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Last week: DJIA 28335.57 g 270.74 0.9% NASDAQ 11548.28 g 1.1% STOXX 600 362.50 g 1.4% 10-YR. TREASURY g 29/32 , yield 0.840% OIL $39.85 g $1.27 EURO $1.1862 YEN 104.73 Long Lines Greet Voters as Early Voting Opens in New York Second What’s News Wave of

Business&Finance Covid-19

ompanies in the S&P Batters C 500 with at least aquar- ter-centuryrecordofpaying out and increasing dividends Europe have trailed the broader stock market this year. A1  Trump’strade war against Governments fighting China didn’t achievethe cen- resurgence tighten tral objectiveofreversing a U.S. decline in manufactur- curbs, hoping to avoid ing,economic datashow. A1 full-blown lockdowns  The death of Lee Kun- heehands his son the reins Europe’ssecond wave of the at Samsung at atime when coronavirus pandemic is accel- the firm is on the defensive erating,prompting countries to

and struggling to evolve. A1 REUTERS impose ever-moresocial-dis- Y/  Canadian oil-sands pro- KELL ducer Cenovus and Husky By Marcus Walker agreed to merge in a deal in Rome and Noemie

valued at $2.89 billion, the ANDREW Bisserbe in Paris COUNTDOWN: Voters in the Bronx, like many others across New York, waited in long lines for hours to cast their ballots Sunday, the latest in a string of global second day of early voting in the state, A10A. For campaign news, see A4 and WSJ.com. tancing rules in abid to avoid a energy-industry tie-ups. B1 return to full-blown lockdowns.  Blackstone struck adeal to Franceannounced adaily buy Simply Self Storagefrom record forcoronavirus infec- Brookfield, betting on asec- tions, with confirmed cases torthat has remained strong topping 52,000 on Sunday, throughout the pandemic. B1 Dividend-Rich Stocks Trail compared with around 85,000 confirmed cases on Saturday  SAPsaid profit and sales in theU.S., whose population decreased in the three is around five times bigger. months through Sept. 30 as Italy,struggling with an ex- the economic impact of the Market Despite High Yields plosiverise in infections and global response to Covid-19 topping 20,000 confirmed hit core business units. B6 cases aday,imposed the  U.S. manufacturers are BY AKANE OTANI broader stock market this year. margin since2007. business.And Walgreens Boots toughest restrictions on its falling behind on demand AND CAITLIN MCCABE That is even as record-lowin- Meanwhile,some of the AllianceInc., offering anearly population sinceending its for goods that Americans terest rateshaveresulted in a most iconic dividend aristo- 5% dividend yield, has plum- lockdown last spring, includ- arebuying up as the corona- Some big-name stocks are scarcity of yield acrossthe cratshavefared even worse. meted 35% as fewercustomers ing the closureofall barsand viruspandemic dragson. B1 sporting chunkydividend world. Exxon Mobil Corp., whose have trafficked itsstores due restaurantsat6p.m. In Spain, yields.Manyyield-starved in- TheS&P 500 Dividend Aris- dividend yieldissitting at a to Covid-19. the government declared a vestorsare still saying no tocratsIndex, which measures near-recordofmorethan 10%, Theslide in stock prices stateofemergency, as it did in World-Wide thanks. the performanceof65compa- has declined 51% in 2020, showsthe extent to which March, giving national author- Companiesinthe S&P 500 nies,has fallen 0.7% this year, burned by acollapse in oil many investorsare worried PleaseturntopageA7 with at least aquarter-century while the broader S&P 500 has prices.AT&TInc., with adivi- aboutthe prospectsfor divi-  Europe’ssecond wave of record of paying out and in- risen 7. 3%. That puts the dend yield of morethan 7%, dend aristocrats.The indexre-  Illinois tightens up and girds the coronavirus pandemic is creasing dividends—dubbed benchmark indexonpaceto has fallen 29% as the coronavi- cently offered adividend yield for pain...... A3 accelerating, forcing coun- “dividend aristocrats” by Wall outperform the dividend aris- ruspandemic has weighed on of about 2.7%—humble in nom-  KeyPenceaides test positive tries to impose ever-more Street—have trailed the tocratsindexbythe widest the company’s forayintoshow PleaseturntopageA4 forvirus...... A4 social-distancing rules in a bid to avoid a return to full-blown lockdowns. A1 Black American Tapped as Cardinal  TheSenate cleared akey Samsung Business Warms procedural hurdle, voting largely along party lines to Heir Faces set up a final confirmation ABit to Biden vote Monday for Supreme Court nominee Barrett. A4 Changing  Pope Francis said he would raise 13 men to the Nominee seen as less adversarial than rank of cardinal, including Industry Archbishop Wilton Gregory Sanders, more predictable than Trump of Washington, D.C.,who will become the firstBlack Amer- BY ELIZABETH KOH BY GREG IP that not to who Mr. Biden is, ican to be so honored. A3 AND KEN THOMAS but who he isn’t: Elizabeth SEOUL—Under LeeKun- Warren or Bernie Sanders,  Facebook has planned hee’s leadership,Samsung Former Vice President Joe senators with a much more forthe possibility of trying Electronics Co.became aubiq- Biden is running for presi- adversarial approach to busi- to calm U.S.-election-re- uitous name world-wide with /REUTERS dent on the sort of platform ness who lost to Mr. Biden in lated conflict by deploying itsflat-screen TVsand slick that usually makes business the Democratic primary, or tools designed for what it smartphones. sweat: higher taxes on cor- President Trump, whose ad- SILBIGER

calls at-risk countries. A5 That chapterclosed forthe H porations and investors, ag- ministration has been South Korean tech giant on RA gressive action to phase out marked by economic-policy  Armenia and Azerbaijan, SA fighting in Nagorno-Kara- Sunday with the death of Mr. Pope Francis said he would raise 13 men to the rank of car- fossil fuels, stronger unions unpredictability. bakh, have agreed to a hu- Lee,who foryearswas inca- dinal, including Archbishop Wilton Gregory of Washington, and an expanded govern- “If Elizabeth Warren or manitarian cease-fire. A9 pacitated in ahospital bed fol- D.C., the first Black American to receive the honor. A3 ment role in health care. Bernie Sanders were the lowing a 2014 stroke. Yet many business execu- nominee, we’d be having a  TheU.S.and India areex- Nowhis son, LeeJae-yong, tives and their allies are very different conversation pected to sign a military accord who has been Samsung’sde greeting the prospect of a and thinking through our en- that bolsterscooperation in the factoleader since2014, for- Biden presidency with either gagement in a very different Pacific and Indian Oceans. A8 mally takesthe reins at avery Brazilians Turn to Botox to Wipe ambivalence or relief. Credit PleaseturntopageA10  A mentor to Venezuelan different time for the tech in- opposition leader Guaidó fled dustry,whereSamsung is on Away That Quarantine Frown from Caracas to Spain in what the defensiveand struggling aides called a daring escape. A7 to evolve. iii Tariffs on China Fail Samsung had dominated in tech hardware under the late Demand soars as videoconferences and Mr.Lee.However, the indus- JOURNAL REPORT try’s gravity has shifted from masks highlight wrinkles To Aid U.S. Factories C-SuiteStrategies: products to the software that Howconsumersuse controls them, from artificial intelligencetoapps to con- BY SAMANTHA PEARSON franchise of 21 beauty clinics BY JOSH ZUMBRUN tinued climbing,toarecord$84 online reviews. R1-16 sumer data. across Brazil, Ad Clinic,with AND BOB DAVIS billion in August as U.S. import- Over the past six years, SÃOPAULO—With face herhusband. Over the past ersshiftedtocheaper sources CONTENTS Outlook...... A2 Samsung,unlikeApple Inc., has masks obligatoryacrossmany few months,they struck deals WASHINGTON—President of goods from Vietnam, Mexico Arts in Review... A13 Personal Journal A11-12 BusinessNews...... B3 Sports...... A14 failed to createhomegrown Brazilian cities,the wealthy to open another nine clinics, Trump’s trade waragainst and other countries.The trade Crossword...... A14 Technology...... B4 software or services that would arerelying ever moreonBotox even as the countryplunged China didn’t achievethe central deficit with China also has risen HeardonStreet... B10 U.S. News...... A2-6 driveloyalty forits array of to getthe perfect, wrinkle-free into recession. objectiveofreversing aU.S.de- amid the pandemic and is back Markets...... B9-10 Weather...... A14 products. It is still asuccessful, forehead. Beauty clinics say While facemasks have cline in manufacturing,eco- to whereitwas at the start of Opinion...... A15-17 World News...... A7-9 though vulnerable,maker of demand forthe cosmetic brought scrutinytothe fore- nomic datashow, despitetariffs theTrump administration. nearly everymajor electronics treatment has as much as dou- head and region around the on hundreds of billions of dol- Another goal—reshoring of > product on Earth, plus manyof bled here since the pandemic eyes, the traditional areas for larsofChinese goods to dis- U.S. factoryproduction—hasn’t the core componentsrequired began. Botox injections,dermatolo- courageimports. happened either.Job growth in to assemble them, from smart- “People nowlook each gists also attribute the boom Thetariffs did succeed in re- manufacturing started to slow phone displays to acomputer’s other in the eyemore, in the to videoconferencing.After ducing the trade deficit with in July 2018,and manufactur- gigabytesofstorage. eyes andthe forehead—just months of staringatthem- Chinain2019,but the overall ingproduction peaked in De- s 2020 Dow Jones & Company, Inc. All Rights Reserved Instead of atransformation wheretheir wrinkles are,” said selves during Zoom calls,Bra- U.S. trade imbalancewas bigger cember 2018. PleaseturntopageA6 Aline Medici, who owns a PleaseturntopageA10 than ever that year and has con- PleaseturntopageA2 P2JW300000-5-A00200-1------XA

A2 | Monday, October 26, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS

| THE OUTLOOK By James Glynn ECONOMIC ConsumersControl Pace of Rebound CALENDAR Monday: The U.S. housing market has been an economic Sydney Alook at some other saving Personal saving as apercentage 35% economic policyand forecast- brightspotinrecentmonths. Households ratesaround the world illus- of disposable personal income ing at Deloitte Access New-home sales in September around the trates the challengeinprod- 30 Economics in Australia. “The arelikely to continue the trend of world re- ding consumerstoloosen federal government would solid data acrossthe industry,ris- sponded to the their purse strings. prefer the money be spent to ing forthe fifth consecutive coronavirus Japan’sgovernment this 25 support the economy.” month and reaching levels last pandemic and itsrelated ef- year handed out the equiva- He said much of the saving seen in 2006. fectsbysharply boosting their lent of $950 to everyresident. 20 is by individuals whose in- Tuesday: U.S. manufacturing savings.What they do with In an NLI Research Institute comes haven’t been directly output has staged astrong if only that cash could help shape the survey,half said they would 15 affected by the pandemic.“Im- partial recovery sinceefforts to global economic recovery. put it aside foreverydayex- proving consumer confidence contain the coronavirus led to sup- Saving ratesinmanycoun- penses—which could include driven by an improving econ- ply-chain disruptions and shut- 10 tries soared last spring as gov- saving—and aquarter said omyand fewerrestrictions downs this year.New orders for ernmentspumped stimulus outright they would save it, U.S. will be the key to encourage durable goods in September will money intopeople’spockets according to areport from the Australia 5 this cohort to rundowntheir help gauge the strength of de- and consumerstrimmed their institute’sNaokoKuga. Canada savingsand spend more,” Mr. mand forlong-lasting factory spending because of business “The fact is that it has been 0 Rumbens said. goods heading into the fall. closures,infection fearsor difficult to actually spend alot 2017 ’18 ’19 ’20 Thursday:The Bank of Japan lowerexpenses while working of money,” said Stephen Hal- ohn Edwards,aformer is expected to hold its monetary Note:U.S. figures aremonthly,Canada and Australia arequarterly.Dataare seasonally adjusted; from home.That leftmany marick, chief economist at U.S. and Canada areannualized. boardmember of the Re- policy steady at the end of atwo- consumers—particularly the Commonwealth Bank of Aus- J daymeeting. The bank is slatedto Sources: Federal ReserveBank of St.Louis; Statistics Canada; Australian Bureau of Statistics serveBank of Australia, middle-income and affluent— tralia. “Confidenceisalso said much of the savings release fresh projections for with lessdebt and morecash fragile,and nobody knows playball. Thefederal govern- be aheadwind forgovern- bump likely dissipated in the growth and inflation. to burn as restrictions on ac- howlong it will be beforewe ment’sstimulus response at mentstrying to engineer a three months through Septem- U.S. grossdomestic product in tivities areeased. getavaccine and learn to live the peak of the crisis in late consumption-led recovery.The ber because most states and the thirdquarter is expected to If they open their wallets with the virus,sosaving a 2008 and early 2009 included composition of spending can territories have reopened. “It shatter previous recordsfor readily,that could unleash a good amount of the income child-carerebates,tax breaks also be problematic forpartic- demonstrates what an unusual growth, reflecting strong rebounds wave of pent-up demand that flow makes alot of sense.” and aone-time cash payment ular industries if,for example, sort of downturn this has in consumer spending, businessin- spursstrong growth in the of 900 Australian dollars, or consumershold back on big- been—not so much recession vestmentand real estate as pan- short term. If they hold back, ousehold savingsasa US$654, to individuals. ticket purchases such as cars as atemporarycessation of demic-relatedlockdowns lifted and they would restrain the eco- proportion of income Yet, the saving rate re- in favorofcheaper items. important partsofeconomic consumers gained confidence. nomic recovery initially but H mained elevated past the pe- TheAustralian Bureau of U.S. joblessclaims so farin in Australia jumped to activity,” Mr.Edwards said. have fuel formorespending in 19.8%inthe second quarter riod of time when households Statistics estimates that more Saving ratescould remain October have fallen to their lowest the longer term. versus 3.6% in the final three gotthe income boost, together than 20% of agovernment high forawhile if govern- levels sinceMarch, asign the la- Datafromsome countries months of last year,while in with interest–ratecuts. That wage-subsidy program intro- mentsprovide morefinancial bor market is slowly healing. Fig- suggest the rapid rebound is Canada the saving rate suggested amorefundamental duced during the pandemic, support and businessrestric- ures forthe week ended Oct. 24 partly happening: In the U.S., climbed to 28.2% in the sec- changeinbehavior,Australian and 40% of topped-up unem- tions persist, economistssay. areexpected to remain historically the personal saving rate—sea- ond quarter,compared with Treasuryofficials said in 2012. ployment benefits, has been “The good news is that the high—but showanother weekly sonally adjusted and annual- 3.6% at the end of December. Arise in the saving rate saved. That mirrored behavior big increase in savingsmeans decline. ized—rose to arecord33.6% in “Policymakerscan tryand from alow level canbebenefi- in theU.S., whereaflood of that therewill be apool of Friday:U.S. consumer spend- April when restrictions encouragespending,but you cial. Households with more stimulus money,along with money available to be spent in ing is on track to increase forthe peaked, but fell to 14.1% in Au- can’t forcespending,” said savingshaveabiggerbuffer to measures such as deferred- coming months or years,” said fifth straightmonth in September. gust. That is stillwell above TomPorcelli, chief U.S. econo- draw on if thereare moreeco- mortgageand student-loan Mr.Halmarick,the CBAecono- Americans have ramped up the 8.3% rate in February, be- mist at RBC Capital Markets. nomic shocks.Additional de- payments, led manyhouse- mist. spending on food, household fore the pandemic hit, sug- Australia’sexperiencedur- positscan increase the resil- holds to paydowndebt. —Megumi Fujikawa goods and electronics, but have gesting that while households ing the financial crisis more ienceofthe financial system “It wasn’t the design of the contributed to this article. held back on services such as were spending morebylate than adecade agoand again by reducing banks’ relianceon programs forthe paymentsto traveland entertainment, leaving summer,they hadn’t fully re- during the pandemic shows short-term wholesale funding. be saved,” said David Rum-  Retailers brace for drop in overall outlays belowtheir pre- sumed their old habits. howconsumersdon’t always Still, ahigh saving rate can bens, lead partner of macro- holiday spending...... B10 pandemic peak. Tariffs Fail U.S. WATCH GULF COAST Rocky Mountain National Park, To AidU.S. but firefighters were able to NewStorm Forecast piecetogether 3miles of fire ForHard-Hit Region lines to keep it from spreading Factories farther to the easttowardEstes Anew tropical storm formed Park, firemanagers said. An up- in the Caribbean Sundaymorning, date from the team fighting the ContinuedfromPageOne with forecasters predicting it will nearbyCameron Peak Fire,which Mr.Trump’strade advisers move north and hit the storm- is in charge of fighting the said the tariffs succeeded in weary U.S. Gulf Coastinthe mid- breakaway fireinthe park, said forcing China to agree to a dle of the week. the firehasn’tcrossed Bear phase one trade deal in January Tropical Storm Zeta waslo- Creek Road in the park.

in which Beijing agreed to buy JOURNAL catedsoutheastofMexico’s Yuca- The firehas destroyed around moreU.S.goods,enforce intel- tán Peninsula by Sundayevening 301 squaremiles—an area nearly REET

lectual-property protections,re- ST and had maximum sustained the sizeofNew York City. The

moveregulatorybarrierstoag- LL winds of 50 miles an hour,ac- second-largestwildfireinColo-

ricultural trade and financial WA cording to the National Hurricane rado’srecorded history was10%

services and to not manipulate THE Center.Forecasters expected the contained. R

itscurrency. FO storm to become ahurricane on Gov. Jared Polis said thatthe They also said thetariffs— Mondaybeforestriking the Yuca- wildfirewas likely caused by hu- which remain on about $370 OMIE tán and then bring heavy rains man activity. CR billion in Chinese goods annu- and strong winds to the north- Wildfires usually don’tburn as

ally—will over time forceChina ELAINE western Caribbean. late into the year in Colorado’s to end unfair practices and A production tower at Hemlock Semiconductor’s Michigan facility. By Wednesday, forecasters mountains. Because of the un- help rebuild the U.S. manufac- said Zeta would begin approach- usual collision of fireseason and turing base. by 1.1%. Retaliatorytariffs im- Global Trade signed in Januaryspecified ing states including Louisiana and cold weather,the Grand County Tariffs “are having the effect posed by China against U.S. ex- that China would buy moreU.S. Mississippi. Astorm is classified a Sheriff’s Officehas organized a As trade has reboundedfrom of bringing manufacturing jobs ports, the analysis found, re- solar-grade polysilicon, Hem- hurricane if it reaches maximum team of volunteer plumbers and the pandemic,the deficit with back to the U.S.,” U.S. Trade duced U.S. factoryjobs by 0.7%. lock’smain product. But China sustained winds of at least74 contractors to check on evacu- China has returnedtowhereit RepresentativeRobert Lighthi- Mr.Trump is one of along never liftedits tariffs on poly- miles an hour. ated homes and try to prevent wasatthe start of 2017 while zersaid in an interview, citing line of U.S. presidentstouse silicon—just as the U.S. kept Zeta is the 27th named storm waterdamage from broken pipes the deficit with the rest of the statisticsthat showanet gain tariffs to protect favoredindus- tariffs on most Chinese im- of the 2020 Atlantic storm sea- due to the cold weather. world is the highestever. of 400,000 U.S. manufacturing tries.President Obama put ports—and Hemlock didn’t reg- son.Forecasters predict this sea- —Associated Press jobs from November 2016 until steep tariffs on Chinese tires, $60 billion ister anygains. son could tie or break the record March 2020,when the pan- President George W. Bush im- Trade deficit with “We’vereached out to Chi- season of 2005, when 28 tropical NEW YORK demic forced widespread fac- posed tariffs on steel and Presi- 50 rest of the world nese companies,‘Areyou inter- and subtropical storms formed. tory closures. dent Reagan hit Japanese televi- ested in buying polysilicon?’ ” Hurricane season officially ends Bishop Resigns Over However, about 75%ofthe sions and computers. 40 said Phil Dembowski, Hemlock’s Nov. 30, though anynamed Same-SexMarriages increase in manufacturing jobs But Mr.Trump’senormous chief commercial officer.“But storms thatform in December occurred beforethe first increase in tariffs on Chinese 30 they all tell us the same thing— would also be countedinthe tally. The Episcopal bishop of Albany trancheoftariffs took effect goods represented asharp de- no mechanism to import it “It is unfortunate we face an- agreed to resign after adisciplin- againstChina in July 2018, partureinpost-World WarII without paying duties.They’d other tropical threatthis late in a ary panel found thatheviolated 20 when annual growth in manu- economic history. Sincethe liketo, but they can’t afford very activeseason,” Louisiana church rules by ordering clergy in facturing jobs peaked.Byearly war, the U.S. has led round af- Trade deficit with China that tariff.” Gov. John BelEdwards wroteon the diocese nottoperform same- 2020,evenbeforethe pan- terround of global trade talks 10 Atlas,bycomparison, was Twitter. “Wemustroll up our sex marriages. demic reached the U.S.,manu- aimedatreducing tariffs.No 2017 ’18 ’19 ’20 able to benefit from the tariffs sleeves, likewealwaysdo, and The Rt.Rev.William H. “Bill” facturing job growth had longer. Note:Monthly deficit, 3-month moving average because it shuns Chinese sup- preparefor apotential impact to Love will leave his position on Feb. stalled out, and factories shed “This is the biggest use of Source:Commerce Department pliers. Louisiana.” 1after starting asabbatical a workersinfour of the six tariffs sincethe Smoot-Hawley Thecompanysaid it was Louisiana already has been hit month earlier,according to adisci- months through March. tariffs” during the Great De- Works Inc.and Hemlock Semi- forced to close alucrativebusi- by severalstorms this year.Most plinary agreementannounced by An industry-by-industry pression, said Chad Bown,a conductor Operations. nesssupplying telecom-gear recently, Hurricane Delta made Episcopal Church leadership. analysis by the Federal Reserve trade expert at the Peterson In- Illinois-based Atlas said sales makers in the early 2000s be- landfall on Oct. 9 in Creole, caus- “I believe thattostayany lon- showedtariffs did help boost stitutefor International Eco- of itsbrackets, gearsand con- cause of Chinese competition. ing widespread flooding. ger would be moreofadetriment employment by 0.3%, in indus- nomics.“Theeconomic impact veyorbeltsused in manufactur- Atlas refocused on fabrication —Cameron McWhirter to the diocese than ahelp,” Rev. tries exposed to trade with is going to take yearstoplay ing rose 18% in the year after equipmentfor the defense and Love said Saturdayinanaddress China, by giving protection to out.” Mr.Trump placed tariffs on health-careindustries,but that COLORADO to the diocese’sannual convention. some domestic industries to Thetariff strategyplayedout similar partsfromChina. Hem- eventually came under assault Rev.Love,bishop since2007, cheaper Chinese imports. differently formanufacturers lock,aMichigan companythat from cut-rateChinese competi- Snowand Cold Help issued apastoraldirection two But these gains were more depending on their individual makespolysilicon used in com- tion too, according to owner Slow Major Wildfire years ago prohibiting clergy in than offset by higher costsof circumstances.That is shown by puter chips and solar cells,is Zach Mottl. the diocese from performing importing Chinese parts, which the experienceoftwo Midwest- still struggling. When Mr.Trump,aRepubli- Snowand cold weather on marriage rites forsame-sex cou- cut manufacturing employment ern manufacturers, Atlas Tool Thephase one trade deal can, approved tariffs in 2018, Sundayput adamper on awild- ples, contradicting the Episcopal sales boomed. “Wesaw the up- firethathas forced thousands of Church’sstance. tick right away when the tariffs people to evacuate in northern The Episcopal Church started THE WALL STREET JOURNAL CORRECTIONS  hit,” Mr.Mottl said. Colorado and burned part of allowing such marriages in 2015 (USPS 664-880) (Eastern Edition ISSN 0099-9660) But forcompanies including Rocky Mountain National Park, and passed aresolution in 2018 (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 AMPLIFICATIONS Hemlock,the tariffs backfired. but fireofficials warned it expanding same-sex marriage to Published daily except Sundays and general legal holidays. Rather than pressuring Beijing wouldn’tbeenough to put out all dioceses. Periodicals postage paid at New York, N.Y., and other mailing offices. to open markets, China re- the blaze. In response, the church’spre- Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. Noticetoreaders sponded with retaliatorytar- Aday after strong winds siding bishop, Michael Curry,re- All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are Wall Street Journal staff iffs that made Hemlock’sprod- helped push the fireinthe park, stricted Rev.Love’s ministry and available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an membersare working re- uctsmoreexpensivethere. forcing the evacuation of Estes the church filed internal disciplin- advertisement shall constitute final acceptance of the advertiser’s order. motely during the pandemic. And U.S. companies that buy Park, the gateway town at its ary charges againsthim. Rev.Love Letters to the Editor: Fax: 212-416-2891; email: [email protected] Forthe foreseeable future, partsfromChina suddenly eastern edge, temperatures wasaccused of violating achurch Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] please send reader comments faced higher costs. dropped and no firegrowth was canon thatrequires ordained per- By phone: 1-800-JOURNAL (1-800-568-7625) only by email or phone, using Democraticpresidential expected, said Noel Livingston, sons to “abide by the promises Reprints &licensing: the contactsbelow, not via nominee JoeBiden’stop advis- incidentcommander of the East and vowsmade when ordained.” By email: [email protected] |Byphone: 1-800-843-0008 WSJback issues and framed pages: wsjshop.com U.S. Mail. ersdon’t commit to rolling back Troublesome Fire. With his resignation, his pasto- Our newspapers are100% sourcedfromsustainably certified mills. the Trump tariffs on China. On Saturday, the winds that raldirection barring same-sex Readers can alert The Wall Street Rather,they said Mr.Biden preceded the cold frontpushed a marriages will no longer be in ef- Journal to any errors in news articles GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or would consult with allies on portion of thatfirethatstarted fect, the Episcopal Church said. by calling 888-410-2667. what to do about the levies. out ahead of the main firein —Associated Press P2JW300000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Monday, October 26, 2020 | A3 U.S. NEWS Washington Illinois Tightens Up,Girds forPain Archbishop In one Chicago suburb, Designated small businesses see new losses as Covid ACardinal uptick triggers curbs

BY FRANCIS X. ROCCA BY ERIN AILWORTH

Pope Francis said he would NAPERVILLE, Ill.—As pan- raise 13 men to the rank of demic-related restrictions cardinal, including Archbishop tightened across parts of Illi- Wilton GregoryofWashing- nois,small-businessownersin ton, D.C.,who will become the this Chicagosuburb girded firstBlack American to receive themselves foranother round the honor. of losses. Cardinal-designateGreg- On Friday, restaurants and ory’spromotion reinforceshis barsinfour counties closed standing as amajor Black once moretodine-in service American leader at atime under mitigation measures or- when the U.S. is debating the dered by Democratic Gov.J.B. legacyofracism and many Pritzker because of rising (4) acrossthe countryhavedem- Covid-19 cases in everyregion onstrated forracial justice. of Illinois.InChicago, Mayor He will be the firstAmeri- Lori Lightfoot, aDemocrat, in- JOURNAL

cancardinal named since2016, stituted a10p.m. nightly cur- REET ST

when the pope elevated Cardi- few fornonessential busi- LL

nal Blase Cupich of Chicago, nesses and prohibited bars WA Cardinal Joseph Tobin of New- without aretail food license THE

ark and Cardinal Kevin Farrell, from serving indoors. R head of the Vatican officefor Manybusinesses have en- FO

family issues. dured multiple rounds of re- SNIC Thepope made the an- strictions around the state, KA VID

nouncement Sundayfroma which areinstituted whenever DA windowoverlooking St.Peter’s aregion’saverage Covid-19 Square. He said he would make positivity rate goes above 8% the men cardinals in acere- forthree consecutivedays.On monyonNov.28. Friday, Illinois health officials “With averygratefuland put half of the state’s102 humble heart, Ithank Pope counties on awarning list be- Francis forthis appointment cause they triggeredatleast whichwill allowmetowork two state-set thresholds on in- moreclosely with him in car- dicators the state uses to de- ing forChrist’sChurch,” Arch- termine whereincreased bishop Gregorysaid Sunday. Covid-19 risk is occurring. Thearchbishop became the At Allegory, arestaurant in firstBlack man to lead Catho- downtownNaperville,chef and lics in Washingtonwhen Pope owner Christopher Mason said Francis appointed him to suc- previous shutdowns and din- ceed Cardinal Donald Wuerl in ingrestrictions have already April 2019.His elevation was put him out tens of thousands expected sinceall archbishops of dollars. He isn’t sure what of Washingtonhavebeen made thelatestlimitations,which cardinals sinceitbecame an againpause indoor service, independent diocese in 1947. will mean forthe futureofAl- Archbishop Gregoryhas legory, which is about two spoken out on racial questions years old. numerous times.Following “I have afew tables outside, the killing of George Floyd in but nobody’s going to want to policecustody in Minneapolis eat outside in aweek or two,” in May, the archbishop said Mr.Mason said. “Going into the “incident reveals the virus winter,Ihavenoidea what to of racism among us once expect.” again even as we continue to On Friday, Illinois had cope with the coronavirus 29,088 new Covid-19 cases in pandemic.” theprevious seven days,ac- Thearchbishop clashed with cording to the Centersfor Dis- ease Control and Prevention. It ranked second behind Texas Susan Finck, left, owner of Little Luxuries, a Archbishop forU.S.stateswith the highest shop in Naperville, Ill., is canceling orders Wilton Gregory number of newcases in the because of new restrictions on businesses. will be the past week. Christopher Mason, in red, chef and owner of first Black At Little Luxuries,ahome nearby restaurant Allegory, top and right, American to décorboutique afew doors worries what will happen to his business as gain the rank down from AllegoryonNaper- indoor service is paused again. ‘I have a few of cardinal. ville’s Main Street, owner Su- tables outside, but nobody’s going to want to san Finck said the tightening eat outside in a week or two,’ he says. restrictions had her canceling President Trump early the fol- ordersfor Christmas inventory statewide,itcomes up as peo- Therestraintscome amid a been under increased restric- down, now is the time to pick lowing week,criticizing the because a drop in foot traffic ple’sworkplace, it comes up as resurgenceofthe coronavirus tions sinceearly October.Asof it back up,” he said. president’svisit to the Saint at nearby restaurantsmeans school, it comes up as restau- pandemic acrossthe Midwest, Sunday, restaurantsand bars In Naperville,acity of John Paul II National Shrine in less business for her shop. rantsand bars,” said Dr.Ngozi wherefivestatesonFriday in the region arelimited to ta- roughly 147,000 about 30 Washington. “We’re just being really in- Ezike, director of the Illinois were in the top10ofU.S. bles with parties of six or miles west of Chicago, small- “I find it baffling and repre- tentional about what we’re Department of Public Health. states with the highest num- fewer, and social gatheringsin- businessownersworried hensible that anyCatholic fa- buying and holding our breath The restrictions have been bers of new Covid-19 cases in doorsand outdoorsare limited about how long this round of cility would allowitself to be until 2021,” Ms. Finck said. devastating forthe restaurant theprevious seven days,ac- to amaximum of 10 guests. restrictions might last. Many so egregiously misused and Thestate-level mitigation industryinIllinois,which saw cording to the CDC. In daily Covid-19 briefings said businesswas down at manipulated in afashion that measures focus mainly on 321,000 employees in the state In Illinois,heightened re- last week,Mr. Pritzker repeat- least 50% from last year. violates ourreligious princi- barsand restaurantsbecause furloughed or laid off at the strictions arecurrently in edly warned that Covid-19 At Allegory, Mr.Mason said ples,which call us to defend public-health officials saycon- height of thepandemic,ac- placeinnorthwestern and metrics in everypart of the he canonly hope people abide therightsofall people,even tact tracing of Covid-19 cases cording to asurvey by the Na- southern partsofthe state, as statewereheaded in the by the restrictions and that those with whom we might in Illinois shows that manyin- tional Restaurant Association. well as in Will, Kankakee,Du- wrong direction, and said the the number of Covid-19 cases disagree,” the archbishop said teractions with those infected More than half of the restau- Page and Kane counties— resurgencewas one public starts to drop quickly. in unusually strong language arehappening at such estab- rant operatorsinthe statesay which all neighbor Cook health officials had warned “I’m really hoping that ev- foraCatholic prelatespeaking lishments. it is unlikely their businesses County,whereChicagoislo- could come as the winter ap- eryone does their part,” he about the president. “When you look at the top will be in operation six cated. Restraintsare scheduled proached andflu season be- said. “Honestly, everyone just Theday before, Mr.Trump three places that come up over months from nowifconditions to tighten further in north- gan. “Ifyou’regetting tired needs to be good neighbors had posed with abible in front and over,region to region don’t improve. western Illinois,which has and you’velet your guard and wear their damn masks.” of St.John’sEpiscopal Church on LafayetteSquare, near the WhiteHouse,after demonstra- tors had been cleared from the U.S. Lawyers Defend TikTok Ban Fire Risk Prompts area by the National Guard. Archbishop Gregorycon- BY KATY STECH FEREK tional-security threatssimply In their owncourt filings, demned the incident and the because aforeign adversary TikTok lawyershavesaid the New Power Shut-Off “use of tear gasand other de- WASHINGTON—TheTrump cloaks itsactivities within a U.S. government’sproposed terrentstosilence, scatteror administration defended itsat- mediacompany,” government ban is illegal and violates con- intimidatethem foraphoto tempt to ban Americans from lawyerssaid in their 46-page stitutionally protected free- BY KATE KING California utilities started opportunity in front of aplace using popular Chinese-owned brief. speech rights. using pre-emptiveshut-offs in of worship and peace.” video-sharing app TikTok over Theproposed restrictions TheU.S.effort to ban the PG&E Corp.said it wasplan- recent yearstoreducethe risk That same week,Pope Fran- national-security concerns,say- would essentially forceashut- video-sharing app accelerated ning to pre-emptively cut of wildfires during windstorms. cis said he was“praying for ing in court papersthat the app down of TikTok’sU.S.opera- negotiations between TikTok, powertoabout 361,000 cus- Aging high-voltagepowerlines the repose of the soul of makes U.S. user datasuscepti- tionsbybarring companies itsChinese owner, ByteDance tomersinnorthern and central canspark deadly wildfires George Floyd and of all those ble to influencebyChinese from providing it internet host- Ltd. and U.S. companies fora California in an effort to pre- when they fail, particularly in otherswho have lost their lives leaders. ing,content deliveryand other deal that could preservethe vent wildfires,marking the thekind of extreme drought as aresult of the sin of rac- Lawyersfor the U.S. govern- services. app’sU.S.operations by adding largest such shut-off it has re- conditions that partsofCalifor- ism.” Thepope also called for ment urgedJudgeCarl Nichols TheTrump administration newprivacysafeguards.The ported this year. nia have seen in recent years. an end to the violencethat had of the U.S. District Court in deal is underreview by the Theutility started the shut- Earlier this month, PG&E broken out at some demonstra- Washington, D.C.,toallowthem CommitteeonForeign Invest- offs Sundaymorning by de-en- told stateregulatorsthat its tions afterMr. Floyd’s death. to moveforwardwith restric- TikTok lawyers have ment in the U.S.,apanel of na- ergizing electrical lines in the powerequipment might have Archbishop GregoryistionsonTikTok designed to tional security experts. Northern Sierraregion and said helped start the ZoggFire, known as aprogressivewith re- makethe app unusable on Nov. said the proposed While TikTok and Cfius are they would continue through which killed four people and gard to the church’sapproach 12. Themovecomes as part of ban violates free stillintalks on the proposed Mondaynight in other regions, hasburned morethan 56,000 to gaypeople.Last year,he itseffort to crack down on the deal, the outcome of the legal ranging from the SanFrancisco acres.PG&E has said it is trying wonpraise from LGBTCatholic national-security threatsposed speech rights. case could determine whether suburbs to wine countryto to limit shut-offs,which af- groups when he told atrans- by Chinese-owned apps. TikTok is forced to sell itsU.S. small ruraltowns.The black- fected millions last year and gender Catholic at agathering In court papersfiled lateFri- operations as apart of that outs will affect customersin sparked criticism from Califor- in Washington: “You belong to day, the government said the deal and howasale would be portions of 36 counties wherea nia Gov.Gavin Newsom and the heart of this church.” proposed restrictions fall contends that the datacol- structured, TheWall Street forecast windstorm and dryhu- stateregulators. Thearchbishop,72years within the president’sauthority lected by TikTok,which has an Journal reported this week. midity levels pose ahigh risk of Some residentsare losing old, converted to Catholicism to act on major threatstoU.S. estimated 50 million daily ac- JudgeNichols,who was causing activepowerlines to patience,including LosGatos while attending aCatholic national security,including tive usersinthe U.S.,could be nominated by Mr.Trump, spark catastrophic wildfires. resident Arjun Natarajan, who grammar school in his native threatsthat put Americans’ shared with China’sauthoritar- agreed to hear argumentsfrom PG&E said it would check its lives in aneighborhood where city of Chicago. personal dataatrisk.Limiting ian government. both sides at aNov.4hearing. powerlines fordamageand be- PG&E plans to cut power. “It’s According to the U.S. Con- that powerruns contrarytona- TikTok said it would never He has already handed TikTok gin turning powerback on after super annoying,especially dur- ferenceofCatholic Bishops, of tional-security lawand past hand over such data and sued one courtroom win when he the storm subsides,with ser- ing Covid,” said Mr.Natarajan, about 270activebishops in court rulings, itslawyers President Trump and the Com- agreed to stop the administra- viceexpected to be restored for 20 yearsold, who is interning the U.S.,fiveare African- added. merce Department,which is in tion from preventing Ameri- most customerswithin 12 day- remotely foratechnologycom- American, of whom two are “The President should not be charge of implementing the cans from downloading the app light hoursafter the severe pany. “Without powerwecan’t heads of dioceses. prevented from regulating na- ban, to stop the restrictions. in lateSeptember. weather ends. work.” P2JW300000-0-A00400-17FFFF5178F

A4 | Monday, October 26, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL. U.S. NEWS SenateAdvances Barrett’sNomination Key Pence Aides Test BY LINDSAY WISE In aspeech afterSunday’s the polls in record numbersto lawmakersboycotted aSenate “I just regret that we arein procedural vote to end debate, cast early and absentee votes. JudiciaryCommitteevoteon this place,” Ms.Murkowski said WASHINGTON—TheSenate SenateMajority Leader Mitch “I want to be very clear with JudgeBarrett’snomination, on the floor of the Senate, cit- Positive cleared akey procedural hurdle McConnell(R.,Ky.)addressed the American people about and over the past few days they ing the partisan escalations in arareSundaysession, voting his Republican colleagues, what is going on here,” Mr. have deployedavariety of par- over Supreme Court justices largely alongparty lines to set manyofwhom arebattlingfor Schumer said. “The Republican liamentaryprocedures to regis- and changes to Senaterules in For Covid up afinal confirmation vote on re-election on the same ticket Senatemajority,America, is tertheir frustration, forcing recent years. Mondayfor Supreme Court as apresident who is trailing in breaking faith with you—doing Republicans to stay on the Sen- When she announced her WASHINGTON—At least five nomineeJudgeAmy Coney most national polls. the exact oppositeofwhat it atefloor forvotes,speeches opposition in September,Ms. people close to Vice President Barrett,asRepublicans race to “This is something to really promised just four yearsago— and livequorum calls. Murkowski said that she didn’t MikePence, including his chief confirm President Trump’spick be proud of and feel good to cement amajority on the Su- Ultimately,Democratscan’t support filling avacant court of staff and atop campaign ad- beforeElection Day. about,” Mr.McConnell told his preme Court that threatens stop Republicans from moving seat in 2016,when her party viser,havetested positivefor Mr.Trump selected the 48- conference. “We’vemade an your fundamental rights. Don’t ahead with the process. It takes kept then-President Obama’s year-old appeals court judgeto importantcontribution to the forget it, America. Don’t forget only 51 votestoadvance or Supreme Court nominee,Mer- By Michael C. fill avacancyleftbythe death future of this country. Alot of what’shappening here.” confirm aSupreme Court jus- rick Garland, from beingcon- Bender, Sarah Toy of liberalSupreme Court Jus- what we’vedone over the last While Mr.Schumer and tice, and Republicans nowhold sidered during an election year. and Daniela ticeRuth Bader Ginsburgin four yearswill be done,sooner other Democratic senatorsha- 53 seatsinthe Senate. Ms.Murkowski and Sen. Su- Hernandez September. or later,bythe next election. ven’t questioned JudgeBar- Alaska Sen. Lisa Murkowski, san Collins of Maine were the Thealmost certain elevation But the other side won’t be rett’s qualifications,they have one of two Republicans to op- only Republicans to oppose Covid-19,but with days leftun- of JudgeBarrettislikely to ce- able to do much about this for vigorously opposed her confir- pose moving ahead with aSu- moving forwardwith Judge til Election Day, President ment a6-to-3 conservativema- along time to come.” mation, saying that filling the preme Court nomination before Barrett’sconfirmation before Trump’srunning matewill jority on the nation’shighest SenateMinority Leader seat should have been leftto the election, said Saturdayshe the election. Ms.Collins,who maintain abusy schedule. court. It will also hand Republi- Chuck Schumer (D., N.Y.)ad- the winner of the presidential continued to take issue with facesatough re-election fight, Mr.Pence, the head of the cans up and down the ballot a dressed his floor speech to vot- election. the processbut would vote to also will vote against confirma- WhiteHouse Coronavirus Task victorydays ahead of elections. ers, who already areheading to On Thursday, Democratic confirm JudgeBarrett. tion on Monday. Force, has been in close contact with his chief of staff Marc Short, who tested positiveSat- urday, the vicepresident’s Campaigns Target Historically Black Colleges spokesman Devin O’Malley said. Marty Obst, Mr.Pence’s longtime political adviser,also BY JOSHUA JAMERSON recently tested positive, accord- ing to people familiar with the In the final stretch of the matter, and at least three other campaign, both President staff in the vicepresident’sof- Trump and JoeBiden arehigh- fice also have tested positive, lighting relationships with his- one person familiar with the torically Black colleges and uni- mattersaid. versities,asthe former vice WhiteHouse chief of staff presidentseeks to shoreup Mark Meadowssaid Sunday support among akey Demo- multiple staff membersclose to cratic constituencyand Mr. Mr.Pencehad tested positive Trump tries to makeinroads. butdidn’t identifyany beyond Thenation’s roughly 100 HB- Mr.Short.Hecompared the CUsrepresent about 3% of all contagion to the flu, and said U.S. colleges and universities, the administration wasaiming butthey produceroughly 20% to contain the virus. of all Black graduates,accord- “Weare not going to control ing to the United NegroCollege the pandemic,” Mr.Meadows Fund, aWashington-based na- said on CNN. “Weare going to tional group. Both parties see control the fact that we get

touting connections to the (2) vaccines,therapeutics and schools as away to reach asig- other mitigation areas.” nificant sliceofthe Black elec- Sen. Kamala Harris,the JOURNAL torate through their sprawling Democratic vicepresidential

alumni networks,hundreds of REET nominee,said the Trump White ST

thousands of current students LL House was“admitting defeat”

and family members. WA and that Mr.Pence“should be

Mr.Biden, the Democratic THE following the guidelines” when presidential nominee,has R it comes to campaign travel. FO ramped up his outreach to Earlier this month, Ms.Harris HBCU studentsinthe closing canceled campaign eventsfor days of the race in hopes of en- HARRIS several days afterone of her

ergizing asegment of what is SIMU topaides tested positive. KA

perhaps hisparty’s most im- L. “Wehavemodeled the right, portant voting bloc.Democrats Students this month attended aFounders’ Dayconvocation at DillardUniversityinNew Orleans. and good, behavior,and they have raised concerns this year should take our lead,” she said about turnout among young bipartisan criminal-justicelegis- Adams (D., N.C.), who founded Theformer vicepresident’s at leastone is campaigning for afterarriving in Detroit on Sun- Blackmen in particular,after lation he signed intolaw,under the congressional Bipartisan campaign spent the past week him and other Democrats. dayfor aday of campaigning. pollsthis year showedtheir which thousands of federal in- HBCU Caucus in 2015 and spon- hosting about half adozenvir- These university officials say According to guidelines from support forMr. Biden was mates have qualified forre- sored legislation increasing tual eventsaspart of aseries gains under the Trump admin- the Centersfor Disease Control weaker than HillaryClinton lease; and millions of dollarsin funding.“He did sign the bill, of online gatheringsmeant to istration don’t outweigh what and Prevention,people who earned four yearsago. newfunding he has signed into we appreciatethat.” mimic on-campus homecoming they describe as apattern of come in close contact with a Mr.Trump,meanwhile,has lawfor HBCUs. Mr.Biden is calling fora$70 festivities,culminating with a offensivecommentsonrace. person infected with Covid highlighted that HBCUssecured Since2017, bipartisan major- billion federal investment in virtual rally Fridaywith several Walter Kimbrough, president should quarantine even if they increased federal funding dur- ities in Congresshaveincreased HBCUsand other minority- Hollywood stars. of DillardUniversity,aprivate test negativebecause symp- inghis presidency. Thepresi- federal appropriations to HB- serving institutions,including Democraticvice-presidential institution in NewOrleans that toms mayappear two to 14 dent, who had the support of CUsby$200 million, according $18 billion in grantstofour- nominee Kamala Harris,an held roughly $160 million in days afterexposure. about 7% of Black Americans in to the United NegroCollege year schools.Hehas proposed alumna of Howard University federal loans made afterHurri- Thevicepresident, who Wall Street Journal/NBC News Fund. About $80 million of that thecancellation of all tuition- and the firstBlack woman on a cane Katrina, said the Trump tested negativeSaturday with polls this year, isn’t expected to wasdue to year-over-year in- related federal student debt major party’s WhiteHouse administration forgavethe debt his wife, consulted with White win this group in November. creases to apool of funds re- from two-and four-year public ticket,has visited HBCUsin afterthe previous administra- House medical staff and has de- But his campaign has made a served forHBCUs, which advo- colleges and universities,and North Carolina and Florida. Fri- tion didn’t act on it. cided not to quarantine,Mr. moreconcerted effort to court catesviewasthe lifeblood of privateHBCUs, fordebtholders dayinAtlanta, she urgedHBCU ButMr. Kimbrough said he O’Malley said, and will instead Black Americans than it did in theinstitutions. earning up to $125,000.Demo- studentstovoteearly to thwart can’t vote forMr. Trump.“He’s followguidelines for“essential 2016.Mr. Trump has focused on Democratssaid Mr.Trump cratsare also calling forpublic anyattemptsatvoter suppres- aracist. Full stop.Tome, it’s personnel.” Mr.Pence’soffice effortsbyhis administration to deserves some credit forthat, colleges and universities,as sion. “They knowyour power,” not even aquestion even declined additional comment. help Black families, such as new but not as much as he takes. “I well as privateHBCUs, to be tu- Ms.Harris said. more,” he said. TheCDC says essential taxincentives forinvestments don’t givehim anymorecredit ition-free forall families with Some leadersofHBCUssay Mr.Trump has repeatedly workerswho must continue to in low-income neighborhoods; than he’sdue,” said Rep.Alma incomes below$125,000. they arebacking Mr.Biden, and denied he is aracist. work should wear masks at all timesand socially distance as duties permit. Dividend aristocrats, agroup of stockswith at leasta25-year record of paying out than thefirms with the big- Mr.Pencecampaigned in Dividend and increasing dividends,have trailedthe broader market this year.The S&P500 is now gest overall dividend yields. North Carolina on Sundayand outperforming the S&P500 Dividend AristocratsIndexbythe widestmargin since2007. Bankstocks,for instance, wasscheduled to campaign in have historically offered inves- MinnesotaonMonday. Mr. Stocks Annual indexperformance Performance, year to date tors relatively good yields.But Meadows said the vicepresi- 30% 10% S&P500 the Federal Reservehas dent would take extraprecau- warned that banks could face tions as he maintains his sched- Trail S&P 20 as much as $700 billion in ule,including wearing amask 0 loan losses if the economic re- andsocial distancing. 10 covery takeslonger than ex- National security adviser ContinuedfromPageOne pected, making the group a RobertO’Brien, noting the –10 inal terms,but still greater 0 potentially riskyplay. Pences have tested negative, than theS&P 500’sdividend “The economic recovery is said the campaign eventswere yieldofabout 1.7% and more -10 –20 likely to be tooslowtojust than triple theyield of the 10- S&P500 divein”to even deeply dis- year U.S. Treasurynote. -20 counted shares because of S&P500 Dividend The vice president Even so,that hasn’t been Aristocratsindex –30 ProShares S&P500 their dividend yields,said enough to persuade investors -30 Dividend Aristocrats Simeon Hyman,global invest- has tested negative who have yanked morethan ETF ment strategist at ProShares. and decided against $40 billion from global divi- -40 –40 Several dividend aristocrats dend-focused mutual andex- 2007'10 '20 Jan. 2020 have managed to outperform quarantining. change-traded funds in 2020 Note:2020figureisasofOct. 23. not just the group but also the through Wednesday, according Source:Dow Jones Market Data S&P 500 this year.Target to datafromEPFR.That sur- Corp., which has adividend passes the morethan $3 billion ing to S&P DowJones Indices. come to viewthat dividend as Other companies within the yield of 1.7%, is up 25% in the essential travel. that waspulled during the Still, anumber of investors asource of stability in their in- energy industry, including year to date. Lowe’s Cos., “Freeelections arethe foun- same approximateperiod in said that, even among the divi- come,and we take that very RoyalDutch Shell PLC and BP which has adividend yield of dation of our democracy, so I 2019.With the newcoronavi- dend aristocrats, therecould seriously,” he said. PLC,have cut their dividends nearly 1.4%, has risen 44%. thinkcampaigning and voting rus having upturned the econ- be cuts on the horizon. Some investorssaid traders this year.Neither is in the div- Stocks trading at higher prices areabout the most essential omy,manyinvestorshavein- Mr.Sherry, who manages already areplacing betsona idend aristocratsindex. typically offer lowerdividend thingwecan be doing,” Mr. stead sought returns from several funds that invest in potential dividend cut. Activity Adividend cut or suspen- yields,while those trading at O’Brien said on CBS. highflying tech stocks amid value stocks and companies in the options market implies sion could ramp up selling lowerprices tend to have SenateDemocratscriticized worries that manyofthe long- with robust dividend yields, Exxon’sdividend will fall more pressure on Exxon, said Bill higher dividend yields. Mr.Pence’splan to preside over established dividend payers sold Exxonshares this year than half by this time next McMahon,chief investment Because bond yields have the chamber on Mondayeve- aren’t guaranteed to deliver in when he noticed the company’s year,said Michael Khouw,chief officer of activeequity strate- fallen so much in the past few ning forthe confirmation vote the coming year. cash flow worsening and as the investment officer of Optimize gies forCharles SchwabIn- years, manycompanies al- of Mr.Trump’sSupreme Court “You had morevolatility in oil-pricefight between Saudi Advisors. “With companies vestment Management. ready offer dividend yields nominee,JudgeAmy Coney the dividend spacethan you Arabia andRussia intensified. that have abnormally high divi- “The thing that [Exxon] that exceed those of ultrasafe Barrett,saying he should be normally do,and Ithink that Exxonhas had to take on debt dends,something is usually go- needstoweigh is that the government bonds.Atthe quarantining instead. turned alot of investorsoff,” to coverits payouts, raising ing to give, and moreoften people whoare invested in close of trading Friday, about “Their carelessnesswith the said RichardSherry, aportfolio questionsabout the sustain- than not it’sthe dividend,” he that stock arereally therefor 70%ofS&P 500 companies health and safety of their col- manager at Kayne Anderson ability of itsdividend strategy. said. the dividend,” Mr.McMahon had dividend yields abovethe leagues and Capitol employees Rudnick. An Exxon spokesman said in He said Chevron Corp.also said. 10-year Treasuryyield, com- mirrorstheir carelessnesswith Only onecompany, Ross an email that the companyhad looks vulnerable given itsdebt Some analystsare advising paredwith nearly 48% at the thehealth and safety of Ameri- Stores Inc., has been removed ahistoryofproviding inves- load and the challenges the en- yield-seeking clientstofocus end of last year,according to cans during this crisis,” Senate from thedividend aristocrats tors with areliable and grow- ergy industryfaces.Chevron moreoncompanies with sta- DowJones Market Data. The Minority Leader Chuck indexthis year aftersuspend- ing dividend. “A large portion didn’t respond to arequest for ble balancesheetsand atrend yield on the 10-year Treasury Schumer (D., N.Y.), wroteina ing itsdividend payout, accord- of our shareholder base has comment. of dividend increases,rather settled Fridayat0.840%. lettertoDemocratic colleagues. P2JW300000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** Monday, October 26, 2020 | A5 U.S. NEWS Facebook to Restrict Content in Conflicts Over Vo te

BY JEFF HORWITZ Facebook executives have minishing their exposureto anywidespread attempt to reg- with rules it announced last chances of violenceorcivil un- AND DEEPA SEETHARAMAN said they would only deploythe sensationalism, incitementsto ulatecontent is likely to pro- year to prevent election inter- rest in the wake of this elec- tools in direcircumstances, violenceand misinformation, voke further scrutiny. ference. Democratshavesaid tion,” Facebook CEO Mark Facebook Inc.teams have such as election-related vio- said thepeople familiar with Facebook earlier this month Facebook hasn’t done enough to Zuckerberg told Axios last planned forthe possibility of lence, but that the company the measures.But slowing wascriticized by manyRepubli- prevent misinformation from month. Facebook’sglobal head trying to calm election-related needs to be prepared forall down thespread of popular spreading and has been overly of communications and policy, conflict in the U.S. by deploying possibilities,said the people fa- content could suppresssome deferential to the right. Nick Clegg, told USATodaythat internal tools designed forwhat miliar with the planning. good-faith political discussion, The tools could alter Facebook regularly makes the companycreated “break- it calls “at-risk” countries,ac- Thepotential moves include aprospect that makes some changes to itsalgorithms to in- glasstools” in the event of a cording to people familiar with an across-the-boardslowing of Facebook employees uneasy, what tens of millions crease engagement and penal- crisis,though he declined to the matter. the spread of postsasthey some of the people said. see when they log izebad actors; those moves are discussthem. Theemergencymeasures start to go viral and tweaking “We’vespent yearsbuilding seldom announced unlessthe Thecompanyalso developed include slowing the spread of the news feed to changewhat forsafer,moresecureelec- onto the platform. companydeems they areinthe leversitcould use to better viral content and lowering the typesofcontent userssee,the tions,” Facebook spokesman public interest. control content ahead of the bar forsuppressing potentially people said. Thecompanycould Andy Stone said. “We’veap- Facebook executives have 2018 midterm elections,includ- inflammatory posts, the peo- also lowerthe threshold forde- pliedlessons from previous previouslysaid the company ing turning off recommenda- ple said. Previously used in tecting the types of content its elections, hired experts, and cans,including President waspreparing forarangeof tions forFacebook groups. countries including Sri Lanka software views as dangerous. built newteams with experi- Trump,after it slowedthe possibilities related to the Most of these potential mea- and Myanmar,they arepart of Deployedtogether,the tools ence acrossdifferent areas to spread of NewYork Post arti- election but haven’t detailed sures,which people familiar a larger tool kit developed by could alter what tens of mil- preparefor various scenarios.” cles related to JoeBiden’sson, those plans. with themattersay were less Facebook to preparefor the lions of Americans see when Facebook already has critics Hunter Biden. Thecompany “Weneed to be doing every- concretethan those discussed U.S. election. they log ontothe platform, di- from both political parties,and said the action wasinkeeping thing that we cantoreducethe this year,weren’t deployed. Campaign Apps Rally And Track Supporters TheTrump and Biden cam- PRATT PROVIDES paigns have each developed apps aimed at rallying support- ersand swaying votes, but they also collect dataontheir usersand their friends,accord- ing to aWall Street Journal analysis.

By Robert McMillan, Kevin Poulsen and Emily Glazer 10,000 Thetwo apps collect and gather information about the people whodownload them, and about the users’ friends andacquaintances,according to aJournal comparison of theirfeatures,some of their code and messages sent. Most AMERICAN FAMILIES of the app activities happen with user consent, although both apps have featuresthat givethe campaigns waystoac- quiredataonusers’ friends and acquaintances without no- tifying those people. TheOfficial Trump 2020 WITH WELL-PAYING appisinpart an organizing tool and asocial network.It canbeused forfundraising andtocollect dataonusers, such as their location, accord- ing to the analysis.The cam- paign app forJoe Biden,called Vote Joe, engages in some data GREEN-COLLAR collection—information about itsusers’ contacts, forexam- ple—but is atool to mainly or- ganizevolunteers, getout the vote and persuade people to support the Biden campaign, theanalysis shows. Theapps areareflection of MANUFACTURING thedigital betsthe campaigns have placed and the idiosyn- crasies of this year’s election cycle.President Trump didn’t campaign for10days afterhis coronavirus diagnosis became public.Mr. Biden, the Demo- cratic nominee,for months limited in-person campaigning because of virus-related pre- JOBS cautions. In addition, social-media companies aremoderating speech around the vote.Face- book Inc., Alphabet Inc.’s Google and TwitterInc.are limiting or altogether banning most political ads around Nov. 3and have takensteps to label or removepoststhat could in- citeviolence, suppressvotes or violateother policies. “Politicians arebasically trying to circumvent anykind of reliancethey have on social- media companies,” said Samuel Woolley,anassistant professor Anthony Pratt at theUniversity of Texas at Austin. AJournal analysis of the datatransmittedbythe apps Chairman of Pratt Industries showsthe Trump app collects location dataonits users &The Pratt Foundation through mobile platform pro- vider Phunware Inc.and has the ability to geofence, or iden- tifyuserswho attend apartic- ular event or travel to apartic- ular location with the app installed on their device. ATrump spokeswoman de- clined requeststocomment on the app. Roohi Rustum, the Biden Pratt Industries is one of the largest corrugated campaign’snational relational director,described itsapp as an organizing hub that helps boxmanufacturers in the United States. mobilize effortsfor voterreg- istration, especially with friends and family.She said the www.prattindustries.com app could help reach groups, such as recent immigrant com- www.prattindustries.com munities,with newly regis- teredvoterswho areoften un- tapped in traditional campaign organizing. Another Biden aide said the campaign sees no need to ac- tively trackwherepeople are through the app. P2JW300000-0-A00600-1------XE

A6 | Monday, October 26, 2020 THE WALL STREET JOURNAL. U.S. NEWS Gatherings, Eased Limits Fuel Spread

BY SARAH KROUSE while also stressing the impor- tance of mask wearing, social The coronavirus is spread- distancing and getting a sea- ing across the U.S. for a num- sonal flu shot. ber of reasons,including fam- CamarinZanger,22, went ily and social gatherings back to the gyminSeptember ranging from dinner parties to aftermonths of closures and is

weddings, as well as eased gradually returning to her pre- AN/REUTERS

shutdown restrictions nation- pandemic powerlifting GU wide. strength regimen in the hopes BING Formonths during the pan- of becoming a paid athlete. People prepared to self-administer Covid-19 saliva tests in Moorhead, Minn., as area cases continue to rise. demic,Natasha Miller,chief Earlierinthe pandemic she executiveofthe SanFran- lived with her husband and perienced surgesaswell as in Morethan half—52%—of cisco-based event company mother-in-lawaswell as an lessdensely populated loca- 2,000couples with wedding U.S. Daily Cases ported record one-daytotals of Entire Productions, has dealt 80-year-old relative, which tions that Covid-19 hadn’t yet dates between April and Au- newinfections on Saturday. Illi- with cancellations of in-person meantthe family wasunable reached. gust rescheduled their recep- Again Near 84,000 nois logged morethan 6,100 events and clients shifting to to have guests. Nowthe couple Thereare nowmorecases tions,according to aspring cases, while Michigan reported virtual gatherings. Recently, have moved intotheir own per 100,000 people in nonmet- survey by TheKnot website. nearly 3,500. Ohio recorded more however, requests for in-per- apartment in Lone Tree,Colo., ropolitan counties than there By September,inaseparate The U.S. added nearly than 2,800 infections, while Colo- son gatheringshaveincreased. which has given them more are in metroareas, according survey of more than 680 cou- 84,000 coronavirus cases for rado and Oklahoma each re- A Los Angeles client asked freedom to resume some nor- to aWall Street Journal analy- ples with weddingsscheduled the second straight day on ported morethan 1,820 cases. her companytoplan a30-per- mal activities. sis of Johns Hopkins Univer- between that month and Janu- Saturday, with new infections NewMexico and Alaskaalso re- sonHalloween party complete They joke that masksare sity and Census Bureau data. ary, 35% said they were post- coming in barely below the sin- ported record one-daytallies. with large-scale lighting,mod- likeunderwear—you can’t That is a shift from earlier in poning their events. gle-day record set the previous Hospitalizations in the U.S. els wearing body paint and leave home without it. the pandemic. In Minnesota, the state- day. approached 42,000 on Satur- characters that walk around. Arecent tweet from the Mayors of the largest towns health department said last Saturday’s total of 83,718 day, according to data from the Attendees will get rapid tests Colorado health department in South Dakotathis month week it had identified 77 cases new cases marks the second- Covid Tracking Project. It was before entering. about rising case numbers, wroteanopen lettertothe directly linked to awedding in highest single-day count after the fourth straight day with “I don’t want to be the per- however, made her fear that public, asking people to wear the stateinlateAugust. In the record 83,757 infections more than 40,000 Covid-19 pa- son who has planned or par- gyms might be forced to shut masks when social distancing Maine,therewere178 cases logged Friday, according to tients in hospitals. ticipated in anykind of super- down again. isn’t possible and keep social and eight deaths linked to an data compiled by Johns Hop- Globally, more than spreader event,” she said. “My hope is the gyms don’t gatherings to small groups. Aug.7wedding and reception kins University. The U.S. has 42.6 million people have been Public-health officials in the close, but if it’s because peo- Weddingsare one form of in the northern part of the reported nearly 8.58 million in- infected, and about 1.15 million West said they aretrying to pleare dying youdon’t want gathering that areslowly re- state as of last week, accord- fections in total, with the have died, according to Johns balancenot being toostrin- to be selfish,” she said. suming with varying degrees ing to aspokesman forthe death toll nearing 225,000. Hopkins. gent with measures meant to The virus is spreading in of social distancing and mask- state’sCenter forDisease Con- At leastseven states re- —Chun Han Wong mitigate the virus’sspread, places that have previouslyex- wearing. trol and Prevention. Halted Virus Ad Campaign Leaves Santainthe Cold

Afederal health agency not be happening,” and HHS wasrecorded by Mr.Erwin and Journal that it would focus on a halted apublic-servicecorona- SecretaryAlexAzarhad no provided to the Journal. “I can- variety of topics including urg- virus advertising campaign knowledgeofMr. Caputo’sout- not wait to tell the president,” ing minorities to participatein funded by $250 million in tax- reach discussions,anHHS Mr.Caputosaid at another Covid-19 clinical trials.The payermoney afteritoffered a spokesman said. Mr.Caputo point about the plan. “He’sgo- work statement said “the vast specialvaccine deal to an un- didn’t respond to requestsfor ing to lovethis.” majority of the funds” were ex- usualset of essential workers: comment. Mr.Erwin said on the call: pected to be spent between Au- SantaClaus performers. Ric Erwin, chairman of the “Sinceyou would be doing gust and January. FraternalOrder of Real Bearded Santaaserious favor, Santa ThreeDemocratic leadersin By Julie Wernau, Santas,called the news “ex- would definitely reciprocate.” the House of Representatives James V. Grimaldi tremely disappointing,” adding: Mr.Caputosaid: “I’m in, last monthcriticized the cam- and Stephanie Armour “This wasour greatest hope for Santa, if you’rein.” paign, questioningits timing Christmas 2020,and nowit Mr.Caputocontacted Mr.Er- just before anational election. As part of the plan, atop looks likeitwon’t happen.” CK win afterhehad testified at an Thecontract wasawarded on TO Trump administration official Thedecision comes as the HHS advisorymeeting in late Sept.1. wanted the Santaperformersto Covid-19 spread continues to August urging early vaccina- Mark Weber,HHS’sdeputy

promotethe benefitsofa accelerateinmost states,and SHUTTERS tions forperformersportraying assistantsecretary, said the A/

Covid-19 vaccination and, in ex- thevaccines areunlikely to be EP Santa, Mrs. Claus and elves.Mr. campaign has no political com-

change, offered them early vac- broadly available to the public O/ Caputotold Mr.Erwin on the ponent. “Thereisnoroom for cine access ahead of the gen- beforethe holidayseason. ALZ call that the administration political spin in the messages SC

eral public,according to audio Theadeffort wasintended LO planned to hold regional events and materials designed by HHS recordings. Those who perform to “defeat despair,inspirehope with featuresincluding “beauti- to help Americans makein- JIM as Mrs. Claus and elves also and achievenational recovery,” A top administration official wanted Santa performers to promote a fuleducational films” to drum formed decisions about the would have been included. according to awork statement Covid-19 vaccination and, in exchange, offered early vaccine access. up awarenessahead of acoro- prevention andtreatmentof TheDepartment of Health reviewedbyThe Wall Street navirus vaccination drive. COVID-19 and flu,” Mr.Weber andHuman Services said Fri- Journal. It wastoinclude tele- Mr.Azarhas “ordered a lateAugust, Mr.Caputotold Mr.Caputosaid he wanted said in astatement. daythe Santaplan would be vision,radio,online and pod- strategic reviewofthis public Mr.Erwin of the Santagroup Santas to appear at rollout Without avaccine,the Santa scrapped. Thedeal wasthe cast announcements. health education campaign that that vaccines would likely be events in as manyas35cities. group’sMr. Erwin said, he brainchild of the official, Mi- Thepublic-relations blitz be- will be led by toppublic health approved by mid-November In exchange, he said the Santas plans to cancel all but one so- chael Caputo, an HHS assistant gantofizzle aftersome celebri- and communications expertsto anddistributed to front-line would getanearly crack at in- cially distant Christmas book- secretary, who took a60-day ties shied away from participat- determine whether the cam- workersbeforeThanksgiving. oculation. ing this year.Hesaid nearly medicalleave last month. The ing,aformer WhiteHouse paign serves important public “Ifyou and your colleagues In September,after the con- 100 Santas had volunteered for rest of the campaign nowisun- official said, amid concerns that health purposes,” HHS officials arenot essential workers, I tract award wasdisclosed on the HHS assignment. der an HHS review. the campaign would be viewed said in astatement. don’t knowwhat is,” Mr. USAspending.gov,Mr. Caputo —Suzanne Vranica TheSanta“collaboration will as political. In a12-minutephone call in Caputosaid on the call, which said in an interviewwith the contributed to this article.

later in the aftermath of the cession planning at South Ko- bestowedwith vicechairman. Samsung Korean War, leaving both with rea’s dynastic companies. He also faces ongoing legal adriving hunger to succeed, Samsung boaststhe world’s issues.Hewas convicted of said MikeCho,abusinesspro- fifthmost-valuable brand, ac- bribing South Korea’spresident Heir Faces fessor at KoreaUniversity in cording to Interbrand, trailing in 2017and spent nearly ayear Seoul, who has long followed only Apple,Amazon, Microsoft in jail. Thecase is still being re- Samsung as aSouth Korean andGoogle.But the company’s solved in an appeals court. Last Challenges corporate governance expert. branding has long emphasized month, prosecutors indicted It is unclear what drives Sam- product flourishes over the himagain forfinancial fraud. sung’sthird-generation leader, personalities of the people ac- Mr.Lee has denied wrongdoing. SAVE ContinuedfromPageOne he said. tually calling the shots. In recent years, Mr.Lee’s $170 under LeeJae-yong,Samsung “Jay Y. wasborn intoafam- Fluent in English, Lee Jae- business dealings, partly due has struggled as Chinese rivals ily which was by nature rich, yong did hobnob morethan to his father’s health and his matched it on featuresand and already established,” Mr. his predecessors after taking legal woes,havealso remained beat it on price. Amazon.com Chosaid. “He has averydif- over forhis ailing father.He low-key.Despiteholding close Inc.and Alphabet Inc.’sGoogle, ferent kind of education.” cultivated relationships with to $80 billion in cash, Sam- with greater expertise in ser- Little is expected to change Silicon Valley elite, including sung hasn’t pulled the trigger TOP vices than Samsung,have right away at theSamsung con- Apple’sTim Cook,and at- on anymajor acquisitions that launched popular home speak- glomerate, which spans dozens tended the well-known Sun could expand the businessem- ersorsmartphones. of affiliates in which Samsung Valley conference in Idaho. pire. Samsung last year did LeeKun-hee,who was78 Electronics is the crownjewel, announce more than $110 bil- yearsold when he died, was industryexpertssaid. Mr.Lee, lion in investmentsbythe end known formaking massive likehis father,leavesthe day- Theconglomerate of the decade,though the bets, even imploringexecutives to-dayoperations to three funds were largely earmarked to “changeeverything except Samsung Electronics CEOs, has failed to keep for existing lines of business. 12 foryour wifeand children.” In though anymajor decision What Mr.Lee has said pub- pace withrivals and is 1974, he wassosurethat Sam- must have his blessing. licly oftenexpresses adesire sung should ventureintosemi- HowLee Kun-hee’sshares struggling to evolve. to step out of his family’s WinesYou conductorsthat he invested his eventually transfer to his son shadow—and the past. During Need to Try personal money to buy a50% or two daughtersremains un- the bribery scandal, he prom- stake in thefinancially trou- known. South Korean officials ised lawmakersduring a2016 bled KoreaSemiconductor. areexpected to assessthe in- In asign of his and the legislativehearing to “throw Plus His father,Lee Byung-chull, heritancetax—which could be company’sstanding,Mr. Lee away the old ways.” the founder of the nascent Sam- as high as 60% forthe Samsung wasthe only non-U.S.execu- Earlier this year,Mr. Leeis- 3BONUS Bottles sung conglomerate, eventually shares—over the next months. tive invited to a White House sued arareapologyoverthe waspersuaded. It proved to be Mr.Lee has previouslysaid gathering of industry leaders bribery scandal and other is- game changing: in the 1990s, he spends about 95% of his with then President-elect sues related to his succession, Samsung Electronics leap- time focused on Samsung Trump,just weeks afterthe promising he wouldn’t pass froggedJapanese rivals and Electronics,the conglomer- November 2016 election. down his role to his children. nowmemorychips represent ate’smost valuable arm. Mr. His father’s poor health Buthedidn’t specifyhow he the company’sbiggest cash cow. Lee’ssistersare unlikely to long dissuaded Mr.Lee from would pass control to profes- Aclear management style battle their brother forcontrol making morepublic appear- sional managers rather than has yettoemerge forLee Jae- of Samsung Electronics as ances, all the more important his ownchildren, as his father yong—who goes by JayY.in chairman, though they could given South Korea’sculturefa- and grandfather had done. the West—and is 52, trilingual seek to spin off other partsof voring tradition and hierarchy, “The environment that sur- and Harvard-educated. the conglomeratefor them- Samsung insidershavesaid. rounds Samsung now is com- His father and grandfather selves,said Park Sang-in,a Until his death, LeeKun-hee pletely different from what it Go to wsjwine.com/now 2WSJW1907 oversaw Samsung during the professor at Seoul National held the title of Samsung Elec- wasbefore,” Mr.Lee said at Japanese colonial period and University,who studies suc- tronics chairman. His son was the time. P2JW300000-6-A00700-1------XA

THE WALL STREET JOURNAL. ****** Monday, October 26, 2020 | A7 WORLD NEWS Chileans Vote to Change Charter Opponent Of Maduro Constitution drafted during amilitary Flees to dictatorship is defeated in referendum Madrid

BY RYAN DUBE BY JUAN FORERO AND KEJAL VYAS Chileans overwhelmingly votedtochangetheir dictator- Afteryearsofjail and ship-eraconstitution in arefer- house arrest, Venezuelan op- endum on Sunday, beginning a position leader Leopoldo Ló- processthat could upend the pez, aprominent figure in the politicallandscape in one of movement to overthrow Presi- Latin America’swealthiest na- dent Nicolás Maduro’sauthori- tions amid asocial backlash tarian regime,isinSpain re- against the status quo. united with his family after More than 78%ofChileans having fled his homeland in votedtodraft anew constitu- what his aides called adaring tion, versus almost 22%who escape. want to keep the same charter, The mentor to U.S.-backed according to the national elec- opposition leader Juan Guaidó tion agency. GES and a conduit to U.S. officials “This is historic,” said Roger IMA seeking to removeMr. Maduro Figueroa, a32-year-old in San- from powerhad been holed up GETTY tiago, wherethousands of peo- in the Spanish ambassador’s ple sang and wavedflagsinan residenceinCaracas since emblematic plazatocelebrate fleeing house arrest during a HERNANDEZ/

theresults. “This isn’t only a O failed militaryuprising in

benefit forus, but forour chil- CEL April 2019.

dren, grandchildren and the MAR He pledged to fight on to generations to come.” Chileans have long been polarized over the current constitution. The new constitution will replace the 1980 charter that was drafted restore democracy in a coun- Chile,acountryof18million during the military dictatorship of Gen. Augusto Pinochet. The constitution writing will coincide with next year’s presidential election. tryhobbled by acollapsed people,isset to begin atwo- economyand the migration of year processtodraft anew foundation foryearsofstability “Indigenous people aren’t five million Venezuelans. constitution, aperiod that po- and robust growth by provid- simply seekingrecognition,” “Venezuelans,this decision litical analystsand economists ingstrong protections forpri- said Mr.Millaleo,who is Mapu- has not been asimple one,” expect will be rifewith uncer- vate property and enshrining che.“What they want is more Mr.Lópezsaid in aTwitter tainty.Votersare expected to central-bank autonomy. power, and they canget that post lateSaturday.“Be as- elect in April a155-member as- But critics sayitisillegiti- through morecollective sured that this servant canput sembly to draftthe newchar- matedue to itsorigin in abru- rights.” up the fight from anyplace.” ter, which will need to be ap- taldictatorship that tortured President Sebastián Piñera, Mr.López, 49 yearsold, left proved in aplebiscitein2022. andkilled thousands of leftist S aconservativebillionaire, has the rambling ambassador’s

Half of the newly elected dele- activists. They sayithas been a PRES long opposed writing anew residenceinaquiet, affluent

gateswill be women. Thecon- straitjacket on social reforms TED constitution but agreed to hold neighborhood in the eastern

stitution writing will coincide by preventing changes to the CIA areferendum last year to re- end of the city and made his SO

with next year’s presidential country’smarket-friendly eco- AS storestability. way to Aruba, said one person election. nomic model, which led to While demonstrations were close to Mr. López and famil- Thenew constitution will re- large protestslast year. FELIX/ mostly peaceful, some protest- iar with his departure. placethe 1980 charter that was “The constitution has dam- erstorched subway stations, The person said Mr. López TEBAN

draftedduring the militarydic- aged the political system,” said ES looted supermarkets and de- stopped in Miami on his jour- tatorship of Gen. AugustoPino- Claudia Heiss, apolitical scien- stroyed hotels and restaurants, ney to Madrid, wherehis fam- chet. He took powerinacoup tist at the University of Chile. quo boiled over last October, rights. causing billions of dollarsin ily—including his wife, three that ousted then-President Sal- “It created averyrigid political when aprotest by high-school Salvador Millaleo,alawyer damage. Morethan 30 people children and his parents—re- vador Allende,aMarxist whose system and disenchantment studentsovera3-cent increase at the National Human Rights were killed in the protests. sides. 1970election and subsequent among people over the capacity in subway fares expanded to in- Institute, said indigenous Mr.Piñera’scenter-right co- “It’sanoperation that’s nationalizations of industries forpolitical change.” clude hundreds of thousands of groups,which represent about alition has been split over their been in place for months,” he turned Chile intoaCold War She said anew constitution people in nationwide demon- 13% of the population, see a support foranew constitution. said about howMr. López battleground. will likely expand social rights, strations. chancetoexpand their legal Joaquín Lavín, aright-wing abandoned the residence. Chileans have long been po- while giving futuregovern- Their demands included rightsoverland ownership and mayorofanimportant Santi- Aperson close to the Ma- larized over the current consti- mentsmoreroom to implement abolishing the privatepension- cultural issues. agodistrict who is considered a durogovernment said Mr.Ló- tution. While other Latin Amer- policies without worrying that fund system, which wasalso TheMapuche,Chile’sbiggest toppresidential contender in pez was allowed to escape to ican nations have been racked the Constitutional Tribunal, the implemented during the Pino- indigenous group,has often 2021, votedinfavor of anew facilitatedialogue with the Eu- by financial turmoil in recent country’stop court, will strike chet regime,toincreasing state clashed with the forestryin- constitution. ropean Union, which has tried years, manyChileans credit them down as unconstitutional. investmentsineducation and dustry in southern Chile over —Maolis Castro to revivefreeand fair elec- their charter forlaying the Anger with Chile’sstatus strengthening indigenous itsenvironmental impact. contributed to this article. tions in Venezuela. EU Would Apply Lower Threshold to Clear a Va ccine

BY DREW HINSHAW approveaCovid-19 vaccine tive. Seasonal flushotssome- being debated ahugeamount. lantic underscorethe diver- the first quarter of next year. even if it showedaso-called times fail to protect even half People arequitecautious about gent approaches European and “Authorization will be TheEuropean Union’schief efficacy rate below50%, as of the people who receivethem. rushing intoapproval of avac- American agencies aretaking, granted when the evidence drug regulator would approve long as the shot were safe Whether regulatorsshould cine,” said Martin McKee,pro- even when giventhe same shows that the benefitsofvac- avaccine against Covid-19 even enough to justifythe benefits. approveaCovid-19 vaccine fessor of European public data, as several vaccine candi- cination are greater than any if trials showedthat it wasef- That line of thinking differs that shows lowerefficacyre- health at the London School of dates near the finish line. risks of the vaccine,” the EMA fectiveinlessthan half the from the FDA, which expectsa sultsisapitched debateamong Hygiene and Tropical Medicine. With four Western candi- said. “They will have to show people who take it, lowerthan shot to demonstrateatleast a some immunologists, who “You need to have both high up- dates in late-stageclinical tri- that vaccines also have an ac- the threshold the U.S. Food and 50% efficacyrate. Approval by worryamediocreshot—which take and high efficacy. Youneed als,the race forthe firstap- ceptable safety profile.” Drug Administration is likely to the EMA is valid in all 27 will only be available to asmall to have both. And that’sthe proved vaccine is entering its TheEMA is looking to ap- apply in assessing vaccine can- countries in the EU,aswell as percentageofthe population at concern at the moment, partic- final stretch. proveaCovid-19 vaccine for didatesfor the U.S. population. some neighboring countries first—will erode public trust in ularly because there’sahigh EMA officials said they are what it calls conditional mar- According to officials at the and in the U.K. until it formally vaccines without doing much level of distrust in vaccines.” cautiously optimistic that at keting authorization akin to European Medicine Agency, leavesthe bloc on Dec.31. to stop the pandemic. Thecontrasting assess- least one vaccine will become the FDA’semergencyuse au- thebody would be willing to No vaccine is 100% effec- “This is something that is mentsoneither side of the At- broadly available sometime in thorization.

contagion, the continent will Daily confirmedCovid-19 avoid another lockdown. New Wave be left with a choice between cases, seven-dayrolling Francehas become the a return to lockdowns or let- average worst-hit countryinEurope’s ting the pandemic take its second wave,with average Of Virus course,with potentially disas- 35,000 daily infections rising by nearly trous effectsfor overstretched 50% in the past week.Although health-care systems. 30,000 France the recent death toll is much Hits Europe So far,however, deaths from U.K. lowerthan this spring,nearly 25,000 Covid-19’ssecond wave area Spain half of the country’sintensive- fraction of Europe’sheavy care beds arenow occupied by ContinuedfromPageOne death toll in March and April. 20,000 Italy Covid-19 patients, according to itiesgreater powers to impose Many recently infected people Germany French health authorities. social-distancing and emer- have no or only light symp- 15,000 “The epidemic is reacceler- gency health-care policies. toms.Earlier detection and ating very strongly,” President Daily confirmed infections treatment, as well as improved 10,000 Emmanuel Macron of France in Europe,which overtook the public awarenessand medical said while visiting ahospital U.S.’s daily detected infections knowledge, arehelping contain 5,000 in a Paris suburb on Friday. during October, are threaten- the number of severely ill cases. In Spain, another focal ing to overwhelm European But doctorsand public- point of Europe’ssecond wave, 0 countries’ capacity to test, health expertswarn that un- the government imposed ana- traceand isolatevirus carri- controlled contagiion eventu- April June Aug. Oct. tionwide curfew between the ers, leading authorities and ally will revivethe pressureon Source:European Centre forDisease Prevention hoursof11p.m. and 6a.m. and health expertstowarn that hospitals that led to ashort- and Control limited social gatheringstosix the pandemic could intensify. ageofintensive-carebeds in people.Socializing and night- Governments are hoping last- some of Europe’shardest-hit hardtostomach politically, lifehavebeen among the main ditch measures such as curbs cities this spring.Some hospi- too. causes of Spain’srebound in on socializing and nightlife tals in Madrid, Paris and other Italy, the epicenter of Eu- virus cases.“Thesituation we canreducecontagion again hot spotsare warning of an rope’sfirst wave,managed to areliving in is extreme,” without strangling Europe’s unsustainable rise in patients. reduceinfections to fewer Prime Minister PedroSánchez economic recovery. Thesecond wave of infec- than 200 a day this summer, of Spain said. A dramatic reversal of for- tions,combined with the butisnow struggling with an European governments tunesinrecent weeks has un- piecemeal return of social-dis- explosiverebound. Confirmed have increasingly lost hope of dermined Europe’sapparent tancing restrictions,isslowing infections surpassed 20,000 on crushing the contagion curve achievement in curbing conta- Europe’seconomic recovery. Sunday, as the government im- and areinstead aiming to keep gion through economically So far,most of Europe has posed itstoughest restrictions infections at a tolerable level painful lockdowns this spring. avoided the two most draco- on daily lifesincethe country that avoids overwhelming the Covid-19 infections were sig- nian featuresofthe conti- ended itslockdown in May. health-caresystemuntil an ef- nificantly lowerthan in the nent’s lockdowns this spring: Thelatestmeasures,due to fective vaccine comes along. U.S. this summer,but have re- compulsory stay-at-home or- runfromMondayuntil Nov. “The objectiveisnot to bounded because of factorsin- ders, and the closureofall 24, include the closure of all bring the contagion curve cluding shortcomings in test- nonessential businesses.Al- barsand restaurantsat6p.m., down to zero,but to bring it ing and contact-tracing though those measures helped the suspension of manysport- under control,” Italy’s Mr. systems,fatiguewith social- suppress the pandemic’s first ing and leisureactivities,and Conte said on Sunday. distancing precautions and a wave,they also pitched Eu- areturn to online lessons for Detected cases have also particular relaxation of behav- rope intoits deepest economic high-school students. Prime risen strongly in the U.K.,Po- ior among younger people. contraction of the post-World Minister Giuseppe Conte ac- land and Germany, which had If Europe’sescalating re- WarIIera.Inmanycountries, knowledged rising popular until recently kept the virus un- strictions,fromcurfewstolo- public frustration and fatigue frustration but said the mea- der bettercontrol than other caltravelbans,fail to slow have made renewedlockdowns sures were the only way to majorEuropean countries. P2JW300000-0-A00800-1------XA

A8 | Monday, October 26, 2020 THE WALL STREET JOURNAL. WORLD WATCH WORLD NEWS U.S., India Seek To Counter China With Military Pact

TheU.S.and India areex- and satelliteimagery, enhancing pected to sign akey military the accuracyofautomated agreement this week,bolster- weapons,drones and missiles, ing cooperation in the Pacific theIndian officials said. and Indian oceans to counter Besides India, Mr. Pompeo an increasingly assertive is visiting Sri Lanka, the Mal- dives and Indonesia. By Rajesh Roy The enhanced cooperation in New Delhi with NewDelhi comes at a and William Mauldin time of heightened tensions

S in Washington between India and China along their Himalayanborder,where PRES China, Indian officials said. the nuclear-armed neighbors TED Thesatellite-intelligence have deployedtens of thou- CIA

SO pact will be completed during a sands of troops with artillery

AS visit by SecretaryofState Mike since adeadly hand-to-hand Pompeo and Defense Secretary clash in mid-June. INGHE/ Mark Esper to NewDelhi, In- “In the current scenario of AS

AR dian officials said, part of an the border standoff with

AM annual gathering with their In- China, geospatial intelligence dian counterpartsonTuesday. andreal-time images will be

GEMUNU Asenior U.S. defense offi- crucial for us,” one of the In- BANGKOK RALLY: Thousands of pro-democracy protesters gathered in Thailand’scapital again on Sunday, seeking to keep up pressureonthe cial didn’t confirm the planned dian officials said. governmentofPrime MinisterPrayuth Chan-ocha aday beforeaspecial session of Parliamentthatwas called to try to ease political tensions. signing,but cited significant Mr.Modi’seffortsto progress. He also said the strengthen ties with partner UNITED KINGDOM AFGHANISTAN POLAND POLAND pact, known as the Basic Ex- countries—especially the oth- changeand Cooperation ers in what is called the Quad Stowaways Detained Kabul Claims Killing Protests Held Over Prime Minister Says Agreement, or Beca, would group,Australia, Japan and Aboard Oil Vessel Of Al-Qaeda Official Abortion Restriction He Has Coronavirus “allowfor expanded geospa- the U.S.—arealigning with the tial-information sharing be- Trump administration’smuch British authorities detained Afghanistan said it killed a Women’s rights activists an- Polish PresidentAndrzej tween our armed forces.” moreassertiveapproach to seven stowaways on an oil topal-Qaeda propagandistonan gry over a tightening of Poland’s Duda says he feels well despite India’scabinet, which met China, said Harsh V. Pant, tanker a few miles from the FBI most-wantedlistduring an already restrictive abortion law testing positivefor the coronavi- under Prime Minister Narendra head of strategic affairsat English coast, after crew mem- operation in the country’seast, held protests outside and inside rus, and he apologized to every- Modi early last week,approved Delhi-based Observer Research bers called for help and locked showing the militantgroup’s churches on Sunday, disrupting one who mustquarantine be- the draftpact, setting the Foundation, which describes themselves in the vessel’s safe continued presencethereasU.S. Masses. cause theyhad contact with stagefor aformal signing,two itself as anonpartisan, inde- room, the ship’s operator said. forces work to withdraw. The actions followed a ruling him. Indian government officials pendent research organization The Liberian-registered ship, The reported death of Husam on Thursday by Poland’s consti- Mr.Duda, 48 years old, said privytothe development said. that promotes a“strong and called the Nave Andromeda and Abd al-Rauf,also known as Abu tutional court that declared in arecording published on Thepact would giveIndia ac- prosperous India in afair and operated by Greek shipping com- Muhsin al-Masri, follows weeksof aborting fetuses with congenital Twitterthathewas experienc- cess to advanced American map equitable world.” pany Navios Tankers Manage- violence, including asuicide bomb- defects is unconstitutional. Po- ing no Covid-19 symptoms “but ment, was en route from Nigeria ing by Islamic StateonSaturday land already had one of Europe’s unfortunately,the test result is to the Fawley oil refinery near at an education center near Kabul most restrictive abortion laws, absolutely unambiguous. Southampton, England. thatkilled 24 people. Meanwhile, and the ruling will result in a “I would liketoapologizeto U.K. special forces were in- the Afghan governmentcontinues near-complete ban on abortion. all those who areexposed to GES volved in the operation, a person to fightTaliban militants even as At the Holy Cross Church in quarantine procedures because IMA

familiar with the matter said. peacetalksinQatar between the Warsaw on Sunday, a group of of meeting me in recent days,” ETTY The stowaways boarded in twosides takeplacefor the first far-right nationalists blocked the presidentsaid. “If Ihad had /G Lagos, aspokesman forthe ves- time. The violenceand Mr.al- stairs leading to the entrance. A anysymptoms, please believe AFP sel’soperator said. As the ship Rauf’s reported killing threaten video posted from the northern me, all meetings would have SINGH/

approached Southampton, the the peacetalks. Polish city of Szczecinek showed been canceled.” H captain notified the U.K. coast Al-Qaeda didn’timmediately young women surrounding a Mr.Duda’sdiagnosis comes AS guard, and the stowaways issued acknowledge Mr.al-Rauf’s re- priest and yelling at him. amid ahuge surge in confirmed AK threats againstthe crew when ported death. The FBI declined Poland’s Catholic Church is of- newcases of Covid-19 and vi- SINGHPR

theyrealized the authorities had to comment. The U.S. military’s ten viewed by liberal Poles as a rus-relateddeaths in Poland, a H

been informed. The captain or- CentralCommand and NATO reactionary force standing on nation of 38 million thathad AS AK

dered the crew to the ship’ssafe didn’trespond to requests to the side of the country’s right- very lowinfection ratesinthe PR room, the spokesman said. comment. wing government. spring. Secretary of State Mike Pompeo and Defense Secretary Mark Esper —Benoit Faucon —Associated Press —Associated Press —Associated Press will complete the pact in New Delhi this week, Indian officials said,

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A8B | Monday, October 26, 2020 NY THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Monday, October 26, 2020 | A9 WORLD NEWS Belarus Protests Draw BroadSwath of Society

BY ANN M. SIMMONS around 60 miles northwest of the capital city of Minsk, Mr. Foralmost three months, Shakhnovich says he was ap- thousands of Belarusians from palled by theway riot police acrossthe social spectrum have treated protesters. joined weekly protestsdemand- He blames Mr.Lukashenko ing President Alexander Lu- forthe flood of young people kashenkostepdownafter 26 who have leftthe countryinre- yearsinpower, following an cent yearstoseek betterop- election in August critics say portunities,including some of was neither free nor fair. hisfriends.Government data Therallies oftenattract show annual emigration more morethan 100,000 people,who than doubled between 2014and contend that the victoryshould 2019 to almost 21,000 people have gone to opposition candi- from about9,200. JOURNAL dateSvetlana Tikhanovskaya. Mr.Shakhnovich feels They includeadisparateassort- REET strongly about building anew ST

ment of civil servants, manual LL Belarus and says it is his duty

laborers, tech professionals, WA to stay and makethe case for

studentsand pensioners. THE Mr.Lukashenkotostand down. What unites them is growing R “One of the most respected FO

anger with aleader who they U actsaman could undertakeis

saygoverns through fear,cro- CHA to accept defeat,” he said. RY

nyism and aruthlessdetermi- SA When firefighter Maksim nationtostayinpower. They Stashulionak warned his neigh- XIM

saythey arewilling to take the MA borsthe government wasplan- risk of standing against Mr.Lu- Maksim Stashulionak with his son Kostya, 3, at a forest near his apartment in Minsk. Mr. Stashulionak lost his job as a firefighter and was ning to removethe protest flags kashenko, despite thousands of evicted from state housing after he warned his neighbors the government was planning to remove the protest flags from their apartments. from their apartments, the au- arrests, reportsoftorture and thorities retaliated by firing actsofretribution over the contracting it himself. He has to the mining machineryon- she leftwork to look afterone events, she said. him from his post and giving past few months. suggested vodka and dry sau- line.Ittook lawenforcement of her two adult children, who “This year,our nation woke him three days to vacate the Officials didn’t respond to nasassuitable remedies and hourstofreehim, afterwhich suffersfromcerebral palsy and up and therewas an evolution rent-free government apart- requeststocomment on claims refused to limit border cross- he lost his job and the $1,500 a uses awheelchair.She says it of our country and of Belaru- ment he shares with hispreg- that the government mistreats ings or introducesocial-dis- month that came with it—a siz- is tough forthe family finan- sians in general, in their self- nant wife and child. itscitizens or takesrevenge tancing measures. able sum in acountrywhere cially.Their joint monthly al- consciousness, judgment and Thered-and-whitebanners against those who oppose it. Mr.Korzun, however, spent averagemonthly take home pay lowancefromthe govern- reassessment of values,” Ms. that have become asymbol of Yuri Korzun had ajob forlife 21 days quarantining at home is $458.Hewas subsequently ment amountstoaround $220. Martinovich said. protestwereused as the na- at Belaruskali, one of the when he wasinfected in Au- sentenced to 30 days in prison When she heardMr. Lukash- As ahigh-school student, tional flag beforeBelarus was world’s largest minersofpotash gust. Acolleague died after forparticipating in two unau- enko had claimed victoryinthe Vladislav Shakhnovich won a absorbed intothe Soviet Union. fertilizer.Herisked it by chain- contracting the disease,enrag- thorized demonstrations. Aug.9election with morethan prestigious presidential award Mr.Stashulionak said he ing himself to mining equip- ing him further. “I have no regrets,” he said. 80% of the vote,her anger forhis academic achieve- sympathizes with the demon- ment 1,000feet belowground “It wasincomprehensible to Tatyana Martinovich used to boiled over,she said. ments. But nowhesays he stratorsand had growndisillu- in aone-man protest against me,” Mr. Korzun said. “I real- work as acriminal investigator “It wasnonsense,” she said. can’t stand the sight of the sioned with the government. what he said wasMr. Lukash- ized that…I must do every- with Belarus’sinterior ministry. Sincethen she has attended certificate, carefully mounted “I don’tthink I’m guilty.I enko’s cavalier response to the thing to protest the fact that Foryears, she didn’t question almost all the Sundayprotests in ared binder,and is don’t think Ibroke the law,” coronavirus pandemic. he was president.” Mr.Lukashenko’srule.But the with her disabled son, who is ashamed of Mr. Lukashenko. he said. Mr.Lukashenkohas largely Mr.Korzun bought the hand- country’sdepleted economy 21 and has gained anew sense NowanEnglish teacher liv- —Valentina Ochirova dismissed the virus,despite cuffs he used to attach himself began to weigh on her when of purpose from attending the ing in the town of Smorgon, contributed to this article. Armenia, Azerbaijan AgreetoCease-FireAfter TalksinWashington

BY COURTNEY MCBRIDE commitmentsmade in Moscow foralong-term settlement. have assisted negotiations in tween the two former Soviet re- Zohrab Mnatsakanyanand Azer- earlier this month, will take ef- “It’snot just about an imme- their capacity as co-chairsofthe publics from expanding to the baijani Foreign Minister Jeyhun WASHINGTON—Armenia and fect at 8a.m. local time on Mon- diatecease-fire,” Mr.Suley- Minsk Group,established by the wider region. U.S. officials have Bayramov,who “reaffirmed Azerbaijan, which have spent day, according to ajoint state- manov said. “Cease-firelasted Organization forSecurity and expressed concern over possible their countries’ commitment to nearly amonth engaged in avi- ment. for26years, between 1994and Cooperation in Europe in 1992 interferencebyoutside parties implement and abide by the hu- olent conflict in the Nagorno- Ambassador Elin Suley- 2020.Itdidn’t producethe last- to facilitateapeaceful resolu- such as Russia and Turkey, manitarian cease-fire,” the na- Karabakh region,haveagreed to manov,Azerbaijan’senvoy to ing solution.” tion to the longstanding dispute. which have close links to Arme- tions said in ajoint statement. ahumanitarian cease-fire, the the U.S.,said Sundaythat his TheEmbassy of Armenia Sunday’sannouncement fol- nia and Azerbaijan, respectively. Theforeign ministersand the U.S. and the two Caucasus government is cautiously opti- didn’t immediately respond to a lows aseries of meetingsin Deputy SecretaryofState co-chairsagreed to meet again neighborssaid. mistic that thecease-firewill request forcomment. Washingtonaimed at preventing Stephen Biegun met Saturday on Oct. 29 in Genevatodiscuss Thecease-fire, based on hold,but emphasized the need TheU.S., Franceand Russia the long-simmering conflict be- with Armenian Foreign Minister along-term peacesettlement.

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Member Voices |Four of our membersrespond to the belowquestion: Areyou satisfied with the progress big digital platforms have made toward being moreaccountable in terms of brand safety and measurement?

Linda Duncombe Julian Jacobs Kevin Iaquinto Luis Va zquez

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“Wecan’t paint everydigital platform “Wehave along waytogo. Thepandemic “In my viewthereisstill much work “The pandemic hasbeen atesttosee how with the same brush–some organizations hasnot onlyaccelerated consumption and to do here. Thelarge digital platforms digital platforms approach brand safety. aredoing alot of good in this area,while audience growth on these platforms, but bear much responsibilityfor ensuring Thereiscredit to be giventothe industry othersneed to be moreaccountable when simultaneouslyopened up newopportu- consumer privacy,along with brand fortrying to prune away false information, it comes to safety and measurement. nities foradvertisers. Unfortunately, there safety and measurement. Theunintended mobilizesupportfor essential causes, Brands and consumersalikeare faced remains agap in the development and consequences of what hasbeen built are and educateadvertisersand publishers with the current worldweliveinwhere innovation behind brand safety tools and clear and morecontrol is warranted. on navigating throughthe crisis. Buta digital platforms aremoreimportant than capabilities. Advertisers, agencies and In order to stem the tide of future gapneeds to be filled to ensuredigital ever.The pandemic haseveryone looking creativesmustcome together–wehave regulations, moreproactive commitment platforms have the right measures to fordigital platform solutions likenever the responsibilitytodevelop educational in this area is going to be needed to ensure protect brand integrity. With data before–weall need and want to stay to shed light on this very issue in order to that brand advertising is as fraud-free, privacy at the forefront, thereremains connected. Clearly,keeping it as part gettowhereweneed to be.” safe and viewable as possible.” achallengefor our discipline to find the of the conversation and holding compa- right platforms that enable brands to 87

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A10 | Monday, October 26, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

“I wasworried my friends used to treat conditions such forbeauty treatmentsand Brazilians would makefun of me,” said as jawclenching.Inreality, products has grownevenas Luis Ferreira, a32-year-old many use it to treat their pa- the economyshrunk by are- pharmaceutical representative, tients’wrinkles—the subject cord near-10% in the second Resort who got a Botox treatment in of along-running judicial dis- quarterand the countrybe- July.Hesaid he had never putewith dermatologistswho came aglobal hot spot forthe spent so much time with his saythe dentistsare unquali- disease,registering morethan To Botox girlfriend beforethe pandemic fied. 150,000 deaths from Covid-19. and had learned alot about “I closed for three months Producersofeye creams, cosmetic treatmentsduring and my patients would hassle used to reducewrinkles and ContinuedfromPageOne theirlockdown. He nowrec- me everyday,asking me to dark circles,sold 30% morein zilians—manyonly in their ommends it to his male find away to inject them or go the firstsix months of this early 30s—have emergedfrom friends.“Itell them: ‘Do it, to their house,” said Márcia year compared with 2019, ac- lockdown convinced they need dude! It’simportant to look RositaGarcia, who has a cording to datacompiled for

cosmetic help. A good!’ ” beauty clinic in São Paulo. “A the Journal by the Brazilian “I couldn’t bear looking at ST Men nowaccount forabout lot of them ended up going to Association of the Cosmetic, CO

my faceany longer,” said A 20% of Ad Clinic’sBotox pa- orthodontists.” She said many Toiletryand PerfumeryIndus- DelizaCosta, a32-year-old tients, compared with 5% be- of her patientshad gone try. DELIZ sales executive, who had Botox Deliza Costa, 32, says seeing herself on videoconferences led her fore the pandemic,said Ms. through breakups during lock- Forsome image-obsessed injected in June.“It seemed to Botox: ‘It seemed like I was frowning the whole time.’ Medici. down and sawBotox as away Brazilians,facemasks and vid- like I was frowning the whole “When youtakeaphoto, to feel good about themselves eoconferencing have also pro- time. I ended up paying more While data on Botox injec- “I’venever done so much youpose to look your best,” again. vided the perfect way to hide attention to my face than the tionsthis year in Brazil isn’t Botox as Ihaveduring the said Ligia Kogos, adermatolo- Thestressofthe pandemic bruising and bandages from call.” yetavailable,dermatologists pandemic,and I’venever seen gist in SãoPaulo who has been itself has also worsened pa- moreserious treatments. Brazil wasaworld leader in andbeauty clinics in major so manymen coming in,” said injecting Botox intoBrazilians’ tients’ wrinkles as high Google searches forrhino- cosmetic treatments even be- cities such as SãoPaulo and Eliandre Palermo, head of the faces sincethe 1990s.But in amountsofthe stresshor- plasty,ornose jobs,havesky- fore the pandemic.With a Rio de Janeirosay they are SãoPaulo branch of Brazil’s videoconferencing,“yousee mone cortisol canaffect the rocketed in Brazil sinceMarch. fraction of the per capitain- carrying out around 20% to SocietyofDermatology, who your face there at the bottom skin’scollagen, said Kaliandra “I did lipo on my stomach come of rich nations,Brazil 100% moretreatments a has her own clinic in the city. of the screen, yousee yourself Cainelli, who has seen demand andlegsand gotbreast im- performed moreplastic sur- month than they did before Thenumber of newclientsin- speaking,working,your facial for Botox rise 20% at her two plants,” said Zoe Gardini, a45- geries than anyother country the pandemic. It is partly due creased by 60% during the muscles contracting.” clinics in Rio de Janeiro. year-old architect, adding that in the world in 2019,according to pent up demand, they say, pandemic, she said. With manybeauty clinics Dermatologistselsewhere the lockdown meant that she to the International Society of aftermanyestablishments Manymen were cajoled into closed during the height of the in cities such as LosAngeles didn’t have to take time off Aesthetic Plastic Surgery. For closed down in Marchand getting Botox by their wives pandemic,Brazilians turned to and London have also reported work to recover. “I’ve wanted nonsurgical procedures such April. However, they are also afterspending months cooped dentists. In Brazil, dentistsare rising interest in Botox,but to getimplantsfor awhile but as Botox,itranked third, be- seeing an influx of Botox first up together during lockdowns, authorized to administer Bo- the trend has been particularly when else canIgothree hind the U.S. and Japan. timers. Manyofthem aremen. dermatologists said. tox as the substancecan be pronounced in Brazil. Demand weeks without driving?”

paign and outside groups sup- Given their uncertainty Business porting him, morethan any over Mr.Biden’scoreideology, other businesssector,accord- business leaders are eager to ing to the Center for Respon- knowwhom he will appoint to Warms sive Politics.His topdonors key positions should he win. include Hollywood producer Mr. Biden has said he doesn’t Jeffrey Katzenberg, LinkedIn intend to name any potential To Biden co-founder Reid Hoffman, and cabinet nominees until after venturecapitalist Chris Sacca. the election. Businessisn’t monolithic, Liberals in the party would ContinuedfromPageOne andpolitical attitudes vary liketosee Ms.Warren receive way,” said Tim Adams, presi- considerably by industry and a plum role in a Biden admin- dent of the Institute of Inter- type of business. Of the politi- istration, along with progres- national Finance, which repre- caldonations flowing to Mr. sivestalwartsinCongress sentsglobal banks.“With Biden, Mr.Trump or to out- such as PramilaJayapal (D., Biden, what youhaveissome- side groups supporting them, Wash.), and Katie Porter (D., one who in manyways is a 81% of those from the securi- Calif.). Liberal groups have throwback to adifferent era, ties andinvestment industry also promoted Columbia Uni- who thinks about, ‘Howdoyou went to Mr. Biden, while 81% versity economist Joseph get things done?’ ” from energy and natural re- Stiglitz to head the National Asked howMr. Biden would sourceswent to Mr.Trump. Economic Council. deal with business, his allies Thedata, compiled by the Wade Randlett, aBiden GES describe him as pragmatic. Center forResponsivePolitics, fundraiser who is an executive IMA “Joe Biden is driven lessby covers reported donations at General Biofuels, a Califor-

the politics of the moment and through mid-October.Small- GETTY nia-basedalternative-energy morebywhich policies he be- business owners have tended company, said progressives lieves will be most effectivein to be much moresupportiveof probably overstatetheir lever- lifting up the middle class,” Mr.Trump than the CEOs of age with Mr. Biden given that MODEVILLA/

said JaredBernstein, an econ- multinationals, such as those SO they didn’t support him during omist who served under Mr. who answeredthe Yale survey. the primaryand “repudiated CHIP Biden when he wasBarack Joe Biden’s campaign raised nearly $750 million in August and September, a record. him and his ideas all the way.” Obama’s vicepresident, and ‘Wishful thinking’ CEOs,who were prominent still advises him. WhatBusinessWorries About in Mr.Trump’sfirst cabinet, What some call pragmatism Andy Laperriere, apolicy arelargely absent from Mr.Bi- looks to otherslikeanabsence analyst at CornerstoreMacro, Percentage of executives who saythese aretop policy-relatedrisksbasedonwho wins the presidency den’sinner circle,although of anyideological anchor, abrokerage firm, suggested in manyclose aides have worked making it hardfor outsidersto anotetoclientsthat expecta- U.S. corporatetax policy Trump Biden in the private sector, often as predict what side he will take tions a Biden presidency will Covid-19 pandemic response lobbyists. on any given issue. be good for stocks are “wish- “Biden has impulses,not fulthinking.” In another re- Health-care reform ideas,” said Michael Strain, port, he wrote: “Democrats Technology and data regulations Warren’s future head of economic policystud- have made clear they want to Businessleaderssay Ms. ies at the right-of-center take from the 1% and makethe U.S.-China businessrelations Warren as Treasurysecretary American Enterprise Institute. economyfairer to average Non-U.S.tax rules is the sort of appointment that Formanybusinessleaders, the workers. It’sunlikely the 1% would alarm them. People Newtrade agreements worryislessMr. Biden himself (which includes corporations, close to the campaign saythat than that he maybepulled left by theirway of thinking) are Sustainability&energy transformation is unlikely,not least because it by his party.“I’m not sureex- going to be left better off un- U.S. foreign policy could cost Democratsaseat in actly what he believes in,” said der those circumstances.” aclosely divided Senate, at one former Fortune 500 chief Mr.Biden’splans would U.S. immigration policy least temporarily,because the executive. cost $7 trillion to $12 trillion state has a Republican gover- over adecade,according to 0 10 20 30 40 50 60% nor who would choose an in- the Committeefor aResponsi- Source:PwC U.S. Pulse Survey conducted Sept. 29–Oct. 5 terim replacement. Stocks buoyant ble Federal Budget, a nonpar- Among the potential picks ForMr. Biden to raise taxes, tisan watchdog group. have contributed $14million Management and an adviser to During the primary, Mr.Bi- forTreasuryare three current implement his most ambitious Mr.Biden has tried to as- to his campaign and support- Mr.Biden when he wasvice den set agoal of net-zerocar- or former Federal Reserve of- climate policies or add a pub- suagebusinessleaderseven ing groups.Strengthening president. Theeconomic-brief- bon emissions forthe econ- ficials,say people familiar lic health-insurance option to while promising to transform theirhand with employers is ing processisoverseen by Mr. omyby2050,much less with the campaign. Lael Brain- Obamacare, Democratsmust the nation with one of the one plank in his platform. Sullivan, aformer national se- ambitious than Mr.Sanders, ard, currently a Fed governor both retain control of the most progressive administra- MarcPerrone,international curity adviser to Mr.Biden who targeted net zero for who served under both Mr. House of Representatives and tions since Franklin D. Roose- presidentofthe United Food and foreign-policyhand to Hil- powerand transportation by Obama and President Clinton, win control of the Senate. velt. At afundraising event at and Commercial WorkersIn- laryClinton,and campaign 2030.After Mr.Biden defeated and Roger Ferguson, chief ex- That prospect doesn’tseem NewYork’sCarlyle Hotel in ternational Union,said labor policy director Stef Feldman, Mr.Sanders, representatives ecutiveoffund manager to have bothered the markets June 2019, he made soothing hopes formoreworker- who was an aide to Mr. Biden of the two sides hammered TeachersInsuranceand Annu- so far. Stocks have remained overtures to the Wall Street fi- friendly policies and atougher as vice president. out a single “unity” platform ity Association of Americaand buoyant, in part on expecta- nanciers in attendance. Occupational Safety and Ms.Warren and Mr.Sand- that retained Mr.Biden’s2050 aformer Fedvicechairman, tions that aunified Demo- “Remember Igot in trouble Health Administration in aBi- ers had proposed the wealthy overall goal and added an in- would both be reassuring fig- cratic government means with some of the people on my den administration. But, he payapercentageoftheir terim goal of net-zeroemis- ures,businessleaderssay. morefiscal stimulus. Several team, on the Democratic side, added: “I thinkhe’ll have an wealth each year in tax. People sions in electricity by 2035. SarahBloom Raskin,afavorite private forecasters, including because Isaid, ‘You know administration that listens to familiar with Mr.Biden’scam- of liberals and aformer Fed Moody’s Analytics and Gold- what I’vefound is rich people both sides.” paign said he ultimately re- governor who served in Mr. man Sachs, estimate a Demo- arejust as patriotic as poor Mr.Biden is regularly jected awealth tax, not out of Goodwill erosion Obama’s Treasury, is more of craticWhiteHouse and Con- people,’ ” Mr.Biden said. “You briefed by ateam that in- ideologybut practicality. On paper,Mr. Trump’spoli- an unknown to business. gresswould lead to faster all knowinyour gutwhat has cludes progressiveeconomists Rather than createacom- cies aremorebusiness- Energy companies arere- economic growth than other- to be done.Wecan disagree in such as Mr.Bernstein and pletely new tax, he figured he friendly than Mr.Biden’s: He signed to moreclimateregula- wise,though some see him the margins, but the truth of Heather Boushey, head of the could raise revenue by raising has cut their taxes, weakened tion in aBiden administration, adding moredebt, as well. the matterisit’sall within our WashingtonCenter forEquita- the taxratethe rich payon regulations,particularly cli- said Kevin Book,head of re- Some conservativeeconomists wheelhouse and nobody has to ble Growth, aleft-of-center capital gains to that of ordi- mate-related rules,and put search at ClearViewEnergy disagree,predicting Mr.Bi- be punished. No one’sstan- think tank,and moremoderate naryincome,and eliminating a light-touch regulatorsinPartners, an energy analysis den’splanned taxincreases on dardofliving will change. figuressuch as Ben Harris,an provision that shields large as- charge of agencies overseeing firm. In Thursday’sfinal de- corporations,big banks,high- Nothing would fundamentally economist at Northwestern set bequestsbythe wealthy consumer protection, banking bate, Mr. Biden said he would income households and assets change.” University’s KelloggSchool of from capital-gains tax. and the workplace. “transition away from the oil would reducethe incentiveto Theremarks drew criticism Some of the goodwill gener- industry.” Yetmuch will de- work,saveand invest, curtail- from the party’s progressive Laying Their Bets ated with business by those pend on whofills key posi- ing future output. base. Still, Mr. Biden has con- policies andappointments, tions such as Environmental Contributions to presidential campaigns and relatedoutside In asurvey of about 100 tinued to say similar things. though, has been eroded by Protection Agencyadministra- groups,byindustry CEOs whoattended aYale An edit to a speech to sup- his trade actions against China tor. Mr. Book pointed to Gina School of Management confer- portersinPhoenix earlier this BIDEN and U.S. allies and the atmo- McCarthy, who headed the enceinSeptember, 77%said month. wastelling.The pre- Securities &investment TRUMP sphereofdivision and chaos EPAunder Mr.Obama and has they planned to vote forMr. paredtextread: “You’rethe that accompanies his eco- advised the Biden campaign, Communications &electronics Biden.Manyalso arevoting ones who actually built this nomic decisions. as someone the industryfelt with their wallets. Roger Alt- country, not the Wall Street Lloyd Blankfein,former listened even if they didn’t like Lawyers &law firms man, founder of investment robber barons or CEOs.” When head of Goldman Sachs Group her decisions. People close to bank Evercore Inc.and atop he delivered the remarks,he Inc. and a Democrat who was the campaign said MaryNich- Health Democratic fundraiser on Wall replaced “robber barons” with critical of both Mr.Sanders ols, chairwoman of the Califor- Street said, “Raising money is the more anodyne “bankers.” and Ms. Warren, tweeted last nia Air ResourcesBoard, is Real estate never easy.But raising money Jake Sullivan,senior policy month: “So far the stock mar- sometimes floated by Demo- forBiden by historical stan- adviser forhis campaign, said: ket doesn’t seem too upset at cratic operatives as EPAad- Construction dards has been very easy.” The “Joe Biden is acapitalist the prospect of Biden winning, ministrator. Biden campaign raised nearly through and through.” despiteTrump’smoremarket- Mr.Book said she would Energy &natural resources $750 million in August and Through a spokesman, Mr. friendly policies.Perhaps folks worryindustrybecause she September,arecordfor any Biden declined to comment for Transportation think their stocks and 401(k)s has “unflinchingly supported” presidential candidate. this article. will do betterwith higher the state’s“interventionist, Financial industries have Mr.Biden has been close to 010203040$50 million taxesand increased regulation heavy handed agenda.” A contributed morethan $50 unions sincehis firstSenate Note:Through Sept. 30 forcampaign committees, Oct. 15 foroutside groups than with nastinessand spokesman forMs. Nichols de- million to Mr.Biden’scam- campaign in 1972, and they Source:Centerfor ResponsivePolitics scorched earth.” clined to comment. P2JW300000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, October 26, 2020 | A10A GREATER NEW YORK Early Voters Met With Long Lines

Citysees arush of In 2019,New York Gov.An- drew Cuomo signed intolaw a citizens anxious to cast series of voting changes that ballots in person; ‘I was allowedfor early in-person voting acrossthe statefor the determined to come’ first time. Early voting in NewYork BY EMMA TUCKER state ends on Nov. 1, the Sun- day before Election Day. Hourslong lines snaked Poll workersatlocations in around sidewalks in NewYork the Bronx and Manhattan City as many citizens took ad- helped people followsocial- (2) vantageoftheir first-ever op- distancing guidelines once

portunity to vote forpresident they entered the buildings, REUTERS before Election Day. and they also wiped down vot- Y/

Mirroring arush acrossthe ing stations.Hand sanitizer KELL countrybyvoterswho want to wasreadily available; large

makesuretheir ballot is stickerswereplaced 6feet ANDREW counted, voters turned out in apart on the floor; and masks People waited Sunday outside an early polling place in the Bronx. Voters were socially distanced inside the buildings. the early morning hoursSatur- were available forthose not dayatmanyofthe 88 early- wearing their own. But poll nation, according to the voting locations acrossNew workers couldn’t do anything United StatesElections Proj- York City’s five boroughs. about crowds overflowing on ect, nearing the total number At RobertF.Wagner Middle sidewalks that they shared of those who votedearly in School on Manhattan’sUpper with passing pedestrians. the 2016 election. East Side,the wait wasaslong “I wasdetermined to come In addition to casting their as four hours, some people said. outhere, even though Iknew ballotsearly on voting ma- “The camaraderie in line, that probably in October and chines,manyNew Yorkers regardless of who you’re vot- November,wewould see asec- opted to showupinperson to ing for, wassoenthralling,” ond wave” of Covid-19,said Li- drop off their absentee ballots. said Edwin Forman, who said moreRicciardi, aNew Yorker Echoing President Trump,who he was willing to wait to vote whoshoweduptovoteata has said mail-in ballotscould in person because he worried Hunter Collegedorm on Man- be asource of widespread fraud whether his mail-in ballot hattan’sEast 26th Street wear- in this year’s election, New would be delivered and ing afull-body protectivesuit. York Republican party Chair- counted. “Wedidn’t talk about Experienced poll workers manNicholas A. Langworthy who we were going to vote for, said early voting turnout was released avideo on Thursday but we talked about howim- higher than it has been on encouraging “all NewYorkers portant voting is.” Election Dayitself in prior whophysically candosovote Voters also faced long waits years. Morethan 50 million in person.” Researchershave at some polling sites on Sun- Americans have cast their gen- said thereisnoevidenceof day. eral-election ballotsacrossthe widespread mail voting fraud. Businesses AreWarned to Brace forElection Protests

BY BEN CHAPMAN cording to the letter. the nomination of a newSu- arrested forcrimes connected property damageand vandal- rity andoperations for34th AND EMMA TUCKER “Due to the highly con- preme Court Justice. to the demonstrations,accord- ism. They gaveassurances that Street Partnership,agroup tested natureofthis year’s Large-scale demonstrations ing to NYPD officials. the NYPD is moreprepared that represents businesses in TheNew York PoliceDe- Presidential Election it is an- protesting policebrutality and Thesizeand frequencyof now, participantssaid. that area. partment hasadvisedbusi- ticipated that demonstrations, racism took placeinNew York protestshavelessened since TheNYPD in July began “Weare advising busi- nesses located in Midtown rallies and/or protestsmay City and other cities over the July, according to police offi- training its 35,000 uniformed nesses that, although there Manhattan to take additional arise,” the letter says. summer.While the protests, cials, but smaller demonstra- officers on responding to pro- could be large-scale demon- security measures in prepara- Policeofficials also dis- which drew tens of thousands tions in NewYork City areon- tests to prepare for the likeli- strations with the potential tion forthe possibility of cussed preparations in a con- of people, were mostly peace- going.Atleast three people hood of significant demonstra- for property damage, such as large-scale demonstrations ferencecall Wednesdaywith ful,some were accompanied were arrested at aprotest tions this fall, joining other broken windows,wedonot around thecoming presiden- leadersofManhattanbusiness by violenceand the destruc- against President Trump in departmentsaround the coun- believetherewill be looting in tial election, business leaders groups,according to people tion of property. ManhattanonThursday, the trythat arealso reviewing MidtownManhattan, nor do and police officials said. who participated in the call. Hundreds of businesses,in- officials said. strategies forpolicing demon- we recommend pre-emptively NYPD officials sent aletter The nation’s largest police cluding manyManhattan NYPD officials said on the strations. boarding up storefronts,” Mr. to businessleadersinManhat- department has forweeks storefronts in commercial ar- Wednesdaycall with Manhat- NYPD officials arealso pre- Ward said. taninforming them that the been preparing forthe pros- eas of Times Square, FifthAv- tanbusinessleadersthat the paring additional security Some businessownersin department is enacting prepa- pect of widespread unrest af- enue and SoHo, were damaged department didn’t anticipate measures at voting sites ahead lowerManhattansaid they are rations forElection Day“simi- terthe presidential election or looted aftersome protests. that the protestsoverthe sum- of Election Day, although the preparing forthe possibility of lar to those utilized during andthe U.S. Senatevoteon Morethan 300 people were mer would escalatetolooting, officials have said that police unrest following the election major planned events such as areaware of no specific,credi- as well. NewYear’s Eve, Macy’sJuly 4 blethreatstovoting processes Enzo Triolo,the owner of Fireworks and [the] Thanks- in the city. Sal’spizza restaurant in Man- giving Day Parade.” Robert Benfatto, the presi- hattan’sLittle Italy,said he Polling sites, including one dent of Hudson YardsHell’s would protect his establish- at MadisonSquareGarden, are Kitchen Alliance, anonprofit ment from damageatany cost near some of the businesses, representing businesses in the aftertwo front windows were according to the letter, which two Manhattanneighbor- shatteredduring the looting was sent Thursday night. hoods, said he participated in that followedsome of the pro- Theletter, which wasre- the call about election prepa- tests this summer. viewedbyThe Wall Street rations with NYPD officials on Mr.Triolo said his restau-

Journal, said businesses JOURNAL Wednesday. He said he felt rant has lost 75%inrevenue should moveorsecureitems confident that the department sincethe pandemic hit the city REET

such as street furniture, trash ST is betterprepared forany and he is struggling to stay in

cans and small plantersthat LL looting or property damage business. If looting and prop-

arelocated at sidewalks and WA that may occur. erty damageoccur around the

plazas adjacent to storefronts THE Some businesses in Mid- election, Mr.Triolo said he R

before the Nov. 3 election. FO town Manhattanhavealso in- would boardupthe restau- Themeasures aretoensure dicated that they plan to have rant’sfront windows and close

the safety of pedestrians LARICH plywood available,hireaddi- the shop early.

around polling locations and UZ tional security and modify “We’retrying to survive, allow more sidewalk space to KA closing times in preparation but if it happens again, we’re

prevent pedestrians from be- MARK forthe election, said Kevin going to be shut down in a ing pushed intothe street, ac- Traffic officers in Manhattan lastweek. The NYPD has been preparing forweeksfor potential unrest. Ward, vice president of secu- couple of months,” he said.

STATESTREET |BYJimmy Vielkind Republican Candidates Seek to Stand Apart From President

Republican 2014and lost his bid fora misdemeanor and felony contains about 20,000 more Jeanne Zaino, aprofessor BUYING THE BOOK: New candidates thirdterm in 2017. Mr.Asto- charges. Mr.Astorino and Democratic than Republican of political scienceatIona York Gov.Andrew Cuomo’s hoping to roll rino said his 2017losswas law-enforcement officials said voters,but morethan 50,000 CollegeinWestchester memoir about the coronavi- back gains largely duetoanti-Trump the lawhas prompted the re- nonpartisan voters. County,said the resonance ruscrisis sold three times made by New sentiment, but in his current lease of dangerous people Democratshaveattacked of alocal issue would be as manycopies in itsfirst York Demo- bid forastate Senateseat, he and contributed to rising Mr.Astorino’s associations key forcandidates likeMr. week on the shelves than cratsin2018 aretrying to is arguing to bring balanceto crime rates. with Mr.Trump.“Donald Astorino.She wasuncertain his firstbook has sinceit differentiatethemselves from astate government that is Mr.Harckham said in an Trump is not going to win if the controversial bail law waspublished in 2014. President Trump,who trails nowcompletely controlled by interviewthat Mr.Astorino this district, and whywould would be enough to break According to NPD Book- in polls in manydistricts. Democrats. voters send somebody to Al- through because the corona- Scan, people bought 11,800 Thequestion of whether “I don’t think it really mat- banywho spent the last 3½ virus pandemic and ques- copies of “American Crisis: voters will crossparty lines ters howpeople vote for GOP contenders yearsontelevision defending tions over the government’s Leadership Lessons From in down-ballot racesfor the president. They’regoing to Donald Trump’sdivisivepoli- response have superseded the COVID-19 Pandemic” in stateSenateand Assembly is take alook locally at the is- hope their stances on cies?” Mr.Harckham asked, most campaign issues. the week that ended Oct. 17. key forseveral contestsin sues and vote forsomebody stateissues will help referring to Mr.Astorino’s BruceGyory,apolitical TheDemocratic governor’s the Hudson Valley and on who has been therefor them work as atelevision commen- consultant at Manatt, 2014autobiographyhad Long Island. Expertssay it and worked acrossparty them breakthrough. tatorsinceheleftoffice. Phelps &Phillips LLP,said sold fewerthan 4,000 cop- will be difficult forthe GOP lines,” Mr.Astorino said, add- If anyone is in aposition Republicans likeMr. Asto- ies as of this summer. in most areas,but Republi- ing that several supportersof to shakeoff this kind of at- rino would have found a “American Crisis” last cans hope campaigns based former Vice President JoeBi- tack,itissomeone who is fa- morefavorable climateata week landed on aNew York on stateissues—including a den have volunteered to help wasengaged in fearmonger- miliar to voters likeMr. Asto- different time. Times bestseller list, and series of recent laws chang- his campaign. Mr.Astorino ing,and that the lawmade rino,according to LarryLevy, “Are voters coming with Mr.Cuomo has been on a ing the criminal-justicesys- said he would vote forMr. the criminal-justicesystem director of the National Cen- apredisposition to vote media tour to promotethe tem—will help them break Trump. fairer.The incumbent pre- terfor Suburban Studies at against all Republicans,or 308-pagetome,including a through. Mr.Astorino faulted in- dicted Mr.Biden would carry HofstraUniversity.Mr. Levy is it just Trump?” Mr.Gyory Thursdayappearanceon One example is Rob Asto- cumbent Democratic Sen. the district, which includes said Republicans will fare asked. “That’sthe $64,000 “The Late Showwith Ste- rino, aformer Westchester Pete Harckham forsupport- northern Westchester County, betterinexurban areas like question, and that’sthe phen Colbert.” County executivewho unsuc- ing a lawthat eliminated as well as partsofPutnam Suffolk County that arefar- gamble they took running cessfully ranfor governor in cash bail formost nonviolent and Dutchesscounties.It ther from city centers. this year.” [email protected] P2JW300000-2-A010B0-1------NS

A10B | Monday, October 26, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK Parents Say Key Questions Remain WATCH NEW YORK CITY BY LESLIE BRODY Officer Suspended Morethan amonth intothe ForPromoting Trump academic year,Mayor Bill de Blasio is citing NewYork The New York Police Depart- City’s success so far in reopen- ment said Sunday it has sus- ing schools as a prime exam- pended an officer without pay a ple of how the city can serve day after he was seen on video as anational modelonhow to saying “Trump 2020” over a pa- handle the coronavirus crisis. trol vehicle’s loudspeaker, a viola- Nearly all school buildings tion of department rules. areopen, and the district’s Commissioner DermotShea random virus testssofar have tweeted thatthe behavior of the found alow infection rate officer,whose name wasn’tmade among students and staff: 42 public, was“One hundred percent positivecases among more unacceptable. Period.” Officers than 33,000 tests this month, mustremain apolitical, he said. by city data. MayorBill de Blasio tweeted: Butmanyparentssay the “ANY NYPD Officer pushing ANY real measures of success—bet- political agenda while on dutywill terremoteinstruction and face consequences.” deeper learning—have yetto A message seeking comment materializeconsistently.Some was left with the union repre-

offer praise forprincipals and (2) senting patrol officers.

teachers trying hard to make GES Videospostedonsocial media

classes work,but also express IMA captured the officer bellowing his frustration that reopening lo- support of PresidentTrump from ETTY

gistics have gotten far moreof /G amarked policedepartmentSUV

the department’sattention, in ANO justbefore10p.m. Saturday. The IS

their view, than basics likeim- CC vehicle wasparked in acrosswalk

proving remotelearning and LO with lights flashing in Brooklyn’s attendance. Flatbush neighborhood.

Quality online teaching is MICHAEL —Associated Press “undefined, unsupported and The city hasn’t released attendance data. Parents also have concerns about grading and how to apply for selective schools next fall. unsung,” said TomLiam NEW JERSEY Lynch, a public school parent East Harlem. “The Department enrollment data. Parent lead- entswho chose the hybrid op- come shortly.Hesaid the pol- and education policy director of Education is behind the ersoffer anecdotal examples tion aren’t sending children to icyaims to givestudentsin- Stolen Police Cruiser at theCenter forNew York eight ball.” of drops in elementaryschool in-person classasmuch as ex- centives to stay engaged and Crashes in Brooklyn City AffairsatThe New Adepartment spokes- enrollment, which they pre- pected. “That’ssomething that take pride in their work,but School. He said some schools woman, Miranda Barbot, said sume reflectsfamilies leaving we want to resolve,” he said. also show understanding that A man who stole a police offer strong instruction, “but the city had to reimagine what the city or switching to Officials announced alooser manyhavesuffered trauma cruiser in northern New Jersey from asystems perspective public education looks like schools offering more in-per- grading policylast spring to during theCovid-19 crisis. led authorities on a pursuit into therehas been no clear vision during the pandemic, and the son learning. cover the difficult shift to re- Grading should balance“recog- New York City that ended when or guidancefor what consti- agencyissharing updates with In Manhattan’sDistrict 2, motelearning due to the coro- nizing what our community the driver crashed into a parked tuteshigh-quality online or families as soon as possible. forexample,some elementary navirus,upsetting parentswho andour studentsare going car, officials said. blended teaching.” Teaching and learning are “at schools have seen enrollment argued the newsystemwas ei- through, but also keeping some Frank Suarez, 31, of Bayonne, Parentsalso point to key the core of what we do,and decline significantly,said ther tooharsh or not strict standards in placesothereis was charged Sunday with reck- questionsthat remain unan- we’veprovided thousands of Maud Maron, amember of the enough. accountability,” he said. less endangerment, possession swered. What is the district’s trainingsand resourcesfor Community Education Council Children in public elemen- The city has yet to release of stolen property and grand lar- grading policy? How will stu- both blended and fully remote for District 2. tary schools,for example, application timelinesand re- ceny. It wasn’t known if he has dentsapply forselective settings,” she said in an email. The city must submit each would be marked “meetsstan- quirements forSeptember retained an attorney. schools fornextfall when they About 54% of the roughly school’shead count this dards” or “needs improve- 2021. Normally by this time in The incidentbegan late Sat- don’t have the typical grading onemillion children in New month to the State Education ment.” City officials said they the fall, families areusing urdayinBayonne, when police or statetest scores due to the York City’s school district have Department, which says it will sought to balanceflexibility such criteria to judgewhereto responded to an accident. One pandemic? Howmanystu- chosen to learn fully remotely, release the data in early 2021 with high expectations. apply.Inanother delay, offi- officer parked his cruiser, then dentshaveleftthe system? up from 30% in mid-August. after verifying it. Those relaxed standards, cials haven’t yetscheduled the laterdiscoveredithad been sto- How many are actually show- Those in hybrid programs typ- Thecity hasn’t said how and the lack of precision, wor- Specialized High School Ad- len. Officers soon tried to stop ing up? ically rotate into schools one manystudentsare currently ried manyhigh-achieving stu- missions Test forexam the vehicle at the Goethals Questionsongrading and to three days aweek.City De- showing up.The department dentswho wanted to use schools likeStuyvesant High Bridge, but authorities said Mr. admissions “could have and partment of Education offi- says it had to createanew spring report cardstocompete School. In thepast, the test Suarez refused to stop. Port Au- should have been addressed” cials saysome children still system to track studentsin forslotsinselectiveschools. forspecialized schools,which thoritypolicelater reported they beforethe school year started, lack devices such as tablets hybrid and remote models. Chancellor RichardCarranza determines admission, was in were pursuing the cruiser in said Kaliris Salas-Ramirez,a and more have been ordered. Mr.deBlasio on Thursday told parentsatavirtual town early November,with applica- Staten Island, and Mr.Suarez parent on the Community Edu- Thedepartment has de- said attendancedatawould be hall in Queens on Thursday tions forother high schools eventually crashed in Brooklyn. cation Council forDistrict 4in clined to release preliminary released soon, and some par- that guidanceongrading will due in December. —Associated Press P2JW300000-0-A01100-1------XA

CAREERS & LEADERSHIP PERSONALJOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, October 26, 2020 | A11 Y PERR

MICHAEL Matt Bohnhoff, left and below, with

(2); his daughter, Matilda. Michael Perry, above, says the transition to being a stay-at-home dad felt freeing. JOURNAL REET ST

LL For years, Ms. Martin had been

WA the default parent, a freelancer in

THE the Chicago area who was on call R to pick up sick children or shuttle FO

LM them to playdates. But now her

CO business was picking up. Ulti-

MAL mately, the couple decided it was her turn to focus on career. Her ADRIA

: husband, Jake Martin, left his job at the end of August. LEFT “Now it’s like, he has his role OM

FR and I have mine,” Ms. Martin says. “I can sit down at 8 o’clock and ac- tually think uninterrupted.” It isn’t easy to be the one The Dads Who forced to slowdownyour career. Afteryearsasastay-at-home dad in Albuquerque, N. M., MattBohn- hoff had been building up his Run Child Care work as agraphic designer and artist, finally hitting his stride by early 2020. When the pandemic took his During Covid wife’swork and his daughter Mat- ilda’sschool virtual, he struggled to find time to hunker down with his art. Soon, alocal gymwherehe’d Women have handled an outsize share during spent ayear painting amural the outbreak, but fathers have stepped up, too closed, and the landlordpainted over his work. Nowincharge of home-schooling WORK ents’ roles and choices.While far Matilda forthe year,he’sdiving &LIFE morewomen than men arepulling intolotsofhands-on art and sci- RACHEL back from their careersasaresult enceprojectswith her,and enjoying FEINTZEIG of the pressure, some families are the return of their one-on-one time starting to ask: Whynot dad? parenting after a job loss or wor- taking moregraduateclasses and together.But he worries about what Overall, 13% of fathers with chil- ried about exposure to the virus. pivoting intohigher education or this all means forhis career.“As or two decades, Thom Hof- dren under the age of 10 have con- Michael Perry, a 30-year-old museum work in the yearstocome. much as Ihavealways wanted to be man was a zookeeper, sidered stepping out of the work- dad in Mooresville, N.C., was plan- “Even when I go back to my ca- astay-at-home dad, I’ve also always working with penguins and force since the start of the Covid- ning to send his now 6-month-old reer, I want to make sure it’s not wanted to be an artist,” he says. flamingos. Then he was an 19 crisis, compared with 23% of daughter, Eleanor, to day care af- detrimental to the raising of my Forothers, financial concerns Faspiring veterinary assis- mothers of young children, accord- ter his wife’s maternity leave this daughter,” he says. weigh heavily.Laid off this spring tant, attending classes and ing to data from McKinsey & Co. spring. Leaving his job as a high Economists believe decisions from his job as arestaurant man- hunting for jobs following a layoff. and Lean In. The rate at which school history teacher never made now by people like Mr. Perry ager in SanFrancisco, 44-year-old Now he’s a full-time dad. men with school-age children have seemed like a real option. could have long-term implica- GaryDarst is stressed about making When the pandemic dried up left the pool of actively working “I just didn’t know how we tions—and not just for men. ends meet on his wife’sresearch lab work opportunities and kept his Americans grew by 50% from Sep- would make it work,” he says. “I Changes to the way couples split salaryalone.The couple has enough sons,one of whom has Down syn- tember 2019 to September 2020, didn’t know if I would be willing work and child care tend to stick from savingsand Mr.Darst’sunem- drome,home from school, the 43- compared with 19% for women, ac- to make such a drastic change.” and snowball, they note. If more ployment to last through the end of year-old SanDiegoresident decided cording to census data analyzed by But as the pandemic ramped up, men step up at home, more the year,but so far his job search it wastime to giveupthe job economist Misty Heggeness. he worried about the safety risks women might be able to dig hasn’t turned up much. search and focus fully on his family. “Even though women are being of heading back to the classroom. deeper into their careers, reducing Caring for 2-year-old Elliot has “Someone had to be home,” he hit more, husbands are stepping He and his wife, a psychiatric inequality at work. been the silver lining. Mr. Darst says. He misses working with ani- up in a way that they have not his- nurse practitioner, took a closer Lis Martin, the 39-year-old prin- has scoured the internet for pre- mals all day, but is also loving his torically,” says Titan Alon, an as- look at their budget and realized cipal and managing director of school activities, building indoor new role. “With the pandemic I sistant professor of economics at day care was only a few hundred branding and marketing firm State- obstacle courses and supervising think that I found a purpose out- University of California, San Diego. dollars cheaper a month than Mr. ment Communications, found her- finger painting. He’s ferried his side of looking for a job.” Some men say the pandemic has Perry’s take home pay. In July, he self having the same conversation son around town by bicycle and Thecurrent health, economic finally given them permission to resigned from his job. “At first it over and over with her husband, a watched him gain dozens of words. and child-carecrisis has families dial back their career ambitions in was a forcing mechanism,” he says trader,this summer.Their spring- “I will look back at it as a weighing newvariables—a looming a way they hadn’t allowed them- of Covid. But “making this jump time juggle—with him up at 4a.m., deeply weirdtime,” Mr.Darst year of distancelearning,day care selves to before. Others chose to has kind of been freeing in a way.” her working until 11 p.m., trading says.But he’salso treasured it. “I that could shutteratamoment’s stay home to prioritize a partner’s He’snow thinking about shifting off daytime shifts assisting their actually see him growing up be- notice—as they think through par- essential job, embraced full-time his career down the line,maybe daughters—felt unsustainable. fore my eyes.”

improve the work-from- better. “It’slessabout Working From home experience. having abest practice and moreabout knowing Home?Five Vetyour setup yourself and what you The best way to a better need,” she said. Strategies to workday is to put your home Some of her clients setup under a microscope, say they can’t stop MakeItBetter experts said, and fix what scrolling through head- isn’t satisfactory. “What I lines on social media, BY KATHRYN DILL usually recommend people which makes them feel do is focus on where they anxious and guilty about or millions of Americans, No- feel the most friction,” said wasting time. “I don’t Fvember will mark the eighth Brie Reynolds, career devel- think it’s helpful to not month of remote work. opment manager and coach read the news and pre- Some have adapted: A recent at FlexJobs. “Where are the tend that things aren’t survey of more than 4,000 people biggest pain points during happening around us,” working full time remotely during the day? Where do [work- Ms. Haskell said. the pandemic found that 65% ers] feel the most stressed Instead, she recom- would like to make the arrange- or the least comfortable?” mends setting aside ment permanent, according to time forreading the FlexJobs, a remote job listings site. Makespace news and checking so- But asurvey of morethan 12,000 A dedicated workplace helps cial media, especially if employees,managers, human-re- productivity, consultants it plays arole in one’s sourcesleadersand executives in 11 agreed. Improving your job.Afterward, take a countries released this month by home office, whether it is a short break and prepare Oracle and the advisoryfirm Work- whole room or a corner of a to return to work. placeIntelligencefound that seven table, can be as simple as in 10 people called this the most taking a moment to consider Understand expectations stressful year of their whether your chair is people organize meetings, emails, of work, go outside, stretch, have Now—almost a year into remote working lives; 41% said comfortable, Ms. Reyn- conference calls, workouts and lunch or just take a break. “It’s work—is a great time to ask your therenolonger wasa olds said. If private personal errands however they amazing what you can accomplish manager how things are going, Ms. distinction between space at home isn’t choose during the day. While this in a small amount of focused Reynolds said. Inquire about their personal and pro- 65% possible, try equipment works for some, others find them- time,” she said. short- and long-term goals and fessional lives. such as noise-canceling selves struggling to focus on indi- your manager’s expectations about “For so many peo- of those working headphones. vidual tasks. Heed your stressors when you are starting and ending ple, Round One of this remotely now want Eliminating clutter “At home, it’s not just that In September, the number of peo- the workday. whole scenario was the arrangement to also is crucial, espe- we’re trying to battle work dis- ple in the U.S. reporting signs of It is equally important to be up- fueled with adrena- become permanent cially in tight quarters, tractions, it’s also that we’re get- anxiety and depression through an front about your own needs, line,” said Karen Man- according to Wendy El- ting distracted by all the other online screening tool from non- whether it is a few hours to finish gia, vice president of lin, a workplace-pro- things we feel like we should be profit advocacy group Mental a project when you won’t be an- customer and market ductivity consultant. doing there,” said Ms. Mangia, Health America since the pan- swering calls or emails or a warn-

SE insights at Salesforce. “What I’m “Not everybody has an office with who recently published “Working demic began hit a high. ing at the beginning of a video

AU hearing so many people ask is, a door,” she said. “If you’re look- From Home: Making the New Nor- Rebecca Haskell, founder and meeting about a potential inter- KR ‘How long is this going to last?’” ing around and you see a bunch of mal Work for You.” chief executiveofJust Design Con- ruption. JON Whatever the answer, workplace piles—junk, laundry—is it serving She recommends setting a timer sulting,aworkplace-advisoryfirm “Transparency helps every- BY authorities agree that there are a you well?” for 30, 60 or 90 minutes of fo- in Oakland Calif., recommended thing,” Ms. Ellin said. “Give me the ION

AT few simple steps anyone—no mat- cused work, free of distractions that people identifywhat makes heads-up and let me know going in

TR ter their industry, seniority or Find your focus such as email, app alerts and them feel most stressed and how that you have a kid that’s napping US

ILL number of roommates—can take to Working from home lets many beeps from devices. After a sprint they canmitigatestressand feel and they’re going to wake up.” P2JW300000-0-A01200-1------NS

A12 | Monday, October 26, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP Now, How

To Get Yo ur POLITICSAND WORK Do employees have the FourthWind right to free political speech at work? After months of stress, here The bottom line Employers have wide latitude to limit are new ways to recharge as employees’speech, political or other- wise,thatmightoffend other work- the pandemic drags on ers, and theycan takesteps to re- strict those who do makepolitical statements. Thereare,however, someexceptions. BY ELLEN BYRON the pandemic, many Americans have been The details ooking yet again for an dealing with wildfires, Limitations on political speechinthe energy boost as the pan- hurricanes and droughts. workplacecan be confusing, and they demic wears on? You’re “Why are we expecting vary depending on whereyou work. not alone. everybody to be managing “The First Amendmentonly pro- L For many, a deep sense everything so well? This is hibits the governmentfromrestrict- of weariness is setting in, an unprecedented, compli- ing free speech—notyour employer,” caused by months of pent-up cated disaster.” says Jim Hendricks, counsel at Leech stress and the dread that winter Needs may be evolving, too. Tishman’s employmentand labor and rising cases of COVID-19 will At the beginning of the pan- practicegroup.“The companysets bring more disruption. Frustra- demic, meditation app Calm therules on whatisacceptable.” tion and anxiety come from rolled out additional resources to Public employees areprotected by many sources, including eco- handle stress and manage panic stateand federal constitutional pro- nomic hardship, conflicting atti- and anxiety, says Tamara Levitt, visions,while workersatprivate tudes toward social distancing the company’s head of mindful- companies aresubject to their em- and mask-wearing, difficulty bal- ness. Months later, the app is ex- ployers’rules on political speech. ancing work and online school- panding its selection of medita- One exception is if the privateem- ing, breaks in rituals and tradi- tions and other resources that Think twoyears ahead navigate that.” ployerreceives federal financial assis- tions, and uncertainty over when emphasize support. “Now we’re To feel betterright now, Rob The third step of Ms. Levitt’s tance. In those cases, the First a sense of normalcy will return. focusing on how to develop resil- Clark,anauthor and consultant winter self-care plan involves re- Amendmentapplies,but with condi- All contribute to mounting fa- ience and how to soothe our- who specializes in resiliency, viving hobbies that she loves but tions,saysattorneyMark Carey of tigue that makes recovery partic- selves as we move through un- suggestsimagining your lifein doesn’t usually have time for, in- Carey &Associates. Whatthe em- ularly difficult. certainty,” she says. two years. “If you’re looking to cluding personal writing and ployeespeaks about mustberegard- “Youcan’t count on surging refill thatreservoir,don’t focus composing music. “I’m going to ing amatter of public concern and be all the time,you’regoing to be Create a challenge on now,” he says. “This pan- be indoors mostly by myself until outside the scope of their job duties. depleted,” says Ann Masten, a To break out of aslump,Cami demic isn’t alifelong pandemic, April,” says Ms. Levitt, who lives Some states have political speech psychologist and regentsprofes- Ostman, amarriageand family it’samoment in time.” alone. “If at the end of that time protections.California’s labor code, sor of child development at the therapist based in Seattle,chal- Instead, imagine yourself in I could come out of that feeling forexample,prohibits employers University of Minnesotawho lenged herself to run10miles the future, after the pandemic is like I’ve become more skilled in from preventing workersfromen- studies resilience. “Surgecapac- every dayfor 10 days.For ac- over. “What will you be doing?” guitar, written some music and gaging in political activities or direct- ity” refers to the mental and countability,she posted her plan Mr. Clark says. “What have you gotten ahead on my book, it ing such activities or affiliations in or physical resourcesthathumans on her social-media accounts taken for granted that you will makes it so much easier to con- outside the office. Colorado,Louisi- draw on to surviveacutely and shared updatesofher prog- be so excited to get back to? Fo- template moving through that ana, Minnesota, Missouri, Nebraska, stressful situations,likenatural ress. “It gotmeout of my house cus on that—it’s the littlest time, like there’s something at Nevada, South Carolina, Utah and things and it brings you hope.” the end of it.” West Virginia also prohibit employers For Mr. Clark, sitting at a bar from retaliating againstemployees with a Guinness and listening to Don’t diss Zoom who participate in political activity. live music is his two-years-from- Even though the initial novelty But even wherepolitical speechis now vision. “Before, that was of virtual happy hours has worn protected, an employercan discipline just a Saturday night,” he says. off, the benefits of regularly in- or dismissanemployeeifthe politi- “Now, it would be so treasured.” teracting with other people of- fers an energizing boost and far Confront winter outweighs the annoyance of Ms. Levitt of Calm suggests a speaking to a screen, says Mr. multi-part strategy to confront a Clark. “Zoom has become a four- dread of the upcoming winter letter word—we say ‘I want to months further limiting activi- get my life back, enough with ties. She plans to buy “really this virtual stuff’,” he says. “But good” winter boots. “Being out- it’s never been truer that you get side in nature has so many nur- through things together and turing, redeeming qualities, and I build resilience together—you don’t want anything to impede can’t do it alone.” me from going out and being in Dr. Masten urges more inter- sunlight,” she says. action with friends, family and The next part of Ms. Levitt’s colleagues as the crisis wears on, strategy involves making a self- both when we need a lift and Employers canlimit political speech. care plan in advance of feeling when we suspect someone else isolated. She advises writing a might need a boost. “Human be- list of simple actions to help feel ings are recharged by positive calexpression interferes with the better right away, like going for connections with other people businessordisrupts fellowworkers. a walk, calling a best friend, or and I think we have to learn “The line of protection canbe turning on Netflix, she says. “We more about how to reach out crossedbecause whatone person need to plan for the moment when we need a lift,” she says. sees as political expression could be where we’re facing difficulty,” “Because we surge and get de- interpreted as harassmentorinsults disasters, Dr.Masten says.This fortwo hoursaday,10daysina Ms. Levitt says. “In those mo- pleted at different times, you by acolleague,” says Mr.Hendricks. surge capacity works well in row, and it completelyreset ments, when we’re already might feel better when other “It’s aline that’snebulous.” short-term emergencies,but to me,” says Ms.Ostman, an avid caught up in panic or anxiety, people in your family, friends or Consistency is key, he says.For managethe drawn-out, indefi- runner and author of “Second we’re not going to have the men- colleagues feel worse, and you example,ifemployees areable to nitespan of apandemic,renew- Wind: One Woman’s Midlife tal resources and strength to can help each other.” wear a“MakeAmericaGreat Again” ing these protectivesystems is Quest to Run SevenMarathons hat, theyshould be able to wear a critical forwell-being. “We all on SevenContinents.” “Black Lives Matter” pin, he says. have to be awareofhow de- Theproject wassouplifting And while the same rules should ap- pleted we areand whatthe thatshe asked her clientsto ply to the virtual workplace—such as signs of depletion are—it may crafttheir own10-daychal- meetings via videofromhome—Mr. be tiredness, trouble sleeping or lenges.One client cooked anew Hendrickssaysitmightbeharder for alow mood—and then youneed recipe every dayfor 10 days,an- an employertoprove thatapolitical to focus on whateveryou need other wrote1,000 wordseach expression in thatscenario wasin- to do to replenish.” she says. day. “It’snot to startsomething timidating or offensive. Now months into managing thatyou ‘should’bedoing,it’s Nearly three-quartersofhuman so many stressors, new ap- taking something thatyou love resourceprofessionals saytheir or- proaches are needed for taking to do and pushing it just alittle ganizations have prohibited political care of ourselves. Here is advice bit,” Ms.Ostman says. attireoraccessories in the work- from people who specialize in re- Running 100 miles over the place, according to arecentsurvey by silience on the best way to find course of tendaysgaveMs. Ost- the Societyfor Human Resource your second (or fourth) wind: man aneeded sense of accom- Management. But 80% saytheir or- plishment. She also gotasignif- ganizations haven’tset guidelines on First, it’s OK to not be OK icant boost from simply talkingabout politics at work. Even though we are all months spending time outdoorson “That’saproblem,” says SHRM into our pandemic lifestyles, it trails around other people,in- chief executiveJohnnyC.Taylor Jr. can still feel suddenly difficult. teraction thatshe realized she “With 17%ofworkersreporting being Missing a long stretch of rituals missed afterspending so much uncomfortable working with col- like birthdays, vacations, con- time alone at home.The 10-day leagues who hold differentpolitical certs, school events, prayer ser- structureofthe challengealso views,their leaderscan help reduce

TUTTLE vices and sporting events has a offered adailydose of control, tension and discomfort to create a cumulative, tiring effect, Dr. which is helpful amid so much betterworkplace.” JEAN

BY Masten says. “People have un- uncertainty,she says. “We don’t Employmentlawyerssuggest derestimated how draining this knowwherethe finish line of checking your companyhandbook for GES IONS

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THE WALL STREET JOURNAL. Monday, October 26, 2020 | A13 ARTS IN REVIEW

‘Trial of George Jacobs, Sr. for Witchcraft’ (1855), by Tompkins Harrison Matteson

make sense of these events. In- stead, a memorial wall naming the 25 dead asks us to pay tribute to “the innocent people lost as a re- sult of the witch trials” while “re- flecting on injustices—perpetrated then and now—as a result of igno- rance, intolerance, and fear.” Themoreweknow, though, the lesssatisfying it is to allude to explanations likeintolerance “then and now.” TheSalem phe- nomenon differed dramatically from earlier episodes of American witchcraftprosecutions in the number of accusations,the cen- trality of young women, the reli- anceonunseen “spectral” events, the invariant sweep of guilty ver- dicts, and the sparing of the lives of all who confessed. Fault lines and allegiances also need exploration, as Emerson W. Baker suggestsin“AStorm of Witchcraft.” Nearly athirdofthose named as witches were either min- istersormembersofministers’ families and relations.Six of the nine Salem judges were related to each other by marriage. On reli- gious matters,the local communi-

MUSEUM ties were so riven that in the years

SEX leading through the trial and itsaf- ES

Y termath, four ministersleftSalem amid controversy and contention.

PEABOD In addition, though the exhibi- tion barely mentions Indian war- THE fare, itseffectsweresignificant, as EXHIBITION REVIEW historian MaryBeth Norton has ar- gued in “In the Devil’sSnare: The Salem WitchcraftCrisis of 1692.” Hysteria That Made History One accused teenager,Abigail Hobbs,said that the devil had re- cruited her in Maine,wherethe BY EDWARD ROTHSTEIN struct our own analogies at the initially carried out in alocal tavern ours not for my own life for I wars with the Wabanaki and their Peabody Essex Museum’s “The Sa- and later,ascrowdsgrew, in the Sa- know I must die and my appointed French supportershad raged. The Salem, Mass. lem Witch Trials 1692” because lem Villagemeeting house (thus time is set but…if it be possible no region’sbattles included horrific very day brings new accu- the show’s main purpose is to illu- turning the trials intospectacles). A more Innocent blood may be atrocities, massacres and kidnap- sations. Eminent figures minate the events themselves, carved wooden cabinet is also on shed.” (Transcriptions of all hand- pings. Another accuser,Mercy are brought low. Confes- which began when two young displaybearing the initials of an af- written documents would have Lewis,lost parentsand manyrela- sions proliferate. But the girls, suffering from fits and vi- fluent married couple,Joseph and made reading them much easier tions in an attack.Some testimony specifics of each case sions, accused three women of Bathsheba Pope,who accused three for visitors.) about the devil’stortures also re- E witchcraft. Within months there neighborsofwitchcraft. Through these particulars we sembled accountsfromthe wars. hardly matter. Guilt is pre- sumed. The taint is systemic. were more than 70 cases of afflic- Twobeams of the original Salem piece together the strange mix of One more theme, hinted at here, Waves of righteous indignation re- tion attributed to supernatural jail areshown, suggesting the “bru- class and character among the ac- might also be expanded upon: that shape the landscape. causes, at least 169 accused talconditions” within the 1684 cusers and accused; the “witches” the sheer awfulness of the trials The Salem Witch Trials of 1692 witches (male and female) and 25 structure, but morerevealing is an ranged from classic caricature—el- led to a profound counter-reaction, are both thoroughly bizarre yet ee- deaths in prison or at the gallows. invoicewrittenbyWilliam Dounton, derly women living alone—to fig- paving the way for the American rily familiar. They are invoked For the museumthis is alocal the jailkeeper,outlining his costsfor ures of great property and promi- Enlightenment. One example: Bath- whenever hysteria seems to run affair,which is whymost artifacts, providing boardfor the purported nence like the Salem merchant sheba Pope, aside from being an wild or evil is supposedly being including documents, handwritten witches along with his servicefee. Philip English (who escaped to accuser of witches, had a sister, purged. In 1741, they were recalled testimonyand possessions of par- Thenames listed include an accused New York, but never succeeded in Abiah, who became the mother of when rumors of a slave revolt led ticipants, come from itscollection mother and her newborn daughter, having his estate fully restored). Benjamin Franklin. Within a single to white riots in New York. Before and the holdingsofits Phillips Li- who both died in the jail, along with But by the autumn of 1692, it was generation we pass from darkness the Revolutionary War, Bostonian brary. Theorganizers—curators Giles Cory, alocal man who offered already clear to many that some- into light. loyalists compared rebels to witch- Dean Lahikainen and Paula Richter, testimonysuggesting his wifewas a thing had gone awry. In 1697, we hunters. Arthur Miller, in “The and librarians Dan Lipcan and Hi- witch, but waslater himselfindicted learn, one of the court’s nine Crucible,” used the trials as an laryStreifer—provide an overview, and pressed to death by stones be- judges, Samuel Sewall—seen here The Salem Witch Trials 1692 analogy for McCarthyite anti-Com- with close looks at about adozen cause of his refusal to respond; in a 1733 portrait by John Smib- Peabody Essex Museum, through munism. And regardless of the participants. “Moreweight,” he is supposed to ert—publicly confessed his guilt April 4, 2021 causes pursued, doesn’t the pat- Here, forexample,isahandwrit- have taunted the executionersnear over the trials; for the rest of his tern of passions seem uncannily tentranscript of the examinations the end. Another document, apeti- life he observed an annual fast day contemporary? of the firstthree accused, on March tion by the condemned Mary Esty, in repentance. Mr. Rothstein is the Journal’s We are generally left to con- 1, 1692. Such interrogations were is moving: “I petition to your hon- But the exhibition doesn’t really Critic at Large.

FILM REVIEW |JOE MORGENSTERN ‘Rebecca’:Off the Road to Manderley

hen a studio announces Wplans to remake a beloved Hollywood classic, it’s tempting to guess what they’re go- ing to do with it. In the case of “Rebecca,” a 1940 Alfred Hitchcock drama starring Joan Fontaine and Laurence Olivier, the remake wasn’t produced by a conventional studio but by Netflix, the stream- ing giant that sometimes threatens to replace Hollywood. Still, anyone who knows the Hitchcock film might have made the same guesses that Idid when Ifirst heardthe news.And we would have been right in the obvious ways, but hardput to imagine howunlovable the Netflix version Armie Hammer and Lily James, far left; Kristin Scott would be,and howitwould han- Thomas, left; and a scene from ‘Rebecca,’ above dle,or, rather,mishandle the es- sential element of feminism that wasimplicit in the original. will allow. powerrelationship at the center of The earlier film, which won an TheNet- the plot. Thehousekeeper,Mrs. Oscar for best picture, was an ad- flix film’s Danvers,ispivotal because,inher aptation—or “picturization,” as notable isolation and jealousy,she makes the opening credits quaintly put losses,how- Maxim’snew wifesomiserable that it—of a bestselling Daphne du ever,flow there’snopossibility of the latter Maurier novel. The production at- from paral- saving herself,let alone her mar- tained classic status because the lel power riage—until she finds the courage director was already a master of husband-to-be, Maxim de Winter what’s lost amid the failures,nei- to assert her placeinthe household his medium, the performances (Armie Hammer), in a luxurious vast rooms and long ther of and in Maxim’slife. Her turning were exceptional and the story hotel. Ardent and naïve, she’s the halls swarming with a them im- point in the Hitchcock film comes was appealing, even though Hitch- paid companion of an unpleasant huge staff is the fog- pacting when Danvers has been rattling on cock wasn’t a great fan of his own American dowager. Dashing but bound mystery of the place as it Manderley’s lightsoroverstocked about what Mrs. De Winter—mean- creation. He had butted heads with moody, he’s enchanted by her was visualized in the Hitchcock refrigerators. Thefirst one in- ing Rebecca—would or wouldn’t the producer, David O. Selznick; beauty and bright spirit, and pro- version. And what was once, in the volves an almost totalabsenceof have done.“I’m Mrs. De Winter found Olivier troublesome to work poses to her on the spot. Predict- days of the restrictive Motion Pic- electricity between Maxim and his now!” the heroine declares,and a with; felt the screenplay lacked hu- ably, the opulence quotient has ture Production Code, a delicately young wife. Howeverdifficult Lau- newchapter in her lifebegins. mor; and, as he confided to Fran- been redoubled, at the very least. implied lesbian relationship be- renceOlivier mayhavebeen in the It’saclassic line that bespeaks a çois Truffaut, didn’t consider the Monte Carlo glitters as it didn’t tween Rebecca and the menacing eyes of his director,hewas bril- feminist position long beforefemi- end result a Hitchcock picture. All before, and in color, of course, as housekeeper, Mrs. Danvers, is now liant onscreen; Maxim’storment nism found itsfull voice, but the same, audiences loved it for its photographed by Laurie Rose, clearly stated and yearningly re- and charm were intense in equal there’snotrace of it in the remake. gothic romance in which an un- rather than the black and white of called. That’s a gain, and all the measure. Joan Fontaine’shallmark Instead of growing from asweet named young woman is swept off the old production, which looked more so since Mrs. Danvers, the washaunted vulnerability,but she young thing intoastrong woman her feet by an older and extremely to be lower-budget than it was. pivotal character originally played brought stirring strength to the who is Maxim’sequal, this bride wealthy widower, then grows ob- Maxim’s modest MG roadster has by an almost impassive Judith An- role as her character gained confi- stays scared and vulnerable until sessed with his late wife, the Re- accordingly been upgraded to a derson, is now played by the excel- denceand maturity.Both Ms. close to the end, when the script becca of the title, whose memory gleaming 3.5-liter Bentley convert- lent Kristin Scott Thomas. With James and Mr.Hammer areskilled turns her implausibly intoasort of haunts her husband and blights ible that is better at holding the help from the screenplay by Jane performers, as well as attractive NancyDrewdoing detectivework their new marriage. camera, if not the road, as it zips Goldman, Joe Shrapnel and Anna ones,and they go through the mo- forthe husband she adores. In the remake, directed by Ben along the Grande Corniche. Waterhouse, Ms. Scott Thomas tions of apassionateloveaffair, Who could have guessed that

(3) Wheatley, the action begins, as be- Just as predictably, Maxim’s es- makes Danvers as sympathetic as but anypassion between them is the film with a modern perspec- fore, in Monte Carlo, where the tate in England, Manderley, has the housekeeper’s implacable hos- indicated rather than felt. tive on gender politics was the one

NETFLIX heroine (Lily James) meets her become superstately, though tility to the new Mrs. De Winter Thesecond failureturns on a made 80 years ago? P2JW300000-0-A01400-1------XA

A14 | Monday, October 26, 2020 THE WALL STREET JOURNAL. SPORTS Unlikely Hero Emerges ForRays

BY JARED DIAMOND

Arlington, Texas Acouple of hoursafter he deliv- ered the hit in Game 4that made him one of the most improbable World Series heroes ever,Tampa BayRays outfielder BrettPhillips told reportershow excited he was that his wife, Bri, wastheretosee it. “I’m glad Ididn’t have awalk- off hit in the last couple days be- fore she gothere,” he joked. Ashort while later,hefinally spoketoher on the phone. “Hey,wereyou there?” he asked S

her,still gasping to catchhis PRES breath. UMA

She figuredhewould ask that /Z question. She worried that he AX wouldn’t likethe answer.

So she braced forthe worstand MIREZ/D made her confession: “I sawit,” RA VID

she told him. “But we weren’t DA there.” Lionel Messi wanted to leave.Barcelona forced him to stay.Results haven’timprovedasthe club has already lost twoofits firstfiveleague games this season. Yes, Bri and her mother left Globe LifeField in the middle of the seventh inning Saturdaynight, beforeBrett looped the single into center field that will appear on AMessyEnd for Barcelona, Messi highlight reels forever. So instead, Bri sawthe last play from her hotel room, missing the chancetosee the most insane mo- After nearly breaking up this summer, the misery only deepened in a loss to rival Real Madrid ment of Brett’scareer with her owneyes. BY JOSHUA ROBINSON lineup. When he had to throw the to be known simply as TheBurofax, daily La Vanguardia earlier this Bri blamed the unseasonably dice late in Saturday’s game, he the official notarized letterstating week. “I asked Leo to hold on. The cold temperatures in North Texas The clock was ticking down in just substituted all three Barcelona Messi’sdesiretoseparatehimself Camp Nou must bear his name.” fortheir decision to leave,though the season’s first Clásico and Lio- forwards. from Barcelona. In the weirdest The frostiness that has settled she also admittedanother reason: nel Messi was suddenly back in his “We’ve suffered two defeats in year soccerhas ever known, this over Catalonia since then has “I really didn’t think they were go- element: the ball at his feet, room La Liga, but we have to continue wasbyfar the most surprising made the situation permanently ing to put him in” with the score to run, and charging at Real Ma- working in this direction,” Koeman turn. Barcelona wasthe only team awkward. When Barça terminated so close,given Brett’splaceasthe drid’s defense. If the past 15 years said. Messi had ever known as aprofes- the contract of forward Luis last man on the Rays’bench. have taught us anything, it’s that Messi has made it clear he isn’t sional. Barcelona had molded him Suárez a month ago, Messi took it She made it back to her televi- these are the moments when convinced. For nearly a year, he from ashrimpy 13-year-old prodigy personally. Suárez was his best sion in time to see the Rays send Messi makes magic. saw the writing on the wall. He’d intoashrimpy world-beater.Barce- friend on the team and, in his Phillips ontothe field as apinch Or at least he used to. Reality clashed with the Barça brass about lona had given him his stage. eyes, a loyal servant to the club. runner in the bottomofthe eighth. has developed a nasty habit of get- the club’s general direction. As he This is where the club’s invest- “You deserved a send off to When he stepped to the platein ting in Messi’s way lately. On Sat- watched a gilded generation of ment in Messi was saved by an un- match you: one of the most impor- the ninth with the winning runs on urday, during Barcelona’s 3-1 home teammates age, leave, and be re- likely source: the global pandemic. tant players in the club’s history,” base,she turned to her mom and defeat, it took the form of a bulky placed with inferior models, Messi Messi’s contract in Spain had Messi wrote in a rare Instagram said. “I think I’m going to be sick.” Real Madrid defender, who stole could sense the decline. He knew long included a clause that allowed statement. “Not to be kicked out “And then he did it. Everything the ball and knocked Messi to the last season his 20-year ride at Bar- him to break it unilaterally at the like they did. But the truth is that unfolded and Iwas screaming,” Bri turf. Yet that was still less humili- celona might need to end. normal end of a season in June. at this point, I’m not surprised.” said. “I wassoexcited, Ithink we ating than the reality he collided “I believed that the club needed Because the European soccer sea- Still Messi played on. What woke up everyone around us.” with over the summer: despite his more young players, new players son was interrupted in the spring choice did he have? He has taken stated intention to leave, a clause and I thought my time in Barce- and resumed in the summer, it some pleasure in mentoring Barce- in Messi’s contract meant he was lona was over,” Messi explained to wound up stretching into July. The lona’s precocious young striker, stuck at Barcelona for at least one Goal.com last month. problem for Messi was that the Ansu Fati, a freewheeling 17-year- more year. Saturday was another painful contract stated a specific date, not old from Guinea-Bissau. His own It might just be the worst Bar- reminder. After Barcelona con- “the end of the season, whenever game, however, remains short of celona that Messi has ever played ceded the third goal, Messi stood it happens to be.” If he wanted to the turbocharged frenzy the world for. in the center circle in a pose that leave, he’d have to find a club to is accustomed to. After five La The club has already lost twice has become all too familiar to the pay his release clause, just like in Liga games, Messi has one goal through five games, including Sat- club’s supporters: hands on hips, any other summer. and no assists. Though it’s early in GES urday’s disaster in front of 98,000 speaking to no one, and the same The price was set at €700 mil- the season, there is already a IMA empty seats. By Saturday night, it thousand-yard stare that was on lion ($830 million). There were no chance that Barcelona could finish

GETTY sat 12th in the standings, already display in all of Barça’s recent hu- takers. Messi had pinpointed all of outside of La Liga’s top two for the six points adrift of Real, and look- miliations—the 4-0 defeat at An- the problems Barcelona was facing first time since 2008. INEZ/

RT ing rudderless. First-year manager field two springs ago in the Cham- and now he would have to live “Winning matches shows that

MA Ronald Koeman is trying to build a pions League, the 8-2 thumping by them again for another season. you are on the right path,” Koe- D

AL team of ill-fitting pieces around an Bayern Munich this summer. “As club president I would have man had said before Saturday.

RON ill-tempered Messi, but is no It wasthe Bayern defeat, in par- acted differently,” Barcelona vet- Losing them only proves Messi Brett Phillips was the Game 4 hero. closer to identifying his strongest ticular,that set up what has come eran Gerard Pique told Spanish right.

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THE WALL STREET JOURNAL. Monday, October 26, 2020 | A15 OPINION How Free Speech Dies BOOKSHELF | By David A. Shaywitz

Facebook, over again their role in the clude,inthe form of clarifica- sion, applauding his rewriteof When Machines Twitterand “revolution” has been to define tions or footnotes,criticisms of the constitution and his sweep- Google chief virtue and justice, and unleash editorials or news items that ing powergrab. Itssupport for executives go the mob to denounceand con- were not in accord with the of- Chávez—even whileheverbally beforeaSen- demn the unrepentant. ficial government line.” abused and intimidated dissi- Miss the Point atecommittee Fidel Castrodidn’t become Replace “government” in dent voices in his regular,all- AMERICAS this week to dictator forlifeinCuba with- that diktatwith the word channels television appear- facequestions out help from island artists, “party” and youhavewhat ances—made it complicit in the By Mary The Alignment Problem about alleged writersand reporters, manyof looks eerily similar to demands regime’sassassination of free- Anastasia censorship. whom were later jailed or ex- by some American journalists dom of conscience. By Brian Christian O’Grady Thetech ti- iled. Thecautionarytale of the to silencecolleagues with Acombination of broad and (Norton, 476 pages, $27.95) tans areinhot “postscripts” forcibly inserted whom they don’t agree. arbitraryeconomic and regula- waterwith conservatives due intoCuban opinion writing tory powers beyond the scope n the mid-1990s, a group of software developers applied to increasing evidencethat and news in the earliest days of government in atruede- I the latest computer learning to tackle a problem that screeners, assigned to block of the Cuban revolution, with Hyper-intolerance mocracywereused to force emergency-room doctors were routinely facing: which offensivecontent, use their support from journalists, is compliancewith the regime’s of the patients who showed up with pneumonia should be powertoadvance apolitical worth revisiting. is a familiar path to agenda. Those who did not get admitted and which could be sent home to recover there? agenda. LikeAmericatoday, Cuba in tyranny throughout in line were ruined through An algorithm analyzed more than 15,000 patients and came Thehearingsmay heighten 1959 had no shortageofintel- thecancellation of broadcast up with a series of predictions intended to optimize patient thepublic’sawarenessofthe lectuals whose absolutist pas- Latin America. licenses,the denial of news- survival. There was, however, an oddity—the computer issue.But acultural soreisfes- sions were rivaled only by print, thecollapse of private- concluded that asthmatics with pneumonia were low-risk tering in Americaand it can- their self-righteousness. Dicta- economyadvertising andthe and could be treated as outpatients. Theprogrammers notbehealed with regulation torFulgencio Batistahad been According to Mr.Ripoll, blocking of access to govern- were skeptical. from Washington. corrupt and authoritarian. But when theCuban newspaper ment pressbriefings. Their doubts proved correct. As clinicians later explained, Theproblem, which is fa- the once-vibrant Cuban press Avancedeclined to print one of The last refuge for free when asthmatics show up to an emergency room with miliar in Latin Americaand avoided completeannihilation these so-called clarifications on thinkersiselectronic and so- pneumonia, they areconsidered so high-risk that they nowseems to be coming to a during his seven-year rule. press-freedom grounds,“it was cial media. In Cuba andVene- tend to be triaged immediately to moreintensivecare. It was theater near you, is anew “hy- When he wasgone,newspa- takenoverviolently by agroup zuela it is also censored. In this policy that accounted for their lower-than-expected per-intolerance” on the part of persexpected that government of employees who were sympa- dictator Daniel Ortega’sNica- mortality, the outcome that the upper classes,academics censorship would end. thizersofthe regime.” Twoof ragua, wherethe media is now the computer was trying to andthe media. This is scary Castrounderstood that free the paper’s editorsfled the mostly controlled by the state optimize. The algorithm, in because whereeffortsbyelites speech wouldn’t flyinthe po- country. or the businesses of the Ortega other words, provided the to silencedissent have suc- licestate he envisioned, but in In 1974, during Peru’s mili- family and friends,the regime wrong recommendation, but ceeded, thingshaven’t ended his firstmonths in powerhe tary dictatorship,something is set to approvenew cyber it was doing exactly what it well, even forthose who insti- continued to paylip serviceto similarhappened when leftist legislation that will criminalize had been programmed to do. gate them. What starts with democracyand knewbetter journalistshelped take over whatever the statedecides is The disconnect between canceling an opponent for than to march intonewsrooms the newspaper La Prensa. fakenewsonthe internet. intention and results—between some heresy almost inevitably with bayonetsand jackboots. Decades later Venezuela’s Journalistsworking forthe re- what mathematician Norbert leads to gagging civil society. He didn’t need to.Athis dis- HugoChávezalso strangled gime aredefending the gag Wiener described as “the Full-blown censorship is as- posal were useful journalists free speech with help from law. purpose put into the machine” sociated with totalitarian re- ready to do his dirty work by public intellectuals.Hecon- One is lefttocontemplate and “the purpose we really gimes using militaryenforce- attacking their owncolleagues. trolled statetelevision on Day what might have been in any desire”—defines the essence of ment. But diveintothe tragedy Carlos Ripoll’s 1985 book One of his presidency. But the of thesecountries had open “the alignment problem.” Brian of tyrannyinthe Americas and “Harnessing the Intellectuals” independent media presented a minds been ready to defend Christian, an accomplished youoften find, long beforethe documentsthe story: On Dec. challenge. Herehewas blessed open society.And to further technology writer, offers a consolidation of power, insidi- 26,1959,the Provincial Associ- by apro-Cuba intelligentsia contemplatewhat is to become nuanced and captivating exploration of this white-hot ous support from public intel- ation of JournalistsofHavana convinced of his messianic of open societies whereminds topic,giving us along the way a survey of the state of lectuals forcontrolling “agreed to impose on all peri- mission. It wroteinnewspa- close. machine learning and of the challenges it faces. thought and speech. Over and odicals the obligation to in- persand appeared on televi- Write to O’[email protected]. The alignment problem, Mr. Christian notes, is as old as the earliest attempts to persuade machines to reason, but recent advances in data-capture and computational power have given it anew prominence. To showthe limitsof A Biden Economy Means ‘Litter Jobs’ even the most sophisticated algorithms, he describes what happened when a vast database of human language was Ihateadmit- to weatherize” are“going to productivejobs.They’repub- day’seconomyistolowerthe harvested from published books and the internet. It ting youthful makethe economymuch lic-works projects—litter cost of morecomplexservices enabled the mathematical analysis of language—facilitating indiscretions. safer.” Maybe he cribbed this jobs—that raise the priceof by getting peskyhumans out dramatically improved word translations and creating Waytoo long from Al Gore in Wiredmaga- energy.Iknow: In California, of the way.Wait—put humans opportunities to express linguistic relationships as simple ago, Iwas zine last year.“Now, think energy is 52% costlier than in out of work? Thehorror.But arithmetical expressions. Type in “King-Man+Woman” and with friends aboutthe Green NewDeal,” theaverage forstates. That’s betterjobs always,always you got “Queen.” But if you tried “Doctor-Man+Woman,” INSIDE in adesolate Mr.Gorewrote.“What it en- negativeproductivity.How bad emerge.Decades of technol- out popped “Nurse.” “Shopkeeper-Man+Woman” produced VIEW Colorado compasses aretwo thingswe could it get? Gina McCarthy, ogy-driven job destruction led “Housewife.” Here the math reflected, and risked parking lot have to solve: the climatecri- CEOofthe Natural Resources to a50-year-low3.5%unem- perpetuating, historical sexism in language use. Another By Andy drinking rare- sis and the opportunity to cre- Defense Council, told ployment rate,beforeCovid. misalignment example: When an algorithm was trained on Kessler outside-the- atetens of millions of new Bloomberg, “Well if youasked Amazon is nowhiring a data set of millions of labeled images, it was able to sort stateCoors jobs.” That includes “retrofit- me howmuch Iwould spend 100,000 warehouse workers photos intocategoriesasfine-grained as “Graduation”— beers. One guywould occa- ting residential, commercial, on clean energy in the future and another 33,000 corporate yetclassified people of color as “Gorillas.” This problem sionally open his windowand andindustrial buildings.” forour kids,I’d sayall of it. employees,manyatclose to was rooted in deficiencies in the data set on which the toss empty cans out. Ishyly This is what passes forpro- That’smypricetag.” Yikes. $150,000.That’sbecause Ama- model was trained. In both cases, the programmers had mentionedthat he probably gressivepolicythese days?It zonisaplatform formillions failed to recognize, much less seriously consider, the shouldn’tlitter. Afterall, I sounds impressivebut it’s of merchantstodocommerce shortcomings of their models. grew up watching “The Three dead wrong.These arelitter Green projects like away from stores,with fewer We are attracted, Mr. Christian observes, to the idea Stooges” on channel 11 WPIX jobs—unproductivework that humans: positiveproductivity. “that society can be made more consistent, more accurate, with constant public service subtractsfromsocietal wealth weatherizing are often Facebook is aproductiveway and more fair by replacing idiosyncratic human judgment announcementsfeaturing an rather than adding to it. A work for its own sake, forsmall businesses to reach with numerical models.” But we maybeexpecting too American Indian standing next wasteofresources. newcustomers. iPhones mean much of our software. A computer program intended to to ahighway crying as litteris We sawsimilar thinking reducing productivity. never having to ask fordirec- guide parole decisions,for example,delivered guidance thrownathis feet. this summer.VickyOsterweil, tions. that distilled and arguably propagated underlying racial Thecan-tosser launched who wrotethe book “In De- We’renot even close to be- inequalities. Is this the algorithm’s fault, or ours? intoalong diatribe ending fense of Looting,” told NPR Jobs forjobs’ sakenever ing done.Thereishugeupside with,“Listen, someone will that looting is “basically non- works.Ifweput aside produc- in harnessing dataand using have to be paid to clean up all violent” as “most stores arein- tivity we might as well have an artificial intelligenceand ma- Sophisticated algorithms candoeverything they thesebeer cans.Who am Ito sured; it’sjust hurting insur- economyofhand-washing chine learning to scour forpat- aresupposed to do,performing wonders, and still denysomeone awell-paying ancecompanies on some level. each other’s laundry. Or dig- terns that help services scale jobtofeed his family and pay It’sjust money.It’sjust prop- ging canals with spoons.But to the masses.Especially edu- makebad recommendations and dodgyclaims. rent?” Istupidly laughed. I erty.” As my Coors friend washing machines and back- cation. ThePhotomath app, think that guyisnow apoliti- might say, “Who am Itodeny hoes aremoreproductive, with downloaded 100 million times, cian, but obviously dead someone ajob cleaning this fewerpeople.Adding insula- letsstudentstakeaphotoof To answerthis question and others, Mr.Christian devotes wrong. up?” Anew spin on the bro- tion is notproductive. It only an equation and walks them much of “The Alignment Problem” to the challenges of During the firstdebate, I ken-windows fallacy. vaporizes resourcescreated by through howtosolveitstepby teaching computers to do what we want them to do. A had aCoorsflashback when Driving back from Golden those who are productive. step.Duolingoand Babbel computer seeking to maximize its score through trial and moderator Chris Wallaceasked State Warriorsgames,before Don’t be fooled. Youcan’t teach hundreds of millions a error, for example, can quickly figure out shoot-’em-up JoeBiden about his $2 trillion they were anygood, Iremem- fabricateproductivejobs by dozendifferent languages. videogames like “Space Invaders” but struggles with climatechangespend-fest: “I ber hearing coach Don Nelson government edict. Sustainable Do enough of thesethings Indiana Jones-style adventure games like “Montezuma’s actually have studied your analyze atypical loss. He’dsay jobs,toborrow from climate and, voilà,money gets freed up Revenge,” where rewards are sparse and you need to swing plan, and it includes upgrading something along the lines of, phraseology, arecreated by to allowevenmorecapital to across a pit and climb a ladder before you start to score. four million buildings, weath- “I felt everyone contributed solving problems,applying solveevenbiggerproblems— Human gamers are instinctively driven to explore and erizing two million homes over tonight,” then pause and add, both financial and human capi- yes, creatively destroying jobs figure out what’s behind the next door, but the computer four years.” “though not everyone posi- taltoimprovecurrent waysof to hireevenmorepeople.As wasn’t—until a “curiosity” incentive was provided. Mr.Biden responded: “The tively.” Yes—you canhaveneg- doing things. Thetip-off that Coach Nelson would insist, be Imitation is another learning device: A computer may fact is,it’sgoing to createmil- ative productivity,wealth de- it’sworking? Thesolution gets apositivecontributor.And teach itself by observing, say, the video of a highly skilled lions of good-paying jobs,and struction per worker-hour. cheaper over time. please,don’t litter. car driver. Yet even this method can prove tricky, since an these taxincentives forpeople Most green jobs arenot Thehugeopportunity in to- Write to [email protected]. expert may never make the mistakes of a beginner. What’s more, an expert may have an intrinsic ability that the learner is unlikely ever to acquire. A skilled driver might easily navigateacliff-side road, Mr.Christian explains, Democrats Want Medicaid for the Wealthy but aprudent computer-driver might be betteroff selecting an inland alternative—humility unlikely to be By Chris Jacobs requestsavoluntarytermina- proximately 4.5million other- Louisianans have remained on learned by imitation alone. tion of eligibility” or moves wise ineligible people will re- expanded Medicaid afterbe- Mr. Christian notes that computers may one day be able hile the coronavirus out of state. No increase in in- main on the rolls. coming ineligible—morethan not only to learn our behaviors but also intuit our values— W pandemic has pre- come or assets, no matter To see howthese policies the stateremoved from the figure out from our actions what it is we’re trying to dictably increased how great, permits a state to arehaving an impact, con- rolls last year. optimize. This possibility offers the hope of robust Medicaid enrollment, this de- disenroll someone from Med- sider Louisiana’sMedicaid ex- While some might argue cooperative human-machine learning—an area of especially velopment is being used to icaid. pansion. Early last year,fol- this explosion in Medicaid en- promising research at the moment—but it raises a number hide howthe wealthycan The CBO report quantified lowing an audit that showed rollment is apandemic-driven of thorny concerns: What if an algorithm intuits the take advantageofthe system theeffectsofthese policies. people earning over $145,000 anomaly,Democratswant to “wrong” values, based on its best read of who we currently under Democratic expansion Thebudget officebelieves the ayear remained on Medicaid, makeitpermanent. In June are but perhaps not who we aspire to be? Do we, Mr. of health care.Manypeople pandemic will increase Medic- the statebegan checking in- Speaker Nancy Pelosi pushed Christian asks, really want our computers inferring our arelosing income or em- aid enrollment by about nine come eligibility on aquarterly through an ObamaCare“en- values from our browser histories? ployer-based health coverage basis.The auditsled to the re- hancement” bill that would For all the progress of technology, computers won’t— due to Covid-related closures, moval of 30,000 from Medic- requirestatestokeep individ- can’t—solve our most vexing problems. “Machine learning,” but arecent report by the The Covid relief law aid—includingatleast 1,672 uals continuously enrolled in Mr. Christian observes, “is an ostensibly technical field Congressional Budget Office with income of over Medicaid for12months before crashing increasingly on human questions.” Rather than showshow enrollment will prevents states from $100,000—saving taxpayers checking eligibility, at a cost offering a magic solution, computers provide us with “an also rise because ineligible in- disenrolling those some $400 million. to taxpayers of nearly $205 unflinching, revelatory mirror.” The image it offers can be dividuals remain on Medic- But sinceCongressim- billion over 10 years. discomfiting, but it can also help us by making biases aid—a trend Democratswant earning six figures. posed the maintenance of ef- With federal debt soaring, “real” and “measurable” rather than “gossamer, ethereal, to perpetuate. fort provisions this spring,en- neither states nor Washington ineffable.” At the same time, Mr. Christian reminds us, we Acoronavirus relief bill rollment in Louisiana’s canaffordtokeep ineligible must attend to “the things that are not easily quantified or signed by President Trump on million in 2021, and spending Medicaid expansion has ex- individuals on the Medicaid do not easily admit themselves into our models.” He adds March 18 included a 6.2% in- by $86 billion, next year com- ploded. From March through rolls. Democrats are showing that the “ineffable need not cede entirely to the explicit”— crease in states’ Medicaid pared to its March pre-Covid September,enrollment surged the fiscally irresponsible na- atimely reminder that even in our ageofbig dataand matching ratesfor the dura- projections.The CBO esti- 16.5%, or morethan 78,000,to ture of their drive to expand deep learning, there will always be more things in heaven tion of the pandemic.But the mates that “about half of the reach all-time highs.The the welfare state. and earth than are dreamt of in our algorithms. additional dollarscame with a projectedincrease in enroll- CBO’sassumption that the big catch: Statescan termi- ment ...resultsfromthe new maintenance-of-effort require- Mr. Jacobs is founder and Dr. Shaywitz, a physician-scientist, is the founder of nateMedicaid enrollment dur- requirement that states allow ments explain half of the en- CEO of Juniper Research Astounding HealthTech, a lecturer in the Department of ing the public health emer- people to remain enrolled in rollment increase suggestsap- Groupand author of “The Biomedical Informatics at Harvard Medical School, and an gencyonly if “the individual Medicaid longer,” meaning ap- proximately 40,000 Case Against Single Payer.” adjunct scholar at the American Enterprise Institute. 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A16 | Monday, October 26, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR California’s Racial Scare Campaign Perils and OpportunitiesofaPublic Option

carcely morethan aweek from Election ties.Infact, the number of blacks admittedto Regarding Lanhee J. Chen and Employer-paid health insurance Day, the champions of California’sProp- the University of California has morethan dou- Daniel L. Heil’s“Biden’sPublic Op- finances ahealth-insuranceindustry S osition 16—a ballot initiativethat would bled sincethe year beforeProp. 209 went into tion Would Mean MassiveTax which adds little or no net value to Hikes,” op-ed, Oct. 20): Anyvast ex- the economy. Waytoo high apro- repeal the ban on racial pref- effect. Preference supporters pansion of government health insur- portion of health-carecostsgoes to erences in the stateconstitu- Thenumber of Chicano/La- ancefor “all” is at aminimum evi- administration. Letthe dead 1940s tion—are desperatetopush roll out the KKK tino studentsadmittedhas in- dencethat ObamaCarehas failed to idea of employer-paid health insur- themeasureoverthe top. So creased nearly five times.Con- deliver as advertised. Massiveex- ancegracefully passaway with the they arefalling back on ascare and David Duke. trarytowhat Prop.16 pansion of spending would disable single-payerpublic option. tactic: accusations of white supporterswould have yoube- health care and government gener- STEVEN WILLIAMS supremacy. lieve, 41% of the 2020 classof ally.The obvious fact that Obama- Pittsburgh One recent ad urging avotefor Prop.16says admittedfreshmen studentsare black or Chicano/ Carehasn’t delivered hardly pro- the Yeson16campaign is supported by leaders Latino acrossthe University of California system. vides evidencethat much more It’sironic politicians define a likeSen. Kamala Harris.Bycontrast, it says,the Chicanos and Latinos represent aplurality at 36%, government will rescue the system. public option to health care as one measureis“opposed by those who have always which is morethan the 35% who areAsian-Ameri- It is past time to trymuch lessgov- determined and rationed by the gov- ernment, morefreedom and many ernment. Atrue“public” option opposed equality.” In case youmissthe point, canand the only 21% who arewhite. morechoices forthe large number would allowindividuals to decide the ad featuresmen carrying tiki torches at the Thenon-discrimination languageinthe of us not liberated by ObamaCare. If what is best forthem and whereto infamous whitenationalistrally in Charlottes- California constitution has ensured greater it has done the job,what is the de- spend their health-caredollars. All ville in 2017. academic success forthese minority students. bateabout? that would requireisatransparent Some arebuilding on this theme by tying As aresult of abettermatch between under- RICHARD E. RALSTON priceand asystemmorealigned Prop.209,the original ballot initiativethat put represented minority studentsand the UC Executive Director, Americans for with patient needs. the non-discrimination languageinthe constitu- campus they attend, minority performance Free Choice in Medicine PAULA MUTO, M.D., FACS tion in 1996,toDavid Duke, aone-time leader has increased. Newport Beach, Calif. Andover, Mass. in the Ku Klux Klan. It’struethat in September UCLA economist and lawprofessor Richard 1996,two months beforethe vote,Cal State Sander writes that the four-year graduation Northridge’sstudent senateinvited Mr.Duketo ratesfor blacks and Latinos morethan doubled. Questioning Diversity-Training Effectiveness debatecivil-rightsactivist JoeHicks on the And 10 yearsafter the firstpost-209 cohort was Starbucks Corp.has afabled his- iorsthat arelearned socially.This is proposition. admitted, the number of blacks graduating with tory of making grand gestures to sig- whyresearch shows corporations But the CollegeRepublicans opposed the in- science, technology, engineering or math de- nal to the market. In 2008 it shut have wasted billions of dollarson vitation as an attempt to smear supporters. As grees had nearly doubled; forLatinositwas up down stores forseveral hourstore- such training,which not only fails the LosAngeles Times put it, Ward Connerly morethan 125%. train baristas,sending the message but canbackfireand createmore and otherspushing Prop.209 “characterized the In September,aPublic PolicyInstituteofCal- that the companywas improving the bias. movetobring Duketocampus as athinly veiled ifornia poll reported only 31% of likely voters quality of itsdrinks.Ten yearslater So while Starbucks no doubt will dirty trick.” Not reported is that Hicks,now de- saying they would vote forProp. 16,with 47% it signaled that it wascommittedto getmoregood publicity from con- ceased, later reversed himself and became a opposed and 22%undecided. Anew PPIC poll re- diversity by closing stores forantib- tinuing this training,it’sunlikely to staunchcritic of preferences. leased last week shows 50% of voters nowsay- ias training—something it is now createsubstantivechange. Weeding mandating forexecutives (“Starbucks out anybiased assumptions people It wasridiculous to paint Mr.Connerly as in ing they will vote no with 37% in support—and Ties PaytoTargets forDiversity,” makeinhiring,promotions,interac- league with the Klan then, and it’sasabsurdto 12% undecided. Thus the campaign to scarevot- Business&Finance, Oct. 15). tions with customersand suppliers think that the Asian-Americans who feature ersinthe final days. Thereisabig difference, however. requires adeeper cultural shiftover prominently in the fight against Prop.16are also Gail Heriot,aUniversity of SanDiegolaw Making coffee is astraightforward time,with managerssetting exam- agentsofwhitesupremacy. They oppose Prop. professor who sitsonthe U.S. Commission on and trainable process. Thereisno ples on adaily basis that reflect cen- 16 because they knowtheir children will be its Civil Rightsand co-chairsthe No on 16 cam- ambiguity.But diversity,equity and tral corporatevalues. chief victims,especially in education. Look at paign, notes that even in deep blue California inclusion aren’t “trainable.” These JASON KORMAN the lawsuitsagainst Harvardand Yale forthe voters aren’t buying coercedracial preferences. areamatterofattitudes and behav- Miami Beach, Fla. opaque processthey use to penalizequalified “The YesonProp16campaign manager told po- Asian-American applicants. tential donorsthat, according to the campaign’s Prop.16’ssupportersalso claim that racial internal polling,accusations of whitesuprem- Don’t Let Covid-19 Delay Government Payment Rules minorities have been devastated sincethe state acywould be effective,” Ms.Heriot says.“But wasprohibited from using race as afactor in de- Californians aren’t that gullible.” Let’shope Your Own Cancer Screening Are the Culprit on Infusion cisions,especially at California’spublic universi- she’sright. Cancer doesn’t take apause,and Regarding Drs. ScottGottlieb and screeningscan save lives (“Drop in Mark McClellan’s“WhereDoIGoto Cancer ScreeningsFuels Worry,” U.S. Get My Covid Antibody Cock- The Most Expensive Election News,Oct. 16). Health-careproviders tail?”(op-ed, Oct. 19): They areright aretaking Covid-19 seriously and regarding the need forthe govern- he 2020 elections are“obliterating pre- says.The Democratic nominee will outspend Mr. have implemented numerous safe- ment to prime the pump to stimu- vious spending records,” says OpenSe- Trump in nearly everybattleground stateinthe guards to safely provide critical latethe development of privateinfu- T crets.org, which projectsatotal cost of final week. screeningsand cancer treatments. sion clinics forCovid patients. around $11 billion. Yetthe Thecash flowing to Senate Eight months intothis pandemic, However, they overstatethe associ- Butdoyou hear many your health-careprovidershave ated problems. campaign has so far been re- candidates is so great that learned alot about howtoprotect Infusion clinics arequitesimple, markably free of complaints progressives complain, Democratshavebeen able to their patientsand themselves during requiring only aroom, one registered aboutmoney in politics. put racesindeeply Republican screening appointments. Formore nurse,four patientsand IV poles.In- Funny, that. Perhaps it’sbe- as they trouncethe GOP? states likeKansas and Alaska information on howtoreschedule fusion pumps aregenerally not nec- cause this year Democratsare in play. Maine Senator Susan your medical screeningsand appoint- essary. Thebig issue is the Centers crushing Republicans in fund- Collinsis$42 million behind ments, the easiest thing youcan do forMedicare&Medicaid Services’ raising,fromthe presidential race,toSenate her challenger.Arizona’sMartha McSally is is to call and talk with your doctor’s payment scheme forprofessional challengers, to House incumbents, to even state down by $33 million. North Carolina’sThom office. It is so important to getthose services,which is in the rangeof legislativeelections. Tillis trails by $25million. Iowa’s Joni Ernst is screeningsback on the books. $60-$70 per infusion, regardlessof ActBlue,the online Democratic money plat- down by $23 million, which goes along way in CAROLYN ALDIGÉ howlong it takes(manyexceed four CEO, Prevent Cancer Foundation hoursfor allergy and neurologyser- form, said this month it handled $1.5billion in Dubuque. Alexandria, Va. vices). Hence, the profit in such cen- donations in the thirdquarter,including $71mil- Donation patterns tend to ebb and flow ters hinges on the split between the lion in one dayafter JusticeRuth Bader Ginsburg acrosspolitical cycles depending on the national People don’t have to sit back and cost of the drug and the amount a died. Nearly seven million people used ActBlue mood and party prospects. But so does outrage wait until they feel safegoing to see payorgetsreimbursed forit. In such for31million donations,averaging $47. over campaign finance, as Democratsseem to adoctor to getscreened forcolon circumstances,volume is the key to Therich arealso chipping in big.Billionaire object only in yearswhen Republicans geta cancer.They canuse Cologuardat- financial stability. MichaelBloomberg, all by his lonesome,has fundraising edge. home colon cancer screening kits. If CMS will changeits reimburse- promised to drop $100 million in Florida to defeat It’sanother reminder that complaintsabout Theearlier colon cancer is caught, ment methodologytoreimburse pro- Mr.Trump.SecretaryofTreasuryBloomberg? money in politics arealways marbled with hy- the betterthe outcome canbefor fessional services by the hour in- Voxreportsthat Reid Hoffman,the LinkedIn pocrisy and phonyposturing.Campaign-finance the patient. It’simportant to screen fused, and reimburse fordrugs with founder,isspending $100 million as well. Wall reform of the scope that progressives imagine on time and stay up to date. modest profit forthe provider,there KEVIN CONROY will be no shortageofclinics. Street and corporatePACsare financing Demo- is impossible to squarewith the FirstAmend- CEO, Exact Sciences ROBERT CHIFFELLE cratsinhopes of buying protection if the party ment. But Democratsloveitasatalking point, Madison, Wis. Phoenix sweeps Congressand the WhiteHouse. at least when they’relosing.And when they’re Thefinancial datafor specific campaigns isn’t winning? Yeah, they’ll getaround to addressing pretty forthe GOP.Joe Biden has outraised Don- money in politics,right afterthey take power Stimulus for Prisoners May Presidential Debates, the ald Trump by nearly $350 million, OpenSecrets with the help of those oversizechecks. Do a Much-Needed Good FEC and Freedom of Speech Regarding ChandraBozelko’s“Pris- Regarding Commission on Presi- The Press of Conformity onersDon’t Need Covid Stimulus dential Debates (CPD) member New- Checks” (op-ed, Oct. 21): As along ton Minow’s “Presidential Debates ome institutions are responding better that the public deserves to see.This is whyMs. time volunteer of the Texas Depart- Must Follow FEC Law” (Letters, Oct. ment of Criminal Justice, thereare 21): The idea that the presidential than otherstothe stressofpolitical po- Strassel reported the storyinmeticulous fash- wider considerations regarding stimu- candidates couldn’t negotiate the S larization, and one of the worstperform- ion, and we published it. By pretending that the lus checks to offenders. With all defer- terms of their own debate is clearly ershas been the press. Its two stories conflict, the pro- encetoMs. Bozelko’sfirsthand experi- risible. A fortiori, those same candi- broad and intense progressive A case study in how the gressivemedia areattempting ence, she argues that $1,200 won’t dates could work with any agreeable partisanship is escalating into media stigmatize to saythat the emails and last long.Nexttohousing,onrelease administrator or sponsor to help im- attemptstostifle information texts should never have been offendersneed transportation to seek plement those negotiations. and stigmatizeopposing opposing views. reported. and maintain jobs and attend parole Any purported FEC regulation to points of view. This is laughable coming and recovery meetings. Adriver’s li- the contrary is prima facie unconsti- Acase in point is the media from the crowd that spent cense is essential forthis and identifi- tutional. That the FEC would be cited distortion of apair of recent reportsinThe Wall four yearspushing the Russia-Trump collusion cation. Holding them back arejuris- by the CPD to stifle better (and more dictions which don’t recognizetime fruitful) presidential debates tells you Street Journal. Our Kimberley Strassel wrote narrativefrom2016 that wasginned up and served forclearing fines; $1,200 may plenty about the CPD. What would adetailed analysis in her Fridaycolumn about promoted by the HillaryClinton campaign. They go along way to satisfying these and Lincoln and Douglas do? the emails and text messages of former Hunter spun the claims of the Steele dossier, despite the ever-present parole fees. JAMES LOVELY Biden businessassociateTonyBobulinski.Jour- no supporting evidence and no on-the-record Contraband trafficking is real, but Lakeland, Fla. nal reporterswrote later that dayabout Mr. witnesses. Yet now they claim that on-the-re- she condemns the manyfor the few. Bobulinski’sclaims,and media partisans cord statementsfromaformer Hunter Biden as- Applying an “end use test” of the jumped to assert that the news story contra- sociate, along with emails and textsthat the Bi- funds is misguided. My experienceis Pepper ... dicted Ms. Strassel’s. den campaign hasn’t disputed, should be kept that those in the free world have ev- And Salt No, it didn't, as more careful analysts like from the public. erytendencytobeprofligate. With a Mark Hemingway have noted. TheJournal news Allofthis is relevant beyond next week’s greater number of spending opportu- THE WALL STREET JOURNAL story added the fact that their examination of election. If Democratswin up and down the bal- nities,the outside finds an impressive number of waystodisburse sub-opti- business records found no evidence of Joe Bi- lot, progressives will control the commanding mally.That $1,200 won’t last long. den having an ownership stake in the Hunter heightsofnearly everyAmerican eliteinstitu- WILLIAM B. LARSON, CPA Biden-Bobulinski company. tion: Congress, the administrativestate,Holly- Dallas But Ms. Strassel never said Joe Biden did. wood and the arts, the universities,nonprofits, She reported that Mr.Bobulinski provided doc- Silicon Valley and nearly all of the media. Silly me,Ithought prisonerswere uments supporting his claim that a stake was Yetinstead of playing watchdog forthe pub- people.Perhaps they canuse stimulus envisioned for Joe Biden, but that Mr. Biden lic,today’sprogressivepress partisans devote checks to payoff fines in Florida so oughttorespond to clear the record if this themselves to attacking anyone who breaks they canvote. wasn’t true.The news storytreated theemails from their orthodoxy.They denounceindepen- MARTY MOTIA and texts as real, and thus tacitly confirmed dent voices likeMs. Strassel with their Twitter La Canada, Calif. that they weren’t “Russian disinformation” as brigades,then they unleash reporterswho are Lettersintended forpublication Joe Biden and others have claimed. ideological enforcers masquerading as media should be emailed to [email protected]. Thenewsand opinion sections of the Journal critics.They can’t tolerateany opposing politi- Please include your city, stateand operate separately, and we can’t speak for our calview. This is whyAmericans in record num- telephone number.All letters aresub- “That stabbing pain in your abs— news colleagues.But our viewisthat Mr.Bobu- bersdon’t trust the media, and it’swhy we will ject to editing,and unpublished letters that’s your body telling you cannot be acknowledged. linski’sdocumentsand statementsare news keep reporting the news others won’t. it’d rather be on the beach.” P2JW300000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, October 26, 2020 | A17 OPINION Keep an Eye on Michigan Senate Race Islamism Converges By Allysia Finley crease costs,” he says.“Wheremo- nopolies exist, people suffer.” ichigan hasn’t elected He also distances himself from With Cancel aRepublican U.S. sena- theTrump administration’shard- torsince1994, and Re- line immigration policies.“Ibelieve M publicans this year are immigration is an economic and Culture working to save more moral imperative,” he says.“We are than half adozenseatsinthe upper losing opportunities in agriculture chamber.But the Senateracein andhospitality; thereare certain By Laurent Dubreuil Michigan presentsanunexpected jobs that frankly American workers pickup opportunity.Recent polls have said they don’t want. We need amuel Paty wanted to teach show Republican John James, a 39- legal immigration that helps the S his studentsalesson about year-old African-American Iraq war economygrowand does not displace free speech. He ended up pay- veteran, within striking distanceof Americans who don’t want to do ing with his life. Paty,47, amiddle-

first-term Sen. GaryPetersand out- (2) certain jobs” or endanger national school teacher in aParis suburb, performing President Trump,who S security. announcedtohis civics classin narrowly carried the statein2016. PRES Both campaigns,along with out- early October that he would show

TheReal Clear Politics averagehas TED side groups,havebeen bombarding some of the caricatures of the Mr.Petersleading 48.6%to43.4%. CIA the airwaves in the final weeks. prophet Muhammad that the satiri- SO

Mr.Peters, 61, wasthe only non- AS Whereas Democratic ads arelargely calmagazine Charlie Hebdo pub- incumbent Democrat elected to the Sen. Gary Peters (D., Mich.) and his Republican challenger, John James. negative, Mr.James’sseek to appeal lished in 2015 andthat students Senatein2014. But his GOP oppo- to undecided moderatevoterswith a were free to opt out of viewing the nent answeredquestions clumsily wireact, but Mr.James is able to He recited some of the Demo- more uplifting and lessovertly polit- images. and repeatedly stumbled on the use his personal background to de- cratic nominee’sverbal offenses ical message. In one,hedescribes Theteacher wasimmediately de- trail. Mr.James looks moreformi- fuse questions about race.Ina against African-Americans,including Americaas“the only countrywhere nounced on social media. In aviral dable. phone interview, he recalls reading his remark in Maythat “you ain’t youcan go from slave to senator in video,the Muslim father of one of about George Floyd’s death the black” if youdon’t vote forMr. Bi- four generations,and from poverty Paty’s studentsrelated aseries of morning afterithappened. den. Mr.James’sresponse: “The to prosperity in one.” fabrications.Hefalsely claimed Republican John James “I thought George Floyd wasmy people yourely on so desperately Another shows Mr.James train- that hisdaughter attended the reflection,” he says.“Ihad mixed forthe position you’rein, and the ing in the Army. “In combat, the classonfreespeech, that the is the best Republican feelingsofanger and sadnessand position youwant, areAfrican- livesofAmerican soldierswerein teacher banned all Muslim students hope for a surprise fear.When Itakemysuit off,Icould Americans.Yet youcontinue to in- my hands,but none of us could have from the room and later showed be George Floyd.I’vehad guns sult us.” survived without lifting each other the classa“photograph of anaked pickup on Election Night. drawnonmeinaparked carina Democratshavetried to taint Mr. up,” he says.“We didn’t pick who to man” as if it were aportrait of “the parking lot because somebody per- James by his association with Mr. sacrificeorsave. Unity is every- Prophet of Islam,” and that his ceived me as athreat.” He elabo- Trump.In2017hesaid he supported thing.That’scurrently missing in daughter had been excluded from ADetroit native, he served eight ratesonthe latterencounter with the president’sagenda “2,000%,” Washington.” theschool in retaliation forher yearsinthe militarybeforejoining police:“My heart wasracing,my and Democratsare running ads that Mr.Biden is also trying to appeal objections. his family’s company, James Group palms were sweaty,and Ithought, claim he supportsahealth-careplan to voters’desirefor political comity. International. He is nowCEO of Re- ‘Why am Iresponding likeIamin “that would take away protections But Mr.James makes an explicit ar- naissanceGlobal Logistics,asubsid- Baghdad when IamBloomfield?’ ” for4.1 million Michiganderswith gument forthe benefitsofdivided Samuel Paty’s jihadist iary. Although he lost a2018 chal- Then he pivots: “I also knowwhat pre-existing conditions” and “would government. “Ifthe pendulum lengetoSen. Debbie Stabenowby it’s like to be an officer, to put your leave 23 million Americans without swingstoo far to the leftorright, it murderer targeted the 6.5points, he wasfighting astrong lifeonthe line.Iunderstand what health insurance.” won’t benefit our stateornation,” victim based on social undertow:Democratsswept Michi- it’sliketomakealife-and-death de- He rebutsthe charge.First off, he says.“Apurple statewith aRe- gan’sstatewide offices,flipped two cision. Both ablack man and police Mr.James disagrees with the law- publican Legislatureand Democratic media outrage and lies. congressional seatsand picked up officer could lose their lifeone suit by Republican attorneysgeneral governor nowhas achancetohave five seatseach in the stateHouse night.” to overturn the Affordable CareAct, aRepublican and Democratic sena- andSenate. He canbecombativeaswell as which the administration supports. tor—black and white, male and fe- On social media the father posted Running on thesame ticket as Mr. conciliatory. JoeBiden recently He wantstorepeal and replace male.Michigan is betteroff having a Paty’s name and the school’sad- Trump maybeboth ablessing and called him a“disaster” during aDe- ObamaCarewith legislation that friend on both sides of the aisle.” dressand encouraged all Muslims curse.While the president maymo- troit campaign speech, and Mr. makes health-insurance markets Michigan voters have split tickets who shared his concerns to assist tivateRepublican-leaning voters James tweeted in response: “I am a more competitiveand increase before. Mr.Peterswon election by 13 him in having the “rogue” instructor who didn’t turn out in 2018,hemay disaster fornational Democrats’ nar- choicefor patientswhile maintain- pointsthe same year that GOP Gov. fired. Thefather andhis entourage do the same forDemocrats. To flip rative. Ablack man who thinks for ing protections forpeople with pre- RickSnyder wasre-elected by 4. Mr. repeatedly described the affair as an the Senateseat, Mr.James will need himself.” He then posted avideo ad- existing conditions.Small busi- James mayhaveabetterchance act of racism and Islamophobia. to persuade moderates who dislike dressing Mr.Biden: “Don’t forget nesses,for instance, would be than other Republicans of weather- An 18-year old Chechen refugee, Mr.Trump but areleeryofprogres- your placeinblack America. You’re allowedtooffer association health ingabacklash against Mr.Trump. Abdoullakh Anzorov,learned of the sivepolicies. only whereyou arebecause you plans acrossstate lines that would uproar from social media. He came Republicanincumbentsinother were BarackObama’svicepresident. increase risk pools.“Increasing com- Ms. Finley is amember of the to the middle school and bribed stu- states areattempting asimilar high- That’sit.” petition and transparencywill de- Journal’s editorial board. dentstofind out which teacher was Samuel Paty.Anzorov followedPaty as he leftthe school, then beat and stabbed him to death, decapitated Winter Is Coming: Time for a Mask Mandate him, and posted an imageofthe teacher’s severed head on Twitter. By Scott Gottlieb from being overwhelmed in some ar- choose howtoenforce amandate, rise again, and vaccines won’t be Laterthat dayAnzorov wascon- eas. but the goal should be to make widely available until next year even fronted by police; he attacked them rance set arecord forCovid-19 Masks would help. As a practical masks asocial and cultural norm, in the best-case scenario. Everyone with aknifeand wasshot and F infections this weekend, and matter, it’seasier to wear amask in not a political statement. There are banding together to wear masks,for killed. Italy has announced newre- the winter than the summer.Aman- lotsofthingswedobecause thereis alimited time,will be the least This wasnoordinaryact of ter- strictions, such as closing bars and datecan be expressly limited to the acommunity expectation of civil be- costly way for society to weather a rorism. Other atrocities committed restaurantsat6p.m. Thefeared fall next two months.The inconvenience haviors: No shoes,noservice. Clean difficult winter. by IslamistsinFrancewereeither coronavirus surge has arrived in Eu- would allowthe countrytopreserve up afteryour dog.Manyofthese are coordinated attacks carried out by rope and also in the U.S.,where health-care capacity and keep more even codified in city ordinances. Dr. Gottlieb is aresident fellow at terrorist groups (as in the 2015 cases continue to rise.It’stime to schools and businesses open. Studies Mandating masks has become di- the American Enterprise Institute Charlie Hebdo and Hypercasher su- consider alimited and temporary show widespread use of masks can visiveonly because it wasframed and was commissioner of the Food permarket massacres) or murders national mask mandate. reducespread.But even if masks are that way by some politicians and andDrug Administration, 2017-19. of random citizens by Islamic ex- only incrementally helpful, they are commentators. Some states such as He serves on theboards of Pfizer tremistswho didn’t rely heavily on among the least economically costly Wisconsin and Utah aresetting up and Illumina, which are involved in external help (as in the 2018 Paris A requirement to cover and burdensome options for reduc- field hospitals.Deaths arestarting to aspects of the Covid response. knife attacks by Khamzat Azimov). ing spread. Paty’s murderer appearstohave your face in public could It’s long been known that masks been linked to Syrian jihadists, but be more of a cultural norm canreducethe spread of flu, and the the victim waschosen by aTwitter same logic applies to the coronavi- TheTrump Boom Is Real mob.Supposedly “shocked” and “of- than a political statement. rus. People aremost contagious be- fended” people asserted that Paty fore showing symptoms, and many By Lawrence B. Lindsey Howdothose resultscompare made them feel threatened because never develop symptoms at all. Data with the economy’sperformanceaf- of their identity.They connected Consider hospitalizations,which showthat masks cantrapmany here’soften moretothe mac- terPresident Obama’sstimulus their personal experiencewith a reached 42,000 on Saturday, up dropletsthat carryinfectious parti- T roeconomythan what meets packagewas enacted in 2009? In largerhistoryofoppression—even- from 30,000 amonth ago. This in- cles.Everyone wearing amask in the eye. My friend Alan December 2010 the Fedhad to re- tually bordering on paranoia by crease comes even as hospital ad- public would help reduceasymptom- Blinder published an op-ed recently vise up the unemployment estimates comparing the present situation of mission criteria have become more atic spread. declaring that the employment surge it made in 2009 by 0.6% for2011 French Muslims with the victims of stringent, with morepatients man- Not all masks are created equal. during Donald Trump’s presidencyis and 0.8% for2012. Growth waseven the 1995 massacreofMuslims in aged at home.It’struethat more Thequality matters,especially if you a“convenient myth.” He noted that moredisappointing.The 2009 fore- Srebrenica, Bosnia. They encour- testing reveals morecases.But most arelooking foramask that protects unemployment had declined steadily cast overestimated 2011 GDP by 2.6 aged bearersofthe victimized iden- testsare done because people have youfromothers, not just others since2010 and that therewas no ac- percentagepoints. The2010 predic- tity to believethemselves person- Covid symptoms or come intocon- from you. Acottonmask offersfar celeration in job growth afterthe tion for2011 overshot by 1.7points, ally affronted by the alleged tact with someone who is sick.Total lessprotection than alevel 2orlevel 2017tax reform. But there’slittle and the prediction for2012 was2.5 offender. hospitalizations,which areonpace 3surgical mask.For cotton masks, reason to think the expansion held pointstoo high. In essence, they demanded that to eclipse totals from the spring,are generally thicker is better, and cot- forarecord-long 10 yearsmerely on Samuel Paty be canceled. an objectivemeasureofarampant ton-and-polyester blends tend to itsown steam; Mr.Trump’spolicies Anzorov’s crime is oftende- epidemic. provide moreprotection. An N95 or gaveitnew life. The post-2009 recovery scribed by French commentatorsas As deaths rise this winter, policy equivalent mask offersthe best pro- Afterany recession, employment “barbaric,” “backward” and “medi- makers will have to take new steps tection from inhaling someone else’s growsquickly because thereisa may look continuous, but eval.” Butinfact it wasastonish- to slow the rate of spread. There is infectious dropletsoraerosols.Look surplus of job seekers. Late in are- Trump beat expectations ingly up to date. It sprang from the no support forreprising this spring’s up instructions for fit testing if you covery,when the unemployment identity-obsessed politics of the stay-at-home orders. It will be es- go this route. Afleecemask is un- rate has already fallen sharply, while Obama fell short. early 21st century, and itsperpetra- sentialtouse standardinterven- likely to do much. growth becomes much harder to torwas inspired by social-media tions, including limitsoncrowded There’sapresumption that a come by.Common sense suggests platforms.The whole affair is abru- settingssuch as barsand continuing mask mandatewould have to be that further progressismorediffi- In sum, the Obama recovery, talreminder that the redefinition of to test and tracecontacts. But on the backed up with fines and set off cult at a4%unemployment rate which wassubpar in virtually all re- politics as combat among identities current trajectorythese measures scuffles with law enforcement. Not than at 8%. spects, ultimately underperformed portends ill fordemocratic societies won’t be enough to keep hospitals necessarily.Statesshould be able to It’s easy to look at steadily de- theFed’sexpectations in terms of in which diverse people agree to co- clining unemployment and conclude GDP growth and the unemployment exist and take on acollectiveiden- that no later variables had much ef- rate,while the Trump portion of the tity as “the people.” fect. But abetterquestion is how recovery consistently outperformed Threedecades ago, Samuel Paty PUBLISHED SINCE 1889 BY DOWJONES&COMPANY much unemployment declined rela- expectations.The Fed’smodels over- and Iwerestudentstogether in Rupert Murdoch Robert Thomson tivetowhat expertspredicted. Take estimated the potencyoffiscal and Lyon. Therewerearound 40 in our Executive Chairman, News Corp Chief Executive Officer, News Corp the Federal Reserve, the body on monetary stimulus,but largely ig- classe prépa.Iwasn’t close to Sam- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher whichMr. Blinder and Iserved to- nored the supply-side benefitsfrom uel, but, when Isaw his name in the Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: gether. Mr.Trump’sreduction of the cost of news on Oct. 17,Iremembered him Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; In December 2016,the Fedpre- capital, as well as deregulation. instantly,along with his passion for Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; dicted that 2017would close at a Mr.Blinder also is mistaken in history, his shydemeanor and his News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; 4.5% unemployment rate.Infact, it calling the 2017tax cut “highly re- senseofduty. Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer endedat4.1%. TheFed in 2016 also gressive.” Congress’sJoint Commit- In France, Samuel Paty is now Andrew Dowell, Asia; AnthonyGalloway, Video & projected that 2018 would end with teeonTaxation scored it as propor- officially celebrated as ahero. And Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; 4.5% unemployment, believing fur- tional to after-tax income,which rightly so,although his wasalow- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; ther improvement wasvirtually im- makes it progressiveinterms of to- key, benevolent kind of heroism. It Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; possible.But unemployment reached talincome.That is true even when consisted in talking to unknown Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News 3.9% in 2018.Ditto for2019: TheFed one imputes the corporatetax cuts othersand allowing spacefor con- Thomas SanFilippo, Customer Service; predicted 4.5%, but unemployment to individuals,meaning that the in- flicting dialogues.The world in GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; fell to 3.5% that year,amultidecade come-tax changes were progressive which he thrived wasfar removed Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; low. Under Mr.Trump,the unem- by anymeasure. from thenewer, alternativemodel Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International ployment rate fell to alevel theFed of society based on group identi- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: hadn’t even considered. TheFed’s Mr. Lindsey is president and CEO ties,censorship,ignoranceand LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head 2016 predictions forGDP were 0.7 of the Lindsey Group.Heserved as a destruction.

EDITORIAL AND CORPORATEHEADQUARTERS: percentagepointstoo lowfor 2017, Fed governor (1991-97) and assistant 1211 Avenue of the Americas, New York, N.Y., 10036 0.5pointstoo lowfor 2018 and 0.4 to the president for economic policy Mr. Dubreuil is professor of lit- Telephone 1-800-DOWJONES pointstoo lowfor 2019. (2001-02). erature at Cornell. P2JW300000-0-A01800-1------XA

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Last Week: S&P 3465.39 g 0.53% S&P FIN À 1.03% S&P IT g 2.21% DJ TRANS À 0.37% WSJ $ IDX g 0.85% LIBOR 3M 0.217 NIKKEI 23516.59 À 0.45% See more at WSJ.com/Markets Cenovus, Husky Energy to Merge Blackstone SettoBuy All-stock deal valued lent to US$2.89 billion. which agreed to buy Concho Though prices sincehave low the company to lower its Thedeal, unveiled early Resources Inc.; Pioneer Natu- recoveredfromtheir lows,the production costsand pay at $2.89 billion would Sunday, would createthe ralResourcesCo, which weak economic conditions down debt more quickly. SimplySelf create second-largest third-largest oil and natural- agreed to acquire Parsley En- have weighed on crude,which HuskyCEO Robert Peabody gasproducer in Canada and ergy Inc.; and Devon Energy has hurt oil-companystock said the deal will givethe oil refiner in Canada thesecond-largest Canadian Corp.and WPX Energy Inc., prices.Cenovus’sstock has combined companymoreac- Storage refiner.Huskyshareholders which agreed to merge. dropped roughly 63% this year, cess to capital, as investors BY VIPAL MONGA would receivearoughly 21% The companies began talks while Husky’sshares have areincreasingly looking to in- BY MIRIAM GOTTFRIED premium to their shares,the about atie-up in the spring,as fallen almost 70%. vest in the larger companies. Canadian oil-sands pro- companies said. oil prices crashed because of “With just how quickly the “Scale is becoming more and Blackstone Group Inc. has ducer Cenovus Energy Inc.and The transaction marks the the economic slowdown oilpricecollapsed…we really moreimportant in order to be struck adeal to buy Simply Husky Energy Inc., controlled latest in awaveofenergy caused by the Covid-19 pan- felt the pain of that,” said Alex relevant to the investor,” he Self Storage from Brookfield by Hong Kong billionaireLiKa deals,ascompanies merge af- demic and aftermajor oil pro- Pourbaix, Cenovus’s chief ex- said. Asset Management Inc., mak- Shing,agreed to merge in an teradropinenergy prices ducers Saudi Arabia and Rus- ecutive, who will remain in Thetransaction is expected ing a bet on a sector that has all-stock deal valued at 3.8 bil- this year.This deal follows sia split over aplan to cut that role after the merger. He to close in the firstquarter of remained strong throughout lion Canadian dollars, equiva- others by ConocoPhillips, global supplies. said thecombination will al- PleaseturntopageB2 the coronavirus pandemic. Theprivate-equity firm’s nontraded real-estate invest- ment trust, known as BREIT,is Wall Street-Funded Housing Plan Stumbles buying the eight-million- square-foot portfolio of self- storagefacilities forabout BY CEZARY PODKUL Nonbank lenders’ estimated $1.2 billion, thetwo firms AND WILL PARKER shareofcommercial said. Thedeal is expected to mortgage origination value be announced on Monday. Isaac Kassirer wasatthe In an industrydominated forefront of one of the hottest 12% by publicly traded giantssuch trends in commercial real es- as Public Storage,Simply’s tate.Heborrowedfromglobal 10 morethan 120 locations across investorsbypromising to gen- 23 states makeitone of the trifyapartment buildingsin 8 largest private players. NewYork’slow-income neigh- BREIT,which already owns borhoods and raise the rents. 6 2.6million squarefeet of self- Mr. Kassirer fell behind on storagefacilities,plans to con- some loans beforethe corona- 4 tinuetoacquiresmaller assets virus pandemic and nowsome in the fragmented industry tenants are in open rebellion. 2 and run them under the Sim- Longtime residents, joined by ply brand, according to Tyler some new, high-paying rent- 0 Henritze, head of acquisitions ers, areonstrike. When the 2009 ’15 ’19 in the Americas forBlack- pandemic ends,recently stone’s real-estate group. passed pro-renter laws are Issuanceofbonds linked “The opportunity to acquire likely to makeitharder for to transitional loans a $1 billion-plus storage port- him to carry out his plan. folio, including a brand and a “Gentrification came back $25 billion team, is incredibly rare,” Mr. to bitethem in the tushy,” said Henritze said. CathyStephens,a31-year resi- 20 He said Blackstone decided dent. She joined the rent to do the deal based in part on JOURNAL strikeafter fighting for 15 the performanceofits own

months with Mr.Kassirer over REET self-storageassets. Such facili- mold that spread acrossthe ST ties are attractive businesses LL 10

walls of her apartment. In WA because they requirelittle in February, a judge ordered the theway of capital expendi- THE 5 landlord to remove the mold. R tures,haverelatively lowturn- Mr.Kassirer’s company FO over and offer the ability to painted her apartment peach 0 raise rentssincethey typically ORENTE 2012 ’15 ’20*

but arecent inspection by LL don’t represent amajor por-

Olmsted Environmental Ser- OR tion of their tenants’ monthly *Data as of October.

vices showedthe mold was VICT Sources: Mortgage Bankers Association expenditures. still there, according to Ms. Mold in Cathy Stephens’s apartment in New York was found to still be there after a paint job. (lenders); Trepp (issuance) Like industrial warehouses Stephens’s attorney. used fore-commerce, another Mr.Kassirer’s company, to bond investorswith the newlawsmeant to preserve hood. Emerald promised to re- tional loan. Transitional loans sector Blackstone’s$167 bil- Emerald Equity Group,said promise that the buildings low-income housing and the alizea“strategic vision to rep- areriskier than typical com- lion real-estatebusinesshas that “these issues we areex- would generatemuch higher pandemic has leftmanyofthe licatethe high-class mercial mortgages advanced favored,self storagehas re- periencing [are] in fact what income. The market for those borrowers struggling to pay Manhattanamenities,” accord- by banks.The spaceisdomi- mained resilient through eco- many building owners in this bonds grew from about $400 off their debt. Forbearance ing to itswebsite. He had nated by nonbank lenderssuch nomic cycles.That has proven great city arefinding them- million of issuance in 2012 to programs tied to the pandemic fallen behind on some mort- as credit funds and real-estate even more true during the selves grappling with as a $22.4billion last year,accord- aredelaying apossible reckon- gage paymentsbeforethe pan- investment truststhat have pandemic as Americans who whole” and that it is address- ing to commercial mortgage ing. demic hit and about 40 of his growntobecome amajor might no longer be tied to ing tenants’ complaints. tracker Trepp LLC.Rental Mr. Kassirer borrowed $90 mortgages in the area went forceincommercial real-estate their officelocations have Wall Street embraced land- housing wasthe most common million from global investors intoforbearanceinthe spring, finance in recent years. They moved out of cities or gone to lords likeMr. Kassirer over the property type financed by in late2018 to upgrade nine according to Freddie Mac data. originated an estimated 12% of stay with relatives,Mr. Henri- past decade.Bankerspackaged such bonds. buildingsheowns in New The$90 million mortgage commercial mortgageloans by tze said. up their loans and sold them Today, the combination of York’s East Harlem neighbor- he gotwas called atransi- PleaseturntopageB2 PleaseturntopageB2 Quibi Is Just Latest Manufacturers Struggle With Demand

Short-Form Failure From makersofcarstoap- U.S. manufacturerssaw neworderssnap back afterlockdowns robust intonextyear,some ex- pliances to paint cans,U.S. loosened. Meanwhile,car dealer stockpiles arestill dwindling as ecutives say. BY JOE FLINT Fullscreen, aventurebetween manufacturersare falling vehicle sales come back. “It’sgood that we have an AND R.T. WATSON AT&T Inc.and the Chernin behind on demand forgoods exceptionally strong order Group that ceased to exist last Manufacturers’ neworders*, U.S. new-vehicle book,but we are, of course, Thedemise of the mobile- year; and Vessel, which was By Nora Naughton in change from ayearearlier stock and sales trying to minimizeany cus- streaming platform Quibi a co-founded by former Hulu Detroit and Austen tomer frustration,” Marc meresix months afteritwent andcurrent WarnerMedia Hufford in Chicago 20% RECESSION 4 million Bitzer,chief executiveofap- liveisthe latest example of Chief ExecutiveJason Kilar pliancemaker Whirlpool Hollywood’sstruggles in mak- and wasshut down in 2016 af- that Americans arebuying up 3 Corp., said on a call last week ing abusinessout of short- ter less than two years. as the Covid-19 pandemic 10 Stock with analysts. form content. Quibi’spitch wasshort epi- drags on. Afterwidespread plant clo- 2 Quibi maybethe best- sodes,or“chapters,” of long- Factory production of con- sures this spring,manufactur- known and best-funded attempt form content forpeople on the sumer productshas largely re- 0 Sales ersbegan bringing workers to crack the short-form riddle, go to watchontheir phone dur- covered after shutdowns this 1 back in lateMay under new but it is far from the only one. ing,say,their commutetowork spring related to the virus safety protocols,manysched- Themedia industryislittered or standing in line at afood crippled manufacturing across -10 0 uling overtime to makeupfor with the carcasses of short- truck.Itspent heavily on origi- the country. 2019 '20 Feb. 2019 '20 lost production. form streaming platforms. nal shows and lured manybig- But as companies rush to But the restart effortswere Some of the highest-profile name starsincluding Anna Ken- restock,buyersare snapping *Nondefense capital goods excluding aircraft, seasonally adjusted slow going at first, with sup- bustsinclude Verizon Com- drick and Kiefer Sutherland. up items at an even faster Sources: MotorIntelligence(sales); U.S. Census Bureau via St.Louis Fed(orders) pliersalso struggling to re- munications Inc.’sGo-90, Thesubscription feewas $4.99 pace, leading to inventory open and factories confronting which wasterminated in 2018 amonth forthe ad-supported shortages on goods that have turers’ effortstocatch up. from Januarylevels, according high ratesofworker absences. afterlessthan three years; PleaseturntopageB4 recently surged in popularity Some executives sayitwon’t to dataprovided by the Federal It wasn’t until August that with people spending more be until early next year that Reserve.But over the summer manyU.S.factories were back time at home and nervous stock levels return to normal. it rebounded, and in Septem- to anormal level of produc- about travel, executives,retail- “Wedonot have the inven- ber,production wasup1% tion, but by then, demand had INSIDE ers and analysts say. tory on the newside or the pre- from January, the datashows. also bounced back faster than Five months aftervehicle owned side to meet the demand manyhad expected, depleting production restarted, cardeal- that’sout there,” said Mike inventories and creating abig- ersare still seeing their stock- Jackson, chief executivefor Au- Auto makers gersupply gap, executives and piles dwindle as public transit- toNation Inc., the U.S.’s largest retailers say. averse buyersflock to the publicly traded dealership continue to grapple Auto makers, in particular, new-car lot and morepeople chain. He said he expectsavail- withsupply­chain have been straining to keep up relocatetothe suburbs and ability to improvenextyear. with demand fornew vehicles countryside. Some manufacturerswith shortages. as lowinterest rates, extra Asurge in home-improve- big consumer businesses,in- cash from stimulus checks and ment projects has leftpaint cluding 3M Co., Harley-David- growing interest in owning a producerswith not enough son Inc. and Ford Motor Co., car have stoked sales. cans and appliancemakers areexpected to report earn- Forbuyers, shortages can Part of the problem is that short on parts to produce re- ingsfor their latest quarters be aletdown. But forbusi- automakerscontinue to grap- BUSINESS TECHNOLOGY frigerators, kitchen mixersand this coming week,likely offer- nesses,thereisalso upside. ple with supply-chain short- Harleygoes back to Apple’s services washing machines. ing moreinsight intothe state With inventorytight, auto ages,particularly on items making big, expensive businessfaces Supply-chain disruptions, of U.S. supply chains. makersand dealerssay they from Mexico,and aren’t al- worker absences and other Production of long-lasting areable to charge morefor waysable to getpartsneeded bikes forits most pressureinthe Google challenges related to virus- consumer goods,likeappli- vehicles,driving stronger forthe featuresand configura- devotedcustomers. B3 antitrustbattle. B4 proofing the workplace are ances,trucks and furniture, profits. And the pent-up de- tions buyerswant, analysts further complicating manufac- wasdownnearly 50% in April mand should help keep sales PleaseturntopageB2 P2JW300000-0-B00200-1------XA

B2 | Monday, October 26, 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. Housing A Emerald Equity Group B1 O Abbott Laboratories.B10 Estée Lauder...... B10 Omnicom Group...... B5 Alphabet.....A6,B4,R2,R3 Exxon Mobil...... A1 OpenVault...... B5 Amazon.com...... B10 F P Program American Eagle Facebook...... A5,B4 Outfitters...... B10 Peloton Interactive Fidelity Investments..B9 R2,R3 Apple...... A1,B4 Finablr...... B9 Atlas Tool Works...... A2 PG&E...... A3 Stumbles Fitbit...... R2,R3 PPG Industries...... B2 AT&T...... A1,B1,B5 Ford Motor...... B1 AutoNation...... B1 Procter & Gamble.....B10 G B Progressive...... B5 GameStop...... B10 Public Storage...... B1 ContinuedfrompageB1 Bacardi...... B5 Gap...... B10 Puma...... B3 value in 2019,upfrom2.9%in Bed Bath & Beyond..B10 Garrett Motion...... B5 Q Beijing Byte Dance Guoxuan High-Tech...B10 2009,MortgageBankersAsso- Telecommunications.B4 Quibi Holdings...... B1 ciation data shows. BlackRock...... B9 H R Mr. Kassirer got his transi- Blackstone Group...... B1 Harley-Davidson....B1,B3 Ross Stores...... A4 BMW...... B10 Hasbro...... B10 Royal Dutch Shell...... A4 tional loan from LoanCore BP...... A4 HCA Healthcare...... B10 Capital, alender owned by Brilliance China Hemlock Semiconductor S Automotive Holdings Operations...... A2 Samsung Electronics..A1 two of the world’s biggest in- B10 Hershey...... B5 SAP SE...... B6 vestors, Singapore’sGIC,a JOURNAL Brookfield Asset Home Depot...... B10 Standard Chartered....B9 sovereign-wealth fund, and the REET

Management...... B1 HSBC Holdings...... B9 Stein Mart...... B10 ST Brooks Brothers...... B10 Canada Pension Plan Invest- I T LL

C WA Interpublic Group of Target...... A4,B10 ment Board. Thetwo investors Carvana...... B10 together managemorethan

Cos...... B5 Tesla...... B10 THE

Century 21 Department J The Chernin Group...... B1 $700 billion. R Stores...... B10 The Vanguard Group...B9 FO Charles Schwab...... B9 J.C. Penney...... B10 3M...... B1 TheSingaporean and Cana- Charter Communications Johnson & Johnson..B10 Time Warner Cable.....B5 dian funds deferred comment

JPMorgan Chase ..B2,B9 ORENTE B5 Toyota Motor...... B2 Chevron...... A4 to LoanCore. Aspokesman for LL L U -W LoanCoresaid the companyis OR Comcast...... B5 L Brands...... B10 Contemporary Amperex UnitedHealth Group..B10

Lowe's Cos...... A4 aresponsible lender that takes VICT Technology...... B10 Verizon Communications Costco Wholesale.....B10 N B1,B5 strong actions to remedy is- AlonzoJohnson says abuilding strikehelaunched has morethan half of the units participating. Cox Communications..B5 Neiman Marcus Group ViacomCBS...... B4 sues faced by tenantsinbuild- D B10 Volkswagen...... B10 ingsitfinanced. Thecompany as NewYork and California, Transitional loan mercial real-estate lending at Daimler...... B5 Netflix...... B4 Walgreens Boots Nike...... B10 Alliance...... A1 didn’t provide examples of any alarmedatthe decline in af- delinquency rate SignatureBank,aNew York E NMC Health...... B9 Whirlpool...... B1 actions it has takenand the fordable housing, instituted lender.The bank backed off spokesmandeclined to com- tough restrictions on land- 3% from such lending under pres- ment further. lords’ ability to evict tenants sure from affordable housing East Harlem has long been and raise rents. Thestates groups. INDEX TO PEOPLE home to low-income,Spanish- were reacting to alossofaf- Thebond market that fi- speaking residents. It is where fordable rental housing in the nanced transitional loans sput- A Griffiths, Huw...... B5 N Magdaly Marrero, 60,raised U.S. that coincided with the 2 teredthis spring when the Adamski, Florian...... B5 H Neslin, Scott...... R7 her two children on paychecks wave of newinvestor cash go- pandemic hit. Theshareofde- Allard, Thomas...... R6 Hassell, Jonathan...... R4 P from McDonald’s, KFCand ing to landlords. linquent loans increased from B Hyman, Simeon...... A4 Park, James...... R2 Popeyes restaurants. According to Harvard Uni- 0.22%inMarch to 2.2% in Bailey, Shane...... B5 J R Mr.Kassirer bought her versity’s Joint Center on Hous- September, Trepp data show. Batty, Judith...... R11 Jacquemin, Chris...... B4 Reich, Taly...... R6 Bitzer, Marc...... B1 building in August 2017, ing,between 2012 and 2017, New deals also slumped, with K Reynolds, Chris...... B2 1 Burke, John...... B5 S shortly afterhepurchased the U.S. lost 450,000 rental about$7billion of newissu- C Kantrowitz, Mark...... B6 several dozensimilar buildings homespriced between $600 ancesofar in 2020,versus Katzenberg, Jeffrey....B4 Santora, Nick...... B4 Carey, Matt...... R10 Khouw, Michael...... A4 Sherry, Richard...... A4 nearby,totaling nearly 1,200 and $999 amonth and lost 3.1 $22.4billion forall of 2019. Charneski, Jayne...... B4 Kilar, Jason...... B1 Sijanta, Natanael...... B5 units. It was the biggest deal million homes renting forless Half of the2020 volume was Colas, Nicholas...... B10 Kupor, Daniella...... R6 Silbermann, Chris...... B4 Craig, David...... B4 Smith, Adam...... B3 yetfor the then-34-year-old than $600 amonth. At the before the pandemic, accord- L 0 D Stewart, David...... R4 real-estateinvestor who had same time,the number of ing to Trepp. Laer, Tom van...... R7 W previouslybought buildingsin apartmentsrenting formore 2019 ’20 Hit by NewYork’snew rent Dai, Hengchen...... R7 Levin, Jordan...... B4 Dunne, Ronan...... B5 Waltz, Daniel...... B5 the Bronx. than $1,000 rose by five mil- Note:Represents shareofloans 30 or laws,pushback from tenants M Whitman, Meg...... B4 F LoanCorepackaged Mr. lion. moredaysbehind payment, pastmaturity, and the impact of the pan- McMahon, Bill...... A4 Woodworth, Jill...... R2 in foreclosureorREO.Only covers loans Fisher, Matthew...... R7 Kassirer’s loan with dozens of Therewereseveral causes demic,Mr. Kassirer’s situation Meagher, David...... R4 Z packaged into commercial real estate G Meyer, Roxanne...... B10 Zaky, Alex...... R4 similar mortgages intotwo for the loss of low-cost hous- collateralized loan obligation bonds. is worsethan formost land- Grewal, Lauren...... R6 Moore, Olivia...... B4 Zeitz, Jochen...... B3 bond deals totaling $1.5bil- ing,including the strong econ- Source:Trepp lords.Tenantssay he let his lion. omy, the popularity of city liv- buildingsfall intodisrepair. Bond documentshigh- ing,high construction costs loans are used to boost rents. Ratand cockroach infesta- tle,Dallas,the NewYork met- lighted Mr.Kassirer’s record of andzoning restrictions that In Toledo,Ohio,one bond tions, mold, broken radiators Blackstone ropolitan area and Southern moving out longtime tenants prevented new development. funded a$23 million loan on and appliances, gas shut-offs California. and raising rents. Among them Theflowofcash from big 888 apartmentswherethe andother issues have forced In 2018,Brookfield sold 112 wasMs. Marrero. She paid investorsintotransitional ownersplanned to introduce some tenantstomove. Others Set to Buy self-storagefacilities to ajoint $1,095 a month for their two- lending exacerbated the prob- regular rent increases,pet stayed put and joined the rent ventureofNational Storage bedroom unit, but chronic lack lem. fees,application fees and elim- strikeinEast Harlem and Affiliates Trust and an affiliate of repairsled her to take a Transitional loans,which inatefreehousing formainte- three other Manhattanproper- Simply of Heitman Capital Manage- $6,500 buyout from Emerald were popular in hot real-estate nancestaff,according to a ties where tenants are collec- ment LLC for$1.3billion. The in spring 2018, Ms. Marrero’s marketssuch as California, prospectus. tively withholding more than deal allowedittorecoup the children said. Florida, New York and Texas, In theEast BayofCalifor- $600,000 of rent checks,ac- ContinuedfrompageB1 entirety of itsinvestment up LoanCore hired JPMorgan did create affordable housing nia, aformerly seniors-only cording to those tenants’ at- “People in motion is aposi- until that point, according to Chase &Co. and five other in some instances. Elan Gor- community is in the midst of a torney. tivefor the storagebusiness,” people familiar with the banks to sell the bonds to in- don used transitional loans to conversion to an all-ages Emerald said that the is- he said. matter. vestors. On page364 of a convert two struggling hotels apartment complex. Current sues inside the buildings Brookfield acquired Simply Simply fits the mold for nearly 500-pageprospectus of into240 affordable apart- rental listingssuggest the “werenot caused by us but in 2016 for$830 million when BREIT,which focuses on one of the deals wasatable mentsinGreenville and Bluff- property owner is making rather [were] the result of ag- it had 90 locations and grew it stable,income-generating that summarized Mr.Kas- ton, S.C. “It’sdelivering new good on itsplan to increase ing structures built at the turn to morethan 200 locations properties in growing markets, sirer’s success buying out ten- supply to an area that needs base rentsby64%, as pro- of the last century that are in over the next two years including warehouses,multi- ants. Ms.Marrero’s$6,500 it,” said Mr.Gordon, who runs jected in a2018 bond prospec- need of restorations and up- through a combination of ac- family housing and assetslike buyout waslisted there, along SHIR Capital, an investment tus. grades.” quisitions andnew develop- the real estateofthe MGM with a new rent of $2,175 for firm in Austin, Texas.Heis Banks cutback on transi- It added that it is making ment. Much of itsexpansion Grand, MandalayBay and Bel- her old apartment. J.P. Morgan converting four morehotels in tional lending forreputational “strenuous efforts to address has happened in marketsthat lagio LasVegas casinos,which declined to comment. Austin intobelow-market rent and financial reasons.“It’sjust any outstanding issues at our have experienced strong eco- offer aguaranteed rent Theloan was the last hur- apartments. not our business model,” said buildingsand areconfident of nomic growth, including Seat- stream. rahfor the market.Statessuch In other situations,the Joe Fingerman, head of com- resolving these soon.” Cenovus ADVERTISEMENT TheMarketplace And Husky To advertise: 800-366-3975orWSJ.com/classifieds To Merge COMMERCIAL REAL ESTATE #"" *#%,!" (',$ )+&!"$ 9QX#6X 4#RX O:4T!X 4U#4S-.L) Qf.J Qf6fEEL] -. eLIfEK -K iXQ9UT !7X W2OiTOVQQ!]fiLEfdf*L EH0H(LM EHfeHEH(b N-0,f.b`5/&)5:&' 1B:7M3_ dHEE -KKL*K-* )fEL `(IL 5/BQ&3_ f( ,'eEHNf'N(H-. DYY/ -K (IL ContinuedfrompageB1 EH0H(LM EHfeHEH(b N-0,f.b0L0eL*)IH,f.M EH0H(LM ,f*(.L*)IH, H.(L*L)() `(IL 5H&?@&:8"!< J>7&:&8783_ ILEM eb (IL LHJI(LL. `D=_ U9TZV6# "-**-dL*) `.f0LEb]U9TZV6# \D#PLaa "-**-dL*] QQ!% U9TZV6# 2021 and would leave Cenovus \D"PLaa "-**-dL*] QQ!% U9TZV6# \Di:d.L* QQ!% U9TZV6# \DXPLaa "-**-dL*] QQ!% U9TZV6# \DW shareholderswith 61% of the PLaa "-**-dL*] QQ!% U9TZV6# \DVPLaa "-**-dL*] QQ!% U9TZV6# \DUV9PLaa "-**-dL*] QQ!% U9TZ V6# \DUQ9PLaa "-**-dL*] QQ!% U9TZV6# \C":d.L* QQ!% U9TZV6# \C!:d.L* QQ!% U9TZV6# \Ci combined business. Husky :d.L* QQ!% U9TZV6# \B#PLaa "-**-dL*] QQ!% U9TZV6# \B"PLaa "-**-dL*] QQ!% U9TZV6# \B!PLaa "-**-dL*] QQ!% U9TZV6# \BiPLaa "-**-dL*] QQ!% U9TZV6# \A#PLaa "-**-dL*] QQ!% U9TZV6# \A" shareholders, including Mr. PLaa "-**-dL*] QQ!% f.M U9T 9f*(.L*)4L.] Q[9[_ H. (ILH* *L),LN(H&L P-*(JfJL "-**-dL*) `N-EELN(H&LEb](IL Li’sHutchison Whampoa con- 51Q&'$&'P>7!7!&83_] (-JL(IL* dH(I NL*(fH. *HJI() f.M ,*-,L*(b *L,*L)L.(H.J] *LEf(H.J (-]-*f*H)H.J K*-0 (IL PL0eL*)IH, T.(L*L)() `N-EELN(H&LEb](IL 56=QQB7&:BQ3_[ glomerate, would own the re- "f)LM ',-. H.K-*0f(H-. ,*-&HMLMeb(IL U9TZV6# "-**-dL*) f.M (ILH* fKgEHf(L)] H( H) (IL

/REUTERS '.ML*)(f.MH.J -K 6LN'*LM 9f*(b`e'( dH(I-'(f.b *LN-'*)L (-]-**L,*L)L.(f(H-. -* df**f.(b -K f.bFH.M mainder. eb]6LN'*LM 9f*(bf)(-(IL fNN'*fNb -* N-0,EL(L.L))_ (If( `H_ (IL PL0eL*)IH, T.(L*L)() N-.)(H('(L(IL

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Husky has shed a lot of value NETW PH))-'*H] OLdPLcHN-]9L..)bE&f.Hf f.M 4Lcf) `(IL 51:=<&:7!&83_] `H&_ U9TZV6# "-**-dL*) f*L MLe(-*) in the past decade. Y '.ML* f0Laaf.H.L E-f. H. (IL ,*H.NH,fEf0-'.( -K 1C>]@@Y]YYY[YY `(IL 5H&KKB>!>& I=B>3_] dIHNI DA PLaaf.H.L Q-f. H) H. MLKf'E( f.M If) 0f('*LM eb H() (L*0)] f.M `&_ (IL P-*(JfJL "-**-dL*)]G-H.(Eb f.M At itspeak in 2008,Husky’s TO )L&L*fEEb]f*L MLe(-*) '.ML* f0-*(JfJL E-f. H. (IL -*HJH.fE ,*H.NH,fEf0-'.( -K 1DA>]CYY]YYY[YY`(IL A 5H=:7$B$& I=B>3_] dIHNI P-*(JfJL Q-f. H) H. MLKf'E( f.M If) 0f('*LM eb H() (L*0)[

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B88&?@Q!&8E 7"& /BQ& O!QQ @& )=>'5)7&' 3!:75BQQM 3!B =>Q!>& Stock Exchange. company now has about a two-month backlog of orders, significantly longer than it had before. 3!'&= )=>%&:&>)&C ."& -0I B'':&88 B>' 78C 4IL !-EEf(L*fE dHEE eL )-EM f) f)H.JEL '.H( f.M H) -KKL*LM 9/ J/E +LP0P J/E +J.L 9II N9-I./[ As part of the transaction, 6LN'*LM 9f*(b0fFL) .- J'f*f.(LL] *L,*L)L.(f(H-. -* df**f.(b]Lc,*L)) -* H0,EHLM] f) (- f.b0f((L* Mr.Li’scompanyagreed to a tocols that canattimes slow been signingcontractswith ,L*(fH.H.J (- (IL !-EEf(L*fE] f.M (IL )fEL -K (IL !-EEf(L*fE dHEE eL 0fML dH(I-'( *LN-'*)L (-]f.M dH(I-'( *L,*L)L.(f(H-. -* df**f.(b eb]6LN'*LM 9f*(b[ 4IL !-EEf(L*fEH.NE'ML)'.*LJH)(L*LM )LN'*H(HL) '.ML* five-year standstill agreement, Factories work down, Mr.Reynolds said. newsuppliersand expediting (IL 6LN'*H(HL)#N( -K D783_] H.NE'MH.J dH(I-'( EH0H(f(H-.; `D_ N-0,EbH.J dH(I (IL *L+'H*L0L.() f,,EHNfeEL (- (IL )fEL -K (IL !-EEf(L*fE )L(K-*(I H. (IL PLaaf.H.L Q-f. f.M (IL P-*(JfJL Q-f. 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(If( 6LN'*LM9f*(b ,-))L))L) N-.NL*.H.J (IL U9TZV6# projectsinCanada’soil sands, ContinuedfrompageB1 of letting paintersintotheir Brian Belleware among those "-**-dL*)](IL PLaaf.H.L Q-f.] (IL P-*(JfJL Q-f.] (IL P-*(JfJL "-**-dL*) f.M (IL 9*-,L*(HL) `N-E\ ELN(H&LEb](IL 54!8)Q=8&' HB7&:!BQ83_ f) dLEE f) (IL 4L*0) -K 6fEL[ #NNL)) (- )'NI H.K-*0f(H-. dHEE eL also have been struggling to and executives say. homes,leading them to do it still waiting for their new ap- N-.MH(H-.LM ',-. LcLN'(H-. -K fN-.gML.(HfEH(b fJ*LL0L.( dIHNINf. eL K-'.M-.(IL if(f)H(L[ 4- ,f*(HNH,f(LH.(IL f'N(H-.] ,*-),LN(H&LeHMML*)0')( N-.g*0 (ILH* feHEH(b(-)f(H)Kb (IL 7L+'H*L0L.() H. find waystoget that crude Some carcompanies were themselves.That’smeant PPG pliances.The Bellews bought a (IL 0f..L*ML)N*HeLM H. 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N-..LN(H-. dH(I (IL ,'*NIf)L -K (IL !-EEf(L*fE[ Huskyhas about 410,000 tions of ramping back up. gest it’s ever been in the his- moremodern appliances 8'L)(H-.) 0fbeLMH*LN(LM (- "*L(( 7-)L.eL*J f( ^D CDC\=DC\@? 3-FL lines to 265,000 barrels aday. North America. and other countries wherere- “That wasashock.Ijust 9*3#$9$%*9$!" <9?*9&%$&< # 3F. ,; %/CI>28=69 @=6;Q: ?H ,E"EKHM6+ ding jobs and cutting over- orders, but that effort must be the company’sfinancial chief. —Ben Foldy 7770-58,+.:1B>58+1,+;+8B,08+B &5 *2?=0D?2 %?:D,(#-- ;B<.8 B6A146@B head. balanced with newsafety pro- In response,Whirlpool has contributed to this article. P2JW300000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY Monday, October 26, 2020 | B3 BUSINESS NEWS Harley CyclesBack to ItsCoreCustomers

BY AUSTEN HUFFORD close some stores. out. Well, I’m aging,asthey placement motorcycles.” AND BOB TITA Harley’s workforce is get- say, and Ifeel likeriding right Mr.Smith, who said he dis- ting smaller,too.The Milwau- now,” Mr. Zeitz, 57 years old, cussed the strategyinaphone Harley-Davidson Inc.isgo- kee-based companyhas laid off told analystsearlier this year. call with Mr.Zeitz this year, ing back to the basics of mak- 500 workersglobally,or Mr.Zeitz has afilm crew said Harley is cutting itsdealer-

ing big,expensivemotorcycles around 10% of itsworkforce, S documenting his work as CEO, ship footprint afterconcluding forits most devoted customers, and, according to people famil- according to people familiar it had far morelocations per NEW

abandoning adecadelong quest iar with the matter, that group G with the project. Harley said it sale than luxuryautomakers. to reach newtypes of riders. included some on product regularly films itsleader for Mr.Zeitz aims to reducethe

NewChief ExecutiveJochen teams developing newmotor- OOMBER internal and external commu- number of Harley dealership

Zeitz,aGerman-born former cycle models.Mr. Zeitz also /BL nications as well as forits locations by at least 100 in the head of Puma SE,isscaling has brought in outsiderstorun newly launched video plat- U.S.,out of about 700cur-

back overseas expansions, the finance, digital, marketing MORRIS form, Harley-Davidson TV. rently,said dealersand aHar-

shrinking Harley supplies in the and merchandise departments. UL Harley declined to makeMr. ley investor familiar with those U.S. and delaying or abandoning Thecompanyisexpected to PA Zeitz available foraninter- plans.They said the company VID

newmodels that were intended post ayear-over-year sales de- DA view,saying he is still devel- is paying dealershundreds of to appeal to younger riders. cline forits thirdquarter Tues- A customer browses at a Harley dealership in Oakland, Calif. oping the new strategy. thousandsofdollarstoclose It is ahairpin turn from the day, analystssaid, even with a Adam Smith,the Texas- underperforming stores. strategy pursued by his prede- coronavirus-related increase in of its37models on the market. els—for motorcycles that have based owner of one of Harley’s Mr.Zeitz is also disman- cessor,MattLevatich, who demand formotorcycles. Some dealerssay they are been discounted in recent largest dealer groups,said Mr. tling some international oper- tried to expand intonew mar- Harley says the changes getting about athirdfewer yearsinresponse to falling Zeitz’s strategyhas allowed ations, including in India, kets with smaller motorcycles. aren’t aresponse to the pan- bikes shipped to them than sales and competition from a the dealership to concentrate whereHarley’s factoryopened Mr.Zeitz has said Harley demic. Thehealth crisis has last year,both because of Mr. glut of used Harleysonthe on selling the most expensive in 2010. Harley’s sales efforts must cutexpenses and make actually boosteddemand for Zeitz’s strategyshiftand sup- market.Hehas said he believes and profitable bikes. outside North Americawill itsmotorcycles moredesir- largermotorcycles from people ply-chain constraints. Mr.Zeitz core customerscan be counted “The brand is getting back nowmostly focus on more-es- able. He is cutting about 30% seeking socially distanced rec- has said he wantscustomersto on to buy moreHarleys. to what we have always been,” tablished marketslikeJapan of the models in the lineup reation outdoors,just as Har- payfull price—$40,000 or “I’veheardnow so often Mr.Smith said. “Wedon’t make andEurope,people familiar andencouraging dealersto ley is putting fewerbikes out morefor feature-laden mod- that our consumer is aging cheap,inexpensive, small-dis- with Harley’s plans said. Many Employees Exhausted Leave HOWDOYOU During Pandemic MANAGE RISK

BY LAUREN WEBER cessed around 900,000 Covid- 19-related leave requestssince THROUGH Millions of workershave March. Eighty percent of those takenjob leave this year be- were unpaid leaves, which in- cause of Covid-19. cludes federal programs like BOTH CHAOS With many schools still re- Family and Medical Leaveas moteand case countsonthe well as personal leaves of ab- rise, many say they still need sence. ANDCALM? time off,but they have ex- In manycases,companies hausted available leave or allowedworkerswho had used can’t affordtotakeitwithout up their paid time off to take full pay. And understanding unpaid leave to handle medical what leave employees areenti- or family needs,said Bryon tled to remains apuzzle for Bass, whoruns Sedgwick’s many, employee-benefitsex- Workforce Absence practice. perts say. Roughly half of U.S. private- Dreama James, who works sector workersare eligible for at afast-food restaurant in the leave Ms.James took, Cobb County,Ga., used 12 though few workersappear to weeks of leave she wasal- have taken that type of leave lowedunder an emergency sinceitwas made available in plan passed by Congress in April, benefits companies say. March. She took eight weeks Thelaw requires employers to provide mostly paid time offfor people who test posi- tive forthe virus or areor- dered to quarantine,orwho care forafamily member ill JOURNAL with thevirus.Parentswho

REET need time offtocarefor a

ST child whose school or daycare LL closed areentitled to up to 12 WA weeks of leave, most of those THE

R at partial pay. FO “People want to know, what

OON leave am Ientitled to?That question is alwayscompli-

THERSP cated, even pre-Covid,” said

WEA AlexBerke, an employment at- torney in New York. NSEY

LY Don Buchanan,47, wasa Dreama James used 12 weeks. groundskeeper at aresort in Gatlinburg, Tenn., when he in the spring when her son’s contracted Covid-19 and took elementary school closed and two weeks off forrecovery another four weeks in late and quarantine.Hesaid he summer when remoteschool wasunsurewhether he wasel- began. igible forpaid leave.His em- As Ms.James gotclose to ployer, Tree Tops Resort, re- exhausting her time off,she quired that he use vacation asked her supervisor if she days forthe firstweek and could bring her fifth-grader to gavehim paid sick days for work,suggesting that he could the second. He then had an- sign on to virtual classes in othermonth off,paid, after the restaurant’sclosed play health authorities shut down area during her shifts. the resort because of Covid-19 Her supervisor liked the concerns. idea, but higher-up managers Around the time he had to nixed it, saying the restaurant return, Mr. Buchanan said he was“not aday care,” Ms. began suffering complications. James said. She asked about unpaid leave and wastold the restau- rant couldn’t guarantee her job. Her federally guaranteed time off under the Families FirstCoronavirus Response Act,also known as FFCRA, which paid two-thirds of her $8.50-an-hour wage,had al- ready been hardonher fi- Youcan’t controlthe changing nances. tide of themarkets, but we can “I didn’t knowhow we’d maintain the household bills BUCHANAN help younavigateit. CMEGroup and getmyson what he ON helps youmanage risk and

needed as far as school or MADIS someone watching him who Don Buchanan had the virus. captureopportunities across all we could trust,” said Ms. majorasset classes.Wedeliver James, 41 years old. Coughing fits led him to pass nearlyone billion datapoints Herhusband works an es- out occasionally.Hewas sential job and couldn’t take placed on light duty,but the daily,informingthe insight you time off either.She found a physical demands of his job need to refine your trading last-minutesolution when a were still toomuch. He re- friend agreed to watchMs. signed a few weeks later. strategy.For takingadvantage James’sson until his school Taking more leave was out of opportunities in allmarket opened for in-person instruc- of the question, Mr.Buchanan environments… CMEGroup. tion. said. Workershaveused time-off “Therewas aCatch-22 policies during the pandemic there. We just looked at our at two to three times the rate bills and it was like, we can’t VISIT CMEGROUP.COM/ACTION they did previously, estimates really affordanunpaid leave,” Terri Rhodes, chief executive he said. Derivatives arenot suitable forall investors and involvethe risk of losing of the Disability Management Tree Tops didn’t respond to morethan the amount originallydeposited and anyprofit youmight have made.This communication is not arecommendation or offer to buy,sell EmployerCoalition, atrade requests for comment. or retain anyspecific investment or service.Copyright ©2020 CME Group group representing employers Mr.Buchanan has since Inc. Allrightsreserved. and insurers. found anew job as afacilities Sedgwick,the largest ad- technician in the local school ministrator of claims for self- system. “It’salot easier on insured employers,has pro- me,” he said. P2JW300000-0-B00400-1------XA

B4 | Monday, October 26, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen A $700 Smartphone Can Offer Best Value

This year’s iPhone 12, that lack of atele- most note- photolens is areal bummer. worthy There’snomoresqueeze acti- phones vation forGoogle Assistant. weren’t the There’safingerprint sensor APPLE best, most instead of facerecognition un- technologically advanced lock—it’sgreat formask-wear- MSUNG,

ones. They were cheaper SA ing but feels slower. There’s phones with better value. only one screen-sizeoption (6 Three years ago, we won- inches). ThePixel 4a models GOOGLE,

dered if a $1,000 smartphone S: with smaller and larger was crazy. Today, that price TO screens have inferior features. is the running standard for PHO flagship devices. (And Apple Samsung Galaxy S20 FE and Samsung’s high-end Samsung didn’t initially JOURNAL; models cost $1,400.) plan on releasing the “Fan But “expensive” isn’t the REET Edition.” Historically,Sam- ST

only priceintown. Histori- LL sung’smidtier offering was

cally,midtier phones got WA the previous year’s phone. hand-me-downs from previous But when it became clear that

years. Thenewest, however, ON/THE aglobal health crisis and eco- areinmanyways just as good NS nomic uncertainty were in- RO

as this year’s four-figuremod- AA coming,the companyscram- els.Three phones stand out, bled to design and producea models that are5Gcompati- moreaffordable version of its EPHANIE

ble,wireless-charging-capable ST S20 line,released in February.

and water-resistant, and carry BY Samsung’sadvantage is

great cameras and big batter- ION that it owns the supply chain: AT

ies.And they all start at $699. TR It makes premium parts, Apple’s standard iPhone US which allows the companyto ILL

12 comes in two sizes, the TO pack in hardwarethat would

smaller of which doesn’t PHO maketech-spec nerds drool. miss out on any of the fea- Google’sPixel 5, Samsung’sGalaxy S20 FE and Apple’siPhone 12 and 12 Mini, from left—have premium features without premium pricetags. Itakeissue with howSam- tures of the larger option. sung phones getAndroid up- Samsung’s Galaxy S20 FE able as promised. If youare iPhone 11, without decreasing Google Pixel5 apremium replacement are dates lateand howthe cam- (for “Fan Edition”) has the strongly considering the Gold- the displaysize.)The main, Google’s Pixel phones going to have to wait another eras tend to oversaturate same megabattery as the ilocks models,here’swhat you wide cameraletsinmore aren’t very popular—the An- year—or look elsewhere. photos.But the S20 FE is ab- company’s top S20+ model gain, and what yougiveup: light, and youcan nowshoot droid maker trails behind Upgrades: Anew ultra- solutely the best choicefor and three rear cameras. And in night mode on all of the the likes of Samsung, Huawei wide replaces the telephoto someone who wantsthe top Google’s Pixel 5 is the com- Apple iPhone 12 Mini phone’scameras.Atougher and Xiaomi world-wide. But as the phone’ssecond cam- gadgetryinthis pricerange: a pany’s flagship phone. My colleague Joanna just glassmakes the displayless it’s a fantastic Android era. Themost significant im- 120-hertz,monstrous 6.5-inch It is true, $700 isn’t ex- reviewedthe iPhone 12 along- susceptible to damage. You phone, especially if you’re provement is aboring but edge-to-edgedisplay, agiant actly chump change—but side the iPhone 12 Pro. While canrecordin4KHDR video all-in on Google’s apps, like crucial one: abig battery,the battery and three cameras. neither is the $300 you save the standardiPhone 12 has a with Dolby Vision. Integrated Gmail, Google Photos and largest ever in aPixel. My Upgrades: In addition to not buying a fancier phone. 6.1-inch screen and startsat magnetsare designed to Google Drive, and want a Pixel5review unit lasted a having the same gigantic bat- You could put it toward re- $799,the iPhone 12 Mini, work with avariety of Mag- clean-looking version of the dayand ahalf on average. tery as the S20+, itsstorage lated costs, such as accesso- which has asmaller 5.4-inch Safe accessories,including a operating system. Software-enabled Night Sight capacity potential is also ex- ries and cloud storage. display, costs$100 less. chargerthat unlocks faster One of the main draws of forportrait photographycan treme—up to 1TB—because of Maybe youneed the best of “Apple” and “cost-saving” wirelesscharging speeds. Pixel phones is getting new even improveolder photos. aMicroSD slot. Threecameras the best, or maybe even $700 arepractically antonyms. Downgrades: No telephoto versions of Android more There’smorememory(8GB means no sacrificing that tele- is toohigh. Theanalytics firm However, an iPhone could (op- lens means lower-resolution quickly than other Android of RAM), and youcan feel the photo: With this setup,you get IDC forecaststhat due to pan- erativeword: could) be more photos when youzoom in. devices—typically within two differenceon-screen: Swiping 3X zoom. There’sasuperpow- demic-related belt tightening, cost-effectiveinthe long run, Thebase model only has 64 weeks of release. A Samsung from the home screen to the ered 32-megapixel selfie cam- smartphone spending will be because youcould technically gigabytes. Youget matte alu- spokesman said that Android App Libraryfeels smoother. era. It has the same processor reduced, with the $400 to squeeze morelifeout of it: minum edges versus the Pro’s 11, released on Sept. 8, will A standout feature is Hold as the moreexpensivephones. $600 rangeasthis year’s fast- Apple’s official policy supports glossy steel. (Joanna does come later this year, first to for Me, which allows Google Downgrades: It only has est-growing category.Apple’s repair serviceand software notethat the aluminum is the flagship S20 phones and Assistant to wait on hold for half the memory (6GB of iPhone SE,Samsung’sGalaxy updates forfiveyearsfrom lighter and lessfingerprint- then other devices, including you during customer-support RAM) as the flagship. The A51 and Google’s Pixel4aare the device’srelease date. Sam- prone.) the midtier S20 Fan Edition. calls, then alert you when a S20 is more compact and all $400 or less. sung and Google guarantee There’snodepth-sensing Compared with the Pixel4, human gets on the line. It’s better for one-handed use. Still, the latest crop of just three yearsofupdates. lidar scanner,which enables the Pixel5was in some re- yet another super useful, The display has larger bezels souped-up midtier phones Upgrades: Thenew Mini lowlight portraits. And the gardsastepback.Google said Pixel-exclusive AI-powered and less pixel density. The means being economical with- is abig win forthe small- $1,100-and-up option, the Pro the movewas purposeful, in feature that joins call screen- back of the phone is plastic, out sacrificing features. And handed. (Even the bigger12 Max,has the biggest battery the hopes that alowerprice ing, car-crash detection and not glass. There’s no 8K being ready for5G—if and is lighter,thinner and smaller and anew,morepowerful would attract awider audi- live audio transcription. video recording—but who when it’severaswidely avail- than itspredecessor,the telephotolens. ence. Pixel4usershoping for Downgrades: As with the honestly needs that? Short-Form GoogleAntitrustFight Platforms Pressures Apple Unit

BY TIM HIGGINS holdings, says it could be along Struggle time beforethe legal case is de- TheJusticeDepartment’s cided, and questions whether attempt to punish Google for what Google is doingwith Ap- ContinuedfrompageB1 itscompetitivepractices in in- ple is anydifferent than acon- version and $7.99without ads. ternet search could end up sumer-goods companypaying a “Their mistakewas in taking amajor toll on adiffer- grocerystore forbetterplace- thinking the cellphone wasa ent tech giant: Apple Inc. ment on their shelves. television,” said David Craig,a Amultibillion-dollar deal in “Thereisnoquestion that

producer and professor at the S which Google pays to be the if this arrangement were to University of Southern Califor- default search engine on Ap- end it would be anegative PRES nia’sAnnenbergSchool of ple’siPhones and other de- for” Apple,hesaid in an email, Communications. TED vicesisat theheart of the but at this point he thinks the CIA

Hollywood waseager to SO case the U.S. government filed risk for Apple is manageable. embracethe concept, even if AS last week against Google.That Appledidn’t respond to a

privately many were doubtful QUIBI/ deal is also at the heart of Ap- request to comment on the of itspotential forsuccess. An image from Quibi shows Christoph Waltz, left, in a scene from ‘Most Dangerous Game.’ ple’sservices unit, the biggest Justice Department’s lawsuit, Quibi had deep pocketsand contributor to itsgrowthover which doesn’t accuse it of wasled by two heavy hitters nominations and took home relate to.” forseven years, with acaveat the past several years. wrongdoing.Google has dis- in Jeffrey Katzenberg,afor- two trophies. Thereisshort-form content that aftertwo years, acreator Thegovernment has pointed puted the lawsuit’sclaims, mer Walt Disney Co.executive “A subscription platform on platforms such as Netflix can sell their show elsewhere to the deal as an example of saying usersturn to itssearch and DreamWorks co-founder, has to have hitstobesuccess- and HBO Max,including “Love, as long as it is no longer in howGoogle,aunit of Alphabet engine because it is the best andMeg Whitman,aformer ful,” Chris Silbermann,chief Death &Robots” and “The Not short-form. In other words: Inc., uses itsgiant profitsto and not because they can’t eBayInc.and HewlettPackard executiveofthe talent agency TooLateShowwith Elmo,” makethe six 10-minuteepi- block out competition—a con- find alternatives. Enterprise Co.chief executive. ICM Partners, said in an email. whichboth typically last 15 sodes intoanhourlong pro- tention Google denies.For Ap- Last week,Kent Walker, That was enough for produc- “Hulu took off after‘The minutes or less. But they area gram. ple,ithas been alucrativeillus- Google’s chief legal officer, ers to take a risk. Handmaid’sTale,’ Netflix to complement to the main draw: Although Quibi said it tration of the value of access to “These thingspop in Holly- newlevelsafter ‘House of long-form shows. closed down in part to return the morethan 1billion global wood all the time and agents Cards’ and ‘The Mandalorian’ Launching a service aimed whatever money it could to in- usersofits devices.And while Losing the search see it as a huge payday,” said forDisney+. Quibi didn’t have to be used by people on the go vestors, programmerswho the outcome of the JusticeDe- one producer who sold ashow enough time to develop acul- just as apandemic caused a want to get their shows back partment’s suit—which could deal with Google to the nascent platform. tural touchstone that made it lockdown of thecountrywas will likely have to negotiate take yearstoplayout—is far could be a sizable Thereisuniversal agree- a must-have.” particularly ill-timed. But the deals. from clear, analystsand inves- ment that an appetiteexistsfor One of Quibi’smissteps was fact that Quibi wasn’t initially “They’ll do what gets them tors saylosing that deal could blow to Apple. short-form content, as evi- aiming high-end programming available to be watched on TV the most money back in their be asizable blowtoApple, denced by the success of social- at an audience—millennials at atime when much of the investors’ pockets,” said one given estimates that Google’s media platforms such as Byte- and Gen Z—that has grownup nation wasathome didn’t studio chief. paymentsaccount foruptoa Dance Ltd.’s TikTok, Facebook embracing user-generated help. Theaction thriller “Most fifthofthe iPhone maker’s said in ablog post that the Inc.’sInstagram and Alphabet content, particularly on mobile In alettertoemployees and Dangerous Game,” which was overall profit. Apple relationship is “no dif- Inc.’sYouTube,which thriveon devices, observers said. investorsannouncing the shut- produced by ViacomCBS Inc.’s “There’s a risk, if you play ferent from the agreements such fare. But it remains to be “I knowQuibi spent all this down, Mr.Katzenberg and Ms. CBS and was one of the plat- it out, that thereactually that manyother companies seen as to whether that holds money producing high-quality Whitman said they felt the form’smost popular shows,al- could be morefinancial impact have traditionally used to dis- true forbig-budget entertain- content but…that doesn’t nec- servicewas both avictim of ready has drawninterest from to Apple than thereisfor tribute software.” ment,especially the sort that essarily mattertoGen Z,” said the pandemic and perhaps not otherstreamers, people famil- Google,” said Toni Sacconaghi, Thetwo companies first people have to payfor. Jayne Charneski,founder of strong enough of a concept. iar with the matter said. an analyst forBernstein.He struck adeal in 2005,when Furthermore, people can consumer-insights firm Front AQuibi spokeswoman “Most Dangerous Game” estimates Apple’s stock could SteveJobs wasApple’sCEO,to stream big-budget content Row Insights & Strategy. didn’t respond to arequest for creator Nick Santorasaid the fall as much as 20% if the deal makeGoogle the default in from services such as Netflix Big names also don’t hold comment. plan is to make the show into with Google were eliminated Apple’sSafari webbrowser on Inc.orAT&T’sHBO Max on as much sway with the un- Some of Quibi’sshows are aseries of high-end movies entirely. At the same time, he Mac computers. Thedeal ex- their phone and hit pause when der-35 crowd,said 26-year-old likely to find newhomes else- akin to the “John Wick” fran- and others say, damage could panded with the arrival of the they need to take abreak. Olivia Mooreofearly-stage where. chise.Although Quibi was be farlessifApple is able to iPhone two yearslater,accord- Quibi “was not built around venture firm CRV. “Some of the projectsQuibi short-lived, Mr.Santorahas no offset it through other deals ing to the government’slaw- a type of content reaching an “The mainstream celebri- bought arewell done and will regrets, and thinks there is a involving Google andits com- suit. underserved community,” said ties that Quibi recruited, like have an opportunity to be re- future for the genre. petitors. The companies have never Jordan Levin,general manager Liam Hemsworth, Reese developed and find ahome on “I found it incredibly stimu- Investors seemed to shrug made public the exact terms of of Rooster Teeth, afan-driven Witherspoon, and Jennifer Lo- other platforms,” said Chris lating to tell astory in smaller off the threat last week when the deal. video platform that likeHBO pez, aren’t as big of adraw,” Jacquemin, a partner and co- bites.Ithoned my skills as a the JusticeDepartment’slaw- Thegovernment’slawsuit Max is part of AT&T’s Warner- she said. “Gen Z-erswould head of digital forthe WME writer and a showrunner,” he suit against Google wasre- pointstopublic estimates that Media. rather watch Charli D’Amelio talent agency. said. “I think thereisanappe- vealed. Apple’sshares rose Google pays between $8 bil- Quibialso didn’t have any passout while getting her Getting the rights back for titefor great storytelling no that day. lion and $12 billion annually content that wasable to break blood drawnthan paytoac- programming created for matterwhat the length. Some Mark Stoeckle,chief execu- forthe arrangement, and said through to popular culture, al- cess a scripted show starring Quibi maybetricky. Quibi’s of the most famous stories of tiveofAdams Funds,which it represents15% to 20% of though it did receive10Emmy millennial actorsthey don’t typical licensing agreement is all time are short stories.” countsApple among itslargest Apple’s profit. P2JW300000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, October 26, 2020 | B5 BUSINESS NEWS WorkersatHome Face Caps on Data Use

BY LILLIAN RIZZO nation’sinternet providers. Do- Average daily data usage U.S. average monthly ateprofessor at the Khoury so the companydoesn’t charge ing so partly helps offset the per device* internetusage College of Computer Sciences fees to reduceconsumption. The coronavirus pandemic revenue lost from subscribers at Northeastern University. Longtime Coxcustomer ledmillions of Americans to abandoning theirtraditional 2019 2020 Providershaveattributed Daniel Waltz in Oklahoma, an turn their homes intooffices pay-TV plans in favorofinter- Streaming 450Gb strong internet performance inactivecommercial pilot who and classrooms.Italso forced net-based options—aphenom- player to round-the-clock work being recently started business manytochangetheir habitsto enon known as cord-cutting. Gaming done on the network,which school, said during the pan- keep their internet bills in Userswho consistently need console 400 waspossible because of bil- demic he upgraded to an un- check. moredataare encouraged to lionsofdollarsoffurther in- limited plan afterreaching the Shea Dunn, adata-process upgrade to apricier plan. Connected vestment. Thesizeofthe cost limit a few times. TV 350 analyst forTargetCorp.who Datacaps also help keep is another reason whyprovid- As he spent moretime at has been working from his the prices of internet packages Computer ers say heavy users are often home, his internet usage shot Minneapolis home sinceMarch, stable by shifting the extra 300 asked to pay more. up,mostly due to virtual said he never had to think cost to heavy users, according Phone In September,U.S.house- classes and games. about his household’sinternet to Mark Trudeau,chief execu- holds used an averageof383.8 Mr.Waltz’s bill increased consumption. That changedin tiveofbroadband-datafirm Tablet 250 gigabytesofdata, according to by about $50 amonth to early July,when he gotanotice OpenVault,which tracks more OpenVault. So far this month, roughly $161 as aresult of the Smart from his broadband provider, than amillion U.S. subscribers. speaker 200 consumption has increased to upgrade,but he said he no Comcast Corp., informing him “It protectsthe majority of 413.3 gigabytes. This is up longer has to worryabout fac- he wasusing toomuch data subscribersfromhaving rates 02Gb 46 2019 '20 from 361 gigabytesinJanuary, ing an overagefee.Healso and wasliable raised every year,” he said. *FromJanuary to May which had been the latest said he feels his internet qual- MEDIA & fora$50 feeif As the pandemic forced Sources: VerizonSpecials (daily); OpenVault (monthly) monthly record of usageprior ity improved. MARKETING he kept exceed- Americans to shelter at home in to the pandemic. When Comcast’sdatacap ing his cap. March, several providerslike liftedearly,which would giveit work,never before thought Comcast said even with was reinstated in July, Shane Mr. Dunn said he has been Comcast and AT&T Inc.tempo- the ability to institutedatalim- about his at-home internet us- pandemic usage, 95% of its Bailey, aweb developer in watching his internet usage rarily suspended overagefees itsstarting in May2021. age. Rather than increasing his customersdon’t reach its Jacksonville, Fla., said he and very closely ever sinceto forsome customers. Many, in- ACharter spokeswoman Comcast bill by $30 forunlim- limit, which it recently raised his family came close or ex- avoid being hit with an over- cluding Comcast and CoxCom- said the companywould weigh ited use, he chose AT&T. to 1.2 terabytesfrom1tera- ceeded the limit afew times age fee, especially at the end munications Inc., later reinsti- itsoptions when the FCCcon- “I don’t think I’m the most byte.For some Comcast sub- beforehechose to upgrade to of each month. “Even without tuted datalimits. AT&T’s ditions expire, “but is cur- prolific internet user,” Mr. scribers, the priceofunlimited an unlimited plan foranaddi- downloading Xboxgames any- millions of DSL subscribers—the rently not considering imple- Cales said. packages has also been low- tional $30 a month. more, I still receive messages technologythat sends internet menting datacaps and has no On topofhelping internet ered, a spokeswoman said. Both he and his wifeare that I’m close to hitting the signalsovercopper telephone plan to do so.” providersgeneratemorereve- Similarly,Cox raised its working from home,while his cap,” Mr. Dunn said. wires—also nowfacemonthly Gareth Cales in Jackson- nue,datalimitsare away to dataallowanceby25% to 1.25 children arelearning from Theamount of time con- limits, while AT&T fiber custom- ville,Fla., recently switched alleviate congestion and strain terabytesamonth, and it home and oftenstreaming TV sumersspend streaming TV, ers’ datacaps arewaived from Comcast to AT&T, since on the network.The internet’s waives the overagefee the shows or playing educational games and using Zoom or through the end of the year. AT&T doesn’t have a data cap backbone held up pretty well first time a customer exceeds games. other videoconferenceplat- Charter Communications in his area and apromotion during the early days of the their data allowance, accord- Mr.Bailey said the $30 up- forms substantially increased Inc.iscurrently prohibited makes it the less-expensive pandemic, despite significant ing to a spokesman. grade gavehim the peaceof sincethe start of the pan- from capping the internet us- option. AT&T’s most-expensive pressure. Verizon Communications mind of no longer having to demic,activities that ofteneat age of itscustomersaspart of 1-gigabit-speed plans offer un- “We’velived through this Inc.consumer unit chief Ronan worryabout overagefees. up large amounts of data. adeal with the Federal Commu- limited data. scenario and did well without Dunne said the averagesub- “Right nowit’scheaper than Thepracticeoflimiting the nications Commission when it Beforethe pandemic,Mr. caps on bandwidth usage, scriber of itsFios serviceuses the gasIwould normally be us- internet usageofcustomers acquired Time Warner Cable. Cales,a34-year-old who which makes youquestion morethan 500 gigabytesa ing to drivetowork,” he said. and charging heavy usersmore Charter this summer asked the works in software develop- whythey areneeded at all,” month without taxing the fiber- —Drew FitzGerald is common among manyofthe FCCfor these restrictions to be ment and traveled oftenfor said David Choffnes, an associ- optic system’sinfrastructure, contributed to this article. TTHISHIS IS ADVERTISEMENT VVIDEIDEOOT THAHAT MEANS BUSINBUSINESESS.

Garrett MarketersTry NewWaysAround Pandemic Cleared to

BY SAHIL PATEL creasing at the same time as riod,” said HuwGriffiths, Tap KPS as interest in the category in a global chief product officer for Marketersare looking at given market? How does that Universal McCann. Lead Bidder moredata, more oftenasthey align to what survey datais Thedatawithin the pan- try to navigate the unpredict- telling us about pent-up de- demic-centric tools in many BY SOMA BISWAS able developments of 2020. mand there? What typesof cases arealready available Spirits maker Bacardi Ltd. content arepeople consuming from a variety of sources, but A bankruptcy judge autho- and Daimler AG’s Mercedes- moreof, and howare prices the goal is to pull it together rized autosupplier Garrett Benz have turned in part to a fluctuating?” Mr.Sijantasaid. into a more useful picture for Motion Inc. to designatea dashboardofanalytics,for ex- Other marketers and agen- marketers. planned sale to private-equity ample,that wasintroduced in cies are making their own in- “It’sabout making better firm KPS Capital PartnersLP Maybytheir media agency, quiries, tailored to their sec- decisions,faster,” said Florian as the company’sbest offer to Omnicom Group Inc.’sOMD tors.Insurancegiant Adamski,chief executiveof date, giving it aleg up over Worldwide.Itpulls in 35 data Progressive Corp. drew its OMD. othersahead of acompetitive sources across 30 markets on road map foradvertising dur- Mr.Burkesaid the pan- process. subjects like media consump- ingthe pandemic partly using demic has forced Bacardi to JudgeMichael Wiles of the tion habits, ad rates, consumer information from aweekly poll act morequickly in terms of U.S. BankruptcyCourt in New sentiment, foot traffic, of 1,000 consumersconducted York said Garrettcould tap shopping behaviors, govern- by itsadagency, Arnold KPS as the lead bidder,or ment restrictions put in place Worldwide. Mercedes­Benz is stalking horse,toset amini- to fight the coronavirus Hershey Co.isusing aplat- mumpricefor the company pandemic and fluctuations in form built by Universal Mc- seeking data to andapproved $84 million in local Covid-19 cases and mor- Cann, part of Interpublic answer questions on breakup fees and expenses for tality rates. Group of Cos., to parse what’s the proposed deal. Bacardi used what it found happening acrossthe U.S. as customer behavior. Winning the stalking-horse in the dashboardtoshiftmar- the candy giant ramps up its designation waskey forKPS in keting dollarstoward its advertising forthe holiday itspush to buy Garrettdespite ready-to-drink Bacardi Rum season, according to Charlie CARDI

opposition from a majority of cocktails last summer as stay- BA Chappell, the company’shead where, howand howquickly it R

Garrett’sshareholdersaswell at-home restrictions eased and FO of media. makes itsmedia deployments. as former parent Honeywell people became morewilling to UM said the platform uses Decisions that the brand GES International Inc., the creditor venture outside, according to machine learning to predict would typically makeannually IMA with most to lose if the bank- the company. Bacardi,which rising and falling consumer arenow being made on a

ruptcy sale goes through. KPS spent 65% of its planned me- GETTY demand across various mar- quarterly or monthly basis. initially offered $2.1 billion for dia budget in the U.S. to sup- ketercategoriesspanning 32 “There’sanoverall dyna-

Garrettand has sinceraised port theproduct’slaunch in ARSKI/ countries,drawing on online mism in thebusinessright

its bid to $2.6 billion. May, increased itsplanned BOCZ search dataand other data now because everything is in Garrett filed forbankruptcy spend to the same percentage setstotrack factorssuch as flux,” he said. “You can’t as- NIEL

last month amid apandemic- in June and July—from as low DA the rate of new, confirmed and sume anything.You have to be driven sales decline and alegal as 10% of itsbudget in June Bacardi is using pandemic-related data from an analytics recoveredCovid-19 cases,local led by the data, in real time,to disputewith Honeywell over an and 0% in July. dashboard developed by its media agency, OMD Worldwide. government restrictions, and develop an agile response in arrangement covering legal “Covid is not changing the unemployment and other eco- howyou showupto claims forasbestos injuries re- substanceofyour business, Goose and Bombay Sapphire. customer behavior and eco- nomic data. In the U.S.,UM customers.” lated to Honeywell products. A but changing the way your Othershavedeveloped nomic activity in different re- provides databrokendownby competition has sincebroken businessreactstothe changed data-based tools or services to gions,said Natanael Sijanta, state. out forGarrett, which makes context,” said John Burke, inform decisions related to the director of global marketing “Hersheys is a national ad- Moreonline at turbochargers,devicestoim- global chief marketing officer coronavirus. communications at the Ger- vertiser,but thereare state- CMO TODAY provevehicles’ engine effi- at thespiritsmaker,which Mercedes-Benz is seeking man auto maker. specific implicationswhich wsj.com/news/cmo-today ciencyand performance. sells brands such as Grey datatoanswerquestions on “Isconsumer mobility in- will impact theholidaype- P2JW300000-0-B00600-1------XA

B6 | Monday, October 26, 2020 THE WALL STREET JOURNAL. BUSINESS & FINANCE Student-LoanBorrowers Need SAP Posts Declines To Plan HowtoResume Payments In Sales,

BY JULIA CARPENTER sorbed—and reversethat be- Earnings havior before December. Millions of student borrow- William Comstock stopped BY WILLIAM BOSTON ershavebeen able to pause paymentsonhis student loans their loan paymentssince when he wasbetween jobs this BERLIN—SAP SE, the busi- March, but some mayfeel un- spring.When he gotanew job ness-software maker, on Sun- prepared to resume payments in August, he didn’t resume daysaid profit and sales de- when the relief ends. payments and planned to put clined in the three months For those who need it, the the money intosavings. In- through Sept. 30,asthe eco- break has allowedmanymore stead, the money went to his nomic fallout of the global re- room to makeends meet. Oth- usual monthly expenses. sponse to the coronavirus pan- erswho have frozentheir pay- “Thingskeep coming up,” demic hit core businessunits. ment plans sayithas given he said. “And that $130 is less TheWalldorf, Germany, them achancetoreplenish noticeable.” software maker said totalrev- their savingsand extracash to Thenexttwo months pro- enue fell 4% to €6.54billion, spend. vide time forthese types of equivalent to $7.76 billion, in PERSONAL More than 22 borrowers to getback on the third quarter, and operat- FINANCE million borrow- track. ing profit slipped 1% to €2.07 erswith direct “Evaluatewhy you’renot billion. Cloud revenue rose federal student loans paused ready,” said Ms.Williams.“Set 10% to €1.98 billion, and reve- their paymentsinthis period, up the most strict and accu- nue from software and cloud according to dataanalyzedby rate budget you’veeverset up services combined fell 2% to Mark Kantrowitz,publisher in your life. Youhavetolook €5.5 billion. and vicepresident of research at everyexpense.Evenwhen As the pandemic continues at savingforcollege.com. Come yougotothe vending ma- to weigh on the economy and Jan. 1, the relief period is set chine, track it.” thethreat of newlockdowns to end unless Congress acts. Onceyou determine how arises during a resurgence of CK

Now, manyborrowers are CO much money your current bud- Covid-19 infections,business

looking to adjust their budgets PEA getallows forstudent loan customersare becoming more

or changebehaviorstoagain TIM payments,you maystill find cautious about spending and handle the monthly payments. yourself coming up short. investment, affecting core “Asanadviser, I’m wor- Ms.Williams recommends business units, SAP said. ried,” said Luis Strohmeier at investigating other options “Lockdowns have been rein- Octavia Wealth Advisors. “We that could loweryour pay- troduced in some regions, re- don’t think about the impact ments, likeincome-based re- covery is uneven and compa- this hasonpeople who will payment plans. nies are facing more business have to start again with pay- Be aware of the trade-offs uncertainty,” SAP said. “Con- ments next year.” for options such as loan refi- sequently,thereisgreater Here’s how to prepare. nancing,consolidation, pay- scrutinyoflargerprojects. In addition to pausing pay- ment deferral and extended Transactional revenue contin- ments, the Cares Act also sus- forbearance. uestobeimpacted, especially pended interest accrual on Ms. Williams recommends in SAPConcur wherebusiness

$1.5trillion in student debt. NG approachingthese with cau- travel-related revenues have MAIN This period allows borrowers RO tion: Such options oftencome yettosee ameaningfulrecov- M to makeprogressonother ST with other requirements, likea ery.”

goals such as paying down CHRIS minimum credit score, or As aresult of the weaker WILLIA higher-interest debt or bank- William Comstock stopped payments on his Chris Strong was prepared to resume payments bring their owndisadvantages, business in the thirdquarter ing money for an emergency. student loans when he was between jobs. on his financing. likealonger period of interest and uncertainty from the pan- Now, with loan payments accrual. demic, SAP cut its outlook on resuming, the opportunity to loan payments. He wanted to bearings.” up the money they hoped to For consolidation and refi- earnings and revenue for the use that money to replenish channel the $300 he paid ev- Otherswho haven’t been save. nancing, be aware that doing full year. emergencyfunds will end. erymonth toward his fledg- able to preparelikeMr. Strong Lauryn Williams,financial so could potentially pull you SAPsaid it nowexpectsad- Some have already prepared ling emergency fund. mayneed to do so.The com- plannerand founder of Worth out of the forbearanceperiod. justed operating profit of up for this. “I gotmyemergencyfund ing months provide awindow Winning,recommends borrow- Schedule acall with your to €8.5 billion, down from a Chris Strong,a26-year-old whereIwanted it to be,” he of time to top up savings. erstakethe coming months to loan servicer to ask about previousestimateofupto transportation engineer in At- said. “My industryispretty While some were able to carefully examine their monthly available paths forward. Doing €8.7 billion. lanta, said he felt fortunateto safe, but if for some reason I save the money they had oth- cash flow. so well ahead of December will Thecompanycut itsreve- keep his job during the pan- lost my job or wasunable to erwise earmarked forstudent With anew budget analysis, give you ample time to deter- nue forecast to up to €27.8 bil- demic,but he took the oppor- work,Iwanted to have enough loan payments, otherssaw youcan moreaccurately assess mine what choice is best for lion from a previous forecast tunity to pause his student saved up to be able to get my pandemic-related expenses eat wherethat money gotab- your situation. of up to €28.5 billion.

We began our journeyatthe end of the world1999—but Y2K wasA-OK.Webecame mates at the SydneyOlympics2000 and healed together after aday we’ll neverforget.2001 Europe got the Euro,2002 scientists mapped our DNA2003 and we continued to chart our course.Wefriended each other on Facebook and landed safely on Mars.2004 We watched YouTube views climb and Merkel ascend.2005 Thoughts became tweets,Pluto wasdwarfed2006 and the iPhone took us on Safari.2007 The market downturn spurred disbelief; Obama waselected the next commander in chief.2008 We witnessed amiracle on the Hudson2009 and circumnavigated volcanic ash.2010 Buffett booted Sokol and Wall Street got occupied.2011 Curiosity didn’t kill the cat—Google just used it to advance AI.2012 We welcomed anew president in China and mourned Mandela.2013 Snowden and Alibaba went public.2014 Kraft and Heinz got together likemac and cheese and the EU agreed to bail out Greece.2015 Trump waselected and Britain voted to exit.2016 The world marched for gender equality and said time’s up to dishonesty.2017 Snap lost abillion, Musk and Holmes stepped down.2018 Disney+ hit the screen and BabyYoda became ameme.2019 Then, forthe health of the world, we all went inside—but no matter the distance,wewill be by your side.2020

With youfor twodecades of mergers, shake-ups and innovations. Factiva.com

©2020 Dow Jones &Co.,Inc.All Rights Reserved. 6DJ1006 P2JW300000-0-B00700-1------XA

THE WALL STREET JOURNAL. Monday, October 26, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard on B8 Last Year ago Last Year ago 28335.57 t270.74, or 0.95% last week Trailing P/E ratio 26.91 19.75 3465.39 t18.42, or 0.53% last week Trailing P/E ratio * 38.25 23.68 Public Offerings of Stock High, low, open and close for each of P/E estimate * 24.01 17.99 High, low, open and close for each of P/E estimate * 25.55 18.25 the past 52 weeks Dividend yield 2.15 2.29 the past 52 weeks Dividend yield * 1.73 1.91 IPOs in the U.S. Market All-time high All-time high 29551.42, 02/12/20 3580.84, 09/02/20 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.15198707565833 30000 4100 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) 28000 3800 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 10/27 10/1 Gatos Silver Inc GATO 18.8 7.00/ BMO Cptl Mkts, GS, 65-day moving average Precious metals N 9.00 RBC Capital 26000 3500 exploration and Markets development company. 10/28 10/1 AmeriHome Inc AHM 14.7 16.00/ Credit Suisse, GS, JPM, WFS, 200-day moving average 24000 3200 Leading U.S. residential N 18.00 Barclays, BofA mortgage producer and Securities, RBC 65-day moving average servicer focused on driving Cptl Mkts profitable growth across 22000 2900 market environment. Week's high 10/27 10/2 Biodesix Inc BDSX 4.2 17.00/ MS, W. Blair LLC DOWN UP Monday's open Friday's close 200-day moving average A molecular diagnostics Nq 19.00 t 20000 2600 company. Friday's close Monday's open

t 10/27 10/5 MediaAlpha Inc MAX 9.3 18.00/ JPM, Citi, Credit Suisse, 18000 2300 Technology company N 20.00 RBC Cptl Mkts, Week's low engaged in helping Canaccord insurance carriers and Genuity, W. Blair Bars measure the point change from Monday's open distributors target and LLC acquire customers more 16000 2000 efficiently. O N D J F M A M J J A S O O N D J F M A M J J A S O 10/27 10/5 Root Inc ROOT 24.2 22.00/ GS, MS, Barclays, WFS, DB, Primary Software-Computer, Nq 25.00 Credit Suisse, NYSE weekly volume, in billions of shares t Traditional & Other. Evercore Inc,

market t Composite Software company Truist Financial Financial Flashback engaged with auto Corp 36 insurance. 24 The Wall Street Journal, October 26, 1999 10/28 10/6 Allegro MicroSystems Inc ALGM 25.0 12.00/ Barclays, Credit Suisse, WFS, 12 Microsoft mayinvestbillions of dollarsoverfour yearsto Manufacturer of magnetic Nq 14.00 Jefferies, Mizuho, 0 develop and promote ahome game console code-named sensor integrated circuits Needham & Co and application-specific LLC, Sumitomo O N D J F M A M J J A S O X-Boxinabid to steal the spotlightfromSony’sPlayStation 2. analog power Mitsui Financial semiconductors for the Group automotive, computer and *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index office automation, communications, consumer and industrial Major U.S. Stock-Market Indexes Nasdaq Composite markets. Latest Week 52-Week % chg t 123.27, or -1.06% 10/28 10/6 Mavenir plc MVNR 13.6 20.00/ MS, GS, JPM, BofA Securities High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Software-Computer, Nq 24.00 Dow Jones Traditional & Other. Software company Industrial Average 28711.93 28040.18 28335.57 -270.74 -0.95 18591.93 l 29551.42 5.1 -0.7 6.8 engaged with cloud-native software applications that Transportation Avg 12013.69 11644.43 11880.13 43.70 0.37 6703.63 l 11988.83 9.4 9.0 6.1 delivers solutions for 11900 Wireless Service Utility Average 896.51 874.99 893.68 9.16 1.04 610.89 l 960.89 3.1 1.7 6.0 Providers. Total Stock Market 35964.34 35036.93 35587.90 -171.68 -0.48 22462.76 l 36434.12 15.1 7.7 10.2 10/29 10/7 Lufax Holding Ltd LU 87.5 11.50/ GS, BofA Securities, UBS, HSBC, Barron's 400 762.18 750.18 761.75 -0.52 -0.07 455.11 l 767.01 10.5 4.0 3.5 11700 Software-Financial N 13.50 Ping An Securities Technology company Co Ltd, MS, CITIC engaged with operating a Securities, Nasdaq Stock Market peer-to-peer lending and Jefferies 11500 wealth management Nasdaq Composite 11778.11 11369.29 11548.28 -123.27 -1.06 6860.67 l 12056.44 40.1 28.7 20.6 platform. Nasdaq 100 11962.47 11529.73 11692.57 -159.60 -1.35 6994.29 l 12420.54 45.6 33.9 24.4 10/28 10/7 Galecto Inc GLTO 5.7 14.00/ BofA Securities, SVB Leerink, 11300 Clinical-stage Nq 16.00 Credit Suisse S&P 16 19 20 21 22 23 biotechnology company developing therapeutics 500 Index 3502.42 3415.34 3465.39 -18.42 -0.53 2237.40 l 3580.84 14.7 7.3 10.5 October that are designed to target the biological processes MidCap 400 2021.24 1970.13 2015.65 18.31 0.92 1218.55 l 2106.12 2.9 -2.3 3.4 DJ US TSM that lie at the heart of fibrosis and impact a broad SmallCap 600 935.76 912.02 933.72 10.01 1.08 595.67 l 1041.03 -3.6 -8.6 0.9 range of fibrotic and t 171.68, or -0.48% related diseases, including Other Indexes last week cancer. Russell 2000 1647.05 1603.77 1640.50 6.69 0.41 991.16 l 1705.22 5.2 -1.7 3.1 10/28 10/7 Leslie's Inc LESL 40.0 14.00/ GS, MS, BofA Securities Direct-to-consumer brand Nq 16.00 NYSE Composite 13247.75 12999.41 13199.86 30.54 0.23 8777.38 l 14183.2 0.4 -5.1 2.1 in pool and spa care industry, serving Value Line 492.80 482.09 492.25 4.47 0.92 305.71 l 562.05 -6.4 -10.9 -3.2 36000 residential, professional, and commercial NYSE Arca Biotech 5513.06 5298.17 5375.13 -105.84 -1.93 3855.67 l 6142.96 22.4 6.1 8.5 consumers. NYSE Arca Pharma 662.51 641.02 648.30 -9.14 -1.39 494.36 l 675.64 9.4 -0.8 5.1 35600 10/28 10/2 Caliber Home Loans Inc HOMS 23.0 14.00/ Credit Suisse, GS, Barclays, l KBW Bank 81.79 76.92 80.97 2.91 3.73 56.19 114.12 -22.7 -28.6 -7.0 Engaged in originating and N 16.00 BofA Securities, PHLX§ Gold/Silver 150.51 143.69 145.46 -1.63 -1.11 70.12 l 161.14 55.5 36.0 20.0 servicing of residential Citi, UBS, WFS, 35200 mortgage and consumer DB, Stifel PHLX§ Oil Service 30.01 28.11 29.53 1.336 4.74 21.47 l 80.99 -56.1 -62.3 -38.9 finance loans. PHLX§ Semiconductor 2432.89 2338.25 2360.23 -39.53 -1.65 1286.84 l 2433.48 43.2 27.6 24.0 CBOE Volatility 30.55 27.04 27.55 0.14 0.51 11.54 l 82.69 117.8 99.9 35.5 34800 Lockup Expirations 16 19 20 21 22 23 Below, companies whose officers and other insiders will become eligible §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data October to sell shares in their newly public companies for the first time. Such sales can move the stock’s price.

International Stock Indexes Commodities and Lockup Offer Offer amt Through Lockup Currencies expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Latest Week 52-Week Range YTD Region/Country Index Close %chg Low Close High %chg Oct. 27 April 30, ’20 Lyra Therapeutics LYRA 16.00 52.5 –23.5 180 days Last Week YTD World The GlobalDow 3071.74 0.89 2138.97 • 3300.22 –5.5 Close Net chg % Chg % chg Sources: Dealogic; Dow Jones Market Data DJ Global Index 444.63 –0.06 292.30 451.87 2.4 • DJ Commodity 652.95 0.43 0.07 1.66 Other Stock Offerings DJ Global ex U.S. 253.41 0.53 174.38 • 267.54 –3.9 TR/CC CRB Index 150.68 -0.79 -0.52 -18.89 Secondaries and follow-ons expected this week in the U.S. market Americas DJ Americas 809.11 –0.46 512.68 • 830.76 6.3 Crude oil, $ per barrel 39.85 -1.27 -3.09 -34.74 Symbol/ Brazil Sao Paulo Bovespa 101259.75 3.00 63569.62 • 119527.63 –12.4 Primary Amount Friday’s Canada S&P/TSX Comp 16304.08 –0.82 11228.49 • 17944.06 –4.5 Natural gas, $/MMBtu 2.971 0.198 7.14 35.72 Expected Issuer/Business exchange ($mil.) price ($) Bookrunner(s) Mexico S&P/BMV IPC 38707.72 2.19 32964.22 45902.68 –11.10 Gold, $ per troy oz. 1902.00 1.20 0.06 25.17 Oct. 27 GDS Holdings Ltd GDS 1639.0 JPMorgan, BofA, China Int Cap, Haitong, • Nq Agri Bank of China, Bank of Chile Santiago IPSA 2623.81 4.60 2045.49 • 3567.90 –21.3 China, China Construction, U.S. Dollar Index 92.75 -0.94 -1.00 -3.78 Everbright, CITIC, China EMEA Stoxx Europe 600 362.50 –1.36 279.66 433.90 –12.8 Merchants, Cowen, Guotai, • WSJ Dollar Index 87.86 -0.75 -0.85 -1.90 ICBC, Orient Securities, Stoxx Europe 50 2867.39 –1.86 2383.14 • 3539.12 –15.7 Raymond James, RBC, 0.8431 -0.0104 -1.21 -5.45 Truist, UOB-Kay, Zhongtai Eurozone Euro Stoxx 357.23 –1.30 261.53 • 421.34 –11.6 Euro, per dollar Euro Stoxx 50 3198.86 –1.44 2385.82 • 3865.18 –14.6 Yen, per dollar 104.73 -0.67 -0.64 -3.60 Off the Shelf Austria ATX 2193.74 –0.07 1630.84 • 3250.61 –31.2 U.K. pound, in dollars 1.30 0.0126 0.98 -1.64 “Shelf registrations” allow a company to prepare a stock or bond for Belgium Bel-20 3246.45 –0.56 2528.77 4198.31 –17.9 • 52-Week sale, without selling the whole issue at once. Corporations sell as France CAC 40 4909.64 –0.53 3754.84 • 6111.24 –17.9 Low Close(l) High % Chg conditions become favorable. Here are the shelf sales, or takedowns, Germany DAX 12645.75 –2.04 8441.71 • 13789.00 –4.6 DJ Commodity 433.70 657.83 4.66 over the last week: Greece Athex Composite 612.32 –1.27 484.40 948.64 –33.2 l • Takedown date/ Deal value TR/CC CRB Index 106.29 l 187.39 Israel Tel Aviv 1354.21 –0.30 1171.21 • 1751.79 –19.5 -15.52 Issuer/Industry Registration date ($ mil.) Bookrunner(s) Italy FTSE MIB 19285.41 –0.54 14894 • 25478 –18.0 Crude oil, $ per barrel -37.63 l 63.27 -29.67 Phreesia Inc Oct. 21 $160.0 JPM, W. Blair LLC, Allen & Co LLC, Netherlands AEX 554.34 –2.44 404.10 629.23 –8.3 • Natural gas, $/MMBtu 1.482 l 3.023 29.17 Computers & Electronics Oct. 19,320 Piper Sandler Portugal PSI 20 4139.40 –2.10 3596.08 • 5435.85 –20.6 Gold, $ per troy oz. 1452.10 l 2051.50 26.84 Piedmont Lithium Ltd Oct. 21 $50.0 Evercore Inc, Canaccord Genuity, Russia RTS Index 1164.06 2.76 832.26 • 1646.60 –24.8 Mining Nov. 1,319 Fordham Financial Management Inc South Africa FTSE/JSE All-Share 55339.58 0.53 37963.01 59001.87 –3.1 • U.S. Dollar Index 92.14 l 102.82 -5.20 Replimune Group Inc Oct. 21 $250.0 JPM, SVB Leerink, Barclays Spain IBEX 35 6893.43 0.64 6107.2 • 10083.6 –27.8 Healthcare Aug. 11,320 WSJ Dollar Index 87.52 l 97.02 -3.32 Sweden OMX Stockholm 724.77 –1.41 478.95 • 743.82 6.5 Aptinyx Inc Oct. 21 $48.3 SVB Leerink, Piper Sandler, Switzerland Swiss Market 10023.90 –1.80 8160.79 • 11263.01 –5.6 Euro, per dollar 0.8378 l 0.9352 -6.59 Healthcare July 1,319 Cantor Fitzgerald & Co U.K. FTSE 100 5860.28 –1.00 4993.89 • 7674.56 –22.3 Yen, per dollar 102.37 l 112.11 -3.62 Casella Waste Systems Inc Oct. 21 $151.3 Raymond James & Associates Inc, Utility & Energy May 9,318 BofA Securities Asia-Pacific U.K. pound, in dollars 1.15 l 1.34 1.69 Australia S&P/ASX 200 6167.00 –0.16 4546.0 • 7162.5 –7.7 China Shanghai Composite 3278.00 –1.75 2660.17 • 3451.09 7.5 Public and Private Borrowing Hong Kong Hang Seng 24918.78 2.18 21696.13 • 29056.42 –11.6 Real-time U.S. stock Treasurys India S&P BSE Sensex 40685.50 1.76 25981.24 • 41952.63 –1.4 quotes are available on Japan Nikkei Stock Avg 23516.59 0.45 16552.83 • 24083.51 –0.6 WSJ WSJ.com. Track most- Monday, October 26 Tuesday, October 27 Malaysia FTSE Bursa Malaysia KLCI 1494.64 –0.61 1219.72 • 1615.67 –5.9 .COM active stocks, new Auction of 13 and 26 week bills; Auction of 2 year note; Singapore Straits Times 2537.39 0.17 2233.48 • 3285.72 –21.3 highs/lows, mutual announced on October 22; settles on October 29announced on October 22; settles on November 2 South Korea Kospi 2360.81 0.82 1457.64 2443.58 7.4 • funds and ETFs. Wednesday, October 28 Thursday, October 29 Taiwan TAIEX 12898.82 1.16 8681.34 • 12976.76 7.5 All are available free at Auction of 2 year FRN; Auction of 4 and 8 week bills; Source:FactSet; Dow Jones Market Data WSJMarkets.com announced on October 22; settles on November 2announced on October 27; settles on November 3 Auction of 5 year note; Auction of 7 year note; Consumer Rates and Returns to Investor Benchmark Yields and Rates announced on October 22; settles on November 2announced on October 22; settles on November 2 U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 0.61% U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Colorado Federal Savings Bank 0.80% 2.50% 10% Fri YTD chg Fri YTD chg 1.60% Greenwood Village, CO 877-484-2372 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)

One year ago 2.00 WSJ Dollar index Washington Savings Bank 0.80% s Americas Vietnam dong .00004315 23177 0.02 1.20 t 5 Lowell, MA 978-458-7999 1.50 Yen s Europe Five-year CD yields Argentina peso .0128 78.1379 30.5 t 0.80 TAB Bank 0.85% 0 Brazil real .1779 5.6197 39.8 Czech Rep. koruna .04358 22.946 1.2 1.00 Canada dollar .7618 1.3127 Denmark krone .1594 6.2740 Ogden, UT 800-355-3063 1.1 –5.8 Tradeweb ICE Chile peso .001289 775.70 4.9 Euro area euro 1.1862 .8431 –5.5

t Federal-funds 0.40 CFG Community Bank 0.90% Friday Close 0.50 –5 s target rate Colombiapeso .000264 3789.50 15.5 Hungary forint .003248 307.92 4.3 Baltimore, MD 888-205-8388 t Euro Ecuador US dollar 11unch Iceland krona .007201 138.86 14.7 0.00 0.00 –10 Mexico peso .0479 20.8643 10.2 Norway krone .1083 9.2369 5.2 First Internet Bank of Indiana 0.96% N D J F M A M J J A S O 1 3 6 1 2 3 5 7 10 20 30 Uruguay peso .02343 42.6750 14.9 Poland zloty .2596 3.8519 1.5 Indianapolis, IN 2019 2020 2019 2020 888-873-3424 month(s) years Asia-Pacific Russia ruble .01312 76.217 22.8 Sweden krona .1143 8.7483 –6.6 maturity Australian dollar .7137 1.4011 –1.7 Yield/Rate (%) 52-Week Range (%) 3-yr chg Switzerland franc 1.1061 .9041 –6.6 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1495 6.6868 –4.0 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Turkey lira .1256 7.9640 33.9 Hong Kong dollar .1290 7.7502 –0.5 Ukraine hryvnia .0353 28.3500 19.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 India rupee .01354 73.839 3.5 Corporate Borrowing Rates and Yields UK pound 1.3042 .7668 1.7 Prime rate* 3.25 3.25 3.25 l 5.00 -1.00 Indonesia rupiah .0000682 14660 5.6 Spread +/- Treasurys, Japan yen .009548 104.73 –3.6 Middle East/Africa Libor, 3-month 0.22 0.22 0.21 l 1.96 -1.15 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002337 427.89 12.1 Bahrain dinar 2.6522 .3771 ... Money market, annual yield 0.19 0.22 0.19 l 0.72 -0.13 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1252 7.9885 –0.4 Egypt pound .0636 15.7111 –2.1 Malaysia ringgit .2405 4.1575 1.6 Israel shekel .2962 3.3764 –2.2 Five-year CD, annual yield 0.61 0.62 0.61 l 1.53 -0.86 U.S.Treasury,Barclays 0.580 0.5307.41 5.22 New Zealand dollar .6695 1.4937 0.6 Kuwait dinar 3.2730 .3055 0.8 30-year mortgage, fixed† 3.03 3.02 2.93 l 4.22 -0.90 U.S. Treasury Long,Barclays 1.510 1.40015.03 10.78 Pakistan rupee .00619 161.550 4.2 Oman sul rial 2.5974 .3850 unch 15-year mortgage, fixed† 2.56 2.52 2.48 l 3.57 -0.68 Aggregate,Barclays 1.230 1.180n.a. 39 127 6.73 5.11 Philippines peso .0207 48.409 –4.5 Qatar rial .2746 3.641 –0.1 Singapore dollar .7364 1.3580 0.9 Saudi Arabia riyal .2666 3.7506 –0.02 Jumbo mortgages, $510,400-plus† 3.08 3.06 2.93 l 4.42 -1.23 Fixed-Rate MBS,Barclays 1.340 1.290n.a. 28 132 4.26 3.69 South Korea won .0008862 1128.45 –2.3 South Africa rand .0617 16.2012 15.7 High Yield 100,ICE BofA 4.445 4.496 404 271 10182.380 3.645 Five-year adj mortgage (ARM)† 3.22 3.23 2.85 l 4.61 -0.35 Sri Lanka rupee .0054268 184.27 1.6 Muni Master,ICE BofA 1.129 1.120 33 -12 41 4.184 3.824 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.13 4.14 4.13 l 4.56 1.12 Taiwan dollar .03492 28.633 –4.3 EMBIGlobal,J.P. Morgan Thailand baht .03192 31.330 5.3 WSJ Dollar Index 87.86 –0.12–0.14 –1.90 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest 4.828 4.689 382 277 662 2.564 3.407 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 P2JW300000-0-B00800-1------XA

B8 | Monday, October 26, 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 PionrFltRate Tr PHD 10.93 10.09 -7.7 6.7 Nuveen Enh Muni Val NEV 15.05 14.55 -3.3 4.7 buy their shares back from investors who wish to cash Librty AllStr Gr ASG 7.39 7.67 +3.8 38.0 ChnStrInfr UTF 23.82 23.28 -2.3 -5.7 High Yield Bond Funds Nuveen Int Dur Mun Term NID 13.81 13.33 -3.5 3.8 Variant Altrntv Inc:Inv 26.39 NA NA 5.9 in their holdings. Instead, fund shares trade on a stock Royce Micro-Cap Tr RMT 9.86 8.28 -16.0 11.0 Cohen&SteersQualInc RQI 12.31 10.95 -11.0 -22.2 AllianceBernGlHiIncm AWF Nuveen Mu Crdt Opps NMCO Convertible Sec's. Funds exchange. NA signifies that the information is not 12.27 10.44 -14.9 7.4 12.85 12.11 -5.8 5.2 available or not applicable. NS signifies funds not in Royce Value Trust RVT 15.95 13.56 -15.0 5.8 Cohen&Steers TotRet RFI 12.52 11.90 -5.0 -14.8 Angel Oak FS Inc Trm FINS 18.56 16.88 -9.1 7.6 Nuv Muni Credit Income NZF 15.95 14.71 -7.8 5.1 Calmos Dyn Conv and Inc CCD 26.40 24.16 -8.5 46.6 existence for the entire period. 12 month yield is Source Capital SOR 42.34 37.31 -11.9 3.4 CohenStrsREITPrefInc RNP 22.33 20.45 -8.4 -9.9 Barings Glb SD HY Bd BGH 15.11 13.13 -13.1 11.2 NuvMuniHiIncOpp NMZ 13.22 13.30 +0.6 5.3 World Equity Funds computed by dividing income dividends paid (during Tri-Continental TY Columbia Sel Prm Tech Gr STK 23.27 22.84 -1.8 12.7 BR Corporate HY HYT 11.50 10.83 -5.8 8.7 Nuveen Muni Val NUV 10.47 10.93 +4.4 3.4 the previous 12 months for periods ending at month- 30.81 26.77 -13.1 5.7 ACAP Strategic:A 26.49 NA NA 52.7 end or during the previous 52 weeks for periods Specialized Equity Funds DNP Select Income DNP 9.14 10.07 +10.2 -15.1 BlackRock Ltd Dur Inc BLW 16.36 14.67 -10.3 8.0 Nuveen Quality Muni Inc NAD 15.74 14.45 -8.2 4.5 ACAP Strategic:W 19.78 NA NA 53.8 ending at any time other than month-end) by the Aberdeen Glb Prem Prop AWP 5.51 4.63 -16.0 -20.3 Duff&Ph Uti&Infra Inc Fd DPG 12.93 11.00 -14.9 -20.4 BNY Mellon Hi Yield Str DHF 3.14 2.71 -13.7 9.5 Nuveen Sel TF NXP 16.03 16.28 +1.6 3.2 BMO LGM Front ME;I 6.41 NA NA -20.4 latest month-end market price adjusted for capital Adams Natural Resources PEO 11.79 9.94 -15.7 -33.8 EtnVncEqtyInc EOI NA 14.72 NA 3.9 Brookfield Real Asst Inc RA NA 16.48 NA 14.4 Nuveen Sel TF 2 NXQ 15.32 15.10 -1.4 3.3 CalamosGlbTotRet CGO 12.81 12.28 -4.1 31.3 gains distributions. Depending on the fund category, EtnVncEqtyIncoII EOS either 12-month yield or total return is listed. AllianzGI AI & Tech Opps AIO 25.68 22.77 -11.3 NS NA 19.07 NA 21.2 CrSuisHighYld DHY 2.41 2.11 -12.4 9.6 Nuveen Sel TF 3 NXR 16.52 16.19 -2.0 3.1 EVRskMnDvsEqInc ETJ 9.84 9.75 -0.9 15.7 Prem12 Mo Source: Lipper GI DivInt&PremStr NFJ 14.29 12.14 -15.0 6.4 DoubleLine Inc Sol DSL 16.13 15.96 -1.1 11.5 PIMCO MuniInc PMF NA 13.29 NA 4.9 Fund (SYM) NAV Close /Disc Yld Friday, October 23, 2020 ASA Gold & Prec Met Ltd ASA 25.15 21.12 -16.0 68.8 ETnVncTxMgdBuyWrtInc ETB 13.90 13.68 -1.6 -6.0 DoubleLine Yld Opps DLY 19.22 17.37 -9.6 NS PIMCOMuniIncII PML 11.88 13.38 +12.6 5.3 Primark Priv Eq Inv:III NA NA NA NS 52 wk BR Enh C&I CII 17.76 15.83 -10.9 3.5 EtnVncTxMgdBuyWrtOpp ETV 13.77 13.95 +1.3 3.6 First Tr Hi Inc Lng/Shrt FSD 15.90 13.73 -13.6 9.4 Pimco Muni III PMX 10.84 11.35 +4.7 4.9 EvTxMnDvsEqInc ETY VirtusTotalRetFd ZTR 9.06 7.92 -12.6 -2.7 Prem Ttl BlackRock Energy & Res BGR 6.82 5.96 -12.6 -42.5 12.16 11.00 -9.5 1.5 First Trust HY Opp:2027 FTHY 20.69 20.40 -1.4 NS PioneerHilncAdv MAV 12.03 10.92 -9.2 4.4 EtnVncTxMgdGlbB ETW 9.71 8.68 -10.6 -2.5 Loan Participation Funds Fund (SYM) NAV Close /Disc Ret BlackRock Eq Enh Div BDJ 8.51 7.45 -12.5 -11.2 IVY HIGH INCOME OPP IVH 13.66 11.83 -13.4 10.3 PioneerMunHiIcmT MHI 12.84 11.44 -10.9 4.6 EVTxMnGblDvEqInc EXG 8.56 7.74 -9.6 2.9 NeubHgYldStrt NHS 1WS Credit Income 19.32 NA NA 6.2 General Equity Funds BlackRock Enh Glbl Div BOE 11.47 9.76 -14.9 1.1 11.97 11.02 -7.9 9.7 Putnam Mgd Inc PMM 7.88 7.62 -3.3 5.0 First Trust Energy Inc G FEN 12.18 9.93 -18.5 -46.7 New Amer Hi Inc HYB 9.50 8.29 -12.7 7.0 AlphCntrc Prime Merid In 9.97 NA NA NS Adams Diversified Equity ADX 19.42 16.56 -14.7 12.8 BlackRock Enh Intl Div BGY 6.14 5.37 -12.5 6.8 Putnam Muni Opp PMO 13.46 12.90 -4.2 4.9 First Tr Enhanced Eq FFA 16.91 15.41 -8.9 4.3 NexPointStratOppty NHF 16.87 9.16 -45.7 19.6 RiverNorth Mgd Dur Mun I RMM 18.48 16.79 -9.1 6.0 Angel Oak Str Crdt:Inst 21.84 NA NA 8.0 Boulder Growth & Income BIF 12.34 10.01 -18.9 -6.8 BlackRock Hlth Sci Tr II BMEZ 27.17 24.41 -10.2 NS Axonic Alternative Inc FirstTrMLPEner&Inc FEI 6.64 5.37 -19.1 -45.4 Nuveen CI Nov 2021 Tgt JHB 9.42 9.07 -3.7 4.8 Western Asset Mgd Muni MMU NA 12.30 NA 4.5 NA NA NA 3.9 Central Secs CET 37.07 29.36 -20.8 -4.3 BlackRock Hlth Sciences BME 43.43 43.63 +0.5 19.7 Blackstone/GSO FR EI D Gabelli Healthcare GRX 12.80 10.75 -16.0 10.3 Nuveen Crdt Opps 2022 TT JCO 8.20 7.93 -3.3 7.1 Westn Asst Mu Def Opp Tr MTT NA 20.29 NA 3.4 22.97 NA NA 6.0 CohenStrsCEOppFd FOF 11.61 10.82 -6.8 -10.0 BlackRock Res & Comm BCX 7.31 6.02 -17.6 -13.2 Blackstone/GSO FR EI I Gab Utility GUT 4.09 7.60 +85.8 16.5 Nuveen Global High Inc JGH 16.01 13.86 -13.4 8.5 Single State Muni Bond 22.94 NA NA 6.3 EVTxAdvDivIncm EVT 22.18 19.78 -10.8 -12.1 BlackRock Sci&Tech Tr II BSTZ 30.82 27.80 -9.8 49.1 Blackstone/GSO FR EI T 22.89 NA NA 5.8 GAMCOGlGold&NatRes GGN 3.95 3.44 -12.9 -4.7 PGIM Global High Yield GHY 15.42 13.03 -15.5 9.5 BlackRock CA Mun BFZ 15.34 13.10 -14.6 3.5 GabelliDiv&IncTr GDV 22.34 18.89 -15.4 -1.8 BlackRock Sci&Tech Trust BST 44.57 44.71 +0.3 55.3 Blackstone/GSO FR EI T-I 23.46 NA NA 5.7 J Han Finl Opptys BTO 23.07 24.01 +4.1 -20.9 PGIM High Yield Bond ISD 16.01 13.78 -13.9 9.1 BR MH CA Qly Fd Inc MUC 15.51 14.22 -8.3 4.0 Gabelli Equity Tr GAB 5.24 5.71 +9.0 8.0 BlackRock Utl Inf & Pwr BUI 22.42 23.28 +3.8 10.4 Blackstone/GSO FR EI U 23.90 NA NA NS Nuv Dow 30 Dyn Overwrite DIAX 15.76 13.53 -14.1 -17.2 PioneerHilncmTr PHT 8.79 8.03 -8.6 9.3 BR MH NJ Qly MUJ 15.51 13.60 -12.3 4.8 JHancockTaxAdvDiv HTD 22.59 19.93 -11.8 -20.8 CBRE ClrnGlbRlEst IGR 7.34 5.89 -19.8 -18.0 Blstn Commnty Dev 10.09 NA NA 3.5 NuvCorEqAlpha JCE 14.49 13.11 -9.5 -0.7 Wells Fargo Income Oppty EAD 8.49 7.34 -13.5 9.6 BR MH NY Qly MHN 14.69 13.48 -8.2 4.1 Librty AllStr Eq USA 6.80 6.13 -9.9 4.9 ClearBridge MLP & Midstm CEM NA 13.49 NA -71.9 BNYM Alcntr Glb MS Cr Fd 95.87 NA NA 7.3 Nuveen Nasdaq 100 Dyn Ov QQQX 25.09 23.98 -4.4 11.8 WstAstHIF II HIX NA 6.55 NA 9.1 BR MuniYld CA MYC 15.67 14.07 -10.2 3.7 CLIFFWATER CL FD;I 10.41 NA NA 4.4 Nuv Real Est JRS 9.05 7.74 -14.5 -20.9 Western Asset Hi Inc Opp HIO NA 4.99 NA 7.8 BR MuniYld CA Qly MCA 15.62 14.49 -7.2 4.0 CNR Strategic Credit 9.50 NA NA 8.4 Nuveen Rl Asst Inc & Gro JRI 14.69 12.18 -17.1 -24.0 Western Asset Hi Yld D O HYI NA 14.50 NA 8.0 BR MuniYld MI Qly MIY IPO Scorecard 15.52 13.78 -11.2 4.2 FedProj&TrFinanceTendr 9.94 NA NA 2.8 NuvS&P500DynOvFd SPXX NA 13.50 NA -6.8 Other Domestic Taxable Bond Funds BR MuniYld NJ MYJ 15.57 13.52 -13.2 5.2 Performance of IPOs, most-recent listed first NuvSP500BuyIncFd BXMX 13.16 11.39 -13.4 -7.3 Apollo Tactical Income AIF NA 12.76 NA 8.2 FS Global Crdt Opptys D NA NA NA 7.3 BR MuniYld NY Qly MYN 14.12 12.67 -10.3 4.1 Garrison Capital Inc GARS NA 4.01 NA NA % Chg From % Chg From ReavesUtilityIncome UTG 32.38 32.66 +0.9 -6.0 Ares Dynamic Crdt Alloc ARDC NA 12.76 NA 9.7 BR MuniYld PA Qly MPA 15.66 13.72 -12.4 4.2 Schrdrs Opp Inc;A 25.03 NA NA NS Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Tortoise Enrgy Infra Crp TYG 22.01 16.32 -25.9 -76.5 BlackRock Mlt-Sctr Inc BIT 17.83 15.96 -10.5 9.4 EVCAMuniBd EVM 12.57 11.48 -8.7 4.0 Schrdrs Opp Inc;A2 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Income & Preferred Stock Funds BlackRock Tax Muni Bd BBN 24.36 25.43 +4.4 5.1 NA NA NA NS Eaton Vance NY Muni Bd ENX 13.13 11.84 -9.8 4.1 Schrdrs Opp Inc;I CalamosStratTot CSQ 14.21 13.91 -2.1 16.2 DoubleLine:Oppor Crdt Fd DBL NA 18.76 NA 7.4 25.06 NA NA NS Foghorn Thera 18.12 13.3 ... Guild Hldgs 14.90 –0.7 –0.7 InvCaValMuIncTr VCV 13.35 12.30 -7.9 4.2 Schrdrs Opp Inc;SDR CohenStrsLtdDurPref&Inc LDP 24.89 23.49 -5.6 -0.9 Duff&Ph Util Cor DUC 9.56 9.11 -4.7 6.0 25.09 NA NA NS FHTX Oct. 23/$16.00 GHLD Oct. 22/$15.00 InvPAValMuIncTr VPV 13.87 12.04 -13.2 4.7 Invesco Sr Loan A 6.04 NA NA 4.8 CohenStrsSelPref&Income PSF 25.64 25.51 -0.5 -6.4 EVLmtDurIncm EVV 13.24 11.79 -11.0 10.6 InvTrInvGrNYMu VTN 13.89 12.09 -13.0 4.5 Eucrates Biomedical Acquistion 10.00 ...... Cerberus Acquisition 9.93 –0.7 –0.1 Invesco Sr Loan C 6.06 NA NA 4.0 FirstTrIntDurPref&Inc FPF 22.89 21.90 -4.3 -0.7 Franklin Ltd Dur Income FTF 9.28 8.63 -7.0 11.1 Nuveen CA AMT-F Qual MI NKX 16.42 15.14 -7.8 4.1 EUCRU Oct. 23/$10.00 CTAC.UT Oct. 22/$10.00 JHanPrefInc HPI Invesco Sr Loan IB 6.04 NA NA 5.0 18.96 18.80 -0.8 -11.0 J Han Investors JHI 17.40 15.98 -8.2 8.5 Nuveen CA Val NCA 10.66 10.20 -4.3 3.0 JHPrefIncII HPF Invesco Sr Loan IC 6.04 NA NA 4.9 Altimar Acquisition 9.88 –1.2 ... BCLS Acquisition 10.27 2.7 0.9 18.64 18.00 -3.4 -13.0 KKR Income Opportunities KIO NA 13.68 NA 11.0 NuveenCAQtyMuInc NAC 15.86 14.49 -8.6 4.2 HnckJPfdInco III HPS Invesco Sr Loan Y 6.05 NA NA 5.0 ATAC.UT Oct. 23/$10.00 BLSA Oct. 22/$10.00 16.68 16.06 -3.7 -9.3 MFS Charter MCR 8.74 8.23 -5.8 8.7 Nuveen MD Qual Muni Inc NMY 14.84 13.49 -9.1 4.1 J Han Prm PDT 13.35 12.94 -3.1 -19.7 Pioneer Sec Inc 9.13 NA NA NS Nuveen Taxable Muni Inc NBB 21.96 22.00 +0.2 5.0 Nuveen MI Qual Muni Inc NUM 15.88 14.25 -10.3 3.9 Acies Acquisition 9.90 –1.0 ... Yellowstone Acquisition 10.02 0.2 0.2 LMP CapInco SCD NA 10.43 NA -15.9 High Yield Bond Funds PIMCO Corp & Inc Oppty PTY 12.77 16.40 +28.4 9.8 NuvNJ Qual Muni Inc NXJ 16.06 13.68 -14.8 4.7 ACACU Oct. 23/$10.00 YSACU Oct. 22/$10.00 Nuveen Pref & Inc Opp JPC 9.16 8.52 -7.0 -8.2 Griffin Inst Access Cd:A NA NA NA 6.4 PIMCO Corp & Inc Strat PCN 13.02 15.76 +21.0 9.0 Nuveen NY AMT/Fr Qual MI NRK 14.56 12.93 -11.2 4.2 Nuveen Fd JPS 9.33 8.92 -4.4 -4.1 Griffin Inst Access Cd:C NA NA NA 6.4 McAfee 18.79 –6.1 0.5 Tekkorp Digital Acquisition 9.92 –0.8 –0.1 PIMCOHilnco PHK 5.17 5.32 +2.9 12.4 Nuveen NY Qual Muni Inc NAN 15.02 13.54 -9.9 4.3 Nuveen Pref & Inc Term JPI 23.21 21.99 -5.3 -6.5 Griffin Inst Access Cd:F NA NA NA 6.5 MCFE Oct. 22/$20.00 TEKKU Oct. 22/$10.00 PIMCO IncmStrFd PFL 9.64 10.23 +6.1 10.6 Nuveen OH Qual Muni Inc NUO 17.39 15.20 -12.6 3.5 Nuveen TxAdvDivGr JTD 15.03 12.91 -14.1 -15.9 Griffin Inst Access Cd:I NA NA NA 6.4 PIMCO IncmStrFd II PFN 8.62 9.13 +5.9 10.5 Nuveen PA Qual Muni Inc NQP 15.51 13.61 -12.3 4.6 TCW Strat Income TSI 5.74 5.74 0.0 6.5 Griffin Inst Access Cd:L NA NA NA 6.5 Sources: Dow Jones Market Data; FactSet Putnam Mas Int PIM 4.31 4.06 -5.8 8.7 Nuveen VA Qlty Mun Inc NPV Convertible Sec's. Funds 14.87 14.96 +0.6 3.5 PIMCO Flexible Cr I;A-2 8.70 NA NA NS Putnam Prem Inc PPT 4.77 4.44 -6.9 9.4 PIMCO CA PCQ 13.74 17.64 +28.4 4.6 AdvntCnvrtbl&IncFd AVK 16.86 14.21 -15.7 6.8 PIMCO Flexible Cr I;A-4 8.70 NA NA 10.6 Wells Fargo Multi-Sector ERC 12.31 11.07 -10.1 10.9 PIMCOCAMuniII PCK 8.69 8.96 +3.1 4.2 GI Conv & Inc NCV 5.53 4.77 -13.7 -5.9 PIMCO Flexible Cr I;Inst 8.70 NA NA 11.4 A Week in the Life of the DJIA World Income Funds Pimco CA Muni III PZC 9.92 10.10 +1.8 4.3 PionrILSBridge NA NA NA 0.0 AGI Conv & Inc II NCZ 4.95 4.25 -14.1 -5.3 Abrdn AP IncFd FAX 4.67 3.95 -15.4 7.9 AGI Dvs Inc & Conv ACV 30.52 26.75 -12.4 24.7 52 wk WA Middle Mkt Dbt 604.74 NA NA 8.3 Alook at how the Dow Jones Industrial Average component stocks BrndywnGLB Glb Inc Oppts BWG NA 11.30 NA 7.2 Prem Ttl WA Middle Mkt Inc 591.81 NA NA 9.7 AGI Eqty & Conv Inc NIE 28.80 25.33 -12.0 24.4 EtnVncStDivInc EVG 13.29 11.96 -10.0 7.9 did in the past week and how much each moved the index. The DJIA CalamosConvHi CHY 13.85 12.21 -11.8 20.0 Fund (SYM) NAV Close /Disc Ret Other Domestic Taxable Bond Funds MS EmMktDomDebt EDD 6.87 5.70 -17.0 8.2 Am Beacon Apollo TR:T 10.19 NA NA NS lost 270.74 points, or 0.95%, on the week. A$1change in the price of CalmosConvOp CHI 13.14 11.48 -12.6 18.2 PIMCO Dyn Crd & Mrt Inc PCI NA 19.18 NA 12.6 General Equity Funds World Equity Funds Alternative Strategies:I 4.99 NA NA -22.2 Am Beacon Apollo TR:Y 10.22 NA NA 3.1 any DJIA stock =6.58-point change in the average. To date, a$1,000 PIMCO Dynamic Income PDI 23.49 24.56 +4.6 12.0 Am Beacon SP Enh Inc:T 9.34 NA NA NS Aberdeen Emg Mkts Eq Inc AEF 8.08 6.82 -15.6 -1.3 PIMCO Income Opportunity PKO 22.00 23.21 +5.5 9.8 Specialized Equity Funds investment on Dec. 31 in each current DJIA stock component would Aberdeen Tot Dyn Div AOD 9.28 7.88 -15.1 2.7 Bluerock Total Inc+ RE:A 29.12 NA NA 0.9 Am Beacon SP Enh Inc:Y 9.38 NA NA 4.4 PIMCO Stratg Inc RCS NA 6.21 NA 10.8 BR Credit Strat;A 10.08 NA NA NS have returned $30,486, or again of 1.62%, on the $30,000 Calamos GloDynInc CHW 8.53 8.50 -0.4 17.7 Templeton Em Inc TEI 8.76 7.28 -16.9 8.4 Bluerock Total Inc+ RE:C 27.74 NA NA 0.1 China CHN 31.78 28.29 -11.0 51.7 Bluerock Total Inc+ RE:I 29.66 NA NA 1.2 BR Credit Strat;Inst 10.08 NA NA 5.2 investment, including reinvested dividends. Templtn Glbl Inc GIM 6.12 5.27 -13.9 4.9 BlackRock Mlt-Sctr Oppty 82.58 NA NA 9.2 EV TxAdvGlbDivInc ETG 17.37 15.29 -12.0 0.6 WstAstEmergDebt EMD NA 12.60 NA 9.7 Bluerock Total Inc+ RE:L 28.87 NA NA 0.6 EtnVncTxAdvOpp ETO 23.95 21.44 -10.5 -9.2 Broadstone Rl Est Acc:I 9.50 NA NA -6.1 BlackRock Mlt-Sec Opp II 85.54 NA NA 8.9 The Week’s Action Western Asset Gl Cr D Op GDO NA 16.95 NA 7.3 Carlyle Tact Pvt Cred:A FirstTr Dyn Euro Eq Inc FDEU 12.00 10.16 -15.3 -24.0 Broadstone Rl Est Acc:W 9.50 NA NA -6.4 NA NA NA 7.3 Pct Stock price Point chg $1,000 Invested(year-end '19) National Muni Bond Funds Carlyle Tact Pvt Cred:I Gabelli Multimedia GGT 6.87 6.63 -3.5 -4.8 CIM RA&C A 25.15 NA NA NS NA NA NA 8.0 chg (%) change in average* Company Symbol Close $1,000 AllBerNatlMunInc AFB 14.93 13.58 -9.0 4.1 Carlyle Tact Pvt Cred:L Highland Global Alloc HGLB 9.53 5.85 -38.6 -28.5 CIM RA&C C 25.06 NA NA NS NA NA NA 7.6 11.16 12.65 83.23 Travelers TRV $125.97 $940 BlckRk Inv Q Mun BKN 16.09 16.15 +0.4 4.5 Carlyle Tact Pvt Cred:M NA NA NA NS India Fund IFN 20.24 17.00 -16.0 -6.5 CIM RA&C I 25.18 NA NA NS BlackRock Muni 2030 Tgt BTT 26.05 24.99 -4.1 3.0 Carlyle Tact Pvt Cred:N NA NA NA 8.1 2.27 2.30 15.13 JPMorgan Chase JPM 103.81 772 Japan Smaller Cap JOF 10.05 8.28 -17.6 1.0 CIM RA&C L 25.12 NA NA NS BlackRock Muni BFK 14.08 13.69 -2.8 4.7 Carlyle Tact Pvt Cred:Y NA NA NA 7.8 LazardGlbTotRetInc LGI 18.06 15.69 -13.1 10.4 GS Real Est Div Inc:A 9.50 NA NA -6.7 1.68 0.63 4.15 Walgreens WBA 38.04 666 BlackRock Muni II BLE 14.52 14.53 +0.1 4.7 CION Ares Dvsfd Crdt;A NA NA NA 5.8 MS ChinaShrFd CAF 26.33 22.35 -15.1 8.0 GS Real Est Div Inc:C 9.50 NA NA -7.2 1.55 1.99 13.09 Nike NKE 129.99 1,293 BlckRk Muni Inc Qly BYM 15.35 14.26 -7.1 4.0 CION Ares Dvsfd Crdt;C NA NA NA 5.8 MS India IIF 21.61 17.84 -17.4 -6.9 GS Real Est Div Inc:I BR MuniAssets Fd MUA 13.91 13.82 -0.6 4.5 9.91 NA NA -6.6 CION Ares Dvsfd Crdt;I 1.21 1.54 10.13 Walt Disney DIS 128.35 887 New Germany GF 20.14 17.24 -14.4 24.6 NA NA NA 5.7 BR MuniEnhanced MEN 12.02 11.32 -5.8 4.2 GS Real Est Div Inc:L 9.51 NA NA -6.7 CION Ares Dvsfd Crdt;L Templeton Dragon TDF 26.14 23.74 -9.2 51.2 NA NA NA 5.8 BR MuniHoldings Qly MFL 14.50 13.12 -9.5 4.0 GS Real Est Div Inc:W 9.65 NA NA -6.7 CION Ares Dvsfd Crdt;U 0.98 0.49 3.22 Coca-Cola KO 50.52 936 Templeton Em Mkt EMF 18.32 16.05 -12.4 14.5 NA NA NA NS BR MH Qly 2 MUE 13.80 12.68 -8.1 4.3 NexPointRlEstStrat;A 15.42 NA NA -21.0 CION Ares Dvsfd Crdt:U2 0.39 0.68 4.47 Honeywell HON 175.54 1,010 Wells Fargo Gl Div Oppty EOD 5.08 4.35 -14.4 -10.1 NA NA NA NS BR MuniHoldngs MHD 16.50 15.06 -8.7 4.8 NexPointRlEstStrat;C 15.57 NA NA -21.3 CION Ares Dvsfd Crdt;W NA NA NA 5.7 0.21 0.70 4.61 UnitedHealth Group UNH 330.60 1,139 Prem12 Mo BR MuniVest Fd MVF 9.46 8.71 -7.9 4.7 NexPointRlEstStrat;Z 15.57 NA NA -20.5 CNR Select Strategies 11.56 NA NA 0.0 Fund (SYM) NAV Close /Disc Yld PREDEX;I 25.14 NA NA 0.0 0.01 0.01 0.07 Boeing BA 167.36 517 BR MuniVest 2 MVT 14.85 13.95 -6.1 4.7 GL Beyond Income 0.77 NA NA NE U.S. Mortgage Bond Funds BR MuniYield Fd MYD 14.50 13.42 -7.4 5.0 PREDEX;T 25.24 NA NA 0.0 KKR CREDIT OPPTY;I NA NA NA NS 0.00 0.00 0.00 Merck MRK 79.83 898 BlckRk Income BKT 6.26 6.11 -2.4 6.7 BR MuniYield Qlty MQY 16.01 16.03 +0.1 4.1 PREDEX;W 25.24 NA NA 0.0 KKR CREDIT OPPTY;T NA NA NA NS BR MuniYld Qlty2 MQT Principal Dvs Sel RA A 23.50 NA NA -5.4 –0.09 –0.16 –1.05 Caterpillar CAT 168.59 1,176 Invesco HI 2023 Tgt Term IHIT 8.33 7.98 -4.2 7.5 14.07 13.10 -6.9 4.2 KKR CREDIT OPPTY;U NA NA NA NS Investment Grade Bond Funds BR MuniYld Qly 3 MYI 14.66 13.29 -9.3 3.9 Principal Dvs Sel RA Ins 23.54 NA NA -5.2 Lord Abbett Cred Opps Fd 9.52 NA NA 7.5 –0.16 –0.09 –0.59 Verizon VZ 57.96 985 BlRck Core Bond BHK 16.04 15.62 -2.6 5.1 BNY Mellon Muni Bd Infra DMB 14.02 13.37 -4.6 4.7 Principal Dvs Sel RA Y 23.60 NA NA -5.0 Lord Abbett Cred Opps Fd 9.52 NA NA 8.3 –0.29 –0.66 –4.34 McDonald’s MCD 228.71 1,180 BR Credit Alloc Inc BTZ 15.12 13.88 -8.2 7.0 BNY Mellon Str Muni Bond DSM 8.02 7.27 -9.4 5.0 SharesPost 100;A 33.21 NA NA 13.8 Lord Abbett Crd Op:U 9.52 NA NA NS BNY Mellon Strat Muni LEO 8.30 8.13 -2.0 5.0 SharesPost 100:I 33.45 NA NA 14.1 –0.44 –0.32 –2.11 Chevron CVX 72.57 627 Insight Select Income INSI 21.72 20.72 -4.6 4.1 Palmer Square Opp Inc 17.37 NA NA 6.3 InvescoBond VBF 21.26 19.96 -6.1 3.8 DWS Muni Inc KTF 12.36 10.92 -11.7 4.2 SharesPost 100:L 32.99 NA NA 13.6 Resource Credit Inc:A 9.79 NA NA 8.4 –0.57 –1.17 –7.70 Goldman Sachs GS 205.04 909 J Han Income JHS 16.05 15.26 -4.9 4.9 EVMuniBd EIM 13.93 13.08 -6.1 4.2 USQ Core Real Estate:I 24.74 NA NA 0.1 Resource Credit Inc:C 9.90 NA NA 7.7 EVMuniIncm EVN 13.75 12.67 -7.9 4.3 USQ Core Real Estate:IS 24.75 NA NA 0.2 Resource Credit Inc:I 9.81 NA NA 8.7 –0.59 –0.86 –5.66 Walmart WMT 143.85 1,226 MFS Intmdt MIN 3.95 3.75 -5.1 9.1 Western Asset Inf-Lk Inc WIA NA 12.25 NA 3.2 EVNatMuniOpp EOT 21.03 20.53 -2.4 4.0 Versus Cap MMgr RE Inc:I 26.62 NA NA NE Resource Credit Inc:L 9.79 NA NA 8.2 –0.68 –1.17 –7.70 3M MMM 169.80 990 Western Asset Inf-Lk O&I WIW NA 11.39 NA 3.6 InvAdvMuIncTrII VKI 11.79 10.70 -9.2 4.9 Versus Capital Real Asst 24.85 NA NA -0.4 Resource Credit Inc:W 9.79 NA NA 8.4 Wildermuth Endwmnt:A –1.12 –2.25 –14.80 Visa V 198.01 1,059 Westn Asst IG Def Opp Tr IGI NA 20.74 NA 4.1 Invesco MuniOp OIA 7.39 7.18 -2.8 5.1 13.29 NA NA -2.1 Thrivent Church Ln&Inc:S 10.92 NA NA 2.7 InvescoMuOppTr VMO 13.18 12.31 -6.6 4.8 Wildermuth Endwmnt:C 12.81 NA NA -3.0 World Income Funds –1.39 –2.01 –13.22 Procter & Gamble PG 142.38 1,168 Loan Participation Funds Apollo Senior Floating AFT NA 12.81 NA 7.8 InvescoMuTr VKQ 13.20 12.01 -9.0 4.8 Wildermuth Endowment:I 13.36 NA NA -2.4 Destra Int&Evt-Dvn Crd:A 24.06 NA NA 4.8 –1.56 –0.77 –5.07 Dow DOW 48.53 933 BR Debt Strategy DSU 11.27 9.79 -13.1 8.5 InvescoQual Inc IQI 13.38 12.19 -8.9 4.7 Income & Preferred Stock Funds Destra Int&Evt-Dvn Crd:I 24.07 NA NA 5.1 BR F/R Inc Str FRA InvTrInvGrMu VGM 13.62 12.45 -8.6 4.9 A3 Alternative Cr 10.39 NA NA 8.8 Destra Int&Evt-Dvn Crd:L 24.06 NA NA 4.6 –1.56 –3.43 –22.57 Microsoft MSFT 216.23 13.49 11.42 -15.3 8.2 1,382 BlackRock Floatng Rt Inc BGT 13.09 11.18 -14.6 8.1 InvescoValMunInc IIM 16.26 14.73 -9.4 4.7 Calamos L/S Eqty and DI CPZ 18.25 14.88 -18.5 NS Destra Int&Evt-Dvn Crd:T 24.04 NA NA 4.4 –1.62 –4.66 –30.66 Home Depot HD 283.00 1,320 Blackstone / GSO Strat BGB 13.77 11.96 -13.1 9.98 MAINSTAY:MK DEFTR MUN OP MMD 20.32 20.86 +2.7 4.9 Destra Multi-Altrntv;A 11.73 NA NA -8.9 National Muni Bond Funds NeubrgrBrm NBH 14.78 14.68 -0.7 4.8 Destra Multi-Altrntv;C 11.23 NA NA -9.5 PIMCO Flex Mun Inc;A-3 10.93 NA NA 2.2 –1.93 –2.86 –18.82 Johnson & Johnson JNJ 145.24 1,016 Blackstone/GSO Sr Flt Rt BSL 15.33 13.43 -12.4 8.6 Eagle Point Credit ECC NA 8.40 NA 19.4 Nuveen AMT-Fr Mu Val NUW 16.80 15.89 -5.4 3.0 Destra Multi-Altrntv;I 11.96 NA NA -8.7 PIMCO Flex Mun Inc:A1 10.93 NA NA NS salesforce.com CRM –3.11 –8.03 –52.83 250.52 1,540 EtnVncFltRteInc EFT NA 12.78 NA 7.9 Nuveen AMT-Fr Qlty Mun I NEA 15.48 14.25 -7.9 4.5 Destra Multi-Altrntv;T 11.39 NA NA -9.4 PIMCO Flex Mun Inc;A2 10.93 NA NA NS –3.34 –1.34 –8.82 Cisco CSCO 38.82 837 EV SenFlRtTr EFR NA 12.43 NA 8.1 Nuveen AMT-Fr Mu CI NVG 16.74 15.56 -7.0 5.0 Flat Rock Opportunity 17.56 NA NA 2.0 PIMCO Flex Mun Inc;Inst 10.93 NA NA 2.9 Variant Altrntv Inc:Inst EVSnrIncm EVF NA 5.95 NA 6.8 Nuveen Dyn Muni Opp NDMO 14.89 NA NA NS 26.38 NA NA 6.2 Tortoise Tax-Adv Soc Inf 9.64 NA NA 5.0 –3.34 –3.98 –26.19 Apple AAPL 115.04 1,578 FT/Sr Fltg Rte Inc 2 FCT 12.52 10.82 -13.6 9.8 –3.63 –8.56 –56.32 Amgen AMGN 227.16 962 FT/Sr Fltg Rte 2022 TgTr FIV 9.18 8.46 -7.8 3.3 –3.75 –3.93 –25.86 American Express AXP 100.98 826 Highland Income HFRO 12.49 8.03 -35.7 10.7 | InvDYCrOpp VTA 11.01 9.31 -15.4 9.7 Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks –7.89 –9.93 –65.33 IBM IBM 116.00 898 InvSnrIncTr VVR 4.27 3.57 -16.4 7.5 –11.00 –5.96 –39.21 Intel INTC 48.20 819 Nuveen Credit Strat Inc JQC 6.87 5.86 -14.7 18.4 NuvFloatRateIncFd JFR 9.55 8.05 -15.7 8.0 Money Rates October 23, 2020 *Based on Composite price. DJIA is calculated on primary-market price. NuvFloatRteIncOppty JRO 9.45 7.98 -15.6 7.9 Source: Dow Jones Market Data; FactSet. Nuveen Senior Income NSL 5.61 4.74 -15.5 8.5 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Inflation Week —52-WEEK— Week —52-WEEK— Insider-Trading Spotlight Latest ago High Low Latest ago High Low Sept. index Chg From (%) Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys level Aug. '20 Sept. '19 High 0.1000 0.1000 1.9000 0.1000 Commercial paper (AA financial) Low 0.0500 0.0500 1.7000 0.0100 new information about the prospects of a company. Insiders are required to report large trades to the SEC 90 days 0.18 0.14 2.53 0.04 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by U.S. consumer price index Bid 0.0800 0.0800 1.7800 0.0100 Offer 0.1000 0.1000 1.8200 0.0500 Thomson Financial on October 23, and year-to-date stock performance of the company All items 260.280 0.14 1.4 Libor KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Core 269.054 0.11 1.7 Treasury bill auction One month 0.15625 0.15138 1.80488 0.13950 Three month 0.21650 0.21838 1.96050 0.20863 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner 4 weeks 0.085 0.090 1.710 0.000 Six month 0.24938 0.25750 1.93988 0.23375 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: International rates 13 weeks 0.100 0.105 1.630 0.000 One year 0.33663 0.33500 2.01200 0.33488 unknown VP: vice president Excludes pure options transactions 26 weeks 0.115 0.115 1.610 0.080 Week 52-Week Euro Libor Latest ago High Low Secondary market Biggest weekly individual trades One month -0.565 -0.563 -0.360 -0.621 Prime rates Based on reports filed with regulators this past week Fannie Mae Three month -0.527 -0.540 -0.142 -0.540 U.S. 3.25 3.25 5.00 3.25 30-year mortgage yields Six month -0.508 -0.515 -0.052 -0.515 No. of shrs in Price range ($) $ Value One year -0.459 -0.463 0.008 -0.464 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Canada 2.45 2.45 3.95 2.45 30 days 1.948 1.904 3.388 1.751 Japan 1.475 1.475 1.475 1.475 60 days Buyers 1.976 1.932 3.403 1.804 Secured Overnight Financing Rate Policy Rates 0.07 0.10 1.86 0.01 Oct. 6-7 MultiPlan MPLN M. Klein DI 482 10.30-10.31 4,963 7.73 Other short-term rates Euro zone 0.00 0.00 0.00 0.00 Oct. 16-20 Selecta Biosciences SELB T. Springer DOI 1,888 2.21-2.42 4,336 2.83 18.9 Value 52-Week Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Oct. 14 Spruce Biosciences SPRB M. Chaya DI 250 15.00 3,750 18.15 Latest ago high low Oct. 14 J. Hansson DI 250 15.00 3,750 Britain 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Oct. 14 N. O Donnell DI 250 15.00 3,750 Australia 0.25 0.25 0.75 0.25 Oct. 14 B. Muralidhar DI 200 15.00 3,000 Call money Treasury 0.121 40.980 1.880 0.002 Oct. 14 Citigroup C L. Jacobs DI 10 44.09 441 43.95 -45.0 Overnight repurchase 2.00 2.00 3.75 2.00 MBS 0.136 88.050 1.897 0.011 Oct. 15 BioVie BIVI S. Gorlin D 15* 10.01-10.27 153 9.01 157.4 U.S. 0.09 0.11 1.87 -0.07 Oct. 21 S. Gorlin D 59.19 46 Notes on data: Oct. 7S. Gorlin D 59.42 44 U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Oct. 5 Sound Financial Bancorp SFBC J. Stilwell BI 529.82 149 29.01 -19.4 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Oct. 14 Carnival CCL R. Glasier DI 10 14.05 140 15.36 -69.8 Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of October 22, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted FAST Oct. 16-19 Fastenal H. Hsu D 244.50-45.00 90 45.00 21.8 0.25 0.25 2.50 0.25 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Oct. 15 Cal-Maine Foods CALM C. Hardin O 238.28 77 39.75 -7.0 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Federal funds Oct. 16 Neurotrope NTRP J. Silverman D 50 1.09 54 1.11 13.0 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Oct. 15 J. Silverman D 50 1.07 53 Effective rate 0.0900 0.0900 1.8300 0.0600 Tullett Prebon Information, Ltd. Oct. 20-21 J. Schechter D 25 1.10 28 Oct. 15 Oil-Dri Corporation of America ODC A. Selig D 135.47-37.15 37 36.70 1.2 Sellers Cash Prices | wsj.com/market-data/commodities Friday, October 23, 2020 Oct. 20 Netflix NFLX R. Hastings CEO 178 523.06-532.84 93,791 488.28 50.9 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Oct. 16 Quest Diagnostics DGX S. Rusckowski CEO 292 120.00 35,040 127.13 19.0 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Oct. 20 Datadog DDOG A. Agarwal O 307* 108.52-112.04 33,558 102.08 170.2 months. Oct. 19 A. Agarwal O 298* 110.99-113.56 33,306 Oct. 19-21 D. Obstler CFO 285 101.18-113.54 31,038 Friday Friday Friday Oct. 19-21 Schrodinger SDGR D. Shaw BI 474 55.32-58.39 26,870 60.61 Energy Aluminum, LME, $ per metric ton *1828.0 Wheat - Hard - KC (USDA) $ per bu-u 5.7975 Oct. 14 Peloton Interactive PTON W. Lynch P 184 129.07-134.65 24,122 122.53 331.4 Copper,Comex spot 3.1255 Wheat,No.1soft white,Portld,OR-u 6.0250 Oct. 15 Cintas CTAS J. Hansen CFO 67 345.45 23,145 338.07 25.6 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 115.6 Food Oct. 19 NVIDIA NVDA D. Shoquist O 35 537.27-558.33 19,403 543.61 131.0 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 Oct. 15 D. Shoquist O 17 551.91-560.17 9,286 Metals Steel, HRC USA, FOB Midwest Mill-s 681 Beef,carcass equiv. index Oct. 16 Paychex PAYX E. Rivera CFO 217 83.72 18,152 85.03 unch. choice 1-3,600-900 lbs.-u 176.55 Fibers and Textiles select 1-3,600-900 lbs.-u Oct. 19 Twilio TWLO J. Lawson CEOI 50 330.12-337.99 16,518 306.10211.500 Gold, per troy oz 161.45 Broilers, National comp wtd. avg.-u,w 0.6875 Oct. 15 ON Semiconductor ON K. Jackson CEO 600 25.76 15,456 26.16 7.3 Engelhard industrial 1910.00 Burlap,10-oz,40-inch NY yd-n,w 0.6200 Handy & Harman base 1903.65 Cotton,1 1/16 std lw-mdMphs-u 0.6779 Butter,AA Chicago 1.4350 Oct. 19 Coupa Software COUP R. Bernshteyn CEO 50 300.72-309.04 15,219 302.00 106.5 Handy & Harman fabricated 2113.05 Cotlook 'A' Index-t *76.85 Cheddar cheese,bbl,Chicago 245.50 Cheddar cheese,blk,Chicago Oct. 15 ServiceNow NOW F. Luddy DI 29 506.78-522.82 14,740 514.01 82.1 LBMA Gold Price AM *1916.85 Hides,hvy native steers piece fob-u 35.500 277.25 Milk,Nonfat dry,Chicago lb. 109.75 Oct. 21 Procter Gamble PG R. Keith O 99* 143.75-144.00 14,271 142.38 14.0 LBMA Gold Price PM *1900.95 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.9915 Oct. 14 Walmart WMT M. Lore O 85 144.11-145.89 12,287 143.85 21.0 Krugerrand,wholesale-e 1980.37 Coffee,Colombian, NY 1.5345 Maple Leaf-e 1999.41 Grains and Feeds Oct. 14 Okta OKTA B. Horowitz DI 50 241.34-251.00 12,239 219.51 90.3 Eggs,large white,Chicago-u 1.0450 American Eagle-e 1999.41 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.90 * Half the transactions were indirect **Two day transaction Mexican peso-e 2303.89 Bran,wheat middlings, KC-u 128 Hams,17-20 lbs,Mid-US fob-u 0.78 p - Pink Sheets Austria crown-e 1869.50 Corn,No. 2 yellow,Cent IL-bp,u 4.0300 Hogs,Iowa-So. Minnesota-u 75.05 Austria phil-e 1999.41 Corn gluten feed,Midwest-u,w 123.0 Pork bellies,12-14 lb MidUS-u n.a. Buying and selling by sector Silver, troy oz. Corn gluten meal,Midwest-u,w 445.5 Pork loins,13-19 lb MidUS-u 0.9043 Engelhard industrial 24.7800 Cottonseed meal-u,w 305 Steers,Tex.-Okla. Choice-u n.a. Based on actual transaction dates in reports received this past week Handy & Harman base 24.5800 Hominy feed,Cent IL-u,w 100 Steers,feeder,Okla. City-u,w 141.13 Handy & Harman fabricated 30.7250 Meat-bonemeal,50% pro Mnpls-u,w 238 Sector Buying Selling Sector Buying Selling LBMA spot price *£19.0200 Oats,No.2 milling,Mnpls-u 3.0900 Fats and Oils (U.S.$ equivalent) *24.9150 Basic Industries 36,627 4,151,865 Finance 523,810 12,006,299 Rice, Long Grain Milled, No. 2 AR-u,w 28.50 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.4200 Coins,wholesale $1,000 face-a 18750 Sorghum,(Milo) No.2 Gulf-u 6.1925 Business services 034,354,917 Health care 048,313,106 Grease,choice white,Chicago-h 0.2850 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 385.40 Lard,Chicago-u Capital goods 00Industrial 717 6,419,869 n.a. LBMA Platinum Price PM *870.0 Soybeans,No.1 yllw IL-bp,u 10.6650 Soybean oil,crude;Centl IL-u 0.3474 Consumer durables 752 3,592,630 Media 03,251,807 Platinum,Engelhard industrial 920.0 Wheat,Spring14%-pro Mnpls-u 7.2750 Tallow,bleach;Chicago-h 0.3225 Consumer nondurables 76,559 42,555,240 Technology 098,955,773 Palladium,Engelhard industrial 2409.0 Wheat,No.2 soft red,St.Louis-u 6.4275 Tallow,edible,Chicago-u 0.3600 Consumer services 254,362 28,187,187 Transportation 06,267,264 Energy 01,736,974 Utilities 21,191 136,188 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; 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 10/22 Sources: Thomson Financial; Dow Jones Market Data Source: Dow Jones Market Data P2JW300000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, October 26, 2020 | B9 MARKETS Corporate Feud Stings London, Banks

BY RORY JONES Relations Cordial NMC said it would review tation to creditors postedonline To understand the origins of the Muddy Waters allegations, said theywereworking to bring amultibillion-dollar collapse of Before Collapse saying theyappeared baseless legal claims forafraud that acorporateempire, consider a Of NMC, Finablr and misleading. was“well organized, systematic pair of Bentleysthat were gifts Sixdayslater,the company and long running.” Theydidn’t to two brothersatthe center of said it would appointaninde- disclose the names of people the alleged scandal. Only months beforethe col- pendentreview. theyclaim were involved. Thebenefactor behind the lapse, relations among the men As the investigation pro- According to aperson close purple andpowder-blue cars appeared to be warm. In June gressed, Prasanth Manghatwas to Mr.Shetty,the Manghat wasBavaguthu Raghuram 2019, the Manghatbrothers fired forobstructing the investi- brothers encouraged him to Shetty, a78-year-old Indian en- opened amultimillion-dollar gation, according to acourt wit- transfercontrol of NMC and trepreneur who built health hospital in their hometownof nessstatementfromMichael UAEExchange by invoking an

care,drugand paymentscom- Palakkad, India. Davis, currentacting NMC chief epic Indian poem, “Ramayan.” GES

panies across Europe and the Mr.Shetty attended the executiveand former chief op- The brothers likened them- IMA Persian Gulf.Mr. Shetty bought hospital’sinauguration as a erating officer. selves to one of the poem’s ETTY

the Bentleysfor Prasanth and guestofhonor,hugging Pro- The spokesman forMr. characters, Bharata, who was /G Promoth Manghat, the siblings moth Manghatashearrived. Manghatsaid he denies ob- elevatedtothe throne above

whom he called his eyes and Then the fortunes of NMC structing the probe. his half-brother and rightful TIMES N

ears, the architectsofhis and Finablr unraveled. On March 12, Finablr also king Rama, but then acts only TA wealth, said people familiar On Dec. 17, U.S. short seller said it had launched an investi- as the caretaker while Rama is

with the relationship. Muddy Waters said it wasbet- gation, and Promoth Manghat in exile. “I wassoconvinced by /HINDUS

Now, Mr.Shetty accuses ting againstNMC’sstock, alleg- had resigned. Mr.Shetty later their earnestness,” Mr.Shetty TY

both brothersofusing bank ac- ing accounting irregularities resigned from the boards of said in the criminal complaint ABOR countsinhis name to bilk his based on an analysis of finan- both firms. of the Manghats’ bid to take

London-listed companies NMC cial statements and compari- NMC’sadministrators are control. The spokesman forthe CHAKR

Health PLC and Finablr PLC of sons with similar companies. restructuring the company, sell- Manghats initially declined to AR billions of dollarsand to perpe- NMC’sshares fell 40% in ing assets to payits creditors. commentbut laterdisputed

tratea“massive, systematic three days. The administrators in apresen- this account. SUBHANK and sophisticated fraud,” ac- Bavaguthu Raghuram Shetty built companies across Europe. cording to acriminal complaint he made this month to Indian hatsdenied wrongdoing.They improvingtheir ability to ob- selling imported pharmaceuti- 2012 until 2014and his wife, a an NMC sister company, ac- lawenforcement. said Mr.Shetty wantstodeflect tain loans.Insome instances, cals and in 1975founded New doctor,was amedical director. cording to areport commis- Mr.Shetty said the pair fos- blame forhis “own role in what Mr.Shetty said, he never met MedicalCenter,orNMC,apri- In the spring of 2017, the ag- sioned by Mr.Shetty and bank teredafather-sonsrelationship has takenplace.” or communicated with banks vate health clinic in Abu Dhabi. ing Mr.Shetty stepped down as transfersviewedbyThe Wall with him beforethey betrayed Thebrothers, who consid- that lent money and credit was Five yearslater,heacquired chief executiveofNMC,where Street Journal. In 2018,Mr. him, leaving his reputation in ered Mr.Shetty amentor,said obtained with his forged signa- UAEExchange, aremittance he wasaminority shareholder, Manghat received paymentsof tatters. Afterthe corporatecol- the former bossmaintained ture. firm that helped expatriate In- and Prasanth Manghat wasele- $15 million from the same ac- lapse,his ownson wound up in control over his companies,ac- NMC and Finablr this year dians send money home and vatedtothe job afteracting for count, these documentsshow. prison. cording to the spokesman. He separately disclosed unreported later evolved intoFinablr PLC. yearsasthe facefor investors. He earned an annual salaryof “I treated them likemyown added that paymentsbeyond debt that amounted to roughly UAEExchangeexpanded to Promoth Manghat already was $1 million, according to NMC’s children and entrusted them the brother’s salaries and other $5 billion. India, hiring Promoth Manghat CEO at UAEExchange, which published financial statements. with the businesses Ihad publicly stated compensation Mr.Shetty is the subject, as an accountsmanager in wasmajority owned by Mr. Afurther $2 million moved built,” he said in the complaint. were bonuses that Mr.Shetty with Prasanth Manghat and 2001. Mr.Shetty subsequently Shetty and preparing an initial to Promoth Manghat in 2018 India’sCentral Bureau of In- approved “fortheir significant others, of another criminal invited the older brother,also public stock offering. and 2019 from an account at vestigation and the country’sfi- contributions to NMC and to complaint filed by NMC’sbig- an accountant, to come work As CEO,Mr. Manghat quickly U.A.E.-based National Bank of nancial-enforcement agency Finablr.” gest creditor in Abu Dhabi. His foranother companyhehad sought to expand NMC’sglobal Fujairah that Mr.Shetty said in were sent the complaint, ac- Afterrelinquishing his exec- son BinayShetty, who wasex- founded making generic drugs. footprint, making acquisitions court documentswas used cording to an India-based law- utiveroles,Mr. Shetty stayed ecutivedirector at Finablr,was By 2005,Mr. Shetty’s busi- acrossthe U.K.,Sweden, Spain fraudulently.The bank later yerfor Mr.Shetty.They didn’t on as chairman at NMC and one of three people detained nesses were riding an economic and Italy.ByAugust 2018, told Mr.Shetty that the ac- respond to requestsfor com- Finablr during the period of the this year by authorities in Abu and real-estateboom in the NMC’ssharepriceunder the count wasopened by UAEEx- ment. alleged fraud. Dhabi related to the undis- U.A.E. Mohammed bin Zayed, newCEO had morethan dou- changeemployees without his Creditorsofhis companies, In his complaint, Mr.Shetty closed debt at the firm, accord- the de factoruler in the U.A.E., bled, helping put Mr.Shetty on attendanceordirect authoriza- based in the United Arab Emir- said the brothersled ateam of ing to people familiar with the gaveMr. Shetty the Order of the Forbes billionaires list. tion, according to emails ates,are seeking morethan $7 eight NMC and Finablr employ- detention. He hasn’t been Abu Dhabi, an award forhis It wasatthis time,Mr. viewedbyJournal. Thebanks billion. Among them areglobal ees who managed up to 60 charged, these people said. contribution to the nascent Shetty alleges in court docu- declined to comment. banks such as JPMorgan credit and trade-financefacili- Aspokeswoman forthe Abu country. Thereafter, Mr.Shetty mentsfiled in India and Abu In the criminal complaint Chase &Co., HSBC Holdings ties that were obtained fraudu- Dhabi prosecution officede- rarely wasseen in public with- Dhabi, that the Manghat broth- filed in the Indian court, Mr. PLC and StandardChartered lently from global banks and clined to comment on the crim- out the medal pinned to his suit erswereusing accountsinhis Shetty accuses the Manghatsof PLC.Investorsincluding Black- valued at morethan $5 billion. inal complaint or BinayShetty’s jacket. andhis companies’ names to embezzling roughly $130 mil- Rock Inc.and California’sCapi- To raise the credit, Mr. case.Mr. Shetty and the Mang- In 2012, NMC sold shares on fraudulently movehundreds of lion from the companies he talGroup Cos.are nursing Shetty said the brothersfalsi- hats, all Indian nationals,are the London Stock Exchangein millions of dollarsthrough founded. Thespokesman for losses afterNMC’smarket capi- fied invoices and moved money no longer in the U.A.E. what became the firstU.K.list- them, siphoning off money to the Manghatsdenied they em- talization fell from apeak of between NMC,Finablr and Born in theIndian stateof ing of aU.A.E.-based company. their accountsinIndia. bezzled $130 million. He said $10billion in August 2018 to other suppliersthey controlled Karnataka, Mr.Shetty arrived But NMC retained some traits Prasanth Manghat received certain paymentsmade to them nearly nothing when it wasde- to createthe impression of in theU.A.Ein1973, two years of afamily business. Mr.Shetty $4.4million in 2019 from an ac- were bonuses signed off by Mr. listed in April. creditworthinessamong all the afterthe birth of the country. wasCEO until 2017, his son was count at India’sBank of Baroda Shetty fortheir “significant Aspokesman forthe Mang- Shetty-related firms,further With $8 in his pocket, he began chief operating officer from that wascreated in thename of contributions.” Case AgainstFidelitySpotlightsDonor-Advised Funds

BY RICHARD RUBIN delity,the VanguardGroup and ThepriceofEnergous had liable,asubsequent phase “Normally,Idon’t getupset instead of asimilar fund at JP- Charles Schwab Corp. Donor- jumped that week afteritwon would determine potential very often. It’sonly when I MorganChase &Co. Justin In the final days of 2017, advised funds held $121.4bil- government approval forits remedies for the Fairbairns. feel like I’ve been lied to.” Kunz,who managed Fidelity’s Malcolm and Emily Fairbairn lion as of 2018,according to the wireless-charging technology. Mr.Fairbairn testified that Under cross-examination, relationship with the Fair- thoughtthey had everything National Philanthropic Trust. On Dec.29, Fidelity sold he knewFidelity Charitable the Fairbairns acknowledged bairns,defended his use of ready to cushion the income-tax Forinvestment firms,the those shares—nearly 10% of the owned the stock oncethe do- that promises about the tim- terms like“win the business” hit from morethan $200 mil- funds canhelp attract and keep company—in 154 minutes as the nation and deduction were ing and manner of the stock in internal emails to describe lion in hedge-fund income.They high-net-worth clients. Donors pricedropped to $19.45froma completein2017and could sell sales weren’t written. his discussions with the couple. prepared alarge charitable do- gettax deductions when they closing high of $31.57.The Fair- it. But he said he wastold the Donor-advised funds arein- At times,Mr. Kunz in testi- nation, using their relationship give cash or securities.Invest- bairns contend that Fidelity’s sale would happen in 2018 and creasingly popular, and Fidel- monydescribed his role as fa- with Fidelity Investments and mentsthen grow tax-free and quick selling flooded the market ity Charitable is agiant in the cilitating donors’ charitable abooming energy stock to max- getdistributed to operating and drovedownthe price. field. In the year ended June endeavors,showing howFidel- imizetheir taxdeduction. charities on donors’ recommen- TheFairbairns at one point A couple is suing 30,2019,ithad almost 127,000 ity ’s financial-services profes- It didn’t go as they had dations,functioning almost like had $61 million in stock but accounts, collected $8.6 bil- sionals could help with the hoped. Now, the Fairbairns acharitable checking account. ended up with a$52 million over the investment lion, donated $6.1 billion and Fairbairns’ complexassets. At and Fidelity’s charitable arm Thehitch: Although donors taxdeduction and $44 million firm’s sale of a big held $31 billion. other times, he described a arefacing off in acontentious canmakethose recommenda- in the account fordirecting Fordonorsmanaging mil- competition against JPMorgan. federal court trial. tions and funds usually heed donations to charities,includ- block of shares. lions but not billions,the TheFairbairn case shows The Fairbairns say Fidelity that advice, donorsmust cede ing Lyme disease research. funds canbemoreattractive how commercially sponsored Charitable lured them into legal control over the assetsto Those amountswerelessthan and efficient than private funds differentiatethemselves making thedonation with getthe taxbreak.That tension they had expected, and they foundations,which have by emphasizing how they can statements about howand sits at the center of the case. mayseek compensation forthe that he could offer advicetoFi- stricter rules requiring annual handle the assetswealthypeo- when the stock would be sold, The Fairbairns were racing taxdeduction and replenish- delity Charitable on the selling payouts. ple have,said Brian Mitten- then violated those promises to finish the donation in 2017 ment of theirdonor account. strategy. As the pricefell on But charitable aims some- dorf, an accounting professor andbotched the transaction. for a tax deduction. They au- The virtual trial began last Dec.29, he wondered who had times conflict with the invest- at Ohio State University who Fidelity denied making such thorized adonation of 1.9mil- week in federal court in north- sold so much Energous stock— ment firms’ profit motives. isn’t involved in the case. promises and says its trading lion shares of Energous Corp. ern California and resumes on only to learn in Januarythat it Messages displayedduring Fidelity Charitable says its was appropriate. to Fidelity Charitable on Dec. Monday; it is focused on wasFidelity Charitable selling thetrial showedFidelity em- selling didn’t cause the Dec.29 Thecase putsaspotlight on 28,then worked to ensurethe whether Fidelity broke prom- the shares they had given. ployees offering discounted pricedrop. Thestock has never so-called donor-advised funds stock got to Fidelity. ises and handled the stock sale “I wasupset and angry,” fees to attractthe Fairbairns’ regained itslate-2017 highs managed by firms including Fi- Thetiming seemed ideal: negligently.IfFidelity is found Mr.Fairbairn told the court. donation to Fidelity Charitable and closed at $2.55 Friday.

THE TICKER | Market events coming this week

Monday Durable-goods orders Earnings expected* 3rd qtr. adv. est. Personal income Aug., previous up 0.5% Estimate/Year Ago($) up 31.8% Aug.,previous Short-selling reports Sept., expected up 0.3% Amgen 3.78/3.66 down2.7% Initial jobless claims Ratio, days of trading volume of Boeing (2.30)/1.45 Sept.,expected Earnings expected* Previous 787,000 current position, at Sep 30 Mastercard 1.65/2.15 up0.5% NYSE 3.1 Estimate/Year Ago($) ServiceNow 1.03/0.99 Expected 783,000 3M 2.26/2.58 Nasdaq 2.5 United Parcel Service Chicago PMI Eli Lilly 1.71/1.48 Earnings expected* 1.90/2.07 Sept., previous 62.4 Merck 1.44/1.51 Estimate/Year Ago($ Earnings expected* Visa 1.09/1.47 Oct.,expected 58.0 Microsoft 1.54/1.38 Alphabet 11.29/10.12 Estimate/Year Ago($) Pfizer 0.69/0.75 Amazon.com Alexandria Real Estate U.Mich.consumerindex Equities Raytheon Technologies Thursday 7.38/4.23 0.50/1.30 Apple 0.71/0.76 Oct., prelim 81.2 0.76/(0.44) Oct., final 81.2 Brown & Brown EIAreport:natural-gas Comcast 0.51/0.79 0.43/0.39 Previous change in stocks in Facebook 1.89/2.12 Wednesday billions of cubic feet Earnings expected* HCA Healthcare Shopify 0.50/(0.29) up 49 2.29/2.23 Estimate/Year Ago($) EIA status report AbbVie 2.76/2.33 NXP Semiconductors Previous change in stocks in GDP Deflator Friday 1.54/2.02 Altria millions of barrels 2nd qtr., final Otis Worldwide Crude-oilstocks down1 Employment cost index 1.16/1.19 down 1.8% 0.56/n.a. Gasoline stocks up 1.9 2nd qtr., previous Charter Communications 3rd qtr. adv. est. Twilio (0.04)/0.03 Distillates down 3.8 up 0.5% 3.03/1.74 up 3.0% 3rd qtr., expected Chevron

/REUTERS up 0.5% (0.23)/1.59 Tuesday Mort. bankers indexes Grossdomesticproduct Purch., previous Percentage change, Colgate-Palmolive Consumer Confidence down 2% annual rate Personal spending 0.70/0.71

MCDERMID Sept., previous 101.8 Refinan., prev. 2nd qtr., final Aug., previous up 1.0% Honeywell International AN Oct., expected 102.3 up 0.2% down 31.4% Sept., expected up 1.0% 1.49/2.08

BREND * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR STOCK SPLIT Apple is expected to report lower per-share earnings on Thursday. NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS P2JW300000-0-B01000-1------XA

B10 | Monday, October 26, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Look Past China Wants to Be Election World’s EV Factory For Health China maybethe world’sfac- Global electric-vehicle tory but has never been abig ex- battery shipments for Stocks porter of automobiles.Ithopes to January to August2020 changethat with electric vehicles. 0 5 10 15 20 JOURNAL And thingsare moving along gigawatt-

REET nicely: Tesla said this week it will LG Chem hours Virus has morphed ST start exporting itsChina-made LL Model 3tosome European coun-

from a risk to a benefit WA tries. BMW’s electric sport-utility CATL THE

R vehicle iX3 is on sale globally and Thereisnoshortageofuncer- FO will be made by itsjoint-venture Panasonic

tainty forhealth care as the U.S. UCHA with Chinese partner Brilliance

election drawsnear,but investors ZA China Automotive. cancross the impact of the corona- ON China is the world’slargest car Samsung SDI

virus off their list of worries for ALLIS market—autosales in 2019 were now. The S&P Health Care Index has increased 5.7% this year. 28 million units—but it exported Thearrival of Covid-19 in the only around amillion cars last BYD spring threw awrench intothe or- Health CareSelect Sector SPDR ETF controls,would likely displease year and mostly to developing dinarycourse of routine care:As Wall Street. Thelooming election countries.Most Chinese brands $110 the disease spread, manyhospitals could also ding the outlook for aren’t well-known in developed Source:SNE Research suspended electivesurgical proce- health stocks if,say,Democrats markets, and foreign automakers dures such as joint replacementsto were to sweep the presidencyand mostly use their Chinese plantsto market, with the help of generous cope with surging Covid-19 patient 100 gain control of both chambersof makecarsfor the local market, in- subsidies and government procure- counts. On topofthat, millions of Congress. Under that scenario,pol- stead of forexports. It is agood ment, has built acluster of suppli- nonessential medical appointments icyideas that have historically fal- sign forChina that foreign car ers. China has been the world’s were canceled. That crushedreve- teredinCongress, such as price makersare beginning to use the largest EV market foryears, even nuefor medical-devicecompanies 90 controls fordrugs sold through countryasanexport hub fortheir though Europe maybriefly take and hospital operators, in addition Medicare, would become more EVs. that perch this year with support- to disrupting patient care. likely,thus damping investor en- The easing of restrictions for ivepolicies.China has some of the Early resultsfromthe latest thusiasm forthe sector. foreign carmakers in China has largest makersofEVbatteries. round of quarterly earningssug- 80 But if these potential trouble helped. Foreign automakershave Tesla, forexample, has used co- gest thingsare getting back to nor- spotspasswithout incident, the long been required to set up joint balt-free batteries made by Con- mal. Johnson &Johnson said this outlook should become much ventures with Chinese partners temporaryAmperex Technology month that sales in itsmedical-de- 70 brighter.Long-term industryfun- and shareprofits with them to to lowerthe costsofsome of its viceunit fell 3.3% in the third damentals,such as an aging U.S. manufactureinthe country. cars made in Shanghai. Volks- quarter compared with ayear ear- Jan. 2020 Oct. populace, arestill intact. And, de- Such rules were scrapped for wagen spent $1.2 billion to buy a lier.That is asharp improvement Source:FactSet spitearecent surge,the spread of EVsin2018 and will be removed 26% stakeinChinese battery from adropofmorethan 30% in Covid-19 is unlikely to cause an- forother cars in 2022. Tesla took maker Guoxuan High-Tech this the second quarter. dexhas climbed 5.7% this year,lag- other similarly sharp drop in elec- advantageofthe changetobecome year.Major battery makersin HCAHealthcare,which oper- ging behind the S&P 500 by less tiveprocedures.Moreover,the lin- the firstforeign carmaker to have nearby South Koreaand Japan ates about 300 hospitals and surgi- than 2percentagepoints. Yet gering natureofthe disease means awholly owned factoryinChina also have factories in the country. cal-carecentersinthe U.S.,said on health care’s relativeperformance newsales opportunities fortesting and started to deliver cars made in It is still averyearly stage. EVs Oct. 8that itsthird-quarter pretax has gotten worseasthe election products, therapeutics and, poten- itsShanghai plant this year. areasmall percentageoftotal car income fell just 3% in the third approaches. tially,vaccines.For instance, Ab- BMW,likewise,plans to raise sales globally.Export plans from quarter from ayear earlier.The It will be difficult forhealth bottLaboratories said itsdiagnos- itsownership of itsJVwith Bril- global carmanufacturersmay not companysaid it plans to repay$6 stocks to reversethat trend in the tics businessgrewbynearly 40% liance to 75%in2022fromthe amount to much in the short term. billion in emergencygovernment short term even if earningsseason from ayear earlier in the third current 50%. Getting morecontrol Europe is also trying to catchupin loans sooner than expected. And continues to be strong.Alooming quarter,thanks largely to new and profitsprobably means the battery manufacturing.And Tesla UnitedHealth Group,the largest case in front of the Supreme Court Covid-19 products. companyisalso morewilling to is also building aplant in Berlin, publicly traded health insurer,said threatens to reshape U.S. health What held back theindustryin use China to manufacturevehicles which means the plan to export care-utilization patterns were mod- policy,which has been governed by 2020 could be aboost in 2021. forother regions.China slashed from Shanghai maybetemporary. estly lowerinthe thirdquarter af- the Affordable CareAct since2010. That prognosisisalot stronger EV subsidies last year but has in- But unlikeinthe eraofinternal terasharp decline in the second Anymajor changes to that frame- than investorscurrently expect— troduced acredit trading system combustion engines,China has a quarter. work,which has resulted in signifi- oncepolicythreatsfromWashing- to encouragecar makerstomake real chancetobecome aheavy- Shareprices have mostly re- cantly enhanced access to care tonhavesubsided of course. moreEVs. weight in the export market for bounded: TheS&P Health CareIn- without imposing significant cost —Charley Grant China’shead start in the EV EVs. — Jacky Wong MARKETS Retail Shares Are Hot Heading Into Holidays

BY PAUL VIGNA went out of businessand em- ployees who lost their jobs,for Theholidayseason is ex- the survivors, it representsa pected to be brutal formany chancetocompetefor market retailers. Investorsare bidding share. up their stock prices anyway. Consolidation is also good Holidayspending is pro- forinvestors, Mr.Colas said. jected to fall 7% from 2019 to “You always want to ownanin- an averageof$1,387 per house- dustrycoming out of areces- hold, according to aDeloitte sion that’sgone through asig- survey of about 4,000 consum- nificant consolidation,” he said. ers. Of those respondents, 38% “It’sverypainful, but as far as said they expect to spend less what it means to the survivors, this year compared with last it’sapositive.” year. Other investorsappear to be That should be troubling betting on the benefitsofan- news forretailers, which typi- other round of government cally do their biggest business support. of the year in the weeks be- House Speaker NancyPelosi tween Thanksgiving and S (D., Calif.) and TreasurySecre-

Christmas.The sector is under PRES tary Steven Mnuchinremain in

especially acute pressure amid UMA negotiations over anew stimu- the coronavirus pandemic, /Z lus package. An agreement which has forced manyAmeri- TO could come afterthe election, cans to tighten their purse Mrs. Pelosi has suggested, stringsand reduced foot traffic meaning stimulus checks might

at malls. CION/NURPHO arriveintime forthe holidays. Manyinvestorsstill saythey NA What’sunclear is whether

see reason forhope. JOHN consumerswould spend the ex- TheS&P 500’sconsumer- Gap shares are up nearly 70% over the past three months to $21.42—still a far cry from their high above $45 in 2014. tramoney.The firstround of discretionarysector—home to stimulus checks helped boost Target Corp., Nike Inc.and surged14% Thursdayafter the Share-priceperformance, past three months “That becomes acritical fac- retail sales,but manyAmeri- Hasbro Inc.aswell as Ama- companydelivered an optimis- tor,” she said. “This will be one cans socked that money away GameStop zon.com Inc.—is up 11% over tic investor-daypresentation. 250% of those seasons that shows and the personal saving rate 272.2% the past three months.The sta- Thecompanyismaking prog- 200 who’smade the right invest- hit arecord32% in April. ples sector,which includes ress with brands likeOld Navy ments.” Headwindsstill abound in Procter &Gamble Co., Costco and Athleta, improving itsof- 150 Industryconsolidation has thesector. Wholesale Corp.and Estée feringsand planning storeclo- also been aboon to the compa- Profitsremain under pres- Lauder Cos., is up 5.5%. sures. 100 nies that have managed to keep sure.The S&P 500’sconsumer Gap “Weall leftretail fordead Those arethe kinds of 69.7% their doorsopen. Through last discretionarysector is ex- three months ago,” said Nicho- moves investorsliketosee. 50 week, therehavebeen 134 pected to post a33% profit Carvana las Colas, co-founder of re- Gapshares areupnearly 70% 0 bankruptcies of public compa- contraction in third-quarter search firm DataTrek.Yet there over the past three months and 36.6% nies or privatefirms with pub- earnings, according to FactSet. arereasons to believethe re- trading around $21—still afar Aug. Sept. Oct. lic debt in the consumer space, Thestaples sector is seen tailersthat survivethis year cryfromtheir high above$45 Indexand sector performance, past three months according to datafromS&P boosting profitsby1%. have upside in the yearsahead, in 2014. Global Market Intelligence. And industryconsolidation he said. Carvana and GameStophave 20% S&PRetail That includes well-known is just getting started, Ms. Bigretailerssuch as Ama- also takensteps to cut costs. Select Index retailers J.C. Penney Co., Nei- Meyer of MKM Partnerssaid. zonand Home Depot Inc., Thee-commerce used-car 15 17.9% man Marcus Group Inc., Stein Gapplans to reducethe num- which have both benefited seller stopped launching new S&P500 Mart Inc., Brooks Brothers ber of stores it operates in from changes in consumer be- vending machines and opening 10 consumer and Century21Department North Americaby30% by the havior during the pandemic, up in newmarkets, while discretionary Stores LLC. endof2023.GameStop, Bed 11.3% aren’t the only stocks notching GameStopcut salaries forexec- 5 In total, therehavebeen 527 Bath &Beyond Inc., American big gains.The S&P Retail Select utives and staff,slashed inven- S&P500 bankruptcies in the U.S. this Eagle Outfitters Inc.and Vic- Index, which waslaunched in tory and cut capital spending. consumer year,the highest number toria’sSecret parent LBrands 2006 andincludes 84 smaller Carvana shares have risen 37% 0 staples through mid-October since Inc.all intend to close more retailerslike Carvana Co.and in the past three months,and Aug. Sept. Oct. 5.5% 2010. stores in coming years. GameStop Corp., has doubled GameStop has morethan tri- Sources: FactSet In essence, what 2020 did “There’salot morethat from itsMarch lows and re- pled. was forcearound of consolida- needs to come out of the sys- cently tagged anew high. Many retailershavedone this pandemic year,said MKM that have helped retailersman- tion within the retail industry tem,” she said. “Unfortunately, Among the retailersthat well to pivot toward things Partnersanalyst Roxanne ageinventories,get productsto that wasyearsoverdue,Data- the pandemic accelerated what typifythe renewalofhope in such as casual-wear and home Meyer.Other trends have been customersand keep their web- Trek’sMr. Colas said. Although wasultimately going to happen the sector is Gap Inc.Its shares décorthat customerswant in improvementsintechnology sites updated. painful forthe companies that anyway.” P2JW300000-0-R00100-1------XA C‑SUITEJOURNSTAL REPORRAT TEGIES

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, October 26, 2020 | R1

‘Wedoaton of researchonthe pricing of our products becauseweknowthe No.1barrier to purchasing aPelotonproductisour price.’ JILL WOODWORTH Chief Financial Officer PelotonInteractive ‘In manyways, Covid has fundamentally changedhow consumersshop.’ MATT CAREY Chief Information Officer Home Depot ‘In the past, our topmarkets were all consistent.But nowwe’re seeing heavyswings.’ KATE WIK Chief Marketing Officer LasVegas Convention and Visitors Authority

‘We’ve decidedspecifically to emphasizethe health features and makeitlessabout the general- purposefeatures.’ JAMES PARK Chief ExecutiveOfficer Fitbit

‘Our digital offerings have been very successful, and we will continue to offervirtual and hybrid activities even afterthe pandemic.’ JUDITH BATTY Chief ExecutiveOfficer VIEWFGirl ScoutROs of the USA M THE TOP

What are today’s pressing issues for CEOs, chief financial officers and others in the C-suite? Hear from the bosses themselves in this report, and join the conversation online.

Inside SEAN MCCABE Consumer Insight Career Online Design Covid’s Fallout

What businesses Change Some companies Beyond Equity should knowabout how aremaking their The impact on Tech tools makeit websites easier companies of people reallyuse online simpler than ever to do reviews—likewhy four ajob search, even amid forolder users women leaving starscan beat five. R6 the pandemic. R12 to navigate. R4 the workforce. R14 P2JW300000-0-R00200-1------XA

R2 | Monday, October 26, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, October 26, 2020 | R3 JOURNAL REPORT | C-SUITE STRATEGIES

Quiz sor] that relates to people’s physical ucts, what has this year been like given Continued from opposite page stress. We just got ECG, cleared in both the focus on staying safe and healthy the U.S. and European Union, for the de- during a pandemic? tection of atrial fibrillation. We’re bringing In the 1980s, Western interest blos- Fitbit’s a lot of health metrics that are related to MR.PARK: At first we thought demand for 9. somed in the Japanese management Covid, including breathing rate, SpO2 [ox- what we’re doing would just plummet. But notion of kaizen. Roughly speaking, what So, You Think ygen saturation in the blood], resting then we started to see that people were does it mean? heart rate, etc. looking to Fitbits as a way—along with A. Continuous gradual improvement You’re Up on When we started out,wenever antici- other things like Peloton—to stay home, B. Sudden revolutionary change Management patedthatdevices likethis could be such a quarantine and stay healthy. C. Idea sharing among leaders of a Quest critical health devicefor so manypeople. We sawincredible growth in our digital keiretsu, or network of linked businessorpremium business. We corporations BY DANIEL AKST WSJ: Companies with really deep pock- reached500,000 paid subscribers. It has D. Asamurai spirit of courageous ets—notably Apple Inc. and Samsung been asurprise forusthatironically busi- entrepreneurship What’sthe bestway to motivatework- To Be Yo ur Electronics—have seriously edged in on nessisdoing betterthan we anticipated ers? What is the proper role of a leader? the market for wearable devices that due to the pandemic. Howdoyou nourish and sustain aculture Health Monitor, can monitor health. What are your Emerging from the realm of soft- while accommodating change? thoughts on that? WSJ: Howdoyou continue to run thecom- 10. ware development, “agile” ap- Foraslong as therehave been manag- ForBody pany fast and aggressively,while waiting proaches to innovation have become a ers, there have been theories about how MR.PARK: Obviously, Apple and Sam- to be partofsomething biggerinGoogle? trend in a variety of fields. Which of these besttomanage.Some management sung have huge pockets. Our advantage is one of the more popular elements? trends have had enduring effects.But And Soul here is that we’ve always been known as MR.PARK: We should always act like we’re A. Scrum most tend to come and go—tothe con- more of a focused health and fitness an independent company. That’s kind of B. Lean development sternation of many managers. brand. We’ve decided specifically to em- the way we’re continuing to do it. We’re C. Kanban “Managementfads arethe curse of the The company’s CEO on new phasize the health features and make it creating operating plans as if we’re inde- D. All of the above businessworld,” writes Frederick Parker in products and new competition less about the general-purpose features. pendent, our product road map as if we his book “Strategy+Teamwork =Great That is seen in the were independent, Products.” “As inevitably as night follows fall launches. Apple etc. BY JOHN D. STOLL day, the next fad will follow the last.” launched SpO2, which I Howwell do youknowmanagement think will be useful, • Fitbit Facts WSJ: How instru- Answers trends—both the fleeting ones and those henFitbit Inc. launched but we also launched mental can your that have lasted? Now’syour chanceto its firstwearable fitness SpO2. We launched Founded: 2007 devices be in de- 1. B. “The Discourses” considersleadership find out by taking this quiz. tracker,the market was temperature sensing. tecting Covid-19? in arepublic,but manyofits principles can mostly confinedtolow- We launched respira- Headquarters: San Francisco be appliedtomodern corporations.Onsuc- cost pedometers. Thirteen tion rate. So I think MR.PARK: We had cession, forexample:“Afteranexcellent Niccolò Machiavelli (1469-1527) is yearslater,people arehun- that reflects the focus Price range: $49.95-$329.95 some preliminary prince, aweak prince canmaintain himself; 1. best known for “The Prince,” a con- gry for devices that moni- on investment be- data internally that but afteraweak prince,nokingdom canbe cise handbook for ruthless rule. But W tor everything from blood tween different players Active users: Nearly 30 million in our devices could be maintainedwith another weak one.” “The ‘The only way around the same time, he wrote a more oxygen to sleep patterns,which has lured tech for a smaller in the category. 2019, up two million from 2018 used to detect Discourses” waspublishedposthumously in elaborate treatise on leadership. What giants such as Apple Inc. into the segment. Covid-19. That was 1531,ayear before “The Prince.” was it called? James Park,Fitbit’s co-founder and chief ex- company to WSJ: How do you Subscribers to the $9.99 Fitbit started by a study a A. “How to Win Friends and ecutiveofficer,isintentonnot being leftinthe avoid becoming the Premium subscription: 500,000 year and a half ago 2. C. Weber,aGerman sociologist(1864-1920), Influence People” dust. Fitbit’s newSense smartwatch, which re- thrive is to be next Nokia, a com- with the Scripps articulatedsome of the reasons bureaucracy is B. “The Discourses on Livy” cently went on sale,ispacked with the latest really focused pany thriving today Fitbit badge for extreme accom- Research Institute so important in his posthumously published C. “The Republic” health-tracking features.The companyalso is but obsolete tomor- plishment: 100,000 steps in a day around influenza de- “Economyand Society.” He sawbureaucracy as D. “The Leopard” testing whether its devices mighteventually be on the areas of row because of the tection using wear- arational mechanism foradministering ever- usedtodetectinfluenza or Covid-19 beforethe innovation dominance of new Most unusual use for a Fitbit: ables, which had re- larger enterprises,offering such advantages as wearer even shows symptoms. players? Confirm when your kids got in last ally strong results. efficiency,continuity, and record-keeping that Bureaucracy, probably as old as civ- Mr.Park’s abilitytokeepupwith the com- that work well night and woke you to tell you (a And we thought enablesaccountability. At the same time,bu- 2. ilization, is practically a dirty word petition mightultimately depend on Fitbit’s ac- for them.’ MR.PARK: Part of it is Fitbit tells you when you had a these are types of reaucracy promotesfairnessbyrelying on in business nowadays. Yet it persists, cess to capital and talent. To that end, Fitbit having a culture of in- restless moment) respiratory illnesses. rules,therebydiminishing the importanceof and a key European management hasagreed to be boughtbyAlphabet Inc.’s —JAMES PARK novation. Could we use the connections,heredityand other impediments thinker explained why it is so important. Google in a$2.1billion deal thatisstill under If youlook at the Things you didn’t know a Fitbit data to actually de- to status mobility, he wrote. But Weber be- Who was that? review by regulators. metrics,the company could do: Tell you your weight. It tect Covid-19? lieved these advantages came at significant A. Thorstein Veblen The43-year-old Mr.Park recently talked to has been issuedover now sells a smart scale. cost to human freedom, which would be B. Simon Patten The Wall Street Journal about Fitbit’s transi- 500 patents around Source: the company WSJ: What’s the hemmedinbybureaucracy’s “iron cage.” C. Max Weber tion, the intensifying competition and his ex- the use of sensorsand outlook? D. Rosabeth Moss Kanter pectations forlifeunder Google control. Edited health tracking. I‘ve 3. A. Although esteemed in her day, Follett excerpts follow. been issued145 patents.Soitstarts from MR.PARK: I’m cautiously optimistic, and I was soon forgotten. But more recently she the topdowntohave this innate curiosity say that because we haven’t had regula- hasregainedrecognition as the world has This ahead-of-her-time manage- WSJ: Youhave anew smartwatch on sale, to advancethis whole categoryforward tory approval. But in our trial of over caughtuptoher advanced ideas.Leadership 3. ment guru advocated a cooperative you’re about to be acquired by Google,and The only way for a smaller company to 100,000 people, the devices were able to expert Warren Bennis said: “Just about ev- rather than authoritarian leadership youare increasingly focusedonhelping users thrive is to be really focused on the areas detect Covid about a day or two earlier erything writtentodayabout leadership and style, criticized hierarchy, and called for monitor their healthminutebyminute. Can of innovation that work well for them than the onset of symptoms in about 50% organizations comes from Mary Parker Fol- supervisors to incorporate employee youtalk about this from your viewpoint? and to not try to do everything. of those who were later diagnosed as lett’s lectures and writings.” knowledge in decisions—all trendy ideas The other important thing is under- Covid positive. If you think about that in many years after her death in 1933. MR.PARK: The company started off really fo- standing where you can add real value to conjunction with regular testing, it can 4. B.The meatbusinessused“assembly” Who was she? cused on getting people to become more ac- your users and where your strengths are. have a profound impact on the ability for lines fordisassembling carcasses. Ford’s A. Mary Parker Follett tive and more fitness-focused. The past cou- For example, Sony and Microsoft are gi- public health and affect the transmission morefamous assembly lines were true to B. Mary Page Keller ple of years it’s really about transitioning to ants in gaming, yet Nintendo has man- of the disease. their name,driving down the cost of cars. C. Mary Kay Place becoming a much more integral part of peo- aged to thrive as well. And Nintendo Just knowing a day or two earlier that By pioneering both massproduction and D. Mary Baker Eddy ple’s health journeys. So we’ve been aggres- managed to thrive not by matching every you should start quarantining is pretty im- high industrial wages,heforcedcompeti- sively investing in transforming the company, spec and feature blow-for-blow, but by portant. tors to do likewise and helpedcreateamid- and the launch of Sense, in particular, is really understanding what its true value is. It’s dle-classsociety. Organizing work around an assem- the result of that investment. about casual, it’s about fun. For us, that 4. bly line was a management trend Sense has a lot integrated into it that could particular focus is around health. Mr. Stoll is a columnist for The Wall Street 5. D. Taylor (1856-1915)observedproduction that started in the meatpacking compa- have a meaningful impact on people’s health. Journal in Detroit. He can be reached at workers, sometimes with astopwatchinhis nies of the Midwest. Who said: “Mass There’s EDA [an electrodermal activity sen- WSJ: As a manufacturer of health prod- [email protected]. hand, and redesignedtheir activities to elimi- production precedes mass consump- nate wastedtime and motion. Changes in tion”? thename of efficiency could include new A. Karl Marx tools and breaking jobs down into simpler re- B. Henry Ford petitive tasks. This became known as “Tay- C. Alfred P. Sloan lorism.” Workersand unions came to resent D. Gustavus Swift the fast,boring work thatoften resulted,but Inside Peloton’sEfforts to Keep Growing get product cost efficiencies and pass that efficienttask design has remainedapart of saving on to the customer. mass production. Whose name became synonymous Afterthe Pandemic Ends 5. with “scientific management,” a WSJ: You booked a profit last quarter, 6. C. Maslow’s five-part hierarchy of needs trend that vastly increased factory pro- the company’s first. How do you balance begins with such physical requirements as ductivity but antagonized labor? BY NINA TRENTMANN may not ever, return to a gym. So for us, MS.WOODWORTH: That percentage has growth versus profitability? food and sleep,movesontosafetyand social A. Frederick Jackson Turner we think it’s important to continue grow- declined from about 60% of our members needs, includes the need foresteem and cul- B. Frederick Law Olmsted Peloton Interactive Inc.’s stationary bikes ing our connected-fitness memberships as two years ago to less than 40% today. We MS.WOODWORTH: Pelotonisstill areason- minatesinakind of fulfillment. “Whataman C. Frederick McKinley Jones and remote fitnessclasses have been in high quickly as we possibly can to keep our continue to add more value to the con- ably young company. If we want to become canbe, he mustbe,” Maslowsaid. “This need D. Frederick Winslow Taylor demand sincethe coronavirus pandemic be- first-mover advantage. nected-fitness subscription. For example, the global connected-fitnessplatform leader, we may call self-actualization.” gan, as gyms closed and millions of people we just announced the addition of Barre [a we have to giveprioritytogrowthoverprofit- were coopedupathome.Ordersfor new WSJ: You’re competing with gyms. Are ballet-inspired fitness workout]. ability. It’s about investing aggressively in new 7. B. Six Sigma was introduced at Motorola In 1943, the psychologist Abraham bikes surged, and Pelotonstoppedmostad- there people on your platform who have products,scaling our manufacturing capabili- during the 1980s, when the high quality of 6. Maslow developed a conception of vertising for several months as it struggled gym memberships, too? WSJ: Yourecently launchedanew bike. Are ties,introducing newsoftwarefeatures, add- Japanese manufacturing wasforcing com- human nature that was broadly influen- to fulfill demand. yougoing to need abiggerproduct line to ing moreprogramming to capitalizeonthis petitorstoraise their game.(The Greeklet- tial in business and society. What was Morethan six months into the pandemic, keeppeople exercising in their homes? massiveglobal opportunity.Wefelt comfort- ter sigma is the symbol for standard devia- it? wait times fornew bikes have been reduced, able lowering the priceofour original bike, tion in statistics.) Jack Welch made Six A. Attachment theory while ordersremain up.The companyre- MS.WOODWORTH: To win in global con- because we knowultimately thatwill lead to ‘We think Sigma apriorityatGE. But interest in the B. Operant conditioning cently reported its first quarterly profit,and • PelotonFacts nected fitness, we have to win in cardio. further top-line growth expansion overtime. there’s a fairly systempeaked in the early 2000s,declining C. Hierarchy of needs the number of $39-a-month connected-fit- And we have to win in strength training. since then with GE’s fortunes. D. Sublimation ness subscriptions forownersofPeloton Founded: 2012 Those arethe twopillarswithin fitness. WSJ: What is the company doing to make large percentage bikes and treadmills morethan doubled. The We nowhave a“better, best” portfolio in sure its holiday ads hit the right tone, given of the population 8. C. The book,abestseller,arose from company’schallenge nowistofigureout Headquarters: New York bikes [after launching the Bike+ in Sep- that many people criticized last year’s ad, who are unlikely work that Waterman and Peters did at Which of these once-trendy quality howtosustain thatgrowthasgyms in parts tember]. And when we launch our new in which a man gave a woman McKinsey, wherebothhad been consul- 7. systems, embraced at times by Mo- of the country reopen. Price range of bikes: $1,895 to $2,495 Tread laterthis year in the U.K. and in the a stationary bike as a gift, as sexist? to return tants.Peterslater said thathe’dthought torola, General Electric and others, Jill Woodworth,age 48,has been Peloton’s U.S. and Canada early next year,wewill to a gym.’ everything in the book wasnew until he re- 1 aimed to keep defects below 3.4 per chief financial officer forabout 2/2 years. The Price range of treadmills: have a“better, best” portfolio of treadmills. MS.WOODWORTH: We learned a lot from alized thatmuch of it had been coveredin million opportunities? Wall Street Journaltalked to her recently $2,495 to $4,295* For strength, we will turn more to our that. Obviously, we need to do a better job —JILL WOODWORTH one form or another by Drucker’s book “The A. Sigma Nu aboutPeloton’sgoal to become the “largest digital content. It is unlikely to require of how we convey what we’re about when PracticeofManagement.” B. Six Sigma connected fitnessplatform in the world” and Cost of monthly connected- heavy investments in any hardware. Most taking into consideration what might already C. Delta 34 the challenges the companycould face along fitness (all access) subscription: $39 of what you need to do strength training be planted in people’s minds as it relates to 9. A. Kaizen requires managersand workers D. 3.4 Omega the way.Edited excerpts follow: is either your own body weight, or a set fitness itself. alike to participate, holds that people are a Connected-fitness subscribers of free weights or resistance bands. company’smostvaluable asset and requires WSJ: You had strong growth in your at year-end 2019: 712,000 WSJ: Has the pandemic helped Peloton quantitative measures of activities. JOURNAL; “In Search of Excellence,” first pub- latest quarter. What is the company’s WSJ: Howmuchispricing an obstacle attract a part of the population it wasn’t REET

8. lished in 1982, influenced a genera- ST strategy for the coming months? Subscribers at end of June: 1.1 million as youlook to increase your member- able to attract previously? 10. D. Agile’s advocates present it as a nim-

tion of managers with such ideas as LL ship?Your lowest-priced bikestill costs ble, team-oriented alternative to command- lean organization and staying close to WA MS.WOODWORTH: With over 180 million Revenue for six months ended in De- nearly $2,000. MS.WOODWORTH: The data suggest we and-control management. Scrum focuses on THE

the customer. Tom Peters was one au- R people around the globe who pay monthly cember: $694.3 million have significantly expanded our market op- teamwork. Lean development is about cut-

thor. Name the other. FO for access to a gym, and only 3.1 million MS.WOODWORTH: We do a ton of re- portunity. Nearly 50% of the bikes that we ting waste. Kanban is a visually based proj- V A. William Ouchi members on our platform today [a con- Revenue for six months ended in search on the pricing of our products be- sold in fiscal 2020 were to households mak- ect-management approach.

B. W. Edwards Deming LESHNO nected-fitness subscription can have more June: $1.13 billion cause we know the No. 1 barrier to pur- ing less than $100,000 in income.

C. Robert H. Waterman Jr. SA than one member], we believe we have a chasing a Peloton product is our price. We D. Peter Drucker tremendous runway for growth. We think *$2,495 treadmill coming in early 2021. believe that when we make these prod- Ms. Trentmann is a news editor at The Wall Mr. Akst is a writer in New York’s Hudson MARIS : there’s a fairly large percentage of the Source: the company ucts at scale, and we focus on just a few Street Journal’s CFO Journal in New York. Valley. He can be reached at Continued opposite page handfuls of models, that over time we will Email [email protected]. [email protected]. * FITBIT population who are unlikely to, or who P2JW300000-0-R00400-1------XA

R4 | Monday, October 26, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

Easy on the Eyes To accommodate seniors, companies such as Auriens,a London senior-living development, aredesigning websites to be easier to read and navigate. age file, he adds. “The end user needs Websites to be able to resize, recolor and change the font based on their own individual needs,” he says. Rather than hiding links in a Arguably the biggest help for Redesign dropdown menu, sitedisplays those struggling to read information navigation options on asidebar up close is contrast, says Jonathan section. Names aresimple. Hassell, founder and CEO of Hassell Inclusion, an accessibility consulting firm based in London. The yellow and With black used in international airport signage works well as a high-contrast text and background color pairing, he says; SingleCare opted for a high-con- Elderly trast palette of white, purple, pink and a bright lime green. Auriens Ltd., a luxury London se- nior-living development set to open in 2021, also opted for a pared-down In Mind website that gives priority to clear signposting of information. Rather than hiding section links in a drop- down menu, the site displays all of Facedwith userswho have its navigation options on a sidebar. deteriorating vision and “It’s all about being logical,” says dexterity, some companies are David Meagher, CEO of Auriens. making their sites easier to “Consistency is important.” navigate and easier to read. The use of bright, bold colors is central to the design of Ageist, a me- The pandemic makes updates dia platform founded in 2015 for even moreimportant. those over 50. Ageistsays its website,which is Pared-down updatedfrequently to improve the websiteprioritizes user experience, is designedfor easy BY KATIE DEIGHTON clear signposting navigation: Menu items aredis- of information. playedclearly at the topofthe ext that is difficult to home page,and the siterequires no see clearly. Small but- morethan afew scrolls to reach the tons that are hard to se- bottom. Websites with infinite lect. Key content hidden Sans-serif font scrolling, wherebyauser can never behind confusing icons. reach the “end” of asite’scontent, These are just some aren’t popular among older people, of the reasons why says the platform’s 61-year-old many older adults with founder,David Stewart. deteriorating vision and Alinear,clearly signposteddesign, Tdexterity say they strug- akin to thatofanewspaper,isthe gle to navigate the internet, an issue that formatinwhich theywanttocon- has come into sharper focus recently as sume information, he says.And the Linear,well-labeled the pandemic forces more people to take idea of spending hoursonthe inter- design, akin to that care of business online than ever before. net in the hopes of finding something of anewspaper. This was an issue, of course, well before cool isn’t appealing to manypeople the pandemic, and some companies had 45 and older,Mr. Stewart says.“We’re already started to redesign their websites Pop-up messages notthatamusedbygoing down a to better serve seniors. While most of thatare trickyto rabbit hole of discovery,” he says. these firms provide products and services click out of are that cater to older adults, some consul- banned. tants and designers say the changes they ‘Fiddly’ are making could soon be embraced more High-contrastcolor palette of So why haven’t more companies broadly, as the senior population—and its orange on black enhances changed their websites to accommo- buying power—grows. visibility. date seniors, given the size and buy- “The economyisshifting,” says Lon- ing power of the audience? The prob- don-baseddesigner John Corcoran, who lem isn’t the complexity of the predicts thatcompanies will become in- design, says Mr. Hassell. It is the creasingly attunedtothe needsofthe complexity of the audience and their baby-boom population when designing manifold needs. apps and websites. Many designers know they need A U.K. study from Beyond Consultancy, to accommodate users with extreme a design-and-technology consulting firm, forms of disability, Mr. Hassell says. and Savanta Group Ltd., a marketing-re- Offersways to getintouch What they don’t often consider is the search firm, found that 58% of people age both online and off-line (via a experience of those living with sev- 65 and over say they have increased their phone number) eral mild but limiting impairments— use of technology over the past six the subtle, multipronged deteriora- months, but only 42% of the same group tion of things like near vision and say they find technology straightforward dexterity that often comes with age. to use and 13% say they find going online Accessibilitylegislation, likethe a frustrating experience. Americans with Disabilities Act, and Seniors will quickly abandon a company organized accessibilitycampaigns website that is inaccessible to them, similarly concentrateonthe needs which—in a pandemic-driven time of online of people with severe disabilities services and commerce—equates to aban- such as blindness, rather than multi- doning the company, says Nick Rappolt, Siterequires no ple minor impairments, such as the chief executive officer of Beyond. morethan afew those older people have,hesays. scrolls to reach What’smore, he says,older people the bottom. oftendon’t have the technical lan- Importance of contrast guage needed to formally complain Andrea Cosindas, a 73-year-old former about their issues online. teacher from Holbrook, Mass., goes online Source:Auriens Ltd., WSJreporting “What they normally do is de- once a week to check her email, bank ac- scribe things with words like ‘fiddly,’ counts and work intranet at Nord- when what they mean is something strom.com, where she is employed part has been designed for someone with time. Sometimes she reads the news on- found only 26%ofinternet usersages 65 and overwere fields whereusersneed to input a lot more dexterity or precision than line or uses the Waze app on her phone “veryconfident” when using computers, smartphones or text arewhite, so they’reclear and them,” he says. for driving directions. other electronic devices.Older people who reported health easytosee, and important text has Still, Mr. Hassell says he expects Other than that, she avoids the internet problems,disabilities or handicaps were lesslikely to use been made bigger,Mr. Zakysays. calls for a better web for seniors to because she often finds it hard to use. the internet at all, the report found. Text size that is smaller than 12 grow as the demographic gets larger “Myvision has gotten worseoverthe Prescription-discount company SingleCare, which is owned points is difficult for those with im- and older adults leverage social me- years, so the font on my phone is often by Boston-based RxSense LLC, has been gradually redesign- perfect vision to read, says Mr. dia to articulate their demands en toolittle to see, but using the computer ing its website to better serve the needs of users 50 and Corcoran, the London designer. Sans masse. “Legislation can help,” he says, at home is lessconvenient,” Ms.Cosindas older since its launch in 2015. Research from focus groups serif fonts are preferable to serif but it’s really “about getting the says.“Sometimes it’s hardtodistinguish found older people like it best when they complete a task on type, too, he says, because the small CEOs and information officers of all between the period and comma. And it’s the site in three steps or less, says Alex Zaky, senior vice strokes added to the end of a serif companies to take it seriously.” also really frustrating when Iask Siri president of product, who is based in New York City. letter or symbol can “break up” in something and she can’tunderstand “As a result, we’ve streamlined our navigation, simplified the eyes of someone with deterio- Ms. Deighton is a reporter for whatI’m saying.” nomenclature with user-friendly terminology and increased rating eyesight. Websites should The Wall Street Journal Apparently she isn’t alone.A2017 sizes of buttons for ease of use,” he says. make sure not to lock things down in London. Email her at study from the PewResearchCenter The SingleCarewebsitehas been adjustedvisually,too.Any or place text on the page as an im- [email protected].

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R6 | Monday, October 26, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES How Consumers Really UseOnline Product Reviews

Research suggests that four stars can be better than five, that ratings matter more for goods than for experiences—and much more

BY ANDREW BLACKMAN

oonline consumer re- views really matter?Yes, but in ways thatmight surprisealot of people. Amoderately worded four-star review, forin- stance, cansometimes be morepersuasivethan a five-star rave.People pay Dmoreattention to reviews writtenusing mobile devices.And talking about previous purchasing mistakes makes The lesson from this research? thatinformation. The good news for areviewerseemmoretrustworthy. “One implication is that market- companies is thatwhile the mobile These are just some of the conclusions ers might potentially increase sales effectamplifies the impact of posi- 5% to 9% by featuring reviews that have obvi- tivereviews,the research didn’t find from recent academic research on con- ously deviated from the default,” asimilar effectfor negativereviews. Rise in revenue from sumer reviews. As more and more shop- Prof. Kupor says. Highlighting an increase of a single pers choose to block online advertise- thoughtful reviews also could boost star in a restaurant’s ments and tune out companies’ messages, sales, she says. “A very thoughtful, overall Yelp rating moderately positive review can they are increasingly relying on reviews to more greatly persuade people to 270% help them make buying decisions—with a purchase a product than an ex- big impact on companies’ bottom lines. An tremely positive review that clearly The increased increase of a single star in an overall rat- didn’t result from a lot of thought.” purchase likelihood Turn negative ing on review site Yelp.com boosts a res- for a product with taurant’s revenue by 5% to 9%, according reviews to your five reviews vs. a advantage to research by Michael Luca, an associate www... product with no professor of business administration at Every business owner dreads receiv- reviews at one ing a vicious, unfair one-star review. Harvard Business School. Op en retailer studied But new research shows that instead “If anyone doesn’t realizethe value of on- 32% of being put off by those harsh re- line reviews and word-of-mouth, theyare of consumers visit a views, many customers end up empa- notunderstanding howtodobusinessina thizing with the company and being local business’s more likely to buy its products. digital world,” says Lauren Grewal, assis- website after reading “If youget unfair negativere- tantprofessor of marketing at Dartmouth views,don’t trytohide them,” says a positive review Mistakes College’s Tuck School of Business. increase trust Thomas Allard, assistantprofessor Here’sacloser look at whatthe latest re- of marketing at Nanyang Technolog- It turns out thatpeople paythe most ical University in Singapore.“Our re- searchshows about whatcustomersare attention to reviewers who admit search shows thatpeople tend to looking forwith online reviews,what thatthey’ve made mistakes when have apositiveresponse,especially makes them trustaparticular review, and buying similar products in the past. when the reviews arefollowedbya whatmakes them pull out the credit card Mobile reviews “Whatitsignals is thatbecause very personalized response from the boost sales you’ve made the mistake, nowyou’re company.” and placeanorder. motivated to notmakeanother one,” Thatdoesn’t mean thatall one- People aremorelikely to buy aprod- says Taly Reich, associate professor star reviews aregood, of course— uct afterreadingreviews writtenus- of marketing at the Yale School of the empathyeffectonly kicksin ing amobile device, according to re- Management.“Amistakemotivates when people seeareviewasunfair. search by Prof.Grewalat us to learn moreabout the category, Thattends to happen when the re- When a 4 is Dartmouth. and to invest the time and resources vieweriscomplaining about some- better than a 5 In the study, participants were to do that.” thing outside the company’scontrol shown moderately positive hotel re- One of Prof.Reich’s experiments or making excessivedemands.Ac- If you’re selling a product, which would views with identical text, the only involved showing people reviews of cording to Prof.Allard, aquarter of you prefer: a glowing five-star review or a difference being that some reviews Altoids mints, and then offering them all the negativereviews his team moderately positive four-star one? were marked as having been writ- either abox of mints or apayment examinedwereunfair. It turns out that the four-star review ten “via mobile.” Those who saw the of $1.Only 22%ofpeople chose the Companies have even used nega- Nearly can sometimes be more persuasive. What reviews written on mobile devices mints overthe moneywhen reading tive reviews in advertising cam- matters most is whether the review devi- were more likely to consider staying reviews thatmade no mention of paigns, he says, while others have 95% ates from the crowd. at the hotel than those who read mistakes in previous purchases,but seen success from responding to un- Daniella Kupor, assistant professor of the desktop reviews. forthose reading reviews thatdid fair complaints on social media. It’s a marketing at Boston University’s Ques- Why? Because people thoughtit mention mistakes,thatnumber good idea to give your own name or of trom School of Business, gave volunteers took moreeffort to writeastrong jumpedto35%. the names of staff members in re- shoppers a chance to buy a product with a slew of reviewonamobile device, the “The biggesttakeaway forcompa- sponses, Prof. Allard says, so that read online five-star reviews. Participants were shown study found. nies is in terms of whatreviews to readers can empathize with you as reviews the most recent review, which in some “When things are seen as more feature,” says Prof.Reich. “Justlook people, not a faceless company. cases was another five-star write-up, and effortful, they typically are seen as at the reviews youhave and select “A lot of companies want to move before in others was a more moderate rating of being higher quality, and in this case ones thatrefer to aprevious mistake, those difficult conversations offline, making a four out of five. The moderate review per- it increased the perceived credibility and youcan featurethose ones or but we’re saying maybe keep it on- purchase suaded 19% more people to buy. of the review,” says Prof. Grewal. bump them up to drivemoresales.” line,” he says. “Personalize it, show “We found that when people saw the Companies could encourage cus- Doing so could giveacompanya that you care. Remember that your four-star review, they thought that the re- tomerstowritereviews on their mo- leguponthe competition: Prof.Reich response is not directed at that per- Sources: Spiegel Research Center/ viewer was more thoughtful and that the bile devices,she suggests. And web- surveyedexperienced marketing pro- son who’s complaining—it’s directed PowerReviews; reviewer’s evaluation was more accurate,” sites thatdon’t already indicate fessionals,and mostofthem thought at third-party readers. A lot of those BrightLocal; G2; Michael Luca, Harvard says Prof. Kupor. As a result, they were whether areviewwas writtenona thathiding mistakes would result in people will empathize with you if the Business School more interested in trying the product. mobile deviceshould consider adding moresales. complaint is unfair.” P2JW300000-0-R00700-2------XA

THE WALL STREET JOURNAL. Monday, October 26, 2020 | R7 JOURNAL REPORT | C-SUITE STRATEGIES

H

380% “good” scores than “bad.” It’s a decent The Smartest Ways to way of making a quick judgment as 15% Use Online Reviews The increased you scroll down a webpage, but it purchase likelihood doesn’t always yield the best results. Increase in When Shopping for higher-priced “People in our studies often ended up choosing a lower-rated product purchase items that display simply based on the shape of the dis- likelihood reviews tribution,” says Prof. Fisher. They from When sifting through online re- overall average scores. might, for instance, choose a product views, shoppers may fall prey to with an average rating of 3.8 stars in- verified some common psychological 5. Don’t fall for the stories. stead of one with an average 4.2 rat- reviews vs. pitfalls. For instance, they over- We all love a good story—per- ing. The behavior persisted even when anonymous rely on entertaining stories that haps a little too much. Reviews experimenters displayed the average reviews get bumped to the top of the that tell a story are more per- scores above the charts. list for the wrong reasons, or suasive, but they’re not neces- The lesson?Although nuances mat- they click away from a product sarily the most helpful. Make Reviews matter terwhen people takethe time to read with one terrible review. sure you’re getting useful infor- more for goods than reviews,theydon’t have as much im- Here are some tips for get- mation, not just being swept pact in people’s initial, quick analysis ting the most out of other con- along by an entertaining tale. for experiences basedonreviewscores. In this sce- sumers’ reviews and ratings, People who poreoverreamsofres- nario,it’sall about good or bad, based on the latest insights 6. Take one-star reviews with taurantreviews beforemaking ares- thumbs-up or thumbs-down, Prof. gleaned from research. a pinch of salt. Sometimes peo- ervation mayfind this one hardtobe- Fisher says.So ple hate a product for good rea- lieve,but new research shows that rather than 1. Look for reviews that devi- son, but other times they’re just people generally paymoreattention swinging forthe ate from what most people blowing off steam. Recent re- to reviews when they’re buying physi- fences in the are saying. We tend to be search found that a quarter of calproducts such as shoes or jewelry. hope of convert- drawn to what the herd is doing negative reviews were unfair, Forexperiences likerestaurantvisits ing some 4s into or saying, so seek out a reality meaning that the reviewer was or watching amovie,they’re lesslikely 5s,this research check. In the case of a product complaining about something to rely on other people’s opinions. suggests companies that gets lots of positive re- outside the seller’s control or “People think experiential products mightbebetter offfocus- views, for instance, look for making excessive demands. arelesslikely to be objectively evalu- ing on avoiding the 1s and moderate or negative ones. ated on their quality,” says Hengchen 2s.“Justgettingpeople to 7. Beware active reviewers: A Dai, assistantprofessor of manage- giveyou ascore above neu- 2. Don’t write off reviewers 2019 University of Hamburg mentatthe Anderson School of Man- tral is abig win,” he says. who bought something they analysis of fake reviews on mo- agementatthe UniversityofCalifor- didn’t like and ended up re- bile-app stores found that fake nia, LosAngeles. “Asaresult,they placing it. In fact, research reviewers submit 12 times as think those reviews arelessuseful.” shows that reviewers who admit many reviews as genuine cus- Prof.Dai analyzed the helpfulness having made a purchasing mis- tomers. They also tend to write ratings on millions of Amazon product Tell a take in the past are often per- slightly longer reviews, and the reviews.Separately,she showedprod- good story ceived as more trustworthy. top five words used more often uct reviews to volunteersand asked in fake reviews were “simple,” them to decide whether theywanted What does a hotel review have in 3. Focus on the specifics. Look “super,” “little,” “recommend” and to buy those products.Inbothcases, common with a Shakespeare play? for specific, objective statements “well”, according to one of the the pattern wasclear:People reliedon More than you might think, according about quality, not just the re- authors, Daniel Martens. reviews morefor material products to new research by Tom van Laer, as- viewer’s taste or opinion. For ex- than forexperiences. sociate professor of narratology at the ample, “The strap broke after 8. Don’t be seduced by high The research shows that busi- University of Sydney Business School. two months” (quality), not “I numbers. A2017study ledby nesses selling physical products In analyzing more than 190,000 4.0 hate the color” (taste). DerekPowell at StanfordUniver- should take consumer reviews espe- consumer reviews, he says, “We found sity’sDepartment of Psychology cially seriously, Prof. Dai says. Those a strong statistical relationship be- 4. Read the charts carefully. found thatpeople tend to favor providing experiences, on the other tween reviews that were deemed to4.7 It’s common to eyeball the bar products with lots of reviews, hand, could focus more on other mar- helpful to readers and the elements of charts of review scores and even when those reviews arebad. keting channels, she says. literary art.” jump to incorrect conclusions Resistthattemptation, and in- In other words, telling a good story stars about the numbers. Instead of stead go forqualityoverquantity. makes a review more compelling. focusing on the bars, look at —Andrew Blackman Many of the most popular ones con- The rating tained key elements of storytelling, range where such as a character who goes through purchase likelihood 89% a series of dramatic events and is changed by the experience. typically peaks of people ages 35 to In aseries of follow-up experiments, across product Prof.van Laer establishedthatpeople categories, 54 trust online who read reviews with strong narra- reviews of local tives were also morelikely to have a before decreasing businesses as much as positiveattitude toward the brand or as ratings product discussed, and were morelikely approach 5.0 personal to buy the product being reviewed. recommendations Businesses, of course, can’t control the literary skills of online reviewers, but they can try to think of the cus- Beware tomer experience in terms of a story, the binary bias making it easier for consumers to write compelling reviews. “You can Wherever you see reviews online, help a reviewer by making things you’re also likely to see those helpful seem like a story, with a clear begin- little bar charts summarizing how ning, middle and end, and with a dra- many five-star reviews there were, matic climax,” he says. how many one-star, and everything Consumers, on the other hand, in between. They give us an instant should be aware thatwhattheythink snapshot of how popular or unpopu- is ahelpful reviewmightjustbea lar a product is. good story.And thankstocommon The trouble is, some people may websitealgorithms,it’sthe good sto- Op be reading those charts all wrong. ries thatoften get bumpedtothe en Matthew Fisher, assistant profes- topofthe reviewlists, notnecessar- sor of marketing at Southern Meth- ily the moreanalytical reviews.“It’s 16% odist University, uncovered an effect greattolose yourself in astory,” Prof. he calls the “binary bias.” When peo- vanLaer says,“but you’re notalways of consumers ple see charts like this, they tend to making the mostinformeddecision take a mental shortcut, he says: They as aresult.” visit a local categorize all four- and five-star re- business after views as “good” and all one- and Mr. Blackman is a writer currently two-star reviews as “bad,” and then based in Belgrade, Serbia. He can be reading a they choose the product with more reached at [email protected]. positive review

( Free Shipping? Companies Should Think Hard Before Offering It

BY LISA WARD of Business and co-author of the of gratitude for having shipping study, says the company in the costs eliminated made them happy Online retailers have long used study averaged a 37% return rate and thus more willing to make a free shipping to encourage custom- for the three-year period over risky purchase. ers to buy more products. But a which data was collected. That Prof. Neslin advises companies new study suggests that free-ship- means for every $100 worth of to look at whether their own free-

S ping promotions can reduce a com- goods a customer bought, $37 of shipping promotions are profitable

NEW pany’s profits. goods were returned. before they launch such cam- G The paper, published in May by In one analysis that ran for two paigns. the Journal of Marketing Research, months, the researchers found that Also, he advises companies to OOMBER analyzed purchases made from a the return rate for customers who identify which products get re-

UE/BL single large European retailer and bought low-risk products—like of- turned more often than others and BL

J. found that free shipping did incen- fice supplies, or products from try to provide customers with

OR tivize customers to buy more. But well-known brands—averaged more information about those VICT

: it also increased purchases of about 22%. products, so they can make more- TO items that historically have higher In another analysis, the re- informed choices. PHO return rates, such as clothing or searchers attempted to better un- “More information can help edu- SE;

AU products from lesser-known Some customers view free shipping as compensation for taking a risk. derstand motivations of online cate the buyer, reduce the risk and

KR brands. Thus, returns also in- shoppers by measuring their atti- lower the likelihood of returns,” he

JON creased as a result of the promo- when free shipping was offered, the results for the promotion peri- tudes toward free shipping. They says. BY tions, to the point where profits online order volumes rose 11%. But ods amounted to an average 0.7% found two things were happening.

IONS were erased. when the cost of returns was tal- loss. First, consumers saw free shipping Ms. Ward is a writer in Winhall, Vt. AT

TR In one part of the paper, during lied against the sales proceeds, the Scott A. Neslin, a professor at as compensation for taking a risk She can be reached at

US the typically four-week periods authors calculated that on balance Dartmouth College’s Tuck School on a product. And second, feelings [email protected]. ILL P2JW300000-0-R00800-1------XA

R8 | Monday, October 26, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, October 26, 2020 | R9 P2JW300000-0-R01000-1------XA

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 Home Depotprepared foradropintraffic butsaw asurge instead.

sults basedonthe various fencing needstheymay have.Asanexam- ple,within acouple clicks, we cande- termine thatthe intent of the proj- ectistoinstall awooden fencefor a yard,and we will help the customer with suggestions foradditional tools and materials to completethe proj- ect. Suggestions mayinclude con- cretefor the footings,hinges fora gate,and even ahow-toguide forin- stalling abackyard fence.

WSJ: How did you handle the pan- demic’s impact on logistics?

MR.CAREY: I’d say the supply chain in general across the U.S., just find- ing drivers and trailers, was a chal- lenge. Making sure we could get products to the stores, a lot of that was human resources, a need to staff up. But we also had a brand- new distribution center that was going to come on line. Within two weeks, the use of that building was pivoted to become an online fulfill- ment center, to help offload the vol- ume from the other online fulfill- ment centers. The flexibility of our software allowed us to do that.

WSJ: How are the stores seeing their customer change? Are more novices still jumping in?

MR.CAREY: We are seeing custom- ers take on expanded projects throughout their homes that, in turn, create additional activity then the associate would get the order across the store. We are seeing Winning in Lockdown and bring it out.Associateswereactu- their confidence grow after they ally making handmade signsthatsaid, complete their first DIY project—it “Curbside pickup,park here.” We were may be a garden, it may be painting. Home Depotscoredbig as consumerstook to DIY projects. Can it keep it up? able to introduceenhanced features With that confidence, we see them very quickly.The experiencetodayis take on the next project that may BY ANGUS LOTEN nowfully embeddedintoour app—cus- grow in complexity, like installing tomerscan even optintolocation- ceiling fans or light fixtures. ome DepotInc. The first steps basedalerts thatlet thestore know reacted to the • Home Depot Facts they’ve arrived to pick up their order. WSJ: How has this crisis had a rapid spread of WSJ: Hardware stores were lasting impact on the way people Covid-19 in the Founded: 1978 declared an essential service. shop for home products? U.S. by canceling But how did you keep stores The digital experience annual sales Headquarters: Atlanta open? MR.CAREY: In manyways, Covid has events and pull- WSJ: What was happening fundamentally changedhow consum- ing many Stores: 2,295 in the U.S., MR.CAREY: We went to crowd- at the online store? ersshop.For manycustomers, ho- Hmarked-down Canada and Mexico limiting very early.Within 24 medepot.comorthe mobile app is goods offthe shelves to keep hours, we had an app deployed, MR.CAREY: There was a significant the newfront door to the store.Our crowdsaway from stores. But Average store size: 105,000 running in the cloud, thatal- spike in our online business. Because digital sales increased by roughly rather than adropintraffic,amid square feet. lowedour associatestocontrol we earlier had invested in moving 100% in Q2,with 60% of those sales lockdowns and social distancing, the crowdscoming in and out that platform to the cloud, it went off being picked up at our stores. customersbegan flocking to its Pandemic bump: May-July of the stores. Youhave aper- just great with no issues and we con- physical and online stores, spend- sales jumped 23% from year- son who has ahand-held device tinue to handle that volume without Maintaining sales ing stay-at-home savings and gov- earlier period to $38.05 billion in frontofthe store.Asone a problem. ernmentstimulus checksonhome- customer goes in, youadd The greatthing about the cloud is WSJ: How is Home Depot planning improvementprojects. Daily foot traffic since April: them, and as one comes out, thatyou don’t have to order hardware, to keep that pandemic home-im- In August, the Atlanta-based Up 35% from 2019* yousubtract.Nothing high tech, bring it into your data center,get it set provement surge going? How are companypostedits strongest but it did the job. up on thedata-centerfloor and wireit you going to keep people coming quarterly sales growth in nearly 20 Curbside service: 60% of prod- up.Obviously,thereislead time there. into your stores and not Lowe’s? years, with May-to-July revenue up ucts boughtonline arepicked up WSJ: What have you It’s pretty clear thatwewould not And once people are able to leave 23%to$38.1billion, compared with at the store learned, and what would have been able,had we hosteditour- their homes, do you expect a drop the same period in 2019. you do differently? selves,towithstand the volumes that in home-improvement interest? If The digital technology needed to *Seven-day rolling average, according to we experienced,and arestill experi- so, how can you win them back? smartphone location tracker Unacast Inc. meet thatrush in demand fell to MR.CAREY: The pastseveral encing, on the online platform. Source: the company Matt Carey,Home Depot’schief in- months providedusawealth of MR.CAREY: We continue to invest formation officer.Mr. Carey and his customer feedback,inacom- WSJ: What’s one example of how the in capabilities that make it easier team quickly spun out mobile apps forcurbside-pickup services pressedtime frame,relatedtothe digi- online software might help custom- for customers to choose however, and real-time inventory-tracking software,among other tools.“It tal capabilities we offer. Take our curb- ers get what they need for the proj- whenever and wherever they want waslikeBlack Fridayevery day,” he says about the unexpected run. side rollout,for example.Westarted ect they’re planning? to shop with us. Mr.Carey spoketoThe Wall Street Journalabout the ef- with averyscrappy, manual process fortsHome Depotmade to get its technology in placeand how whereacustomer would arriveatthe MR.CAREY: When acustomer is Mr. Loten is a reporter for CIO it’s handling the surge in business. Hereare edited excerpts of store afterordering online,inform an searching foraterm such as “fence” or Journal in New York. He can be the discussion. associate of their order number,and “fencing,” we will return arange of re- reached at [email protected].

Do YouHateWaiting in Line? NewResearchMay Help

A single queue is assumed to be that physicians who had dedicated- queue configurations on average did the quickest. But for some types of their work faster but without com- businesses, that isn’t always true. promising quality. It struck Prof. Song that with a dedicated-queue system, “physicians could see who they were helping, BY HEIDI MITCHELL who in the waiting room had been assigned to them and exactly how Five years ago, a team of researchers challenged long their individual queue was,” she S

the conventional wisdom that the fastest-moving says. “The doctors we interviewed NEW G line is a single “pooled” line. Instead, the research- said they felt more ownership when ers found, splitting the pool into individual lines they could see which and how many OOMBER

made them move faster. patients were assigned to them.” /BL Now new research from a member of the same Hence, the doctors wanted to

team explores why this is so—and where multiple serve as many patients as possible, MORRIS

lines or single lines make the most sense. which meant shorter wait times, UL PA In the original experiment, the researchers concluded Prof. Song. VID

looked at patient wait times and length of stay in In a forthcoming paper in the DA  the emergency department of a California hospital journal Operations Research, Dr. have high levels of customer owner- ship, perhaps through incentives, and GES;

from 2007 to 2010. They found that when the Song and her co-authors, Guillaume Single lines ship, such as medicine, personal consider ways to change to a dedi- IMA hospital switched from a pooled line to a dedi- Roels, professor of technology and may not be banking or places like the Apple Ge- cated-queue configuration to achieve

cated-queue system in which patients were as- operations management at Insead fastest in nius Bar. shorter wait times. GETTY signed to a specific doctor, patients saw an aver- in France, and Mor Armony, profes- knowledge- “The phenomenon is not ex- “We usually think about queues SE/ age 9% decrease in wait time and 17% decrease in sor of technology, operations and intensive pected to translate to anonymous from the customer’s point of view, fields such length of stay. That translated into a 39-minute statistics at the Stern School of call centers or other settings where but there is another human on the ANCE-PRES

shorter stay for a typical emergency-room patient Business at New York University, as personal the service provider doesn’t have a other end of that line,” Prof. Song FR

in that particular emergency department. developed mathematical models to banking and relationship with the customer or says. “Encouraging customer owner- ENCE

What wasn’t clear was why. The researchers— see if service providers in other in- medicine. the service is very routine, like at a ship by dedicating assignments to AG S/ Hummy Song, an assistant professor of operations, dustries would behave the same grocery checkout or a factory with each server when planning queue

information and decisions at the Wharton School way as those physicians. Their con- machines,” Dr. Song says. configurations might shorten the DELMA at the University of Pennsylvania, and her col- clusion: The idea of a dedicated Prof. Song suggests that compa- wait and service time.” CHRIS

leagues—had checked to see if the physicians queue speeding up wait times ap- nies look at their organizational cul- P: might be speeding up service times by rushing to plies, for the most part, to fields ture, seeing where there is room to Ms. Mitchell is a writer in Chicago. TO Email her at [email protected]. OM

get through their waiting lines. Instead, they found that are knowledge-intensive and encourage more customer owner- FR P2JW300000-0-R01100-1------XA

THE WALL STREET JOURNAL. Monday, October 26, 2020 | R11 JOURNAL REPORT | C-SUITE STRATEGIES

ests theydo. the U.S. population? Scouts. It’s about making people More than 1,000 girls from all feel welcome and ensuring that all 50 states and eight countries par- MS. BATTY: It does not, and we are girls feel they belong in Girl ticipated in an online event about working so that it does. That is a Scouts. The worst thing would be The Cookies space exploration priority because our program is to get the members and then have appropriate for all girls. them leave us. WSJ: What are your plans for in- Didn’t Crumble creasing membership? Will Girl WSJ: What steps will you take to WSJ: Do you think that your own Scouts at Home be a part of it? make that happen? racial identity is symbolic of those diversity goals? Is it helpful The newinterim CEO she wants to take the organization MS. BATTY: Our digital offerings MS. BATTY: GSUSA will be doing a in any way? of Girl Scoutstalks now. Edited excerpts follow. have been very successful, and we movement-wide audit to under- membership,diversity will continue to offer virtual and stand where the greatest need for MS. BATTY: I don’t know if it is and cookie sales WSJ: Although the decline has hybrid activities even after the this work is. We are looking at our helpful. I don’t know if it is sym- slowed in recent years, Girl Scout pandemic. programs, our training, our lan- bolic. I think that it is 2020, and it during the pandemic membership has fallen to 1.7 mil- guage, all of that. Diversity, equity is time for us to have a Black CEO. lion recently from 2.5 million in WSJ: Does the diversity of the Girl and inclusion isn’t just about num- I was actually kind of surprised 2008. What is driving membership Scout membership match that of bers, and getting more girls in Girl that I was the first. My mother BY SUZANNE OLIVER today? was a Girl Scout. I was a Girl Scout. So there have been Girl udith Batty made his- MS. BATTY: Membership trends are Scouts of all colors, races, denomi- tory in August when she basically driven by two things: in- nations, forever, and I just think was named interim chief creased choice for girl activities, and we need to reinforce that. executive of Girl Scouts girls’ interests. There are just a lot of the USA. She is the more choices than there were 50 WSJ: One of the goals of your organization’s first Black years ago. predecessor was to expand the JCEO. Our retention numbers are very STEM programs in Girl Scouts. One of the biggest challenges good, especially during the pan- How has that affected the Girl facing the Girl Scouts is declining demic. This year we’ve seen higher Scout experience? membership, a trend that had retention in every grade from mid- been under way for years when dle school to high school. Among MS. BATTY: We have always had Ms. Batty joined the board in 11th graders, retention climbed by 6 badges that were mechanical and 2014. As CEO, Ms. Batty plans to percentage points. STEM-related. I think what stem that tide in part by continu- changed is that people now recog- ing to roll out an updated soft- nize that we have more STEM ex- ware system that helps scouts, periences for girls than probably parents and volunteers connect Diversity ‘is any other organization in the and enhances Girl Scout program- world, including the federal gov- ming nationwide. She also plans to a priority because ernment. Last year, the girls par- make online events and programs our program is ticipated in over one million STEM more available. appropriate for experiences, and there is no other “We need to meet the girls organization that can say that. where they are, and they are very all girls.’ technical,” says Ms. Batty. —JUDITH BATTY WSJ: The coronavirus hit during Another of Ms. Batty’s goals is this year’s cookie season. Did the to increase racial diversity in the Girl Scouts get stuck with excess Girl Scouts. In 2016, the most re- inventory? cent year for which data is avail- WSJ: Why is retention improving? able, Girl Scout membership was MS. BATTY: Actually, the girls were 71% white, while the U.S. popula- MS.BATTY: When thecoronavirus amazing. They set up virtual tion of girls was just 51% white. first hit,wewentvirtual. We cookie booths. They called their Ms. Batty, who is 61 and has a started aprogram we call Girl friends. And GSUSA set up a pro- law degree from New York Univer- Scouts at Home,and we have ac- gram called Cookie Care, and a sity, worked for nearly three de- tivities either run by GSUSAorby number of our girls sold cookies cades in the legal department of certain local Girl Scout councils for through that. So, in the end, we Exxon Mobil Corp., primarily over- various age groups.Wesaw great did not end up with any more in- seas. From 2006 to 2009, she was engagementespecially from our ventory than we normally do. It A

US general counsel of Exxon Mobil older girls.Through the virtual ac- was good.

OF Japan. tivities,theyare notonly meeting S She spoke with The Wall Street the girls in their troop but girls Ms. Oliver is a writer in New OUT

SC Journal about how being a Girl acrossthe U.S. and around the York. She can be reached at

GIRL Scout affected her life and where world who have the same inter- [email protected]. P2JW300000-0-R01200-1------XA

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me from abig career rethink I didn’t need. Youcan get adifferentsort of 360 by looking at analytics thatex- amine your social-media presence. I routinely use software to see whichofmyarticles have been shared the mostondifferentplat- forms,for instance. This kind of close examination will show you the kinds of blog posts, photos, Facebook posts and tweets that draw the biggest re- sponse, which can provide an impor- tant clue about where you add the greatest value.

Test out the job Let’s say you’ve found a field or pro- fession that appeals and for which you seem to be a great fit. Now consider a virtual test drive. One simple method: Setupablog or social-networking profile focused on an area you’re thinking about moving into, and start posting. It is besttoput up material regularly for at leasttwo or three months to see if youmaintain your interest. Another way to get a taste test is to take an online course in your new proposed field. Don’t think just in terms of accumulating credentials or skills; it is useful to take a course that will give you a feel for the breadth of work or the culture of the field. Also consider taking a par- ticipatory class, so you can get a sense of personalities and even start to form collegial relationships. Avolunteer engagementisan- other terrific way to gain some per- spectiveand experience. If youhave somecredible basis foroffering your services,try offering yourself as apro bono serviceprovider to acharitable organization. Rightnow,when every- one is working virtually,you don’t have to be constrainedbygeography

online conversation; many groups portunities and expected A Career Change will welcome anyone who asks to qualifications. Network—a lot come on board. Following a LinkedIn Start building virtual relationships group for environmental lawyers, for with people at the companies where During Covid? instance, might confirm your hopes Assess yourself youhope to find your next job via that this is a field you would like to Next, figure out if your potential LinkedIn or Twitter, and if you’re in a leap into—or it might reveal political new field or career is actually the visual field, Instagram or Pinterest. How Te chnology squabbles you’d find intolerable. right fit for your particular skills and Don’tforget to reframe your Likewise, if you have friends or col- talents. There are many tech tools owndigital presence. Look at all leagues in this field, pay closer at- and strategies that can help you get your business-relatedprofiles on- CanHelp tention to them online and see a better perspective on your line and shiftwhatyou showcase what they share and respond to. strengths and weaknesses. so youcan position yourself for In addition, find the topTwitter One of my favorites is a 360-de- the job youwant. BY ALEXANDRA SAMUEL hashtags,tweetups or Twitterchats gree assessment that asks for on- Once you’ve got the right foot in your newfield and makeapointof line input from colleagues, bosses, forward, start to book online meet- f Covid has thrown your job, company or career following or participating. Youmay direct reports and friends. This is ings that move you closer to your for a loop, this may be the moment to think about goal. Don’t wait for a job opening to not just a next move, but a larger career change. book these meetings—look for any Of course, such a move is impossible—or at opportunity to make new relation- least close to it—for many people who don’t have Through low-risk, low-cost options to sample ships with people in the companies the contacts or resources to make it happen. But new fields, you can assess a new career or fields you’re targeting. for those lucky enough to take advantage of it, direction before you take a leap. Finally, get creative. You may get technology can help address some of the obsta- better and faster results to your cles to making a midcareer shift—especially right meeting requests by developing Inow, when so much of the professional world has your own project in your field of moved entirely online out of necessity. find agroup of kindred spirits who best accomplished through a third- choice, even if it is just an excuse to By putting arange of professional conversations and sharenot only your passion forproj- party consultant who can review book some calls or meetings. Write communities at your fingertips,the internet makes it ectmanagement, but also your affec- and anonymize the results and help the short e-book you think the field much easier to figureout which fields arethe bestfit for tion fordogs and gardening—or you you make sense of them. When I needs, sharing best practices from your interestsand talents. And through low-risk,low- maydiscoverthattheyare snarky completed an online 360 as part of process engineers; start a podcast cost options fortrying out newprofessional contexts— and gossipyinaway youhate. a leadership program many years about higher-ed tutoring; build a di- such as taking online courses or doing remote probono For something that offers a bit ago, I was surprised to learn I was a rectory of leaders in community work—youcan assessanew career direction beforeyou more opportunity for (virtual) face better manager than I thought, and fundraising. You just need some- takealeap. time, you might also sign up for we- that encouraged me to take on pro- thing you can use to set up 15-min- Here is how to tap into all that to help plan a career binars and remote events; there has fessional roles with more manage- ute conversations that are a good change. never been a better opportunity to rial responsibilities. use of everyone’s time. And that attend conferences in lots of indus- It canalso be useful to do an something may turn out to be the tries for low to no cost. online self-assessment. Twenty first step in your brand-new career. Assess your options Finally, if you do all that and yearsago,when Iwas first working Before you start to make a move, get a feel for your you’re still torn between two or as adigital businessconsultant, an Dr. Samuel is a technology options by eavesdropping on other fields and getting three different career paths, use online self-assessmentfound Iwas researcher and the co-author of the familiar with the cultures and opportunities they offer. Glassdoor, Payscale, LinkedIn, In- aperfectfit foracareerasa forthcoming book “Remote, Inc.: An easy place to start is by joining professional deed and other career sites to fig- (drum roll) digital businessconsul- How to Thrive at Work…Wherever groups on LinkedIn, so you can watch (or join in) the ure out pay ranges, volume of op- tant. It wasveryaffirming and kept You Are.” Email [email protected].

Why We Seem to Damage Our Phones Just When a New Model Comes Out

People need to justifya act,” says Yaniv Shani, faculty able and whatits features newpurchasewhen their member at Tel Aviv University’s were.The researchersalso old phone worksjustfine. Coller School of Management, who studieddatathatshowed co-wrote the study with Gil Appel, increased efforts online by So theyget careless. assistant professor of marketing individuals to selldam- at George Washington University ageddevices when new School of Business. ones had been issued. BY CHERYL WINOKUR MUNK The study adds to a body of re- The authorsfound a search on purchase justification causal relationship be-

A new iPhone comes on the and product neglect. Taken to- tweenthese events and TO market, and you accidentally dam- gether, this research can help com- interpreted the behavior

age your old one. Sound familiar? panies better understand the ef- as seeking, or inventing, a CKPHO TO

A new study offers an explana- fects of new product introductions reason to buy the new /IS

tion. Research published in June in on consumer behavior. model. The researchers GES

Management Science suggests The study specifically mea- found lessevidenceof IMA that when new models of a phone sures the willingnessofconsum- putting an old deviceat GETTY

are released, consumers are likely erstoput one of their personal risk when the newmodel A; to become more careless with portable electronic devices in offeredtechnological im- GNAR

their current device—perhaps un- harm’s way—forexample,bytak- provements. Dr.Shani says new their old one. more difficult time justifying spend- BA

consciously so—because if it were ing it on hikes with lots of water technology doesn’t seem as Similarly, the researchers found ing on a new model. MO to break, that would give them a crossings.Awillingnesstoput wasteful to consumersand so it that when an upgrade is mainly CO GIA

good reason to lay out the money the deviceatrisk wasgaugedun- gives them adefensible reason to about how the product looks, con- Ms. Winokur Munk is a writer in P: for a new one. der differentconditions,such as buy the newone—and, thus,less sumers are more likely to be care- New Jersey. She can be reached at TO “People need justification to whether anew model wasavail- incentivetobecarelesswith less, because the consumer has a [email protected]. OM FR P2JW300000-0-R01300-1------XA

THE WALL STREET JOURNAL. Monday, October 26, 2020 | R13 JOURNAL REPORT | C-SUITE STRATEGIES

Las Vegas Tourism Plays a Tough Hand Historically we’ve been heavy on national TV buys. We’ve shifted to digital video, connected TV and social It isn’t easy selling the media to be incredibly targeted about which markets and which consumers city at a time of social we reach, to make sure we’re rele- distancing. But here’s vant. how officials are trying. The traditional seasonal and an- nual planning—those days are long gone. Every month we do our plan- ning for the month. Every week we’re BY NAT IVES looking at our plan.

any tourists go to WSJ: What are you looking for? Las Vegas for its any- MS.WIK: Suppressing marketsbe- thing-could-happen cause of somethingthat’sgoing on. aura. This year, the un- Or,onthe flip side,wewanttounder- expected can seem stand from search platforms and on- Mless alluring. line travelagencies wherethey’re see- The pandemic has hit Las Vegas ingsignals of interest—customers business hard, even as the city contin- searching forvacation information. ues to gradually reopen after an initial total shutdown. Visitors this year WSJ: What kinds of trips are visitors through August fell to 12.7 million considering and booking? from 28.4 million in the year-earlier MS.WIK: Early on in this pandemic, period, according to the Las Vegas bookings were really short—they Convention and Visitors Authority. were made the same week or even Hotel-room-occupancy rates declined same day. We’re starting to see res- to 42.8% from 89.4%. ervations booked further out. Steps have been taken to regain Face masks and partitions at table games are part of the reopened Las Vegas. some of the business lost to Covid-19. WSJ: Have you tailored your ads in Casinos began welcoming guests back MS.WIK: We were just launching a gregated all of the health-and- specific markets for the conditions in June, under rules requiring face new campaign, “Only Vegas.” We • By the Numbers safety protocols from our part- they’re facing? masks, social distancing and regular were expecting record numbers ners on alanding page for our MS.WIK: With sports re-emerging on disinfection of fixtures. Showrooms across the board, both leisure and First hotelopenedin campaign platform, “Vegas live TV, that led to a shift in some of now can hold events and live shows business travelers. And then, of LasVegas: 1906 Smart.” our messaging—to inform consumers for up to 250 attendees or 10% capac- course, the pandemic hit. We It wasalso about letting peo- that Vegas is the ultimate sports ity, whichever is less. And in late Sep- closed our doors mid-March and Gambling and casinos ple knowthatVegas is still Ve- destination. Many of our feeder mar- tember, Nevada Gov. Steve Sisolak ap- pulled all of our advertising. We were formally legalized: gas.Things mightlook alittle kets didn’t have bars open to watch proved trade shows, conventions and had about a 12-week period of be- 1931 differentwith employees and sports in, so that became part of the business meetings for up to 1,000 at- ing completely closed. guests wearing masks, and with message. tendees if split into sections that Casinos* on the Strip partitions at table games,but don’t exceed 250 people. WSJ: Once that happened, what today: 61 whatwefound wasthatthere WSJ: What’s next for Vegas? Will Las Vegas tourism officials, mean- did you do all day? waspent-up demand. cold weather play to Vegas’s while, have spent much of this year MS.WIK: We did a lot of videos le- VisitorsinJanuary-August strengths, or are the rising Covid trying to strike the right tone at the veraging our entertainers and tal- 2019: 28.4 million WSJ: Has your marketing strat- cases nationwide likely to over- right time. “You don’t want to put a ent here in Las Vegas—from celeb- egy changed? whelm that effect? travel ad in front of somebody that’s rity mixologists and chefs to Visitorsthrough August MS.WIK: We’ve had to be in- MS.WIK: Covid is very unexpected and just not in the mind-set to travel or is magicians and comedians provid- this year: 12.7 million credibly nimble on the markets we’reseeing thatshiftacrossthe personally affected by Covid,” says ing short snippets of entertain- we target and the channels we country. So,for us,what’snext is Kate Wik, chief marketing officer at ment and hope. It was about stay- use, making sure we’re actively working closely with the stateand the Las Vegas Convention and Visi- ing connected, and making sure Convention attendees in targeting people interested in governor’s officesowecan remain dili- tors Authority. “Your ad becomes of- that when the time was right, Ve- January-August2019: 4.7 travel. gentinour practiceand open further. fensive to them.” gas was top of mind. million It’s such a turbulent year But Vegas has been known forits con- S The Wall Street Journal inter- In June, as we reopened our with natural disasters and roll- stantreinvention, and that’sstill the PRES viewed Ms. Wik about how a tourist doors, we had to build awareness Convention attendees ing hot zones for Covid. In the case. We have activeconstruction and TED mecca advertises during social dis- of two things: Las Vegas was through Augustthis year: past, our top markets were all newdevelopments thathave not OCIA tancing. Edited excerpts follow: open, and open safely. So we consistent. But now we’re see- sloweddownwith Covid. SS 1.7million

/A launched a commercial called “The ing heavy swings. Atlanta and *Those with at least16slotmachines or CHER WSJ: Whatdid theLas VegasConven- Light” that showed someone flip- Kansas City can shift from be- Mr. Ives is editor of CMO Today at

LO tion and VisitorsAuthorityhave in ping a switch to turn the lights more than one type of gambling. ing a consistent top 20 for us The Wall Street Journal. He can be mind forthis year beforethe virus? back on on the Strip, and we ag- Sources: Las Vegas Convention and Visitors to being a top five for a time. reached at [email protected]. JOHN Authority, Gaming Control Board

Move on what matters

In unprecedentedtimes,it’stemptingtojust paddle harder.And with theconstantpressure, anythingbeyondthe immediateislost.

Theway forward is notmerelysurvival. It’s rediscovering your purpose, galvanizing your people,and aligningeveryone with what’s mostimportant.

In theconstanttension betweenmanagingtoday’s challengesand pursuingthe goals fortomorrow, we’reheretohelpyourorganizationbemore trustworthy, resilient,and secure. Because there’snotimelikenow to move on what matters.

Take actionatdeloitte.com/us/advisory

Copyright©2020DeloitteDevelopmentLLC.All rights reserved. P2JW300000-0-R01400-2------XE

R14 | Monday, October 26, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

More than one in four women have indicated they may quit or scale back their jobs, according to McKinsey and Lean In.

Management Top250

820 large, publicly traded shareofhousework and ment—but it’s still signifi- companies through the family caregiving responsi- cant.Among companies in TheHighPriceifWomen lens of 34 indicatorsacross bilities. the highestquartile,17.8% fivecategories:customer Morethan one in four of topexecutives are satisfaction,employeeen- women nowsay theymay women vs.14.7% in the Drop Out of Labor Force gagementand develop- quit or scale back their jobs, bottom quartile. ment, innovation, social re- according to McKinsey& Thereisnoway to know sponsibilityand financial Co.and LeanIn.Org—atrend forsurewhy companies Corporate effectiveness will also fall the ManagementTop 250, strength. To be ranked,a thatthreatens the gender with morewomen at the an annual ranking issuedin companyhad to have at balanceatall kinds of com- topfaresowell in every partnership with The Wall leasttwo valid indicators panies. area of our ranking. But BY RICK WARTZMAN AND KELLY TANG Street Journal. Informedby foreach of the fiveareas. Before the pandemic, our findings areverymuch the ideas and ideals of the Six hundred and fortycom- “the representation of in line with arich body of ith four times as many women as late managementthinker panies met this condition. women in corporateAmer- scholarship highlighting the men having droppedout of the labor PeterDrucker, it gauges a To produceour ranking, icawas slowly trending in benefits to businessofdi- forcelastmonth, manypeople arecon- company’s“effectiveness”— corporations arecompared the rightdirection,” McKin- versity. cernedthatthe coronavirus is under- definedbyMr. Drucker as in each of the fivecatego- seyand Lean In said in a Forexample,researchers mining workplaceequity. “doing the rightthings ries,aswell as in their newreport. from BostonConsulting Our latest research indicatesthat well.” The 2019 ranking was overall effectiveness, But if theyare compelled Group and Technical Uni- Wsomething else mayalso suffer dam- publishedlastNovember, through standardized “toleave the workforce, versityofMunich have age overtime:corporateeffectiveness. and the 2020 listwill be re- scores with arange of 0to we’ll end up with farfewer shown that“innovation in- Our insights arederived from astatistical model that leased in December. 100 and amean of 50. women in leadership—and creases as the proportion wasbuilt by the Drucker Instituteand forms the basis of Last year,weevaluated In our mostrecentanaly- farfewer women on track of female managersrises.” sis,wegroupedthe 640 to be futureleaders. Allthe ProfessorsatUtah State companies into quartiles, ranging from the high- est-scoringfirms to the lowest-scoring. Using gender-diversity data Companies with more women at the supplied by financial-in- top fare well in our ranking of formation provider Re- finitiv Eikon, we then ex- effective management. aminedthe percentage of C-suiteexecutives and membersofsenior managementwho are progresswe’ve seen over University have reported women at the compa- the pastfiveyearswould thatcompanies character- nies in each quartile to be erased.” ized by “gender diverse seewhat, if any, pattern This could have implica- leadership teams” aremore emerged. tions forhow well compa- effectivethan other firms The results couldn’t nies perform acrossahost “atpursuing environmen- be clearer. of functions. tally friendly strategies.” A On average,women In fact,wediscovered study lastyear by S&P makeup20.2% of top thatcompanies in the high- Global Inc. concludedthat executives among com- estquartile in each of our firms with female CEOs panies thatscoredin fivecategories have afar and CFOs producesuperior the highestquartile in greaterconcentration of top stock priceperformanceas terms of their total ef- women executives than do compared with the market fectiveness. Forcompa- those businesses in the average. nies in the second lowest quartile. All of this suggests that quartile,thatnumber The biggestspread is in companies would be wise slips to 17.5%. Forthose social responsibility. At to reach out to the women in the thirdquartile,it’s firms thatscore in the high- who work forthem and lowerstill, at 15.4%. And estquartile,anaverage of find morewaystobesup- at the companies that 22%oftop executives are portiveduring this difficult areleasteffectiveover- women, compared with time.Otherwise,the leaks all, an average of just 10.9%for companies in the in the talentpipeline may 12%ofexecutives arefe- bottom quartile. flood everydimension of male. Women accountfor corporateperformance. As Covid-19 continues 19.8%, on average,ofthe to takeatoll on the na- mostsenior executives at Mr. Wartzman is the tion’s physical and eco- corporations in the highest head of the KH Moon nomic health, women quartile when it comes to Center for a Functioning have found themselves innovation. In the lowest Society, a part of the bearing much of the quartile,the figurefalls to Drucker Institute, and Ms. hardship.Theyhave lost 12.8%. Tang is the institute’s morejobs than men, and The smallestgap is in senior director of research. they’ve also had to the area of employeeen- They can be reached at Buildabettercompany, shoulder an inordinate gagementand develop- [email protected]. from thestate up. The Advantages Women Bring Walk thelinebetween booming The chart shows the average percentage of women in topexecutiveroles at 640large,publicly tradedcompanies,which have been groupedinquartiles basedonhow theyscoredindifferent businessgrowthand reasonableliving categories according to the Drucker Institute’sranking of corporateeffectiveness. The number costsand you’ll find yourself in Maryland. under the percentage shows the average scorefor companies in each quartile on a0-100 scale. EMPLOYEE With aconstantsupplyofwell-qualified OVERALL CUSTOMER ENGAGEMENT &SOCIAL FINANCIAL candidates from an award-winning EFFECTIVENESSSATISFACTION DEVELOPMENT INNOVATION RESPONSIBILITY STRENGTH Highest 20.2%19.4% 17.8%19.8% 22.0%18.7% educationsystemand adiverse,talented quartile 64.8 62.6 62.5 63.1 64.464.8 workforce, Maryland is theperfect place Second 17.5% 15.4%17.1% 16.9% 16.5% 15.0% quartile 53.353.754.049.955.652.2 S

foryourbusinesstoset up camp. NEW Third 15.4%15.2% 15.5% 15.6%15.7% 17.4% G Plan your move. quartile 47.2 47.2 47.9 46.8 47.1 47.3 OOMBER Lowest 12.0%15.2% 14.7%12.8% 10.9%14.0% /BL quartile Open.Maryland.gov 40.3 39.0 37.8 44.1 38.940.9

Sources: Gender diversitydatafromRefinitiv Eikon; forthe Drucker Institutemeasure, American Customer Satisfaction Index, Burning Glass BLESENER Technologies, ClarivateAnalytics, CSRHub, Glassdoor,HIP Investor, ISSEVA,J.D.Power, kununu, Prof.Dimitris Papanikolaou of Northwestern H Universityand Prof.Amit Seru of StanfordUniversity, PayScale, Refinitiv Eikon, Supply Chain Resource Cooperative, Sustainalytics and wRatings RA SA P2JW300000-0-R01500-1------XA

THE WALL STREET JOURNAL. Monday, October 26, 2020 | R15

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The Wall Street Journal news organization was not involved in the creation of this content. Wall Street Journal Custom Content is aunit of The Wall Street Journal advertising department. P2JW300000-0-R01600-17FFFF5178F

R16 | Monday, October 26, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES TO CKPHO TO /IS GES IMA GETTY

net profit margin were to change its priced at $2.99, the mind compared When We Fall for product prices from $2.00to$1.99.If the left-most digits first, before ‘Just below’ pricing is this strategy of pricing aproduct just rounding any numbers. most powerful when belowaround number doesn’t pro- “When we see $4.00 versus shoppers see several The$.99Trick duceabig increaseindemand, it $2.99 presented side by side, our could reducethe company’sprofits brains are actually comparing $4 to products at once. by millions of dollars. $2,” says Prof. Sokolova. Thus we in- It’s called our left-digit bias, and marketers In arecent paper publishedin stinctively think that a drop from use it all the time. It works, but not always. the Journal of Marketing Research, $4.01 to $3.00 is less than a drop Tatiana Sokolova,anassistantpro- from $4.00 to $2.99, even though users of a product, on the other hand, fessor at TilburgUniversityinthe the difference is identical. will draw from past purchases and BYHEIDI MITCHELL Netherlands, concludedbasedona However, when competing pea- their memories of those prices to de- seriesofstudies that“justbelow” nut butters were shown one at a termine whether a .99 pricing strat- pricing is morepowerful when con- time to other participants in the egy represents a good deal. o to any grocerystore and you’ll see sumersevaluate multiple prices study, the consumers showed al- Pricing managersshould under- examples of whatbehavioral-pricing side by side,and lesspowerful most no left-digit bias. “When we stand their consumers’ purchasing researchersrefer to as “the left-digit when consumerscomparethe price have to call up a comparison price patterns,saysProf. Sokolova.“I bias.” When an item is priced at $2.99, in their heads with whattheythink from memory, the left-digit bias is would priceheavy-use items with the idea is thatconsumerswill think of the product should cost basedon diminished,” she says. round numbersand use just-below it as $2.00. That’sbecause the mind their ownexperience. Prof. Sokolova also looked at pricing forinfrequently purchased Gcompares the left-mostdigits beforeit Prof. Sokolova found that when scanner data from 11 locations of a items,likecannedgoods,sothat canround up the numbers. People look leftfirst. consumers see a jar of peanut but- major grocery-store chain, and the left-mostnumber is low,” she It’s a common marketing strategy thatevery ter by itself for $2.99, in their minds found that just-below pricing was says.“And alwaysprovide arefer-  We tend consumer will recognize. The question is whether they round the price up to $3.00. most likely to boost sales among encepointonpricetags when dis- to look at it works. According to newresearch, it does— But not so when two jars of peanut light users of a category. counting prices to boostsales.” the left- sometimes. butter are displayed side by side. “They have less-developed price most digit Knowing when it does and doesn’t work cansave When study participants were knowledge and are thus prone to Ms. Mitchell is a writer in Chicago. of prices acompanyalot of money. Consider if amultibillion- shown a premium brand priced at compare the prices of other prod- She can be reached at first. dollar consumer packaged-goods companywith a9% $4.00 alongside the store brand ucts on the shelf,” she says. Heavy [email protected].

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