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A Patio Yo u Can How Trump Use All Winter Has Changed the Republicans OFF DUTY REVIEW WSJ THE WALL STREETJOURNAL WEEKEND

******** SATURDAY/SUNDAY,AUGUST 22 -23, 2020 ~VOL. CCLXXVI NO.45 WSJ.com HHHH $5.00 California Wages Desperate Battle Against Raging Fires Home What’s News Sales

World-Wide Reach

illions of dollars in fed- Lofty Beral funds earmarked forboosting nationwide Covid-19 testing remain un- Heights spent months afterCon- gressmade the money avail- able,according to HHS. A1 Pandemic, millennials  Nursing homes need an aggressivefederal approach revamp market in a to the Covid-19 crisis,ac- rare bright spot for cording to recommendations from apanel convened by the U.S. economy the Trump administration. A6 BY NICOLE FRIEDMAN  Thepostmaster general defended his effortstomake Home sales surgedinJuly, the USPS runmoreefficiently signalinghow the pandemic is and said the service could reshaping whereand how handle an expected surge in Americans want to liveduring mailed ballots this fall. A5 aperiod of social distancing  Kremlin critic Navalnywas and working from home.

being takentoGermanyfor M/REUTERS Home buyers who were re-

treatment. His supportersal- LA luctanttoventureout in March lege he waspoisoned, but doc- and April when much of the EPHEN

tors in Russia said they didn’t ST countrywas under lockdown find toxins in his system. A8 FURNACE: Major wildfires continued to plague California on Friday, many of them around the heavily populated San have returned in forcesince Francisco BayArea. One of the nearly 12,000 firefightersdeployedacross the state doused flames in Boulder Creek. A3 latespring.With the effectsof  Nearly12,000 firefighters coronavirus showing little signs across California were bat- of abating,manyhome shop- tling major wildfires, pershavenew priorities fora many of them around the placetolive, or areaccelerating heavily populated San existing plans,brokers and Francisco Bay Area. A3 CompaniesStart Rescinding economistssay.  Libya’s two rival gov- Buyersare ready to move ernments declared a farther from cities,now that cease-fire in the country’s manyworkersaren’t commut- civil war on Friday, easing Managers’ Pandemic PayCuts ing everyday.The pandemic months of tensions. A9 hasspurred some households to livecloser to family,or  ActressLori Loughlin somewherethat offersmore and her husband, fashion- BY PATRICK THOMAS In the firstweeks of the pan- cording to an analysis by con- and remotelearning—can’t spacewith so much time spent designer Mossimo Giannulli, AND CHIP CUTTER demic,companies contending sulting firm Compensation Ad- work full-time forpartial pay. at home,according to people in were sentenced to prison for with government-ordered lock- visoryPartners. They also indicate an econ- the industry. their roles in the college-ad- Some companies arebegin- downs, plummeting ordersand Now, anumber of compa- omycleaving to two tracks: one “People that were in condo- missions cheating scandal. A3 ning to restorecutsthey made closed stores reasoned that cut- nies,including Walt Disney Co., wherethe livelihoods of white- miniumsare looking fortown- to managers’ salaries and bo- ting pay could staveoff greater General MotorsCo. and Yelp collar professionals in certain homes,and people in town- Business&Finance nusesinthe early,bewildering job losses.Manytargeted Inc., arerestoring executive industries have remained homes arelooking forsingle- days of the pandemic shut- higher-level executives’ com- and some white-collar worker largely intact, and another for families,” said Bob Chew, a downs,asign that some indus- pensation as asign of solidarity salaries to previous levels, lower-income workers,manyof PleaseturntopageA2  Home sales surged in tries—and their white-collar with furloughed workersearn- while othersare paring earlier whom work servicejobs in July,signaling howmuch workers—arebenefiting from ing much less. By mid-July, paycuts. At manyfirms,the hard-hit industries such as  U.S. recovery gains steam the pandemic is reshaping glimmersofarecoverywhile roughly aquarter of major pub- movesreflect an acknowledg- hospitality, travel and retail. while others sputter...... A2 whereand howAmericans millions of otherscontinue to lic companies reduced payfor ment that stressed-out work- Millions of them have lost jobs,  Stock-market gains are going want to liveduring ape- endurejob and income losses. CEOs and other executives,ac- ers—manyjuggling child care PleaseturntopageA8 to fewer people...... B1 riod of social distancing and working from home. A1  TheU.S.economy gained momentum this month as When aNursing Home Shut firms shook off the effects of the downturn, though recoveries elsewhere Down, aHusband MovedIn slowed, surveysofpurchas- ing managersindicated. A2  Some companies arebe- ginning to restorecutsthey 93-year-old Jack Eccles didn’t want to leave his wife on her own made to managers’ salaries and bonuses in the early days of pandemic shutdowns. A1 BY ANNA WILDE MATHEWS crest. For five months, he hasn’t left and has rarely seen the sun—the window in his room  Jeff Wilke,aclose lieuten- When nursing homes began barring visi- faces a brick wall. ant of Amazon founder Jeff tors to keep the coronavirus out, Jack Eccles He isn’t allowed to walk around the 154- Bezoswho helped build what decided to move in. bed facility, except to Gerry’s room, where beganasasmall online book-

Hillcrest Convalescent Center in Durham, he feeds her, and sometimes to the lobby, JOURNAL seller into atech titan,isre- N.C., had turned him away on March 12 where he can see family members through

tiring from the company. B1 REET

when he arrived as usual to spend much of the windows. Hillcrest sometimes feels like ST

 David Pecker is step- the day with his wife, Gerry, who suffers a prison, he says, but he won’t move out and LL

ping down as chief execu- from Alzheimer’s disease. leave Gerry until it reopens to visitors. WA

tive of American Media, So he returned the next day with a suit- “We’re married. I want to be with her. THE R

publisher of the National case of clothes, books, medications and his She took care of me for 70 years, and now FO Enquirer, ending an era for computer. Hillcrest had agreed to rent him a it’s my turn,” he says. UCE

the supermarket tabloid. B3 single room in its assisted-living area so Thecoronavirus cut a deadly swath BR that he could care for Gerry, who is 91. PleaseturntopageA6  Palantir privately dis-

Dr. Eccles, who is 93 and a longtime Bap- ANDREA closed to investorsthe extent tist pastor, remains under lockdown at Hill-  Nursing homes need morehelp, panel says... A6 ‘I want to be with her,’ Jack says of Gerry,who has Alzheimer’s. of itssteep and stubborn losses ahead of along-de- layedpublic listing planned RunnersAre Still Racing forassoon as next month. B10 EXCHANGE Billions forVirus Fight  TheS&P 500 and Nasdaq Marathons—InLocal Parking Lots closed at records, rising 0.3% and 0.4%, respec- iii Remain on Sidelines tively, while the Dow in- dustrials advanced 0.7%. B11 Lonely virtual races replace in-person BY SCOTT PATTERSON efforts. The funds for various events; no crowds or porta-potties AND SARAH KROUSE testing initiatives were part of NOONAN the Paycheck Protection Pro- The Democrats BY JENNIFER LEVITZ neighborhood 5Ks to the presti- Billions of dollarsinfederal gram and Health CareEn- gious Boston Marathon, and funds earmarked forboosting hancement Act. Missthe Meaning A13 Gordon Flett, adiehardrun- prompted manytotransition to nationwide Covid-19 testing The Trump administration ner,isjoining road racesalmost “virtual races.” Participantsrun remain unspent months after has takenastate-led approach everyweekend this summer in when and wherethey want Congressmade the money to testing Americans for CONTENTS Sports...... A14 Books...... C7-12 Style & Fashion D2-3 his hometownofWinnipeg, within certain dates.They typi- available,according to the U.S. Covid-19,dispatching funds Business News...... B3 Travel...... D4 Canada.Absent cally track their Department of Health and Hu- and helping states procurethe Food...... D6-7 U.S. News.... A2-3,5-7 arethe usual owntimes,then man Services. swabs and reagentsthey need Heard on Street...B12 Weather...... A14 cheering specta- send race orga- In April, Congressallocated to facilitatetesting.The strat- Obituaries...... A10 Wknd Investor...... B5 Opinion...... A11-13 World News...... A8-9 tors,the water nizersthe infor- roughly $25 billion forfederal egy, federal officials say, helps stations—even mation. In return, agencies and states to expand states identifyand caterto the other run- they getmedals testing, develop contact-trac- their specific needs. > ners. in the mail that ing initiatives and broaden Of the $25 billion, some Thecoronavi- they celebrate ROLL CALL disease surveillance. $10.25 billion wassent to rusand restric- with other run- Whytherestill aren’t According to HHS data, states and U.S. territories in tions on large nersinonline fo- enough paper towels only about 10% to 15% of that PleaseturntopageA7 gatheringshas All downhill from here rums. totalhas been drawndown, s 2020 Dow Jones & Company, Inc. All Rights Reserved canceled in-per- Forarecent in stores. B1 meaningthe cash has been  New infections decrease from son running events, from PleaseturntopageA9 spent or committedtovarious highs in July...... A7 P2JW235000-4-A00200-1------XA

A2 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

THE NUMBERS | By Jo Craven McGinty Government Data Collection Takes a Hit

Numerous arejust asample of those af- as credit cardsand company Percentage of survey “Wehad to shifteverybody Themajority of census of- setsofgovern- fected by the newcoronavi- websites. conductedinperson to remotework,” said Nicholas ficesbegan follow-up work on ment data rus—provide critical informa- “This has in away liber- Johnson, asupervisoryecono- Aug.9,and to makeupfor lost used by pri- tion about the economy, and, ated some of the creative Producer PriceIndex mist in the office. “Wehad time,planned to stay in the vate busi- in some cases,inform other minds in the Census Bureau, 90% never done that before.” field through October while nesses,public government programs. the Bureau of Labor Statistics International PriceProgram* Workersweresent home asking forafour-month exten- agencies and policymakers TheCPI, forexample,helps and the Bureau of Economic and issued laptops and cell- sion to provide apportionment arecollected in person. establish taxbrackets, Social Analysis to find newways of 69 phones to use remotely. and redistricting data. So what happens when a Security payments, poverty either keeping their custom- Commodities and Services Survey “The plan is to return to Instead, the agencywas pandemic hits,and govern- thresholds and eligibility re- aryseries going despitenew normal operation at the data- told to finish datacollection 65 ment workerscan no longer quirementsfor food stamps challenges or coming up with collection centers, but we’ve by Sept. 30 and meet itsnor- visit homes and businesses to and school lunch programs. newproductsthat aredi- Occupational Requirements Survey made apermanent decision to mal deadlines,submitting ap- retrievethe information? “It’sfair to saythe CPI rected at identifying what’s 51 keep all staff telework-ready portionment numbersbythe Before Covid-19 shut down touches the fabric of nearly going on in the economyin moving forward,” Mr.John- end of December and redis- the economy,65% of the Com- everysocial program that has these extraordinarytimes,” Housing Survey son said. tricting figuresbythe end of modities and Services Survey been instituted by the federal said KenSimonson, chief 50 March 2021. At this point, the and 50% of the Housing Sur- government,” said Michael economist at Associated Gen- ut perhaps the most self-response rate is at National Compensation Survey* veyweredone in person, ac- Horrigan, president of the eral ContractorsofAmerica significant disruption around 64%, although resi- cording to JayMousa, associ- W.E. Upjohn Institutefor Em- and previouslyamember of 35 B has been to the decen- dentscan still respond by

atecommissioner forfield ployment Research and a30- the BLS DataUsersand Cen- *Initiation phase only nial census,which aims to phone, mail,oronline. operations at the Bureau of year veteranofthe BLS who sus Bureau Scientific advisory Source:Bureau of Labor Statistics count everyperson living in “They’realready up against Labor Statistics.Both arecom- previouslyran the agency’s committees. the U.S. it,” said John Thompson, a ponentsofthe Consumer Price priceand unemployment pro- This isn’t the firsttime gov- fortwo yearsand then says Among other things, the former director of the Census Index, the most important grams. ernment agencies have been youcan’t come in, what do numbersare used to divvy up Bureau. “Ifwestopthere, the measureofinflation. faced with roadblocks to data youdo?” seatsinthe U.S. House, re- undercount will be enormous.” About 90% of the Producer okeep the datacurrent collection, but the difference In some instances,apro- draw voting districtsand allo- Without afull and accurate PriceIndex, 69% of the initial while coping with tem- during the pandemic has been gram’smethod of datacollec- cate $1.5trillion of federal count, the precision of gov- enrollment of the Interna- T tion didn’t change, but its porarybusinessclo- the length and scope of the in- money annually. ernment surveyswhose sam- tional PriceProgram, 51% of sures and stay-at-home or- terruption. base of operations did. Afteraninitial period of ple frameworks,population the Occupational Require- ders, the BLS and other “Hurricanes come up the TheOfficeofEmployment self-reporting,the Census Bu- controls and statistical mentsSurvey and 35% of the agencies adjusted the way East Coast and knock out a and Unemployment Statistics reau expected to completethe weighting arebased on the initial enrollment of the Na- they collect information, in bunch of establishmentsfor a collectsabout aquarter of the head count with enumerators census will be diminished. tional Compensation Survey some cases shifting in-person week or two,” Mr.Horrigan monthly jobs-report databy going door to door from May And that would be ablow arealso typically conducted visitstotelephone calls or for said. “The Covid-19 pandemic phone,with 350 employees through July.But the pan- to manyofthe data-collection in person. the firsttime culling material is obviously morewidespread. placing calls from four re- demic delayedthe operation programs that have otherwise TheBLS datasets—which from alternativesourcessuch If astore owner letsyou in gional data-collection centers. forthree months. rallied during the pandemic. U.S. Recovery Gains Steam While Others Sputter

BY DAVID HARRISON Compositeoutput indexes, which reflect activity acrossthe pandemic,and hospitalizations AND PAUL HANNON Europe Rolls Back two decades. manufacturing and servicesectors,showedmixed fortunes have been much lower. Ac- The EU will drop tariffson across major economies in August. cording to economists, that TheU.S.economypicked up Tariffs on Lobsters U.S. liveand frozenlobsters. The makes it less likely that gov- momentum this month as American lobsterindustry has Compositepurchasing managersoutput indexes ernmentswill revert to wide- companies shook off the ef- found itself struggling because spread lockdowns,which fectsofthe pandemic-induced The Trump administration the EU reached afree-trade 60 would likely send the eurozone downturn, though recoveries and European Union agreed agreementwith Canada thatre- U.K. economyback intocontrac- in other partsofthe world Friday to a limited tariff roll- duced lobstertariffs. With no 50 U.S. tion. slowed, according to newsur- back, providing relief to Ameri- comparable agreementwith the Eurozone In contrast with the ser- 40 veys of purchasing managers. can lobster exports and to a U.S., European imports of Cana- Japan vices sector,some of Europe’s Thedatareleased Friday range of European items. dian lobsters were soaring. factories reported strong 30 suggest U.S. firms are seeing The reductions were an- “The elimination of the EU growth in August, with Ger- demand return as they reopen nounced in a joint statement tariff on U.S. lobster products man businesses citing apickup 20 from the lockdowns imposed from U.S. Trade Representative is a significant achievement,” in ordersfromChina. How- in the spring and early sum- Robert Lighthizer and EU Trade said Annie Tselikis, the execu- 10 ever,their French counter- mer. They also indicate the Commissioner Phil Hogan. They tive director of the Maine Lob- partssaw growth slow economy has so far managed would be the first negotiated ster Dealer’s Association. 2018 '19'20 sharply. to weather July’s sharp rise in tariff reductions in more than —Josh Zumbrun Note:Readings below50indicate contraction, above,expansion. Theeurozone’seconomy new infections and business Sources: IHS Markit (Eurozone, U.S.); IHS Markit/CIPS (U.K.); au Jibun Bank (Japan) contracted moresharply than closures that threatened to the U.S. in the second quarter, knock the recovery off course. lost momentum or gone intoa Commerce Department said. reservations areabout 50% of chain had been recovering, reflecting that the European Data firm IHS Markit said bit of areverse butthey don’t Economists surveyed by The where they were a year ago, driven largely by cooped-up lockdowns were morerestric- itscompositepurchasing-man- seem to have materialized. Wall Street Journal earlier this according to OpenTable,an leisure travelers eager to get tiveand longer-lasting. agersindex, ameasureof Theeconomyseems to be month expected an 18.3%an- improvement from April and out of the house.“Iamno Eurozone policymakershad manufacturing and services powering ahead.” nualized paceofincrease in May, when they had almost moreoptimistic about the vi- hoped that by getting afirmer activity,rose to 54.7from50.3 Economistswarned that the the thirdquarter. completely frozenup. rus than I was a month ago,” grip on the virus,the currency in July,an18-month high, with unusual economic environ- Other indicatorssuggest Arise in demand drovethe he told analystslast week. area’seconomywould see a both sectors seeing a big in- ment—a sharp and deep con- the U.S. economyremains vul- August expansion, IHS Markit In Europe,IHS Markit’s stronger rebound during the crease.Areading above50isa traction in the spring caused nerable.New applications for said, thanks to returning cus- composite PMI for the euro- remainder of the year and into sign of expansion while a by aglobal pandemic—makes joblessbenefitsrose last week, tomers, new marketing cam- zone fell to 51.6inAugust 2021. If the surveysare backed reading below 50 is a sign of it harder to interpret recent the Labor Department re- paigns and the easing of lock- from 54.9 in July, indicating up by other datainrecording contraction. data.For instance, Mr.Pearce ported Thursday. Payroll gains downs overseas,which helped itsexpansion slowed. aslower-than-expected expan- Theindexofmanufacturing said, because the PMI numbers slowedinJuly from June. boost exports. Survey respon- This comes as infections are sion, the European Central output wasupto53.6from measureonly month-to-month Morepain could be on the way dentssaid they remained opti- again surging in Europe, hit- Bank is more likely to provide 50.9 in July.The services activ- change, they don’t showhow as several companies,includ- mistic about the next 12 ting the services sector partic- additional stimulus in the ity indexrose to 54.8from50. much ground the U.S. still ing Boeing Co., have an- months although they ex- ularly hard, including the tour- coming months. “It’ssolid,” said Michael needs to makeup. nounced job cuts. pressed concerns about the ismindustryatwhat is usually TheIHS Markit survey indi- Pearce,senior U.S. economist U.S. output fell at an annu- TheFederal Reservesaid pandemic. itsbusiest time of the year. catedthat Japan’seconomy at Capital Economics.“We’ve alized rate of 32.9% in the sec- last week that industrial pro- Arne Sorenson,chief execu- Those affected have been contracted again this month, had afew reasons to worry ond quarter,the worstcon- duction was still 8.2% below tiveofMarriottInternational much younger on averagethan with thecompositePMI un- that the recovery might have traction on record,the itslevel ayear ago. Restaurant Inc., said businessatthe hotel during the firstwaveofthe changed at 44.9inAugust.

break,pent-up demand is push- Brittani Baynardand Sam Compared with the last time S ing the market even higher. Krueger decided to spend sales were this high, in 2006,

Housing PRES Homes typically go under con- money they’d savedfor their lending standards aretighter tract amonth or two before TED wedding to buy afour-bedroom and the supply of homes forsale CIA

Market closing,soJuly figureslargely SO home in Madison, Wis.,inJune. is much lower, Mr.Yun said. reflect purchase decisions AS They hadplanned to buy a Demand is so robust that

made in MayorJune. CH/ house in the next two years, 68% of houses that sold in July “The housing market is actu- AT but the pandemic made them were on the market forless

Sees Surge DISP ally past the recovery phase want to movesooner out of than amonth, NAR said. Bro-

and is nowinabooming stage,” MBUS theirapartment intomore kerage RedfinCorp.said more

ContinuedfromPageOne said LawrenceYun, chief econ- LU spacefor Ms.Baynard’s8-year- than half itsoffersinJuly faced group leader at BerkshireHath- omist at NAR.“Newdemand CO old daughter,she said. at leastone competing bid. away HomeServices PenFed Re- has been created because of the Fearing another phase of the In manycities,agentssay in- alty in EllicottCity,Md. “People pandemic,with the work-from- pandemic,Ms. Baynardsaid, “I ventorycan barely keep pace

areathome,and the moretime home flexibility.” PERENIC/THE want us all to be comfortable.” with demand. Therewere1.5 J.

they spend in the home,they First-time buyersaccounted A In Billings, Mont., buyersare million homes forsale at the realize, ‘I want some different for34% of sales in July,NAR coming from as far away as end of July,down21.1% from

featuresinmyhome.’ ” said,acategorythat includes BARBAR Texas and NewYork.Some are July 2019,according to NAR. TheJuly sales numberswere many millennial buyers. Sales of previously owned homes jumped 24.7% from a month buying houses without seeing Rachel Crawford and her among the strongest the hous- This group,who rangefrom earlier last month. A pending home sale in Bexley, Ohio, in June. them in person, said Deb husband had already planned to ing market has ever seen. Sales their mid-20s to their late30s, Parker,president of the Billings movetoadifferent statetobe of previouslyowned homes areagrowing presenceinthe which makeupabout 10% of justed forinflation, NAR said. Association of Realtors. closer to family.After they jumped 24.7%fromamonth housing market. Older millenni- the market, have also roared Some economistswarn that “It makes foraverycompet- listed their house in Fall City, earlier to aseasonally adjusted als who delayedgetting married back this summer. the recession and high unem- itivemarket, that’sfor sure,” Wash., in July,itreceived mul- annual rate of 5.86 million, the and having children arenow Home sales canhavepositive ployment could damp home- she said. “Ifthey cansell some- tiple offersand sold within a National Association of Real- reaching those milestones, knock-on effectsfor the econ- buying interest later on. placewherethe values are month. They then hadtomake tors said Friday. That wasthe which increases homeowner- omy, as consumersspend more Still, buying surveyssuggest much higher,they cancome in offersonmultiple homes in strongest monthly gain ever re- ship demand. Younger millenni- on goods and renovations. demand looks strong in the and paycash forahouse in Parker,Colo., beforethey had corded, going back to 1968.It als entering their 30s arestart- Thestrong demand and a near term. About 40% of home Montana.” oneaccepted. wasalso the highest sales pace ing to buy homes moreactively. shortageofsupply pushed the buyerspolled by Realtor.com in sinceDecember 2006. Thehousing market offers median home pricetonew June said they arelooking to Mortgagerates that hovered one of the few signs of strength highs,which could makehouses buy ahome sooner because of THE WALL STREET JOURNAL near all-time lows helped the in the U.S. economy, which has lessaffordable forsome first- Covid-19,while only 15% said (USPS 664-880) (Eastern Edition ISSN 0099-9660) housingmarket break out of a sputteredunder the pandemic. time buyers. Themedian exist- the pandemic sloweddown (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) long slump heading into2020. Housingstartssoared 22.6%in ing-home pricerose 8.5% from their timeline.(News Corp,par- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. Now, afterasharp decline in July from June,well aboveex- ayear earlier to $304,100,are- ent of TheWall Street Journal, Periodicals postage paid at New York, N.Y., and other mailing offices. the early spring due to the out- pectations.New-home sales, cord high nominally and ad- operates Realtor.com.) Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s CORRECTIONS  AMPLIFICATIONS order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Letters to the Editor: Fax: 212-416-2891; email: [email protected] Need assistance with your subscription? Afteraninitial struggle at fatal shooting in which Mr. case evidencedidn’t include membersare working remotely By web: customercenter.wsj.com; By email: [email protected] Ferguson, Mo., policeofficer Wilson shot Mr.Brown at least thesedetails from aJustice during the pandemic.For the By phone: 1-800-JOURNAL (1-800-568-7625) Darren Wilson’scar on Aug.9, six and at most eight times.A Department report. foreseeable future, please send Reprints &licensing: By email: [email protected]; By phone: 1-800-843-0008 2014, Michael Brownfled, and U.S. News article July 31 about reader comments only by WSJback issues and framed pages: wsjshop.com Mr. Wilson gave chase. A sec- the St. Louis County prosecu- Noticetoreaders email or phone,using the con- ondconfrontation led to the tor’sre-examination of the Wall Street Journal staff tactsbelow, not via U.S. Mail. Our newspapers are100% sourcedfromsustainably certified mills. GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling 888-410-2667. P2JW235000-7-A00300-1------XA

THE WALL STREET JOURNAL. ******* Saturday/Sunday, August22-23, 2020 | A3 U.S. NEWS Golden Firefighters Attack California Blazes State Killer BY ALEJANDRO LAZO Gets Life, AND JIM CARLTON SANFRANCISCO—Nearly 12,000 firefightersacrossCali- No Parole fornia were battling major wildfires that continued to BY IAN LOVETT rage intensely on Friday, many of them around the heavily LOSANGELES—Joseph populated SanFranciscoBay James DeAngelo Jr., com- Area. monly known as the Golden Thewildfires and wildfire State Killer,was sentenced to complexes—clustersoflarge lifeinprison without the pos- and small blazes—have caused sibility of parole by aSacra- at leastfivedeaths,destroyed mentoCounty judgefor kill- morethan 500 structures and ing 13 people and raping forced tens of thousands of dozens moreduring the 1970s evacuations. and ’80s. Statewide,the blazes

“When aperson commits stretched north to Humboldt GES

monstrousactsthey need to County,south to SanDiego IMA be locked away wherethey County,and east the SierraNe- could never harm another in- vada, with nearly two dozenof GETTY nocent person,” Sacramento these blazes considered major SE/ Superior Court JudgeMichael infernos,officials said. Bowman said Friday. Thefires had burned more ANCE-PRES

Thesentencebringsanend than 771,000 acres as of Fri- FR to afour-decade effort to de- day, territoryroughly the size ENCE

liver justicefor Mr.DeAn- of the stateofRhode Island, AG

gelo’s victims.The burglaries, said David Berlant, aspokes- ON/ rapes and murders ultimately man forthe California Depart-

spanned at least ahalf-dozen ment of Forestryand Fire Pro- EDELS SH

California counties,and dur- tection, or Cal Fire. JO ing his decades at large,he Nearly 14,000 homes,with a People watched the Walbridge fire, part of the larger LNU Lightning Complex fire, from a vineyard in Healdsburg, Calif., on Thursday. wasknown as the East Area totalestimated value of Rapist, the Original Night $9.6 billion, were at risk of de- tained, Cal Fire officials said. so far remains lessdestructive helicopter pilot died in acrash But moreconcerning in the Stalker and the Visalia Ran- struction acrossnorthern Cali- Thelargest, the LNU Light- than the deadly Camp Fire of while battling afireinFresno forecast wasthe potential for sacker.Itwasn’t until 2001 fornia, with the Vallejo-Fair- ning Complex, grew to 219,067 2018,which claimed 85 lives County on Wednesday. Cal Fire moreofthe kind of drylight- that DNA testing led officials field metro area being the acres as of Friday, making it and 18,804 structures, leveling officials said they expected ning storms that ignitedthe to realizethe rapes in North- most affected, according to an one of the biggest wildfires in the town of Paradise in the Si- significantgrowthofthe fire fireslast weekend, predicted ern California were commit- analysis by Realtor.com pub- California history. Theuncon- erraNevadafoothills.The Oc- to continue as it moves into forSunday, Mondayand Tues- tedbythe same man who lished Friday. News Corp,par- trolled inferno wasburning in tober 2017Tubbs fire,which large areas of drytimber. day. killed people in Southern Cali- ent of TheWall Street Journal, partsoffivecounties,includ- also devastated Napa and Weather conditions could Overnight evacuations were fornia, and he wasdubbed the operates Realtor.com. ing the Napa-Sonoma wine Sonoma counties,burned 5,636 help firefightersgain more expanded to include the cam- Golden State Killer. Threemajor fire conglomer- country. buildingsand killed 22 people. control over the blaze, officials pusofthe University of Cali- Mr.DeAngelo,a74-year- ates continued to threaten the TheLNU Lightning Complex On Thursday, three people said, as forecastscalled for fornia, SantaCruz, which is old former policeofficer, was SanFranciscoBay Area. They stood at 7% containment Fri- were confirmed dead in Napa calmer winds and lowertem- surrounded by woods, and arrested in 2018,after police hadbecome close to covering dayasmorethan 1,000 fire- County and afourth in neigh- peratures than earlier in the firefightersagain said they used aDNA registrytotie 500,000 acres Friday, with less fightersbattled it from the boring Solano County,said Cal week when this and other Cali- were overwhelmed by the him to the crimes.Last year, than 10% of those blazes con- ground andair.The Complex Fire spokesman ScottRoss. A fornia firesexploded in size. blazes. he pleaded guilty to the 13 murdersand morethan 50 rapes.Healso admittedtoa number of other crimes that TV Star and Husband Sentenced to Prison weren’t charged, including at- tempted murder,kidnapping to commit robbery, rape, rob- BY JENNIFER LEVITZ telling Ms.Loughlin that she nulli, who also expressed con- “Rick” Singer,the admitted

bery, first-degree burglary had led a “fairy-tale life.” GES trition at his hearing Friday, mastermind. Parentspaid Mr.

and false imprisonment. As Television star Lori Lough- “Yet youstand beforemea IMA playedthe moreactiverole Singer large sums to have ACT part of his plea deal, the lin and her husband, fashion convicted felon, and forwhat?” butthat his wifewas fully and SATtestsriggedand to

death penalty wastaken off designer Mossimo Giannulli, he said. “For the inexplicable GETTY complicit. bribe collegecoaches to

thetable. were sentenced to prison Fri- desire to grasp even more.” SE/ Ms.Loughlin and Mr.Gian- falsely tagtheir children as re- Six district attorneys, from dayfor conspiring with aCali- The hearing was held over nulli were the 21st and 22nd cruits for sports the teens of- acrossthe state, prosecuted fornia collegecounselor in a Zoom due to the pandemic. parentstobesentenced in Op- tendidn’t play. Being tagged ANCE-PRES

the case against him, and the $500,000 deal to falsely pitch Ms. Loughlin, well-known for FR eration Varsity Blues for as an athletic recruit canall murdersthey prosecuted their two daughters as crew- playing Aunt Beckyonthe sit- crimes that thejudgeonFri- but guarantee admission.

ranged from 1975to1986.On team recruitstoget them into com“Full House,” appeared on GENCE daycalled actsof“wanton ar- The U.S. Attorney for Mas- Friday, Dinah Becton, the the University of Southern the screen next to her lawyer, /A rogance” by privileged people. sachusetts sought prison time SO ContraCostaCounty district California. and forthe firsttime spoke Thecase has spawned for both parents, saying they

attorney,called him “the Afederal judgesentenced publicly about her role in a PREZIO chargesagainst 55 people,in- involved theirdaughtersinthe boogeyman, the man whose Ms.Loughlin, one of the best- brief statement to the judge. cluding Division 1coaches and fraud by asking them to pose SEPH

unspeakablecrimes devas- known defendantsinthe na- “I am truly,profoundly and JO dozens of mothersand fathers. forbogus athletic profiles and tatedthe lives of so many tionwide college-admissions deeply sorry,” she said, wiping Lori Loughlin got a two-month Judges have sent all but one to instructing one daughter on people.” scheme, to two months incar- away tears. sentence and a $150,000 fine. prison forterms ranging from howtohide the scheme from a On Friday, Mr.DeAngelo ceration afterimposing five She said her “awful deci- two weeks to nine months. guidancecounselor at the pri- sat with little expression as months in prison on Mr.Gian- sion” gaveher daughtersan power to redeem myself.” Ms.Loughlin and Mr.Gian- vate Marymount High School thejudgeread the long list nulli in aseparatehearing ear- unfair advantage and exacer- Thejudgeordered both to nulli, who is known forhis for- in Los Angeles. of chargesagainst him. Be- lier Friday. bated inequalities in educa- report to prison in November mer Target fashion line, Assistant U.S. Attorney Jus- fore the sentencewas issued, During the sentencing,U.S. tion. “That realization weighs and ordered fines of $150,000 pleaded guilty in Mayafter 14 tin O’Connell portrayed the he apologized to his victims: District Judge Nathaniel Gor- heavily on me,” Ms. Loughlin for her, and $250,000 for her months of denial. Until Friday couple as “not content with “I am truly sorrytoeveryone tondescribed himself as told the judge, saying she husband. they hadsaid little about how thedistinct advantages they Ihurt.” dumbfounded at the crime, would “doeverything in my Prosecutors said Mr. Gian- they gotinvolved with William already had.” Some Neighborhoods Push Back on Moves to Defund Police

BY JULIE WERNAU Otherssaid they need to AND ERIN AILWORTH Seattle Mayor keep money in the community. Cherice Price, 43, owns an in- CHICAGO—Threedays after Vetoes Cutbacks surancecompanynear 63rd his 29-year-old son wasshot andAshland and this week and killed, Keith Harris joined wore aT-shirt that read, agroup of residentswho Seattle Mayor Jenny Dur- “Black Dollars Matter.” clashed with protestersduring kanvetoed a city budget pro- Some residentssaid pro- ademonstration outside the posal that would have made testerswould do moregood ChicagoPoliceDepartment’s significant cuts to the police working in the neighborhood. Seventh District station in the department. They pointedtocommunity Englewood neighborhood. The proposed budget groups that giveaway food Theturbulent confrontation would have eliminated about and other necessities,and a last week pitteddemonstra- 100 of the 1,400 police offi- local dancetroupe leader who JOURNAL tors seeking to defund the po- cers and reduced spending on said he pays forpracticespace lice against crime-weary resi- REET training, recruitment and spe- from his ownpocket. The ST

dentswho saythey want the LL cialized departments. neighborhood wish list in-

department to betterserve WA It also included a $20,000 cludes ayouth center and

them. “I don’t see howdefund- THE pay cut for Police Chief Car- mental-health workers, resi- ing the police is going to help R men Best, the city’s first dentssaid, as well as police FO anything in Englewood,” said Black police chief, who an- officers who are on the scene OCK

Mr. Harris, 53 years old. SC nounced plans to step down quickly when thereistrouble.

Aday later,Mr. Harris GLA after the city council ap- Joseph Williams,a31-year-

made funeral arrangements OR proved the budget proposal. old married father of five in YL

forhis son, Keith Richmond. TA —Alicia A. Caldwell Englewood, said he would like “I’m the last person who Cherice Price owns an insurance company in Englewood neighborhood on Chicago’s South Side. to see policebetterengage would be apolicecheerleader, with residentstobuild trust because I’vehad my ownrun- Black leadersinother cities are affected by neighborhood Butler,founder of the Resident there is an injustice.” rather than disband. He’s try- ins with them,” he said. But, have pushed back against ac- violence. A person living in a Association of Greater Engle- One of the protesters, Cas- ingtocoordinateadialogue he added, “What areyou going tivist demands to shrink or saferpart of Englewood may wood. She posted her question sandra Greer-Lee,43, gradu- with the protest organizers: to do when they’renot there abolish policedepartments. In like the idea of cutting police on the group’sInstagram page ated from high school in En- “Ifthere’snopoliceatall, to protect you?” NewYork and NewJersey, budgets, while neighborsona last week,after protesters glewood, and her mother still what’s the backup?” TheEnglewood neighbor- some Black and Latino law- more dangerous block proba- came to Englewood and loot- owns abusinessthere. Ms. ForMr. Harris,the business hood on Chicago’s South Side makersrecently urgedtheir bly worryabout what will hap- ersdescended on other city Greer-Lee said some of the of policing is personal. His son is the kind of community that colleagues to hold off on pro- pen with fewer police. neighborhoods, including the money spent on policecould waskilled when acar accident activistssay they arefighting posals to slash policebudgets. Theintersection at 63rd downtown retail strip known be used to open ajob training on Aug.8escalated intoa to help—a poverty-stricken, Nearly nine in 10 Black Street and Ashland Avenue,in as theMagnificent Mile.En- center in Englewood or on guns-drawnaltercation. The mostly Blackareawith en- Americans said major changes the heart of Englewood, is glewood wasjust getting back other community projects. shooting wasamong 31 re- demic crime.Therehavebeen were needed to overhaul polic- marked by atrain line and a to normal beforelast week’s Some businessownerssaid ported in Chicago that week- 200 shootingsthis year in En- ing in the U.S., according to a few small businesses, includ- trouble, Ms. Butler said. they needed moresupport end, three of them fatal. glewood, an 80% increase over recent poll from the Gallup ingones boarded up against Theappearanceofangry from policethan from protest- Mr.Harris said he under- the period in 2019. Center on Black Voices.Yet looting. In the days following residentssurprised protesters, ers. HumbertoLeon owns a stands that changetakes time, Yetanincreasingly vocal only 22%ofBlack respondents theMay 25 killing of George several of whom were from popular T-shirt shop in the and that the way forward number of businessowners, supported the idea of abolish- Floyd in Minneapolis, looters Englewood. neighborhood, wheretables needs to include building bet- community leadersand resi- ing the police, the poll found, in Englewood attacked ablock “We are not the agitators,” arepiled high with tees selling terrelationships with police. dentssay they aretiring of compared with 20% of Latinos of businesses in the neighbor- said Frank Chapman, part of foraslittle as $1.50.“Theonly “Ifthe policeare wrong,we calls to defund police depart- and 12% of whiterespondents. hood, and some are fearful of the ChicagoAllianceAgainst problem with the policeisthat hold them accountable,” he ments, viewing protesters LanceWilliams,aprofessor further looting. Racist and Political Repres- they don’t show up,” he said. said. “Ifthey’reright, we work largely as outsiders unwilling of urban community studies at “Are we mad enough to sion.“We reject this whole TheChicagoPoliceDepart- with them.” to do the hands-on work they Northeastern Illinois Univer- support Black businesses and thing about, ‘You can’t come ment said it always works to For now, he said, he wants sayisrequired to improve sity,said opinions likely de- invest back intoour owncom- into this community and pro- protectresidentsand business policetodotheir job and find Black communities. pend on howclosely people munities yet?” said Asiaha test.’Wecan protest anyplace owners. justice for his son. P2JW235000-6-A00400-17FFFF5178F

A4 | Saturday/Sunday, August22-23, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. POLITICS

with the Biden-Sanders unitytask WSJ/NBC News poll, with 79% of forceand the 2016 partyplat- voters describing their interest form,called forending subsidies levelinthe election at a“9/10” or forfossil fuels. Yetthatprovision higher,up2points from July.At wasstruck from this year’s plat- similar points in 2008 and 2012, form, amove condemned by envi- those numbers were 72% and ronmentalists and members of 68%, respectively.The previous the 2016 platform committee. high pointinrecentelections for

“Hoping this wasjustamistake, S summer enthusiasm was73% in because ending fossil fuel subsi- 2004. PRES dies is ano-brainer,” said Bill WASHINGTON UMA

McKibben, who helped writethe /Z REPUBLICANS WERE FEA-

2016 language. GreenpeaceUSA TER TURED HEAVILY at the Demo-

WIRE graded the party’splatform aC+, GIS cratic convention, as Biden tried in contrast to their B+ grade for RE to makethe case for abig-tent

Dispatches from the Biden. The American Petroleum UNTY approach with testimonials from Nation’s Capital Institutehas long argued thattax CO former John Kasich, Colin Powell

policies thatallowoil and gas NGE and others. No Democratshave

companies to writeoff certain RA yetbeen announced as speakers /O

BY GABRIEL T. RUBIN production costsare needed to AY at the Republican convention, “close the income gap and create though therehave been discus- WHERE DO DEMOCRATS jobs.” MURR sions about including some. One

STAND ON CLIMATE POLICIES? Biden “continues to be com- ANY notorious “Trumpocrat” will be do-

The party’sconvention this week mittedtoending U.S. fossil fuel BRITT ing his part from the sidelines, left some environmentalists con- subsidies,” said Biden policy direc- A Greenpeace USA-organized demonstration against the fossil-fuel industry in Los Angeles in March. though: former Illinois Gov. Rod fused and concerned about the torStefFeldman, emphasizing Blagojevich, pardoned by Trump path the partyplans to takeifit the gap between the campaign area district, which President election analyst Nathan Gonzales. NANCYPELOSITAKES SIDES this year, will host afundraiser wins the presidency and the Sen- and the partyplatform. Trump carried by 7points in 2016. ATims spokeswoman dismissed in the Massachusetts Democratic and watchparty foraGOP state ate, with keypolicy makers con- Reading the tealeaves: Wash- His newadtries to tie Tims to the ad as “cheap campaign tac- Senate primary,endorsing Rep. Senate candidate during Trump’s tradicting each other on policy ington Gov. JayInslee spokeat the recent racketeering indict- tics.” Joe Kennedy III overSen. Ed Mar- acceptancespeech. Tickets start prescriptions. The party’sleft the climate session and said he ments of Ohio GOP leaders,in- key. The race has scrambled the at $150. flank used aside session on cli- was“tickled pink he could stay cluding statehouse Speaker Larry POLITICAL ADVERTISING ON usual progressive-moderatebattle mate change to makethe case home and be with his grandchil- Householder,bynoting thatshe Google is up nearly 11-fold from lines, with ProgressiveCaucus MINOR MEMOS: Amid Postal forwhy the Green NewDeal is dren,” rather than come to Wash- has received donations from indi- 2018, and presidential campaign members likeReps. Pramila Jaya- Servicecontroversy, retired Sen. necessary and popular,evenin ington, D.C., as president, after his viduals in NewYork, San Fran- ads accountfor roughly 75% of pal, Mark Pocan and Raul Grijalva Orrin Hatchpayshomage to his purple districts and swing states. primary campaign sputtered. ciscoand Washington, D.C., and thatspending, according to an endorsing Kennedy along with favoritepostal worker: Utah Jazz But in abid forpartyunity, Sen. Some climate hawkswould like wasaregisteredlobbyist. Tims analysis by progressivegroup moderates likeArizona Sen. Hall of Famer Karl “The Mailman” Bernie Sanders notedinhis key- to see him come in aBiden ad- lobbied forthe League of Conser- Tech forCampaigns.Inthe period KyrstenSinema. Markey has ar- Malone .… Surplus of signed mer- note addressJoe Biden’s plan to ministration, perhaps as Interior vation Voters. None of the dona- May24through July 12, the ranged an unusual coalition fea- chandise?Trump campaign offers transition to 100% clean electric- secretary. tions to her campaign or her work Trump campaign outspentBiden turing the center-left Boston $10 off Trump-signed photos.… ity in the next 15 years, slightly as alobbyistwas relatedtothe $15 million to $8.6 million on Globe editorial page, along with Sen. Elizabeth Warren plants slowerthan the Green NewDeal’s OHIO REPUBLICAN Rep. Mike Ohio GOP scandal, in which every- Google ads. The type of ads each Rep. AlexandriaOcasio-Cortez and “Eastereggs” behind her during timeline but still generally praised Turner tries to turn ascandal for one charged has pleaded not partybuysdiffers sharply: 82% of astable full of Bernie Sanders- DNC speech broadcastfroma by environmental groups. the stateGOP againsthis Demo- guiltysave Householder,who the growth in image ad spending aligned organizations. classroom, including blocksspell- Starker gaps developed not cratic opponent, Desiree Tims. hasn’tentered aplea. came from Republicans, while 61% ing out “BLM,” tributes to Massa- between Biden and the left, but Turner,anine-term congressman, “Republicans usingahuge of the growth in video ad spend- LET’SVOTEALREADY: Inter- chusetts authors and companies, Biden and the party’sown plat- wasoutraised during the last GOP scandal againstaDemocrat ing can be attributed to Demo- estinthe election has reached re- and achild-sizepostal worker form. Biden’sclimate plan, along quarter by Tims in his Dayton- is…something,” said nonpartisan crats. cord highs, according to the latest smock. Biden Takes Aim at Student Debt Trump Is Plan would cancel large Big Part of chunk of moneyowed but notchange loose Pitch by lending standards Democrats BY JOSH MITCHELL BY GERALD F. SEIB JoeBiden wantstocancel a substantial portion of Ameri- The star of the Democrats’ cans’ $1.5trillion in federal stu- convention this week was dent debt—while maintaining nominee Joe Biden, of the loose lending standards that course. contributed to itsrapid growth. Not far behind, though, Mr.Biden would cancel all was President Trump, who or some debt formanypublic- was discussed collegegraduates,public-sector  almost as workersand victims of fraudu- much as the lent practices by some for- THIS man who will profit schools.For anyremain- WEEK oppose him ing debt, the Democratic this fall. And presidential nominee would that says a lot slash monthly payments. GES about how Democrats view Borrowers could have hun- IMA the race ahead. dredsofbillions of dollarsof Convention speakers of- GETTY

debt canceled. Mr.Biden also SE/ fered a lot of arguments for proposes tuition-free public Mr. Biden, of course, but collegefor studentsfromfami- there was an equally heavy

lies earning lessthan $125,000 ANCE-PRES dose of arguments for get- ayear. FR ting rid of Mr. Trump. Some Mr.Biden’splans aim to help of the most high-profile GENCE

the poor and middle classwhile /A speeches of the week—in- limiting aid forthe wealthy, CK cluding those of former Pres- BE

said Stef Feldman, the Biden N ident Obama and Sen. Bernie BY

campaign’spolicydirector. RO Sanders—contained notably “They’recarefully tailored Under the Biden plan, borrowers earning less than $125,000 would have any debt forgiven that covered undergraduate tuition at stark warnings of dire conse- policies to makesurethat public colleges and minority-serving nonprofit colleges. Above, graduation at Pasadena City College in California in June 2019. quences if the president wins we’reeliminating cost or bur- a second term. densome debt from being a U.S. household debt That appeared to be an at- barrier to people achieving the sen. About 29.8 million people platforms of organizations and tempt to both reflect and Studentdebt About 24.6 Million education they want or pursu- $1.50 trillion watched her acceptance individuals thatstreamed the capture the sentiments of ing the career goals they have,” Watch Final Night speech. convention from their social-me- Democratic voters, many of she said. 1.25 The coronavirus pandemic dia pages. whom are motivated first of Mr.Biden hasn’t called for forced Democrats to hold their MSNBC delivered the most all by a desire to dump Mr. changes to federal lending Auto About 24.6 million TV view- convention virtually, with only a viewers in prime time Thursday, Trump. Indeed, in the latest standards.Those policies es- 1.00 loans ers tuned into the last night of few delegates traveling to Mil- according to the Nielsen data, Wall Street Journal/NBC sentially allowhouseholds— the Democratic National Con- waukee, the host city. with 6.1 million tuning in from News poll, almost 6 in 10 Bi- through acombination of loan 0.75 vention on Thursday, according Beyond the telecasts, people 10 p.m. to 11:15 p.m. EDT. den voters said they would programs forundergraduates, Credit to Nielsen data, as Joe Biden had arange of options to TV viewership of the con- be casting their vote more to parentsand graduatestu- 0.50 card accepted his party’s nomination stream the convention on digi- vention was highest on Thurs- get rid of the president than dents—toborrow whatever is for president, capping a four- tal platforms, and manysaw day night. Former President in support of Mr. Biden. needed to covertuition, with 0.25 day virtual event. snippets of the eventthrough Obama and vice-presidential More broadly, if there was only aminimal credit check Viewership decreased about clips shared on social media. nominee Kamala Harris deliv- any doubt that the fall elec- and no consideration of abor- 17% compared with the audi- Mr.Biden’scampaign said ered the second-largest audi- tion will be mostly a referen- rower’sability to repay. Some 0 ence that watched former Sec- the convention programming ence, on Wednesday, with the dum on the incumbent, and studies have linked the govern- 2003’’05 10 ’15 ’20 retary of State Hillary Clinton garnered 35.5 million total on- broadcast reaching about 22.8 that Democrats are happy to ment’slending policies to Note:Studentdebt includes accept the Democratic nomina- line-streaming views during all million people. have it that way, convention schools’ tuition increases. federal and privateloans tion in 2016, according to Niel- four days,acrossthe digital —Benjamin Mullin week eliminated the doubt. One component of Mr.Bi- Source:New York Federal Reserve Meantime, the most pas- den’splan would forgive sionate arguments for Mr. $10,000 forevery one of Amer- All borrowers would have school debt, and then have any erswith biggerbalances often owedbythose with advanced Biden also were noteworthy ica’s43million federal student- the option to pay5%oftheir balances canceled. attended selectiveprivatecol- degrees.Collegegraduates for what they emphasized. loan borrowers to help during discretionaryincome each TheBiden campaign said it leges and public and private earn far morethan high-school More than policies or plans, the pandemic.That would ben- month toward their debt, down hasn’t calculated the cost of his graduateschools. grads, and those with graduate those arguments often efit some wealthyborrowers. from the current 10%, with bal- plan or decided howtopay for James Kvaal, aformer ad- degrees earn even more. stressed Mr. Biden’s personal Preston Cooper,avisiting ances forgiven tax-free,after it. Mr.Biden has separately visertoPresident Obama who He adds that forgiving stu- character. The terms decency fellowatthe center-right Foun- 20 years. called fortax increases of nowheads the Institutefor dent debt would set up the ex- and empathy were common. dation forResearch on Eco- Borrowers in public-sector about $4 trillion over adecade CollegeAccessand Success, an pectation among futurebor- In his own acceptance nomicOpportunity,said that and nonprofit jobs would have through levies on corporations advocatefor student borrow- rowers forforgiveness. “It’s speech, Mr. Biden declared: part of the plan would cost $10,000 ayear forgiven forfive and high-income households to ers, said Mr.Biden’spolicies going to createthis massive “Character is on the ballot. $370billion, morethan what years, on topofanexisting payfor avariety of programs. would makewhole manybor- moral hazard,” Mr.Cooper Compassion is on the ballot.” the government spent on stim- Public ServiceLoan Forgive- Mark Kantrowitz,publisher rowers who were defrauded by said. That approach also re- ulus checks as part of the nessprogram. And it would be of savingforcollege.com,which colleges or who never landed TheBiden campaign says flects an important piece of Cares Act. easier forall borrowers to can- advises families on financial the well-paying job they had other policies liketuition-free Democrats’ general-election “Ifyou’vedecided you’re celstudent loans in bank- aid, says Mr.Biden’sproposed expected. public collegewould reduce calculus. “The vote for presi- willing to spend $370billion, ruptcy. debt forgivenesscould cost as Federal lawentitles borrow- Americans’ relianceonstudent dent is the most personal whyhavewedecided people President Trump’scampaign much as $1 trillion. erswho canprove they were debt.Mr. Biden would increase vote people cast, and this with student debt deserveit declined to comment on the Bi- Under the measuretocancel defrauded to have their loans Pell Grants, which help mod- convention delivered the morethan other people,” in- den proposals. $10,000 acrossthe board, canceled, and the Biden cam- est-income households payfor message that Joe Biden is a cluding people in low-paying Mr.Trump,aRepublican, roughly 15 million borrowers paignsays he would aggres- tuition. good person,” says Demo- jobs who never went to college, hasn’t endorsed wide-scale stu- would have their entirebal- sively use that law. Mr.Biden stops short of the cratic pollster Peter Hart, Mr.Cooper said. dent-debt forgiveness. His ad- ances forgiven, Education De- Mr.Cooper of the Founda- plan to cancel all student debt who helps conduct the Wall Under Mr.Biden’splan, bor- ministration has previously partment datashow. tion forResearch on Economic putforth by Sen. Bernie Sand- Street Journal/NBC News rowers earning lessthan urgedCongresstoallowall Defaultstypically happen Opportunity said Mr.Biden’s ersofVermont, his former ri- poll. $125,000 would have anydebt borrowers to makemonthly among borrowers who owe less planswould help some high valfor the Democratic nomina- One word that was un- forgiven that coveredunder- paymentsequivalent to 12.5% than $10,000,the department’s earnerswho least need the tion—an idea that wasopposed mentioned by Mr. Biden or graduate tuition at public col- of their income,for up to 15 datashow, including manywho help.Most student debt is by 57% of Americans in aSep- other top speakers: impeach- leges and minority-serving yearsfor undergraduatedebt dropped out of collegeorat- owedbypeople with college tember 2019 Wall Street Jour- ment, a topic Democrats ap- nonprofit colleges. and 30 yearsfor graduate- tended trade schools.Borrow- degrees,and roughly 40% is nal/NBCNewspoll. pear eager to leave behind. P2JW235000-8-A00500-1------XA

THE WALL STREET JOURNAL. ******** Saturday/Sunday, August22-23, 2020 | A5 POLITICS Postmaster General Trump Team’s Hopes Rest on Defends Changes Before Senate Panel White Working-Class Turnout

BY ALEXA CORSE Joy urged Congress “to enact BY AARON ZITNER AND JENNIFER SMITH legislation that would provide AND ALEX LEARY the Postal Service with finan- Postmaster General Louis cial relief to account forthe Not long ago, whiteworking- DeJoy defended his effortsto impactsofthe pandemic on classvotersflooded to the polls makethe Postal Servicerun our financial condition.” in unusually large numbersto more efficiently and said the “Legislativeactions have help the GOP win the White mail agency could handle an been discussed and debated for House.But that year wasn’t expected surge in mailed bal- years, but no action has been 2016.Itwas 2004, and the pres- lots this fall amid concerns, taken,” he said, referring to identthey turned out to re-elect particularly from Democrats, long-running debates over the wasGeorge W. Bush. that his actions would interfere mail agency’soperations,while Today, Mr.Bush’sachieve- with the presidential election. adding that the Postal Service ment in driving turnout sug-

Mr.DeJoy,who has been at must do itspart to adapt to “the gestsanopportunity foran- JOURNAL the center of controversy over realities of our marketplace.” otherRepublican re-election REET

effortstocurtail costsatthe Mr.DeJoy,aformer logis- bid. President Trump’s cam- ST

Postal Service, appeared Fri- tics-company executiveand paign has said itsstrategyisto LL

day before the Senate Home- RepublicanParty donor,had boost voterregistration and WA

land Security and Governmen- sought operational changes, turnout among the people who THE R

talAffairsCommittee, such as reducing extradelivery most support him—largely,the FO controlled by Republicans. trips,which postal-union rep- whiteworking class—a goal dis- Sen. Rob Portman (R., resentatives have blamed for tinct from trying to persuade

Ohio), who said he votesevery delaying deliveries.Complaints undecided groups or Democrats KIRKLAND

year by absentee ballot, asked about delays have spilled over to movehis way. ERIN Mr.DeJoy if he supported vot- intoconcerns about the elec- An analysis of voterdata A Trump flag outside a house in Warren, Mich. The Trump team is focusing on its core supporters. ing by mail. tion, in which mail-in voting is shows that the opportunity,at “I think the American public expected to hit historic highs least on paper,issubstantial. Estimated2020non-voters Decrease in turnout personal historyofJoe Biden, should be able to vote by because of the pandemic. Whitevoterswithout four- by selected attributes among white, the Democratic nominee,who mail,” Mr.DeJoy said. “Wewill Democratssaid Mr.DeJoy year collegedegrees makeup Whitenoncollege noncollege voters, has long sought to playupa in percentagepoints, deployprocesses and proce- had been slowtorespond to the largest shareofnonvoters in Whitecollege blue-collar appeal. TheBiden 2004to2016 duresthat advanceany elec- inquiries about the delays, manybattleground states,and Black/Hispanic/Asian/ Other campaign didn’t respond to re- tion mail, in some cases ahead which they said harmed busi- Mr.Bush showedthat it’spossi- –6 pct. queststocomment. of first-classmail,” he added. nesses and individuals.Repub- ble to boost turnout signifi- 50% pts. –4 –2 0 Should Mr.Trump drive Mr. DeJoy testified that he licans largely defended Mr.De- cantly among that group. 68.2% 11.6 20.3 Wisconsin –7.0% turnout among whitenoncollege had never spoken to President Joy’sactions as financially Assuming the same turnout voters to Mr.Bush’shigh levels Trump about the Postal Ser- responsible but pressed him to ratesasin2016,about 62%of of 2004, Mr.Frey’sanalysis vice, other than in receiving addressconcerns about delays Michigan’snonvoters this year, 62.1 12.6 25.2 Michigan –5.7 shows that the electoratewould his congratulations on becom- and makeother commitments or 1.6million people,would be grow by some 222,000 voters in ing postmaster general. not to hamper service. whiteresidentswithout afour- 61.6 16 22.4 Pennsylvania –2.7 Michigan, 175,000 in Wisconsin In opening remarks,Mr. De- “I am concerned about the year collegedegree,according and 130,000 in Pennsylvania. delays that we have seen in to an analysis of census databy Mr.Trump wonthe three states AP Ohio and elsewhere,” said Mr. William Frey,aBrookingsInsti- 44.9 14.1 41 U.S. –3.3 by acombined 78,000 votes. AL/ Portman, adding he had heard tution demographer.InPennsyl- Theanalysis doesn’t consider from anumber of veterans vania, whiteresidentswithout Note:Percentages maynot add to 100% due to rounding. turnout changes among other Source:Analysis of census data by William Frey,Brookings Institution

VERNMENT who said they weren’t able to degrees also would account for votergroups at atime when

GO get their medication. about 62%ofnonvoters,or2.1 Democratic effortsinclude try- & Sen. GaryPeters(D.,Mich.) million residents. In Wisconsin, cus on his core supportersand wasdownfrom2012 levels in ingtoboost the relatively low said the delays led one constit- they would account for67% of to driveout what it believes are Michigan andWisconsin, Mr. turnoutof2016 in some states CURITY

SE uent’sdaughter who gets her nonvoters,ormorethan hidden Trump voters. Frey’s analysis shows. amongBlack voters and other epilepsy medication through 800,000 people.Mr. Trump won “There’sarational explana- “Sofar Idon’t see evidence minority groups. themail, “toration what few each of the three states by less tion forwhy he never reached that there’sanimpending wave An analysis by 0ptimus Ana-

HOMELAND pills she had left. As aresult than apercentagepoint. acrossthe aisle,” said GOP poll- of 2016 nonvoters who arepro- lytics,adata-sciencefirm,found

ON [she] suffered seizures and Those pools of potential vot- ster Micah Roberts, who isn’t Trump,’’said David Wasserman, Democratshaveadded 125,000 wastransported to ahospital.” ersare so large that even amod- affiliated with the campaign. an analyst with the nonpartisan morenew voters to the rolls ThePostal Servicesays it est increase in turnout would Despitethe enthusiasm Mr. Cook Political Report. than Republicans in Pennsylva- MMITTEE

CO has ample capacity to handle boost Mr.Trump,assuming that Trump generated among core Thestrategyisvital, as Mr. niasincethe 2016 election. But

TE election mail this fall but has he maintained his 60%-plus supporters, it wasn’t asurge of Trump has lost support in the Republicans have benefited urgedvoterstomail in ballots shareoftheir vote from 2016. newvotersthat wonthe elec- suburbsamong women espe- more than Democratsfrom SENA

US at leastaweek beforetheir Mr.Trump’scampaign has tion in 2016.Turnout among cially,polling shows.But the party-switching among people Louis DeJoy seeks more funding. state’sdue date, if not earlier. said the key to victoryistofo- white, noncollegevoters, in fact, strategyfaces achallengeinthe already in the voterpool. U.S. WATCH

DEPARTMENT OF JUSTICE COURTS of their attorneys,Michael Bien. The lawsuit alleges the ban Vista Equity’s CEO Group Sues to Block violatesWeChatusers’ rights to Is Facing Tax Probe BanonWeChat free speech, due processand equal protection under law. Plain- Robert Smith, the billionaire A WeChat users group that tiffsalso contend the ban ille- chief executiveofVistaEq- says it isn’t affiliated with the gally targets Chinese-Americans, uityPartners,isthe subject app’s owner filed a lawsuit Mr.Bien said. of atax-relatedprobe by the against the Trump administra- The WhiteHouse declined to JusticeDepartment, according tion late Friday, seeking to block comment. The Commerce De- to aletterthe private-equity an executive order that would partmentsaid in astatement firm senttoits investors Fri- bar transactions with WeChat. lastweek thatitisweighing day. The lawsuit, filed in U.S. Dis- which transactions mustbe The letter, acopyofwhich trict Court in San Francisco, barred and “is considering rele- wasviewedbyThe Wall claims the executiveorder is un- vant information from all sources. Street Journal, wassentafter constitutional. It wasfiled by —John D. McKinnon BloombergNewsreported that U.S. WeChatUsers Alliance, a federal investigators have nonprofit organization, as well as NEW YORK STATE been conducting ayearslong other plaintiffsincluding asmall criminal inquiry into whether businessand severalindividuals. NewSUNY Chief Is Mr.Smith failed to payU.S. The plaintiffs aren’t con- Longtime Cuomo Aide taxes on about $200 million in nected with the popular app or assets thatpassed through its Chinese-based parent, Ten- The State University of New offshorevehicles. cent Holdings Ltd., representa- York named a longtime aide to Mr.Smith hasn’tbeen tives said. They said the user al- Gov. Andrew Cuomo as its next charged with wrongdoing, and liance was formed by people chancellor, forgoing a national he mightnot be. who depend on WeChat in their search to find a leader for one Vistaconfirmed in the let- business and personal lives. of the country’s largest public terthatthe investigation re- WeChatcombines social media, university systems. latestothe tax treatmentof text messages, mobile payments, Jim Malatras, 42 years old, its firstfund, which it said no corporatemarketing and other wasappointedbySUNY’strustees longer exists. functions, and is used extensively on Friday. Mr.Malatras has been The firm said it wasn’tthe in China—including by U.S. compa- presidentofSUNY’sEmpireState subject of the inquiry and that nies thatdobusinessthere—and College, amostly online institution, Mr.Smith and his legal team within the Chinese diaspora. since2019. He previously served were “working on reaching an Details of the ban, which is as Mr.Cuomo’sdirector of state acceptable resolution with the set to takeeffect late next operations, and in recent months DOJ, which we hope will be month, were left to the Com- has advised the governor on his achievedinthe near future.” merce Departmenttosort out. response to the pandemic. Mr.Smith is trying to re- The plaintiffshope the suit will Mr. Malatras succeeds Kris- solvethe case with acivil set- also forcethe administration to tina Johnson, who resigned as tlement, according to aperson provide advancenoticeofexactly chancellor in June to take the familiar with the matter. which transactions would be pro- helm at Ohio State University. Spring Eternal —Miriam Gottfried hibited under the order,said one —Jimmy Vielkind English Fountain Intricatecraftsmanship.Elaborate design.Nauticalartistry. This exceptionallyrare silverplate floor fountain wasspecially designedtobedisplayed inside thehome. Standingnearly5feet tall,itcould also be used during specialeventstoserve wine or champagnefor atruly impressive display. Floorfountains over 100years oldare ararity, andthisexample is among themost

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A6 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Nursing Homes Need More Help, Panel Says

BY ANNA WILDE MATHEWS should ensurethat all nursing among their broader popula- Weekly Covid-19 casesinU.S. spokesman for CMS said. by MitreCorp., an outside homes getthree months’ worth tions.Nationally,the number of nursing homes He also said that while the contractor that works fre- Thenation’s nursing homes of protectivegear,and that it newcases in the week ended agencyhas “received some quently with the federal gov- need an aggressiveand com- createanational strategy to June 28 was7,569,rising to 15 thousand preliminary information from ernment. Itsmembership,an- prehensivefederal approach to guarantee access to rapid-re- 11,478inthe week ended July the commission,” CMS Admin- nounced in June,includes the Covid-19 crisis,including sultstesting forall nursing 26,and falling to 9,728inthe 12 istrator Seema Verma has “not nursing-home industryoffi- supplying facilities with per- homes,the people with knowl- most recent week available, seen or been briefed on any cials,academic researchers sonal protectivegear,assisting edgeofthe mattersaid. ended Aug.9,according to a recommendations at this time and consumer advocates,who with staffing shortages and of- Thecommission is also rec- Wall Street Journal analysis of 9 because the commission’s were asked to sign nondisclo- fering coronavirus testing with ommending that the federal CMS’smost recent weekly data. work is still in progress.” sureagreementsabout the rapid results,according to rec- government help nursing TheJournal’sanalysis of Thedraft recommendations group’sworkings. Itsmeetings 6 ommendations from acom- homes addressstaffing issues, the federal dataincluded only echo months of calls from nurs- weren’t open to the public. mission convened by the with one option including pro- nursing homes that reported ing-home industryofficials and Mitrereferred questions Trump administration. viding funds forhazardpay, datathat consistently cleared 3 outside researchersfor the fed- about “public release of the Thecommission is due to the people said. the government’sdata-quality eral government to take more recommendations” to CMS. deliver itsfinal report Sept. 1, Thecoronavirus is cutting a checks and excluded some ad- action to help stem the effects The Trump administration but it has already provided deadly swath through senior- ditional nursing homes that 0 of Covid-19 in nursing homes. previouslypromised two slides with adraft list of rec- care facilities,with morethan reported moreCovid-19-linked JJA “The federal government weeks’ worth of protective ommendations to the Centers 70,000 deaths so far,according deaths than totaldeaths in needs a more coordinated re- gear to nursing homes,but Note:Analysis excludes nursing homes that forMedicareand Medicaid Ser- to aWall Street Journal tally anyweek.CMS sometimes ret- failed federal data-qualitychecksinone or sponse to the outbreak in some facilities said the mate- vices,the agencythat spear- of stateand federal data. roactively updates prior data moreweeksorthatreported Covid-related nursing homes,” said Hye- rial they received wasunus- headed thepanel’sformation, Deaths in long-term-carefacili- in its new releases. deaths thatexceeded total deaths. Young Jung, assistant profes- able.The administration has Source:Centers forMedicare&Medicaid according to people with ties account foratleast 40% of The Trump administration Services sorofhealth-carepolicyand said it is focused closely on knowledgeofthe matter. The all U.S. deaths tied to the virus. launched the commission, for- research at Weill Cornell Med- nursing homes,and officials recommendations could change AfterCovid-19 cases in nurs- mally called the Coronavirus the pandemic and offer action- ical College, who isn’t on the announced in July that the fa- beforethe final report emerges, ing homes appeared to dip in Commission on Safety and able recommendations to in- commission. “It’smoretesting, cilities would getanadditional according to the people. June, therewas aresurgence, Quality in Nursing Homes,“to form futureresponses to in- more[personal protective $5 billion in funding from the Thecommission is suggest- particularly in some states independently and comprehen- fectious disease outbreaks equipment], more resources.” previouslypassed coronavirus ing that the federal government where infections arerising sively assessthe response to within nursing homes,” a Thecommission is overseen stimulus package. A Seven- Decade Love Story

ContinuedfromPageOne through senior-carefacilities, with more than 70,000 deaths so far,according to aWall Street Journal tally of stateand federal data. Hillcrest has seen two cases of Covid-19,both in patientswho came from ahos- pital in lateApril. One died. Aless-obvious toll is the tens of thousands of lonely res- identscut off from relatives and other social interaction. Some states have begun per- mitting morefamily visits, gen- erally with strict limitations. NorthCarolina has not. (2) Theimpact is particularly

acutefor residentswith mem- JOURNAL oryloss. Federal health offi- REET

cials estimated at least 15,000 ST

moreAmericans died from LL

Alzheimer’sdisease and de- WA

mentia than otherwise would THE R

have this spring,manyofthem FO in senior-living facilities.Doc- UCE

tors believethe disruption of BR routines and disappearanceof

familiar faces in manycases ANDREA led to health declines among fragile nursing-home residents. Jack and Gerry Eccles celebrated their 70th wedding anniversary “Thereare public-health in the lobby, above. Left, the couple on their wedding day. consequences of loneliness, iso- lation and lossofconnection to started another congregation. reportsoffamilies cut off from abeloved person that maybe By 2015,the family could see their loved ones in the Kirk- equally devastating” as signs that Gerry’smemorywas land, Wash., nursing home that Covid-19,said Lisa Gwyther,an fading.She groped forwords. has been tied to dozens of associateprofessor at the Duke She burned teakettles.Her Covid deaths,she spoketoher University School of Medicine. fluid piano playing,which had father.Jack didn’t believeGerry Forthose with dementia, “the long been at the center of fam- could return to the house,and greatest fear is the fear of ily gatherings, became more when Robertaasked if he abandonment in aworld that halting. would moveintoHillcrest, he doesn’tmakesense.” That March, she lost her agreed it wasthe best option. Jack and the rest of his fam- newglasses.“Jesus Iloveyou,” Hillcrest gavehim aroom and ily saythey believed Gerry she wroteinher journal, in jag- chargedaspecial rate because would fail to eat without one of gedfragmentsunlikeher usual he doesn’t getstaff care. them nearby.Jack also feared perfect cursive. “Please help TheEccles children saythey he would never see her again. me.Please help Jack.Heisre- were scared forboth parents. Though their children were ally upset.” Jack says he wasn’t afraid of nervous about the risk,they In October 2015,doctors catching the virus.“Icould kick agreed with their father’s deci- confirmed adiagnosis of Alz- the bucket anytime.Idon’t sion, one nursing homes hardly heimer’s.During the exam, think about it,” he says. ever encounter. Gerrycouldn’t name all of her Jack says he never expected “They were never apart,” children or recall her birthday, his stay at Hillcresttobeso says GeneceMcChesney,one of but wasable to writeasen- long,because he thought the their nine children. tence: “The person Ilovethe virus threat would subside. Threetimes aday,Jack ar- gled to be patient as he ac- Thefollowing April, Jack At home,while Jack studied most is afew jumps away.” Her “You really missbeing out- rives at Gerry’sroom, which is cepted what he believes is gaveher the diamond engage- and wrote, Gerryran the family wassureshe meant doors,” he says.But he won’t shared with aroommateand God’splan. Acouple of times, ment ring onceworn by his household. She tucked in the Jack. leave.Hehas been studying decorated with pictures of their he laydownonthe floor during mother,and on July 16,1950, children at night and delivered Forthe firsttime in their German and worked on aser- family.She sometimes resists ameal, so frustrated he had to they were married at Gerry’s home remedies likebaking soda married life, Jack cooked—sim- mon he has posted on YouTube. eating or dozesoff between take abreak.After the meals, family church. forstomachaches.She hand- ple thingsliketoast and boiled On July 16,eight of the nine bites.Wearing amask and gog- he typically needs anap.“Ijust Aftercollege, Jack went to a squeezedthe lemon juiceJack eggs forbreakfast. Eccles siblingsand some of the gles,Jack spoons cereal and have to flop.I’m exhausted, it’s Baptist seminary.Gerrysoon liked to drink and ironed his On Feb. 3, 2017, just afew couple’s20grandchildren and puréefromatinyplastic spoon, an emotional thing.” became pregnant with their shirts. days beforehis 90th birthday, 24 great-grandchildren gath- meticulously checking that she firstchild, adaughter named Their children saythey don’t Jack brokehis pelvis.After the ered in aZoom session to cele- gets the required 40 ounces of Susan. She wasfollowedby recall anyarguments. But “if hospital, he needed to go to re- brateJack and Gerry’s70th liquid aday.Hepositions her Asmile eight others, atotal of six girls she didn’t likesomething,she hab.The couple’syoungest wedding anniversary. Roberta head and neck carefully to be John R. Eccles firstspotted and three boys. said [so] very gently,and Itook daughter,RobertaDrewry, had and her husband set up an iPad sure she doesn’t choke. Geraldine Knobel in 1949,out- Thefamily moved everyfew the hint,” Jack says. offeredtohavethem livewith outside the lobby windows and Months ago, Gerrystopped side the dining hall at Whit- years, as Jack went from Jack didn’t watchthe birth her in North Carolina. Jack held up an intercomdevice next saying “I loveyou” to Jack,or worth CollegeinSpokane, church to church around Wash- of anyofthe children. When he didn’t want to leave California, to the screen so the family anyother words, and she no Wash., wherethey were stu- ingtonand California, some- tried once, he says,henearly but he finally agreed. could talk to Jack and Gerry. longer smiles in recognition of dents. “She smiled, and that passed out beforeheevengot Each family member spoke him, he says.But “there’ssome wasall it took,” he says. to the birthing room. “It was Decline briefly. radianceabout her….That per- Gerry, aserious-minded 19- Months ago, Gerry morethan Icould handle.” Jack sat next to Gerry, be- sonality still comes through.” year-old, wasn’t immediately He still feels guilty about Jack couldn’t seem to get hind the glassofthe Hillcrest When she refuses to eat, he smittenwith the 21-year-old stopped saying ‘I that—and other things, he says. started packing up his thou- front lobby,waving and smil- oftensingssongslike“Chatta- Merchant Marine veteran. love you’ to Jack, or “Thereare manytimes Ididn’t sandsofbooks,mostly reli- ing,their wedding photobeside noogaChoo Choo,” pausing to When he invited her to abas- payattention enough to Gerry,” gioustexts,according to his them. Gerrywas quiet, impas- exhort, “Chew, Gerry!” Ameal ketball game,she replied that any other words. including her birthdays.“We daughter Kathy. His son-in- sive,her hands mostly in her oftentakes about 90 minutes. she went home on weekends. didn’t do anything special. Now law, SteveMartin, says he told lap. Jack fedher bites of gold- Hillcrest stafferssay his ef- “For alesspersistent person, Ican’t talk to her,and I him, “Jack,you’vegot adiffer- accented cake.Heprayed, and fortshavemade ahugediffer- that would have been the end, thought, ‘Man, I’vebeen miss- ent job.Your job is to take led the family in “Amazing enceinhis wife’shealth. butnot Jack,” she wroteina times working at radio stations ing this all my life.’ ” care of Gerry.” Grace,” conducting and singing “That’ssomething we can’t do. wedding album. or teaching forextraincome. Gerryalso handled the fam- Soon afterhearrived in through the intercom. We haven’t been with her for He wonher over with ges- He gottwo different doctoral ily’s finances,which were often North Carolina, Jack sent his At one point he told them, 70 years,” said Olivia Jacobs,a tures including the giftofacar- degrees from theological insti- tight. She darned socks and résumé to local churches.He “Mommiesaid something.I’m Hillcrest dietitian. She and oth- tonofvanilla icecream with a tutions,and Gerrypainstak- made ragrugs. In 1971, when began teaching aBible class. sureitwas,‘Iloveyou guys.’ ” ersworking at the facility say heart-shaped strawberrycore ingly typed his dissertations. Jack leftachurch in Spokane, Gerrycontinued her decline, Afterabout an hour,nurs- Jack is unfailingly gentle: “He’s down themiddle.Both were Shedrove church vans,led Gerrytook ajob selling prod- and in 2018,she moved into ing-home workerspacked up always having agood day, he’s from small Washingtontowns women’sgroups,playedthe pi- uctsdoor-to-door.Later that Hillcrest. Roberta and Jack the rest of the cake.Jack put always happy to see her.…He’s and committedtotheir Chris- ano at services and accompa- year,Jack gotanew position at came everyday to feed her on Gerry’smask and his own. with his love, and that’swhere tian faith. That spring,when he nied church membersonaccor- aCalifornia church, and the meals.Inthe evening,Jack He told his family he loved he wantstobe.” said he wanted to marryher, dion when they went Christmas family moved again. and Gerrywould watchold them, wavedgood night, and Jack,who uses awalker and she wassurprised. “I told him I caroling.The church was“what In the early 1980s,Jack went episodes of “M*A*S*H” and slowly wheeledaway Gerry’s has ahistoryofheart trouble, didn’t feel that way about him, their lives rotatedaround,” to achurch in SanJose,where “The Andy Griffith Show” in chair. says the sessions aren’t easy, but to wait awhile,” she wrote says KathyMartin, one of their he stayed formorethan two thelobby. —Jon Kamp contributed to and he has sometimes strug- in the album. daughters. decades.Later,the couple In March, afterRobertasaw this article. P2JW235000-4-A00700-177FFF7078F

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | A7 U.S. NEWS NewInfections Decrease From Highs in July

BY ALLISON PRANG mand, some states opted to narrow testing criteria to fo- Newdaily coronavirus cases cus on those with symptoms continued to drift down from or who are high risk. July highs this week,but Thetotal number of con- deaths remained elevated, a firmed coronavirus cases legacy of the surge of new in- across the U.S. climbed to fections that swept the South nearly 5.6 million, accounting

and West last month. forjust under aquarter of the S

Acrossthe U.S.,44,023 new global tally of 22.7 million, ac- PRES Covid-19 cases were reported cording to datacompiled by UMA

Thursday, the sixth dayina Johns Hopkins University.The /Z rowwith fewerthan 50,000 nation’sdeath toll rose to TO cases.Atthe same time,the more than 174,000.

number of newtestsper- Acrossthe U.S.,1,078 deaths /NURPHO formed nationallyfell by more were reported Thursday, the SY than 200,000 to 635,809 14th daysincethe beginning of

Thursdayfrom880,729 aweek August with morethan 1,000 HENNES UL

earlier, according to datafrom reported deaths.InJuly,there PA the Covid Tracking Project. were 11 days with morethan A school employee checked the temperature of a student returning to class at Baldwin Park Elementary School in Orlando, Fla., on Friday. Theseven-day averageof 1,000 deaths reported and in testsacrossthe U.S. fell to June therewerethree. hasn’t dropped below1,000 from 47,228 aweek earlier,ac- Of Thursday’snew cases, the firsttime sincethe pan- 709,796 from 736,273overthe Nearly half of the deaths re- sinceJuly 26,according to a cording to the Covid Tracking roughly a third were concen- demic began. Illinois,Mis- same period. That metric had corded Thursdaycame from Wall Street Journal analysis of Project. Thenumber has trated in three states that souri, Ohio and Tennessee also climbed as high as 822,583 in four states that emergedas datafromJohns Hopkins.That largely been falling since were hot spotsthroughout all added morethan 1,000 late July. major hot spotslast month: metric wascloser to 500 at the around the end of July. July. Texas added over 5,000, cases,with Alabama nearly Expertshavesaid robust Texas,California, Florida and beginning of July.Expertssay Thecountry’spercentageof California added nearly 5,000 adding that many as well. testing and contact tracing are Arizona. Reporting standards deaths lag newcases,asthe positivetestshas also de- and Florida added more than Theseven-day averageof critical tools to managing the vary statetostate,sodeaths diseaseoften progresses over clined, another positive sign. 4,000.Nearby,Georgia re- new cases in California, Flor- virus’ spread. Overwhelming reported on acertain daymay the course of several weeks. Theseven-day averagepositiv- ported morethan 2,000 and ida, Georgia, Ohio, Tennessee demand fordiagnostic testsin not have happened on that day. Achangecould be on the ity rate forthe U.S. was6.48% North Carolina added 1,979,its and Alabama is lowerthan the July strained supply chains However, the persistently horizon, as hospitalizations forAug.20, down from 7. 5% a highest tally in the past two two-week average, according and led to lab backlogsand elevated death toll is reflected appear to be declining.For week ago and 8.48% a month weeks. to aWall Street Journal analy- delayedresults, impeding con- in the seven-dayaverage of Aug. 20, 41,988 people in the before, according to datafrom Iowa reported morethan sis of Johns Hopkins data, tainment efforts. Amid the de- deathsacrossthe U.S.,which U.S. were hospitalized, down the Covid Tracking Project. 1,000new cases in aday for suggesting cases aredeclining. CollegesWarn StudentstoStopPartying to Halt Virus

BY DOUGLAS BELKIN on-campus instruction and ering on the quad. be expelled if they didn’t obey the school caught wind of a the studentsand their parents punish some rule breakers. Pennsylvania State Univer- the rules. poll on social media by afirst- dressing them down. Leadersofcolleges and uni- Thedirectives arebeing sity suspended the PhiKappa NorthCarolina State Uni- year student asking his class- At the University of Kansas, versities areissuing increas- broadcast to all students, but Psifraternity on Thursdayaf- versity said Thursdayithas mates whetherthey planned an outbreak of cases among ingly desperatedemands to specifically aimed at hot spots ter videos surfaced on social canceled all in-person classes to attend parties when they fraternity and sorority mem- studentstohelp curtail the which include fraternities,so- media showing an indoor following a series of off-cam- got to school. Despite restric- bersprompted Chancellor spread of the coronavirus on rorities and upperclassmen gathering on Wednesdayof pus parties.Morethan 500 tions by the university,115 Douglas A. Girod to remind campus: Wear masks,and rein throwing off-campus parties. morethan 15 people who students arenow in quaran- said yesand 640 said no,ac- the school to adheretohealth in your back-to-school party- In two of the harshest re- weren’t wearing masks or tine or isolation, according to cording to RenataNyul, a and safety guidelines. ing or go home. bukes so far,Purdue Univer- staying 6feet apart. alettertothe school by Chan- school spokeswoman. At the University of Notre Themessaging accompanies sity on Thursdaysuspended President Eric Barron wrote cellor Randy Woodson. When the pollster wascon- Dame,wherein-person classes newoutbreaks at schools 36 students who attended an a note to students chastising Northeastern University in tacted by the school he turned were canceled this week be- around the countryasstu- off-campus party and Syracuse them forignoring the guide- Boston is trying to stay ahead over all the names of the stu- cause of an increase in cases, dents return to campus, lead- University suspended 23 in lines the school had laid out of the curve. Studentswill dentswho said yes. On Friday, the number continued to ingseveral this week to halt connection with a large gath- and to warn them they would start moving in next week,but Northeastern sent an email to rise—though at aslowerpace. Funds for JOURNALISTSDON’T Testing Sit ‘JUST WRITE STORIES.’

Unspent GES IMA

ContinuedfromPageOne GETTY THEYRECORD HISTORY.

Maytoexpand testing and de- SE/ velop contact-tracing pro- grams at their discretion, but

as of Aug.14, just $121 million ANCE-PRES of that pool of funds had been FR drawn down. GENCE

Reasons forthe lack of /A spending vary.Some states are CK BE

still identifying the testing N BY

andcontact-tracing services RO they think will be the most ef- Reasons for the lack of spending vary. Above, a walk-up coronavirus fective. It cantaketime to so- testing location in Los Angeles earlier this month. licit bids,award contractsand payfor services rendered. tributed yet, Ms. Heck said. safely reopening the economy. Also,statesaren’t spending “HHS continues to monitor Aftersurging through most money on some testing mate- the situation and support re- of July,U.S.testing rateshave rials such as reagentsthat the sponse and recovery activities slowed somewhat in August. federal government helps supported with additional Theseven-day averageof them source,HHS spokes- emergencysupplemental re- new tests run was 709,347 on woman Mia Heck said. sources,” she said. Thursday, according to the HHS won’t knowhow the Sens.Chuck Schumer (D., Covid Tracking Project, down funds were used until the fiscal N.Y.)and PattyMurray (D., from 781,156 a month earlier. year ends Sept. 30,she said. Wash.) in June sent aletterto Therewereweekly declines in HHS is focused on expand- HHS SecretaryAlexAzarcall- testing in 21 states as of ing testing and sending the ing on the Trump administra- Thursday, according to Johns right types of teststothe right tion to disburse the $8 billion Hopkins University. types of settings, Adm. Brett immediately,with an emphasis Some of those declines Giroir, assistant secretaryfor on addressing contact-tracing were the result of testing site health at the agency, said on a efforts and collecting data on closures during ahurricane call with reportersWednesday. earlier this month and labs “Thereare plenty of tests clearing backlogs from July, andthat’sgrowing substan- HHS won’t know Adm. Giroir said. Some states tially,” said Adm. Giroir,who have also revised testing crite- has overseen U.S. testing ef- how the funds were ria to reducedemand, while forts. used until the fiscal the federal government Still, overwhelming demand changed guidance for return- fordiagnostic testsinJuly as year ends Sept. 30. ing to work,eliminating arec- cases spiked in the Southern ommendation that individuals and Western regions of the receive two negative tests. countryled to lab backlogsand Of the $25 billion in PPP weekslong delays forresults racial and ethnic disparities in funds for testing, $5.7 billion and hindered contact tracing coronavirus cases. wastobesent to various gov- andcontainment efforts. Testing forcoronavirus is ernment agencies involved in Therewereabout 25 mil- seen as akey part of thena- testing,such as the Centers lion testsdone in July and tion’s campaign to beat back forDisease Control and Pre- Adm. Giroir estimated the U.S. the disease,allowing officials to vention and the Food and will have 90 million tests track newoutbreaks and quar- Drug Administration. As of available in September. antine people who test positive. this week,$1.62 billion of “Nohealth department or While testing capacity has ex- thosefunds had been obli- statecan crypoor during this panded rapidly,some experts gatedorcommittedtothe health crisis,” said Will Hum- sayitisn’t enough to capture agencies, according to HHS. ble, executive director for the the full extent of the pandemic. Agencies including the Na- Learn more about the impact your Arizona Public Health Associa- Federal officials have advo- tional Institutes of Health were tion. “It’snot amatterofmore catedfor testing of those with to use those funds to buy diag- journalismcareer can have on the world. money.It’samatterofusing symptoms and known contact nostic and serological tests, Wall Street Journal reporter Erin Ailworth themoney that has already with infected individuals, source lab supplies and de- been giventocounties and rather than widespread, regular velop newtesting technologies. and othersshare career advice at states effectively,” he said. testing as part of return-to- Federal relief packages also dowjonesnewsfund.org/careers. More than $8 billion of the work and school plans.Some included $2 billion to pay for $25 billion is to be spent at public-healthofficials argue testing uninsured individuals. the discretion of HHS.Much of that broad, regular,widely Of that, $235.5 million has that money hasn’t been dis- available testing is critical to been spent. P2JW235000-8-A00800-1------XA

A8 | Saturday/Sunday, August22-23, 2020 ******** THE WALL STREET JOURNAL. WORLD NEWS Sickened Kremlin Critic Departs Russia

Plane carrying Navalny ened by protests in Belarus, a affair,aswith the demonstra- former Soviet republic,where tionsinthe FarEast, might be leavesfor Germany President Alexander Lukash- lesspredictable. after alleged poisoning; enko claimed 80% of the vote Mr.Navalny, 44 yearsold, in a presidential election made hisname leading street fallout unclear forPutin widely derided as a sham. protestsagainst the Kremlin, At times,crowdsinthe cap- and his online following of mil- BY THOMAS GROVE ital there, Minsk—at 440 miles lions gavehim areach other AND ANN M. SIMMONS from Moscow,much closer opposition politicians only than Khabarovsk—have grown dreamed of.Often he used it to MOSCOW—A plane carrying to 200,000 or moreasBelaru- investigatethe excesses of opposition politician Alexei sians presstheir demand for Kremlin-connected business- Navalny, who wasinacoma in Mr.Lukashenkotostepdown menand politicians,delving a Siberian hospital after sud- forrigging the vote.The Euro- intotheir personal lives to denly fallingill,departed for pean Union has said it doesn’t stokerageamong ordinaryRus- Germanyfor treatment after recognizethe result of the sians tired of corruption and disputes over his condition CK Aug. 9election. President dwindlingliving standards. TO andwhether he wasstable Trump also said it didn’t look Morerecently,hespear- enough to travel. liketherewas much democ- headed attempts to boycott a

“The plane with Alexeiflew SHUTTERS racy on displayinthe former referendum on constitutional to Berlin,” his spokeswoman, A/ Soviet republic. amendmentsinJuly,including KiraYarmysh, tweeted early /EP Mr.Putin so far has de- aprovision that could allow Saturdaymorning.“Many YEV flected Western countries Mr.Putin to stay in powerun- thanks to everyone fortheir RMA from taking stronger action in til 2036. KA support. Thestruggle for support of opposition leader Mr.Navalnywas in Siberia XIM

Alexei’slifeand health is just MA Svetlana Tikhanovskaya and to lend support to independent beginning,and thereisstill alot A doctor at the Omsk hospital where Alexei Navalny was treated addressed the media Friday. her supporters. politicians who were planning to go through, but nowatleast EU leadersare wary of are- to competeinlocal election the firststephas been taken.” ble to move. Mr.Navalnywas upheavalonthe country’swest- ing to the streetsinKhaba- peat of what happened in racesthere, his colleagues said. Mr.Navalny, avocal critic cleared to flyFridayafter his ern border,wheremasspro- rovsk and the surrounding Ukraine in 2014, when they lent Mr.Navalny’sexposés, based of Russian President Vladimir wifepublished aletterasking testsinBelarus arethreatening area to complain about the ar- their support to apopular up- on forensic analysis of land reg- Putin, fell ill on a flight from Mr.Putin forhelp. to chase one of his closest al- rest of apopular local gover- rising that swept away apro- istries and filingsofoffshore Siberia to Moscow on Thurs- Mr.Navalny’ssudden, unex- lies from power. nor who defeated apro-gov- Russian president, providing companies as well as drone dayafter drinking acup of tea plained illnesscomes in the “I can’t saythat this opposi- ernment candidateinanMr.Putin with apretext foran- footage, have infuriated abroad at theairport that his sup- midst of what has been adiffi- tion will disappear,” said An- election two yearsago, in what nexing Crimea and supporting spectrum of businessmen porterssay they believewas cult year forMr. Putin. drei Kolesnikov,chair of the some see as asymptom of Mr. pro-Russian separatistsinthe aligned with the Kremlin. He laced with poison. Political analystssaid it is Russian Domestic Politics and Putin’sheavy-handed rule.Ser- east of the countryinaconflict hadenemies,raising the ques- Doctorstreating himin unclear what role if anythe Political Institutions Program geiFurgalwas accused of be- that is still rumbling on today. tion of whomight have taken Omsk,the city wherethe plane Kremlin might have had in Mr. at theCarnegie Moscow Center. ing involved in organizing two Belarus is also moretightly action to silencehim. Therehas made an emergencylanding, Navalny’sillness. But in the “But at the same time,wemust murdersand an attempted ho- bound to Russiathan Ukraine, been aspateofpolitical killings said they hadn’t found anytox- short term it could have achill- admit that we describe the po- micide 15 yearsago, and de- by trade pactsand asimilar in recent years, including those ins in his system and at firstre- ing effect among Mr.Putin’s litical landscape of Russia as a nies anywrongdoing. languageand culture. Moscow, of journalist Anna Politkovs- fused to hand him over to a opponentsatatime when he permanent adverse relationship Some of the people in Kha- itsmain trading partner,exerts kaya,who waskilled in 2006, German team waiting to trans- has been facing newchallenges between Navalnyand Putin.” barovsk,4,000 miles and considerable economic influ- and politician Boris Nemtsov, ferhim to Germanyfor treat- to his authority,fromawave of Formorethan amonth now, seven time zones away from ence. who wasshot dead in 2015 ment, saying he wastoo unsta- protestsinRussia’sFar East to demonstratorshavebeen tak- Moscow,havebeen embold- Thefallout from the Navalny near the Kremlin. Beirut Citizens, AfterBlast, Fill Government Void

BY JARED MALSIN placed people in hotels,pro- AND RAJA ABDULRAHIM viding compensation to repair residents’ homes and cars,and BEIRUT—Hoursafter acat- have launched acitywide as- astrophic blast ripped through sessment of the dam- Beirut on Aug. 4, hundreds of age, among other efforts. His volunteers fanned out across statement didn’t addressresi- devastated neighborhoods, dents’ concerns that govern- caring forthe wounded, as- ment agencies had been sessing damaged buildingsand largely absent in the days af- clearing rubble.The people of ter the explosion. JOURNAL

Lebanon had little faith their Widespread corruption en- REET government could rise to the abled by political patronage, a ST challenge. chronic lack of funding,and an LL WA Lebanon’sstate institutions ossified bureaucracyhavehob- THE

have failed the country—be- bled Lebanon’spublic services R fore and afterthe blast. The foryears. Lebanon endures FO tragedy wasthe result of years power cuts that plunge parts RLING

of government neglect that al- of thecountryintodarkness TA lowedastockpile of explosive for hours at a time. M SA chemicals to be stored in the In 2015,Beirut experienced Volunteers carry rubble from a house that was badly damaged by the Aug. 4 Beirut port explosion, which killed about 180 people. heart of the densely populated agarbage-collection crisis that Lebanese capital. left the capital city drowning from Beirut residentsand ment from the commission Government hospitals have trybeforethe country’seco- In theweek following the in trash forweeks and trig- businesses.The United Na- went unanswered. Thespokes- also treated the wounded, but nomic crisis left her unem- explosion at least 27 donor gered political protests. tions humanitarian aid agency manfor the caretakercabinet quickly became overwhelmed ployedthis year,joined others countries pledged $297.8 mil- Lebanon’s government, is helping match foreign do- said the commission wasoffer- with thousands of bloodied she knewfromantigovernment lion to help rebuild Beirut— which included most of the nors with relief projects. ing compensation forrepairs. Beirut residentsstumbling protestsattheir base camp in but said the aid would be de- country’spolitical forces and “Asmoremoney floods in TheLebanese militaryset through their doors. an old train station in the Mar livered directly to the people, religious sectsunder abroad and the work becomes more up a relief committee and or- When Lebanese political Mikhael neighborhood. bypassing the country’spoliti- power-sharing arrangement, complex, the whole response ganized search-and-rescue ef- leaders and officials have ap- On a recent day, the make- cal leadership. resigned under pressurefrom will get increasingly chaotic,” fortsinand around the port, peared in public they have shiftcamp bustled with volun- “The government has been protesters in the wake of the said AlexSimon, co-founder of wherethe blast hit, and re- faced fury from outraged resi- teersarranging food deliver- completely absent sincethe blast. But fornow the same of- Synaps,aBeirut-based re- ceived deliveries of aid from dents. Protesterspunched and ies,dispatching teams to blast,” said Mounia El Kik, an ficials continue governing the search organization. foreign governments. But the kicked the convoy of former examine buildings, handing activist who has helped set up nation in acaretaker capacity. Lebanon’sHigh Relief Com- search efforts focused on the Prime Minister Saad Hariri outtools and construction a base camp in the blast zone These politicians arein- mission, agovernment agency port itself and not on the when he rolled through central supplies,and scrutinizing that is aheadquartersofthe creasingly coming under pres- that should have been leading neighborhoods around it, Beirut days afterthe explo- maps of neighborhoods in the volunteer effort. “A lot of peo- sure—domestic and interna- the relief effort, has been whereresidentssay they have sion. Party officials who path of the blast. ple aresaying,‘We areina tional to uproot corruption. mostly uninvolved, except for received little to no help from showeduptoavigil forfire- “We’reinnoway profes- stateless country.’ ” In the weeks sincethe blast sending afew trucks to re- any government body. fighterswho died were thrown sionals who can do this. This Aspokesman forLebanon’s most groups have relied on a moverubble,according to vol- Lebanon’smilitarydidn’t out by the local organizers. isn’t our job,” Ms. El Kik said. government said authorities mix of online crowdfunding unteers on the ground. respond to a request to com- Ms.ElKik,who used to —Nazih Osseiran areoffering shelter fordis- and donations of supplies Calls and requestsfor com- ment. work in Lebanon’swine indus- contributed to this article. FROM PAGE ONE

pandemic would abatebysum- Others said the decision to were able to restorepay and $1.33million in 2019,according veyfromWillis Towers Watson, Companies mer.Most executives makethe reinstatefull compensation re- we will repaypeople faster to the company’slatestproxy an advisoryfirm. Companies bulk of their compensation in flectsanimproved outlook. than planned,” he said. filing.The companyalso re- gaveemployees payincreases stock-based awardsorother Yelp,which laid off 1,000 work- Oil producer Occidental Pe- stored lower-level employee between 2.5% and 2.7% this Reverse long-term incentives,somany ersand furloughed morethan troleum Corp.inlateJuly said salaries on July 1, aspokes- year and areprojecting average observersconsider the initial 1,100othersinthe spring,said it would restorethe salaries of woman said. salaryincreases of 2.8% in salary cutslargely symbolic. in July it is bringing back some executives.The company Virginia hospital operator 2021,according to the firm. Pay Cuts Notall companies restoring nearly allofits furloughed had capped the base salaries of SentaraHealthcaresaid it plans Salaryincreases have hovered payhavebounced back,and staffers, and would fully restore executiveofficersto$250,000 in October to stop the 20% pay around 3% forthe past decade. many, such as Disney,havefur- employeepay and hours. The cutsits senior executives took Only 7% of companies aren’t ContinuedfromPageOne loughed workersand arere- companyinApril announced a and the 10% reduction itsphy- planning payincreases next been furloughed or seen their porting big losses.New applica- 20% to 30% cut in executive Disney will lift some sicians received. Sentaraalso year,downfrom14% this year hours cut. tions for unemployment pay. In aJuly notetoemploy- reinstated itspreviously sched- and lessthan 1% in 2019,asign “When we firststarted out, benefitsrose last week aftera ees,Yelp Chief ExecutiveJer- salary reductions uled salaryraises earlier this that manycompanies have cau- it waslike, ‘Yeah, everybody’s series of declines,the Labor emyStoppelman said “the hard despite a $5 billion month that had been post- tious optimism for2021, said in this together,this is atough Department said—an indication steps we took early on have put poned and resumed contribu- Catherine Hartmann, North time,we’veall gottotakesac- fresh layoffs areoccurring even us in astronger position.” quarterly loss. tions to employeeretirement AmericaRewardspractice rifices and pull together,’” said as the economybroadly is In April, General Motorsan- plans,said BeckySawyer,se- leader at Willis Towers Watson. Susan Schroeder,ofCompensa- showing signs of recovering. nounced it would temporarily nior vice president and chief She said that while companies tion AdvisoryPartners, who Disney will lift, as of Aug. trim 69,000 workers’ salaries humanresourcesofficer.Sen- aregoing to remain wary notedlarge companies have 23,some salaryreductions for by 20%, then repaythe money in early April, but in July said it tara said the temporarycuts through the next year,many been morelikely to restoreex- executives,despiteposting a with interest in March 2021. would double that to $500,000, were meant to avoid layoffs arestill planning to reward ecutivepay.“Nowthat it has nearly $5 billion loss in the Those salarydeferrals forits which the companydescribed and that itsbusinessbounced their best-performers. draggedon, Ithink thingshave quarter that ended June 27.A white-collar workersended on in asecurities filing as a“par- back afteritwas able to re- “Weare right nowina changed alittle bit.” number of executives took pay Aug. 1, sooner than expected, tial restoration” in pay. Thean- sume electivesurgeries and phase of restabilization, people Some boards and executives, cutsbeginning in April.Bob and the companyplans to re- nualized base salaryofthe non-urgent procedures. arelooking back at the choices she said, maybepushing for Iger,Disney’s executivechair- paythe lost wageswith inter- company’schief executiveoffi- ManylargerU.S.companies they made in the firstthree compensation changes since man, will forgonearly his en- est in the fourth quarter of this cer, Vicki Hollub,will be ap- arealso still planning on giving months andsaying which of manypay cutswereinitially tiresalarythrough the last pay year,GMspokesman Jim Cain proximately 53% lowerthan their employees payraises and these were appropriateand re- billed as short-term, set at a period in the company’sfiscal said. “The businessisrecover- last year,the companysaid. Ms. annual bonuses over the next thinking what they were do- time when manyexpected the year,which ends in September. ing faster than expected, so we Hollub earned abase salaryof year,according to arecent sur- ing,” she said. P2JW235000-4-A00900-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | A9 WORLD NEWS Seoul Tries Israel-U.A.E. Ties Open Avenues for Trade To Control InvestorsinIsrael and the the Gulf Arab states is only United Arab Emirates are about $1 billion. moving to strikedeals in a Investorsinboth countries NewCovid businessenvironment trans- hope the rapprochement will formed by adiplomatic break- spawn moreopportunities through between the two than the cold peacewith Outbreak countries. neighboring Egypt and Jordan. Treaties forged with these BY DASL YOON By Felicia Schwartz countries over a quarter cen- AND TIMOTHY W. MARTIN in Tel Aviv and tury ago have produced mea-

Stephen Kalin in GES ger economic dividends.

SEOUL—South Korea, Riyadh, Saudi Arabia IMA In 2018,Egyptian exportsto praised forits Covid-19 con- Israel measured about half a

tainment, is having a bout of Last week’ssurprise move GETTY billiondollarsin2018,with

coronavirus déjà vu, with ris- by the U.A.E. to normalizere- SE/ importsunder $115 million, ac- ing coronavirus cases linked to lations with Israel in aU.S.- cording to the World Bank. a large church. backed shiftpaves the way for Tradewith Jordan is even Thecountryisteetering on establishing direct flights, ANCE-PRES morepaltry—lessthan $80 FR the vergeofanational out- opening telecommunications million in each direction.

break, local health officials links,exploring joint ventures GENCE Turkey,which restored dip-

warn, and faces apossible re- and, in some cases,bringing /A lomatic ties with Israel in turn of its most stringent so- commerce that has long been HIB 2016,conducted totaltrade SA cial-distancing measures.On underground intothe open. with Israel of morethan $8 RIM

Friday, the countryreported The change has the potential KA billion in 2018,much of which 324new virus cases—itslarg- to warm ties between Israel Tourists at the Al Naseem hotelinDubai. Direct commercial flights from Israel areunder discussion. wasinpetroleum products, est one-dayrise sinceMarch and the Arab world and bene- World Bank data showed. 8. Daily infections have hit tri- fitarangeofbusinesssectors, the other market. cess websites blocked by the which hasn’t been named, will One upside forthe U.A.E.: It ple digitsfor morethan a from aviation and financeto He is working with Emirati governments. And some used be Bo&Bo’s exclusiveGulf dis- doesn’t shareEgypt’sand Jor- week straight. health and tourism. partnerstoestablish akind of foreign passportstotravelbe- tributor for around $1 million dan’shistoryofconflict with “It’sthe biggest crisis since Emirati billionaireKhalaf Al chamber of commerce or pro- tween the two countries. ayear that the distributor Israel. coronavirus came intoour Habtoor, who owns one of the fessional organization to for- Gadi Nir’s small Israel- pays the Israeli company. Butmost Arab states have country,” South Korean Presi- U.A.E.’s largest conglomerates, malize bilateral business ties, based companyBo&Bo Ltd., “For asmall businessinIs- resisted rapprochement with dent Moon Jae-in said Friday. Al Habtoor Group,said he has Mr. Eyal said. whichsells physical-therapy rael, this amount is amazing,” Israel until there is a durable One of the firstcountries to launched talks with Israir Air- Before the movetoformal- machines,can nowmove said Mr. Nir. peacedeal with the Palestin- be stricken by the virus out- lines Ltd., adomestic Israeli izerelations,conducting busi- ahead with direct sales to the Because trade between Is- ians.Direct flightsbetween Is- side China, South Koreagrap- carrier,toopen direct com- nessbetween the two coun- U.A.E.—a lessexpensiveop- rael and the U.A.E. has been rael and the U.A.E. will require pled with aFebruary outbreak mercial flights. tries required some degree of tion than shifting some opera- largely routed through third permission to flyoveratleast at amysterious church that AviEyal, the managing stealth. Deals were struck tions to China, which would countries,official figures one neighbor,Saudi Arabia, failed to divulge its full mem- partner of Israel-based ven- through subsidiaries in third have allowedhim to enter the aren’t available.The Tony that still doesn’t recognizeIs- bership. Some followers went ture-capital firm Entree Capi- countries,such as Singapore market beforethe two coun- Blair Institutefor Global rael. intohiding,astheir affiliation tal, says he has received doz- or Cyprus.Direct calls be- tries moved to establish for- Change, aU.K.nonprofit or- Israeli Prime Minister Ben- with the Shincheonji Church of ens of LinkedIn messages and tween parties required over- mal ties. ganization that does govern- jamin Netanyahu has said he is Jesus,called a“Korean cult” phone calls from Israelis and seas numbers. Virtual private Under adeal announced ment advisorywork,estimated trying to secure that permis- by lawmakers, had been so Emiratis interested in entering networks were needed to ac- Tuesday, an Emirati firm, that totalIsraeli trade with sion. closely guarded that many didn’t tell their ownfamilies they were members. WORLD WATCH Now, a similar case threat- ens the record of what has been one of the world’s LIBYA Covid-19 success stories. At the center of the new Rival Governments uptick is the Sarang Jeil Declare a Truce Church, afar-right Christian group.Its leader and pastor, Libya’s two rival governments Jun Kwang-hoon, calls himself declared a cease-fire in the aright-wing crusader and tells country’s civil war on Friday, eas- followers the Moon adminis- ing months of tensions that tration is trying to destroy threatened to draw forces from South Korea. Turkey, Egypt, Russia and other Earlier this week,Mr. Jun regional powers into a wider tested positivefor the virus conflict. and has suggested anyoutbreak Prime Minister Fayez al-Sar- within the church’sfollowers is raj, the head of Libya’s U.N.- asecret North Korean plot. He backed government in Tripoli, “is- hadorganized an antigovern- sued instructions to all military ment rally in Seoul last week- forces to immediately cease fire end that drew about 20,000. and halt all combat operations in Sarang Jeil has yettoproduce all Libyan territories.” afull list of itsmembership, The cease-fire, announced with hundreds of followers still separately by leaders from both unaccounted for, health offi- governments, comes after weeks cials say. Morethan 730cases of diplomatic pressure from the so far arelinked to Sarang Jeil. U.S., Germany, and other coun- Thechurch didn’t respond tries calling for a truce. Turkey REUTERS

to requestsfor comment. Sa- and Russia, which back opposite O/

rang Jeil members, at news sides in the conflict, had also LAP

conferences and on YouTube, agreed to pursue talks toward a KA

have decried the South Korean cessation of the violence. SA investigation awitch hunt. The deepening involvement of MOUS foreign powers has led to some Opposition supporters rallied Friday to celebrate the ousting of Mali’s president, Ibrahim Boubacar Keita, in the capital city of Newdaily Covid-19 casesin of the worst fighting in Libya Bamako. The junta that conducted the military coup has promised to eventually hand power to a civilian transitional government. South Korea since 2019, when militia leader Khalifa Haftar launched a 14- TURKEY 100th anniversary of the Turkish Turkey is straining to cope The international community 800 month assault on the capital Republic. with a drop in tourism and ex- continued to express alarm Tripoli with the help of military Erdogan Touts “We are determined to funda- port revenue caused by the pan- about the coup that deposed support from the United Arab Natural-Gas Find mentally resolve the energy is- demic, as well as with a rapid Mali’s democratically elected Emirates and Russian military sue,” Mr. Erdogan said in a tele- erosion of its currency. leader this week. There are con- 600 contractors. Turkey has identified a vast vised speech from Istanbul, as a —David Gauthier-Villars cerns that the political upheaval The Libyan factions face a natural-gas field in the Black giant screen next to him broad- will divert attention away from difficult road ahead to resolve Sea, President Recep Tayyip Er- cast live footage of the state- MALI the more than seven-year inter- 7-daymoving average the deeper issues driving the dogan said, a discovery that owned Fatih drilling ship. “The Opposition Leaders national fight against Islamic ex- 400 conflict. Libyan oil exports re- could help the country ease its major source of our current-ac- tremists who have used previ- main shut down due to a block- reliance on energy imports. count deficit is energy….We can’t Support Junta’s Plan ous power vacuums in Mali to ade by Mr. Haftar and his allies. The reservoir, appraised by a stop until we become a net ex- expand their terrain. The two sides called for exports Turkish drilling ship in July, con- porter of energy.” Thousands marched Friday in Mr. Keita was first elected in to resume on Friday, but there tains 320 billion cubic meters of Energy experts cautioned the streets of Mali’s capital to a 2013 landslide the year after a 200 was no confirmation that the gas, Mr. Erdogan said Friday, a that Turkey had yet to disclose celebrate the overthrow of Presi- similar military coup, but his ban would be lifted. volume equivalent to roughly any information on the commer- dent Ibrahim Boubacar Keita, as popularity waned amid jihadist Both sides cited the coronavi- seven times what Turkey im- cial viability of the Black Sea the West African nation’s politi- attacks. After dozens of legisla- rus in Libya as a reason for the ported in 2019. The president field and the quality of the gas cal opposition backed the mili- tive elections were disputed this 0 cease-fire. The country has re- said authorities aimed to launch it contains and said bringing its tary’s junta plan to eventually spring, demonstrators began FMAM JJA ported a surge in new infections. the offshore field into production gas to market in three years’ hand over power to a civilian calling for his resignation. Source:Johns Hopkins UniversityCSSE —Jared Malsin in 2023, coinciding with the time sounds overly ambitious. transitional government. —Associated Press FROM PAGE ONE

drawsthousands of runners. den, and all that good stuff.” wascanceled forthe firsttime Lonely This year’s race,canceled for Fewvirtual racesoffer in its124-year history. the firsttime since1973, went prizes given the obvious loop- Entrantsgot the option to virtual. Itswebsitetouted the holes: Runnersoften track their race virtually,sometime be- Runners newformat: “Feel free to over- owntimes with GPS watches tween Sept. 7and 14,and sleep on race day,” and “No that can’t tell who is actually nearly 18,000 areexpected to linesatthe porta-potties.In doingthe running. showup—somewhere, anyway. Compete fact, no porta-potties at all.” “They could put it on their Therewill be no official win- Lynn Barnes,anavid road- dog, their bikeortheir car,” ner and no prizes.Participants racer, wasleerywhen a5Kshe says Victoria Jones,the direc- will getample swag, including ContinuedfromPageOne had signed up forinBridgewa- torof“Run thePeninsula,” a arunnersapp with audio of a “Family IceCream Run” 10K, ter, N.J.,announced it would be Washingtonstate race series cheering crowd,and if they fin- Mr.Flett, who is 60 and retired, a“virtual race only!” that is nearly all virtual. ish, aunicorn medal. That’sthe ranback and forth at anear- She did her race as a3.1- One recent event called traditional race symbol. emptyindustrial park. mile solo loop around apark. “Survival of the Fastest” did of- Ms.Whitman,plans to run “Thereare no people,” he Yet, manyrunnerscrave fersome prizemoney,but or- with two friends on aself-de-

says of his route. “Well, there racesontheir calendars, per- BARNES ganizersnoticed something signed course,which briefly NN

wasthis one truck driver haps nowmorethan ever.The LY fishy. SubmittedGPS elevation veersontoafreeway heading cheering me on.” 49-year-old Avon saleswoman Lynn Barnes has run at least 19 virtual races. datarevealedthe problem: toward the Grand Canyon. Before March, virtual run- enteredone virtual race after Some participantswererun- Ms.Whitman says they will ning wasafootnotetolively another,and connected on so- see. they were truly trotting across ning entirely downhill. builda“super fun” finish line competitiveroad racing.The cial media with runnersdoing Thepandemic nixed her the state. “People were bombing down by stringing finishing tape main eventswerein-person thesame.She’sdone 19 since plans to do in-person half mar- On aFacebook page, runners mountains,running absurd acrossthe street and hanging a bobbingriversofsweaty hu- thepandemic began. athons. So Ms.Jetmore, 43 post commentscheering one times,” says David Alfano,aco- balloon arch, in Boston Mara- mans.Now RunSignup,arace Oneracesent an “amazing yearsold and abookkeeper,en- another on as they virtually organizer and NewYork City thon blue andgold colors. A platform, listed 7,704virtual goodie box,” Ms.Barnes teredthe Great Virtual Race traverse Chattanoogaand physical therapist. They in- homemade sign will temporar- running eventsbetween March gushed, including medals that AcrossTennessee,adrawfor Knoxville.Ms. Jetmorebarely structed runnerstostick to flat ily rename the street “Boyl- 1through July,compared with magnetizetogether to form a runnersinall states.Thousands left her neighborhood. surfaces in asubsequent event. ston,” like the final stretch of 846 in the same time last year. miniature mountain range. of participantsare running “It’sprettyboring at times,” Staci Whitman is set to run thereal Boston Marathon. Theannual “Sound to Nar- In Richmond, Ind., Amanda roughly 630 miles between May she says.“Yousee who’s the 2020 Boston Marathon—in “We’re gonna trytomakeit rows” race in Tacoma, Wash., Jetmorespent the summer pre- 1and Aug.31. Adigital map mowedtheir yard that week, Flagstaff,Ariz.The in-person as Boston as possible,” she in June,for instance, usually tending to runacrossTennes- shows wherethey would be if who needs to weed their gar- race,normally held in April, says. P2JW235000-4-A01000-1------XA

A10 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. OBITUARIES

MARCEL ADAMS NINAMCCLELLAND 1920 —2020 1929 —2020 Tanner’s Son Built Chemist Worked for Real-Estate Empire Cleaner Drinking Water udsy foam spewing out of a She advised the World Bank on S wastewater treatment plant water-treatment programs and sparked Nina McClelland’s spoke on the importance of clean BY JAMES R. HAGERTY cattle-raising operation. During the career in environmental protection. water at the United Nations. war of 1948, he was drafted into Working at the Toledo, Ohio, In 2003, when Ms. McClelland hough he was hardworking the Israeli Defense Forces and plant in the 1950s, Ms. McClel- was in her 70s, she returned to T and good with numbers, helped transport soldiers and land was horrified by the white the University of Toledo, where Marcel Adams had trouble weapons. bubbles that would cover the wa- she had earned bachelor’s and settling into a career. History While on a furlough, he discov- ter after city residents washed master’s degrees, as an adjunct seemed stacked against him. ered that his cattle had been requi- their clothes and dishes. professor. She retired eight years The son of a tanner in Romania, sitioned to feed the troops and no So she got involved in work to later as dean of the College of he and other Jewish men were compensation would be offered. “I make compounds in household Arts and Sciences and advised the forced into labor by the Nazi- began to question the ethics and detergents more biodegradable. university on the establishment aligned Romanian regime during judgment of those in power,” he After earning a Ph.D. in environ- of the Dr. Nina McClelland Labo- World War II. With Zionist friends, wrote. mental chemistry at the Univer- ratory for Water Chemistry and Mr. Adams fled to Palestine in Discharged from the military in sity of Michigan, she spent nearly Environmental Analysis. 1944, tried raising cattle there and June 1949, he got a job at an half a century drafting industry Ms. McClelland, who died Aug. served in the Israeli armyduring agency in France training Jews standards and public policies to 16 at the age of 90, was also an the Arab-Israeli war of 1948. from Morocco and elsewhere for safeguard clean water. avid athlete and outdoorswoman, He grew disillusioned with Is- life in Israel. He and some of his “It’s scarce and it’s going to who spent summer days on Indi- rael when his cattle were confis- friends debated where they could get scarcer,” she often told ana’s Lake George. cated without compensation. His find the best opportunities. Aus- friends and colleagues. —Patrick McGroarty best entrepreneurial chances, he tralia seemed too far away. The decided, were elsewhere. U.S. had racial clashes. Canada After emigrating to Quebec City was a dealer in animal skins and looked like his best bet. in Canada in 1951, he found a job hides, a business that allowed the He sailed to Canada in Novem- CESARE ROMITI at a small firm dealing in animal family to afford running water at ber 1951 and was seasick for most 1923 —2020 hides. home, a rare luxury. of the voyage. Within a week, he “I had a burning desire to do In the 1930s, as persecution of found work at a firm dealing in bigger things,” he wrote in an un- Jews increased in Romania, he hides and skins in Quebec City. published memoir. In the joined Zionist groups. “We In 1955, he bought nine apart- Fiat Chief Took On mid-1950s, he moved on to devel- dreamed and sang of resettling in ment buildings with 72 units in oping real estate, first apartment Palestine,” he wrote later. Quebec City. After selling those and office buildings and later buildings, he bought land and built Unions and Won shopping centers and malls in Can- fter Romania joined the Axis an apartment building and later ada. powers, Mr. Adams was put converted an old apartment house When he returned to visit Is- A into offices. OME—In October 1980, Ce- unions brought to a close a de- into a labor battalion and rael, it was as a benefactor. Gifts periodically forced into labor, in- In the late1950s, he switched his R sare Romiti, longtime chief cade of lengthy strikes and some- from his family support a brain re- cluding digging bomb sheltersand focus to shopping centers. His first, executive of car maker Fiat, times-violent conflict between la- search center at Tel Aviv Univer- clearing away rubble after an in Quebec City,opened in 1960.He won a battle that marked a turn- bor and capital in Italy. “It was sity and graduate students in sci- earthquake. later developed shopping centers ing point for Italy’s economy. the end of an era in terms of in- ence at various Israeli universities. In April 1944, he obtained a and malls elsewhereinQuebec and During a strike by labor unions dustrial relations,” said Giuseppe Nine days after his 100th birth- place on a leaky boat that carried Ontario and officebuildingsinAl- that crippled production at Fiat Berta, a historian at Milan’s Boc- day, he died Aug. 11 at his home in him and other emigrants from the berta. In 1990,hebought Green- for over a month, he orchestrated coni University. Montreal. Mr. Adams is survived Romanian port of Constanta across wich Studio City,wherethe “Flip- a counterprotest by some 40,000 Mr. Romiti, who died Aug. 18 by four children, 11 grandchildren the Black Sea to Istanbul. Upon ar- per” and “Miami Vice” TV series Fiat employees. White-collar and at the age of 97, became an em- and three great-grandchildren. His rival, Mr. Adams wrote, “we broke were filmed, in Miami. some blue-collar staff marched blem of corporate Italy’s quest to wife, Annie, died of multiple scle- into shouts of joy.” Mr. Adams turned over the reins with managers through the modernize and escape from the rosis in 1997. He traveled by train and truck to one of his sons, Sylvan Adams, streets of Turin, Fiat’s home city, social conflicts and economic cri- He was born as Meir Abramov- through Turkey, Syria and Lebanon in 1997 but continued showing up demanding the right to work. ses that had shaken the country, ici on Aug. 2, 1920, in Piatra to reach Palestine, then under Brit- at the office into his 90s. In his The next day, labor unions like many others in the West, in Neamt, in the Carpathian moun- ish administration. For the first pocket, he carried paper with agreed to end the strike, which the 1970s. tains. He changed his name to time he tasted a banana. He pre- handwritten phone numbers and had been triggered by Mr. Ro- As the brusque right-hand man Marcel Adams after emigrating to pared to live on a kibbutz but soon to-do lists. “My laptop,” he called miti’s plan to shrink the work- of Fiat Chairman Gianni Agnelli, Canada, partly because his first tired of communal living and end- it. force. More than 20,000 workers Mr. Romiti forced Fiat’s unions to boss there thought Abramovici less debates. were furloughed and eventually become more pragmatic and ac- was too confusing for customers. Working at a hospital, he saved  Read in-depth profiles at left the company. cept the need for leaner factories. His father owned a tannery and money and invested it in a small WSJ.com/news/types/obituaries The Fiat CEO’s victory over the —Giovanni Legorano

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THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | A11 OPINION The Normalcy of Trump’s Republican Party

By Michael Barone positions on issues.Take but it can win by carrying trade.The Republican Party voters that Reagan and the s the Republicans assem- started off as staunchly Bushes never won. Republi- ble—at least virtually—in pro-tariff and stayed that can presidents have tended their 42nd quadrennial way foracentury. But in to hold on to the loyalty of A national convention, in the 1970s,aslabor Demo- the party’s core constitu- an unbroken chain that cratsbacked protectionism, ency, as William Howard goes back to 1856, observers will Republicans became free Taft did when challenged by ask ominous questions about their traders, though not always his charismatic predecessor party’s future. Does Donald Trump purists. Mr.Trump,looking Theodore Roosevelt or as represent a sharp break in its na- forblue-collar support, Richard Nixon did until ture and character? Will the party moved the party back to- GES nearly the end. ever return to normal? Will Trump ward protectionism, though IMA Yet speculation that Mr.

lead the party to disastrous na- moredrastically in his cam- ETTY Trump will keep running the tional defeat? paign rhetoric than in ac- /G party if he loses is far- Theanswertothat last ques- tual policy. fetched. No Republican pres-

tion won’t be known until some The Republican Party has ANGERER ident has determined his hoursordays afterElection Day, changed on other issues as party’s subsequent nomi- Nov.3.(As Iwrite, Nate Silver’s well. Founded to oppose the DREW nees, except Theodore Roo- FiveThirtyEight.comgives Mr. expansion of slavery in the sevelt, who quickly regretted CHIVE;

Trump the same chanceofwin- territories and jamming ab- AR it. (No Democrat since An- ning—29%—as it did on election olition through Congress af- drew Jackson has done it ei-

eve2016.) But the other questions ter the Civil War, it gave up MANN ther.) Nor are future nomi-

canbeanswerednow.Yes,Donald on actively promoting equal BETT nees likely to cast Trump has made changes in the rights for Southern blacks John C. Frémont and Donald Trump, the Republican nominees of 1856 and 2020. themselves in Mr. Trump’s Republican Party,taking stands around 1890, though it image. None of the younger on immigration and trade differ- never actively promoted segrega- party’s core as white married Eisenhower in their times. Republicans mentioned as possible ent from those of other nominees tion as Democrats did. It got tarred Christians. Trump Republicans’ downscale successors has run a reality TV of the past half-century. Yes, he as anti-civil-rights when its nomi- These transformations usually strength in 2016 was an amplifica- show or sets policy while watching says insulting thingsabout previ- nee, Sen. Barry Goldwater, voted began quietly and reached a noisy tion of a decadeslong trend. The “Fox & Friends.” ous Republican presidentsand against the 1964 law, even though climax in response to emerging is- core constituency of the Republi- As for Never Trumpers’ argu- current party leaders, their poli- a larger percentage of Republicans sues or crises. Democrats’ embrace can Party has been moving down- ment that he is leading the party cies and their personalities.Yes, than Democrats voted for it in of William Jennings Bryan’s infla- scale for decades, first in response to deep and deserved defeat, we’ll he has inspired aNever Trump Congress. Republicans were the tionary “free silver” in 1896 trig- to cultural issues like abortion. The see. He’s behind in current polling, movement that includes manyem- party more likely to oppose entry gered McKinley’s majority-making state of Pennsylvania provides ex- but over the past generation the inent politicians,commentators into foreign wars from 1917 until response. The Depression and amples. Metro Pittsburgh, with its competition between the two par- and consultants. around 1967, but then became the Franklin D. Roosevelt’s New Deal steel-and-coal economy, never ties has been fierce and neither party more supportive of foreign realigned the parties on economic warmed to Ronald Reagan; George has won landslides. Starting in military interventions as Demo- lines. Roe v. Wade (1973) made H.W. Bush, running to succeed him, 1992, Democrats have won four His unusual personality crats soured on the Kennedy-John- sexual morality a partisan divider. won only 40% there in 1988. But by presidential election to the Repub- son Vietnam War in the late 1960s. In the 1970s abortion divided both 2004 the younger George Bush licans’ three, and the House major- obscures the GOP’s basic Through all this change, the ba- parties’ constituencies; by the raised the Republican percentage ity has changed four times. Demo- continuity and gradual sic character, the DNA, of the Re- 1990s it largely defined them. there to 48%, and Donald Trump crats, especially in 2016, roll up publican party has remained the carried it with 50%. The Republi- huge majorities in the Northeast pace of change. same. The Democratic Party, he emergence of Mr. Trump can percentage in Pennsylvania be- and West Coast, but the geo- founded in 1828, has always been a is the latest example of this yond its two big metropolitan ar- graphic concentration of their vot- coalition of out-groups that, when T pattern. It is widely asserted eas remained static, at 58% in ers in central cities puts them at a But when you look away from held together, can win majorities. that he executed a hostile takeover 1988, 57% in 2004 and 59% in 2016. disadvantage for both House dis- the public figures and toward the The Republican Party has centered of the party, winning less than a As Newton’s third law says that tricts and the Electoral College. voters, you don’t see such a sharp on a core constituency of people majority of primary and caucus there is in nature for every action break with the past. Mr. Trump has who are regarded by themselves votes (45%, compared with John an equal and opposite reaction, so inally, things no one pre- won over some voters who never and others as typical Americans, McCain’s 47% in 2008), insulting in American politics, for every de- dicted matter. Players in the supported a Republican before and but who are not by themselves a his opponents and previous Repub- mographic group trending toward F political marketplace are repelled others who previously majority of the electorate. lican presidents. He took sharply one party, there is usually another constantly responding, deftly or never voted Democratic. But not in The identity of this core constit- different positions from those of with opposite views trending to- bumblingly, to incentive and cues, enormous numbers: You see much uency has changed over time. Orig- Republican nominees (as well as ward the other. In Pennsylvania, to novel issues and unexpected greater oscillations in party per- inally it was the diaspora of New Democratic ones) over the past the four affluent suburban coun- events. No one knew in January centages nationally and in particu- England Yankees, from their native half-century on trade and immigra- ties around Philadelphia voted 61% 2020 that we’d face a pandemic lar states and demographic groups turf across upstate New York and tion—positions popular with blue- for Bush 41 in 1988, 46% for Bush this year, just as no one in January in the 1960s and 1970s than you do the Upper Midwest. That was the collar voters who had reason to be- 43 in 2004 and 41% for Donald 1929 expected a Depression, no one when you compare the 2016 num- territory carried by the party’s lieve Chinese competition had Trump in 2016. in January 1896 expected free sil- bers with those of 2012 or 2008 or first presidential nominee, John C. closed down American factories The increasingly downscale Re- ver to be a major political battle 2004. Frémont, in 1856. Four years later and that low-skill immigrants, es- publican and increasingly upscale cry—and no one in January 1854 As for the question of whether Abraham Lincoln added enough pecially from Mexico, tend to drive Democratic constituencies are in- expected that a law passed that the Republicans will return to nor- German immigrants to win 54% of down native-born Americans’ creasingly reflected in policy. spring allowing slavery in the ter- mal, it’s based on a mistaken the vote in the free states (and wages. He decried the toll of mili- While Mr. Trump orders a payroll- ritories would result in the cre- premise. What’s normal for the only 4% in slave states), for a 40% tary interventions in Iraq, Afghani- tax suspension, with dollars bene- ation of a political party. major American political parties is plurality in a four-way race. stan and elsewhere. fits flowing mostly to modest earn- That party is still around 166 change—adjusting issue positions By 1900 William McKinley’s gold Naturally these stands antago- ers, Nancy Pelosi’s Democrats years later. Don’t bet on its perma- and emphases to changed situa- standard and sympathy for work- nized some Republican leaders and demand increased deductions for nent decline. tions and challenges, attracting ingmen expanded the core constit- pundits who supported these poli- state and local taxes, which would new demographic constituencies uency to Northern Protestants gen- cies and some Republican voters mainly favor those with income of Mr. Barone, a longtime co-au- while losing ground among old erally. In the postwar prosperity of who defended them. Even so, the more than $650,000. thor of the Almanac of American ones, adapting to the cues and the 1950s, the Republican core con- president has enjoyed the near- This economically modest Re- Politics, is senior political analyst clatter in a competitive political stituency titled toward affluent unanimous support of self-identi- publican Party is Mr. Trump’s at the Washington Examiner and marketplace while maintaining suburbanites, including in the fied Republicans, with percentages party—for the moment. It isn’t author of “How America’s Political their basic character. South. The emergence of abortion rivaling or exceeding those sup- about to sweep affluent suburbs as Parties Change (and How They Theparties have oftenchanged as a partisan issue redefined the porting Presidents Reagan and Reagan’s party did in the 1980s, Don’t).” Covid Summer Drew This Tourist Off the Beaten Path

Theworld ends long wild grasses and the rock faces Iwatched children zoom by,four of wasidentified is alittle peculiar,in- therewasn’t much to see.Just afew somewherearound of the cliffs likeaslow-mo strobe them stacked on asingle dirt bike, volving acardboardcutout of amap lonely cowsinempty fields running thetownofAllen, light. and the miles of green prairie be- balanced on apinpoint. Still, the all the way to the horizon. S.D.,which may Mapmakersdefine poles of inac- yond them. Thetribal policesternly empty spot north of Belle Fourche Pretending that the actual geo- makethe spot a cessibility as geographical points might be worth atourist’svisit: graphical point isn’t in apasture20 perfect placeto most distant from major continental 44.58°N 103.46°W.Think of achild’s miles away,the town of Belle CROSS visit these days. change. There’sapole in the South Wherecan yougotobe drawing of alandscape.The grassis Fourche has built amonument for COUNTRY Thereonthe Pine Pacific that is farther from land agreen patch beneath the straight tourists: a21-foot granitecompass RidgeReservation, than anywhereelse on the planet. alone without feeling line that marks the horizon. Apole rose with avisitor center and a By Faith 100 miles southeast Poles mark spotsinAntarctica, Af- with an American flag sticks up in scattering of flagpoles.It’snot a Bottum lonely? Trythe geographic of the Black Hills,is ricaand Asia that arefarthest from thecenter.The skyiscrayonblue bad little spot, but the emptinessof wheretouristswill the sea. There’sevenapole in the center of thecountry. with afew random clouds.The place the country’struemidpoint gives a find the point in North Americafar- Arctic,calculated by some not en- actually looks likethat. moreappropriatefeeling. thest from anyocean. And they tirely transparentmath to be more OnceIparked on the side of old In atime of isolation, tourists won’t find much else.Or, if they inaccessible than the geomagnetic warned me of the 9p.m. curfew the U.S. Route 85 and wriggled through might need these places of signifi- prefer,touristscan driveabout 30 North Pole. reservation has instituted to limit the barbed-wirefence, Ifound afew cancewherenoone goes—places miles north of the Black Hills to Western South Dakotahasn’t social gatherings. moredetails.The flag is mounted in wherewecan be alone without be- reach the geographical center of completely escaped the effectsof Afew hours’ drivefromPine asmall cement block with the year ing lonely. the nation, near the town of Belle Covid-19.The drivethrough Pine Ridge is the geographical center of 1959 writtenonit, afterthe addi- Fourche,S.D.It’sout in arancher’s Ridgeincluded stops at two epi- the United States. Abrass disc from tion of Alaska and Hawaii shifted Ms. Bottum is acivil-engineering pasture, in aplacealmost as re- demic checkpoints. While answering the National Geodetic Survey proves the country’scenter from Kansas to studentatthe South Dakota School moteasPine Ridge. Aflagpole questions about possible symptoms, it. Themethod by which the spot South Dakota. Apart from that, of Mines. marks the spot. Something has been missing this summer fortourists. We noticeits lack at the half-opened beaches with Democrats Make This Nonnative Restless people toowaryofotherstorelax. We sense itsabsencewhen we read By Tunku Varadarajan With their relentlessfocus on the hands of racistsand nativists, who, did not regard the U.S. as a country the sign in an ice-cream parlor’s undocumented margins, the Demo- ironically,sharethe progressive whereyou cannever acquireamain- windowthat demands we wear watched all four nightsofthe crats do an enormous disservice to caricatureofimmigrantsasa stream identity,and wherepolitical masks and keep social distance. We I Democratic National Convention. the 35.2 million lawful immigrants brooding throng of people in per- forces tell youthat the surest way to feel it, likeashortnessofbreath, Huddled in front of my TV set, I who go about their dignified busi- petual limbo. (Nativistsregardthe become accepted is to nurse your when we see ahiker,climbing up a was, by the end, yearning to breathe nessaway from the spotlight, get- foreign-born as inherently unassim- grievances forever. Everyimmigrant hill, step 10 yardsoff the trail to free. As an immigrant to the U.S., I ting on with such concerns as work, ilable,while progressives,for their reaches apoint wherehefeels—or avoid ahiker coming down. found the Democrats’ obsession with school and family,gratefulfor the ownreasons,scoff at the very no- wantstofeel—that he’sovercome The solution might be to visit an immigrantsgrating.I’d liketotell opportunity to be in America—grate- tion of “assimilation.”) obstacles and has earned his pride already isolated place—a some- Americans why. ful, in fact, forthe opportunity to be (without having it handed to him in wherethat’snowhere. Theonly dif- Scarcely aspeech or segment Americans. the guise of victimhood). ficulty is finding aspot both signifi- went by in which afetish wasn’t Many immigrantshavecome to Most immigrants are Perpetuating the category of “im- cant enough to qualifyfor tourism made of immigrants.They were Americafromcountries wherethe migrant” involves themaking per- and empty enough to be safe. portrayed, almost uniformly,asvic- stateinterferesinpeople’slives in America legally, and manent of an identity that is by defi- ThePine Ridge“Pole of Inacces- tims—haplesspeople thwarted by while pretending to help.What many we don’t think of ourselves nition temporary. It’sacondition in sibility” is agood example.Atwo- “systemic racism” and American in- of them really want—Democrats, abureaucratic processthat every lane blacktopwinds foranhour justice, moored foreverinanether- please note—is for the state to step as aggrieved victims. immigrant seeks to transform intoa through the reservation, followedby world of murk and fear by President asideand let them carveout their stateoffull belonging.The Demo- 5miles of dirt road, followedbya Trump’srefusal to be humane. owndestinies.Which is whythey crats would like many of us to em- mile hikeupthe steep backside of a TheDemocratsare guilty of con- came to Americainthe firstplace. TheDemocrats’ compulsion to braceatransitorystate as an aspira- rough escarpment—all to reach a flating thepeople who liveinthis Whether the leftlikes it or not, this create ever more categories of vic- tion in itself.“Epluribus unum”— spot unmarked by anything: 43.36°N countrywithout authorization with is the primordial truth to which al- timized minorities by adding “immi- one out of many—is less attractive 101.97°W.Igot therenear sunset, those—a significant majority of immi- most every immigrant subscribes. grants” to the list of the maltreated to them than a creed of “Many out the horizon cycling through purple, grants—who areherelegally.Accord- No one suggeststhat the plight serves neither immigrantsnor the of one.” pink,orangeand blue as though the ing to the PewResearch Center, 77% of the undocumented people in this country. Youcan see the short-term most sentimental painter in America of America’sforeign-born immigrants countryshould be ignored. Yetthe advantagetothe Democratsofan Mr. Varadarajan is executive edi- had been hired to color the sky. The arelawfulpermanent residents(like Democratic obsession with indigent ever-expanding pool of voters from tor at Stanford University’s Hoover changing hues washed the pines,the me) or naturalized citizens of the U.S. illegal residentsplays intothe abroad. But I—and millions likeme— Institution. P2JW235000-4-A01200-1------XA

A12 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Joe Biden’s Me-Too Covid Plan How‘Sticky’ AreThose Biden Republicans?

oe Biden on Thursdayissued an appeal to Statesare already doing this,though public- As alifelong Republican who will Americans who have growntired during health officials saycontract tracing is of little use vote forJoe Biden, Iamkeenly inter- J the pandemic of Donald Trump’spersona when the virus is widespread in communities. ested in whether this dalliancemight outlast the Trump era(“‘Biden Repub- and behavior.The Democratic Government is also susceptible A mask mandate aside, licans,’ Don’t Turn Back,” op-ed, Aug. nominee is also promising a to dysfunction. California this 17). Unfortunately,Rahm Emanuel’s bettervirus strategy, which Trump is already doing summer trained 10,000 contact exhortation to his party in this regard would be wonderfulifhehad tracers, but the Sacramento isn’t promising. one.But the virus plan he’s what Joe recommends. Bee last month reported most He denies anyanalogyto1968,be- pushingislittle different on were never assigned work for cause today’sDemocrats“sharethe same objectives.” But when looters the substancethan what the inexplicable reasons. GES in cities acrossAmericacite“pro- TrumpAdministration is already doing. Mr.Biden promises to “ramp up the large- IMA President Trump’sbiggest mistakeinthe scale manufacturing of as manyvaccine candi- gressive” justification fortheir ac- tions,and prominent elected offi- ETTY pandemic hasbeen his ownshifting rhetorical dates as necessary.” TheTrump Administration /G

leadership.He’smoved from public nonchalance and privateindustryare already on that. Health cials (such as the mayorofSeattle) AFP expressly or implicitly condone this to worst-case shutdowns back to overconfidence and Human Services this spring issued a$628 line of thinking,potential converts And missing in everydiscussion of and in recent weeks morefocused concern. He million contract to Emergent BioSolutions,apri- don’t need aunified Democratic the 2018 midterms is the fact that 40 has suggested that triumph over the virus is just vate firm, to coordinatewith vaccine developers Party,weneed evidencethat amod- or so incumbent anti-Trump Republi- around the corner,which defies reality,while ramping up manufacturing capacity. eratebranch still exists. cancongressman didn’t seek re-elec- minimizing the disease’sseverity. Democrats TheAdministration has contracted with If Mr.Emanuel’sinvitation is seri- tion, and most didn’t actively support this week hammered his constant self-congratu- Johnson &Johnson,Pfizer, BioNTech, Moderna ous,Isuggest he study AtlantaMayor the Republican candidate. lation and seeming lack of empathy, which have and AstraZenecafor hundreds of millions of dos- Keisha Bottoms’s“we arebetterthan Americans have shown no desireto hurt in particular with older voters. ages as soon as their vaccines areprovensafe this” remark afterdemonstrations “transform” America. As millennials iii and effectiveintrials.Pfizerand BioNTech said turned violent there. She provided mature, immigrantsassimilateand But Mr.Trump’svirus policyinpracticehas this week that their vaccine is on track to seek moral clarity and acompelling mes- moreAmericans realizethe impact of been betterthan his critics claim, and Mr.Biden regulatoryapproval as early as October. sage, and IknowIwas not the only the progressiveDemocratic policies of “Biden Republican” deeply moved by Bernie,Kamala and Elizabeth Warren isn’t offering betterideas.Start with testing.Mr. TheNational Institutes of Health is also fund- it. That’sa“cultural” recipe forearn- on themselves and their families,busi- Biden promises to “develop anddeployrapid ing the most promising treatments. Last month ing long-term converts. nesses,jobs and more—even the most testswith resultsavailable immediately.” the Trump Administration signed acontract RAY PRISAMENT ardent anti-Trumperswill hold their Great—the Food and Drug Administration in the with Regeneron to manufacture300,000 doses Ossining, N.Y. nose and re-elect this president. past week has approved two newrapid teststhat of itsantibody cocktail by the end of the sum- MARK GENERALES canbescaled up quickly. mer.Mr. Biden’sproposals forpricecontrols and Mr.Emanuel seems to forget that Fort Myers, Fla. TheFDA and Centersfor Disease Control and threatstoprosecutehealth-careexecutives Reagan Democratshad averygood Prevention botched the initial testing rollout. would blunt the incentivetodevelop therapies reason to defect from the Democratic An experienced political operative And earlier this summer,shortages of chemical andvaccines. Party: avibrant, courageous,eloquent, likeRahm Emanuel should knowbet- reagentsand lab equipment led to delays in pro- Mr.Biden says he’ll giveschools “the re- inclusiveand visionaryRonald Rea- ter. Thereare probably manyanti- gan. Can the same be said forany po- Trump Republicans,but very,veryfew cessing testsamid asurge of infections.But sup- sourcesthey need to be open, safe, and effec- tential Biden Republicans? Afterall, Biden Republicans.Does he really ply-chain hiccups aregradually being worked tive.” But Mr.Trump has said he wantsmore who is interested in backing aticket need to be reminded, Dan Quayle-like, out. TheU.S.isnow conducting 700,000 or so money forschools too—if they reopen. Mr.Biden consisting of apossibly cognitively that JoeBiden is no Ronald Reagan? testsaday,upfromabout 400,000 in early June would writeablank check to unions even if challenged JoeBiden and an opportu- HARVEY SWENSON and 100,000 in lateMarch. teachersrefuse to work in classrooms. nistic Kamala Harris? Sacramento, Calif. Moretesting is vital to giveAmericans confi- It seems Mr.Biden’smain policydifference FRANK P. SOLER dencetoreturn to work and reopen schools,and is that he’dimpose anational mask mandate. San Jose, Calif. Rahm Emanuel mayberight that the rapid teststhat the FDAapproved this week We’reall forwearing masks in public settings, some Republicans will vote forJoe Bi- will help.The cheap salivatest developed by Yale but businesses and states that mandatethem Iamalifelong Democrat and aone- den. But he is wrong in his compari- researcherswill avoid chemical reagent short- have struggled to enforce compliance. TheCon- time Democratic candidatefor Con- son of the current Democratic Party ages and cancost as little as $10. stitution doesn’t givethe federal government gress, and it grieves me to saythat with that of 1968.In1968 therewas a Republican politicians areindeed the warwithin the party.This year there Mr.Biden is also calling for“acoordinated, the policepowers to do so in anycase. only ones saving Americafromthe is no warbecause thereare no moder- country-wide,future-facing national effort to ac- iii suicidal and senselessenvironmental ates in the leadership of the party. quire, produce, and distributePPE, test kitsand Ahighly contagious and deadly virus is ahard policies described so well in the edito- Yes, in the presidential race there machines,lab supplies,and other critical sup- problemfor anydemocracy, as the Obama-Biden rial “California’sBlackout Warning” were acouple of guys whose names I plies,including by fully utilizing the authorities” Administration learned in itsmanifest failure that appeared the same dayasMr. don’t remember who said they were under the Defense Production Act. TheAdminis- dealing with the lessdeadly H1N1 virus in 2009. Emanuel’sop-ed. moderates.Everyone else except Mr. tration is already doing nearly all of this. Despitehis partisan boasts, NewYork Gov.An- CALEB STEWART ROSSITER Biden wasonthe far left, because it’s ThePentagon this spring issued $259 million drew Cuomo made manymistakes in the pan- Washington nowafar-leftparty. in contractsto3M, Honeywell and Owens &Minor demic,including the catastrophic decision to Missing from the op-ed is the fac- But if the lefttakes over in January to producetens of millions of N95 facemasks for send Covid-19 patientsback to nursing homes. tual evidencethat the expected tide is and startspassing itsagenda, not only medical workers. U.S. companies likeGMand New NewYork statestill leads the countrybyfar in turning against the social-democrat will those Biden Republicans return to movement of Bernie Sandersand Ka- the GOP,therewill be an uprising of Balance have retrofittedplantstoproduceventila- the number of Covid deaths. mala Harris.CNN polling has Presi- anti-leftist sentiment that will make tors and PPE, and the Administration has used the Mr.Biden is right that America'seconomic re- dent Trump within four pointsofMr. the teaparty look tame. Defense Production Act to allocatemoretestsand covery will depend on getting the virus under Biden, having been down 14 one GREG WOODS protectiveequipment to hot spots. control. But he’salso right that “no miracle is month ago. Rio Rancho, N.M. Mr.Biden wantstohire100,000 federal work- coming,” including from his ownplan, which is erstotrack down contactsofpeople who getsick. Mr.Trump’swithout the bluster. A Mail-Voting Redo in New Jersey A Prime Minister-Like President: Good Idea Regarding Joseph Sternberg’s him. It is awise leader,not aweak “AreVotersReady forPrime Minis- one,who listens to all voices to dis- ew Jersey’s judiciaryiscalling an elec- their addresses as anylocal cemetery, despite terBiden?” (Political Economics, coverhis mandate. Thelast several toralmulligan. Thestate’s third-biggest their being dead. Aug 14): Ithink Mr.Sternberghas presidentshavearrogated moreand N city,Paterson, held amunicipal election On the fraud claims,JudgeCaposela deferred unwittingly outlined the solution morelegislativepowers the Constitu- by mail in May, but the results fell intodoubt af- to prosecutors. But New Jersey’s Attorney Gen- that the American public is looking tion grantstoCongress, to the point terastartling percentageofthe ballotswere eral has alleged that the indicted city councilmen for. Aren’t we all tired of asingle wherewenow have apresident who tossed out. Four men, including acity council- obtained at least one unvotedballot, which was leader’s outrageous decisions,with turns adeaf ear to elected represen- man and acouncilman-elect, were chargedwith then “delivered to the BoardofElections.” his party scrambling to followhis tatives,trustsonly sycophantsand vote fraud. Whenever Donald Trump bringsupPaterson, lead, and some of his allies eager to governs by fiat. Idon’t believeIam On Wednesday astate court found that the Democratssay it’sproof that fraud in mail voting please and falling flat on theirfaces, alone among JoeBiden voters who election in the city’s thirdward“wasrifewith canbedetected and policed. “I viewthat as a as evidenced by the Covid response hope as president he will allow, nay, mail in vote procedural violations,” and there- positivedatapoint,” NewJersey Governor Phil in Texas and Florida? While Mr. insist, that Congressreclaim its Sternbergiscritical of the path that equal standing among the branches fore it “was not the fair,freeand full expression Murphysaid last Sunday.“Some guys tried to Vice President Biden mayfollow, of government. of the intent of the voters.” Aredo will be held screw around with the system. They gotcaught isn’t that exactly what we need—an JEFFREY DELISLE Nov.3.“Of all ballotscast in the ThirdWardCity by lawenforcement. They’vebeen indicted. entireparty in sync with aleader Chatham, N.Y. Councilelection,” JudgeErnest Caposela wrote, They’llpay aprice.” and the chances of multiple across- “24.29% were rejected.” By comparison, he said That last bitmight be true,thanks in part to the-table opportunities to foster a that in 31 municipalelections held the same day NewJersey’s legal restrictions on ballot har- united path forwardacrosspolitical Kamala Flunks Article VI’s acrossNew Jersey,the overall ballot-rejection vesting.But Mr.Murphyiswrong to saythat bad lines? Or do we want aconsensus- No Religious Test Provision rate was“only 9.6%.” Fordemocratic legitimacy, actorsmerely “tried to screw around with the building leader and not one with ex- that’sanalarming “only.” system.” Although they were caught, they suc- treme views and policies that make PeggyNoonan’sglowing “TheRise At aPatersonapartment building,the U.S. ceeded. An election has been invalidated, and the American public swing likea of Kamala Harris” (Declarations,Aug. Postal Servicedidn’t placeblank ballotsintoin- Paterson will hold another vote. pendulum in thoughts, views,media 15) ignores Sen. Harris’svicious at- coverage and lifestyle? Letmesay, tack on federal judicial nominee dividual mailboxes, the judgewrote.Instead “a Foracity council, this isn’t the end of the we aretired and beat down, if Mr. Brian Buescher forbelonging to the substantial number” were “leftinbulk in the world. But at the topofthe Nov.3ballot, the Sternbergisnot. KnightsofColumbus,aCatholic char- foyer.” Court filingscitepeople who said they stakes arehigher.Therearen’t do-oversfor pres- A. SUMANTH itable andfraternal organization didn’t vote,yet ballotsweresent in under their idential elections.The answerisfor stateand lo- San Ramon, Calif. founded in 1882, because the Knights names.About 200 ballotswerefound in amail- calofficials to stop blaming the post office and take “extremist” positions, i.e.,they boxinHaledon, N.J.,anadjacent town. Three start implementing an election processthat vot- Joseph Sternberg’sconceit of Mr. adheretochurch teaching on mar- voters, the local news said,strangely did not list erscan trust. Biden as prime minister is amusing riageand family,including the right but overdrawn, and Ithink misreads to life. It is incredible that aformer stateattorney general did not know or care that the Constitution ex- Counting the Cost of Britain’s Lockdown Capital-Gains Rate Matters pressly forbids areligious test for To Non-Wealthy Americans public office(Article VI, Section 3). ublic-health expertswill spend yearsquan- table case because the U.K. waslagging the I’m surprised that afine Catholic tifying the full effectsofcoronavirus lock- rest of the developed world in cancer out- I was impressed by writer Peter journalist likePeggy Noonan didn’t Pdowns,but early effortsalready point to comes beforethe pandemic.Latediagnosis is Faber’s Aug. 18 letter stating that mention this. significant health costsaround achronic failureinthe social- when his clients “start new busi- ROGER RITTER the world. Thelatestisastudy The trade-offs get ized National Health Service. nesses, they hope to hit home runs” Alexandria, Va. warning that Britain maypay a harder in a socialized Thepandemic made abad sit- and “couldn’t care less what the tax high priceincancer deaths for uation worsebyforcing offi- on capital gains might be.” It must be the United Kingdom’swar medical system. cials to ration care from po- nice to have all of your clients be Pepper ... against the pandemic. tential cancer patientsmore wildcat speculators and high-tech in- And Salt Thesuspension of cancer aggressively. ventors. Here in the real world of mom-and-pop retirement-account THE WALL STREET JOURNAL screening during the pandemic and delays in TheIPPR is aprogressivethink tank and its holders, small-time real-estate own- further testing and treatment have probably report argues formoremoney forthe NHS to ers and people starting Main Street erased yearsofimprovementsinsurvival rates, treat cancer and apandemic at the same time. businesses like one-off diners and the London-based Institutefor Public PolicyRe- Politicians will pick up that refrain. But it’s nail salons, people care a whole lot search wrotethis week.Britons missed more moreaccuratetonotethat state-run medicine about tax rates: capital, ordinary and than 200,000 cancer screeningseach week of the created asystemthat already failed large num- otherwise, and will pick their loca- lockdown, and backlogsremain. bersofcancer patients, and then had no choice tions—or other businesses—to avoid Thefive-year survival rate forlung cancer but to fail even morewhen confronted with an the worst of them. maydropto15.4% from 16.2% in 2017(the most unusual event. T. SCHIFF recent data). Forbreast cancer the rate could de- American voters,takenote. Thevirus un- Los Angeles cline to 83.5%from85%, and forcolorectal can- doubtedly has had anegativeeffect on treat- Lettersintended forpublication certo56.1% from 58.4%. Youhavetogoback to ment forcancer and other serious diseases in should be emailed to [email protected]. 2016 (lung), 2011 (breast) and 2009 (colorectal) the U.S.,but starting from aposition of consis- Please include your city, stateand to encounter survival ratesthat low. tently betterpatientoutcomes.Would Bernie telephone number.All letters aresub- Britain will not be alone in discovering such Sanders’sMedicarefor All or JoeBiden’s Medi- ject to editing,and unpublished letters cannot be acknowledged. unintended health consequences.But it’sano- care forMorebeasresilient? “I think the moon jump was faked.” P2JW235000-4-A01300-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | A13 OPINION The Democrats Miss the Meaning

already on board. It only made politics worseand All summer I’vebeen running into leftDemocratsunable to speak in two kinds of people. One kind says, public forums of the central point of “That man is a living shame on our politics: whyyou stand whereyou DECLARATIONS countryand must be removed.” The stand and what you intend to do. By Peggy Noonan other kind says very little.They REUTERS (Fairnessforcesmetonotethat don’t defend him. They say, “I can’t VIA socialists love talking about policy,

obefair in critiquing cer- believe I may vote for him, but . . .” OOL and so does Elizabeth Warren. And tain public eventsyou And always they explain it this way: that Republican political operatives, have to be like a judge in “What the other guys are gonna do as aclass, arenaturally hostile to

the Olympics and factor in on taxes,” “What the other guys will NVENTION/P the meaning of anything.) T CO degree of difficulty.No do to my industry,” “What the Dem- Second, apart from the “We The one had ever done a Zoom conven- ocrats will do to the economy.” People” gauziness, therewas anon-

tion before, so no one knew how to I’m getting the impression that TIONAL stop hum of grievanceatthe conven- NA

do it. Should therebeahost each foralot of people,the ballot this fall IC tion. To showtheir ferocious sincer-

night? Should it be an earnest ac- won’t read “Trump vs.Biden” but AT ity in the struggle against America’s tress? Does that make us look shal- “Trump vs.What the Other Guys injustices,most of the speakers

low? Do we want to look shallow? Will Do.” DEMOCR thought they had to beat the crap

What hadn’t been done before Do the Democratsunderstand 2020 out of the country—over and over. wasdone rather poorly,with high howhunkered-down manypeople Barack Obama speaks to the Democratic convention Wednesday. Itssins: racism, sexism, bigotry, vio- schlock content. Yougot the impres- feel, psychologically and physically, lence, xenophobia, being unwelcom- sion no one creative or daring was afterthe past six months? If Iasked also suggested he’sgreedy and intel- do him some significant good. ing to immigrants. The charges, di- authorized to be either. It has been this right nowofaconvention plan- lectually incapable.Unprecedented? Though he didn’t makehis plans and rect and indirect, never let up.Little ner or participant Ithink they’d say, Yes. Unjustified? No,alas.And I’m intentions clear. love was expressed, little gratitude. “Yes,people feel batteredbysys- not seeing Trump supportersrise up Twosmall thoughtsI’ll trynot to Everyone wassort of overcoming be- Their convention was temic bias,inequality,and climate in indignant defense.They knowit’s chase too far: ing born here. change.” And I’dsay no,they’re true, too. First, Democratic Party profes- Even Mr.Obama, trying,inaspirit marked by a sense of afraid of foreclosures! They’reafraid Kamala Harris achieved complete sionals arefunnyabout policy. They of fairness, to expand the circle of grievance, but voters need of a second wave, no schools, more adequacy. Ican’t remember anything take it seriously but don’t think other the aggrieved, spokeof“Irish and shutdowns, job losses and suddenly she said without referring to notes, people do.The past three decades Italians and Asians and Latinos told: to know what they’ll do. the supply lines break down this so she gets no quotes. She’s a natu- they wound up thinking all politics is Go back whereyou come from. Jews winter and thereare food shortages. ralperformer of politics and good at about glitz,emotion and compelling and Catholics,Muslims and Sikhs, When this is the context, what a acting out warmth and joy, but she characters. Part of the reason they’re made to feel suspect ...black Ameri- compared to atelethon, an infomer- great party plans to do couldn’t be did something that they’reall doing likethis is they never thought Re- cans chained and whipped and cial, and fundraising week on public more crucial. moreand more, which involves a publicans were serious about policy, hanged. Spit on fortrying to sit at television. Marianne Williamson said To the speeches: huskycatch in thevoiceasifthey’re because if they were,they’d be Dem- lunchcounters, beaten fortrying to it was“likebingewatchingaMar- BarackObama’sspeech will stick so sincere, so moved by what they’re ocrats. They find it hardtocredit the vote....They knewhow far the daily riottcommercial.” Mostly it wasthe in history; it won’t just slide away. saying,that their throatsconstrict importanceofpolicyinthe making of reality of Americastrayed from the Democratic Party talking to itself No former president has ever pub- foramoment. Mr.Obama did it. Mi- aparty’s fortunes.They thought Re- myth.” and playing to its base. licly leveled anything likethis criti- chelle Obama did it a lot. Panelists publicans liked Reagan because he The cumulative effect of all this, Missing wasany hint of priorities cism at asitting successor: “I did will soon do it on cable news.Please washandsome,and George H.W. especially forthe young,would or plans,ofthe meaning of the party hope,for the sakeofour country, everyone, stop. Bush because he fought in the war. prompt an inevitable question: Why or itsintentions.They made the case that Donald Trump might showsome As forMr. Biden, all his political But their elections were policyvicto- would anyone fight to save this against Donald Trump, and acase for interest in taking the job seriously, lifehe’stried to expresshimself in ries.Charm and humor,stagecraft place? Who needs it? JoeBiden as an essentially decent that he might come to feel the wayshethinks eloquent but that tend andshowbiz matter, but they’renot If Iwere12and watched, I’dwon- person. But they didn’t saywhat weight of the officeand discover to be only long-winded. He chases a everything.They’renot even half of der if I had a chance here. If I were they’ll do.And this year that is key. some reverencefor the democracy thoughtalong way,evenwhen it’sa everything. 20,they’d have flooded me with un- I’m not surethey’resufficiently that had been placed in his care.But small one and not worth the hunt. All Because boomer Democrats earned bitterness. aware of two things. One is the num- he never did. Forclose to four years of this is part of his old-school way thought Republicans wononglitz, Injusticeisreal, historyisbloody. ber of people who don’t likeMr. now, he has shown no interest in and is neither harmful nor helpful. they got glitzy in return. It was the But guys,doyou ever think you’re Trump and will vote forhim anyway. putting in the work.” But he had astrong,tight speech. He central Clintonian insight of 1992: overdoingit? Areyou afraid that They don’thavetobetalked into This is aformer president calling looked good, spokecrisply,main- We have to become actors, like the this is all you got? Is that why you thinking he’sabad character,they’re the current one shallowand lazy.He tained focus.The speech is going to actors we seek to replace. don’t talk about policy? Lifestyles of the Rich and Populist

By Benjamin Raphael manager Paul Manafort.Hecould be ular radio show“WarRoom Pan- Mr. Bannon’s fundraising collabora- cinct affirmation of akey criticismof Teitelbaum clumsy—“Sloppy Steve” as thepresi- demic”—which sincelateJanuary tion with Mr.Guo.Mr. Bannonhas nationalist populist movements— dent eventually took to calling him— called fordrastic societal responses pleaded not guilty in the border-wall namely, that many are spearheaded was with Steve Bannonon July but he understood the game.Yet the to the coronavirus—led some com- case (as has Mr. Kolfage), but other by economic individualistsseeking to I 25,2019,when he unveiled a recent indictment portrays Mr.Ban- mentatorstoconclude that, like legal battles may follow. exploit a groundswell of nationalist stretchofwall lining the U.S.- non as participating in a conscious, Lenin, Mr.Bannon’srevolutionary ef- What will theconsequences be for sentiment. If the cause of enriching Mexico border just west of El Paso, long-term scheme to achieveamea- fortswould be most effectiveat Mr.Bannon and his cause? He’s the wealthystands no chanceof Texas,animpressivehigh-security ger reward. home.Outletslikethe NewYork never been a politician himself; de- gaining masssupport, perhaps the structurefunded by privatedona- Granted, the lifestyle I witnessed Post, the Hill and Spectator USA re- spitehaving avast orbit of people wealthy can pursue their economic tions. I had been following Mr. Ban- him living in various cities from cently featured calls for Mr. Trump consulting with him in Washington, interests through a Trojan horse of non formorethan ayear,interview- 2018-19 seemed absurdly expensive. to bring Mr.Bannon back forthe he hasn’t triedtocultivateawide protectionism and antiglobalism. ing him and those around him formy He traveled by privatejet with a 2020 campaign. constituencyofsupportersamong That narrative mayprove all the book “War for Eternity.” Amid a se- team in tow, stayed in opulent hotels, Yetifmomentum wasbuilding for the general public. There are hardly morecompelling,leaving Mr.Ban- ries of high-profile setbacks,the bor- and treated large numbersofguests a return, this past week stopped it. anyBannonites nowfaced with af- non’slegacy—rightly or wrongly— der wall appeared araresuccess for to elitedining and transportation, On Monday the SenateIntelligence firming or withdrawing their sup- one of self-enrichment rather than thebeleaguered former Trump cam- day after day, year after year. Even Committeedeclassified documents port. He yearns instead forthe back revolution. paign manager and WhiteHouse he can’t be paying forall of this,I from the previous year revealing its room, aspiring to be astrategist, a staffer. thought. Surely he has major bene- bipartisan recommendation that the networker, an influencer or a guru. Mr. Teitelbaum is an assistant factors funding all of his projects. Justice Department investigate Mr. That might give him staying power professor at the University of Colo- After leaving the White House in Bannon for misleading the commit- otherwiselost to someone vying for rado,Boulder, and author of “War Steve Bannon’s indictment August 2017, Mr.Bannon launched a tee. On Wednesday The Wall Street personal popularity. forEternity: Inside Bannon’s Far- scoreofpolitical initiatives,the com- Journal reported that the Federal On the other hand, this most re- Right Circle of Global Power Bro- is a puzzle: Why would he mon thread being the reinstitution of Bureau of Investigation wasprobing cent episode offers a strikingly suc- kers.” take such risks for a few borders throughout the world. This included bolstering nationalist politi- hundred thousand dollars? calparties in Europe,starting a school outside Rome to train a new The Last Race Card? generation of populist ideologues, But according to federal prosecu- and promoting the populist wing of I’ll admit that Joe black,progressive, female prosecu- fortsofablack mayor, putting the tors from the Southern District of the Bolsonarogovernment in Brazil. Biden rose in my torwho does not fitwithin the interestsofteachersoverthe ap- NewYork,Mr. Bannon’sbarrier con- He campaigned against what he saw estimation when I whitepowerstructure.” parent interestsofstudents. The cealed ascandal, forwhich he was as the true engine of global border- thought he was Uh huh. black electorateobviously is not arrested Thursdaymorning.They al- lessness, China and itsCommunist stringingKamala Forgivenessisnot auniversally monolithic in the thingsitwants, as lege that Mr. Bannon and three oth- Party. Harris along to healthypracticeifitencourages the is true of anyrespectable voting de- ersknowingly and illegally chan- As Idetail in my book,in2018 Mr. BUSINESS punish her forher offending behavior.Votersand col- mographic.The biggest success so neled donated money to payan Bannonmet secretly in Rome with WORLD temerity in playing leagues might have wondered when far of the Black Lives Matter-re- undisclosed salarytowall spokes- Alexander Dugin,the virulently anti- the race card and against whom wouldn’t Ms. lated agenda? The2018 criminal By Holman W. man Brian Kolfageand to compen- American Russian ideologue aiming against him in the Harris playthe race card if she justicereform law, passed with the Jenkins, Jr. sate some of Mr. Bannon’s personal to weaken the Russian-Chinese part- DemocraticTVde- would against Barack Obama’s loyal help of Republicans and the Trump expenses. nership,and he has been collaborat- bateinJune 2019. wingman on national TV.But if it administration. Awidely cited 2018 Theallegations surprised me. ing with Chinese expat billionaire Ruthlessnesscan be aChristian wasjust acutetrick to gain atten- study found that, contrarytowhat Why would Mr. Bannon, a multimil- Guo Wengui to subvert the Chinese virtue.Sometimes apolitician needs tion, nothing more, no harm done, youmight have seen at this week’s lionaire, take such risks to obtain Communist Party. to hold agrudgetoenforce norms we maybeataninflection point in Democratic convention, political what investigators suggest is a few By 2019,Mr. Bannon’scampaign and protect his or her dignity and racial politics,and not in the way correctnessand racial gotcha have hundred thousand dollars? Although to build aprivately funded wall on the powertoget thingsdone.Ifyou people arethinking,the institution- become agiant turnoff forblacks in recent yearsheoccasionally found the U.S.-Mexicoborder wasone of wondered if Mr.Biden wasuptothe alization of whiteguilt. andwhites alike, outside asmall himself testing the limitsofcam- his key domestic initiatives. Unlike job,you might be even moreskepti- strataofdisproportionately white paign-financelawsthrough apparent the other projects, this one seemed calnow. ultraliberals. missteps,heisjust as notable for successful. His goal wasnot to lobby Thedisingenuousnessofher at- Joe Biden—and a big part Ms.Harris should reject Mr.Bi- having evaded the grasp of prosecu- but to circumvent government, to tack wasbad enough. Mr.Biden was den’soffer of the vicepresidential tors likeRobert Mueller. In my re- deliver on Donald Trump’spromises hardly opposed in the 1970s to bus- of America—may be nod, wroteformer California power viewofthe paper trail leftbehind in ways the president himself could ing kids to betterschools if they deciding it’s safe to laugh broker Willie Browninthe San the 2016 Trump campaign, Mr.Ban- not. He andhis partnerswanted a wanted to go. Ms.Harris has since FranciscoChronicle shortly before non oftenappearstohaveshrewd le- wall, and they built nearly amile’s admittedshe would be against off racial cheap shots. she waspicked, perhaps to remind galinstincts, identifying risks posed worth in challenging terrain. This forced busing.All the moresobe- the world that Mr.Brown existsand by the likes of former campaign and Mr.Bannon’sprescient and pop- cause the Democratic machine from wasonceMs. Harris’smentor and toptobottomtodayisinstitution- Don’t likethe way the policecon- boyfriend. ally committedtodenying kids in duct businessinyour town? Don’t His advicemight have been bet- poor neighborhoods achoicein likethe priorities of the mayorand terdirected at Mr.Biden. On cha- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY schooling. city council? Think certain neigh- risma, energy and now-ness, Ms. Rupert Murdoch Robert Thomson But could the real lesson be that borhoods getthe short end of the Harris has Mr.Biden beat. Thecam- Executive Chairman, News Corp Chief Executive Officer, News Corp the race card has lost itssting? Rep. stick in public services such as paign’sproblem will be finding Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Jim Clyburn,inaMay interview schools? Blackvotershavethe enough bushels to hide her light un- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: with Politico, seemed to suggest as powerinmuch of Americaand have der.Mr. Biden’scheek-turning will Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; much. Ms.Harris’sattack wasjust a lately used it not to satisfyanappe- be studied by the political tribe for Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; debatething,adisplayofpolitical titefor tokenism. yearstocome.Itgoes against the News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; moxie forinsiderstochuckle over They savedMr. Biden from the Willie Brownstyle,not to mention Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer and everyone else to forget. “We’re dustbinand mayhavemade him the LBJ or FDR style.Truth be told, Features &Special Projects; Andrew Dowell, Asia; OPERATING EXECUTIVES: at apoint nowwherewhoever was president. Black moms gaveRon De- it’sTrumpian. As long as yousay AnthonyGalloway, Video &Audio; Brent Jones, Kenneth Breen, Commercial; part of the scrimmageneeds to be Santis, awhiteRepublican, anar- something niceabout him today, it Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; on the same team.” rowedgeoveranup-and-coming doesn’tmatterwhat yousaid yes- Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; Mr.Biden’sclaim in 2012 that black Democrat, Tallahassee Mayor terday.The important thing is the MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; Mitt Romneywanted to put black Andrew Gillum,inthe 2018 Florida next reality-showinstallment, not Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; voters “back in chains” is now governor’s race.Mr. DeSantis wasa thelast one. GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; treated as alovable Joegaffe. And defender of charter schools.Mr. Gil- What does it mean forthe coun- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page this week weren’t Chicagoans united lum could not free himself from his try? Not much right away.The im- Jonathan Wright, International in guffaws over Cook County pro- compact with the stateteachers portantraceinNovember maybe WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; sector Kim Foxx’sresponse to a union. the one forthe Senate. But coalition LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head damning public report on her han- In the2010 Washingtonmayor’s politics in afutureAmericawithout

EDITORIAL AND CORPORATEHEADQUARTERS: dlingofthe Jussie Smollettcase? race,the shoe wasonthe other an ethnic majority canlikely only 1211 Avenue of the Americas, New York, N.Y., 10036 Shesent out her attorney to decry foot. Black voters upended the na- reducethe appeal of making racial Telephone 1-800-DOWJONES “a blatant attempt to take down a tionally watched school reform ef- enemies by playing the race card. P2JW235000-4-A01400-1------XA

A14 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. SPORTS College Football Without the College

As some universities move to online-only classesbecauseofcoronavirus,the drivetoplaycontinues

BY RACHEL BACHMAN AND LAINE HIGGINS

arySue Coleman loves collegefootball so much that the for- Mmer president at Iowa and Michigan plans to spend each autumn of her retirement in Ann Arbor,Mich. But as the coronavirus pandemic rav- ages the U.S.,she sees abig prob- lem forthe roughly 70 schools still trying to playa2020 season. It’sincreasingly unlikely that any university will be able to hold in- person classes,Coleman said. And that conflictswith the NCAA’s long- time viewthat being acollegeath- letemeans being fully integrated intothe student body.

“I’veheardpeople say, ‘Well, we GES

canuse the model of [some pro IMA sports] and put them in abubble,’ ”

said Coleman, who is also amem- GETTY ber of the NCAA’s boardofgover- S/

nors. “You can’t put them in abub- GERRIT ble,because they’restudentsand they have to go to class. Imean, if SUE SA they’reoncampus and they’renot

going to class, they’renot learning MELIS

anything,then it isn’t anylonger GES,

the academic environment. It flies IMA in the faceofwhat the NCAA

means.” GETTY TheNCAAseemed unequivocal W/ SHA

about this afew months ago. “All of A

the Division Icommissionersand EZR everypresident that I’ve talked to is in clear agree- Notre Dame, above, said it will go virtual for two weeks after seeing a virus ment: If youdon’t have stu- surge, while the University of North Carolina, left, moved its semester online. dentsoncampus,you don’t have student-athletes on cases on the Chapel Hill campus team didn’t practiceWednesdayout campus,” NCAA president one week afterclasses began, push- of an “abundanceofcaution” and Mark Emmert said in May. ing quarantine dorms toward 70% on Thursdaysuspended workouts But collegecampuses’ capacity.Its movetoonline instruc- indefinitely afterfiveplayers tested rockyreopeningsduring the tion forundergraduates means that positiveand six morewould need to pandemic aretesting that only international students, those isolate. Therewerefour reported consensus.Some big schools with hardships and athletes can coronavirus cases on the team be- seem determined to play stay on campus. tween June 18 and this week’sout- football even if all other Athletic director Bubba Cunning- break. studentsare sent home. ham didn’t directly addresswhy Beforethe start of classes in Major-collegefootball is athletesweregiven an exemption. South Bend, Ind., NotreDame ath- part of the NCAA,but be- “Manyofour studentshavetold us letic director Jack Swarbrick pre- cause of the way the 150- they want to play,” he said in a dicted that howreturning students year-old sport evolved, the statement. “Their health, as well as affect viral trend lines will “deter- game is runbyconference the health and safety of our coaches mine morethan anything what we commissionersand presi- and staff and community is our pri- do” regarding sports. He declined to dents. Those leadersare ority.” comment this week. nowmaking their owndeci- As the campus empties out, the Aspokesperson forthe Big 12, sions about the season. chances of players contracting the wherefootball is still on, wrotein North Carolina moved its virus from community spread go an email to the Journal, “absent semester online Mondayaf- down, but they arenot zero.The completely shutting acampus down terreporting four clustersof morethan half of their athletic de- which areincreasingly under fire by TarHeels football team knows this and making it inaccessible,continu- Covid-19 infections over the week- partments’ annual revenue. critics and politicians.Itprohibits well: 33 players came down with ing to have student-athletes on end. NotreDame said Tuesdayit Yetevenascollegefootball has athletes-only dorms,for instance, Covid-19 during voluntaryworkouts campus forthe fall semester is fore- will go virtual fortwo weeks after growntobeamultibillion-dollar in- requiring at least 50% of residents in July,when they were among the seeable provided it is tethered to an seeing asimilar surge in cases.Both dustry, NCAA leadershaveempha- to be nonathletes. only people on campus. academic component.” football teams paused practices— sized that itsplayers arestudents An NCAA spokesman declined to UNC studentshavebeen advised U.S. Rep.Donna Shalala (D., Fla.), but haven’t canceled seasons. likeany others. Article Iofthe makeEmmert available to address not to gather in groups of more aformer president of Miami (Fla.) Ahandful of universities have al- NCAA’s constitution says abasic the situation. than 25 outdoorsor10inside to and chancellor of Wisconsin, said ready said that fall classes will be purpose of the association is to Some in athletics sayfootball curb spread of the virus.Yet before the schools going forwardwith primarily online,including several “maintain intercollegiateathletics players aresafest on campus,where itspracticehiatus the football team, football aretrying to maintain a in the Big Tenand Pac-12 confer- as an integral part of the educa- they canbemonitored with regular with itsroster of 118 players and 14 revenue source that helps support ences that suspended all athletic tional program and the athleteas Covid-19 testing.But playing coaches,continued gathering on the the rest of their athletic depart- competition, including football, un- an integral part of the student body through the pandemic underscores field and in the weight room. ments, including Olympic sports. til the spring.Still, athletes there and, by so doing,retain aclear line that they don’t playbythe same Asimilar dynamic could playout Still, she doubtsthe attempt to play might not have to head home like of demarcation between intercolle- rules as other undergraduates. at NotreDame,wherePresident Fa- will succeed during the pandemic. the rest of their coed peers. giateathletics and professional “I think the optics of it arenot ther John Jenkins on Tuesday “I never thought they were going Football is the most lucrative sports.” good,” said F. King Alexander,presi- moved all classes online and sus- to be able to pull it off,” she said. sport formost major schools that TheNCAAhas long defended its dent of Oregon State. pended in-person extracurricular —Elisa Cho have it. Without it, they facelosing rules against athletecompensation North Carolina reported 135 new activities until Sept. 2. Thefootball contributed to this article.

Weather Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. PSG, Bayern Find Winning Formula Edmontondt <0 VaV ncouver 0s CaC lgararyy 60s 10s 60s Winnipegip BY JOSHUA ROBINSON Seattle 20s 70s PoPPortlandr d Helenal 30s FORTHE FIFTH YEAR IN A Ottawa 80s Billings 40s row, the world’smost presti- 70s 70s Montreal AugustA g ta Eugene Bismarck gious club soccermatch will Boise Mpp/lss/./St.Paula ToT ronto AlbanyA b nyy 50s Bostot n happen withoutthe world’s Pierre Hartfordrtford 60s Siouxuxx Falls Milwaukek e Detroitt Buffallo Newew YYorkk best soccerplayer. Lionel Deses Moines 70s Saltalt Lake City 90s ChicagoCh Pittsburgh Messi will spend Sundayhun- Reno Omahah ClClevelandeveland InIndianapodianappolis PhiladelphiaPhPhil dld lph 80s Sacramento Cheyenne Springfieldp g d dreds of miles away from the 80s Washingtonh onn D.CDCC. Denver 90s Sann Francisco Topeka Kansas CharlestonCharles Champions League final in City 70s Las 100s ColoClradod Louisville Richmondh d 100+ Lisbon, wondering howhis Vegas 100s Springspg Wichith a St.Lououisis 70s Nashvillehih ll Raleighlih Barcelona team sank so deep. OOL LoLossAAnAngelles 80s SantaaFFe MempMemphisphi CChCharlotthlh l tte LLittlee Rockk Yetwhen Paris Saint-Ger- Sanan DiegoDDie AlbuquerqueAlb q q ColumbiaC bib 100s Oklahomak homa City Atlantlta Warm Rain main and Bayern Munich face PhoenPhoenix Birminghamh El PPaso Ft.Ft.WWoorthrth DlDallasl off,Barça’sfingerprintswill Cold FERNANDEZ/P TuT cson 80s T-storms JaJ ckkson JJackkisonvilllle be all over the game—for all 50s AustinAti Mobileb

the wrong reasons. MANU 60s 100s Houston Stationary Snow NewOrleans Orlandoldd Theplayerleading PSG Neymar celebrates after PSG’s Champions League semifinal win. 70s Honolulul Sanan AntonioAtA i Tampap 90s Showers Flurries intoits firstChampions 80s Miami AAnchorh ageg 70s League final, Neymar,isthe surround Messi, it acciden- said. “When you’rethe kind Ice one Barcelona wishes it tally turned intoaclearing- of playerwho always wants hadn’t sold. Thekey manin house. the ball, even when we’reun- U.S. Forecasts TodayTomorrow TodayTomorrow Bayern’smidfield, ThiagoAl- Theworst of it came in the der pressure, who wantsto City Hi Lo WHiLoW City Hi Lo WHiLoW s...sunny; pc... partly cloudy; c...cloudy; sh...showers; Omaha 94 71 pc 95 68 s Frankfurt 81 61 t7556pc cântara, is also one Barça summer of 2017, when one play, you’realeader.” t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice Orlando 90 77 t9078t Geneva 82 58 t7654pc should have probably kept. call in Catalonia touched off a Suddenly flush with cash, TodayTomorrow Philadelphia 87 72 t8874t Havana 88 75 r9076r And regardlessofwho chain of eventsacrossEurope Barcelona immediately spent City Hi Lo WHiLoW Phoenix 106 91 pc 108 89 c Hong Kong 89 81 t8881t wins on Sunday, the defining that lead directly to this $140 million to acquirePhi- Anchorage 70 58 pc 65 56 r Pittsburgh 85 64 t8566t Istanbul 88 70 s8672s Atlanta 85 69 t8571t Portland, Maine 80 60 s8166t Jakarta 93 76 pc 93 76 pc performanceofthis tourna- year’s Champions League fi- lippe Coutinho from Liver- Austin 96 68 s9768s Portland, Ore. 80 56 pc 83 56 s Jerusalem 83 69 s8566s ment has already happened: nal. Themomentous decision: pool. But within 12 months, Baltimore8670t 89 72 t Sacramento 98 65 pc 96 63 pc Johannesburg6444pc7046s Barça’s8-2 humiliation selling Neymar to PSG fora he wasdeemed to be the Boise 93 63 pc 98 70 pc St.Louis 88 71 s8972s London 71 56 sh 72 54 sh Boston8266pc8671pc Salt LakeCity 101 74 pc 99 74 pc Madrid 93 64 s9465s against Bayern. It’snocoinci- world-record$260 million. wrong fitdespitemaking 58 Burlington 80 59 pc 87 64 t SanFrancisco7456s 74 56 pc Manila 90 78 t9078c dencethat the German club is ForBarcelona, the offer was appearances.SoBarçasent Charlotte 85 70 t8570t SantaFe9257t 92 59 c Melbourne 51 45 sh 53 40 pc nowfavored to liftthe trophy. toogood to refuse—even if him out on loan to Bayern Chicago 89 69 s9071pc Seattle7655pc7854s MexicoCity 77 55 t7654t Cleveland 86 64 pc 83 67 t Sioux Falls 95 65 s9366s Milan 92 70 s8467t “I think we were all sur- Messi would later consider with aviewtodriving up his Dallas 95 74 s9574s Wash., D.C.8673t 90 73 t Moscow 75 55 s7659pc prised by the final result,” him vital to the club’ssuccess value.The ironyofCoutinho Denver9863pc9765pc Mumbai 86 78 sh 85 79 t Bayern forwardSerge Gnabry and tried to lurehim back. scoring twiceinthe 8-2was Detroit 89 66 pc 88 68 pc International Paris 79 59 pc 74 55 t Honolulu 91 78 pc 90 77 pc Rio de Janeiro6563r 68 63 pc said. But at age25, Neymar was not lost on Barça’splayers. Houston9571pc9475s TodayTomorrow Riyadh 114 86 pc 115 85 pc But if the manner of eager to escape Messi’s “Wehavehit rock bottom,” Indianapolis 85 67 t8568pc City Hi Lo WHiLoW Rome 89 67 s8868s Barça’sdemise stunned Euro- shadow. He wanted ateam defender GerardPiqué said Kansas City 88 67 pc 89 69 s Amsterdam 72 59 pc 68 57 t SanJuan 85 79 r9080t Las Vegas 106 84 pc 106 85 pc Athens 94 76 s9476s Seoul 86 72 t8773pc pean soccer, the teams rising built around him. And PSG, afterthe game. Little Rock 89 68 s9170s Baghdad 110 77 pc 106 77 pc Shanghai 94 80 pc 95 81 pc in itsplacemakeperfect frustrated that itsplan to Meanwhile,the Bayern LosAngeles 91 72 pc 88 71 pc Bangkok 90 78 t9078sh Singapore8977t 86 78 t sense.PSG and Bayern arethe conquer Europe wasstalling, lineup that dismissed Lyon in Miami 92 82 t9281t Beijing 84 66 pc 80 71 r Sydney6150s 63 47 s Milwaukee 86 69 pc 87 71 pc Berlin 77 61 t7558pc Taipei City 90 81 t9582t superclubs who spottedweak- didn’t blink at the price. For the semifinals wasassembled Minneapolis 85 69 t8565pc Brussels 73 57 pc 70 56 t Tokyo9278t 86 76 t nesses in the Barcelona model the club’sQatariowners, it forunder $120 million, the Nashville 83 69 t8770pc BuenosAires 61 49 s6454s Toronto8467pc8969pc and had the money to exploit wasanera-defining move. superclub equivalent of build- NewOrleans 91 76 t8877t Dubai 110 91 pc 108 91 s Vancouver 71 53 pc 70 56 pc NewYork City 87 72 pc 87 74 t Dublin 64 53 sh 63 51 pc Warsaw9166t 81 59 pc them. While Barçachurned “Neymar is our leader,” ing aMercedes from used Oklahoma City 91 66 pc 93 69 s Edinburgh 65 51 sh 62 46 pc Zurich 75 59 t7555pc through players to properly PSGmidfielder Ander Herrera parts. P2JW235000-7-B00100-1------XA

Balancing Act Taxing Times Sheryl Sandberg on Apotential lifeline Facebook’s speech forsmall businesses, dilemma B4 EXCHANGE via the IRS B5

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. ******* Saturday/Sunday, August22-23, 2020 | B1

DJIA 27930.33 À 190.60 0.7% NASDAQ 11311.80 À 0.4% STOXX 600 365.09 g 0.2% 10-YR. TREAS. À 2/32 , yield 0.639% OIL $42.34 g $0.48 GOLD $1,934.60 À $0.80 EURO $1.1796 YEN 105.81 TopBezos Deputy To Leave WhyAren’t Amazon Consumer chief Wilke There helped build retail giant; ‘It’s just time’ to retire

BY SEBASTIAN HERRERA Enough Jeff Wilke, aclose lieutenant of Amazon.com Inc.founder Jeff Bezos who helped build what began as a small online bookseller intoatech co- lossus,isretiring from the company. Mr.Wilke, 53 yearsold, said he would step down in the firstquarter Paper of next year and be succeeded as world-wide consumer chief by David Clark,who heads global operations. “Why leave?It’sjust time,” Mr. Wilkesaid in astaff memo on Friday. “Time formetotaketime to explore Towels? personal intereststhat have takena back seat for over two decades.” Onceseen as apotential successor to Mr.Bezos, Mr.Wilkesaid he has no futurejob planned and is focused on leading the companythrough the CK all-important holidayseason. TO Theother person who has been viewedasapossible successor to

SHUTTERS Mr.BezosisAndy Jassy, the chief A/

EP executiveofAmazon’scloud-com-

O/ puting business, who is the longest-

ALZ serving senior executive under Mr. SC Adecadeslong effort to Bezos. LO “Jeff’s legacyand impact will live JIM ekeout moreprofit by

G: on long afterhedeparts,” Mr.Bezos keeping inventorylow left said Fridayinaseparatenotetoem- NDBER ployees. “He is simply one of those SA manymanufacturers people without whom Amazon would GES; be completely unrecognizable.” IMA unprepared when Covid-19 Mr.Clark,who joined the company around the time Mr.Wilkedid, will

GETTY struck.And production is : step intoone of Amazon’smost pow- TO unlikely to ramp up erfulpositions.Mr. Clark has led the PHO global operations team since2013.

ALA; significantly anytime soon. TheSeattle-based companysaid

KUCZ Amazon executives Alicia Boler Davis, John Felton and Dave Treadwell will JOHN be added to its“S-Team,” which con- BY sistsofMr. Bezos’ topexecutives.

ION BY SHARON TERLEP Mr.Wilke, who joined Amazon in AT

TR AND ANNIE GASPARRO 1999,isstepping away during ape- US riod that Mr.Bezoshas ranked as the ILL

TO hardest the companyhas ever faced. PHO The coronavirus pandemic hobbled Amazon’sdeliverynetwork,leading to extended order delays forsome es- Paper Trail in an emergencybothered experts sential items.For the firsttime in The United States of America, heralded in disaster preparedness. Cautions years, the company’sshareofonline as the land of plenty, still doesn’t The paper industryisstill voiced by the worriershad little shopping slipped, although in recent scrambling to catchupafter effect as investorsrewarded cor- PleaseturntopageB2 have enough paper towels. demand forpaper towels porations that held costslow skyrocketed in mid-March. through lean operations. Long afterthe coronavirus forces behind the shortage 150% PattiAustin, in afishing village sparked arun on them, retailers nearly six months into the crisis near North Carolina’sOuter Stock Gains can’t keep their shelves full. Tar- help explain the broad lack of 125 U.S. paper towel Banks,wasn’t thinking inventory get.comhad no Bounty paper U.S. preparedness that has made sales growth, systems when she sawsupplies towels fordeliverythis week, the pandemic worse than it 100 one-weekperiod dwindle in early March. “Asyou’d Go to Fewer though it had some at certain might have been. vs.same week a walk through the stores,and the stores.AtAmazon.com, aseller The scarcity is rooted in a de- 75 year earlier shelves would become even more wascharging $44.95 forapack cadeslong quest by businesses bareasthe days progressed, we People Now that normally goes for$15. at all levels, handling many dif- 50 had noticed that alot of stuff just An average of 21% of house- ferent products, to eke out more wasn’t coming in at all foralong hold paper products were out of profit by operating with almost 25 while,” said Ms.Austin, 55.“Pa- Markets rise, but effect stock at U.S. stores as of Aug. 9, no slack. Make only what you per towels,toilet paper,cleaners on economyislimited according to research firm IRI. can sell quickly. Order only 0 all went quick,” she said. The situation isn’t likely to enough materials to keep pro- March Aug. Deb Codutoruns plantsthat abate soon, because producers duction lines going. Have only Note:Does notinclude e-commerce sales. makepaper towels.The town BY PAUL VIGNA have no plans to build new man- enough railcars for a day’s Source:Nielsen of Naheola, Ala., whereshe ufacturing capacity. The central worth of output. Stock only spends much of her time over- Amber Biesecker has been out of piece of the machinery needed enough items on a shelf to last seeing aGeorgia-Pacific LLC work sinceMarch when her freelance to make paper towels takes till the next batch arrives. religion formanyAmerican CEOs. paper-productsfactory, hadn’t editing projectsdried up at the start years to assemble. Theconcept, known as lean It spread firsttoDetroit, then to yetfelt the coronavirus when of the coronavirus pandemic. Americans have faced many manufacturing or just-in-time in- other U.S. manufacturersand fi- ordersfromretailersstarted Ms.Biesecker,a33-year-old mar- stresses in the pandemic, of ventory, wasborn in the hyperef- nally to other industries,fromdis- rising in lateFebruary. ried mother of two in Winter Park, which paper-towel scarcity is ficient Japanese automotivein- tribution to retailing. Retailers ordered five times Fla., says she applied twicefor unem- hardly among the worst. Yet the dustryinthe 1970s and became a As it did, the risk of shortages PleaseturntopageB6 ployment benefitsbut wasdenied be- cause her clientsare out of state. Her income,which had averaged about $30,000 ayear,shriveled to zero. “We’reinahugelurch,” she said, adding that her family has no savings, KEYWORDS | CHRISTOPHER MIMS 401(k) plan or other investments. “We have no economic security.Wehave no security forour health.” Ms.Biesecker’s frustrations arein- Covid‑19 Is Dividing creasingly common because fewer Americans have astake in one thing that’sgoing up: the stock market. ThepercentageofAmericans who TheAmerican Worker ownstock,either directly or through retirement or mutual funds,isfalling. It most recently stood at about 55%, Formanyprofes- Formany, their prospectswereal- according to an April Gallup poll, sionals,technology ready diminished by decades of down from ahigh of 67% in 2002. has been alifeline technological progress. They are, TheS&P 500,the benchmark U.S. during the pan- disproportionately,women and mi- stock index, has surgedmorethan demic,enabling norities,precisely the groups that 50% sincebottoming in March and is them to be produc- were already saddled with aspec- back at record levels,largely thanks tivewhile stuck at trum of payand wealth gaps even to government stimulus programs. home.For manyother workers, it beforeCovid-19 hit. “What’sgoing on on Wall Street is is anew dividing line,corralling What’smaking thingsworse for so far removed from what’sgoing on them further intothe stagnant these workersand their families is on Main Street, it doesn’t matter,” cornersofthe economy. that the pandemic is also accelerat- Ms.Biesecker said. Thepandemic has led to unem- ing the arrival of remotework and Stock ownership is increasingly ployment of workersinthe service automation. It is aturbo boost for A concentrated among asliver of the sector,retail and other fields at a adoption of technologies that, ac- LENT population. Thetop 10% of Americans scale and with aswiftnessunprece- cording to some economists, could WA by wealth owned 87% of all stock out- dented in the historical record. further displacelower-wagework- SZ standing in the firstquarter,accord- MA

They arecashiersand janitors, con- ers. It could also help explain the TO ing to datafromthe Federal Reserve. struction laborersand secretaries. PleaseturntopageB2 Professionals and low-wage workers diverge in a ‘K’-shaped recovery. PleaseturntopageB11 P2JW235000-7-B00200-1------XA

B2 | Saturday/Sunday, August22-23, 2020 ******* THE WALL STREET JOURNAL. THE SCORE

THE BUSINESS WEEK IN 7STOCKS

MCDONALD’S CORP. APPLE INC. AMERICAN AIRLINES GROUP INC. PERFORMANCE OF HOME-IMPROVEMENT STOCKS The McFight between the Source:FactSet Apple became the first U.S. It just got more difficult to  fast-food giant and its former  public company to reach the  fly from here to there if you MCD boss escalated this week 6% AAPL $2 trillion club. It surpassed AAL live in certain parts of the when ex-Chief Executive Offi- that market value for the U.S. American Airlines said it 0.8% cer Steve Easterbrook said 0.1% first time Wednesday, high- 1.4% would stop flights to 15 cities 5 McDonald’s had information lighting the iPhone maker’s once the federal aid for air- about his relationships with other em- Lowe’s commanding role in the world economy lines expires in October, an announce- ployees when it negotiated his multimil- 4 and steady demand for the company’s ment that could escalate pressure on lion-dollar severance package. devices as millions of Americans work lawmakers to extend another round of McDonald’s sued Mr. Easterbrook on from home. The milestone is the latest support. The cuts will affect airports in Aug. 10, saying he lied to cover up 3 for Apple under Chief Executive Tim cities such as New Haven, Conn., and those relationships. McDonald’s has Cook, who succeeded late co-founder Stillwater, Okla.; some aren’t served by taken the unusual move of seeking to 2 and product inventor Steve Jobs in 2011. any other airline. American struck the claw back Mr. Easterbrook’s severance, Shares of Apple rose as much as 1.4% cities from its schedule Oct. 7 through exposing the company to a rare public Wednesday to $468.65, eclipsing the Nov. 3, the first step in re-evaluating its 1 fight over executive compensation. Home Depot $467.77 mark needed to reach the mile- network in the coming weeks. American McDonald’s shares rose 0.8% Monday. stone, and ended up 0.1% on the day. Airlines shares fell 1.4% Thursday. 0 ORACLE CORP. TARGET CORP. LYFT INC. –1 A company with close ties to Mon. Tues. Wed. Thurs. Fri. Target has hit the bull’s-eye You’re still able to get a Lyft  the White House is President  during this pandemic. The  in California—for now. A state ORCL Trump’s new favorite TikTok TGT big-box retailer reported the LYFT appeals court on Thursday bidder. Oracle entered the LOWE’S COS. strongest quarterly sales paused a lower-court ruling 2.2% running to buy the U.S. oper- 13% growth in its history on 5.8% that required the ride-hailing ations of TikTok, and the Americans areturning into fixer-uppersduring the Wednesday, citing broad company and its rival Uber president offered his endorsement Tues-  pandemic as theyspend lessonvacations and gyms, gains across categories such as food, Technologies Inc. to reclassify their driv- day. TikTok’s Chinese owner, ByteDance LOW electronics and home goods and a re- ers as employees. The reprieve means Ltd., faces a fall deadline from the giving Lowe’s and Home Depotaboost.Revenue bound in clothing sales. The pandemic they can continue operating while they Trump administration to divest itself of 0.2% surgedatthe home-improvementretailersassales has thus far boosted the fortunes of big fight a high-stakes legal battle with U.S. operations. Oracle has closer ties to U.S. chains like Target that were able to their home state. California sued Lyft the White House than most other par- to do-it-yourself consumersoutpaced demand from profes- stay open and feed America’s basic and Uber in May for allegedly violating ties involved in the bidding. Larry Elli- sional contractors. The DIY trend playedtoLowe’s advantage needs. Target also sells groceries and a law requiring the companies to treat son, the company’s co-founder, earlier in the quarter, as it relies lessonsales to contractorsthan other household staples that have been workers as employees rather than inde- this year threw a fundraiser at his in demand as Americans cook and clean pendent contractors. Lyft shares gained house for the president. Oracle shares Home Depotdoes.Lowe’s shares added0.2%Wednesday. more in their homes. Target shares 5.8% Thursday. gained 2.2% Tuesday. jumped 13% Wednesday. —Francesca Fontana

Worker Gap Top Amazon Widens Due Executive To Pandemic To Retire

ContinuedfrompageB1 ContinuedfrompageB1 “K” shaped recovery manypundits months Amazon has rebounded. have observed, in which thereare Mr.Wilkesaid the pandemic nowtwo Americas: professionals has pulled him back to his rootsat who arelargely back to work,with the companyinfocusing on oper- stock portfolios approaching new ations. He has also been leading a highs,and everyone else. push to build virus-testing capa- “It’s the bottom that’s really bilities at Amazon’sfacilities. getting hammered.” says Daron Regulatorsinthe U.S. and Acemoglu, a professor of econom- abroad have been investigating ics at the Massachusetts Institute the company’smarket sizeand of Technology. power. A Wall Street Journal in- To understand why these work- vestigation in April found that ers are so vulnerable, it helps to employees used dataabout inde- step back in time. In a string of pendent sellersonthe company’s papers, Dr. Acemoglu and col- platform to develop competing leagues unpacked decades of data products. Amazon launched an on the machines, infrastructure investigation into the issue, and and financial dealings required to The pandemic offers a turbo boost for technologies that some say could further displace lower-wage workers. Mr.Bezossaid in July that the in- make businesses happen. As ma- ternal probe remains ongoing. chines and digitization—which Amazon’s marketplace, which weds those machines to computers from an office. Compounding this consistsofmillions of sellers, has and data—took over, automation is the departure of high-wage also faced criticism due to coun- assumed many tasks once per- earners from America’s crowded, terfeit or unsafeproducts. A formed by humans. expensive cities. Many are already Journal investigation last year This made individual workers heading for suburbs, towns and found thousands of productsde- more productive overall, but it even rural areas, where they can clared unsafebyfederal agencies. also eliminated many jobs. Of have houses big enough to accom- Some were deceptively labeled or course, throughout history auto- modate home offices while also were banned by regulators. mation also created new jobs. slashing their cost of living and Mr.Wilke, speaking at aJour- (That is why the U.S. was at full improving their quality of life. nal conferenceinOctober,said employment until the pandemic These trends could have a sig- Amazon wasprepared to spend hit.) But those jobs aren’t as nu- nificant impact on spending in ur- billions to police products on its merous as in the past, nor do they ban cores, says Dr. Autor. This site. ThecompanyinJune said it pay as well, argues Dr. Acemoglu. could also permanently dent busi- had created ateam of former fed- Plus, they can be more repetitive, ness travel, a huge source of reve- eral prosecutors, experienced in- dull and in some cases dangerous nue for hotels, restaurants and vestigators and data analysts to than the ones they replaced. other businesses that accommo- join that work.The companysaid As the pandemic laid bare, the date the travelers most likely to it spent more than $500 million service sector employs an ever- pay full freight, he adds. last year to fight the problem and growing number of Americans in Of course, many people can’t blocked morethan 2.5million sus- the business of feeding, pampering wait to get back to the office, and pected “bad actor” accountsbe- and caring for other Americans, those who can afford it will be ea- fore anysale could be made. especially wealthier ones. From ger to travel again as soon as they Automation made workers more productive, but it also eliminated jobs. Mr. Wilke is among a number cleaning staff to security guards to are able, so it is too early to mea- of high-profile executives who restaurant cooks, entire categories sure the size of these effects. of workers saw their ranks deci- Another factor that could in- tion as they become commercially vate equity and leveraged buyouts, mated as people ceased to travel, crease economic inequality is that, viable. The typical arguments for and an excessive focus on share- Mr. Wilke joined the eat out, go to offices and more. as in all recessions, many small adopting automation are increas- holder value. Those workers aren’t likely to businesses will be wiped out. ing productivity or lowering costs A fundamental tenet of most company just two find any near-term relief. In a re- The jobs that remain will be at (or both). Now, the reasons extend economists’ thinking is that in the years after its initial cent essay, David Autor, an econo- firms big enough to weather this well beyond that to include the long run, innovation is a tremen- mist at MIT, and Elisabeth Reyn- pandemic, so-called superstar need for social distancing, unprec- dous net benefit to human civiliza- public offering in 1997. olds, who leads the Task Force on companies that pay more and are edented demand for e-commerce tion. As long as we can thread the the Work of the Future at MIT, largely responsible for America’s logistics and fulfillment and a eye of the needle of environmental outlined the ways they believe existing wage gaps. The most dom- workforce made erratic by lock- catastrophe, increased productiv- have departed or said they plan technology-driven trends unique to inant players are tech giants downs and school closures. ity has the potential to continue to to depart in the past year. Steve

GES this pandemic might continue to Google, Apple, Amazon and Micro- “My worry is that robotic tech- reduce global poverty, quash child- Kessel, who led Amazon’s physi-

IMA disrupt the lives of some of Amer- soft, but also giants in industries nology will be used to simply re- hood disease, better the lot of the calstore efforts, leftthis year. ica’s most vulnerable workers, like health care, insurance and duce costs by automating highly world’s most vulnerable and ex- Maria Renz,another longtime ex- GETTY even once things get back to some manufacturing. populated jobs—for example, vehi- pand the global middle class. The ecutivewho wasvicepresident of SE/ semblance of normalcy. One more reason the pandemic cle driver, manufacturing, logis- challenge, argue Drs. Autor, Ace- deliveryexperienceand once The first is telepresence. By could further immiserate Amer- tics,” says Odest Chadwicke Jen- moglu and many others, is reduc- served as Mr.Bezos’ technical ad- forcing so many professionals to ica’s low-wage workers is that it is kins, a roboticist and professor of ing the short- and medium-term viser,also wasset to leave this ANCE-PRES

FR work remotely, all at once, the driving companies to adopt new computer science and engineering harms meted out to those whose year.Also,Jeff Blackburn, who pandemic may have permanently kinds of intelligent and flexible ro- at University of Michigan. lives and livelihoods are being dis- heads the entertainment, busi-

GENCE reduced how often people work bots and other forms of automa- Some economists say decisions rupted right now. ness development and advertis- /A

CK made in Washington, D.C., in re- No one has acrystal ball that ing businesses, has been on sab- BE

N cent decades were just as signifi- canpredict exactly howthe pan- batical this year,with plans to

BY RobotSubsidy cant as any made on the factory demic will affect the economy, es- return next year. RO

S; floor. In one of his recent papers, pecially considering the complex Mr.Wilkejoined Amazon to Payroll and relatedtaxes held steady overthe past40yearswhile the Dr. Acemoglu concluded that the interactions between technology, lead global operations just two

PRES effectivetax rate on automation fell. Thatmeans the U.S. subsidized the current U.S. corporate tax system policymaking,the outcome of the yearsafter itsinitial public offer- replacementofhumans with robots, economists say.

ZUMA actually incentivizes companies to November election, and whatever ing in 1997.Hequickly became Effectivetax ratesfor U.S. companies,bytype of expenditure replace workers with robots, even black swans appear on the horizon. oneofAmazon’smost valuable when those robots are no more But one thing is clear: The pan- executives and used his manufac- 30% productive than humans. demic has moved up the adoption turing expertise to help Amazon’s “A big share of the increase in of certain technologies by years, warehouses runmoreefficiently.

UNION-TRIBUNE/ Labor inequality is because of public pol- especially those supporting auto- Thenetwork Mr.Wilkeover- GO 20

DIE icy,” says Anna Stansbury, a Ph.D. mation and remote work. In the sawwas oncesosmall and ad hoc

N candidate in economics at Harvard short term, this means profound that it required senior Amazon SA University who has examined the disruption—job loss and the need executives to spend much of the 10 impact of the decadeslong decline to move to new roles—for many end-of-year holidayseason help- LLIERE/

VA Software in the power of workers. The Americans who have the least ingtoship packages.Now it ac- RECESSION OD Equipment trends Ms. Stansbury believes had wherewithal to cope. In the long countsfor most of Amazon’smore RR 0 the biggest impact include a de- term, experts say it may exacer- than one million employees and is JA

P: 1990 2000 ’10 cline in unions and unionization, a bate trends that U.S. policy makers capable of delivering millions of TO Sources: Brookings Papers on Economic Activity; Daron Acemoglu, MIT;Andrea Manera, MIT; culture of managerial ruthlessness of every political persuasion have products intothe homes of con- OM Pascual Restrepo,BostonUniversity

FR at some companies, the rise of pri- failed to fix for decades. sumers in lessthan 24 hours. P2JW235000-6-B00300-1------XA

THE WALL STREET JOURNAL. ****** Saturday/Sunday, August22-23, 2020 | B3 BUSINESS NEWS CEO Natural-Gas ProducersHold Back Departs BY RYAN DEZEMBER

National Natural-gas prices have shot up 66% sincelateJune,and speculatorsare betting they Enquirer will keep climbing.But the companies that control the country’sspigotsaren’t so sure. Parent Appalachian energy produc- ersare taking acautious ap- proach to reopening the taps BY LUKAS I. ALPERT they shut in spring when the coronavirus pandemic torpe- David Pecker is stepping doed prices in an already glut- down as chiefexecutiveof ted market. American Media,publisher of These companies flooded theNational Enquirer,ending the market in recent yearsand an erafor the supermarket tab- have effectively become the loid that playedakey role in a swing producersinthe newly JOURNAL

campaign-financescandal that global market forU.S.shale REET ST

sent Donald Trump’slawyer to gas. Their reticencetochase LL

prison andimplicated the presi- rising prices is supporting the WA dent himself. market. But by keeping gasin THE

Mr.Pecker’s departurecame the ground, they risk missing a R Fridayaspart of an announce- rare period of climbing prices FO ment that American Media, that could quickly reverse. which also owns several celeb- “Given the way the world is MANTLE SS

rity-gossipmagazines such as now, you’remorelikely to see RO Us Weekly,Starand Ok!, is be- producersrespond to weak Producers are taking a cautious approach to reopening the taps. Above, a CNX Resources natural-gas well site in Pennsylvania. ing mergedwith Accelerate360 pricing rather than aresponse LLC,aGeorgia-based logistics to strong pricing,” said Anna navirusshutdown prompted 13% from the same time last Natural gas futures price Theuncertainty of the re- anddistribution business. Lenzmeier,who studies North- overseas buyerstocancel year.Gas to be delivered in De- covery and the potential for American Media will be re- eastern gasmarketsfor BTU shipmentsofliquefied natural cember,when heating demand $3 per million British thermal units domestic gasstorage facilities named A360 Media and Chris Analytics, a Lakewood, Colo., gas,orLNG.Domestic stock- picks up,has risen to $3.15. to fill up ahead of winter have Scardino,anAmerican Media research firm. piles swelled. Prices tumbled Hedgefunds and other some analystslessoptimistic. veteran, will become president, Producersoperating where even afterproducerslikeEQT speculatorsare betting prices Gas producers themselves, thecompanies said. Mr.Pecker, Pennsylvania, Ohio and West Corp., the country’slargest, have room to run. 2 stungbyyearsofselling gas 68,will serveasanexecutive Virginia meet—a region that and CNX ResourcesCorp. Investorsalso have been at ever lower prices, are also adviser to the newcompany. includes some of the most choked back wells to take gas betting on shares of natural- circumspect. “Pecker is effectively out,” a prolific wells ever drilled— off the market. gasproducers, particularly Executives at EQT,which person familiar with the matter have become particularly re- By lateJune,natural-gas fu- those operating in Appalachia, 1 took roughly 25% of itsoutput said. Mr.Pecker didn’t immedi- sponsive to price swings, Ms. tures forJuly deliveryhit such as EQT and CNX.Their offline in May, said they think ately return messages seeking Lenzmeier said. $1.48 per million British ther- stocks areup47% and 27% futures fornextyear are comment. Thehugevolumes of fuel mal units, the lowest priceina this year, respectively. With a priced toolow.They have said Accelerate360 is aunit of they canbring to market with quarter-century. Prices have 64% advance, RangeResources the company is more likely to American News CompanyLLC, minimal drilling enable them been on the upswing since, Corp.leads the pack of six Ap- 0 hold back even more produc- amagazine wholesale and dis- to meet demand in a hurry. A thanks to steamyweather palachian gas producers that Sept. Jan. Aug. tion than ramp up drilling. tribution company. Both Ameri- network of pipelines allows that’shad air conditioners arethe only nonbankrupt U.S. Note:Front-month contract CNXexpectstoreopen its canNewsCompanyand Ameri- them to steer their output be- blasting and rebounding de- energy producerswith posi- Source:FactSet shut-in wells around Nov.1.It canMedia areportfolio tween Chicagoand other Great mand from facilities that liq- tive returns in 2020. could do so sooner if near- companies of Chatham Asset Lakescities,ortoGulf Coast uefy gas for export as econo- Behind theoptimism is the Meanwhile,gas inventories term prices continue their hot Management LLC,aNew Jer- chemical makersand export- mies world-wide emerge from belief that the onset of heating have shrunk due to curtail- streak,but the Pittsburgh sey-based hedgefund. ers, depending whereprices lockdown. season in the Northern Hemi- mentsinAppalachian and less company maykeep the gas in Accelerate360 this year are best, she said. Futures forSeptember deliv- spherewill coincide with a oil drilling, which produces a the ground longer if prices are launched an e-commerce plat- Earlier this year the coro- eryended Fridayat$2.45,up strengthening world economy. lot of gas as a byproduct. weak, executives say. form called LifeToGo specializ- ing in health and wellnessprod- ucts, particularly personal protectiveequipment likedis- Printing Companies Rush to Produce Ballots posablefacemasks and hand sanitizer. “A360 Media will be unlike anything the industry has seen with an ability to cre- BY AUSTEN HUFFORD printing ballotsfor the first forthe next 50 days,” he said. such as catalogs,bank state- lier this year but couldn’t find a atedirect access to consumers AND JOSHUA JAMERSON time,printersand election of- U.S. Postal Serviceofficials ments and advertisements. companytosupply him with forour morethan 2,300 active ficials said. Because of tight saythe agencywill be able to Runbeck is rushing to in- additional mailing machines in advertising partners,” Mr.Scar- Election Dayisjust over 10 deadlines and strict standards deliver all election mail se- stall 11 newballot-mailing ma- time.Heexpectstoprint and dino said in astatement. weeks away and printing com- for their distribution and the curely and on time.The White chines,the last of which ar- mail five million ballotsthis Mr.Pecker had been CEO of panies across the country are useofpersonal information, House and congressional Demo- rived from Germanylast week. year,twiceasmanyasinpast American Media since1999, cranking up theirpresses to companies saythereisasteep cratshavebeen embroiled in a Themanufacturer of those election years. Almost all of building it up intothe dominant meet unprecedented demand learning curve. fight over the postal service’s machines, Winkler+Dünnebier them have been spoken for, Mr. publisher of celebrity-gossip for mail-in ballots. Runbeck Election Services management and funding. GmbH, is sending technicians Sandretto said. magazines in the U.S. Printerssay they believe Inc. in Phoenix plans to make Mail-in ballotsare more on achartered flight next “Wewill be producing In 2016,the Enquirer played thereisenough capacity in the about15million mail-in bal- complicated to makethan month to completeinstallation through the night,” he said. akey role in burying stories U.S. to makeand ship the mil- lotsfor the election in Novem- those used in voting booths for election clients. Ballot makers get business damaging to Mr.Trump as he lions of mail-in ballotsex- ber, up from a forecast of six because they must be pack- W+D and BlueCrest, a bal- by submitting bids to local ranfor president. Mr.Pecker pected to be cast this year as millionbeforethe pandemic. aged in an envelope with vot- lot-systems maker in Danbury, governments. Printersare typ- signed offonahush-money the coronavirus pandemic CompanyPresident Jeff Elling- ing instructions and a secure Conn., said it is toolatefor ically paid foreach ballot scheme runbythe magazine’s keeps people away from the tonsaid he is stockpiling enve- return envelope, printers say. machines orderednow to be mailed,and expected to be then-editor,Dylan Howard,to polls. However, some warn lopes in case of ashortageand Thesurge in demand is also delivered and installed before able to handle all ballot re- silencewomen who alleged af- that if demand for ballots ex- has already turned away some atest foranindustrythat has the election. “We are coming quests a local government re- fairswith Mr.Trump.Mr. ceeds projections from local counties seeking ballots. seen yearsofdeclining de- at theend of our runway,” said ceives.Maryland, with about Trump has denied the affairs. election officials, it could set “It’sgoing to be awild ride mand forprinted products BlueCrest’sCEO,Dennis LeS- four million registered voters, Thescandal implicated Mr. off a last-minute scramble to trange. expects to pay about $11 mil- Trump in afederal probe that find additional printing and Some battleground states reported large increases in voting by Neal Kelley,the registrar of lion to print and mail request determined he had directed his shipping providers, potentially mail during the 2020 presidential primarycompared with 2016. voters in OrangeCounty,Calif., forms and ballotstovoters, personal lawyer,Michael Cohen, leaving some voters without said he ordered asecond plus nearly $2 million for re- Voting by mail forselected states 2016 2020 to makepaymentstothe ballots they requested. $600,000 BlueCrest sorting turn postage. women. Nearly aquarter of the STATE 0MILLION 0.25 0.50 0.75 1.00 1.25 1.50 machine in March, in anticipa- Cleveland-based Midwest Mr.Cohen later pleaded roughly 140million votescast North Carolina tion of moremail-in voting as Direct plans to print four mil- guilty and wassentenced to in the November 2016 election a result of the pandemic. lion ballotsthis year,about 1.8 prison fortax evasion and fed- were sent by mail, according Arizona* One of the few local govern- million of which are expected eral campaign-financeviola- to the U.S. Election Assistance mentsthat operates itsown to be mailed to voters.That is tions.Mr. Trump has denied Commission.Local election of- Michigan† ballot-printing machines, Or- up from 300,000 mail-in bal- knowledgeofthe arrangements. ficials say the sharesent by angeCounty is mailing ballots lots out of the three million Messrs. Pecker and Howard mail will be significantly Wisconsin to all its1.7 million registered Midwest Direct printed overall avoided prosecution by cooper- higher this year. Nearly one voters. Mr. Kelley said he ex- in 2016,according to CEO ating with prosecutors. millionpeople votedbymail Georgia pectsmorethan 90% of Or- Richard Gebbie. In 2018,the publisher in Georgia’spresidential pri- angeCounty voters to vote by Mr. Gebbie said his factory reached anonprosecution maryinJune,for instance, Florida mail this fall, up from around is running near capacity and agreement with the U.S. attor- compared with 36,000 in the 80%during the March presi- that he recently turned down ney’s officeinManhattan, ad- 2016 primary. Pennsylvania dential primaryand about 60% acounty in northeast Ohio mitting it paid $150,000 in 2016 To print those extraballots, in the 2018 election. seeking aballot printer. *Early votes; only forDemocratic partyasRepublican partyopted out in 2020 to aformer Playboymodel to companies plan to runprint- †All types of absentee MatthewSandretto,chief ex- “We’vegot to have alittle suppressher storyofanalleged and-pack systems around the ecutiveofChicago-based print safety valvehereand say Note:These arestatesPresidentTrump, aRepublican, wonin2016thatare considered toss-ups or affair with Mr.Trump adecade clock and some lateordersare leaning in Democrats' favorthis year,according to the nonpartisan Cook Political Report. companyByers Holding LLC, we’rejust not going to take earlier. expected to go to companies Source:state election offices tried to expand operations ear- any more,” he said. Facebook Staff Demand PolicyChanges on India Hate Speech

BY JEFF HORWITZ mer Facebook employees said leted some of the politician’s fallout from banning Hindu atethe honest, candid feedback man, said howFacebook treats AND NEWLEY PURNELL was apattern of favoritism in postingsafter the Journal nationalistfigures over hate they receive. We stand against postsfrompublic figuresthat India toward the ruling Hindu asked about them. speech and incitementstovio- anti-Muslimhateand bigotry mayviolateits community Facebook employees are nationalist BharatiyaJanata “Therewas also no ac- lenceagainst Muslims,but and welcome the opportunity standards arewithin itsscope. pressing the company’sleader- Party and Hindu hard-liners. knowledgment that we might said itsdecisions didn’t de- to continue the conversation on He didn’t saywhether the ship to reviewits handling of Facebook’spublic-policyhead have made mistakes in allow- pend solely on her and that these issues.” boardwould in fact examine hatespeech in India, saying the in India, Ankhi Das,opposed in- ing such content to remain on her team made valuable con- Chief Operating Officer the matter. companyhas tolerated toxic ternal moves to apply hate- the platform,” the letter said. tributions to the process. India Sheryl Sandbergaffirmed the Thecompany’stop India ex- content by prominent political speech rules to aBJP politician “This is deeply saddening and company’sstanceagainst big- ecutive, Ajit Mohan,has inter- figuresand failed to enforce its and at least three other Hindu can be viewed as indicating a otryinanemployeemeeting nally defended Ms.Das follow- policies evenhandedly. nationalist individuals and lack of empathy for the Mus- Thecompanyin Thursday, but didn’t address ing the Journal’s reporting. In alettersent by members groups forviolating itsstan- limexperienceatbest and a specific employee-submitted Thearticle’s“claim that po- of the social-media giant’s in- dards, the Journal reported. tacit condoning of this behav- 2019 established an questions about the letterand liticalaffiliations influencede- ternal group forMuslim em- “Manyofusalso believe ior at worst.” independent content related subjects, according to cision making in India is inac- ployees,called Muslim@, our organizational structure Separately,earlier this year employeeaccountsand curateand without merit,” Mr. staffersfromIndia, the U.S. combining content policy and Facebook removed avideo oversight board. screenshotsofwrittenques- Mohan wrotetoemployees and Middle East said Facebook government affairs under the posted by aformer BJP law- tions viewed by the Journal. this week in an internal Face- needed to make its policy-en- same umbrella is fundamen- maker in which he told police Facebook established in book Workplacepost viewed forcement processfor high- tally flawed,” said the letter, that if they didn’t clearpro- 2019 an independent content by the Journal, adding that a profile usersmoretransparent which wasaddressed to “FB testersdemonstrating against is the company’sbiggest mar- oversight board that later this potential ban of BJP legislator and less susceptible to politi- Leadership.” Theemployees acitizenship bill that excludes ket by users. year will begin adjudicating Raja Singh, who was featured cal influence. asked for a review of why, al- Muslims,his supporterswould “This letterisaprime exam- thornyplatform-content deci- in the article,isstill under Theletter, viewedbyThe though some material from do so by force. ple of the type of open culture sions. consideration. Wall Street Journal, follows a thepolitician had been re- Facebook last week ac- we value at Facebook,” acom- Asked whether the board Mr.Mohan and Ms.Das Journal article last week that moved, he remains on the knowledged that Ms.Das panyspokesman said Thursday. would examine hatespeech in didn’t respond to emailed re- detailed what current and for- platform. Facebook earlier de- raised concerns about political “LeadersatFacebook appreci- India, John Taylor,its spokes- quests to comment. P2JW235000-4-B00400-1------XA

B4 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. EXCHANGE

of asudden be working from home ON BUSINESS and then the countryright next to it would not,” he said. As offices JOHN D. STOLL closed, Mr.Masserini worked with Millicom’stechnologydepartment to equip employees,insome cases tell- ing them to take companycomput- Facebook’s erswith them or use their personal machines at home. Nasdaq Inc.watched emailtraffic Balancing swell by 35% afteralmost all of its 4,500 employees went home in March, said LouModano,the stock- Act exchangeoperator’s head of cyber- security.Mixed with the email surge have been hacker ploys that playon Covid-19 fearsorsolicit charitable One person’sfree donations,hesaid. Some hackers pose as equipment suppliers, re- expression canbe questing payments. another person’shate, Potential vulnerabilities are alarmingly widespread. About 53% says Sheryl Sandberg of people working remotely con- duct companybusinessonpersonal laptops,which oftenlack safe- Facebook Inc.’s guards that manyemployers pro- businessmodel vide,such as firewalls and antivirus isn’t asecret. software,according to research Thebuzzier the from International BusinessMa- posts, the more chines Corp.Equally alarming to eyeballs—and security chiefs, 29% of remote moredataonthe

UDIO workerssaid they let kids and usersbehind them. Eyeballs and

ST other family membersuse their dataare the opiateofadvertis-

NEW work laptops foronline shopping ers. Theformula earned the and gaming,potentially exposing company $5.2 billion in the sec- them to viruses,according to a sur- ond quarter alone.Itisalso the vey from cybersecurity firm Cyber- heart of Facebook’sdilemma. CompaniesBattle Another Pandemic: Ark Software. Provocativespeech, the kind At Equifax,security-monitoring that nestles up to anyline Face- tools had been tuned to recognize book draws, is likecatnip to us- employees’ habitsatthe office, such ers. Facebook’slong-term profit- Skyrocketing as when someone typically logsinto ability depends on policing it email and which computer they use. without abusing users’ trust. “You’reused to your network traffic “You know, one person’s being in your network offices.You opinion, one person’sfree knowwhat Mondayat10a.m. looks expression canbeanother like,” said Bryson Koehler,Equifax’s person’shate,” Facebook’s Hacking Attempts chief technologyofficer.“We up- Chief Operating Officer Sheryl ended all of that.” Sandbergtold me recently in a Companies learned which alerts 40-minuteZoom call. She said signal legitimate security problems she believes the company’s Weak Wi-Fi passwords, shared laptops and which point to new work pat- standards aretough, but will terns. Highmark Health, a non- never be tough enough for are the stuff of cybersecurity nightmares profit health-care company based some people. in Pittsburgh, didn’t have the tech- How does the company show nology needed to support all its it respects the blurry line be- BY CATHERINE STUPP AND JAMES RUNDLE roughly 35,000 employees on its tween free speech and hate network at once, so it split non- speech without making por- medical staff into day and night- tions of Facebook’s three billion quifax Inc. had spent in June—nearly double the rate for such as calling the help desk and time shifts—a step companies in users feel like their views are years working to repair the prior year.ASecret Serviceoffi- pretending to be an employeewho several industries have been taboo or making another swath its reputation after a cial told the same hearing that he is locked out of an account, or a forced to take. That means time of of users feel like it doesn’t care massive data breach expectsover$30 billion in stimulus supplier who needs to confirm ac- day for network activity isn’t the about the pain that some posts E when lockdown orders funds will end up being pilfered count credentials to processpay- obvious indicator of suspicious be- cause them? meant office workers through scams,manyofthem cyber- ment, he added. havior it once was, said security This is achallengefaced around the world had to start attacks.Intelligenceagencies in the “We had a large influx of re- chief Omar Khawaja. across social media.Aspeech by working from home this spring. U.S. and Europe warn that compa- mote users,” Mr. Lafosse said. Thecompanyreset security moni- founder Mark Zuckerbergthis With most of its11,000-plus em- nies areprime targetsfor govern- “That really opened the opportu- toring tools to moreheavily weight past October at Georgetown’s ployees scatteredfar from the com- ment-sponsored hackersgoing after nity for malicious attackers to factorssuch as multiple authoriza- InstituteofPolitics and Public pany’ssecurity team, the credit-rat- corporatesecrets, especially corona- start banging against the door to tion attemptsfromthe same inter- Servicemade clear Facebook ing agencycouldn’t affordarepeat virus research, and have accused see what would stick.” net addressbut trying different user errsonthe side of free expres- of the painful 2017breach, in which China and Russia of backing these The shifting spread of the virus credentials.“In the past, we looked sion. “Giving morepeople a cybercriminals accessed Social Secu- attacks.Beijing and the Kremlin complicates corporate security. at people excessively working off- voicegives powertothe power- rity numbers, addresses,driver’s li- denyinvolvement. Companies that straddle interna- hoursbecause maybe something less, and it pushes society to get cense information and other details So far during the pandemic, tional borders have to keep up malicious washappening,” Mr.Kha- betterovertime,” he said. of about 150 million Americans. Kraft-Heinz has observed ajump with which employees must work waja said. “But rules changed.” Manysay that’s toohands- Work-from-home requirements of 10% to 15% in attempted email remotely and which can go to the Battling attacks during the pan- off,and the cautious approach have magnified cybersecurity attacks,said Ricardo Lafosse, office as governments issue and demic has also reinforced a basic tends to foster the spread of threatsfor practically everycom- head of cybersecurity.Inrecent rescind restrictions, said Mr. Mas- security lesson, executives say. No misinformation. pany, whose datanow must traverse weeks,hackersadopted newtac- serini, the security chief at Milli- matter how a hacker tries to infil- Ms.Sandbergcountersthat Wi-Finetworks with passwords tics,making fraudulent phone com, the telecommunications firm, trate a company’s systems, an in- Facebook on itsown nowfinds named afterthe family dog while calls to the company’ssupport which provides mobile phone ser- dividual worker can be the stron- 95% of the hatespeech that is workerssharedeviceswith teenag- center.They pose as employees or vices in Latin America and Africa. gest—or weakest—link. takendown, compared with 24% erstaking classes on Zoom or play- supplierstogather information “It actually impacted us firsthere “No matter what we do with acouple yearsago. Millions of ing “Fortnite” with their friends. that could help them launch more in Miami, and then as [the virus] our tools,” Nasdaq’s Mr. Modano pieces of content areremoved In an effort to protect its most sophisticated attacks in the fu- propagated through Latin America, said, “the employee is always the by artificial-intelligencetools. sensitive information, Equifax gave ture, he said. Hackersuse tactics youhad one countrythat would all first line of defense.” Last month, a civil-rights au- customer-support agents laptops dit conducted by an indepen- with software designed to detect dent attorney but commis- suspicious activity that could ex- sioned by Facebook criticized pose information or give hackers a Remote Risk the company for being “too re- way into the company’s computer Ashifttowardworking from home due to Covid-19 has createdcybersecurityvulnerabilities. active and piecemeal” in re- network. Those employees nor- Laxpractices among thosewho work with personally identifiable information, such as Social sponses to hate speech, and for mally work in restricted call cen- presiding over a “seesaw of ters and typically weren’t allowed Securitynumbers, financial data and individuals’medical records, could be seriously damaging. progress and setbacks.” Ms. to work from home, said Jamil Sandberg chaired the task force Farshchi, the company’s chief in- People who arenewly working from home due to the pandemic that conducted the audit. formation security officer. Amajor complaint in the re- Security researchers have port: Facebook’shandling of warned that hackers are targeting President Trump’sposts about employees doing business from protestersand voting that have their new, makeshift workplaces, been characterized as racist or using techniques such as scam misleading.Ms. Sandbergsaid emails that pretend to be video- 53%45% the companydoes not profit conference invitations but that ac- Use apersonal Sayemployer from or incentivizeprovocative tually steal network credentials. laptoporcomputer hasn’t provided content, but it is deliberately Technology, health-careand fi- forwork securitytraining slowtohit the deletebutton. nancial companies aren’t the only during work “Weget accused from conser- ones under siege. With around from home vatives of being anti-conserva- half the U.S. workforce working tive,” Ms.Sandbergsaid. “They remotely, according to aJune look at us and they see,you study from the National Bureau of know, liberal Silicon Valley com- Economic Research, even compa- Subset who work with personally identifiable information pany.” What’sthe answer? nies likeKraft-Heinz Co.are expe- “We’regoing to be very clear riencing an uptick in attemptson about what our rules are...and their networks. working to apply them as even- Before the pandemic, some handed as possible.” firms tracked thousands, even mil- If Mr.Trump violates the lions of threats a day. As soon as 22% 23% company’s list of community workers headed home, companies standards (including hate Have posteda Use personal started seeing attacks surge. devices other than speech and misinformation), his “In the course of [the first] two pictureoftheir postscome down. But penaliz- work-from-home cell phones for weeks, we saw orders-of-magni- work and none are ing aperson as polarizing as Mr. tude increases in our alerts,” said setup on social Trump isn’t easy. media managedbytheir John Masserini, who leads cyber- employer Thenextbig test will be the security for telecommunications 2020 election.Ms. Sandberg operator Millicom International said Facebook is committedto Cellular SA. “We watched our se- being “much moreproactive curity operations center light up.” around pushing out accuratein- Most attacks arebeaten back,but formation in this election.” She not all. TwitterInc.saw hackerstake said that Facebook blocked bad over the accountsofseveral promi- actorsin“hundreds of elections nent users, including former Presi- around the world” in 2018. dent Obama and musician Kanye 37% 53% Facebook has been criticized West after tricking Twitteremploy- Reuse passwords Sayemployerhas forallegedly allowing the spread ees intosharing administrativein- forbusiness no newsecurity of false stories during recent formation.Hackershave breached applications or policies in U.K. elections,however. suppliers forfinancial services firms accounts managing “It’sour job to showupat such as Freddie Mac and disrupted personally work everyday,trying to stop operations at hospitals in the U.S. identifiable anything bad,” Ms.Sandberg and Europe. information said. But of course,“the bad guys TheFBI, as of May28, had re- will always trytoget ahead.” ceived around 320,000 complaints Facebook’stask is to continue of internet crime,asenior official Source:IBM online survey of of 2,001U.S. adults newly working from home due to Covid-19,ofwhich 848 work with personally identifiable information (PII), conducted June 4-7and working to convinceitis, in told the SenateJudiciaryCommittee normalized forage and gender; margins of error: +/– 2pct. pts. (full survey)and +/– 3pct. pts. (PII subset) Kara Dapena/THE WALL STREET JOURNAL fact, the good guy. P2JW235000-4-B00500-17FFFF5178F

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | B5 WEEKEND INVESTOR

If you’re a small- TAXREPORT | LAURA SAUNDERS rather than “accrual accounting.” business owner, This means they won’t owe the don’t overlook tax IRS until customers pay, rather breaks that could than owing when the customers help this year— ThePandemicTaxBreaksEvery commit to pay. whether your busi- Mr. Smith says that this year ness is on the ropes some smaller firms have seen rev- or is booming. enues drop enough to lower their The coronavirus pandemic has Small Business Should Know average below the current $26 mil- left millions of small businesses lion threshold for several years go- like restaurants and shops strug- ing forward, enabling them to gling to survive. Nearly two mil- switch to cash accounting. lion American firms, mostly small Whatever shape your business is in, here are tax moves to consider now ones, have already closed their n Getgenerous treatment for doors in 2020, says Raymond lossesfromfailedbusinesses. Greenhill, president of Oxxford In- Tax code section 1244 provides a formation Technology, which benefit for some failed businesses tracks about 32 million U.S. busi- that’s often overlooked, says Dr. nesses of all sizes. At the same Chambers. Certain owners who sell time, some small firms, like clean- can use up to $50,000 of net ing services and bike stores, are losses—$100,000 for a married straining to meet demand. couple filing jointly—to offset cur- Either way, harried owners who rent or future ordinary income have focused mainly on the Pay- such as wages. check Protection Program and pay- Without this provision, the roll tax deferrals allowed this year losses would count as capital may be unaware of other provi- losses that only offset capital sions that could aid them. Several were prompted by the pandemic, while others are longstanding but Special taxrules apply newly relevant. “Tax strategies aren’t topof when thegovernment mind during acrisis,but they declares adisaster, as it makeadifference. Some of them provide cash that manyowners has this year nationwide. need,” says Bill Smith, an attorney who leads CBIZ MHM’snational taxoffice. One allows ownersto gains, plus $3,000 of ordinary in- sell stock in smaller companies come a year. Such losses could taxfree. take a long time to use. Whatever shape your small The requirements to claim this business is in, here are tax moves break apply to many investors in to consider now. Note: All are small firms. The business must be likely to require professional help organized as a C or Scorporation, but could provide big benefits. not a partnership, and the break

SENPREIS often doesn’t apply if more than $1 n Claim 2020 losseson2019tax ES million in capital was invested at

returns. TEN the firm’s outset. It can be used

Section 165(i) of the tax code lets KIERS only by original investors, not sub- individuals and businesses claim sequent ones. some losses on last year’s tax re- turn if a federal disaster has been differs from other disasters. Write- spokesman says the agency is ductions outstrip income. n Sell abusiness, tax-free. declared. The intent is to get cash offs may need to be for “casualty” aware of the issues. However, this benefit takeslonger Owners who sell at a profit have a to victims as soon as possible. losses as defined by the tax code, to getthan the one fordisasters terrific opportunity if they can use Disaster declarations are usually which typically requires them to n Next year,carry 2020 losses because 2020 losses can’t be code section 1202. In that case, for events like hurricanes or earth- be both sudden and caused by the backuptofiveyears. claimed until returns arefiled some or even all of the gains on quakes, but this year the pandemic disaster. The 2017 tax overhaul ended the next spring. the sale may be tax-free. qualifies. For example, a restau- Valrie Chambers, a CPA who ability of many firms to use cur- The expanded carryback benefit To be eligible,the business rant owner who had a good year in studies casualty losses and teaches rent operating losses to offset can be used both by corporations, must be aCcorporation, and the 2019 might be able deduct 2020 at Stetson University, thinks that a prior years’ taxes, but this spring’s including S corporations, and by seller must have held the stock in pandemic expenses for food spoil- revenue drop for a restaurant due Cares Act allows a five-year carry- owners of pass-through entities it formorethan five years. The age on the 2019 tax return and re- to capacity limits wouldn’t count. back of net losses for 2018, 2019 such as partnerships. businesscan’t have had more duce taxes owed or get a refund. She thinks that added costs for and 2020. It also removed other than $50 million in assetswhen it Alternately, these losses can be deep-cleaning or a payment to get restrictions on their use, making n Switch to cash accounting wasstarted. If the conditions are claimed on 2020 returns, which out a lease because of the pan- this provision highly valuable to to defer taxes. met, says Mr.Smith, the owners are due as late as Oct. 15, 2021. demic could count. some taxpayers. The 2017 overhaul allowed firms canoften eliminatecapital-gains Not all pandemic costs are de- The Internal Revenue Service Abroad array of losses areal- averaging less than a certain taxonatleast $10 million of ductible, and it’s not clear which hasn’t issued guidance on pan- lowedunder this provision, be- amount of revenue over three profitsontheir sale,and some- ones qualify because the pandemic demic disaster losses, but a cause it applies when businessde- years to use “cash accounting” times far more. Serious investors deserve a seriously smartteam.

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B6 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. EXCHANGE

SlowYour Roll The U.S. paper-towelsupply chain had problems that have ledtoshortages sincethe pandemic began. Trucking wasoften Trucks faced backups Here’show it worksand some of the issues. slowerand costlier than at loading docks. beforethe pandemic.

Wood is turnedintopaper pulp. Factories makethe paper towels Paper towels arepackagedand Regional distribution centers Products areunloadedand stocked Pulp makerssend it to paper-towel on giantparentrolls,which are sent to retailers’ regional sendproductstostores. at retailers. factories, usuallybytrain. then dividedintoindividual rolls. distribution centers.

Paper Towels Machines were Packaging machines Distribution centers Retailers received much operating near capacity were operating near were overloaded,so less than theyordered beforethe pandemic capacity, and commercial some factoriessent amid soaring demand. Gone? Blame because of efficiency lines couldn’t be easily paper towels directly efforts called switched to make to stores. just-in-time operating. retail products. Sources: paper-towelmanufacturers and retailers Lean Systems Kara Dapena/THE WALL STREET JOURNAL

ContinuedfrompageB1 to thin out the inventory it held by their normal amount of paper tow- $6.5 billion. Executives said the els one week, and the next week 10 move would free up capital to help times more, Ms. Coduto recalls. the company manage rising ex- She felt a sense of foreboding. penses such as a store makeover “I read about other countries plan and fuel costs. getting hit by the virus, and some Walmart imposed itsdiscipline on of the panic and fear,” she said. suppliers, penalizing them fordeliv- She and the nearly 1,000 workers ering either toosoon or toolate. at the Georgia-Pacific plant, which Suppliersthat shipped full trucks of makes Sparkle paper towels and productstoWalmart had to deliver wasalready running 24/7,began within aspecified two-daywindow hunting forways to increase output. around 80% of the time or be fined With tactics such as cutting variet- 3% of the cost of the goods.Compet- ies to reduceline changeover time, ing retailersalso demanded deliver- they eventually managed to raise its ies on precise schedules. production about 25%, still not Pushed hardest were makers of enough to meet all the orders. bulky paper products, because The coronavirus reached her re- they take up so much space, said gion in April. “If there’s anything Mike Hsu, the chief executive of that keeps me up at night, it’s how Kimberly-Clark Corp., which makes to keep everyone safe,” she said. Scott paper towels. P&G launched “You’re questioning everything a downsizing in the early 2000s. you’re doing, trying to keep the vi- Colgate-PalmoliveCo. and Kim- G

rus out of the workplace.” The berly-Clark followed suit. P& plant has had a few workers test Michael Leavitt, who was U.S. A worker creates 2-ply tissue paper at a Procter & Gamble Co. factory in Green Bay, Wis. positive and quarantine but has secretary of Health and Human stayed open. Services in 2006, faced dual crises As Americans stocked up,bricks- that year, an avian flu and public far enough apart that each genera- anceonoverseas makers, as with called dead heads—some trucking and-mortar stores’ sales of paper fears that tainted food and con- tion of leadership figures it won’t facemasks this spring,nor was companies didn’t honor commit- towels soared 150% in mid-March. sumer products were being im- happen on their watch.” tight raw-material supply an issue. ments and instead chased the Demand remains 25% higher than ported. He spoke at the time of Companies that adopted the Pulp wasplentiful, in part because higher rates available on trucking’s beforethe pandemic,says Procter & what he called the Albertsons syn- lean-inventory approach largely demand fornewsprint declined. The spot market, said Bob Biesterfeld, Gamble Co., which makes Bounty. drome, where shoppers strip su- omitted tenets of the system as it main problem wasproducers’ lack CEO of freight brokerage firm C.H. The supply chain sputtered for permarket shelves of key products had been devised. Originally, it of sparemanufacturing capacity. Robinson Worldwide Inc. He said many other things Americans at the first sign of a threat. called for having extensive backup Paper towels are made in a pro- the brokerage company picked up clamored for when the virus Mr.Leavittbegan urging the gov- plans in case of an event that in- cess that dates back more than a business from shippers whose con- struck, including some food prod- ernment, businesses and individuals terrupted plant operations or century. Companies feed wood tracted trucking carriers had left ucts, disinfectant wipes and—espe- to build up acushion of essential caused a sudden demand surge. pulp into machines several stories them in the lurch. cially alarming for health-care items.Jay Leno on “The Tonight Prescribed strategies included de- high that press it, roll it and dry it Thefinal trucking miles,fromre- workers—face masks. Show” poked funathim forsaying, veloping ties with backup suppli- using Yankee dryers, which also gional distribution centerstostores, While each had its specific is- in reply to areporter’s question, ers so plants always have enough. have blades to scrape each layer proved especially troublesome.The sues, all involved lean operations that even people on atight budget “In a lot of the lean literature, down to the right thickness in a centersand stores have limited by manufacturers or raw-material could prepare, by slowly amassing that’s just stripped out,” said method called creping. loading docks.Soevenwhen manu- suppliers, plus disciplined distribu- powdered milk and extratuna fish. Wally Hopp of the University of The machine produces parent facturershad sufficient paper tow- tion and retailing channels geared “It’s very easy to put off a pri- Michigan Ross School of Business. rolls weighing 6,000 pounds, els or other high-demand items to to a normal level of demand. The ority if you think it’s never going “So we have these systems that which are transferred by auto- deliver,their truckershad to strug- lean system went largely unques- to happen,” Mr. Leavitt said in a are lean but also brittle.” mated vehicles called elephants to gle with long lines to unload. tioned, until one day just-in-time recent interview. “Pandemics hap- In the case of paper towels, converters. There the paper is per- While some aspectsofthe supply meant not-enough. pen routinely—they just happen shortagerisks didn’t involvereli- forated and embossed, making it chain have eased in recent months, Credit fordevelopingitgoes to stronger and more absorbent. Fi- trucking capacity has growntighter Taiichi Ohno, an engineer at Toyota nally, it is wound around card- because moreofthe U.S. economyis Motor.Hehas said he drew inspira- Shelf Space board tubes in long logs and then back online and creating demand to tion from a1950svisit to aU.S.su- chopped into individual rolls. transport industrial products. The shareofitems out of stock in U.S. storesand e-commerce has soared permarket, wherehesaw howthe The main piece of machinery in the pandemic. grocer restocked in real time as breaks down if idled for long peri- Second thoughts shoppersbought goods,avoiding ei- Average percentageofproducts sold outasofAug. 9 ods, such as if not needed when Executives at some makersoffood ther bareshelves or excess products. demand returns to normal, said and household staples saythey rec- At the time,itwas common for Pre-pandemic range: 5%-7% Rick McLeod, an executive in ognizehow the drivefor efficiency manufacturerstokeep warehouses P&G’s family care unit. The indus- hindered their ability to respond to filled with months’ supplies of raw Householdpaper 21% try couldn’t shift production from the coronavirus crisis demand, and materials and parts. All that inven- commercial paper towels to at- they arebecoming alittle lesslean. tory had to be paid fororfinanced, Householdcleaners 18 home varieties because companies KelloggCo., which had short- and storing it cost money as well. either don’t make both types or ages in its production of cereal Canned vegetables 18 couldn’t switch fast enough. and snacks such as Pringles, said it ‘Toyota way’ Carbonatedbeverages 15 “The capacity to make paper is investing in more transporta- When Japanese auto makers chal- towels is both very expensive and tion. Georgia-Pacific has built ad- lenged Detroit in the 1970s, Frozenmeals 14 requires a very long lead time” to ditional loading-dock doors so Japan’s low-price cars could be Refrigerated meats 14 build, P&G Chief Executive David more trucks can be filled at once. profitable in part because of rigor- Taylor said. “You wouldn’t run a “There is appetite for more ous manufacturing efficiency, in Coffeeand tea 12 business at 30% or 40% extra ca- safety stock going forward,” said which parts weren’t stored in bulk pacity. The cost of that would not Kellogg CEO Steve Cahillane. “That Baking ingredients 11 at the assembly plant, tying up allow you to price in a way that is something that everybody is capital, but arrived only as needed. Hair care 10 meets customer needs.” talking about.” U.S. auto makers stung by the Though P&G has no plans to Weis MarketsInc., a mid-Atlan- competition rushed to replicate All consumer* 9 build a new plant, it restarted an tic grocery chain, has tapped addi- “the Toyota way.” Soon, academics Laundry 9 idled piece of equipment at a facil- tional suppliers of paper towels, and business leaders were extol- ity in Albany, Ga., in March. P&G including some that normally sell ling it, publishing voluminous Petcare 8 said it carried out what is nor- to businesses, said its chief operat- amounts on how to master and ex- mally a monthslong restarting pro- ing officer, Kurt Schertle. Weis is Over-the-countermedicine ecute just-in-time systems for dif- 7 cess in two weeks by sending engi- carrying 40% more inventory in its ferent industries. Personal cleansing 7 neers from around the country. distribution center. At the retail level, one spur was Toilet paper shortages subsided “We are much better off having Grooming supplies *Edible and nonedible a decision by Walmart Inc. in 2006 4 Source:IRI CPGSupply Index over the summer as consumers’ canned veggies, bottled water and stockpiles were morethan enough paper towels in our [distribution to covertheir increased use of bath- center] than to have cash on hand room tissue at home.Paper towels trying to save a couple percent remain in higher demand as people somewhere,” Mr. Schertle said. clean moreamid the pandemic. A spokesman for Walmart said Georgia-Pacific,which makes it is focusing on securing better Brawny paper towels in addition to availability of essential products. Sparkle,said it is considering con- He said the retailer hasn’t made verting some toilet paper lines to plans to change future inventory paper towels,based on itsviewof levels. The spokesman declined to long-term demand. But it, likeother comment on whether Walmart’s producers, has no plans to build a longtime push to reduce inventory newpaper towelplant. Paper towels factored into shortages Americans aren’t typically exported because of have faced during the pandemic. the shipping cost. In late July, Ms. Austin in North Broadly speaking, producers of Carolina was down to her last few household staples have recorded sheets of paper towels after find- higher revenue and improved mar- ing none at the local grocery.

S gins during the pandemic as con- “We are a community used to

PRES sumers have rushed to stock up. pulling together and keeping Paper-towelfactories generally ship things on hand for those surprise TED their output by truck.Trucking nor’easters and flooding times, but OCIA

SS routes,too,are craftedfor maxi- this was an entirely new feeling,” /A mum efficiencyand little slack. Ms. Austin said. “And it still is. It’s When volumes of staples sent to disheartening to walk up to those WENIG stores surged beyond the norm shelves and still see them bare.”

SETH this spring—at times leaving deliv- —Jennifer Smith A shopper walked by empty shelves for paper towels and toilet paper at a Costco in Teterboro, N.J. on March 2. ery trucks with no return cargo, contributed to this article. P2JW235000-4-B00700-2------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and 27930.33 Trailing P/E ratio 27.90 18.41 3397.16 Trailing P/E ratio * 35.35 22.49 11311.80 Trailing P/E ratio *† 36.75 23.55 commodities performed around the world for the week. P/E estimate * 25.34 16.98 P/E estimate * 26.17 17.62 s 46.85 P/E estimate *† 32.61 21.12 s 190.60 s 11.65 Stock Currency, Commodity, Exchange- Dividend yield 2.25 2.38 Dividend yield * 1.79 1.95 Dividend yield *† 0.77 1.05 or 0.69% or 0.34% or 0.42% index vs. U.S. dollar traded in U.S.* traded fund All-time high: All-time high Current divisor All-time high Wheat 5.45% 11311.80, 08/21/20 29551.42, 02/12/20 0.14579812049809 3397.16, 08/21/20 Nymex natural gas 3.90 Nasdaq 100 3.50 30000 3500 11150 S&P 500 Information Tech 3.48 Nymex RBOB gasoline 3.17 27500 3250 10625 Nasdaq Composite 2.65 Comex silver 2.46 S&P 500 Consumer Discr 2.42 25000 3000 10100 Comex copper 2.01 Session high 65-day moving average iSh 20+ Treasury 1.85 65-day moving average 22500 2750 9575 DOWN UP S&P 500 Telecom Svcs 1.73 Session open Close t 65-day moving average S&P BSE Sensex 1.47 Close Open 20000 2500 9050 South African rand 1.31 t Bloomberg Commodity Index 0.92 Session low 17500 2250 8525 Lean hogs 0.79 Bars measure the point change from session's open iShiBoxx$HYCp 0.78 15000 2000 8000 Corn 0.77 June July Aug. June July Aug. June July Aug. iShiBoxx$InvGrdCp 0.77 Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index Japanese yen 0.74 S&P 500 0.72 Canada dollar 0.68 Major U.S. Stock-Market Indexes Trading Diary Shanghai Composite 0.61

Latest 52-Week % chg Volume, Advancers, Decliners iSh TIPS Bond 0.61 High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Indonesian rupiah 0.61 Dow Jones Total volume* 837,088,020 17,650,208 iSh 7-10 Treasury 0.57 Industrial Average 27959.48 27686.78 27930.33 190.60 0.69 29551.42 18591.93 9.0 -2.1 8.8 Adv. volume* 291,707,371 2,988,879 VangdTotalBd 0.48 Transportation Avg 10960.05 10855.24 10940.68 46.75 0.43 11304.97 6703.63 12.3 0.4 6.2 Decl. volume* 528,225,823 14,157,230 VangdTotIntlBd 0.45 Utility Average 812.38 803.01 809.61 -0.98 -0.12 960.89 610.89 -2.7 -7.9 3.0 Issues traded 3,075 262 Chinese yuan 0.45 iShJPMUSEmgBd 0.30 Total Stock Market 34655.55 34483.50 34626.02 82.80 0.24 34631.28 22462.76 18.6 4.8 11.4 Advances 1,004 69 S&P 500 Consumer Staples 0.19 Barron's 400 727.94 724.68 727.81 -0.01 -0.001 746.64 455.11 13.6 -0.6 5.0 Declines 1,959 186 Unchanged 112 7 Sao Paulo Bovespa 0.17 Nasdaq Stock Market New highs 65 0 Nymex crude 0.07 Nasdaq Composite 11326.21 11245.44 11311.80 46.85 0.42 11311.80 6860.67 45.9 26.1 22.1 New lows 29 3 WSJ Dollar Index 0.06 Nasdaq 100 11574.79 11461.53 11555.16 78.11 0.68 11555.16 6994.29 54.8 32.3 25.9 Closing Arms† 0.94 2.07 S&P/TSX Comp 0.02 Block trades* 5,218 200 S&P 500 Real Estate 0.02 S&P UK pound 0.02 500 Index 3399.96 3379.31 3397.16 11.65 0.34 3397.16 2237.40 19.3 5.1 11.8 Nasdaq NYSE Arca iSh 1-3 Treasury 0.01 MidCap 400 1916.43 1902.64 1910.25 -5.14 -0.27 2106.12 1218.55 4.0 -7.4 4.1 Total volume*3,867,529,122 188,243,551 -0.002 Mexico peso SmallCap 600 899.53 889.38 894.74 -6.00 1041.03 595.67 -0.2 -12.4 3.1 Adv. volume*1,622,740,070 75,936,461 -0.67 -0.002 Dow Jones Industrial Average Decl. volume*2,198,592,280 111,325,059 Other Indexes -0.01 S&P 500 Health Care Issues traded 3,448 1,390 Russell 2000 1563.37 1545.36 1552.48 -11.83 -0.76 1705.22 991.16 6.4 -7.0 4.6 -0.03 Indian rupee Advances 1,115 564 -0.12 Comex gold NYSE Composite 12814.11 12762.94 12809.07 -3.79 -0.03 14183.20 8777.38 3.2 -7.9 3.0 Declines 2,253 805 -0.13 Australian dollar Value Line 474.42 469.93 471.40 -3.02 -0.64 562.05 305.71 -4.0 -14.6 -2.2 Unchanged 80 21 -0.17 Dow Jones Transportation Average NYSE Arca Biotech 5420.58 5356.98 5393.04 -27.85 -0.51 6142.96 3855.67 22.9 6.4 12.3 New highs 81 91 -0.25 S&P/ASX 200 NYSE Arca Pharma 672.48 666.09 671.23 -1.27 -0.19 672.50 494.36 17.3 2.7 9.2 New lows 37 15 -0.27 Swiss franc KBW Bank 75.14 73.89 74.21 -0.37 -0.50 114.12 56.19 -17.2 -34.5 -7.2 Closing Arms† 0.67 1.03 -0.27 Hang Seng § Block trades* 25,362 925 PHLX Gold/Silver 148.69 145.76 147.51 -3.37 -2.24 161.14 70.12 50.9 38.0 20.0 -0.30 Soybeans § PHLX Oil Service 36.56 35.43 35.62 -1.27 -3.44 80.99 21.47 -41.0 -54.5 -32.9 * Primary market NYSE, NYSE American NYSE Arca only. -0.41 Euro area euro § PHLX Semiconductor 2199.27 2170.64 2198.33 17.29 0.79 2227.61 1286.84 52.0 18.9 27.3 †(TRIN) A comparison of the number of advancing and declining -0.47 South Korean won issues with the volume of shares rising and falling. An Cboe Volatility 24.47 22.06 22.54 -0.18 82.69 11.54 13.4 63.6 19.6 -0.79 Arms of less than 1 indicates buying demand; above 1 -0.51 iShNatlMuniBd §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -0.81 Stoxx Europe 600 -1.06 DAX -1.16 Euro Stoxx International Stock Indexes Percentage Gainers... -1.26 S&P 500 Materials Latest Session 52-Week Latest YTD -1.34 CAC-40 Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.35 Norwegian krone 0.06 Kymera Therapeutics KYMR 33.26 13.26 66.30 37.75 20.00 ... World The Global Dow 3028.38 1.72 –6.9 -1.45 FTSE 100 Harpoon Therapeutics HARP 15.31 3.59 30.63 25.02 10.27 15.6 DJ Global Index 434.98 0.97 0.22 0.2 Bio-Path Holdings BPTH 5.16 1.20 30.30 13.34 2.92 -56.7 -1.50 S&P 500 Industrials DJ Global ex U.S. 249.12 0.35 0.14 –5.5 Kelly Services Cl B KELYB 31.95 6.81 27.06 90.36 10.35 14.1 -1.58 Nikkei 225 0.26 Americas DJ Americas 789.86 2.03 3.8 ShiftPixy PIXY 4.37 0.93 27.03 27.50 3.21 -79.2 -1.61 Russell 2000 Brazil Sao Paulo Bovespa 101521.29 53.42 0.05 –12.2 Velocity Financial VEL 5.27 1.05 24.88 14.90 2.24 ... -1.66 FTSE MIB Canada S&P/TSX Comp 16517.85 –88.91 –0.54 –3.2 Midatech Pharma ADR MTP 2.56 0.46 21.90 8.50 0.86 -61.5 -1.70 S&P 500 Utilities Mexico S&P/BMV IPC 38095.88 –611.36 –1.58 –12.5 Nano-X Imaging NNOX 21.70 3.70 20.56 25.00 18.00 ... -2.02 S&P MidCap 400 Chile Santiago IPSA 2755.24 11.55 0.42 –17.4 Buckle BKE 19.45 3.08 18.81 28.52 11.76 7.9 -2.19 IPC All-Share EMEA Stoxx Europe 600 365.09 –0.55 –0.15 –12.2 Ossen Innovation ADR OSN 3.44 0.53 18.21 7.00 1.50 7.5 -2.32 Nymex ULSD Eurozone Euro Stoxx 358.14 –0.84 –0.23 –11.3 BigCommerce Holdings BIGC 76.10 11.60 17.98 104.00 63.77 ... -2.41 IBEX 35 Belgium Bel-20 3302.92 –34.70 –1.04 –16.5 Vuzix VUZI 4.31 0.64 17.44 4.93 0.86 129.3 -2.52 S&P SmallCap 600 Denmark OMX Copenhagen 20 1318.62 8.38 0.64 16.1 CLPS CLPS 3.63 0.52 16.72 8.86 1.62 -26.6 -2.61 Russian ruble France CAC 40 4896.33 –14.91 –0.30 –18.1 MOGU ADR MOGU 3.14 0.41 15.02 6.85 0.88 -13.6 -3.40 S&P 500 Financials Germany DAX 12764.80 –65.20 –0.51 –3.7 AudioEye AEYE 21.28 2.63 14.10 22.29 1.94 382.5 -4.27 Kospi Composite Closed Israel Tel Aviv 1394.71 … –17.1 Percentage Losers -6.11 S&P 500 Energy Italy FTSE MIB 19695.43 –71.53 –0.36 –16.2 Latest Session 52-Week *Continuous front-month contracts Netherlands AEX 551.37 –1.07 –0.19 –8.8 Company Symbol Close Net chg % chg High Low % chg Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies). Russia RTS Index 1262.01 –10.80 –0.85 –18.5 VivoPower International VVPR 2.62 -0.97 -27.02 4.27 0.59 100.0 THE WALL STREET JOURNAL 0.58 South Africa FTSE/JSE All-Share 55949.92 319.94 –2.0 Aemetis AMTX 2.14 -0.67 -23.84 3.47 0.37 170.9 Spain IBEX 35 6982.10 –11.20 –0.16 –26.9 Cato Cl A CATO 6.49 -1.78 -21.52 19.73 6.09 -59.4 See an expanded daily list of selected global stock indexes, bond ETFs, currencies and commodities at wsj.com/graphics/track-the-markets Sweden OMX Stockholm 693.58 –0.27 –0.04 1.9 GAN GAN 20.68 -4.49 -17.84 28.95 10.60 ... Switzerland Swiss Market 10218.20 –11.72 –0.11 –3.8 AutoWeb AUTO 2.78 -0.58 -17.26 3.69 0.50 23.0 Turkey BIST 100 1109.88 –16.92 –1.50 –3.0 Marathon Patent Group MARA 2.71 -0.56 -17.13 5.25 0.35 59.4 U.K. FTSE 100 6001.89 –11.45 –0.19 –20.4 Pacific Ethanol PEIX 4.10 -0.80 -16.24 5.33 0.22 645.5 U.K. FTSE 250 17577.68 0.46 –19.7 81.25 SharpSpring SHSP 9.83 -1.78 -15.33 13.95 4.50 -17.4 Asia-Pacific Penn Virginia PVAC 10.35 -1.74 -14.39 37.12 0.99 -64.8 Speed-Read the Markets Australia S&P/ASX 200 6111.20 –8.82 –0.14 –8.6 Blink Charging BLNK 6.80 -1.14 -14.36 14.58 1.25 162.5 0.50 China Shanghai Composite 3380.68 16.78 10.8 Electromed ELMD 14.20 -2.28 -13.83 19.73 5.20 173.1 Hong Kong Hang Seng 25113.84 322.45 1.30 –10.9 MICT MICT 3.26 -0.51 -13.53 8.45 0.38 377.4 With 30-plus charts and concise analysis, India S&P BSE Sensex 38434.72 214.34 0.56 –6.8 Pinduoduo ADR PDD 84.00 -13.13 -13.52 98.96 29.38 184.8 The Daily Shotmorning newsletter delivers an Japan Nikkei Stock Avg 0.17 22920.30 39.68 –3.1 Calyxt CLXT 5.75 -0.86 -13.01 8.41 2.40 -9.2 overviewofthe trends impacting global markets. Singapore Straits Times 2528.54 0.61 0.02 –21.5 Urban One Cl A UONE 5.02 -0.74 -12.85 54.16 0.95 170.5 South Korea Kospi 2304.59 30.37 1.34 4.9 Most Active Stocks Sign up nowatWSJ.com/DailyShot Taiwan TAIEX 12607.84 245.20 1.98 5.1 Volume % chg from Latest Session 52-Week Thailand SET 1299.26 2.47 0.19 –17.8 Company Symbol (000) 65-day avg Close % chg High Low s 2020 Dow Jones & Co., Inc. All Right reserved. 2DJ6399 Sources: FactSet; Dow Jones Market Data Hancock Jaffe Labs HJLI 464,732 16602.5 0.46 63.89 1.08 0.21 Gevo GEVO 236,538 1077.5 1.23 -32.42 3.60 0.46 Get real-time U.S. stock quotes and track most-active ShiftPixy PIXY 133,034 15927.6 4.37 27.03 27.50 3.21 stocks, new highs/lows and mutual funds. Transocean RIG 102,479 281.4 1.14 -28.30 7.28 0.76 Currencies WSJ Plus, deeper money-flows data and email delivery of Apple AAPL 84,181 129.7 497.48 5.15 499.47 201.00 U.S.-dollar foreign-exchange rates in late New York trading .COM key stock-market data. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least US$ vs, US$ vs, 5,000 shares =Has traded fewer than 65 days Available free at WSJMarkets.com Fri YTD chg Fri YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23176 0.02 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Argentina peso .0136 73.5781 22.9 Europe Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Brazil real .1779 5.6203 39.8 Czech Rep. koruna .04523 22.109 –2.5 U.S. consumer rates Selected rates major U.S. trading partners Canada dollar .7589 1.3178 1.4 Denmark krone .1584 6.3115 –5.3 notes and bonds Chile peso .001261 793.10 7.3 Euro area euro 1.1796 .8478 –4.9 A consumer rate against its New car loan 2.25% Colombiapeso .000261 3836.00 16.9 Hungary forint .003361 297.49 0.7 benchmark over the past year Ecuador US dollar 11unch Iceland krona .007255 137.84 13.8 Bankrate.com avg†: 4.26% 2.00 8% One year ago Mexico peso .0455 21.9758 16.1 Norway krone .1110 9.0115 2.6

1.75 s

First Command Bank 2.75% t WSJ Dollar index s Uruguay peso .02332 42.8750 15.4 Poland zloty .2671 3.7433 –1.3 1.50 Euro 5.40% Fort Worth, TX 888-763-7600 4 Asia-Pacific Russia ruble .01337 74.821 20.6 1.25 Sweden krona .1137 8.7956 –6.1 First Savings Bank of Hegewisch Australian dollar .7162 1.3963 –2.0 2.75% 1.00 0 Switzerland franc 1.0970 .9116 –5.8 4.80 China yuan .1445 6.9195 –0.6 Chicago, IL 773-646-4200 0.75 Turkey lira .1364 7.3330 23.3 Hong Kong dollar .1290 7.7504 –0.5 Tradeweb ICE 0.50 Ukraine hryvnia .0363 27.5500 16.4

4.20 Think Mutual Bank 2.99% –4 s India rupee .01335 74.922 5.0 t Friday Close t 0.25 UK pound 1.3089 .7640 1.3 Prime rate Rochester, MN 800-288-3425 Yen Indonesia rupiah .0000677 14771 6.4 t New car loan 0.00 Japan yen .009451 105.81 –2.6 Middle East/Africa 3.60 First FSB of Mascoutah 3.00% –8 1 3 6 1 2 3 5 7 10 20 30 Kazakhstan tenge .002380 420.08 10.0 Bahrain dinar 2.6525 .3770 –0.01 Mascoutah, IL 888-415-3279 2019 2020 Macau pataca Egypt pound 3.00 month(s) years .1252 7.9885 –0.4 .0628 15.9293 –0.7 Cambridge Savings Bank 3.24% Malaysia ringgit .2392 4.1800 2.2 Israel shekel .2940 3.4010 –1.5 S O N D J F M A M J J A maturity Cambridge, MA 888-418-5626 New Zealand dollar .6541 1.5288 2.9 Kuwait dinar 3.2684 .3060 0.9 2019 2020 Pakistan rupee .00594 168.400 8.6 Oman sul rial 2.5974 .3850 unch Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0205 48.714 –3.9 Qatar rial .2745 3.643 –0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7291 1.3715 1.9 Saudi Arabia riyal .2666 3.7505 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008388 1192.22 3.2 South Africa rand .0583 17.1566 22.6 Sri Lanka rupee .0054145 184.69 1.8 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Yield (%) 52-Week Total Return (%) Taiwan dollar .03401 29.407 –1.7 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 3.25 l 5.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03169 31.560 6.0 WSJ Dollar Index 88.59 0.33 0.38 –1.09 Libor, 3-month 0.25 0.27 0.24 l 2.16 -1.06 U.S. Treasury, Barclays 2486.610 0.480 0.520 1.910 0.400 7.89 5.38 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.24 0.25 0.24 l 0.78 -0.05 Five-year CD, annual yield 0.67 0.68 0.67 l 1.75 -0.78 U.S. Treasury Long, Barclays 4941.320 1.250 1.320 2.370 0.980 16.55 11.86 Commodities 30-year mortgage, fixed† 3.04 3.25 3.03 l 4.22 -0.83 Aggregate, Barclays 2283.800 1.130 1.160 2.460 1.020 7.24 5.30 Friday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.64 2.69 2.58 l 3.57 -0.47 Fixed-Rate MBS, Barclays 2227.210 1.150 1.200 2.690 0.930 4.82 3.73 Jumbo mortgages, $510,400-plus† 3.06 3.32 3.06 l 4.71 -1.22 DJ Commodity 620.39 -3.36 -0.54 647.86 433.70 5.26 -3.41 High Yield 100, ICE BofA 3152.580 4.564 4.584 10.740 4.285 2.078 3.801 Five-year adj mortgage (ARM)† 3.27 3.24 3.06 l 4.78 -0.03 TR/CC CRB Index 149.96 -0.86 -0.57 187.39 106.29 -11.06 -19.29 New-car loan, 48-month 4.26 4.27 4.17 l 4.65 1.41 Muni Master, ICE BofA 589.414 0.949 0.913 3.441 0.838 4.252 4.129 Crude oil, $ per barrel 42.34 -0.48 -1.12 63.27 -37.63 -21.84 -30.66 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 902.810 4.663 4.647 7.480 4.523 4.584 4.267 Natural gas, $/MMBtu 2.448 0.096 4.08 2.862 1.482 13.75 11.83 banks.† Excludes closing costs. Gold, $ per troy oz. 1934.60 0.80 0.04 2051.50 1452.10 26.73 27.32 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW235000-6-B00800-1------XA

B8 | Saturday/Sunday, August22-23, 2020 ****** THE WALL STREET JOURNAL. MARKET DATA

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Nov 906.75 910.75 903.25 904.75 –.50 378,479 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Australian Dollar (CME)-AUD 100,000; $ per AUD Soybean Meal (CBT)-100 tons; $ per ton. Sept 179-040 179-280 178-280 179-190 8.0 1,103,410 Sept .7195 .7217 .7140 .7161 –.0033 123,539 Contract Open Sept 294.50 295.60 289.60 290.20 –3.60 42,738 Dec 177-150 178-070 177-080 177-300 8.0 95,406 Dec .7210 .7217 .7143 .7163 –.0033 986 Open High hi lo Low Settle Chg interest Dec 301.30 302.50 297.00 297.50 –3.10 170,133 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept 139-160 139-235 139-135 139-180 … 3,319,761 Sept .04514 .04543 .04496 .04539 .00035 130,948 Aug ...... 2.9135 –0.0565 426 Sept 31.20 31.45 31.08 31.41 .11 34,961 Dec 139-115 139-195 139-100 139-140 …189,792 Dec .04468 .04494 .04450 .04490 .00034 2,270 Dec 3.0060 3.0165 2.9240 2.9340 –0.0575 107,558 Dec 31.40 31.71 31.34 31.67 .15 175,471 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per € Gold (CMX)-100 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 125-270 125-307 125-262 125-270 –1.0 3,271,657 Sept 1.1868 1.1888 1.1759 1.1794 –.0065 686,022 Aug 1941.00 1945.00 1908.90 1934.60 0.80 290 Sept 12.17 12.32 12.15 12.30 .14 2,648 Dec 125-312 126-027 125-302 125-310 –1.0 216,587 Dec 1.1890 1.1910 1.1782 1.1816 –.0064 10,909 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Oct 1946.70 1954.80 1909.60 1938.30 …71,828 Nov 12.35 12.42 s 12.32 12.40 .05 7,316 Dec 1955.60 1963.10 1916.60 1947.00 0.50 398,578 Wheat (CBT)-5,000 bu.; cents per bu. Sept 110-131 110-137 110-129 110-131 –.1 2,011,788 Index Futures Dec 110-145 110-151 110-142 110-145 –.2 87,228 Feb'21 1963.90 1971.30 1925.40 1955.10 0.10 34,787 Sept 520.00 527.75 515.00 527.25 7.75 53,573 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index April 1974.50 1975.80 1931.00 1960.90 0.20 17,676 Dec 529.00 535.50 523.75 535.00 6.50 207,140 Aug 99.9075 99.9075 99.9050 99.9075 .0025 190,312 Sept 27676 27904 27473 27859 190 92,078 June 1969.50 1969.60 1938.80 1965.50 0.10 7,973 Wheat (KC)-5,000 bu.; cents per bu. Palladium (NYM) - 50 troy oz.; $ per troy oz. Oct 99.9300 99.9350 99.9300 99.9350 .0050 244,712 Dec 27584 27764 27345 27722 185 584 Sept 440.25 447.00 437.25 445.75 4.25 38,391 Aug ...... 2177.20 –6.60 1 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index Dec 451.00 458.00 448.00 456.75 4.00 149,442 Sept 2187.00 2217.90 2165.80 2180.30 –6.60 3,982 Sept 101-050 101-055 100-270 100-315 …75,044 Sept 3386.30 3393.90 s 3357.30 3392.60 11.80 29,312 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 2212.00 2235.20 2183.90 2201.40 –4.80 5,637 Eurodollar (CME)-$1,000,000; pts of 100% Dec …… …3382.00 11.70 2 Aug 143.350 143.725 142.700 142.925 –.500 2,799 March'21 2194.70 –4.30 51 Sept 99.7725 99.7775 99.7700 99.7725 –.0025 1,436,741 Mini S&P 500 (CME)-$50 x index Oct 146.175 146.650 144.875 145.275 –1.100 16,505 Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 99.7200 99.7300 99.7200 99.7250 … 1,017,170 Sept 3383.50 3396.25 3356.75 3392.50 11.75 2,654,109 Cattle-Live (CME)-40,000 lbs.; cents per lb. Aug ...... 922.30 –0.80 15 March'21 99.7950 99.8050 99.7950 99.8000 …959,102 Dec 3373.50 3385.75 3346.25 3382.00 11.75 76,728 Oct 932.10 937.00 903.50 926.10 –0.80 52,312 Aug 106.650 107.025 105.625 105.800 –1.225 3,529 June 99.8100 99.8200 99.8050 99.8100 –.0050 913,489 Mini S&P Midcap 400 (CME)-$100 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. Oct 109.325 109.850 108.375 108.550 –1.225 124,289 Sept 1915.20 1919.30 1894.20 1908.60 –6.10 57,976 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Aug 27.475 27.475 27.055 26.707 –0.415 15 Currency Futures Dec 1899.10 1911.60 1893.70 1905.50 –6.10 8 Dec 27.500 27.775 26.235 26.877 –0.424 113,172 Oct 55.525 55.975 54.075 54.250 –.925 101,646 Mini Nasdaq 100 (CME)-$20 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 55.775 56.350 55.275 55.450 –.400 52,884 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 11480.00 11573.50 s 11407.00 11562.00 84.75 230,290 Oct 42.75 42.96 41.46 42.34 –0.48 381,581 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept .9454 .9486 .9430 .9453 –.0005 146,991 Dec 11467.00 11555.75 s 11392.25 11545.50 85.00 2,538 Nov 43.01 43.22 41.74 42.62 –0.47 209,300 Sept 819.00 830.90 s 811.50 830.90 29.00 2,082 Dec .9470 .9496 .9441 .9463 –.0004 747 Mini Russell 2000 (CME)-$50 x index Dec 43.34 43.50 42.06 42.93 –0.46 266,522 Nov 754.10 762.70 s 749.00 762.70 29.00 1,530 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sept 1561.30 1569.10 1541.30 1548.60 –11.70 506,743 March'21 44.31 44.33 42.96 43.77 –0.48 123,847 Milk (CME)-200,000 lbs., cents per lb. Sept .7588 .7600 .7556 .7582 –.0006 120,543 Dec 1558.80 1565.20 1539.00 1545.20 –11.70 970 June 44.85 44.94 43.61 44.39 –0.46 178,709 Aug 19.60 19.60 19.57 19.60 …5,772 Dec .7588 .7600 .7558 .7583 –.0006 5,553 Mini Russell 1000 (CME)-$50 x index Dec 45.40 45.47 44.26 45.02 –0.38 189,190 Sept 15.22 15.27 15.03 15.13 .09 4,384 British Pound (CME)-£62,500; $ per £ Sept 1878.60 1886.00 s 1876.20 1884.60 5.50 8,490 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 1.3217 1.3256 1.3061 1.3095 –.0119 173,058 U.S. Dollar Index (ICE-US)-$1,000 x index Sept 1.2471 1.2531 1.1919 1.2080 –.0387 40,733 Sept 2,420 2,469 2,420 2,459 19 939 Dec 1.3227 1.3261 1.3067 1.3100 –.0119 3,040 Sept 92.69 93.48 92.57 93.24 .46 30,419 Oct 1.2650 1.2710 1.2103 1.2283 –.0362 88,805 Dec 2,400 2,419 2,355 2,409 9100,465 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 92.69 93.50 92.61 93.27 .46 1,576 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 1.1021 1.1043 1.0947 1.0968 –.0046 52,854 Sept 1.2981 1.3128 1.2551 1.2841 –.0124 49,015 Sept 119.65 120.40 116.50 120.10 1.55 1,061 Dec 1.1051 1.1069 1.0977 1.0996 –.0046 215 Source: FactSet Oct 1.2261 1.2400 1.1845 1.2130 –.0134 120,706 Dec 119.15 120.40 116.05 119.80 .85 117,483 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Sept 2.355 2.468 2.280 2.448 .096 52,953 Oct 13.04 13.08 12.80 12.83 –.18 360,680 | Oct 2.502 2.588 2.424 2.573 .070 217,914 March'21 13.59 13.61 13.35 13.39 –.16 251,178 Bonds wsj.com/market-data/bonds/benchmarks Nov 2.819 2.876 2.751 2.866 .039 196,306 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Dec 3.116 3.163 3.064 3.158 .022 100,360 Nov 27.54 27.54 27.54 27.54 –.11 2,363 Global Government Bonds: Mapping Yields Jan'21 3.229 3.270 3.180 3.266 .023 129,878 Jan'21 27.02 27.02 27.02 27.02 –.12 1,939 March 3.056 3.083 3.014 3.079 .014 84,093 Cotton (ICE-US)-50,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Oct 63.77 63.77 63.57 63.73 –.19 114 Agriculture Futures Dec 64.42 64.55 64.01 64.28 –.24 111,763 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Corn (CBT)-5,000 bu.; cents per bu. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Sept 119.15 119.45 114.90 116.80 –1.50 2,934 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Sept 324.75 327.75 324.25 327.00 2.50 224,200 Nov 120.00 121.00 117.50 118.70 –.85 5,332 Dec 339.25 341.75 338.75 340.50 1.25 775,324 0.125 U.S. 2 0.157 s l 0.145 0.161 1.577 Oats (CBT)-5,000 bu.; cents per bu. Interest Rate Futures 0.625 10 0.633 t l 0.652 0.602 1.591 Sept 270.00 274.00 264.00 268.50 –3.25 383 Dec 263.00 265.00 260.00 263.75 .25 4,084 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 5.750 Australia 2 0.273 t l 0.276 0.271 0.745 11.6 13.1 -83.3 Soybeans (CBT)-5,000 bu.; cents per bu. Sept 220-080 222-030 219-240 221-210 31.0 1,060,477 2.500 10 0.892 s l 0.865 0.876 0.942 25.9 21.3 -64.9 Sept 904.50 907.75 899.50 900.75 –2.25 40,644 Dec 223-200 225-200 223-060 225-050 1-01.0 72,676 0.000 France 2 -0.617 t l -0.600 -0.612 -0.779 -77.4 -74.5 -235.6 0.000 10 -0.199 s l -0.200 -0.160 -0.398 -83.2 -85.1 -198.9 A Week in the Life of the DJIA Exchange-Traded 0.000 Germany 2 -0.676 s l -0.679 -0.675 -0.886 -83.4 -82.4 -246.3 Alook at how the Dow Jones Industrial Average component stocks Portfolios 0.000 10 -0.504 t l -0.493 -0.459 -0.670 -113.7 -114.4 -226.1 did in the past week and how much each moved the index. The DJIA WSJ.com/ETFresearch 1.000 Italy 2 -0.137 s l -0.158 -0.017 0.009 -29.4 -30.4 -156.9 lost 0.69 points, or 0.002%, on the week. A$1change in the price of 0.950 10 0.943 s l 0.919 1.083 1.337 31.0 26.7 -25.4 any DJIA stock =6.86-point change in the average. To date, a$1,000 Largest 100 exchange-traded 0.100 Japan 2 -0.115 s l -0.117 -0.139 -0.300 -27.2 -26.2 -187.8 investment on Dec. 31 in each current DJIA stock component would funds, latest session 0.100 10 0.035 s l 0.030 0.016 -0.240 -59.8 -62.2 -183.1 have returned $28,644, or aloss of 4.52%, on the $30,000 Friday, August 21, 2020 0.400 Spain 2 -0.465 t l -0.461 -0.411 -0.552 -60.7 -212.9 investment, including reinvested dividends. Closing Chg YTD -62.3 ETF Symbol Price (%) (%) 1.250 10 0.301 s l 0.285 0.367 0.091 -33.2 -36.7 -150.1 The Week’s Action CommSvsSPDR XLC 60.75 –0.44 13.3 l Pct Stock price Point chg $1,000 Invested(year-end '19) CnsmrDiscSelSector XLY 146.18 0.52 16.6 0.500 U.K. 2 -0.042 t -0.030 -0.111 0.501 -19.9 -17.5 -107.6 chg (%) change in average* Company Symbol Close $1,000 CnsStapleSelSector XLP 64.30 0.25 2.1 4.750 10 0.208 t l 0.227 0.137 0.475 -42.6 -42.5 -111.6 8.23 37.85 259.61 Apple AAPL $497.48 $1,706 EnSelectSectorSPDR XLE 36.03 –0.63 –40.0 FinSelSectorSPDR XLF 24.31 –0.21 –21.0 Source: Tullett Prebon 3.81 7.49 51.37 Visa V 204.13 1,091 FT DJ Internet FDN 188.06 –0.35 35.2 HealthCareSelSect XLV 106.82 0.10 4.9 Corporate Debt 3.12 3.32 22.77 Nike NKE 109.75 1,089 IndSelSectorSPDR XLI 76.45 0.41 –6.2 InvscQQQI QQQ 3.05 4.52 31.00 Johnson & Johnson JNJ 152.76 1,061 281.87 0.69 32.6 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in InvscS&P500EW RSP 109.25 –0.18 –5.6 that same company’s share price. 2.19 4.54 31.14 McDonald’s MCD 211.57 1,085 iSh3-7YTreasuryBd IEI 133.65 0.01 6.3 iShCoreDivGrowth DGRO 40.40 0.32 –4.0 Investment-grade spreads that tightened the most… 2.15 0.82 5.62 Pfizer PFE 38.88 1,023 iShCoreMSCIEAFE IEFA 60.77 –0.54 –6.9 iShCoreMSCIEM IEMG 52.89 0.47 –1.6 Spread*, in basis points Stock Performance 1.97 4.12 28.26 Microsoft MSFT 213.02 1,362 iShCoreMSCITotInt IXUS 58.73 –0.27 –5.1 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg iShCoreS&P500 IVV 340.85 0.35 5.4 1.80 1.50 10.29 Merck MRK 84.98 949 iShCoreS&P MC IJH 190.87 –0.22 –7.3 Aircastle … 5.000 April 1, ’23 468 –9 460 ...... iShCoreS&P SC IJR 73.61 –0.65 –12.2 1.73 2.34 16.05 Procter & Gamble PG 137.44 1,121 iShS&PTotlUSStkMkt ITOT 76.40 0.17 5.1 Comcast CMCSA 3.600 March 1, ’24 27 –9 28 43.07 –0.46 0.96 2.68 18.38 Home Depot HD 283.23 1,314 iShCoreUSAggBd AGG 118.68 0.10 5.6 MetLife Global Funding … 0.900 June 8, ’23 25 –9 32 … … iShSelectDividend DVY 83.43 –0.33 –21.0 Morgan Stanley MS 3.750 Feb. 25, ’23 31 –9 n.a. 51.10 0.59 0.80 0.39 2.67 Intel INTC 49.28 838 iShEdgeMSCIMinEAFE EFAV 68.84 –0.29 –7.6 iShEdgeMSCIMinUSA USMV 63.96 –0.12 –2.5 Bank of Nova Scotia BNS 1.950 Feb. 1, ’23 35 –8 34 42.13 –0.92 0.34 0.20 1.37 Verizon VZ 58.99 992 iShEdgeMSCIUSAMom MTUM 147.69 0.50 17.6 iShEdgeMSCIUSAQual QUAL 104.59 0.30 3.6 Macquarie Bank MQGAU 2.100 Oct. 17, ’22 30 –8 n.a...... –0.59 –0.25 –1.71 Cisco Systems CSCO 42.25 902 iShGoldTr IAU 18.48 –0.86 27.4 PepsiCo PEP 0.750 May 1, ’23 14 –8 17 136.46 –0.19 iShiBoxx$InvGrCpBd LQD 136.45 0.18 6.6 Prudential Financial PRU –0.73 –0.97 –6.65 Walmart WMT 131.63 1,122 iShiBoxx$HYCpBd HYG 84.74 –0.01 –3.6 3.500 May 15, ’24 12 –8 n.a. 67.41 –1.06 –1.09 –1.53 –10.49 Caterpillar CAT 138.43 959 iShIntermCorpBd IGIB 61.19 0.08 5.5 iShJPMUSDEmgBd EMB 113.66 0.32 –0.8 …And spreads that widened the most –1.68 –2.11 –14.47 IBM IBM 123.16 953 iShMBSETF MBB 110.67 –0.03 2.4 iShMSCI ACWI ACWI 80.62 0.16 1.7 Delta Air Lines DAL 7.000 May 1, ’25 470 14 439 27.27 –1.27 –2.37 –3.09 –21.19 Walt Disney DIS 127.44 881 iShMSCI EAFE EFA 64.42 –0.51 –7.2 Bank of America BAC 4.125 Jan. 22, ’24 44 13 n.a. 24.98 –0.48 iShMSCIEmgMarkets EEM 44.28 0.50 –1.3 –2.41 –1.17 –8.02 Coca-Cola KO 47.28 869 iShNasdaqBiotech IBB 132.60 –0.58 10.0 Southwest Airlines LUV 4.750 May 4, ’23 245 9268 34.69 0.67 iShNatlMuniBd MUB 116.23 0.01 2.0 OMERS Finance Trust OMERFT 2.500 May 2, ’24 29 9n.a...... –2.64 –4.39 –30.11 3M MMM 161.71 943 iShPfd&Incm PFF 36.53 –0.11 –2.8 –2.66 –5.54 –38.00 Goldman Sachs GS 202.43 892 iShRussell1000Gwth IWF 218.53 0.52 24.2 Wells Fargo WFC 4.125 Aug. 15, ’23 77 68223.64 –0.46 iShRussell1000 IWB 189.09 0.30 6.0 Cisco Systems CSCO 5.500 Jan. 15, ’40 92 58442.25 –0.14 Dow DOW iShRussell1000Val IWD 119.78 0.07 –12.2 –2.85 –1.28 –8.78 43.59 825 iShRussell2000 IWM 154.61 –0.74 –6.7 Credit Suisse … 1.000 May 5, ’23 40 439… … –2.95 –9.56 –65.57 UnitedHealth Group UNH 314.14 1,077 iShRussellMid-Cap IWR 57.69 –0.21 –3.2 Pacific Gas and Electric … 4.500 July 1, ’40 267 4244 … … iShRussellMCValue IWS 81.90 –0.16 –13.6 –4.24 –4.26 –29.22 American Express AXP 96.15 783 iShS&P500Growth IVW 234.19 0.63 20.9 iShS&P500Value IVE 114.33 –0.01 –12.1 High-yield issues with the biggest price increases… –4.97 –5.09 –34.91 JPMorgan Chase JPM 97.32 717 iShShortCpBd IGSB 55.01 0.04 2.6 Bond Price as % of face value Stock Performance –5.07 –2.19 –15.02 Exxon Mobil XOM 41.01 620 iShShortTreaBd SHV 110.72 ... 0.2 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg iShSilver SLV 24.90 –2.77 49.3 Raytheon Technologies RTX iShTIPSBondETF TIP 126.05 0.34 8.1 L Brands LB 6.750 July 1, ’36 100.000 1.47 95.980 29.97 1.35 –5.30 –3.37 –23.11 60.27 697 iSh1-3YTreasuryBd SHY 86.51 –0.01 2.2 –5.71 –6.77 –46.43 Travelers TRV 111.83 828 iSh7-10YTreasuryBd IEF 122.12 0.07 10.8 Bombardier BBDBCN 8.750 Dec. 1, ’21 93.530 1.03 92.478 ...... iSh20+YTreasuryBd TLT 166.20 0.60 22.7 Ford Motor Credit … 4.250 Sept. 20, ’22 100.875 0.86 100.625 … … –5.83 –5.27 –36.15 Chevron CVX 85.08 735 iShRussellMCGrowth IWP 171.85 –0.25 12.6 iShUSTreasuryBdETF GOVT 28.04 0.11 8.1 Sprint Capital … 8.750 March 15, ’32 149.875 0.85 150.938 ...... –5.85 –2.45 –16.80 Walgreens WBA 39.46 691 JPM UltShtIncm JPST 50.85 0.02 0.8 Occidental Petroleum OXY 2.700 Aug. 15, ’22 98.000 0.75 97.500 13.16 –1.79 –5.94 –10.58 –72.57 Boeing BA 167.50 517 PIMCOEnhShMaturity MINT 101.89 0.02 0.3 SPDR BlmBarcHYBd JNK 105.13 –0.02 –4.0 Teva Pharmaceutical Finance Netherlands … 2.200 July 21, ’21 99.650 0.56 99.000 … … SPDRBloomBar1-3MTB BIL 91.54 ... 0.1 CIT CIT 5.000 Aug. 15, ’22 104.575 0.55 104.063 19.06 –2.16 *Based on Composite price. DJIA is calculated on primary-market price. SPDR Gold GLD 182.03 –0.80 27.4 Source: Dow Jones Market Data; FactSet. SchwabIntEquity SCHF 31.65 –0.50 –5.9 Dish DBS … 5.875 Nov. 15, ’24 104.800 0.30 104.687 … … SchwabUS BrdMkt SCHB 80.84 0.25 5.2 SchwabUS Div SCHD 56.35 –0.09 –2.7 …And with the biggest price decreases SchwabUS LC SCHX 81.67 0.32 6.3 Borrowing Benchmarks | WSJ.com/bonds SchwabUS LC Grw SCHG 115.42 0.62 24.2 Transocean RIG 7.500 April 15, ’31 20.000 –3.50 26.750 1.14 –28.30 SchwabUS SC SCHA 70.52 –0.68 –6.8 Schwab US TIPs SCHP 61.49 0.33 8.6 Teva Pharmaceutical Finance Netherlands … 4.100 Oct. 1, ’46 86.777 –1.22 91.500 … … August 21, 2020 SPDR DJIA Tr DIA 279.29 0.73 –2.0 Embarq … 7.995 June 1, ’36 118.760 –0.72 119.438 … … Money Rates SPDR S&PMdCpTr MDY 348.53 –0.24 –7.2 NAVI SPDR S&P 500 SPY 339.48 0.35 5.5 Navient 5.875 Oct. 25, ’24 102.000 –0.52 n.a. 8.57 –0.92 Key annual interest rates paid to borrow or lend money in U.S. and SPDR S&P Div SDY 95.47 –0.22 –11.2 Nabors Industries NBR 4.625 Sept. 15, ’21 80.500 –0.50 n.a. 33.40 –6.65 TechSelectSector XLK 117.94 1.27 28.7 international markets. Rates below are a guide to general levels but UtilitiesSelSector XLU 59.42 0.17 –8.0 Prime Security Services Borrower PRSESE 5.750 April 15, ’26 110.150 –0.38 112.500 ...... don’t always represent actual transactions. VanEckGoldMiner GDX 40.89 –2.57 39.7 Tenet Healthcare THC 6.750 June 15, ’23 106.595 –0.28 106.500 26.61 –2.06 VangdInfoTech VGT 313.59 1.04 28.1 VangdSC Val VBR CF Industries CF 4.950 June 1, ’43 119.000 –0.25 118.805 32.37 –2.21 Inflation Week —52-WEEK— 114.12 –0.47 –16.7 Latest ago High Low VangdSC Grwth VBK 214.99 –0.46 8.2 VangdDivApp VIG 127.96 0.22 2.6 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. July index Chg From (%) Switzerland 0.00 0.00 0.50 0.00 VangdFTSEDevMk VEA 41.40 –0.53 –6.0 Note: Data are for the most active issue of bonds with maturities of two years or more level June '20 July '19 VangdFTSE EM VWO 43.97 0.64 –1.1 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data Britain 0.10 0.10 0.75 0.10 VangdFTSE Europe VGK 53.80 –0.77 –8.2 U.S. consumer price index Australia 0.25 0.25 1.00 0.25 VangdFTSEAWxUS VEU 51.17 –0.27 –4.8 VangdGrowth VUG 229.46 0.55 26.0 All items 259.101 0.51 1.0 Secondary market VangdHlthCr VHT 204.84 –0.09 6.8 Dividend Changes Core 267.703 0.53 1.6 VangdHiDiv VYM 82.64 –0.08 –11.8 Fannie Mae VangdIntermBd BIV 93.79 0.07 7.5 International rates VangdIntrCorpBd VCIT 96.37 0.03 5.5 Dividend announcements from August 21. 30-year mortgage yields VangdLC VV 157.89 0.28 6.8 Amount Payable / Amount Payable / 30 days 1.816 1.842 3.388 1.751 VangdMC VO 176.66 –0.11 –0.9 Week 52-Week VangdMBS VMBS 54.39 –0.04 2.3 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Latest High Low 60 days 1.869 1.896 3.403 1.804 ago VangdRealEst VNQ 80.88 0.16 –12.8 Winnebago WGO 0.8 .12 /.11 Q Sep30 /Sep16 Notes on data: VangdS&P500ETF VOO 311.93 0.36 5.5 Increased Prime rates U.S. prime rate is the base rate on corporate VangdST Bond BSV 83.12 –0.02 3.1 Hamilton Beach Brands HBB 2.1 .095 /.09 Q Sep15 /Sep01 Stocks VangdSTCpBd VCSH 83.00 0.04 2.4 loans posted by at least 70% of the 10 largest Capitala Finance CPTA 1:6 /Aug24 U.S. 3.25 3.25 5.25 3.25 VangdSC VB 156.40 –0.37 –5.6 Natl Storage Affiliates NSA 4.0 .34 /.33 Q Sep30 /Sep15 U.S. banks, and is effective March 16, 2020. Hexindai ADR HX 1:3 /Aug24 Canada 2.45 2.45 3.95 2.45 Other prime rates aren’t directly comparable; VangdTotalBd BND 88.77 0.21 5.9 Orchid Island Capital ORC 15.3 .065 /.06 M Sep28 /Aug31 VangdTotIntlBd BNDX 58.05 0.02 2.6 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. SSNC Q VangdTotIntlStk VXUS 52.99 –4.8 SS&C Technologies 0.9 .14 /.125 Sep15 /Sep01 Foreign Complete Money Rates table appears Monday –0.23 Policy Rates VangdTotalStk VTI 172.22 0.25 5.3 Virtus Invt Partners VRTS 2.3 .82 /.67 Q Nov13 /Oct30 Enerplus ERF 3.3 .0076 M Sep15 /Aug31 through Friday. VangdTotlWrld VT 81.76 0.10 1.0 Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 105.72 0.09 –11.8 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 48.35 +0.10 25.5 OTC 16.62 +0.11 29.9 Invesco Funds Y TotRt 10.96 +0.01 7.8 CAITAdml 12.33 ... 3.5 WdsrllAdml 62.82 +0.06 -2.0 WndsrII 35.41 +0.04 -2.0 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity Puritn 25.27 +0.05 11.9 DevMktY NA ... NA PIMCO Funds A CapOpAdml r162.22 +0.07 2.8 WellsIAdml 67.37 +0.09 3.4 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem118.06 +0.42 6.5 SrsEmrgMkt 21.08 +0.16 2.2 JPMorgan I Class IncomeFd NA ... NA EMAdmr 36.56 +0.30 -0.5 WelltnAdml 76.05 +0.26 2.9 IdxIntl 17.01 -0.02 -4.1 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 17.52 -0.01 21.1 SrsGlobal 12.64 -0.01 -4.0 CoreBond NA ... NA PIMCO Funds I2 EqIncAdml 71.61 +0.07 -8.4 WndsrAdml 63.11 -0.23-11.8 SmValAdml 49.02 -0.22-16.0 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 66.39 -0.20 4.1 SrsGroCoRetail 25.92 +0.17 46.0 EqInc NA ... NA Income NA ... NA ExplrAdml 102.59 -0.44 5.5 VANGUARD FDS TotBd2 11.61 +0.01 7.0 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not IntlIdxInstPrem 40.51 -0.21 -5.7 SrsIntlGrw 18.53 -0.05 5.8 JPMorgan R Class PIMCO Funds Instl ExtndAdml 99.00 -0.30 4.1 DivdGro 30.64 +0.06 1.2 TotIntlInstIdx r113.77 -0.16 -4.0 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; MidCpInxInstPrem 22.98 -0.04 -2.2 SrsIntlVal 8.83 -0.07-10.8 CoreBond NA ... NA IncomeFd NA ... NA GNMAAdml 10.76 -0.01 3.4 INSTTRF2020 25.14 +0.02 4.3 TotItlInstPlId r113.79 -0.16 -4.0 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SAIUSLgCpIndxFd 18.39 +0.07 6.4 TotalBond 11.54 +0.01 7.5 CorePlusBd NA ... NA Price Funds GrwthAdml 118.09 +0.63 26.4 INSTTRF2025 25.75 +0.02 4.1 TotSt 83.77 +0.20 6.1 SeriesOverseas 11.15 -0.04 3.4 Fidelity SAI Lord Abbett A BlChip 154.65 +0.50 24.4 HlthCareAdml r 92.57 -0.34 8.5 INSTTRF2030 26.07 +0.03 3.8 VANGUARD INSTL FDS SmCpIdxInstPrem 19.71 -0.15 -6.1 TotalBd 11.03 +0.01 7.0 ShtDurIncmA p 4.17 ... 1.0 DivGro 54.27 +0.20 2.5 HYCorAdml r 5.82 ... 0.9 INSTTRF2035 26.37 +0.02 3.4 BalInst 41.59 +0.08 7.3 Friday, August 21, 2020 Lord Abbett F TMktIdxInstPrem 95.78 +0.24 6.1 Fidelity Selects EqInc 27.16 -0.08-14.2 InfProAd 28.12 +0.07 8.7 INSTTRF2040 26.66 +0.03 3.0 DevMktsIndInst 13.33 -0.06 -5.0 Net YTD Net YTD Net YTD ShtDurIncm 4.17 ... 1.1 USBdIdxInstPrem 12.62 +0.01 7.5 Softwr r 24.58 -0.12 27.8 EqIndex 90.42 +0.31 6.3 IntlGrAdml 133.01 +0.72 29.4 INSTTRF2045 26.88 +0.03 2.7 DevMktsInxInst 20.83 -0.10 -5.0 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Lord Abbett I Fidelity Advisor I First Eagle Funds Growth 89.33 +0.24 21.8 ITBondAdml 12.69 ... 9.1 INSTTRF2050 26.93 +0.03 2.7 ExtndInst 98.99 -0.30 4.1 ShtDurInc p 4.17 ... 1.1 GrwthInst 118.09 +0.63 26.4 American Century Inv Baird Funds 5GlbFxdInc 10.87 ... 1.3 NwInsghtI 37.15 -0.02 13.6 GlbA 56.97 -0.21 -1.7 HelSci 90.80 -0.15 11.5 ITIGradeAdml 10.66 +0.01 8.6 INSTTRF2055 27.04 +0.03 2.7 Metropolitan West LTGradeAdml 12.17 +0.04 14.2 InPrSeIn 11.46 +0.03 8.8 Ultra 69.26 +0.34 32.8 AggBdInst 11.91 ... 7.7 EmgMktVa 24.93 +0.07-12.6 Fidelity Freedom FPA Funds LgCapGow I 54.46 +0.15 23.6 IntlVal 33.76 -0.14-10.0 TotRetBd 11.66 +0.01 7.8 MidCpAdml 218.76 -0.41 ... InstIdx 303.73 +1.06 6.5 American Funds Cl A CorBdInst 12.23 ... 7.4 EmMktCorEq 20.41 +0.14 -5.4 FF2020 16.33 +0.01 3.9 FPACres 31.35 -0.01 -4.4 MidCap 100.10 -0.05 5.0 LifeCon 21.89 +0.02 5.0 35.66 -0.02 8.1 BlackRock Funds 12.59 -0.07 -7.9 TotRetBdI 11.66 +0.01 8.0 MuHYAdml 11.80 ... 2.6 InstPlus 303.75 +1.06 6.5 AmcpA p IntlCoreEq FF2025 14.48 +0.01 3.7 Franklin A1 NHoriz 77.56 -0.39 30.6 LifeGro 37.03 +0.03 3.3 AMutlA p 42.01 +0.03 -2.4 HiYBlk 7.48 ... -0.3 IntSmCo 17.28 -0.09 -8.3 TRBdPlan 10.96 ... 7.9 MuIntAdml 14.77 ... 3.7 InstTStPlus 71.69 +0.16 6.1 FF2030 17.89 +0.01 3.3 CA TF A1 p 7.77 ... 3.5 R2020 22.92 +0.02 3.8 LifeMod 29.83 +0.03 4.2 BalA p 29.13 ... 3.6 HiYldBd Inst 7.47 ... -0.4 IntSmVa 16.33 -0.11-15.4 MFS Funds Class I MuLTAdml 12.16 ... 4.1 MidCpInst 48.33 -0.09 0.1 Freedom2020 K 16.32 +0.02 3.9 IncomeA1 p 2.11 ... -6.8 R2025 18.47 +0.01 3.9 PrmcpCor 26.83 -0.07 -3.9 BondA p 14.15 +0.02 9.5 BlackRock Funds A LgCo 26.11 +0.10 6.4 ValueI 40.76 -0.01 -7.8 MuLtdAdml 11.24 ... 2.6 MidCpIstPl 238.34 -0.44 0.1 Freedom2025 K 14.46 +0.01 3.7 FrankTemp/Frank Adv R2030 26.89 +0.02 3.8 STAR 29.41 +0.01 8.3 CapIBA p 59.25 -0.09 -4.7 GlblAlloc p 20.10 ... 7.8 TAUSCoreEq2 19.93 +0.04 -0.3 MFS Funds Instl MuShtAdml 15.95 ... 1.6 SmCapInst 74.92 -0.32 -5.1 Freedom2030 K 17.88 +0.01 3.4 IncomeAdv 2.10 +0.01 -6.3 R2035 19.74 +0.01 3.7 TgtRe2015 15.87 +0.01 4.5 CapWGrA 52.39 -0.05 1.2 BlackRock Funds Inst US CoreEq1 25.98 +0.05 1.2 IntlEq 27.25 -0.09 -2.2 PrmcpAdml r145.31 -0.22 0.8 STIGradeInst 10.99 ... 4.1 Freedom2035 K 15.00 ... 2.6 FrankTemp/Franklin A R2040 28.06 +0.01 3.7 EupacA p 57.74 -0.14 3.7 MultiAstIncome 10.69 ... 0.3 US CoreEq2 23.38 +0.03 -0.4 Nuveen Cl I RealEstatAdml114.58 +0.11-11.4 TgtRe2020 33.91 +0.03 4.2 STIPSIxins 25.50 +0.01 3.2 Freedom2040 K 10.49 ... 2.3 Growth A p 129.87 +0.45 15.7 PRIMECAP Odyssey Fds FdInvA p 61.69 -0.05 1.5 StratIncOpptyIns 10.07 ... 2.7 US Small 31.23 -0.19-10.3 HYMunBd 16.96 ... -2.6 SmCapAdml 74.92 -0.32 -5.1 TgtRe2025 20.65 +0.02 4.1 TotBdInst 11.69 +0.01 7.4 Fidelity Invest RisDv A p 72.38 -0.05 4.5 AggGrowth r 47.06 -0.04 4.8 GwthA p 60.47 -0.01 18.3 Bridge Builder Trust US SmCpVal 27.54 -0.20-19.6 Oakmark Funds Invest SmGthAdml 75.61 -0.28 8.4 TgtRe2030 37.82 +0.03 3.8 TotBdInst2 11.61 +0.01 7.1 FrankTemp/Franklin C Growth r 40.45 -0.08 -1.2 HI TrA p 9.62 ... -0.8 CoreBond 11.02 +0.01 7.6 USLgVa 32.20 -0.01-15.6 Balanc 26.75 +0.04 9.7 OakmrkInt 20.39 -0.14-18.3 STBondAdml 10.89 ... 4.3 TgtRe2035 23.29 +0.03 3.4 TotBdInstPl 11.69 +0.01 7.4 Income C t 2.15 +0.01 -6.6 Schwab Funds ICAA p 40.36 -0.03 3.3 CorePlusBond 10.71 +0.01 7.3 Dodge & Cox BluCh 148.27 +0.67 37.6 Old Westbury Fds STIGradeAdml 10.99 ... 4.1 TgtRe2040 40.32 +0.04 3.0 TotIntBdIdxInst 34.85 +0.01 3.3 FrankTemp/Temp Adv 1000 Inv r 76.02 +0.23 6.8 IncoA p 22.25 ... -2.6 Intl Eq 11.77 -0.03 -1.8 Balanced 93.78 -0.13 -5.4 Contra 16.65 -0.01 22.3 LrgCpStr 15.41 +0.04 2.3 TotBdAdml 11.69 +0.01 7.4 TgtRe2045 25.39 +0.03 2.8 TotStInst 83.81 +0.19 6.2 IntBdA p 14.22 +0.01 6.7 LargeCapGrowth 18.99 +0.03 20.0 Income 14.81 +0.01 7.3 ContraK 16.68 -0.01 22.3 GlBondAdv p 9.83 ... -4.9 Parnassus Fds S&P Sel 52.58 +0.18 6.5 TotIntBdIdxAdm 23.23 +0.01 3.3 TgtRe2050 40.87 +0.04 2.8 ValueInst 41.25 +0.03-10.3 N PerA p 53.60 -0.01 13.4 LargeCapValue 12.61 ... -7.0 Intl Stk 36.93 -0.27-15.3 CpInc r 9.98 -0.01 0.2 Guggenheim Funds Tru ParnEqFd 50.70 +0.13 8.3 TSM Sel r 59.33 +0.15 6.0 TotIntlAdmIdx r 28.45 -0.04 -4.0 TgtRet2055 44.37 +0.05 2.7 WCM Focus Funds NEcoA p 51.47 -0.04 12.6 ClearBridge Stock 168.55 -0.32-10.8 GroCo 30.85 +0.20 44.4 TotRtnBdFdClInst 29.80 +0.02 11.7 PGIM Funds Cl Z TIAA/CREF Funds TotStAdml 83.80 +0.19 6.2 TgtRetInc 14.63 +0.02 4.9 WCMFocIntlGrwIns 21.44 -0.06 13.4 NwWrldA 74.09 -0.04 5.0 LargeCapGrowthI 65.19 +0.23 19.4 DoubleLine Funds GrowCoK 30.91 +0.19 44.5 Harbor Funds TotalReturnBond NA ... NA EqIdxInst 24.77 +0.06 6.1 TxMCapAdml176.53 +0.54 7.4 TotIntBdIxInv 11.62 +0.01 3.3 Western Asset SmCpA p 65.37 -0.06 11.1 Columbia Class I CoreFxdIncmI NA ... NA InvGrBd 12.30 +0.01 8.2 CapApInst 103.26 +0.44 NA PIMCO Fds Instl VANGUARD ADMIRAL TxMIn r 13.31 -0.06 -5.0 USGro 59.13 +0.13 37.4 CoreBondI NA ... NA TxExA p 13.53 ... 3.0 DivIncom I 23.64 +0.06 -2.2 TotRetBdI NA ... NA LowP r 46.26 -0.02 -7.6 Harding Loevner AllAsset NA ... NA 500Adml 314.26 +1.10 6.4 USGroAdml 153.24 +0.33 37.5 WellsI 27.81 +0.04 3.3 CorePlusBdI NA ... NA WshA p 46.14 +0.01 -3.2 Dimensional Fds Edgewood Growth Instituti Magin 12.19 +0.03 19.5 IntlEq NA ... NA InvGrdCrBd 11.18 +0.02 4.8 BalAdml 41.58 +0.07 7.3 ValAdml 41.25 +0.03-10.3 Welltn 44.04 +0.15 2.9 CorePlusBdIS NA ... NA P2JW235000-4-B00900-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | B9 BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net How to Read the Stock Tables % Chg Hi Lo Stock Sym %PELast Chg % Chg Hi Lo Stock Sym %PELast Chg % Chg Hi Lo Stock Sym %PELast Chg The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. -3.81 125.12 70.06 FirstRepBank FRC 0.7 21 112.97 0.16 31.85 561.68 275.50 MarketAxess MKTX 0.5 72 499.84 -1.53 1.31 55.00 37.62 Sanofi SNY 2.3 10 50.86 -0.54 Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 32.42 78.53 28.47 FirstSolar FSLR ... 80 74.10 0.44 -37.09 153.39 46.56 Marriott MAR 0.0 69 95.27 1.25 10.00 175.00 72.05 SareptaTherap SRPT ... dd 141.94 0.97 (formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -42.16 52.52 22.85 FirstEnergy FE 5.5 30 28.11 -0.25 1.85 119.88 74.33 Marsh&McLen MMC 1.6 29 113.47 -2.58 -53.78 41.14 11.87 Schlumberger SLB 2.7 dd 18.58 -0.19 The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -17.30 125.05 73.50 Fiserv FISV ... 76 95.63 -1.37 -25.03 281.82 135.08 MartinMarietta MLM 1.1 21 209.66 0.47 -27.57 51.65 28.00 SchwabC SCHW 2.1 14 34.45 -0.10 stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -14.40 137.97 47.53 FiveBelow FIVE ... 62 109.45 2.76 25.98 39.40 16.45 MarvellTech MRVL 0.7 15 33.46 0.67 60.83 171.19 76.50 ScottsMiracleGro SMG 1.5 30 170.77 0.17 highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 91.23 131.98 50.73 Five9 FIVN ... dd 125.41 -2.68 22.32 60.10 27.04 Masco MAS 0.9 37 58.70 0.70 s 266.53 154.28 26.41 Sea SE ... dd 147.42 -5.22 -17.05 329.85 168.51 FleetCorTech FLT ... 28 238.67 -2.54 38.68 258.00 139.36 Masimo MASI ... 57 219.19 -3.81 -24.64 64.17 39.02 Seagate STX 5.8 12 44.84 -0.20 Footnotes: h-Does not meet continued listing v-Trading halted on primary market. s 42.20 72.87 24.36 Floor&Decor FND ... 52 72.25 1.22 12.90 347.25 199.99 Mastercard MA 0.5 47 337.10 -0.22 2.61 42.81 17.06 SealedAir SEE 1.6 15 40.87 -0.20 s-New 52-week high. standards vj-In bankruptcy or receivership or -38.40 98.05 55.40 FomentoEconMex FMX 2.4 41 58.22 -0.34 11.38 73.52 41.93 MaximIntProducts MXIM 0.0 28 68.51 -0.48 37.84 187.99 65.44 SeattleGenetics SGEN ... dd 157.50 -1.00 t-New 52-week low. lf-Late filing being reorganized under the -28.39 9.65 3.96 FordMotor F 0.0 dd 6.66 -0.18 18.51 206.77 113.12 McCormickVtg MKC.V 1.2 36 202.74 -0.26 -17.16 161.87 88.00 SempraEnergy SRE 3.3 9 125.48 -0.74 dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 23.37 151.95 70.20 Fortinet FTNT ... 55 131.71 -1.88 19.69 204.14 112.22 McCormick MKC 1.2 37 203.15 0.26 -25.38 54.72 18.25 SensataTechs ST ... 72 40.20 0.33 four quarters. requirements. assumed by such companies. -2.75 44.72 28.59 Fortis FTS 3.6 20 40.38 0.31 7.06 221.01 124.23 McDonalds MCD 2.4 34 211.57 1.69 -0.26 52.89 33.93 ServiceCorp SCI 1.7 21 45.91 -0.03 FD-First day of trading. t-NYSE bankruptcy -6.11 80.61 37.31 Fortive FTV 0.4 48 71.72 -0.17 9.15 172.18 112.60 McKesson MCK 1.1 27 150.97 -0.92 59.19 454.73 213.99 ServiceNow NOW ...122 449.42 -3.92 30.41 86.19 33.90 FortBrandsHome FBHS 1.1 28 85.21 2.07 -12.93 24.29 12.35 MedicalProp MPW 5.9 22 18.38 -0.32 -5.62 20.90 12.20 ShawComm B SJR 4.6 20 19.15 0.06 Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -29.86 39.73 19.81 FoxA FOXA 1.8 16 26.00 0.11 -12.97 122.15 72.13 Medtronic MDT 2.3 28 98.73 -1.55 s 15.81 677.94 325.43 SherwinWilliams SHW 0.8 36 675.82 8.27 -28.54 38.84 19.13 FoxB FOX 1.8 16 26.01 0.09 -20.65 25.22 10.81 MelcoResorts MLCO 0.0 dd 19.18 -0.38 -32.41 39.74 17.09 ShinhanFin SHG 4.5 525.73 -0.02 Friday, August 21, 2020 YTD 52-Week Yld Net 43.79 166.11 77.18 Franco-Nevada FNV 0.7133 148.53 -2.65 110.21 1270.00 422.22 MercadoLibre MELI ... dd 1202.28 -16.02 156.83 1107.92 282.08 Shopify SHOP ... dd 1021.12 -18.50 % Chg Hi Lo Stock Sym %PELast Chg -19.21 30.20 14.91 FranklinRscs BEN 5.1 10 20.99 -0.18 -6.56 92.64 65.25 Merck MRK 2.9 21 84.98 -0.05 16.82 13.27 3.50 Sibanye-Stillwater SBSW ... dd 11.60 -0.14 YTD 52-Week Yld Net 9.45 15.19 4.82 FreeportMcM FCX 0.0 dd 14.36 -0.34 -26.86 53.28 22.85 MetLife MET 4.9 537.28 -0.34 -56.69 163.60 42.25 SimonProperty SPG 8.1 11 64.52 -0.35 s % Chg Hi Lo Stock Sym %PELast Chg 16.99 106.02 65.13 CanNtlRlwy CNI 1.6 28 105.82 0.83 16.56 46.55 29.17 FreseniusMed FMS 1.1 18 42.93 -0.42 21.01 980.88 579.40 MettlerToledo MTD ... 43 959.98 0.64 -18.60 7.40 4.11 SiriusXM SIRI 0.9 26 5.82 -0.01 -40.12 32.79 6.71 CanNaturalRes CNQ 6.6470 19.37 -0.42 3.07 113.28 53.15 MicrochipTech MCHP 1.4 43 107.93 3.01 17.51 149.49 67.90 Skyworks SWKS 1.4 31 142.05 1.42 A B C 17.16 302.83 173.26 CanPacRlwy CP 1.0 24 298.70 0.47 G H I -20.68 61.19 31.13 MicronTech MU ... 21 42.66 -0.33 29.36 40.07 15.10 SlackTech WORK ... dd 29.08 -0.90 -36.23 28.41 16.10 Canon CAJ 5.4 28 17.44 -0.08 35.08 217.64 132.52 Microsoft MSFT 1.0 37 213.02 -1.56 2.75 53.72 33.80 SmithAO AOS 2.0 27 48.95 -0.15 7.26 26.66 14.71 ABB ABB 2.6 36 25.84 -0.16 13.48 84.93 26.51 GCI LibertyA GLIBA ... 11 80.40 -0.11 -24.04 28.89 9.00 CanopyGrowth CGC ... dd 16.02 -0.28 -12.91 148.88 82.00 MidAmApt MAA 3.5 39 114.84 0.01 -18.02 52.26 26.07 Smith&Nephew SNN 1.9 44 39.41 -0.79 -10.43 58.72 23.77 AcadiaPharm ACAD ... dd 38.32 -0.94 53.20 91.97 38.04 GDS Holdings GDS ... dd 79.02 0.68 -38.00 107.59 38.00 CapitalOne COF 0.6 dd 63.80 -0.47 s 12.52 145.90 66.01 MiratiTherap MRTX ... dd 144.99 1.15 7.64 125.62 91.88 Smucker SJM 3.2 16 112.09 0.19 44.51 17.21 3.40 ADT ADT 1.2 dd 11.46 -0.12 ... 23.27 11.92 GFLEnvironmental GFL 0.2 dd 19.32 -0.04 -1.44 60.69 39.05 CardinalHealth CAH 3.9 dd 49.85 -0.31 -25.97 5.54 3.32 MitsubishiUFJ MUFG 4.7 17 4.02 -0.06 32.27 26.76 7.89 Snap SNAP ... dd 21.60 -0.23 -11.25 52.40 21.76 AECOM ACM ... dd 38.28 -0.42 312.90 141.78 11.72 GSXTechedu GSX ...474 90.26 2.08 -23.00 169.86 97.55 Carlisle CSL 1.7 19 124.61 -0.94 -12.94 3.20 1.96 MizuhoFin MFG 3.9 92.69 -0.03 -12.69 172.61 90.72 SnapOn SNA 2.9 14 147.90 -0.97 -9.45 21.23 8.11 AES AES 3.2 64 18.02 0.07 -33.68 274.03 112.00 Galapagos GLPG ... 72 137.16 -6.36 -17.08 34.98 15.21 Carlyle CG 4.0 dd 26.60 0.21 -6.80 11.00 6.20 MobileTeleSys MBT 7.2 11 9.46 0.01 19.97 33.30 15.20 SOQUIMICH SQM 2.0 35 32.02 -0.22 -31.15 55.07 23.07 Aflac AFL 3.1 936.42 -0.24 8.65 109.46 65.09 Gallagher AJG 1.7 28 103.47 -2.90 21.96 107.66 37.59 CarMax KMX ... 28 106.92 0.80 239.72 95.21 13.53 Moderna MRNA ... dd 66.45 -1.36 124.30 229.49 67.02 SolarEdgeTech SEDG ... 64 213.29 -3.91 -20.76 19.65 6.25 AGNC Invt AGNC 10.3 dd 14.01 0.07 -14.10 50.99 13.04 Gaming&Leisure GLPI 6.5 19 36.98 -0.67 -71.18 51.94 7.80 Carnival CCL 0.0 dd 14.65 0.11 -33.77 153.05 56.62 MohawkInds MHK ... 14 90.32 0.47 7.39 21.70 11.50 SolarWinds SWI ...204 19.92 -0.07 64.11 17.05 4.10 ANGI Homesvcs ANGI ...333 13.90 -0.23 4.99 105.58 61.04 Garmin GRMN 2.4 21 102.43 -0.51 -74.77 49.03 7.08 Carnival CUK 16.5 dd 12.15 -0.02 38.96 198.38 102.85 MolinaHealthcare MOH ... 15 188.55 -1.41 15.81 84.14 50.94 Sony SNE 0.4 16 78.75 -0.66 26.06 328.92 200.07 Ansys ANSS ... 71 324.50 -3.82 -16.85 165.26 76.91 Gartner IT ... 48 128.14 0.38 ... 30.32 11.50 CarrierGlobal CARR 1.1 ... 29.52 0.51 -17.79 71.10 41.96 Southern SO 4.9 17 52.37 0.12 -25.54 5.70 3.17 ASETech ASX 2.1 12 4.14 0.04 s 85.61 188.55 72.99 Generac GNRC ... 47 186.71 4.26 -22.84 80.00 42.00 MolsonCoorsA TAP.A 0.0 dd 50.40 -5.11 119.66 225.45 22.16 Carvana CVNA ... dd 202.20 -0.39 -31.73 61.94 33.18 MolsonCoorsB TAP 0.0 dd 36.80 -0.36 8.26 47.55 23.43 SoCopper SCCO 3.5 30 45.99 -0.51 25.74 402.87 191.25 ASML ASML 0.6 49 372.12 -0.05 -15.05 193.76 100.55 GeneralDynamics GD 2.9 13 149.81 -1.13 12.39 181.99 114.01 CaseysGenStores CASY 0.7 25 178.69 1.62 s 165.18 52.32 11.91 -35.74 58.83 22.46 SouthwestAir LUV 0.0 86 34.69 0.23 -24.03 39.70 26.08 AT&T T 7.0 18 29.69 0.02 -43.46 13.26 5.48 GeneralElec GE 0.6 15 6.31 0.04 MomentaPharm MNTA ... dd 52.32 0.21 53.62 91.95 31.04 Catalent CTLT ...123 86.49 -0.05 4.34 59.96 41.19 Mondelez MDLZ 2.2 24 57.47 0.23 35.11 217.36 93.92 Splunk SPLK ... dd 202.35 2.18 ... 42.16 26.35 Azek AZEK ...... 41.03 0.09 -6.26 150.55 87.50 Caterpillar CAT 3.0 19 138.43 0.95 19.53 66.14 46.59 GeneralMills GIS 3.1 18 64.02 -0.19 17.89 102.89 61.61 AbbottLabs ABT 1.4 59 102.40 0.77 -21.97 39.77 14.32 GeneralMotors GM 0.0 27 28.56 -0.27 64.62 243.92 93.81 MongoDB MDB ... dd 216.66 -3.14 81.20 299.67 109.18 Spotify SPOT ... dd 270.98 1.65 -18.93 128.88 52.70 Celanese CE 2.5 19 99.81 -0.15 s 7.14 101.28 62.55 AbbVie ABBV 5.0 20 94.86 -0.34 s 71.20 38.29 16.24 Genmab GMAB ... 30 38.23 0.88 53.21 283.48 130.12 MonolithicPower MPWR 0.7 99 272.75 1.94 147.92 159.47 32.33 Square SQ ...259 155.10 -0.76 -53.89 10.82 1.41 CenovusEnergy CVE 0.0 dd 4.68 -0.25 30.18 83.97 50.06 MonsterBev MNST ... 39 82.73 -0.28 -3.96 173.67 70.00 StanleyBlackDck SWK 1.8 30 159.18 1.03 80.30 319.19 119.01 Abiomed ABMD ... 88 307.57 -2.44 -0.64 74.70 41.62 Centene CNC ... 22 62.47 0.07 -2.40 45.20 19.41 Genpact G 0.9 25 41.16 -0.14 s 12.78 238.30 137.15 Accenture ACN 1.3 31 237.49 0.88 -7.49 31.27 19.48 Gentex GNTX 1.8 23 26.81 -0.19 19.82 296.66 164.19 Moody's MCO 0.8 31 284.47 1.01 -12.34 98.14 50.02 Starbucks SBUX 2.1 70 77.07 -0.15 -27.43 30.71 11.58 CenterPointEner CNP 3.0 dd 19.79 -0.03 -0.04 57.57 27.20 MorganStanley MS 2.7 951.10 0.30 -14.60 85.89 42.10 StateStreet STT 3.1 11 67.55 -0.38 40.04 87.73 47.16 ActivisionBliz ATVI 0.5 36 83.21 -0.79 -34.76 11.69 2.96 CentraisElBras EBR ... 66.08 0.32 -12.19 108.58 49.68 GenuineParts GPC 3.4 1021 93.28 1.06 44.52 55.12 15.19 AdaptiveBiotech ADPT ... dd 43.24 -0.13 2.34 85.97 60.89 GileadSciences GILD 4.1 dd 66.50 0.45 3.73 178.57 102.59 Morningstar MORN 0.8 46 156.96 0.19 -13.07 35.78 14.98 SteelDynamics STLD 3.4 12 29.59 -0.59 -16.65 15.30 8.16 CenturyLink CTL 9.1 10 11.01 0.01 -19.18 23.18 6.50 Mosaic MOS 1.1 dd 17.49 -0.32 0.68 168.98 105.69 Steris STE 1.0 32 153.46 -1.20 43.48 479.80 255.13 Adobe ADBE ... 62 473.22 -5.26 9.31 87.00 38.40 CeridianHCM CDAY ...147 74.20 -1.77 -14.43 48.25 31.43 GSK GSK 5.0 17 40.21 -0.38 -2.53 171.43 71.33 AdvanceAuto AAP 0.6 24 156.11 -1.33 -7.88 209.62 105.54 GlobalPayments GPN 0.5114 168.18 0.42 -5.72 187.49 120.77 MotorolaSol MSI 1.7 32 151.92 0.31 6.84 31.98 14.67 STMicroelec STM 0.7 27 28.75 ... -2.14 80.90 53.08 Cerner CERN 1.0 43 71.82 0.19 -20.45 23.11 12.75 Mylan MYL ... 31 15.99 -0.35 24.94 55.00 17.72 StoneCo STNE ... 82 49.84 0.43 82.75 87.29 27.43 AdvMicroDevices AMD ...164 83.81 1.04 41.64 221.97 95.58 CharlesRiverLabs CRL ... 40 216.37 1.66 63.88 185.76 70.83 Globant GLOB ...128 173.79 -2.01 15.23 99.40 61.13 AgilentTechs A 0.7 44 98.30 0.52 -23.30 111.43 56.74 GlobeLife GL 0.9 12 80.73 -0.43 45.26 228.54 110.59 NICE NICE ... 74 225.37 1.53 -10.08 226.30 124.54 Stryker SYK 1.2 45 188.78 0.92 26.57 616.07 345.67 CharterComms CHTR ... 58 613.96 1.42 251.24 16.44 1.19 NIO NIO ... dd 14.12 0.34 -23.62 7.56 4.49 SumitomoMits SMFG 5.1 75.66 -0.08 29.04 84.66 31.00 AgnicoEagle AEM 1.0 39 79.50 -1.41 15.69 130.65 80.06 CheckPoint CHKP ... 23 128.37 0.53 23.16 85.46 40.25 GoDaddy GDDY ... dd 83.65 1.02 21.89 299.82 167.43 AirProducts APD 1.9 33 286.44 0.37 86.21 14.39 3.79 GoldFields GFI 0.7 65 12.29 -0.13 -13.13 41.78 19.54 NRG Energy NRG 3.5 234.53 -0.12 -1.96 173.98 95.34 SunComms SUI 2.1111 147.16 2.13 105.20 89.82 25.89 Chegg CHGG ... 155580 77.79 -0.11 s 10.91 4247.97 2043.01 NVR NVR ... 20 4223.76 68.14 -6.34 50.13 24.37 SunLifeFinancial SLF 3.9 15 42.68 0.28 28.09 116.39 75.18 AkamaiTech AKAM ... 34 110.64 0.30 16.30 519.98 330.01 Chemed CHE 0.3 32 510.84 -5.12 -11.96 250.46 130.85 GoldmanSachs GS 2.5 15 202.43 0.58 22.86 99.40 48.89 Albemarle ALB 1.7 22 89.74 -1.31 10.06 58.08 38.43 Graco GGG 1.2 36 57.23 0.23 -4.53 139.59 58.41 NXP Semi NXPI 1.2 dd 121.50 0.05 -51.74 34.56 9.61 SuncorEnergy SU 4.0 dd 15.83 -0.46 -15.42 67.49 27.06 CheniereEnergy LNG ... 13 51.65 0.57 21.31 135.51 71.66 Nasdaq NDAQ 1.5 27 129.92 -0.54 -6.30 10.84 4.43 Suzano SUZ 1.1 dd 9.22 -0.17 ... 16.50 13.72 Albertsons ACI ... 814.90 -0.14 -2.01 49.30 17.75 CheniereEnerPtrs CQP 6.5 15 39.01 0.36 4.16 358.06 200.61 Grainger GWW 1.7 31 352.61 -1.64 3.61 65.37 39.37 Alcon ALC ... dd 58.61 0.11 -28.34 25.73 13.40 Grifols GRFS 1.8 19 16.69 -0.41 -8.35 69.08 44.29 NationalGrid NGG 5.3 25 57.44 -0.14 -33.60 38.18 12.15 SynchronyFin SYF 3.7 723.91 -0.03 -29.40 125.27 51.60 Chevron CVX 6.1 dd 85.08 0.27 -34.76 59.26 24.04 NatlRetailProp NNN 5.9 27 34.98 -0.21 0.66 74.25 30.02 SyneosHealth SYNH ... 34 59.87 0.59 5.64 177.70 109.22 AlexandriaRlEst ARE 2.5 52 170.69 -0.76 Chewy CHWY 56.93 79.18 29.35 Grubhub GRUB ... dd 76.33 -0.71 96.45 59.30 20.62 ... dd 56.97 -0.24 ... 23.90 7.93 Natura&Co NTCO 0.0 dd 17.57 -0.41 -3.56 153.07 52.06 Synnex SNX 0.0 13 124.21 0.97 -7.06 124.02 72.67 AlexionPharm ALXN ... 27 100.51 -0.46 ChinaEastrnAir CEA 19.63 100.00 55.90 GuardantHealth GH ... dd 93.48 -0.13 -27.77 28.50 15.80 ... 13 19.77 0.12 -54.50 7.05 2.45 NatWest NWG 0.0 32 2.93 -0.02 53.09 216.19 104.90 25.32 268.00 161.68 Alibaba BABA ... 33 265.80 7.83 ChinaLifeIns LFC 0.20 124.16 71.64 Guidewire GWRE ... dd 109.99 -0.98 Synopsys SNPS ... 53 213.10 -2.06 -12.29 14.70 8.27 3.6 10 12.13 -0.10 ... 91.88 66.82 nCino NCNO ... dd 82.60 -0.16 -32.83 85.98 26.00 Sysco SYY 3.1145 57.46 -0.47 5.47 326.36 127.88 AlignTech ALGN ... 14 294.29 -2.96 ChinaMobile CHL -10.35 151.97 58.38 HCA Healthcare HCA 0.0 14 132.51 1.36 -11.10 44.93 30.12 5.0 10 37.58 0.23 -33.73 65.38 34.66 -32.63 847.95 426.87 Alleghany Y 0.0 dd 538.64 5.00 ChinaPetrol SNP -23.62 65.38 29.50 HDFC Bank HDB 0.7 23 48.40 0.68 NetApp NTAP 4.7 12 41.25 -0.17 -24.94 64.30 41.30 8.7 17 45.15 ... 58.16 503.27 243.90 NetEase NTES 1.6 19 484.98 5.69 T U V -19.49 139.24 77.37 Allegion ALLE 1.3 33 100.27 0.93 ChinaSoAirlines ZNH 1.39 43.37 21.69 HD Supply HDS ... 16 40.78 0.16 -25.80 35.60 18.45 0.0 dd 24.93 -0.09 52.15 575.37 252.28 Netflix NFLX ... 83 492.31 -5.59 -1.17 60.28 37.66 AlliantEnergy LNT 2.8 21 54.08 0.46 ChinaTelecom CHA -11.29 23.93 12.54 HP HPQ 3.9 918.23 0.08 53.71 82.49 33.35 TAL Education TAL ... 370450 74.09 1.11 -14.98 48.30 26.66 4.1 10 35.02 -0.08 5.23 136.26 72.14 Neurocrine NBIX ... 54 113.11 -0.38 -15.97 125.92 64.13 Allstate ALL 2.3 794.49 -0.87 ChinaUnicom CHU -44.64 39.69 20.98 HSBC HSBC 4.6 dd 21.64 -0.08 -7.05 57.92 32.37 TC Energy TRP 4.9 15 49.55 0.30 -12.93 11.08 5.08 2.3 15 8.15 0.22 14.25 153.02 102.01 NewOrientalEduc EDU ... 54 138.53 2.27 -29.29 35.42 10.22 AllyFinancial ALLY 3.5 12 21.61 -0.24 s Chipotle CMG -35.68 25.47 4.25 Halliburton HAL 1.1 dd 15.74 -0.27 -24.91 53.99 27.70 TD Ameritrade AMTD 3.3 10 37.32 -0.09 49.71 1259.38 415.00 ...139 1253.24 13.35 35.47 47.95 26.13 NYTimes A NYT 0.6 52 43.58 -0.71 18.61 167.33 73.32 AlnylamPharm ALNY ... dd 136.60 0.24 Chubb CB -34.42 62.75 19.04 HartfordFinl HIG 3.3 839.85 -0.44 -2.40 101.00 48.62 TE Connectivity TEL 2.1 dd 93.54 1.15 -21.68 167.74 87.35 2.6 26 121.92 -1.52 -16.23 20.99 10.44 NewellBrands NWL 5.7 dd 16.10 -0.28 s 17.63 1591.88 1008.87 Alphabet A GOOGL ... 35 1575.57 -0.68 ChunghwaTel CHT -27.26 123.05 41.33 Hasbro HAS 3.5 26 76.82 -0.63 -5.29 20.91 13.54 Telus TU 4.7 21 18.34 0.03 0.19 39.47 33.77 3.0 27 36.97 0.20 50.91 72.22 33.00 Newmont NEM 1.5 14 65.57 -1.66 s 18.20 1597.72 1013.54 Alphabet C GOOG ... 35 1580.42 -1.33 Church&Dwight CHD -20.37 37.93 18.63 HealthpeakProp PEAK 5.4 44 27.45 0.04 -31.45 20.32 10.29 TIM Part TSU 2.9 14 13.10 -0.05 37.19 97.15 47.98 1.0 34 96.50 -0.04 0.83 15.55 7.88 NewsCorp B NWS 1.4 dd 14.63 -0.56 11.74 185.75 75.17 Alteryx AYX ... dd 111.82 -1.96 ChurchillDowns CHDN -7.31 147.93 52.01 Heico HEI 0.2 40 105.80 -0.22 -15.36 64.95 32.72 TJX TJX 0.0 92 51.68 0.03 26.99 178.66 52.90 0.3 dd 174.23 1.02 3.32 15.46 7.90 NewsCorp A NWSA 1.4 dd 14.61 -0.53 -3.00 31.78 15.96 AlticeUSA ATUS ... 86 26.52 -0.22 Ciena CIEN -4.42 113.69 51.78 Heico A HEI.A 0.2 32 85.57 -0.37 46.66 118.00 63.50 T-MobileUS TMUS ... 38 115.01 -0.39 40.22 61.52 30.58 ... 29 59.86 -0.02 16.62 289.41 174.80 NextEraEnergy NEE 2.0 39 282.41 0.30 -12.92 52.45 30.95 Altria MO 7.9 dd 43.46 -0.04 Cigna CI -0.85 73.99 41.85 HenrySchein HSIC ... 24 66.15 1.01 10.65 142.51 82.51 TRowePrice TROW 2.7 16 134.82 -1.48 -12.81 224.64 118.50 0.0 13 178.30 0.29 s 8.33 109.77 60.00 Nike NKE 0.9 69 109.75 1.74 -23.36 9.07 4.60 AlumofChina ACH ... 72 6.66 0.01 CincinnatiFin CINF 4.80 52.89 20.73 Herbalife HLF ... 23 49.96 1.83 34.84 84.00 40.86 TaiwanSemi TSM 1.7 27 78.34 1.53 -26.45 118.19 46.07 3.1 23 77.34 -0.64 281.50 93.99 10.16 Nikola NKLA ... dd 39.37 -1.57 77.76 3344.29 1626.03 Amazon.com AMZN ...126 3284.72 -12.65 Cintas CTAS 0.31 162.20 109.88 Hershey HSY 2.2 29 147.43 -0.31 41.42 180.61 100.00 TakeTwoSoftware TTWO ... 44 173.14 -1.29 19.07 324.39 154.33 0.8 40 320.39 0.36 -18.39 30.67 19.56 NiSource NI 3.7 dd 22.72 -0.25 -50.00 4.81 1.90 Ambev ABEV ... 18 2.33 -0.01 CiscoSystems CSCO -28.89 74.11 26.06 Hess HES 2.1 dd 47.51 -0.63 -4.51 20.93 12.43 TakedaPharm TAK 3.4 60 18.84 -0.07 -11.91 50.30 32.40 3.4 16 42.25 -0.06 33.96 5.33 2.34 Nokia NOK 0.9 41 4.97 -0.08 2.49 11.59 5.80 Amcor AMCR 4.1 29 11.11 -0.17 Citigroup C -41.17 17.59 7.43 HewlettPackard HPE 5.1 dd 9.33 0.07 82.37 110.81 43.69 TandemDiabetes TNDM ... dd 108.71 -1.18 -38.29 83.11 32.00 4.1 949.30 -0.28 -1.74 5.41 3.55 NomuraHoldings NMR 3.2 65.07 -0.02 -17.36 77.29 44.05 Amdocs DOX 2.2 17 59.66 -0.33 CitizensFin CFG -16.11 117.68 72.29 Hill-Rom HRC 0.9 31 95.24 0.59 19.83 156.10 90.17 Target TGT 1.8 22 153.63 1.39 -40.43 41.29 14.12 6.3 10 24.19 -0.11 16.11 208.37 96.45 Nordson NDSN 0.8 33 189.07 -1.94 45.55 245.47 121.00 Amedisys AMED ... 63 242.96 4.29 CitrixSystems CTXS -21.24 115.48 44.30 Hilton HLT 0.0682 87.35 2.25 -34.66 19.44 5.60 TeckRscsB TECK 1.3 dd 11.35 -0.51 29.15 173.56 91.19 1.0 24 143.23 1.72 7.62 219.88 112.62 NorfolkSouthern NSC 1.8 26 208.93 2.70 -6.82 426.50 222.34 Amerco UHAL 0.0 17 350.18 -3.70 Clarivate CCC 27.85 73.63 26.49 Hologic HOLX ... 27 66.75 -0.33 166.85 253.00 54.58 TeladocHealth TDOC ... dd 223.41 5.00 72.26 30.25 15.00 ... dd 28.94 -0.78 -23.07 110.48 60.67 NorthernTrust NTRS 3.4 13 81.73 0.30 5.10 87.66 58.74 Ameren AEE 2.5 24 80.72 0.25 47.41 239.87 144.12 Clorox CLX 2.0 31 226.33 -1.97 29.70 290.58 140.63 HomeDepot HD 2.1 26 283.23 2.55 -34.36 12.35 6.57 TelecomArgentina TEO 16.7 dd 7.45 -0.04 -1.78 385.00 263.31 NorthropGrum NOC 1.7 24 337.86 1.19 -20.75 18.04 10.12 AmericaMovil AMX 2.7 36 12.68 0.01 128.14 45.28 14.50 Cloudflare NET ... dd 38.92 -1.39 -11.94 29.44 19.38 HondaMotor HMC 2.9 24 24.93 -0.09 -10.60 398.99 195.34 TeledyneTech TDY ... 29 309.80 -3.44 -11.48 28.70 15.12 NortonLifeLock NLOK 2.2 422.59 0.07 -21.38 17.94 10.41 AmericaMovil A AMOV 2.8 35 12.50 -0.30 -14.58 60.13 36.27 Coca-Cola KO 3.5 22 47.28 -0.07 -11.02 184.06 101.08 Honeywell HON 2.3 19 157.50 1.33 -1.28 405.07 221.27 Teleflex TFX 0.4 37 371.63 0.88 -8.75 99.84 69.18 Novartis NVS 2.3 27 86.40 -0.74 -57.60 31.67 8.25 AmerAirlines AAL 0.0 dd 12.16 -0.34 -23.05 58.94 28.35 Coca-Cola Euro CCEP 3.5 23 39.15 -1.07 108.15 78.93 23.81 HorizonTherap HZNP ... 31 75.35 0.23 29.84 11.99 6.15 Ericsson ERIC 0.4134 11.40 -0.13 3357.79 189.40 3.54 Novavax NVAX ... dd 137.62 -5.51 -16.33 104.97 65.14 AEP AEP 3.5 21 79.08 -0.33 -28.87 65.49 37.73 Coca-Cola Femsa KOF 4.4 42 43.12 -0.31 16.78 52.90 39.01 HormelFoods HRL 1.8 31 52.68 0.13 -38.83 14.68 7.75 TelefonicaBras VIV 6.4 13 8.76 -0.09 14.58 68.96 48.60 NovoNordisk NVO 1.4 26 66.32 -0.17 -22.76 138.13 67.00 AmerExpress AXP 1.8 20 96.15 -0.57 17.81 68.93 35.20 Cognex CGNX 0.3 82 66.02 -0.09 s 45.91 76.97 25.51 DR Horton DHI 0.9 14 76.97 2.37 -40.89 8.06 3.75 Telefonica TEF 7.8 20 4.12 -0.03 -6.73 98.84 53.40 Novocure NVCR ...718 78.60 0.01 -40.72 115.03 44.01 AmericanFin AFG 2.8 25 65.00 -0.83 5.97 71.48 40.01 CognizantTech CTSH 1.3 22 65.72 -0.58 -42.86 18.90 7.86 HostHotels HST 0.0 92 10.60 -0.14 -29.82 31.48 16.06 TelekmIndonesia TLK 3.0 15 20.00 0.11 61.83 30.07 13.51 NuanceComms NUAN ... 53 28.86 -0.46 9.46 29.89 17.50 AmHomes4Rent AMH 0.7105 28.69 0.21 s 14.31 78.84 58.49 ColgatePalm CL 2.2 26 78.69 0.44 -32.42 27.87 9.25 HowmetAerospace HWM 0.0 14 16.91 -0.03 s 43.78 110.66 45.11 10xGenomics TXG ... dd 109.63 0.13 -20.59 58.70 27.52 Nucor NUE 3.6 27 44.69 -0.96 -44.92 58.66 16.07 AIG AIG 4.5 dd 28.27 -0.86 -4.23 47.74 31.70 Comcast A CMCSA 2.1 17 43.07 -0.20 -5.62 22.49 11.69 HuanengPower HNP 3.5 15 18.96 -0.64 -49.16 23.77 9.10 Tenaris TS 0.0 dd 11.51 -0.17 -22.04 52.41 23.85 Nutrien NTR 4.8 26 37.35 -0.92 8.49 272.20 174.32 AmerTowerREIT AMT 1.8 58 249.34 1.66 -13.91 71.92 45.51 CommerceBcshrs CBSH 1.8 22 58.49 -0.30 1.05 43.15 25.01 Huazhu HTHT ... dd 40.49 0.88 27.85 17.97 9.22 TencentMusic TME ... 45 15.01 0.44 s 115.61 512.35 159.00 NVIDIA NVDA 0.1 93 507.34 21.70 16.92 150.47 92.00 AmerWaterWorks AWK 1.5 41 143.64 -0.64 -38.67 15.40 5.54 SABESP SBS 2.2 12 9.23 ... -2.56 155.00 85.62 Hubbell HUBB 2.5 20 144.03 0.98 29.05 93.44 42.87 Teradyne TER 0.5 25 88.00 -0.73 10.44 41.29 23.30 AmericoldRealty COLD 2.2 75 38.72 0.03 10.46 38.36 22.83 ConagraBrands CAG 2.2 22 37.82 -0.15 79.44 291.82 90.83 HubSpot HUBS ... dd 284.41 -2.79 O P Q s 390.04 2095.49 211.00 Tesla TSLA ... 1067 2049.98 48.15 -7.25 180.85 80.01 Ameriprise AMP 2.7 8 154.51 -0.63 -44.63 93.34 33.13 ConchoRscs CXO 1.6 dd 48.49 -0.04 14.26 425.46 208.25 Humana HUM 0.6 16 418.79 4.83 0.92 13.76 6.25 TevaPharm TEVA ... 2997 9.89 -0.01 15.44 106.45 72.06 AmerisourceBrgn ABC 1.7 13 98.15 -0.89 -41.32 67.13 20.84 ConocoPhillips COP 4.4 19 38.16 -0.61 s 21.10 141.65 75.29 JBHunt JBHT 0.8 31 141.42 2.70 -28.09 46.43 23.00 OGE Energy OGE 4.8 dd 31.98 -0.21 9.38 140.88 93.09 TexasInstruments TXN 2.6 26 140.33 1.76 0.50 102.31 54.82 Ametek AME 0.7 26 100.24 0.08 -20.19 95.10 62.03 ConEd ED 4.2 18 72.20 -0.20 -39.59 15.63 6.82 HuntingtonBcshs HBAN 6.6 12 9.11 -0.09 -64.48 78.48 12.16 ONEOK OKE 13.9 18 26.88 -0.67 -15.70 52.87 20.26 Textron TXT 0.2 23 37.60 0.18 -1.42 264.97 177.05 Amgen AMGN 2.7 19 237.64 -1.09 -5.51 212.00 104.28 ConstBrands A STZ 1.7 dd 179.29 0.95 -36.77 279.71 147.14 HuntingIngalls HII 2.6 12 158.63 -0.91 5.04 487.95 251.51 OReillyAuto ORLY ... 23 460.33 -1.66 s 31.92 429.92 250.21 ThermoFisherSci TMO 0.2 46 428.57 6.46 0.01 111.40 63.05 Amphenol APH 0.9 30 108.24 0.94 -50.06 40.25 6.90 ContinentalRscs CLR 0.0 dd 17.13 -0.50 3.76 51.74 21.79 IAA IAA ... 40 48.83 0.71 ... 48.24 34.98 OakStreetHealth OSH ...... 44.39 1.89 7.86 82.50 52.23 ThomsonReuters TRI 2.0 24 77.23 0.31 -2.37 127.39 79.08 AnalogDevices ADI 2.1 39 116.02 -1.43 -6.13 365.68 236.68 Cooper COO 0.0 44 301.60 2.34 -32.60 15.42 6.86 ICICI Bank IBN 0.0 24 10.17 0.12 -68.07 48.85 9.00 OccidentalPetrol OXY 0.3 dd 13.16 -0.24 44.38 121.33 32.30 ThorIndustries THO 1.5 30 107.26 -0.85 -6.66 63.71 26.04 Anaplan PLAN ... dd 48.91 0.82 10.72 104.88 55.69 Copart CPRT ... 35 100.69 0.30 46.85 407.86 168.65 IdexxLab IDXX ... 72 383.46 0.13 80.63 226.89 88.66 Okta OKTA ... dd 208.39 -2.64 -8.34 182.54 114.04 3M MMM 3.6 18 161.71 0.21 24.89 38.50 12.66 AngloGoldAsh AU 0.3 40 27.90 -0.96 11.54 32.87 17.44 Corning GLW 2.7319 32.47 0.60 8.32 84.37 44.81 IHS Markit INFO 0.8 41 81.62 -0.21 s 55.90 198.07 104.61 OldDomFreight ODFL 0.3 40 197.25 1.43 -5.72 134.42 78.60 Tiffany TIF 1.8 43 126.01 -0.79 -32.20 98.34 32.58 AB InBev BUD 1.9 dd 55.62 -1.13 -3.79 32.08 20.38 Corteva CTVA 1.8 41 28.44 -0.36 -36.02 12.44 4.52 ING Groep ING 0.0 67.71 -0.17 67.36 110.17 28.83 Ollie'sBargain OLLI ... 53 109.30 2.90 -7.32 84.26 52.07 Toro TTC 1.4 30 73.84 0.51 -22.51 10.50 3.51 AnnalyCap NLY 13.3 dd 7.30 -0.03 39.28 939.00 500.24 CoStar CSGP ...103 833.29 -2.63 3.91 184.02 98.04 IPG Photonics IPGP ... 63 150.58 0.14 -28.00 45.22 13.33 OmegaHealthcare OHI 8.8 18 30.49 -0.06 -15.98 58.51 33.74 TorontoDomBk TD 5.0 11 47.16 -0.04 -5.76 309.10 171.03 Anthem ANTM 1.3 12 284.63 2.88 s 17.25 345.84 271.28 Costco COST 0.8 41 344.61 3.74 1.98 169.14 81.79 IQVIA IQV ...237 157.57 -0.39 -35.14 82.73 46.37 Omnicom OMC 4.9 12 52.55 -0.31 -30.67 56.91 22.13 Total TOT ... dd 38.34 -0.44 -7.03 238.19 143.93 Aon AON 0.9 26 193.64 -3.37 105.82 319.55 99.01 CoupaSoftware COUP ... dd 301.01 -4.85 -15.02 70.63 34.00 IcahnEnterprises IEP 15.3 dd 52.26 -0.54 -14.23 25.92 8.17 ON Semi ON ... dd 20.91 -0.15 -4.77 145.41 108.01 ToyotaMotor TM 2.7 13 133.83 -0.26 -1.43 55.38 19.46 ApolloGlbMgmt APO 4.9 dd 47.03 0.38 -40.81 220.25 118.00 Credicorp BAP 6.9 20 126.15 -1.88 8.48 199.83 104.28 Icon ICLR ... 30 186.84 -1.21 115.05 28.80 9.02 OneConnectFinTech OCFT ... dd 21.57 1.22 64.04 155.25 63.89 TractorSupply TSCO 1.0 26 153.28 1.35 s 69.41 499.47 201.00 Apple AAPL 0.7 38 497.48 24.38 4.83 539.00 199.00 CreditAcceptance CACC ... 26 463.71 3.09 s 3.98 179.58 104.56 IDEX IEX 1.1 36 178.85 2.57 0.75 47.84 29.11 OpenText OTEX 1.6 51 44.40 -0.25 77.76 510.00 136.00 TradeDesk TTD ...186 461.78 -8.48 2.02 69.90 36.64 ApplMaterials AMAT 1.4 18 62.27 -1.52 -18.51 14.12 6.47 CreditSuisse CS 0.5 610.96 -0.08 8.63 199.90 115.94 IllinoisToolWks ITW 2.3 29 195.14 1.40 4.17 57.84 39.71 Oracle ORCL 1.7 18 55.19 -0.07 17.69 69.06 33.23 Tradeweb TW 0.6 63 54.55 -0.59 1.89 123.44 79.84 Aptargroup ATR 1.2 39 117.80 0.25 30.81 74.72 27.77 Cree CREE ... dd 60.37 -0.89 6.43 404.20 196.78 Illumina ILMN ... 75 353.07 -1.53 -20.70 16.64 9.93 Orange ORAN 3.7 10 11.57 -0.08 14.02 122.19 70.00 TraneTech TT 1.8 30 117.57 1.55 -11.68 99.04 29.22 Aptiv APTV 0.0 13 83.88 -0.61 124.62 118.58 31.95 CrowdStrike CRWD ... dd 112.02 -0.47 95.32 44.91 8.80 Immunomedics IMMU ... dd 41.33 -0.66 -26.82 89.21 52.65 Orix IX 4.9 661.04 0.40 -14.41 673.51 200.06 TransDigm TDG 0.0 43 479.28 -3.55 -44.61 47.22 9.65 Aramark ARMK 1.8 dd 24.04 0.68 14.79 180.00 114.18 CrownCastle CCI 2.9 91 163.17 0.29 -38.61 27.90 7.04 ImperialOil IMO 4.1 dd 16.25 -0.32 ... 65.95 38.00 OtisWorldwide OTIS 1.3 ... 63.63 0.66 -3.06 101.16 52.50 TransUnion TRU 0.4 51 82.99 -1.73 -35.35 18.89 6.64 ArcelorMittal MT 0.0 dd 11.34 -0.29 3.35 80.56 42.97 CrownHoldings CCK ... 21 74.97 0.61 7.78 110.36 62.48 Incyte INCY ... dd 94.11 -1.42 4.70 68.72 28.56 OwensCorning OC 1.4 dd 68.18 1.64 -18.34 153.65 76.99 Travelers TRV 3.0 16 111.83 -0.70 -27.96 48.32 20.93 ArchCapital ACGL ... 11 30.90 -0.50 -1.59 36.32 19.61 CubeSmart CUBE 4.3 37 30.98 0.07 22.09 13.03 6.76 Infosys INFY 1.6 23 12.60 -0.22 -16.47 18.34 3.55 PG&E PCG ... dd 9.08 0.15 66.53 150.26 56.22 Trex TREX ... 52 149.68 3.24 -5.95 47.20 28.92 ArcherDaniels ADM 3.3 14 43.59 0.10 16.80 215.43 101.03 Cummins CMI 2.5 19 209.03 0.03 -5.37 38.96 17.01 IngersollRand IR ... dd 34.71 0.08 42.22 28.93 15.91 PLDT PHI 3.9 14 28.43 0.42 21.61 51.96 20.01 Trimble TRMB ... 26 50.70 0.06 11.38 42.40 20.20 AresMgmt ARES 4.0 80 39.75 -0.09 ... 85.00 36.15 CureVac CVAC ...... 67.20 1.20 53.58 142.00 55.72 Inphi IPHI ... dd 113.68 0.32 -33.31 161.79 79.41 PNC Fin PNC 4.3 7 106.45 0.37 -16.16 38.95 20.10 Trip.com TCOM ... dd 28.12 0.12 47.13 272.74 103.75 arGEN-X ARGX ... dd 236.18 -1.37 25.63 86.77 43.72 CyrusOne CONE 2.5503 82.20 ... 21.85 233.99 121.00 Insulet PODD ...750 208.60 -1.44 -18.45 52.80 26.27 POSCO PKX 3.8 17 41.28 0.20 -34.46 56.92 24.01 TruistFinl TFC 4.9 12 36.91 -0.30 9.42 267.30 156.63 AristaNetworks ANET ... 24 222.57 1.19 -17.66 69.29 43.63 Intel INTC 2.7 949.28 0.11 ... 33.23 10.61 PPD PPD ...... 31.85 -0.25 155.66 288.81 68.06 Twilio TWLO ... dd 251.26 -6.39 -11.19 85.80 39.25 ArrowElec ARW ... 16 75.26 0.44 D E F 10.47 58.50 33.70 InteractiveBrkrs IBKR 0.8 25 51.50 -0.77 -11.43 134.36 69.77 PPG Ind PPG 1.8 28 118.23 -0.01 22.50 45.85 20.00 Twitter TWTR ... dd 39.26 0.30 1.10 158.93 90.06 AscendisPharma ASND ... dd 140.65 -2.31 12.59 104.83 63.51 ICE ICE 1.2 27 104.20 0.45 -21.85 36.83 18.12 PPL PPL 5.9 12 28.04 0.02 13.30 382.92 245.00 TylerTech TYL ... 74 339.91 0.41 -5.47 42.62 17.09 DISH Network DISH ... 15 33.53 -0.36 2.09 142.89 73.07 AspenTech AZPN ... 38 123.46 -0.35 -19.09 69.12 25.39 InterContinentl IHG 0.7 dd 55.56 2.57 -7.66 113.31 58.67 PRA HealthSci PRAH ... 31 102.64 0.02 -30.89 94.24 42.57 TysonFoods TSN 2.7 13 62.92 0.02 -10.81 135.67 71.21 DTE Energy DTE 3.5 18 115.83 0.37 -7.96 142.61 76.27 Assurant AIZ 2.1 20 120.64 -1.39 -8.12 158.75 90.56 IBM IBM 5.3 14 123.16 0.01 16.65 90.53 43.90 PTC PTC ...116 87.36 -0.67 -4.37 13.49 7.48 UBS Group UBS 1.5 10 12.03 ... DadaNexus DADA 11.73 64.94 36.15 AstraZeneca AZN 2.5 68 55.71 -0.78 ... 34.94 14.60 ... dd 29.26 2.88 -6.56 143.87 92.14 IntlFlavors IFF 2.6 32 120.55 -0.14 10.01 91.30 49.11 Paccar PCAR 1.5 18 87.02 -0.16 -27.02 51.25 29.20 UDR UDR 4.2 54 34.08 -0.32 35.39 209.15 119.60 Danaher DHR 0.3 51 207.80 2.14 -24.79 50.43 13.37 Athene ATH ... 18 35.37 -0.53 -23.60 47.64 26.38 IntlPaper IP 5.8 22 35.18 -0.50 -14.31 114.78 71.05 PackagingCpAm PKG 3.3 18 95.96 -0.76 -25.49 51.14 21.75 UGI UGI 3.9 15 33.65 -0.09 -24.13 128.41 26.15 Darden DRI 0.0 dd 82.71 1.80 38.47 198.41 107.00 Atlassian TEAM ... dd 166.64 -1.21 -24.33 25.20 11.63 Interpublic IPG 5.8 15 17.48 -0.32 26.14 53.35 13.58 PagSeguroDig PAGS ... 41 43.09 1.08 3.67 41.86 13.71 Uber UBER ... dd 30.83 -0.58 127.95 98.99 27.55 Datadog DDOG ... 9260 86.12 0.34 -9.85 121.08 77.92 AtmosEnergy ATO 2.3 21 100.84 -0.28 s 23.02 322.60 187.68 Intuit INTU 0.7 64 322.23 2.17 s 16.47 275.03 125.47 PaloAltoNtwks PANW ... dd 269.33 -3.19 -1.77 199.91 107.22 Ubiquiti UI 0.6 35 185.63 -1.08 15.69 92.16 53.51 DaVita DVA ... 14 86.80 0.08 35.33 251.39 125.38 Autodesk ADSK ...181 248.27 -0.88 17.38 704.00 360.50 IntuitiveSurgical ISRG ... 73 693.88 0.83 40.23 40.11 10.61 PanAmerSilver PAAS 0.6213 33.22 -1.12 -15.46 342.00 124.05 UltaBeauty ULTA ... 29 214.00 8.60 24.00 225.70 78.70 DeckersOutdoor DECK ... 21 209.39 1.63 9.62 100.10 59.54 Autohome ATHM 0.9 23 87.71 -1.48 -2.94 32.70 15.64 InvitatHomes INVH 2.1160 29.09 0.34 0.24 215.94 93.00 ParkerHannifin PH 1.7 22 206.32 1.45 1.15 63.62 42.00 Unilever UN 2.7 23 58.12 -0.45 s 15.14 202.95 106.14 -17.90 87.01 38.16 Autoliv ALV 0.0 43 69.30 -0.54 Deere DE 1.5 23 199.50 8.40 -12.81 69.32 39.32 IonisPharma IONS ... 65 52.67 -0.38 -13.11 90.53 47.87 Paychex PAYX 3.4 24 73.91 -0.13 4.18 64.84 44.06 Unilever UL 3.0 24 59.56 -0.51 17.65 63.19 25.51 DellTechC DELL ... 10 60.46 0.80 -19.01 182.32 103.11 ADP ADP 2.6 24 138.08 -1.07 -9.90 27.50 14.51 iQIYI IQ ... dd 19.02 0.11 8.48 342.00 163.42 PaycomSoftware PAYC ... 95 287.21 -6.22 5.96 195.09 105.08 UnionPacific UNP 2.0 24 191.57 1.65 -53.37 62.48 17.51 DeltaAir DAL 0.0 dd 27.27 -0.35 1.49 1274.41 684.91 AutoZone AZO ... 19 1209.07 5.57 204.39 217.58 56.24 iRhythmTechs IRTC ... dd 207.26 -2.04 12.21 156.00 66.98 Paylocity PCTY ...118 135.57 -3.00 -62.49 95.16 17.80 UnitedAirlines UAL ... dd 33.04 -1.01 -24.72 60.87 31.57 67.82 144.20 55.50 Avalara AVLR ... dd 122.93 -0.82 DentsplySirona XRAY 0.9 dd 42.60 0.60 -5.21 34.49 21.00 IronMountain IRM 8.2 43 30.21 0.11 81.93 204.23 82.07 PayPal PYPL ... 90 196.79 -1.39 36.94 4.69 2.02 UnitedMicro UMC 2.7 30 3.67 0.01 17.99 11.16 4.99 DeutscheBank DB 0.0 dd 9.18 -0.16 -27.32 229.40 118.17 Avalonbay AVB 4.2 27 152.41 -1.29 -53.44 9.40 3.48 ItauUnibanco ITUB 3.0 94.26 -0.05 s 50.50 120.28 38.01 Pegasystems PEGA 0.1 dd 119.87 0.05 35.85 162.70 82.00 UPS B UPS 2.5 32 159.03 0.49 95.16 456.23 138.28 DexCom DXCM ...196 426.90 -4.98 -3.30 57.24 35.62 Avangrid AGR 3.6 22 49.47 0.39 144.19 73.21 17.70 Peloton PTON ... dd 69.35 0.63 4.97 186.78 58.85 UnitedRentals URI ... 12 175.06 0.51 -19.36 176.22 100.52 Diageo DEO 2.6 45 135.81 -1.52 23.14 22.86 6.66 Avantor AVTR ... 96 22.35 1.18 J K L -29.14 40.65 10.58 PembinaPipeline PBA 7.2 20 26.26 -0.27 -40.61 61.11 28.36 US Bancorp USB 4.8 11 35.21 -0.40 -12.41 141.09 76.96 AveryDennison AVY 2.0 19 114.58 1.14 -57.78 105.95 14.55 DiamondbkEner FANG 3.8 dd 39.21 -1.42 s 112.83 75.72 27.47 JD.com JD ... 38 74.98 1.04 s 117.53 57.93 3.75 PennNational PENN ... dd 55.60 -0.98 6.86 324.57 187.72 UnitedHealth UNH 1.6 18 314.14 0.81 -5.98 49.58 31.66 BCE BCE 5.8 21 43.58 0.14 29.08 165.49 105.00 DigitalRealty DLR 2.9 54 154.56 -0.59 64.56 99.35 41.33 Joyy YY ... 786.87 -0.88 0.33 47.43 22.01 Pentair PNR 1.7 23 46.02 0.03 -12.70 230.32 105.11 UnivDisplay OLED 0.3 83 179.89 -1.30 -0.37 58.35 29.78 BHP Group BHP 4.4 17 54.51 -1.23 -41.56 87.43 23.25 DiscoverFinSvcs DFS 3.6 16 49.57 -0.37 -30.19 141.10 76.91 JPMorganChase JPM 3.7 13 97.32 -0.05 41.64 241.81 121.80 Penumbra PEN ...817 232.67 1.86 -24.23 157.06 65.20 UniversalHealthB UHS 0.0 13 108.70 -1.52 -4.04 48.67 23.64 BHP Group BBL 5.3 14 45.11 -0.93 -32.83 33.66 17.12 DiscoveryA DISCA ... 11 21.99 -0.14 13.85 200.98 123.64 JackHenry JKHY 1.0 43 165.85 -2.35 -0.15 147.20 101.42 PepsiCo PEP 3.0 28 136.46 -0.26 -27.06 10.18 3.56 VEREIT VER 4.6 dd 6.74 0.04 s 102.64 46.49 18.84 BJ'sWholesale BJ ... 21 46.08 1.62 -34.27 31.20 15.43 DiscoveryC DISCK ... 10 20.04 -0.23 -1.12 104.00 59.29 JacobsEngg J 0.9 28 88.82 -0.21 20.39 123.21 62.91 PerkinElmer PKI 0.2 44 116.90 0.13 -38.13 100.25 45.07 VF VFC 3.1 77 61.66 0.66 -43.14 40.08 15.51 BP BP 10.1 dd 21.46 -0.50 -11.89 153.41 79.07 Disney DIS 0.0 dd 127.44 -0.68 15.43 23.70 8.98 JamesHardie JHX 0.0 42 22.67 -0.23 1.43 63.86 40.01 Perrigo PRGO 1.7 30 52.40 -0.69 -11.86 28.75 9.85 VICI Prop VICI 5.3 24 22.52 -0.59 56.61 7.55 2.16 B2Gold BTG 1.3 15 6.28 -0.10 183.61 229.83 43.77 DocuSign DOCU ... dd 210.18 -4.30 -17.12 154.24 86.88 JazzPharma JAZZ ... 54 123.72 -0.89 -31.02 55.38 27.74 PetroChina PTR 4.0 10 34.72 0.02 -9.47 255.37 125.00 VailResorts MTN 0.0 55 217.13 6.35 -3.12 147.38 82.00 Baidu BIDU ... 84 122.45 -1.03 0.81 73.94 44.68 DolbyLab DLB 1.3 29 69.36 0.50 4.72 157.00 109.16 J&J JNJ 2.6 27 152.76 1.34 -48.24 16.84 4.01 PetroleoBrasil PBR 2.9 dd 8.25 -0.13 -16.06 13.67 6.49 Vale VALE ... 44 11.08 -0.30 -39.72 25.99 9.12 BakerHughes BKR 4.7 dd 15.45 -0.28 27.54 202.28 125.00 DollarGeneral DG 0.7 26 198.93 1.13 -0.29 44.82 22.77 JohnsonControls JCI 2.6 40 40.59 0.48 -45.98 15.66 4.16 PetroleoBrasilA PBR.A 4.1 dd 8.06 -0.10 -43.81 101.99 31.00 ValeroEnergy VLO 7.4 20 52.62 -0.08 18.48 82.82 51.26 Ball BLL 0.8 70 76.62 0.86 6.65 119.71 60.20 DollarTree DLTR ... 30 100.30 1.39 -4.10 26.49 15.20 JuniperNetworks JNPR 3.4 23 23.62 -0.07 -0.77 40.97 27.88 Pfizer PFE 3.9 15 38.88 0.16 21.47 176.19 89.62 VarianMed VAR ... 56 172.50 -0.25 -49.28 5.80 2.64 BancoBilbaoViz BBVA 8.1 52.83 -0.05 -5.05 90.89 57.79 DominionEner D 4.8126 78.64 0.94 -25.45 42.90 20.93 KB Fin KB 4.8 430.84 -0.19 -8.26 90.17 56.01 PhilipMorris PM 6.0 17 78.06 -0.16 -20.39 9.41 3.24 Vedanta VEDL 2.8 dd 6.87 -0.08 -56.92 8.05 2.58 BancoBradesco BBDO 3.5 83.40 -0.05 s 42.86 423.55 220.90 Domino's DPZ 0.7 37 419.70 1.37 ... 48.10 31.79 KE Holdings BEKE ...... 41.87 1.12 -45.27 119.92 40.04 Phillips66 PSX 5.9 dd 60.97 ... 89.78 273.88 118.11 VeevaSystems VEEV ...135 266.94 -3.19 -16.87 29.54 12.50 BancodeChile BCH 3.6 12 17.45 -0.04 -12.74 58.32 31.08 Donaldson DCI 1.7 26 50.28 0.13 19.37 37.17 15.55 KKR KKR 1.6129 34.82 0.49 122.10 98.96 29.38 Pinduoduo PDD ... dd 84.00 -13.13 -27.88 75.40 13.35 Ventas VTR 4.3 38 41.64 0.51 -57.71 12.68 3.69 BancSanBrasil BSBR 11.3 11 5.13 -0.04 -4.62 120.26 62.95 Dover DOV 1.8 24 109.94 -0.05 14.48 218.57 110.19 KLA KLAC 1.8 27 203.97 -2.88 -17.42 105.51 60.05 PinnacleWest PNW 4.2 14 74.26 -0.71 7.29 221.30 148.77 VeriSign VRSN ... 31 206.73 -1.43 -30.65 30.47 11.43 BcoSantChile BSAC 1.9 10 16.00 -0.17 -20.35 56.25 21.95 Dow DOW 6.4 dd 43.59 -0.10 19.34 195.47 92.86 KSCitySouthern KSU 0.9 31 182.78 1.96 83.42 38.23 10.10 Pinterest PINS ... dd 34.19 -0.31 24.31 192.40 116.61 VeriskAnalytics VRSK 0.6 59 185.65 -0.21 -48.07 4.42 1.90 BancoSantander SAN 3.8 dd 2.15 -0.04 47.95 62.60 33.33 DrReddy'sLab RDY 0.5 39 60.04 0.39 -0.39 72.88 52.66 Kellogg K 3.3 22 68.89 0.15 -32.54 159.01 48.62 PioneerNatRscs PXD 2.2 41 102.11 -0.56 -3.93 62.22 48.84 Verizon VZ 4.2 13 58.99 0.03 -51.47 56.10 16.27 BanColombia CIB 4.3 13 26.59 -0.25 228.50 44.79 9.84 DraftKings DKNG ... dd 35.15 -1.17 -0.07 32.00 18.98 KeurigDrPepper KDP 2.1 35 28.93 -0.26 -60.41 22.81 3.00 PlainsAllAmPipe PAA 9.9 dd 7.28 -0.17 23.90 306.08 165.23 VertxPharm VRTX ... 34 271.28 -0.15 -29.07 35.72 17.95 BankofAmerica BAC 2.9 12 24.98 -0.12 12.34 24.14 14.55 Dropbox DBX ...376 20.12 -0.04 -40.96 20.52 7.45 KeyCorp KEY 6.2 11 11.95 -0.04 -60.37 23.36 3.04 PlainsGP PAGP 9.6 dd 7.51 -0.15 -36.84 44.94 10.10 ViacomCBS B VIAC 3.6 13 26.51 -0.18 -26.10 79.93 38.31 BankofMontreal BMO 5.4 10 57.27 -0.45 -11.19 103.79 62.13 DukeEnergy DUK 4.8 29 81.00 -0.04 -6.58 110.00 77.93 -0.86 110.30 37.35 Polaris PII 2.5 dd 100.83 -1.12 -33.70 47.14 13.12 ViacomCBS A VIACA 3.2 15 29.75 -0.05 -29.01 51.60 26.40 BankNY Mellon BK 3.5 835.73 -0.14 10.07 40.84 25.19 DukeRealty DRE 2.5 38 38.16 0.06 KeysightTechs KEYS ... 30 95.88 -6.94 -32.16 88.99 45.96 KilroyRealty KRC 3.4 35 56.92 0.32 s 56.97 333.59 160.35 Pool POOL 0.7 48 333.37 7.87 23.57 24.46 7.69 Vipshop VIPS ... 18 17.51 -0.54 -25.42 58.22 31.94 BkNovaScotia BNS 6.3 942.13 -0.39 ... 28.20 24.25 Dun&Bradstreet DNB ...... 25.47 -0.57 14.36 160.16 110.66 KimberlyClark KMB 2.7 21 157.30 -0.27 -21.86 112.38 68.97 PostHoldings POST ... dd 85.25 -0.54 320.36 75.00 11.65 VirBiotech VIR ... dd 52.86 0.97 -41.07 10.22 3.41 Barclays BCS 2.6 ... 5.61 -0.01 -3.59 84.73 38.51 Dunkin' DNKN 2.2 28 72.83 0.17 -33.35 22.58 9.42 KinderMorgan KMI 7.4200 14.11 0.05 -22.54 58.28 23.31 PrincipalFin PFG 5.3 942.60 -0.54 8.64 214.17 133.93 Visa V 0.6 40 204.13 -0.02 57.67 31.22 12.65 BarrickGold GOLD 1.1 12 29.31 -0.64 -14.11 73.77 28.33 DuPont DD 2.2 dd 55.14 -0.97 ... 42.80 17.01 KingsoftCloud KC ... dd 34.26 -1.09 s 10.04 138.10 94.34 Procter&Gamble PG 2.3 28 137.44 0.59 -16.92 27.96 11.30 Vistra VST 2.8 16 19.10 -0.30 -45.22 31.97 11.15 BauschHealth BHC ... dd 16.39 -0.49 57.15 44.65 17.05 Dynatrace DT ... dd 39.76 -0.36 82.49 10.21 2.72 KinrossGold KGC ... 12 8.65 -0.27 s 26.84 91.99 62.18 Progressive PGR 0.4 12 91.82 0.98 -8.52 173.37 86.00 VMware VMW ... 9 138.85 -0.07 -0.63 95.19 69.10 BaxterIntl BAX 1.2 47 83.09 0.20 -40.28 32.19 12.10 ENI E 7.3 dd 18.49 -0.21 20.63 57.69 18.02 KirklandLakeGold KL 0.9 18 53.16 -0.78 15.59 106.73 59.82 Prologis PLD 2.3 40 103.04 0.35 -22.45 21.72 11.46 Vodafone VOD 6.7 dd 14.99 -0.28 -5.24 286.72 197.75 BectonDicknsn BDX 1.2 93 257.72 -1.21 -48.20 89.54 27.00 EOG Rscs EOG 3.5 72 43.39 -0.71 s 30.58 47.39 27.54 Knight-Swift KNX 0.7 28 46.80 1.51 -4.09 133.58 83.81 Proofpoint PFPT ... dd 110.08 -0.92 -46.68 68.67 27.64 VornadoRealty VNO 6.0 21 35.46 0.74 45.10 256.01 114.41 BeiGene BGNE ... dd 240.52 5.19 45.44 314.74 151.97 EPAM Systems EPAM ... 61 308.56 5.77 4.83 54.28 29.89 KoninklijkePhil PHG 0.0 42 50.14 -1.21 -28.09 97.24 38.62 PrudentialFin PRU 6.5 dd 67.41 -0.72 -17.87 63.81 29.75 VoyaFinancial VOYA 1.2 18 50.08 -0.68 -12.91 79.92 43.05 Berkley WRB 0.8 33 60.18 0.02 16.77 57.30 25.76 E*TRADE ETFC 1.1 15 52.98 0.28 -29.75 12.30 6.28 KoreaElcPwr KEP ... dd 8.31 -0.17 -16.80 42.55 15.68 Prudential PUK 2.0 dd 31.69 -0.48 ... 72.68 38.46 Vroom VRM ...... 62.13 2.27 -8.42 231.61 159.50 BerkHathwy B BRK.B ... 23 207.43 1.31 -10.67 83.99 34.44 EastmanChem EMN 3.7 17 70.80 -0.65 7.56 36.37 19.99 KraftHeinz KHC 4.6 dd 34.56 -0.29 -9.77 63.88 34.75 PublicServiceEnt PEG 3.7 16 53.28 -0.57 -12.61 152.49 65.56 VulcanMatls VMC 1.1 27 125.83 -0.28 -8.38 347400 239440 BerkHathwy A BRK.A ... 23 311126 1826.00 6.20 105.78 56.41 Eaton ETN 2.9 27 100.59 1.12 23.87 36.88 23.02 Kroger KR 2.0 14 35.91 -0.01 -3.01 266.76 155.37 PublicStorage PSA 3.9 29 206.55 3.29 10.74 54.98 25.00 BerryGlobal BERY ... 12 52.59 -1.52 61.19 61.06 26.02 eBay EBAY 1.1 958.20 0.55 65.40 31.33 8.00 L Brands LB 0.0 dd 29.97 0.40 s 22.37 47.64 17.12 PulteGroup PHM 1.0 11 47.48 1.14 W X Y Z s 29.84 114.45 48.10 BestBuy BBY 1.9 21 114.00 2.30 0.96 231.36 124.60 Ecolab ECL 1.0 dd 194.85 0.44 51.15 214.97 100.00 LHC Group LHCG ... 55 208.22 0.04 54.94 52.79 25.04 Qiagen QGEN ... 1303 52.37 1.10 66.67 172.29 48.18 BeyondMeat BYND ... dd 126.00 -1.92 -43.49 20.95 6.28 Ecopetrol EC 7.1 611.28 -0.06 -0.26 109.53 68.01 WEC Energy WEC 2.8 25 91.99 0.70 4.39 53.62 33.85 Line LN ... dd 51.16 -0.03 12.42 136.06 67.54 Qorvo QRVO ... 39 130.67 -0.05 141.62 51.25 13.23 Bilibili BILI ... dd 44.99 -0.08 -32.02 78.93 43.63 EdisonInt EIX 5.0 17 51.26 0.02 -27.34 236.51 71.12 WEX WEX ... 53 152.19 -1.86 -13.39 36.63 13.31 LKQ LKQ ... 17 30.92 -0.02 28.07 116.25 58.00 Qualcomm QCOM 2.3 48 113.00 2.34 154.17 104.79 23.61 Bill.com BILL ... dd 96.71 -0.47 1.22 82.55 51.51 EdwardsLife EW ... 68 78.71 -0.39 -11.71 93.62 38.62 W.P.Carey WPC 5.9 36 70.67 -0.26 -13.38 99.60 32.01 LPL Financial LPLA 1.3 13 79.91 -0.14 21.79 51.14 23.77 QuantaServices PWR 0.4 20 49.58 -0.19 17.45 286.68 155.17 Bio-Techne TECH 0.5 45 257.82 -0.62 -7.98 32.66 15.17 ElancoAnimal ELAN ... dd 27.10 -0.48 -44.09 70.80 27.18 WPP WPP 3.5 11 39.30 -0.44 -9.74 230.99 142.01 L3HarrisTech LHX 1.9 24 178.59 -0.37 10.34 131.81 73.02 QuestDiag DGX 1.9 21 117.83 -0.08 39.98 540.06 309.38 Bio-RadLab A BIO ... 8 517.95 2.37 s 64.76 109.55 39.01 Elastic ESTC ... dd 105.94 -1.04 -16.72 81.75 35.07 Wabtec WAB 0.7 29 64.79 -0.53 6.77 206.74 98.02 LabCpAm LH ... 49 180.62 -1.06 221.90 306.72 55.25 Quidel QDEL ... 68 241.52 -6.08 -6.63 374.99 215.78 Biogen BIIB ... 8 277.07 -0.45 -13.32 167.75 110.00 ElbitSystems ESLT 1.3 22 134.41 0.25 -33.07 64.50 36.65 WalgreensBoots WBA 4.7 48 39.46 -0.25 20.88 387.69 181.38 LamResearch LRCX 1.3 23 353.44 -5.06 -11.26 131.94 62.88 31.35 147.36 85.69 ElectronicArts EA ... 21 141.21 -2.27 10.76 137.63 102.00 Walmart WMT 1.6 21 131.63 1.06 BioMarinPharm BMRN ...113 75.03 0.18 -26.26 96.82 30.89 LamarAdv LAMR 3.0 24 65.82 -1.55 R S 115.53 105.00 12.53 137.33 137.61 39.11 EmergentBiosol EBS ... 40 128.04 -3.08 ... 34.76 26.99 WarnerMusic WMG 1.6 dd 30.06 -0.32 BioNTech BNTX ... dd 73.02 6.75 -28.54 96.32 39.06 LambWeston LW 1.5 25 61.48 -0.86 25.19 81.87 50.01 BlackKnight BKI ... 86 80.72 -0.16 -11.01 78.38 37.75 EmersonElec EMR 2.9 21 67.86 0.20 -10.05 27.25 16.81 RELX RELX 2.5 28 22.73 0.10 9.46 105.49 70.87 WasteConnections WCN 0.7127 99.38 -0.10 -29.72 74.29 33.30 LasVegasSands LVS 0.0111 48.52 1.06 16.18 605.72 323.98 BlackRock BLK 2.5 21 584.04 0.68 -17.50 43.15 22.57 Enbridge ENB ... 47 32.81 0.02 50.40 328.74 73.14 RH RH ... 43 321.11 -2.92 -2.46 126.79 85.34 WasteMgt WM 2.0 29 111.16 1.01 -18.31 143.50 63.20 Lear LEA 0.0 46 112.08 -1.65 -5.31 64.97 33.00 Blackstone BX 3.5 48 52.97 0.48 -11.00 83.30 48.01 EncompassHealth EHC 1.8 21 61.65 -0.04 11.67 86.48 42.85 RPM RPM 1.7 37 85.72 0.83 -7.45 245.68 154.39 Waters WAT ... 27 216.24 1.51 -8.91 125.84 68.00 Leidos LDOS 1.5 21 89.17 -1.85 -48.58 391.00 89.00 Boeing BA 0.0 dd 167.50 -2.08 -34.43 11.21 5.21 EnelAmericas ENIA 6.9 87.20 0.12 -17.62 102.45 54.21 RaymondJames RJF 2.0 12 73.70 -0.02 33.42 244.71 132.97 Watsco WSO 3.0 40 240.36 -0.24 s 40.78 63.00 18.87 Lennar B LEN.B 0.8 962.93 2.42 -13.36 2094.00 1107.29 BookingHldgs BKNG ... 30 1779.37 10.68 -48.17 14.07 3.75 EnergyTransfer ET 18.3 13 6.65 ... -31.77 93.45 40.71 RaytheonTech RTX 3.2 dd 60.27 -0.72 s 32.68 240.82 139.00 Watsco B WSOB 2.9 40 240.82 1.89 s 42.25 79.64 25.42 Lennar A LEN 0.6 12 79.36 2.42 s 21.36 87.07 54.37 BoozAllen BAH 1.4 25 86.32 -0.41 179.91 77.73 17.18 EnphaseEnergy ENPH ... 59 73.14 0.05 11.53 69.79 36.91 RealPage RP ...119 59.95 -0.29 s 276.96 341.58 21.70 Wayfair W ... dd 340.66 11.70 13.70 282.12 163.40 LennoxIntl LII 1.1 31 277.39 1.68 -6.43 46.60 17.00 BorgWarner BWA 1.7 19 40.59 -0.07 38.61 74.28 38.12 Entegris ENTG 0.5 42 69.43 0.09 -16.99 84.92 38.00 RealtyIncome O 4.6 42 61.12 0.11 -27.10 55.52 28.93 Weibo WB ... 20 33.79 0.17 ... 19.90 14.31 LiAuto LI ... dd 15.02 0.27 s 133.76 883.25 290.02 BostonBeer SAM ... 79 883.25 30.65 -18.09 135.55 75.19 Entergy ETR 3.8 16 98.13 0.42 -35.87 70.13 31.80 RegencyCtrs REG 5.9 75 40.46 -0.69 -56.06 54.75 22.00 WellsFargo WFC 1.7 27 23.64 -0.11 9.83 149.00 80.14 LibertyBroadbandA LBRDA ...137 136.81 -0.04 -38.88 147.83 71.57 BostonProps BXP 4.7 13 84.26 -1.01 -35.65 29.56 10.27 EnterpriseProd EPD 9.8 918.12 -0.04 61.26 664.64 271.37 RegenPharm REGN ... 23 605.49 -11.40 -31.36 93.17 24.27 Welltower WELL 4.3 76 56.13 1.05 11.05 146.84 86.20 LibertyBroadbandC LBRDK ...139 139.64 0.01 -15.02 46.62 24.10 BostonSci BSX ... 14 38.43 -0.43 13.71 181.76 103.01 Equifax EFX 1.0 65 159.33 -2.13 -36.07 17.54 6.94 RegionsFin RF 5.7 17 10.97 -0.11 80.59 279.54 124.53 WestPharmSvcs WST 0.2 72 271.48 -3.99 -1.81 27.67 14.36 LibertyGlobal C LBTYK ... dd 21.40 -0.05 -14.45 176.98 64.23 BrightHorizons BFAM ... 63 128.57 1.36 34.00 805.81 477.87 Equinix EQIX 1.4136 782.17 -2.74 -44.58 169.26 55.39 ReinsGrp RGA 3.1 10 90.36 -1.67 -46.89 72.00 27.40 WesternDigital WDC 0.0 dd 33.71 -0.39 -3.21 28.48 15.23 LibertyGlobal A LBTYA ... dd 22.01 -0.08 -3.12 68.34 45.76 BristolMyers BMY 2.9 dd 62.19 -0.03 -20.39 21.04 8.41 Equinor EQNR 4.5 dd 15.85 -0.09 -13.59 122.17 70.57 RelianceSteel RS 2.4 15 103.49 -1.80 -12.29 28.45 17.39 WesternUnion WU 3.8 16 23.49 0.12 -17.20 48.95 18.31 LibertyFormOne C FWONK ... dd 38.06 -0.04 -20.35 45.64 27.32 BritishAmTob BTI 9.8 10 33.82 0.27 -16.67 27.30 9.89 Equitable EQH 3.3 dd 20.65 -0.18 -11.94 202.68 113.27 RenaissanceRe RNR 0.8 14 172.61 -1.39 -19.06 75.65 28.99 WestlakeChem WLK 1.9 19 56.78 -1.23 -19.26 46.52 16.87 LibertyFormOne A FWONA ... dd 35.35 -0.30 4.43 335.88 155.67 Broadcom AVGO 3.9 59 330.02 1.19 -6.68 77.55 41.97 EquityLife ELS 2.1 51 65.69 ... 63.94 159.97 72.32 Repligen RGEN ...260 151.64 0.77 -27.39 20.56 7.98 WestpacBanking WBK 9.7 13 12.33 -0.03 -33.96 30.16 13.59 LibertyBraves A BATRA ... dd 19.58 0.42 10.79 144.50 81.90 BroadridgeFinl BR 1.7 35 136.87 -0.43 -32.41 89.55 49.62 EquityResdntl EQR 4.4 18 54.69 -0.56 0.20 100.91 65.37 RepublicSvcs RSG 1.9 27 89.81 0.82 -33.68 44.39 21.50 WestRock WRK 2.8 10 28.46 -0.33 -34.33 30.03 13.20 LibertyBraves C BATRK ... dd 19.40 0.46 -12.15 45.61 21.57 BrookfieldMgt BAM 1.4 68 33.85 0.31 28.09 226.35 130.20 ErieIndemnity A ERIE 1.8 38 212.63 -8.60 15.74 209.00 108.85 ResMed RMD 0.9 42 179.37 -1.60 -4.57 31.58 13.10 Weyerhaeuser WY 0.0 70 28.82 -0.18 -28.57 51.11 22.54 LibertySirius A LSXMA ... 28 34.53 -0.17 -0.77 50.74 23.22 BrookfieldInfr BIP 4.3 dd 44.70 0.37 -7.97 54.52 30.40 EssentialUtil WTRG 2.3 37 43.20 -0.41 -15.63 79.46 25.08 RestaurantBrands QSR 3.9 25 53.80 -0.74 74.32 57.89 18.66 WheatonPrecMet WPM 0.8 66 51.86 -0.62 -27.25 50.52 22.63 LibertySirius C LSXMK ... 28 34.45 -0.22 -36.89 20.77 7.15 BrookfieldPropREIT BPYU 11.4 dd 11.64 -0.12 -29.20 334.17 175.81 EssexProp ESS 3.9 22 213.02 0.51 3.20 53.48 31.79 RexfordIndlRealty REXR 1.8103 47.13 -0.15 22.54 185.96 64.00 Whirlpool WHR 2.7 14 180.78 -2.14 13.57 170.75 101.36 EliLilly LLY 2.0 24 149.26 -2.08 s BrookfieldRenew BEPC 0.23 220.42 137.01 EsteeLauder EL 0.0113 207.01 8.74 ... 36.00 21.61 ReynoldsCnsmr REYN 2.6 ... 33.97 0.69 -9.74 25.29 8.41 Williams WMB 7.5204 21.41 0.01 ... 51.30 40.34 3.4 ... 51.10 0.55 -40.82 62.95 16.11 LincolnNational LNC 4.6 31 34.92 -0.83 Brown&Brown BRO 194.29 141.41 29.95 Etsy ETSY ...107 130.37 0.28 72.86 306.46 120.03 RingCentral RNG ... dd 291.57 1.19 s 34.94 99.49 26.01 Williams-Sonoma WSM 1.9 23 99.10 3.83 15.30 48.69 30.70 0.7 29 45.52 -0.27 14.75 251.36 146.71 Linde LIN 1.6 58 244.30 -1.01 Brown-Forman A BF.A -22.77 294.31 157.32 EverestRe RE 2.9 16 213.81 -2.55 3.66 65.20 35.35 RioTinto RIO 6.3 14 61.53 -0.63 -1.91 220.97 143.34 WillisTowers WLTW 1.4 25 198.08 -4.02 5.19 68.15 41.03 1.1 38 66.03 -0.27 77.90 278.14 55.74 LithiaMotors LAD 0.5 22 261.52 1.30 -22.55 76.57 42.01 Evergy EVRG 4.0 18 50.41 -0.37 46.85 64.17 25.92 RitchieBros RBA 1.4 45 63.07 0.16 12.53 4.34 2.52 Wipro WIT 0.3 18 4.22 -0.02 6.63 73.50 44.68 Brown-Forman B BF.B 1.0 42 72.08 -0.22 -28.47 76.60 21.70 LiveNationEnt LYV ... dd 51.12 -0.43 1.73 99.42 60.69 EversourceEner ES 2.6 25 86.54 0.87 -12.35 63.84 32.38 RobertHalf RHI 2.5 17 55.35 -0.76 132.39 319.34 76.81 Wix.com WIX ... dd 284.40 -10.07 -16.97 54.49 30.78 Bruker BRKR 0.4 40 42.32 0.46 460.06 150.00 15.12 LivongoHealth LVGO ... dd 140.35 2.72 -13.31 123.31 35.25 ExactSciences EXAS ... dd 80.17 -1.71 s ... 27.20 17.50 RocketCos. RKT ...... 25.89 2.10 17.15 202.00 107.75 Workday WDAY ... dd 192.65 -1.67 -18.73 58.19 29.00 Bunge BG 4.3 dd 46.77 0.78 -57.10 3.58 1.27 LloydsBanking LYG 3.9 70 1.42 -0.03 26.28 27.80 13.67 Exelixis EXEL ... 25 22.25 -0.20 12.75 238.49 115.38 Rockwell ROK 1.8 35 228.52 1.69 -40.38 153.41 35.84 WynnResorts WYNN 0.0 dd 82.79 2.51 -15.47 250.89 105.67 BurlingtonStrs BURL ...282 192.75 1.55 0.05 442.53 266.11 LockheedMartin LMT 2.5 17 389.57 1.69 -19.89 50.54 29.28 Exelon EXC 4.2 13 36.52 0.21 -14.58 51.29 32.20 RogersComm B RCI 3.5 17 42.43 0.31 12.98 52.94 15.50 XP XP ... 69 43.52 -1.62 -26.73 64.75 29.17 CBRE Group CBRE ... 13 44.91 0.83 -32.71 56.88 27.32 Loews L 0.7 dd 35.32 -0.29 -15.76 139.88 40.76 Expedia EXPE 0.0 dd 91.10 2.43 9.88 176.55 58.22 Roku ROKU ... dd 147.13 -1.76 6.07 100.18 38.47 XPO Logistics XPO ...102 84.54 1.36 -22.19 146.09 73.39 CDW CDW 1.4 22 111.15 -1.17 58.67 75.92 31.37 LogitechIntl LOGI 1.0 27 74.83 -0.69 10.60 87.74 52.55 ExpeditorsIntl EXPD 1.2 25 86.29 -0.57 65.68 55.44 30.72 Rollins ROL 0.6 84 54.94 0.10 9.64 73.00 46.58 XcelEnergy XEL 2.5 26 69.61 0.60 -32.20 52.30 19.73 CF Industries CF 3.7 19 32.37 -0.73 35.04 162.89 60.00 Lowe's LOW 1.4 21 161.72 3.14 -0.29 124.45 72.70 ExtraSpaceSt EXR 3.4 32 105.31 1.15 21.95 455.72 240.00 RoperTech ROP 0.5 28 431.99 -2.81 4.33 112.17 67.68 Xilinx XLNX 1.5 40 102.00 0.62 -16.71 87.12 46.32 CGI GIB ... 21 69.72 0.37 s 59.17 369.77 128.84 lululemon LULU ... 84 368.75 2.33 -41.23 75.18 30.11 ExxonMobil XOM 8.5 24 41.01 -0.31 -25.08 124.16 56.30 RossStores ROST 0.0 58 87.22 -0.24 0.77 89.34 54.62 Xylem XYL 1.3 57 79.40 0.02 23.39 99.22 56.94 CH Robinson CHRW 2.1 28 96.49 -0.04 8.12 96.73 48.44 Lumentum LITE ... 49 85.74 1.46 -3.10 156.36 79.78 F5Networks FFIV ... 25 135.32 0.98 -6.17 82.74 49.55 RoyalBkCanada RY 4.3 13 74.31 -0.02 51.39 7.02 2.23 YamanaGold AUY 1.2 22 5.98 -0.16 -13.38 225.36 131.80 CME Group CME 2.0 26 173.86 0.68 -32.75 54.50 14.56 Lyft LYFT ... dd 28.93 -0.83 7.52 112.45 56.77 FMC FMC 1.6 30 107.33 -0.56 -53.91 135.31 19.25 RoyalCaribbean RCL 0.0 dd 61.53 ... s 46.17 64.13 27.93 Yandex YNDX ...168 63.57 -0.06 -3.90 69.17 46.03 CMS Energy CMS 2.7 23 60.39 0.03 -30.49 98.91 33.71 LyondellBasell LYB 6.4 11 65.67 -0.28 -29.03 51.30 25.18 CNA Fin CNA 4.7 18 31.80 -0.23 30.09 278.89 137.10 Facebook FB ... 33 267.01 -2.00 -49.76 61.17 21.25 RoyalDutchA RDS.A 7.2 dd 29.63 -0.49 -4.60 119.59 54.95 YumBrands YUM 2.0 29 96.10 0.73 -30.45 11.99 5.06 CNH Indl CNHI 0.0 10 7.65 0.04 32.72 363.64 195.22 FactSet FDS 0.9 37 356.10 -0.14 M N -53.28 62.27 19.19 RoyalDutchB RDS.B 9.0 dd 28.02 -0.48 13.81 56.09 38.33 YumChina YUMC 0.0 42 54.64 0.69 -31.04 181.13 81.11 CNOOC CEO 9.8 9 114.94 -1.08 12.52 447.72 177.65 FairIsaac FICO ... 55 421.60 -6.91 12.73 147.64 59.78 RoyalGold RGLD 0.8 45 137.81 -1.53 36.49 38.99 19.40 ZTO Express ZTO 0.0 32 31.87 -0.05 -3.74 40.88 17.73 CRH CRH 2.3 17 38.82 -0.26 183.29 31.88 5.99 Farfetch FTCH ... dd 29.32 0.29 -39.64 174.00 85.09 M&T Bank MTB 4.3 10 102.46 0.79 ... 56.50 39.90 RoyaltyPharma RPRX ...... 41.97 -1.29 93.24 89.48 29.43 ZaiLab ZLAB ...... 80.37 0.39 48.53 105.12 32.30 CRISPR Therap CRSP ...194 90.46 -1.30 31.37 48.59 26.71 Fastenal FAST 2.1 33 48.54 0.34 -36.40 34.63 5.90 MGM Resorts MGM 0.0 621.16 0.33 -9.49 96.79 44.44 Ryanair RYAAY ... 78 79.30 1.65 7.79 291.30 150.06 ZebraTech ZBRA ... 30 275.33 -1.22 2.45 80.62 46.81 CSX CSX 1.4 20 74.13 0.22 323.77 117.79 10.63 Fastly FSLY ... dd 85.05 -3.68 10.15 129.97 66.87 MKS Instrum MKSI 0.7 29 121.18 0.32 19.64 165.43 90.89 SAP SAP 0.8 40 160.31 -2.67 12.51 101.94 50.23 Zendesk ZEN ... dd 86.22 -1.75 -13.93 77.03 52.04 CVS Health CVS 3.1 10 63.94 0.22 -37.61 141.35 64.11 FederalRealty FRT 5.3 22 80.32 -0.19 -26.36 30.53 6.87 MPLX MPLX 14.7 dd 18.75 -0.11 s 32.58 363.37 186.06 S&P Global SPGI 0.7 34 362.01 0.79 81.11 85.10 20.04 Zillow C Z ... dd 83.20 0.35 22.70 2044.41 1031.39 CableOne CABO 0.5 45 1826.30 -30.39 s 39.20 212.94 88.69 FedEx FDX 1.2 14 210.49 1.67 40.87 398.49 210.34 MSCI MSCI 0.9 59 363.69 -5.05 26.74 323.02 205.20 SBA Comm SBAC 0.6 dd 305.44 5.63 81.22 85.16 18.65 Zillow A ZG ... dd 82.89 0.01 12.12 22.67 13.06 CabotOil COG 2.0 25 19.52 0.15 17.08 199.62 127.73 Ferrari RACE 0.6 64 193.81 -1.21 -36.20 67.62 22.02 MagellanMid MMP 10.2 940.11 -0.77 -20.92 69.61 35.41 SEI Investments SEIC 1.4 17 51.78 0.42 -9.03 161.11 74.37 ZimmerBiomet ZBH 0.7828 136.16 -0.64 59.41 112.32 51.39 CadenceDesign CDNS ... 30 110.57 -0.69 -25.19 16.25 6.00 FiatChrysler FCAU ... dd 10.99 -0.23 -7.62 57.09 22.75 MagnaIntl MGA 3.2 dd 50.66 -0.42 -5.02 23.80 14.07 SK Telecom SKM 3.3 21 21.95 0.53 19.66 163.98 90.14 Zoetis ZTS 0.5 47 158.37 -0.17 -25.05 70.74 6.02 CaesarsEnt CZR ... dd 44.70 -1.30 -27.96 49.28 19.00 FidNatlFin FNF 4.0 11 32.67 0.20 18.03 100.42 35.20 ManhattanAssoc MANH ... 71 94.13 -0.50 1.58 66.74 29.51 SS&C Tech SSNC 0.9 33 62.37 -0.36 s 325.75 295.97 60.97 ZoomVideo ZM ... 1683 289.68 -1.01 -17.38 120.73 62.48 CamdenProperty CPT 3.8 44 87.66 -0.10 1.95 158.21 91.68 FidNatlInfo FIS 1.0 1558 141.80 0.56 -27.11 21.23 8.62 ManulifeFin MFC 5.7 10 14.79 -0.06 -30.02 40.96 13.00 StoreCapital STOR 5.4 23 26.06 0.20 ... 64.40 32.10 ZoomInfoTech ZI ...... 36.83 -1.20 6.31 57.54 40.70 CampbellSoup CPB 2.7 29 52.54 0.14 -36.37 31.64 11.10 FifthThirdBncp FITB 5.5 10 19.56 -0.22 -41.24 69.65 15.26 MarathonPetrol MPC 6.6 dd 35.40 -0.22 -4.63 270.95 127.39 SVB Fin SIVB ... 14 239.42 -1.29 s 190.80 138.80 35.00 Zscaler ZS ... dd 135.22 -1.20 -10.71 87.62 46.45 CIBC CM 5.7 11 74.29 0.15 -13.97 69.89 37.92 58.com WUBA ... 655.69 -0.10 -6.47 1347.64 710.52 Markel MKL ... 70 1069.22 0.38 27.60 210.11 115.29 Salesforce.com CRM ... dd 207.53 -1.98 52.12 10.69 5.53 Zynga ZNGA ... dd 9.31 -0.12

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

Fathom FTHM 19.85 1.3 KeyCorpPfdG KEYpK 27.95 -0.1 OmegaFlex OFLX 131.99 4.2 SouthernNts77 SOJC 27.30 -0.1 FoleyTrasimeneA WPF 9.99 -0.1 NorthernGenesis NGA.U 9.89 -0.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE FedEx FDX 212.94 0.8 Kirkland's KIRK 13.58 7.0 PacBiosciCA PACB 6.67 1.2 SouthernNts20 SOJD 26.77 ... Lows FortressValueII FAII.U 10.11 -0.3 OccidentalPetrolWt OXY.WS 2.84 -0.3 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low FirstCitizensPfdA FCNCP 26.33 1.2 KitovPharma KTOV 5.07 -6.2 PaloAltoNtwks PANW 275.03 -1.2 SproutSocial SPT 34.30 3.6 ForumMergerIII FIIIU 9.96 -0.6 one AONE.U 10.03 -0.7 ATIF ATIF 1.27 -5.1 in the latest session. %CHG-Daily percentage change from the previous trading session. FirstHorizonPfdC FHNpC 26.22 ... Knight-Swift KNX 47.39 3.3 Pegasystems PEGA 120.28 ... 159.47 -0.5 FusionAcqnA FUSE 9.72 0.2 OrchardTherap ORTX 4.44 -0.2 Square SQ AdvEmissions ADES 3.96 -1.2 Floor&Decor FND 72.87 1.7 KymeraTherap KYMR 37.74 66.3 PennNational PENN 57.93 -1.7 FusionAcqnWt FUSE.WS 0.51 -8.9 PeabodyEnergy BTU 2.37 -7.0 SyrosPharm SYRS 14.69 6.6 Alector ALEC 12.22 -5.0 Friday, August 21, 2020 FortressBiotech FBIO 3.77 2.2 LanternPharma LTRN 17.00 11.2 Pool POOL 333.59 2.4 FusionAcqnUn FUSE.U 9.96 -0.2 PropertySolns PSACU 9.90 -0.1 TFF Pharm TFFP 14.53 1.2 AmerElecPwrUn AEPpC 48.40 -0.5 GS Acqn II Wt GSAH.WS 2.19 18.4 Lennar B LEN.B 63.00 4.0 PotlatchDelt PCH 47.46 3.4 GOAcquisitionUn GOAC.U 9.91 ... ReconTech RCON 0.98 -8.1 52-Wk % 52-Wk % 52-Wk % 10xGenomics TXG 110.66 0.1 ArtiusAcqn AACQU 9.97 -0.3 G Willi-Food WILC 19.74 1.4 Lennar A LEN 79.64 3.1 Procter&Gamble PG 138.10 0.4 GTY Tech GTYH 2.71 -5.6 RothCHAcqnI ROCH 9.84 -0.3 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Tesla TSLA 2095.49 2.4 AscendantDigital ACND.U 10.00 0.3 Generac GNRC 188.55 2.3 LifewayFoods LWAY 6.19 9.6 Progressive PGR 91.99 1.1 GeneralMoly GMO 0.12 -15.8 SCWorx WORX 1.50 -8.9 ThermoFisherSci TMO 429.92 1.5 AshfordHosp AHT 3.07 -9.7 HPX Un HPX.U 9.81 -0.5 SeaChange SEAC 1.25 -4.4 AtlUnionPfdA AUBAP 26.00 0.1 CemtrexPfd CETXP 3.80 -2.7 Genmab GMAB 38.29 2.4 lululemon LULU 369.77 0.6 ProtagonistTherap PTGX 21.04 5.2 TruistFinlPfdR TFCpR 26.39 ... BP Prudhoe BPT 2.32 3.4 HarmonyBio HRMY 32.40 -0.3 Smith&WessonWi SWBIV 18.16 -9.5 Highs AudioEye AEYE 22.29 14.1 CenturyComm CCS 39.74 3.5 HannonArmstrong HASI 42.29 -1.0 LumberLiqu LL 27.70 2.7 PulteGroup PHM 47.64 2.5 TurquoiseHill TRQ 0.98 -1.3 BerkshireHills BHLB 9.07 -2.5 Histogen HSTO 1.92 -4.7 SocCapHedII A IPOB 10.68 1.5 BJ'sWholesale BJ 46.49 3.6 CheckmatePharm CMPI 15.95 1.0 HavertyFurn A HVT.A 22.60 3.9 Materialise MTLS 29.48 3.5 Quanterix QTRX 37.77 -2.0 Accenture ACN 238.30 0.4 USCellularNts2069 UZD 26.14 0.9 BowXAcquisitionUn BOWXU 9.99 -0.5 HudsonExecUn HECCU 10.02 -0.2 SonnetBio SONN 2.40 3.1 BRP Group BRP 23.64 2.1 Chipotle CMG 1259.38 1.1 HavertyFurn HVT 22.76 1.0 MetLifePfdF METpF 26.65 -0.1 RocketCos. RKT 27.20 8.8 AllstatePfdH ALLpH 27.74 0.1 Vaxcyte PCVX 55.04 -5.5 CapitolFedFin CFFN 9.28 -0.3 ITTechPkg ITP 0.41 2.7 StarPeakEner STPK.U 9.89 -0.7 BankofAmPfdLL BACpN 27.50 -0.3 ColgatePalm CL 78.84 0.6 HorizonAcqn HZAC.U 10.02 ... MiratiTherap MRTX 145.90 0.8 RosettaStone RST 31.24 -2.1 Capstar CPSR.U 10.01 ... JawsAcqnA JWS 10.01 0.6 SteinMart SMRT 0.07 -34.6 AllstatePfdI ALLpI 27.25 -0.2 BestBuy BBY 114.45 2.1 CollectorsUniv CLCT 45.56 1.4 Vertex VERX 28.76 4.4 DR Horton DHI 76.97 3.2 MomentaPharm MNTA 52.32 0.4 RothCHAcqnIWt ROCHW 1.49 -19.0 Cato CATO 6.09 -21.5 KensingtonCapWt KCAC.WS 0.76 -5.9 StrategicEd STRA 102.81 -0.1 Alphabet A GOOGL1591.88 ... BoozAllen BAH 87.07 -0.5 Costco COST 345.84 1.1 Watsco B WSOB 240.82 0.8 JBHunt JBHT 141.65 1.9 NVR NVR 4247.97 1.6 S&P Global SPGI 363.37 0.2 Check-Cap CHEK 0.42 -2.2 KensingtonCapA KCAC 9.74 -0.9 SundialGrowers SNDL 0.37 2.5 Alphabet C GOOG 1597.72 -0.1 Wayfair W 341.58 3.6 BostonBeer SAM 883.25 3.6 CryoPort CYRX 40.52 13.7 IDEX IEX 179.58 1.5 NanoXImaging NNOX 25.00 20.6 SWK Holdings SWKH 16.24 0.8 ColonnadeAcqn CLA.U 9.92 -0.8 LonestarRscs LONE 0.26 -12.6 SunPowerWi SPWRV 8.78 2.4 AmerEqInvLifePfB AELpB 25.28 0.2 WesBancoPfdA WSBCP 26.44 -0.1 BrookfieldRenew BEPC 51.30 1.1 DanaherPfdA DHRpA1443.54 0.3 InnovativeIndProp IIPR 122.95 -0.6 NanoStringTech NSTG 41.54 0.8 SailPointTechs SAIL 38.96 0.3 ColumbiaFin CLBK 10.71 -0.5 MalaccaStraitsAcqn MLAC 9.70 -0.5 Teligent TLGT 1.41 -10.7 AmerFinDeb2060 AFGD 27.36 0.4 Williams-Sonoma WSM 99.49 4.0 BrookfieldRenew BEP 46.63 -0.4 Deere DE 202.95 4.4 Intuit INTU 322.60 0.7 NatlGeneralPfdC NGHCN 26.06 0.2 SchneiderNatl SNDR 27.34 2.5 D8 Holdings DEH.U 9.93 -0.2 MetenEdtechX METX 8.78 -6.8 TimberPharm TMBR 1.36 -12.2 Apple AAPL 499.47 5.2 BrookfdRenewPfdA17 BEPpA 26.90 0.5 DigitalTurbine APPS 29.56 -0.4 Invitae NVTA 35.85 4.8 NextEraEnDebN NEEpN 28.41 0.4 Sea SE 154.28 -3.4 YRC Worldwide YRCW 5.65 -3.8 EmpireStateRealES ESBA 6.03 -0.7 NanoVibronix NAOV 0.88 -6.6 TrebiaAcquisition TREB 9.86 ... ArcturusTherap ARCT 66.24 6.5 CanNtlRlwy CNI 106.02 0.8 Domino's DPZ 423.55 0.3 JD.com JD 75.72 1.4 Nike NKE 109.77 1.6 SenecaFoods A SENEA 45.41 1.1 Yandex YNDX 64.13 -0.1 EmpireStateRealty ESRT 6.08 -0.2 NatusMedical NTUS 16.81 -2.7 Unitil UTL 38.31 -0.5 ArloTech ARLO 6.69 6.5 CardiffOncology CRDF 7.74 10.8 8iEntsAcqnWt JFKKW 0.99 ... KellyServices B KELYB 90.36 27.1 NVIDIA NVDA 512.35 4.5 SherwinWilliams SHW 677.94 1.2 ZoomVideo ZM 295.97 -0.3 FastAcqn FST.U 9.92 -0.7 NewYorkCityReit NYC 13.25 -6.2 Uxin UXIN 1.15 -2.5 AtHomeGroup HOME 19.58 0.4 CatabasisPharm CATB 7.94 12.2 Elastic ESTC 109.55 -1.0 KerosTherap KROS 48.88 -1.3 OldDomFreight ODFL 198.08 0.7 Silicom SILC 39.52 -1.5 Zscaler ZS 138.80 -0.9 FirstComSC FCCO 12.23 -6.6 9F JFU 1.65 -6.7 VastaPlatform VSTA 16.62 -8.8 P2JW235000-6-B01000-1------EC

B10 | Saturday/Sunday, August22-23, 2020 ****** THE WALL STREET JOURNAL. BUSINESS & FINANCE Palantir Details Big Loss As IPO Looms

BY ROB COPELAND

Palantir Technologies Inc., the dataanalytics companyco- founded by investor Peter Thiel,privately disclosed the extent of itssteep and stubborn losses ahead of along-delayed public listing planned foras soon as next month. GES Palantir told investorsit IMA burned through $165 million

GETTY last year,anegativecash-flow figure that wasmorethan three times the comparable figure of KEMPIN/ ayear earlier,people briefed on ON

JAS the mattersaid. Thelosses Most cinemas closed their doors in March after the pandemic led authorities to shut down businesses and public spaces. Patrons at a reopened AMC theater in Franklin, Tenn. came amid $742 million in overall revenue forthe 16-year- old company. TheaterChains Tout Virus-SafetyMeasures Palantir until recently only infrequently provided investors with figuresunder traditionally accepted accounting principles, BY R.T. WATSON Thevoluntaryinitiatives, “Unhinged,” released by Sol- than 600 U.S. locations open in knowmoviegoing is safewher- and under those metrics the dubbed CinemaSafe, largely fol- sticeStudios.The independent time for“Tenet.” Regal and Cin- ever yougosee amovie,” he losswas moreextreme. Palantir America’slargest movie-the- lowguidancefromthe Centers companyhad to movethe film’s emark arealso planning to re- said. lost $579 million when costs ater chains arereopening asig- forDisease Control and Preven- release dateseveral timesas open gradually. In anewsconference, Mr. likesales,marketing and re- nificant number of locations af- tion andother public-health en- plans forreopening theaters re- Manytheatersare open in Aron—along with executives search were counted, one of the termorethan five months of tities.The protocols include peatedly changed. Europe and Asia,wheremany from Regal andCinemark and people briefed said. Nearly half coronavirus shutdowns—and mandatorymask-wearing,social “Unhinged” is set to playin areas have fared betterthan the theirtrade group,the National of that wasstock-based com- hope industrywide safety proto- distancing,reduced auditorium about 1,500 U.S. theatersthis U.S. containing the coronavirus. Association of TheatreOwn- pensation, illustrating the cost cols will draw people out of capacities and apush formore weekend, offering atrial run But it’scritical that cash- ers—pointed out differences be- of retaining employees agitat- their homes. contactlesspayment options. beforethe debut of bigger-bud- strapped chains likeAMC— tween theatersand barsand ing forachancetosell their Thenation’s three major AMC,Regal and Cinemark getHollywood films likeWarner which has morelocations than restaurants—such as theaters’ shares in the public market. chains—AMC Entertainment have all been hemorrhaging Bros.’ highly anticipated “Te- anyother chain, both in the U.S. higher ceilingsand the lack of TechCrunch earlier reported HoldingsInc., Cinemark Hold- cash. Hollywood studios have net,” from director Christopher and world-wide—find away to face-to-facecontact. the $579 million lossfor last ingsInc. and Cineworld Group held off releasing costly,high- Nolan. “Tenet” is opening over- reopen domestic locations as Medical professionals said it year.Palantir said last month it PLC’sRegal Entertainment profile movies to theaters— seas next week beforeits U.S. soon as possible. would be difficult to knowfor had confidentially filed paper- Group—on Fridayannounced making it unfeasible formost debut early next month. “Itwasn’t…enough to have sure howsafeitistoreturn to work with the Securities and initiativesdesigned to encour- theaterstoreopen, even after Multiplexesinsome major an AMC safety initiative,” said theaters. “This is not risk-free, Exchange Commission to go agemoviegoers’ return. Most manystatessaid they could. markets, including California the company’schief executive, and it’simportant forthe public public.People familiar with the cinemas closed their doorsin That begins to changewith the andNew York,haveyet to get Adam Aron.“Consumerscan’t to understand that,” said Dr. mattersay the companyplans a March afterthe pandemic led firstmajor nationwide release the government’sapproval to always distinguish between one JoyceSanchez, an infectious- so-called direct listing of its authoritiestoshut down busi- sincethe pandemic began: actor reopen. But AMC hopes to have circuit or another,one theater disease specialist from the shares as soon as next month. nesses and public spaces. Russell Crowe’s action movie roughly two-thirds of itsmore over another.They need to Medical CollegeofWisconsin. While it’sneither uncommon nor disqualifying foraSilicon Valley companytoreport losses ADVERTISEMENT ahead of apublic listing,Palan- Home Stores Stay tir is aparticularly unusual The Marketplace case.Co-founded in 2004 by Mr.Thiel and others, Palantir To advertise: 800-366-3975orWSJ.com/classifieds gained public fame forits work The Course Amid in helping track down Osama AVIATION bin Laden. Morerecently,it rapidly expanded work with Lockdown Nesting governmentsworld-wide to track the coronavirus pan- demic. BY JULIA CARPENTER eration compared to this ‘peak Theacclaim hasn’t fully fil- trend’ level, so to speak,that tereddowntothe bottomline. Home-improvement stocks we’veseen in recent months,” Palantir Chief ExecutiveAlex have been on the rise.Asthe Mr.Basham said. “The longer Karp foryearshas told inves- pandemic keeps manyAmeri- we see people nesting,the tors he expectsthe companyto cans in their houses and apart- moreingrained the shopping break even imminently,though ments—using their living behavior is and the willingness that hasn’t yetcome true.In spaces as home offices,gyms and desiretoimproveand up- 2018 Mr.Karp told TheWall andart studios—moreare in- grade the home is,evenaswe terested in upgrading their moveinto2021,” he added. spaces. Home-improvement and fur- The company was $#&+4**)1"2-4)!",5*'3,"!)/02"+0(24,*1/.% Another strong round of nishing companies with strong earningsfrom Home Depot online presencesare especially valued at $20 billion Inc.and other home stocks is well-positioned right now in a fundraising /++.%!"( $(,*( !' %&#)- indicativeofthe trend. As of when people arehesitant to Friday, shares of Home Depot enter public spaces. round in 2015. :, ; ;:.A=)DC9"?A 2CC4:,> @C? =C29;:C,=% areup29.7% sincethe start of Wayfair Inc.and Over- 3 =/@A;D =;/,'/?'= is not one I’veseen before,” Thebiggest driver to home- profitability.”Neither Mr.Karp ,C .A.-A?=<:B @AA= said Seth Basham,specialty re- improvement stock success nor aPalantir spokeswoman re- tail analyst at Wedbush Securi- washomeownerslooking for sponded to requeststocom- ,C +%0# @A; ;/1;< 8$8$ ties.“Ithink we’ll see this projectsthey candothem- ment. trendpersist into2021, the selves.Mr. Bashampointed out Thecompanywas valued at longer Covid persistsasa Home Depot and Lowe’s have $20 billion in a2015 fundrais- problem. Thestock will just acquired lotsofnew customers ing round. TheJournal earlier continue to skyrocket.” who nowhavegreater confi- reported that Messrs. Karp and (((%+0(%05(+ ! 9,:;D7A;=%*C. While these stocks aren’t denceintheir ability to take on Thiel have privately sold some getting upgraded, manyhave renovation, remodeling and of their shares at valuations be- already bet on home-improve- smaller improvements. Ana- lowthat level. ment stocks andare watching lystsexpect this to continue,as Existing shareholders won’t the trend with interest. people remain mindful of social be allowedtosell most of their ANNOUNCEMENTS BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES According to Joseph Feld- distancing and health guide- shares immediately in the list- man, senior managing director linesthat limit interactions ing,people briefed say. Though and assistant director of re- with strangersand groups. that isn’t standardpracticefor %7 %H"I:57 M5KI'@3?$M/ 758-06 27M6M"+<071 M/ *+(--("$"(...&%)( !# #, #'@' 56 -<0G$9 seen this trend coming.“Ihave and housing prices when it against apotential drop in '''''''''''''''''''''' *:+868!401"? ;"-*:4-- +88?-( /G056&-09<68 I5D-0M6:5/G3 ,+G-0()B-<0/ '+62$?,23$:0.!1 #6>5A.1.,6:3.?,.?2 2,4 608640+A !*?? ;4 ="9+*8:47 8: 5+ 8-E-I547-6G9 /--KM6& ;<:KM6& +50G-<7. heardalot of people asking,‘Is comes to home stocks.But early trading. 4=3:$:63 +=@631 #,3$8.,.=?$+ =32$?.9$,.=?1 J-A>-D1-@ 6! =N=N 3> LN#NN %8 4PI -C4-6/-/ G5 85:F7-6G9 +M6M/$ 8-E-I547-6G. this as good as it gets?’ ” he now, he pointstothe shiftin Thereissome reason to be ;A +,4 -49"047 9047*+80( G-/GM6&9<68 4I<6 7<6F+<:GF0-3 !:958/:! $. :65)2:66: %#&3358;&+7.:0+:;6 /#,$(+(,-+&&"!(0*'!,%#.)"! said. “I am not so sure. Ithink consumer-spending trends.The optimistic.Palantir’s revenue (1535: *233:9"';5/#:6-/ <,4 thereismorelifefor both the continued success of these forthe firsthalf of this year '>,3$ ,0.!- 1,=!- /*6@6+68 68261 /&$).+< !361,1 #068!-58,%6+(,0%27*%!6/&6+ 49+-,-0"8,,0% sales growth and these stocks.” home stocks reflectsabroader was$481 million, the person %+44&.%&.!$2.-*13 /:+404-+47$ '8:+=9+ )8??A #08-9,="40 =+ Home Depot’srevenue rose trend in pandemic-eracon- briefedsaid, up 49% from a %3863 36)=,6+<@.$ :0=?6;6)$.+ #,6>, 5,40!887 %=0+:40- ;A 546+4<;40 >& @3@3 CAREERS .1:'3):'.)1$ !=?,$!,"(A++61(61.2?17!=) =+ D+@B?0)32-@&?)-@/BB.A3@>C-@?$0BD 23% from the year-earlier pe- sumer spending,aspeople cut year earlier and resulting in a 80 =+ ';LNG =69*=L;N$ riod to $38.05billion. Follow- spending in some areas,such narrowerlosssofar this year 4#% +%'$,%& ',%&")/, !")# *2"%0 /0 )#% %-$".1%0) *./'2-'-,+.%'+1#*%!"-4')";%(%-%'.&$->'-,,)6 ing layoffs of thousands of as travel and dining,toreallo- than in 2019’s firsthalf. 1*6 ',%&") ("& *) )#% *$')"/05 4#% *$')"/0 1*6 (% $;!+< *1+#>/#/ -/ .-1->0 # '20.$+3".82 (-()(*.$" '*0'%22%&3 ./+)./0%&3 /, '/0)"0$%& *) *06)"1%5 ,; #>#):76#>9 81;A-96 6!;>;@-! 4;16!#/,->0< storeworkers and cost-cutting cate those dollarstogroceries Assuming the company’scol- BUSINESSOPPORTUNITIES 96,61@->6 ,.6 6!;>;@-! -@8#!, ;4 )#?/#>9 this month, Lowe’s reported a and home upgrades. lections tilt toward the back 160B)#,-;>/< 81;9B!6 @;>,.): #>9 #>>B#) 16A6>B6 168;1,/ #>9 168;1, ,; )60-/)#,-A6!;@@-,,66/5 30% increase in revenue forthe Investorsare betting compa- half of the year,asthey have in &#/,613/ 960166 -> 6!;>;@-!/ ?-,. #"#!+01;B>9 May-to-July quarter. nies will continue to allowtheir yearspast, that would suggest +1/ 0*-245* -> 8B")-! 2>#>!6 #>9 6=861-6>!6 ;1 69B!#,-;> -> 6!;>;@6,1-!/ #>9 ,-@6 /61-6/ 4;16!#/,->0<# These companies remain employees to work from home it is on trackfor roughly $1.1 !..0!*31 ,(&$+!+1 -#*2 %.( -/ #9A#>,#06;B/5 52)4 62$!*2 3)4 #(82% 3(.,= !3.)( '2""2% "( /+%2*'+(7*2)"1/+%&3%,3)$3$&0(8 pandemic winnersbecause forthe remainder of 2020. billion in revenue forthe full their stores aredeemed “essen- Some maysee home upgrades year,arecord. %')/' "1$#&* /"#& 2(3$!"#03.,0 tial” by manymunicipal gov- as an investment in their home Palantir also holds asignifi- 04AJ 4/.A.4/46-045 ernments, which allowthem to value,said Scot Ciccarelli, retail cant cash hoard. Thecompany !"#0.,0* >>>5'3.,0)"#.%&.)#5,"$ PUBLIC NOTICES 2L+45 LH6GI4 2-H5 remain open during shut- analyst at RBCCapital Markets. told investorsithad roughly /44KLH1 0LAN/ Q downs.Both have reported an “‘Thehome is your castle $1.5billion in cash on hand, A66045L.45 LH,4/.G0/ "$* #89!+ &1-6712D?6> #9B8D491+ (6<3495 April, and analystsexpect this saying alot,” Mr.Ciccarelli said. way to break even. Customers 6AJJR "A=C./B>C1 @8 )CDB2 =A1/C" A%1D/D5 BCB%+ C> 0>C+ ,(6<3495E. ?@: /DBA1A.B =%/" %B @7;0: =A1 )CDB2 %D" "!:$'& $= %$7&" EK85K4.0 0J =)/06J. HA?(BL>B)> JC to continue intothe fall. “You see acontractor in front of oftenprepayPalantir forwork $((D&@@@D(@@ A11A"E$1C-A1. 6/B2 6.0).+5 0J 1)8<) G609 %3J243 $.+)1.60D @)6.5K84./) AJJLAH64 FG0.2GJLG 'J1E4.D-#0+;- 4()81K+4 'J1E4.D-4.+ 09) 5K8I6I6.< the back half of the year,we’re in lockdown, yousee all the and the companyhas several .A1/C<. /D9A.BC1. CD+3 =+A%.A7 >=@ ,BO7'9 5:CE /7) ; A!'9M ,'<%ME 6A "=()( /J8EJ8406J. 59433 /J.06.K) 45 4/J8EJ8406J. 6. 09) still expecting strong growth wartsinyour home.You know, hundred million dollarsofsuch 333CA!!'BO?+-/ ;; *8)8B> ;2;2 relativetopre-pandemic levels, there’sonly so much Netflix you depositsinits accountsthat it but we do expect abit of mod- canwatch.” hasn’t yetcounted as revenue. P2JW235000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | B11 MARKETS U.S. PressesUniversitiesonChina Assets

BY DAWN LIM emerging-marketsindexfunds, shock. he said were aiding China’smil- standards lead to a wholesale amovethat could pit students Therise of indexfunds that itaryand surveilling minorities delisting of PRCfirms from AState Department official and administratorsagainst track broad market indexes in China. House Rep.Jim Banks U.S. exchanges by the end of this week urgeduniversity en- their endowments. has transformed investing (R., Ind.)introduced abill seek- next year,” according to the dowmentstodivest them- Although indexconstituents over thepast decade.The ing to block U.S. investorsfrom letter, which wasearlier re- selves of Chinese stocks and are often public, endowments multi-trillion-dollar industry funding companies with ties to ported by Bloomberg. CK

disclose Chinese assetsheld in don’t usually makeall their has diverted money from stock TO China’smilitary. Thethree largest emerging their index funds. fund investments public. pickers and reduced costs for In the letter, Mr.Krach market exchange-traded funds China’sgrowing prominence TheState Department everyone from regular individ- warned colleges that Chinese that track indexes have some in emerging-marketsindexes doesn’t have authority to force uals to the biggest pensions to SHUTTERS companies listed on U.S. stock 40% exposuretoChina, ac- A/ has steered moremoney from institutions to divest from Chi- enter new markets. exchanges posed investment cording to research firm

U.S. institutions intoChina, nese stocks but has influence Most U.S. universities in- OOL/EP risks because they faced the CFRA. Their exposuretoChina putting manyendowmentsat over what kinds of entities and vest through fund managers possibility of being delisted. has grownoverthe past three

odds with the Trump adminis- businesses could be put on the and indexfunds,making it YUN/P His officeatthe foreign-affairs years as index creators FTSE

tration’sincreasingly confron- U.S. export blacklist. practically moredifficult for ON-K agency steers policies related Russell andMSCIInc.have

tational stancetoward Beijing. The department cited Chi- universities to divest from the HE to economic growth. added China AShares to the ON

“Studies have shown that nese human-rights violations world’ssecond-largest econ- JE U.S. regulatorshavelong indexesthese ETFs track,said the majority of the U.S. uni- and the threat of delisting Chi- omy. Institutions would be un- The letter came from Keith been unable to inspect the fi- Todd Rosenbluth,CFRA’shead versity endowment fund port- nese stocks as reasons for willing to sell their shares Krach of the State Department. nancial auditsofChinese com- of fund research. folios ownPRC stocks listed avoiding Chinese investments. acrossindexfunds at alossto panies that sell shares in U.S. Chinese stocks appreciated on American exchanges either “The boards of your institu- pare back Chinese exposure. ment of the Muslim ethnic markets. Under aplan recom- more than other economies’, directly or indirectly through tion’sendowment funds have a “It’s way too early to know group the Uighurs.Asaresult, mended by the Trump admin- boosting China’sweighting in emerging marketsindex moral obligation, and perhaps if U.S. universities will follow investmentsinChina could ex- istration,Chinese firms listed theportfolios of institutions funds,” wroteKeith Krach, the even afiduciaryduty,toensure the directiveorignoreit,” said pose institutions to newhead- on the NewYork Stock Ex- with indexedexposuretobroad undersecretaryofstate for that your institution has clean Phil Orlando, chief equity-mar- line risks. In recent years, the changeand Nasdaq Stock Mar- emerging markets, he said. economic growth, energy and investmentsand clean endow- ketstrategist at Federated largest asset managersand ketwould have to comply with As U.S.-China relations have the environment, in aTuesday ment funds,” Mr.Krach wrote. Hermes. “I think this was the pensions have touted a U.S. audit requirementsby soured, the Trump administra- letter, referring to the People’s TheState Department firstdomino to fall, and other tougher stanceagainst compa- 2022—or giveuptheir listings tion has clashed with Beijing Republic of China. called alumni of at least one dominoes will fall in coming nies that contribute to social on those exchanges. over the coronavirus outbreak Mr.Krach asked the schools IvyLeague university to press days and weeks.” issues such as forced labor. “The boards of U.S. univer- and itstreatmentofHong to tell their campus communi- the issue,aperson familiar Agrowing chorus from In aspeech this year,Secre- sity endowmentswould be Kong.The president faces ties about their investmentsin with the matter said. Washingtonhas linked Chinese tary of State MikePompeo prudenttodivest from PRC pressuretoshowheisbeing China as well as anyChinese Manyinthe endowment stocks to human-rights viola- highlighted public pension firms’ stocks in the likely out- tough on China as an election stocks they hold in those world greeted the letter with tions,such as China’streat- funds with stock in companies come that enhanced listing nears, some strategists say. Harvard Board Adds S&P 500 Tops High, Extends Streak

Backers of Fossil BY ANNA ISAAC Indexperformancethis pastweek Thursdayand advanced afur- AND GUNJAN BANERJI ther 2.4% Fridaytoclose at 3% $2,049.98. Theelectric-car Nasdaq Composite Fuel Divestment TheS&P 500 notched a maker’s shares gained 24% fresh high Fridayand loggeda this week. fourth consecutiveweek of 2 Investorscontinued to parse BY MATT WIRZ the Boardwill do all we can gains,its longest winning mixed economic data. Housing to help Harvardnavigate streak of the year. has been a bright spot,giving An activist group of Har- them as thoughtfully as possi- Stocks driftedhigher this aboost to home builders. New vard University alumni op- ble.” week during aquiet stretch of 1 datareleased Fridayshowed posed to the fossil fuel indus- Aspokeswoman forYale trading,asinvestorstried to S&P500 that sales of previouslyowned trywon three of the five seats couldn’t immediately be reconcile uneven economic homes surgedinJuly as low on the college’sBoardof reached forcomment. signals with expectations of 0 interest ratesand adesirefor Overseersupfor election this Thedivestment movement further stimulus from govern- morespacehelped home-buyer year. has grownmorepopular over ments and central banks. demand. Thevictoryispart of the the past decade beforeaccel- Thebroad stock-market Home-construction compa- group’scampaign to force erating in the past year, gain- gaugerose 11.65 points, or 0.3%, –1 nies PulteGroup added 2.5%, Harvard’s$40 billion endow- ing traction at schools includ- to 3397.16,arecordclose.The while Lennar gained about ment to end itsinvestments ing the University of DowJones Industrial Average DowJones Industrial Average 3.2%. NewHome jumped 2%. in oil-and-gascompanies. Michigan,Cornell University advanced 190.60 –2 Still, dataThursdayshowing Theelection resultscould andGeorgetown University. FRIDAY’S points, or 0.7%, to an unexpected increase in new embolden similar movements Increasedawarenessofcli- MARKETS 27930.33, pulled Mon. Tues. Wed. Thurs. Fri. weekly applications forunem- at otherU.S.universities, matechange and the steep higher by gains in Source:FactSet ployment benefitswas asign which areincreasingly decid- decline in manytraditional Appleshares.The Nasdaq Com- the American labor market’sre- ing to pull their money out of energy investmentshas positeadded 46.85points, or said Mike Lewis, head of U.S. $497.48, continuing awinning covery maybecooling amid fossil fuels. helped fuel the movement. 0.4%, to 11311.80,ahigh. equities cash trading at Bar- streak forthe iPhone maker as continuing disruptions from the An organization at Yale Shares of Exxon Mobil TheS&P 500 gained 0.7% clays PLC.“There’snot alot of itsmarket value surpassed $2 coronavirus pandemic. University that is affiliated Corp.and Chevron Corp.have this week, while the Dow was places to put your money if trillion earlier in the week. With government bonds of- with the Harvardactivistsis fallen by about 40% and 30%, roughly unchanged. Thetech- you need returns.” Graphic-chip maker Nvidia fering yields belowexpected in- running acandidatefor aseat respectively,this year,com- heavy Nasdaq jumped 2.7% Notably,though the broader gained $21.70,or4.5%, to flation levels, investorsinre- on itsboardoftrustees to put paredwith a5%gain in the this week. market has shot up since $507.34. The company posted cent months have been flooding pressureonthe university’s S&P 500 index, and some Wall Government stimulus has March, not all stocks and sec- record sales in itslatestquar- intoriskyasset classes includ- roughly $30 billion endow- Street analystssay major oil poweredthe stock market’sre- tors have rallied. Thediver- ter, helped by strong demand ing stocks in asearch for ment. firms might have to consider cent recovery,sending the S&P gencebetween the stock mar- foronline gaming and remote higher returns.“Moresothan “This win proves that the once-unthinkable step of 500 to newheightsthis week. ket’s haves and have-nots has computing services. ever before,equity markets alumni want Harvardtobea cutting their dividends. TheFederal Reserve’slatest grownclearer recently,as “It wasaveryreluctant probably arenot the best re- leader in the fight against the Mr.Towehwas one of five minutes showedthat central companies benefiting from a high,” said Anna Rathbun, flection of real economic condi- climatecrisis,” said Jayson candidates that the group, bankersthink moregovernment shifttoworking from home chiefinvestment officer of tions in the U.S.,” said Derek called HarvardForward, en- support is needed to help the during the pandemic have CBIZ Investment AdvisorySer- Halpenny, head of research for teredinthe election by solic- economy. Some analystssaid notched gains while manyoth- vices,ofthe S&P 500’srecord global marketsinthe European Theelection results iting petition signatures from they expect the record runfor ers have floundered. this week.“Therewasn’t alot region at MUFGBank. the school’salumni. Profes- stocks to continue,driven in That wasondisplayFriday. of breadth behind it.” Theyield on the 10-year could embolden sional soccerplayerMargaret part by such stimulus. Shares of tech companies led Tesla shares,which have Treasurynotefell to 0.639% similar movements “Midge” Purceand lawyer “I don’t see anything that the way as they have formuch become afavoritefor momen- this week from 0.708% last Thea Sebastian also won stopsthe flow of funds into of the year. Apple shares tum-driven traders, jumped week.Yields fall as bond at other universities. spots. U.S. equities in the near term,” added$24.38, or 5.2% to over the $2,000 mark on prices rise. Theschool’sofficial alumni organization nominated eight candidates,two of whom were The top10% of earners owned87% of all U.S. stocksoutstanding in the first quarter of 2020. Toweh, an Environmental Pro- also elected. Stock Gains The percentage of Americans saying theyown stockshas fallen sincethe 2008 financial crisis. tection Agencyprogram ana- Thelast time aprotest or- lyst andHarvardalumnus ganization successfully ran Shareofstocks held by each income group ShareofAmericans who ownstocks* who wonone of the seats. petition candidates forHar- Go to Fewer 100% Harvardand Yale runtwo vard’s governing body wasin Percentile 70% of the largest university en- 1989 when Archbishop Des- Top1% dowments,and investment mond Tutu ranonaplatform People Now 80 RECESSION managersatcampuses across fordivestment from apartheid 65 the countryviewthem as South Africa. bellwethers. Theracefor seatswas sur- ContinuedfrompageB1 60 60 Harvard’sBoardofOver- rounded by some controversy That sharehas grownoverthe seersdoesn’t supervise the this month when membersof past decade,from82.4% in 40 school’sendowment but takes the HarvardAlumni Associa- 2009.The stock market has 55 part in appointing members tion wroteanopen letteral- surgedoverthat period, with Next 9% to the HarvardCorporation, leging that HarvardForward, the S&P 500 morethan quadru- which oversees managersof which acceptscontributions, pling from itslow during the fi- 20 50 the endowment. wastrying to buy the elec- nancial crisis in March 2009. “All of us on the Board tion. “The middle classhas essen- Next 40% 0 45 welcome this year’s newover- Thegroup received dona- tially been leftout of the stock Bottom 50% seers,” said R. Martin Chávez, tions from thousands of market surge,” said Edward 1990 2000 ’10 ’20 2000 ’10 ’20 president of the Boardof alumni, with an averagesize Wolff,aneconomics professor *Based on telephone polls most recently of 2,027adults conducted March 13–20 and April 1–4, with amargin of error of ±3 percentage points Overseers. “These areex- of $200 and amedian sizeof at NewYork University.“The Sources: Federal Reserve(sharebyincome group); Gallup (shareofAmericans) traordinarytimes,posing ex- about $20,according to a rich have takenoff from the traordinarychallenges,and HarvardForwardstatement. rest of society.” of both parties to rein in expec- loweramong younger families. rium on evictions that covered Although thestock market tations, stock investorsappear Amaris Brown, a26-year-old properties with federally in- has erased itslosses suffered to be counting on further stim- Boston resident, heads one of suredmortgages expired last during the pandemic,the econ- ulus.Manyanalystsand inves- those. With ajob at anonprofit month.Millions of Americans omyappearstobetelling adif- tors agree financial markets daycarethat pays $36,000 a who have missed rent pay- ferent story. It contracted at would likely faceanother reck- year,hewas supporting his mentscould be at risk of being the sharpest rate on record in oning without an extension. partner,afull-time nursing stu- evicted in thecoming months, the second quarter,and the un- Economistscredit those pay- dent, and an 8-year-old son. economistsestimate. employment rate remained mentswith much of the recent When the pandemic hit, he In Florida, Ms.Biesecker and above10% in July,after reach- pickup in retail sales and cau- took aleave of absencetostay her family moved in with her ing nearly 15% in April. tion that consumer spending is at home with hisson—and in-laws to save money.She and Government aid—particu- expected to moderateinAugust eventually left the job perma- her husband received $2,900

GES larlyaprogram that gavethe because manyAmericans will nently because of child-care from thefederal government’s

IMA unemployed an extra$600 a have lessdisposable income. challenges.Hehas been looking stimulus program that they week on topofother jobless Consumer spending reflects forremotework but hasn’t spent on food and other neces- GETTY benefits—helped ease some of morethan two-thirds of U.S. found anything.They missed sities.They managed to save

OBE/ their pain, at least initially. economic output. August’srent and expect to some of that money,too. GL About 27 million workersre- Meanwhile,evenmanyfami- missSeptember’s too. They One of her editing clientsre- ON

ST ceived the payments, which al- lies with savingsdon’t have don’t ownany stock.They have turned in July,and she has

BO lowedthem to keep up with enough money to provide real no savingsorother invest- made alittle bit of money sell-

/THE mortgageand utility bills and security during the pandemic. mentstofall back on. ing hand-sewn masks online. other financial obligations.The Themedian savingsaccount “I’m scared to death,” Mr. Friends have helped wherethey ORD program expired in July and balancefor families headed by Brownsaid. “I don’t knowhow canwith other expenses,but BEDF hasn’t yetbeen revived as Re- an individual between 56 and I’m going to paymyrent.” having to rely on “other poor

KEITH publicans and Democratshag- 61 yearsold is just $21,000,ac- Boston imposed an eviction people” is frustrating,she said. The movement has become more popular over the past decade. gle over terms of anew deal. cording to the Economic Policy moratorium that is set to ex- “It’slikescreaming intoavoid Harvard students in 2017 blocked the entrance to a campus building. Despiteattemptsbyleaders Institute. That balanceiseven pireOct. 17.Afederal morato- that swallows you.” P2JW235000-4-B01200-1------XA

B12 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY

Ping pong, anyone? Slam Dunk Adeal that seemingly hit the tri- Share-priceperformance fectainDecember had investors worried that it wouldn’t win, place DraftKings Penn National Gaming or showafter the pandemic hit. Late FlutterEntertainment last year,ablank-check company worth $400 million announced that 300% it would issue shares and enter into a$3.3billion three-way combination with daily fantasy sportsspecialist 200 DraftKings and gambling technol- ogycompanySBTech, renaming the combined companyDraftKings. Its shares surged. 100 But on March 12, the day that premerger DraftKings revealed its first-quarter results, the only news that mattered was that the annual 0 March Madness basketball tourna-

ment, the most gambled upon GES

event in U.S. sports, had just been IMA –100 canceled. Shares of the acquirer ETTY JFMAMJJA fell sharply that day, capping a O/G

three-day, 34% slide. DraftKings AT Source:FactSet scrambled to find events its clients might wager on such as Korean MAND baseball, the Nathan’s hot dog eat- have plenty of tech savvy. British

ing contest and, yes, table tennis. CARMEN online gambling giant bet365 is The deal closed anyway and by DraftKings did well as people stuck at home showed they were bored enough to bet on pretty much anything. nowmaking an aggressiveentry June shareholders had made more intoU.S.iGaming. than four times their money. Even Abig advantagethat DraftKings after some recent profit-taking, and FanDuel have is an existing the combined market value of Sports Betting Is No Sure Bet app on the smartphones of cus- three companies in or getting into tomerswho,howeverthe courts online sports betting—DraftKings, legally characterizefantasy FanDuel-owner Flutter Entertain- sports, already were effectively ment, and Penn National Gaming— gambling.Yet their mostly young, has risen from $6 billion in mid- Shares of the leading online sports betting companies have soared as investors male audiencehas little overlap March to about $45 billion—more wager on the futureofwagering. It maybetime to cash in some chips. with the older,often female cus- than the combined values of ca- tomerswho pump quartersinto sino giants Las Vegas Sands and physical slot machines and could Wynn Resorts. sports betting and three have iG- competitors in far more lucrative by profitable international betting become serious iGamers. Mean- It turns out that people stuck at aming, or online casino betting. A online sports betting and gaming. divisions.But deep-pocketed U.S. while,othersare gunning fortheir home,perhaps encouraged by DraftKings customer can use a sin- If investors believe that the two casino operatorsare angling fora newsports-betting customers. “house money” in the form of stim- gle online wallet for all three in a companies can remain as domi- biggerpieceofthe action. Penn National, which mainly oper- ulus checks,werebored enough to state such as New Jersey. nant as they are today as more DraftKingsportrays itself as a ates physical casinos,islaunching bet on almost anything.This gam- DraftKings estimates that the states open up to iGaming then turn-of-the centuryAmazon.com, an online sportsbook next month bling instinct has affected the eq- total addressable U.S. market for the upstart that buried the likes with popular podcast network uity market as well, as people try online betting and gaming could of Searsand Barnes &Noble by Barstool Sportsand also has their hand at stock picking through be $40 billion annually. Flutter The U.S. market for being betterattechnologywhile snagged10% of the Pennsylvania retail brokerssuch as Robinhood. says online represents just 12% of not being weighed down by bricks iGaming market. Still, it is probably a good time the gambling market globally and online betting and and mortar liketraditional casi- In what might prove to be a fu- to take some chips off the table. is growing at 10% a year. gaming could reach nos.That analogyisn’t quite rious and expensive fight for mar- That isn’t because more sports DraftKings and Flutter’s Fan- right, though. Unlikeahuge, ex- ket share, DraftKings and Flutter may be canceled in the near term: Duel compete furiously and don’t $40 billion annually. isting retail market full of dino- should survive. A state-by-state It is future seasons, not the pres- actually earn any money yet—they saurs, this is anascent industry regulatory thicket could limit the ent, that really matter. The future even tried to merge but were sued still not legal formost Americans. U.S. market to a small group of is being shaped by a 2018 Supreme by the Federal Trade Commission they should let their bets ride. Thetech canalso be outsourced. dominant players. But the stock Court decision that struck down a in 2017. But that was when they Theodds arelong,though. Nowthat SBTech is part of Draft- market is treating the fantasy 1992 federal limit on sports bet- were all about daily fantasy sports. DraftKingsand Flutterhaveplenty Kings, itscurrent sportsbook sports pioneers like they’ve al- ting to four states. In addition to Now their name recognition, tech- of financial firepower, with the for- technologyprovider Kambi will go ready lifted the trophy in a win- the 40-plus states that allow daily nological savvy and cross-selling mer sitting on $1.2 billion in net itsown way as soon as September ner-take-all league. fantasy sports, nine now have legal ability have made them formidable cash while the latterissubsidized 2021. And European competitors —Spencer Jakab

PitneyBowesLooksPoised to Deliver

S This companyhas been mailing DeliveryDelay sultslooked awfulatthe topand

PRES it in foralong time,but it looks bottomlines,acloser examination PitneyBowes’ 2Q segmentrevenue, likeitmight finally deliver. shows that itsrevenue from e- change from previous year ZUMA ShareholdersofPitneyBowes commerce is surging.Itisinsome would be happy if the stock had waysamorecapable partner than merely been dead money.Ashare Businessservices 27% Stamps.com. Pitney historically bought 20 yearsago would be made much of itsrevenue from

UNION-TRIBUNE/ worth 87% lesstodayevenas postal meters and related supplies Rentals 1 GO shares in competitor Stamps.com such as ink,not from shipping la-

DIE areworth 35 times as much. bels printed at home by small N

SA Amonth agoCitron Research businesses.Its supply business Financing –8 issued atweet that should have took ahugehit during lockdowns,

LLIERE/ widened that performancegap. but global e-commerce sales VA Noting that e-commerce has been Supportservices –11 surgedby41% year over year. OD on fire during the Covid-19 pan- Pitney made abig investment in RR

JA demic,they speculated that red- two hugewarehouses just before People wait for their rideshares to arrive at the San Diego Airport hot Shopifywould buy Supplies –30 the pandemic began that allowed Stamps.com to bolt on an “essen- it to handle the surge and is able tial tool” it couldn’t already pro- Equipment sales –32 to handle afull rangeofservices Uber and Lyft Find Some vide small companies. related to packagedeliveryand, Stamps.com shares did rise,but crucially,returns.And it is no lon- investorssuddenly noticed dowdy Source:the company gertied to the Postal Service, be- old Pitney Bowes, which cele- ing fully integrated with private Cover, forNow at Least brates its100th anniversarynext packagedeliveryfirms such as month. Theenthusiasm only con- amortization is lessthan athird United Parcel Service, much like tinued 10 days later when Pitney as high. Stamps.com. Finally,italso has a reported alossfor the second Thedistinction is about much statechartered bank that it is us- A California court lets the companies stick to quarter and suspended financial morethan valuation, though. Pit- ing to extend financial services to the status quo as a ballot measure looms guidancefor the year.Its shares ney has long been known as “the itsclients. arenow up by 127% sinceCitron’s mail company,” being joined at With itse-commerce business tweet compared with a23% gain the hip with the U.S. Postal Ser- having ramped up so quickly,it Californians have a lot of prob- should they lose their appeals. forStamps.com. vice. It leases and services postal isn’t yetatscale and lost money lems right now. But for the mo- At best, Thursday’s ruling kicks Some would viewthat as acue metersand presortsmail for last quarter,but it eventually ment, catching a ride isn’t one of the legal can down the road. To to take profits, but alook at the commercial clients, processing 17 could earn something like$150 them. counter the new state law, Uber, two companies shows that it is billion pieces annually.But re- million annually beforetaxes given Uber Technologies and Lyft Lyft and other gig-economy com- Pitney that still holds moreprom- cently packageprocessing over- margins in the business. Fora had both threatened to shut down panies are pushing a state ballot ise,either as atakeover candidate took mail as itslargest business companythat, even afterits surge, their services in the Golden State measure set for November that or as agoing concern. Even after and in 2017itlaunched itsship- has amarket value of barely $1 by midnight Thursday if they would allow them to keep their those recent gains,its enterprise ping API (application program- billion, that is meaningful. didn’t win a delay in having to current status—albeit with added value is lessthan two-thirds that ming interface), which is nearly Themarket has wokenupto comply with a new state law re- protections and benefits for con- of Stamps.com and itsmultiple of identical to Stamps.com’slabel the potential at Pitney Bowesand quiring them to classify their tractors, such as added pay to ac- enterprise value to earningsbe- printing service. theremight be moretocome. drivers as employees. That delay count for gas and health-care fore interest, tax, depreciation and And, while Pitney’s quarterly re- —Spencer Jakab came through in the final hour of subsidies for drivers who work 15 the day’s trading, with a state ap- hours or more a week. John peals court granting a conditional Blackledgeof Cowen wrote Thurs- reprieve to allow the companies day that the latest ruling “essen- switch. New merchants are signing But then maybe the directors to operate as they have been until tially lets the voters decide” how OVERHEARD up and existing clients are buying grasped thatthereisapricefor the matter fully works through Uber and Lyft will ultimately op- more. In the first half of this year everything. Adyen’sshares have the courts. Uber shares were up erate. over 80% of its revenue growth roughly doubled in the pastyear 6.8% by the closing bell, while Investors, though, have been The directors of hot European came from existing clients and and tripled sinceits June 2018 IPO. Lyft’s closed 5.8% higher. deciding for a while. Even before payments giant Adyen appear to churn is under 1%. It is ararebreed: a scaled-up Euro- The ruling still seems mixed the global pandemic, Uber and have too much of a good thing. It also promises earnings before pean tech stock with competitive for the companies. Granting the Lyft shares were both generating One dayafter the Dutch com- interest, tax, de- global growth extension suggests at least some largely disappointing returns panyreported slightly disappoint- preciation and prospects. recognition that both Uber and since going public last year. Thus, ing half-year results and reaffirmed amortization One director Lyft have come to play an impor- while the two ride-hailing provid- its growth targets, four of the margins over selling stock is tant role in a state where even ers argue that they are technol- group’sdirectors sold 15% of their 55% and net understand- the largest cities are underserved ogy platforms for others to mar- shares to “diversify their portfo- revenue growth able—he might by public transportation. At the ket their services, both stocks lios.” Fair enough, but whynow? in the mid-20s to low-30s. Pennies need some cash for a small bun- same time, both companies are now trade more like transporta- The business seems sound. earned on transactions at the likes ker in New Zealand. But it is awk- also now required to submit writ- tion companies—which is also Adyen has built a single interna- of Uber, Fiverr and eBay add up to ward news for the company’s ten plans to the court about how how the Global Industry Classifi- tional payments platform that can a nice chunk of change. It is hard mainly growth investors that four they will ultimately comply with cation Standard defines them. give customers new services or to find that sort of growth and insiders running the business a state law passed last fall requir- California’svoterswill soon geographies at the flick of a profitability anywhere. fancy other prospects. ing them to reclassify their inde- decide if they want to makethat pendent contractors as employees official. —Dan Gallagher P2JW235000-4-C00100-1------XA

The Rise of MBS Special Relationship The roots of the Saudi The U.S. and the U.K., crown prince’s obsession from World War II with wealth and power C3 REVIEW to today Books C7

CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | C1 ) (BOOKS GES IMA GETTY CK; TO SHUTTERS GES, IMA GETTY S: TO PHO H; YS OLBR AN RY BY ION AT TR US ILL TO PHO

In truth, this shifthad Clockwisefromleft: communities.Sen. Josh HowTrump been building forawhile: President Trump, Hawley of Missouri, alikely PatBuchanan, RossPerot, Sen. Marco Rubio, presidential aspirant, is call- SarahPalin, MikeHuckabee, former Trump ing forleaving the World the TeaParty,anincreas- administration Trade Organization and ingly bitterimmigration de- U.N. ambassador managing capital marketsto bate—all were early signs Nikki Haley, control the inflowofforeign Has Changedthe that anew door wasopen- Sen. Tim Scottand money intothe U.S. ing.Mr. Trump simply Sen. Josh Hawley. Sen. Tim ScottofSouth chargedthrough it. He un- Carolina, the lone Black Re- derstood betterthan those whom he van- publican senator,has ushered intolaw a quished in the primaries that the Republi- plan to use government incentives to lure Republicans canParty has undergone profound investment dollarsintounderserved com- socioeconomic changes; it has been munities.Yuval Levin,aformer George W. washed over by currentsofcultural alien- Bush WhiteHouse aide,publishes anew- The presidenthas reshapedthe GOP in his ownimage, ation andafeeling that the old conserva- wave conservativejournal and advocates tiveeconomic prescriptions haven’t forgovernment programs specifically and anew generation of conservatives is trying to learn and worked forits newwork- craftedtohelp young par- extend the lessons of his insurgentrise. ing-classfoot soldiers. ents. Oren Cass, ayoung By Gerald F. Seib Now, as Republicans Trump turned conservativeintellectual, preparetonominateMr. the GOP recently launched anew Trump forre-election at think tank,American Com- their truncated convention awayfrom pass, from which he advo- this week,thereissimply Reagan-style catesan“industrial policy” no way to put Trumpism that gives specific govern- or almost four decades, the conservative move- back intothe bottle.Ifthe conservatism ment help to manufactur- ment was defined by one man, Ronald Reagan, and his president wins this fall and toward ing firms—a concept long (and even moresoifhe heretical in free-market movement, the Reagan Revolution. loses), the question that populism and circles. Reagan wasanunlikelyrevolutionaryfigure, amodestly Republicans in general and nationalism. Former South Carolina successfulactor with aself-effacing style and no intellec- conservatives in particular governor and U.N. Ambas- tual pretensions.Yet he personally made the Republican faceissimple and stark: sador Nikki Haley—an- F Howtoadapt their gospel so that it fits other likely futureWhiteHouse hopeful— Party intoaconservativeparty,and his legacyinspired the in the ageofTrump? has her ownthink tank promoting amore movement’sleaders, animatedits policydebatesand stirred itsvoters’ emo- As it happens,anew and younger Pleaseturntothenextpage tions long afterheleftthe scene. breed of conservatives has set out to do Then four years ago, it all changed. precisely that, oftenbystepping away Mr. Seib is The Wall Street Journal’s Donald Trump ranin2016 and swamped asprawling Republican field from strict free-market philosophies.Sen. executive Washington editor. This essay of moreconventional conservatives.Indoing so,hedidn’t merelywin the Marco Rubio of Florida is pushingfor is adapted from his new book, “We what he calls a“common-good capital- Should Have Seen It Coming: From nomination and embark on the road to the WhiteHouse.Heturned Re- ism,” in whichgovernment policies pro- Reagan to Trump—AFront-Row Seat publicans away from four decades of Reagan-style,national-greatness motenot just economic growth but also to aPolitical Revolution,” which will be conservatism to anew gospel of populism and nationalism. providehelp forfamilies,workersand published Aug. 25 by Random House. Inside POLITICS TECHNOLOGY WEEKEND ‘Trojan CONFIDENTIAL Conventions once were A new AI can Horse’ filled with drama, Jeff compose texts as Chinese sci­fi Greenfield remembers, well as a human, The phrase,agift writer Liu Cixin but their chaos and raising questions from the ancient wants readers to conflict have long Greeks,justkeeps about the future sneaking into lift their eyes since drained away. C4 of writing. C5 our discourse. C3 to the stars. C6 P2JW235000-4-C00200-1------XA

C2 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. REVIEW The GOP After The Trump Takeover

Continuedfromthepriorpage frequent invocation of the Tenth conventional, Republican interven- Amendment, which grantsstates tionist version of foreign policy. powers not specifically enumerated Meanwhile,the U.S.-educated Israeli forthe federal government. philosopher YoramHazonyisbeating As former House Speaker Newt the drum foraTrumpian embraceof Gingrich says of Mr.Trump,“He’s anationalistforeign policy. not aconservative. He didn’t sit From manyofthese new-waveRe- around reading National Review,” the publicans,the messageisthis: Con- traditional conservativemagazine. servatives faltered over time by be- Instead, Mr.Gingrich defines Mr. coming tooenamored of their own Trump moreincultural terms than ideology, toocommittedtoglobaliza- ideologicalones,calling the presi- tion and free trade,and tooindiffer- dent “ananti-liberal…acommon- ent to their effectsonaverage work- sense,practical person who under- ing Americans.Looking past the stands howmuch of modern political Trump era, these conservatives ar- correctnessisjust totalbaloney.” gue, their movement needs to climb When asked whether Mr.Trump down from the ivorytowerofhands- is aconservative, Corey Lewan- off economic theoryand createa dowski, his campaign manager fora morepractical conservatism that time in 2016,says,“He’sapragma- somehowembraces populism and tist.” nationalism, while seeking to retain Among other things, this Above, GOP presidential core elementsoffree-market eco- means that Mr.Trump simply hopeful Pat Buchanan, nomics and Reagan’s“peacethrough doesn’t have the same sympa- Exeter, N.H., Feb. 17, 1992. strength” brand of internationalism. thytoward traditional big- Left, Republican vice- Christopher DeMuth,aformer businesspositions in favorof presidential candidate Sarah president of the American Enterprise open trade,which business Palin, Clearwater, Fla., Institutewho is nowafellowatthe leaderssee as the best way for Oct. 6, 2008. Hudson Institute, says that much of amature economysuch as today’sferment canbetracedtocon- America’stocontinue growing. ward and incentivizecertain servativesgrowing insular and losing Theshiftbecame obvious dur- businesspractices that pro- touch with voters,especially on trade ing the 2016 campaign, when moteeconomic growth—but and economic hardship.“‘Washing- the U.S. Chamber of Com- it’sgrowththat oftensolely tonconsensus’ conservatism was merce—the traditional bastion benefitsshareholdersatthe much toosmug on these matters, of big-businesssentiment and expense of new jobs and bet- and much toodetached from alot of sensibility,and normally areli- ter pay.” pain and suffering that wasgoing on able ally of Republicans—at- Forhis part, Mr.Hawley has in the country,” he says. tacked candidateTrump and proposed having the govern- That realization, Mr.DeMuth says, was, in turn, attacked by him. ment subsidizeemployers’en- has led manyconservatives to re- At one point during the tirepayrolls during the coro- think their adherencetosmall-gov- race,the chamber’s president, navirus crisis,paying 80% of ernment policies and open their Thomas Donohue,called out workers’ wagesuptothe na- minds to abiggerrole forgovern- Mr.Trump by name,saying he tional median wage,onthe ment in attacking economic prob- “has very little idea about what ance on the American military, and don’t allocateresourceswell across theorythat conservatives’ goal right lems.Increasingly,hesays,some Re- trade really is.” When candidate even of the amount of money NATO all sectors of an economy. Specifi- nowshould be keeping workers publicans have anew attitude:“This Trump became President Trump,he had spent on anew headquarters cally,marketsleave some important abovewater during acrisis not of thing about conservatives not want- didn’t forget. Early on, aides sent out building,that his fellowleaderscon- sectors—including manufacturing— their ownmaking. ing to use government power? We’ve the word:NoChamber of Commerce vened aspecial, closed session to without sufficient investment. Mr.Hazonymakes asimilar argu- gotbig problems out there, and officials would be hired forthe ad- discusshis grievances. “Manufacturing provides particu- ment when it comes to foreign policy. damn it, we’regoing to use govern- ministration (an edict that didn’t National security adviser John larly well-paying,stable employ- He contends that cultural and reli- ment powertofix it.” last). In hopes of Bolton accompanied Mr.Trump to ment—especially formen with less giousvalues should be as important Mr.Trump certainly smoothing over rela- the meeting,which turned tense and formal education,” he said in re- as globalization,which means that doesn’t cling to intel- ‘The broad tions,aWhiteHouse testy.Atone point, Mr.Bolton called marks last year.“Manufacturing clear bordersand anation’s cultural lectual principles in his conservative aide invited the cham- WhiteHouse chief of staff John Kelly, also tends to deliver faster produc- identity must be seen as core values governing style.His ber to send arepresen- aretired four-star Marine general, tivity growth, because itsprocesses of anew conservativephilosophy. He approach is instinctual. public is tativetoameeting Mr. whohad intended to skip the meet- aresusceptible to technological ad- convened aconferenceinWashington When he briefly con- ready for Trump washolding ing to tend to other business, and vances that complement labor and last year to exploresuch ideas. templated entering the with businessleaders told him: You’d better get over here. increase output.” “What we’retrying to do is unitethe 2012 presidential race, nationalism.’ to discusshis agenda. We’re about to withdraw from NATO. Thus,Mr. Cassargues,govern- broad public and the elites as much he talked periodically YORAMHAZONY Mr.Trump had too Mr.Kelly hustled to Mr.Trump’s ment should have policies that ac- as possible,” he says.“Thebroad con- about the idea with Israeli political theorist much antipathyto- side and found that the president tively favorthe expansion of manu- servativepublic is ready fornational- the conservativepoliti- ward Mr.Donohue to was, in fact, considering simply de- facturing,including funding more ism. That’sthe reason they votedfor calactivist David invitehim to represent claring that the U.S. wasout of the research that canhelp manufacturing Donald Trump.That’sthe reason Bossie.Atone point, Mr.Bossie told thegroup,soThomas Collamore, the alliance.Mr. Kelly talked the presi- companies; giving engineering ma- they votedfor Brexit.” his friend SteveBannon, with whom group’slongtime executivevicepres- dent offthat ledge, in part, by con- jorsincolleges moregovernment aid Ms.Haley,alikely 2024presiden- he had worked on some controver- ident, drew the assignment instead. vincing him that he would be cruci- than, say, English majors; putting a tial candidate, is also striking ana- sial films,that the NewYork billion- Mr.Collamoreknewthat he might fied by the political establishment “bias” in the taxcode to help manu- tionalist tone,stressing the need for airewas considering running for be heading intohostile territory, so and the pressifhewrecked NATO. facturers; reducing—tonearly zero if strong borders. But she appears to president. he sought to makehis presencelow- But some Trump aides remained necessary—the number of visas given be betting on areturn to amore “Of what country?” Mr.Bannon key.Atthe outset of the meeting, worried that he still might pull the to Chinese citizens until China traditionalReagan-esque posture, recalls replying. with acontingent of WhiteHouse re- plug on NATO at some point. changes policies that harm American railing regularly against the Chinese Still, Mr.Bannon agreed to accom- portersand network cameras in the Those attitudes seem to represent companies; and requiring U.S.-made CommunistParty,arguing foranac- panyMr. Bossie to ameeting with room to catchafew minutes of the instinct morethan agoverning phi- componentsinkey products.“In the tivist policytocounter Venezuela’s Mr.Trump in NewYork City to talk session, the businessrepresentatives losophy, so some real world as we find socialist government and lamenting through the possibilities.Oncethere, each, in turn, identified themselves. conservatives are it, Americahas no Congress’ “irresponsible spending” Mr.Bossie provided an overviewof Mr.Collamoredutifully did so.Then trying to construct a Trump is choicebut to adopt on the coronavirus the political messageofhis idol, the president shooed away the press philosophyaround ‘not a an industrial policy, Some religious conservatives are Ronald Reagan. He then turned to and turned to Mr.Collamore. “Hey, them. and we will be better doing adifferent kind of rethinking, Mr.Bannon, who argued that the chamber guy,” he said. “What’sthe Mr.CassofAmer- conservative. forit,” Mr.Casssaid. considering howtobest preserve times required amuch morepopulist problem with youguys?” ican Compassisone He didn’t sit Similarly,Mr. Ru- the culturethey value—and whether approach than Reagan’s, invoking Mr.Trump’sdeparturefromthe of them. “I see my- bio has decried what they have been looking in the wrong such insurgent figuresasMr. Bu- national-security precepts of the self as engaged in around reading he calls amisplaced placefor answers.Author Rod chanan, Mr.Perot and even William neoconservatives whom Mr.Reagan the project of post- National conservative“obses- Dreher,who writes forAmerican JenningsBryan in doing so.“That’s brought intothe party is just as pro- Trumpism,” he says. Review.’ sion” with economic Conservativemagazine,says that he the populist message,” said Mr.Ban- found. Mr.Trump simply doesn’t In that post-Trump efficiency. Economics and other religious conservatives non, who wasinthe news again as sharetheir hawkish worldviewor era, he argues,con- NEWT GINGRICH and culture“are were “shocked” and “demoralized” he wasindicted Thursdayfor alleged their belief in the necessity of U.S. servatives must Former speaker of the House strongly intertwined,” when the Supreme Court, in adeci- fraud involving afund-raising cam- international engagement. movebeyondtheir the Florida senator sion writtenbyaTrump appointee, paign to help build the Trump-in- In the summer of 2018,for exam- instinct that market argued recently in a ruled recently that civil rights law spired border wall with Mexico. ple, Mr.Trump came far closer than forces and alight government hand speech at Catholic University.What’s protectsgay people from workplace Mr.Bannon recalls Mr.Trump re- is publicly known to simply with- automatically offer the best an- needed, he said, is asystemthat cre- discrimination. “Weonthe religious sponding enthusiastically,saying, drawing the U.S. from the crown swers.“What we call conservative ates greater incentives forbusinesses right have wrongly prioritized law “That’swhat Iam: apopularist.” jewelofits militaryalliances,the economic policyisn’t actually to create“dignified work” that and politics as what are important Later, Mr.Bannon concluded that— North Atlantic Treaty Organization. small-c conservativeinits orienta- strengthens the families and the kind to us,” he concludes.“What is im- mangled terminologyaside—the mo- At asummit meeting in Brussels,Mr. tion,” he says. “It’s libertarian eco- of culturesoimportant to conserva- portant to us is the culture.” gulwas right. Mr.Trump would set Trump wassocritical of what he nomic policy.” tives.“Our current government poli- Mr.Rubio tried to addressthe out to be apopular populist, and considered the alliance’sunfair reli- Mr.Cassargues that free markets cies getthis wrong,” he said. “Were- dissatisfaction with traditional con-

“the seed wasplanted.” servativeprescriptions in his own CK TO When that seed sprouted, it pro- 2016 campaign—and, as the son of duced akind of identity crisis for Cubanimmigrants, did so without

traditional conservatives.They have all of the Trumpian nativist over- SHUTTERS

long preached the economic virtues tones.But he found his message EFE/ A- of immigration; Mr.Trump doesn’t drowned out by Mr.Trump’smega-

buy it. Conservatives seek to reduce phone and maelstrom. Nowhe UNA/EP

government spending; Mr.Trump thinks that the anger at the eco- BR

wasoverseeing atrillion-dollar fed- nomic status quo and the political TIAN eral budget deficit even beforethe establishment is a sign that Amer- CHRIS

coronavirus hit. Conservatives ica—not just the conservativemove- S; preach limited executivepower, but ment—has reached a crossroads. PRES Mr.Trump has embraced an expan- “Ifyou look at human history, TED

siveviewofpresidential reach. Dur- when these sentiments are not ad- CIA ing the pandemic and this summer’s dressed, people throughout history SO AS

racial unrest, he has issued executive always tend to go in one of two di- A/ actions to send out government ben- rections,” Mr.Rubio says.“Social-

efitsthat Congressfailed to approve ism—let the government take over O’MEAR and simply declared that he has the everything and makethingsright— CHRIS

powertooverride governors’ deci- or ethnic nationalism, which is,‘Bad S;

sionsand send federal forces into thingsare happening to me,and it’s PRES

theirstatesevenifthey don’t want someone else’sfault. And they hap- TED

them there—a far cryfromReagan’s pen to be from another country or CIA SO

another skin color.’ AS

During the July 2018 NATO summit “Neither one of those ends up in LE/ in Brussels,President Trump came agood place. And both areactually CO JIM

farcloser than is publicly known to afundamental challengetothe very P: withdrawing the U.S. from itsmost concept of America, what makes us TO important military alliance. unique and special.” OM FR P2JW235000-4-C00300-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | C3 REVIEW

BY BRADLEY HOPE AND Saudi Crown Prince JUSTIN SCHECK Mohammed bin Salman during a meeting with U.S. he models arrived Defense Secretary Jim Mattis first. Boatscarrying at the Pentagon, 2018. some 150 women, from Brazil, Russia didn’t go anywhere. PrinceMo- Tand elsewhere, hammed’sorganization didn’t docked in the summer of 2015 at have the experiencetodeliver Velaa PrivateIsland, an opulent the project; Verizon took a Maldives resort. Upon arrival, write-down and left. each woman wasdriven in agolf PrinceMohammed’sstock cart to aclinic,tested forsexually tradingalso hit turbulence. In transmitteddiseases and settled 2013,regulatorsdetected suspi- into aprivatevilla. cious trading patterns linked to Thewomen were due to spend accountsbelonging to him and the betterpart of amonth with other princes.Saudi Arabia’s their hosts, several dozenfriends chief stock regulator at the of Saudi Arabia’sPrinceMoham- time,Mohammed al Shaikh, in- med bin Salman,for aparty vestigated and determined that marking his ascent. A29-year-old atrader acting on PrinceMo- princewith atastefor opulence, hammed’sbehalf wasresponsi- ahunger formoney and aneed ble forthe suspicious trading. forpowerfound himself with an Theincident incensed King Ab- abundanceofall three. dullah, and PrinceMohammed PrinceMohammed had waspushed out of government worked doggedly forayear,out- affairs. (A spokesman forPrince maneuvering rivals and easing Mohammed declined to com- the path forhis septuagenarian ment on the episode.) father Salman to assume the But it would be temporary. Saudi throne.After Salman took Even during his moneymaking the crowninearly 2015,hedele- days,PrinceMohammed was gatedextraordinarypowers to carefully studying howtogain— Mohammed, who consolidated or,ifnecessary, regain—status in control of the militaryand secu- the RoyalCourt. He knewhow to rity services and began upend- makehimself useful to powerful ing the sleepy kingdom’soil-de- old men likeKing Abdullah, per- pendent economy. forming tasks toodistasteful for By that July,Mohammed other princes,likeevicting the wanted abreak.His privacy-ob- widowofaformer king from a sessed entouragebooked the en- palace she refused to vacate. tireVelaa resort foramonth, at When Salman took the throne, acost of $50 million, according PrinceMohammed’sideas were to people familiar with the trip. suddenly the highest priority. Staff were banned from bringing Theday afterAbdullah’sfuneral, cellphones with cameras.The Ameri- Mohammed took charge of the Royal canrapper Pitbull and the South Ko- Inside theRise of a Court. At 4a.m., he summoned offi- rean pop star Psyperformed. The cials and businessmen to meet later Maldives party wasdescribed by sev- that day. PrinceMohammed asked eral people in attendance, including them if remaking the Saudi govern- some involved in itsplanning. ment by getting rid of Abdullah’sgov- During this time of excess,the New Saudi Leader ernancecommittees wasrisky. Some young princealso bought the Se- counseled moving slowly to monitor rene—a 439-foot yacht rented by Bill forunforeseen impacts. Gates the year before—for 429 mil- “Nonsense,” PrinceMohammed re- lion euros,aswell as achâteau near Crown Prince Mohammed bin Salman ascended with a taste for plied, according to aperson who at- Versailles with fountains and amoat opulence, a hunger for money and a drive for power. tended the meeting.“If it’sthe right formorethan $300 million. thingtodo, we do it today.” Suddenly,the party wasover. Within aweek,PrinceMohammed Word of PrinceMohammed’svisit wasput in charge of the kingdom’s leaked in aMaldivian publication. branch of the family wasnowhere By the time he was16, Mohammed In 2008,through intermediaries,he economyand military. Such haste Media in Iran, Saudi Arabia’senemy, near as rich as others. As asenior wasable to pull together about persuaded Verizon to bring fiber-op- would become atrademark.Hesur- picked it up and started blasting out prince,his father Salman received a $100,000 afterselling gold and lux- tic infrastructuretoSaudi Arabia. rounded himself with newadvisers, the news.Lessthan aweek afterthe huge monthly stipend but spent it urywatches he’d been given. It be- Thedeal sawVerizon take aminority some with little government back- trip started, PrinceMohammed and running his palaces,paying staff and came the starting capital forastock- stakeinajoint venturewhose big- ground, and encouraged them to argue his delegation were gone. doling out largess. trading foray. gest partner wasone of PrinceMo- with him intothe night on policy Thelittle-known party wasabrief It hit 15-year-old Mohammed likea It wassoon lost. But first, Prince ideas.Heelevated Mohammed al stop on PrinceMohammed’swild ride. brick when acousin told him that Sal- Mohammed’s portfolio briefly gained Shaikh—the manwho investigated Over the next few years, he would man hadn’t amassed what Saudi royals value,giving him athrill he would Rather than him in 2013 forinsider trading—as a curb Saudi Arabia’snotorious religious deem aserious fortune.Evenworse, keep chasing.Hedecided to go abroad senior economic adviser. police, expand the rightsofSaudi Salman wasdangerously indebted. afteruniversity and getintobanking, relying on the Soon after, PrinceMohammed women, plungeintoawar in Yemen, Family friends were shocked in the telecommunications or real estate. He good graces of would take control of the stateoil pro- and lock up billionaires and relatives firstdecade of the 2000s when word wasn’t expecting real political power ducer Saudi Aramco, the world’smost in Riyadh’sRitz-Carlton Hotel on cor- spread through Paris that Salman’s in Riyadh; as ayounger son of aprince whoeverwas king, profitable company. With itsmoney at ruption allegations.His security forces contractorsand employees hadn’t with slim chances of becoming king, Prince his disposal, he would set to work would also assassinatethe journalist been paid forsix months.Rather than Mohammed had little hope of getting turning the kingdom’smoribund sov- Jamal Khashoggi in Istanbul. (Prince relying on thegood graces of whoever near the throne. Mohammed ereign-wealth fund intothe most in- Mohammed hassaid he didn’t order wasking,PrinceMohammed decided Some evenings, PrinceMohammed decided to fluential investor in Silicon Valley.The thekilling.) Now, with the kingdom’s to become the family businessman. took friends intothe Saudi desert, become the family teenager obsessed with building his 84-year-old King Salman suffering This account is based on interviews wherestaff made up tentsand a ownfortune and emulating SteveJobs health problems that have him in and with dozens of people acrossthree campfire. He talked of his plans to be- businessman. nowcontrolled moremoney than he out of the hospital—recently foragall- continentswho knewPrinceMoham- come abillionairelikeSteve Jobs and knewwhat to do with. Building wealth bladder operation—understanding the med through business, familial or per- Bill Gates.Healso spokewith mount- and powerbecame PrinceMoham-

S young prince’srise is increasingly im- sonal ties.PrinceMohammed declined ing frustration about Saudi youth. “We hammed’smanyfirms. med’sobsession.

PRES portant forassessing the direction to comment on his businessinterests arethe ones who candecide the fu- Verizon’slegal department was

TED Saudi Arabia maytakeifPrinceMo- or rise to power. When aCBS News re- tureofour generation,” he said one then headed by William Barr,now The authors are Wall Street Journal

CIA hammed becomes King Mohammed. porter asked him about his spending night, an attendee recalls.“If we don’t the U.S. attorney general. Thedeal reporters. This essay is adapted SO

AS TheSaudi heir apparent’sostenta- in aTVinterviewtwo yearsago, the step up,who else will?” helped Prince Mohammed’sstature from their book “Blood and Oil: Mo-

EN/ tious spending and focus on wealth princesaid, “Asfar as my privateex- PrinceMohammed focused on at home—“My sonmade millions for hammed bin Salman’s Ruthless

OW grew from afamily secret. Formuch penses,I’m arich person and not a building afortune,creating compa- the family,” Salman boasted to one Quest for Global Power,” to be pub- of PrinceMohammed’slife, his poor person.” nies and acquiring stakes in others. visitorafter the deal closed—but lished Sept. 1byHachette Books. CLIFF

spelled) as early as 1559— were planning to invade Greece A Strategy though that wasalways abit of and Sardinia rather than Sicily. amisnomer,asitwas the “Trojan horse” entered com- That Keeps Greeks,not the Trojans,who puting circles in the early 1980s were responsible forthe horse. foraseemingly innocuous pro- Hiding in Early on, the “Trojan gram that contains aharmful vi- horse” wasparticularly rus. In politics,the phrase has WORD ON appealing to anti-Catholic proved equally durable.David THE STREET Plain Sight polemicists. TheAnglican Stockman, director of the Office BEN priest John Rawlinson, for of Management and Budget un- ZIMMER instance, wroteofCatholi- der President Ronald Reagan, ad- cism in 1611 that “our only mitted to the Atlantic in 1981 ALLUSIONS TO LEGENDARY that Postmaster General Louis they have never read aline of safecourse shall be,never to that Reagan’sproposed taxcut Greek militarystrategies aren’t DeJoy’s restructuring of the U.S. classical poetry. In the Trojan think ourselves safe, so long as “was always aTrojan horse to exactly common these days,but Postal Servicerepresented “a War, the fabled conflict between this Trojan Horse is among us.” bring down the toprate.” He also one never seems to grow old: Trojan horse” intended to dis- Greeceand Troy,the Greek Over the years, the metaphor called the final version of the bill the proverbial “Trojan horse.” rupt mail serviceleading up to forces built amassivewooden has oftenstayedtruetoits mili- “a Trojan horse filled full of all Again and again, the meta- the November election. (Mr.De- horse,presented as agifttothe tary roots, with various decep- kinds of budget-busting mea- phor gets invokedbyleading Joy later announced the Postal Trojans.Greek warriorswere tivewartime tactics given the sures and secondaryagendas.” politicians,typically as awarn- Servicewould suspend further hiding inside and emergedto “Trojan horse” label. In World When Mr.Trump entered the ing against ahidden, invidious operational changes.) open Troy’s gatesfor more WarII, the British government 2016 presidential race,some Sen. Tom Greek troops,for asurprise at- raised the alarm about Ger- punditshalf-jokingly suggested Cotton, mean- tack that ended the 10-year war. many’s“Trojan horse” tactics his candidacywas a“Trojan while, as- TheRoman poet Virgil, who re- whereby apro-German “fifth horse” to undermine the Repub- [Trojan Horse] serted that counted the storyin“TheAe- column” wasworking to subvert licans’ chances and hand the the video- neid,” provided afamous line ut- the wareffort from within. The election to HillaryClinton. On sharing app teredbythe Trojan priest British also used the term for the campaign trail, Mr.Trump TikTok Laocoön: “Timeo Danaos et dona their ownoperation intended to embraced the expression, using threat. At acampaign stop Mon- “seems harmless” but “really is a ferentes,” paraphrased in the disguise the Allied invasion of it morethan 70 times to insinu- day in Oshkosh, Wis.,asthe Trojan horse on your phone,” proverb,“Beware of Greeks Sicily.Originally code-named atethat if Syrian refugees were Democratic National Convention collecting user datathat could bearing gifts.” Trojan Horse (later known as allowedtosettle in the U.S.,Is- wasgetting under way,President end up in the hands of the Chi- Theepic tradition waswell- Operation Mincemeat), the plan lamic State fightersmight be Trump denounced JoeBiden as nese government. known enough in the Elizabeth involved dressing up adead smuggled in too. Forthreatsreal

“a Trojan horse forsocialism.” Theorigins of the “Trojan erafor English writerstomake body likeaBritish officer with or imagined, “Trojan horse” NG YA

Earlier this month, Rep.Gerry horse” metaphor areroughly fa- references to “the Trojan horse” fakedocumentsinhis pocket to keeps sneaking itsway intoour ES Connolly of Virginia tweeted miliar to most people,evenif (or “Troian” as it wasthen makeitseem as if the Allies discourse. JAM P2JW235000-4-C00400-1------XA

C4 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. REVIEW

WILCZEK’SUNIVERSE FRANKWILCZEK The Pleasure And Pain Of Predictions

IN RECENT MONTHS, two gorgeous experi- ments have reported con- vincing evidence for the existence of anyons, a new type of particle that can exist only inside of certain materials. Their distinctive feature is that they have a kind of primitive memory, enabling them to preserve informa- tion about their past motions. This feature makes anyons an important building block for future quantum

computers. GES

For many years, most physicists IMA

thought that all particles must be ETTY either bosons (a category that in- /G

cludes photons, the particles of RBIS CO light) or fermions (which includes protons and neutrons, located in an MEE/

atom’s nucleus). But in the early MCNA Y

1980s, building on work by earlier LL

researchers, I proposed the exis- WA

tence of a new type of particle, GES;

which I named anyons as a kind of IMA joke, derived from “anything goes.” ETTY

At the time, I expected the existence /G

of anyons to be confirmed by obser- RBIS CO

vation within a few months—rather P: short of the four decades it actually TO took. In science, reality can be slow OM FR to meet our expectations. Sometimes the wait takes even longer, or never ends at all. In 1931, BY JEFF GREENFIELD Ronald Reagan accepts his Paul Dirac, one of the founders of TheLost nomination at the author’s quantum mechanics, predicted the orty yearsago this first convention, in 1980. existence of particles that carry summer,Iwalked magnetic charge, which he called ontothe floor of is the United StatesofAmer- magnetic monopoles. In essence, the Republican Draw of ica”)put him on the path to they are tiny magnets with only a FNational Conven- the WhiteHouse.The first north pole. tion in Detroit as an analyst night of this year’s Democratic Dirac was one of the greatest forCBS News.For someone convention brought Michelle physicists of all time—among other whohad been mesmerized Conventions: Obama’s evisceration of Presi- things, he introduced the concept of sincechildhood by the drama dent Trump: “Hecannot meet antimatter. Using new mathematical of American political conven- this moment. He simply can- ideas, he showed that magnetic tions,itwas likebeing invited not be who we need him to be monopoles are consistent with the to pitch the opening game of TheDrama forus. It is what it is.” principles of quantum mechanics, the World Series afteracou- In normal years, what’s despite some serious appearances ple of decades of Little moretelling is what happens to the contrary. Better yet, he League play. away from the convention showed that their existence would Likesomanywho have Conflict and chaos once inspired lifetimes hall. At the Democratic con- explain the profound but otherwise been drawnintoalifetime of in politics, before the events became too staid. vention in Cleveland in 2016, deeply mysterious fact that protons politics,the conventions were the most important informa- and electrons have equal and oppo- the lurefor me.In1952,my tion Ilearned came from a site electric charges that cancel mother commandeered the dinner whereformer Cuya- each other out precisely. only radio in my grandfather’s cot- Theparties had learned that dictable? Is our memorybank hogaCounty executiveTim Hagan In 1981, at asummer school dedi- tage to listen to the tumultuous while contested conventions were filled not with fist fightsand last- brought together some friends catedto“50 YearsofMagnetic GOP convention battle; at 9years great television, they were likely minute moves by the powerbro- andcolleagues,including Jim Monopoles,” my wifeBetsy Devine old, Ihad no idea what washap- portents of disaster in November. kers but by Newt Gingrich’s cele- Marinelli, an ex-cop who wasa pening,but the chaos told me it (The last time agenuinely con- bration of the rise of beach longtime playerinlocal Demo- wasaBig Deal. tested convention produced apres- volleyball as part of his 1996 con- craticpolitics.This classic,old- Four yearslater,in1956,a10- ident was1952,with Dwight Eisen- vention speech, and by apodium style,working-classDemocrat year-old Bill Clinton was“trans- hower.) When ABC’sSam full of Democratic women that year noted that virtually all of his bud- fixed” by the fight between Sen. Donaldson gothold of the Republi- performing “The Macarena”? dies at his breakfast hangout and John Kennedy and Sen. Estes Ke- canconvention “script” in 1972, Will we begin everyelection cy- theOhio veterans’ halls were go- fauver forthe Democratic vice- with itsminute-by-minutesched- cle with frenetic predictions that ing forDonald Trump.“These presidential nod. In 1964, ayoung ule, it wasanembarrassment, if this will be the year of the bro- people just didn’t likeHillary,” Mr. JoeKlein watched Republican Nel- notascandal. By 1996,campaign keredconvention, only to realize Hagan later said. son Rockefeller facedownjeering operatives were coming shame- That kind of serendipity,how- delegates pledged to Barry Goldwa- lessly to the network everyday to ever much it mayjustifyare- GES ter, whowon the nomination; the offer their minute-by-minute porter’s expense account, won’t

IMA As it turned author and commentator hasn’t schedule. out, Ihad been save the traditional convention.

GETTY missed aconvention sincehecame Some argued that the conven- Thepandemic that forced the par- of age. That same year,8-year-old tionswereaguardrail against a invited to ties out of the crowded arenas CHIVE/ JoeTrippi watched amournful primaryprocess that could favora this year mayhaveacted as a AR RobertKennedy cheered for20 candidatefundamentally at odds the partywhen “mercy killing” of sortsinrein-

MANN minutes by the Democratic dele- with aparty’s root principles.The the lights forcing just howempty some con- gates, and went on to alifetime as 2016 Republican nomination of vention rituals had become.In BETT were beginning atop Democratic operative. Donald Trump provided apower- their socially distanced proceed- Paul Dirac predicted the existence Formorethan aquarter-cen- fulrebuttal. On the Democratic to dim. ings, the Democratsdemonstrated of magnetic monopoles in 1931. tury, our fascination wasrewarded. side,the hundreds of “superdele- that politicians could be held to Everypresidential year brought gates”—elected officials and party short speeches; that the virtual and Ifrequently shared breakfast with it suspenseful, consequential insiders—knewthat anyattempt that (a) thereare no brokersany- floor could be opened up to foot with Dirac and his wifeMargit. Paul convention moments, offering a to block the ascension of the win- more, and (b) by mid-spring,the soldiers; and that even the long- wasnotoriously taciturn, but Margit Byzantine tangle of rules and par- ner of the most delegates would contest will be over? (This year, obsoleteroll call of state-by-state told us that he wasverydisappointed liamentarymaneuvering with pas- triggerafatal internecine war. JoeBiden went from pathetic delegatecountscould be turned by the conference. He had hoped to sions on naked display. Did Chi- So forthose of us who arrived loser to presumptivenominee in into an entertaining roadshow. hear confirmation of areported dis- cago MayorRichardDaley really just as the players were leaving the the few days between the South (Who knewthat Rhode Island cal- covery of magnetic monopoles,but shout an obscenity at Abe Ribicoff field, is thereanything leftofthe Carolina primaryand Super Tues- amari would makeastarturn?) instead the experiment washeavily in 1968 afterthe Connecticut sena- convention story? Arewetobe day.) Oncethis year’s virtual events criticized and itsresultsweredis- tordenounced “Gestapo tactics in tormented by C-SPAN’ssadistic Even in our ageofchoreography areover, will therebeany appetite counted. Margit wasconcerned be- the streetsofChicago”?Was Dan tradition of running newsreels of and Covid-19,conventions will still forafour-day, in-person pageant cause she felt that his hope forthe Rather of CBS really manhandled furious convention battles as we retain some of their old magic.For in 2024? Will media-company discoveryofmonopoles “was keeping by security guards on livetelevi- trudgethrough the painfully pre- one thing,they canproducememo- bean-counterscontinue to fund Paul alive.” Afterthe summer school, sion that year? Would rable rhetoric,sometimes journalists’ jaunts to what has Dirac wrotehis last wordsonthe Ronald Reagan’scam- with important implica- come to be ablend of collegere- subject, in aletter: “I am inclined paign forcearule change tions: TedKennedy’s 1980 unions andWoodstock? nowtobelievethat monopoles do in 1976that would re- concession speech (“the If conventions seem about to not exist.” He died in 1984. quirePresident Gerald work goes on, the cause be marked with agravestone To this day, despitevigorous Ford to name his running endures,the hope still reading “1831-2020,” one wrinkle searches of manykinds,genuine matebeforethe balloting lives,and the dream shall could suggest that the burial is magnetic monopoles have never forpresident? never die”)was an im- premature. What would happen in been observed. Yetthe newconcepts That wasthe chaotic, portant signal that the 2024if—against all recent history Dirac introduced in connection with dramatic world Ithought riftbetween him and and all probability—wewound up monopoles have been enormously Iwas entering as I President JimmyCarter with three or morecandidates influential. Thereare very good rea- walked ontothe conven- would not easily heal. bidding foranomination at abro- sons to think that monopoles really tion floor in 1980,with George H.W. Bush’s 1988 keredconvention? Should that do exist, but that they aremuch too armies of technicians, acceptancespeech re- happen,then or anylater leap heavy to be produced in particle ac- cameraoperators, jour- framed his imageand year,Isuspect youwill see me and celeratorsorevenincosmic rays. nalistsand convention of- provided one line—“Read my contemporaries race from our Albert Camus wrote that “we ficials swarming through my lips: no newtaxes”— nursing homes and assisted-living need the sweet pain of anticipation the JoeLouis Arena. As it that helped elect him, facilities to witnessfirsthand to tell us we are really alive.” In sci- turned out, Ihad been in- andthen helped defeat what we have missed forall these ence, we make progress by antici- vited to the party when him four yearslater.Ba- decades. pating how our ideas might be real- the lightswerebeginning rack Obama’s keynotein ized in nature. The process can be to dim. That 1976 GOP 2004 (“thereisnot alib- Mr. Greenfield is aformer senior slow, painful and ultimately tragic. fight between Reagan and eral Americaand acon- political correspondent for CBS Yet rising to its challenge is an im- Ford wasthe last genu- servativeAmerica—there News and analyst for both CNN portant discipline of thought, often inely contested conven- and ABC News; he is now acon- leading to creative surprises—and tion. Sincethen, finding a MayorRichardDaley tributor to Politico Magazine and more rarely, but wonderfully, to Na- hint of spontaneity has at the 1968Democratic aspecial correspondent for PBS ture’s “Yes.” been afool’serrand. convention. NewsHour Weekend. P2JW235000-4-C00500-1------XA

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ASK ARIELY DAN ARIELY BY DAVID A. PRICE ordhas been Rewards making itsway out from the For Giving to technology Wcommunity: Charity Theworld changed this summer with the rollout of an artificial in- telligencesystemknown as GPT-3. Dear Dan, Itsability to interact in English I often get mailers from and generatecoherent writing environmental charities have been startling hardened ex- containing items such perts, who speak of “GPT-3 as address labels, note shock.” pads and greeting cards, along with Wheretypical AI systems are a request for a contribution. Do trained forspecific tasks—classi- these freebies actually increase con- fying images,playing Go—GPT-3 tributions, or would charities do canhandle tasks it wasnever just as well with a simple request specifically trained for. Research for money? —Ted released by itsmaker,San Fran- cisco-based OpenAI, has found Charities are usually better off if that GPT-3 canwork out analogy they avoid offering incentives like questions from the old SATwith gifts, premiums and raffles. Such re- better resultsthan the average wards encourage us to think about collegeapplicant. It cangenerate donating as an exchange, raising the news articles that readersmay question of whether a sheet of ad- have trouble distinguishing from dress labels is really worth $50. The human-writtenones. question the environmental charity And it candotasks itscreators should be asking is whether the fu- never thought about. Betatesters ture well-being of the planet is in recent weeks have found that it worth $50. Instead of focusing on cancompleteahalf-writtenin- transactions, charities do best when vestment memo,producestories they connect with people on the and letters writteninthe style of level of identities and values. famous people,generatebusiness ideas and even writecertain kinds of software code based on a plain-English description of the desired software.OpenAIhas an- likely shifttheir activities from nounced that afterthe test pe- An AI Breaks drafting to editing.Onthe plus riod,GPT-3 will be released as a side,the biggest barrier to getting commercial product. work done,the tyrannyofthe Thename stands forGenera- blank paper or the blank screen, tivePre-trained Transformer, TheWriting maybecome much rarer. It’ssim- third generation. Like other AI pleenough just to keep clicking systems today, GPT-3 is based on GPT-3’s“generate” buttonuntil alarge,organized collection of something halfway usable appears. numeric weights, known as pa- Barrier Thetyrannyofthe blank rameters, that determine itsoper- screen, though, forces us to think ation.The builder of the AI trains through aproblem in away that it usinglarge digital datasets—in editingdoes not. Human nature Y this case,afiltered version of the A new system is shocking experts with probably means that people will IL contentsofthe web, plus Wikipe- oftenbemoreintent on massag- GW its ability to use and understand language TH dia and some others. Thenumber ing an AI’s output to the point RU of parametersisakey measureof as well as human beings do. that it looksacceptable than on an AI model’scapacity; GPT-3 has doing their ownwork to sort Hi Dan, 175 billion, which is more than through ambiguous dataand con- During a pandemic, wearing a mask 100 times that of itspredecessor, Yetwhen Igaveitthe famous math symbols,she started by giv- flicting arguments. LikeGPS navi- in public places is an easy way to GPT-2, and 10 times that of its firstline of Jane Austen’s“Pride ing it afew equations in English gation, which started as just atool promote the common good. What nearest rival, Microsoft’sTuring and Prejudice”—“It is atruth uni- andtheir equivalentswrittenin but has reduced our engagement makes some people so vehemently NLG. versally acknowledged, that asin- symbols. with the act of navigating,AIlan- opposed to masks, despite the scien- AI has been through cycles of gle man in possession of agood “Atfirst, Ihad two or three ex- guagegeneratorsmay start by tific evidence in favor of wearing hype and bust before. Still, Iwas fortune,must be in want of a amples,” Ms.Shankar said. “And I sparing us labor but soon spareus them? —Wayne curious.Ibecame abetatester of wife”—the AI waspuzzling to wasable to getbasic thingslikeX thought. (With regard to possible the websitesimplify.so,which lets watch. In the course of my first squared plus 2X.But if Iwanted misuse,arepresentativeofOpe- When we justify our own behavior, usersenter English text forGPT-3 four tries, a few of its answers elementslikeintegrals,derivatives nAItold me that it bans uses of we often say that it’s the result of to simplify, and Igavethe tech- were sort of in the ballpark with- and logs, Ineeded to have exam- GPT-3 that maycause harm, in- careful deliberation about values nology atrial run. out being quiteright. (For in- ples of those. Iended up curating cluding harassment, spamming, and benefits. Opponents of wearing Icopied and pasted the first stance, “A man with alot of 10 or 11 examples,and GPT-3 deception or radicalization.) masks might argue that they are de- paragraph of George Washing- moneymust be looking fora If this sounds overstated, it’s fending individual liberty against ton’s1796 Farewell Address: “The wife.”) Then on my fifth try, it important to consider that AI lan- government power or that masks period foranew election of acit- seemed to crack up: “It is atruth AI language guage models are likely to get aren’t really necessary to avoid in- izen to administer the executive universally acknowledged, that a generators still stronger. Creating a more fection. In reality, however, the way government of the United States single man with agood fortune powerful rival to GPT-3 is within we behave is usually governed by being not far distant, and the must be in want of a wife, be- maystart by reach of other tech companies. what people around us are doing, time actually arrived when your cause men areveryvain and they sparing us Theunderlying methods of ma- especially those we perceive as be- thoughts must be employed in want to be seen as wealthy, and chine learning arewidely known, ing in our own social group. designating the person who is to women areverygreedy and they labor and the dataOpenAIused for This means that if you belong to be clothed with that important want to be seen as beautiful.” but soon spare training is publicly available. a community where the norm of trust, it appearstomeproper,es- Iamanthropomorphizing With GPT-3 having shown the po- mask-wearing hasn’t been estab- pecially as it mayconducetoa GPT-3 here, but Ishouldn’t. It’sa us thought. tential of very large models,its lished, you’re unlikely to buck the moredistinct expression of the statistical model that doesn’t 175billion parametersmay soon trend by wearing one yourself. But public voice, that Ishould now have mental states or engagein be surpassed. Indeed, Google re- if the norm shifts and mask-wearing apprise you of the resolution I reasoning as we think of it. It ended up generalizing those quite searchersannounced in June that becomes expected, most people will have formed, to decline being isn’t ageneral AI likeHAL 9000, well.” OnceGPT-3 has been they had built a600-billion-pa- change their behavior, regardless of considered among the number of Tony Stark’sJARVIS or the over- primed with examples,itstill rameter model forlanguage the principled reasons they once those out of whom achoiceisto lords of the Grimes song “WeAp- needs ahuman in the loop to sep- translation, and researchersat gave for not wearing a mask. be made.” preciatePower.” aratethe silver in itsoutput from Microsofthavesaid that they GPT-3 gavemeits translation: Shreya Shankar, a machine- the dross, including itsoccasional have their sightsset on trillion- Dear Dan, “I am not going to runfor presi- learning engineer at the AI firm nonsense and the bias it picked up parameter models, though not As a teacher in an executive educa- dent.” Take abow,HAL 9000. Viaduct, told me that more-ad- from itsinternet training. necessarily forlanguage. tion program, I give my students a Igot similarly cogent summa- vanced userscan teach the sys- If the priceisright, there’sa If GPS-3 finds amarket, it lot of advice about how to avoid ries when Ientered the First temtodonew tasks by present- good chancethat GPT-3 will make won’t be the last word,for better bad habits and biased thinking. But Amendment and other sources. I ing it with examples,often just a major changes in our working or worse. I find that I often fall victim to wondered whether GPT-3 was few. From there, it generalizes lives. Forarangeofknowledge these things myself, even though I’m simply lifting languagefromweb- what the task is. For instance, workers—news reporters, lawyers, Mr. Price is the author of “The aware of the dangers. Do you find MCDONALD sites,but Icouldn’t find anyevi- when she wanted GPT-3 to trans- codersand others—the introduc- Pixar Touch: The Making of a that being a behavioral economist denceofthat. lateequations from English into tion of systems likeGPT-3 will Company.” makes it easier to behave ratio- WREN nally? —Madison

Behavioral biases affect everyone, including those of us who study them. Biases are like optical illu- EXHIBIT sions: Even when we know what we’re seeing isn’t real, we can’t help seeing it. In my experience, the best VespaCool strategy is to recognize that I will behave in predictably irrational ways unless I make it easier for my- IN ANEW BOOK,“VESPA: STYLE AND PASSION” (Motorbooks), au- self to act the way I want to. thorsValerio Boni and Stefano Cordaratell the storyofaniconof For example, I want to eat more Italian style.The inventor of the popular Vespa scooter,Corradino vegetables, and I know that I’m d’Ascanio,was apioneering helicopter engineer.After Italy’s defeat more likely to actually do it if I find in World WarII, opportunities in aerospacedevelopment seemed lim- them ready to eat when I open the ited,soD’Ascanio turned to scootersinstead. He created alightweight refrigerator. So I make sure to clean model focused on the driver’s comfort and convenience, with easy-to- and prepare vegetables in advance, changetires.The unibody design concealed the engine,helping those in order to not give myself an ex- chic Italian suitsreach their destination without grease stains.The cuse to eat something quick and un- scooter’scurves reminded itsmanufacturer,EnricoPiaggio,ofa healthy instead. Similarly, I know wasp’sabdomen, so he named it afterthe Italian word forwasp. that I’m more likely to go for a Thefirst Vespas hit the market in 1946,but the machine be- morning run if I make an appoint- came world-famous when co-starsGregory Peck and Audrey Hep- ment to run with a friend. Design- burn took aVespa ride in “Roman Holiday” in 1953 (left). The ing the right environment for our- classic 1955 GS model had an eight-horsepowerengine and could selves is the best way to control our reach 62 mph, rivaling amotorcycle; oncesold forabout $120,it own bad tendencies. cannow fetchupto$23,000.Asof2020 CTION Audrey Hepburn Piaggio has made morethan 18 million Have a dilemma for Dan? LLE

CO and Gregory Peck scooters,including an electric model Email your question to: on a Vespa in 1953’s whose battery canberechargedinfour [email protected] ‘Roman Holiday.’ hours. —Peter Saenger Questions may be edited or revised EVERETT P2JW235000-4-C00600-1------XA

C6 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. REVIEW

ciencefiction narratives oftenencourage canbehardto us to “look past boundaries disentangle of nations and cultures and from the real races, and instead really S world. Futuris- consider the fateofhuman- tic tales about advanced kind as awhole.” technologyand clashing TheEnglish version of alien civilizations oftenread “The Three-Body Problem,” likeallegories of present- the firstbook in the trilogy, dayproblems.Itistempt- differsfromthe original in a ing,then, to find some kind small but telling way.Inthis of political messageinthe 2014translation, the story novels of Liu Cixin,57, begins with an episode from China’smost famous science the Cultural Revolution, in fiction writer,whose specu- which acharacter’s father is lativeand oftenapocalyptic publicly humiliated and work has earned the praise killed forhis “reactionary” of Barack Obama and Mark views.The translator Ken Zuckerberg.The historian Liu (no relation to the au- Niall Ferguson recently said thor)moved the scene to that reading Mr.Liu’sfic- the start of the book from tion is essential forunder- the middle,whereMr. Liu standing “how China views admitshehad buried it in Americaand the world to- the original Chinese because day.” he waswaryofgovernment But Mr.Liu insiststhat censors—particularly since this is “the biggest misin- terpretation of my work.” Speaking through an inter- ‘The essence preter over Skype from his home in Shanxi Province, he of science says that his books,which fiction is have been translated into more than 20 languages, using my shouldn’t be read as com- imagination mentariesonChina’shis- tory or aspirations.Inhis to fill in books,hemaintains,“aliens the gaps of arealiens,spaceisspace.” my dreams.’ Although he has acknowl- edged, in an author’s note to one of his books,that “every eraputsinvisible the book waspublished on shackles on those who have the 30th anniversaryofthe lived through it,” he says Cultural Revolution. But he that he writes sciencefic- is quick to saythat the “en- tion because he enjoys vironment is pretty free” for imagining aworld beyond sciencefiction writers. “I’ve the “narrow” one we livein. never heardofanyone who “For me,the essenceofsci- couldn’t publish something encefiction is using my because they wroteabout a imagination to fill in the certain topic,” he says.The gaps of my dreams,” says rules arestricter forChi- Mr.Liu. nese films,heconcedes,but In China, sciencefiction heretoo he believes things has oftenbeen inseparable are“loosening up.” from ideology. Acentury Acommon criticism of ago, early effortsinthe Mr.Liu’sbooks is that he is genrewereconspicuously moreinterested in science nationalistic: “Elites used it than in people.Mr. Liu as away of expressing their gamely admitsthat his hopes forastronger China,” characters arethere“to says Mr. Liu. But the push the plot.” But he takes 1966-76 Cultural Revolution issue with the complaint, banned sciencefiction as voiced by some critics,that subversive, and critics in he depictsfemale characters the1980s argued that it promoted WEEKEND CONFIDENTIAL | EMILYBOBROW as driven morebyemotion than ra- capitalist ideas.“Afterthat, science tionality.Henotes that Cheng Xin, a fiction wasdiscouraged,” Mr.Liu re- compassionatefemale scientist who members. plays acentral role in “Death’sEnd,” In recent years, however, the Liu Cixin the final volume of “Remembrance genrehas been making acomeback. of Earth’sPast,” wasinitially written This is partly because China’sbreak- as aman, but Mr.Liu’seditor sug- neck paceofmodernization “makes gested he makeher awoman forthe people morefuture-oriented,” Mr. A Chinese science fiction writer looks beyond politics to the stars sakeofabetter“gender balance.” Liu says.But the country’sscience “Regardlessofwhether she wasa fiction revival also has quitealot to man or woman, the plot didn’t do with Mr.Liu himself. changeatall,” Mr.Liu says. In 2015,hebecame the firstAsian but Chinese convention is to put the andfor yearshewrote while work- who inhabit aplanet in decline.The Mr.Liu hopes his books giveread- writer to win the HugoAward,the family name first.) ing as an engineer at astate-owned storybegins in the 1960s,inthe ersasense of perspective. “Our real- most prestigious international sci- Mr.Liu’sobsession with outer powerplant. Thepublication of “The yearsofthe Cultural Revolution, and ity is narrow,confined, and fleeting,” encefiction prize. A2019 adaptation spacebegan in childhood. At first, he Three-Body Problem,” in 2006,made eventually zooms millions of years he says.“Whatever we think is im- of his short story“TheWandering hoped to exploreitasanastronaut him famous,and afterapollution into the future. Thealiens’ techno- portant right now, in our mundane Earth” became China’sthird-highest- or astronomer,but he settled for problemshut the plant down in logicalsuperiority and aggressive lives,will no longer be important grossing film of all time,and amovie reading and writing about it instead. 2010,hedevoted himselftowriting desiretoexploit Earth’sresources against agrander sense of time and PICTURES version of his bestselling novel “The Early exposuretobooks by Jules full-time. have made some readerssee them as space.” His goal, he says,istoin- Three-Body Problem” is in the works. Verne,H.G.Wells and Arthur C. Mr.Liu’srenowned trilogy“Re- ametaphor forthe colonial Western spiremorepeople to take amoment /REDUX

UZ His newbook,“To Hold Up the Sky,” Clarke—hidden under abed by his membranceofEarth’sPast,” pub- powers China struggled against for “tolook up at the skyand cast their acollection of stories,will be pub- father during the Cultural Revolu- lished in Chinabetween 2006 and morethan acentury. But Mr.Liu eyes at what’sbeyond.” Theidea CHI/L lished in theU.S.inOctober.(His tion—tickled Mr.Liu’simagination 2010,tells the storyofawar be- says this is toolimited aviewofhis that someonemight gaze at the MAR American books render his name as andspurred his pen. tween humans on Earth and an alien intentions.What makes sciencefic- starsbecause of his work is,hesays, Cixin Liu, with the family name last, Hisfirst book appeared in 1989, civilization called the Trisolarans tion “sospecial,” he says,isthat its “the definition of success.” GIULIA

pumped through the sta- were so far behind enemy A Ferocious dium via loudspeakers. I lines therewas no sign of even held outsome the enemy. Or the beer. Phillies Fan vaguehope of stealing a Thebar’s TVshad dif- peek at the game ferent broadcast feeds,all At Fenway through an open gate or running slightly behind MOVING driveway. the actual game,which we TARGETS Hope wasrewarded— could still sort of hear be- JOE to apoint. As locals al- ing playedacrossthe QUEENAN FORAWHILE THERE, it ready knew, jammed into street. Meanwhile,my looked likemy62-year streak the left-field wall at Fen- daughter waslistening to of seeing at least one Phillies way,right underneath the Phillies broadcast on game everyyear wasover. Yes, the fabled “Green Mon- her phone,which came in baseball wasbeing played ster,” is abar called The lect Social Security,this is the to last the full nine innings. faster.Soshe knewwhat was At an again, but without exuberant Bleacher Club.Inthe back is a kind of venue Ihavebeen told Surely,the rules-makers going to happen long before empty fans—or anyfans—in the large cutout of the outfield to avoid. Yes, Iliketothink of governing streaks would make the action showeduponthe stands.Soduring this weird, wall with awide windowfac- myself as adie-hardfan. But an exception. Afterall, Eisen- TV screens.Itwas all quite stadium forlorn season, thereseemed ing the stadium. This meant not that kind of dying. howerwas president when my postmodern. in enemy to be no chanceofmeseeing that Icould actually go in and Happily,the patrons were streak began. We noticed that the crowd the Phils pound the old horse- “attend” the game.Sort of. hugely social distancing— My daughter and Iwatched noise piped over the stadium territory, hide. True,home platewas miles partly because the Red Soxare therest of the game on the ap- speakersonly went up to full a fan’s Then, while Iwas visiting away,and the sight lines were so awfulthat few fans were on proximately 400 TVsofan- blast when aRed Soxplayer streak Boston, my daughter Bridget terrible,and Icouldn’t possibly hand. They didn’t seem to other bar’s outdoor patio. gotabig hit or made agreat pointed out that the Phillies see who wasatbat. Butifthis mind that Iwas rooting forthe Moresocial distancing: There catch. We suredidn’t hear survives were playing the Red Soxat wasthe only way Iwas going visiting team. And Ireally did were only 20 people in aplace much of that. —barely. Fenway Park,amere20-min- to be able to keep my personal want to keep that six-decade that normally handles around And when the Phillies sent utedrivefromher apartment. 62-year-streak alive, so be it. streak alive. 500.But forus, the experience 12 men to the plateinthe sixth No,wecouldn’t go inside and It waslikebeing in aluxury So Igrabbed atable and wasunforgettable. inning and scored seven runs, actually see the game.But we box. Without the box. Or the stayed forone round of drinks, Shocker No.1,the Phillies we didn’t hear apeep out of could stand outside Fenway luxury. amouthful of chicken tenders, pounded the Red Sox, 13-6. the empty stadium. No scream- and shout our support forthe Mind you, to do this,Ihad one trip through each team’s Shocker No.2,noone poured ing.Nohissing.Nobooing.No Fightin’ Phils.Wecould have a to physically enter the dark, batting order.Then Igot the beer all over us when we crude epithets. No strains of few laughs listening to the dingy, putatively hostile bar. hell out of there. Nobody ever started whooping and hollering “Sweet Caroline.” ARKLE phonycrowd noise being SinceIamold enough to col- said an attendancestreak had and high-fiving each other.We Icould getused to this. PETER P2JW235000-4-C00700-1------XA

High in the Saddle Meeting on the Level Fo ur enduring How Freemasons American westerns made the world C12 BOOKS modern C9

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | C7 The Most Problematic Polymath

ADominantCharacter By Samanth Subramanian Norton, 384pages,$40

BY RICHARD DAVENPORT-HINES

HE LAST MAN who might know all there was to be known,” the philos- ‘T opher A.J. Ayer supposedly said of Jack Haldane, although it is likelier that Ayer actually said, in his exact way, that

CK Haldane was “the last man to grasp TO

IS every scientific discipline.” Certainly J.B.S. Haldane was a glorious poly- GES;

IMA math. At Oxford before World War I, he gained first-class honors in mathe-

GETTY matics, and two years later first-class

ONE/ honors in ancient history and philos- ST ophy. During World War I, he ran a -KEY bombing school, and was called by

MMA Field Marshal Lord Haig “the bravest GA and dirtiest soldier in my army.”

ANCE/ After the war, first at Oxford Univer- sity and

ONE-FR then at ST Cambridge, KEY J.B.S. Haldane ALLIES Prime Minister Winston Churchill and Gen. Dwight D. Eisenhower in London, 1945. he worked wasbrilliant, on genetics and laid the volatile and groundwork ethically for post- purblind, doing Anglo‑American Attitudes Darwinian theories of bothgreat work evolution. and great Is the ‘special relationship’ between the U.S. and the U.K. a dream from the past— Haldane or, post-Brexit, Britain’s best way forward? wassuch a damage. redoubtably odd young The Churchill Complex nuclear weapons research; from Ken- through atransactional lens: Howmuch man that Aldous Huxley based a By Ian Buruma nedy,Macmillan’sartfulsleeve-tugging influencedoweget in return forthe character in his novel “Antic Hay” Penguin Press, 308 pages,$27 obtained an agreement to give Britain support we give? (1923) on him. access to the then-coveted Polaris TheAmerican perspective, conve- Samanth Subramanian is a crisp, BY WALTER RUSSELL MEAD missile system. niently perhaps, is less about quid pro elegant writer who has produced a Thediscussion in Britain of both quoand moreabout acommunity of compelling biography of this dazzling HE SPECIAL relationship Churchill and the special relationship interest. Thecountries remain close, man. “A Dominant Character” is —or, as they writeitin has become abattlefront in the debate manyAmerican policymakersbelieve, perfectly paced, without laborious or Britain, the Special Re- over membership in the European lessbecause British prime ministers pointless details, but never patron- lationship—between the Union—a debatethat continues to rage dancetoAmerican tunes than because izing in its simplifications. Where T United Statesand the even with Britain having formally left. British and American interestsand val- Haldane was a volatile, disruptive United Kingdom is one of those part- Formanyinthe Remain camp,the idea ues, though not identical, are broadly and unpredictable force, doing both nerships that everyone talks about but that Britain can still play a world role aligned. Britain and the United States great work and some considerable few understand. Ian Buruma’sstimulat- independentofEurope,and that the end up on the same side of so many damage, full of bracing insights but ing and highly readable “The Churchill best way to do that is to double down questions so oftenthat over time their sometimes ethically purblind, Mr. Complex: TheCurse of Being Special, on itsrelationship with the United cooperation has become institutional- Subramanian is just, equable, gener- From Winston and FDR to Trump and States, is aChurchillian fantasy that ized at adeep level. The“Five Eyes” ous and reliable in all his judgments. Brexit” is a brisk but thorough history pavedthe way to Brexit. Britain, critics alliance—a U.S.-U.K.intelligence-sharing This is a resolutely truthful book of the relationship under the 13 Ameri- of the Churchill mystique and the spe- agreement that includes Australia, Can- about a man with a remarkable talent canpresidentsand 16 British prime cial relationship insist, must put these ada and NewZealand—is only one piece for evading inconvenient truths. It ministers in the postwar era. childish dreams behind it and come of acomplexpartnership that embraces can be read with the utmost pleasure Thespecial relationship as we know to terms with a sober reality in which economic, military, political and legal by everyone who likes to admire a it today, Mr.Buruma argues,was an the EU is its only real option. cooperation, with membersofeach fine intellect in action and to see emanation from Winston Churchill’s Over and over again, they say, British country’smilitaryand civilian services respect paid to outstanding intelli- fertile brain. Faced with the decline of prime ministerscome hat in hand to embedded in the other’s government. gence. the empireheloved, Churchill adapted Washington. Over and over again, The most important British foreign Mr. Subramanian, a journalist, the hoaryidea of adeep bond between they influenceWashingtondebates only policy error since World War II is not begins his narrative at the deep end. at themargins.Britain’s the attempt to maintain aclose Anglo- In summer 1906 a Royal Navy loyalsupport forthe American relationship, but the failure torpedo gunboat, HMS Spanker, was United Statesoften to build moreeffectivepartnerships steaming off the west coast of Scot- leavesitlooking more with Canada, Australia and NewZea- land. On board was an Oxford physi- likeanAmerican poodle land.Ifthese four English speaking ologist called J.S. Haldane, whose than aChurchillian lion. democracies and important economic elder brother happened to be Secre- As Mr.Buruma describes and security allies of the United States tary of State for War. The Admiralty it, a1965 cartoon on spokewith one voice, that voicewould had asked Haldane to investigate the the coverofthe satirical receiveamoreattentiveand respectful “bends,” the agonizing contractions British magazine Private hearing than anyone of the four speak- problem that beset naval divers. Eyeshowedthen Prime ing alone, not only in Washington, but Without much warning, Haldane put Minister Harold Wilson around the world. his 13-year-old son Jack—whom he pulling down LBJ’spants To manyAmericans observers, the called by the peremptory name of to lick his behind, with British debateoverthe special relation- “Boy”—into a diving suit weighing a the U.S. president think- ship looks likeanexercise in denial. total of 155 pounds and sent him ing,“I’veheardofaspe- It is the poor performance of the Brit- down to the loch-bed in the company the British and the Americans to new cial relationship,but this is ridiculous.” ish economy, not the sentimental fond- of another naval officer. His diving conditions. Thanks to a unique ability Mr.Buruma comes down, mildly and nessofits prime ministersfor America suit was not a tight-enough fit; water to influencethe United States, Churchill moderately,onthe Europeanist side. or their addiction to Churchillian rhe- seeped in and rose slowly, terrify- argued, Britain could continue to shape Despitefiascoes likethe George W. toric,that leavesBritain with such ingly, from his ankles to his neck. world eventsevenasits powerde- Bush and Tony Blair partnership that unsatisfactory foreign-policy choices. When finally he was hauled back on cayed. led to the Iraq War, he sees much In 1938,the last peacetime year in board the Spanker he was shivering Churchill did morethan establish the to admireinseven decades of Anglo- Europe beforeWorld WarII, GDP per from cold and fright. The father gave modern framework of Anglo-American American cooperation. And he is far too capitawas about 20% higher in Britain him dollops of whisky to speed his relations,Mr. Buruma shows.Inpar- honest not to acknowledge that what- than in Germanyand about 40% higher recovery. ticular,the example of Churchill’s ever canbesaid in itsfavor,the EU than in France. TodayBritain'sper cap- On another occasion, the elder courageous stand against appeasement is anything but autopia that will fulfill itaGDP lagsGermany’sand is roughly Haldane took his young son crawling in 1938-40 hauntsboth presidentsand Britain’s dreams at a trivial cost. equal to France’s. If Britain led Germany on all fours through a tight coal-mine prime ministerstothis day. Whether “The Churchill Complex” is arich and Franceasitdid beforethe war, passage until they reached a small Margaret Thatcher was standing firm and rewarding book,the best over- Washington, Paris and Berlin would chamber. Then, crouching on the in theFalklands or stiffening George viewthat existsofAnglo-American allbemuch morereceptivetoBritish chamber floor, he asked his son to H.W. Bush’sspine forthe FirstGulf relations from Churchill-FDR to the proposalsthan anyofthem arenow. stand up and recite Mark Antony’s War, she waschanneling the Chur- “bromance” between Boris Johnson and Thereare islands of excellencein oration on the death of Julius Caesar. chillian spirit. Donald Trump.Mr. Buruma’sper- Britain even today—the financial sector, The boy collapsed when he reached Thepartnership has not always sonality sketches of both British and ahandful of topuniversities and, by the fifth line. This was the father’s worked well. Churchill’simmediatesuc- American leadersare as insightfulas European standards,arobust IT in- lesson to show that the methane in cessor,AnthonyEden, sawEgyptian they aresharp.EdwardHeath was“a dustry. But the source of British power mines rises, and that it’s safer to president Gamal Nasser as anew Hitler patriotic Englishman who spokevery in the 19th centurywas acutting-edge keep one’s mouth shut and to breathe and denounced anycompromise over bad French.” Jimmy Carter’s “earnest- economythat outproduced and, for through the nose at floor level when the Suez Canal as another Munich. nessand priggish demeanor” made much of the time,out-innovated its exposed to toxic gas: a useful bit of In theresulting Suez Crisis of 1956, hisworldly British interlocutorsfeel rivals.Prime Minister Boris Johnson knowledgetohavewith the advent President EisenhowerforcedEden into queasy,especially when guestsatWhite andhis chief adviser Dominic Cum- of the Great War. a humiliating retreat. House dinners“were asked to hold mingshavetalked about making Britain Haldane graduated from Oxford Even afterSuez, the idea of the hands while Carter said grace.” aworld leader in scientific research. two months before the outbreak of special relationship wasnot something One wishes,however, that Mr. It is on the success of initiatives like war in 1914. He joined the crack Scot- Britain was willing to discard. Harold Buruma had looked harder at the this,not on journeystoeither Brussels tish regiment called the Black Watch, Macmillan, Eden’s courtly successor, American perspectiveonarelationship or Washington, that Britain’s21st- whose troops were known as “the immediately gottowork to rebuild the that, though uncapitalized, carries centuryfatewill depend. Ladies from Hell” by the Germans relationship,shifting his attentions moreweight in Washingtonthan the because they wore kilts and were from EisenhowertoKennedy in 1961. Britishsometimes understand. The Mr. Mead is the Global View columnist pitilessly ferocious. Haldane became Macmillan obtained access to American British tend to see the relationship at the Journal. PleaseturntopageC8 P2JW235000-4-C00800-1------XA

C8 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. BOOKS

‘Eschewthe skylarkand the nightingale....A national literatureought to be built out of the twigsand straws of one’snative meadows.’ —VAN WYCK BROOKS

FIVE BEST ON THE AMERICAN RENAISSANCE POETS Nicholas A. Basbanes Author, most recently, of ‘Cross of Snow: A Life of Henry Wadsworth Longfellow’

The Flowering of New England ship,isessential reading foranyone interested By Van Wyck Brooks (1936) in the lifeand works of the Belle of Amherst.

VanWyckBrooks (1886-1963) wasa literaryhistorian who became abit Poe Poe Poe Poe Poe Poe Poe toosuccessfulfor his owngood. By Daniel Hoffman (1972) 1 “The Flowering of NewEngland,” the firstand best in his “Makersand Finders” Of the manygood books on Edgar series—fivebooks on the emergenceofa Allan Poe(1809-1849), perhaps the distinctively American literarytradition— most appealing is this quirkyeffort wasarunaway bestseller whose success 4 whose very title—a not-so-subtle diminished, in academic quarters, its playonthe onomatopoeic refrain of Poe’s author’s standing from powerhouse critic posthumously published poem “The Bells”— to middlebrow commentator.Engaging, suggestsanirreverent approach. Thereisno stylish and witty,the book remains an law, afterall, that says literarybiographycan’t immensely valuable survey of American be fun, even when the subject himself retains literatureinthe years1815 to 1865,from awell-earned reputation forgloom and tower- the Warof1812 to the end of the Civil War. ing self-pity.Poe,though also agreat critic Brooks read morethan 800 books forthis andshort-storywriter,took special pride in pioneering effort, including the works of his poetry, afact that Daniel Hoffman—him- Bancroft, Bryant, Channing,Emerson, self apoet—takes noteofhere. “I have tried,” Fuller,Hawthorne,Longfellow, Prescott, Hoffman writes,“to render the full effect of Thoreau—not just poetsbut also novelists, the work of this wild, eccentric,audacious, essayists, historians,theologians,all of tortured, horror-haunted, sorrowing,beauty- them home-grown, all destined to endure. loving Edgar Allan Poe, so as to comprehend “Learning wasendemic in the Boston and demonstratethe sourcesofhis imagina- mind,” Brooks wroteofNew England’s tivepower.” Poewas,hewrites,“adeeply, particular readinessfor such an upheaval tragically divided man.” Further: “Wecan’t of literaryenterprise,the preparations gethis genius without his fudge, or his forwhich went back to the earliest fudgewithout his genius.Nor is it afore- English settlers: “Therehad been books gone conclusion which is which.” on the slope of Beacon Hill when the wolves stillhowled on the summit.” Walt Whitman’s America By David S. Reynolds (1995) The Civil Wars of Julia Ward Howe Cultural historian David Reynolds’s By Elaine Showalter (2016) aim in this sweeping biographyof Walt Whitman (1819-1892) is to tell 5 two stories: one about the way in which Even if she had not scrawled out, in asingle late-night torrent, the the poet related to his country, the other about lines to what would become known the way in which his countryviewedhim. 2 as the “Battle-Hymn of the Republic,” Theconcept of “country,” as Mr.Reynolds Julia Ward Howe (1819-1910), ahugely appliesitto19th-centuryAmerica, takesin influential suffragist, lecturer and only social, economic,sectional and historical sometime poet, would still be remembered forces,and is exampled in Whitman’sauto- as awoman of consequence. Howe’s first biographical body of poetic expression, which collection, “Passion-Flowers,” waspublished ANGER explores rough-and-tumble lifeinManhattan, GR anonymously in 1853 without the knowledge PASSION-POET Julia Ward Howe, author of the ‘Battle-Hymn of the Republic’ (1862). nursing the wounded at the front in the Civil of her domineering husband, who threat- War, and dealing uncertainly with Reconstruc- ened divorce upon seeing it in print. (A The Life of Emily Dickinson cally “modern” in form, perception, sensibility tion. Obsessively driven to reach the masses, prominent Boston physician, he demanded By Richard B. Sewall (1974) —established her as the greatest American Whitman revised and expanded his signature changes in subsequent printings, especially poet of her period, while tales of her reclusive- work,“Leaves of Grass,” throughout his life, in poems that suggested the couple’slife Had the expression “shelter in place” nessand personal eccentricity made her an publishing nine different editions over five together wasanything but idyllic.) Howe’s been in vogueinthe 19th century, irresistible magnet fornovelists, playwrights decades.Perhaps the greatest ironyofthe so- marriage, as Elaine Showalter makes clear it would have perfectly described Emily and life-writers. Thebest of her biographers, called Centennial Edition of 1876, Mr.Reynolds 3 Dickinson’sadult lifeofself-imposed Yale professor RichardSewell, examined not in this superb example of biographical notes, wasthat it helped establish Whitman “as rumination, wasatbest “problematic.” isolation. Of the 1,800 or so poems that only all of Dickinson’s1,000 extant letters but America’spoet at atime when he had virtually But the yearsfollowing her husband’sdeath constituteher oeuvre—she died in 1886, everypertinent document and pieceofcorre- ceased dealing with American lifeinacompre- in 1876weretriumphant, an opportunity at the ageof55—fewerthan 10 appeared in spondenceinvolving everyperson of signifi- hensiveway.” Thewidespread approbation he forher to shine with abrightnessthat is print during her lifetime.The posthumous canceinher circle.His two-volume work,the so craved in his lifetime arrived only in suc- undimmed by the passageoftime. publication of her completeworks—so radi- capstone to his 40 yearsofDickinson scholar- ceeding generations,and continues to this day.

no-platformed today. But he declined his critics sent to the gulag and A Life to attend eugenics congresses, and starved to death. Finally, the intel- thoughtthe ideal society must be lectual outrages of Lysenkoism drove genetically diverse. Haldane to leave the CPGB around Of Radical In the 1920s and ’30s,Haldane 1950. published dozens of papersonphysi- In the 1950s Haldane leftEngland Genius ology, biochemistry, genetics,evolu- to work in aresearch institutein tionarybiologyand such sidelines as Calcutta.Although he had deadening quantum mechanics and cosmology. frustrations with an obtuse,bun- ContinuedfrompageC7 In addition to his technical work,he glingand oppressivestate bureau- an expert in hand-thrown bombing was a prolific journalist and broad- cracy, he became an Indian citizen in of German positions: His work as a caster,who popularized scientific 1960.But he became increasingly saboteur was, the author notes,“just concepts among the English public fractious. Thebrilliantly original, the most ripping job he could hope more even than H.G. Wells—in Eng- daring,impatient and candid young for.” He found the danger “intensely land he was as famous as Einstein. Haldane became ashowy,bombastic enjoyable” and felt aprimal thrill at He undertook no laboratorywork and tetchy older man. the carnage. himself but interpreted, synthesized Haldane,likemanyscientific pro- GES As wascustomaryamong re- and amplified the experimental re- gressives of his generation, had IMA searchersofhis era, he took various sults of other researchers. In doing heartbreakingly naivehopes forhu-

drugsincontrolled trials of self- so, he burnished Darwinian natural GETTY manity.“Less than amillion years experimentation. On one occasion, selection until it outshone other hencethe averageman or woman will he hallucinated that he wasreading models of evolution, and urged the CTION/ realizeall the possibilities that hu- LLE

alifeofChrist writtenand illus- need of anew secular morality to CO manlifehas so far shown. He or she trated by Edward Lear,and that fitthe expanded stateofhuman will never knowaminute’sillness.

Pontius Pilatehad formidable mous- knowledge. PICTURE He will be able to think likeNewton,

taches.“Youcannot be agood hu- Louis Pasteur,rather than Darwin, LIFE to writelikeRacine,topaint likethe man physiologist,” he said, “unless though, was Haldane’s supreme ex- vanEycks,tocompose likeBach. He youregardyour ownbody,and that ample of ascientist. Pasteur con- /THE will be as incapable of hatred as St.

of your colleagues,with the same ducted few experiments, but none of WILD Francis,and ...every minuteofhis sort of respect with which youre- his results were challengeable. And lifewill be lived with all the passion HANS gard the starrysky,and yetassome- he appealed to the deepest human GOING DOWN J.B.S. Haldane entering a deep-sea diving chamber. of alover or adiscoverer.” thing to be used and, if need be, emotion, self-preservation, by inten- At the end, when Haldane was used up.” He took large doses of sifying humanity’s fear of germs and not swervefar or fast to the leftfor cozying up to Stalin, Haldane felt riddled with cancer in 1964, he Benzedrine as apep-pill forhis long, filth. He cleansed societies whereas another five years. When he got his able to join the Communist Party of wrote that he regretted that he had busy days.Cumulatively this must Darwin hadonly upset the settled chair of genetics in 1933, he grum- Great Britain openly in 1942. never walked acrossthe sea floor have damaged his awarenessof beliefs of the intelligentsia. bled that University CollegeLondon Mr.Subramanian reckons Haldane from England to France, as he’dhave other people and of his owncircum- During an 18-month posting to was “full of bloody Communists.” to have been the leading intellectual liked, but as compensation he had stances. India during World WarIHaldane Therise of Hitler and other reac- among the CPGB members, which been wounded in aworld war, had “The biologist is the most roman- had developed astrong aversion tionarytotalitarian regimes spurred meanthewas compelled by party known the loveofwomen, had tried tic figure on earth at the present to colonialism. TheBritish treated him intoStalinism. He ignored the discipline intoshamefully evasive, heroin and bhang and had spent 48 day,” Haldane said in 1924. He was India as an economic resource,with- cruelty of the Moscow showtrials, foggy, muddy,flimsy quasi-defenses hoursinaminiaturesubmarine.“I increasingly drawntoward the study out anyinterest in itscultureor and made excuses forthose Stalinist of the charlatan Soviet geneticist doubt whether,given my psycho- of genetics, and in 1933 accepted a respect forits people,hefelt, and cruelties that he couldn’t deny. He Trofim Lysenko, who held that ac- logical make-up,Ishould have found professorship in that subject, spe- were thus neutering the talentsof went to the Spanish Civil Warin quired characteristics were heri- manygreater thrillsinahundred cially created for him at University Indians. Back in England, like many 1936,tried to protect Republicans table.The English botanist Sydney lives.” He died with dignity and even CollegeLondon. His work in genetics anticolonialists, he driftedintoa from gas attacks and showed reck- Harland, whohad met Lysenkoin nobility,ruing that he could not help helped link insightsofthat disci- lukewarm socialism without much lessbravado at the front. In 1937 he Soviet Russia, said that trying to talk his research studentstocomplete pline, which Darwin had not been political commitment, and returned became a columnist on the commu- to him about genetics “was liketry- their courses. “I don’t mind dying,” aware of,with the processes of from amonth’svisit to Soviet Russia nist newspaper the Daily Worker; he ing to explain differential calculus to he said. “I mind dying with unkept mutation and selection that Darwin in 1928 enraptured by the sight of wasnamed chairman of the editorial aman who didn’t knowhis twelve promises.” haddescribed. Thework involved state-controlled industries eman- boardin1940. AfterBritain and times table.” But forsome years him with eugenicists, and he touted cipatedfromthe control of share- Soviet Russia became allies against Haldane indulged in grotesque apol- Mr. Davenport-Hines is Fellow- some hypotheses that would gethim holders and financiers. Still, he did the Nazis in 1941, with Churchill ogetics for this scoundrel, who had elect of All Souls College, Oxford. P2JW235000-4-C00900-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | C9 BOOKS

‘Lovers of global conspiracy, not all of them Catholic, cancount on the Masons forafew good shivers and voids when all else fails.’ —THOMAS PYNCHON On the Level and on the Square

The Craft cut stones for construction—“free- the Great and Voltairewereboth in taverns,because,asMr. Dickie ex- cile Catholicism and Freemasonry, By John Dickie masons,” as opposedto“setters,” Masons. plains, “Freemasons loved a drink.” ludicrously proclaimed that crusad- PublicAffairs, 487pages,$32 who plied the lesser trade of laying In 18th-centuryAmerica, Mr. Otherssavored the masculine cama- ing knightshad discovered the se- thecarved blocks intoawall. The Dickie writes, Freemasonry became raderie.Arthur Conan Doyle wasa cretsofSolomon’sTemple and the BY ALEX BEAM society embraced the masons’ “sym- “a religion of state.” Itsprinciples of fervid Mason who loved belonging Craft in the Holy Land. “It was not bology”:the compass, the planner’s “self-betterment, and the brother- “toaninner circle,with secret pass- just anyold crusaders,” Mr.Dickie HO ARE the T-squareand the capital “G” often hood of all men,” he notes,“harmon- words,” Mr.Dickie writes,quoting a notes; “itwas the KnightsTemplar.” Freemasons and displayedintheir meeting places. ised with the United StatesofAmer- Doyle biographer,“wherehecould Themilitary-monastic Templars whydothey in- The G stands for Geometry, viewed ica’sinborn sense that it stood for be safe from the women who fasci- were all too real and stood accused cite murderous by early Masons as “the most pres- nated and frightened him, wherehe by the Vatican of “abominable W hatred, fanatical tigious of all the fields could meet odd people crimes against God and nature,” devotionand occasional ridicule? of human knowl- who would which included worshiping agoat- Whyonearth would abestselling edge,” ac- headed godnamed Baphomet. Cue 1886 French tract warn: “French almost four centuries of anti- mothers! Lock up your daughters! Masonic conspiracy mongering, Here come the Freemasons!” including Dan Brown’s “The Da In “The Craft: HowFree- Vinci Code” (2003), one of along masons Made the Modern list of tomes exploiting Masonry’s World,” John Dickie answers such bogus historyfor boffobook sales. questions and manymore. Did two What’s to invent? The real his- Freemasons ever oppose each other tory is fascinating enough—for forU.S.president? (Yes,in1832.) instance, the enthralling storyofthe Howdid the Masonic All-Seeing Eye African-American PrinceHall Ma- end up on the dollar bill? (It’scom- sons, who joined a British Lodge in plicated, but the men responsible for Boston in 1775. PrinceHall (1738- the 1935 currencyredesign, President 1807), who successfully agitated to Franklin Roosevelt and Agriculture abolish slavery in Massachusetts, SecretaryHenryWallace, were both received his charter from London Masons.) because the segregationist American Freemasons saturatepost-Enlight- Craftwouldn’t accept him. The enment history as the stars bedeck brotherhood of man had itslimits. the sky. Five kingsofEngland, 14 “The truth is,they areashamed of U.S. presidents, Goethe,Casanova, being on equality with blacks,” one DukeEllingtonand the Dukeof of Hall’s white supporters said. Wellington all belonged to Masonic Theworks of PrinceHall Masonry lodges.Not only were Andrew Jack- shone through the centuries.They son and his opponent HenryClay led the recruitment drivefor the all- both Masons,sowereother histori- black Massachusetts 54th regiment, caltwins,such as Mozart and his featured in the 1989 Civil War film Lodge-mateJoseph Haydn; and, “Glory,” and the order raised money more grimly, Medgar Evers and his cording to give him formember Thurgood Marshall’s assassin, the Ku Klux Klansman Mr.Dickie; good copy effortsinthe Brown v. Board of Edu- Byron De La Beckwith. In the early it also stands but not be a cation lawsuit. W.E.B. Du Bois, Nat 1960s,one in every12American forthe Great social embar- King Cole and Booker T. Washington adult males wasamember,including Architect of rassment out- were all Masons,but none of their astronaut BuzzAldrin, who would the Universe, side the Lodge.” pictures appeared at the Craft’s establish aTranquility Lodgeonthe i.e., a deist God. TheMasons MasonicBrotherhood Center,the moon during the historic 1969 Thereisindeed a feature in many fraternity’s ambitious showcase at

Apollo 11 mission. secret handshake, CK ghoulish con- the 1964-65 New York World’s Fair.

TO DidFreemasons really makethe ablindfolded ini- IS spiracytheories In acoda, Mr.Dickie reportsthat modern world, as Mr.Dickie’ssub- tiation ritual and C7: in part because “the dream that one daythey [black title claims? They have been held re- severe, threatened ON they fetishizese- and whiteMasons] might form a sponsible forthe French Revolution penaltiesfor reveal- crecyand have single multi-racial Brotherhood, as ANGER;

and have been anathematized by the ing secretsofthe GR many influential Masonic values prescribe,has died.” Vatican, Adolf Hitler and the Chinese Craft(as the Masons KEYSTONE The letters of this sealstand for‘Hiram The Widow’sSon membersbut also Todaythe Craftseems to be sput- Communist regime.Are they the oftenrefer to their Sent To King Solomon,’referring to afigureimportant to Masonic lore. because of the Craft’s tering.American membership has unseen watchmakerswho set the brotherhood), including incurable addiction to declined from four million in the clock of historyorjust silly men “being cut in two and having your something biggerthan itsown bushwa and nonsense.When George mid-1960s to one million in 2017. prancing around in leather aprons bowels burned to ashes.” particular national identity,that it Washingtonlaid the cornerstone of the Membership in a same-sex club has reciting not-so-secret code wordslike Bowel-burning notwithstanding, wasthe bearer of universal truths U.S. Capitol in 1793,heplaced acom- little appeal these days,Mr. Dickie “Boaz,” the name of one of the en- Masonryhas manyattractions. like the ones proclaimed to be self- memorativesilver plateonthe block, says, and some of the Masons’ tra- trance pillarsofSolomon’sTemple? According to an 18th-centuryMa- evident in theDeclaration of Inde- which noted that the building was ditional benevolent activities, such By the end of this convincingly re- sonic constitution, the group accepts pendence.” rising in the year of Masonry5793. as offering insurance or supporting searched and thoroughly entertaining “brethren upon the same level,” a Masonryhad other appeals for Indeed,Masonryhas rewrittenits orphanages,havebeen supplanted book,the discerning reader will con- playonwords that ideally welcomes ambitious men likeBenjamin Frank- historyatleast twice, oncetotrace its by the stateorprivateenterprise. clude: alittle of one,and some of the the nobleman and the nobody as lin, Paul Revereand SamAdams. lineageback to 4000 B.C. Cain and “Lifelong Freemasons aregreying, other.Mr. Dickie,aprofessor at Uni- equals.The Crafthas been histori- It was“away of fitting in, of net- Noah were among the firstMasons, and dying, and not being replaced.” versity CollegeLondon and the grand- cally non-denominational and “re- working far and wide,and of making thesociety’s 1723 constitution de- French daughters! It is probably son of aMason, is admirably even- solv’d against all Politicks,” values influential friends,” Mr.Dickie says. clared,and the Israelites “werea safe to come out now. handed in his treatment of the secret that explain its rapid acceptance in Themessagewas clear: “Ifyou want whole Kingdom of Masons,well society that so manylovetohate. post-Enlightenment societies where to get ahead, get an apron.” instructed, under the Conduct of their Mr. Beam’s latest book is Thefraternal organization traces l’esprit critique was whittling away Brewmaster Adams doubtless GRAND MASTER MOSES.” “Broken Glass: Mies van der Rohe, itsrootsto16th-centuryScotland, at religion and monarchy. Emble- appreciated his brothers’ collective Thirteen yearslater,the French Edith Farnsworth, and the Fight as agatheringofmasons who matically,the free-thinking Frederick thirst.Manyearly lodges gathered Brotherhood, in an attempt to recon- Over a Modernist Masterpiece.”

is the theme of Martyn Rady’s the last Habsburgmonarch, without with Napoleon and gives Franz their subjects—a factor the book dis- An “The Habsburgs:ToRule the World.” sacrificing essential details or losing Joseph’swarswith Italy and Prussia appointingly underplays.Itmay also Aprofessor of Central European the reader’s attention, is afeat of just afew sentences apiece. But lie in the empire’sverycomplexity. historyatUniversity CollegeLondon, both scholarship and storytelling. what Mr.Rady neglectsinstatecraft Facedwith abewildering jumble of Ideal Mr.Rady is best known forhis pocket His argument is that the Habs- he morethan makes up forincolor- lands,each with itsown constitution biographyofCharles Vand writing burgs“achieved greatnessbyluck fulpen portraitsofHabsburgrulers and accustomed liberties,Habsburg Empire on medieval Hungarian legal codes. and by force,” backed by an ideal and the artistic, scientific and rulershad no choicebut to learn the With “ToRule the World,” Mr. of civilization that was art of compromise and Rady adds to a growing body of re- about morethan terri- forgothe grander ambi- The Habsburgs: search challenging the conventional tory or poweritself.This tions of Bourbons and To Rule the World viewofHabsburgrulersas“gaolers imbued the dynasty with Romanovs. They endured By Martyn Rady of nations” who suppressed the vi- aspecial, almost apos- because they could not Basic,397 pages, $32 tality of the cultures they governed. tolic purpose—which the “rulethe world”—and Recentbiographies of Charles V, Habsburgs put to work mostly didn’t try. Those BY A. WESS MITCHELL Metternich and Maria Theresa show in opposing invading Habsburgmonarchs who Habsburg monarchs and their lieu- Ottoman hordes,the reconciled the dynasty’s BIGNIEWBRZEZINSKI tenantsascapable leaderswith an Reformation and, finally, seemingly universal call- used to tell the storyof aptitude forpluralistic statecraft, the excesses of nation- ing with the local partic- howhis mother would animated by a“civilizing mission” alist ideology. ularisms of their subjects bake acakeevery year as capacious as their empire was at “ToRule the World” seemed to do best; those Z to mark the birthdayof its height: “bringing enlightenment also,happily,finds in its who tried to centralize the Habsburgemperor Franz Joseph. andcaretosubjects” and “making imperial subjects atrea- poweronthe French He marveled at howshe maintained Europe safe from revolution.” surehouse of humor. or Russian model tended the tradition long afterthe emperor Within this line, Mr. Rady’s book Theemperor Frederick to provokebacklash. had died and the empireoverwhich can be seen as a kind of family por- III, dubbed the“Arch- It’snot hardtosee he presided wasnothing morethan a trait of the Habsburgs as rulers, Sleepyhead” by thefu- GES current parallels to this memory. Her attachment to the Habs- schemers, dreamersand procreators. ture Pope Pius II, “trav- IMA story. Likethe Habs-

burgs would have been recognizable eled with ten hen coops ETTY burgEmpire, the United /G to the residentsof16th-centuryPeru to save on the cost of States relies on a creed GNO who,when told of the death of the buying eggs” and “in- to uniteotherwise dis- How a dynasty lasted, IMA distant monarch Charles V, built against all odds, herited the physique of HOFKAMMERARCHIV RecordsofHabsburgmonarchs. parate peoples.Those elaborate, 50-foot catafalques and hismother,the Polish factions in U.S. politics mournedevenafter his successor for a thousand years— Cymburga,who wasrenowned both cultural accomplishmentsoftheir who trumpet the grievances of vari- had takenthe throne. and shaped Europe forher beauty and forher ability reigns. ous identity groups without offering Howdid afamily of inbred Swiss to drivenails intooak planks with Still, by the book’send, readers an underlying vision of unity push Germans hold in thrall the imagina- in the bargain. her bare fists.” The empress Maria are left wondering how exactly the thestate toward atribalism from tions of Poles and Peruvians, 7,000 Theresa’sfavoritedaughter,Maria Habsburgs pulled it all off.Mr. Rady which there may be no easy return. miles and half a millennium apart? Christina, wrotesaucyletters to her is surely right about the role of force In an eraofschisms,America Unlikethe Romanovs or the Otto- It’sabig task.Habsburgs ruled unin- sister-in-law, emperor Joseph II’s and luck,but all toooften, the Habs- needsaunifying idea of itself as mans, both of whom eventually as- terruptedly in one place or another wife, with lines like“Iloveyou furi- burgs possessed neither,finding something greater than the sum of sumed the identity of their empires’ from the time of the Vikings to the ously and yearn to kiss...your arch- themselves,inthe wordsofMaria itsparts. If the Habsburgs could dominant ethnicities,the Habsburgs ageofautomobiles.Most historians angelic little bum.” Nor does the Theresa, “without money,without last for a millennium, surely a con- remained, to the end, adynasty have chosen to highlight some sliver author ignorethe urgent importance credit,without army, without ex- stitutional republic can. without anationality, the ultimate of their story, but this volume takes of sex, following the family’s com- pertise ...without counsel.” The imperial expression of what is today it all in. That Mr.Rady can, in under plexjockeying to staveoff the ex- puzzle is howthe family firm repeat- Mr. Mitchell is a former assistant called supranationalism. 350 pages,cover everything from tinction of their oftengenetically edly weathered the storm. secretary of state for European Theriddle of the Habsburgmys- the division of the family’s lands in tenuous line. Theanswerlies partly in the role and Eurasian affairs and the tique and the ease with which it trav- theSwissArgau in 990 to the sur- Thereare shortcuts: Mr.Rady that the Catholic faith playedinbind- author, most recently, of “The Grand eled acrosscenturies and continents render of power in 1918 by Charles, flies through the 20-year struggle ing pious Habsburgmonarchs with Strategy of the Habsburg Empire.” P2JW235000-4-C01000-1------XA

C10 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. BOOKS

‘Itwas asummer’snight and theyweretalking,inthe big room with the windows open to the garden, about the cesspool.’ —VIRGINIA WOOLF,‘BETWEEN THE ACTS’ State of the Union

Summer Ms.Smith makes little secret of her By Ali Smith politics.Unexpected connections among Pantheon, 384pages,$27.95 charactersacrossthe books highlight the international porousnessofrelationships, B Y E MILY BOBROW regardlessofborder walls.“Summer” also includes further references to SA4A,the LI SMITH had long hoped to menacing fictional contractor that resurfaces writeaset of novels named for throughout the series,managing everything the seasons.When the Scottish from immigration detention centerstoenter- author pitched the idea to her tainment copyrights. Forawriter as clever A U.K. publisher in 2015,she as Ms.Smith, however, Robert’saspirational, envisioned aseries of poetic meditations on adolescent awe of Boris Johnson’s“brilliant time and nature. She planned to giveherself application of lies” feels abit overdone. four months foreach book (she likes to write It is no coincidencethat the quartet’smost quickly,she says)and to deliver them as close intriguing characterstend to be immigrants. to their publication dates as possible—in a “Summer” includes the storyofLorenza nod to the Victorian mode of timely story- Mazzetti, areal-lifeItalian filmmaker who telling.What she cannot have predicted was arrived in England in the early 1950s after that her so-called Seasonal Quartet would span some of the newsiest yearsinages. Ms.Smith wasworking on the firstofthe The conclusion of the Scottish novels as Britain votedtoleave the European novelist’s Seasonal Quartet, Union. Published four months afterthe 2016 Brexit referendum, “Autumn” captures the four breathlesslytimelybooks disorientation of anation in flux: “All across that capture, withshocking the country, people felt legitimized. All acrossthe country, people felt bereaved immediacy, theway we live now. and shocked.” Oftenunnamed but not unfelt, Brexit and itsfallout provide the backdrop forthe entireseries,yet “Winter” (2017) and most of her family were brutally murdered in “Spring” (2019) also touch on the migrant the war. In achapter that mayormay not be crisis,the American president and climate adirect addressfromMs. Smith, she writes change. Thefinal novel, “Summer,” which that Mazzetti, who died earlier this year, Ms.Smith began writing in January, includes created work “about the rupturethat happens Covid-19,Australia’sfires,the Black Lives when innocenceand knowledgemeet, and Matterprotestsand the oddities of lifein about howtoretain that innocenceevenat lockdown. “Thingscan changefast. They just the core of asmashed-up adult psyche.” do,” observes onecharacter.“Thewhole Given Ms.Smith’sclear fascination with the world’slearning that lesson simultaneously passion and incisivenessofyoung people, right now, one way or the other.” in contrast with the resignation and feckless- In lesser hands,this timelinesscould seem nessthat oftencome with age, the appeal of likeastunt. Reading about “Zoombombed” Mazzetti’swork is plain. classes and the unrest over the killing of Ms.Smith seems to be grappling with the GES

George Floyd,itiseasy to marvel at the IMA role of art in apolitically fraught time.The speed with which Ms.Smith and her publisher bloggerArthur (he goes by Art) oftenbumbles

have turned these books around (particularly GETTY along in privileged haplessness, but feels a during apandemic). But forall their contem- kind of righteousnessfor stringing together

poraryallusions,these novels promise to MULLAN/ sentences about the natural world. Charlotte, stand the test of time.Each feels at once N stuck with Iris in acavernous Cornwall DA dreamyand astute, with charactersthat mansion during lockdown, used to believeher arefleshy, distinctiveand compassionately do it again; it’suptoeach of us to decide Britain’scurrent government, hailing those ownonline writing meant something.Now she drawn. Their main concerns also happen to what this muddling will look like. in charge as “geniuses of manipulation.” feels cowedbyIris’scan-do spirit in crafting be timeless—How, Ms.Smith seems to ask, “Summer” is peopled by charactersfrom Thehalf-German former songwriter real-world solutions to real-world problems. should people liveinthe faceofinjustice? the earlier novels but also introduces new Daniel Gluck dominates “Autumn” and haunts All four novels consider the profound What canany one person do to change ones.Among the newcomersisGrace,a itssuccessors. He reappearsin“Summer,” and enduring value not only of Dickens and anything? And what is the role of an artist divorced, 50-something mother and former bedridden at age104 and in the loving care Shakespearebut also of such figuresas when so much of the world is in disarray? actresswho pines forthe not-quiteuncompli- of Elisabeth, aformer neighbor nowayoung Charlie Chaplin and Rainer Maria Rilke.They Despitethe drama of current events, catedpleasures of youth. Sacha, her 16-year- academic.Daniel spends most of his days also explorethe contributions of recent female Ms.Smith makes it clear that this moment old daughter,issoalarmed by the world’s inhabiting adreamscape of memories; his artists(Pauline Boty,BarbaraHepworth, isn’t as unprecedented as it sometimes feels. environmental ineptitude that she already reveries oftenreturn him to 1940 and his time TacitaDean, Mazzetti) who created work Throughout the quartet, she drawsonDickens knows she will never have children: “Why in an internment camp for“enemyaliens” on that addressed and transcended their times. and Shakespearetohighlight what is endur- would youbring achild intoacatastrophe?” the Isle of Man. He also thinks about his radiant Grace, afterseeing aHepworth sculptureof ingly human in the headlines: corrupt leaders, Like most daughtersinMs. Smith’sfiction, younger sister,Hannah, who had amind likea two smooth stones representing amother “fakenews,” bureaucratic capriciousness, Sacha has real lovebut little patiencefor her firecracker and fought in the French Resistance. and child, is surprised to find she can’t get xenophobia and lucklesspoverty have always mother,whom she convincingly believes is Arthur and Charlotte,the 30-something the pieceout of her head. “Well, that’swhat been with us.Ms. Smith also setsmuch of “morefreaked out” by menopause “than she naturebloggers from “Winter,” also animate art is,maybe,” she says to herself.“Something “Summer” during World WarII, driving home is by real thingshappening in and to the these pages,asdoes Arthur’s revolutionary that impresses mysteriously on youand you historic parallels between momentsofcivili- world.” Then thereisRobert, Sacha’sbrainy octogenarian aunt, Iris.Unfortunately,little don’t knowwhy.” With her Seasonal Quartet, zational uncertainty.Forgoing some subtlety, 13-year-old brother,who takespleasurein from “Spring,” the darkest book in the series, Ms.Smith has craftedsomething that she seems to be warning of the perils of torturing people in grisly videogames and recurshere, ensuring that some of the speaks to this moment, but the impression complacency. Yetthe agelessnessofher dark who lionizes Albert Einstein forhis brilliant quartet’smost distressing narrativethreads it leaveswill similarly unsettle and last. themes should also offer some hope.Wehave mind and “facelikeanEastertime lamb.” remain unresolved. Given the grim and muddled through such nonsense before, Mercilessly bullied by his peers, Roberthas uncertain stateofsomuch right now, Ms. Bobrow, aformer editor for the Economist, Ms.Smith appearstobesaying,and we will begun cultivating asinister appreciation for this seems fair enough. is ajournalist living in New York. A Life as Interesting as a Novel

AS A YOUNG MAN in the early momentum, publication was matched rebels that his previ- priests, so on his backseat are byways, but the road it eventu- days of his globe-trotting,Joe beside the point: “What he ous travels had failed to pro- classics of Christian mysticism ally chooses has alot of traffic. Sanderson, the heroofHéctor really wanted wasalifeas vide.His death—atage 39— by Thomas Merton and Origen Most of the stories in Tobar’s “The Last GreatRoad interesting as anovel.” should be tragic and terrible, of Alexandria (the novel’s MatthewBaker’s collection Bum” (MCD,396 pages,$28), Asingle chapter heading yetinMr. Tobar’s hands it non-sainted patron saint). “Why Visit America” (Holt, seeks out the novelist James will giveasense of Sanderson’s reads likeatriumphant arrival. His fellowtraveler is asedated 354 pages,$27.99) proceed Jones at abeach resort in dizzying motion: “Buenos “All my vision-seeking has coyotewith abrokenleg that from asimple strategy: take Jamaicaand gleans the follow- Aires.Lisbon. Paris.Tangier. only confirmed the paradoxof he rescued from the side of the acherished progressiveideal, ing adviceabout becoming a Tripoli. Damascus.Jerusalem. God hiding,perfectly,inplain highway.And in his glovecom- push it to an outlandish writer: “Go out and associate Baghdad. Kuwait. NewDelhi. sight,” says the narrator of partment is an old handgun, a extreme and dramatizethe FICTION yourself with the hardest, most Kathmandu. Kabul. Teheran. Daniel Hornsby’s unorthodox giftfromapenitent bartender consequences.Inthe future SAM SACKS foulmouthed people youcan Istanbul. London.” Thedifficulty road-trip novel “Via Negativa” that Father Dan is worrisomely of “One Big Happy Family,” for find, Joe. Failing that, seek is that this is far toomuch to (Knopf,245 pages,$22.95), unwilling to dispose of. instance, universal healthcare out the people who arehaving cover, and foralong time the explaining the meaning of the In stripped-back,sturdy means that babies aredepos- the most sex.” narrativedoes little morethan prose,Mr. Hornsby taps into ited in childcarecentersalmost Whether or not Sanderson tick off destinations.Mr. Tobar THIS WEEK his protagonist’smemories immediately afterbirth, and had these guidelines in mind, is aprizewinning journalist as and meditations as he visits they’reraised to have only a his decades of border crossings well as afiction writer,and he’s The Last GreatRoadBum local attractions acrossMiddle passing acquaintancewith their The real- brought him in contact with been led morebyareporter’s By Héctor Tobar America. Theconundrum of biological parents. In “Life life tale plenty that wasdangerous and instinct forthoroughnessthan the “negativeway” centersin Sentence” prisons have been of an risqué.Mr. Tobar’s novel is anovelist’sloveofdistillation. Via Negativa his troubles.Asapriest he is abolished—but replaced by based on Sanderson’sremark- Along with plentiful excerpts By DanielHornsby both acipher—someone people technologythat allows the state itinerant ably juicytruestory,drawing from Sanderson’spapersare fear and keep distancefrom— to erase convicts’ memories American from letters,diaries and inter- footnotes pretending to be from WhyVisit America and aguardian of the most going back the number of years collector views to re-createthe lifeofthis the man himself,sardonically By MatthewBaker intimateconfessions.And in of their sentence. Men have “happy wanderer” from central critiquing Mr.Tobar’s story- his personal conduct he has been all but eliminated in “A of thrills, Illinois,whose restlesstramping telling inefficiency: “Likemeor never been able to reconcile his Bad DayinUtopia,” set partly spills took him everywhereinthe not, the Author is sticking with title.The natureofthe divine attraction to monkish solitude in the “menagerie” wherethe and world and ultimately to an me,trying to squeeze in every is that it cannot be pictured: with his duties to pastoral care. last of the gender is locked up, sensations. untimely,ifromantic,death country, warand massacre, “Ifwewant to see God in the Subtly and movingly,the and in “Rites” septuagenarians fighting with the revolutionary despitethe voiceofHis Editor world, all we have to do is novel teases out the uneasy areexpected to commit suicide armyinElSalvador. and His Agent.” see the world. If we want to relationship between loneliness rather than continue con- Born in the early 1940s, It’sapity those killjoys see God in human form, look and godliness. But Ifelt atouch suming the planet’slimited Sanderson began to roam the weren’t heeded, because at people.” of anticlimax as it wasrevealed resources. They’reencouraged moment he came of age, aim- Sanderson’slifetakes on real These thoughtsbelong to that Father Dan’strip (and to throw apills-and-champagne ing at firsttosupply himself dramatic shape in the 1980s. aretired priest known to us the reason forthe gun) is con- party when they do it. with the material foranovel. Infected by the “war bug” after as Father Dan, who has been nected to the Catholic Church’s Each storyissmart and He wroteincessantly but with- trips to Vietnam and Biafra, kicked out of his rectoryin sex-abuse scandals.Though Mr. capably written, and each out discipline (or,itseems— Sanderson goes to El Salvador Indiana forundisclosed offenses Hornsby handles it sensitively, strives,with mixed success, though Mr.Tobar is toopolite to join the nascent left-wing and is driving acrossthe coun- the reckoning bringstothe fore to look beyond the gimmick of to sayitoutright—anytalent), insurgency. Theimprovised trytosee friends in Seattle, themes of guilt, grief,shame itspremise to study the human and his sprawling manuscripts natureofguerilla fighting with some sketchily planned and trauma that areintensely cost of ideological perfection. were all rejected. But “The suitshis temperament perfectly, stopoversalong the way.Father familiar in the contemporary If the collection were to Last Great Road Bum” suggests and he discoversafeeling of Danbelongstothe generation novel. “Via Negativa” takes carry a warning it would say: that oncehis traveling gained belonging with the over- of vision-questing hippie some wonderfully mysterious Be carefulwhat youwish for. P2JW235000-4-C01100-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | C11 BOOKS

‘Everyone is conservative about what he knows best.’ —ROBERTCONQUEST

CHILDREN’SBOOKS The Impervious Dream MEGHAN COX GURDON

RobertConquest: Disturbing Collected Poems Edited by Elizabeth Conquest Portents and Waywiser,439 pages, $32.99

BY DAVID MASON Magical Powers

OBERTCONQUEST FOR CENTURIES, people (1917-2015) was associated celestial phenomena what used to be with events on Earth. Comets called aRenaissance and meteors, in particular, were Rman. He wassogood thought to presage human at everything he did—soldier, catastrophe. In an unusual and diplomat, historian and poet—that I handsome work of historical wouldn’t be surprised to learn he fiction, “A Cloud of Outrageous also left behind afew sonatas and Blue” (Knopf, 308 pages, paintingsinoil. His histories of $19.99), Vesper Stamper conjures a 14th- the Soviet Union’sfailures and century England in which such superstitions atrocitiesinclude “The Great Ter- are grounded in reality.

ror” (1968) and “The Harvest of REDUX The protagonist, Edyth le Sherman, is 16

Sorrow” (1986), meticulously re- S/ when we meet her in the winter of 1348.

searched and humane investigations PRES Reeling from family tragedy, she has come to of acriminal state, surely among A the PrioryofSaint Christopher to liveand serve MER

the major historical achievements CA as a lay woman. Edyth had not sought convent

of the 20th century. His television ON/ life and still longs for a particular young man, documentaryseries “Red Empire” so she’s surprised to find herself adjusting

(1990) distills this work and makes HOPKINS rather well. She befriends a studious young grimly compelling viewing. novice who teaches her Latin. And she’s thrilled But Conquest firstcame to read- to be assigned to the scriptorium, where she CHARLIE ers’ attention as apoet of sophisti- learns to grind pigments for the creation of cation and grace, and as the editor purging mind And walk back to the far end Conquest’sgendered appreciations exquisite illuminated of two “NewLines” anthologies Detectstheir resonanceas of the village, old-fashioned, but if youtakehim THIS WEEK manuscripts. It can (1956 and 1963) that introduced a inessential: And pull out our rations and as arobust man of his time,you be dizzying for groupofEnglish poetsknown as Yetthese mayleave some begin to eat, canfind his affections charming. ACloud of Edyth to work with TheMovement, among them Philip fruitfultrace behind. As by the failing light we try He liked agood laugh, and more Outrageous Blue such intense hues, Larkin, Elizabeth Jennings, Kings- to interpret than ahundred pages of Conquest’s By Vesper Stamper because she has ley Amis and Thom Gunn. Though Conquest positioned himselfbe- Thegilt inscription on the “Collected Poems” comprise light synesthesia, a his poetrywas pushed aside by tween the lifelived and itsideal public monument verse. He excelled at the limerick,a Ikenga condition that hiswork as apublic intellectual, expression, yetnever lost the In front of which, their hands much-derided and oftenobscene By Nnedi Okorafor causes her to we nowhavethe opportunity to realism that chastened ornament. still tied behind them, poetic form. Here’sone that canbe experience sounds see it whole forthe varied, remark- Iamparticularly moved by quoted in an American newspaper: Over and Under and sensations as able accomplishment it is,apoetry Conquest’spoems about World the Rainforest colors. This gives praising “the great impervious WarII. Another early work,“For In 1944 Conquest It’ssad about old Dylan Thomas, By Kate Messner richness to her dream /Onwhich the world’sfoun- the Death of aPoet,” echoes elders was sent behind Yes, alcohol’staken him from us, Illustrated by perceptions—a laugh dations rest.” such as Eliot and Auden, while We all thought that screwing Christopher Silas Neal is “twinkling bright In her editor’s notefor this touching anerveofits own: enemy lines, an Would be his undoing, gemstones, yellow new“Collected Poems,” the poet’s episode recorded But he didn’t liveupto and sky blue and widow, Elizabeth Conquest, gives But howshall Ianswer? Iam his promise. bright pink,” while the sting of a lash feels like us aglimpse of his character: likeyou, in some of his poems. “dark, jagged purple lines”—but in a super- “Kingsley Amis,complaining to Ihaveonly avoiceand the Othersare trenchantly political: stitious era it also marks her out from others. Philip Larkin of getting old, wrote: universal zeals It becomes clear that Edyth’ssynesthetic ‘Bob just goes on and on, as if noth- And severities continue to Thebodies of two gendarmes Therewas agreat Marxist visions aretaking the form of aprophecyin ing has happened.’And so he did, stateloudly lie in the street. called Lenin, which she seems destined to playarole.And walking amile at light infantrypace That alliswell. Whodid two or three million while she is overjoyedatthe arrival of her until his 89th year,dying at age98 Even the landscape has no Guerrilla warwas Conquest’s men in; particular young man, Edyth also becomes in the midst of editing his 34th help to offer. introduction to his major subject as That’salot to have done in aware of strangecurrentsstirring at the book,while also writing apoem.” Aman dies and the river flows ahistorian. His prefacetoa40th- But wherehedid one in priory. When afierycomet is succeeded by Readerstempted to dismissCon- softly on. anniversaryedition of “The Great That grandMarxist Stalin did adevastating plague,the placid lifeofSaint quest as adinosaur forhis lyric for- Thereisnosign of recognition Terror” recalls “direct experienceof tenin. Christopher’s degenerates intoakind of mality,his Old World erudition and from the calm Stalinism” in Bulgaria, where, “after millenarian Grand Guignol. Ms.Stamper’s his occasionally patronizing loveof And marvellous sky. aperiod of optimism, we sawthe These arepoems of elegant ownartwork,graymonochromes that are women would be toohasty.This is horrible realities of aStalinist take- irreverencefromthe same humane jolted by shafts of jewel-likecolor,add acivil voice, aman who in his poem Afterserving in the British over.” Conquest witnessed what writer of history, the same Renais- immediacytothis elegant, disturbing book “Galatea” praises both “passion infantry, in 1944 Conquest wassent one poem calls “the filth of power,” sanceman, good with ajoke, who forreadersages12and older. and reserve.” An early poem about behind enemylines,first as a and joined writerssuch as George practicedwhat one of his poems Ayear afterthe killing of itspolicechief, the Velázquezpainting known as liaison officer to Bulgarian forces Orwell, who,according to another calls “strong,naturalart.” the Nigerian town of Kaleria is slipping into “The RokebyVenus” begins, under Soviet command, an episode poem,“taught us what the actual chaos.Flamboyant thieves with names such reported in poems such as “A meant,” opposing dictatorship in Mr. Mason lives in Tasmania. as Mama Go-Slow, Bad Market andNever Die Lifepoursout images,the Minor Front”: allits forms. His latest books are “The Sound: gleefully terrorizethe populaceand enrich accidental Censorious readersofthe New and Selected Poems” and themselves even as the dead policechief’s At oncedeleted when the We lowerour field-glasses, present moment will find some of “Voices, Places: Essays.” family is struggling to getby. At his father’s funeral, young Nnamdi Icheteka had sworn to avengethe murder,but hereheisnow,atthe ageof12, and he’smade no progress. If only he were asuperhero, Nnamdi thinks at the start of Nnedi Okorafor’s novel forreaders Big Bangs in the Big Apple ages 9-15, “Ikenga” (Viking,227 pages, $16.99).Superheroes,the boyknows,“could be anyone and they could diveintodanger ‘UNDER PRESSURE’ (Mino- send him intoamental on one of the seats, the being harassed by aformer when it wasatits worstand win.” taur,437 pages,$26.99), world presenting itself storygoes public—along flame,who happens to be Nnamdi is miserable when he joins the Robert Pobi’ssecond as anumerical hologram, with revelations that the brother of Margo’s ex. gathering to mark the anniversaryofhis thriller featuring themath- helping him to see the un- Dalton and Natalie are And Margo’s adoptive father’s death, but thingschangewhen a ematician-astrophysicist expected patterns that lead deeply in debt. mother has just died. What shadowy figure lures him away and presents Dr.Lucas Page,startswith to the least likely culprit. Theassemblyman’s better time,then, to take on him with an Ikenga, an “ebony figure with two abig bang: an explosion Roland Ford,the San family membersare no the task of learning about long spiral horns,seated on astool grasping that kills 702guestsata Diegoprivateinvestigator strangerstoscandal. her birth mother,until now what look[s] likeamacheteinits bulbous gala at NewYork’sGuggen- and ex-Marine who makes Dalton’sgrandfather,an amystery to Margo? right hand.” It is amagical object, and it heim Museum. Could an ex-judge, wasconvicted of What shefinds out, with confersupon the boygreat power—and great MYSTERIES unknown terrorist group THIS WEEK taking bribes; his brother, the help of newly met Aunt responsibility.Nnamdi is no longer helpless TOM NOLAN be responsible? Or asoli- an early rival forNatalie’s Nikki, is ashock.Birth-mom when he sees criminal cruelty,and one by tary psychopath? Under Pressure affections,served time for Susan wasastreet prosti- one the villains of Kaleria meet amuscular To answersuch ques- By Robert Pobi fraud and taxevasion; their tute, murdered at the age and alarming newnemesis.But as Nnamdi tions,Brett Kehoe,the FBI younger sister nowruns a of 19.Nikki claims that channels the might of the Ikenga, it becomes a special agent in charge of Then She Vanished chain of “almost legal” she knows Susan’skiller— struggle forhim to tame his owncapabilities. Manhattan, enliststhe By T. Jefferson Parker marijuana dispensaries. adisgraced ex-policeman— Can he keep control long enough to catch reluctant assistanceofthe Might one of these “dire and tries to persuade her his father’s killer? Smart, exciting and well A search brilliant Dr.Page: “I need The Less Dead Straits” be behind Natalie’s niecetotrack him down. plotted, “Ikenga” offersall the traditional for someone who cansee By Denise Mina abduction? Margo at firstrejectsthis superherosatisfactions— patterns patterns wheretherearen’t Coincident with Dalton’s scheme,but then she re- colorfulbaddies,thrilling any,” Kehoe tells Page. travails,aterrorist group ceives athreatening letterof fight scenes,aherowith amid “Veryfew people canguess his latest appearancein calling itself the Chaos the sort that Nikki says she’s morality and justiceon the the number of jelly beans T. Jefferson Parker’s “Then Committeeissending pipe been getting foryears. Soon his side—in afresh and chaos in ajar likeyou can.” She Vanished” (Putnam, bombs to public figuresand Margo encountersaveteran distinctivemodern-day Thetroubles demanding 338 pages,$27),ishaunted urging citizens to engagein policeofficer who discounts setting wheremagic as a Page’s attentions soon by the ghostsofmen he anti-establishment violence. Nikki’stheoryabout who hums just belowthe serial multiply: An explosion served with in Iraq and Roland, as he searches for killed Susan—and aself- surface. bomber blows up an internet hub, by the memoryofhis wife, Natalie,can’t be surethat published true-crime author Children who’d love to bedevils plunging Broadway into who died yearsago while her husband isn’t atarget who is surethat Nikki has see Amazonia can visit in darkness. Another blast flying her privateplane. of these provocateurs. In gotthingsright. a vicarious way with Kate New destroys an apartment, All of Roland’srecurring “our republic of violence,” Margo, in trying to find Messner’s “Over and Under CHRONICLE York killing the wealthyhedge- spectersare stirred up he figures, investigatorslike out the truth herself,per- the Rainforest” (Chronicle, 48 pages, $18.99), City. fund manager who lived when he takesonthe case him are“atougher crew sistsinputting herself in illustrated in muted, stylized fashion by there. What connectsthese of Dalton Strait, afellow these days because we have harm’sway.Eventually her Christopher Silas Neal. Here we follow an uncle events? “Ifyou see some- Iraq vetturned state to be.” And Roland takes misadventures turn fatal. and child who set off into the damp, sun- thing that appearstobe assemblyman whose thing personally—especially Just as Margo tries the spangled jungle. “Up in the trees is a whole random,” warns Page, spouse has disappeared in the violenceinflicted on “my reader’s patiencethrough hidden world—a riot of monkeys and insects “you’remissing data.” the midst of Dalton’scur- city ...myturf...mybeat.” her lack of street smarts, and birds,” the uncle explains. “We’re hiking Each of the charactersin rent re-election campaign. Margo Dunlop,the Glas- so her birth family fails to under them now.” Soon an elevated footbridge Mr.Pobi’scomplexly plotted Wife Natalie has dropped gowdoctor at the center of liveuptoher conventional brings the two up into an arboreal wonderland book is skillfully drawn, but from sight before; Dalton, Denise Mina’sgritty “The expectations.But as of sloths, poison dart frogs and long-nosed LucasPageisone of akind: fearing bad publicity,asks Less Dead” (Mulholland, “The Less Dead” pro- bats, while down below there are crocodiles, acurmudgeonly veteranof Roland to find her quickly 341 pages,$28),has alot gresses,Margo learns anteaters and emerald basilisks whizzing about violent eventsthat have left and quietly.But when her to contend with: She has thingsshe never expected, on nimble lizard toes (see above). The excursion him with two prosthetic carisdiscovered aban- broken up with her boy- about the persistenceof ends safely, with a return to home and dinner, limbs and only one working doned, with aplea for friend, by whom she is family traitsand her own in this easygoing picture-book excursion for eye. Inspirational flashes “HELP” writteninlipstick pregnant. Her best friend is capacity forheroism. readers ages 4-8. P2JW235000-4-C01200-1------XA

C12 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. BOOKS

‘A gun is justatool, no betterand no worsethan anyother tool. ...Agun is as good–and as bad–as the man whocarries it.’ —JACKSCHAEFER,‘SHANE’ Under Western Eyes

The Western: Four Classic Novels of the 1940s &50s Edited by RonHansen Library of America, 1,094pages,$39.95

BY STEPHEN HARRIGAN

VER READ this book?” Henry Fonda asks as he facesthe camera ‘E in an unusual trailer forthe 1943 film “The Ox- BowIncident.” “A lot of people have.And they found that it was one of the most vivid, powerful stories they have ever come across.” In this preview, Fonda isn’t wearing the cowboycostume he wearsinthe movie.He’sdressed in alight-colored 1940s suit with wide lapels and apocket hand- kerchief.Hestands next to abook- shelf and gazesreverently down CTION

at the copy of Walter VanTilburg LLE Clark’snovel—published only three CO yearsbeforebut already well-

thumbed—that he holds in his /EVERETT

hands.Fonda quotes the renowned ANT

critic CliftonFadiman’sassessment GR of the book—“What youmight call ONALD

amasterpiece.” /R

We might call it that, and I think ANS EV

we should, but the word “western” Y has always tended to getinthe MAR way of fully appreciating American ALTERED VISTAS A scene from John Ford’s film adaptation of ‘The Searchers’ (1956). fiction that is set, broadly speaking, afterthe Civil Warand beyond All four books were made into As arule,these novels feel more up by static argumentsabout be rippling through. (“Warlock” the hundredth meridian. Writers movies.Inthe case of “Shane” and textured, morenuanced, morelived- whether to form aposse in the first accountsfor almost half of the from the Deep South or from Deep “The Searchers,” those areiconic in than the films that were made place, the novel is taut and involv- 1,094pages in this book.) Though Brooklyn have never been afflicted films that have all but swallowedup from them. Here’sasmall example ing.“Shane” is even morecon- the storyisconfined to anarrow by asimilar label, one that assumes and digested their source material. from the opening pages of “The centrated. At lessthan 115 pages geographical scope—the town of the author is guilty by geographical But movies arefrozenintime in Ox-BowIncident,” which makes the in this densewords-per-pageedi- the title—it’sasprawling group association of writinggenrefiction. away that books aren’t, particu- standardcowboy-walks-into-a-saloon tion, it’scloser to novella length. character study with an intricately But as HenryFonda reminds us as larly in terms of costumes and scene afeast of specific detail: Likeall the novels in this volume, laid narrativetrack that leads to— he sighs with admiration at his copy production design. Styles of cowboy Schaefer’s work is at itscorea youguessed it—a showdown. of “The Ox-BowIncident,” and as hats, forinstance, tell us with far Up back of the bar [hung] abig, study of untrammeled self-reliance All of these novels held my anew volume from the Libraryof greater authenticity about the grimyoil painting in aponderous under pressurefromadeveloping attention—betterthan that, com- Americademonstrates,thereare period when awestern movie was gilded frame of fruitsand musical system of lawand society.Inthis manded it.But the one that was plenty of western novels that aspire made than when it is set. That’s instrumentsshowing awoman case the mysterious loner of the most unexpectedly rewarding was to loftier literarygoals than to onereason there’sstill something whowas no girl anylonger,but title finds himself drawnintoafeud “The Searchers.” Ihad already read be the next “Gunfight at Rattler had aheavy belly and thighs and between the Wyoming cattlemen (and blurbed) Glenn Frankel’sex- Gulch.” breasts, stretched out on a couch who firstdrove their herds intothe cellent recent book of the same title “The Western: Four Classic Nov- These classic novels pretending to playwith an ugly countryand the newly arrived about the making of John Ford’s els of the 1940s &50s” is edited by feel more textured, more bird on her wrist, but really en- homesteaderswho areintheir way. movie,but Iwas still caught off- Ron Hansen.(If thereare subse- couraging aman who wassneak- Shane—no firstorlast name,just guardbythe richnessand harshness quent volumes that moveforwardin nuanced, more lived­in ing up on her from abackground Shane—is so worshipfully described of Alan Le May’sstorytelling.Any- time,itwould be aglaring omission than the famous films so dark youcould see only his (his “sharp hidden hardnesses,” his one who has seen the movie knows not to include Mr.Hansen’sown little,whiteface. “slim and dark and dashing figure thebasic story, which wasinspired 1983 novel“TheAssassination of made from them. coolly passing through perils that by the real-lifeComanche abduc- JesseJames by the Coward Robert Walter VanTilburgClark was would overcome alesser man,” his tion of ayoung Texas girl named Ford.”)Inaddition to “The Ox-Bow born in Mainetoaprofessor father “flowing brutebeauty of line and Cynthia Ann Parker.But Le May’s Incident” (1940), the book includes fresh and surprising to be found and musician mother,spent much of power”)that youbegin to wonder novel, while still about aman’s “Shane” (1949) by Jack Schaefer, in these books.They mayhave his boyhood in Nevada and much of if the inevitable showdownthat is relentlessand pitilesssearch for “The Searchers” (1954)byAlan some once-trendy two-bit Faulkner- his career in academia. UnlikeJack to come shouldn’t be agunfight at his kidnapped niece, is darker and Le Mayand “Warlock” (1958) by izing hereand there(“You knew,” Schaefer andAlan Le May, and to all but some sort of homoerotic moreauthoritative. “The Searchers” Oakley Hall.All men, of course. Schaefer writes of the gunslinger some extent Oakley Hall, he didn’t reckoning. has no Monument Valley vistas and These novels arefar from pulp Shane,“that the spirit in him specializeinOld West fiction, and If we’relooking through a21st- none of director Ford’s trademark western fiction, but in certain ways would sustain him thus alone for maybe that’sone reason his writing centurylens at Oakley Hall’s high-spirited brawling and horse- they’reall genre-adjacent and the farthest distanceand forever”) is so trope-waryand his novel— “Warlock” (which we can’t help play. Likeits main character,and gender specific.(It is safetosay and some cringeworthyracial dia- about ahastily convened posse de- doing), we canalso detect afaint, likewhat’sbest about all of these that aLibraryofAmericawestern lect (“Heem not see me,Itheenk,” termined to condemn and hang slightly-more-than-best-friends works that fully deservethe literary volume containing work by Willa says aSpeedy Gonzales Mexican three innocent “rustlers” without undercurrent between the hired cred this volume lends them, it Cather,LauraIngalls Wilder,Leslie in “The Ox-Bow Incident”). But anytroublesome due process—is gunfighter ClayBlaisedell and the “just keep[s] coming on.” Marmon SilkoorLouise Erdrich these signs of the times aren’t as such atransparent parable of moral murderous saloon keeper Tom would not feature quitesomany consistently distracting as the panic in anysociety. Morgan. But thereare awhole lot Mr. Harrigan is the author, most showdowns and Indian battles and outright anachronisms in most Even though about athirdof of undercurrentsin“Warlock,” and recently, of “Big Wonderful Thing: swinging saloon doors.) western movies. “The Ox-BowIncident” is taken awhole lot of pages forthem to A History of Texas.”

Bestselling Books | Week Ended August 15 With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScangatherspoint-of-salebookdata AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacrosstheU.S., Live Free or Die 1 1 Untamed 6 7 Midnight Sun 1 1 The Vanishing Half 6 7 representingabout85%ofthenation’sbooksales. Print-bookdataprovidersincludeallmajorbooksellers, Sean Hannity/Threshold Glennon Doyle/Dial Stephenie Meyer/Little, Brown Young Readers Brit Bennett/Riverhead webretailersandfoodstores.E-bookdataproviders includeallmajore-bookretailers.Freee-booksand Stamped: Racism, Antiracism, and You Too Much and Never Enough 2 2 7 8 Rowley Jefferson’s Awesome... 2 2 1st Case 7 6 thosesellingforlessthan99centsareexcluded. Mary L. Trump/Simon & Schuster Jason Reynolds &Ibram X. Kendi/Little, Brown Young Readers Jeff Kinney/Amulet James Patterson & Chris Tebbetts/Little, Brown Thefictionandnonfictioncombinedlistsinclude aggregatedsalesforallbookformats(exceptaudio Finding Freedom 3 New The Great Devaluation 8 6 Where the Crawdads Sing 3 3 A Private Cathedral 8 New books,bundles,boxedsetsandforeign Omid Scobie & Carolyn Durand/Dey Street Adam Baratta/Wiley Delia Owens/Putnam James Lee Burke/Simon & Schuster languageeditions)andfeaturea combinationofadult,youngadultand Caste 4 3 Magnolia Table, Vol. 2910 The Ballad of Songbirds and Snakes 4 4 Choppy Water 9 New juveniletitles.Thehardcoverfiction Isabel Wilkerson/Random House Joanna Gaines/Morrow Suzanne Collins/Scholastic Stuart Woods/Putnam andnonfictionlistsalsoencompassa mixofadult,youngadultandjuveniletitleswhilethe How to Be an Antiracist 5 4 The Answer Is . . .10—I Promise 5 New The Order 10 8 businesslistfeaturesonlyadulthardcovertitles. Ibram X. Kendi/One World Alex Trebek/Simon & Schuster LeBron James/Harper Daniel Silva/Harper [email protected].

Nonfiction E-Books Nonfiction Combined Fiction E-Books Fiction Combined Hardcover Business

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK Finding Freedom 1 New Live Free or Die 1 1 Midnight Sun 1 1 Midnight Sun 1 1 The Great Devaluation 1 1 Omid Scobie & Carolyn Durand/Dey Street Sean Hannity/Threshold Stephenie Meyer/Little, Brown Young Readers Stephenie Meyer/Little. Brown Young Readers Adam Baratta/Wiley Caste 2 1 Finding Freedom 2 New Choppy Water 2 New Rowley Jefferson’s Awesome... 2 2 Atomic Habits 2 2 Isabel Wilkerson/Random House Omid Scobie & Carolyn Durand/Dey Street Stuart Woods/Putnam Jeff Kinney/Amulet James Clear/Avery Digital Millionaire Secrets 3 — Too Much and Never Enough 3 2 Save Her Soul 3 New The Midwife Murders 3 New StrengthsFinder 2.0 3 3 Dan Henry/Transcendent Mary L. Trump/Simon & Schuster Lisa Regan/Bookouture James Patterson & Richard DiLallo/Grand Central Tom Rath/Gallup Too Much and Never Enough 4 3 Caste 4 3 The Midwife Murders 4 New Where the Crawdads Sing 4 3 Die With Zero 4 4 Mary L. Trump/Simon & Schuster Isabel Wilkerson/Random House James Patterson & Richard DiLallo/Grand Central Delia Owens/Putnam Bill Perkins/Houghton Mifflin Harcourt Live Free or Die 5 2 Big Preschool Workbook 5 4 A Private Cathedral 5 New Choppy Water 5 New Total Money Makeover 5 6 Sean Hannity/Threshold School Zone Publishing/School Zone James Lee Burke/Simon & Schuster Stuart Woods/Putnam Dave Ramsey/Thomas Nelson Evil Geniuses 6 New White Fragility 6 5 Magical Midlife Dating 6 New A Private Cathedral 6 New Dare to Lead 6 5 Kurt Andersen/Random House Robin DiAngelo/Beacon K.F. Breene/K.F. Breene James Lee Burke/Simon & Schuster Brené Brown/Random House Unreported Truths...Covid-19...Pt. 2 7 5 Untamed 7 8 The Guest List 7 8 The Vanishing Half 7 6 Extreme Ownership 7 7 Alex Berenson/Alex Berenson Glennon Doyle/Dial Lucy Foley/Morrow Brit Bennett/Riverhead Jocko Willink & Leif Babin/St. Martin’s If You Tell 8 — How to Be an Antiracist 8 7 The Vanishing Half 8 9 Save Her Soul 8 New The Five Dysfunctions of a Team 8 10 Gregg Olsen/Thomas & Mercer Ibram X. Kendi/One World Brit Bennett/Riverhead Lisa Regan/Bookouture Patrick M. Lencioni/Jossey-Bass An American Bride in Kabul 9 — Everything...Ace American History... 9 — Any Day Now 9 New The Ballad of Songbirds and Snakes 9 7 Emotional Intelligence 2.0 9 — Phyllis Chesler/St. Martin’s Workman Publishing/Workman Lani Lynn Vale/Lani Lynn Vale Suzanne Collins/Scholastic Travis Bradberry/TalentSmart Untamed 10 — Pre-K Jumbo Workbook 10 — How Much I Feel 10 New 1st Case 10 10 The Daily Stoic 10 8 Glennon Doyle/Dial Scholastic/Scholastic Marie Force/Montlake James Patterson & Chris Tebbetts/Little, Brown Ryan Holiday & Stephen Hanselman/Portfolio P2JW235000-4-C01300-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | C13 PLAY

NEWSQUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST Wall Street Journal WEEK'S PUZZLES 1. Diageo agreed to 6. Former House Cell Blocks Cell Blocks pay up to $610 mil- speaker Paul Ryan Divide the grid lion for which li- will serve as chair- into squareor quor brand part- man of what type of rectangularblocks, For previous owned by actor new venture? each containing weeks’ puzzles, Ryan Reynolds? one digit only. and to discuss  A. A policy-ori- Every blockmust strategies with  A. Harvey’s Bris- ented magazine contain the number other solvers, go of cells indicated by tol Cream  B. A conservative to WSJ.com/ the digit inside it.  B. Aviation Gin liberal arts college puzzles.  C. Zyr Vodka  C. A Wisconsin-based  D. Rittenhouse Rye think tank Killer Sudoku  D. A blank-check acquisition Level3 Suko company 2. The Pentagon approved five small drone-makers to supply the U.S. government—including 7. A federal committee recom- which French firm? mended that men limit their al- cohol intake—to how many  A. Aigle drinks a day? Killer SudokuLevel 4  B. Faucon As with standard  C. Oiseau  A. Three Sudoku, fill the  D. Parrot  B. Two grid so thatevery  C. One column, every row D. Zero Cardholders 3. A song by Cardi B and which  and every 3x3 box BRADSMASHIEBREAST other performer broke the re- contains the digits 1to9.Eachset of LEVIED ON IONY DEALSTO cord for the most streams of a 8. In the U.S. last year, 21% of C- OFACERTA INAGEEARLIER cells joinedby song in its debut week? suite executives were women. CESTMO IMIXEDANCESTRY dotted lines must What percentage of all execu- SRTA OLESERRANO add up to the SPARSERORING ACH A. Megan Thee Stallion tives in listed South Korean  target number in ABFABPIT APES RELAY VOLCAN ICASHESBOV INE  B. Missy Elliott firms were women? its top-leftcorner. C. Lil’ Kim ER ITREALIARASAGIVEN  Within each set RETORT GALL LAGLEDA  D. Foxy Brown  A. 4.5% of cells joinedby ROBINGOODFELLOW  B. 14.5% dotted lines,adigit APPS OVAGOESAMORAL M GOALPOST FEUD ADAMANT  C. 24.5% cannotberepeated. 4. Democrats at an online con- .CO ILLASK MONGOLDYNASTY D. 34.5% vention formally nominated Joe  TOMBAUBERROD INAIR

ZZLER ASSTONER SLAVERS Biden as their presidential can-

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PU E C Y S bacar Keita, resigned after sol- B T O R R I S C A U A G T P ALL

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/G T O L I R T D N D  C. Kumasi V + ASS + A + L; MI + X + I + NG (“I’m” rev.); B(ORR)OW; AF + RAID e. ASH + ORE; A V sURGING; CHA(LE)T; RISQUE (anag.); S(NOC)AT (“con” rev.) R B S S A Z U  C. Abidjan ORD S E O J Y A I M T R B H RADIALS 1. ROTARYg (rev.) 2. REF + IN + E 3. A + RAF(A)T 4. AS + SI(G)N A O O U CIND N 5. ON(FIR)E 6. I + GLO(O)S (“logs” anag.) 7. TH(R)E + AD 8. JUNE + AUgust 9. S + G S P: N T HOVEL 10. TO(MAT)O 11. VI(S)I + ON 12. GREASE (“Greece” hom.) 13. RUM + ORS I TO Answers are listed below the 14. T(ID)IER 15. RAC(IN)E 16. TONERS (anag.) 17. THE + BAN 18. UTOPIA (hid.) The innermost ring contains crossword solutions at right. OM 19. EVERS + O (“serve” anag.) 20. C(H)ORES counterrevolutionary going counterclockwise. FR

Answers to News Quiz: 1.B, 2.D, 3.A, 4.C, 5.A, 6.D, 7.C, 8.A, 9.B THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

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Dark Blooms 73 Muscatnative 123 In isolation currency Beauty” BPlaces to watchyour step LightBlooms Tiny nation thatuses the euro 29 White-furred Draw pictures in margins weasel 74 Jackson Hole 124 Impertinent 24 Corsage flower 102 Impatient Motorsport competition where despitenot being in the EU backdrop acknowledgment Feels one’sway 31 Like some 125 Platte River 25 “Turn up the contestants only rarely reach Look up to medicines and 78 Abbrs. on old people heat!” 106 Fortnitefanatic the end of the 100-meter track Warhol’swork (2 wds.) Toothproblem stocks: Abbr. vitamin bottles 126 Recipe 30 Fixesahole in a 107 As well (2 wds.) Like mosaic tiles Turkey preparer’s utensil 32 ...from acrew 79 Schlep from car instruction tennis racket 108 Occupied CEntrancetoahidden Bowl in acan Unknown to the general public to kitchen coach 127 It became astate 32 Banned 112 Crows’ cousins passageway(2wds.) 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Charles de ___ Left alive 41 Org. forretirees 3Wherenobody 36 Airport screening 118 Smoked topper 42 ...from asport 90 “No way, man...” org. 119 It’stwistedin ESpaceracesuccesses (2 wds.)

puts Baby, s climbing coach 92 Leader at a according to 37 Very cells ModestItalian eatery Get the solutions to this week’sJournal Weekend Puzzles in next 46 Leonidas’s powwow Johnny 38 Mama’smate 120 “Well, Ididn’t FLightning speed Saturday’sWall Street Journal. Solvecrosswordsand acrostics kingdom 95 ...from apole 4Deliberately 43 Element102 is expect that!” Lawyerly phrase that’sLatin for online, get pointers on solving cryptic puzzles and discussall of the 48 Big seller of suits vault coach impairs named forhim 121 Author Umberto “body of crime” (2 wds.) puzzles online at WSJ.com/Puzzles. P2JW235000-4-C01400-1------XA

C14 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. REVIEW

ICONS ANew Look At Germany’s JewishPast

Exhibitions at the Jewish Museum Berlin and the German Historical Museum offer fresh views of a story that didn’t end with the Holocaust.

BY J.S. MARCUS TheJewish Museum Berlin opened in 2001 in ametallic,zigzag- hen the Covid-19 ging structure, crisscrossed with pandemic shut slashesofwindows,bythe Polish- down Germany’s American architect Daniel Libeskind. museums in Thedesign wasahead of itstime, down items such as apri- At the Jewish W March, the Jew- but the original core exhibition was vate memorial stone honor- Museum Berlin, the ish Museum Berlin wasputting the installed without apparent regard ing aGerman-Jewish soldier new core exhibition finishing touches on acompletere- forthe challenging setting.Design killed in World WarI. includes work by design of itscoreexhibition. There- and architecturebuffs balked at the Theexhibit is chrono- contemporary artists, sultswill finally go on displaythis display, while Jewish scholarshad logical, beginning with including the weekend as the museum reopens issues with the collection itself.Su- central Europe in the Mid- installation ‘Visual with newsocial distancing mea- san Neiman, aBerlin-based Ameri- dle Ages,when Jews first Prayer’ by Hagit sures,including limiting the number canphilosopher known forher work settled in large numbersin Hollander-Shimoni of daily visitorstohundreds instead on German-Jewish subjects, said the what is nowGermany, and (above) and ‘Hall of of the usual thousands.Most of original permanent collection extending all the way to Fame’ by Andree them will likely be locals,but people amounted to “a fairly superficial in- 2020.But it pauses forthe- Volkmann (left). around the world who can’t makeit troduction to Judaism,” adding: “I maticasides and surprising to Berlin cansimulateavisit with used to tell people not to go there.” additions,such as afla- the museum’snew app,available in Those user-friendly multimedia mencogownworn by Syl- Berlin’sGerman Historical German andEnglish. exhibits, which might have seemed vin Rubinstein, across- Museum through Oct. 18. Thenew core exhibition, “Jewish moreathome in asciencemuseum, dressing performer who (An online tour is available LifeinGermany: Past and Present,” aregone now. Instead, the core exhi- had been aresistance in English and German.) aims to reinterpret the storyof bition has been broadened to in- fighter in Warsaw during Theshowbenefitsfroma German Jewryusing contemporary cludeworks on Jewish themes by World WarII. Atrained recent bequest by Edna art and arangeofsacred, historical contemporary artists. Anselm dancer,Rubinstein toured Brocke, Arendt’sgreat- and everyday objects, from ancient Kiefer’s room-sizeinstallation from in aflamencoact with his niece, of some of her per- prayer-inscribed amuletstokosher the 1990s,“Shevirat Ha-Kelim: The twin sister,Maria, who was sonal effects, including her Gummi Bears. German Jewish life Breaking of the Vessels,” uses bro- murdered in the Holocaust. cigarette case and her essentially ended with the catastro- kenglassand lead to evoke Jewish Afterthe war, he moved to monogrammed Mark Cross phe of the Holocaust, but the exhi- mystical ideas about the origin of Hamburg, wherehere- briefcase. bition shows that in recent decades disharmonyinthe world. TheIsraeli sumed the act in the city’s Despitecoronavirus-re- it has begun again. Theconclud- artist Yael Bartana, who divides her redlight district, this time lated restrictions,the ex- ing work is amas- time between Berlin playing his sister’s role. hibition has been ahuge sive and moving andAmsterdam, “Everybody is going to re- success, says Swisshisto- videoinstalla- offersaseries of member that flamencodress,” Ms. printed-glassportraitsbyBerlin rian Raphael Gross, president of the tion featuring color photo- Friedlander adds. artist Andree Volkmann. German Historical Museum Founda- the voices of graphic portraits Detlef Weitz—whose Berlin- Arendt, one of the 20th century’s tion, who curated the showwith Jews who live in which she por- based studio,Chezweitz,planned leading political thinkers, fled her Monika Boll.Only 300 people can in Germany trays Theodor the newdesign—says the original nativeGermanywhen Hitler came visit aday,hesays,and “ithas been today. Herzl, modern Zi- installation didn’t make full use of to powerin1933.She eventually fully booked everyday forweeks.” onism’sdistinctively the Jewish Museum’soften uncanny settled in NewYork City,whereshe Mr.Weitz,whose studio also de- bearded founder. building.“Therewas no Libeskind became akind of role model for signed this exhibition, illustrates A flamenco Themuseum’scol- on the inside,” he says.Inthe sec- American intellectuals.In1964, Arendt’stransformation from apre- dress worn lection of historical ob- tion dealingwith the Nazi period, around the time of the German pub- cocious student in Weimar Germany

by the Jewish jectshas also been Mr.Weitz echoed the titanium-zinc lication of her still-controversial intoasociable outsider-genius M Ä RZ performer expanded and re- facade of the building,which itself book “Eichmann in Jerusalem,” Ar- roaming between continents; im- MAN

Sylvin freshed. Michal canseem likeasculptural media- endt appeared on aWest German ages of hercircle of intimates,in- RO

Rubinstein, Friedlander,acul- tion on the Holocaust, by using me- talk show. Video of that TV inter- cluding the philosopher Martin Hei- (2); a resistance tural historian tallic walls that dimly reflect the view,which highlightsher wit and deggerand the novelist Mary fighter during whoserves as facesofmuseumgoers. And he re- her lifelong affinity forthe German McCarthy, aredisplayedontower-

World War II. curator of Juda- claimed an angular,double-height language, is featuredinthe core ex- ing transparent banners. Mr.Weitz SUCKSDORFF

icaand ap- stairwell as agalleryspacefor “Hall hibit at the Jewish Museum Berlin. views Arendt’spossessions,which ES YV

plied arts, has of Fame,” wherenotable Jews from It is also atouchstone for“Hannah include arather ghostly furcape,as P: spent years Jesus to Hannah Arendt to Amy Arendt and the 20th Century,” anew asign that “she wasawoman, too— TO tracking Winehouse areportrayed in exhibition about her lifeand times at not just athinker.” OM FR

MASTERPIECE | ‘PROMETHEUS’(1934), BY PAUL MANSHIP

A Monument of addition to exemplifying his style and his unparalleled craftsmanship, the sculptureperfectly satisfied the Titanic Beauty planners’ novel desire to make art integral to their planned environ- ment—towhich Manship wassensi- tive. Originally,for example,he BY JUDITH H. DOBRZYNSKI means to surviveand to progress, the made two smaller figures—Youth idea seemed perfect. and Maiden—for two ledges in the THINK AMINUTE,THEN NAME an Manship(1885-1966), ason of St. redgranitewall behind Prometheus. outdoor sculptureinManhattan. Paul, Minn., wasalso anaturalto When he sawthem installed, he re- Chancesare,you chose the gilded createthis central pieceofart, alized theensemble didn’t work and imageofPrometheus at the heart of which wascompleted in 1934. At the they were removed to other places Rockefeller Center,inthe lower time,hewas the country’smost fa- (currently,pedestals at the head of plazabetween the Channel Gardens mous sculptor and by some accounts the stairsthat descend to the lower and the 70-storycentral skyscraper, among the highest paid artistsin plaza where Prometheus resides). 30 Rockefeller Plaza. Situated in a America. Manship also added an element gray granitefountain, he presides He had started out influenced by to the whole: He suggested the over the ice-skating rink in cold theexpressivenaturalism of Rodin. signified in the sculpturebythe on Leonardo Nole,a26-year-old son quotefromAeschylus that is carved months and an outdoor restaurant But afterspending three yearsatthe summit behind him, and by the sea of Italian immigrants.)Manship in bold capital letters on the wall in warm ones.Heisvisible from American AcademyofRome and tak- as portrayedbythe pool beneath conveysmotion with the curled behind his work, strengthening its FifthAvenue ahalf block away.And ing several sojourns in Europe,Man- him. Prometheus,eyeswide open, drapingheswirls around Prome- seamlesslink to itssetting: “Prome- when the towering annual Christmas ship had developed his ownrecog- looksdowntoward his destination. theus’ nude body,paralleling his theus,teacher in everyart, brought tree is placed in the plazaabove nizable Art Decostyle that drew on Hisyouthful, strong-featured face right leg.Heuses the draping to the fire that hath proved to mortals him, he seems to light it with his Greek and Roman sculpture, plus In- betrays not worryexactly,but ac- createasense of energy in the a means to mighty ends.” ball of fire. dian art. He made artworks that are knowledgment that he will facecon- sculpture, which wascast in bronze, Manship thus delivered apower- Prometheus’ flame,ormorepre- fluid, with strong,defined lines and sequences from an angryZeus,who coveredwith morethan apound of fulpieceofstatement art. Even cisely his role as the Greek titan who stylized elements. They arerepre- did not want mankind to rival the gold leaf, and weighs eight tons. among all the other public artworks stole fire from the gods of Mount sentational, and sometimes playful. gods in anyway.But Prometheus is Manship added to the 18-foot-tall (morethan 100 pieces commis- Olympusand gaveittohumans,is He waspartial to classical themes determined to givehumanity the sculpture’svolume—and presence— sioned from more than 40 artists) partly responsible forhis prominent and to animals—like“Day” (1938), flame in his right hand, held above with athirddesign element: athick that were incorporated intoRocke- position there. In conceiving his ur- featuring thesun godHelios dashing his head, almost triumphantly.With ring embellished with the signs and feller’s model development—other ban commercial complex, John D. intothe future, at theSmithsonian his outstretched leftarm, he bal- symbolsofthe zodiac.Itrepresents free-standing sculptures,murals,re- Rockefeller Jr.wanted to celebrate American Art Museum, and his ances himself—and Manship bal- the heavens Prometheus traverses liefs,mosaics,enamel works, civilization, human achievement and friendly “Group of Bears” (1932, cast ances his heroic sculpture. to reach Earth. bronzes plaques,ceramics,carpets, the promise of the future. From the 1963) at the Metropolitan Museum Prometheus’ lithe body has just Manship’slong career had itsups wall fabric coverings, landscaped start, his architectsand designersin- of Art. enough details—visible ribs and bi- and downs.Attimes,some critics gardens and fountains—Prometheus

tended to integrateart heralding It’saveryserious,and very hand- ceps,high cheekbones,achin thought his works were too facile, stands out. He is a marvel within a TO thosegoals and values throughout some,Prometheus that Manship crease,and beautifully stylized hair toodecorative; otherssaw him as larger urban marvel. PHO

thecomplex. So when Paul Manship fashioned. He chosetodepict the arranged in small, ribbed, pointed out of step with the modernism of OCK ST proposed asculptureofthe godwho, moment afterthe titan has stolen patches that echo the flame—to be abstraction. Prometheus,though, Ms. Dobrzynski writes about art for MY by sharingfirewith man, gaveusthe the fire and is descending to Earth, areal titan. (Manship modeled him wasmade at apeak of his career.In the Journal and other publications. ALA P2JW235000-4-D00100-1------XA

Opening Corvette Act Stunner This double-duty A very excitable tool can handle Dan Neil on the oysters…and beer best ’Vette yet D7 OFF DUTY D10

FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | D1

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5 ION) AT TR US (ILL S BO ONIE LE FALL INTO PLACE Some key elements of an autumnized terrace. 1. Patio heaters are more elegant than earlier iterations. 2. Good-old-fashioned fire lends authenticity. 3. Plug-in furniture warms your bum. 4. Shorter days call for supplemental illumination such as portable lanterns. 5. Outdoor carpets, in autumnal tones, insulate against chilly cement.

BY KATHRYN O’SHEA-EVANS hoodies and issue them to people,” he said. Grand dame of entertaining Martha Stewart Baby, NLATEJUNE, months intothe murk proposed churning out hand-knit scarfs and of this pandemic,myhusband and I gloves to givevisitorsupon arrival, though hosted relatives in our Denverback- I’m sureyour guestswill forgiveyou fornot yard.Aswesat at an antiseptic dis- actually putting yarn to needle yourself. I tanceand swore to gettogether It’s Cozy “These cankeep them warm and double as again, the couple posed aworrisome ques- PPE items,soit’sawin-win,” she told me. tion: Howexactly were we going to spend On the moretechnical side,design- time outside when autumn’schill descends? minded companies have finally improved Outside Ishivered at the thought. Iamthe in- the look of standing patio heaters, which doorsiest person in Colorado.Idon’t do have historically resembled sci-firobots. “cold.” Icry when Iski. But the news,for Belgium-based Heatsail offersgracefulover- once, is encouraging: It seems that design- head Dome heatersthat nod to Castiglioni’s In the Covid­19 era, private ersand outdoor furnituremakersare al- 1962Arcofloor lamp.Galanter &Jones’s ready on the Covid-eracase,scheming how heated seating castsstone intosimple,at- outdoor space offers both safety homeownerscan squeeze everymoment tractiveorganic shapes.EveninAugust, and a modicum of freedom. from our outdoor spaces,evenoncewinter when the averagelow of 55 degrees canfeel settles in. cooler in the fogoff the bay, SanFrancisco Here’s how to extend your yard’s Some pros suggest charmingly lo-fiadap- interior designer Kendall Wilkinson is lov- usefulness through the autumn tations.Atlantaarchitect Bobby McAlpine ing her Helios Metreo sofa: “[Our guests] sit advocates astash of sparelap blankets. “I’m down, and unexpectedly they’relike‘Oh my and even into the holidays. not sureyou shouldn’t order afew dozen PleaseturntopageD8 Inside

FANNY-PACKMENTALITY PIZZA DE RÉSISTANCE GIDGET IS REAL CANYOU SAFELYIGNORE TIKTOK? Covid has made accessorizing abit risible, The masterstroke of this 20-minute How16-year-old KathyKohner helped The over-30 crowd mightthink so.But the but one bag still makes sense D2 summer pie?Its thin crust D6 makethe Malibu Wall asurf mecca D5 app is aging up fast. D10 P2JW235000-4-D00200-1------XA

D2 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. STYLE & FASHION

BY LAUREN MECHLING CROSS PURPOSE Strappers’ NE STAINED face A guest at Paris Delight mask wasall it took Fashion Week in formetoquit my be- 2019 effortlessly Playful, contemporary options loved lipstick,and wears a Prada O I’vetraded in my crossbody bag. monthly hair-dyeappointmentsfor my natural, Susan Sontag-ish gray Bag, $2,025, streak.Mytransformation intoa Chanel, Covid-eracreature did not reach 212-355-5050 completion, however, until I  strapped on my newfannypack. My obsession kicked in beforethe virus.I’d firststarted thinking about the bagslast January, when arow of multicolored pouches caught my eye whileIwas winter-coat shopping with my daughter at asporting goods store. Patchworked together from scraps of popsicle-bright recy- cled nylon, each bag wasnothing short of wearable cheer.Therewas only one problem: Becoming afanny- pack person wasnot acommitment I wasready to make. Bag, $30, My hankering would not die down, cotopaxi.com however, and five months intoquar-  antining,Icaved. My Cotopaxi pouch and Iare inseparable now. And as

The fanny serves as a pandemic­appropriate punctuation mark to our relentlessly casual outfits. Bag, $245, clarev.com 

morewomen succumb to the bright and easy charms of the around-the- waist bag,you might saythere’sbeen abum rush. Some fannyconverts snap them on as intended at the hip; othersstrap them acrossthe chest for amakeshiftcrossbody look.Nolonger aflashyaccomplicetothe ironic ac- cessorizing that hipstersand Hilton

sistersused to perpetrate, the prag- GES

matic fannyspeaks to our current sur- IMA vivalist spirit. In these work-from-home and GETTY work-out-from-home times,when we have nowheretogoand little to house label, including asculptural carry, proper handbagshavebeen leather shell-shaped bag on abelt. placed on hiatus.Anear-empty tote Bet Yo ur Fanny “The fannypack is the only type of bag flapping at your side feels bag that is selling well,” said Ange- vaguely tragic.Ladylikepurses lina Rennell, the company’sfounder seem tooformal. Thehands-free and creativedirector,who has seen fannypack offersconvenienceand Is the strappy, sporty fanny pack—once considered inescapably a60% uptick in fannysales this doubles as apandemic-appropriate summer over last. When the sus- punctuation mark to our relent- frumpy—the Covid era’s ideal bag? tainable athleisurebrand Ceres lessly casual outfits.“It’sanaccept- launched earlier this year,the first able way to accessorizewhen we aLos Angeles branding and market- proto-fannypack.Victorians stored and doubled the following year,ac- item to sell out wasits Obi fanny don’t need accessories,” ventured ing consultant whose phone,keys, their essentials in chatelaine bags, cording to Beth Goldstein, industry pack,anamalgamation of sweatsuit Elizabeth Wissinger,aprofessor of hand sanitizer,son’smask and wallet gorgeously decorativepouches that analyst of fashion footwear and ac- remnantsthat resembles asleep fashion studies and sociologyatthe all liveinaminiatureblack Patagonia dangled from awaistband via chain cessories formarket-research firm mask foryour hip. GraduateCenter at the City Univer- hip pack.“Theonly thing that won’t or cord. NPD Group.Designer Alexander Likesomanychic LosAngeles sity of NewYork. fitinthereismywater bottle,” said The1980s influx of fannys in Wang studded anew model with women, Heather Taylor,founder of an “My purse is donezo,” said New Ms.Cari, who views her fannyas synthetic materials unleashed rhinestones,while Chanel’scurrent eponymous home-goods line,first York fashion writer and closet-organ- “mysterious and magical.” hordes of be-pouched overprotec- offeringsinclude aclassic banana joined the club as afarmers’-market ization consultant Liana Satenstein, Theterm “fannypack” might tivemoms and shamelessAmerican silhouette and alozenge-shaped fannywearer.Now she keeps her 31, whose only modes of transporta- bring up the bad tasteofa1980s tourists, prompting Adweek to call pouch whose strap just happens to gingham ClareV.pack strapped on at tion these days arewalking and run- fad, but the phenomenon predates the fannypack the hottest product be abelt. all waking hours—most of which are ning.Aversetocumbersome hand- NewKids on the Block parapherna- of 1988.Fashion designersincluding Independent designersare going spent working from home,alongside bagsand uncomfortable shoulder lia by roughly 5,000 years. Theac- Chanel began churning out upmar- hands-free,too.Models on ClareV.’s her two young daughters. “It’sone of straps,she keeps her keysand credit cessory’sfirst icon would be Ötzi ketiterations (tastefully re-chris- websitesport the brand’sunbulky those handy thingsthat became even cardsinano-frills Nikepack that she the Iceman, whose frozenbody was tened as “waist bags”). Thetrend version as crossbody fashion. On- morehandy in the pandemic,” she wearsaround her waist. “I have a discovered draped over aboulder in has been going strong foryears. line boutique Beklina, based in La said. “My phone,pen and Post-itsare closet full of fancybagsthat I’m not the Alps in 1991, dashingly attired Fanny-pack sales quadrupled na- SelvaBeach, Calif., carries fannies always at hand.And if Ilook cute, all wearing now,” echoed Nicole Cari, 37, in afur coat, abearskin capand a tionwide between 2017and 2018, from Rachel Comey as well as its the better.”

Le Sneak, C’est Chic CULTFOLLOWING You wear them every day, so why not upgrade those comfy WFH trainers? An ‘Investment Concealer’? Indeed.

Why the many fans of Clé de Peau Beauté Consider cornflowercorduroy Shoes, $90, sperry.com Tryanidiosyncratic retrostripe Shoes, $550, celine.com concealer, including Nicole Kidman and countless mortals, consider it a luxury worth the $73

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History Launched Claims Makeup artists Fans Nicole Kidman, in 1999 by Shiseido’s particularly rely on it Kim Kardashian, Radiate floor-levelsunshine Shoes, $590,loewe.com Pick neoclassic canvas Shoes, $100,Veja, 646-559-2245 luxurybeauty brand forclients with more Kim Gordon Clé de Peau Beauté, matureskin. “It blends the creamycon- seamlessly,resists Cult Moment Instead IN THE PANDEMIC era, even those we’reasolid fivemonths into semi- 33,who favors platform, “Spice cealer—available in 6 creasing, and sets of hitting the 2019 who oncewinced at the idea of isolation,consider the benefits of a Girls-style” designs electrifiedby shades now, 12 come beautifully without Grammys, Chrissy wearing sneakersoutside the gym stylish “sneaker wardrobe.” jolts of color.She pairsthem with September—offers ever looking caky,” Teigen stayed home have laced up with ashrug. What If nothing else,upgradedsneak- everything from vintage jeans to substantial coverage said LuckyBromhead, and Instagrammed a else is one to team with WFH erscan makeour collectivespiral flowy dresses.Ather store,she that’sbarely discern- personal makeup art- beauty tutorial. After sweatpants andaT-shirt when into athleisurealittle morepalat- said, souped-up fashion sneakers ible.While pricier than istfor “Schitt’sCreek” sipping wine, she forced outside foracoffee-filter able.Hanadi Hamzeh, the owner of arecurrently selling “all day, every the average concealer, star Catherine O’Hara. touted Clé de Peau, run?But justbecause youlivein Bostonconsignmentstore Covet, day.” As she puts it,“They’re com- alittle goes along “Because it’s such a advising fans to ”put sneakersdoesn’t mean youshould has sworn by chic sneakersfor fort meetsstyle.Whatelse do you way.Unlessyou’re moisturizing formula, it all over your face.” subject yourself or otherstothe years—long beforeour going-out want?” Well, forone thing, an occa- crazed about conceal- it glides on straight —Fiorella Valdesolo same dull, creased,faded, fatigued, looksdevolved into leggings and sion to wear them that’snot an ur- ment, one tube should from the tube without flabby, sigh-inducing athletic train- tank tops.“Iwear sneakersbasi- gentquestfor CVScoffeefilters. seeyou through many pulling or stretching Concealer, $70, clede- ersagain and again. Nowthat cally everyday,” said Ms.Hamzeh, —Katharine K. Zarrella months of daily use. the delicateeye area.” peaubeaute.com P2JW235000-4-D00300-1------XA

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | D3 STYLE & FASHION

COPYCAT Why The Afro Endures

How quarantine restrictions led one writer to proudly embrace his ’fro a la rock god Jimi Hendrix

BY WILBERT L. COOPER

HE AFROHAD always been a transitional style forme—a pit stop on my wayfromahigh-bald fade to cornrowsorlocs.But T when the coronavirus lockdown made it irresponsible to let someone else cut, twist or braid my hair,Iwas forced to embrace my Afro on itsown terms. To do it right, Ilooked to the newwaveof men who have proudly been wearing their hair up and out—from NFL star-turned-activist Co- lin Kaepernick and his spherical Huey P. New- tonhair homagetoplaywright Jeremy O. Har- ris,whose mane channels the untamed creativespirit of Jimi Hendrix,pictured at right with his Afro in 1970. Both approaches succeed by evoking the historyofahairstyle that is shorthand forself-loveand rebellion.

‘Atthis juncture, Ithink it behoovesustobeexactly whoweare.’

While the Afro broadcastsAfrocentrism, most ancestorsofBlack Americans would not have worn one.In17th-centuryYorubaland, the West African cultural region from which manyenslavedAmericans descended, men typically wore tightly shorn hair in astyle akin to amodern-daytaper or fade.When Europe- GES ans came and captured these men, they used IMA the captives’ curled hair as adefining trait to GETTY separatethem from free society and to justify HAIR PLAY Rocker Jimi Hendrix with his mane in an Afro after deplaning at London’s Heathrow Airport in August, 1970. the inhumane treatment inflicted upon them. Some of the earliest accountsofAmerican looks—from the billowy hair down to the Knows, the eclectic 25-year-old hip-hop artist trim my hair.” Afrosare found in 18th-century“slave no- leather jacketsofthe Black Panthersand who has been wearing his signatureoversize Rachel Johnson, afashion stylist based in tices,” penned by whitehuman traffickers printed polyester shirtsofrockerslikeMr. Afro with aplastic pick peeking out sincemid- Englewood, N.J.,whose clientsinclude Colin seeking to recapturetheir runaway chattel. Hendrix and Sly Stone—in away that priori- dle school. Therapper,born Kyle Schmoetzer, Kaepernick,knows all about the waysanAfro Referencing a1995 paper by Shane Whiteand tizes aesthetics and erases politics and history. maintains his Afro with awash everyseven to canstigmatizeaman. Afterthe NFL shunned Graham White, social historian Emma Dabiri, This commerce-driven nostalgia made me 10 days,leave-in conditioner and occasional Mr.Kaepernick over his protestsagainst rac- author of “Don’t Touch My Hair,” proposed ponder whether the Afro had lost itsdynamic coconut oil. He started wearing the style be- ism and policebrutality,the quarterback en- that “violent restrictions on time and tools iconoclasm. But in lateMay,when Iended my cause,“All the girls loved it.” But today, he dured calls from former NFL playerMichael people needed to do their hair” led to these quarantine and joined the protestsagainst the feels it representsbeing “Black and proud.” Vick to cut his hair in order to appear less early “bushy” and “remarkably high” styles. extrajudicial killing of George Floyd,Iwas con- “They knowwhat side I’m on instantly threatening.But forMs. Johnson, hiding our But as enslavedpeople came to exaggerate fronted with evidencethat my adopted hair- when they see my hair.Ilovethat. It’slikea hair is not the answer. “Our natural statehas their voluminous looks,big hair became “an style remained apolitical symbol. As Ihit the peaceful protest,” he said. Teachersand em- become politicized and weaponized and de- act of defiance.” streetswith my bushyhalo,folks who sawit ployers have rarely approved,however, sin- monized,” she said. “[But] at this juncture…I In the late20th century, young people ad- as an embodiment of resistancephotographed gling him out and, he believes,denying him think it behooves us to be exactly who we are.” opted Afros, railing against the norms of chem- and saluted me.While Imarched, Iwas also job opportunities.“They’d be like, ‘Why don’t Icouldn’t agree more. Although folks are ically straightening or cutting one’shair in a hit with fear that the spacemyhair reclaimed youjust trim it and makeitmoreneat.’” But nowrushing to the barber to cut their quaran- bid to look moreEurocentric.Sincethen, fash- would makemeatargetfor the batons of the flack he’scaught has only built up his re- tine ’dos,I’m sticking with my lockdown look. ion magazines,movies and TV ads have cele- overzealous cops. silience. Theexperience“just made [me] As Mr.Hendrix’shair oncedid, my Afro is go- brated and parodied these ’70s Black Power This concern is nothing newfor Karma stronger.Like, ‘Hell nah, I’m never going to ing to keep taking up space.

POINTSOFDISTINCTION

Freshen Up In the 1970s terry was The Bathrobe Reborn heralded as an early performance fabric. The No Lining, Silver As a Blazer mesh-like weave allows for Or Otherwise airflow, which is essential In designing the blazer, for socially distanced the Mr P. team “stripped it This terry-cloth sport coat combines the cozy caress gatherings under right back,” said Mr. Arnold, of a fluffy bathrobe with the formality of a work the sun. creating an unstructured, unlined blazer that fits jacket. Why Zoom in anything else? like a huggable cardigan. COULD THERE BE a garment more that greet you after a dip in the fit for this moment than a terry- deep end and the supple polo shirt cloth blazer? The material—as you toss on for a dockside dinner. fluffy and tender as a teddy bear’s As James Bond in 1964’s “Goldfin- belly—squishes as compliantly as ger,” Sean Connery even wore an the softest bathrobe. Yet, through infamous terry “playsuit” (a shock- the pixelated box of a Zoom ingly short jumpsuit) to outwit a screen, it appears smart enough to card shark by the pool. What is persuade your co-workers you got not traditionally made out of terry gussied up for the 9 a.m. meeting. is a blazer. The fabric is too indo- This navy blue chameleon’s com- lent for that, signaling beachiness, fort might make it the ultimate not business. work-from-home item. But that’s No more. The work-from-home not how Mr Porter, the e-com- shift set the stage for this seaside merce megashop behind the de- blazer that masquerades as corpo- sign, originally intended it. rate—less stiff and more present- Cut It Out When this blazer from the com- able over a tee than the now-cli- By eliminating the pany’s in-house line Mr P. was con- ched Zoom shirt you quickly traditional chest pocket, ceived last year, no one had heard squirrel into before a call. JOURNAL Mr P. created a laid-back the term “Covid-19.” As Olie Ar- Mr P.’s sport-coat offeringshave REET look. But the blazer’s nold, Mr Porter’s style director, ex- been trending toward the increas- ST

LL notched lapel and three- plained, it was actually designed ingly casual forsome time now.

WA button design maintain for tropical getaways. His team’s “Men liketohavesome versatility a deceptive level of concept: “You’re on your summer [intheir tailoring],” said Mr.Arnold

MIN/THE decorum. holiday and you want to go to din- in referencetoMrP.’soften unstruc- RA ner…you can just chuck [the tured, unlined and easy-to-toss-on TIN blazer] over a T-shirt.” sport coats. Therobe-liketerry MAR Coastal locales are, of course, blazer is the brand’smost casual tai- F. My All-Day Jacket Mr P.’s terry-cloth blazer is soft enough to sleep in but dapper enough to impress the boss terry cloth’s natural habitat. It loring experiment yet. And it arrived on that stressful morning Zoom conference. Blazer, $310, mrporter.com finds purpose in the plush towels right on time. —Jacob Gallagher P2JW235000-4-D00400-1------XA

D4 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. ADVENTURE & TRAVEL

POSH PODS SaferHavens Maryland’s Inn at Perry Cabin offers Thesefour resorts guests their own makeitrelatively easy greenhouses. to keep to yourself

One of the four pools at Terranea.

TERRANEA,CALIF. If social distancing is the keytostaying healthy, Terra- nea’s agood bet.Set on ocean cliffs in the Palos Verdes peninsula, it is an enormous resort with four pools and fiveopen restaurants. The gym is sealedshut,but exercise bikes are set up outside.Staff aresticklersfor making sureeveryone wearsmasks. Guests canstroll ocean paths,play golf and go kayaking. In keeping with California’s strict Covid regulations, the barsare closedand even the al- coholic drinksoffered poolside must be servedwith food—inebriatedpeo- Forget the Mint. Get Me Lysol. ple tend to flout social distancing guidelines. From $499 anight, terra- nea.com

RANCH AT ROCK CREEK,MONT. Alux- Upscale resorts are touting their new virus­busting measures, but when you’re surrounded urydude ranch set in Philipsburg, by masks and hand sanitizers, does it really feel like an escape? the Ranch at Rock Creekstretches across10miles of property.Nor- mally able to accommodate up to BY NINA SOVICH be alone.She even gother owngolf 125guests, the ranch is operating cart to tool around. “They ex- at 60% capacity. Mostactivities ASTMONTH Vickie plained everything.How to getdin- like horse riding and fly fishing are Cunniff spent aweek- ner,when to wear masks.The more outdoors, but forthose who want end at Terranea, acliff- they explained, the betterIfelt.” to bowl, playshuffleboardorwatch topresort on the According to the American Ho- amovie,the ranch will reservethe L southern coast of Cali- tel&Lodging Association, resorts Silver Dollar saloon during the day fornia with a102-acrecampus.She continue to pull in guestsduring so guests canisolate. From $1,800 drovewith her husband up from the pandemic,albeit still far fewer pernightper person, including all her home in OrangeCounty,arrived than they did beforeCovid. Occu- meals, theranchatrockcreek.com at the resort, checked in through a pancyrates have crept up to 46% plastic barrier,walked by atemper- this summer,much higher than in MIRROR LAKE INN RESORTAND SPA, aturesensor and wasgiven awel- March and April though down N.Y. On the shores of Lake Placid, come packagethat included hand about athirdfrom2019. Mirror Lake Inn is known forits sanitizer,masks and gloves.After Resorts are having to contend winter andsummer activities,in- she and her husband carried their with the increased costs of train- cluding fishing, boating and skiing. bagstothe room, Vickie brokethe ing staff, but the virus is also Among its Covid-combating mea- seal on itsdoor which certified it At Terranea, a plastic barrier now adorns the check-in desk. forcing innovation. Juan Velas, sures,the hotelleavesrooms had been leftempty for24hours the vice president of Velas Re- empty for72hoursbetweenguest and then cleaned. Beforeher first and Global Public Health at U.C. hotel uses HEPAfilters, which can sorts, with six hotels in Mexico, staysordisinfects them with Ultra- much-earned piña colada and long SanDiegoSchool of Medicine,sug- eliminateany lingering virus,Istill requires staff to take a smell test violet-C light-emitting units before look at the sunset, she set to work. gestsahotel with bungalows.“A nervously watched patrons merrily every morning. They come to the next visitor’s arrival. The resort “I brought my ownLysol and wiped placewhereyou don’t have to in- eating and drinking indoors. (Din- work, have their temperature also upgraded the HVAC systemin down the obvious stuff—handles, teract with anyone—that could be ing indoorsisriskier than out- taken then are invited to close the restaurantand offers check-in toilet flushes,bedside tables,light safer than almost anywhere.” doors, wherecirculating air mini- their eyes and smell coffee beans, via app to minimizeinteraction with switches,lamp pulls,the remote Afterfivemonths at home with mizes the chances of transmission). garlic and lemon laid out on tow- the staff. From $449 anight, mir- control. Itried not to be toocrazy,” the children, my husband and I Manyguestsalso appeared to be in els. “Having a headache and los- rorlakeinn.com she said. “But Iamanurse.” bolted forthe Inn at PerryCabin their 60s or 70s, despitethe CDC’s ing sense of smell are common Welcome to luxuryresortsin on the shores of Eastern Maryland. explicit warning that older adults signs of Covid,” said Mr. Velas, “if the ageofCovid, wherethe rituals areatincreased risk forfalling se- you can’t smell the coffee you and assumptions of checking in riously ill from Covid-19. have to go home.” have been upended. What passes Ve las Resorts requires JoyCooper,80, wrestled with Sea Island in Georgia is a forindulgencenow:hand sanitizer staff to take a smell test some of these issues when she de- sprawling resort with both year- at everyturn and staff in PPE vised atrip to ultra-swankyRanch round residentsand seasonal scrubbing down deck chairs every morning. at Rock Creek in PhilipsburgMon- guests. Managing Director Vijay around the pool. Luxuryisthe 6 tana forher children and five Singh said one of the biggest prob- feet of social distancing that large grandchildren. She put off the trip lems the staff had to solvewas how resortsmakeeasier and the vision TheInn has golf and tennis and un- in June but rescheduled it forJuly. to handle guest sheets. Ripping of fellowguestswearing masks interrupted views of the Miles ”Thegrandchildren were begging them offthe beds could spread vi- without complaint. Your ability to River.Equally appealing: Theinn, me,” she said. “Wedon’t have trips rus. Theresort had to teach staff relax relies on your faith that the likemanyresorts, said it wascap- or plans or jobs.” howtochangesheetssafely. resort has both the will and re- ping occupancytomakesocial dis- Thepart of the trip that worried Even outdoor activities canbe New York’s Mirror Lake Inn Resort sourcestotrain itsstaff in health tancing easier (though the resort her most wasthe flight from her fraught. “Shooting wasone of and Spa. procedures,keeping them healthy recently raised the capto70%). Ev- home in Alabama. Onceatthe those thingswegrappled with,” and by extension, you. eryone wore amask unlessthey lodgeshe felt safe. Social distanc- said Mr.Singh. “Howdoyou givea SEA ISLAND,GA. Situatedoff the “The best advice, given the dis- were eating or drinking.Itfelt ing waseasy and people wore shooting lesson with social distanc- coastofGeorgia, SeaIsland unfurls array our countryisin, is to stay both rarefied and tinged with guilt. masks.Families stayed together ing?” Theresort established new over1,200 acres and includes six put, rather than do recreational Guestsseemed to be shooting each and did not interact over drinks or protocols fordisarming guns and pools and fiverestaurants open travel.” said Dr.William Gree- other furtiveglances that said: “I afterdinner.“Usually yougotothe instructorsstand 6feet away.Once even during Covid. Guests arere- nough, infectious disease expert at knowit’ssafer to stay home,but I bar afterdinner and chat with the afirearm has been used, it is disin- quired to wear masksand cangolf, Johns Hopkins. If youare going to really need avacation.” other guestsbut therewas no bar,” fected. All this slows down the nat- go on turtle walksand takeshoot- travel, avoid places with large scale Ialso never entirely rid myself she said. “That wasweird.” When ural rhythm of aresort, but per- ing lessons.Sheer spaceaffords so- outbreaks.“Perhaps Vermont in- of that nagging feeling of looming they wanted to go bowling the re- haps the slowing paceisworth it. cial distancing. From $395anight, stead of Texas,” he said. Dr.Davey danger.Eventhough the Inn at sort closed the building with the Afterall, the luxuryalways has and seaisland.com Smith, head of Infectious Diseases PerryCabin assured me that the bowling alley so the family could always will lie in the small things.

it’sabad idea to call atravelagent good quality and covers your Trouble In and getasense of which resorts face well. “I have seen some very arereally bending over backward flimsy masks out there,” said The Bubble? to [takethe necessaryprecau- Dr. Greenough. tions],” said Dr.Greenough. “And Staying in a hotel during when youget to the resort keep Gloves help Covid is neither foolhardy your eyes open. Is staff keeping 4 Washing your hands regu- nor foolproof. Here, the truth masks on? Arethey trying to dis- larly is considered safer than behind five big myths. tancefromeach other? Most of wearing gloves since they might the time,you cantell right away.” give you a false sense of security. If you wear gloves, touch a sur- People who vacation in The pool is totally safe face with Covid and wipe your 1 hotels right now are reckless 2 Thepool might be one of the nose, you are susceptible to the Not really.“I’dgotoahotel,” said least riskyareas to hang out be- disease. Do you really want to Dr.Davey Smith, head of Infec- cause UV light, present in sun- wear gloves at a resort anyway? tious Diseases and Global Public light, kills the virus in about 15 Health at U.C. SanDiegoSchool of minutes.Chlorine in pools also No one cares about the Medicine.“But I’davoid the eleva- kills most viruses.But Dr.Gree- 5 staff’s health torand indoor dining and skip nough cautions it’sstill important Your health is directly correlated daily housekeeping servicesoyou to stay 6feet away from people. with howthe staff at resortsare don’t risk infecting the staff.Still Makesureyou wipe down deck treated. Good establishmentstry leave abig tip because those peo- chairs. Usefresh towels and keep hardtokeep staff safe, partly to ple have to work too.” Dr.William your mask on as much as possible. avoid the bad publicity around a Greenough, an infectious disease Covid-19 outbreak,but thereisa expert at Johns Hopkins,points Masks are created equal good economic reason forpru- out that hotels have varying de- 3 Wearing a mask even out- denceaswell. Ahealthystaff also OLI

NS grees of commitment to health doors is probably a good idea, translates intohealthyclientswho

CO and safety protocols.“Idon’t think but make sure your mask is of come back. BIO FA P2JW235000-4-D00500-10FF7F3178D

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | D5 READING & RETREATING

TIME CAPSULE ) BOARD CERTIFIED The wall ARD at Malibu’s Surfrider Beach URFBO

faces First Point, one of the (S world’s top surf breaks. The Wa ll of Fame HOBIE IDGET); (G

Gidget and friends gravitated to this old pile of bricksinMalibu. It’s GES still hallowedground forsurfers, even if theydrive nicer cars now. IMA GETTY

THEN NOW CTION/ LLE THE MALIBU WALL dates back to 1929.Itwas ON THE SURFACE, the Malibu wall looks CO erected on acoastal strip just north of LosAn- like it did back in the Gidget days, a tableau geles as part of the perimeter of the Adamson of boards, boardshorts and sun-scorched PICTURE House.The estate—built forthe daughter of surfers eyeing First Point. Conversation still LIFE

Malibu’slast owner,back when the entirearea revolves around the almighty wave. Graffiti /THE

wasaranch—made liberal use of Spanish Re- remains a consistent feature, the wall as ANT vival design details,right down to the redtile placard. But while the scene used to be a GR and turretsthat topped itssea-facing gray dudefest, hordes of women have joined the ALLAN brick wall. By the summer of 1957,when 16- mix. The biggest game-changer has been year-old KathyKohner,nicknamed Gidget, be- surf forecasting. In the Gidget era, beach gandragging her surfboardacrossMalibu’s bums had no reliable way to predict swells, (DIDION);

Surfrider Beach, and leaning it against that hence their reluctance to leave the beach for GES very wall, the beach had become amagnet for fear of missing good waves. Today, swells IMA the nascent surfercrowd.They came to ride are predicted with surgical precision, shiny GETTY FirstPoint, just off shore, one of the world’s Range Rovers share the parking lot with best breaks.Gidget wasthe rare surfergirl dusty old vans and the neighborhood is CLARKE/

back then. She kept adiaryofher sunnysum- posh. But in 2010, Malibu was dedicated as Y

mer antics and shared entries with her father, a World Surfing Reserve—to protect the HENR screenwriter Frederick Kohner,aCzech Jew surf zone from development. In these Covid émigré.Injust six weeks,Frederick penned times, the wall draws even more surfers the book “Gidget: TheLittle Girl with Big than usual. Some wear masks; many do not. (MALIBU); Ideas.” Soon came Gidget movies and aTVse- It’s less a political thing than a reflection of VER

ries,the beach-party film genre, surfmusic the fact that they spend more time in the WEA and anational surf craze. water than on the beach. —Jamie Brisick DD TO

Neighborhood Snapshots helicopters on the beach PEAK PRICING / 60 YEARSOF and worriedabout one an- SURFBOARD PURCHASE “Malibu. Moremovie stars. morals.” —Raymond Chandler, other’s dogs and horses and PATTERNS Morepink and blue bathtubs. ‘The Little Sister’ (1949) children and corral gatesand Moretuftedbeds. MoreChanel Coastal Commission permits.” 1960 Surfers A 9’2” Donald No.5.MoreLincoln Continentals “I wasout there forabout ten —Joan Didion, ‘The White exclusively Takayama and Cadillacs.Morewindblown minutes,slipping in and out of Album,’1979 ride long- Joel Tudor hair and sunglasses and pseudo- the waves, diving down to look boards. A10’ model costs refinedvoices and waterfront around occasionally in some “Malibu…is my perfect wave. Hobie runs $375. corridorsofkelp.... Awave as ...And when it’s right, it’s rightin $90(pictured). big as ahouse rose suddenly the palm of my hand. These 2020 Boardde- outofthe smooth surface Joan Didion, Quintana Roo waveswill neverchange,only 1980 Short- sign varies feathering with foam on the Dunne and John Gregory Dunne the people on them…and that’s boards take widely. A 9’4” topand crasheddownonme. in 1972. whatIremember,the wavesI off. A6’4” Con Anderson Boy, it sureknocked me silly.” ride,not the crud thatfloats Allen Sarlo Pro Brothers Mar- —Frederick Kohner,‘Gidget: times of wind and fireand around them.” —Miki Dora,as Model is $160. shall goes for The Little Girl with Big Ideas,’ rain, we knewwhen one an- quotedin‘All foraFew Perfect $1,305 and a (1957) other’s septictanksneeded Waves:The Audacious Lifeand 2000 Long- 5’10” Channel Gidget in pumping. We watchedfor am- Legend of Rebel SurferMiki boards come Islands Happy 1957. “Wecalledone another in bulances on the highway and Dora’byDavid Rensin (2008) back in vogue. sells for $665.

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MONGIA Cashmerecomfort ANDREA from Italy Dive Deep into world; todaytheyare a Mr.Friedman. hamptonsvir- Dandelions leader in marine renewable tualartfair.com $ Traditionally,mostpeople energy and tidal power,” he 197 reach the OrkneyIslands—a said. Find the eventcalen- Revel in the Blues During our pre-season sale, wild archipelago offScot- dar at foragingfort- Three powerhouse jazz festi- land’snorthern coast—by night.co.uk; events are vals also go virtual in Sep- and for alimited time only,our plane or ferry, or acombina- streamedonthe festival’s tember, starting with the 100% pure cashmere sweaters tion thereof. This year,sim- YouTube channel. Detroit Jazz Festival (Sept. from Gran Sassoare offered at the ply log on to the Foraging 4-7, detroitjazzfest.org) incredible price of $197 each! Fortnight festival (Aug. 29- Virtually Shop for which will stream perfor- Made in Italy from super-soft Sept.13) to catchdaily A Picasso mances from three sound- pure cashmere, these classic and glimpses of the craggy Rick Friedman, who founded stages on Facebook Live and coastline,ancientwoodlands and ran ArtHamptons for Instagram. Each day will vintage wash sweaters are available and island kitchens.Inpart- 10 years, launches avirtual bring 12 hours of nonstop as crew neck or V-neck styles. nership with the annual 3-Dart fair in early Septem- performances by virtuosos Choose from dozens of solid colors. OrkneyInternational Sci- ber,spanning Labor Day including saxophonist enceFestival, which draws weekend (Sept.2-7).More Pharoah Sanders. From the Reg. $495, 40% OFF,Sale $297 Nobel laureatestothis re- than 75 global galleries will nation’s capital comes the With Promo code $100 Off=$197 mote enclave,the two-week display1,300 piecesofart DC Jazz Fest (Sept. 24-28, festival includes ahuntfor andsculptures forsale,in- dcjazzfest.org), where per- wild plants with an ethno- cluding worksbyClaude formances are streamed live botanist, acooking demo Monet,Pablo Picasso and from various neighborhoods. with alocal chef,apaper- Norman Rockwell, as well And though the U.S.-Canada making classand afew ses- as contemporaryartistsEd border is still closed, you can sionswith traditional Orca- Ruschaand David Hockney. hop on over to Toronto East Hampton New Store! dian musicians.According to “The total value of art thanks to the South Coast 51 Newtown Lane Howie Firth, the directorof displayedisover$100 mil- Jazz & Blues (Sept. 18-20, M-Sun.11-6, (631) 658-9205 the OrkneyInternational lion,” said Mr.Friedman. southcoastjazz.com) with NYC LOCATIONS ScienceFestival, the events Snooping, however, is free. three evenings of perfor- Please visit us online: 921 7th Ave. (cor.58st.) will educatethe audienceon The eventkicksoff on mances after 6 p.m. ET daily, www.frankstellanyc.com M-Fri. 11-6, Sat/Sun. Closed (212) 957-1600 the beauty and perhaps sur- Sept.2,and while the for- accessible on the festival prising value of plantlifelike mer iteration had avery website and its social media FREE SHIPPING! 440 Columbus Ave. (cor.81st.) dandelions and seaweed. exclusiveopening night, channels. Among the head- M-Sat. 11-6, Sun.12-6 (212) 877-5566 “About 5,000 yearsago,the this year’s is open to all. liners: blues and gospel Find Us on Facebook.com/frankstellanyc Find Us on Instagram.com/frankstellanyc Phone Orders Accepted OrkneyIslands were at the “The virtual fair is much singer Jackie Richardson. center of the Neolithic moredemocratic,” said —Charu Suri P2JW235000-4-D00600-1------XA

D6 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. EATING & DRINKING

were far from isolated incidents. “This happens to people of color all the time,” she added. Lia Jones gaveherself the middle name Sommelier on social media af- terapplying for76wine jobs in New York in 2015-16.She never gotthe job,despiteher extensivewine edu- cation, including ayear’s study with the Sommelier Society of America, a sommelier-level certification from the Court of Master Sommeliersand completed level-three course work with the Wine &Spirit Education Trust. She also had substantial hos- pitality experience, including aposi- tion as captain at aprominent New York restaurant. When she did score an in-person interview, she wasal- waysthe lone Black woman in the restaurant, interviewedbyawhite man. “It’saclub,it’sacommunity,” she said. Eventually Ms.Jones moved to LosAngeles and took ajob as a server at the restaurant in the No- Mad Hotel. She wastransferred back to NewYork,tosister restaurant Eleven Madison Park,in2018.That year she founded Diversity in Wine and Spirits, anonprofit advocacy group; she serves as executivedirec- tor, currently working from her home in Belize. Her goal is to create amoreequitable environment than she found in the restaurant world. Theorganization works with institu- tions including Diageo, one of the world’slargest spiritsand beer pro-

JUNKER ducers; educational organization the

NA International Wine Center; and JA SommCon, which offersseminars, TAT internships and scholarships for ON WINE / LETTIE TEAGUE wine professionals and those aspir- ing to careersinwine. Victoria James, beveragedirector and apartner of CoteKorean Steak- house in NewYork,isawhite woman who shared tales of misog- For Some, Working In Wine ynyand abuse in her searing mem- oir,“Wine Girl,” published afew months ago. Forall the harrowing Is More Bitter Than Sweet experiences she details,Ms. James told me she wassureifshe were Black the storywould be worse. “I can’t begin to fathom what Black THE CONVERSATIONS I’vehad with Thewordmaster is widely associ- asked her.Atthe Brooklyn shop As the lone Black tasting room as- women go through,” she said. women in the wine world in recent ated with the historyofslavery in Good Wine,owner Heather Johnston sociateattwo Napa Valley wineries ForJahdé Marley, aBlack,Brook- weeks have been unlikeany I’vehad the U.S. “I kind of thought it wasa oftenfound she wasignored alto- in 2018-19,J’nai Gaither gotques- lyn-based sales representativefor in the course of reporting this col- joke…and it wasn’t,” she continued. gether.When Ms.Johnston, who is tions from customersnone of her importer and distributor Indie Win- umn. As the women, mostly Black “They stuck with this rule fortwo Black,bought the businessin2015, colleagues had to deal with. There eries,the solution has been to create women, Italked with spokeoftheir days and it literally crushed me.” she kept an existing salesperson, a wasthe guest who asked Ms. aworld in which she chooses to struggles to find aplaceinrestau- Membersofthe Court have criti- whiteman, on staff.When sales reps Gaither howshe knewabout Bur- work.“My account runisfilled with rants, retail or winerytasting rooms, cized the organization’sfailureto visited they presumed her employee gundy because,henoted, “Burgundy women and women of color and LG- they described environmentsrife commit publicly to fostering equity wasincharge.“Fiftypercent of the is expensive.” Another derailed a BTQpeople,” she said, referring to with discrimination and abuse. and inclusivenessinits programs time they just talked to him. It was tour.“Iwas explaining what [the the restaurant and retail clientsto While forme, wine connotes feelings and in the hospitality industryin likeIwasn’t there,” she recalled. winery] looked likeinthe 19th cen- whom she sells wine. of conviviality and warmth, it’sclear which it is so influential. Prominent Five yearson, Ms.Johnston has She took this routeafter ajob at a mine is aprivileged viewpoint. membersBrian McClintic, owner of built astrong businesswith aloyal, morecorporatecompanywhereher When Iobserved as much to At- Napa-based Viticole Wine Club (and diverse clientele,but she still experi- ‘I don’twant to be the (white, male) bossregularly berated lanta-based sommelier Tahiirah star of the “SOMM” documentaries), ences what she called microaggres- person in charge of her about the hair productsshe Habibi, she explained that her expe- and Nate Ready,winemaker and an sions.“Sometimes youquestion used. Ms.Marley wantstowork in a rienceasaBlack woman in the wine owner of HiyuWine Farm in Oregon, what your earsare telling you,” she changing your company.’ placewhereenlightenment already world has been the opposite. “Wine resigned in letters published on so- said. Iheardabout plenty of macro- exists, with women and people of wasn’t meant forus,” she said. cial media, noting the Court’slong- aggressions as well. Ms.Johnston color in positions of power. “I don’t Ms.Habibi is among anumber of standing silenceonissues of racial oncetook part in atasting trip to tury, and she poked me with her fin- want to be the first. Idon’t want to wine professionals who have injustice. (According to Devon Bro- Germanyfor wine retailers, orga- gerand asked me if therewas slav- be the person in charge of changing pointed out issues of inequity in a glie, chairman of the Court of Mas- nized by the marketing organization eryinNapa,” Ms.Gaither recalled. It your company,” she said. powerful industryorganization, the terSommeliers, Americas,inJune, Wines of Germany. She wasthe only wassuch abizarrepivot, Ms. Idon’t pretend to have answers Court of Master Sommeliers. Two the organization officially resolved person of color in the group.While Gaither asked, “Why areyou asking on howbest to bring about change months agoshe posted an Instagram to stop using “master” alone or in they were all traveling in avan, one me about slavery?” Thewoman kept in the wine world. But Ican share video describing aCourt of Master conjunction with aname.) retailer remarked to another,“As repeating the question. these stories with readers. We often Sommelierstwo-daysession in New Likeother women Iinterviewed, soon as aBlack person walks in, I Even when she built arapport idealizethe businessofhospitality. York.“Thereare four instructors Ms.Habibi described racist and sex- just break out the Moscato.” (The with customers, some quickly Fortoo long that businesshas been and one of them says,‘In order to ist encountersduring her work in wine has been stereotypically asso- crossed aline.“They actually felt an often-inhospitable place. speak,you need to call her ‘master,’” restaurants. “Black people drink ciated with Black cultureafter fea- comfortable enough to use the ‘N’ Ms.Habibi said in her June 16 post. wine?” acustomer onceactually turing in some hip-hopsongs.) word,” said Ms.Gaither.And these  Email Lettie at [email protected].

SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES Ricotta,Summer Squash and Fresh Corn Pizza AIT) TR OR BEFORE THE PANDEMIC threw awrench thingsinterms of toppings,” Mr.Williams (P intothe plan, DouglassWilliams wasall set said. “It’sbalanced.” It’salso delicious,fin- to open his second restaurant in the Boston ished with generous hitsofblack pepper and area: APIZZA,anode to the crisp,thin-crust softherbs such as basil, mint and chives. HOEWELER style of pizza born one stateover. “NewHa- At APIZZA Mr.Williams will makethe MICHAEL

venpizza isn’t greasy,” Mr.Williams said. dough from scratch. But, at home,hesaid, “I ; KA

“Itscrust doesn’t getall flippity-floppity.” don’t want to wait awhole daytohave ST

The Chef Douglass NowAPIZZA is on track to open, though the pizza.” His solution: Buy aball from afavor- CHA Williams exact dateisyet to be determined. In his itepizza parlor.But will this recipe produce thirdSlowFood Fast recipe,the chef shares atrueNew Havenpie? “It’sprettymuch im- TRICE His Restaurants atasteofthingstocome. possible to do that without a650-degree BEA BY MIDA and soon-to- This saucelesspie comes topped with oven,” he said. “But it’sminimalist and has

open APIZZA, in summer squash, fresh corn, grated Parmesan rigidity.It’sasummer pizza,with the focus YLING the Boston area. and creamyricotta.“This is howwe’ll do on the vegetables.” —Kitty Greenwald ST OP PR

What He’s ANG,

Known For TotalTime 20 minutes 1. Preheatovento500 de- lops acrossdough, then use HO Masterful pastas Serves 4 grees. In amedium bowl, sea- the back of aspoon to flatten TYNA

and pizzas. Fresh son squash with salt,pepper and spread dollops.Season BY 1 flavor combinations. /2 yellowsummer squash, and 1tablespoon oil, and set liberally with pepper.Scatter Italian dishes as sliced very thin aside.Inasmall bowl, toss squash, corn and half the YLING ST 1 approachable as Kosher salt and freshly corn with salt and /2 table- herbs overthe dough, making OD they are elegant. ground pepper spoon oil. suretoppings don’t pile up. FO 3tablespoons oliveoil, plus 2. Dustpizza dough and work Finish with moreParmesan, a

morefor pan surfaceliberally with flour. drizzle of oliveoil, salt and JOURNAL, 1 /4 cup corn kernels,freshly Starting at center of ball, morepepper. REET

cut offthe cob stretchdough to form a14- 4. Transferbaking sheet with ST All-purpose flour,for inch circle,evenly thin across pizza to bottom rack of oven. LL dusting and abit thicker at edges. Bake until crustbrowns,base WA THE

1(8-ounce) pizza dough ball, 3. Brush an inverted baking crisps and cheese bubbles, R room temperature sheet with oliveoil and place about 7minutes. FO

1 ANG /4 cup freshly grated the stretcheddough on top. 5. Carefully remove hotpizza Parmesan Drizzle dough with oliveoil, from ovenand topwith more HU Parmesan, herbs and adrizzle

5tablespoons ricotta cheese season lightly with salt and JENNY 1 /4 cup mixed soft herbs,such sprinkle liberally with Parme- of oliveoil. Serveimmediately EASY AS PIE Notone of those overachievers who spentthe quarantine as basil, mint and chives san. Distributericotta in dol- with acrisp summer salad. mastering dough from scratch? Simply buy aball at your local pizzeria. P2JW235000-4-D00700-17FEEF7178F

THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | D7 EATING & DRINKING

IN MY KITCHEN MoonlynnTsai

The New Yo rk restaurateur shares favorite ingredients for flavor and health, and why her cooking is always about community

ARLIER THIS MONTH, Moonlynn Tsai, co-owner and operator of the Malaysian cafe Kopitiam, in Manhattan’s Chinatown, achieved a major mile- stone. The Heart of Dinner #LovingChinatown E initiative that she launched with her romantic partner, Yin Chang, at the beginning of April exceeded its goal of donating 20,000 meals a week to homebound Chi- nese seniors across three boroughs of New York City. Ms.Tsai spends her dayoff at the organization’stemporary

headquarters. Therest of the week,you’ll find her nearby,at JOURNAL the restaurant or prepping forclientswho hireher as aprivate REET

chef.This has become her schedule sincethe pandemic hit; it’s ST

kept her busier than ever and leavesher without time to cook LL at home everynight as she did before. “I’veactually never or- WA THE

dered deliveryasmuch as Idonow,” she said when we caught R

up with her over the phone.She somehowfound the time to FO U

talk about what went on in her kitchen B.C. (BeforeCovid) and LA her stash of ingredientsthat makeeverything tastebetter. ALEX

My cooking mentorsare: my notmuch flavortoit, so you PACK AT IT Above:Ms. Tsai in the kitchen whereshe prepares mom and my grandma. My cantossitintoall sorts of sa- meals forNew York City seniors. Below, lefttoright: NYrture mom’s so greatabout using vory dishes and use it almost NewYork Natto; driedlongan, goji berries and lotus bulbs in her the minimum of ingredients to as anoodle,oryou canturn it pantry;EclipsexMoonlynn Tsai Oolong Milk Teaice cream. come up with avery, very aro- into dessert. Ialwayshave matic,flavorful dish. She somegoji berries and dried ing to have someafter.” And founderstalk about their start- makes her ownvariations on longan fruit on hand. And alot we did, and we were so happy. ups and their journeys and alot of very traditional Tai- of tea. Yin and Iare both tea howtheygot to wherethey wanese meals.Also she is fanatics,especially oolong tea. The music Ilistentowhen gotisveryinspiring. very much into traditional Chi- I’mcooking is: silence. When nese medicine,soIlearned a Atypical breakfastfor me is: I’mcooking alone and it’s quiet, If Iweren’t arestaurateur I’d anditpairssowell with rice. lotabout thatfromher.Then furikakeoverriceand some it’s actually the time whereI be: acounselor forhigh school Everyone getsexcited about my grandma is hands-down natto. Another breakfastIdois get to decompress. When Yin kids.Ireally wanted to be one. the crunchiness—preserved the bestcook I’ve ever met. ayogurt bowl—like, yogurt, and Iare together,we’ll put on And Ithink that’swhy Irun my daikon is an underexplored The market plays areally big peanut butter, goji berries and apodcast. It’s kind of like businesses the way Ido—with food item. Iusually takeit part in hercooking. She lives fruits. It’s so versatile. you’re learning at the same ahuge focus on mentorship. back into home cooking when acrossthe street from an time,oryou’re able to go I’mcooking forfriends.Most open-air market in Taiwan, so On weeknights, it’s usually: somewhereelse.Our favorite When Icook forother people of the people Ihang out with when we usedtovisit her for purple multigrain riceinthe podcast, “Terrible,Thanksfor Iliketomake: shabu-shabu, areinthe industry, and we eat months at atime she would pot. Yesterday Igot asalmon Asking” [in which people share because it'sveryinteractive, restaurantfood all the time. go to the market forevery steak,and youjustlightly salt the truth about howthey’re and everyone getstoeat what We really missthatconnec- single meal and seewhich it,pan-fryit, put it overthe doing], is really sad, but it’s theywantand still feel like tion of ahome-cooked meal, stall had the bestpork,best multigrain rice. Cutupanavo- also very uplifting. Youjustfeel they’re part of the community whatour parents would make. eggs and whatnot. Each meal cado and some cucumbers, and like, OK,you belong. “HowI of everyone around them. I —Edited from an interview was, like, nine courses,but she it’s agreat ricebowl. You’ve got Built This” is another favorite, also love making braisedpork by CharlotteDruckman wassofast. very neutral flavor, but this in- your protein and your veggies because Ilove entrepreneurial- ribs.And there’sthis Taiwan- gredientisverygood fordiabe- and everything. I’malso ahuge type things—that’swheremy ese omelet dish: It’s eggs,it’s  Find arecipe forTaiwanese The most important pieceof tesand insomnia. The bulbs fanofsoups.Mypersonal fa- brain goes.Listening to these pickleddaikon, it’s scallions, tomato eggatwsj.com/food. kitchen wisdom Ieverre- usually come dehydrated, so voriteisaTaiwanese oxtail ceived was: from my mom. youjustrehydrate them and stewthatIlearned from my She said, “You don’t have to sauté with alittle bit of garlic. mom. Iwould liken it to how use 10,000 ingredients fora Rightnow,inmyfreezer Ihave everyhome has avariation on dish.” Youcan let the produce 6pints of the Oolong Milk Tea chicken noodle soup: Thatis shine,the meatshine,using icecream, my collaboration kind of whatthe Taiwanese ox- the leastamounttomakethat with [plant-basedice cream tail stewis. It’s very simple:ox- happen. It’s really carriedon brand] Eclipse.It’safairly new tail, cabbage,tomatoes,carrots, through my cooking style. company, doing alimited-edi- celery, and youcan add in pota- tion series forcharity, and they toes if youlike. My mom My refrigeratorisalways heardabout HeartofDinner. makesitlikethat. And then, stocked with: natto(Japanese Theyasked me if Iwould like because Ilove citrus,I’ll add fermentedsoybeans). Have to collaboratewith their ice wedges of lemon, and it gives youheardofNYrtureNew York cream maker in SanFrancisco. it thatextra tingle. Natto? It’s amazing, and Ilike It’s so good it makesmeforget thatit’snot frozenand it’s it’s notreal icecream. On days off: I’mcooking for handmade in Brooklyn. I’mob- the elderly we feed through sessedwith yuzu too. Ihave Afood Icould happily have HeartofDinner.When we first this yuzu kosho [condiment] every dayofmylifeis: sushi. started,itwas justYin and me. and also astraight-up yuzu But if you‘re asking whatkind It wasveryimportant forusto NeverMiss AStory, juiceIlove drizzling in every- of sushi, that’salittle moredif- makesurethe meals were cul- thing. And lotus bulbs:It’sa ficult.Asashimi bowl overrice, turally appropriate—something with avocado on the side?I our grandparents made forus StyleorTrend. could have thatevery day. or whatwewould have made forour grandparents. We make In my pantry, Ialways have: surethatit’slow sodium, low items Ican use to add depth oil, notfried, lowsugar,justbe- to adish. I’magranola fiend, cause therecan be alot of so Ialwayshave sometype of health issues when you’re alit- granola. Furikake[Japanese tle older.One of the favorite seasoning mix]goes so easy meals thatwemade is tomato with everything. Ialwayshave egg[stir-fry],which is very whitewood ear fungus.It nostalgic all acrossthe Asian makes areally greatsmoothie diaspora, with aside of sau- because it’s gotalot of colla- téed veggies,overabed of gen, and it’s really good for multigrain porridge.Itwas so you. If yourehydrate it,there’s good. We went,“Ooh, we’rego-

POWER TOOL Raise Your Shell Game Oystersand beersmakeaneasy pairing; opening them should be, too. Enterthis double-dutytool

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D8 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. DESIGN & DECORATING ) (DRINKS JOURNAL REET ST LL WA MIN/THE RA TIN MAR F. CITY); ARK WIND BREAKER In his SanFrancisco garden, landscape architectBrian Koch, owner of TerraFerma Landscapes,erected apergola with weighteddrapes thatcan be drawntoblock the breeze. (P TO

“When youeliminate wind from anyoutdoor space, it drives up the warmth,” he said. The heat from aventlessnatural gas fireplacegets pushed out frontinstead of escaping up achimney. OT

goods site Perigold are up 72% MEREIN/ RO

See You in year over year. Eight of the nine A

fire pits that Martha Stewart re- LIS );

leased through Wayfair this CO November spring—in styles from faux field- ANCIS

stone to black powder-coated FR ContinuedfrompageD1 steel—have sold out. N (SA

God, this is amazing,’” she said of One potential inspiration for Y RT

the embracing jelly-bean-shaped families who have reallocated eat- KO A

settee, which plugsintoanoutlet ing-out budgets to outfitting their EJ

on the patio of her home near the backyard hangs: the al fresco din- KA Sea Cliff neighborhood. “It’smy ing arrangements of high-altitude BY

saving gracefor this outside Covid restaurateurs. At the outdoor ta- YLING living we’rehaving to do.” bles at French Alpine Bistro in As- ST LosAngeles designer Martyn pen, Colo., guests sit on chairs

LawrenceBullardlays radiant un- draped with fleecy faux sheep JOURNAL, derfloor heating in patio projects, pelts. On hand: creamy woolen REET

which “really does giveyou the throws ready to cosset folks enjoy- ST sense of being heated all over.” For ing Gruyere fondue by the light of LL aless-involved solution,Janice hurricane candles. “We actually WA THE

Parker,alandscape architect in seat people there every single R Greenwich, Conn., unfurls plug-in night in the winter unless it’s re- FO

heat matsmade to melt snowand ally minus 25,” said the bistro’s HALE iceonwalkways, then hides them Austrian-born owner, Karin Derly. “Historically speaking,” she added, ALANNA outdoor restaurant dining “goes TEDDY BEARS’ PICNIC Fuzzy pelts and a fire feature make for an inviting scene on the frigid deck of a winter Hide plug­in mats, made back to the Spanish flu. They home in Park City, Utah, designed by Oz Architects, out of Scottsdale, Ariz. thought about it in 1918 for the to melt ice on walkways, very same reasons we think about hind main seating areas,Mr. Bull- structureisfringed with Pottery sooner this time of the year.” Ms. under outdoor rugs. it now—to extend the space in the ardcenters“art” with ahidden Barn outdoor drapes weighted at Parker noted the need to see each streets of Paris.” agenda: Custom infrared-heated the hem and hung on acable sys- other and moveabout the yard On her 750-square-foot roof deck wall panels by Art of Heat look like temthat candrawthe curtains in a freely as the days grow shorter. in Brooklyn Heights, designer Lau- paintingsand take up zero real es- dash. “When youeliminatewind “My favoriteoption forentertain- under outdoor rugs. To apply the rie Blumenfeld-Russo and her hus- tate.He’ll roll out an outdoor rug from anyoutdoor spaceitdrives ing is portable LED lanterns.Bring same strategytoyour furniture, band enjoysocially distant dinners forunderfoot comfort and toss up the warmth,” said Mr.Koch. Lin- them with youthroughout the gar- she suggestsheated stadium cush- with friends at their sapele-wood blanketsand performance-fabric ing one fence: an Italian sandstone den, set them on atable or hang ions.“Iknowthey’renot gorgeous, dining table.The couple plans to velvet pillowsonthe furniture. It’s fireplacepoweredwith natural gas. them in the trees.” but youcan put your slipcovers use the deck through winter,rely- all part of a“tactile experience,” he Because it’sventless, he said, “heat, Even swapping out exterior right back over them,” she said. ing on outdoor heaterstucked un- said, that gives the spaceamore instead of traveling up achimney, bulbs foraesthetically “warmer” The pandemic appears to be der their pergola. Though her hus- autumnal feel. travels outward toward folks gath- versions canmakeasitting area boosting demand for warmth on band finds them toohot to sit In SanFrancisco, wherethe av- ering around the fire.” moresnug,said Heather Trilling,a the patio, whether at the end of an beneath, Ms.Blumenfeld-Russo de- erageDecember lowis46degrees, Mr.Koch also mounted strip LED landscape designer in LosAngeles. electrical cord or a fire poker. Gal- scribes her attitude as full-on “fry landscape architect Brian Koch of lighting under the living area’s She recommends the amber hues of anter & Jones typically enjoys 20% me likeanegg.” TerraFerma Landscapes recently stone platform. An app letshim bulbs with alowerKelvin rating, year-over-year growth in sales; in Approaching cold frontsare in- erected a12-feet-by-20-feet pergola dim the lightsorchangetheir hue between 2700K and 3000K.The 2020, it’s seen a spike of 37% over spiring designerstolayer outdoor in his ownbackyard,its galvanized entirely,which creates “a cozy and softglow, she said, makes it feel 2019. Searches for “outdoor fire- rooms with accessories nearly as steelframe clad in clear western warm room within alarger “likeyou aresitting around a places” and “fire pits” on home- cozily as interior ones.Onwalls be- cedar (shown above, top). The yard…especially as evening comes campfireroasting marshmallows.”

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THE WALL STREET JOURNAL. **** Saturday/Sunday, August22-23, 2020 | D9 GEAR & GADGETS

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OwlCrate Jr. Each themed reading boxincludes anew novel, afew shorter reads and playful add-ons likebookmarks, buttons and toys. $156 plus ship- ping for6months, owlcrate.com

Little Passports With avari- etyofage-appropriate sub- Make Yo ur Home Work scription boxes, kids canlearn aboutdinosaurs, be introduced to STEM skills or discovernew countries. From $191 for12 months,littlepassports.com How to set up your kids—and their ‘classroom’—for asmarterremote­learning experience

BY SAL VAGLICA to fourth-graders. It canalso host a BeforeCovid-19,the unwritten firm. If your child already nabs your sponsible to keep them charged. roll of drawing paper or tilt up fora rule wastowait until your offspring iPhone to take selfies,working with Skip the urge to paint the walls HIS SPRING, when moreergonomic writing position. reached eighth grade beforeequip- a10.2-inch iPad (from $329; ap- surrounding the desk in “stimulat- schools were closing Youcan improveonthe kitchen ping them with smartphones.Ex- ple.com) makes the most sense and ing” colors, said Dr.Schenke. In- faster than dominoes chair that leftyour child’sfeet dan- pertsagree,however, that parents most kids find it moreintuitivethan stead, encouragestudentstodeco- toppling,manyparents gling in the spring.Look foranap- should giveolder remotelearners amouse and keyboard. Bundled in rate with their ownartwork and T did their best to cobble propriately scaled seat that letskids greater latitude with text andvideo an operating system both youand projects—the sort of decoration together amakeshiftclassroom at support their posturewith their chat—under supervision—tolet your kid already know, itsfront- and you’dnormally see on parent- the kitchen table.Anold laptop. legs. For5-year-olds and up,the them interact with peers. Foryoun- rear-facing cameras let children in- teacher night. Another cue to take Hand-me-down headphones.Broken LakeshoreLearning Materials Flex- gerones,parentsmay have to step teract with teachersand classmates. from the classroom? Cubbies.They Crayolas.Now,asmanystatesex- SpaceErgoBounceCantilever Chair If youneed adevice with multiple keep the spacetidy and help stu- tend remotelearning intofall, it’s (from $119, lakeshorelearning.com) accounts—for sharing among multi- dentsget intoaroutine and develop arguably worth it to invest in better comes in varied heightswith aflexi- ple students—the also-intuitive responsibility when it comes to find- tech and intact crayons—the tools ble frame to let studentssit forward, Like adults, when kids Google PixelSlate (from $499, ing and returning books and blocks. your kids need to stay engaged with sidewaysand even bop up and have an ergonomic desk store.google.com) hostsseparate The3-foot-tall ECR4Kids 10 Cubby classmates and the curriculum. down, without destroying the floors. setup, they’ll feel more profiles that youcan customizewith School StorageCabinet ($193, sta- While youneedn’t devoteahome “There’sabit of abouncewhich may apps and parental controls. ples.com) is built on rolling casters, officetoremotelearning,some sort increase comfort,” said Dr.Felt. comfortable and find it Headphones canreally help keep making it easier to moveaside dur- of dedicated spacewithin parental Have achair that’sthe right size, easier to focus. the peaceinashared living/learning ing dinner.Punch up the color by viewhelps foster the routine areal but toohardfor kids to sit in with- space. Forstudents10and younger, filling it with bright bins. classroom provides.“If your student out squirming? TheGaiam Kids Bal- or those who aren’t particularly Anew school year is liable to is prone to distraction they might anceCushion Jr. ($20, gaiam.com) is tech-savvy, stick with atraditional fuel anxiety in the best of times,for need adisciplinaryeye cast over a13-inch-wide,nubby,inflatable disc in to help set up virtual playdates. plug-in headset—no Bluetooth set- both parentsand students. But the them,” said Laurel Felt, Ph.D., that convertsastatic seat intoan “Itcan help ward off this sense of tingstofusswith. Thechild-sized expertsagree: Focus on making founder of Our Powerful Play,which activeone,helping studentsfocus mourning brought on by not seeing JBL JR300 ($25, jbl.com) is alight- sureyour children’ssocial skills helps families de-stressthrough co- by creating an outlet forwiggling. classmates,” said Dr.Felt. weight option with clear sound and keep developing and worryless play. Likeadults, when kids have an Fidgeting doesn’t have to be neg- Manydistrictsare supplying tab- acushioned on-ear design. Forstu- about the academics.“We knowso- ION) ergonomic desk setup,they’ll feel ative. It'sbeen proven that move- letsorlaptops forremotelearning, dentsmorecomfortable with over- cial-emotional skills arefoundations AT

TR morecomfortable and find it easier ment helps most kids maintain fo- but that doesn’t mean they’reeasy the-ear models,try JLab’sAudio to learning,” said Dr.Schenke. Don’t US to focus.Thanks to the four wing cus.Pick up fidget toys alacarteor to use.For elementary-agestudents, JBuddies Studio kids headphones kick yourself,orteachers, if it’sdif- (ILL

OD nutsonthe adjustable IKEA Flisati buy apack likethe National Autism stick with amorefamiliar touch- ($20, jlabaudio.com).Both JBL and ficult to adjust at first. Alittle sum- ($80, ikea.com),the desk cangrow ResourcesFidget Set ($50; national- screen experience, said Katerina JLabs makeBluetooth versions for mer hangover is inevitable,but MCLE 7 as kids do,from20 /8inches to 28 autismresources.com) with 13 differ- Schenke, Ph.D., founder of Katalyst older studentswho canhandle pair- soon they’ll be the ones shushing GAN ent kinds of sensorytoys. Methods, an education research ing devices,and aresufficiently re- youwhile on avideo call.

KA inches,accommodating most first-

IT’S IN THE BAG Above: Xscape Pods come OWN IT Clockwise from left: Osprey’sFarpoint with all you need in the wild. Right: Arrive TravelPack 55;Therm-a-RestNeoAir Topo Luxe Outdoors offers full kits and a la carte options Sleeping Pad, Agnes Salt CreekSL3 tent.

FOR FAIRWEATHER campers, buy- via FedEx.All of the gear in one of SOMETIMES THOUGH,you want to Salt Creek SL3 tent ($350, big- ing—not to mention storing and Arrive’scamping setups,including a be able to answerthe call of the wild agnes.com) on short backpacking maintaining—a suiteofcamping Marmot Limestone tent, Nemo RENT THIS /BUY THAT on the firstring; forthat, it helps to treks,while occasional carcampers gear forthose two glorious week- sleeping bagsand Yeti cooler would have equipment that’sstill useful canset it up without frustration. ends under the starseach year is a set youback morethan $1,000 re- when it’snot out in the woods. And because one can’t liveon questionable investment. Rather tail, but canbehad for$130 aday Howto Osprey’s Farpoint Travel Pack 55 campfiretoasted marshmallows than hitting up your moreoutdoorsy forfour people.When youget home, ($180, osprey.com) combines a40- alone,consider the GasOne Spyder friends forloaner gear,look to shakeitout and send it back with liter backpack with sleeping pad ($50, gasone.com),an8,000 BTU outfitterslikeArriveOutdoors the prepaid shipping label. Camp If straps and aremovable 15-liter single burner butane stovethat and Xscape Pod, which offer on- Rent Xscape Pod’smodel is similar: daypack,compact enough to be Buy folds down intoathermos-sized line rentals and expressdelivery $229 gets apair of backpackersa You’re Not practical foryear-round use. package. Deployedtentside,it of high-end, fastidiously maintained three-dayrental, including Osprey Therm-a-Rest’snew NeoAir Topo treatsyou to morning coffee or an backpacking and car-camping gear. 65-liter packs,Big Agnes tentsand APack Rat Luxe Sleeping Pad (from $145, ther- evening pot of chili. And given its ArriveOutdoorsfocuses on dab- sleeping bagsand MSR cooking marest.com) clocks in at just under stylish design (it comes in shades of blers“who maybeconsidering a gear.While backpacking-gear rent- apound and ahalf,but inflates to 4 orangeorblue reminiscent of the camping or ski trip forthe firsttime als made up just 10% of Xscape Pod’s Notall ‘essential’ inches thick—cushyenough to serve classic Ford GT), youwon’t hesitate and not be entirely surewhat kind businessin2019,that figure jumped equipmentdeservesa as an air mattressfor unexpected to break it out back in civilization of gear they’ll need,” said founder to morethan 50% this year,said guests, but insulated enough to keep when your stoveisfull come Rachelle Snyder.Along with ala CEO Nick Parrish: “Wethink this permanentspotin youcozyoutdoors, even when the Thanksgiving and youneed aspare carteoptions,Arriveofferscomplete speaks to the desiretonot only get your garage ground turnscool. Anyone caneas- burner.Then youcan regale your camping and backpacking setsfor outside,but to socially distanceas ily carryBig Agnes’ssimple,5- pod with tales of your camping ad- one,two or four people,delivered much as possible.” pound, three-person, three-season ventures. —Matthew Kronsberg P2JW235000-4-D01000-1------XA

D10 | Saturday/Sunday, August22-23, 2020 **** THE WALL STREET JOURNAL. GEAR & GADGETS

holeshot acceleration, delta-v is proportional to the percentage of vehicle weight that can be slung over the rear wheels. With the en- gine up front, the C7 was weight- transfer limited. It could have had a million horsepower and it wouldn’t get any quicker. Between itsshort-geared, launch- perfecting DCTand the chassis’s squat-thrust under load, the C8 is a palpable 1.1 seconds quicker to 60 mph on itsway to a ¼-mile ticket of 11.2 seconds,according to the brand.

I couldn’t be more swept off my feet if GM’s CEO Mary Barra knocked on my door, offering to VETTING PROCESS The long, mow my lawn. iconic hood maybegone,but the mid-engine Z51 rivals the speed of much pricier Ferraris. OLET Forreference, MotorTrend found that the Z51’sperformancenumbers CHEVR match those of current Porsche 911 RUMBLE SEAT / DANNEIL CarreraSalmost exactly. So howisC8not perfect? There- flections of the tanleather interior on the windshield made our tester just about hazardous; something 2020 CorvetteStingray: must be done about that. In various waysthe carfelt constrained, seem- ingly in the effort to maintain head- room formorepotent variants. The America’sSupercarRemade engine rev-limiter/fuel cutoff point seems set artificially low(6,450 rpm). As Iwhomped through four muffled, robotic upshifts,the Sting- OMG. The 2020 Chevrolet Corvette Main Street seems to likeit. On compared with moving from the pi- areboth shorter and straighter,re- raymechanism sounded likeitwas Stingray Z51 is fantastic. I don’t Saturday, my neighbor rented an in- lot’sseat to the nose-gunner posi- ducing back pressure. Between this short shifting,awail interrupted. think I can take many more sur- flatable waterslide forhis kid’s tion in aB-17Flying Fortress. How- and that, the LT2’soutput is While it has afully adjustable sus- prises this year. birthday. By the time Iparked the ever much quicker theC8isaround bumped 35 hp,to495 hp (withthe pension, the Z51 comes out of the Theeighth generation of Amer- Z51—a performanceupgrade pack- agiven road course,credit some Z51 exhaust) and 470lb-ftoftorque. boxwith some friendly and progres- ica’sSportsCar since1953,and the agethat includes athroatier,two- part to the driver being able to see Of course, those few ponies do siveundersteer dialed in. firsttoput the engine behind the stageexhaust system—eight wetlit- through the corners. not account for the C8’s leap in Isuppose the C8 could be accused driver,the “C8” Stingray ($58,900 tle kids were dancing on the hot Afteryearsoftaking grief for quickness over C7, especially con- of excessiverefinement, to the point base price, $82,925,astested) is asphalt around the car, eyes wide. chintzy interiors, the C8’sdesign sidering the new car weighs about of not being recognizably aCor- quick,it’sslick,itlooks likemyse- Throughout my week with the team, and their accountants, seem 100 pounds more. What makes the vette. With the V8 behind itsoccu- cret anime avatar on theoutside Stingray—oursenameled in astun- out to provesomething.It’slikea C8 quicker is its weight distribu- pants, so tooismuch of the aural and some impossible,blue-skycon- ning tobacco-brownmetallic with leather-upholstered jigsawpuzzle tion, an ass-heavy 40/60, front/ drama. An unprecedented, Lexus- cept caronthe inside.The hand- black-and-tan interior—admirers in there. Thecabin gleams with rear, compared with the previous likesophistication inhabitsthe wrapped leather interior included in have engaged on the ontologyof pewter-likeaccentsframing the ratio of about 50/50. adaptivesuspension, the pillowed the 3LTpackage($11,950) rivals Corvette-ness. Morethan afew have switches,screens,and blade-thin Here we arrive at the casus belli upshifts,the muted cabin ambience. anything in Lambo’s supply chain. I mused that “It doesn’t look likea HVAC vents. Thedriveselector is of the entire program: 0-60 mph. But don’t worry: If youforgetit’s couldn’t be moretaken off my feet Corvette to me,” offered as acompli- an elegant switchset reminiscent of In the first critical milliseconds of aCorvette,people will remind you. if GM CEO MaryBarraknocked on ment or put-down. Dude,Ican’t ac- the Fisker Karma. Thedrive-mode my door,offering to mowmylawn. count foryour apriori,but if that selector lives under itsown, hand- TheC8isnot perfect; later on I’ll doesn’t look likeyour idea of aCor- some leather hillock,apalm rest. 2020 CHEVROLET CORVETTE STINGRAY Z51 3LT sayhow.But firstlet’scelebratethe vette, it really ought to. Thehigh-rez touch screen and con- W. Agratefulnation says,Boo-yah. What folks are seeing is the nected digital UX is current, easy Base Price $58,900 It maystrain diplomatic rela- Stingray’s unfamiliar front-axle-to- to reach and read. Wherehas this Price, as Tested $82,925 tions with Italy,however. Built on a dash distance, i.e., the short hood. GM been all my life? Powerand Drivetrain Naturally aspi- spaceframe of aluminum extrusions In the C8 the seats, and the glass If youmissthe old Corvette,have rated6.2-liter direct-injection OHV and diecast chassis nodes; canopy along with them, have alook at the engine bay, under the V8;eight-speed twin-clutch transmis- shrouded with compositeand alu- been moved forward 16.5 inches, transparency. See the redvalvecov- sion with manual-shiftmode and minum body panels; poised over relative to the wheelbase. ers? That’sthe latest version of the paddle shifters;rear-wheel drive aluminum double-A arms with coil- This changes everything.Sitting GM’ssmallblock V8,the LT2—anat- Horsepower/Torque 495hpat6,450 over magnetic dampers; and cogged in the C7,the driver looks over the urally aspirated6.2 liter,dry-sump rpm/470 lb-ftat5,150 rpm with adual-clutch transaxle (DCT), instrument binnacle and past along lubricated, pushrod-actuated firebox Length/Width/Height/Wheelbase the Stingray’s anatomyresembles hood. In the C8,one looks down with 4-into-1exhaust manifolds like 182.3/76.1/48.6/107.2 inches that of the Ferrari 488 GTB and out, with the roof pillarsal- abundle of aluminum snakes.That Curb Weight 3,622pounds ($330,000). The488 is more most peripheral. Thefrunk lid falls Klingon-forehead thing on topisthe 0-60mph 2.8seconds power-dense and prettier,for sure. away likeawaterslide; thepedals capacious intakemanifold with EPAFuel Economy 15/27/19mpg But, taking all thingsinbalance, the arebetween the front wheels.The equal-length runners. Because the CargoVolume 4.0/8.6cu. ft,frunk/ Chevybeatsthe snot out of it. differenceinvisibility might be engine is nowaft,the exhaust runs trunk

THAT’SDEBATABLE Can the Over‑30 Crowd Safely Ignore TikTok?

TIKTOK, A SKYROCKETING app WITH ITS SIMPLE interface and YES favored by Gen Zand designed to NO algorithm that tailors content to showcase short-form mobile vid- each user’s tastes, TikTok has be- eos,has amassed 80 million active come a crucial time-killer for usersinthe U.S. Still, manyinthe 30-and-over Americans stuck at home. And, lately, the crowd saythey simply don’t have the time or app is particularly attracting older genera- will formoresocial media. “That’sstressI tions, who grew up posting selfies but don’t need in my life,” said writer Louis Peitz- weren’t initially ready for the pivot to video. man, 33,who has morethan 68,000 Twitter According to Comscore, this spring TikTok followers.“Instagram is soul-sucking enough.” saw a steep increase among 35- to 44-year- Especially viral TikToks—like pranks, olds, while use among 18- to 24-year-olds dance challenges and messy science experi- dropped. And today the #Over30 hashtag ments—migrate to other social platforms has more than 7 billion views. anyway. And earlier this month, Instagram “TikTok aged up fast thanks to quarantine,” debuted Reels, a feature that lets you layer said Evan Horowitz,39, CEO of creativestudio sounds and other TikTok-like effects onto Movers+Shakers, which spearheaded the most 15-second video snippets. viral U.S. campaign in TikTok’shistoryfor e.l.f. Emily Schuman, 37,the lifestyle bloggerbe- Cosmetics last year.“What’salso helped is hind Cupcakes and Cashmere, chose not to that it’strendy to makeaTikTok with your moveher content to TikTok,sticking with her parentsorgrandparents, so that has brought half-million Instagram followers.“TikTok feels them intothe TikTok world at afaster rate.” ageist,” she said, adding that ameme sealed Dentist Tim McNeely,47, initially joined the the deal forher.“It read, ‘Ifyou’reold enough app on adarebeforerising to fame as the to use eyecream, you’retoo old forTikTok.’” “Dancing Dentist.” He nowboasts1.9 million ManyBoomersciteprivacyconcerns as rea- followers and said his practicehas growndue son to shun the app,which wasdeveloped in to TikTok.“In the beginning,therewerecom- Chinaand canaccesspersonal data—though mentslike, ‘Westan,’which scared me,” he no morethan other social platforms.Others said “I deleted the videos until my daughter see downloading TikTok as adesperateat- informed me that ‘stan’ is acompliment.” tempt to reclaim one’syouth. “Anyone over 30 TikTok fans see the app as an alternative dancing likeateenager looks stupid,” said en- to Instagram’s polished aesthetic, Twitter’s trepreneur Hannah Lockhart, 35.“Do the snark and Facebook’s overly mass sensibil- world afavor and leave TikTok to the kids.” ity. They describe the platform as raw and Thekids tend to agree.This spring,Maya authentic with something for users of all Lepadatu, 17—the forcebehind aTikTok mock- ages, from recipes and fitness programs to ing millennials who use wordslike“adulting” makeup tips and even therapy. and loveavocado toast—sawitgoviral. In the “Being amillennial on the app felt strange clip,she joked, “I personally do not want to be at firstbecause Ilanded just beforethe COVID

OL associated with people who still think Harry boom,” said TikTok star creator Brian Moller, NK

KO Potter movies areapersonality trait.” Millen- 32. “But nowitjust feels likewe’reall there N nials later lobbied adefense—on Twitter. doing weirdstuff together.” —Allison Duncan BE

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