P2JW097000-6-A00100-17FFFF5178F

****** MONDAY,APRIL 6, 2020 ~VOL. CCLXXV NO.80 WSJ.com HHHH $4.00

Last week: DJIA 21052.53 g 584.25 2.7% NASDAQ 7373.08 g 1.7% STOXX 600 309.06 g 0.6% 10-YR. TREASURY À 1 18/32 , yield 0.587% OIL $28.34 À $6.83 EURO $1.0800 YEN 108.52 Drive-Throughs and Masks Mark Palm Sunday This Year At Least What’s A Fourth News Of U.S. Business&Finance Economy t least one-quarter of Athe U.S. economy has Goes Idle suddenly gone idle amid the coronavirus pandemic, an analysis conducted for The Counties that ordered Wall Street Journal shows, a lockdown represent an unprecedented shutdown of commerce that economists an estimated96% of said has never occurred on the nation’s activity such a wide scale. A1

 Airline executives are BY JOSH MITCHELL plotting major retrench- mentsthey expect to last for At least one-quarter of the months as flying is severely U.S. economyhas suddenly cut back amid the crisis. A1 gone idle amid the coronavirus  Supply-chain financing pandemic,ananalysis con-

represents a sleeping risk GES ducted forThe Wall Street

to U.S. businesses hit by IMA Journal shows,anunprece- the sudden cash crunch dented shutdown of commerce ETTY

caused by the coronavirus, /G that economistssaid has never credit-ratings firms say. B1 occurred on such awide scale. Thestudy,bythe economic-  China is edging toward BENNETT analysis firm Moody’s Analyt-

what could be its first UCE

BR ics,offersone of the most credit downturn in de- IN PRAYERS: Bishop Lionel Harvey tends to parishioners on Palm Sunday in the parking lot of the First Baptist Cathedral comprehensivelooks yetat cades, as personal-loan de- of Westbury, N.Y., and palm leaves are handed out in a drive-through as part of the church’s social-distancing practices. howmuch of the world’slarg- linquencies there climb est economyhas shut down in during the health crisis. B1 the past three weeks.Italso  Zoom CEO Yuan said he analyzescounties from Man- “messedup”on security as hattantotinyGilpin County, the videoconferencing pro- Nation Braces forBrutal Week Colo., to estimate how a con- vider grapples with breakneck centration of shutdown orders growth spurred by corona- in the counties that producea virus-induced demand. B1 disproportionateshareof goods and services has  Gilead has ramped up pro- As DeathToll Nears10,000 weighed on the nation. duction of its experimental While 8 in 10 U.S. counties coronavirus drug,which has are under lockdown orders, seen overwhelming demand Health officials warned pected to see infections peak in died from Covid-19,the respi- according to Moody’s,they amid a surge in cases. B3 Americans to bracefor apiv- the coming days,new models ratory disease caused by the represent nearly 96% of na-  Sales and profit projections otal week in the coronavirus suggested. coronavirus. THE tional output. forthe Renault-Nissan auto pandemic,asthe number of Thenextweek will be “the In the U.K.,Prime Minister CORONAVIRUS Forty-one states have or- alliance have been con- newcases around the world hardest and saddest week of Boris Johnson washospitalized dered at least some businesses founded by the pandemic. B3 jumped by morethan 100,000 most Americans’ lives,” Surgeon on Sundayafter suffering per- PANDEMIC to close to reduce the spread General Jerome Adams said on sistentsymptoms of Covid-19 of the coronavirus, according  Private-equity firms are FoxNewsonSunday, drawing 10 days afterhetested positive to Moody’s. Restaurants, uni- setting up coronavirus-cri- By Talal Ansari, comparisons with the 1941 at- forthe virus,his officesaid. It Ventilatormanufacturing versities,gyms,movie the- sis-management hubs for Dave Michaels and Jennifer Calfas tack on Pearl Harbor and the said his admission to the hospi- isn’tmeeting demand, A4 aters, public parks, boutiques the companies they own. B5 Sept. 11, 2001, terrorist attacks. tal, under his doctor’s advice, Assisted-living facilities and millions of other “nones- in asingle dayfor the first Morethan 1.2 million people wasaprecautionarystep. draw scrutiny, A6 sential” businesses have shut World-Wide time,with athirdofthem com- have been infected around the U.S. officials again urged off the lights as a result. The ing from the U.S. globeasofSunday, according people to stay home.“This is Gatesisset to fund upshot: U.S. daily output has vaccine factories, A9  Health officials warned Some of the hardest-hit cit- to datacompiled by Johns the moment to not be going to fallen about29%, compared Americans to brace for a ies,including NewYork,De- Hopkins University.Inthe U.S., the grocerystore,not going to with the first week of March, pivotal week in the coro- troit and NewOrleans,are ex- morethan 9,600 people have PleaseturntopageA4 PleaseturntopageA8 navirus pandemic, as the number of newcases world- wide jumped by more than Queen SpeaksasJohnson Is Ailing 100,000 in a single day for TexasTakes TwoPunches— the firsttime,with athirdof them coming from the U.S. A1  U.S. states are taking Oil Shock and Outbreak steps to prevent hoarding of antimalarial drugs to treat the coronavirus in an effort to preserve supplies State that led recovery after 2008 crisis faces outsize contraction for other patients. A3  Bill Gates said his foun- dation will spend billions of BY COLLIN EATON AND JON HILSENRATH the prospectsare uncertain, and even sizable dollarstofund the construc- oil production cutswould fall short of making tion of factories forthe most Texas had one of the best economic records up forthe enormous drop in demand forfuels

CK of anyU.S.state afterthe 2008 financial crisis. caused by coronavirus.Prices remain below

promising effortstodevelop TO In this crisis,itfaces the prospect of adeep a coronavirus vaccine. A9 $30,atlevelswheremost Texas producerscan- and prolonged downturn. not makemoney.  Joe Biden has been for- TheLone StarState is exposed to manyof Initial claims forunemployment benefits SHUTTERS

mulating policies to address A/ the pandemic and shutdown’seconomic ill con- rose by 259,652 in Texas during the two weeks the coronavirus pandemic, sequences,with three cities—Austin, Houston ended March 28, non-seasonally adjusted Labor CE/EP

offering awindowintohow LA and Dallas—home to an abundanceofservice- Department datareleased Thursdayshow.Lay- he might lead the nation. A3 PA sector jobs,especially at risk. Adownturn in offs hit abroad rangeofbusinesses including M  Australian policehave the oil industry and other businesses big in accommodation and food services,transporta- launched a criminal inves- Texas,including airlines and ports, will likely tion, health care,oil and gas, manufacturing, amplifyits pain. Industryanalystsexpect the retail, real estateand construction, the data tigation into whether staff BUCKINGHA of acruise ship that docked In the U.K., Queen Elizabeth II compared the fightagainstthe oil downturn to outlast the current viral out- showed. Twomajor shale producersare asking in Sydney misled authori- coronavirus to Britain’sexperienceinWorld WarII. Prime Minister break. Texas regulatorstoconsider curtailing crude ties about a coronavirus Boris Johnson, who has testedpositive, washospitalized. A10 Oil prices surgedlatelast week on hopes of output forthe firsttime sincethe 1970s. aglobal pact involving Russia, Saudi Arabia outbreak on board. A12 ForTexas,“there’snoavoiding this one,” and possibly the U.S. to cut crude output. But PleaseturntopageA8  British Prime Minister Bo- ris Johnson washospitalized after suffering persistent New ‘Victory Garden’ Is Made symptoms of Covid-19. A10 Global Airlines Retool INSIDE  Britain’s main opposition With Polka Dots and Mustaches Labour Party chose London- born lawyer Keir Starmer as iii During LengthyFreeze itsleader afteracrushing De- cember election defeat. A10 Volunteersanswercall forface masksby BY BENJAMIN KATZ ternational routes forthe

 Avocal minority of con- sewing their ownfromany fabric on hand AND ALISON SIDER summer,prioritizing flightsto GEA/REUTERS servativeCatholicsare crit- London, Madrid and Tokyo, T icizing the suspension of

Theworld’sairlines,no wherealliancepartnersare ALBER Masses in the wake of the BY BETSY MCKAY ric masks, and got to work. longer operating aglobe- based. That way,passengers coronavirus pandemic. A11 “I thought, I’m not adoctor, spanning choreographyofcan hop on connecting flights BUSINESS&FINANCE Americaneeds more face I’m not anurse,I’m not afire- flights, areconsumed with with sister carriers. On defensive, Zoom masks to confront the corona- fighter,but Icould help some- newwork: navigating govern- Routesthat Mr.Raja had CEOpromises virus.Karen Vacaliuc has how,” she said. She has sewn ment bailout offers, negotiat- planned to launch this year, JOURNAL REPORT improvements in Investing in Funds: plenty to offer: in gingham, about 500 masks,donating ing with unions,finding places likePhiladelphia to Casa- stripes and jun- manytoalocal to park idle planes and blanca, Morocco,Chicagoto security. B1 WhySome Investors gle prints. hospital and to scrounging forbusinesslike Krakow,Poland, and Seattle to Panic. R1-8 Shortly after nieces who are flying cargoand repatriating Bangalore, India, arebeing wrapping up nurses. marooned travelers. pushed back to 2021. Ameri- CONTENTS Opinion...... A17-19 with the local Thousands of Expansion plans aren’t just canand other U.S. carriersha- Business&Finance... B2 Outlook...... A2 BusinessNews...... B3 Small Business...... B5 high-school mu- volunteersacross on hold amid the coronavirus ven’t furloughed workers, but Crossword...... A16 Sports...... A16 sical, “The Little the U.S.—and crisis; executives are plotting have been encouraging many HeardonStreet... B10 Technology...... B4 Mermaid,” the more around the major retrenchmentsthey ex- to take leave with reduced or Life & Arts.....A13-15 U.S. News...... A2-3 Oak Ridge, world—areput- pect to last for months. no pay. Markets...... B9,10 Weather...... A16 Tenn., costume ting aside sewing “Nobody’s traveling in the In Frankfurt, Deutsche Luf- designer read projects or dust- next 30 or 60 days,” said Vasu thansa AG Chief Executive > that health-care A stitch in time ing off machines Raja,American Airlines Group Carsten Spohr is still coming LIFE &ARTS workers faced a to stitch home- Inc.’ssenior vicepresident for to work at the company’s Forpeople living alone, shortage of masks due to an made masksfor hospitals, network strategy. “But nobody near-empty headquarters. “I lockdowns and social expected surge of Covid-19 pa- nursing homes and othersin is really making anyplans to think the captain needs to be tients. She dug intothe “30 or need. go travel in the next 90 to 150 on thebridgeuntil the ship is distancing amplify s 2020 Dow Jones & Company, Inc. All Rights Reserved 40” bins of fabric she has at Following instructions days, either.” under sea level,” he said. feelings of isolation. A13 home, found patterns for fab- PleaseturntopageA10 The airline has slashed in- PleaseturntopageA2 P2JW097000-0-A00200-2------XA

A2 | Monday, April 6, 2020 THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Stuart Condie ECONOMIC CALENDAR

Carbon Emissions Drop, for Now Monday: Economists expect figures released by Germany’s statistics agency to showasharp he LosAngeles smog lian carrier Qantas Airways Global carbon emissions Global GDP growth/decline greenhouse gasemissions,” drop in neworders formanufac- has lifted, waterin Ltd. canceled all interna- said MikeWilkins, S&P tured goods in February,asign T 10.0 billion metric tons 6% thatoutput is set to fall over Venice’scanals has tional flightsfromlateMarch Global Ratings’ head of re- cleared and China’sfactory through to the end of May. search and analytics forsus- coming months. emissions have fallen so dra- Morethan 30 states have or- tainable finance. So,mea- Wednesday: The Federal Re- matically the changecan be dered residentstostayat 7.5 4 sures to decarbonizethe serve will release minutes from seen from space. home except foressential ac- economy, such as ashift its unscheduled meetings on International travel re- tivities,clearing millions of away from fossil fuels,will March 3and March 15, when of- strictions and city lockdowns people from the country’s 5.0 2 still be required to meet tar- ficials broughtthe centralbank’s designed to slowthe spread streets. gets set under the Paris cli- benchmark interest rate near of coronavirus have led to Thecrisis is also tamping mateagreement. zero and launched programs to swiftand sometimes surpris- down industrial activity,such stabilizethe economy. Minutes ing environmental benefits. as automanufacturing.Gen- 2.5 0 hat could provetough. arelikely to reflect awillingness Thelong-term implications eral MotorsCo.,FordMotor Governmentsthat take to takeadditional steps as the areunclear but manyclimate Co.and Fiat Chrysler Auto- T outlook deteriorates. on big debtstosteer scientistsnow expect green- mobiles NV have shut down 0 –2 their economies through the Thursday: U.S. initial jobless house gasemissions to fall assembly lines in the U.S., 1990 2000 ’10 1990 2000 ’10 virus crisis could later find it claims areagain expected to re- forthe firsttime sincethe fi- Mexicoand Canada to limit hardtojustifyspending on flect massivejob losses as large nancial crisis morethan a the spread of the coronavi- Sources: ICOS Carbon Portal at Lund University, Sweden (emissions); World Bank (GDP) clean-energy technologies, swaths of the economyshut decade ago, when they rus. Honda Motor Co.and such as carbon captureand down. Nearly 10 million Ameri- dropped by 7%. Toyota Motor Corp.also sus- sity who heads the Global facturer and the largest U.S. storage. Advocatesfor any cans—morethan the labor force “I expect abiggerimpact pended their North American Carbon Project. “That’sthe exporter,would have access kind of environmentally of NewYork state— filed applica- than the great recession of production. nightmarescenario forme: to $17billion in loans and driven stimulus mayalso tions forunemploymentinsur- the late2000s or early 2010s when the coronavirus leads loan guarantees as part of need to dial back some of ance during the twoweeks and adrop, perhaps several decade ago, emissions to aglobal recession and in the $2 trillion stimulus pack- their ambition if measures ended March 28. Figures out percent, in global carbon rebounded sharply as response we set aside the agehammered out by the aretobeenacted quickly Thursdaycoverthe week ended emissions,” said Michael E. A kinds of climateaction and WhiteHouse and lawmakers. April 4. governmentsrolled enough to save jobs and Mann, Distinguished Profes- out economic stimulus pack- fuel-efficiencymeasures that While the measureimposed growth, said Zoe Whitton, The UniversityofMichigan’s sor of Atmospheric Science ages that oftenfocused on would have happened with- limitsonstock buybacks and Citi’shead of environmental, consumer sentimentindex is ex- at Penn State. infrastructureand heavy in- out it.” dividends forairlines and social and governancere- pected to reflect increasing pessi- In the U.S.,morethan dustry. Within two years, Workerswho lose their other companies,itdidn’t in- search. mism about the country’seco- three-quartersofannual global emissions had sur- jobs won’t have cash to buy clude requirementssought by Consumersand businesses nomic prospects. greenhouse gases arepro- passed their 2008 peak.Cli- more-energy-efficient goods, eight SenateDemocratsthat could again lead change. Peo- Friday: China’s consumer- duced by transportation, in- matescientistsworrythat such as washing machines or recipientsreducegreenhouse ple maygiveuptheir com- priceindex is expected to have dustryand powergenera- historywill repeat itself as electric cars.“Alot of people gasemissions over time. mutes willingly,after becom- eased alittle in March, while pro- tion—three sectorshit hard restrictions on movement maynot be able to affordany Carbon emissions dropped ing used to working from ducer deflation deepened, reflect- as manygovernmentsaround ease and governmentsand newcar,orevenasecond- when the global economy home and communicating ing weaker demand amid the the world have tried to stem central banks inject money hand car,” Prof.Jackson said. contracted 1.7% in 2009,only with colleagues via videocon- pandemic. Cooling inflation should the spread of infection by intotheir economies to has- Government responses to to surge to arecord9billion ferencing platforms. givethe centralbank moreroom shutting down swaths of tentheir recovery. industryrequestsfor finan- tons in 2010 as growth re- Stanford’sProf. Jackson is to stimulate the economy. their economies. “Thereare alot of scenar- cial assistancecould signal sumed. skeptical this would make U.S. consumer prices areex- Transport has been badly ios wherecoronavirus could howquickly and by how “The consensus is foreco- much difference. “Ifthe past pected to remain tame in March disrupted as airlines ground makethingsworse,” said Rob much emissions snap back, nomic activity to eventually is anyguide,the emissions as falling energy costsand soft- empty aircraft and commut- Jackson, an environmental scientistssay. return to normal together decline won’t be substantial ening demand forgoods and ser- ersstayoff the road. Austra- scientist at StanfordUniver- Boeing Co., amajor manu- with the associated levels of or long-lived,” he said. vices keep inflation at bay. U.S. WATCH

TEXAS and mountains, the National Weather Servicesaid. Cars From Louisiana The rain could create the po- Stopped, Screened tential forroadway flooding and minor mud and debris flows State troopers started stop- around recent burn areas, fore- ping and screening travelers en- casters said. tering southeast Texas from The possibilityofscattered Louisiana on Sunday, in accor- showers will continue formuch dance with an executive order of the week, according to the from Gov. Greg Abbott. weather service. Troopers stopped vehicles at Sierrasnowtotals could top2 a visitors center on Interstate 10 feet in some areas, while crests near Orange, about 100 miles could get nearly double that. east of Houston, and required —Associated Press travelers to complete a travel form, said Texas Department of KANSAS Public Safety Sgt. Stephanie Da- vis. Body of Truck Driver “The established screening Found in the River stations will take place on major GES roadways...including interstate A trash-truck driver who was IMA highways and other high-volume reported missing after not re-

GETTY routes,” Ms. Davis said. turning from his route was Sunday is the first day troop- found dead after his truck slid

ENSEN/ ers conducted the screenings, a into the Delaware River during

SW week after Mr. Abbott’s order inclement weather, authorities

JEFF was issued, Ms. Davis said. said. Airlines are grounding much of their fleet and scrounging for business through cargo flights. Parked jets at Pittsburgh International Airport. The order also calls for travel- The body of 32-year-old Ber- ers to self-quarantine for 14 nard Singleton, of Topeka, was moredesperatemeasures.One about 160 aircraftoperating, strong cash position: about 1.2 days after arriving in the state. found Saturday in the river near AirCarriers European airline opted against all on afew Scandinavian and billion euros ($1.3billion), State health officials on Sun- Perry. parking idled planes at one intra-Norway routes. whichMr. Váradi said can day reported at least 6,669 Mr. Singleton was driving airport afterdetermining TheNorwegian routes are keep the airline afloat for 20 cases and 118 Covid-19 deaths in west on U.S. 24 Friday morning Retrench creditorscould moreeasily viable only because the gov- months withoutflying.Heis Texas, up from 6,100 cases and when he lost control of his truck seizethe aircraftthere, ac- ernment is paying to keep divided his team intotwo at least 105 fatalities reported because of inclement weather, cording to aperson familiar them going.Some flightshave groups: One is managing the Saturday. the Kansas Highway Patrol said. Amid Pause with the matter. They chosea just one passenger, according company’s cash, including re- —Associated Press The truck struck the guard rail smaller, more out-of-the way to a person familiar with the negotiating contractswith of a bridge and eventually over- airport instead. situation. suppliers, including ground CALIFORNIA turned in the river, where it ContinuedfromPageOne “We’regetting manyinqui- handlersand plane maker Air- sank, the patrol said. He had just fielded acall ries from airlines about pro- bus.Another is looking forop- Spring Storm Brings Jefferson County Sheriff Jeff from aGerman government tecting their assets, including ‘There will be no portunities oncethe crisis Rain, Snow to State Herrig said Deffenbaugh Indus- minister,asking if Lufthansa protecting from repossession,” passes. tries reported Friday evening could flyinasupply of masks said Regina Lee, amanaging reset to normal,’ Thesecond team is war- Severalfeet of snowwas pre- that Mr. Singleton didn’t return from China. He agreed, hap- director at consulting firm says the CEO of gaming the fallout from the vi- dicted forCalifornia’sSierraNe- from his route. Authorities used pily.Hehas arranged fresh Alix Partners. rustoidentifycapacity vac- vada during aspring storm bring- his phone to determine his last credit lines with the airline’s Girding for the prospect of Lufthansa. uums that will appear and ing rain to much of the stateon location, and a search began Fri- banks and started talks with long-term storage of aircraft, airportsthat might be desper- Sunday. day evening. governmentsinGermany, Bel- some carriers are sucking up atefor passengerswhen travel The low-pressuresystem —Associated Press gium, Austria and Switzerland theoperating costsofflying starts to recover. came in from the Pacific along about financial support. He some planes to far-flung air- Norway has offered to defer “This is showing that, actu- the northern coastbeforesoak- also has begun negotiating re- portswhereparking ratesare taxesand provide 3billion ally,indesperatetimes,you ing the San FranciscoBay Area. THE WALL STREET JOURNAL (USPS 664-880) duced working hourswith cheaper. Norwegian kroner ($280 mil- canrely on your creativity,” Southern California wasfore- (Eastern Edition ISSN 0099-9660) unions. Fewairlines have been lion) to the airline,inthree Mr.Váradi said. “Are youable casttoreceiveperiods of heavy (Central Edition ISSN 1092-0935) (Western “This isn’t just apause but- harder hit than Norwegian batches.Sofar,ithas secured to adapt? Areyou able to rain and mountain snowinto Edition ISSN 0193-2241) ton. Ithink it’sastop, reverse Air Shuttle ASA,aquirkycar- the first300 million kroner. changerelativetothe environ- Monday. Editorial and publication headquarters: 1211 Avenue of the Americas, the tape,and then restart at a rier that wonovertrans-At- To access the remainder it ment, to geopolitics? Because Rainfall ratesfor greaterLos New York, N.Y. 10036 slowerspeed,” Mr.Spohr said. lantic flierswith itssu- needs to securerelief guaran- you can’t be standstill.” Angeles could range from 2 Published daily except Sundays and general “There will be no reset to nor- percheap fares and new tees from itssuppliersand po- —Andy Pasztor inches in coastal and valleyareas legal holidays. Periodicals postage paid at mal.” Boeing Co. 787 Dreamliners. tentially sell astake in the contributed to this article. to up to 3inches in the foothills New York, N.Y., and other mailing offices. Mr.Spohr has been talking Theairline had previously company. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., to ministersfromother coun- been hit by aseries of set- József Váradi,CEO of Buda- Chicopee, MA 01020. tries wherehis network’scarri- backs,including the grounding pest-based Wizz Air Holdings CORRECTIONS  AMPLIFICATIONS AllAdvertising published in The Wall Street ersare based, about promises of Boeing’s737 MAX. Before PLC,iswinding down flight Journal is subject to the applicable rate card, of government assistance. The thenew coronavirus struck, operations, too, cutting sala- copies of which areavailable from the Advertising Services Department, DowJones & Lufthansa group,which also in- Norwegian wasslashing costs ries in half and forcing execu- TheS&P 500 fell 38.25 raided by U.S. Marshals in Co.Inc., 1211 Avenue of the Americas, New cludes Austrian Airlines, Brus- and raising cash, including by tives to forego pay. points, or 1.5%, on Friday. In April 2019.Insome editions York, N.Y. 10036. The Journal reserves the right nottoaccept an advertiser’s order.Only sels Airlines and SwissInterna- selling planes.Thingswere He also is managing new some editions Saturday, a Saturday, aPageOne article publication of an advertisementshall constitute tional Air Lines,has reduced improving, and Norwegian businesses: offering to fly re- Marketsarticle about Friday’s about the group,FreeJoseon, final acceptanceofthe advertiser’s order. itscapacity 94%. It has parked forecast a profit for this year patriation missions forgov- trading session and aPage incorrectly said the raid was Letters to the Editor: around 700ofits 763aircraft. because executives thought ernments around the world One article about the March in May. Fax: 212-416-2891; email: [email protected] In normal times,Lufthansa has this summer would be the and employing his jetstoship jobs report incorrectly said Need assistance with your subscription? By web: customercenter.wsj.com; about 10 jetsparked. company’s best ever. cargo. Wizz has flownaircraft the index fell 52.82 points, or Between 8p.m. EDT on By email: [email protected] Anew priority forMr. On March 11, the U.S. issued to the U.S. to pick up Hungar- 2.1%. Theincorrect percentage Wednesdayand 8p.m. EDTon By phone: 1-800-JOURNAL Spohr: finding supplies of a atravelban fornoncitizens ar- ian and Slovak citizens,and is changealso appeared in a Thursday, 1,169 people died (1-800-568-7625) chemical that needs to be put riving from Norwegian’shome flying to China to collect Page One What’sNewssum- from Covid-19 in the U.S., Reprints &licensing: By email: [email protected]; inside the fuel tanks of his market of Europe. The next masks and medical gear. mary in some editions. based on aWall Street Journal By phone: 1-800-843-0008 parked aircraft to prevent al- day, Norwegian grounded 40% “Over the last 10 days we analysisofJohns Hopkins Uni- WSJback issues and framed pages: gaefromgrowing.The chemi- of itslong-haul fleet and can- became acargo airline and an Thehome of Adrian Hong, versity data. ACoronavirus wsjshop.com calcan also be used as adisin- celed a quarter of its short- intercontinental airline flying the founder of agroup dedi- Pandemic article Fridayabout Our newspapers are100% sourcedfrom fectant—restricting itsexport haul operations.Itfurloughed between LosAngeles and Bei- catedtobringing down the confirmed cases incorrectly sustainably certified mills. from Lufthansa’stypical half of itsstaff,afigurethat jing,China,” Mr.Váradi said. “I North Korean regime,was said 850. sources in China. would rise to 90%, or 7, 300 don’t think I would have ever GOTATIP FORUS? Theworld’ssmaller,more employees,four days later. thought that.” Readers can alert The Wall Street Journal to any errors in news articles by SUBMIT IT AT WSJ.COM/TIPS vulnerable airlines are taking Norwegian nowhas 13 of Wizz boastsarelatively emailing [email protected] or by calling 888-410-2667. P2JW097000-6-A00300-1------XA

THE WALL STREET JOURNAL. ****** Monday, April 6, 2020 | A3 U.S. NEWS States Go After Malaria-Drug Hoarding Virus Fighter? Steps taken to ensure ing potential rose and U.S. doc- Decades-old antimalarial drugs likechloroquine aren't provenastreatments againstthe daughter can’t tolerateother tors began prescribing them for coronavirus,although scientists have theories whytheymay be effective. lupusand arthritis medicines. those with arthritis and coronavirus patients. “I had one pharmacyeven lupus get medicine that Then pharmacies received a 1 The drugs makeitharder 2 The drugs keep the virus 3 The drugs,which are suggest Icontact Mexicoand flurryofcalls from doctors, in- forthe virus to fuse with the from binding with cell immunosuppressants,may Canada,” said Ms.Weaver, who some try on the virus cluding dentists, plastic sur- hostcell. receptorsthatconnect with reducethe fluid thatbuilds up lives in Alabama. geons and veterinarians,re- the coronavirus. in lungs,acondition known as Doctorssay the malaria Endosome BY JARED S. HOPKINS questing prescriptions for ARDS. drugsare relatively safe, though themselves,their staff and fam- they canlead to dangerous side Chloroquine ACE2 receptors Statesacrossthe U.S. are ilies,according to pharmacists ARDS effectsfor some people. taking steps to prevent hoard- and stateofficials. Chloroquine “Wehaveadisease which is Celll Chloroquine ing of decades-old antimalarial They saythe calls intensified life-threatening,and it’stough drugsfor treatment of the new after President Trump touted to look it up and find out there coronavirus,aneffort to pre- thedrugs. arenotreatments available,” servesupplies forother pa- Neither hydroxychloroquine said RoyGulick, chief of infec- tients who rely on themedi- nor chloroquine has been Increased Alveolus tious diseases at NewYork’s cines to remedy ailmentssuch proven to treat coronavirus,al- pH endosome Modified in the lungs Weill Cornell Medicine and as lupus and arthritis. though scientistsare studying ACE2 NewYork-Presbyterian. At least 20 states latelast whythey might be showing ef- receptors So far, resultsfromclinical monthbegan implementing fectivenessinpatients recover- research have been mixed. Pub- emergencyrestrictions or ing from Covid-19,the pneumo- Source:British Pharmacological Society; MatthewMight, UniversityofAlabama at Birmingham lic-health officials and some guidelines to ease pressureon nialikedisease caused by the doctorscaution that most of the supply of hydroxychloro- virus.Doctorsare incorporating the studies that have produced quineand chloroquine forthe the drugsintocoronavirus care, Hart PharmacyinCincinnati. It proved to treat lupus and rheu- to prevent flares. resultsare toosmall to prove autoimmune patients. Some encouraged by several studies has about six weeks worth of matoid arthritis; chloroquine, Michelle Weaver said she the drugsare safeand effective. states arelimiting prescription in alimited number of patients hydroxychloroquine,but Mr.Gil- considered moretoxic,also has has been unable to procurehy- TheU.S.FDA on March 28 sizes or asking pharmaciststo in Franceand China. Thereare lespie anticipates supplies will been used to treat those dis- droxychloroquine forher 13- authorized their emergencyuse makesureapatienttested pos- no approved treatmentsorvac- shrink sooner filling potential eases. Lupus occurswhen a year-old daughter,who suffers in hospitalized Covid-19 pa- itivefor the coronavirus. cines forthe virus. coronavirus patients. person’simmune system at- from lupus and arthritis and tientswho can’t participateina Supplies of the drugswere “Wehavethis panic situa- Last week,the Food and Drug tacks healthytissue,causing in- began taking hydroxychloro- clinical trial. Thedecision al- already running lowinMarch, tion, and everybody is grabbing Administration listed the anti- flammation and swelling. quine in November.Ms. Weaver lowedthe government to dis- pharmacistssay,when interest anypill that’slying around,” malarial drugsasinshortage. Theantimalarial drugswork said she worries about her sup- tributemillions of doses do- in the drugs’ coronavirus-fight- said Eric Gillespie,who manages Hydroxychloroquine is ap- on the immune system, seeking ply running out because her nated by drug companies. Biden, Aides Craft Coronavirus Agenda

BY KEN THOMAS chief of staff and the Ebola czar during the Obama administra- Bunkered in his Delaware tion, has assisted both teams. home,Joe Biden has been for- Thesessions offer parallels mulating policies to address to former President Obama, the coronavirus pandemic,of- who received frequent updates fering awindowintohow he from the campaign trail during might lead the nation. the fall of 2008 as the financial Thelikely Democratic presi- crisis unfolded. dential nominee has been hold- Mr.Biden is working on a ingdaily economic briefingsby moreextensive economic plan Zoom video and by phone with and plans to layout a“broader campaign advisersand outside case of what is going to be re- economic experts. quired not just over the next

ForMr. Biden, who as vice few months but over the next JOURNAL presidentoversaw the Obama few years,” Mr.Sullivan said. administration’sroughly $800 Mr.Biden and Mr.Trump ex- REET ST

billion RecoveryAct, the pect to speak by phone about LL

Covid-19 sagahas forced him to the pandemic,Biden aides said, WA

competefor attention against even as thetwo likely cam- THE President Trump.His agenda paign rivals have traded barbs R FO aims to offer acounterpoint to during the crisis. Mr.Trump on the economic Mr.Biden has focused heav- and public-health response as ily on the Defense Production MERRIMAN the general election develops. Act, which wasestablished to TIN

Mr.Biden has placed an em- allowthe federal government JUS phasis on implementation of to requiremanufacturersto Jon Veenis keeps his distance from his wife, Kristin, and sons Vincent, Brayden and A.J. at their home in Greensburg, Pa. the $2 trillion stimulus and the produceitems needed forthe need to movequickly to deliver wareffort. Thepresident has cash paymentstoAmericans invokedthe act to produceven- Some Prefer Layoff to HealthRisk andspeed lending forsmall tilators and secureprotective businesses.During the morning facemasks,but Mr.Biden sessions,his questions have of- wantsittobedeployedmore BY KRIS MAHER centersand unions saythey are to those with most seniority. Mr.Veenis said he wantsthe tendelved intothe practical, aggressively. getting calls from workers ForworkerslikeMr. Veenis,a companytotakeworkers’ tem- such as howstateswill keep During the briefings, Mr.Bi- GREENSBURG, Pa.—Jon across industries who don’t short-term layoff would be awel- peratures when they arrivefor unemployment offices staffed, den has also pressed his team Veenis reads bedtime stories think they should be considered come option. With the extra shifts,and he is concerned that according to advisers. to find waystoincrease the from thedoorway of his son essential employees and want $600 aweek in enhanced jobless cleaning-serviceworkerswho Jake Sullivan,asenior ad- availability of hospital beds and Brayden’sbedroom everynight. their businesses to shut down. benefitsfromthe federal govern- come from other locations viserwho has helped organize speed resourcestoemergency Thesteelworker doesn’t want Manyhavecontracted ment foruptofour months,he could spread the virus. the briefings, said the sessions responders, nurses and physi- to risk sitting on his son’sbed Covid-19,the disease caused by would receiveroughly his current “In my opinion, the company evolved outofMr. Biden’s“de- cians,according to participants. and hugging him. the virus.Othershavewalked pay. Under the union contract, could be doing agood bit more siretoput together his ownset He has also emphasized the Mr.Veenis worries that if he outtoprotest what they view hishealth benefitswould con- than they’redoing,” he said. of proposals around howto importanceofimplementing gets the newcoronavirus at as unsafeconditions. tinuefor six months.Ifhequit, U.S. Steel is encouraging deal with the coronavirus.” the stimulus and the next phase United States Steel Corp.’s Mr.Veenis,who is 34 years or applied forfamily and medical workerstoself-monitor for Mr.Biden has been advised being developed in Congress. Clairton Plant outside Pittsburgh old and earns $25 an hour,said leave,hewould getnothing. symptoms of Covid-19,said the by agroup that includes his Mr.Biden has noted that the whereheworks,his son Brayden he has been living within his Mr.Furkosaid he is pushing companyspokeswoman. In ad- staff, alums of the Obama ad- bill signed by Mr.Trump didn’t won’t survive. Earlier this year, means and putting asmall dition to limiting outside visi- ministration and membersof include student-loan forgive- Brayden, who is 6and has leuke- amount from each paycheck tors likevendors, the company think tanks and academia. Ev- ness or an increase in Social mia, caught acold and spiked a intosavings. But monthly Mr.Veenis worries installed plexiglasspartitions in erymorning,Mr. Biden also Security paymentsfor seniors. 106-degree feverthat sent him bills—$1,000 mortgage, $500 locations whereworkersand holdsaseparatecall with his He has also called forre- to the emergencyroom. monthly payment on a2017 he could getthe virus contractorsinteract, among public-healthadvisory team, opening the enrollment period Mr.Veenis,and manywork- DodgeGrand Caravan and $500 working his job at a other things, she said. which includes VivekMurthy, a forObamacare, free medical ersacrossthe country, aresay- forfood—aretoo much forhim When Mr.Veenis’sshiftends former U.S. surgeon general. care forCovid-19 patientsand ing they would rather getlaid to take unpaid leave under the U.S. Steel plant. now, he avoids the plant’sbath- Ron Klain, Mr.Biden’sformer full paid sick leave forworkers. off and collect unemployment Family and Medical LeaveAct. house.Athome,heshowers in benefitsthan facethe stark Fornow,Mr. Veenis drives thebasement beforegoing up- choicebetween apaycheck or 25 miles each way to the stairs.While his family eatsat their ownlifeoraloved one’s. sprawling coke plant five days the companytomakeany lay- the dining table,hesitsinthe People undergoing chemo- aweek,whereheteststhe offs voluntary, rather than kitchen or upstairs. therapy, likeBrayden, areata qualityofcoal beforeitis strictly based on seniority so At home,lifehas also nar- higher risk of severeillnessfrom baked in ovens,aswell as the that workerswho areover50 rowedfor his wife, Kristin the virus sincetheir immune coke that comes out and is or who have family membersat Veenis,33. Their son Vincent, systems arealready weakened. used in thecompany’sblast greater risk from the virus can 12, does schoolwork over If Brayden gets sick,Mr. Veenis furnaces to makesteel. choose not to work.AU.S.Steel breakfast and helps her teach says he will have only himself to Demand forsteel is down as spokeswoman said the com- Brayden his kindergarten les-

S blame sincehis wifeand chil- manufacturing has been hob- pany doesn’t currently have a sons when she is caring forher

NEW dren no longer leavehome. bled.The United Steelworkers voluntarylayoff plan in place. 18-month-old, A.J. G “It weighs on you,” he said. Union is anticipating that U.S. U.S. Steel has takensteps to Ms.Veenis hasn’t lefttheir “I would have given it to him.” Steel could soon announcelay- prevent spread.Workersinthe house in weeks except to travel

OOMBER Arecord 6.6 million Ameri- offs,according to Don Furko, chemical lab aremaking sani- forBrayden’schemotherapy /BL cans filed forunemployment president of the local in Clairton. tizer with 75%alcohol and giv- treatments. Mr.Veenis now benefits last week.Workers Manufacturing workersare ing bottles to employees,aten- does the groceryshopping be-

HARRER acrossthe countrywith essen- used to the ups and downs of trygates andlunchrooms. cause he has to go out forwork. tial jobs likebus driver,mail economic cycles that see plants Employees no longer huddle “Whenever he is home,he’s

ANDREW carrier,grocery-storeclerk, pulling back and then rehiring. close forsafety meetings. Ser- trying to stay away from every- Ron Klain, Joe Biden’s former chief of staff, speaking during a meatpacking worker and others Unionized workersare typically vice workersnolonger serve one to be on the safeside,” said House Homeland Security Subcommittee hearing in March. arestill showing up.Worker recalled, with preferencegiven food in the cafeteria. Ms.Veenis. Intelligence Watchdog Says Independence Got Him Fired

BY DUSTIN VOLZ my legal obligations as an in- as part of aWhiteHouse move ing on the coronavirus pan- pointed to his post by Mr. statement Sundaywith acall dependentand impartial in- against intelligenceleadersby demic, Mr.Trump remarked Trump in 2018,became akey to would-be whistleblowers in WASHINGTON—Theinspec- spectorgeneral, and from my the president, waswidely crit- that he thoughtMr. Atkinson figure in the impeachment in- the intelligencecommunity to torgeneral forthe U.S. intelli- commitment to continue to do icized by Democratsand whis- had done a“terrible job,abso- quiry last year when he shep- notbedeterred in speaking up gencecommunity,who played so,” Michael Atkinson said in a tlebloweradvocates as retalia- lutely terrible” and said he herded the whistleblower if they see evidenceofwaste, apivotal role in allowing last two-pagestatement issued tion for Mr. Atkinson’s role in possessed an “absoluteright” complaint from aCentral In- fraud or abuse. year’s Ukraine whistleblower lateSunday. helping ensurethe Ukraine to fire him. telligenceAgencyofficer about “The American people de- complaint to be shared with Mr.Trump notified con- whistleblowercomplaint was Mr.Trump singled out Mr. the president’sJuly call with serveanhonest and effective Congress, said President gressional intelligencecom- transmittedtoCongress, as Atkinson’srole in pushing to his Ukrainian counterpart. government,” Mr.Atkinson Trump firedhim because of mittees lateFridaythat he in- required by law. sharethe whistleblower’s That complaint, which Mr. said.“They arecounting on hiscommitment to being an tended to removeMr. TheWhiteHouse didn’t im- complaint with Congress. Mr. Atkinson determined wasboth youtouse authorized chan- independentwatchdog. Atkinson from his post within mediately respond to are- Trumphas said he considers credible and urgent, triggered nels to bravely speak up— “Itishardnot to think that 30 days,citing alossofconfi- quest forcomment on Mr.At- the complaint unfounded. Mr.Trump’simpeachment in thereisnodisgraceindoing the president’slossofconfi- dencebut declining to elabo- kinson’sstatement, which was “Thatman is adisgraceto the House.Hewas acquittedin so.” denceinmederives from my rate. released to reporters. IGs,” the president said. the Senate. —AlexLeary having faithfully discharged Thedecision, which came On Saturday, during abrief- Mr.Atkinson, who wasap- Mr.Atkinson ended his contributed to this article. P2JW097000-5-A00400-17FFFF5178F

A4 | Monday, April 6, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Ramped-UpMaking Of Ve ntilatorsIsn’t Meeting U.S. Demand

BY PETER LOFTUS lungsand choked off breathing. AND MELANIE EVANS Manydon’t surviveevenafter being hooked up to one. Intensified manufacturing ef- Hospitals,which typically use fortsaren’t moving fast enough the devices on prematurebabies to meet the rising U.S. need for and pneumonia patients, didn’t ventilatorsthat cankeep critical have enough of the machines to coronavirus patientsbreathing, cope with the influx of coronavi- hospital and medical-device ruspatients.Astheir demand companyofficials said. jumped, facilities said they Afrantic global effort is un- searched frantically forventila- der way to manufacturemoreof tors to fill mounting needs. the breathing machines.Tradi- Northwell Health,inNew tional ventilator makersinclud- York City and the surrounding ing Medtronic PLC and Hamil- region, is converting up to tonMedical AG aremorethan roughly 270anesthesia ma- doubling theirweekly output. chines and outfitting about 350 NewentrantsFordMotor Co. other devices with 3-D printed and General Motors Co.have partssothey canfunction as promised afew thousand venti- ventilators, aspokesman said. latorsasearly as this month be- It is waiting on an order for fore sharply ramping up manu- morethan 500 ventilators facturing. placed weeks agotobetotally Thefederal government has fulfilled, said Phyllis McCready, also takensteps to find and dis- who oversees the health sys- tributeventilators, shipping ven- tem’ssupply chain.

SUMMERS tilatorsfromits strategic stock- On Friday, NewYork Gov.

SA pile and the Federal Emergency Andrew Cuomo signed an exec- YS

AL Management Agency. utiveorder allowing the Na- ScientistElizabeth Forrestertests samples at Baylor School in Hamilton County,Tenn. The school is nowprocessing about 75 testsaday. Yetthe reinforcements tional Guardtotakeventilators aren’t likely to arrivesoon from hospitals in areas of the enough and in sufficient num- statethat don’t have alot of bersfor U.S. hospitals con- cases,and redistributethem to Labs Make Do to SupplyTests fronting asurge of cases or hospitals in need. gearing up forthe next wave, Manufacturersare ratcheting hospital and medical-devicein- up production. Yetcompanies BY BRIANNA ABBOTT crowdsourcing instruments. such as Beth Israel Deaconess slightly different instrumenta- dustryofficials said. sayittakes time to moveem- “Doing anytesting requires MedicalCenter in Boston are tion and supply chain. Lab Hospitalsinthe U.S.,which ployees around, add production Facing looming shortages of four things: space, staff,instru- working on 3-D-printing swabs managerssay this has helped have about 60,000 ventilators lines and arrangeasupply supplies needed to conduct mentation, reagents,” said as well. ease stressonthe system, with on hand, will be about 25,000 chain forthe hundreds of com- coronavirus tests, some labora- SteveMiller,aprofessor of Anotherscarceresource is some labs switching the sys- short of what they need when ponentsineach machine. tories aretaking matters into laboratorymedicine at the Uni- theviral transport media, the temthey use based on avail- the surge in coronavirus pa- Altogether,medical-device their ownhands. versity of California, SanFran- chemical mixturethat accom- able reagents. tientspeaks around the middle manufacturersare making on Labs at places such as New cisco. “Wefound that all four panies the swaband preserves At NewYork University,the of this month, estimated Neil average2,000 to 3,000 ventila- York University and Stanford of thosehavehad to be dealt genetic material in the sample. hugemedical and academic Carpenter, who consultsfor tors aweek,compared with University arestarting to make with andexpanded.” Manyinstitutions and labs are center pulled instrumentsfrom hospitals at Array Advisors. 700aweek beforethe crisis, their ownchemical mixtures To increase capacity,UCSF starting to makeitthemselves, acrossits labs. Testing is run- “I really need them now,” said the Advanced Medical because they can’t buy enough. paired with anearby research sometimes using materials and ning on platforms from two said Chris VanGorder,chief ex- TechnologyAssociation indus- Ahigh-school lab in Tennessee institution to take advantageof expertise from closed research companies and they arework- ecutiveofScripps Health, trygroup.Itexpectsproduc- managed to set up testing oper- itshigh-throughput machines labs.OnMarch 21, the Centers ing on getting two otherson- which operates five hospitals in tion to increase to 5,000 to ations, with two scienceteach- and expertise,and the institu- forDisease Control and Pre- line,said Joan Cangiarella,the SanDiegoCounty,Calif. 7,000 ventilatorsaweek in the ersleading the charge to re- tion says that the combined vention posted ado-it-yourself vicechair of clinical operations Scripps placed aroughly $1 coming weeks. duceturnaround time in their team cannow runupwardof in the pathologydepartment at million order for30ventilators “Wecould double or triple area.And Northwell Health, a 1,000 testsaday if necessary. NYU Langone Health. in early March, Mr.Van Gorder capacity and still not be able to hospital network in NewYork, Some kitsthat extract ge- The FDA has given Researchlabs at the institu- said. Yetdeliveryisscheduled meet global demand,” said Eric said it is making itsown 3-D netic material from apatient tion have helped source every- in eightto10weeks,which is Honroth, head of North Amer- printed swabs to take samples sample went intoshort supply emergency approval thing from large equipment to likely toolate, he said. Without icafor GetingeAB, aSweden- from patients’ throatsornoses. weeks ago. for at least 24 small tubes,said Dr.Cangia- the neworders, doctorsare based maker of ventilatorsthat “The biggest problem in the Stanfordhad representa- rella. “People arejust coming preparing to use one ventilator is moving to increase produc- last couple of weeks has been tives meeting with companies diagnostic tests. forwardand saying,‘I’vegot fortwo patients. tion by 60% to make16,000 howtoget the 10-cent swabto around the world, closed-down this equipment, hereare the Scripps also hopes to secure ventilatorsthis year. put intosomebody’s nose to research labs donating what- keystomylab,’” she said. moreventilatorsfromSan Di- General Motorsisworking getthat sample out of some- ever kitsthey had, and ade- In Tennessee,two science egoCounty,which placed its with ventilator maker Ventec body andintoatest,” Michael partment chairdelivering a recipe forthe product online. teachers, both also Ph.D.re- ownorder.The county hasn’t Life Systems to make10,000 Mina, assistant professor of batch of kitstothe clinical labs “I’m looking acrossthe search scientists,validated a yetreceived adeliverydate, ac- machines amonth, and possi- epidemiology at HarvardT.H in her SUV, said Yvonne Mal- street, and I’m seeing buildings test in their high school’slab cording to itsprocurement of- bly up to 20,000,but it would Chan School of Public Health, donado, an infectious-disease full of researcherswhere, on andrushed to getnecessary fice. take till latespring or summer said during awebcast. physician at StanfordMedicine. ourshelves,wehavethe [ma- certification. TheBaylor School Hospitals outside the U.S. are to reach full capacity. As diagnostic testing con- Theinstitution is also making terials] to makesome of these lab is nowprocessing about 75 also struggling with an insuffi- Medtronic,which is trans- tinues to pick up speed in the itsown kits. critically short reagents,” said testsaday and helping reduce cient number of ventilatorson ferring employees from apace- U.S.,shortages of some sup- Northwell Health, which Alan Wells, the medical direc- turnaround time in the area, hand and being delivered. maker plant to itsnearby ven- plies and abacklog of samples said itsmaximum output of 3- torofthe University of Pitts- according to BeckyBarnes,the Ventilators, complicated ma- tilator factoryinGalway, have pushed hospitals,aca- D-printed swabs is 2,000 to burgh Medical Center’s clinical health-department administra- chines oftenthe sizeofadesk- Ireland, planstodouble pro- demic medical centersand labs 3,000 aday,plans to distribute laboratories.“We canborrow torfor Hamilton County,Tenn. topprinter,haveemergedasa duction by the end of this to createtheir ownpatchwork them within itshealth system from that.” “This is just one way we can crucial weapon in hospital cor- month and makeanestimated solutions,including assembling and has teamed up with other TheFood and Drug Admin- help the community and pro- onavirus treatment. They are 30,000 ventilatorsinthe next volunteers, making their own institutions and manufactures istration so far has given emer- vide apatch,” said oneofthe used to aid critically ill corona- six months,said Bob White, reagents—ingredientsused in a to increase production and dis- gencyauthorization to at least teachers, Elizabeth Forrester, virus patients, whose infections head of the company’smini- chemical reaction—or even tribution. Other institutions 24 diagnostic tests, each with who is also acancer biologist. have all but overwhelmed their mally invasivetherapies unit.

would then be sent to other transmission rates. On Sunday, U.S. Faces states as their caseload grew. Defense SecretaryMark Esper is- “Everyone says federal stock- sued an order urging troops, pile,federal stockpile.There’s their families,civilians and con- ‘Hardest’ not enough in the federal stock- tractorstowear amask anytime pile to take care of NewYork, they areonmilitaryproperty. and Illinois,and Texas,and Flor- Deaths globally topped Week Yet ida, and California,” said Mr. 69,000,according to Johns Hop- Cuomo,aDemocrat. kins.The virus is nowin181 TheChinese government countries and territories. ContinuedfromPageOne helped facilitateadonation of Strict containment measures the pharmacy, but doing every- 1,000 ventilators, as well as a appeared to be helping to con- thing youcan to keep your large supply of masks,that ar- tain the spread in Europe’s family and your friends safe,” rivedinNew York City on Sat- worst-hit countries,Italy and coronavirus response coordina- urday. And NewYork wasex- Spain. Therateofinfection has torDeborah Birx said at a pecting ashipment of 140 slowed, with the number of con- White House news briefing ventilatorsfromOregon. firmed cases increasing less over the weekend. “NewYork needs moreven- than 5% from the previous day She said officials were tilators, and we areanswering in both countries.They arenow

closely monitoring an uptick in their call forhelp,” Oregon Gov. CK recording fewerdaily deaths

cases in Pennsylvania, Colo- Kate Brown, aDemocrat, wrote TO than they have in over aweek. rado and Washington, D.C.,and in atweet, explaining that her Thepressureonhospitals in arehopeful that social distanc- statewas in abetterposition. Italy is beginning to ease,with SHUTTERS

ing in those places could pre- President Trump said at a A/ the number of patientsininten-

vent them from seeing the White House news conference /EP sivecaredecreasing forthe same levelofspread as the Sundaythat the federal govern- firsttime sincethe outbreak SERIO

known hot spots. ment will send 600,000 N95 T started, according to datare- OT

NewYork and, to alesser masks formedical profession- SC leased Saturday. degree,New Jersey remained als to NewYork City and Acleaning crew sanitized the patrol cars of the BaltimorePoliceDepartment’ssouthwest division on Sunday. In France, wheremorethan the two states with the most 200,000 to Suffolk County,N.Y. 8,000 have died from the virus, confirmed cases,accounting He said additional ventilators Coronavirus Daily Update health authorities said the epi- fornearly half the country’s would be sent to NewJersey, demic might be nearing apeak cases and deaths.New Jersey’s Louisiana, Michigan, Illinois As of 9:34 p.m. EDTApril 5 in the Paris area and eastern death toll from the virus on and Massachusetts. France. Sundaystood at 917. In Washingtonstate,anearly TheFrench Education Minis- In NewYork,the number of hot spot of the pandemic in the 337,310 9,634 17,461 trycanceled the country’shigh- deaths aday dropped forthe U.S.,Gov.Jay Inslee,aDemo- school graduation exam created firsttime,Gov.Andrew Cuomo crat, said he would return more U.S. cases U.S. deaths U.S. recoveries under Napoleon Bonapartein said on Sunday, but he added it than 400 ventilatorsfromthe 1808—which washeld even dur- wastoo early to understand the national stockpile so they could ing World WarII. significanceofthose numbers. instead go to NewYork and 1,273,990 69,444 260,247 Iran, wherethe outbreak still Thestate saw594 deaths on other hard-hit states.Washing- isn’t under control,stood out as Saturday, he said. As of Sunday tonhas purchased morethan World-wide cases World-wide deaths World-wide recoveries it made public aloosening of re- afternoon, NewYork had more 750ventilators, set to arrivein strictions.President Hassan than 122,000 cases and more the coming weeks. Source: Johns Hopkins University Center for Systems Science and Engineering Rouhani said low-risk economic than 4,100deaths. Michigan ranks thirdamong activities would resume April 11, Thestate has been struggling states in coronavirus cases,with patchwork of guidelines from modeler and it projected “close Thenumber of deaths,however, in asign of the government’sef- to amassenough ventilators, morethan 14,000 and 540 re- governorsacrossthe country. to that 100,000 number” of U.S. will continue to grow because fortstobalancepublic-health one of the most in-demand hos- sulting deaths.Gov.Gretchen As it is,she said, “Covid-19 coronavirus deaths. fatalities arealagging indicator, concerns with reviving a sanc- pital items in the fight against Whitmer,aDemocrat who has will go on longer and morepeo- AnthonyFauci, head of the he said. tions-battered economy. the virus.Mr. Cuomo has asked feuded with the Republican plewill getsick and, sadly more National InstituteofAllergy and Thefederal Centersfor Dis- TokyoGov.YurikoKoike that NewYork be considered a president over the federal gov- lives mayget lost,” she said. Infectious Diseases,said on CBS ease Control and Prevention has stepped up her call forpeople priority when federal equip- ernment’sresponse,said on Fox Dr.Birx said Sundaythe News on Sundaythat if people recommended that all people to avoid public places.Tokyo ment is deployed, saying that as News that anational strategy WhiteHouse had received anew followorders, the number of wear facecoveringsinpublic,es- added 143cases on Sunday, a cases drop there, the equipment would work betterthan the model from an independent newcases will start to stabilize. pecially in hot spotswith high daily high forthe capital. P2JW097000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, April 6, 2020 | A5

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A6 | Monday, April 6, 2020 ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Assisted-Living FacilitiesDrawScrutiny

Health authorities CathyWeaver, a77-year-old sisted-living facility] than it but news reportsshowthe virus covering issues such as the the Claude Pepper Center, an resident at WillowWood, would be in a nursing home,” has shown up in assisted-living frequencyofinspections and institution at Florida State warn the industry is praised staff at the facility.But said Brian Lee, aformer long- facilities in numerous states,in- requirements for infection University that researches el- ill-prepared as disease thedeaths of fellowresidents term care ombudsman in Flor- cluding Massachusetts,Tennes- control, canvarydramatically. der issues, said while regula- lefther heartbroken and fearful. ida who nowruns an advocacy see,Minnesotaand Oregon. In the faceofpressurefrom tions at assisted-living facili- spreads, deaths rise “I’m sort of resigned to group for residents. “They’re Florida, which has the sec- industrygroups,Florida has ties don’t need to be as whatever comes,” Ms.Weaver just not prepared to be as re- ond-highest proportion of peo- takenalight-handed approach stringent as at nursing homes, BY ELIZABETH KOH said. “Maybe this is the way sponsiveasanursing home ple aged 65 and over among to regulating assisted-living they should be increased as AND ARIAN CAMPO-FLORES I’m going to go.” would be.” states,behind Maine,high- facilities.Lawmakerswatered the population needing signifi- Assisted-living facilities, Morethan 400 long-term lightsthe challenges facing down abill in 2015 meant to cant medical care grows. MIAMI—Assisted-living fa- which rangefromhomes with care facilities nationally—in- such institutions. The state is addressreportsofabuse and At least 250 cases of cilities,abooming but lightly ahandful of beds to large com- cluding nursing homes and as- home to about 3,000 assisted- neglect at several facilities and Covid-19 have emergedinlong- regulated industrythat plexes, areaimed at residents sisted-living facilities—have re- living facilities with morethan weakened the state’slong-term term care facilities in the state, houses roughly amillion elderly who need support but don’t ported having at least one 106,000 beds. care ombudsman program that with the greatest numbersin patientsinFlorida and across require24-hour nursing care Covid-19-positivecase,accord- Assisted-living facilities in advocates forresidents. the counties that arehome to thenation,are ill-prepared for likethose in nursing homes. ingtothe Centersfor Disease the U.S. aresubject to little to The state’s facilities follow Miami, Fort Lauderdale,West the novel coronavirus,some In Florida, wherenearly Controland Prevention as of no federal oversight, arelic of CDC guidelines on infection Palm Beach and Jacksonville. health authorities say. two-thirds of these facilities lateMarch. TheLifeCareCenter decades past when such facili- control and are working with Florida’sAgencyfor Health Six deaths from Covid-19,the have 17 beds or fewer, they of Kirkland, Wash., anursing ties were smaller and took less state agencies to ensure they Care Administration said it is disease caused by the virus,oc- frequently have lessequipment home,remains the single deadli- Medicaid money.Though they have the proper equipment monitoring long-term care fa- curred at the Atria Willow and infrastructurethan nurs- est known concentration of cor- have growninpopularity—and and protocols to guardagainst cilities closely forappropriate Wood assisted-living facility in ing homes.Staffing levels tend onavirus infection in the U.S., the level of care their resi- the virus,said Nick VanDer isolation and infection control Fort Lauderdale sincemid- to be lighter and the employ- tied to morethan 35 deaths. dentsneed has increased— Linden, aspokesman forLead- and has visited morethan 700 March, aworrisome sign in a ees receivelesstraining. TheCDC didn’t delineatebe- oversight remains almost ex- ingAge Florida,which repre- of them sinceearly March, statewith morethan four mil- “The community spread is tween assisted-living centers clusively at the state level. sents such institutions. spokesmanPatrickMander- lion residentsaged65and older. exponentially faster in an [as- and nursing homes in itstally, Those state regulations, LarryPolivka, director of field said. Aboard Carrier,SailorsBraced forthe Worst Tigerat

BY BEN KESLING Bronx Zoo AND NANCY A. YOUSSEF Thevisit to Vietnam in early Is Found to March wasintended as ahis- toric milestone and asymbol of S

far-reaching U.S. aims in the PRES Have Virus

Pacific,marking 25 yearsof TED

diplomatic relations with arare CIA BY KATIE HONAN port call by an American air- SO AS Y/

craftcarrier that had been IL Atiger at the Bronx Zoo in

months in the planning. DA NewYork has tested positive But as the USS Theodore forthe novel coronavirus. CIFIC

Roosevelt headed back out to PA Nadia, a4-year-old female sea, sailorsand officersreal- Malayantiger,was confirmed to /THE

ized they faceddanger aboard UZ have the virus lateSaturday af- theship.Crewmemberssoon CR tergetting sick on March 27,

began suffering from an out- RICK said chiefveterinarian Paul break of Covid-19 that spread The USS Theodore Roosevelt docked in Guam on Friday. Below, medical staff taking a swab sample for testing aboard the aircraft. Calle. rapidly,plunging the Roosevelt Shehad adry cough, some and the Navy intoacrisis that traceits origin. Officials at wheezing and adecrease in ap- nowholds implications forU.S. Vietnam’sforeign ministryand petite. Her sister,along with militaryreadiness. embassy in Washingtondidn’t two tigersand three lions close Over achaotic three weeks, respond to requestsfor com- to them at the zoo, later devel- commandersand Navy brass ment.Acting Navy Secretary oped symptoms and arepre- debated howtohandle the out- Modly has said the virus could sumed to have the virus but ha- break as stricken sailorswere have been brought on boardby ven’t been tested, Dr.Calle said. airliftedtoshore, with the car- the crew of avisiting aircraft. Thezoo believes the animals rier ultimately diverted to port Forthe moment, the aircraft caught the virus from acare- CK

in Guam. TO carrier is docked in Guam, un- takerwho mayhavebeen an as- President Trump said Satur- able to operate, taking offline ymptomatic carrier.Noworkers daythat he supported aNavy oneofthe American military’s have tested positivefor the cor-

decision to fire the Roosevelt’s SHUTTERS premier means forprojecting onavirus,the zoosaid. commander,Capt. BrettCro- A/ powerinthe Pacific Ocean. The All of the animals aregetting /EP

zier,after acting Navy Secre- VY 34-year-old vessel normally betterand areexpected to re- tary Thomas Modly said he NA travels with several guided-mis- coverfully,officials said. went outside the chain of com- .S. sile destroyersand other ships, Other animals at the zoo, in- mand by demanding morehelp A/U with morethan 6,000 crew cluding snowleopards,chee-

in amemo that drew wide GARZ membersinall. Navy officials tahs and apuma, haven’t shown news coverage.But Capt. Cro- LA have said the Roosevelt could signs of coronavirus,Dr. Calle DE

zier drew support from his D. still preparetodeployrapidly if said. crew. needed, even with hundreds of Nadia will be used as acase

“He had legitimateconcerns ANON crew membersnow ashoreand study forveterinarians to learn RT

about his sailors, asked for DA with moregetting sick daily. moreabout the novel coronavi- help in arespectfuland honor- As lawmakersvow to hold rus, Dr.Calle said. able way,and then they re- seeing that it had changed by sailorsand their relatives. could do but preparefor the hearingsand relatives question Previously,the Centersfor lieved him of duty,” one Roose- Americaand thinking we could “The worryabout it spread worst,” one of the sailorssaid. howthe Navy has handled the Disease Control and Prevention velt sailor said. be an episode of ‘The Last throughout the ship,sowe “Some were afraid, paranoid outbreak,some point to the de- hadn’t received anyreportsof Across2,500 miles of ocean, Ship,’ ” said aRoosevelt sailor, went intoovertime cleaning ev- about howfast it would spread cision by the Navy to send the petsorother animals in the U.S. emotions on boardthe Roose- referring to the dystopian tele- erything—handrails,keyboards, and knowing they would more Roosevelt to Vietnam, which becoming sick with Covid-19, velt rose and fell. At first, dur- vision series aboutalone Navy doorknobs,” the sailor said. “We than likely getthe virus no bordersChina, wherethe coro- according to the American Vet- ingthe asymptomatic incuba- ship that escapes aworld-wide were bleaching everything.” matterwhat precautionary navirus outbreak began in De- erinaryMedical Foundation. tion period of theinfections, pandemic. Nonetheless, the numbersof measures we took.” cember. Dr.Calle said moreanimals the ship seemed arefugefrom But aftersome of the 5,000 those infected mounted, rising Navy officials haven’t posi- At the time of the ship’s maybetested afterNadia’sdi- the pandemic-stricken world. crew membersbegan to test from three initially to more tively determined that the out- March visit, Covid-19 cases in agnosis,aswildlifeexpertscon- “Itwas abit scarybecause positive,the mood darkened, than 150 at last count. break on the Roosevelt began Vietnam numbered fewerthan tinue to learn about the effects we were looking at the news, according to accountsprovided “There wasn’t anything we in Vietnam and areworking to two dozen, Navy officials said. of the virus.

JOURNALISTSDON’T A Lobbyist Is Missing the Small Talk ‘JUST WRITE STORIES.’

As the new fourth coronavirus relief pack- THEY RECORDHISTORY. coronavirus agewould include significant forces big infrastructurespending.House changes in Democratic leadershavesaid how we they would push fora$760bil- work, The Wall Street Jour- lion infrastructureplan that nal is looking at how differ- they unveiled earlier this year. ent people are coping with “Wherethereare projects the stresses and risks. For that areready to go or close to earlier articles in the series, JOURNAL ready to go,” Mr.LeMunyon

visit wsj.com/makingitwork. REET said, “that’swhat Congressis ST gonna be looking at.” His cli- LL BY BRANDON SANCHEZ entshavesignificant interest in WA some of those construction

Much of Capitol Hill has /THE projects, including highways, gone quiet due to the newcor- seaportsand airports.

onavirus,but that doesn’t BUCHER He is primarily focused on mean lobbyist Glenn LeMunyon job creation, and his message

is short on work.Likemanyin MICHAEL forthe decision makerswho Washington, the work of those Glenn LeMunyon shown at his home office in Virginia. trust him includes this bill’s involved with thegovernment potential ability to addressris- goes on. in “relationship building.” 400 emails he is daily receiv- ing unemployment. Mr.LeMunyon’semail inbox Those meetingsare designed to ing.Heistaking morecalls “You canput people back to has exploded sincehelast givesomeone the confidenceto than usual and has to force work pretty quick,” he said. stepped foot on the Hill March count on him forgood informa- himself to come up forair. Mr.LeMunyonremains a 13.Congressiscurrently debat- tion, but arebest in person. “I’ll take aquick break dur- novicewith apps likeZoom’s ing an infrastructurebill that “You just can’t getthat ing the day, but I’vebeen work- video-chat service. To gethis affectshis clients, and he is same feeling acrossoverthe ing moreatthe desk than ever small-talk fix, he will reach out looking foropportunities. phone,” he said, noting that before—intothe evening.” Be- to people he knows well. Thereis, however, an impor- “idle chatter” is actually very ing chained to adesk is neces- “I’ll ping them on aFace- tant ingredient missing from valuable in his business. sary, he said, but “not my M.O.” Time,and they’ll pick up,” he the daily grind: small talk.Vid- “There’snosubstitutefor being He started the LeMunyon said. eoconferencing and phone calls on the Hill, walking around, Group 20 yearsago after Mr.LeMunyonhas replaced fill up his day, but these inter- getting to knowstaff.” In-per- spending 15 yearsasalegisla- hisbusiness-suit attirewith a actionscan be impersonal and son meetingsare typically fast tiveadviseratalaw firm, and bit moreofacasual approach. don’t always offer the right paced, but packed with details. as afloor assistant in the To getinto“officemode” while setting foraconversation that He typically talks to hun- House of Representatives. social distancing,hesaid, he Learnmore aboutthe impact your builds camaraderie and trust. dreds of people aweek on be- Even while confined at putsonadress shirt but no tie. journalism career can have on the world. Wall Street Journal reporter Erin Ailworth “The only way youget to half of his seven clients. He home over the past week,Mr. In addition to missing the and othersshare career advice at knowanybody is by setting up walks up to 10,000 steps aday, LeMunyon, 59 yearsold, has small talk,hemisses the walk- dowjonesnewsfund.org/careers. an appointment [and] going to shuttling between meetings. had to put the relationships he ing.Excursions arekept at a talk to them,” Mr.LeMunyon Those steps arenow re- has built to work. bareminimum, not leaving the said last week.Hesetsup15- placed with time spent re- On Tuesday, President house other than “tohit the to 30-minuteblocks to engage sponding or sorting the 300 to Trumpsuggested that the grocerystore.” P2JW097000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, April 6, 2020 | A7

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A8 | Monday, April 6, 2020 ** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC

firm. Texas Sees Even beforethe current cri- sis,the Texas oil industry’sjob picturehadn’t recovered.The Economy industrylost one in three jobs from thepeak of the boom in 2014 to the end of the bust in Hit Twice 2016.Most of those jobs didn’t come back because drilling com- panies learned to extract more ContinuedfromPageOne crudewith fewerworkersand said James Gaines,chief econo- rigs. Some areworking forless. mist at the Real EstateCenter at Houston geologist and engi- Texas A&M University. neer Todd Armstrong,62, said From his job at aHouston he makes about afifth what he machine shop,KennyIstresaw took home in 2014. He is pulling customerswithdrawing orders from retirement savingstopay and demanding discountsfor bills and will again forcollege drilling equipment at Taylor Oil- tuitionfor his daughter.“I’m field Manufacturing Inc.even luckytohaveajob,” he said. beforeU.S.crude prices

plunged. Prices were about $28 JOURNAL abarrel Friday, down about 54% ‘Total shutdown’ REET

from the year’s start. ST In Midland, in the heart of

Prices in early Thursday LL America’smost prolific oil field, trading surged30% following WA the Permian Basin straddling

President Trump’stweet he ex- THE Texas and NewMexico, industry R

pectsSaudi Arabia and Russia FO veterans arebracing forthe will cutback on production. worst. Simon Cross, 37,apipe- Afterriding out downturns in FELIX line inspector in nearby Odessa, each of the past four decades, Texas,who lost his job amonth MARK Mr.Istre, the shop’svicepresi- ‘This is like a double whammy,’ says Kenny Istre, vice president at Taylor Oilfield Manufacturing, which has seen a dropoff in orders. ago, said: “I think it’sabout to dent, knows what’scoming for be atotal shutdown.” Texas: Ademand drop caused StateofFlux slammed Dallas and Houston- PatDennis,asalesman foran by the coronavirus is meeting area airline hubs and Texas- oil-field repair shop near an oil-supply surge created by a Texas's greaterrelianceonthe oil industryand sectorsvulnerable to the coronavirus slowdown basedSouthwest Airlines Co. Odessa, said he wasfurloughed Saudi-Russian pricewar.Most puts it in aweaker position to ride out aU.S.recession. and American Airlines Group without payuntil further notice of his 20 employees have Percentage of energy,retail, hotels,restaurants and transportation in total output, Inc.The virus forced the cancel- as of last week.Hesaid 30 of stopped coming to work follow- as of Dec. 31, 2018 lation of Austin’sSouth by his 50 co-workershavebeen ing acountywide order to stay Southwest tech-and-culturefes- laid off, with manyofthe rest home. Texas 21% tival and Houston’sLivestock working fewerhours. “This is likeadouble Florida 15% Showand Rodeo,which gener- Mr.Dennis,57, has lived whammy,” he said. “They were atehundreds of millions in eco- through adozenoil-patch California 11% canceling flightsevery day, and nomic activity,according to or- downturns,but everything hap- nowpeople aren’t driving to NewYork 9% ganizers. Therodeo,which drew pened faster on March 9. “On work.The market is going to be U.S. average over 2.5million visitorslast Sunday, we were fine,” he said. flooded with oil.” Cumulativejob growth Cumulativequarterly growth West Texascrude prices year,was cut short afteraHous- “Then on Mondaywewereall of President Trump promised to in private-sector output ton-area man who had attended asudden in an emergency, and support the struggling oil indus- abarbecue cook-off tested posi- everything wasshut down.” tryinameeting Fridaywith the 25% 50% $150 abarrel tivefor coronavirus. Josh Lorenz,president of pri- chiefs of Exxon Mobil Corp., Oc- Texas Texas As of Sunday, Texas had vate Midland operator EnCore 20 cidental Petroleum Corp., and 40 6,812 confirmed Covid-19 cases Permian, said he expected a several others, but few details and at least 127 deaths,accord- wave of layoffs and bankrupt- emerged. 15 100 ing to itsDepartment of State cies,assmaller producerscut 30 Even the world’sbiggest pro- Health Services. spending 50%to80%. His firm ducerscan do little to stop the 10 aims to slash up to $35 million crippling effectsofcoronavirus. 20 in spending this year,reducing Mr.Trump has not said whether 5 50 Office space activity that generates royalties the U.S. will mandatecuts. U.S. 10 U.S. Counties locked down the fortwo key landowners, Univer- 0 state’smajor cities in mid- sity Lands and the Texas Gen- March, while Texas had ordered eral Land Office. –5 0 0 Exposure barstoshut and restricted res- “We’regoing to drill as soon Economic growth in Texas, 2010 ’12 ’14 ’16 ’18 ’20 2010 ’12 ’14 ’16 ’18 ’90 ’00 ’10 ’20 taurantstotake-out only.On as it’saneconomic pricefor ev- thesecond-most-populous U.S. Sources: Bureau of Economic Analysis (percentage of output, private-sector output); DepartmentofLabor (jobs); DowJones Market Data (crude) March 31, Texas Gov.GregAb- eryone,which is probably in the stateafter California, has been bottissued an order requiring mid-40s” in dollarsabarrel, Mr. closely linked to oil sincea1901 versity will be acushion now, sourcesInc., have collectively berger Ltd., in March said it “every person” to minimize Lorenz said. gusher at Spindletop east of because so manyindustries it planned to cut spending by planned to cut U.S. jobs and gatheringsand contact with TheGeneral Land Officesaid Houston set off aboom. That in- developed areexposed. Energy, about $27.6 billion and scaled paybut declined to provide de- people outside their homes,ex- it is willing to work with oil terdependencebrought prosper- transportation, retail, accommo- back drilling plans. Houston’s tails.Services firms areset to cept foressential services. companies within itsstatutory ity but also the constant threat dation and restaurantstogether Occidental Petroleum Corp.has cut 100,000 jobs tied to oil ac- TheLabor Department data authority but has afiduciary of busts—such as in the 1980s, account for21% of itsprivate- cut payouts. Austin’sParsley En- tivity in Texas this year,accord- show Texas’srise in initial un- duty to Texas studentstogener- when an oil-pricecrash led to a sector output, compared with ergy Inc.has slashed executive ing to consulting firm Rystad employment-benefit claims dur- atethe highest revenues possi- deep regional downturn, job 13% nationwide,Bureau of Eco- pay. Energy. ing the two weeks ended March ble.The University of Texas Sys- losses in the tens of thousands, nomic Analysis 2019 datashow. Theoil-field-services firms Alooming job-market crunch 28 waslowerthan in California temsaid it projectsmineral andhundreds of bank failures Mining output—mostly from that do much of the on-the- will likely be 0.5to1percentage and NewYork,which had or- income in fiscal 2020 could de- on theback of faulty loans. oil and gas—was 9% of its$1.8 ground work forproducersand point worseinTexas than the dered statewide lockdowns ear- cline30% from about $1 billion Texas has become moredi- trillion GDP in 2018,compared employthousands in Houston rest of the nation due to itsex- lier. in the previous fiscal year if oil versified sinceand had one of with 1.7% forthe broader U.S. andMidland cut jobs quickly, posuretoenergy,said Keith Texas Comptroller Glenn He- prices don’t rise substantially. the best economic expansions in TheTexas General Land Of- some as much as 25%bythe Phillips, assistant vicepresident garinMarch tried to getan Paul Hotze, owner of Paris the U.S. over the past decade, fice last year generated $646 endofMarch, said Richard at theSan Antonio Branch of early glimpse of the virus’sim- Texas Apparel Co., recently thanks partly to the shale-drill- million in oil royalties that ulti- Spears, vicepresident at en- the Federal ReserveBank of Dal- pactsbywatchingonline reser- closed his West Houston store’s ing boom. Itseconomic output mately help payfor school text- ergy-consulting firm Spears& las. Thestate’s oil-pricedown- vations drop on OpenTable,an doorsand is focusing on his on- grew at a3.5%annual rate from booksand computers. ThePer- Associates and chairman at en- draft, he said, could outlast the app forrestaurant reservations. line business, which has raised 2009 through September 2019, manent University Fund ergy-construction firm Evolu- coronavirus’sspread. When eateries shut their doors, overall sales 5% over the same outpacing everystate except generates royalties from 2.1 mil- tion EngineeringInc. Manyshale drillersare hav- the databecame useless, he month last year,despitethe North Dakotaand Washington, lion acres primarily in West ing trouble accessing financing, said.HeexpectsaU.S.reces- headwinds. Commerce Department data Texas,which help sustain the as investorshavefled the sector sion,with Texas dragging be- Knowing his oil-industrycus- show.Employment sinceDe- University of Texas and Texas Idled rigs following yearsofpoor returns. hind. tomerswould be hurting,he cember 2009 had grownby2.7 A&MUniversity. Drillershaveidled 69 rigsin “We’reinfor abiggerdown- TheHouston officemarket tried lightening the mood by de- million by January, accounting Crude-oil prices dropped 57% Texas,bringing the statewide turn,” Mr.Phillips said, “because was just starting to recover signing baseball caps that de- fornearly one in eight jobs cre- during the last oil bust starting count to the lowest in three of the lack of available capital.” from the most-recent oil-price clare: “MakeOil $80/bbl Again.” ated in thenation over that 2014, 77%during the 2008 fi- yearsat338,according to Morethan 70 debt-burdened drop.The availability rate, They sold outonline,and his stretch, according to the Bureau nancial crisis,and 65% during Baker Hughes Co.Halliburton U.S. oil producersare at risk of which includes vacancyand sub- storeordered athirdbatch of of Labor Statistics. themid-1980s. Co., theoil-field services firm, bankruptcy at currentprices, lease space, wasbeginning to 750hesaid is close to selling Then-Gov.Rick Perrypro- Morethan 50 oil and gas said it began furloughs of and roughly half of those are decline afterrising from 12% in out. claimed the state’spostcrisis companies,including Pioneer roughly 3,500 Houston employ- headquartered in Texas,accord- 2013 to about 23% in 2018,ac- —Katherine Blunt and Peter performancea“Texas Miracle.” Natural ResourcesCo.,EOG Re- ees forupto60days starting ing to Rystad. cording to CBRE Group Inc., the Grant contributed to this Not even Texas’ economic di- sourcesInc.and Concho Re- March 23.Its rival, Schlum- Coronavirus fearshave commercial real-estateservices article.

Theanalysis almost cer- U.S. output dropped by an esti- Some counties haven’t been Dwindling Economies Lockdown tainly underestimates the total mated $111 billion in current affected, as stateleadersresist hit because it looks only at the dollars, Moody’s estimated. forcing businesses to close. With 82%ofU.S.counties under lockdown, lost output caused by the This year,inthe roughly three Mr.Zandi’sanalysis assumes states’economies arefeeling the impact. Shaves 29% abrupt closureofbusinesses weeks sincethe state-imposed Iowa counties,for example, to date. It doesn’t consider closures due to the coronavirus have had no closures. Daily GDP and portion lost, by state how much output will be fur- outbreak,output has fallen Aseparateanalysis by Eco- Off Output ther lost due to additional de- about $350 billion. nomic Innovation Group,a SHARE OF GDP AFFECTED mand-side drops from higher Theanalysis shows howthe think tank,shows that in the 050100% unemployment and the lossof national economy is tied dis- tri-stateregion of NewYork, $60 California daily ContinuedfromPageOne PERCENTAGEOFGDP PERCENTAGE household wealth on house- proportionately to the fate of New Jersey and Connecticut, REMAINING OF GDP LOST lossofoutput is just beforethe spateofclo- hold and business spending. big metro areas. the slowdown is being driven $2.8 billion,or sures, the analysis shows. Moody’s estimated the im- Atenth of the drop in na- largely by two industries: real Calif. 31.5% of its $8.8 Mark Zandi, chief econo- pact on industries not explic- tional daily output is tied to estateand retail. In some in- billion daily GDP. mist at Moody’s Analytics, itly closed by government or- three counties: LosAngeles; dustries,including food ser- doesn’t believethe 29% ders, such as home vices likerestaurantsand Texas monthly drop in daily output construction, by using figures bars,aswell as artsand enter- These 15 states will be sustained over two from industryanalysts. Forex- tainment, output has fallen by comprise almost The analysis doesn’t 70%ofall the U.S. moremonths.Ifitdid, gross ample, Moody’s estimated that three-quarters. Theanalysis N.Y. daily GDP. domestic product would fall at close to 90% of the hotel indus- consider how much relied on industrysurveys, re- aroughly 75%annual rate in tryisshut down nationwide, output will be ports and economic models. 40 the second quarter. Mr. Zandi while 10% of financial-services “I don’t think we’veever Fla. believes manycounties will re- output is shut down. further lost. had a parallel experiment be- With the open beforethe summer and Thecurrent economic crisis fore,” said Kenan Fikri, Eco- Ill. Covid-19 crisis, projectsa30% annualized de- is unlikepast crises such as nomic Innovation Group’s re- Pa. the daily GDP

cline in second-quarter GDP. the 2007-09 recession, which search head.“Even in wartime ILLIONS lostinthese Ohio states is Most economistsexpect was caused in large part by a NewYork County,which is you’reallocating resources NB ,I N.J. $12.5 billion. output to pick back up this massiverun-up in household Manhattan; and Cook County, elsewhere. Hereweare reduc- Ga. summer or in the fall, as and businessdebt and the lll., home of Chicago. ing the volume exchange that GDP

OF Wash. states reopen and virus cases housing crash. That recession In LosAngeles County,daily makes up the U.S. economy.” Mass. drop.But the magnitude of the began with what is known as a output has fallen 35%.InMan- Thebusinessclosures will SIZE N.C. drop in daily output—however demand-side shock—a loss of hattan, it is down 25%; in Cook ultimately hurt thedemand Va. long it lasts—is staggering. household wealth and income County,30%. Theclosures in side of the economy, which in 20 Mich. Annual output fell 26% be- that led to decreased spend- those three counties alone turn will further dent output. Md. tween 1929 and 1933,during ing, which eventually harmed have reduced daily national Themost significant evidence Thirty other theGreat Depression,Com- the supply side,orbusinesses. GDP by 10%. of that, thus far,islayoffs. states and D.C. merce Department datashow. This time,the reverseisoc- But smaller counties are About10million people ap- arelosing atotal Quarterly output fell almost curring: Thesupply side,busi- also being hit. Gilpin County, plied forfirst-time unemploy- of $4.9 billion in 4% between late2007 and nesses,are closing first, which Colo., atourist destination ment benefitsinthe two daily GDP. mid-2009, the last recession. is in turn hurting households. with apopulation of 6,200,ac- weeks through March 28, shat- “This is anaturaldisaster,” Mr.Zandi said the best cording to the U.S. Census Bu- tering previous records.Those Mr.Zandi said. “There’snoth- comparison is amassiveearth- reau, has posted the nation’s workers could ultimately pull ing in the Great Depression quake, or 9/11, when airlines biggest drop in output—70%. back on spending,inturn fur- that is analogous to what temporarily stopped flying.In But the decline only translates ther hurting other businesses Source: we’re experiencing now.” the days afterthe 2001 attacks, to 0.01% of the national drop. that remain open. 0 Moody's Analytics P2JW097000-2-A00900-1------XA

THE WALL STREET JOURNAL. ** Monday, April 6, 2020 | A9 THE CORONAVIRUS PANDEMIC Gates Set Ski Event Hit Outbreak Hot Spot To Fund BY DAN FROSCH Va ccine AND IAN LOVETT On aSundayafternoon in the resort community of Factories Ketchum, Idaho,morethan 600 African-American skierspa- BY JENNIFER CALFAS raded intothe town square, dancing to TomBrowne’s MicrosoftCorp.co-founder “Funkin’ ForJamaica.” ADJ Bill Gates said his foundation shouted the names of dozens of will spend billions of dollarsto black ski clubs,each sporting fund the construction of facto- matching parkas to signifythe ries forthe most promising ef- different cities from which they fortstodevelop avaccine to hailed. combat the novel coronavirus. But as the annual gathering Mr.Gates,abillionairephi- of the National Brotherhood of lanthropist who is one the rich- Skierskicked off on March 1, est people in the world, said few realized that 650 miles the Bill andMelinda Gates away, the country’sfirst re- Foundation will work with ported death from the newcor- seven makersofapossible vac- onavirus had just occurred near cine to build these factories. Seattle.Bythe end of the week, Mr.Gates,who announced the the virus would silently hit effortsinanappearanceon Ketchum and accompanythe “The Daily ShowWith Trevor skiersback home. Noah” on Thursday, acknowl- Several days afterthe sum- edged that billions of dollars mit ended on March 7, Stepha- would be wasted on vaccines nie Harris droveher husband that won’t pan out. to aFort Lauderdale,Fla., “Our early money canaccel- emergencyroom with awors- erate things,” Mr. Gates said. ening cough and fever. That “Even though we’ll end up same week,Ben Finley,one of picking at most two of them, the group’sfounders, wastaken Opening Ceremony of the National Brotherhood of Skiers in Idaho. More than 100 attendees later developed Covid-19 symptoms. we’regoing to fund factories to aUniversity of California, forall seven, just so that we LosAngeles,hospital, strug- Chicagofromthe summit. More doctorsand trauma doctors— membersfelt unfairly singled and hugging us,saying ‘thanks don’t wastetime in serially gling to breathe.Soon after, than half the membersofhis as well as skiersfromSeattle them out. forcoming.’” saying which vaccine works Sandy Henderson,president of Sno-GophersSki Club who at- andCalifornia, early hot spots Last week,the organization Near the end of the week, and then building the factory.” Black Ski Inc.inWashington, tended also developed symp- of coronavirus—converged on posted an open letteronFace- Ms.Harris’shusband, Mark To- Arepresentativefor the D.C.,collapsed on her bathroom toms of coronavirus. Ketchum and neighboring Sun book,signed by itspresident liver,aretired FedEx IT worker, Gatesfoundation didn’t re- floor. Though attendees had no Valley. and the mayors of Ketchum felt unusually tired, at one spond immediately to are- This year’s weeklong gather- way of knowing it, the NBS “You have this perfect syn- andneighboring SunValley, point returning to his room for quest forcomment. In March, ing of the National Brother- summit happened at the worst ergy forthe problem we are saying anyaccusations that athree-hour nap.Othersre- the foundation announced a hood of Skierswas supposed to possible time,when the virus nowseeing,” said TerryO’Con- they had brought the virus to called their bodies aching more $125 million effort to identify be acelebratorylandmark in waswhipping around the coun- Idaho were baseless. than usual. But they chalked it and develop treatmentsfor thegroup’s47-year existence: try but hadn’t yetbeen de- “I don’t knowhow we gotit. up to the skiing,the partying Covid-19,the disease caused Theorganization’stwo found- tected in most places.Had it Ski towns in the Iknowwedidn’t bring it,” andthe altitude. by the novel coronavirus. ersweregoing to become the been held aweek earlier,they Henri Rivers, the president of “Weweretalking about it Dozens of drug companies, firstAfrican-Americans ever in- might have escaped infection. A Rockies became NBS,said. when we were out there,” Ms. universities and other re- ducted intothe U.S. Ski and week later,the summit might deadly way stations Afterthe parade on Sunday, Harris said of thevirus.“But search groups have been SnowboardHall of Fame later have been canceled. NBS memberscrowded intoa we were talking about it as if it working to develop a vaccine that month. With touristsshuttling in for the coronavirus. local bar,Whiskey Jacques’, wasnot there.” or treatment forCovid-19.Ex- Instead, more than 100 at- and out from around the world whereaDJplayedold school BackinFlorida, Mr.Toliver pertsanticipatevaccine devel- tendees developed symptoms everyday,ski towns through- funk andthe latest line dance wasfeverishonMarch 9, and opment could take anywhere of Covid-19,the disease caused out the Rockies became deadly hits. It would be nearly two had drenched his sheetswith from a year to 18 months. by the newcoronavirus.Nu- way stations forthe coronavi- nor, Blaine County’s emergency weeks beforepublic-health offi- sweat. Ms.Harris,spent the “The only thing that really merous membershavetested ruslast month. Blaine County, medical services director. cials began pushing social dis- next threedays struggling to lets us go back completely to positive, some have been hospi- Idaho,which includes Ketchum, Some in the black ski group tancing acrossthe country. gethim tested forcoronavirus. normal, and feel good about talized in intensivecare, and at had the country’shighest rate have worried they would be “It waspacked,” said Miles He gotbetterafter about two sitting in stadiums with lotsof least two have died. of coronavirus infection as of blamed forspreading coronavi- Maxey,a65-year-old retired weeks. other people,istocreatea “I wasnot thinking this Friday, with morethan 400 rusinBlaine County.Alocal technical expert forGeneral In all, at least one in six peo- vaccine and not just take care could happen to me,especially cases in acounty of just newspaperdetailed howresi- Motorswho had come from De- ple who attended the black ski of our countrybut take that because we were going to 23,000. dentshad interacted with sum- troit with about 60 othersfrom summit came down with symp- vaccine out to the global pop- Idaho,” said Brian Grimes,who During this year’s NBS sum- mit attendees beforecoming the Jim Dandy Ski Club. toms consistent with coronavi- ulation,” Mr. Gates said. became sick afterreturning to mit, conventions of wilderness down with Covid-19,which “Townspeople were coming rus, according to organizers. 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A10 | Monday, April 6, 2020 ** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Boris Johnson, Fighting Virus, GES

IMA Is Hospitalized GETTY

SE/ BY STEPHEN FIDLER evacuated from cities to avoid bombing attacks. BritishPrime Minister Boris “We, as children, spokefrom ANCE-PRES

FR Johnson washospitalized for hereatWindsor to children testsonSundayafter suffering who had been evacuated from ENCE persistent symptoms of the new theirhomes and sent away for AG

A/ coronavirus 10 days afterhe their ownsafety.Today, once tested positivefor the illness, again, manywill feel apainful HALAD his officesaid. senseofseparation from their

ALEX It said his admission to a lovedones.But now, as then, Hungary in March closed its border with Austria as part of an effort to contain the coronavirus pandemic, causing massivetraffic jams, hospital, under his doctor’s ad- we know, deep down, that it is vice, wasaprecaution. the right thing to do,” she said. An official said the admis- But she drew acontrast with sion wasn’t an emergency, but the war. “This time we join with EU Steps Up to Fight Crisis wasconsidered sensible given all nations acrossthe globe in a his symptoms,which included a common endeavor, using the high temperature. greatadvancesofscienceand Coordinated effort, tion to the employment fund Mr.Johnson, 55 yearsold, our instinctivecompassion to including job-support and changes to EU rules, offi- wassaid to remain in charge of heal.” She concluded with an cials are exploring innovative the government, and in contact echo of apopular World WarII program, follows early ways to raise itsrole.On with ministersand officials. song.“We should take comfort slips as cases spread Thursday, they launched a He hasbeen in isolation in that whilewemay have more bloc-wide database to match hisapartment at 11 Downing stilltoendure, betterdays will BY DANIEL MICHAELS needy hospitals with compa- Street sincetesting positivefor return. We will be with our AND LAURENCE NORMAN nies wanting to help. the virus.Mr. Johnson’spart- friends again. We will be with “Memberstateshavecome ner,Carrie Symonds,who is our families again. We will meet BRUSSELS—Theplan Euro- to see the damagethat the pregnant, said Saturdayshe again.” pean Union officials unveiled lack of cooperation was caus- was“on the mend” afterisolat- Apart from her annual ad- on Thursdayfor anew €100 ing,” said Rosa Balfour, direc- ing herself forseven days after dresses at Christmas,the queen billion ($110 billion) job-sup- CK torofCarnegie Europe,athink she suffered symptoms. has made such special ad- TO port program formembers tank.“If the European Com- Theannouncement of Mr. dresses only four times before. hardest hit by the coronavirus mission canwork on defend- Johnson’shospitalization came Thequeen spokeasthe num-

is the kind of tangible aid it SHUTTERS ing the single market—even minutes afterarare, special ber of Covid-19 victims in the needs to underpin crumbling A/ on humanitarian grounds of televised speech to the nation U.K. continued to rise.The gov- economies—and to showits getting aid to people—that’s by Queen Elizabeth II, who ernment reported 621more ONI/EP 446 million citizens Brussels quite an important battle.” drew parallels with Britain’sex- deaths Sunday, bringing fatali-

can deliver in a crisis. MANZ Ms. Balfour noted that one perienceinWorld WarII. ties to 4,934, while confirmed Thebloc gotoff to abad factor mitigating reputational Themonarch, in aprere- cases rose by almost 5,000 to

start as the virus spread last TIZIANO damage to the EU now is that corded addressfromWindsor 49,806. month. EU countries unilater- Poland sentmilitary doctors to help overwhelmed Italian hospitals. the U.S.,which is oftenpraised Castle,thanked health care Acrossthe Irish Sea, Irish ally shut borders and hoarded as moreefficient than Europe, workersand focused on the dif- PrimeMinister LeoVaradkar, vital medical gear,leaving today is not providing a posi- ficulties of being isolated from who formerly worked as adoc- people stranded far from Added Set of Duties areas where capitals have tivecounterexample.“Actually, loved ones.She cited aradio tor, said he would return to home,grocery stores strug- granted Brussels final say are Europe is not doing that badly addressshe made as Princess practicemedicine forone daya gling to stock shelves and hos- Puts Strain on Bloc external trade and competition in its response,” she said. Elizabeth, along with her sister week to help deal with the out- pitals desperate to save criti- regulation. Lacking muscle, EU But even if EU officials can PrincessMargaret, 80 years break,the national broadcaster cally ill patients. officials have used persuasion work through immediateprob- ago, as children were being RTEreported. When Italy and Spain, reel- The European Union is and coordination to reduce ten- lems, they face more existen- ing from some of the world’s struggling to cope with the sions among the bloc’s govern- tial battles over money and most deadly outbreaks, urged coronavirus pandemic in part ments—with signs of success. politics. their richer and healthier because the crisis is slamming Dutch politicians acknowl- Divisions between east and New Labour Leader northern neighborstohelp, Europe in areas that fall out- edged accusations of callous- west over democratic stan- Dutch politicians brushed off side its authority, such as ness and proposed a €20 bil- dards are deepening. the appeals as newsigns of health care and border-control. lion ($21.6 billion) health-care Poland, whose nationalist Vows Constructive Role southerners’ mismanagement. The EU, which began as a fund. France donated one mil- government is proceeding Thedisputes reopened rifts free-trade bloc, over time has lion masks to Italy and Ger- with presidential elections BY STEPHEN FIDLER ernment responds to the out- from recent crises—over expanded power and gained many delivered seven tons of next month despiteobjections, break of Covid-19. money between north and sway in politics, but it remains medical equipment. Hospitals sparked anger when it sud- Britain’smain opposition “Under my leadership we south, and between east and an alliance of 27 sovereign in Germany and Austria, where denlyand early in the crisis Labour Party,smarting from will engageconstructively with west over the rule of law. countries. Brussels is beholden fatalities have so far been low, closed borders, leaving hun- itsworst election result in de- the government, not opposition EU officials belatedly to its members for the right to are taking patients from the dreds of Baltic citizens cades,chose London-born law- foropposition’ssake,” Mr. shiftedintooverdrive. Over tell them how to act. The only worst-hit countries. stranded on the German bor- yerKeir Starmer as itsnew Starmer said. “Not scoring the past two weeks they have der. leader,achoicethat is ex- party political pointsormaking helped reopen borders, ship HungarianPrime Minister pected to movethe party to- impossible demands.But with equipment to hospitals,send in action,” she said. pean” fell to 49% from 64% in ViktorOrbán’smovetoas- ward the center afteryearsof thecouragetosupport where stranded citizens home and Citizens and politicians say only one month, according to sume emergencypowers in- pursuing a left-wing agenda. that’sthe right thing to do.” keep goods moving. it isn’tenough. Spanish Prime polling agencyNotoSondaggi. definitely has renewed West- Mr.Starmer,aformer head He succeeds Jeremy Corbyn, TheEuropean Commission, Minister PedroSánchez, “People don’t see aEuro- ern European chargesthat his of the national prosecution who became Labour leader in the EU’sexecutivearm, sus- whose countryhas suffered pean presenceonthe ground,” government threatens the service, became a member of 2015 and took the party pended state-aid rules and close to 12,000 deaths from said director Antonio Noto. bloc’s democratic credentials. Parliament in 2015 and has strongly to the left. During his wavedthrough hundreds of the virus,warned that “Europe “Thereare doctorsfromCuba Also looming over the bloc been leadingthe party’s re- tenure, the party wasriven by billions of euros in govern- is at risk.” and other countries outside and itssingle currencyare sponse to Brexit. The57-year- divisions and accusations that ment support to business. In Italy,with morethan Europe,and Italians see them questions of funding. old inheritsaparty that has the leadership wastolerating Senior EU officials are 15,000 virus deaths,anopin- on TV,but none from Europe.” “We will need zillions…for lost four successivegeneral anti-Semitisminits ranks. working to moderatethe ion poll last week found that At the same time,public the exit and the recovery elections, suffering itsmost “Anti-Semitism has been a money fightsand on Thursday 72% of people believe the EU support forrecently embattled stage,” said Mr.Lamy. “Do we serious defeat sinceWorld stain on our party.Ihaveseen European Commission Presi- hasn’t helped during the emer- national leadershas risen in paythe same pricefor this WarIItoBoris Johnson’sCon- the grief that it’sbrought to dent Ursula vonder Leyen gencyand 66% foresee no im- countries including Italy, money in Hamburg, Messina servative Party in December. so manyJewish communities,” proposed newsteps,including provement in coming months. France and Germany. and Barcelona or not? He takesoverwith British Mr.Starmer said. “On behalf the employment fund. The number of people who Brussels is also pushing its This…will be amajor question politics in astate of sus- of the Labour Party,Iam “This is European solidarity call themselves “pro-Euro- powers to the limit. In addi- for the times to come.” pended animation as the gov- sorry.”

extending their use.Some cloth masks with her 8-year-old Volunteers masks arealso made forfilters daughter,Grace,and husband to be inserted. Jesse. “He sawmedrowning Afew,worried cotton isn’t there, up to my neck” and vol- Sew Up enough, have concocted masks unteered to learn to sew, said out of HEPAfilter vacuum bags, Ms.Maggard,ofDanville,Ky. surgical wrapping and padded Thethree have made Face Masks bras. brightly colored ones with po- Theat-home mask makers nies,kittens and florals for take their cue in part from the health-careworkers, using bias ContinuedfromPageOne CDC,which has instructions on tape forties because elastic is posted online by infection-con- itswebsitefor making facecov- hard to find. They also made trol expertsand using whatever eringsout of cotton, T-shirts one with aHarley-Davidson de- fabrics they have on hand, they and bandannas and says to sign forJesse,who is still going arecrafting agrass-rootsre- wash them regularly.Home- to work at alocal factory. sponse to anational crisis as spun creations maydoas“a But she had to ask some government officials scramble last resort” if supplies runout women in the community for to procuremoremedical sup- forhealth-careworkers, though darker fabrics formasks to of- plies and people search for the level of protection they fertothe police. “The police masks to wear in public. Some provide is unknown, the CDC department askedifwecould retailersand fabric companies says.They canhelp prevent the tone it down,” she said. arealso pitching in. spread of virus from an in- HillaryCohen gaveher first On Friday, the Centersfor fected wearer in public,the batch of morethan 100 masks Disease Control and Prevention agencysays. to her local grocerystore for recommended that Americans Makerssay it isn’t that hard employees,and has donated

wear cloth facecoveringsin to spool out amask.“Youdon’t AY moretohospitals and people at stores and other public places have to knowmorethan sewing risk.Last Monday, the assis- in addition to social distancing. astraight line to do this,” said MURR tant television director,who Masks made with pink flo- Kelly Canning,anorganizer of a lives in LosAngeles,held a12- CHAD rals or superherofabrics area Facebook group called the Mil- Hillary Cohen has donated masks to hospitals, people at risk and her local grocery store. hour sew-a-thon on Facebook far cryfromgovernment-certi- lion Mask Challenge, with more Live.She coached participants fied N95 respirators, which are than 4,800 members. option” forpurposes other than masked Rosie the Riveter,icon lives in Junction City,Ky. acrossthe countryfrombehind made from polymersand fit Membershavedonated Covid-19 patients, the health of awar campaign to recruit Ms.Vacaliuc stitched to- her ownsewing machine,and is tightly to filter out most air- masks to grocery-storework- system posted apattern, video, women intodefense industries. gether anetwork of friends, planning another on April 11. borneparticles.Health-care ers, deliverypeople and police and instructions to use “It’sawar effort,” said Phil along with her teenagedaugh- “I want to motivateasmany workerswear them to treat pa- in addition to health-carework- “tightly-woven cotton fabric on Orzech, aretired sales execu- ter, to help maketwo kinds of people as Ican to start sew- tientssickened by the coronavi- ers, she said. “Wewerefeeling both sides.” tiveinWest Hartford,Conn., masks: acurved design, and ing,” said Ms.Cohen, some of rus, which causes the disease helpless and this is one way to “We’vereceived some beau- who has bought fabrics for one with pleats. “I sent aplea whose masks featuredpolka- Covid-19. take powerback even from our tiful masks,” said Ms.Hight. mask-sewing circles and orga- to everyperson Iknowwho dotchickens. Hospitals aresearching for ownhomes,” said Ms.Canning, They have been decorated with nized donations.“This is all of ever sewed,” she said. Ms.Canning moved seam- waystohelp extend dwindling who works foranenergy com- hearts, mustaches,and “Wegot us fighting against acommon Those who aren’t as good lessly from acouple of quilting stocks of N95 and regular sur- panyinHouston. this!” in English and Spanish, foe.” with aneedle and thread cut projectstosew red, whiteand gicalmasks.They saythey can DeaconessHealth System in shesaid. Judy Belcher made masks fabric and bring it back to her blue masksthat she wantsto givethe cotton versions to em- Evansville,Ind., received sev- Themask mobilization is outofDorathe Explorer,Hal- house.She borrowedelastic send to the National Guard. The ployees who don’t have contact eral thousand masks afterseek- reminiscent of World WarII, loween and puppy print fabric from alocal theater when her material comes from stacks of with Covid-19 patients, con- ing donations on itswebsitein when citizens grew Victory scraps leftoverfromoutfits supply ranlow. fabric she keeps around the serving more-protectivemedi- mid-March, said PamHight, Gardens forfood and knitted she sewedfor her grandchil- Danielle Maggard,who nor- house. calgear.Some doctorsand public relations and consumer socks forsoldiers, some volun- dren andacharity.“I’veseen mally works as agymnastics “I’vegone from having afab- nurses also saythey canput engagement manager.Calling teerssay.The Million Mask therewas alot of people in coach, substituteteacher and ric hoarding problem to being the cloth ones over N95 masks, fabric masks a“crisis response Challengetoutsanimageofa need,” said the retiree,who day-care worker,issewing prepared,” she said. P2JW097000-0-A01100-1------XA

THE WALL STREET JOURNAL. Monday, April 6, 2020 | A11 THE CORONAVIRUS PANDEMIC Conservative Catholics Decry Halt on Masses

Vocal minority sounds compliancewith civil authori- ties’limitations or guidanceon an alarm, saying crisis public assemblies,they have raises the need for the varied in their policies on other restrictions,with some shutting church even more churches entirely and others leaving them open forprivate BYFRANCIS X. ROCCA prayer.Some have allowedinno- vations that permit social dis- Avocal minority of conser- tancing,such as drive-through vativeCatholicsare criticizing confessions and outdoor adora- CK

the suspension of Masses in tion of the Blessed Sacrament. TO thewakeofthe coronavirus Anumber of the bishops pandemic,arguing that such a have also explicitly dispensed SHUTTERS

crisis is precisely when believ- Catholics from their obligation A/

ers need the church most. to attend MassonSundays /EP Over the past month, Cath- and other holy days,anobliga- LO NG

olic dioceses acrossthe U.S., tion not considered binding BA

as in most countries around when attendanceisimpossible. MA the world,havestopped offer- In the U.S.,the debateover G. HN

ing public Masses to limit the Masssuspensions and other JO spread of Covid-19,the disease restrictions has played out in Rev.Mark Wiesner received drive-up confessions in the parking lotofSt. Augustine Catholic Church in Pleasanton, Calif., on March 28. caused by the coronavirus. the Catholic press and on so- Most churchgoing Catholics cial media, acquiring an ideo- Wolfe, acontributor to the sion) during the present health the church. In mid-March, the consulted beforethe decision to have accepted the policyasa logical tinge as the strongest traditional Catholic blog crisis,thereforethe sacrament morning afterPope Francis’ close them. But public Masses necessarypublic-health mea- advocates forpublic Masses RorateCaeli. “The difference is only available to those for ownDiocese of Rome an- arestill prohibited in Rome,as sure,manyturning instead to and access to the sacraments between Baltimore, which is whom death maybeimminent.” nounced that all of the city’s they arethroughout Italy,inac- watching the liturgy on TV or have been conservatives.They forbidding even the sacrament In the U.S.,some critics churches would be shut to the cordancewith anational decree over the internet as Easter ap- include Cardinal Burke, an of penance, and nearby Arling- fault the bishops fornot ob- faithful,the pope warned dur- prohibiting public assemblies in proaches.But some have pro- outspoken critic of Pope Fran- ton, which has almost every jecting to legal restrictions on ing a live-streamed Mass that houses of worship. tested the decision, arguing cis,and FirstThingsmagazine. church open for10orfewer public worship as infringe- “drastic measures are not al- When the pope leads Holy that the ability to worship to- “U.S.dioceses arereally people, is staggering.” ments of religious liberty. ways good.” Week and Easter celebrations gether and receivethe sacra- turning intothe political According to the Archdio- Exactly howfar bishops Afew hourslater,the dio- at St.Peter’s Basilicathis mentsisessential forCatholics. equivalent of reddioceses and cese of Baltimore’swebsite, “It should go in response to the cese reversed itspolicyand re- week, the faithful will be able “Just as we areable to pur- blue dioceses,depending on is no longer deemed safetoad- coronavirus has been contro- opened the churches,pointedly to watchonly by electronic chase food and medicine,while their bishop,” said Kenneth J. minister the sacrament (confes- versial at the highest levels of noting that the pope had been means. taking care not to spread the Critics warn that if the sus- coronavirus in the process, so pensions go on for much lon- also we must be able to pray Shroud of Turin “This time of contemplation hidden to protect it from the ger it will be hard to get peo- in our churches and chapels, will make available to everyone, effects of light and was tradi- ple to attend again oncepublic receivethe sacraments, and Will Go on Display all over the world, the image of tionally displayed only once or worship resumes. A new sur- engageinactsofpublic prayer the holy cloth which reminds twice a century. But it has veybythe PewResearch Cen- and devotion,” U.S. Cardinal us of the passion and death of gone on view more frequently terfound that 46% of U.S. Raymond Burke, who nowlives ROME—The Shroud of Tu- the Lord, but which also opens in recent decades. Catholics who had typically in Rome,wrote in March. rin, which devotees believe to our heart to faith in his resur- The shroud is owned by the S gone to church in the past had

“Canceling church services be the burial cloth of Jesus rection,” he said. Holy See but safeguarded by PRES switched to online or televised is thewrong response to the Christ, will go on a rare display The archbishop said he was the Archdiocese of Turin. Masses by late last month. coronavirus pandemic,” wrote the day before Easter as part responding to “thousands and The Catholic Church doesn’t ZUMA “I’m concerned that when I

R.R. Renoinaneditorial in the of the Catholic Church’s obser- thousands of messages that take a position as to whether OPI/ getback to my church it’snot

conservative Catholic journal vance of Holy Week amid the have come to me from people, or not the shroud is actually MA/R going to be as full as it was,”

FirstThings. “In atime of coronavirus pandemic. elders and adults and youths,” the burial cloth of Jesus. AM said Kari Beckman, executive pandemic—a time when Satan Archbishop CesareNosiglia asking for a display of the Carbon-14 tests taken in GR director of the Georgia-based whips up in us all fearsofiso- of Turin on Saturdaysaid he shroud amid the pandemic. 1988 suggested that the object OTO ReginaCaeli Academy, an edu- lation, abandonment, and would pray beforethe shroud in The shroud is a 14½-foot- dates to the 13th century or cational network that works ONE/F death—churches must not join the city’scathedral on Holy Sat- long piece of linen that bears a later, but other experts have ar- with Catholic home-schoolers. LAP the stampede of fear.” urdayand thatthe eventwould front-and-back image of a dead gued that the fabric is older. The shroud is normally kept “Isolation breeds disbelief even- While all U.S. bishops have be televised and live-streamed. man’s body. It is normally kept —Francis X. Rocca hidden to protect it from light. tually,soit’simportant to come suspended public Masses,in together and worship together.”

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A12 | Monday, April 6, 2020 THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Emerging-Market Economies Brace for Hit

BY DAVID LUHNOW leads to weaker currencies.The of recession. Tourism and in- AND SANTIAGO PÉREZ Mexican peso,Russian ruble vestment in the country’svast and South African rand have shale depositswereseen as the MEXICO CITY—After slam- tumbled about 20% against the only possible bright spots. Now ming developed economies in U.S. dollar in recent weeks. both look dead in the water. Asia,Europe and North Amer- “It’salways unpleasant to be Tourism accountsfor nearly ica, the coronavirus pandemic an emerging market in acrisis,” 12% of Thailand’seconomic is coming foreconomies across says Benjamin Gedan,aSouth output, but asharp decline in the developing world. Americaexpert at Washington global travel will hit the Carib-

Economic output in emerg- think tank Wilson Center.“Just GES bean even harder.InJamaica,

ingmarketsisforecast to fall when youneed capital, it flees IMA tourism accountsfor 34% of the 1.5% this year,the firstdecline to safer harbors. Just as you economy, and one in three jobs.

sincereliable recordsbegan in rely more on export earnings, GETTY Manycountries depend on a

1951, according to research firm the priceand volume of your SE/ diasporaofworkerswho send Capital Economics.InMexico, commodities exportsfall. Just home part of their paychecks. the U.S.’s largest trading part- as your taxrevenue drops, your Low-wageworkersinthe U.S. ANCE-PRES

ner,the economycould con- currencydepreciates and your FR and Europe aresuffering mass tract by up to 8%, Bank of dollar debt skyrockets.” layoffs,leaving them with far

AmericaCorp.has estimated. Arecord$82 billion has GENCE lessmoney to send back home. Even if some developing na- been pulled from emerging /A Mexico, which has amore tions managetoavoid cata- marketssinceJan. 21, accord- RDO diversified economy, faces a PA

strophic coronavirus infection ing to the International Mone- O quadruple whammy: lessU.S.

rates, the lockdowns and ex- tary Fund. That will raise the PEDR demand forits manufactured pected recessions in industrial- costsofborrowing and may A policeman monitors a closed street in Mexico City. Mexico’s economy could contract by up to 8%. exports, adecline in oil income ized countries will take a heavy push debt-laden countries such that makes up one-fifthofgov- economic toll.They likely will as Ecuador and Argentina to Trouble Ahead ernment revenues,afalloff in dent demand forbeach holi- default. Stocks in emerging tourism revenue,and adecline days in Thailand, clothing marketshavefallen 20% in the Economic output acrossemerging marketsislikely to decline forthe first time sincereliable records in remittances.Those arethe stitched together in Bangladesh past six weeks,wiping out all began. Foreign investorsare pulling moneyout,and workersinthe U.S. and Europe areexpected to country’stop four sourcesof and autopartsand avocados gains since2017. have lessmoneytosendbacktotheir home countries. foreign-currencyearnings. from Mexico. One-thirdofMex- Some 80 nations have asked Mexican President Andrés Emerging marketsGDP Cumulativenonresident Remittances as percentageof ico’seconomydepends on ex- the IMF foremergencyassis- Manuel LópezObrador has so growth portfolio flows to GDP portstothe U.S. tance, the IMF says. farsaid his government won’t emerging markets Poorer countries have far Manydevelopingnations offer taxbreaks or other incen- fewertools than rich ones to don’t have the financial fire- 10.0% Global crisis (Sept. 8, 2008) tives to large companies.He cushion such blows.Their econ- power they had during the China devaluation scare El Salvador 21% said he wantstofocus the omies arelessdiversified, rely- 2008 global financial crisis, (July 26, 2015) country’slimited resourceson ing moreonvolatile commodi- when commodities,tourism 7.5 Covid-19 (Jan. 21,2020) helping the poor,who either ties,remittances from workers and remittances were booming. $0 billion work in the informal economy abroad and services liketour- In Brazil, the administration Guatemala 14 or runmom-and-pop shops. ism. They have lessmoney to of President Jair Bolsonarohas 5.0 Mexico’s government debt spend to ease the burden on far fewerresourcesthan the –25 levels aremoderate—about 55% companies,and weaker social government did in 2008,when Philippines 8 of GDP—but that figure will 2.5 safety nets. Brazil and Mexico it spent freely to spur recovery. –50 grow.The government said last have no unemployment insur- Brazil’sgovernment debt-to- week it will runabigger-than- ancefor laid-off workers. GDP ratio reached 75.8%atthe 0 Mexico 3 expected fiscal deficit this year “Unemployment maybe- end of last year,compared with –75 of 4.4% of economic output, up come an even biggerproblem 58.6%inDecember 2008.Bra- from 2.6%. Complicating mat- than the virus,” said John Rod- zil’seconomyisnow expected –2.5 –100 ters forMexicoisalossofcon- gerson, chief executiveofBra- to slide about 4.5% this year, India 2 fidenceamong foreign inves- 1960 ’70 ’80 ’90 2000 ’10 ’20 020406080 zil’slow-cost airline Azul Lin- according to datafirm IHS DAYS SINCE INDICATED DATE tors,already spooked by the has Aéreas Brasileiras SA, Markit. Sources: Maddison, Refinitiv,Capital Economics (GDP); InstituteofInternational Finance(flows,remittances) president’snationalisticeco- which has grounded all but 20% South Africa’scredit rating nomic policies. of itsfleet. wasdowngraded to “junk” sta- In China and India, growth is to newoil-production cuts, Oil accountsfor 65% of Nige- Because of that lack of confi- Unlikeinmanyindustrial- tus on March 27,meaning many expected to be the slowest in a prices arestill sharply lower ria’sfederal budget and 86% of dence, “Mexicowill have more ized ones,when central banks U.S. and European pension generation. Japan’sNomura year to date. They arelikely to itsexport earnings. Thegov- difficulties than other countries in emerging-market nations funds won’t be able to buy its bank forecastsIndia’seconomy remain relatively weak amid ernmentofPresident Muham- to issue moredebt,” says Sergi printmoney they canstoke debt anymore. Mexico’srating will shrink by 0.5%. Unemploy- falling demand, which bodes ill madu Buhari has slashed some Lanau, deputy chief economist fearsofareturn to past epi- wasdropped to two notches ment thereisalready at 6.5%, forproducersincluding Russia, $5 billion from the budget al- at theInstituteofInternational sodesofinflation. Borrowing abovejunk,and the country’s itshighest in three decades. Colombia and Nigeria. BCS ready. FinanceinWashington. becomes far harder as investors state-oil firm Petróleos Mexica- Although crudeprices rose Global Marketsforecaststhat Argentina entered the year —Joe Parkinson, Georgi flee to the relativesafety of nos,which has morethan $100 latelast week afterPresident Russia’seconomywill contract as one of the world’smost vul- Kantchev, Quentin Webb and marketslikeU.S.Treasurys. billion in debt, mayfaceadebt Trumpsaid he expected Saudi by 2.7% this year,mostly be- nerable economies,set to en- José de Córdoba contributed Cutting interest ratesoften crisis this year. Arabia and Russia would agree cause of falling oil prices. dure itsthirdconsecutiveyear to this article. WORLDWATCH Australia Launches Criminal Probe Into Cruise-Ship Outbreak

BY RACHEL PANNETT Another Carnival Corp. cruise ship,the Grand Princess, SYDNEY—Australian police became embroiled in acorona- have launched acriminal inves- virus outbreak on atwo-week tigation intowhether staff of a voyagetoHawaii with astop cruise ship that docked in Syd- in MexicoinMarch. ney misled authorities about a ACarnival Australia coronavirus outbreak among spokesman said the company passengersand crew aboard. will willingly participateinthe Thecrewofthe Ruby Prin- investigation. cess,operated by Carnival Aus- “Carnival Australia will vig- tralia, had told authorities that orously respond to anyallega- some passengersweresuffer- tions of which theremust now

GES ing from flulikesymptoms be full disclosureand the basis

IMA when the cruise ship docked in for them,” he added. Sydney last month, but that TheAustralian policeinves-

GETTY Covid-19—the illnesscaused by tigation will involveinterview-

SE/ the newcoronavirus—wasn’t ing thousands of witnesses,in- an issue, policesay. cluding the Ruby Princess’ More than 660 people from captain and doctors, the crew ANCE-PRES the ship,mainly passengers, and passengers, and staff from FR have nowtested positivefor various government offices

ENCE thenew coronavirus,and 11 and agencies. AG passengershavedied. They ac- Up to 200 of the 1,040 crew count formorethan 10% of memberscurrently on board

ULEIMAN/ Australia’s5,687 cases and the vessel, sitting in waters off SO nearly a third of deaths. the coast of Sydney,are dis- NewSouth Wales statePo- playing symptoms,while 16 DELIL CONVOY: Russian military vehicles approach a base in northeastern Syria, where lengthy negotiations to end the war are stalled. lice Commissioner Mick Fuller crew members have returned said he has reviewedinforma- positive results, police said. FRANCE or to commute if they can’t MEXICO deputy governor Javier Guzmán tion, including a17-minute PoliceonMondaysaid the work from home. France is the called for monetary policy to be emergencycall from the ship ship would dock at aport just Terror Probe Opened hardest-hit European nation af- CentralBank Minutes implemented prudently “to fos- March 18,and decided that the south of Sydney so crew mem- In Deadly Attack ter Italy and Spain. Show Growth Worry ter orderly conditions in domes- only way to determine whether berscould receiveemergency “Lightwill be shed on this tic financial markets and in the laws were broken is through a medical treatment if necessary. French prosecutors opened a odious act which casts ashadow Mexican central bankers put foreign-exchange market.” criminal investigation. It is expected to remain in port counterterror probe on Saturday, on our country,which has al- aside some exchange-rate con- In the minutes released Fri- “Thereappearstohavebeen forupto10days.The ship will after a man stabbed two people ready been severely testedinre- cerns when they decided last day, one member said the fact an exceptional amount of effort also be refueling and restocking to death and wounded five oth- cent weeks,” PresidentEmman- month to lower interest rates in that countries with the highest put in by [port officials] to de- provisions,asrequired forher ers in southeastern France. uel Macron tweeted Saturday. the face of the coronavirus pan- interest-rate spreads over those termine the true natureofthe home journey,authorities said. The suspect, a Sudanese man Since terrorist attacks in 2015 demic that threatens to derail an of the U.S. had seen some of conditions on board—and even Theship had been on a in his 30s, attacked bystanders and 2016 that left more than already weak economy, minutes the sharpest currency deprecia- delayedthe vessel’sarrival until brief cruise to NewZealand in the street and in shops in the 200 people dead, France has to the meeting showed. tions—including the Mexican they were provided additional when it docked in Sydney on center of Romans-sur-Isère, a faced smaller assaults, usually The Bank of Mexico’s five- peso—was evidence against information,” Mr.Fuller said. March 19.Itwas carrying small town near the city of by people with no operational member board voted 4-1 in favor keeping interest rates high to Government officials and mostly Australian passengers, Lyon, according to the prosecu- connections to terror groups of a half-percentage-point cut in support the currency. Carnival Australia have been but some traveled as far as tor’s office. such as Islamic State. the overnight funding rate target The language in the minutes under fire sincethe ship’s Europe beforebeing informed He was kneeling down in the In October, an information to 6.5%, with one member call- remains conservative, with most 2,700passengersfreely disem- of the cases on board. street and praying in Arabic technology assistant in the intel- ing for a smaller reduction to members still concerned about barked in Sydney on March 19, Cruise ships are one of the when police detained him min- ligence division of the Paris po- 6.75%. The meeting was held financial stability and the need despitesome of them showing largest sources of Australia’s utes later, the prosecutor’s office lice stabbed four of his col- March 20, a week ahead of to maintain an attractive inter- signs of respiratoryillness. coronavirus cases from over- said. Police later found docu- leagues to death, in an attack schedule. est-rate differential, Goldman Passengerswereallowedto seas,according to health au- ments at the man’s home in that rocked the security services. “Most members pointed out Sachs chief Latin America econ- travel home and only later ad- thorities,onpar with people which he complained about liv- In January, a man stabbed that technical shutdowns began omist Alberto Ramos said in a vised to quarantine. who acquired the illnessinEu- ing in a country of unbelievers, one person to death and to be observed across different note. Carnival Australia is part of rope. the prosecutors added. wounded at least two others in sectors in March due to the He expects the central bank Carnival Corp., the world’s In a separate police opera- The attack took place on the a suburb of Paris. The man shortage of inputs,” the central to continue lowering rates to 5% biggest cruise operator,which tion overnight Saturday, 19th day of a nationwide lock- yelled “God is great” in Arabic bank said. “Such members also this year, “and it could be argued also operates the Diamond dubbed “Operation Nemesis,” down to stop the spread of the before his assault in a park in noted that a significant impact that broad neutrality would still Princess, wheredozens of pas- some 750,000 tons of supplies novel coronavirus, which has Villejuif, a Paris suburb, officials on domestic demand is antici- be a very conservative stance sengers became infected with and morethan 1,300 foreign killed 7,560 people in France. said. The assailant, identified by pated, in particular, on consump- vis-à-vis domestic demand con- the coronavirus when it crew membersweremoved Regulations allow people to step authorities as Nathan C., was tion and investment.” ditions and global monetary docked in Japan in February. between five cruise ships, be- out of the house only for nearby shot and killed by local police. In explaining his dissenting backdrop,” he added. That ship was quarantined fore they departed Australian groceries, medicine or exercise, —Noemie Bisserbe vote for a quarter-point rate cut, —Anthony Harrup for two weeks. waters. P2JW097000-2-A012B0-1------NS

A12B | Monday, April 6, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK It’s the ‘Wild West’ as Hospitals Vie for Masks

BY MELANIE GRAYCE WEST itsown made-for-movie saga. tions,kept aChinese official in Thefirst shipment of the stateinthe loop about Elmhurst Hospital in Mount Sinai’smasks was getting supplies through cus- Queens received several thou- ready on March 20,but a toms, Dr. Klein said. sand masks from the NewYork cargo jet couldn’t be secured When the privateplanes fi- Beauty Suppliers Association outofNanjing,according to nally landed in Nanjing, local andanother 100,000 areex- Szabi Dorotovics,president of ground-support workers, staff pected from Apollo Global Mount Sinai International LLC. from Taikang Healthcare, the Management Inc.New York Mount Sinai’sboardof pilotsand othersunpacked state has received nearly two trustees and hospital leader- smallerboxesofmasks from millionmasks from Apple Inc. ship then chartered private biggerboxessothat more And Mount Sinai Health Net- passenger planes.Trustee Rich masks could fit on the jet, Dr.

work,one of the city’s largest S Friedman,chairman of Gold- Dorotovics said. private-hospital systems, has manSachs’ merchant banking Themasks arrived at Teter- been buying masksinChina PRES division, reached out to billion- boroAirport in NewJersey on through back-channel relation- TED aireinvestor Warren Buffettto March26and were driven to

ships,including securing pri- OCIA use NetJetsplanes to transport Mount Sinai facilities,said Dr. SS

vate planes to transport them. /A the supplies,Dr. Klein said. Dorotovics.Futureshipments Amid amassiveshortageof TwoNetJetsplanes were will come by cargoplane,he FFER

masks for health-careworkers TA ready to go in Anchorage, said. Theindividual cost of AL

undersiege—and regular criti- Y Alaska, afew days later,when a each mask wasabout $3,Dr.

cism from unions representing MAR call came in to Dr.Dorotovics Dorotovics noted, up from the health-careworkers—the city’s MountSinai Health Network has been buying masksinChina and securing privateplanes to transport them. that Chinese customs won’t al- typical cost of 50 centsto$1. public and privatehospitals have lowprivatejetstoland at Nan- Chinese-made personal pro- turned to upfront payments, demand moreprotectivegear. has been “way toohand-to- has forced cities to adapt or jing LukouInternational Airport tectiveequipment canbese- charity donations and deal-mak- “Part of our commitment is mouth.” lose out on supplies that keep and that passenger planes are cured, said Dr.Dorotovics,but ing to secureneeded equipment. to leave no stone unturned in Mr.deBlasio said the city is their front-line workerssafe. In banned from carrying cargo. intermediaries have told him Arthur Klein, president of this crisis to protect everyone throwing “massiveamountsof NewYork,the Mayor’sOfficeof Another intermediarywent di- that youhavetopay upfront. Mount Sinai, said the hospital we can,” Dr.Klein said. “Every dollarsand people” at procur- Contract Services has approved rectly to the chairman of the “You have to showupwith a system estimates it will need be- single thing—a mask, ventila- ing personal protectiveequip- upfront paymentsfor personal airport to getpermission for bag of money and buy it on the tween six million and seven mil- tororgown—it has the poten- ment and that the city will turn protectiveequipment, said a the planes to land and transport spot. We can’t do that,” he said. lion N95 respirator masks to be tial to save lives.” to enforcement forany com- spokeswoman forthe city. the masks,said Dr.Dorotovics. Dr.Klein described procure- used during the next three to During aphone call Friday pany or supplier that doesn’t Mount Sinai recently bought “Everybody wastrying to ment as a“kind of Wild West” four weeks. night with membersofthe turn over those supplies.The about 500,000 N95 masks and facilitate through the normal in terms of everyone scram- In recent days,membersof Nurses Association, MayorBill city’s sheriff and the policede- 1.2 million surgical masks channels,” he said. bling to make sure they have the NewYork State Nurses As- de Blasio told nurses who work partment “will simply take through an established consul- Mount Sinai provides supplies.“I’venever seen any- sociation have protested outside forNew York City’s public-hos- them,” he said. tancyrelationship with Taikang health-careservices to China’s thing likethis,nor could we MontefioreMedical Center Mo- pital system that the supply of Therush forprotectivegear HealthcareinChina. But get- consular services in NewYork have ever imagined themagni- ses Division and Mount Sinai to personal protectiveequipment as the newcoronavirus spreads ting the masks out of China was and, as part of the negotia- tude of needs,” he said. Crematories Run 24 Hours a Day

BY PAUL BERGER ing infected with the disease. Thedeaths arestraining New York City crematories services that catertogrieving are so overwhelmed with the families andthe dead. Federal death toll from coronavirus and local agencies have dis- cases that regulatorsare let- patched about 130 refrigerated ting them operate 24 hours a trucks to serveastemporary day, seven days a week. morgues for hospitals around Some crematory operators the state. said they already areworking Nowhereisthe strain more 16-hour days.They arepro- apparent than at the NewYork cessing double,sometimes tri- City crematories,which serve JOURNAL

ple,the number of bodies they apopulation of morethan REET would on atypical day. Several eight million people.Before ST LL

operatorssaid they arebooked the city liftedsome regula- WA up aweek or moreinadvance. tions to let them runall the THE

“It would be good if every- time,extending through June, R one,for the public good, they operated about 10 hours FO

would explain to families not a day. GEN to go forawooden casket,” All Souls Crematory, at St. HA

said RichardMoylan, presi- Michael’sCemeteryinQueens, KEVIN dent of Brooklyn’sGreen- nowschedules up to 24 cre- New York City’s crematories, including Fresh Pond Crematory in Queens, are struggling to keep up as the coronavirus death toll climbs. Wood Cemetery, one of four mations aday,compared with operatorsofcrematories in about eight aday just acouple rect cremations,inwhich ated with the virus. combined weight of the casket CrematoryinQueens and New York City. Cloth-covered of weeks ago. family membersaren’t present Crematoryoperatorssaid and the body was600 pounds, Woodlawn Cemeteryinthe caskets, made of fiberboardor Families have limited op- and thereisnochapel service. that even if they had the nec- he said. Bronx, aresooverburdened light wood, burn faster than tions if they choose to cremate The person’s body is taken essary staffing levels—which While burial requests have that Ferncliff Cemetery, about wooden caskets, crematory arelative. Crematories are directly from ahearse to the they don’t, in part due to the risen, too, some funeral and 10 miles north in Westchester operatorssay,making it easier limiting or no longer accom- crematorychamber to mini- need to keep some staff at cemeteryofficials saythere County,isreceiving an in- forthem to processmorebod- modating on-siteservices. mizethe risk of spreading the home in case othersget in- hasbeen adisproportionate creasing number of calls from ies each day. State regulations during the disease and to allowthe cre- fected—they couldn’t process increase in cremation re- New York City. “It would be betterifevery- pandemic restrict funeral- matorytowork moreeffi- many more bodies. quests. Cremation makes Phil Tassi, the cemetery’s body just used a simple card- home gatheringstoasmall ciently. Crematorychambers, which sense forsome people at a vicepresident, said itscrema- board box,” Mr. Moylan said. groupofimmediatefamily Mr.Moylan, of Green-Wood areheated to between 1,400 time when funeral homes and tory usually processes 12 bod- Funeral directorsand ceme- members. Cemetery, said that until re- and 1,800 degrees Fahrenheit, cemeteries arestrictly limiting ies aday.Recently,itreceived teries around NewYork City are Dennis Warner, general cently,some families would need periods of rest. wakesand burials,and when 38 in one day. struggling to servicethe spiral- manager of St.Michael’sCem- rent awooden casket fora “We’re straining them now some people can’t attend cere- “Weare using Sunday, ing number of deaths in the etery, said about half the cre- wake beforethe body was by running them so long,” Mr. monies because they have an when we don’t take bodies in, epicenter of the nation’scoro- mations thereare forpeople transferred to acardboardbox Moylan said. underlying medical condition as acatch-upday,” Mr.Tassi navirus crisis.Morethan 2,250 whodied of coronavirus-re- forcremation. But those Asingle cremation Thurs- or areinquarantine,they say. said. people have died, as of Sunday lated causes. He said his cre- transfershavestopped be- dayatGreen-Wood took more Thecity’s crematories, —Ben Chapman afternoon, in the city afterbe- matorynow acceptsonly di- cause of health risks associ- than six hoursbecause the which also include Fresh Pond contributed to this article. Key Utility Workers Live at Job Sites With Businesses Shut,

BY JIMMY VIELKIND backed paid-family-leave pro- Burglaries Are on Rise gram in 2018,and believes his While the novel coronavirus current assignment is away to BY BEN CHAPMAN see an increase and, unfortu- outbreak has forced manyNew give back. AND KEIKO MORRIS nately,weare,” said NYPD Yorkers to do their jobs from “Obviously I’d rather be at Chief of Crime Control Strate- home,asmall number of es- home with my family,” he said. Burglaries of businesses gies Michael LiPetri. sentialemployees aredoing “EveryNew Yorker helped me have risen in NewYork City Theincrease in commercial the opposite: living at their stay home with my son after under emergencymeasures to burglaries comes as major worksite. he was born. This is more me fight the newcoronavirus,ac- crimes acrossthe city fell dur- SinceMarch 23,operators paying back everyone than cording to new New York Po- ing the pandemic.FromMarch of the state’spowergrid have making a sacrifice to be here liceDepartment data, and 12 through March 31, major been camped out in parking THORITY to keep the lights on.” some businesses areboarding felonies,such as rapes,mur- AU lotsadjacent to the plantsand Some utilities aretaking up their storefronts. dersand assaults, fell by control rooms that must be WER similar precautions.National TheNYPD has seen a75% nearly 20% when compared PO

staffed 24/7 to keep New RK Grid, autility that services increase in reportsofburglar- with the same period in 2019,

York’s lights on. YO large portions of upstateNew ies of commercial establish- dropping to 3,740such crimes

Operatorswork in teams of NEW York and the Hudson Valley, mentsfromMarch 12, when from 4,670 a year earlier. roughly half adozenpeople in Employees camp out in trailers in parking lots outside the plants. has sequestered workersatgas MayorBill de Blasio declared a But Chief LiPetri said that specialized, confined spaces.If and electric control centersin state of emergency, to March break-ins of eateries,super- one of them gotsick,that per- ager of control-room opera- tween 12-hour shifts. He also Buffalo, Syracuse and Albany. 31, policeofficials said. The marketsand retail establish- son could quickly infect oth- tions,said the employees vol- broughtbooks,alaptop and TheNew York PowerAu- NYPD recorded 254 burglaries mentsare fueling arise in ers, resulting in apersonnel unteered and “morale has been Nintendo Wiitopassthe time. thority,the largest state of businesses during that time commercial burglaries.There shortage that could disrupt very high. People have adjusted Thespring weather has powerorganization in the U.S., period this year compared were 30 burglaries of super- operations, according to Rich quickly.Weall understand the been fickle,Mr. Pasquini said, in lateMarch began sequester- with 145for the same period marketsand bodegas between Dewey, chief executive of the importance of our jobs.” but several operatorsgathered ing 85 employees at all of its last year, the officials said. March 12 and March 31, accord- NewYork Independent System Most employees areliving generating facilities,including All boroughs of the city ing to NYPD data, a400% in- Operator,aclearinghouse that in two-person trailers, Mr. hydroelectric plantsinNiagara have seen increases, the offi- crease from sixsuch incidents oversees the grid. Sawyer said. Each has asmall ‘Itwas apre­emptive and St. Lawrence counties as cials said. recorded during the same pe- “It was a pre-emptive step television, but there is no ca- well as acontrol center near Theincrease in burglaries riod ayear earlier.Burglaries to braceagainst what could be ble hookup.Meals arepre- step to brace against Utica. coincided with steps to stop of eateries nearly doubled, ris- a disastrous effect,” he said. pared by adedicated cook.De- what could be a NYPAPresident and CEO Gil the spread of the coronavirus. ing to 51 incidentsin2020 Thirty-seven people arese- liveryofgoods and supplies is C. Quiniones said the authority On March 15, the city ordered from 28 incidentsin2019. questered at the NYISO’s two cumbersome, but possible. disastrous effect.’ has previouslysequestered restaurants and bars to cease Thieves aretaking currency, sites in the Albanysuburbs. “There is spacetobeable employees during severe on-siteservice,prompting electronics and consumables, Operatorswork for12hours, to playcards or do other weather,but has never imple- many establishments to close such as food, alcohol and re- and then retiretocamping things. At this point we’restill mented the policy at all of its altogether or limit operations. tail goods from businesses, trailers in the parking lots. maintaining social distanc- in lawn chairsonasunnyday facilities simultaneously. AMarch 20 decree by Gov.An- Chief LiPetri said. These workers, who include ing—even on site,” he said. to playcornhole,anoutdoor “Nothing else is going to drew Cuomo called forthe clo- Policeare working with cooking and cleaning staff, Tim Pasquini, a32-year-old beanbagtossing game.One work if the power isn’t there. sureofall nonessential busi- businessownerstodeployad- aren’t allowedtohavephysical operator from Albany, has strummed aguitar.The work- Not hospitals,not ventila- nesses,leading manyretail ditional resourceswhere contact with anyone outside been sequestered fornearly ersare hoping to set up an tors—nothing is going to stores to shutter. needed and arereassessing the 37 people in their bubble. two weeks. He chats with his outdoor pizza oven soon. work.So, we have to be sure “We knew with the closing patrols in real time,according JonSawyer,the NYISOman- wifeand 18-month-old son be- Mr.Pasquini used astate- we do our part,” he said. of many stores that we could to NYPD officials. P2JW097000-4-A012A0-2------NS

THE WALL STREET JOURNAL. **** NY Monday, April 6, 2020 | A12A GREATER NEW YORK City Races to Get Vital Supplies No Spring Break for New York state could reach the peak of its City’s pandemic at the end of this coming week Schools

BY JENNIFER CALFAS BY LEE HAWKINS AND TALAL ANSARI AND KATIE HONAN

NewYork City scrambled on NewYork City canceled all Sundaytoget morehospital of spring breakfor itspublic equipment as it faces the pos- schools and advised teachers sibility of running out of ven- to moveaway from the use of tilators in the next few days. Zoom, apopular videoconfer- As NewYork stateprepares encing program forremote-ac- foranapexofcoronavirus cess learning,according to an cases,Mayor Bill de Blasio Education Department memo said about 4,000 patientswere sent to staff Fridaynight. intubated as of Sundayand the Thepublic-school system’s city expectsnearly 1,000 more spring break wasset to run intubations in the coming from April 9toApril 17.Last days.The city needs 1,000 to week,United Federation of 1,500 moreventilatorsto TeachersPresident Michael avoid running out by Tuesday Mulgrew informed 116,000 or Wednesday, the mayorsaid. unionmembersthat their

Thecity initially expected to GES break would be shortened to

run out on Sunday. IMA just April 9and 10.While state “It’sgood in away that the officials required schools to original projection wascau- ETTY provide remoteinstruction, /G

tious and we have afew more TT mealsfor studentsand child

days,” the mayor said. PLA care foressential workerseven Thecity is appealing to the during spring break,students

federal government and states SPENCER and staff still had the option to for more equipment, he said. Medical workers wear protective gear at Maimonides Medical Center in Brooklyn. The city is seeking help from state and federal officials. take the two religious holidays GovernorsinOregonand off “inaccordancewith local Washingtonhavesaid they ping, but it is too early to un- The governor said there is ting help from the other side the second-highest number of policies and collectivebargain- would send ventilatorstoNew derstand the significance. Still, an emerging hot spot on Long of the country. cases afterNew York,would ing agreements.” York.And hundreds of military deaths in the stateincreased Island. “UpstateNew York is “Weare answering their receiveanother 500 ventila- Butinamemo to staff and medical personnel will bolster by 594 Saturday, he said. basically flat andasLong Is- call forhelp,” Oregon Gov.Kate tors from the federal govern- families lateFridayevening, the city’s hospital staffs. ICU admissions were down land grows, the percentage of Brown said in a tweet. “We’ll ment,Gov.Phil Murphysaid. city Schools Chancellor Richard NewYork stateisthe U.S. and daily intubations were cases in NewYork City has re- be sending140 ventilatorsto Cases in NewJersey surpassed Carranzasaid teacherswill be epicenter of the pandemic, slightly lower, Mr.Cuomo said. duced,” Mr. Cuomo said. help NY because Oregon is in a 37,500 Sunday, with officials expected to work April 9and 10. with morethan 122,000 cases “Discharge rate is way up and In Nassau County on Long better position right now.” reporting 917 deaths. Teachershavebeen instructing and 4,159 deaths as of Sunday that’sgreat news,” he said, Island, thereare 14,398 positive “They see the fire spread- Thestate’s death count from studentsthrough remote-access afternoon, according to data cautioning that day-to-day cases,up1,052 from aday ear- ing,” Mr.Cuomo said of Ore- the virus has eclipsed the num- learning sinceMarch 23. compiled by Johns Hopkins numbers could be misleading lier,and in Suffolk County,there gon. “Stopthe fire whereitis, ber of people killed in the 9/11 “Werecognizethis mayfeel University. New York City re- and that he would liketolook are12,405 cases,including 1,035 before it gets to my home.” terrorist attacks by 100,Mr. likeadisappointment to many ported 63,767 cases and 2,256 at data for three to four days newcases,health-department Washingtonstate Gov.Jay In- Murphysaid over the weekend. studentsand schools as we deaths as of Sunday morning. to see a pattern. datashow. Westchester County slee said Sundayhewould re- “Ventilatorsare our #1 need have all been working tire- Gov.Andrew Cuomo said Projections from the Univer- had 13,723 positivecases,up turn morethan 400 ventilators right now,” he said in atweet. lessly in our transition to re- Sundayduring anewsconfer- sity of WashingtonshowNew 642 from the previous day. to the national stockpile forNew “I won’t stop fighting to getus motelearning and very reason- encethat the number of York could reach the peak of its Over the weekend, Mr. York and other hard-hit states. the equipment we need to save ably want abreak,” Mr. deaths aday has been drop- pandemic at the end of the week. Cuomo said the stateisget- New Jersey, the state with everylifewecan.” Carranzasaid in the memo. “Manyofour educatorsare parentsthemselves,and this hasbeen an especially chal- Victims AreDying Without LovedOnesClose lenging time forthem.” Thedecision to fully cancel spring break angered the city’s BY PAUL BERGER Mr.South, who was74, was teachersunion. Mr.Mulgrew one of West Harlem’smost pas- said in alettertohis members As his father laydying of sionateadvocates forhistoric on Fridaythat he promised to Covid-19 at Richmond Univer- preservation and affordable negotiatecompensation forthe sity Medical Center in Staten housing,and warned of climate extradays of work from Mayor Island, Andreas Koutsoudakis change’seffect on the city,said Bill de Blasio. Jr.sent him afinal message Barry Weinberg, chairman of “I told him flat outthat I through anurse: “Your son Community Board9,which rep- disagreed with the decision, can’t be here, but he calls ev- resentsWest Harlem. butthe city is going ahead eryhour on the hour,and your UTH He was known as a mentor with it anyway,” Mr.Mulgrew family misses you.” SO to younger boardmembers, said.

When Mr.Koutsoudakis TRICIA said Mr. Weinberg, who is 29. On Wednesday, Mr.Mulgrew

called later and the nurse told PA “I think he wassomeone said he supported the two-day him that his father had smiled Y; who recognized that the big spring break,agreeing with the MIL

“the biggest smile,” he knew FA picturewas important, but the concerns of Gov. Andrew he had gotten through. only way youeverachieved Cuomo and other officials that AKIS

“That smilewas perma- UD thebig pictureisbydoing it afull spring break could un- nently fixedonhim,” Mr.Kout- TO in small pieces,” he said. derminethe state’seffort to US

soudakis said of his father, KO Walter South, above, served on Mr.Koutsoudakis wasafix- contain the newcoronavirus. Andy Koutsoudakis,the popu- : his community board for 40 ture of Tribecalife. He seemed But the union leader said lar owner of Tribeca’sKitchen, LEFT years. Diner owner Andy to knowthe name of everybaby that April 9and April 10, OM Koutsoudakis in a family photo.

alowerManhattandiner. FR being pushed down the street, which would have observed “Thank God Iheardthat.” his son recalled. He knewcus- Jewish and Christian holidays, A few days later, the elder When Joseph Lewinger,the has been moredifficult be- to celebratethe Feast of Our tomers’ favoritecookies and should be days off. Mr.Koutsoudakis died, on assistant principal of student cause the school hasn’t been Lady of Guadalupe that drew howthey liked their steaks. Meanwhile,city school- March 27,at59yearsold, life at theMaryLouis Acad- able to gather in remembrance. 3,000 worshipers. Theyounger Mr.Koutsouda- teachersare nowadvisedto withoutfriends or family emyinJamaicaEstates, “Our collectiveheartsare Msgr.Harringtonsaid Father kis channeled some of his grief transition from using Zoom be- around him, his son said. Queens,fell ill last month, his broken,” she said. Ortiz-Garay’s final messageto intoaGoFundMe campaign. His cause of safety concerns,in- AcrossNew York City and best friend James Denniston Msgr.Kieran Harrington him wassomething he repeated father’s customersresponded cluding the possibility of the country, thousands of fam- said he had felt helplessbeing counts himself among the oftentoparishioners: ánimo,a by helping to raise about hacked calls,according to an ilies have struggled with one unable to visit in the hospital. lucky ones. He was able to Spanish exhortation that means $50,000 in one week formedi- Education Department memo. of the most painful aspectsof “I learned to be a husband visit Father JorgeOrtiz-Garay, “buck up and have courage.” calsupplies forhealth-care Teacherscan still use video- the coronavirus pandemic: Not by watching him, how to be a the Mexican-born pastor of St. The escalating coronavirus workersand firstresponders. conferencing offered by Micro- being able to comfort their father by watching him,” said Brigid’sChurch in the Wyckoff deaths have left communities “Ifevery death resultsintens softTeams,the memo said. T loved ones,bewith them when Mr.Denniston.“And Icouldn’t Heightsneighborhood of without longtime leaders. of thousands of masks being Aspokeswoman forZoom they die or mourn collectively even go see him.” Brooklyn, the night beforehe Walter South,who died provided, well, then something said the company“takespri- at funerals. Hospital and gov- Mr.Lewinger died March 28, died March 27 at the ageof49. March 27, served his Manhat- good came out of it,” he said. vacy,security and trust ex- ernment restrictions meant to at theage of 42. Jean Mauro, Father Jorge, as he was tancommunity board, the —Jimmy Vielkind tremely seriously” and has slowthe virus’sspread are the school’sassistant principal known, advocated forimmi- most local form of government and Katie Honan been working to makesure preventing those rituals. of academics,said mourning grantsand led an annual Mass in NewYork City,for 40 years. contributed to this article. people canstayconnected.

STATESTREET | By Jimmy Vielkind With Budget Passed, Legislature Has No Clear Next Steps

Members of would have 10 days to develop mally a second wave of ac- Andrea Stewart-Cousins,both jor-party nominees forgover- Sochie Nnaemeka, leader the state Sen- and enact their ownplans. tivity in June. On Saturday, Democrats, said they haven’t nor under NewYork’ssystem of the WFP in NewYork,ac- ate and As- Indeed, many lawmakers the governor said the ses- specified anydatetoreturn. of fusion voting,wherecandi- cused Mr.Cuomo of “using sembly trick- never set foot on either sion was “effectively over.” “Asthingsarise,wewill dates combine the vote totals this crisis moment to attempt led out of the chamber’s floor during last On Friday, a variety of ad- certainly be ready to serve,” from multiple party lines. to squash the powerofhis Capitol last week’s sessions, a major vocacy groups called for law- Ms.Stewart-Cousins told re- A party’s standard-bearer opponentsand to limit checks week after overnight votes shift from existing protocols. makers to continue their portersonThursday. “We’re must now win at least 2% of and balances and restrict the to enact a new state budget. Both the Senate and Assem- work even if it means re- on abreak,but because of the the total ballots cast or structureofdemocracy.” Whether they will return bly passed resolutions allow- mote meetings. reality of the circumstance, 130,000 votes—whichever is The WFP supported actor this year isn’t clear. ing for remote voting and which is ever changing,we greater—in both presidential Cynthia Nixon’s unsuccessful Legislatorsalready had debate after several lawmak- will be back as needed.” and gubernatorial elections. 2018 Democratic primary laid out atruncated schedule ers tested positive for the Lawmakers have The new threshold could challenge to Mr. Cuomo, but forthe rest of 2020.They set coronavirus. CAMPAIGN FINANCE, AGAIN: wipe out the left-leaning eventually put the incum- aJune 2adjournment dateto In the closing minutes of little role in NewYork’sminor political Working Families Party, its bent governor on its general- allowfor campaigning ahead the Senate’s budget debate, managing the state’s parties areblasting abudget leaders say. election ballot line. of primaryelections on June Senate Minority Leader John provision they saycould put Thebudget provisions res- Richard Azzopardi, a se- 23.And they have little role Flanagan thanked his col- response to thecrisis. them out of existence—the lat- urrect the findingsofaspe- nior adviser to Mr. Cuomo, in managing the state’sre- leagues and wondered aloud est shotsinayearlong battle cial commission that last said the provision was devel- sponse to the coronavirus if he was giving the final with Mr.Cuomo. year recommended asystem oped by appointees of both pandemic that would require floor speech of his more Languageinserted intothe of public campaign financing the executive and legislative their presenceinAlbany. than 30 years as a legislator. Melissa Moore, deputy di- spending plan adopted last and lowering the limitson branches, and wasn’t moti- LegislatorsgaveGov.An- Mr. Flanagan, a Republican rector for New York for the week would raise the number campaign contributions.Its vated by retribution. drew Cuomo vast newemer- from Long Island, isn’t seek- Drug Policy Alliance, which of votesaparty’s candidate leaderssaid the tougher “This wasmerely codifying gency-management powers in ing re-election. advocates for legalizing mar- must receivefor it to win party requirementsare nec- the strongest possible public- the firstdays of the outbreak Other lawmakers and lob- ijuana, said she is disap- permanent ballot status.Pre- essarytokeep costsinline. financesystemthat opened in the state. And the budget byists said it is a real possi- pointed that a plan to regu- viously,parties secured aline In response to alawsuit up the democratic processto allows the Democratic gover- bility that the Legislature late and tax marijuana was forfour yearsiftheir guber- brought by the WFP and the morecandidates while ensur- nor to unilaterally cut spend- won’t return for months. Mr. dropped from the budget. natorial candidatereceived ConservativeParty,astate ing the most prudent use of ing in the middle of the fiscal Cuomo in February said he Spokesmen forboth As- morethan 50,000 votes. judgelast month said the com- taxpayermoney,” he said. year without legislativeap- didn’t expect major legisla- sembly Speaker Carl Heastie Manyparties achieved this mission’srecommendations proval, though legislators tion to pass in what is nor- and SenateMajority Leader feat by cross-endorsing ma- don’t have the forceoflaw. [email protected] P2JW097000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, April 6, 2020 | A13 LIFE&ARTS

BY RAY A. SMITH How to Get Through obert Jones felt “trashed” the morn- Be prepared: Set up acontact ing after a recent listormakesureemergency con- night of dancing and tacts areupdated, as your doctor R drinking in his loft is likely working remotely and your apartment. pharmacy mighthave different “I was like, ‘Oh my God, I par- hours or practices in place. “I do tied by myself and passed out on knowpeople who aresingle and my own bed,’” the 47-year-old Mi- livealone and have serious health ami-based realtor and musician issues, and theyhave set up some said. Mr. Jones, who lives alone, sort of arrangement,” said Bella had joined thousands of others DePaulo,anacademic affiliate of cooped up social distancing in the Psychological and Brain Sci- their homes who had logged into a ences departmentatthe Univer- virtual dance party hosted by the sityofCalifornia, Santa Barbara. popular DJ D-Nice. Clockwise from above, Robert Jones Structureyour time: “It’sa Attending the party was one of on his balcony, JT Kaufman with her loteasier to dwell on the negative the ways Mr. Jones kept himself kitten, rings made by Amy Mosher, when we don’thave agood rou- engaged since he can’t go out to and Melissa Jensen with her clown. tine forourselves,” said Jennifer socialize, and there is no one else Taitz, an assistantclinical profes- home. To keep boredom, which sor of psychiatry at UCLA. Every- can lead to lonely feelings, at bay, one needs to include something Mr. Jones plays videogames on his every daythatgives them plea- recently purchased Xbox, works on sure, likewatching “Sex andthe music, tidies his apartment, reads City” reruns or listening to music. books, works out at his building’s Reach out: Call afamily mem- gym, indulges in two-hour phone ber or friend justtotouch base or calls with friends, posts on social when you’re feeling anxious or media and makes regular trips melancholy.“Reach out to afamily outdoors to safely drop off care member by phone rather than a packages to homeless people. quick text message,” said Dr.Taitz. “We all have to pitch in on this Also connect with friends and dire situation,” he said. “It also family members virtually through gives me pleasure and something channels likeFaceTime and Zoom. to add to my schedule.” Keep perspective: Friends and Mr.Jones lives alone.Sodomore family in marriages, relationships than 34 million other Americans,ac- or with roommatesmightlook cording to U.S. Census Bureau esti- good on the outside, but younever mates based on 2018 figures. And know. “Justbecause you’re single while manyofthem enjoyliving on Single Life and the doesn’tmean you’re moresubject their own, the coronavirus pan- to loneliness,” said Dr.Taitz. demic is testing their fortitude. Treatyourself: “Actually Over the past decade or so, treat yourself the way a romantic these adults got encouragement partner would,” said Dr. Taitz. from articles, books, TED talks, Coronavirus “Really sit down at the table— seminars and podcasts that re- don’t eat standing up. Especially framed solo living as positive and if you made something delicious empowering rather than isolating that took you hours.” and sad. Social-distancing guide- For people living Take abreath: You’re allowed lines challenge singles’ come-and- to be afraid or worried, but don’t go-as-they-please lifestyle, forcing alone, lockdowns and let it consume you. “You can have them to become more creative in social distancing can that moment and then come keeping occupied. back to anchoring yourself in the “It’s different now because it’s amplify feelings of present,” said Dr. Taitz. Medita- imposed,” said Bella DePaulo, au- tion and appreciating what you thor of the book “Singled Out: isolation have can help, she said. How Singles Are Stereotyped, Stig- matized, and Ignored, and Still Live Happily Ever After.” “For peo- reaches out, or my almost 5-year-old live alone and choose not to date, an introvert, adjusting to social dis- much on coronavirus. But last ple who are single at heart, they nieceFaceTimes me,that’sGod’s and I’m like, ‘It’s OK. I’m happy tancing hasn’t been toodifficult. If week she had a vulnerable mo- often love having a place of their physical reminder that I’m still this way,’ ” said Melissa Jensen, 37, anything,she said, it has allowed ment. “I just finally caught up on own, they look forward to their thought of and that I’m still loved,” of Elmhurst, Ill. To stay connected her to focus on thingsshe didn’t how some of the numbers and pro- solitude. But now they don’t have said AmyMosher,who is single and with others, Ms. Jensen, who does have enough time forbeforelike jections were progressing and a choice about it, so that makes it lives alone in Cohoes,N.Y. in-store bakery training for a big- running,eating healthier, cooking started to hear about more people a little less positive,” she said. The 38-year-old, who works in box store, her sister and their moreand catching up with friends who are young having it, and it re-

JENSEN “And then there’s the uncertainty the business office of her city’s friends participate in a daily group and family on the phone. ally just took me aback,” she said. SA of not knowing how long it’s going school district, misses hanging out chat on their phones. Ms. Jensen “I am a super social butterfly, “I was hearing about people hav- to go on.” with friends, so they conduct vir- also plays Uno on WhatsApp with so I’m going crazy being trapped ing trouble drawing breath, and I MELIS The isolation could be more tual happy hours on Zoom. She friends. On her own, she reads, lis- inside,” said 28-year-old Brian Rice just kind of had an image of me

SHER; challenging for people “who were also uses Zoom to join her weekly tens to podcasts, watches “Judge of Baltimore. His itch to be out is being alone in my house, being in

MO never very comfortable with their Bible study group, and she partici- Judy,” vacuums her baseboards, exacerbated by the fact that he that situation, and just how terri- Y

AM singleness,” added Dr. DePaulo, an pates in a Facebook group for sin- sews and exercises to stave off had already spent six weeks at fying that would feel.” academic affiliate of the Psycho- gle Christians over 30. But she ad- boredom. She started including a home alone recuperating from jaw Ms. Kaufman, whose family MAN; logical and Brain Sciences depart- mits yearning for another human’s toy clown in her activities. “In- surgery. Mr. Rice, a health inspec- lives in Maryland, said financial UF

KA ment at the University of Califor- touch after weeks of isolation. She stead of having a cat to talk to, I tor and Zumba teacher, said he is worries also crept in. “It’s just JT nia, Santa Barbara, who has been recently burst into tears when a just talk to the clown,” she said. doing Zumba classes online, call- starting to feel like this is just go- studying single people for more fellow church volunteer helping Jacquleen Alagozian, a single ing friends and family, playing vid- ing to pull the rug out from under JONES;

T than two decades. While unapolo- hand out meals offered her an air 38-year-old in Los Angeles, fields eogames and watching TV to pass a bunch of people like me who

BER getic solo-living adults might scoff hug from afar. In her spare time, calls from overwhelmed friends or the time. “I’m learning to be a lit- started their adulthood in the re- RO

: at the idea that they should be felt she has gone for runs, watched cousins with children, spouses or tle more introverted,” he said. cession and were just getting sorry for and checked up on dur- rom-com movies and read Nora partners. “I don’t have anyone at JT Kaufman, of Durham, N.C., things on track,” she said. And LEFT

P ing crises, others “may be very Roberts books. home frustrating me or causing loves living alone with her dog and while she’s not rethinking living TO grateful to have other people “It’s not all roses and sunshine any additional chaos in my life,” two kittens in her first home, alone, “It’s moments like this that OM

FR thinking of them and reaching out as a single person, but it’s not all she said. “They tell me ‘Jacquleen, which she bought in August. Busy kind of make me think it would be to them,” she said. woe is me, either,” she said. you’re so lucky.’” with work, hiking a lot and taking great to have another human being WISE “It’scheesy,Iknow, but every “I sometimes feel bad that other Ms.Alagozian, amarketing direc- an online class on weekends kept just to exist through this weird un- OCK

CL time afriend or family member people feel bad for me because I torfor anationwide lender,said as the 30-year-old from focusing too precedented situation.”

YOUR HEALTH |SUMATHI REDDY What Are the Benefits of Wearing a Face Mask?

TO WEAR a face mask or not? In from getting infected from some- made mask? the U.S., a growing chorus of ex- one else, masks aren’t as effective, A false sense of security. Ex- perts have supported mask-wear- studies show. perts say masks can’t be a substi- ing for the general public, though tute for other more effective virus- there are issues with shortages So where can you get a mask? prevention strategies such as and access. At this point, masks are scarce, social distancing. On Friday, the Trump adminis- and experts say most store-bought tration recommended that Ameri- masks should be saved for health- Are there any other benefits to cans wear basic cloth or fabric care workers. wearing a mask? face masks when in public to re- Masks that can be found at Yes. Experts say having a mask duce transmission. The new rec- hardware and department stores on can serve as acue to not touch ommendation, from the Centers may provide some level of protec- your mouth or nose, where virus for Disease Control and Preven- tion—mainly helping to avoid in- transmission can occur. But please tion, aims to reduce the risk that fecting others—but many are sold try not to touch your eyes either. people who are infected but as- out or going for high prices. Cloth The psychological impact of ymptomatic will spread the virus. masks can be found on websites wearing a mask and seeing others We asked experts for advice. like Amazon and Etsy, though the wearing them is also important. It quality varies. Many experts rec- is a sign that people are taking vi- What’s the difference between ommend making your own. rus-prevention seriously and bat- N95 respirator masks, surgical They canbemade from T-shirts, tling it together. masks and regular old masks? kitchen towels,possibly even vac- N95 respirator masks filter out uum bags. One 2013 study found So if I’m going to make my own 95% or more of particles of all that cotton masks canbeeffective, mask what’s the best material to sizes and are worn in health-care The U.S. guidance on wearing protective masks in public has shifted. and researchersinChina and Hong use? settings where workers are ex- Kong have advised howtomakea Thicker,tightly wovenfabric is posed to a high number of infec- guished research scientist at the In the home, effectiveness may be mask out of paper towels. moreeffectiveatcreating abarrier tious people. Experts say they University of San Francisco and a limited because people don’t wear than athinner,looser material, says need to be fitted to be effective, big proponent of mask-wearing. masks when they are eating or Do nonmedical or homemade Linsey Marr,aprofessor of civil and and cleaned and maintained prop- “Those need to be properly fitted,” sleeping. masks work? environmental engineering at Vir- erly. There is an extreme shortage he says. “They are designed for Sten Vermund, dean of the Yale It is unclear howwell these work ginia Tech. So asweatshirtor of N95 respiratory masks, so ex- aerosol-generating procedures, not School of Public Health, says a but some studies showthey may kitchen towelisbetterthan some-

S perts say such masks need to be for day-to-day walking around.” 2005 study found that face masks offer amodest level of protection. thing likeabandanna or handker-

PRES reserved for health-care workers. Surgical masks should also be reduce respiratory virus transmis- DIY masks canbeefficient at block- chief.Studies showthat bandannas “We can’t be using masks desig- reserved for health-care workers. sion by about 10%. Though seem- ing dropletsand acting as afilter, and handkerchiefs arethe least ef-

ZUMA nated for health-care workers,” These protect against larger respi- ingly modest, a 10% effect could be says JoeAllen, an assistant profes- fective, she says. S/ says Joe Allen, an assistant profes- ratory droplets but aren’t as effec- huge, he says. “I don’t scoff at sor of exposureassessment science PRES sor of exposure assessment sci- tive with smaller droplets. small effects applied to millions at the HarvardT.H. Chan School of Anyother tips formaking your CA ence at the Harvard T.H. Chan and millions of people.” Public Health. “IfI’m infected and I ownmask? BA

/A School of Public Health. How effective are masks that The biggest benefit of wearing a cough or sneeze, it is going to stop Fit is the most important thing, Even without a shortage, N95 aren’t N95 respirators in settings mask is protecting others from you the spread of that droplet,” he says. says Dr. Marr: “You should be

CHARLES masks aren’t appropriate for ev- outside the hospital? in the event that you are sick or breathing through the fabric, not eryday use by the general public, Household and dorm studies asymptomatic, experts say. But if Is there any potential harm of by air coming in through gaps on

GUERIN says Jeremy Howard, a distin- show a modest effect, experts say. you are trying to protect yourself wearing a store-bought or home- the side.” P2JW097000-0-A01400-1------XA

A14 | Monday, April 6, 2020 THE WALL STREET JOURNAL. LIFE & ARTS

WHAT’SYOUR WORKOUT? |JEN MURPHY ABodybuilder Pivots to Home Training OW BARL SH JO ; APHY GR TO PHO 616 UDIO ST S, GES BUR VE DA (2); JOURNAL REET ST

LaNee’ Barlowcried when she LL

learned that the Kalamazoo Body- WA

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gan were canceled due to the coro- FO navirus pandemic. The announce- ment on March 15 came two weeks FRENCH ahead of the scheduled competi-

tion. NDON LY The mother of three had been in : serious training mode, waking at 5 RIGHT

a.m. to hit the gym twice a day. P “It’s hard not to be disappointed. TO OM

But I have my family to take care FR of and realize health and safety comes first,” she says. WISE OCK

Ms. Barlow, 36, inadvertently CL got into bodybuilding last year when her husband, Joshua Barlow, LaNee’ Barlow was preparing for a decided to train for a competition. A Useful Time for Prepping Multiple Meals bodybuilding competition before the “I figured if I was going to have to coronavirus pandemic canceled the meal prep for him, I might as well speople areasked to stay home complicated recipes, she says. Stick event. Now she’s figuring out a new get involved, too,” she says. Ato help stopthe spread of coro- to simple, easy-to-make recipes with routine at home, including time on The couple, based in Byron Cen- navirus, they’re stocking up their re- easy-to-find ingredients. And meals the Peloton, top left. ter, Mich., hired a coach and over frigerators and cabinets. Full larders don’t need to feel nine months completely revamped can lead to nonstopsnacking,espe- monotonous. hasn’t yet their bodies and lifestyle. After cially when stuck at home. Keeping She reuses her stocked the their first competition at the end healthyfood close at hand helps min- slow cooker bar- fridge with fro- of May 2019, they high-fived and imizetemptations, says Nancy Clark, becue chicken as a zen pizzas. swore they’d never do it again. aBoston-area sports nutritionist. topping for barbe- “We’re making Mr. Barlow, a business develop- “When you’re hungry,it’seasyto cue pizza or slow pizza from ment manager at a Fortune 500 makebad food choices,” she says. cooker chili in que- scratch and us- tech company, moved on to his Meal prepping is one way to sadillas. ing this as a next bucket-list challenge. Ms. Bar- make healthier food choices and can Ms. Amidor chance to cook low, who stays home to care for help time-crunched parents as they adds that meal more as a fam- their children, ages 8, 5 and 3, re- juggle work and home schooling. prepping forces ily,” she says. hired their coach. Toby Amidor, a registered dietitian you to portion “We might be When Ms. Barlow, who is 5 feet and author of “The Healthy Meal your meals. “By stuck at home, and 118 pounds, started training, Prep Cookbook,” says the key to controlling portions you not only but we can still try to make she could squat 60 pounds. She meal prepping is organizing and save money, but also keep calories healthy choices.” now puts up 185 pounds, and over scheduling your meals, time for food in check,” she says. To minimize six months watched her body fat shopping and time for cooking. spoilage, she recommends freezing The Gear and Cost drop from 26% to 17%. Many people make the mistake of individual meals that you plan to Thecouple’sPeloton bikecost Free child-care services at the feeling like they have to do all of eat at the end of the week, when $2,300,and they paya$39-a- local YMCA had allowed Ms. Bar- their prep in one day and choose possible. month subscription. Bodybuilding low to juggle training and mother- is not acheap sport. Ms.Barlow hood. With schools and the Y now had been paying her coach $50 closed, Ms. Barlow is adapting to intensity interval training.Six speed, quickness and power—in- during the polar vortex she was per meeting and $60 per hour- home schooling her kids and find- weeks beforeacompetition she cluding burpees, jump squats and grilling steak and chicken in boots long personal training sessions. ing any free time to work out would increase her cardio to seven mountain climbers. She fits in her and gloves, determined to prep She splurgedona$550 bikini without her normal barbells. days aweek,adding a45-minute strength routine early mornings. food for the week. She typically from Angels Competition Bikinis “They sayittakes one year to session on her Peloton bikethree When her kids go to bed, she hops ate five high-protein, low-carb and spent $60 on her heels and build muscle and just afew weeks to eveningsaweek aftershe putsthe on her Peloton. meals a day. Cheese-free pizza and jewelry. “I can’t think of it as lose it, and that’sproving true,” she kids to bed. She devoted an hour to “Buying a trampoline for Christ- frozen yogurt used to be splurges. money wasted,” she says.“My says.“But I’m luckymyhusband still strength training six days aweek. mas has turned out to be the “I stood in line in 34-degree coach gotmeingreat shapeand has ajob and canwork from home With no heavy weights at home, best present ever,” Ms. Barlow weather at Costco to find chicken maybe I’ll be able to competein and we canaffordgroceries.” she says she’s already noticed her says. “We can all jump on it for and finally found a store with four the future.” body changing. “My muscles might fun and exercise.” breasts left,” she says of a recent The Workout shrink, but I can still keep my shopping trip. “My diet will obvi- The Playlist Ms.Barlowhad been doing three heart healthy,” she says. She’s ad- The Diet ously have to change, and that’s Ms. Barlow says Queen, Dolly Par- days of cardio: 20 minutes on the opted a routine of plyometrics— Ms. Barlow had been so obsessive OK. People are dying. We’re lucky ton, ABBA and Christian music are StairMaster and 15 minutes of high- explosive exercises that increase about her diet that last winter to have boxed mac n’ cheese.” She staples of her workout playlist.

Comedians BY JOHN JURGENSEN MikeBirbiglia, show and make it funny. left, and Mero: Everyone is stressed out EVEN AS THEY followgrim Gina Yashere about toilet paper selling out at eventsonthe pandemic’sfront perform. Costco or CVS. You know, you can lines,manyAmericans arefinding go to the bodega and get toilet pa- thingstolaugh about on the per, extension cords, a can of tuna, home front—Zoom fails,crash a carpet. Everything’s there. And courses in home schooling,the these guys behind the counter are cabin feveroffamily members making ends meet, while serving and pets. Social media is awash in the community, while putting Seinfeld-ian observations about themselves at risk. You gotta shout breadmaking,work-from-home that guy out. wardrobes,and other quirks of Desus: I don’t think quarantine lifeunder lockdown. jokes are played out yet. I still en- Professional comedians, too, are joy a good Zoom joke. grappling with these two sides of The jokes about corona—people

AL the crisis—the horrific and the are losing family members and co- TIV mundane—as they try to process workers, so how far do you go? As FES the shared experience into jokes. an example, James Dolan, the

FILM Late-night TV hosting duo Desus & owner of the Knicks, tested posi-

CA Mero, who went back on the air at tive for coronavirus. As a Knicks Showtime last week, say they feel fan, there’s a million ways to feel TRIBE

R a responsibility to redirect their about that, and a hacky comedian FO Comics Navigate Humor During Crisis audience’s anxiety by, say, analyz- could make bad jokes. You might GES ing a viral video of a coffee-shop have been able to get away with IMA customer spraying his to-go cup If I had to be on stage tonight, being. The storytelling is beholden got the skills. some jokes last month, but not with disinfectant. I’d probably use this thing I talked to a historical outcome that hasn’t Before production shut down on this month. GETTY We asked comedians what kind about with Chris Gethard: Pre- yet occurred. “Bob Hearts Abishola,” we were We’re taking it an hour at a

CHLIN/ of jokes areworking right now, Covid, when you asked someone discussing whether to incorporate time. Next week’s shows? I can’t

RO which aren’t, and howthe crisis “How are you?” it meant “I don’t Gina Yashere, aLondon-born stand- coronavirus into our story line. We even tell you. Y

RO might reshape their futuremate- care about you at all.” Post-Covid, up comedian and aco-creator of the decided people were tuning in to ; rial.Hereare edited excerpts. it means “Are you going to be alive CBS sitcom “Bob Hearts Abishola,” take their mind off this pandemic. Patton Oswalt is aveteran stand- anymore?” has been creating daily “corona dia- Now, it depends if and when we up and an actor and author. He Mike Birbiglia, a filmmaker, writer Sure,thereare mundane things ries” videos on Instagram. get Season 2, and where we are in signed on to co-host alive- UNIVERSITY

N and star of several comedy spe- that arefunnyabout social distanc- Ms. Yashere: That’s my way of the timeline of the pandemic streamed fundraiser Saturday,

OW cials, has turned to Instagram. He ing and isolation, but Idon’t think working out material that might whether we cover it at some point. Comedy Gives Back’s “Laugh Aid,”

GET chats live with a fellow comic to we’ll truly be able to laugh about come later when I get back to do- Abishola is a nurse, so she’d be in not to perform material of his OR

GE work on a few fresh jokes each this situation foryearstocome. ing stand-up, like a bit that I did the trenches if this happened on own. R (and ask for donations to comedy When Iperformed after9/11, I about everyone on Instagram look- the show. Mr.Oswalt: I’m trying my best to FO club workers via TipYourWait- wasshowing childhood drawings ing rougher and rougher as the fall silent right now, and amplify GES staff.com). that Ihad found at my parents’ days go by, including me. The hosts of “Desus &Mero”— the right voices rather than amplify IMA Mr.Birbiglia: If we’renot adoc- house,and Iwas unpacking the logic In the videos, I’ve talked about Daniel “Desus Nice” Baker and Joel my own[to his 4.6million Twitter

ETTY torornurse or deliveryperson, of the drawings. It wasjust silly.A the origins of the virus and how “The Kid Mero” Martinez—say their followers]. /G what arewedoing to help? We’re lot of what came out of post-9/11 my head has been turned around point of view represents their hard- I’ve been doing stand-up long comedians—wedon’t have answers. comedy wasabsurdity.Idon’t know by all the conspiracy theories. hit hometown of New York. enough to trust that a correct MAZUR We do have jokes.That’sour cur- what will come out of this. When this is in the rear view mir- Desus: Most of the people who voice or angle will come to me.

KEVIN rency. There’sonly so much news For two years I’ve been writing ror, maybe I will go into the watch our show are probably es- The arts never go away, we : youcan consume.Your nervous a comedy film with the backdrop darker stuff, but right now it’s a sential workers. This might be the need that escape and we need to LEFT system craves some kind of release of a global pandemic. But I think bit too raw for me. But I don’t one break they get after a stressful tell stories. But I’m not going to OM

FR from what we’reliving through. I’m going to scrap it for the time think anything’s off limits if you’ve day, so you have to go hard for the try to keep it to my timetable. P2JW097000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, April 6, 2020 | A15 LIFE & ARTS RD VA

HAR Exterior of the Parthenon, above; Piet Mondrian’s ‘Composition’ (1914), left; AT

T 3-D model of the Giza Plateau from the Harvard Digital Giza Project, below EC OJ PR A GIZ ; UNIVERSITY MBIA LU CO MUSEUM; T AR KIMBELL :

LEFT making it possible to contemplate tion Process,” on the Getty’s, tackle

OM the Parthenon in one direction and topics of perennial interest to chil- FR turn to gaze out at the city of Ath- dren. In other videos from the ens in the other,all as if youwere Getty,such as “Making aSpanish WISE standing right there. Polychrome Sculpture” or “Making OCK

CL Beyond architecture, museums Manuscripts,” conservatorsre-cre- have become extremely sophisti- atehistorical techniques,providing THE STAYING INSIDE GUIDE—ART catedinmaking their collections windows intohow differently art- accessible online,and Google Arts& istsworked in past centuries. CultureStreetview allows manyvir- Foryounger children, the PBS tual walk-throughs of entiremuse- “Nova” series (available on their Art History ums that mayalso be engaging for siteand Amazon Prime) includes children. These arenot always easy several excellent segmentsfocused to navigate, especially if youdon’t on historical buildingsand their already knowthe museum layout. construction, from “Decoding the But anyconfusion canbeoffset by Great Pyramid” to “Building the ForAll Ages the manyways individual museums Great Cathedrals” and “Secretsof offer to interact with their collec- the Forbidden City.” Theaccount tions.The British Museum’scollab- of Beijing’sForbidden City de- orativetimeline with Google has an scribes howthe large blocks used Even though schools and museums are shut down, curious kids can impressiveinterfaceallowing view- in construction mayhavebeen erstoshuttle among time periods, brought to the sitebysliding them still engage with the arts via a variety of online resources geographies and themes.Itises- on pathwaysofice.Also forthe sentially an interactiveversion of grade-school set, the National Gal- “A Historyofthe World in 100 Ob- leryofArt in Washingtonhas a BY CAMMY BROTHERS to supply and demand curves to both the past and the present. jects” by Neil MacGregor,the Brit- versatile andengaging iPad app, the physics of flight. We’vebeen Whymight Queen Hatshepsut, a ish Museum’sformer director. NGAkids,that allows children to NEVER HAVE IWANTED to take meeting with some success:Even female pharaoh of Ancient Egypt TheKimbell Art Museum and the createtheir ownvariations on my children to the museum more the youngest in the group have re- and agreat architecturalpatron, Museum of Modern Art also pro- works in the collection. than in the past weeks,when we sponded to the stimuli offered by have presented herself with a vide brief audio accountsspecifi- Despitethe fact that artsinstitu- have all been stuck at home.Of the unfamiliar topics. beard? Howshould NotreDame cally tailored forchildren while tions arefacing an uncertain future, course the museum doorsshut the Art historyinparticular is Cathedral be repaired? avoiding condescension. In the Kim- theremay be abright spot in the same dayasthe schools.Although rarely if ever on themenu of ele- Arangeofwebsites and digital bell’saccount of Mondrian’s“Com- midst of our present calamity.With Iteach collegestudents, I’venever mentaryormiddle school. But tools help bring historical sites to position” (1914), asoft-hued grid of anyluck,alittle stimulation of the been able to imagine having the manybright children find that life. Google Earth cantakechildren gray,pink and orange, the narration younger generation during this fal- patiencetoexecutehome school- their particular strengths do not to the Pyramids at Giza, while the manages to provide aclear defini- lowtime will mean that when the ing well. But sincethe closures, match the academic agenda of HarvardDigital GizaProject, with tion of abstraction, likening the museums finally reopen, children out of desperation, Ihavecobbled their classrooms,leaving them itsvideogame-likeinterface, allows grid to the verticals and horizontals will be the firstthrough the doors. together askeletal curriculum with feeling not up to the job.Art his- explorerstosearch the interior of of tree branches or buildings. afew friends,each of us offering a tory drawsonawider array of ca- pyramids.Togiveyoung armchair Short explanatoryvideos,onen- Ms. Brothers is an associate short virtual classtoagroup of pacities.Evenifyou can’t easily travelersthe feeling of immediacy, ticing topics such as “Howto professor at Northeastern children, ages 6through 14,every read abook,you canread apicture Columbia University Media Center Catch aUnicorn” (about medieval University and the author of weekday. Subjectshaveranged or abuilding,observeand de- forArt History has aseries of nav- art), on the British Museum’sYou- “Michelangelo, Drawing, and the from ancient Egyptian architecture scribe.And art historycan open up igable panoramic photographs, Tube channel, or “The Mummifica- Invention of Architecture” (Yale).

TELEVISION REVIEW |DOROTHY RABINOWITZ Finding Hope in Dark Times

IN 1945, agroup of young survi- vors of the Nazi camps arrivein England carrying their few posses- sions and looking tense.As“The WindermereChildren” (PBS)—a dramatization—shows,their expe- rienceofdeath camps and labor camps and of being herded into boxcarshas caused them to be wary of being takentodestina- tions they knownothing about. One child refuses stubbornly to leave the bus.Historyhas given him no experienceofanything A scene from ‘The Windermere good at the end of along journey. Children,’ left; Julia Child, above What awaitshim is,infact, a wonderland—a placewhereeach “The Sopranos,” forinstance, or, child has aroom of his ownand forthe middle of the night, plenty to eat. Theassuranceof “Frasier.” And now, the sight of Ju- plentiful food is something these lia Child slapping abunch of floun- children have grasped as fact, der around on “Dishing With Julia which doesn’t mean they’reable to Child” (Fridays,10p.m., PBS; and absorb the fact as acertainty. all available to stream now) while Their firstmeal in the dining room explaining howtofilet such fish.

begins with the serving of bread, Youmay need to knowthis one ION which setsoff asmall riot of day—“All flounder have the same AT young teenagersracing around the bone structure.” UND FO room gathering all the bread they Discussing these old shows are

canand stuffing it in their closets star chefs and restaurant owners, CHILD and under their pillows. all of them unstinting in their It is their firstday at theCal- praise. She’s quite sensual, one ob- JULIA

garth EstatebyLakeWindermere, serves—he means the way she THE aplaceintended to serveasakind smacks the flounder. Engaging as

of recovery center forthem, with these points may be, one thing is LIMITED; therapists, achild psychologist, gone from their lives.Nor does hands at painting suspectsthat void of sentimentality,grim in its very soon clear. You’d much rather

and asportscoach. As this film anyone want to try. Theorganizers this exercise might getthem to facts, and moving in itsportrait of watch Julia slapping those fish. MEDIA

makes clear (writer,Simon Block; of this journey have been granted yield up some of the blackness the determined effort to rescue LL director,Michael Samuels), no one just four months at Windermereto they hold inside.The paintings these young lives. The WindermereChildren WA TO

has anyexpectation of changing nurtureasense of hope in their that result areterrifying in their iii PBS LL

the inner lives of these children, charges—tostrengthen them, darkness. Even in dark times,thereare,as WA or of being able to rid them of lessen their loneliness. Theart Themonths at Windermerein we’vecome to know, plenty of op- Dishing With Julia Child : their yearningsfor mothersand therapist (portrayed by Romola the end provetheir worth as evi- portunities forhappinessifwe Fridays,10p.m., PBS; and all avail- LEFT OM

fathers, sisters, brothers, forever Garai) who gets them to trytheir dent in this film, impressively de- knowwheretolook—reruns of able to stream now FR P2JW097000-0-A01600-1------XA

A16 | Monday, April 6, 2020 THE WALL STREET JOURNAL. SPORTS When Sports Return, Will the Fans?

It’s uncertain when spectators will have the appetite for mass gatherings at stadiums or arenas

Sportswill be back.Atsome point in the possibly distant future, athleteswill head back to work in arenas,ballparks and stadiums,and leagues will promise areturn to normalcy. Therewill finally be something to watchontelevision again.

By Joshua Robinson, Ben Cohen and Laine Higgins

But thereare some people who might not be ready so quickly: the fans. What happensnextinsports maybebeyondthe control of leagues and the television networks that paythem billions of dollars. Thepeople with the powerare the ones who packed the stands.And sportswill only be normal oncethe public decides it’ssocially and psy- chologically acceptable to be around thousands of strangers again. When they canevenbegin to think about that is impossible to say. Thenovel coronavirus has caused so much damageand be- havessounpredictably that major eventsare canceled deep intothe summer.It’snolonger agiven that playwill resume this year.“Until you’rewidely vaccinated,” Bill

Gates said last week of massgath- S erings, “those maynot come back at all.” PRES

President Trump told the com- ZUMA missionersofsportsleagues on Saturdaythat he wantsfans at WIRE/ A

games “soon—verysoon.” /P “I want fans back in the arenas,” APLES

Trump said. “And the fans want to ST be back,too.” RREN

But the primarychallengefor DA the businessisnot apolitical or fi- Fans celebrate during a match between Liverpool and Atlético Madrid on March 11. The weeks that followed saw a spike in coronavirus cases in Liverpool. nancial one.It’sbehavioral. “The overall biggest long-term problem forsportsisthe fear asso- Some leagues,governing bodies and collegefootball—if those sea- that onceanorder is lifted, people if they aresitting on their own ciated with public interaction,” and even the International Olympic sons begin on time.California Gov. arejust going to flock to go back to time-bombs. Golden State Warriorsowner Joe Committeehavestopped trying to Gavin Newsom said on Saturday a50,000-seat or 100,000-seat sta- MatthewAshton went to see Liv- Lacobsaid in an email. “When does predict the future. TheOlympics that he doesn’t believehis state’s dium likethey did before.” erpool playAtléticoMadrid on that go away?When will society were postponed until next summer. three NFL teams will be playing in That would render plans for March 11 at atime when other Eu- decide that it is onceagain safeto Wimbledon will skip 2020.Bel- front of fans come September. near-term comebacks as uselessas ropean countries were already in interact in public? That is thebig gium’stop soccerleague simply de- AmyHuchthausen, commissioner afacemask made of tissue paper. lockdown. He persuaded his 72- question forsportsteams and clared achampion last week.The of AmericaEast Conference, said Thebasketball and soccerleagues year-old father to skip one of the leagues.” only thing forthe rest to do is that she’salready noted small shifts in China, wherethe virus appeared club’sbiggest matches of the sea- “The good news is that this virus search foralternativedates and to be dissipating under strict con- son. Ashton made adifferent calcu- will be beat and thingswill return keep waiting. trols,hoped to return to action this lation forhimself. to normal,” he wrote. “Weknowthe TheNBA is exploring the con- The stern lessons of month in empty venues.They “I think it’sthe last chanceI enemy, and medical knowledgeand cept of hosting the playoffs in a quickly abandoned those hopes. have to go see Liverpool playthis capabilities aregreater than ever in fan-free bubble if they getclearance recent mass gatherings South Koreacanceled the rest of its year,” he told his father,who is also history.” from public health officials,while are only beginning to be basketball season. Japan has post- apublic health expert. “It probably Howlong that will take is a the English Premier League is con- poned baseball’sopening day— wasthe wrong decision. In retro- question that no one in sportsis templating ashiftfor the last quar- understood. twice. spect, youthink: Wasitreally qualified to answer—and epidemi- terofits season to the middle of Imagining areturn to packed worth it?” ologists, immunologistsand infec- summer.But thereare manyskep- stadiums is even harder when the Theweeks that followedsaw a tious disease expertsare still trying tics in the NBA, including LeBron stern lessons of recent massgath- spikeincases in Liverpool that to wrap their minds around. James,and the most ruthlesssoc- in her ownlifethat foreshadow erings areonly beginning to be un- Ashton believes wasaccelerated by What they do understand, as the cerleague on earth acknowledges largerones in society.She notices derstood. the Atléticomatch.Oncepeople re- year slips away,isthat howsports that matches will be on hold until the nearest person on the sidewalk It isn’t just because fans will alizethe consequences of being fans behave mirrorsthe behavior of the conditions are“safeand appro- when she’soutside now. That sense have lessdisposable income to around each other,hesaid, they large groups in society as awhole. priate.” of heightened attention figuresto spend on sportstickets. It’salso be- might have an unsettling thought: Even if people were allowedintoof- Even if they managetofinish be common in crowded stadiums. come clear that the outbreak of “Oh my God, perhaps I’m not as ficestomorrow,it’suncertain when this season, they could find them- “I think we’renaivetothink coronavirus in Northern Italy was safeasIoncethought Iwas.’” they would have the appetiteto selves in the same position next that’snot going to persist in along- turbocharged by asoccergame be- There’sareason this is nowon surround themselves with any- season. They could also find them- term way even when we’repast the tween Atalantaand Valencia in Mi- Ashton’smind: Last week he was wherebetween 20,000 and 100,000 selves running intoferocious com- virus and past the pandemic,” she lan on Feb. 19.Fans who attended named the city of Liverpool’sdirec- other fans at stadiums. petition foreyeballs with the NFL said. “I have ahardtime believing other matches arenow wondering torofpublic health.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. 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THE WALL STREET JOURNAL. Monday, April 6, 2020 | A17 OPINION Ode to American Toilet Paper BOOKSHELF | By Gregg Easterbrook

Afew weeks what wasdefinitely not a And don’t dareflush it. Oh warmer.With the right read- The Energy intothe lock- slow news dayonWednes- no.Instead youneed to place ing material, youcan spend down, let’s day, therewas national cov- it intoanaptly named waste- hours. assesswhere erageofanoverturned 18- basket next to the toilet. Has But wait asecond, Idid a we are. First, wheeler near Dallas because the rest of the world not dis- little research and it turns To Survive we’reall itsload of thousands of rolls covered3-inch PVCpipes? outthat Toto gotintothe INSIDE germophobes wasburning. Thankfully,evenAlGore’s businessasthe original Japa- VIEW now. Hand- Sure,toilet paper maybe low-flowtoiletsdidn’t lower nese distributor of the Wash A Question of Power shakes areso controlled by the patriarchy: the American standardtothat Air Seat (the name says it By Andy yesterday. the Scottbrothers, Clarence of the worthless, underflush- all), invented in 1963 by a By Robert Bryce Kessler We’recaught and Edward, and ol’ Mr. ing commodes overseas. Brooklyn entrepreneur,Ar- (PublicAffairs, 322 pages, $28) up on “Tiger Whipple,who insiststhat you nold Cohen. Ha, Iknewit. It King” episodes on Netflix. “don’t squeeze the Charmin!” wasgood old American inge- rowing up in Buffalo,N.Y., Itook electricity for We appreciateAmazon same- But onceyou go two-ply,you Of course we hoardit. nuity that Toto copied and G granted. Nearby wasNiagaraFalls,whose daydeliverynow that most cannever go back.Nowon- then perfected. I’m not com- hydroelectric powerstations,pulsing with kilowatts orderstakeaweek.Wemiss der Americans hoard. Thesoftstuff sets us plaining; it’sthat kind of forthe 1901 Pan-American Exposition, made Buffalo sitting in restaurantsand Thefirst commercial toi- apartfromour one- globalization that savedmy America’sCity of Light—the nation’sfirst wholly milking atable over mean- let paper wasintroduced in marriage, as the Toto closes electrified large metropolis.Statues of Nikola Tesla inglessconversations. Same 1857 by aNew Yorker named plypeersoverseas. theseat and lid 30 seconds adorned our parks.Inthe placeofmyboyhood, electricity forsports, which provided a Joseph Gayetty. It wassold afteruse.Brilliant. Kohler wasdependable and low-priced. Isn’t that howitisfor great background noise to as Gayetty’sMedicated Pa- and other vendorsnow have everyone? life. Grocerysupply chains per—with aloe.Itevenhad TheJapanese have tried to similar features. But, but, LaterIlived in Pakistan, wherethe government’sWater still seem to work.And given hisnamed embossed on the finesse the whole toilet-paper but, at theend of the day, andPowerDevelopment Authority, or Wapda, staged which shelves arebareat flat sheets.Rolls were first thing,and even one-up us. none of the waterworks func- regular rolling blackouts. In Pakistan, if the fans turned Costco and most supermar- patented in 1891. By 1935 They arerightly proud of tions canreplacetoilet pa- forafew hours, that wasagood day. kets,wesee clearly that Northern Tissue started ad- their electronic toilets. Toto, per—notevenclose. Then Isettled in Bethesda, Md. ThePotomac Electric Americans have aweirdfas- vertising that itstoilet paper which is short forTōyōTōki, As usual, American capi- PowerCo.,orPepco—oncecalled “the most hated cination with not running was“splinter-free”—another or “Oriental Ceramics,” was talism and competition have companyinAmerica” by BusinessInsider—made Wapda out of toilet paper. reminder that youreally the firsttoperfect the high- kept pushing the stateof seem amodel of proficiencybycomparison. Since2000, This last one should come didn’t want to be born be- fidelity toilet and, as only the the toilet paper art and roll the utility has had six multidayoutages in my neighbor- as no surprise.It’spart of fore then. Two-ply wasin- Japanese can, market it non- toward the future. Forget hood. ForPepco, rain and what separates us from the, vented in England in 1942, sensically as “the pursuit of two-ply! Quilted Northern wind, it seems,are err,“unwashed” masses.Any- around the same time as toilet happiness.” came out with an Ultra considered unanticipated one who has traveled outside electronic computers. Amazon had asale years Plush® three-ply: “Three circumstances. the U.S. knows exactly what But take atrip to partsof agoand Ibought aToto cushionyand absorbent lay- Pakistan and Maryland I’m talking about. Iwas Europe or Asia or especially Washlet add-on. It has lots ers,” 100% biodegradable, caused my viewof warned not to shakehands in South America, and you’ll of buttons and even an LCD flushable and septic-safe, electricity to change. It is India. learn quickly that they’re remote. I’ll readily admit and Sustainable Forest Ini- not something to be taken But whyare Americans stuck in the past. Their toilet that Ican’t livewithout it. tiativecertified! And prov- forgranted, yetitis different? We obsessbecause, paper,and facial tissue for OurTotopre-mists, though ing thereisnoend to Amer- essential forwork,comfort likeFrench wine or Italian that matter, is awful. It can I’m still not surewhat for. It ican innovation, Quilted and safety.The need for coffee,wehavethe best, so feel almost waxy,likethe has morewarm streams than Northern is developing a reliable electricity is we flaunt it. Be thankful for bagsinwhich your mom Netflix and I’vetried them (gasp!) four-ply toilet paper, something all societies must the glories of two-ply—my used to pack your fluffernut- all—rear,front (OK,just with megarolls to be sold in grapple with, and is the kingdom fora12-pack of tersandwiches.Orworse, once), oscillate, and my fa- acommemorativetin. Now subject of “A Question of 1,000-sheet rolls,still hardto they have the texture of 100- vorite, pulsate. And yes, it that’s worth hoarding. Power: Electricity and the come by.Nosurprise that in grit sandpaper.Ouch. has adryer and seat Write to [email protected]. Wealth of Nations,” asmart, important book by the energy analyst Robert Bryce. Mr.Bryce sees the modern ageasastruggle not for No Gasoline in Venezuela industrialization or political primacybut rather for electricity.“Thevast disparity between the rich and the Researchers cult to produceand distribute omy. Theregime continued to livered in most places any- poor” in the world is defined, the author proposes,“by the at theNew food and potable water, and to send crude to the U.S. Gulf more,leaving Venezuelans disparity between those who have electricity and those York Institute manage waste disposal. Coast and to import gasoline without cooking fuel. Ambu- who scrape by on small quantities of juiceornone at all.” of Technol- ManymoreVenezuelans made there by Citgo. lances can’t answercalls. Thereisanearly direct relationship between reliable ogy’sCollege maydie in the next few In February 2019, in an ef- Farmers can’t run machinery electricity and high living standards,Mr. Brycetells us. of Osteo- months from the spread of fort to restoredemocracyin or get crops to market. About abillion people have little access to electricity; it’s AMERICAS pathic Medi- otherdiseases,untreated Caracas, the Trump adminis- Writing in the Venezuelan no coincidencethat they arealso among the worst cine report chronic illnesses,injuries or tration put Citgoassetsunder online newspaper TalCual on educated and the most impoverished. Another very large By Mary that avaccine malnutrition caused by ex- the control of Venezuelan in- April 1, Valentina Rodríguez cohort is held back by intermittent electricity that costs Anastasia long used treme gasoline shortages. terim President Juan Guaidó. Rodríguez documented long toomuch. O’Grady against tuber- Venezuela’scapacity to pro- Thecompanyceased supply- lines at pumps and many Universal, affordable kilowattsshould be acause forthe culosis may duceoil and petrochemicals ing Venezuela. Mr.Maduro closed gasstations around the 21st centuryinthe same way that ruralelectrification was mitigatethe effectsofbegan itslong decline not long turned to bartering crude for country. Headline: “Gasoline acause of the young Lyndon Johnson. In China, Covid-19,reducing the fatality afterHugoChávezpurgedthe gasoline with Russia’sRosneft, shortageinVenezuela spreads international trade is widely and properly credited as an rate. state-owned oil company Pd- Spain’sRepsol and Italy’s ENI. faster than Covid-19.” important factor in the fantastic reduction of poverty Thestudy—preprinted on VSA of about half itsskilled On Fridaythe Associated during the present generation; not to be overlooked, March 24 and awaiting peer workforce in 2002-03. In the Press reported that it has seen however, is the 10-fold increase in availability of review—offers hope to coun- yearsthat followedhere- Refineries are kaput an invoice from Maroil Trad- electricity sinceabout 1990.Much of the Indian triesinLatinAmerica. As it placed those employees with ing Inc.billing “PdVSA 12 mil- subcontinent and Africaneed abig jump in access to turns out, in aregion where politicalloyalistsand added and imports are too lion euros last month for the electricity next. many people can’t affordto moreasheexpanded the com- costly. The economy purchase of up to 250,000 Animals,fireand steam, Mr.Bryce notes,havebeen the lose income by staying home pany’s mission to include so- barrels of 95-octane gasoline.” principal means of harnessing energy forhundreds of and public-health systems are cial causes.One important risks a standstill. Thecompanyisowned by thousands of years, while electricity,first from weak,thereisalso ahistoryof milestone wasa2012 explo- Venezuelan shipping tycoon hydropower, has been in common use foronly 130 years. administering the Bacillus sion at the AmuayRefineryon Wilmer Ruperti, who made a Electricity is clearly superior to other forms of energy in Calmette-Guérin tuberculosis the Paraguaná peninsula. The The international oil-price fortune as aChávezgovern- terms of clean operation, powerdensity (lotsofjuicemov- vaccine to children. There- regime blamed the disaster on crashhas been ablowtothe ment contractor. AP reported ing through skinnywires makes the skyscraper possible), searchersreport ahigh corre- sabotagebut areport commis- value of Venezuelan crude, that Mr.Ruperti declined to storage, and the ease of scaling up or down and switching lation between countries with sioned by the opposition which has fallen to between comment on the matter. on or off.Itallows industry, homeownersand schoolchil- fewercoronavirus fatalities pointedtoapropane leak $10 and $15 abarrel. As U.S. Whether the shipment will dren to employenergy in waysthat steam or fire never andthose with longstanding caused by poor maintenance. sanctions have tightened, buy- collide with President Trump’s could. BCG vaccination programs. TheParaguaná Refinery ershavedemanded greater decision to double U.S. mili- “The earlier that acountry Complex—which also includes discountstocompensatefor tary resourcesinthe Carib- established aBCG vaccina- the CardónRefinery—and the risks.Rosneftrecently bean, including destroyersand Themodern ageisone of strugglenot for tion,” the researcherswrite, other refineries around the turned over itsVenezuelan surveillanceplanes,isinter- industrialization or political primacybut for “the stronger the reduction in country once produced more business to the Kremlin, sug- esting to contemplate. But their number of deaths per than 510,000 barrels a day of gesting that doing business even if it gets through, it is electricity. Green-onlyoptions won’t cut it. million inhabitants.” Venezu- gasoline and diesel. That was with theSouth American oil equal to only aweek’ssupply. ela seems to have had auni- enough to meet domestic de- producer is moretrouble than Meanwhile the regime says versal BCGvaccination policy mand and to sell abroad. it’s worth. it intends to repair the El Pal- Electricity canbegood fornature as well, Mr.Bryce in the mid-20th century. If the Amuaywas partly repaired af- TheMaduroregime is itorefineryinCarabobo but contends.Dense,electricity-dependent cities allow study’s analysis is correct, the terthe big fire,but the supply broke—not counting drug- industryveterans saythat’sa nature’sshareofEarth’ssurfacetoincrease even as the nation maybespared the of high-octane gasoline de- trafficking profits—but it con- heavy lift. Another option for human population keeps growing. worst of Covid-19. clined 50%. Todayneither tinues to ship dieseltoCuba Mr.Madurowould be to de- As Mr.Bryce tells us,Alphabet, Amazon, Apple, YetVenezuelans nowfacea Amuaynor anyother Venezu- and maintains atradition of port hisCuban bodyguards Facebook and Microsoftnot only could not exist without new existential threat: a fuel elan refinery is operating. retailing gasoline forpennies. and spies,tostepaside and al- reliable electricity,they have themselves become shortage. As the crisis unfolds Theproblem of deteriora- Nowanation accustomed to lowfor elections.Ifherefuses, producersofitaswell. Theserver facilities runbythese it is squeezing the supply of tion could be ignored fora cheap,plentiful fuel is para- he may kill more people than companies nowproduceseveral timesthe electrical output transportation, which in turn time because demand forfuel lyzed. People who owncars any virus. of Hoover Dam via arangeofdevices, from diesel genera- is making it increasingly diffi- slowedalong with the econ- can’t fill up.Propane isn’t de- Write to O’[email protected]. tors to solar panels.Asthe world continues to expand its use of electrically poweredproducts, from cars to ships to very large chemical and mechanical batteries,the advantages offered by electricity should spread to all com- Christian Relief Comes to Central Park panies and nations. Mr.Bryce assertsthat electricity generation must soar By Nicole Ault has criticized gaymarriage NewYorkers“have reason to cruited volunteerstohelp if we aretoraise global living standards.For instance, 2.8 and Islam. be skeptical of the organiza- build the hospital, and Dr. billion people liveathot-clime latitudes,but only 8% of amaritan’sPurse has MayorBill de Blasio told tion’s makeshifthospital.” Tenpennysays neighbors them canenjoyair conditioning.EvenBernie Sanders S sent medical teams to the presslast week that he Mr.Graham’scomments walked over to help after backersincool Vermont want air conditioning poweredby Haiti, Bangladesh, found the organization and maybefair game forcriti- watching the construction generators. Whyshouldn’t everyone,everywhere, want Iraq—and nowtoNew York’s Mr.Graham’scomments“very cism, but he says in aphone from their windows.Ken the same? Central Park,whereithas set troubling” and that his office interviewthat “wedonot dis- Isaacs,the organization’svice Mr.Bryce sees this as amoral imperativeand has no up afield hospital across would “monitor” the situation. criminate” against anyone president of programs and patiencefor those who makepie-in-the-skypromises of FifthAvenue from the afflu- State Sen. Brad Hoylman of whoissick and “wenever government relations,says a green-only power. “Renewables aren’t going to be ent Upper East Side.The non- Manhattanwarned in astate- have.” Samaritan’sPurse isn’t local restaurant has pitched enough,” he writes.“Not by along shot.” While green profit relief organization is ment: “Homophobic pastor doing triagebut accepting in by giving workersatthe energy is falling in capital cost and rising in importance, providing and funding 68 transfersfromMount Sinai. field hospital free pizza.Asof to saythat only nonfossil, nonnuclear powershould be beds and several dozenper- Samaritan’sPurse signed a Saturdaythe hospital had permittedistantamount to condemning much of the sonnel to assist Covid-19 pa- New Yo rk welcomes memorandum of understand- more than 30 patients, ac- world to perpetual immiseration. Mr.Bryce favors low- tientsfromMount Sinai ing with Mount Sinai, accord- cording to Dr.Tenpenny. emission natural gasovercoal and oil as electricity fuels, Health System hospitals Samaritan’s Purse— ing to the organization’sNew Areligious organization then goes on to showinpersuasivedetail that “thereis around the city.The effort though the mayor and York team leader,physician maymakesome people un- simply no way to slash global carbon-dioxide emissions will “allowustoexpand inpa- ElliottTenpenny, that ensures comfortable,sinceitisn’t without big increases in our use of nuclear energy.” tient and critical care capac- others are suspicious. it won’t discriminateamong muzzled by political correct- Themathematics of theneed fornuclear powerisclear, ity,” according to astatement patients. Mr.deBlasio said nessand rules of church-state but this is not what the American left, or German from Mount Sinai’schairman Mount Sinai’sCEO offered him separation. But thereare ben- mainstream, want to hear.Politicians in manynations of emergencymedicine. Franklin Graham and his field similar assurances. efitstothat. “Wewill pray for arespinning fabulist tales of rapid transition to zero- Trust progressives to find hospital operation in Central Dr.Tenpennysays he’shad everypatientthat letsus,” Mr. emission powerwithout the use of the atom. This,Mr. thepolitical catch. Samari- Park must guarantee all LG- no difficulty working with the Graham says.“If your loved Brycethinks,only divertsattention from the need for tan’sPurse is an evangelical BTQ patients with COVID-19 mayor’soffice. Thehospital one is with us and they do moreelectricity production using technologythat’s Christian organization that re- are treated with dignity and setup involved coordination pass away,they will not be practical now. quires employees to commit respect. We’ll be watching.” from the NewYork City Police alone.Our doctorsand nurses Not far intothe future, Mr.Bryce concludes,electricity to astatement of faith, includ- TheGothamist website Department,the Fire Depart- will surround them and pray maybeviewedasahuman right—essential foraclean, ing atraditional viewofmar- flogged the group’s“anti-gay ment and other city agencies, for them.” comfortable,materially secure life. Morestatues of Tesla riageand sexuality.The Rev. faith statement.” While ac- as well as Con Edison, the lo- maybecoming. Franklin Graham,president of knowledging the nonprofit’s calutility,and the Central Ms. Ault is an assistant Samaritan’sPurse (and the good work,Jonathan Merritt Park Conservancy. Local editorial page writer at the Mr. Easterbrook’s latest book is “It’s Better Than It Looks: son of the late Billy Graham), writes at the Daily Beast that churches (including mine) re- Journal. Reasons for Optimism in an Age of Fear.” P2JW097000-4-A01800-1------XA

A18 | Monday, April 6, 2020 **** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR World Health Disinformation Could Antibodies Be a Key to Beat Covid-19?

he coronavirus pandemic will offer doesn’trecommend limiting trade and move- Regarding your editorial “Got Ihaveaclinical case in my prac- many lessons in what to do betterto ment.” President Trump ignored the adviceand Antibodies?” (April 2): Iama66- ticewherethe individual presented T save morelives and do lesseconomic announced travel restrictions on China the fol- year-old female with no underlying with mild symptoms and tested pos- health conditions.Iwas extremely itivefor the Covid-19 virus.Two harm the next time.But lowing day, slowing the spread WHO’s bows to Beijing sick from March 4-11 with the docu- weeks sincethe illnessthe subject is there’salready one way to en- of the virus.U.S.progressive mented symptoms of coronavirus: free of symptoms but remains PCR surefuturepandemics areless have harmed the global elites echoed WHO and criti- drycough, high fever, lassitude positivebynasal PCRviral testing. deadly: Reform or defund the cizedMr. Trump.WHO didn’t and aremarkable lack of appetite. Iwish the public to understand anti- World Health Organization coronavirus response. declarethe coronavirus apan- Aftermyfever fell from 102.4to body testing isn’t going to deliver (WHO). demic until March 11. 99.9 degrees (whereitstayedfor a the diagnostic punch or certainty Last week Florida Senator Not that anyofthis has few days), Iwaited seven morefe- that manymay be led to believe. RickScott called foraCongressional investiga- prompted much soul-searching.Alluding to ver-free days and then let myself RAYMOND W. KORDONOWY, M.D. tion into the United Nations agency’s“role in China, WHO official Michael Ryan said last out of quarantine—thinner,paler, Fort Myers, Fla. helping Communist China coverupinformation week, “We need to be very careful also to not but alive. regarding the threat of the Coronavirus.” Therot to be profiling certain partsofthe world as be- At the time Ibecame ill, Ididn’t In addition to using recoveredpa- meet anyofthe requirementsfor tients to jump restart the economy, at WHOgoes beyond canoodling with Beijing,but ing uncooperative.” Beijing touted the remarks, testing,having neither leftthe recoveredpatients areakey to im- that’sagood placetostart. as it has other WHO statements. countrynor been exposed to avic- proving treatment forcurrent pa- The coronavirus outbreak began in Wuhan, iii tim, so Ididn’t meet the threshold tientsand thereby saving more China, sometime in theautumn, perhaps as This record is tragic but not surprising.Much requirement to donateplasma—a lives.Iunderstand that solid theory early as November.Itaccelerated in December. of the blame forWHO’sfailures lies with Dr. positiveCovid-19 test. If this re- and evidenceexist to showthat Caixin Global reported that Chinese labs had se- Tedros,who is apolitician, not amedical doctor. quirement waseliminated, due to treating current coronavirus pa- quenced the coronavirus genome by the end of As amember of the left-wing Tigray People’sLib- the impossibility of aperson like tientswith plasma (which contains December but were ordered by Chinese officials eration Front, he rose through Ethiopia’sauto- me having access to testing at the antibodies) from recently recovered to destroy samples and not publish their find- cratic government as health and foreign minister. time,the pool of eligible donors coronavirus patientscould speed up ings. On Dec.30Dr. Li Wenliang warned Chinese Aftertaking the director-general job in 2017, he would expand greatly. From what recovery and perhaps greatlyreduce doctors about the virus, and several days later tried to install Zimbabwedictator Robert Mugabe Ihaveread, Iamnow two weeks the percentageoffatal resultsof from afull recovery and should treated patients. local authorities accused him of lies that “se- as aWHO goodwill ambassador. be brimming with antibodies. TheFDA recently approved using verely disturbed the social order.” China inevitably gains moreinternational Asolution to this separation of plasma from recoveredcoronavirus Taiwanese officials warned WHO on Dec.31 clout as itseconomygrows.But whydoes WHO potential donorsand patients patientstotreat patientsininten- that they had seen evidencethat the virus could seem so much more afraid of Beijing’s ire than needing both blood and plasma, sivecareunder acompassionate- be transmittedhuman-to-human. But the Washington’s? Only 12% of WHO’sassessed such as adedicated donation center care provision. Hospitals using this agency, bowing to Beijing, doesn’t have a nor- member-statecontributions come from China. which would offer the required procedureneed recently recovered malrelationship with Taiwan. On Jan. 14 WHO The U.S. contributes 22%. Americans at WHO tests, would be ideal. coronavirus patientstovolunteer tweeted, “Preliminaryinvestigations conducted generally areloyal to the institution, while Chi- AMANDA KENNERLY plasma nowand often. Ahealthy by the Chinese authorities have found no clear nese appointees put Chinese interests first or Colorado Springs, Colo. adult candonatealiter of plasma evidenceofhuman-to-human transmission.” they will suffer Beijing’s wrath. everytwo days,and one liter will Testing forantibodies does not treat (and have ahigh probability of The agency took another week to reverse that China’s influence over WHO has been orga- confirm noninfectious status.Itis saving the lives of)two patients. misinformation. nized and consistent, whereas the U.S. response possible to have IgM antibodies (ini- Should plasma therapy proveas On Jan. 22-23aWHO emergencycommittee has been haphazard. Washingtonneeds aquar- tial/acuteantibodies) and not be successfulasscienceand early debated whether to declare Covid-19 a “public terback to lead the fight against Chinese domi- clear of carrying pathogens or po- trials predict, the next step would health emergencyofinternational concern.” nanceatWHO and other international organiza- tential infection/illness. This is de- be to seek FDAapproval to expand The virus already had spread to several coun- tions.Yet the State Department’s Bureau of monstrable by noting some individ- the program. Ideally this procedure tries,and making such adeclaration would have International Organization Affairslacks apoliti- uals arepositivefor PCRviral should be available forall coronavi- betterprepared the world. It should have been cal appointee. presenceasfar out as 28 days.Indi- ruspatients sick enough to be an easy decision, despite Beijing’s objections. TheU.S.will have allies in an effort to reform viduals could harnessIgM (acute/ hospitalized, provided that the Yet director-general Tedros Ghebreyesus de- WHO.Afrustrated Japanese deputy prime minis- early) antibodies which could be hospitals and communities can clined and instead traveled to China. tercalled WHO the “Chinese Health Organiza- noted in serum by 5-10 days post- obtain sufficient plasma donations. exposure. IgG latent/prolonged anti- Thedeath rate from coronavirus He finally made the declaration on Jan. 30— tion.” British Prime Minister Boris Johnson re- body titersare present in morethan should drop substantially if this losing aweek of precious time—and his rhetoric portedly is rethinking U.K.-China ties over half of subjectsbytwo weeks and procedureworks. suggeststhe trip to Beijing wasmoreabout poli- China’slack of candor about the virus. the majority of people by three to ALAN A. FISHER tics than public health. “The Chinese govern- iii four weeks. Rockville, Md. ment is to be congratulated for the extraordi- Congressshould investigatehow WHO per- nary measures it has taken,” he said. “I left in formed against the coronavirus and whether its absolutely no doubt about China’scommitment judgments were corrupted by China’s political to transparency.” influence. Of all international institutions, Poor Cost-Benefit Analysis Led to Pandemic AUniversity of Southampton study suggests WHO should be the least political. Itscoremis- the number of coronavirus cases could have sion is to coordinateinternational efforts Holman Jenkins calls forcost- done undermines the credibility of been reduced by 95% had China moved to con- against epidemics and provide honest public- benefit analysis (“Yes, We Need public-health recommendations.This Cost-Benefit Analysis,” Business is irresponsible because it is exactly tain the virus three weeks sooner.Yet Dr.Tedros health guidance. World, March 28). As aprofessor nowthat we should be seeking max- gushed that Beijing had set “a newstandardfor If WHO is merely apoliticized Maginot Line of operations research, Iamall for imal compliancesothat we can outbreak response.” He also praised the speed against pandemics,then it is worsethan useless it as well. We areinthe situation shorten the totaldisruption to our with which China “sequenced the genome and and should receive no more U.S. funding. And we areintodayprecisely because economyand society.Wewill learn shared it with WHO and the world.” China didn’t if foreign-policyelites want to knowwhy so of cost-benefit analyses performed alot in the next few weeks about do so until Jan. 12. manyAmericans mistrust international institu- by government leadersatall levels the direction of this pandemic in On Jan. 30 Dr.Tedros also said that “WHO tions, WHO is it. leading up to this moment. Lack of the U.S. and will have greater test- investment in protectiveequip- ing ability.Let’smakeour cost-ben- ment, ventilatorsand testing capa- efit analyses with betterinformation The Supreme Court on Hold bilities is the product of trade-offs and moreoptions at our disposal. between immediateneeds and fu- PROF. EDIEAL PINKER tureneeds that were made in pre- Yale University he Supreme Court on Friday said it is No cases beforethe High Court aretrivial to vious years. New Haven, Conn. postponing oral argumentsoncases the parties,but acouple that arenow post- Theinitial measured responses T originally scheduled for the last weeks poned could use moreurgent adjudication. One takenbygovernment and public- in April after having already delayed hearings issue concerns so-called faithlesselectorswho health officials allowedthe pan- The Cost of Virus Bailout from mid-March. Thedelaymakes sense given don’t vote in the Electoral Collegefor the candi- demic to take root in the U.S. be- Will Be Broader Than Debt the national health guidelines and the close datechosen by their state. That could stand cause it wasbelieved that by quartersofthe High Court’shearing room, but clarification by November.Democratsalso want contact tracing and quarantining of I can’t help but wonder what the the Justices mayhavetoconsider alternatives the Court to decide if Manhattan’s district at- alimited number of people we long-term impact will be of the fed- if the virus lockdown drags on. torney can have access to Donald Trump’s fi- could contain the virus spread with- eral government taking on this level TheJustices areworking and mayissue rul- nancial records from his business days. out much disruption to normal ac- of debt to support emergency aid tivities.The cost of aggressivemea- (“How Package Affects Households, ingsasearly as Mondayoncases previously And if virus circumstances don’t cooperate? sures wasseen as toohigh relative Firms,” The Coronavirus Pandemic, heardthis term. TheCourt also said in astate- TheJustices mayhavetoforgo oral arguments to the perceived threat of the virus. March 26). If long-term U.S. Treasury ment it will consider rescheduling March and or consider conducting them online. The Jus- We spent early March in apos- borrowing rates are effectively zero, I Aprilsessions beforethe end of the current tices have access to writtenbriefs that could in- tureof“let’ssee howbad it really guess you can argue it doesn’t make term in late June “if circumstances permit in form opinions without an oral argument. The is going to be.” Thesuggestion that any difference because the Treasury lightofpublic health and safety guidanceat Justices could even—sorry, your Honors—forgo no cost-benefit analyses have been can just borrow more to cover its that time.” their annual summer break. borrowings coming due. How this works for individual states that can’t There Are Heroes of Many just print money likely means that Kinds in the Covid-19 War the next big stimulus argument will Get Ready for Another Court Fight be the Treasury giving billions or tril- Regarding Dr. Paul Dohrenwend’s lions of dollars to individual states he coronavirus canmakeitseem like They have lifetime appointmentsand despite “Nurses Are the Coronavirus Heroes” that see their tax revenues crater the world has turned upside down, but Democratic threatsofcourt-packing areinsu- (op-ed, March 31): No disrespect to all while their expenses skyrocket. This T some partisanship remains predictable. lated from the political branches. the nurses facing risk and continuing will be political dynamite since the In today’sexample,Democratsand the press Expect to hear that Mr.Walker,aKentuck- to do their jobs during this health cri- hardest-hit states will be Democratic areinparoxysms of indignation that aRepubli- ian, is Mr.McConnell’s“crony.” It’snot news sis, but we also need to acknowledge states (New York, California, etc.), canPresident has nominated ayoung original- that nominees benefit from relationships in that the respiratory therapists are the which are all essentially bankrupt ist scholar to afederal court. Congress. What’sunusual is that Mr.Walker experts on the front lines when it now with public pension liabilities President Trump announced Fridayheis comes from outside Washington. Forgeo- comes to diseases of the airways and that are grossly underfunded and get- nominating 37-year-old Justin Walker, aU.S. graphic appellatecourtslikethe Ninth Circuit, lungs, as well as being experts on the ting worse. It was always my worst district judgeinKentucky, to fill avacancyon Presidentstypically nominatelawyerswho set up and administration of the vital nightmare that states like Wisconsin ventilators keeping the sick patients that kept expenses in line with reve- the D.C. Circuit Court of Appeals. Mr.Walker practice in the court’sjurisdiction. TheD.C. alive while their lungs recover from nues and fully funded public pensions wasaHarvardLaw Review editor who clerked Circuit hearsadministrative-lawcases damage caused by Covid- 19. They de- would be bailing out states that did forthen-JudgeBrett Kavanaugh on the D.C. brought from acrossthe country, and formore serve acknowledgment as well. just the opposite. Circuit and then JusticeAnthonyKennedy on than adecade newjudges have been drawn KELLY HARDIMAN STEVE BECKERLEG the U.S. Supreme Court.Beforehis confirma- from the ever-growing Washingtonlegal es- Reno, Nev. Verona, Wis. tion as ajudgelast year,Mr. Walker wasa tablishment. lawyer and aprofessor at the University of Thepartisan lawyers’ guild known as the Dr. Dohrenwend is absolutely Louisville,wherehis scholarly writingsfo- American Bar Association labeled Mr.Walker wrong in saying, “Nurses are the un- Pepper ... cused on administrativelaw—the D.C. Circuit’s “unqualified” to be adistrict judgelast year, derappreciated heroes of this crisis.” And Salt bread and butter. complaining of his short legal career.Yet Mr. Yes, they are in patients’ faces all day. Some Democratsseem to think conserva- Walker’s writingsshowamasteryofthe most Yes, they are collecting samples from THE WALL STREET JOURNAL everyone. But “underappreciated?” tivejudicial appointmentsmust be the result important issues that appear beforethe D.C. No. The underappreciated heroes are of aconspiracy. “Weneed an immediateinves- Circuit. Judges likethe FifthCircuit’sAndrew the lab staff who are running all tigation intowhether McConnell manufac- Oldham,also nominated by President Trump those samples, and the housekeeping turedthis vacancybyunethically pressuring beforeage 40,haveimpressed with their inci- staff who are stripping all the beds, JudgeThomas Griffith to retirenow,” an siveopinions.Remember that Democratsre- emptying all the trash cans and clean- Obama WhiteHouse judicial coordinator told cently made 38-year-old mayorPeteButtigieg ing all the rooms. the WashingtonPost.The position opened on aserious presidential contender. NATHAN SACHRITZ the D.C. Circuit when JudgeGriffith, a65- Mr.Walker’s real offense is his originalist Portage, Mich. year-old George W. Bush appointee,an- judicial views—especially foraD.C.Circuit nounced he would retirelater this year. judgewho cancheck the administrative Lettersintended forpublication should It’sbeen reported that Mr.McConnell has state—as well as his vigorous public defense be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, encouraged some older conservatives on the of his former bossBrett Kavanaugh during the or emailed to [email protected]. Please bench to take senior status.Sowhat? Judges latter’s2018 confirmation ordeal. We hope Re- includeyour cityand state. All letters knowthat after2020 their successorsmay publicans can remain unified in what may be- aresubject to editing,and unpublished need a Chuck Schumer rubber stamp, and Mr. come one of the most intense judicial attack letters canbeneither acknowledged nor McConnell can’t makejudges do anything. campaigns of this Presidency. returned. P2JW097000-0-A01900-1------XA

THE WALL STREET JOURNAL. Monday, April 6, 2020 | A19 OPINION Bet Big on Treatments for Coronavirus

By Scott Gottlieb dencetoreturn to work,evenifthe vi- Theother approach involves anti- antibodies from healed patients. Bio- in innovativeways to movethe most rusisstill circulating in the fall, if they body drugs, which mimic the function tech companies would manufacture promising therapies.The Food and ome imagine that the coro- knewthat arobust screening system is of immune cells.Antibody drugscan be them in large quantities using recom- Drug Administration has deployed navirus will runits tragic in placetoidentifyand arrest newout- used to fight an infection and to reduce binant technology, the same approach tactics in recent yearstoadvance course in the spring,with breaks and medication cansignifi- the risk of contracting Covid-19.These behind highly effectivedrugs that tar- therapeutics aimed at rare and S the direst resultsavoided cantly reducethe chanceofbecoming medicines maybethe best chancefor getand prevent Ebola, respiratorysyn- deadly cancers. One is real-time re- by intense social-distancing severely ill. Kevin Warsh, aformer ameaningfulnear-term success. cytial virus and other infections.The views,inwhich regulatorswork with and other mitigation efforts, and Federal Reservegovernor,estimates antibodies canalso be aprophylaxis drug developerstoevaluatedataasit then our lives canmoreorlessreturn that such adrugcould restoreatleast given to those exposed to Covid-19,or is read out from clinical trials,in- to normal in the summer. $1 trillion in economic activity. Antivirals and antibody to prevent infection in vulnerable pa- steadofwaiting until the trial con- But that isn’t realistic.Evenifnew Given the enormous public-health tients, such as those on chemotherapy. cludes,tounderstand the potential cases start to stall in the summer and economic stakes,itisworth do- therapies are showing These drugscould protect the public benefitsand risks rapidly.This has heat, the virus will return in the fall, ing whatever it takestomovesuch a promise. The FDA needs until avaccine is available. enableddrugdeveloperstoacceler- and so will fresh risk of large out- drug to market. Thereare two prom- Thebiotech companyRegeneron atedevelopment timelines. FDA’sse- breaks and even anew epidemic.Peo- ising approaches,and both could be to step up its pace. successfully developed an antibody nior career scientistsneed the firm ple will still be reluctant to crowd available soon if government and pri- drug to treat Ebola as well as one backing of political leadership to ap- intostores, restaurantsorarenas. vate industrydothingsright. It’s against MERS,adeadly coronavirus ply these and similar scientific ap- Schools mayremain closed. Thepub- time to placesome firm betsand put Antibody drugsare based on the similar to Covid-19.Regeneron has an proaches to Covid-19. lic’sfearswon’t relent simply be- resourcesbehind these experimental same scientific principles that make antibody drug that should enter hu- Americans’ liveswon’t return to cause thereare fewernew cases. treatments. “convalescent plasma” one interim man trials in June.Vir Biotechnology normal absent atechnological break- We’ll be running an 80% economy. One approach involves antiviral tactic fortreating thesickest Covid-19 is also developing an antibody treat- through. But with some effort, Amer- Theonly way out is with technol- drugsthat target the virus and block patients. Doctorsare taking blood ment forCovid-19 and says it could ican industryand government can ogy. Aggressivesurveillanceand itsreplication. Think of medicines for plasma from patientswho have recov- be ready forhuman trials this sum- beforethis fall producetherapies screening canhelp warn of newinfec- treating influenza, HIV or cold sores. ered from Covid-19 and infusing it mer.Amgen recently started itsown that save lives and restorefreedom tion clustersthat could turn intoout- Thedrugs work by blocking the into those who arecritically ill. The program with AdaptiveBiotech and and prosperity. breaks,but that won’t be enough. A mechanisms that viruses use to repli- plasma is laden with antibodies,and Eli Lilly has one as well. If these ap- vaccine could beat the virus,but cate.Dozens of promising antiviral theapproach shows some promise. proaches work,the drugscan ad- Dr.Gottlieb is aresident fellow at therewon’t be one this year.The best drugsare in various stages of devel- Theconstraint: Thereisn’t enough vancequickly,because much of the the American Enterprise Institute and near-term hope: an effectivethera- opment and could be advanced plasma from recoveredpatients to go scienceand the safety is already well was commissioner of the Food and peutic drug.That would be transfor- quickly.The one furthest along is around. understood. Drug Administration,2017-19. He mative, and it’splausible as soon as remdesivir,fromGilead Sciences. Antibody drugsare engineered to Butsuccess will requireastrong serves on the boards of Pfizer and Il- this summer.But the processwill There’sevidencefromclinical experi- do the same thing as convalescent sense of urgencyfrommanufactur- lumina and is apartner at the ven- have to movefaster. encewith Covid-19 patientsthat it plasma,but because they’resynthe- ers—andfromregulators, who need ture-capital firm New Enterprise As- Americans would have the confi- could be effective. sized, they don’t depend on asupply of to collaboratewith drug developers sociates. The Economy Will Survive the Coronavirus

By Vernon L. Smith soning.” In “The Theoryof businesses offering final- Moral Sentiments” (1759), demand consumer goods eople areworried about the Smith models human so- andservices.People rent P Covid-19 pandemic’slong-term ciability, as it arises from hotelrooms,just as they effectsonthe economyand our our sense of fellow-feeling. rent an airplane seat, for collectivefuture. While hunkered Among manydeep in- use,not to hold as an asset down in your homes,try to makethe sights, Smith refers to the or to resell. As much pain most of this rare opportunity to ob- asymmetrybetween joy as airlines,hotels and their serveextremely uncommon events and sorrow.Our distressis consumersare experienc- unfold in real time.Itisn’t all bad far greater when we fall ing now, these businesses news.Thereare economic blessings from abettersituation to a aren’t in along-term de- to be counted. worseone than we ever cline. Oncethe pandemic Consumers have emptied the canenjoyrising from a passes and vaccines and shelves of the supermarketsand drug worsetoabetter. We seek treatmentsappear,people KELLEY

stores.That means these and related security,therefore, and to A will be ready again to industries areprospering.Workersin avoid exposing ourselves spend on services,travel

those industries areprospering,too. to lossofhealth, fortune, BARBAR and hotels. As the Journal reported last week, rank or reputation. Don’t despair.This eco- pharmacies,groceries and big-box Our concern forsecurity is the thought asset marketswith complete Thehastened decline of old pat- nomic crisis will pass, and pass retailersare taking on morepart- firstmotivefor saving and invest- transparent information on their fun- terns of servicewill be morethan quickly,oncethe clampdown is lifted; time employees and paying more ment. It’swhy we normally find in- damental value wouldn’t yield price matched by the growth of mail order, especially if the financial shock is re- overtime. ventories of the goods we want wait- bubbles. They could and they bub- delivery, takeout and related services. duced by fiscal and monetaryrelief. ing for us on the shelves. If an bled.Third, Ipredicted that anony- Growth firms in these areas areal- Amorecommon postcrisis question investor loses sales because an item mously matched pairsintwo-and ready benefiting from transportation maybewhether policymakersover- Don’t despair. Even is out of stock,all other investment three-person trust games wouldn’t technologies with lowtransaction reacted when fear and uncertainty in the supply chain is worthless. overcome their self-interest and coststhat match buyerstosellersin were at theirheight. We will never amid the doom and gloom Reputation andesteem require reach cooperativeoutcomes.Aston- real time,placeand circumstances. know the answer, but the current there are many things us to take care in being properly ishingly,manycan and did. Adam Thebusinesses lost in along quar- anxiety of economic doom will surely compassionatefor our fellowciti- Smith, who understood human mu- antine will tend to be small and passalong with the pandemic. to be glad about. zens who contract Covid-19.Gener- tual fellow-feeling,wouldn’t have young,aswill those that aregained. In fact, with moremoney chasing ally,weare also focused far more been surprised. Today’slargerfirms were in many goods in stretched production sched- on thedownside and itscoststhan When we areright, we merely cases the small firms of the 1990s. ules,inflation is areal possibility.In- We still have diversity of choicein on the upside—itsrelief,and the confirm what we already thought we They found waystoservecustomers flation disrupts and distortsthe abil- this stressed but predominantly de- eventual return of prosperity.Per- knew. This is the fount of “confirma- and escape bankruptcy afterthe dot- ity of the pricing system to centralized economy. My wife, Can- haps that stancebetterprepares us tion bias,” the form of self-deceit that combust. They matured. coordinateand direct economic pro- dace, realized recently that we forwhatever is to come.It’salways Smith asserted was“the cause of half As this crisis unfolds,don’t think ductivity.When everyone rushes to needed aprinter-copier-scanner that bettertobepleasantly surprised the troubles of this world.” of decline in labor and product mar- spend forfear that prices will rise, would enable us to sign and send than disappointed. Projecting out, people ask how kets;rather thinkofthe churn, we observethe destructiveopposite documents. She called several stores Nowisalso atime forlearning costly three months of quarantine growth and survival that is happen- of what happens when everyone is beforefinding the deviceshe was from our erroneous beliefs.Being will be.Perhaps it will hasten the de- ing.Weare neither afeeble society stuck at home.Witnessthe night- looking for—the last one in stock! wrongiswhat teaches us all the cline of companies and productsthat nor afeeble economy. If,beyondyour mare inflation ratesinZimbabwe Home appliances of allkinds arein thingswedidn’t even knowwecould arealready under competitivepres- neighbor,you have leftovercompas- and Venezuela. demand as people arebecoming know. In my career in experimental sure, likebrick-and-mortar depart- sion, think of those in North Korea Theworld being acomplicated morecognizant of in-home needs. economics,mybeliefs have been ment stores and movie theaters. Such and Venezuela. They don’tneed a place, some of my predictions may Managersare rightly using context- spectacularly wrong three times. businesses occupy large buildings pandemic to knowwhat it’sliketo not pan out. But so what if I’m dependent local information to ration Each led to newlearning of enduring and mayberescued by innovative livewith empty storeshelves. wrong? It will givemeanother op- access to goods. importance. First, Ibelieved that conversion intoapartments, with Oncethe pandemic passes and we portunitytolearn. Ihaveyet again been made aware supply-and-demand models fornon- handy downstairstheatersand dis- go back to work,the countrywill re- of what Alfred Marshall referred to durable goods were abstract ideals counters. Such experimentsare lubri- coverquickly.The economywill Mr. Smith is aprofessor at Chap- as Adam Smith’s “unsurpassed pow- that couldn’t predict prices and out- catedbythe market’sdeep discount reach newlevelsofprosperity.The man University and the 2002 Nobel ersofobservation, judgment and rea- comes.They could and did. Second, I of abandoned revenuelessspace. crisis is going to be felt mainly by Laureate in Economics. Afterthe CaresAct,Hospitals and Businesses Need Sustained Support

By Glenn Hubbard summarizingthe severedecline in lization package, not a stimulus. also begun to lend more actively, is risk snuffing out the recovery. economic output and incomes.Ab- With that in mind, anew fiscal in- righttohelp keep the marketsliq- While businessinvestment ad- ncontrast with the halting, sent further action, they conclude, tervention should have two empha- uid. But it should not shoulder all vanced afterthe taxreforms,un- I gradual responses to the these declines will be baked intothe ses.First, increase health-carefund- losses from aMain Street lending fa- certainty from tariffs and the China 2007-09 financial crisis,policy cake of a long recession. The near- ingtostates, with afocus on public- cility when even morestabilizing trade warlimited the improvement. makersmoved quickly to limit the term forecast is not surprising,as health infrastructure, including grantsare required. That isn’t Removingthe tariffs would be a costsofthe economic shutdown the rapidly deteriorating job market hospital capacity and support for mainly because the backstop given strong tonic forinvestment. forced by the Covid-19 pandemic. suggests. Theliteral shutdown of Medicaid. Second, continue assis- to the Fedinthe Cares Act is inade- Addressing the residual blowto The$2trillion Cares Act recently much of theeconomy, required to tancefor the small and medium-size quate; from an economic perspec- businessconfidencefromthe crisis signed by PresidentTrump is abig limit the pandemic’sravages,di- businesses hit hardest by the shut- requires convincing businessleaders step toward stability,but moreac- rectly constrictsaggregate supply down. Both could be offered as a that aggregatedemand will re- tion is required. Even moreimpor- and demand, and thereforegross do- one-time blockgrant according to It isn’t toolatefor Congress bound. President Trump’sannounce- tant is carefulthought about what mestic product. But uncertainty each state’s population. ment is exactly right on this point: that action should trytoaccom- about the length of an economic TheCares Act didn’t go far to help keep moreworkers An infrastructureprogram fits the plish, what form it should take,and shutdown and the following period enough to help small and medium- on payroll and shoreup bill.The point is not shovel-ready howitwill shape fiscal choices go- of reopening createthe need for sizefirms keep their employees.It “stimulus” but sensible long-term ing forward. morefiscal support. As with the basically made grantstocover pay- statehealth-carecapacity. support. Federal financial support Goldman Sachs economistsre- CaresAct, this support should be roll forcompanies that retained their could take the form of aone-time is- leased a report at the end of March thought of,and designed as,astabi- workers, and offered loans forsome suanceofinfrastructurebonds.Cru- other expenses.Tospeed up the pro- tive, the Fedand the Treasuryshare cially,this should be accompanied cess,banks were authorized to make one balancesheet—the taxpayers’. by regulatoryreforms that allow the grantsinthe form of loans,and Thebiggerreason is that fiscal quicker construction. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY $350 billion wasset aside to forgive transfersare supposed to be made Thefiscal interventions Ihavede- Rupert Murdoch Robert Thomson the loans at alater date. by theTreasuryand votedonby scribedare akin to the one-time bor- Executive Chairman, News Corp Chief Executive Officer, News Corp That isn’tenough to accomplish Congress, as with all fiscal policy. As rowing used to fund wars.Through Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher policymakers’ goal of massem- in wartime,the Fedcould buy bonds themiddle of the past century, war- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: ployee retention; by my estimate associated with the one-time defen- time borrowing and subsequent eco- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; with Michael Strain of the American sivemeasure, but it should not con- nomic growth dominated the illustra- Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Enterprise Institute, athree-month duct fiscal policy on its own. tion of America’sfederal debt-to-GDP News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; program that met the stated goal of Beyond the shutdown and the ratio.This is not acall to expand so- Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer the legislation would cost closer to short-term recovery onceit’ssafe cial spending permanently,nor is it Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: $1 trillion. Failing to fund the pro- to return to work,policymakers akin to anew program that would Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; gram’sintent would tie up both the will have to facethe twin problems boost deficitsinthe manner of Social Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; banksand the recipient businesses. of headwinds on businessinvest- Security and Medicareimbalances, Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; Scarredbythe retrading and litiga- ment and knocked-down business which rely on debt to support cur- Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; tion from the federal government in confidence. Fortunately,the policy rent consumption. Those imbalances Thomas SanFilippo, Customer Service; theaftermath of the financial crisis, tools best suited to these problems continue to requiretax and spending GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; lendersneed astrong assurance were already being considered to reforms.The distinction is impor- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International that they will be held harmless if fixcracks in the economybefore tant, and acautionarytale. Barron’s Group: Almar Latour, Publisher they followgood-faith protocols in the crisis.For investment, keeping WALL STREETJOURNAL MANAGEMENT: Professional Information Business: granting loans. TheTreasurywill the 2017corporatetax reforms in Mr. Hubbard, a professor of eco- Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head need to movemorequickly to im- placewill be particularly impor- nomics and finance at Columbia Uni-

EDITORIAL AND CORPORATEHEADQUARTERS: plement the program and blunt ris- tant. Raising corporatetaxes in a versity, was chairman of the Council 1211 Avenue of the Americas, New York, N.Y., 10036 ing joblessness. downturn would be extremely of Economic Advisers under Presi- Telephone 1-800-DOWJONES TheFederal Reserve, which has harmful to confidenceand would dent George W. Bush. P2JW097000-0-A02000-17FFFF5178F

A20 | Monday, April 6, 2020 THE WALL STREET JOURNAL.

Problems push us to findnew paths.

UsingIBM Watson,developers helped buildaguide that makes cities like Tokyomoreaccessible. Smartlovesproblems. ibm.com/smart

Chieko Asakawa IBMResearcher

IBM, theIBM logo, ibm.comand Letísput smarttoworkare trademarks of InternationalBusinessMachines Corp., registered in manyjurisdictions worldwide. Seecurrent listatibm.com/trademark.Other productand servicenamesmight be trademarks of IBMorother companies. ©InternationalBusinessMachines Corp.2020. P2JW097000-4-B00100-1------XA BUSIPERSONENAL TECHNOLSSOGY: NEW MA&FCBOOK AIR IS MADEINFOR TYPINGANB4 CE

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Last Week: S&P 2488.65 g 2.08% S&P FIN g 6.78% S&P IT g 1.98% DJ TRANS g 5.12% WSJ $ IDX À 2.04% LIBOR 3M 1.387 NIKKEI 17820.19 g 8.09% See more at WSJ.com/Markets InvestorsCry Out forOil Cutbacks Supply Chain Debt World could run out of Chinareports first deathfromvirus First U.S. deaths reported Net betsonhigher storage for excess, as Brent crude-oil pricesby speculativeinvestors,weekly Draws bankruptcies loom in $65 abarrel Brentcrude-oil futures 400,000 contracts energy industry 300,000 Warnings

BY AMRITH RAMKUMAR 200,000 BY JEAN EAGLESHAM 60 100,000 The oil market is in a race A“sleeping risk” on the against time. 0 books of U.S. businesses could The postponement of an July 2019 ’20 be awakened by the pandemic, emergencysummit Mondayto 55 as the sudden cash crunch ex- discussglobal supply cuts Global crude-oil demand, poses ahidden type of financ- meansproducersare more quarterly† ing that makes balancesheets likely to lose that race.Asthe look better, credit-rating firms world’sleading exporters, 100 million barrels aday warn. Saudi Arabia and Russia, con- 50 80 Thethree biggest ratings tinue to trade barbs, a global firms each issued reportslast glut of crude is expanding. 60 month highlighting the dan- Planes aregrounded, 40 gers of supply-chain financing, streetsare empty and facto- afast-growing,opaque tech- ries are shut. That adds up to 45 20 nique fordelaying paymentsto a huge fall in demand for oil. JanuaryFebruaryMarch 0 supplierstoimprovecash flow. Butproducersinmanycases 1990 2000 ’10 ’20 S&P Global Inc.called sup- haven’t curtailed production. ply-chain financeasleeping Nowinvestorssay the 40 risk that can“mask episodes of world could runout of storage Friday financial stress.” for its excess oil in just a few Estimatedcrude-oil stockpile levelbycountry* $34.11 Aprime concern is that the months. Tankers of crude are banks or other lendersmay floating at sea with nowhere Capacity –48% YTD yank the financing from strug- 35 to go. And energy companies— 1.50 billion barrels gling companies,cutting off a which collectively have hun- 1.34 source of cash when it is des- dreds of billions of dollars in perately needed. debt maturing in coming “Ifbanks stop these facili- years—are starting to file for ties,it’slikecutting credit 0.43 30 bankruptcy. 0.33 lines and we might see some Following the delayofthe 0.29 April companies runintoheightened 0.17 summit to discusssupply cuts, liquidity problems as aresult,” Brent crude, the global gauge Inventories said Frédéric Gits, agroup of oil prices,opened down credit officer at ratingsfirm 1.17 billion barrels 1.09 0.38 0.21 0.16 0.11 25 about9%at$31.05 abarrel FitchRatings. Sunday evening. Analysts ex- China U.S. Japan South Saudi India Supply-chain financing has pect recent volatility to con- Korea Arabia been around fordecades but tinue,and moves when futures *Includes commercial and strategic inventories †Figures for2020are estimates really took off afterthe finan- trading open areoften more Sources: DowJones Market Data (crude oil); Citigroup, International Energy Agency (stockpiles, demand); Intercontinental Exchange (net bets) cial crisis. extreme due to limited trading Using this financing,compa- volumes. tor’sdownwardspiral. As an Saudi-Russia spat could end from U.S. companies about ready to boost his holdingsof nies effectively borrow money Many traders remain skep- initial measuretoaddressthe soon. Officials of the Organiza- output cuts, could pressureoil energy assets. He has slashed to paytheir bills,extending, tical that even an end to a ballooning coronavirus crisis, tion of the Petroleum Export- prices again. Thegroup is now his investments in the sector say, 60-daypayment terms to production feud between they aredesperatetosee mas- ingCountries then called for set to convene on Thursday. to the smallest allocation he six months or more. It would Saudi Arabia and Russia would sive cuts to global supply. Monday’smeeting,but itsde- Shawn Reynolds,portfolio has ever had. Mr.Reynolds be like taking apersonal loan giveprices along-term boost. Prices recoveredsome lay, resulting from discordbe- manager for investment firm said he wantstosee clarity on to payacredit-cardbill. But investorssay it could at ground latelast week after tween Saudi Arabia and Russia VanEck’snatural-resourceseq- the pandemic and moredetails Thearrangement gives com- least help stop the energy sec- President Trump hinted the and alack of commitment uity strategies,said he isn’t PleaseturntopageB2 panies flexibility with their cash foralow cost, but it can paint arosy pictureofthe ON BUSINESS | By John Stoll businesses’ liquidity because the deals effectively boost working capital but typically don’tcount as borrowing.In- Facebook Looks for Redemption on Main Street stead the loans aretreated as trade debt or accountspayable and don’t need to be dis- No company erarepresent this social net- social media as away to claw free services. Facebook,attracted by the closed. “They remain under the has experi- work’scoming of age? forsurvival. In the past, research has reach and familiarity of the radar until the companyruns enced growing On Saturdaymorning,I “I think,atleast fornow,it suggested Facebook offers world’smost popular social- intoproblems,” said Mr.Gits. pains as severe talked with the company’s is the newMain Street,” Ms. these operators alot of eye- media website. Facebook relies Supply-chain financing is as Facebook chief operating officer,Sheryl Sandbergsaid. Facebook Live, balls forlittle money.But ads on small businesses forasub- the mirror imageoffactoring Inc.The com- Sandberg. Thecompanysees Instagram and Facebook Busi- placed on the platform often stantial chunk of ad sales.By of receivables,wherecompa- pany’spast failures to ensure small businessasanarea nessare among the heavily misstheir intended audience. providing help,the company nies sell their accountsreceiv- privacy, protect dataand po- whereFacebook canprove it- utilized services. Acouple of yearsago, the canfortifyanimportant able at adiscount to getcash licecontent have leftits exec- self to us again. She acknowl- One-third of small busi- platform changed rules for source of revenue. faster. utives confronting asimple edged the company’smissteps. nesses in America don’t have itsnewsfeed to makeusers’ “Facebook’sallowedusto “Buyersbenefit from…ex- question: Can we trust you? “I actually think that some a formal web presence at all, experiences morepersonal, keep the businessgoing,” John tended payment terms and no Right now, we have little of the mistakes we’vemade according to Ms. Sandberg, filtering out the postsof Dudas, co-owner of Carol & additional bank debt,” accord- choice. We rely on it in this and the work we’vedone to but many of those busi- manysmall businesses.Big- John’sComic Book Shop in ing to a video by Bank of weirdtime of disease-enforced trytofix those mistakes is nesses have long had a Face- companyCEOs have pointed Cleveland,told me Saturday AmericaCorp.promoting its isolation, itsvirtual society serving us right now.” book page. It can cost own- to itslimitations. evening.“It’sbeen agodsend.” supply-chain financebusiness. being one of our few ways to As stores and services shut ers as little as $5 to promote Thereare plenty of other Mr. Dudas, also a full-time “Think of what could be done safely close the distancethe in response to mandates de- a post. Of the 140 million tools that small businesses firefighter, closed the store with this extracash.” pandemic has forced upon us. signed to prevent the spread small businesses using Face- canuse,but mom-and-pop in March but kept two full- Aspokesman for Bank of Thenew question: Will the of the coronavirus,they use book globally, 90% use only businesses still depend on PleaseturntopageB2 America said it has “received consistent positivefeedback from both suppliersand buyers on the benefitsofour supply Zoom CEO Vows to chainfinancing offering.” Coffee and soda giant Keurig Dr Pepper Inc.used Win Back Users’ Trust several banks to defer payment GES PleaseturntopageB2

IMA BY AARON TILLEY curity expertsdiscovered the un- AND ROBERT MCMILLAN derlying technologyprovided a GETTY lesser level of dataprotection. SE/ Formanybusinessleaders, Thefull-encryption feature won’t INSIDE the pandemic has been astruggle be ready forafew months,Mr. to survive. ForEric Yuan, chief Yuan said. ANCE-PRES

FR executiveofZoom Video Com- He worked at avideoconfer- munications Inc., the challenge encing companythat wasac- A EP GENCE has been howtomanagebreak- quired in 2007 by CiscoSystems T/ /A neck growth. And lately,ithasn’t Inc., leaving in 2011 to found San AR SW CELIS

been going well. Jose,Calif.-based Zoom. His pri- DE CO

NOEL In thespaceofamonth, the ority,hesays,was africtionless

Moreconsumers areatrisk of default after businesses shut down during the virus crisis. Wuhan lastweek. Silicon Valley videoconferencing user experiencefor businesscus- MAR businesshefounded nine years tomers. But that leftholes in se- agohas gone from an enterprise- curity settings. BUSINESS Late Personal-Loan Payments software provider little known UseofZoom exploded as the Closing of restaurants outside the businessworld to a pandemic has forced morepeo- has chefsand farmers social lifeline forhomebound ple to stay home.Whereonceit Threaten China’s Credit Boom Americans and, most recently, enabled client conferences or trying to getrid the subject of complaintsabout training webinars, it is nowalso of asurplus of food. B3 privacyproblems. avenue forvirtual cocktail hours,

BY STELLA YIFAN XIE AND XIE YU ershavereduced loan origina- China’sbiggest issuersofcredit Thewhiplash has leftMr. Zumba classes and children’s G tions as aresult, despiteregu- cardsand has asizable retail Yuan trying to appease usersand birthdayparties.Itbecame the

China is edging toward what lators’ calls to keep credit business. figure out what went wrong— most downloaded free appon OOMBER could be itsfirst credit down- flowing acrossthe economy. Mr.Tian said delinquencies andrethinking acompanycul- Apple’siOS App Store, leapfrog-

turn in decades,aspersonal- Thedevelopment could fore- on credit-carddebt, mortgages turethat wasfocused on ease of ging bigger names likeTikTok, GLE/BL

loan delinquencies in the coun- shadowwhat is in storefor U.S. and microloans increased sig- use.“‘Ifwemessupagain, it’s DoorDash,and Disney+. NA tryclimb during the banks and internet lendersin nificantly in February, during a done,’ Ithought alot last night,” Thenumber of daily meeting

coronavirus pandemic. the coming months,asmillions near-nationwide shutdown of he told TheWall Street Journal participantsacrossZoom’spaid MICHAEL In recent weeks,executives of people stay home and strug- many businessoperations and in an interviewFriday, afterwhat and free services has gone from at some Chinesebanks and on- gle with reduced incomes. quarantine measures that kept he said wasasleeplessnight. around 10 millionatthe end of STREETWISE line lending platforms said “Individuals’ willingnessand much of the country’spopula- Amongthe privacyfeatures last year to 200 million now, the Stockscan be risky moreconsumershavefallen be- ability to repayloans have both tion at home. Mr.Yuan nowpromises is an op- companysays.Most of those and sometimes that hind on their credit-cardand declined,” said Tian Huiyu, Compounding China Mer- tion forend-to-end encryption to people areusing itsfreeservice. loan payments, which could president of China Merchants chantsBank’sissues wasagov- safeguardconversations, he told Zoom’s initial public offering risk premium snowball intohigher defaultsin Bank,during an earningscall ernment-imposed lockdown of the Journal. Zoom had previously just under ayear ago wasone of comes due. B9 the coming months.Some lend- last month. Thelender is one of PleaseturntopageB9 advertised such afeature, but se- PleaseturntopageB4 P2JW097000-2-B00200-17FFFF5178F

B2 | Monday, April 6, 2020 ** 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. Supply A F Parsley Energy...... A8 Amazon.com...... R3 Facebook...... B1 Philip Morris AMC Entertainment Fidelity Freedom 2020 International...... B3 Chain Debt Holding...... B10 Fund...... R8 Platinum Equity...... B5 American Airlines Group Fidelity Investments..R8 Q A1 G Qudian...... B9 Seen Risky AMG GW&K Core Bond Gates Foundation...... A9 ESG Fund;N...... R5 R General Motors...... A4 AMG GW&K Enhanced Renault...... B3 Gilead Sciences...... B3 Core Bond Fund ESG;N Royal Caribbean Cruises ContinuedfrompageB1 Google...... B4 R5 A12 GreenGate Fresh...... B3 to suppliersworth $2.1 billion Apple...... B4,B10 S as of the end of last year,up S AT&T...... B10 H SPDR Gold Shares...... R7 from $1.4billion ayear earlier, PRES B Hamilton Medical...... A4 Hammond Kennedy T according to asecurities filing. TED

Baker Hughes...... A8 CIA Whitney...... B5 Technology Crossover Thecompany’spayment terms Bank of America...... B1 Hilton Worldwide Ventures...... B5 rangeupto360 days,which it SO Baron Opportunity Fund AS Holdings...... B10 T. Rowe Price Group...R8 said in afiling was“customary R3 J T. Rowe Price within the coffee industry.”

BlackRock...... R8 ANKLIN/ Retirement 2020 Fund British American JPMorgan Chase & Ozan Dokmecioglu,Keurig’s FR

R8 D. Tobacco...... B3 B10,R8 chief financial officer,said on JPMorgan U SS

C an investor call the company RO SmartRetirement 2020 United States Steel...A3 has “ample unused credit ca- Keurig Dr Pepper used several banks to defer payment to suppliers worth $2.1 billion. Carnival...... A12,B10 Fund;R5...... R8 Urban Armor Gear...... B5 pacity and no liquidity issues Chevron...... B2,B10 L China Merchants Bank V or concerns whatsoever.” is arisk.Supply-chain finance whether they will be renewed. flat outtoget moresupport to B1 LendingTree...... R3 Vanguard Group...... R8 Thelack of reporting makes wasa“key contributor” to the “There’sabit of arunway until morecorporates.” Cinemark Holdings...B10 LifePath Index Vanguard Target it impossible to knowthe exact collapse in 2018 of U.K. firm thingsstart to really turn TheCredit Suisse funds, Cineworld Group...... B10 Retirement...... R8 Retirement 2020 Limelight Networks....R3 scale of the lending,but esti- Carillion PLC,according to sour," he said. which the bank said aren’t sold Cohu...... R3 Fund;Investor...... R8 mates put it at hundreds of bil- Fitch. Carillion wasabig U.K. S&P pointsout that while to individual investors, source Copan Diagnostics...... A4 M Virtus KAR Mid-Cap lions of dollarsglobally.Sec- government contractor that most borrowers have solid their assetstotaling around $9 CrowdStrike Holdings.R3 Medicago...... B3 Growth Fund...... R3 tors whereitiswidely used imploded after its losses credit,supply-chain finance billion mostly from Greensill. D Medtronic...... A4 Virtus Zevenbergen N Innovative Growth include consumer packaged soared. Fewinvestorsrealized has spread to morespeculative Greensillsells the debtsowed Diamondback Energy..B2 Stock Fund...... R3 goods,telecommunications, Carillion had £400 million to companies,which could be to supplierstothe funds in the DWS ESG Core Equity Needham Small Cap Fund;A...... R5 Growth Fund...... R3 W chemicals, retail and aero- £500 million ($491 million to quickly cut off from the facili- form of short-term notes. DWS ESG Global Bond Nissan Motor...... B3 WarnerMedia...... B10 space, according to Fitch. $613 million) of supply-chain ties.The risk is that these bor- Credit Suisse in a2017mag- Fund...... R5 Norwegian Air Shuttle Whiting Petroleum.....B2 Swissbank Credit Suisse financeobligations that it re- rowers either can’t paytheir azine described the funds as DWS ESG International ASA...... A2 Wizz Air Holdings...... A2 Group AG, which has four ported as “other payables,” suppliersorwon’t payback “similar to the money market.” Core Equity Fund...... R5 O - P Z funds that invest in supply- dwarfing itsreported net debt their loans. Aspokeswoman said that de- E Occidental Petroleum.A8 Zoom Video chain finance, said it is a“rap- of £219 million, Fitchsaid. Oneofthe highest-profile spitethe adverse markets, the EnCore Permian...... A8 Panos Holdings...... B5 Communications..B1,R3 idly developing industry, with The $2 trillion stimulus suppliersofsupply-chain fi- funds have “delivered asolid [a potential market of]$2tril- package Congresspassed last performancesofar,” and all re- lion in financeable payables month is designed to help demptions had been met. world-wide.” staveoff similar collapses.The A concern is that Thenotes held by the Credit INDEX TO PEOPLE These financing arrange- measureincludes hundreds of Suisse funds include debts mentshavegrown in impor- billions of dollarsinloans for banks may yank the owedbybig U.S. corporations, B Foreman, Doug...... R3 Nefouse, Nicholas...... R8 tanceduring the current cash companies,throwing apoten- financing from such as General Mills Inc.and Barnhill, Mark...... B5 G Nissen, Steven...... A3 crunch. Therisk is that if tial lifeline to firms facing KelloggCo. Some of the notes Barrett, Noah...... B2 Gates, Bill...... A9 O banks stop providing the cash cash-flowcrisis. struggling firms. arefromcompanies whose Bernstein, Richard...... R4 Gits, Frédéric...... B1 Oldroyd, Daniel...... R8 to companies,itwould force That could ease the finan- bonds have junk status,such as Bianco, David...... R5 Gonzales, David...... B2 P Bioy, Hortense...... R5 them to paytheir bills much cial pressure on pandemic-af- Newell Brands Inc. Greensil, Lex...... B2 Phillips, Jason...... B5 morequickly at the worstpos- fected companies that use sup- Othersare from companies Bordoff, Jason...... B2 H Brancato, Matt...... R8 R sible time. ply-chain finance. Forexample, nanceisGreensill Capital, affected directly by the pan- Buffett, Warren...... R8 Haggerty, John...... B5 Ranson, David...... R7 While the money keeps the packagewill makebillions which is backed by almost $1.5 demic, such as carmanufac- C Harvey, Campbell...... R4 Reed, Andy...... R4 flowing,companies canget available forBoeing Co.and its billion from SoftBank Group turer Nissan North America Honroth, Eric...... A4 Rekenthaler, John...... R4 Carpenter, Neil...... A4 cash to their suppliersquickly suppliers. Corp.’sVision Fund, and last Inc.which has shutteredits Humphreys, Keith...... B4 Retzler, Chris...... R3 Christian, Jeff...... R7 K Reynolds, Shawn...... B1 while waiting fortheir own Aspokesman forBoeing, year did atotal of $150 billion plantsdue to the virus.ANew- Clark, Susan...... B5 Rodgerson, John...... A12 cash flow to rebound. Citi- which doesn’t disclose any in financing,according to its ell Brands spokeswoman said Kane, Mary...... R5 Colangelo, Scott...... R8 Rosenberg, Steven.....A3 groupInc.said some clients supply-chain financearrange- website. the companynolonger works Collins, Francis...... A3 L Rosso, Richard...... R8 mayuse supply-chain financ- ment in itssecurities filings, LexGreensill, the company’s with Greensill. D Lee, Wyatt...... R8 S ing to payevenmoresuppliers. said in astatement the com- founder and chief executive, Aspokeswoman forthe Fi- Lester, Anne...... R8 Detrick, Ryan...... R4 Sandberg, Sheryl...... B1 “In the last couple of weeks, panygives suppliersthe option said in an interviewthat he be- nancial Accounting Standards Doherty, Jud...... R8 Lippert, Michael...... R3 Slott, Ed...... R2 we areseeing companies look- of using itssupply-chain fi- lieves the problem facing the Boardsaid the accounting- Dokmecioglu, Ozan.....B2 M Starmer, Keir...... A10 Dudas, John...... B1 Stovall, Sam...... R4 ing at supply-chain financeto nancing arrangementstoman- industry is “demand has esca- rules maker is researching a McCarthy, Karen...... R3 see howthey canhelp their agetheir operating cash flow. lated so much that providers request made in October by Durkin, Meghan...... B10 McCready, Phyllis...... A4 W smallsuppliersand asking if David Gonzales, asenior ac- arenot going to be able to the Big Four audit firms for E Mees, Alexander...... B10 Weiss, Richard...... R8 Elengical, Jessica...... R5 Monaghan, John...... B2 White, Bob...... A4 this canbeatool to inject counting analyst at ratings keep up,” rather than existing clearer guidelines on howsup- F Mortimer, Jeff...... R4 Whitton, Zoe...... A2 some liquidity,” said John firm Moody’s Corp.said these financing being withdrawn. His ply-chain financeobligations Mullaney, Michael...... R4 Wilkins, Mike...... A2 Farrell, Charlie...... R2 Monaghan,global head of sup- lending programs typically run companyhas seen demand tri- should be reported. Fishman, Robert...... B10 N Y ply-chain financeatCitigroup. foruptoayear,soitwill take ple in the past few weeks,he —Joe Wallace contributed to Foisy, Mike...... B5 Neel, Ben...... A3 Yuan, Eric...... B1,B4 But the lack of transparency some time beforeitisclear said, adding it was“working this article.

plunged 51% in the first quar- back Energy Inc., arepledging travel restrictions designed to Investors ter, the biggest quarterly de- to lowerspending,adding to stop the spread of the corona- cline ever recorded by any of the economic threat from the virus.Asanalystscontinue theindex’ssectorsinfigures coronavirus.Some areeven crunching numbersonahis- Earn Extra Income Decry Oil going back to 1989. Investors urging Texas regulatorsto toric drop in fuel demand,es- have also sold high-yield en- curtail the state’soutput for timates forthe daily decline in Lending Your Fully Paid Shares ergy bonds,sending yields the first time in decades. oil consumption keep rising Surplus skyrocketing in another sign Analystssaid those mea- into the tens of millions of of distress. sureswon’t even come close barrels. Energy shares have clawed to bringing supply down to “The more dataweget, it ContinuedfrompageB1 back some of their losses re- meet reduced demand. But seems likethe lessoil is being on supply curbs beforehe cently and were the stock they do mark necessaryinitial used,” said Noah Barrett, an even considersincreasing it market’sbest-performing steps.Mr. Trump held calls energy analyst forJanus Hen- again. group last week,making the with Russian President Vladi- derson Investors. “It’sjust in- “Just to stop the carnage, sector afocus fortradersmov- mirPutin and Saudi Arabian credibly hard to model.” youwant to see some rational- ing forward. Crown Prince Mohammed bin To makematters worse, an- ity brought back to the mar- The oil market’s meltdown Salman last week beforemeet- alystsestimatethat roughly ket,” he said.“Everybody is is imperiling crude-producing ing Fridaywith U.S. energy-in- 70%ofthe world’scommercial just getting killed.” economies from Nigeria to dustryexecutives about possi- and strategic stockpiles of Brent crude,the global Venezuela that don’t have the ble aid to the industry. crude oil arealready filled. As gauge of oil prices, ended the capacity to increase output as Some investors are hoping companies trytostore oil and week at $34.11 abarrel after Saudi Arabia does.U.S.shale forswiftaction from all par- ride out the crisis,traderssaid sliding on Tuesday to $22.74, companies arealso under ties afteradeal between OPEC inventories could soon be itslowest level since2002. pressure. and Russia to cut output fell filled to the brim. That could That day, it closed out a55% Denver-based Whiting Pe- apart last month in Vienna. forcesome firms to paybuy- March drop that was its larg- troleum Corp. filed for bank- Thebreakup of the OPEC ers to take away their excess est ever in data going back to ruptcy protection last week. allianceishelping to flood the crude. 1988. Manyother producers, from world with cheap oil that no —Sam Goldfarb contributed The S&P 500 energy group Chevron Corp.toDiamond- one canconsume because of to this article.

pales in comparison to a Facebook government stimulus plan, but dwarfs some of the relief efforts set up by other tech Starting at Looks to companies and many cities. Facebook will spend $40 mil- $ lion of that in the U.S., fo- 0 Commissions Main Street cused on small businesses located near 34 cities where it has operations. on US listed ContinuedfrompageB1 “Wehaveahugeresponsi- time employees on the pay- bility,” Ms.Sandbergsaid. 1 roll. They deliver materials I asked her why Facebook stocksand ETFs the shop sells to people’s doesn’t just offer lower ad homes, including books rates for small businesses, home-schooling parents are and she said such an offer giving to their children. And wouldn’t most effectively they are helping manage in- meet a business owner’s ventory, which was freshly needs. stocked in the days before “They need money,” she business was locked down. AS said, adding that reduced ad DUD

Manycomic-book sellers YL rateswould certainly be less

use eBayfor online sales,but APR expensivefor the company. Start Investing Today! Mr.Dudas’sapproach is John Dudas uses Facebook to promote his Cleveland comic-book shop. Morethan ahalf-million busi- mostly centered on real-life nessownershavesent inqui- transactions and in-person ex- it wasadonation, kind of like marily to discussa$100 mil- ries sinceFacebook unveiled periences.New comics come at atelethon,” he said. lion rescue fund Facebook will the program last month. Ap- ibkr.com/lendit out on Wednesdays,for in- Within about an hour-and- be doling out to small busi- plications will be accepted stance, and that’sabig dayto a-half, he earned enough to nesses all over the world in starting this week. welcome customersintothe pay those two staffers for coming weeks,mostly in the In our odd cloistered exis- storeonLorain Avenue. weeks to come. form of no-stringscash grants. tence, businesses large and Interactive Brokers Rated #1 Carol &John’shas long This storyreflectsother Thecompanyhas created a small aresearching foran- used Facebook to promote tales I’veencountered in re- newfundraising tool forsmall swers.For small businesspeo- Best Online Broker 2020 by Barron’s* productsand events. Last cent weeks editing the Jour- businesses,which operates ple likeMr. Dudas,the ques- week it hosted aFacebook nal’s“Making It Work” series. much likeaGoFundMe cam- tion is decidedly existential. Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Broker according to Livegatheringtosell dis- I’m working on stories about paign, and made away for “No one’s worried right Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information see, ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides counted comic books as away small autosuppliersusing a companies to sell digital gift now about Walmart or Tar- commission-free trades in US exchange-listed stocksand ETFs routed to select market makers. to raise much-needed cash. Facebook group to collaborate cards. Itsnew “BusinessRe- get,” he said. “They’re wor- IBKR may charge non-commission related fees. For more information, see ibkr.com/liteinfo Mr.Dudas told astory with on ventilator production; a source Hub” is far moreused ried about us.” Neither Nasdaq, Inc. nor its affiliates makes any recommendation to buy or sell any security or each comic,selling 90% of cabaret dancer taking her than Facebook’straditional So, for now, desperate to any representation about any company’sfinancial condition. Investors should undertaketheir own due diligence before investing. ©2020.Nasdaq, Inc. available books and pulling in showtoInstagram Stories. businesshome page. connect, small business All Rights Reserved. nasdaq.com 03-IB20-1303 $3,000.“If youbought abook, Ms.Sandbergcalled me pri- The $100 million grant trusts in Facebook. P2JW097000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Monday, April 6, 2020 | B3 BUSINESS NEWS Gilead Speeds Trials of Coronavirus Drug

BY ANNA WILDE MATHEWS drug available through clinical thing to do,tofacilitateaccess none has been approved for companyplantsthat made that are testing the drug. But AND JONATHAN D. ROCKOFF trials and special programs to patientsasquickly as possi- such a use. other drugstofocus on pro- thecompanyhas struggled to that allow doctors and hospi- ble and in recognition of the Thelack of proven treat- ducing remdesivir.The com- keep up with all of the Gilead Sciences Inc.has tals to apply foraccess. The public emergencyposed by ments has prompted patients pany was able to shorten the requests. ramped up production of its companysaid it wouldn’t this pandemic,” Gilead Chief to tryantimalaria drugs and time needed to makethe drug To improveaccess, the experimental coronavirus charge forthe 1.5million ExecutiveDaniel O’Daysaid in other drugssuspected of help- from about ayear to six companysaid last month,it drug,which has seen over- doses even if remdesivir is ap- aletterposted on the com- ing derail the virus. months, he said. would have doctorsand hospi- whelming demand amid a proved to treat Covid-19,the pany’s website. Drugmakerstypically make Gilead, alongtime maker of tals makerequestsfor groups surgeincases around the disease caused by the virus. By October, Gilead aims to an amount of an experimental antivirus drugs, developed of patientsneeding emergency world. Theincreased supply will produceenough doses of the drug that is just enough to remdesivir to treat Ebola, but use of the drug. Gilead said it The drugmaker said Satur- help the Foster City,Calif.- drug to provide treatmentsto supply researcherstesting the it proved lesseffectivethan would consider only individual daythat it nowhas 1.5million based companysatisfymoreof morethan 500,000 patients, agent. As requestsfrom some other medicines. requests for pregnant women individual doses of itsdrug the demand from researchers and the companysaid it hopes Covid-19 patientssurged, While researchersstudy and children. remdesivir on hand, an testing the drug,aswell as to have enough doses for an- however, Gilead ratcheted up remdesivir’s safety and effec- Thecompanysaid it has amount that could be enough from patients, doctorsand other 500,000 patientsbythe production. tivenessagainst Covid-19, nowsupplied remdesivir to to supply morethan 140,000 hospitals desperate for treat- end of 2020. Mr.O’Daysaid the company Gilead has been providing morethan 1,700patients un- patients. ments. No drug has been proven to had taken several steps to ac- remdesivir to individual der itsinitial program and the Gilead, which won’t charge “Providing our existing sup- work against Covid-19,the dis- celeratemanufacturing,in- patients, sincemanyaren’t revamped program announced forthe supply,ismaking the plies at no charge is the right ease caused by the virus, and cluding repurposing some able to enroll in clinical trials last week. Nissan-Renault Alliance Stalls on Road to Comeback

BY SEAN MCLAIN stayed home to avoid the vi- AND NICK KOSTOV rus. Thecompanyhad hoped to pareback discounts, but the Spring wassupposed to crisis has leftitwith no herald afresh start forthe choice: It is offering 0% loans troubled car-making alliance to newcustomersand no pay- of Renault SA and Nis- ment for 90 days. san Motor Co.Executives Renault’s new car registra-

were hoping to grab investors’ tions in France, itsbiggest CCO BA

attention with avision forthe market, fell 72%inMarch, ac- TO next three years, backed up cording to France’scar indus-

with detailed projections of tryassociation. April is ex- ERICAN

profits and sales. pected to be even worse, and AM So much forprojecting any- no one has aclear viewof

thing. With sales evaporating what will happen from May BRITISH and most factories closed, the onward. British American Tobacco said it has found a coronavirus antigen and is reproducing it in plants. companies’ leaderssay they Forthe moment, neither areflying blindwith no way of companysees much point in knowing when businesswill making morecars, even in Tobacco Firms Join Race for Va ccine return to normal. countries where factories are “I’m not sure that in 2020 permittedtooperate. Renault anycar companycan makean hasshut all itsplantsindefi- BY SAABIRA CHAUDHURI BATthis week said itsKen- ress on avaccine that could be Scientistssay these factors accuratebudget today,” Nis- AND DENISE ROLAND tuckyBioProcessing subsidiary ready in early 2021. Moderna could reduceproduction time sanChief ExecutiveMakoto had identified an antigen—a Inc.has begun human trials for to weeks instead of months and Uchida said in an interview. With business Theracetofind avaccine protein it hopes will stimulate avaccine using anovel ap- makevaccines as much as 40% He is likemanyCEOs for the novel coronavirus has an immune response to the vi- proach that relies on the virus’s cheaper to producethan using around the world whose core halted by pandemic, an unlikely newentrant: to- rus—and wasreproducing it in messenger RNA,atype of ge- animal cells. work of setting avision and there is no way to bacco companies. tobacco plants. If early tests netic material. SanofiSAof Thespeed and scale at carrying it out has suddenly LuckyStrikeowner British aresuccessful, human trials Francehas begun work on a which avaccine or treatment been rendered impossible by project car sales. American Tobacco PLC is de- could start by June,itsaid. similar approach. canbebrought to market has the coronavirus pandemic. veloping apotential vaccine The unit previously manufac- While thereisnoindication become increasingly important Many are taking lessons from grownintobacco plants, while tured a drug for Ebola, which that BAT’seffort has agreater as the virus spreads. the 2008 global financial crisis Medicago Inc., a biotech firm was only moderately success- chanceofworking than others, Thesuccess of BAT’sap- and focusing on staying viable nitely except in China and partly owned by Marlboro ful, using a similar method. using tobacco plants to culti- proach—likeall vaccine re- until whenever the world be- South Korea, where factories maker Philip Morris Interna- “I appreciatethat we aren’t vate avaccine could be search efforts—will depend on comes more normal again. have resumed work.Nis- tional Inc., is pursuing asimi- aconventional vaccine player,” cheaper and faster to scale up whetherits product elicitsthe “Simply put, we need to san has closed all itsplants lar effort. said David O’Reilly,BAT’s head than traditional methods, appropriateimmune response watchour cash management,” except those in China and The initiatives join dozens of scientific research. “I’d ask which often use chicken eggs to protect against futureinfec- Mr. Uchida said. Japan, wheresome arerun- already under way at drug people to trytolook beyond or other animal cells. tion with the newcoronavirus, Thepandemic has hit the ning at reduced capacity. companies,universities and that and look at our technol- Tobacco is well-researched, said BeateKampmann, director allied auto makersatatime Yetthe executives said that otherresearch institutions ogy at face value.” cheap to grow and canyield of the London School of Hy- when they were already strug- even in acrisis,itstill made acrossthe globe seeking avac- BATand Medicagoare play- large amountsofvaccine giene and Tropical Medicine’s gling.The arrest in Japan of sensetopush forwardwith cine or treatment forCovid-19, ing in an increasingly crowded quickly.Tobacco-based vaccines Vaccine Centre. “What’sprom- former alliance leader Carlos longer-range plans, to assure the disease caused by the new field. Johnson &Johnson last also don’t need refrigeration, ising is the scalability,” she GhosninNovember 2018 set employees and investors that coronavirus. Mondaysaid it had made prog- simplifying the supply chain. said. off more than a year of man- the alliance has a future once agementturmoil, and Nissan the pandemic eases.Asbefore, had seen sales fall sharply in they intend to announcetheir theU.S., itsmost important program forthe next three Restaurants, FarmersRush to GetRid of Food market. years in mid-May. Nissan shares have lost half “Unlessthe plan is well their value this year,while the demonstrated and digested, BY JESSE NEWMAN overall Japanese stock market then thesharepricewill not is down by aquarter.The recoverand people will not Theclosureofrestaurants priceofinsuring against believethat Nissan will re- acrossthe countryhas left aNissan default on itsdebt cover,” Mr.Uchida, the Nis- chefs and farmerswith tons of has quadrupled in a month. san CEO, said. produceand meat to dispose of Moody’s InvestorsService Nissan and Renault execu- in ahurry. on March 26 reduced Nissan’s tives saythey plan to end Some high-end restaurants credit rating two notches,the products and businesses that areselling steaks and other cuts thirddowngrade in ayear.It show little hope of becoming of meat directly to consumers stands at the lowest invest- profitable.That means Nis- rather than in dining rooms that ment-grade rating,and san is expected to wind down went dark as the coronavirus Moody’s put it on reviewfor a plants in Spain, and Renault pandemic exploded in the U.S. further downgrade over con- will likely pull itsnamesake last month. Farms areplowing cerns about Nissan’sability to brand out of China, according under hundreds of acres of veg- grow again. Renault’scredit to people familiar with the etables in prime U.S. growing rating wasloweredtojunk plans.Research and engineer- regions such as Yuma, Ariz. status by Moody’s in February. ing work will be divided up to Ryan McCaskey,chef and As with the virus itself, avoid duplication. owner of Chicagorestaurant there is no immediate elixir. Billions of dollarsinsavings Acadia,has turned the parking “The situation is quite areplanned, in part by more lot behind itsbuilding intoa clear: We’renot getting any than doubling the proportion free,open-air market forres- revenues because we’renot of partsthe two companies taurant industryemployees and selling anything,” Jean-Domin- shareto75% to 80%. “All of neighbors. On the past two Sat- ique Senard, Renault’s chair- us,we’renot satisfied at all urdays,hehas distributed food man, said in an interview. aboutthe valuation of our the restaurant had on hand that In March, Nissan’ssales fell companyinthe market,” Re- would otherwise spoil, as well 48% in the U.S. as car buyers nault’sMr. Senardsaid. “We’re as donations from suppliers determined to get out of that and local businesses. ADIA

Priceofinsuring against situation.” Thefirst week,the market AC adefault on Nissan's debt Mr.Senardsaid he believed waschock-full of seafood, in- AChicago eatery,Acadia, has turned aparking lotintoanopen-air market forindustry employees. Renault could weather a cludingshrimp,cod and 700 3.0% downturn, and analysts agree oysters.The second week,itof- dried split peas,beans and pota- such as GreenGateFresh LLP, of the typical two,hiring fewer neither companyisinimmedi- fered500 pounds of bratwurst, toes each weekday. With demand whichsupplies vegetables ex- workersthan normal. atedanger of running out of 300 pounds of pork chops and strong,Mr. Buhagiar recently clusively to restaurantsand in- Thecompanymay harvest 2.5 cash. aheaping supply of oranges. bought adozenmoreshort loins stitutions including schools. less than half of the vegetable Renault is taking advantage “Wewerebusting at the and loaded them ontobirch Robby Barkley,GreenGate’s crops it has already planted in of the French government’s seams with food,” Mr.McCas- shelves to agefor amonth. owner,said demand forhis California. expansion of benefits by pay- key said.Hesaid items avail- When the quarantine ends,he productsevaporated by 70%al- Agriculturetrade groups 2.0 ing some white-collar staff in able this Saturdaywill range said, that will also givehim most overnight. That has have asked the U.S. Department the Paris region forhalf a from caviar to toilet paper. prime steak to servetodiners. prompted him to destroy some of Agriculturetoensurethat day’s work, while the govern- When SanFranciscoan- “It’sawin-win,” Mr.Bu- 250 acres of produce—from let- producesuppliersget paid in 1.5 ment pays unemployment ben- nounced acitywide lockdown on hagiar said. tucetobroccoli—that cost full using afederal regulation efits for the other half-day. It March 16,Harris’ Restaurant In NewYork,F.Rozzo & about $1.3million to grow in that fordecades has helped has access to state-backed chef Michael Buhagiar knewthe Sons,aseafood supplier to fields acrosssouthwest Arizona. supplierswhen their buyers 1.0 loans in Franceand a€3.5bil- lemons,onions and lettuceinhis high-end restaurantssuch as “We’releaving perfectly can’t paytheir bills. lion ($3.8 billion) credit line it kitchen were destined to spoil. Nobu 57 and Ocean Prime,has good product in the field,” Mr. Harold McClarty,owner of has yet to tap. Nissan has un- So the white-tablecloth steak- turned itsold Chelsea ware- Barkley said.“It’sacomplete California-based HMC Farms, tapped credit lines of about house,which usually sells items house intoafish market. Owner andtotal loss.” which growsand ships fruit in- 0.5 $12 billion. like$71 porterhouses to 200- Louis Rozzoisselling fresh sea- Likeother growers,Green- cluding peaches,plums and ta- Mr.Senardpredicted that plus diners anight, converted food directly to customersat Gatewill soon shiftoperations ble grapes,says his company at some pointcar sales would the butcher counter near itsen- cost to stay afloat, offering lob- northtoSalinas,Calif., forthe has been donating 200,000 0 come back.But in aprolonged tranceintoaminigrocerystore. stersfor as little as $7.50each. spring and summer seasons, pounds of grapes aweek to Jan. 6Feb.3 March 2March 30 recession, he said, “we would Harris’ nowsells dry-aged Restaurant closures also whereMr. Barkley said he nearby food banks sincethe be testing the limits of a new steak—NewYork Strip and rib- have dealt aheavy blowtopro- would runhis salad-processing sudden drop-off in restaurant Source:Mizuho Securities via Quick world.” eyefor $30 apound—as well as ducegrowers and processors plant on asingle shiftinstead demand. P2JW097000-0-B00400-1------XA

B4 | Monday, April 6, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Joanna Stern Trolls Hit NewMacBook Air Is Made forTyping 12-Step Virtual Point: The handle most people’s needs, last thing the but it’s not for pros. world needs I’m currently Goldilocks, Meetings during a pan- looking between the not- demic and powerful-enough Air and the BY KATHERINE BINDLEY economic too-big 16-inch Pro for a meltdown is this laptop re- just-right 13-inch MacBook Philip McGrade wasattend- view. Pro with the new keyboard. inganAlcoholics Anonymous Counterpoint: This review (Luckily, the rumors say it’s meetingoverthe videoconfer- is exactly what the world on its way.) encing serviceZoom when a needs—at least your world.  Storage: The Air now messagesuddenly appeared on Laptops are our everything comes with a base 256 GB of the screen. “Hitler did nothing in this self-isolation mo- storage, up from the measly wrong,” it read. Next, scenes ment. (Actually, my laptop 128 GB. Praised be! from Leni Riefenstahl’sNazi just gave me a haircut.)  Batterylife: Sadly,there propaganda film “Triumph of Right now, if your laptop arenobattery lifegains with the Will” started playing.A is failing you, Apple’s new the newAir.Likethe previ- person yelled “Allahu akbar,”

MacBook Air is the one you JOURNAL ous model, Apple promises andpornographypopped into want. all-daybattery lifeand 11 view.Heloggedout, joined a In mid-March, Apple be- REET hoursofwirelessweb brows- different AA meeting and ST

gan shipping a new version LL ing.Inreal lifeInever get within afew minutes asimilar

of its popular entry-level WA that. Doing my usual work, attack began there, too. laptop with a few primary with brightnessataround “It’saverysort of cheap changes: faster Intel Core 75%, I’vebeen making it just shot to tryand disrupt some- ERN/THE

processors, a new keyboard ST about seven hourswithout thingwhich is acommunity- and a $200 price drop—back having to recharge,which basedresource that’shelping ANNA

to $999, where it was a few JO will getyou through across- people to turn their lives years ago. The MacBook Air's 720p cam in low light, left, vs. a 2010 MacBook Pro's 480p camera, right. countryflight—whenever we around,” said Mr.McGrade, Typically, we’d consider cantakethose again. who lives in LosAngeles and these changes too incremen- all the wrongs of the past. It fixed. I’m happy to report, and we don’t go around tak- With brightness set at hasbeen sober for37years. tal for a dedicated review by makes the laptop nearly per- however, that six months ing photos of stuff with our 65%, the new Air streamed “They don’t fully grasp that yours truly. But let me re- fect. In fact, there’s only one into using the 16-inch Mac- laptops—but for a grand I’d video for nearly 9 hours be- this is somethingthat people mind you of my 2019, when I little problem I discovered Book Pro, I’ve had no issues argue we deserve a camera fore conking out; the new really need.” set aside all other journalis- with this thing, one I proba- with the new keyboard. In that doesn’t make our faces Dell XPS 13 lasted 10.5 hours. Mr.McGrade wasavictim of tic agendas to report on Ap- bly never would’ve noticed fact, it now feels even more look like Impressionist paint- Speaking of recharging, “Zoombombing,” in which peo- ple’s biggest blunder in before the coronavirus hit broken-in—versus, you know, ings. Instead, I’d suggest us- there are two USB-C ports. ple hijack avideo teleconfer- years: the “butterfly” key- and the entire world shel- just broken. ing your smartphone or tab- Annoyingly, they both still ence to harassotherswith of- board. tered in place and hopped on  Webcam: At another let for important video calls. live on the left side of the fensiveand disturbing content. In case you haven’t been Zoom: The webcam sucks. time, a time when we talk to  Performance: With new machine. Does no one at Ap- At atime when human contact Keeping Up With the Key- I imagine you’d prefer friends and colleagues face Intel processors, Apple ple sleep on the right side of must be limited, Zoom’sadop- boards (my favorite not-real reading a car manual over a promises up to twice the the bed? tion as ago-toplatform for reality show): In 2015, Apple lengthy laptop review right performance on the new Air.  Touch screens: If work meetings, school lessons began using what is known now, so I’ve written this in a The case of Joanna On my $1,299 review unit, you’re OK switching from and gatheringsoffriends high- as a butterfly mechanism to simple, skimmable format. which has a quad-core Core Mac to Windows or Chrome lightsboth the powerofthe replace the previous “scis-  Design: It’s hard to ap- Stern vs. the i5 processor and 8GB of OS, the top competitors—in- technologytoconnect us and sor” mechanism, an industry preciate the Air’s lightweight horrible MacBook RAM, the system had enough cluding the HP Spectre, Dell theways in which it is afar- standard. This enabled a (2.8 pounds) and thin (0.63 horsepower to handle a XPS 13 and PixelBook Go— from-perfect substitutefor thinner laptop design, inch thick) design when the keyboard is closed. dozen or more Safari have touch displays and lon- meeting in person. though reliability problems— longest journey of my day is browser tabs, Apple Music, ger battery life. Perhaps nowhereisthis including duplicate or walking from the bed to the Slack and a handful of other moreevident than in the recov- missed key presses—contin- desk. But when I’m back to applications. pple has drawn its line erycommunity.Having to re- ued for years. cramming all my stuff in a to face, I might have forgot- There was one exception: in the sand: Macs are start aZoombombed work carry-on and sitting in a ten to check out the Air’s Google’s Chrome browser. A meeting might be disturbing, strictly for keyboard y 2018 MacBook Air cramped middle seat, I 720p webcam. But not now. When I fired up Chrome and and trackpad/mouse interac- and it is certainly anuisance, had the third gener- promise I’ll take time to sa- Even when you’re just re- used it as my main browser, tion. IPad Pros are for it but most meetingsprobably M vor the machine’s blend of cording through the webcam with a mix of Google Docs, aren’t serving as part of a ation of the butterfly all—keyboard, mouse, touch keyboard—aka, Apple’s third portability and power. and not video-chatting on- Drive and Gmail tabs, the and pen. broader support system with try at getting it right. The  Keyboard: It’s hard to line, the picture is grainy. machine slowed. At times, as For some, that will make such high stakes.Recovery keys broke, one by one. I ar- know if the satisfyingly The Google Pixelbook Go of- it does occasionally on my the decision between a $999 groups likeAAemphasizethat gued, again and again, for bouncy yet quiet keys are fers better 1080p resolution current Air, the fan sounded 12.9-inch iPad Pro and a 13.3- participation in meetingsispri- the butterfly to be killed. fabulous by themselves, or and much better and sharper like it was getting ready to inch MacBook Air difficult. vate—anyintrusion canunder- I’m now proud to say the just a welcome relief after image quality. The craziest launch the system into orbit. Both are capable of lots of mine the sense of anonymity. case of Joanna Stern vs. the years of the flat, loud yet thing? My 10-year-old Mac- When I began to push the the same tasks (email, “[AA] meetingsare what is horrible, atrocious MacBook delicate butterfly keys. You Book Pro’s 480p camera does system even further—simul- browsing, photo editing, so crucialtomanypeople’sso- keyboard is closed. The win- know what? I’m going to go a better job in low light, pro- taneously running Chrome etc.), and the iPad Pro has briety,” a48-year-old recovering ner? You. with “fabulous.” ducing smoother and with lots of tabs, Garage- more flexibility, especially alcoholic said. (AA recommends The Air’s new Magic Key- Since those butterfly keys brighter images in some sit- Band, Adobe Premiere and once the $349 iPad Magic membersmaintain anonymity board—like the one on the began to show issues after a uations. more—the spinning rainbow Keyboard with trackpad when talking to the media.) 16-inch MacBook Pro re- few months of use, Ihesi- Sure, there are space con- ball became my closest com- ships in May. I plan to re- She said she wasinitially leased in November—rights tated to declare everything straints in a laptop screen— panion. In short, the Air will view that when it arrives. hesitant about attending AA meetingsonline,but when all

sued a blog post on Zoom’sweb- Zoom CEO sitevowing to devoteall his engi- Participantshave neerstofixing trust, safety and privacyissues. been blindsided by Focuses on “I thought Iwas letting our intruderswho yell usersdown,” he told the Journal on avideo call.“Ifeel an obliga- slursand shareporn. Security tion to win the users’ trust back.” To some extent, Mr.Yuan is paying thepricefor well-mean- ContinuedfrompageB1 ing decisions he made early dur- the meetingsinher area shut 2019’smost successful, making ing the virus crisis.When it hit down,itwas the only option Mr.Yuan abillionaire. While the China latelast year,hequickly left.Though she’dnever used stockmarket has takenhistoric moved to makeZoom more Zoom before, she has in recent tumblesoverthe past month, widely accessible forfreeso weeks attended dozens of on- Zoom’sshares areup. medical professionals could re- line meetings. But the platform’ssurging main in touch. When financial She wasoptimistic about the popularity hasattracted trolls analystsinearly March asked potential foronline meetingsto andhackers. Thepracticeof himhow Zoom would stand to serveinplaceofin-person S “Zoombombing”—in which peo- benefit from itssudden popular- ones.But twicenow she has NEW

ple gain unauthorized access to a ity—then still mainly overseas— G been in meetingswhereshe has meeting and sharehatespeech he said “support foreach other is been subjected to racist and

or pornographic images—entered moreimportant than revenue.” OOMBER pornographic content. “It was

the popular vernacular almost Though he gives no hint of re- BL shocking and upsetting,” she overnight. Security expertsfound gretting that choice, Mr.Yuan T/ said.“Ijust loggedright off.”

publicly highlighted problems says “sometimes youhaveagood SHOR AZoom spokeswoman said, with Zoom’stechnologycould intention, and sometimes youget “Weare deeply upset to hear

leave user datavulnerable to out- punished,” adding “weneed to MICHAEL about the incidentsinvolving siders’ exploitation. slowdownand think about pri- The company’s IPO was one of 2019’s most successful, making Eric Yuan a billionaire. this type of attack,and we TheFederal Bureau of Investi- vacy and security first. That’sour strongly condemn such behavior. gation issued awarning last newculture.” certain circumstances the com- nateinthe U.S. But when traffic Thebacklash against Zoom We have been actively educating week about videoconferencehi- Security researchersalso have panystoredencryption keys— surgedstarting in February, some hasn’t come just from security our usersonhow they canpro- jacking,spurred in part by Zoom- scrutinized Zoom’slinks to China. long stringsofnumbersand datawas mistakenly routed that professions. Some corporateus- tect their meetingsand help pre- bombingincidents. In the U.S.,27 Researchersatthe Citizen Lab, a charactersthat canbeused to ac- way,the companysaid, adding ershavedropped the platform, vent incidentsofharassment.” stateattorney general’soffices security research group affiliated cess encoded communications— that it has remedied the problem. includingElon Musk’sTesla Inc. Thecompanyrecently pub- have raised questions about pri- with the University of Toronto, on serversbased in China. Critics also have questioned and SpaceExploration Technolo- lished ablog post outlining var- vacy issues,Zoom said, adding it on Fridaysaid Zoom used an en- Brendan Ittelson, head of whether Zoom’sheavy reliance gies Corp., Mr.Yuan said. ious settingsthat giveusers is cooperating with authorities. cryption technologythat is con- technical support at Zoom, said on China-based engineering “I really messed up as CEO, morecontrol over their meet- On Wednesday, Mr.Yuan is- sidered substandard, and that in because of the distributed nature could pose asecurity risk. andweneed to win their trust ings,such as howtolimit of the company’sinfrastructure, “Zoom’soperations in China back.This kind of thing shouldn’t screen sharing and who can meeting datacan be routed were always aconcern, but less have happened,” he said. join the meeting.Zoom is un- ADVERTISEMENT through different datacenters of apriority when highly sensi- Tesla and SpaceX didn’t re- derpressuretodomore,in- around the world. Zoom’ssystem tive conversations about com- spond to requestsfor comment. cludingupdating itsdefault TheMarketplace firsttries to send this datalo- panyorgovernment secrets—or Thebarrageofcriticism has setting to limit screen sharing cally,but if the connections fail, about people’sprivatemedical leftMr. Yuan feeling likesome- to only the host. And it recently To advertise: 800-366-3975orWSJ.com/classifieds thebackup routemight send it health information—primarily one has put his companyintheir made it so password protection elsewhere. took placeoffline in an office,” crosshairs. is nowonbydefault. Theencryption setup could said JacobHelberg, asenior ad- “Everyday has felt likesome- But upholding one of the 12 PRODUCTS BUSINESSOPPORTUNITIES give sophisticated hackers— viser of StanfordUniversity’s Cy- thing is behind this trying to de- traditions of theAAprogram those working foragovernment, ber PolicyCenter and formerly a stroy us,” Mr.Yuan said. But he is means making meetingsaseasy )"..%(#& +",%' *$,&.-!&$- forexample—a way of listening policyadviseratGoogle.“Nowa toobusy right nowtospend time to access as possible.Anyone (-:073+- 8)&$ &- 3/<&%4 3-.!74/!-4 :0-# intoZoom conferences,said Bill significant portion of these con- on such suspicions. with the desiretostopdrinking 3-.!743-6 3- 5!&145%&9!$ 37 0-#!96+3-6 & "2=' %&<34&1 9&37! 4+ 70<<+94 69+,45 +: Marczak,aresearch fellowatCit- versationshavemoved to Zoom.” At this point, Zoom’smass should be able to walk right 45!39 %099!-4 <+94:+13+ ,531! &17+ %+-73#!93-6 izen Lab. Mr.Yuan said the Chinese popularity is something Mr.Yuan in—literally or virtually.That is &- 3-.!74/!-4 3- *+.3# 4!743-6; (: >+0&9! *))!&'$,&' *"' $",&!&#,&' $" $"+&#,$"%( “We’renot claiming that this government has never asked for suggestshewould rather not part of what makes the pro- %1:$9: '/$41! 3:88#4-8,94+-6)$<"+/ is evidencethat youshould for- information on traffic from for- have had. “Hopefully we cango gram so effective, said Keith &; ($11 *2!0).<.56<57== ever delete the app,” he said. “If eign users. Zoom wasbanned in- back to businesscustomersafter Humphreys, an addiction re- you’rehaving avirtual hangout side China fortwo months last this,” he said. “But the good searcher and professor of psy- with our friends,you’reprobably year because it wasaU.S.-based news—if we canlearn the hard chiatryatStanfordUniversity. THE MARKETPLACE fine.Ifyou’rediscussing classi- companythat wasn’t formally lessons and become betterand “Part of the genius of AA is ADVERTISE TODAY fied information, youshould registered in the country, Mr. stronger and we canwin users they understood the popula- (800)366-3975 maybe think twice.” Yuan said. Zoom formally regis- back,inone or two or three tion.You really couldn’t have Zoom had created asystemto teredwithin China last year and, years, it mayhavebeen worth it.” anyexcuse [tonot partici- ©2020Dow Jones &Company,Inc. All Rights Reserved. prevent this datafrombeing sent Mr.Yuan, said authorities there He added: “But the journey is pate],” he said. “This kind of through China when calls origi- care only about local meetings. so painful.” stuff undermines that.” P2JW097000-4-B00500-1------XA

THE WALL STREET JOURNAL. **** Monday, April 6, 2020 | B5 SMALL BUSINESS Startups Fear Being Shut Out of Loans

TheTreasuryDepartment pany’s voting stock could still izes in startups at Cooley LLP. to do so,toremoveprovisions minesshould have been de- one of the main authorsofthe issued newguidanceaimed at be considered controlling “The rules startups hoped that could triggerthe affilia- nied. In that case,banks could small businessloan provisions, expanding access to the emer- shareholdersincertain circum- would be simplified haven’t tion rules,Mr. Werner said. lose the federal guarantee said SaturdayonTwitterthat gencysmall-businesslending stances. These include the abil- been simplified.” One industryofficial esti- backingthe loans,said Mr. he expected additional guid- program, but some in Silicon ity to block certain basic com- That could be bad news es- matedabout 15,000 venture- Field. ance on several remaining is- Valley sayitfalls short of en- panyoperations such as pecially forearly-stageven- backed firms and about 12,000 Congressprovided nearly sues,including the so-called af- suring startups will be able to approving astock option plan. ture-backed startups that have private-equity-backbusinesses $350 billion in loans forsmall filiation rules. getaid. In theory, the guidanceis greater need forrescue financ- have fewerthan 500 employ- businesses to coverpayroll ex- “In order forlenderstocon- supposed to createanopening ing than more-mature, later- ees. penses over the coming fidently participate, they need By Kate Davidson, forsome startups to access the stagecompanies. “There’sdefinitely aconcern months as wide swaths of the further clarity” on the affilia- Rolfe Winkler loans,sincemanydon’t have a Early-stagestartups are over howthis is working,or economyshut down to tryto tion rules,particularly fornon- and Dave Michaels single investor who owns over morelikely to have asingle in- not working.” stem the spread of the corona- profits, and on general eligibil- 50% of their shares. vestor that could be said to Whether or not startups are virus.The program, which is ity requirements, Mr.Rubio Federal regulations can Butinpractice, their com- have some element of opera- affiliated to an investor could being administered by the SBA, said. “I expect that very early makeitharder forcompanies plex incorporation documents tional control, triggering the createconfusion forbanks is only available to firms with next week as well.” with private-equity or venture- maymakeitharder to deter- affiliaterule. chargedwith processing loans, fewerthan 500 employees. He also said strong demand capital backerstoqualifyas mine whether they areaffili- Later-stagestartups have said Justin Field, head of gov- Venture-backed firms had forloans on the firstday made small businesses because they ated to an investor,and poten- raised capital from moreven- ernment affairsfor the Na- thesupport of powerful law- it clear that Congresswill need canconsider all firms con- tially ineligible forthe loan, turefirms,sothe investors’ tional VentureCapital Associa- makerssuch as House Speaker to provide moremoney forthe trolled by asingle investor as industryexpertssaid. relativeownership positions tion, alobbying firm for NancyPelosi (D., Calif.) and program by lateMay. one entity under so-called affil- Theinterim final rule re- arediluted and their control is venturecapitalists. HouseMinority Leader Kevin Separately,the SBAissued iation rules. leased Fridaynight “didn’t shared. It could also createliability McCarthy(R.,Calif.), who an interim rule exempting In guidanceposted lateFri- changeany of the substantive Already some companies down the line forcompanies urgedthe Trump administra- faith-based organizations from day, the TreasuryDepartment conclusions about howwead- that feel they most need the and their banks if loans areap- tion to allowstartups access to the affiliation rules forthe pur- said minority investorsthat dressaffiliaterules,” said Peter money areamending their cor- proved that the Small Business the emergencyloans. poses of the emergency-lending hold less than 50% of acom- Werner,alawyer who special- poratecharters, or preparing Administration later deter- Sen. Marco Rubio (R., Fla.), program. Investors’ War Rooms Help Firms Navigate Crisis

BY PREETI SINGH they have appointed leadersto and president of portfolio oper- “Weare trying to divide and managethe crisis,who can ationsatLos Angeles-based conquer,” Mr.Foisy said of Private-equity firms are managethe flow of information PlatinumEquity,leads the cri- HKW’sstrategyfor managing pooling their resourcestoset and support to portfolio com- sismanagement effort at the thecrisis.That includes creat- up crisis-management hubs panies. firm, which raised $1.5billion ing 13-week cash flow forecasts that canhelp the companies At one such private-equity in 2018 to back companies with to monitor the liquidity needs they owncontend with the ef- firm that investslargely in re- lessthan $45 million of earn- of each company. fectsofthe pandemic. tail, including restaurants, ini- ingsbeforeinterest, tax, depre- Growth-investment firm It is “kind of anervecenter tial steps itscrisis managers ciation and amortization. TechnologyCrossover Ven- that is processing all informa- called forincluded drawing “Wehaveacustom playbook tures,orTCV,has been holding tion from all different sources down credit lines to amasscash in placeatevery operating theme-basedvideoconferencing to be aclear voicetoall the dif- and conferring with leadersof companyand we aremonitor- calls with expertsfromthe

ferent portfolio companies,” each businessabout whether to UITY ing the situation daily,” Mr. companies it backs to provide said Jason Phillips,apartner freeze hiring,delayspending EQ Barnhillsaid. shared insightsand recommen- and private-equity practice on marketing and holding up MikeFoisy,the lead opera- dations,according to Susan TINUM

leader at consulting firm rent payments, according to PLA tions partner forIndianapolis- Clark,the Menlo Park,Calif.- McKinsey &Co. John Haggerty, managing prin- Platinum Equityispreparing foralong downturn. Its headquarters. based Hammond Kennedy based firm’sgeneral partner for Manyprivate-equity firms in cipal and director of private- Whitney &Co.,said his invest- portfolio operations.She leads recent yearshaveincreased market investmentsatMeketa tire portfolio instead of multi- the specific challenges and ment firm holds daily discus- the coronavirus response ef- their focus on acquisitions of Investment Group.Meketa pleCEOs engaging with them needs of each. sions on the pandemic’seffects fortsfor TCV,which has over family-owned or entrepreneur- helps steer institutional inves- on an individual basis,” Mr. “Nobody’s downside predic- on each portfolio company’s the past year backed companies owned companies.Buyout firms tors intoprivate-equity funds, Haggerty said. Thefirm’snext tions had takenthis intoac- market, supply chain, facilities that include legal technology typically invest resourcesinde- particularly ones that back steps fordiscussion include po- count, but private-equity firms andemployees.The firm typi- provider Clio,restaurant man- veloping the financial and oper- smalland midmarket busi- tential workforce reductions have swung intoaction,” Mr. cally investsinNorth American agementtechnologyplatform ational structureofacompany nesses.Mr. Haggerty has been and negotiating with landlords Phillips of McKinsey said. companies with between $5 Toast, and survey and analytics they take ownership in, so the talking with private-equity on reducing or deferring rent Platinum Equity is aggres- million and $30 million in companyPerceptyx. private-equity firm cansell it firms in recent days along with payments,hesaid. sively managing the firm’s Ebitda. Itsportfolio includes “Wherewefind the compa- foraprofitinafew years. The institutional investors. Consulting firms such as portfolio to preserveliquidity, companies such as Urban Ar- nies arefacing similar chal- pandemic is forcing arecalibra- “Part of their war-room McKinsey and Bain &Co. say reducecostsand preparefor an mor Gear LLC,which produces lenges,weare actually connect- tion of those growth strategies, work involves ensuring they that beyond these “table extended downturn, said Mark protectivecases formobile ing them so that they cansolve pushing some of these compa- areproactiveinspeaking with stakes” actions,firms must tai- Barnhill, apartner at Platinum phones and laptops,and Panos forthem collectively,versus nies to operateinasurvival lenders—andgiving acoordi- lor plans foreach operating whose duties include external Holdings,aspecialty foods feeling likethey areontheir mode.Manyofthe firms say nated messageacrossthe en- business,taking intoaccount affairs. BryanKelln, apartner company. own,” Ms.Clark said.

Youcareabout the futureof your employees. We do too. SS BA N TO HOUS ‘I’m freaking out like everyone else,’ but not selling stocks, says author Grant Sabatier. Early-Retirement Devotees Are Steadfast Amid Uncertainty

BY VERONICA DAGHER good financial shape could be pose athreat to their plans. at risk. Prolonged periods of high infla- Formanyadherentsofthe The subset of Americans in tion or lowreturns might wreck Financial Independence, Retire theFIRE movement saytheir their forecastsand budgets. Early movement, known by the way of lifehas positioned them Grant Sabatier,aFIRE adher- acronym FIRE, the economic to be among the most finan- ent and author of “Financial and stock-market downturns cially prepared to weather eco- Freedom,” said he knewthe bull caused by the coronavirus pan- nomic downturns because they market couldn’t go on forever. demic arethe firsttest of their have long stressed thick emer- He prepared forleaner times by strategy. gencyfunds,low costsofliving having enough cash to covertwo Currently manyseem un- and affordable hobbies so they yearsofhis living expenses. fazedbythe challenge. They could leave work decades ahead Afterseeing his net worth aredoubling down on their of schedule. drop nearly 30% in amatterof commitment to frugality,large FIRE adherentsare often weeks,heisstressed but is opt- cash reserves and slashing ex- millennials and younger mem- ing to focus on akey principleof penses.Some arecoming out of bersofGeneration Xwho have FIRE instead: long-term invest- retirement to help victims of collegedegrees,above-average ing.Tohim, FIRE isn’t about be- the coronavirus,and othersare incomes and the discipline to ing preoccupied with the highs ramping up their charitable adoptastrict do-it-yourself ap- and lows of the stock market. Retirementplans foremployers that put giving.They arealso hoping proach to retirement. “I’m freaking out likeevery- people first. Getdedicated service and they caninspireother people to Thegroup emphasizes the oneelse,but I’m not going in use some of their strategies to importance of diversified in- and selling my stocks,” says Mr. one-on-one supportfor youand your team. push through difficult times in come streams and not being Sabatier,35yearsold, who lives thefuture. beholden to an employerfor in NewYork City and derives “By cutting our expenses one’slivelihood or sense of self- his six-figureincome from run- Learn howwe’redifferent.Call 1-866-954-4321. and squirreling money away for worth. Some saythey aresav- ning the blog Millennial Money. arainyday,the eventsthat are ing as much as three-quarters Right nowheisn’t putting unfolding arealot lessscary of theirincome,orfivetimes newmoney to work but is in- forthose of us who’vedecided the 15% savingsratethat finan- stead choosing to maintain to choose financial indepen- cial advisersoften recommend. cash reserves. dence,” says Brad Barrett, who During an economic downturn, Some FIRE adherentsare co-hoststhe ChooseFI podcast this approach canbeahead- starting to getused to the idea from his home in Richmond, Va. ache forpolicymakerslooking of retiring not as early as they Retiringearly or leaving the to maintain aggregatedemand. hoped. traditional workforce canbe Thestrategytakes on alot Jamila Souffrant, 37,says risky, especially in adownturn. of risk given the long time hori- herincome as afinancial blog- Doing so is likely not feasible zons because adherentsare gerand podcaster has already forAmericans living paycheck typically young.Sincemany suffered. TheBrooklyn, N.Y., Securities offeredbyMutual of America LifeInsurance Company, aregistered to paycheck with lowincomes early retirees rely solely on in- resident says she is nowopen Broker-Dealer.Mutual of America® is aregistered service mark of Mutual of America and already-lean budgets. And come from stocks,bonds or real to using her experienceincom- LifeInsurance Company. 320Park Avenue,New York, NY 10022-6839. in the current turmoil, even estatefor living expenses,sud- mercial real estatetoearn thosewho were in seemingly den market downturns can moremoney in the interim. P2JW097000-0-B00600-1------XA

B6 | Monday, April 6, 2020 THE WALL STREET JOURNAL. STOCKS, BONDS & COMMODITIES

Insider-Trading Spotlight Borrowing Benchmarks | WSJ.com/bonds 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 Money Rates April 3, 2020 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Thomson Financial on April 3, and year-to-date stock performance of the company Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer guide to general levels but don’t always represent actual transactions. CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Week —52-WEEK— Week —52-WEEK— I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Inflation Latest ago High Low Latest ago High Low unknown VP: vice president Excludes pure options transactions Feb. index Chg From (%) level Jan. '20 Feb. '19 Low 0.0500 0.0500 2.4400 0.0200 Commercial paper (AA financial) Bid 0.0300 0.0500 2.4400 0.0100 90 days n.a. 2.44 2.58 0.58 Biggest weekly individual trades U.S. consumer price index Offer 0.1200 0.1000 2.5000 0.0500 Based on reports filed with regulators this past week All items 258.678 0.27 2.3 Treasury bill auction Libor Core 267.268 0.48 2.4 One month No. of shrs in Price range ($) $ Value 4 weeks 0.090 0.000 2.400 0.000 0.98513 0.98938 2.48738 0.61163 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) International rates 13 weeks 0.085 0.000 2.400 0.000 Three month 1.38738 1.45013 2.60350 0.74050 26 weeks 0.100 0.080 2.400 0.080 Six month 1.20888 1.07200 2.64463 0.73538 Buyers Week 52-Week One year 1.04988 0.96850 2.76188 0.74350 Latest ago High Low Secondary market Mar. 31 MGM Resorts International MGM K. Meister DI 1,000 11.94 11,939 10.58 -68.2 Fannie Mae Euro Libor Mar. 30 K. Meister DI 500 11.33 5,664 Prime rates 30-year mortgage yields One month -0.389 -0.402 -0.388 -0.621 Mar. 30 P. Salem D 340 11.54 3,922 U.S. 3.25 3.25 5.50 3.25 Three month -0.232 -0.289 -0.232 -0.539 Apr. 1P. Salem D 182 10.87 1,979 Canada 2.45 2.95 3.95 2.45 30 days 2.433 2.413 3.857 2.281 Six month Apr. 1K. Meister DI 100 10.97 1,097 Japan 1.475 1.475 1.475 1.475 60 days 2.480 2.476 3.884 2.341 -0.170 -0.241 -0.170 -0.491 Mar. 25-26 Cardlytics CDLX C. Sosin BI 200 41.38-44.64 8,603 29.72 -52.7 One year -0.167 -0.188 -0.164 -0.441 Policy Rates Other short-term rates Mar. 31-Apr. 1 C. Sosin BI 65 32.37-36.52 2,312 Value 52-Week Euro zone 0.00 0.00 0.00 0.00 Mar. 31 SYNNEX SNX F. Miau DI 52 73.10-74.47 3,858 67.63 -47.5 Week 52-Week Latest Traded High Low Switzerland 0.50 0.50 0.50 0.50 Latest ago high low Mar. 6-10 Northern Oil & Gas NOG R. Rowling BI 3,352 .80-1.23 3,584 0.78 -66.7 Britain 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Australia Mar. 31-Apr. 2NGM Biopharmaceuticals NGM D. Goeddel DOI 251 12.26-12.53 3,111 12.45 -32.7 0.25 0.25 1.50 0.25 Call money Treasury 0.060 51.568 6.007 0.002 Mar. 31-Apr. 2 P. Svennilson DOI 251 12.26-12.53 3,111 Overnight repurchase 2.00 2.00 4.25 2.00 MBS 0.074 73.870 6.699 0.011 Mar. 31 Union Pacific UNP W. Delaney D 15 138.20 2,073 138.57 -23.4 U.S. 0.05 0.04 3.40 -0.07 Mar. 25-26 GMS GMS R. Ross D 81 14.93-16.43 1,297 12.66 -53.2 U.S. government rates Notes on data: Mar. 27 R. Ross D 59 16.25 962 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Mar. 26 Accelerate Diagnostics AXDX J. Schuler DOI 148 8.04 1,190 7.49 -55.7 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. DTCC GCF Repo Index is Depository Mar. 25 J. Schuler DOI 150 7.70 1,155 0.25 0.25 3.00 0.25 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in Mar. 31 J. Schuler DOI 120 8.30 996 Federal funds billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Mar. 27 J. Schuler DOI 102 8.09 825 Effective rate 0.0900 0.1700 2.4800 0.0900 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Sellers High 0.1500 0.4000 3.0000 0.1500 Tullett Prebon Information, Ltd. Mar. 30 Zoom Video Communications ZM J. Pelosi O 191 153.81-161.43 30,181 128.20 88.4 Mar. 30 DocuSign DOCU E. Salem DI 350 85.50 29,925 79.00 6.6 Cash Prices WSJ.com/commodities Friday, April 3, 2020 Mar. 30-31 Guardant Health GH H. Eltoukhy CEO 281 67.00-71.12 19,729 60.49 -22.6 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Mar. 31-Apr. 1FactSet Research Systems FDS P. Hadley D 53 253.80-260.76 13,500 253.11 -5.7 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Mar. 25 Medallia MDLA B. Hald DO 580* 22.17-23.22 12,864 16.83 -45.9 months. Mar. 30 NexPoint Residential Trust NXRT J. Dondero PI 411 25.00 10,284 21.69 -51.8 Friday Friday Friday Mar. 31 Legg Mason LM T. Johnson O 178 48.72-48.80 8,700 49.08 36.7 Energy Aluminum, LME, $ per metric ton *1448.5 Wheat,No.1soft white,Portld,OR-u 6.0750 Copper,Comex spot 2.2100 Mar. 31-Apr. 1RealPage RP S. Winn CEOI 150 48.00-54.66 7,554 49.97 -7.0 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 53.550 Iron Ore, 62% Fe CFR China-s 82.7 Food Mar. 31-Apr. 1Monolithic Power Systems MPWR M. Hsing CEO 34 162.58-170.00 5,767 153.42 -13.8 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 280 Beef,carcass equiv. index Mar. 26 Oracle ORCL J. Berg DI 90 46.65-50.53 4,426 49.40 -6.8 Metals Steel, HRC USA, FOB Midwest Mill-s 528 choice 1-3,600-900 lbs.-u 194.87 Mar. 31 NVIDIA NVDA J. Gaither DI 16 269.01-270.89 4,221 243.91 3.7 Fibers and Textiles select 1-3,600-900 lbs.-u 181.12 Mar. 31 M. Stevens D 11 271.76 3,023 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6661 Engelhard industrial 1616.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Mar. 25-26 Morningstar MORN J. Mansueto H 31 114.33-123.50 3,651 110.60 -26.9 Butter,AA Chicago 1.2800 Handy & Harman base 1613.10 Cotton,1 1/16 std lw-mdMphs-u 0.4723 Mar. 27-30 J. Mansueto H 22 116.58-121.97 2,561 Cheddar cheese,bbl,Chicago 113.75 Handy & Harman fabricated Cotlook 'A' Index-t *59.15 Mar. 31-Apr. 1 J. Mansueto H 21 115.56-117.81 2,479 1790.54 Cheddar cheese,blk,Chicago 115.00 LBMA Gold Price AM *1588.05 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 86.25 Mar. 30 Digital Realty Trust DLR A. Stein CEO 25 140.00 3,500 136.49 14.0 LBMA Gold Price PM *1616.80 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1586 Mar. 26-30 Splunk SPLK D. Merritt CEO 24 126.87-130.00 3,133 102.14 -31.8 Krugerrand,wholesale-e 1693.33 Grains and Feeds Coffee,Colombian, NY 1.6512 Mar. 27-30 Salesforce.com CRM M. Benioff CEOI 20 145.81-152.32 2,974 134.31 -17.4 Maple Leaf-e 1709.61 Eggs,large white,Chicago-u 2.9250 Barley,top-quality Mnpls-u American Eagle-e 1709.61 n.a. Flour,hard winter KC 14.85 * Half the transactions were indirect **Two day transaction Bran,wheat middlings, KC-u Mexican peso-e 1971.12 90 Hams,17-20 lbs,Mid-US fob-u 0.30 p - Pink Sheets Corn,No. 2 yellow,Cent IL-bp,u Austria crown-e 1598.96 3.1600 Hogs,Iowa-So. Minnesota-u 54.26 Corn gluten feed,Midwest-u,w Austria phil-e 1709.61 117.8 Pork bellies,12-14 lb MidUS-u n.a. Corn gluten meal,Midwest-u,w 497.2 Buying and selling by sector Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.3809 Cottonseed meal-u,w 290 Engelhard industrial 14.4500 Steers,Tex.-Okla. Choice-u 105.00 Based on actual transaction dates in reports received this past week Hominy feed,Cent IL-u,w 100 Handy & Harman base 14.3850 Steers,feeder,Okla. City-u,w 144.50 Meat-bonemeal,50% pro Mnpls-u,w 228 Handy & Harman fabricated 17.9810 Sector Buying Selling Sector Buying Selling Oats,No.2 milling,Mnpls-u 3.0775 LBMA spot price *£11.3900 Fats and Oils Rice, Long Grain Milled, No. 2 AR-u,w 26.50 Basic Industries 424,107 528,300 Finance 2,126,962 33,561,663 (U.S.$ equivalent) *14.1750 Sorghum,(Milo) No.2 Gulf-u 7.4688 Corn oil,crude wet/dry mill wtd. avg.-u,w 46.2500 Business services 3,982,749 337,966 Health care 7,014,693 9,829,314 Coins,wholesale $1,000 face-a 13615 SoybeanMeal,Cent IL,rail,ton48%-u 304.70 Grease,choice white,Chicago-h 0.2300 Capital goods 00Industrial 79,555 1,066,970 Other metals Soybeans,No.1 yllw IL-bp,u 8.4250 Lard,Chicago-u 0.3200 Consumer durables 106,697 0 Media 234,104 13,939,811 LBMA Platinum Price PM *727.0 Wheat,Spring14%-pro Mnpls-u 6.3950 Soybean oil,crude;Centl IL-u 0.2626 Consumer nondurables 294,196 6,065,349 Technology 10,524 40,767,284 Platinum,Engelhard industrial 717.0 Wheat,No.2 soft red,St.Louis-bp,u 5.6400 Tallow,bleach;Chicago-h 0.2800 Palladium,Engelhard industrial 2150.0 Consumer services 8,646,729 1,665,154 Transportation 2,082,974 456,086 Wheat - Hard - KC (USDA) $ per bu-u 4.8200 Tallow,edible,Chicago-u n.a. Energy Utilities 6,257,156 252,162 01,028,418 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; 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 4/2 Sources: Thomson Financial; WSJ Market Data Group Source: Dow Jones Market Data

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THE WALL STREET JOURNAL. Monday, April 6, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 21052.53 t584.25, or 2.70% last week Trailing P/E ratio 16.39 18.43 2488.65 t52.82, or 2.08% last week Trailing P/E ratio * 19.49 21.72 Public Offerings of Stock High, low, open and close for each of P/E estimate * 15.40 16.26 High, low, open and close for each of P/E estimate * 16.10 17.32 the past 52 weeks Dividend yield 3.12 2.19 the past 52 weeks Dividend yield * 2.42 1.94 IPOs in the U.S. Market All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.14579812049809 30000 3400 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 65-day moving average 28000 3200 4/7 3/16 Keros Therapeutics Inc KROS 5.0 14.00/ Jefferies, SVB Leerink, Biopharmaceutical co Nq 16.00 Piper Sandler 65-day moving average focusing on 26000 3000 neuromuscular diseases. 200-day moving average 24000 2800 Lockup Expirations 200-day moving average Week's high Below, companies whose officers and other insiders will become eligible to sell shares in their newly public companies for the first time. Such DOWN UP 22000 2600 Monday's open Friday's close sales can move the stock’s price. t 20000 2400 Lockup Offer Offer amt Through Lockup Friday's close Monday's open expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision t April 7Oct. 10, ’19 Vir Biotechnology VIR 20.00 150.0 45.0 180 days Week's low 18000 2200 Oct. 10, ’19 BioNTech BNTX 15.00 155.0 251.7 180 days Bars measure the point change from Monday's open Oct. 10, ’19 HBT Financial HBT 16.00 149.4 –37.7 180 days 16000 2000 Sources: Dealogic; Dow Jones Market Data Group A M J J A S O N D J F M A A M J J A S O N D J F M A Other Stock Offerings Primary NYSE weekly volume, in billions of shares t Secondaries and follow-ons expected this week in the U.S. market market t Composite Financial Flashback 36 None expected this week The Wall Street Journal, April 6, 2000 24 Off the Shelf 12 Boeing’s commercial-jet unit needs to maintain tighter 0 quality controls over its suppliers, the FAA concluded. “Shelf registrations” allow a company to prepare a stock or bond for A M J J A S O N D J F M Boeing said it will step up scrutiny. sale, without selling the whole issue at once. Corporations sell as conditions become favorable. Here are the shelf sales, or takedowns, over the last week: Major U.S. Stock-Market Indexes Nasdaq Composite Takedown date/ Deal value Issuer/Industry Registration date ($ mil.) Bookrunner(s) Latest Week 52-Week % chg t 129.29, or -1.72% High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Agree Realty Corp March 31 $175.4 Citi, Jefferies, WFS Dow Jones Real Estate/Property June 2,317 Industrial Average 22480.37 20735.02 21052.53 -584.25 -2.70 18591.93 l 29551.42 -20.3 -26.2 0.6 Carnival Corp April 1 $500.0 BofA Securities, GS, JPM Transportation March 9,318 Transportation Avg 7862.56 7209.95 7305.31 -393.87 -5.12 6703.63 l 11304.97 -31.9 -33.0 -7.0 7800 SG Blocks Inc April 1 Fordham Financial Management Inc Utility Average -6.97 l $1.9 789.58 695.00 706.01 -52.92 610.89 960.89 -9.5 -19.7 0.4 Transportation Dec. 18,318 Total Stock Market 26525.75 24550.72 24860.74 -724.73 -2.83 22462.76 l 34631.28 -16.6 -24.7 0.6 Invitae Corp April 1 JPM, Cowen & Company LLC 7600 $160.0 Barron's 400 538.95 493.49 500.47 -24.90 -4.74 455.11 l 746.64 -29.6 -31.7 -7.0 Healthcare March 4,319 Nasdaq Stock Market Nevro Corp April 2 $136.5 MS 7400 Healthcare March 30,320 Nasdaq Composite 7880.31 7288.11 7373.08 -129.29 -1.72 6860.67 l 9817.18 -7.1 -17.8 7.7 Nevro Corp April 2 $165.0 MS Nasdaq 100 8011.60 7423.97 7528.11 -60.26 -0.79 6978.02 l 9718.73 -0.7 -13.8 11.5 Healthcare March 30,320 7200 S&P 27 30 31 1 2 3 500 Index 2641.39 2447.49 2488.65 -52.82 -2.08 2237.40 l 3386.15 -14.0 -23.0 1.8 March Public and Private Borrowing MidCap 400 1463.69 1322.75 1337.95 -84.97 -5.97 1218.55 l 2106.12 -31.3 -35.1 -7.8 DJ US TSM Treasurys SmallCap 600 691.24 610.39 622.35 -47.53 -7.10 595.67 l 1041.03 -35.6 -39.1 -9.1 t 724.72, or -2.83% Other Indexes last week Monday, April 6Tuesday, April 7 Russell 2000 1164.63 1035.39 1052.05 -79.94 -7.06 991.16 l 1705.22 -33.5 -36.9 -8.4 Auction of 13 and 26 week bills; Auction of 3 year note; announced on April 2; settles on April 9announced on April 2; settles on April 15 NYSE Composite 10499.80 9766.81 9880.63 -306.58 -3.01 8777.38 l 14183.2 -23.6 -29.0 -4.8 Value Line 360.68 322.58 328.00 -23.87 -6.78 305.71 l 562.05 -40.2 -40.6 -14.0 26250 Wednesday, April 8Thursday, April 9 NYSE Arca Biotech 4517.47 4293.88 4410.88 70.95 1.63 3855.67 l 5313.05 -16.2 -13.0 7.8 Auction of 10 year note; Auction of 4 and 8 week bills; announced on April 2; settles on April 15 announced on April 7; settles on April 14 NYSE Arca Pharma 585.67 560.20 581.22 30.52 5.54 494.36 l 670.32 -2.6 -11.1 4.5 25500 KBW Bank 68.22 59.42 60.19 -7.43 -10.99 56.19 l 114.12 -38.4 -46.9 -13.1 Auction of 30 year bond; PHLX§ Gold/Silver 87.31 77.88 84.36 2.55 3.12 66.14 l 111.51 9.8 -21.1 -0.4 24750 announced on April 2; settles on April 15 PHLX§ Oil Service 26.37 22.72 24.06 -0.76 -3.06 21.47 l 102.39 -75.8 -69.3 -47.7 PHLX§ Semiconductor 1568.05 1414.26 1443.04 -45.71 -3.07 1286.84 l 1979.5 -2.3 -22.0 12.8 CBOE Volatility 67.69 46.74 46.80 -18.74 -28.59 11.54 l 82.69 265.1 239.6 55.8 24000 A Week in the Life of the DJIA 27 30 31 1 2 3 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data March Alook at how the Dow Jones Industrial Average component stocks did in the past week and how much each moved the index. The DJIA lost 584.25 points, or 2.70%, on the week. A$1change in the price of International Stock Indexes Commodities and any DJIA stock =6.86-point change in the average. To date, a$1,000 Currencies investment on Dec. 31 in each current DJIA stock component would Latest Week 52-Week Range YTD YTD Region/Country Index Close % chg Low Close High % chg Last Week have returned $22,738, or aloss of 24.21%, on the $30,000 Close Net chg % Chg % chg investment, including reinvested dividends. World The Global Dow 2364.37 –3.08 2138.97 3300.22 –27.3 • DJ Commodity 480.15 6.18 1.30 -25.25 DJ Global Index 323.22 –2.89 292.30 • 444.78 –25.5 The Week’s Action TR/CC CRB Index 127.96 4.07 3.29 -31.13 Pct Stock price Point chg $1,000 Invested(year-end '19) DJ Global ex U.S. 192.07 –3.17 174.38 • 267.54 –27.1 Crude oil, $ per barrel 28.34 6.83 31.75 -53.59 chg (%) change in average* Company Symbol Close $1,000 Americas DJ Americas 570.02 –2.54 512.68 796.10 –25.1 9.20 6.33 42.85 Chevron CVX $75.11 $631 • Natural gas, $/MMBtu 1.621 -0.050 -2.99 -25.95 Brazil Sao Paulo Bovespa 69537.56 –5.30 63569.62 • 119527.63 –39.9 9.03 9.90 67.21 Walmart WMT 119.48 1,010 Gold, $ per troy oz. 1633.70 8.70 0.54 7.52 Canada S&P/TSX Comp 12938.30 1.97 11228.49 • 17944.06 –24.2 8.94 11.01 74.75 Johnson & Johnson JNJ 134.17 926 Mexico S&P/BMV IPC 33075.41 –2.14 32964.22 • 45902.68 –24.04 U.S. Dollar Index 100.68 2.32 2.35 4.45 8.87 2.74 18.64 Pfizer PFE 33.64 867 Chile Santiago IPSA 2591.80 13.62 2045.49 3864.57 –22.3 • WSJ Dollar Index 95.08 1.90 2.04 6.16 8.75 9.23 62.44 Caterpillar CAT 114.67 782 EMEA Stoxx Europe 600 309.06 –0.59 279.66 433.90 –25.7 Euro, per dollar 0.9260 0.0282 3.14 3.84 • 6.30 4.52 30.61 Merck MRK 76.25 845 Stoxx Europe 50 2667.15 1.04 2383.14 3539.12 –21.6 108.52 0.57 0.53 -0.12 • Yen, per dollar 6.12 2.26 15.24 Exxon Mobil XOM 39.21 570 Eurozone Euro Stoxx 290.42 –2.22 261.53 • 421.34 –28.1 U.K. pound, in dollars 1.23 -0.0181 -1.45 -7.50 4.46 4.91 33.35 Procter & Gamble PG 115.08 927 Euro Stoxx 50 2662.99 –2.41 2385.82 • 3865.18 –28.9 52-Week 3.66 1.93 13.05 Verizon VZ 54.70 900 Austria ATX 1964.94 –1.64 1630.84 • 3301.38 –38.3 Low Close(l) High % Chg Belgium Bel-20 2857.05 –0.20 2528.77 • 4198.31 –27.8 3.36 1.76 11.92 Intel INTC 54.13 909 DJ Commodity 451.81 647.86 -24.06 France CAC 40 4154.58 –4.53 3754.84 • 6111.24 –30.5 l 2.76 4.13 27.90 Microsoft MSFT 153.83 978 Germany DAX 9525.77 –1.11 8441.71 • 13789.00 –28.1 TR/CC CRB Index 118.50 l 189.66 -31.82 2.38 1.02 6.91 Coca-Cola KO 43.83 799 Greece Athex Composite 540.74 –1.84 484.40 • 948.64 –41.0 Crude oil, $ per barrel 20.09 l 66.30 -55.07 0.62 0.24 1.57 Cisco Systems CSCO 39.06 828 Israel Tel Aviv 1268.93 –0.96 1171.21 • 1751.79 –24.6 Natural gas, $/MMBtu 1.552 l 2.862 -39.15 0.41 0.55 3.41 3M MMM 133.79 765 Italy FTSE MIB 16384.35 –2.61 14894 25478 –30.3 • Gold, $ per troy oz. 1269.30 l 1674.50 26.60 –1.56 –1.69 –11.74 IBM IBM 106.34 802 Netherlands AEX 471.46 1.41 404.10 • 629.23 –22.0 –2.07 –0.59 –4.01 Dow DOW 27.97 520 Portugal PSI 20 3972.71 0.76 3596.08 • 5435.85 –23.8 U.S. Dollar Index 94.90 l 102.82 3.37 –2.24 –3.68 –25.05 McDonald’s MCD 160.33 817 Russia RTS Index 1049.88 9.90 832.26 • 1646.60 –32.2 WSJ Dollar Index 89.47 l 97.02 5.30 South Africa FTSE/JSE All-Share 44598.70 3.85 37963.01 59544.80 –21.9 –2.56 –6.33 –43.20 Apple AAPL 241.41 824 • Euro, per dollar 0.8742 l 0.9352 3.87 Spain IBEX 35 6581.60 –2.90 6107.2 • 10083.6 –31.1 –2.61 –2.52 –17.33 Walt Disney DIS 93.88 649 Yen, per dollar 102.37 l 112.20 -2.86 Sweden OMX Stockholm 531.75 0.34 478.95 • 732.67 –21.9 –5.25 –4.37 –29.74 Nike NKE 78.86 781 U.K. pound, in dollars 1.15 l 1.33 -5.91 Switzerland Swiss Market 9242.44 2.74 8160.79 • 11263.01 –12.9 –5.35 –12.96 –88.74 UnitedHealth Group UNH 229.49 784 U.K. FTSE 100 5415.50 –1.72 4993.89 7686.61 –28.2 • –6.01 –9.71 –66.28 Visa V 151.85 809 Real-time U.S. stock Asia-Pacific –6.06 –6.06 –41.35 Travelers TRV 93.89 quotes are available on 690 Australia S&P/ASX 200 5067.50 4.65 4546.0 • 7162.5 –24.2 –6.22 –11.85 –80.57 Home Depot HD 178.70 824 China Shanghai Composite 2763.99 –0.30 2660.17 3270.80 –9.4 WSJ WSJ.com. Track most- • –7.21 –11.41 –77.61 Goldman Sachs GS 146.93 643 Hong Kong Hang Seng 23236.11 –1.06 21696.13 • 30157.49 –17.6 .COM active stocks, new India S&P BSE Sensex 27590.95 –7.46 25981.24 • 41952.63 –33.1 highs/lows, mutual –7.45 –3.28 –22.21 Walgreens WBA 40.72 697 Japan Nikkei Stock Avg 17820.19 –8.09 16552.83 • 24083.51 –24.7 funds and ETFs. –7.77 –7.08 –48.28 JPMorgan Chase JPM 84.05 613 Malaysia FTSE Bursa Malaysia KLCI 1330.65 –0.93 1219.72 • 1691.00 –16.2 Plus, get deeper money-flows data and –12.86 –7.37 –81.04 Raytheon Technologies RTX 49.93 568 Singapore Straits Times 2389.29 –5.51 2233.48 • 3407.02 –25.9 email delivery of key stock-market –17.05 –15.13 –102.85 American Express AXP 73.60 597 South Korea Kospi 1725.44 0.45 1457.64 • 2267.25 –21.5 data. –23.14 –37.48 –254.10 Boeing BA 124.52 385 Taiwan TAIEX 9663.63 –0.36 8681.34 • 12179.81 –19.5 All are available free at *Based on Composite price. DJIA is calculated on primary-market price. Source: FactSet; Dow Jones Market Data WSJMarkets.com Source: Dow Jones Market Data; FactSet.

Consumer Rates and Returns to Investor Benchmark Yields and Rates Currencies U.S. consumer rates Selected rates Treasury yield curve Forex Race U.S.-dollar foreign-exchange rates in late New York trading Yen, euro vs. dollar; dollar vs. US$ vs, US$ vs, A consumer rate against its New car loan Yield to maturity of current bills, Fri YTD chg Fri YTD chg benchmark over the past year notes and bonds major U.S. trading partners Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Bankrate.com avg†: 4.36% Americas Vietnam dong .00004244 23565 1.7 First Command Bank 2.75% 3.00% One year ago 8% Argentina peso .0154 64.9125 8.4 Europe 5.40% Fort Worth, TX 888-763-7600 t 2.50 Brazil real .1869 5.3512 33.1 Czech Rep. koruna .03889 25.714 13.4

Prime rate Think Mutual Bank 2.99% 2.00 Yen t 4.80 4 s Canada dollar .7044 1.4197 9.3 Denmark krone .1447 6.9119 3.7

Rochester, MN 800-288-3425 1.50 Chile peso .001155 866.10 17.2 Euro area euro 1.0800 .9260 3.8 t 4.20 Cambridge Savings Bank 3.24% Tradeweb ICE Friday Close 1.00 0 Colombiapeso .000248 4029.00 22.8 Hungary forint .002959 337.99 14.5 New car loan t Ecuador US dollar 11 Iceland krona .006946 143.96 Cambridge, MA 888-418-5626 0.50 unch 18.9 s Mexico peso .0400 24.9837 32.0 Norway krone .0943 10.6046 20.8 3.60 PNC Bank 3.34% –4 s 0.00 WSJ Dollar index Euro Uruguay peso .02272 44.0200 18.5 Poland zloty .2356 4.2452 11.9 Washington, DC 888-PNC-BANK 3.00 –0.50 –8 Asia-Pacific Russia ruble .01305 76.643 23.5 A M J J A S O N D J F MA First Savings Bank of Hegewisch 3.50% Sweden krona .0981 10.1911 8.8 1 3 6 1 2 3 5 710 30 2019 2020 Australian dollar .5996 1.6678 17.0 Chicago, IL 773-646-4200 Switzerland franc 1.0240 .9766 0.9 2019 2020 month(s) years China yuan .1410 7.0923 1.9 Turkey lira .1485 6.7324 13.2 3-yr chg maturity Hong Kong dollar .1290 7.7528 –0.5 Yield/Rate (%) 52-Week Range (%) Ukraine hryvnia .0365 27.4231 15.8 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data India rupee .01309 76.420 7.1 UK pound 1.2266 .8153 8.1 Indonesia rupiah .0000609 16425 18.3 Federal-funds rate target 0.00-0.25 0.00-0.25 1.00 l 2.25 -0.75 Corporate Borrowing Rates and Yields Japan yen .009215 108.52 –0.1 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Kazakhstan tenge .002249 444.67 16.5 Bahrain dinar 2.6528 .3770 –0.02 Spread +/- Treasurys, Libor, 3-month 1.39 1.45 0.74 l 2.60 0.24 Yield (%) in basis pts, 52-wk Range Total Return Macau pataca .1252 7.9870 –0.4 Egypt pound .0635 15.7603 –1.8 Money market, annual yield 0.32 0.35 0.32 l 0.78 ... Bond total return index Last Wk ago Last Low High 52-wk 3-yr Malaysia ringgit .2294 4.3585 6.6 Israel shekel .2750 3.6366 5.3 New Zealand dollar .5868 1.7042 14.7 Kuwait dinar 3.2199 .3106 2.5 Five-year CD, annual yield 0.90 0.93 0.90 l 2.02 -0.39 U.S.Treasury,Barclays 0.530 0.61014.70 5.99 Pakistan rupee .00598 167.250 7.9 Oman sul rial 2.5981 .3849 –0.03 l U.S. Treasury Long,Barclays 30-year mortgage, fixed† 3.87 3.84 3.52 4.34 -0.26 1.160 1.29039.07 14.25 Philippines peso .0196 50.900 0.4 Qatar rial .2749 3.638 –0.1 15-year mortgage, fixed† 3.29 3.32 2.95 l 3.73 -0.03 Aggregate,Barclays 1.580 1.610n.a. 39 127 9.72 4.82 Singapore dollar .6948 1.4392 6.9 Saudi Arabia riyal .2658 3.7622 0.3 Jumbo mortgages, $510,400-plus† 3.98 3.90 3.54 l 4.71 -0.72 Fixed-Rate MBS,Barclays 1.320 1.120n.a. 28 132 7.50 4.00 South Korea won .0008087 1236.61 7.1 South Africa rand .0525 19.0490 36.1 High Yield 100,ICE BofA Sri Lanka rupee Five-year adj mortgage (ARM)† 3.31 3.53 3.29 l 4.78 -0.08 9.059 8.613 859 271 1018-10.24 -0.58 .0052488 190.52 5.1 Muni Master,ICE BofA 2.048 1.687 20 -12 20 2.863.21 Taiwan dollar .03306 30.250 1.1 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.36 4.40 4.36 l 4.81 1.00 EMBI Global,J.P. Morgan Thailand baht .03029 33.010 10.9 WSJ Dollar Index 95.08 0.67 0.71 6.16 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest 6.668 6.519 597 277 662 -6.11 0.18 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 P2JW097000-0-B00800-1------XA

B8 | Monday, April 6, 2020 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 PIMCOHilnco PHK NA 4.75 NA 15.0 BR MH NY Qly MHN 13.95 11.74 -15.8 4.2 buy their shares back from investors who wish to cash EtnVncTxMgdBuyWrtOpp ETV NA 11.19 NA -17.9 New Germany GF 13.23 11.28 -14.7 -18.9 PIMCO IncmStrFd PFL NA 7.77 NA 12.7 BR MuniYld CA MYC 14.34 12.65 -11.8 4.0 ACAP Strategic:A 19.04 NA NA 15.3 in their holdings. Instead, fund shares trade on a stock ACAP Strategic:W 14.16 NA NA 16.2 exchange. NA signifies that the information is not EvTxMnDvsEqInc ETY NA 8.79 NA -16.7 Templeton Dragon TDF 19.50 16.70 -14.4 -9.4 PIMCO IncmStrFd II PFN NA 7.01 NA 12.6 BR MuniYld CA Qly MCA 14.55 12.72 -12.6 4.2 BMO LGM Front ME;I 5.82 NA NA -35.6 available or not applicable. NS signifies fund not in EtnVncTxMgdGlbB ETW NA 6.98 NA -22.1 Templeton Em Mkt EMF 12.62 10.74 -14.9 -24.4 Putnam Mas Int PIM 4.04 3.68 -8.9 8.8 BR MuniYld MI Qly MIY 14.79 12.48 -15.6 4.5 existence of entire period. 12 month yield is computed CalamosGlbTotRet CGO 8.18 7.83 -4.3 NA by dividing income dividends paid (during the previous EVTxMnGblDvEqInc EXG NA 5.81 NA -21.7 VirtusTotalRetFd ZF 7.39 6.61 -10.6 -21.6 Putnam Prem Inc PPT 4.46 4.02 -9.9 9.2 BR MuniYld NJ MYJ 14.53 12.80 -11.9 5.3 twelve months for periods ending at month-end or Prem12 Mo First Trust Energy Inc G FEN 10.58 9.11 -13.9 -54.5 Wells Fargo Gl Div Oppty EOD NA 3.47 NA -25.9 BR MuniYld NY Qly MYN during the previous fifty-two weeks for periods ending Wells Fargo Multi-Sector ERC NA 8.67 NA 12.4 13.40 11.51 -14.1 4.1 Fund (SYM) NAV Close /Disc Yld at any time other than month-end) by the latest First Tr Enhanced Eq FFA 12.36 11.58 -6.3 -16.9 Prem12 Mo World Income Funds EVCAMuniBd EVM 11.95 10.06 -15.8 4.3 month-end market price adjusted for capital gains Loan Participation Funds FirstTrEnergyInfra FIF 9.48 7.87 -17.0 -45.7 Fund (SYM) NAV Close /Disc Yld Abrdn AP IncFd FAX 4.07 3.30 -18.9 6.6 Eaton Vance NY Muni Bd ENX 12.51 10.75 -14.1 4.1 distributions. 1WS Credit Income NA NA NA 7.0 Source: Lipper FirstTrMLPEner&Inc FEI 5.36 4.28 -20.1 -58.3 U.S. Mortgage Bond Funds InvCaValMuIncTr VCV 12.47 10.73 -14.0 4.8 BrndywnGLB Glb Inc Oppts BWG 12.16 10.42 -14.3 7.4 AlphCntrc Prime Merid In 9.83 NA NA NS Friday, April 3, 2020 Gabelli Healthcare GRX 9.95 8.39 -15.7 -15.8 BlckRk Income BKT 6.32 5.91 -6.5 7.1 EtnVncStDivInc EVG NA 10.76 NA 8.1 InvPAValMuIncTr VPV 13.06 11.26 -13.8 5.0 Angel Oak Str Crdt:Inst 18.50 NA NA 8.5 52 wk Gab Utility GUT 3.58 5.30 +48.0 -13.6 Invesco HI 2023 Tgt Term IHIT 7.66 7.77 +1.4 7.4 MS EmMktDomDebt EDD 6.07 4.86 -19.9 10.3 InvTrInvGrNYMu VTN 13.21 11.26 -14.8 4.9 Axonic Alternative Inc 19.16 NA NA 4.2 Prem Ttl GAMCOGlGold&NatRes GGN 3.20 2.93 -8.4 -22.4 Fund (SYM) NAV Close /Disc Ret Investment Grade Bond Funds PIMCO Dyn Crd & Mrt Inc PCI NA 15.48 NA 14.9 Nuveen CA AMT-F Qual MI NKX 15.24 13.31 -12.7 4.3 Blackstone/GSO FR EI D 18.99 NA NA 8.0 J Han Finl Opptys BTO 16.33 16.16 -1.0 -47.3 BlRck Core Bond BHK 14.71 13.37 -9.1 5.9 Nuveen CA Val NCA 10.19 9.43 -7.5 3.4 General Equity Funds PIMCO Dynamic Income PDI NA 20.31 NA 13.8 Blackstone/GSO FR EI I 18.97 NA NA 8.4 Neuberger Brmn MLP & EI NML 2.36 1.87 -20.8 -74.4 BR Credit Alloc Inc BTZ 12.74 11.42 -10.4 7.7 NuveenCAQtyMuInc NAC 14.83 13.03 -12.1 4.6 Blackstone/GSO FR EI T Adams Diversified Equity ADX 14.15 11.92 -15.8 -11.9 PIMCO Income Opportunity PKO NA 18.24 NA 11.2 18.93 NA NA 7.7 NubrgrRlEstSec NRO 3.04 2.67 -12.2 -41.3 InvescoBond VBF 19.13 17.27 -9.7 4.5 Nuveen MD Qual Muni Inc NMY 13.81 11.99 -13.2 4.1 Blackstone/GSO FR EI T-I 19.34 NA NA NS Boulder Growth & Income BIF 10.64 8.73 -18.0 -17.3 PIMCO Stratg Inc RCS NA 5.99 NA 12.1 Nuv Dow 30 Dyn Overwrite DIAX 13.25 11.90 -10.2 -29.1 J Han Income JHS 14.13 13.70 -3.0 4.7 Nuveen MI Qual Muni Inc NUM 15.17 12.66 -16.5 3.9 Blackstone/GSO FR EI U 19.77 NA NA NS Central Secs CET 30.71 24.60 -19.9 -12.6 Templeton Em Inc TEI 8.79 7.35 -16.4 10.1 Nuveen Nasdaq 100 Dyn Ov QQQX 19.65 18.27 -7.0 -13.5 MFS Intmdt MIN 3.92 3.56 -9.2 9.5 NuvNJ Qual Muni Inc NXJ 15.15 12.60 -16.8 4.7 Blstn Commnty Dev 9.40 NA NA 3.7 CohenStrsCEOppFd FOF 9.24 8.80 -4.8 -23.7 Templtn Glbl Inc GIM 6.33 5.20 -17.9 7.0 Nuv Real Est JRS 7.11 6.09 -14.3 -36.9 Western Asset Inf-Lk Inc WIA NA 10.36 NA 3.9 Nuveen NY AMT/Fr Qual MI NRK 13.69 11.74 -14.2 4.3 BNYM Alcntr Glb MS Cr Fd NA NA NA NS EVTxAdvDivIncm EVT NA 15.46 NA -26.6 WstAstEmergDebt EMD NA 10.23 NA 11.4 Nuveen Rl Asst Inc & Gro JRI 11.18 9.18 -17.9 -38.1 Western Asset Inf-Lk O&I WIW NA 9.80 NA 4.5 Nuveen NY Qual Muni Inc NAN 14.16 12.35 -12.8 4.3 CLIFFWATER CL FD;I 10.10 NA NA 1.5 GabelliDiv&IncTr GDV 16.00 13.80 -13.8 -31.7 Western Asset Gl Cr D Op GDO 15.26 13.94 -8.7 8.8 NuvS&P500DynOvFd SPXX NA 11.26 NA -23.6 Loan Participation Funds Nuveen OH Qual Muni Inc NUO 16.39 13.93 -15.0 3.5 CNR Strategic Credit 7.10 NA NA 10.8 Gabelli Equity Tr GAB 3.63 3.84 +5.8 -29.7 National Muni Bond Funds NuvSP500BuyIncFd BXMX 11.05 9.81 -11.2 -19.9 Apollo Senior Floating AFT NA 10.84 NA 10.2 Nuveen PA Qual Muni Inc NQP 14.70 12.48 -15.1 4.5 FedProj&TrFinanceTendr 9.73 NA NA 3.9 GeneralAmer GAM 31.49 25.98 -17.5 -18.0 AllBerNatlMunInc AFB 13.87 12.36 -10.9 4.3 ReavesUtilityIncome UTG 26.30 24.29 -7.6 -23.9 BR Debt Strategy DSU 9.77 8.29 -15.1 9.9 Nuveen VA Qlty Mun Inc NPV 13.79 12.31 -10.7 4.0 FS Global Crdt Opptys D NA NA NA 8.4 JHancockTaxAdvDiv HTD 17.45 15.44 -11.5 -34.3 BlckRk Inv Q Mun BKN 14.83 14.63 -1.3 4.5 Garrison Capital Inc GARS NA 1.33 NA NA Tortoise Enrgy Infra Crp TYG NA 2.75 NA -86.9 BR F/R Inc Str FRA 11.81 9.90 -16.2 8.8 PIMCO CA PCQ NA 14.80 NA 5.6 Librty AllStr Eq USA 4.89 4.39 -10.2 -21.8 BlackRock Muni 2030 Tgt BTT 24.16 21.95 -9.1 3.3 Schrdrs Opp Inc;A 22.39 NA NA NS Tortoise Midstream Enrgy NTG NA 0.95 NA -92.4 BlackRock Floatng Rt Inc BGT 11.44 9.49 -17.0 8.6 PIMCOCAMuniII PCK NA 8.18 NA 4.8 Royce Micro-Cap Tr RMT 6.16 5.07 -17.7 -33.1 BlackRock Muni BFK 12.74 12.07 -5.3 5.0 Schrdrs Opp Inc;A2 NA NA NA NS Income & Preferred Stock Funds Blackstone / GSO Strat BGB 11.38 9.96 -12.5 12.7 Pimco CA Muni III PZC NA 9.39 NA 5.0 Royce Value Trust RVT 10.48 9.08 -13.4 -30.4 BlackRock Muni II BLE 13.26 12.65 -4.6 5.2 Schrdrs Opp Inc;I 22.39 NA NA NS CalamosStratTot CSQ 9.66 8.92 -7.7 -23.3 Blackstone/GSO Sr Flt Rt BSL 12.56 10.64 -15.3 11.0 Source Capital SOR 34.47 28.88 -16.2 -18.8 BlckRk Muni Inc Qly BYM 14.18 12.60 -11.1 4.4 52 wk Schrdrs Opp Inc;SDR 22.39 NA NA NS CohenStrsLtdDurPref&Inc LDP 19.97 18.50 -7.4 -17.6 Eagle Point Credit ECC NA 5.05 NA 35.0 Prem Ttl Tri-Continental TY 23.33 20.01 -14.2 -19.8 BR MuniAssets Fd MUA 12.89 12.01 -6.8 4.7 Invesco Sr Loan A 5.39 NA NA 5.7 CohenStrsSelPref&Income PSF 20.55 21.00 +2.2 -16.6 EtnVncFltRteInc EFT NA 9.74 NA 10.0 Fund (SYM) NAV Close /Disc Ret Specialized Equity Funds BR MuniEnhanced MEN 11.07 9.66 -12.7 4.5 Invesco Sr Loan C 5.41 NA NA 4.8 FirstTrIntDurPref&Inc FPF 17.88 15.89 -11.1 -22.0 EV SenFlRtTr EFR NA 9.44 NA 10.2 Specialized Equity Funds Aberdeen Glb Prem Prop AWP 4.63 3.82 -17.5 -30.4 BR MuniHoldings Qly MFL 13.42 12.30 -8.3 4.3 Invesco Sr Loan IB 5.39 NA NA 6.0 JHanPrefInc HPI 14.10 13.57 -3.8 -36.3 EVSnrIncm EVF NA 4.48 NA 9.3 Bluerock Total Inc+ RE:A 30.26 NA NA 6.1 Adams Natural Resources PEO 10.21 8.50 -16.7 -46.8 BR MH Qly 2 MUE 12.83 11.10 -13.5 4.5 Invesco Sr Loan IC 5.39 NA NA 5.8 JHPrefIncII HPF 13.83 12.95 -6.4 -36.6 FT/Sr Fltg Rte Inc 2 FCT 11.38 9.29 -18.4 9.4 Bluerock Total Inc+ RE:C 28.94 NA NA 5.2 AllianzGI AI & Tech Opps AIO 16.95 15.08 -11.0 NS BR MuniHoldngs MHD 14.91 14.64 -1.8 4.8 Invesco Sr Loan Y 5.39 NA NA 6.0 HnckJPfdInco III HPS 12.37 11.65 -5.8 -33.8 FT/Sr Fltg Rte 2022 TgTr FIV 8.14 7.20 -11.5 4.8 Bluerock Total Inc+ RE:I 30.78 NA NA 6.3 High Yield Bond Funds GI NFJ DivInt&PremStr NFJ 10.78 9.07 -15.9 -19.7 BR MuniVest Fd MVF 8.67 7.64 -11.9 5.3 J Han Prm PDT 10.14 10.17 +0.3 -33.5 Highland Income HFRO 12.43 8.24 -33.7 10.8 Bluerock Total Inc+ RE:L 30.04 NA NA 5.8 Griffin Inst Access Cd:A NA NA NA 8.1 ASA Gold & Prec Met Ltd ASA 12.35 10.76 -12.9 5.7 BR MuniVest 2 MVT 13.38 12.46 -6.9 5.0 CC Real Estate Income;A 7.23 NA NA -19.4 LMP CapInco SCD NA 7.50 NA -35.0 InvDYCrOpp VTA 9.43 7.76 -17.7 10.4 Griffin Inst Access Cd:C NA NA NA 8.0 BR Enh C&I CII 13.73 12.04 -12.3 -20.2 BR MuniYield Fd MYD 13.16 11.90 -9.6 5.3 CC Real Estate Income;Ad 6.90 NA NA -24.0 Nuveen Pref & Inc Opp JPC 7.17 6.53 -8.9 -26.8 InvSnrIncTr VVR 3.80 3.19 -16.1 8.5 Griffin Inst Access Cd:F NA NA NA 8.0 BlackRock Energy & Res BGR 7.30 6.53 -10.5 -42.0 BR MuniYield Qlty MQY 14.79 13.83 -6.5 4.4 CC Real Estate Income;C 7.00 NA NA -23.2 Nuveen Fd JPS 7.50 6.61 -11.9 -22.6 Nuveen Credit Strat Inc JQC 6.38 5.47 -14.3 21.3 Griffin Inst Access Cd:I NA NA NA 8.0 BlackRock Eq Enh Div BDJ 7.11 6.15 -13.5 -22.9 BR MuniYld Qlty2 MQT 12.82 11.58 -9.7 4.3 CC Real Estate Income;I 7.23 NA NA -19.4 Nuveen Pref & Inc Term JPI 18.19 16.84 -7.4 -21.0 NuvFloatRateIncFd JFR NA 7.17 NA 9.7 Griffin Inst Access Cd:L NA NA NA 8.1 BlackRock Enh Glbl Div BOE 9.64 7.92 -17.8 -20.2 BR MuniYld Qly 3 MYI 13.50 12.01 -11.0 4.3 CC Real Estate Income;T 7.01 NA NA -20.7 PIMCO Flexible Cr I;A-2 NA NA NA NS TCW Strat Income TSI NA 4.45 NA -12.9 NuvFloatRteIncOppty JRO 8.26 6.93 -16.1 9.9 BlackRock Enh Intl Div BGY 5.28 4.41 -16.5 -15.1 BNY Mellon Muni Bd Infra DMB 12.78 11.48 -10.2 5.1 Clarion Partners REI D NA NA NA NS PIMCO Flexible Cr I;A-4 NA NA NA 11.7 Convertible Sec's. Funds Nuveen Senior Income NSL 4.91 4.16 -15.3 10.0 BlackRock Hlth Sci Tr II BMEZ 18.30 17.28 -5.6 NS BNY Mellon Str Muni Bond DSM 7.42 6.73 -9.3 5.5 Clarion Partners REI I NA NA NA NS PIMCO Flexible Cr I;Inst NA NA NA 12.7 AdvntCnvrtbl&IncFd AVK PionrFltRate Tr PHD 9.26 7.52 -18.8 8.9 BlackRock Hlth Sciences BME 35.37 33.66 -4.8 -11.1 NA 9.70 NA -28.2 BNY Mellon Strat Muni LEO 7.61 7.10 -6.7 5.6 Clarion Partners REI S NA NA NA NS PionrILSBridge NA NA NA 0.0 GI Conv & Inc NCV 3.67 3.13 -14.7 -42.9 High Yield Bond Funds BlackRock Res & Comm BCX 6.11 4.99 -18.3 -34.5 DWS Muni Inc KTF 11.65 10.03 -13.9 4.6 Clarion Partners REI T NA NA NA NS WA Middle Mkt Dbt 521.20 NA NA 10.4 AGI Conv & Inc II NCZ 3.29 2.77 -15.8 -42.1 AllianceBernGlHiIncm AWF 10.27 8.76 -14.7 8.5 FS Energy Total Return A BlackRock Sci&Tech Tr II BSTZ 17.34 15.87 -8.5 NS EVMuniBd EIM 13.18 11.78 -10.6 4.2 5.28 NA NA -50.5 WA Middle Mkt Inc 504.36 NA NA 11.4 AGI Dvs Inc & Conv ACV 18.49 16.48 -10.9 -21.4 Angel Oak FS Inc Trm FINS 18.46 16.50 -10.6 NS FS Energy Total Return I 5.28 NA NA -50.4 BlackRock Sci&Tech Trust BST 27.85 27.50 -1.3 -8.1 EVMuniIncm EVN 12.82 11.14 -13.1 4.7 Other Domestic Taxable Bond Funds AGI Eqty & Conv Inc NIE 19.94 17.28 -13.3 -14.0 Barings Glb SD HY Bd BGH 11.71 10.08 -13.9 15.7 NexPointHCOpp;A 13.51 NA NA -15.9 BlackRock Utl Inf & Pwr BUI 17.28 15.35 -11.2 -22.8 EVNatMuniOpp EOT 19.83 18.26 -7.9 4.6 Am Beacon Apollo TR:T 9.19 NA NA NS CalamosConvHi CHY BR Corporate HY HYT 9.37 8.31 -11.3 10.2 NexPointHCOpp;C 13.31 NA NA -16.5 CBRE ClrnGlbRlEst IGR 5.80 4.71 -18.8 -31.5 8.71 7.85 -9.9 -22.5 InvAdvMuIncTrII VKI Am Beacon Apollo TR:Y 9.20 NA NA 3.4 11.01 9.77 -11.3 5.2 NexPointRlEstStrat;A 12.75 NA NA -32.3 CLEARBRIDGE ENGY MDS OPP EMO NA 1.50 NA -82.9 CalmosConvOp CHI 8.26 7.35 -11.0 -22.6 BlackRock Ltd Dur Inc BLW 13.99 11.89 -15.0 8.4 Am Beacon SP Enh Inc:T 8.25 NA NA NS Invesco MuniOp OIA 6.82 6.46 -5.3 5.5 NexPointRlEstStrat;C 12.89 NA NA -32.5 CLEARBRIDGE MLP&MDSTM TR CTR NA 1.70 NA -80.8 World Equity Funds Brookfield Real Asst Inc RA 16.81 13.35 -20.6 16.2 Am Beacon SP Enh Inc:Y 8.26 NA NA 6.0 InvescoMuOppTr VMO 12.33 11.03 -10.5 5.2 NexPointRlEstStrat;Z 12.88 NA NA -31.9 ClearBridge MLP & Midstm CEM NA 2.20 NA -80.8 Aberdeen Emg Mkts Eq Inc AEF 5.93 4.96 -16.4 -31.9 CrSuisHighYld DHY 1.94 1.64 -15.5 11.9 BR Credit Strat;Inst 8.43 NA NA 5.6 InvescoMuTr VKQ 12.33 10.97 -11.0 5.1 PREDEX;I 26.07 NA NA 3.9 BlackRock Mlt-Sctr Oppty Cntr Cst Brkfld MLP&EI CEN 1.08 0.93 -13.9 -86.0 Aberdeen Tot Dyn Div AOD 7.32 6.18 -15.6 -20.4 DoubleLine Inc Sol DSL NA 11.51 NA 13.8 69.25 NA NA 10.6 InvescoQual Inc IQI 12.50 11.05 -11.6 5.1 PREDEX;T 26.13 NA NA 3.8 BlackRock Mlt-Sec Opp II 69.36 NA NA NS ChnStrInfr UTF 19.08 15.99 -16.2 -30.0 Calamos GloDynInc CHW 5.70 5.14 -9.8 -29.2 DoubleLine Yld Opps DLY NA NA NA NS InvTrInvGrMu VGM 12.73 11.25 -11.6 5.0 PREDEX;W 26.13 NA NA 3.9 Carlyle Tact Pvt Cred:A NA NA NA 9.1 COHEN & STEERS MLP INC&E MIE 1.75 1.66 -5.1 -80.7 Cdn Genl Inv CGI 25.75 19.00 -26.2 -20.4 First Tr Hi Inc Lng/Shrt FSD 13.51 11.48 -15.0 10.6 InvescoValMunInc IIM 15.16 13.46 -11.2 4.9 Principal Dvs Sel RA A 18.78 NA NA NS Carlyle Tact Pvt Cred:I NA NA NA 10.0 Cohen&SteersQualInc RQI 9.28 7.99 -13.9 -33.0 China CHN 21.57 18.25 -15.4 -8.5 IVY HIGH INCOME OPP IVH 11.17 9.42 -15.7 12.0 MAINSTAY:MK DEFTR MUN OP MMD 19.06 18.31 -3.9 5.3 Principal Dvs Sel RA Ins 18.80 NA NA NS Carlyle Tact Pvt Cred:L NA NA NA 9.5 EV TxAdvGlbDivInc ETG NA 11.18 NA -23.9 NeubHgYldStrt NHS 9.34 8.30 -11.1 12.2 CohenStrsREITPref RNP 17.26 14.86 -13.9 -23.2 NeubrgrBrm NBH 13.71 12.65 -7.7 5.1 Principal Dvs Sel RA Y 18.83 NA NA NS Carlyle Tact Pvt Cred:N NA NA NA NS EtnVncTxAdvOpp ETO NA 16.06 NA -25.8 NexPointStratOppty NHF 16.31 7.91 -51.5 27.8 Cohen&Steers TotRet RFI 10.10 9.31 -7.8 -24.7 Nuveen AMT-Fr Mu Val NUW 15.82 14.68 -7.2 3.6 Resource RE Div Inc:A 8.87 NA NA -9.0 Carlyle Tact Pvt Cred:Y NA NA NA 9.7 Columbia Sel Prm Tech Gr STK Gabelli Multimedia GGT 4.43 4.77 +7.7 -35.1 Nuveen Crdt Opps 2022 TT JCO 7.30 7.77 +6.4 7.0 17.28 16.18 -6.4 -15.6 Nuveen AMT-Fr Qlty Mun I NEA 14.45 12.73 -11.9 4.7 Resource RE Div Inc:C 8.87 NA NA -9.7 CION Ares Dvsfd Crdt;A NA NA NA 6.4 DNP Select Income DNP GDL Fund GDL 9.73 7.61 -21.8 -16.0 Nuveen Global High Inc JGH 12.91 10.81 -16.3 10.9 7.53 9.01 +19.6 -14.9 Nuveen AMT-Fr Mu CI NVG 15.30 13.54 -11.5 5.3 Resource RE Div Inc:I 9.24 NA NA -8.8 CION Ares Dvsfd Crdt;C NA NA NA 6.4 Duff&Ph Uti&Infra Inc Fd DPG 9.67 8.38 -13.3 -38.1 Highland Global Alloc HGLB 8.16 4.19 -48.7 -63.9 Nuveen HI Nov 2021 Tgt JHB 8.70 8.07 -7.2 5.7 Resource RE Div Inc:L 8.87 NA NA -9.2 Nuveen Enh Muni Val NEV 13.93 12.56 -9.8 5.2 CION Ares Dvsfd Crdt;I NA NA NA 6.4 EtnVncEqtyInc EOI NA 11.25 NA -16.6 India Fund IFN 14.78 12.64 -14.5 -33.0 PGIM Global High Yield GHY 12.58 10.47 -16.8 11.1 Resource RE Div Inc:W 9.01 NA NA -8.9 Nuveen Int Dur Mun Term NID 12.95 12.19 -5.9 3.9 CION Ares Dvsfd Crdt;L NA NA NA 6.4 EtnVncEqtyIncoII EOS NA 12.90 NA -16.9 Japan Smaller Cap JOF NA 6.52 NA -20.4 PGIM High Yield Bond ISD 13.14 11.06 -15.8 10.6 SharesPost 100;A 30.40 NA NA 2.3 CION Ares Dvsfd Crdt;U NA NA NA NS Nuveen Mu Crdt Opps NMCO 11.24 11.69 +4.0 NS EVRskMnDvsEqInc ETJ NA 7.99 NA -4.1 MS ChinaShrFd CAF 21.70 17.63 -18.8 -25.2 PioneerHilncmTr PHT 7.02 5.94 -15.4 11.5 SharesPost 100:I 30.58 NA NA 2.6 CION Ares Dvsfd Crdt;W NA NA NA 6.4 Nuv Muni Credit Income NZF 14.67 13.05 -11.0 5.5 ETnVncTxMgdBuyWrtInc ETB NA 11.32 NA -19.8 MS India IIF 14.21 11.63 -18.2 -44.5 Wells Fargo Income Oppty EAD NA 5.88 NA 11.1 SharesPost 100:L 30.24 NA NA 2.0 CNR Select Strategies 10.91 NA NA 0.0 NuvMuniHiIncOpp NMZ WstAstHIF II HIX 5.72 4.80 -16.1 11.3 12.05 11.47 -4.8 5.7 USQ Core Real Estate:I 25.59 NA NA 4.0 GL Beyond Income 1.10 NA NA NE IPO Scorecard Western Asset Hi Inc Opp HIO 4.65 3.88 -16.6 8.6 Nuveen Muni Val NUV 10.05 9.37 -6.8 3.8 USQ Core Real Estate:IS 25.59 NA NA 4.0 KKR CREDIT OPPTY;I NA NA NA NS Western Asset Hi Yld D O HYI 13.36 11.60 -13.2 8.8 Nuveen Quality Muni Inc NAD 14.64 12.84 -12.3 4.6 Versus Cap MMgr RE Inc:I 26.70 NA NA NE Lord Abbett Cred Opps Fd 7.91 NA NA NS Performance of IPOs, most-recent listed first Other Domestic Taxable Bond Funds Nuveen Sel TF NXP 15.37 14.36 -6.6 3.6 Versus Capital Real Asst 23.99 NA NA -1.8 Lord Abbett Cred Opps Fd 7.91 NA NA 9.3 % Chg From % Chg From Apollo Tactical Income AIF NA 10.42 NA 10.6 Nuveen Sel TF 2 NXQ 14.66 13.59 -7.3 3.5 Wildermuth Endwmnt:A 13.41 NA NA 4.2 Palmer Square Opp Inc 13.59 NA NA 8.0 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Ares Dynamic Crdt Alloc ARDC NA 9.83 NA 11.9 PIMCO MuniInc PMF 11.72 11.80 +0.7 5.5 Wildermuth Endwmnt:C 13.01 NA NA 3.4 Resource Credit Inc:A NA NA NA 9.3 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Barings Corporate Inv MCI NA 12.10 NA 10.3 PIMCOMuniIncII PML NA 11.59 NA 6.0 Wildermuth Endowment:I 13.54 NA NA 4.4 Resource Credit Inc:C NA NA NA 8.4 Zentalis Pharmaceuticals 23.20 28.9 ... GFL Environmental 12.65 –33.4 –24.7 BlackRock Mlt-Sctr Inc BIT 13.33 11.25 -15.6 11.9 Pimco Muni III PMX NA 9.95 NA 5.6 Income & Preferred Stock Funds Resource Credit Inc:I NA NA NA 9.6 A3 Alternative Cr ZNTL April 3/$18.00 GFL March 2/$19.00 BlackRock Tax Muni Bd BBN 23.12 21.53 -6.9 6.2 PioneerHilncAdv MAV 11.41 9.53 -16.5 4.5 10.49 NA NA NS Resource Credit Inc:L NA NA NA 9.0 Calamos L/S Eqty and DI CPZ 15.01 12.86 -14.3 NS Resource Credit Inc:W Imara 15.75 –1.6 5.0 Passage Bio 14.59 –18.9 –34.3 DoubleLine:Oppor Crdt Fd DBL NA 16.17 NA 8.2 PioneerMunHiIcmT MHI 12.20 10.37 -15.0 5.0 NA NA NA 9.3 Destra Multi-Altrntv;A 11.57 NA NA -9.9 Thrivent Church Ln&Inc:S 10.62 NA NA 3.2 IMRA March 12/$16.00 PASG Feb. 28/$18.00 Duff&Ph Util Cor DUC 8.97 8.53 -4.9 5.5 Putnam Mgd Inc PMM 7.20 6.69 -7.1 5.3 Destra Multi-Altrntv;C 11.12 NA NA -10.6 World Income Funds EVLmtDurIncm EVV NA 9.98 NA 9.6 Putnam Muni Opp PMO 12.49 11.27 -9.8 5.3 DFP Healthcare Acquisitions 9.75 –2.5 –4.4 Zhongchao 2.38 –40.5 –40.5 Destra Multi-Altrntv;I 11.79 NA NA -9.6 Destra Int&Evt-Dvn Crd:A 20.99 NA NA 6.4 Franklin Ltd Dur Income FTF RiverNorth Mgd Dur Mun I RMM 16.28 16.50 +1.4 NS DFPHU March 9/$10.00 ZCMD Feb. 24/$4.00 8.49 7.20 -15.2 13.0 Destra Multi-Altrntv;L 11.27 NA NA -10.3 Destra Int&Evt-Dvn Crd:I 20.99 NA NA 6.7 Western Asset Mgd Muni MMU 12.39 11.24 -9.3 5.2 Flying Eagle Acquisition 9.97 –0.3 –4.1 dMY Technology Grp 9.98 –0.3 –3.5 J Han Investors JHI 13.64 11.72 -14.1 10.0 Flat Rock Opportunity 15.38 NA NA -14.1 Destra Int&Evt-Dvn Crd:L 20.99 NA NA 6.1 FEAC.U March 6/$10.00 DMYT.UT Feb. 21/$10.00 KKR Income Opportunities KIO NA 9.59 NA 14.0 Westn Asst Mu Def Opp Tr MTT NA 18.00 NA 4.4 Variant Altrntv Inc:Inst 26.44 NA NA 10.1 Destra Int&Evt-Dvn Crd:T 20.99 NA NA 5.8 MFS Charter MCR 7.95 7.17 -9.8 9.6 Single State Muni Bond LifeSci Acquisition 9.90 –1.0 –3.4 East Stone Acquisition 9.68 –3.2 –3.3 Variant Altrntv Inc:Inv 26.45 NA NA 9.8 National Muni Bond Funds BlackRock CA Mun BFZ LSACU March 6/$10.00 ESSCU Feb. 20/$10.00 Nuveen Taxable Muni Inc NBB 19.57 18.26 -6.7 6.1 14.11 11.82 -16.2 3.8 Convertible Sec's. Funds PIMCO Flex Mun Inc;A-3 9.92 NA NA NS PIMCO Corp & Inc Oppty PTY NA 12.34 NA 12.3 BR MH CA Qly Fd Inc MUC 14.38 12.72 -11.5 4.0 Calmos Dyn Conv and Inc CCD 15.47 13.89 -10.2 -15.9 PIMCO Flex Mun Inc;Inst 9.92 NA NA 3.2 Sources: Dow Jones Market Data; FactSet PIMCO Corp & Inc Strat PCN NA 12.65 NA 10.5 BR MH NJ Qly MUJ 14.49 12.42 -14.3 4.8 World Equity Funds Tortoise Tax-Adv Soc Inf 9.32 NA NA 5.0

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hat’s the first imagethat comes into Wyour mind wwhheenn yyoouut thinkhink ofof wealth and prosperity? Formanyofus, it’s tall, shining stacksofgold.For families like the Rockefellers,Carnegies and Tiffanys, that gold took the formof$5U.S. Gold Liberties, struck by the U.S. Mint in 90% pureAmerican gold. These coins circulated widely in the late19th and early 20th centuries until President Franklin Roosevelt made private gold ownership illegalin1933, Your ccooinin wiwillll arrive grgraadededbd byy resulting in the melting of NGC or PCGS as Mint State-62 millions of Gold Liberties. It’s Date will vary (MS62) condition, sealedina estimated that less than 10% of all 22.5 mm diameter protective displayholder. vintageU.S. gold coins survive. We recentlysecured anumber of these beautiful Don’t Miss Out—Secure Your vintageU.S. gold coins, and nowwe’dliketo Vintage U.S. Gold Now! In today’scollector market, this same vintage Staying home pass themontoyou. Howdoesthat sound, Mr. Rockefeller? gold coin—containing nearly aquarter-ounce of pureAmerican gold, is currentlyselling Timeless American Treasure elsewhere for $650. Andthat’s for alesser-grade Struck between 1866 and 1908, these particular coin. Butwith this special offer,you can secure vintage$5U.S. gold coins were hand-selected these historic U.S. gold coins for just $549 each. saves lives. just for this offer.Not only aretheyatleast 110 yearsold, but each onecomes professionally Butdon’t delay—with only ahandful of coins certifiedbyone of the world’stop third-party available, they’re going to move fast, whichis grading services as collector-gradeMint whywe’re limiting this offer to 3coins per State-62 (MS62) condition—the same condition household. these were in the daytheywerestruck. Don’tlet this incredible offer pass youby. To Best of all, your coin will come sealedina learnmore, visit us todayatGovMint.com/ protective displayholder to preserveits prove- goldlib or call1-888-201-7056 and mention nancefor yetanothercentury, creating agolden the offer code belowtosecureyour vintage legacy for youtopass down to futuregenera- U.S. gold now. tions. Acoinofthis qualityand historyissure FREE SHIPPING! Limited time only.Product total over to be treasured for lifetimes. Butonlyifyou take $149 before taxes (if any). Standarddomestic shipping only. advantageofthis incredible offer. Notvalid on previous purchases. ThePerfect Time to Buy Only $549 each coin Anothergreat reasontosecurethese vintage for a110-year-old with nearly aquarter-ounce U.S. gold coins, and securethemnow,isthat of U.S. gold! premiums for these coins areatahistoric low over the cost of their precious metal content alone. Call today toll-free for fastest service Addinthe fact that each $5 Gold Liberty was 1-888-201-7056 struck more than 110 yearsago and comes in Offer Code FGL225-04 certifiedmint statecondition, and youhave an Please mention this code when you call addedlevel of collectorvalue that modern, ungradedgold coins can’t reach. Learn more now at GovMint.com/goldlib These arethe coins to buy, and the time to buy is now!

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THE WALL STREET JOURNAL. Monday, April 6, 2020 | B9 MARKETS

STREETWISE | By James Mackintosh Stocks Have a Risk Premium for a Reason

Generations U.K. bonds have beatstockssinceliberalization... of investors have learned FTSE 100 U.K. 10-year gilt ICE BofA U.K. Gilt Index the lesson of 1,500% stocks forthe long run: Buy Total return sinceOct.27, 1986 1,000 equities,because they do bet- terthan safeTreasurys if held long enough to reward hold- 500 ersfor the extrarisk they’re taking. 0 Sometimes that risk comes 1986 ’90 2000 ’10 ’20 due,and nowisone of those

times.Bonds have been far ...while U.S. stocksbeatbonds in the bull market from 2009. S

outperforming stocks as it be- PRES comes clear that only the saf- S&P500 ICEBofAU.S.Treasury Index TED

est assetswill avoid enor- 1,500% CIA

mous losses amid the SO Total return since1993 AS economic shutdown. 1,000 Do stocks still makesense? Startof2009 From an academic perspec- CHANGE/

bull market EX tive, yes. Thetendencyof 500 stocks to beat bonds is known OCK 0 ST

as the “equity risk premium,” RK

and is well-established both 1993 2000 ’10 ’20 YO

in practiceand in theory. Note:Weekly data NEW In practice, global stocks Source:Refinitiv The Big Board honored several first responders from Montana last week,. have on averagebeaten bonds by 3.2percentagepointsa simply,investorsshould de- come reinvested. ing dividends.That was, offer the lowest prospective year through Thursday, far year since1900,with income mand apremium futurere- None of this means Trea- though, unusual. Since1900, return in history: aguaran- worsethan the 12% fall of the reinvested, according to aca- turn—a lowerpricenow—to surys areabetterinvestment U.S. stocks beat Treasurys by teed 0.6% for10years. Stocks overall consensus.Use that, demics Elroy Dimson, Paul coverthe uncertainty about than stocks in principle but it an averageof4.4 percentage aresignificantly cheaper than and the price/earningsratiois Marsh and MikeStaunton. what shares will be worth should underline the word points, and were ahead in ev- they were on manymeasures, higher,making stocks lessat- In theory, the outperfor- when it comes time to sell to “risk” in the equity-risk pre- erydecade except the 2000s, having lost aquarter of their tractive. On the other hand, if manceisjustified as areward coverthe costsofretirement, mium. Forthe bull market as which started with the peak value from their February thereisarapid economic re- forthe danger of unexpected collegeorwhatever. awhole,the corona crash of the dot-com bubble. peak.Yet, they aren’t exactly bound, this year’s depressed events, including pandemics, hasn’t been that bad for cheap,because the prospect earningsmay be aone-off and forthe volatility of stocks. he trouble is that Americans.Investorswho ofor the long runthe forfutureearningshas and quickly recover. Very occasionally the unex- T stocks arenow looking chose stocks over Treasurys key is to avoid buying plunged, too. At atime uncertainty has terrible even forsome at thelow point of March S pected eventsmakeentire when stocks arehistori- TheS&P 500 trades at 15.2 rarely been higher,itmight stock marketsgotozero, wip- who invested decades ago. An 2009 arestill well ahead of cally overpriced, and to ac- times the next 12 months’ seem surprising that stocks ing out all past outperfor- investor who bought U.K. those who opted forsafety, cept that the reason stocks forecast earnings, according aren’t moreofabargain. But mance, as in Russia and stocks when Margaret with atotal return of 363% should beat bonds is that to Refinitiv,which implies a with the Treasuryyield so China’scommunist revolutions. Thatcher liberalized the stock including reinvested divi- they areriskier. 6.6%annual gain just from lowand shareprices and val- Theoutperformancealso acts market in October 1986 has dends against 49% forthe ICE Start with the second. profits, assuming the valua- uations down, stocks offer a as aform of protection against made lessthan those who Bank of AmericaTreasuryin- Know thyself.Ifyou can’t tion remains the same.Unfor- fatterrisk premium than be- morenormal losses incurred bought gilts, British govern- dexand 69% forthe 10-year handle big swingsinthe value tunately,italso relies on ana- fore.Iexpect stocks to beat during recessions. ment bonds.German stocks Treasury, rolled intoeach new of your portfolio,don’t hold it lyst estimates,which areboth bonds over the long run, but But shares also need to have underperformed the issue. mainly in stocks. optimistic and out of date. it could be very painful in the promise ahigher reward than benchmark 10-year bund Comparethat to the last Thequestion of whether Andrew Lapthorne, global short term if the market’stoo bonds,because otherwise the sincetheir recessionarylow cycle,when the bond index stocks areoverpriced is much head of quantitativeresearch optimistic about the outlook slow-and-steady returns of in 1991. made 36% from the October harder to deal with, not least at Société Générale, points forthe virus—and that risk Treasurys would be much In the U.S. the S&P 500 is 2002 stock-pricelow to the because it also matters rela- out that consensus earnings premium is therebecause moreappealing than the wild nowbehind Treasurys since March 2009 low, against a1% tivetobonds,their main al- using only updated forecasts thereisareal risk of things swingsofstock prices.Put the summer of 1998,with in- lossfor the S&P 500,includ- ternative. Treasurys currently were down about 18% this getting worse.

spitesharply reduced revenue, Chinese households' ratio of debttodisposable income has more debt collectorssinceJanuary defaultscould affect morethan China Debt heeding calls from government than doubledoverthe pastdecade. and nowowesbanks atotal of one firm at the same time.A officials not to leave scores of 400,000 yuan, about aquarter spokesman forAnt Financial people jobless. Manycompa- Household debtasapercentageofdisposableincome of which is interest charges declined to comment. Delinquency nies,however, furloughed 125% andpenalties.Mr. Hu said he is Household debt levels in workersand forced them to ac- China hoping local authorities will let China have risen rapidly over cept sharply reduced salaries him reopen his restaurants thepast decade,driven by in- StirsWorry forFebruaryand March. 100 soon and that banks will waive creases in mortgagedebt and Theeffectsofthose moves U.S. the interest and penalty short-term consumer loans, areshowing up in the financial chargessothat he has achance and hit ahigh of 55.95trillion ContinuedfrompageB1 updates of banks and nonbank 75 of repaying his debts. yuan ($7.9trillion) in January, Wuhan, the center of China’s lenders. Qudian Inc., aNew Whether income-starved according to datafromChina’s coronavirus epidemic,and its York-listed Chinese internet borrowers canget current on central bank. surrounding Hubei province. A lender,said in mid-March that 50 their credit cardsand personal While Chinese consumer large portion of the bank’s 20% of itsloans that have come 2010 ’12’14 ’16 ’18 loans will likely depend on how debt per capitaisrelatively low credit-carddebt collectorsare due were unpaid as of Febru- China’seconomyrecoversin by U.S. or global standards,the based in Wuhan, and employ- ary, adoubling of the delin- Consumer loans by type Total number of credit cards the coming months.Pay cuts country’sratioofhousehold ees couldn’t go to work during quencyratefromthe third could continue,especially at debt to disposable income has a citywide lockdown that quarter of last year.Itexpects Short-term loans forbusiness 800 million companies in hard-hit indus- topped 100% according to some started in lateJanuary. Until the rate to climb further. Mortgage,auto, other long-term trieslikeairlines and hotels scholars. recently,manydebt collectors Qudian said it has sharply Short-term and if global demand forgoods In the firsttwo months of forother online lendersalso reduced loan originations and that China manufactures this year,Chinese households’ had to work remotely,which expectstoreport asubstantial doesn’t pick up in the coming short-term debt dropped 16% 60 trillion yuan 600 slowedtheir loan-recoveryef- lossinthe firstquarter.“We months. to 13.02trillion yuan, according forts. expect the epidemic to exacer- If people’ssalaries remain to datafromthe People’sBank Thebank didn’t disclose cur- batethe already existing chal- depressed and sales at small of China, as demand forshort- rent personal-loan delinquency lenges in theconsumer credit businesses continue to suffer, term consumer loans tanked rates, but it had 23.6 billion sector,” Min Luo, Qudian’s 40 400 loan defaultswill climb and following the coronavirus out- yuan ($3.3 billion) in overdue founder and CEO,said. The losses will filter through banks, break while people stayed retail loans at the end of 2019, company’sshares have plunged lendersand their investors. home and reduced spending. representing 1% of itsoutstand- 60% in the year to date. China recently said itsurban “No one knows when the ep- ing loans to individuals.About Twoother U.S.-listed Chi- unemployment rate hit are- idemic will end and when bor- 1.35% of itscredit-carddebt nese online lendersalso said in 20 200 cord high of 6.2% in February, rowers will have enough cash wasclassified as nonperform- March that the coronavirus and the countryfaces the pros- flow to payback loans,” said ing at year-end. pandemic wasareason forris- pect of many newgraduates Chen Wen, aprofessor at Afterthe novel coronavirus ing consumer-loan delinquen- without jobs this year. Southwestern University of Fi- wasdiscovered in Wuhan in cies across the sector and that “Wemay finally see areal nanceand Economics. December and began spreading they were slowing down loan 0 0 credit cycle afteryearsofrap- On March 30,Chinese au- acrossChina in January, hun- activity as well. 2018 ’19 ’20 2016 ’17 ’18 ’19 idly rising household leverage thoritiessaid the country’s dreds of millions of families all Hu Jun, a34-year-old owner in China,” said JackyZuo,head main industrial provinces had Note:1trillion yuan=$141billion over the countryspent weeks of three hot-pot restaurantsin Sources: Institutefor Advanced Research, Shanghai UniversityofFinanceand Economics (debt of fintech and China financials resumed full production—with at home,waiting forthe worst Huanggang,acity in virus- ratio); Wind (debt, number of credit cards) research at China Renaissance workersback to their jobs— of the epidemic to pass. Con- stricken Hubeiprovince, has Securities. and that morethan three-quar- firmed cases surgedto80,000 been struggling with his busi- said, his restaurantswere tained athirdcardtohelp sup- He estimates that as many ters of the country’ssmall- and by early March, and while new nessand personal debts. In De- forced to close,but he still had port his cash needs.“Ithought as 61 million people in the medium-sizebusinesses had infections arestill being re- cember,beforethe outbreak to payrent and salaries of it would be atwo-week lock- countryhavetaken out loans resumed operations following ported, the totalnumber was worsened, businesswas boom- around 30 employees,totaling down at the time,but it turned from online lendingplatforms the shutdowns. roughly 82,000 in early April, ing and he bought alarge 150,000 yuan ($21,000) a out to be much, much worse and that manyofthose people China MerchantsBank re- including morethan 3,300 amount of food forhis restau- month. than Ihad imagined,” said Mr. have also borrowedfromcom- cently said itsdebt collectors deaths. rants, including beef and lamb, To makethose payments Hu, whose restaurantshave mercial banks and largercon- arealso operating normally Chinesebusinesses forthe to preparefor the year-end withoutsales coming in, Mr. been closed formorethan sumer lenderssuch as Jack again, sounding an optimistic most part appear to have peak season. Not long afterthe Hu said, he maxed out his two three months. Ma’sAnt Financial Services note about itsloan-collection avoided large-scale layoffs de- virus wasdiscovered, Mr.Hu personal credit cardsand ob- He has gotten calls from Group,implying that people’s efforts.

THE TICKER | Market events coming this week

Monday Mort. bankers indexes EIA report: natural gas Jan., previous down 0.4% Purch., previous down 11% Previous change in stocks in Feb., expected down 0.5% No major events scheduled Refinan., prev. up 26% billions of cubic feet down 19 Tuesday Earnings expected* Friday Estimate/Year Ago($) Initial jobless claims RPM International Previous 6,648,000 U.S. markets are closed Consumer Credit 0.21/0.14 Expected 4,500,000 for Good Friday Jan., previous Producer price index Consumer price index down 12.02 bil. Thursday All items, Feb. down 0.6% Feb., expected N/A Mar., expected down 0.3% All items, Feb. up 0.1% Bond market closes early Core, Feb. down 0.3% Mar., expected down 0.3% CK

TO Wednesday at 2 p.m ET Mar., expected 0.0% Core, Feb. up 0.2% Mar., expected up 0.1% EIA status report Previous change in stocks in U.Mich. consumer index SHUTTERS Short-selling reports

A/ millions of barrels Ratio, days of trading volume of Mar., final 89.1 Treasury budget Crude oil up 13.8 current position, at Mar 13 Apr., prelim 66.0 Gasoline up 7.5 NYSE 2.5 Mar., ’19 $147 bil. deficit LANE/EP Distillates down 2.2 Nasdaq 2.2 Wholesale inventories Mar.,’20, exp N/A TIN

JUS * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)NOTE: FORECASTS Initial joblessclaims on Thursdayare expectedtobe4.5 million compared with 6.6 million lastweek. ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS P2JW097000-0-B01000-1------XA

B10 | Monday, April 6, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Not Now Banks’ Problem Playing at Is Too Much Cash A Theater First the worry was that Ameri- Weekly change in deposits at U.S. can banks wouldn’t have enough commercial banks Near Yo u S cash. Now the problem seems to $300 billion PRES be that they have too much of it.

TED In the early phase of this crisis,

OCIA the Federal Reserve’s concern was

Movie chains hope to SS that banks didn’t have enough us-

/A 200 still be around to reopen able liquidity to absorb the mar- ket’s panic selling, causing huge /DISNEY volatility in vital markets like Thesilver screen has gone dark, those for Treasurys and mortgage- 100 but atense newdrama is unfolding BOLAND backed securities. IN

in the industry. JAS Now, after two weeks of Fed in- Thecoronavirus pandemic has Disney’slive-action version of ‘Mulan’has been rescheduledfor aJuly release. ducements via supervisory mea- closed theaters acrossthe U.S. and sures, liquidity injections and bond 0 manyother key markets. That has Projected domestic boxofficeand 25% this year,assuming theatersare buying, the system appears to be putsome of the largest chains at newreleasedates formovies closed through the end of Maywith awash with cash. risk of defaulting on the debt that originally slatedfor 2020 release* a“slowrecovery” through June. One consequence has been that –100 has piled up over arecent period of Mulan (July 24, 2020) That would still put theater repurchase agreement or repo acquisitions and renovations. $300 million chains in atight spot. Meghan Dur- rates are calm. Trends in repo in- 2008 ’10 ’12 ’14 ’16 ’18 ’20 AMC Entertainment, Cinemark kin of Credit Suisse downgraded dicate “cash supply is abundant,” Wonder Woman 1984 (Aug. 14, 2020) Note:Seasonally adjusted. Most recent week ending Holdings and U.K.-listed Cineworld 360 AMC to aneutral rating last week, analysts at KBW wrote. March 18. Group,which together account for AQuiet PlacePart II (Sep. 4, 2020) citing increased liquidity risk if the- But liquidity wasn’t the mar- Source:Federal Reserve about half the totalscreens in the 150 atersremain closed through the end ket’s only problem. Now that ev- U.S. market, have seen their share of June.Alexander Mees of J.P. Mor- eryone can get their hands on The Fed said this temporary prices plungeanaverage of 76%year Black Widow(Nov. 6, 2020) gandid the same with Cineworld on cash, the inclination appears to rule change should reduce capital 250 to date. All three carrydebt now Monday, predicting the company be to stick it in a bank for requirements by about 2%. trading at distressed levels between No Time to Die (Nov. 25, 2020) has liquidity to surviveclosures for safekeeping. It also urged banks not to use 39 centsand 76 centsonthe dollar, 190 the firsthalf of the year “provided it Corporations putting newly bor- this freed-up capacity to increase according to FactSet. TheWall Street Fast &Furious 9(April 2, 2021) cancels both dividends and growth rowed cash into their coffers, plus capital distribution to sharehold- Journal reported Wednesdaythat 265 capexand adoptsvarious mitigation Fed bond buying, plus investors’ ers, but to “mitigate the effects of AMC has hired restructuring lawyers. Minions: The Rise of Gru (July 2, 2021) strategies to reducecosts,” includ- successful liquidation of risky as- [capital] restrictions and better Shutdowns nowlook likely to last 300 ing cutting rent payments. sets, has led to a flood of cash into enable [banks] to support intoMay or longer,depending on the *Box officeprojections prior to closures Cinemark has lessdebt and is banks in search of safety. the economy.” region—not that cinephiles will miss Source:Wedbush Securities considered in bettershape finan- U.S. commercial bank deposits Now that possible credit provid- much in the meantime.Hollywood cially,but Robert Fishman of Mof- grew by more than $420 billion ers of all stripes—including not studios already began pushing out “Mulan” and the next Marvel outing fettNathanson still expectsthe the- from the end of February to March just banks but also investors and the dates of some of their biggest re- called “Black Widow” from their re- ater companytofreezeits dividend 18—an extraordinary amount that companies—have cash or access to leases on worries about alimited au- spectiveMarch and Mayreleases. and cut capital expenditures. puts March on track for a year’s it cheaply, the challenge is getting diencefor their most expensivefare. Those movies nowcome out July Demand should eventually re- worth of deposit growth, accord- them to use it on the parts of the “No Time to Die,” the James Bond 24 and Nov.6,respectively. War- cover. Themoviegoing experience ing to Brian Foran of Autonomous economy that need it most. This vehicle that cost areported $250 mil- nerMedia’s “Wonder Woman 1984,” still has plenty of fans despitethe Research. won’t be easy, with credit risk now lion to make, wasthe firsttosee its will hit theatersinmid-August. onslaught of streaming services.Ac- In that context comes the Fed’s coming to the forefront. Even for release delayed. It is nowset to come That meanstheater chains,even cording to TheNumbers, an indus- latest move to let the biggest banks, who still face other capital out in lateNovember.OnThursday, if they reopen, must surviveatleast trytracking service, those fans are banks temporarily exclude Trea- requirements, freed up leverage Paramount moved its“TopGun” se- until later in the summer without forking over 21% moreper average surys and cash on deposit at the doesn’t mean they will have quel from lateJune to lateDecember. major customer draws. Even that as- ticket than adecade agofor the Fed from their assets in certain unlimited risk appetite to lend, Manyother releases have since sumes the outbreak will have ebbed privilegeofkicking back in plush, calculations of how leveraged nor should it. been postponed until next year. to the point that enough of the mov- reclining seatswith craftbeers. But they are. Liquidity is an important part of Last week,SonyPictures pushed iegoing public regains comfort with theater ownerswill be hanging on Banks can only lend out so enabling credit to flow. But it can four major movie releases out of the idea of sitting in adark,crowded fordear lifebythen, and some may much under their capital rules, so only go so far in helping people 2020,including the next Ghost- room with strangers. Michael slip away.Hollywood itself couldn’t a lot of these deposits end up ulti- who have lost their jobs or busi- busterssequel. Walt Disney Co. Pachter of Wedbush projectsthe have writtenabetternail-biter. mately parked at the Fed or in nesses that have no customers. pulled itslive-action version of North American boxofficewill fall —Dan Gallagher Treasurys. —Telis Demos MARKETS Buyback Suspensions AddtoVolatilityRisk

BY PAUL VIGNA In the weeks ahead, inves- earliest days of the stock mar- tors will seek further clues ket, buybacks grew in popular- Hilton Worldwide Hold- about the health of the econ- ity in the 1980s afterthe Secu- ings Inc.added $2 billion to omy. Theweekly jobless- rities and Exchange its stock buyback program on claims report on Thursdayhas Commission changed rules March 3, a vote of confidence become a key leading indica- around thepractice. They among executives as the stock tor. Even more critical will be were seen as a way to return market began to slide. what the companies them- cash to shareholders because Just over three weeks later, selves aresaying about their removing shares from the the hotel companywould strip businesses when earningssea- open market tends to push the businessdowntoits core, son ramps up later this month. stock prices higher. furloughing employees,cut- Last year,companies in the Shares of Hilton, forin- ting expenses,mothballing S&P 500 bought $729 billion stance, rallied 5.4% the dayaf- capital expenditures and sus- of their own stock, just short terthe companyboosted its pending itsdividend and buy- of the record $806 billion buybackplan last month. It back plan. from 2018 that wasfueled by a isn’tclear howmuch, if any, During the intervening pe- corporate-tax overhaul. When stock the companyrepur- riod,America’scorporations 2020 began, companies were chased before suspending the ground to ahalt as the corona- expected to approach or ex- program; a representative for virus rapidly spread beyond ceed that record.Those expec- the companydeclined to com-

China. Travel restrictions S tations have since vanished. ment. It bought back $1.5 bil- around the world led to par- Stock buybacks in the first lion in shares last year. ticularly acutepain forhotel PRES quarter could approach $120 In the decade through 2019,

companies such as Hilton, ZUMA billion to $140 billion, but are S&P 500 companies poured along with airlines,cruise op- “going to be few and far $5.29trillion intobuyback

eratorsand casinos.And the LEVINE/ between” the rest of the year programs,according to data

S&P 500 suffered itsfastest- B. as companies tighten their from S&P.That wasmorethan ever declinefromarecordtoa wallets, according to Mr. double the $2.59 trillion from

bear market, nowdown23% RICHARD Silverblatt. the 10 yearsprior.Dividends for the year. Hilton and other companies stopped buying back their shares, removing some support forthe stock market. The43companies in the in- saw a similar increase, nearly Hilton wasn’t alone. dexthat suspended their buy- doubling to $3.53trillion from Companies from Chevron Sharebuybacksand dividends among companies in the S&P500 areexpected to drop sharply in back programs—among them $1.89 trillion. Corp.toJPMorganChase & 2020,after setting recordsinrecentyears. banks,airlines,hotels and en- It’simpossible to sayex- Co.toAT&T Inc.toCarnival ergy companies—represent actlyhow much of the stock Corp.suspended their share- Value of stock buybacks Dividends about 25% of all the buybacks market’sgains over the past repurchase plans to conserve $200 billion from 2019,Mr. Silverblatt decade were directly attribut- cash in recent weeks, estimated. able to buyback and dividend removing acrucial pillar of Q4 2019 To be sure, some of the big- programs,according to Win- supportfor the stock market $182B gest buyersoftheir ownstock, ston Chua, an analyst at re- as it struggles to find itsfoot- 150 including Apple Inc.and other search firm EPFR.Corporate ing afterarecordstretch of technologycompanies,are ex- takeovers, which remove turbulence. $126B pected to keep their programs shares from the public mar- “They’reanendangered alive. kets,and stock offerings, species,” Howard Silverblatt, 100 Stock buybacks have long which add shares, are also in senior indexanalyst at S&P faced criticism in Washington. play, along with profitsand in- DowJones Indices,said of Most recently,congressional vestor speculation. buybacks. “During bad times, leadersagreed to impose lim- It is acomplicated mix,but 50 youdon’t do discretionary itsonsharerepurchases and “in any given year when buy- spending.” dividend paymentsfor airlines backs and takeoversare Corporatebuybacks,infact, and other companies receiving greater than newofferings, have been the only net source 0 aid under the coronavirus- the market tends to move of money entering the stock stimulus package.Some of the higher,” Mr. Chua said. market sincethe financial cri- 2000 2010 2000 2010 companies seeking aid, includ- Ironically,abroad move sis in 2008,according to Brian Source:S&P DowJones Indices ing the airlines and hotel com- away from buybacks and divi- Reynolds,chief market strate- panies, spent heavily on buy- dends would be good forcom- gist at research firm Reynolds Sincethe beginning of roughly zero,heconcluded, market even more so. backs in recent years. panies,said William Lazonick, Strategy.Buyback programs, 2009,Mr. Reynolds estimates, based on the Federal Reserve’s TheS&P 500 averaged a Some argue that the funds an economics professor emeri- through which companies re- buybacks have added anet $4 quarterly flow of funds re- daily moveof5.2% in March, would be betterspent on tusatthe University of Massa- purchase their own shares on trillion to the stock market. ports. TheS&P 500’smarket the rockiest month ever.April raises foremployees,invest- chusetts Lowell and president the open market, canhelp Contributionsfromall other value is $20.9 trillion. kicked off with more ments in technology or main- of the Academic-Industry Re- boost shareprices by reducing sources—including exchange- Without asteady flow of turbulence. taining a financial cushion in search Network. the amount of stock outstand- traded funds, foreign buyers, corporatebuybacks,there “It’s going to be like riding the event of an emergencylike “Companies that retain and ing and lifting acompany’s insurers, mutual funds,broker won’t be consistent demand a bucking bronco in the stock the current pandemic. reinvest profits, that have an per-shareearnings, though not dealers, pensions,hedgefunds for stocks, Mr. Reynolds said, market forthe next six Although companies have incentivetobuild betterprod- its overall profit. and households—nettedout to helping to makeavolatile months,” he said. bought back shares since the ucts, they do better,” he said. P2JW097000-0-R00100-17FFFF5178F INVESTINJOURNGIAL REPORNFT | AQUNDUARTERLY ANALYSS&EIS TFS

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, April 6, 2020 | R1 INSIDE Out of Sync The stock selloff reveals the differences among target-date funds in their market exposure. R8

SCOREBOARD First-quarter 2020 fund performance, total return by fund type.MoreonR4. U.S. Intl. Bonds stocks* stocks* (intmd.)

–24.6% –23.2% 0.4% *Diversifiedfunds only,excluding sector and regional/countryfunds Source:Lipper

SAVING FORCOLLEGE Will colleges refund some costsofroom and board? It depends on the institution. R3 T UNKER PL VID DA

panic selling. We arewired to hate a portfolio full of red ink. Here’sWhy Some But manyinvestors aren’t just loss-averse. Theyare extremely sen- sitivetoshort-term losses,aphe- InvestorsPanic. nomenon Richard Thaler and I refer to as myopic lossaversion. If some- WINNERS’ CIRCLE one is myopic,theyare nearsighted, He’s No. 1: Needham Small And Here’sHow to meaning they can only properly fo- Cap Growth’s Chris cus on things that are close by and Retzler managed a 12.8% MakeSureYou Don’t. everything in the distance is blurry. gain for the 12 months. R3 Prof.Thaler and I showed thatmany investorsare nearsightedwhen it comes to their investmentperfor- Are you likely to buy high and sell low it helps to revisit an old bet first mance, only able to focus on recent in a market panic? There’s a pretty introduced by the Nobel laureate events, even if it significantly re- Paul Samuelson. The bet goes like duces their long-term investment simple way to figure that out. this:I’m going to flip acoin. If it performance. These arethe investors landsonheads, you’ll win $200. at highestrisk of costly panic selling. BY SHLOMO BENARTZI However, if it lands on tails, you’ll Do yousuffer from myopic loss lose $100. Do you accept the bet? aversion?Here’sashort assessment nvestors are reeling from the selloff in global mar- If you’re likemostpeople,you I’ve developedtodetermine whether kets. But here’s the bigger risk right now for inves- reject this gamble. That’s because you’re likely to buy high and sell low tors:thatthose losses will lead them to act in away formanypeople the pain of losing during a market panic. that will result in even bigger losses. $100 exceedsthe pleasureofwin- It doesn’t have to be that way. ning $200.Put another way,losses In normal times, how often do I First,tounderstand whypeople makethis mistake, hurt twiceasmuch as gains feel 1. you evaluate the performance Fund Results good, even when the potential loss of your investments? Mutual-fund and ETF Dr. Benartzi (@shlomobenartzi), is a professor is relatively small and doesn’t pose A. Daily or weekly quarterly data on pages R4, and co-head of the behavioral decision-making much risk. B. Monthly or quarterly R6 and R7 and at group at UCLA Anderson School of Management Such “lossaversion” helps ex- C. Annually WSJMarkets.com and a frequent contributor to Journal Reports. plain why a market correction can He can be reached at [email protected]. be so unpleasantthatitleadsto PleaseturntopageR2

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NOTFDIC INSURED |MAY LOSE VALUE|NOBANK GUARANTEE Thereare risksinvolved with investing in ETFs, including possible loss of money. ETFsare subject to riskssimilar to those of stocks. ETFsdisclose their full portfolio holdings daily. Thereisnoassurancethat the funds will provide lowvolatility. Before investing, consider theFund’sinvestmentobjectives,risks,charges and expenses. Visitinvesco.com/fundprospectus foraprospectuscontainingthisinformation. Read it carefullybeforeinvesting. InvescoDistributors, Inc. P2JW097000-0-R00200-1------XA

R2 | Monday, April 6, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

ASKENCORE | GLENN RUFFENACH I Felt the Pain, but I’ve Stayed the Course

This is no time to guess about way to paybills without having to sell RMD doesn’t go away;itgets delayed. what’s next for the stock market. investments when marketsare tum- Stocks in Perspective (Unless, of course,you neverretire.) Also: A question on whether to bling. Well, the tumbling is here. Percentchange in the S&P500 during— Thatdelaymightseemgood in the As Imentionedinanearlier column, and in the 12 months after—major declines short run. But when youeventually do delay RMDs when working. Ihave about twoyearsofliving ex- and their associatedevents retire, your account balance will likely penses in cash in the event (again) of be larger,and youwill be older.“RMDs a replay of 2008-09. And so I remind Major decline 12 months after arecalculatedbasedonage,” Mr.Slott myself(almostdaily!): Don’tpanic.The says.“As youget older, your lifeexpec- The coronavirus and the swings in the mar- money is there. You can ride this out. 8/25/1987- tancy decreases, and RMDs—and the kets are more than I can take. I just moved Iwill keep readerspostedonmy 12/4/1987 resulting taxes on those RMDs—in- (Black Monday) everything in my savings intocash. Have you abilitytodojustthat. Meantime,we crease. So doing the rollovernow may made any changes with your nest egg? would love to hear howyou have re- come back to bite people later.” acted,and why, to the market gyrations 7/16/1990- Delaying required withdrawals also Afriend shared this news with me,and asked of the pastmonth. We’ll do our bestto 10/11/1990 could affectyour heirs. Recent tax leg- me thatquestion, in mid-March, afterthe S&P get your thoughts into afuturecolumn. (Gulf War) islation eliminatesthe so-calledstretch 500 had dropped22% in twoweeks.Myreac- IRAfor manybeneficiaries;these indi- tion wasamix of shock and empathy. Shock iii 7/17/1998- viduals,iftheyinherit aretirementac- because this friend—smart,sensible,worldly— 9/31/1998 count, now will have to withdraw the wasn’t one Ifigured for, well, panic.Empathy Isaw your column about delaying re- (Asian monetary crisis) assets within 10 years, rather than because,despitethe importanceof“staying the quired minimum distributions from a based on their own life expectancy. course” with one’s investmentstrategy, it’s diffi- 401(k)ifapersonisstill working. Iam 3/27/2000- So,let’s sayyou roll overyour IRA cult not to be impulsivewhen the skyisfalling. in my late 60s and plan to keep work- 10/9/2002 into your 401(k), and the account, with No,Ihaven’tchangedmynestegg in recent ing formanyyears.Can Iroll overmy (Tech-stock bubble) these addedfunds,grows.Your heirs weeks—although, Iadmit,I’vehad some rest- IRAaccount intomy401(k)and, thus, could end up inheriting balances that lessnights. Thatsaid, here’swhatIwould have avoid taking RMDs from my IRA? will have to be withdrawn, first,ina 10/9/2007- told my friend if we had talked 3/9/2009 shorter time frame (10years),and sec- beforehecashedout—some Yes, some retirementplans allowem- (Financial crisis) ond, possibly at higher tax rates. I was preliminarylessons forretirees ployeestoroll overtheir IRAs into the “Looklong term to seeifthis may about in these alarming times: plan. And yes, if your custodian ap- be the rightstrategy,” Mr.Slott says. provesthis step, youcould, theoretically, 3/10/2011- “Spreading RMDs overmoreyearsmay 45/50 10/3/2011  Stoptrying to guess. First, delayRMDs as youcontinue to work. (U.S. credit downgrade) save moreintaxes overthe long haul.” stocks and no one knows howquickly pub- (Note:Required distributions from IRAs bonds, with lic-health officials will contain and 401(k)s aresuspendedin2020as Mr. Ruffenach is a former reporter the coronavirus. If we’re fortu- part of the coronavirus-relief bill.) 10/3/2018- and editor for The Wall Street the rest nate,the countrycould recover As forthe wisdom of this strat- 12/24/2018 (Trade war) Journal. His column looks at financial in cash, quickly; if not, we could still be egy…“it’s notthe tax panacea people issues for those thinking about, wrestling with this tragedy perceiveittobe,” says Ed Slott,anIRA –50 –25 0% 25 50 planning and living their retirement. before the through year-end. expert in Rockville Centre, N.Y. Send questions and comments to coronavirus The point: Facedwith the Here’sthe point: The tax on the Sources: Morningstar (returns); BlackRock (analysis) [email protected]. hit. unknowns,itisn’t rational to be all in cash (likemyfriend) or all in stocks. “The bestyou cando is placebets forbothscenarios rightnow,” says Charlie Farrell,CEO of Northstar Investment Advisors, Denver.Atthe moment, “noone has accuratedataonwhich to base adecision. So if youdon’t know, and youcan’t know, why would youmakeone big bet about the future?” Formypart,Iwas about 45/50 stocksand bonds, with the rest in cash, before the virus hit. Yes, that’s a conservative posture, in nor- mal times, for a relatively young retiree. (I’m 67.) But as Ihave mentionedinthis space, my wifeand I, forall practical purposes,have just started our retirement, and Iwas worriedwhat a replay of 2008-09—if such a thing were to happen—might do to our savings. As Iwritethis,the value of our nestegg has fallen 12%. Painful? Sure. Calamitous?No.

 Tweaking is OK. Yes, “staying the course” with your investments is usually good. But no one says youcan’t makeincremental changes. “The risks keep changing daily,” Mr. Farrell notes. “If youhad one assessmentaweekago, and nowthe factsare different, it’s OK to ad- just your assessment. “If youthink it will be atough slog no mat- terwhat, then overweightyour holdings abit toward defense—say, short-term Treasurysor cash. If you think, ‘Yes, this is a problem, but maynot be thatbad,’then overweighttoward risk, with diversified equities.”  Cashreserves. We have emphasized the im- portanceofhaving acash reserveinlater life, a

The Reasons Investors Panic That’s because people tend to be mancemetric.Ifyou arechecking to say15000 or 12000,asIsurely more impulsive and emotional on your 401(k), manyfinancial institu- don’thave acrystal ball. But the mobile devices.Prof. Shiri Melumad tions allowyou to seeyour account mere act of rebalancing portfolios ContinuedfrompageR1 E. Not like me at all at Wharton has shown thatsmart- balanceinterms of projected re- amounts to a concrete plan to buy D. Every few years phones lead people to generate tirementincome,asopposedtoto- morestocks“on sale” as markets E. Never The question wasborrowedfrom moreemotional content, while sci- tal wealth. Projected retirementin- keep declining. Advisersshould also the “grit” assessment developedby entists at the University of Texas come notonly gives youthe bigger focus their clients on rebalancing, as The moreoften youcheck your Prof.Angela Duckworth andcol- and UniversityofCalifornia at San picture—it’s also much lessvolatile opposed to selling. performance, the morelikely you leagues.She and othershave Diego have shown thatsimply hav- in response to market swings. suffer from myopic lossaversion. shown thatgrit—the willingnessto ing your mobile device nearby can Consider an investor with a$1  Frame the market correc- That’s because you feel the pain of persevere foralong-term goal, es- reduceworking memoryand cogni- million portfolio,60% in stocksand tion in terms of finding solu- the losses more frequently and po- pecially when it’s difficult—can help tive capacity. 40% in bonds.Let’s further assume tions,which help us get abetter tentially overreact by panic selling. predict various outcomes,fromaca- My concern is thatthese trends thatthe portfolio’s stock invest- perspectiveonthe practical implica- The problem is not necessarily the demic success to creditworthiness. canalso makeusmorelikely to sell ments have dropped30% from tions of the crash. losses,but howoften we mentally If youoften giveuponyour lon- during apanic.You no longer have their recent high, and bonds have Let’sreturn to thatinvestordeal- account for them. ger-term goals, you’re probably at to call your adviser or writean been relatively flat. This means ing with a9%decline in his or her higher risk of selling low during a email. Instead, youcan justpull out thatthe portfolio is nowworth total retirement income. The inves- Ioften setagoal butlater market decline. The pain of the your phone and, with a few quick roughly $820,000.Ifweassume an torcan easily compensatefor the 2. choosetopursue adifferent short-termlossisgoing to make finger taps,liquidate those funds annual withdrawalrateof4%, just market drop by making some small one. Is this: you give up on your long-term in- that have fallen in value. to keep the analysis simple,then adjustments to the retirementplan. vestment strategy. Whatshould youdoif, basedon retirementincome went down One option is aprocess Icall the A. Very much like me In contrast,those who tend to this short assessment, youappear from $40,000 to $32,800 ayear,a 1-2-3approach. It goes likethis:Ifthe B. Mostly like me stick with their goals are probably to be hypersensitivetoshort-term decrease of 18%. investor retires one year laterthan C. Somewhat like me morelikely to shrug offthe market losses? However, it is important to fac- planned, and saves1percentage point D. Not much like me losses. This is akin to gritty long- The most immediate thing you torinSocial Securitybenefits, as more ayear forthe next twoyears(if distancerunnersignoring the should do is not look at the market. those didn’t go down. Assuming a still working),and reduces planned aches of their muscles so theycan Immediately deleteall financial retirement age of 66, Social Secu- spending in retirementbyjust3%, he REPRINTS AVAILABLE finish the race. It’s a useful mind- apps from your phone.This is also ritybenefits could amountto or she will have fully made up forthe set. For most of us, investing isn’t an opportunity for financial advis- $36,000 ayear,depending on your recent market downturn, even if the INDIVIDUAL COPIES: Recent issues of The Wall Street Journal can be purchased a sprint—it’s a marathon. ers to become a kind of “app doc- earningshistory.Inthis case, total market neverrecovers. at wsjshop.com while supplies last. The entire tor,” helping clients create adigital retirementincome went down just The larger lesson is that, by iden- issue including this report can be obtained for $11. The report alone is $6. Do youuse anyapps to regu- environment that encourages lon- 9% (from$76,000 to $68,800). The tifying those who aremostsensitive 3. larly check on the perfor- ger-term decision making. bigger frame shows a far less dire to the currentdownturn, and helping BULK ORDERS: Formorethan 10 copies, please email [email protected] to inquire mance of your investments? However, if yousimply can’tre- picturethan the stock market them think broadly about their port- about discounted pricing and shipping. sistlooking at the market,then it’s alone would suggest. folio,wecan help them worryless A. Yes B. No REPRINT OR LICENSE ARTICLES: To order important to takethe following aboutthe daily swings of the mar- reprints of individual articles in print or digital three steps to change the frame of  Frame the market decline as ket. That, in turn, will preventthose format, or to license content, please contact: Although smartphonescan make the picture. an opportunity,rather than achal- investing mistakes thatworsen the Online: www.djreprints.com investing moreconvenient, that GNOLA

lenge. It’s not a crash—it’s a sale. I panic and cost people serious money. TO Phone: 1-800-843-0008 conveniencebecomes problematic

Email: [email protected]  Zoom out,which involves am notnecessarily advocating to Uncertainty isn’t new. But panic TIN during periods of high volatility. changing the formatofyour perfor- time the market if the Dow drops hurts everyone. MAR P2JW097000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, April 6, 2020 | R3 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

WINNERS’ CIRCLE Hanging In: Stock Funds’ No. 1 Manager Gained 12.8%

For the rolling 12-month maynot impressinvestorsbythe period that ended so badly size of their gains. As disappointed for the stock market, Chris shareholders oftenmutterduring bigdownturns,it’stough to cele- Retzler of Needham Small braterelativeoutperformance, as Cap Growth Fund found opposed to big absolute gains. Still, himself at the top of the pile this quarter’swinnersshielded their investorsfromatleast partofthe BY SUZANNE MCGEE damage. They arealso adjusting rap- idly to the market tumult. ometimes, winning “It’sgoing to take time to get simplymeans thatyou back to anew normal,” says Mr.Ret- lose lessground than zler, who admits the rapidity of the everyone else. market’splungecaught him off- That’s certainly the guard. Still, he had been anticipating definition of “outper- some kind of selloff this year. Sformance” forthose “At the end of 2019 we were over- activelymanaged U.S.-stock mutual weight cash, and we didn’t deploy funds in our quarterly survey at the it,” he says. “We continued to sell in end of the firstthree months of 2020. January, because we felt the econ- In aperiod thatwitnessed the omywas likelytoslowdown,” he global spread of the Covid-19pan- adds. “It’s hard to sustain the level demic and the end of along-lived U.S. of activity we’veseen, which told us bull market in stocks,all of the top a correction was needed.” performers saw their returns for the Mr.Retzler believesthe selling rolling 12 months slashed. Chris Ret- isn’t over. “It’s a new quarter, sure, ‘It’s going to take zler, manager of Needham Small Cap but I’m not sureitwill be all that time to get back to a Growth fund (NESGX),watched his much better,” Mr. Retzler says. ware sales business. That has led new drug developments. new normal,’ says gains for the 12-month period ended “In the second half of 2020,we him to ownstocks like Cohu Inc., “Thenatureofmyportfolio and in- Needham Small Cap’s March 31 plungeto12.8%, afterpost- expect to see asignificant snapback which designs and manufactures vestment strategymeant thatIdidn’t Chris Retzler. ing areturn forthe trailing 12 months in global economic activity, thanks semiconductor-testing equipment. ownany companies thathad liquidity ended Dec. 31 of 54.5%. in part to significant stimulus” in He’s also afan of Limelight Net- concerns,” Mr.Lippertsays. “And That performance, nevertheless, the shape of rock-bottominterest works Inc., which offers customers sinceIhad been emphasizing the dig- wasgood enough forMr. Retzler to rates and government programs. streamed content delivery services. ital transformation of the economy, I win topplaceinthe quarterlyWall That’s whyMr. Retzler,likeother One manager Manyofthe top-performing funds didn’t own hotels or cruise lines.” Street Journal Winners’ Circle forthe topperformersinthis quarter’s in the Winners’ Circle contest have An emphasis on businesses that second time in arow.The contest Winners’ Circle contest, is “buying is betting on continued to attract new inflows of will remain fundamentallystrong and measures the rolling 12-month perfor- the dip,” on a selective basis. the Zoom cash from investors. recovermorerapidlythan the broader manceofactivelymanaged, diversified Mr.Retzler says thatinternal conferencing Baron’sMr. Lippertisputting that economyalso buoyedNo. 4finisher U.S.-stock funds with morethan $50 compliance rules prevent him from moneytowork in businesses thathe Virtus KARMid-Cap Growth fund million in assetsand at least athree- discussing details about recent boom. believes will get through the storm (PHSKX) forthe firstquarterof2020 year record.(Index, leveragedand sec- trades.Most other managersface not only intact, but with a stronger (it lost 8.3% in the quarter). For the torfunds don’t qualify.)The funds similar constraints. market shareorcom- trailing 12 months,its 5.5% gain tracked posted an averagelossfor the Scoreatthe Quarter petitiveedge, such as placed it just behind No.3finisher Looking ahead trailing 12-month period of 10.8%, ac- The coronavirus-induced market rout Zoom Video Commu- Virtus ZevenbergenInnovative cording to data from Morningstar. In general, however, he says he sent U.S.-stock funds to a24.6% nications (anonline Growth Stock fund (SAGAX), which Mr.Retzler beatout his nearest ri- thinks oncethe market recovers it decline forthe first quarter.(Average platform quarantined recorded a 6.5% advance. val, No.2finisher BaronOpportunity will boost the long-term outlook for total return, U.S. diversifiedfunds.) Americans areusing to Virtus KARmanager Doug Fore- fund (BIOPX),byalmost 5full per- companies likeonline consumer-loan 15% hold video business man,chief investment officer of Los centagepointsinour survey.Michael portal LendingTree,which has been meetings, take classes, Angeles-based Kayne Anderson Rud- Lippert, manager of the Baronfund, part of his portfolio off and on in re- 10 discussbook-club se- nick (which manages the Virtus generated again of 7.8% forthat12- cent years. “It has exposuretoare- 5 lections or virtually funds),continues to buystocks thathe month period but managed to outper- covery in consumer spending,and 0 shareamartini).Other expectstoprofitmost from arecov- form Mr.Retzler’s fund forthe first we think when this is over,consum- favored businesses in- ery. He also continues to see inflows. –5 –0.4 –0.3 three months of the year by holding erswill be taking advantageoflower clude CrowdStrike “Allthe marketsneed at these lev- losses to only6.7%. TheNeedham fund interest ratestorefinance, buya –10 Holdings Inc., acyber- els is some kind of sign thatbusiness recorded afirst-quarterlossof15.0%. house or use other LendingTree –15 security company, and will getback to normal in the future,” tools to evaluate their financial posi- –20 online retailer Ama- says Mr. Foreman. Adjusting to tumult tion,” he argues. zon.com. He has been –25 Most of the funds in our survey that Mr. Retzler remains a fan of any eyeing the health-care Ms. McGee is a writer in beattheir peersand the market itself companies thatwill benefit from 5G 2017 ’18 ’19 ’20 area, looking forop- New England. She can be amid therecent volatility and selloffs wirelesstechnologyand the soft- Source:Lipper portunities to invest in reached at [email protected].

SAVING FORCOLLEGE It’s Decision Time forColleges:DoWeGiveRefunds?

BY CHERYL WINOKUR MUNK wassupposed to startMarch 30. housing have been sent prorated Those who paid ahead will receive housing and meal plan refunds, a Therewas amass exodus of stu- arefund forthe time theyaren’ton spokeswoman says.For students dents from college and university campus,according to the school’s who had been living in fraternities, campuses last month in an effort website. Studentswho receivefi- sororities and independent-living to slow the march of coronavirus nancial aid beyond tuition and fees groups,MIT is working closely infections acrossthe U.S. With a will have living-expense funds dis- with the individual chapterstoini- widespread shifttoonline learning bursed to their bursar account; tiate refunds and says it expects nowunder way, manyfamilies are those funds canbewithdrawnand them to be fulfilled in coming wondering: Will theybegetting re- used forliving expenses while the weeks.MIT is refunding half of the funds or partial refunds,for room, student attends Caltech online dur- spring-semester student-lifefees board and related costs? ing the thirdterm. to all students who paid them. A look at what various schools have announced so farsuggests Columbia University | Studentswill RutgersUniversity | Housing,din- whatstudentsget back,ifany- receiveaproratedhousing refund ing and parking chargeswill be thing,isgoing to depend on the in- based on the daytheychecked out credited to each eligible student’s stitution they attend. of their residence hall. First-year account. Therefunds will be calcu- Many colleges and universities dining plans also will be refunded latedonaproratedbasis from have said theyplan to prorate based on the checkout date.Volun- March 23. In addition, the univer- chargesfor room and boardbased Harvard in mid-March, as students nationwide were sent home. tary meal-plan refunds will be is- sity says it won’tplaceholds on on the date studentshad to vacate sued for all unused meals. Under- accounts with past-due balances. campus.Some schools have already That said, studentsand their Some schools aresending infor- graduates in need received up to startedrefunding money; others families canrequest afinancial-aid mation about refunds directlyto $500for flights, storageorother University of Chicago | Students

GES have indicated theywill. Still other reviewifthe economic fallout from parents, some to studentsonly, costs related to moving. not living in a residence hall dur-

IMA schools have said decisions on the pandemic has hit their finances and some are sending to both. ing the spring quarterwon’t be these matterswill be forthcoming. particularlyhard. Financial-aid ad- Here’sasampling of whatsome Florida State University | Theuni- chargedroom and board. Students ETTY

/G And how about tuition? Gener- ministratorshavestatutoryau- schools have announced so far: versity plans to begin issuing elec- forced to vacate their residence ally speaking,colleges aren’t re- thority to adjust astudent’scost of tronic refunds the week of April 6 halls won’tbeassessed astudent- MEYER funding tuition as aresult of the attendanceorthe data elements Amherst College | The school be- forunused portions of housing and services fee. Any balances of Ma- shifttoonline learning—the ratio- used in the calculation known as gansending refund checks the meal plans,based on alast service roon Dollars, used for on-campus MADDIE nale being thatclasses arestill tak- the Expected FamilyContribution. week of March 23 forprorated date of March 23. purchases,will be refunded in June ing place, albeit in adifferent me- In addition to room-and-board room-and-board fees for students forgraduating studentsand rolled

JOURNAL; dium. Also,colleges generally refunds,some colleges and univer- wholeftcampus.The sizeofthe James Madison University | The over to the next academic year for aren’t altering financial-aid com- sities arereturning all or partof credit depends on the family’scon- school plans to offer refunds for returning students, according to REET

ST mitments as aresult of the shift, their student-activity fees,while tribution toward those fees,but housing and unused dining plans. the school’s website. LL though there could be exceptions othersare providing moneytohelp theschool says it will be amini- Information about these refunds WA forstudentswho drop out or re- pay for moving expenses. In some mum of $1,750. and/or credits is forthcoming, ac- Ms. Winokur Munk is a writer in duce their course load below full- cases,studentswith on-campus cording to the school’s website. West Orange, N.J. She can be time status,saysKaren McCarthy, jobs might continue to getpaid California InstituteofTechnology | reached at [email protected]. SIMON/THE director of policyanalysis at the even if they can’t work, especially Forstudentsnolonger living on Massachusetts Institute of Tech- National Association of Student Fi- if theyhavefederal work-studypo- campus,Caltech won’tcharge room nology | Allundergraduateswho  The Alphabet soup of financial-aid JOHNNY

P: nancial Aid Administrators. sitions. andboardfor the thirdterm, which had been living in on-campus abbreviations... WSJ.com/fundsreport TO OM FR P2JW097000-0-R00400-1------XA

R4 | Monday, April 6, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

When It Comes rate of coronavirus infections in QUARTERLYMONITOR Assumption 3 the U.S. begins to drop,markets WILLIAMPOWER will rally. That could happen, but My mutual fund is it might be risky to bet on it. To theMarket, so damageditmay be Some older adages haven’t U.S.-Stock Funds’ time to reconsider proved their effectivenessasways Damage:-24.6% Don’tAssume holdingon. to time markets. In arecent analy- sis,John Rekenthaler,aMorning- star vicepresident, looked intothe Investors fled stocks, idea thatwhen investorswere bonds and seemingly Five assumptions that firstU.S.case of Ebola in 2014.On holding alot of cash in places other every other financial in- the geopolitical front, onlyone than equity,thatsignaled potential vestment in the first many investors are shock in the past two decades foraflood of moneyback into quarter. making—but shouldn’t caused amarket downdraftof stocks.Mr. Rekenthaler concluded The average U.S.-stock fund fell morethan six months,Mr. Stovall that therewasn’t aclear pattern 24.6%, mostly because of a 17.1% says.Thatwas Iraq’s 1990 inva- thatwould be useful in trying to rout in March. It was a sudden re- BY MICHAEL A. POLLOCK sion of Kuwait. predict when stocks would rally. versal from the 28.3% average stock- Akey factor in the market’s Manyadviserssay that, instead fund gain for all of 2019, according ometimes it pays to resiliencehas been the econ- of trying to time the market, in- to Thomson Reuters Lipper data. take acloser look at omy’sstrength at the point when vestorsshould put aconsistent But the coronavirus-triggered de- our assumptions. an event took place, Mr. Stovall amount of moneyintothe market clines, interspersed with rebounds, They might conform says.When the economywas at regular intervals,regardlessof were also a reminder of the wisdom to the conventional fundamentallystrong—as it was whether prices are up or down. of not trying to time the market in Swisdom, but that beforethis latest shock—the 401(k)s. Those who sold at the bot- Financial advisersgenerally doesn’t mean they are wise. market recovery wasn’t as warn against bailing out of a tom missed double-digit rebounds— That’s especiallytruethese lengthy. And recovery times have fund afterasteep decline,be- Assumption 5 even with Friday’s latest declines, days forinvesting,asuncertainty been shrinking,possiblybecause the Dow is up 13% from the low. cause you’ll miss out on the re- Inflation is dead, grips the battered financial mar- adigitallyinterconnected world boundwhen it comes.Still, some “I think the market is forming a kets.What’sreallysafetoassume enables amorerapid assessment so thereisnoneed bottom,” says Jeff Mortimer, director investorsmay be tempted be- to worryabout it. now? Should people conclude that of events, Mr. Stovall says. cause of the depth of this drop of investment strategy for BNY Mel- the eraofstrong stock gains and the uncertainty surrounding lon Wealth Management, Boston. “I won’t return and just sell every- the progression of the coronavi- wouldn’t necessarily be diving in thing on the next decent move up- Assumption 2 rus pandemic. here,” but he says a lot of intense ward? Is it too late to reposition Butkeep in mind thatmany selling pressure has gone away. an equity-heavy portfolio?Are It’s time to de-risk International-stock funds were the portfolio. fund investors’ portfolios per- therecertain signals thatmight form morepoorlythan the funds down 23.2% in the quarter, mostly foreshadowabig market rebound? theyown at various times, because of a 15.1% drop for March. It’stime to put certain assump- largely because of poor decisions “We have increased exposure to tions under the microscope and about when to go intoafund and U.S. large-caps,” Mr. Mortimer says. examine them more closely. Here when to exit. Plus,ifalot of are five of them: fundholdersrush to sell, funds maybeforcedtoliquidate hold- FOLLOW THE MONEY ingsatdepressed prices to raise U.S. inflation has been remarkably Assumption 1 tame over the past decade,possi- First-quarter 2020 flowof cash, and thatcould hurtperfor- investor cash by fund type, blybecause the rise of the internet We’re in for a long mance even more. in billions* Of course,thatisn’t to say and growing imports gave U.S. bear market. consumersand manufacturersbet- U.S. Intl. thatyou shouldn’t look closelyat stocks stocks Bonds your funds.Pay particular atten- teraccess to cheaper goods,says tion to their consistencyofre- Ryan Detrick, senior market strat- turns over along period, not just egist forLPL Financial,aretail in- Humans areinstinctivelyrisk- recent performance, says Camp- vestment advisoryfirm and bro- –$89.0 $6.8 –$159.9 averse,and perceptions of risk ker-dealer.But he and otherssay bell Harvey,financeprofessor at *estimatedmutual-fund/ETF flows sometimes areoverlyinfluenced Duke University’s Fuqua School thatwhile disinflationaryforces through 3/25 by whatjust happened instead Source:Investment CompanyInstitute of Business. Thoughtfulanalysis aren’t going away soon, it could be of longer-term patterns,says maylead youtosell afund—but amistaketoignorethe potential AndyReed,abehavioral econo- that’sverydifferent from exiting forarekindling of inflation in the He cautions against emerging-mar- mist at Fidelity Investments. “If nowjust because the overall future. One concern is thatalarge kets stocks, even though they ap- youjust focus on the latest market has declined. federal budget deficit might even- pear at cheap valuations. They news,it’shardtoremember tuallyhelp stokeinflation. “might still be in the crosshairs of that in every previous reces- Anysignificant increase in the the virus, unfortunately,” he says. sion, there’salwaysbeen are- Assumption 4 inflation rate could pose risk to Emerging-markets funds were down bound,” Mr.Reed says. holdersofinterest-rate-sensitive, 25.1% in the quarter. The unprecedented natureofthe Moreover, formanypeople, Wait for signs that long-maturity government bonds Bond funds barely held on to current health crisis maymakeit the stock market’sbig decline stocks have bottomed such as Treasurys,which arehis- gains for the quarter. Funds tied to difficult to envision the stock alreadyhas resulted in portfolio before going In. toricallyovervalued, says Richard intermediate-maturity, investment- market staging a strong rebound rebalancing by reducing the eq- Bernstein,aNew York-based ad- grade debtrose 0.4% for the quarter, soon. But it could be amistaketo uity allocation. viser. punished by a 2.9% drop in March. overestimate the duration of the It’salso probablyabad move His firm has been wagering Until this quarter, investors had market retrenchment. to trytocut risk by shifting that when inflation expectations been pouring money into bond Theunprecedented natureof nowintodefensivemarket ar- eventuallyrise,thatwill boost funds, and pulling back from stock the current health crisis may eas such as consumer staples, certain inflation-sensitive assets funds as the bull market grew older. makeitdifficult to envision the says Michael Mullaney, director such as gold and Treasuryinfla- But for the first quarter, both types stock market staging astrong re- of global marketsresearch at tion-protected securities. of funds were sold off: Investors boundsoon. But it could be amis- asset manager Boston Partners. Wheninflation expectations are withdrew a net $89.01 billion from take to overestimate the duration Investorsbegan flocking to such low, all thathas to happen forin- stock mutual funds and exchange- of the market retrenchment. stocks some time ago, pushing flation-sensitiveassetstodowell traded funds and $159.95 billion Threemonths afterthe 2003 up valuations.Some exchange- is forinflation to exceed those ex- from bond funds, based on Invest- SARS epidemic hit the U.S.,the traded funds thatfocus on sta- pectations, Mr. Bernstein says. ment Company Institute estimates. S&P 500indexwas up 22%, accord- ples aretrading at price-to- Timingnew investment in the ing to SamStovall, chief invest- earningsratios in the 20s, market is as problematic as tim- Mr. Pollock is a writer in Mr. Power is a Wall Street Journal ment strategist at CFRAResearch. compared with abroad U.S. ing a market exit. For instance, Pennsylvania. He can be reached news editor in South Brunswick, N.J. OUMANSKI It wasup6%three months past the market P/Einthe upper teens. it’swidelyassumed thatoncethe at [email protected]. Emailhim at [email protected]. PETER

Largest Stock and Balanced Funds Data provided by Mutual-Fund Yardsticks: How Fund Categories Stack Up

Total returns are for periods ended March 31 All equity data are final. All other data are preliminary. Assets are Includes mutual funds and ETFs for periods ended March 31. All data are final. Data provided by through Feb. 28. Performance (%) Performance (%) Performance data include both share prices and reinvested dividends. Investment objective March 1st-qtr 1-yr 5-yr* Investment objective March 1st-qtr 1-yr 5-yr* Assets Performance (%) Diversified stock & stock/bond funds World stock funds Fund Name Symbol ($ billions) March 1st-qtr 1-year 3-year* 5-year* Large-Cap Core –12.6 –19.9 –8.2 5.1 Global –14.1 –20.9 –11.6 2.5 Vanguard TSM Idx;Adm VTSAX 840.92 –13.8 –20.9 –9.2 4.0 5.7 Large-Cap Growth –10.2 –13.9 –1.0 8.9 International (ex-U.S.) –15.1 –23.2 –14.9 –0.9 Vanguard 500 Idx;Adm VFIAX 500.87 –12.4 –19.6 –7.0 5.1 6.7 Large-Cap Value –16.7 –26.9 –16.9 1.5 European Region –16.6 –25.1 –15.7 –1.5 Vanguard Tot I S;Inv VGTSX 393.92 –16.1 –24.3 –16.6 –2.6 –0.7 Midcap Core -12.3 –19.6 –7.3 6.2 Emerging Markets –17.9 –25.1 –18.5 –1.2 SPDR S&P 500 ETF SPY 262.09 –12.3 –19.5 –7.0 5.0 6.7 Midcap Growth –15.5 –19.6 –9.6 5.2 Latin American –34.7 –44.1 –36.6 –4.4 Fidelity 500 Index Fund FXAIX 219.33 –12.4 –19.6 –7.0 5.1 6.7 Midcap Value –24.2 –34.2 –27.6 –3.2 Pacific Region –10.6 –16.1 –9.9 1.7 Vanguard Instl Indx;InsP VIIIX 218.62 –12.3 –19.6 –7.0 5.1 6.7 Small-Cap Core –23.0 –32.8 –26.5 –2.0 Gold Oriented –12.9 –21.4 2.2 4.1 iShares:Core S&P 500 IVV 192.67 –12.4 –19.6 –7.0 5.1 6.7 Small-Cap Growth –18.4 –23.8 –16.9 3.1 Global Equity Income –14.4 –22.5 –14.4 0.6 American Funds Gro;A AGTHX 188.59 –11.2 –15.1 –4.4 7.2 8.1 Small-Cap Value –26.3 –37.8 –32.8 –4.5 International Equity Income –16.0 –24.8 –17.6 –1.9 American Funds Bal;A ABALX 155.53 –8.0 –11.6 –2.4 4.3 5.4 Multicap Core –14.9 –22.2 –11.9 3.1 Taxable-bond funds American Funds EuPc;R6 RERGX 154.78 –14.7 –22.4 –12.7 0.3 0.9 Multicap Growth –12.1 –15.6 –5.2 6.6 Short-Term –3.0 –1.9 0.7 1.3 Vanguard Dev Mkt;ETF VEA 115.93 –15.4 –24.0 –15.8 –2.4 –0.6 Multicap Value –18.9 –28.9 –20.8 –0.2 Long-Term –6.4 –2.9 4.5 2.9 American Funds Wash;A AWSHX 115.62 –12.9 –21.5 –10.7 3.3 5.4 Equity Income –15.3 –24.5 –15.3 2.2 Intermediate Bond –2.9 0.4 5.8 2.6 Fidelity Contrafund FCNTX 112.26 –10.1 –13.7 –2.0 9.7 9.0 S&P 500 Funds –12.3 –19.6 –7.3 6.2 Intermediate U.S. -2.0 0.4 4.5 1.9 American Funds Inc;A AMECX 107.95 –10.3 –16.2 –7.5 1.1 3.0 Specialty Divers. Equity –10.4 –17.4 –7.8 7.0 Short-Term U.S. –2.9 0.4 5.8 2.6 Vanguard Wellington;Adm VWENX 105.86 –9.3 –13.8 –2.7 4.3 5.3 Balanced –10.0 –13.9 –5.9 2.5 Long-Term U.S. 2.7 9.3 14.9 3.6 Vanguard Md-Cp I;Adm VIMAX 103.38 –18.4 –25.7 –16.7 –0.3 2.1 Stock/Bond Blend –10.8 –15.2 –7.5 2.1 General U.S. Taxable –5.8 –3.7 1.9 2.3 American Funds CIB;A CAIBX 101.72 –9.8 –15.5 –8.3 0.2 1.7 Avg. U.S. Stock Fund† –17.1 –24.6 –15.5 2.4 High-Yield Taxable –11.3 –12.8 –7.5 1.8 Vanguard Gro Idx;ETF VUG 99.09 –10.5 –13.7 1.3 10.1 9.2 Sector stock funds Mortgage –1.8 0.1 4.2 2.2 American Funds FInv;A ANCFX 98.75 –14.1 –20.9 –9.9 2.9 5.9 Science & Technology –11.1 –14.5 –1.9 12.0 World Bond –10.4 –10.6 –5.6 0.9 American Funds CWGI;A CWGIX 93.18 –12.8 –20.4 –11.1 1.3 2.5 Telecommunication –10.3 –14.3 –6.6 2.6 Avg. Taxable-Bond Fund** –6.0 –4.8 –0.2 1.7 Health/Biotechnology –7.2 –13.8 –4.2 3.2 American Funds ICA;A AIVSX 92.81 –11.2 –19.1 –9.5 2.2 4.8 Municipal-bond funds Utility –11.6 –15.9 –6.9 5.0 American Funds NPer;A ANWPX 91.56 –12.8 –18.3 –6.7 5.6 5.8 Short-Term Muni 0.4 1.9 4.0 1.4 Natural Resources –36.0 –48.7 –53.0 –19.4 Vanguard S-C Id;Adm VSMAX 88.10 –21.8 –30.1 –23.3 –3.3 0.4 Intermediate Muni –3.7 –1.2 2.4 2.1 Sector –17.6 –21.3 –16.7 –0.8 Vanguard EM St I;ETF VWO 85.67 –17.5 –24.6 –18.4 –2.8 –1.1 General & Insured Muni –5.1 –1.9 2.5 2.7 Real Estate –19.4 –24.0 –16.8 –0.1 Invesco QQQ Trust 1 QQQ 84.63 –7.6 –10.3 6.8 13.9 13.6 High-Yield Muni –9.1 –5.7 –0.5 3.1 Vanguard Val Idx;ETF VTV 80.57 –14.7 –25.0 –14.8 0.4 4.0 Franklin Cust:Inc;A1 FKINX 70.92 –11.8 –16.4 –11.9 –1.3 1.1 Stock & Bond Benchmark Indexes All total return unless noted iShares:Core MSCI EAFE IEFA 68.80 –13.9 –23.5 –14.8 –1.8 –0.3 Performance (%) Performance (%) T Rowe Price BC Gro TRBCX 67.57 –9.7 –13.2 –2.8 12.5 10.7 Investment objective March 1st-qtr 1-yr 5-yr* Investment objective March 1st-qtr 1-yr 5-yr* Vanguard Ext MI;Adm VEXAX 67.56 –21.3 –28.0 –20.5 –1.9 1.0 Large-cap stocks Stock indexes Vanguard RE Idx;ETF VNQ 66.64 –19.3 –24.1 –16.6 –1.5 0.5 DJIA –13.6 –22.7 –13.4 6.9 DJ U.S. TSM Growth –11.5 –15.8 –1.6 8.3 American Funds AMCP;A AMCPX 64.91 –11.8 –17.3 –7.3 5.7 6.1 S&P 500 –12.4 –19.6 –7.0 6.7 DJ U.S. TSM Value –16.5 –26.6 –17.5 2.9 Dodge & Cox Stock DODGX 64.88 –19.7 –29.2 –19.8 –2.5 2.7 Midcap stocks Taxable bonds Vanguard PRIMECAP;Adm VPMAX 61.96 –12.2 –20.2 –7.8 6.2 7.6 S&P MidCap 400 –20.2 –29.7 –22.5 0.6 Barclays Agg. Bond –0.6 3.1 8.9 3.4 Vanguard Wellesley;Adm VWIAX 59.41 –6.3 –7.4 1.0 4.3 4.7 Small-cap stocks Municipal bonds American Funds Mut;A AMRMX 57.91 –10.4 –18.2 –8.6 3.2 4.9 Russell 2000 –21.7 –30.6 –24.0 –0.2 Barclays Muni. Bond –3.6 –0.6 3.8 3.2 iShares:MSCI EAFE ETF EFA 57.46 –13.3 –22.9 –14.5 –1.9 –0.7 iShares:Core MSCI EmMkts IEMG 55.32 –16.2 –24.4 –18.9 –2.5 –0.8 Broad stock market International stocks T Rowe Price Gro Stk PRGFX 54.24 –11.4 –14.7 –3.7 9.9 9.4 DJ U.S. Total Stock Market –13.8 –21.0 –9.3 5.7 MSCI EAFE†† (price return) –13.8 –23.4 –16.8 –3.4 Vanguard Div A I;ETF VIG 48.41 –9.7 –16.8 –4.1 6.8 7.2 Russell 3000 –13.8 –20.9 –9.1 5.8 Dow Jones World (ex. U.S.) –14.8 –23.7 –15.8 –0.4 Note: For funds with multiple share classes, only the largest is shown *Annualized N.A.=Not applicable or not available *Annualized †Diversified funds only **Excludes money-market funds ††Europe, Australia, Far East P2JW097000-0-R00500-1------XA

THE WALL STREET JOURNAL. Monday, April 6, 2020 | R5 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

wayfor fund companies to reinvigo- holdingswould have to be in so-called rate ailing funds thatare struggling green investmentstoearn the label. to attract newflows,” she says. Yet, in the absenceofregulatory clarity regarding ESG, questions re- ‘Many shades of green’ main over howtruetothe values of As regulations loom, it is keythat sustainability manyofthese funds funds aretransparent about their pro- are. Ms.Bioysaysseveralscenarios jected sustainability outcomes and arepossible.Some managersmay thatinvestorscloselyinspect the have renamed their funds without funds,including their holdings, Ms. making major changes in strategy Bioysays. “Thereality is thatthere or investment focus,she says,ora are many shades of green,” she says. fund could have alreadyhad an ESG Last May, GW&K Investment Man- focus thatthe manager wanted to agement, an affiliate and subadviser of highlight, or afund mayhavead- West Palm Beach, Fla.-based Affiliated opted asimple screen forcontro- ManagersGroup,rebranded two funds versial stocks,such as weapons,to- to add “ESG”: GW&K CoreBond ESG bacco and alcohol. Fund (MBGVX)and GW&K Enhanced “Thereisalot of talk about green- CoreBond ESG Fund (MFDAX). washing,and misleading claims are Both funds have incorporated ESG certainlyaconcern forregulators,” factors “forsome time” beforethe re- Ms.Bioysays. brand, including through the firm’s in-house scoring system, says Mary Kane, partner and portfolio manager SEC comment period at GW&K.Combined, the funds had The Securities and Exchange Com- $252 million in assetsatFebruary’s mission signaled in December it was end and had drawn$14 million of in- taking acloser look at ESGfunds af- flows since the rebrand. teritsent letters to managersre- “While theseinflows arerelatively questing explanations fortheir modest, we have had anumber of methodology. In earlyMarch, the constructiveconversations with pros- SECopened apublic comment pe- pectssincethe ESG-relatedenhance- riod on whether ESG funds need to mentswereofficiallyimplemented SECTOR STRATEGY followexisting rules thatrequirethe and areencouraged about the growth names of funds to broadlymatch prospectsfor both funds going for- what they invest in. The SEC noted ward,” Ms. Kane says. there are some funds that use ESG Another moverinthe area has ‘Sustainable’ Name Game to refertoaninvestment strategy, been DWSGroup GmbH &Co. KGaA,a and so aren’t currentlysubject to moneymanager majority-owned by the naming rule,and thereare those Deutsche Bank AG,which repurposed thatuse ESGtodenoteatype of in- three of itsfunds around ESGlast Is Worrying Regulators vestment, and so are subject. year: the now-named DWSESG Core ESGfunds currentlytend to be Equity Fund (MIDVX), DWS ESG In- overweight tech stocks and canstill ternational CoreEquity Fund (DU- Funds are rebranding, their strategytoemphasizeinterest In Gelsenkirchen, hold bigpollutersinthe oil-and-gas RAX) and DWSESG Global Bond as they jump on the in environmental, social and gover- Germany, a coal-fired sector,despitehaving “environmen- Fund (SZGAX). “This was more than ESG bandwagon nance, or ESG, on the partofthe plant and a refinery tal” in their name. abranding exercise,” says David Bi- companies thattheyheld, according seem to confront a “Inanincreasinglycompetitive anco, chief investment officer for to fund-tracker Morningstar Inc. wind generator. market environment, asset managers DWSAmericas. “Sustainability [is] at BY DIETER HOLGER Some 42 funds have made the move mayhaveanincentivetouse fund the core of whatwedo.” DWShead of S in the U.S. since 2015. names as away of differentiating ESGstrategyJessicaElengical says: PRES ome funds arerebranding Rebranding around ESGcan help new funds,” the SEC’s comment re- “We welcome efforts to provide more TED themselvestobepartof fund managersattract moreassets, How true to quest says.AnSEC spokesperson de- transparencyonwhatisbranded and OCIA the “do good” investment boost afund’s visibility and use ex- clined to comment further. marketed as an ESG fund.” SS sustainable /A trend. But the name game isting assetstobuild their sustain- values are TheEuropean Union plans to ex-

SSNER is drawing scrutinyfrom able-investing business, says tend its “EU ecolabel,” acertification Mr. Holger is an ETF/ESG markets these funds? MEIS regulators. Hortense Bioy, director of passive forgoods and services deemed envi- reporter for Dow Jones Newswires

TIN Last year,11mutual funds in the strategies and sustainability research ronmentallyfriendly, to financial in Barcelona. Email him at U.S. rebranded themselvesorchanged at Morningstar. “This mayalso be a products.The majority of afund’s [email protected]. MAR

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R6 | Monday, April 6, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Category Kings in 16 Realms Data provided by Top-performing funds in each category, ranked by one-year total returns (changes in net asset values with reinvested distributions) as of March 31; assets are as of Feb. 28. All performance numbers are final. Best and Worst Best Performers Worst Performers Balanced Funds Fund First-quarter 12-month Fund First-quarter 12-month Assets Total return (%) Total return for the Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* best- and worst-per- Long-Term U.S. 9.3% 14.9% Natural Resources –48.7% –53.0% Arrow DWA Balanced;A DWAFX 50.0 –2.0 –1.2 –0.2 1.0 4.0 forming stock, bond and Short-Term Muni 1.9 4.0 Latin American –44.1 –36.6 Vanguard LS Income;Inv VASIX 5,053.8 –3.0 –4.0 3.6 3.4 4.6 mixed mutual-fund Intermediate Bond 0.4 5.8 Small-Cap Value –37.8 –32.8 WellsFargo:WB M Bal;C WMBFX 381.2 –6.4 –4.5 –0.5 2.3 4.2 Short-Term U.S. Midcap Value categories; for period 0.4 5.8 –34.2 –27.6 New Covenant:Bal Inc NCBIX 75.8 –7.2 –5.6 0.1 3.1 4.7 Intermediate U.S. 0.4 4.5 Financial Services –33.9 –23.8 ended March 31; ranked Vanguard Tgt Ret2015;Inv VTXVX 15,278.6 –7.4 –6.2 –0.2 3.6 6.0 by 1st-quarter returns. Mortgage 0.1 4.2 Small-Cap Core –32.8 –26.5 Managed Futures –0.8 2.8 Multicap Value –28.9 –20.8 Category Average: 1,242.1 –13.9 –10.0 –5.9 2.5 5.6 Source: Lipper Intermediate Muni –1.2 2.4 Large-Cap Value –26.9 –16.9 Number of Funds: 555 555 548 490 415 Small-Cap Core Midcap Core Large-Cap Core Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Needham:Sm Cap Gro;Rtl NESGX 157.2 –15.0 –10.9 12.8 9.3 9.3 Frank Value;Inv FRNKX 10.6 –1.3 –2.6 1.3 –0.4 5.5 ABR Dyn Bl Eq&Vol;Inst ABRVX 53.5 33.3 34.8 40.1 N.A. N.A. Needham:Aggr Growth;Rtl NEAGX 54.0 –16.4 –13.6 3.0 3.8 8.6 Nuance Mid Cap Val;Inst NMVLX 1,635.7 –19.3 –11.3 –5.6 6.9 N.A. Amplify BS Gr & Trs Core SWAN 194.6 0.1 –1.4 12.9 N.A. N.A. Pacer Trendpilot US MC PTMC 530.5 –7.7 4.8 –5.3 N.A. N.A. Govt Street MdCp GVMCX 45.8 –20.0 –14.0 –8.2 5.2 9.4 Invesco US Mgd Vol;R6 USMVX 9.2 –6.2 –0.1 6.8 N.A. N.A. Transam:DS S&P 400 MR DMRM 86.9 –14.9 –4.4 –9.2 N.A. N.A. Touchstone:Mid Cap;Y TMCPX 2,401.1 –22.4 –16.0 –8.3 5.4 10.6 Westwood Tot Return;Inst WLVIX 41.3 –10.4 –9.0 4.9 5.0 N.A. SB&H Trust:Mcr C;Rtl WTMIX 1.7 –14.4 –0.5 –9.6 1.4 8.2 Neiman:Opportunities;A NEOMX 10.8 –19.6 –16.7 –8.4 N.A. N.A. CB Sustain Leaders;I LCISX 15.5 –15.0 –10.5 3.0 7.8 N.A. Category Average: 484.5 –32.8 –23.0 –26.5 –2.0 5.6 Category Average: 738.7 –28.9 –20.3 –20.8 –0.8 6.4 Category Average: 1,314.2 –19.9 –12.6 –8.2 5.1 9.1 Number of Funds: 941 943 916 689 486 Number of Funds: 371 372 353 261 189 Number of Funds: 696 699 662 522 423 Small-Cap Growth Midcap Growth Large-Cap Growth Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Alger Inst:Sm Cap Gr;I ALSRX 149.5 –10.4 –9.3 –2.4 7.7 10.0 Virtus:KAR Mid-Cap Gr;I PICMX 879.3 –8.3 –13.1 5.6 13.5 12.4 Invesco QQQ Trust 1 QQQ 84,631.0 –10.3 –7.6 6.8 13.6 15.9 Artisan:Small Cap;Inst APHSX 1,956.2 –14.9 –12.9 –2.9 10.1 N.A. Morg Stan I:Disc;I ... –6.2 –11.7 3.7 10.2 11.5 USAA NASDAQ-100 Idx USNQX 2,424.0 –10.4 –7.6 6.7 13.2 15.5 Invsc Oppen Discvry;A OPOCX 2,642.6 –15.9 –13.9 –3.5 7.2 12.0 DF Dent MidCap Gro;Inv DFDMX 254.7 –14.8 –13.0 0.2 10.0 N.A. Shelton:Nasdaq-100;Dir NASDX 672.7 –10.1 –7.4 6.3 12.8 15.6 Wasatch:Ultra Gro;Inv WAMCX 859.8 –17.2 –15.8 –3.9 11.5 13.3 T Rowe Price New Hzns PRNHX 27,868.7 –12.4 –13.7 –0.1 11.8 16.2 Rydex:NASDAQ-100;Inv RYOCX 1,177.0 –10.7 –7.8 5.4 12.3 14.7 Delaware Smd Cp G;A DFCIX 1,833.5 –11.6 –13.1 –4.0 9.4 13.9 Virtus:KAR SMC Core;I VKSIX 106.9 –17.1 –15.1 –0.1 N.A. N.A. DWS LC Foc Gr;S SCQGX 254.9 –10.8 –9.3 4.6 10.1 11.9 Category Average: 459.7 –23.8 –18.4 –16.9 3.1 9.1 Category Average: 661.4 –19.6 –15.5 –9.6 5.2 9.9 Category Average: 1,936.1 –13.9 –10.2 –1.0 8.9 11.6 Number of Funds: 647 650 625 481 366 Number of Funds: 417 419 405 345 268 Number of Funds: 662 668 634 531 416 Small-Cap Value Midcap Value Large-Cap Value Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Heartland:Value +;Inv HRVIX 287.4 –23.5 –11.0 –15.4 –0.4 4.4 Fidelity Low-Prcd Stk K6 FLKSX 1,988.8 –27.1 –16.6 –17.2 N.A. N.A. Barclays iPath Shiller CAPE 181.5 –21.1 –13.7 –9.6 8.4 N.A. FPA Capital FPPTX 210.4 –19.6 –11.1 –17.2 –4.3 1.8 WellsFargo:Spec MCV;I WFMIX 9,333.6 –31.7 –23.4 –20.3 0.4 8.1 Fidelity Mega Cap Stock FGRTX 1,464.8 –23.0 –13.3 –10.2 4.4 9.3 Brandes Inv:SC Val;I BSCMX 0.7 –23.3 –13.7 –18.9 N.A. N.A. Hartfd:MidCap Val;F HMVFX 659.1 –31.3 –21.8 –20.6 N.A. N.A. Praxis:Value Index;I MVIIX 230.2 –24.2 –14.8 –10.4 3.7 8.0 Royce Fd:Spec Eq;Inv RYSEX 867.5 –24.6 –16.0 –21.2 –1.4 4.9 GoodHaven Fund GOODX 86.0 –29.1 –21.6 –20.6 –4.0 N.A. Payden:Eqty Inc;SI PYVSX 1,306.4 –21.5 –12.7 –11.0 4.6 N.A. MFS New Discr Val;R6 NDVVX 2,968.3 –34.3 –23.0 –23.6 1.3 N.A. Hartfd:MC Val HLS;IA ... –31.5 –22.0 –20.7 –1.7 6.3 MP 63 Fund DRIPX 70.0 –21.8 –12.7 –11.1 4.8 8.5 Category Average: 342.8 –37.8 –26.3 –32.8 –4.5 3.7 Category Average: 462.9 –34.2 –24.2 –27.6 –3.2 5.3 Category Average: 1,040.5 –26.9 –16.7 –16.9 1.5 6.9 Number of Funds: 254 256 245 205 138 Number of Funds: 184 185 179 139 101 Number of Funds: 443 444 429 365 278 Multicap Core Multicap Growth Multicap Value Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Sec:Nature Them Gro;I CEGYX 0.2 2.6 –0.1 14.7 N.A. N.A. Zevenbergen Growth;Inst ZVNIX 25.6 –1.2 –12.0 8.1 N.A. N.A. VictoryII:VShs US EQI CDC 605.6 –15.2 –1.5 –3.9 5.9 N.A. Neuberger Guardian;Inv NGUAX 1,305.0 –14.7 –12.4 1.6 7.1 10.4 Baron Opportunity;Rtl BIOPX 504.9 –6.7 –10.7 7.8 13.0 12.7 Cambiar Opportunity;Inst CAMWX 204.4 –21.5 –12.7 –5.5 3.3 7.0 VictoryII:VShs US500 EV CFO 632.2 –11.1 –1.2 1.3 6.1 N.A. Virtus:Zeven Inn Gr St;I SCATX 189.1 –2.4 –11.9 6.8 15.3 14.5 VictoryII:VShs US MF MV VSMV 151.4 –18.5 –11.2 –6.8 N.A. N.A. Needham:Growth;Retail NEEGX 109.2 –18.7 –13.6 1.2 2.6 7.6 Amer Cent:Foc DG;Inv ACFOX 534.5 –6.8 –10.5 4.8 11.9 12.7 Brown Adv Beu G LCV;Inst BVALX 424.6 –20.4 –12.0 –6.8 N.A. N.A. Castle Tandem;Inst TANDX 10.6 –9.3 –5.8 0.2 N.A. N.A. Alger:35;P ATVPX 9.6 –7.6 –6.7 4.4 N.A. N.A. Copley Fund COPLX 93.4 –19.9 –12.1 –7.8 8.3 9.5 Category Average: 1,998.5 –22.2 –14.9 –11.9 3.1 8.0 Category Average: 539.4 –15.6 –12.1 –5.2 6.6 10.6 Category Average: 600.0 –28.9 –18.9 –20.8 –0.2 5.9 Number of Funds: 731 734 707 532 373 Number of Funds: 550 552 540 414 f Number of Funds: 496 499 483 352 273 Long-Term U.S. Intermediate Bond Long-Term Bond Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) March 1-yr 5-yr* 10-yr* PIMCO ETF:25+ Yr US Tres ZROZ 417.2 32.8 9.0 51.3 9.8 13.8 Carillon:Reams Cr Bd;I SCCIX 115.1 6.0 2.7 11.1 4.1 4.2 PIMCO:Extend Dur;Inst PEDIX 1,639.9 30.1 8.0 45.0 9.1 13.1 Vanguard Ext Dur T;ETF EDV 3,349.6 29.7 8.1 45.5 9.3 13.0 Virtus:Seix TR;I SAMFX 309.3 5.5 1.7 10.3 3.3 4.0 DoubleLine:Lng Dur TR;I DBLDX 111.9 15.8 2.1 24.9 6.1 N.A. Wasatch:Hois US Tr;Inv WHOSX 408.9 26.2 8.2 40.3 7.8 10.5 Johnson:Instl Core Bd;I JIBFX 325.7 5.1 0.6 10.7 4.1 3.7 Quantified Tact Fi;Inv QFITX 45.0 11.4 7.9 N.A. N.A. N.A. Fidelity SAI LT TBI FBLTX 1,054.0 22.9 6.9 34.2 N.A. N.A. Virtus:Seix CB;I STIGX 97.9 4.5 0.5 9.6 3.3 3.9 Frst Tr IV:Long Dur Opp LGOV 11.7 10.7 2.1 17.9 N.A. N.A. iShares:20+ Trs Bd ETF TLT 21,142.6 22.4 7.1 34.4 7.5 9.5 Glenmede:Core Fxd Inc GTCGX 510.0 4.2 0.7 9.3 3.1 3.3 Schroder:LgDur IG Bd;Inv STWLX 128.7 7.8 –1.8 21.1 5.7 N.A. Category Average: 1,225.0 9.3 2.7 14.9 3.6 4.4 Category Average: 2,333.8 0.4 –2.9 5.8 2.6 3.6 Category Average: 740.5 –2.9 –6.4 4.5 2.9 4.6 Number of Funds: 124 131 121 99 84 Number of Funds: 516 518 509 396 296 Number of Funds: 329 329 319 229 156

N.A.: Not applicable; fund is too new * Annualized Note: For funds with multiple share classes, only the largest is shown.

Winners and Losers Data provided by Best– and worst–performing stock funds for the periods ended March 31; assets as of Feb. 28 and include all share classes. Performance data are final and include share prices and reinvested dividends. First–Quarter Best Performers First–Quarter Worst Performers Five–Year Best Performers Five–Year Worst Performers Assets Performance (%) Assets Performance (%) Assets Performance (%) Assets Performance (%) Fund Name ($ millions) Mar. 1st–qtr 1–year Fund Name ($ millions) Mar. 1st–qtr 1–year Fund Name ($ millions) 1st–qtr 1–year 5–year* Fund Name ($ millions) 1st–qtr 1–year 5–year* Glenmede:Glo Sec OptPtf 4.8 760.9 692.0 764.1 VelShs 3x Long Crude ETN 12.8 –97.4 –99.1 –99.3 Glenmede:Glo Sec OptPtf 4.8 692.0 764.1 56.0 Direxion:Jr Mnr Bear 2X 184.6 –71.4 –92.8 –80.4 VelShs Dly 2x VIX ST ETN 1,294.6 215.6 526.9 21.8 ProShs II:UltPro 3x CO 152.7 –97.4 –99.0 –99.2 Direxion:Tech Bull 3X 1,007.1 –51.9 –15.9 27.6 VelShs 3x Long Crude ETN 12.8 –99.1 –99.3 –77.3 VelShs 3x Inv Crude ETN 5.3 110.2 389.9 159.0 UBS PS Daily 3x Lng Crd 13.4 –97.3 –99.0 –99.2 ARK Next Gen Int ETF 514.8 –8.3 2.0 26.6 VelShs Dly 2x VIX ST ETN 1,294.6 526.9 21.8 –76.3 ProShs II:UltVIX STF ETF 506.7 165.9 361.6 50.0 Direxion:S&P OG EP Bl 2X 147.2 –95.6 –98.9 –99.6 Aberdeen:SP Palladium 454.0 20.9 65.0 25.2 VelShs 3x Long Nat Gas 456.1 –67.2 –91.6 –75.6 ProShs II:UltPro 3x SC 27.7 84.5 327.1 120.8 VelShs 3x Long Crude 480.4 –96.9 –98.8 –99.1 Direxion:Semicnd Bull 3X 927.5 –65.5 –30.7 24.3 ProShs II:UltVIX STF ETF 506.7 361.6 50.0 –72.6 VelShs 3x Inv Crude 277.1 78.8 316.7 120.0 Direxion:MSCI Bra Bull2X 376.3 –92.1 –96.0 –94.5 ProShares:Ult Tech 413.1 –30.0 0.9 24.0 Direxion:Gold M Id Br 2X 455.8 –45.5 –82.8 –68.2 ProShs II:UlS Blm CrO 61.5 126.6 302.5 190.5 MS US BO Idx 3X Lvrgd 20.7 –89.7 –95.6 N.A. Rydex:MR NASDAQ-100 2S;H 177.2 –21.8 5.5 23.0 Direxion:Semicnd Bear 3X 241.3 –17.5 –73.3 –62.4 DB Crude Oil Db Sht ETN 18.2 108.9 246.9 189.6 Direxion:Jr Mnr Bull 2X 586.6 –91.6 –95.3 –92.0 ProShares:UltP QQQ 4,314.2 –44.9 –15.7 22.8 Direxion:EnergyBull 2X 213.3 –94.5 –95.7 –55.1 VelShs VIX ShTm ETN 18.9 108.1 208.8 58.0 Direxion:EnergyBull 2X 213.3 –86.8 –94.5 –95.7 iPath ETN Glbl Carbon A 5.5 –29.4 –18.6 21.9 ProShs II:Ult Blm Nat Gs 33.0 –50.3 –79.5 –55.1 iPath ETN SP500 VIX ST B 920.8 108.0 208.6 57.7 Direxion:Latin Bull 3X 12.3 –85.5 –92.2 –92.2 Direxion:M NAS Bl 2x;Inv 200.1 –21.3 5.6 21.6 Direxion:Jr Mnr Bull 2X 586.6 –95.3 –92.0 –52.9 ProShs II:VIX ST Fut ETF 314.4 107.9 208.5 57.6 ProShs II:Ult Blm CrO 407.6 –85.1 –92.1 –92.5 ProShares:Ult Semicond 79.7 –37.8 –7.2 21.5 ProShs II:Ult Blm CrO 407.6 –92.1 –92.5 –52.8 VelShs 1x Long VSTOXX 2.3 103.0 208.3 58.4 Crdt Suis XL MP 2L MREIT 129.4 –88.8 –90.1 –88.5 ProShares:Ult QQQ 1,981.7 –26.5 –0.2 20.4 Direxion:Tech Bear 3X 69.3 –21.2 –62.9 –51.4 MS US BO Idx -3X Inv Lev 73.7 51.7 202.3 N.A. Direxion:Reg Bnk Bull 3X 17.6 –79.7 –89.5 –86.0 Rydex:NASDAQ 2x;H 465.7 –26.4 –0.8 19.4 Direxion:MSCI Bra Bull2X 376.3 –96.0 –94.5 –49.9 Direxion:EnergyBear 2X 42.0 41.7 199.0 198.2 iPath ETN S&P GSCI CTR A 144.7 –83.2 –89.2 –88.9 ProFunds:UltraNASDAQ;Inv 535.3 –26.7 –1.3 19.3 ProFunds:OE & S US;Inv 4.2 –85.9 –90.1 –48.8 ProShares:UlS OIl Gas 20.4 50.4 153.5 167.9 MS US BB Idx 3X Lvrgd 21.5 –74.9 –86.5 N.A. ProFunds:Technology;Inv 53.1 –20.6 5.0 19.2 ProShares:UltP Sht QQQ 1,438.4 –12.5 –51.0 –45.7 MS US BO Idx -2X Inv Lev 68.1 54.9 149.1 N.A. ProFunds:OE & S US;Inv 4.2 –74.2 –85.9 –90.1 ARK Innovation 2,159.4 –11.9 –5.2 19.0 Direxion:Latin Bull 3X 12.3 –92.2 –92.2 –44.8 ProFunds:UltSh Latin;Inv 5.0 54.0 136.2 100.9 Direxion:Hbldrs&Sup Bl3X 55.3 –83.4 –85.1 –72.8 ProFunds:Semiconduct;Inv 162.3 –25.9 1.6 18.8 ProShares:UlS Semicond 5.9 –7.7 –48.4 –40.8 DB Commodity Db Sht ETN 0.3 48.2 105.7 89.3 Direxion:Russia Bull 2x 44.3 –74.5 –84.8 –71.4 Leland TR VNCP Idx;I 154.4 –12.4 2.5 18.5 iPath ETN S&P GSCI CTR A 144.7 –89.2 –88.9 –40.2 DB Crude Oil Short ETN 0.8 54.4 102.3 90.7 Direxion:S&P 500 HB Bl3X 3.9 –74.8 –84.1 N.A. iShares:PHLX Semicon 2,225.0 –18.0 9.8 18.4 Invesco S&P SC Enrgy 16.1 –70.7 –79.7 –39.8 ProShares:UlS MSCI Brz 26.6 30.3 92.6 23.0 Direxion:MSCI Mex Bl 3X 7.9 –77.8 –83.1 –81.9 BlackRock:Tech Oppt;Inst 2,454.8 –8.8 7.5 18.3 Frst Tr:Natural Gas 63.2 –65.0 –75.0 –38.6 iPath ETN SP500 Dy VIX A 4.2 89.7 91.8 105.4 UBS E-TRACS 2x LL WF BDC 94.6 –78.8 –83.1 –79.6 Putnam Gl Technology;A 499.2 –7.7 13.6 18.2 Direxion:Gold M Id Bl 2X 946.7 –81.0 –66.5 –38.4 VelShs 3x Inv Nat Gas 155.0 –3.2 91.0 217.9 UBS E-TRACS 2xLL WFBDC B 89.4 –78.8 –83.1 –79.6 VnEck Vctrs:Semicnd ETF 1,835.5 –17.3 11.8 18.0 SPDR S&P Oil&Gas E&S 121.1 –71.5 –79.8 –37.3 ProShs II:VIX MT Fut ETF 41.7 66.0 82.1 78.9 VelShs 1x Dly Inv VSTOXX 16.6 –68.1 –82.8 –75.6 iShares:Expand Tech-Soft 3,334.7 –9.5 0.1 17.4 ProShares:Ult Oil & Gas 49.9 –81.0 –84.0 –36.4 iPath ETN SP500 VIX MT B 25.9 65.9 82.1 79.1 Direxion:Aero & Def Bl3X 41.1 –75.6 –82.6 –77.3 ProFunds:Internet;Inv 143.8 –18.5 –20.4 17.1 ProShs II:VIX ST Fut ETF 314.4 208.5 57.6 –35.6 Direxion:M SC Br 2x;Inv 14.0 43.6 79.6 47.4 MS US BO Idx 2X Lvrgd 29.4 –69.7 –82.5 N.A. Berkshire:Focus 387.0 –9.0 –1.3 16.9 VelShs VIX ShTm ETN 18.9 208.8 58.0 –35.4 Direxion:S&P 500 HB Br3X 5.7 22.2 74.7 N.A. ProShares:Ult MSCI Braz 5.3 –72.1 –82.1 –76.7 ProShs II:UlS Blm Nat Gs 14.0 64.5 179.9 16.8 ProShares:UlS Tech 6.2 –2.6 –38.3 –35.0 ProShares:Sht Oil & Gas 2.4 32.1 72.6 80.6 Direxion:Gold M Id Bl 2X 946.7 –71.6 –81.0 –66.5 Jns Hndsn:Gl Tch & I;D 3,739.5 –11.1 6.3 16.8 ETFis:InfraCap MLP 217.9 –74.0 –77.5 –34.6 ProFunds:Sh Oil&Gas;Inv 3.8 32.0 72.4 79.5 ProShares:Ult Oil & Gas 49.9 –66.1 –81.0 –84.0 Fidelity Sel SW & IT Svc 8,104.3 –10.2 5.2 16.8 Invesco Dyn Oil 8.6 –65.2 –72.6 –33.6 MS US BO Index Inverse 59.8 34.8 72.2 N.A. UBS E-TRACS 2xML WFDB SB 20.7 –75.4 –80.1 N.A. Vanguard InfoTch Idx;ETF 27,791.9 –13.1 7.1 16.4 VnEck Vctrs:Oil Services 497.2 –69.7 –76.1 –33.2 Direxion:Sm Cap Bear 3X 394.7 20.8 69.0 21.6 Direxion:MSCI Ind Bull3X 48.7 –73.0 –79.9 –81.8 iShares:Exp Tech Sector 1,808.6 –12.3 3.5 16.3 Rydex:Energy Svcs;Inv 4.5 –66.7 –73.2 –33.2 One–Year Best Performers One–Year Worst Performers Ten–Year Best Performers Ten–Year Worst Performers Assets Performance (%) Assets Performance (%) Assets Performance (%) Assets Performance (%) Fund Name ($ millions) Mar. 1st–qtr 1–year Fund Name ($ millions) Mar. 1st–qtr 1–year Fund Name ($ millions) 1st–qtr 1–year 10–year* Fund Name ($ millions) 1st–qtr 1–year 10–year* Glenmede:Glo Sec OptPtf 4.8 760.9 692.0 764.1 Direxion:S&P OG EP Bl 2X 147.2 –95.6 –98.9 –99.6 ProShares:UltP QQQ 4,314.2 –44.9 –15.7 35.4 Direxion:Semicnd Bear 3X 241.3 –17.5 –73.3 –59.4 VelShs 3x Inv Nat Gas 155.0 –3.2 91.0 217.9 VelShs 3x Long Crude ETN 12.8 –97.4 –99.1 –99.3 Direxion:Tech Bull 3X 1,007.1 –51.9 –15.9 28.7 ProShares:UltP Sht QQQ 1,438.4 –12.5 –51.0 –48.2 Direxion:EnergyBear 2X 42.0 41.7 199.0 198.2 ProShs II:UltPro 3x CO 152.7 –97.4 –99.0 –99.2 Direxion:M NAS Bl 2x;Inv 200.1 –21.3 5.6 27.9 Direxion:Tech Bear 3X 69.3 –21.2 –62.9 –48.0 ProShs II:UlS Blm CrO 61.5 126.6 302.5 190.5 UBS PS Daily 3x Lng Crd 13.4 –97.3 –99.0 –99.2 ProShares:Ult QQQ 1,981.7 –26.5 –0.2 27.2 ProShs II:Ult Blm CrO 407.6 –92.1 –92.5 –44.0 DB Crude Oil Db Sht ETN 18.2 108.9 246.9 189.6 VelShs 3x Long Crude 480.4 –96.9 –98.8 –99.1 Rydex:NASDAQ 2x;H 465.7 –26.4 –0.8 26.2 Direxion:Latin Bull 3X 12.3 –92.2 –92.2 –39.9 ProShs II:UlS Blm Nat Gs 14.0 1.9 64.5 179.9 Direxion:EnergyBull 2X 213.3 –86.8 –94.5 –95.7 ProFunds:UltraNASDAQ;Inv 535.3 –26.7 –1.3 26.1 Direxion:Sm Cap Bear 3X 394.7 69.0 21.6 –39.1 ProShares:UlS OIl Gas 20.4 50.4 153.5 167.9 Direxion:MSCI Bra Bull2X 376.3 –92.1 –96.0 –94.5 Direxion:Semicnd Bull 3X 927.5 –65.5 –30.7 25.2 Direxion:Finl Bear 3X 195.7 37.3 –18.9 –39.0 VelShs 3x Inv Crude ETN 5.3 110.2 389.9 159.0 Direxion:Jr Mnr Bear 2X 184.6 –79.3 –71.4 –92.8 ProShares:Ult Tech 413.1 –30.0 0.9 23.6 Direxion:MSCI RE Bear 3X 18.3 23.9 –5.9 –38.8 ProShs II:UltPro 3x SC 27.7 84.5 327.1 120.8 ProShs II:Ult Blm CrO 407.6 –85.1 –92.1 –92.5 ProShares:Ult Cons Sv 20.0 –39.5 –27.1 21.8 ProShares:UltPSh Rus2000 96.6 68.4 19.9 –38.8 VelShs 3x Inv Crude 277.1 78.8 316.7 120.0 Direxion:Latin Bull 3X 12.3 –85.5 –92.2 –92.2 ProFunds:Internet;Inv 143.8 –18.5 –20.4 21.8 ProShares:UlS Semicond 5.9 –7.7 –48.4 –37.9 iPath ETN SP500 Dy VIX A 4.2 89.7 91.8 105.4 Direxion:Jr Mnr Bull 2X 586.6 –91.6 –95.3 –92.0 ProShares:Ult Semicond 79.7 –37.8 –7.2 21.6 Direxion:S&P 500 Bear 3X 676.0 20.7 –22.7 –37.4 ProFunds:UltSh Latin;Inv 5.0 54.0 136.2 100.9 VelShs 3x Long Nat Gas 456.1 –21.1 –67.2 –91.6 ProShares:Ult Hlth Cr 107.4 –28.9 –13.3 21.5 ProShares:Ul PrSh S&P500 702.9 20.7 –22.4 –36.7 DB Crude Oil Short ETN 0.8 54.4 102.3 90.7 ProFunds:OE & S US;Inv 4.2 –74.2 –85.9 –90.1 ProShares:UltPro S&P500 1,149.9 –60.5 –43.6 19.4 Direxion:China Bear 3X 134.2 16.3 3.9 –36.6 DB Commodity Db Sht ETN 0.3 48.2 105.7 89.3 iPath ETN S&P GSCI CTR A 144.7 –83.2 –89.2 –88.9 Direxion:S&P 500 Bull 3X 887.4 –60.5 –43.7 18.8 ProShares:UltPSh MdCp400 4.1 63.4 16.6 –35.9 VelShs Sht LIBOR 3.6 22.2 61.7 88.6 Crdt Suis XL MP 2L MREIT 129.4 –88.8 –90.1 –88.5 ProFunds:Technology;Inv 53.1 –20.6 5.0 18.2 ProShares:UltP Sht Dow30 299.5 26.7 –10.3 –35.5 ProShares:Sht Oil & Gas 2.4 32.1 72.6 80.6 Direxion:Reg Bnk Bull 3X 17.6 –79.7 –89.5 –86.0 ProFunds:Biotech;Inv 162.2 –14.3 –4.9 18.1 ProFunds:UltSh NAS;Inv 21.4 –2.3 –32.7 –33.7 ProFunds:Sh Oil&Gas;Inv 3.8 32.0 72.4 79.5 ProShares:Ult Oil & Gas 49.9 –66.1 –81.0 –84.0 PIMCO:Stk+ L Dur;Inst 738.8 –15.7 7.2 18.1 Rydex:Inv NAS 2x;H 17.0 –0.8 –31.5 –33.4 iPath ETN SP500 VIX MT B 25.9 65.9 82.1 79.1 Direxion:Gold M Id Br 2X 455.8 –56.9 –45.5 –82.8 ProShares:UltP Dow30 349.8 –66.4 –56.4 17.8 ProShares:UlS QQQ 341.4 –0.9 –31.3 –33.1 ProShs II:VIX MT Fut ETF 41.7 66.0 82.1 78.9 Direxion:MSCI Mex Bl 3X 7.9 –77.8 –83.1 –81.9 ProFunds:Semiconduct;Inv 162.3 –25.9 1.6 17.8 ProShares:UlS Tech 6.2 –2.6 –38.3 –32.9 DB Base Metals Db Sh ETN 0.6 19.3 41.5 76.1 Direxion:MSCI Ind Bull3X 48.7 –73.0 –79.9 –81.8 Fidelity Sel SW & IT Svc 8,104.3 –10.2 5.2 17.7 Direxion:EnergyBull 2X 213.3 –94.5 –95.7 –30.6 VelShs Dly 4X L USDvsAUD 1.2 24.1 67.7 74.7 Direxion:Retail Bull 3X 8.3 –68.7 –79.7 –80.5 Berkshire:Focus 387.0 –9.0 –1.3 17.6 iPath ETN S&P GSCI CTR A 144.7 –89.2 –88.9 –30.0 Aberdeen:SP Palladium 454.0 –15.2 20.9 65.0 SPDR S&P Oil&Gas E&S 121.1 –57.1 –71.5 –79.8 T Rowe Price Glbl Tech 4,748.1 –8.8 1.2 17.6 ProShares:UlS Cons Sv 0.9 31.1 3.9 –28.3 VelShs 3x Long Gold 221.4 0.7 6.8 58.8 Invesco S&P SC Enrgy 16.1 –53.1 –70.7 –79.7 iShares:PHLX Semicon 2,225.0 –18.0 9.8 16.8 ProShares:UlS Hlth Cr 2.8 9.8 –13.7 –27.9 VelShs 1x Long VSTOXX 2.3 103.0 208.3 58.4 UBS E-TRACS 2x LL WF BDC 94.6 –78.8 –83.1 –79.6 Frst Tr:DJ Internet Idx 7,619.6 –11.1 –11.0 16.6 ProFunds:OE & S US;Inv 4.2 –85.9 –90.1 –27.2 VelShs VIX ShTm ETN 18.9 108.1 208.8 58.0 UBS E-TRACS 2xLL WFBDC B 89.4 –78.8 –83.1 –79.6 Columbia:Gl Tech Gr;I 1,739.0 –12.6 4.0 16.5 Direxion:MSCI EM Bear 3X 87.3 47.9 14.1 –26.4 iPath ETN SP500 VIX ST B 920.8 108.0 208.6 57.7 ProShs II:Ult Blm Nat Gs 33.0 –12.9 –50.3 –79.5 Fidelity Sel IT Svcs 4,161.7 –16.2 –5.0 16.5 ProShares:UlS Indust 2.1 37.3 8.1 –26.0 ProShs II:VIX ST Fut ETF 314.4 107.9 208.5 57.6 ProFunds:UltraLatin;Inv 19.1 –65.2 –78.3 –77.6 T Rowe Price Hlth Sci 12,679.4 –13.4 –3.2 16.4 ProFunds:UltSh Sm-Cp;Inv 7.4 53.8 24.4 –25.5 ProShs II:UltVIX STF ETF 506.7 165.9 361.6 50.0 ETFis:InfraCap MLP 217.9 –64.4 –74.0 –77.5 ProShares:Ult Util 28.2 –33.8 –19.1 16.4 ProFunds:UltraBear;Inv 12.1 20.9 –9.4 –25.3 Direxion:M SC Br 2x;Inv 14.0 43.6 79.6 47.4 Direxion:Aero & Def Bl3X 41.1 –75.6 –82.6 –77.3 ProFunds:Cnsmr Svcs;Inv 42.8 –29.1 –18.2 16.4 ProShares:UlS SC600 3.3 66.3 33.9 –25.3 ProShares:Dcl of the RS 10.0 25.7 49.6 47.4 ProShares:Ult MSCI Braz 5.3 –72.1 –82.1 –76.7 Invesco NASD Intrt 502.9 –11.1 –6.6 16.4 Frst Tr:Natural Gas 63.2 –65.0 –75.0 –25.2 Note: For funds with multiple share classes, only the largest is shown *Annualized N.A. = not applicable, fund is too new P2JW097000-0-R00700-1------XA

THE WALL STREET JOURNAL. Monday, April 6, 2020 | R7 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

tors threw in the last quarterof2018, in reaction to the Fed’sdecision to raise interest rates. In December of thatyear,market-timing services were recommending thatclientsallo- cate 24.4%oftheir equity portfolios to going short—an aggressivelynegative bet that the market would keep fall- ing,morenegativethan merelybeing in cash. In retrospect, of course, you might very well scoff at the notion that a quarter-point or half-point in- crease in the federal-funds rate would be viewedasamoreserious event than aglobal pandemic.Yet the num- bers don’t lie. That’s why it’s so im- portant to have an objectivemeasure- ment of sentiment.  Anotheroccasion came late in the market’sdecline from May2015 through February 2016. Many inves- tors have little recollection of thatde- cline, but it was devastating enough to qualifyasabear market in the cal- endar maintained by NedDavis Re- search. During that decline, the Rus- sell 2000 index, abenchmark for small-cap and midcap stocks,fell 23.2%. TheMSCIChina indexfell 40.8%. Near the lowpoint,market- timing services were recommending thatclientsallocate32.1% of their eq- uity trading portfolios to going short.  And of course we can’tforgetthe Great Financial Crisis. The day after Lehman Brothers’ bankruptcy on Sept. 15, 2008, the recommended eq- FUNDAMENTALSOFINVESTING pandemic is scarier in anyobjective uity exposure fell to the aggressively sense than anything else we’veexpe- bearish postureofbeing 42.9% short. rienced collectively. It mayverywell be. I am instead focusing on the re- It’s Scary. ButMarket action of market-timing services to The judgment of contrarians the pandemic,relativetotheir reac- It’s important to put current anxiety tion to past crises. And, at least so intoperspectivefor morethan histor- TimersHave Been far, theyhavenot acted as scared as ical accuracy. It also helps contrarians in previous crises. to determine whether thereisenough At the end of the firstquarter, despair and pessimism to indicate More Scared Before. these services were recommending that a bear market has bottomed. that clients invest essentially all of Contrarian analysts,ofcourse,be- their equity portfolios in cash or lieve thatbear marketsdon’t come to cash equivalents. While that is asig- an end until investorsthrow in the An eye-opening look at tors generally. But the timerscollec- In 2008, the pain at nificant changefromthe end of last towelindespair and giveuponthe sentiment based on tively have a wide following among the NYSE worried year, when they recommended that notion that anew bull market will individual investorsand aresensi- market timers more clientsinvest 79.9%ofequity portfo- startsoon. Though it’sdifficult to short-term market-timing tive to changes in the direction the than today’s tumult. lios in stocks, with the rest in cash, translate “throwing in the towel” into advisory services financial winds are blowing. it still is markedlymorepositive acertain averagerecommended level than in prior major market declines: of equity exposureamong short-term Past crises  Themost recent such occasion market-timing services, that level is BY MARK HULBERT Note thatIamnot denying thatthe wasthe “taper tantrum” thatinves- clearlylowerthan wherethe average stood at the end of the first quarter. he Covid-19 pandemic At the bottoms of all bear markets certainlyseems as scary in the NedDavis Research calendar as anything we have Where’sthe Fear? over the past two decades,for exam- facedindecades.But at Average recommendedequityexposureamong monitored short-term stock-market timers ple,the averagerecommended equity least one measureof exposure level called for being 13.1% T market sentiment sug- Timers’ recommendedexposures (plotted on the S&P500) short. That’s 13 percentagepoints gestssome influential investorsdon’t 4000 lower than where that average stood reallybelieve this to be true as faras at the end of the quarter. 12/7/2018 the effect on stocks is concerned. 3500 This could mean therewill be are- Therehavebeen ahandful of occa- 24.4%short test of the market’sMarch 23 lows. sions over the past two decades in 3000 Last week’sdecline maybethe begin- which therewas markedlymoreanxi- 1/13/2016 ningsofjust such aretest. If the mar- ety and dread among investors than 32.1%short ketdoes fall belowthose lows it will 2500 there has been recently. 7/1and 7/2, 2008 be discouraging to manytimerswho We knowthis because of an objec- 42.9%short arebetting thatthe worstisbehind us. 2000 tivemeasureofsentiment based on If theyreact at thatpoint by the averagerecommended exposure End of quarter throwing in the towel, however, that levels among morethan 50 short-term 1500 0.9% short could end up being the true bottom. market-timing advisory services, an average that my firm has calculated 1000 Mr. Hulbert is a columnist whose daily since the late 1990s. Hulbert Ratings tracks investment To be sure, the consensus mood 500 newsletters that pay a flat fee to be among market timers isn’t the same 2008 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 audited. He can be reached at thing as the sentiment among inves- Source:HulbertRatings.com [email protected].

Tracking Exchange-Traded Portfolios Gold Funds Fell 21.4%inthe Quarter, Performance figures are total returns for periods ended March 31; for largest exchange-traded funds and other portfolios, ranked by asset size. Assets Volume Expense Launch Performance (%) Despitethe Coronavirus Panic Fund Symbol ($ billions) (000s) ratio date March 1st-qtr 1-year SPDR S&P 500 ETF SPY 236.95 183,616.8 0.09 01/22/93 –12.3 –19.5 –7.0 BY SIMON CONSTABLE iShares Core S&P 500 ETF IVV 162.30 9,470.6 0.04 05/15/00 –12.4 –19.6 –7.0 through March 31, the S&P 500fell 9.7% Vanguard 500 Index ETF VOO 120.30 10,211.3 0.03 09/07/10 –12.4 –19.6 –7.0 while gold lost 4.1%. Vanguard Tot Stk Mkt Idx ETF VTI 116.09 8,660.5 0.03 05/24/01 –13.8 –20.9 –9.3 Whydid gold prices fail to rallyonnews What happened? Invesco QQQ QQQ 83.48 60,823.8 0.20 03/10/99 –7.6 –10.3 6.8 thatthe coronavirus had morphed intoa iShares Core US Aggregate Bond ETF AGG 68.34 13,933.6 0.04 09/22/03 –0.7 3.1 8.8 pandemic? It’sthe oppositeofwhatmany Gold was there to sell Vanguard Developed Markets Idx ETF VEA 61.33 35,150.9 0.05 07/20/07 –15.4 –24.0 –15.8 would have expected. One observation is thatinvestorssold their iShares Core MSCI EAFE IEFA 59.68 25,611.1 0.08 10/18/12 –13.9 –23.5 –14.8 Gold-oriented mutual funds and ex- gold to coverlosses in other markets, ac- Vanguard Total Bond Market ETF BND 50.12 8,523.8 0.04 04/03/07 –0.6 3.3 9.1 change-traded funds posted averagetotal re- cording to a blog post from the World Gold SPDR Gold Shares GLD 50.01 13,228.5 0.40 11/18/04 –0.1 5.5 23.7 turns of minus 21.4% in the firstquarter, ac- Council. While many investors can ride out Vanguard Emg Mkts Stk Idx ETF VWO 49.33 28,798.8 0.10 03/04/05 –17.5 –24.6 –18.7 cording to Lipper data—in line with or worse volatile stock and bond markets, some can’t, iShares MSCI EAFE ETF EFA 48.14 60,961.4 0.32 08/14/01 –13.3 –22.9 –14.5 than manyfund categories.The averageU.S.- especiallyiftheyhavebought assetssuch as iShares Core MSCI Emerging Markets IEMG 45.33 29,838.0 0.14 10/18/12 –16.2 –24.4 –18.9 stock fund, by comparison, fell 24.6%. stock or bonds using borrowed money. Vanguard Value ETF VTV 43.07 4,430.7 0.04 01/26/04 –14.7 –25.0 –14.8 One answeristhatleveragedinvestments, “As aliquid asset, gold wasused to raise iShares Russell 1000 Growth ETF IWF 42.45 2,936.5 0.19 05/22/00 –9.9 –14.1 0.7 *Expense charge is a maximum of 8 cents a share †Assets are estimated N.A.= Not applicable, fund is too new. or those made using borrowedmoney, cash, as it wasone of the fewassetswith Note: Total returns are based on the change in the net asset values, not changes in market prices. Net asset values can vary from market prices, which turned apossible small drop in bullion positive returns this year,” a note from Ab- therefore can reflect a premium or discount to the net asset values. Source: Thomson Reuters prices into a larger one. Other theories say erdeen Standard Investments said. gold is indicating thatthe crisis maysoon be Meanwhile,not onlywas leverage getting Largest Taxable-Bond Funds over,orthatthe government actions may used in the stock market, it wasalso getting Data provided by bring the economytoahalt, reducing infla- used in the gold market. Total returns are for periods ended March 31 and are final; assets are through Feb. 28, and include all share tionary worries. “If demand forphysical gold had been be- classes. Thethesis behind buying bullion, such as hind the priceincrease,the pricewould not Assets Performance (%) the gold held in SPDR Gold Shares ex- have fallen in this way,” wroteJeff Christian, Fund Name Symbol ($ millions) Mar. 1st qtr 1 yr 3 yr* 5 yr* 10 yr* change-traded fund (GLD), is thatitisseen founder of New York-based commodities Vanguard Tot Bd;Adm VBTLX 269,025.3 –0.6 3.3 9.1 4.8 3.3 3.8 as asafe-haveninvestment. That is,while consulting firm CPM Group,inarecent let- Vanguard Tot Bd II;Inv VTBIX 196,025.3 –0.8 3.0 8.7 4.7 3.2 3.7 other assetssuch as stocks and bonds might ter to his clients. Vanguard Tot Itl BI;Adm VTABX 149,761.9 –2.5 0.2 4.8 4.4 3.4 N.A. tank, gold will hold its value. Another market observer says the drop in PIMCO:Income;Inst PIMIX 137,094.6 –7.9 –7.7 –3.1 2.0 3.6 7.3 This time it worked likethatright up un- gold may signal that the worst of the pan- MetWest:Total Rtn;I MWTIX 84,571.5 –1.3 2.3 8.2 4.7 3.2 4.8 til it didn’t. demic crisis maybeover, or at least coming iShares:Core US Agg Bd AGG 76,311.1 –0.7 3.1 8.8 4.8 3.3 3.8

S PIMCO:Tot Rtn;Inst PTTRX 69,351.9 –1.7 2.2 7.6 4.5 3.2 4.1 to an end. “It’s a sign that the worse of the DODIX A haven, briefly crisis has passed,” says David Ranson,direc- PRES Dodge & Cox Income 66,023.2 –3.1 –0.7 5.1 3.9 3.3 4.1 Vanguard Sh-Tm Inv;Adm VFSUX 63,970.0 –3.1 –1.5 2.0 2.2 2.0 2.4 Gold rallied 6.6% from the beginning of Feb- torofresearch at financial analytics firm TED Lord Abbett Sh Dur;F LDLFX 58,673.9 –6.4 –5.4 –2.3 0.9 1.4 2.6 ruarythrough March 6, according to the HCWE &Co. “Themarket is showing us the OCIA

SS DoubleLine:Tot Rtn;I DBLTX 57,485.1 –3.9 –0.8 3.0 3.2 2.7 N.A. London Bullion Market Association. TheS&P wisdom of crowds.” /A PGIM Tot Rtn Bond;Z PDBZX 57,203.9 –6.5 –2.9 3.7 3.9 3.2 4.8 500dropped 8.2% over the same period. American Funds Bond;A ABNDX 53,956.2 0.01 3.8 8.9 4.6 3.2 3.8 DREW That is,bullion prices behavedasasafe-ha- Mr. Constable is a writer in Edinburgh, Vanguard Sh-Tm B;ETF BSV 50,745.1 0.2 2.2 5.5 3.0 2.2 2.1 ven investment and rallied. Scotland. He can be reached at Fidelity US Bond Index FXNAX 50,508.8 –0.2 3.7 9.3 4.9 3.4 N.A. *Annualized N.A.=not applicable, fund is too new Afterthat, thingschanged. From March 9 [email protected]. RICHARD P2JW097000-0-R00800-1------XA

R8 | Monday, April 6, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

SAVING FORRETIREMENT What the Selloff Revealed About Target‑Date Funds

Thesefunds operate under the principle thatolder investors should ownlessstock. But howmuch less varies widely.

BY RANDALL SMITH persists, it could begin to test T. Rowe fund. Yetevenwith this 10-year period ended Dec. 31. whether younger 401(k) participants quarter’s losses,taking the longer In acomparison of fund perfor- arget-date funds, which will be willing to ride out the storm view, the T. Rowe fund would still be mances,however, morestock doesn’t adjust allocations of with portfolios heavily weighted to well ahead of the JPMorganfund, alwaystranslate to betterreturns stocks and bonds over stocks,orifsome will sell out be- $196,128 to $187,793. even after a nearly 11-year bull mar- time, based on their in- cause the glide paths of their target- Target-date-fund managersgener- ket. Fidelity Freedom 2020 fund vestors’ ages,havebe- date funds aretoo aggressivefor allyadjust their allocation strategies (FFFDX),despitebeing near the topof Tcome astaple in retire- them as well. from time to time,based on market the group in terms of current stock ment accounts. At present, many 401(k) partici- cycles,models based on past investor allocation, with 51%, trailed other top- Broadlyspeaking,such accounts pantsusing target-date options behavior and surveysthatask em- tier rivals,finishing just behind JP- operateonthe principle thatyounger don’tunderstand howriskytheir ployers whatinvestment styles work Morganata7.5%annualized return investors should have higher alloca- funds can be, Mr. Colangelo says. best fortheir workers. Vanguard for the decade ended in 2019. tions of stock, and thus accept more While investorsinthese funds Group,in2006,raised stock alloca- Fidelitymanagersattributethe re- risk,totakeadvantageofequities’ have held on in the past, notably tions by 10 percentagepointsfor all sults to having less exposure in U.S. long-term record of outperforming during the 2007-09 financial crisis, of itstarget-date funds; Fidelity In- stocks and moreinoverseas and bonds and other assets; older inves- assets in target-date funds mush- tors,inturn, should have lessoftheir roomed during the nearly11-year nest eggs in stock,and thus lessrisk, bull market thatjust ended. Such Gliding Toward Retirement because they have less time to make fundsaccounted foranestimated Target-datefunds usedin401(k)plans takelessrisk by cutting their stock up for losses from down markets. 30% of 401(k) assetslast year,up allocations as investorsapproach retirement. But the variation among different Thecurrent market turmoil has cast from 17%in2014, according to Ce- managersalso widens,leaving some nesteggs morevulnerable to market shocks. anew light on the allo- rulli, aresearch and consulting firm. cation strategies of tar- Theincrease,observerssay,isfueled Stock exposurefor target-date funds Target-date get-date funds forin- by government rules adopted in 100% vestorsexpected to 2008 allowing employers to desig- funds aren’t retirethis year.The nate such funds as default choices 80 the same. stock allocations among for employees in their plans. the half-dozenlargest “Target-datesare becoming the de Group maximum That became funds forthose retiring factopension plans,” says Anne Les- 60 clear in the this year rangefrom ter, aportfolio manager at JPMorgan Group minimum market rout. 55% at T. Rowe Price who has overseen her firm’s target- 40 Group Inc. to 33%at date glide paths since2005.Ms. Les- JPMorganChase &Co. terpredictsthe assetsinsuch funds Average 20 “There’samassive mayexceed those in traditional pen- disparity in equity allocations,” says sion plans in 10 or 15 years. ScottColangelo,chairman of Prime Over a10-year period ended Dec. 0 Capital Advisers, which advises re- 31, having the highest equity alloca- 25 30 35 40 45 50 55 60 65 70 75 80 tirement plans and individuals.Inthis tion helped the T. Rowe PriceRe- IMPLIED AGE kind of market, he adds,having an ag- tirement 2020 fund (TRRBX) to top Source:Stadion MoneyManagement gressiveallocation risks leading some itslargest rivals,with an annualized investors to “sell at the worst times return of 8.6%, ahead of the more because theydon’t have the stomach conservative JPMorganSmartRe- vestments,in2014, raised stock allo- emerging-marketsstocks at times to hold tight.” tirement 2020 (JTTIX),at7.6%, ac- cations as much as 16 pointsinsome during thedecade,and to having Alook at the varying equity alloca- cording to Morningstar Direct. funds forinvestorsatmidcareer. moreexposureincommodities and tions of the topsix target-date fund While that differencemight look other inflation-sensitiveassetsduring managers, by assets—holdersofanes- small, it adds up to $19,833 on a a decade of low inflation. timated83% shareofthis market, ac- $100,000 initial investment over the Nest-egg concern Managers of the JPMorgan2020 cording to Morningstar Inc.—amounts full decade,with T. Rowe’s fund in- But whatworks formiddle-aged and fund calculatedthatits moreconser- to aclose viewofthe potential dam- creasing the value of the initial young plan participantsisn’t neces- vative33% stock allocation will maxi- agethatserious market upheavalcan $100,000 to $228,626,compared with sarilyagood idea forthose closer to mizethe number of investorswho can cause as investorsnear retirement. $208,793 forthe JPMorganfund. the end of their careers. As retire- maintain their lifestyle afterretiring. Thetables turned, however, in the ment nears, “that’swhen asteep drop “Recent market volatility reinforces first quarter of this year, when the in the market is going to harm you the JPM philosophy that the biggest Youth movement? JPMorganfund fell only10.1%, com- the most,” says RichardWeiss, chief risk to potential retirees is that they Further, if the recent slide in stocks pared with adecline of 14.2% in the investment officer formultiasset lose moneywhen theycan least afford strategies at target-date-fund manag- to,” portfolio manager Daniel Oldroyd ersAmerican CenturyInvestments. says in an email. “At the point of re- TheT.Rowe 2020 fund, geared to tirement, losing moneyhurts much IN TRANSLATION 65-year-olds retiring this year,has a more than making a bit more helps.” 55% stock allocation because itsinves- Rosso, directoroffinancial planning at tors mayneed to maketheir money Less time to recover losses ‘Buy the Panic’ wealth-managementfirm RIA Advisors last another 30 years. They need “a Another of the morerisk-aversefunds LLCinHouston. The besttime to invest is reasonable allocation of growth-seek- in this group is runbyBlackRock Inc., Whatdoes it mean when investmentpro- when youwill likely be leastwilling, Mr. ing assets,” says WyattLee,head of T. whose LifePathIndexRetirement fessionals say, “Buy the panic”? Rossosays. It’s the momentofmaximum Rowe’s target-date business. (LIRKX) forall retirees has a40% It’s a phrase that investors might hear fear,which will also coincide with the peak “Icompletelyagree it’spretty stock allocation. “Youhavetotakerisk frequently given the recent widespread in panic.“Yousometimes have to think scaryifsomebodyopens astatement in your 20sand 30s,but not in your selling in thestock market.Despitesnap- counterintuitively,” he says. at the end of March and sees their 50sand 60s,” says Nicholas Nefouse, back rallies on severaldays, the S&P500 The lastmomentofheightenedfear assetsdown20% from the beginning BlackRock’starget-date co-head. is down 23% for the year so far. came at the beginning of 2009 in the dark of the year,” Mr.Lee says.But the “Idoanticipate on the heels of this This particular phrase is aquip that days of the financial crisis when busi- investorsare still “betteroff having market, you’re going to have apretty urgesinvestors to buy when othersare nesses were shedding hundreds of thou- been in thatportfolio” because of significant base of people who arenot selling (and in other markets, vice versa). sands of jobs each month. At the same the greaterreturns it generated in happy” with their target-date funds, It’s the sortofadvicedoledout by invest- time, the S&P 500 hit its lowest level in the past five or 10 yearswhen the says Jud Doherty,CEO of Stadion ing legend Warren Buffett, CEO of Berk- more than a decade. Fear was palpable. market was rising, Mr. Lee says. MoneyManagement, which offers shireHathaway.“Widespread fear is your Mr.Rosso says thatatthattime,when VanguardTargetRetirement managedaccountsfor 401(k) plans. friend as an investor because it servesup he rang his clients, the problem was that 2020 fund (VTWNX) currentlyhas a But he says it doesn’t changethe fact bargain purchases,” he said. the individual investorshedealswith were 50%stock allocation, says Matt thattheyare “agreat long-term vehi- The idea is thatwhen people make all toofearful. “Not one clientsaid we Brancato, global head of portfolio re- cle. This is normal. We haven’t had a S panic stock sales,then qualitycompanies should buy,” he says.The sadpart of that viewatVanguard. Investorsinor bear market in 11 years. They do come PRES

can be purchased on the cheap. anecdoteisthatMarch 2009 wasthe approaching retirement still need along, and they’re always different.” TED

Buying stocksduring apanic sounds post-financial-crisis lowfor the S&P500— substantial stock exposure “to pro- OCIA SS

easy to do when you look at history. Still, the beginning of a historic bull market. tect against inflation, longevity risk Mr. Smith is a former financial /A it’s much harder in practice, says Richard —Simon Constable and rising health care costs,” Mr. reporter for The Wall Street AN ZB

Brancatosaysinanemail. Thefund Journal. He can be reached at MI had an 8% annualized return forthe [email protected]. DI HA