shaped lessbyinstant snapshots moderate. JoeBiden mostly clammed Welcome to the real world. up about or disavowedthe Unity LEN LINDENMEYER and North Carolina as well as House seatsin of quantified opinion. Public figurescould Task Forcepolicies because they are Fayetteville, Pa. Florida,California and Texas.That warped dis- makedecisions based moreonwhat they think course mayhaveincreased polarization. is right. Journalistsand opinion leaderscould Thepredictions that Democratswould gain develop insightsonpopular sentiment the old- 10-15 seatsormoreinthe House were so fashioned way—by actual reporting.Those in- Many Latinos LikedTrump’s Antisocialism wrongthat they mayhavehurt the GOP sightsmight also be shaped by bias,but at chances to take House control in what wasa leastthey wouldn’t be presented with an im- Jason Riley ends “Blacks and Lati- lans perceived that Mr.Biden would very close result. TheCook Political Report, primatur of scientific authority. nos forTrump” (UpwardMobility, go back to the Cuba-friendly policies Nov.11) with the conclusion that the of the Obama eraand not makean focus of reopening during Covid effort to liberateVenezuela from dic- times is what mayhaveresonated in tatorship. The Dividend Tax Canary the Latino uptick of votesfor Presi- As aVenezuelan-American, but dent Trump.That maybeareason, firstasanAmerican, Itrust Ameri- inancial markets have breathed easier twice—first as corporate profits, then as divi- but as aLatino living in theVenezue- caninstitutions and their checks and at theprospect that aGOP Senatemeans dends. lan/Colombian-American area of balances and am not afraid of a“so- F no big taxincreases in 2021. But Repub- Daniel Cliftonofthe StrategasGroup points Doral, Fla., Ican tell youthat Mr. cialist takeover” in our country. I licancontrol still isn’t certain, out that morethan 1,100 com- Trump’scampaign wasable to,on also firmly believethat Venezuelans and one signal of caution to Investorshavetough panies paid special dividends one hand, sell the idea that aJoe Bi- need to fight harder to removeMr. watch are companies issuing calls ahead of the in late 2012 ahead of Barack den administration would be aTro- Maduro. If that’sthe Venezuelan peo- special dividends by the end Obama’sbig 2013 taxincrease. jan horse forsocialism. ManyVene- ple’sultimatewish, then other coun- of the year. Georgia Senaterunoffs. A similar surge is possible if zuelan-Americans,who fled the tries mayjoin in support. Ask any Costco last week an- polls begin to trend away from failed socialism in Venezuela, areter- Latinos hereinMiami whythey sup- rified with the prospect of living in ported President Trump and you nounced a one-time dividend the two GOP candidates in the that situation again. On the other would realizethat fear of commu- of $10 asharefor an outlayofsome $4.4billion. Jan. 5 runoff elections in Georgia. Mr. Clifton hand, Mr.Trump also sold Venezue- nism or socialism playedamajor role The dividend is payable on Dec. 11. Costco has reportsthat the number of Russell 3000 compa- lans the idea that his administration in their decision, maybe even more issued specialdividends before, and it men- nies paying aspecial dividend is already up 45% would be able to liberateVenezuela than economic reasons. tioned no political motive in the timing of the from a year ago. from the dictator Nicolás Maduro JULIO RÍOS payout. If companies have the sparecash, they prob- and his cronies,and manyVenezue- Doral, Fla. Butthe dividend datethis calendar year ably owe it to investors to pay the money now means that Costco’s holderswill paythe current rather than waiting.The issue is trickier forin- toptax rate on dividends of 23.8%, including the vestorswith unrealized capital gains.Mr. Biden Bolton and Avoiding aChina-Taiwan War ObamaCareinvestment surcharge.Ifthe whole- has also promised to raise the 23.8% capital- saler waited until next year,the taxondivi- gains tax to the personal income rate. Do you John Bolton’sreview of “The China TheTaiwan Relations Act, albeit a Nightmare” (Bookshelf,Nov.16) of- cornerstone of the current de facto dends could be much higher. sell and take the suregain at the lowerrate fers compelling reasons to integrate alliancewith Taiwan, remains rela- Joe Biden has proposed raising the tax rate even if youlikethe investment? Or take the risk Dan Blumenthal’sbook intothe cur- tively ambiguous in comparison to on dividends to the regular income taxratethat that your taxratewill nearly double if the GOP rent China foreign-policyframework. U.S. defense obligations with NATO he also wantstoraise to 39.6%, plus the Obama- fails to hold the Senate? However, Mr.Bolton’sframing of the and other key allies.Unlessthe U.S. Caresurcharge.That would be alittle lessthan A Democratic Senate is possible, especially Taiwan issue skirtskey elements of decides to enter intoamutual de- double the current dividend taxrate. Mr.Biden with President Trump attacking his party lead- that global flashpoint. Recognition of fense treaty with Taiwan (a likely up- also wantstoraise the corporatetax rate to 28% ersinGeorgia because they aren’t cheering his Taiwan wouldn’t lead to adramatic hill political battle given the current from 21%, which all adds up to a huge tax in- claims of fraud. Therest of this year is acollar- “chill” with China, but the fundamen- aversion to foreign wars), it would crease on capital. Corporate profits are taxed tugger for investors. talcollapse of diplomatic relations.In likely suffer the same fateasthat of fact, the One China consensus of 1972 Ukraine and Hong Kong. (which stated that therewas only YONI KATZ one legitimateChinese government) New York Trump’s Gift to Joe Biden wasthe basis fornormalizing rela- tions with China in 1979.Itishighly ongratulations to drug companies for payment models to reducefederal spending and likely that U.S. recognition of Taiwan Mike Lee and Lord Sutch’s their tremendous work developing improve patient care. Such tests typically are as asovereign statewould be a casus C Covid-19 vaccines and therapies in re- voluntaryand involveasmall patient or hospi- Different Views on Antitrust belli forChina’sinvasion of the is- cord time. Their reward from talpopulation. Themost-fa- land. Regarding Sen. Mike Lee’s“One the Trump Administration is His new drug price rule vored nation rule will be im- Agencyfor Antitrust” (op-ed, Nov.18): anew regulation imposing will hurt the innovation posed by fiat nationwide. In seeking unified antitrust enforce- drug pricecontrols,which will APresident Biden will no Teens at Home Must Still ment, Sen. Leemight consider the makeiteasier forJoe Biden to that produced vaccines. doubt runwith Mr.Trump’s Prepare for the Real World concern of the departed Screaming Lord Sutch, early rocker,performance go further next year. legally dubious precedent. Mr. Iamaclinical psychologist. Erika artist and founder of the British Offi- The Department of Health Biden has proposed requiring Komisar’s “Lockdowns Have a cial Monster Raving LoonyParty.Re- and Human Services on Fridayfinalized a drug makerstocharge even privateinsurersthe Bright Side forTeens” (op-ed, Nov. ferring to the U.K. antitrust equiva- “most-favorednation” rule requiring drug mak- same priceasMedicare, and his regulators 18) on reduced depression in teens lent, he challenged: “Why is there erstogiveMedicarethe lowest pricethey could use Mr.Trump’ssame flawedadministra- during the pandemic is encouraging only one Monopolies Commission?” charge comparable developed countries. This tive edict to impose it. and itspoint well takenregarding CARL DANNER means the feds will refuse to paymorefor med- Politicoreported this week that Mr.Trump the value of family time and sleep, Alamo, Calif. icines than government-run health systems in pushed HHS to jam through the most-favored so oftenoverlooked during the de- Europe.Didn’t Mr.Trump campaign against so- nation rule because he is angry that Pfizer didn’t velopmental years. However, her ar- cialism? publicly disclose that itsCovid-19 vaccine was gument that standardized tests Pepper ... While Medicarepays morefor medicines 95% effective until after the election. “Pfizer and should be permanently removed so And Salt as to reduceanxiety in teens is than most countries,Americans also getearlier others even decided to not assess the results of mistaken. Thereare other moreef- THE WALL STREET JOURNAL access to morelife-saving treatments. Accord- their vaccine, in other words, not come out with fectiveways to help teens cope ing to the Galen Institute, 96% of new cancer a vaccine, until just after the election. That’s be- with the inevitable anxieties that therapies areavailable in the U.S. compared to cause of what Idid with favorednationsand recur. 73%inGermany, 66% in Franceand 54% in these other elements,” President Trump said Removing all roadblocks,chal- Japan. Mr.Trump’spenny-pinching will result Friday, moreorlessconfirming the Politico lenges and hardships is no way to in fewer breakthrough treatments. story. But perhaps Pfizer’s delaywas because build resilience. In fact, it is anath- Most drugs fail in clinical trials, including the datawasn’t available. ema to developing the adaptiveness some 97% of oncologytreatments.The rare suc- Thenew rule is likely to be blocked in court, one needs to facethe real world. cesses finance research and development into but it will tarnish the Administration’s record Riverdale, N.Y. newmedicines.Itdoesn’t take abrain surgeon of accelerating drug approvals,Covid vaccines Lettersintended forpublication to understand that drug makerswill spend less and therapies.Industryexpertsexpect the next should be emailed to [email protected]. on new medicines if government cuts their re- Congresstopasssome form of drug pricelegis- Please include your city, stateand turn on investment. lation. Maybe it’sgood the pandemic hit before telephone number.All letters aresub- HHS is rushing out the rule without seeking politicians could do more damage to pharma- ject to editing,and unpublished letters cannot be acknowledged. public comment under itsauthority to test new ceutical innovation. “Give me all the caffeine you have.” P2JW328000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, November 23, 2020 | A17 OPINION The Inauthenticity Behind Black Lives Matter

By Shelby Steele long and terrible collusion with the tive, but only to apoint. Afterall it evilofracism. (President Kennedy wascalibrated to go on formonths. en. Tim ScottofSouth wasthe firstpresident to acknowl- In the summer of 2020,self-con- Carolina gavearemarkable edgethat civil rightswas a“moral sciousnessreplaced spontaneity as speech at this year’s Re- issue.”)This triggerednothing less theessenceofyouthful protest in S publican National Conven- than acrisis of moral authority that America—yet another sign that tion. Yes, here was a black threatened the very legitimacyof thereisnot enough real victimiza- manataGOP event, so therewas a American democracy. tion to light the sort of fire that whiff of identity politics.When we Even today, almost 60 yearsbe- burned down Detroit in the ’60s. see color these days,weexpect ide- yond the Civil RightsAct, groups Idoubt that anyofthe black ologytofollow. But Mr.Scott’s cha- likeBlack Lives Matter, along with a speakersatthe RNC would argue risma that night wassimply that he vast grievanceindustry, use Amer- that racism has vanished from spokeasaperson, not aspokesper- ica’sinsecuremoral authority American life. What makes them

son forhis color. around race as an opportunity to GES harbingers of anew racial order is

Burgess Owens,Herschel Walker, assert themselves.Doesn’t BLM IMA that they unpair victimization from Daniel Cameron and several others dwellinaspacemade foritby identity.Victimization maybean

did the same.Itwas aparade of in- America’sracial self-doubt? GETTY experienceweendure, but it should dividuals.And in their speeches the In the culture, whites and Ameri- never be an identity that defines us.

human being stepped out from be- caninstitutions areeffectively man- TUREN/ They allspokeasAmerican citizens

hind theidentity,telling personal dated by this confession to prove MA in aspirit of citizenship. stories that reached forhuman con- theirinnocenceofracism as acon- This is the great challengethat EPHEN

nections with the American peo- dition of moral legitimacy. Blacks,in ST always awaitsthe oppressed after ple—this rather than the usual pos- turn, aremandated to honor their A ‘defund the police’ protest in Minneapolis June 6. freedom is achieved. If only out of turing forleveragewith tales of newfreedom by developing intoed- loyalty to our past (all this suffering grievance. So they were all fresh ucational and economic parity with ing,public housing and so on. But it Canwebeblack without being vic- has to mean something), we will and compelling. whites.Ifwhites achieveracial in- also seduced us intoturning our tims? Thegreat diminishment (not feel compelled to makevictimiza- nocenceand blacks develop into identity intoavirtual cult of victim- eradication) of racism sincethe ’60s tion the centerpieceofour identity parity with whites,then America ization—as if our persecution was means that our victim-focused iden- today. This will seem the authentic Insisting on the prevalence will have overcome itsoriginal sin. our eternal flame,the deepest truth tity has become an anachronism. and honorable thing to do.But it Democracywill have become mani- of who we are, atragic fatewe Well suited forthe past, it strains will only further invest us in pre- of ‘systemic racism’ is a fest. trade on. Afterall, in an indifferent forrelevanceinthe present. cisely the fruitlesstangle of identity way of defending a victim- This wasAmerica’spost-confes- world, it mayfeel bettertobethe Thus,for manyblacks today—es- and woundednessthat mires us in sion bargain between the races—in- victim of agreat historical injustice pecially the young—thereisafeel- the past. We should never denythe focused racial identity. nocenceonthe whitehand, develop- than aperson leftout of history ing of inauthenticity,that one is past, but it should only inform and ment on the black.Itdefined the when that injusticerecedes. only thinly black because one isn’t inspire. old order with which those conven- Yetthereisanelephant in the racially persecuted. “Systemic rac- In the end, only one achievement Do theseRepublicans foretell a tion speakersseemed to break.But room. It is simply that we blacks ism” is aterm that tries to recover will turn us from the old victim-fo- newracial order in America? thereisaproblem with these man- aren’t much victimized anymore. authenticity foralessand lesscon- cused racial order toward anew, Clearly they have pushed their way dates: To achievetheir ends,they Todayweare free to build alife vincing black identity.This racism is nonracial order: the full and unqual- through an old racial order,as both need blacks to be victims. that won’t be stunted by racial per- really morecompensatorythan sys- ified acceptanceofour freedom. We have—it could be argued—many Whites need blacks they cansaveto secution. Todayweare far more temic.Itwas invented to makeup don’t have to fight forfreedom so black Trump voters in the recent provetheir innocenceofracism. likely to encounter racial prefer- forthe increasing absenceofthe much anymore. We have to do election. Ibelievethereisinfact a Blacks must put themselves forward ences than racial discrimination. real thing. something moredifficult—fully ac- newracial order slowly and tenu- as victims the bettertomaketheir Moreover,weliveinasociety that This summer,incities from Port- cept that we arefree. ously emerging,and that we blacks case forentitlements. generally shows us goodwill—a soci- land, Ore.,toBaltimore, black pro- areswimming through rough seas This is acorruption because it ety that has isolated racism as its test seemed driven morebythe Mr. Steele, asenior fellow at to reach it. But to bettersee the makesblack suffering intoamoral most unforgivable sin. angst of inauthenticity than by any Stanford University’s Hoover Insti- new, it is necessarytoknowthe old. powertobewielded, rather than a This lack of victimization real menace. Theproteststhem- tution, is author of “Shame: How Theold began in what might be condition to be overcome.This is amountstoan“absenceofmalice” selves came off as theater.There America’s Past Sins Have Polarized called America’sGreat Confession. the powerthat blacks discovered in that profoundly threatensthe vic- were costumes,masks and well-re- Our Country” and writer and narra- In passing the 1964 Civil RightsAct, the ’60s.Itgained us aWar on Pov- tim-focused black identity.Who are hearsed mimes of confrontation and tor of the documentary “What Killed Americaeffectively confessed to a erty,affirmativeaction, school bus- we without the maliceofracism? outrage. Theviolencewas destruc- Michael Brown?” Some Masks Will Protect Yo u Better Than Others

By Scott Gottlieb masks when they go out. Alot of Asurgical mask could offer you In China the equivalent mask is the publishedinstructions online on Covid spread comes from people betterprotection, on the order of KN95 and in Europe the comparable disinfecting and reusing N95 masks rush of travel forThanksgiv- who areasymptomatic and don’t 60%. But hereagain, quality mat- designation is FFP2. TheFDA has that canextendtheir life. A ing will lead to newCovid-19 knowthey areinfected. Thethink- ters.Manyofthe masks sold on authorized foremergencyuse a Governorscan help: Statescan outbreaks.Infection ratesare ingwas that if morepeople wore Amazon, whichsay they arefor bunch of KN95 and FFP2 masks that providemasks to people at high accelerating,and agrowing per- masks,that could reducethe spread. dust and allergens,aren’t surgical have been tested to showthat they risk whocan’t find them easily. centageofthose hospitalized are Forthese purposes,datashowed masks, even though they look like offer comparable protection to an They canalso direct consumersto over 65.Past wavesprompted peo- that manytypes of facecovering the blue masks worn by nurses and N95 mask.These options arelisted the best masks they cansource.The ple to reducetheir activity,but re- could reducetransmission. on the FDA’swebsite. FDAand CDC typically weigh in on cent Google mobility datadon’t Backthen, medical masks were in Masksmay also be evaluated by the quality of masks when amanu- showabig changeinbehavior.Yet short supply.Asacompromise,the Surgical outperforms the National Institutefor Occupa- facturer seeks federal reviewor manyAmericans could take one public wasadvisedtouse cloth cloth, and an N95 is far tional Safety and Health,apart of sells amask formedical use.But simple step to protect themselves: masks.The supply chain has since the Centersfor Disease Control stateagencies have morelatitude to Buy abettermask. expanded, and while thereare still superior to a bandanna. and Prevention that certifies speak to the full rangeofproducts Thewidespread use of masks has some shortages of medical masks, masks forindustrial uses.Check to sold to consumersonline. become an unfortunateflashpoint health-careworkershavededicated see if your mask is listed in the Slowing the current cycle of in the political debate over how se- supply chains.It’stime to revise the doctors. Areal medical-procedure Niosh database.Manyproducts spread will be difficult. But encour- riously to take Covid. Naysayersar- guidancetoconsumers. mask will be cleared by the Food claim to be N95 equivalent but ha- aging Americans to wear higher- guethat the masks won’t protect Acottonmask offersfar lesspro- and Drug Administration and desig- ven’t undergone testing and may quality masks is asimple step that you, so whybother wearing them? tection than asurgical mask.Ifa nated as offering one of three levels be counterfeits. might makeadifference. Thepremise is false,but the level cloth mask is all youcan find, buy a of protection. Generally,alevel 2or Better-quality masks canbeex- of protection depends on the type thick one.Snug-fitting masks made level 3medical mask is best. pensive—perhaps $5 forasingle Dr. Gottlieb is aresident fellow of the mask. of cotton-polyester blends will gen- An N95 or equivalent mask offers N95 mask.But having afew avail- at the American Enterprise Institute Iwas part of the discussion with erally offer moreprotection. But the best protection and, if used able forhigh-risk settingssuch as and was commissioner of the Food the government in the spring even averygood cloth mask may properly,will filter out at least 95% the grocerystore canreducethe and Drug Administration, 2017-19. around the meritsoffederal guid- only be about 30% protective; scarf of infectious particles.Online re- risk of transmission.The Depart- He serves on theboards of Pfizer ance recommending people wear or bandanna, 10% or less. sourcescan help youfit the mask. ment of Homeland Security has andIllumina. Nationwide Injunctions Will Be a Vital Check if Biden Overreaches

By Scott A. Keller cessfully petitioned formultiple na- cally acrossthe country. But acourt wide injunctions.While setting con- to “set aside” governmental actions tionwide injunctions against the should have the powertoenter ana- ditions on administrativeauthority, as a judicial veto power over whole ederal district judges have Obama administration. Courtsissued tionwide injunction against afederal Congress also broadly allowed law- laws. And in other statutes enacted F frustrated the Trump adminis- some three times as manynation- agency’s action when it is categori- suitsagainst federal agencies and right beforethe AdministrativePro- tration by issuing nationwide wide injunctionsagainst the Trump cally unlawful in all circumstances. gavecourtssubstantial powerto cedureAct, Congressused the injunctions against dozens of agency administration in four yearsasthey The argument for nationwide in- rein in invalid agencyactions.The phrase “set aside” to describe a actions.The Supreme Court will con- did throughout all eight yearsofthe junctions is stronger when courtsre- court’snullification of congressional sider acase this term that could de- Obama administration. YetIhave viewfederal agencyactions as op- actsoragencyrules—rather than termine when, if ever,judges canis- maintained that courtshavethe posed to statutes.The Supreme Courts should issue such merely blocking an enforcement ac- sue these universal injunctions, power to enter these injunctions in Courthas held that Congresscan tion against a single litigant. which apply beyond the geographic appropriate cases. delegatepowertofederal agencies in orders sparingly, but Since at least the late 1970s, the limits of the court’s jurisdiction. Thereisnodoubt that nationwide all sortsofcontexts to makerules Congress has authorized JusticeDepartment has argued that At the same time,with Republi- injunctions are powerful remedies. that carrythe forceoflaw.Each year nationwide injunctions areinconsis- cans expected to control the Senate They allowasingle judgetonullifya fordecades,agencies have made far them in appropriate cases. tent with historical judicial remedies next year,President-elect Biden federal administrativeagency’spol- morerules than Congresshas en- entered by “courtsofequity”—the plansexecutiveactions to bypass icy across the entire nation instead acted bills.Sothe conditions Con- type of court under 18th-century Congressand decree sweeping regu- of blocking its enforcement against gressplaces on agencyauthority of- lawprovides that a“reviewing court English common lawthat could latorychanges affecting nearly every only the parties bringing the lawsuit, tendictatewhich branch of the shall ...hold unlawful and set aside block parties from taking certain un- U.S. industry. Forthe next four or only in the stateorpart of astate federal government has the powerto agencyaction” that exceeds the lawful actions.But Congresscan years, conservatives will be apt to under the court’s jurisdiction. regulate entire industries. agency’s authority. There is consid- override historical common law seek nationwide injunctions—and Courts should issue nationwide TheAdministrativeProcedureAct erable historical evidence that “set practices,asitdid with the Adminis- courtsshould continue issuing them injunctions sparingly.When an of 1946,which delineates the condi- aside” in this contextmeans nullify- trative Procedure Act. as avital check on executive-branch agency’saction is lawful in some cir- tions under which Congress agrees ing entire governmental actions. At The Supreme Court in 1979 held overreach. cumstances but not others, courts to givepowertoexecutive-branch the Constitutional Convention, that “the scope of injunctiverelief is As Texas solicitor general, I suc- shouldn’t block the policy categori- agencies,directly supportsnation- James Madison described the power dictated by the extent of the viola- tion established.” If an agencyaction is categorically unlawful in all cir- cumstances,ajudgecan enjoin it na- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Trump ’24 tionwide. Rupert Murdoch Robert Thomson Thestrongest argument against Executive Chairman, News Corp Chief Executive Officer, News Corp Philip Klein writing for the Wash- gument no longer works as well. ... nationwide injunctions is that they Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher ington Examiner, Nov. 16: Therewill be apoint at which asymmetrically allowplaintiffs to Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Trump has exhausted all legal op- block an agency’saction by filing Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; What if Trumpruns again in tions,and Biden still remains multiple lawsuits. All the plaintiffs Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; 2024? ...IfTrump has one weak- ahead. Therewill be apoint at need is one judgetostopthe policy. News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; ness in 2024, it would be that he which Biden will be certified as the Appellatecourtsshould strongly Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer lost the2020 election to an aging winner by the Electoral College. As- consider staying such injunctions Andrew Dowell, Asia; AnthonyGalloway, Video & Biden even as Republicans made suming Trump still refuses to con- pending appeal when multiple judges Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; gains down ballot. That’sasure cede at that point and that he elsewherehaveupheld the agency Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; sign that manyvoterswho weren’t claims that he actually wonbut it actions. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; on boardwith Democratsonpolicy wasstolen from him, Republicans Yetthe availability of these in- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News decided to hold their noses and will have another opportunity to junctions shouldn’t depend on who Thomas SanFilippo, Customer Service; vote forBiden simply because they stand up to Trump and acknowl- occupies theWhiteHouse.Federal GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; could not stand Trump.DoRepubli- edge that Biden is the legitimate courts should continue to have the Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; cans want to renominateTrump in winner.They will no longer be able powertoenter nationwide injunc- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International 2024and risk another defeat? to hide behind the idea of letting tionswhen Biden administration WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: Theproblem forRepublicans is the legal processplayout or to say agencies act unlawfully. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head that this argument only works if that Biden wasonly declared the

EDITORIAL AND CORPORATEHEADQUARTERS: Republicanvotersthink that Trump winner by the media. If they back Mr. Keller, apartner at Baker 1211 Avenue of the Americas, New York, N.Y., 10036 lost. If they think he actually won Trumpatthat point, it could come Botts LLP, served as Texas solicitor Telephone 1-800-DOWJONES and the election wasstolen, that ar- back to haunt them in 2024. general, 2015-18. P2JW328000-0-A01800-1------XA

A18 | Monday, November 23, 2020 THE WALL STREET JOURNAL. WORLD NEWS Armenians Abandon Homes in Enclave

Thousands leave land “They aredigging out their dead,” Mr.Babayansaid. “You to be returned to canmeasurethe level of dis- Azerbaijan under trust between two people.” At the 13th-centuryDadi- a Nov. 10 peace pact vank monastery, which sits above the village, the faithful BY RAJA ABDULRAHIM gathered to bid farewell to each other and to their village, KALBAJAR,Azerbaijan— as Russian peacekeepersinan Charred homes and businesses armored vehicle took up posi- line the main road that cuts tion nearby.The Russian through the mountain villages forces arebeing deployedas in this part of the South Cau- part of the peace agreement. casus. A faint smell of smoke Apriest, Father Hovhaness hangsinthe air.Onthe side of Hovahanessyan, said he and one torched building someone some other clergy arethe only has scrawled aparting mes- Armenians choosing to stay in sage: “We will be back.” the village. “The villagers left Theethnic Armenian inhab- because they had no hope.But itantsofthe area arefleeing Ihaven’t yetlost my hope and this land that is to be turned will never leave,” he said. over to Azeri forces on Nov.25 In Stepanakert, the enclave’s as part of a Russian-brokered capital, the recent conflict has peacedeal between Armenia leftbrokenwindows and dam- andAzerbaijan.And they are aged buildings. Manymen are determined to destroy what- dressed in camouflagejackets ever they can’t take with them. and pants—even though not all Trees have been felled. And of them joined the fighting— nothing but a few workbooks Armenian soldiers ride through Stepanakert, capital of the disputed enclave of Nagorno-Karabakh. Recent fighting between Armenia and giving the city afeeling of still and desks remain in the Azerbaijan has left thousands dead and led morethan 100,000 ethnic Armenians to flee, some stripping their houses barebeforeleaving. being on militaryalert. burned-out shell of alocal On Fridayatthe city hall, school. afull-scale warfrom1992 un- crowdsofmen and women “Weare builders, not burn- til acease-firein1994. Six spilled out of the front door to ers. It is something that is yearsofconflict cost some collect bagsand boxesoffood hardtodo,” said Arshak Za- 30,000 lives.Inthe recent aid. karyan, who wasmethodically conflict, morethan 100,000 Pargev Margaryan, a52- dismantlingthe restaurant his ethnic Armenianshaveleft year-old retired policeofficer, family has runfor two years their homes, according to aid joined the waiting line.Heand on the outskirtsofDadivank,a groups,and an estimated his extended family,including villageinthe Kalbajar district. 5,000 people have been killed. his wife, grownson and “Wecan’t livewith Azeris,” The Azeri government has daughter,two grandchildren said the 52-year-old entrepre- pledged to guarantee the and his elderly mother,are liv-

neur,who keeps an AK-47rifle rightsofArmenians in the ter- (2) ing in acramped two-bedroom close at hand. ritories it has reclaimed. Many apartment. Kalbajar and two other dis- Armenians,however, ex- He has left his home in the trictsnexttothe disputed re- pressed skepticism given the JOURNAL villageofLisagor,which will

gion of Nagorno-Karabakh are region’slong historyofethnic REET be taken over by Azeri forces to be handed back to Azerbai- animosity between the largely ST on Nov. 25, he said. janfromArmenia as part of a Christian Armenians and LL “This will become an Azeri WA Nov.10agreement ending six mostly Muslim, Turkic-speak- village,” he said. “When I THE

weeks of fighting between the ing Azeris. R bought theland in 2005,I two countries over the enclave. Many hereare angrywith FO didn’t think that one dayI The districts and Nagorno- the Armenian government in could lose it.” Karabakh have been controlled Yerevanfor signing adeal that He bid farewell to the four- by Armenia sinceawar in the they see as acapitulation. bedroom house he and his

1990s. The fate of the enclave Therehavebeen massprotests MIELNIKIEWICZ family spent 12 yearsbuilding, itself,internationallyrecog- calling forthe ouster of Arme- locked the door and walked TYNA

nized as a part of Azerbaijan, nian Prime Minister Nikol Pa- JUS away. Residents from the vil- has yet to be resolved. It has shinyanand key figuresinhis lage’s27other houses did the long been abone of contention government have resigned or in vain. “Not asingle meter abandon their homes.But wanting to leave them behind same.But no one thereburned between the two former So- been fired. waslost to the Azeris in this nearly all Armenians living on either, according to David Ba- their home. viet republics, with each side Mr.Zakaryancriticized the area, but with one signaturehe territory to be ceded to Azer- bayan, adviser to Nagorno- “Now Ihavenothing,” Mr. claiming it as part of their prime minister’s decision and gaveaway the whole area.” baijan have left, saying they Karabakh’sleader,Arayik Har- Margaryan said, throwing his homeland. Fighting forcontrol lamented the lossof“5,000 The deal between Armenia can’t coexist. utyunyan. He said people hands into the air. “I came as of Nagorno-Karabakh broke young lives,” the estimated and Azerbaijan doesn’t compel Some even dug up the bod- feared graves would be dese- Iambecause Idon’t have a out in 1988 and exploded into number of Armenia’swar dead, civilians to leave anyareaor iesoftheir dead relatives,not crated. car to bring my stuff.” Brazilians ProtestBlack Man’sDeath Chinese Dissidents

BY LUCIANA MAGALHAES when he gotintoanalterca- Back Trump Claims AND SAMANTHA PEARSON tion with acashier and was escorted out of the storeby SÃOPAULO—Street pro- the two guards.Asthe men BY SHA HUA Trumponhis domestic poli- testsbroke out acrossBrazil entered the parking lot, video cies but viewhim as avehicle afteraBlack man wasbeaten footageshows Mr.Freitas HONG KONG—Some of fortheir China hopes,” says to death by privatesecurity punching one of the guards. China’smost influential dissi- Rui Zhong, aresearcher at the guards outside agrocery store GES Thetwo guards then pushed dentsand human-rightsactiv- Washington-based Wilson in the southern city of Porto IMA Mr.Freitas to the ground istsbased in the U.S.,who ap- Center’sKissinger Instituteon

Alegre, sparking abitterde- GETTY wherethey beat him to death proveofthe Trump China and the United States.

bateabout racism in Latin SE/ in front of agroup of shop- administration’stough line on “Mr.Trump earned my vote America’slargest country. pers, employees and bystand- Beijing, have come out in sup- because of his decisivenesson Video footageshowedtwo ers, some of whom appeared port of the president’s unsub- China,” says Mr.Fu, aChina-

security guards outside aCar- ANCE-PRES to trytointervene. stantiated allegations of wide- born Christianactivist who refour supermarket pinning FR President Jair Bolsonaro, a spread U.S. election fraud. wonasylum in the U.S. during

the customer to the floor ENCE conservativeex-armycaptain, Blind legal activist Chen the Clinton administration. while repeatedly punching him AG has playeddownthe tensions, Guangcheng has tweeted pro- Fewer than one-quarter of

in the head on Thursday, the ILA/ accusing his political enemies lifically claiming Mr.Trump eveofBrazil’sBlack Aware- AV of trying to divide the coun- wonthe election. Religious VIO

nessDay,anational holidayto SIL try. Without making reference leader Bob Fu supportsthe al- U.S.­based activists celebratethe Black commu- JoãoAlbertoSilveiraFreitas, who died after being beatenby to the death of Mr.Freitas,he legations of attorney Sidney nity.Local pressreported the securityguards at asupermarket lastweek, wasburied Saturday. said during the summit of Powell,who has claimed “com- view the Democratic man, 40-year-old welder João G-20 leadersonSaturday that munist money” from Cuba and Party as more pliant AlbertoSilveiraFreitas,died governmental research group. as ahorrible act. He said he therewas an “attempt to im- China rigged the election. of asphyxiation, drawing com- Hundreds of protestersheld hadinstructed the retailer in port to our land tensions that Wang Dan, aleader of the on China. parisons to George Floyd’s demonstrations over the Brazil to revise itstraining have nothing to do with our 1989 student demonstrations killing in the U.S. this year. weekend outside Carrefour policies.The companyprom- history.” On Twitter, he later in Tiananmen Square, has said “João’s violent death...is an stores in SãoPaulo and Rio de ised to donateall itssales rev- said he was“colorblind.” His he wantstohold off recogniz- act that shows the diverse as- Janeiro, as well as in the enues from Nov.20togroups vicepresident, Hamilton ing JoeBiden as president- Chinese-Americansvoted for pectsofracism and the in- south and northeast of the that fight forthe Black com- Mourao,told journaliststhat elect and criticized the media Mr. Trump in the 2016 presi- equalities to be found in Bra- country. Morethan 2,000 munity,saying it sawthe “racism does not exist in Bra- forwhat he calls biased re- dential vote, according to the zil’ssocial structure,” the demonstratorsstagedapro- weekend’sprotestsaslegiti- zil.” porting. No evidence of wide- Asian American LegalDefense Brazil officeofthe United Na- test outside the Carrefour mate. In 2017,while Mr.Bolson- spread fraud has emerged. and Education Fund. tions said. “Millions of black storeFridaywhereMr. Freitas Theguards,who worked arowas still afederal deputy, Manydissidentswho fled But manyChina-born exiles Brazilians continue to be vic- died. Videos on social media foranexternalsecurity com- he wasordered to payabout abroad afterbeing detained in aredifferent. Teng Biao,a tims of racism, racial discrimi- showedsome protestersset- pany, were arrested on Friday. $9,000 in moral damages after China fortheir political activ- prominent U.S.-based Chinese nation and intolerance, includ- ting fire to aCarrefour branch One wasanoff-duty military offensivecommentsabout ism have been wonoverby lawyer and critic of Mr.Trump, ing in the most cruel and in one of SãoPaulo’s wealthi- police officer.Policeinvesti- people from Quilombos,com- President Trump’swillingness drawsparallels to Cuban exiles, violent ways,” the U.N. said. est neighborhoods while em- gating Mr.Freitas’sdeath said munities of poor Blacks who to confront Beijing.They have who aren’t so much pro-Trump While Black and mixed-race ployees fought to put out the they areinterviewing wit- descended from slaves. in turn been willing to over- as they areanti-communist. Brazilians account forover blaze. nesses. “They’renot even fitfor pro- look Mr.Trump’sactions at Mr.Trump’sstrongman image half of the population, 74%of Carrefour’s chief executive, Mr.Freitas’swife, Milena creation,” he said, afterimply- home that critics sayhaveun- mayappeal to exiled Chinese homicide victims areBlack, AlexandreBompard, used BorgesAlves,told local media ing they were overweight and dermined media freedoms and because they see him as a according to the Brazilian Fo- Twittertoexpresshis condo- that he wasshopping at Car- lazy.The case waslater democratic institutions. counterweight to Chinese rumonPublic Safety,anon- lences over what he described refour with her Thursday thrown out by a higher court. “They don’t judgeMr. leader Xi Jinping, he said. WORLDWATCH

SAUDI ARABIA cus on the most vulnerable, and AFGHANISTAN wounded as the rockets slammed UNITED KINGDOM fication by the respective legisla- put our economies back on the into residential neighborhoods tures. The interim trade pact ex- G-20 Leaders Pledge path to restoring growth, and pro- Kabul Hit as Pompeo and businessdistricts, according U.K., Canada Unveil tends tariff-free access for most Covid Cooperation tecting and creating jobs forall.” Sets Talks in Qatar to the Afghan Interior Ministry. Interim Trade Pact goods, as available under the The leaders said vaccination The ministry said at least24 Comprehensive Economic and Leaders of the world’smajor should be extensive, affordable A barrage of rockets struck rockets were fired from twomin- The U.K. and Canada said the Trade Agreement, or CETA, for- economies on Sundayurged and accessible, as the develop- central Kabul on Saturday, hours ivans north of the capital. countries had agreed on an in- mally signed in late 2016. strenuous efforts to combatthe mentofvaccine candidatesoffers before Secretary of State Mike The Afghan government terim pact to cover trade once The U.K. is Canada’s most im- coronavirus and revivethe global hope of eventually beating back Pompeo was to meet Taliban blamed the Taliban for the at- Britain is no longer part of a Eu- portant commercial partner in economyafter atwo-daysummit the virus. Theycautioned eco- and Afghan government negotia- tack. The insurgent group denied ropean Union-Canada trade Europe, with trade in merchan- thatwas held virtually because of nomic recovery in some parts of tors in Qatar as the Trump ad- involvement. Hours after the at- treaty, beginning Jan. 1. dise goods reaching 29.04 billion the pandemic. the world appeared unevenand ministration seeks to speed the tack, Islamic State’s branch in The two countries said Satur- Canadian dollars, or the equiva- The Group of 20 major econo- said theywould suspend debt re- withdrawal of U.S. forces from Afghanistan claimed to be be- day that officials would work on lent of $22.22 billion, in 2019. mies pledged unanimously “to paymentfor 73 poorer countries the country. hind it, according to SITE Intel a more comprehensive agree- The U.K. started talks in May sparenoeffort to protect lives, through June 2021. At leasteightpeople were Group. ment, with talks to begin within with the U.S. about a trade pact. provide support with aspecial fo- —Stephen Kalin killed and morethan 30 others —Ehsanullah Amiri a year of the interim pact’s rati- —Paul Vieira P2JW328000-0-B00100-1------XA BUTESICHNOLOGNEY: COSTAR, PRSSOVIDER OF REAL&F-ESTATE DATAIN, MAKES ACANQUISITION B3 CE

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, November 23, 2020 | B1

Last Week: S&P 3557.54 g 0.77% S&P FIN À 0.54% S&P IT g 0.92% DJ TRANS À 1.21% WSJ $ IDX g 0.45% LIBOR 3M 0.205 NIKKEI 25527.37 À 0.56% See more at WSJ.com/Markets Bank Stocks’ Wild Ride GoesOn Dealers Seek Gain In a few days, shares Bank stocks’worst and bestdays relativetothe S&P500,percentage-point difference* sessions later,newsbroke that a vaccine developed by Pfizer Inc. went from one of 2008 2009 2020 and BioNTech SE proved better their worst sessions WORSTDAYSBESTDAYS than expected at protecting From –14.4 Jan. 20,2009 April 9, 2009 +16.3 people from Covid-19,and banks to one of their best had one of their best days. Sept.29, 2008 July 16, 2008 Investors, fortheir part, Smaller B Y D AVID BENOIT April 20,2009 Oct.14, 2008 can’t quitedecide what to think. Feb. 10,2009 Nov. 9, 2020 +12.3 They increasedtheir allocation On the firstFridaynight in to banks by morethan forany Dec.1,2008 March23, 2009 CarLots November,bank investor Ben other sector this month, accord- Mackovak sat outside his Cleve- Jan. 15,2009 May4,2009 ing to aBank of AmericaCorp. land home smoking acigar,con- March 19,2009 Nov. 24,2008 survey.Atthe same time,bet- BY NORA NAUGHTON templating the ruin in his port- ting against banks remained the AND MIKE COLIAS July 14,2008 Jan. 28,2009 folio. second-most popular trade in It had been abrutalyear and March 5, 2009 Sept.30, 2008 thesurvey. TheCovid-19 pandemic is he had just takenanother beat- –7.2 Nov. 4, 2020 Jan. 21,2009 Theindexfor the biggest changing an entrenched aspect ing.The dayafter the U.S. elec- banks,the KBWNasdaq Bank of carshopping in America: –10 pct. pts. 00 +10 tion, the Nasdaq Bank Indexhe Index, is down 22%for the year. finding your newride on the uses as abenchmark suffered It remains on pacetounderper- lotand driving it home that Annual performanceofthe KBWNasdaq Indexperformance, year to date‡ itsworst underperformance form the S&P 500 by morethan day. Bank Indexrelativetothe S&P500† against the S&P 500 since1987. S&P500 Regional banks Big banks anyyear on recordsgoing back Formonths,dealer stocks Mr.Mackovak no longer sawa 20 pct. points 20% to 1993. have been running about 25% path to the higher interest rates When the economystarted thinnerthan normal, ahang- that banks need to makemore recovering this summer and over effect from two months of money in the coming years. 0 other industries rallied, banks pandemic-related factoryclo- “It wasagut punch,” he said. 0 stayed beaten down. Thereare sures last spring.The shortfall Come Mondaynight, Mr. concerns that people will stop is requiring manybuyerstoor- Mackovak,co-founder of the -20 paying loansenmasse as the der their cars and wait afew $270 million fund Strategic pandemic stretches on. weeks,running counter to the Value Bank Partners, believed -20 Therewereafew bright spots American carshopper’s desire theindustrywas saved. Pfizer -40 in October. Trading revenue forinstant gratification, and Inc.was making progressona poweredprofits at Wall Street dealers’ impulsetosend the Covid-19 vaccine. TheNasdaq heavy hitters Goldman Sachs customer home in anew car BankIndexhad itsbest day -40 -60 Group Inc.and MorganStanley. that day. since1984. Mr.Mackovak,not a 2008'10 '15'20 2020 Nov. JPMorganChase &Co., Citi- That change mayoutlast the regular smoker,took out an- group Inc.and others slowed pandemic as industryexecu- *Bank stocks’ performancemeasured by the KBWNasdaq Bank Indexsince1993. †Positivevalues indicate the KBWoutperformed the S&P 500. other cigar—this time aCuban. The figurefor 2020 is as of Nov. 20.‡Performanceofbig banksismeasured by the KBWNasdaq Bank Indexand regionals arereflected by the KBW their stockpiling forbad loans. tivesfind that stocking fewer “It’sveryunusual to have Nasdaq Regional Banking Index. Smaller banks started buying cars,amid high demand, has two paradigm shifts in six Source:KBW bank analysts(bestand worstdays);FactSet (index performance) back stocks again. Therewere liftedprofits forcar companies days,” he said. even some deals announced. and dealersalike. Nowboth Theyear 2020 will go down the pandemic.The DowJones fitedfromstay-at-home direc- and atroubled economy. Manyinvestorsbet that Demo- aretalking about carrying as one of the most volatile—and Industrial Averageisnearing the tives,havefueled the market’s Thepast few weeks in partic- cratswould sweep the resultson fewervehicles on the dealer- likely one of the worst—for symbolic 30000 threshold, and rise.The lesser performanceby ular sent bank investorswhip- Election Dayand passabig ship lotpermanently,inwhat bank stocks on record. the S&P 500 hit recordsthis banks,viewedasclosely tied to sawing.The dayafter the elec- PleaseturntopageB9 would mark amonumental More broadly,the stock mar- month. Technologycompanies the fortunes of consumersand tion was among the worstdays shiftinthe way cars aresold ketissoaring even as the econ- likeFacebook Inc.and Ama- businesses,highlightsthe dis- ever forbank stocks when com-  Banks aid financing for in theU.S. omycontinues to stumble amid zon.comInc., which have bene- parity between arallying market pared with the S&P 500.Three Black-owned firms...... B10 Fordecades,American car dealerships have kept endless rows of vehicles outside their stores in enough colorsand Chocolate Makers Struggle to Cut Sugar variations forbuyerstofind what they want, when they want it. Reducing that massof BY SAABIRA CHAUDHURI sheet metal would result in morecustomerspreordering LONDON—Alongstanding theircarsweeks in advance, a push to slash sugar in choco- practicecommon in Europe latehas stalled, leaving con- andelsewhere. Thechange fectionery makers in a sticky could have implications for situation amid the threat of dealer-owned real estateand regulation that could hit sales. howcar companies runtheir In the U.K.—wherepeople factories. eat morechocolateper head Thebenefitsofleaner deal- than anywhere but Russia—a ership lotshavebeen an unex- government report shows the pected byproduct of the pan- industryhas made little prog- demic.Automakershavebeen ress toward a2020 deadline straining to boost output after to cut sugar.That has the spring shutdowns,atask prompted health campaigners made difficult by an unex- to call foratax on chocolate pected surge in demand for similar to a levyonsugary newvehicles.The result has softdrinks,which in several been aseller’s market,with car countries has reduced con- companies able to hold the line sumption or propelled refor- on discounts, driving prices to mulation. record highs. “The successofthe soft- And, because of the inven- drinks industrylevyhas tory crunch, carcompanies shown that alevy-based, man- have been giving priority to datorysystemworks,” said their most popular models and Holly Gabriel, anutritionist at feature combinations,which

London-based nonprofit Ac- NOBLE/REUTERS hasreduced complexity and

tion on Sugar. “Chocolatecon- PHIL cutsupply-chain costs, the fectionerywould be an ideal Nestlé said it had lowered sugar by 10% over the past five years across its entire U.K. confectionery portfolio. companies say. category to introduceasimilar Meanwhile,dealersare sav- levy.” influencing policy elsewhere. bar Wowsomes used hollow wanted the food industryto from 2015 levels.Chocolate ing money by holding lessin- Theburgeoning scrutiny Yearsofattemptstode- sugar crystals instead of solid help reduce obesity by volun- lagged behind other foods, ventory, and cars areselling presentsnew risks and chal- velop chocolatewith less ones.Mondelezand MarsInc. tarily reducing overall sugar with retailersand branded faster,athigher averageprices. lenges forglobal chocolate sugar but the same tastehave arestill selling reduced-sugar by 20% between 2015 and manufacturerscutting sugar Thetypical newvehicle spent companies such as KitKat failed to impress consumers. barsthey launched last year 2020 in productsincluding by 0.4%per 100 grams over about56days on adealer lot maker Nestlé SA and Toble- Nestlé this year scrapped a buthaven’t rolled them out chocolate, breakfast cereal, yo- the past five years. Theout-of- in October,down27% from the rone-owner Mondelez Inter- low-sugar chocolatebar less past their initial markets and gurt, spreads and desserts. home sector,which includes same month last year,accord- national Inc.,with the U.K.’s than two years after its high- sales are small. But areport published by coffee chains and sandwich ing to car-shopping website regulation on alcohol, smoking profile U.K. launch, citing un- Four yearsago, England’s the agencylast month showed shops,reported a10.7% rise in Edmunds.com. and plastic waste historically derwhelming demand. Milky- public-healthagencysaid it sugar reduction of 3% in 2019 PleaseturntopageB2 PleaseturntopageB2 STREETWISE | By James Mackintosh INSIDE Jobless Turn to Crowdfunding

Tesla Shows Why BY BEN EISEN rent and groceries. People have raised more That so many Americans than $100 million forbasic liv- Jim Mimna, a concert pho- arenow dependent on the ing expenses in tens of thou- Indexes Are Weird tographer in the Denver area, kindness of neighbors speaks sands of fundraisersonGo- wasonthe phone with a to the deepening inequality FundMe so far this year,the friend recently when the con- between those who can navi- companysaid. That is up 150% Aficionados important but oftenconflict- versation turned to his fi- gate the coronavirus recession from 2019 and more than any of Tesla Inc. ing roles: They measure nances. Mr. Mimna’s business and those who can’t. Thegov- previous year.Last month, the were celebrat- broadmarket performance, wasinfreefall and he worried ernment’ssocial-safety pro- companyintroduced anew ing last week and they areinvestment he would get evicted because grams, such as food stamps category of fundraiser,for as the elec- tools. he couldn’t pay the rent. and unemployment, weren’t rent, food and monthly bills. tric-car maker Start with Tesla. It will Shortly afterward, his designed to support the large Fundraisersfor the travel wasaccepted intothe S&P join the S&P 500 next month TRAVEL friend, JoeMichaels,pulled up numbersofpeople who have and adventure category, such 500,propelling itsshares up afteradecision by the com- Twowebsites’ the crowdfunding website Go- needed them during the pan- as study abroad and mission 22%intwo days. mitteethat oversees the in- paths diverge FundMe and created apage demic. trips, are down 45% this year, Step back from the ex- dex. Thesame committee labeled “Our Fave Photog “I hope the GoFundMe evi- the company said. traordinarygains,and the had rejected the companyin during the Needs Our Help.” He shared it dence might be used to show CEO Tim Cadogan said the fact that America’sseventh- September even afteritfi- pandemic crisis. B4 on Facebook and, within days, we must do a better job with fact that so many people are biggest companybymarket nally met the index’squalifi- the fundraiser surpassed its our social protection system,” nowusing his companytohelp value is only nowtobead- cation condition of being goal of $4,500. said William Arnone,chief ex- paythe electric bill is “a re- mittedtothe indexofthe profitable for12months. BUSINESS GoFundMe has long been ecutive of the National Acad- flection, very sadly,ofsoci- country’s500 most-valuable Indexmembership really Howtonavigate associated with life’s ups and emyofSocial Insurance, a ety.” Mr.Cadogan started at stocks is weird. But it is only matters,because thereis restaurants’ downs—moonshot inventions nonprofit that researches So- GoFundMe on March 2, the the most obvious of many about $11 trillion indexedor and emergency-room bills cial Security and related pro- daythe U.S. coronavirus death strangebut stock-price-mov- benchmarked to the S&P. outside dining alike. In the pandemic,itis grams.“Whatever we’redoing toll hit six.The toll stood at ing waysthat indexesrumble Passivefunds will have to this winter. B5 also becoming ago-toplace nowisnot working fortoo morethan 256,000 on Sunday. markets. Indexesplaytwo PleaseturntopageB9 forpeople to gethelp with many people.” PleaseturntopageB2 P2JW328000-4-B00200-1------NS

B2 | Monday, November 23, 2020 NY **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Fiat Chrysler R Allegiant Travel...... B10 Automobiles...... B2 Regeneron Ford Motor...... B2 APHY American Airlines Group Pharmaceuticals...... A6 GR B10 Freddie Mac...... B10 Renaissance Learning A3 TO

AppHarvest...... A8 G Royal Caribbean Group PHO T

Asbury Automotive General Electric...... B4 B4 AL Group...... B2 General Motors.....A2,B2 Ruby Tuesday...... B3 DEW

AstraZeneca...... A6 ES Gilead Sciences...... A6 Ryanair Holdings...... B10

B S JAM

GlaxoSmithKline...... A6 ; Bank of America...... B10 GoFundMe...... B1 Southwest Airlines..B10 Bharti Airtel...... B3 Goldman Sachs Group APHY

Spirit Airlines...... B10 GR

Bharti Global...... B3 B1,B3 Starkey Hearing TO

BioNTech...... B9 H - L Technologies...... A8 PHO Boeing...... B10 Homesnap...... B3 T Booking Holdings...... B4 JetBlue Airways...... B10 MIMNA Buckle...... B4 Tesla...... B1 JPMorgan Chase..B1,B10 JIM TCW Group...... B3 : C Kohl's...... A1

TJX Cos...... A2 LEFT Carnival...... B4 Lululemon...... B5

U - W OM Citigroup...... B1,B10 M - P FR Coca-Cola...... B10 United Airlines Holdings PattiMason hired Jim Mimna as her wedding photographer years ago and gave $50 via GoFundMe to the now-struggling gig worker,right. Marathon Oil...... A2 CoStar Group...... B3 B10 Morgan Stanley...... B1 D - F Universal Health ersaren’t scams,but doesn’t organizations versus individu- ing unemployment benefitsin Noble...... B3 Services...... A2 Delta Air Lines...... B10 Jobless Turn always independently verify als or businesses. Maythat amounted to about Norwegian Cruise Line Vir Biotechnology easyJet...... B10 Holdings...... B4 A6Wizz Air Holdings the information posted by or- Those in a position to give $700 a week. Then, the extra Eli Lilly...... A6 NRD Capital B10 ganizers. are often inclined to make lo- $600 a week provided by the Expedia Group...... B4 Management...... B3 World View Enterprises To Online Other websites have seen calized contributions,accord- CaresAct expired at the end Fannie Mae...... B10 Pfizer...... A6,B1 A8 similarupticks.OnFundly,a ing to Kim Williams-Pulfer, a of July,reducing his benefit. crowdfunding platform owned researcher at the Lilly Family Mr. Mimna stopped filing for Fundraisers by LumaverseTechnologies, School of Philanthropy.Apan- unemployment benefitsand thereare morethan 500 live demic that effectively shut instead got a part-time deliv- INDEX TO PEOPLE fundraisersbypeople asking down the countryhelped turn eryjob,though cartroubles ContinuedfrompageB1 forhelp with groceries.InOc- people’s attention toward the have recently made that work B K S These fundraisersare a tober 2019, there were about needs of neighbors, she said. tougher. small but growing sliceofGo- five, the company said. In some ways, Mr.Mimna, It wasdifficult forMr. Berger, Guy...... A8 Kelly, Gary...... B10 Saxena, Vasudha...... B10 FundMe’sbusiness, which has Manypleas have takena the photographer,islucky. Mimna to keep up with his Blitzer, David...... B9 L Singh, Deepinder...... A1 helped people raise morethan deeply personal tone. “It was Self-employedand gig workers $1,350 monthly rent. After he Brady, Geoff...... B10 Luedtke, Philip...... A8 Spear, Joelle...... R6 $9 billion between itsfound- the firsttime that Ireally told don’tusually qualifyfor unem- fell three months behind, an Butler, Marcella...... A8 M Suau-Sanchez, Pere..B10 ingadecade agoand the end anyone but my really close eviction noticelanded on his D Swartz, Jan...... B4 of last year. The company, a family what wasgoing on with door in the early fall. Mackovak, Ben...... B1 for-profit owned by agroup of me,” said EstrellitaEdwell, Mr.Michaels created the DeVol, Ross...... A8 Manley, Mike...... B2 T Using donation sites venture-capital investors,has who created afundraiser after fundraiser forMr. Mimna in Mantia, John...... R6 F Timm, Tracy...... R8 gobbled up other firms in re- getting laid off from an arts to pay basic bills is mid-October.Patti Mason, who Mimna, Jim...... B1 Frank, Meghan...... B5 W cent yearsincluding YouCaring nonprofit job in Washington, hired Mr. Mimna as her wed- Mittal, Sunil...... B3 ‘a reflection, very G Williams, Mark...... R6 and Crowdrise,cementing its D.C., earlier this year. ding photographer years ago, Moore, Michael...... R8 dominanceincrowdfunding. In arecent TransUnion sur- sadly, of society.’ sawitonFacebook.Though Gunderson, Nina...... R6 Wilson, Sean...... R6 Murphy, Kieran...... B4 Because it is private, it doesn’t vey, morethan half of U.S. Ms.Mason’shusband has lost H N - P Z disclose revenue or profit. consumers said the pandemic some work as a musician, her Hill, Steve...... B2 Nelson, Dennis...... B4 Zandi, Mark...... A1 GoFundMe and other com- affected them financially. payatasoftware companyhas Hult, David...... B2 Pakcan, Ebru...... B10 Zee, Jerry...... R2 panies that makemoney off Some 38% of those affected ployment, but the $2 trillion been steady.She donated $50 people’s altruism must navi- said they couldn’t paytheir Cares Act passed in March al- and booked a photo shoot for gate between maximizing credit-card bills and 30% said lowedthem to.Large groups her family. and lowercostsfor their solid profitsand minimizing how they couldn’t payfor their in- of people,including undocu- “I don’t have lotsofmoney Car Dealers third-quarter results,with much they charge to those ternet. mented workers, don’t qualify to give,” Ms.Mason said, “but profit margins in North Amer- raising and giving money,said Giving usually declines in for unemployment at all. Ican certainly find the Jims of icasoaring to record or near- Ethan Mollick, a professor at recessions,but the majority of When Mr.Mimna’sphotog- the world.” SeeShiftto record levels. theUniversity of Pennsylva- U.S. households kept their do- raphy work dried up, he tried Mr.Mimna wassurprised “I don’t think our dealers nia’sWharton School who nations the same when the to supplement his income by by the fundraiser and said he want to go back to historic in- studies crowdfunding.“Ithink coronavirus firsthit, according turning some of his photos felt overwhelmed and thank- Preorders ventorylevels,” Fiat Chrysler therehas to be carefulbalance to aSeptember study by Indi- into Zoom backgrounds and ful. “There’salot of downs,” Chief ExecutiveMikeManley here.” ana University’s Lilly Family putting them up forsale.He he said, “sohaving that hap- told investorslast month. GoFundMe makes money School of Philanthropy. What sold most of the art in his pen was pretty uplifting.” ContinuedfrompageB1 “What Ithink we see nowis through voluntarytips from is more, roughly athirdof house and much of his photog- Mr.Mimna used his Go- A shifttoonline shopping somewhat closer to the new donors and canalso receive households made direct con- raphyequipment. Mr.Mimna, FundMe money to paythe hasbeen afactor,too.With normal of inventorylevels.” part of payment-processing tributions in response to the asingle father of a15-year-old $4,500 he owedtohis land- fewerprospectivebuyersvisit- Auto-industryanalysts, fees.Italso chargesfees on its pandemic during itsearly girl and 8-year-old boy, also lord. He has sincefallen be- ing showrooms during the pan- dealersand executives likened platform used by nonprofits. months.The study doesn’t cutback on expenses.Steak hind again. Atemporaryfed- demic,dealerssay they don’t the newapproach to dealer in- GoFundMe uses fraud screen- break out what shareofthose was out; ramen was in. eral halt on evictions means need as manycarsonthe lot ventories in the U.S. to that of ing to makesurethe fundrais- donations went to charitable Mr.Mimna started receiv- he can stay for now, he said. fortest drives.Therewere Europe,wherecustomershave nearly amillion fewercarsat foryearsordered from the fac- all U.S. dealersatthe end of tory rather than picking from a October,or25% fewercom- pool of cars at adealership. Chocolate paredwith ayear earlier,ac- Still, such ashiftfor Ameri- cording to research firm Motor canconsumerscould be a Intelligence. harder sell in the long run, Makers Try “We’respending alot of dealerssay.Car makersfor time trying to understand this yearshavetried to thin dealer and saying ‘Hey,isthereabet- stocks and simplifytheir model Less Sugar terdistribution model?’ ” Gen- offerings, but have historically eral Motors Co.U.S.sales failed as brands competefor chief SteveHill said. “You customers. ContinuedfrompageB1 never want to let agood crisis “I canonly assume that the sugarcontent per 100 grams go to waste.” supply will creep back up,” of chocolateoverthe same pe- GM’sdealershavebeen said David Hult, CEO of Asbury riod. working with just one-thirdof AutomotiveGroup,apublicly “Faster and morerobust ac- their typical level of inventory traded dealership chain based tion is needed to help us con- in pickup trucks,the biggest in Georgia. “Brand loyalty isn’t sume less sugar,” said Alison moneymaker forthe company what it used to be,and when Tedstone,Public Health Eng- anddealers. Even so,GMhas someoneelse has aproduct land’schief nutritionist.

gained market shareinthat lu- available that youdon’t, you “Overall progressremains too NOBLE/REUTERS

crativecategoryrecently,a could actually lose sales.” slow.” PHIL sign that dealersand custom- Mr.Hill said he believes GM Nestlé said it had cut sugar Milkybar Wowsomes used hollow sugar crystals. Nestlé scrapped the product on low demand. ersare adapting,hesaid. will continue to runonlower by 10% over the past five Georgia dealer MikeBow- dealer stocks long-term, but he yearsacrossits entireU.K. would extend aban announced sher,who owns four GM stores doesn’t think that means sig- confectioneryportfolio,which this summer on advertising acrossthe Southeast, said his nificantly morecustomerswill includes products that aren’t such foods online or on televi- profit per vehicle is up sharply be preordering cars.Hesaid chocolate. Mondelezand Mars sion before 9 p.m. A separate Notice to Warrantholdersof because of lowerdiscounting. GM hasstarted using more didn’t respond to requestsfor proposed ban on “buy one,get Tri-ContinentalCorporation And he is spending lessmoney precise analytics to fine-tune comment about their sugar re- one free” promotions forthese of Distribution from NetAssets on inventorybecause about dealers’ inventorysothat cus- duction figures. foods could reduce U.K. sales half hiscustomershavebeen tomerscan find what they Executives say it is harder by more than £3 billion, says This notice is to inform Warrantholders of Tri‑ContinentalCorporation, as requiredbyits Charter, that theCorporation on November 20, prepurchasing cars beforethey want on the lot or online. to cut sugar from chocolate research firm IRI. 2020,declaredadistribution of $0.6185per share(composed hit his lot. In normal times, Andrew Coles scoured deal- than drinks,yogurt or cereals. Othercountries areramp- of $0.2679fromordinaryincome and$0.3506 from capitalgain) nearly all his customersbuy erships in his area foranew “It is a fundamental ingre- ing up regulation. TheU.S. payableonDecember 24,2020, to theholders of Common Stock of straight from his on-hand se- Chevrolet Tahoe recently but dient and not easily replaced Food and Drug Administration record at theclose of business on December 16,2020. Thecapital lection. couldn’t locatethe exact model using non-artificial solutions,” this year began requiring gain portion of thedistribution will be paid in additional shares of Common Stock or,atthe option of theCommon Stockholder, 75%in Mr.Bowsher said he has im- he wanted. Eventually,adealer says Cheryl Allen, who leads largerfood companies to in- shares and25% in cash;50% in shares and50% in cash;or100% plored GM’ssales chief to con- found Mr.Cole’spreferred nutrition effortsfor Nestlé’s cludeanadditional line for in cash. tinue to runlean. model en routefromthe fac- U.K. confectioneryarm. She added sugar on nutrition la- Thenumberofshares of Common Stock that each Warrant is entitled “I told Steve, ‘You guys just tory—he just had to wait six describes cutting sugar in bels.Smaller companies must to purchaseand theprice at whichthe shares arepurchasable may had amonster quarter.The weeks forittoarrive. chocolateasa“significant comply by January. be adjusted,pursuanttothe Corporation’s Charter, foradditional customersare happy,dealers The34-year-old Larchmont, technical challenge.” Mexicolast month began shares of Common Stock issued in paymentofthe distribution. However, thereisnoadjustment to be madefor cash paid outto aremaking money,’ ” Mr.Bow- N.Y.,resident said he grew im- Theaverage bar of choco- requiring front-of-pack label- Common Stockholders,and cash payments will tend to reduce the sher said. “We’vegot to keep patient but in the end was late is roughly half sugar. Re- ing describing the health haz- netasset value of theCommon Stock subsequently purchasable on this trainrolling.” happy to getthe vehicle he ducing that amount affects ards posed by productshigh in theexerciseofWarrants. GM, Ford Motor Co.and wanted at the right price. texture, size and how quickly sugar,calories,salt and fat. Each Warrant nowentitlesholders to purchase24.19 shares of Fiat Chrysler Automobiles NV “It’snot likeweneeded it it melts. Sugar provides bulk; Hershey Co.Chief Executive Tri‑ContinentalCommon Stock at aprice of $0.93 per share. If holders each credited strong pricing that day,” he said. replacing it with artificial Michele Buck recently said the wishtoexercisetheir Warrantsinorder to receivethe December sweeteners—commonly used company was keeping a close distribution,theyshould do so on or before December 14,2020, in order to ensurethattheybecomeaCommon Stockholderofrecordby in drinks—doesn’t work be- eyeonhow consumersre- December 16,2020. cause their intensity means sponded. To exerciseWarrants, complete andsignthe Form of Election on the they areneeded in far lower While sugar-free chocolate back of thecertificates.Thensendthe certificates, together with the quantities. While drinks mak- aimed at diabetics—using necessarypayment,to: erscan topupvolumes with sugar alcohols—has existed for RegularMail ExpressMail water or juice, executives say years, it doesn’t tastelikereg- Tri‑ContinentalCorporation Tri‑ContinentalCorporation there isn’t an obvious substi- ular chocolate, and companies P.O. Box219371 c/oDST AssetManager tute in chocolate. saythey don’t see it as having Kansas City,MO64121‑9371 Solutions, Inc. “When youtakeout sugar mainstream appeal. 430W7th Street,STE 219371 Kansas City,MO64105‑1407 from chocolateyou have to To cut sugar in itsCadbury add something back to makeit DairyMilk bar by 30%, Mon- Checksshould be drawntothe orderofTri‑Continental Corporation. a solid,” said Rajesh Potineni, delezused soluble corn fiber Anyquestionsregarding Warrantsorthe distribution should be addressedtoTri‑Continental Corporation at theabove‑listed

S avicepresident of tastere- as a replacement, resulting in addressesorbycalling 800.345.6611, Option 3. Youcan also visit search at ingredientscompany lesssweetnessbut roughly the

NEW theCorporation’s website at columbiathreadneedleus.com/investor/

G KerryGroup PLC.“This is an same calories. Cadbury Dairy forinformation relating to theCorporation. issue that the entirefood in- Milk’slow-sugar bar makes up November 23,2020RyanC.Larrenaga, Secretary OOMBER dustry is trying to solve.” just 1.1% of the brand’svol-

/BL TheU.K.recently began so- umes in theU.K.overayear liciting views from companies afterlaunch, according to IRI. Tri-ContinentalCorporation 225FranklinStreet MORRIS and the general public on its ActiononSugar is calling Boston,Massachusetts 02110-2804 UL proposal to ban anyonline ad- foratax based on calories per PA 800.345.6611,Option3 vertising forfood and drinks 100 grams of chocolate, which VID

DA high in salt, fat and sugar—in- it says would addressboth fat Thinner car lots may outlast the coronavirus pandemic. cluding chocolate. Themove and sugar. P2JW328000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY Monday, November 23, 2020 | B3 BUSINESS NEWS Sale Process for CoStar Eyes Residential Data Ruby TuesdayChain BY PETER GRANT were doing forever,” said An- drew Florance, CoStar’s CoStar Group, Inc., one of founder and chief executive. Wins CourtApproval theworld’slargest providers “Wetend to acquirecompa- of commercial real-estatein- nies and integratethose com- BY BECKY YERAK aresecured lendersowed formation and analytics,has panies together.” roughly $40 million by the taken its first major step into CoStarisamong the handful Ruby Tuesday Inc.received privatebusiness. Thepair also theresidential databusiness of biddersfor CoreLogic Inc., speedy court approval fora is providing financing to help by agreeing to paying $250 oneofthe largest residential sale processafter the bank- RubyTuesdayget through million for Homesnap Inc. real-estatedatacompanies, rupt restaurant chain made bankruptcy.That senior se- Founded in 2012, Homesnap CoreLogic confirmed last last-minutechanges sought by cured bankruptcy loan leaves is afast-growing company month. Thesales process, which major landlords. open the possibility that Gold- that provides residential real- the CoreLogic boardbegan ear- TheMaryville,Tenn.-based man Sachs and TCW canuse estate brokers with apps and lier this year,has pushed its company filed forchapter 11 what they areowedascur- other technologyfor managing shares to close to $80,valuing

bankruptcy last month be- rencytobuy the business. and analyzing their listingsas AR CoreLogic at over $6 billion. ST

cause of fallout from the novel Credit bidding is acommon well as the broader market. CO Homesnap’srevenue this coronavirus pandemic and bankruptcy tactic involving About 300,000 residential The company provides commercial real-estate information. year is expected to be about continued pressureonthe ca- swapping debt for equity. agentsuse it an averageof30 $40 million, up about 45% from sual-dining sector. RubyTuesdaywas acquired times a month. small deal forthe powerhouse front forCoStar. The33-year- 2019.Homesnap has cut deals JudgeJohn Dorsey of the in 2017byprivate-equity firm Theall-cash acquisition is in office, hotel, apartmentsand old company, which collects with hundreds of the multiple U.S. Bankruptcy Court in Wil- NRD Capital Management expected to close later this other commercial property datainover120 countries and listing services in the U.S. Un- mington, Del., on Fridayap- LLC.NRD also is considered a year, CoStar said on Sunday. types which had $1.4billion of operates online marketplaces, der those deals,all internet us- proved the bidding procedures potential bidder in the sale Based in Washington, D.C., revenue last year. typically makes morethan one ershaveaccesstosome 1.3 for its assets. process. CoStarhas been on an acquisi- But the single-family home acquisition when it expands million property listings, and Thecompanysaid last Landlords including Brook- tion binge in recent years. Buy- business, which dwarfs the into a new property type. real-estatebrokers have access month that lenders Goldman field Properties Retail Inc., Re- ing Bethesda, Md.-based Home- sizeofthe commercial prop- “CoStardoesn’t buy one to Homesnap’sadvancedana- Sachs Group Inc.and TCW gencyCentersCorp.and snap would be arelatively erty market, representsanew [company] and do what they lytic and datafeatures. Group Inc. could be the lead Tanger FactoryOutlet Centers bidders as the business seeks Inc.initially had objections to to reorganize. But it also said the sales process. it would court other potential Thelandlords secured buyerstogenerategreater changes to bidding procedures proceeds for creditors. that makeiteasier forthem to Thedeadline forRuby bid on their own leases. Tuesdaytopick astalking RubyTuesday, which has HOWDOYOU horse,orlead bidder,isDec. primarily served customers 10.Stalking-horse biddershelp through full-servicerestau- set astarting pricefor the rants, has said it plans to per- MANAGE RISK sale. manently close 185 locations. Other qualified bids aredue It would continue to operate Jan. 14, which is a week later 236 company-owned restau- than the original proposed rants, but might look to re- THROUGH date. If necessary, an auction duce that number to between would occur Jan. 19. 175 to 200 at a later time, the Goldman Sachs and TCW company said. BOTH CHAOS ANDCALM? S NEW G OOMBER ONE/BL CHIC OC PHER TO CHRIS The chain made changes sought by major landlords. Rig Operator Noble To Exit Chapter 11

BY JONATHAN RANDLES pean Union. Noble is among ahandful of Noble Corp., an operator of heavily indebted offshoreoil offshoreoil-and-gas drilling drillersthat have filed for rigs, wascleared to exit bank- bankruptcy protection over ruptcy with aplan that trans- the past several months. The fers control of the businessto company’schapter 11 plan is itsbondholdersand trims intended to reduceNoble’sto- more than $3 billion in debt. taldebt from about $4 billion JudgeDavid R. Jones of the to lessthan $400 million U.S. BankruptcyCourt in Hous- when it emergesfromchapter tononFridayconfirmed No- 11, according to court papers ble’schapter 11 plan that is the company filed earlier this built on adebt-for-equity swap month. with bondholdersand asettle- Bondholdershaveagreed to ment of multibillion-dollar liti- pump in $200 million of new gation over its2014spinoff of capital in the reorganized ParagonOffshorePLC. businessthrough the issuance London-based Noble said of new second-lien notes. No- the bankruptcy plan had over- ble also lined up loans totaling whelming support from the $675million to further fund company’screditorsand is de- the businessupon itsexit from signed to allowthe company bankruptcy. to weather theturbulent oil Offshoreoil-rig operators market during the pandemic. have been under financial A lawyer representing No- pressureduring the pandemic. ble said during acourt hearing Offshoreoil drillershavebeen Friday that the new company hit hard by low oil prices and expectstoget regulatoryap- major disruptions to the provals forits businessin global economycaused by the Saudi Arabia and the Euro- coronavirus pandemic. SatelliteFirm OneWeb Youcan’t controlthe changing Gets NewInvestment tide of themarkets, but we can help younavigateit. CMEGroup BY ADAM CLARK moves Boris Johnson’sgovern- helps youmanage risk and ment has made to securewhat Satellite company OneWeb it sees as strategic technology. captureopportunities across all has emergedfrombankruptcy It has proposed newlegisla- majorasset classes.Wedeliver protection afterreceiving a$1 tion to makeiteasier to block nearlyone billion datapoints billion investment from the foreign takeoversofBritish British government and India’s companies,and on Wednesday daily,informingthe insight you Bharti Global Ltd., as the U.K. it said it would launch itsbig- need to refine your trading looks to strengthen itsposi- gest increase in defense tion in space technology. spending since the Cold War. strategy.For takingadvantage OneWeb filed forU.S.bank- Neil Masterson, aformer of opportunities in allmarket ruptcy protection in March, chief operating officer at environments… CMEGroup. having only launched 74 of its Thomson ReutersCorp., has planned 650 low-Earth-orbit been appointed chief executive satellites. TheU.K.govern- of OneWeb.Previous CEO ment teamed with Indian busi- Adrian Steckel will continue as VISIT CMEGROUP.COM/ACTION nessman Sunil Mittal—the an adviser to the board. The owner of Bharti Airtel Ltd.— companyintends to launch an- Derivatives arenot suitable forall investors and involvethe risk of losing to acquirethe London-based other 34 to 36 satellites in De- morethan the amount originallydeposited and anyprofit youmight have made.This communication is not arecommendation or offer to buy,sell companyand securea“golden cember,with further launches or retain anyspecific investment or service.Copyright ©2020 CME Group share,” which will allowitto through 2021 and 2022. Inc. Allrightsreserved. veto futureinvestmentsand Ajoint-venturefacility with limit technological access from Airbus SE in Florida hasbeen other countries. reactivated and itsproduction Thedeal is one of several lines brought back intoservice. P2JW328000-0-B00400-1------XA

B4 | Monday, November 23, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY & BUSINESS WSJ.com/Tech Travel Websites’Paths DivergeinCrisis

BY INTI PACHECO Expedia skewstothe ....while Booking skewsto merchantmodel where the agency model which has Fortravelerslooking to customerspay upfront... customerspay at the end of book aflight or hotel room, their stay. Booking.com and Expedia.com look alot alike. Yetthe two Expedia quarterly revenue Booking quarterly revenue fared very differently when $5 billion the coronavirus pandemic shut Other Other down travel, thanks to differ- Agency Agency 4 ent strategies behind their Merchant Merchant websites. Revenue has plunged at 3 both Booking Holdings Inc. and ExpediaGroup Inc.this 2 year.Each companymoved quickly to raise about $4 bil- 1 lion in the spring to navigate thecrisis.Expedia ended the 0 third quarter with double the debt it started the year with, 2018 ’19 ’20 2018 ’19 ’20 whileBooking wound up with The differentbusinessstrategies have leftExpedia with more a bigger cash cushion. debtand lesscash on hand during the pandemic shutdown. Thecash imbalanceillus- trates howdifferently the two Netdebt, quarterly Cash/short-term rivals operated their online investments,quarterly travel services. Expedia often

S $10 billion $10 billion collected cash upfront from hotel travelers, and when PRES 8 8

those customerscanceled, the TED 6 6 companyhad to paythem OCIA back.Bycontrast, Booking SS Booking Expedia /A 4 4

didn’t charge upfront as often RD for hotel stays, so had less to FO 2 2 AW

refund when cancellations oc- CR 0 0 curred. A 2018 ’19 ’20 2018 ’19 ’20

With Covid-19 cases surg- TERES ing,some countries have im- Both Booking and Expedia raised $4 billion to weather the pandemic, but only Expedia needed it. Sources: the companies (revenue); FactSet (net debt, cash) posed newrestrictions and the Centersfor Disease Con- had $11.2 billion in cash at whichitrecords as revenue, vestorsknowExpedia’sbusi- which also owns Orbitz and 25,400 jobs.Oncethe pan- trol and Prevention hasad- Sept.30, about $4 billion only afterthe customer nessmodel carries additional Vrbo,has abiggerU.S.focus demic hit, executives raised vised Americans not to travel morethan it did on March 31. checks out. risk and he waspleased with and gotaliftlater in thesum- theircost-cutting goals to up forthe Thanksgiving holiday. Expedia, which generated While Expedia conducts the execution on the debt. mer when travel picked up to $750 million from $500 But executives at Booking and about 80% as much revenue some businessthat way,it “Paying alittle extra, being a stateside. million, Mr.Kern said. The Expedia said earlier this as Booking did in 2019,held a gets much of itsrevenue un- little extradefensivesowe “It’sbeen likeatale of flip- companyisworking on new month that they survived the smaller cash cushion before der the merchant model, could maintain ourselves flopping stories,” said tools that requirefewerpeo- worstofthe pandemic and the crisis and burned through wherecustomerspay up front. through this,and then payit Deutsche Bank analyst Lloyd ple in itscustomer-serviceop- feel optimistic about news of much of the funds raised in On average, it holds cash for off on the other side,isa Walmsley. But investorsare erations. promising vaccine candidates. the spring. 50 days,analystssay,adding small pricetopay,” Mr.Kern morefocused on what these Thecompanywas focused Thetravelgiantshaveample Expedia ended the third to itsreserves and working said. companies will look likein on itscash reserves earlier cash reserves and have no quarter with about $5.1 billion capital. nine or 18 months and looking this year but the worstis plans to changebusiness in cash, roughly what it held When customersstarted fornewsonvaccines and over,Mr. Kern said. “It’snot strategies,they said. in the firstquarter—but sig- canceling their plans and ask- Expedia’s CEO said treatments,Mr. Walmsley what keeps anyofusupat “Ifyou runout of your nificantly moredebt. Where ing forrefunds during March said. night,” he said. cash, it’slikeifyou’reahu- Booking’snet debt—or total and April, Expedia burned investors know its Both companies said they BookinginAugust said it man being and yourun out of debt minus cash and cash through about $2.8billion of business model don’t expect to raise anymore would reduceits 26,400 global blood. You’redead,” Booking equivalents—has decreased by cash, according to Cowenana- cash in the near future. Execu- workforce by 25% and is de- ChiefExecutiveGlenn Fogel almost half over that time, lyst Kevin Kopelman.“Acom- carries more risk. tives believethat news of veloping anew payment prod- said in an interview. Early on Expedia’snet debt rose by bination of that cash outflow Covid-19 vaccines will get uct forthe vacation-rental in the pandemic,hesaid, 73%. from returns and the fact that people moreexcited about market. “Westill have to cre- Booking executives started “Weknewthat thingswere they were holding on to less travel. This month, Pfizer Inc. atenew betterthingsbecause looking at financial models to bad. We didn’t knowhow long excess cash meant that they While they offer similar and Moderna Inc.said com- we have competitorsthat are estimatehow much they they’d be bad for,” Expedia were definitely morecash services and areglobal play- peting vaccines they aretest- doing better,” Mr.Fogel said. needed to survivefor one or Chief ExecutivePeter Kern strapped,” Mr.Kopelman said. ers, the two rivals arestron- ing were 95% and94.5% effec- Thevacation-rental market two yearswith no revenue. said in an interview. “Wejust Expedia secured a$3.2bil- gerindifferent geographies, tive, respectively. relies moreoncollecting pay- Booking sold $4 billion worth wanted to makesurewehad lion investment from Apollo which has also shaped the cri- Even as coronavirus cases mentsupfront likeExpedia, of bonds in April. ample capital to sustain our- Global Management and Silver sis’simpact on their business. rise around the globe,Booking analystssay.But Mr.Fogel Though revenue plunged selves through whatever we Lake in April, which gavethe Booking,which also owns and Expedia areplanning be- said Bookingwould quickly over the summer and the could imagine at the time.” private-equity firms preferred Priceline and Kayak, is bigger yond the pandemic. paythose funds to home- companyhad to issue some Booking operates mainly shares and aseat on the in Europe.Early in the sum- Expedia had been working ownersand not rely on that refunds,most of the cash with an agencymodel, which board. In July,Expedia sold mer,aslockdowns there on arestructuring before cash as permanent financing. Booking raised in the spring means the companycollectsa $1.25 billion of bonds. eased, Booking’sbusiness Covid-19,inFebruarysetting “It’snot the method,” he said. added to itsreserves.Booking commission from the hotel, Expedia’sMr. Kern said in- started to recover. Expedia, plans to cut about 3,000 of its “It’show youtreat it.” BUSINESS WATCH NOTICE OF SCHEME MEETING

IN THE EASTERN CARIBBEAN SUPREME COURT IN THE HIGH COURT OF JUSTICE VIRGIN ISLANDS COMMERCIAL DIVISION CLAIM NO.: BVIHC (COM) 0184 OF 2020 IN THE MATTER OF ROCK INTERNATIONAL INVESTMENT INC. AND IN THE MATTER OF SECTION 179A OF THE BVI BUSINESS COMPANIES ACT, 2004 AND IN THE MATTER OF ASCHEME OF ARRANGEMENT ROCK INTERNATIONAL INVESTMENT INC. Claimant Terms used in this Notice havethe same meaningasinthe explanatory proxy),aScheme Creditormustensurethat an AccountHolderLetteris statementdated 10 November2020(the“ExplanatoryStatement”) completedand lodged with theInformation Agent online at theScheme relating to theproposed scheme of arrangement underSection 179A of the AHLPortal(https://ahl.morrowsodali.com/yuhuang) in accordance with the

BVI Business CompaniesAct 2004 between Rock International Investment instructions setout in theSolicitation Packet by no laterthan7a.m. (BVI CK Inc. (磐石国际投资股份有限公司)(the“Company”) andthe Scheme time)on1December 2020 /7p.m. (HongKongtime) on 1December 2020. TO Creditors(the“Scheme”). TheVotingRecordTimefor theSchemeis7a.m. (BVI time)on1 NOTICE IS HEREBY GIVEN that,byanorder dated 9November2020(the December2020/7p.m.(Hong Kong time)on1December2020. SHUTTERS A/ “Convening Order”), the BVIHighCourt of Justiceofthe Eastern /EP CaribbeanSupreme Court (the“BVI Court”) has directed that ameetingof Copies of theScheme,the ExplanatoryStatement andthe Solicitation Scheme Creditors(the“Scheme Meeting”) of theCompany be convened Packet(this will includethe AccountHolder Letter) areavailable to

forthe purposeofconsideringand, if thought fit, approving(with or without download fromthe Scheme Website LEWINS modification)the Scheme. (https://bonds.morrowsodali.com/yuhuang)subjecttoenteringavalid password. Passwords maybeobtainedbycontacting theInformation DEAN TheSchemeMeetingwillbeheldatthe officesofKirkland&Ellisat26th Agent. Some Carnival ships won’thave revenue formorethan ayear.The Ruby PrincessinAustralia in April. Floor, Gloucester Tower, theLandmark,15Queen’s Road Central, Hong Kong at 7a.m.(BVItime) on 3December 2020 /7p.m. (HongKongtime) Printedcopies of theScheme,the ExplanatoryStatement andthe CARNIVAL for our eventual return to ser- across the country at the end of on 3December 2020.SchemeCreditors in theBVI will be abletodialinto Solicitation Packet(this will includethe AccountHolder Letter) canbe vice,” said Jan Swartz, president the quarter. theSchemeMeeting viatelephone conference at theoffice of Harney obtainedfreeofcharge by Scheme Creditorsfrom9:00a.m.to5:00p.m. Princess Cruises of Princess Cruises. In the quarter ended Oct. 31, Westwood &Riegels,LPatCraigmuir Chambers, Road Town,Tortola (HongKongtime)onany day (other than Saturdays, Sundaysorstatutory VG1110, BritishVirginIslands.All Scheme Creditorsare requestedto holidaysinHong Kong)prior to theday appointed forthe Scheme Meeting, Won’t Sail Until ’21 The CDC’s conditional order Buckle’searnings rose to $41.6 attend theScheme Meetingatsuchplace andtime either in person (or, if fromHarneyWestwood&Riegelsat3501The Center,99Queen’s Road for cruise sailings requires opera- million from $26 million ayear acorporation,byaduly authorised representative) or by proxy. Central, Hong Kong, and from9:00a.m.to5:00p.m.(BVI time)onany day Carnival Corp.’s Princess tors to apply for a sailing permit ago.Sales climbed to $251 million (other than Saturdays, Sundays or statutoryholidaysinthe BVI)prior to the Cruises is scrapping sailings well at least 60 days before starting from $224.1 million. Online sales Scheme Creditors mayvoteinperson(or,ifacorporation, appoint aduly day appointedfor theScheme Meeting, fromHarneyWestwood&Riegels, into late 2021, leaving some ships passenger operations and con- surged 72.5% to $46.4 million. authorised representative)orbyproxy to vote in theirplace. LP at CraigmuirChambers, Road Town,Tortola VG1110, BritishVirgin Islands. dry of revenue formorethan a duct mock sailings, among a — Allison Prang TheBVI Courthas ordered that theNotes Trusteeand thenominee of the year,asitneeds moretime to long checklist of requirements. Depositaryshallnot be entitled to vote in respectofthe Notesatthe By theConveningOrder,the BVICourt appointed Mr.Alexander Teck Chai fulfill requirements forsailing ap- Carnival Cruise Line, the com- GENERAL ELECTRIC Scheme Meetingand accordinglythey will not vote at such meeting. RidgersofHarney Westwood &Riegelsor, failinghim, Ms.Lorinda proval by the U.S. Centers for pany’sflagship line, earlier this Peasland of Harney Westwood &Riegelstoact as Chairperson of the Disease Controland Prevention. week scrapped all cruises out of Health-CareBusiness Each Scheme Creditor (or, if acorporation, itsdulyauthorised Scheme Meetingand directed theChairperson to reportthe resultsofthe The cruise line on Friday said the U.S. through January. representative) or proxywillberequired to register itsattendance at the Scheme Meetingtothe BVICourt. BuysSwedish Startup Scheme Meetingprior to thecommencement of theSchemeMeeting. it is scrapping all cruises through Competitors RoyalCaribbean Registration in respectofthe Scheme Meetingwillcommencenolater than TheSchemewillbesubject to thesubsequent approval of theBVI Court March 31, about a year since it Group and Norwegian Cruise GE Healthcare said on Friday onehourbeforethe scheduledstart time of 7p.m.(Hong Kong time)on andtothe fulfilment or waiver (asapplicable) of theconditionsofthe halted operations because of Line Holdings Ltd. said they that it is buying a Swedish thedateofthe Scheme Meetingand each Scheme Creditor(or,ifa Scheme as setout in theExplanatoryStatement. Covid-19 outbreaks. aren’tsailing in the U.S. until the startup that focuses on photon corporation, itsdulyauthorised representative)orproxy must be registered It is also canceling cruises end of the year. counting detectors. priortothe commencement of themeeting. Theapplication seeking sanction of theScheme shall be heard on 10 December2020(BVItime). AllScheme Creditors areentitledtoattend that longer than seven days sailing in —Dave Sebastian General Electric Co.’shealth- In order to vote on the Scheme and attend the Scheme Meeting sanction hearinginthe BVIinperson or through counsel to support or and out of U.S. ports through carebusinessdidn’tdisclose fi- (in person (or, if acorporation, by aduly authorised representative) or by opposethe sanctioning of theScheme. Nov. 1, 2021. BUCKLE nancial terms of the deal agree- The cruise operator also can- menttobuy the company, called For further informationpleasecontact: celed voyages on Seabourn Odys- CompanyPosts Rise Prismatic Sensors AB. MorrowSodaliLimited,asInformationAgent seythrough Nov. 5, and Holland In Earnings, Net Sales It already owns aminority Email : [email protected] America Line, Seabourn’ssister stakeinthe firm. GE Healthcare Telephone : in Hong Kong +852 2158 8405 |inLondon: +44204 513 6917 |inStamford: +1 203 6094910 unit, won’tsail through March 31. Buckle Inc.’s sales increased said it expects the deal to close Attention : Debt Services Team Carnival, like other operators, 12%, helped by a jump in online by January.

Admiralty Harbour CapitalLimited,asCompany’s FinancialAdvisor is offering future cruise credits transactions. “We believe this technology Address : Suite 1702,Prosperity Tower, 39 Queen’sRoadCentral,Central, Hong Kong at a premium as a refund option, The fashion retailer expects has the potential to be a sub- Email : [email protected] a measure that would help it to move around 20 of its loca- stantial step forward for CT im- preserve cash. tions over the next year and a aging,” GE Healthcare President Harney Westwood &Riegels, as Company’sLegal Advisors Holland America said each half, Chief Executive Dennis Nel- and Chief Executive Kieran Mur- Address : CraigmuirChambers, PO Box 71,RoadTown, Tortola VG1110, BritishVirginIslands customer whose voyage has son said. “The majority of those physaid. Email : [email protected]/[email protected] been moved to 2022 will get would be probably in malls right GE Healthcare said the U.S. Date:10November2020 $150 in shipboard credit. now that we would move to life- logged 91.4 million estimated CT Rock International Investment Inc. (磐石国际投资股份有限公司) “We are focused on preparing style or strip center type loca- scans last year, which was a vol- our ships to meet the CDC tions,” Mr. Nelson said. ume high. health and safety requirements The company had 446 stores —Allison Prang P2JW328000-0-B00500-1------NS

THE WALL STREET JOURNAL. NY Monday, November 23, 2020 | B5 BUSINESS & FINANCE Pandemic Triggers Outdoor Dining Burgeons

New Money Fights BY JULIE WERNAU

From single-table igloos to BY VERONICA DAGHER six months of expenses.This is communal tents,restaurants the amount he nowrecom- arecounting on an array of For some couples, the con- mends two-income households outdoor structures to keep tinuing stressofthe pandemic have on hand. Afterseeing the customerscoming through the and the economic downturn calculation, the couple agreed winter as the coronavirus pan- have fueled newdisagree- that anyadditional money demiccontinues.But arethese mentsabout money and inten- could be invested. enclosures safefromCovid-19 sified existing ones. Financial “The worstcase is investing infection? We asked public- advisers say they are hearing money,then having to sell and health experts. from morepartnerswho withdraw earlier than ex- It depends.Afully enclosed aren’t seeing eye-to-eyeabout pected due to an emergency,” tent isn’t much different than a how much to save, invest and Mr. Bayonnet said. room indoors.The key to pre- spend. Fightsabout housing fi- venting the spread of Covid-19, “The natureofthis pan- nances have also changed and medical expertssay,isalot of demic, characterized by job intensified amid the pandemic, airflow to avoid abuildup of losses and businesssetbacks said financial planner Ross dropletsthat carrythe virus.

combined with Levin in Edina, Minn. Some localjurisdictions re- MOON/REUTERS PERSONAL moreday-to-day He has seen situations quirethat outdoor tentshave

FINANCE contact than whereone spouse thinks the at leasttwo open sides.While JEENAH manyspouses family’s home is toosmall and that could makefor acold A Manhattan restaurant in have had in years, canraise is- convinces the other spouse to meal this winter in places like still-warm September, above; sues,” said Robert Friedman, a movetoalargerhouse in a Chicago, it allows alevel of air outdoor dining bubbles at financial planner in NewYork. newneighborhood. Then, the flow that epidemiologistssay restaurants on Chicago’s Fulton Not only are many couples financial pressureofalarger canwardoff infection. Market in chillier October. confined together,some also mortgageorrent payment will Windows in atent aren’t arefacing newchallenges in cause tension, leading to com- enough, said Lisa Brosseau, re- Covid-19 infection and found uncertain times.Inthe past, plaintsabout the neighbor- tired professor at the Univer- very lowrisk of outdoor trans- they might have quarreled hood or resentment over sity of Illinois and an expert on mission of the virus.The study S about how much to spend on chores. respiratoryprotection and in- hasn’t been peer-reviewed. their children’stuition or Mr. Levin cautions couples fectious disease.“Youneed to These structures have been PRES where they could afford to go against making afast decision cause movement in and out of poppingupacrossthe country. TED CIA

on vacation. Today, they might to movebecause of atempo- aspaceusing something me- Thesimple rule of thumb: SO

be morelikely to fight over rary situation such as the pan- chanical or some kind of air- Don’t dine inside one with any- AS

how much to save for a rainy demic. movement device,” she said. one youwouldn’t feel safewith HUH/

day or the best time to move Maketime to consider “Unlessitisawindy day.” inside aphone booth. Igloos Y. M

to a new house. whether youcan affordtotake Medical experts say longer and dining yurts protect your NA on higher housing costsinthe exposuretomoreofthe new party from othersseated event a spouse loses a job, he coronavirus is morelikely to nearby,said Drs. Corsi and settings, to reducethe number said staffhavestruggled to Financial advisers said. Also think about howthe result in aperson contracting Brosseau. But if anyone inside of times staff membersneed shuttle between the warmth of commutewill changefor both Covid-19.But it is unclear your tinyrestaurant turned out to enter the space. arestaurant and the frigid saytheyare running partners if you are eventually what the threshold is forin- to have Covid-19,you would Roger Berkowitz,president outdoors. And while dinersin- thenumberstohelp required to be back in the of- fection to take hold, said Rich- have actually heightened your and chief executiveofLegal side an igloo or yurt might be fice. Other considerations in- ardCorsi, an air-quality expert exposuretothe virus. Sea Foods,said renting atent comfortable with their expo- find common ground. clude property taxes, utilities at Portland State University. American ExpressCo. and cancost between $1,800 and suretoone another,servers and the upkeep of the home. By layering protectivemea- its reservation platform Resy $2,500 weekly, depending on entering these spaces increase Ashlee deSteiger,afinancial sures including masks,im- Network Inc.haveset up yurts heating costs. Mr.Berkowitz their potential exposure. planner in Birmingham, Mich., proved air flow and physical outside 13 restaurants across said tables under tentsare TheU.S.Centersfor Disease Adviserssay they arehelp- has seen an increase in disputes distancing,restaurantscan the country. Dining parties in generating 60% of sales at Le- Control and Prevention re- ing clientsbyrunning the about credit-cardspending. limit a diner’s potential expo- the yurtsare limited to six, galSea Foods locations where cently updated itsguidanceto numberstofind morecommon One spouse might nowratio- suretoCovid-19 by up to 95%, and staff and guestswill have they have been installed. say that morethan 15 minutes ground. nalizespending on clothing and he said. Yet, Dr.Corsi cau- their temperatures checked, Restaurateur Jeff Katz at of exposure, even spread over a Sincethe pandemic,how home-related itemssincelessis tioned, restaurantsand bars the companies said. Manyres- CrownShy said that even with 24-hour period, could lead to much to save in an emergency being spent on travel and din- do presentanelevated risk, taurantsacrossthe country revenue from the outdoor infection.Health expertssay fund is the largest point of ing out, she said. Othersare even outdoors, because the areadding similar protocols. yurtsand assuming he contin- the morerestaurantscan do to friction, says Ryan Bayonnet, a bored from staying at home piece of the puzzle that mat- Crown Shy, a Manhattan res- ues to servesome dinersin- limit the number of times a Green, Ohio-based financial and sometimes overspend fora ters most—having everyone taurant that is part of the side,heexpectstojust man- server needs to enter an out- planner. diversion, she said. wear masks—isn’t possible American Expresspartnership, age to cover his bills through door enclosure, the better. One couple Mr.Bayonnet To avoid further strife this while eating and drinking. said it plans to placeacabinet the winter.“We have certainly Speaking from awindowout- works with has struggled with holidayseason, createagift Arecent study in the U.K. inside itsyurtscontaining put aside the idea of making side the igloo or yurt, handing this. While her husband, who budget that includes presents funded by Parkrun, an organi- things that would normally any money,” he said. items to guestsinside and us- works at a construction com- foreach other,any children zation that hosts 5K runs, re- need to be carried in and out As temperatures have ing contactlessmenus and pay- pany, sees investment oppor- and family and friends.The viewed25,000 cases of of thekitchen, such as place cooled, restaurant operators mentscan all help,they say. tunities in energy and banking goal is to strengthen the lines stocks, she is worried her job of communication beforean- as aspecialized doctor is no other disagreement arises and longer recession-proof.The an unexpectedly large post- husbandhas seen business holidaycredit-cardbill arrives, booming, but at the wife’s she said. hospital, manypatients have In general, Ms.deSteiger elected to defer care. suggests establishing a dollar “Our economysplitting in threshold to triggerwhen a different directions is causing conversation is deemed neces- rifts between couples,” Mr. saryabout whether both Bayonnet said. spouses feel comfortable with To resolve the conflict, Mr. a purchase. For example, one Bayonnet created afinancial couple might decide that any plan that included this poten- transaction over $500 war- tial scenario.Hedetermined rants a conversation first. that if shegot laid off,they “Not having theconversa- would have enough money in tion is thebiggest mistake,” their emergencyfund to cover said Ms. deSteiger. Lululemon Chooses New Finance Chief

BY KRISTIN BROUGHTON

Lululemon Athletica Inc. named anew chief financial officeronFriday, selecting Meghan Frank, one of the in- terim CFOs the athleisure- wear companynamed in April. The Vancouver, British Co- lumbia-based companysaid

Ms. Frank would become sole LEMON CFOonMonday. Ms.Frank LU LU had shared the interim co-CFO Meghan Frank of Lululemon post with AlexGrieve, the company’s controller, follow- environment, Meghan confi- ing the departureofformer dently took on moreresponsi- CFOPatrickGuido.Mr. Grieve bility within the companyand will remain in his role as con- demonstrated agility,business troller, the company said. acumen and natural leadership Ms.Frank joined Lululemon skills,” Lululemon Chief Execu- in 2016 as senior vicepresident tiveCalvin McDonald said. of financial planning and analy- Ms.Frank will be Lulu- sis.She previouslyheld senior- lemon’s first female CFO, the level roles at RossStoresInc. company said. andJ.CrewGroup Inc. Lululemon declined to make Ms.Frank steps intoher Ms. Frank available for an in- role as coronavirus restric- terview. tions reshape business, send- —Matt Grossman ing much of it online.Lulu- contributed to this article. lemon’s digital sales surged 157% in the quarter ended Announcement forPublic Bidding Aug.2compared with ayear The Secretariat of Infrastructure and earlier,while in-storesales de- Environment announces the opening of the creased due to temporary International Bidding No.02/2020, the highest storeclosures and reduced op- value of the fixed grant, forthe Concession of Use of Public Asset forthe realization of erating hours, Lululemon said investments,conservation, operation, in September.Net revenue maintenance and economic exploitation of rose 2% to $902.9 million. Zoo and Botanical Garden and Farm.The Thecompanyrecently ex- receipt of the bidders’ envelopes and the opening of the bids will be held on 01/21/2021 panded into the home-fitness at 2:00 pm, in public session at B3, located at industry.InJuly,itacquired Rua XV de Novembro,275, Centro,São Mirror,the companybehind a Paulo,SP. Those interested can consult the tech-enabled mirror with cam- notice at www.infraestruturameioambiente. sp.gov.br.Further clarifications can be eras and speakersthat people requested by e-mail: sima.administracao@ canuse to take part in livefit- sp.gov.br or forwarded to the Bidding and ness classes. Contracts Center,atAv. Prof.Frederico “Earlier this year,when we Hermann Júnior,345, building 1, 6th floor,Alto started to navigatethe Covid-19 de Pinheiros,São Paulo,SP, CEP 05459-010. P2JW328000-0-B00600-1------XA

B6 | Monday, November 23, 2020 THE WALL STREET JOURNAL.

LeadersofTechnology From the World’sMostInfluential Companies

Anetwork connecting heads of technology to examine their role as businessleadersand preparefor what's next.

NajeebUddin, AARP George Thomas, Jones Lang Lasalle Inc. Penelope Prett, Accenture EdwardWagoner,Jones Lang Lasalle Inc. Mani Sundaram, Akamai Te chnologies, Inc. Thomas PhelpsIV, Laserfiche Sreelakshmi Kolli, Align Technology Ryland R. ByarsIII, Medical Properties Trust, Inc. Sathish Muthukrishnan, Ally Kevin Scott, Microsoft Corporation Alan Pye,AMD SigalZarmi, Morgan Stanley AnthonyGoonetilleke, Amdocs Inc. JigarThakkar,MSCI Rob Waddell, Apex Systems Brad Peterson, NASDAQ Prashant Nema, Arch Capital Group Michael Bradshaw, NBCUniversalMedia, LLC Shohreh Abedi, Auto Club Group David Kline,NewsCorp Prince Kohli, Automation Anywhere To moyuki Koyama, Nippon Yusen KK TimM.Crawford, AVOA Edmond Mesrobian, Nordstrom Bank of America WendyM.Pfeiffer,Nutanix IngoElfering,Bayer Crop Science Jamie Head, Ocean SprayCranberries Inc. Todd Lant, Blackbaud Inc. Lowell Simpson, OUTFRONTMedia Kfir Godrich, BlackRock, Inc. SteveZerby,Owens Corning Dorien Weijts, Blue Yo nder Michael E. Gioja, Paychex, Inc. Chris Bowers,BostonConsulting Group James Shira, PricewaterhouseCoopers MikeW.Neill, C.H. Robinson Adam T. Zoller,Providence Shamim Mohammad, CarMax,Inc. BJ Moore, Providence St.Joseph Health Darren Dworkin, Cedars-Sinai Medical Center AbbasFaiq,PTC Inc. SasanVossoughi, ChargePoint Inc. Cathleen Southwick, Pure Storage William Braun, Chevron Corporation MikeKelly, Red Hat, Inc. Cigna Corporation SwamyKocherlakota, S&P Global, Inc. Meerah Rajavel, Citrix Systems, Inc. Samsung Electronics NorthAmerica MikeCrowe,ColgatePalmolive Company Josh Robinson, SanfordHealth Kevin Hart,Cox Communications, Inc. Elena Kvochko, SAPAmerica CoxEnterprises Inc. Patrick W. McGrath, Savills Matt Gonterman, Coyote Logistics LLC Chris Bedi, ServiceNow KellyShen, CPP Investments Vincent A. Marin, SidleyAustin LLP Melissa A. Bell, Danaher Corporation Nick Shevelyov,Silicon Va lleyBank LarryQuinlan, Deloitte June Lemerand, Snap-on Incorporated Ramin Beheshti, DowJones Ann Dozier,Southern Glazer's Wine &Spirits Dunkin' Brands Group,Inc. Jason Va zquez, Sterling National Bank Bhushan Ivaturi, EnbridgeInc. Brad Rable,StewartInformation Services Corporation JeffWong,Ernst&Young CarolDonovanJuel, SynchronyFinancial Jason T. Carolan, Flexential Abhijit K. Mazumder,TataConsultancyServices Philip Quade,Fortinet Inc. Vittorio Cretella, TheProcter &Gamble Company Paul Cheesbrough, FoxCorporation Rick Makla, TheSouth Carolina Department of Administration SallyGilligan, Gap Vipin Gupta, Toyota Financial Services David Burns, GE Aviation Rob Hanlon, TreeHouse Foods MikeKennedy, Gordon Food Service,Inc. ScottSpradley, Tyson Foods John Arsneault, Goulston&Storrs Bill Eismont, Uline Ronald Chandler,Harvard BusinessSchool Vishal Gupta, Unisys Corporation Christoph Baeck, Hilti Group Brian Hoyt, UnityTechnologies Allen D. Fazio,Houlihan Lokey Nick Daffan, Ve risk Analytics, Inc. Fletcher Previn, IBM Shankar Arumugavelu, Verizon Communications Inc. Ashwin Rangan, ICANN KarenHiggins-Carter, WebsterBank MikeParisi, Illinois To ol Works Inc. Sheri Rhodes, Workday George Turner,InterContinental Hotels Group Deepak Kaul, Zebra Te chnologies VicVerma, International Flavors &Fragrances Inc. Wa faaMamilli, Zoetis Atticus Tysen, Intuit HarryD.Moseley, Zoom Video Communications

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THE WALL STREET JOURNAL. Monday, November 23, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 29263.48 t216.33, or 0.73% last week Trailing P/E ratio 29.05 20.75 3557.54 t27.61, or 0.77% last week Trailing P/E ratio * 40.73 24.16 Public Offerings of Stock High, low, open and close for each of P/E estimate * 24.15 18.52 High, low, open and close for each of P/E estimate * 25.51 18.93 the past 52 weeks Dividend yield 2.11 2.23 the past 52 weeks Dividend yield * 1.69 1.87 IPOs in the U.S. Market All-time high All-time high 29950.44, 11/16/20 3626.91, 11/16/20 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.15198707565833 30000 3750 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing 65-day moving average Expected primary Shares Range($) 28000 3500 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 11/23 11/2 Ozon Holdings Plc OZON 30.0 22.50/ MS, GS, Citi, UBS, Sberbank CIB, 200-day moving average Software-E-Commerce Nq 27.50 VTB Capital, company engaged with Renaissance 26000 3250 operating an online retail Capital platform.

200-day moving average 24000 3000 Lockup Expirations None expected this week Week's high 22000 2750 DOWN UP Monday's open Friday's close IPO Scorecard t 20000 65-day moving average 2500 Friday's close Monday's open Performance of IPOs, most-recent listed first t % Chg From % Chg From 18000 2250 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Week's low IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Bars measure the point change from Monday's open Sotera Health 25.10 9.1 ... Cascade Acquisition 10.00 ...... SHC Nov. 20/$23.00 CAS.UT Nov. 20/$10.00 16000 2000 N D J F M A M J J A S O N N D J F M A M J J A S O N Omnichannel Acquisition 9.94 –0.6 ... Aequi Acquisition 9.85 –1.5 ... OCA.UT Nov. 20/$10.00 ARBGU Nov. 20/$10.00 Primary Maravai LifeSciences 29.85 10.6 ... Telos 19.06 12.1 –6.1 NYSE weekly volume, in billions of shares t market t Composite Financial Flashback MRVI Nov. 20/$27.00 TLS Nov. 19/$17.00 36 LifeSci Acquisition II 10.05 0.4 ... Reinvent Technology Ptnrs 10.76 7.6 0.6 24 The Wall Street Journal, November 23, 1999 LSAQ Nov. 20/$10.00 RTPZ.UT Nov. 19/$10.00 12 Internet-relatedstockssentthe Nasdaq compositeupto Kingswood Acquisition 10.03 0.3 ... Olema Pharmaceuticals 48.90 157.4 –0.2 KWAC.UT Nov. 20/$10.00 OLMA Nov. 19/$19.00 0 3392.56 points, its 14th record in 17 sessions.The DowJones N D J F M A M J J A S O N Industrial Average rose 85.63to11089.52,2%shy of arecord. Sources: Dow Jones Market Data; FactSet *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Off the Shelf Major U.S. Stock-Market Indexes Nasdaq Composite “Shelf registrations” allow a company to prepare a stock or bond for sale, without selling the whole issue at once. Corporations sell as s 25.68, or 0.22% Latest Week 52-Week % chg conditions become favorable. Here are the shelf sales, or takedowns, High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones over the last week: Industrial Average 29964.29 29228.38 29263.48 -216.33 -0.73 18591.93 l 29950.44 5.0 2.5 7.7 Takedown date/ Deal value Transportation Avg 12629.96 12170.43 12232.10 146.78 1.21 6703.63 l 12434.97 13.4 12.2 8.7 Issuer/Industry Registration date ($ mil.) Bookrunner(s) 11975 Utility Average 920.84 866.46 873.29 -37.62 -4.13 610.89 l 960.89 2.6 -0.7 4.9 Resideo Technologies Inc Nov. 17 $255.0 MS, Evercore Inc, BofA Securities, Total Stock Market 37333.06 36612.49 36819.46 -10.54 -0.03 22462.76 l 37288.44 15.8 11.5 11.2 Telecommunications Nov. 16,320 JPM l 11850 Barron's 400 800.91 791.06 793.49 6.20 0.79 455.11 800.91 12.7 8.4 4.7 Playa Hotels & Resorts NV Nov. 18 $55.7 BofA Securities Nasdaq Stock Market Dining & Lodging March 23,318 11725 Nasdaq Composite 11950.18 11760.98 11854.97 25.68 0.22 6860.67 l 12056.44 39.1 32.1 20.4 Kodiak Sciences Inc Nov. 17 $560.9 JPM, MS, Jefferies, Evercore Inc Healthcare Nov. 16,320 Nasdaq 100 12047.13 11842.66 11906.44 -31.40 -0.26 6994.29 l 12420.54 43.9 36.3 23.6 11600 Plug Power Inc Nov. 16 $845.5 MS S&P 13 16 17 18 19 20 Computers & Electronics Dec. 2,319 500 Index 3628.51 3543.84 3557.54 -27.61 -0.77 2237.40 l 3626.91 14.4 10.1 11.3 November STAG Industrial Inc Nov. 16 $243.2 Citi, Jefferies, MidCap 400 2168.64 2120.24 2147.61 34.35 1.63 1218.55 l 2159.63 8.1 4.1 5.2 DJ US TSM Real Estate/Property Feb. 13,319 Raymond James & Associates Inc SmallCap 600 1037.26 1004.38 1020.23 25.94 2.61 595.67 l 1041.03 4.9 -0.1 3.7 t 10.54, or -0.03% Veritiv Corp Nov. 16 $25.9 MS Other Indexes last week Consumer Products Oct. 5,315 l Russell 2000 1805.20 1747.02 1785.34 41.30 2.37 991.16 1791.92 12.4 7.0 5.9 LendingTree Inc Nov. 16 $872.0 GS NYSE Composite 14004.61 13714.27 13827.00 65.68 0.48 8777.38 l 14183.2 2.9 -0.6 3.9 Computers & Electronics Aug. 6,319 1.96 l 37300 Value Line 535.68 518.77 528.95 10.18 305.71 562.05 -0.2 -4.2 -1.0 Ormat Technologies Inc Nov. 18 $307.1 JPM, BofA Securities, UBS NYSE Arca Biotech 5589.96 5359.58 5395.66 -159.51 -2.87 3855.67 l 6142.96 11.7 6.5 9.4 Utility & Energy Nov. 16,320 NYSE Arca Pharma 674.16 660.04 668.47 -4.98 -0.74 494.36 l 675.64 8.3 2.3 7.9 37000 Pinduoduo Inc Nov. 18 $2,000.0 GS, BofA Securities KBW Bank 91.72 87.79 88.28 0.75 0.85 56.19 l 114.12 -19.2 -22.1 -4.0 Computers & Electronics Nov. 16,320 PHLX§ Gold/Silver 144.60 134.39 137.20 -6.18 -4.31 70.12 l 161.14 46.5 28.3 19.7 36700 Pinduoduo Inc Nov. 18 $4,125.6 GS, BofA Securities § l PHLX Oil Service 38.82 35.02 37.69 3.941 11.68 21.47 80.99 -44.2 -51.9 -33.9 Computers & Electronics Nov. 16,320 PHLX§ Semiconductor 2591.93 2511.50 2555.50 46.68 1.86 1286.84 l 2570.98 51.1 38.2 24.5 CAE Nov. 16 $229.3 Scotiabank, RBC Cptl Mkts, CBOE Volatility 24.52 21.66 23.70 0.60 2.60 11.54 l 82.69 92.1 72.0 30.6 36400 13 16 17 18 19 20 Aerospace Nov. 16,320 TD Securities Inc November §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data Keurig Dr Pepper Inc Nov. 17 $1,707.0 GS, MS Food & Beverage Aug. 27,319 International Stock Indexes Commodities and BeyondSpring Inc Nov. 19 $75.0 BofA Securities, Jefferies, Currencies Healthcare Nov. 3,320 Evercore Inc Latest Week 52-Week Range YTD Norwegian Cruise Line Holdings Ltd Nov. 17 Barclays, JPM Region/Country Index Close %chg Low Close High %chg $832.0 Last Week YTD Leisure & Recreation Nov. 17,320 World The GlobalDow 3293.16 1.44 2138.97 • 3317.58 1.3 Close Net chg % Chg % chg Oncternal Therapeutics Inc Nov. 17 $22.5 HC Wainwright & Co LLC DJ Global Index 466.28 0.77 292.30 • 468.67 7.4 DJ Commodity Healthcare Dec. 22,317 DJ Global ex U.S. 271.32 1.97 174.38 • 271.32 2.9 678.26 14.06 2.12 5.60 156.16 4.31 2.84 -15.95 Camtek Ltd Nov. 18 $59.5 Barclays Stifel Americas DJ Americas 835.76 0.00 512.68 846.07 9.8 TR/CC CRB Index • Computers & Electronics April 14,320 Brazil Sao Paulo Bovespa 106042.48 1.26 63569.62 • 119527.63 –8.3 Crude oil, $ per barrel 42.15 2.02 5.03 -30.97 Simon Property Group Inc Nov. 18 BofA Securities, Citi, JPM, Mizuho, Canada S&P/TSX Comp 17019.10 2.06 11228.49 • 17944.06 –0.3 Natural gas, $/MMBtu 2.650 -0.345 -11.52 21.06 $1,605.0 Real Estate/Property Feb. 23,318 Scotiabank, Sumitomo Mitsui Finl Grp, SG Corp/Invest. Mexico S&P/BMV IPC 41905.06 2.73 32964.22 • 45902.68 –3.76 Gold, $ per troy oz. 1872.60 -13.10 -0.69 23.24 Chile Santiago IPSA 2791.88 1.20 2045.49 • 3567.90 –16.3 Stoke Therapeutics Inc Nov. 19 $97.5 JPM, Cowen & Company LLC, U.S. Dollar Index 92.40 -0.36 -0.39 -4.14 Healthcare July 10,320 Credit Suisse EMEA Stoxx Europe 600 389.61 1.15 279.66 • 433.90 –6.3 Stoxx Europe 50 3067.32 0.52 2383.14 • 3539.12 –9.9 WSJ Dollar Index 87.06 -0.39 -0.45 -2.79 MeiraGTx Holdings plc Nov. 19 $64.3 BofA Securities, Piper Sandler, Eurozone Euro Stoxx 386.41 1.37 261.53 • 421.34 –4.3 Euro, per dollar 0.8435 -0.0013 -0.15 -5.41 Healthcare July 17,319 Evercore Inc, Barclays, Chardan Cptl Mkts LLC Euro Stoxx 50 3467.60 1.04 2385.82 • 3865.18 –7.4 Yen, per dollar 103.85 -0.77 -0.73 -4.41 AvroBio Inc Nov. 19 $75.0 MS, Cowen & Company LLC, WFS, Austria ATX 2502.67 3.83 1630.84 3229.37 –21.5 Healthcare Dec. 20,319 Barclays • U.K. pound, in dollars 1.33 0.0084 0.64 0.17 Belgium Bel-20 3585.66 1.74 2528.77 • 4198.31 –9.4 Oragenics Inc Nov. 20 $5.3 AGP/Alliance Global Partners Corp 52-Week France CAC 40 5495.89 2.15 3754.84 • 6111.24 –8.1 Healthcare Dec. 31,319 Germany DAX 13137.25 0.46 8441.71 • 13789.00 –0.8 Low Close(l) High % Chg Reeds Inc Nov. 20 $10.5 Roth Cptl Ptnrs Greece Athex Composite 699.45 6.68 484.40 948.64 –23.7 • DJ Commodity 433.70 l 678.26 8.79 Food & Beverage Dec. 31,318 Israel Tel Aviv 1423.96 0.39 1171.21 • 1751.79 –15.4 TR/CC CRB Index 106.29 l 187.39 -13.42 Italy FTSE MIB 21706.96 3.84 14894 • 25478 –7.7 Netherlands AEX 601.62 0.80 404.10 • 629.23 –0.5 Crude oil, $ per barrel -37.63 l 63.27 -27.04 Other Stock Offerings Portugal PSI 20 4424.15 1.30 3596.08 • 5435.85 –15.2 Natural gas, $/MMBtu 1.482 l 3.354 -0.56 Secondaries and follow-ons expected this week in the U.S. market Russia RTS Index 1262.69 2.84 832.26 1646.60 –18.5 • Gold, $ per troy oz. 1453.40 l 2051.50 27.99 None expected this week South Africa FTSE/JSE All-Share 56615.28 –0.99 37963.01 • 59001.87 –0.8 Spain IBEX 35 7977.90 2.49 6107.2 • 10083.6 –16.5 U.S. Dollar Index 92.14 l 102.82 -5.98 Sweden OMX Stockholm 758.04 1.38 478.95 • 758.04 11.3 Public and Private Borrowing WSJ Dollar Index 87.03 l 97.02 -4.46 Switzerland Swiss Market 10495.65 0.03 8160.79 • 11263.01 –1.1 Treasurys U.K. FTSE 100 6351.45 0.56 4993.89 • 7674.56 –15.8 Euro, per dollar 0.8378 l 0.9352 -7.04 Asia-Pacific Yen, per dollar 102.37 l 112.11 -4.40 Monday, November 23 Wednesday, November 25 Australia S&P/ASX 200 6539.20 2.09 4546.0 • 7162.5 –2.2 U.K. pound, in dollars 1.15 l 1.34 3.51 Auction of 13 and 26 week bills; Auction of 4 week bill; China Shanghai Composite 3377.73 2.04 2660.17 • 3451.09 10.7 announced on November 19; settles on November 27announced on November 24; settles on December 1 Hong Kong Hang Seng 26451.54 1.13 21696.13 • 29056.42 –6.2 Real-time U.S. stock Auction of 2 and 5 year notes; Auction of 8 week bill; India S&P BSE Sensex 43882.25 0.56 25981.24 44180.05 6.4 • quotes are available on announced on November 19; settles on November 30announced on November 24; settles on December 1 Japan Nikkei Stock Avg 25527.37 0.56 16552.83 • 26014.62 7.9 WSJ WSJ.com. Track most- Malaysia FTSE Bursa Malaysia KLCI 1593.75 0.26 1219.72 • 1615.67 0.3 .COM active stocks, new Tuesday, November 24 Singapore Straits Times 2813.01 3.75 2233.48 • 3281.03 –12.7 highs/lows, mutual Auction of 7 year note; South Korea Kospi 2553.50 2.39 1457.64 • 2553.50 16.2 funds and ETFs. announced on November 19; settles on November 30 Taiwan TAIEX 13716.44 3.34 8681.34 13773.29 14.3 • All are available free at Source:FactSet; Dow Jones Market Data WSJMarkets.com ADVERTISEMENT Consumer Rates and Returns to Investor Benchmark Yields and Rates The Marketplace Selected rates U.S. consumer rates Treasury yield curve Forex Race To advertise: 800-366-3975orWSJ.com/classifieds A consumer rate against its Money Market/Savings Accts Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 0.20% BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES ableBanking, a division of Northeast Bank 0.60% 2.50% 10% 1.60% Lewiston, ME 877-505-1933 '6=A, 7; 7; +="5-ECC-E8:C Ogden, UT 800-355-3063 t 0.00 0.00 –10 D J F M A M J J A S O N CFG Community Bank 0.66% ?&'6(& $"(!#& 9*3&< 1 3 6 1 2 3 5 7 10 20 30 2019 2020 2020 Baltimore, MD 888-205-8388 month(s) years '&B("#)$+>58/ *D&>;&%;" '@25)!@ 9*3#$9$%*9$!" <9?*9&%$&< maturity Yield/Rate (%) 52-Week Range (%) 3-yr chg ,12(31 *"'"!-1 /)30+1 (. *0 %#$ .1, &1", Interest rate Last (l)Week ago Low 0246 8High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data

Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Corporate Borrowing Rates and Yields =CEAE)4A@@E4 /2A)CCA9*3A(69A4 Prime rate* 3.25 3.25 3.25 l 4.75 -1.00 7770-58,+.:1B>58+1,+;+8B,08+B Spread +/- Treasurys, Libor, 3-month 0.20 0.22 0.20 l 1.96 -1.24 Yield (%) in basis pts, 52-wk Range Total Return Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.12 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Five-year CD, annual yield 0.58 0.59 0.58 l 1.42 -0.90 U.S.Treasury,Barclays 0.570 0.6107.63 5.34 THE MARKETPLACE 30-year mortgage, fixed† 2.94 2.95 2.93 l 4.22 -0.96 U.S. Treasury Long,Barclays 1.400 1.49016.57 10.95 Aggregate,Barclays 1.170 1.230n.a. 39 127 7.25 5.41 ADVERTISE TODAY ("=9/)2.04 &"--"6,:-0>>-4 #%* 15-year mortgage, fixed† 2.45 2.46 2.45 l 3.57 -0.86 * *;&'$ %(5"; Jumbo mortgages, $510,400-plus† 2.90 2.97 2.90 l 4.36 -1.36 Fixed-Rate MBS,Barclays 1.280 1.330n.a. 28 132 4.03 3.76 (800)366-3975 (.6.$?:.) F.".3/-$. .".F(0 +?#:/"0E..%-"( High Yield 100,ICE BofA 4.060 4.190 373 271 10184.586 4.592 -"6.E

B8 | Monday, November 23, 2020 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo 52 wk Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not PIMCO Stratg Inc RCS NA 6.63 NA 11.1 High Yield Bond Funds buy their shares back from investors who wish to cash ClearBridge MLP & Midstm CEM NA 16.28 NA -63.9 AGI Conv & Inc II NCZ 5.17 4.62 -10.6 4.0 Templeton Em Inc TEI 8.82 7.68 -12.9 8.4 PREDEX;T 25.29 NA NA 0.0 Griffin Inst Access Cd:A NA NA NA 6.4 in their holdings. Instead, fund shares trade on a stock ChnStrInfr UTF 24.61 25.49 +3.6 5.3 AGI Dvs Inc & Conv ACV 31.79 29.25 -8.0 30.7 Templtn Glbl Inc GIM 6.14 5.37 -12.5 4.8 PREDEX;W 25.29 NA NA 0.0 Griffin Inst Access Cd:C NA NA NA 6.4 exchange. NA signifies that the information is not Cohen&SteersQualInc RQI 12.86 12.00 -6.7 -9.3 AGI Eqty & Conv Inc NIE 29.31 27.41 -6.5 29.8 WstAstEmergDebt EMD NA 13.38 NA 9.9 available or not applicable. NS signifies funds not in Principal Dvs Sel RA A 24.58 NA NA -0.4 Griffin Inst Access Cd:F NA NA NA 6.4 existence for the entire period. 12 month yield is Cohen&Steers TotRet RFI 12.93 12.61 -2.5 -8.8 CalamosConvHi CHY NA 13.11 NA 28.0 Western Asset Gl Cr D Op GDO NA 17.41 NA 7.3 Principal Dvs Sel RA Ins 24.63 NA NA -0.2 Griffin Inst Access Cd:I NA NA NA 6.4 computed by dividing income dividends paid (during CohenStrsREITPrefInc RNP 23.12 21.94 -5.1 -0.6 CalmosConvOp CHI NA 12.40 NA 25.9 National Muni Bond Funds Principal Dvs Sel RA Y 24.70 NA NA 0.0 Griffin Inst Access Cd:L NA NA NA 6.4 the previous 12 months for periods ending at month- Columbia Sel Prm Tech Gr STK 24.67 24.72 +0.2 19.2 World Equity Funds AllBerNatlMunInc AFB 15.20 13.86 -8.8 4.3 SharesPost 100;A 34.18 NA NA 16.4 PIMCO Flexible Cr I;A-2 8.96 NA NA 10.3 end or during the previous 52 weeks for periods DNP Select Income DNP 9.16 10.46 +14.2 -11.0 Aberdeen Emg Mkts Eq Inc AEF 8.76 7.57 -13.6 8.8 BlckRk Inv Q Mun BKN 16.51 16.81 +1.8 4.6 SharesPost 100:I 34.43 NA NA 16.7 PIMCO Flexible Cr I;A-3 8.96 NA NA NS ending at any time other than month-end) by the BlackRock Muni 2030 Tgt BTT Duff&Ph Uti&Infra Inc Fd DPG 13.49 11.74 -13.0 -12.5 Aberdeen Tot Dyn Div AOD 9.68 8.37 -13.5 6.7 26.51 25.17 -5.1 3.0 SharesPost 100:L 33.95 NA NA 16.1 PIMCO Flexible Cr I;A-4 8.96 NA NA 10.5 latest month-end market price adjusted for capital EtnVncEqtyInc EOI BlackRock Muni BFK 14.49 14.60 +0.8 4.7 gains distributions. Depending on the fund category, NA 15.47 NA 5.0 Calamos GloDynInc CHW NA 9.08 NA 20.8 USQ Core Real Estate:I 24.79 NA NA 0.1 PIMCO Flexible Cr I;Inst 8.96 NA NA 11.4 EtnVncEqtyIncoII EOS NA 20.08 NA 23.3 BlackRock Muni II BLE 14.93 15.15 +1.5 4.9 either 12-month yield or total return is listed. China CHN 32.82 29.26 -10.8 51.7 USQ Core Real Estate:IS 24.80 NA NA 0.1 PionrILSBridge NA NA NA 0.0 Source: Lipper EVRskMnDvsEqInc ETJ NA 10.16 NA 18.9 BlckRk Muni Inc Qly BYM 15.73 14.51 -7.8 4.1 EV TxAdvGlbDivInc ETG NA 16.65 NA 3.6 Versus Cap MMgr RE Inc:I 26.92 NA NA NE WA Middle Mkt Dbt NA NA NA 7.9 ETnVncTxMgdBuyWrtInc ETB NA 14.11 NA -6.8 EtnVncTxAdvOpp ETO BR MuniAssets Fd MUA 14.17 14.10 -0.5 4.6 Friday, November 20, 2020 NA 23.42 NA -3.6 Versus Capital Real Asst 24.95 NA NA 0.8 WA Middle Mkt Inc NA NA NA 9.0 EtnVncTxMgdBuyWrtOpp ETV NA 14.68 NA 8.6 FirstTr Dyn Euro Eq Inc FDEU 13.05 11.22 -14.0 -16.0 BR MuniEnhanced MEN 12.32 11.74 -4.7 4.4 52 wk BR MuniHoldings Qly MFL 14.90 13.75 -7.7 4.1 Wildermuth Endwmnt:A 13.37 NA NA -3.6 Other Domestic Taxable Bond Funds Prem Ttl EvTxMnDvsEqInc ETY NA 11.90 NA 6.3 Gabelli Multimedia GGT 7.55 7.48 -0.9 5.4 EtnVncTxMgdGlbB ETW NA 9.44 NA 0.8 BR MH Qly 2 MUE 14.12 13.03 -7.7 4.4 Wildermuth Endwmnt:C 12.88 NA NA -4.5 Am Beacon Apollo TR:T 10.30 NA NA 1.7 Fund (SYM) NAV Close /Disc Ret Highland Global Alloc HGLB 9.72 5.70 -41.4 -24.0 Am Beacon Apollo TR:Y 10.34 NA NA 2.7 EVTxMnGblDvEqInc EXG NA 8.17 NA 2.9 India Fund IFN 21.17 18.36 -13.3 2.1 BR MuniHoldngs MHD 17.00 15.75 -7.4 4.8 Wildermuth Endowment:I 13.44 NA NA -4.0 General Equity Funds First Trust Energy Inc G FEN 12.71 10.71 -15.7 -40.5 BR MuniVest Fd MVF 9.75 8.92 -8.5 4.6 Income & Preferred Stock Funds Am Beacon SP Enh Inc:T 9.49 NA NA NS Japan Smaller Cap JOF 10.48 9.06 -13.5 5.9 Am Beacon SP Enh Inc:Y Adams Diversified Equity ADX 19.01 16.55 -12.9 8.3 First Tr Enhanced Eq FFA 17.41 16.27 -6.5 6.4 LazardGlbTotRetInc LGI BR MuniVest 2 MVT 15.30 14.48 -5.4 4.8 Calamos L/S Eqty and DI CPZ NA 17.01 NA NS 9.55 NA NA 3.8 18.74 16.82 -10.2 17.2 BR Credit Strat;A Boulder Growth & Income BIF 13.09 10.79 -17.6 -1.7 FirstTrMLPEner&Inc FEI 6.84 5.97 -12.7 -37.7 MS ChinaShrFd CAF 27.61 23.35 -15.4 14.9 BR MuniYield Fd MYD 14.94 13.97 -6.5 5.0 Destra Multi-Altrntv;A 11.88 NA NA -7.2 10.27 NA NA NS BR Credit Strat;Inst Central Secs CET 36.78 29.89 -18.7 0.0 Gabelli Healthcare GRX 13.20 11.22 -15.0 7.8 MS India IIF 22.97 19.55 -14.9 1.0 BR MuniYield Qlty MQY 16.40 16.61 +1.3 4.2 Destra Multi-Altrntv;C 11.36 NA NA -7.9 10.27 NA NA 5.3 CohenStrsCEOppFd FOF 12.13 11.32 -6.7 -5.2 Gab Utility GUT 4.08 7.58 +85.8 13.7 New Germany GF 21.30 18.36 -13.8 29.8 BR MuniYld Qlty2 MQT 14.40 13.43 -6.7 4.3 Destra Multi-Altrntv;I 12.12 NA NA -7.0 BlackRock Mlt-Sctr Oppty 85.40 NA NA 9.1 EVTxAdvDivIncm EVT NA 22.00 NA -4.6 GAMCOGlGold&NatRes GGN 3.95 3.47 -12.2 -6.2 Templeton Dragon TDF 27.29 24.27 -11.1 51.1 BR MuniYld Qly 3 MYI 15.05 13.83 -8.1 4.0 Destra Multi-Altrntv;T 11.53 NA NA -7.7 BlackRock Mlt-Sec Opp II 88.49 NA NA 8.8 BNY Mellon Muni Bd Infra DMB GabelliDiv&IncTr GDV 23.52 20.38 -13.4 5.2 J Han Finl Opptys BTO 26.33 26.86 +2.0 -16.2 Templeton Em Mkt EMF 19.29 17.15 -11.1 19.3 14.33 13.89 -3.1 4.8 Variant Altrntv Inc:Inst 26.49 NA NA 5.9 Carlyle Tact Pvt Cred:A NA NA NA 7.7 Gabelli Equity Tr GAB 5.62 6.07 +8.0 12.1 Nuv Dow 30 Dyn Overwrite DIAX NA 14.64 NA -11.9 BNY Mellon Str Muni Bond DSM 8.21 7.55 -8.0 5.0 Variant Altrntv Inc:Inv 26.50 NA NA 5.7 Carlyle Tact Pvt Cred:I NA NA NA 8.5 Wells Fargo Gl Div Oppty EOD NA 4.67 NA -3.9 BNY Mellon Strat Muni LEO GeneralAmer GAM 41.78 35.04 -16.1 4.0 NuvCorEqAlpha JCE NA 13.52 NA -0.5 8.50 8.33 -2.0 5.1 Convertible Sec's. Funds Carlyle Tact Pvt Cred:L NA NA NA 8.1 JHancockTaxAdvDiv HTD 22.80 20.64 -9.5 -17.4 Nuveen Nasdaq 100 Dyn Ov QQQX NA 24.88 NA 12.1 Prem12 Mo DWS Muni Inc KTF 12.66 11.22 -11.4 4.3 Carlyle Tact Pvt Cred:M NA NA NA NS Fund (SYM) NAV Close /Disc Yld EVMuniBd EIM 14.19 13.12 -7.5 4.3 Calmos Dyn Conv and Inc CCD 27.70 26.43 -4.6 50.2 Liberty All-Star Equity USA 6.95 6.46 -7.1 9.8 Nuv Real Est JRS NA 8.31 NA -14.4 World Equity Funds Carlyle Tact Pvt Cred:N NA NA NA 8.6 Liberty All-Star Growth ASG 7.33 8.21 +12.0 48.3 U.S. Mortgage Bond Funds EVMuniIncm EVN 14.09 13.32 -5.5 4.4 Nuveen Rl Asst Inc & Gro JRI NA 12.94 NA -19.7 ACAP Strategic:A 26.71 NA NA 48.6 Carlyle Tact Pvt Cred:Y NA NA NA 8.3 Royce Micro-Cap Tr RMT 10.79 9.13 -15.4 22.1 BlckRk Income BKT 6.23 6.11 -1.9 6.7 EVNatMuniOpp EOT 21.46 20.86 -2.8 3.9 NuvS&P500DynOvFd SPXX NA 14.46 NA -3.3 ACAP Strategic:W 19.95 NA NA 49.7 CION Ares Dvsfd Crdt;A NA NA NA 5.8 Royce Value Trust RVT 17.21 15.06 -12.5 15.1 NuvSP500BuyIncFd BXMX NA 12.29 NA -3.5 Invesco HI 2023 Tgt Term IHIT 8.50 8.13 -4.4 7.6 InvAdvMuIncTrII VKI 12.04 11.08 -8.0 4.9 CION Ares Dvsfd Crdt;C NA NA NA 5.8 Invesco MuniOp OIA BMO LGM Front ME;I 6.47 NA NA -19.9 Source Capital SOR 44.04 38.96 -11.5 5.2 ReavesUtilityIncome UTG 32.75 33.04 +0.9 -4.4 Investment Grade Bond Funds 7.59 7.51 -1.1 5.3 CION Ares Dvsfd Crdt;I NA NA NA 5.8 InvescoMuOppTr VMO 13.47 12.43 -7.7 4.8 CalamosGlbTotRet CGO 13.47 13.46 -0.1 27.2 Tri-Continental TY 31.95 28.38 -11.2 9.2 Tortoise Enrgy Infra Crp TYG 24.33 18.60 -23.6 -71.9 BlRck Core Bond BHK 16.34 16.03 -1.9 5.2 CION Ares Dvsfd Crdt;L NA NA NA 5.8 Specialized Equity Funds Income & Preferred Stock Funds BR Credit Alloc Inc BTZ 15.50 14.57 -6.0 7.2 InvescoMuTr VKQ 13.49 12.48 -7.5 4.9 Primark Priv Eq Inv:III NA NA NA NS InvescoQual Inc IQI 13.67 12.54 -8.3 4.8 VirtusTotalRetFd ZTR NA 8.28 NA NA CION Ares Dvsfd Crdt;U NA NA NA 5.8 Aberdeen Glb Prem Prop AWP 5.84 5.00 -14.4 -13.7 CalamosStratTot CSQ NA 14.50 NA 19.1 Insight Select Income INSI 22.28 20.95 -6.0 3.9 CION Ares Dvsfd Crdt:U2 NA NA NA NS Adams Natural Resources PEO 12.94 10.79 -16.6 -26.3 CohenStrsLtdDurPref&Inc LDP 25.47 24.60 -3.4 2.2 InvescoBond VBF 21.75 20.47 -5.9 3.8 InvTrInvGrMu VGM 13.91 12.71 -8.6 4.9 Prem12 Mo InvescoValMunInc IIM 16.60 15.22 -8.3 4.7 CION Ares Dvsfd Crdt;W NA NA NA 5.8 AllianzGI AI & Tech Opps AIO 26.62 23.41 -12.1 23.2 CohenStrsSelPref&Income PSF 26.32 25.83 -1.9 -3.3 J Han Income JHS 16.38 15.78 -3.7 4.8 Fund (SYM) NAV Close /Disc Yld CNR Select Strategies 11.58 NA NA 0.0 MFS Intmdt MIN MAINSTAY:MK DEFTR MUN OP MMD NA 21.08 NA 4.8 GI DivInt&PremStr NFJ 14.66 12.70 -13.4 7.4 FirstTrIntDurPref&Inc FPF 23.65 22.40 -5.3 -0.2 3.95 3.74 -5.3 9.1 Loan Participation Funds GL Beyond Income 0.76 NA NA NE ASA Gold & Prec Met Ltd ASA Western Asset Inf-Lk Inc WIA NA 12.41 NA 3.1 NeubrgrBrm NBH 15.08 15.15 +0.5 5.3 23.71 19.94 -15.9 66.9 JHanPrefInc HPI 19.51 19.02 -2.5 -7.7 1WS Credit Income NA NA NA 6.2 KKR CREDIT OPPTY;D NA NA NA NS BR Enh C&I CII 18.42 16.77 -9.0 7.9 Western Asset Inf-Lk O&I WIW NA 11.60 NA 3.5 Nuveen AMT-Fr Mu Val NUW NA 16.05 NA 2.9 JHPrefIncII HPF 19.17 18.19 -5.1 -9.1 AlphCntrc Prime Merid In 10.00 NA NA NS KKR CREDIT OPPTY;I NA NA NA NS BlackRock Energy & Res BGR 7.82 6.96 -11.0 -32.1 HnckJPfdInco III HPS 17.16 16.72 -2.6 -4.5 Westn Asst IG Def Opp Tr IGI NA 21.35 NA 4.0 Nuveen AMT-Fr Qlty Mun I NEA NA 14.66 NA 4.6 Angel Oak Str Crdt:Inst 22.60 NA NA 8.0 KKR CREDIT OPPTY;T NA NA NA NS BlackRock Eq Enh Div BDJ 8.97 8.05 -10.3 -7.3 J Han Prm PDT 13.58 13.56 -0.1 -11.9 Loan Participation Funds Nuveen AMT-Fr Mu CI NVG NA 16.00 NA 5.0 Axonic Alternative Inc KKR CREDIT OPPTY;U BlackRock Enh Glbl Div BOE 11.97 10.43 -12.9 5.9 LMP CapInco SCD NA 11.07 NA -12.0 Apollo Senior Floating AFT NA 13.32 NA 7.7 Nuveen Dyn Muni Opp NDMO NA NA NA NS NA NA NA 3.6 NA NA NA NS Nuveen Enh Muni Val NEV BlackRock Enh Intl Div BGY 6.38 5.69 -10.8 10.5 Nuveen Pref & Inc Opp JPC NA 8.86 NA -6.0 BR Debt Strategy DSU 11.38 10.00 -12.1 8.9 NA 15.47 NA 4.8 Blackstone/GSO FR EI D NA NA NA 5.9 Lord Abbett Cred Opps Fd 9.94 NA NA 7.6 BlackRock Hlth Sci Tr II BMEZ 27.60 25.93 -6.1 NS Nuveen Fd JPS BR F/R Inc Str FRA 13.61 11.88 -12.7 8.3 Nuveen Int Dur Mun Term NID NA 13.51 NA 3.8 Blackstone/GSO FR EI I NA NA NA 6.2 Lord Abbett Cred Opps Fd 9.94 NA NA 8.3 NA 9.23 NA -1.4 Nuveen Mu Crdt Opps NMCO BlackRock Hlth Sciences BME 43.40 45.70 +5.3 20.1 Nuveen Pref & Inc Term JPI NA 23.01 NA -0.9 BlackRock Floatng Rt Inc BGT 13.21 11.70 -11.4 8.2 NA 12.45 NA 6.2 Blackstone/GSO FR EI T NA NA NA 5.7 Lord Abbett Crd Op:U 9.94 NA NA NS Nuv Muni Credit Income NZF NA 15.30 NA 5.1 BlackRock Res & Comm BCX 7.82 6.57 -16.0 -6.1 Nuveen TxAdvDivGr JTD NA 13.64 NA -14.7 Blackstone / GSO Strat BGB 13.95 12.25 -12.2 10.1 Blackstone/GSO FR EI T-I NA NA NA 5.7 Palmer Square Opp Inc 17.98 NA NA 6.3 NuvMuniHiIncOpp NMZ NA 13.52 NA 5.5 BlackRock Sci&Tech Tr II BSTZ 32.80 30.82 -6.0 63.7 TCW Strat Income TSI NA 5.71 NA 5.1 Blackstone/GSO Sr Flt Rt BSL 15.58 13.88 -10.9 8.8 Blackstone/GSO FR EI U NA NA NA NS Resource Credit Inc:A 10.21 NA NA 8.4 Eagle Point Credit ECC NA 8.85 NA 19.5 Nuveen Muni Val NUV NA 10.93 NA 3.4 Blstn Commnty Dev 10.11 NA NA 3.4 Resource Credit Inc:C 10.32 NA NA 7.7 BlackRock Sci&Tech Trust BST 45.86 46.93 +2.3 56.0 Convertible Sec's. Funds Nuveen Quality Muni Inc NAD BlackRock Utl Inf & Pwr BUI AdvntCnvrtbl&IncFd AVK EtnVncFltRteInc EFT NA 13.15 NA 7.4 NA 14.84 NA 4.6 BNYM Alcntr Glb MS Cr Fd 99.70 NA NA 7.4 Resource Credit Inc:I 10.24 NA NA 8.7 23.09 23.38 +1.3 16.5 17.68 15.38 -13.0 12.7 Nuveen Sel TF NXP NA 16.90 NA 3.2 CBRE ClrnGlbRlEst IGR 7.80 6.47 -17.1 -9.5 GI Conv & Inc NCV 5.76 5.23 -9.2 4.7 EV SenFlRtTr EFR NA 12.60 NA 7.7 CLIFFWATER CL FD;I 10.44 NA NA 4.4 Resource Credit Inc:L 10.21 NA NA 8.2 EVSnrIncm EVF NA 6.12 NA 6.8 Nuveen Sel TF 2 NXQ NA 15.20 NA 3.3 CNR Strategic Credit 9.91 NA NA 8.3 Resource Credit Inc:W 10.21 NA NA 8.5 FT/Sr Fltg Rte Inc 2 FCT 12.64 11.22 -11.2 10.4 Nuveen Sel TF 3 NXR NA 16.51 NA 3.1 FedProj&TrFinanceTendr Thrivent Church Ln&Inc:S PIMCO MuniInc PMF 9.99 NA NA 2.8 10.94 NA NA 2.7 FT/Sr Fltg Rte 2022 TgTr FIV 9.30 8.68 -6.7 3.1 13.08 13.54 +3.5 5.1 FS Global Crdt Opptys D World Income Funds PIMCOMuniIncII PML 12.23 13.91 +13.7 5.4 NA NA NA 7.2 A Week in the Life of the DJIA Highland Income HFRO 12.50 8.75 -30.0 11.7 Schrdrs Opp Inc;A 25.42 NA NA NS Destra Int&Evt-Dvn Crd:A 24.66 NA NA 4.8 InvDYCrOpp VTA 11.30 9.97 -11.8 9.7 Pimco Muni III PMX 11.18 11.61 +3.8 5.0 PioneerHilncAdv MAV 12.27 11.33 -7.7 4.4 Schrdrs Opp Inc;A2 NA NA NA NS Destra Int&Evt-Dvn Crd:I 24.67 NA NA 5.1 Alook at how the Dow Jones Industrial Average component stocks InvSnrIncTr VVR 4.36 3.83 -12.2 7.6 Schrdrs Opp Inc;I 25.44 NA NA NS Destra Int&Evt-Dvn Crd:L 24.65 NA NA 4.6 Nuveen Credit Strat Inc JQC NA 6.04 NA 18.3 PioneerMunHiIcmT MHI 13.14 12.09 -8.0 4.7 Putnam Mgd Inc PMM Schrdrs Opp Inc;SDR 25.48 NA NA NS Destra Int&Evt-Dvn Crd:T 24.63 NA NA 4.4 did in the past week and how much each moved the index. The DJIA NuvFloatRateIncFd JFR NA 8.38 NA 8.2 8.09 7.91 -2.2 5.0 Putnam Muni Opp PMO 13.84 13.29 -4.0 4.9 Invesco Sr Loan A 6.14 NA NA 4.7 National Muni Bond Funds lost 216.33 points, or 0.73%, on the week. A$1change in the price of NuvFloatRteIncOppty JRO NA 8.31 NA 8.1 Invesco Sr Loan C 6.16 NA NA 3.9 PIMCO Flex Mun Inc;A-3 NA NA NA 2.2 Nuveen Senior Income NSL RiverNorth Mgd Dur Mun I RMM 19.03 17.39 -8.6 6.1 any DJIA stock =6.58-point change in the average. To date, a$1,000 NA 4.96 NA 8.6 Western Asset Mgd Muni MMU Invesco Sr Loan IB 6.14 NA NA 4.9 PIMCO Flex Mun Inc:A1 NA NA NA NS PionrFltRate Tr PHD 11.10 10.47 -5.7 6.7 NA 12.61 NA 4.4 investment on Dec. 31 in each current DJIA stock component would Westn Asst Mu Def Opp Tr MTT NA 20.32 NA 3.3 Invesco Sr Loan IC 6.14 NA NA 4.8 PIMCO Flex Mun Inc;A2 NA NA NA NS High Yield Bond Funds Single State Muni Bond Invesco Sr Loan Y 6.15 NA NA 4.9 PIMCO Flex Mun Inc;Inst NA NA NA 2.9 AllianceBernGlHiIncm AWF have returned $31,567, or again of 5.22%, on the $30,000 12.59 11.03 -12.4 7.6 BlackRock CA Mun BFZ 15.87 13.53 -14.7 3.5 Pioneer Sec Inc 9.34 NA NA NS Tortoise Tax-Adv Soc Inf 9.51 NA NA 5.0 Angel Oak FS Inc Trm FINS 18.56 16.68 -10.1 7.8 BR MH CA Qly Fd Inc MUC investment, including reinvested dividends. Barings Glb SD HY Bd BGH 15.89 14.58 -8.2 4.0 15.93 13.96 -12.4 11.3 BR MH NJ Qly MUJ 15.81 14.07 -11.0 4.9 BR Corporate HY HYT 11.73 11.26 -4.0 8.8 BR MH NY Qly MHN 15.02 13.70 -8.8 4.3 The Week’s Action BlackRock Ltd Dur Inc BLW 16.63 15.39 -7.5 8.2 Pct Stock price Point chg $1,000 Invested(year-end '19) BR MuniYld CA MYC 16.22 14.22 -12.3 3.7 Currencies BNY Mellon Hi Yield Str DHF 3.20 2.93 -8.4 9.5 BR MuniYld CA Qly MCA 16.05 14.66 -8.7 4.0 chg (%) change in average* Company Symbol Close $1,000 Brookfield Real Asst Inc RA 19.75 17.20 -12.9 15.0 BR MuniYld MI Qly MIY 15.76 14.20 -9.9 4.4 U.S.-dollar foreign-exchange rates in late New York trading 6.69 12.51 82.31 Boeing BA $199.62 $616 CrSuisHighYld DHY 2.46 2.27 -7.7 9.6 BR MuniYld NJ MYJ 15.88 13.98 -12.0 5.4 5.31 2.76 18.16 Dow DOW 54.73 1,052 DoubleLine Inc Sol DSL NA 16.48 NA 12.0 BR MuniYld NY Qly MYN 14.42 13.04 -9.6 4.2 US$ vs, US$ vs, DoubleLine Yld Opps DLY 19.56 17.68 -9.6 NS 3.66 4.70 30.92 Nike NKE 132.98 1,322 EVCAMuniBd EVM 12.77 11.55 -9.6 4.1 Fri YTD chg Fri YTD chg First Tr Hi Inc Lng/Shrt FSD 16.18 14.24 -12.0 9.7 Eaton Vance NY Muni Bd ENX 13.44 12.01 -10.6 4.2 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) 3.42 8.53 56.12 salesforce.com CRM 258.04 1,587 First Trust HY Opp:2027 FTHY 21.11 19.92 -5.6 NS InvCaValMuIncTr VCV 13.63 12.50 -8.3 4.3 IVY HIGH INCOME OPP IVH 14.03 12.40 -11.6 10.4 Americas Vietnam dong .00004315 23177 0.02 3.32 2.76 18.16 Chevron CVX 85.79 752 InvPAValMuIncTr VPV 14.12 12.23 -13.4 4.8 NeubHgYldStrt NHS 12.24 11.43 -6.6 10.1 InvTrInvGrNYMu VTN 14.23 12.46 -12.4 4.6 Europe New Amer Hi Inc HYB 9.65 8.47 -12.2 6.9 Argentina peso .0124 80.3543 34.2 1.96 2.71 17.83 Walt Disney DIS 141.07 975 Nuveen CA AMT-F Qual MI NKX NA 15.30 NA 4.1 NexPointStratOppty NHF 17.04 9.70 -43.1 16.9 Nuveen CA Val NCA NA 10.33 NA 3.1 Brazil real .1859 5.3802 33.9 Czech Rep. koruna .04497 22.237 –1.9 1.95 4.27 28.09 Goldman Sachs GS 223.35 990 Nuveen CI Nov 2021 Tgt JHB NA 9.16 NA 4.6 NuveenCAQtyMuInc NAC NA 14.85 NA 4.3 Canada dollar .7637 1.3094 0.8 Denmark krone .1592 6.2811 –5.7 1.83 3.10 20.40 3M MMM 172.89 1,017 Nuveen Crdt Opps 2022 TT JCO NA 8.28 NA 7.1 Nuveen MD Qual Muni Inc NMY NA 13.58 NA 4.2 Chile peso .001309 764.20 3.4 Euro area euro 1.1856 .8435 –5.4 Nuveen Global High Inc JGH NA 14.28 NA 8.3 Nuveen MI Qual Muni Inc NUM NA 14.38 NA 3.9 0.43 0.49 3.22 JPMorgan Chase JPM 114.57 852 PGIM Global High Yield GHY NA 13.71 NA 9.9 Colombiapeso .000275 3632.95 10.7 Hungary forint .003292 303.81 2.9 NuvNJ Qual Muni Inc NXJ NA 13.95 NA 4.7 Ecuador US dollar 11unch Iceland krona .007360 135.87 12.2 0.38 0.81 5.33 McDonald’s MCD 214.09 1,104 PGIM High Yield Bond ISD 16.32 14.41 -11.7 9.3 Nuveen NY AMT/Fr Qual MI NRK NA 13.08 NA 4.3 PioneerHilncmTr PHT 9.10 8.46 -7.0 9.6 Nuveen NY Qual Muni Inc NAN NA 13.58 NA 4.5 Mexico peso .0497 20.1162 6.3 Norway krone .1109 9.0209 2.8 0.30 0.52 3.42 Caterpillar CAT 172.23 1,201 Wells Fargo Income Oppty EAD NA 7.69 NA 9.7 Nuveen OH Qual Muni Inc NUO NA 15.42 NA 3.5 Uruguay peso .02335 42.8300 15.3 Poland zloty .2653 3.7700 –0.6 WstAstHIF II HIX NA 7.02 NA 9.0 Nuveen PA Qual Muni Inc NQP NA 13.89 NA 4.6 Russia ruble .01312 76.214 22.8 0.23 0.46 3.03 Honeywell HON 202.00 1,168 Western Asset Hi Inc Opp HIO NA 4.96 NA 7.9 Asia-Pacific Nuveen VA Qlty Mun Inc NPV NA 15.35 NA 3.6 Sweden krona .1160 8.6224 –7.9 0.08 0.09 0.59 IBM IBM 116.94 918 Western Asset Hi Yld D O HYI NA 14.99 NA 8.0 PIMCO CA PCQ 14.13 17.36 +22.9 4.6 Australian dollar .7305 1.3689 –3.9 Switzerland franc 1.0975 .9112 –5.8 –0.06 –0.08 –0.53 Travelers TRV 134.55 1,004 Other Domestic Taxable Bond Funds PIMCOCAMuniII PCK 9.02 9.08 +0.7 4.3 China yuan .1524 6.5630 –5.7 Apollo Tactical Income AIF NA 13.34 NA 8.0 Turkey lira .1309 7.6375 28.4 Pimco CA Muni III PZC 10.19 10.32 +1.3 4.6 Hong Kong dollar .1290 7.7522 –0.5 –0.15 –0.07 –0.46 Intel INTC 45.39 777 Ares Dynamic Crdt Alloc ARDC NA 13.19 NA 9.8 Ukraine hryvnia .0353 28.3500 19.7 BlackRock Mlt-Sctr Inc BIT 18.10 16.41 -9.3 9.4 52 wk India rupee .01348 74.160 3.9 Prem Ttl UK pound 1.3283 .7528 –0.2 –0.20 –0.30 –1.97 Walmart WMT 150.24 1,281 BlackRock Tax Muni Bd BBN 25.07 25.93 +3.4 5.3 Indonesia rupiah Fund (SYM) NAV Close /Disc Ret .0000706 14165 2.0 –0.79 –0.64 –4.21 Merck MRK 80.45 905 DoubleLine:Oppor Crdt Fd DBL 19.63 19.49 -0.7 7.5 Japan yen .009629 103.85 –4.4 Middle East/Africa Duff&Ph Util Cor DUC General Equity Funds 9.58 9.20 -4.0 6.2 Kazakhstan tenge .002337 427.99 12.1 Bahrain dinar 2.6524 .3770 –0.01 –1.04 –0.43 –2.83 Cisco CSCO 40.97 883 EVLmtDurIncm EVV NA 12.07 NA 10.2 Specialized Equity Funds –1.46 –0.78 –5.13 Coca-Cola KO 52.67 976 Franklin Ltd Dur Income FTF 9.35 8.56 -8.4 11.4 CIM RA&C A 25.20 NA NA NS Macau pataca .1251 7.9910 –0.3 Egypt pound .0641 15.5974 –2.8 J Han Investors JHI Malaysia ringgit .2443 4.0925 0.05 Israel shekel .2994 3.3400 –3.3 –1.61 –1.92 –12.63 Apple AAPL 117.34 1,612 18.07 16.53 -8.5 8.7 CIM RA&C C 25.09 NA NA NS KKR Income Opportunities KIO NA 13.81 NA 11.3 CIM RA&C I 25.24 NA NA NS New Zealand dollar .6930 1.4430 –2.9 Kuwait dinar 3.2696 .3058 0.9 –1.67 –1.02 –6.71 Verizon VZ 60.04 1,021 MFS Charter MCR 8.87 8.43 -5.0 8.5 CIM RA&C L 25.17 NA NA NS Pakistan rupee .00622 160.900 3.8 Oman sul rial 2.5976 .3850 –0.01 Nuveen Taxable Muni Inc NBB NA 22.05 NA 5.1 GS Real Est Div Inc:A 9.70 NA NA -4.8 Philippines peso .0207 48.239 –4.9 Qatar rial .2746 3.642 –0.05 –2.10 –2.41 –15.86 American Express AXP 112.58 920 PIMCO Corp & Inc Oppty PTY 13.39 17.05 +27.3 9.8 GS Real Est Div Inc:C 9.68 NA NA -5.3 Singapore dollar .7444 1.3434 –0.2 Saudi Arabia riyal .2666 3.7504 –0.02 –2.36 –3.54 –23.29 Johnson & Johnson JNJ 146.36 1,024 PIMCO Corp & Inc Strat PCN 13.55 16.67 +23.0 9.2 GS Real Est Div Inc:I 10.12 NA NA -4.6 PIMCOHilnco PHK NA 5.68 NA 12.7 South Korea won .0008968 1115.08 –3.5 South Africa rand .0648 15.4244 10.2 –2.66 –7.36 –48.43 Home Depot HD 269.81 1,258 GS Real Est Div Inc:L 9.70 NA NA -4.9 PIMCO IncmStrFd PFL 10.06 10.62 +5.6 10.7 GS Real Est Div Inc:W 9.84 NA NA -4.8 Sri Lanka rupee .0054004 185.17 2.1 –2.83 –6.12 –40.27 Microsoft MSFT 210.39 1,348 PIMCO IncmStrFd II PFN 9.00 9.44 +4.9 10.6 NexPointRlEstStrat;A 15.59 NA NA -18.4 Taiwan dollar .03505 28.530 –4.6 Close Net Chg % Chg YTD % Chg Putnam Mas Int PIM 4.43 4.15 -6.3 8.8 NexPointRlEstStrat;C 15.75 NA NA -18.7 Thailand baht –3.14 –6.60 –43.42 Visa V 203.88 1,092 Putnam Prem Inc PPT 4.91 4.58 -6.7 9.4 .03303 30.280 1.7 WSJ Dollar Index 87.06 0.03 0.04 –2.79 NexPointRlEstStrat;Z 15.74 NA NA -17.9 –3.45 –4.98 –32.77 Procter & Gamble PG 139.30 1,143 Wells Fargo Multi-Sector ERC NA 11.52 NA 10.7 Sources: Tullett Prebon, Dow Jones Market Data World Income Funds PREDEX;I 25.20 NA NA 0.0 –5.90 –20.97 –137.97 UnitedHealth Group UNH 334.70 1,153 Abrdn AP IncFd FAX 4.79 4.18 -12.7 8.6 –5.98 –14.19 –93.36 Amgen AMGN 223.17 951 BrndywnGLB Glb Inc Oppts BWG NA 11.79 NA 7.5 EtnVncStDivInc EVG NA 12.42 NA 7.6 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks –12.13 –5.18 –34.08 Walgreens WBA 37.53 665 MS EmMktDomDebt EDD 7.14 6.06 -15.1 8.2 PIMCO Dyn Crd & Mrt Inc PCI 19.36 20.02 +3.4 13.4 *Based on Composite price. DJIA is calculated on primary-market price. PIMCO Dynamic Income PDI NA 25.73 NA 12.6 Source: Dow Jones Market Data; FactSet. PIMCO Income Opportunity PKO 22.82 23.75 +4.1 10.1 Money Rates November 20, 2020 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Insider-Trading Spotlight guide to general levels but don’t always represent actual transactions. Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys new information Inflation Week —52-WEEK— Week —52-WEEK— about the prospects of a company. Insiders are required to report large trades to the SEC within two business days. Here’s a look at Latest ago High Low Latest ago High Low Oct. index Chg From (%) the biggest individual trades by insiders, based on data received by Thomson Financial on November 20, and year-to-date stock level Sept. '20 Oct. '19 High 0.1000 0.1000 1.6500 0.1000 Commercial paper (AA financial) Low 0.0300 0.0500 1.5800 0.0100 performance of the company 90 days 0.14 0.11 2.53 0.04 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer U.S. consumer price index Bid 0.0800 0.0800 1.6000 0.0100 Offer 0.1100 0.1100 1.6300 0.0500 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner All items 260.388 0.04 1.2 Libor I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Core 269.328 0.10 1.6 Treasury bill auction One month 0.15013 0.13638 1.80475 0.12663 unknown VP: vice president Excludes pure options transactions Three month 0.20488 0.22200 1.96050 0.20488 4 weeks 0.070 0.085 1.620 0.000 Six month 0.24875 0.24600 1.92438 0.23375 International rates 13 weeks 0.090 0.100 1.560 0.000 One year 0.33650 0.33938 2.01200 0.32763 Biggest weekly individual trades 26 weeks 0.100 0.110 1.580 0.080 Week 52-Week Euro Libor Based on reports filed with regulators this past week Latest ago High Low Secondary market No. of shrs in Price range ($) $ Value One month -0.578 -0.573 -0.360 -0.621 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Prime rates Fannie Mae Three month -0.544 -0.539 -0.142 -0.546 U.S. 3.25 3.25 4.75 3.25 30-year mortgage yields Six month -0.519 -0.512 -0.052 -0.526 One year -0.469 -0.456 0.008 -0.474 Buyers Canada 2.45 2.45 3.95 2.45 30 days 1.856 1.898 3.362 1.751 Nov. 16 MultiPlan MPLN M. Klein DI 700 7.11 4,977 7.56 Japan 1.475 1.475 1.475 1.475 60 days 1.880 1.933 3.370 1.804 Secured Overnight Financing Rate Nov. 17 M. Klein DI 700 7.04 4,926 Nov. 13 M. Klein DI 741 6.60 4,888 Policy Rates Other short-term rates 0.06 0.09 1.65 0.01 Nov. 9 Camping World Holdings CWH S. Adams DI 200 24.55 28.80 95.4 4,910 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Nov. 13 GreenSky GSKY R. Sheft DOI 1,105 3.47 3,834 4.09 -54.0 Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Nov. 13 D. Zalik CEO 1,105 3.47 3,834 Latest ago high low Britain 0.10 0.10 0.75 0.10 Nov. 10 Net 1 U.E.P.S. Technologies UEPS A. Ball DI 583 3.12 1,820 3.53 -5.1 DTCC GCF Repo Index Australia 0.10 0.10 0.75 0.10 Nov. 16-17 A. Ball DI 185 3.35-3.38 625 Call money Treasury 0.068 58.600 1.720 0.002 Nov. 12 Morgan Stanley MS H. Olayan DI 25 55.40 1,385 57.81 13.1 Overnight repurchase 2.00 2.00 3.50 2.00 MBS 0.069 26.680 1.763 0.011 Nov. 16 Waitr Holdings WTRH B. Ortale D 266 2.75 732 3.74 1061.5 U.S. 0.07 0.11 1.65 -0.07 Nov. 18 MBIA MBI W. Fallon CEO 100 6.17 617 6.46 -30.5 Notes on data: Nov. 17 AtriCure ATRC S. Drake D 12 40.54 501 42.46 30.6 U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Nov. 16 Reynolds Consumer Products REYN V. Mitchell CEO 17 29.86 493 30.61 Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Nov. 17 GCP Applied Technologies GCP A. Lauzon D 16 24.36 390 23.86 5.1 as of November 19, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted 0.25 0.25 2.25 0.25 Nov. 12 Hanesbrands HBI R. Nelson D 30 12.71 381 13.63 -8.2 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Nov. 13 ACCO Brands ACCO R. Lombardi D 50 6.83 342 7.63 -18.5 Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Nov. 17-18 National Health Investors NHI R. Adams DI 566.33-66.45 332 64.77 -20.5 Effective rate 0.0900 0.0900 1.6200 0.0600 Tullett Prebon Information, Ltd. Nov. 9 Cyclerion Therapeutics CYCN A. Busch O 125 2.53 316 2.99 9.9 Sellers Cash Prices | wsj.com/market-data/commodities Friday, November 20, 2020 Nov. 16 Ashland Global Holdings ASH R. Sandler DI 1,600 77.25 123,600 77.30 1.0 Nov. 10 Constellation Brands STZ R. Sands H 409 199.87-202.34 81,914 200.57 5.7 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Nov. 16 Revolution Medicines RVMD P. Svennilson DOI 2,027 36.40 73,788 39.56 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Nov. 17 BigCommerce Holdings BIGC L. Bohn DI 981 65.79 64,569 67.63 months. Nov. 13 Plug Power PLUG J. Roth DI 1,915 22.93-23.42 44,257 24.36 670.9 Friday Friday Friday Nov. 12-16 Zillow Group Z L. Frink P 400 106.51-110.16 43,043 111.56 142.8 Energy Aluminum, LME, $ per metric ton *1983.0 Wheat - Hard - KC (USDA) $ per bu-u 5.7525 Nov. 10-12 Community Health Systems CYH T. Chen BI 5,000 8.01-10.03 41,463 8.61 196.9 Copper,Comex spot 3.2935 Wheat,No.1soft white,Portld,OR-u 6.1500 Nov. 16-18 Columbia Sportswear COLM S. Bany BI 477 77.05-84.11 37,393 84.27 -15.9 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750 Iron Ore, 62% Fe CFR China-s 129.5 Food Nov. 16-17 Square SQ J. Mckelvey D 200 174.06-179.98 35,405 195.97 213.3 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 287 Steel, HRC USA, FOB Midwest Mill-s Beef,carcass equiv. index Nov. 16-18 Cloudflare NET S. Sandell DI 451 64.24-65.62 29,443 66.55 290.1 748 Metals choice 1-3,600-900 lbs.-u 195.46 Nov. 10-12 Schrodinger SDGR D. Shaw BI 547 49.52-55.55 29,060 60.60 Fibers and Textiles select 1-3,600-900 lbs.-u 175.39 Nov. 17-19 D. Shaw BI 381 56.63-60.81 22,507 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8005 Nov. 10-12 Pacific Biosciences of California PACB M. Hunkapiller D 1950* 14.25-16.73 28,837 15.08 193.4 Engelhard industrial 1874.00 Burlap,10-oz,40-inch NY yd-n,w 0.6300 Handy & Harman base 1875.70 Cotton,1 1/16 std lw-mdMphs-u 0.6971 Butter,AA Chicago 1.3450 Nov. 9-12 SunRun RUN D. Bywater OD 476* 54.16-61.20 27,481 61.44 344.9 Handy & Harman fabricated 2082.03 Cotlook 'A' Index-t *78.15 Cheddar cheese,bbl,Chicago 142.25 Cheddar cheese,blk,Chicago Nov. 17-18 AGCO AGCO M. Richenhagen CEO 289* 93.19-94.79 27,100 91.91 19.0 LBMA Gold Price AM *1857.40 Hides,hvy native steers piece fob-u 39.000 164.50 Milk,Nonfat dry,Chicago lb. 108.50 Nov. 16-18 Shockwave Medical SWAV D. Godshall CEO 280 92.40-96.70 26,476 98.04 123.2 LBMA Gold Price PM *1857.35 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1459 Nov. 9 Global Payments GPN J. Sloan CEO 123 196.18-198.38 190.70 4.5 Krugerrand,wholesale-e 1949.38 24,201 Coffee,Colombian, NY 1.6968 Maple Leaf-e 1968.12 Grains and Feeds Nov. 9 CrowdStrike Holdings CRWD G. Kurtz CEOI 179 126.56-136.93 23,409 145.72 192.2 Eggs,large white,Chicago-u 1.0150 American Eagle-e 1968.12 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.75 * Half the transactions were indirect **Two day transaction Mexican peso-e 2267.96 Bran,wheat middlings, KC-u 125 Hams,17-20 lbs,Mid-US fob-u n.a. p - Pink Sheets Austria crown-e 1840.29 Corn,No. 2 yellow,Cent IL-bp,u 4.1350 Hogs,Iowa-So. Minnesota-u 65.20 Austria phil-e 1968.12 Corn gluten feed,Midwest-u,w 142.0 Pork bellies,12-14 lb MidUS-u n.a. Buying and selling by sector Silver, troy oz. Corn gluten meal,Midwest-u,w 531.1 Pork loins,13-19 lb MidUS-u 0.8020 Engelhard industrial 24.4000 Cottonseed meal-u,w 390 Steers,Tex.-Okla. Choice-u 110.00 Based on actual transaction dates in reports received this past week Handy & Harman base 24.3250 Hominy feed,Cent IL-u,w 108 Steers,feeder,Okla. City-u,w 147.13 Handy & Harman fabricated 30.4060 Meat-bonemeal,50% pro Mnpls-u,w 260 Sector Buying Selling Sector Buying Selling LBMA spot price *£18.0900 Oats,No.2 milling,Mnpls-u 3.1675 Fats and Oils (U.S.$ equivalent) *23.9800 Basic Industries 166,426 61,108,753 Finance 3,579,716 158,991,338 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 44.6000 Coins,wholesale $1,000 face-a 18238 Sorghum,(Milo) No.2 Gulf-u 6.3325 Business services 2,613,872 49,872,064 Health care 934,089 126,708,355 Grease,choice white,Chicago-h 0.2900 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 392.70 Lard,Chicago-u Capital goods 00Industrial 10,732,557 146,582,514 n.a. LBMA Platinum Price PM *944.0 Soybeans,No.1 yllw IL-bp,u 11.6700 Soybean oil,crude;Centl IL-u 0.3966 Consumer durables 775,046 28,072,456 Media 127,500 11,845,516 Platinum,Engelhard industrial 959.0 Wheat,Spring14%-pro Mnpls-u 6.8150 Tallow,bleach;Chicago-h 0.3250 Consumer nondurables 082,151,221 Technology 129,399 209,599,057 Palladium,Engelhard industrial 2352.0 Wheat,No.2 soft red,St.Louis-u 6.1325 Tallow,edible,Chicago-u n.a. Consumer services 386,656 61,188,105 Transportation 880 15,852,778 Energy 88,434 50,514,407 Utilities 76,390 11,519,054 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 11/19 Sources: Thomson Financial; Dow Jones Market Data Source: Dow Jones Market Data P2JW328000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, November 23, 2020 | B9 MARKETS

coms boomed, because apre- Share-priceand index Consider TechnipFMC side their home countries. Indexes vious “going-concern” performance PLC.The British-registered Bank condition wasseen as too sincethe end of 2017 oil-services companyisthe he indexprovidersare vague. Tesla second-smallest member of in abind, sometimes Are Weird Other than the profits s686% the S&P by value,and so is T focusing on listing lo- Stocks rule,the fundamentals of a 600% at risk of being booted out cation, sometimes on legal stock were almost com- next month to makeway for status,and other times on Measures pletely ignored by the com- Tesla. (It might also stay,as whereacompanydoes its Gyrate mittee. Almost. “The only the committeeisn’t forced to business—in part because of time valuations came up is if removeany particular com- what investorswant. ContinuedfrompageB1 astock had abig run-up that 400 pany, anymorethan it was MSCI includes foreign- ContinuedfrompageB1 buy tens of billions of dollars no one could explain, be- forced to add Tesla.) listed companies in itshome- stimulus package, providing an- of Tesla stock—hence, the cause no one wanted to put a On Wednesday, Technip- countryindexeswherethere other reason to bet on banks. big moveinprice. So much stock in [the index] and then FMC—formed from the arealot of them, as with Is- Then, on Nov.3,the nation money will need to move have it drop 25% the next mergerofFrench and U.S. rael, China and the Nether- voted. Afterpolls closed, it was when the indexisreconsti- week,” Mr.Blitzer said. Tesla 200 companies—was one of the lands.Therearen’t many apparent aBlue Wave wouldn’t tuted next month that S&P is stock is up sixfold this year best performersinthe index. German companies listed materializetopush through new consulting on adding the car and trading at morethan 100 It wasalso one of the best overseas,soGerman vaccine stimulus.Wall Street quickly un- maker in two chunks. times forecast 2021 earnings. performersinthe EuroStoxx maker BioNTech SE, which wound those trades.The mood Again, forboth the pas- index, whereitisclassified did itsIPO on Nasdaq, shifteddramatically the morning siveinvestor and those using he profitsrule is only as aFrench company, and in doesn’t qualifyfor MSCI’s of Monday, Nov.9,onthe Pfizer 0 the indexasagaugeofmar- the most glaring of Vanguard’spopular FTSE Eu- German or European indexes. news. Themarket jumped.Banks ketperformance, this is T manyconflictsbe- rope ETF, whereitisalso Because it is German, it soared. strange. Whydocompanies tween an investor tool and a S&P500 treated as French. So adiver- doesn’t qualifyfor MSCI USA Nowthe prevailing hope have to be profitable before gaugeofthe market. Inves- s33% sified portfolio using bench- either.Onthe other hand, wasn’t that astimulus would they areallowedintothe in- tors want anything that marks from different index Tesla has been in MSCI’sU.S. prop up the economytemporar- dex? Thewhole point of in- helps performanceand eases –200 providerswould probably indexessince2010,because ily,but that the pandemic would vesting passively is to leave trading,while ameasureof 2018 2019 2020 have TechnipFMC twice—nei- thereisnorule on profits. end.

it up to other people to de- the market should be com- Note:Weekly,asofFriday ther of them in the place Most of these problems ForAnton Schutz,portfolio cide if acompanyearns prehensive. TheS&P 500 is Source:FactSet whereitislegally based. canbeavoided by using very manager of the RMB Mendon enough to justifyits stock by design not comprehen- broad global indexes, such as Financial Services Fund, the price. Agaugeofperfor- sive, including only big week showed, the sheer hen indexinvesting MSCI All CountryWorld or year has been astruggle to keep manceshould measurethe stocks,but if it canexclude weight of money means the gotgoing in the FTSE All-World, which have clientsand getnew ones. profitable and the loss-mak- such ahugecompanyas S&P matters. W 1970s,this wasn’t a several large ETFs tracking But likemanybank investors, ersalike. Plenty of compa- Tesla, what is it for? This has perverse effects, problem because almost all them. Thereare still differ- he is feeling some measureof nies areloss-making after Theanswer, according to because other indexes, with companies were listed in the ences in which stocks qualify, relief thanks to the vaccine they join the index, espe- S&P’swebsite, is that it “is different rules,are used else- countrywherethey were notably nonvoting shares, news and is betting his portfolio cially this year; it is odd that widely regarded as the best where. Theresult is that the registered, based and did but such an approach does at will recovernextyear.Hehad onceinthe club,the condi- single gaugeoflarge-cap U.S. same stock cansit in several most of their business. Glob- least avoid the biggest anom- been telling potential investors tion no longer applies. equities.” In the world of in- benchmarks,attracting alization has broken the alies. that avaccine would send the David Blitzer, who retired vestment, that is pretty money from those tracking, links,with companies shift- Investorsstill need to pay industrysoaring,but some were as chairman of the S&P index much all thereis: If everyone saythe eurozone,aswell as ing fortax reasons,more attention. Thereare vast reticent until afterthe recent committeelast year,said the uses the S&P as the bench- the U.S.—and contributing to cross-border mergers and amountsofmoney being rally.“Youcan sit thereand say profitability rule wasintro- mark,you have to payatten- the widely used futures tied manymultinationals doing shiftedaround based on ‘I told youso,’” he said, “but it duced around 2000 as dot- tion. As Tesla’smovelast to those indexes. most of their businessout- strangeand conflicting rules. doesn’t feel so good.”

THE TICKER | Market events coming this week

Monday Consumer Confidence Sept., previous up 1.9% 3rd qtr. adv. est. Refinan., prev. down 2% Earnings expected* Oct., previous 100.9 Oct., expected up 0.5% up 33.1% Estimate/Year Ago($) Earningsexpected* Nov., expected 98.3 3rd qtr. sec. est. U.Mich. consumer index Deere 1.49/2.14 Estimate/Year Ago($) EIA status report up 33.1% Nov., prelim 77.0 Agilent Technologies Earnings expected* Previous changein stocksin Nov., final 81.2 0.93/0.89 Estimate/Year Ago($) millions ofbarrels GDP Deflator Thursday Arrowhead Analog Devices 1.33/1.19 Crude-oilstocks up0.8 3rd qtr. adv. est. Thanksgiving Day Pharmaceuticals Autodesk 0.96/0.78 New-home sales Gasolinestocks up 2.6 up 3.6% U.S. marketsare closed S 0.10/0.11 Best Buy 1.71/1.13 Sept., previous 959,000

3rd qtr. sec. est. PRES Nutanix (0.57)/(0.71) Hormel Foods Distillates down 5.2 up 3.6% Oct., expected 973,000 0.44/0.47 Friday TED Tuesday HP 0.52/0.60 EIA report: natural-gas CIA Initial jobless claims SO Previous changein stocksin billions Personal spending

No major events are AS Medtronic 0.80/1.31 Previous 742,000 Short-selling reports ofcubic feet Sept., previous up 1.4% scheduled Ratio, days of trading volume of Wednesday up 31 Expected N/A Oct., expected up 0.3% current position, at Oct 30

NYSE 3.2 Gross domestic product Mort. bankers indexes U.S. stockmarket closes HIEFELBEIN/ Nasdaq 2.8 Durable-goods orders Percentage change, annual rate Purch., previous up 4% Personal income early at 1p.m. EST, and SC Sept., previous up 0.9% the bond market will close * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR MARK STOCK SPLIT NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS Oct., expected down 0.4% early at 2p.m. Deereisscheduled to report earnings Wednesday. 7 J800 6D ed. rv se re ts righ ll .A nc ,I o. &C Jones ow 0D 02

PURCHASE ORIGINAL APPARELATWSJSHOP.COM ©2 ER UGI FR RNO :A OTO PH P2JW328000-0-B01000-1------XA

B10 | Monday, November 23, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Covid Fannie and Freddie Alters the Overhaul Isn’t Easy Business S It may be possible for current Share-priceperformance

NEW officials to take some big steps sinceNov.3 Flight G setting Fannie Mae and Freddie Mac on a path to exiting govern- 20% OOMBER ment control before President- 15 Freddie Mac

ON/BL elect Joe Biden takes office. But Fannie Mae Aprice-sensitivemarket LL like anything having to do with the FA 10 thatissmaller is likely T. housing giants, it won’t be simple. The completion of a new capital

TRICK 5

PA rule for Fannie and Freddie in No- The aviation crisis triggered by Covid has leftmanyairports with space. Aterminal in Tulsa, Okla., in October. vember creates one complexity. 0 9/11 eventually made budget carri- Under the new requirement, at ers the undisputed leaders in lei- corporatemarket to be areal nibble away at this market. their combined size Fannie and –5 sure flights. Covid-19 could give player,” Southwest Chief Executive In Europe,London-based easyJet Freddie would need to collectively them the keys to business travel. GaryKelly told analystslast month. champions this “hybrid” strategy. It have about $280 billion in equity –10 Threemajor U.S. carriers, United Southwest has already spent a combines lowcostswith offerssuch capital—on the order of $250 bil- Airlines, DeltaAir Lines and decade expanding in main airports, as extralegroom on certain seats lion more than they currently do. –15 Southwest Airlines,recently particularly after acquiring Air- and afocus on big businesscities. This means some kind of work- warned that sales aredeteriorating Tran Airways in 2011. In recent BeforeCovid-19,ithad increased its around to bridge the capital gap Nov. 39 16 as the winter season approaches. years, its network connectivity has connectivity in hubs likeParis’s for the time being may be needed. Source:FactSet But demand forcheap holiday become more concentrated in top Charles de Gaulle and Amsterdam’s According to the new capital rule, flightscould bounceback oncea airports, including legacy hubs in Schiphol, at the expense of the rest that could take the form of a tem- Court, either. It is set to soon hear vaccine is distributed,asitdid when Atlanta and Washington, D.C., a of itsnetwork.Sofar,though, easy- porary consent agreement if the arguments not only on whether lockdowns were eased this summer. data analysis reveals. Jethas chosen to retrench rather government were to end conserva- FHFA Director Mark Calabria is re- Businesstravelisanother story. Such strategies haven’t always than attack,because itsbalance torship. The terms of such a de- movable by the president at any Airline executives believethat in- been successful, though. Business sheet isn’t pristine. cree might have big consequences time, but also on some sharehold- creased use of videoconferencing travel is the turf of legacy carriers Arisk forhybrid players is that for Fannie and Freddie’s business, ers’ longstanding claims against could take apermanent 15% biteout dedicated to feeding traffic to hub their ownleisurebusinesscould be and for potential future investors. the government for sweeping Fan- of the market. Thebattlefor this airports. In the U.S. last year, air- undercut by ultralow-cost opera- Then there’sthe question of what nie and Freddie’s profits. shrinking pie could reshape the most ports with capacity constraints tors.Those rivals arenow waiving would be involved if theTreasury Thestakesfor investorsofall profitable part of their industry. represented 22% of traffic, official changefees—one of Southwest’s Department restructured itssenior kinds in this processare also unusu- In arecent survey,Barclays data shows. In Europe, it was 74%. signaturecustomer benefits. preferred stakeinFannie and Fred- ally high right now. Howthe firms found that morethan half of Amer- Covid-19 has changed the picture Regardless, flying is no longer a die,astepbeforethe firms raise or do businessunder anynew arrange- icans who flew forbusinessin by leaving even the busiest airports two-stream market. U.S. legacy retain additional capital. Treasury ment would be of hugeinterest at a 2019 expect a20% or greater fall with plenty of space. Budget airlines airlines themselves have spent mayseek to be compensated for delicatetime in the U.S. economy. in such travel afterthe pandemic. arewell-placed to fill it because years phasing out first-class cabins providing acontinued backstop to Consider the firestorm and home- Technologywas the most com- they have morecash and lessdebt. and segmenting customers into a the firms by charging them acom- lender stock swoon that wasignited monly cited reason, with budgetary Ultralow-cost carrierslike Spirit, wider range of products. The strat- mitment fee. Still, anymovethat in August by the FHFA’sproposed restraint in second place. Databy Allegiant, Ryanair and Wizz Air egy made money, but may also would amount to asignificant alter- feetohelp offset Fannie and Fred- business-spending management might be wary of assaulting busi- have whetted the appetite of cor- ation of the federal government’s die’spandemic obligations.FHFAre- firm Coupa Software shows that, nesshubs,whereexpenses are porate clients for cheaper options. balancesheet would attract interest sponded by pushing back the move among the few ticketsbought by higher.They could instead focus on “It’s a deterioration of the pre- at agencies beyond Treasuryand the to December,and exempting certain corporateaccountsinthe third their traditional tactic: squeezing mium product,” said Pere Suau- Federal Housing FinanceAgency. loans.That wasababy step com- quarter,the averagefarewas 45% hollowed-out secondaryairports. Sánchez, a lecturer in air-transport HowholdersofFannie and Fred- pared with the kind of changes that cheaper than ayear earlier. But Southwest caters to ahigher- management at the U.K.’s Cranfield die securitizations known as agency might ultimately result from Fannie Greater price-sensitivity in cor- cost segment. It even has business University. debt would react to newarrange- and Freddie’stransformation. poratebookingsisanopening for fares with extraperks.In2019,35% Even asmall lossofcorporate mentsisasource of debate. Some It would be understandable for budget airlines.Southwest is al- of itsrevenue came from companies, businessatkey airports could de- arguethat marketswould be satis- Mr.Calabria and TreasurySecretary ready increasing itspresence at Barclays estimates,which is in be- stroy the connectivity of legacy fied by acommitment-fee funded Steven Mnuchintonot want to ChicagoO’Hare, ahub claimed by tween mainline operatorsat50% players’carefully craftednetworks, arrangement, while othersargue it leave so much work unfinished on both United and American Air- and Spirit and Allegiant at 10%. making some international routes is arisk to moveforwardwithout housing financereform. But while lines.Itisalso threatening United JetBlue,with itssuccessfulpre- unprofitable.After alucrativeperiod supporting legislation by Congress aggressivesteps arepossible,a at Houston and American at Miami. mium Mint product, is another U.S. of truce, the airline industrymay be guaranteeing the debt. moremeasured approach maybe “We’re positioned nowinthe low-cost playerwell positioned to ripe foranew war. —Jon Sindreu Don’t forget about the Supreme morelikely. —Telis Demos

MARKETS BanksAid Financing forBlack-Owned Firms

BY JULIE STEINBERG charge them lowerfees,the Atypical supply-chain financetransaction banks say. known as reversefactoring Thebiggest banks in the In most types of lending, U.S. will giveBlack-owned the Equal Credit Opportunity Financial institution pays businesses advantageous Act and the Fair Housing Act supplier early at adiscount terms on acrucial type of fi- forbid lendersfrommaking to the invoiced amount nancing that companies use to credit decisions based on race. 2 managetheir cash flow,a That prevents banks from giv- novel effort to narrow the ing cheaper interest rateson wealth gapbetween whiteand mortgages,for example,tomi- Supplier nonwhite communities. nority applicants. Banks made multibillion- In the supply-chain finance dollar commitmentstoexpand business, by contrast, the sup- lending to Black consumers plier isn’t receiving atradi- and businesses afterthe wave tional loan. Rather,the banks’ 1 Supplier deliversgoods of proteststhroughout the U.S financing relationship is with sparked by the killing of the companythat buysthe Financial Institution George Floyd.The targeted goods or services from the Invoice JOURNAL

lending is meant to correct supplier.The client tells the approved REET decades of discrimination in banks which of itssuppliers ST LL

lending whereby banks denied areeligible forpreferential WA loans to Black borrowers or treatment. Thebanks then run 3 THE

steered them toward products checks to confirm the pool. R with high interest ratesand John E. Harmon Sr., presi- Companystretches out payment FO Company terms and pays financial institution otherterms manycouldn’t dent of the African American GEN

whatithad owedsupplier HA afford. Chamber of Commerce of New

As part of those promises, Jersey,said the programs KEVIN Citigroup Inc., JPMorgan would help Black businesses Sources: WSJstaff reporting Severallarge bankssay theywill lowercharges to Black-and Chase &Co. and Bank of grow faster and level the play- other minority-owned companies in supply-chain financeprograms. America Corp.say they will ing field. Supplier diversity Lenderfinancingapplication decisions forsmall businesses lowerchargestoBlack-and has become afrequent topic of in 2018,byraceand ethnicity of firm ownership nies aren’t obliged to disclose industrial clientsonprograms. other minority-owned compa- discussion with companies and them, so it is difficult to put a Technologyhas helped Lenders deniedany of the financing sought nies in supply-chain finance financial institutions sincethe precise figure on the sizeof widen the pool of suppliers. Lenders approvedall of the financing sought programs.Companies use sup- racial-justiceprotests, he said. the business. But theremay be Typically, onboarding supply- ply-chain financetomanage Banks have made efforts Black-owned more than $350 billion of in- chain financeparticipantshas short-term spending needs, over the yearstolend to Black voices involved in thesupply- been paper-intensive, making similar to the way aconsumer and other-minority owned chain financetechnique known it difficult forsmall businesses Hispanic-owned might use a credit card. businesses.But progresshas as reversefactoring,according without large treasury In atypical supply-chain fi- been mixed, and those busi- to research firm Aite Group. departmentstoenroll. New nancedeal, abank will paya nesses often fail to get access Asian-owned Supply-chain financing technology is easing the pro- company’ssupplier faster than to the key types of financing spread after the financial cri- cess and allowing moreaccess, White-owned the normal payment terms, that grease the wheels of sis and has remained popular she said. which, dependingonthe in- commerce. 01% 53045through the coronavirus pan- BankofAmericawill use dustry, typically vary from 30 ADecember report from Note:Based on survey of 6,546 firms demic.Itcomprises asmall some of theproceeds from a to 180 days. In return for get- the Federal ReserveBank of Source:Federal ReserveBank of Atlanta butgrowing part of banks’ $2 billion environmental, so- ting paid early,the supplier Atlantafound that while commercial banking opera- cial and governancebond it is- agrees to receive slightly less nearly half of white-owned businesses, said Ebru Pakcan, initially targeting 150 suppli- tions. Banks took in $12.7 bil- sued in September to fund fi- than it would get by waiting, small businesses gotapproval global head of trade. ersofthat client forimproved lion in revenue during the first nancing to minority-owned and pays the bank a fee. forall the financing they ap- “You have the effect of be- terms or earlier payment, Ms. half of the year from supply- suppliersinthe U.S. Black and Thecompanypays back the plied for in 2018, only 31% of ing able to support Black- Pakcan said. chain finance, up 3.6% from a Hispanic supplierswill geta bank the full amount down the Black-owned firms,35% of His- owned businesses that are al- Big usersofsupply-chain fi- year earlier,according to re- discount on the rate the bank road, improving itsworking panic-owned and 39% of ready in the marketplace,” Ms. nancing include blue-chip search firm Coalition. chargesfor supply-chain fi- capital by padding out the Asian-owned did. Pakcan said. “Ifgrowthoppor- companies such as Boeing Co. JPMorgan is crafting pro- nance, said Geoff Brady, head time it gets to hold on to its In the wake of the protests, tunities have not been at par and Coca-Cola Co., which grams with better pricing for of global trade and supply- cash. Thebank profitsby Citigroup duplicated an exist- with others, if they have been manage hundreds or thou- Black-and other minority-and chain finance. keeping the differencebe- ing supply-chain program that disadvantaged in other ways, sands of suppliersatatime. female-owned suppliers, pro- Thebank will target hun- tween what it paid the sup- extends preferential pricing we arenow giving them an ex- Theprograms help companies pelled in part by corporatecli- dreds of suppliers in the next plier and what it received forsupplierswho meet envi- tra advantage.” conservecash forlonger.By ents reaching out to the bank several months,hesaid. One from the company. ronmental, social and gover- The first client to consider paying suppliersearlier,it on the topic,said Vasudha goal of the program is for As part of their diversity nancecriteria likecommitting it is alarge U.S. telecommuni- makes them moreattractiveto Saxena,head of trade in JP- BankofAmericatoget access efforts, the banks will pay to upholding the Paris climate cations company, whose pro- do business with. Morgan’scommercial bank. to new, diverse clientswith Black-owned suppliers earlier agreement. The new program gram is likely to be imple- Supply-chain finance deals Thebank in recent months has the hopes of banking them be- than other customersorwill focus on Black-owned mented next year.The bank is areprivate, and public compa- been working with retail and yond supply-chain finance. P2JW328000-0-R00100-1------XA WEALTHJOURNMANAL REPORAGT EMENT

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, November 23, 2020 | R1

BY KATE MURPHY Love history (starting with mom and dad) and the role moneyinevitably played. While money hat is your relationship & can’tbuy youlove,moneyistangledupwith style?Are youindulgent? love in your subconscious.Indeed,gettingand Controlling?Nonchalant? losing money activates the same pleasureand Obsessive? Guarded? pain centersinthe brain, respectively,asfalling Reckless? Chances areyou Money— in love and having your heartbroken. have the same approach when it comes to money. Psychological, behavioral The security continuum Wand neuroscienceresearch &HowThey’re When trying to understand this complicated in- indicates thathow stable and secureyou feel in terplay, agood placetostart is to look at your your interpersonal relationships tends to mirror relationship with moneythrough the lens of at- howstable and secureyou feel about your fi- tachmenttheory,which holds we all have an in- nances.Soit’sworth examining your close ties, Connected terpersonal attachmentstyle thatisonacon- both pastand present,tounderstand howthey tinuum from securetoinsecure. Mostof mayinfluenceyour spending, saving and invest- humanitytilts somewhattoward the insecure ing habits—for good or ill. side and exhibits behaviorsranging from anx- This doesn’t necessarily involvehoursona Our relationship with money often mirrors our ious (think of aLabrador retrieverthatcan’t get psychoanalyst’s couch, but it does requiresome enough of you) to avoidant(think of acat that honestself-reflection about your relationship relationships with people—for good or ill behavesasifitcan do very well without you). PleaseturntopageR4 Inside JOÃO FAZENDA • Ask Encore Tax • Timely Move • Young Money To-Do’s Roth IRA Managing your conversions Covid Nesting finances so that you can make a lot Making a rental and your nest egg It pays to reviewa handful of money- of sense for apartment as com- expire at the same time saving tacticsand certain investors, fortable as possible is more complicated potential pitfalls especially can be hard to justi- than it may seem. R2 before 2020 ends. R5 this year. R6 fy financially. R8 P2JW328000-0-R00200-1------XA

R2 | Monday, November 23, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WEALTH MANAGEMENT

funds needed to do thatmightal- ready be gone as part of your ef- fortstodie broke. If you’re serious about trying this, start with some of the books cited above and sit down with a good fi- nancial planner. You might not be able to die broke, but you and your adviser likely can figure out a way to die “brokeish,” as Mr. Porter puts it. For my part, my wife and I are try- ing to strike a balance: using our nest egg to make the most of retirement, and mini- mizing the risk of out- living our savings. Yes, we might leave some money on the table, but that’s all right. I’m sure our daughters and grandchildren will make the most of it.

I am 70 years old, and I wish to donate as much of my required minimum distri- butions as is tax deductible to charity. Is that amount limited to $100,000 a year, and can I support more AskEncore • Glenn Ruffenach than one charity?

This question refers to qualified char- itable distributions, or QCDs. A per- Dying Broke May Be a son can transfer as much as $100,000 a year directly from an indi- vidual retirement account to charity, Good Idea. InTheory. and none of that money would be taxed. Such contributions also can satisfy a person’s required minimum Also: answering areader’s question on required minimum distributions distribution for the year. Normally, an RMD from a retirement account is entered as income on a tax return, My wife and I have no children, in theory. Mostretirees,it’ssafeto The second bucket, which would Retirees who agree but directing that money to charity that they have built and our goal is to die broke. say, want to makethe mostoftheir hold the balance of your assets, is means you can exclude that income a large enough nest How would we do this? nesteggs in the time thattheyhave. your make-the-most-of-retirement egg for retirement from your return. But to return to your question, it’s in money. Use this (properly diversified, You can split your contributions A lot of guidance is available. And the the mechanics wherethis getscom- of course) for “the stuff and experi- among as many qualified charities as concept certainly has its virtues. But plicated.Thatis, how, exactly,toman- ences—travel, charitable gifts, spoiling you wish; you aren’t limited to a sin- pulling this off can be tricky, to say the age your finances so thatyou and family members—that you’ll most en- 15% gle group. That said, some IRA custo- least. your savings expireatthe same time. joy while you’re still on the younger dians cap the number of charities, Abook publishedin1997—“Die One possibility is a “two-bucket” side,” Mr. Porter says. And if you run Strongly agree simply for administrative purposes, Broke” by Stephen M. Pollan and Mark approach, says Barrett Porter, a certi- through all the money in Bucket No. says Ed Slott, an IRA expert in Rock- Levine—first popularized the idea of 2, that’s OK; you still have Bucket No. ville Centre, N.Y. whittling down your estate to zero,or 1. Speaking of which, when you die, Also, if you have additional funds close to it,beforeyou passon. Interest- Managing finances the annuity payments stop, as does to give—and if you qualify to itemize ingly,the authorsarguedagainstretir- Social Security. In short: mission ac- 32% deductions on your tax return—you so that you and ing. Theirthinking: Work is morefulfill- complished. Somewhat can be doubly generous: You can ing, and morelucrative, than leisure. your savings expire But,asMr. Porter allows,there maximize your QCD (at $100,000), In the years since, several books could be some sizable hitches along agree and make other contributions to have covered the same ground, includ- at the same time is the way.You mightbalk at selling charity in amounts that are tax de- ing two published this year: “Live Well, more complicated your home and becoming arenter, or ductible. Die Broke” by Tony Walker, and “Die than it may seem. at the idea of tying up assets in an Note: If possible, maximize your With Zero” by Bill Perkins. annuity. (The latter,inparticular,“is a 17% QCD first, Mr. Slott adds. A QCD is an Many of these writers make the difficult pill to swallowfor alot of exclusion from income, which is more same points: People tend to fixate on people,” he says.) Or youcould find Somewhat favorable (tax-wise) than an itemized stockpiling wealth, which is short- fied financial planner in Santa Mon- yourself facing unexpectedly large disagree deduction. An exclusion from income sighted; instead, we should use our ica, Calif., with Abacus Wealth Part- bills in laterlife(read: long-term care) reduces your adjusted gross income. money, particularly in retirement, to ners. Start by converting all your thatyour annuitychecksdon’t cover. And any time you can reduce your pursue those goals and experiences assets, including your home, into an There’salso the risk thatyour ex- adjusted gross income, you can gain that enrich our lives and the lives of investment portfolio. In the first pectations about retirementcould other tax benefits. those around us. In doing so, the think- bucket, place just enough assets to change.Again, youmightdecide to 30% ing continues, it’s fine—even prefera- cover your basic needs for the rest of travelwidely during your 60s and Mr. Ruffenach is a former reporter ble—to spend and/or give away most, your life. For example, you could use 70s—andspend lots of moneydoing Strongly and editor for The Wall Street or all, of what we have. these assets to buy an immediate so—reasoning thattrips late in life disagree Journal. His column examines After all, “what good will money do fixed annuity; the monthly annuity could prove taxing. When, in fact, financial issues for those thinking you when you’re dead?” ask Messrs. checks, combined with Social Secu- you“mightdiscoverthatyou want Source: Transamerica Center about, planning and living their for Retirement Studies, “Retir- Pollan and Levine. rity, would pay for housing, groceries, to travelyour tail offinyour 90s,” ees and Retirement Amid retirement. Send questions and Much of this makes sense, at least medical needs, etc. Mr.Porter says.The problem: The Covid-19” September 2020 comments to [email protected].

The Game Plan He Wants to Retire at 55 and Do Volunteer Work. Can He Afford It?

age 55, Mr. Fraasa says. BY CHRIS KORNELIS Still, he says, Dr. Zee should consider a few steps to protect his assets and future Jerry Zee, a commander in the U.S. earnings. First, Dr. Zee should be sure that Public Health Service Commissioned he is opting for his pension’s joint and sur- Corps. where he works as a pharmacist, vivor benefit. That will give him a lower has spent his adult life doing the things benefit amount to start, Mr. Fraasa says, grandparents and financial advisers tell but will ensure that his wife receives a people to do: He avoids credit-card debt, benefit should he die first. he maxes out contributions to the mili- To help fund the balance of his chil- tary equivalent of a 401(k) and he has dren’s college costs, the planner suggests contributed to a Roth IRA since age 20. Dr. Zee reconsider his whole-life insurance Now, Dr. Zee, 41, wants to set up a col- policy. Once Dr. Zee reaches age 55, he lege fund and he wants to ensure that he likely won’t need all that coverage. He will is on track to retire at 55, at which point have enough income from his pension and he’d like to spend his time volunteering at other investments, especially if the houses his church. are paid off, Mr. Fraasa says. He recom- Dr. Zee, his wife, Tai Ke,and their two mends picking up a cheaper, term-life pol- children, ages 5 and 2, live in a two-unit icy with $1 million of coverage, then cash- condo in Queens, N.Y., that they own. ing out the whole-life policy and putting They lease the other unit for $2,000 a Jerry Zee is eligible for the Post-9/11 GI Bill, which he plans to use for his sons. $28,000 in a 529 college plan for his old- month. They are about to move to a Long est child and $25,000 for his youngest. Island home they also own and plan to $212,000 and has $100,000 in cash. his income to his church and gives about Then he should contribute $5,000 annu- rent out the condo unit they are vacating Dr. Zee is eligible for the Post-9/11 GI $200 to other charities.Hepays$667ona ally to each account. for $2,300. Dr. Zee earns roughly Bill, which he plans to pass down to his 20-year whole-lifeinsurancepolicy with Mr.Fraasasuggests that, as alandlord,

$122,000 a year. He also receives children; it will cover the cost of the first coverage of $1 million, and acash value of Dr.Zee consider an umbrella insurance ZEE Y $68,000 a year in nontaxable housing two years of college for each child. $120,000,and $30for a$400,000 term policy of at least$2million, which should JERR and subsistence allowances. Ms. Ke does The couple pays $4,500 monthly for lifepolicy through the military. The family cost afew hundred dollarsayear.Healso : not currently work outside the home. the two-unit condo, which has a $266,000 has health coverage through the military. should have an attorneyspecializing in TO PHO If Dr. Zee stays in the military for an- mortgage. They pay $4,550 monthly for landlord-tenantrelations reviewhis leases other 14 years and reaches 30 years of the Long Island home and currently owe Advice from a pro: Reed Fraasa, a certi- regularly.Putting the condo into an LLC, GNOLA;

service, he will receive a pension totaling $363,000. Mr. Zee expects to pay off both fied financial planner at Highland Financial Mr.Fraasasays, could help protectagainst TO

75% of his base pay. He contributes the before he retires. He has no other debt. Advisors in Wayne, N.J., says he is im- some liabilities. TIN

limit to his military Thrift Savings Plan, Other monthly expenses:about $1,400 pressed with the position Dr. Zee has put MAR

about $19,500 this year; the balance is on food and groceries,$350for utilities his family in. There is a “very high proba- Mr.Kornelis is awriter in Seattle.Email BY

about $586,000. He has a Roth totaling and $84 forcar insurance. He tithes 10% of bility” he will reach his goal of retiring at him at [email protected]. ION AT TR US ILL P2JW328000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, November 23, 2020 | R3 P2JW328000-0-R00400-1------XA

R4 | Monday, November 23, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WEALTH MANAGEMENT

the psychotherapeutic and financial onstratehow people’s beliefsand advising community as a serious ethi- behaviorsform at an early age and cal breach. So be wary of anyone safety,peril, protection, secrecy, con- create akind of self-fulfilling proph- working on commission who wants to trol, prestige,power, weakness, virtue, esy,” says Megan McCoy, professor delve into your psyche. How Love and vice, acceptanceorrejection. These of- of practiceinpersonal financial plan- Mr. Lowell’s process is to ask cou- tendysfunctional associations aretyp- ning at Kansas StateUniversity. “It’s ples to separately fill out a question- Money Are ically establishedearly in lifeand are so ingrained that theydon’t even re- naire, which asks about their past sig- hardtoshake, likely because youdon’t alizeother people think about nificant relationships and memorable Connected even knowyou have them. moneydifferently.” money experiences that might be in- “The way we’reraisedisall we fluencing their behavior today. ContinuedfrompageR1 know,” says DanielCrosby, psycholo- “I have them think about it,spend “If youare needyoflove,the more gistand chief behavioral officer at time in it and exploresomething anxious type,you use moneyasa Brinker Capital Investments in Ber- Too private from an angle theyprobably haven’t means to be lovedand be appreciated wyn, Pa.“Justlikethe fish doesn’t And how could they when, within before,” he says. and have people around you,” says knowit’swet,wedon’t knowwehave families and as a culture, it’s taboo to Then theyreconvene to discussany Mario Mikulincer,aprofessor of psy- aspecific moneyattachmentstyle.” talk about money? “aha” moments. The exercise helps peo- chology who studies human attach- Maybe you were raised by a single Surveys indicate we talk more ple understand notonly themselves but Emotions mentatthe InterdisciplinaryCenter, a mother who sacrificed to pay for the freely about our sexual relationships also wheretheir spouse is coming from. people research college in things you needed, than about our relationships with Eventhe mostconfounding financial be- consistently Herzliya, Israel. which you internal- money. Shame about how much (or haviorsbecome logical with alittle his- experience You may ized. As an adult, how little) money you have and how torical context. when it comes fall in the you may have well (or poorly) you manage it only That’s not to say these epiphanies to money anxious cate- a hard time makes money distortions more pow- are entirely curative. People still back- gory if you spending erful and potentially damaging. The slide during times of stress, like, oh often pick up money on your- antidote, as with any distortion, is to say, a global pandemic. Those who are the check, self. Your mis- bring them to light. anxious in their interpersonal relation- give expen- placed guilt may “Atone pointinmylife, Ithought ships may overspend on Amazon be- 54% sive gifts, lead you to hide moneywas the root of badness,” cause the deliveries feel like love arriv- regularly receipts from says Dr.McCoy,who is also ali- ing in a cardboard box. More avoidant Anxiety buy new your spouse and censedmarriage and family thera- types may become so obsessed with even lie to friends pist, as well as acertifiedfinancial not spending money, it gets expen- that the clothes or planner.She describes herself as sive—like hiring a cut-rate plumber shoes you’re wear- “recovering” from adysfunctional re- whose shoddy work floods the house ing aren’t new. lationship with money. with raw sewage. “What we’re talk- “As a little girl, I was very preoccu- But Mr. Lowell says that’s all part of ing about is your in- pied with being good,” she says. “The the process. “We talk about why they dividual financial psy- church message about giving and did what they did, recenter and get chology,” says Brad sacrificing resonated with me and back on track,” he says. Klontz, associate pro- somehow got tied to money.” As abackstop, though, he tries to fessor of practice at She also had a brother who was automate as much of his clients’finan- Creighton University Heider College really good at math, and her little cial lives as possible,likeautomatic of Business in Omaha, Neb. “It’s often child brain decided math was his paycheck deductions forretirementac- shaped by financial flashpoint early thing and her thing was reading. So counts and monthly-fund transfers to experiences about money, which di- she became insecure about numbers. accounts reserved forgoals likeahouse rectly lead to your later behavior.” “Let’s just say I grew up to be incred- down payment, as well as designated Dr. Klontz, a psychologist and a ibly unhealthy in my finances,” Dr. “fun” accounts forthose who find it dif- certified financial planner, developed McCoy says, referring to her habit of ficult to allowthemselves to enjoy the Klontz Money Script Inventory-II, never looking at her bank state- whatthey’ve earned. Such defaults or KMSI-II, which attempts to clas- ments. It took therapy and marrying makeiteasier forclients to be healthy sify people’s emotional at- someone who was her money oppo- rather than unhealthyintheir finances. tachments to money. The site—overly vigilant about his fi- “It’s really justhaving the conver- assessment asks the de- nances—to change her (and his) sation of whytheywerebehaving gree to which you agree or thinking and have a healthier ap- thatway with money, and letting disagree with 32 statements proach to their finances. them consciously choose adifferent about money to discern your pre- People with anxious and avoidant path,” says Mr.Lowell. “Thereare still vailing money script, or underlying attachment styles tend to attract struggles,ofcourse,but it firmly puts belief system that drives your finan- each other, so it makes sense that them in the rightmind-set to cial behavior. people also tend to marry their makeprogress.” cars and wear pricey His inventory, which is available money opposites. Dave Lowell, a fi- clothes. Maybe you’re the person oth- online,can provide youwith abroad nancial coach in Layton, Utah, sees it Ms. Murphy is a ers treat as an ATM, bumming a few brush stroke of your moneymind- all the time. His specialty is money journalist in Houston dollars or asking for larger sums be- set.But to really understand the in- distortions and how they play out in and the author of cause you have a hard time saying no. terpersonal attachments and experi- marital relationships. Formerly an in- “You’re Not 52% You may also be a “herd” or impulsive ences thatshapedyour beliefsand vestment adviser, Mr. Lowell was Listening: What type of investor, putting money in and the continuing impact,psychothera- troubled by how many clients had You’re Missing Insecurity pulling it out of investments according pists and financial coaches encour- spent their lifetimes making terrible and Why It to swings in the market. age people to ask themselves more financial decisions. Matters.” She The more avoidant types, on the expansivequestions: “They knew that they shouldn’t can be reached at other hand, are more staid, saving carry credit-card debt or use savings [email protected]. money so they won’t have to rely on • “What did your parents to pay the mortgage on a house they others or can exert power over them. directly and indirectly teach couldn’t afford,” he says. “It wasn’t a This might be you if your generosity you about money?” knowledge thing, it was an emotional has strings attached—like maybe of- thing.” Now he focuses on helping fering to pay for a vacation with • “What were your most millennial couples get to the bottom friends or family, but you get to decide joyful and most painful of their mismatched, and often where and when you go and what you experiences with money?” warped, money beliefs so they can be 48% do while on the trip. more at ease with their finances, “People with avoidant attachments • “Tell me about the last and with each other. Fear may develop resentment or contempt time you and your romantic Mr. Lowell charges a flat fee for those who take their money,” says partner talked about money.” for his services. Mining peo- Source: Harris Poll Dr. Mikulincer, which only reinforces ple’s tender emotional is- their emotional distance. When it Another effective method is to sues while simultane- comes to investments, they tend to imagine you are talking to money. ously trying to sell keep their own counsel, not entirely What would you say? What would them investment trusting financial advisers, much less money say to you? Who from your products is con- prevailing market sentiment. life does money sound like? Not sur- sidered by prisingly, money often sounds like an many in influential childhood attachment fig- ure like a parent, grandparent, neigh- Where it begins bor, best friend or mentor. This piv- Of course,not everyone fits neatly into otal person in your life may have these categories.Manypeople exhibit been withholding or extravagant characteristics of both. Your attach- with their affection and their mentstyle and howyou arewith money—again, they tend to be inter- moneyare uniquely determinedbyyour twined—thereby affecting how you

upbringing, experiences and cultural in- feel, think and behave in relation A fluences.Depending on your back- to others and your finances. ZEND

ground, youmay come to associate in- “The answers to these FA timacy—and moneybyproxy—with kinds of questions dem- JOÃO P2JW328000-0-R00500-1------XA

THE WALL STREET JOURNAL. Monday, November 23, 2020 | R5 JOURNAL REPORT | WEALTH MANAGEMENT

Taxes • Tom Herman A Tax Checklist Before2020 Ends

It pays for taxpayers to review a handful of money-saving tactics and potential pitfalls

or a few moments, set this information on their websites. aside the many post- This canbeimportant because election questions about these distributions typically are what, if any, major tax- subject to tax when the fund is law changes may lie held in ataxable account. That’sthe ahead. Nobody knows. case even fortaxpayers who invest F We won’t even know in the fund forataxable account which party controls the Senate un- shortly beforethe date to qualify til early next year. forthe distribution and even if they Even so, there still are plenty of reinvest the moneyinadditional opportunities before 2021 arrives fund shares.Some fund groups, for many taxpayers to benefit by re- such as T. Rowe Price, long have viewing several time-honored tac- postedarticles explaining the ba- tics and warnings that remain as sics.Morningstar Inc.publishes important and timely as ever. helpful articles on the subject by Christine Benz,directorofpersonal 401(k). Investors in tax-advantaged stock donations to charity an espe- charity. It’s a“terrific” charitable-giv- finance. accounts “do not pay taxes on divi- cially appealing option for many tax- ing vehicle,saysSidneyKess, senior Pay attention to payouts Depending on the details of dends and capital-gains distribu- payers who itemize their deductions. consultantatCitrin Cooperman and At this time of year, it’s remarkably what you find and on your tax sit- tions in the year they are received The typical advice: Consider do- of counsel to the Kostelanetz& easy for investors to overlook a tax uation, consider various options: as long as the money remains in nating stocks and other securities Fink lawfirm. issue involving capital-gains distri- the account and no withdrawals you’ve owned for more than a year, In atypical case, youcan donate butions by mutual funds, especially • Suppose the fund you’re consid- are made,” writes Roger Young, that are held in taxable accounts, cash, securities or other assets to stock funds. Mutual funds each year ering is planning adistribution vice president and senior financial and that have gone up sharply in the fund, get afederal income-tax typically distribute all, or nearly all, large enough to trigger asignifi- planner at T. Rowe Price, in an arti- value from the time you bought deduction forthatyear (assuming of their net realized capital gains (if cant tax hit foryou forthis year. cle on the company’s website. them (“highly appreciated securi- youitemizeyour deductions), and any) to investors during the final In thatcase,itmightmakesense ties,” as pros often say). That typi- then youcan advise the fund to quarter, especially December. In cer- to wait to invest in thatfund until • If you’re concerned about tax ex- cally enables donors who itemize to dole out gifts to your favoritequali- tain cases, these payouts may cre- afterthe date to qualifyfor the posure, you “might want to con- deduct the fair market value of the fiedcharities either noworwhen- ate a surprising headache that tax payout,saysMark Wilson, afinan- sider investing in tax-efficient eq- shares as a charitable contribution. ever youdecide in the future, Mr. pros say is typically easy to avoid cial planner in Irvine,Calif.Waiting uity funds,” Mr. Young also writes. Also, donors avoid getting hit with Kess says. by doing a small amount of re- would enable youtoavoid getting These funds “typically are managed capital-gains taxes on the increased Caution: Contributions to donor- search. It is worth another reminder, hit by whatmightbeasizable tax with an eye toward limiting capital- value of those shares, which they advisedfunds don’t counttoward a especially in light of the market vol- on realized capital gains thatthe gain distributions, when possible, would pay if they sold the shares special newdeduction of as much atility this year—and because the fund had chalked up previously.Or by keeping holdings turnover low and then donated the proceeds. as $300 fortaxpayers who make topic may sound counterintuitive. consider adifferentfund. Mr.Wil- and harvesting losses to offset re- Donate winners, not losers. Don’t cash contributions to charities this If you’re planning to make a ma- son posts details on payouts and alized gains.” Also consider ex- donate securities that have declined year and who claim the standard jor new mutual-fund investment for articles on the subject on his web- change-traded funds. in value. Instead, consider selling deduction forthe 2020 tax year.For a taxable account over the next few site (CapGainsValet.com). Thatin- For more details on mutual them to create valuable capital more, seemyprevious column on weeks, first find the answers to a cludes a“doghouse list” of funds funds and taxes, see IRS Publica- losses and then donating the pro- other tax moves to makethis year. few questions: Is the fund planning thathave estimateddistributions tion 550. ceeds to charity. a large capital-gains distribution over20% of net asset value. Mr. Herman is a writer in New this year? If so, how much, and York. He was formerly The Wall what will be the date to qualify for • Invest in that fund for a tax-ad- Donate stock Open a donor-advised fund Street Journal’s Tax Report O the payout? For most major fund vantaged account, such as an indi- The stock market’s remarkable This is apopular,relatively simple columnist. Send comments and tax JAS groups, you should be able to find vidual retirement account or a strength so far this year can make and tax-smart way to donate to questions to [email protected]. MIKEL P2JW328000-0-R00600-1------XA

R6 | Monday, November 23, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WEALTH MANAGEMENT

taxes.The funds he converted have nowbounced back to around $320,000,above wheretheywere beforethe market decline.IfMr. Rush had leftthe moneyinatax-deferred account, those gains would be taxed in the future. But all the moneyheor his heirstakeout of the Roth in the futurewill be tax-free. Regardless of market conditions, Roth conversions can be particularly enticing to certain investors. For in- stance, seniors with low taxable in- come but bulging tax-deferred ac- counts ought to do them every year before they hit age 72 and begin re- quired minimum distributions, which can push them into a higher tax bracket, advisers say. Michael Gibney a wealth man- ager in Westwood, N.J., has a 65- year-old client who retired last year with low taxable income and a $1 million tax-deferred account. Mr. Gibney will be working with the cli- ent’s accountants to figure out the maximum the client can convert for the next seven years and still re- main in the 12% tax bracket. Roth conversions arealso agood option forpeople who arestill work- ing and have variable incomes. James Bassett,aNew York Cityfi- nancial adviser,has a57-year-old cli- entwho helps companies hireexecu- tives.She has a$1.2million tax- deferred account. Her income this year will be down, so she is doing a A Guide to Roth Conversions large Roth conversion to takeadvan- tage of the lowtax rates. She plans to retireinacouple of years, and will gressively invested—80% in stock be making moreRothconversions They make a lot of sense for certain If you have a tax-deferred ac- mutual funds, to maximize its aftershe does,Mr. Bassett says. people, especially this year count, you must begin taking re- growth, says Alicia Sher, Ms. Owen’s Roth conversions don’t make quired minimum distributions at age financial adviser at Bluerock Wealth sensefor everyone.People who ex- BY NEAL TEMPLIN 72. Those distributions—even if you Management. pect their futuretax ratestobe don’t need the money—can push “This is not money she is going lowerthan theyare noware gener- hirteen years ago, Margie Owen of Atlanta you into a higher tax bracket or to need to touch,” says Ms. Sher. ally betteroff leaving the moneyin had a large tax-deferred account that she in- force you to pay higher Medicare In a Roth conversion, pretax dol- atax-deferred account. Othersmay tended to leave to her children someday. premiums. By contrast, withdrawals lars are converted to after-tax dol- be planning to leave their tax-de- The retired educator didn’t want to create from a Roth aren’t taxed and you lars. In the simplest type, an in-kind ferred accounttoachild with alow a tax burden for her heirs. So each year, she won’t have any required distribu- conversion, you notify the custodian tax rate. has taken a chunk of her tax-deferred money, tions. It is a tax-free money bucket of your account that you want to “I had to talk one client out of it T paid taxes on it and converted it to tax-free that you can tap whenever needed move assets, say $50,000 of S&P who was planning on doing a Roth Roth IRA money. Almost two-thirds of her investments now or leave as a legacy. 500 index fund shares, from your conversion to leave his kid tax-free are in the Roth account, and her children won’t pay a dime There has been a flurry of Roth tax-deferred account to your Roth money,” says Jim Bradley, a financial of taxes when they take the money out in the future. conversions this year, financial ad- account on a particular day. adviser in Bangor, Maine. In this in- “I’m older and have everything I need,” says Ms. Owen, 74 visers say. Many investors took ad- stance, the client’s child is a social years old. “The Roth has turned out to be wonderful thing vantage of the pandemic-induced worker, doesn’t earn a lot of money, to do for my children.” market decline this spring to do big and won’t be paying high taxes if In Roth conversions, people pay income tax on each dol- Roth conversions and pay less tax Investors took she inherits a tax-deferred account. lar they convert. The conversions can make particular sense on reduced asset values. advantage of the Brandon Jones,afinancial adviser for early retirees who want to avert higher taxes in the fu- In addition, Congress tightened in the Minneapolis area, says people ture for themselves or their heirs. the rules for inheriting tax-deferred pandemic-induced need to takeacareful look at the en- assets. Whereas in the past, benefi- market decline this tirefinancial picturebeforemaking a ciaries could empty a tax-deferred spring to do big Roth decision to go ahead with aRoth. account over their lifetime, now Consider middle-income retireeswho Roth IRAcontributions and conversions most non-spouse beneficiaries have IRA conversions. arealready collecting Social Security. $70billion only 10 years to do so. That will In acertain income range,each addi- mean steep tax bills for many peo- tional dollar of income causes 85 60 ple inheriting tax-deferred accounts, When you file your taxes next cents of Social Securitytobetaxed, particularly for high earners already year, all of the money you converted Mr.Jones notes. Thatcould makea Roth conversions 50 in a high tax bracket. “There’s a is treated as ordinary income. Roth conversion, which boosts cur- strong incentive to get money out Patrick Rush, the 44-year-old rent income,moreexpensivethan it 40 of a traditional IRA into a Roth so chief executive of Greensboro, N.C.- appearsatfirst glance. it’s not a time bomb blowing up for based Triad Financial Advisors, says “All of sudden you’re not paying 30 people,” says financial adviser David his firm did a lot of Roth conver- 12%, you’re paying 20% or 30% on Maurice of Johnson City, Tenn. sions earlier this year for clients af- every dollar converted,” says Mr. 20 Contributions In Ms. Owen’s case, she hopes to ter the stock market shed a third of Jones, adding, “I’m definitely a fan leave the entire Roth account to her its value amid pandemic fears. of Roth conversions. They still make 10 children. She plans to live off other Mr.Rush himself did a$200,000 sense in a lot of cases.” savings and distributions from the Roth conversion of stock mutual remaining money in her tax-de- funds during the market downturn Mr. Templin is a former reporter 0 ferred account, which is conserva- even though he is in the 37%tax and editor for The Wall Street 1998’992000’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 tively invested—80% in bond funds. bracket and it cost him approxi- Journal who lives in New Jersey. He Sources: InvestmentCompanyInstitute; Internal Revenue ServiceStatistics of Income Division Meanwhile, her Roth account is ag- mately $85,000 in federal and state can be reached at [email protected].

Questions to AskYourself Before Deciding Better Deal Candidatesfor mortgage refinancing Whether to Refinance—or PayOff—a Mortgage under various 30-year fixed loan rates, as of September 2020 Interestrate Refinancecandidates (in millions) Interest rates and Nina Gunderson, a financial adviser years are left on this mortgage? moneyoutside their portfolios with UBS Financial Services Inc. in What type of mortgage are you 2.75% 20.0 toward paying down amortgage, economic uncertainty New York. considering? And what is the 2.87 18.5 maintaining acash cushion is an have a lot of people The average rate on a15-year, break-even point, since recouping 3.00 16.8 important consideration. Gener- rethinking their fixed-ratemortgage is about 2.50%, closing costs could take years? 3.12 14.7 ally,individuals during their work- compared with 2.81%inearly July ing yearsshould maintain cash mortgage 3.25 12.2 and 3.20% at the beginning of the reserves of three to six months; year,according to Bankrate. Just How will paying off 3.37 10.7 forretirees thatreserve generally don’t wait toolong if things seem a mortgage affect your 3.50 9.3 should be six to nine months, to line up in your favor, sincerates investment portfolio? 3.62 7.7 says Joelle Spear, apartner at BY CHERYL WINOKUR MUNK canbouncearound. Given the uncertainties surround- 3.75 6.4 CanbyFinancial Advisors, aregis- It’s also advisable to refinance ing the pandemic, some clients 3.87 5.4 teredinvestmentadviser in Fra- Should you refinance your mort- while you’re working, because your want to reduce their liabilities and mingham, Mass. Youdon’t want 4.00 4.6 gage? Or maybe pay it off? Many W-2 income helps you get ap- simplify their lives, particularly on to eatintothese reserves to pay people nearing retirement are con- proved for a mortgage, says Sean the financial side, says John Man- 4.12 3.8 offthe mortgage,she says. sidering these options amid pan- Wilson, a senior director at TIAA tia, co-founder and director of fi- 4.25 3.0 Homeowners should also con- demic-induced uncertainty in the fi- in New York. nance at Parco, a retirement-plan- 4.37 2.6 sider how important a mortgage nancial markets and historically low Of course, whether or not to re- ning firm in Washington, D.C. For 4.50 2.4 interest deduction is to them be- interest rates. finance now could turn on several these clients, especially those who fore deciding whether or not to 4.62 2.1 Here are some things to consider factors outside of the current eco- are risk-averse, paying off their pay off their mortgage, says when making the decision. nomic climate, including: How close mortgage could be particularly de- 4.75 1.8 Mark Williams, chief executive of are you to retirement and would sirable in the current environment. 4.87 1.6 Brokers International in Urban- you be comfortable continuing to On the other hand, if you are 5.00 1.5 dale, Iowa, which provides mar- Are rates low enough make mortgage payments during paying 2.5% on your mortgage and 5.12 1.3 keting and other services to in- to make refinancing retirement? Are you planning on your portfolio is earning 4%, “you surance agencies and financial 5.25 1.1 /REUTERS an option now? staying in the house, or are you don’t necessarily want to take out professionals. 5.37 0.9 Even if refinancing didn’t seem planning to sell within a few those assets that are earning 4%

compelling a few months ago, it years? What type of mortgage do to pay off the mortgage,” says Ms. 5.50 0.8 Ms. Winokur Munk is a writer in MCDERMID AN could make sense for homeowners you have—interest-only, fixed-rate Gunderson of UBS. Note:Based on first-lien market West Orange, N.J. She can be to rerun the numbers now, says or variable-rate—and how many For those who would use Source:Black Knight reached at [email protected]. BREND P2JW328000-0-R00700-1------XA

THE WALL STREET JOURNAL. Monday, November 23, 2020 | R7

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R8 | Monday, November 23, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WEALTH MANAGEMENT

ily as the generation prior, so I think what we’re seeing is that Covid-19 has provided them an op- portunity, and many are embracing it,” Prof. Kopec says of the in- creased traffic to home-goods stores and the heightened popu- larity of online shopping. Chloe Atwater, a 25-year-old lawyer living in Lexington, Ky., says she was initially wrestling with the same dilemma: how much to spend on semi-permanent changes to her not-permanent home. She is renting a house in Lexington for the duration of her partner’s medi- cal-school residency. Theyhave been living in their house forthe pasttwo years, but oncethe pandemic upendedtheir normal routines,theypicked up way morehome projects.Suddenly—like millions of other Americans—they found themselves searching Pinter- estfor hardwarehacksand eagerly waiting forIKEA items to come off the back-order list. Ms.Atwater weighedthe pros and cons of larger projects,likeout- side dining tables and chairsthat her partner built by hand, or the kitchen-storage makeovertheyfin- ishedearlier lastmonth. “It all comes from this desiretobecozy and nest, to feel comfortable in our space,” she says.“This has been our refuge.Wewanttolove it and treat it the way it needstobetreated.” Ultimately, Ms. Atwater says she found it easier to make big purchases once she and her part- ner committed to being in Lexing- ton for at least the next few years. Idon’t think I’ll be in my apart- mentforever—orevenfor the next Young Money • Julia Carpenter mainedhunchedovermykitchen year.Sincemoving in four years table,straining my shouldersand ago,our landlords have steadilyin- vainly waiting forthe go-ahead to creased our rent,and seeing friends return to my Manhattan office. move into cheaper rentals with ARenter Battles With Figuring out how much money morespace, I’ve started to wonder to invest in a rental is tricky—and if it’s time to open Zillowand ex- a perpetual dilemma for many of ploresomething morepermanent. Covid Nesting Fever my millennial generation. In my But in addition to that feeling, friend network, most don’t have there is another Covid-era truth I the savings to buy a house. Oth- have struggled to accept: For now, I wanted to make my apartment as comfortable as possible ers are prioritizing paying down those two spaces—work and since I’m working from home. But it’s hard for me to justify. debt. The one thing we all have in home—have collapsed into one, common: We’re grownups now, whether I like it or not. And that’s and we don’t want to live like col- not changing soon. “We have to t first, I felt inspired “We’re apttospend more ForRent lege students. make financial decisions today by the wave of ama- wherewespend moretime,and So we feel stuck, and never based on the knowledge we have Quarterly national rental teur interior design- so forthose who’vebeenexperi- more so in the pandemic. today,” says Charlotte Geletka, vacancy rates ers taking over my encing cabin feverorfeeling the Plunking down thousands of dol- managing partner at Silver Penny Instagram feed. I isolation, the redesigning and the 8.0% larstomakecosmetic changes can Financial, a financial-planning firm. 2nd quarter 2020 watched as they spending moneytorenovate as a makelandlords richer as youspend After talking with Ms. Atwater 6.4% Apainted their kitchen coping mechanism is definitely ap- 7.5 your ownmoneypolishing up their and Prof. Kopec, I realized there cabinets, refitted light fixtures and ropos,” says Dak Kopec, associate property (it canalso anger them if was something else bubbling un- added new dimensions to their professor of architectureatthe 7.0 youtoredownawall without their derneath my hesitancy (beyond suspiciously well-lit apartments. UniversityofNevada in LasVegas. OK). But other millennials tell me my usual frugality). I wasn’t yet But as this “nesting fever” has Personally,though, I’ve found it 6.5 thatfeeling comfortable and proud ready to accept that by investing moved beyond these influencers, difficult to reconcile my pandemic- of your space—especially in a in an at-home workspace, I’d be and taken off among the masses, I erabudget with possible home up- 6.0 stressful year like2020—is worth it. acknowledging something bigger: sometimes feel like I’m one of the grades.Itotal up the potential Findingthe balanceissometimes that we’re going to be doing this few people who hasn’t followed prices of all these dream-home 5.5 harder than it looks. for a while. I won’t be returning to through on her home-improve- projects,copyand paste them into 2015 '17'18 '19'20 According to Prof. Kopec, people the office soon, and my pre-pan- ment dreams, who isn’t flocking to aGoogle doc and then immedi- Note:Not seasonally adjusted my age might be spending more demic routine will remain forever Home Depot and Wayfair. With ately close the tab in horror. Source:Federal ReserveBank of St.Louis money on their rentals precisely changed. Maybe it’s time to join the pandemic continuing to keep That’sbecause Irentmyapart- because they can’t afford to buy a the line at Home Depot and find many Americans inside—using ment, and forall of 2020 Ihave home yet. While we’re all stuck in some inspiration. their living spaces as home offices, yettoupdate asingle piece of likeadesk,computer stand, comfy this pandemic-era limbo, we’re restaurants, gyms and art stu- home décor. Ifind myselfbalking work chair or other workspace looking to channel that frustration Ms. Carpenter is a reporter for dios—more and more people are at the very idea of putting money materials thatfit my current into sprucing up our spaces. The Wall Street Journal in New interested in upgrading their new- toward whatmanypeople seeas apartment.Sincemoving to work- “A lot of young people haven’t York. Email her at found multiuse spaces. necessaryCovid-time purchases, ing remotely in March, I’ve re- been able to afford homes as eas- [email protected].

The Game Plan She Wants to Buy Some Property. But It May Be Premature

BY LISA WARD “Keep driving the clunker,” he says, adding that a car payment would make it harder Tracy Timm’s career-coaching business for her to save for the future. has withstood the pandemic and she just Mr. Moore advises Ms. Timm to focus published her first book, a step-by-step on building an emergency fund of six guide to discovering the ideal career. Now, months of expenses, or about $20,000. Ms. Timm, age 33, is looking to buy prop- She has about $16,000 in cash now. She erty, either as a home or investment. should continue to invest in her SEP IRA, A property in Dallas, where she cur- he says. Money put into a SEP not only rently lives, likely would cost more than reduces her taxable income, it also can $300,000, she says. Ms. Timm also is grow tax-deferred. At her age, Mr. Moore thinking about replacing her existing car, advises Ms. Timm to allocate about 80% perhaps with a used SUV from 2017 or to stock funds and 20% to bond funds. 2018 with a $35,000 price tag. Once she has enough emergency sav- Ms. Timm expects her business to ings, Ms. Timm can begin setting aside generate $165,000 in revenue this year, money for real estate—aiming for at least up from $145,000 in 2019. She pays her- a 20% down payment, he says. As a rule self $55,000 annually and has been in- of thumb, about 30% of her income should vesting any extra money she has into the go toward a mortgage payment, he says. business. Ms. Timm may be able to reach her She has about $60,000 in a Simplified A financial planner suggests Tracy Timm first focus on her emergency savings. goals faster by reducing her expenses, Mr Employee Pension Individual Retirement Moore says. She should carefully track her Arrangement (known as a SEP IRA), this year to cover payroll, office space and a health plan with a deductible of $2,500 budget over a three-month period to see

$5,000 in a checking account and $11,000 other expenses. She doesn’t service these and an out-of-pocket maximum of $5,500. where she could trim spending. This might SMITH in a savings account. She recently began loans from her own paycheck; rather, the Before the pandemic, she spent about include rethinking her travel budget, he

making weekly $100 deposits into both business makes the monthly payments. $500 a month traveling. says. She also should focus on increasing HANNAH :

her SEP IRA and savings account. Her monthly personal expenses include: her income by building her business. TO

Although Ms. Timm has no consumer $1,400 for rent, $100 for utilities, $5 for Advice from a Pro: Michael Moore, a cer- “With time and discipline, she’ll be able PHO debt outstanding, she borrowed about renters insurance, $130 for car insurance, tified financial planner at Baird in Florham to make her first home or property pur- $12,000 from friends and family to start $350 for groceries, $110 for cellphone and Park, N.J., says it’s good that Ms. Timm is chase,” Mr. Moore says. NIEMI; MI

her business. The business also took a internet services, $50 for taxi services and saving for retirement and has no con- RA

$78,000 Economic Injury Disaster Loan $100 for pet care. She also pays $200 to sumer debt outstanding, but he advises Ms. Ward is a writer in Vermont. Email BY

from the Small Business Administration Christian care ministry for membership in her to hold off on buying a new vehicle. her at [email protected]. ION AT TR US ILL P2JW328000-0-R00900-1------XA

THE WALL STREET JOURNAL. Monday, November 23, 2020 | R9 JOURNAL REPORT | WEALTH MANAGEMENT

YES • Big Issue foundation for managing money, invest- ing, and weighing choices that could af- fect their long-term financial health. Should Parents But in no way should the process of ed- ucating your child affect your decisions. If Done Right, InvolveTheir To pretend that teenagers can give valuable input without really under- It Is Empowering standing the issues or having skin in TeenagersinBig the financial game is not helpful in pre- paring them. Such an attitude may, in And Educational fact, suggest that such decisions are so Spending Decisions? simple and inconsequential that even someone with no education on the topic BY LAZETTA RAINEY BRAXTON and nothing at stake financially could make a valuable contribution. s a parent of a teenager, Big financial decisions typicallyaffect every mem- And what happens when the parents I’m proud to saythatmy ber of afamilyinsome way. But does thatmean ev- consistently make decisions that ignore A daughter hasn’t everheard the input of their teenagers because me say, “Moneydoesn’t grow eryone in the familyshould have at least some say that is the wise financial choice? What on trees.” It’sanage-old saying used by message does that send? Eventually, parentstosilencechildren who ask for in howthe moneyisspent? That canbeanespe- the teenagers realize that their input is moneyand believe it’sreadilyavailable— ciallydifficult question when it comes to teenagers. not as valued as their parents pretend. and it’sthe oppositeofthe most effec- Hereare two views on the question. As a parent with two teenagers un- tiveway forparentstoteach their teen- der my roof, I have several examples to agerssound moneymanagement. To reallylearn howtomanagemoney, teenagersneed to be invited intocon- To pretend teenagers can give versations about big purchases.And to valuable input without really cement the lessons those conversations understanding the issues or will teach them, parentsneed to take having skin in the financial their input seriouslyand let them know it is valued. Parentswho do this will game is not helpful in benefit as well. In fact, theycan learn preparing them. some thingsfromtheir teenagers. Any decision that has a big impact on household finances is an opportu- LAZETTARAINEY BRAXTON MICHELLE PERRYHIGGINS share. My husband and I just helped my nity for education, from buying a car to parents sell their home and purchase taking a vacation, from investing in ed- another one that is disability friendly. I ucation to purchasing computers and walked my teenage daughters through other tech gadgets. Making these deci- NO the process of searching for a home sions without input from teenagers sets within their grandparents’ budget, com- the stage for them to believe that par- children should eventuallycome to pleting the escrow process, understand- ents can and will take care of every- the same conclusion—or at least be ing the flow of money from one home thing financially. With that background, abundantlyclear on the diversity of to the next and reviewing the addi- when the time comes for teenagers to opinion. tional costs my parents incurred by re- transition to adulthood, they experience Don’tLet Kids locating. Nevertheless, we did not in- financial shock. It’s similar to a driver Candidly share the family budget volve my daughters in deciding which with no driver’s education accelerating and other considerations regarding home was ultimately purchased. a car from zero to 100 miles an hour in a specific purchase. Give your teen- Think They Another example of a learning expe- five seconds. agers insight regarding the family rience for my teenagers was the re- Rather, let’s ease teenagers into budget and what you believe the fam- Have Control building of our home that was de- adulthood by not only exposing them to ily can afford. If the decision is pur- stroyed in the Northern California the process of financial decision making chasing a car, for example, share your wildfires. Through every step of this BY MICHELLE PERRY HIGGINS but involving them in it. Here are some approach for deciding on which car to process, we communicated with our suggestions: buy (new versus used, safety features, teenagers: dealing with our insurance space requirements, etc.), the amount hen we consider the company, working with an architect, of money required for the down pay- question of whether hiring a contractor, and even budgeting ment, and the payment terms (inter- W parents should involve the finishes and furniture. They wit- Making big decisions without est rate, monthly payment and num- their teenagers in big nessed many conversations surrounding input from teenagerssetsthe ber of payments). spending decisions, we need to be the numerous financial decisions in- stage forthem to believe parents Also, share how buying this car will clear on the meaning of the word “in- volved with rebuilding and I know the canand will take care of impact the family’s life. Will you have volve.” There should be a delineation experience has been invaluable for to postpone the family vacation be- between educating your teenager ver- them. However, at no time did I solicit everything financially. cause you’ve used savings for the sus giving them the opportunity to their opinion regarding the financial down payment? Introducing financial have an actual say as to what pur- decisions that were made. trade-offs will confirm the idea that chase should be made. Teenagers It’s my hope that parents educate Believe that teenagers possess dis- money is not infinite; you must prior- should not have control over your their children financially from a young cernment. As parents, we often disre- itize its use throughout your life. spending decisions, or even much in age. This starts early with the basics of gard our children’s astute observations. the way of input. learning to budget purchases based on We assume that teenagers’ youth and Wrap up the conversation with in- One of the reasons parentstell their an allowance. Gradually, the parents inexperience renders them incapable of put from all parties. Ask your teen- teenagerstheyare not yetadultsisbe- can increase the child’s financial aware- fully grasping the complexity of big fi- agers questions such as, “What are cause the children areinexperienced in ness by introducing them to various ac- nancial decisions and their conse- your thoughts?” or, “Are there other making difficult and sometimes com- counts such as checking and saving ac- quences. But teenagers have already things we should consider?” Let them plicated decisions,especiallyabout counts, possibly even an investment seen a lot, and their ability to analyze know that you value their input even spending large amountsofmoney. A account. During the teenage years, on this score, while short of adults’ ca- though the final decision rests with good deal of research suggeststhat more-involved education can take place, pabilities, shouldn’t be dismissed. you as the primary financial earner. emotional and mental development, in- like how real-estate transactions are Once you recognize your teenagers’ Remind them that they will soon cluding development of the decision- conducted, or how cars are purchased. shrewdness, be prepared to listen to make decisions with the money they making function, does not reach matu- If parents make it clear that they are what they have to share based on their earn and that they can invite you to rity formost young adultsuntil their discussing large purchase decisions observations and experiences. have conversations about money. early- to mid-20s.This is especially with the intent of educating, not solicit- This approach allows wealth to be This empowering, collaborative ap- true foryoung males. ing advice, then the teenager should treated like a family business. Of proach to family financial decision The shiny sports car with the big not be disappointed that the car their course, the parents make the final deci- making recognizes the value of diver- engine is likely the vehicle of choice parents decide to buy is a pickup truck sion, as the CEO would in any business. sity of thought and invites inclusion for a male teenager with no financial instead of a hot new sports car. They But giving your teenagers a seat at the and belonging into the family busi- responsibility for buying the car or will understand that it was not their table and demonstrating a genuine in- ness dynamic. Most importantly, it making the insurance payments. Teen- decision to make and that their time terest in their perspective will develop lays the groundwork for building and agers typically are more focused on will come to address their own finan- their confidence and engage them more transferring wealth through sound making decisions based on the emo- cial affairs. fully, which will reinforce the lessons judgment and actions. tions of the moment or what is cool they learn from the discussion. And according to their friends. Ms. Perry Higgins is a financial planner their input can help you arrive at the Ms. Rainey Braxton is co-CEO at I am a huge advocate of educating and principal at California Financial ONE best decision. 2050 Wealth Partners in New York. your teenager about financial issues. Advisors in San Ramon, Calif. Email her TAT Email her at [email protected]. at [email protected]. If this is done properly, parentsand These are critical years to lay the ALICIA P2JW328000-0-R01000-17FFFF5178F

R10 | Monday, November 23, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WEALTH MANAGEMENT

 Mutual Aid Bushwick worked with volunteers to deliver taining relationships with donors are food to New York City families among the barriers Black-led non- in need amid the coronavirus profits face. outbreak in the spring. To address such racial inequities during the pandemic, some founda- tions have committed to allocating a which manages disaster funds for certain portion of funding to minor- donors, and Candid, a provider of in- ity-led nonprofits. The Greater Wash- formation about nonprofits and ington Community Foundation is one. foundations. Its Covid emergency fund has made a Some fund administrators have total of 224 grants to date, and 57% streamlined how they award grants of that funding—about $5.3 million— to move that money quickly. has gone to organizations led by peo- Communities Foundation of Texas, ple of color, it says. along with 30 other foundations The pandemic, which has dispro- and United Ways, created a portionately affected minority com- Covid-19 emergency-funding collab- munities, along with the Black Lives orative in early March called North Matter protests, are likely to further Texas Cares. Among other things, encourage donors to fund Black-led the collaborative uses a common organizations as a way to sustain a application to make it easier for larger civil-rights movement, says nonprofits to request funds and Jane Wales, vice president and exec- foundations to join forces on grants, utive director of the Aspen Institute. says Sarah Cotton Nelson, chief phi- lanthropy officer at Communities Foundation of Texas. Less-restrictive grants She says her foundation was able When the pandemic spiked, many The Impact of Covid‑19 to make grants within two weeks, nonprofits created new programs to instead of the normal three to six help people most affected. That months. Between April and mid- drove home the need for more gen- On Charitable Donations July, North Texas Cares awarded eral-support funding for nonprofits, 1,400 grants worth $40 million to as opposed to grants tied to specific 630 area nonprofits. projects and outcomes. Individuals are banding together to help The hope is that more philan- In March, the Council on Founda- volunteers via Slack, often collecting thropists will allocate some part of tions, a membership group of en- neighbors directly, while institutions donations through apps like Venmo. their budget to emergency funding dowed, grant-making organizations, rethink their approach Bed-Stuy says it has purchased and as part of standard operating proce- issued a pledge to “make new grants delivered a week’s supply of grocer- dure, says Maya Winkelstein, chief as unrestricted as possible, so non- BY LISA WARD ies, cleaning products and even dia- executive of the Open Road Alli- profit partners have maximum flexi- pers, for more than 17,000 peo- ance, which provides bridge loans bility to respond to the crisis.” he Covid-19 pandemic is forcing donors, volun- ple—85% of whom were elderly, sick and grants to nonprofits. “You can’t Sonal Shan, executive director of teers and nonprofit organizations to rethink how or disabled. predict the next crisis,” she says, Georgetown University’s Beeck Cen- they give and receive charitable aid. “The scope and duration of the “but there will be another one.” ter for Social Impact and Innovation, Those who have long advocated forphilan- pandemic is likely to strengthen says it would be easier for nonprofits thropyreform saythe changes—if theytakeroot— mutual-aid networks throughout the to pursue their objectives if funders could result in moreflexible and equitable forms country,” says Laura Tomasko, a pol- Backing minority nonprofits shifted away from narrow grants. T of charitable giving. icy program manager at the Urban Colorblind grantmaking—or support- In practice, this might mean issu- Here is a look at how Covid is affecting the philanthropy space: Institute. ing nonprofits irrespective of the ra- ing multiyear grants that cover non- cial makeup of its staff and leader- profits’ operating costs. Hilary Pen-

ship—has been common practice in nington, executive vice president of S Emergency funding the philanthropy industry for years. programs for the Ford Foundation, PRES Mutual-aid networks The pandemic has caused many phi- Recent research, however, suggests believes that going forward founda- UMA

Informal networks of neighborhood volunteers have cropped up lanthropists to create emergency this practice often ends up favoring tions and other donors might start to /Z

across the country to buy groceries, provide rental assistance, do funds and rethink grant-making pro- organizations led by white people. act more like venture capitalists. GES

errands or just check in on vulnerable members of local communi- cedures to get money into the Cheryl Dorsey, president of Echoing “We need to be better partners and IMA ties. Known as mutual-aid networks, these groups often seek to hands of nonprofits quickly. Green, an organization that sup- assume some of the risk from our PA SO

address community needs that aren’t being met by government About 850 Covid-19 emergency-re- ports emerging social entrepreneurs, grantees,” she says. R/ TA

agencies or traditional charities. sponse funds have been created in and co-author of an influential re- JA

Bed-Stuy Strong, a Brooklyn, N.Y., mutual-aid network that the U.S. to date, according to the port on racial bias in philanthropic Ms. Ward is a writer in Vermont. LIO formed in March, now includes 4,000 people. The group organizes Center for Disaster Philanthropy, funding, says connecting and sus- Email her at [email protected]. AU BR

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