P2JW081000-4-A00100-17FFFF5178F

**** MONDAY,MARCH 22, 2021 ~VOL. CCLXXVII NO.66 WSJ.com HHHH $4.00

Last week: DJIA 32627.97 g 150.67 0.5% NASDAQ 13215.24 g 0.8% STOXX 600 423.35 À 0.1% 10-YR. TREASURY g 27/32 , yield 1.729% OIL $61.42 g $4.19 EURO $1.1907 YEN 108.88 Protests Call for End to Attacks on Asian-Americans Rail Deal What’s News Promises To Link Business&Finance North anadianPacific agreed Cto acquire Kansas City Southern in atransaction val- America ued at about $25 billion that would createthe firstfreight- rail network linking Mex- Canadian Pacific ico, the U.S. and Canada. A1 agrees to acquire  The number of Realtors Kansas City Southern has exceeded the number of U.S. homes on the market, as in a $25 billion merger tight housing supply coin- cides with incentives fornew- BY JACQUIE MCNISH comerstobecome agents. A1 GES IMA  Many of today’s market Canadian Pacific Railway

influencers have appealed GETTY Ltd. agreed to acquire Kansas

to followers precisely be- SE/ City Southern in atransaction cause of their disdain forfi- valued at about $25 billion nancial-industry norms. A1 that would createthe first

ANCE-PRES freight-rail network linking  Tesla would never provide FR Mexico, the U.S. and Canada. the U.S. government with data

GENCE Thecombination, which collected by its vehicles in /A faces a lengthy regulatory re- China or other countries,Musk view, is a long-term wager on told aconferenceinChina. B1 JONES an interconnected North ED  Blackstone is embarked RALLY: Aprotest in NewYork City’s Chinatown wasone of severalaround the U.S. Sundayagainstattacks on Asian-Americans. American economy. Thethree on the next leg of its ex- The demonstrations followedthe Atlanta-area spashootings in which six women of Asian descent were among eight killed. A3 countries arereopening at dif- pansion with a focus on ferent speeds after the companies with big growth Covid-19 pandemic disrupted prospects, even if it has to supply chains and upended pay up for them. B1 global trade.Rail volumes, which plunged last year, have  CBS’s production arm Vaccine Output Leaps Ahead rebounded though backlogsat is venturing into foreign- California ports have delayed language programming importsfromAsia and stalled with German spy show “Ze some U.S. factories. Network,” featuring actor It marks the thirdmajor David Hasselhoff. B2 In U.S. Following Slow Start U.S. railroad that the Canadian  Calpers has suspended companyhas targeted in its itssearch foranew chief in- questtocreateatransconti- vestment officer,with CEO BY PETER LOFTUS materials on their own. the three authorized vaccines vaccine and to expeditemate- nental network. Canadian Pa- Frost saying the pension Pfizer figuredout howto is expected to reach 132 mil- rials used in itsproduction. cific abandoned the two prior system needs to recalibrate Covid-19 vaccine manufac- stretch scarce supplies of spe- lion doses forMarch, nearly Theimprovementsand ad- efforts—in 2014and 2016— the job description. B9 turersare ramping up produc- cial filtersneeded forthe vac- triple the 48 million in Febru- dition of J&J’sshot promises amid resistancefromthe take- tion, churning out far more cine production processbyre- ary, according to estimates by to boost supplies in the U.S. as over targetsthemselves as  Turkey’s new central- dosesaweek than earlier in cycling them. Moderna analystsatEvercoreISI. health authorities accelerate well as opposition from rivals, bank governor sought to the year,progressthat is ac- shortened the time it needed to The U.S. government also efforts to inoculate enough shippers and U.S. regulators. reassure markets as inves- celerating mass vaccination inspectand packagenewly man- has helped vaccine makersac- people to liftrestrictions and Keith Creel,chief executive tors braced for turmoil af- campaigns in the U.S. ufactured vials of itsvaccine. cess supplies under the De- reopen schools,businesses and of Canadian Pacific,said les- ter Erdogan abruptly fired After a slow start, Pfizer Thecompanies—along with fense Production Act, suppli- other establishments. sons were learned from the his predecessor. A8 Inc.,its partner BioNTech SE Johnson &Johnson,which re- ersand government officials PleaseturntopageA6 failed bids.HeexpectsKansas and Moderna Inc.have cently launched aCovid-19 said. TheBiden administration City Southern’ssupport for World-Wide boosted output by gaining ex- vaccine—also are teaming up said this month it used the act  Companyoffers workers a the proposed merger and the perience, scaling up produc- with other firms to further in- to provide $105 million in bonus to get vaccinations... B3 lack of rail-line duplication be- tion lines and taking other crease production. funding to help Merck &Co.  Phishing scams hit a high tween the two companies will  Covid-19 vaccine manu- steps likemaking certain raw TheU.S.monthly output for makedoses of J&J’sCovid-19 amid pandemic...... B4 PleaseturntopageA9 facturers are ramping up production, churning out far moredoses aweek than ear- Buyers Seek Multifamily Units lier in the year,progressthat Schools That Have Been Open is accelerating massvaccina- Many home buyers are looking for properties that can house tion campaigns in the U.S. A1 multiple generations, as they plan on sharing their homes  Several members of Bi- ForMonths Offer Lessons with elderly parents as well as with their adult children. A2 den’sWhiteHouse staff have ties to companies with major Whybuyersbought multigenerational homes stakes in the administration’s 0% 10 20 30 positions on cybersecurity,an- titrust and other policyareas, Principals favorair cleaners, lunch limits; experiments with social pods Caretaking of aging During Covid (April-June 2020) federal disclosures show. A4 parent/relatives Pre-Covid (July 2019-March 2020)

 Anonprofit advocacygroup BY SARAH TOY AND DOUGLAS BELKIN and regular testing when possible areeffec- To spend moretime with created by Biden’sallies won’t tiveways to reducetransmission of Covid-19 aging parents/relatives set a limit on how much Parents, cities and teachers in many in schools.Other once-lauded tactics,such as money it will raise and won’t places continue to wrangle over how to re- daily temperaturechecks and deep cleaning Cost savings disclose the identities of itsdo- open their schools safely. Meanwhile, teach- of surfaces,havebecome lowerpriorities. nors, the organization said. A4 ers and administrators whose buildings have They also have learned that teachers, not been open for many months have come to their students, are likely the primary trans- Family over18never  Mayorkas defended the lefthome DHS’s handling of a surge some hard-earned conclusions about how to mitters of the virus in grade schools, that make it all work. children are likely most at risk of infection of migrantsatthe southern Wanted alarger home that border,saying the agencyis Some of what they learnedisconsistent during lunch time, and that tools such as multiple incomes could afford building capacity to properly with what manyscientistshavebeen tout- portable air cleaners and carbon-dioxide house unaccompanied chil- ing—that masking,ventilation, distancing PleaseturntopageA10 Family over18years old dren as fast as possible. A5 moving back

 Biden administration Source:National Association of Realtors (survey of 8,212home buyers sentout in July 2020) officials will meet with NewInfluencersJolt Stock Market NATO allies this week on teetering plans to end the war in Afghanistan. A8 BY AKANE OTANI which included a link to Red- dreds of millions of followers Real-Estate Agents  The Supreme Court will dit’sWallStreetBetsforum— online. Many of their fans are hear a case in which grow- One Januaryafternoon, could explain whythe stock individual investors who take ers are challenging union Tesla Inc.Chief ExecutiveElon soared. their commentsonthe market Outnumber Homes organizers’ rightstotalk to Musk sent out an 11-character Mr.Musk isn’t alone in as gospel. farmworkersinthe field. A5 tweet: “Gamestonk!!” moving stocks by simply The notion of a market in- His Twitterfollowers tweeting.Public figuresas fluencer isn’t new. Prior gen-  The top sliver of high- sprang into action. varied as the Tesla executive, erationswereenraptured by For Sale Nationwide income Americans dodges GameStopCorp.shares venturecapitalist Chamath Pa- star investors like Bill Miller, significantly more in in- surged more than 150% over- lihapitiya, Barstool Sports Peter Lynch and Warren Buf- come taxes than the IRS’s night. Thenextday,analysts founder David Portnoyand fett.They soaked up share- BY NICOLE FRIEDMAN to real estate. methods had assumed, are- threw up their hands.Nothing fund managerCathie Wood holder letters and book recom- He got his license in Octo- search paper estimates. A5 apart from Mr.Musk’stweet— have collectively amassed hun- PleaseturntopageA6 Thered-hot housing market ber,but has yettoland any  Spectators from overseas has achieved anumber of deals, as Covid-19-related re- will be barred from attend- milestones this past year.Per- strictions are limiting in-per- ing the Summer Olympics in Reviews Are In: Film Die-Hards INSIDE haps the most telling is this: son interactions with clients. Tokyo, organizers said. A8 Thereare morereal-estate “I’ve learned some aspects Still Love the Big Screen agents than homes for sale in of thebusiness, but it’shard the U.S. to connect with people…that JOURNAL REPORT This phenomenon reflects you’venever met,” Mr.Mitch- Work From Home:How iii both the extremely tight sup- ell said. to manage the hybrid ‘I didn’t even care what movie was going ply of homes on the market TheNational Association of workplace. R1-8 and howsurging prices are Realtors’ membership count to play’; L.A. theaters reopen with limits persuading tens of thousands hasexceeded the number of CONTENTS Outlook...... A2 morepeople to trytheir hands homes on the market only Arts in Review... A13 Personal Journal A11-12 BusinessNews...... B3 Sports...... A14 at selling real estate. once before, in December Crossword...... A14 Technology...... B4 BY R.T. WATSON movies,” said KenRuiz,52, a Michael Mitchell in Boston 2019,when the number of HeardonStreet... B10 U.S. News...... A2-6 computer programmer and is oneofthem. He signed up agentsdipped slightly but the Markets...... B9 Weather...... A14 LOSANGELES—Film buffs part-time stand-up comic who, forareal-estatecourse in inventoryofhomes forsale Opinion...... A15-17 World News...... A8-9 flocked into Los Angeles-area on Friday, bought aticket to June afterbeing furloughed declined by more. It happened theatersthis weekend, eager see Walt Disney Co.’slatest from amanagerial position at again last October and has > to turn the pageonthe pan- animated film “Rayaand the WORLD NEWS aregional restaurant chain. He held ever since. demic that forced them to Last Dragon” at the company’s U.S. officials will meet greeted the newprofession en- At the end of January, there spend ayear watching movies famed Hollywood theater El with NATO allies this thusiastically,thinking his were 1.04 million homes for from home. Capitan. skills and focus on customer sale.That is down 26% from a “I didn’t even care what Thetheater,ahistoric trea- week on the warin experiencedeveloped during year earlier and the lowest on s 2021 Dow Jones & Company, Inc. All Rights Reserved movie wasgoing to play. Ijust surethat opened in 1926,ison Afghanistan. A8 30 yearsinthe restaurant record going back to 1982, ac- wanted to getback to the PleaseturntopageA10 businesswould be transferable PleaseturntopageA2 P2JW081000-0-A00200-1------XA

A2 | Monday, March 22, 2021 THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Jon Hilsenrath ECONOMIC Households PrimedtoSpur Economy CALENDAR Monday: U.S. existing-home sales are expected to have TheU.S. including higher inflation Households have paiddown tent. People tend to spend Federal Reserve economist taken a step back in February, federal gov- and an asset bubble.More- debt and built up savings since roughly one-thirdofthe who has teamed with Uni- hampered by low inventories, ernment is over,itleavesadifferent the 2007-2009recession. money soon aftergetting it, versity of Michigan research- rising prices and a spell of bad giving awhole debt overhang—federal says Mr.Parker,showing Mr. ers Joel Slemrod and Mat- weather in parts of the country. newmeaning debt—that poses newuncer- 20% RECESSION Friedman wasonly part thew Shapiroto study the Tuesday: Federal Reserve to the old say- tainties forbusiness, house- right. Therest is savedor effects of government pay- Chairman Jerome Powell ap- ing “the check is in the mail.” holds and Uncle Sam. used to payoff debt. ment programs, sees distri- pears virtually on Capitol Hill 15 Debt-servicecosts as Oncemeant as an assurance “Thereisalot of liquidity shareofdisposable Asurvey by the Federal butional benefits for low- Tuesday and Wednesday to dis- households gavetowardoff and desiretospend,” says income ReserveBank of NewYork and moderate-income house- cuss the central bank’s re- encroaching creditors, it has Jonathan Parker, aMassa- 10 showedthat 36% of house- holds from the checks. sponse to Covid-19. Mr. Powell instead become aregular chusetts InstituteofTechnol- holds last year savedthe first The government currently last week pledged to continue promise of cash forhouse- ogyeconomics professor who round of their relief pay- borrows at very low interest easy-money policies until the holds by Uncle Sam. studies howpeople spend 5 ments, 35% paid down debt rates, less than 2.5% even for U.S. economy rebounds further Last week a thirdround of government checks.Hear- Saving as shareof and the rest mostly spent it. a 30-year Treasury bond. from the pandemic. disposable income relief paymentsstarted gues the latest round of pay- 0 When a low-income or mod- Wednesday: Surveys of pur- showing up in the accounts mentsdesigned by the Biden 2007’10 ’15 ’20 ouseholds have en- erate-income household uses chasing managers for March of millions of Americans, administration should have tered2021 armed with that cheap money to pay off are expected to indicate that the $1,400 paymentssofar sent been moretargetedtothose H eurozone economy was in reces- Source:Commerce Department(savings)and boatloads of cash—on high-interest-rate credit-card to roughly 90 million adults most in need. Federal Reserve(debt payments) average—and the cleanest bal- loans or payday loans, it is a sion during the first quarter totaling about $242 billion. Jared Bernstein, a White ancesheetsthey have had in net gain for society, Ms. while the U.S. recovery acceler- That is on topof$600-per- House economic adviser, told will save awindfall check decades.Households finished Sahm argued. ated, with services-sector perfor- recipient paymentssent in The Wall Street Journal last from the government because 2020 with $14.1 trillion com- Michigan surveys showed mance key to the divergence. December and $1,200 sent month that the program is they don’t think it is perma- bined in checking and savings that among households that U.S. new orders for durable earlier last year,which all meant to provide a broad ar- nent. In other words, it won’t accounts, compared with $11.4 paid down debt with their goods are expected to show a combined will add up to ray of families a financial serveasshort-term stimulus. trillion in 2019,according to 2020 payments, a third paid rise for the 10th straight month morethan $800 billion. cushion. It became known as the per- Federal Reservedata. Their off credit-card debt and in February. Economistshavebeen manent-income hypothesis. debt-serviceburden—the per- nearly one in five paid off Thursday: New applications he big question forthe studying howhouseholds Thegovernment—under centageofafter-tax income high-interest payday loans. for jobless benefits are hovering T economy: What will spend cash windfalls forde- Republicans and Democrats— used to payoff debt—fell to In 2008, more than half paid near the pandemic’slowest lev- come of the money? cades.Ina1957 book called has tested the hypothesis itslowest level in recordsgo- off credit-card loans. The els. Economists are forecasting a It turns out thereisalot “A Theoryofthe Consump- over and over again in the ing back to the early 1980s. New York Fed found that decline in jobless claims during we already knowtoanswer tion Function,” the University past 20 yearswith rounds of This is a much different low-income households were the week ended March 20, that. Americans have spent of Chicagoeconomist Milton paymentstohouseholds in story than was the case most likely of any group to which would suggest further some of it, savedalot of it Friedman posited that house- 2001, again in 2008 and re- when the U.S. was coming use last year’s payments to gains for the labor market. and used large portions to holds don’t spend cash wind- peatedly last year.The cir- out of recession in 2009. The pay off debt. The funds also Friday: U.S. personal income paydownburdensome debt. falls because they manage cumstances were different in debt-service burden then keep some households from and consumer spending could That leaves the economy their spending forthe long each case—a stock bust in was at record highs and having to take out expensive show a decline for February, primed foraconsumer boom run. If they think taxesare 2001, amortgagecrunch in households were focused on loans in the first place. payback from a stimulus-driven oncebusinessfully reopens going to go up in the future 2008 and ahealth crisis last paying off mortgage debt. It “Shoring up family bal- surge a month earlier alongside and poses risks that worry to payfor government bor- year.But household behavior took them years to do it. ance sheets has long-lasting winter storms in parts of the some people on Wall Street, rowing in the present, they has been surprisingly consis- Claudia Sahm, a former effects,” said Ms. Sahm. country. More Homes Snapped Up by Multiple-Generation Families

BY NICOLE FRIEDMAN room house thereand plan to AND BEN EISEN livewith their parents, Annie’s partner and their 2-year-old Shawn Zangler had often daughter,Evie. thought about buying ahome Annie and Katie have pooled with her mother.When the their savingsand areselling pandemic hit, she finally did it. some belongings to coverthe Ms.Zangler,57yearsold, down payment, moving ex- and her mother,Joy Lewis,76, penses and upfront home re- bought ahouse together in pairs, they said. Afterthey Surprise,Ariz., last August. move, their monthly mortgage Ms. Zangler is paying the payment will cost lessthan mortgage, but Ms.Lewis paid what they paytorent in Seat- morethan half the down pay- tle. ment. “We’reverygratefulthat we “It’sawin-win formeand JOURNAL candothis together,” Annie

my family,” said Ms.Zangler, REET Kirking said. “I canfeel pulled ST

who had frettedabout her LL between making decisions that

mother living alone in the WA arebest forEvie and decisions Covid-19 pandemic.“This way that arebest formypar- THE

we don’t have to worry.” Ms. R ents.…Being under one roof,I Zangler’s 18-year-old son lives FO think that push and pull will with them too, and she expects be much less.” NDERS

her daughter will moveintem- PO Home builder Lennar H

porarily afterfinishing college. AS launched itsNextGen homes Parentsand children, sib- Shawn Zangler, left, her mother, Joy Lewis, and her son Ryan Zangler in their multigenerational home in Surprise, Ariz. designed formultigenerational lingsand grandparentsare households in 2011, in re- shacking up during the pan- millennials aremoving back to dian existing-home priceto Roughly 3% of Zillow Group Street Journal, operates Real- sponse to the growing need for demic,opting forliving in their childhood homes,and $303,900 in January, up 14% Inc.listingsinFebruaryin- tor.com.) elder care,said Lennar co-chief close quartersoverquarantin- Gen X-ersare putting in garage from ayear earlier,according cluded terms that signal multi- SistersAnnie and Katie executiveand co-president Jon ing from each other.Some 15% apartmentsorbackyard to NAR. ple generations could livein Kirking of Seattle moved their Jaffe. Next Gen homes cost of people who bought homes houses forelderly parents. Ms.Zangler had hesitated them, like“grannysuite” or parentsout of an assisted liv- about $10,000 morethan typi- between April and June of last JessicaLautz, vicepresident to buy with her mother in the “in-lawcottage,” according to ing facility in August intoKa- calLennar homes without the year planned to have multiple of demographics and behav- past because Ms.Lewis is a analysis by the online real-es- tie’s900-square-foot, two-bed- additional suite, he said. generations living there, ac- ioralinsightsatthe Realtors smoker.But the Lennar Corp.- tate company. room apartment. Beforethe Next Gen home sales rose cording to asurvey by the Na- association,expectsthe share designed home they bought House listingswith these pandemic,they had visited faster than overall Lennar tional Association of Realtors. of adultchildren and parents wasmade formultigenera- kinds of descriptivewords had their parentsdaily,and they sales during the pandemic,Mr. That is up from 11%ofthose buying homes together to con- tional living.The living space amedian listing priceof thought their parents’ health Jaffesaid, and the company who bought between July 2019 tinue to increase. forMs. Lewis includes asepa- $598,000 and sold 23% faster deteriorated when the daugh- nowplans to build alarger and March 2020,and the high- Therecent jump waspri- rate entrance, kitchen and air- in Februarycompared with a ters were unable to visit be- shareofNextGen homes.He est level in survey datagoing marily attributable to people conditioning unit. Ms.Zangler year earlier,according to Real- cause of the pandemic. attributed some of thecurrent back to mid-2012. who wanted to take care of and her son contracted tor.com. Forall home listings Thefamily had long talked demand to multigenerational Thejoint-venturehome pur- their aging parents, she said. Covid-19 last year,but her in February, the median listing about moving to Spokane, households and some to home chase representsjust one way Saving money is an impor- mother stayed in her part of pricewas $353,000 and the Wash., wherethey grew up. buyers wanting the additional Covid-19 has upended Ameri- tant consideration too: Tight thehouse and didn’t getsick, homes sold 14%faster.(News TheKirking sistersare in the suites forhome offices or rec- cans’ living situations.Many housingsupply drovethe me- she said. Corp,parent of TheWall processofbuying afour-bed- reational use.

officer at Re/Max HoldingsInc., ing market. Theranks of NAR business, up from 92 aweek at media and word of mouth. best time if you’re the listing Realty Has areal-estatebrokerage fran- rose to 1.37 million in October the same time last year. “I am seeing insane demand agent,’” Ms.Dorel Gutierrez chiser.“But the barrierstosuc- 2006—shortly afterthe mar- “It is by far the most hiring and very little inventory,” she said. cess areveryhigh.” ket’speak—then bottomed out we’veeverdone,” Redfin Chief said. “I knowthere’salot of But Ms.Dorel Gutierrez, More Sellers Home sellersgenerally fa- at around 960,000 in March Executive Glenn Kelman said. competition out there.” who also works as a spiritual voragentswith yearsofexpe- 2012, following the housing Some new agents have en- Diana Dorel Gutierrez took and relationship coach, has rienceand proven sales re- crash. NAR membership has joyedearly success.Lauren her real-estateexam last closed five deals so far.She Than Sales cords. That meansnewer risen everyyear since. Hurwitz of NewRochelle,N.Y., March, just beforethe testing has found clients through so- agentstend to represent home Real-estate brokerage Red- gother real-estatelicense in center closed because of the cial media, referrals and leads buyers, manyofwhom are finCorp., which hires agents August afterbeing laid off pandemic. When she joined a from ZillowGroup Inc.Her ContinuedfromPageOne struggling to get an offer ac- as employees,said it underes- from amedia-relations job. brokerageinthe Phoenix area, colleagues call her and the cording to NAR.Also in Janu- cepted with so few properties timated demand afterthe pan- Sheclosed her firstsale in co-workerswarned it wouldn’t other agentswho joined the ary, the association had 1.45 for sale. demic struck.Redfin fur- February and has three more be easy. brokeragelast spring the million members, up 4.8% Consequently, most agents loughed 41% of itsagentsin in contract. Her firstclient “They said, ‘You don’t have “pandemic babies.” from a year earlier. make little or even no money April as sales slumped. The wasaclose friend whom she anyidea what you’reinfor. “If you can do it in this in- It is easy to understand why in the beginning because they firm said it is now hiring 162 helped buyahome.She has This is the worsttime to be an dustry at this time,” she said, so manypeople would sign up typically rely on commissions people aweek in itsbrokerage gained othersthrough social agent [for buyers] and the “you can do anything.” forthe real-estateprofession: and don’t getpaid unlessa Thepandemic eliminated mil- sale is completed. Realtors lions of jobs, especially in ser- with two years of experience CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL viceindustries such as restau- or lessearned amedian gross (USPS 664-880) (Eastern Edition ISSN 0099-9660) rants.The booming housing income of $8,900 from their (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) market suggeststhereisalot real-estate work in 2019. Thesurname of shooting fuli, who at the time waspres- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 of money to be made selling But that figure rises with victim XiaojieTan wasmis- ident. Also,Mr. Magufuli’ssur- Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. homes. And in most states,it more yearsonthe job: The spelled as Yan, based on incor- name wasmisspelled as Postmaster: Send address changes to The Wall Street Journal, doesn’t take much morethan median grossincome forall rect information from the Magafuli in one instance. 200 Burnett Rd., Chicopee, MA 01020. taking acourse and passing an NAR agents in 2019 was Cherokee County Sheriff’s Of- All Advertising published in The Wall Street Journal is subject to the applicable rate card, exam to getaresidential real- $49,700,upfrom$41,800 in fice,inU.S.Newsarticles on copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., estatelicense. 2018, the association said. Thursdayand in some editions 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final State licensing exams can Thebusinessisprettyfluid. Fridayabout last week’sshoot- Noticetoreaders acceptance of the advertiser’s order. include questions on property NAR,which representsthe ingsatthree spas in Georgia. Wall Street Journal staff Letters to the Editor: Fax: 212-416-2891; email: [email protected] laws and market analysis.Pass majority of activeU.S.residen- membersare working re- Need assistance with your subscription? ratesvarybystate.InTexas, tial real-estateagentsand bro- Themiddle name of Tanza- motely during the pandemic. By web: customercenter.wsj.com; By email: [email protected] nearly two-thirds of test tak- kers,said about 15% of its nia’sthen-VicePresident Sa- Forthe foreseeable future, By phone: 1-800-JOURNAL (1-800-568-7625) erspassonthe firsttry,ac- membership turns over every mia Suluhu Hassan wasmis- please send reader comments Reprints &licensing: cording to the Texas Real Es- year.Agentsusually work as spelledasSulhu in aWorld only by email or phone, using By email: [email protected] By phone: 1-800-843-0008 tate Commission. independent contractors, and Watcharticle on Thursday the contactsbelow, not via WSJback issues and framed pages: wsjshop.com “Thereare very lowbarriers many work part-time. about the death of John Magu- U.S. Mail. to entry, in terms of the ease of Thenumber of agentsalso Our newspapers are100% sourcedfromsustainably certified mills. getting areal-estatelicense,” tends to roughly correlatewith Readers can alert The Wall Street Journal to any errors in news articles by GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS said Nick Bailey,chief customer the performanceofthe hous- emailing [email protected] or by calling 888-410-2667. P2JW081000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Monday, March 22, 2021 | A3 U.S. NEWS KillingsSpark RalliesAcrossU.S. Miami Beach Acts Protesters call for halt to violence, solidarity To Rein In with Asian-Americans after rampage at spas Revelers

Protestsand vigils calling for BY SARA RANDAZZO an end to violenceagainst AND ELIZABETH FINDELL Asian-Americans were held around thecountryoverthe Miami Beach is entering the weekend as lawmakerspushed week with an evening curfew forbettertracking of hate and other restrictions aimed crimes following the deadly at curbing nightly raucous shootingsatAtlanta-area spas. partying that city officials feared would lead to escalat- By Cameron ing violenceand impede ef- McWhirter, Allison fortstodrivedownCovid-19 Pohle cases. and Alex Janin S Visitorsfromaround the PRES world—beyond the usual

Hundreds of people gathered TED spring break college crowd— Saturdaynear the Georgia Capi- CIA have descended on the party SO

tol, with some demonstrators AS location in recent weeks,offi- carrying signs declaring “Stop cials said during aspecial REZ/

Asian Hate.” Manywaved VA commission meeting held Sun- AL

American flagsascarsand Z day to discuss the issue. trucks drivingbyhonked in Interim City Manager Raul support. MUNO Aguila declared astate of

Xiaoxu Zheng,a36-year-old ARDO emergency in the city on Sat-

medicalresearcher at Georgia EDU urday. State University,said he came Demonstrations were held SundayinNew York and other cities around the country to protestattacksonAsian-Americans. Policehavemade morethan to the protest, his firstpolitical 1,000 arrestssinceFeb.3,offi- event, because he wasworried waived his right to an attorney, tan’sUnion SquareonSunday hate to them, and the evil, but whether hatecrimes against cials said Sunday, including about arise in anti-Asian preju- officials said. forasolidarity march to China- they have to have that aware- Asian-Americans have been un- more than 50 over the week- diceinthe past year.“We live Thefact that six of the eight town in the borough. nessthat it is time to support derreported. end. Morethan 85 firearms here.Wepay taxes. We work victims were women of Asian Shuangye Zhu, a28-year-old the community,” Mr.Huang Rep.Judy Chu (D., Calif.), have been seized in the ar- here. This is our life,” said Mr. descenthas prompted calls for preschool teacher in Queens, said. whoheads the Congressional rests, anumber that Police Zheng,who has been in the U.S. the suspect to be chargedwith held asign saying,“HateisVi- Policeand government offi- Asian Pacific American Caucus, Chief RichardClementscalled for10yearsand lives in subur- hatecrimes. rus” as the names of the At- cials in NewYork City and said Sundaythat she is pushing alarming. ban Atlantawith his wifeand Law-enforcement officials in lantashooting victims were other U.S. cities have said hate forlegislation to improvethe Thetouristsare “coming two children. the suburban county wherethe read aloud at the demonstra- crimes against Asian-Americans reporting of hatecrimes. intothe city to engageinlaw- Eightpeople,including six firstshooting occurred have tion.She said the attacks have have risen sincethe Covid-19 President Biden on Friday lessnessand an anything-goes women of Asian descent, were said that Mr.Long told them he leftsome of her co-workers pandemic,which wasfirst iden- met with Asian-American lead- party attitude,” Mr.Aguila killed in shootingsatthree At- waslashing out at his sexual scared to take public transpor- tified in China. ers in Atlantaand urgedCon- said at the meeting. lanta-area spas on Tuesday addictioninthe attacks.Offi- tation. ChristopherWray, director gresstopassthe Covid-19 Hate Afterseeing thousands night. RobertAaron Long,of cials with the AtlantaPoliceDe- On Saturday, hundreds of of theFederal Bureau of Inves- Crimes Act. Thelegislation gather Fridayinascene he de- Woodstock,Ga., wasarrested in partment said they still were protestersgathered in Times tigation, told NPR last week it would expediteJusticeDepart- scribed as looking likearock the attacks and has been investigating the attacks to de- Squaretomarch to Manhattan’s did not appear that the attack ment reviews of race-related concert, Mr.Aguila on Saturday chargedwith eight countsof termine whether Mr.Long Chinatown. Wayne Huang,42, wasracially motivated. crimes linked to Covid-19. imposed amandatory8p.m. murder and one count of aggra- should be chargedwith hate who wasborn in NewYork City Sen. TammyDuckworth (D., —Zusha Elinson, Mengqi curfew in an area of the city vatedassault, officials said. He crimes. and lives in Chinatown, brought Ill.) said Sundayshe has urged Sun, Joshua Mitchell declared a“high-impact zone.” is being held in Cherokee In NewYork City,hundreds his two boys to the demonstra- the heads of the JusticeDepart- and Rachael Levy Thecity shut down overnight County without bond. He of people gathered in Manhat- tion. “It’shardtoexplain the ment and the FBI to look into contributed to this article. access to some causewaysthat lead to the barrier island, known forits stylish hotels and bustling nightlife. Mr.Aguila AtlantaAttacksReverberateinSouth Korea also closed OceanDrive, the city’s main strip,tovehicular and pedestrian traffic,except BY TIMOTHY W. MARTIN descent—including four who Korean knows someone with Mr.Lee said he nowhas me,” Ms.Han said. “I’m realiz- forresidents, hotel guestsand AND DASL YOON have been identified as ethnic relatives or friends living in doubts. ing that I can be targeted for employees. Koreans, ranging in age from the U.S. South Koreasends “I keep thinking about being different if Ileave this Sidewalk-cafeoperations in SEOUL—The killingshap- 51 to 74. One was a South Ko- moreofits children to study whether something likethis country.” thezone were suspended, and penedmorethan 7,000 miles rean citizen. in Americathan in anyother could happen to her,” he said. What made theAtlanta restaurantswererestricted to away.But formanySouth Ko- TherampageinGeorgia has foreign country. Han Ye-rim, 32, said she rampageespecially jarring was takeout-only after 8 p.m. reans,the Atlanta-area spa reverberated acrossthis na- Lee Myung-kyu, a 55-year- has long idealized the U.S. as a howgood South Koreans,and MiamiBeach officials had shootingshit close to home. tion of 52 million, which in the old officeworker,said he diverse society.But staring at Korean-Americans,had been braced for an influx of spring “The Victims Were Korean decades sincethe Korean War knows manySouth Korean avictim list that looks much feeling lately about their breakers and implemented in- Mothers,” read aheadline Sun- has had adeep and enduring families who have dreamed of like herself, Ms. Han wonders standing in the U.S. creased restrictions from Feb. dayfromthe country’slargest relationship with the U.S. The migrating to the U.S., hoping howshe would actually fare U.S. SecretaryofState Ant- 22 to April 12, but the mea- newspaper. two are allies and share close for a better life. leaving Seoul. onyBlinken and Defense Secre- sures didn’t stop touristsfrom Of the eight people who cultural ties. His own daughter wants to “Learning about the Atlanta tary Lloyd Austin visited Korea flooding in and amassing at died,six were women of Asian It canoften seem likeevery go to school in America. But incident wasawake-up call to on their firstforeign trip. large parties. American Whiskey DistillersBitterOverOverseasTariffs

BY YUKA HAYASHI

Tariffs levied by the Trump administration dented U.S. sales of single-malt Scotch formore than ayear,sowhen they were suspended this month, Euan Shand and his colleagues drank to the occasion. “Weraised aglassofwhisky to celebrate,” said Mr.Shand, chairman of liquor merchant Duncan Taylor in Huntly,Scot- land, whose brands include the Black Bull scotch that Mr.Shand imbibed to toast the occasion. Therewas little to cheer about some 4,000 miles away in Kentucky’sBourbon Belt. U.S. whiskey makersstill face25% tariffs on spiritsthey export to the U.K. and the European Union. What’smore, the EU lev- ies areset to double to 50% in

June. JOURNAL “Weare literally frozen,” REET

said Amir Peay,owner of James ST E. Pepper DistilleryinLexing- LL ton, Ky., who says the tariff hit WA

just as he had started investing THE R

heavily to take advantageof FO what had been rising sales in Europe.

Thewoes troubling Ameri- SHARRETT KE

canwhiskey makersreflect both LU the complications of global Master distiller Aaron Schorsch, left, and distiller Cody Giles working at the James E. Pepper Distillery in Lexington, Ky. trade and the penchant by war- ring sidestotargeticonic prod- exported to the U.S.,and Ameri- raise tariffs on American whis- “Weare the only spirit under $250 millionannually.Some of U.S. would seek “aneffectiveso- uctsindisputes.The U.S. placed canluggage,produceand vodka keysto50% by June 1unless these tariffs now,” he said. “The thesecostswerepassed on to lution that looks at the whole tariffs on Scotch and French exported to Europe. the sides cannegotiateasolu- American whiskey category consumersthrough higher slew of policytools to address wine,and the Europeans taxed Even so,the EU and Britain tion. TheU.K.isalso consider- shouldn’t be holding the burden prices and otherswereab- that largerproblem.” Harley-Davidson motorcycles have retained the tariffs on ing additional measures,agov- of the entiretrade war.” sorbed by exporters, the com- But she made no commit- and American whiskey,although American whiskey,which were ernment spokesperson said. Europe and the U.K. account panies say. ment to ending the steel and the underlying disputes had imposed separately in retalia- Tariffs of 50% would be forroughly half of U.S. whiskey Whiskey makers, with the aluminum tariffs.The U.S. had nothing to do with those prod- tion forU.S.tariffs on steel and “truly disastrous” forthe Amer- exports. ExportsofAmerican support of politicians including imposedthose on national-se- ucts. aluminum importsthat remain ican whiskey industry, said bourbon and other whiskeysto SenateRepublican leader Mitch curity grounds. Sincetaking office, the Biden in place. Lawson Whiting,president and Europe (including the U.K.) McConnell of Kentucky, arecall- “Insome ways, this is the administration has takensteps American whiskey makers chief executiveofBrown-For- grew from $527 million in 2010 ing on the Biden administration way the…system is supposed to to ease trade tensions with Eu- saythey arebeing punished for manCorp., the U.S.’s largest to $741 million in 2018,when to reach an agreement with Eu- work,“ Ms.Tai said. “You inflict rope. In joint announcements afight they didn’t start. whiskey maker whose signature thetariffs were imposed, ac- rope to end the tariffs on their pain on each other’s stakehold- with the EU and U.K.,itrecently “Why drag us intothis con- productisJack Daniel’sTennes- cording to the Census Bureau. products. erstotry to motivateeach agreed to afour-month suspen- flict?” asked Mr.Peay, who had see sour mash whiskey. Those exportsshrank to “Ifyou ask me,the whole other to come to aresolution.” sion of tariffs imposed in adis- set up adistribution base in Unencumbered by tariffs, $469 million last year,accord- world could benefit from alittle An EU spokesmaninWash- puteoversubsidies to commer- Amsterdam and ordered Euro- single-maltScotchand Irish ing to the Census Bureau, down moreKentuckybourbon,” Mr. ingtonsaid the coalition is cial aircraftmakersBoeing Co. pean-sized bottles from an Ital- whiskey distilled in Northern 37% from the 2018 peak. McConnell said Wednesday, be- ready to work with the U.S. in and Airbus SE while the parties ianglassmaker beforethe tariff Ireland nowstand to raise their Brown-Forman estimates fore the Senatevoted to con- “solving bilateral trade irritants seek aresolution. upended expansion. market shareinthe U.S.,while whiskey representsaquarter of firm Katherine TaiasU.S. trade that weakened our strategic That lifted tariffs that had U.S. whiskey makerscould be American whiskey will remain the tariffs collected by the EU in representative. partnership,” but that absent an taxed, among other products, in foreventougher times subjecttopunishing tariffs in the steel and aluminum dispute, During her Senateconfirma- accord,the doubling of the Scotch whiskyand French wine ahead. TheEUisthreatening to Europe,Mr. Whiting said. raising export costsbyabout tion hearing, Ms.Tai said the whiskey tariff will be automatic. P2JW081000-2-A00400-17FFFF5178F

A4 | Monday, March 22, 2021 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 House ClashesOverReviewofIowaVote

Republican lawmaker not challengethe case in Iowa courts. defeatedDemocrat by Democratic leadershave six votesafter recount said the comparison is unfair between GOP challenges to Mr. of the entiredistrict Biden’s victories, where there was little evidenceofvoter BY KRISTINA PETERSON fraud or irregularities that Democrat Rita Hart, left, filed could changethe outcomes, WASHINGTON—AHouse to challenge the win by GOP andthe narrow race in Iowa, committee’sprobe of acon- Rep. Mariannette Miller-Meeks. whereMs. Hart’slegal team gressional race in Iowa has be- said thereare 22 valid but un-

come aflashpoint on Capitol S counted ballots that could re-

Hill, forcing Democrats to ex- PRES Elections Act setsout the pro- verse the outcome.

plain howreviewing that elec- TED cedures forthe losing candi- “That’sapples and or-

tion outcome differsfromRe- CIA dateinageneral election to anges,” said House Majority publicans’ efforts last year to SO the House to contest the seat. Leader Steny Hoyer (D., Md.). AS overturn several states’ presi- Rep.Rodney Davis of Illi- He said Democratswould pro- dential results. nois,the topRepublican on ceed based on the facts, not

GOP Rep.Mariannette GAZETTE/ thecommittee, questioned on adesiretoincrease the size Miller-Meeks took officein why Ms. Hart hadn’t pursued of their slim majority.Cur-

Januaryafter the Iowa State TIN/THE herchallengethrough Iowa’s rently Democrats can lose no Board of Canvassers certified court system and said Demo- more than three votes on any MAR

hervictoryoverDemocratic LIZ crats were being hypocritical. measureopposed by all Re- candidate Rita Hart. She won Voters at the University of Iowa Campus Recreation and Wellness Center in November. “You cannot complain about publicans. by just six votesout of the anyone questioning election Rank-and-file Democrats nearly 400,000 totalvotes filingsfromthe candidates are cessfully challenged resultsin Calif.). certificates again if you’re said that while reviewing the cast, following arecount of due Mondaytothe panel. several states that President In the House race,asuc- willing to do the same with a Iowa race wasappropriate, the entiredistrict. Ms.Hart Thereisn’t aset timeline for Biden wonand riotersmobbed cessfulchallengebythe Demo- duly elected member,espe- they would be wary of over- filed in lateDecember to chal- the review. the Capitol to protest the cer- crats would bolster their nar- cially sinceRitaHart did not turning the state’s results. lengethe resultsunder the Thedebateisemerging at a tification of Mr.Biden’svic- rowmajority,which currently finish the court processin “The standardhas to be a Federal Contested Elections heated time in the House, tory. stands at 219-211 with five va- Iowa,” he told reporters. very high standard,” said Rep. Act.Itisn’t unusual forcandi- when manyDemocratsremain “The American people de- cancies. Ms.Hart’slawyer,Marc Dan Kildee (D., Mich.) “Unless dates to appeal to the House deeply angered with Republi- servetoknowwho actually TheConstitution gives Elias,said in afiling that ex- we see compelling evidence to review a race’s results, but cans for echoing former Presi- wonthis election and the peo- states the authority to admin- hausting the statejudicial pro- that there’ssomething seri- such efforts rarely succeed. dent Donald Trump’sbaseless ple of Iowa’s second congres- ister elections but says each cess isn’t arequirement for ouslywrong,then we should Earlier this month, the claims that the election was sional district deservetobe chamber of Congressisthe fi- challenging the election in the defer to stateand local offi- House Administration Com- stolen from him. During ajoint represented by that person,” nal judge of the elections and House.The Hart campaign cials.” mitteevoted along party lines session of CongressonJan. 6, said House Administration qualifications of itsown mem- didn’t respond to arequest for —Siobhan Hughes to reviewthe case,and further some GOP lawmakersunsuc- Chairperson Zoe Lofgren (D., bers. TheFederal Contested comment on itsdecision to contributed to this article. President’s Aides Have Tech Ties

BY CHAD DAY federal antitrust lawsuit and that is directly and substan- lightrecent ties between na- congressional scrutinyover tially related to my former em- tional security adviser Jake Sul- Several membersofPresi- howitmoderates content. ployerorformer clients, includ- livan and Microsoft. dent Biden’sWhiteHouse staff Thedisclosures,which the ing regulations and contracts.” Mr.Sullivan is overseeing an have ties to companies with WhiteHouse made available on It isn’t unusual forsenior interagencyeffort to address a major stakes in the administra- request through an online por- government officials to have recent cyberattack on Micro- tion’spositions on cybersecu- tal,detail staff members’ and ties to prominent business, as soft’sExchangeemail software, OL

rity,antitrust and other policy their spouses’ assets, stock everymodern administration which the companysaid was PO areas,new federal disclosures portfolios,income,nongovern- has drawnfromthe privatesec- carried out by anetwork of sus- S

show. mental positionsand debtsfor tortofill topposts. President pected Chinese hackers. Micro- /PRES Among the companies that 2020 through when they joined Donald Trump’sinitial batch of soft’snetwork wasalso ac- AS

appear in financial recordsre- government servicethis year. WhiteHouse advisersand cabi- cessed in the recently GRIP

leased Saturdayfor some se- Some of the ties might pose net officials drew from the oil unearthed suspected Russian YURI nior WhiteHouse staff are Mi- an early test of howthe Biden industry, Wall Street and his hack of at least nine federal Susan Rice was a director at Netflix until mid-December. crosoft Corp., which is working administration is interpreting personal real-estateand licens- agencies and scores of private with the administration on the itsethics pledge,which man- ing business, among other sec- businesses. RiceAssets Total at ing company in 2018. The sale fallout from two big cyberat- dates that appointees commit tors. Beforeentering the adminis- of less than a third of those tacks in recent months,and to not participating in anymat- Thenew Biden WhiteHouse tration, Mr.Sullivan, aformer Least$37.9 Million options in August netted her Facebook Inc., which is facing a ter“involving specific parties disclosures particularly high- campaign aide to HillaryClin- $305,275. ton, served on an advisory Her portfolio includes council forMicrosoftfrom2017 Susan Rice, who leads the shares in the Covid-19 vaccine through Mayoflast year,ac- White House Domestic Policy manufacturers Pfizer Inc. and cording to his disclosure. In Council, listed assets of at Johnson & Johnson. She listed that role,hewas paid $45,000 least $37.9 million in financial shares of between $1 million last year as part of the council’s disclosures released Saturday and $5 million in Johnson & work advising the company’s for some senior White House Johnson, while reporting be- president on “key policy devel- staff. tween $15,001 and $50,000 in opments,” the disclosuresays. The former Obama admin- Pfizer. On Saturday, a White In response to questions istration national security ad- House official said Ms. Rice about Mr.Sullivan’sdisclosure, viser and United Nations am- isn’t involved in the administra- aWhiteHouse official said that bassador resigned in mid- tion’s decisions related to while Mr.Sullivan is dealing December as a member of the Covid-19 vaccines. with the national-security con- board of directors at Netflix Ms. Rice listed almost sequences of the MicrosoftEx- Inc. and indicated in her filing $638,000 in speaking fees changehack,deputy national that she is in the process of earned during 2020, including security adviser Anne Neu- liquidating stock options ac- more than $128,000 after bergerisleading the National quired after joining the stream- President Biden’s election. Security Council’sresponse. Pro-Biden Advocacy Group Won’t Disclose Its Donors

BY KEN THOMAS litical-action committees,from unlimited amountsofmoney to AND CHAD DAY donorswho work forfossil-fuel influencepublic policywithout companies or from lobbyists. the transparencyrequired of WASHINGTON—Anew non- “Wewill also leave it up to in- campaigns,political parties and profit advocacygroup created dividual donorsonwhether to super PACs.Those groups must by President Biden’sallies won’t publicly release their dona- disclose,inregular public fil- set alimit on howmuch money tions,” she said. ings, names and other informa- it will raise and won’t disclose Theorganization’sdecision tion about contributorswho the identities of itsdonors, the on funding wasearlier reported givemorethan $200. organization said Saturday. by Axios. TheWhiteHouse won’t di- Building Back Together has LaterSaturday,Ms. Melfi rectly oversee the nonprofit, the blessing of the White told TheWall Street Journal buttop Biden officials,includ- House and plans to promote the group also won’t accept do- ing senior adviser AnitaDunn and defend Mr.Biden’sagenda, nations from non-U.S.citizens and deputy chief of staff Jen including the recent $1.9tril- or foreign organizations. O’Malley Dillon, were involved lion Covid-19 law and the presi- The newgroup,whose for- in early discussionsabout the dent’s coming push in Congress mation wasfirst reported by group’sstructureand assem- forinfrastructureprojects and the Journal in February, will be bled agroup of Democratic otherpriorities. a501(c)(4) nonprofit, allowing strategistsand campaign veter- Danielle Melfi, who will lead it to operatewithout disclosing ans to organizeit. the nonprofit, said in astate- itsdonors. Similar groups have TheWhiteHouse declined to ment that the organization been criticized by government comment on the group’sdeci- won’t limit donations but won’t ethics groups andDemocrats sion and referred questions to receivecontributions from for- such as Oregon Sen. Ron the Building Back Together profit corporations or their po- Wyden, forbeing able to spend statement. Reed, Facing Allegations, Won’tRun Again

BY KRISTINA PETERSON caused her pain, showedher night. disrespect and was unprofes- Mr.Reed said the incident WASHINGTON—Rep.Tom sional. Iwas wrong,Iam occurred when he wasstill Reed(R.,N.Y.) said Sunday sorry, and Itakefull responsi- struggling with an addiction night that he wouldn’t runfor bility,” Mr. Reed said Sunday. to alcohol, for which he later re-election or for governor in Lt. Davis, a second lieuten- sought treatment. 2022,following allegations of ant in the Armywho at the “In addition to apologizing inappropriatesexual conduct. time worked as an insurance to those Ihaveimpacted, in- Mr.Reed also apologized to lobbyist, said Mr.Reed put his cluding Ms.Davis,Iwill be Nicolette Davis, who told the hand on her back,unhooked seekingtohelp those wres- WashingtonPost last week herbra and touched her leg tlingwith addiction in any that the lawmaker had made during a fundraising trip, ac- way I can,” he said. unwanted sexual advances to cording to an account she gave Mr.Reed had said earlier her in 2017, which he said on to the Washington Post. this year that he wasseriously Friday was inaccurate. She didn’t respond to a re- considering arun forgovernor “Simply put, my behavior quest forcomment Sunday of New York in 2022. P2JW081000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** Monday, March 22, 2021 | A5 U.S. NEWS New Paper DHS SecretaryDefends Border Policy Estimates BY RACHAEL LEVY the largest number of migrants laws that offer children special to the government’snetwork ManyRepublicans have crit- crossing itssouthern border il- protections,including that the of child shelters, with about icized the Biden administra- Wide Tax WASHINGTON—Homeland legally in two decades,Mr. government can’t quickly de- 600waiting formorethan 10 tion’shandling of the surge. Security Secretary Alejandro Mayorkas said last week. port them. Instead, children are days,according to the internal “The border right nowis Mayorkas defended his depart- Already,the government is transferred to anetwork of CBP document. wide open because the Biden Avoidance ment’shandling of asurge of seeing morechildren arriving childsheltersrun by the De- On Saturday, HHS said it administration dismantled the migrantsatthe southern U.S. each daythan ever before, with partment of Health and Human would be opening afourth very effectivepolicies of the border,blaming the Trump ad- an averageof523 children Services.HHS officials then emergencyshelter forunac- Trump administration,” Sen. By Top 1% ministration for much of the takenintocustody by Border look foradult sponsorsinthe companied minorsinPecos, Tom Cotton (R., Ark.) said on current situation and saying Patrol agentseach dayoverthe U.S.,typically afamily member. Texas.The facility will initially “Fox News Sunday.” that thedepartment is build- last three weeks,according to Unaccompanied children have capacity for500,a President Biden told report- BY RICHARD RUBIN ing capacity to properly house according to an internal docu- started coming in increasing spokesman said, but will be ersSundaythat he would visit unaccompanied children as ment from U.S. Customs and numbers last fall, partly due to a scaled up to hold 2,000. the border “atsome point” WASHINGTON—Thetop quickly as possible. Border Protection seen by The court decision saying the previ- CBP said Sundayevening andthat the administration sliver of high-income Ameri- “The border is closed. We Wall Street Journal. ous administration couldn’t im- that, to expeditethe processof wasworking to addressthe cans dodgesignificantly more are expelling families, we are Unaccompanied children— mediately expel them. Last Oc- releasing families from govern- situation there. in income taxesthan the In- expelling single adultsand we migrantsunder age18traveling tober,4,630 unaccompanied ment custody,some families “We’reinthe processofdo- ternal Revenue Service’s have made a decision that we without parents—have posed children were takenintocustody arebeing released without an ing it now, including making methods had previouslyas- will not expel young,vulnera- thegreatestproblem forthe by border patrol agents, up from immigration court date. Typi- surethat we re-establish what sumed, according to forthcom- ble children,” Mr.Mayorkas government. TheBiden admin- 712 in April, CBP datashow. cally,when migrantsare re- existed before, which was[asy- ing estimates from IRS re- said on NBC’s“Meet the istration chose not to continue Thereare morethan 5,000 leased, they aregiven adate lum seekers] canstayinplace searchersand academic Press” on Sunday. expelling the children alone, children in Border Patrol sta- and time to report back to im- and maketheir case from their economists. TheU.S.isonpacetosee pointing to U.S. immigration tions waiting to be transferred migration authorities. home country,” Mr.Biden said. Overall, the paper estimates that the top1%ofhouseholds fail to report about 21% of their income,with 6percent- HighCourttoHearFarmworkersOrganizing Case agepointsofthat due to so- phisticated strategies that random auditsdon’t detect. BY JESS BRAVIN Forthe top0.1%, unreported income maybenearly twiceas WASHINGTON—One of la- large as conventional IRS bor leader César Chávez’s methodologies would suggest, proudest achievementsfaces the researcherswrote. scrutinyMondayatthe Su- These strategies include preme Court, wheregrowers offshoretax avoidance, which arechallenging the rightsthat mayhavewaned afterstricter union organizershold under reporting requirementstook California lawtomaketheir effect about adecade ago. But case to farmworkersinthe many high-income Americans fields. also use partnerships and sim- That access regulation has ilar entities to avoid taxes, been part of California law and such behavior maybein- since1975, when the stateLeg- creasing and becoming harder islature, declaring itsintention fortax authorities to find and “toensurepeaceinthe agri- untangle,said Daniel Reck of cultural fields by guaranteeing the London School of Econom- justicefor all agricultural

ics,the paper’s lead nongov- workersand stability in labor GES

ernmentauthor. relations,” granted collective- IMA Such pass-through busi- bargaining rightstofarmwork- nesses—whereincome passes ers. That wasachange Mr. GETTY directly ontotheir owners’ in- Chávez and his United Farm SE/ dividual taxreturns and isn’t Workersunion had sought. taxedatthe corporatelevel— TheCalifornia Supreme Court ANCE-PRES

upheld theaccessregulation FR over agrowerchallenge, and in 1976the U.S. Supreme Court ENCE IRS audit rates and AG declined to hear their appeal. ON/

enforcement California growers arenow LL FA staffing have arguing that the regulation, T. which allows organizerstoen- declined steadily. tertheir property to meet TRICK PA with workersduring lunch The Supreme Court will hear a challenge to unions’ access to farms in California, where greens were harvested last month. hour and for one hour before and aftertheir shifts,isarelic “The need foraunion? It’scer- cess is the only way many room forthese workers, buttypically only afew dozen arealarge and increasingly of the pre-digital era. Unions tainly unclear to me,” he said. farmworkerscan learn their there’snocentralized parking access notices arefiled with important part of the wealth nowadays canorganize Thelawsuit argues that the rights because they arefre- lot,” she said. thelabor boardeach year. of the top1%, particularly the through other means,they say, regulation seizes from growers quently poor,lack basic educa- Thestate disputes that its “It’sused very occasionally, top0.1%. Investment funds, such as social media, text mes- abasic element of private tion and have limited access to regulation is ataking at all, and it’sused wherethereis real-estatebusinesses and sages and off-siteencounters. property: the right to exclude the technologythat has eased because organizers’ access is definitely interest among the closely held family firms The case has been filed by others.That makes it a“tak- communication for others. limited and they facepenalties workers in receiving more in- acrossindustries areoften theconservativePacific Legal ing” of privateproperty for “It’sanincredibly challeng- if they disrupt the workplace. formation” about the union, structured as partnerships. Foundation on behalf of two public use,triggering the ing population to reach,” says Unions must servenoticeto said Mario Martinez, the “Thereismorerevenue growers that have fought UFW state’sconstitutional obliga- Victoria Hassid, chairwoman the growerofavisit and file a UFW’s general counsel. than youmight have thought organizers, Cedar Point Nurs- tion to paythe growers just of the California Agricultural copy with the labor board, be- According to the Bureau of at theverytop,” Mr.Reck ery, which raises strawberry compensation, an argument Labor Relations Board. Work- ginning a30-dayaccesspe- Labor Statistics, less than 2% said.“What’sneeded is a plants in Dorris,Calif., and that failed in the lowercourts. ersoften aretransported by riod. Up to four such periods of the nation’s1.3 million agri- broader strategythat involves Fresno-based Fowler Packing One thing that hasn’t labor contractors to different arepermittedayear,but ac- cultural workerswererepre- increased scrutinyofpass- Co., a major citrus and table- changed sincethe 1970s is the locations daily on expansive cess ends after an organizing sented by aunion in 2020, through businesses [and] in- grape producer. natureofagricultural labor.It farmlands, themselves in iso- election andcan’t be sought among the lowest of anyin- vestmentsinthe comprehen- “My family works in the remains grueling,low-paid lated rurallocations.Organiz- again for another year. dustrial sector.Ina2019 gov- sive auditsthat the IRS does business, we treat [workers] work and oftenrequires fre- erscan’t stand by asubway Theaccessright has been ernment filing, the UFW said in itsglobal high-wealth pro- like we treat our kids,” Cedar quent relocations to followthe stop or on the sidewalk near a used sparingly.Thereare some it had 7, 500 members—less gram.” Point owner MikeFahner said seasons of different crops.Cal- building entrancetodistribute 16,000 agricultural employers than one-tenth the number it IRS Commissioner Charles at aPacific Legalpress briefing. ifornia argues that union ac- leaflets. “There’snobreak- in California, the statesays, claimed in the early 1970s. Rettigbriefly referenced the research—slated forrelease Monday as aNational Bureau of Economic Research working Collins Criticizes Biden as Failing on Bipartisanship paper—in congressional testi- monylast week as he urged lawmakerstogivethe agency BY ELIZA COLLINS Ms.Collins is part of abi- moremoney forenforcement. AND TARINI PARTI partisan group of lawmakers “It is not just abody count looking foracompromise on of howmanypeople we have WASHINGTON—When a an infrastructureand jobs in enforcement,” Mr.Rettig Democratic administration pur- package, and she said she is said, contending that each ad- sued an economic stimulus hopeful foradeal on the mini- ditional dollar spent on tax packagein2009,Republican mum wage and drug pricing. enforcement could yield $5 to Sen. Susan Collins negotiated She is the only Republican to $7 in revenue.“We need to with theWhiteHouse officials have votedtoconfirm all of Mr. have specialized agents.” and Democratic leadersdraft- Biden’snominees to his cabi- Researchontax avoidance ing the legislation. net, and she provided acrucial canbedifficult and imprecise Morethan adecade later, vote Thursdayfor Xavier Bec- because it requires seeing she waspart of agroup of Re- erra, who wasapproved to lead what has been intentionally publicans invited to an early the Department of Health and hidden. Thepaper emphasizes meeting with President Biden Human Services.OnFriday, she

that morework is needed to in the Oval Officeovercorona- OL said she would oppose Mr.Bi-

measuretax complianceby virus aid. But their proposal PO den’spick to be undersecretary high-income Americans.The wasnever seriously considered S of defense forpolicy.

authorsinclude John Guyton by Democrats, who passed /PRES TheCovid-19 relief bill and Patrick Langetieg of the their own$1.9trillion bill with- started on abipartisan note,

IRS, Max Risch of Carnegie out asingle Republican vote. MAKER even as many lawmakerswere Mellon University and Gabriel Ms.Collins said she wasfrus- skeptical of adeal emerging. Zucman, aUniversity of Cali- trated by the brushoff and sub- MONEY Mr.Biden invited Ms.Collins fornia, Berkeley,economist sequent interactions. and nine other Republican sen- ANNA who has advocated an annual “Why they would want to Sen. Susan Collins has emerged as abarometer of Democrats’ uncertain stancetowardGOP senators. atorsfor his firstmeeting with wealth tax. alienatethe Republican most lawmakersafter becoming IRS audit ratesand enforce- likely to work with them to SenateMajority Leader Chuck AWhiteHouse official said need forthe WhiteHouse to president and they discussed ment staffing have declined find common ground is truly a Schumer(D.,N.Y.) areunder- aides have been in touch with negotiatewith Ms.Collins or Republicans’ offer. steadily foradecade amid mysterytome. And it’sobvi- cutting those effortsinorder Ms.Collins and her team multi- other centrist Republicans such Democratssaid they moved budget cuts. President Biden ously averypoor strategy,” she to satisfythe Democratic base. ple times everyweek.Conver- as Alaska Sen. Lisa Murkowski quickly to getthe legislation and other Democratshave said in an interview. She said Mr.Klain wasdis- sations have been on arangeof and Utah Sen. MittRomney if done because they learned proposed reversing that trend Theshakyrelationship be- missiveofwhat she termed a issues,including convening a it means watering down legis- their lesson in 2009 when they with asignificant expansion of tween the centrist Maine Re- good faith offer from agroup meeting with her and the lation. Some bills involving negotiated extensively with the U.S. taxagency. publican andthe WhiteHouse of 10 Republicans on a Maine delegation with the Na- spending canbepassed with a three centrist Republicans in- Themost ambitious pro- has emergedasabarometer of slimmed-down relief package, tional Oceanic and Atmo- simple majority using aprocess cluding Ms.Collins.Democrats posals include estimates that a Democrats’ uncertain stance lessthan one-thirdthe sizeof spheric Administration focused called reconciliation. Foroth- didn’t use reconciliation for beefed-up IRS,armed with toward GOP senatorsinanar- what Democratsultimately on fishing,the official said. The ers, some Democratssay the that bill, but they had alarger morepeople and tougher rules rowly divided Congress, as the passed. She also said Mr.Klain WhiteHouse declined to com- Senateshould end the 60-vote Senateadvantage than they do requiring morereporting of fi- party pursues newproposals has twiceretweeted recent ment on Ms.Collins’sremarks filibuster rule and allowbills to nowand cleared the needed nancial information by busi- from climatetotaxes to infra- commentsthat she perceived regarding Mr.Klain. advancewith asimple majority. 60-votethreshold with the help nesses,could collect an addi- structure. as negativeabout her.Mr. Klain Annie Clark,aspokeswoman Several Democratic senators of the three Republicans. tional $1 trillion over a Ms.Collins,who developed had previouslypraised her for forMs. Collins,said the sena- oppose getting rid of the fili- Mr.Biden said last month decadse without raising taxes. awarm relationship with Mr. her bipartisanship. torand Mr.Klain on Fridayhad buster outright, while Mr.Bi- that he had worked to bring Some Republicans have shown Biden in the Senate, said she “Iftherereally is afriend- “a constructiveconversation.” den has said he is open to Republicans on boardin2009, recent opennesstoexpanding believes the newpresident ship,and alevel of trust, that Aspokesman forMr. changing it.The Senateissplit but the resulting pack- the IRS budget, but Democrats when he says he wantsunity. should makeiteasy forusto Schumer didn’t respond to a 50-50,and Democratshave age“wasn’t quitebig enough.” have yettotry advancing the But she says that WhiteHouse work together,” she said of Mr. request forcomment. control as Vice President Ka- —Siobhan Hughes far-reaching proposals. chief of staff Ron Klain and Biden. Progressives saythereisno mala Harris canbreak ties. contributed to this article. P2JW081000-0-A00600-1------XE

A6 | Monday, March 22, 2021 THE WALL STREET JOURNAL. U.S. NEWS U.S. WATCH

Spring Has Sprung, but It Is Still Ice-Fishing Season in Maine LOUISIANA Clayford Cabilas, 30 years old, of Bangor, and a friend had just Widow of Victorious finished a hike on Mosquito Candidate Wins Seat Mountain Trail on Saturday af- ternoon, when they climbed up Republican Julia Letloweasily some large rocks to take a wonaSaturdayspecial election photo, the department said. Mr. forthe northeastLouisiana-based Cabilas lost his balance and fell U.S. House seatthather husband, between the rocks, which shifted Luke Letlow, had wonlastfall. He and pinned his arm and leg, offi- died from complications relatedto cials said. Covid-19 beforetaking office. His friend tried to free him Ms. Letlowbecomes the third and repeatedly called 911 but woman ever elected to the U.S. had a hard time getting through House from Louisiana, the first because of poor cell coverage. Republican woman elected to Con- She was able to connect gressfromthe stateand the only through 911 about an hour later, woman among its currentcon- the department said. gressional delegation. Crews used the Jaws of Life “Whatwas born out of the ter- and airbags to move and secure rible tragedy of losing my hus- the rock and to free Mr. Cabilas, band, Luke,has become my mis- who had a fractured arm and sion in his honor to carry the torch leg, a head injury and was be- and servethe good people of Lou- coming hypothermic. isiana’sFifth District,” she said. —Associated Press Ms. Letlowran in her deep-red

S district with the backing of former MICHIGAN

PRES PresidentDonald Trump, the en- dorsementofthe stateGOP and EightPeople Stabbed TED

CIA moremoneyraised than all her At Hookah Lounge SO competitors combined. AS Farther south, the race to fill a A man stabbed eight people second vacantcongressional seat during a fight at a Detroit hoo-

JOURNAL/ forLouisiana washeaded to an kah lounge early Sunday, leaving April 24 runoff,but the seatwas three people in critical condition, SUN

M/ certain to stay in Democratic authorities said. hands. Twostate senators from The fight started at around NewOrleans—Troy Carter and 4:40 a.m. inside the Tiaga Hoo- DILLINGHA KarenCarter Peterson—secured kah Lounge before spilling out SS

RU spots in the runoff. The NewOr- into the parking lot, police said. ON FROZEN POND: An ice fisherman soaked up the bright morning sun on Labrador Pond in Sumner, Maine, on Sunday morning. leans-based Second Congressional A preliminary investigation District seatisopen because showed that guns were fired, Democrat Cedric Richmond took a but that no one was struck, he job as aspecial adviser to Presi- said. dentBiden. A 34-year-old male suspect in Case Count, Deaths Show Decline —Associated Press the stabbing was taken into cus- tody, police said. The suspect, MAINE who hadn’t been charged as of early Sunday afternoon, was BY ADAM MARTIN cording to datacompiled by in the neighborhood of 50,000 Overall, therehavebeen Hiker Pinned Between also injured during the melee. Johns Hopkins University and to 60,000 in March, with alow morethan 29.78million cases Large Rocks Rescued The eight people who were Newly reported Covid-19 published early Sunday. Satur- of 38,222 on the 14th and a reported in the U.S. and nearly stabbed were taken to hospitals, cases in the U.S. were down day’sfigurewas down from high of 67,998 on the 4th. 542,000 deaths, according to An injured hiker had to be where three were in critical con- from aday earlier,aswere 61,413 aday earlier and 53,215 Therewere771 deaths re- Johns Hopkins data. World- rescued after falling and becom- dition and the other five were deaths. a week earlier. ported forSaturday,according wide,therehavebeen more ing pinned between some large treated for wounds that weren’t Thereweremorethan Thenumber of newly re- to Johns Hopkins data, down than 122.81 millioncases re- rocks in The Forks, the Maine considered life-threatening, po- 52,000 new cases reported in ported infections in the U.S. 1,535 aday earlier and 1,725a ported and over 2.7million Department of Inland Fisheries lice said. the nation forSaturday,ac- each dayhas mostly remained week earlier. people have died. & Wildlife said Sunday. —Associated Press

and all itsrestrictions. likely peak at producing 50 Thefiltersremovecertain Vaccine In December,Pfizer-BioN- million amonth by summer. componentsfromthe vaccine Tech and Moderna vaccines Moderna wasn’t able to during production. were cleared in the U.S. Yet produceatmaximum capacity The company began recy- Output Is initial supplies were limited, right out of the gate because cling the filterssothat it could and the rollout started halt- of the need to introducenew reuse each one two or three ingly.Statesrestricted doses equipment and processes in times,said Chaz Calitri, RampedUp to certain groups,such as the stages.Moderna wasstill Pfizer’s vicepresident of oper- elderly, healthcare workers training newly hired workers ationsfor sterile injectables

and people with high-risk CK andencountering issues like forthe U.S. and Europe.

ContinuedfromPageOne medical conditions. TO equipment malfunctions and “We’renot done by any “We really should expect Both the production and ad- holdups in getting replace- means,” he said. “There’sno over thecourse of the next ministration of shotshave ment partssuch as filters. doubt we’ll blowthrough 13 SHUTTERS

month or so averysubstantial picked up in recent weeks, A/ “Therehas not been asin- million aweek and go much increase in supply” in the U.S., however. Now, some 2.5mil- gle week sincewestarted that higher in the very near future.” said Eric Toner,senior scholar lion people in the U.S. arevac- we have not had issues,” Mr. Johnson &Johnson’sinitial LANE/EP with the Johns Hopkins Center cinated daily on average, up Andres said. “In making medi- supply, when the company’s TIN

forHealth Security.Early bot- from about 500,000 in early JUS cines,itisabsolutely impossi- vaccine was authorized late tlenecks sourcing materials January, though manywho Pharmacist Mia Yu filled syringes with a Moderna Covid-19 ble not to have issues in the last month, was lower than “havebeen fixed.” want avaccine still can’t getit. vaccine at a pop-up vaccination site in Elmhurst, N.Y., last week. beginning. It takestime.” what federal officials expected, Theglobal supply of Covid-19 Theincreased output should NewYork-based Pfizer has but analystsexpect asteadier vaccines also is increasing, be enough to fully vaccinate76 one younger than 16,but com- and has said the U.S. should morethan doubled itsweekly output to kick in within weeks though access to supplies and million people in the U.S. in panies might have resultsthis have enough supply forall U.S. output of Covid-19 vaccine that will add to the overall the paceofvaccinations vary March, another 75 million in spring forstudies of the shots adultsbythe end of May. doses to morethan 13 million, supply of doses. widely by country. Companies April and then 89 million more in adolescents 12 and older, Moderna, of Cambridge, from five million at the begin- J&Jisboosting in-house including AstraZenecaPLC and in May, according to estimates which, if positive,could lead Mass.,took about three ning of February, according to production and is working with the Serum InstituteofIndia ex- from Evercore ISI analysts. The to vaccinations forthat group. months to makethe first20 aPfizerspokeswoman. other companies including pect to have produced billions Pfizer-BioNTech and Moderna Thecompanies arealso start- million doses of its vaccine Pfizer increased output Merck to expand further.AJ&J of doses of Covid-19 vaccines by vaccines requiretwo doses. ing to test the vaccines in chil- last year,but nowitismaking partly by figuring out that it spokesman said the company the end of this year. By midsummer,75% of peo- dren younger than 12. about 40 million amonth for wasgoing through supplies of wasontrack to deliver atotal Vaccines arecrucial, health ple 12 and older should be vac- With production ramping the U.S., Juan Andres, chief certain circular filtersused in of 20 million doses foruse in expertssaid, in protecting cinated, according to Morgan up,President Biden said that technical operations and qual- the production processquickly the U.S. by the end of March. people against severe cases Stanley. The vaccines aren’t he wantsstates to widen eligi- ity officer,said in an interview. and couldn’t getmorefromits —Jared S. Hopkins and moving past the pandemic currently authorized forany- bility to all adults by May 1 He said the companywould supplier as fast as it needed. contributed to this article

would “throw afew 100 k’s” at in GameStop shares, accusing Corp., Fidelity Investments Influencers whatever they persuaded him him of being involved with the and of course,Robinhood Mar- to buy.The rapper Snoop Dogg curbs in an effort to “save kets Inc., have soared during wascredited with sending the hedge funds at the cost of or- the past year. Jolt Stock priceofcryptocurrencydoge- dinarypeople.” Mr.Cohen de- In many cases,ithas paid coin soaring after he tweeted nied the allegations. offtobeinstocks this year. an altered version of one of In one sense,itisn’t sur- TheS&P 500 has risen 4.2%, Market hisalbum covers,showing prising that such figureshave while the DowJones Industrial himself with a “doge” head. become heroes to many indi- Averagehas advanced 6.6%. “It doesn’t matterwhat vidual investors, said PeterAt- Both indexesare lessthan 2 ContinuedfromPageOne your investment skills are,” water, an adjunctprofessor of percentage points away from mendations,eager to glean said Ben Carlson,director of economics at TheCollegeof records. insightsintohow to routinely institutionalasset manage- William & Mary. But the market’swild ride beat the markets. And they ment at Ritholtz Wealth Man- “There’sanenormous popu- has also shown that bets—es- sought to replicatethe invest- agement. “Because of social lation that feels that they do pecially in individual stocks— ment strategies of star inves- media, it’s never been easier not have anystanding,and the canbackfirequickly.Thereisa tors in their ownportfolios, to become a promoter.” pandemic only reinforced danger in big personalities on- poring over companyearnings It is no accident that many those perceptions,” he said. line wielding the influence reportsand debt-to-equity ra- of themost prominent stock Manyoftoday’sstock influenc- they do over individual inves- tios.The growth in popularity influencershaveembraced an- ershavesucceeded in growing tors,said NancyTengler, chief of businessnewsoncable tele- tiestablishment views.They investment officer of Laffer vision and the internet in re- have directed their anger at Tengler Investments. cent decades gave rise to an- parties ranging from the Secu- If their icon is GameStop, forinstance, other wave of influential rities and Exchange Commis- soared to aclosing priceofas figures. sion to CNBC to hedgefunds buying something, high as $347. 51 on Jan. 27 be- Today’sgurus aren’t defined and billionaires,often to the they will throw fore skidding into the $40s a by Wall Street bona fides.(Ms. delight of their followers. few weeks after. (It has since Wood, who cut her teeth at Mr.Palihapitiya, forin- money at it, too. recouped some of itslosses, firms likethe Capital Group stance,said Reddit traders closing Friday at $200.27.) and Jennison Associates,isan pulled offan“insane,crazy, “In between all of that, peo- exception.) Manyoftoday’sin- baller” feat aftertheir betson ple gethurt,” Ms.Tengler said. fluencershaveappealed to GameStoppummeled hedge their followingsprecisely be- And while a billionaire might their followers precisely be- fund MelvinCapital Manage- cause they have conveyed the be able to laugh off the losses, cause of their irreverenceand ment.Inresponse, praise for imagethat they,too,are out- forthe averageindividual, one disdainfor financial-industry Mr.Palihapitiya exploded on siders, Mr.Atwateradded. wrong bet could have far more norms. Their followers often Reddit’sWallStreetBetsforum. Thereality oftenfalls short, punishing consequences. professthey couldn’t care less “Weshould support his spac’s though. TheSEC has said as much about the depth of analysis be- next lol,” one WallStreetBets InfluencerslikeMr. Pali- about the boom in interest in hind atrade.Iftheir icon is user wrote, making areference hapitiyaand Mr.Musk arebil- SPACs.They have been backed buying something,they will to Mr.Palihapitiya’sspecial- lionaires,Mr. Carlson said. by agrowing crowd of celebri- throw money at it, too. purpose acquisition companies. “They are ‘the man.’ ” ties,including Shaquille O’Neal, Mr.Portnoy live-streamed Mr.Musk has joked that “it If thereisone obvious ben- Colin Kaepernick,AlexRodri- himself buying stocks based would be awesome” if the SEC efit to the rise of social-media guez and Serena Williams. off the lettertiles he blindly investigated his tweetson influencers, it is that they “It is never agood idea to pulled out of aScrabble bag. dogecoin. And Mr.Portnoy have helped stir up interest in invest in a SPAC just because Mr.Palihapitiya bought publicly feuded with billion- investing,especially among someone famous sponsors or $125,000 worth of call options airehedgefund owner Steven younger individuals. Sign-ups investsinitorsays it is a on GameStop in Januaryafter A. Cohen in lateJanuarywhen fornew accountsatbroker- good investment,” the SEC telling his Twitterfollowers he brokerages restricted trading ages likeE*Trade Financial said in an investor alert. P2JW081000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, March 22, 2021 | A7 P2JW081000-4-A00800-1------NS

A8 | Monday, March 22, 2021 NY **** THE WALL STREET JOURNAL. WORLD NEWS U.S., NATO to Meet on Afghanistan War

Brussels talks this solvewith respect to the Chi- nese Communist Party the way week will also touch President Trump and our team on bubbling tensions did,” former SecretaryofState MikePompeo said on Fox with Russia and China News over the weekend. Mr.Austin on Sundaymet BY NANCY A. YOUSSEF with Afghan President Ashraf Ghani and U.S. militaryand WASHINGTON—Biden ad- diplomatic leadersinthe coun- ministration officials will meet try, in the firstvisit by atop with allies this week on teeter- Biden administration official ing plans to end the warinAf- andamid the latest effortsby ghanistan, turning to another the U.S. and international pow- topforeign-policychallenge erstoend the two-decade war. afteraweek that sawconfron- TheU.S.ispart of an inter- tations with Washington’s national effort seeking to pre- chief geopolitical rivals. vent Afghanistan from becom- SecretaryofState Antony ing ahaven forextremist Blinken will travel this week to groups, drug smuggling or Brussels formeetingswith al- other forms of instability to lies from North Atlantic Treaty the region. Organization countries who During a previouslysched- have backed the U.S. in the 20- uled Afghan peaceconference year war.The trip follows an hosted by Moscow last week, unannounced visit to Afghani- four nations—including the

stan on Sunday by Defense CE/REUTERS U.S.,China, Russia and Paki-

SecretaryLloyd Austin. LA stan—called on the Taliban to U.S. officials haven’t said PA reduceviolenceand begin whether they would meet a talks forapower-sharing deal May1deadline forU.S.troops with the U.S.-backed Afghan

to depart Afghanistan, set un- PRESIDENTIAL government, led by Mr.Ghani. der the Trump administration Defense Secretary Lloyd Austin arrived at the Afghan presidential palace in Kabul on Sunday for talks with President Ashraf Ghani. In addition, the Ghani gov- as part of talks with leadersof ernment has agreed to attend the insurgent Taliban move- will adjust together as we have Sullivan clashed with Chinese week said it wasn’t interested Tuesday. aU.S.-proposed international ment.Biden administration of- over the years. And when the counterpartsoverarangeof in returning to nuclear talks Afteraseries of harsh ex- peaceconferenceinIstanbul ficials have indicated repeat- time is right, we will leave to- issues during meetingslast with the U.S., and Iran last changes with Chinese officials next month that will include edly that removing troops by gether,” Philip Reeker,acting week in Alaska. month rebuffed U.S. overtures in Alaska on Fridayand Satur- Taliban representatives. then will be difficult,given assistant secretaryofstate for Earlier last week,Russia re- fornegotiations aimed at rein- day, Mr.Blinken said the U.S. “There’salways going to be continued high levels of vio- European and Eurasian affairs, called itsU.S.ambassador in a stating adherencetoa2015 in- wasn’t surprised by China’sre- concerns about thingsone way lence. said last week in apreviewof signal of unhappiness over ternational nuclear agreement sponse. or the other,but Ithink there Thereare at least2,500 U.S. Mr.Blinken’strip to Brussels. critical remarks by Mr.Biden that had been shelved by for- Some Republicans said the is alot of energy focused on troops in Afghanistan and Thetalks about the long- and the release of aU.S.intel- mer President Donald Trump. Chinesecriticism reflected a doing what is necessary to 6,500 NATO troops,and allies running Afghanistan warwill ligenceassessment blaming TheState Department said lack of respect for the U.S. bring about aresponsible end have said they would depend mark the Biden administra- Russian PresidentVladimir Pu- Russia and China would be brought about by Biden poli- and anegotiated settlement to on U.S. logistical support to tion’slatestforeign policytest. tin forseeking to interfere in among issues to be discussed cies. the war,” Mr.Austin told re- withdraw troops. Mr.Blinken and WhiteHouse the 2020 U.S. election. when Mr.Blinken meetsEuro- “Weneed leadership from porterstraveling with him be- “Wewent in together.We national security adviser Jake Separately,North Korealast pean counterparts starting the U.S. that demonstrates re- fore arriving SundayinKabul. Erdogan’s Central Bank Shuffle Unsettles Investors

Turkey’s newly appointed economyinTurkey,anaspir- nor of the Turkish central HowmanyTurkish lira$1buys Party,which the government the value of the lira. central bank governor sought ingglobal powerwhose influ- bank and currently a member accuses of having ties to a The rate increases put Mr. to reassuremarketsonSunday enceextends through the Mid- of parliament with the centrist Naci Agbal picked to Kurdish militant group that is Agbal at odds with Mr. Erdo- 6.0 lira head central bank as investorsbracedfor turmoil dle East, Europe and beyond. opposition Iyi Party. in November 2020 banned as aterrorist organi- gan, who has repeatedly ex- following the abrupt firing of Theprevious governor,Naci Asharp decline in the value zation. pressed apreferencefor low hispredecessor by President Agbal, who wasappointed in of Turkey’s currency would 6.5 In thesame set of decrees interest rates, espousing the Recep Tayyip Erdogan. November of last year,had re- ratchet up inflation, raise the in whichhefired Mr.Agbal, unorthodoxviewthat high in- peatedly raised interest rates cost of imported goods includ- 7.0 Mr.Erdogan withdrew Turkey terest rateslead to inflation. By Jared Malsin in in an effort to tame inflation. ing oil, and hurt living stan- from an international treaty Thenew central bank chief, Cairo and Caitlin His dismissal has prompted dards forordinaryTurks, 7.5 known as the Istanbul Conven- Mr. Kavcioglu, also criticized Ostroff in London concerns that his successor economists warned. tion designed to combat vio- therateincreases in his col- could movelessaggressively “It really is puzzling.It 8.0 lenceagainst women, sparking umns,fueling concerns among Sahap Kavcioglu,aformer to tighten monetary policy. makes no economic sense criticism from women’sgroups investors that he will reverse legislator from Mr. Erdogan’s Mr.Kavcioglu, who had been whatsoever,” said Refet Gur- 8.5 and arebukefromPresident Mr. Agbal’s policies. Justiceand Development Party acolumnist at apro-govern- kaynak,aleading Turkish Biden. The surprise change at the who wasnamed to the post ment newspaper, has publicly economist at Bilkent Univer- 9.0 Afteryearsofunpredictable central bank is also fueling lateFriday, said the bank’s sided with Mr.Erdogan’spref- sity in Ankara, referring to Mr. April 2020 2021 policy-making,Mr. Agbal’sten- anxieties among some regular main objectiveistoachieve“a erencefor lowerinterest rates. Agbal’s removal. ure inspired confidence from Turkish people who arewor- Note:Scale inverted to showchanges in the permanent fall in inflation.” Economistswerepredicting Thefiring of Mr.Agbal was strength of the lira foreign investors. When Mr. ried about the country’s eco- In astatement, Mr.Kavcio- asteep drop in the value of the thirdtime Mr.Erdogan has Source:TullettPrebon Agbal began raising interest nomic and political trajectory. gluoutlined the importanceof the Turkish lirawhen markets replaced acentral bank chief rateslast year,investors “In general, thereisaprob- tackling inflation, saying it opened, as investors move to in less than two years. Before asserted Turkey’s influence poured anet $4.6billion back lem with stability in the coun- “will foster macroeconomic scale back their exposureto the bank chief’s ouster,the abroad, intervening in wars in intoTurkish liraassets. Tur- try,” said Cihan Ilter,the 35- stability” by lowering borrow- Turkey until the likely course economywas already strug- Syria, Libya, and the Caucasus key remains dependent on for- year-old manager of two ing costsand reducing “country of policy becomes clearer.In gling due to the pandemic, region in recent years. eign funds to finance its cur- restaurants in Istanbul. risk premiums,” helping set the early trading Monday, the lira which wiped out tourism and Within Turkey, the govern- rent-account deficit. “In the past, this wasn’t so. stagefor sustainable growth. fell morethan 12% against the slowedinternational trade,as ment is also intensifying a As a result, Mr. Agbal’s re- We felt the effectsofsuch Thechangeincommand dollar, according to FactSet. well as a currency crisis that clampdown on some of Mr.Er- moval surprised investorsand higher leveleconomic deci- atop thecentral bank—a day “It will cause chaos for the began in 2018. dogan’sopponents. Last week, economists. Themost recent sions, perhaps in ayear or afteritagain raised interest Turkish economy. Youwill see Thechangealso comes as atop Ankaraprosecutor called interest-rateincrease came on more.But now, because the rates—prompted concern tomorrow morning when the Mr.Erdogan has expanded his forthe banning of one of Tur- March 18,when the bank lifted Turkish economyisveryfrag- among economistsand inves- marketsare open,” said Dur- power within Turkey’s politi- key’s largest political parties, itsbenchmark rate to 19% ile,wefeel the effectsimmedi- tors about the trajectoryofthe mus Yilmaz,aformer gover- cal and economic system and the leftist People’sDemocratic from 17%, triggering asurge in ately,” he said. TokyoGamestoBar Overseas Spectators

BY ALASTAIR GALE

TOKYO—Spectatorsfrom overseas will be barred from attending the Summer Olym- pics in Tokyo, organizersof the event said, amovetore- ducethe possibility of spread- ing of the coronavirus at the Games and boost tepid support forthe event among Japanese. TheTokyo Games areset to We arepleased to announce open on July 23, ayear later than planned afterthe pan-

demicforcedadelay. Adeci- S sion on spectatorlevelsfor PRES Neil R.Desai those in Japan will be made in April, the local organizers TED CIA

said. SO has been promoted to Ticketssold to overseas AS S/ spectatorswill be refunded, theorganizerssaid. Around NEW Partner & 600,000 ticketshavebeen sold ODO KY to people based outside Japan The National Stadium will host the opening and closing ceremonies at the Tokyo Olympic Games. and about 4 million to people SeniorVice President in Japan. of Japanese would prefer the to reducethe risk of virus spectators. “Our firstpriority was, is Games to be postponed again transmission. Anyreduction in Eventsleading up to the and remains the safety of all or canceled rather than held ticket revenue would be a Games arescheduled to begin participants of the Olympic this year.Worries about the blowtothe Japanese organiz- March 25 with the start of the Games,and of course the Jap- spread of the virus arethe top ers, who have budgeted on re- Olympic torchrelayaround anese people to whom we owe concern. ceiving over $800 million from Japan that will end with the so much respect,” Interna- Japan has only just begun ticket sales. opening ceremony. tional Olympic Committee itsvaccine rollout,but orga- Businesses that already Tokyo2020 President Seiko (212) 697-4200 President Thomas Bach said. nizersofthe Games have said have been hit hardbythe cor- Hashimotosaid arecent mod- Japan has been far lessaf- they would have sufficient so- onavirus,such as hotels and est uptick in newvirus cases [email protected] fected than the U.S. and many cial distancing and hygiene restaurants, will lose out on in Japan contributed to the western countries by the coro- measures to control the revenue from foreign tourists movetobar spectatorscoming navirus,with fewerthan 9,000 spread of the virus.The IOC coming to Japan forthe from abroad forthe Games. CALIFORNIA |NEW YORK |NORTH CAROLINA deaths. Thespread of newvari- has said it would likeathletes Games. “In order to makesurethat we ants of the virus has deepened to be vaccinated. Tokyo2020 Chief Executive do not createaburden on the www.milbergfactors.com concern in Japan that an influx Theorganizersdidn’t say Officer Toshiro Muto said the medical system we had to of visitorsfor the Olympics what would happen to the re- local organizersaren’t intend- makethis decision,” Ms. could accelerateCovid-19 cases. funded tickets, but they could ing to cover cancellation fees Hashimoto said. Public opinion polls have allowfor overall spectator lev- for any flights and accommo- —Miho Inada consistently shown amajority els at the event to be lowered dation booked by overseas contributed to this article. P2JW081000-2-A00900-1------NS

THE WALL STREET JOURNAL. ** NY Monday, March 22, 2021 | A9 WORLD WORLD NEWS WATCH

MALAYSIA North Korean Man Myanmar Coup HitsForeign Businesses Extradited to U.S. BY JON EMONT A North Korean citizen was flown to Washington from Ma- Foreign businesses in Myan- laysia to face money laundering mar arestruggling to operate charges, making him the first in an increasingly volatile envi- North Korean to be extradited to ronment, as the militaryuses the U.S. to face trial. lethal violenceagainst aswell- Mun Chol Myong was in FBI ing protest movement opposing custody Saturday, according to last month’scoup and swaths documents obtained by the As- of theworkforce go on strike. sociated Press. Mr. Mun has de- Bankemployees and port nied he was involved in supply- workersaren’t punching in, ing prohibited luxury goods from part of a massivecivil-disobedi- Singapore to North Korea in vio- encecampaign meant to pres- lation of U.N. sanctions surethe militaryregime to re- North Korean diplomats va- storeelected government. That cated their embassy in Malaysia has paralyzedMyanmar’s finan- and were expelled Sunday, after cial system and logistics arter- S

the two nations cut diplomatic ies,with executives scrambling PRES relations over the extradition. to work out howtopay salaries UMA

—Associated Press and import rawmaterials. /Z

Migrantworkershavebeen GES

AUSTRALIA fleeing industrial areas near IMA A

Yangon, the country’slargest OP Rain Swamps State city,sincesecurity forces /S

With Record Floods gunned down at least 37 dem- HTET

onstrators thereonMarch 14 AW Australia’s most populous and flames tore through Chi- KY NG

state on Sunday issued evacua- nese-owned garment factories AU tion orders following the worst amid the chaos. flooding in decades. Energy giantsTotal SE and Protesters fled as security becoming harder to staff facto- Evacuation orders were is- Chevron Corp., which have forces opened fire in Yangon, ries.Thousands of workers sued at multiple locations in the businessties with astate- Myanmar’s largest city, last have fled two of Yangon’sin- northeast of New South Wales owned company, areunder week. At right, a worker sewed dustrial suburbs sincethe after the flooding. The state’s pressuretoprevent revenue surgical gowns last May. The March 14 proteststhat leftdoz- premier, Gladys Berejiklian, said from flowing to the armythat garment industry has been hit ens dead. hundreds of people have been controls the government. hard by the violence. Activists and agroup repre- rescued from the waters. She “For businesses in general senting ousted Myanmar legis- said the state was experiencing the conditions areprettyun- underinternational isolation. latorshavecalled on French en- a one-in-100-year event. Parts of workable,” said asenior U.N. Still, an economic collapse ergy companyTotal—whose Western Sydney have recorded official in Myanmar.“There’sa caused by strikes,potentially operations in Myanmar waters more than 11 inches of rain since sense of impending doom.” amplified by athreat of foreign S supply gasfor the domestic

Friday morning, breaking records. The Feb. 1coup ended Myan- investorsexiting,would create PRES market and forexport to neigh-

—Associated Press mar’s decadelong transition to- challenges forthem. Sectors TED boring Thailand—to

ward democracy. Policeand likeapparel and infrastructure CIA stop transferring revenue to its SO

CONGO soldiershaveresponded with have attractedsubstantial in- AS state-owned partner Myan- horrific violencetothe protests vestment over the past decade, mar Oil and Gas Enterprise.The Opposition Head Has that followed, killing at least especially from Asian countries, arefinding that, with many cash in Myanmar,and the cash legislators’ group said in alet- Covid as Vote Begins 247people,according to the and employhundreds of thou- banks in Myanmar closed, is then delivered in bundles to tertoTotal that continuing the AssistanceAssociation forPo- sands of workers. transfersaren’t going through. the offices of the Myanmar cli- paymentswould fund the junta. Republic of Congo pressed litical Prisoners, anonprofit Some foreign companies are Mr.Mullan said atransfer he ents. Thetotal delivered has Western oil-and-gas compa- ahead Sunday with elections that monitorsarrestsand fatal- relocating staff who livenear made to aprivateMyanmar reached around $2.5million, nies worrythat could be a widely expected to extend Presi- ities. protest hot spotstosecureho- bank on March 2has yetto andthe broker’s feehas risen breach of contract and invite dent Denis Sassou N’Guesso‘s Reduced investment by for- tels and areencouraging non- clear.“It’sabig stressfor many to 25%, Mr.Buckner said, from legal reprisals against local em- 36 years in power, while the eign companies maynot shift essential expatriate employees companies—howwill they get 12% six weeks ago. ployees,according to aperson leading opposition candidate was the military’scalculus,analysts to leave the country, according cash at the end of the month?” Sinceearly March, clothing familiar with their thinking. flown to France for treatment of focused on Myanmar say, be- to Jack Mullan, chief executive he said. brands that source garments Thereare no easy options for Covid-19 complications. Mr. Sas- cause the armyappearsmore of Singapore-based risk-man- Dale Buckner,chief executive from Myanmar,such as Swe- exiting the country, the person sou N’Guesso said the govern- motivated by political primacy agementfirm Barber Mullan of McLean, Va.-based security- den’sHennes &Mauritz AB said. Negotiating asale to exit ment was aware of opposition than economic development. and Associates,which advises services companyGlobal andItaly’s BenettonGroup from the countrycould take candidate Guy Brice Parfait Kole- Thegenerals withstood decades foreign businesses there. Guardian, said his firm has a SRL,havepaused orders, citing months or years, and quickly las’s illness and had taken steps of economic sanctions—lifted Even basic tasks have be- workaround to help itsseven instability.Garment manufac- handing over fields to an un- for him to be transferred to gradually over the past 10 years come complicated. Companies large corporateclientsinturers, whose production ac- prepared newoperator could France for treatment. during the democratic shift— that typically wiremoney from Myanmar: It wires funds to a countsfor around aquarter of lead to poweroutages,the per- —Associated Press and areaccustomed to ruling elsewhereinAsia to paywages broker in Singaporewho has the country’sexports, sayitis son said. Railroads Agree to Combine S

ContinuedfromPageOne PRES minimizepotential regulatory TED CIA

concerns. “You have two like- SO

minded companies that are AS S/ committedtothis and see the value,” he said. PRES Patrick Ottensmeyer,CEO of Kansas City,said the new U.S.-Mexico-Canada trade CANADIAN agreement,which replaced NaftainJuly 2020,creates a GUNN/THE unique opportunity to ship ANK

freight through the three FR countries as their economies Canadian Pacific has long sought a union with Kansas City recover from the pandemic. Southern to extend its reach into its busy freight routes. “This companyisgoing to have aNorth Americarail foot- Kansas City in September re- taking over and revamping an- print that is truly unmatched,” jected atakeover bid valued at other U.S. operator, CSX Corp. Mr.Ottensmeyer said in an in- about $20 billion from Black- Railway mergers facesignifi- terview. Thecombined railway stone Group Inc.and Global In- cant regulatoryhurdles in the could reduce the need for frastructure Partners, TheWall U.S. Under Mr.Harrison, Cana- trucks to link production sites Street Journal reported. dian Pacific abandoned a$30 and allowcargo to avoid con- TheKansas City directors billion pursuit of Norfolk gested California ports. ultimately approved Canadian Southern Corp.in2016 after If approved by regulators, the Pacific’s offer because share- the STBexpressed concern deal would unitethe two small- holderswould retain aminor- about reduced competition and est of the seven major North ity stakeinthe mergedcom- potential safety issues.Canadian American freight carriers, link- pany, people familiar with the Pacific also made two unsuc- ing factories and portsinMex- matter said. cessfulovertures to combine ico, farms and plantsinthe Mid- Thecompanies said Sunday with CSX,which likeNorfolk op- western U.S. and Canada’socean their boards agreed to a deal erates mostly in the eastern U.S. portsand energy resources. that values Kansas City at Kansas City and Canadian Thetransaction will need $275ashareinacombination Pacific currently have asingle WE SEE MORE THAN approval from the U.S. Surface of cash and stock.Kansas City point wheretheir two net- Transportation Board, which investorswill receive0.489 of works connect, in aKansas BUSINESS STUDENTS requires major railroad combi- aCanadian Pacific shareand City, Mo., facility they jointly nations to demonstratethey are $90incash foreach Kansas operate. WE SEE THE FUTURE OF operating in the public interest City common share held. Themergercould allow by enhancing competition. The Kansas City is the smallest trains traveling north and THE FINANCIAL INDUSTRY mergerpartnerssaid they ex- majorfreight railroad in the south to avoid having to inter- pect the STBreview to be com- U.S. but plays akey role in changecarsand potentially pleted by the middle of 2022. U.S.-Mexicotrade.Its network bypassChicago, abusy and of- Quinnipiac University School of Business offers college students from Thecombined company, to mainly runs up the length of ten congested hub in the U.S. around the globe the rarest of opportunities: the chance to discuss and be renamed Canadian Pacific Mexico through Texas to its freight system. debate financial best practices with world-renowned industry leaders. Kansas City,would have about namesake city. Themergerpartnerssaid $8.7 billion in annual revenue Canadian Pacific has long the proposed combination and employnearly 20,000 peo- sought aunion with Kansas wouldn’t reducechoicefor cus- Learn more at game.qu.edu ple.Itwould be runbyCana- City to extend itsreach into tomerssincethereisnoover- dian Pacific’sMr. Creel. Kansas itsbusy freight routes that lap between their systems. City investorswould ownabout stretchfromMexicothrough They said thepossibility for 25% of the combined entity’s southern and Midwestern U.S. single-line routes would shift shares.Mr. Creel said thereare states. trucks off U.S. highways, reduc- no plans to reducestaff if the Canadian Pacific’smajor ing congestion and emissions in merger is approved. rail lines runacrossCanada, the Dallas-to-Chicagocorridor. Mr.Creel said talks were some northern U.S. states and Thecombined company’s initiated latelast year afterhe south to Chicago. global headquarterswould be called Mr.Ottensmeyer to pro- TheCanadian railway’s in Calgary. TheU.S.headquar- pose amergerthat Kansas City leader,Mr. Creel, worked ters would be in Kansas City, had rebuffed in previous years. closely with former chief Mo., whilethe Mexicohead- At the time Kansas City’s Hunter Harrison, who made a quarterswould remain in Mex- boardwas reviewing overtures number of unsuccessful over- icoCity and Monterrey.The from private-equity firms turestobuy Kansas City. Mr. proposed deal must also be ap- seeking to take it private. Harrison died in 2017 after proved by officials in Mexico. P2JW081000-0-A01000-1------XA

A10 | Monday, March 22, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

vaccine,itwould help revive With restricted audience April2020.Though theaters inch TV,” she said. Some moviegoersonFriday Die-Hards the theater business. size, El Capitan felt more like around the U.S. have been During the pandemic,Holly- headed to the theater to see it Now, after theaters in New an 11 a.m. Tuesdaymatinee. slowly reopening in recent wood studios released more on the big screen. York opened two weeks ago Still, General Manager James months, attendance has been newmovies online,amove “Mank,” which nabbed Still Love and those in Los Angeles this Wood posed for photographs sluggish as Hollywood studios that put manytheater owners moreAcademyAward nomina- weekend, the industrywill get with local news crews, ecstatic shelved would-be big-screen on their heels. Before, movie tions than any other movie in a look at how desperate mov- to see movie fans again in the spectacles. theaters’ coveted exclusivity this year’s Oscar field, goes Big Screen iegoersmight be to return. halls wherehe’sworked for “Seeing all the movies keep window—when movies are behind thescenes intothe Pre-pandemic,Los Angeles ac- two decades.“My whole focus getting pushed back and back available only in theaters—was making of what manycritics counted forabout 8% of do- wasonthis moment,” Mr. and back kept breaking my the bedrock of their business. call the greatest film of all ContinuedfromPageOne mestic moviegoing—America’s Wood said, pleased that two of heart,” said Allison Sharpley, With LosAngeles open time, director Orson Welles’s one of LosAngeles’ busiest largest metropolitan theatrical the day’s four screenings had who on Fridayventured out on again, the country’slargest “Citizen Kane.” Nearly 80 thoroughfares,Hollywood market—according to media sold out at limited capacity. her lonesome to her favoritelo- theater chain, AMC Entertain- yearsago, Mr.Welles held the Boulevard. At it, and other measurement company Com- With no morethan ahun- caltheater,AMC’sCenturyCity ment HoldingsInc., says 98% movie’sHollywood premiereat theatersinthe city,masks are score. dred people in theapproxi- 15,soshe could see Universal of itstheatersare nowopera- El Capitan in May 1941. required, spaces have been “It’skind of an emotional mately 1,000-seat El Capitan, Pictures’Oscar-nominated tional. But the nation’ssec- “This is my favoritethe- sanitized, concession vendors day,” Mr.Ruiz said, eyes wa- people weren’t shyabout put- “Promising Young Woman.” ond-largest chain, Cineworld ater,” said Shahbaaz Shah,a sell everything prepackaged tering afterhis firstmovie- ting feet up on chairs in front Like“Raya and the Last GroupPLC’s Regal Entertain- 38-year-old animation director from behind plexiglassand ca- theater visit sinceMarch of them or pullingdowntheir Dragon,” “Promising Young ment Group,has yettoreopen at Disney who hauled his two pacity is limited to 25% or 100 2020. masks to munch on snacks. Woman” can be streamed. in America. Third-largest teenagesons—one of whom people, whichever is less. Movie theaters hold a spe- Datacollected by National The45-year-old healthcare chain Cinemark HoldingsInc. wantstoget intofilmmaking— Formonths,executives at cial placeinL.A.’s historyand ResearchGroup,which has professional said she tried nowhas about 90% of itsthe- from the LosAngeles suburb Hollywood’sbiggest studios economy. So when many the- tracked moviegoer sentiment drive-ins during the pandemic. aters open. of Glendale to the El Capitan andtheater chains said that aterstherethrew open their for40years, says 57% of those But sitting in acar or watch- Netflix Inc.chose to project to see “Rayaand the Last when big-city marketslikeLos doorsFridayfor the firsttime polled beforethe weekend ex- ing from home doesn’t com- itsblack-and-whitefilm Dragon.” Angeles and NewYork re- in ayear,people showedup, in pressed comfort with the pare,she said. “I didn’t want “Mank” in some Los Angeles- When the lightscame up, opened,combined with asuc- some cases filling everyseat prospect of returning to the- to see ‘Wonder Woman’ for area theatersahead of this thescattered audiencefilled cessfulrollout of aCovid-19 available. aters, up from a low of 19% in the firsttime on my dinky32- year’s OscarsonApril 25. the auditorium with applause.

Yetthat maybemorerisky Lessons than full in-person learning because it increases the total number of interactions chil- From Open dren arelikely to have with people outside their house- hold, said Ashish Jha, dean of Schools BrownUniversity’s School of Public Health. Being leftinthe care of outside caretakers such ContinuedfromPageOne as babysitters or grandparents monitors can help. canput them at higher risk of Some findingsrun counter contracting the virus. to conventional wisdom. Hy- At La Jolla CountryDay brid learning,for example, School, high-school students wherestudentssplit time be- returned to the classroom full- tween the classroom and home, time forin-person learning in mayactually be riskier in some October,said Dr.Krahn, the cases than full-time in-person principal. He said it became classes because children are clear over the summer that for HOOLS

potentially exposed to more SC in-classroom students, the people.And it is likely fine for main danger wasaerosols.So CITY

studentstobe3feet apart A the school upgraded itsHVAC from each other instead of 6 systems,installed air purifiers feet, something the Centersfor and set up tentstoaccommo- MARIETT Disease Control and Prevention dateoutdoor learning forcer- noted when it changed its tain classes.Evenso, there

guidelines on Friday. JOURNAL; have been some bumps.InDe- “Wewerewatchinghow cember,aninth-grader tested REET

outbreaks were happening ST positive.The student’sclose

around the countryand world,” LL contactsweren’t clear,prompt- said GaryKrahn, the principal WA ingthe school to quarantine its

at La Jolla CountryDay School THE entireninth and 10th grades— R

in La Jolla, Calif., which has FO morethan 200 students. been open sinceearly fall. Over Afterthat quarantine,the

time,“we were able to gain SPEAR school began enforcing the use enough information to make of acontact tracing app called informed decisions.” Trace. Theapp,which stu- ANDREW

That knowledge, along with P: dentsmust switch on before aspeedy vaccine rollout, could TO entering school each morning, OM

mean most places will be back FR uses Bluetooth technology to to full-time in-person classes Students followsafetyprotocols forlunch at Mason High School in Mason, Ohio,above.Below, aclassatMarietta High School in Georgia. track who they have been in by thefall, as long as commu- close contact with throughout nity transmission is in check mandates,physical distancing the day. Everymorning,two andschools adheretoproper and increased ventilation—have or three studentsfromeach safety protocols.Studentsage lowerCovid-19 transmission classget tested forthe coro- 12 and over could be eligible than in the wider community. navirus. If someone testsposi- forthe vaccine by the fall, pub- The CDC and some public- tive, the school cansee who lic-health officials say, and may health expertshaverecom- their close contactsare based even be able to start the school mended schools put children— on the app and seating charts, year vaccinated.The Pfizer and sometimes teachersor avoiding a mass quarantine. Inc.-BioNTech SE vaccine cur- other staff—intosocial pods To keep track of whether rently is authorized forages16 that stay together throughout teachersorstudentsare poten- and up,while the Moderna Inc. the school daytodecrease ex- tially infectious,some public- and Johnson &Johnson vac- posure to others. health officials have been push- cines areauthorized forages At the OrchardSchool in ing schools to regularly test 18 and older.The companies South Burlington, Vt., after studentsand staff regardlessof have begun testing their vac- pressuremounted from par- whether they aresymptomatic. cines in younger agegroups. ents last fall to get kids back Results from lab-based in school, the district opened testscan take days.During theelementaryschool forall that waiting time,astudent Small changes students four days a week. with Covid-19 would be walk- In Georgia, the Marietta City Studentsare sequestered by ing around, spreading the dis- Schools district learned just class and don’t mix with any- howsignificant small changes one outside their group,said in behavior canbe. When Orchardprincipal Mark Tri- ‘Wethrew everything school started therelast fall, filio. They stay in their class- superintendent Grant Rivera room nearly all day. At recess, at thewall to tryand felt likeaman stumbling in the each classhas itsown section figureout what dark as he andhis staff tried to of the playground. figure out howtokeep stu- To help tamp down the risk would work.’ dentsand teacherssafewhile of an infected teacher passing keeping classrooms open. the virus to manystudents, the “Wedidn’t have the under- school no longer holds classin standing of what was spread- centsbetween ages 5and 17, ing on days when teachersand carbon-dioxide monitorsto the library, art and music ease unknowingly.That is why ingthe disease,” said Dr.Ri- the CDC said, and ratesof studentsare in school, staffers gaugehow well-ventilated a rooms.Instead, each subject some public-health experts vera.“We threw everything at death from Covid are very low rearranged classroom furniture given room is,something aero- teacher comes to the class- recommend regular, frequent the wall to try and figure out among school-agechildren to use everyinch of space. Stu- sol scientistshaverecom- room fortwo-week blocks.In testing using rapid antigen what would work.” compared with adults. dentsare generally spaced 3 mended schools do if possible. addition to their regular sub- tests, which can yield results At first, Dr.Riverasaid, he In the case of Marietta, feet apart, Dr.Riverasaid. People exhale carbon dioxide jects, aclasswill have art for in a matter of minutes. While feared the virus wasprimarily transmission among teachers Early in the pandemic,both when they breathe,and if a two weeks in arow,then li- rapid teststend to be lesssen- spread on desks and doorknobs oftenoccurred during meetings the CDC and the World Health room isn’t well ventilated, it braryfor two weeks,and then sitivethan lab-based tests, and by high-school students or lunches,the CDC said, and Organization said the virus was will build up in the air,asignal music fortwo weeks. datasuggest they have high chatting with each other in the subsequently spread in class- mainly spread through drop- that the spacemay require Theschool has had four stu- sensitivity when people are hallways.ACDC investigation rooms.The role teachersmay lets,but it is nowclear that it moreventilation. School em- dentstest positiveoverthe most likely to be infectious. found that wasn’t the case.In- playisone big reason they is also spread through tinyvi- ployees go to classrooms every course of the year.Those cases Last fall, aJewish early- stead, the virus wasgetting a should be givenpriority for rus-containing particles called month to sample the carbon- prompted the entirepod of childhoodschool at Temple foothold because of poor phys- vaccination, public-health offi- aerosols that stay suspended in dioxide levels to makesure about 20 students, including Beth Shalom in Needham, ical distancing among teachers cials say, though they noteitis the air forsome time.Remov- they aren’t above700 partsper the teacher,toquarantine at Mass.,relied on lab-based and students, as well as inade- still possible to reopen schools ing such particles from the en- million. If they are, the school home.Any student who sat teststhat were administered quatemask wearing. safely without teachersgetting vironment and bringing fresh might consider opening more near an infected student on the once a week and took at least Between Dec.1and Jan. 22, vaccinated if other major air intoaroom of people is es- windowsinthe classroom or school bus wasalso quaran- two days forresultstocome the CDC found nine clustersof safety measures areinplace. sential,scientistssay. upgradingthe HVAC system. tined. “It’sworked really well,” back.Each test was$28.Since infections in his school district Teachersnow have vaccination Thedistrict identified lunch said Mr.Trifilio of the pods. latelast month, the school has involving 13 teachersand 32 priority in most states. break as one of the school day’s Social pods aretough to ordered about 5,000 Abbott students. In two of the clus- In the fall, in-person HVAC systems riskiest activities,because kids implement in manyhigh Laboratories’BinaxNOWrapid ters that ended up accounting schooling took place in Mari- TheMontgomeryCounty need to take their masks off to schools. Students take a vari- tests, which each student for half of the cases, Covid-19 etta four days a week, and on Public Schools district in Vir- eat, said Mark Miear,the ety of classes,often with peo- takesonceortwiceaweek. waslikely firstspread from Fridays,studentswould log in ginia, which returned to full Montgomerysuperintendent. ple in other grades.Also,as Each test is $5,and resultsare teacher to teacher,and then from home forvirtual lessons in-personschooling earlier To reducethat risk during teenagersget older,their available in a few minutes. from teacher to student, the while teachersworked from this month, has poured more lunch, studentssit 6feet apart, transmission risk rises,be- So far,the school hasn’t had CDC said. school. During those Fridays, than $750,000 intocleaning faceaway from each other in coming morelikethat of anypositivecases.Ifsomeone To Dr.Rivera, that under- teacherswould oftenwork and the air in itsschools,said front of plexiglassorfoam bar- adults. Scientistsaren’t sure does end up testing positive, scored the outsize role teach- eat together,sometimes un- TommyKranz,assistant super- riersand arediscouraged from exactly whythat is the case, the school will quarantine the erslikely playinspreading the masked, Dr.Riverasaid, likely intendent of operations and fi- speaking with each other.They butthey suspect it is partly entireclassand call the health virus.Researchershavefound fueling the virus’s spread. nance. Along with opening aregenerally limited to 15 min- because teenagers and adults department and parents, said that viral spread is most prev- Now, both teachersand stu- windows and doorswhenever utes of eating time. inhale and exhale more aero- Ellen Dietrick,director of early alent among young adultsand dentsstayhome on Fridays. possible,the school district Thedistrict also set up sols than children.They also childhood learning at the syn- less so among school-agechil- Theschools have eliminated has installed 1,500 portable air tents for children whose par- tend to socialize more. agogue the school is affiliated dren,and when thereis “rug time,” when elementary- cleanersinclassrooms and of- entswant them to eat outside, To address classroom den- with. “This is lifechanging,” Covid-19 spread in schools, it school children gather close to- ficesand upgraded manyofits wherescientistssay transmis- sity,manyhigh schools have said Ms.Dietrick,ofthe rapid oftenoriginates with the staff. gether and the teacher reads to HVAC systems with high-grade sion is much less likely. takenthe hybrid approach, tests. “There is a huge mea- Less than 10% of Covid-19 them, even removing the chairs filtersthat cantrapvirus-con- Researchershavefound that where children attend school sure of comfort in knowing cases in the U.S. have been teacherssat in forthat activity. taining aerosols. schools implementing measures forpart of the week in person that arunnynose is just a amongchildren and adoles- To maximizephysical distanc- Thedistrict also obtained likeMontgomery’s—with mask and virtually for the rest. runnynose.” P2JW081000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, March 22, 2021 | A10A GREATER NEW YORK Mayoral Hopefuls Push Public Health

Candidates focus on the city’s firstreported case other ideas,expand the city’s Columbia Mailman School of last March, officials say. Data NYCCareprogram, which was Public Health. “Often, public Covid-19 recovery and shows the virus disproportion- launched in 2019 by Mr.deBla- health is nothigh up on the vaccination as well as ately affected Black and His- sio to ease the strain on emer- priority list,” Dr.ElSadr said. panicNew Yorkers, as well as gencyrooms.The expanded Mr.deBlasio,who can’t run addressing inequities poorer residents. primary-care system forlow- again due to term limits, spoke Democratic candidateShaun income residentsrecently an- of inequities acrossthe city BY KATIE HONAN Donovan—who has worked in nounced it enrolled 50,000 during his firstelection. He AND MELANIE GRAYCE WEST the administrations of former NewYorkersinits program. worked to addressthose is- President Barack Obama and Comptroller Scott Stringer sues by creatingNYC Care, Public health will be one of former NewYork City Mayor said the city needs “to tackle which expands healthcare to the biggest issues forthe next Michael Bloomberg—released root causes,not just symp- the city’s uninsured and un- mayorofNew York City,even ahealth plan that pushes fora toms,ofour public-health documented residentsbypro- as morepeople aregetting vac- public option forthe hundreds challenges,and that’swhat I’ll viding access to primary-care cinated and cases of Covid-19 of thousands of NewYorkers do as mayor.” Aspokesman physicians and other preven-

aredecreasing,officials say. who don’t have healthcare. He MOON/REUTERS said the Democratic candidate tive-care services. As the June 22 primaryfor also called forall Covid-19 pro- would release amorecompre- Thepandemic magnified

seatsincluding mayorap- grams,likecontact tracing,to JEENAH hensivepublic-health strategy those concerns and made is- proaches,the election season moveback intothe Depart- The pandemic magnified existing healthcaredisparities, officials say. in coming weeks. sues of inequity seem morese- has been defined by the corona- ment of Health and Mental Hy- Democrat Maya Wiley, who rious,said Ayman El-Mo- virus: Campaigning has turned giene afterMayor Bill de Bla- city in the world and unlock equalities that plagued us long wasrecently endorsed by 1199 handes, dean of the Graduate virtual, and pandemic restric- siomoved it under the city’s our city’s full economic poten- beforethe pandemic,” Mr.Ad- SEIU,the city’s largest health- School of Public Health and tions have altered the usual public-hospital system.That tial, we need to makesure ams said. “I will measuresuc- care union, says the city Health Policy at the City Uni- handshaking and party fund- would allowNYC Health + that every single New Yorker cess not only by the number of should expand health insur- versity of New York. raising from previous years. Hospitals to focus on treating canlead healthylives and NewYorkerswho contract ancefor residentssuch as im- Dave Chokshi,the city’s Forthe dozens of candidates patients, he said. have equal access to quality Covidand their health out- migrants lacking documenta- health commissioner,said New running formayor,the discus- Mr.Donovan proposes an healthcare,” Mr.Donovan said. comes but also the overall tion who can’t access what is York City has historically dealt sion of health has centered on annual vaccination campaign, Brooklyn Borough President health outcomes of all New available nationally, according with other health crises,but the recovery from Covid-19 and working with community- Eric Adams, another Demo- Yorkers—especially people of to her campaign. Covid-19 and its recovery will waysthe city canaddresssome based organizations and pri- cratic mayoral candidate, has color and low-income New Thecampaign season is a be its biggest challenge. of the systemic issues that can mary-care doctors, if Covid-19 pushed forgreater equity in Yorkers, who most need our unique chance for candidates ““Therehas never been a affect health. Existing health- is a continued problem. the vaccination process. help to improvetheir health.” to focus on public health, said morevital time forpublic care disparities in NewYork “Ifweare going to make “In the long term, we must Democrat Andrew Yang’s Wafaa El Sadr, professor of health in NewYork City,” Dr. City were magnified soon after NewYork City the healthiest deal with the pre-existing in- policyproposals would, among epidemiologyand medicine at Chokshi said. Port Corruption Regulator Looks To High Court

BY PAUL BERGER workers and that state police AND JENNIFER SMITH arebest placed to monitor the docks because morethan 80% Aregulator chargedwith of the commerce under the policing organized crime and commission’s oversight takes fair hiring at the Port of New place in New Jersey.

York and NewJersey for TheNew York Shipping As- GES

nearly seven decades is wait- sociation, which representster- IMA ing to see if the U.S. Supreme minaloperators, supportsmov-

Court will hear acase that ing the commission’soversight GETTY could decide its fate. responsibility in NewJersey to SE/ Afederal appeals court last the statepolice, and blames the summer pavedthe way for bistateagencyfor gridlock and ANCE-PRES

NewJersey to withdraw from labor shortages that it says FR the Waterfront Commission of hamper itsmembers’ ability to NewYork Harbor,abistate handle peak freight volumes. ENCE agencycontrolled by NewYork A spokesman for New Jer- AG and New Jersey. sey Gov. Phil Murphyreferred EISELE/ Thecommission, in court a request for comment to the papers over recent years, has state’scourt filingsinthe

said that it remains vital to case.Aspokesman forNew JOHANNES regulating the port and that York Gov. Andrew Cuomo de- NewJerseywants to pull out of the WaterfrontCommission of NewYork Harbor.The agency is asking the U.S. Supreme Court to stopit. New Jersey can’t unilaterally clined to comment. withdraw from the agency. Thecommission wasestab- Jersey to spend billions of dol- corruption as well as alack of fiscal year almost 600 people organized-crime members. He TheSupreme Court is ex- lished by NewYork and New lars to open the port to larger diversity in hiring. connected to organized crime said paypractices that the pected in the coming months Jersey in 1953 to fight the container ships.The authority Thecommission has pur- or ILA leadership received commission mayconsider low- to makeadecision on whether kind of organized crime and declined to comment. sued hundreds of people on low-showorno-work compen- show or no-show jobs are po- to hear the case.The court corruption depicted in the Throughout the changes in chargesranging from loan sation packages totaling more sitions provided for in collec- takesuplessthan 1% of the movie “On the Waterfront.” shipping operations and com- sharking to murder and says than $147 million. tive-bargaining agreements, thousandsofpetitions it re- Over theyearsthe rise of petition, the commission and its role is still relevant today. Kevin Marrinan, alawyer adding, “No one is being paid ceives annually. container ships has reduced theInternational Longshore- The agency was involved in a forthe ILA,disputed the re- what they’re not entitled to.” NewJersey says the com- the number of workersneeded men’sAssociation, which rep- recent joint investigation with port’s characterization of or- Morethan 60% of newhires mission has outlived itspur- on the docks,especially on the resentsunionized dockworkers the NewJersey Division of ganized-crime ties and corrup- since 2013 have been minori- pose.The state, in court pa- NewYork side of the harbor. at theport, have sparred over Criminal Justicethat led to tion in hiring. ties, according to the ILA and pers, says organized crime’s Rivalportsonthe East Coast, hiring practices and the influ- racketeering convictions Thecommission “takes a NYSA. influence has been driven out including those in Savannah, ence of organized crime. against alleged members and very expansiveviewofwhat it Thecommission has astaff of the port. State officials have Ga., and Charleston, S.C.,are Theregulator,which associates of the Genovese means to associate” with orga- of morethan 80 people and an argued that the commission drawing increased freight vol- screens prospectivelongshore crime family. nized crime,Mr. Marrinan annual budget of $14million makesitdifficult formarine umes,prompting the Port Au- workers, says ILA control of Acommission report last said, including working at an funded through fees levied on terminal operatorstohire thority of New York and New the docks has led to crime and year said that in the 2019-20 establishment frequented by shipping and related commerce.

STATESTREET | By Jimmy Vielkind Cuomo Turns to Strategies for Survival

NewYork Mr.Cuomo and his attor- sign from office. Among Black news it generated was Gov.Andrew neyshavesaid they arecoop- voters,69% said the governor printed on the front page of Cuomo is lean- erating with all of the shouldn’t step down. the New York Daily News ing on Black probes.The governor has “Politically, he’s wounded and Newsday. leadersfor said he never touched any- but not dead,” said poll Bradley Tusk, founder of support and body inappropriately and has spokesman Steven Green- political consulting firm focusing on governing as he apologized if his behavior berg. Significantly, Mr. Tusk Strategies, said the confrontsanimpeachment in- made anybody uncomfort- Greenberg noted, the per- baseball announcement was vestigation, calls forhis res- able.During aWednesday centage of Democrats who deliberate. ignation over accusations of presscall, he said he said they were prepared to “The governor has to buy sexual harassment and criti- wouldn’t answerquestions re-elect Mr. Cuomo in 2022 as much time as he possibly cism over the state’shandling while the probes arepending. had decreased to 46% in can—both to slowthe mo- of Covid-19 in nursing homes. “I have a job to do,” Mr. March from 65% in February. mentum of the attacks against Political operatives and Cuomo said. Black voters typically ac- him and to showthe public pollsters said the Democratic Rich Azzopardi, a senior count for just under a quar- that he’sdoing other things,” governor’s strategy—includ- adviser to the governor, said ter of the electorate in a he said. “The morethat nor- ing appearances with civil- Friday the administration is statewide Democratic pri- malcyreturns,the moreheis rights leaders in New York focused on expanding New not swarmed by scandal.” City and on Long Island—is York’s vaccination program PeterKauffmann, acom- working for now, but they and enacting a state budget. ‘Politically, he’s munications consultant who questioned how long it can At an event Wednesday, advised Mr.Cuomo’s first be sustained. the governor appeared at a wounded but not two gubernatorial campaigns, State Attorney General Le- Baptist church in Manhat- dead,’ says one said this strategywas mod- titia James is overseeing an tan’shistorically Black Har- eled afterPresident Bill Clin- investigation into the harass- lem neighborhood to receive pollster. ton’sresponse to the Monica ment allegations by current acoronavirus vaccine.He Lewinskyscandal in the and former aides to the gov- waspraised by MarcMorial, 1990s.Mr. Cuomo served as ernor and is expected to is- president of the National Ur- the housing secretaryinMr. sue a report on its findings ban League,and retired Dem- mary, and Mr. Cuomo carried Clinton’scabinet, and Mr. later this year. Democrats, ocratic U.S. Rep.Charlie Ran- them by large margins dur- Kauffmann worked forthe who control the state Assem- gel. Mr.Rangel said Mr. ing his respective 2014 and Democratic National Commit- bly, are investigating the ha- Cuomo’s critics were piling 2018 primary victories over teepress officeduring Mr. rassment allegations as well on, but that “due processand Zephyr Teachout and Cyn- Clinton’simpeachment. as the state’s delayed release ahearing is basically what thia Nixon, who are white. “The problem with his of a full tally of Covid-19 we believeininthis country.” On Thursday, Mr. Cuomo current crisis strategy is that deaths in nursing homes. This backdrop wasinten- was flanked by New York it’s 2021—not 1998, and An- Federal prosecutors based tional, political operatives Yankees and Mets officials drew Cuomo is not Bill Clin- in Brooklyn have requested said. Apoll released last week when he announced that ton,” Mr. Kauffmann said, re- data about nursing-home by the Siena CollegeResearch fans would be able to attend ferring to changing cultural deaths and are interested in Institute found that 50% of the teams’ home games norms and the men’s relative other state policies related 804 NewYork voters sur- when their season starts charisma. to the facilities, The Wall veyed didn’t believethe gov- next month. The event was Street Journal has reported. ernor should immediately re- closed to the press, but the [email protected] P2JW081000-2-A010B0-1------NS

A10B | Monday, March 22, 2021 NY ** THE WALL STREET JOURNAL.

Explorethe BreadthofYour WSJDigital Benefits

Thebenefits of aJournal membershipgofar beyond thesepages. Startexploring thefullscope of your WSJdigital benefits today with apreviewoffeatureshere.

PRINT EDITION

THEPRINT EDITIONAPP LIVE Q&ASESSIONS Access theJournal’sprint coverage anytimewith Join live virtual events whereour journalists and afully interactiveversionofthe day’spaper in a expertsdiscuss timely issues.Asamember, youget dedicatedmember-only app. to askyourown questions andjointhe conversation. WSJ.COM/PRINTAPP WSJ.COM/LIVEQA

EMAILSHARING THE10-POINT NEWSLETTER Sharethe news youtrust forfreewith Getapersonal,guidedtourtothe best scoops theemail sharing icon on allJournal andstoriesevery daywithour member-exclusive articles online. 10-Point newsletter. CLICKONANY ARTICLE WSJ.COM/10P

LATEST HEADLINES COMMENTING No more waiting forthe next paper—access Help advanceathoughtfuldiscourse between coverage as soon as ourjournalistspublish it readersand journalists.Jointhe conversation at ourLatest Headlines hub. viaarticle commenting on WSJ.com. WSJ.COM/LATEST JOINTHE CONVERSATION

Notsurehow to access WSJ.comwith your currentprintmembership? Followthesethree simple steps:

Go to WSJ.COM/DIGITALACCESS

Enteryour accountnumber

Fill in the rest of your details

©2021 Dow Jones &Co., Inc. All rights reserved. 6DJ7934 P2JW081000-0-A01100-1------XA

CAREERS & LEADERSHIP PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, March 22, 2021 | A11

WORK &LIFE RACHEL FEINTZEIG

he first time I lost my child care this pandemic, I panicked. The second time, I cried. By the T fourth time, I began half-jokingly polling my colleagues about which they thought might happen first: Would I write a story about women leav- ing the workforce, or would I have to leave myself? Every day started to feel like a coin toss. Heads, I can do my job... Being a working parent, or a human, has always come with some unpredictability. Children catch the stomach flu, snow days throw a wrench in big presenta- tions, trains get stuck between sta- tions. And still, most weekdays be- fore last March, time to work felt like something you could count on. The biggest thing to battle was of- ten ourselves, our tendencies to- ward procrastination or gossip by the coffee machine. Now we’ve faced a year of question marks. There’s been the big, terrifying uncertainty: Will the virus hurt someone I love? Will my industry survive? Layered on top is this daily volatility, which psy- chologists say can also have a big impact on our bodies and minds. Will my toddlers’ daycare class shut down? Will my internet flake out this morning? Where am I sup- posed to work if this storm takes out my power? “It’s this compounded effect where people are just feeling like, ‘What is certain?’” says Jacqueline YouCanCope Sperling, a clinical psychologist and director of training and re- search at the McLean Anxiety Mastery Program at McLean Hos- FINDING PEACE IN PRECARIOUS TIMES pital in Cambridge, Mass. With Chronic We’re equipped to deal with oc- casional doses of uncertainty. They ere are more suggestions for cross-train workers on others’ re- can actually energize us, Dr. Sper- Hhow to manage logistically sponsibilities. ling says. But chronic uncertainty and emotionally through unstable  Talk to yourself: Validate leaves us no time to recuperate. As times, according to psychologists what you’re going through. Em- a result, we might feel tired or ir- Uncertainty and career experts: brace the reality, as opposed to ritable, or find our memory isn’t  Rethink deadlines: If you’re a thinking “Why me?” And try to as sharp. manager, add a 20% cushion to find little ways to establish con- “Our bodies aren’t meant to en- shock as when they had a 90% shops, can feel too risky to tap. the timeline you’re assigning trol throughout the day. dure this,” she says. chance. Dr. Rutledge hypothesizes Roberta Matuson, an executive workers. Discount the expecta-  Team up to go on call: If you Of course, we’ve all had vastly that when we know the worst is coach and author of the forthcom- tions you set for higher-ups, too. different experiences this past coming, we can prepare for and ing book, “Can We Talk?” about have a partner, divvy up the days year, with some folks holed up at accept it. We move on to the next difficult conversations at work,  Create redundancies: Pair up so one person is on call should home and others continuing to step—dealing with it—rather than recommends workers open up to team members on assignments, something go awry, and the commute to work. I’m lucky to just spinning through the what-ifs. their bosses if they’re worried have succession plans ready if other person has guaranteed have even had the option of child “It’s hard to work when you’re about looming uncertainty. You someone has to tag out and work time. care at all. guessing whether or not the tools don’t need to supply infinite de- Even as thingsgenerally im- you need will be there for you dur- tails, but flag that you might need proveand we increasingly venture ing the day,” says Esther Brown, some flexibility soon. out, the unpredictability remains. who works for Hawaii’s Depart- Then work with your manager Manyofuswatch gratefully as ment of Commerce and Consumer to prioritize your must-dos. Shed When Mr.Ring’sdaughter was Trytofind waystoinject alit- kids trickleback to school,but Affairs and lives on Oahu. extraneous meetings. And try to hospitalized with apost-Covid infec- tle bit of control intoyour day, arelefttowonder about days that Her team of 58, scattered get ahead of your deadlines. tion last summer,heseamlessly likesticking to set meal and sleep could end either with the school across the Hawaiian islands, has “Don’t put anything off, be- transitioned his work to co-workers. times. bell at 3, or with atwo-week struggled with connectivity issues cause you really don’t know what’s Still, it took him awhile to share It took me a while to learn how quarantine announced at noon. while working from home. On one going to happen tomorrow,” Ms. what wasgoing on and ask forhelp. to live with my uncertain child Turns out, that’sespecially taxing. video call, she couldn’t even man- Matuson says. “I just didn’t want people to care. Last month, I got up the “It’s better to be pretty sure age to snap a photo of her man- Dan Ring, a public relations ex- freak out,” he says.“Ididn’t have courage to tell my boss about tran- something bad is going to happen agement team. Without fail, some- ecutive with payments software answers.” sitioning back to daycare, with all than to be maximally uncertain,” one kept dropping off. company ACI Worldwide, makes Dr.Sperling,the psychologist, its potential hiccups. Then, one

PULIDO says Robb Rutledge, a Yale Univer- At the office, we’d often all be sure his team shares documents recommends those facing uncer- week, I found myself with a full

NIA sity psychology professor. In a dealing with disruptions to- and keeps colleagues updated on tainty firsttakeamoment to vali- five days of child care. SO 2016 paper, he and co-authors gether—a network down, a fire their projects in case they have to datetheir feelings. These experi- I’m sure there are more last- BY found that participants in an ex- drill blaring. Now we feel alone, suddenly take time off. ences we’reliving through arehard. minute changes and emergencies ION

AT periment were about three times stranded in our own circum- “That way people don’t have to “Before you jump into problem- to come. But after a year of up-

TR as stressed when they had a 50% stances. And so many of our Plan ramp up immediately,” says Mr. solving mode, acknowledge the heaval, it felt wonderful to have US

ILL chance of receiving an electric Bs, from grandparents to coffee Ring, who lives in Sharon, Mass. emotional experience,” she says. something go according to plan.

around the campus,and Ialways “Ifanything,that further under- found that really sweet,” he said. MAKING THE MOVE lined that Ididn’t want to do this He talked with the professor,who anymore,” he said. “Suddenly Ihad gavehim the pros and cons of work- job offerslined up,and I’m like, ‘No ing in academia, including the lower Name: Gaurav Sabnis I’m going to do aPh.D forfiveyears salary. Theprofessor also told him it Age: 40 at minimum wage.’ ” ASwitch From Sales iting clients. would be easier to getaprestigious Mr.Sabnis reached out to his “If I was leaving at 6 p.m., peo- teaching position in anycountryif Location: New York, NY graduateschool’sMBA alumni net- at IBM to Teaching ple would be like, ‘Oh you’re tak- he gotadoctorateinthe U.S. Education: Bachelors in elec- work,connecting with an alum who ing a half day today,’” he said. On Teaching didn’t come out of no- tronics engineering; MBA; waspursuing her doctorateatthe Brings aHappier Pace top of that came doctorate in marketing. University of Southern California. pressure to social- “She pretty much walked me Former job: Sales manager in BY RAY A. SMITH ize after work with through the process,” he said. He colleagues or cli- IBM’s Mumbai office. applied to several schools and de- urned out as an IBM sales ents. “So my day New job: Tenured associate cided on Penn State University. B manager in his native India, ended at 9 p.m. or professor of marketing at Ste- He planned to return to teach Gaurav Sabnis, then in his 10 p.m. And then vens InstituteofTechnology. in India or Singapore after earning early 20s, began thinking about a my boss would still his doctorate. But that changed Aha moment: Seeing one of career in academia, where the call about some when he fell in love with a woman his business-school professors pace would be less grueling. other thing.” who eventually became his wife, taking long walksoncampus He planned on making the move He felt he had and with his adopted country. with his wife. afterafew years. But that changed to spend Saturdays Finishing school in 2011, he suddenly in 2005 when apost on working. The crazy Advicefor an international landed a position as visiting assis- his personal blog angered one of hours took a toll career move: “Makesure tant professor of marketing at IBM’sclients, leading him to quit. It on his romance you’re acultural fit in that Fordham University’s business wouldn’t be the last unexpected with his then-girl- country. Youdon’t have to be school, joining Stevens Institute of twist in his professional life. friend. “It basically afootball fanbut youshould Technology as a marketing profes- Now 40, he is a tenured profes- ended that rela- knowenough about your new sor the following year. He became sor specializing in social-media tionship,” he said. countrytoatleastknowwho a citizen in 2014 (acknowledging marketing at Stevens Institute of It all made him is in the currentSuper Bowl.” he “got the shortcut because my Technology in New Jersey, married think: “‘I might wife was already an American”) to an American. end up becoming and made tenure two years ago. “It’s maybe a sign of my luck or this super-amazing The people skills he gained in JOURNAL privilege, or both, that it just hap- sales celebrity, but ticle critical of an Indian the job at IBM have come in

REET pened that I accidentally fell into it should not come businessschool to his handy. “Many times I’m teaching ST this life,” he said. at the cost of my blog.The school threat- students with whom I have noth- LL

WA Mr. Sabnis landed the coveted overall happiness.” Gaurav Sabnis at Stevens Institute of Technology last week. ened legal action and ap- ing in common,” he said. “The position with IBM after getting his He flashed back proached his bosses at sales experience definitely helped THE

R MBA from the Indian Institute of to amemoryofabusiness-school where. Mr.Sabnis recalled infor- IBM, threatening to cancel itsor- in that I’m able to establish some FO Management-Lucknow in 2004. professor.“He had worked in the mally teaching and coaching since ders. Though IBM didn’t bend, as kind of a common thread.” His days at IBM started early, typi- industryfor manyyearsand then he wasakid, and three of his grand- Mr.Sabnis hadn’t violated itscode He is happier now that his ca- ORENTE

LL cally with a multicity conference switched [toteaching] in his 50s. parentswereinthe teaching field. of conduct or broken anylaws, he reer gives him more time to enjoy

OR call. To meet sales targets, he Likeclockwork,heand his wife His career shiftaccelerated sud- decided to leave to prevent further life: “I was like, OK, this is exactly

VICT would spend hours phoning or vis- would be going out forwalks denly in 2005 when he linked an ar- embarrassment to the company. my pace.” P2JW081000-0-A01200-17FEFF7178F

A12 | Monday, March 22, 2021 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

Oates.Employees coming from pub- lic-facing occupations also might excelincustomer serviceand call- center roles,which canbeanentry to anew industryorcareer. “Someone at a call center has to be able to respond to problems, and has to solve them quickly,” she said, noting that many customer service employees have to become familiar with highly technical products and services. Emphasize transferability in your résumé Paige Ross, senior managing direc- tor and global head of human re- sources, at private-equity firm Blackstone, tells job seekers look- ing to pivot to study a job descrip- tion and see how the skills they have line up, then emphasize those connections for hiring managers. “Build that into the resume— ‘by doing this, I learned how to do this,’ ” she said, adding that appli- cants should demonstrate their en- thusiasm about the potential pivot in their cover letter. “Just writing,

M ‘Oh, this looks interesting’ won’t

CHA get anybody’s interest. But, ‘I’m in-

KET terested in making this switch be-

ON cause I’m passionate about doing this,’ and really being specific MADIS about why you want to make the BY transition, it gets people’s inter- ION

AT ests and their attention.”

TR Scott Bonneau, vice president US

ILL of global talent attraction at In- deed, suggests explaining the shift in an “objective” section at the top of a résumé. “Describe why you HowtoTout JobSkills That Transfer think your experience doing work in one field is going to help you be a really strong performer in this BY KATHRYN DILL dustry can translate into wins in gramming languages—and practice whether you have over- or under- new one that you’re pivoting into,” another. With a herd of applicants describing them. sold your abilities, Ms. Oates said. he said. ychoiceornecessity, vying for each opening, now is not “You have to look at aday on manyworkersare seiz- the time to expect hiring managers your job and think about what are Don’t focus on job titles Sharpen and expand ing the moment to break to make the connection between the thingsyou routinely do,” she Considering different jobs and your skills intonew industries. your past and your potential on said. “Everything.Thingsyou do ro- fields your skills could apply to can Ms. Oates recommends that work- B For some, it’s an im- their own. tely arejust as important as the widen your search forroles you ers who are employed but consid- perative. Even as hiring “People are not going to notice thingsthat aremoredefined and qualifyfor,according to LaFawn Da- ering a change take every opportu- picks up, the U.S. has 9.5 million your transferable skills unless you professional.” vis,group vicepresident of environ- nity their current employer fewer jobs than one year ago, be- articulate them up front,” Jane Don’t overlook things that mental, social and governanceat provides to learn something new fore the pandemic. Industries bat- Oates, president of unemployment- might seem too simple, like open- the job-search siteIndeed. or earn a credential. tered by lockdowns, such as travel focused nonprofit WorkingNation, ing a store on time each day or “Gone are the days where you She cautions that workers should and hospitality, have struggled, said at The Wall Street Journal knowing when a teammate needs just look for an exact match of the frame any discussion about profes- driving many workers to look for Job Summit on March 4. At the help and you should pitch in. title that you’ve had,” said Ms. Da- sional development in terms of the jobs in other sectors. Some work- event, economists, executives and Include experience using digital vis. “It really is about searching potential to advance within the ers who have held on to their jobs career coaches suggested how job tools or platforms, which may for the right job for you, not just company. or found new ones after a layoff seekers can leverage transferable demonstrate to potential employ- the typical job profile.” Consider opening the conversa- feel stagnant or underemployed. skills. Here is their advice: ers that you could quickly learn Abartender’s skill set—which tion, she advises, by saying some- Many hope an industry change will the systems they rely on. might include communication and thing like, “I want to build my pro- mean greater security. Evaluate your skills Ask someone who knows you listening,efficiency, multitasking fessional life here, but I’d like to Job-seekers intent on a career Ms.Oates encourages job seekersto well—a colleague, friend or job and the ability to movequickly be- do something a little bit different pivot need to persuade employers list their skills—from communica- coach—to review your assessment. tween tasks—could be applicable, and I’d like to be considered for that their achievements in one in- tion abilities to proficiencyinpro- They can help you determine forexample,toasales job,said Ms. new jobs as they come up.”

LETTERS conventions and trade shows Yes, but it’s not aren’t easily replaced by tech- cheap. Several airlines nology, though there will no A will let you purchase Will the doubt be some virtual aspect the middle seat next to you to big meetings in the future. at the same price as your Big Hotels But conventions and trade own ticket. shows are seen as highly effi- Southwest isn’t one of the cient ways to see customers, airlines offering an extra seat Rebound? check on competitors and to anyone, however. South- mingle with those in your in- west will sell an extra seat to The Middle Seat columnist dustry. We think they will re- a person of size, but not to Scott McCartney answers turn, with gusto. someone who just wants reader questions. I think there is a fur- more space. ther lesson here, too, JetBlue will let you My wife and I (along for hotels like the book an extra seat Qwith our three kids) Anatole. You may online,and it’s traveled to Texas for a have not seen it in pretty easytodo. funeral recently and we winter, but the ho- Addanextra seat ended up spending a night at tel built its own when youenter the Hilton Anatole in Dallas. lazy-river attraction. howmanytravelers .'-)-(&'",'-)#! %")++*+$ We had a great stay, and I think big corporate thereare.Ifit’sjust they treated us very well. hotels will find ways to youtraveling, forexample, necklace from Italy However, as we observed the diversify as leisure destina- tell the booking system empty atria/towers, unused tions. With more people tak- thereare twotravelers. Then banks of reception desks and ing vacations to nearby do- when it’s time to enterinfor- Unique and playful,our multicolored numerous (temporarily) mestic destinations rather mation about each traveler, 4-1253%82//'/$ 5),!82,) "/ 1)2*#.3 closed restaurants/shops, we than venturing abroad post- there’sabox to check la- pondered aloud what the fu- pandemic, big hotels like the beled“This is an empty seat swim into your collection. Handcrafted ture holds for hotels like the Anatole can fill rooms with for.” Select Traveler 1. Anatole. While very nice, it "5 6.28#&".$(7!.#)883&%38* 3+)1 seemed to us to be a vestige of a bygone era (with its sterling silver,itstands outwithits massive size, stunning collec- beautiful and vividcoloring. Putiton tion of artwork/artifacts and full-service health center), whenever youwant to channel that and we asked ourselves a simple question: Is there a fu- tropical vacationfeeling! ture for the large, big-city conference hotel once the pandemic is over? Especially in cities like Dallas, which un- like Vegas or Orlando, are not generally considered major tourist destinations. —ScottChilds, Memphis,Tenn.

Scott, it’s a fascinating question, one that LE

A TO gets to the heart of what kind of recovery airlines ANA

and hotels will find, and what N TO

travel will be like for all of us HIL $ in the future. A scene from the pool at the Hilton Anatole in Dallas. 169 You may recall that back in December I wrote about a Plus Free Shipping research project I was in- more leisure travelers. American, Delta, United and volved in with some airline- The future will be differ- Alaskawill sell an extra seat, Multicolored Murano GlassFish NecklacefromItaly industry buddies that tried to ent. But there is a future. but youneed to call reserva- 3 estimate the long-term im- tions to book it.One caution: 18"witha2"extender. 04"wide.Lobster clasp. pact on business travel with I was on a Southwest As basic economytickets—the Muranoglassbeads are unique and mayvary. data rather than guesses. For Qflight to Tampa to cel- cheapestU.S.airlines offer— Available in 20"$189 conventions and trade shows, ebrate my daughter’s usually don’t come with seat we actually concluded that birthday, not realizing it was assignments, you’ll need to most of that business will Super Bowl weekend. Every buy aregular coach fare to come back. Our prediction is seat was taken. also buy an extra seat. Ross-Simons Item #932281 scan heretovisit that there will be only a I didn’t feel comfortable In many cases you can get 10%-20% long-term loss. with the proximity of the a first-class seat cheaper To receive this special offer, use offercode: SWIM2 The reason is that many passenger next to me. Will than double the economy 1.800.556.7376 or visitross-simons.com/swim executives told us that the airlines allow you to buy the fare. That option might be need to be physically present seat next to you? both more comfortable and will remain a strong allure— —Anonymous more economical. P2JW081000-2-A01300-1------XA

THE WALL STREET JOURNAL. ** Monday, March 22, 2021 | A13 ARTS IN REVIEW

FILM REVIEW AJourneyInto Wong KarWai’s WorldWithin

BY DAVID MERMELSTEIN ourlessgangster Clockwisefromleft: Andy Lauin‘As TearsGoBy’; underworld, where Maggie Cheung and Tony Leung in ‘Inthe Mood forLove’; newset of seven Blu- Wah(Andy Lau),a Mr.Leung and Leslie Cheung in ‘HappyTogether’; these rays from the Criterion midlevel enforcer, and four other films areincludedinthe Criterion release Collection, “World of tries to rein in his Wong KarWai,” intemperateco- couldn’t be moreaptly hort Fly (Jacky king Express,” it finished product. A having been origi- Fewifany films have done named. Forfew film- Cheung) while si- makershaveachieved greater suc- multaneously nally conceived as greater honor to the maxim that cess generating aunique cosmos courting good-girl asegment of the lessismorethan the much-writ- on screen. From their narrative Ngor (Maggie Che- earlier film. Its ten-about “In the Mood for structures and settings—largely ung in her firstof hue is certainly Love”—and none areaspalpably butnot exclusively Hong Kong—to several fruitfulas- darker—the ac- beautiful. (You could writeabook their character arcs and sound- sociations with the tion nocturnal— about the way Ms.Cheung wears tracks,these pictures bear the filmmaker). Quick but ample humor Mr.Chang’sgorgeous cheongsam stamp of one of the late20th- and cuts, jangly ’80 leavens the pa- likeasecond skin!) early 21st-century’smost distinc- synth music and thos,particularly Itssequel, “2046” (2004), tiveauteurs. an impressive Mr.Kaneshiro’s which wasnot officially part of the Atouring retrospectiveofsix pi- pool-hall tracking adorable turn as a touring retrospective, is both too oneering Wong films—all newly re- shot distinguish mutescofflaw. long and toodiffuse forits own stored in 4K and included in this the picture, but In “Happy To- good. Itsfuturistic sequences have set—occurred last year.Unfortu- the familiar tropes gether” (1997), not aged well and were never nec- nately,the pandemic made the en- of Hong Kong cin- Mr.Wong made a essary. But the vast middle por- terprise virtual and kept cineastes ema, including predictable fight cameraangles,all of it further en- gayrelationship central to his film. tion—the tense,sexyrelationship from seeing these pictures in the- sequences and amoralizing con- ergized herebythe era’sLatin Setting it in Argentina with Chinese between Mr.Leung’scentral char- aters, wherethey arebest appreci- clusion, subtract from itsappeal. dancemusic so dear to Mr.Wong. leads (Leslie Cheung and Mr.Leung acter and Ziyi Zhang’ssinger/call ated. YetCriterion’sbox,which in- YetMr. Wong wasfully in his “Chungking Express” (1994), a in sensitive, unmannered perfor- girl—castsaspell, as does nearly cludes aseventh film (also a4K element just two yearslater,with charming more-or-lesscomedy, mances) wasinspired, but so was everything from this writer-direc- restoration) along with an assort- “Days of Being Wild” (1990). The demonstrates that Mr.Wong needn’t his warts-and-all depiction of this tortosome extent. ment of bonus features, is more film, in which adissolute1960s always be dour.Hecan be some- intense romance. Nowage 62,Mr. Wong still has than just ancillary. With their layers playboy(amagnetic Leslie Che- thing of aromantic,too.Two cops— Discussions of Mr.Wong’swork time to makeadditional ground- of meaning,opaque narrativesig- ung) crushes the women who love one in plainclothes (Takeshi usually include ample references to breaking pictures.But even if he nals (Mr.Wong is famed forthe him as he languorously destroys Kaneshiro), the other in uniform Mr.Doyle.Lesspublicly acknowl- never does,the ones contained in evolution of his scriptsduring himself,was the filmmaker’s first (TonyLeung)—endurebreakups and edged—though no lesssignifi- this anthologysecurehis reputa- shooting) and overwhelming ambi- with Christopher Doyle as cinema- attempt to find newromances in cant—is the work of William tion as an intensely perceptiveand guity,these movies benefit from tographer—a collaboration that largely consecutivestorylines.The Chang,who serves as both produc- precise filmmaker whose work

(3) the repeated viewingshome video over some half-dozenfilms has film’squick cutsand guerrilla style tion designer and editor on Mr. continues to dazzle and delight. encourages. produced among the most sumptu- (necessitated by alack of location Wong’sfilms.His effortsmay ap- And as this stunning set affirms,

CTION Mr.Wong’sdebut feature,“As ous and audacious shotseverseen permits) givethe movie unparalleled pear subtle,asthey do in “Happy renewedcontact with his movies LLE TearsGoBy”(1988), serves as an on screen. Their combined ap- energy within the Wong canon. Together,” or striking,asthey do only enhances their power. CO ideal starting place, if only because proach revels in saturated colors Thefilmmaker has characterized in Mr.Wong’smost famous film, his maturestyle is not yetfully (greens and yellows in this case), his next film, “Fallen Angels” “In the Mood forLove” (2000), but Mr. Mermelstein writes for the Jour-

CRITERION formed. Thefilm is set in aglam- claustrophobic close-ups and odd (1995), as the flipside of “Chung- they arealways intrinsic to the nal on film and classical music.

EXHIBITION REVIEW back seat. TheLaSalle,atwo-door partment, which to my eyeisthe with astunning deep-blue paint coupe from legendaryGMdesigner real gemhere. In front is an elegant scheme,and an equally eye-catching Harley Earl, is equally beautiful, black dash with large,round, silver- cream-colored 1958 Porsche Carrera ACollection Shifts with abutter-yellowbody paint trimmed gauges that scream “be- GT Speedster. that’salso accented on the wheel spoke,” and luxurious cream-col- Other unique cars in the collec- covers,and vented airflow portson ored door panels with dark-brown tion include a1962Jaguar E-Type, each side of the long snout. accentsthat match the color of the the carthat EnzoFerrari grudgingly Into aHigher Gear But as the museum explains, polished steering wheel. Addin admittedwas “the most beautiful with informativeinteractivedis- split windscreens that have hand carinthe world.” Also on displayis plays,itisthe muted Chrysler that cranks to push them out forin- the 1962Ferrari 400 Superamerica BY MARK YOST drivetothe rear wheels,aconfigu- is morereflectiveofthe ultimate creased airflow,and this is,per- AerodynamicaCoupe—in arareme- ration that would influenceauto goal of the Art Decomovement, haps,the simplest yetmost gor- tallic green, not Ferrari red—that Naples, Fla. makersfor morethan acentury. Le- with moresubtle hintsofart and geous carinthe collection. wasone of Enzo’sdaily drivers. It IF THE REVSINSTITUTE doesn’t vassor’s ingenuity didn’t stop there: craftsmanship incorporated intoa ThePorsche gallerygives visi- sitsnexttoablack 1967 Lambor- sound likeyour typical automu- If youlook closely,you’ll see that seum, that’sbecause it’snot. Re- the headlamps were actually can- cently reopened (albeit at 50% ca- dle-powered, with the glassmagni- pacity), itsroughly 35,000 square fying the light. On the back of the 1962 Jaguar E-Type feet of displayspacefor the 110 or headlamp housing is asmall open- so historically significant automo- ing with acowling that projects biles that makeupthe Miles Collier light down the outside of the vehi- Collections are“just the tip of the cle to the exposed gear shifter, so iceberg,” as the museum likes to the driver could see what gear he say. Theremaining 45,000 square wasputting the carintointhe dark. feet arehome to one of the largest Each gallery is organized in a automotivelibraries in the world, loose chronology, with cars clus- which coordinates with scholarson tered to make visitors think about historiographical research, sponsors the evolution of automotive design afellowship,and participates in the and engineering. For instance, a interlibrarylending program for 1930 Duesenberg Model J Dual those who can’t come to southwest Cowl Phaeton, a 1934 LaSalle Con- Florida. But it is the cars that draw vertible Coupe, and a 1934 Chrys- most visitorshere. ler Airflow Imperial CV-8 Coupe TheCollier Collections are are together. spread out over four main galleries TheDuesenbergand LaSalle and coverthe early days of the au- both have ostentatious styling cues tomobile right up to today, with a from the Art Decoperiod that cele- heavy emphasis on race cars.These brated the marriageoffunction aren’t cars that Mr.Collier,the mu- and design. TheDuesenberg, one seum’sfounder,haphazardly picked of just 33 made,features agor- functioning machine.The Chrysler tors aclear road map of the auto ghini 350 GT,the carthat started up over the years, but acollection geous black-and-red paint scheme; featuresabulbous nose with inte- maker’s evolutionfrompostwar the decades-long feud between the

TITUTE that he has curated based on histor- sculpted front and rear fenders grated grillwork and rounded fend- German upstart to one of the domi- two Italian automakers.

INS ical significance. that flow perfectly intothe de- erssculpted to facilitatethe aerody- nant names in road racing,featur- Altogether, this is a well-cu- S Case in point: The1896 Panhard tailed running boards; silver verti- namic sleeknessofthe firstcar ing Carreras of the late-1950s,a rated collection. Viewed more REV et Levassor Wagonette,which pro- calgrillwork in which each vane developed in awind tunnel (with 1964 911, astable of late-1960s broadly, it feels good to stand next THE

T/ duced awhopping 3.5horsepower moves independently to increase advicefromaviation pioneer Orville 908s,aswell as the 1969 917PA to exquisite cars again, and not from atwo-cylinder V-engine.While airflow based upon the needs of Wright). “By moving the engine that wasnearly unbeatable in Can- just see them online. most early cars had the engine in the engine; and adeep tansofttop over the front axle,” we’retold, de- Am racing.Thereare also hand- HARHOLD the rear,Emile Levassor put his in and separate, collapsible wind- signerscreated asmoother ride and some road models here, including a Mr. Yost writes about cars and mili-

PETER front, agearboxbehind it, and a screen forthe passengersinthe moreroom in the passenger com- 1965 Porsche 356C 1600SCCoupe tary history for the Journal. P2JW081000-0-A01400-1------XA

A14 | Monday, March 22, 2021 THE WALL STREET JOURNAL. SPORTS

JASONGAY AFight for Fairness in the Tournaments

Questions are raised about the imbalances of the men’s and women’s college basketball events

Nothing new. players have been taking to social It’s an observation media, too, sharing the hashtag rippling through the #notNCAAproperty and lambasting NCAA women’s basket- the NCAA for restricting their abil- ball tournament, from ity to profit off their own name, dedicated but fed-up image and likeness, a right enjoyed people who have been around the literally by any nonathlete on sport for a long time, and are wea- campus. rily accustomed to it: the second- “The NCAA owns my name, im- ary treatment the women’s game age and likeness,” tweeted the gets compared with the men’s. Rutgers star Geo Baker. “Someone The men’s tournament gets a on music scholarship can profit way better set-up than the from an album. Someone on aca- women’s tournament? Wow. You demic scholarship can have a tutor don’t say. service. For [people] who say ‘an “Hardly breaking news,” the for- athletic scholarship is enough.’ mer Notre Dame women’s coach Anything less than equal rights is Muffet McGraw said in a state- never enough.” ment. “We’ve been fighting this In different days, we’d merrily battle for years and years, and divert here and talk about Baker frankly, I’m tired of it.” and Rutgers, and how great it is “A lifelong issue,” said the that the Scarlet Knights have made UConn women’scoach Geno Auri- it through the opening round of emma. “This isn’t something new the tournament for the first time that just kind of cropped up.You in 38 years. It’s a great story. canmakeacase that it’snever There are always great stories in been fair,it’snever been equitable.” these tournaments, which is how Thedifferencenow,ofcourse,is the NCAA continues to glide along that the protest is coming person- without much change. ally,and extremely effectively,from And the NCAA knows alot of the coaches and the women on the people will look at the disparity be- court themselves,who areusing tween the men’sand women’stour- their social media platforms to namentsand think, This is just busi- point out historic imbalances: how ness: the men’s tournament makes the men’scollegeplayers getbetter tons more money than the women’s amenities,betterfood, abetter tournament, so of course it’s abig- swagbag of complimentarygifts, ger production, that’s capitalism, even abettertest forCovid-19, but the NCAA is habitually in court, with, according to Auriemma, the and nowthe Supreme Court, trying UConn men’sreceiving the gold- to establish all the waysinwhich it standardPCR,and the juggernaut isn’t apurely capitalist enterprise, UConn women making do with the that it’sdifferent, and special, and less-reliable antigen test. that the whole of collegeathletics But the pinnacle optic wasaTik- must be considered beforethe Tokvideo from the Oregon player courtsimplement core changes to Sedona Prince, showing the embar- the economic engine. rassing disparity between the The NCAA seeks to present it- weight rooms at the two tourna- self as standing for something big- ments: aCostco-sized, ger, fairer, and more inclusive, Schwarzenegger-tastic hall of squat which makes the discrepancies racks forthe men, and the women with amenities and treatment all getting asad towerofdumbbells the more maddening, because that looked borrowedfromthe S those if you’re really about fair- basement of adiscount motel. PRES ness, and not all about the dollars, Again: This sort of disparity you’d rectify all of it, immediately, isn’t new, but now we get to see it, ZUMA because it’s terrible optics. Don’t OM/

up close, very clearly, from the SC forget the NCAA cares deeply people involved. This is the power about certain optics: This is an NEW

of social media: The firsthand post T/ outfit that has a very strong opin- OR

that forcefully and viscerally SP ion about what brand of water you

points out a long-existing truth in OF bring into its events, so as not to

a way that drives home a point GE offend a corporate sponsor.

like nothing before it. IMA “This cannot continue to be Prince’s video, which followed a W/ business as usual,” the Stanford

similar post by Stanford sports ENDO women’s coach Tara VanDerveer

performance coach Ali Kershner, JON said in a statement. “There are caught viral fire, and by the week- A video posted by Oregon’s Sedona Prince showed the disparity between weight rooms at the two tournaments. necessary changes that need to be end, the NCAA had scrambled to made.” upgrade the women’s tournament Change feels like it’s coming, gym, complete with sumptuous nitive dissonance—there have long the fine print—myself included. sues. These tournaments are hap- whether the NCAA is ready or not. lighting. been uncomfortable inequities in But this year feels different. pening largely for business rea- “I cannot be quiet,” said the South “Thank you, NCAA, for listening big time college sports like basket- There’s still a pandemic out sons, to honor lucrative TV Carolina women’s coach Dawn Sta- to us,” Prince said in a follow-up ball, but as soon as the games be- there— and if you don’t think contracts, and earn money owed, ley, calling on the organization to video. gan happening, fan and media en- there’s still a pandemic, tell it to and while the players seem happy quickly address the inequalities at So that’s it? Doubtful. This feels thusiasm would take over, and Auriemma, who’s been held back to be back out there, it’s hard to a time when she is also trying to like it’s just getting started, even drown out the dissatisfaction. from coaching after a positive test, look at the mostly-empty arenas get her team to a Final Four and with the tournaments now under These tournaments are intoxi- or the men of Virginia Common- and heavy restrictions and not see national championship. Which is way. cating rituals, and a lot of us re- wealth University, who are going the athletes as essential workers still what this month is fundamen- In the past, the NCAA could main very capable of leaning into home before playing a single game in the NCAA economy. tally all about, even if now it feels count on a certain amount of cog- the pageantry while buffing over after health and safety protocol is- Which is why some of the men’s much bigger than that.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 20s 30s <0 12345678 9101112 5Goes back on a 34 “Dancing Queen” Eddmonton promise group VaV ncouver 0s 13 14 15 16 Calgary 6Desperado- 35 Belly 50s 10s Winnipegip 17 18 19 chasing group 37 Spotfor strays Seattttlle 50s 20s 50s 50s 60s 7Pi-sigma PoPPortlandrtl d Montreal 30s 20 21 22 23 38 Dawn goddess 50s 40s Ottattawwaa go-between Eugene Bismarckk 40s 41 Gray-haired, Helenal Billings AugustA g ta 24 25 26 8“Idon’tknow” perhaps Boise Mpls./St.Paulau ToT ronto AlbanyA banyy 50s 40s Bostont 27 28 29 30 31 9Mattof 50s Siouxoux FFallsll Hartford 60s 42 Occupythe Pierre Milwaukeek Detroitt Buffffalol “Friends” Newew YYorkk 70s 32 33 34 35 throne Cleveland Reno 30s Deses Moinesi ChicagoC g 60s Cheyenney PhiladelphiaPhil dlhi 80s 10 Revered star 43 Supplied with Saltlt LakeL CitCityy Omahah Indianapolis Pittsbburgh 36 37 38 39 Sacramento Denver Springfieldifild 11 Like meadows in hors d’oeuvres, ToT pekpeka Washingtonhingtgtonon D.CD.DCC.. 90s Sanan Francisco 40s Kansas Charleston 40 41 42 43 44 mornings say ColorColoC adod City 100+ LasL Springsp Richmondh d Vegas Wichhita St.LLouis LouisLoL villeill 60s 12 Long-running 44 Sphere 70s Raleighh 45 46 47 Albuquerqueb Nashvillehih ll NBC show, for LoossAAngeles SantaFa Fe Oklahomak homa CityCitC y Memphisph CChCharlottltte 46 Fenway team, PhoenixPh 48 49 50 51 52 short 50s ColumbiaC b Warm Rain familiarly San Diego 80s 60s LiL ttlee Rockk Atltlanta TuT csonc 53 54 55 56 14 Scarecrow JaJacckkson Birmingham 47 Arctic or El Paso 60s Ft.Ft. Worthth DDallas 70s Cold T-storms filling Antarctic Mobilebil JaJacckksonville 57 58 59 60 AustinA 19 Blender button 10s0s 70s Houstot n Stationary 49 Harsh-sounding Snow 61 62 63 Newew Orleansl Orlandod 22 Mornings: Abbr. 50 Stand in a Honolulul Sanan AntonioA i Tampa AhAnchorg age 70s 80s Showers Flurries 64 65 66 25 Forerunners of studio 20s 80s 90s Miami 50s 80s CDs 51 News topic 30s 40s 60s Ice FOOD CHAIN |ByMikeShenk 28 Pouchlikepart 52 Landlords collect them U.S. Forecasts TodayTomorrow TodayTomorrow Across 27 Seats forthe 53 Pastasauce 29 WrigleyField City Hi Lo WHiLoW City Hi Lo WHiLoW team 53 It’sacrossLake s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1Sub’s devout brand Omaha 51 47 r4938r Frankfurt 48 36 c5134pc Titicaca from t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice navigational 30 “Yeah, right!” Orlando 76 58 pc 81 60 pc Geneva 49 32 c5333pc 28 Lettering aid 55 Wheel-to-wheel Bolivia TodayTomorrow Philadelphia 62 41 s6446pc Havana 79 57 s8763s technique 32 Gather in connector 31 Microscope part City Hi Lo WHiLoW 54 Genuine Phoenix 75 52 s7050pc Hong Kong 70 63 sh 71 66 pc 6Use acrowbar quantity 56 Fifth in NYC, e.g. 32 Fundamental Anchorage 25 18 pc 27 11 pc Pittsburgh 67 37 s6749pc Istanbul 58 41 sh 46 36 r 57 Futureflower Atlanta 70 53 pc 66 55 c Portland, Maine 55 33 s5336s Jakarta 91 76 t8976t 9Pot parts 35 Nintendo 57 Sweet-and-salty learning Austin 72 54 t8353pc Portland, Ore. 53 37 sh 56 39 c Jerusalem 72 61 c7750pc 13 Contractors’ bids console replaced snack brand 33 Pouting 58 Road goo Baltimore6242s 65 48 pc Sacramento 65 45 pc 69 45 s Johannesburg7559t 72 57 t with the Wii Boise 48 32 sh 54 28 s St.Louis 66 56 pc 66 48 t London 56 40 pc 53 44 pc 15 “I begin to see 59 No longer in bed expression 60 Barneed Boston5939s 55 42 s Salt LakeCity 47 35 sh 48 34 sh Madrid 63 33 s6737s the truth!” 36 Short haircut 61 River of Russia Burlington 63 36 s6243s SanFrancisco6050pc6752s Manila 93 80 t9179pc Previous Puzzle’sSolution Charlotte 68 48 pc 65 52 c SantaFe5226pc5127pc Melbourne 73 62 sh 70 62 pc 16 Blissful spot 37 Wild card, 62 Fortywinks AWESUB IN IDLE Chicago 63 52 c6250r Seattle5037sh5343c MexicoCity 79 53 s8049s 17 United Nations sometimes LAMFURORECOAX Cleveland 66 44 s6553c Sioux Falls 53 40 r4136r Milan 58 35 pc 57 34 s 63 Newish FIBRINGSTRASSE secretary general 39 Matt’s “Good AFLOAT TENETS Dallas 64 50 t7350s Wash., D.C.6444s 65 49 pc Moscow 35 23 sn 33 19 pc Will Hunting” 64 As is fitting ANNULKEPT Denver4026sn4127c Mumbai 93 79 pc 95 80 pc from 1961 to 1971 ANZACPARADE POD Detroit 67 42 pc 64 52 c International Paris 50 37 c5536s 18 Stock holder? co-star 65 Use atowel SOOT TOT LARGE Honolulu 81 67 pc 81 69 s Rio de Janeiro8776pc8675s TONISIVY SM ILE 40 12, for1728 66 Shoulder muscles INEPTNED OVER Houston7562c 82 61 t TodayTomorrow Riyadh 95 66 s9675s 20 Big commotion City Hi Lo WHiLoW REDAZADISQUARE Indianapolis 67 50 pc 64 52 sh Rome 58 38 pc 57 33 pc 21 History stretches 43 Goes for Down AMYS DAUNT Kansas City 62 50 r5541r Amsterdam 47 38 c5241pc SanJuan 86 73 pc 85 73 pc 45 Abilitytobalance 1Young pigeon ADDLED CATERS Las Vegas 69 53 pc 64 49 pc Athens 67 49 pc 55 44 r Seoul 53 37 s6041pc 23 Water-worn FROGNERPARKEAU on board RARECOULEEYIP Little Rock 69 55 pc 72 47 t Baghdad 88 68 pc 86 72 pc Shanghai 58 41 pc 62 50 pc ravine 2Surpass OMAR OWNEDENS LosAngeles 72 51 s7056s Bangkok 92 75 t9377s Singapore9078sh8677t 24 Fiesta in Arizona, 46 Work out in the 3With zero The contestanswerisVACATION. Each of the theme Miami 80 60 s8265s Beijing 62 37 s6645s Sydney7267r 73 67 r ring Milwaukee 59 46 pc 53 47 r Berlin 47 37 c4939pc Taipei City 59 57 sh 69 61 pc forone chance, slangily answers is afeatureofaworld city(RINGSTRASSE in Vienna, Austria; ANZAC PARADE in Canberra, Minneapolis 56 45 r5440r Brussels 48 39 c5239pc Tokyo5846sh5850s 26 “...man ___ 48 Brief swim 4___ loss Nashville 71 56 pc 67 57 t BuenosAires 71 63 pc 73 65 pc Toronto6137s 55 44 pc Australia; AZADI SQUARE in Tehran, Iran; FROGNER NewOrleans 75 65 c7564t Dubai 88 71 s8969s Vancouver 49 36 s4841pc mouse?” 49 Black cowbase (puzzled) PARK in Oslo,Norway).Taking the initials of both the town and country (assuggestedbythe title) spells NewYork City 58 44 s6246s Dublin 53 41 pc 53 38 pc Warsaw4327pc4730pc s Oklahoma City 56 41 t6538pc Edinburgh 52 44 pc 52 40 pc Zurich 42 27 c4927pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. the contestanswer. P2JW081000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, March 22, 2021 | A15 OPINION How a Company Can Help a City BOOKSHELF | By Harold Holzer

When Iwas he founded audiobook com- ternships” and instead require preneurs. Public money makes Free growing up in pany Audible in 1995—I even paid interns to be from New- up lessthan 5% of the funding, New Jersey, hadone of their MobilePlayer ark,to“givepeople achance.” Mr.Katz says.One interesting Newark was devices. In 2007 Mr. Katz Manywerewithout homes, investment is MoCaFi, aNew- always apass- moved the 125-person com- some from the Covenant ark-based financial platform But Not Free through city— panyfromthe Willowbrook House, aresidencefor abused forunderbanked communities. INSIDE as in: quickly Mall in Wayne,N.J., to down- andneglected youth; Mr.Katz And yes, my taxplan forMr. VIEW passthrough town Newark,and he did it describes them as “inthe vor- Booker wasprobably wrong— Until Justice Be Done the airport, without government-proffered texofsingle-parent, welfare small, innovativecompanies By Andy train station, incentives.Audible hires lots existence.” These were not don’t paycorporatetaxes,at By Kate Masur Kessler highway.New- of area talent forreadings, and MIT engineersbut “people least not yet. (Norton, 480 pages, $32) ark consis- the fastest train is 13 minutes without high school or college When the pandemic hit, tently shows up on high-crime, from Manhattan. Though Ama- Newark went intosurvival n1826,Gilbert Horton, afreeblack sailor from New corruption and “murder capi- zonbought the companyin mode.Mr. Katz quickly setup I York,was arrested during asojourn to Washington, D.C., tal” lists. Manyhavetried to 2008,Audible is still in New- Don Katz and Audible Newark Working Kitchens to on the meresuspicion that he must be arunaway slave. turn it around. ark,now with 1,700employees help save restaurants. Using Slavery still thrived in the nation’scapital, and men of color Imet CoryBooker when he plus contractors, and it is help- committed to Newark much of Audible’s$10 million were routinely presumed at the time to be the property of ranfor mayorin2006.This ing turn thingsaround. in 2007 and they in suddenly unused food-and- whites unlessthey could proveotherwise. wasbeforehebecame Sen. Mr.Katz told me he’sal- travel budget, the group hired Unable to produce“evidences of freedom,” Horton was Spartacus.Idon’t likegiving waysdisdained companies and haven’t looked back. local restaurantstomake200 incarcerated. TheU.S.Marshal placed the customaryadver- money to politicians—it only executives who “givemoney meals aday each and then tisement detailing Horton’sphysical appearanceand duly encourages them—but Iof- away but don’t apply the same used Audible vans,volunteers reporting his claims of freedom, but chillingly warned he feredadvice.Given Newark’s inputsand outputsasthey do degrees forthese really high- andlogistics code to deliver would be sold intoslavery unlesshis “owner or owners” international airport, thriving with their business.” More tech jobs.Iwanted to expose mealstothe homeless, public promptly called forhim and paid the cost of keeping him seaport, Amtrak station, inter- spray and pray,they rarely them to the vocabularyofthe schools and homes without imprisoned. Jailed forweeks,Horton wasfreed only after statehighways, proximity to measureeffectiveness. That’s workplace.” That wasabig food. It worked so NewYork Governor DeWittClinton and President John pharma and chemical manu- also true of government. bet. well—750,000 meals and QuincyAdams,noless, prepared to intervene in his behalf. facturersand refineries while Instead, Mr.Katz strongly Audible looks for“gregari- counting—that the program Washington’sNational Intelligencer newspaper blamed the being within shouting distance believes thereare “scalable ous and bright” versus creden- just received $2 million from injusticeonthe victim. Horton, the editorssneered, lacked of Wall Street, Isaid he should models that aregood forbusi- tialed and experienced. An Au- theNew Jersey Economic De- “brains enough to getsome demand an exemption from nessand good forsociety.” His dible Scholarsprogram offers velopment Authority.Public one to writefor the proof of federal and statetaxes for favoriteis“livelocal.” He be- aid and guaranteed jobs at funding foraprovenprivate his freedom.” Besides,the companies that locateinNew- gantopay employees $500 af- summer breaks forthose who program: That’sasmart paper added, he had been ark and increase hiring.A tertax formonthly rent if they go on to college. Mr.Katz says model. “ten-fold happier in his cell” Booker aide interrupted: “I moved intoNewark.People themodel works: Graduates of Biggovernment programs than other prisoners. don’t think we canpropose called him crazy.Hesays he the program nowmakeup10% oftenfail. SanFranciscois Disheartening as it is to read cutting taxes. It won’t look noticed“measurable produc- of Audible’ employees.Most spending $16.1 million on “safe such accounts, we should feel good.” tivity just from walking to pick up the technologyquickly sleeping villages” containing a blessed that Kate Masur,a As mayor, Mr.Booker in- work”—pre-Covid, anyway— and become productive, “more totalof262 tentsfor the professor of historyatNorth- stead raised $100 million from plus,“young professionals than paying fortheir cost of homeless.That’s$61,000 each, western who focuses on Recon- Facebook CEO Mark Zucker- want to be part of an urban re- onboarding.” approaching the median indi- struction, has nowturned her berg forNewark schools—a covery.” To scale the model, in 2015 vidual income in SanFran- attention to the long-sanitized deal considered adud oncethe Tech companies hirelotsof Mr.Katz startedNewark Ven- cisco, yetthey still livein early days of the republic with dust settled. The crime rate in coders, but howdoes that help turePartners, which has tents. One companycan’t turn “Until JusticeBeDone.” Prodi- Newark rose during his seven- current residents? Newark, funded 93 companies—“little around acity,but maybe Don giously researching legislative year tenure, 2006-13,though whose population is half black Audibles”—chosen from more Katz andAudible canbea and court records, pamphlets, the financial crisis didn’t help. and one-thirdHispanic,needs than 8,000 that applied. Inves- model forprivatecompanies petitions,and the press, she has shaped aremarkable and Government failed again. jobs.SoMr. Katz setupthe tors in the fund aremainly Au- to changethe trajectoryof shattering book,aworthysuccessor to IraBerlin’s1974 It doesn’t have to be that AudibleInterns program. He dible and other corporations other pass-through cities. “SlavesWithout Masters.” Ms.Masur’s monumental account way.Imet Don Katz soon after decidedtotoss“nepotism in- that provide coaching to entre- Write to [email protected]. focuses not only on government-sanctioned pre-Civil War racism, but on the effortsbyblack activistsand their white allies to compel Americatomakegood on the “created equal” pledge in the Declaration of Independence. Capitalism and the Border Crisis TheHorton case proves anything but unique.Ms. Masur painstakingly details aperiod of civil rightsdenied, citi- Is economic logistics and transport infra- believes this creates new op- now within reach. zenship rejected, migration curtailed, and liberty itself development structure,” the report called portunities in the region, Anotable barrier to creat- imperiled forfreeblack Americans.Much of the previous in the North- for“completemodernization” which cancapitalizeonthe ing asupply-chain “highway” literatureonthe early struggles forracial equity has ern Trian- of atrain line from Guatemala comparativeadvantagesoffrom Central Americatothe understandably focused on the movement to end slavery. gle—Hondu- to the tip of the YucatánPen- proximity to the U.S. and a eastern U.S. is the Jones Act In opening awindowontothe suffering long endured by ras, El insula to open “a newfron- young, eager work force. of 1920,which forbids cabo- freedmen, Ms.Masur fills avital gapinour understanding AMERICAS Salvador and tier” with the eastern U.S. “It HUGE memberswill co-in- tage between U.S. portsif of this period. Combining meticulous scholarship with Guatemala— should also contemplatethe vest with companies that ships arenot union built and chilling storytelling,her book should mortifyany reader By Mary alost cause? extension of this train line to meet labor, environmental crewed. Carving out an ex- who still doubtsthat Americawas in manyways built on a Anastasia Not according Tegucigalpa in Honduras.” The and corporate-governance ception, the 2017Mexican foundation of whitesupremacyand black oppression. O’Grady to former same rail lines could be used benchmarks.Mr. Daboub told Council forInternational Af- Without irony, Ms.Masur notes that even the most mo- World Bank to lay fiber-optic cable. me in atelephone interview fairsreport noted, “would be bile of free blacks—those,likeGilbert Horton, who worked Group managing director Juan These areprivateinitia- particularly relevant to trans- aboardglobe-cruising ships—faced jeopardy at home in the José Daboub. TheSalvadoran tives, but they need buy-in form the economyand psy- decades leading up to the Civil War, their risks heightened entrepreneur is spearheading from government—and that’s Migrants are looking chologyofthe Gulf of Mex- whenever their vessels docked at Southern ports. One ship an effort to boost develop- aproblem. U.S. politicians ico, and promotethe steward named Joseph Thompson wasfalsely reported to ment in the region by linking from both sidesofthe aisle for an economy with development of southern NewOrleans authorities as arunaway in 1833—by awhite foreign investorstolocals love to grandstand along the jobs for them. If you Mexico, Central Americaand ship’smatewho preferred selling him intobondagetopay- who are willing to share risk southern border,bemoaning with Louisiana, Alabamaand ing his wages. Thescheme wasthwarted only when Thomp- and expertise. the poverty and miserythat build it, they will stay. Florida.” son gotwordtolocal whiteacquaintances who testified to The HUGE Business Coun- sends desperatemigrants The Jones Act, a relic of a his true status.“Acontinual stream of free colored men cil—an acronym forHonduras, north. But standing up to pro- protectionist past, survives from Boston, NewYork,Philadelphia, and other seaportsof U.S.,Guatemala, El Salvador— gressives who shape counter- FridayfromWashingtonthe thanks to special-interest poli- the United States,” Thompson lamented of the Crescent City, aims to createone million productiveU.S.foreign policy, council estimates that infra- tics.Itishardly the only ex- was“passing through this calaboose intoslavery.” After jobs in the next three to five and to labor unions that work structureneeds alone account ample of government causing another ship’shand, PrinceMatice of NewYork,had asimilar years by “near-shoring” sup- at crosspurposes with risk- forsome $10 billion in invest- moreharm than good in the close call in Virginia, an editor in his home statewarned ply chains that serveU.S. taking capitalists, is another ment opportunity. region. TheU.S.Agencyfor that the peril to freedmen had become so gravethat philan- manufacturing.Italso pro- matter. Corruptbureaucracies in International Development thropic whites must quickly raise “funds fortheir redemp- posestoattract capital to Restoring order and pro- Central Americagrabhead- sponsors left-wing groups in tion, or abandon them to hopelessand perpetual servitude.” build or rebuild thingslike cessing the large number of lines.But therehas been Guatemala advocating a new roads, ports and airports and unaccompanied minorsnow at progresstoward market-ori- “plurinational” constitution to bring U.S. natural gasto the U.S. border is the task at entedpolicy. TheHonduran that would createaparallel In America’s early decades, the need to defend the region. hand. But the big picture will Congresshas opened the elec- legal system and allowlocal the rights of free black Americans gave rise to Thecouncil already in- change only if Central Amer- tricity market to competition. communities to choose the cludes some big players,in- ica changes. The electricity commission is lawthey wish to administer. a movement in parallel with abolition. cluding Parkdale,one of the Thegreat migration is all preparing to receivebids from Advocatescall this “decentral- world’slargest yarn manu- aboutopportunity and, con- private carriers that want to ization” but it would under- facturersand apparel maker trarytothe sentimentsof invest in transmission and mine the rule of law and fos- Theabuse wasbynomeans confined to Southern cities. Intradeco. American nativists, the mag- from energy wholesalersthat ter the return of the cacique, State afterstate from the old Northwest Territoryenacted The idea dovetails beauti- net that pulls so many al want to act as market makers. the local political boss. black laws designed to discourageand limit the settlement fully with the vision of acom- norte would weaken if there Soon consumerswill be al- TheBiden administration of free people of color.Ms. Masur’s description of these mercially interconnected Cen- waswork closer to home.If lowedtopurchase from says it wants to “address the appalling initiatives is consistently eye-opening,particularly tral America, Mexicoand U.S. you build it, they will stay. wholesalersorgenerators, do- root causes” of migration by in her relentlessfocus on multigenerational anti-black initi- Gulf Coast—via rail and ship- China’srising cost of pro- mestically or regionally,ata dropping $4 billion in the re- atives in Ohio.But similar laws passed in Indiana, Illinois ping—laid out in a2017 report duction and questions about negotiated price. gion. But any effort that fails and even Pennsylvania, despiteits Quaker tradition of aboli- on the Mexico-U.S. relation- itsuse of forced labor have Competitively priced elec- to unleash the animal spirits tionism. Whenever legal clampdowns lagged, whites might ship from the Mexican Council Western manufacturersgiving tricity,which is crucial for of capitalism will be dead on turn to violenceand reduceblack communities to ashes. forInternational Affairs. the Americas another look. manufacturing but has been arrival. Nor did the discrimination fully subside when Lincoln Highlighting “investment in TheHUGEBusinessCouncil unavailable in Honduras,is Write to O’[email protected]. issued the Emancipation Proclamation in 1863.Eventhen, newly enlisted black troops were so oftenmenaced as they passed through Washingtonthat their whiteofficerspro- tested the “assaults, attacks,&c, on colored soldiers.” An Epidemic of Memoir-Writing But this is not abook about victims and victimhood alone.Ms. Masur also portrays the work of pioneering By Peter Funt cause the book is so specific to rus. Among the firstwereac- money would paytohavetheir black civil-rightsactiviststoaccomplish what Lincoln had your experiences it lacks the tors Michael J. Fox, Billy Dee books professionally printed. described in 1861 as America’sprincipal mission: “toafford rookeWarner says her universality that manymem- Williams and Hayley Mills. By Today, anyone with acom- all, an unfetteredstart, and afair chance, in the race of B businessis“exploding.” A oirshave. As youknow, most summer,PBS reporter Yamiche puter,freetime,and afew life.” Free blacks took enormous risks to build and defend literarycoach based in memoirsthese days followa Alcindor and retired Nascar bucks canupload amanuscript communities of color in hostile environments. They created Berkeley,Calif., she teaches particular arc: they tell astory driver Bill Lester had sold and have it printed on demand. alattice of homes,churches,schools,newspapersand “boot camps” on topics such as of transcendenceovertrou- their stories,ashad Dolly Par- With luck,itmight sell tens of fraternal organizations and insisted on equal status before “WriteYour Memoir in Six bling and oftenhorrifying cir- ton. Willie Nelson gotdeals for copies. the law, including citizenship.Atrisk of their very lives, Months” and “Build Your Mem- cumstances.Obviously,this is two memoirs. There’salso arobust mar- African-American leaderslikeRichardP.G.Wright “liftedup oir From the Ground Up.” Dur- not your life!” As the pandemic wore on, ket forwhat could be called their voiceand said, this is my country.” ing lockdown, the urge to write former National Football memoir-middlemen. Life Thebook reaches acrescendo with the Supreme Court’s memoirsseems to have reached League coach Bill Cowher Chronicles Publishing,asmall 1857 Dred Scottdecision making second-classstatus for epidemic proportions. Thelockdowns have signed amemoir deal, as did operation near Seattle,says blacks national, “perpetual and impassible.” Freedom This makes sense forthose spreadavirus of non- actors Stanley Tucci and Juli- businessisup90% during the activistsresisted even this seemingly fatal setback.Anex- whowould rather self-desig- anna Margulies.Karen Knotts, pandemic.The company panding Republican Party,Lincoln’spro-freedom initiatives nateasauthorsthan paint the memorable lifestories. daughter of TV comic Don chargesanaverage of $2,000 during the rebellion and apostwarCongressdetermined to house or mowthe lawn. Ms. Knotts,came up with amem- to whip amemoir intoshape— enact civil-rightslegislation—along with constitutional Warner notes,“Thepandemic oir appropriately titled “Tied then has it printed by Amazon. amendmentsestablishing birthright citizenship and black hasgiven people moretime, She nailed it. My lifehas Up in Knotts.” Andy Ross, an Oakland, Ca- voting—offered the hope of equality to people of color. butalso moreopportunities zero universality.But that But when it comes to rumi- lif., agent, says,“Iget multiple To Ms.Masur,these reforms were not evidenceofaradical forintrospection, and memoir hasn’t stopped me and others nation by lessfamous folks, proposals formemoirsevery moment but the product of half acenturyofstruggle.If is thereforeanaturaloutlet to from banging out our stories. publishers can’t handle the day of the year, including most of what Ms.Masur discusses after1858 feels anti- turn to.” TheNational Association of surge.This has created an op- Christmas.Most of the stuff is climactic,itisonly because the storyofpostwardisillusion- Itried writing amemoir Memoir Writershas seen its portunity forcompanies offer- terrible,soitends up with ment is familiar,and the early sagabreathtakingly fresh. last summer and produced a membership bulge. ing self-publishing,the biggest Kindle.” Speaking of fresh: do not look forLincoln or Frederick tome titled “NiceWork,” in According to Publishers of which areAmazon Kindle Isuspect aside effect of the Douglasstodominatethis book.Instead, Ms.Masur intro- whichIrambled about odd Marketplace, which tracks Direct Publishing and Ingram- Covid vaccines will be suppres- duces unsung heroes to vivifyher saga. Agonizing as it is jobs Ihad early in my career.“I book deals,memoir acquisi- Spark.Not long agothis field sion of the memoir bug. to read, it is no longer possible to ignore. found your book charming,” tions were up about 9% in wasknown as vanity publish- literary agent Vicky Bijur 2020,manyinvolving celebri- ing,aprocess by which people Mr. Funt is awriter and Mr. Holzer, of Hunter College’s Roosevelt House, won the emailed. Ah, but then: “Be- ties who caught the writing vi- with limited talent but ample host of “Candid Camera.” 2015 Lincoln Prize. P2JW081000-0-A01600-1------XA

A16 | Monday, March 22, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR China’s Warning to Biden Were the Lockdowns Worth the Heavy Costs?

hat wassome tongue lashing asenior tions against China forviolating itstreaty with In “The Lockdowns Weren’t Second, although Mr.Lemoine cor- Chineseofficial delivered last week in Britain over Hong Kong,threatening an invasion Worth It” (op-ed, March 12), Philippe rectly states that individuals take ac- T Anchoragetotop Biden Administration of Taiwan, or imprisoning UighersinXinjiang Lemoine claims that Sweden and the tions in response to the conditions U.S. stateofGeorgia didn’t experi- they confront—becoming morecare- officials in their firstmeeting. reeducation camps. A lecture in Alaska enceunusual death ratesbecause of fulintheir activities as the situation This is the newreality in U.S.- In itsfirst two months the “hands-off” policies or the absence gets moredire—he makes no effort China relations,asadversaries shows that adversaries Biden Administration has been of lockdowns.Hesays,“Sweden has to disentangle the economic down- look to see if they canexploit strong in itsrhetoric on all of ended up with aper capitadeath rate turn that would have happened any- President Biden as they did Ba- sense U.S. weakness. this.Mr. Blinken and national indistinguishable from that of the Eu- way because of that behavior from rack Obama. security adviserJakeSullivan ropean Union” and Georgia “has a the incremental effect of government Thetwo sides had agreed orchestrated aseries of well- per capitadeath rate that is effec- policy. to two minutes of opening remarks each. Sec- done meetings with Indo-Pacific allies in ad- tively the same as the rest of the Researcherswho have made such retary of State AntonyBlinken kept his short vanceofthe Anchoragemeeting.They also country.” effortshavefound that the over- and hospitable,though he did saythe U.S. has struck adeal on financing U.S. troop deploy- Both statementsare misleading,at whelming majority of the downturn “deep concerns with actions by China, includ- mentsinSouth Korea. best. Sweden’srateofCovid deaths would have takenplacewith or with- per capitaisabout 12.6% higher than out government restrictions.Airlines, ing in Xinjiang,Hong Kong,Taiwan, cyber at- But the real challengewill be howwell it re- that of the EU,not “indistinguish- theaters, restaurantsand manyother tacks on the United States, and economic coer- sponds to the aggressivedesigns of adversaries able,” according to arecent Worl- businesses would have had aterrible cion toward our allies.Each of these actions in Beijing,Moscow and Tehran. Thehardmen dometers.inforeport. Compared with 2020,and unemployment would have threaten the rules-based order that maintains in these capitals recall howthey were able to ad- neighboring or nearby countries, soared, no matterwhat restrictions global stability.” vancewhen Mr.Biden’sliberal internationalists Sweden’srecent death rate of 1,296 governmentsimposed. It is only the China’sdirector of the Central Commission were last in powerunder Mr.Obama. Russia deaths per million wasdramatically incremental reduction in economic forForeign Affairs, Yang Jiechi, then went on a grabbedCrimea, invaded eastern Ukraine and higher: Denmark (412), Norway (117), activity—a small fraction of the 20-minutetear (including translation) about the movedintoSyria. China snatched islands for Finland (142), Iceland (85). Sweden’s downturn—that canbeconsidered a superiority of “Chinese-style democracy” and militarybases in the South China Sea and stole death rate is six times that of these cost of government-imposed restric- America’ssins.The latterincluded areference U.S. secretswith impunity.Iranspread terrorism four countries.EvenGermanywas tions. to Black Lives Matter, human-rightsproblems, via proxythroughout the Middle East and much lowerat881 deaths per mil- Clearly,government policyina lion. Similarly,the stateofGeorgia’s health crisis should weigh costsand and that the U.S. “has exercised long-arm juris- fleeced John Kerryonthe nuclear deal. death rate wasn’t much abovethe na- benefitsofparticular actions.Over- diction and suppression and overstretched the These regional powers arelooking to see if tional average, but it wasover20% stating the costsisasureway to national security through the use of forceorfi- this newU.S.Administration is Obama II. There- higher than the averageofthe 33 makeany action look unwarranted. nancialhegemony.” newedcourtship of Tehran to return to the states with lowerdeath rates. PROF. LEONARD SOFFER Mr.Yang added: “So we believethat it is im- flawed2015 nuclear deal is asign of weakness. Thenotion that an absenceof UniversityofChicago portant forthe United Statestochangeits own Vladimir Putin will surely take some action lockdowns,especially in Sweden, imageand to stop advancing itsown democracy against U.S. interestsinresponse to Mr.Biden’s didn’t result in sharply higher death Thefact is that with respiratory in the rest of the world. Manypeople within the affirmativeresponse last week to aquestion of ratesisamyth, and even the Swedes viruses the area under the curve United Statesactually have little confidencein whether the Russian is a“killer.” tightened their restrictions sinceNo- doesn’t change. This means that the the democracyofthe United States.” As we’ve Thebiggest test will be China, which is grow- vember.Cost-benefit studies advo- number of infections and deaths, catedbyMr. Lemoine would be ex- over the long term, will be similar re- noted, the Chinese liketoecho the woke U.S. me- ing in confidencethat it has the strategic advan- tremely useful in evaluating policy gardlessofthe lockdown strategy. dia critique of America. tage over adeclining America. If youdon’t be- restrictions,but thereisnobasis for Theonly effectivesuppression of vi- Mr.Blinken responded that the U.S. “acknowl- lievethat, read Mr.Yang’scommentsin objecting to tough public-health stan- russpread would have necessitated a edges our imperfections,acknowledges that Anchorage. Thethinking of the powers in Beijing dards in the faceofuncertainty,for completeand unyielding lockdown of we’renot perfect, we makemistakes,wehave todayisnot unlikethat of the Soviet Union in the example,atthe beginning of apan- the population or the early availabil- reversals,wetakesteps back” but then make 1970s when American decline wasinvogue and demic of unknown seriousness, con- ity of avaccine.Atotal lockdown progressagain. This is true enough, but need- the Communistssought to advancearound the tagion and duration or when it ratch- isn’t achievable in afreesociety,and lessly defensiveafter aforeigner’s public assault world. Except China todayhas far moreeco- etsupfor unknown reasons. vaccine development takestime.The on U.S. interestsand values. nomic strength. JACK TATOM best approach would have been to iii ThefutureofTaiwan maybethe most fraught Chesterfield,Mo. isolatethe elderly and infirm as has This is only one meeting,but it wasatone set- challenge. As alocus of global semiconductor been done through history. This so- Mr.Lemoine argues that govern- cial experiment imposed on us has terfor the world’smost important bilateral rela- production, the island is crucial to U.S. economic ment policies aimed at limiting the been an abject failureand must not tionship.Wordisleaking that the privateex- interestsaswell as being ademocratic ally.Chi- spread of Covid-19 were ineffective be permittedtoberepeated. changes from the Chinese side were as tough as nese President Xi Jinping has made clear that and overly costly.His analysis is R. DOUGLAS HUME, PH.D. the public remarks.The Chinese aremaking retaking Taiwan is apriority,and China’smili- flawedfor two reasons.First, he con- Kalamazoo, Mich. clear that, afterthe Trump years, Beijing wants tary is building aforce capable of aquick-strike flates allCovid mitigation policies as areturn to the policyofObama accommodation invasion. Mr.Xiwill be eager to trade promises if they had the same cost-benefit re- Itook care of my son who had to China’sglobal advances. about climatechangefor U.S. acquiescenceover lationships.For example,mask man- Covid in March 2020.Itraveled sev- This means feeble objections to China’scyber Taiwan. dates and business-capacity limits, eral times to see my 93-year-old fa- and intellectual property theft. It means ending This is adangerous moment as the world’s which Texas has ended, aren’t the ther in Tennessee.Itraveled interna- the U.S. policyofbuilding an allianceofdemoc- roguepowers look to test the Biden Administra- same thing.Mask mandates arevir- tionally.How wasIable to do this? I racies in Asia that countersChinese aggression. tion’sresolve. TheAnchoragelectureisawarn- tually costlessand, according to tested, Iwas always aware of my sur- medical professionals,are highly ef- roundings, Iworeamask when man- And aboveall, it means ending criticism or sanc- ing to take seriously. fectiveatreducing the spread of dis- datoryand Itook the approach of ease.Any reasonable cost-benefit self-responsibility and respect for analysis would come out in favorof those around me. The U.S.-Made Border Crisis universal masking during apan- Ihaveseen firsthand what long demic,evenifother actions were lockdowns do to communities and a he border is closed,” Homeland Secu- temporary guest workers, but migrants know deemed toocostly relativetotheir state. Government thinks it knows rity SecretaryAlejandroMayorkas they can seek legal permission to work in the benefits. best but in reality it is “wethe peo- ‘T said SundayonNBC’s“Meet the U.S. half a year after they file their asylum ap- ple” who areable to makerational Press,” though everyone knows it isn’t. Mr.May- plication. decisionsand livelifeinarespectful orkas is finally trying to send amessagethat mi- Mr. Trump’s Migrant Protection Protocols and free manner without allowing The Obama-Biden Stimulus the government to take away our dig- grantsshouldn’t flood the border,but the Biden sought to reduce the appeal by requiring asy- Wasn’t All That Humble nity and right to earn aliving.Ijust Administration isn’t changing the policyincen- lumseekerstoremain in Mexicowhile the im- gotmyfirst vaccine,soplease don’t tives that encouragethem to arrive. migration courts adjudicated their cases, but Ihad asmile on my faceasIread movethe goal postsonus. Mr.Mayorkas blames the Trump Administra- Mr.Biden is phasing out that policy. His Admin- your editorial “Biden Misremembers TINA COOK tion for having “gutted” and “completely dis- istration is using aCovid emergencyprovision aShellacking” (March 17)because I Laguna Beach, Calif. mantled the asylum system.” It’s true Donald to deport adultsclaiming asylum. But it has ex- wasamused and puzzled at Presi- Trump’s immigration policies left much to be empted children whoset foot in the U.S.,sopar- dent Biden’scommentsabout the hu- desired. His rhetoric often demonized immi- entssend their children to enter and then stay mility of the Obama/Biden adminis- grants, and his policies created newbarriersfor with relatives. Mr. Mayorkas says more than tration at the time of the stimulus Public Art and Secession those who wanted to enter lawfully. 80% of unaccompanied children have a family passed under itswatch (the Ameri- From Previous World Views Yet the asylum system was broken long be- member in the U.S. canRecoveryand Reinvestment Act of 2009). Irecall adifferent fact set, Barbara Maria Stafford’s “Icono- fore Mr.Trump took office, and President Biden Congress could fix much of the problem by including oversized signs proclaim- clasm’sNasty and DestructiveRe- has made it worse. Under current law, migrants eliminating loopholesinthe asylum system ing “Putting AmericaBack to Work” turn” (Letters,March 13) presents can seek asylum even if they cross the border while expanding opportunities formigrant and “Project Funded by the Ameri- fallacies that bedevil America’s unlawfully.Ittakes yearstoadjudicateanasy- workerstoenter the U.S. legally.But Democrats canRecoveryand Reinvestment statue debates.Removing apublic lum case,and manymigrantsnever show up in refuse to consider either policy change. Until Act,” appearing prominently at rou- statue or monument can’t possibly court. The federal government limits visas for they do, expect more trouble at the border. tine and already-underway road con- “eradicate” the past’s“tangible re- struction projects. If the 120-inch by mains.” What’sremoved isn’t history. 84-inch signs didn’t constitutetak- It’sonly asymbolic statement about Property Rights at the Court ing a“victorylap,” then what history. would? Yes, criminals sometimes vandalize he Supreme Court has sometimes Amendmentsprohibit governmentsfromtak- As Shakespeareput it: “You sign monuments. But that doesn’t makea your placeand calling,infull seem- community’s lawful removal of apub- treated property rightsasthe prodigal ing privateproperty “forpublic use,without ing,with meeknessand humility; but lic statue “the destruction of sculp- T son of the Constitution, and on Monday just compensation” and due process. your heart Is cramm’dwith arro- ture,” “ruination” or “demolition” the Justices have an opportu- Even if astate isn’t out- gancy, spleen, and pride” (Henry leaving “rubble.” And mereremoval nity to welcome it back with Can a state order owners right expropriating property, VIII, II.4106-108). can’t remotely compareto“devasta- some rules on behavior. to let the public use land the Court has long held it may DAVID FORTNEY tions inflicted by the Taliban” on an- At issue in Cedar Point still violatethe Constitution’s Winston-Salem, N.C. tiquities. Nurseryv.Hassid is a1975 without compensation? takingsclause per se by physi- Yes, it’sa“misconception that di- regulation by the California cally occupying property and versity contains only certain ag- Agricultural Labor Relations limiting an owner’s right to Cancer the Second Time grieved groups and not the motley Boardthat requires farmerstoallowunion or- do with it as he pleases.California’sfarm board Is Much More Problematic rest of us.” Nevertheless, acommu- nity choosing to removeastatue of, ganizersontotheir property three hoursaday disagrees.Aslong as it is not permanently oc- Ibeg to differ with Rebecca Sugar say, Jefferson Davis is only exercising for120 days each year.InOctober 2015,union cupying or confiscating property,the statesays (“Cancer Is Different the Second itsnaturalright to secede from its protestersbargedwith bullhorns ontoCedar it doesn’t have to compensatefarmers. Time,” op-ed, March 12). After40- ownpast statement. Point’sland without prior noticeand distracted Adivided Ninth Circuit Court of Appeals plus yearsasaclinical radiation on- STEVEN T. CORNELIUSSEN workerspreparing strawberryplants. panel agreed with California, relying heavily cologist, Ifound that an initial can- Poquoson, Va. At the time some farm workerslived on the on the High Court’s PruneYard Shopping cerdiagnosis,while ashock,is farms, and union organizershad few means to Center (1980) precedentthat upheld aCali- usually couched in the optimistic lan- communicateunlessgranted access to farmers’ fornia constitutional provision, which for- guageofcure, especially if the dis- Pepper ... property.The Supreme Court in NLRB v. Bab- bade an owner of aprivatemall generally ease is not advanced. This is not so And Salt cock &Wilcox (1956) held that while acompany open to the public from adopting restrictions with recurrence, forthen it is clear usually has aright to exclude union organizers on political speech. that cureisunlikely,and the 10-year THE WALL STREET JOURNAL interval between initial diagnosis and from itsparking lots, that right could be lim- Conservatives who arguethat social-media treatment and recurrencehas served ited “ifreasonable effortsbythe union through companies shouldn’t be allowedtorestrict merely to lull the patient intofeeling other available channels of communication” speech on their platforms oftencitethis ruling. complacently that the disease is would not “enable it to reach the employees But PruneYard wasfundamentally about the cured. This is usually far moreshock- with itsmessage.” scope of the FirstAmendment. TheNinth Cir- ing and frightening formost pa- TheCourt’shedgeenabled the California cuit has interpreted the case in away that tients, and patient and family will re- board’soverreach, which has grownmorefla- would allowstatestoabridgeabusiness’sright quiremoresupport and grant with time.Most workerstodaydon’t live to exclude people from itsproperty.Govern- understanding. on their employers’land, and the union can mentsare allowedtolimit property rightsto SIDNEY P. KADISH, M.D. reach them wherethey liveorthrough targeted protect public health and safety.But the Ninth West Newton, Mass. ads on social media. Circuit ruling would effectively allowgovern- Lettersintended forpublication should Cedar Point Nurseryand Fowler Packing Co. mentstodosoinserviceofwhatever they be emailed to [email protected]. Please arguethat California’sregulation is equivalent deem apublic purpose. include your city, state and telephone to atime-limited government easement and Thelowercourtsare all over the map on number.All letters aresubject to thus constitutes what’sknown as a“per se” these issues,and the Justices have achanceto editing,and unpublished letters cannot “I guess he can take his sand be acknowledged. taking.The Constitution’sFifth and Fourteenth provide some clarifying guidance. and go home.” P2JW081000-2-A01700-1------XA

THE WALL STREET JOURNAL. ** Monday, March 22, 2021 | A17 OPINION Biden Should Follow His ‘Killer’ Instinct

By David Satter tin wasprobably personally responsi- tested positivefor hexogen, the ex- ble forhis poisoning. plosiveused in the four explosions. resident Biden said “I do” To an extent, when it comes to Other evidencethat has built up over last week when asked if he Russia, American leadersare superfi- the yearsalso pointstothe FSB. believes Vladimir Putin is cial out of fear of what aserious ef- TheU.S.never raised the question P a“killer.” That’safirst fort to learn the truth might find. of whyFSB agentswerecaught put- step toward addressing Butthe U.S.,asguarantor of world ting abomb in the basement of an Russian crimes openly,which would stability, has the duty to gain full apartmentbuilding.Secretaryof shield Russians in danger of repres- knowledgeofRussian leaders’ State Madeleine Albright declined to sion and strengthen American secu- crimes.Russia is runby100 or so in- answerquestions about the bomb- rity as well. dividuals who control 35% of the S ingsfromthe SenateForeign Rela-

U.S. administrations have long country’sassets. With free rein, there PRES tions Committee, saying only that

been reluctant to call attention to arefew limitstothe actions they can TED “actsofterror have no placeina

Russian crimes.InFebruary2017, in take against the outside world. CIA democratic society.” Russia blamed SO

an interviewonFox News,President In threecases in particular,the AS the bombingsonChechen rebels.Un- Trump responded to the statement U.S. should makeevery effort to un- lessthe truth is established, terror

that Mr.Putin wasakiller by sug- derstand and expose Russian crimes. HININ/ maybecome the way powerchanges gesting American leadersare no bet- First, we need the truth about the UZ hands in Russia from nowon. DR ter. “Thereare alot of killers, we’ve Feb. 27,2015,killing of Boris ManyRussia critics focus on cor-

gotalot of killers,” he said. “You Nemtsov,Russia’smost important ALEXEI ruption, which is easy to under- think our country’ssoinnocent?” democraticleader,who wasshot on Vladimir Putin on March 11 stand. But the biggerdanger the Pu- the Bolshoi Moskvoretsky Bridge tin regime presentstothe world is a next to the Kremlin. Theofficial hasbecome aplaceofpilgrimage. officers.InaMay 2020 interview mentality that treatsmurder as a He noted the truth about storywas that Zaur Dadaev,aformer But he wasalso important to the U.S. with the Times of London,separatist normal part of political life. Theno- officer in the Russian militaryforces He wasone of only two Putin oppo- leader Igor Girkin denied anyin- tion of human beingsascompletely Putin, as no predecessor based in Chechnya with no connec- nentscapable of summoning a volvement. Asked if he wasaccusing expendable originated in socialism, has done. Will he back up tion to Nemtsov,shot him six times. crowd.The other is AlexeiNavalny, Russia, Mr.Girkin said, “People can with itsabolition of privateproperty Four other defendantsallegedly as- recently imprisoned afterbeing poi- interpret this as they like.” and conversion of the individual into his words with action? sisted in the crime.The regime assid- soned. UnlikeMr. Navalny, however, What’sparticularly chilling about the property of the state. That idea uously promoted this version, and Nemtsov wasanopponent of nation- MH17’sdestruction is that it appears is ingrained in the minds of Russian theU.S.tacitly accepted it. alism and Russia’saggression against to have been part of apolitical strat- leaders. Mr.Trump waswidely con- TheParliamentaryAssembly of Ukraine.The U.S. owesRussia’sdem- egy. Mr.Putin immediately called Mr. Russiahas responded to Mr.Bi- demned. But the readinessofU.S.of- Europe, however, cited evidencethat ocratsevery effort to identifythose Obama after the plane was shot den’sremark by threatening an “irre- ficials to ignoreRussian crimes has Nemtsov wasthe victim of an opera- responsible forhis death. down and, citing the danger to civil- versible degradation of relations.” been bipartisan. When President Bo- tion carried out by the regime—in- We also need the truth about the ian aircraft, called foranend to the But the path to betterrelations leads ris Yeltsin attacked Parliament with cluding the presence of suspects on July 17,2014, destruction of Malaysia Ukrainian offensivethat wasadvanc- through the realization by Russia’s tanks in October 1993,Secretaryof the bridgewho were never inter- Airlines Flight 17,which killed 298 ing rapidly intoseparatist-held terri- leadersthat the rest of the world is State Warren Christopher congratu- viewed, the disappearanceoffilm passengersand crew.The Putin re- tory.Inthe following 10 days,he determined to placelimitsontheir lated him on his victory. DespiteMr. from all nearby surveillancecam- gime mounted adisinformation ef- made 24 calls with Western leaders crimes.The president needs to re- Putin’sreputed ties to organized eras,and eavesdropping on Nemtsov fort afterthe plane wasshot down with the same goal in mind. versedecades of U.S. political prac- crime, President Bush said in 2001 that could have been carried out over eastern Ukraine to createthe Finally,weneed the truth about ticeand act on his acknowledgment that he had“looked the man in the only by an intelligenceservice. An- impression that it wasdestroyed ac- the September 1999 apartment bomb- of Mr.Putin’srole.Ifhedoesn’t, the eye” and “was able to getasense of drei Illarionov,aRussian economist, cidentally by separatists. But evi- ings, which led to anew invasion of Russian ruler’s next crime is only a his soul.” In July 2009 President published evidencethat Nemtsov dencepointstoRussia. Chechnya and brought Mr.Putin to matteroftime. Obama described Mr.Putin as “sin- wasshot from two different guns, ADutch criminal court established power. Morethan 300 were killed in cere,just and deeply interested in not one as alleged in court, and vid- that the Buk-M1 missile that hit the explosions in four buildings. Soon Mr. Satter is author, most re- the interestsofthe Russian peo- eotape confirmed that Mr.Dadaev MH17was brought intoUkraine by after, three agentsofthe Federal Se- cently, of “Never Speak to Strangers ple”—despitethe polonium poison- wasn’t on the bridgewhen Nemtsov theRussian 53rdAnti-AircraftMis- curity Service, or FSB, were caught and Other Writing From Russia and ingofformer Russian agent Alexan- waskilled. sile Brigade.According to areport by placing afifth bomb in the basement the Soviet Union” and an adviser to der LitvinenkoinLondon in 2006.An Nemstov is aherotomanyRus- Radio Liberty,the battery wasac- of abuilding in Ryazan. Thebomb, the Victims of Communism Memorial official British inquiryfound Mr.Pu- sians; the spot wherehewas killed companied by Russian intelligence disarmed before it could explode, Foundation. Where’s the Science Behind CDC’s 6-Foot Social-Distance Decree?

By Scott Gottlieb Moredistanceisalways better tions on the flublueprint. But this spread primarily through droplets Moreover,the CDC isn’t always when it comes to contagion. But the doctrine wasn’t revisited as more and not through smaller aerosols,we clear on when the scienceisunset- he Centersfor Disease Control 6-foot directivemight have been the databecame available about the underestimated the protectiverole of tled.This makes it harder forthe T and Prevention released new single costliest measureCDC has rec- novel coronavirus.The relianceona wearing high-quality masks. American public to identifywhich guidanceonFridayabout how ommended, which have been largely flumodel caused public-health au- Expertsweretrying to protect recommendations aremoreopen to far apart children ought to be while followedoverthe past year.Sowhat thorities to underestimateand over- Americans,and we can’t blame them discretion. Theagencyalso doesn’t in school. Theold standardof6feet sciencewent intomaking—and, more estimateCovid in important ways. forbeing wrong in the absenceof always identifythe underlying sci- has been replaced by a3-foot mini- important, sustaining—the recom- They overestimated therole of good information. Thequestion is ence of itsrecommendations.We mum, which will makeitmuch more mendation? contaminated surfaces.Some Ameri- whether thereisaneffectiveprocess don’t knowthe exact basis forits ini- feasible formanyschools to reopen Nobody knows forsure. Most forestablishing these measures and tial viewtostay6feet apart. forfull-time instruction in person. agree the guideline derives from a re-evaluating them as newinforma- When trying to contain apan- Theadjustment applies only to belief that Covidislargely spread Thenew limit forschools tion emerges. Scienceisn’t aset of demic,it’sessential to focus on the schools,not society morebroadly, through respiratorydroplets, likeflu. unchanging truths handed down by a precautionslikely to makethe big- and only when prevalenceislow and Old studies suggest that largerrespi- is 3feet. Butthe public is government agency. gest difference. Thepublic is willing schools aretaking other measures, ratory dropletsare unlikely to travel in thedarkabout thebasis Beyond changing the 6-foot rec- to followsensible,evidence-based di- such as keeping kids in social “pods.” morethan 6feet, and thereforeclose ommendation, the Biden administra- rections.But expertscan ask people Thepreconditions maypreclude the contact with an infected person is the of theserecommendations. tion should consider reforming the to sacrificeonly so much beforere- guidancefromhaving itsfull in- primarymode of exposure. This re- decision-making process. CDC can sistancestartstoform, given the so- tended effect. TheWorld Health Or- search washardly conclusive, but by movefast in acrisis,which is avir- cial and economic hardship.Ifthe ganization has allowed1meter of most accountsitformed the basis for cans arestill wiping down their gro- tue, but this makes it even moreim- CDC expectsAmericans to followits distance(around 39 inches) both in the initial Covid recommendations. ceries beforebringing them inside. portant that itsadvice is re-evaluated guidance, it has to be moretranspar- and out of school. China, France, More-recent research shows that the Oneconsequenceisthat we were and updated when necessary. The ent and getthe public invested in Denmark and Hong Kong,among oth- novel coronavirus canalso spread slowtorecognizethe extent of agency’sguidance, even though it is howthese decisions aremade. ers, went with this spacing.Ifthe through airborne particles,known as asymptomatic spread. Theeffort ded- nonbinding,has moreimpact than CDC’sguidancewereapplied univer- aerosols,especially indoors. icated to scrubbing surfaces wasn’t manyregulations,but much less Dr. Gottlieb is aresident fellow at sally—toinclude work and retail— Most planning forapandemic pre- spent improving air ventilation and transparency and public scrutiny. the American Enterprise Institute and that one adjustment could restore pared forabad fluoutbreak.Given filtration, which would have had a Thereare no open docketsoroppor- was commissioner of the Food and substantially morecommercial activ- howlittle wasknown about Covid, it greater effect. On the other hand, be- tunities forexpert input, such as Drug Administration,2017-19. He is ity. wasreasonable to base early assump- cause of the assumption that Covid public advisorymeetings. on the boards of Pfizer and Illumina. The Future of U.S. Higher Education: A Few Stars, Many Satellites

By Daniel Pipes paredmefor this lonely ramble.It This zealotryupsetsnot only conser- smug institutions arescampering to aquarter of the Yale student body to prompted me to ponder the four exis- vatives; prospectivestudentsalso re- find newprocedures. her lectures on “The ScienceofWell strolled through HarvardUniver- tential challenges facing universities: alizethe limited utility of adegree in Harvardmight seem immune to Being,” making it the most popular I sity recently on what should have • The internet. TheWestern uni- lesbian, gay, bisexual and transgen- these problems,with its$50 billion course in Yale’s320-year history. been abusy Fridaymorning.The versity dates to the founding of the der studies. in netassets, the country’slargest, Moreimportant, starting Saturday solitude wasstriking,with once- University of Bologna in 1088.Itre- • Exorbitant prices. Columbia Uni- and acollegeacceptancerateof4.6%, thecourse boasted anon-Yale audi- lively routes deserted and nearly all mains an essentially medieval institu- versity costs$64,380 ayear in tu- among the country’slowest. But even enceof3.4 million participants. libraries and classrooms shut, along tion, with scholarseducating stu- ition and fees (plus housing). Higher Theappearanceofsuch huge with sportsfacilities,public halls and dentsclustered in their immediate education has lost itsrole as a“lubri- courses at amoment when lesser in- museums.Hardly anybuildings, in- presence. Although “massiveopen cant” of upwardsocial mobility,ex- Top schools will flourish stitutions arefailing suggeststhat a cluding dormitories,showedsigns of online courses,” cutely known as plains marketing specialist ScottGal- while the rest wither and few star universities will flourish while life. Even scientific laboratories had MOOCs,haven’t generally takenoff,a loway,instead turning intomoreofa the rest starveand die.Patterns in col- only skeletal crews. It’sagreat time massiverelianceonZoom instruction “castesystem” primarily serving the are reborn as affiliates. legeapplications imply this trend is al- to find aparking space. has finally proved the internet’spo- privileged. University staff are“no ready under way.Imagine areduction Buildingsare locked to the public. tential to disrupt the dominant, ar- longer public servants,but luxury from some 5,300 U.S. colleges and uni- Auniversity ID is required to enter. chaicmodel. goods who aredrunk on exclusivity Harvard—which, Mr.Galloway notes, versities to 50,each with itsrenowned This reminded me of the time in 1984 • Extreme leftism. Theacademy’s and brag about turning away 80,then has become aslightly absurd outlook (including some conservative when, on alark,Itried to enter the liberalism dates back acentury(to 85,then 90% of applicants.” “$50,000 streaming platform”—faces ones), specialties and strengths.Thou- high-rise that houses Moscow State the aftermath of World WarI)and its • Covid-19. Thesudden focus on areckoning in the Zoom era. How sands of existing campuses will be- University,only to be carded by So- radicalism ahalf-century(to the personal physical safety disrupted might that reckoning look? Here’sa come shared satellitefacilities for viet apparatchiks and refused entry. 1960s). Thepassageoftime finds the previously stable models of student prediction: those 50,completewith dormitories Nothing in my nearly seven de- faculty ever morewildly radical in its recruitment, teaching,tuition, fund- MOOCs will finally fulfill their po- andsportsfacilities. cades’ knowledgeofHarvard(which teachings, indulging in increasingly raising and employment. In-person tential. Laurie Santos,aYale psychol- Courses likeMs. Santos’swill re- startedwith preschool in 1952) pre- preposterous flightsofabsurdity. attendancewill return, but long- ogyprofessor,already attractsnearly quirelegions of teaching assistants and graderswho meet in person with students, giving education the per- sonal touch and community ground- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Garcetti ing essential to itsmission. TheCali- Rupert Murdoch Robert Thomson fornia State University system, with Executive Chairman, News Corp Chief Executive Officer, News Corp Margaret Brennan interviewing Garcetti: —either because of expo- 23 campuses,foreshadows this geo- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Los Angeles Mayor Eric Garcetti on suretoCovid-19 and vaccination. So graphic dispersal, as does the distinc- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: CBS’s “Face the Nation” Sunday: it is averydifferent contextthan tion between full-time and adjunct Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; when openingshappened last July or faculty.In-person advanced seminars Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Brennan: Yourun the second larg- when openingsdidn’t happen in De- with star professorswill continue as News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; est city in the country. When we cember.But we still sawthis virus ever,training the next generation of Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer spokelast in January, it wasthe epi- burn through our city.Sothis is a scholars. Andrew Dowell, Asia; AnthonyGalloway, Video & center of aCovid outbreak.Now very,veryoptimistic moment. ...If Tuition will come crashing down Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; we’reat50,000 infections aday [na- we were astate right now, we’d have as economies of scale come intoplay, Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; tionwide]. Areyou confident there the second lowest positivity rate. truly opening education to all and Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; was not a fourth wave coming? And our state of California right ending the student-loan crisis. Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Garcetti: Oh, Covid makes you now, Ithink,isthe thirdlowest case Thetaxi system wasunreliable,ex- Thomas SanFilippo, Customer Service; never confident, but hope really rate in the country. ...SoIthink pensiveand unpleasant, so along GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; hangs on the horizon. I haven’t felt that ourpopulation really is much came Uber and overturned it. Higher Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; this optimism in 12 months,Marga- stronger....Wenow have reopened education, even moreantiquated Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International ret. Here in Los Angeles, we have a ...cautiously,with the lessons than taxis,isdue foracomparable WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: positivity rate of 1.9%, and we esti- learned. But it’stime to getthings shock—and the sooner,the better. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head matethat anywherebetween half moving.It’stime to getour economy

EDITORIAL AND CORPORATEHEADQUARTERS: and two-thirds of our population has started. It’stime to start hugging our Mr. Pipes founded Campus Watch 1211 Avenue of the Americas, New York, N.Y., 10036 antibodies in it now— loved ones again. And certainly that and is president of the Middle East Telephone 1-800-DOWJONES Brennan: Wow. comes from getting avaccine. Forum. P2JW081000-0-A01800-17FFFF5178F

A18 | Monday, March 22, 2021 THE WALL STREET JOURNAL.

Acceleratetogether.

Working with IBM Global BusinessServices® means co-creating with ateam of businessand technology consultants who can help youboostproductivity, acceleratechangeand identifynew opportunities to deliver growth. ibm.com/consulting

IBM, the IBM logoand Global BusinessServices aretrademarksorregisteredtrademarksofInternational BusinessMachines Corporation in the United States and/or other countries.Other product and servicenames might be trademarksofIBM or other companies.Acurrent listofIBM trademarksisavailable at ibm.com/trademark. ©Copyright IBM Corp.2021 P2JW081000-2-B00100-1------XA BUSITECHNOLNEOGY: CLUBHOUSSSE, OTHER &FCHAT APPS FILL INA COVID-ERAANVOID B4 CE

© 2021 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. Monday, March 22, 2021 | B1

Last Week: S&P 3913.10 g 0.77% S&P FIN g 1.68% S&P IT g 1.35% DJ TRANS À 0.18% WSJ $ IDX À 0.13% LIBOR 3M 0.197 NIKKEI 29792.05 À 0.25% See more at WSJ.com/Markets Musk Assures China on TeslaData Blackstone Shifts Aim CEO says car maker Chinese customer dataare fully that no U.S. or Chinese company blown, Mr.Musk said, citing modelforeign companyin protected followedthe Chinese would risk gathering sensitive the case of the video platform China. It wonstrong support would never share government’sdecision to re- or privatedataand then sharing TikTok—owned by Chinese from Shanghai authorities to To Growth customer information strict the use of Tesla cars by it with their home government. tech companyBytedanceLtd.— set up in the city and in 2018 militarypersonnel or employ- “Whether it’sChinese or which faced aU.S.ban last year became the firstforeign auto with U.S. government eesofkey state-owned compa- U.S.,the negativeeffectsifa beforebeing reprieved. maker in China to gain ap- From Va lue nies,asreported by TheWall commercial companydid en- “Eveniftherewas spying, proval forawholly owned fac- BY TREFOR MOSS Street Journal on Friday.Bei- gage in spying—the negative what would the other country tory—that is,without alocal BY MIRIAM GOTTFRIED jing hadacted out of concern effectsfor that companywould learn and would it actually joint-venturepartner.Chinese SHANGHAI—Tesla Inc. that sensitivedatasuch as im- be extremely bad,” Mr.Musk matter? If it doesn’t matter, it’s statebanks financed the proj- Blackstone Group Inc. be- would never provide the U.S. ages takenbythe cars’cameras said. If Tesla used itscarsto not worth thinking about that ect. came an investing powerhouse government with datacollected could be sent to the U.S.,ac- spy in anycountry, he said, it much,” Mr.Musk said. U.S. con- China has also become a by making successful bets on by itsvehicles in China or cording to people familiar with would be shut down every- cerns about Chinese spying via core market forTesla, last year undervaluedcompanies.For other countries,Elon Musk,the the matter. where, which he called “a very TikTok areirrational, he ar- accounting forabout aquarter the next leg of its expansion, company’schief executive, told Speaking via video link Sat- strong incentivefor us to be gued: Theplatform’svideos of itsglobal sales of roughly the firm is focused on compa- ahigh-level conferencein urdaytothe government- very confidential.” mostly showpeople “just doing 500,000 vehicles. nies with big growth pros- China. backed China Development Fo- Concerns about commercial silly dances.” —Bingyan Wang contributed pects, even if it has to pay up Mr.Musk’sassurancethat ruminBeijing,Mr. Musk said espionage have become over- Tesla has been seen as a to this article. for them. SinceJonathan Gray be- came Blackstone’s day-to-day leader in 2018,hehas encour- Pandemic Made World Smaller forFlights aged the heads of itsbusi- To showhow the pandemic dramatically cut the number of flights around the world, The Wall Street Journal analyzed flightdata nesses, who collectively man- from aviation-data provider Cirium Core fora24-hour period, Friday, Feb. 28,2020—aweekafter Italy ordered Europe’s first age$619 billion of assets, to develop big-pictureconvic- lockdowns.Belowisacomparison with the same 24-hour period ayearlater,onFriday, Feb. 26, 2021. tions and invest in companies or assetsthat stand to benefit Feb. 28, International route Feb. 26, Traffic with Europe from those trends. droppedsignificantly Domestic route Thenew approach has led 2020 2021 the NewYork firm to plowbil- lions intofaster-growing com- panies—including in the tech- London U.S. domestic London nologysector—towhich it routes fell Seattle just16% Seattle previouslypaid lessattention. It has takenBlackstone out Toronto Toronto of itstraditional comfort zone SanFrancisco Chicago Chicago New York SanFrancisco New York of turning underperforming companies around through LosAngeles LosAngeles cost cutsand efficiencyim- provements—and juicing re- Miami Miami turns by employing ample helpings of borrowed money. MeMexixiccooCCityity Cancún SanJuan Mexico City Cancún SanJuan The growth bug has bitten nearly everycorner of the sprawling firm, including its real-estate, credit and hedge- Panama City Bogotá Panama City Bogotá fund businesses.Among the assetsinits main buyout fund is a big stake in Bumble Inc., which Blackstone acquired in Lima Routes beetween U.S. Lima 2019 in a deal that valued the and Latin Americaheld owner of the dating app at $3 relatively steady SãoPaulo SãoPaulo billion. Thestake has nearly quintupled in value as the Santiago Santiago company’s market capitaliza- Buenos Aires Buenos Aires Source:Cirium Core tion shot up to about $14 bil- Number of routes CHANGE Number of flights lion following itsFebruaryini- tial public offering. Domestic Feb. 28,2020 9,407 66,517 Feb. 26, 2021 8,822 –6% 48,560 –30% Mr.Gray’sthematic ap- proach and the growth orien- International 7,471 31,114 2,953 –60% 8,209 –74% tation it has spawned show 16,878 97,631 howthe 51-year-old heir-ap- Total 11,775 –30% 56,769 –42% parent to Chief ExecutiveSte- phen Schwarzman is making his mark on the firm as it bar- rels toward agoal of managing Americans AreReady to Travel, but Where? $1 trillion in assets by 2026. “Investing is about looking forward, but the futureisnow BY ALISON SIDER ing,with rising searches for kerdownattheir Austin, their list, she said, but the lo- rental site Vrbo,said bookings coming faster,” he said in an AND PREETIKA RANA airfares and activity on book- Texas,home.Now that both are gistics of that trip amid current made in the U.S. in February interview. “You want to be ex- ing sites.Travelcompanies are vaccinated, they areanxious to travel restrictions,including a reached their highest monthly posedtobusinesses that bene- Americans arelooking to get providing tools to help make resume traveling. 21-dayquarantine requirement, level sinceitbegan tracking fit from this change.” out of town afterayear of vi- senseofrestrictions and spur As they sat down to plan seemed daunting.“Thereare so the industryin2015.Those fig- A big goal of his is for em- rus-related travel restrictions. bookings, but ahazy outlook travel, Ms.Zucknick said, they manyvariables,” she said. “Ev- ures included reservations for ployees in the firm’sdisparate Figuring out wherethey cango forinternational trips suggests pondered questions they hadn’t erything is up in the air.” Ms. futurestays. businesses to all think about and what will be open when domestic destinations will see considered before: Which coun- Zucknick,38yearsold, has yet People arespending more the same themes and discuss they getthereremain tricky— the strongest demand. tries will allowAmericans in? to makeabooking.Sofar they time combing through airline them with each other. forboth would-be touristsand Diana Zucknick and her hus- Would they facealengthy have traveled only in Texas. andhotel websites,executives Blackstone has long been travel companies. band, Paul, visited 14 countries quarantine or be putting others Market-research firm say. Traffic on Spirit Airlines interested in identifying grow- Signs that consumersare in the five yearsbefore at risk?How safeare layovers? AirDNA,which tracks business Inc.’swebsite, forexample,has ing industries,but under Mr. ready to travel again aregrow- Covid-19 caused them to hun- Hong Kong had been high on on Airbnb Inc.and rival home- PleaseturntopageB2 PleaseturntopageB6 PERSONAL TECHNOLOGY | By Nicole Nguyen Shopping Site Pinduoduo Beat Alibaba Tame Your Swarm BY TREFOR MOSS

SHANGHAI—Afive-year-old Of Subscriptions e-commerce app that turned discount shopping into an on- Music vey, the averageAmerican line game has overtaken Ali- streaming. subscribed to 12 paid media baba GroupHolding Ltd. as Video stream- and entertainment services China’smost popular internet ing.Live-TV pre-pandemic.Among those shopping site. streaming. ages 25 to 40,who averaged Pinduoduo Inc.had 788.4 News.Cloud 17 subscriptions,40% reported million usersatthe end of storage. Fitnessapp.Dog treat feeling overwhelmed by the 2020,the companysaid in its box. App that tells me when to number of their subscriptions quarterly earningsreport, fertilizemyplants. and intend to reducethem. ahead of Alibaba’s779 million, It seems like most things These subscriptions add as measured by the number of we want now require us to up over the long run. In re- people who made purchases pay a subscription. searching my costsfor this over the past 12 months. According to a Deloitte sur- PleaseturntopageB4 Though Pinduoduo’s annual GE/REUTERS revenue of $9.1 billion remains IMA afraction of Alibaba’s$72 bil- AL

lion from itslast fiscal year,it ORIENT INSIDE almost doubled relativeto The logo of Pingduoduo, the largest interactive e-commerce platform in China, at a mall. 2019,cementing the Shanghai- based company’sstatus as the Pitching itself as an online mind.The app—whose name virtual fruit trees to earn shop- firstchallenger to loosen Ali- blend of Costco and Disney,or roughly translates as “bringing ping vouchers, tangible prizes

J baba and JD.com Inc.’sstran- acombination of value-based lotsofpeople together”—al- such as boxesofmangoes and

WS glehold over Chinese online shopping and light entertain- lows friendsand strangersto kudos from friends. R

FO consumption. ment, Pinduoduo has spear- band together and win deals Thegame sparks fierce ri- “Together we’veproduced a headed China’sadoption of so- forgoods bought either indi- valryamong players,said Li minor miracle,” said Colin cial e-commerce,anew vidually or in bulk foradis- Wenjun,a19-year-old from CHEUNG Huang,Pinduoduo’s founder incarnation of online consump- count. Pingdingshan in central China

PHILIP and an ex-Google engineer,ina tion that combines shopping With socializing foremost whoobsessively tends to her speech to staff,which was with social mediaand effec- and shopping almost an after- digitalorchard. MEDIA BUSINESSNEWS later published, at the com- tively turns shopping intoa thought, friends congregateon “It’ssomuch funwhen you The production arm of BolthouseFarms hosts pany’s fifthbirthdaycelebra- game. Pinduoduo to watchlive do something together with CBSisventuring into weekly vaccine drives tion at itsheadquartersinOc- On aplatform designed to streams,sharedeals and make your friends,” Ms.Lisaid. “You tober.“We’vechanged Chinese offer the digital equivalent of a purchases together,while play- just have to commit time to local-language as it tries to getback e-commerce and even the stroll through amall, users ing the app’sbuilt-in games. it.” programming. B2 to normal. B3 structureofthe Chinese inter- typically browse without hav- One hit is “Duoduo Or- Pinduoduo’s approach re- net.” ing aparticular purchase in chard,” whereplayers nurture PleaseturntopageB2 P2JW081000-2-B00200-1------XA

B2 | Monday, March 22, 2021 ** 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 Extended Stay America PepsiCo...... B4 CBS Rides Into Overseas Projects Airbnb...... B1 B6 Pfizer...... A1,A4 Alibaba Group...... B1 Exxon Mobil...... B10 Pinduoduo...... B1 Amazon.com...... B2 F R BY JOE FLINT the international versions of American Airlines Group Facebook...... A4,B4 Redfin...... A2 itscable channels and third- B2 G RE/MAX Holdings...... A2 CBS Studios is betting Ger- party platforms, CBS Studios Amyris...... B3 S mans still loveDavid Hassel- entered this arena before the B GameStop...... A1 I Signet Jewelers...... B3 hoff. mergerofCBS and Viacom Bacardi...... B4 Snowflake...... B6 Theproduction arm of U.S. and itsoperation will con- Barstool Sports...... A1 Intuit...... B10 Spirit Airlines...... B1 broadcaster CBS is venturing tinue,similar to howthereare Betty Labs...... B4 J Starwood Capital Group BioNTech...... A1 into local-language program- multiple production units JD.com...... B1 B6 ming abroad, and one of its throughout the company. Blackstone Group...... B1 J.M. Smucker...... B3 S T firstprojectsisadark comedy “Weall areenabling the Bolthouse Farms...... B3 Johnson & Johnson Tencent Holdings...... B2 PRES Bumble...... B1 A1,A4 starring Mr.Hasselhoff that corporation to broaden its

Tesla...... A1,B1 TED C K will debutnextyear on TV reach with all the various stu- Twitter...... B4 Now, avideo-on-demand plat- CIA dios,” Mr. Stapf said. Calpers...... B9 Kansas City Southern A1 SO Canadian Pacific...... A1 U form that is aunit of Ger- AS CBSStudios has been suc-

M A/ Chevron...... B10 United Airlines Holdings many’s Mediengruppe RTL. cessfulinthe U.S. selling ConocoPhillips...... B10 Microsoft...... A4 B2 “Ze Network,” which starts shows to non-CBS companies CSX...... A9 Moderna...... A1 V production in July,will feature LAENE/DP including Netflix and Walt

D N ViacomCBS...... B2 Mr.Hasselhoff playing afic- KA Disney Co.’s Disney+ stream- Danimer Scientific...... B4 Nestlé...... B4 Vrbo...... B1

tionalized version of himself JENS ing service, but continuing Delta Air Lines...... B2 Netflix...... A4,B2,B4 W who comes to Germanytodoa David Hasselhoff stars in German-American production ‘ZeNetwork.’ media consolidation could Norfolk Southern...... A9 E Walt Disney...... B2 playand ends up getting makethat tougher in the years EOG Resources...... B10 P WarnerMedia...... B2 caught up in a post-Cold War “Local-languageproduc- said he hopes to incorporate to come. Netflix, WarnerMe- spy story. Theshowwill be in tions arerobust,” said CBS what he describesashis own dia’s HBO and HBO Max and German and English and dis- Studios President David Stapf. escapades behind the Wall, de- Disney+, as well as the broad- tributed outside of Germany The68-year-old Mr.Hassel- scribing the showas“‘Confes- cast networks,are all placing a INDEX TO PEOPLE as well. hoff—who will speak English sions of aDangerous Mind’ biggerpriority on owning as “It will either be a massive as well as some German in the meetsIngmar Bergman.” much of their content as pos- A Frydenlund, Lisa...... R8 Morgan, Jennifer...... B6 hit world-wide or amajor show—has been aphenome- Meghan Lyvers,senior vice sible,making it tougher for Aiello, John R...... R6 G Musk, Elon...... A1, B1 flop,” Mr.Hasselhoff said in an non in Germanysincethe president of co-productions outside studios to sell them Alvarez, Eduardo...... B3 N interview. “I know it will be a 1980s, thanks to reruns of his forCBS Studios International, content. Gerba, Charles...... R7 hit in Germany.” talking-car show“Knight said the partnership between ViacomCBS has recently re- B Gonzalez, Manuel F. ...R6 Nervi, Rodolfo...... B4 “Ze Network” is one of sev- Rider” and his pop music. He Syrreal and CBS Studios al- branded and relaunched its Baratta, Joseph...... B6 Gray, Jonathan...... B1 P eral projects CBS Studios has famously performed at a New lowedfor the budget to be CBS All Access streaming ser- Blanqué, Pascal...... B9 H Perkins, Dario...... B9 in the works overseas as a Year’s Eveconcert in 1989 at larger, in turn helping the cre- viceasParamount+ and is ea- plan hatched in 2017that is the siteofthe Berlin Wall just ators achieve their vision. ger for new content. The CBS Bloom, Nicholas...... R8 Hallbeck, Susan...... R7 R Bradley, Michael...... B10 starting to pay dividends. weeks afteritcame down, ce- “Some of these ideas can’t shows it is making abroad Hasselhoff, David...... B2 Rivkin, Wladislaw...... R8 Breber, Pierre...... B10 It also has deals to make menting his status there. getdone on their own,” she could end up living on that Huang, Colin...... B1 S series in the Netherlands, “Ze Network” is co-pro- said. platform at home. C K Sander, Libby...... R7 Scandinavia, Africa, Australia duced by Syrreal Entertain- CBS Studios is expanding Other projectsinthe works Choudhury, Prithwiraj R8 and Israel. ment,which has afirst-look through partnerships with lo- include “The Darkness,” a Khan, Nyala...... R8 Schwarzman, StephenB1 Cisneros, Rafaela...... B3 CBS Studios is the latest deal with CBS Studios.Mr. calproduction companies pri- Scandinavian crime drama Korngold, Jon...... B6 Smucker, Mark...... B3 Collins, Alison...... R8 U.S. entertainment company Hasselhoff said he waseager marily to feed hungrysub- CBSStudios is making with L Stapf, David...... B2 Croskrey, Steven...... B4 looking abroad fornew pro- to work with Syrreal because scriptionvideo platforms Stampede Ventures,and “Best- Lei, Chen...... B2 T ductions and revenue. Netflix he is afan of another one of rather than createits own seller Boy” forthe Nether- D Locklin, Jason...... B4 Trump, Van...... B4 Inc. has been very aggressive itsshows,the crime drama channels,anapproach to con- lands with Avrotros produc- Dunn, Jeff...... B3 Lyvers, Meghan...... B2 Tu, Andrea Y...... R7 in creatingcontent forlocal “Dogs of Berlin.” tent the companyhas long tion companythat is based on E marketstodrivesubscriptions Mr.Hasselhoff said he was had. thebestselling Dutch novel by M W to itsplatform, as has Ama- “a little bit freaked out” by the While parent company Via- Mano Bouzamour about his Eliopoulos, Ted...... B9 McCarthy, Matt...... R7 Weiss, Keith...... B10 zon.com Inc.’sPrime Video pitch but was sold by the comCBS Inc.also creates lo- challenges as an immigrant in F Meng, Ben...... B9 Wenjun, Li...... B1 service. fourth reading of the script. He cal-languageprogramming for Amsterdam.

stepping down to focus on re- Pinduoduo has overtakenAlibaba to become They advertised them on combined. Most people who Alibaba search projects in lifesciences, China's mostpopular e-commerce site. WeChat, apopular Chinese bought lychees were told about the companysaid. He remains messaging and social-media the deal by their WeChat Pinduoduo’s controlling share- 800million active users Pinduoduo app,inone of their firstbig friends,who encouraged peo- Meets Its holder. Alibaba campaigns. ple in their circle to team up to Pinduoduo is on the rise as Swamped with orders, the buy large quantities at adis- Alibaba contends with various 600 company’ssystems broke count. Match challenges including an anti- down, and it struggled to make Making itsmoney from ad- trust inquiryand increased JD.com most deliveries.The lychees vertising,the companyhas government scrutiny. Alibaba 400 turned rancid in the summer spent nearly $13 billion subsi- ContinuedfrompageB1 has said it is cooperating with heat, forcing the companyto dizing products, effectively flectsthe gamification trend in regulatorsonthe probe and refund thousands of angrycus- paying merchantstolower the technologysector,with that it would reassessand im- 200 tomers. their prices and offer eye- stock-trading recently garner- proveits businesspractices. “Wewerereally humbled by catching bargains. ingattention. Pinduoduo’s Nasdaq-listed this failure,” said Mr.Chen, To succeed long term, Pin- ForPinduoduo,keeping shares have surgedinvalue 0 who met Mr.Huang at the Uni- duoduo—which, likeJD.com, is people on the platform is the over the past year,and its 2018 '19'20 versity of Wisconsin-Madison, backed by Alibaba’srival, Ten- games’ purpose: They help market capitalization has sur- Note:Activeusers aredefined as people who made purchases within the last12months. wherethey both studied com- cent Holdings Ltd.—must fig- build user habitsand serveas passed rival JD.com’s, peaking Source:the companies puter sciencetwo decades ago. ureout howtoturn off the gatewaysintothe site’sshop- at around $250 billioninFeb- Themanagersheld an in- subsidies without losing an au- ping areas. ruary. That increase propelled said. Pinduoduo has been pro- vor, China’se-commerce mar- quest in the warehouse sur- dienceattracted in large part Unlikeolder competitors the 41-year-old Mr.Huang’s viding counseling services to ketisstill growing strongly. rounded by the debris,here- by bargains. born in the personal-computer personal fortune to $69 billion, employees,headded. Online retail in the country called, resulting in adecision Pinduoduo’s plan wasto age, Pinduoduo is anative according to Shanghai-based And this month Chinese could expand from $354 billion to upend the businessmodel. keep plowing revenue back smartphone app without a research firm Hurun Report, regulatorsfined Pinduoduo, last year to $549 billion in Thecompanywould no longer intosubsidies until it sup- desktopversion or ashopping- making him China’sthird-rich- alongside several other e-com- 2025,according to research buy itsown stock but would plantsAlibaba as the default basket function. est man, ahead of Alibaba merce companies,alleging companyeMarketer. become athird-party platform shopping platform forperhaps “Pinduoduo did one thing founder Jack Ma. harmful practices,asBeijing Pinduoduo’s marriageofe- connecting merchantsand con- abillion Chinese consumers, very well: We grasped the shift Yet2021 has also been Pin- movestorein in the country’s commerce and social media sumers, much likeAlibaba, according to Mr.Chen. from searching to browsing” as duoduo’s toughest year.The big tech companies. took some refining. while plowing investment into Thecompanycould then in asocial activity,said Chen Lei, deathsoftwo young employ- In response to the fine,Pin- In the summer of 2015,Mr. software,logistics and infra- theorythrottle back the subsi- who took over as chief execu- ees around the turn of the year duoduo said it attaches great Huang and his team—then op- structuretoavoid arepeat of dies while attracting moread- tivefromMr. Huang last year exposed the company’swork- importancetothe govern- erating aforerunner to Pin- the debacle. vertising money from mer- afterserving as chief technol- ing culturetocriticism. ment’sintervention and prom- duoduo that specialized in sell- Theepisode did, however, chantstobecome consistently ogyofficer. “Weare doing everything ised to addressthe issues. ing cut-pricefruit—filled their validateMr. Huang’shunch profitable. Mr.Huang also passed the we cantosupport their fami- Thecompanylost $1.1 bil- sole warehouse near Shanghai that social media and e-com- —Raffaele Huang role of chairman to Mr.Chen, lies and loved ones,” Mr.Chen lion in 2020,though in itsfa- with lychees,Mr. Chen said. merce could be powerfully contributed to this article.

levels sincethe pandemic’s itstoits websitehavesoared in hoursbrowsing Airbnb’ssug- Americans early days. recent weeks.Searches on the gested listingstoplan atrip Travel companies aretrying siteindicated people were un- with closefriends.“Ididn’t SAVE to help in decision-making. surewhereorwhen they care where, Ijust knewI Are Ready United Airlines Holdings Inc. wanted to go, he said on an wanted to travel with the $ launched away forcustomers earningscall last month. boys—somewhere, anywhere,” 100 to search forflightswith an in- Airbnb has adapted itswebsite he said. To Travel teractivemap that displays to help consumersresolvetheir Airbnb pointed him to hun- fares to dozens of destinations dilemmas. dreds of travel options over a at once.Conceived beforethe Typically Airbnb usershave number of days and in different ContinuedfrompageB1 pandemic and launched in Sep- searched forplaces to book by locations,hesaid. He settled on roughly doubled sincethe holi- tember,itisproving to be pop- picking alocation and aperiod atrip to Mammoth Mountain, days,Chief ExecutiveOfficer ular now, the airline said. fortheir stay.But nowthe plat- Calif., this month. Reg. $29999 | SALE $199 99 TedChristie said. United and other major car- form canoffer suggestions to TheU.S.Centersfor Disease Travel showedsigns of are- riersincluding American Air- those who saythey areflexible Control and Prevention still bound in late2020 beforeavi- lines Group Inc.and DeltaAir on time of travel and location, recommends against nonessen- russurge reversed the trend. Lines Inc.also aredeploying steering people to places that tial travel. CDC Director Ro- “Thisparticular rebound defi- color-coded maps forwould-be have rentals available ranging chelle Walenskysaid rising air- nitely has morestrength to it,” passengerstofigureout travel from afew days to amonth. port passenger numbersare Mr.Christie said, echoing con- rules fordifferent destinations. HenryMcAdams wasone of concerning and pleaded with fidencevoiced recently by Airbnb CEO Brian Chesky, those seeking an Airbnb get- people to wait. other airline executives,after who pivoted the company’s away.The 32-year-old engineer “Everytime that there’sa weekend airport volumes ear- strategytofocus on local stays said aday afterreceiving his surge in travel, we have asurge lier in March hit their highest during the pandemic,said vis- second vaccine dose,hespent in cases in this country,” she Can’tHear said at apress briefing this Number of routes by country Feb. 26, 2021 Feb. 28,2020 month. Voices On TV? Travel planning has acceler- ® 4,016 ated as public-healthauthori- New AccuVoice AV157 Speaker uses China sawanincreaseinroutes as its domestic flights ties relax some safety guide- patented hearing aid technology to create were brisk amid the country’squick recovery. linesfor vaccinated people. 12 levels of dialogue clarity. 2,335 Vrbo said manyfamilies had Flat-screen TVs use tiny speakers with tinny sound. So many people 679 769 714 already booked rentals forthe 480 467 421 477 summer,earlier than ever.The have to use closed-captioning to watch amovie or sporting event. 3,090 1,434 companysaid it is designing a Our patented hearing aid technology lifts voices out of the soundtrack 528 517 338337 326311 305 feature that would allowfamily and clarifies them. The result is remarkable. The AV157 has 12 levels of voice boost –incase you need extra clarity.Only 17" wide, it fits memberstosavetheir favorite just about anywhere. Hookup is simple –one connecting cord. U.S. China India Russia Turkey Brazil Mexico France Japan rentals and vote on each t23% s 63% t22% t33% t30% t28% t23% t56% t36% other’s preferences to plan group trips.Trips built around “It’sLike AHearing Aid YouPlug Your TV Into.” Techhive families have been on the rise, 1,028 773 880 697 683 Airbnb hassaid. 397 449 356 300 Most home-rental bookings in the U.S. this year arealong 291 286 271 266 235 232223 183 78 the coast, near lakes,moun- Great Sound. Made Simple. tains or in suburban areas—a 866-367-9869 Australia Canada Germany Indonesia U.A.E. Spain U.K. Italy Thailand sharp departurefromthe big 60-Day Home Trial |FreeShipping t27% t63% t69% t41% t34% t67% t78% t73% t74% cities that were the most fre- ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio. quented by travelersbeforethe ORDER THE AV157 AT ZVOX.COM Source:Cirium Core pandemic,AirDNA datashow. P2JW081000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY Monday, March 22, 2021 | B3 BUSINESS NEWS An Employer Offers Vaccine-Shot Bonus

Bolthouse Farms workerssigned up forshots, the virus,isrooted forsome in and companywide, 475 work- online misinformation, for gives $500 as part of ersreceived at least one dose. othersinfearsofincurring effort to get herd Bolthouse gavemorethan 300 health expenses from side ef- additional shots on Friday. fectsthat they can’t afford, immunity at plant Bolthouse asks workersto andstill othersinworries of submit photos of their vacci- jeopardizing their immigration BY SARAH KROUSE nation cardswhen they re- status if they must draw on

ceive doses. Executives say it JOURNAL public benefits to pay health- California-based Bolthouse is hardtoknowwhen the com- care costs, sayagricultural REET

Farms has two goals these pany might meet its herd-im- ST and food-worker advocates.

days:growing carrotsand munity target because sup- LL AKaiser Family Foundation

reaching Covid-19 herdimmu- plies of doses fluctuateand WA poll in Februaryfound that

nity within its workforce. employees’ willingness to get THE 48%ofLatino adults wanted R

Themaker of juices and the shots is changing. FO to wait to getvaccinated, dressingsispaying $500 to Tracking which workers didn’t wish to getdoses or full-time hourly workers who have been vaccinated is achal- would getinoculated only if it getCovid-19 vaccines and is lengefor companies with sev- CHEUNG wasmandated forwork,

hosting inoculation events eral plantsand locations be- PHILIP school or other activities, weekly at itsmain Bakersfield cause states—and many Workers sit in awaiting area after getting the vaccine at aBolthouse Farms siteinBakersfield, Calif. compared with 37% forwhites. plant to deliver doses.Bolt- counties and cities—have their “You just gottareach out house executives meet several ownprioritization plans for that Americarequires,itcan and began an employeeeduca- Thecompanyanticipated and help people and under- times aweek to reviewhow who is eligible to get doses. getusback to the newnor- tion program. Workers—in- hesitancyamong itsplant stand their concerns,” Mr. much of itsstaff wasvacci- “It’s a very decentralized mal,” Ms. Cisneros said. cluding two brothers whose workforce,about 80% of which Dunn said. He hopes therewill nated, howmanypeople were process,” said Eduardo Alva- Weeks beforeitknewit father, also a Bolthouse em- is Latino,Mr. Dunn said. Re- be anetwork effect caused by infected and other virus-re- rez, chief operating officer of would be able to offer doses ployee, died aftercontracting luctancetoget vaccinated employees seeing their col- lated metrics. biotechnologycompany on-site, Bolthouse set up a Covid-19—walk around recruit- among Latinos,who have been leagues get safely vaccinated It is among the businesses Amyris Inc., which provided tent in its plant parking lot ing people to getvaccinated. disproportionately infected by at work. large and small nationwide some staff with letters to show trying to getamajority of at vaccine appointmentsprov- staff vaccinated to reduce the ing that they areeligible.“The risk of on-the-job transmission benefit and the difficulty of and eventually, to relax some that is youhavethe role as a of the stringent and costly companytoinform employees” workplace-safety measures. as to when they become eligi- Jeff Dunn, Bolthouse’schief blefor the shots, he added. HOWDOYOU executive, described his phi- Amyris surveyed its500 U.S. losophyas“go biggernow be- staff about their vaccination cause it gives us the best status but isn’t requiring MANAGE RISK chanceatreaching herdim- proof.Other employers plan to munity quickly.” Theclosely use aggregated health-insurance claims to getaread on how manyworkerswerevaccinated. THROUGH Mark Smucker,CEO of J.M. Smucker Co., said his com- BOTH CHAOS 1,100 pany’sinsuranceprovider can tell executives howmany Number of plant workers who workerswerevaccinated, have signed up for shots though he doesn’t expect to ANDCALM? have asignificant in-office presence until late summer. “By then, youwould proba- held company spent tens of bly have some degree of herd millions of dollarsonsafety immunity,” he said. protocolsincluding testing, Newstrains of the virus protective gear, paid time off mayfurther complicateefforts and hiring newworkersto to protect workers, introduc- coverwhen othersare self-iso- inganew variable ayear into lating, he said. the pandemic. Bolthouse, like some other Bolthouse paid full-time employers, secured vaccine hourly workers an extra $100 doses from public-health offi- aweek to acknowledgetheir cials to distributedirectly to role as essential workersfor itsworkers. As afood and ag- the past 12 months,ending the riculturebusiness, it is among program as it kicked off the the priority groups currently $500 vaccine-incentive plan. eligible forshots in California. Rafaela Cisneros,a38-year- Thecompanyemploys oldhuman-resourcesmanager, about 1,800 hourly workersat received her first dose March itsprimaryplant in Kern 12. She waspart of Bolthouse’s County,Calif., and another 300 vaccination rollout and spent officeworkersinthe area. It weeks addressing hesitancy estimates that about 1,300 to among workerswho were 1,400 plant employees need to reading false information on be vaccinated to reach herd social media or worried about immunity.(Bolthouse is urging adverse reactions to shots. vaccinations and securing “If I can influence one per- doses for workers in Arizona, son, that one person could in- Washington and Illinois.) fluence another. If we can get So far,about 1,100 plant to that herd-immunity number S PRES TED CIA SO AS S/ TTHEW MA O BEBET Signet Jewelers is closing about 100 storesasitshifts from malls. Kay Parent Eyes New Facets for Efficiency

BY KRISTIN BROUGHTON net also wantstotrim costs throughout itssupply chain, Signet Jewelers Ltd., the forexample by no longer split- parent of KayJewelersand ting apart product sets, such other retail brands, is finding as wedding bands and dia- savingsinits supply chain and mond solitaire rings. reducing hoursatsome stores Customers now have more Youcan’t controlthe changing to payfor acontinuing push options online to customize tide of themarkets, but we can into online shopping. their orders, Ms. Hilson said. Bermuda-basedSignet on “We’ve been able to actually help younavigateit. CMEGroup Thursdaysaid it plans to elim- improve the customer experi- helps youmanage risk and inateupto$200 million in ence,and by doing so,we’re costsoverthe next three eliminating a cost,” she said. captureopportunities across all years. Theretailer last year Signet plans to use part of majorasset classes.Wedeliver accelerated investmentsinto the savingstoimprovethe nearlyone billion datapoints itse-commerce channels,in- browsing and search functions cluding virtual customer ap- of itswebsite, and features daily,informingthe insight you pointments, afterthe pan- that allowcustomerstovirtu- need to refine your trading demic forced it to temporarily ally try on jewelry, according close stores.Online sales to Ms.Hilson. Thecompany strategy.For takingadvantage climbed 58% to $1.2 billion also will invest in back-office of opportunities in allmarket during the fiscal year ended software to help it manage environments… CMEGroup. Jan. 30 compared with the coststhroughout itssupply prior-year period, but total chain, she said. sales fell 15% to $5.2 billion. Signet—which also operates Thecompanynow is look- Zales,Jared and other well- VISIT CMEGROUP.COM/ACTION ing for ways to operate more known jewelrybrands—is efficiently, according to Chief closing about 100 bricks-and- Derivatives arenot suitable forall investors and involvethe risk of losing Financial Officer Joan Hilson, mortar stores in itsfiscal year morethan the amount originallydeposited and anyprofit youmight have made.This communication is not arecommendation or offer to buy,sell who took over the role two that beganFeb.1aspart of an or retain anyspecific investment or service.Copyright ©2020 CME Group yearsago. Among them: re- effort to reduceits reliance on Inc. Allrightsreserved. ducing hoursofoperation at mall-based locations. It oper- some stores outside of malls ated 2,833storesasofJan. 30, and adjusting staffing levels down 12% from the same pe- depending on foot traffic.Sig- riod last year. P2JW081000-0-B00400-1------XA

B4 | Monday, March 22, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Chat Apps Fill a Covid-Era Void Phishing Scams Hit BY HEATHER SOMERVILLE aventure-capitalist investor ephemeral roots, introducing with Lightspeed VenturePart- features over the years to let During a year without cof- nersand the firstoutside inves- userssavecontent, makeposts HighAmid feedates,liveconcertsand torinSnap Inc. permanent and sharewith a water-cooler chats, some of Clubhouse has morethan 14 broader audience. The moves the most popular newtools in million downloads,according to were necessary to expand be- Pandemic tech have been apps that try app research firm Sensor Tower yond its core users of tweens to recreatethose spontaneous Inc.Locker Room and Stereo and teens and capturemore BY JAMES RUNDLE and fleeting interactions. each sawapp downloads jump advertising dollars, said Luben Manystartups have cropped more than 400% from this past Pampoulov,co-founder at GSV TheFederal Bureau of In- up to provide liveand ephem- December to March, Sensor Asset Management and an vestigation said it received eral content that aims to replace Towersaid. Theresearch firm early Snap investor. morethan 241,000 complaints the informal conversations and said Spoon Radio Inc., afive- Locker Room tapped into about phishing attemptsdur-

connections lost to the pan- year-old South Korean audio SHAB sportsfans’ desiretosharein ing2020,amarked increase demic. Userstune in to real- chat and music-streaming app, real time the gloryofalate- from the previous year,as TIMA

time entertainment, gossip and received nearly half itstotal 26 FA game goal or outrageovera hackerszeroed in on concerns companionship delivered via million downloads in 2020. Fatima Shab, a graduate student in the U.K., says she logged ref’scall when stadiums and about the coronavirus pan- apps whileconfined to their Thetech giantsdeveloped more than 21 hours during her first three days on Clubhouse. sports barswereclosed. demic and attempted to exploit homes and small social bubbles. their ownin-the-moment fea- “Wecan’t bottle that en- widespread remoteworking. Thebest known of these, au- tures. Facebook Inc.isinthe comfortable participating in ers, according to athird-party ergy,wecan’t bottle that anal- Although losses from phish- dio-discussion app Clubhouse, earlystagesofexperimenting those media, believing they can websitethat tracks Clubhouse ysis, we can’t bottle those re- ing were down in 2020,at made itsdebut ayear ago, with social-audio featuresafter post content that is rawand it engagement. Listeners stayed actionsfor later,” said Howard $54.2 million compared with joined by Locker Room for it addedlast year disappearing won’t come back to haunt them, an average of 13 minutes. Akumiah, founder and chief $57.8 million in 2019,the num- sportstalk,Stereofor broad- messages to itsMessenger,In- which increases app engage- “When youare watching a executiveofBetty Labs,the ber of reportssurgedbymore casts, Watercooler forwork- stagramand WhatsApp prod- ment, Mr.Liewsaid. Lightspeed, Netflix series,you knowyou are maker of Locker Room. The than 126,000,the FBI said in placechats, and Lobby,for kids ucts. In November, Twitter Inc. which is oftenseen as abell- going to stop it and come back app has featuresfor usersto an annual report from itsIn- and teens.All tapintofearsof rolled out ephemeral tweets and wether in social-media trends to it,” said Fatima Shab,agrad- record morepolished sports ternet Crime Complaint Center missing out, keeping usersglued is aiming to publicly launch next given itsprescient investment in uatestudent in the U.K. who analysis and publish it later. published Wednesday. Total to their phones lest they missa month alive-audio feature seen Snap,invested in Locker Room. said she loggedmorethan 21 ForClubhouse,which relies complaints across all catego- key pieceofcareer advice, new as arival to Clubhouse. Watercooler, an audio-only hoursinher firstthree days on on unvetted userstoproduce ries rose by 69%, the FBI said, friendship or moment of drama. Liveand ephemeral social appfor casual conversations the app.“But when it’saClub- livecontent acrossanumber of reaching a record 791,790. Yetthe coming months—as networks tend to feel morein- among colleagues,launched in house room in real-time,you topics,the challengewill be “These criminals used phish- vaccinations become wide- formal and intimate, ajuxta- May and in a week amassed a cannot go back to something ensuring what happens on the ing,spoofing,extortion,and spread and in-person gatherings position to staged Instagram wait list of 1,000 companies that no longer exists.” app is compelling enough to various types of Internet-en- resume—will be atest of photos and scheduled Tweets. that wanted to use it, accord- But it’shardtomakemoney keep listenerscoming back.A abledfraud to target the most whether the newhabitsofthese Snap popularized ephemeral- ingtofounder and Chief Exec- from ads on ephemeral con- year in, the app is losing vulnerable in our society— apps’ userscan stick. ity in social networks with its utive Russ d’Sa. tent in apps designed to feel steam, with the number of medical workerssearching for “In aworld whereyou can’t disappearing-photo-sharing A Clubhouse talk following intimateorpersonal, and to weekly activeusersfalling 21% personal protectiveequipment, really go out or youare afraid to app Snapchat in 2011, which Oprah Winfrey’s interview scale when the only thing you during athree-week period families looking forinforma- go out, anything that offersa young people used to share with PrinceHarryand Meghan offer disappears. from the end of Februaryto tion about stimulus checks to spontaneous experiencereally goofy selfies with friends. Markle lasted morethan 11 Snap has been successful early March, according to mo- help paybills,and manyoth- gets aboost,” said Jeremy Liew, Consumersare oftenmore hoursand had 46,000 listen- but moved away from its bile data provider App Annie. ers,” the FBI said in the report. Hackers have used a range of strategies to exploit Covid-19 concerns.Early last Claim of Ocean-SafePlastic Seen as Inflated year,individuals and compa- nies received emails pretend- ing to be from the World BY SAABIRA CHAUDHURI Makersofanew type of plant-basedplastic claim it biodegrades in the ocean within months.Here's howit's made. Health Organization that led to websites laced with mal- Imagine you’rewalking 1. Seedsfromcanola plants 2. The oil is fedtobacteria, 3. The PHA is combinedwith 4. If the plastic ends up in ware.Other scams have fo- along abeach sipping acool arecrushedtopress out oil. which convert it into acarbon. other biopolymerstocreate the ocean, microorganisms cused on unemployment bene- lemonade.When youfinish, Thatcarbon, known as PHA,is resins usedtomakeplastic feed on it,eventually fits and businessloans made there’snotrash caninsight, then extracted. products. breaking it down to carbon available as part of govern- so you leave your plastic cup dioxide,organic material ment pandemic response ef- and straw on the shore, as- and water. forts, the FBI said. sured that if washed away Around 28,500 complaints they’ll quickly disappear. that the complaint center re- That’s the image touted by ceived were directly related to a growing number of compa- these issues, it said. nies using Nodax—a plant- Email phishing attacks,and based plastic—tomakestraws, similar methods that use text bottles and bagsthat they messaging and other commu- claim canbiodegrade in nication technologies, usually oceans within a few months. attempt to trick usersintodi- Nodax’sowner, Danimer vulging sensitivepersonal, Scientific Inc., counts Nestlé professional or financial infor- SA and Bacardi Ltd. among its mation, or to click on links customersand PepsiCo Inc.as that contain malware. an investor. Part of the reason fortheir Nodax breaks down far Source:Danimer Merrill Sherman/THE WALL STREET JOURNAL effectivenessisdue to an in- morequickly than fossil-fuel creased relianceonmobile de- plastics,which canlast for conservation organizations extracted and turned intoplas- biodegradable so we’renot been researching biodegrad- vicesduring pandemic restric- hundreds of years. But many showing bleeding turtles,dead tic.Unlikeconventional plas- greenwashing,” said itschief able plastics forover30years. tions forshopping,banking claims about Nodax are exag- fish and tangled seabirds. tics,Nodax is consumed by mi- technologyofficer,Phil Van Themarine biodegradability and other tasks,said Justin geratedand misleading,ac- Companies since the 1970s croorganisms when thrown Trump. “The only thing that test used to gain certification Albrecht, security intelligence cording to several experts on have tried with little success away,Danimer says. will potentially changeishow from TUV is conducted in alab engineer at SanFrancisco- biodegradable plastics.They to develop plastics that natu- Mr.Locklin’sstudy—de- long it takes to biodegrade.” using seawateratatempera- based security companyLook- say more testing and stricter rally disappear in the environ- scribed in marketing material Rum giantBacardi is work- ture of 30 degrees Celsius (86 out Inc. regulations areneeded, and ment. While plastics made by Danimer and itscustomers ing with Danimer to develop Fahrenheit). But the average “It’sharder to spot aphish- warn that marketing products from materials likecorn can as verifying Nodax as “a truly Nodax plastic spiritsbottles ocean temperatureis4degrees ing attack on mobile than it is as marine biodegradable could biodegrade in compost facili- biodegradable alternativeto by 2023.Its marketing materi- Celsius (39.2 Fahrenheit), on adesktop. Sincemobile de- encouragelittering.Biode- ties under specific heat and petrochemical plastics”— als call Nodax a “plant-based which means items could de- vices have smaller screens and gradable straws, bottles and moistureconditions,plastic showedthat Nodax in powdered wonder material” and say the grademoreslowly in real life, asimplified user experience, bags can persist in the ocean that quickly breaks down in coming bottles will “disap- Mr.Narayan said. He compares people arelessinclined to ver- for several years, they say. nature has proved elusive. pear” in 18 months. it to bread, which gets moldy ifythe sender’s real email ad- “The claims arewhat I Until now, Danimer says.Its Biodegradable Bacardi says the claim is lessquickly inside the fridge. dress or identity,” he said. would call sensationalized,” Ja- chief executive, Steven based on internal tests and a At some ocean tempera- Successful phishing attacks son Locklin,aUniversity of Croskrey,has described Nodax straws and bags can separatecertification Danimer tures,Nodax strawscould take don’t just stop with the victim, Georgia professor,said of Da- as “the holy grail of plastic,” persist in the sea for has received from TUV on a between five and 10 yearsto he said, but arethen often nimer’s Nodax marketing.Mr. highlighting that thematerial lab test showing that a sheet biodegrade, he said. Bags and used to launch more complex Locklin directsthe university’s has been certified by TUV Aus- years, experts say. of the rawmaterialused to bottles could take even longer. cyberattacks,such as business NewMaterials Instituteand co- tria—a leading international makethe bottle will disinte- Mr. Van Trump called that email compromise. wroteastudy cited by Danimer certification body whose logo grateby90% in seawater assessment a“worst-case sce- These attacks generated the as validating itsmaterial. is found on items likecom- within 12 weeks.Extrapolating nario” and said even Da- largest losses in 2020, which Consumersare increasingly postable food wastebags—as form breaks down quickly,but from this,Bacardi and Da- nimer’s most conservative the FBI said rose to $1.86 bil- concerned about the environ- able to biodegrade in seawater. that the rate is much morevari- nimer sayaNodax spiritsbot- testing shows far quicker bio- lion, from $1.77 billion in 2019. mental impact of single-use Danimer’s sharepricehas more able when tested as afilm, the tle would break down within degradation. RodolfoNervi, Businessemail compromise at- plastics,while regulatorsare than doubled sinceitwent form used to makebags, straws 18 months in the ocean. Bacardi’s sustainability head, tacks involveahacker gaining threatening and implementing public through adeal with a and bottles. But variations in tempera- said he is confident the com- control of legitimateemail ac- bans.Morecompanies are blank-check companyinDe- Making broad claims about ture and microorganisms in ing bottle will be 100% biode- countstosteal companyfunds promising to makeeco-friendly cember. Nodax’sbiodegradability “is the ocean makeitverydifficult gradable in 18 months. or launch other cyberattacks. containers, ashiftDanimer Nodax is the brand name of not accurate,” said Mr.Locklin, to promise abottle made from Bottled-water giant Nestlé Security companies that in- says is abig tailwind. Plastic in aresin that belongstoafamily adding: “I think that’s green- Nodax will biodegrade in 18 is also developing abottle tercept such attacks expressed the oceans is aparticularly of plastics known as PHAs.Itis washing.” months,according to Ramani made from Nodax,which it frustration that simple tactics emotiveissue forsome,dis- made by feeding canola oil to Danimer says itsclaims are Narayan, aprofessor at Michi- says will be recyclable as well such as phishing still appear mayedbyimages circulated by bacteria, from which carbon is factual. “The material truly is ganState University who has as biodegradable. to be succeeding widely.

youaren’t as happy about, services. Addremindersto Tame Your hereare waystotrack them One-Time Fee to Pinboard old-timers like me: cludes keeping the server hard- your calendar to re-subscribe down and avoid overpaying. Voluntarily convert your ac- ware running and writing all of so you’reforcedtoopt back in  Audit your subscrip- Holdout Has a Plea count to subscription to keep its code. Mr.Ceglowski added everymonth or year. Subcription tions. Youcan calculatehow the site running. I called Mr. Ce- newfeatures overthe years, in-  Check foraone-time much youspend on subscrip- glowski to ask him about the cluding the abilitytoarchive payoption. Forexample,Mi- tions by itemizing them in a I lament the days of one- email—and what subscription- bookmarked pages thatmight crosoftoffers Office2019 to Swarm spreadsheet—or use an app time fees. In 2011, I signed up fearing users like me should go offline. Moresubscribers, home usersfor aflat $150. that crunches numbersfor for Pinboard, an ad-free book- know about the costs develop- paying $22 ayear,would allow Otherwise,you’dneed aMi- you. TrackMySubs and Bobby marking site with an emphasis ers face. him to hireanengineer to help crosoft365 subscription, ContinuedfrompageB1 arewell-designed manage- on speed, for $9.33. I felt some “I’mlikeaguy thatowns a with upkeep of the growing site. whichtypically startsat$7a column, Ilearned Iwould pay ment tools but limit the num- pride when the site started storage unit. Yourentfromme, Mr. Ceglowski said some of month. Thereare caveats: It’s nearly $540 forHBO Now ber of subscriptions youcan charging a subscription fee to and my job is to makesureno- the old-timers who agreed to limited to one Mac or PC com- over the next three years. add beforecharging their own new users in 2015. body breaksin, and your stuff is convert their accounts opted puter,and doesn’t come with Recurring revenue helps monthly fee. Subby is agood Last week, the site’s therewheneveryou come back for a 10-year, $109 plan. It’s an- Microsoft365’scloud storage small companies stay sol- free Android option offering founder and sole engineer, Ma- forit,” he said. His role is largely other one-time payment of or collaboration features. vent—and it amountstobig unlimited subscriptions. ciej Ceglowski, laid out a plea custodial, he said, which in- sorts, just a lot bigger.  If there’s a free trial, bucks forlargerfirms.That’s Thereare apps that ingest cancel right away. That way, whysomanybusinesses are your banking and credit-card you won’t get charged if you drawntothe model, said information and scour the cut of the savingsand offer password with the apps  Search your inbox. Use forget. SteveTadelis,aneconomics datafor bills. Mint,the bud- upsell premium plans. you’re using. queries like “subscription,”  Theservicemay offer a professor at University of Cali- geting software from Intuit, Truebill was best at iden-  Check your app store “payment,” “confirmation” good deal to convinceyou to fornia, Berkeley’s Haas School recently rolled out an auto- tifying my subscriptions. forforgotten subscriptions. and “order” to find emailed stay. In researching this col- of Business. Plus,firms can mated subscription finder for Just note, these services re- iPhone users: Open Settings, invoices. umn, Idiscovered afew ser- take advantageoflazy unsub- itsiOS app (available on An- quire your financial-account tapyour name and then Sub-  Restrict in-app pur- vices on my credit-cardbill scribers, he said. A Credit- droid soon), but it only tracks credentials, which are au- scriptions.Android users: Go chases forshared devices. If that Ithought were alittle too Cards.com poll found 48% of monthly recurring fees. Trim thenticated through a third- to the Play Store, tapMenu youshareadevice with chil- pricey.After Ihit the cancel respondentssaid they forgot and Truebill not only identify party service called Plaid. A and select Subscriptions.On dren, or they’repart of afam- button, three proposed dis- to cancel afreetrial beforebe- recurring charges, monthly Plaid spokeswoman said it Amazon, go to your Account ily plan, this will help prevent counted ratesthat were too ing an automatic renewal. and annual, they cannegotiate doesn’t share your financial- and click Memberships and surprise charges. good to refuse—so Icontinued Forall those subscriptions those bills down—but keep a institution username and Subscriptions.  Disable auto-renewalfor my subscriptions.For now. P2JW081000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, March 22, 2021 | B5

Solutions Start With Results

The professional research engine that inspires everydecision

Harnessthe world’sknowledge and powerstrategic decisions with Factiva’sglobal news database of morethan 32,000 sources. 74%ofits premium sources arenot available on the free weband with its filtering, analysis and sharing tools,Factivacuts through complexity—straight to the solution.

Learn moreatfactiva.com

©2021 Dow Jones &Co.,Inc.All rights reserved. 6DJ1011 P2JW081000-4-B00600-1------XA

B6 | Monday, March 22, 2021 **** THE WALL STREET JOURNAL. BUSINESS & FINANCE

ADVERTISEMENT The Marketplace Pause on Student Loans To advertise: 800-366-3975orWSJ.com/classifieds BANKRUPTCIES Brings Unexpected Relief LH /MQ .HL/Q5 0/;/Q0 9;HK1.2/7G 73.1/ ;(!<'*8 >< !?(!<'*8">S('< >%F >< =<>:='*8!4'">S('< >%F :8>*U>%8"' P31/MQ 5L0/1L7/ 3P 5QJ;,;1Q 5'A8><:8"C8 @CNA'>@' C06A:8C?8!CS 08>*U">S('<:">6S( *>?:6S8 U/ *M< PUPY :;UP6 YPY9Wj _ !Jf,(M* EE^!f)M P.\ DE]EZA?Z `QX2_ 8"' 08>*U2<>*'(6<':D V;RkUPW8^ UP!\^ F> 45\^ _ `T.I/(Fb #N1I/I)(M*MN_ 2JQ;0Q /;KQ P.1/MQ1 H3/L7Q (Jf(I/OM*(fI/ OI*O'1)(f/OM)^ (JM BY AMBER BURTON Federal student loan portfolio,byborrowerage kMe(.*)\E _ 1'T5>*U'8H>:D +) RV& 2.*(JFM)) 8(.OG kMN'O(I./ :*.OMN'*M) *M)(*IO( (fGI/K d.*(JFM))/M)) AND JULIA CARPENTER .-'3(# -" 13/ )'-(2 ,*-(#&%*#) +.& $-*'40#)) )'-(2 NMN'O(I./) dI(J *M),MO((.^ f/N *M+'I*M /.(IOM) .L (JM J.FNI/K) .L^ f/b,M*)./ $1.6trillion &#&%('3-. ,*-(#&%*#) +.& 133/ +"3.+0 4#+*3.! .* M/(I(b (Jf( I) .* eMO.1M) fAZ],M*OM/(8Jf*MJ.FNM* .L (JM !.1,f/b8(.OG\ X.*,'*,.)M) .L (JM 2.*(JFM)) 8(.OG kMN'O(I./ :*.OMN'*M)^f7$BE='<*'?8 ;//QH/L3H 5L1Q7/ ;H5 LH5L1Q7/ M3J5Q10 3PF;H5 21302Q7/L-Q 0"C<'">S('<5I)f/b ,M*)./ .* M/(I(b(Jf( f( f/b(I1M N'*I/K (JM (J*MM]bMf* 24 and younger M3J5Q10 3PF0/37K L00.Q5 9G HLHQ 23LH/ QHQ1OG M3J5LHO0F LH7D Forthe morethan 42 mil- 5&3!6'&7'!7# 67 0"& )&0!0!67 -<0&"<2 "<' 1&7&g(!? 5C8'5_^ AZ0 .* 1.*M .L !.1,f/b8(.OG .* I) .(JM*dI)M O./)INM*MN fAZ],M*OM/( lion borrowers with federal (JM fe.&M]Of,(I./MN NMe(.*)f/N NMe(.*)I/,.))M))I./ O.11M/OMN )Jf*MJ.FNM*.LPI/M :.I/( Y/M*Kb V.FNI/K)^ U/O\ dI(JI/ (JM 1Mf/I/K .L 8MO(I./ &.F'/(f*bOf)M) '/NM* OJf,(M* EE .L (I(FM EE .L (JM 4/I(MN 8(f(M)!.NM `(JM C>D`K_`B_`k_ .L (JM6fc !.NM\ :>L<;="!@!7&' N=;7"Q&99>&99 '&'5)7!=> N!7" student loans,the Covid-19 25 to 34 79C?U<6=8*N 7>('5_\ ;&9<&)77=7"& 97=)S =$ 7"& 4&@7=;9N!QQ @& >5QQ A>' 3=!' A@ !>!7!= A>' ?AL 1.2 2JQ;0Q /;KQ P.1/MQ1 H3/L7Q (Jf(^./(JM :M(I(I./ kf(M^ (JM kMe(.*) Q&A' 7= )=>7&?<7E )=?<&>9A7=;L'A?A#&9E <5>!7!3&'A?A#&9E =; 9A>)7!=>9 pandemic brought unexpected gK&' 0"& .#><#% #E *F2>#DAE#D CD"FDA=A>425<0$4><#% @D#$F";DFA @&!># !?<=9&' @L 7"& 8A>S;5<7)L 6=5;7\ relief: abreak from payments. 4%" /!!D#9<%B :FA>D<$><#%A #% ,FD>4<%6D4%AEFDA#E+ #D 1#D>?5FAA%FAA ;(!<'*8 >< !?(!<'*8">S('< >%F >< =<>:='*8!4'">S('< >%F :8>*U>%8"' *F";$><#%A '<>? :FA!F$> >#+8>#$7 #E >?F *F2>#DA ik\U\ EDh `(JM 7I>8!>?5_\D 5'A8><:8"C8 @CNA'>@' C$BE2'<*'?8 0"C<'">S('<:">6S( *>?:6S8 Thepause on interest accumu- 1.0 2JQ;0Q /;KQ P.1/MQ1 H3/L7Q (Jf(^./Qf*OJ E?^DZDE^ (JM 4/I(MN 8"' ,><8"S':: 08>*U5'(6*8!>? 2<>*'(6<':D 8(f(M) "f/G*',(Ob !.'*(L.* (JM kI)(*IO( .L kMFfdf*M `(JM 79C?U<6=8*N 2JQ;0Q /;KQ P.1/MQ1 H3/L7Q /M;/ (JM *M+'I*M1M/())M( L.*(JI/(JM lation alonehas savedborrow- 7>6<85_ M/(M*MN f/ I/(M*I1 .*NM* ik\U\=Bh `(JM 7L?8'*U2<>*'(6<':5f/N (JM 7,><8"S':: 08>*U5'(6*8!>? (I./ (. (JM *M+'I*M1M/() .L "f/G*',(Ob 9'FM CZZE`M_ f/N f,,FIOfeFM )MO'*I] 0.8 2<>*'(6<':5_ dI(J *M),MO( (. NI*MO( f/N I/NI*MO( (*fNI/K^(*f/)LM*).L^ f/N (IM)^ O.*,.*f(M^ f/N .(JM* Ffd) f/N N. /.(McO')M /./O.1,FIf/OM (JM*MdI(J\ month, according to the Edu- 35 to 49 d.*(JFM))/M)) NMN'O(I./) dI(J *M),MO((.^ )(.OG .L (JM kMe(.*)\ 1HO:.O -:IO M,/-KO/ F2-J6O7"A7 7"& G=7!=>E 7"& J>7&;!? 2;'&;E 2JQ;0Q /;KQ P.1/MQ1 H3/L7Q (Jf( fJMf*I/K (. O./)INM* M/(*b.Lf/ 7"& 1;=<=9&' M!>AQ2;'&;E7"& .7=)S1;=)&'5;&9 A>' 7"& +=;7"Q&99 cation Department. 0.6 63'&3 #3<70!7# 0"& B60!67 67 < g71;=)&'5;&9 A;& A3A!QA@Q& => 7"& N&@9!7&=$.7;&77=E7"& ./ #,*IF >^ DZDE^ f( EZ7E Q=)A7&' A7 )A9&9C97;&77=C)=?B Last March the department 3&25672&2 06 0"& &703G6$2.(" <7 63'&3 8.20 :& gK&' 67 63 :&$63& %L;;5=8= F!>&1=!>7O>&;#LEA>' => 7"& '=)S&7=$7"& 6"A<7&; ** 6A9&9E4=)S&7 F=9C put most federal student-loan `,*M&fIFI/K Yf)(M*/ (I1M_ ./ #,*IF E^ DZDE^ f/N )M*&MN./`f_ ,*.,.)MN *( PT%E N"!)")A> @& A))&99&' 3!A 1:6O/ A7 "77<9RBBNNNC^DZDE^ 2IF1I/K(./^ kMFfdf*M^ (A( /A?5F&=)34$#2A ^ payments on hold and set in- 8'I(M D>ZZ^ !JIOfK.^ UFFI/.I) @Z@EE^#((/< 9IOJf*N#\RM&b`*IOJf*N\FM&b$ QIOJfMF 9\ PM)(.* `P.\ CAD@_^ Sf*f Vf11./N !.bFM `P.\ BBEZ_^ #)JFMb 50 to 61 Fd\O.1_ f/N !f*.FI/M #\ 9MOGFM* `Of*.FI/M\*MOGFM*$Fd\O.1_^ >>A 6JI*N#&M/'M^ Y\ TfO.e) `P.\ A@CA_^ TfO.e k\ Q.*(./`P.\ @@>B_^ G3.HO 73H;,;G terest rates to zero. One year PMdj.*G^ PMdj.*GEZZDD^ #((/< PfOIL 6f.'))M `/fOIL\(f.'))M$Fd\O.1_% 0/;1O;// R/;GJ31F JJ2F EZZZ P\ SI/K 8(*MM(^ 9.N/Mb8+'f*M^ 2IF1I/K(./^ and three stimulus bills later, 0.2 f/N `II_ j.'/K !./fdfb8(f*Kf(( -6fbF.*^RR:^EZZZ P\ SI/K 8(*MM(^ 9.N/Mb kMFfdf*M E=>ZE^ 6MFM,J./M< `CZD_ A?E]@@ZZ^ Y1fIF< 1/M)(.*$bO)(\O.1^ 8+'f*M^ 2IF1I/K(./^ kMFfdf*M E=>ZE^ #((/< QIOJfMF 9\ PM)(.* `1/M)(.*$ GO.bFM$bO)(\O.1^ fHfO.e)$bO)(\O.1^ H1.*(./$bO)(\O.1 ]f/N] 9IOJf*N#\ 62 and older G(20=(68? <7' C<3< F<8867' /6GK& @M(6GK&4G(20=(68?9<7' @:? 0"& *$g(& 6$ theBiden administration ex- RM&b `fN1I((MN !D#?4$ 9<$F_^ !f*.FI/M #\ 9MOGFM* `fN1I((MN !D#?4$ 9<$F_^ 0 (JM 4/I(MN8(f(M) 6*')(MM L.*(JM kI)(*IO( .L kMFfdf*M^ >BB SI/K 8(*MM(^ 8'I(M T./f(Jf/ W.*N./ `fN1I((MN !D#?4$ 9<$F_^ J;/M;I R,;/KLH0 JJ2F CCZ tended the payment suspen- Notreported DDZ?^ R.OGe.cCA^ 2IF1I/K(./^ kMFfdf*M E=>ZE^ #((/< T.J/ 8OJf//M`T.J/\ P.*(J 2fef)J #&M/'M^ 8'I(MD>ZZ^ !JIOfK.^ UFFI/.I) @Z@EE^6MFM,J./M< 2018 '19'20 8OJf//M$')N.H\K.&_\ U/ (JM M&M/( (Jf( /. .eHMO(I./) (. M/(*b.L(JM :*.,.)MN `CED_ >?@]??ZZ^ Y1fIF< *IOJf*N\FM&b$Fd\O.1^ Of*.FI/M\*MOGFM*$Fd\O.1^ sion and interest waiver until XI/fF ;*NM* ./ (JM Q.(I./ f*M (I1MFb*MOMI&MN^ (JI) !.'*(1fb M/(M* )'OJ H./f(Jf/\K.*N./$Fd\O.1 ]f/N]WM.*KM #\ kf&I) `fN1I((MN !D#?4$ 9<$F_^ Sept. 30. :*.,.)MN XI/fF;*NM* dI(J.'( /MMN L.*(JM XI/fF VMf*I/K\ PfOIL 6f.'))M `fN1I((MN !D#?4$ 9<$F_^ #FI)(fI* S\ Xf(JMfaf1 `fN1I((MN !D# Note:Includes outstanding principal and interest balances 2JQ;0Q /;KQ P.1/MQ1 H3/L7Q (Jf(^ I/ OM*(fI/ OI*O'1)(f/OM)^ (JM 8(.OG ?4$ 9<$F_^ T./f(Jf/T\2MIOJ)MFef'1 `fN1I((MN !D#?4$ 9<$F_^ J;/M;I R As aresult, close to 20 mil- Source:Enterprise Data Warehouse :*.OMN'*M)*M)(*IO( (*f/)fO(I./) I/&.F&I/K^ f/N *M+'I*M /.(IOM) .L (JM J.FNI/K) ,;/KLH0 JJ2F >>A 6JI*N #&M/'M^ PMdj.*G^ PMdj.*GEZZDD^ 6MFM,J./M< .L f/N ,*.,.)MN (*f/)fO(I./) eb^f/b ,M*)./ .* K*.', .L ,M*)./) (Jf( I) .*^f) `DED_ =Z@]EDZZ^ Y1fIF< KM.*KM\Nf&I)$Fd\O.1^ /fOIL\(f.'))M$Fd\O.1^ lion borrowers currently have f*M)'F( .L )'OJ f(*f/)fO(I./^ d.'FN eMO.1M f8'e)(f/(IfF 8(.OGJ.FNM* .L fFI)(fI*\Lf(JMfaf1$Fd\O.1^ H./\dMIOJ)MFef'1$Fd\O.1^ @D#!#AF" ,#;%AF5 (JM O.11./ )(.OG I))'MN eb PI/M :.I/( Y/M*Kb V.FNI/K)^ U/O\ `(JM 77>@=C?N E#D*F2>#DA4%" *F2>#DA<%@#AAFAA<#% their loans in forbearance, ac- Forsome young Americans, furlough and her waitress 08>*U5_\ X.*,'*,.)M) .L (JM 8(.OG :*.OMN'*M)^ f706A:8C?8!CS 08>*U">S('<5 E !2 <7G5&3267 63>!7(&30 #36.5 6$ 5&32672 0"<0 1&7&g(! 6JM kMe(.*) I/ (JM)M Of)M)^ fF./K dI(J (JM Ff)( L.'* NIKI() .L MfOJ kMe(.*3) cording to Mark Kantrowitz, the rising cost of higher edu- hoursreduced, Ms.McCain said NI*MO(Fb .* I/NI*MO(Fb `f/N[.* .d/) .,(I./) (. fO+'I*M_ f( FMf)( A@^CCZ^A=E $&'&3<3&L A!7& )6!70 J7&3#G F6K'!7#2> D7(= author of “How to Appeal for cation has heightened their if it hadn’t been forthe suspen- )Jf*M) .L !.1,f/b8(.OG `*M,*M)M/(I/K f,,*.cI1f(MFb B\?A0 .L fFF I))'MN `>CCE_% PI/M :.I/( Y/M*Kb^RR! `Z?E?_% X.c(*.( 9M).'*OM)^ RR!`@@=Z_% f/N f/N .'()(f/NI/K )Jf*M) .L !.1,f/b8(.OG_\ :>L<;="!@!7&' 7;A>9$&; =$ RMfL QI/M*fF)^ RR!`=ADD_\ 6JM kMe(.*)3fNN*M)) I) EZZE E?(J 8(*MM(^ EB(J More College Financial Aid.” debt loads and disrupted their sion of loan paymentsshe 7"& 97=)S =$ 7"& 4&@7=;9N!QQ @& >5QQ A>' 3=!' A@ !>!7!= A>' ?ALQ&A' 7= XF..*^kM/&M*^ !.F.*fN. >ZDZD\ )=>7&?<7E )=?<&>9A7=;L'A?A#&9E <5>!7!3&'A?A#&9E =; 9A>)7!=>9 @&!># D /<5!0S;5<7)L 6=5;7\ f)O*IeMN (. (JM1 I/ (JM Q.(I./\ old clinical therapist living in loan payment and interest care of basic responsibilities. NewJersey,the pause came as freeze has offered them the ”Thebeginning of the lock- CLASS ACTION AUCTIONS she wasstruggling to handle ability to makeends meet, pay down wasreally rough,” she reduced work and morechild- down debt and take care of said. “Ifthis all hadn’t been care commitments. otherresponsibilities.Some paused, Idon’t knowwhat I *%$'" (!&#)% +"-!&% "# *,'$!& )($% &:2027 ,..F *?E@3C *96.B6GG !?E>E!-< “Mentally,iteased up the have used the money to build would have done.Iwould’ve J& K:4 7:Q* @E!-<8 !75 pressure,” she said. “Just one up their savings. been evicted. Idon’t knowhow *(8!3@6!3( !<7684=(<6 O#(8(%:Q* !7 6#( 4<*(8QK!<% %13E ,)F (12?7D A/AB4 !?E>E!-< less thing to think about.” Thereare hintsofwhere Icould have paid the bills.” 8(&(8(<,( @77(6C :8 K:4 >:4%#6 %:Q* 946 :96!:<7 !CCF;F) 2D- :9419.?3,. =;K83 (,1H7.D+78#,7. =;K83FF As of December 2019,the this extra cash has gone, and Ms. McCain said the pause 'F7)49.F C,; &GH;F889,. ,C $.3F;F83- "7;/< 0J+ LALJ !< 68@<7@,6!:<7 ,:<*4,6(* :3(8B6#(B,:4<6(8 :8 '17< #!E=2(6O((< *.)F;8 %F2;7.)- 77F;, the Federal ReserveBank of young people arepaying down card debt. I@<4@8K -C +??' @<* I4<( )?C +?-)CK:4 =@K >( NewYork.Last year,the aver- other debt. But in August 2020 she cel- @;(,6(*>K9(<*!<%,Q@77 @,6!:< 7(66Q(=(<67A agedisbursement of federal KrystalMcCain, 29,found ebrated what felt to her to be I=b3KJ^^)4- R[Pb$E b3 P[ )_E4P -[J P[ PF[Y4[Y[3Ef 3EPP_E^E]P3 P[P)_b]> student-loan debt forgraduate that both her jobs—working as an even moreimportant mile- dZ'Lh'''h''' 4E)$=Ef FbP= %EJP3$=E ,)]` /g )]f eK,( ,)]` Y_$ and undergraduatestudents an activities coordinator at a stone: opening her first-ever ;P[>EP=E4hP=E 7KEPP_b]> %EBE]f)]P36:9 I=E KEPP_b]> %EBE]f)]P3 fE]-)]- _b)&b_bP-hB)J_Ph [4 F4[]>f[b]> [B )]-`b]f b] $[]]E$Pb[] FbP= P=E )__E>)Pb[]3 was $11,077, according to the university andwaitressing on savings account. b] P=E /$Pb[]9 ,- E]PE4b]> b]P[ P=Eb4 4E3YE$PbHE 3EPP_E^E]P3h P=E KEPP_b]> Education Department. the side—wereaffected by the “I feel both extremely em- %EBE]f)]P3 =)HE ][P )f^bPPEf P[ )]-3J$= _b)&b_bP-hB)J_Ph [4 F4[]>f[b]>h Totaloutstanding student pandemic.In2020,she real- barrassed and incredibly )]f ][P=b]> b] P=E KEPP_E^E]P />4EE^E]P3 [4 P=b3 R[Pb$E 3=)__ &E $[]3P4JEf )3 3J$= )] )f^b33b[]9 debt stood at $1.56 trillion in ized shewas paying moreto- proud,” she said. “I work in I=E G]bPEf KP)PE3 %b3P4b$P ([J4P B[4 P=E K[JP=E4] %b3P4b$P [B REF+[4` ;P=E the fourth quarter of 2020,up ward her student loan than she higher education, and Ihavea 7([J4P6: )JP=[4b*Ef P=b3 R[Pb$E9 I=E ([J4P =)3 )YY[b]PEf P=E _)F-E43 _b3PEf $9 billion from the prior quar- did forher apartment’srent. master’s degree,but Iwas still &E_[FP[4EY4E3E]P P=E KEPP_E^E]P (_)33 b] P=b3 /$Pb[]" ter. With her university job on just getting by.” KYNN977 %)/9[T?? %)V9Y7 *NT$8Y33 *YNS K)[96TV ,/YV0Y] 11V[ !7TTN CE F;97)[Y7R;9)] F, SUSH2 IY. +TN8] I+ SHHSH Blackstone SeeksAustralian Casino -;T X6 )KYW&YN T? 3;Y CY337YWYV3 '7)66O BY MIKE CHERNEY ingBlackstone’soffer.Black- culminated in the arrest of I=E Y4[Y[3Ef KEPP_E^E]P (_)33 b]$_JfE3" /__ YE43[]3 [4 E]PbPbE3 F=[ fJ4b]> P=E YE4b[f B4[^ X)]J)4- Zh L''? P=4[J>= stonealready owns anearly Crownemployees in China for XJ]E N'h L'ZNh EbP=E4 ;/: 3[_f )]-Y=-3b$)_ >[_f [4 A])]$b)_ [4 fE4bH)PbHE SYDNEY—Blackstone Group 10% stakeinCrown. gambling-related crimes. b]3P4J^E]P b] F=b$= >[_f b3 P=E J]fE4_-b]> 4EBE4E]$E )33EPh b]$_Jfb]>h &JP Inc.made atakeover offer for Last month, an inquiryset BankaccountsatCrown ][P _b^bPEf P[h P=[3E F=[ 3[_f ;b: >[_f &J__b[]h >[_f &J__b[] $[b]3h >[_f &)43h >[_f b]>[P3 [4 )]-B[4^ [B Y=-3b$)_ >[_fh ;bb: >[_f BJPJ4E3 $[]P4)$P3 Australian casino operator up by the gambling regulator in subsidiaries were used to laun- b] P4)]3)$Pb[]3 $[]fJ$PEf b] F=[_E [4 b] Y)4P [] (QT#. [4 )]-[P=E4 CrownResorts Ltd. valued at NewSouth Wales statedeter- der money,and Crownimprop- E0$=)]>E [YE4)PEf b] P=E G]bPEf KP)PE3h ;bbb: 3=)4E3 b] >[_f E0$=)]>E< $6 billion, as regulatorsinves- mined Crownisn’t suitable to erly worked with junket opera- P4)fEf BJ]f3 ;7#I!36:h ;bH: >[_f $)__ [YPb[]3 b] P4)]3)$Pb[]3 $[]fJ$PEf tigate Crown’sbusinessprac- operateanew casino on Syd- tors in Asia to bring gamblers [HE4E [YE4)PEf b] P=E G]bPEf KP)PE32 ;H: >[_f 3Y[Ph >[_f B[4F)4f3 [4 >[_f 3F)Y3 tices and threaten to rescind ney’s waterfront. Thereport to Australia, the report also [HE4=P >[_f YJP [YPb[]3 b] P4)]3)$Pb[]3 $[]fJ$PEf itscasinos licenses. found that Crowndisregarded found. [HE4E [YE4)PEf b] P=E G]bPEf KP)PE39 yetdecided whether to back China by pursuing lucrative discussions with the regulator I=E $)YbP)_b*Ef PE4^3 J3Ef b] P=b3 KJ^^)4- R[Pb$E bB ][P fEA]Ef =E4Eb] )4E fEA]Ef b] P=E fEP)b_Ef R[Pb$E [B O4[Y[3Ef (_)33 /$Pb[] KEPP_E^E]P3 )]f the deal and will start assess- highrollers—which ultimately on the matter. (_)33 TE^&E435 Mb>=P3 ;7R[Pb$E6: )]f P=E KEPP_E^E]P />4EE^E]P3h F=b$= )4E )H)b_)&_E )P ...Q\T7[!9LCY337YWYV3Q$TW9 cB -[J )4E ][P 3J4E bB -[J )4E b]$_JfEf b] P=E KEPP_E^E]P (_)33h -[J $)] >EP ^[4E b]B[4^)Pb[]h b]$_Jfb]> P=E fEP)b_Ef R[Pb$Eh )P ...Q\T7[!9LCY337YWYV3Q$TW Firm [4 &- $)__b]> P[__ B4[^ [JP3bfE P=E G]bPEf KP)PE3 [4 ()])f)h $)__ S:145:12@:UH5@:9 -;)3 X6 B;96 M).6093 ,&T03 )V[ -;)3 %T 3;Y CY337YWYV36 FNT/9[YO

I=b3 _)F3JbP )__E>E3 P=)P P=E %EBE]f)]P3 E]>)>Ef b] )]Pb$[^YEPbPbHE )$P3 P=)P Shifts to JOURNAL )BBE$PEf P=E ^)4`EP B[4 >[_f9 I[ 3EPP_E P=E $_)b^3 b] P=b3 _)F3JbP )]f FbP=[JP )f^bPPb]> )]-_b)&b_bP-hB)J_Ph [4 F4[]>f[b]>h %EJP3$=E ,)]` =)3 )>4EEf P[ REET Y)- dU' ^b__b[] b] $)3=h )]f eK,( =)3 )>4EEf P[ Y)- d?L ^b__b[] b] $)3=C ST Growth LL B[4 )P[P)_ [B dZ'L ^b__b[] ;P=E 7KEPP_E^E]P !J]f6: b] $)3=CB[4 P=E &E]EAP [B P=E KEPP_E^E]P (_)33 )]f P[ Y4[HbfE fb3$[HE4- P=)P b3 _b`E_- P[ )33b3P FbP= WA

P=E $[]Pb]JEf Y4[3E$JPb[] [B P=E /$Pb[]9 cB P=E KEPP_E^E]P3 )4E )YY4[HEfh THE P=E KEPP_E^E]P !J]fh Y_J3 b]PE4E3P E)4]Ef B4[^ P=E f)PE bP F)3E3P)&_b3=Efh ContinuedfrompageB1 R _E33 )]-I)0E3h )]-R[Pb$E )]f /f^b]b3P4)Pb[] ([3P3h )]-([J4P<)F)4fEf FO

Gray has become moreclear JR. )PP[4]E-35 BEE3h Y)-^E]P [B _bPb>)Pb[] $[3P3 )]f E0YE]3E3h )]f 3E4Hb$E )F)4f3 MARKETPLA

B[4 O_)b]PbBB3h )]f )]-[P=E4 $[3P3 [4 BEE3 )YY4[HEf&-P=E ([J4P ;P=E 7REP about what it won’t buy, said DO

KEPP_E^E]P !J]f6: Fb__ &E fbHbfEf )^[]> )__ KEPP_E^E]P (_)33 TE^&E43 Joseph Baratta,global head of RA F=[ A_E H)_bf O4[[B3 [B (_)b^ )]f ME_E)3E9 VA

privateequity at the firm. In AL

-977 X\Y3 )F)JWYV3O addition to bricks-and-mortar A. cB -[J )4E )^E^&E4 [B P=E KEPP_E^E]P (_)33 )]f f[ ][P [YP [JPh -[J Fb__ &E retailers, that list includes es- SÉ E_b>b&_E P[ A_E )O4[[B [B (_)b^ )]f ME_E)3E ;7(_)b^ ![4^6:9 I=E )^[J]P JO [B -[J4 Y)-^E]P Fb__ &E fEPE4^b]Ef &- )O_)] [B /__[$)Pb[]9 %EP)b_3 )&[JP tablished media-and-telecom- Highly successful real-estate bets helped propel Jonathan Gray. P=E O_)] [B /__[$)Pb[] )4E )H)b_)&_E )P ...Q\T7[!9LCY337YWYV3Q$TW [4 &- munications providersand $)__b]> P[__ B4[^ [JP3bfE P=E G]bPEf KP)PE3 companies reliant on single- build abusiness taking minor- deal a failure. Instead, Hilton [4 ()])f)h $)__ S:145:12@:UH5@:9 /f)PE B[4 fb3P4b&JPb[] [B P=E KEPP_E^E]P !J]f =)3 ][P &EE] 3EP9 (_)b^ ![4^3 ^J3P &E 3J&^bPPEf &- ,0<063 12] 1H1S9 use plastics. ity stakes in growing compa- became one of the most suc- “There are certain types of nies. cessful private-equity invest- -;)3 ,NYKJD9<;36O THE companies that we’rejust not Blackstone,which previ- mentsofall time,ultimately cB -[J )4E )^E^&E4 [B P=E KEPP_E^E]P (_)33 )]f f[ ][P [YP [JPh -[J Fb__ 4E_E)3E $E4P)b] _E>)_ 4b>=P3 )>)b]3P P=E KEPP_b]>%EBE]f)]P3h )3 E0Y_)b]Ef going to invest in, no matter ouslyhad virtually no West reaping more than $14 billion b] P=E fEP)b_EfR[Pb$E )]f KEPP_E^E]P />4EE^E]P3h F=b$= )4E )H)b_)&_E )P how cheap they are,” Mr. Ba- Coast presence, has opened a in profits, or more than three ...Q\T7[!9LCY337YWYV3Q$TW9cB-[J f[ ][P F)]P P[ P)`EY)4P b] P=E ratta said. SanFranciscoofficeand hired timesBlackstone’sinitial in- KEPP_E^E]P3h -[J ^J3P [YP [JP &- ,0<063 4] 1H1S9+[J ^)- [&aE$P P[ ADVERTISE P=E KEPP_E^E]P3h O_)] [B /__[$)Pb[]h )]fS[4 )YY_b$)Pb[] B[4 )] )F)4f Thestrategyisn’t without executives and advisers from vestment. [B )PP[4]E-35 BEE3h Y)-^E]P [B _bPb>)Pb[] $[3P3 )]f E0YE]3E3h )]fS[4 TODAY risk.The assetsthe firm is col- technologycompanies such as Mr.Graysaid the experi- 3E4Hb$E )F)4f3 B[4 O_)b]PbBB39 cB -[J F)]P P[ [&aE$Ph -[J ^J3P f[ 3[ &- lecting could be among the Amazon.comInc.and Snow- ence taught him that the ef- ,0<063 4] 1H1S9c]B[4^)Pb[] [] =[FP[[YP [JP [4 [&aE$P b3 $[]P)b]Ef b] P=E firsttoget hit if,for example, flake Inc. fortsofBlackstone and Hil- fEP)b_Ef R[Pb$Eh F=b$= b3 )H)b_)&_E )P ...Q\T7[!9LCY337YWYV3Q$TW9 the recent increase in interest AndinNovember,ithired ton’smanagement maynot -;YV X6 3;Y !)9NVY66 ZY)N9V )P P=E G]bPEf KP)PE3 %b3P4b$P ([J4P B[4 P=E K[JP=E4] %b3P4b$P [B REF+[4`h I=J4>[[f T)43=)__ G]bPEf KP)PE3 omyemergesfromthe pan- chief executiveofbusiness- pany weren’t the beneficiary ([J4P=[J3Eh ?' ![_E-K8J)4Eh ([J4P4[[^ ??Nh REF+[4`h R+ Z'''Wh [] demic-induced lockdown. software giant SAPSE, to lead of along-term growth trend in G$3T&YN 5] 1H1Sh)PSH"HH )QWQ P[ $[]3bfE4 F=EP=E4 P[ A])__- )YY4[HE P=E3E Formore Rivalssuch as Apollo Global ateam helping the firm’s200- global travel, the thesis that KEPP_E^E]P3h P=E O_)] [B /__[$)Pb[]h )]f ([)Pb[] $[3P3 )]f E0YE]3E3h )]f information visit: )]-3E4Hb$E )F)4f3 B[4 P=E (_)33 O_)b]PbBB39 gbHE]P=E $J44E]P (Q1c%=P P[ $[]fJ$P P=E A])_ B)b4]E33 wsj.com/classifieds growth strategy, preferring in- transformation.” what matteredwas youpicked =E)4b]> 4E^[PE_-9I=E ([J4P $J44E]P_- E0YE$P3 P[ )__[FY)4Pb$bY)]P3 P[ stead to put money intohard- Blackstone isn’t alone.An the right neighborhood, not )PPE]f J3b]> P=E B[__[Fb]> fb)_ P=E )$$E33 $[fE NZLZZWZh )]f P=E 3E$J4bP- $[fE L@?D9 +[J[4-[J4 _)F-E4 ^)- hit areas likegaming and increasing number of itsrivals the right house,” Mr.Gray )3` P[ )YYE)4 )]f 3YE)` )P P=E =E)4b]> )P -[J4 [F]E0YE]3Eh &JP-[J f[ physical retail. and stock investors have em- said. ][P =)HE P[9 /]-$=)]>E3 P[ P=E Pb^E )]f Y_)$E [B P=E !)b4]E33 eE)4b]>h But even the historically braced growth as adecadelong (Mr.Gray’sfondnessfor ho- [4 [P=E4 fE)f_b]E3h [4 P=E Y4[$E33 B[4 )PPE]fb]> 4E^[PE_-hFb__ &E Y[3PEf P[ ...Q\T7[!9LCY337YWYV3Q$TW )3 3[[] )3 Y4)$Pb$)&_E9 value-focused Apollo has done bull market pushes up the tels abides,witnessBlackstone moretechnology-related deals priceofall manner of assets and Starwood Capital Group’s N:8 =:8( !<&:8=@6!::466#( 0(66Q(=(<67A DDDD targeting growth-oriented ples forU.S.buyoutsreached a spot for the lodging industry deals. record 12.8times earningsbe- during Covid-19 will continue Among the themes that fore interest, taxes, deprecia- to thrive.) have guided recent Blackstone tion and amortization in 2020, He also led the firm’s first investmentsare the shifttoe- according to an analysis by forayintoindustrial ware- commerce and the technology- McKinsey &Co. That’supfrom houses in 2010,betting on the fueled advancement of the 11.9times in 2019 and 10.2 ascendanceofe-commerce SHOWROOM life-sciences industry. times in 2015. around the world. Blackstone Thefirm has launched a Mr.Gray’sthematic push is the largest owner of ware- business dedicated to invest- wasborn from personal expe- houses used for e-commerce, ADVERTISE TODAY ing in lifesciences—including rience. He led Blackstone’s$26 with aroughly $100 billion by backing newdrugs in the billion deal to buy Hilton Ho- portfolio consisting of 880 (800)366-3975|[email protected] latestagesofdevelopment, tels Corp.onthe eveofthe fi- million squarefeet of such Formoreinformation visit: wsj.com/classifieds the last thing atraditional lev- nancial crisis. properties around the world. eraged buyout would target. As the hotel chain’sbusi- Thetwo highly successful ©2021Dow Jones &Company,Inc. It hired JonKorngold,a nesssuffered during the ensu- real-estatebetshelped propel ©2021Dow Jones &Company,Inc.All Rights Reserved. All Rights Reserved. veteranofgrowth-investing ing economic downturn, out- Mr. Gray’s rise at the private- pioneer General Atlantic,to siderswould oftenlabel the equity giant. P2JW081000-0-B00700-1------XA

THE WALL STREET JOURNAL. Monday, March 22, 2021 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Continued on Page B9 Last Year ago Last Year ago 32627.97 t150.67, or 0.46% last week Trailing P/E ratio 33.12 14.91 3913.10 t30.24, or 0.77% last week Trailing P/E ratio * 44.63 18.42 Public Offerings of Stock High, low, open and close for each of P/E estimate * 21.38 13.27 High, low, open and close for each of P/E estimate * 22.42 14.62 the past 52 weeks Dividend yield 1.84 3.40 the past 52 weeks Dividend yield * 1.49 2.51 IPOs in the U.S. Market All-time high All-time high 33015.37, 03/17/21 3974.12, 03/17/21 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 33500 4100 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) 31000 3800 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 3/24 2/16 Cricut Inc CRCT 15.3 20.00/ GS, MS, Citi, Barclays, 200-day moving average Operator of craft hobby Nq 22.00 R W Baird & Co 28500 3500 stores. 3/23 2/25 DigitalOcean Holdings Inc DOCN 16.5 44.00/ MS, GS, JPM, BofA Securities, Software-Computer, N 47.00 Barclays, KeyBanc Traditional & Other. 26000 3200 Software company providing cloud computing solutions and git repository services. 23500 2900 Week's high 3/23 2/26 Leonardo DRS Inc DRS 31.9 20.00/ GS, BofA Securities, JPM, Barclays, 200-day moving average Supplier of defense N 22.00 Citi, Credit Suisse, DOWN UP electronics products and MS Monday's open Friday's close systems. t 21000 2600 65-day moving average 3/23 2/26 ACV Auctions Inc ACVA 16.6 18.00/ GS, JPM, Citi, BofA Securities, Friday's close Monday's open 65-day moving average

t Software-E-Commerce Nq 20.00 Jefferies, company providing a Canaccord 18500 2300 mobile platform that Genuity, Week's low enables used-car dealers Guggenheim to view, bid, and purchase Partners, JMP Bars measure the point change from Monday's open car inventory via online Securities LLC 16000 2000 auctions. M A M J J A S O N D J F M M A M J J A S O N D J F M 3/24 3/1 Diversey Holdings Ltd DSEY 46.2 18.00/ Citi, MS, Barclays, JPM, Provider of cleaning and Nq 21.00 BofA Securities, Primary hygiene products. Credit Suisse, GS, NYSE weekly volume, in billions of shares t Jefferies

market t Composite 36 Track the Markets 3/24 3/1 SEMrush Holdings Inc SEMR 16.8 14.00/ GS, JPM, Jefferies, KeyBanc, Software-Apps. Software N 16.00 Piper Sandler, 24 Compare the performance of selected company engaged with Stifel online visibility 12 global stock indexes, bond ETFs, management software- as-a-service platform. 0 currencies and commodities at M A M J J A S O N D J F M wsj.com/graphics/track-the-markets 3/24 3/1 VIZIO Holding Corp VZIO 15.1 21.00/ JPM, BofA Securities, WFS, Manufacturer of N 23.00 Guggenheim televisions and audio Partners, *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index hardware. Needham & Co LLC, Piper Sandler Nasdaq Composite Major U.S. Stock-Market Indexes 3/24 3/2 Lava Therapeutics BV LVRX 6.7 14.00/ JPM, Jefferies, SVB Leerink, Developer of immune Nq 16.00 Kempen & Co Latest Week 52-Week % chg t 104.63, or -0.79% oncology High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week biopharmaceuticals. Dow Jones 3/24 3/3 Alignment Healthcare Inc ALHC 27.2 17.00/ GS, MS, JPM, BofA Securities, Industrial Average 33227.78 32505.07 32627.97 -150.67 -0.46 18591.93 l 33015.37 70.2 6.6 9.9 Next generation, Nq 19.00 W. Blair LLC, UBS, consumer-centric platform Piper Sandler, Transportation Avg 14364.35 13919.60 14182.13 25.44 0.18 6703.63 l 14242.67 107.4 13.4 10.0 that is revolutionizing the Raymond James 13700 healthcare experience for & Associates Inc Utility Average 860.53 838.57 847.56 2.68 0.32 610.89 l 917.38 31.2 -2.0 7.3 seniors. Total Stock Market 42050.87 40908.85 41251.19 -414.54 -0.99 22462.76 l 41966.28 78.5 5.2 13.6 3/24 3/3 Olink Holding AB OLK 17.6 16.00/ GS, MS, SVB Leerink, BTIG LLC 13400 Developer of technologies Nq 18.00 Barron's 400 978.36 951.77 963.31 -8.14 -0.84 455.11 l 978.36 105.4 13.0 9.8 for analysis of proteins and nucleic acids. Nasdaq Stock Market 13100 3/25 3/3 thredUP Inc TDUP 12.0 12.00/ GS, MS, Barclays, W. Blair LLC, Nasdaq Composite 13620.71 13039.45 13215.24 -104.63 -0.79 6860.67 l 14095.47 92.1 2.5 21.6 Online children s clothing Nq 14.00 WFS platform. Nasdaq-100 13297.48 12704.07 12866.99 -70.30 -0.54 6994.29 l 13807.7 84.0 -0.2 23.3 12800 S&P 12 15 16 17 18 19 Lockup Expirations 500 Index 3983.87 3886.75 3913.10 -30.24 -0.77 2237.40 l 3974.12 69.8 4.2 13.0 March Below, companies whose officers and other insiders will become eligible MidCap 400 2682.94 2588.56 2614.15 -32.19 -1.22 1218.55 l 2682.61 107.7 13.3 10.9 DJ US TSM to sell shares in their newly public companies for the first time. Such SmallCap 600 1397.62 1333.21 1355.09 -42.57 -3.05 595.67 l 1397.66 124.1 21.1 12.2 t 414.54, or -0.99% sales can move the stock’s price. Other Indexes last week Lockup Offer Offer amt Through Lockup Russell 2000 2360.17 2247.57 2287.55 -65.24 -2.77 1002.40 l 2360.17 125.6 15.8 13.4 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision NYSE Composite 15797.94 15454.11 15562.26 -152.95 -0.97 8777.38 l 15775.5 70.4 7.1 7.1 March 23 Sept. 24, ’20 Greenwich LifeSciences GLSI 5.75 10.5 421.7 180 days l 42300 Value Line 662.15 639.73 646.85 -9.99 -1.52 305.71 662.15 106.2 13.7 5.0 Sept. 22, ’20 Corsair Gaming CRSR 17.00 238.0 90.6 180 days NYSE Arca Biotech 5690.15 5488.47 5579.59 31.74 0.57 3952.22 l 6319.77 40.5 -2.8 5.8 Sept. 22, ’20 Bentley Systems BSY 22.00 215.0 91.0 180 days NYSE Arca Pharma 696.10 682.62 690.00 2.75 0.40 494.36 l 725.03 33.9 0.1 8.5 41700 Sept. 23, ’20 GoodRx Holdings GDRX 33.00 900.0 180 days KBW Bank 126.81 119.25 121.29 -2.06 -1.67 56.19 l 123.35 100.3 23.9 2.6 13.1 PHLX§ Gold/Silver 145.35 138.75 141.57 1.84 1.32 70.12 l 161.14 101.9 -1.8 21.6 Sept. 22, ’20 Laird Superfood LSF 22.00 57.0 67.9 180 days 41100 PHLX§ Oil Service 63.00 55.51 56.39 -6.243 -9.97 22.65 l 63.89 146.4 27.2 -25.1 Sept. 23, ’20 Taysha Gene Therapies TSHA 20.00 125.0 19.2 180 days § 1.56 l PHLX Semiconductor 3130.02 2945.46 3011.37 46.28 1298.54 3238.92 131.9 7.7 29.2 Sept. 22, ’20 Aspirational Consumer LifestyleASPL.U 10.00 225.0 7.2 180 days Cboe Volatility 23.17 18.95 20.95 0.26 1.26 19.23 l 66.04 -68.3 -7.9 3.3 40500 12 15 16 17 18 19 March 24Sept. 25, ’20 VIA optronics VIAO 15.00 100.0 –12.5 180 days § March Nasdaq PHLX Sources: FactSet; Dow Jones Market Data Sept. 24, ’20 Graybug Vision GRAY 16.00 75.0 –52.1 180 days Sept. 24, ’20 Prelude Therapeutics PRLD 19.00 149.9 187.7 180 days International Stock Indexes Commodities and Sept. 24, ’20 PMV Pharmaceuticals PMVP 180 days Currencies 18.00 200.0 139.4 Latest Week 52-Week Range YTD Sources: Dealogic; Dow Jones Market Data Region/Country Index Close %chg Low Close High %chg Last Week YTD Off the Shelf World MSCI ACWI 671.41 –0.45 384.04 • 685.083.9 Close Net chg % Chg % chg “Shelf registrations” allow a company to prepare a stock or bond for MSCI ACWI ex-USA 340.13 0.08 200.33 • 350.01 4.2 sale, without selling the whole issue at once. Corporations sell as MSCI World DJ Commodity 811.29 -14.20 -1.72 10.89 2796.14 –0.39 1602.11 • 2829.67 3.9 conditions become favorable. Here are the shelf sales, or takedowns, MSCI Emerging Markets 758.20 1444.93 3.5 1336.84 –0.84 • Refinitiv/CC CRB Index 188.79 -5.00 -2.58 12.51 over the last week: Americas MSCI AC Americas 1523.87 –0.77 850.77 • 1547.92 3.8 Crude oil, $ per barrel 61.42 -4.19 -6.39 26.59 Takedown date/ Deal value Canada S&P/TSX Comp 18854.00 0.01 11228.49 18983.10 8.1 • Natural gas, $/MMBtu 2.535 -0.065 -2.50 -0.16 Issuer/Industry Registration date ($ mil.) Bookrunner(s) Latin Amer. MSCI EM Latin America 2347.21 1.78 1382.94 2546.61 –4.3 • Baidu Inc March 17 $3,082.7 BofA Securities, CITIC Securities, GSChina Int'l, UBS Brazil Sao Paulo Bovespa Gold, $ per troy oz. 1741.40 21.90 1.27 -8.01 116221.58 1.81 63569.62 • 125076.63 –2.3 Computers & Electronics March 9,321 China Constrn Bank Corp, China Renaissance Holdings Ltd Chile Santiago IPSA 3318.40 –0.78 2045.49 • 3358.63 16.13 U.S. Dollar Index 91.96 0.28 0.31 2.26 Option Care Health Inc March 15 GS Mexico S&P/BMV IPC 47028.04 –1.55 32964.22 • 48203.95 6.7 $240.0 WSJ Dollar Index 86.59 0.11 0.13 1.87 Healthcare June 26,320 EMEA Stoxx Europe 600 423.35 0.06 280.43 • 426.82 6.1 Euro, per dollar 0.8399 0.003 0.40 2.60 Colfax Corp March 17 $644.0 GS, Evercore Inc, MS Stoxx Europe 50 3276.68 0.49 2398.73 • 3296.68 5.4 Machinery Feb. 18,321 Eurozone Euro Stoxx 424.55 –0.002 271.19 427.85 6.8 Yen, per dollar 108.88 -0.14 -0.13 5.39 • Par Pacific Holdings Inc March 16 $80.0 JPM, GS Euro Stoxx 50 3837.02 0.10 2485.54 • 3867.54 8.0 U.K. pound, in dollars 1.39 -0.005 -0.40 1.46 Oil & Gas Feb. 6,319 Austria ATX 3125.35 –1.05 1880.82 • 3176.99 12.4 52-Week Maxar Technologies Inc March 17 $400.0 GS, MS, Barclays, BofA Securities, Belgium Bel-20 3872.81 0.21 2664.10 3921.95 6.9 • Low Close(l) High % Chg Telecommunications March 15,321 JPM, RBC Cptl Mkts France CAC 40 5997.96 –0.80 3914.31 6062.79 8.0 • Rubius Therapeutics Inc March 16 $200.0 JPM, Jefferies, Germany DAX 14621.00 0.82 8741.15 • 14775.52 6.6 DJ Commodity 433.70 l 836.48 74.03 Healthcare Aug. 1,319 Guggenheim Partners Greece Athex Composite 833.07 –1.97 513.07 860.26 3.0 • Refinitiv/CC CMD 106.29 l 195.13 52.39 Biohaven Pharmaceutical Holding Co LtdMarch 15 $234.8 GS Israel Tel Aviv 1587.28 –0.60 1171.21 • 1631.18 5.9 Healthcare June 17,319 Italy FTSE MIB 24199.42 0.36 15560 24360 8.8 Crude oil, $ per barrel -37.63 l 66.09 173.83 • Ares Commercial Real Estate Corp March 16 $101.9 MS, WFS, BofA Securities Netherlands AEX 681.70 0.63 423.72 • 687.43 9.1 Natural gas, $/MMBtu 1.482 l 3.354 58.04 Real Estate/Property July 19,319 Portugal PSI 20 4848.22 –0.02 3600.00 5282.02 –1.0 • Gold, $ per troy oz. 1484.00 l 2051.50 17.35 Kaspien Holdings Inc March 16 $13.5 Aegis Cptl Russia RTS Index 1474.05 –2.99 883.78 • 1552.81 6.2 Retail Feb. 9,321 South Africa FTSE/JSE All-Share 65911.27 –3.37 38267.21 68775.06 10.9 • U.S. Dollar Index 89.44 l 102.82 -10.56 Global Medical REIT Inc March 16 $99.8 JPM, BMO Cptl Mkts, Stifel, WFS, R W Baird & Co Spain IBEX 35 8493.00 –1.75 6230.2 • 8657.7 5.2 Real Estate/Property June 9,320 KeyBanc, Truist Financial Corp Sweden OMX Stockholm 862.86 –0.16 478.95 870.93 12.3 WSJ Dollar Index 84.56 l 97.02 -10.55 • Primoris Services Corp March 18 $157.5 GS, MS, UBS Switzerland Swiss Market 10967.37 1.18 8160.79 • 10973.76 2.5 Euro, per dollar 0.8112 l 0.9349 -10.16 Construction/Building Sept. 1,320 U.K. FTSE 100 6708.71 –0.78 4993.89 6873.26 3.8 • Yen, per dollar 102.72 l 111.24 -1.75 CHF Solutions Inc March 17 $18.2 Ladenburg Thalmann Asia-Pacific MSCI AC Asia Pacific 208.49 0.34 121.5 • 220.6 4.3 Healthcare May 11,318 U.K. pound, in dollars 1.15 l 1.41 19.12 Australia S&P/ASX 200 6708.20 –0.87 4546.0 • 6917.3 1.8 Renewable Energy Group Inc March 16 $385.3 Credit Suisse, BofA Securities, China Shanghai Composite 3404.66 –1.40 2660.17 • 3696.17 –2.0 Chemicals March 16,321 Guggenheim Partners Real-time U.S. stock Hong Kong Hang Seng 28990.94 0.87 21696.13 • 31084.94 6.5 South Jersey Industries Inc March 18 $228.1 BofA Securities, India S&P BSE Sensex 49858.24 –1.84 25981.24 • 52154.13 4.4 quotes are available on Utility & Energy Sept. 9,319 Guggenheim Partners WSJ WSJ.com. Track most- Japan Nikkei Stock Avg 29792.05 0.25 16552.83 • 30467.75 8.6 South Jersey Industries Inc March 18 $300.0 BofA Securities Malaysia FTSE Bursa Malaysia KLCI 1626.19 0.65 1259.88 • 1684.58 –0.1 .COM active stocks, new Utility & Energy Sept. 9,319 highs/lows, mutual Singapore Straits Times 3134.54 1.27 2233.48 • 3137.66 10.2 ContraFect Corp March 17 $50.0 SVB Leerink, South Korea Kospi 3039.53 –0.49 1482.46 • 3208.99 5.8 funds and ETFs. Healthcare Aug. 14,320 Cantor Fitzgerald & Co, Mizuho Taiwan TAIEX 16070.24 –1.14 8890.03 • 16452.18 9.1 All are available free at Solid Biosciences Inc March 18 $125.0 Jefferies, SVB Leerink, Source:FactSet; Dow Jones Market Data WSJMarkets.com Healthcare March 13,319 Piper Sandler PhaseBio Pharmaceuticals Inc March 17 $56.0 Cowen & Company LLC, Stifel, Consumer Rates and Returns to Investor Benchmark Yields and Rates Healthcare Dec. 27,319 W. Blair LLC U.S. consumer rates Selected rates Treasury yield curve Forex Race Currencies A consumer rate against its New car loan Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 4.03% US$ vs, US$ vs, Fri YTD chg Fri YTD chg First Command Bank 2.75% 2.50% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) 16%

4.20% Fort Worth, TX s Vietnam dong t 888-763-7600 Americas .00004334 23075 –0.02 2.00 Euro New car loan First Savings Bank of Hegewisch 2.75% Argentina peso .0110 91.2691 8.5 Europe 3.90 Tradeweb ICE 8 Chicago, IL 773-646-4200 Friday Close t 1.50 Brazil real .1821 5.4911 5.7 Czech Rep. koruna .04566 21.902 2.0 s Canada dollar .7999 1.2502 –1.8 Denmark krone .1601 6.2462 2.5 3.60 Cambridge Savings Bank 3.24% 0 Yen 1.00 Chile peso .001402 713.30 0.4 Euro area euro 1.1907 .8399 2.6 Cambridge, MA 888-418-5626 Prime rate WSJ Dollar Index Colombiapeso .000281 3558.90 4.0 Hungary forint .003238 308.85 4.0

t 3.30 One year ago –8 PNC Bank 3.37% 0.50 s Ecuador US dollar 11unch Iceland krona .007885 126.82 –0.8 t Washington, DC 888-PNC-BANK Mexico peso .0488 20.5059 3.1 Norway krone .1172 8.5334 –0.5 3.00 0.00 –16 Uruguay peso .02255 44.3450 4.7 Poland zloty .2580 3.8764 3.8 A M J J A S O N D J F M Chase Bank 3.74% 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Asia-Pacific Russia ruble .01350 74.093 0.1 2020 2021 New York, NY 800-CHA-SE24 Sweden krona .1169 8.5516 3.9 month(s) years Australian dollar .7744 1.2913 –0.7 Switzerland franc 1.0761 .9293 5.0 maturity China yuan .1536 6.5090 –0.4 Turkey lira .1385 7.2189 –2.9 Yield/Rate (%) 52-Week Range (%) 3-yr chg Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Hong Kong dollar .1288 7.7651 0.2 Ukraine hryvnia .0360 27.7500 –2.1 Interest rate Last (l)Week ago Low 0246 8High (pct pts) India rupee .01380 72.461 –0.8 Corporate Borrowing Rates and Yields UK pound 1.3864 .7213 –1.4 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.25 Indonesia rupiah .0000694 14405 2.5 Japan yen .009184 108.88 5.4 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 3.25 -1.25 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002376 420.83 –0.1 Bahrain dinar 2.6524 .3770 –0.01 Libor, 3-month 0.20 0.19 0.18 l 1.45 -2.03 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1250 8.0020 0.1 Egypt pound .0638 15.6787 –0.4 Money market, annual yield 0.10 0.10 0.08 l 0.37 -0.24 Malaysia ringgit .2435 4.1075 2.1 Israel shekel .3029 3.3009 2.7 U.S.Treasury,Barclays 0.990 0.970-1.72 4.28 Five-year CD, annual yield 0.46 0.45 0.44 l 1.05 -1.18 New Zealand dollar .7165 1.3957 0.3 Kuwait dinar 3.3120 .3019 –0.7 U.S. Treasury Long,Barclays 2.370 2.320-9.40 6.32 30-year mortgage, fixed† 3.34 3.24 2.83 l 4.01 -1.09 Pakistan rupee .00641 155.983 –2.7 Oman sul rial 2.5972 .3850 0.01 Aggregate,Barclays 1.620 1.5703332127 4.26 4.75 Philippines peso .0206 48.498 1.0 Qatar rial .2746 3.641 –0.01 15-year mortgage, fixed† 2.55 2.47 2.32 l 3.43 -1.34 Fixed-Rate MBS,Barclays 1.850 1.7301510115 2.67 3.86 Singapore dollar .7450 1.3422 1.6 Saudi Arabia riyal .2666 3.7510 –0.02 Jumbo mortgages, $548,250-plus† 3.38 3.27 2.85 l 4.09 -1.34 South Korea won .0008854 1129.48 4.0 South Africa rand .0679 14.7181 0.2 High Yield 100,ICE BofA 4.134 3.962 332 278 101828.747 5.345 Five-year adj mortgage (ARM)† 3.17 3.19 2.85 l 3.57 -1.02 Sri Lanka rupee .0050653 197.42 6.6 Muni Master,ICE BofA Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.03 4.03 4.02 l 4.44 0.44 1.048 0.950 15 -12 41 12.920 4.651 Taiwan dollar .03521 28.401 1.1 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBIGlobal,J.P. Morgan 4.943 4.976 316 311 662 20.073 4.223 Thailand baht .03250 30.770 2.4 WSJ Dollar Index 86.59 0.08 0.10 1.87 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data P2JW081000-0-B00800-1------XA

B8 | Monday, March 22, 2021 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl 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 FT/Sr Fltg Rte Inc 2 FCT 12.77 12.27 -3.9 9.7 MAINSTAY:MK DEFTR MUN OP MMD NA 21.44 NA 4.6 buy their shares back from investors who wish to cash Royce Value Trust RVT 20.68 18.26 -11.7 132.1 EtnVncEqtyInc EOI NA 16.81 NA 75.3 FT/Sr Fltg Rte 2022 TgTr FIV 9.61 9.32 -3.0 2.3 NeubrgrBrm NBH 15.06 16.00 +6.2 4.8 VirtusTotalRetFd ZTR 9.03 9.21 +2.0 50.3 in their holdings. Instead, fund shares trade on a stock Source Capital SOR 47.70 43.43 -9.0 67.6 EtnVncEqtyIncoII EOS NA 21.23 NA 88.1 Highland Income HFRO 13.56 10.79 -20.4 8.9 Nuveen AMT-Fr Mu Val NUW exchange. NA signifies that the information is not 17.20 16.30 -5.2 2.7 Tri-Continental TY 35.65 31.64 -11.2 80.9 EVRskMnDvsEqInc ETJ NA 10.84 NA 60.8 InvDYCrOpp VTA 12.11 11.25 -7.1 8.1 Nuveen AMT-Fr Qlty Mun I NEA 15.68 14.62 -6.8 4.7 Prem12 Mo available or not applicable. NS signifies funds not in Fund (SYM) NAV Close /Disc Yld existence for the entire period. 12 month yield is Specialized Equity Funds ETnVncTxMgdBuyWrtInc ETB NA 15.61 NA 70.9 InvSnrIncTr VVR 4.58 4.19 -8.5 6.2 Nuveen AMT-Fr Mu CI NVG 17.13 16.53 -3.5 4.8 computed by dividing income dividends paid (during Aberdeen Glb Prem Prop AWP 6.16 5.72 -7.1 70.5 EtnVncTxMgdBuyWrtOpp ETV NA 15.48 NA 76.3 Nuveen Credit Strat Inc JQC 7.00 6.39 -8.7 15.3 Nuveen Enh Muni Val NEV 15.45 15.50 +0.3 4.5 Loan Participation Funds the previous 12 months for periods ending at month- end or during the previous 52 weeks for periods Adams Natural Resources PEO 16.90 14.51 -14.1 105.6 EvTxMnDvsEqInc ETY NA 12.83 NA 73.8 NuvFloatRateIncFd JFR 10.28 9.60 -6.6 6.4 Nuveen Int Dur Mun Term NID 14.39 14.08 -2.2 3.7 1WS Credit Income NA NA NA 5.0 ending at any time other than month-end) by the ASA Gold & Prec Met Ltd ASA 24.38 21.15 -13.2 132.6 EtnVncTxMgdGlbB ETW NA 10.20 NA 82.2 NuvFloatRteIncOppty JRO 10.18 9.46 -7.1 6.3 Nuveen Mu Crdt Opps NMCO 14.52 14.08 -3.0 5.1 AlphCntrc Prime Merid In 9.82 NA NA 11.0 latest month-end market price adjusted for capital BR Enh C&I CII 20.19 19.10 -5.4 82.0 EVTxMnGblDvEqInc EXG NA 9.30 NA 90.2 Nuveen Senior Income NSL 6.04 5.56 -7.9 6.9 Nuv Muni Credit Income NZF 16.64 16.00 -3.8 4.8 Axonic Alternative Inc NA NA NA 4.5 gains distributions. Depending on the fund category, First Trust Energy Inc G FEN 13.64 13.20 -3.2 69.1 either 12-month yield or total return is listed. BlackRock Energy & Res BGR 9.50 8.89 -6.4 89.6 PionrFltRate Tr PHD 11.63 11.27 -3.1 6.6 NuvMuniHiIncOpp NMZ 14.10 14.35 +1.8 5.2 Blackstone/GSO FR EI D 23.99 NA NA 5.3 Source: Lipper BlackRock Eq Enh Div BDJ 10.12 9.24 -8.7 81.4 First Tr Enhanced Eq FFA 19.49 18.69 -4.1 91.4 High Yield Bond Funds Nuveen Muni Val NUV 10.60 11.03 +4.1 3.4 Blackstone/GSO FR EI I 23.96 NA NA 5.6 Friday, March 19, 2021 BlackRock Enh Glbl Div BOE 12.55 11.52 -8.2 64.7 FirstTrMLPEner&Inc FEI 7.65 6.87 -10.2 94.3 AllianceBernGlHiIncm AWF 12.75 11.80 -7.5 6.7 Nuveen Quality Muni Inc NAD 16.02 14.82 -7.5 4.6 Blackstone/GSO FR EI T 23.91 NA NA 5.1 52 wk BlackRock Enh Intl Div BGY 6.57 6.03 -8.2 57.7 Gabelli Healthcare GRX 14.38 12.46 -13.4 72.8 Barings Glb SD HY Bd BGH 17.32 15.83 -8.6 8.3 Nuveen Sel TF NXP 16.27 17.46 +7.3 3.2 Blackstone/GSO FR EI T-I 24.51 NA NA 5.1 Prem Ttl BlackRock Hlth Sci Tr II BMEZ 28.96 26.21 -9.5 97.1 Gab Utility GUT 4.15 7.14 +72.0 66.4 BR Corporate HY HYT 11.87 11.35 -4.4 8.1 Nuveen Sel TF 2 NXQ 15.47 15.98 +3.3 3.1 Blackstone/GSO FR EI U 24.97 NA NA 5.1 Fund (SYM) NAV Close /Disc Ret BlackRock Hlth Sciences BME 44.66 45.67 +2.3 60.9 GAMCOGlGold&NatRes GGN 3.93 3.51 -10.7 63.0 BlackRock Ltd Dur Inc BLW 16.94 16.22 -4.3 7.4 PIMCO MuniInc PMF 12.93 14.40 +11.4 4.6 Blstn Commnty Dev 9.91 NA NA 3.3 J Han Finl Opptys BTO 37.55 38.36 +2.2 138.8 BNY Mellon Hi Yield Str DHF 3.26 3.06 -6.1 8.4 BNYM Alcntr Glb MS Cr Fd 102.59 NA NA 6.8 General Equity Funds BlackRock Res & Comm BCX 9.39 9.05 -3.6 149.8 PIMCOMuniIncII PML 12.16 14.68 +20.7 4.9 BlackRock Sci&Tech Tr II BSTZ 38.44 34.06 -11.4 171.3 Neuberger Brmn MLP & EI NML 5.27 4.07 -22.8 158.3 Brookfield Real Asst Inc RA 19.69 20.29 +3.0 11.8 Pimco Muni III PMX CLIFFWATER CL FD;I 10.56 NA NA 6.7 Adams Diversified Equity ADX 20.81 17.98 -13.6 72.2 11.12 12.30 +10.6 4.5 BlackRock Sci&Tech Trust BST 50.86 52.99 +4.2 126.7 Nuv Dow 30 Dyn Overwrite DIAX 17.57 16.00 -8.9 64.9 CrSuisHighYld DHY NA 2.40 NA 8.3 PioneerHilncAdv MAV 12.00 11.83 -1.4 4.7 CNR Strategic Credit 10.71 NA NA 7.6 Boulder Growth & Income BIF 14.75 12.39 -16.0 58.0 BlackRock Utl Inf & Pwr BUI 23.68 24.21 +2.2 67.2 NuvCorEqAlpha JCE 15.61 14.70 -5.8 75.1 DoubleLine Inc Sol DSL 18.36 17.71 -3.5 9.6 PioneerMunHiIcmT MHI 12.83 12.33 -3.9 4.6 FedProj&TrFinanceTendr 9.98 NA NA 2.7 Central Secs CET 44.61 37.25 -16.5 78.5 CBRE ClrnGlbRlEst IGR 8.35 7.60 -9.0 97.0 Nuveen Nasdaq 100 Dyn Ov QQQX 26.61 27.22 +2.3 75.8 DoubleLine Yld Opps DLY 20.33 18.84 -7.3 6.7 Putnam Mgd Inc PMM 8.19 7.96 -2.8 4.7 FS Global Crdt Opptys D NA NA NA 8.2 CohenStrsCEOppFd FOF 13.22 13.24 +0.2 97.6 CLEARBRIDGE ENGY MDS OPP EMO NA 18.63 NA 276.5 Nuv Real Est JRS 10.14 9.21 -9.2 86.8 First Tr Hi Inc Lng/Shrt FSD 16.20 14.81 -8.6 8.8 Putnam Muni Opp PMO 13.75 13.31 -3.2 4.9 Schrdrs Opp Inc;A 26.15 NA NA 2.1 EVTxAdvDivIncm EVT NA 26.25 NA 115.3 ClearBridge MLP & Midstm CEM NA 23.35 NA 218.5 Nuveen Rl Asst Inc & Gro JRI 16.04 14.36 -10.5 80.9 First Trust HY Opp:2027 FTHY 21.15 19.55 -7.6 NS RiverNorth Mgd Dur Mun I RMM 19.94 18.66 -6.4 6.1 Schrdrs Opp Inc;A2 NA NA NA 0.5 GabelliDiv&IncTr GDV 26.99 23.87 -11.6 113.6 ChnStrInfr UTF 24.91 26.12 +4.9 101.8 NuvS&P500DynOvFd SPXX NA 16.07 NA 69.4 IVY HIGH INCOME OPP IVH 14.97 13.59 -9.2 8.3 Western Asset Mgd Muni MMU NA 12.79 NA 4.2 Schrdrs Opp Inc;I 26.16 NA NA 2.2 Gabelli Equity Tr GAB 6.42 6.70 +4.4 98.3 Cohen&SteersQualInc RQI 13.79 13.42 -2.7 96.3 NuvSP500BuyIncFd BXMX 14.11 13.21 -6.4 56.1 KKR Income Opportunities KIO NA 15.51 NA 9.2 Westn Asst Mu Def Opp Tr MTT NA 21.10 NA 3.0 Schrdrs Opp Inc;SDR 26.20 NA NA 2.3 GeneralAmer GAM 45.74 39.17 -14.4 70.9 Cohen&Steers TotRet RFI 13.46 14.10 +4.8 80.6 ReavesUtilityIncome UTG 31.93 32.24 +1.0 54.9 NeubHgYldStrt NHS 12.41 12.32 -0.7 8.8 Single State Muni Bond Invesco Sr Loan A 6.44 NA NA 3.9 JHancockTaxAdvDiv HTD 23.62 22.20 -6.0 82.6 CohenStrsREITPrefInc RNP 24.15 23.67 -2.0 90.7 Tortoise Enrgy Infra Crp TYG NA 24.18 NA 141.9 New Amer Hi Inc HYB 9.74 8.90 -8.6 7.3 BlackRock CA Mun BFZ 15.71 14.15 -9.9 3.2 Invesco Sr Loan C 6.46 NA NA 3.2 Liberty All-Star Equity USA 7.63 7.55 -1.0 108.4 Columbia Sel Prm Tech Gr STK 30.53 30.26 -0.9 116.9 VAGIAI & Tech Opptys AIO 28.30 26.82 -5.2 124.3 NexPointStratOppty NHF 19.21 11.44 -40.4 8.2 BR MH CA Qly Fd Inc MUC 15.68 14.92 -4.8 4.1 Invesco Sr Loan IB 6.44 NA NA 4.1 Liberty All-Star Growth ASG 8.09 8.85 +9.4 126.1 DNP Select Income DNP 9.15 9.92 +8.4 21.1 VDivInt&PremStr NFJ 15.27 13.48 -11.7 75.4 Nuveen CI Nov 2021 Tgt JHB 9.47 9.32 -1.6 3.6 BR MH NJ Qly MUJ 15.86 14.77 -6.9 4.9 Invesco Sr Loan IC 6.44 NA NA 4.0 Royce Micro-Cap Tr RMT 13.48 11.82 -12.3 172.2 Duff&Ph Uti&Infra Inc Fd DPG 13.24 13.19 -0.4 86.9 Income & Preferred Stock Funds Nuveen Crdt Opps 2022 TT JCO 8.30 8.39 +1.1 6.8 BR MH NY Qly MHN 14.90 13.94 -6.4 4.4 Invesco Sr Loan Y 6.45 NA NA 4.1 CalamosStratTot CSQ 16.41 17.11 +4.3 138.9 Nuveen Global High Inc JGH 16.73 15.61 -6.7 7.0 BR MuniYld CA MYC 16.04 14.46 -9.9 3.5 OFS Credit Company OCCI NA NA NA 13.4 CohenStrsLtdDurPref&Inc LDP 25.72 25.36 -1.4 60.1 PGIM Global High Yield GHY NA 14.93 NA 8.5 BR MuniYld CA Qly MCA 15.93 14.52 -8.9 4.2 Pioneer Sec Inc 9.89 NA NA 4.4 CohenStrsSelPref&Income PSF 26.39 27.25 +3.3 69.8 PGIM High Yield Bond ISD 16.82 15.49 -7.9 8.1 BR MuniYld MI Qly MIY 15.66 14.40 -8.0 4.4 High Yield Bond Funds CohenStrsTaxAvPreSecs&I PTA 25.36 24.64 -2.8 NS PGIM Sh Dur Hi Yld Opp SDHY 19.80 NA NA NS BR MuniYld NJ MYJ 15.91 14.43 -9.3 5.1 Griffin Inst Access Cd:A NA NA NA 5.9 A Week in the Life of the DJIA FirstTrIntDurPref&Inc FPF 24.16 23.22 -3.9 65.2 PioneerHilncmTr PHT 9.50 9.30 -2.1 8.2 BR MuniYld NY Qly MYN 14.29 13.19 -7.7 4.3 Griffin Inst Access Cd:C NA NA NA 5.9 JHanPrefInc HPI 19.79 19.56 -1.2 59.2 Wells Fargo Income Oppty EAD 8.98 8.37 -6.8 8.3 EVCAMuniBd EVM 12.55 11.60 -7.6 4.2 Griffin Inst Access Cd:F NA NA NA 5.8 Alook at how the Dow Jones Industrial Average component stocks JHPrefIncII HPF 19.49 19.41 -0.4 66.6 WstAstHIF II HIX NA 6.88 NA 8.6 Eaton Vance NY Muni Bd ENX 13.25 12.02 -9.3 4.2 Griffin Inst Access Cd:I NA NA NA 5.9 did in the past week and how much each moved the index. The DJIA HnckJPfdInco III HPS 17.45 17.37 -0.5 71.2 Western Asset Hi Inc Opp HIO NA 5.01 NA 7.9 InvCaValMuIncTr VCV 13.45 12.69 -5.6 4.2 Griffin Inst Access Cd:L NA NA NA 5.9 J Han Prm PDT 14.03 14.08 +0.4 85.3 Western Asset Hi Yld D O HYI NA 15.29 NA 7.3 lost 150.67 points, or 0.46%, on the week. A$1change in the price of InvPAValMuIncTr VPV 14.09 12.67 -10.1 4.6 PIMCO Flexible Cr I;A-1 NA NA NA NS LMP CapInco SCD NA 12.69 NA 108.7 Other Domestic Taxable Bond Funds any DJIA stock =6.58-point change in the average. To date, a$1,000 InvTrInvGrNYMu VTN 14.24 12.85 -9.8 4.2 PIMCO Flexible Cr I;A-2 NA NA NA 7.2 Nuveen Pref & Inc Opp JPC 9.66 9.13 -5.5 63.5 Apollo Tactical Income AIF NA 14.75 NA 6.9 Nuveen CA AMT-F Qual MI NKX 16.50 15.24 -7.6 4.2 PIMCO Flexible Cr I;A-3 NA NA NA NS investment on Dec. 31 in each current DJIA stock component would Nuveen Fd JPS 9.65 9.31 -3.5 64.2 Ares Dynamic Crdt Alloc ARDC NA 15.05 NA 7.9 Nuveen CA Val NCA 10.67 10.03 -6.0 3.1 PIMCO Flexible Cr I;A-4 NA NA NA 7.4 Nuveen Pref & Inc Term JPI 24.59 24.67 +0.3 73.3 BlackRock Mlt-Sctr Inc BIT 18.41 17.81 -3.3 8.4 have returned $32,335, or again of 7.78%, on the $30,000 NuveenCAQtyMuInc NAC 15.93 14.74 -7.5 4.3 PIMCO Flexible Cr I;Inst NA NA NA 8.2 Nuveen TxAdvDivGr JTD 16.55 14.70 -11.2 77.4 BlackRock Tax Muni Bd BBN 23.75 24.05 +1.3 5.4 investment, including reinvested dividends. Nuveen MD Qual Muni Inc NMY 15.11 13.91 -7.9 4.3 PionrILSBridge 10.00 NA NA 0.0 Convertible Sec's. Funds DoubleLine:Oppor Crdt Fd DBL 19.50 19.98 +2.5 8.6 NuvNJ Qual Muni Inc NXJ WA Middle Mkt Inc NA NA NA 7.2 AdvntCnvrtbl&IncFd AVK 20.06 17.37 -13.4 86.6 EVLmtDurIncm EVV NA 12.57 NA 9.5 16.44 14.19 -13.7 4.7 The Week’s Action Nuveen NY AMT/Fr Qual MI NRK Other Domestic Taxable Bond Funds CalamosConvHi CHY 15.97 14.89 -6.8 110.2 Franklin Ltd Dur Income FTF 9.36 9.26 -1.1 6.3 14.82 13.43 -9.4 4.2 Pct Stock price Point chg $1,000 Invested(year-end '20) Nuveen NY Qual Muni Inc NAN 15.35 14.10 -8.1 4.4 Alternative Credit Inc:A NA NA NA 6.4 CalmosConvOp CHI 15.13 14.28 -5.6 117.6 J Han Investors JHI 18.20 17.79 -2.2 7.7 Alternative Credit Inc:C NA NA NA 5.7 chg (%) change in average* Company Symbol Close $1,000 VAGI Conv & Inc II NCZ Nuveen OH Qual Muni Inc NUO 17.36 15.35 -11.6 3.6 5.62 4.98 -11.4 92.7 MFS Charter MCR NA 8.45 NA 8.1 Alternative Credit Inc:I NA NA NA 6.7 VAGI Conv & Inc NCV Nuveen Taxable Muni Inc NBB Nuveen PA Qual Muni Inc NQP 15.65 14.08 -10.0 4.5 6.76 15.58 102.51 Amgen AMGN $245.94 $1,078 6.27 5.76 -8.1 89.8 21.89 21.90 0.0 5.0 Alternative Credit Inc:L NA NA NA 6.2 VAGI Dvs Inc & Conv ACV PIMCO Corp & Inc Oppty PTY Nuveen VA Qlty Mun Inc NPV 15.09 16.30 +8.0 3.6 5.86 16.00 105.27 Home Depot HD 289.10 34.89 31.33 -10.2 122.0 14.05 17.95 +27.8 8.7 Alternative Credit Inc:W NA NA NA 6.4 1,095 VAGI Eqty & Conv Inc NIE 30.67 27.59 -10.0 76.1 PIMCO Corp & Inc Strat PCN PIMCO CA PCQ 13.88 17.92 +29.1 4.3 14.22 17.02 +19.7 7.8 Am Beacon Apollo TR:T 10.13 NA NA 1.8 McDonald’s MCD World Equity Funds PIMCOHilnco PHK 5.83 6.45 +10.6 9.8 PIMCOCAMuniII PCK 8.85 9.01 +1.8 4.3 4.76 10.10 66.45 222.44 1,043 Am Beacon Apollo TR:Y 10.22 NA NA 2.6 Aberdeen Emg Mkts Eq Inc AEF 9.97 8.74 -12.3 84.0 PIMCO IncmStrFd PFL 10.49 11.89 +13.3 9.2 Pimco CA Muni III PZC 10.05 10.53 +4.8 4.4 Merck MRK Am Beacon SP Enh Inc:T 9.64 NA NA 3.3 3.90 2.91 19.15 77.51 956 Aberdeen Tot Dyn Div AOD 10.62 9.45 -11.0 81.7 PIMCO IncmStrFd II PFN 9.28 10.24 +10.3 9.4 52 wk Am Beacon SP Enh Inc:Y 9.75 NA NA 4.0 UnitedHealth Group UNH BlackRock Capital Alloc BCAT 21.21 20.49 -3.4 NS Putnam Mas Int PIM 4.48 4.17 -6.9 8.0 Prem Ttl 2.69 9.56 62.90 365.58 1,046 Angel Oak Str Crdt:Inst 22.98 NA NA 8.0 Calamos GloDynInc CHW 9.79 10.10 +3.2 142.1 Putnam Prem Inc PPT 4.96 4.75 -4.2 8.2 Fund (SYM) NAV Close /Disc Ret BR Credit Strat;A 10.47 NA NA NS 2.05 3.79 24.94 3M MMM 188.71 1,089 China CHN 32.48 29.17 -10.2 89.5 Wells Fargo Multi-Sector ERC 12.74 12.29 -3.5 9.1 General Equity Funds BR Credit Strat;Inst 10.47 NA NA 5.2 EV TxAdvGlbDivInc ETG NA 18.77 NA 105.2 World Income Funds BOW RIVER CAPTL EVGN;I 1.37 0.86 5.66 Intel INTC 63.76 1,287 NA NA NA N BlackRock Mlt-Sctr Oppty 87.85 NA NA 8.0 EtnVncTxAdvOpp ETO NA 25.93 NA 89.2 Abrdn AP IncFd FAX 4.72 4.14 -12.3 7.6 Specialized Equity Funds BlackRock Mlt-Sec Opp II 92.25 NA NA 7.8 1.10 0.61 4.01 Verizon VZ 56.24 968 FirstTr Dyn Euro Eq Inc FDEU 14.45 12.62 -12.7 68.0 BrndywnGLB Glb Inc Oppts BWG NA 12.15 NA 6.9 CIM RA&C A 25.50 NA NA NS Carlyle Tact Pvt Cred:A Gabelli Multimedia GGT 9.44 9.93 +5.2 165.6 EtnVncStDivInc EVG NA 13.16 NA 6.8 NA NA NA 7.5 1.01 1.29 8.49 IBM IBM 128.90 1,038 CIM RA&C C 25.33 NA NA NS Carlyle Tact Pvt Cred:I India Fund IFN 23.80 21.95 -7.8 85.7 MS EmMktDomDebt EDD 6.92 6.00 -13.3 7.2 NA NA NA 8.2 CIM RA&C I 25.55 NA NA NS Carlyle Tact Pvt Cred:L 0.89 0.45 2.96 Coca-Cola KO 50.81 934 Japan Smaller Cap JOF 11.16 9.56 -14.4 63.0 PIMCO Dyn Crd & Mrt Inc PCI NA 22.44 NA 9.6 NA NA NA 7.7 CIM RA&C L 25.44 NA NA NS Carlyle Tact Pvt Cred:M NA NA NA NS LazardGlbTotRetInc LGI 19.79 18.98 -4.1 100.0 PIMCO Dynamic Income PDI NA 28.36 NA 9.6 NexPointRlEstStrat;A 16.75 NA NA 35.5 0.33 0.16 1.05 Cisco CSCO 48.98 1,103 Mexico MXF NA 13.41 NA 82.7 PIMCO Income Opportunity PKO 23.30 26.23 +12.6 8.8 Carlyle Tact Pvt Cred:N NA NA NA 8.2 NexPointRlEstStrat;C 16.93 NA NA 34.7 Carlyle Tact Pvt Cred:Y NA NA NA 7.8 0.28 0.44 2.89 Johnson & Johnson JNJ 160.04 1,023 MS ChinaShrFd CAF 25.07 22.28 -11.1 51.8 PIMCO Stratg Inc RCS NA 7.18 NA 8.8 NexPointRlEstStrat;Z 16.92 NA NA 35.8 MS India IIF 27.16 23.51 -13.4 89.4 Templeton Em Inc TEI 8.45 7.44 -12.0 1.1 CION Ares Dvsfd Crdt;A NA NA NA 5.5 PREDEX;I 25.33 NA NA 1.3 CION Ares Dvsfd Crdt;C NA NA NA 5.5 0.00 –0.01 –0.07 salesforce.com CRM 212.20 954 New Germany GF 22.42 19.64 -12.4 133.1 Templtn Glbl Inc GIM 5.89 5.35 -9.2 0.5 PREDEX;T 25.46 NA NA 1.3 Templeton Dragon TDF 25.35 23.32 -8.0 98.4 WstAstEmergDebt EMD NA 13.49 NA 8.8 CION Ares Dvsfd Crdt;I NA NA NA 5.5 –0.10 –0.13 –0.86 Procter & Gamble PG 128.01 926 PREDEX;W 25.46 NA NA 1.3 CION Ares Dvsfd Crdt;L NA NA NA 5.5 Templeton Em Mkt EMF 21.31 19.39 -9.0 94.9 Western Asset Gl Cr D Op GDO NA 17.56 NA 6.8 Principal Dvs Sel RA A 26.09 NA NA 40.3 –0.65 –1.01 –6.65 JPMorgan Chase JPM 155.14 1,230 Wells Fargo Gl Div Oppty EOD 5.72 5.13 -10.3 75.1 National Muni Bond Funds CION Ares Dvsfd Crdt;U NA NA NA 5.5 Principal Dvs Sel RA Ins 26.14 NA NA 40.5 CION Ares Dvsfd Crdt:U2 NA NA NA NS Prem12 Mo AllBerNatlMunInc AFB 15.22 14.26 -6.3 4.2 –0.67 –0.43 –2.83 Dow DOW 63.91 1,165 Principal Dvs Sel RA Y 26.23 NA NA 40.8 CION Ares Dvsfd Crdt;W NA NA NA 5.5 Fund (SYM) NAV Close /Disc Yld BlckRk Inv Q Mun BKN 16.39 17.56 +7.1 4.3 SharesPost 100;A 40.02 NA NA 34.3 BlackRock Muni 2030 Tgt BTT 26.56 25.14 -5.3 2.9 CNR Select Strategies 11.56 NA NA 0.0 –0.69 –1.47 –9.67 Honeywell HON 212.91 1,006 U.S. Mortgage Bond Funds SharesPost 100:I 40.35 NA NA 34.7 BlackRock Muni BFK 14.43 14.39 -0.3 4.5 First Eagle Crdt Opps A 26.09 NA NA NS BlckRk Income BKT 6.12 6.05 -1.1 6.8 SharesPost 100:L 39.71 NA NA 34.0 –0.86 –1.04 –6.84 Apple AAPL 119.99 906 BlackRock Muni II BLE 14.82 14.78 -0.3 4.8 First Eagle Crdt Opps I 26.09 NA NA NS Invesco HI 2023 Tgt Term IHIT 9.14 9.28 +1.5 6.6 USQ Core Real Estate:I 24.69 NA NA 0.3 BlckRk Muni Inc Qly BYM 15.67 14.80 -5.6 4.2 FS Credit Income;A NA NA NA 5.3 –1.26 –0.67 –4.41 Walgreens WBA 52.54 1,330 Investment Grade Bond Funds USQ Core Real Estate:IS 24.71 NA NA 0.4 BR MuniAssets Fd MUA 14.51 14.83 +2.2 4.4 FS Credit Income;I NA NA NA 5.5 Angel Oak FS Inc Trm FINS 18.62 17.48 -6.1 7.1 Versus Cap MMgr RE Inc:I 27.39 NA NA NE –1.32 –4.61 –30.33 Goldman Sachs GS 344.20 1,310 BR MuniEnhanced MEN 12.24 11.69 -4.5 4.4 FS Credit Income;T NA NA NA 5.1 BlRck Core Bond BHK Versus Capital Real Asst 25.53 NA NA 9.6 15.59 15.01 -3.7 5.3 BR MuniHoldings Qly MFL 14.97 14.03 -6.3 4.0 FS Credit Income;U NA NA NA 5.1 BR Credit Alloc Inc BTZ Wildermuth Endwmnt:A –1.62 –3.71 –24.41 Caterpillar CAT 225.29 1,244 15.06 14.17 -5.9 7.0 BR MH Qly 2 MUE 14.03 13.10 -6.6 4.3 13.58 NA NA 2.6 FS Credit Income;U-2 NA NA NA NS Insight Select Income INSI Wildermuth Endwmnt:C 21.13 20.28 -4.0 3.7 BR MuniHoldngs MHD 16.97 15.68 -7.6 4.5 13.05 NA NA 1.7 GL Beyond Income 0.51 NA NA NE –1.77 –2.38 –15.66 Walmart WMT 131.74 918 InvescoBond VBF 20.44 19.36 -5.3 3.5 BR MuniVest Fd MVF 9.72 9.03 -7.1 4.4 Wildermuth Endowment:I 13.66 NA NA 2.2 KKR CREDIT OPPTY;D NA NA NA NS –2.11 –2.96 –19.48 Nike NKE 137.49 974 J Han Income JHS 15.65 15.38 -1.7 5.1 BR MuniVest 2 MVT 15.27 14.79 -3.1 4.6 Income & Preferred Stock Funds KKR CREDIT OPPTY;I NA NA NA 5.3 MFS Intmdt MIN 3.80 3.62 -4.7 8.9 A3 Alternative Cr 9.98 NA NA 2.6 KKR CREDIT OPPTY;T NA NA NA NS –2.29 –5.40 –35.53 Microsoft MSFT 230.35 1,038 BR MuniYield Fd MYD 14.95 14.11 -5.6 4.7 Western Asset Inf-Lk Inc WIA NA 12.78 NA 5.9 BR MuniYield Qlty MQY 16.31 15.54 -4.7 4.4 Calamos L/S Eqty and DI CPZ 22.38 19.75 -11.8 75.6 KKR CREDIT OPPTY;U NA NA NA NS –3.05 –6.02 –39.61 Walt Disney DIS 191.14 1,055 Western Asset Inf-Lk O&I WIW NA 12.20 NA 3.1 BR MuniYld Qlty2 MQT 14.33 13.85 -3.4 4.3 Destra Multi-Altrntv;A 11.93 NA NA 9.4 Lord Abbett Cred Opps Fd 10.85 NA NA 6.1 Westn Asst IG Def Opp Tr IGI NA 20.83 NA 3.8 BR MuniYld Qly 3 MYI 15.08 13.77 -8.7 4.0 Destra Multi-Altrntv;C 11.38 NA NA 8.5 Lord Abbett Cred Opps Fd 10.85 NA NA 6.8 –4.97 –13.37 –87.97 Boeing BA 255.82 1,195 Loan Participation Funds BNY Mellon Muni Bd Infra DMB 14.41 14.05 -2.5 4.5 Destra Multi-Altrntv;I 12.18 NA NA 9.7 Lord Abbett Crd Op:U 10.85 NA NA NS Apollo Senior Floating AFT NA 14.90 NA 6.7 Destra Multi-Altrntv;T –5.07 –7.97 –52.44 Travelers TRV 149.30 1,070 BNY Mellon Str Muni Bond DSM 8.23 7.74 -6.0 4.6 11.56 NA NA 8.8 Palmer Square Opp Inc 18.79 NA NA 5.6 BR Debt Strategy DSU 11.61 10.94 -5.8 7.6 BNY Mellon Strat Muni LEO 8.58 8.30 -3.3 5.0 Flat Rock Opportunity 20.72 NA NA 42.5 Thrivent Church Ln&Inc:S NA NA NA 2.5 –5.27 –7.83 –51.52 American Express AXP 140.71 1,168 BR F/R Inc Str FRA 13.94 13.03 -6.5 7.0 DWS Muni Inc KTF 12.51 11.44 -8.6 4.2 Variant Altrntv Inc:Inst 27.09 NA NA 6.6 World Income Funds BlackRock Floatng Rt Inc BGT 13.53 12.55 -7.2 7.1 –7.33 –8.18 –53.82 Chevron CVX 103.38 1,241 EVMuniBd EIM 14.02 13.04 -7.0 4.4 Variant Altrntv Inc:Inv 27.09 NA NA 6.3 Destra Int&Evt-Dvn Crd:A 27.10 NA NA 2.5 Blackstone Strat Cr BGB NA 13.26 NA 8.0 EVMuniIncm EVN 14.04 13.56 -3.4 4.2 Convertible Sec's. Funds Destra Int&Evt-Dvn Crd:I 27.11 NA NA 2.7 –7.78 –17.46 –114.88 Visa V 206.90 947 Eagle Point Credit ECC NA 11.62 NA 9.7 EVNatMuniOpp EOT 21.72 22.74 +4.7 3.5 Calmos Dyn Conv and Inc CCD 30.98 32.47 +4.8 133.2 Destra Int&Evt-Dvn Crd:L 27.06 NA NA 2.3 EtnVncFltRteInc EFT NA 14.09 NA 5.4 InvAdvMuIncTrII VKI 12.05 11.76 -2.4 4.7 World Equity Funds Destra Int&Evt-Dvn Crd:T 27.02 NA NA 2.2 *Based on Composite price. DJIA is calculated on primary-market price. EV SenFlRtTr EFR NA 13.79 NA 5.9 Invesco MuniOp OIA 7.69 7.86 +2.2 4.8 ACAP Strategic:A 25.19 NA NA 40.2 National Muni Bond Funds Source: Dow Jones Market Data; FactSet. EVSnrIncm EVF NA 6.65 NA 5.8 InvescoMuOppTr VMO 13.48 13.05 -3.2 4.6 ACAP Strategic:W 18.61 NA NA 41.3 PIMCO Flex Mun Inc;A-3 NA NA NA 2.2 InvescoMuTr VKQ 13.50 12.90 -4.4 4.7 CalamosGlbTotRet CGO 14.96 15.40 +2.9 116.8 PIMCO Flex Mun Inc:A1 NA NA NA NS InvescoQual Inc IQI 13.59 12.82 -5.7 4.8 CPG Cooper Square IE A NA NA NA NS PIMCO Flex Mun Inc;A2 NA NA NA NS InvTrInvGrMu VGM 13.91 13.25 -4.7 4.7 CPG Cooper Square IE I NA NA NA NS PIMCO Flex Mun Inc;Inst NA NA NA 2.9 Insider-Trading Spotlight InvescoValMunInc IIM 16.53 15.48 -6.4 4.5 Primark Priv Eq Inv:I 12.28 NA NA NS Tortoise Tax-Adv Soc Inf 9.41 NA NA 4.6 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys new information 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 the biggest individual trades by insiders, based on data received by Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Refinitiv on March 19, and year-to-date stock performance of the company KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Money Rates March 19, 2021 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a unknown VP: vice president Excludes pure options transactions guide to general levels but don’t always represent actual transactions. Biggest weekly individual trades Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Based on reports filed with regulators this past week Feb. index Chg From (%) level Jan. '21 Feb. '20 Low 0.0200 0.0400 0.0600 0.0000 Commercial paper (AA financial) No. of shrs in Price range ($) $ Value Bid 0.0700 0.0600 0.1000 0.0100 90 days n.a. 0.05 2.53 0.04 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) U.S. consumer price index Offer 0.1000 0.0800 0.2500 0.0500 All items 263.014 0.55 1.7 Libor Buyers Core 270.696 0.35 1.3 Treasury bill auction One month 0.10838 0.10613 1.01625 0.10300 4 weeks 0.005 0.030 0.190 0.000 Three month 0.19688 0.18950 1.45050 0.17525 Mar. 12 Fox FOXA K. Murdoch CBI 500 42.75-42.96 21,384 42.93 47.4 International rates 13 weeks 0.030 0.045 0.290 0.000 Six month 0.20238 0.19400 1.23825 0.18950 Mar. 11-12 News Corp NWSA K. Murdoch ODI 500 25.75-26.14 13,023 27.30 51.9 26 weeks One year 0.27625 0.27813 1.06013 0.27588 Week 52-Week 0.055 0.060 0.300 0.045 Mar. 16 Marker Therapeutics MRKR F. Baskett BI 5,714 1.75 10,000 2.42 66.9 Latest ago High Low Euro Libor Mar. 16 A. Behbahani BI 5,714 1.75 10,000 Secondary market One month -0.577 -0.578 -0.360 -0.607 Mar. 16 C. Chang BI 5,714 1.75 10,000 Prime rates Fannie Mae Three month -0.545 -0.549 -0.142 -0.574 Mar. 16 A. Florence BI 5,714 1.75 10,000 U.S. 3.25 3.25 3.25 3.25 30-year mortgage yields Six month -0.522 -0.523 -0.052 -0.543 Mar. 16 M. Makhzoumi BI 5,714 1.75 10,000 Canada 2.45 2.45 2.95 2.45 One year -0.490 -0.489 0.008 -0.511 Mar. 16 J. Makower BI 5,714 1.75 10,000 Japan 1.475 1.475 1.475 1.475 30 days 2.581 2.456 3.012 1.751 Mar. 16 S. Sandell BI 5,714 1.75 10,000 60 days 2.627 2.505 3.081 1.804 Secured Overnight Financing Rate Policy Rates Mar. 16 P. Sonsini BI 5,714 1.75 10,000 0.01 0.01 0.13 0.01 Mar. 16 P. Walker BI 5,714 1.75 10,000 Euro zone 0.00 0.00 0.00 0.00 Other short-term rates Mar. 16 J. Wilson D 1,714 1.75 3,000 Switzerland 0.00 0.00 0.50 0.00 Value 52-Week Week 52-Week Mar. 16 S. Elms DI 1,143 1.75 2,000 Britain 0.10 0.10 0.10 0.10 Latest Traded High Low Latest ago high low Australia 0.10 0.10 0.25 0.10 Mar. 16 HC2 Holdings HCHC A. Glazer DOI 2,164 3.80 8,224 4.06 24.5 DTCC GCF Repo Index Call money Mar. 12-16 PennyMac Financial Services PFSI F. Nanji DI 97 65.21-65.49 6,339 62.25 -5.1 Overnight repurchase Treasury 0.005 48.300 0.151 -0.008 2.00 2.00 2.00 2.00 MBS 0.002 25.650 0.169 0.002 Mar. 10-12 Intercept Pharmaceuticals ICPT S. Akkaraju DI 237 20.83-21.55 5,016 22.70 -8.1 U.S. -0.01 -0.01 0.14 -0.07 Mar. 16 GoHealth GOCO B. Cruz HI 178 11.38 2,025 12.00 -12.2 U.S. government rates Notes on data: Mar. 16 C. Jones CEOI 178 11.38 2,025 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Sellers 0.25 0.25 0.25 0.25 as of March 18, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average Federal funds for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Mar. 16-18 Oracle ORCL S. Catz CEO 5,000 66.42-67.89 333,761 66.26 2.4 are Tullett Prebon rates as of 5:30 p.m. ET. Effective rate 0.0700 0.0700 0.2800 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Mar. 10 Advanced Drainage Systems WMS R. Jones DI 1,496 103.61 155,000 103.51 23.8 High 0.0800 0.0800 0.5000 0.0800 Tullett Prebon Information, Ltd. Mar. 12-16 Lyft LYFT D. Lawee DI 1,911 65.36-67.30 126,698 66.56 35.5 Mar. 11 Carlyle Group CG D. Rubenstein DO 3,000 35.80 107,400 36.48 16.0 Mar. 12 PetIQ PETQ M. First DI 1,500 35.19 52,785 36.29 -5.6 Cash Prices | wsj.com/market-data/commodities Friday, March 19, 2021 Mar. 16 Zillow Group Z R. Barton CEO 344 142.71-156.70 51,219 134.61 3.7 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Mar. 12 Cactus WHD J. Bender CO 1,631 30.56 49,826 30.69 17.7 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Mar. 12 S. Bender CEO 1,624 30.56 49,625 months. Mar. 16 Square SQ J. Mckelvey D 200 240.45-251.42 49,540 224.84 3.3 Friday Friday Friday Mar. 15 J. Dorsey CEOI 100 240.25-245.11 24,207 Energy Aluminum, LME, $ per metric ton *2192.0 Wheat - Hard - KC (USDA) $ per bu-u 6.1550 Mar. 12 Installed Building Products IBP J. Edwards CEOI 300 110.25 33,075 111.69 9.6 Copper,Comex spot 4.1235 Wheat,No.1soft white,Portld,OR-u 7.4250 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.100 Iron Ore, 62% Fe CFR China-s 160.2 Mar. 9 Nutanix NTNX D. Pandey B 1,210 26.31-27.13 32,070 26.22 -17.7 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m 451 Mar. 16 Focus Financial Partners FOCS J. Carey DI 683 46.20 31,565 44.38 2.0 Steel, HRC USA, FOB Midwest Mill-s 1312 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 192.88 Mar. 15 Tempur Sealy International TPX A. Ruchim DI 800 37.36 29,888 39.47 46.2 Fibers and Textiles Gold, per troy oz select 1-3,600-900 lbs.-u 182.12 Mar. 16 Workday WDAY D. Duffield DOI 109 254.79-260.20 28,034 251.23 4.8 Engelhard industrial 1738.00 Burlap,10-oz,40-inch NY yd-n,w 0.7150 Broilers, National comp wtd. avg.-u,w 0.8484 Cotton,1 1/16 std lw-mdMphs-u 0.8243 Butter,AA Chicago 1.6650 Mar. 11 Zoom Video Communications ZM E. Yuan CEOI 81 339.51-356.39 28,021 326.26 -3.3 Handy & Harman base 1735.20 Handy & Harman fabricated Cotlook 'A' Index-t *92.25 Cheddar cheese,bbl,Chicago 145.25 Mar. 10 E. Yuan CEOI 81 333.96-355.38 27,486 1926.07 LBMA Gold Price AM *1734.10 Hides,hvy native steers piece fob-u n.a. Cheddar cheese,blk,Chicago 179.00 Mar. 15 Rhythm Pharmaceuticals RYTM T. Foley DI 1,000 25.10 25,100 25.58 -14.0 LBMA Gold Price PM *1725.90 Wool,64s,staple,Terr del-u,w n.a. Milk,Nonfat dry,Chicago lb. 115.25 Krugerrand,wholesale-e 1812.41 Coffee,Brazilian,Comp 1.2241 * Half the transactions were indirect **Two day transaction Grains and Feeds Maple Leaf-e 1829.84 Coffee,Colombian, NY 1.7763 p - Pink Sheets American Eagle-e 1829.84 Barley,top-quality Mnpls-u n.a. Eggs,large white,Chicago-u 1.3450 Mexican peso-e 2109.17 Bran,wheat middlings, KC-u 194 Flour,hard winter KC 15.10 Austria crown-e 1711.19 Corn,No. 2 yellow,Cent IL-bp,u 5.5050 Hams,17-20 lbs,Mid-US fob-u n.a. Buying and selling by sector Austria phil-e 1829.84 Corn gluten feed,Midwest-u,w 186.0 Hogs,Iowa-So. Minnesota-u 90.00 Pork bellies,12-14 lb MidUS-u Based on actual transaction dates in reports received this past week Silver, troy oz. Corn gluten meal,Midwest-u,w 634.9 1.8681 Pork loins,13-19 lb MidUS-u 1.0578 Engelhard industrial 26.2500 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u 114.00 Handy & Harman base 26.2350 Hominy feed,Cent IL-u,w 175 Sector Buying Selling Sector Buying Selling Steers,feeder,Okla. City-u,w 154.50 Handy & Harman fabricated 32.7940 Meat-bonemeal,50% pro Mnpls-u,w 375 Basic Industries 330,362 36,251,507 Finance 2,189,360 122,706,030 LBMA spot price *£18.7200 Oats,No.2 milling,Mnpls-u 3.8050 Fats and Oils (U.S.$ equivalent) Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Business services 47,605 18,554,155 Health care 426,258 78,379,718 *26.1300 Coins,wholesale $1,000 face-a 20903 Sorghum,(Milo) No.2 Gulf-u 8.0525 Degummed corn oil, crude wtd. avg.-u,w 52.5000 Capital goods 00Industrial 62,500 59,848,029 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 406.60 Grease,choice white,Chicago-h 0.5350 Lard,Chicago-u 0.5500 LBMA Platinum Price PM *1216.0 Soybeans,No.1 yllw IL-bp,u 14.1350 Consumer durables 500,778 130,498,460 Media 044,135,902 Soybean oil,crude;Centl IL-u,w 0.5897 Platinum,Engelhard industrial 1200.0 Wheat,Spring14%-pro Mnpls-u 7.3200 Tallow,bleach;Chicago-h 0.5225 Consumer nondurables 2,826,326 43,053,725 Technology 878,936 138,836,833 Palladium,Engelhard industrial Wheat,No.2 soft red,St.Louis-u 6.5950 2670.0 Tallow,edible,Chicago-u 0.5600 Consumer services 134,796 119,187,754 Transportation 07,241,303

Energy 196,067 16,495,106 Utilities 80 5,878,267 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 3/18 Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data P2JW081000-2-B00900-1------XA

THE WALL STREET JOURNAL. ** Monday, March 22, 2021 | B9 MARKETS

STREETWISE | By James Mackintosh AFed FearlessofInflation Should ScareInvestors

It has taken 2.51%, albeit on ameasure Bond market inflation expectations still very unlikely,albeit now dump high-grade bonds, four decades, that typically comes in 3% morelikely than it was. The dump growth stocks, buy but the Fed- higher than the Fed’spre- jobs market is much more cheap economically-sensitive eral Reserve ferred gaugeofinflation. For RECESSION flexible than in the 1970s, cyclical stocks, buy commod- has finally the following five years, in- 5-Year Breakeven making wage-pricespirals dif- ities, buy junk bonds. shaken off its flation expectations aremuch Inflation Rate ficult, while thereisstill Themarket overall might fear of inflation. Themarkets lower, just 2.11% on Friday; if 2 5-Year,5-Year plenty of international compe- rise or fall, depending on its areonly just waking up to right, it would almost cer- ForwardInflation tition to restrict the ability of constituents, as last Thursday the implications of the shift. tainly mean the Fed’spre- Expectation Rate companies to jack up prices. showed: TheS&P 500 was Theoutlines of the turn- ferred inflation measure These trends might reverse, draggeddownbybig falls in around have been developing would be belowits 2% target. but it will take yearsfor growth stocks,evenasits forawhile as the Fed’sfocus An alternative narrative is 1 unions to build their power cheap and cyclical members has moved from itsinflation far more political, and has and economies to be reori- suffered lessand banks rose. mandatetoaconstant empha- been growing in popularity ented to domestic production. In Europe,the same pattern sis on itsgoal of full employ- with investors who look at However, everything is in led to arise in the market, as ment.Meanwhile,its measure economic history. It starts place for at least a bout of cheap and cyclical stocks of rising prices has moved to with the transformation of 0 market anxiety about makeupabiggershare. an averagetarget, allowing in- the deficit debate. After the May2019'20 '21 inflation. A lot of this has already flation to overshoot a2%goal Obama stimulus of 2009 Note:Calculatedfromconstant-maturityTreasury yields. Inflation is poised to leap happened, as the same to makeupfor past misses. even Democrats were con- Source:Federal ReserveBank of St.Louis via St.Louis Fed higher in the next few months trades benefit from eco- cerned about how it would due to asharp dip in prices a nomic reopening. So the ast week,Fed Chairman be paid for, and the popular is at full employment. Most points out. Rising national year ago, as Mr.Powell him- scare will have to be big to Jerome Powell under- parallel was to troubled policymakersthink that rivalry, as well as export re- self pointed out on Wednes- overcome what’s already an- L means at least three more strictions on protective lined the final two states such as Greece. day.Hesaid the Fedwould ticipated in the price. steps: looking at whereinfla- This time round the main- yearsofnear-zerorates. equipment and vaccines, en- ignorewhat he expected to be tion actually is,rather than stream Democrat concern, The question is what hap- courages companies and gov- merely ablip.The economyis et, a permanent re- worrying about whereitis such as it is, is that spending pens if the target is reached ernments toward secure do- likely to be growing fast, too; gime shift clearly isn’t forecast to be, and making too much might prompt in- earlier. If inflation picks up mestic supply chains, even if the NewYork Fed’sNowcast Y priced into Treasurys. clear that neither the current flation. fast, say to 3%, will the Fed that leads to higher costs. model, forexample,predicts Even after last week’s jump, wild excess in the stock mar- Sure,Congressional Re- be willing to hike rates early Asynchronized global re- 6.3% annualized growth in the the 10-year still only yields ketnor the recent run-up in publicans have rediscovered and risk a rise in unemploy- covery this year will mean firstquarter. around 1.7%, and long-term bond yields bothershim. fiscal probity sincelosing the ment? What about 4%? upwardpressureoncommod- Combine that with a com- bond market inflation expec- Theshiftshould prompt a WhiteHouse,and the Demo- Fedpolicymakershave ity prices,aclassic source of mitment to low rates and a tations have been stable. In- re-evaluation of the domi- crats’ majority couldn’t be been emphasizing that reach- inflation. And Covid-related president already moving on vestors, in the main, accept nant market narrative. Up to morefragile.But in the past ing full employment helps disruption has led to wide- to his next spending plan, Mr. Powell’s pitch, and think now, the assumption has decade virtually everyone the marginalized in society spread production problems, and it makes sense that peo- that after a brief period of been that the Fedwill toler- has come to understand the the most.The flip side is that including shortages of ship- ple would worry more about higher price rises, the Fed atesome short-term inflation core tenet of modern mone- pushing up unemployment to ping containers and critical rising prices. will be willing to assert its created by President Biden’s tary theory, that the issuer of restrict inflation will hit that partsfor cars,which again “Investors are primed for independence and keep infla- $1.9trillion stimulus,but dollarsisn’t going bust. group the most. Politically pointstohigher prices. an inflation scare,” says tion in line. that in the long runthe Fed Herethe storymoves to that makes tighter monetary “There’s an ongoing shift Dario Perkins, an economist If the market loses confi- will reassert control or infla- the Fed. Ahawkish Fedcan policyharder to justify. from the narrative of secular at strategists TS Lombard, dence, long-dated Treasury tion will go away by itself. counteract abig-spending There are also broader is- stagnation to what I call the even though he thinks it is yields should ramp up even In the bond market, this WhiteHouse by raising rates. sues pushing toward higher road back to the 1970s,” Mr. unlikely to last. faster, the dollar would slide version of the story shows But Mr.Powell has commit- inflation, as Pascal Blanqué, Blanqué says. The obvious bets to profit and stocks most reliant on up in heightened inflation ex- tedtonoincreases until in- chief investment officer at Ithink it is safetoleave from an inflation scare are profits far in the future, pectations forthe next five flation is sustainably at the French fund manager the flowery bell-bottoms in the reverse of what worked think Tesla, will be hit hard. years—a break-even rate of Fed’stargetand the country Amundi Asset Management the closet. Serious inflation is last year: dump Treasurys, Real inflation scares hurt. Bank Capital Reversal Is Pointless CIO SearchatCalpers

BY GREG IP up capital that banks could minimum of 5% capital holdingsofreserves must Fails to Find Candidate use to make loans to busi- against all assets, including generally rise in line with Since the financial crisis nesses and households. Treasurys and reserves. whatever the Fedcreates. BY PREETI SINGH gating what Ms.Frost de- more than a decade ago, the Thedecision announced The case for this rule has Reserves were much lower scribedas“adynamic and general attitude about bank Fridaymeans the exemption always been weak. Short of when the current rule was The search for a new chief public work environment.” capital has been that there is is nowdue to expireMarch some apocalyptic scenario, put in place in 2014. But investment officer for the na- Potential candidates forthe no such thing as too much. 31. Banks wanted it to con- the U.S. isn’t going to default since the start of the pan- tion’s largest public pension job expressed concerns about It was in that spirit that tinue but ranintoabuzzsaw on its debt, and the Fed cer- demic, the Fed bought tril- system has struck out. moving theirfamilies during on Friday the Federal Re- of opposition from progres- tainly isn’t going to default lions of dollars of Treasury TheCalifornia Public Em- the pandemic, Ms. Frost said. serve reimposed a require- siveDemocrats. “The banks’ on reserves it can create at a and mortgage-backed securi- ployees’ Retirement System, But she said “it became clear ment that big banks hold requestsfor an extension of keystroke. (Treasury bonds ties to keep long-term inter- or Calpers,suspended its during the processthat we capital against Treasury this relief appear to be an at- can fluctuate in price, but est rates down and markets search foraCIO to replace need to provide greater clarity bonds and reserves (cash tempt to use the pandemic as those risks are addressed by functioning smoothly. As a Ben Meng, who departed last regarding the position’s com- kept on deposit at the Fed) an excuse to weaken one of the Fed’s stress tests.) result, banks’ reserves at the summer amid questions about pensation.” on their balance sheets. the most important postcri- And the case has become Fed have shot up by roughly his personal investments. Mr.Meng held the job for The case for sis regulatoryreforms,” Sens. weaker in the past year. $2 trillion. In theory, that Marcie Frost,the pension less than two years. Members ANALYSIS that require- Sherrod BrownofOhio and First, the government is issu- would require banks to hold system’schief executive, issued of the system’sboardofad- ment is flawed. Elizabeth Warren of Massa- ing alot of debt. Banks hold as much as $100 billion of ministration last fall discussed The purpose of holding capi- chusetts said earlier this and trade that debt as part capital. adding aCIO bonus of up to tal, usually shareholders’ eq- month. of their job of keeping mar- At present, banks have Marcie Frost, $850,000 based on long-term uity, is to absorb potential Banks have long had to kets functioning.Reimposing enough capital, so none will the system’s investment performance, to losses. But Treasurys and re- meet capital standards, the capital requirement will fall below their required chief, said encouragethe next occupant serves are risk-free. With which became tougher after makeitcostlier to do so. level when the exemption Calpers needs of the position to stay longer, that capital requirement the financial crisis. The main Banks could issue more ends. to recalibrate TheWall Street Journal re- back in place, the Fed standard is risk-weighted, shares,but they might in- But with reserves ex- the job ported last year. achieves nothing toward meaning banks must hold stead just reducetheir pres- pected to keep growing rap- description. Theboardislooking fora making the financial system more capital against a riskier enceinthe Treasurymarket, idly, banks might end up minimum five-year commit- safer while potentially rais- asset, such as unsecured which could lead to upward having to limit their activity ment, Ms. Frost said during a ing headwinds to its other credit-card debt, than a safer pressureonyields and aless in some financial markets or apublic statement Fridaysay- TorontoGlobal Forummeeting goal: stoking an economic one, like a residential mort- well-functioning market. even lend less. This outcome ing that no offersfor the posi- last year. recovery with easy credit gage. Second and even more would obviously run counter tion were made and that Calp- Mr. Meng, who took up the conditions. But thereremains the problematic is the restored to the Fed’s monetary-policy ersneeds to recalibratethe job CIO job in January 2019 after The Fed exempted Trea- prospect that banks might capital requirement forre- goals of keeping interest description, particularly re- working at China’sState Ad- surys and reserves from cap- boost their holdingsofapar- serves.The Fedinfluences in- rates low and credit flowing garding howmuch it pays. ministration of Foreign Ex- ital requirements a year ago ticular asset because regula- terest ratesand credit condi- to get the economy back to Based in Sacramento, Calif., change,stepped down in Au- in the midst of the market tors deem it lowerrisk when tions by purchasing bonds full employment. Calpershad about $445 billion gust as questions were being turmoil triggered by the ini- in fact it isn’t—such as mort- and making loans.Itfinances The Fed says it will pro- in assetsasofThursday, or raised about his personal in- tial pandemic-related eco- gagesinthe run-up to the fi- both by issuing reserves,es- pose modifications of the le- about 70%ofwhat is needed to vestments and potential con- nomic shutdown. The central nancial crisis.Soasabackup, sentially electronic money. verage ratio to resolve the coverpromises to morethan flictsofinterest. TedEliopou- bank didn’t want banks to some banks must also meet Banks have no choicebut to problem created by high re- two million retirees and other los, who preceded him at avoid holding or trading another standard, the supple- hold those reserves.They can serves and Treasury debt. beneficiaries. Calpers, served as CIO from Treasurys because of the mentaryleverageratio. This use them to settle payments This a problem that TheCIO would be charged 2014 to 2018.Previous occu- capital requirement. The ex- requires the biggest bank with each other or the Trea- shouldn’t have been allowed with overseeing howthat pants since 2006 have stayed emption also in theory freed holding companies to hold a surybut in aggregate, banks’ to arise in the first place. money is deployedwhile navi- five years or less.

New to the Market THE TICKER | MARKETEVENTSCOMING THIS WEEK IPO Scorecard Performance of IPOs, most-recent listed first Monday GDP Deflator % Chg From % Chg From 4th qtr. sec. est. up 2.1% Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Existing-home sales IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Jan., previous 6.69 mil. 4th qtr., third est. AF Acquisition 9.83 –1.7 ... Instil Bio 26.44 32.2 ... up 2.1% AFAQU March 19/$10.00 TIL March 19/$20.00 Feb., expected 6.50 mil. AFC Gamma 23.00 21.1 ... LDH Growth I 10.17 1.7 ... AFCG March 19/$19.00 LDHAU March 19/$10.00 Earnings expected* Gross domestic product Estimate/Year Ago BYTE Acquisition 9.95 –0.5 ... Levere Hldgs 10.00 ...... Percentage change, annual BYTSU March 19/$10.00 LVRAU March 19/$10.00 Synnex 1.69/1.63 rate Finch Therapeutics 21.32 25.4 ... Longview Acquisition II 10.01 0.1 ... 4thqtr.sec.est. up4.1% FNCH March 19/$17.00 LGV.UT March 19/$10.00 Tuesday 4thqtr.,thirdest. up4.1% Glenfarne Merger 9.92 –0.8 ... Accelerate Acquisition 9.90 –1.0 0.2 Current account GGMCU March 19/$10.00 AAQCU March 18/$10.00 Initial jobless claims 3rd qtr., previous Previous 770000 Sources: Dow Jones Market Data; FactSet $178.5 billion deficit Expected 735,000 Other Stock Offerings 4th qtr., expected $186.8 billion deficit Earnings expected* Secondaries and follow-ons expected this week in the U.S. market S New-home sales Estimate/Year Ago Symbol/ PRES Primary Amount Friday’s Jan., previous 923000 Darden Restaurants Expected Issuer/Business exchange ($mil.) price ($) Bookrunner(s) 0.68/1.90

Feb., expected 879000 ZUMA March. 23 Bilibili BILI 2792.0 108.86 MS, GS, JPM, UBS, China Int Cap, Science Applications Nq BofA, Credit Suisse, CITIC, Earnings expected* CA/

BA International 1.45/1.58 Haitong, China Merchanters, Estimate/Year Ago China Construction, Guotai /A Adobe 2.79/2.27

GameStop 1.35/1.27 ORIES Friday Public and Private Borrowing GL IHS Markit 0.70/0.66 Treasurys Neogen 0.26/0.23 Personalspending ANÇOIS Jan., previous up 2.4% Monday, March 22 Wednesday, March 24 FR Wednesday GameStopisexpected post earnings Tuesdayof$1.35 ashare, up from $1.27 ayear earlier. Feb.,expected down0.7% Auction of 13 and 26 week bills; Auction of 5 year note; announced on March 18; settles on March 25 announced on March 18; settles on March 31 Short-selling reports Ratio, days of trading volume EIA status report Gasoline stocks up 0.5 Purch., previous up 2% RH 4.73/3.72 Personal income Tuesday, March 23 Thursday, March 25 of current position, at Feb 26 Previous change in stocks in Distillates up 0.3 Refinan., prev. up 4% Jan., previous up 10% millions of barrels Thursday Auction of 52 week bill; Auction of 4 and 8 week bills; NYSE 2.3 Earnings expected* Feb.,expected down6.8% Crude-oil stocks up 2.4 Mort. bankers indexes Estimate/Year Ago announced on March 18; settles on March 25 announced on March 23; settles on March 30 Nasdaq 1.4 EIA report: natural-gas Concentrix 2.08/n.a. Previous change in stocks in U.Mich. consumer index Auction of 2 year note; Auction of 7 year note; * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in Elbit Systems 1.84/1.16 billions of cubic feet March,prelim. 83.0 announced on March 18; settles on March 31 announced on March 18; settles on March 31 parentheses) u Adjusted for stock split Note: Forecasts are from Dow Jones weekly survey of economists General Mills 0.84/0.77 down 11 March,final 83.6 P2JW081000-0-B01000-1------XA

B10 | Monday, March 22, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY In Oil, Intuit Could Use The Hunt Some Good Karma

Is for Cash GES

IMA Once again, an extension of tax Intuit’s revenue season will tweak Intuit’s business GETTY flow. But the more important $10 billion

Gushers SE/ question facing the financial soft- ware provider is who needs help— 8

ANCE-PRES and how much.

Investorswatch amount FR TheInternal Revenue Service said Wednesday this year’s taxfil- 6

companies return ENCE

AG ing deadline forindividuals has E/

TJ been extended to May17. That is a 4 Oil companies spent years chas- RA monthlater than normal andwill UL

ing growth. Now they are in a new PA likely push abig chunk of revenue race—to see how quickly they can Cashreturns areoninvestors’minds given the perception thatoil demand from TurboTax and the company’s 2 return cash to investors’ pockets. is thought to be near itspeak. An energy siteinOdessa,Texas,lastyear. other tax-related services intothe That quest took a back seat for fiscal fourth quarter that ends in energy investors last year when throws down a challenge to peers. Exxon expects up to $19 billion in July.Last year’s extension of the fil- 0 the pandemic sent oil demand and Cash returns already areatthe capital expenditures this year, a ing deadline to July 15 resulted in FY2010 ’15 ’20 prices plunging. The largest U.S. front of investors’ minds given the clear step down from its 10-year 24%ofIntuit’sfull-fiscal-year reve- Note:Fiscal years end July 31; FY2021-22are projections integrated companies, Exxon Mo- perception that oil demand in par- average of $29.4 billion. As a re- nue coming in the final quarter, Sources: S&P Global Market Intelligence(actual); bil and Chevron, attracted as ticular is thought to be near its sult, free cash flow is expected to compared with an averageofabout FactSet (projections) much criticism as praise for main- peak.During itsinvestor dayheld rebound fairly quickly to $15.3 bil- 15% over the previous six years. taining cash payouts to retain March 9, Chevron fielded multiple lion this year, a level last seen in Atiming shiftdoesn’t necessarily by the company’s desire to expand their Dividend Aristocrat status. questions regarding when it would 2018 when the annual Brent crude mean alossofbusiness. Intuit actu- its financial-service offerings to For Exxon, dividends were so sa- resume itsbuyback program in average price topped $70 a barrel. ally raised itsfiscal 2021 projection consumers. It also absorbed a cred that it funded them by raising earnest. While the companydidn’t For 2021, the U.S. Energy Informa- in itslatestearningsreport on Feb. competitor that was providing free more debt. In fact, the company giveadefinitivetimeline,Chief Fi- tion Administration expects Brent 23,when speculation wasalready tax-preparation services. Free re- had been unable to fund its divi- nancial Officer PierreBreber said a to average $60.67 a barrel. swirling about another filing dead- mains a competitive threat to In- dends through free cash flow alone program wouldn’t resume until the Chevron plans $14billion in line extension. Intuit’sstock—which tuit—particularly if the federal even in 2019 before the pandemic. companyisconfident it cansus- capital expenditures,also amarked slipped initially on news of the IRS government ever gets into the While dividends took center stage tain it formultiple years. Though decline from its10-year averageof extension—recovered and wasup business of allowing taxpayers to last year,sharerepurchases were Chevron is expected to generate $25.5 billion. Itsfull-year free cash nearly 77%asofFridayfor the pre- prepare and file directly without prodigious during happier times for enough free cash flow to coverdiv- flow is expected to be $16.6 billion, vious 12 months.That has put the use of middleman software. the industry’sgiants. Exxon has idends in the firstquarter,itwon’t recovering to 2018 levels.Analysts shares at ahistorically high multiple But the biggernear-term ques- spent morethan $250 billion on have asubstantial sum leftover. expect EOG Resources’ free cash of around 41 times forwardearnings. tion is whether Intuit canexpand sharebuybacks since2000,the year Exxon has even lesswiggle room. flow this year to be almost double That meansinvestorsstill expect itsnontax businesswhile also ex- following the close of the merger Itsdebt ballooned by $20 billion what it wasin2018. alot from Intuit, regardlessofwhen panding TurboTax beyond the do- with Mobil, reducing itssharecount over the course of 2020 to itshigh- “Grow slowly, generate free taxescome due.The companypro- it-yourself crowd.Anew “full-ser- by almost 40% during that time. est level sinceatleast itsmerger cash flow, and give that back to in- jected full-year revenue would grow vice” version of the TurboTax Live Chevron has reduced itstotal share with Mobil morethan 20 yearsago. vestors. That’s the mantra that is in arangeof15% to 17%—an accel- servicelaunched in December that count by almost 10% since2001, the Itsfreecash flow isn’t expected to selling well with investors,” said eration relativetothe 13% growth allows userstoconnect online with year it mergedwith Texaco. return to levels that canfully cover Michael Bradley, managing direc- posted forthe previous two years. atax professional forassistance The sector’s ability to restart itsdividend until the thirdquarter tor at energy-focused investment But much of that appearstobedue with their filings. Theexplosion of buybacks will depend on how of this year. EOG Resources,one of bank Tudor, Pickering, Holt & Co. to Credit Karma, which Intuit ac- retail investing could giveitasur- quickly balance sheets heal, but the largest independent U.S. explo- Investors who used to pay atten- quired in December.Intuit expects prising lift; Keith WeissofMorgan the race for investors’ love already ration-and-production companies, tion to valuation multiples such as Credit Karma to add between $545 Stanley says the creation of eight is under way. also has said it would givepriority price/earnings ratios are now more million and $580 million in revenue million newbrokerage trading ac- ConocoPhillips was the first to to debt reduction beforelooking at focused on free-cash-flow yield, this year.Without that addition, the countsin2020 should giveaboost reinstate share repurchases, an- sharerepurchases or supplemental Mr. Bradley noted. company’sgrowthfor the year to Intuit’srevenue perreturn “as nouncing on March 10 that it has dividends. With the petroleum age clearly would be in the rangeof8%to10%, filerswith investment portfolios resumed buybacks totaling $1.5 Still, free-cash-flow expecta- past its peak, investors are looking itsslowest sincefiscal 2015. getpushed to higher-priced [prod- billion a year. That is still a tions seem to be recovering at a for companies that can treat them The Credit Karma deal was ucts].” Someone has to add up all marked decline from the $3.5 bil- faster pace than oil prices, helped well on the long, slow ride down. more than six times Intuit’s next- those capital gains on GameStop. lion that it made in 2019, but it by muted capital expenditures. —Jinjoo Lee largest acquisition and was driven —Dan Gallagher

EXPERIENCES OFFERS EVENTS INSIGHTS

Entertowin thegrand prizeofaLeMondPrologorDutch model Wina$7,500Top- eBike, valued at $7,470.Designed forspeed andendurance by Greg LeMond,three-timeTourdeFrancewinner, both modelsboast a45- mile range andthree levels of assist.Toensurethe best performance, of-the-LineeBike thecutting-edge bikesinclude upgrades like carbon wheels andDi2 Electronic Shifting.

WSJMEMBEREXCLUSIVE ENTERNOW AT WSJPLUS.COM/LEMOND 6DJ8324 from LeMond ved. reser

rights *

All Bicycles Inc. o., &C *No purchase necessary. Void whereprohibited.Ifyou subscribedtoThe Wall StreetJournal after February12, 2021,you will not be eligible to win. Open only to legal residents of the

Jones 50 United States (and D.C.),the United Kingdom (England, Scotland, Wales and Northern Ireland),France, Germany,and Switzerland, age 21 and over.Deadline forentry: April 8, 2021. Forofficial rules,including prizedescription and odds,gotowsjplus.com/officialrules.Sponsor:DowJones &Company,12116th Avenue,New York,NY10036. Dow ©2021 P2JW081000-0-R00100-1------XA WORKJOURNFRALOMREPORT HOME

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, March 22, 2021 | R1

HOWTOMANAGETHE Hybrid Workplace JOURNAL REET ST LL WA THE R FO ER LT WA UX GEA MAR

BY ALEXANDRA SAMUEL Manyemployees will be remote spend at home. Instead, bosses need to ask themselves aquestion ere are two things we partofthe time and in the thatmosthave neverhad to consider:How do Imanage canbesureofaspeople officepartofthe time. aworkplaceinwhich officedaysand home days are starttoreturn to offices. That’sgoing to requireamassive usedfor the work thatisbestsuited to eachsetting? First,remote work is Here’show to do it: heretostay. rethinking on the partofbosses. And second, it H shouldn’t look anything Set clear guidelines for likethe improvised ap- “office required” and “office proach thatwas hastily throwntogether in of bosses—both in terms of individual schedules and optional” circumstances. the face of aglobal pandemic. avision forthe organization as awhole.Nolonger Surveyafter surveyhas shown thatmostknowl- will theybeable to manage remote workerslike Bosses need to start by making a list of the types of edge workersare eager to keep working remotely, they’re officeemployees whose deskshappen to be work and meetings that substantially benefit from in- at leastpart of the time.But these hybrid arrange- really farapart.Nor cantheytreat officedaysasthe person interaction. Project kickoffs or performance re- ments will requireamassiverethinking on thepart “real” workdays and writeoff the time thatworkers PleaseturntopageR4

Inside Blame Home or the Office? HowYou Can Decide The Work BY PETER CAPPELLI versus 5% beforethe pandemic. beforemaking their decision. Acquaintances Bosses AND ROCIO BONET Manycompanies will no The answers will go along way We Miss doubtoffer employees a in helping workersmakethe Amanager’s attitude If youare offered the oppor- choice—one thatemployees rightchoicefor them. Whatwelosewith remote about the pandemic tunitytokeepworking from work arethosedaily chats canplayakey role in home on along-term basis, Whoelseisgoing back? and check-ins with howengagedordis- should youtakeit? You’re given the This is probably themostim- colleagues thatboostour engagedworkersare Only 11% of employers in a option of staying portant question. When most senseofwell-being. R2 in their jobs. R6 recent ConferenceBoardsurvey remote forthe long people areoff-site, thereisn’t a report thattheyexpect to re- significantadvantage to being quireall their workerstoreturn term. Askyourself in the office. Everyone is in the to the officeoverthe long thesequestions. same boat—communicating term—although 27%ofrespon- with peersand managerson Short Shrift? dents said their plans were un- video, and doing their work in known—and about athirdsay could find difficult.However, re- relativesolitude. Remote workers who live that40% or moreoftheir work- search on officedynamics But the dynamic changes if forcewill be primarily remote. among partially remote work- lots of people start moving alone believe employers have Other estimatessuggest forces canoffer some guidance back to the officewhile others been slow to address their needs thatafter the pandemic,25% of as to the questions employees elect to stay home. during the Covid crisis. R8 work time will be from home, should be asking themselves PleaseturntopageR5 P2JW081000-0-R00200-1------XA

R2 | Monday, March 22, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | WORK FROM HOME

The Work Acquaintances We Miss a Lot

They aren’t close for the workplace. Having dates to the majors. With left. And with those people, If only the closest relation- friends. But they someone to talk to enriches fewer people to meet and so went all of those daily ships manage to endure the enrich our lives in the lives we live at work. much less time spent to- moments of contact and loss of routine interaction, are This is clear in the work gether during this pandemic, communion—the very foun- we going to make an excep- ways we don’t realize. of Mario Small, a professor the minor leagues of friend- dation of friendship. tion for those weak ties from of sociology at Harvard Uni- ship might as well have been Of course, Zoom, Slack work? Almost certainly not. BY JEFFREY A. HALL versity, who recently chal- disbanded. and email flooded in to re- lenged the long-held assump- place workplace communica- miss Shawn. Before the tion that when we have tion, but those tools are fun- pandemic, he worked just something important to talk damentally different from Suggestions for down the hall. Like me, he about, we seek out emotion- Shared spaces routine face-to-face conver- companies preferred working in the ally close companions. In his To reap any of these bene- sation. What, then, can companies office rather than at home. book “Someone to Talk To,” fits—whether it is from the Many of the conversations do? Can they find new ways to And like me, he loved lis- Prof. Small asserted that bonds formed between ac- that would have previously foster these bonds? Without Itening to post-punk music, “people are deeply respon- quaintances or the friendship taken place during a quick bringing people back to work riffing about politics, and sive to the social interactions that grows out of an office catch-up chat in the hallway in person, I am doubtful. brewing an afternoon they encounter routinely.” He mate—one thing is crucial: a or an informal huddle after a In pre-pandemic times, espresso. Although few of our found that we are more likely shared space. There lies the meeting now either don’t companies that created social conversations lasted more to talk about important mat- key difference between work- happen or have to be sched- environments after hours or than 10 minutes, for nearly ev- ters to people who are avail- ing with someone and work- uled. Video chat and email on weekends may have con- ery workday for 12 years, able than people we are emo- ing near someone. are neither accidental nor ca- fronted resentment from em- Shawn was part of the social tionally close to; access ployees who felt it was an in- fabric of my work life. transforms acquaintances fringement on their free time. For the past year, we’ve and workmates into confi- These days, requiring employ- texted a few times, emailed a dants Ties ThatBind ees to converse with one an- few times. But we aren’t con- Thinking of who we talk to Wherepeople aremostlikely to form newfriendships and the hours other via video chat for the nected like we used to be. routinely as the foundation of interaction it takes, on average,for afriendship between two sake of keeping in touch might As companies start reopen- of relationships—rather than people to progress: be met with even greater re- ing offices, and perhaps give relationships being the rea- sistance. And if employees employees a choice as to son for routine talk—is a Wherefriendships aremade were made accountable for whether to return, both com- paradigmatic shift when doing so, it would defeat the Neighborhood 35.8% panies and employees should thinking about what we purpose of a friendly catch-up consider that without a shared might lose if we never go Work 25.1 chat in the first place. physical space, we will lose a back to the office. Once it is safe to return, if kind of relationship we’re In my pre-pandemic re- Through friends 8.2 companies have far fewer in- rarely aware of, and that search, I asked 116 people person requirements, I offer barely has a word to describe about their recent social in- Club/association/group 7.9 three suggestions. it. Somewhere between teractions at five random Through family 6.8 strangers and friends, these times a day for five consecu- • First, remember that rela- are people with whom we tive days. Across these 2,722 School 5.6 tionships take time—prefera- share moments of chats and interactions, taking time to bly free time. If employees are check-ins. It’s easy to dismiss catch up, joke around or have Online 5.1 given time to catch up with one them as superficial. But the a meaningful conversation Some other way 5.5 another, perhaps interspersed relationships we develop with with someone boosted con- with required activities during such workplace acquaintances nection and happiness—no those in-person days, it reduces Average hoursittakes forfriendships to form are much more important to matter who it was with. the infringement on free time our sense of connection and Significantly, strictly fo- inherent to after-hours gather- community than many of us cusing on workplace matters ings. realize. offered no such benefits. Un- Casual friendship: Close friendship: like connecting conversation, 40 to 60 hours 200 hours • Second, consistency matters. peoples’ reported happiness If employees work in person after conversations about Friendship: only sporadically, and some The water cooler work was indistinguishable 80 to 100 hours don’t come back to work at all, It perhaps goes without say- from moments when they the predictability and routine of ing that spending time with were alone. seeing the same people will be people we love makes us less Being physically near peo- lost. lonely and brings us greater ple, in other words, creates Source:Journal of Social and Personal Relationships; Jeffrey A. Hall, UniversityofKansas life satisfaction. But recent opportunities for conversa- • Finally, relationships require scholarship on human social- tion about work and personal space. Employers could design ity, including my research, has matters alike. It also creates in-person workdays to balance added some complexity and the opportunity for friend- sual; you must be intentional free and obligatory time housed nuance to this equation, show- ship. In my research on the Zoom, Slack and while considerate of making in a place that accommodates ing that social interactions number of hours it takes to email are demands on colleagues’ time talk for its own sake—outside with acquaintances and even make a friend, after the and autonomy. the office or at least away from strangers also have the poten- neighborhood (35.8%), the fundamentally To re-establish routine people’s desks. It is important tial to alleviate loneliness and workplace was the most different from conversations with office col- to simulate what made those boost well-being. These stud- common place (25%) to make routine face-to- leagues and friends, we es- shared spaces valuable in the ies recognize the abundance new friends. We don’t make sentially have to treat them first place—a feeling of having of potential locations for con- friends with everyone we face conversation. as friends we want to keep in a friend just down the hall. versation: public transit, the work with and hundreds of touch with. Unfortunately, gym, the coffee shop. The hours of time together people are bad at keeping in Dr. Hall is a professor of workplace is certainly a place doesn’t guarantee that touch. For those who don’t communication studies and to socialize as well. friendship will necessarily Consider, for instance, live with us, daily contact is director of the Relationships Conventional wisdom tells emerge. But all friendships that the most common rea- exceedingly rare. And this and Technology Lab at the us water-cooler talk strength- have to start somewhere. son that friendships disap- isn’t a new phenomenon: It University of Kansas in ens workplace performance New acquaintances are the pear is someone moves away. was true in the era of posted Lawrence, Kan., and the and cohesion. I would contend minor leagues of friendship. For all of us still working re- letters and landline phone author of “Relating Through GES that the most important value Making new friends is like motely, it was as if all of our calls, which suggests it is un- Technology.” He can be IMA

of these conversations isn’t calling up promising candi- workplace neighbors up and likely to change. reached at [email protected]. GETTY P2JW081000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, March 22, 2021 | R3

Your IT plans

were neverbuilttoinclude

everyemployee’shome.

They hadtobereimagined.

Overnight.Byyou.

Andyou know this change

is only just beginning.

Youneed aconnectivityprovider

that’supfor what’stocome.

Onepoweredbythe nation’s

largest Gig speed network.

That can deliver gig speeds

to themost businesses.

With flexible bandwidth options.

VPNtohelp connectremoteworkers.

Plus advanced securitysolutions

likeUnified ThreatManagement.

Youknowthat working

from home isn’t atrend.

It’saturningpoint.

This is your moment—

to BounceForwardTM.

Restrictions apply.Call fordetails. ©2021 Comcast. All rights reserved. P2JW081000-0-R00400-2------XA

R4 | Monday, March 22, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | WORK FROM HOME

Remote Possibilities As morepeople receivethe Covid-19 vaccine,areturn to the office seems imminent. Manyemployers areleaning toward hybrid work arrangements,with employees working partly at home and partly at an office.Whatwill thatentail? Surveys conductedbyMcKinsey Global Institute, PricewaterhouseCoopersand the ConferenceBoardshedsome lightonwhatmightbeexpected.

Productivity Impact Home or office Employers’opinions about the effectiveness Remote work has had an impact on important aspects of employees’lives. Employers’views have changedon of remote work have become morepositive whatpercentage of their workforce can sinceearly in the pandemic. Decreased No change Increased telecommuteatleastone dayaweek.

Time in meetings Few (0 –29% of workforce) 100% Many (30 –59%) Increased Work hours Most (60 –100%) substantially

80 Number of employeeburnouts 36% 39% Before Increased Work-lifebalance Covid-19 moderately 60 020406080100% 2% 25%

Hiring 21% During 40 Employers have become morewilling to consider hiring employees who will work virtually at leastpart of the time. Covid-19 100% virtual No change If theycan anywherein 77% Notwilling to occasionally the U.S. 100% 20 hirevirtual commuteinto virtual 11% employees the office globally Decreased After Before the pandemic 55% moderately Covid-19 34% 0 0% Decreased September 2020 April September substantially 2020 2020 020406080100%

Popularity Suitability forremote work Employees have embraced remote work and manywould liketo Some occupations areabetterfitfor remote work than others. The potential shareoftime the following work activities seeitcontinue afterCovid-19 subsides. canbeperformedremotely:

Iwould notwanttowork remotely 020406080100%

8% Effectivepotential* Theoretical maximum Fivedays 1-3daysper month Updating knowledge and learning per week 10% 29% Interacting with computers

Thinking creatively Howoften would you 10% One dayper week want to work remotely Communicating with and guiding colleagues if your employer Processing, analyzing, and interpreting information allowedyou to? Providing consultation and advice Four days 10% per week 19% Communicating in interpersonal relationships Twodaysper week 16% Performing administrativeactivities Three days per week Assessing objects, services, and people *No productivityloss

Sources: The ConferenceBoardonline survey of 330 human capital executives, conducted Sept. 2020 (productivity, impact, hiring); PwCsurvey of 1,200 US officeworkers conducted Nov. 24—Dec. 5, 2020 (popularity);PwC survey of 120 U.S. executives conducted May29—June 4, 2020 (home/office); McKinseyGlobal Instituteanalysis (suitability)

workplace may be different, and ev- Rotate teams, the office. Thursdays and Fridays, HowBossesCan ery boss has to figure out the rules not employees. those teams flip.Spending time in that make the most sense. the officetogether also will help Manage the When you’re working out aplan build trustand communication so foryour team, youneed to think thatthese employees canwork to- New Hybrid likethe conductor of an orchestra. gether moreeffectively when they Consider office weeks Each employeemay have an indi- aren’t in the office. Workplace as well as office days. vidual best-case scenario forre- If your working groups tend to mote work,but it’s your job to change from one project to the Sometimes a full week (or two) at think about howtoharmonizethe next,set theexpectations thatspe- ContinuedfrompageR1 the office is much more useful than whole.Aswith an orchestra, that cific workdays mayneed to change views,for instance, arealwaysbet- a day or two. It may pay to bring requires thinking about who needs when people change projects—but terface-to-face;mostpeople also everyone together in the office for a to playtogether—and then orga- be sensitivetothe fact that people find it moreeffectivetodobrain- week or two at the beginning of nizing their schedules so they’re in mayneed to change their child-care storming or troubleshooting meet- each project or quarter so that you the officeonthe same days. or other logistical arrangements ings in person, sincethe back-and- can connect and get on the same Thatmeansrotating entirede- when their workdays change. forth can produceideas and page for the next big challenge. partmentsand teams in and out of solutions thatmightnot arise if Iwork on an annual project fora the officeatthe same time.Maybe you’re only communicating on clientthatbrings me to its officefor youwantthe entiresales depart- screen. And as ageneral rule,any afull week of on-sitework,about mentinthe officeonMondays,so Encourage focused difficult conversation is besthan- four weeksbeforeour project everyone starts the week on the workdays at home. dledinperson. launches.Thatway the final sprint same page and it’s easytobook But there are plenty of meetings of collaboration and qualityassur- team meetings. Tuesdays and To turn remote work into a real as- that can be done as effectively—or ancegoes much faster,because Ican Wednesdays arewhen the sales set, encourage your team members even more effectively—as video calls. work hand-in-hand with the report teams focusing on big corporate to block off big chunks of their Daily or weekly status meetings, for designer and turn around newdrafts accounts could work from home, schedule on at-home days, so that instance, or any meeting where you everyfew hours, instead of waiting while those who focus on small they can do focused work without are jointly looking at a screen. Every forcycles of feedback via email. and medium-sizeaccounts stay at the kinds of interruptions that are

What Every Worker Should Expect in a Remote-Work World

For starters, the right to stay off- Yes, your home is now your work- camera when you feel like it place—but that doesn’t mean it be- longs to your boss. You have a right to privacy, both from 9 a.m. to 5 p.m. and after hours. Your employer should not use webcams, key logging, S NEW

excessive online check-ins or a cam- G BY ALEXANDRA SAMUEL era disguised as a teddy bear as a

way of monitoring your work hours OOMBER he past year has seen millions of employees or productivity. It’s far more effective H/BL

transition to remote work—often under pretty for you to agree on goals and dead- RT

rotten conditions. It’s time to change that. lines so you can focus on outcomes WO There is, unfortunately, no work-from-home instead of hours at your desk.

equivalent of a Miranda warning: a list of the You also should have the right to HOLLINGS

rights employees can expect as remote work- declare the occasional camera-free LAN DY

ers to ensure their fair treatment in the new call or day—whether it’s because you : workplace. There is no “Law & Order: Work need to eat lunch during that meet- TO T From Home,” where bosses can hear over and ing or because you just don’t feel like PHO

over the conditions that will make for a satis- being camera-ready (for instance, RKIN; fying and sustainable work-from-home arrangement. getting dressed). PA So as a longtime remote worker, let me offer my own work- may be able to use self-disclosures in remote work, without the opportu-

from-home Bill of Rights. Feel free to add your own conditions. a court of law, but your employer nity to move to a larger home or the MICHAEL

Then, let the lobbying begin! Anything that appears on-cam- shouldn’t use accidental disclosures ability to send their children off to BY

era, such as your children or pets, in the context of a performance re- school every day, we all need to cut ION AT

should not be used against you in view. Particularly when so many peo- each other some slack. But that also TR You have the right to remain off-camera and unsurveilled. a professional context. The cops ple had to make an abrupt shift to means that the cuteness of your US ILL P2JW081000-0-R00500-1------XA

THE WALL STREET JOURNAL. Monday, March 22, 2021 | R5 JOURNAL REPORT | WORK FROM HOME

have learnedfromyearsofexperiencewith officedynamics.What’smore, socialrelation- ships arebuilt on reciprocity: Youpasson typical in an office. (Of course, this their ownbalanceofwork-from-home HowtoChoose someinformation to me,and later, Idothe assumes the employee is more able and officetime basedonthe de- same foryou. If I’mnot around, Ihave lessto to work from home with relatively mands of the job,not the demands of Betweenthe passalong. few distractions.) home. Over time,team membersinthe office While you should consider individ- Home or Office maydevelop an in-group/out-group mentality, ual circumstances in determining the treating those who arewith them betterthan specific schedule that works for a par- ContinuedfrompageR1 those who arenot physically present.They Normalize online ticular employee, baseline expecta- In astudy conducted in twolarge tech mayhold back information from those at communication. tions of flexibility should apply to all firms,employees found thattheygot lessre- home,for instance, or taketheir demands and employees, and any constraints should spect when theybegan working remotely and requests lessseriously,research has found. The more you use digital-collabora- be based on roles, not lifestyles. It’s endedupbeing lessinvolved in keydecisions. tion and communication tools like perfectly reasonable that your store- Manyimportant decisions mustbemade Slack, Google Docs and Asana, the front employees may need to be 100% quickly—howtohandle an accidentataplant, Whatkind of work will Ibedoing? easier it is to be location-agnostic. on-site, while back-office employees aproduct recall or an immediate need from a If people arelargely working on their own By keeping draft documents and can spend some time working from client, say—and people who areonthe spot without interacting much with colleagues— task lists online instead of on a home. But it isn’t OK to provide more naturally get moreofasay. such as programmersand workersatacall whiteboard, you ensure that every- off-site time to people with children And, basedonour ownexperiences investi- center—it canbemuch easier to do ajob one can stay in the loop, whether than to people with dogs. gating howpeople work,employees on-site from home. Astudy of individual contributors sitting next to each other or thou- oftenhave the chancetoshine by contribut- in acall center found thatproductivity was sands of miles apart. ing to decisions thataren’ttheir responsibility, 13%higher working from home,inlarge part simply because theyare around and canbein through being able to work longer. Beware the always- on the conversations.Other employees lose But jobs likethese arealso the easiestto at-the-office worker. out on thatiftheyare at home. turn into contracting positions, andemployers Encourage satellite Remote workersalso missthe chanceto have been pushing morejobs in thatdirection collaboration. If youhave someemployees who are stay up-to-date about companynorms or re- already.And if someone’s work requires alot at the officefull time,you run the cent events, things thatcome from observing of coordination with other peers, it mightbe Justasanofficeisasource of risk of atwo-tier systeminwhich othersand networking in real life. When we bettertowork in an officealongside them. constantinterruption forindividual partially remote workersfeellike hear the bossmuttersomething under her When membersofateam work from dif- work,anofficeisasource of inter- they’re outsiders. breath afterreadingthe latest requirement ferent locations,theregenerally aremore ruption forfocusedgroup work and When senior managersspend ev- from human resources,welearnnot to make sourcesofpossible confusion and misinter- collaboration. There’sareasonor- eryday at the office, while midlevel it apriority. Seeing the anger on the CFO’s pretation than when membersofateam ganizations use off-sitemeetings employees divide their time between face when he sees the overrun on aproject work together in an office. That’sbecause of fordeepdives into strategic plan- the officeand home,it’seasyfor teaches us to wait until next quarter before communication challenges inherentinthe dis- ning: When youget outside theof- those midlevelworkerstostart wor- making anynew demands. tributed situation. An elaborate, cross-national ficeyou have morespacetothink, rying they’re out of the loop.Ifpeo- Things canescalate.People who aren’t research projectinvolving distributed teams to connect and to build trust. ple who spend moretime at the of- around the officecan easily be labelednot that examinedthe interaction of the participants So encourage your team mem- ficehave moreinformation on client important,and maybesignaling—unintention- down to the leveloftheir email traffic.The berstointegrate mini off-sites into news or businesshappenings,orrise ally—weaker commitmenttothe organization, difficulties begin with problems in anticipating their ownplans.Perhaps thereare morequickly up the corporateladder according to the study of the tech firms. the information needed to makethe collabo- twoorthree employees who are by cultivating their relationships with Of course,all this has to be weighed ration work,working out timetables foreach part of aproject team, and happen other senior staff,itmay create the againstsome of the positives of working from of the participantsand adapting to problems to livecloser to one another than perception thatfull-time officework home—the abilitytoget more work done be- in each location thatparticipantselsewhere to the office. If theytakeone of is anecessary ingredienttocareer cause youaren’twasting time commuting or didn’t understand. their remote mornings to work to- advancement. That’sarecipe forlos- being distracted by othersinthe office. Evenmorebasic,itcan be tough forfar- gether at acoffeeshop or at one ing out on the productivity benefits flung team memberstoaccurately interpret person’s home,they’ll have a thatcome from ahybrid workforce, and respond to eachother’s messages.The chancetowork on their shared and depriving youofthe opportunity Do Iwant promotions? study found thatsilencecould mean different project without interruptions—and to recruit remote talent—because Forsimilar reasons,remote workersmay have things fordifferentpeople,ranging from without acommute. who wants to be aremote employee atougher time getting promoted—one study strongly agreeing—meaning thereisnoneed in an organization whereall the ac- found thattheywerepromotedata50% to respond—to notknowing howtoaddressa tion happens at headquarters? lowerrate than their peers. When manypeo- conflict remotely,ornot wanting to put are- One solution is to trytoset some ple arelocated in the office, being around sponse in writing. Find out about your minimumand maximum parameters those in poweriscrucial to advancing, even if employees’ individual forhow people divide their time be- those who work from home deliver the same circumstances. tweenhome and officesothatpeo- performanceascounterparts on-site, other re- Howhas the companybeen ple remain similarly connected.Also, search hasfound. managing remote work so far? Syncing team schedules isn’t the makethe playing field level. If you’re Managersmay fail to seethe hoursput in It will be much easier to work from home if only placewhereyou need to think holding ameeting in which even one by people working from home,evenwhen an employerhas been clear and explicit about about each employee’sparticular participant is dialing in from home, situation. Remote workdays might makethe entiremeeting remote— be enormously productivefor an with everyone sitting at their respec- employeeonthe days she has the tivedesksand connecting through house to herself,and enormously video—so nobody feels likethey’re distracting on the days her partner missing out on side conversations, or children areathome.Anem- and so thatthere’snopressureto ployeemightfind thathis produc- come into the officeanytime there’s tivityincreases when he spends ameeting on the calendar. the majorityofhis days at home, While it mayfeelcounterintuitive but thathegets blue from social to nudge employees to spend less isolation.The betteryou under- time at the office, that’sonly be- stand howeach employeebenefits cause you’re looking at the office from remote work,aswell as through an old lens. whereeach employeestruggles, We’velearned alot in the past the betteryou cancraft ahybrid year,and the success of ahybrid plan thatworksfor thatemployee model depends on valuing both in-of- and the overall team. ficeand at-home days forthe unique benefits theyoffer.When youcan honestly and wholeheartedly encour- age an employeetospend some Make flexibility fair. time working remotely—because you’ve seen thebenefits it yields to It’s easyfor young employees to the worker and the company—you’ll Employees should think carefully before deciding to work remotely long term, experts say. feel disgruntlediftheysee thatthe knowyou’ve found aplan thatworks bossaccommodateswork-from- foryour team. home arrangements forparents, but theyare working longer than their officecol- performancemanagement—“Here’swhatwe notfor people who want flexibility Dr. Samuel is a technology leagues,the researchersfound. And bosses want youtodoand howwewanttomeasure to look afterpets or take time for researcher and the co-author of the tend to attributemorepositivepersonality that work.” It shows theyunderstand the new creativepursuits. It isn’t your job to forthcoming book “Remote, Inc.: How traits and fewernegativeones to employees realityoftelecommuting and aretrying to judge whether aperson’s desirefor to Thrive at Work…Wherever You who spend along time in the office, the re- adapttoit. flexibilityisreasonable; eachem- Are.” She can be reached at searchersdiscovered. Making things even But it is abad sign if the companyis ployeeshould be able to negotiate [email protected]. tougher,itismoredifficult forremote work- spending moneyon“tattle” software that erstoengage in “impression management,” monitorswhatemployees aredoing, instead influencing howtheyare perceived and show- of,say,requiring supervisorstodomore ing their commitment. check-ins.These kinds of movesshowalack To compensate, the researchersfound, re- of trustinremote workersand aclumsyatti- mote workersmade decisions thattheyknew tude toward handling the situation. their bosses couldn’t miss, such as taking And, of course,softwarethatkeeps you meetings thatinterfered noticeably with fam- tiedtoyour desk defeats the reason to be ily obligations—such as aZoom call during a home.People want to be able to stepaway child or cat won’t count in your favor, your employer should provide an al- child’sbirthdayparty—ortaking on tasksthat forafew minutes. either. lowance to cover that cost. areknown to be difficult.

Will Ibeallowedto You have the right to access tech If you decide to answer emails Will Iend up with worse return to the officeatall? support and tools. You deserve after hours, you have the right to workplacerelationships? Thereisone final calculation thatremote managerial and logistical support as stop answering emails after Thereare somepositives to being away from workersneed to make. Manypeople think a remote employee; expecting you to hours at any time. Too many re- colleagues.Workersaren’tcaughtupinday- thateveniftheywork from home,they’ll be master remote productivity overnight, mote workers find themselves in a to-dayofficepolitics,and aren’t under con- able to come into the officeoccasionally to without any extra guidance or gear, is difficult position: Either you reply stantscrutinybythose around them. network and catchuponthe latest doings. flat-out unreasonable. It’s the duty of promptly to that 10 p.m. email from But remote work canlead to feelings of But this maybealosing bet.Ifworking your employer to provide you with your boss, and establish the prece- professional and social isolation, and these from home becomes popular enough, compa- the infrastructure you need to work dent that you’re available 24/7, or feelings maybeworse if co-workersare pri- nies maystart to eliminate someofficespace effectively, whether that means buy- you ignore it until 9 a.m. the next marily on-site, according to astudy of em- entirely.Chief financial officersseemtolike ing you a decent desk chair or up- day, and risk incurring the boss’s ployees working in governmentand in tech- the idea of permanentworking from home grading the company’s web-confer- wrath—or just slowing down the nology. On the other hand, if the majorityof because it allows cutting back on officecosts, encing system. team. That’s why employers and employees work outside of the office, even among other things. managers should establish clear, writ- going into the officecan be alonely experi- Likeitornot,the “either officeorhome” If you cannot afford reliable Wi- ten expectations on things like after- encewith close co-workersnot being there. choicemay be one thatmanypeople mayface. Fi, reliable Wi-Fi will be provided hours messaging and email response Meanwhile, ameta-analysisreviewofprior It is besttogointoitwith your eyes open. for you. That 50 Mbps internet plan times. studies on remote work concludes thatpeople might have been just fine in your old Now, what’s in your Bill of Rights? who spend the majorityoftheir time tele- Dr.Cappelli is George W. Taylor professor of life, but it could slow your work to a commuting, while their peersdon’t,frequently managementand directorofthe Center for crawl now that you are trying to Dr. Samuel is a technology find themselves with worserelationships at Human Resources at the WhartonSchool of share your connection with a remote- researcher and the co-author of the the office—and the moretheywork remotely, the UniversityofPennsylvania. Dr.Bonet is an working spouse, two home schooling forthcoming book “Remote, Inc.: the worseitgets. associate professor of human resource children and your dog’s internet-en- How to Thrive at Work…Wherever Why? When people arearound each other, managementand organizational behavior at abled pet feeder. If that means up- You Are.” She can be reached at theyhave morechances to talk,learnabout IE BusinessSchool in Madrid. Theycan be grading your home internet service, [email protected]. each other and develop arelationship,aswe [email protected]. P2JW081000-0-R00600-1------XA

R6 | Monday, March 22, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | WORK FROM HOME

An opportunity crisis mind-set isn’t the same as sunny optimism that somehow everything will be OK. Rather, during the pandemic, leaders who have balanced realism and optimism signal to employees the value of experimenting and building skills that will be valuable both during and after the crisis. They encourage employees to re- flect on opportunities to rethink their jobs during this period of re- set, recognizing that work becomes more engaging when we are guided by our personal interests, perspec- tives and talents.

• Get personal. In our survey, a second important predictor of an employee’s opportu- nity mind-set was whether “my boss has had conversations with me about my home life in addition to my work life.” Many bosses have avoided asking employees about their home life. It makes sense: They’ve long been trained to “be professional” and keep emotions out of the workplace. During normal times, this de- tached style of leadership does little to promote employee engagement; workers are reluctant to experiment and learn from leaders they don’t For some connect with or trust. It’s even more workers, it has damaging in a pandemic, when em- been a struggle ployees are dealing with immense to stay engaged. burdens that can leave them feeling isolated, overburdened and taken for granted. It turns out that when leaders use the pandemic to connect with New Terms of States of Mind employees as human beings, their While all workershave experienced somedisruptionfromthe employees are significantly more Covid pandemic,certain groups have faredbetterthan others. likely to view lockdown as a time to Engagement learn and engage. The percentage of employees in asurveywho report positive work effectiveness, engagementand well-being, by category of worker: • See the big picture. Many people have felt disengaged from In our survey, talking about the pur- Positivework effectivenessEngagedPositivewell-being pose of the work to be done was work during Covid. Blame the boss. the thirdmostimportant behavior leaderscould engage in to encour- Overall workforce BY FRANCESCA GINO AND DANIEL CABLE age an opportunity mind-set in their employees. all it a pandemic of people, we identified exactly how Leadershave had to put out alot worker malaise: Thanks leaders are making things worse, as 29.8 45.7 45.1 of fires these days—overseeing new to Covid-19, an increasing well as how they can help improve online systems,finding newwaysto number of people feel the situation. service customers, overcoming sup- disengaged from their ply-chain challenges,managing em- jobs. Working from home, • Leaders as role models. Nonremote workers Remote workers ployees from adistance, among C interacting via video, and The biggest issue, by far, was how other things.This focus on the de- worrying about our leaders themselves responded to the tails is necessary, but oftenhas de- health and the economy are all taking crisis. People in our online executive tracted from broader concerns. 20.6 40.4 40.6 39.0 50.9 49.5 a toll. In a May-June 2020 survey of M.B.A. classes often talk about how While working from home,many over 8,000 people across all 50 states their leaders “can’t wait to go back of us have struggledwith some basic and all types of jobs, we found that to how things were.” One senior questions:“Whatismyjob now?” work engagement had fallen 16% since leader told us before a speech: “Don’t and “HowdoIhelp my organization With dependents Without dependents the start of the pandemic. We repli- say too many good things about succeed?” When leaderstalk with cated those findings in a subsequent working from home, because I want employees about their goals and the survey of over 500 people in February. them back into the office as soon as impact theycan maketogether,they Therewas,however, one factor that possible.” 58.2 50.9 55.7 help employees seehow their work protected people against work disen- These leaders are modeling a neg- 19.8 50.8 43.3 fits into the bigger picture. gagement: their crisis mind-set. Many ative crisis mind-set—and passing it Morebroadly,it’sareminder that of our respondentsviewedthe pan- on to their subordinates. Research on the little things have the broadest demic as athreatand an annoyance, emotional contagion confirms that impact.Workershave felt lessand and just wanted lifetogoback to nor- we can “catch” each other’s emo- Male Female lessengagedthis pastyear.Many mal. These were the disengaged work- tions. Think about times when a bosses,thinking theyweredoing the ers. But othersweretrying to makethe friend’s “infectious” good mood rightthing, have only made things most of the changing world. Oursurvey cheered you up, or when someone’s worse. But it isn’t toolatefor all of showedthatthese people experienced unhappiness left you feeling low. 79.4 63.2 70.5 37.0 38.541.0 us to improve. almost no drop in work engagement. In Our surveyshowedthatbosses’at- fact, some evenbecame more energized titudes were the single bestpredictor Ms. Gino is a Harvard Business by their work during this period. of employees’crisis mind-sets, and School professor and the author of We might assume that whether thus their work engagement. When Effectivetime Ineffectivetime “Rebel Talent: Why It Pays to people approach the upheaval of the bosses were “justtrying to get management/ management/ Break the Rules at Work and in scheduling flexibility scheduling inflexibility pandemic as an opportunity or a through this period,” theyingraineda Life.” Mr. Cable is a professor of threat depends wholly on them—their threatmind-set thatdecimatedtheir organizational behavior at London personality, life experiences and emo- employees’work engagement. By con- Business School and the author of tions. In our research, however, we trast, the employees of leaderswho 15.4 27.3 19.3 “Exceptional: Build Your Personal uncovered an interesting truth: Bosses were “focused on the opportunity this 61.4 47.4 59.6 Highlight Reel and Unlock Your made a big difference. crisis provided” had the highestoppor- Potential.” They can be reached at In a subsequent survey of over 500 tunitymind-sets in our survey. Source:McKinsey&Co. survey of 887 U.S.-based employees, conducted in March 2020 [email protected].

task will be even more difficult.” distractions out of boredom (think ListentoMusic While Working?ItDepends. But in completing the simple social media, dirty dishes, children task, participants scored about 7% coming to and fro, smartphones A study suggests The two men recruited 150 un- For the complex, word-pairing higher on average when they lis- pinging) tend to do worse if they it can sometimes dergraduate students to partici- task, participants scored about 4% tened to complex music, compared listen to music while performing a pate individually in a lab experi- lower on average when they lis- with those who either listened to task—simple or complex. help performance ment. The researchers first tened to any music, compared simple music or no music. “If you “We suspect that even though assessed the students’ baseline with those who completed the have a simple task, you have more listening to complex music might BY HEIDI MITCHELL cognitive abilities so they could task in silence. “That is consistent resources left over, and the music be beneficial for some, it can be rule out intelligence as an alterna- with distraction conflict theory, can focus your mind,” says Dr. overly distracting for people who Should you listen to music when tive explanation of their findings. which basically states that there Gonzalez. are prone to heavily engage with

you’re working from home? Then they had the diverse group are only so many resources we However, the researchers found their environment, because they GES According to psychology re- of students fill out surveys about have to work with, and if those re- that people who are prone to seek may become too absorbed in the IMA searchers who have delved into the boredom proneness, including their sources are heavily invested in a music,” says Mr. Gonzalez. GETTY details of when music helps perfor- preferences for external stimula- task, there is not a lot left over,” Forpeople working at home be- ;

mance and when it hurts, there are tion. Finally, they asked partici- says Dr. Aiello. “And if you add po-  Complex music can be helpful cause of the pandemic,“the beauty ETTY when people do simple tasks. /G three questions you should ask pants to complete a simple cogni- tential distractions, like music, the and the curse arethatweare the TO yourself: What is the music? What tive task of crossing off words on masters of our owndistraction,” CKPHO

is the task? And do you like having a list that had the letter A in says Dr.Gonzalez.Learning howto TO IS

distractions around? them, and a complex task, which manage distractions “requires some S:

Manuel F. Gonzalez, a postdoc- required the students to memorize self-awareness, particularly in TO

toral researcher in the department word pairs and then recall which terms of whatweexperienceas PHO of psychology at Baruch College, word belonged with which partner simple or complexwork,and how

and John R. “Jack” Aiello, a profes- when prompted. stimulating we’remaking our envi- JOURNAL, sor in the department of psychology Some participants performed ronmentthrough music.It’skind of REET

at Rutgers, the State University of both tasks in silence, while others likepairing the rightwine with a ST

New Jersey, published a paper in did them while listening to an meal,” he says.“But maybe we are ALL the Journal of Experimental Psy- original musical composition. all learning the bestway to work chology in September 2019 on how Some of those listening to music efficiently in anyscenario and that SIMON/W performance is affected by music. heard a simple composition, while canbeappliedwhen some of us re- The study has taken on additional others heard a more complex ver- turn to the office.” JOHNNY

relevance with so many people sion of the same tune. P: working from home during the The psychologists unearthed Ms. Mitchell is a writer in Chicago. TO Covid-19 pandemic. three takeaways. Email her at [email protected]. OM FR P2JW081000-0-R00700-1------XA

THE WALL STREET JOURNAL. Monday, March 22, 2021 | R7 JOURNAL REPORT | WORK FROM HOME

rom a health stand- point, the shifttore- refers to as “a microbial whoopee motework in the pan- cushion” hiding used Kleenex, food demic erawould appear scraps and other refuse. to have little downside. Without open-plan of- • Keep pets away from F ficesand rush-hour your computer and other crowdstocontend with, we are corners of your office. moreincontrol of our environment Given howmuch time you’re spend- and our health, right? ing at home,it’sonly natural that Think again, say experts. In the your four-leggedfriends will want to office, companies hire cleaners to takeupresidenceonornear where clean floors and desks and all other youare working—witnessall of the work surfaces—often at the end of animals making Zoom cameos these every day. But at home, many of us days.But allowing your cattocrawl have developed habits that are, at overyour keyboard, forexample,can best, not the healthiest, and at lead to buildup of fur,dander or worst simply gross. We make phone even traces of Kitty Litter. Getting a calls from the bathroom. We let protectivecoverfor your keyboard clutter pile up on our desks. We canhelp. work from bed while balancing our It also mightbeagood idea to coffee mug and muffin. thoroughly clean your computer, To be sure, some of these habits desk and other equipmentonceor are fairly benign—but not all. Dust twiceaweek. Giveextra attention mites and other allergens can accu- to your mouse,keyboardand other mulate in a messy home, triggering objects thatare touchedfrequently, coughs and a runny nose. Contami- Dr.Gerba says. nated surfaces can transmit patho- gens. Working from bed can cause • Use the right cleaning products. sleep disruptions, as well as aches The Centersfor Disease Controland and pains and other woes, accord- Prevention recommends cleaning sur- ing to a recent study. faceswith soap and waterfirst,then “The home office has a lot more using adisinfectant, which, it notes, bacteria than work offices do,” says cancontain harsh chemicals.Alcohol- Charles Gerba, a professor of envi- Yo ur Home Office Is Gross basedwipes mightbebetter forelec- ronmental microbiology at the Uni- tronics.Dr. Gerba suggests usingpa- versity of Arizona, whose investiga- per towels when cleaning. “The worst tions of aircraft cabins and other Our habitsathome aren’t the healthiest. Likemaking calls from the bathroom. object in the home is asponge or dish shared spaces have earned him the cloth,” he says.“Things grow in it.” sobriquet “Dr. Germ.” At home, he notes, you may have family mem- BY BARBARA PETERSON • Avoid eating at your desk. bers sharing spaces, and consuming “Having food on your desk can breed more food and drinks while they ting down your phone before wash- at home from becoming the prover- bacteria,” says Libby Sander, assis- work. “Even in my own home, our ing your hands, nasty bugs can The kitchen bial petri dish? Here’s some advice: tant professor of organizational be- computer area is littered with attach to the screen and cover. havior, Bond Business School, Bond sticky notes, mail, Coke cans and The good news is that the mil- can be one • Don’t let the kitchen University, in Queensland, Australia. snacks,” he says. lions of bacteria found in ordinary of the double as your office space. And there is another, less obvious Certain habits also can act like places like your home don’t pose a “The kitchen is one of the germiest risk posed by deskside meals, accord- superspreaders of microbes. Studies grave danger to most people. In germiest places in a home,” Dr. Gerba says. One ing to Dr. Susan Hallbeck, who runs suggest cellphones are one of the fact, some could even be good for places in of his more distasteful findings is that the human-factors engineering lab at worst offenders. And when you con- you. And “frequent hand-washing is a home. in many homes there is more fecal Mayo Clinic. “You’re sitting in the sider where your gizmo goes in a just as effective as aggressive disin- matter in the kitchen than in the bath- same position as when you’re work- typical day, that’s no surprise: A fecting for most people when it room. People tend to pay more atten- ing,” she says, and that increases the survey by phone carrier Verizon comes to avoiding the bad bugs,” tion to cleaning the toilet, he says, but chance you’ll develop repetitive-strain Communications Inc. found that says Matt McCarthy, associate pro-  bacteria can be tracked into any spot injuries. 90% of users admit to carrying their fessor of medicine at Weill Cornell Many home offices in the house. smartphones into the bathroom. Medicine in New York, and author are littered with Other spots you should avoid when on Ms. Peterson is a writer in New Even in a meticulously clean bath- of the book “Superbugs.” food, empty cans duty include your bed and your living York. She can be reached at room, if you’re picking up and put- How can you prevent your space and paper clutter. room couch, which Dr. Gerba jokingly [email protected].

A change in routine can be hard on pets. Modern comfort that works.

• DR. TU: Puppies and kittens purchased The Pets We’re during the quarantine. They have basically never experienced not having a human at Leaving Behind home 24 hours a day, seven days a week. Dogs and cats may feel stressed when their owners • WSJ: How do we help our pets tran- return to the office sition to our new work schedules?

BY BRUCE HOROVITZ • DR. TU: You need to try to stick with the same schedule every day, if possible. Many workers are eager to return to the Try to keep the same times when they office, at least some of the time. But what are fed, walked, and get in their big play- about the pets they will be leaving behind? time. So even when you’re still working For thousands of cats and dogs adopted from home, try to stick with the schedule during the pandemic, this will be the first you’ll be using once you’re back at work. time they’ll regularly be left in their new home alone for extended periods. And even for those whose owners worked outside • WSJ: What other things can we do the home before the pandemic, this will be to prepare our pets to be alone? another major disruption. So, what should pet owners do to pre- • DR. TU: Start training independence pare their pets for a home that suddenly while you’re still home. You can place will be without people for some or all of them, or possibly crate them, in a differ- the workday? ent room for several hours. You can also TO For answers, we reached out to Andrea just shut the door to the room you’re

CKPHO Y. Tu, a veterinarian pet-behavior specialist working in for, say, three hours a day. Work fromHomeSale TO

/IS and medical director at Behavior Vets in

GES New York City. Edited excerpts follow: Now–March29

IMA • WSJ: How do we keep our pets from getting bored or destroying the house Up to 15%off andfree1–3 dayshippingonwork GETTY • WSJ: How might we be stressing our when we return to work? fromhomefurniture, lighting andaccessories. pets when we return to work?

JOURNAL; • DR. TU: You want to give them some- • DR. TU: Any change in routine can be thing to do. You want to get them used REET

ST very stressful for a pet. They’ve been used to being able to keep themselves enter- NewYorkHome DesignShop 212343-4190 LL to having you at home for the past year. tained. One way to do this is with a sim-

WA Los Angeles Home DesignShop 310620-2680 When you go back to work, it’s yet another ple puzzle toy, like a Kong. No dog or cat THE

R change, and that’s stressful. Even pets that should be fed out of a bowl. That is a lost FO are stressed with you at home have the opportunity for engagement. A treat-dis- ER Shop online andfind other retailers at knoll.com LT potential to be stressed by the change of pensing toy makes the mealtime long, WA you returning to work. more fun and much closer to normal ani- UX mal behavior. GEA MAR

P: • WSJ: What types of pets are likely to TO experience the most stress by their Mr. Horovitz is a writer in Falls Church, OM owners returning to work? Va. • Email him at [email protected]. FR P2JW081000-0-R00800-1------XA

R8 | Monday, March 22, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | WORK FROM HOME

Remote work poses unique challenges for solo-living workers.

• Avoid the assumption that solo-living workers have more capacity. Ensure work- loads are distributed fairly in teams, and/or that extra work is appropriately rewarded—such as giving extra vacation days or bonuses. Set boundaries about how much work solo-living staff are expected to put in to cover for working parents. And spe- cial leave should be offered for all, not just those with children.

• Check on the well-being of solo-living employees. For example, arrange calls to catch up with them, create groups on messaging apps for them or assign mentors who can support them.

• Encourage opportunities for social interaction among colleagues, such as scheduling virtual team lunches and end- of-week gatherings. Promote plans for face-to-face interac- tion, such as walks for employ- ees who live in the same area.

• Recognize that solo-living employees might be finan- cially vulnerable, given that they don’t share finances with tial work communications were partners. Consider financial “pulse The Plight of the Remote around caregivers and families.” checks” with all staff, and ensure Participants reported less so- staff living alone don’t get unfairly cializing at work and, because they targeted for pay cuts. Worker Who Lives Alone lived alone, this meant they had less social support. While many in- • Encourage honest discussions dividuals did mention virtual con- about workloads and preferred Solo-living employees believe from a number of different coun- tact with friends, if these friends working patterns. Managers should tries who live alone, and asked had caring responsibilities they become more approachable and companies have been more focused them about their transition to were less available. Those with a lead by example to create a culture on their colleagues with families working from home full time amid working day full of virtual meet- of open communication. Likewise, the pandemic. ings reported “Zoom fatigue”— discuss and encourage flexible Before the lockdown, workers meaning they couldn’t face using working and creative ways of work- who live alone often felt their re- technology again in the evenings ing with employees who live solo, BY KRYSTAL WILKINSON, ALISON COLLINS AND MARILENA ANTONIADOU quests for flexible time weren’t to see friends, again increasing and assess performance based on seen as legitimate, compared with their social isolation outputs rather than working hours. t is well known that the move to remote work those from married co-workers, has been hard on workers with families. Many and some said they were expected employers have tried to address the problem to work more than their peers. with policies that ease caregivers’ burdens. Yet During the pandemic, the problem Many solo-living workers feel isolated. remote work imposes unique hardships for peo- has grown worse, workers who ple who live alone, and employers have been far live alone told us. Employers have Islower to recognize and address them. often been supportive of workers These feelingsofisolation Last year, we interviewed 35 men and women with children, allowing them bene- came as workerswho livesolo • Makesurecompanyinternal fits like taking special leave one or had fewerchances to ease their communications acknowledge the two days a week. But some of our stress. While working parents well-being needsofall employees— Flying Solo respondents said that they have to have facedmanydemands during notjustofworking parents. Avoid The shareofU.S.adults living alone has risen 15 percentage often work around the schedules the pandemic,their parent or wording thatexcludes solo-living points since1960and nowstands at 28% of all households. of colleagues with child-care re- partner roles provide anatural employees,such as messages fo- sponsibilities—and that they were shiftawayfromwork mode.For cusing on significantothersorchil- Total one-person Percentage of households expected to be the flexible ones, manyemployees living alone, dren. Likewise,promote arange of households with one person because they lived on their own. roles outside the home,including well-being initiatives foremployees 40million 30.0% “It’s just expected that you’ve dating,are prevented by lock- acrossthe board, including exer- got to be available most of the down. They thereforefound it cise,healthyeating and socializing. 35 27.5 time,” one respondent said. harder to switch off.Asone par- 30 25.0 In addition, some of the work- ticipant summarized: “As much Dr.Wilkinson is asenior lecturer ers interviewed thought they as I’m pleased thatIdon’t have of human-resource management 22.5 25 ended up taking the brunt of orga- children to have to sortout, I at theCentrefor Decent Work 20 20.0 nizational decisions—such as pay also don’t have thatasarole to and ProductivityatManchester cuts that exempted employees pull me out of work mode.” Metropolitan University, Dr. 15 17.5 whose partner had lost their job. Thegood news forcompanies Collins is areader in leadership 10 15.0 Even internal communications as- and their employees who livesolo and management at thecenter, sumed cohabitation, respondents is thatnone of this is inevitable. and Dr.Antoniadou is areader in 5 12.5 told us: “Share pictures of who Thereare thingsemployers can management and organizational 0 10.0 you are sharing lockdown with,” do to supportsolo-living staff psychologyatthe center.They 1960 '70 '80'90 2000 '10'20 1960 '70 '80'90 2000 '10'20 for instance. As one study partici- who work from home—both dur- canbereached at Source:U.S. Census Bureau pant summed it up, “All of our ini- ing the pandemic and after. [email protected].

When Working From Home, What Exactly Is a Sick Day? betterunderstand howemployees use them, says LisaFrydenlund, knowledge adviser at the society. Many people aren’t with tasksonaschedule that Some companies,for instance, suits them. Evenwhen people do areonceagain separating sick days taking time off, forcing takesick days,theyare increas- into their owncategorytotrack companies to adjust ingly inclinedtowork anyway. them morethoroughly,apolicy that Companies,meanwhile, are wasdecreasing forthe pastdecade. BY ALINA DIZIK struggling to figureout whatto Other firms have vowedamore do about this newreality. Some hands-off approach. Afterseeing Sincethe startofthe pandemic, areoffering moresick time,for a howproductivetheir employees Nyala Khan, head of human re- wider range of reasons—including canbeoutside of the office, some sources at ahealth startup,has mental health—but thereisno have stoppedkeeping track of va- been on amission to encourage consensus about howtoget em- cation and sick days altogether, employees to takesick days.But ployeestotakeit. Or howtoget says Prithwiraj Choudhury, aHar- theyaren’talwayslistening. them to really relax when theydo. vard BusinessSchool professor Sincethe company’semployees who studies work-from-anywhere arecurrently working from home,“a setups.“Part of this philosophyis, lotofpeople will say, ‘I’mnot feel- Sicker later ‘Let’s givepeople flexibilityand ing well, but will work on afew Studies showthatworking while hope thatpeople will be responsi- things throughout the day,’ ” says sick increased the risk of sick ble,’ ” he says. Ms.Khan, head of talentatNew leave lateronand is likely to af- As morepeople start to return York’s Eden Health. Last year,when fect your mental health. Another  to the office, workerscan expect the companybegan tracking per- Danish study found thatworkers The pandemic and remote nies has made changes to their the expansivenew viewofsick sonal time off, roughly 52%, or 1,362 who went to work ill were more work are changing the nature personal time offand vacation time to stay,saysNicholas Bloom, hours, went unused, she adds. likely to laterexperiencedepres- of sick days. rules due to the pandemic,accord- professor of economics at Stanford The companyisreminding peo- sion. “In general, working while ing to data from June 2020 from University. Nearly ayear later, many ple to takestaycations or vacations sick does negatively affectwell- the Societyfor Human Resource employees already feel morecom- this year forpersonal well-being, being,” says Alison Collins, who re- ply being bored at home with few Management, atrade group. fortablecalling in sick when work- with Ms.Khan personally doing pre- searches presenteeism, or working distractions,saysWladislaw At leastone big change is be- ing in-person and arelesshesitant sentations of inspiring places to while sick,atManchesterMetro- Rivkin, an organizational behavior ing imposedonthem: As aresult to takethe opportunity to work visit,she says. politanUniversity. professor at TrinityCollege Dublin, of the pandemic,federal guide- from home.“If you’re sick and com- At manycompanies likeMs. Some researchers, though, who researches presenteeism. lines mandatedtwo weeksofpaid ing up to thatkey promotion, you Khan’s,the pandemic and wide- thinktheremay be an upside to sick leave at manyorganizations if would have had to come in. Post- spread remote work arechanging soldieringonduring the pandemic. relatedtoCovid-19.Some larger pandemic,you arestill going to be the natureofsick days.Because That’sbecause during the pan- Newrules firms haven'tonly increased their working from home,” he says. (2) people canalready work at their demic,people who feel ill mayac- Manycompanies,meanwhile, are number of sick days to adhereto GES ownpace, manyaren’ttaking sick tually find more enjoymentfrom rethinking their policies on sick regulations but have also started Ms.Dizik is awriter in Chicago. She IMA days at all—theyjustplowahead doing some work rather than sim- leave.Roughly one in fivecompa- tracking days morediligently to [email protected]. GETTY