Virus Strains Test Global Rebound Spent on Them, Has Fallen

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Last week: DJIA 33153.21 À 80.33 0.2% NASDAQ 13480.11 À 2.6% STOXX 600 432.22 À 1.2% 10-YR. TREASURY g 17/32 , yield 1.721% OIL $61.45 À $0.48 EURO $1.1760 YEN 110.71 In a Second Pandemic Easter, Christians Gather to Rejoice Retail

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an investment of nearly $1.2 OC U.S. stocks to bullish call op- billion intogenetic-testing CL IN PRAYER:Clockwisefromtop,parishionersworship at their church’s EastersunriseserviceinManasquan, N.J.;Apostolic tions. Daily averagetrades for provider Invitae in the form Pentecostals pray in Soweto, South Africa; and EasterMassiscelebratedatthe Church of the Holy SepulchreinJerusalem. at leasttwo online brokerages of convertible debt. B1 have edged down from their  “Godzilla vs.Kong” had the 2021 highs.Acrossthe industry, best box-officedebut sincethe traffic to brokeragewebsites,as pandemic began, in aboost to well as the amount of time the entertainment industry. B1 Virus Strains Test Global Rebound spent on them, has fallen. Individual purchases of  While Covid-19 ravaged stocks were down 60% on anet the broader American econ- basis near the end of March, omy, the largest U.S. em- BY YUKA HAYASHI in the U.S. and China and by ingthe issues facing central The annual spring meeting and traffic to retail brokerage ployers added morejobs than the accelerating paceofvacci- bankersand financeministers. of the IMF and the World Bank siteshas declined, with visits they cut, an analysis found. B1 Theworld’stop economic nations in manyrich coun- “The longer it takes to speed will bring together policymak- to Robin Hood’s down 63%.  Carl Icahn said he is officials plan to focus on the tries. Yet a new wave of lockup vaccine production and ersfromthe Group of 20 na- Thedecline in enthusiasm hiring a former chief in- prospect of newcoronavirus downs—from Europe to rollout, the harder it will be to tions and others. Thepan- marksasharp reversal from vestment officer at GE to variations and shutdowns un- Canada—is threatening that achievethese gains,” she said. demicresponse,including just afew months ago, when be CEO of his firm. B3 dermining the global rebound growth, as manylow-and In areport to be released vaccine distribution and aid to individual investors’ frenetic at avirtual meeting this week, middle-income nations with Tuesday, the IMF plans to raise struggling nations,isexpected activity took center stageinfi- while weighing measures to limited resources lag behind. itsforecast forglobal growth to dominatethe conversations. nancial markets. As shares of World-Wide prevent lasting damagetothe “The windowofopportu- for2021, from the 5.5% expan- Officials also plan to discuss “meme stocks” soared in Janu- poorest and most vulnerable nity is closing fast,” said sion projected in January, Ms. PleaseturntopageA9 PleaseturntopageA2 populations. Kristalina Georgieva, manag- Georgievasaid last week.That  Jordan’sgovernment ac- The international economy ing director of the Interna- would followanestimated  Outlook: Productivity looks  James Mackintosh: ETFs are cused ayounger half-brother is recovering faster than many tional MonetaryFund, co-host 3.5% contraction in 2020,the ready to pick up...... A2 variations on a theme...... B9 of the country’sreigning mon- economistsprojected just with the World Bank of the worst peacetime outcome  Tech gains in M.B.A. talent  Billionaire Foley is overlooked arch of plotting to destabilize weeks ago, poweredbygrowth virtual gathering, in preview- sincethe Great Depression. amid pandemic...... B4 SPAC star...... B9 the kingdom, as ariftwithin the royalfamily threatened to upend politics in the critical U.S. Middle Eastern ally. A1 Big Firms Crowd IntoMarket Personal Guarantees  J&J is taking over manufacturing of itsCovid-19 vaccine at acontract manufacturer’s ForHouses, Driving Up Prices On Debt Weighon plant that makes the main ingredient, afteraproduction problem ruined abatch. A6 Small Businesses BY RYAN DEZEMBER Total value of U.S. neighborhoods to investors.  Some Democrats are rental homes “We certainly wouldn’t ex- cool to Biden’s proposed Abidding warbroke out $5 trillion RECESSION pect every single-family com- tax increases on corpora- this winter at anew subdivi- munity we sell to sell at a50% Pledges by owners to cover obligations tions as part of a $2.3 tril- sion north of Houston. But the grossmargin,” the builder’s fi- lion infrastructureplan. A4 prize this time was the entire nancechief,Bill Wheat,said at loom large after pandemic shutdowns 4  NewYork Gov. Cuomo and subdivision, notjust asingle a recent investor conference. statelawmakersare nearing a suburban house,illustrating From individuals with BY RUTH SIMON his business. Roughly $1.5 budget agreement that would the rise of big investorsasa smartphones and a few thou- AND HEATHER HADDON million in personal invest- 3 increase corporateand income potent newforce in the U.S. sand dollarstopensions and ment nowsitsinthe balance. taxesby$4.3billion ayear. A3 housing market. private-equity firms with bil- Thevise is tightening on Thepandemic repeatedly D.R. Horton Inc.built 124 lions, yield-chasing investors ownersofrestaurants, fitness closed his five locations for  Authorities have made houses in Conroe,Texas, 2 are snapping up single-family centersand other small U.S. portions of the year. sharply fewer arrests and rented them out and then put houses to rent out or flip. businesses trying to hold on On topofthat, Mr.Wentz, deportations of immi- the whole community, Amber They are competing forhouses until the economyfully re- 53 yearsold, has apersonal grants in the U.S. illegally PinesatFostersRidge, on the 1 with ordinarypeople,who are opens.And unlikeatmost big guarantee on one location since Biden took office. A3 block. A Who’s Who of inves- armed with the cheapest companies,the burden is of- that makes him responsible  The Chinese-American tors and home-rental firms mortgage financing ever, and tendeeply personal. foraround $540,000 in rental community in Atlantaheld a flocked to the December sale. 0 driving up home prices. Townsend Wentz bor- paymentsoverfiveyearsand Thewinning $32 million bid “You nowhavepermanent rowedfromhis family to an additional $175,000 fora memorial and interment for 2005’10 ’15 ’20 DaoyouFeng,avictim of last came from an online property- capital competing with a open his firstPhiladelphia liquor license.The guarantee month’s spa shootings. A3 investing platform Fundrise Source:John Burns Real Estate Consulting young couple trying to buy a fine-dining restaurant in weighs on Mr.Wentz as he LLC,which manages more house,” said John Burns, 2014. Thechef tapped the eq- juggles phone bills,tax obli-  Hong Kong’s government than $1 billiononbehalf of twicewhat it typically makes whose eponymous real estate uity in his home,erased any PleaseturntopageA10 is seeking to limit public about 150,000 individuals. selling houses to the middle consulting firm estimated that semblanceofaretirement ac- access to details in com- Thecountry’smost prolific class—an encouraging debut in in manyofthe nation’stop count and diverted college  Biggest companies post a net pany records that identify home builder booked about the businessofselling entire PleaseturntopageA6 funds forhis daughter into gain in jobs...... B1 owners and directors. A7

JOURNAL REPORT Stir-Crazy Grown-Ups Breathe Investing in Funds:The Rift in Royal Family Buffets Jordan lockdown year’s topstock- New Life Into Hula Hoops BY SUMMER SAID ified actions that allegedly put Saturdaydenying wrongdoing fund managers. R1-6 iii AND JARED MALSIN Jordan, which is struggling to and saying he had effectively control the spread of Covid-19 been placed under house ar- CONTENTS Outlook...... A2 Adults are trying to twirl away pandemic DUBAI—Jordan’sgovern- and repair aflagging economy, rest.Healso said some of his Arts in Review... A13 Personal Journal A11-12 BusinessNews...... B3 Sports...... A14 ment accused ayounger half- at risk. supportershad been arrested. Crossword...... A14 Technology...... B4 stress, extra weight and boredom brother of the country’sreign- “Therewerecertain designs Theprince, who wasre- HeardonStreet... B10 U.S. News...... A2-4,6 ing monarch of plotting to and plotsaimed at undermin- moved from his spot as heir Markets...... B9 Weather...... A14 BY KIM RICHTERS right where she left off. destabilizethe kingdom, as a ing our security and stability,” apparent by King Abdullah II in Opinion...... A15-17 World News...... A7,9 “I put it on my hips and got riftwithin the royalfamily Mr.Safadi said at anewscon- 2004, criticized his half- Sarabeth Sulio liked to hula maybe two spins,” she said. threatened to upend politics in ferenceinthe Jordanian capi- brother’s government, saying > hoop as achild. In her parents’ “And it went to the ground.” this critical U.S. Middle East- tal, Amman. “These designs thecountryhad become “sty- driveway, she would spin the Ms.Sulio,who works as a ernally. and plotsweredealt with with mied in corruption, in nepo- plastic hoop around her ankles holistic-health practitioner in On Sunday, the country’s firmness.” tism andinmisrule.” or jump over it. When she de- SanDiego, Calif., has sinceim- deputy prime minister and for- PrinceHamzah, aformer TheU.S., Saudi Arabia, cided recently to giveita proved and is learning tricks eign minister,Ayman Safadi, crownprincewith significant Egypt, and arangeofother al- s 2021 Dow Jones & Company, Inc. All Rights Reserved whirl again, the 40-year-old such as hoopingaround the accused PrinceHamzah bin public supportinJordan, re- lies lined up to support King thought she could pick up PleaseturntopageA10 Hussein of engaging in unspec- leased video statementson PleaseturntopageA7 P2JW095000-2-A00200-1------XA

A2 | Monday, April 5, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Sarah Chaney Cambon ECONOMIC CALENDAR

Productivity Looks Ready to Pick Up Monday: The Institute for Supply Management’s services index for March is expected to Afteradec- according to aMcKinsey Businessinvestment by category burst in productivity after show activity is accelerating in adelong Global Instituteanalysis of Information Covid-19 subsides.AtStan- the U.S. industries hardest hit by $600 billion. drought, 4,000 U.S. companies’ finan- processing ford Health CareCardioClick shutdowns, stay-at-home orders equipment worker pro- cials.Those gains could Clinic based in Stanford, Ca- and consumer caution related to $577 billion ductivity spread. About 75%ofrespon- lif., virtual consultations Covid-19. might be dentstoasurvey of North surgedduring the pandemic. Tuesday: The International about to acceleratethanks to American and European com- Patientscould hop on avideo Monetary Fund releases its pandemic-induced technologi- panies conducted by McKin- call to discusstheir diet, ex- world economic outlook during caladoption,which could lift sey in December expected to 500 Software ercise and sleep patterns with its annual spring meetings. economic growth and wages speed up investment in new $488billion amedical expert. Wednesday: The U.S. trade in coming yearswhile staving technologyin2020-24,higher Video visitsatthe cardio deficit is expected to have wid- off inflation pressure. than the 55% who said they Research and clinic last about 22 minutes, ened in February, and prelimi- Forced to operate with increased such spending in development whereas in-person visitstend nary data for the month already less contact between cus- 2014-19. $451 billion to last three times as long. show a record gap for trade in tomers and workers, compa- This is enabling companies 400 Video consultations arealso goods. The figures will likely un- nies plowed money into to raise productivity,which is much morelikely to end on derscore voracious consumer de- technology, automation and defined as output per hour time,freeing up doctors, mand for products made over- videoconferencing soft- worked. Stronger productivity nurse practitionersand nutri- seas and the limited impact of ware. Consumers have had growth is key to the econ- Note:Seasonally tioniststomovequickly be- tariffs on the overall deficit. adjustedannual to embrace digital services omy’slong-term success.Eco- rates; inﬂation- tween patient calls,said Chris Thursday: U.S. applications such as electronic commerce nomic growth depends on the O’Dell, administrativedirec- for unemployment benefits have 300 adjusted and telemedicine, and many number of workersand how Source:Commerce torfor digital health at Stan- been hovering near the lowest find they like it. much they produce. Without 2015 '16'17 '18'19 '20 Department ford Health Care. level of the pandemic, an indica- “The pandemic shocked productivity growth, economic With the adoption of Zoom tion of broad-based improve- older people intousing tech- growth must rely on more 1974to1995,sped up to 3% ayear over the next 25 years. and MicrosoftTeams,video- ments across the labor market. nologyand has shocked the workers, which might be hard from 1996 to 2005 with the Recentdevelopmentshave conferencing canreplacesome Jobless claims for the week economyingeneral into to achievesincethe workforce spread of computersand the made him moreoptimistic, businessconferences.Asare- ended April 3 are expected to adopting technology,” said is aging and the pandemic internet, then slowedagain, and he expectsannual pro- sult, workerswon’t lose pro- fall again, though the overall ConstanceHunter, chief econ- pushed millions of Americans to 1.4% between 2006 and ductivity growth of about ductivework hourstraveling level is likely to suggest a histor- omist at KPMG.“We’regoing out of the labor force. 2019.Last year it accelerated 1.8% this decade. long distances.They will also ically high level of layoffs as to see continued investment Higher productivity to 2.4% in the fourth quarter have moreenergy to engage businesses continue to deal with in productivity-enhancing growth should also put more of 2020 from the same period shift toward e-com- because they no longer have fallout from the pandemic. technologybecause the pan- money intopeople’spockets ayear earlier,although that merce should push up to deal with the hassle of daily Federal Reserve Chairman Je- wasbecause the coronavirus A demic really made it so clear because wagesare tied to productivity by elimi- commutes.Remotework could rome Powell joins a virtual dis- that we need to have this dig- howmuch workersproduce. triggered steep job losses in nating workers needed in deliver aone-time 4.7% liftto cussion on the global economy ital backbone.” That would enable companies lower-wagesectors that tend bricks-and-mortar stores, productivity afterthe pan- at the IMF’s spring meetings. to raise wageswithout rais- to be lessproductive. Mr. Gordon said. Videocon- demic,though alarge shareof The Fed has played a central usinessinvestment rose ing prices,damping inflation RobertGordon, aprofessor ferencing should also help, the growth will stem from role in backstopping the U.S. 17%incomputer equip- pressure. Wage growth was at Northwestern University though the public-transit shortened commutes that gov- economy through the pandemic, B who has studied productivity sector could offset some of though some economists are ment, 6% in software, tepid formanyyearsafter the ernment productivity data and 1% in research and devel- financial crisis,only breaking and living standards during the gains because buses and won’t fully capture, according cautioning about possible nega- opment, even as GDP fell above3%in2018. the past century, said produc- rail transit will carry fewer to aworking paper from Stan- tive side effects of U.S. stimulus 2.4% in the fourth quarter Productivity growth tends tivity growth slowedafter riders, he said. ford University’s Nicholas at home and abroad. from the same period ayear to moveinmultiyear trends, 2005 because the payoff from Some economists predict Bloom and co-authors. Friday: China’s consumer in- earlier.Investment in auto- reflecting shifts in the struc- computersfaded and newin- the increase in infrastructure Less travel-related stress flation is expected to turn posi- mation and technologyaccel- tureofthe economy. Exclud- ventions such as smartphones investment that President also has benefits. “Happier tive again in March after a small erated to 7% year-over-year ing farms and government, it and tabletsdidn’t revolution- Biden proposed last week workersare moreproductive contraction in February. The pro- growth in the thirdquarter of grew 2.8% ayear from 1949 izebusinessoperations.In could also boost productivity people,” said Bart vanArk, ducer-price index is likely to 2020 from 5% growth in the until the oil shock of 1973, 2015 he had predicted pro- growth. director of the Productivity jump to 3% or more amid a same period ayear earlier, then slowedto1.4%from ductivity growth of only 1.5% Healthcarecould see a Instituteinthe U.K. surge in global commodity costs.

NetU.S.equity purchases by individual investors,ﬁve-day average* Average daily websitetraffic per week U.S. WATCH to selected trading brokerages‡ $2.0billion

Week of "meme stock" frenzy FLORIDA CALIFORNIA 1.5 Major Wastewater Car Plunges Off Cliff, 5 million 1.0 Flooding Feared Two Women Dead Morethan 300 Florida homes Twowomen died after acar 0.5 south of Tampa areunder evac- theywereinwentoveraNorthern 2021 low 4 uation orders as crewsworked California ocean cliff and landed 0 Sundaytoprevent the release of about 70 feet on the rocksbelow. 2019 ’20 ’21 hundreds of millions of gallons Dozens of people who were Fidelity of wastewater from an old phos- visiting the scenic overlook near phate plant. the Bodega Bay’sHead Trail wit- Netbullish open options volume per week† 3 Gov. RonDeSantis, who has nessed the Toyota SUV go down Smaller traders Medium traders Larger traders declared astate of emergency, the cliff and land on its roof Satur- (trades for10 (11to49contracts) (50contracts or more) said Sundaythatofficials feared day, Capt. Justin Foxofthe Bo- contractsorfewer) major flooding in the Tampa Bay dega BayFireProtection District 15 million 2 area. said. Robinhood Officials from Manatee —Associated Press County said thatbetween 2mil- 10 Schwab lion and 3million gallons aday COLORADO were leaking out of a79-acre 1 E*Trade pond at the old PineyPoint Paraglider Killed 5 TD Ameritrade phosphate plant. Theywarned In Crash Landing on Saturdaythatchances were Webull growing thata“large section of Aman waskilled crashing his 0 0 the pond would wash away,” paraglider in afield in Colorado. 2019 ’20 ’21 Feb. 2021 March causing the release of 380 mil- Officials received 911 calls after *Data tracksabout 9,000 U.S. stocksand exchange-traded funds. †In millions of contracts. Includes single-stock, ETF and index options on U.S. exchanges. lion gallons of wastewater. the paraglider crashed Saturdayin ‡Data shows desktopand mobile webtraffic but doesn't captureapp usage. Data includes weekend traffic and reﬂects the week ending Sunday. On Sunday, the Florida Na- an unincorporated area of Boulder Sources: VandaTrack (equitypurchases); Deutsche Bank Asset Allocation, Options Clearing Corp. (open options); SimilarWeb (websitetraffic) tional Guarddelivered two County,the Boulder County Sher- pumps to the old plantwith heli- iff’s Officesaid. The pilotwas un- while,has continued to churn On March 26,individual in- NewYork University,isone copters. The pumps will be used responsivewhen medical person- Individual higher and ended last week at a vestorspurchased about $772 such investor who has recently to lowerthe waterlevel so that nel arrived and waspronounced record,up7%in2021. That is million of U.S. equities on anet sat on the sidelines as manyof crewscan repair the leak. dead at the scene. largely because of arally in basis,a60% decline from the the growth stocks he owns —Zusha Elinson —Associated Press Investors shares of cyclical companies in almost $2 billionreached in have lagged. He estimated his the financial, industrial and en- just one dayonJan. 29,atthe portfolio has fallen about 50% ergy sectorsthat tend to out- height of the meme stock sinceearly February, largely CORRECTIONS  AMPLIFICATIONS Pull Back perform when the economyre- craze. Thelast two times that because of his positions in bounds—but whichhistorically equity purchases by individual companies including Tesla, have been lesspopular with in- investorswerelowerwere Snap Inc.and the special-pur- Bill Hwang started his Ti- Cody,Mont., in an obituaryon ContinuedfromPageOne dividual investors. Christmas Eveand the Friday pose acquisition company ger Asia hedge fund with less Saturday. ary, millions of small investors Sincemid-February, the av- afterThanksgiving of 2020. Churchill Capital Corp.IV. than $100 million, according piled in, kicking an already ro- eragenonprofessional investor Both days tend to see lower Mr.Hornat began trading in to aperson familiar with Tiger Noticetoreaders bust retail-investing trend into has underperformed the S&P volume in the stock market. the fall of 2019,hesaid, and for Asia. APageOne article on Wall Street Journal staff overdrive. In amania unlike 500 by about 10%, Vanda Re- Analystssaid they are awhile,itseemed likestocks Fridayabout Mr.Hwang incor- membersare working re- anything market observershad search’s flow tracker Vanda- closely watching other metrics, were just going up. rectly said he began the fund motely during the pandemic. ever seen,individual investors Track estimates,alag the firm including trading activity and “I thought, ‘This is so easy, with $1.2 billion. Forthe foreseeable future, sent stocks likeGameStop believes has contributed to the websitetraffic at brokerage this is incredible,’ and then please send reader comments Corp.soaring,pushing broker- retreat. companies.Charles Schwab Covid-19 hitsand everything Allan J. McDonald was only by email or phone, using ageplatforms to the topof To trytooffset their losses, Corp.and InteractiveBrokers reverses,” he said. born in Cody, Wyo. His birth- the contactsbelow, not via app-storerankings.Trading individual investorsinMarch Group Inc.recently reported Recently, Mr.Hornat said he placewas incorrectly stated as U.S. Mail. volume surgedsomuch that rotatedintomoreeconomically that daily averagetrades had has executed afew small-vol- manybrokeragesstruggled to sensitivecompanies including ticked down in March com- umeTesla trades to capture Readers can alert The Wall Street Journal to any errors in news articles by keep their platforms smoothly Boeing Co., Starbucks Corp. pared with their 2021 highs. moves in the stock.Otherwise, emailing [email protected] or by calling 888-410-2667. running. andJPMorganChase &Co, he said, he believes in the com- Drivingthe recent pullback, VandaTrack datashow. panies he owns and plans to individual investorsand ana- Though few analystsex- Individual neither sell nor buy. THE WALL STREET JOURNAL lystssaid, is aseries of factors, pected the late-Januarytrading Still, few expect individual (USPS 664-880) (Eastern Edition ISSN 0099-9660) including concerns about the frenzy to last forever, manyan- purchases of stocks investorstofade away.Already, (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) volatility among growth ticipatedindividual-investor in- were down 60% near U.S. equity buying activity has Editorial and publication headquarters: stocks—a group in which small terest would remain heightened ticked up in recent days as 1211 Avenue of the Americas, New York, N.Y. 10036 investorstend to be heavily in- throughout the spring,espe- the end of March, technologystocks have started Published daily except Sundays and general legal holidays. vested. SinceFeb.12, when the cially afterPresident Biden to rebound, VandaTrack data Periodicals postage paid at New York, N.Y., and other mailing offices. technology-heavy Nasdaq Com- signed the latest stimulus pack- show. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. positehit itsmost recent re- age—which included $1,400 in “People arestill moreen- All Advertising published in The Wall Street Journal is subject to the applicable rate cord,individual-investor favor- direct paymentstopeople— Meanwhile, analytics com- gagedthan they have been his- card, copies of which are available from the Advertising Services Department, Dow Jones ites including Tesla Inc., NIO intolaw in March. Manyex- panySimilarWeb,which tracks torically, ” said Devin Ryan, di- & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the Inc.and Apple Inc.haveeach pected the checks would fuel a desktopand mobile traffic to rector of financial technology right not to accept an advertiser’s order. Only publication of an advertisement shall fallen more than 9%. buying spree and surpasspre- brokeragewebsites,found that research at JMP Securities. constitute final acceptance of the advertiser’s order. “Likeany investor,you’re vious upticks following the two companies acrossthe industry “I think thereisanexpecta- Letters to the Editor: Fax: 212-416-2891; email: [email protected] notgoing to add fresh money prior stimulus checks. experienced steep declines in tion that therewill be an ebb Need assistance with your subscription? to amarket that doesn’t have a Instead, the stimulus surge traffic in March, compared with and aflowtoengagement, and By web: customercenter.wsj.com; By email: [email protected] clear catalyst to drivestocks never came—and buying February. Robinhood Markets the question is moreofwhat is By phone: 1-800-JOURNAL (1-800-568-7625) 5% to 10% higher,” said Viraj dropped off.Recently,individ- Inc., forexample,saw about a the normalized level,” Mr.Ryan Reprints &licensing: By email: [email protected] Patel, global macrostrategist ual investors’ daily net pur- 35%dropintraffic,according said. “I would not be surprised By phone: 1-800-843-0008 at Vanda Research. “Retail in- chases of U.S. stocks and ex- to SimilarWeb,whose data if…whereitsettles in is quitea WSJback issues and framed pages: wsjshop.com vestorshavegone intohiberna- change-traded funds hit their doesn’t capturetraffic via apps. bit stronger than what wasex- tion in the past couple of lowest level forthe year,ac- Charles Hornat, a50-year- perienced prior to the pan- Our newspapers are100% sourcedfromsustainably certified mills. weeks.” cording to datafromVanda- old information-security spe- demic and potentially even GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Thebroader S&P 500,mean- Track. cialist and adjunct professor at higher than pointsoflast year.” P2JW095000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Monday, April 5, 2021 | A3 U.S. NEWS Deportations Fall, Border Arrests Rise

Policy targets people officials have expressed frus- tration at this explanation, say- guiltyofserious crimes, ing agencyresourcesaren’t so even as record numbers limited, particularly with such asmall population in detention. arecaughtatcrossings Instead, they saythe processof deciding to arrest someone— BY MICHELLE HACKMAN most often, ICE asks local law enforcement to hold someone WASHINGTON—Federal im- afterthey areset to be released migration authorities have from jail or prison—has be- made sharply fewerarrestsand come much morecumbersome. deportations of immigrantsin Manycities,under so-called the countryillegally sincePres- sanctuarylaws, won’t provide ident Biden took office, as the the policereportsneeded to newadministration reorients makethe case to arrest some- enforcement within the U.S. to one—for example,todocument focus on those with aserious that someone has participated criminal record. in gang activity. Mr.Biden made a100-day Internal figuresseen by The deportation moratorium one of Wall Street Journal showthat in his key campaign promises, December,the final full month meant to demonstratehis com- of theTrump administration, mitment to overhauling U.S. ICE arrested about 4,400 immi- Immigration and Customs En- grantswith criminal convic- forcement, the agencycharged tions, compared with about with immigrant arrests, deten- 1,900 in February, the firstfull tion and deportations. month of the Biden administra- Afederal judgehalted that tion—though manyofthe ar- deportation pause days afterit restsinDecember were likely E/REUTERS

wasissued in January, but ICE TJ formisdemeanor convictions.

statistics showthat enforce- RA Immigrant advocates saythe UL

ment priorities the administra- PA fact that the Biden administration introduced have sharply People en route to be deported to Mexico got off a flight in March in El Paso, Texas, that arrived from Brownsville, Texas. tion has continued to arrest reduced most of the agency’s anddeport immigrants, after activity anyway. der have reached a15-year high. Themajority of those appre- security or public safety. pressing threats. publicly pledging to pause ICE ICE’sarrestsfell by about TheBorder Patrol arrested hended at the border arebeing Officerswho want to arrest Homeland Security Secretary activity,has engendered mis- two-thirds in March compared more than 170,000 migrants immediately returned to Mex- anyone outside of those catego- AlejandroMayorkas is expected trust in immigrant communi- with the monthly tallies toward crossing the southern border il- ico, while children aretrans- ries must seek preapproval to layout permanent enforce- ties that supportedMr. Biden. the end of the Trump adminis- legally in March, aperson fa- ferred to anetwork of child from senior ICE officials in ment priorities in lateApril or “I don’t knowthat the pub- tration, when arrestshad al- miliar with the numberssaid, sheltersrun by the Department writing,astandardthat re- Mayfollowing a“top-to-bottom lic really understands the dif- ready slowedamid the continu- up from nearly 97,000 in Febru- of Health and Human Services. quires them to gather policere- review” of the issue. ferences in priorities—they see ing pandemic,the datashow. ary. Other migrants, meanwhile, TheBiden administration’s portsand other documentsin “Ifyou trytomakeeveryone what has happened with their Deportations fell by nearly aregetting acrossthe border current ICE guidelines direct support of their case. apriority,then no one is apri- family members,” said Veron- 50%. And ICE’spopulation of without being caught. In recent immigration officers to target Administration officials ority,” said Tim Perry, ICE’s icaCastro, deputy director of immigrantsindetention— days,border officials have esti- people who recently crossed have argued the guidelines chiefofstaff. ”We don’t look the Illinois Coalition forImmi- which peaked above56,000 in mated that nearly athousand the border illegally and weren’t would allowimmigration lead- one-dimensionally at volume grant and Refugee Rights. 2019—fell to 14,000 in March. migrantshaveentered the immediately turned back by the erstoreassesstheir deporta- [ofarrests] as ameasureof “They’re still in fear of ICE At the same time,migrant countryundetected, people fa- Border Patrol, along with oth- tion policytoconcentratelim- success.” catching them and arresting arrestsatthe U.S. southern bor- miliar with the mattersaid. ersdeemed threatstonational ited resourcesonthe most Current and former agency them.” New Yo rk Nears SpaVictim Mourned by Community Deal to Raise Taxes BY ESTHER FUNG About 40 mournersgath- ered Sundayafternoon in a BY JIMMY VIELKIND said. Previouslegislativepro- small funeral home on the out- posals to increase the estate skirts of Atlanta to bid good- ALBANY,N.Y.—NewYork taxand enact a1%surcharge on byetoawoman they had Gov.Andrew Cuomo and state capital gains aren’t part of the never met. lawmakersare nearing abud- emerging budget deal, the peo- Thebody of DaoyouFeng, getagreement that would in- ple said. one of the victims of the crease corporateand income Final drafts of budget bills shootings last month at three taxesby$4.3billion ayear and areexpected to be completed area spas, had lain unclaimed would maketop earnersinNew and votedonearly this week, in amorguefor seven days af-

York City paythe highest com- officials said. Thestate’s fiscal tershe waskilled. On Sunday, JOURNAL bined local taxrateinthe coun- year began on April 1. Comp- Ms. Feng was laid to rest. REET

try. trollerTom DiNapoli, aDemo- TheChinese-American com- ST

Democratic leadersofthe crat, said last week that if a munity in Atlantaheld ame- LL

stateAssembly and Senate statebudget isn’t adopted on morial forMs. Feng,and then WA

briefed legislatorsonSaturday Monday, about 39,000 state buried her ashes in alocal THE R

on the taxplan, which wasone workersmay have adelayinre- cemetery. Theeventsfollowed FO

of the last pieces of aroughly ceiving their paychecks due this the wishes of Ms. Feng’s fam- AR $200 billion statebudget, peo- week. ily, who were unable to come ple familiar with the deal said. Spokespeople forSenateMa- to the U.S. due to the travel TEMK VIN

Theadditional taxrevenue jority Andrea Stewart-Cousins, restrictions. AR would be used to increase aDemocrat from Yonkers, and Charles Li,afounding The service for Daoyou Feng on Sunday was arranged by the local Chinese-American community. school aid and createnew Assembly Speaker Carl Heastie, member of the AtlantaChi- funds forundocumented immi- aDemocrat from the Bronx, nese American Alliance, avol- U.S. in 1999 to find work, ac- fice,the District Attorney’s of- Shenzhen, Shanghai and grants, small businesses and didn’t return emails seeking unteer organization that helps cording to aGoFundMe post fice,the Georgia Bureau of In- Guangzhou. When she was22, tenantswho arebehind on comment on Sunday. Aspokes- local Chinese people in need, launched by the allianceto vestigation and finally the one of her best friends per- their rent, the people said. man forRobert Mujica, Mr. said theChinese Embassy in raise funds forher funeral and Cherokee County Medical Ex- suaded her to movetothe U.S. Legislatorswerebriefed on a Cuomo’s budget director,de- Washingtoncontacted him on legal costs. aminer &Coroner beforehelo- to earn moremoney and to plan under which income-tax clined to comment. March 26 to ask forhelp in Ms.Feng had communi- catedMs. Feng’sbody. pursue abetterlife. She left rateswould rise to 9.65% from Alegislativeofficial said handling her funeral. catedregularly with her family Ms.Feng had only started without telling her family,said 8.82% forsingle filersreporting lawmakersare also close to an Ms.Feng,aChinese na- in China via WeChat, amobile work at YoungsAsian Massage Dr.Li, adding that she also morethan $1 million of income agreement on legalizing mobile tional who died at age44, was messaging app,according to about two months agoand worked in NewYork and Los and joint filersreporting more sportsbetting in NewYork, unmarried and without chil- Dr.Li, who said he has been in wasknown to customersas Angeles in nail salons,mas- than $2 million, the people which aides to Mr.Cuomo esti- dren. She is survived by two contact with her brother. Coco, according to aregular sage spas and beauty salons. said. mated could eventually raise as brothers and a sister, and her When her family suddenly lost customer at the store. “She paid attention to her Theplan would also add two much as $500 million ayear. mother,who is in poor health, contact with her,they reached mother who is in bad health, newtax brackets. Income over That move,aswell as other said Dr.Li, who spokeatthe outtothe Chinese Embassy in and often sent money home,” $5 million would be taxedat programs,would bring the total memorial. She was the youn- Washingtontohelp locateher. ‘She doesn’t have said Dr.Li. Her family said Ms. 10.3%and income over $25 mil- amount of newrevenue in the gest in her family,and was The embassy determined she Feng had worked hardtosave lion would be taxedat10.9%, budget to roughly $5 billion, born and raised on arural was one of the victims in the family here, so I money to start asmall busi- the people said of the plan, and the official said. farm in Lianjiang,inChina’s Atlanta-area shootings. consider us her nessback home.She had in- the newrates would expirein Theagreement would mark southern Guangdong province. “The Chinese Embassy in tended to return home in 2020 2027. the firsttime that income taxes At the cemetery, aBuddhist the United Statesisproviding family.’ but couldn’t do so because of NewYork City’s topincome have increased during the ten- nun chanted as mourners necessaryconsular assistance the pandemic. taxis3.88%, which means the ureofMr. Cuomo,aDemocrat looked on, their eyes resting to family membersofthe Chi- “They asked whywould a city’s millionaires would facea who took officein2011. He has on agold urn holding Ms. nese victim involving the At- peaceful, wonderfulperson die combined stateand city income previouslybragged that he de- Feng’sashes.Itwas adorned lantashooting,” said aspokes- Dr.Li, during his eulogy this way?Icouldn’t answer,” taxofbetween 13.5%and 14.8% creasedincome and estatetax with doves,nestled on abed person from the embassy,who Sunday, spokeabout Ms. said Dr. Li. under the newplan. California ratesand restructured corpo- of pink roses and carnations. declined to comment further. Feng’supbringing.Hesaid Ms. A 21-year-old Georgia man currently hasthe highest top rate taxesinprior budgets. Steven Lin, aChinese- Thealliancehas previously Feng’sfather died when she is accused of killing Ms. Feng income-tax rate,13.3% on in- Businessexecutives warned American, said he drove four managedfunerals forpeople wasyoung and she dropped and seven other people in come over $1 million. lawmakers that if excessivetax hoursfor the service. “She who had no kin, said Dr.Li, but out of school at thirdgrade to three spas. The other victims Thebudget would also in- increases were adopted, resi- doesn’t have family here, so I he said making these arrange- help her household. were Xiaojie Tan, Delaina crease NewYork’scorporate dentswho have been working consider us her family,” said mentswas morecomplicated. At 14,she lefther home- Yaun, Paul Michels,Soon franchisetax to 7. 25% from remotely in other states would Mr. Lin. He said he had to contact the town to work in the assembly Chung Park,Suncha Kim, Hyun 6.5% through 2023,the people be reluctant to return. Ms.Feng had arrived in the Cherokee County sheriff’sof- lines and garment factories in Jung Grant and Yong Ae Yue. Tiny Helicopter Setfor Giant Leap in the Exploration of Mars

BY ROBERT LEE HOTZ redplanet in February aftera they said, autonomous drones microprocessorsand computer seven-month, 293-million-mile likeIngenuity could take to the software—and took intoac- In ahardscrabble crater on voyage. Forits maiden flight, skies to explorecanyons,ice count extreme conditions. The

GES Mars,atinyhelicopter with a the4-pound, $85 million craft caps and other terrain that is helicopter had to be feather-

IMA smartphone brainisnow days will simply rise about10feet inaccessible to rovers.Should weight yetsturdy enough to away from attempting the first abovethe surfaceand hover— humanexplorerseverland on withstand the shake, rattle and GETTY poweredflight on another no higher than the rim of areg- Mars, drones could serveas roll of arocket launch and the SE/ world. NASA hopes itsspindly ulation basketball hoop—before scoutsand aerial sensors. violent descent to the surface. robot copter,named Ingenuity, returning to the surface. The “Weare hoping that Ingenu- It also had to be able to survive will provethat poweredflight whole flight should be over ity allows us to expand and the extreme freeze and thaw ANCE-PRES

FR is possible in the perilously within 90 seconds. open up aerial mobility on cycles in spaceand on Mars. thin Martian air and help usher Thebrief excursion—one of Mars,” said Bob Balaram, the “It isn’t just ahelicopter; it’s ENCE

AG in anew eraofplanetaryexplo- five planned foraone-month project’schief engineer at also aspacecraft,” said Ben

CH/ ration in which drones playa period expected to start on or NASA’s JetPropulsion Labora- Pipenberg, an aeromechanical TE vital role. aboutApril 11—is ashort hop tory in Southern California. engineer at AeroVironment

-CAL Ingenuity reached Marslike by the measures of interplane- To createthe solar-powered Inc., aspecialty-drone and tac- PL

/J astowaway, folded up on the tary travel. But agencyofficials Ingenuity,NASA engineerstook tical-missile companythat SA

NA underside of NASA’s Persever- said it would be agiant leap for advantageofrecent advances helped design and build Inge- The Ingenuity Mars fully extended under the Perseverance rover ancerover, which landed on the Marsexploration. In the future, in lithium batteries,cameras, nuity. P2JW095000-2-A00400-17FFFF5178F

A4 | Monday, April 5, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL. U.S. NEWS Some Democrats Are Cool to Tax Plan

BY ANDREW DUEHREN increases.“Howcould the pres- to increase funding forasit clude anyincreases in the gaso- Biden’splan. “I think that Con- Rep.Sam Graves (R., Mo.), ident expect to have bipartisan- turns Mr.Biden’sproposals into line tax, which the WhiteHouse gresswill offer some sugges- the topRepublican on the WASHINGTON—President ship when his proposal is are- abill. “The president has given has opposed as aregressivetax. tions.Wewill accept some of House Transportation and In- Biden’sproposed taxincreases peal of one of [Republicans’] us aserious proposal. Alot Thefederal taxongas currently what he is proposing but Ialso frastructure Committee, said a on corporations as part of a signatureissues in 2017?” Mis- more work has to be done in stands at 18.4 centsagallon. think timing hereisacritical vehicle-miles traveled taxwas $2.3trillion infrastructureplan sissippi GOP Sen. Roger Wicker that regard,” the Vermont sena- Theearly questions from issue,” he said. an important measuretofi- have drawnaskeptical reaction said SundayonNBC.Mr. torsaid on CNN Sunday. Democratsreinforce expecta- Rep.Josh Gottheimer (D., nanceinfrastructurespending from some Democrats, who in- Wicker added that everyRe- Other Democratshavediffer- tions that this next wave of leg- N.J.)said he wanted to see the on acontinuing basis.Hesaid stead favorborrowing money publican senator votedfor cor- ent ideas forthe taxplan. Rep. islation won’t movenearly as Biden administration consider he opposed paying forthe plan to payfor the investmentsor poratetax cutsfour yearsago PeterDeFazio (D., Ore.), the quickly as the $1.9trillion alternatives to the corporate by borrowing.“We have to raising other levies,likethe that Mr.Biden nowwantsthem chairman of theHouse Trans- Covid-19-aid plan, almost en- taxincreases to trytocourt Re- makesureweare putting gasoline tax, to do so. to partially reverse. portation andInfrastructure tirely deficit-financed, that publican support. “I think on money intothe trust fund,” he Theproposal would raise Some Democratsare raising Committee, said he didn’t think Mr.Biden signed intolaw last the corporatepiece, if it’sa said. “Electric vehicles area the corporatetax rate to 28% their ownquestions about the paying forthe full cost of the month. nonstarter forthe Republicans perfect example of avehicle from 21%and increase taxes plan. With very narrow majori- plan through taxincreases was Lawmakersare preparing for anditmeans we can’t getbi- system that doesn’t payinto on companies’ foreign earn- ties in the House and Senate, necessary. Mr.DeFazio said he amonthslong process, with an partisanship,I’m eager to hear the use of that road.” ings. TheWhiteHouse said the Democratswill need nearly would support an increase in eyetoward passing the plan their other ideas,” he said, list- “Therehavebeen some pro- taxincreases would, over 15 unanimous support in their the gasand diesel taxtopay for this summer. ing user fees as one possibility. posals out thereabout user fees years, coverthe cost of the party to advancethe package the newinvestmentsovertime, House Speaker NancyPelosi Some Republicans have indi- or gastaxes,essentially,” said $2.3trillion package, which withoutRepublican votes, and as well as moreborrowing to (D., Calif.) praised Mr.Biden’s catedthey areopen to raising WhiteHouse presssecretary putsmoney toward improving many lawmakersare floating coverpart of the cost. plan as away to push corpora- the gastax and to putting into JenPsaki last week.“We don’t roads,bridges,and transit sys- potential changes to the plan. “When you’reborrowing tions to payafair sharein placeatax based on the miles agree with that,” she said, tems,along with expanding Sen. Bernie Sanders, now money forcurrent consumption taxes. Rep.RichardNeal (D., that avehicle travels,tocap- while adding the WhiteHouse broadband access and myriad chairman of the powerful Sen- versus borrowing money forin- Mass.), the chairman of the turerevenue from electric vehi- wasopen to hearing ideas. other efforts. ateBudget Committee, listed vestment it’sadifferent thing,” House Ways and Means Com- cles that don’t use gasoline.The —Richard Rubin Republicans have widely re- climatechangeasthe first he said. mittee,said he expectsCon- Biden plan includes $174 billion and Timothy Puko jected Mr.Biden’sproposed tax thing Congresswill likely move Mr.Biden’splan doesn’t in- gresstomakechanges to Mr. forelectric vehicles. contributed to this article. Amtrak Hopes To Gain Foothold Beyond theEast

BY TED MANN gains in ridership,Amtrak con- tends.Critics sayitisawaste- TheBiden administration’s fulinvestment. plan to spend $80 billion re- “Just because somebody building the nation’srailroad built arail line 50 yearsago or assets could enable Amtrak to 100 yearsago doesn’t mean we pursue the ambitious goal of have to paytomaintain them,” providingarail alternativeto said Randal O’Toole,asenior

flying and driving nationwide, fellowatthe libertarian Cato S

as it does nowonthe Eastern Instituteand afoe of govern- PRES

Seaboard. ment spending on masstransit. TED

Amtrak plannershavehoped Amtrak’splans largely follow CIA foryearstosolveaflawinthe recommendations developed SO AS national network.Legacylong- over the yearsbystate govern-

distanceroutes travel through ments, and studies by the Fed- URKE/ cities and large potential mar- eral Railroad Administration RO TT

kets wherethe population is underboth Republican and MA growing,but oftenatinconve- Democraticadministrations An Amtrak train leaving Philadelphia on Wednesday. A Biden administration proposal could help Amtrak pursue ambitious goals. nient times and with major de- that recommend building out lays caused by conflictswith regional rail networks. FRAreportssaid. in areport on developing a with stategovernments, which Mr.Biden’sproposal “essen- freight trains,whose tracks Population growth and con- “Asautoand air travel con- Southeast Regional Network re- could help fund operation of tially gavelifetoanAmtrak they use. gestion in highwaysand air- tinue to grow,demands foral- leased in 2020. newroutes,asalready occurs plan to expand passenger rail Providing more-frequent portsshould spur improve- ternativemobility solutions will Thesame report found the on routes around the country. servicethat has been brewing dailyservicecould generate mentsinrail connections,the likely grow,” the agencywrote potential of significant demand Therailway has said for forthe past five or six yearsas forimproved rail connections yearsthat itsown analysis of we restructured the company,” between major urban centersin riderdemand shows more-fre- Amtrak Chairman AnthonyCos- the region, while also recom- quent servicebetween city cia said in an interview. mending increased serviceon pairswould draw millions of Mr.Biden, who famously “emerging/feeder” lines to ar- newridersontothe rails. commuted daily on the railroad easthat have had little or no “The demand is clearly there between Washingtonand his passenger rail service. foradditional short-corridor home in Wilmington, Del., while An FRAmodel estimated servicethroughout the U.S., in the Senate, has also seized that building out moreinter- which includes both additional on expanding passenger rail as connected rail serviceinthe frequencies forexisting routes away to lowercarbon emis- Southwest, including some of and establishing newroutes be- sions and fight climatechange. the routeupgrades Amtrak has tween city pairs,” Amtrak’s Amtrak’spriorities include a proposed, “could alleviate de- then-CEO RichardAnderson newtunnel linking NewJersey mand forthe highway system, told aHouse committeein2019. and NewYork City,and replac- avoiding up to 6billion vehicle Theproposed $80 billion for ing atunnel under Baltimore. miles traveled per year by railroads,part of Mr.Biden’s Both arebottlenecks that limit 2050.” $2.3trillion infrastructureplan, serviceand contributetode- Amtrak said it analyzed could represent the biggest in- lays.Funding forboth Amtrak thousands of city pairs, win- fusion of federal capital in Am- and freight railroads also could nowing those to agroup of 60 trak’s50-year history, and a speed up plans to operate that hadthe lowest potential chancefor the companyto more-frequent, shorter train operating cost, based on pro- provethat it canexpand the routes between dense and jected ridership and overhead. model of itsNortheast Corridor growing cities such as Cincin- Those prospectiveroutes were servicetonew cities and re- nati to Detroit, or Louisville to then refined in consultation gions. Chicago. U.S. EnviesChina Infrastructure, ButEmulating It Is No Easy Feat

BY JAMES T. AREDDY and the government has posi- Chinesemayorsare moti- tioned rail as aviable option vatedtobuild boldly since Even China’sstaunchest nationwide,with high-speed they expect job postingsto critics expressawe at itsca- trains serving98% of major newcities everyfew years, pacity to build bridges,rail- urban areas and subways in says Silas Chiow, China direc- waysand other infrastructure, many cities. torfor the American architec- featsofengineering made pos- China’sexpanse of high- tural giant Skidmore, Owings sible by a command-style po- speed rail, 23,550 miles,could &Merrill who regularly meets litical system. link NewYork and LosAngeles town planners. “Government President Biden is the latest morethan eight times and officials arerewarded on how American leader to invoke Beijing intends to add 30% much improvement they can China’saccomplishmentswhile moretrack by 2025.New lines makephysically,” says Mr. pressing Congress to allocate arebeing readied fornext Chiow. spending for afar-reaching in- year’s Winter Olympic Games Along the way,China also frastructureprogram.Hesays near Beijing and in remoteTi- became amajor producer of morethan $2 trillion to fix bet, thelast Chinese region to large boring machines that cut bridges and masstransit, host high-speed rail sincecon- passages through rock and be- modernizeairportsand refur- struction began in 2004. neath rivers, as well as the bish neighborhoods,extend What theU.S.can learn world’s biggest maker of sub- broadband internet coverage from Beijing’srail strategy— way cars. and replace lead piping is the build it and they will come—is “We need a bit of China to cost to “outcompete China.” that infrastructurecosts be stirred intoour game,” says “There’sareal China envy,” should be weighted in favorof Cornell’sMr. Campanella, who says Thomas J. Campanella,a broad societal benefits, rather urges American politicians to historian who specializes in than strict revenue projec- take amuscular approach to urban planning at Cornell Uni- tions, says Arthur Kroeber, push project approvals as if it versity who used to livein founding partner at Gavekal were an emergencyand de- eastern China. “The Chinese Dragonomics,aChina-focused emphasize local impact stud- seem to be able to do this research firm. ies. stuff we used to do.” “It canbeaspur to eco- Unchecked development in Emulating China is another nomic growth and it doesn’t China has spawned problems, story. Thetwo nations have need to be paid fordirectly,” however, including debt and different needs and diametri- he says. underused systems.Construc- cally opposed political sys- China’svalue proposition tion dust in manycities rivals tems,starting with carte forhigh-speed rail included pollution from carexhaust and blanche forChinese leadersto hard-to-measurepayoffs like industrial activity.Political order up construction. howindustrial efficiency grafttied to construction is Even though China has sold would enjoy a boost over de- common. So is thuggish be- more cars than the U.S. since cades as passenger trains got havior directed at activists 2009,itisnowherenear shifted off busy freight lines, who challengedevelopment American-scale carownership Mr. Kroeber said. plans. P2JW095000-0-A00500-1------XA

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A6 | Monday, April 5, 2021 THE WALL STREET JOURNAL. U.S. NEWS J&J to Control Solo Shot Is Said Best forHomeless

BY JULIE WERNAU Mr. Hodder said. Vaccine Plant In the Chattanooga, Tenn., CHICAGO—Johnson & area, Christina Butler,aregis- Johnson’s Covid-19 vaccine terednurse and Covid-19 vac- hasfound aniche among or- cine coordinator forthe Ham- ganizations that work with the ilton County Health AfterProblem homeless, who saythe one- Department’sHomelessHealth dose shot is better-suited fora Care Center, said the hardest population that canbediffi- part by far about getting peo- BY PETER LOFTUS by the FDA, the person said. cult to reach twice. ple vaccinated is getting them AND ALEX LEARY J&J said it is working with TheU.S.homelesspopula- the second shot. Ms.Butler theFDA to secureauthoriza- tion has soared during the said hergroup has been able Johnson &Johnson is tak- tion of the plant, which would pandemic.Sheltershavebe- to giveasecond dose to about ing over manufacturing of its clear the way fordoses con- come asource of spread as ex- 60% of recipients after exten- Covid-19 vaccine at acontract taining the ingredient made at pertspuzzle over how to stem siveeffortstolocatethem. manufacturer’s plant that the plant to be distributed. stubbornly high infection rates Manypeople arenow request- makes the main ingredient, af- Thefederal government despite an aggressivenational ing the J&J shots, she added. teraproduction problem ru- worked with AstraZenecato vaccine rollout. Some community workers ined a batch. moveproduction of itsvaccine In Chicago, the Night Minis- have found pocketsofresis- In order to giveJ&J full out of the plant so it could fo- try, agroup that serves the JOURNAL tancetothe J&Jvaccine

control, production of Astra- cus exclusively on making homeless,has increasingly REET among religious groups be- Zeneca PLC’svaccine at the J&J’svaccine,the person fa- used the J&J vaccine since it ST cause it required the use of fe- LL

Emergent BioSolutions Inc. miliar with the matter said. was approved by U.S. regula- WA talcell cultures to produce plant in Baltimorewill move AstraZenecasaid it is work- tors in lateFebruary. Before and manufacture the vaccine. THE

elsewhere, according to aper- ing with the U.S. government that, the group had only the R Some people said they were son familiar with the matter. to find another plant to make Moderna Inc.vaccine,which FO concerned that it wasaless-

Themoves,which the per- the main ingredient forthe requires two shots. But the of- SNIC effective, “poor person’sshot.” son said were facilitated by the company’s vaccine. ten-transient population can KA Even so,healthcareworkers Biden administration and which Emergent is committedto be tough to find asecond VID say they have been surprised DA were confirmed by the compa- supporting production of the time,said Stephan Koruba,a A dose of the J&J vaccine was administered in March in Chicago. to find manyhomelesspeople nies,mark arapid response to Covid-19 vaccines, and it will nurse practitioner with the specifically requesting the J&J the recent discoveryofthe con- still control the facility and Night Ministry, especially U.S. Covid-19 vaccine doses Tennessee areamong those vaccine. Some of them point taminated batch.The NewYork work with J&J to add its per- those sleeping on the Chicago administeredbytype nationwide administering the out that the shot was still ef- Times earlier reported J&J’s sonnel to the plant’s staff, an Transit Authority train sys- IN MILLIONS J&Jvaccines in encampments, fectiveeventhough it was takeover of the plant. Emergent spokesman said. tem. Now, the group offers shelters, and even on subways. tested after Covid-19 variants Pﬁzer- 83.0 The Emergent plant hadn’t TheEmergent plant was both. BioNTech The number of people fac- entered the mix.Otherssay yetbeen cleared by regulators supposed to playanimportant “When we’reout on the ing unstable housing and food they areworried about getting when J&Jdiscovered the qual- role in Covid-19 vaccine pro- CTA, we’renever going to see Moderna 74.7 scarcity has skyrocketed dur- avaccine once, let alone twice, ity problem during aroutine duction, making the main in- these people again,” Mr.Ko- ing the pandemic, said Salva- given potential side effects. inspection,and none of the gredients for the J&J and As- ruba said. “We’ve specifically tion ArmyCommissioner Ken- “Ifyou’reinashelter,or batch had been shipped for traZeneca shots. held to J&J doses for them.” J&J/Janssen 3.8 neth Hodder. TheSalvation don’t have ahome,those side use to make vaccines. AstraZeneca’svaccine Manyofthe group’sbenefi- Armysays it provided 1.8mil- effectsare different than if YetJ&J and U.S. health au- hasn’t been authorized forU.S. ciaries liveonthe streets. Oth- Note:DataasofApril 3. Pﬁzer’sand Moderna’s lion nightsofshelter to people youcan stay at home,” said vaccines requiretwo doses forfull vaccination. thoritieshavelooked forward use,though the companysaid ers live in tent encampments. J&J’srequires one dose. who said they needed it as a Bobby Watts, chief executive to the plant coming online and it is preparing a submission. Or,for those able to payafew Source:U.S. Centers forDisease Controland direct result of the pandemic. of the National Health Carefor producing the key ingredient TheFDA has been investi- hundred dollarsamonth to es- Prevention Shelters and transient ho- the HomelessCouncil, which to bolster the overall supply of gating what caused the quality cape Chicago’sfrigid winter,in tels became asource of supports hundreds of provid- vaccine doses. lapse at the Baltimore plant. transient hotels. goal of 200 million vaccines by spread, according to city offi- ersthat catertothe homeless. Under the changes,J&J is J&Jhas said the failed Outside one such hotel, April 30.About 162million cialsnationwide.The Salva- Nurse practitioner Mary assuming full responsibility batch of the vaccine’smain in- word spread recently that the doses have been administered tion Army converted many of Tornabene of Heartland Alli- foroperations and manufac- gredient at the Emergent plant Night Ministryhad arrived, so far,datashow, with the J&J its thrift stores and adminis- ance Health in Chicagosaid turing of itsvaccine’skey in- never advanced to the vial-fill- and people trickled out. As he vaccine representing about 3.8 trativebuildingsintomake- that when her group received gredient at the Emergent ing stage, and no doses were prepared to administer the million. The company faced a shiftshelterstospread out the itsfirst shipment of J&Jshots, plant, including installing a distributed from the batch. J&Jvaccine,Nathan Lin, a setback when one batch of the population. Those people were it offered both the J&Jand newleadership team and J&Jhas said the problem medical resident working with main ingredient forits vaccine already dealing with other dif- Moderna doses at ameal pro- boosting the number of techni- didn’t affect doses distributed the group,asked William Bry- didn’t meet quality standards ficulties such as substance gram forpeople who mostly cal, quality and other workers. sincethe vaccine wasautho- ant, 67 yearsold, if he had a at acontract manufacturer, abuse,mental illnessand co- liveonthe street. Within 40 J&Jcontinues to work rized for U.S. use in late Feb- phone number. He responded and the doses weren’t distrib- morbidities associated with minutes,the J&Jsupply was through manufacturing issues ruary. that he didn’t, pointing to his uted.J&J still plans to deliver poorer outcomes for Covid-19 used up. with the Food and Drug Ad- Fordoses already distrib- temporary residence above. atotal of 100 million doses by infection. “They all wanted that,” she ministration, and no product uted, J&J has made the main “Just right up there,” Mr. the end of May. “With respect to homeless- said. “The thought forsome will come out of the Baltimore ingredient at its own plant in Bryant said. Aside from Chicago, groups ness, we have seen apandemic people to getthis shot onceis facility without authorization the Netherlands. President Biden has set a in California, Maryland and laid on topofanepidemic,” hardenough, let alone twice.” In Detroit, Inoculation Efforts Struggle to Reach Everyone

BY SHARON TERLEP fection ratesdriving up hospi- than quadruple sincethe be- tiveofGod’sPath Community ranged two days in which peo- sincethe start of the pan- talizations and outpacing the ginning of March as hospital- Services in Detroit, which pro- plecould getvaccinated at the demic,about 12% of the state’s Everyday forthe last week, rate of vaccinations. Alarmed izations surge.Detroit is aver- vides health services to local neighborhood church where total. Coronavirus killed 5.5% thousands of people have filed public health officials point to aging around 200 positive residents. “But howabout our the clinic is based. of people infected in Detroit; intoadowntownDetroit foot- avariety of factors: ahigher Covid-19 cases a day, up from community?” Ms.Turner said big mass thestatewide fatality rate is ball stadium to receivetheir prevalenceofmorecontagious roughly 50 at the beginning of Ms. Turner, a nurse practi- vaccination sites areoflimited 2.4%. Covid-19 vaccine. variants, the state’srecent lift- March. tioner,started the clinic last help. Resistancetothe vaccine is Theprocess is getting great ing of Covid restrictions and “I see all these college stu- year,motivated in part by her Manyresidentswho are also an issue,with Black Amer- reviews. Parking is easy, lines pandemic fatigue,especially dentscoming from their com- husband’sexperienceofat- older,living in poverty or icans consistently being the arespeedy and well-organized. among young people. munity,carpooling together, tempting to recoverfrom struggling with health issues, most likely to saythey will People areposting pictures of Thestate,among the hard- and Iwant those people vacci- Covid-19 at home when the either can’t gettoFordField probably or definitely not get themselves aftergetting the est hit in the pandemic’searly nated, they areour future,” neighborhood hospital lacked or aretoo scared to take pub- vaccinated, though vaccine shot on social media. days,has seen infections more said Lorie Turner,chief execu- spacetoadmit him. She ar- lic buses, she said. hesitancyinthe demographic Theonly thing missing: “Don’t tell me Black people has diminished, according to a many Detroiters. don’t want the vaccine.It’san large-scale survey conducted Themassvaccination site issue of access,” she said. by the U.S. Census Bureau and at Ford Field wasset up by Another reason Detroit lags developed jointly with the Cen- federal and stateofficials in behind the rest of the state is ters forDisease Control and part to focus on low-income, because early allocations of Prevention andthe National disabled andminority resi- thevaccine went mainly to Center forHealth Statistics. dentsinthe city,devastated health systems and retail Officials initially intended by the coronavirus last spring pharmacies in the suburbs, to open Ford Field to walk-ins and racing to fight another said Hakim Berry, the city’s as a way to ease access. wave of infections. operating chief. But on the daywalk-ins But manyofthose coming Health officials and commu- were permitted, organizers arewhiteout-of-towners, evi- nity leaders say the dilemma misjudged the amount of vac-

denced by the demographics of JOURNAL could be a worrisome sign of cine they needed and ended up vaccine recipients. Nearly 80% things to come on abroader in an end-of-dayscramble to REET

of Detroit’s population is ST scale as access to vaccine sites use thawed-out vials before

Black,according to U.S. Census LL and hesitancyovertakevac- they expired. Vaccine teams,

estimates,while Black people WA cine supply as the biggest hur- newtothe process, responded

comprised just 13% of those THE dle in stopping the pandemic. to an afternoon surge of walk- R

vaccinated at the Ford Field FO About 19% of Detroit resi- ins by rushing to thawenough sitesinceitopened March 23, dentshavereceived at least doses to meet demand. They according to statedata. OMIE one dose of the vaccine, com- overshot andended up with CR Thedynamic unfolds as pared with 33% of residents extra doses that needed to be Michigan grapples with the statewide and 29% nationally. used before the day’s end. ELAINE nation’s most severe surge in Lorie Turner, right, with her daughter Samantha Turner. The nurse practitioner and CEO of God’s More than 2,000 Detroit resi- Nowthe sitelargely takes Covid-19 cases,with high in- Path Community Services in Detroit arranged two days of vaccinations at a neighborhood church. dentshavedied of coronavirus people only by appointment. FROM PAGE ONE

low$300,000 and in decent few yearslater when home ing Invitation Homes Inc. and the management of rentals on ing aregoing to be for-rent Big Firms school districts. prices stopped rising.The en- American Homes 4Rent, behalf of individuals and housing,” said Josh Zegen, “Limited housing supply, suing crash wiped out $11 tril- thrived. Renting suburban builder LGI Homes Inc. Madison’smanaging principal. lowrates,aglobal reach for lion in U.S. household wealth homesprovedsoprofitable Spring brought afresh BruceMcNeilagebegan Buy Homes, yield, and what we’recalling andbrought the financial sys- that landlordshit the open stampede of buyers. building houses to rent out the institutionalization of real- temtothe brink of collapse. market and added properties PCCP LLC,which typically around Nashville,Tenn., in estateinvestorshas set the Financiersstepped in start- at full priceonceforeclosures investsinapartment buildings 2005.After the housing crash, Fuel Boom stage for another speculative ing in 2011 and gobbled up dried up.Many nowbuild and officetowers,said it his Kinloch Partnersexpanded investor-driven home price foreclosed homes at steep dis- houses explicitly to rent. bought rental-home communi- into other Southeastern mar- bubble,” the firm concluded. counts. They dispatched buy- Thecoronavirus pandemic ties in theSoutheast, the start kets,flipping occupied rentals ContinuedfromPageOne Thebubble has room to erstocourthouse auctions sparkedaracefor home-office of a$1billion pact with Cal- to bigger investors. markets, about one in every grow beforeitbursts, accord- with duffel bagsofcash,and spaceand yards. Occupancy strs, California’s$286.9 billion Kinloch wasfinanced five houses sold is bought by ing to John Burns Real Estate managed tens of thousands of ratesreached records, and rents teachers’ retirement system. mostly by community banks in someone who never moves in. Consulting. But it is inflating far-flung properties thereafter. arerising with home prices. Madison Realty Capital the cities whereitrehabbed “That’sgoing to makeU.S. fast. Thefirm expectshome They dominated themarket Theecosystem of companies moved intorentals with clients foreclosures and built rentals. housing permanently moreex- prices to climb 12% this year— forafew years, accounting for that service, financeand mimic that used to focus on develop- These days Kinloch canbor- pensive,” he said. on topoflast year’s 11% rise— about athirdofsales in some the mega-landlords is booming. ing apartment buildingsand rowfar morefromWalker & Theconsulting firm found and increase at least 6% in marketsand setting afloor for Burns counted morethan owner-occupied subdivisions. Dunlop Inc., acommercial real Houston to be afavoritehaunt 2022, aperiod of appreciation falling prices.Therewasn’t 200companies and invest- On Thursday, it closed a$110 estatelender forging intosub- of investors, who have lately reminiscent of 2004 and 2005. much competition. Stung by ment firms in the house hunt: million loan on aproject in Los urban rentals.Mr. McNeilage’s accounted for24% of home That boom wasdifferent, losses,banks made it harder computer-assisted flipper Angeles,where220 of the problem is that othersare bid- purchases there. Investors’ fueled by loose lending that forregular home buyerstoget Opendoor Technologies Inc., nearly 700home sites arebe- ding up houses and lots. sliceofthe housing market enabledindividuals to specu- amortgage. Millions of people money managersincluding J.P. ing sold to investors. Theorigi- “I am boxedout,” he said. grows—as it does in other lateonhome prices by racking were underwater,owing more MorganAsset Management nal plans,derailed by the hous- “There’stoo manypeople boomtowns,such as Miami, up mortgages they could repay on their mortgages than their and BlackRock Inc., platforms ing crash, didn’t envision any chasingthingsand they’re Phoenix and LasVegas— only if home prices kept climb- homes were worth. such as Fundrise and Roof- rentals.“Alot of thingsthat willingtooverpay. It’ssilly among properties priced being.The money party ended a Home-rental firms, includ- stock that buy and arrangefor would have been for-sale hous- money right now.” P2JW095000-4-A00700-1------XA

THE WALL STREET JOURNAL. **** Monday, April 5, 2021 | A7 WORLD NEWS China to Limit Hong Kong Transparency

Plan to curb access to Opposition by professional the pressisn’t entitled. wheredirectors’ residential Some companyownersuse groups,media outletsand “Westopped this in 2013, addresses are accessible only secretarial firms and what are public records sparks bankersled the government to but now it’s back,” said David to specified parties. known as whitegloves,inter- criticism by investors shelveasimilar plan eight Webb,anactivist investor who Ben Wootliff,apartner at mediaries registered as share- yearsago. This time around, campaigned against the Control Risks,which advises holderstoblur true owner- and journalists’ groups the legislation is likely to sail change then. “Allowing direc- CK companies on due diligence, ship,but that still leaves TO through, with the opposition tors to obscuretheir identities said the newrule would make paper trails that cansome- BY WENXIN FAN drummedout of the legisla- reduces the ability of re- it moredifficult forcompanies, times be unraveled through

ture and much lessheed paid searchersand journaliststo SHUTTERS banks especially,toget an un- investigation. HONG KONG—For aglobal to public opinion. Sincelast shine alight in shady places.” A/ derstanding of the network of “Manyproblematic compa- businesscenter,Hong Kong year,Beijing has tightened its Hong Kong’smovewould go relationships around adirector. nies used the addresses of VRE/EP

has long trumpeted one of the grip on the city’s administra- against apush toward greater FA In 2013,the Hong Kong As- secretariat firms as their own, more transparent registers of tion through anational-secu- transparencyinternationally, sociation of Banks acknowl- and the only way to locate OME

companyrecords,awindow rity lawand changes to the he said, adding that the city JER edged the benefits of keeping their directorsisvia the per- that helped shinealight on election system. should drop the paywall on its Chief ExecutiveCarrie Lam said public access to the data. It sonal addresses,” said Yeung the wealth of powerful Chi- On Tuesday, Chief Execu- information, as some coun- the move would protect privacy. didn’t respond to arequest for Leung Kit, aformer investiga- nese families,exposed corrup- tiveCarrie Lamsaid the new tries such as NewZealand and comment. tivereporter.The database is tion and revealed alleged vio- rule,which would redact the U.K. have done. more delays,and sometimes In the past decade,journal- the most frequently used tool lations of Iranian sanctions. home addresses and full ID Kenneth Leung,aformer youmissthe deal,” he said. istsaround the world have also by reporters, he said. Now, the city’s government card numbersinpaywalled legislativecouncilor who rep- “The differenceiswedon’t used the Hong Kong registryto Thegovernment has is seeking to curb public ac- corporaterecords,was aimed resented the accountancysec- have any opposition.” unravel global money trails,in- warned journalistsoverhow cess to details that identify at protecting privacy. torbeforeBeijing disqualified Financial institutions would cluding finding clues about they use such official data- ownersand directors, amove She said changes would him last year,said the proposal be able to apply to see the ships that violated North Korea bases. journalist groups and inves- help prevent doxing and is bad news forbankers, law- masked information under the sanctions.Filingshavebeen Theproposal foraltering tors saywould erode corpo- weaponizing personal infor- yers and other professionals newrules.The city’s financial- used to tally assetsbelonging companyrecords is scheduled rate transparencyand dimin- mation,aswell as the spread working in the financial indus- services bureau said the ar- to Chinese leaders’ family mem- this week in the city’s legisla- ish pressfreedom while of misinformation. She dis- try, including those working on rangementsare similar to bersand reveal alleged sanc- ture, which is nowover- protecting the interestsofthe missed access to the informa- mergers and acquisitions. those in other common-lawju- tions-busting deals with Iran by whelmingly controlled by pro- political and businesselite. tion as aprivilegetowhich “It means moremoney, risdictions,especially the U.K., HuaweiTechnologies Co. establishment lawmakers. Japanese Isolated During Pandemic Fight Loneliness

BY MIHO INADA It reminded Mr.Ozora of his ownchildhood, when he moved TOKYO—A year agowhen alot afterhis parentsbroke up Japan was under a pandemic and he oftenskipped school. A state of emergency, Seiji Sae- high-school teacher helped him jima called his ex-wife for the by listening, he said. first time since they divorced “The teacher wasamiracle afew yearsearlier.Hesaid forme,” Mr.Ozora said. “We (2) she told him she wasabout to need to createasystemthat

remarryand asked him not to anyone in trouble could access.” JOURNAL call again. The U.K. named a minister It wasanunwelcome re- afterrecognizing the impact REET ST

minder of the isolation he was of isolation on people’shealth LL

feeling. and itseconomy. One study WA

“I did not have manyfriends linked deficiencies in social re- THE R

to contact even before,” said lationships to a 29% increase FO

the 34-year-old, who works at in heart disease.Another esti- A acity government officenear mated that achronically AD Tokyo. Then the pandemic lonely person could cost the FUK

forced cutsinactivities that government, on average, the SHIHO kept him connected, likegoing equivalent of an extra$16,600 Seiji Saejima, 34 years old, says the long isolation brought about by coronavirus restrictions has made him realize that he is lonely. to singles’ mixers. over 15 years, owing to higher “The coronavirus has made medical and other costs. Februarymeeting he called to chat site, called “A Placefor me realizeI’m lonely,” he said. “The magnitude of effect of hear from specialistsinthe You,” with morevolunteer Recentdatasuggest many social connection on mortality area, including Mr.Ozora,the staffers overseas who could more people arehaving the risk is comparable,and in collegestudent. work from midnight to 8 a.m. same experience, and that is manycases,exceeds that of While the rise of women tak- Japan time,when datashow changing the thinking of some otherwell-accepted risk facing their ownlives has gained many suicides take place. governments. tors, including smoking up to particular notice recently,Mr. Mr.Saejima, the city worker Japan recently named alone- 15 cigarettes per day, obesity Ozorasaid helping men reach whohas been feeling isolated, linessand isolation minister,fol- andair pollution,” said Juli- out forhelp remained impor- said he had heardabout hotlines lowing the U.K.’s example from anne Holt-Lunstad,aBrigham tant. Men account for70% of forpeople going through trou- threeyearsago. Diana Barran, Young University professor of suicides in Japan, with asimilar ble during the pandemic but whonow holds the U.K. loneli- psychologyand neuroscience, gender ratio globally. didn’t plan to call one. nessminister post, said in 2017U.S.Senatetestimony. JunkoOkamoto, who wrote “There are people who are Covid-19 wasanopportunity to In Japan, Prime Minister a2018 book titled “The Loneli- in amuch worsesituation destigmatizethe issue. Yoshihide Suga has expressed est People in the World: than I am,” he said. “In some ways, it has been concern about arise in sui- Japan’sMiddle-AgedMen,” He said identifying the is- amuch easier argument to cidesamong women, espe- said solitude could be alife- sue helped him to get started makeduring the pandemic,” cially younger women. Last stylechoice, but men often on addressing it. He has re- BaronessBarran said. “Every- year, 20,919 people took their confuse solitude with un- turned to his gymand started one knows what it feels like.” own lives in Japan, up by 750 wanted loneliness. Koki Ozora, a22-year-old college student, is looking to expandhis cooking classes,wherehe A22-year-old collegestu- people from ayear earlier and “I think men are bad at ex- chatsite, ‘A Placefor You,’asmoreusers post about depression. hopes to find anew partner. dent, Koki Ozora, sparked the firstyear-over-year in- pressing their emotions in And he is thinking of switch- Japan’s initiative after seeing crease in a decade. That mir- words,” she said. To getmen what he calls the solo society, new Japanese loneliness post ing jobs from his current work arise in messages to achat rors data from other nations. connected with others, she said it is important to build “nothing more than ashow.” of collecting taxes, which he site he started. People wrote During pandemic times,“it’s said, activities that go beyond connections in asociety where Still, the minister and 31 said he finds dull. of being exhausted from tak- all the morenecessaryfor all talking opportunities are im- morepeople livealone,but he staff members are working to “I need to put myself in a ing care of their children, los- of society to extend asupport- portant. questioned whether govern- compile an antilonelinessplan new environment,” he said. ing their jobs and having sui- ing hand” to people feeling Kazuhisa Arakawa,anau- mentscould do much about it. by May. Forhis part, Mr. —Max Colchester in London cidal thoughts. isolation,Mr. Suga said at a thor whohas writtenabout In ablog post, he called the Ozora is trying to expand his contributed to this article.

least $1.9billion last year.It eotaped statement thanks to a Allegations became aparticularly vital satelliteinternet connection. partner when itsneighbors He said he had been told not to Iraq and Syria descended into leave home and wastold not to Envelop chaos with the rise of Islamic communicatewith others. State. Among those arrested on ThePentagon has poured SaturdaywereSharif Hassan Jordan money into Jordan’sarmed bin Zaid,amember of the forces,providing equipment royal family, and Bassem and training to help fight the Awadallah,aprominent official ContinuedfromPageOne threat of violent extremism. It who onceran the RoyalCourt. Abdullah, issuing statements also maintains bases in Jordan Speaking on Sunday, Mr.Sa- backing the monarch. Israel’s to provide training formilitary fadi, the deputy prime minis- defense minister said his coun- forces from around the region. ter, accused Messrs. bin Zaid trybacks Jordan and that the Jordan wasput in adifficult and Awadallah of participating arrestswereaninternal Jorda- position by the Trump admin- with PrinceHamzah in the al- nian matter. istration’s approach to Israeli leged plot. Jordan’sHashemitemonar- and Palestinian issues.The Mr.Safadi also said the two chy, one of the firstArabgov- country’spopulation largely menhad contact with unspeci- ernments to recognizeIsrael, viewedTrump-erapolicies as fied foreign groups in connec- haslong playedacentral role unfairly punitive toward the tion with the alleged plot. The

as abridgebetween Israel and Palestinians,but Washington /REUTERS two were in contact with

the rest of the Middle East. remained the kingdom’sbig- FREIJ Prince Hamzah, who had

Therecent Abraham Accords gest security partner. H planned to leave the country, AT

establishing relations between That strain is likely to ease MU Mr.Safadi also said. Israel and the United Arab in themonths ahead.The Bi- Therewas aheavy securitypresenceinthe capital, Amman, overthe weekend, diplomats said. PrinceHamzah, in his Satur- Emirates and othershaveun- denadministration said last daystatement, dismissed the dermined that position. week it would reverseaid cuts rity forces,diplomatsinAm- Thecountryhas also experi- nian monarchy. During arecent existenceofany foreign inter- “Now, post normalization to the Palestinians and out- mansaid. enced labor unrest and other visit to Ajloun in northern Jor- ference. [with Israel], itsvalue proposi- lined newaid forthe West Jordan’sruler King Abdul- protests in recent years. dan, people chanted in support “I am making this recording tion as abuffer statehas Bankand Gaza. lah—who ascended to the His younger half-brother, of the prince. to makeitclear that Iamnot waned,” said Adel Hamaizia,an Therewas aheavy security throne afterthe death of his Prince Hamzah, enjoys broad Jordan’smilitarysaid Satur- part of anyconspiracyorne- associateMiddle East fellowat presence in Amman over the father,King Hussein, in 1999— supportfor his willingnessto daythat PrinceHamzah wasn’t fariousorganization or for- the RoyalInstituteofInterna- weekend, diplomatssaid, with has positioned his government criticizethe government and under arrest, but said the eign-backed group,asisal- tional AffairsinLondon. Mr. extraguards posted around as acritical Western security forhis perceived resemblance princewas asked to stop un- waysthe claim herefor anyone Hamaizia hasworked on eco- palaces. Thecountry’sstate- partner in aregion troubled by to his latefather,King Hussein, specified activities that threat- who speaks out,” he said. nomic development in Jordan. controlled news agency, Petra, the continuing civil warin afoundational figure in Jor- ened the “security and stabil- —Suha Maayeh TheU.S.has long viewed said senior officials and at neighboring Syria and conflict dan’shistory. ity” of Jordan, Petrareported. in Amman, Jordan, Jordan as apillar of stability least one other member of the in neighboring Iraq. PrinceHamzah has also LaterSaturday,the prince Benoit Faucon in London in the region. Jordan is one of royalfamily had been detained. King Abdullah has faced ris- reached out recently to Jor- said hisinternet and phone and Jessica Donati the major recipientsofU.S. Morethan 20 people were ing public dissatisfaction amid dan’stribes,which areacore lines had been cut and that he in Washington foreign assistance, receiving at takenintocustody by the secu- Jordan’seconomic struggles. base of supportfor the Jorda- wasonly able to send his vid- contributed to this article. P2JW095000-0-A00800-1------XA

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THE WALL STREET JOURNAL. ** Monday, April 5, 2021 | A9 WORLD NEWS Airlines, EU Split On Implementing Va ccine Passports

BY BENJAMIN KATZ airports, saying that could increase wait times at check-in. LONDON—Airlines arere- Manyairportsalready are sisting early European Union straining with long lines, un- plans that could push some of der the weight of new health the costsand responsibility checks required of fliers dur- for implementing vaccination ing the pandemic. passports onto the industry. TheEUissetting up the TheEUismoving ahead system similarly to howitpo- with plans to roll out a “Digi- lices travel visas forcitizens talGreen Certificate”—a docu- outside the bloc’snormally ment to store Covid-19 infor- visa-free zone. While visa in-

mation such as vaccination spection is officially done by OL PO

records and test results. Gov- border guards,airlines have S ernments, airportsand airlines long been assigned the job of hope that will spur travel checking whether passengers TE/PRES

acrossthe bloc by making it have the right visas before OR easier to check if passengers they board. Airlines aresub-

have been inoculated. ject to fines of up to €10,000, MONTEF “Vaccines arewhat is going equivalent to $11,700, in some O

to ultimately allowustostart European jurisdictions,ifthey FILIPP recovering as an industry,” let atraveler land in acountry Pope Francis, center,focused Sunday’sEastermessage on the pandemic’simpact on people’sphysical, emotional and spiritual well-being. said Olivier Jankovec,director without the proper visa. general of AirportsCouncil In- Airlines saythey can’t af- ternational Europe,atrade ford the risk of moresuch body of airports. “It’s what is fines or the extra costs of po- Pope Prioritizes Pandemic going to allowEuropeans to be licing vaccine and Covid-19 mobile again.” documentation. Carriers On Friday, the U.S. Centers burned through $140 billion in BY FRANCIS X. ROCCA and to facilitatetheir distribu- Thepope noted limitations dle East, mentioning his forDisease Control and Pre- cash between March and De- tion, especially in the poorest and outright prohibitions on March visit to Iraq, where he vention said people who are cember last year,according to ROME—Pope Francis on countries,” he said. religious worship in various advocated for the country’s fully vaccinated against the estimates by the International Sundayprayedfor those expe- He also called formore countries and prayed that “all beleaguered Christian minor- newcoronavirus cantravel Air Transport Association, and riencing hardship because of public assistance to “those restrictions on freedom of ity. without serious risk, easing its are forecast to incur losses of the pandemic,calling formore who have lost their jobs or ex- worship and religion world- He also reiterated his long- blanket advice against travel. as much as $95 billion in 2021. government support forthose perienceserious economic dif- wide maybeliftedand every- standing calls foranend to The EU plan is still in flux, “Airlines cannot affordto suffering economically and ficulties and lack adequateso- one be allowedtoprayand the war in Syria, “where mil- but governmentsare fast- bear the costsfor these im- betterdistribution of vaccines. cial protection.” praise God freely.” lionsofpeople arepresently tracking the project foramid- provements,” said Thomas Thepope’sEaster message, Thepope lamented the pain He delivered his remarks living in inhumane condi- June rollout. Thebasic con- Reynaert,managing director traditionally a survey of con- that Covid-19 has inflicted on from inside St.Peter’s Basilica, tions,” and foratwo-stateso- cept: Europeans who are forAirlines forEurope,which flictsand humanitarian crises people unable to gather to- after celebrating Mass with a lution to the Israeli-Palestinian vaccinated will be issued a representsairlines including around the globe,focused this gether, praying for “all those congregation of only about conflict. certificate, either paper or British Airways,aunit of In- time on the international young people forced to go long 200people,including two Pope Francis noted that electronic,with abar code ternational ConsolidatedAir- health emergencynow more periods without attending dozen cardinals. Sundayhad been designated that canbescanned at airlines Group SA, Deutsche than ayear old, as he high- school or university,orspend- Thepope ordinarily reads by the United Nations as aday ports to verify vaccination. Lufthansa AG and Air France- lighted its impact on people’s ing time with their friends.” his Easter messagefromalog- of awareness against antiper- While airlines back the ef- KLM Group.Any newcosts physical, emotional and spiri- “Experiencingreal human gia overlooking St.Peter’s sonnel land mines, which he fort, they arelobbying against will be borne by all airlines tual well-being. relationships, not just virtual Square, but Italy is currently called “insidious and horrible initial proposals that could that operatefromEuropean “I urge the entireinterna- relationships,issomething under astrict lockdown that devices that kill or maim many hand them theresponsibility airports, not just European tional community,inaspirit that everyone needs,espe- rules out large gatherings. innocent people each formaking the system work. carriers, under the proposal. of global responsibility,to cially at an agewhen aper- Aside from the pandemic, year.…Howmuch betterour They also areresisting the It isn’t yet clear how much commit to overcoming delays son’s character and personal- the pope devoted a large por- world would be without these idea of bar-code scanning at the system could cost. in thedistribution of vaccines ity is being formed,” he said. tion of his remarks to the Mid- instruments of death!”

the pandemic under control, rollout has accelerated. But cines?” said AlexSigal, who could drop out of school this countries?” asked Nadia Daar, Officials was forecast to grow 8.1%. with the number of newcases leads ateam of researchers year,clouding their future head of theWashingtonoffice At the same time,one on therise,officials have cau- who have been probing coro- prospects, the IMF said. of Oxfam International.“The mounting risk to the economic tioned about apossible surge. navirus variants at the Africa “Economic fortunes are di- financial response the world MapGlobal outlook is the emergenceof Some lab studies have sug- Health ResearchInstitutein verging,” Ms. Georgieva said. has provided has just not been virus variants. Threeidentified gested the current crop of vac- South Africa. Money to aid poor nations sufficient.” first in the U.K., South Africa cines might lose some of their In emerging and developing has been limited, as major To tackle the problem with- Rebound andBrazil have sincespread potencywhen faced with the countries, the Covid-19 crisis economies focused on fighting out adding to that burden, the around theglobe.All share South Africaand Brazil vari- hasreduced per-capitagross the pandemic and repairing IMF has proposed issuing worrisome featuresthat antsespecially.The worryis their owneconomies.The $650 billion in Special Draw- ContinuedfromPageOne threaten to undo progressin that the virus will chance Group of 20 major economies ing Rights, an international re- waystorebuild the global beating back the pandemic, if upon new mutations that can One mounting risk has provided $5 billion in serveasset that countries can economy, with aparticular fo- the virus is left unchecked. help it evade vaccine-acquired debt-servicerelief formore exchange for dollars or other cus on strengthening the resil- TheU.K.isbeginning to immunity and seed newout- to the outlook is the than 40 low-income nations, major currencies to coverobli- ience against climate change. ease itsway out of alockdown breaks that prompt govern- emergence of virus but private-sector lendersha- gations.Critics said that is an Therecoveryisinlarge in placesinceJanuary. Presi- mentstoagain shut down ven’t joined the effort. Theex- inefficient way to help poor part aresult of the roughly dent Emmanuel Macron of chunks of their economies. variants. ternal debtsoflow-income nationsbecause most of the $16trillion in fiscal stimulus Francemade public anew na- Scientistsare broadly opti- countries more than doubled SDRswould be given to rich and liquidity injections from tional lockdown this past week. mistic because the vaccine between 2010 and 2019,to countries. governmentsand central In Canada, Ottawa saware- technologies—and people’sim- morethan $750 billion, ac- In response to those objec- banks, the IMF said. cord number of cases on Sat- mune systems—arecapable of domestic product by one- cording to the Institute of In- tions,the U.S. Treasurysaid TheIMF projected in Janu- urday, and Ontario maintains adapting,too.Still, these vari- fifth—nearly twicethe loss ternational Finance. Thursdaythat advanced econo- ary5.1% growth this year in restrictions that have closed ants, scientistssaid, reinforce amongadvancedeconomies, “Rich governmentshave mies arepursuing waystolend the U.S., but private forecast- restaurants, gyms and per- the need to snuff out chains of the IMF estimated. Last year, been able to approve trillions some of their SDRstolow-in- ershavesinceboosted their sonal-careservices forweeks. transmission and vaccinateas morethan 100 million people, of dollarsinstimulus packages come countries.The Treasury forecaststo7%ormore, fol- Brazil and India have seen widely as possible. mostly in South Asia, fell into forbusinesses,for cash trans- also said the U.S. canrefuse to lowing the March $1.9trillion sharp increases in cases. “This will be likeareal- extreme poverty,defined as fers for people, vaccines, and swapdollarsfor SDRsofcoun- stimulus package. China, In theU.S., states areeas- world evolution experiment: living on lessthan $1.90 aday. foreducation, but what about tries whose policies diverge which morequickly brought ing restrictions,asthe vaccine Can the variantsbeat the vac- Globally,six million children lower- and middle-income from U.S. interests. WORLDWATCH

EGYPT Suez Canal Blockage Deemed Fully Cleared SuezCanal authorities said theyhave cleared the massive traffic backlog thatresulted when agiantcontainer ship got stuck and blocked the important waterway,disrupting global trade. Morethan 400 vessels that were waiting at the northern and southern ends of the 120-mile waterway on March 23 when the Ever Given ranaground have passed through the canal since lastMonday, authorities said. New ships were entering the waterway, returning movement to normal, they said, and mark- S

ing the end of a nearly two- PRES

week saga that upended the TED

maritime shipping industry and CIA SO

strained global supply lines. AS On March 23, the bow of the Anticoup protesters raised Easter eggs and resistance symbols in Yangon, Myanmar, on Sunday. 1,300-foot Ever Given veered into the eastern bank of the ca- In the biggest city of Yangon, since the coup at 557, according ple and displaced thousands, the nal. Over six days, engineers and one group marched through the to the independent Assistance country’s disaster-relief agency sailors worked around the clock Insein district chanting and sing- Association for Political Prison- said. to dislodge the ship, operated by ing protest songs and cradling ers. On Sunday, security forces Mud tumbled onto dozens of Taiwan-based Evergreen Group. eggs bearing the slogan “Spring opened fire on a crowd of pro- homes in Lamenele village shortly It wasfinally freed on March Revolution.” Many of the eggs testers in Pyinmana in central after midnightonAdonaraisland 29 when an unusually high spring also bore a drawing of the Myanmar, killing at least one in East Nusa Tenggaraprovince. tide helped the vessel’srelease. three-fingered salute, a symbol person, local news outlet Khit Rescuers recovered35bodies and —Amira El-Fekki of resistance to the Feb. 1 coup. Thit Media reported. at leastfiveinjured people, said At dawn in Mandalay, the coun- —Associated Press LennyOla, who heads the local di- MYANMAR try’s second-largest city, demon- sasteragency.Flash flooding killed strators gathered on motorbikes INDONESIA at leastsix people elsewhere, ac- Easter Eggs Feature to shout protests against the cording to the National Disaster In ’Spring Revolution’ overthrow of the democratically Landslides, Floods Mitigation Agency.Relief efforts elected government. Kill at Least 41 were hampered by powercuts, Anticoup demonstrators took Myanmar’s military has vio- blocked roads and the remoteness to the streets holding painted lently cracked down on protest- Landslides and flash floods of the area, said the agency’s eggs in a nod to the Easter holi- ers and others in opposition, from torrential rains in eastern spokesperson, Raditya Jati. day. with the latest civilian death toll Indonesia killed at least 41 peo- —Associated Press P2JW095000-4-A01000-1------XA

A10 | Monday, April 5, 2021 **** THE WALL STREET JOURNAL. FROM PAGE ONE

That landlord rejected an offer Guarantees to hand over aliquor license, valued at $95,000,and about $550,000 in leasehold improve- On Debt mentsinexchangefor releasing the pair from a$20,000-a- month lease that extends to Vex Owners 2024, she said. She nowsub- lets the spacetoher former businesspartner,but continues ContinuedfromPageOne to coveraportion of the rent. gations,rental paymentsand She is paying a$45,000 stipu- otherexpenses. lated judgment because the “It’sliketrying to stand in subtenant fell behind and the quicksand,” he said.Hehopes landlord went to court to col- to have all of his restaurants lect the unpaid rent. reopened this month. Because of the personal Small-businessownerstak- guarantee,Ms. Alfano said she ing on debt or signing alease and her ex-partner areonthe oftenend up providing aper- hook formorethan $750,000 sonal guarantee,inwhich they under the current arrange- promise to be responsible for ment. “It is really dishearten- the paymentsifthe business ing,” she said. can’t pay. Increased vaccination rates, the loosening of state restric- Legal battle tions and the $1.9trillion TheNew York City Council stimulus package areraising hasbarred landlords from en- hopesthat these businesses forcing personal guarantees on canmakeitthrough. At the Owner Townsend Wentz, left, defaultsbyrestaurants, bars same time,the weight of those has had to close his five andcertain other establish- guarantees isn’t dissipating. restaurant locations repeatedly, mentsthrough June 30 due to Manybusinesses have accrued including Oloroso, above. Covid-related restrictions. debt afterdeferring rent, loan Landlords have appealed ade- and other payments, and own- which recently changed its cision by aU.S.District Court ers worry the stimulus funds name to Primis.Hesaid he judgeinManhattanthat upheld will only go so far. didn’t read notices sent by his the law. Nearly 60% of small busi- bank because he wasbusy tak- Thelaw retroactively strips nesses with employees that ing care of his mother,who landlords “oftheir primaryse- took out loans used personal later died of Covid-19,and he curity and contractual remedy guarantees to securebusiness and other family membersalso in the event of adefault,” op- debt, according to asurvey re- became ill. ponentsofthe lawsaid in a leased by the regional Federal Days afterheburied his Februarycourt filing in the

ReserveBanks in 2020.Forty- (2) mother, someone came to his case,now beforethe Second four percent of small firms three-bedroom home and said U.S. Circuit Court of Appeals in with employees have more they had purchased it, Mr. NewYork. than $100,000 in debt and 8% JOURNAL Nguyen said. Anoticedated Annelise Lonidier,ayoga-

owe morethan $1 million, ac- REET Feb. 15 stated that the home studio operator in Atlanta, had ST

cording to aseparateregional LL had been sold and that he had personally guaranteed two

Fedsurvey released this year. WA five days to vacate the prop- yearsoflease paymentstotal- erty.Mr. Nguyen’shousing ing morethan $100,000 on one THE

R counselor began reaching out of her two locations.She shut Depleted savings FO N to local officials,and down one studio last summer

Theweight of personal FSO Sonabank canceled the fore- and her landlordeventually re- guarantees has grownasthe TA closure sale after Mr. Nguyen leased her from the guarantee. pandemic has stretched on, in- GUS paid off nearly $38,000 in In exchange, she paid two of creasing the amount small- debt and fees. five months of back rent she businessownersowe and forc- Mr.Nguyen, 45,said he owedand surrendered the MICHELLE ing manytodrawdown knewthe personal guarantee computers, sound system and savings. Manybusinesses have and other expertssay. funding. It provides some secu- dozen small-business owners could put his home at risk. other contentsofthe studio. had to close and reopen more “It weighs on me alot,” said rity to the landlordwithout unravel personal guarantees in “You start abusiness, youare Ms.Lonidier nowoffers than once,adding to their William Heath,co-founder of hugesecurity deposits.” the past year.One client re- confident youcan do it,” he yoga classes online and still costs. Asurvey completed in Mile High Run Club in New Julia Petiprin said she was cently paid $65,000,money said. operates one Sacred Thread late March by the U.S. Census York City.Mr. Heath and his nervous about signing aper- pulled from aretirement ac- Aspokeswoman for Yoga studio.She sold the home Bureau found that 18% of small co-founderscurrently person- sonal guarantee in 2019,but ul- count and borrowedfromfam- Sonabank said, “When dealing she bought eight yearsago and businesses said they would ally guarantee about $1.5mil- timately realized she wouldn’t ily and friends,tosettle the with customer relationships,it then purchased asmaller house need to obtain financial assis- lion in obligations forthree be able to launch HomeMakers guarantee on a $270,000 loan is our philosophytotry to re- outside the city,reducing her tanceoradditional capital in boutique gyms.The obligations Bar,inCincinnati, without one. backed by the SBA. solveevery situation the best mortgagepayment by half.“I thenextsix months. include back rent payments, When the pandemic ended An SBAspokeswoman said we cansoitisinthe best in- don’t think Iwould have been Companies with fewerthan lease guarantees if the gyms indoor bar servicefor months, theagencyrequires aguaran- terest of the client and the able to makeitwithout that,” 500 employees employed60.6 closeearly and equipment fi- Ms.Petiprin slashed her own teefromeach owner of 20% or bank.” she said. million people,or47. 1% of the nancing. salaryand survived the winter moreofthe borrowing busi- Formanysmall-business Evan Ursitti opened the Ve- private-sector workforce,in Mr.Heath hopes to work with agrant from acity devel- ness. Lendersare “expected to owners, afinal reckoning is be- rona, alive-music venue in 2017, according to the Small out an arrangement with his opment agency. “The stressas- followprudent lending prac- ing delayedbyforbearance NewPort Richey,Fla., in 2018, BusinessAdministration.Appli- landlords that will allowthe sociated with this is daunting,” tices and SBAloan program re- agreements, backloggedcourts using $12,000 of his ownsav- cations fornew businesses gyms to continue to operate, said Ms.Petiprin, who said she quirements.” She added that and uncertainty about the fu- ingsand $12,000 raised from surgedlast year,according to and he plans to open one stu- depleted her savings. “Ifmy theSBA “isencouraging lend- ture. One challengeisdeter- localsupporters. Census Bureau data, but it isn’t dio on Monday. “Weare not businessfails,this would put erstowork with borrowers mining the worth of real estate Afterthe pandemic hit, Mr. clear howmanywill actually responsible for this,” he said. me in debt indefinitely.” who arestruggling due to the or other personal assetsduring Ursitti drained his savings, become businesses and thrive. “It’snot as if we have misman- Often, releasing apersonal pandemic.” apandemic,said Rick Caro, sold off 11 of his 12 motorcy- Thefederal Paycheck Pro- aged our businesses and just guarantee becomes apoint of president of Management Vi- cles and took apart-time job tection Program provided $525 decided to wastethe money negotiation between business sion Inc., aconsulting firm for at asign shop.Hesaid he paid billion in forgivable loans to on something else.” ownersand their creditors. It could take months fitnessclubs.“Neither side has nearly all of his bills,but small businesslast year,and Landlords oftenrequire “Banks don’t want to pursue agood answernow.Weare all couldn’t coverthe Verona’s reopened in Januarywith an personal guarantees on com- guarantees,” said Alan Thomes, or years for owners in flux.” $2,650 monthly rent. additional $284 billion in fund- mercial leases,said Thomas amanaging director in charge and their creditors Theplaybook is particularly TheVerona’slandlordbegan ing.But the program requires Lombardi, a real estate litiga- of SBAlending at Cadence murkyfor real estate, where evictionproceedingsthis year businesses to spend at least tion attorney with Cozen BankN.A., noting that the pro- to resolve disputes. practices vary from landlordto afterMr. Ursitti turned down 60% of funds on payroll to O’Connor in LosAngeles.They cess canbecostly and messy. landlord. an offer to catchuponsix qualifyfor full forgiveness, lim- provide some security for “It’sour desiretowork it out,” Madelyn Alfano of LosAn- months of unpaid rent by add- iting the amount of funds landlords and make it harder he added. “It just doesn’t al- geles permanently closed two ing $1,000 to his monthly pay- available to coverrent and forbusinesses to walk away. wayshappen.” Le Nguyen used his house of her 10 Maria’sItalian mentsand extending the lease other expenses. “There’salot moreskin in the Cadence, alarge SBAlender as collateral when he took out Kitchen locations last year.One by ayear,hesaid. Even after In addition,state and local game,” he said. with around $100 million in an- a$70,000 loan backed by the landlordreleased her from a reopening,the Verona’sreve- governmentshaveprovided Personal guarantees also nual government-backed loans, SBAtoopen anail salon in personal guarantee on a nue remains 40% belowpre- morethan $14billion in grants, canmakeitpossible fornew has negotiated forbearance Ashburn, Va., in 2016.Mr. $120,000-a-year lease that ran pandemic levels,hesaid. forgivable loans and other aid and smaller firms to securefi- agreementswith the majority Nguyen closed the businessa forfivemoreyears. In ex- Mr.Ursitti hopes to pull to small businesses to help al- nancing or alocation that of itssmall-businessclients year later and fell behind on change, the landlordtook pos- through with the help of agov- leviate the pain, estimates the might otherwise be out of that fell intoproblems during loan paymentsinearly 2020 session of nearly $435,000 in ernment aid program forlive Institutefor LocalSelf-Reli- reach. the pandemic,Mr. Thomes afterCovid-19 hurt his current leasehold improvementsand venues and aGoFundMe cam- ance, aMinneapolis-based non- “It’sacritical and important said. Most deferrals extend un- venture, aconstruction busi- received $65,000 in cash. Ms. paign, but he worries that his profit that advocates forlocal tool that shouldn’t go away,” til the next few months,and ness. Alfano kept the liquor license, personal guarantee could make economies. said Steven Hooper Jr., aSeat- manyclientswill need to start Mr.Nguyensaid he bene- which she sold for$30,000. him responsible for$23,000 in It could take months or even tle restaurant owner who suc- paying back their debtsmore fitedfromsix months of debt Ms.Alfano wasalso apart- missed rent. yearsfor small-businessown- cessfully lobbied foratempo- fullybythe summer,hesaid. relief on SBAloan payments nerinabarbecue restaurant “That’ssomething Ithink ersand their creditorstore- rary moratorium on the city’s Stuart Gold,abankruptcy during the pandemic,but that she no longer owns,but aboutevery daywhen Iwake solvedisputes involving per- enforcement of personal guar- attorney in Southfield, Mich., wasn’t able to arrangeawork- whoselease she and her ex- up,” he said.“It’saveryscary sonal guarantees,attorneys antees.“It provides almost free said he has helped ahalf- out with Sonabank,his lender, partner personally guaranteed. thing.”

waist, and smart hoops that Sales eventually declined. The floodgates opened,” she said. Grown-Ups connect to an app. toymaker firstsaw aresur- EricaTottenofJacksonville, Last fall, Tinesha Matthews genceonthe fitnessside,then Fla., bought oneofher first of Charlotte,N.C., remembered a demand spike last year. hoops on online marketplace Give Hoops the weighted hoop afriend “Atthe end of June,the Etsy after seeing a video last had given her yearsago. “I felt firstpart of July,our U.S. year of agirl dancing with a likeIneeded to do something warehouse wasprettywell de- glowing LED ring. A Twirl but still didn’t really feel safe pleted,” said Todd Richards, “It’sjust something that re- to go outside—and it was president of Intersport Corp., ally brings you joy, and that’s cold,” said the 49-year-old, the business that now makes something that wasreally ContinuedfromPageOne who also had tried out pan- Wham-O products. “Wepretty needed in the past year,” said chest and neck.Sometimes demic roller-skating. much sold out everything we the 32-year-old, who does that means the hoops spin off Ms.Matthews, who works had.” Thecompanysold more marketing foraninsurance on their own or hit her in the in an accounting firm, stuck than one million hoops last company. “It really just takes head. “I do a lot of chasing, a with it forabout six months. year,a20% jump from both the motivation.” lot of running,” she said. “It’s “I really did feel likedoing the 2019 and 2018. Ms.Tottenshows herself a great workout.” hula hooping wasagreat JoyceMann of Chicago practicing on social media and LikeMs. Sulio,who got mood booster,” she said. “It hooped as a child and did it a is nowsponsored by ahoop hooked afterseeing avideo on gavemeenergy,and it just bit morefor exercise years maker.She recently added TikTok in November,other made me happy.” ago. When gyms closed last bright yellowand green hoops

adults have gotten caught up Hoops as toys for children year, she started again. “This EN to her collection that would in the hoopla of late, trying to have been around forcentu- year with the pandemic has OT stand out in videos. shakeoff pandemic stress, ries,and bamboo ringswere been so stressful. If it wasn’t WR “Ofcourse you’redoing it pounds or boredom. used for exercise in Australia forhula hooping and doing my foryourself,and it makes you ELANA Today, the hoops—com- in the 1950s,said Christopher flow arts”—a referenceto Joyce Mann started hooping again after gyms closed last year. feel good,” she said. “But an- monly known as Hula Hoops, Bensch,vicepresident forcol- dancing with colorful silks or other part of it is sharing this the name given by atoy maker lections at the Strong National while roller skating and listen- to practicewith others, ex- ware stores, but hoop makers art and having people appreci- in the 50s—come in numerous Museum of Play in Rochester, ing to music—“it would have changed tips with people from also turn to Boulder,Colo.- ate it.” sizes and colors. Adult ver- N.Y. been even worse,” she said. the U.K. and Ghana, and met in based Hoopologie, which sells Ms.Tottenintends to prac- sions canbeweighted and Toymaker Wham-O Ms.Mann, an academic ad- person with a group in a Chi- colorfulplastic tubing,sparkly ticemoreand moveher ses- used forfitness, or lighter and launched itsversion in the U.S. viser,shares her hooping on cago park last summer. tapes,tools and other prod- sions outside this spring and bouncier foruse in “flow” ses- in 1958,selling 58 million of social mediaand created an In September she began ucts. summer. “This is something I sions that involvedancing. what the companytrade- Instagramprofile to connect selling her ownversions under Founder Melinda Rider said could do until I’m 80 yearsold There are smaller hoops with marked the Hula Hoop in the with other people of color who the name Spunky Hoops. She her companyhad itsbest year and still find the same enjoy- weighted balls that circle the firsttwo yearsofthe craze. hoop.She had virtual sessions buys some supplies in hard- ever in 2020. “It was like the ment,” she said. P2JW095000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, April 5, 2021 | A10A GREATER NEW YORK Municipal Workers Balk at Returning

Mayor wants staffers itsreopening plan to the Justice, an organization of ing sites reserved forcity em- mayor’soffice, officials said, municipal employees,said in a ployees, Mr. Schwartz said. to start coming back and therewill be health and recent statement that the Last month, the Depart- next month, but safety measures in place, in- city’s reopening plan doesn’t ment of Citywide Administra- cluding frequent cleaning of provide enough details on the tiveServices issued revised unions raise concerns officespaces,required mask safety measures being imple- guidelines to city agencies on wearing and social distancing. mented. the reopening and what to do BY KATIE HONAN “Wehavebeen making all “Tosend public servants if employees test positive for these decisions based on the back into the fray without a Covid-19.Each agencyisex- New York City plans to re- data, based on the science viable plan is disrespectful to pected to come up with its open manyofits municipal with our healthcare team and S their sacrificeand work,and ownprocedurefor handling

buildingstogovernment work- what we learned in the schools NEW especially disrespectfultothe positivecases and apolicyfor ers in May, but the effort has and what we’velearned, you G public servantswho have al- when to close an office, ac- been complicated by an in- know, anywherepublic em- ready been working in person cording to DCAS. OOMBER

crease in Covid-19 variant ployees are working, is if you BL and aremade safer by the Employees will be required

cases and union leaders rais- put the right health and safety T/ telework policy,” the group to fill out ahealth assessment ingconcerns about the virus measures in place, that’swhat VEL said. each workday, according to spreading in offices. matters,” Mr.deBlasio said in TER Officesinolder municipal the city’s guidelines.

Last month, MayorBill de a radio interview Friday. WES buildingslack adequateventi- Some employees said they

Blasio set May3asthe target Some city government NINA lation and don’t have enough have asked for the reopening datetobegin returning 80,000 workershaveobjected to re- May 3 is the target for government workers to begin returning. spacefor social distancing,the to be delayed, citing the un- government workerstocity turning to offices, pointing to group said. A citywide initia- knowns surrounding the buildings. Thecity govern- the city’s positivity rate,which Henry Garrido, the head of opening but would ensureem- tive launched a few years ago Covid-19 variantsand other ment is the largest employer has hovered at or above6% District Council37, the city’s ployees are safe. shrank cubicle sizes to allow safety concerns.Manyworkers in the city,and Mr.deBlasio forweeks,and to city health largest municipal union, said “The city’s diverse,talented for more workers. saythey caneffectively do has said returning itsworkers officials’ recent warningsthat many city offices need infra- workforce will set the tempo Thegroup also said that de- their jobs remotely and raised to offices will signal to compa- five Covid-19 variants, includ- structureimprovementsto for businesses everywhere as spitemorepeople becoming questions about child care if nies that their employees can ing ones firstfound in the open safely,including spaced- we reopen this city,” said the eligible to receivethe vaccine, theirchildren remain in re- safely return to buildings. Only U.K., Brazil and South Africa, out offices and partitions. spokesman, MitchSchwartz. thereisn’t enough time be- mote learning. 10% of Manhattanofficework- have accounted forthe major- “We’ve seen what happens “We’reactively talking to tween nowand the reopening NewYork City doesn’t have ershad returned to their ity of newvirus cases in the when we’reunprepared,” he unions representing workers to fully vaccinateall returning an official telework policy. desks by early March, accord- city. The health officials have said.“We can’t makethose at every agency to make sure workers. While Mr.deBlasio said last ing to asurvey from the Part- said that the rapid increase of mistakes again.” we’readdressing their con- Mr.deBlasio has said the week the city would look into nership for New York City. these variantssuggeststhat Aspokesman forMr. de cerns fairly,safely and equita- city is looking at waystooffer continuing remoteworking,he As part of the city’s plan, they are more infectious than Blasio said the city is still bly.” vaccinations at offices.The has said employees work best each city agency will submit previouslycirculating variants. working on final plans for re- New York City Workers for city has also established test- when they are in the office.

Despite Virus Restrictions, Easter Bonnets Get an Airing for the Holiday GES IMA GETTY SE/ ANCE-PRES FR ENCE AG Y/ CLAR A. THY TIMO GES; IMA GETTY MOON/ JEENAH Z/REUTERS; MUNO ARDO EDU : LEFT P TO OM FR EGG-STRAVAGANZA: Manhattan’s famed Easter Parade went virtual for a second year due to the WISE coronavirus pandemic, but some stalwarts still showed up in elaborate hats and other finery OCK

CL Sunday on Fifth Avenue. Nearby St. Patrick’s Cathedral was limited to 50% capacity for Masses. Hamptons Beaches Raise Fees to Cover Covid Costs

BY RICH CALDER forsome beaches in the villages of Sagaponack and West Manyofthe glitzy Hamptons Hampton Dunes,which are communities on Long Island’s also within the town. eastern tip will increase fees However, the villageof for out-of-townersusing their Southampton, which runs its beaches this summer,inpart to ownbeaches,israising non- offset Covid-19-related costs. resident beach parking per- ThetownofEast Hamp- mitsthis summer to $500 ton—which includes the ham- from $450. lets of Montauk, Amagansett Thevillage’smayor,Jesse and other well-known summer Warren,attributed the in- getaway locations—raised crease to deploying more nonresidentbeach parking beach attendants, lifeguards permitsto$500 from $375, and traffic-control officers while single-daypasses for along beaches to help reduce out-of-townersdoubled to $50. the spread of the virus. In all, Town Supervisor PeterVan it spentmorethan $179,000

Scoyoc attributed the increase GES over budget on beach staff sal-

to hiring additional beach staff IMA aries last year. in the summer of 2020 to keep Although the village didn’t

East Hampton’ssands and GETTY sell nonresident passes last public bathrooms clean while year,manyresidentsofnearby CKEN/

also ensuring beaches were RIE communities used itsbeaches limited to 50% capacity and by either walking or biking TRID

complying with Gov.Andrew AS there, Mr. Warren said. Cuomo’s social-distancing or- East Hampton’s Main Beach last Memorial Day weekend. Some communities are increasing the price of nonresident parking passes. In the Hamptons,towns, der forreopening public villages and hamlets typically beaches and lakes statewide. “Wefelt, in order to main- dentsareduced rate forbeach “Our goal is to be No.1again.” ingtoout-of-townersinthe rely on issuingparking per- The town also flew drones tain and managethe beaches in permits, village residents get In the nearby town of summer of 2020 because of mitstohelp drum up beach over itsbeachfront to help the time of Covid, it wasneces- them at no charge. Southampton, officials said Covid restrictions,Southamp- revenue and keep track of at- monitor overcrowding,includ- sarytoraise the fees,” Mr.Van JerryLarsen,the village this summer they won’t be in- tonTownpicked up some of tendance, but out-of-towners ing at popular destinations Scoyoc said. “Weshouldn’t sell mayor, said the increases have creasing the fees on nonresi- the slack,selling 1,421 permits who arrivewithout taking such as South Edison Street in ourselves short hereinEast nothing to do with the corona- dent beach-parkingpermits, to nonresidents—a 45% in- their own cars walk on free. downtownMontauk.Mr. Van Hampton. We have beautiful virus crisis but rather are afterraising them in 2019 to crease from 978 sold in 2019, Mr.Warren said he believes Scoyoc said the town is con- beaches,and keeping them that aboutmaking the village’s $400 from $375for seasonal according to officials. the feeincrease fornonresi- sidering usingdrones again way takesacertain amount of beaches “the best in America permits and to $30 from $25 Ms.Doulos said the extra dentsispopular with village this year to determine resourceseach year.” once again.” With 3,100 non- for daily passes. revenue helped keep beach residents, who don’t payfor whether beachgoersshould be East Hampton Village, resident seasonal passes sold However, Town Parks Direc- parking prices from rising this beach parking permits. directed to other sections. which is in East Hampton annually, the extra $300,000- torKristen M. Doulos said the year because it offset addi- “Wehavealot of demand In all, beach expenses rose Town but setsits ownbeach plus raised in sales will help town “will likely have to con- tional staffing the town de- to use our beaches but limited $231,157 last year compared fees,also recently approved payfor expanding beach hours sider raising some of the per- ployed at beaches to enforce supply.It’sagood way to in- with 2019. The town also suf- increases on the priceofnon- and services and making them mit fees for 2022 to cover in- social distancing. crease our revenue,” he said. fereda$344,200 budget resident beach parking passes. cleaner, he said. creasing expenses,” such as Southampton Town also shortfall because it suspended Seasonal passes will rise to “Atone point, our Main salaryincreases forlifeguards sets public beach fees for un- NOTICE TO READERS the sale of nonresident beach $500 from $400 and daily per- Beach ranked topinthe coun- and beach attendants. incorporated villages,orham- The StateStreetcolumn passes in the summer of 2020 mitsto$50 from $30.Unlike try, but over time it’slost that While East Hampton Town lets, within its border, includ- will return next week. because of the pandemic. the town, which charges resi- distinction,” said Mr. Larsen. optednot to sell beach parking Hampton Bays, as well as P2JW095000-2-A010B0-1------NS

A10B | Monday, April 5, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK WATCH

GROUND ZERO Museum Acquires Priest’s Prayer Bench A prayer bench used by the Rev. Mychal Judge, a fire department chaplain killed in the collapse of the World Trade Center towers on Sept. 11, 2001, was driven to the New York area on Sunday to join the collection of the Sept. 11 Memorial and Mu- seum, museum officials said. The bench formerly belonged to Father Judge’s twin sister, Dympnia Jessich, and spent the last five years at an Episcopal monastery in Rising Sun, Md., according to Sister Teresa Irene, a Carmelite nun there. A fire department chaplain since 1992, Father Judge minis- tered to people with AIDS and homeless people as well as fire- fighters. His death praying with PSUP

PO rescuers and victims in the 2001

NY terrorist attacks made him a re- R vered figure, with supporters FO

T campaigning for sainthood. VEL —Associated Press TER

WES NEW JERSEY NINA Actor Nathan Lane delivered a monologue Saturday for a small, invited audience at St. James Theatre. Savion Glover performed a dance number in the program. Two Found Dead Following Standoff

A man killed his ex-wife and Broadway Gives a Glimpse of Return was later found dead after an hourslong standoff with authorities at his New Jersey home, au- BY CHARLES PASSY sisted of brief individual per- artscommunity back to life sion and asystemofstaggered That is largely because the in- thorities said Sunday. formances by two Broadway during the pandemic recovery. entryfor theatergoersthat dustrycan’t survivefinancially Bergen County prosecutors It mayhavebeen afree veterans,tap dancer and cho- Manyofthe attendees at helped servetoavoid any with alimited-attendance said arelativeof34-year-old show, not even an hour long, reographer Savion Glover and Saturday’sevent were invited crowding.Audiencemembers model, meaning shows likely Massiel Deoleo called Carlstadt without sets, costumes or actor Nathan Lane. because of their work with two were also seated well apart won’t open until the state policeshortly beforenoon Satur- much else that defines adra- Theformer danced his way nonprofit organizations,the from each other in the spa- gives approval to full capacity. daytoreport the Mahwahresi- matic event. But forthe invited through afleet and ferocious Actors Fund and Broadway cious theater. That isn’ttosay all Broad- dentmissing. The relativesaid audienceofabout 150 on hand number that playedlikeahom- Cares/Equity FightsAIDS,with Mr.Lindsey sawitall as a way performerswill be out of Ms. Deoleo had lastbeen with at Broadway’s St.James The- agetoBroadway.The latterof- deep ties to the theater com- firststepdemonstrating how luck until then. Some music her ex-husband, 43-year-old atre,the occasion felt likeare- feredabittersweet comedic munity.But likeMr. Bullock,an Broadway canreturn. “This is spaces arestarting to reopen James CoxofCarlstadt. Carlstadt turn to normalcy. monologue,writtenbyplay- officemanager with Broadway aprocess in itsinfancy,” he and giving artiststhe opportu- officers arrived at Mr.Cox’s resi- “The dimming of the lights, wright and screenwriter Paul Cares/Equity FightsAIDS,they said. nity to appear.OnFridaynight, dencebut found him armed with the sound of the audience, I Rudnick, that looked at living were also thereasfans. Jordan Roth,president of the Green Room 42,acabaret asemiautomatic weapon. missed all of that,” said Keith through the pandemic without Chad Lindsey,amanager of Jujamcyn Theaters,which venue located inside Midtown At about 8 p.m. Saturday, au- Bullock,anavid theatergoer the balm of livetheater. programs with the Actors owns several Broadway houses, Manhattan’s Yotel hotel, wel- thorities said, SWAT team mem- who wasamong those in atten- Theevent came during the Fund, wasalso one of the the- including the St. James, comed acrowd of 50 patrons bers entered the home and dance. firstweekend that artsand en- ater buffsinattendance. He re- echoed that observation and to hear the Tony Award-win- found Mr. Cox dead of a gunshot Saturday’sshow, the first tertainment venues were al- marked at the event’scareful expressed relief at how ning actressLillias Whiteinan wound. They also found the Broadway eventsincetheaters lowedtoreopen in NewYork coordination, pointing to nu- smoothly Saturday’sevent pro- eveningofsong. body of the woman and deter- were shut down in March 2020 state, with strict limitsof33% merous health and safety proceeded. “It went exactly as Ms.Whitetold the audience mined she had been shotthe at thestart of the pandemic, capacity and up to 150 people tocols in place. planned,” he said. she wasmorethan ready to re- previous night, authorities said. wasindeed far from your typi- indoorsasper Gov.Andrew Among them: arequirement Still, few in the theater turn. Authorities said an investigation calaffair.Instead of abig-bud- Cuomo. Theprogram waspre- that attendees showproof of community areexpecting “I’m so happytobedoing concluded that Mr. Cox killed Ms. getmusical or agripping play, sented as part of NY PopsUp, a vaccination or arecent nega- Broadway to return in areal this here instead of my living Deoleo and took his own life. the afternoon program con- state-led initiativetobring the tiveCovid-19 test foradmis- senseuntil at least the fall. room,” she said. —Associated Press

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CAREERS & LEADERSHIP PERSONAL JOURNAL.

 Workers gather for drinks at Deloitte in Sydney, Australia, as employees return to offices.

“It’sstill important to keep the hybrid option available,because that’swhat workerssay they want,” says Mr.Robertson at Deloitte. But working from home maynot be possible forever. A BCGreport found that 63% of 1,002 Australian employees acrossarangeofcom- panies wanted to continue some form of remotework as of June 2020.But only 40% of 121 employ- erssurveyed last December be- lieved they would work in hybrid

Workers are returning, but it’s not a straight line from quarantine to unmasked meetings. (2) JOURNAL models in the future. Facebook,

REET whose Sydney and Melbourne of- ST

LL ficesare currently at 50% capacity,

WA is “looking to removethe opt-in

THE process” forreturning to the office R in Australia and NewZealand as FO they movetoward 100% reopening, AN sometime afterJuly 2021, says Mr. HOR

ES Easton. (Thereare also plenty of

JAM Australians in industries like healthcareand retail who haven’t had achoicetowork remotely.) For multinational firms that OfficesAre Back—in Australia have reopened for voluntary in- person work, phased return is a common theme. Nearly all of Dell’s The country, wherecases arelow,offersaglimpseofwhatpost-pandemic offices mightbelike offices in 73 countries were at phase 0 last spring, meaning everyone was remote. Phase 1, which AT WORK for betterventilation.Facebook, Dell initiated in Australia last KRITHIKA which has two offices in Australia, June, allowed for about 10% of the VARAGUR cut itsbuffet and nowserves work- workforce to return. Phase 2, ersplated meals,says Will Easton, which started between August and the company’smanaging director December, allowed workers back at forAustralia and NewZealand. 50% capacity, and phase 3 allowed hen Shant Sog- “Back in November, people anyone back, without masks or so- homonian, a se- were afraid to touch shared milk cial distancing requirements. Mi- nior sales director cartons for their coffee or be in a crosoft has six such phases and is at Dell, went back lift together, which caused logisti- in phase 5 in Australia, which al- Wto his office in cal nightmares in a skyscraper,” lows workers back with some stip- Sydney last recalls Robbie Robertson, a Syd- ulations like completing a health month after a year of remote ney-based managing partner of declaration form and wearing work, the space looked the same consulting giant Deloitte, which masks while moving around, says as he remembered, and he didn’t has over 9,000 employees in Aus- Ingrid Jenkins, HR head of Micro- even have to wear a mask. But tralia and started reopening in Oc- soft Australia. when he stepped into a sanitized tober to general staff. It can take some creativity to conference room for his first in- Given Australia’sextremely cau- convince colleagues who became person meeting of 2021, he real- tious approach to newCovid cases, comfortable in their home offices ized he had forgotten how to greet even atinynumber of newinfec- that in-person work is worth the colleagues in person. tions canlead states intoshort, trek. Mr. Robertson, of Deloitte, “Do you shake their hands? Do Deloitte’s Robbie Robertson is working to draw people back to the office. sudden lockdowns.Just last week, has been experimenting this year you do the elbow bump?” recalls Dell temporarily closed itsBris- with incentives for his team of Mr. Soghomonian. A consensus bane officewhen the city declared about 230 people. eventually arose around “predomi- million people has been at the van- pare for workers’ skittishness in athree-daylockdown to curb sev- He put snacks like fruit and nantly elbows,” he says. guardofthe world-wide effort to communal spaces and in meetings, eral newCovid cases,says Ms.Fox. candy back on the floor, created Mr. Soghomonian and about reopen offices.Its strict early lock- and counter people’s reluctance to Alongside Australia, offices in “Team Tuesday” meetings to share 2,000 of his Dell colleagues in Aus- down, intensivecontact-tracing and commute again. other places that have controlled achievements, and instituted tralia have been able to go in-per- aggressivequarantine protocols Earlier accommodations to a the pandemic well, like New Zea- “Thirsty Thursday” happy hours. son to their offices for months. On have helped keep daily newcases highly contagious virus still shape land and Taiwan, have also been “I want people to have FOMO March 9, Dell’s six Australia offices very lowfor months and totalnum- officelife. Dell still uses adesk res- open for months. They share sev- [the fear of missing out] for not entered their third and final phase ber of deaths under 1,000 sincethe ervation system and thereare no eral factors, like robust healthcare coming in,” he says. It seems to be of reopening. Meanwhile, about pandemic started, according to its morecookie jarsinthe break systems and continuously low in- working: He says that since Janu- 41,000 Dell employees in the U.S. Department of Health. Offices of room, says Angela Fox, aSydney- fection rates, that help them pass ary, the portion of his team using remain fully remote—at “phase multinational firms likeAdobe, based managing director.Hand- the risk assessment tools used by the office jumped from about 20% 0”—for the near future, according Facebook,and Dell started to re- sanitizer pumps areeverywhere, multinational firms like Dell and to over 60%. to a Dell spokesperson. open as early as June. meeting room doorsare tagged Adobe to help decide whether to Two weeks ago, he says, over Australians’ return to work gives But it hasn’t been a straight with signs to indicatethat they’ve reopen a site. 30 people stayed for drinks at a atasteofwhat the post-pandemic line from quarantine to unmasked been sanitized, and the offices’ air- At most large firms, in-person nearby pub until 6:30 p.m. “Every- officemight look likeinother coun- meetings. Most offices had to handling unitshaveupped their work remains voluntary, rather one was like, this is so great—it’s tries soon. Thecountryofnearly 26 slowly phase back re-entry, pre- fresh air intakefrom15% to 40% than mandated. almost like being in 2019.”

theother thingsthat may AdviceonPreparing for lead to bias in adecision in your hiring.” If youare concerned Tough InterviewQuestions about interruptions from children participating in re- moteschool or ababysitter BY KATHRYN DILL dataisout there. Go find arriving during avideo in- out, what arethe bands and terview, suggest blocks of cing ajob interviewoften what’sthe market forthe time that work foryou. hinges on preparation for type of companythat you’re “It’sokaytosay to the A recruiter,‘Hey,this is the everykind of question—es- interviewing for?” said Ms. pecially awkwardorinappropriate Bryant. “A small startup best time formeand it’sgo- ones about your current salary, that’sstill private, that’snot ing to be the quietest,’ ” said family responsibilities or other public,their compensation LauraFennell, executivevice subjects. structure’sgoing to be very president and chief people Despitesome employers’efforts different than alargerpub- and places officer at finan- to boost inclusivenessand combat lic company.” cial-software maker Intuit. biases and ageism, such queries Keep in mind that total “Don’t worryabout asking canarise during recruitment. At compensation includes more for, ‘Look,Iwant some quiet TheWall Street Journal JobSum- than base salary, and con- time and two o’clock to five mit in March, executives,career sider pushing forasigning o’clock would be the best coaches and economistsadvised bonus,arelocation allow- time to schedule this.’ ” jobseekershow to navigatethorny ance, equity or repayment questions during in-person or fortransportation or ses- Getasenseofthe video interviews and avoid poten- sions with an executive company tial pitfalls.Hereistheir advice: coach. Ms. Davis recommends that While some job seekers before interviews, job seek- Reframe questions about may shy away from negotiating, little trick that experienced job versation.But therealso is the ers do some research to learn how your current salary Kim Scott, co-founder of Just seekerscan use to win over youn- chanceheorshe is looking to learn inclusive a company is. Peruse the It’s an interviewquestion many Work, warns that there is a cost to gerinterviewers. about your availability to work out- organization’s core values, its so- candidates dread: “What areyou skipping the conversation entirely. “The most helpful adviceIgot side regular hoursorthe possibility cial media accounts and any recent earning at your current job?” In “Just get the money that you de- wastosay,‘I’m really eager to of child-careinterruptions. statements in support of marginal- manycities and states it is illegal serve,” she said, “because the tax learn,’ ” she said. “That feels likea “Say,‘Youknowwhat? Iwould ized groups. Pay attention to the to ask acandidatewhat his or her of realizing that you are underpaid statement that is not as strong as actually liketofocus on the skill interviewers themselves. Are they salaryis—which doesn’t mean that is huge. It prevents you from doing youwant to make. But if youreal- setsand my experiencefor this diverse or are you likely to be an ahiring manager won’t try. your best work.” izethat people areworried that role,’” said LaFawn Davis,group early diversity hire? If the inter- If the question does arise,Trier youthink youalready knowitall, vicepresident of environmental, viewers seem to be emphasizing Bryant, co-founder of workplace Head off ageism it’sagreat sort of response to social and governanceatthe job- “cultural fit,” ask what that means. consultancyJust Work,recom- When Ms.Scott moved to Silicon that bias.” search siteIndeed. “They maybe “Be activeparticipantsinthe mends responding “I don’t feel Valley from NewYork in the early just trying to build rapport with hiring process,” Ms.Davis said. comfortable answering that.” Then, 2000s,she went from consistently Discuss your children on youand have aconversation.But “You arealso interviewing the saywhat youexpect to earn based being one of the youngest people your own terms youwant to makesurethat you’re company. You’revetting the com- GE

PA on your skills and experience. in the room at work to typically An interviewerwho asks about focused on what youcan do for pany. So,isthis whereyou want N

DA “Compensation-benchmarking being the oldest. She suggestsa children mayjust be making con- that companyinthat role and not to be?” P2JW095000-0-A01200-17FEFF7178F

A12 | Monday, April 5, 2021 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

MAKING THE MOVE

Name: Typhaney Bennett An AdministrativeAssistant Age: 41 Breaks Into WebDevelopment Location: Chandler, Ariz. Education: Certifications Through aJewelrySide Hustle from specialty online schools including a Front-End Devel- oper Nanodegree certificate BY RAY A. SMITH “I always felt that I was good at from online learning platform what I was doing, but it wasn’t Udacity. hile working as a full-time ever something that I truly loved,” W administrative assistant she said. “I never actually felt that Former job: Administrative some 15 years ago, most of the jobs that I was doing assistant for a diamond re- Typhaney Bennettmade time in was a career. I felt that was a tailer. her off hours to create a website means to make ends meet.” to showcase her jewelry designs. Ms. Bennett started a jewelry New job: Front-end web de- Little did she know then that those business as a side hustle in 2005, veloper for digital marketing nascent web-developing skills hoping to turn it into a career. She firm Sandoval Agency. would lead her to a second career. developed a website, adding e- Ms. Bennett spent two decades commerce in 2009. “I just taught Aha moment: A call to cus- in administrative office jobs before myself to do it by going online and tomer service to help solve a switching to web development, a learning by reading,” she said. design challenge while work- change prompted in part by a Years later, when her 2006 ing on a freelance website crumbling marriage. marriage began to deteriorate, she development project made “Just having a stable career, be- paused her jewelry business and her acknowledge gaps in her ing able to take care of my daugh- put effort into making a career knowledge, prompting her to ter and be a positive role change. “I had a feeling of go back to school and pursue model for her, that was being trapped in dead-end a web-developer career. all part of my fresh start administrative positions in changing my career,” and being trapped in my Most important piece of ad- said the 41-year-old, marriage,” she said. vice for changing careers: who lives in Chand- Ms. Bennett took on “Network and get to know ler, Ariz., with her some freelance web- what you’re getting into. daughter, now 8 design projects for Meet people that are doing years old. “I wanted others, sometimes for the things that you’re doing.” to be someone that free, as a way to gain That might mean joining pro- she would admire for experience while learn- fessional communities whose being strong and not ing more about web de- members are in the same settling in life.” velopment. The experi- field, through websites or Ms. Bennett also Typhaney Bennett’s ences made her want apps like Meetup and Shapr. credits a fateful call to decision to build a to return to school. a customer-service website to showcase “Over the years I re- hotline for prompting her jewelry designs gretted not finishing her to take steps to- eventually led her to college and having ward a career change. a whole new career. what I felt was a stable handled through adding custom working full time as an adminis- and expressed why I wanted to As a teenager, Ms. career doing something code, which I had not done,” she trative assistant, earning a certifi- work for them while continuing to Bennett harbored I chose or was passion- said. “They were like, ‘well, you cate Udacity calls a Nanodegree in learn.” Sandoval Agency, based in dreams of becoming a computer ate about,” she said. need a web developer to help you 2018. Her divorce was finalized a Chandler, hired Ms. Bennett as a animator. She attended the Art In- Then came the interaction that with this.’ ” At that moment, a year later, making Ms. Bennett her digital project manager in 2019, al-

QUEZ stitute of Philadelphia in 1998, but set her vague thoughts about lightbulb went off in her head. household’s sole breadwinner. lowing her to gain real-world ex- left after a year. “It was not ex- maybe one day going back to “That should be me,” she thought “So I, with my new skills, up- perience in the field before making MAR actly what I thought it was going school into action. While working to herself. “I should be a web de- dated my résumé and my LinkedIn her way toward her goal job. RICK

; to be,” she said. on a freelance website project, she veloper.” She immediately started profile and started networking like “It is the best decision of my Soon after, while working at a had to contact customer service researching schools. crazy to find a new job,” Ms. Ben- life,” she said. “I am immensely

BENNETT cafe, she was approached by a cus- for the program she was using to She spotted an advertisement nett said. “I spent a lot of time re- happier doing what I do now.” tomer about an office job. Ms. get help in resolving an issue that on Facebook for a Google devel- searching companies I wanted to It isn’t lost on Ms. Bennett that Bennett interviewed for and required technical expertise she oper scholarship. In 2017, she ap- work for and made a top-three something she started as a side

TYPHANEY landed the administrative assistant didn’t possess. plied, got accepted and enrolled in list,” she said. “I sent a heartfelt hustle inadvertently led to a sec- : job, launching what would become “I wanted to set a certain style Udacity, an online course provider. letter to those three companies ex- ond career. “I just think that hav- LEFT a 20-year career in administrative on a specific page which was not a In that same year, she filed for plaining the stage I was in with ing built my first website many OM

FR roles at various companies. default option and could only be divorce. She took courses while my career and learning journey years ago, it’s all come full circle.”

Hunting foraJob?How to Write dog•ger•el ACoverLetterThatStands Out BY ALLISON POHLE experienceinspired youto what youneed,’that canbe advanceyour career.Keep really quitepowerful,” Ms. /'dôgrl/ ooking for job postings, the anecdotetotwo sen- Clark says. L updating the résumé and tences.You cancompletethe sending follow-up emails paragraph by tying that story Emphasize what you can do noun are all draining tasks, but, to the job: “It’sbecause of for the company for some, writing acover let- this experiencethat Iamex- Use the latter part of I’ve nevermet you, butIloveyou more THENATIONAL DISASTER ter is the most overwhelming cited to be applying for[in- your letter to tie together SEARCH DOG FOUNDATION part of ajob application. sert job title here] at [insert how your skills, experience Than waveslovesanduponthe shore. Strengthening disaster response I’ve edited many cover let- companyname].” and background make you an in Americabyrescuingdogsand ters for family members, ideal candidate for the job. AndsoI’llnever stop searchingfor you, partnering them with first responders friends and acquaintances. Differentiate the letter from For example, after outlining They often ask whether your résumé some of your relevant pro- That’s whyI’m here. to save lives. Be Part of theSearch™ today. Call (888)4K9-HERO, visit spending time writing acover It can be tempting to fessional history you could If you’re ever trapped underrubble, SearchDogFoundation.org, or writeto letter is worth the effort. In a copy and paste from your ré- add: “These experiences SDF, 6800 Wheeler CanyonRoad, survey by ResumeGo, acom- sumé to describe your work have prepared me to jump Ipromise to findyou there. SantaPaula,CA93060. pany that offers résumé-writ- history, but your cover letter right into the data-driven ing services, 87% of hiring is an opportunity to present decision-making position at professionals said they do your experience in relation [insert company here], which read cover letters. to the job you want. Use one would make me a valuable Here are tips from ex- or two paragraphs in the asset to the team.” perts and my own playbook for writing acompelling Consider other formats cover letter. It can be appropriate to use bullet points in certain Put some thought into it circumstances, such as list- Job seekers often rush ing your skills, says Dana when writing cover letters, Leavy-Detrick, founder and says Dorie Clark, a professor director of Brooklyn Resume at Duke University’s Fuqua Studio. After one or two sen- School of Business. But they tences outlining your inter- are worth spending time on. est in the role or organiza- “They’re actually critical in tion, you could say: “At this terms of shaping your narra- point in my career, I’m confi- tive because it’s your oppor- dent I can offer” followed by tunity to tell the world who bullet points describing your you are, what you’re about, body of the cover letter to abilities. and why you’re qualified,” demonstrate how your ac- she says. complishments have pre- End with why you want to pared you to meet the re- work for the company But it’s OK to use a formula quirements of the new role. Thefinal paragraph is Thestructurecan be sim- your last chancetosay why ple.Atypical coverletterin- Play up your skills youwant the job.Itisimpor- cludes the greeting,anintro- Identifythe skills you tant to strikeatone that duction, acouple of body have and howthey would be shows youare interested, but paragraphs,aclosing para- useful forthe position. If not toopushy. Youcan write graph and your signature. you’reapplying foranentry- asentenceortwo that em- Your firstparagraph level position, or don’t have phasizes your interest in the should explain who youare alot of experience, empha- role or company, and sayyou and whyyou’reinterested in sizeyour strengths,Ms. hope to hear back soon. Avoid the job.Use the middle sec- Clark advises. writing that youwill follow tion to provethat youare Maybe you’reaself- up over the phone or reach qualified. In the final part, starter who canmeet goals out to schedule atime to talk. Delta bring home whyyou’rea even while working indepen- End with a sign-off that JOURNAL

ActiveSearch Dog good fitfor the position. dently in this eraofwide- strikes the appropriate tone, REET PhotographedbyShaina Fishman spread remotework.Or such as “Sincerely,” as op- ST LL at SDF’sNational Training Center. Grab attention with the first maybe youcome from a posed to “Thanks,” which WA paragraph nontraditional professional may be too informal. Employers want to see background, which youcan

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THE WALL STREET JOURNAL. Monday, April 5, 2021 | A13 ARTS IN REVIEW

Mary Cassatt’s ‘Spanish Girl Leaning on a Window Sill’ (c. 1872), above left; Joaquín Sorolla y Bastida’s ‘Hall of the Ambassadors, Alhambra, Granada’ (1909), above right

BY JUDITH H. DOBRZYNSKI ARTREVIEW face-off between Sargent and Chase.Chase’spictureshows her Norfolk, Va. dressed in black and gold, arms ikethe U.S. itself,Ameri- raised and feet in action, smiling, canart is wovenfrom perhaps in recognition of the flow- manystrands,with the Iberian ersather feet. Sargent’sunsmiling biggest and brightest version highlightsher haughtiness. threads inspired by Dressed in brilliant yellow, arms L akimbo,she looks down at viewers, French, British and Italian traditions.Anew exhibition at the and though her pose is static,Sar- Chrysler Museum of Art gives gent’sshowy brushwork makes her weight and luster to adifferent Influence seem morealivethan she is in aesthetic influence: “Americans in Chase’smoreconventional portrait. Spain: Painting and Travel, You see three full-length por- 1820-1920” explores the manyways An exhibition highlights how sites like the Alhambra and old masters traits created by Henri in 1906. American artistslikeWilliam Mer- Here he succeeds in conveying the rittChase,MaryCassatt, Thomas like Velázquez inspired a century of U.S. painters different characters of his three Eakins and John Singer Sargent subjects: a somber bullfighter, for- learned from the art, architecture, mally posed as if contemplating landscapes and people of Spain. went firsttothe Prado Museum, comparing them. graphed tourist destinations. danger, in “El Matador (Felix Adisarming pieceofevidence wherethey copied the Old Masters. From here, the exhibition “Americans in Spain,” curated Asiego)”; a comical, slouchy appearsatthe show’sentrance, Bartolomé Esteban Murillo’s celes- branches out, just as the artists by Corey Piper,ofthe Chrysler,and “Gypsy With a Guitar (Gitano)” in whereacharming portrait by tial “The ImmaculateConception of did. Exposed first-hand to Islamic Brandon Ruud, of the Milwaukee midsong; and his sympathetic, Chase from 1899 shows his young El Escorial” (1660-65) illustrates culture, they painted its architec- Museum of Art (wherethe show wary wife and daughter, “María y daughter dressed and posed like the riches they saw. Jusepe de Ri- ture and envisioned its people. will open June 11), devotes agal- Consuelo.” Henri’s marks in the the infantainDiegoVelázquez’s beraand El Greco, both repre- Captivated by bullfighters, dancers lerytoeach of those themes,and last two paintings are brushy; he masterpiece“LasMeninas” sented in the exhibit, and Francisco and peasants, they portrayed them in bringing these artworks to- used more control for the fine de- (1656). Her name is Helen Ve- de Zurbarán and Franciscode sympathetically. Seemingly de- gether—some of which arewell- tails of the matador. lázquezChase. Goya,present in paintingsbytheir known—visitorsgain newcontext Yousee other comparisons, Americans firstlearned of workshops,also merited copying. and greater appreciation forthem. too: views of Segovia, one by Er- Spain’sseductiveculturefrom But the real lure was Velázquez. Lessons learned from Forexample,you will see three nest Lawson (c.1916), and the books,printsand paintings(many His full-length “Queen Mariana of paintingsthat Cassattmade in other,looser,byCarrie Hill (c. by British artists, who gotthere Austria” (1652-53), which remains the art, architecture, Spain. Her glorious “Offering the 1925); and of the Alhambraby early in the 19th century), and in Madrid, was the model for Rob- landscapes and people Panal to the Bullfighter” (1873) and John Ferguson Weir (c.1901) and that’swherevisitorstothis exhibi- ert Henri’s “Queen Mariana” “After the Bullfight” (1873) flank by MaryBradish Titcomb (c. tion also start. Thesampling here (1900). It doesn’t match the sure of Spain. “Spanish Girl Leaning on aWindow 1906), to name two examples. includes WashingtonIrving’spopu- lines and pouty character of the Sill” (c.1872). Each one is rich in After Henri initially visited the lar “Tales of the Alhambra” (1832), master’s version. Nor do “Copy of design and color,beautifully Prado in 1900, he wrote home: “If I acollection of essays about “one of a Fragment of a Portrait of Queen painted. Moreover,they represent had only known I would have come the most remarkable,romantic, Mariana of Austria after Ve- lighted by what they construed as abreakthrough moment forCas- here long ago.” The same may be and delicious spotsinthe world”— lázquez” (1883) by Joaquín Sorolla colorful labor customs, they de- satt, as stated in the wall labels. said of the theme of this exhibit. which is still in print. Irving is also y Bastida or “Queen Mariana” picted workers happily washing Having studied Velázquez, Murillo memorialized in apainting by Da- (c. 1652–53) by Juan Bautista Mar- clothes in a river and toiling in and Goya,Cassattdevisedher own Ms. Dobrzynski writes about art vid Wilkie—“WashingtonIrving in tínez del Mazo, a son-in-law of Ve- factories. Stunned by the beauty of modernist style,fusing realism for the Journal and other publica- the Archives of Seville” (1828-29)— lázquez. But exactitude isn’t the Spain’s craggy mountains, lush with vigorous brushwork (seen es- tions. as ahandsome,curly haired point: Artists learn by trying to gardens and ancient landmarks, pecially in the matador’s costume) scholar poring over athick volume. achieve the effects of a master, ex- they painted them—especially the and attention to character. Americans in Spain: Painting and By the end of the Civil War, perimenting with composition, Alhambra in Granada. Finally, ea- Youalso see two full-length Travel, 1820-1920 American artistsbegan traveling to color, light and brushstrokes, and ger to satisfy the quest for knowl- portraitsofthe Spanish dancer Chrysler Museum of Art, through Spain in droves.Oncethere, many museum-goers train their eye by edge back home, they photo- Carmencita, both from 1890,a May 16 TS AR OF TITUTE INS OLIS MINNEAP MUSEUM; HENRI T BER RO MUSEUM; GETTY UL PA J. THE ; OL Í AS C Í A- GAR PIÑANES MANUEL : LEFT P TO OM FR WISE OCK CL Ernest Lawson’s ‘Segovia’ (c. 1916), above left; Robert Henri’s ‘Queen Mariana’ (1900), above right; all paintings in the current show at the Chrysler Museum of Art P2JW095000-4-A01400-1------XA

A14 | Monday, April 5, 2021 **** THE WALL STREET JOURNAL. SPORTS

JASONGAY Gonzaga’s Unforgettable Shot

A buzzer-beater by Jalen Suggs becomes an instantly iconic moment for college basketball S Now that is what it’s shot or not, he knows it. Watch PRES all about. That. Those the replay. He lofts the ball in the TED final 3 seconds of Gon- air, from the edge of the Final CIA

SO zaga-UCLA, or really, Four logo, and before it even hits AS all of it, because it was the glass, he begins to veer to his Y/

GA an exquisite basketball left, confidently, giddily, the way a

ERIC game, back and forth, forth and championship golfer does when Stanford guard Kiana Williams shoots over Arizona forward Sam Thomas during Sunday’s national championship game. back, much better than anyone ex- they see a ball break late, and pected, and now this shot—a 40- know they’ve read the green ex- foot bank shot, not far from mid- actly right. Stanford Holds Off Arizona court, Lordy! — elevated it into Before anyone can figure out something even greater, an all- what happened, Suggs is standing timer, a game you’ll remember as atop a courtside table, yelling at long as you breathe. the surreal cardboard cutouts and For Women’s Basketball Title Really. I know that sounds like the fragmented, socially-distant the sort of overcooked hyperbole crowd in Indianapolis. blowhards like to say after watch- That yell, it looked cathartic. BY LAINE HIGGINS ing a phenomenal last-second, What a year this has been, to play game-winning, championship-qual- college basketball through a pan- Topoverall seed Stanfordheld off ifying shot, but I’m afraid this demic—to be constantly swabbed upset-minded Arizona 54-53 Sunday blowharding might actually be and tested and isolated; to huddle night to win the Cardinal’sfirst true. in sterilized locker rooms and play women’sNCAAbasketball champion- It was that good. Watch it now in mostly-empty gyms; to experi- ship in 29 years and deliver a third if you didn’t watch it before. I’ll ence only a sliver of the full, noisy, title forits legendarycoach, Tara wait right here. human sensation. VanDerveer. Did you yell in your TV room? It’s looked joyless at times, col- HeadingintoSunday’swomen’s Of course you yelled. The yell lege basketball in 2020-21. tournament finale, a team from the sounded different in Westwood. It But hitting a shot like that? Pac-12—which calls itself the “Con- sounded different up in Spokane. That still works. ferenceofChampions”—was guaran- But it was a yell. “Something you dream of as a teed to cut down the nets. Theques- Nooooooooooooooooo. kid,” Suggs said later. tion waswhether it would be YESSSSSSSSSSSSSS. “He’s just got this magical aura Stanford, the team that dominated At first, I didn’t think Gonzaga’s despiteaseason of unprecedented Jalen Suggs had gotten it off in disruption, or Arizona, the underdog time. So much happened in that What a year this has that marked its first Final Four ap- sequence, it didn’t feel possible.

pearancewith an upset of No.1seed GES UCLA’s Johnny Juzang tied it at 90 been, to play college UConn on Friday. IMA with 3.3 seconds left, with a put- basketball in mostly Stanfordled fornearly all of Sun- back of his own miss, and the Zags day’scontest, but their lead felt GETTY inbounded, needing to take it close empty gyms. A/

shaky in the waning minutes of the ELS to the length of the court to do fourth quarter.Arizona’ssenior play- StanfordbeatArizona, 54-53, to win the women’sNCAAbasketball tournament. anything. maker Aari McDonald willed her I know you’re saying: Hey, team into contention and narrowed playedfewerhome games and spent being in hotels and being on buses, buddy, 3 seconds is a lot of time in about him,” Gonzaga coach Mark the deficit to one point with a mas- moretime on the road than any practicing in high school gyms,no basketball, and Jim Nantz was Few said. sive3-pointer and three free throws other team in collegebasketball than power in the gym and it is dark. No saying the same on the television, It’s on to the title game on in the final minutes. perhaps the Stanford men’s team. other team except formaybe our but it’s still quite hard to do, run Monday for Gonzaga, and Baylor, Thefateofthe game would ulti- That meantinorder to have asea- men’steam has been dealing with nearly the entire floor and get off which thumped Houston in Satur- mately rest in McDonald’s hands af- son, Stanford’shome games became what we aredealing with,” said a quality shot, and there was so day’s early semi, awaits. ter Stanford squandered its last of- neutral-sitecontestsatKaiser Per- VanDerveer in Januaryupon learning much on the line: Gonzaga’s unde- It’s a game people have been fensivepossession on ashot clock manenteArena in nearby SantaCruz. her team could return to campus. feated season, a bid in Monday’s waiting for since before the season violation with 6.1seconds remaining. Practices happened in a smattering Stanfordspent 87 nightsonthe men’s title game versus Baylor. began—the Zags were preseason Arizona inbounded the basketball to of local high school gyms.Living out road—and that was before the team Teams practice these moments, No. 1, Baylor No. 2—and it matches McDonald and she let flyfor one last of a suitcase became the norm. headed to SanAntonio,Tex., on yes, but this one was for realsies. two spectacular, high-percentage 3-point attempt. Unlikesomanythat All told, the Cardinal spent 63 March 15 as the overall topseed in Usually these efforts end with offenses, playing for what would she had buried this tournament, it days on the road, covering about the women’s NCAA Tournament. some sort of madcap, barely-in- be the first men’s national title in ricocheted off the rim. 7, 500 miles from lateNovember until The resilience VanDerveer’s team control shot, in which a player each’s school history. Gonzaga’s No team had aharder path to San Jan. 27,when SantaClaraCounty re- displayed was key to their win. chucks the ball like they’re trying got even more on the line, trying Antonio than Stanford, so it’sonly laxed its regulations and permitted Arizona clawed its way back into to win a pink giraffe at a carnival. to be the first undefeated men’s fitting that the resilience the Cardi- the team to practiceinMaples Pavil- contention on the defensiveend, but Usually the ball thonnnnnnks hard champion since Indiana in 1976. nal learned during adisjointed regu- ion in Palo Alto, Calif.Stanfordwas a McDonald couldn’t gether last 3- off the rim, or maybe even misses Yeah, it really hasn’t happened lar season carried it all the way Pac-12 best 15-2atthat point and pointattempt to fall as the final the backboard completely, and since then. It should be a good fin- through the tournament. playedits firsthome game of the buzzer sounded. they have to play more, and that is ish, concluding a disjointed season Duetostrict health protocols in season againstColorado on Feb. 5. “Getting through all of the things exactly what I thought was going that will be remembered for its Santa Clara County, where Stanford They wouldn’t lose agame forthe we gotthrough, we’rejust excited to to happen here. constant challenges. University is located, that banned rest of the season. win the Covid championship,” said But no. And now will also be remem- contact sportsatall levels,Stanford “The wear and tear on people,the VanDerveer. Suggs knows it is going in. Bank bered for a shot.

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THE WALL STREET JOURNAL. Monday, April 5, 2021 | A15 OPINION How to Answer the ‘Trap Question’ BOOKSHELF | By Daniel Akst

Being aCEO is porations,” he asked, “particu- older companies that need re- called the companyan“intri- The Taxman hard. You larly the underlying connec- structuring.Thereare lotsof cate fraud.” Hindenburg work likeation to racial justiceinthe U.S. waystoskin acat. claimed that Nikola’struck beast of bur- and elsewhere?” So Iwas surprised when I prototype shown driving in a den to build Mr.Nadella isn’t CEO of a heardhehad leftValueAct in companyvideo wasactually Cometh, Again your company, trillion-dollar companyfor 2020 and opened Inclusive rolling downhill.Oops.The INSIDE hiresmart nothing.Coolly and calmly,he Capital Partners.Last year he stock is now around $14. I VIEW workers and explained that “the social pur- told Bloomberg’sGreen Sum- guess“sustainability arbi- Rebellion, Rascals and Revenue delightcus- pose of acompanyistofind mit, “I’vegot five yearstofix trage” isn’t always sustainable. By Andy tomerssoprofitable solutions to the theharm I’vedone.” He had No matter. On March 1Mr. By Michael Keen and Joel Slemrod Kessler they’ll buy challenges of people and felt guilty about building “un- Ubben wasadded to the board (Princeton, 432 pages, $29.95) your products planet,” crediting Oxfordecon- sustainable companies by of Exxon, where he will be and youcan showgreat re- omist Colin Mayerfor the def- maximizing profit.” “playing aleadership role in herever they stand in their annual tussle with the turns to please investors. inition. “Driving broad eco- the energy transition.” If I W American income-tax system, vexed readers in Then, no matterhow success- nomicgrowthisperhaps the were running Exxon Iwould what is dolefully called tax season may agree with fulyou are, youstill getasked biggest thing that acompany A business’s purpose quoteColin Mayerand do my former Treasury Secretary Paul O’Neill when he declared social-justice“trap questions” cando,” Mr.Nadella added. own energy transition, or that “our tax code is an abomination.” like“What areyou doing “In order to have the pie dis- is to increase profits? maybe hirePrinceHarry as If it’s any consolation, your taxes might have been both about inclusion and equity?” tributed evenly,the pie should Change that to ‘find “chief impact officer.” Exxon is abominable and even sillier than they already are. Over the Just by answering,you’reas- firstgrow.” Left unsaid is the playing the same eco-arbitrage centuries, rulers have imposed levies on beards, livestock sumed guilty.Some of these pie should never stop growing. profitable solutions.’ game,but investorsare flatulence and even urine (valued in ancient Rome for its thingsmight be important, but Mr.Nadella’scomeback was smarter than that. ammonia). In 1795, Britain imposed an annual tax of one moreimportant than growing the best misdirect to the trap Exxon might want to study guinea on the right to apply fragrant powders to smelly the companytocreatethose question I’veeverheard. Every What is he doingnow?It yogurt maker Danone. ItsCEO, wigs. Since pigtails were common, those taxpayers became inclusivejobs in the first CEO should payattention. Mr. looks likeshareholder-mental- Emmanuel Faber,did all the “guinea-pigs.” place? Mayer’sdefinition of corpo- ity arbitrage. “We’vemoved right eco-things.Hepromoted Such arethe tax-free dividends on offer in “Rebellion, This year’s StanfordInsti- rate purpose as finding “prof- into this newera wherestock stakeholder capitalism; fa- Rascals and Revenue,” an eruditeyet good-humored tutefor Economic PolicyRe- itable solutions” is—shh, don’t prices arereflecting environ- voredenvironmental, social historyoftaxation with aparticular focus on Britain and search Summit included afire- giveitaway—basically the mental andsocial failingsin- and governanceinvestment itstax-allergic offspring,the United States. Theauthors, side chat with MicrosoftCEO same as Milton Friedman’s creasingly,evenasthe finan- criteria; set Danone as an “en- economists Michael Keen and SatyaNadella. Unlikehis “thesocial responsibility of cial returns areOK,” Mr. treprise à mission”—that’sa Joel Slemrod, demonstrate at clipped predecessor,Mr. Na- business is to increase prof- Ubben explained. So he goes purpose-driven company—and surprisingly engaging length della turned the company its,” except with the crowd- intocompanies and talks up even reported, getthis,car- that, “when it comes to around intoacloud colossus. pleasing word “planet” tacked sustainable practices,and he bon-adjusted earnings. Yeton designing and implementing Former Microsoftie Jeff Rai- on. Thedefinition waseven hopes to link CEO paytothe March 15,pressured by activist taxes, our ancestors were kes, like George Stephanopou- part of the agenda of the company’s“totalsocietal im- investorsBluebell Capital and addressing fundamentally the los interviewing NancyPelosi, World Economic Forum, mak- pact” so investorswill feel Artisan, Mr.Faber stepped same problems that we asked the softball questions. ing it suitable forJohn Kerry- good and buy the stock,I down.Why?Because afterfive struggle with today.” But these areSeattle- ish globalists everywhere. guess. If that sounds loosey- restructurings, Mr.Faber had Among those problems are soaked folks,soMr. Raikes Writeitwith aSharpie inside goosey to you, you’renot done everything but deliver the search for fairness, the had to ask the unanswerable everyCEO’seyelids forfuture alone. robust growth and increase appearance of which is trap question: “Let’stalk alit- reference. Theanswerisbril- Mr.Ubben invested in shareholder value—you know, necessaryfor atax to gain tle bit moreabout equity.Be- liant. Nikola, the battery-and hydro- good old-fashioned return on public acceptance; the inevitable fore the pandemic,the world Here’sadifferent take. gen-powered-truck company— investment. metastasizing of a tax code’s wasfacing big challenges: cli- Yearsago, Iwas on an investor sustainability in spades! Inves- If only Danone had focused complexity; the burden of matechange, structural rac- panel with Jeff Ubben of Val- tors paid up.The stock peaked on profitable solutions to the administration, particularly ism, economic insecurity, ueAct Capital. Italked about at $94last June.Then, last challenges of people (and when the task is intrusive (an English tax on hearths was wealth inequality and more.” technologycompanies in their September, short seller Hin- planet) in the firstplace. Who resented because inspectorshad to come intothe home and Oh boy, herewego. “What is early stages while he talked denburg(named appropriately knew? count them); and the iron law of unintended consequences, the responsibility of the cor- about looking for value in forigniting hydrogen hot air) Write to [email protected]. which haunts public policy generally and taxation in particular. In Britain from 1697 to 1851, a tax on windows— not abad proxyfor affluenceinthose days—made work forcarpenters and masons hired to close them up. The Alaska Tourism Is Ailing but Not From Covid resulting loss of light and air exemplifies the so-called excess burden of taxation beyond the sum of money levied. There’sgood join acruise between U.S. nity forconsumersand pro- American carriersare simi- So does your accountant’s tax-preparation fee. money to be ports, and the ship must ducersthat would arise from larlybarred from competing The problem of “tax incidence”—figuring out who made ferrying makeatleast one stop in a thesunset of the PVSA. abroad. Eliminating this series actually pays a tax, regardless of who writes the check—is sightseers foreign country. Canada, lo- Thecostsofthe Jones Act of shipping silos is crucial to especially fraught. The Earned Income Tax Credit, for from the catedasitisonthe way to to economic growth and de- boosting development in the example, is a reverse tax that aims to reduce poverty while Lower48to Alaska from Seattle,had velopment in the Americas Northern Triangle, as a 2017 encouraging work. But for every dollar that single mothers AMERICAS Alaska on given the cruise industrya maybeevenhigher.Asdis- report by the Mexican Council get from the EITC—at least according to one estimate— cruise ships. way to servemainland cus- cussed in this column March on International Affairs noted: employers of low-skill labor capture 73 cents. The EITC, By Mary But unlessthe tomerswho wish to travel to 21,Jones prohibitsthe possi- “Anintegrated and competi- after all, encourages low-skill workers to enter the labor Anastasia tour stops the 49th stateatcompetitive bility of an infrastructure tivetransport system allows force, increasing the labor supply and presumably driving O’Grady over in Can- prices. “highway” that could link new for the integration of regions down workers’ wages. ada—or some Without permission to stop investment in Central Amer- that aretodayisolated from Not everybody, admittedly, will want to read about taxes. other foreign port—the Pas- in Canada, ships built or ica’stroubled Northern Trian- foreign trade,not only in “The whole subject of tax policy and administration is senger Vessel Services Act of flaggedoutside the U.S. again gle—Guatemala, Honduras West and Southern Mexico, dull,” said the late novelist David Foster Wallace. He had 1886 says the carrier must be this year can’t offer the voy- and El Salvador—tothe U.S. but also in the north of Cen- briefly worked at an IRS office, where he learned “about flaggedinthe U.S. and owned, age, which is agut-punch to Gulf Coast via Mexico. tral America.” negotiating boredom as one would a terrain” and where he built and crewedbyAmeri- Alaskan tourism. Tourism TheJones Act is particu- followed in the tradition of Chaucer, Cervantes, Hawthorne cans.This requirement makes around the Great Lakeswill larly costly to PuertoRicobe- and Melville, all of whom made a living for a while the excursion moreexpensive take ahit this summer forthe Canada closesits cause it keeps the island from collecting taxes. to operateand profitsharder same reason. Thereaswell, capitalizing on itscompara- If taxes are the price of civilization, as Oliver Wendell to come by. shipsthat normally skirt the ports,and U.S. law tive advantageasatransit Holmes Jr.asserted, “Rebellion, Rascals and Revenue” Theact, known as the PVSA’s requirementsbysail- keepsAmerican point forcargo. Colin Grabow, tells the story of civilization through taxes, neatly refuting PVSA forshort, is afirst ingintoCanadian portsare who heads the CatoInsti- Wallace’scontention about dullness. TheRosetta Stone, cousin of the 1920 Jones Act, also tied up at the pier. cruisesatthe pier. tute’s Project on Jones Act the authors note, “describes a tax break given to the temple which mandates the same for Theeasiest solution would Reform, puts it this way:“Ab- priestsofancient Egypt.” That taxpayers should have the transportation of cargo be to repeal the PVSA.But sent the Jones Act we would some sayintaxation waslaid out (though not fully between American ports. Both Alaska’sRepublican Sens.Lisa If aship built or flagged see large ships drop their laws work well to keep out Murkowski and Dan Sullivan outside the U.S. carries cargo cargoinSan Juan or Ponce foreign competition and en- arereliable allies of the mari- from abroad to aU.S.port, it forplacement on smaller The history of civilization can be told through rich the U.S. maritime lobby— time lobby.Sotoprotect a maynot pick up newcargo at ships to various portsinthe taxes—assessing them, collecting them, shipbuilders, unionized crews narrow special interest, they that same port and bring it region, including the U.S.— and shipping firms.For this areinstead offering legisla- to another U.S. port. This re- basically ahub-and-spoke resenting them and avoiding them. reason the maritime lobby tion to declaretemporarily striction is aburden to inves- model. But no one will ever generously donates to politi- that cruise ships traveling be- tors who requirecompeti- use PuertoRicoassuch a cians on both sides of the tween Washingtonstate and tively priced logistics and transshipment hub so long as settled) in the Magna Carta. Later struggles over this aisle. Alaska aremaking foreign transportation and to carri- shipping between PR and the question played a role in the English Civil War, the Amer- Thehigh costsofthe PVSA voyages. ersthat could otherwise cap- world’slargest economyis ican War of Independence (remember “taxation without and the Jones Act to Ameri- Aside from politicians and tureefficiencies in serving subject to the Jones Act.” representation?”), and the French Revolution. “It was the cans aredispersed, so it’spo- lobbyists, it’shardtosee how the region. It’shardtoquan- President Biden claims to ‘long nineteenth century,’ from 1789 to 1914,” the authors litically difficult to mobilize the PVSA’s requirementsfor tifythe costsbecause thereis be achampion forstrength- report, “that finally saw the emergence in the West of a thevictims effectively.But cruise shipshelp Americans. no way to measurethe dyna- eningU.S.infrastructure. He stable, adequate, and broadly consensual tax structure.” the closing of Canada’sports- TheU.S.hasn’t built abig mism that would naturally also says he wantstohelp One of the book’s many insights is that taxes and war of-call forasecond straight cruise ship since1958.The occur if shipping were freed Mexicoand Central America have always gone hand in hand, enabling not just each summer because of Covid-19 only PVSA-compliant cruise from thebonds of maritime generatejobs so migrantscan other but the social changes that often follow. “The world is illuminating the downside ship nowsailing operates protectionism. stay home.Repealing the wars, and especially the second one,” the authors note, of this cronycapitalism. around Hawaii under aspecial TheJones Act also pro- PVSA and Jones Act would do “created both the machinery that made the welfare state Carriersthat don’t meet exemption from Congressbe- vokesreciprocal protection- both, without costing taxpay- possible and the political environment that ensured it the PVSA’s requirementscan’t cause it wasbuilt in Germany. ism among U.S. trading part- ersadime. would become reality.” allowpassengerstoleave or Imagine the tourism opportu- ners, which means that Write to O’[email protected]. Sincemanyreadershavejust filed their income taxes, a word on the historyofthis levymay be in order.Britain’s firstgenuine income taxwas introduced in 1799 to payfor the French and Napoleonic wars.America’swas put in place Xerox Is an Inspiration to Late Bloomers by the North to payfor the Civil War(the rate hit 10% in 1864). Eliminated in 1872, an income taxwas soon back on By Gregg Opelka or derivativefromahalogen.” 40-year-old son of the the Greek for “dry writing”), the political agenda because of discontent with the tariffs What does all this have to founder wasinhis firstyear and in 1959 the Xerox 914, the and stateand local levies that predominated in itsabsence. henever someone tells do with latebloomers? In running the company, Haloid firstplain-paper photocopier, Ultimately a constitutional amendment was required, W me it’stoo latetotry 1906 Joseph R. Wilson, along signed acontract with Carlson became arguably the most and in 1913 a federal income tax became law. The official my hand at something with three partners, founded for$10,000—a full 10% of the successful product launch form for filing the new tax, the authors note, “was simply new, or that I’m tooold to the Haloid Photographic Com- company’s 1945 earnings—to ever at the time. Finally able given the next number in the system of sequential pursue this or that latest ob- panyinRochester,N.Y.Unlike license his electrophotography to extricateitself from the gi- numbering of forms developed by the Bureau of Internal session, Ipolitely listen, never thousands of other companies, technologyfor commercial ant shadowofits longstand- Revenue, the predecessor of today’s IRS.” Thus the 1040 putting up much of an argu- the photographic-paper manu- use. ing Rochester rival, Eastman wasborn. By 1918 the topratewas 77%, and by 1920 the ment. Experiencehas taught facturer survived the Great In his nowlargely forgotten Kodak, the scrappy Haloid newtax accounted fortwo-thirds of federal revenue.Itre- me that such well-intentioned (but excellent) 1967 book, Photographic Co. changed its mains acash cow,one fedbythe efficiencyofwithholding. adviceisusually offered more “Stock Market Blueprints,” name to Xerox Corp. in 1961. To ahammer,ithas been said, everything looks likea forthe benefit of the giver Atinyphotography EdwardS.Jensen lists14keys Xerox stock soon advanced nail, and if youspend enough time with Messrs. Keen and than the recipient. companyeventually to success for“dynamic more than 10,000% in less Slemrod youmay start to see everything as avariety of tax. Nothing seems to getunder growth” stocks. The first key than 10 years. Todayitboasts They regard government debt as deferred taxation, since the skin of early bloomers so beat Eastman Kodak. is what he calls “The Big a $4.9 billion market cap, 7. 5 futuretaxpayers will have to payitoff,and the printing of much as the thought of alate Gamble.” Jensen states: “In times that of Eastman Kodak, fiat money as atax that appropriates value from firms and bloomer succeeding.Sowhile most everycase,acompany which re-emergedfroma2012 consumersvia “seigniorage,” the differencebetween the taking my anticipated though Depression. But it wasn’t until with dynamic growth poten- bankruptcy and is valued at cost of producing money (nowadays essentially zero)and undeserved lumps, I smile to the mid-1940s—and ultimately tial is one in which abig gam- only $651 million. In the end what it canbuy.Conscription is little morethan a100% tax myself and think with a mix- the 1960s—that the perspicac- ble was taken in the develop- late-blooming David became on labor,inthis case forthe making of war—which often ture of hope and serene de- ity of Wilson’s son, Joseph C. ment of some newproduct or Goliath. resultsininflation, another taxinthe authors’ eyes.Inboth tachment of the Haloid Photo- Wilson,who succeeded his fa- service.” Thenexttime someone the American Revolution and in the North during the Civil graphic Company. ther as president of Haloid, It took more than a dozen tells youyou’retoo old to try War, they note, inflation reached or exceeded 40% in at Merriam-Webster doesn’t paid off. years, but eventually Joseph something,you maywant to least one month. even dignify“haloid” with Theyounger Wilson recog- C. Wilson’s decision to wager remember that while “haloid” Reading about taxes, it turns out, is a lot more fun than word status,but Diction- nized the potential of anew atenth of the company’sprof- isn’t in Merriam-Webster’s paying them. That’s a low bar, but “Rebellions, Rascals and ary.comdefines it as an adjec- drytype of printing being de- its on an unproven new tech- dictionary, “xerox” is. Revenue” clears it with ease. Check with your accountant: tivemeaning “resembling or veloped by inventor and nologyled to unimaginable The book may be tax-deductible. derived from ahalogen” and a graphic-artsenthusiast Ches- success. The company coined Mr. Opelka is amusical- noun meaning “a haloid salt terCarlson.In1946, when the the word “xerography” (from theater composer-lyricist. Mr. Akst writes the Journal’s weekly news quiz. P2JW095000-0-A01600-1------XA

A16 | Monday, April 5, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR New Yo rk’s Tax Madness Biden’s Border Crisis Demands Real Action

sNew York’sCovid expatriatesconsider second homes in NewYork City.Rates on “family Jillian KayMelchior’s “Biden’sBor- with law-abiding companies,wewill returning to the office, lawmakersinAl- residences of one to three units,” the Assembly der Crisis,UpClose” (op-ed, March removethe incentivetorisk illegal en- A banyshould be shouting welcome home. said, would runfrom0.3%to4%ofthe value over 30) provides in gut-wrenching detail try. We will also maintain avigorous the consequences of decades of ne- workforce and makesureour popula- Instead they’reeyeing big new $5 million. Forcondos and co- glect in updating our immigration tion doesn’t decline. taxincreases that would give Despiteafederal bailout, ops,it’dbe10% to 13.5%ofthe laws,understaffing enforcement of JACK EDMONSTON the state’stemporaryrefugees Albanywantstopile on value over $300,000. laws against hiring people who don’t East Sandwich, Mass. to Florida—orwherever—one Such proposals would harm have the required documentation and morereason to stay there. On record rate increases. NewYork.Consider aletter understaffing the immigration courts. This isn’t JoeBiden’sborder crisis. Sundayabudget deal appeared signed last monthby250 busi- Long term, we need to removethe It wasn’t Donald Trump’s, either.Man- close,but not cinched by our nessleaders. “Ascommitted incentivetocross the border without aging the situation humanely and rea- deadline.Hereare some of the proposals the NewYorkersand employers of morethan 1.5mil- the documentation needed to work in sonably is the responsibility of the stateAssembly set out: lion residents,” they expressed “alarm at plans the U.S. That meansmaking it effi- United StatesofAmerica. Partisan at- •Income taxes: Impose graduated rateson to enact the largest spending and taxincreases cient foremployers to getthe immi- titudes will only getinthe way.Let’s millionaires,upto11.85%. This is much higher in the state’shistory.” grant employees needed to fill the la- stop bickering and start fixing. bor gaps when no one herewith the JOEL FAGAN than today’stop marginal levyof8.82% on joint Theletter’ssignatories include leadersfrom necessaryqualifications and status is Iowa City, Iowa filersearning $2.2 million. Under the Assembly’s BankofAmerica, Pfizer, ViacomCBS,JPMorgan responding to staffing needs. plan, that existing bracket would be taxedat Chase, Nasdaq, Bloomberg, JetBlue, WeWork, Fornow we need to stop admitting Regarding your editorial “The Bi- 9.85%. Earningsabove$5million would be hit Mastercard,Goldman Sachs and Revlon.(An- unaccompanied children. People ask- den Border Mess” (March 15): with 10.85%. Thenew topmarginal rate,11.85%, other is Robert Thomson,the CEO of News Corp, ing forasylum must be required to Twenty-fiveyearsago my wifeand I would kick in at $25 million. which owns TheWall Street Journal.) They say present their documentsatthe time emigrated from Germanytothe U.S. SinceNew York City has itsown income tax, the pandemic revealed that their workforcesare of application. We need to increase on an EB-5 investor’s visa. To get running to 3.88%, the combined rate would be “moremobile than we ever imagined.” the personnel to processnew applica- the visa, we had to proveweleftno 15.73%. That’sabiggerbitethan even California’s Right now“only about 10% of our colleagues tions,preferably the same day, ide- debt or taxliabilities,had no crimi- notorious 13.3%top tax, and don’t forget Uncle areinthe office,” and “the proposed taxin- ally with ahearing the next day. Do- nal record and were free of disease Sam’s37% share. Pretty soon living in alow-tax creaseswill makeitharder to getthem to re- ing so should eliminatespurious and in good health. We had to in- applications from those seeking tem- vest $500,000 in agovernment-ap- statelooks inviting.Keep in mind that New turn.” Instead, companies might feel pulled to- poraryprotected status pending their proved businesstocreatejobs,and York’sincome taxisalready progressive: Thetop ward places their staffs want to live: “This is hearing date. promise to never apply forany wel- 5% of filerscontribute morethan 60% of the rev- what happened to NewYork during the 1970s, One thing that might limit the em- fareprograms. enue,the Journal reports. when we lost half our Fortune 500 companies, ployment of people without authoriza- Ten years later we were allowed to •Capital-gains taxes: Puta1%surtax on invest- and it took thirty yearstorecover.” tion to work in the U.S. would be to become U.S. citizens, a very proud ment gains by people earning $1 million ayear. Thesqueeze is worsewhen youadd the new announcethat no aliens arriving after moment in our lives. Still, sometimes That percentagemight sound small, but NewYork taxesPresident Biden wants. Asecond factor: In aparticular datewithout the proper I wonder if we should not have come already taxescapital gains as regular income.So 2017the federal deduction forstate and local paperscan be hired, and that anyone here on a tourist visa and stayed ille- start with the Assembly’s newtop marginal rate taxeswas capped at $10,000,soNew Yorkerswill hiring them will be fined or go to jail. gally, something our current presi- of 15.73% foraManhattanite. Addthe 1% surtax. nowreally feel the pinch. As E.J.McMahon of the Does this sound extreme? Keep in dent seems to prefer. mind that it is the lureofemployment PETER H. VOLLMANN Thetop federal rate on capgains is 23.8%. The EmpireCenter forPublic Policywrites: “The fi- that fuels the surge at theborder.In Vero Beach, Fla. grand totalwould be 40.53%, and that’sbeforeJoe nancial incentivefor high earnerstomovethem- addition, we arestill in the middle of Biden’s campaign promise to taxcapital gains fed- selves and their businesses from NewYork to the Covid pandemic.Wehavetostart I take exception to the character- erally as regular income.What athanks forinvest- states with lowornoincome taxes has never— somewhere. Thelonger we wait, the ization of Stephen Miller as the “re- ing to createjobs in the city. ever—been higher than it already is.” harder this will be to resolve. strictionist adviser.” I, like his former •Estate taxes: Raise the toprateto20%, from Thefinal budget probably won’t go as far as JOHN KOZLOWSKI boss Donald Trump, believe that until today’s16%, fortaxable estates above$10.1 mil- the Assembly’s wish list. On Sundaythe Journal Santa Rosa, Calif. the law is changed we should enforce lion. Remember this is stacked atop the federal said legislatorshad been briefed on apossible it. We are a generous country, but estatetax of 40%, meaning the government’s deal to raise the toprateonpersonal income to At the end of the 19th century, please don’t abuse it or assume you marginal take would reach 60%. Is it anywonder 10.9%. That’slowerthan the suggested 11.85%, when my grandfather,John Vinti, can show up illegally and be ac- that wealthypeople spend big bucks hiring es- but throw in the city’s 3.88%, and it’sstill higher came from Naples,Italy to Newport, cepted. It might seem cruel or harsh Rhode Island as an 11-year-old unac- to let asylum seekers wait in Mexico, tate lawyers? than California. This is hardly the kind of “com- companied minor,hewas one of more but nobody should try to overwhelm •Pied-à-terre tax: Putalevyon“high-value” promise” that will reviveNew York. than amillion people who were immi- the border illegally, as there is an or- grating legally intoarapidly growing derly process that must be followed. country. Newimmigrantsrepresented In 2015 I walked into Mexico from Biden, Georgia and the Beijing Olympics roughly 1% of the population that year. Calexico, Calif., and on my return I With legal immigration declining as witnessed a very long queue of those hen President Biden publicly lobbied rules in Georgia to those in the re-education apercent of population, and abirth- wanting to enter the U.S. without Major League Baseball last week to camps in Xinjiang province. His ownSecretary rate belowthe net reproduction rate documentation. W moveits All-StarGame out of Geor- of State says China is committing genocide (and dropping), the population of our Recently, after four years, my Ca- gia, he no doubt thought he against the Uighurs. countrywill start to decline in the nadian wife received her green card. was on the side of the angels. The President puts He could send Rob Manfred middle of the 21st century. As her sponsor, I experienced addi- By increasing legal immigration to tional (paperwork) requirements in- But nowwhat is he going to do himself in a bind over as an emissarytoinvestigate, roughly half of whereitwas 120 years cluding the I-134 form, ensuring she about the 2022Beijing Winter since the MLB commissioner agoasapercentageofthe population, is not going to be a public charge. Olympics? athletic boycotts. is trying to expand his and by making it nearly impossible for HARRY J. SHEA Mr.Biden objectstoGeor- league’sbusinessinChina undocumented workerstoget jobs Seminole, Fla. gia’snew voting lawasan even as it boycotts an Ameri- “atrocity,” though it offersmoreavenues to can state. Surely Chinese President Xi Jinping vote than NewYork and Delaware,among would let Mr. Manfred inspect the camps, and other states.The President is so offended that whynot bring along fellowGeorgia boycotten- Chamber of Commerce DupedItselfin2020 he asked asportsleague to boycottanAmeri- thusiast LeBron James to certify that the Ui- canstate,doing economic harm to the Atlanta ghurs are cheerful in their work? Regarding Andrew Crumey’s review cades” (U.S.News, March 13). Without of Alan Lightman’s “Probable Impossi- anyRepublican support, House Demo- area, and essentially smearing the stateLeg- Forthe record,wearen’t lobbying foran bilities” (Books,March 13): In the cratspassed H.R.1, the misnamed For islatureasbigots. Olympic boycott. It would punish American ath- 2020 election, the U.S. Chamber of the People Act, which the chamber We can’t wait to see what the U.S. President letes while the games would go on anyway.It’s Commerce backed 23 incumbent “strongly opposes.” is going to sayabout China’svoting rules. easy symbolism, while doing more to defend House Democrats, 15 of whom won. TheHouse will vote soon to raise Thereare no lines at polling places in the Mid- Taiwan or to stop Chinese cyber theftare diffi- Six of the 15 wonnarrowly,by3.3%or corporatetaxes,repeal consumer dle Kingdom because thereare no polling cult and really matter. less. Without those six seats, Nancy and employment pre-disputearbi- places,noabsentee ballot controversies be- But Mr. Biden has put himself in this bind Pelosi wouldn’t be speaker.The cham- tration agreements(FAIR Act), and cause thereare no ballots. Thecountryisrun with his stunt over Georgia. He’ll inevitably be ber helped hand her the gavel. passother legislation opposed by by aleadership cadreofthe Chinese Commu- asked whyalaw seeking to balancevoter access Theconsequences were predictable. the chamber.You canbet that the nist Party, and its decisions are ratified by the with ballot integrity in an American statethat House Democratshavepassed the 15 House Democratsendorsed by rubber-stamp National People’sCongressthat votedfor him in 2020 warrantsaboycott,while PROAct, “a labor-rightsbill that the chamber won’t let Speaker would roll back manyofthe policies Pelosi down. meetsonceayear. authoritarian China deserves a political pass. the chamber has supported forde- Another credulous group is Pro-Life Perhaps Mr. Biden can compare the voting The answer will be instructive. Evangelicals forBiden, whose leaders “feel used and betrayed” because the JFK’s Achievements Were Covid relief packageexcluded the The SEIU as ‘Infrastructure’ Played Down in a Review Hyde Amendment, which prevents taxpayerfunding of abortions.These hen is a$2.3trillion infrastructure to the union can’t be required to pay fees for LindsayM.Chervinskydiscusses two organizations duped themselves bill not really about infrastructure? representing them in collectivebargaining. books “On the President’sCabinet” and sabotaged their owncause. W Howabout when $400 billion Democratic states and the SEIU,however, have (Five Best, Books,March 27) but her CHARLES D. EDEN would go to expand Medicaid made it hardfor caregiversto hostility to John F. Kennedy distorts Atlanta paymentsfor home health- Biden’s $400 billion opt out of the union. Last Sep- discussion of Robert Dallek’s“Cam- elot’sCourt.” Prof.Dallek’sbooks on care,with much of that pad- plan to expand the tember the SEIU, Healthcare Kennedy include JFK’saccomplish- Only the Retired Professors ding the rolls of the Service Illinois and Indiana settled a mentsalong with failures. Dare to Speak Out Freely Employees International union’s membership. lawsuit brought by an Illinois Ms.Chervinskyemphasizes rivalries Union (SEIU)? That not-so-lit- home-careworker who said and turfprotection, as if they weren’t Over the months there have been tle detail is one of the line the union kept deducting dues endemic to Washington. She slams letters to the editor regarding aca- items the media don’t want to cover in Presi- from her Medicaid payments despite two re- Kennedy for“dismissing expertise demia, “Academic Freedom Long Ago dent Biden’slatestspending blowout. Allowus quests to stop. After her second request, SEIU learned in the field.” fact, generals ad- Withered Away” (Letters, March 5) to fill the information gap. officials told her she needed to provide—get vocating war, including using nuclear being a case in point. I find it inter- State Medicaid programs spend about $40 this—a photo ID. weapons,werealarming.Kennedy and esting that for the most part they are billion on nursing homes and $76billion on in- This is an SEIU pattern around the country. adviserswerealways uncertain regard- written by professors emeriti or re- ing Vietnam, not confident of “a South tired academics, not active ones with home and personal care annually.Most states According to the Freedom Foundation think tank, Vietnamese triumph.” He sought infor- a job to lose. This is very telling in have been shifting morelong-term care to states diverted $150 million in 2017fromcare- mation outside of optimistic official and of itself. homes because it is lessexpensive. Manyelderly giver Medicaid paymentstounions.This money militarychannels. KENNETH WHITE also prefer to stay in their homes,which is un- finances labor advocacyand Democrats. Accord- Prof.Dallek’sworthwhile book de- Chicago derstandable when their health allows it. ing to the Center forResponsivePolitics,Demo- serves better. Mr.Biden wantstospend $400 billion to ex- cratshavebenefittedfrom99% of SEIU political PROF. ARTHUR I. CYR pand Medicaid in-home and “community-based” spending over the past three decades. Carthage College Pepper ... care (e.g., adult daycare), increasing annual To further assist the SEIU,Mr. Biden has en- Kenosha, Wis. And Salt spending by 50%. Thefine print of his proposal dorsed the House PROAct that would eliminate says his home-careplan would “creategood mid- the secret-ballot guarantee in union organizing THE WALL STREET JOURNAL dle-classjobs with afreeand fair choicetojoin elections and overturn stateright-to-work laws Incentives for Vaccination aunion ...and the ability to collectively bar- that giveprivateworkersachoiceofbelonging Regarding “The Best Coupon for gain.” This is wherethe SEIU comes in. Theunion to aunion. This would makeiteasier to union- Freebies Is Your Vaccination Card” hasbeen able to exploit Medicaid home-carepro- izehome-careaides employedbyprivatecom- (Page One, March 29): It’s amusing grams to expand itsmembership with help from panies like adult day care centers. Krispy Kreme Doughnut Corp. is giv- stateDemocratic lawmakers. Mr.Biden also wantsCongressto“guarantee ing free doughnuts to Patricia Fas- nacht. Fasnachts are doughnuts made Many home-care workers are family mem- union and bargaining rights for public service for the day before Ash Wednesday in bers or hired by families. But since Medicaid workers.” This means states could be required German-American communities. pays forhome care,Democratic states have to let the SEIU represent home-careworkersas NORBERT LESKA deemed them public employees and designated acondition forreceiving federal home-care Conshohocken, Pa. the SEIU as their exclusive representative for Medicaid funds. collectivebargaining.The union then bargains In other words, Mr.Biden’s$400 billion pro- Lettersintended forpublication should with the same politicians the union supportsin posal is a political plan to use taxpayer funds be emailed to [email protected]. Please elections to deduct member dues automatically to coerce states to expand the SEIU rolls with include your city, state and telephone from home-worker Medicaid payments. cash that will then flow back to elect moreDem- number.All letters aresubject to TheSupreme Court in Harris v. Quinn (2014) ocrats. Ah, the wonderfully elastic political uses editing,and unpublished letters cannot “I found a gold doubloon be acknowledged. ruled that these employees who don’t belong of “infrastructure.” down the back of my throne.” P2JW095000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, April 5, 2021 | A17 OPINION Joe Biden’s American Grandstand Covid Arsenal NeedsPills as By Lance Morrow Whether that bad half is called Trum- pian or conservativeormerely old- he countryreinventsitself fashioned, the leftthinks it sufficient Well as Shots from time to time.Reinven- to demonizesuch people in annihilat- tion is what Americans have ing terms like“domestic terrorist,” Tinstead of revolution, which “racist,” “white supremacist” and By Scott Gottlieb Karl Marx called the “loco- “transphobic.” And Mark McClellan motiveofhistory.” Whoneeds aloco- Is thereamandatefor the country motivewhen you’vegot the Wright to be reinvented just now? Leave orethan 60 million Ameri- brothers and Elon Musk? aside Donald Trump’s claims that the M cans arefully vaccinated for Thecountrystarted with people election wasstolen; it was, without Covid-19,and the number coming acrossthe ocean to reinvent argument, close.The result would rises daily.But some people aren’t themselves—a project that waseither seem to call not foraradical trans- willingoreasily able to getvacci- glorious or genocidal, depending on formation of the countrybut, rather, nated, and otherswon’t be able to get howwokeyou are. It reinvented it- forcompromise,reconciliation and the shot formedical reasons,such as self,asademocracy, by electing An- the retraction of ideological claws. immune suppression. Another good drew Jackson in 1828,when all those Then people might calm down. weapon forthe Covid arsenal would unwashed whitemen swarmed into But apresident who is 78 is bound be asafeand effectivedrugthat Washingtonfrombeyondthe moun- to be impatient. Mr.Biden didn’t laya could be takenathome.Such outpa- tains.Itreinvented itself in 1861-65 gloveonhistoryduring nearly four de- tient drugsexist to prevent and treat by fighting acivil war, and afterthat cades in the U.S. Senate. Aman of his the flu, and one public-health focus by creating,ineffect, anew country age—fearing that he mayamount to should be developing aCovid pill that in the vast expansions (of population, nothing morethan the great Obama’s could be takenafter exposure, or of settlement, of industrial develop- onetime sidekick—is apt to react to the soon aftersymptoms appear,tostop KELLEY

ment) during the Gilded Age. It rein- A surprise of waking up in the White the infection from progressing. vented itself and itsway of govern- Housebypandering to the flashiest So far outpatient treatment op-

ment in theNew Deal. It reimagined BARBAR ideas of the young people and their tions have been either therapeutic itself afterWorld WarII, among heroBernie Sanders. Mr.Biden can, for antibodies or repurposed medicines other thingsbycreating theGIBill mandate? By what mandatedoes the to gender identity and all the social amoment, forestall death if he veers off the shelf.Antibodies,when given andthe interstatehighways—two Biden administration undertakethe arrangementsthat have flowedfrom way leftand makes his mark,however early,are very effectiveatpreventing brilliant newsystems of mobility. work of irrevocably altering Ameri- the differencebetween the sexessince chaotically.Ifhe’sjust as woke as the Covid hospitalizations and reducing cansociety? Do Mr.Biden and his time immemorial), or to changethe woke,the yearswill fall away.Hecan the severity of symptoms.But people claim that the dogmatic and countryinahundred other ways, be young again. He canbethe Dick The president panders occasionally hysterical certitude of bundling it off on an expedition to the Clark of 21st-centurystatesmen, pre- to the young, like the woke is sufficient warrant to turn far leftfringes of reality and griev- siding over the kids’ dances,spinning A drug that could prevent the countryupside down? ance. What thenew administration platters on the record playerofthe severe symptoms could the Dick Clark of 21st- Therewas no mandateinthe out- proposes maybelessatransforma- American future. come of the last election. November tion than ahijacking.Half the country Thecountry, which is the accumu- help those who can’t or century statesmen. 2020 merely confirmed that the U.S. doesn’t want to be reinvented—not on lation of itsrepeated reinventions, remains split precisely down the mid- Mr.Biden’sterms. ought to be careful. It isn’t clear that won’t get vaccinated. dle,50-50,asithas been formore He and his people have gone into reinvention is always agood idea. It During the 1960s,the baby boomers than 20 years, sincethe deadlock of businesswith abogus,echo-chamber maybetruethat acountry, likea conjured a“counterculture” around a Al Goreand George W. Bush and the mandate: They manipulateamedia il- person, must die to be born again. they’rehardtoadminister outside a noisy repudiation of their parents’ hanging chads of Florida. If the 2020 lusion of unanimity,and presume to Butupclose,both death and rebirth hospital setting,currently requiring America. What they came up with ar- election meant anything,itconfirmed impose amoral narrative. TheBol- areapainful, messy,serious business time-consuming infusions.Manufac- guably wasn’t an improvement, but it the irreconcilable differences—a sheviks,atinybut ferociously fo- that should be respected—and may turersand public-health leaders wasdefinitely areinvention. standoff of the cobraand mongoose. cused minority,proceeded in this be horribly botched. should focus on research to make Nowthe Biden administration, Theelection certainly didn’t giveMr. way in 1917. these infusions fast and easier,and headed by aman afew yearstoo old Biden marching ordersfromthe Most mainstream American news Mr.Morrow is asenior fellow at to develop one-time shotsthat could to be aboomer,entertains ambitions American people to open the southern outlets, unblushing partisans of the the Ethics and Public Policy Center. also be used forprevention. to take agreat leap forward. But border to all comers, or to redesign left’sprogram, dismissthe views of His latest book is “God and Mammon: Afew repurposed drugswork, wait. Does atransformation requirea the natural order of biology(in regard the other half of the country. Chronicles of American Money.” such as remdesivir and the steroid dexamethasone,which reduces the risk of death in patientswho require oxygen or mechanical ventilation. What I’d Give for a Shave That Isn’t Woke More studies will help sussout the benefitsofrepurposed drugs, but so By Dave Seminara other companies my family supports the end of the commercial, abanner Butthere’smoney to be made on far manyofthese options have failed all but called the legislation racist, reads,“PANTENE Family is standing up to cancel culture. Last to showbenefit in preventing mild aybe Iwas wrong to think implyingthat those,likeme, who #BEAUTIFULGBTQ—Proud to Sup- summer,after Icomplained that my Covid from progressing when studied M conservatives should refrain support it arebigots. As distasteful port Transgender Visibility.” Thead preferred coffee company had gone in well-designed trials. from adopting the bullying, as this is,Ican’t sayI’m surprised. has about six times as manydis- toofar left, readerssuggested Ibuy TheNational Institutes of Health boycotting tactics of the left. Imade When Ilook around my house,Isee likes as likes on YouTube, but that from Black Rifle Coffee Co.“They should supportfurther research for the case against emulating progres- manyproductsfromwokecompanies hasn’t given the companypause.It support Veterans and the coffee is pills engineered to interrupt howthe sives in these pages last summer as that want me to knowhow strongly tweeted that “transphobia has no very good,” one reader wroteme. He coronavirus replicates,which would Ilamented the rise of the woke cor- they disagree with me on pretty placeinour world or in our feed.” wasright and word is spreading.The be ahedgeagainst mutations.Vac- poration, documenting howmanyof much everyissue of the day. company’srevenue nearly doubledin cinesand antibody drugswork by my favoritecompanies embraceval- Start with Patagonia,one of my 2020—a year when everyother busi- targeting surfaceproteins on the vi- ues antithetical to my own. But it’s favoriteclothing-and-gear outfitters. From my closet to my ness seemed to be going woke. rus. But the novel coronavirus canal- increasingly clear that the sharp in- The top of its website exhorts visi- Unlike many on the left, I’m fine terpartsofthese proteins through crease in corporate virtue signaling tors to “act now” to stop climate bathroom, my house is full with companies not taking sides,and genetic mutation. What is concerning after George Floyd’s death wasn’t a change, warning that “extinction of leftist brands. It’s time I don’t expect every company I pa- about the mutations in Brazil, South passing trend but asea change. Per- looms formorethan one million spe- tronize to embrace my views. But if Africa, California and NewYork is haps it’stime forconservatives to cies of plants and animals.” Maybe to do something about it. Pantene canstand firm on behalf of that thevirus figuredout howto boycott companies that hate us. so,but what about shopperswho are transgender visibility,perhaps it’s tweak an important region on its Coca-Cola and Delta, apair of At- therejust to pick up a$35 “livesim- time forconservatives to stiffen spikeprotein, one that is the target lanta-based companies I’ve patron- ply” T-shirt? Thehomepagetab next Maybe Pantene believes that’ll be their spines,too.Itdoesn’t seem like formanyofthe current vaccines and ized formanyyears, became pro- to “shop” is “activism.” Click if you the extent of the blowback.Many toomuch to ask that the businesses antibody-based therapies.Such muta- gressive boycott targets this month dare, because you’re in for a world companies take Republicancustom- Ipatronizerefrain from actively and tions could render antibody drugs forallegedly not doing enough to of lefty indoctrination. Patagonia ersfor granted. Perhaps they’re loudly despising me. andvaccines lesseffective. stop Republicans in the statefrom even endorses political candidates. right. Istill have subscriptions to Enter apill. Asmall-molecule drug passing an election-security law Youwon’t be surprised to learn that Netflix,Hulu and Disney+, even Mr.Seminara is aformer diplo- that could block some of the core ma- that’sbeen recast absurdly as acivil- none of them in 2020 had an “R” af- though manyoftheir offerings, par- mat and author of “Footsteps of chinerythat the virus uses to repli- rights violation. The companies ha- ter their names. ticularly documentaries,advance Federer: AFan’s Pilgrimage Across 7 cate maybeable to elude these muta- ven’t withstood it well. Moving to the bathroom, Ien- left-wing agendas. Swiss Cantons in 10 Acts.” tions.That’sbecause it is often In an interview Wednesday with counter my progressiverazors. No, harder forthe virus to changethe CNBC, James Quincey,Coca-Cola’s notGillette.Iditched those in 2019 processthat it uses to infect cells and CEOand virtue signaler in chief, afterthe companyreleased aludi- replicate. Such atreatmentcould be called the law“unacceptable” and “a crously woke ad decrying toxic mas- It Takes Lots of Permits an important complement to vaccines step backwards,” but didn’t explain culinity.But last month Ilearned that and antibody drugs, including forthe why. CNBC host Sara Eisen never the newbrand I’dchosen, Harry’s, small percentageofpatients who asked if he feared aconservative had pulled itsadvertising from the To Save the Planet mayget sick despitebeing vacci- backlash. Instead she pressed him on Daily Wire,aconservativewebsiteI nated. Agood drug mayalso prevent why Coca-Cola didn’t “publicly op- like. Therazor companyfled aftera By Mario Loyola and environmental benefits.” Actual susceptible people from developing pose this before.” Twitteruser with 29 followers com- reforms to bring that about should disease afteraclose contact with Mr.Quincey’s commentsdidn’t plainedthat one of the Daily Wire’s resident Biden’sinfrastructure have been the focus of the plan. someone infected. Such adrugcan be placatethe woke mob on Twitter, podcasts“is spreading homophobic P plan proposes to spend trillions Mr. Biden could build on his pre- especially useful to prevent spread with some insisting that Cokehadn’t and transphobic content.” Youmight of dollarstoward achieving decessors’ work.When redtape when an infection occursinahouse- condemned the legislation soon think it’dbeeasier to find apoliti- zero greenhouse emissions by 2050. made amockeryofPresident hold or congregatesetting. enough or forcefully enough. Delta cally neutral shave,given that ama- It won’t reach that goal, fortwo rea- Obama’s“shovel ready” projects, he But apotential Covid drug will CEO Ed Bastian appeared to be read- jority of men areRepublicans and sons.First, Democratsrefuse to ac- reacted by signing the Fixing Amer- present some challenges forregula- ing from the Coca-Cola script later companies generally playtotheir cept that natural gasand nuclear ica’s Surface Transportation Act of tors,who will want to knowthat the the same day. His companyreleased customer base.But this reality is ap- powerhavetobepart of anygreen- 2015,which created asingle “per- therapy canreduceprogression to se- astatement condemning the law, parently lost on Harry’s—and Gil- energy plan. Second and even more mitting dashboard” for the biggest vere disease.Most Covid patients and Mr.Bastian said in amemo to lette,orrather itsparent company, daunting, every new energy project projects.President Trump further don’t develop severedisease,and the employees that the reform was“un- Procter &Gamble. has to go through the same federal streamlined the processwith his One public will be increasingly vacci- acceptable and does not match Another P&Gbrand my family approval processasany other infra- Federal Decision executiveorder and nated. Largetrials maybeinfeasible Delta’s values.” uses—Pantene shampoo—recently structureproject—a processsocon- by updating environmental reviews as Covid outcomes improveand As theJournal’seditorial board released acommercial about the voluted, costly,time-consuming and underthe National Environmental fewerpatients arehospitalized. has pointed out,the legislation is in life of a young transgender girl and unpredictable that it’sawonder any PolicyAct. But ultimately only Con- Amorefeasible approach would no way areturn to Jim Crow,but her lesbian moms.“She has always infrastructureproject gets built in gress can fix a broken system. evaluatethese drugsbased on their rather an honest effort to improve been super gender creative, and America. Many don’t. CompetitorslikeGermany, Canada ability to shorten the duration of election integrity. hair has been abig part of her tran- Thesystemrequires everyagency and Australia routinely completere- symptoms or reduceviral load. Fora Coca-Cola, Delta, Microsoftand sition,” says one of the moms.At with authority over aproject to viewsofinfrastructureproposals in drug shown to be safe, these end- grant a separate permit after an in- under two yearswhile oftendoing a pointscould support an emergency- dependent environmental review. betterjob of protecting the environ- use authorization. Full approval can Project sponsorsroutinely spend ment. Congressshould requireagen- be predicated on showing later that a PUBLISHED SINCE 1889 BY DOWJONES&COMPANY hundreds of millions of dollarswith- cies to makefinal decisions on permit medicine reduces the number of pa- Rupert Murdoch Robert Thomson out knowing when or whether ade- applications in under two years, sub- tientswith serious consequences. Executive Chairman, News Corp Chief Executive Officer, News Corp cision will ever be made. ject to aboardofpermit appeals.It All of this could be part of apro- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher As lawmakerspreparetospend should limit the ability of small advo- cess of investing in drugsthat canar- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: trillions,they should ponder that the cacy groups to snarl projectsofna- rest entireclasses of viruses to pro- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; government wouldn’t have to spend tional importanceinyearsofcourt tect against futurepandemics.Asafe Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; an additional cent on infrastructure delays.And lawmakersshould em- pill that canshut down the virus News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; if the permit-reviewsystemwerera- powerthe lead federal agencytoco- would be agame changer,helping the Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer tional. Thereisavast supply of capi- ordinatethe interagencyapproval countryreturn to normal lifefaster. Andrew Dowell, Asia; AnthonyGalloway, Video & talinthe privateeconomyfor infra- processand ensureits adherencetoa Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; structureprojects, including the predicable timetable.The current sys- Dr.Gottlieb is aresident fellow at Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; manyrenewable-energy projectsthat temisabusive, wasteful, and bad for the American Enterprise Institute and Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; showapositivereturn on invest- the Earth if saving it requires newre- was commissioner of the Food and Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News ment givensubsidies that already newable-energy projects. Drug Administration, 2017-19. Dr. Mc- Thomas SanFilippo, Customer Service; exist. Clellan is director of the Duke-Margo- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Tucked away in the transporta- Mr. Loyola, asenior fellow at the lis Center for Health Policy at Duke Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; tion sectionofMr. Biden’sinfra- Competitive Enterprise Institute, University and was FDA commis- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International structureplan is apledgeto“use served as associatedirector for sioner, 2002-04. Dr. Gottlieb serves WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: smart, coordinated infrastructure regulatory reform of theWhite on the boards of Pfizer and Illumina; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head permitting to expedite federal deci- HouseCouncil on Environmental Dr. McClellan serves on the boards of

EDITORIAL AND CORPORATEHEADQUARTERS: sionswhile prioritizing stakeholder Quality, 2017-19. He advises energy Johnson and Johnson and Cigna; 1211 Avenue of the Americas, New York, N.Y., 10036 engagement, community consulta- companies on the federal permit- each company is involved in aspects Telephone 1-800-DOWJONES tion, and maximizing equity,health, ting process. of the Covid response. P2JW095000-0-A01800-1------XA

A18 | Monday, April 5, 2021 THE WALL STREET JOURNAL. P2JW095000-5-B00100-1------XA BUSITENECHNOLOGY: SMARSST WORKOUT&FS WIN A PLACEININ THE HOMEANB4 CE

Last Week: S&P 4019.87 À 1.14% S&P FIN À 0.15% S&P IT À 2.12% DJ TRANS À 0.98% WSJ $ IDX À 0.27% LIBOR 3M 0.200 NIKKEI 29854.00 À 2.32% See more at WSJ.com/Markets New Bidder Emerges for Tribune SoftBank To Invest Rival group makes Tribune’sboardhas deter- bined, up from aprevious to- hour turnaround forthe New une deal wasfinalized. That mined that aroughly $680 talof$200 million, the peo- York hedgefund and amajor side deal fell apart over dis- fully financed $680 million, $18.50-a-sharebid ple said. victoryfor critics who sayits agreementsabout the cost of In Genetic million offer, topping submittedlatelast week by Nowthat the group has model of aggressivecost cut- continuing services the Sun ChoiceHotels International submittedafully financed ting has hurt the local news would have received from Alden’s $635 million Inc. Chairman Stewart Bai- bid, it will getaccesstopri- industry. Alden had spent Tribune afterthe sale. Test Firm numand Hansjörg Wyss is vate financial datatoconduct nearly ayear and ahalf posi- Alden owns anewspaper BYCARA LOMBARDO reasonably likely to lead to a due diligenceand negotiate tioning itself to take over companycalled MediaNews BY MAUREEN FARRELL AND LUKAS I. ALPERT proposal that’ssuperior to otherterms—a big step to- Tribune,publisher of nine Group that has amassed a Alden’s$635 million deal, ward finalizing an agreement large-market daily newspa- portfolio of about 70 daily SoftBank Group Corp. AMaryland hotel magnate people familiar with the mat- that could replaceAlden’s, pers including the Chicago papersthrough astring of ac- plans to lead an investment of and aSwissbillionairehave tersaid. That is legaldeal- they said. Thereisnoguaran- Tribune,New York Daily quisitions,most notably the nearly $1.2 billion in genetic- made abid for Tribune Pub- speakindicating Alden may teethe group will succeed in News and BaltimoreSun. DenverPost, SanJose Mer- testing provider Invitae Corp., lishing Co.that the newspa- need to raise itsbid or risk doing so,and it is still possi- Alden struck adeal in Feb- curyNewsand St.Paul Pio- as the Japanese technologygi- per chain is expected to favor losing thedeal. ble it could changeits offer ruarytopay $17. 25 ashare neer Press. Thehedgefund ant ramps up an effort to put over atakeover deal it al- Thedecision came after or walk away afterreviewing forthe rest of the company. It has been alighting rodfor moremoney intopublic com- ready struck with hedgefund the two men indicated they the company’sfinances. had agreed to separately sell criticism in the media indus- panies. Alden Global Capital LLC. plan to personally contribute If Alden loses the deal, it Mr.Bainum the BaltimoreSun tryfor cost cutting at titles it Theinvestment, in the form Aspecial committeeof morethan $600 million com- would mark astunning,11th- for$65 milliononcethe Trib- PleaseturntopageB2 of convertible debt, is designed to help Invitae gain broaderuse of itsplatform, the companies plan to an- Biggest CompaniesPostNet Increase in Jobs nounceMonday. Invitae shares have tripled in the past 12 months,closing BY THEO FRANCIS Elevenbig U.S. public companies each cut 20,000 or morejobs globally Marriott Raytheon†† Thursdayat$39.19 apiece 53,000 62,200 andgiving the companya While Covid-19 ravagedthe market value of roughly $7.7 broader American economy, Schlum- United General Carnival billion. the largest U.S. employers Disney berger Boeing Airlines Comcast Arconic* MGM Electric† 36,000 Thenotes have an initial added morejobs than they cut. 20,000 20,000 20,000 21,600 22,000 22,000 29,000 31,000 conversion priceof$43.18 a Overall, global employment jobs cut share, a20% premium to the rose by about 370,000 people company’strailing five-day among the 286 membersof averageasofApril 1. Number the S&P 500 that filed annual of jobs cut SoftBank,best known lately reportsbetween July 1and formaking big investmentsin 1=1,000 jobs March 31, a Wall Street Jour- privatetechnologystartups nalanalysis of securities fil- out of a$100 billion fund, has As ashare ings shows. of total 9% 19 12 23 12 53 36 15 34 30 26 been pushingmorelately into Those gains masked employees public companies. wrenching changes and job It recently said it wasin- losses forworkersinmany vesting in convertible debt of companies and industries.And Change in workforce forS&P 500 companies,bysector Pacific Biosciences of Califor- the net gain in jobs for2020 Shareofcompaniesthathad fewerworkersin2020than 2019 Shareofcompaniesthataddedworkers nia Inc., which produces next- wouldn’t have happened with- generation DNA-sequencing 100% 80% 60% 40% 20% 0% 0% 20% 40% 60% out asingle company: Ama- systems used to research dis- zon.com Inc. Energy eases and develop treatments. Thegiant internet retailer Utilities PacBio,asitisknown, had an- added 500,000 workers nounced ajoint venturewith around the world during the Materials Invitae to develop aplatform All energy year—morethan 400,000 of to makeiteasier and moreaf- companies had Industrials them in the U.S. Amazon cre- fewerworkers, fordable to provide whole-ge- ated nearly as many jobs last according to Real estate nome sequencing at scale, year as the 136 other compa- The Wall Street whichMorganStanley re- nies in the Journal analysis Journal’sanalysis Financials search analystscalled a“po- that added workers. More than 70% of tentially game-changing col- Consumer staples “By hiring that manypeople, all healthcareand laboration.” *Renamed Howmet Aerospace tech companies we were not only able to de- after separation of Arconic Corp. Overall addedworkers Theagreement helped liveressential items forour †Includes divestitures of lighting and spark amajor rally in PacBio customersduring acritical pharmaceutical-supply operations. Communication services shares. time,but also provide an op- ††Includes spinoff of Otis Consumer discretionary These investmentsare part portunity to those who lost Worldwide and Carrier Global. of SoftBank’splan to build up theirjobs or sawtheir hours Note:The Wall Street Journal’sanalysis of S&P 500 companies’ Healthcare itsportfolio of biotech and cut because of Covid,” said Beth annual reports ﬁled with the SECsinceJuly 1. life-sciences companies. Tech Galetti,Amazon’ssenior vice Source:the companies SoftBank has also recently president forhuman resources. invested in the initial public “Amazon became an ‘employ- panies don’talways disclose year of what is nowCostco Lo- that ended last May—was shrinking some workforces. offeringsofseveral U.S. life- ment beacon’ forhundreds of whether staffing changes stem gistics,Chief Financial Officer driven in large part by sharply Raytheon Technologies Corp. sciences companies. American communities.” from layoffs,attrition, deal Richard Galanti said. higher demand fore-com- and United Technologies Corp. While SoftBank and its Theoverall U.S. labor market making or other factors. Amongcompanies adding merce, a spokesman said. employed313,200 in 2019,be- $100 billion Vision Fund have is healing from the pandemic’s Forexample, PepsiCo Inc.’s workers, the median increase In all, 133 companies in the fore merging last year and had some high-profile stum- shocks.Employers added addition of 24,000 jobs last was6.6%. Facebook Inc.’s Journal analysis shrank their spinning off Otis Worldwide bles over the past several 916,000 jobs in March,the big- year—a 9% increase over workforce grew by 30%, or al- workforces. Among them, the Corp.and Carrier Global Corp. years, they have recently gest gain sinceAugust. Theun- 2019—was largely driven by most 14,000 jobs. Biotech gi- median decline was5.1%, and a Thespinoffs ended 2020 with a scored giant paper gains as employment rate fell to 6.0%. acquisitions,including Soda- ant Biogen Inc.added 1,700 dozencompanies lost aquarter combined 125,000 workers; portfolio companies including Thefigures in the Journal Stream International Ltd. workers, about 23%. or moreoftheir workers. Eigh- Raytheon employed181,000 on DoorDash Inc.and Coupang analysis reflect global employ- About 1,300 of Costco Whole- FedEx Corp.’sstaffing in- teen reduced their head count Dec.31. Inc.join the public marketsat ment. Most firms don’t dis- sale Corp.’s19,000 newjobs crease of 50,000,or11%— by at least10,000 people. About a fifth of the 31,000 far higher valuations than close U.S. employment. Com- came from the acquisition last which reflects the fiscal year Deal making resulted in PleaseturntopageB4 those at which they invested. ‘Godzilla vs. Kong’ Is Whistleblower Waits Years for Reward

A Smash at Box Office BY BEN FOLDY

BY ERICH SCHWARTZEL up demand existstoresume ForKim Gwang-ho,ithas normal activity among con- been 1,700days sincehetold Whowon “Godzilla vs. sumers. Thelast “Godzilla” U.S. regulatorsthat his then-em- Kong”?Hollywood. movie,released in 2019,made ployer, Hyundai Motor Co., was An entertainment industry $47.8million in itsthree-day failing to addressadesign flaw worried about getting consum- openingweekend. linked to engines seizing up and ers back to the theater re- Thenearly $50 million at timescatchingfire. ceived aburst of confidence opening has turned “Godzilla Mr.Kim, an ex-safety engi- this weekend, when the mon- vs.Kong” intoanunlikely an- neer at theKorean automaker, ster mashup collected arobust swertoalargerquestion fac- said the days he counted will be

$48.5 million over five days ing American business: Are worth it if he gets areward he JOURNAL

despitecoronavirus-driven ca- consumersready to leave the believes he is entitled to as part REET

pacity limitations in most au- house? of awhistleblowerprogram ST ditoriums. As mask mandates liftin Congressordered the National LL Thefilm easily had the best some areas and vaccinations Highway Traffic Safety Adminis- WA THE

box-officedebut sincethe pan- proliferate, concert promoters, tration to createin2015. R

demic began, indicating pent- PleaseturntopageB2 Theproblem: Theagency FO never set up the program.

After going public with his CHUNG

concerns,Mr. Kim lost his job, JEAN INSIDE wassued by Hyundai foralleg- Kim Gwang-ho, at home in Yongin, South Korea, eventually took an early retirement from Hyundai. edly leaking businesssecrets and had his house outside Seoul potentially morewerethe com- whistleblowers under the 2015 $56 million moreonnew safety searched by police. Now, Mr. panies to paydeferred penalties. lawwithout the rules in place, procedures. S Kim said he is unsurewhen or if Thedelayofthe program has she said. To date, it hasn’t paid Hyundai and Kia, in their set- NEW

G he will be compensated forthe frustrated lawmakerswho spon- out anywhistleblowerrewards, tlement with U.S. regulators, S role he says he playedinanin- sored the original bill as well as but it received tips and claims, said they disagreed with the PRES

OOMBER vestigation that led to arecord auto-safety advocates,who say she said. Theagencyspokes- agency’sassertions and settled

TED settlement NHTSA reached with theregulatoryagencydelayed woman declined to comment on to resolvethe issue administra- CIA

GLE/BL the automaker and sister com- implementing apowerful tool to Mr.Kim,including whether he is tively.Aspokeswoman said SO NA AS pany Kia Corp.last year forup protect people from potentially eligible forareward. Hyundai is working with NHTSA to $210 million. fatal vehicle defects. Last fall, NHTSA,the topU.S. and complying with the settle- MICHAEL

NETFLIX/ “I have hope that all these Aspokeswoman forNHTSA autosafety regulator,said it ment terms,including imple- pains and all these harddays declined to comment on why found that Hyundai and Kia had menting newsafety processes. STREETWISE HEARD ON THE will be finally rewarded,” the theagencyhasn’t yetestab- delayedrecalling vehicles with She declined to comment on Mr. The problem with STREET 59-year-old said through an in- lished the whistleblowerpro- defectiveengines and provided Kim’sclaims regarding Hyun- thematic ETFs: Afund Investors’ tastesshift terpreter. gram. She said the newadminis- investigatorswith inaccurate dai’shandling of the engine Mr.Kim’slawyerssaid they tration has made the program a information. Theautomakers problems and his accusations candecide whata when it comes to food- believehis payout would be at priority andisworking on mak- agreed to pay$81 million in that it retaliated against him. spacecompanyis. B9 deliveryapps. B10 least $13.7 million, based on the ing rules forit. Meanwhile,the fines and potentially another Afterseveral high-profile formula laid out by the law, and agencycan protect and reward $73million and agreed to spend PleaseturntopageB6 P2JW095000-5-B00200-1------XA

B2 | Monday, April 5, 2021 ***** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A-B Facebook....B1,B4,B9,B10 Morgan Creek Capital Airbus ...... B9 Fastenal...... B4 Management...... R5 Air France-KLM...... A9 Fastly...... R2 Morningstar...... R5 Alden Global Capital...B1 FedEx...... B1,B10 Nautilus...... R2 Alphabet...... B10 Fidelity National Netflix...... B4,B9 Amazon...... B4,B10 Financial...... B9 Nvidia...... B9 AMC Entertainment Ford Motor...... B4 Olo...... B10 Holdings...... B2 Freshpet...... R2 Opendoor Technologies American Homes 4 Rent Fulgent Genetics...... R2 A6 A6 Fundrise...... A1 PCCP...... A6 Apple...... B10 GameStop...... A2,R1 Peloton Interactive.....B4 Arcturus Therapeutics General Electric...... B4 PepsiCo...... B1 Holdings...... R2 General Motors...... B4 Pioneer Natural ARK Investment GFG Alliance...... B6 Resources...... B3 Management...... B9 Greensill Capital...... B6 Quantum Energy AstraZeneca...... A6 H-L Partners...... B3 Raytheon...... B1 AT&T...... B1, B2 Harkins Theatres...... B2 Roofstock...... A6

Bally's...... R2 Hertz Global HoldingsB9 S Big Horn Cinemas...... B2 Howmet Aerospace....B4 S-T Biogen...... B1 HRK Holdings...... A3 Snap...... A2 PRES

BlackRock...... A6 Hyundai Motor...... B1 SoftBank Group...... B1, TED Boeing...... B9 International Business B6 C-G Machines...... B9 Space Exploration OCIA SS

Callaway Golf...... R2 International Technologies...... B9 /A Calstrs...... A6 Consolidated Airlines Tesla...... B4 Group...... A9 3D Systems...... B9

Carnival...... B4 DISNEY

Churchill Capital IV.....R5 Invitation Homes...... A6 Tribune Publishing...... B1 S/ Cinemark Holdings.....B2 Invitae...... B1 Tuttle Capital Johnson & Johnson....A6 Management...... R5 UDIO

Cineworld Group...... B2 ST Comcast...... B2,B4 J.P. Morgan Chase...... A6 U-Z Kinloch Partners...... A6 VEL Costco Wholesale...... B1 United Airlines Holdings Las Vegas Sands...... B4 Credit Suisse Group...B6 B4 MAR LGI Homes...... A6 Deere...... B9 United Parcel Service Scarlett Johansson stars in ‘Black Widow,’ which will be the first Marvel superhero movie to be released in theaters in two years. Lockheed Martin...... B9 Defiance ETFs...... R5 B10 Lululemon...... B4 Deliveroo Holdings...B10 ViacomCBS...... B2 Deutsche Lufthansa...A9 M-R Virgin Galactic Holdings Diamondback Energy..B3 Madison Realty Capital B9 Cinema Chains Mull Pushing Back DoorDash...... B10 A6 Waitr Holdings...... R2 DoublePoint Energy....B3 Marriott InternationalB4 Walker & Dunlop...... A6 DraftKings...... R2,R5 MGM Resorts Walt DisneyB2Zillow D.R. Horton...... A1 International...... B4 Group...... R2 Emergent Biosolutions Microsoft...... B10 Zoom Video At DisneyPlans for‘Black Widow’ A6 Moderna...... A6 Communications..B4,R2

BY R.T. WATSON weekend, didn’t offer “Raya” ment to bringing itsentertain- my business…people want to AND ALEXANDER GLADSTONE at most locations. ment as directly to consumers watchit”on the big screen. INDEX TO PEOPLE When “Raya” initially made as possible. Disney hasn’t released on- Ashowdownoverthe debut itsdebut, Disney asked fora Mr.Beaverson said the ti- line sales datafor the two A-B Hicks, Brenda...... R3 Opsal, Scott...... R2 of Marvel’s “Black Widow” is 52% revenue split,according tles available in July will play films it has offered on Disney+ Aron, Adam...... B2 Hillerberg, Peter...... R1 R-S brewing between two longtime to aperson familiar with the abig role in determining foranextrafee.The company Hodges, Craig...... R2 Bainum, Stewart...... B1 Reynolds, Shawn...... B3 Hornbuckle, Bill...... B4 Hollywood partners: Walt Dis- matter. whether pushing back on Dis- is releasing the live-action Baron, Michael...... R2 Rock, Edward...... R4 Icahn, Brett...... B3 ney Co. and movie theaters. Cinemark and Harkins ney’s terms for“Black “Cruella” in theatersand on Baron, Ron...... R2 Ruff, David...... R6 Icahn, Carl...... B3 Bezos, Jeff...... B10 Schutte, Brent...... R2 At the end of March, the- didn’t respond to requestsfor Widow,” which starsScarlett Disney+ foranextra$29.99on C-D J-K Sheffield, Bryan...... B3 ater ownerswereupset to comment about “Black Johansson,isworth the risk. May28. Chandler, Marc...... R2 James, Jeff...... R2 Sheffield, Scott...... B3 learn of Disney’s decision to Widow” and “Raya.” Regal de- Twopossible blockbustersar- Disney announced in March Chapek, Bob...... B2 Jankovic, Olivier...... A9 Slaine, Mason...... B2 release the movie both in the clined to comment. that the servicehas morethan Chervitz, Darren...... R2 Johnson, Ben...... R5 Slott, Ed...... R3 Cyrus, Sara...... R3 Klausner, Michael...... R5 Sylvester, Haley...... R4 cinema, and on itsDisney+ Therecent tension high- 100 million subscribers,at Dealy, Richard...... B3 Kruger, Wayne D...... R3 T-Z streaming servicefor an addi- lightsthe changing dynamics Theaterownerswant $7.99amonth in the U.S.,and F-G L-M Tchir, Peter...... R2 tional $29.99 fee. Disney also between film studios and the- said it is on track to meet its Fedeli, Fabiana...... R6 Lynch, Dennis...... R1 Tuttle, Matt...... R5 delayedthe film’srelease to atersasthe Covid-19 pan- betterterms as the projection of 260 million sub- Foley, Bill...... B9 McCarthy, Karen...... R3 Vail, John...... R6 July.Now some theatersare demic pushed some cinema scribersby2024. Disney dom- Galanti, Richard...... B1 McNeilage, Bruce...... A6 VanLoh, Wil...... B3 film will be available Galetti, Beth...... B1 Mitts, Joshua...... R4 Wheat, Bill...... A1 considering waystopush back chains intobankruptcy,and as inated the boxofficeinthe Goldstein, Jeff...... B2 N-O at thebiggest studio in Holly- consumersand studios turned on streaming. yearsbeforethe pandemic, Gupta, Sanjeev...... B6 Neuman, Brad...... R2 Yusko, Mark...... R5 wood over one of the sum- to streaming entertainment at with seven of 2019’stop- H-I Ohlrogge, Michael...... R5 Zimmerhansl, Roy...... R4 mer’s most anticipated mov- home.Inthe past, Disney has grossing films,including Mar- ies,according to people secured ahigher percentageof vel’s“Avengers: Endgame.” involved in the discussions. ticket sales from theatersdur- riveahead of the Marvel film: Still, some theater owners forming locations tended to be The cinema owners’ aim is ing the windows they exclu- the Fast &Furious sequel “F9” said privately they arepre- ‘Godzilla drive-in theatersorsmaller to securebetterterms from sively showedmovies,espe- on June 25 from Comcast pared to push back on “Black marketslikeSalt Lake City.This Disney,such as ahigher share cially forthe lucrativeMarvel Corp.’sUniversal Pictures and Widow,” even though it is a weekend, multiplexesinElPaso, of box-officerevenue or a films.When Disney offers “Top Gun: Maverick” on July 2 Marvel movie.The franchise is Vs. Kong’ Texas,Los Angeles and other chancetoshow“Black Widow” movies on itsdigital platform, from ViacomCBS Inc.’sPara- ajuggernaut in Hollywood, bigcities sawthe best sales. exclusively,but their ability to it cankeep all of the revenue. mount Pictures. and fans have been waiting Themovie’sNo. 1market, fight the studio might be un- Thecompany’schief executive, “We’ll take it as it comes,” morethan two yearsfor Dis- Is Big Hit LosAngeles,isstill keeping dercut by their need to lure Bob Chapek,has been stead- he said. “I have to think about ney to release anew Marvel theaters to 25% capacity but moviegoersback to multi- fast about Disney’s commit- the town that I’m living in and movie. wasable to take over amajor- plexesafter ayear of closures ContinuedfromPageOne ity of screens at some locations and limited capacities. restaurant ownersand movie- due to alack of competition in “Wehaven’t made any theater operatorsare counting the marketplace, said Jeff threats,” AMC Entertainment on arobust reopening to com- Goldstein, Warner Bros.presi- Holdings Inc. Chief Executive pensatefor ayear of stay-at- dent of domestic distribution. Adam Aron said in reference home restrictions.InHolly- “Therewas interest to go to “Black Widow.” But “itis wood, the theatrical boxoffice outand enjoysome normalcy,” widely known that AMC has is especially scrutinized, since said Mr.Goldstein, adding that threatened not to playmovies executives fear that ayear of initial datashowedasignifi- if we could not find business streaming at cant shareofthis weekend’s terms that we found accept- BOXOFFICE home will keep moviegoershadn’t been to a able,” he said. moviegoers theater in morethan ayear. Disney declined to comment from venturing back to the the- Box-officereturns sincethe for this article, but said when ater this summer. pandemic spread have been it announced the “Black AT&T Inc.’sWarnerMedia anemic.Before“Godzilla,” the Widow” decision that the Ourluxuriously handcrafted has done morethan most stu- previous weekend record movegaveconsumersmore dios to contributetosuch a holder was“Wonder Woman optionsand reflected their Bismark-linkbracelet fear,offering “Godzilla vs. 1984,” which opened to $16.7 preferences. Kong” and itsentire2021 slate million in December. That Some theater ownerswere Indulge in theeffortlesseleganceofour forstreaming on itsHBO Max topped other pandemic re- already fuming over Disney’s servicealongside the theatrical leases like“Tenet” and “The decision to release “Rayaand 18kt yellow gold oversterling silver Bismark-link debut.The studio didn’t pro- Croods 2,” both of which de- the Last Dragon” in theaters vide information on howthe buted to lessthan $10 million. and on Disney+ in March. “I’m bracelet.Masterfullyhandmadeand polished to movie performed on streaming Morethan just pent-up de- playing ‘Raya,’but that’s ahighshine,our design featuresachicoversized services this weekend. mand contributed to the “Godz- probably the last Disney title Theeconomy’sreopening illa” grosses.The movie bene- I’m going to play,” said Tony springring claspthatisasfunctional as it is stylish. wasreflected in wherethe fitedfromaholidayweekend Beaverson, who owns Big movie sold the most tickets. release,and wasalso the only Horn Cinemas,atheater in You'll findendless opportunities to wear andpair During the pandemic,top-per- big-budget movie in theaters. Cody,Wyo. America’sthird-largest the- ourfabulousbracelet! ater chain, Cinemark Hold- Estimated Box-Office Figures, Through Sunday ings Inc., opted to boycott “Raya” in March, abold move SALES, IN MILLIONS considering that cinemas had FILM DISTRIBUTOR WEEKEND* CUMULATIVE % CHANGE few attractive titles to offer customersatthe time and the- 1. Godzilla vs. Kong Warner Bros. $32.2 $48.5 — atergoerswerestill skittish 2. The Unholy Sony $3.2 $3.2 — about returning. Harkins The- 3. Nobody Universal $3.1 $11.9 -55 atres,which has morethan 30 domestic locations,also didn’t 4. Raya and the Last Disney $2.1 $32.2 -45 offer the movie.The nation’s Dragon second-largest chain, Cin- 5. Tom & Jerry Warner Bros. $1.4 $39.5 -48 eworld Group PLC’sRegal En- *Friday, Saturday and Sunday Source: Comscore tertainment Group, which reopened 20 theatersthis

who founded amedical-device $18.50asharetobuy Tribune Tribune maker later bought by John- that wasconditional on him son &Johnson,has said he being able to raise the financ- $ wasinspired to join with Mr. ing.Heagreed to put up $100 189 Receives Bainum afterreading such a million of his ownmoney for plea from reportersatthe the effort and Mr.Wyss later Plus Free Shipping ChicagoTribune. committedanadditional $100 New Bid As is typical, the Tribune million with the intention of 18kt Yellow Gold Over Sterling Silver boardhas continued to rec- ultimately taking control of ommend Alden’sdeal to theChicagoTribune. Bismark-Link Bracelet 7 ContinuedfrompageB1 shareholdersand will do so People close to Mr.Bainum 7" length. ⁄8"wide. Springring clasp. acquires. until another proposal is offi- sayhehas long been sad- Over the past decade,it cially deemed superior.As- dened by the decline of the Available in 8" $219 has slashed newsroom staff suming that happens in the Sun, his hometownpaper.He Also in sterling silver.Item #9445077"$149; 8" $169 by morethan 75%atmanyof coming weeks,Alden would has said that if his bid is suc- itspapers, according to the have afour-daywindow cessful, he intends to ulti- Shown larger for detail. News Guild. At one paper,the match the counterbid or walk mately hand control of the NorristownTimes Herald in away with abreakup fee. paper to anonprofit trust. Pennsylvania, the newsroom Theagreement stipulates Florida investor Mason shrunk from 45 in 2012 to that it would be owed$20 Slaine,who holds a3.4%Trib-

just five today, the union million if Tribune scraps their une stake, had expressed in- scan heretovisit said. deal in favorofanother.In terest in joining the effort in Ross-SimonsItem #944195 That approach helped lead that case,Alden could also order to acquirethe pub- to the rival offer,with report- makeaprofitonits 32% lisher’s Orlando Sentinel and To receivethisspecial offer, use offercode: LOVEIT82 ersatseveral Tribunepapers stakeinthe company. SunSentinel in Fort Lauder- 1.800.556.7376 or visitross-simons.com/loveit launching campaigns to find On March 16,Mr. Bainum dale,but isn’t part of it, the alternatebidders. Mr.Wyss, made anonbinding offer of people said. P2JW095000-0-B00300-1------XA

THE WALL STREET JOURNAL. Monday, April 5, 2021 | B3 BUSINESS NEWS Icahn Taps Former GE Executive as CEO

BYCARA LOMBARDO to be named Icahn Enterprises andhis firm recently moved. ment portfolio and hasn’t gaveuptrying to predict the businesses in Europe and the LP’s chief executive and chief Thefirm is in the process managedoutside money in market’snextmoveasasteady Middle East. He oversawefforts After forcing companies to operating officer on Monday, of hiring a new finance chief. years. Icahn Enterprises trades flow of pandemic aid and exu- to simplifyits giant financearm makecountlessCEO changes Mr.Icahn said in an interview. Themoves form part of a publicly and has amarket berancekeep it rising. and later helped orchestratebig in his career,Carl Icahn is Twolongtime Icahn lieuten- broader leadership overhaul value of around $13.3 billion. “It’slikeyou’reonsome deals including GE’s 2017 about to makeone of his own. ants—current CEO Keith Cozza accompanying the 85-year-old At Icahn Enterprises,the kind of newrocket ship and mergerofits oil-and-gas busi- Theactivist investor said he and Chief Financial Officer Mr.Icahn’s movetoFlorida CEO role involves overseeing youdon’t knowwhat the hell’s ness with Baker Hughes and the is hiring aformer General Elec- SungHwan Cho—areleaving from New York and the nam- the portfolio companies and going to happen,” he said. “I mergerofGETransportation tric Co.executivetobeCEO of the firm. Mr.Icahn, who hired ing of his son, Brett, as his interfacing with banks, while do believethe rocket ship has andWabtec Corp.in2019. his firm, which houses his in- them in 2004 and 2006,re- eventual successor. Mr.Icahn and Brettfocus on gotaway to go because of this Mr.Icahn said Mr.Keked- vestment fund and acollection spectively,praised their contri- Fornow,the elder Mr. stock-picking and investment unprecedentedflood of capital. jian’sM&A chops will come in of companies he controls. butions and said they areleav- Icahn remains squarely in decisions. But eventually,unlesswe’re handy forengineering deals Aris Kekedjian,a30-year ing on excellent terms.Afactor charge as chairman of Icahn Theelder Mr.Icahn, who extremely lucky, it will have a involving portfolio companies, GE veteranwho wasthe indus- in the decision wasthat nei- Enterprises,which primarily has been notably bearish in crash of large magnitude.” which include refiner CVR En- trial conglomerate’schief in- ther planned to relocatetothe manages the billionaire’sown the past few years, has become Mr.Kekedjian held roles at ergy Inc.and PepBoys auto vestment officer until 2019,is Miami area, whereMr. Icahn businessinterestsand invest- more sanguine. He says he GE that included running its shops. Big Shale Deal Reflects Interest In Small Drillers

BY COLLIN EATON shares of U.S. oil producers, following the rollout of Pioneer Natural Resources Covid-19 vaccines and a slow Co.’s$6.4billion deal to buy but steady recovery in oil de- DoublePoint Energy last week mand, is enabling largercom- is the latest sign of renewed panies to use their equity to interest in smaller shale drill- pay for targeted acquisitions. ers as oil prices recover from Pioneer,led by Chief Execu- last year’s pandemic lows. tiveScott Sheffield, plans to Thedeal, announced Thurs- issue 27.2 million shares and dayevening,was the largest spend $1 billion in cash in the acquisition of aprivately held DoublePoint deal, set to close shale companysince2011. It in thesecond quarter.Itwill follows the sale of anumber of assume about $900 million of smaller oil-and-gas companies the smaller company’sdebt

and demonstrates momentum and liabilities. /REUTERS RD

in what had been a moribund Thetransaction comes a FO

market, according to execu- few months afterPioneer OX

tives,investorsand datafrom bought Austin, Texas-based NICK consulting firm Enverus. Parsley Energy Inc.,acom- A drilling rig operates along a highway in the Permian Basin oil- and natural-gas-production area in Lea County, N.M. The market for private oil- pany co-founded by Mr. Shef- production firms had col- field’sson, Bryan, in adeal bought, he said. Pioneer plans lion, according to datafrom the low$20,000-an-acrerange. going to say, ‘Weneed to hop lapsed in recent yearsasin- valued at $4.5 billion. to dial down DoublePoint’s S&P Global Market Intelligence. WilVanLoh, chief executive on it beforethey digest it and vestors, frustrated following Pioneer President Richard growth projections from an As oil and shale company of Quantum Energy Partners, they’reready to go again.’ ” yearsofdismal returns, Dealy said rising oil prices anticipated 30% a year to the shareprices have climbed, so one of DoublePoint’s backers, SinceDecember,four pri- pushed largershale companies have helped many companies 5% range, “consistent with our have deal valuations.Pioneer’s said DoublePoint had engaged vate-equity-backed U.S. oil com- to curtail investmentsand improvetheir balancesheets game plan,” Mr. Dealy said. deal values DoublePoint’sland with several interested buyers panies have sold themselves in stop buying smallerdebt- morequickly than anticipated, Pioneer’s market value has at northof$30,000 an acre, on the lookout forsmaller deals valued at acombined $1.6 laden companies. making smaller companies surged to $35.6 billion, from according to Enverus, up from companies with low debt and billion, the firstsuch deals That haschanged in recent more attractive targets. Still, $13.9 billion six months earlier an averageof$10,000 an acre prolific acreage. sinceJanuary2020,Enverus months—at least forthe pri- smaller companies will have to on Oct. 1. In that same period, across sales last year in the “There’sonly ahandful of datashowed. That includes Di- vate companies with betteras- conform to the U.S. oil indus- thecollectivemarket capital- Permian Basin of West Texas qualified companies.They’rego- amondback Energy Inc.’s $862 setsand lowerdebt—as U.S. try’snew doctrine of curtail- ization of the 25 largest U.S. and NewMexico. Pioneer said ing to be selective,” Mr.VanLoh million purchase of Guidon Op- benchmark prices hover above ing spending and production oil-and-gas producershas it estimates the pricetag val- said of buyers. Still, he added, erating LLC,aprivatedriller in $60 abarrel. Asurge in the growth if they want to get climbed about 89% to $769 bil- uedDoublePoint’sacreagein Pioneer’s“big competitorsare the Permian Basin.

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B4 | Monday, April 5, 2021 ***** THE WALL STREET JOURNAL.

TECHNOLOGY & BUSINESS WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen Smart Workouts Win a Place at Home

Thepan- The Pros repetitive-stressinjuries.Just demic con-  They’renicer than run- comb anysmart-fitnesshard- vinced me: At- of-the-mill machines. Iwas ware maker’s Facebook page, home fitnessis impressed with the build qual- and you’ll see that repairs the future. Af- ity of SoulCycle’sat-home aren’t amatterofif, but when. terthe pan- bike. It has asturdy base to My Echelon Stride treadmill demic,Iwill continue to work support SoulCycle’sout-of- arrived afteraone-month wait out in my living room. saddle dancemoves.The mag- and on my second run, the Why? Theconvenience, the netic resistanceproduces a speed and incline buttons on affordability and the quality of smooth feel and awhirring no the handrails stopped working training.Recently I’vewon- louder than awashing ma- mid-workout. It wasamain dered: Should Itakemyliving- chine on agentle cycle.The console chip malfunction, ac- room workoutstothe next big bonus forcyclistslikeme cording to the company. A level with higher-end con- is the included Stagespower week later,areplacement nected equipment? meter to measureoutput, showedupand has been In aquest to learn some- which is the same variety the working fine ever since. Greg

thing about whypeople spend pros use and compatible with JOURNAL Dahlstrom, Echelon’svice thousands of dollarsonequip- training apps likeZwift. president of supply chain, said REET

ment, and hundreds moreper Joanna Stern felt similarly ST the treadmill has had “very

year forstreamed workouts, I about the Peloton Tread. LL few problems” sinceits launch

set up asmart gym: a SoulCy- “Maybe because I’veonly used WA last fall. cle At-Home bike ($2,500), a old equipment in hotel gyms,  They canbedangerous, Mirror workout screen but it’ssuch anicetreadmill,” especiallyaround children.If ($1,495) and an Echelon Stride she said. Afew highlightsare the safety key is leftina NGUYEN/THE treadmill ($1,300). Meanwhile, a23.8-inch screen and easy- treadmill console,the equip- OLE

my colleague Joanna Stern has to-adjust speed and incline NIC ment caneasily be turned on. been testing Peloton Interac- knobs on the handrails. The SoulCycle bike comes with a 21-inch touch-screen to stream exclusively SoulCycle classes. In March, Peloton CEO John tive’s coming Tread ($2,495, TheEchelon Stride doesn’t Foley reported that achild on sale May27). have adisplay, henceits more likely far lessthan astudio. your inboxortexts,likethe play—and Chris,myinstruc- waskilled in an accident in- Internet-connected hard- affordable price. It has atablet And youget morevalue out of Mirror’s,will help preservethe tor—forcedmetoconfront my volving oneofits treadmills ware typically have abig dis- holder that would coverup it by using it moreand roping time you’vecarved out. sloppy lungeonceand forall. and said he wasaware of a playtostream classes.Per- some metrics—except when in membersofyour household Mirror,from Lululemon  The content appeals to “handful” of cases wherechil- sonal workout metrics are the treadmill senses the Eche- to do the same.You canadd Athletica,isareflectivedis- fitness-class regulars.Con- dren were hurt. displayedon-screen. Many lon app is open, the console’s several profiles under one play, mounted or leaning on nected fitnessisbest suited to  What if your smart gear have asocial component, such metrics disappear and show subscription: up to five users the wall, that streams classes people who prefer high-en- stops being smart? I’m gener- as the ability to competeona up on the tablet screen. forSoulCycle’sbike, six for such as yoga and strength ergy,instructor-based exer- ally wary of internet-con- liveleaderboard. All of the Therewereafew initial hic- Mirror,four forEchelon and training.It’sthe kind of con- cise.Echelon CEO LouLentine nected products. They canun- models Itested requirecus- cups with the Stride, but I unlimited usersfor Peloton. (A tent that could easily be dis- describes his company’sma- expectedly cease to function. tomerstosign up fora$40-a- liked howsleek and light- spokeswoman says the com- playedonaTVortablet. YetI chines this way:“Dumb equip- That’swhat happened to own- month membership. weight it is. panydoes monitor forac- wassurprised to discover how ment becomes ahanger for ersofFlywheelFly Anywhere Arethese large,expensive  Themoreyou use it, the count-sharing outside of the much Iliked the notification- your clothing.It’sjust apiece bikes in February2020,after fitnessgadgetsworth it? In moreaffordable it is.Inaddi- primaryhousehold.) free experience(aphone is re- of steel. And nowthat pieceof their maker lost apatent-in- some respects, absolutely.But tion to the high equipment  Youget betterworkouts quired to start the workout steel has apersonality.” fringement lawsuit against Iworrythis equipment—like cost, the $40-a-month mem- on adedicated device.One and control the audio). Peloton and wasforcedto other internet-connected gad- bership is yetanother sub- downside of using mobile Abig drawback to working The Cons shut down itsbikeoperations. gets—might suddenly stop scription you’ll need. apps? Your smartphone and out at home is that youdon’t  Home equipment means Thecompany’sstudio business working.Hereare the pros However, it maybeless tablet come with distractions. benefit from an instructor’s repairsand other service. closed altogether during the and cons: than your gymdues and is Adisplaywithout access to corrections.The reflectivedis- Machines are, likeus, prone to pandemic.

the lossofworkersreported by Benefits Favor IVF Over Adoption Biggest largerrivals Ford Motor Co. and GeneralMotors Co. AGMspokesman said the BY CHRISTINA REXRODE mentsalikeare out of reach Companies companyisinvesting heavily in formanyfamilies.Adopting a electric vehicles and plans to SarahMahalchick and her child caneasily cost $50,000 add about 2,200 jobs in Michi- future husband talked on one or more. (The exception is Add Jobs ganand 1,400 to 1,700inOn- of their firstdates about adopting from foster care, tario as it reopens and retools wanting to adopt. There were wherefinancial costsare usu- plants, including some that will lotsofchildren out therewho ally minimal.) A single round ContinuedfrompageB1 produceelectric vehicles. needed parents, they told each of IVF cancost $20,000 or workersthat General Electric A Ford spokesman said the other from the start. more, and many women need Co.shed last year went with companyisinthe processof Butwhen they were ready multiple rounds. the sale of itslighting and bio- refocusing and streamlining to expand their family,they Lauren Serianni of Tampa, technology-supply divisions. itsbusinesstomodernizeand opted forfertility treatments, Fla., said shewas disheartened Aluminum maker Arconic Inc. simplifyoperations,including including in vitrofertilization. that her husband’semployer employed41,700in2019,be- forelectric-vehicle production. It seemed to make sense: Ms. waswilling to foot the bill for fore splitting intotwo compa- Even within an industry, em- Mahalchick’s employer would three cycles of IVF,abenefit nies in April 2020: Howmet ployment moves varied. Casino payfor alarge chunk of the easily worth $60,000,but Aerospace Inc., employing chain LasVegas Sands Corp. treatmentsthrough her health would payonly $3,000 toward 19,700,and Arconic Corp., em- reported an 8% decline in its insurance; it offered almost no an adoption. She and her hus- ploying 13,400, as of Dec. 31. workforce.AtMGM Resorts help on adoption. band spent morethan 10 times The pandemic also took its International,which employed Fertility benefitsare be- that to adopt their daughter, toll. MarriottInternational significantly morepeople in coming almost trendy at blue- who is now a year old. Inc. staff plummeted with the 2019,head count fell by 36%. chip companies,with more “Any wayyou’regoing to decrease in hotel stays. After With morethan 20 casinos firms offering to help with the grow afamily is beautiful,” sailingsweresuspended, Car- in theU.S., including adozen costs of IVF and egg freezing. Ms.Serianni said. “It shouldn’t nival Corp.shed 34,000 on the LasVegas Strip,MGM is But in manycases,companies be,‘If it’snot genetically yours cruise-ship workers,more moreexposed to the hard-hit

that offer fertility benefits N then we won’t pay for it.’ ” than a third of its total, while American economy. LasVegas givenofinancial assistanceto TO In 2018, about 80,000 chil- onshorestaff declined by Sands has increasingly focused employees who want to adopt, dren were born in the U.S. us- 2,000,orabout 14%. Most of on foreign markets. and when they do their adop- LIVINGS ing IVF and other fertility Comcast Corp.’sdeclines came In MGM’sproxystatement tion benefits areoften much treatments, according to the at itsNBCUniversal unit, filed March 26,CEO Bill Horn-

less generous. SHANNON Centersfor Disease Control which curtailed itstheme-park buckle called the company’s Estimates on howmany Lauren Serianni with her husband and their daughter. andPrevention. That same operations formost of the widespread layoffs and fur- companies offer fertility or year,Americans adopted about year and underwent areorga- loughs painful but necessary adoption benefitsare fuzzy. Employers that provide fer- equalizethe playing field in 85,000 children they weren’t nization in the fall. United Companieshit hardbythe Most employers give neither. tility assistance offer benefits supporting employees no mat- related to,according to the Airlines Holdings Inc.early pandemic tended to cut more But the gap is clear. worth an averageofabout ter how they make their fam- National Council ForAdoption, this year hired back about jobs,but workforce changes The Society for Human Re- $36,000, according to Fertili- ily,itwould have ahugesocial an advocacy group. 13,000 of the 21,600 workers and companyresultsdidn’t al- source Management estimates tyIQ.JakeAnderson-Bialis, consequence.” Companies that have gener- idledin2020,but the com- waysmovetogether. that as of 2018,27% of em- FertilityIQ’sco-founder,said ForMs. Mahalchick,the ous fertility benefitsoften say pany said that relief would Fastenal Co., which distrib- ployers offered some form of adoption benefits rarely ex- two years she spent on fertil- they’reresponding to em- likely end oncefederal aid utes boltsand supplies forcon- infertility coverage and 11% of- ceed $10,000,and they’reusu- ity treatmentsweremiserable. ployee demand. runs out this spring. struction and industry, reduced feredadoption assistance. Fer- ally far less. TheIVF hormones made her Employers canalso have lo- Morebroadly,job losses fell itsworkforce by nearly 1,600 tilityIQ, a website that offers The disparity hurts people sick.InJanuary2020,she and gistical and financial reasons unevenly acrosssectors. Most people during the year,or7.2%. courses and other information who can’t or prefer not to un- her husband called it quits. to offer fertility assistance tech and healthcarecompanies Profit rose 8.6% and sharehold- on family building,regularly dergo fertility treatments. They’renow pursuing adop- that don’t apply to adoption. added workers; no energy ersbooked a36.6%total return. scoursbenefit disclosures “It’snot likeit’sacom- tion and wish they had started Fertility coverage,when of- companyinthe Journal analy- Much of that staffing decline from thousands of employers. pany’sjob to support children sooner. “It’s already stressful fered, is usually provided un- sis did. involved part-timeworkers, In areport released Saturday, who need to be adopted,” said enough when you’rebecoming der ahealth insuranceplan.At Longer-term trends contin- said Holden Lewis, Fastenal’s it calculates that only one in Adam Pertman, CEO of the Na- aparent,” said Ms.Mahal- least 17 states have passed uedtoplayout as well. Elec- chieffinancial officer. five companies that offer fer- tional Center on Adoption and chick. “But adoption is treated laws requiring some insurers tric-car maker Tesla Inc.added —Inti Pacheco tility coverage also offer adop- Permanency, aresearch and as if it’s a luxury.” to cover or offer coverage for about 22,700 workersduring and Thomas Gryta tion assistance. advocacygroup.“But if they’d Adoption and fertility treat- some infertility treatments. theyear—handily exceeding contributed to this article. Tech Sector Gains in M.B.A. Talent Recruitment Amid Pandemic

BY PATRICK THOMAS nities for students. global emerging-talent pro- Businessschool graduates Sectorshit hardest by the gram. Netflix had no comment. have increasingly gravitated to Tech companies whose pandemic,such as retail and AkintayoAbiodun,a38- careersintechnology in recent businesses have surgedduring energy,havepulled back their year-old Nigerian in the sec- years, oftenstarting and mov- the pandemic—like Ama- M.B.A. recruiting,according to ond year of his M.B.A. studies ing up in product-management zon.com Inc.and Zoom Video the report. That is especially at RiceUniversity’s Jones roles that combine elementsof Communications Inc.—are the case for companies in the GraduateSchool of Businessin marketing,design and prob- snagging moreofthe M.B.A. hospitality industry, which 61% Houston, had originally lem solving.Businessschools, talent entering the workforce, of business schools said have planned to pursue a career in in turn, have responded by helping to offset pullbacks by cut back job opportunities. theoil-and-gas industry. But fashioning more graduate de- industries harder hit by the Nearly half the schools also he said he reconsidered after grees with training in tech Covid-19 economy. reported a decline in recruit- discovering manycompanies skills such as data analytics Openingsfor tech positions ing from consulting firms— JR. outside the tech industry and artificial intelligence. ABIODUN

rose at 57% of full-time master traditionally some of the big- O weren’t sponsoring interna- Julie Pollok,a25-year-old GADDIS of businessadministration gest hirersofM.B.A. graduates AY tional students this year. M.B.A. student at Southern

programs this past fall, ac- everyyear.Several of those AKINT KEVIN After a summer internship Methodist University’s Cox cording to a survey of nearly firms,including Pricewater- M.B.A. students Akintayo Abiodun and Julie Pollok turned to tech. with aregional bank didn’t School of Business in Dallas, 100 schools by industrygroup houseCoopersLLP and Bain & lead to ajob offer,Mr. Abio- said she came intothe program MBACareer Services &Em- Co., said last year that they whose business have boomed planstorecruit morethan dun accepted arole with Ama- looking forarole in brand man- ployerAlliance. Overall, plannedtomakefewerhires during the coronavirus crisis, 1,000 M.B.A. studentsfor full- zon’sfinanceleadership-devel- agement at apackaged-goods though, it has been a lacklus- among second-year M.B.A. including Amazon, Zoom and time jobs and internships this opment program in Seattle companybut is nowlooking at ter recruiting season at busi- candidates,beyondthose who Netflix Inc., said Megan Hen- year,acompanyspokeswoman oncehegraduates this spring. tech marketing.She plans to in- nessschools,the survey interned in the summer. dricks,executivedirector of said, while Zoom said it in- “Being international, your tern with Samsung Electronics found, as nearly half reported Some of the biggest recruit- the MBACareer Services & tends to hiremoreM.B.A. options arealready restricted,” Co.“Therecruiting in tech was an overall decline in opportu- ershavebeen tech companies Employer Alliance. Amazon graduates as part of anew, he said. just moreoptimistic,” she said. P2JW095000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, April 5, 2021 | B5

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B6 | Monday, April 5, 2021 THE WALL STREET JOURNAL. BUSINESS & FINANCE Greensill-GuptaTie HadRaised Concerns

BY ALISTAIR MACDONALD regulator. The £330 million deal, it has over time used a range AND DUNCAN MAVIN ForGFG Alliance, which equivalent to $454.8million, of financing tools,including houses the Guptafamily’s was one of several major GFG bonds,bank loans and asset- Thebusinessempires of steel, aluminum and energy transactions funded by loans based financing. metals magnateSanjeev Gupta businesses and generates an- from Greensill. By 2017, GFG Mr.Guptahas previously and financier LexGreensill nual revenue of $20 billion, its accounted for69% of the said he wanted to list his Aus- leaned on each other to fuel main source of funding sud- lender’s revenue,according to tralian and U.S. assets. How- their growth. But foryearsex- denly dried up. an internal memo from Soft- ever,bankersatJPMorgan ecutives and advisersclose to Mr. Greensill set up Green- Bank’s Vision Fund, reviewed Chase & Co., who were set to both entrepreneurs urged the sill Capital in 2011 to provide by The Wall Street Journal. help list the Australian assets, two men to decouple their clientswith supply-chain fi- In aphone call with Soft- told Mr.Guptahefirst needed businesses, according to peo- nance—a form of short-term Bank, Mr.Guptaexplained that to reducehis relianceon ple familiar with the matter. lending to help companies pay while traditional lenderswere short-term finance, aperson They failed to do so.Now their suppliers on time. S cheaper,Greensill wasfaster familiar with the matter said.

Mr.Greensill’sfirm, Greensill Mr.Gupta—formerly in NEW and moreflexible,according to JPMorgandeclined to com- G CK

Capital,isinsolvent, and Mr. commodities trading—entered TO asummaryofthat conversa- ment. GFGhasn’t listed any Gupta’sconglomerate, GFG Al- the steel businessin2013 hop- tion contained in the memo. business. liance,isscrambling to survive. ing to reviveunloved indus- OOMBER Increasingly,GFG executives As of September 2019,

Greensill’s implosion has trialassets. He found an in- SHUTTERS and adviserswereconcerned Greensill was lending around ensnared araftoffinancial dustry in constant need of A/ about the relianceonGreensill. $7.4 billion to Mr.Gupta’s firms, including Credit Suisse working capital, wheresuppli- THORNE/BL By 2018 they persuaded Mr. companies,aGreensill docu-

Group AG, which froze $10 bil- ersand customersoften pay TUTTLE/EP Guptatoconsolidatehis hold- ment shows. That month, Mr.

lion of funds it manages with lateand traditional lenders IAN BRENDON ings intoone group,release a Greensill told the Journal in the firm. Regulatorshave steer clear. Lex Greensill’s firm is insolvent and Sanjeev Gupta’s is struggling. single set of financials,bring in an interviewthat he wasa takenoversupervision of “When Istarted my journey long-term debt from banks and “big fan” of Mr.Guptaand his Greensill’s German bank after back in 2013,therewas [sic] sourcesoffunding and that its dian industrialistwith ambi- eventually go public,according attemptstorevive industryin they said aspecial audit found few options available in terms companies areperforming well tions to makesteel in amore to people familiar with the the West. suspicious accounting related of traditional finance…Greensill amid strong marketsfor steel environmentally friendly way, matter. At the same time Greensill’s to Mr. Gupta. The move came came as abreath of freshair,” andother products. is charismatic,charming and But the following year GFG senior management were re- despitealast-ditch attempt by Mr.Guptasaid in apodcast Messrs. Greensill and Gupta, would sometimes invitehis made itsbiggest acquisition ceiving regular updates on the SoftBank Group Corp., Green- aimed at GFGstaff that was the latterthrough GFG, declined staff to family dinners, people yet, paying 740million euros, firm’sGFG exposureand Mr. sill’s largest external investor, published last Saturday. GFG to comment forthis article. who knowhim said. Mr.Green- equivalent to $868.1 million, for Greensillwas telling execu- to intervene directly with the says it is seeking alternative Mr.Gupta, the son of an In- sill, who grew up on afarm in seven European assetsfrom tives that he hoped to “out- Australia, is amorestaid figure steel giant ArcelorMittalPLC. grow” GFG, according to peo- but also an ambitious,aggres- GFGheld talks with U.S. in- ple familiar with the matter. ADVERTISEMENT siverisk taker, people who vestment bank Jefferies over a But GFGremained crucially have worked with him said. potential bond sale to help fund important to Greensill, typi- People familiar with the the deal but dropped the idea cally generating about athird TheMarketplace pair’s relationship said Mr. when Mr.Guptabalked at some of itstotal revenue,according To advertise: 800-366-3975orWSJ.com/classiﬁeds Greensilloften visited Mr. of the terms,the people said. to internal Greensill documents Guptatotalk businessathis In general, he didn’t like reviewedbythe Journal. large glass-walled officeover- covenants, which oftencome Greensill wasalso coming CLASS ACTION looking Sydney Harbour,while with loans and bonds and im- underpressurefromGerman the banker invited the indus- pose conditions on aborrower. bank regulator BaFin to reduce AGVB#% CB,B#C %VCBDV'B 'FADB trialist to his family farm, In particular,Mr. Guptarailed exposuretoGFG at Greensill CFABX#DG %VCBDV'B F! G#- )FDK wherethey would discuss against conditions that pre- Bank, according to astatement (cG) O! +/KK#P MOTc(# /P% !cK# K#GcK#R#PG deals on ahill overlooking the vented him from moving that Mr.Greensill made as part I)IG#Rd c\EaFaEH&^^* &\E Z\ ,C<&^A ZA /^^ ON #83W63(<89W83[ V8$P RN--#MQ Y16<8> 3=W SW6= !W&61(6. ?[ 2J2J[ <8$:15<0W[(8Y /W6WY(9(>WY 3=W6W&. RNCW33:W9W83 ':(55MQP embarked on hismost ambi- of ArcelorMittal’sassetswas cause of BaFin’sconcerns over )O1/K# e#K#,) POGc!c#%d ;H32H&\N NZ KH^C JL ZA Nf'' ;8]8 a\ (ZH3N3ZZ] Y>, ZA N

3ChCaFCE&AH^^ PZNahC &\E (^&a] !Z3]d *ZH ]&* Z"N&a\ hZ;aC2 ZA N

MZ3N^&\Ed OK [UJJBbSLB[ ContinuedfrompageB1 R

B''bBYUb>?JS scandals involving carcompa- FO c\7Ha3aC2d ZN

I,*,BFG CA'X,DF- IIE CHUNG (&3Z^ (8 .a^^C=&2d #278 Congresspassed the laworder-

Y>' ,3Z&E0&* ing NHTSA to createaprogram JEAN PC0)Z3_d P) Y'''? to enticecompanyinsidersto Kim Gwang-ho was given a plaque by a South Korean civil group 0008^&"&NZ\8hZ] 2CNN^C]C\N7HC2NaZ\2$^&"&NZ\8hZ] report autosafety problems.It in 2017 for his anticorruption work. BBBbJY[bSBUU wasmeant to emulateone es- cA *ZH &3C &ICNN^C]C\N (^&22 RC]"C3dNZ"CC^a=a"^C NZ 2<&3C a\ NC)-< !+)E)>N -bJ!F> J@!>!E% '@DF <#) 9)H @)f)-)> >#Jbb !E-b:+) JE\-bJ!F> :E+)@ '+., #7):-# :E)^C!@)+ b)J>)>J>D'<#) 4)95: (/7--$;)4- 623@&1 TX I"e$IN UJ@daL[JbbN a>BLN UJ@<#J =L ;#D8JE)>N C:@CD>)> D' <#) =J@ 9J<)6@+)@ JE+ >:-# -D:E<)@M “This stalling and stonewall- tion in September 2015.It soon settled with Mr.Kim, who a>BLN U!-#J)b 2L [)@ZN a>BLN F#JbbA'D^@D<#>-#!b+L CJ@ >#JbbED< H) @)B:!@)+ D' -bJ!F A.2%=D "0D?>?06D A-B4-343; :'?/D/< -DFN F-#D8JE)>A'D^@D<#>-#!b+L-DFN F#)@ZA `!<# @)>C)-< :Eb)>> JE+ ing is absolutely inexcusable,” blamed the problem on amanu- leftthe companywith alump- 'D^@D<#>-#!b+L-DFN 0)b)C#DE)cSe"*R ee,M(gIIN :E:-#:E)^C!@)+ b)J>)> #J8) H))E @)f)-<)+L A#0!8,,<5 *CE//9/6> @67E=61/1 )4;22 !& Sen. Richard Blumenthal (D., sum early retirement payment, _J->!F!b)c Se"*R ee,Me.,&N *.212,$& %2(3,$6 "2. T-9T41 =2 15 9T31=OJ T-9T41O5J2 A(/=8>?+8<<5 (8?<> !>06/ (8?<1?6C4 (//E4$0>>04 &001 4#-''!)/3$0 53'+ T-4LO9O1LI2T1 S531P OJ 1PT ;=3 7=1T Conn.), aco-sponsor of the bill he said. Thecriminal complaint YE @)c ;#JC<)@ .. 537T3H =JI 4T325J 53 TJ1O1I.P5 S=OL2 20+-'1 7(05 .7)8))/ ."-+, mandating the program, said. against him wasdismissed. V36;;Y0?TaN YT;LN ;J>) TDL ,.M.I$*, 15 SOLT =4355S 5S 9L=OKH =2 =44LO9=;LTH 4-! 60#-* $)%*&91$)**-3&,3%& Mr.Kim said he 9)HQ@';E> 7E:(5>)(>V 6E UJ@-# *.N,I,.N <#) 9@A:(A:< @' 4>@@'<@'9UE!BF 1:Hf)-< =JEd@:C<-\ ;D:@<'D@ <#) 9!><@!-< D' 9J<)6@+)@N)J-# -bJ!F 'D@F F:>< S!R H) `@!<<)E !E $!:4< >9@?,97?+99, concerns to internal T)`X)@>)\)E<)@)+ JE 6@+)@ P9D-d)< TDL ,*"O S<#) aE%b!>#G S!!R !E-b:+) J-bJ!F JFD:E< +)EDF!EJ<)+ Buttigieg asking whyrules Theauto-making group re- 7=J@ 9J<)6@+)@5R )>#!E%<#) +)J+b!E)> 'D@<#) !E /E!<)+ 1+DbbJ@>G S!!!R -DE'D@F >:H> S-Dbb)-5 JE+ `!<# <#) 4@DD' D' ;bJ!F_D@FG S!8R !E-b:+) >:CCD@) !E% +D-:F)E 2:b)> *II.S-R JE+ *II.S+RG JE+ S8R H) >!%E)+ H\ ;D:@ JE+ ED ?%)E<5R !E <#) JHD8)M-JC)E) S<#) 7;#JC<)@ .. ;J>)5RL ?+)< H) >:HF!<<)+ JE+ J-<:Jbb\ gram a priority. intothe company’shandling of EJ <#J< J@)KJ@) ED<@)B:!@)+ !> >)< 'D@<#!E<#) =J@ 9J<)6@+)@N`#!-# !> FJEE)@ >)<'D@<# ':@<#)@ H)bD`JE+ !E <#) =J@ 9J<) Sean McKessy,who oversaw facturingprocess that wassince the recalls soon after. J8J!bJHb) J< #<cKK-J>)>L><@)< D' -bJ!F >)E< H\ 'J->!F!b)N <)b)-DC\N MARKETPLACE the initial five yearsofthe SEC changed,according to the docu- Hyundai and Kia settled a 0#) +)J+b!E)> )>#)+ H\ <#) ;D:@ D@ )b)-<@DE!- FJ!b `!bb EDc )^CbJEJN <#) -bJ!F> @)B:!@)M program, said clear guidelines ments. class-action lawsuit from own- R(A(>EU ;E> 7E:(F &VDD ?FBF ?>(6E!U!A% TE<:G F)E<> JE+ C@D-)>> !> J8J!bJHb) !E <#) =J@ 9J<) (>A 1!B( @A KEQ"H*D*, !> <#) +)J+b!E) 'D@Jbb 6@+)@N`#!-# !> J8J!bJHb) J< #<cKK-J>)>L><@)<

DE> JE+ )E #Db+!E% J-bJ!F J%J!E>< <#) -DFKV6--! >C)-!Q)+ H)bD`L it. “Otherwise,it’sjust pages of tion wasinsufficient and mis- nearly 4.2 million ThetaIIen- 9)H!E% SD@ +))F)+ )R H)'D@) <#) XJEM 28CB!::!A% 9UE!B6!+(F aJ-# :J@\,$N ,I,.4):CCD@!E% :E+)@=JEd@:C<-\ ;D+) >)-< H) >:HF!<<)+ >D <#J< !< !> E+:8EUUQ >(+(!6() 'D@<#) 8Jb:) D' %DD+> @)-)!8)+ H\ <#) 9)HH)'D@) <#) 4) D' `#!-# -JE H) wsj.com/classifieds R@6(>AB(A:EU ;E> 7E:(F&VDD ?FBF ?>(6E!UG J--)>>)+ J< <#) ;bJ!F>?%)E<3> `)H>!<)#<cKK nowatwhistleblowerlaw firm his concerns to internal auditors roughly $760 million forthe set- !A% TE<:(>A 1!B( @A N8UQ *$H *D*, !> <#) +J<) -J>)>L><@)< #Db+!E% -bJ!F> bD`!E% <#) +!@)- %!8)E <#)@)!E JE+ :>!E% <#) J%J!E>< <#) 9)H!E% SD@ +))F)+ )R )b)-<@DE!- !E<)@'J-) DE <#) ;bJ!F> ?%)E< `)H>!<)G D@ Mr.Kim said he learned whethertogotoNHTSA. costs, according to companyfil- H)'D@) <#) 4))-:@)+N :E>)M S!!R H\ @)%:bJ@ FJ!bN -D:@!)@ >)@8!-)N D8)@E!%#< FJ!b -:@)+ C@!D@!<\ D@ :E>)-:@)+ EDEMC@!D@!<\R F:>< Qb) D@ D<#)@ #JE+ +)b!8)@\N >D J> D' -bJ!FL H\ <#) ;bJ!F> ?%)E< J< <#) 'DbbD`!E% J++@)>>c =B(A)() 2+#()8U(< ;E> 7E:(F YE <#) )8)E< <#) V36--! 4@D-)>>!E%N -KD 1<@)< !<> 1-#)+:b)>N #Db+)@> D' -bJ!F> a^-#JE%)N 1:!<).IIN Y@8!E)N;?e,$I,L training at Hyundai.According brought his daughter to trans- the engine problems. >:Hf)-< :-# JF)E+F)E< J@) @)B:!@)+ '@DF <#) +J<)<#) C)@>DE D@ )E S=92OKOLTH 1TLT954IHTLT9135JO9 K=OL53 >)@8)+`!<# ED JF)E+)+ 51PT3 S53K 5S TLT9135JO9 20;KO22O5J team at Hyundai responsible for vestigators, he said. He said he stantine Cannon LLP,afirm spe- !<> 1-#)+:b)> SD@ JED<#)@ FJ\H) .OLL J51 ;T =99T41T7F quality problems.Hesaid his later shared hisconcerns with cializing in whistleblowercases, Q^)+ H\ <#) ;D:@ <#) +J<)H\`#!-# #Db+)@> D' =++(<< :@ 9UE!B S@>B< EA) =))!:!@AEU -bJ!F> J'')-<)+ H\ <#) JF)E+F)E< F:>< Qb) C@DD'> OA'@>BE:!@AF Y' \D:#J8)JE\ B:)> @)%J@+!E% groupuncovered design flaws regulatorsand news organiza- said they asked NHTSA to deter- D' -bJ!F `!<# @)>C)-< :-# -bJ!FL <#) -bJ!F>C@D-)>> JE+KD@ !' \D:`!># 7E:(F 0#) +)J+b!E) @)bJ JFD@) +)-@!C) <#J< #J> Jb@)J+\ H))E @)f)-<)+ @)B:!@)F)E<> 'D@Qb!E% C@DD'> D' -bJ!FRN J4@DD' of enginesthat he claims made himself from retaliation. nowthat the agency’spenalties J> D' <#) +J<)#)@)D' !> <#) ])E)@Jb =J@ 9J<)L Y' D' ;bJ!F_D@F D@ >(UE:() +D-:F)E<>N \D:FJ\ them prone to serious failures. In lateOctober of that year, have been announced. <#) 9)H J-DE<@J-< D@ b)J>) >:H>)B:)E< @)B:)>< <#)F !E `@!?%)E -DE-)@E!E% <#) Qb!E% These engines were in mil- he said, Hyundai brought him They don’tknowhow or -bJ!F>#Jbb H) <#) bJ<)@ D' S!R <#) ])E)@Jb =J@ 9J<)N D@ C@D-)>>!E% D' -bJ!F>N \D:FJ\ -DE J'<)@<#) +J<) ;bJ!F> ?%)E< J< g&&M(*(M&gg$ S )E<)@)+ DE <#) ,I,M&*eeS!E<)@EJA><@)<

THE WALL STREET JOURNAL. Monday, April 5, 2021 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 33153.21 s80.33, or 0.24% last week Trailing P/E ratio 33.62 16.67 4019.87 s45.33, or 1.14% last week Trailing P/E ratio * 45.45 20.11 Public Offerings of Stock High, low, open and close for each of P/E estimate * 21.35 15.12 High, low, open and close for each of P/E estimate * 23.12 15.82 the past 52 weeks Dividend yield 1.81 3.05 the past 52 weeks Dividend yield * 1.45 2.41 IPOs in the U.S. Market All-time high All-time high 33171.37, 03/29/21 4019.87, 04/01/21 None expected this week

Current divisor 0.15198707565833 33500 4100 Lockup Expirations Below, companies whose officers and other insiders will become eligible 31000 3800 to sell shares in their newly public companies for the first time. Such sales can move the stock’s price.

28500 3500 Lockup Offer Offer amt Through Lockup expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision April 4Oct. 6, ’20 Presidio Property Trust SQFT 5.00 15.0 –25.2 180 days 26000 3200 April 6Oct. 8, ’20 iHuman IH 12.00 84.0 11.8 180 days

200-day moving average Oct. 7, ’20 Aziyo Biologics AZYO 17.00 50.0 –17.8 180 days 200-day moving average Week's high 23500 2900 Oct. 8, ’20 Shattuck Labs STTK 17.00 150.0 74.1 180 days DOWN UP Oct. 8, ’20 Spruce Biosciences SPRB 15.00 75.0 7.3 180 days Monday's open Friday's close t 21000 2600 Oct. 8, ’20 Kronos Bio KRON 19.00 223.7 50.1 180 days 65-day moving average Friday's close Monday's open Oct. 8, ’20 Social Capital Hedosophia Holdings VIPOE.U 10.00 650.0 85.0 180 days t 65-day moving average Oct. 8, ’20 Social Capital Hedosophia Holdings IVIPOD.U 10.00 350.0 17.9 180 days 18500 2300 Week's low April 8Dec. 9, ’20 Airbnb ABNB 68.00 2990.0 176.8 120 days Bars measure the point change from Monday's open Sources: Dealogic; Dow Jones Market Data 16000 2000 A M J J A S O N D J F M A A M J J A S O N D J F M A IPO Scorecard Primary Performance of IPOs, most-recent listed first NYSE weekly volume, in billions of shares t

market t Composite % Chg From % Chg From 36 Track the Markets Company SYMBOL Thursday’s Offer 1st-day Company SYMBOL Thursday3s Offer 1st-day 24 Compare the performance of selected IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close 12 global stock indexes, bond ETFs, Compass 20.15 11.9 ... two 9.95 –0.5 1.0 COMP.EQ April 1/$18.00 TWOA March 30/$10.00 0 currencies and commodities at wsj.com/graphics/track-the-markets Frontier Grp Hldgs 18.85 –0.8 ... Alignment Healthcare 23.20 28.9 34.0 A M J J A S O N D J F M ULCC April 1/$19.00 ALHC March 26/$18.00 *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Karooooo 33.99 21.4 ... Design Thera 29.75 48.8 –28.3 KARO April 1/$28.00 DSGN March 26/$20.00 Major U.S. Stock-Market Indexes Nasdaq Composite Coursera 45.78 38.7 1.7 Edgewise Thera 30.01 87.6 0.03 COUR March 31/$33.00 EWTX March 26/$16.00 Latest Week 52-Week % chg s 341.38, or 2.60% High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Nocturne Acquisition 10.05 0.5 0.5 Ikena Oncology 26.00 62.5 –18.8 Dow Jones MBTCU March 31/$10.00 IKNA March 26/$16.00

Industrial Average 33259.00 32905.13 33153.21 80.33 0.24 21052.53 l 33171.37 54.8 8.3 11.2 Sources: Dow Jones Market Data; FactSet Transportation Avg 14775.10 14453.25 14748.38 142.59 0.98 7305.31 l 14748.38 98.1 17.9 12.4 13500 Utility Average 886.12 867.81 879.51 5.96 0.68 706.01 l 917.38 20.6 1.7 8.3 Other Stock Offerings Total Stock Market 42143.88 41157.40 42138.31 534.22 1.28 24860.74 l 42138.31 66.6 7.4 15.5 Secondaries and follow-ons expected this week in the U.S. market 13200 Barron's 400 977.16 954.00 977.16 9.72 1.00 500.47 l 978.36 90.8 14.7 11.2 None expected this week Nasdaq Stock Market 12900 Nasdaq Composite 13487.08 12922.57 13480.11 341.38 2.60 7373.08 l 14095.47 80.0 4.6 24.0 Off the Shelf Nasdaq-100 13333.41 12798.03 13329.51 350.39 2.70 7528.11 l 13807.7 74.6 3.4 26.5 None expected this week 12600 S&P 25 26 29 30 31 1 500 Index 4020.63 3943.25 4019.87 45.33 1.14 2488.65 l 4019.87 59.1 7.0 15.0 March Public and Private Borrowing MidCap 400 2647.72 2572.66 2647.71 21.14 0.80 1337.95 l 2682.61 92.5 14.8 12.1 DJ US TSM Treasurys SmallCap 600 1340.30 1295.99 1340.30 9.04 0.68 622.35 l 1397.66 107.7 19.8 12.6 s 534.22, or 1.28% Monday, April 5Thursday, April 8 Other Indexes last week Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; Russell 2000 2253.90 2151.55 2253.90 32.42 1.46 1052.05 l 2360.17 107.6 14.1 13.8 announced on April 1; settles on April 8announced on April 6; settles on April 13 NYSE Composite 15752.33 15522.66 15752.24 69.70 0.44 9880.63 l 15775.5 56.5 8.4 8.2 Value Line 648.75 630.32 648.75 6.46 1.01 328.00 l 662.15 93.0 14.1 5.9 42000 NYSE Arca Biotech 5615.70 5324.85 5571.95 100.83 1.84 4410.88 l 6319.77 24.7 -2.9 7.3 Currencies NYSE Arca Pharma -0.72 l 702.84 690.39 692.35 -5.03 580.21 725.03 19.3 0.4 9.4 41000 U.S.-dollar foreign-exchange rates in late New York trading KBW Bank 121.92 117.46 -0.27 -0.22 60.19 l 123.35 24.0 121.40 94.8 4.5 US$ vs, US$ vs, PHLX§ Gold/Silver 139.94 131.04 139.93 4.06 2.99 84.36 l 161.14 65.6 -3.0 19.9 Fri YTD chg Fri YTD chg 40000 PHLX§ Oil Service 55.21 52.52 55.13 0.104 0.19 24.06 l 63.89 122.6 24.4 -25.9 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) PHLX§ Semiconductor 3242.33 3013.27 3240.17 133.89 4.31 1443.04 l 3240.17 119.7 15.9 34.6 Americas Vietnam dong .00004334 23075 –0.02 Europe Cboe Volatility 21.75 17.29 17.33 -1.53 -8.11 17.33 l 50.91 -66.0 -23.8 -4.6 39000 Argentina peso .0109 91.6123 8.9 25 26 29 30 31 1 Brazil real .1752 5.7080 9.9 Czech Rep. koruna .04508 22.183 3.3 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data March Canada dollar .7951 1.2578 –1.2 Denmark krone .1581 6.3254 3.8 Chile peso .001395 717.10 0.9 Euro area euro 1.1760 .8504 3.9 Colombiapeso .000273 3661.70 7.0 Hungary forint .003257 306.99 3.4 International Stock Indexes Commodities and Ecuador US dollar 11unch Iceland krona .007909 126.44 –1.1 Latest Week 52-Week Range YTD Currencies Mexico peso .0492 20.3145 2.2 Norway krone .1172 8.5340 –0.5 Region/Country Index Close % chg Low Close High % chg Uruguay peso .02261 44.2367 4.4 Poland zloty .2559 3.9074 4.7 Russia ruble .01308 76.436 3.3 World MSCI ACWI Last Week YTD Asia-Pacific 681.03 1.14 425.35 • 685.08 5.4 Sweden krona .1146 8.7271 6.1 Close Net chg % Chg % chg Australian dollar .7611 1.3139 1.1 MSCI ACWI ex-USA 339.56 0.97 220.98 • 350.01 4.0 Switzerland franc 1.0610 .9425 6.5 China yuan .1523 6.5675 0.5 MSCI World 2841.89 0.96 1776.86 2841.89 5.6 Turkey lira .1224 8.1669 9.8 • DJ Commodity 804.73 -2.51 -0.31 10.00 Hong Kong dollar .1286 7.7758 0.3 MSCI Emerging Markets Ukraine hryvnia .0357 28.0500 –1.1 1338.23 2.35 831.72 • 1444.93 3.6 India rupee .01363 73.378 0.5 Refinitiv/CC CRB Index 186.70 -1.03 -0.55 11.27 UK pound 1.3832 .7230 –1.2 Americas MSCI AC Americas 1560.99 1.26 947.54 • 1560.99 6.3 Indonesia rupiah .0000688 14525 3.4 61.45 0.48 0.79 26.65 Middle East/Africa Canada S&P/TSX Comp 18990.32 1.27 12938.30 • 18990.32 8.9 Crude oil, $ per barrel Japan yen .009033 110.71 7.2 Latin Amer. MSCI EM Latin America 2280.71 0.92 1482.97 • 2546.61 –7.0 Natural gas, $/MMBtu 2.639 0.020 0.76 3.94 Kazakhstan tenge .002341 427.16 1.4 Bahrain dinar 2.6524 .3770 –0.01 Macau pataca .1248 8.0150 0.3 Egypt pound .0636 15.7288 –0.1 Brazil Sao Paulo Bovespa 115253.3 0.41 69537.56 125076.63 –3.2 • Gold, $ per troy oz. 1726.50 -5.80 -0.33 -8.80 Malaysia ringgit .2415 4.1400 2.9 Israel shekel .3002 3.3313 3.7 1 New Zealand dollar .7031 1.4223 2.2 Kuwait dinar 3.3107 .3021 –0.7 93.01 0.24 0.26 3.42 Chile Santiago IPSA 3327.17 0.54 2423.14 • 3358.63 16.43 U.S. Dollar Index Pakistan rupee .00652 153.460 –4.3 Oman sul rial 2.5968 .3851 0.03 Mexico S&P/BMV IPC 47246.26 –0.28 33075.41 • 48203.95 7.2 WSJ Dollar Index 87.53 0.24 0.27 2.98 Philippines peso .0206 48.557 1.1 Qatar rial .2746 3.641 ... Singapore dollar .7431 1.3458 1.9 Saudi Arabia riyal .2666 3.7505 –0.03 EMEA Stoxx Europe 600 432.22 1.24 309.06 432.22 8.3 • Euro, per dollar 0.8504 0.003 0.31 3.88 South Korea won .0008852 1129.64 4.0 South Africa rand .0682 14.6612 –0.2 Stoxx Europe 50 3334.81 1.13 2667.15 3334.90 7.3 • Yen, per dollar 110.71 1.03 0.94 7.16 Sri Lanka rupee .0050282 198.88 7.4 Eurozone Euro Stoxx 435.38 1.77 290.42 • 435.38 9.5 Taiwan dollar .03503 28.545 1.6 Close Net Chg % Chg YTD % Chg U.K. pound, in dollars 0.004 1.22 Euro Stoxx 50 3945.96 2.05 2662.99 • 3945.96 11.1 1.38 0.27 Thailand baht .03196 31.290 4.2 WSJ Dollar Index 87.53 0.09 0.10 2.98 Austria ATX 3197.22 1.64 1964.94 • 3197.22 15.0 52-Week Sources: Tullett Prebon, Dow Jones Market Data Belgium Bel-20 3938.63 1.39 2857.05 • 3938.63 8.8 Low Close(l) High % Chg France CAC 40 6102.96 1.91 4154.58 • 6102.96 9.9 DJ Commodity 433.70 836.48 70.85 Germany DAX 15107.17 2.43 9525.77 • 15107.17 10.1 l Greece Athex Composite 875.22 2.75 540.74 • 875.22 8.2 Refinitiv/CC CMD 106.29 l 195.13 49.55 Israel Tel Aviv 1610.22 2.04 1242.28 1631.18 7.4 • Crude oil, $ per barrel -37.63 l 66.09 142.69 Italy FTSE MIB 24710.00 1.30 16384 • 24710 11.1 Netherlands AEX 708.43 1.70 471.46 • 708.43 13.4 Natural gas, $/MMBtu 1.482 l 3.354 70.04 Portugal PSI 20 4977.56 2.91 3863.20 • 5282.02 1.6 Gold, $ per troy oz. 1625.70 l 2051.50 6.20 Russia RTS Index 1466.71 1.16 1012.15 • 1552.81 5.7 South Africa FTSE/JSE All-Share 67236.31 0.60 44598.70 • 68775.06 13.2 U.S. Dollar Index 89.44 l 100.69 -7.52 Spain IBEX 35 8577.60 0.93 6411.8 • 8657.7 6.2 WSJ Dollar Index 84.56 l 95.08 -7.93 Sweden OMX Stockholm 879.01 0.82 531.75 • 879.01 14.4 Euro, per dollar 0.8112 l 0.9278 -8.16 Switzerland Swiss Market 11118.03 0.01 9242.44 • 11121.42 3.9 U.K. FTSE 100 6737.30 –0.05 5415.50 • 6873.26 4.3 Yen, per dollar 102.72 l 110.72 2.02 Asia-Pacific MSCI AC Asia Pacific 206.48 0.83 132.4 • 220.6 3.3 U.K. pound, in dollars 1.21 l 1.41 12.77 Australia S&P/ASX 200 6828.70 0.07 5067.5 • 6917.3 3.7 China Shanghai Composite 3484.39 1.93 2763.99 • 3696.17 0.3 Real-time U.S. stock Hong Kong Hang Seng 28938.74 2.13 22930.14 • 31084.94 6.3 quotes are available on India S&P BSE Sensex 50029.83 2.08 27590.95 • 52154.13 4.8 WSJ WSJ.com. Track most- Japan Nikkei Stock Avg 29854.00 2.32 17820.19 • 30467.75 8.8 .COM active stocks, new It’s notjustaboutcoloringapage... Malaysia FTSE Bursa Malaysia KLCI 1585.35 –1.00 1330.65 • 1684.58 –2.6 highs/lows, mutual It’s aboutshowing your true colors. Singapore Straits Times 3181.68 0.75 2389.29 • 3190.89 11.9 funds and ETFs. South Korea Kospi 3112.80 2.36 1725.44 • 3208.99 8.3 Taiwan TAIEX 16571.28 1.63 9663.63 • 16571.28 12.5 All are available free at Source: FactSet; Dow Jones Market Data WSJMarkets.com Consumer Rates and Returns to Investor Benchmark Yields and Rates U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its Five-year ARM, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 3.12% 5-year Credit Union of New Jersey 2.25% 2.50% adjustable-rate 4.00% 16%

Ewing, NJ 609-538-4061 s tmortgage (ARM) Tradeweb ICE 2.00 Euro Citadel Federal Credit Union 2.50% t 3.00 Friday Close 8 Exton, PA 800-666-0191 1.50 Associated Bank, NA 2.75% 0 s 2.00 1.00 Rockford, IL 800-682-4989 Yen 5-year Treasury 1.00 Royal Savings Bank 2.75% One year ago 0.50 –8 s Aplace to become... An artist,abusinessleader, a t note yield WSJ Dollar Index Chicago, IL 773-768-4800 t teacher. If kids andteens candream it,Boys&Girls Clubs 0.00 0.00 –16 canhelpthembecome it.Because at our Clubs,it’snot A M J J A S O N D J F MA Star One Credit Union 2.88% 1 3 6 1 2 3 5 7 10 20 30 2020 2021 magicthatmakes dreams come true,it’sthe people.Likeour Sunnyvale, CA 408-742-2801 2020 2021 month(s) years YouthDevelopment Professionalswho ensure our youth have maturity aplace to feel physically andemotionally safe.Aplace to Yield/Rate (%) 52-Week Range (%) 3-yr chg Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Interest rate Last (l)Week ago Low 0246 8High (pct pts) belong.Aplace to have fun. Aplace to learnand grow on their Corporate Borrowing Rates and Yields path to aGreat Future. Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return Libor, 3-month 0.20 0.20 0.18 l 1.39 -2.11 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Money market, annual yield 0.10 0.10 0.08 l 0.32 -0.25 U.S.Treasury,Barclays 1.030 0.960-4.83 4.08 Five-year CD, annual yield 0.47 0.48 0.44 l 0.90 -1.19 U.S. Treasury Long,Barclays 2.300 2.300-16.79 6.12 30-year mortgage, fixed† 3.26 3.25 2.83 l 3.87 -1.13 Aggregate,Barclays 1.630 1.5803231100 0.64 4.67 15-year mortgage, fixed† 2.53 2.50 2.32 l 3.31 -1.32 Fixed-Rate MBS,Barclays 1.850 1.810141075-0.30 3.72 GreatFutures.org Jumbo mortgages, $548,250-plus† 3.28 3.27 2.85 l 3.98 -1.39 High Yield 100,ICE BofA n.a. 3.796 n.a.n.a. n.a. n.a. n.a. Five-year adj mortgage (ARM)† 3.12 3.19 2.85 l 3.51 -1.02 Muni Master,ICE BofA New-car loan, 48-month 4.05 4.05 4.02 l 4.44 0.38 n.a. 0.981 n.a.n.a. n.a. n.a. n.a. Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global,J.P. Morgan n.a. 4.973 n.a. n.a. n.a. n.a. n.a. 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 P2JW095000-0-B00800-1------XA

B8 | Monday, April 5, 2021 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not NuvFloatRateIncFd JFR 10.31 9.72 -5.7 6.2 Nuveen Int Dur Mun Term NID 14.48 14.38 -0.7 3.6 buy their shares back from investors who wish to cash Tri-Continental TY 36.37 32.66 -10.2 72.9 ETnVncTxMgdBuyWrtInc ETB NA 15.75 NA 52.7 NuvFloatRteIncOppty JRO 10.22 9.58 -6.3 6.1 Nuveen Mu Crdt Opps NMCO 14.72 14.15 -3.9 5.1 Primark Priv Eq Inv:I NA NA NA NS in their holdings. Instead, fund shares trade on a stock Specialized Equity Funds EtnVncTxMgdBuyWrtOpp ETV NA 15.49 NA 52.4 Nuveen Senior Income NSL 6.06 5.63 -7.1 6.7 Nuv Muni Credit Income NZF 16.76 16.26 -3.0 4.7 VirtusTotalRetFd ZTR exchange. NA signifies that the information is not 9.25 9.21 -0.4 40.4 available or not applicable. NS signifies funds not in Aberdeen Glb Prem Prop AWP 6.28 5.97 -4.9 72.1 EvTxMnDvsEqInc ETY NA 12.82 NA 59.3 PionrFltRate Tr PHD 11.65 11.37 -2.4 6.4 NuvMuniHiIncOpp NMZ 14.21 14.47 +1.8 5.1 Prem12 Mo existence for the entire period. 12 month yield is Adams Natural Resources PEO 17.32 14.96 -13.6 87.8 EtnVncTxMgdGlbB ETW NA 10.35 NA 63.3 High Yield Bond Funds Nuveen Muni Val NUV 10.65 11.13 +4.5 3.3 Fund (SYM) NAV Close /Disc Yld computed by dividing income dividends paid (during ASA Gold & Prec Met Ltd ASA 23.31 20.49 -12.1 90.6 EVTxMnGblDvEqInc EXG NA 9.35 NA 76.7 AllianceBernGlHiIncm AWF 12.83 11.92 -7.1 6.6 Nuveen Quality Muni Inc NAD 16.15 15.19 -5.9 4.5 the previous 12 months for periods ending at month- Loan Participation Funds BR Enh C&I CII 20.40 19.45 -4.7 72.5 First Trust Energy Inc G FEN 13.86 13.60 -1.9 71.1 Barings Glb SD HY Bd BGH 17.45 16.10 -7.7 7.8 Nuveen Sel TF NXP 16.36 17.72 +8.3 3.1 end or during the previous 52 weeks for periods 1WS Credit Income;Inst 20.77 NA NA 5.0 ending at any time other than month-end) by the BlackRock Energy & Res BGR 9.43 8.94 -5.2 47.8 First Tr Enhanced Eq FFA 19.57 18.71 -4.4 73.7 BR Corporate HY HYT 12.01 11.74 -2.2 7.9 Nuveen Sel TF 2 NXQ 15.55 16.15 +3.9 3.1 AlphCntrc Prime Merid In 9.83 NA NA 9.2 latest month-end market price adjusted for capital BlackRock Eq Enh Div BDJ 10.13 9.45 -6.7 65.9 FirstTrMLPEner&Inc FEI 7.76 6.89 -11.2 77.6 BlackRock Ltd Dur Inc BLW 17.04 16.74 -1.8 7.0 PIMCO MuniInc PMF 13.04 14.50 +11.2 4.4 gains distributions. Depending on the fund category, Axonic Alternative Inc 22.20 NA NA 4.6 BlackRock Enh Glbl Div BOE 12.64 11.54 -8.7 57.1 Gabelli Healthcare GRX 14.37 12.47 -13.2 56.7 BNY Mellon Hi Yield Str DHF 3.30 3.11 -5.8 8.3 PIMCOMuniIncII PML 12.26 14.96 +22.0 4.7 either 12-month yield or total return is listed. Blackstone/GSO FR EI D NA NA NA 5.3 Source: Lipper BlackRock Enh Intl Div BGY 6.57 6.08 -7.5 48.5 Gab Utility GUT 4.27 7.03 +64.6 53.8 Brookfield Real Asst Inc RA 20.00 20.74 +3.7 11.5 Pimco Muni III PMX 11.21 12.40 +10.6 4.4 Blackstone/GSO FR EI I NA NA NA 5.5 BlackRock Hlth Sci Tr II BMEZ 28.68 27.20 -5.2 65.7 GAMCOGlGold&NatRes GGN 3.97 3.52 -11.3 35.6 CrSuisHighYld DHY 2.57 2.40 -6.6 8.1 PioneerHilncAdv MAV 12.16 11.87 -2.4 4.7 Friday, April 2, 2021 Blackstone/GSO FR EI T NA NA NA 5.0 BlackRock Hlth Sciences BME 45.30 46.75 +3.2 46.9 J Han Finl Opptys BTO 36.97 38.58 +4.4 159.8 DoubleLine Inc Sol DSL 18.28 18.18 -0.5 9.1 PioneerMunHiIcmT MHI 12.98 12.45 -4.1 4.6 52 wk Blackstone/GSO FR EI T-I NA NA NA 5.0 Prem Ttl BlackRock Res & Comm BCX 9.28 8.94 -3.7 92.9 Neuberger Brmn MLP & EI NML 5.46 4.27 -21.8 140.5 DoubleLine Yld Opps DLY 20.37 19.32 -5.2 7.3 Putnam Mgd Inc PMM 8.21 8.10 -1.3 4.7 Blackstone/GSO FR EI U NA NA NA 5.0 Fund (SYM) NAV Close /Disc Ret BlackRock Sci&Tech Tr II BSTZ 38.16 37.17 -2.6 146.0 Nuv Dow 30 Dyn Overwrite DIAX 17.72 16.30 -8.0 47.5 First Tr Hi Inc Lng/Shrt FSD 16.33 15.07 -7.7 8.7 Putnam Muni Opp PMO 13.80 13.47 -2.4 4.9 Blstn Commnty Dev 9.91 NA NA 3.1 BlackRock Sci&Tech Trust BST 51.10 55.42 +8.5 111.9 NuvCorEqAlpha JCE 16.03 15.08 -5.9 60.2 First Trust HY Opp:2027 FTHY 21.20 19.89 -6.2 NS RiverNorth Mgd Dur Mun I RMM 20.19 18.78 -7.0 5.9 General Equity Funds BNYM Alcntr Glb MS Cr Fd 103.19 NA NA 7.0 BlackRock Utl Inf & Pwr BUI 24.37 25.36 +4.1 76.6 Nuveen Nasdaq 100 Dyn Ov QQQX 27.30 27.47 +0.6 60.3 IVY HIGH INCOME OPP IVH 15.06 13.60 -9.7 8.1 Western Asset Mgd Muni MMU NA 13.04 NA 4.1 Adams Diversified Equity ADX 21.42 18.43 -14.0 64.3 Westn Asst Mu Def Opp Tr MTT CLIFFWATER CL FD;I NA NA NA 6.7 CBRE ClrnGlbRlEst IGR 8.60 7.83 -9.0 82.7 Nuv Real Est JRS 10.57 9.62 -9.0 73.0 KKR Income Opportunities KIO NA 15.82 NA 8.8 NA 21.15 NA 2.9 Boulder Growth & Income BIF 15.04 12.63 -16.0 50.6 Single State Muni Bond CNR Strategic Credit 10.51 NA NA 8.1 CLEARBRIDGE ENGY MDS OPP EMO NA 19.01 NA 179.2 Nuveen Rl Asst Inc & Gro JRI 16.37 15.07 -7.9 80.2 NeubHgYldStrt NHS 12.62 12.97 +2.8 8.4 Central Secs CET 45.65 38.18 -16.4 65.1 NuvS&P500DynOvFd SPXX New Amer Hi Inc HYB BlackRock CA Mun BFZ 15.87 14.42 -9.1 3.2 FedProj&TrFinanceTendr 9.93 NA NA 2.6 ClearBridge MLP & Midstm CEM NA 23.96 NA 142.2 NA 16.57 NA 57.5 9.86 9.02 -8.5 7.0 CohenStrsCEOppFd FOF 13.42 13.38 -0.3 66.4 NuvSP500BuyIncFd BXMX 14.34 13.60 -5.2 48.9 NexPointStratOppty NHF 19.26 11.50 -40.3 7.9 BR MH CA Qly Fd Inc MUC 15.82 15.11 -4.5 4.1 Schrdrs Opp Inc;A 26.19 NA NA 2.3 ChnStrInfr UTF 25.83 28.25 +9.4 91.3 EVTxAdvDivIncm EVT NA 26.29 NA 84.7 ReavesUtilityIncome UTG 32.94 33.34 +1.2 47.0 Nuveen CI Nov 2021 Tgt JHB 9.48 9.40 -0.8 3.4 BR MH NJ Qly MUJ 15.97 14.96 -6.3 4.8 Schrdrs Opp Inc;A2 NA NA NA 0.6 Cohen&SteersQualInc RQI 14.49 14.08 -2.8 91.5 GabelliDiv&IncTr GDV 27.21 24.04 -11.7 86.5 Tortoise Enrgy Infra Crp TYG 31.94 25.00 -21.7 138.3 Nuveen Crdt Opps 2022 TT JCO 8.35 8.41 +0.7 6.7 BR MH NY Qly MHN 15.03 14.07 -6.4 4.4 Schrdrs Opp Inc;I 26.19 NA NA 2.4 Cohen&Steers TotRet RFI 13.97 14.98 +7.2 74.4 Gabelli Equity Tr GAB 6.37 6.87 +7.8 99.6 VAGIAI & Tech Opptys AIO 28.70 27.36 -4.7 101.4 Nuveen Global High Inc JGH 16.83 15.53 -7.7 7.0 BR MuniYld CA MYC 16.18 14.82 -8.4 3.5 Schrdrs Opp Inc;SDR 26.23 NA NA 2.5 CohenStrsREITPrefInc RNP 24.97 24.59 -1.5 77.9 GeneralAmer GAM 47.21 40.09 -15.1 66.6 VDivInt&PremStr NFJ 15.73 13.96 -11.3 65.4 PGIM Global High Yield GHY 16.41 14.99 -8.7 8.4 BR MuniYld CA Qly MCA 16.07 14.77 -8.1 4.2 Invesco Sr Loan A 6.44 NA NA 3.7 Columbia Sel Prm Tech Gr STK 32.10 31.78 -1.0 112.6 JHancockTaxAdvDiv HTD 24.22 23.49 -3.0 65.2 Income & Preferred Stock Funds PGIM High Yield Bond ISD 17.04 15.69 -7.9 8.0 BR MuniYld MI Qly MIY 15.77 15.13 -4.1 4.2 Invesco Sr Loan C 6.46 NA NA 3.0 DNP Select Income DNP 9.35 9.87 +5.5 19.6 Liberty All-Star Equity USA 7.79 7.70 -1.2 94.7 CalamosStratTot CSQ 16.87 17.42 +3.3 112.1 PGIM Sh Dur Hi Yld Opp SDHY 19.98 NA NA NS BR MuniYld NJ MYJ 16.03 14.63 -8.7 5.0 Invesco Sr Loan IB 6.45 NA NA 3.9 Liberty All-Star Growth ASG Duff&Ph Uti&Infra Inc Fd DPG 13.66 13.42 -1.8 80.2 8.25 8.63 +4.6 120.8 CohenStrsLtdDurPref&Inc LDP 25.83 26.18 +1.4 52.2 PioneerHilncmTr PHT 9.60 9.34 -2.7 8.1 BR MuniYld NY Qly MYN 14.41 13.48 -6.5 4.3 Invesco Sr Loan IC 6.44 NA NA 3.8 Royce Micro-Cap Tr RMT EtnVncEqtyInc EOI NA 16.96 NA 61.8 13.29 11.48 -13.6 147.2 CohenStrsSelPref&Income PSF 26.59 27.84 +4.7 43.1 Wells Fargo Income Oppty EAD 9.12 8.47 -7.1 8.1 EVCAMuniBd EVM NA 11.65 NA 4.2 Invesco Sr Loan Y 6.45 NA NA 3.9 Royce Value Trust RVT EtnVncEqtyIncoII EOS NA 21.82 NA 80.0 20.82 18.37 -11.8 116.8 CohenStrsTaxAvPreSecs&I PTA 25.65 24.80 -3.3 NS WstAstHIF II HIX NA 6.95 NA 8.5 Eaton Vance NY Muni Bd ENX NA 12.32 NA 4.2 Pioneer Sec Inc 9.87 NA NA 4.4 Source Capital SOR EVRskMnDvsEqInc ETJ 48.10 43.75 -9.0 58.5 NA 10.85 NA 49.0 FirstTrIntDurPref&Inc FPF 24.23 24.00 -0.9 61.1 Western Asset Hi Inc Opp HIO NA 5.05 NA 7.6 InvCaValMuIncTr VCV 13.56 12.85 -5.2 4.3 High Yield Bond Funds JHanPrefInc HPI 20.19 20.75 +2.8 65.6 Western Asset Hi Yld D O HYI NA 15.37 NA 7.3 InvPAValMuIncTr VPV 14.20 13.06 -8.0 4.5 Griffin Inst Access Cd:A NA NA NA 5.9 JHPrefIncII HPF 19.90 21.01 +5.6 76.0 Other Domestic Taxable Bond Funds InvTrInvGrNYMu VTN 14.34 13.09 -8.7 4.1 Griffin Inst Access Cd:C NA NA NA 5.9 HnckJPfdInco III HPS 17.80 18.36 +3.1 70.9 Apollo Tactical Income AIF NA 14.87 NA 6.6 Nuveen CA AMT-F Qual MI NKX 16.63 15.50 -6.8 4.1 Griffin Inst Access Cd:F NA NA NA 5.9 Nuveen CA Val NCA A Week in the Life of the DJIA J Han Prm PDT 14.38 14.95 +4.0 61.0 Ares Dynamic Crdt Alloc ARDC NA 15.10 NA 7.7 10.73 10.21 -4.8 3.1 Griffin Inst Access Cd:I NA NA NA 5.9 NuveenCAQtyMuInc NAC 16.06 14.94 -7.0 4.3 LMP CapInco SCD NA 12.79 NA 89.0 BlackRock Mlt-Sctr Inc BIT 18.55 18.16 -2.1 8.2 Griffin Inst Access Cd:L NA NA NA 5.9 Nuveen MD Qual Muni Inc NMY 15.21 14.17 -6.8 4.2 Alook at how the Dow Jones Industrial Average component stocks Nuveen Pref & Inc Opp JPC 9.74 9.49 -2.6 56.4 BlackRock Tax Muni Bd BBN 24.34 24.77 +1.8 5.5 PIMCO Flexible Cr I;A-1 9.41 NA NA NS NuvNJ Qual Muni Inc NXJ 16.55 14.57 -12.0 4.6 did in the past week and how much each moved the index. The DJIA Nuveen Fd JPS 9.72 9.70 -0.2 57.1 DoubleLine:Oppor Crdt Fd DBL 19.50 19.73 +1.2 8.6 PIMCO Flexible Cr I;A-2 9.42 NA NA 7.2 Nuveen NY AMT/Fr Qual MI NRK 14.91 13.72 -8.0 4.1 Nuveen Pref & Inc Term JPI 24.76 25.11 +1.4 59.9 EVLmtDurIncm EVV NA 12.67 NA 9.5 PIMCO Flexible Cr I;A-3 gained 80.33 points, or 0.24%, on the week. A$1change in the price Nuveen NY Qual Muni Inc NAN 15.45 14.30 -7.4 4.3 9.42 NA NA NS Nuveen TxAdvDivGr JTD 16.81 15.08 -10.3 53.7 Franklin Ltd Dur Income FTF 9.35 9.20 -1.6 6.8 PIMCO Flexible Cr I;A-4 9.42 NA NA 7.4 of any DJIA stock =6.58-point change in the average. To date, a J Han Investors JHI Nuveen OH Qual Muni Inc NUO 17.48 15.69 -10.2 3.5 Convertible Sec's. Funds 18.46 18.29 -0.9 7.7 PIMCO Flexible Cr I;Inst 9.42 NA NA 8.1 MFS Charter MCR NA 8.51 NA 8.1 Nuveen PA Qual Muni Inc NQP 15.74 14.42 -8.4 4.5 $1,000 investment on Dec. 31 in each current DJIA stock component AdvntCnvrtbl&IncFd AVK 20.27 17.74 -12.5 101.6 PionrILSBridge 10.00 NA NA 0.0 CalamosConvHi CHY Nuveen Taxable Muni Inc NBB 22.27 22.51 +1.1 5.0 Nuveen VA Qlty Mun Inc NPV 15.18 16.07 +5.9 3.4 would have returned $32,948, or again of 9.83%, on the $30,000 16.04 15.06 -6.1 108.9 WA Middle Mkt Inc NA NA NA 7.1 CalmosConvOp CHI PIMCO Corp & Inc Oppty PTY 14.17 18.29 +29.1 8.5 PIMCO CA PCQ 14.00 18.00 +28.6 4.3 15.20 14.38 -5.4 113.1 Other Domestic Taxable Bond Funds investment, including reinvested dividends. VAGI Conv & Inc II NCZ 5.63 5.01 -11.0 100.8 PIMCO Corp & Inc Strat PCN 14.35 17.41 +21.3 7.7 PIMCOCAMuniII PCK 8.94 9.08 +1.6 4.2 Alternative Credit Inc:A NA NA NA 6.5 VAGI Conv & Inc NCV 6.29 5.71 -9.2 102.5 PIMCOHilnco PHK NA 6.77 NA 8.9 Pimco CA Muni III PZC 10.13 10.64 +5.0 4.3 Alternative Credit Inc:C NA NA NA 5.7 The Week’s Action VAGI Dvs Inc & Conv ACV 35.18 32.00 -9.0 111.7 PIMCO IncmStrFd PFL 10.58 12.10 +14.4 8.9 52 wk Alternative Credit Inc:I NA NA NA 6.7 Pct Stock price Point chg $1,000 Invested(year-end '20) VAGI Eqty & Conv Inc NIE 31.29 28.23 -9.8 73.5 PIMCO IncmStrFd II PFN 9.35 10.33 +10.5 9.3 Prem Ttl Alternative Credit Inc:L chg (%) change in average* Company Symbol Close $1,000 World Equity Funds Putnam Mas Int PIM 4.47 4.28 -4.3 7.5 Fund (SYM) NAV Close /Disc Ret NA NA NA 6.2 Alternative Credit Inc:W NA NA NA 6.5 Aberdeen Emg Mkts Eq Inc AEF 9.93 8.76 -11.8 81.5 Putnam Prem Inc PPT 4.94 4.82 -2.4 7.8 General Equity Funds 5.23 2.72 17.90 Walgreens WBA $54.75 $1,386 Am Beacon Apollo TR:T 10.09 NA NA 1.6 Aberdeen Tot Dyn Div AOD 10.74 9.58 -10.8 68.6 Wells Fargo Multi-Sector ERC 12.81 12.57 -1.9 9.0 Alternative Strategies:I 6.05 NA NA 55.7 Am Beacon Apollo TR:Y 10.18 NA NA 2.3 4.61 9.63 63.36 salesforce.com CRM 218.72 983 BlackRock Capital Alloc BCAT 21.31 20.45 -4.0 NS World Income Funds BOW RIVER CAPTL EVGN;I NA NA NA N Am Beacon SP Enh Inc:T NA NA NA 2.9 Calamos GloDynInc CHW 9.89 10.28 +3.9 121.6 Abrdn AP IncFd FAX 4.66 4.15 -10.9 8.0 Specialized Equity Funds 3.30 8.09 53.23 Boeing BA 252.96 1,182 Am Beacon SP Enh Inc:Y NA NA NA 3.4 China CHN 32.85 29.77 -9.4 76.9 BrndywnGLB Glb Inc Oppts BWG NA 12.20 NA 7.1 Broadstone Rl Est Acc:I 9.63 NA NA 10.7 Angel Oak Str Crdt:Inst NA NA NA 8.1 2.48 5.87 38.62 Microsoft MSFT 242.35 1,092 EV TxAdvGlbDivInc ETG NA 18.89 NA 82.7 EtnVncStDivInc EVG NA 13.27 NA 6.8 Broadstone Rl Est Acc:W 9.62 NA NA 10.4 BR Credit Strat;A 10.47 NA NA NS EtnVncTxAdvOpp ETO NA 26.47 NA 78.2 MS EmMktDomDebt EDD 6.70 6.02 -10.1 6.8 CIM RA&C A 25.57 NA NA NS 1.64 3.05 20.07 Walt Disney DIS 188.97 1,043 BR Credit Strat;Inst 10.47 NA NA 5.3 FirstTr Dyn Euro Eq Inc FDEU 14.43 12.75 -11.6 54.2 PIMCO Dyn Crd & Mrt Inc PCI NA 22.45 NA 9.3 CIM RA&C C 25.39 NA NA NS BlackRock Mlt-Sctr Oppty 88.12 NA NA 7.7 Gabelli Multimedia GGT 8.94 9.66 +8.1 127.5 PIMCO Dynamic Income PDI NA 28.27 NA 9.4 CIM RA&C I 25.62 NA NA NS 1.56 3.33 21.91 Visa V 216.86 993 BlackRock Mlt-Sec Opp II India Fund IFN 23.52 21.75 -7.5 91.4 PIMCO Income Opportunity PKO 23.33 25.81 +10.6 8.6 CIM RA&C L 25.50 NA NA NS 90.82 NA NA 7.6 Carlyle Tact Pvt Cred:A 1.48 1.79 11.78 Apple AAPL 123.00 928 Japan Smaller Cap JOF 10.57 9.34 -11.6 48.6 PIMCO Stratg Inc RCS NA 7.32 NA 8.6 GS Real Est Div Inc:A 9.92 NA NA 18.9 NA NA NA 6.5 LazardGlbTotRetInc LGI 20.30 19.30 -4.9 86.4 Templeton Em Inc TEI 8.26 7.44 -9.9 1.8 Carlyle Tact Pvt Cred:I NA NA NA 7.0 1.41 3.24 21.32 Caterpillar CAT 232.74 1,285 GS Real Est Div Inc:C 9.92 NA NA 18.0 Mexico MXF NA 14.35 NA 82.6 Templtn Glbl Inc GIM 5.83 5.34 -8.4 0.8 GS Real Est Div Inc:I 10.36 NA NA 19.2 Carlyle Tact Pvt Cred:L NA NA NA 6.6 1.30 3.94 25.92 Home Depot HD 307.75 1,166 MS ChinaShrFd CAF 25.64 22.90 -10.7 43.4 WstAstEmergDebt EMD NA 13.50 NA 8.6 GS Real Est Div Inc:L 9.93 NA NA 18.7 Carlyle Tact Pvt Cred:M NA NA NA NS MS India IIF 27.19 23.55 -13.4 102.5 Western Asset Gl Cr D Op GDO NA 17.80 NA 6.8 GS Real Est Div Inc:W 10.08 NA NA 18.9 Carlyle Tact Pvt Cred:N NA NA NA 7.0 0.95 0.61 4.01 Dow DOW 64.60 1,177 National Muni Bond Funds New Germany GF 22.71 19.91 -12.3 101.5 NexPointRlEstStrat;A 16.88 NA NA 45.0 Carlyle Tact Pvt Cred:Y NA NA NA 6.8 AllBerNatlMunInc AFB Templeton Dragon TDF 25.31 23.64 -6.6 80.7 15.32 14.28 -6.8 4.3 NexPointRlEstStrat;C 17.07 NA NA 43.9 CION Ares Dvsfd Crdt;A NA NA NA 5.5 0.58 0.84 5.53 American Express AXP 144.57 1,204 BlckRk Inv Q Mun BKN 16.55 17.67 +6.8 4.4 Templeton Em Mkt EMF 21.44 19.35 -9.7 86.7 NexPointRlEstStrat;Z 17.06 NA NA 45.3 CION Ares Dvsfd Crdt;C NA NA NA 5.5 BlackRock Muni 2030 Tgt BTT 26.74 25.55 -4.5 2.9 0.36 0.49 3.22 Walmart WMT 135.62 945 Wells Fargo Gl Div Oppty EOD 5.84 5.24 -10.3 69.1 PREDEX;I 25.46 NA NA 1.9 CION Ares Dvsfd Crdt;I NA NA NA 5.5 BlackRock Muni BFK 14.57 15.10 +3.6 4.5 Prem12 Mo PREDEX;T 25.58 NA NA 1.9 CION Ares Dvsfd Crdt;L NA NA NA 5.5 0.21 0.12 0.79 Verizon VZ 58.30 1,003 BlackRock Muni II BLE 14.95 15.32 +2.5 4.7 Fund (SYM) NAV Close /Disc Yld PREDEX;W 25.58 NA NA 1.9 CION Ares Dvsfd Crdt;U NA NA NA 5.5 BlckRk Muni Inc Qly BYM 15.77 15.26 -3.2 4.2 0.08 0.25 1.64 Goldman Sachs GS 327.64 1,247 Principal Dvs Sel RA A 26.35 NA NA 43.2 CION Ares Dvsfd Crdt:U2 NA NA NA NS U.S. Mortgage Bond Funds BR MuniAssets Fd MUA 14.64 15.39 +5.1 4.1 Principal Dvs Sel RA Ins 26.41 NA NA 43.5 CION Ares Dvsfd Crdt;W NA NA NA 5.4 0.00 0.00 0.00 McDonald’s MCD 225.21 BlckRk Income BKT 6.13 6.10 -0.5 6.7 BR MuniEnhanced MEN 12.35 11.89 -3.7 4.5 1,056 Principal Dvs Sel RA Y CNR Select Strategies 11.56 NA NA 0.0 Invesco HI 2023 Tgt Term IHIT 9.18 9.32 +1.5 6.4 BR MuniHoldings Qly MFL 15.10 14.43 -4.4 3.9 26.50 NA NA 43.8 Investment Grade Bond Funds SharesPost 100;A 41.03 NA NA 37.6 First Eagle Crdt Opps A 26.18 NA NA NS –0.35 –0.46 –3.03 Nike NKE 132.53 939 BR MH Qly 2 MUE 14.16 13.44 -5.1 4.4 First Eagle Crdt Opps I 26.18 NA NA NS Angel Oak FS Inc Trm FINS NA 17.51 NA 7.1 BR MuniHoldngs MHD 17.12 16.23 -5.2 4.5 SharesPost 100:I 41.38 NA NA 38.0 –0.39 –0.30 –1.97 Merck MRK 77.09 951 BlRck Core Bond BHK 15.72 15.74 +0.1 5.3 SharesPost 100:L 40.71 NA NA 37.3 FS Credit Income;A NA NA NA 5.3 BR MuniVest Fd MVF 9.83 9.34 -5.0 4.3 FS Credit Income;I NA NA NA 5.6 –0.49 –0.32 –2.11 Intel INTC 64.55 1,303 BR Credit Alloc Inc BTZ 15.24 14.75 -3.2 6.8 BR MuniVest 2 MVT 15.42 14.99 -2.8 4.5 USQ Core Real Estate:I 24.77 NA NA 0.7 Insight Select Income INSI 21.38 20.41 -4.5 3.8 USQ Core Real Estate:IS 24.78 NA NA 0.7 FS Credit Income;T NA NA NA 5.1 BR MuniYield Fd MYD 15.09 14.45 -4.2 4.6 FS Credit Income;U NA NA NA 5.0 –0.79 –1.73 –11.38 Honeywell HON 216.80 1,024 InvescoBond VBF 20.65 19.83 -4.0 3.5 BR MuniYield Qlty MQY Versus Cap MMgr RE Inc:I 27.63 NA NA NE 16.46 15.96 -3.0 4.5 FS Credit Income;U-2 NA NA NA NS J Han Income JHS 15.81 15.56 -1.6 5.4 BR MuniYld Qlty2 MQT 14.46 13.87 -4.1 4.4 Versus Capital Real Asst 25.64 NA NA 10.1 –0.86 –1.17 –7.70 Procter & Gamble PG 134.28 971 GL Beyond Income 0.51 NA NA NE MFS Intmdt MIN NA 3.71 NA 9.0 BR MuniYld Qly 3 MYI 15.21 14.32 -5.9 4.0 Wildermuth Endwmnt:A 13.52 NA NA 1.1 KKR CREDIT OPPTY;D NA NA NA NS Western Asset Inf-Lk Inc WIA NA 12.85 NA 5.9 BNY Mellon Muni Bd Infra DMB 14.51 14.22 -2.0 4.5 Wildermuth Endwmnt:C 12.99 NA NA 0.1 –0.89 –1.38 –9.08 JPMorgan Chase JPM 153.71 1,218 KKR CREDIT OPPTY;I NA NA NA 5.6 Western Asset Inf-Lk O&I WIW NA 12.22 NA 3.1 BNY Mellon Str Muni Bond DSM 8.29 7.91 -4.6 4.6 Wildermuth Endowment:I 13.60 NA NA 0.7 KKR CREDIT OPPTY;T NA NA NA NS –1.00 –0.53 –3.49 Coca-Cola KO 52.51 966 Westn Asst IG Def Opp Tr IGI NA 21.29 NA 3.8 BNY Mellon Strat Muni LEO 8.64 8.58 -0.7 4.9 Income & Preferred Stock Funds Loan Participation Funds KKR CREDIT OPPTY;U NA NA NA NS –1.12 –2.18 –14.34 3M MMM 192.70 1,112 DWS Muni Inc KTF 12.60 11.72 -7.0 4.1 A3 Alternative Inc 10.02 NA NA 0.4 Apollo Senior Floating AFT NA 14.98 NA 6.4 EVMuniBd EIM NA 13.33 NA 4.4 Calamos L/S Eqty and DI CPZ 22.67 20.02 -11.7 62.4 Lord Abbett Cred Opps Fd 10.82 NA NA 6.0 –1.12 –0.59 –3.88 Cisco CSCO 51.98 1,171 BR Debt Strategy DSU 11.65 11.02 -5.4 7.3 EVMuniIncm EVN NA 13.79 NA 4.0 Destra Multi-Altrntv;A 11.76 NA NA 7.9 Lord Abbett Cred Opps Fd 10.82 NA NA 6.7 BR F/R Inc Str FRA 13.96 13.06 -6.4 6.9 Destra Multi-Altrntv;C 11.22 NA NA 7.1 Lord Abbett Crd Op:U 10.82 NA NA NS –1.27 –2.10 –13.82 Johnson & Johnson JNJ 162.83 1,041 EVNatMuniOpp EOT NA 22.36 NA 3.4 BlackRock Floatng Rt Inc BGT 13.55 12.63 -6.8 6.9 InvAdvMuIncTrII VKI 12.14 11.87 -2.2 4.6 Destra Multi-Altrntv;I 12.01 NA NA 8.1 Palmer Square Opp Inc 18.61 NA NA 5.3 Blackstone Strat Cr BGB NA 13.37 NA 7.7 Thrivent Church Ln&Inc:S NA NA NA 2.6 –1.46 –3.69 –24.28 Amgen AMGN 249.17 1,092 Invesco MuniOp OIA 7.76 7.93 +2.2 4.8 Destra Multi-Altrntv;T 11.40 NA NA 7.4 Eagle Point Credit ECC NA 12.23 NA 7.3 InvescoMuOppTr VMO 13.58 13.23 -2.6 4.6 Flat Rock Opportunity 20.79 NA NA 51.6 World Income Funds –1.61 –1.73 –11.38 Chevron CVX 105.75 1,270 EtnVncFltRteInc EFT NA 14.11 NA 5.2 InvescoMuTr VKQ 13.60 13.18 -3.1 4.6 Variant Altrntv Inc:Inst 26.83 NA NA 7.5 Destra Int&Evt-Dvn Crd:A 26.97 NA NA 2.2 EV SenFlRtTr EFR NA 13.86 NA 5.6 Variant Altrntv Inc:Inv Destra Int&Evt-Dvn Crd:I 26.97 NA NA 2.4 –1.97 –3.02 –19.87 Travelers TRV 150.62 1,079 InvescoQual Inc IQI 13.69 13.02 -4.9 4.7 26.84 NA NA 7.2 EVSnrIncm EVF NA 6.61 NA 5.8 InvTrInvGrMu VGM 14.01 13.54 -3.4 4.6 Convertible Sec's. Funds Destra Int&Evt-Dvn Crd:L 26.95 NA NA 2.0 –2.31 –3.15 –20.73 IBM IBM 133.23 1,073 FT/Sr Fltg Rte Inc 2 FCT 12.67 12.25 -3.3 9.9 InvescoValMunInc IIM 16.64 15.79 -5.1 4.6 Calmos Dyn Conv and Inc CCD 31.03 32.31 +4.1 117.6 Destra Int&Evt-Dvn Crd:T 26.92 NA NA 1.9 FT/Sr Fltg Rte 2022 TgTr FIV 9.59 9.39 -2.1 2.2 World Equity Funds National Muni Bond Funds –2.50 –9.41 –61.91 UnitedHealth Group UNH 367.07 MAINSTAY:MK DEFTR MUN OP MMD NA 22.18 NA 4.6 1,050 Highland Income HFRO 13.47 11.15 -17.2 8.3 NeubrgrBrm NBH 15.09 16.12 +6.8 4.7 ACAP Strategic:A 25.48 NA NA 39.2 PIMCO Flex Mun Inc;A-3 11.57 NA NA 2.2 InvDYCrOpp VTA 12.13 11.37 -6.3 7.9 Nuveen AMT-Fr Mu Val NUW 17.32 16.50 -4.8 2.8 ACAP Strategic:W 18.83 NA NA 40.3 PIMCO Flex Mun Inc:A1 11.57 NA NA NS *Based on Composite price. DJIA is calculated on primary-market price. InvSnrIncTr VVR 4.58 4.23 -7.6 6.1 Nuveen AMT-Fr Qlty Mun I NEA 15.80 14.88 -5.8 4.6 CalamosGlbTotRet CGO 15.13 15.28 +1.0 103.7 PIMCO Flex Mun Inc;A2 11.57 NA NA NS Source: Dow Jones Market Data; FactSet. Nuveen Credit Strat Inc JQC 7.02 6.55 -6.7 14.7 Nuveen AMT-Fr Mu CI NVG 17.26 16.92 -1.9 4.7 CPG Cooper Square IE A NA NA NA NS PIMCO Flex Mun Inc;Inst 11.57 NA NA 2.9 Nuveen Enh Muni Val NEV 15.58 16.90 +8.5 4.3 CPG Cooper Square IE I NA NA NA NS Tortoise Tax-Adv Soc Inf 9.42 NA NA 4.4 Insider-Trading Spotlight Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks new information about the prospects of a company. Insiders are required to report large trades to the SEC within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Money Rates April 2, 2021 Refinitiv on April 2, and year-to-date stock performance of the company KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner guide to general levels but don’t always represent actual transactions. I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: unknown VP: vice president Excludes pure options transactions Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Feb. index Chg From (%) Biggest weekly individual trades level Jan. '21 Feb. '20 Low 0.0300 0.0400 0.0600 0.0000 Commercial paper (AA financial) Bid 0.0600 0.0600 0.1000 0.0100 Based on reports filed with regulators this past week 90 days 0.11 0.05 0.26 0.04 U.S. consumer price index Offer 0.0800 0.0900 0.1200 0.0500 Libor No. of shrs in Price range ($) $ Value All items 263.014 0.55 1.7 Treasury bill auction Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Core 270.696 0.35 1.3 One month 0.11038 0.10725 0.98513 0.10300 4 weeks 0.015 0.015 0.190 0.005 Three month 0.19975 0.19900 1.38738 0.17525 Buyers International rates 13 weeks 0.020 0.015 0.280 0.015 Six month 0.20125 0.20325 1.23825 0.18950 26 weeks 0.040 0.040 0.290 0.040 One year 0.28050 0.28075 1.06013 0.27588 Mar. 25-26 PennyMac Financial Services PFSI F. Nanji DI 198 62.39-64.75 12,660 65.67 0.1 Week 52-Week Mar. 29 F. Nanji DI 94 64.40 6,060 Latest ago High Low Secondary market Euro Libor Mar. 24-25 Designer Brands DBI J. Schottenstein HI 903 13.73-14.11 12,628 16.98 122.0 One month -0.578 -0.579 -0.360 -0.607 Mar. 24 J. Schottenstein DI 273 14.11 3,853 Prime rates Fannie Mae Three month -0.550 -0.550 -0.142 -0.574 U.S. 3.25 3.25 3.25 3.25 30-year mortgage yields Six month -0.525 -0.523 -0.052 -0.543 Mar. 25 Verrica Pharmaceuticals VRCA P. Manning DOI 740 14.75 10,912 15.33 33.2 Canada 2.45 2.45 2.45 2.45 30 days 2.541 2.541 2.622 1.751 One year -0.499 -0.496 0.008 -0.511 Mar. 26 CASI Pharmaceuticals CASI W. He CEOI 3,000 2.05 6,150 2.25 -23.7 Japan 1.475 1.475 1.475 1.475 60 days 2.585 2.583 2.674 1.804 Secured Overnight Financing Rate Mar. 25 Mack-Cali Realty CLI A. Katz A. DI 346 15.52 5,369 15.73 26.2 Policy Rates 0.01 0.01 0.13 0.01 Mar. 24-25 Net 1 U.E.P.S. Technologies UEPS A. Ball DI Other short-term rates 161 5.47-5.49 881 5.65 14.8 Euro zone 0.00 0.00 0.00 0.00 Mar. 24-25 M. Nkosi DI 161 5.47-5.49 881 Value 52-Week Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Mar. 31 Kingsway Financial Services KFS J. Stilwell DOI 164 4.53 743 4.60 -2.1 Britain 0.10 0.10 0.10 0.10 Latest ago high low Mar. 12-30 Elastic ESTC C. Puttagunta D 5106.69-119.05 558 114.53 -21.6 Australia 0.10 0.10 0.25 0.10 DTCC GCF Repo Index Call money Treasury Mar. 25-26 Epizyme EPZM D. Mott D 63 7.80-7.98 500 8.63 -20.5 Overnight repurchase 0.036 60.550 0.151 -0.008 2.00 2.00 2.00 2.00 MBS 0.033 34.200 0.169 0.002 Mar. 16-26 Century Bancorp CNBKA J. Filler B 590.02-98.50 424 95.11 22.9 U.S. 0.02 0.02 0.14 -0.04 Mar. 29 REV Group REVG R. Rushing CEO 17 17.98 301 19.23 118.3 U.S. government rates Notes on data: Mar. 24-25 William Penn Bancorp WMPN K. Stephon CEOI 25 10.00-11.25 252 11.36 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Mar. 25 G. Davis DI 21 11.64-11.70 249 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.25 0.25 0.25 0.25 Mar. 25-Apr. 1IMPAC Mortgage Holdings IMH R. Pickup BI 125 1.99-2.03 250 1.99 -34.5 as of April 1, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Mar. 25 Anixa Biosciences ANIX L. Titterton D 45 4.84 218 4.75 54.7 Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. Effective rate 0.0700 0.0700 0.1000 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Sellers High 0.1000 0.0800 0.1500 0.0800 Tullett Prebon Information, Ltd. Mar. 29-31 Moderna MRNA N. Afeyan DI 3,753 118.04-131.30 455,693 132.55 26.9 Mar. 24-25 Ulta Beauty ULTA C. Heilbronn DI 427 305.23-306.48 130,448 313.62 9.2 Mar. 26-29 C. Heilbronn DI 403 304.23-306.27 122,884 Cash Prices | wsj.com/market-data/commodities Friday, April 02, 2021 Mar. 30 C. Heilbronn DI 121 309.67 37,448 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Mar. 24 Copart CPRT W. Johnson CB 374 106.66 39,930 112.61 -11.5 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Mar. 23 W. Johnson CB 234 108.10 25,297 months. Mar. 30 Monolithic Power Systems MPWR M. Hsing CEO 64 334.96-344.74 21,558 367.52 0.4 Friday Friday Friday Mar. 29 Square SQ J. Dorsey CEOI 100 207.15-214.05 21,026 229.51 5.5 Energy Aluminum, LME, $ per metric ton *2212.5 Wheat - Hard - KC (USDA) $ per bu-u Closed Mar. 26 CVS Health CVS L. Merlo D 271 74.73 20,226 74.30 8.8 Copper,Comex spot Closed Wheat,No.1soft white,Portld,OR-u Closed Mar. 31 Facebook FB M. Zuckerberg CEOI 56 289.16-296.22 16,541 298.66 9.3 Coal,C.Aplc.,12500Btu,1.2SO2-r,w Closed Iron Ore, 62% Fe CFR China-s Closed Food Mar. 30 M. Zuckerberg CEOI 56 287.26-292.14 16,286 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w Closed Shredded Scrap, US Midwest-s,m 451 Mar. 29 M. Zuckerberg CEOI 56 285.71-292.92 16,255 Steel, HRC USA, FOB Midwest Mill-s Closed Beef,carcass equiv. index Mar. 25 M. Zuckerberg CEOI 56 278.37-287.61 15,845 Metals choice 1-3,600-900 lbs.-u 207.17 Mar. 26 M. Zuckerberg CEOI 56 278.54-284.43 15,818 Fibers and Textiles select 1-3,600-900 lbs.-u 198.05 Gold, per troy oz Broilers, National comp wtd. avg.-u,w Mar. 30 Medical Properties Trust MPW E. Aldag CEO 710 21.21 15,059 21.66 -0.6 0.9236 Engelhard industrial Closed Burlap,10-oz,40-inch NY yd-n,w 0.7200 Butter,AA Chicago Closed Mar. 26 Nike NKE M. Parker OD 114 130.67 14,909 132.53 -6.3 Handy & Harman base Closed Cotton,1 1/16 std lw-mdMphs-u Closed Cheddar cheese,bbl,Chicago Closed Handy & Harman fabricated Closed Cotlook 'A' Index-t *87.65 Mar. 26-29 Lyft LYFT D. Lawee DI 222 65.03-65.17 14,477 64.64 31.6 Cheddar cheese,blk,Chicago Closed LBMA Gold Price AM *1715.85 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. Closed Mar. 30-Apr. 1Schrodinger SDGR D. Shaw BI 184 68.75-81.33 14,010 78.53 -0.8 LBMA Gold Price PM *1726.05 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp Closed Krugerrand,wholesale-e Closed * Half the transactions were indirect **Two day transaction Grains and Feeds Coffee,Colombian, NY Closed Maple Leaf-e Closed Eggs,large white,Chicago-u 1.2350 p - Pink Sheets American Eagle-e Closed Barley,top-quality Mnpls-u Closed Flour,hard winter KC 15.35 Mexican peso-e Closed Bran,wheat middlings, KC-u Closed Hams,17-20 lbs,Mid-US fob-u 0.76 Buying and selling by sector Austria crown-e Closed Corn,No. 2 yellow,Cent IL-bp,u Closed Hogs,Iowa-So. Minnesota-u 95.06 Austria phil-e Closed Corn gluten feed,Midwest-u,w 179.8 Pork bellies,12-14 lb MidUS-u n.a. Based on actual transaction dates in reports received this past week Silver, troy oz. Corn gluten meal,Midwest-u,w 614.2 Pork loins,13-19 lb MidUS-u 1.0282 Engelhard industrial Closed Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u 116.62 Sector Buying Selling Sector Buying Selling Handy & Harman base Closed Hominy feed,Cent IL-u,w 175 Steers,feeder,Okla. City-u,w 162.38 Handy & Harman fabricated Closed Meat-bonemeal,50% pro Mnpls-u,w 340 Fats and Oils Basic Industries 20,600 41,060,405 Finance 6,967,503 49,349,387 LBMA spot price *£17.6500 Oats,No.2 milling,Mnpls-u Closed Business services 1,786,759 16,100,117 Health care 6,302,505 20,743,205 (U.S.$ equivalent) *24.3150 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Corn oil,crude wet/dry mill wtd. avg.-u,w 57.0000 Coins,wholesale $1,000 face-a Closed Sorghum,(Milo) No.2 Gulf-u Closed Grease,choice white,Chicago-h 0.5350 Capital goods Industrial 00 09,736,076 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 398.70 Lard,Chicago-u n.a. Consumer durables 11,693 11,775,720 Media 05,158,200 LBMA Platinum Price PM *1199.0 Soybeans,No.1 yllw IL-bp,u Closed Soybean oil,crude;Centl IL-u,w 0.5496 Consumer nondurables 021,193,290 Technology 297,858 67,141,838 Platinum,Engelhard industrial Closed Wheat,Spring14%-pro Mnpls-u Closed Tallow,bleach;Chicago-h 0.5600 Palladium,Engelhard industrial Closed Wheat,No.2 soft red,St.Louis-u Closed Tallow,edible,Chicago-u 0.5700 Consumer services 4,023,535 72,800,521 Transportation 01,642,844 Energy 0490,108 Utilities 09,598 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 4/1 Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data P2JW095000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, April 5, 2021 | B9 MARKETS

STREETWISE | By James Mackintosh Theme ETFsAre Variations of Same Stocks

Never let Elon Musk’s SpaceX remains each division satisfies some ETFs and itsexecutives men- the factsget in private, and aside from a fund manager’s marketing cri- tion AI whenever they can. the way of a handful of satellitefirms,the teria. And each theme is even What aboutquantum comput- good story, at biggest spaceoperations are lesslikely to be the dominant ing? Sure,it’sinQTUM, the leastifyou’re partsofother companies driver of itsshareprice. quantum computing ETF. It selling invest- with far biggercorebusi- works on electricity distribu- ment funds.Rampant demand nesses,such as Boeing, Lock- aimler is an example tion, too, so it featuresinthe

for fashionable investment heed Martin and Airbus. CTIC/REUTERS of astock offering smart grid ETF, GRID.Also themes is being satisfied by StarTrekfans hoping to cash D something forevery- cloud computing,new econ- GALA hundreds of exchange-traded in on amission of discovery one.The maker of Mercedes omyand transformational GIN

funds selling the idea of bat- areunlikely to want Boeing’s VIR cars and heavy trucks quali- change. tery technology, hydrogen focus on passenger jetsor Virgin Galactic is one of justafew pure-playspacestocks, but that fies forahydrogenETF,a Theresult is that share- power, 3-D printing and space Lockheed Martin’sadvanced hasn’tstopped the launch of an ETF devotedtospaceexploration. battery ETFand aDWS future holderswho want to bet on exploration among others. The weaponry, the prospectsfor mobility fund, which is amus- quantum computing or new trouble is therearen’t enough which arefar moreimportant Weight of topﬁve holdings in ARK SpaceExploration ing forafirm that traces its powergrids might be quite stocks to go around, so the fortheir shares than their and Innovation ETF lineageback to the 19th-cen- happy even if IBM’squantum same ones arebeing recycled spacedivisions. turyinventorsofthe first breakthroughs go nowhere, as intomanydifferent funds— Even the stocks of narrowly Trimble (Sector: Tech hardware&equipment) gasoline-poweredcars. It long as clientskeep buying leading to some portfolios that focused companies canqualify 8.6% launched itsfirst fully electric IBM’scloud services at afat border on the absurd. forseveral differentthemes, carin2019 and is aiming to profit margin. as investorsblindly chase the ARK 3D Printing ETF test hydrogen-poweredheavy he latest is ARK Invest- latest fashionable idea. trucks with customersin ut they shouldn’t fool 6.1 T ment Management’s Thestock of 3D Systems three years. Daimler might in- themselves that the for- SpaceExploration and Corp.isanaturalfor ARK’s deed be among the winnersin B Kratos Defense&Security (Aerospace&defense) mer typewriter manu- Innovation ETF, known as 3-D printing ETF. It is slightly the next generation of vehi- facturer is mainly abet on ARKX, which promises to in- surprising that this ETF—and 5.8 cles,but it bringsalot of quantum success or next-gen- vest 80% of itsassetsinspace so 3D Systems—should be L3Harris Tech (Aerospace&defense) baggage to anybet on hydro- eration powergrids. exploration and innovation. To held by ARKX, but it is true genorbatteries and currently Thecoreproblem hereis be engaged in spaceexplora- NASA has 3-D printers on the 5 makes itsmoney from old- that thematic investorswant tion isn’t quiteasexciting as International SpaceStation. fashioned internal-combus- something that in manycases in the days of Neil Armstrong: But if you’reaninvestor in JD.com (Internet retail) tion engines. isn’t possible: broadly diversi- ARK redefined the term to in- 3-D printing,isitbecause it 4.9 As to the futureofmobility, fied exposuretoanew and ex- clude beneficiaries of space will be awinner from explor- this is truly abroad bet. At citing story. Wherethere technology, such as tractor ing space, or awinner from Source:ARK InvestmentManagement least judging by the ETF, aren’t enough pure-playcom- maker Deere &Co. (satellite- robotics and artificial intelli- which tracks aNasdaq index, panies in the business, inves- guided farm machinery) and gence, as forthose who pleased to hear it featuresin three themes comes intofash- this futureinvolves all the tors should accept that the Netflix (morepeople might bought it via the iShares Ro- the Legal&General Health- ion. But they might be sold off companies making cars,along best an ETFcan do is provide stream video if satellites bring botics and AI ETF? Perhaps care Breakthrough ETF. if one of the themes goes out with suppliers, chip makers an eclectic mix of stocks with fast internet to ruralareas). you, likeme, came across3-D It is possible to prosper of fashion and the ETFis such as Nvidia and, umm, exposuretoabunch of other Ican see whyARK printing foryour children’sor- from dentistry, spaceand AI dumped, surprising those who Facebook. industries—jet aircraft, den- stretched the point. Thereare thodontics,and prefer 3D Sys- all at once. And the multiple bought it forother reasons. AI is similarly broad- tistry, microchips,video few pure-playspacestocks. tems forits healthcarepros- qualification means the shares Biggercompanies canqual- minded. Is IBM an AI play? streaming,ITconsulting—that Virgin Galactic is one,but pects—in which case you’ll be getpushed up if anyofthe ifyfor even morethemes,as Certainly: It is in plenty of AI they probably didn’t want. Hertz Picks Investors BillionaireIsOverlooked SPAC Star

For Chapter 11 Exit BY AMRITH RAMKUMAR Total enterprisevalue of largestSPACdeals ever,inbillions allowedtobuy 20% of the com- $0 $5 $10 $15 $20 panyatadeep discount. Messrs. BY BECKY YERAK faction of their debt claims, Fast-trading,social-media- Foley and Chu initially paid Lucid Motors AND ANDREW SCURRIA representing arecoveryof obsessed investors aredriving about $16 million forshares and roughly 75 centsonthe dollar, thespecial-purpose acquisition United Wholesale Mortgage other investmentstied to the HertzGlobal Holdings Inc. court papers said. companycraze.One of the big- 2016 SPAC,according to New OwlRock Capital picked arestructuring offer Hertz would sell a roughly gest SPAC creatorsisastaid in- York University School of Law from companybondholdersand 9.5% staketoDundon for$400 suranceexecutivewho wants MultiPlan professor Michael Ohlrogge.The private-equity investorsthat million and roughly 2% stakes nothing to do with them. companythen teamed up with IronSource have agreed to supply billions to Centerbridge and Warburg BillionaireBill Foley,owner Mr.Chu’sformer company, of dollarsinequity capital the Pincus,each for$82.5million. of the VegasGolden Knights eToro Blackstone,totakethe insurer bankrupt rental-car provider Theremaining roughly team in the National Hockey Fidelity &Guaranty Lifepublic Paysafe(FoleySPAC) needstoleave chapter 11. 38.4%equity stakewould be League,bypassed unproven in a$1.84 billion deal in 2017. Hertz tapped aconsortium sold through a$1.6billion electric-car makers and specula- WeWork As part of the deal, Black- Notes: Total made up of Centerbridge Part- rights offering open to bond- tivespacecompanies and fo- Ardagh Metal Packaging enterprise value stone gaveMessrs. Foley and nersLP, WarburgPincus LLC holders, according to court pa- cused on solid, sustainable busi- includes debt and Chu millions of dollarsinfees. and Dundon Capital Partners pers. Centerbridgeand War- nesses. ReNewPower subtracts cash In 2020,Mr. Foley’s Fidelity Na- holdings; Owl Rock LLC to sponsor itsexit from burgPincus also agreed to buy “BillFoley is going to make Alight Solutions (FoleySPAC) and Dyal Capital tional Financial paid apremium chapter 11 along with bondhold- $385 million in preferred stock money,” said Evan Ratner,a would both merge to acquireFidelity &Guaranty ersthat agreed to take control under their proposal, which SPAC portfolio manager at East- Social Finance with SPAC;United Life. At the time of that acquisi- Wholesale Mortgage, of the reorganized company. values Hertz at nearly $5.4 bil- erly Alternatives.“He’sbuying a CCC Information MultiPlan and Paysafe tion, the initial SPAC positions Theproposal wasselected lion. businesswherehe’sgoing to deals closed held by Messrs. Foley and Chu over arival bid from Knight- Hertz said current share- ownitfor along time.” Cazoo Source:SPACResearch would have been worth about head Capital Management LLC holderswould be wiped out Mr.Foley,76yearsold, is $315 million, generating Mr.Fo- and Certares Management LLC and would receive nothing on sticking to his strategyofbuy- lier this year reached a$7. 3bil- leading their division at the ley apaper profit of roughly in acompetitiveprocess,ac- account of their interests. Last ingbusinesses that areunder- lion mergerwith the employee- time of the shutdown last year. $150 million, Mr.Ohlrogge esti- cording to papers filed Satur- year,inaspeculativefrenzy valued based on their financials. benefitsprovider Alight They have one of the NHL’s best mates. day in U.S. Bankruptcy Court that preceded the GameStop His record building Fidelity Na- Solutions. Both deals areamong recordsagain this year. AMiami pension fund is su- in Wilmington, Del. Corp. phenomenon, day trad- tional Financial Inc.intoatitle- the largest SPAC transactions At the time of the pause,Mr. ing Mr.Foley and other Fidelity Anyrestructuring plan that erspiled intoHertz afterit insurancebehemoth is allowing yet. Threeother Foley SPACs Foley recognized that SPACs National executives following Hertz puts forth requires ap- filed forbankruptcy,sending him to raise cash and do some areinthe market still seeking could be alucrativeinvestment theFGL deal, alleging they ne- proval from the bankruptcy shares surging from 56 cents of the biggest SPAC mergers. mergers.One area of interest: during volatile marketscaused glected ordinaryshareholders. court and will be subjected to afteritfiled forbankruptcy to “I’vebeen avalue investor unitsofpublic companies that by thepandemic.Blank-check Mr.Foley said the lawsuit has acreditor vote.Hertz said Sat- above$5.50 lessthan two my whole life,” he said. “I’m a could be spun off and taken mergers offer moreflexibility no merit. He,Mr. Chu and a urdaythat morethan 85% of weeks later beforedeclining bigfan of boring companies.” public through aSPACmerger. than normal IPOs by letting pri- Blackstone spokesman said the itsunsecured bondholders, the again. SPACs, also called blank- Some of those might have been vate companies makeprojec- deal wasapproved by regula- biggest voting classinthe Hertz filed forbankruptcy check companies,are shell com- neglected during the pandemic tions about their businesses and tors,that anyconflictswere bankruptcy,support the pro- protection last May with panies that list on astock ex- as businesses focused on their negotiatevaluations behind publicly disclosed and they are posal backed by Centerbridge, roughly $19 billion in debt af- changetomerge with aprivate core areas. closed doors. In anormal IPO, proud of FGL’s financial and Warburg and Dundon. ter the coronavirus pandemic firm and take it public.The pri- Paysafeposted $1.1 billion in pricing canchangeuntil the stock performance. Hertz Chief Executive Offi- curbed air and ground travel. vate companythen gets the revenue in the firstnine months night beforeacompany’sdebut. Mr.Ohlrogge estimates Mr. cer Paul Stone said the inves- SPAC’s placeinthe stock mar- of 2020,and Alight says it has Mr.Foley sees himself as an Foley made apaper profit of torgroup would provide oper- ket. SPACsare apopular alter- contractswith about half of the effectiveexecutiveand investor. about $400 million in the Pay- ational experienceinfleet nativetotraditional initial pub- Fortune 500 companies.Both “That’sthe secret sauce,” safedeal. Mr.Foley said he financing and management. lic offerings. dealsare reminiscent of how said Chinh Chu, aSPACcreator doesn’t knowthe exact paper Thecompanyhas targeted the FewSPACcreatorsraised as SPAC deals were done before and former co-head of private gains from his SPAC deals but end of June to emerge from much money as Mr.Foley,who the current boom, when existing equity at Blackstone Group Inc. said they areconsistent with bankruptcy as the travel in- waschief executiveofficer of Fi- profitsweremoreofapriority. who worked with Mr.Foley on other blank-check mergerpay- dustryrebounds from adown- delity National from 1984 to Mr.Foley raised money forhis his firstSPAC. “He’sararecom- outsand depend on investors’ turn brought on by the 2007 and is nownonexecutive firstSPACin2016. bination of the two.” liking hisdeals. Covid-19 pandemic. chairman of itsboard. He and Mr.Foley’s recent flurryof Businesses connected to Mr. Mr.Foley has stayed away Hertz said itschapter 11 former Citigroup Inc.executive SPAC activity started last Foley,including Fidelity Na- from speculativeinvestments plan, if approved, would elimi- Michael Klein arethe only SPAC spring,when the coronavirus tional and the investment firm sincehis experiencetrading nateabout $5 billion of debt /REUTERS executives to raise at least $1 temporarily shut down the Na- Cannae Holdings, ofteninvest in stocks in college. He turned and leave the companywith billion three separatetimes,ac- tional Hockey League and pre- his SPAC deals.That letshim about$4,000 into$40,000—

morethan $2 billion of liquid- GARRIDO cording to the dataprovider sented another obstacle to Mr. acquirebiggercompanies but then lost it all. “Ifyou’regoing ity upon exiting chapter 11. SPAC Research. Foley’s goal of winning the creates risks of conflictsofin- to be an intelligent investor,

Hertzwould issue aroughly EDGARD One of Mr.Foley’s SPACsre- Stanley Cup.The Golden terest that canarise in SPAC you’dbetterbeanintelligent in- 48% equity stake in the busi- Hertz said current shareholders cently took PaysafeLtd.public Knights lost in the 2018 finals in mergers. vestor all the time—not just nesstobondholdersinsatis- would be wiped out. in a$9billion deal; another ear- theirfirst season, and they were Typically,SPACcreatorsare onceinawhile,” he said.

THE TICKER | MARKETEVENTSCOMING THIS WEEK

Monday Wednesday Int’l trade deficit in Initial jobless claims billions Previous 719,000 Factory orders Consumer Credit Jan., previous $68.2 Expected 690,000 Jan., previous up 2.6% Jan., previous Feb., expected $70.5 Feb., expected up 0.3% down $1.3 bil. Earnings expected* Feb., expected Estimate/Year Ago up $6.3 bil Earnings expected* ISM non-mfg index Estimate/Year Ago Conagra Brands Feb., previous 55.3 0.58/0.47 Mar., expected 59.2 EIA status report Constellation Brands Previous change in stocks in Lamb Weston Holdings millions of barrels 0.52/0.77 1.55/2.06 Earnings expected* Crude-oil stocks RPM International Estimate/Year Ago down 0.9 0.29/0.23 Duck Creek Technologies Gasoline stocks Friday (0.03)/n.a. down 1.7 Producerpriceindex Distillates up 2.5 Thursday All items, Feb. up 0.5%

Tuesday Mar., expected up 0.5% S Mort. bankers indexes EIA report: natural-gas Core, Feb. up 0.2% Purch., previous PRES Earnings expected* Previous change in stocks in Mar., expected up 0.2%

Estimate/Year Ago down 2% billions of cubic feet UMA Paychex 0.92/0.97 Refinan., prev. down 3% up 14 /Z Wholesaleinventories TZ KA * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in Jan., previous up 1.3% Y parentheses) u Adjusted for stock split AM Note: Forecasts are from Dow Jones weekly survey of economists Feb., expected up 0.5% Constellation Brands is expected to report a quarterly profit of $1.55 a share on Thursday. P2JW095000-0-B01000-1------XA

B10 | Monday, April 5, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Amazon’s InvestorsFeelStuffed GES Margins IMA On Food Delivery GETTY

Hint at SE/ It wasn’t agood week to be aside Relativesharepriceperformance dish in the food-deliveryspace. overthe pastmonth ANCE-PRES

Labor Hit FR Afterroasting No.2U.K.delivery 20% platform Deliveroo in its public de- ENCE

AG but on the London exchange on Uber Technologies

ON/ Wednesday, investorsmoved to

Unionization would be LL scorch aU.S.middleman. Both could FA 0

challenge given its scale T. leave lasting burns on the sector. In December,itseemed investors DoorDash TRICK

PA were craving food-deliverystocks. Would unionization hamstring Workers at a fulfillment center in Alabama voted on unionization. Nowthat vaccines arehere, inves- –20 Amazon.com’s business? The an- tors’tastes changed. Shares of U.S. swer isn’t clear-cut. Street analysts—generally eager to to data from S&P Global Market market leader DoorDash closed 86% About 6,000 workersatone of duck hot-button political issues— Intelligence. abovetheir public-offering price on Olo the company’sfulfillment centers have avoided the topic so far. Amazon survived challenges to its their firstday of trading latelast in Alabama were given achanceto Amazon has long worked hardto cost structurebefore. Thecompany year,but fell nearly 30% in the –40 vote on whether to join the Retail, avoid the trappingsofabig com- oncelargely avoided collecting sales months sinceasrestaurantsbegin to March April Wholesale and Department Store pany. Exiting Chief ExecutiveJeff tax on most of the goods it sold over welcome back indoor dining. 9 1 Union. That vote is being tallied by Bezosproclaims to shareholdersin itssite, which competitorsargued DoorDash still boastsamarket Note:Olo has only been publicly traded sinceMarch 17. the National Labor Relations Board, his annual letterevery year that gaveitanunfair advantage. That has value of over $50 billion on afully Source:FactSet with resultsexpected this week. “it’sstill Day1.”But unionization largely disappeared over the past diluted basis,nearly 8.5times the The group represents less than maybeanunavoidable fact of life few yearsbecause of newstate laws. sizeofits closest U.S. pure-play profit fade.Asbriefly discussed in 1% of Amazon’s base of about foracompanythat operates 820 It hasn’t kept the companyfrom competitor.Other companies in the itsS-1 filing,the software-as-a-ser- 950,000 U.S. workers. If successful, distribution facilities encompassing growing itsshareofretail sales. sector to go public lately haven’t vicecompanyisfacing alawsuit it would be the first union to pen- morethan 274million squarefeet Still, it maynot take much to been so fortunate. Software-as-a-ser- from itslargest customer,DoorDash. etrate the 26-year-old e-commerce in the U.S. alone,according to lo- hurt Amazon in away investors viceplatform Olo,which countsde- According to paperwork filed last pioneer that is the world’s second- gistics consulting firm MWPVL In- care about. Akey component of liveryplatforms as rivals and cus- Tuesday, DoorDash is alleging Olo largest public company by annual ternational Inc.The Bureau of La- Amazon’ssurging market value tomers, sawits shares fall 24%since cheated it out of tens of millions of revenue, according to S&P Global bor Statistics liststransportation has been itsability to deliver itspublic offering lessthan two dollarsinexcesspaymentsbased on Market Intelligence. and warehousing as having the sec- strong revenue growth along with weeks ago. Thepublic offering for most-favored-nation clauses in its Amazon opposes the idea, fre- ond-highest union representation an expanding bottomline.The Deliveroo closed 26% belowits offer- contract, guaranteeing it lower quently pointing to its $15-an-hour among private-sector industries. companyaveraged30% annual ing priceWednesday. prices than itscompetitors. Losing starting wage and disputing re- But scale works in Amazon’sfa- sales growth between 2017and It appearsinvestors’ appetitefor even afraction of those fees could ports of harsh working conditions. vor, as unionization would need to 2020 while morethan doubling its food deliverycan be spoiled by a be asignificant hit to Olo,which The company has allowed its main spread well beyond asingle facility annual operating margin from 2.3% story—much likeameal—with alit- generated lessthan $100 million in Twitteraccount to pick public in Alabama to have anoticeable im- to 5.9% in the same period, thanks tle hair on it. Despiteincreasing rev- revenue last year.Olo called the law- fights with lawmakers, including pact. And even then, the effect is mostly to itsrapidly growing enue 54% last year amid the pan- suit’sallegations baseless. former presidential candidates unclear.Consider the example of cloud-computing business. Wall demic,Deliveroo managed to lose Taken together, investors’ chilly Sen. Elizabeth Warren and Sen. Amazon’stwo largest peersinlo- Street expectsAmazon’soperating money,evenonthe basis of adjusted reception for Deliveroo and Olo Bernie Sanders. President Biden gistics: Morethan three-quartersof margins to hit nearly 9% by 2023. earningsbeforeinterest, taxes, de- could mean more investor scrutiny voiced support of Amazon workers United Parcel Service’s domestic But those arestill thin margins by preciation and amortization. Now, lies ahead for the sector. For Uber, unionizing—again putting the workforce arerepresented by tech standards.And Amazon’slabor- futureprofitability is even morein threats are mounting for driver re- company at odds with the occu- unions,according to the company’s intensiveretail businessgives the question afterUber Technologies reclassification more globally. More- pant of the Oval Office. most recent 10-K filing. FedEx is companyaverydifferent profile rel- cently lost aU.K.court case that led over, DoorDash already said in Amazon’s opposition would sug- the opposite; the companysaid in ativetoits peers. Amazon generated to a landmark reclassification of its February it expects its gross order gest unionization poses a major itsannual filing that only the pilots alittle under $300,000 in revenue ride-hailing drivers as workers, enti- value growth to slow significantly threat to its business. But the of itsFedEx Expressdivision are per employeein2020—nearly one- tling them to benefitssuch as vaca- this year after a gangbusters 2020, company never spelled that out as unionized, representing asmall fifththe averageofApple, Micro- tion payand pensions.That decision sending shares down following its a major risk to shareholders. Its number of itstotal employees. soft, Facebook and Google parent has led skeptics to worryfood-deliv- fourth-quarter report. most recent 10-K filing from Feb- And yet, both companies aver- Alphabet,according to S&P data. erydriverswill be next on the regu- Investors’ waning appetitefor pe- ruary mentions “labor or trade aged an annual margin of just un- Amazon needs alarge armytodo latorymenu. ForDeliveroo,which ripheral players might bode poorly disputes” at the bottom of a list of der 13% before interest, taxes, de- business. It is little wonder the com- does roughly half itssales in Britain, forU.S.industryleadersfromwhom 18 bullet-point items that could af- preciation and amortization for panyworries at anysign of revolt. it would be particularly costly. consumersmay have had morethan fect its operating results. Wall the years 2010 to 2019, according —Dan Gallagher Olo,onthe other hand, maysee their fill. —Laura Forman

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ShortSelling Behind the Share-Lending No. 2 Market: Darren Chervitz JacobDiscovery WhatYou Fund (JMIGX) Should Know  220% For one thing, it helps keep down index-fund expenses

BY MARK HULBERT

The GameStop saga earlier this year focused attention on the share-lending market, a financial arena that relatively few investors know about. But if you bought an index fund in recent years, chances are you benefited from the share- lending revenue that the fund earned. This market is where investors go to borrow shares that they sell short—betting on a price decline. The lenders are primarily large mutual funds (especially index funds), exchange-traded funds and pension funds. Share loans outstanding in the U.S. are No. 3 valued at nearly $1 trillion, ac- Michael cording to Peter Hillerberg, chief technology officer at Ortex Ana- Baron lytics, a company that monitors Baron Partners the share-lending market. Fund (BPTRX)  212% One issue is that many institutions, including index funds, would rather earn share-lending revenue than vote their shares.

The revenue that can be No. 1 earned by lending shares is sub- Dennis Lynch stantial: About $10 billion in total Morgan Stanley Inception was paid out for the privilege of Portfolio (MSSGX) borrowing shares last year, Mr. Hillerberg says. Revenue from  273% such loans is one of the reasons that some index funds are able Winners’ Circle to keep their expense ratios low. Only a small percentage of a typical company’s publicly traded The Lockdown Ye ar’s shares will be sold short at any given time. Currently, the average for a company in the S&P 500 is Top Stock‑Fund Managers about 1%, Mr. Hillerberg estimates. Not so for GameStop in January, however. Its comparable In achaotic time N LATE MARCH OF LAST YEAR, as the world started Street Journaltracks(basedonMorningstar data) forits ratio on Jan. 14 rose to 175.9%, to deal with the pandemic lockdowns,the U.S. stock quarterly Winners’ Circle surveypostedanaverage gain of which suggests that nearly twice formutual funds, market had already hit “reset.” 47%for the 12 months endedMarch 31.While thattrailedthe PleaseturntopageR4 Morgan Stanley’s Ayear later, as investorsclosedthe booksfor the first S&P500’s56% total return forthe same period—and fell short I quarter of 2021, they are looking back on a market re- of recovering all the losses investorsincurred in the selloff Dennis Lynch bound thatoutdid even the post-financial-crisis recovery for early in 2020—the best-performing funds did far, farbetter. SCOREBOARD wasNo. 1, with a both speed and magnitude. That’satestimonial either to the pros’abilitytoanticipate First-quarter 2021 fund performance, 273% surge How did the professional stock pickers at mutual funds the disruptivechange thatwould benefit the companies they total return by fund type.MoreonR2. do? Overall, no better than an index fund. But the best of add to their portfolios,ortotheir abilitytotweak their hold- U.S. Intl. Bonds them blewaway the field—including aspectacular 273% ings in response to the rapidly changing market environment. stocks* stocks* (intmd.) BY SUZANNE MCGEE gain forthe No.1fund, the small-stock-focused Morgan A case in point: Dennis Lynch, head of the Counterpoint Stanley Inception Portfolio (MSSGX). Global team at Morgan StanleyInvestmentManagement. The actively managedU.S.stock funds thatThe Wall PleaseturntopageR2 8.5% 3.5% –2.9% *Diversiﬁedfunds only,excluding sector and regional/countryfunds No. 4 Craig Hodges, Hodges Fund (HDPMX) +182% No. 5 Jeff James, Driehaus Micro Cap Growth (DMCRX) +175% Avg. of all funds tracked: +47% Source:Reﬁnitiv Lipper

SEAN MCCABE Meet the three newmembers of theInvesco QQQ family.

QQQ QQQ IVNQX INVESCO NASDAQ INVESCO INVESCO NASDAQ 100 NEXTGEN 100 ETF NASDAQ 100 ETF MUTUAL FUND

NOTADEPOSIT NOTFDIC INSURED NOTGUARANTEED BY THE BANK MAYLOSEVALUE NOTINSURED BY ANY FEDERAL GOVERNMENT AGENCY Thereare risksinvolved with investing in ETFs, including possible loss of money. ETFsare subject to riskssimilar to those of stocks. Investments focused in aparticular sector, such as technology,are subject to greater risk, and aremoregreatly impacted by market volatility,than morediversified investments. An investment cannot be made directly into anyindex. BEFORE INVESTING,CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGESAND EXPENSES. VISIT INVESCO.COM/FUNDPROSPECTUS FORAPROSPECTUS CONTAINING THIS INFORMATION.READ IT CAREFULLYBEFORE INVESTING. Invesco Distributors, Inc. P2JW095000-0-R00200-1------XA

R2 | Monday, April 5, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

A Journal Report U.S.-stock funds Winning Fund croCap Growth (DMCRX)— special look at the 13.4% 2020 ’21 which endedinfifth placewith numbers and a12-month return of 175% and news about this 5.4 4.9 Rose 273% 0.3 3.1 rose nearly13% in the first quar- month’s investing ContinuedfrompageR1 ter—also has been actively read- ND J FM Funds managed by Mr. Lynch justing his portfolio in response and his team have routinely to the shifts in the economy earned top honors in the Win- and the market. (The fund is JR l ners’ Circle. This time, it was closedtonew investors, though their small-cap growth offering, the Driehaus small-cap fund, Morgan Stanley Inception. which Mr.James says has about l Insight Mr. Lynch doesn’t credit his a50% overlap in holdings with fund’s outperformance to any the microcap fund, is open.) attempt to pick the bull mar- “For the first half of the last ket’s new crop of winners. 12 months, the market has really Rather, his team has long em- been about pandemic beneficia- phasized identifying opportuni- ries,” Mr. James says, including ties in the kinds of disruptive some of the fund’s existing hold- business models that emerged ings. These included Freshpet in the “pandemic market.” Inc., which provides pandemic Among them: Fastly Inc., puppies and kittens (and other whose edge-computing technol- animals) with refrigerated fresh ogies helps improve the perfor- foods, and Fulgent Genetics, manceofcloud-basedapps,inwhich developed some of the cluding online gaming that widely used Covid-19 tests. manyAmericans flocked to dur- “As it became clear we’d have ing lockdowns.“We prioritize effective vaccines emerge, I’ve long-term thinking overknee- started shifting my emphasis jerk reactions,especially during and looking for companies that aperiod of turmoil and crisis will benefit most from a reopen- likelastyear,” Mr.Lynch says. ing,” Mr. James says. For in- As always, the Journal isn’t stance, he took a stake in Bally’s recommending that investors Corp., which owns casinos in a view the quarterly ranking as a number of regional markets. shopping list. Many of the Not all top-performing fund funds may have high fees, or managers relied on identifying be closed to new investors or the biggest beneficiaries of the  otherwise inaccessible. But new bull market. Baron Partners Above, opening day in Cincin- Citigroup’s annual naming tab for their managers may still offer Fund (BPTRX) earned third 4/1/21 nati at Great American Ball $20M Citi Field (New York Mets). The insight into what’s happening placewith a 12-month return of Park, named after an insur- bailed-out bank drew some boos in in the market. The survey also 212%, thanks to its managers’ ance company. 2009 for the expense. includes only actively managed mutual funds with a three-year record and more than $50 mil- Scoreatthe Quarter The Miami Marlins just named their stadium after a lender— lion in assets; it excludes sector Stock funds rose forthe fourth Money funds, quantitative funds and straightquarter,following the cutely stylized as loanDepotpark—which means that11ofthe funds that employ leverage. first-quarter 2020 debacle. Ball 30 major-league baseball fields arenamedafter banksand Average total return forU.S. other financial firms.Lastyear’slockdown-shortenedseason, in diversified funds. Small stocks strutted 20% mostly empty ballparks, meantthatthe firms didn’t getthe ex- Funds concentrating on small- posure they expected for their millions of dollars. capormicrocap stocksdomi- nated. Thatdoesn’t surprise 10 ScottOpsal, directorofre- search forLeuthold Group of 0 l Quarterly Monitor William Power Minneapolis.“Huge returns coming offabear market’s bot- –0.4 –0.3 ‘The Fed is tomare pretty typical,” he says. –10 Stock Funds Rose 8.5% stomping on the “In abear market,investors accelerator to turn conservative; in the first But Bonds Getthe Cash keep interest legofabull market recovery, –20 they’re willing to invest in less- rates below stable businesses,totakea It was just the shot in the arm Neuman, director of market strat- inflation. flier on less-establishedbusi- –30 that the stock market needed. egy at investment manager Alger Rising rates nesses and look to the future 2018 ’19 ’20 ’21 U.S.-stock funds rose along with in New York. “Economists are trip- seem unlikely to fortheir rewards.” Source:Refinitiv Lipper the overall market in the first quar- ping over each other to increase “I would never in a million ter, as vaccination progress con- estimates,” he says. derail financial years have envisioned this kind vinced more investors that the International stocksand U.S. markets as long of market recovery,” says Dar- early decision to invest in stable economy will emerge in good shape small-caps arewheremanyinves- as their foot ren Chervitz, portfolio manager but high-growth businesses. from the lockdowns. In addition, tors should look,say somestrate- stays pinned to of Jacob Discovery Fund “All of our core holdings had there is faith that the Federal Re- gists. “Overthe past12months,the (JMIGX), the No. 2 Winners’ been in the fund prior to Febru- serve will keep things humming U.S. has been astar,” says Mr.Neu- the floor.’ Circle finisher. “We’ve had more ary 2020,” says Michael Baron, without triggering inflation. man. But now, he says,“U.S. stock Steven Violin, portfolio than 26 portfolio names post who manages the fund with his valuations have gotten pricier com- manager at F.L.Putnam gains of more than 100% in the father, investor Ron Baron. “We FOLLOW THE MONEY pared to the rest of the world. Non- Investment Management last 12 months.” That propelled don’t try to outsmart the mar- U.S. stocksreally areonsale.” Inter- Mr. Chervitz’s fund 220% higher ket, but we look for high-quality First-quarter 2021 flowofinvestor cash by fund type,inbillions* national-stock funds rose 3.5% in for the 12-month period. businesses able to weather the the quarter including 1.9% in March. Jacob Discovery’s assets un- storms and continue to grow.” U.S. stocks Intl. stocks Bonds Mr. Neuman says that small- der management ballooned in caps are also discounted, even af- response to these returns, ter recent gains, and they typically thanks both to capital gains Pandemic effect $78.3 $27.1$224.7 outperform as interest rates rise. and to an inflow of new cash, Mr. Baron attributes the outsize Lipper’s small-cap value category from only $10 million at the gains in many growth compa- *estimatedmutual-fund/ETF flows through 3/24 rallied 22% in the quarter, including market’s nadir in March 2020 nies, and especially among Source:Investment CompanyInstitute a 6.1% gain in March. to about $100 million a year smaller stocks, to the fact that Voting with their cash, wary in- later. Partly as a response to the pandemic seems to have ac- The average U.S.-stock fund vestors continue to send more this and in part due to chang- celerated the pace of economic rose 8.5% in the quarter,including money to bond funds rather than “To me, the only thing that ing nature of the market, Mr. change. Disruptive companies of- 3.1% in March, according to Refini- stock funds. Investors in the first could end the recovery prema- Chervitz oversaw a gradual ex- fering new models were able to tiv Lipper data. quarter put a net $78.3 billion into turely is a large spike in inflation pansion in the number of hold- capitalize. For instance, Zillow Marketsare “emerging from lock- U.S.-stock mutual funds and ex- which could cause the Fed to pivot ings from 40 to 60 companies. Group Inc. already has captured downs,and emerging from atrade change-traded funds, and $27.1 bil- or to prematurely end monetary “When the pandemic first more attention from eager home warwhich robbedthe U.S. and lion into international-stock funds, easing,” says Mr. Schutte. But he hit, I sought out companies buyers (encouraged by ultralow global economyofcyclical growth,” based on Investment Company In- considers that “highly unlikely.” that I thought would benefit interest rates) reluctant to tour says BrentSchutte,chief investment stitute estimates. Yet they in- from medical innovations as homes in person with an agent. strategistatNorthwestern Mutual vested much more—a net $224.7 Mr. Power is a Wall Street Journal well as from people staying The No.4finisher was Wealth ManagementinMilwaukee. billion—in bond funds, partly to news editor in South Brunswick, home: that was the first wave Hodges Fund (HDPMX),with a “It’s all about economic-growth protect themselves if and when N.J. Email him at for me,” says Mr. Chervitz. 182%gain under Craig Hodges. It estimates accelerating,” says Brad this stock-market rally stalls. [email protected]. He also added to positions employs a“go anywhere” ap- in companies like Arcturus proach thatenabledMr. Hodges Therapeutics Holdings Inc., to add (and latersubtract)pan- which is developing mRNA- demic-economywinnerslike l In Translation based vaccines (including an- Zoom VideoCommunications other Covid-19 vaccine candi- Inc.Morerecently,ithas diversi- date) but also using the same fied, with small positions in Explaining Geopolitical Risk genetic research to devise ther- sports betting firms (DraftKings apies to treat diseases like cys- Inc.) and food-deliverycompanies Some investors pay In 2017, the U.S. dubbed China a tic fibrosis. The stock’s price (Waitr Holdings Inc.).LikeMr. retired admirals foradvice strategic competitor, partly be- has tripled over the past 12 James at Driehaus,Mr. Hodges cause of China’s lead in the 5G months, but it’s the longer- benefited from astakeinfitness- wireless-technology race, says Pe- term outlook that Mr. Chervitz equipmentmaker Nautilus Inc., Investment pros often talk about ter Tchir, head of macro strategy at finds intriguing. “I see the po- and he ventured further into the geopolitical risk. For those new to New York-based Academy Securi- tential for this kind of new outdoor-sports arena with a investing, the term can be unclear. ties. “Here we are competing with medical technology to signifi- stakeinCallawayGolf Co.

For U.S. investors, geopolitical China, and Chinese tech giant Hua- cantly expand lifespan over the OW risk typically refers to the added wei is the leader,” Mr. Tchir says. coming decades,” he argues. Ms. McGee is a writer in BL UL

problems and opportunities that Academysaysateam of retired Jeff James, the lead portfo- New England. She can be PA come with foreign markets. admirals and generals who help lio manager of Driehaus Mi- reached at [email protected]. BY In less-developed nations, for ex- giveitinsightongeopolitical risks ION AT

ample, a change in the political also highlightedthatamajor por- TR US

landscape can send markets into tion of the U.S. military’santibiotics ILL turmoil, says Marc Chandler, chief aresourcedfromChina, as aremin- GES; market strategist at currency bro- erals fordefense equipment. Reprints Available Reprint or License Articles IMA ker Bannockburn Global Forex in Academy predicted that the Bi- To order reprints of individual articles in ETTY New York. In March, a Brazilian den administration would take Printed Copies printordigital format, or to license content, pleasecontact: U/G

judge quashed prior corruption con- steps to rectify that.Meanwhile, “I Individual copies of The Wall Street BA Online: www.djreprints.com victions of former Brazilian Presi- think you are going to see stimulus Journal and individual reports such as SA this one can be purchased at Phone: 1-800-843-0008 IE dent Lula da Silva. Markets reacted proposals to see 5G Wi-Fi in cities wsjshop.com while supplies last. Bulk Email: JAM quickly and negatively, leading to in the U.S.,” says Mr. Tchir. pricing is also available. [email protected] : TO

selloffs of the Brazilian currency. —Simon Constable PHO P2JW095000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, April 5, 2021 | R3 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

type of retirement account can never be taken from a different type of retirement account, says Ed Slott, an IRA expert in Rock- ville Centre, N.Y. For example, you can’t satisfy an RMD from an IRA by withdrawing funds from a 401(k). Yes, there are exceptions to this rule. They involve IRAs and 403(b)s, which are savings accounts designed primarily for edu- cators, employees of nonprofits and ministers. Let’s say you have three different IRAs; you can calculate the RMD based on the balance of all the IRAs—and then take the RMD from any one or combination of the IRAs, Mr. Slott says. The same is true for 403(b)s. Of course, as noted above, you can’t satisfy the RMD for an IRA by withdrawing from a 403(b) or vice versa. And this exception doesn’t apply to other retirement plans, like 401(k)s. If you have three different 401(k)s that are subject to RMDs, you must take the RMD from each 401(k) individually. Now, to return to your question. RMDs can be taken from any investments within the same retirement account or “container,” AskEncore • Glenn Ruffenach possibly exorbitantinvestment fees.Orrebalanced your nestegg Are your finances How to Know if Yo ur annually.Orpurchasedsome type heading in the right of long-term-careinsurance. Or done abetter jobofdiversifying direction? There are Savings Are on Track your holdings to help reduce rules of thumb taxes in retirement. and/or equations to And yes, this means—if you Also: Answering a reader’s question on navigating rules haven’t done so already—finding help you measure it. around required minimum distributions and building a relationship with a good financial adviser who can take the long view and help you Mr. Slott says. Your IRAis one • Guide to Retirement). Savings Benchmarks tackle these issues and others. container, and the Thrift Savings My wifeand Iare in our To be more specific, and to I’ll conclude with asobering Plan is another. And, as you noted, Marriedcouples with twoincomes early 50s.Wehope to re- use your situation: Fidelity says thought: Fully 50% of all house- each container holds different and planning forretirementshould tireinabout adozen years, workers should aim to save at aim to save the following holds in the U.S. areatrisk of not types of investments. The re- and we aretrying to figure least six times their annual in- multiples of their household having enough to maintain their quired withdrawal for your IRA is out if our nestegg is on come by age 50; T. Rowe Price income by these ages living standards in retirement, calculated based on the balance of track.How large should and J.P. Morgan put the figure says the Center forRetirement all the investments in that con- our savings be at our age? for a 50-year-old, depending on Age55 Age60 Age65 Research at BostonCollege. tainer, and the RMD can be with- household income, at about five Again, acomprehensivefinancial drawn from any one fund, or a This question gives me the chance times annual earnings. Household Multiples of checkup at least10to15years combination of funds, within that grossincome household income to address one of the biggest mis- Yes, these ballpark figures can before retiring canhelp put you container. The same is true for takes people make in preparing be helpful. But they address only 5.5x in the betterhalf of thatmix. the Thrift Savings Plan container. for retirement: failing to get a one part of planning for later life. A final note: RMDs for 2022 $75,000 7.5 comprehensive financial checkup Ideally, you want to find out: Are will be based on the value of your 9.0 long before they actually retire. my finances as a whole heading • accounts on Dec. 31, 2021, as well The answer to your specific in the right direction? Put an- Ihaveatraditional IRAat as your age on your birthday in 6.5 question is relatively straightfor- other way, you don’t want to Vanguardwith four funds 2022. Your calculation will be ward. A number of financial firms reach the year 2033—assuming 100,000 8.5 (three indexand one based on a life-expectancy table and individuals have rules of you do, in fact, retire in 12 10.5 moneymarket)and a from the IRS. That said, unlike thumb and/or equations to help years—and discover that in the ThriftSavings Plan from RMDs in earlier years, required people calculate how much to early 2020s you could have or 6.5 my federal employment, withdrawals in 2022 will be based have in savings at various ages. should have: 150,000 9.0 alsowith four funds. on new life-expectancy tables, is- Fidelity Investments has a set Been moreaggressiveorcon- 11.0 When Imakemyrequired sued in late 2020. These tables of “milestones” to track progress. servativewith your asset alloca- minimum distribution, should be widely available by the (At fidelity.com, search for: How tion. Or taken advantage of 7.0 which will be in 2022, time you make your withdrawals. much do I need to retire.) T. Rowe catch-up provisions in your 200,000 9.0 howdoIdetermine the Pricehas “savings benchmarks” 401(k). Or openedahealth sav- amountstowithdraw 11.5 Mr.Ruffenach is aformer reporter (troweprice.com/personal-investing, ings account. Or converted atra- from each fund? Mustthe and editor forThe Wall Street search for: are my retirement sav- ditional IRAtoaRoth. Or taken 7.0 RMD be withdrawnpro- Journal. TheAsk Encorecolumn ings on track), and a new J.P. Mor- steps to payoff your mortgage 250,000 9.5 portionally from all funds? examines financial issues forthose gan report has “retirement sav- faster.Orsavedmoremoney 12.0 thinking about,planning and living ings checkpoints” on page 14 when your earnings were at their Let’s start with the general rule: their retirement. Send questions and (search for: J.P. Morgan 2021 highest. Or taken acloser look at Source:T.Rowe Price A required withdrawal for one comments to [email protected].

• Saving forCollege of financial aid at Southwestern College in Winfield, Kan. Schools have different timelines for dis- Unused StudentLoans? bursing the funds, the earliest being 10 days before a semester. Here’sthe SmartThing to Do Even once a loan has been disbursed, you can still tell the aid office you don’t want the money and Many borrowers don’t Do I have to give back the school must return it on your know they can return extra funds? behalf within 14 or 30 days after money they don’t need No, but be careful what you use sending the notification of your them for. You might decide to loan-cancellation rights. How long use the funds for school-related you have depends on the process

BY CHERYL WINOKUR MUNK expenses such as books or sup- the school used to obtain confir- plies, or other expenses incurred mation of loan acceptance before You’ve borrowed more than you while attending school, such as funds were disbursed. need for college. What do you do? rent or food. You could also take If you miss the school’s 14- or Many borrowers don’t realize it as an opportunity to adjust 30-day deadline, it’s still a good they can return unused federal- your borrowing needs for next idea to gauge the school’s willing- loan dollars. Or why they would semester, says Wayne D. Kruger, ness to return the money on your S want to. executive director of financial-as- behalf. While they don’t have to, PRES “I wish it was a common prac- sistance operations at St. Peters- many schools readily work with TED tice for students to return excess burg College in Florida. Some borrowers to return loan funds on CIA

SO funds,” says Sara Cyrus, financial- people use extra funds for things their behalf within 120 days of AS aid administrator in the office of totally unrelated to school, but loan disbursement. Most schools financial aid at the University of this goes against the terms of  have a form students can fill out

-GAZETTE/ Michigan-Flint. “It helps borrowers the Master Promissory Note they prudent long-term move. Relaxed lending?Cathedral of to request adjustments to aid. ST out in the long run.” signed. While it may be tempting, What’smore, thereare caps on Learning lawn, University of After 120 days from disburse- PO

GH Here are some answers to don’t pocket the money and howmuch youcan borrow as an Pittsburgh, on March 23 ment, however, students generally questions borrowers may have. spend it on a vacation or other undergraduate,per academic year need to work with their loan ser- SBUR expense unrelated to school. and cumulative. If youdon’t need vicer to pay back the funds di- /PITT the moneyinaparticular semes- by the borrower or the school) rectly, including any applicable in- Why would I end up with

NCHAK ter, youmay want to return the within 120 days of loan disburse- terest or loan fees. Make sure to

PA unnecessary loan money? Why should I consider funds so theywill be available if ment, says Federal Student Aid. provide written instructions to the M returning unneeded funds? PA This can happen for a few rea- youdecide youneed them later— But that doesn’t mean you servicer about how the funds :

TO sons. Sometimes, students check While it may be tempting, pock- say, forasummer term. should wait that long. should be applied, so there is no PHO

; all the applicable boxes for loans eting the money and spending it Schools typically dole out confusion, says Karen McCarthy,

OW on their financial-aid offer, without on a vacation or some other un- loans on behalf of the govern- director of policy analysis at the BL realizing they can choose just necessary expense isn’t prudent. Will I owe interest or ment in at least two payments, National Association of Student UL

PA some of the money offered. Stu- Consider that the average stu- loan fees if I return or disbursements, per academic Financial Aid Administrators.

BY dents also sometimes accept a dent-loan balance was $38,792 unneeded loan funds? year. Ideally, you’ll want to cancel

ION federal loan expecting to need it, last year—up from $35,620 in Generally no interest or loan fees the loan before it is disbursed Ms. Winokur Munk is a writer in AT

TR but later receive a scholarship or 2019—according to Experian. Bor- are charged on federal student because that is easiest for every- West Orange, N.J. She can be US obtain a summer job. loans that are returned (whether one, says Brenda Hicks, director reached at [email protected]. ILL rowing less, if possible, can be a P2JW095000-0-R00400-1------XA

R4 | Monday, April 5, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

 The GameStop stock-trading circus drew attention to the share-lending market.

at New York University. In some close corporate elections, Prof. Rock says, it is virtually impossible to know who actually won. To illustrate, he asksyou to imagine youhave 100 shares of astock in your accountand, without your knowledge,50ofthem arelentout. This happens often, sincealmostal- waysour brokerage accounts areset up to givethe brokerage firm the righttolend out our shares without telling us.Inthis particular case, you could in good faith vote your 100 shares and the borrowercould in good faith vote his 50. This is justone example of how voting ambiguities could arise.Prof. Rock says,“Thereissomuch friction in the systemthatinany close election thereislikely to be no verifiable answertothe question, ‘Who won?’ ”

Change needed? Manybelieve this should change. But manylarge institutions,especially indexfunds,would rather earn share-lending revenue than vote their shares.This cost-benefit calcu- Ins and Outs way of knowing whether aparticular other is to borrow shares and vote Long and ShortofIt lation became particularly evident 100-shareblock of GameStop stock them in a corporate election. GameStop shares sold short as a afterthe Securities and Exchange Of Share boughtorsold todayisthe same as This is possible because,incor- percentage of total shares Commission in 2019 relaxed rules whatwas transacted yesterday. poratelaw,shareownersretain all available to the public thathad encouragedindexfunds to That’sbecause,oncelent, those theeconomic benefits of owning vote their shares. Astudy by Edwin 200% Lending shares arepart of the “fungible pool” the stock,including anypriceap- Hu and HaleySylvesterofNYU of GameStop stock,according to Roy preciation and dividends,even 180 Peak Jan. 14 School of Lawand Joshua Mitts, a ContinuedfrompageR1 Zimmerhansl, principal at Pierpoint while shares areout on loan. The at 175% Columbia LawSchool professor,says as many shares were sold short as Financial Consulting and former head righttovote, however, is held by 160 sharelending from indexfunds grew are outstanding. of global securities lending at HSBC. those who actually hold the shares 58% afterthe SECrelaxed guidance. 140 Though thatseems impossible, Mr. Zimmenhansl adds that it is in their accounts—evenifthose Prof. Mitts adds that this cost- abenign explanation exists. Imag- also impossible to know precisely shares were borrowed. In effect, 120 benefit calculation is also relevant ine thatJack borrows 100 shares how many shares of a stock have the shareowner gives up the right to those who worry that, because of GameStop from mutual fund been sold short at any given time. to vote in return forearning inter- 100 index funds own large blocks of all No.1with the intention to short That’s because there will be occa- estonlending the shares. 80 companies, they will vote their them. When those shares are sions when two different clients of Imagine a proxy context in which shares in ways that discourage shorted,theyget bought by fund the same brokerage firm will take dissident shareholders who are ben- 60 competition, preserving a kind of No.2.Now,Jane wants to short opposite sides of a transaction—one eficial owners of only a small num- marketplace status quo. This may GameStop,too.She borrows the buying and the other selling short. ber of shares are hoping to win 40 be a bigger concern in theory than same 100 shares from fund No.2, In some cases the firm will not exe- seats on the company’s board. It is 20 in practice, he adds, because in shorts them, and theyare bought cute those “two transactions on the possible that the dissidents could most cases index funds appear to by fund No.3.Intheory, this could exchange but instead cross those win those seats by borrowing 0 be eager—some think too eager—to go on indefinitely,Mr. Hillerberg trades internally. The public short- enough shares the day before a forfeit their votes and earn share- Jan. 2021 Feb. March GES says.“Thereisnotheoretical upper interest numbers won’t reflect that. shareholder vote, voting them, and lending revenue instead. IMA limit on the ratio of acompany’s then returning them a day later. Source:Ortex.com

shares sold short to its free float.” Some believe this makes a mock- Mr. Hulbert is a columnist whose GETTY

This illustration assumes the Market for ery of shareholder democracy. For tio, a company has no way of know- Hulbert Ratings tracks investment AN/ same 100-shareblock of GameStop shareholder voting some of the same reasons it is im- ing with certainty who its voting newsletters that pay a flat fee to be is borrowed, shorted,boughtand Short selling is only one of the uses possible to know at any given time shareholders are at any given time, audited. He can be reached at SULLIV TIN lentout again. In fact,thereisno of the share-lending market. An- a company’s true short-interest ra- says Edward Rock, a law professor [email protected]. JUS

Largest Taxable-Bond Funds Largest Stock and Balanced Funds Total returns are for periods ended March 31 and are preliminary; assets are through Feb. 26, and include all Total returns are for periods ended March31 All data are preliminary. Assets are through Feb. 26. share classes. Performance data include both share prices and reinvested dividends. Assets Performance (%) Assets Performance (%) Fund Name Symbol ($ billions) Mar. 1st qtr 1 yr 3 yr* 5 yr* 10 yr* Fund Name Symbol ($ billions) March 1st-qtr 1-year 3-year* 5-year*

Vanguard Tot Bd;Adm VBTLX 302,902.4 –1.4 –3.6 0.5 4.6 3.1 3.4 Vanguard TSM Idx;Adm VTSAX 1,111.39 3.5 6.4 62.7 17.1 16.7 Vanguard Tot Bd II;Inv VTBIX 230,829.2 –1.3 –3.6 0.4 4.5 2.9 3.3 Vanguard 500 Idx;Adm VFIAX 658.27 4.4 6.2 56.3 16.8 16.3 Vanguard Tot Itl BI;Adm VTABX 134,598.3 –0.02 –2.3 2.0 4.0 3.3 N.A. Vanguard Tot I S;Inv VGTSX 381.81 1.7 3.9 52.7 6.5 9.9 PIMCO:Income;Inst PIMIX 134,406.9 –0.1 –0.2 14.4 4.8 5.9 6.9 SPDR S&P 500 ETF SPY 331.84 4.4 6.2 56.1 16.7 16.2 MetWest:Total Rtn;I MWTIX 87,560.3 –1.1 –2.9 3.5 5.5 3.7 4.3 Fidelity 500 Index Fund FXAIX 292.20 4.4 6.2 56.3 16.8 16.3 iShares:Core US Agg Bd AGG 85,938.7 –1.2 –3.4 0.7 4.6 3.1 3.4 Vanguard Instl Indx;InsP VIIIX 261.82 4.4 6.2 56.4 16.8 16.3 Vanguard Sh-Tm Inv;Adm VFSUX 75,051.1 –0.3 –0.5 6.4 4.0 2.9 2.6 American Funds Gro;A AGTHX 257.41 0.9 2.5 66.3 19.5 19.8 American Funds Bond;A ABNDX 72,219.5 –1.1 –3.0 3.5 5.6 3.6 3.6 iShares:Core S&P 500 IVV 248.76 4.4 6.2 56.3 16.7 16.3 Dodge & Cox Income DODIX 68,834.5 –1.0 –2.5 7.4 5.6 4.7 4.2 American Funds EuPc;R6 RERGX 192.14 –1.1 –0.4 60.8 10.2 12.9 PIMCO:Tot Rtn;Inst PTTRX 68,817.2 –1.3 –3.1 3.3 4.9 3.8 3.8 American Funds Bal;A ABALX 185.84 2.9 3.7 30.1 10.5 10.5 *Annualized N.A.=not applicable, fund is too new Source: Refinitiv Lipper Invesco QQQ Trust 1 QQQ 150.57 1.5 1.7 68.5 26.8 25.0 Vanguard Gro Idx;ETF VUG 144.79 1.6 1.5 64.9 23.1 20.6 Vanguard Dev Mkt;ETF VEA 142.01 2.6 4.0 51.0 6.6 9.6 Mutual-Fund Yardsticks: How Fund Categories Stack Up American Funds Wash;A AWSHX 139.29 5.4 8.5 49.0 13.1 13.8 Vanguard Md-Cp I;Adm VIMAX 139.12 2.4 7.2 70.6 14.7 14.6 Includes mutual funds and ETFs for periods ended March 31. All data are preliminary. Fidelity Contrafund FCNTX 130.98 2.1 2.5 57.4 18.8 19.1 Performance (%) Performance (%) American Funds NPer;A ANWPX 130.86 1.0 2.2 66.8 17.8 17.6 Investment objective March 1st-qtr 1-yr 5-yr* Investment objective March 1st-qtr 1-yr 5-yr* Vanguard S-C Id;Adm VSMAX 126.85 1.6 10.2 87.7 15.0 15.6 Diversified stock & stock/bond funds World stock funds American Funds FInv;A ANCFX 117.88 3.5 6.3 54.5 13.6 15.0 Large-Cap Core 4.4 6.4 54.5 15.1 Global 2.4 4.9 58.0 12.9 American Funds Inc;A AMECX 117.69 3.7 6.0 32.7 8.6 8.9 Large-Cap Growth 0.8 1.2 60.7 20.0 International (ex-U.S.) 1.9 3.5 51.6 9.4 American Funds CWGI;A CWGIX 111.49 2.6 4.4 51.3 10.5 12.4 Large-Cap Value 6.2 11.4 57.3 12.1 European Region 3.1 4.7 54.9 8.7 American Funds ICA;A AIVSX 111.14 4.5 7.0 51.4 13.1 13.7 Midcap Core 4.6 11.0 70.7 12.1 Emerging Markets –1.1 3.0 64.0 12.0 Vanguard Wellington;Adm VWENX 111.12 3.2 3.6 33.0 11.5 11.2 Midcap Growth –1.9 1.5 76.8 19.8 Latin American 2.0 –5.7 50.7 6.2 Vanguard EM St I;ETF VWO 108.49 –1.0 3.6 58.3 6.4 11.4 Midcap Value 5.8 15.2 81.5 10.3 Pacific Region –2.8 1.4 56.4 14.0 Vanguard Ext MI;Adm VEXAX 105.26 –0.4 7.8 97.9 18.2 18.0 Small-Cap Core 3.8 15.9 89.1 13.0 Gold Oriented 1.8 –11.0 52.2 10.6 Vanguard Val Idx;ETF VTV 104.96 6.5 11.0 51.3 11.4 12.7 Small-Cap Growth –1.6 6.1 92.8 19.9 Global Equity Income 4.7 6.5 40.1 7.9 American Funds CIB;A CAIBX 104.48 3.5 5.0 28.2 6.8 6.8 Small-Cap Value 6.1 22.1 103.8 11.9 International Equity Income 3.4 4.9 41.8 6.9 T Rowe Price BC Gro TRBCX 95.16 –0.1 0.5 55.8 19.3 21.2 Multicap Core 3.8 6.87 59.9 14.3 Taxable-bond funds iShares:Core MSCI EAFE IEFA 85.21 2.3 3.7 47.2 6.3 9.3 Multicap Growth –0.7 1.5 71.6 20.1 Short-Term –0.1 –0.1 5.4 2.3 American Funds AMCP;A AMCPX 80.78 2.0 4.7 53.7 15.1 15.9 Multicap Value 6.2 12.5 63.7 11.5 Long-Term –1.5 –4.1 9.0 4.6 Dodge & Cox Stock DODGX 76.12 6.0 15.9 75.3 13.6 15.9 Equity Income 5.9 9.3 51.6 11.1 Intermediate Bond –1.1 –2.9 4.7 3.4 iShares:Core MSCI EmMkts IEMG 75.35 –1.2 2.8 60.7 6.4 11.8 S&P 500 Funds 4.3 6.1 55.7 15.8 Intermediate U.S. -0.1 –1.0 7.4 3.1 Vanguard PRIMECAP;Adm VPMAX 72.92 2.5 10.1 61.7 16.8 18.8 Specialty Divers. Equity 2.1 3.2 55.0 17.5 Short-Term U.S. –0.1 –0.4 0.7 1.4 Vanguard Intl Gro;Adm VWILX 71.18 –3.3 –1.0 87.1 20.7 22.0 Balanced 1.9 3.2 33.9 9.2 Long-Term U.S. –2.0 –5.4 –5.4 2.2 American Funds Mut;A AMRMX 71.02 6.4 7.8 38.1 11.2 11.8 Stock/Bond Blend 1.7 3.3 37.5 9.6 General U.S. Taxable –0.7 –2.0 8.4 4.9 T Rowe Price GS PRGFX 69.53 0.1 2.6 64.5 20.5 21.1 Avg. U.S. Stock Fund† 3.1 8.5 72.5 15.3 High-Yield Taxable 0.3 1.1 22.3 6.9 American Funds SMCP;A SMCWX 69.24 –1.0 3.2 83.2 18.2 18.3 Sector stock funds Mortgage –0.4 –0.5 3.5 2.4 Franklin Cust:Inc;A1 FKINX 68.35 4.2 7.4 33.0 7.8 8.6 Science & Technology –1.4 4.2 85.3 26.5 World Bond –1.1 –2.8 15.1 4.0 iShares:Russ 2000 ETF IWM 67.57 1.0 12.7 94.7 14.7 16.3 Telecommunication 2.1 5.4 53.8 11.0 Avg. Taxable-Bond Fund** –0.4 –1.0 10.5 3.8 iShares:Core S&P Sm-Cp IJR 65.69 3.3 18.2 95.2 13.7 15.6 Health/Biotechnology –1.5 –0.1 47.6 15.5 Municipal-bond funds Vanguard RE Idx;ETF VNQ 63.89 5.1 8.7 36.5 11.0 6.1 Utility 9.2 3.7 23.8 8.6 Short-Term Muni –0.1 –0.3 0.8 1.5 Vanguard Div A I;ETF VIG 63.24 5.9 4.4 44.9 15.5 14.8 Natural Resources 1.0 25.3 99.2 –4.2 Intermediate Muni 0.5 –0.4 5.0 2.5 Vanguard Wellesley;Adm VWIAX 62.59 1.7 1.0 18.5 8.5 7.4 Sector 3.8 10.4 51.9 8.2 General & Insured Muni 0.7 –0.1 6.7 3.4 Fidelity Gro Company FDGRX 62.47 –1.0 2.4 94.6 29.2 28.4 Real Estate 4.3 7.7 37.1 5.9 High-Yield Muni 0.8 1.2 11.2 4.4 iShares:Russ 1000 Gr ETF IWF 61.94 1.7 0.9 62.4 22.6 20.8 SPDR Gold GLD 61.26 –3.0 –10.7 4.7 8.1 6.0 Stock & Bond Benchmark Indexes All total return unless noted Fidelity Total Market Ix FSKAX 59.77 3.5 6.4 62.7 17.1 16.6 Perfomance (%) Performance (%) iShares:Core S&P Md-Cp IJH 57.64 4.7 13.5 83.4 13.3 14.3 Investment objective March 1st-qtr 1-yr 5-yr* Investment objective March 1st-qtr 1-yr 5-yr* American Funds NWld;F2 NFFFX 56.72 –1.2 0.8 62.0 11.9 14.4 Large-cap stocks Stock indexes MFS Value;I MEIIX 55.30 6.6 8.7 48.1 10.9 11.7 DJIA 6.8 8.3 53.8 16.0 DJ U.S. TSM Growth 1.0 1.7 66.7 20.6 Fidelity Str Adv LgCp FALCX 54.51 4.4 7.5 N.A. N.A. N.A. S&P 500 4.4 6.2 56.4 16.3 DJ U.S. TSM Value 5.8 10.8 54.4 11.8 iShares:MSCI EAFE ETF EFA 53.30 2.3 3.5 44.8 6.1 8.8 Midcap stocks Taxable bonds Vanguard Bal Idx;Adm VBIAX 53.07 1.6 2.4 34.8 12.5 11.4 Schwab Cap:S&P 500 Idx SWPPX 52.70 4.4 6.2 56.3 16.8 16.3 S&P MidCap 400 4.7 13.5 83.5 14.4 Barclays Agg. Bond –1.2 –3.4 0.7 3.1 Vanguard Windsor II;Adm VWNAX 51.53 5.0 11.3 69.3 15.8 14.8 Small-cap stocks Municipal bonds Fidelity SA US Tot Stk FCTDX 51.35 3.8 7.6 65.6 16.5 N.A. Russell 2000 Barclays Muni. Bond 1.0 12.7 94.8 16.4 0.6 –0.4 5.5 3.5 Fidelity Blue Chip Gr FBGRX 51.00 –0.5 3.1 93.8 29.9 26.7 Broad stock market International stocks Invesco Dev Mkt;Y ODVYX 49.61 –1.3 0.8 53.5 8.0 12.7 DJ U.S. Total Stock Market 3.5 6.5 62.7 16.6 MSCI EAFE†† (price return) 1.8 2.8 41.6 6.0 Vanguard FTSE xUS;ETF VEU 49.38 1.6 3.9 51.6 6.8 10.1 Russell 3000 3.6 6.3 62.5 16.6 Dow Jones World (ex. U.S.) 1.2 3.5 51.4 10.0 Vanguard Tgt Ret2025;Inv VTTVX 49.21 1.3 1.9 32.6 9.6 10.0 *Annualized †Diversified funds only **Excludes money-market funds ††Europe, Australia, Far East Source: Refinitiv Lipper Note: For funds with multiple share classes, only the largest is shown *Annualized N.A.=Not applicable or not available Source: Refinitiv Lipper P2JW095000-0-R00500-1------XA

THE WALL STREET JOURNAL. Monday, April 5, 2021 | R5 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

• Exchange-TradedFunds SPACs started coming out,” says Matt themselves and typically sells its shares Tuttle, chief executive of Tuttle Capital when the special-purpose company an- The SPAC Attack Management. “I was blown away by a nounces its merger deal. It looks for structure that allows individual investors strong managers with a record of picking to get access to venture-capital or pri- deals the market will approve of, letting Spreads to ETFs vate-equity-like investments.’’ the fund capture gains from well-received deals, as when it doubled its money when the Churchill Capital IV SPAC announced Do individual investors But will small fry make money on Chasing trends plans to buy electric-vehicle maker Lucid stand to make much money these funds, or succumb to a SPAC at- SPAC ETFs are concentrated on areas of Motors. The SPAC’s shares climbed into on these funds? tack? the market that have been hot, both the $50s before dropping back to their So far, the verdict is mixed. Of the with acquirers and general investors. The current level in the mid $20s. three ETFs, one is up this year and one most highly valued SPACs include those In particular, the Tuttle fund isn’t inter- is down, while the other has declined that have pulled off mergers with com- ested in SPACs with celebrity spokespeo- BY TIM MULLANEY since opening for trading Jan. 26. The panies making things like electric vehi- ple, a recent trend, Mr. Tuttle says. latest arrival, Morgan CreekCapital’s cles or their batteries, or online gambling “A-Rod or Colin Kaepernick doesn’t in- all Street’s fascina- Morgan Creek-Exos SPAC Originated plays like DraftKings. terest us,’’ he says. tion with special- ETF (SPXZ), opened at $25.19 in January All three ETFs are based on the idea purpose acquisition and is trading at $21.32. SPAC & New Is- that SPACs are the new way to finance companies, or sue ETF (SPCX) from Tuttle Capital growth companies, but there are differ- Some skepticism SPACs, has spread Managementclosed last year at $25.95 ences. Typically, the SPACs themselves Not everyone is on board with the new to the exchange- and is trading at $28.62, while Defiance funds. One critic is Morningstar Inc.’s W traded funds market. Next Gen SPAC Derived ETF (SPAK), head of ETF research, Ben Johnson, who Three new ETFs are vying for investor from DefianceETFsLLC, is at $26.92, Three new argues that investors get less information dollars to play the market’s newest obses- down from $28.65 at year-end. All three at the time of deal announcements about sion: betting that selling startup compa- peaked in mid-February before selling off exchange-traded funds the companies they ultimately invest in nies to private-equity pros and other fi- alongside shares of tech and electric-ve- are playing the than they would get from an IPO prospec- nancial players will prove to be a better hicle companies. tus, and that they have to cover the cost way to fund growth companies than the “I’m always looking for noncorrelated SPAC market. So far, of paying the private-equity investors who traditional initial public offering. asset markets, and all of a sudden these the verdict is mixed. organize the SPACs. “When anysectoriswhitehot,mostin- vestorsare betteroff nottouching it,” Mr. go public at $10 a share, and hold most Johnson says,arguing thatthe advantages of that cash until they find a startup of using the SPAC formataccrue to orga- company to merge with, letting the nizers—who get predeal shares of target startup skip much of the direct expense companies at sharp discounts—rather than and regulatory scrutiny of going public individual investorsand shiftrisk from in- through an IPO. The ETFs vary in how siderstoMain Street.“Morerisk and less much they buy of each company in their return won’thold its appeal. It’s likebuying portfolio, how actively they manage the afew handfuls of lotterytickets.” fund, and whether they stick around to In addition, a study released by Stan- play the long-term bet on the develop- ford University scholars last fall disputes ment of the startups each SPAC targets. the notion that the SPAC format is a Morgan Creek chooses to actively cheaper way for companies to go public. manage its portfolio and hold, or sell, Because the format allows SPAC investors shares of companies the SPACs buy. who disapprove of a merger to get their Mark Yusko, founder and CEO of Morgan money back with interest before the Creek, says active management is impor- merger is completed, the average SPAC tant because it lets the fund focus on spends a third of the capital it raises on backing innovation, rather than seeking redemptions, authors Michael Klausner short-term momentum. and Michael Ohlrogge say. S The one passively managedfund in “This implies that SPAC investors NEW

G the group,the Defiancefund, says it puts are…subsidizing the companies they take 40% of its assets into the SPAC shell public,” they write. “We question whether

OOMBER SPACs are behind companies and 60% into the companies this is a sustainable situation.”

/BL hot new stocks such the SPACsmerge with. It uses whatit as online gambling calls apassive, rules-basedindexde- Mr. Mullaney is a writer in Maplewood, JONES

Y play DraftKings. signedtotrack the broader SPAC market. N.J. He can be reached at

GABB Tuttle’s fund invests in the SPACs [email protected].

Category Kings in 9 Realms Top-performing funds in each category, ranked by one-year total returns (changes in net asset values with reinvested distributions) as of March 31; assets are as of Feb. 28. All performance numbers are preliminary. Large-Cap Core Midcap Core Small-Cap Core Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 1st-qtr (%) 1-yr 3-yr* 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) 1-yr 3-yr* 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) 1-yr 3-yr* 5-yr* 10-yr* J Hancock Fdmntl LCC;NAV JLCNX 5547.0 9.3 75.5 16.3 N.A. N.A. Invesco S&P Spin-Off CSD 73.8 13.0 120.9 6.9 11.4 11.1 Jacob Discovery;Inv JMCGX 66.7 36.7 218.8 56.1 36.8 16.5 Selected American Shs;D SLADX 1,971.2 14.6 73.0 14.3 16.1 11.9 Thompson MidCap THPMX 59.1 20.9 117.5 13.4 14.4 10.8 Perkins Discovery PDFDX 27.8 21.3 169.2 37.8 31.1 13.6 Meehan Focus Fund MEFOX 88.9 11.5 72.7 18.5 16.9 12.0 Private Cap Mgmt Val;I VFPIX 31.2 16.5 117.1 12.6 12.6 9.7 PENN:Cap SS SC Eq;Inst PSCNX 14.5 20.2 154.3 19.5 19.5 N.A. Davis NY Venture;A NYVTX 8,867.1 13.3 71.7 13.7 15.7 11.6 Tarkio TARKX 154.8 21.0 111.4 17.9 19.0 N.A. Hodges Sm Intr Val;Rtl HDSVX 15.0 27.9 153.5 11.6 12.1 N.A. ImpShs:YMCA Wmn Empwrmt WOMN 14.7 5.1 71.7 N.A. N.A. N.A. Destinations SMC Eq;I DSMFX 1,240.9 13.3 103.0 19.3 N.A. N.A. Royce Fd:Oppty;Inv RYPNX 1,773.5 25.1 151.7 18.5 20.3 12.2 Category Average: 1,667.4 6.4 54.5 15.4 15.1 12.5 Category Average: 1,062.6 11.0 70.7 11.7 12.1 10.2 Category Average: 686.5 15.9 89.1 11.4 13.0 10.1 Number of Funds: 678 640 577 516 414 Number of Funds: 330 320 320 246 168 Number of Funds: 894 879 824 721 500 Large-Cap Value Midcap Value Small-Cap Value Assets Assets Assets Total return (%) Total return (%) Total return (%) Total return (%) Total return (%) Total return (%) Symbol ($ millions) 1st-qtr (%) 1-yr 3-yr* 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) 1-yr 3-yr* 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) 1-yr 3-yr* 5-yr* 10-yr* Lord Abbett Foc LCV;I LIFLX 686.7 14.5 88.0 N.A. N.A. N.A. Hennessy:Crnst MdCp;Inv HFMDX 393.3 24.9 145.8 14.0 11.1 11.2 Invesco S&P SC 600 Rev RWJ 362.8 40.5 171.9 20.3 17.3 13.7 Smead Value;I1 SVFFX $1,482.2 20.3 80.3 15.6 14.7 14.8 Hotchkis:Mid Cap Val;I HWMIX 397.9 25.7 141.8 5.5 8.2 8.9 Fuller&Thaler BMCE;Inst FTMSX 11.9 29.8 171.7 N.A. N.A. N.A. Invsc Comstock Select;A CGRWX 603.0 17.4 76.8 10.3 11.7 9.3 Pzena Mid Cap Value;Inst PZIMX 117.9 20.3 122.1 9.8 12.9 N.A. Towle Deep Value TDVFX 113.6 28.1 166.2 7.6 13.1 N.A. Matrix Adv Value Fund MAVFX 57.0 14.5 76.1 14.6 14.0 9.7 Monteagle Select Value;I MVEIX 14.7 21.8 117.7 12.8 11.9 10.9 Bridgeway:Ultra-Sm Co BRUSX 96.1 27.7 158.3 15.8 13.3 8.9 PIMCO:RAE PLUS;Inst PXTIX 1,503.7 15.1 75.3 12.4 14.3 13.3 Ariel:Fund;Investor ARGFX 2,452.4 19.5 102.7 12.0 13.7 11.1 Bridgeway:U-Sm Co Mkt BRSIX 260.1 31.0 157.9 15.9 17.4 12.4 Category Average: 1,282.8 11.4 57.3 11.2 12.1 10.6 Category Average: 573.7 15.2 81.5 8.7 10.3 9.5 Category Average: 456.6 22.1 103.8 10.1 11.9 9.3 Number of Funds: 351 343 319 305 231 Number of Funds: 173 164 153 140 102 Number of Funds: 233 227 210 190 134 Large-Cap Growth Midcap Growth Small-Cap Growth Assets Assets Assets Total return (%) Total return (%) Total return (%) Total return (%) Total return (%) Total return (%) Symbol ($ millions) 1st-qtr (%) 1-yr 3-yr* 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) 1-yr 3-yr* 5-yr* 10-yr* Symbol ($ millions) 1st-qtr (%) 1-yr 3-yr* 5-yr* 10-yr* Fidelity Blue Chip Gr FBGRX 51004.8 3.1 93.8 29.9 26.7 19.1 Morg Stan I:Disc;A MACGX 5866.5 –2.2 152.2 50.5 37.4 18.4 Morg Stan Inception; I MSSGX 2014.0 23.6 272.7 60.6 40.9 21.3 Fidelity Blue Chip Gr K6 FBCGX 5,609.1 3.0 93.5 29.4 N.A. N.A. Taylor Frigon Core Gr TFCGX 57.0 8.6 143.8 36.9 N.A. N.A. Jacob Small Cap Gro;Inst JSIGX 26.0 22.7 192.0 35.9 31.3 N.A. Grandeur US Stlwrts;Inst GUSYX 79.6 4.2 92.4 n/a N.A. N.A. Principal Sm-MC G;Inst PSMHX 11.6 4.3 126.6 N.A. N.A. N.A. Hodges Fund;Rtl HDPMX 195.6 21.2 181.7 9.2 13.7 11.3 RvrPrk:Lg Gro;Rtl RPXFX 79.9 2.4 86.4 24.8 22.5 16.2 Sparrow:Growth Fund;NL SGNFX 90.5 –2.8 123.0 34.0 28.5 17.3 Driehaus:Micro Cap Gro DMCRX 388.4 12.7 175.5 40.4 36.3 N.A. Amer Cent:Focused Dyn Gr FDG 222.7 –0.6 84.7 N.A. N.A. N.A. Delaware Smd Cp G;Inst DFDIX 5,247.9 –2.6 114.0 35.2 27.0 18.5 Lord Abbett McCp Gro;I N.A. 12.4 166.5 38.4 35.5 21.0 Category Average: 2,674.6 1.2 60.7 21.2 20.0 15.2 Category Average: 959.0 1.5 76.8 20.9 19.8 13.8 Category Average: 768.2 6.1 92.8 19.8 19.9 13.1 Number of Funds: 672 650 603 552 439 Number of Funds: 407 391 391 331 256 Number of Funds: 682 678 637 548 409 N.A.: Not applicable; fund is too new * Annualized Note: For funds with multiple share classes, only the largest is shown. Source: Refinitiv Lipper

Winners and Losers Best– and worst–performing stock funds for the periods ended March 31; assets as of Feb. 26 and include all share classes. Performance data are preliminary and include share prices and reinvested dividends. First–Quarter Best Performers First–Quarter Worst Performers Five–Year Best Performers Five–Year Worst Performers Assets Performance (%) Assets Performance (%) Assets Performance (%) Assets Performance (%) Fund Name ($ millions) Mar. 1st–qtr 1–year Fund Name ($ millions) Mar. 1st–qtr 1–year Fund Name ($ millions) 1st–qtr 1–year 5–year* Fund Name ($ millions) 1st–qtr 1–year 5–year* MS US BO Idx 3X Lvrgd 448.7 4.2 117.9 214.0 MS US BO Idx -3X Inv Lev 16.8 –14.0 –68.5 –98.3 Direxion:Semicnd Bull 3X 3,563.7 22.8 505.1 86.5 VelShs Dly 2x VIX ST ETN 97.6 –60.2 –96.7 –84.3 Direxion:Retail Bull 3X 74.8 35.9 114.3 1610.2 VelShs Dly 2x VIX ST ETN 97.6 –51.0 –60.2 –96.7 ProShares:UltP QQQ 10,302.1 0.1 280.9 60.6 Direxion:Jr Mnr Bear 2X 78.5 26.0 –82.0 –78.6 ETF Mgr:Brkwv DB Shppng 32.1 30.9 111.9 158.8 Direxion:S&P OG EP Br 2X 66.6 –8.1 –56.5 –94.9 Direxion:Tech Bull 3X 1,768.9 1.4 256.7 60.4 Direxion:Semicnd Bear 3X 65.1 –45.5 –95.3 –78.1 Direxion:Reg Bnk Bull 3X 363.3 7.6 92.9 328.3 Direxion:S&P 500 HB Br3X 22.5 –15.1 –52.5 –97.7 ARK Next Gen Int ETF 8,075.9 0.7 182.4 56.9 ProShs II:UltVIX STF ETF 2,525.9 –47.2 –90.4 –77.4 Direxion:S&P 500 HB Bl3X 86.9 10.6 72.1 712.2 MS US BB Idx -3X Inv Lev 10.6 –19.7 –52.3 –95.1 iPath ETN Glbl Carbon A 6.3 31.2 148.5 56.7 VelShs 3x Long Nat Gas 52.6 –1.3 –82.3 –71.8 MS US BB Idx 3X Lvrgd 74.1 17.2 70.8 303.7 ProShs II:UltVIX STF ETF 2,525.9 –40.6 –47.2 –90.4 ProShares:Ult Semicond 217.0 15.7 213.0 55.0 Direxion:S&P Btech Br 3X 68.7 –13.7 –92.2 –70.9 Direxion:Hbldrs&Sup Bl3X 341.2 38.7 66.6 656.5 Direxion:EnergyBear 2X 33.2 –8.1 –46.7 –84.3 ProShares:Ult Tech 694.1 4.8 170.1 50.0 Direxion:Gold M Id Br 2X 100.8 12.2 –70.6 –64.5 Amplify Seymour Cannabis 132.9 –4.2 66.1 232.8 ProShares:UlS OIl Gas 15.5 –8.4 –46.2 –84.0 ARK Innovation 23,432.0 –4.0 175.2 47.5 Direxion:Tech Bear 3X 74.9 –14.3 –86.7 –64.1 Direxion:EnergyBull 2X 626.2 4.6 65.1 151.1 Direxion:Semicnd Bear 3X 65.1 –18.1 –45.5 –95.3 Rydex:MR NASDAQ-100 2S;H 399.2 3.1 164.8 47.2 ProShares:UltP Sht QQQ 1,688.5 –13.3 –86.5 –60.8 ProShares:Ult Oil & Gas 183.5 5.0 64.0 156.5 Direxion:Finl Bear 3X 161.6 –17.3 –39.9 –88.6 Direxion:M NAS Bl 2x;Inv 396.4 2.9 162.6 46.4 ProShares:UlS Semicond 3.1 –26.9 –81.4 –56.2 Glbl X Cannabis ETF 219.5 –4.2 61.6 86.4 MS Gold Minrs 3X Lv 17.6 4.7 –39.8 N.A. ProShares:Ult QQQ 3,774.9 1.6 161.1 44.8 ProShares:UltPSh Rus2000 105.3 –38.1 –92.9 –54.4 iPath ETN S&P GSCI CTR A 49.5 –7.6 60.7 186.5 ProShares:UltPSh Rus2000 105.3 –8.5 –38.1 –92.9 Rydex:NASDAQ 2x;H 718.0 1.4 159.4 43.7 Direxion:Sm Cap Bear 3X 391.0 –37.9 –92.8 –54.1 One–Year Best Performers One–Year Worst Performers Ten–Year Best Performers Ten–Year Worst Performers Assets Performance (%) Assets Performance (%) Assets Performance (%) Assets Performance (%) Fund Name ($ millions) Mar. 1st–qtr 1–year Fund Name ($ millions) Mar. 1st–qtr 1–year Fund Name ($ millions) 1st–qtr 1–year 10–year* Fund Name ($ millions) 1st–qtr 1–year 10–year* Direxion:Retail Bull 3X 74.8 35.9 114.3 1610.2 MS US BO Idx -3X Inv Lev 16.8 –14.0 –68.5 –98.3 ProShares:UltP QQQ 10,302.1 0.1 280.9 48.3 Direxion:Semicnd Bear 3X 65.1 –45.5 –95.3 –66.5 Direxion:S&P 500 HB Bl3X 86.9 10.6 72.1 712.2 Direxion:S&P 500 HB Br3X 22.5 –15.1 –52.5 –97.7 Direxion:Semicnd Bull 3X 3,563.7 22.8 505.1 45.5 Direxion:Tech Bear 3X 74.9 –14.3 –86.7 –54.7 Direxion:Hbldrs&Sup Bl3X 341.2 38.7 66.6 656.5 VelShs Dly 2x VIX ST ETN 97.6 –51.0 –60.2 –96.7 Direxion:Tech Bull 3X 1,768.9 1.4 256.7 42.9 ProShares:UltP Sht QQQ 1,688.5 –13.3 –86.5 –54.0 MS FANG+ Index 3x Lev 1,526.0 –17.2 –2.1 605.3 Direxion:Semicnd Bear 3X 65.1 –18.1 –45.5 –95.3 Direxion:Retail Bull 3X 74.8 114.3 1610.2 38.1 Direxion:Gold M Id Bl 2X 885.7 –21.4 65.4 –51.3 Direxion:Semicnd Bull 3X 3,563.7 –1.1 22.8 505.1 MS FANG+ Idx -3X Inv Lev 64.9 3.1 –23.8 –95.2 Direxion:M NAS Bl 2x;Inv 396.4 2.9 162.6 36.6 Direxion:Gold M Id Br 2X 100.8 12.2 –70.6 –50.3 Direxion:Transport Bl 3X 51.5 30.6 55.3 445.3 MS US BB Idx -3X Inv Lev 10.6 –19.7 –52.3 –95.1 ProShares:Ult QQQ 3,774.9 1.6 161.1 35.7 Direxion:Finl Bear 3X 161.6 –39.9 –88.6 –48.3 Direxion:MSCI SKor Bl3X 62.7 3.9 5.8 442.8 Direxion:S&P OG EP Br 2X 66.6 –8.1 –56.5 –94.9 Rydex:NASDAQ 2x;H 718.0 1.4 159.4 34.6 ProShs II:VIX ST Fut ETF 469.7 –32.2 –75.4 –48.0 ProShares:UltP Rus2000 434.3 –0.01 34.7 437.5 VelShs 3x Invrs Silver 2.7 20.8 –5.5 –93.8 ProFunds:UltraNASDAQ;Inv 880.6 1.3 158.0 34.4 VelShs VIX ShTm ETN 12.0 –32.2 –75.3 –47.8 Direxion:Sm Cap Bull 3X 1,779.8 0.2 34.7 434.7 ProShares:UltPSh Rus2000 105.3 –8.5 –38.1 –92.9 ProShares:Ult Tech 694.1 4.8 170.1 33.7 Direxion:Sm Cap Bear 3X 391.0 –37.9 –92.8 –47.6 ProShares:UltP MidCap400 47.3 12.6 40.0 374.7 Direxion:Sm Cap Bear 3X 391.0 –8.4 –37.9 –92.8 ProShares:Ult Semicond 217.0 15.7 213.0 33.6 ProShares:UltPSh Rus2000 105.3 –38.1 –92.9 –47.4 Direxion:MidCapBull 3X 80.3 12.6 40.1 372.9 Direxion:S&P Btech Br 3X 68.7 11.4 –13.7 –92.2 ProShares:Ult Cons Sv 26.2 6.4 157.5 30.3 ProShares:UlS Semicond 3.1 –26.9 –81.4 –44.9 Direxion:R AI & A Bl 2X 52.7 –3.8 –2.1 329.8 ProShs II:UltVIX STF ETF 2,525.9 –40.6 –47.2 –90.4 ProShares:UltPro S&P500 1,750.3 16.9 225.9 30.1 ProShares:UltPSh MdCp400 5.6 –36.8 –90.2 –43.9 Note: For funds with multiple share classes, only the largest is shown *Annualized N.A. = not applicable, fund is too new Source: Refinitiv Lipper P2JW095000-0-R00600-17FFFF5178F

R6 | Monday, April 5, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

 Tokyo on March 30. So far this year, the Nikkei Stock Average is up 8.8%.

through January, according pared with around 1,700 deaths per to Morningstar data, com- million in the U.S., according to the pared with outflows of Worldometer database. $22.8 billion in fiveyears Japanese companies also are from August2015through benefiting from surging exports to July 2020. China, which came out of the pan- The inflows have coin- demic earlier than most other coun- cided with a surging Tokyo tries, Mr. Ruff says. China is by far stock market. The Nikkei Japan’s largest export market, well gained 27% from Oct. 1 to ahead of the U.S. April 1, far more than the The country’s industrial base also 19% for the S&P 500, ac- is prepared for the changing face of cording to Bloomberg data. commerce. Its high-tech sector supplies vital components for electronic products and materials needed for Not a Tokyo bubble? greener power, says Fabiana Fedeli, The good news is thatthis global head of fundamental equities recent interest in Japanese at Rotterdam-based investment stocksdoesn’t appear to management firm Robeco. “Demand be areplayofthe bubble for chips and semiconductors has yearsofthe late 1980s. significantly increased,” she says. “I canassureyou that Meanwhile, while some market thereisnoresemblanceto the 1980s or 1990s in Nikkei Stock Average Japan except the levelof Nikkei,” Mr.Vail says.For 30000 one thing, he says,corporate leadershave started 27500 to taketheir obligations • International Investing toward shareholdersmoreseriously, 25000 pointing to growth in earnings,stock 22500 buybacksand dividends. According to an analysis by finan- Japanese Stocks Are Back 20000 cial firm Schroders, the metric of corporate profitability known as return 17500 On U.S. Investors’ Radar on equity (ROE) has started to trend higher in recent years. The company May2020’21 found that far more companies were Source:FactSet Among the reasons: The country is In the late 1980s,aspeculative producing double-digit ROE in 2019 well-positioned to benefit from a bubble pushedupstocksand real-es- than in 2013. In addition, there has watchers say the U.S. stock market tate prices in Japan. Meanwhile,Japa- been a general shift from lower to is in bubble territory, they aren’t global economic recovery nese corporateculturewouldn’t allow higher ROE, with the most common saying that about Japan. The Japan broken companies to fail, and share- corporate ROE in 2019 being 6%-7% MSCI index recently traded at holdersweregiven short shriftfrom versus 4%-5% in 2013. around 18 times next year’s forecast BY SIMON CONSTABLE managementinterms of things like Similarly,2021earnings forthe earnings, according to data from buybacksand dividends,saysMr. Vail. companies in the Japan MSCI index Yardeni Research, far lower than the fter years of being shunned, Japanese Formostofthe time sincethen, areexpected to rise 36%, according forward-looking price-earnings ratio stocksare getting attention from U.S. in- Japan’s stock market has been weak to areport from Yardeni Research. of 22 for the U.S. MSCI index. vestors. at best. Only in November 2020 did Of course, Japan’s lower P/E is

The reasons for avoiding the Tokyo the Nikkei Stock Average,which tracks partly justified because Japanese CK stock market, which date to the late Japan’s largesttradedstocks, surpass Better Covid management companies don’t perform quite as TO 1980s, are no longer applicable, say finan- the 26489level, aheightithadn’t The renewed focus on profits in well as U.S. companies, Mr. Ruff

A cial professionals, pointing to an in- reachedsinceMarch 1991. In compari- Japan isn’t the whole story. Japan’s says. “It shouldn’t be as good be- SHUTTERS creased focus on profits by Japanese son, the S&P500 indexwas at 390in government also has dealt with the cause the return on equity isn’t as A/ companies and the fact that Japan is well-positioned to March 1991versus 4019 now.. Covid-19 pandemic well, says David good,” he says. MA/EP

benefit from a global economic recovery. In recent months,fund investors Ruff, senior portfolio manager at Ad- YA “Tocomparenow with the 1980s really is likeapples and have been plowing cash into funds fo- visors Capital Management. Japan’s Mr. Constable is a writer in MA SA oranges,” says John Vail, Tokyo-basedchief global strategist cusedonJapanese stocks. Inflows to- death toll per million people in the Edinburgh, Scotland. He can be at NikkoAsset Management. taled$3.1billion in the six months population recently totaled 73 com- reached at [email protected]. KIMIMA

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