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What’s Pelosi Sets Vote on Trump Removal News House bill to demand Penceinvoke25th Amendment, with a &Finance threatofimpeachment

mazon, and WASHINGTON—House Aother companies are Speaker NancyPelosi said the using artificial intelligence House will movetoimpeach to decide whether it makes President Trump as soon as economic sense to process this week if Vice President Mike areturn of merchandise. A1 Penceand the cabinet don’t act to strip him of his powers over  U.S. investors have the riot at the U.S. Capitol. borne the brunt of aTrump executive order that was meant to hit the Chinese By Andrew Restuccia, military by curtailing ac- Brent Kendall and Siobhan Hughes cess to American dollars. B1 GES

 Beijing hit back against IMA Mrs. Pelosi, in aletterto recent U.S. curbs targeting

GETTY House colleagues,wrote that Chinese companies, saying

SE/ DemocratsonMondaywill first it plans to ban Chinese firms introducearesolution calling and citizens from complying forthe vicepresident to use with foreign laws and sanc- ANCE-PRES the25th Amendment to the

tions it deems unjustified. A18 FR Constitution to removeMr.

 Investorsare showing signs ENCE Trump from office. Theresolu- of increasing exuberance, AG tion would come to avoteby S/ reflecting optimism about a Tuesday. If it is approved and vaccine-fueled global recovery Mr.Pencedoesn’t act to re-

and the changed economics of O-REYNOLD moveMr. Trump from office the post-coronavirus world. B1 within 24 hours, the House will proceed to impeachment, Mrs.  Achip shortage that has CABALLER Pelosi wrote. disrupted vehicle produc- PleaseturntopageA6 tion elsewhere is reaching the U.S., stifling output for ANDREW Capitol Police stand at attention during the procession Sunday for their colleague, Brian Sicknick, who died Thurs-  Companies suspend political major car companies. B1 day night from injuries he suffered while responding to the pro-Trump mob who attacked the Capitol on Wednesday. funding...... A4  Chinese electric-vehicle startup NIO unveiled its fourth production model as it prepares for a chal- One Man’sDescent IntoMob Big Tech Firms Flex lenge from Tesla. B3  faces legal and businesschallenges even after That Breached the Capitol Muscle With Bans its$2.5billion agreement to end acriminal investigation intothe 737MAX debacle. B3 BY SARAH E. NEEDLEMAN Apple Inc., .com Inc. Doug Sweet’s arrest in the Washington riot has roots in unfounded AND GEORGIA WELLS andAlphabet Inc.’sGoogle also World-Wide took steps to boot ,aso- conspiracies and Confederate memorial protests ’s moves to cial-media app and website eject President Trump from so- that has growninpopularity  Speaker Pelosi said the BY M. PHILLIPS AND JENNIFER LEVITZ beat in the 2020 presidential cial media represent adisplay among conservatives—and House will to im- election. of powerthe companies have which some riotershad used to peach Trump this week if GWYNN’SISLAND,Va.—On Doug Sweet’s It didn’t matterthat no evidenceofwide- avoided making fornearly four promoteWednesday’sattack at Pence and the president’s firsttrip to the U.S. Capitol, as a13-year-old spread election fraud emerged, or that more years. NowTwitterInc., Face- the U.S. Capitol, according to cabinet don’t act to strip in 1975, he tilted his head back,gazed up at than 50 legal claims filed by the Trump cam- book Inc.and othersmust screenshotsviewedbyThe him of his powers over the the glistening whitedome and thought it was paign have been dismissed by courts. reckon with what comes . Journal. riot at the U.S. Capitol. A1 the most awesome thing he had ever seen. Mr.Sweet put his faith in Mr.Trump and In aspan of afew days, Theactions against Mr. On his second trip to the Capitol, he his allies,who forweeks had implored fol- Twitterand —Mr. Trump,aRepublican, and Par-  Silicon Valley’s moves to joined a mob of Trump supporters who lowers to rise up against the outcome of a Trump’smain social-media ler illustratemorestarkly than eject Trump from smashed their way into the seat of the U.S. national election they said wasrigged. megaphones—took action to si- ever thecompanies’ influence represent adisplayofpower Congress, and finished his visit handcuffed “He said, `Hey,Ineed my digital soldiers lencethe president’spersonal over conversation online—and the companies have avoided facedown on the floor. to showuponJanuary6,’” Mr.Sweet says of accountsoronline communities PleaseturntopageA4 making fornearly four years. The45-year journey between those two the president. “And we all did.” devoted to him, citing rules Now they must reckon visitswas marked by bright idealism and Themob that stormed the Capitol last prohibiting content that incites  Apple, Amazon move to with what comes next. A1 belief in dark conspiracies,byasolitaryex- PleaseturntopageA8 violence. They were joined by marginalize Parler...... A4  Apple and Amazon istenceand anewfound fraternity with companies such as Snap Inc.  underscores reach of halted support for Parler, those convinced thereisnoway JoeBiden  Rioters came from all walksoflife...... A6 and Inc. law shielding web firms...... B1 dealing a major blow to a social-media service that has soared in popularity among conservatives. A4 Maradona’s Search  JPMorgan is pausing all Under Way corporate political-action- Death Brings committeedonations to Re- For Jet’s publicans and Democratsfor More Devotion six months afterlast week’s Wreckage riot at the Capitol. A4 iii Indonesian navy divers  officials Soccer star’s on Sunday hold

pushed ’s top fed- GES wreckage from a

eral prosecutor to resign IMA disciples worship Sriwijaya Air flight before the Georgia runoffs carrying 62 people because Trump was upset GETTY

in his ‘church’ SE/ that crashed into the he wasn’t doing enough to Java Sea shortly after probe unproven claims of BY RYAN DUBE takeoff on Saturday. election fraud. A7 ANCE-PRES Authorities said they  Authorities believe they In cultures where soccer is FR believe they have

have identified the loca- almost areligion, it doesn’t ENCE identified the location

tion of the two black boxes take a leap of faith to join Ar- AG of the two so-called of the Sriwijaya Air jet that gentina’sChurch of Maradona, Y/ black boxes from the crashed into the Java Sea, which has elevated DiegoMar- BERR -500 jet.

carrying 62 people. A10 adona from soccerlegend to ADEK A10 higher power. Over two decades,church JOURNAL REPORT followers have spread to Bra- Investing in Funds:Our zil, , , and mind games with money. beyond, one founder said, and R1-8 RetailersSay Skip Returns of Unwanted Items they nownumber in the tens of thousands. Mr. Maradona’s CONTENTS Outlook...... A2 death in November from car- BY SUZANNE KAPNER cheaper to refund the pur- said Amit Sharma,chief execu- by mail,” Ms.Anderson, 38 Arts in Review... A13 Personal Journal A11-12 BusinessNews...... B3 Sports...... A14 diac arrest wasablowtofans, AND PAUL ZIOBRO chase priceand let customers tiveofNarvar Inc., which pro- yearsold, said. “It’sahassle to Crossword...... A14 Technology...... B4 especially those who deemed keep the products. cesses returns for retailers. pack up the boxand drop it at HeardonStreet..... B8 U.S. News...... A2-9 the socceridol worthyofwor- Retailershaveanew mes- Therelatively newap- Lorie Anderson of Vancou- the post officeorUPS.This Markets...... B8 Weather...... A14 ship. sagefor consumerslooking to proach, popularized by Ama- ver, Wash., waspleasantly sur- wasone lessthing Ihad to Opinion...... A15-17 ... A10,18 “Wetalked, we cried, we return an item: Keep it. zonand afew other chains,is prised when she tried to re- worry about.” told stories,” said Iván Amazon.comInc., Walmart being adopted morebroadly turn online purchases of ATargetCorp.spokes- > Rodríguez,a31-year-old in Inc. and other companies are during the Covid-19 pandemic, makeup at Target and batter- woman said the retailer gives Buenos Aires who represents using artificial intelligence to as a surge in online shopping ies from Walmart. The chains customersrefunds and encour- the church in the Argentine decide whether it makes eco- forces companies to rethink issued her arefund but told ages them to donate or keep capital. “You feel more united nomicsense to processare- howthey handle returns.“We her to keep the items. theiteminasmall number of with people who have the turn. Forinexpensiveitems or are getting so many inquiries “They were inexpensive, cases in which the company s 2021 & Company, Inc. All Rights Reserved same devotion for Diego.” large ones that would incur about this that you will see it and it wouldn’t makemuch fi- deems that option is easier PleaseturntopageA10 hefty shipping fees,itisoften take off in coming months,” nancial sense to return them PleaseturntopageA2 P2JW011000-0-A00200-1------XA

A2 | Monday, January 11, 2021 . U.S. NEWS

THE OUTLOOK | By Eric Morath ECONOMIC Year Is Poised forRecordJob Growth CALENDAR Monday: ’s consumer prices are expected to have TheU.S. Nonfarm payrolls,December to December change said the economywill be strong hiring and changes to been unchanged from a year economyis 2021 forecast: about four million jobs short the labor force. earlier in December. Prices fell in 7.5 million poised to add 6.7million of itspre-pandemic level. He expectslabor-force par- November, due to a pullback in morejobs this “We’vepermanently lost ticipation—the shareof pork prices amid increased sup- year than any 5.0 some and are Americans working or look- ply. China’s producer-price index other on re- likely to lose afew morethis ing forwork—toremain sub- likely fell 0.8% from a year ear- cordsdating back to 1939— winter,” he said. “And for dued. During the pandemic, lier, compared with a 1.5% drop though the expected gain is 2.5 people who arenow long- manybaby boomersand par- in November. unlikely to fully replace term unemployed, they may entsofyoung children left Wednesday: U.S. consumer losses last spring,when the 0 struggle to re-enter the work- the workforce,depressing the prices are expected to have in- coronavirus pandemic first force.” official rate, creased moderately in December. took hold. It could take another year and they might not return Inflation has been mild during U.S. nonfarm payrolls will –2.5 of job growth or moreto this year.And pandemic-re- much of the pandemic, reflecting increase by 6.7million by De- makeupthose losses,Mr. lated restrictions and Trump weak demand for an array of cember 2021, from last Dacosaid, which is signifi- administration policies have services and some goods. –5.0 month, according to data cant because he expectseco- limited recent immigration Thursday: China’s exports firm IHS Markit. Economic nomic output to fully recover intothe U.S.,also reducing are forecast to increase 12.9% forecasting firm OxfordEco- –7.5 by the middle of this year.He the labor force. from a year earlier in December, nomics predicts5.8 million said that is aresult of pan- a slowdown from November’s jobs.Economistsatthe Uni- demic aid largely beingdeliv- ot all economistsare 21.1% surge, as coronavirus versity of Michigan forecast –10.0 ered through unemployment as optimistic.Belinda cases in and the U.S. put 5.3million. All would put 1940 ’50 ’60 ’70 ’80 ’90 2000 ’10 ’20 programs.That gaveconsum- N pressure on external demand for Román, lead economist 2021 well ahead of the 4.3 Sources: Labor Department; IHS Markit (forecast) erswithout jobs money to forRomán Economics and Chinese goods. million jobs created in 1946, spend. With the recently ap- professor at St.Mary’sUni- Germany will become the at the start of the post-World ersresume dining out and omist at IHS Markit. That proved $300 weekly supple- versity in ,projectsthe first large to release an WarIIexpansion, forthe best travel. The$900 billion in en- will result in economic ment, some unemployed, joblessratetofall modestly official estimate of its gross do- year on record.Itwould be hanced unemployment bene- growth accelerating to above lower-wageworkersare this year,to6%, and employ- mestic product in 2020, almost much lessinpercentage fits,aid to businesses and a5%annual growth pacelate again earning moreinbene- ment to grow just 900,000 certainly recording the first con- terms,though, 5% versus 11% other relief enacted latelast this year,roughly double the fits than at prior jobs. this year,lessthan half of traction since 2009. The contrac- in 1946. month is also projected to averagegrowthinthe decade Economistshavesome- 2019’spre-pandemic job- tion is expected to be of roughly Such gains would be adra- boost the economy. beforethe pandemic,hesaid. what varied views on another growth rate. the same magnitude as in the matic turnaround from “That’sfast enough to put key measure: the unemploy- “I don’t see the economy aftermath of the global financial 2020’s net job lossof9.4 mil- he speed of the recov- considerable downward pres- ment rate. returning to pre-Covid trends crisis, when GDP fell 5%. lion,according to the Labor T erywould be far faster sureonthe unemployment IHS Markit forecaststhe forseveral years,” she said. U.S. jobless claims are ex- Department’sjobs report Fri- than afterthe two pre- rate and givehiring areally rate to fall to 4.3% by the end Manysmall businesses,espe- pected to remain elevated for day. Thelosslargely occurred vious recessions this century, good boost.” of this year,while other econ- cially restaurants, have closed the week ended Jan. 9, as in Marchand April, when em- which mostly reflectsthe se- GregoryDaco, OxfordEco- omistsexpect the rate to stay permanently,soadding jobs Covid-19 cases accelerated and ployers shed 22 million jobs vere and sudden natureof nomics’ chief U.S. economist, closer to 6%. Theratewas won’t be as simple as lifting governments imposed more re- as states restricted activity to last year’s downturn and the expectsaboom in consumer- 6.7% in December,according restrictions,she said. She strictions on businesses. control the spread of the vi- unusual factorsatwork now services employment later in to the Labor Department, and added that she is concerned Friday: U.S. retail sales for rus. Jobs grew in subsequent in confronting asimultaneous the year,including in hospi- had reached a50-year lowof with the paceofthe vaccine December will offer more insight months,but the paceeased health and economic crisis. tality and retail. He said job 3.5% just beforethe pan- rollout and worries the re- into the severity of the broader afterJune,then turned nega- “Wehavefiscal stimulus in creation could slowincon- demic. cent stimulus won’t provide economic slowdown at the end tiveinDecember. placeand we have the as- struction, which had bene- Mr.Prakken of IHS Markit enough of abridgetowhen of the year. Economistsexpect hiring sumption of asuccessfulin- fitedfromrecent growth in said his forecast foranun- society has wider immunity. U.S. industrial production is to start slowly and gain mo- oculation campaign that will construction and the usually quick fall in the un- “I think it will be asteady- expected to have increased in mentum later in 2021, as the rescue us from Covid and un- public sector. employment rate,froma as-you-goimprovement,” Ms. December, reflecting another Covid-19 vaccine becomes lock consumer demand,” said However, even afterrobust peak of 14.8%inApril 2020, Román said. “Thereisalot of month of gains for factory activ- widely available and consum- Joel Prakken, chief U.S. econ- hiring this year,Mr. Daco is driven by expectations for scarring to overcome.” ity. U.S. WATCH Retailers BIDEN ADMINISTRATION CALIFORNIA Liang Is Weighed for Federal Judge Blocks Rethink Senior Treasury Post Asylum Restrictions Returns Nellie Liang, an economist Afederal judge on Friday who specialized in financial sta- blocked aTrump administration bilityduring her career at the rule thatwould have put wide- ContinuedfromPageOne , is aleading con- ranging restrictions on asylum el- than returning the purchase. tender forasenior post in the igibilitydaysbeforeitwas set to AWalmart spokeswoman Biden administration’sTreasury takeeffect. said the “keep it” option is de- Department, according to people The rule would have made it signed formerchandise it familiar with the matter. all but impossible formostcur- doesn’t plan to resell and is Ms. Liang is being considered rent asylum applicants to win determined by customers’ pur- A/

foraposition as the U.S. Trea- similar cases in the futureand chase history, the value of the US

sury’sundersecretary fordomes- would have eased the for products and the cost of pro- A IP

tic finance. She wasnominated the governmenttoquickly deport cessing the returns. /S by PresidentTrump to a seaton them. Amazon didn’t provide a the Fed’sseven-member board of The asylum rule wasthe lat- comment. BEHAR governors in 2018, but her nomi- estofthe Trump administration’s Thenumber of e-commerce

nation ranintoopposition from measures to tightenaccess to packages that were returned ANTHONY Senate Republicans. Her nomina- asylum. The administration says in 2020 jumped 70%from FedEx says return volume has set recordsinthe pastsix months, but retailers arerevisiting the process. tion neverhad acommittee migrants who crossthe U.S.- 2019,according to Narvar. hearing, and she withdrew from Mexicoborder exploit loopholes Morethan half of the increase lowerthan normal because a ducecostsbut also to boost fund andtold her to keep it. consideration. in the systemtoremain and wasdue to higher e-commerce bigpart of the increase in on- sales because customerstend “Howmuch money is Ama- Aspokesman forthe Biden work in the U.S. foryears while sales,Narvar estimated, while line shopping during the pan- to makeadditional purchases zonmaking to be able to ab- transition team declined to com- cases maketheir waythrough morethan aquarter wasthe demic has been from purchases whilethere, Mr.Faulk said. sorb these mistakes?” Ms. ment. Ms. Liang declined to com- immigration courts. result of shoppersnot wanting of essential goods,according Doingsothis year is prob- Edmiston asked. She has been ment. U.S. District Judge James Do- to return weborderstophysi- to Ryan Kelly, amarketing vice lematic given capacity con- using the errantly ordered book Ms. Liang is currently asenior nato of the District Court in San cal stores. president at the deliverycom- straintsonretailersand the re- to prop up her laptop forZoom fellowatthe Brookings Institu- FranciscoonFridayevening tem- Asmaller percentagewas pany. “A lot of the e-commerce luctanceofsome consumersto calls.She plans to giveaway tion, the Washington . porarily blocked the rule from because people didn’t getthe surge wasnot shoes,but dia- frequent enclosed public the book. Ms. Liang, 63 years old, taking effect until the legal case right size—either because their pers,” Mr.Kelly said. spaces. Cybercriminals are getting served as the founding director is fully decided or the govern- weight had changed during the Deliveryfirms areworking “Gone are the days of pop- wise to these newreturn tech- of the Fed’sdivision of financial mentdismisses the case, which pandemic or they were unfa- with retailerstohelp them re- ping into stores without feel- niques. stabilityand ranitfrom2010 un- could happen after President- miliar with the ’ssizing. ducecosts by providing scanna- inganxious,soI’m doing al- “People do this forthe til 2017. elect takes office. E-commerce returns could ble codes that consumerscan most all my returns by mail,” sport of it, not just for mone- —Nick Timiraos —Michelle Hackman total as much as $70.5 billion bringtoretailerssuch as Wal- said Brittany Connor,who tary gain,” said YuvalBen-Da- forthis past holidayseason greens or UPSstoresthat ac- in Philadelphia. vid, an analyst at Sixgill,acy- alone,a73% jump from the cept the returns,according to She recently tried to return bersecurity company. previous five-year average, ac- industryexecutives. a$16.91cat harnessshe bought The most common method cording to CBRE Group Inc., a Walmart is allowing shop- from the online pet retailer is to claim an item didn’t ar- AP

S/ commercial real-estateser- perswho purchase items online Inc.because it wastoo riveorwas defective, Mr.Ben- vices and investment firm. to schedule atime forFedEx to small. Chewy told her to donate David said. Then the criminals Afterhandling arecord pick them up. the harnesstoananimal shel- use social-engineering tech- TER-NEW

OR three billion packages during Processing online returns ter. It refunded her the money niques to try to persuade the

REP the holidayseason, the U.S. cancost $10 to $20,excluding and sent her anew harnessina retailer to issue arefund. One Postal Serviceand delivery freight, depending on the biggersize. “I lovethat,” said common technique among companies arenow receiving item, said Rick Faulk,chief ex- Ms.Connor,32, who works in scammers is to claim to be ABILENE boxesthat need to go back,in- ecutiveofLocus Robotics, public relations. afraid to sign forpackages cluding some of the two million which uses to help au- AChewy spokeswoman said during the pandemic for fear whose arrival wasdelayedpast tomate returns. the company is committed to of catching Covid-19, he said.

ERDRICH/THE Christmas,according to Ship- “Returning to astore is sig- providing customer-friendly About aquarter of all dark-

W. Matrix Inc., aconsulting firm. nificantly cheaper because the return policies. webchatterabout return Inc. retailer cansavethe freight, JanEdmiston, aPresbyte- fraud in the past year focused NALD

RO expected a23% rise in returns which canrun 15% to 20% of rian pastor from Charlotte, on Amazon, according to PLAY: Taylor Young, 5, built a snowman with her parents the week of Jan. 4fromayear the cost,” Mr. Faulk said. On- N.C., ordered the wrong ver- Sixgill. Thecriminals sayAma- Sunday in Abilene, Texas, after a storm blanketed the region. earlier. line return ratesrun about tri- sion of abook titled “What zon’salgorithms aremore FedEx Corp.said returns ple those of purchases made in Lies Between Us.” Instead of likely to detect fraud if the ac- volume has set record highs physical stores, he said. an antiracism book,she bought count is newly opened, which THE WALL STREET JOURNAL forthe past six months.But In past years, retailersurged athriller by the same name. has led to asecondarymarket (USPS 664-880) (Eastern Edition ISSN 0099-9660) thepercentageofitems or- shopperstoreturn online or- Rather than asking her to send for older accounts, according (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) dered being returned is abit derstostoresnot only to re- it back,Amazon issued are- to Mr. Ben-David. and publication headquarters: 1211 Avenue of the Americas, , N.Y. 10036 Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. CORRECTIONS  AMPLIFICATIONS Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. All 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., RobertRausch teaches pho- in the officeofHouse Speaker Trump on Monday, according WSJ.com/Corrections. 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to tography at the University of NancyPelosi. APageOne arti- to two Democratic aides.A accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. North Alabama. AMansion ar- cle on Saturdayabout charges Page One article on Saturday Letters to the Editor: Fax: 212-416-2891; email: [email protected] ticle on Fridayabout Mr. in connection with the riot at said incorrectly in some edi- Noticetoreaders Rausch’shome incorrectly re- theCapitol and aphotocap- tions that they were introduc- Wall Street Journal staff Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] ferred to it as Northern Ala- tion with the article incor- ing articles of impeachment. membersare working re- By phone: 1-800-JOURNAL (1-800-568-7625) bama University. rectly said he wasatMrs. motely during the pandemic. Reprints &licensing: Pelosi’s desk. Achart with an Exchange Forthe foreseeable future, By email: [email protected] Richard Barnett was article on Saturdayabout please send reader comments By phone: 1-800-843-0008 chargedwith federal crimes House Democratsplan to manufacturing jobs wasincor- only by email or phone, using WSJback issues and framed pages: wsjshop.com afterphotos showedhim with introduceone article of im- rectly labeled. Foracorrect the contactsbelow, not via Our are100% sourcedfromsustainably certified mills. his feet propped up on a desk peachmentagainst President version of the chart, go to U.S. Mail. 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. P2JW011000-0-A00300-1------XA

THE WALL STREET JOURNAL. Monday, January 11, 2021 | A3 U.S. NEWS Last Mile Limits Vaccine Rollout Lawmakers Risked Distribution plan leans on states, localities to Exposure handle end logistics of getting shots in arms In Siege

BY JENNIFER SMITH BY WSJ STAFF

Asluggish rollout of Theattending physician for Covid-19 vaccines acrossthe the U.S. Capitol is warning U.S. highlights the challenges that House lawmakersand of adecentralized distribution aides may have been exposed plan that relies on states and to someone with the coronavi- localities to handle the compli- ruswhen they were moved to catedlast-mile logistics of get- acommitteeroom forsafety ting shots into people’s arms, during a siege of the building supply-chain experts say. on Wednesday. Morethan 22 million doses Brian P. Monahan, who had been distributed to states leads the Officeofthe Attend- and other jurisdictions as of ing Physician, said in a memo Friday, according to the Cen- to all membersofCongress ters forDisease Control and andstaff that “during this Prevention,while 6.7million S time,individuals mayhave

people had received their first PRES been exposed to another occu-

shot by that point. TED pant with coronavirus infec-

Thefigures were short of OCIA tion.”

the U.S. goal of 20 million vac- SS Dr.Monahan said that some /A cinations by the end of 2020, people were in the room for

andcommunities and states NDIER several hoursand that the VA

were still reporting bottle- LA time in the room was“briefer

necks this month as they man- TA forothers,” but that individu-

aged their inoculation pro- MAR als should gettested forthe grams. By Friday, 6.7 million people had received their first shot, short of the U.S. goal. Above, giving the Moderna vaccine in Miami. virus “as a precaution.” “Ifyou told states your pri- Lawmakers are eligible for ority is to vaccinateasmany were set to receive. chains,which aremorecom- If the rollout continues on with varied approaches to dis- avaccine,but not all have people as possible as fast as Experts also point to guid- mon and tend to be demand- the current path, coordinating tributing the shots. been inoculated. they can, they would have run ancefromafederal vaccine driven. vaccinations maybecome In the U.S.,state and local At least 15 to 20 lawmakers the campaign differently,” said advisorypanel on who should Themanufacturing and dis- morechallenging as authori- health departmentstypically in the room weren’t wearing Julie Swann,aprofessor and be inoculated first, which rec- tribution of the first two vac- ties move on to the broader have had alot of flexibility for masks, one lawmaker in the head of the industrial and sys- ommended that the limited cines in the U.S.—those pro- population, said Pinar Kes- such campaigns,Dr. Swann room said in an interview, sug- tems engineering department initial supply of doses be ad- duced by Inc.and kinocak,aprofessor at Georgia said. “This allows North Da- gesting the risks from the air- at North Carolina State Uni- ministered to health-care BioNTech SE in ajoint pro- InstituteofTechnologyand di- kota to distributedifferently borne virus. versity.“But that’snot what workersand residentsoflong- gram andbyModerna Inc.— rector of the school’sCenter than New York. It allows Ari- Newly reported coronavirus they were told.” term-care facilities. has effectively outpaced the forHealth and Humanitarian zona, with itsNative American cases in the U.S. topped Insteadofseeking to halt On Friday, President-elect ability of those administering Systems. reservations and adifferent 269,000 Saturday—the fourth- the spread of transmission in JoeBiden’stransition team the vaccines to keep up under “Ideally we need some kind kind of infrastructure, to dis- highest daily tally.The top communities, said Dr. Swann, said it would seek to release the current guidelines to set of online system whereyou tributedifferently than Cali- four tallies have all occurred whoadvisedthe CDC during nearly allavailable doses to vaccination priorities,hesaid. sign up with your information fornia,” she said. since the New Year. the H1N1 pandemic, the focus speed up distribution. “What has not happened yetis and location, and getinformed Centralized vaccination ef- has been on reducing mortal- TheU.S.Covid-19 vaccine sufficient ‘consumption’ of the when it’stime foryou to get fortstend to be faster but may ity,especially among high-risk distribution strategyisfo- distributed supply,” Mr. Palin your vaccine,” Dr. Keskinocak faceother challenges,Dr. Newly reported populations. cusedonsupply,said Philip said. said. “Wedon’t seem to have a Swann said. Supply-chain experts attri- Palin, an author and supply- To speed up vaccinations, very concreteplan at the local Still, said Dr.Swann, “ifthe cases in the U.S. hit bute the delays in part to the chainresilienceexpert who Mr.Palin said, authorities level as to howweare going U.S. did decide to pivot and the fourth­highest burdens faced by stateand lo- advises governmentsand busi- could work with community to get this vaccine from stor- say, ‘We’vegot to getcases calhealth agencies already nesses on preparing for cata- organizations and local gov- age into people’s arms.” down because our hospitals daily tally. stretched by the pandemic, strophic events. Vaccines are ernmentstoidentifypotential Covid-19 vaccination pro- areoverwhelmed,’then they alongwith communication being allocated to targeted vaccination sites and focus on grams in Europe arealso expe- could absolutely runmassvac- problems including confusion groups,hesaid, in contrast to areas wherethe need forthe riencing delays amid asurge cination clinics, and it would over howmanydoses states morehigh-velocity supply vaccine is the greatest. of infections across countries be much more efficient.” It comes after holiday lags in datareporting and as a highly contagious newvariant of the coronavirus is detected Democratic Power Broker Tested in Illinois in morestates. Public-health officials and epidemiologists expect cases, hospitalizations BY JOE BARRETT tivedecision with improper and deaths to rise,asthe motives,” Mr.Madigan said in a country begins to see the im- Michael Madigan has been statement in September.“The pact of the Christmas - speaker of the Illinois House of notion that the passageoftwo days. Representatives forall but two consequential pieces of energy Hospitalizations fell slightly yearssince1983. legislation wastied to the hir- on Saturdayto130,781—down This coming week,Mr. Madi- ingorretention of afew indi- from Wednesday’shigh of gan, one of the last of the old vidualsisseriously mistaken.” 132,464—with 23,718 in inten- guardbrought up under the S Mr.Madigan wonthe en- sivecare, according to the

wing of legendaryChicago PRES dorsement of the legislature’s Covid Tracking Project.

MayorRichardJ.Daley,could TED Black caucus,picked up some Overall, Johns Hopkins Uni-

lose his position as head of the CIA support in the Hispanic caucus versity datashows the U.S. has SO

legislature. AS and has appeared at aforum of reported about 22.3 million Afederal corruption probe the women’scaucus in his bid coronavirus cases as of Sun- prompted abig group of his fel- to gather votesfor this week’s day, with the death toll ap- lowDemocratstopledgeto TRIBUNE/ speaker election. proaching 374,000. vote foranew speaker. GO Mr.Madigan rose to power World-wide,therehave

On Wednesday, anew legis- HICA in the eraofthe firstMayor Da- been morethan 90 million /C lativesession begins and a ley,who wasboth mayorofthe confirmed coronavirus cases, speaker must be elected, ac- GANS city and head of the local Dem- according to Johns Hopkins

cording to the state constitu- MBS ocratic Party,giving him con- data,with deaths surpassing tion.Lawmakersbegan aspe- WA trol over not only the city’s 1.9 million. cial session Fridayand are ON budget, but also broad influ- Overseas,Israel has rolled JAS

expected to meet in anumber E. enceoverwho gotelected to out the fastest Covid-19 vacci- of party caucuses beforethe Longtime House Speaker Michael Madigan could lose his position as head of the legislature. key roles in the city. nationcampaign in the world, vote. Rep.LaShawn K. Ford,a inoculating nearly 20% of its Already,19ofthe 73 House urb of Oswego said in an inter- sidiaryagreed to paya$200 according to the indictment. Chicagomember of the Black population in three weeks.The Democratswho wonre-election view. Ms.Kifowit wasthe first million fine to resolvecharges TheU.S.attorney’s office caucus,said he is supporting small country—with roughly have publicly said they want a member to announceshe is that it had handed out jobs and said the investigation is active. Mr.Madigan forwhat Mr.Ford nine million people,about the newspeaker. forspeaker. internships to Mr.Madigan’s It declined to comment on considersafinal term to allow same as —now Without their support, Mr. Mr.Madigan declined to associates in abid to win sup- whether Mr.Madigan wasatar- the speaker to put asuccessor aims to inoculatethe majority Madigan, who is 78,wouldn’t comment. His spokesman port from Mr.Madigan forits get. Thefour officials named in in placefor asmooth transition. of its population by March. have amajority in avoteofthe pointed to previous statements legislativeagenda. the second indictment have de- With the statefacing ahuge In Muslim-majority nations, full House.Two candidates in which he denied wrongdoing. Asecond indictment in No- nied wrongdoing. budget gapdue to the economic governmentsand religious have formally put themselves He has recused himself from vember leveled chargesagainst “They areconcerned he’s slowdownfromCovid-19,the leaders are talking to vaccine forwardfor the job. committees looking intothe al- two former ComEd officials,a dragging the party down, and continuing health crisis and makers, investigating produc- “Enough is enough. Thepeo- legations. consultant and alobbyist who it’s only going to getworse,” longer-term problems likethe tion processes and issuing pleofIllinois deservenew lead- In July,Mr. Madigan wasre- is alongtime friend of Mr.Ma- said Dick Simpson,aformer pension debt, the legislature guidance in an effort to make ership,and they deserveto ferred to as Public Official Ain digan, forallegedly arranging Chicagoalderman and political- needs to gettowork right sure concerns about products have agovernment they can afederal deferred prosecution jobs,contractsand paymentsin scienceprofessor at the Univer- away,Mr. Ford said. “This is prohibited by Islamdon’t in- trust,” Democratic Rep.Stepha- agreement with Commonwealth some cases forlittle to no work sity of Illinois,Chicago. just the wrong time forfighting terferewith Covid-19 inocula- nie Kifowit of the Chicagosub- Edison.The Exelon Corp.sub- forMr. Madigan’sassociates, “I have never made alegisla- amongst Democrats,” he said. tions. Senate’sNew MajorityParty Gets Path to Repeal Trump Rules

BY PAUL KIERNAN Such measures,known as track processthat requires a used the CRAtoshoot down ministration is issuing at the measures by President Trump AND MICHELLE HACKMAN ,are of- simple majority vote.Most 16 Obama-eraregulations. end of itsterm, and Ithink it’s and his appointees that affect tenvulnerable to rollback by other legislation requires 60 These included an anticorrup- absolutely appropriatethat immigration policy and finan- WASHINGTON—Demo- an incoming administration of votes to clear the Senate. tion rule from the Securities they use the CRAtool to rem- cial regulation. crats’ control of the Senatewill the opposing party. Mr.Pérezestimates the re- and ExchangeCommission, edy some of them,” said Rob- New immigration rules in- makeiteasier forthem to re- Agencyheads appointed by viewperiod goes back to Aug. four Labor Department rules ert Weissman,president of clude one from the JusticeDe- versepartsofdeparting Presi- anew president canscrap 21 and covers 1,313 rules pub- andaDepartment of Health Public , which is part of partment increasing the cost dent Trump’sagenda, adding to rules that have been finalized lished in the Federal Register and Human Services rule for- the coalition. of appealing adeportation or- the Biden administration’stool- but not yetpublished in the as of Jan. 6. bidding states from withhold- Rules on thecoalition’slist der 10-fold and several from boxalittle-known congressio- Federal Register or delay im- Passed in 1996,the CRA ing Medicaid funds from that likely fall within the the Department of nalproceduretoerase execu- plementation of ones that wasemployedonly onceinits . CRA’slook-back period include Security that together would tive-branch regulations. have been published but ha- firsttwo decades of exis- That precedentfueled calls 11 actions by the Environmen- nearly all futureapplicants Mr.Trump,likehis prede- ven’t takeneffect. And they tence—by the George W. Bush for Democrats to use the CRA tal Protection Agency and six from winning asylum. cessors, ramped up the paceof candecline to defend rules administration to overturn a to challengesome of the by the Labor Department. The departments of Home- federal rule-making during his challenged in court. Labor Department rule related Trump administration’srecent Among them: an EPArule that land Security and Labor have final months in office, in areas Control of both chambersof to workplaceergonomics stan- actions.Agroup of progres- limitsthe kinds of scientific also issued new rules signifi- from immigration to the envi- Congressbythe president’s dards in 2001. siveorganizations called the studies that canbeused to cantly raising the minimum ronment and financial regula- party unlocks an additional Theact wasused sparingly Coalitionfor Sensible Safe- evaluate the public-health ef- wagescompanies must pay tion.The administration put tool. TheCongressional Re- before2017because of aprovi- guards created alist of rules it fectsofcertain pollutantsand their employees on H-1B visas out three to four times itsusual view Act,orCRA,allows the sion that barsfederal agencies says should be reversed, in- another rescinding some regu- and narrowing who canqualify volume of rules in recent Senateand House of Repre- from taking futureactions that cluding at least 40 that likely lations on methane-gas emis- for those visas. months,according to estimates sentatives to overturn regula- are“substantially similar” to a fall within the CRA’slook-back sions by oil companies. Not all progressives aresold by Daniel Pérez, an analyst at tions finalized by the execu- rule repealed through the law. period. Progressives arealso calling on using the CRA, however, George WashingtonUniversity tivebranch in the previous 60 Starting in 2017, however, “There is a flurry of really on President-elect JoeBiden given itspotential to tie regula- RegulatoryStudies Center. legislativedays using afast- the Trump administration egregious rules that this ad- to reverseanumber of recent tors’hands in the future. P2JW011000-6-A00400-17FFFF5178F

A4 | Monday, January 11, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS Companies Suspend Political Funding Actions come as Stripe Cuts Off thattheywon’taccept pay- businesses condemn ments for“high risk” activities, rioting, seek to ensure Campaign Account including forany businessoror- ganization that“engages in, en- peaceful transition courages, promotesorcelebrates Stripe Inc. will no longer unlawful violenceorphysical Twoofthe biggest U.S. processpayments forPresi- harm to persons or property,” banks and other corporations dentTrump’scampaign web- according to its website. said they arepausing or re- sitefollowing lastweek’s riot Spokespeople for the viewing their political action at the Capitol,people familiar Trump campaign didn’t imme- committeedonations in the with the matter said. diately respond to a request wake of last week’s riot at the The financial-technology for comment. companyhandles cardpay- After the election, Mr. By Emily Glazer, ments formillions of online Trump’s campaign launched a Theo Francis businesses and e-commerce fundraising blitz to raise and Chip Cutter platforms, including Mr.Trump’s money for legal battles chal- campaign websiteand online lenging Mr. Biden’s victory in Capitol. fundraising apparatus. Stripe is several states. The effort JPMorganChase &Co. and cutting off the president’scam- brought in hundreds of millions Inc.said they are paign accountfor violating its of dollars for Mr. Trump’s polit-

pausingall PACdonations to MOON/REUTERS policies againstencouraging vi- ical committees and the Re- Republicans and Democratsin olence, the people said. publican party.

the coming months.Other JEENAH Stripe asksusers to agree —AnnaMaria Andriotis companies,including the Blue JPMorgan Chase CEO Jamie Dimon. The bank has put PAC donations on hold for six months. CrossBlue Shield insurance group and Marriott Interna- ing political crisis following rule of law,” according to the trying to impede apeaceful given the recent violence and mateand fair election into tional Inc., said they would the violenceatthe Capitol memo,which wassent Sunday. transition of power. polarized political environ- consideration,” she said. pause donations to Republican alongside health and economic Citigroup’sPAC raised JPMorgan’sPAC contrib- ment andwill reviewits ap- Aspokeswoman forCom- lawmakerswho objected to crises,said PeterScher,JP- about $740,000 forfederal uted $2,000 since2017toa proach to futurecontributions. merce Bancsharessaid itsem- President-elect JoeBiden’s Morgan’shead of corporatere- candidates in the 2019-2020 committeeled by Thecompanyhas given $3,000 ployee-funded PACsuspended Electoral Collegewin after sponsibility. cycle,according to the Center Sen. ,according to to Mr.Hawley’s campaign donations for“officials who supportersofPresident Trump Thefocus of businesslead- forResponsivePolitics. datafromthe Center forRe- committee since 2017. have impeded the peaceful stormed the Capitol on ers, political leaders, civic BloombergNewsearlier re- sponsivePolitics.Citigroup The newsletter Popular In- transfer of power.” The Wednesday. leaders should be on govern- ported on Citigroup’sdecision told employees in the memo it formation earlier reported the spokeswoman added: “Com- Theactions followaweek ing and getting help to those to halt its PAC donations. gave$1,000 in 2019 to Mr. announce- merce Bankcondemns vio- in which businesses and their whoneed it most right now, TheJPMorganand Citi- Hawley’s campaign. Mr. Haw- ment andthat three compa- lenceinany form and believes chiefexecutives have sought said Mr.Scher,who is also group PACs both gavemore ley has come under fire from nies—health insurer Blue the actions witnessed this waystoensureapeaceful chairman of the bank’sMid- moneytofederal candidates members of his own party, as CrossBlue Shield Associa- week areabhorrent, antidemo- transition of power,with some Atlantic region. “Therewill be who areRepublicans com- well as Democrats, forwhat tion, Commerce Bancshares cratic and entirely contraryto calling forMr. Trump’sre- plenty of time forcampaigning pared with Democrats, accord- critics see as his role instigat- Inc.and hotel giant Marriott— supporting goodwill forAmer- moval from officebyinvoking later.” ing to the Center for Respon- ing Wednesday’s Capitol riot. would halt political spending icans and businesses.” the 25th Amendment or im- JPMorgan’sPAC raised sive Politics. JPMorganbegan discussing to lawmakerswho impeded Commerce Bancshares has peachment.Otherssay they about $900,000 forfederal While the PACs’ donations potential changes to itsPAC the transition following the vi- given $5,000 to Mr. Hawley’s areholding back on such ac- candidates in the 2019-2020 areafraction of overall politi- giving several days ago, aper- olence at the Capitol. campaign since2017, accord- tion as they await Mr. Biden’s cycle,according to dataana- calgiving,JPMorganand Citi- son familiar with the discus- Marriott’sPAC has given ing to Center forResponsive inauguration on Jan. 20. lyzedthrough Nov.23bythe group employees also donate sions said. Thedecision to $1,000 to Mr.Hawley’s cam- Politics data. Theannouncementscould Center forResponsivePolitics. directly to politicians and pause all political donations paign as well as another Blue Cross Blue Shield As- reflect an acceleration of re- Citigroup’sPAC will pause otherpolitical groups that gives the bank time to think $1,000 to aPAC he heads.A sociation Chief ExecutiveKim cent trends among large com- all itspolitical donations maynot disclose their donors. through futuregiving,the per- Marriottspokeswoman said Keck said it is suspending con- panies to limit or betterdis- through March 30, according TheWall Street Journal re- son said. the companywould pause giv- tributions to Republican law- close political spending. to an internal memo reviewed ported last week that some Aspokeswoman formedi- ing from itsPAC to those who makers who “voted to under- JPMorgan, the largest bank by TheWall Street Journal. CEOs,both Republicans and cal-device maker Boston Sci- voted against certification of mine our democracy.” in the U.S.,decided to pause “Wewant youtobeassured Democrats, were considering entific Corp.said it is tempo- theelection.“We have taken Theassociation has given political giving forthe next six that we will not support can- withholding political contribu- rarily suspending itsPAC the destructiveeventsatthe $500 to Mr.Hawley’s cam- months because of the grow- didates who do not respect the tions from lawmakersseen as activity foranunknown period Capitol to undermine a legiti- paign since 2017. Apple,AmazonMove to Curb Parler Trump Course Loses

BY KEACH HAGEY suspended Parler from itsPlay policyofficer of Parler. PGA Championship AND TIM HIGGINS Storeapp marketplace, citing However, Parler executives violationsofrequirements for said, the tech companies said BY ANDREW BEATON ing contract.” Apple Inc.and Amazon.com sufficient moderation of con- those effortshaven’t gone far AND LOUISE RADNOFSKY Astatement issued on be- Inc.halted support for Parler, tent forapps it distributes.The enough. Apple told the company half of the Trump Organiza- JOURNAL dealingamajor blowtoaso- movefromGoogle didn’t affect it found itsresponse insufficient, TheProfessional Golfers’ tion said that the PGAof

cial-media servicethat has Parler’s availability on the in- REET according to the latest app no- Association of Americahas Americahad no right to termi- ST

soared in popularity among ternet or in other Android app LL tice,saying that Parler had to stripped the 2022PGA Cham- natethe agreement and that

conservatives and escalating a stores, said. WA demonstratethe “ability to effec- pionship from President the organization wouldn’t be

campaign by tech giantstoreg- Interest in Parler has risen THE tively moderateand filter the Trump’sNew Jersey golf deterred from continuing to

ulatecontent they see as dan- sinceNovember as largerso- R and harmful content” course,anexample of the eco- promote the game. gerous in the wake of the mob cial-network operatorssuch as FO on the service. nomic consequences that may Thestripping of one of attack on the U.S. Capitol. Facebook Inc.and Inc. “This wasacoordinated at- await the departing leader in golf’s four majorsfromthe sit-

Amazon said over the week- have become moreaggressive BENNETT tack by the tech giantstokill the aftermath of the riot at ting president’scourse came end it would no longer provide in policing content. On Friday, competition in the market the Capitol. just days after Annika Soren-

cloud-computing services to Twitterbanned President BRIDGET place,” Chief ExecutiveJohn PGAofAmericaPresident stam andGaryPlayer, two of Parler,and Apple suspended the Trump’spersonal account,cit- Parler CEO John Matze sees a Matze said in aSaturday post JimRicherson tweeted that themost successfulgolfers company’sapp from the App ing what it said wasthe risk of coordinated attack on his firm. on Parler.“We were toosuc- the board of directors had ever,accepted the Presidential Store. Both companies said Par- further incitement of violence cessfultoo fast. Youcan expect votedtoterminatethe agree- Medal of Freedom from acom- ler hasn’t demonstrated in re- by the president afterlast In the past few days,Parler the waroncompetition and ment to playnextyear’s PGA mander in chief who has cent conversations that it can week’smob attack,which left doubledits team of volunteer free speech to continue,but Championship at theTrump championed their sport and adequately addressthreatsof five people dead. moderators—called “jurors”—to don’t count us out.” National Golf Club Bedminster, playedwith some of the violenceonthe platform. Parler has positioned itself morethan athousand and in- Amazon’sannouncement has wherethe president stayed for game’s top pros. “Wehavealways supported as an alternativetolargerplat- structed them to search “hot” far greater import, effectively multiweek “working vacations” Now, however, last week’s diverse pointsofviewbeing forms.Its rules don’t prohibit hashtagsfor incitement, amore taking Parler’s websiteoffline during the past four years. riot has brought unwelcome represented on the App Store, hatespeech and false informa- proactiveapproach than what and no longer storing Parler’s “It has become clear that attention to the relationship but thereisnoplaceonour tion while banning spam, wasused previously, said Jef- data. In Apple’scase,the App conducting the PGAChampi- between him and the golf in- platform forthreatsofviolence threatsofviolenceand other il- frey Wernick,Parler’s operating Storeisthe only means to onship at Trump Bedminster dustrythat he has so thor- and illegal activity,” Apple said legal activity. chief.The companyhad also in- download mobile apps on Ap- would be detrimental to the oughly embraced. in astatement. “Parler has not Parler executives told The structed itsjurorstohunt down ple devices,and Parler’s re- PGAofAmericabrand,” Mr. Mr.Trump also plans to takenadequatemeasures to ad- Wall Street Journal it has been anycontent suggesting violence moval means the app can’t be Richerson said in a video. award NewEngland Patriots dressthe proliferation of these working to bolster itscontent- within the comment sections of downloaded on devices where WhiteHouse officials didn’t head coach Bill Belichick, who threatstopeople’ssafety.” moderation effortsand sharing itsmorehighly trafficked sec- it isn’talready present or up- respond to arequest forcom- has led the franchise to six Su- Theannouncementsfrom such information with large tions,and planned to hireem- datedondeviceswhereitis. ment. A spokesperson for the per Bowl wins,the Medal of Amazon and Apple come aday tech companies concerned ployees to bolster these efforts, —Aaron Tilley president’scompanycalled the Freedom, aperson familiar after Alphabet Inc.’sGoogle about itspractices. according to AmyPeikoff,chief contributed to this article. decision a“breach of abind- with the matter said.

ington, which leftfivepeople great. “Weare nowliving in a NewMeasure their businesses from moderat- servatives upset about what Bans Show dead. That mobwas mobilized countrywherefour or five Weekly U.S. downloads ing the accountsofMr. Trump they sawasoverreach and bias largely on social media,and Mr. companies,unelected, unac- of Parler app and his followers.Yet their ac- by the mainstream platforms. Trump’spostsbeforeand dur- countable,havethe monopoly tions showedhow companies On Friday, Parler had been Muscle ing the episode were criticized powertodecide,we’regonna 3.5million have evolved during theTrump downloaded 182,000 times by Democratsand Republicans wipe people out, we’regoing to era. Beforehetook office, most acrossboth Apple and Google’s forinflaming and supporting erase them, from anydigital 3.0 major platform operatorspre- app stores,a14-fold increase in Of Big Tech the crowd.Manypeople out- platform, whether it’sselling ferred to moderateaslittle itsnumber of downloads from ragedbythe event—including thingsand the like,” he told Fox content as possible,employing the previous Friday, according 2.5 employees working forthose News on Sunday. fairly small teams of content to app-analytics firm Sensor ContinuedfromPageOne companies—demanded that Some prominent allies of Mr. moderators. TowerInc. the political natureoftheir de- Twitter, Facebook and others Trump have said they would 2.0 Now, companies such as YetParler has also faced criti- cisions.While lauded by many, take moreaggressiveaction shifttheir activity on Twitterto Facebook employthousands of cism forits hands-off approach ejecting the president and some than they had done in previous other platforms,including Parler 1.5 moderatorsand use artificial to moderation, including speech of hissupportersalso infuriated controversies over Mr.Trump. and .Twitteralso suspended intelligenceand other technol- from neo-Nazis and other groups otherswho said it amountsto Thecompanies said removing on Fridayother accountsrelated 1.0 ogytokeep tabs on what their that call forviolence. censorship,and the moves Mr.Trump and Parler from to Mr.Trump and his backers, userspost. At Twitter, acri- Parler’s futureisunclear. risked driving off some usersin their platforms wasnecessary including those of his campaign 0.5 monyonthe platform began to Amazon said it would stop pro- away that, especially forTwit- to prevent online poststhat and one of itssenior officials,as pose aliability to business, a viding cloud-computing services ter, could reshape their busi- could lead to further violence. well as several associated with former executivesaid. to Parler as of lateSundayPa- nesses.Italso illustrates the “It’saseismic change,” said thefar-right conspiracygroup 0 “It gottoapoint where cific time,potentially grounding political natureofhow they de- Chris Nolan,chief executiveof QAnon that Twittersaid vio- Nov. 2020 Dec. Jan. therebecame an expectation operations.Google and Apple termine what content to re- SanFrancisco-based ad-buying latedits policyoncoordinated Note:Downloads from Apple's App Store that Twitterneeded to policeit removed it from their app move, what content to allow firm Spot-On, of companies’ ac- harmful activity. and Google's Play Store more, or people wouldn’t use stores,meaning even if it canre- and what to amplify. tions to ban the president. “It’sa ForTwitter, in particular,it Source:Sensor Tower the platform forfear of being start, itsapp would be unavail- “Right or wrong,they made step on the part of the platforms is unclear howthe decision will subjected to abuse,” the former able to manysmartphone users. apolitical decision,” said Jona- to recognizethat what happens affect business. Thepresident’s pany’spitch to the broader executivesaid. Parler executives told the thon Hauenschild, director of on their platforms has conse- personal Twitteraccount had public as the go-toplaceto Companies’ actions will likely Journal the companyhas dou- thecommunications and tech- quences in real .” morethan 88 million followers, knowwhat is happening. come under even morescrutiny bled itsteam of volunteer mod- nologytask forcefor the Amer- Thedecisions added fuel to which equated to nearly half At the same time,Mr. as regulatorspursue antitrust eratorsand instructed them to ican LegislativeExchange araging debateoverwhether Twitter’stotal number of aver- Trump’sfrequently contentious cases against several tech giants, search “hot” hashtagstogauge Council, aconservativenon- the platforms do toomuch to agedaily users. And while Mr. tweetsalso created headaches and as Congressand the incom- whether usersare inciting vio- profit group, regarding the policecontent on their plat- Trump wasn’t Twitter’smost forthe company, as it tried to ing Biden administration look to lence. companies’ moves.Attention forms or not enough. widely followedmember,his enforce itsrules and ensurethe revamp 25-year-old legislation Though Parler and other on the tech giants“wasthere Manyconservatives,includ- tweetsstirred conversation and platform is hospitable forbig- known as that has smaller platforms might grow, to begin with. Nowthe spot- ing Sen. (R., Fla.) engagement forTwitterusers name advertisers. long provided aliability shield longtime observersofsocial light is fully on,” he said. and others, said the impact of acrossthe political spectrum. Aspokesman forTwitterde- forthe platforms’ decisions over media said the massivescale of Thetech companies acted in theplatforms’ decisions sug- Having the president embrace clined to comment. content regulation. Twitterand Facebook make response to Wednesday’sattack geststhe tech industry’ssway Twitterashis platform of Facebook and other compa- In recent months,Parler had those platforms unlikely to lose by Trump supportersinWash- over public conversation is too choice reinforcedthe com- nies mightfeel lessimpact to become arefugefor some con- their influence. P2JW011000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, January 11, 2021 | A5 U.S. NEWS Schumer to Take the Reins With Bumpy Road Ahead

BY KRISTINA PETERSON ship arewilling to discussleg- of lawmakers. Later, the ma- islativesolutions to the jority will also help speed judi- WASHINGTON—Sen. Chuck challenges we have,” said Mr. cial picks as well. Schumer will facearaftofim- Romney, who waspart of abi- Butevenfinding 50 votes mediatechallenges when he partisan group that helped forlegislation will be chal- becomes majority leader this build momentum forthe last lenging, given the ideological month, after four years lead- coronavirus aid package. distancebetween centristsand ing Democratsinthe minority Democrats’ wins in Georgia liberals on issues such as and two months in limbo. will makesome tasks easier health care.While centrists CK TO Following apair of party forthe 70-year-old party have ruled out Medicarefor wins in Georgia last week,the leader.Unlessthey triggerop- All, forexample,liberalswill

NewYork Democrat is nowpo- position from Democrats, Mr. continue to push for it. SHUTTERS A/

sitioned to lead an evenly di- Biden’snominees forhis cabi- “Sen. Schumer understands EP

videdSenateintodebateover net and other executive- that the path to majority is O/ the next coronavirus relief branch positions will have a with moderates,” said former ALZ SC

package, wrangling Republi- smoother path to confirmation Sen. Heidi Heitkamp, a North LO

cans and competing wingsof in the Senate, wherethey only DakotaDemocrat who lost her JIM his ownparty,while also shep- need support from a majority re-election bid in 2018. (D., N.Y.)isset to become Senate majorityleader after four years heading the minority. herding President-elect JoeBi- den’s cabinet nominees and po- tentially an impeachment trial. “Wesuredid not take the most direct path to gethere, but hereweare,” Mr.Schumer said last week.Democratswill officially have control of the 50-50 chamber oncethe Geor- gia winnershavebeen certi- fied and Vice President-elect takes office on Jan. 20 and is able to cast a tiebreaking vote. Thetectonic implications of the Georgia victories—which will hand Democratscontrol of both chambersofCongressand the WhiteHouse forthe next two years—werequickly over- shadowedwhen aviolent mob of President Trump’ssupporters stormed the Capitol on Wednes- day. Mr.Schumer and the Sen- ate’scurrent majority leader, Mitch McConnell (R., Ky.), had their firstdiscussion about the coming shiftfromasecureloca- tion during the attack on the Capitol, an aide said. Starting in lateJanuary, Mr. Schumer will be at the epicen- terofDemocrats’ effortstosee howmuch of Mr.Biden’s agenda canbecome lawata

Democrats’ wins in Georgia will make some tasks easier for the party leader.

time of bitterdistrust between the two parties,competing in- terestsbetween Democrats’ centrist and liberal wings, and thedemands of responding to the health and economic fallout of the coronavirus pandemic. And manyDemocratsare nowcalling forthe impeach- ment of Mr.Trump in the wake of the Capitol riot, apro- cess that could lead to a Sen- atetrial even afterMr. Trump leaves office. Mr.Schumer,who spoke with Mr.Biden and House Speaker (D., Ca- lif.) on Friday, will have to contend with the convergence of all these dynamics almost immediately,when Democrats turn firsttoapproving addi- tional coronavirus relief. Mr.Schumer said last week that Democrats would swiftly consider passing $2,000 checks to manyAmericans, which Mr.Trump had earlier sought and both incoming Democratic senatorscam- paigned on delivering.Mr. Bi- den has made clear that the roughly $900 billion package Congresspassed in lateDe- cember,which contained checks for$600 per adult and per child, is only a“down pay- ment” forabiggeraid package needed this year. “Wehavegot to moveas aggressively as we can” on morecoronavirus relief,incom- ing SenateBudget Committee Chairman (I., Vt.), said on Friday. “Wedon’t have months and months to ar- gueabout this thing.” But it is not clear all Demo- cratswill be on boardwith a thirdround of checks of $1,400 moreper adult and per child, let alone 10 Republicans. Most legislation needs 60 votestoclear procedural hur- dles in the Senate. “Beforewestart throwing checks outagain, we better makesure[we know] where they’regoing and that they’re effective,” Sen. JoeManchin of West Virginia, acentrist Dem- ocrat, said in an interview on Friday. Sen. MittRomney (R., Utah), whose close friend was roommates with Mr.Schumer when all three attended Har- vard LawSchool, said he hoped the newmajority leader would seek to work with Re- www.prattindustries.com publicans. “I hope that the president- elect and the Democrat leader- P2JW011000-6-A00600-1------XA

A6 | Monday, January 11, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS More Are Charged In Capitol Rioting

BY KATE KING AND BRENT KENDALL

Several men recorded in now notorious images from the riot in Washingtonwerechargedin federal court over the weekend with violent entryand disor- derly conduct on Capitol grounds,among other charges. TheU.S.attorney’s officefor the District of Columbia said one of the men, 36-year-old Adam

GES Johnson of , removed

IMA HouseSpeaker NancyPelosi’s lectern from itsstorage spot and

GETTY wasphotographed carrying it M/ through the Capitol building. RU

CO Thelectern waslater found by Senatestaff in acorridor,ac- MUEL

SA cording to court documents. A defining feature of the Capitol riot was the blending of hard-core extremists with large numbers of mainstream Americans, one observer said. Thesecond man, JacobAn- thonyChansley,also known as , wasphotographed entering the Capitol building Mob Came From All Walks of Life shirtlesswith red, whiteand blue facepaint while wearing a bearskin headdresswith horns A common element howmuch of the attack was while holding along gun. “We later issued astatement on the incident said Mr. Curzio and carrying a6-foot spear planned in advance. have to take this snakeoff at Twitterthat he “followedhun- shot his ex-girlfriend’s boy- with an American flag tied be- was certainty Trump But through arrest records, thehead.” dreds of othersthrough an friend during a dispute. Ac- lowthe ,according to the had defeated Biden in online accountsand interviews He wasphotographed with open set of doorstothe Capi- cording to a news report at U.S. attorney’s office. with family members, apor- his feet on adesk in House tolbuilding to see what was thetime,Mr. Curzio told po- On Sunday, prosecutorsan- presidential election traitiscoming intofocus of a Speaker NancyPelosi’soffice. taking placeinside.” lice he had made amistake. nounced arrestsand chargesfor collectivewhose rage had been “I did not steal it…I put a “It wasthe single worst Melissa Restifo, aclose two men who allegedly brought An Oklahoma grandmother. simmering formonths,some- quarter on her desk even personal decision of my life,” friend, said Mr.Curzio “was restraintsintothe Capitol. They TheCEO of aChicago-area times years, and last week though she ain’t f—ing worth the statement said. “I have no not amonster,far from it.” said Eric Gavelek Munchel of marketing firm. AFlorida man reached aboil. it. And Ileftanoteonher desk excuse formyactions and I “He wanted to stand up for appeared to be the convicted of attempted murder. Among the shouting pro- that says,‘Nancy, Bigowas wish Icould take them back.” our rightsascitizens of this manseen in photos carrying Aleader of the group of far- testersrushing intothe Capi- here, youBitch,’” Mr.Barnett, He couldn’t be reached for greatcountry,” said Ms.Res- plastic zip-tie restraints, an item right street brawlersknown as tol, Mark Leffingwell came who calls himself Bigo, told a comment. tifointextmessages to The in aholster on his hip and a facetofacewith U.S. Capitol news outlet, describing howhe Mr.Rukstales’scompany, Wall Street Journal, noting Officer Daniel Amendola and took an envelope from Mrs. Cogensia,suspended him after her friend had always been a By Dan Frosch, beganpunching him repeat- Pelosi’sofficeduring the riot. his arrest Wednesdayand then staunch supporter of Presi- Investigators are Rachael Levy and edly in thehelmet and chest, Mr.Barnett’scommentsare firedhim Friday, as the com- dent Trump. Khadeeja Safdar according to acourt filing.Mr. laid out in apoliceaffidavit. pany became the target of ire, Adefining feature of the examining why some Leffingwell, a51-year-old mili- He is currently being held in a and some called on social me- Capitol riot wasthe blending of the suspects the .AnIraqwar tary veteranfromWashington detention center in Washing- diafor aboycott of the busi- of hard-coreextremists with veteranwho works at aSeat- state, struggled with Officer tonCounty,according to ness. Thecompanysaid it largenumbersofmainstream brought zip ties. tle-area packaging plant. A Amendola and other policebe- booking records, on charges “condemns what occurred at Americans,said Jonathan newly sworn-in West Virginia fore they were finally able to of violent entryand disor- the U.S. Capitol on Wednesday, Greenblatt, chief executiveof lawmaker. control him and placehim un- derly conduct on Capitol and we intend to continue to the Anti-Defamation League, Hailing from acrossthe der arrest. grounds and theftofpublic embracethe values of integ- which tracks U.S. extremist cellphone mounted on his chest countryand comprising avari- Some of the riotershad long money, property,orrecords. rity,diversity and transparency movements. with the camerafacing outward. ety of backgrounds,manywho been steeped in political griev- He couldn’t be reached for in ourbusinessoperations,and “In Charlottesville,” he said, They also chargedLarryRen- rampaged through the U.S. ances. comment. expect all employees to em- referring to the deadly 2017 Brock of Texas,saying he Capitol Wednesdayhad one Weeks before, retired fire- Bradley Rukstales and Mi- bracethose values as well.” rally in Virginia, “therewas a wasidentified as unlawfully en- thing in common: an un- fighter RichardBarnettfrom chael Curzio were among six Mr.Curzio,35yearsold, is hardened group of whitesu- tering the Capitol wearing a founded certainty that Presi- Gravette,Ark., said in avideo people arrested as part of a from Summerfield, Fla., a premaciststhat converged greenhelmet, tactical vest, dent Trump had wonre-elec- posted on Facebook that he be- large crowd observed inside small unincorporated commu- from all over the country.” But camo jacket and “holding a tion. In the days sincethe lieved the countrywas beyond the Capitol kicking chairsand nity north of Orlando.Accord- at theCapitol, “you had hard- whiteflexcuff,which is used by attack—resulting in five Democratsversus Republicans throwing an unknown sub- ing to Florida records, Mr. core whitesupremacistswho lawenforcement to restrain deaths,including apoliceoffi- and in abattlebetween “free- stance at police officers, ac- Curzio wasreleased from came from all over the coun- and/or detain subjects.” cerwho waskilled and arioter dom and good versus evil.” cording to awarrant. prison in February2019 after try…and in addition youhad Themen couldn’t be reached shot by police—a clearer pic- “The silent majority has Mr.Rukstales,chief execu- being sentenced forattempted ordinary people,thousands forcomment. ture of the angrymob has be- been silent long enough, and tive of asmall Chicago-area first-degree murder six years and thousands.” Federal investigatorscon- guntoemerge. we’restanding up,” he said marketingtechnologyfirm, earlier.Local news accountsof Many of those arrested so tinue to examine whysome ri- Some had expressed their far inside the Capitol don’t ap- otersbrought zip ties with anger openly on social media. pear to have extensivecriminal them and whether some of Some had been in trouble be- histories. those involved hadmilitaryor fore,with backgrounds includ- Marsha MurphyofHinton, lawenforcement backgrounds, ing arrests, financial problems Okla., is agrandmother who alaw-enforcement official said. and affiliations with extremist runs an ammunition supply Investigatorshavevowedto groups,according to public re- company, Ameri-I-CAN Ammo find and punish those involved, cordsand online posts. Some Enterprises. combing social media and cell- led unassuming lives,with Ms.Murphy’smotto,ac- phone recordsfor clues to their dumbfounded family members cording to the company’sweb- identities.Washington’sMetro- saying they had no idea how site, is “Lifeiswhat youmake politan PoliceDepartment cir- theirloved ones gotswept up it. Ichose to makeitfun.” She culated online a26-pagedocu- in the chaos inside the Capitol. waschargedwith unlawful en- ment of photographs taken By Friday night, more than tryand curfew violation, ac- inside theCapitol,asking for 40 people had been chargedin cording to local media reports. the public’shelp identifying D.C.’s superior court and at She couldn’t be reached for thosesuspected of unlawfully least13had been chargedin comment. entering the building. federal court with guncrimes, Herdaughter,Crystal Gar- By Friday, morethan 40 peo- violent entryand disorderly S cia, told aTucson, Ariz., televi- ple had been chargedinD.C.’s

conduct on Capitol grounds, NEW sion station she wasoutraged superior court and at least 13 G assaulting an officer and at her mother,who she said had been chargedinfederal other charges, according to had told her about going to the court with guncrimes,violent authorities. OOMBER rally in Washingtonand prom- entryand disorderly conduct

Much remains unknown UE/BL ised to stay in the hotel. on Capitolgrounds,assaulting BL

about the rampage, including J. —Erin Ailworth, Deepa an officer and other charges,

allthat happened inside the OR Seetharaman and Alan according to authorities.

Capitol walls oncethe protest- VICT Cullison contributed to this Florida resident Allan Mestel ersbreached the exterior and Demonstrators walk through the U.S. Capitol after breaching barricades to the building. article. said he recognized Mr.Johnson from around Manatee County and reported him to the Federal video on Thursdaycondemning An alternativeapproach aided him politically. final sayoverwhether the vice Bureau of Investigation. Vote Set the riot without taking respon- would be censuring Mr.Trump. TheSenateisn’t scheduled president canmaintain the “Tosee that smug grin on sibility foritand in which he EleanorHolmes Norton, Wash- to be in session again until Jan. president’spowers,which his faceashelooted the Capi- vowedtoleave officeonJan. ington, D.C.’s nonvoting delegate 19,one daybeforeMr. Trump would be decided by atwo- tol, Iwas enraged,” said Mr. On Trump 20.The WhiteHouse has dis- in Congress, said that is “the leavesoffice. TheSenatewill be thirds majority.Republicans Mestel, adocumentaryphotog- missed the impeachment effort only way to send abipartisan, bi- divided 50-50 with Democrats have enough seatstoblock an rapher.“Iamdelighted he was as politically motivated. cameral messagewithout delay.” controlling the Senateafter Mr. incapacity vote in each house arrested.” Removal Many sayWednesday’sat- Democratsare torn between Biden is sworn in. If all 100 of Congress. Mr.Johnson’swifedidn’t re- tack wasspurred on by Mr. pressuretohold Mr.Trump,a senatorsweretovote, it would Both Sen. PatToomey (R., spond to amessageleftather Trump’srhetoric as he for Republican, accountable forthe take 67 to convict, and the Sen- Pa.) and Adam Kinzinger (R., office. Mr.Chansley,fromAri- ContinuedfromPageOne weeks falsely claimed the elec- riot and shifting their focus to atewill have 50 Democrats, Ill.) said Mr.Trump should step zona, wastaken intocustody “Wewill act withurgency, tion had been stolen. Mr.Biden, aDemocrat who suggesting they would need down.“Ithink the best way for on Saturday. His mother,Mar- because this president repre- House Democratssaid they takesofficeJan. 20. support from 17 Republicans. ourcountryisfor the president tha Chansley,said her son “just sentsanimminent threat,” Mrs. mayalso vote on another arti- House Majority Whip James Conviction carries with it re- to resign and go away as soon went down theretosupport Pelosi (D., Calif.) wroteSunday. cle of impeachment connected Clyburn (D., S.C.)said the moval from office, should Mr. as possible,” Mr.Toomey said. PresidentDonald Trump and Mr.Penceisn’t expected to to Mr.Trump’seffortstopres- House could delaysending the Trump still be president at the Sen. Ben Sasse(R.,Neb.) supportall of us patriots.” moveforwardwith a25th sureGeorgia officials to over- articles of impeachment to the time of avote. TheSenate said on Fridayhewould con- amendment process, people fa- turn President-elect JoeBiden’s Senate. “Let’sgivePresident- would have to hold aseparate sider impeachment, and Sen. miliar with his thinking said. victorythere. elect Biden the 100 days he vote,byasimple majority,to Lisa Murkowski (R., Alaska) One article of impeachment Rep.David Cicilline (D., R.I.), needs to gethis agenda off and disqualifyMr. Trump from called on Mr.Trump to resign. that accusesMr. Trump of in- one of the main sponsorsofa running,and maybe we’ll send holding officeinthe future. Some Republicans resisted citing an insurrection wasclose resolution to impeach,said the articles some time after The25th Amendment, rati- thecalls.“My viewwould be to having enough support to Sundaythat he had lined up that,” he said on CNN. fied in 1967,lays out the details that what the president should passthe House.Meanwhile, morethan 200 co-sponsors. Sen. Chuck Schumer (D., of presidential succession in the do is finish the last 10 days of moreGOP lawmakerssaid Mr. Thereare 222 lawmakersinthe N.Y.), who is in line to be major- eventthat apresident dies or his presidency,” Sen. RoyBlunt Trump should resign. House Democratic caucus,and ity leader afterMr. Biden as- becomes ill. One section of the (R., Mo.) said. S

Should Democratssucceed, it would take 217votes to pass sumes the presidency, also amendmentallows forthe vice Separately,the Capitol’sat- PRES Mr.Trump would be the first an impeachment measure, with hasn’t commented on his pref- president to take over the pres- tending physician, Dr.Brian president to be impeached 433 seatscurrently filled. erences.Oncethe House ap- ident’sduties if the vicepresi- Monahan, said some lawmakers ZUMA

twice. Conviction in the Senate As part of the process, if Mr. proves impeachment, it trig- dent and the majority of the and staff might have been ex- TIAN/ faces higher hurdles,however, Trump is convicted in the Sen- gers aSenatetrial. cabinet determine the president posed to the coronavirus when CHRIS

including atwo-thirds majority. ate, lawmakerscould vote on a Mr.Trump wasacquittedby “isunable to discharge the they were evacuated during S Thepresident didn’t appear measurethat would prevent the Senate last year afterim- powers and duties of his office.” Wednesday’ssiege, adding to

in public or makeremarks over him from running forpresident peachment over his efforts That sectionofthe amend- potential fallout from the riots. DOUGLA the weekend after Twittershut again, which he has told associ- pressing to announce ment has never beforebeen in- —Natalie Andrews Jacob Anthony Chansley was off his account.Hereleased a ates he wantstodo. investigations that would have voked. Congresswould getthe contributed to this article. charged in federal court. P2JW011000-0-A00700-1------NS

THE WALL STREET JOURNAL. NY Monday, January 11, 2021 | A7 U.S. NEWS GOP Splits Over Its Path After Trump

Thepolitical party President well as the WhiteHouse.Last Trump commanded with afirm week’seventsexacerbated a hand forfour yearsisnow torn crisis of identity foraparty over whether he has aplacein that already wasseeking to fig- itsfuture. ureout howitwill sell itself in the post-Trump era. By Aaron Zitner, “I think the Trump brand is Siobhan Hughes closetodestroyed,” said GOP and John McCormick strategist ScottReed, who until S NEW

recently waschief political G Theviolent incursion into strategist forthe U.S. Chamber theCapitol that Mr.Trump of Commerce. OOMBER

helped instigatelast week— Mr.Trump’sclosest allies BL which leftfivepeople dead, in- believehis hold on the party S/ cluding aU.S.Capitol Policeof- will endure. From astage yards

ficer—has made some from the WhiteHouse before REYNOLD

Republicanleadersand strate- Wednesday’sriot, Donald ANI EF

gistssoworried about the Trump Jr.told throngsofsup- ST party’s imagethey believethe portersthat lawmakerswho Some Republicans clapped overanobjection to the electoral-votecountonWednesday, the dayapro-Trump mob stormed the Capitol. only course is to split with Mr. votedtocertifyMr. Biden’swin Trump. in November would facethe John Danforth, one of the candidates and raise money,” has been critical of the presi- ally of South Sen. Ben Sasse(R.,Neb.), consequences.“This isn’t their state’smost respected political said StanBarnes,aRepublican dent, said therewill be more Carolina, on Thursdaywas who has criticized Mr.Trump’s RepublicanParty anymore. figures, denounced his protege consultant and former state electoral failures if the GOP re- taunted by an angrycrowd at behavior before, said he would This is Donald Trump’sRepub- Sen. Josh Hawley forleading lawmaker.“And if the party mains tooclosely associated Washington’sNational Airport. consider articles of impeach- lican Party,” he said. thechallengeinCongressto can’t figure out if wantstobe with Mr.Trump. ManyGOP lawmakersand ment if approved by the House. “His accomplishmentshave the Electoral Collegeresults. A in the boat with Trump or in “Unlessthe party fully re- strategistssaid Mr.Trump had Another Republican lawmaker, been spectacular,and to walk spokeswoman forMr. Hawley another boat, then the party is jectsTrump,itwill quickly be- helped the party by cementing Rep.Adam Kinzinger of Illinois, away from that nowand to didn’t respond to arequest for facing an existential threat.” come irrelevant,” he said. “The itsrelationship with working- on Thursdaycalled forMr. hang what happened on comment. TheRepublican Party has type of candidates aTrump- classvoterswhile promoting an Trump to be removed from of- Wednesdayentirely on his In Kansas,Fabian Shepard, survived priordivisions.In centric Republican Party will agenda of low-tax,center-right fice through the 25th Amend- shouldersiswrong,” said Rep. GOP chairman in Johnson 1964, moderates split with nominate will be easily beaten policies that could help the GOP ment.“Here’sthe truth: The Jody Hice (R., Ga.), who led the County,said some party mem- presidential nomineeBarry in most general elections,rele- regain support among subur- president caused this.The pres- objection in CongresstoElec- bers arecalling him with de- Goldwater over his conserva- gating themselves to being a banvotersturned off by the ident is unfit,” Mr.Kinzinger toralCollegeresultsfromhis mands foraprimarychallenge tiveagenda and national con- perpetual minority and regional president’spersonal style.They said in avideo message. home state. to longtime Sen. JerryMoran, vention speech asserting that party.” pointed to the manyGOP House “We’vegot to chart a Through November’s elec- who didn’t support Mr.Trump’s “extremisminthe defense of Thereweresigns that disap- candidates who drew moresup- course,” Sen. (R., tion, Mr.Trump retained strong call to reject the election re- libertyisnovice,” interpreted proval from the party establish- port than the president in the S.D.)told reportersatthe Capi- support among his base of sults, while othersare calling by some as condoning lawless- ment wasprompting an adjust- 2020 elections as evidencethat tol. “I think our identity forthe largely rural, evangelical Chris- forthe resignation of Sen. ness. Later, the party unified ment from some who had the two votergroups canbe past several yearsnow has tian and working-classvoters. Roger Marshall forbacking the around the conservativeagenda joined Mr.Trump’scall to chal- bridged. been built around an individual. In Wall Street Journal/NBC president. “Wehavefolks in of aGoldwater ally,Ronald lengethe Electoral Collegere- Josh Holmes,former chief of And we’vegot to getback to News surveysthroughout 2020, our party who arelikesiblings Reagan. sults. Mr.Cruz, one of ahandful staff and campaign manager for whereitisbuilt on aset of about 60% of Republicans de- who can’t getalong,” he said. Ageneration later,Tea of senatorswho forced adelay SenateMajority Leader Mitch ideas and principles and poli- scribed themselves as support- In Arizona, whereMr. Party-affiliated insurgentssuch in the Electoral Collegetally on McConnell, said thechallenge cies,and I’m surethose conver- ersofthe president rather than Trump’seffortstooverturn his as Sens. of Texas and Wednesdaynight, told aHous- forthe party is to exclude “rad- sations will be held. But it supportersofthe GOP. lossinthe state’spresidential Rep.Jim Jordan of helped tontelevision station Thursday: ical elements.” needs to happen pretty soon.” Acrossthe country, the election ignitedname-calling oust the party’s establishment “I think,yesterdayinparticular, “What Republicans need to Calls to separatefromMr. party is being torn by infight- between the GOP governor and wing from leadership in Con- the president’slanguageand figure out is the people who Trump have been compounded ing between those who resisted party chairwoman, some said gress, including House Speaker rhetoric crossed the line,and it have been systematically lied to by political defeats, most re- Mr.Trump’seffortstooverturn Mr.Trump had enough support John Boehner. wasreckless.” as to the resultsofthis elec- cently the unexpected lossof the presidential election re- in the party that it would find This time,itishardtopre- Still, seven senatorswere tion—howdoyou re-engage two SenateseatsinGeorgia, sults, and those who supported it hardtomoveon. dict wherethe GOP will end up. joined in rejecting some Elec- with those folks who are which meant the party has lost it, in some cases with an eyeto “It’saserious threat to the RickTyler,aRepublican strate- toralCollegeresultsbymore aligned ideologically and not the House and Senatemajori- runfor higher office. party’sability to win elections gist who worked on Sen. Cruz’s than 130House members. One radical in anyway,but misin- ties Mr.Trump inherited,as In Missouri, former Sen. in the near future, to recruit 2016 presidential campaign and senator who didn’t join, Trump formed?” Mr.Holmes said. White House Pressed for A U.S. Attorney to Quit

WhiteHouse officials pushed Atlanta’stop federal prosecutor to resign before Georgia’sU.S.Senaterunoffs because President Trump was

upset he wasn’t doing enough AP to investigatethe president’s unproven claims of election TITUTION/ fraud, people familiar with the ONS

mattersaid. -C

By Aruna Viswanatha, JOURNAL Sadie Gurman and A Cameron McWhirter TLANT /A Asenior JusticeDepartment

official, at the behest of the ANDRES

WhiteHouse,called the BOB Trump-appointed U.S. Attorney U.S. Attorney Byung J. Pak speaking in Atlanta in 2019. Byung J. Paklateonthe night of Jan. 3. In that call the offi- directly contacting JusticeDe- formally certified Mr.Biden’s cial said Mr.Trump wasfuri- partment officials. Electoral Collegevictory ous therewas no investigation It putMr. Christine in the on Thursday, afteraviolent related to election fraud and unusualposition of serving as pro-Trumpmob stormed the that the president wanted to topprosecutor in two districts. Capitol and forced adelayin fire Mr.Pak,the people said. Atlantafalls in the Northern the process. Mr.Pak resigned abruptly District of Georgia, and thereis TheWhiteHouse and the on Monday—the daybeforethe aseparateMiddle District in JusticeDepartment didn’t re- runoffs—saying in an early thestate. spond to requestsfor com- morningemail to colleagues Mr.Christine declined to ment. that his departurewas due to comment. Mr.Pak’sresignation came “unforeseen circumstances.” ThepressureonMr. Pak one dayafter the public release Mr.Pak,who had ajob lined waspart of Mr.Trump’sweek- of the audio of the Jan. 2call up in the privatesector, slong push to trytoalter presi- to Georgia’ssecretaryofstate. planned to leave by the end of dential election resultsfavor- Mr.Trump told Mr.Raffen- the administration and had ing President-elect JoeBiden, spergerinthe roughly hour- draftedaresignation letter, which included his win in long call that the Georgia Re- people familiar with his plans Georgia. Mr.Trump last week, publican could facelegal action said. following the U.S. Capitol riot, and said he should find nearly Mr.Pak on Jan. 3considered said he would leave officeon 12,000 votesoffivemillion leaving early afterthe public Jan. 20 when Mr.Biden is in- cast to reverseMr. Biden’svic- release of acall from the day augurated. tory in the state. beforebetween Mr.Trump and Senior JusticeDepartment Mr.Raffenspergerrejected Georgia’ssecretaryofstate officials including recently de- pressuretofurther investigate Brad Raffenspergerinwhich parted Attorney General Wil- an election, telling the presi- thepresident pushed the offi- liam Barr have said the Justice dent,“Thechallengethat you cial to overturn the November Department hadn’t found evi- have is that the datayou have election results, one person denceofwidespread voter is wrong.” said. When Mr.Pak communi- fraud that could reverseMr. Bi- Mr.Christine,who wasap- catedthat on the Sundaycall, den’svictory, including claims pointedbyMr. Trump to the the WhiteHouse indicated he of fraud, ballot destruction and Savannah post in 2017, as- should leave immediately,the voting-machine manipulation. sumed his additional role by a person said. Theofficials have resisted writtenorder of the president Mr.Trump then called the overtures from Mr.Trump and on Jan. 4, the same dayasMr. prosecutor he wanted to re- his allies sinceNovember to Pak’sresignation. Mr.Christine placeMr. Pak, Savannah’sU.S. pursue unsubstantiated allega- brought with him two lawyers Attorney Bobby Christine, and tions of election fraud, and no from his Savannah officewho told him he wasputting him in JusticeDepartment officials were already monitoring for the job,the person said. In do- supported Mr.Pak’sdismissal, possible election irregularities, ing so,Mr. Trump bypassed the people said. people familiar with the matter the traditional processin Dozens of stateand federal said. which the office’sNo. 2official court decisions also have re- Spokespeople forMr. Chris- would fill the vacancy, as well jected efforts by Mr.Trump tine andthe U.S. attorney’s of- as longstanding protocol that and his supporterstochallenge fice in Atlantadeclined to com- discouragesapresident from election results. And Congress ment. P2JW011000-5-A00800-1------XA

A8 | Monday, January 11, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS One Trump Fan Joins D.C. Mob

ContinuedfromPageOne Wednesdaywas acombustible

stew of QAnon conspiracythe- CK

orists, armed rampagersand TO extremist personalities,aswell as moreordinaryTrump loyal- SHUTTERS

istsdetermined to fulfill the A/ president’sdesiretoper- EP O/ suade—or intimidate—lawmak- ALZ

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Among those who have been JIM

arrested arealeader of the GES;

far-right Proud Boys forhis al- IMA leged role in the siege, and an

online provocateur and white GETTY

nationalist who live-streamed SE/ from inside House Speaker NancyPelosi’soffice. ACapitol ANCE-PRES

Policeofficer waskilled and FR four othersdied. TheWall Street Journal in- ENCE AG

terviewedMr. Sweet at his Y/ home afterpoliceincluded him

on alist of those arrested. DOULIER Mr.Sweet is aman who dipped his toeinthe pool of OLIVIER

wild and false conspiracies P: during the ad- TO OM

ministration and is nowupto FR his neck in it, wallowing in re- Above, Doug Sweet under arrest after breaching the Capitol last week. Below, Trump supporters angry about the president’s loss in the election mob the Rotunda. sentment and anger that oth- erscan’t see howthe elites are his shoulders. scheming to destroy America Mr.Sweet estimates he was the way he can. He has become held in the Capitol formore intractably fixated on beliefs than four hours, as policetried so extreme—but widespread— to find asafeway to getthe that he is estranged from his group out of the building, elderdaughter. which wasbesieged by the pro- He came to Washington Trump masses. ready to act on them. Along the way,Mr. Sweet Mr.Sweet and afriend first noticedablood trail on the visited the Ellipse,wherePres- floor.Passing through the Cap- ident Donald Trump told his itol crypt, one officer played supporters that the election tour guide and pointed out the had been stolen and that he whitestone compassstaron plannedtowalk with them the floor,which marks the along Pennsylvania Avenue to meeting point of Washington take their anger to the Capitol. D.C.’s four geographic quad- “Wefight likehell,” the rants. In the Hall of Columns, president said. the officer gripped Mr.Sweet’s Mr.Sweet says he took his arm in front of amarble statue marching ordersfromthe of Francis Blair,ananti-slavery president and walked east. The lawmaker and major general in Capitol wasabattlefield when the Union Army. he arrived in early afternoon. Thepolicefinally found a People waving Trump flags clear exit to the street, loaded and wearing MAGA hatswere Mr.Sweet and the othersinto swarming the bleachers apolicevan and deposited erected forMr. Biden’sinaugu- them at thestation house a ration. They were scrambling few blocks away. up the walls.Riotershad over- ins with the lawalong the Twoyearsago, Mr.Sweet nize. who describes himself as Around 11 p.m., he wasre- runCapitol Policeand forced way—a fistfight with his helped found an activist group “I don’t knowthis person someone who is trying to save leased on his ownrecogni- their way intothe building.Mr. brother, who dropped the called the East Coast Hiway- anymore,” she says.She says Americafromdark forces.In zance. Thepolicekept his Sweet could hear the thuds charges, and asix-month sus- men. He sawthe organization’s their relationship has become his view, Mr.Trump had sum- phone,which contained photos and see the smokefromflash- pended sentence afterhehit mission as defending Confed- increasingly strained “because moned his “digital soldiers” he took inside the Capitol, and grenades going off inside. his older daughter,Robyn eratewar memorials,while it just seems so crazy some of and he meant Mr.Sweet. He gavehim asheet of paper say- Sweet, then 14.Itwas an act also undertaking charity the stuff he would talk about.” thought of his granddaughter ing he had been arrested for he describes as aspanking and drives. Ms.Sweet marched in sup- and imagined her “looking me unlawful entryand that prose- Inside the Capitol that sheprefers not to discuss. Initially theEast Coast Hi- port of BlackLives Matterin in the eyeand saying,‘Paw cutors would determine He says he walked up stairs “I think he did his best, but it waymen had some 30 mem- June afterthe killing of George Paw, howcome youdidn’t do whether to file formal charges on the Mall side of the Capitol, wasverydysfunctional,” Ms. bers, he says.During the sum- Floyd in policecustody,and anything?’” beforeaJune hearing datein wherehefound the doors Sweet says of her childhood. mer of 2019,they spent many startedaFacebook pageto At 4:15 a.m. on Jan. 6, Mr. D.C. Superior Court. He says open. He says he hesitated. He ARichardNixon fan, Bill weekends forming aprotective highlight bigotry. She says her Sweet lefthome,picked up two he’snot sureifhe’ll showup says he felt the need to go in- Clinton’spresidencydeepened shield around the 27-foot father supported her exercise women at the YMCAparking forit, but if he does,hesays side to sharehis views with Mr.Sweet’sdislikeofDemo- statue of aConfederatesoldier of herconstitutional right to lot in Hudgins,and aguy in Sa- he’ll plead guilty. Congress but wanted to con- crats. Friends from Arkansas in front of the courthouse in free speech, but some people luda. They metfour othersand “I’m arealist,” he says.“I sult God first. He prayed aloud: told him Mr.Clinton was“one Pittsboro, N.C. “inhis camp” began accusing caravanned to Washingtonto wasinside abuilding Iwasn’t “Lord, is this the right thing to of thebiggest cocaine smug- Membersgrewdemoralized herof“being ,” aloose attend Mr.Trump’s“Save supposed to be inside.” do? Is this what Ineed to do?” glersinthe U.S,” apartner in afterspending gasand meals collection of sometimes-violent America” rally on the Ellipse. He says he felt God’shand on crime with Colombian kingpin only to see the statue come left-wing activists. “Wedidn’t knowexactly his back,pushing him forward. Pablo Escobar.Mr. Sweet found down. “She’scaught up in the idea whyhewanted us there—just a The charges “I checked with the Lord,” the false allegations plausible. “Somepeople can’t accept that BLM goes intocities and showofforce or ashowof He wondered aloud if Mr. he says.“Inever hearda‘No.’” In 2008 he votedfor GOP losing,” Mr.Sweet says. helps Black children,” Mr. numbers,” Mr.Sweet says. Trump would rescue loyalsup- He walked in and, he says, candidateJohn McCain, the Sweet says.“We’repolar oppo- He says he didn’t travel to porterswho heeded his call found himself in awhirlwind of senator from Arizona. He pre- sites.But Iloveher.” Washingtonplanning to go to and nowfacecriminal broken glassand debris.He ferred the Republican vice Conspiracies This summer,Mr. Sweet be- the Capitol. Or to do anything charges. (The president can says he wasshocked; the event presidential pick,Alaska Gov. Mr.Sweet professes aseries came moreactiveatGwynn’s illegal. pardon people forfederal on the Ellipse had been all pic- SarahPalin, whose beliefs and of beliefs about the powerful Island Baptist Church,where, Mr.Sweet says he wanted to crimes,but not local or state nic blanketsand puppies.This attitude reflected his ownself- manipulating the world in due to pandemic concerns, enter the building so he could offenses.) wasanorgyofdestruction. imageasa“TeaParty Patriot.” waysvisible only to those able congregantslistened to ser- sharehis views with lawmak- On Friday, the JusticeDe- Mr.Sweet, 58,lives alone in Nonetheless, he says he was to see through the deception. vices from their cars and ers. Onceinside,hesays,he partment announced Mr.Sweet awood-heated house on alot “kind of excited” that the “Thereare so manypeople honked their horns to say wasalarmed by the violence would also facefederal charges crowded with tractorsand old countrygot itsfirst Black pres- walking around half asleep,” he amen. and tried to stop the rioters. of unlawful entry, with intent boatsonGwynn’sIsland, a ident, Barack Obama. He soon says.InMr. Sweet’sworld of In July,Mr. Sweet demon- “This is our house,” he says he to impede government busi- short walk from the Chesa- concluded, however, that Mr. falseconspiracies,financier stratedhis growing faith with told them. ness,and violent entryand peakeBay. Obama wasactively “trying to is both aNazi abaptismal dip in the Chesa- Mr.Sweet wandered over disorderly conduct on Capitol He’susually up at 5a.m. and destroy the country,” citing in- andaCommunist who pays peakeBay. several floorsofthe building, grounds.Usually,afederal case in bed by 9p.m. Alot of days frastructurespending and the supplantsany local charges. his only conversation during cash-for-clunkersprogram. “I’msitting herewatching my country go in the cesspool. Ican’t Mr.Sweet wasamong some the hoursinbetween is with Donald Trump caught his 55 people facing federal or lo- Jenkins,his aging Labrador. eye. Herewas abusinessman just sit hereand watch it happen.” calchargesasofSaturday. For40yearshehas pieced who told it likeitwas,he Mr.Sweet says that on re- together aliving,afar cry thought, not apolitician. “He’s flection, he’squitesurethat it from the path takenbyhis fa- not aperfect man, but we ha- Trump supporter Doug Sweet, on why he decided to join the rioters at the Capitol. wasantifa, the radical left, ther,anaeronautical engineer ven’t seen aperfect man since who brokeintothe Capitol and who developed satellites for Christ,” Mr.Sweet says. leftist activiststoburn and “His priorities changed, and turning at one point to find started the violencetomake NASA during the Cold War loot American cities.QAnon, a he gotverycommittedto themselves facing awall of Trumpsupporterslook bad. spaceraceand died when Mr. conspiracy-theorygroup that church,” says Pastor Ed Jor- morethan adozenCapitol Po- Law-enforcement officials Sweet wasinhigh school. Charlottesville believes Mr.Trump is under dan. He describes Mr.Sweet as liceofficers. He says he have found no indication of Aftergraduating from One thing he liked wasMr. assault by devil worshipers, apassionate“patriot” who fear in their faces and assured such aleft-wing provocation, a Mathews High School in 1980, Trump’sdefense of Confeder- speaks the truth. AWashing- talked about being “concerned them that he presented no federal prosecutor said Friday. he operated acrane and fork- atewar memorials. tonpizza parlor serves pies forour country.” threat. “Wewant to gettothe Mr.Sweet remains uncon- liftfor adecade in the New- In 2017,Mr. Sweet went to made of children’sblood to Sa- Mr.Sweet’sdistrust of those Senateand talk to the sena- vinced. “They weren’t acting port News shipyards.Hetried Charlottesville forthe Unite tanistswho knowtoorder off- in powercolorsthe way he tors,” he recalls telling them. like characteristic American his hand at landscaping and the Right rally,aprotest menu. Former Secretaryof sees the 2020 election results. Thepolicesaw it from adif- patriotsinthere,” he says. did astint on atugboat and against the removal of astatue State HillaryClinton and “Wealways knewtherewas ferent perspective. Mr.Sweet His daughter learned her another fishing foroysters on of rebel Gen. Robert E. Lee. House Speaker Pelosi drink something funnygoing on with and five otherswereatthe father had been arrested the Rappahannock River. Theevent devolved intovio- children’sblood in aquest for elections,” he says. front of the mob when the offi- Thursdayafter seeing his name Adivorce lefthim with cus- lence, with neo-Nazis shouting eternal youth. Former Vice President Biden cers,“in aloud and clear in the news. tody of histwo daughters, so anti-Semitic slogans and a “I’m not going to go open a couldn’t possibly have gotten voice,” ordered them to leave “I really feel sad that he’s in 1996 he took up odd jobs whitenationalistplowing his court case saying [Ms.Clinton] 80 million votes“by sitting in the building,according to apo- involved in allofthis,” she welding and doing carpentryto carthrough acrowd and killing eatschildren,” Mr.Sweet says. his basement,” he says.Mr. licereport. “The six individu- says. remain on dryland. Agarage- acounter-protester,Heather “But Ican believethat she Sweet followedonline reports als,likeothersinthe larger Sitting in his yard the day building businesscollapsed in Heyer.Mr. Sweet thinks Demo- might eat children.” about the “Stopthe Steal” ral- crowd,willfully refused the or- afterhereturned home,the the crash of 2008. cratsstagedthe clashes to Robyn Sweet says she has lies,and he took the word of der to leave.” court citation folded up in his These days he earns athin makeanyone “pro-Confeder- been saddened and puzzled to Mr.Trump and his high-level Several policeofficers Jeep Cherokee,heremained living mowing grassinthe ate” seem like aKuKlux Klan see her father’s views grow supporterswho insisted that wrestled Mr.Sweet to the confident that someone will summer and selling oak fire- racist. No evidencehas backed moreextreme. She says she theelection wasrigged. ground, held him facedown on stop JoeBiden from becoming wood in the winter,filling his up that theory. loves him and still sees his “Big protest in D.C. on Janu- the floor and cuffed his hands president on Jan. 20.Heisn’t larder with deer he shootsand Afterwards,Mr. Trump de- good qualities,calling him ary6th,” Mr.Trump wroteon behind his back,Mr. Sweet surewho.Heisn’t surehow. striped basshecatches.Heis fended the statue.That reso- “charismatic,lovable and TwitteronDec.19. “Be there, says.The officerssoon let Mr. But he is sure. on Medicaid, but says he nated with Mr.Sweet, who felt funnyoutside of all this.” Yet will be wild!” Sweet sit up and gavehim wa- “There’ssomething getting doesn’t use it. Mr.Trump wastrying to “pre- she says he has become some- Theinvitation seemed to ter. One loosened his cuffs to ready to happen beforethe Therewereacouple of run- serveAmerica.” one she doesn’t quiterecog- speak directly to Mr.Sweet, give him more room to move 20th,” he said. P2JW011000-6-A00900-1------XA

THE WALL STREET JOURNAL. ****** Monday, January 11, 2021 | A9 U.S. NEWS Capitol Riot Left Forceful Response WasSlowed

Trail of Wreckage WASHINGTON—Shortly af- KeyCommunications agencies.FBI tactical unitsar- ter1:30 p.m. Wednesday, Army rived within minutes. Secretary Ryan McCarthy got On aphone call at 2:22p.m. Localauthorities, Federal, stateentities And a Big Cleanup the first of several calls from Metropolitan Police, between Ms.Bowser,police Washington, D.C., Mayor Mu- Capitol Police and the Pentagon, Capitol Po- riel Bowser.Trump supporters liceChief Steven Sund de- were breaching the Capitol, scribed the situation as “dire,” BY NATALIE ANDREWS Leader Kevin McCarthy(R., overwhelming police officers, D.C. officials said. Metropoli- Calif.). and Ms.Bowser wanted D.C. tanpolicechief Robert Contee WASHINGTON—Officials Sen. Jeff Merkley’s Capitol National Guardsoldiersfor re- 12:45 Rioters breach Capitol barricades asked if Mr.Sund wasrequest- continued to assess the scope officewas broken intoand ran- inforcement. 1:00 ing D.C. National Guardsup- of the damagetothe U.S. Cap- sacked, with the door broken off p.m. port,and he said “yes,” ac- 1:18 Reports of itol complex, afterpro-Trump the hinges,anaide to the Ore- cording to D.C. officials. By Scott Calvert, multiple officers riotersdamaged windows and gonDemocrat said. His personal 1:34 D.C.Mayor Pentagon officials said they Nancy A. Youssef injured at the Capitol statues while also rustling items were trashed, and the ri- and Sadie Gurman Muriel Bowser calls initially raised concerns be- through offices, stealing per- oterssmoked marijuana and ArmyDefense cause they didn’t want to be sonalitems of lawmakersand cigarettesinthe office, leaving Pentagon officials asked for Secretary Ryan seen as intervening against 1:53 Metropolitan McCarthyfor help leaving a big cleanup job. butts and broken glass—and a clarification, saying they policedeclare‘a what they thought would Aspokesman forthe House Trumpflag.Amissing laptop needed arequest based on ca- 2:00 breach at the Capitol’ largely be peaceful protesters. Administration Committee waslater recovered. pabilities rather than number 2:22 D.C.officials, To D.C. officials, the situa- said an assessment of Capitol Rioters also reached harder- of forces,defense officials said. policeand Pentagon tion required immediateac- damage after the unprece- to-find offices.House Majority “What do youwant to do with discussthe need for tion. “There was an insurrec- dented incursion wasstill on- Whip Jim Clyburn (D., S.C.) them?” one U.S. official asked. reinforcements tion under way, yet there was going.Lawmakersalso plan in- questioned on aDemocratic “Therewas adetermined sense hesitation to send further sup- vestigations into howsecurity caucus call Fridayhow the riot- of urgencybut not asense of 2:49 Reports of a 2:40 ATFtactical port,” said John Falcicchio, wasbreached by pro-Trump ershad found his third-floor of- panic.Wewanted to getthese shooting inside teams arriveonscene Ms. Bowser’s chief of staff. rioters,and the head of the fice,which is accessed through guys moving.” the Capitol Just after3p.m., Acting De- Capitol Policeaswell as the astairwell that isn’t easy to lo- About 90 minutes passed 3:00 3:00 Defense fense SecretaryChris Miller sergeantsatarms of the House cate.Healso told Democrats sorting out those needs, with Department authorizes verbally approved the deploy- and Senateare resigning. that his iPad wasstolen. Mr.McCarthyapproving the 1,100 D.C.guardsmen. ment of all D.C. National TheCapitol is both awork- Asign honoring the late redeployment of 200 troops Maryland Gov. Larry Guardsmen. ing office building and a mu- Rep. outside the of- already at traffic checkpoints 3:37 Rioters cleared Hogan mobilizes By around 4p.m., Mr.Ho- seum of sorts, with historic fice of House Majority Leader and stations.More from inside the troopers, National gansaid, he learned that Mr. art in stairwells, the Rotunda StenyHoyer (D., Md.) wasde- time went by beforethe sol- building Guard Miller had yettogrant the and on the walls.Dozens of stroyed. Mr.Hoyer replaced it diersretrieved protectivegear necessaryapproval for statues honorhistorical fig- Thursday. In the melee,the of- and arrived at the Capitol. 4:00 4:00 Hogan is Guardsmen to enter Washing- ures.Much of the building is fice of the Senateparliamen- In those hours, the mob ri- informedMaryland ton. At 4:41 p.m., Mr.Hogan typically open to the public, tarian wasransacked, with the oted through the halls and of- guardsmen arenot said he received aphone call butaccesshas been tightly damagecaptured on video by a fices of Congress, in the first authorized in D.C. from an unfamiliar number. limitedsincethe start of the CNN reporter. siegeofthe building by Ameri- When he answered, he re- coronavirus pandemic. Theboxesinthe House cancitizens.Fivepeople died, He receives called, the caller said: “This is House Speaker Nancy chamber containing the Elec- including awoman shot by po- authorization Ryan McCarthy, secretaryof Pelosi’s name placard was re- toralCollegecertificates were lice as she climbed through a 40 minutes later the Army, Governor.Can you moved from the entranceto whisked away to safety. smashed door pane outside 5:00 come as soon as possible?” her office, and items from in- Afterthe Capitol was the House chamber and a po- Mr. Hogan said he replied: side were stolen, including a cleared and Congresswent liceofficer fatally injured after “Yeah, we’vebeen waiting.” laptop used forpresentations, back intosession, some law- being struck in the head with Mr.Miller had informally as- according to an aide. makershelped in the initial a fire extinguisher. sented to the use of National Aman wasphotographed cleanup. Cleaning crews then As riotersstormed the Cap- Guardsoldiersfromoutside carrying away her lectern went to work,picking up trash itol, the numerous federal and 5:40 D.C.guardsmen D.C. minutes earlier,according through the Rotunda. and debris leftbyrioters, as local agencies that police the arriveonscene to the Pentagon. TheU.S.attorney’s office well as hauling away broken capital produced aflood of ur- 6:00 While National Guardand forthe District of Columbia furniture and evaluating van- gent communications,but they other assistancewas being chargedthe man and identi- dalized statues that needed to struggled to sort through lines mobilized, Ashan Benedict, the fied him as 36-year-old Adam be cleaned. Aside from the of command and coordinatea special agent in charge of Johnson of Florida. Mr. John- physical destruction, the riot- forceful response. 8:00 Capitol secured ATF’sWashingtonfield office, son couldn’t be reached for ersleftbehind discarded MembersofCongress— 8:00 called in his tactical teams. comment. clothes and other items. takentosecurelocations— Beforethose teams arrived, Rioters brokeawindowin —Kristina Peterson called forhelp.House Majority Sources: Policeradio traffic; Pentagon Mr.Benedict said he and an- the officeofHouse Minority contributed to this article Leader StenyHoyer,aMary- other senior ATFofficial had land Democrat, spokewith the the response,saying the timeline. Capitol Police didn’t gone to the building to find state’sRepublican governor armed forces have arestricted respond to arequest forcom- the best path of entry for the twicethat afternoon, said Gov. role in civil law enforcement. ment Saturday. teams.Ashemade his way Larry Hogan. “Weare not designed to be an President Trump on through the rotunda and else- “I wasactually on the emergencyresponse force. By Wednesdayurged his support- where, he said his eyes stung phone with Leader Hoyer, who law, Guardonly is erstomarch the mile to the from bear spray that protest- was pleading with us to send supposed to support local law Capitol, where a joint session ers had used to overcome po- the Guard. He wasyelling enforcement,” one defense of- of Congress was due to ratify lice. “It wasabsolutely pande- across the room to [Senate ficial said. Democrat JoeBiden’selection monium inside,” he said. Minority Leader Chuck] Ms.Bowser,inaletterto as president. When the pro- Mr.Benedict’steams and Schumer. And they were back federal officials Monday, urged Trump crowd descended, po- agents had a specific mission and forth, saying we do have alight security footprint for lice were quickly overrun. to clear certain partsofthe the authorization. And I’m Wednesday’sproteststoavoid Around 12:45 p.m., some building,hesaid. They took saying,‘I’m telling you, we do the type of showofforce that marchers were rocking a bar- some riotersand handed them not have the authorization,’ ” inflamed tensions during last rier on the Capitol’s outer se- down aline of officers, one by Mr. Hogan said Thursday. year’s racial-justice protests. curity perimeter and soon one, he said. By late afternoon, the Pen- Militaryand defense offi- overturned it, rushing toward By 3:37 p.m., authorities tagon, which has to approve cialsoffered assistanceand the building.Around 1p.m., hadcleared protestersfrom National Guarddeploymentsin prepared what all sides sawas officersfromthe city’s Metro- inside the Capitol building,ac- S the capital, authorized the mo- asufficient number of D.C. Na- politan PoliceDepartment cording to policeradio traffic.

PRES bilization of 1,100 D.C. Na- tional Guardsoldiers—about reached the Capitol grounds. “The chambersare still shel-

UMA tional Guardsoldiersand 340—to perform support du- At 1:53 p.m., the Metropolitan tering in place. They’ve /Z 6,200 from six states. Agents ties such as traffic manage- PoliceDepartment declared “a cleared the Rotunda and NP

/C from the Federal Bureau of In- ment, military officials said. breach at the Capitol as well pushed the protestersoutside vestigation and the Bureau of TheU.S.Capitol Police as a riot at the Capitol.” to the Capitol breezeway,” a MKEY

LA Alcohol, Tobacco,Firearms twicetold the Pentagon that Five minutes later, Capitol citywide dispatch said. D and Explosives also mustered no additional support was Police formally requested as- —Gordon Lubold, Erin RO Rioters damaged windows and statues at the Capitol while also to help regain control. needed, according to officials sistancefromthe ATFand Ailworth and Dustin Volz rustling through offices. Apoliceofficer lastweek in the aftermath. Pentagon officials defended and aDefense Department other federal law-enforcement contributed to this article. LawEnforcement Bracesfor More Violence

BY RACHAEL LEVY sessing Molotov cocktails. Trump won’t be there. TheSecret Servicedidn’t im- AND BRENT KENDALL Others online are touting a Facebook also has sus- mediately respond to arequest Million Militia March in Wash- pended Mr.Trump’saccess, at forcomment. Aspokesman for WASHINGTON—Law-en- ingtononJan. 20,the dayof least through the end of his the U.S. Parks Policesaid, “We by forcement authorities are President-elect JoeBiden’sin- term. have maintained aheightened bracingfor morepotential auguration, according to Last week’sriotslefttwo presencethroughout the week marches by some of President screenshotsprovided by Meili killed, including a police offi- and will continue to do so.” Trump’s supporters after be- Criezis,aresearch associate cer, while three othersdied TheFederal Bureau of In- ing caught flat-footed by last tracking violent extremism at from medical issues. The vio- vestigation said it was“fo- Introducing an week’s Capitol riot. . lenceleftatrail of property cused on identifying, investi- Ergonomic Heat Pro-Trump online forums Much of thechatterabout destruction in the U.S. Capitol. gating,and disrupting have been home to discussions eventorganizing has occurred Law-enforcement authorities individuals that areinciting and Massage about further demonstrations, on alternativesocial-media continue to makearrests, on violenceand engaging in crim- with some organizersencour- sites. chargesranging from disor- inal activity.” Thebureau said Chair for Work aging groups and other partic- While chatter often occurs derly conduct to weapons pos- it isn’t focused on peaceful and Home ipants to bring firearms. on public online channels, session and assault. protesters“but on those TheSiteIntelligenceGroup, much takesplaceinprivate threatening their safety and whichtracks extremist threats social-media groups and on thesafety of other citizens online, said in a report Satur- encryptedapps,limiting law Officials around the with violenceand destruction daythat aday of armed far- enforcement’smonitoring abil- of property.” right protestsisscheduled for ity,afederal law-enforcement country are making Anew line of fencing,7feet Jan. 17 and has been in the official said. But in the weeks preparations for tall and nonscalable,has been works for weeks, with Trump leadinguptoWednesday’sri- placed around the Capitol and supportersand antigovern- ots, therewerenumerous demonstrations. will remain at least 30 days, ment activistspromoting mar- signs online in public chan- Army Secretary Ryan McCar- ches in Washingtonand at nels.Extremists acrossthe far- thy said last week. statecapitols around the na- right spectrum, including Officials around the country tion. Flierspromoting the militant groups, said publicly After widespread criticism are also making preparations eventare circulating online, they were planning to wreak of authorities’ preparation for fordemonstrations and poten- including one encouraging havoc, with some explicitly the thousands of marchers in tial disturbances,especially in %( 1-# *( /!& +$) 0-.'", people to “come armed at your saying they would “storm the WashingtononWednesday, hotly contested states that personal discretion.” Capitol.” federal and local officials are were central to the outcome of Awebsiteassociated with Twittercited “the risk of doing morenow to preparefor the 2020 election. some adherentsofthe anti- further incitement of violence” additional potential threats. In Georgia, Republican Gov. government boogaloo move- as the reason it banned Mr. Department of Homeland Brian Kemp last week said the ment said thecoming event Trump’s account on Friday. It Security spokesmanChase statecapitol would be pre- would be peaceful. “Wehave said, forexample,that atweet Jenningssaid Mr.Biden’sin- pared should demonstrators no plans to do anything to the in which the president said he auguration has been desig- attempt violencethere. He ex- capitol buildings in the cities wouldn’t attend Mr.Biden’sin- nated anational security tended an executiveorder that Free Shipping&30Day Risk Free Trial in which we plan the demon- auguration is being inter- event, and given a threat rat- activated the National Guard. Save $100 Now! And, Use code Ergonomic stration,” the sitesaid in a preted by some supportersas ing that the Wednesdayevents Thestate legislaturegoes into For Free X-Wheel Casters post on Friday. Followers of confirmation that the 2020 didn’t receive. TheSecret Ser- session this coming week. *$50 per month based on purchase of $89999 for 18-months 0% interest the movement were charged election wasn’t legitimate, and viceisleading federal lawen- —Cameron McWhirter last year in the killing of law- that the inauguration would forcement’sresponse,Mr. Jen- and Sadie Gurman enforcement officersand pos- be a“safe” target because Mr. nings said. contributed to this article. P2JW011000-4-A01000-1------XA

A10 | Monday, January 11, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS Indonesia ClosesInonCrashed Jet’sData

After debris, remains Area of detail 5miles Last ADS-Bsignal 5km are found; officials say wasreceived on they think they know SJ182 Jan. 9, 2:40 a.m. ET black boxes’ location Java Sea Departed Jan.9, 2:36 a.m. ET BY JON EMONT Soekarno-HattaSoekarno-Hatta AND VIRIYA SINGGIH IntInternationalernationalAAirportirport

JAKARTA, Indonesia—Au- MALAYSIA thorities believethey have identified the location of the two black boxes of the Sriwi- jaya Air jet that crashed into Pontintiaannakak the Java Sea carrying 62 peo- ple. INDONESIA SoerjantoTjahjono,head of Indonesia’snational transpor- Java SeSeaa tation safety committee, on S Jakarta

Sundaysaid diverswerebeing NEW 100 miles G dispatched to trytorecover 100 km the cockpit-voiceand flight- Source:Flightradar24 data recorders. OOMBER Crewsusing helicopters, of the International Civil Avia- fixed-wing aircraftand search- tion Organization,the air- ARDIAN/BL

and-rescue ships spent the day S safety arm of the United Na-

looking for and retrieving de- DIMA tions,signed what they bris from the Boeing 737-500 Members of asearch-and-rescue team on Sundaycarried bags containing remains of victims recoveredfromSaturday’sSriwijaya Aircrash. described as a “groundbreak- that went down minutes after ing declaration.” In it the gov- taking off from the capital, Ja- disappeared from the radar,at ter’ssurface, said Hadi Tjah- recoverthem,” Mr.Tjahjono Arelatively small number ernment pledged to boost karta, on Saturday afternoon. 2:40 p.m. local time. janto, Indonesia’smilitary said. of Boeing 737-500s remain in funding and increase oversight Authorities have also found Authorities began search chief. The sign for aisle 21 of Finding black boxesisoften operation around theworld. personnel to swiftly enhance human body parts and expect operations near aseries of is- the plane was also recovered, challenging afteraplane Since1993,therehavebeen safety. to use DNA testing to identify lands on the outskirtsofJa- showing seats D, E and F, ac- crashes intothe sea, and four other fatal crashes among However, the next few years the victims,aJakartapolice kartacalled Kepulauan Seribu, cording to aphotograph searches cantakeweeks or the totalofnearly 400 such sawastring of serious jetliner spokesman said. or Thousand Islands.They shared by Julius Widjojono, years. The recorders are con- jets Boeing delivered around and turboprop crashes across The plane, which was on a homedinonthe area near the navy’s spokesman. sidered crucial to determining the globe,according to the Indonesia, including planes ca- domestic flight to Pontianak Laki Island where the waters Indonesia’s national trans- the cause of accidents. Aviation Safety Network,ada- reening off runways,flying on Indonesia’s Borneo island, appeared of an unusual color portation safety committee, Sriwijaya Air Chief Execu- tabase associated with the intomountains and landing on wasdelayedbeforeittook off andflow, potentially indicat- which is investigating the tive Jefferson Irwin Jauwena nonprofit Flight Safety Foun- taxiways.Atvarious times, Saturdayafternoon because of ing an oil spill and burned fu- crash, sent aship with tech- on Saturdaysaid the aircraft dation. both U.S. and European avia- inclement weather.Shortly af- selageconnected to the crash, nology that can detect under- wasingood condition when it The crash renews scrutiny tion authorities restricted in- teritwas airborne,itmade an an air-force official, Henri Alfi- waterobjects. Theship also made the flight. It was26 of Indonesia’sair-safety re- coming flightsofcarriers unexpected turn, flying north- andi, said in atelevised inter- had technologythat could yearsold. It isn’t the 737 cord,which over roughly the based in the country. west, prompting air-traffic view on Sunday. read signals to help locate MAX, the newest version of past two decades experienced — control to ask the plane to re- Diving teams discovered de- blackbox cockpit-voiceand the company’s single-aisle jet dramatic ups and downs amid contributed to this article. port itsdirection, the trans- bris with the same colorsas flight-datarecorders, the com- family,which had been steadily climbing traffic.In portation ministrysaid. Sec- the plane as well as life vests mitteehead said. “Hopefully grounded nearly two yearsago 2007,after aspateofdeadly  Boeing’s legal woes over 737 onds later,the aircraft about 75 feet belowthe wa- it’snot toolong beforewecan following two deadly crashes. crashes,Indonesia and leaders MAX debacle persist...... B3 NationalistNears Kyrgyz Vote Win U.S. Probe Implicates BY THOMAS GROVE Honduran President Voters in the Central Asian countryofKyrgyzstan were on BY JOSÉ DE CÓRDOBA the Inter-American Dialogue,a track to elect as president na- Washington-based think tank. tionalist politician Sadyr Jap- MEXICOCITY—NewYork “It’sagovernment and apresi- arov, who wassprung from federal prosecutorsmade new dent who areverysuspect of jail amid unrest last year and allegations that Honduran being involved in drug traffick- has made past calls fornation- President Juan Orlando ing.” alizing some of the most valu- Hernández, akey Trumpad- Theallegations aren’t the able assetsinthe country, ministration ally in effortsto firstagainst the president, adding to worries among for- stop illegal migrants, received whose brother Juan Antonio eign investorsinthe turbu- millions of dollarsfromdrug Hernándezwas convicted of lent, resource-rich country. traffickerstohelp export tons drug trafficking in 2019.Inthat Theelection on Sunday, of cocaine to the U.S. trial, testimonyimplicated the

which also sawvotersapprove CK Theallegations against Mr. president in protecting drug changes to the constitution TO Hernándezcame in afiling traffickersinexchangefor giving thepresident greater made Fridaynight in the bribes. powers,isthe firstvote since Southern District of NewYork Mr.Hernándezhasn’t been SHUTTERS

riotslast year that forced for- A/ in the case of GeovannyFu- chargedwith anycrime.Ina EP

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period of political uncertainty VA prison in NewYork,and is al- against Mr.Hernández.

in the Russian-aligned country. KO leged to have runalab that President Hernándezas-

Mr.Japarov waselected IGOR produced hundreds of tons of sumed powerin2014and was prime minister in October and Voters outside Bishkek cast ballots in Sunday’s presidential election, the first since last year’s riots. cocaine amonth. re-elected in 2017, amid wide- also served as acting president In the most explosiveallega- spread allegations of fraud, for afterMr. Jeenbekov’s resigna- violence during voting. washome to aU.S.military politicians and several of them tion in the filing,itsaid the aterm that finishes in January tion. DespiteMr. Japarov’s back- base during much of thewar were looted during the unrest, president, 52 yearsold, 2022. Those protests, sparked by ground and antiestablishment in Afghanistan, but it was causing anumber of them to boasted to Mr. Fuentes Under the Trump adminis- allegations of vote buying in attitudes,the Kremlin will be closed in 2014following politi- sit idle for days. Ramirez that “hewanted to tration, the U.S. has been will- October’s parliamentary elec- eager to have acounterpart in cal pressure from Russia. Sincethen, Mr.Japarov has shovethe drugsright up the ingtooverlook the chargesof tions,alarmed Moscow and the country, whereithas main- Thecountryisamember of said he has no plans to nation- nosesofthe gringos.” , corruption and addedtothe Kremlin’sprob- tained an air base since2003. acollective-defense alliance alizethe mines.However, he Theclaims underscorethe drug trafficking dogging the lems in itsformer Soviet pe- “Russia has lost some of its with Moscow and several hasn’t criticized looters, rais- difficultchallengeposed by president, who has been awill- riphery, which include a per- negotiating powerinits own other former Soviet republics. ing fearsamong foreign inves- Honduras,one of the poorest ing partner in curbing illegal sistent protest movement in backyard over the last two TheKremlin has considered tors that they could face countries in the hemisphere, to immigration to the U.S.,the Belarus and aconflict in the years…and is nowmuch more plans to expand itsKant air greater pressure. the incoming Biden administra- Trump administration’sprior- South Caucasus that has seen amenable to work with the base in the country’s north. “Japarov is widely viewed tion. President-elect JoeBiden ityinthe region. In 2019,Mr. ’s influencegrowthere. politicians seen as being dem- In October,Mr. Japarov was as apopulist who is antiestab- has promised anew emphasis Hernándezsigned an agree- Mr.Japarov wasleading ocratically elected,” said Livia freed by supporters from jail lishment, which makes him on economic development, ment to send some asylum with morethan 79% of the Paggi, politicalanalyst at wherehewas serving asen- unpredictable in the eyes of ending corruption and promot- seekersfromthirdcountries to votescast afterpolls closed GPW, a political risk consult- tence for kidnapping charges. investors,” said Ms. Paggi. ing the rule of lawasaway of Honduras. lateSunday, with morethan ing firm. “They’ll find waysto He has said those charges Before last year’s violence, attacking the deep-rooted “Hernándezdid everything 90% of the votescounted, Rus- cooperate with him.” were politically motivated due Kyrgyzstan’sfractious political causes that push migrants the Trump administration sian news agencies reported Kyrgyzstan has been the to his calls forthe nationaliza- landscape has seen two revo- from Central American coun- asked on immigration, and he the country’s central election subject of competing interests tion of the Canadian-owned lutions sinceindependence triestojourney to the U.S. gotafreepassoncorruption committeeassaying.There from Moscow,Beijing and Kumtor mine.Kyrgyz- from the Soviet Union. Parlia- “It will be acrucial test for issues,” says Mr.Shifter. “Now, were 17 candidates forthe Washingtonsinceindepen- stan’s mines have often come mentaryelections areex- the Biden administration,” said he won’t getafreepass. It will post. Therewerenoreportsof dencein1991. Thecountry under scrutiny from populist pected to be held in June. Michael Shifter, president of be aradical shift.”

take their rituals seriously, player. Creator of magic and again. If they score, they eat a young to see his idol playlive, about Mr. Maradona. SoccerGod they say their ceremonies are passion.” Thereare no sanctu- sliceofNeapolitan pizza,in he said, but feels adeep con- Mr.Sinitomet Mr.Mara- done in good fun. aries,and church memberssay honor of Italian club Naples. nection. Mr.Rodríguezand his dona when he was9yearsold, Mr.Maradona’smasterful they don’t pray to Mr.Mara- Church membership is sealed wifegot married in aChurch of during the taping of an Argen- Inspires work over a20-year career dona for serious matters. But with an oath on abiography Maradona ceremonyand, if tine TV showabout the dazzled fans and stunned ri- they have rituals to honor soc- titled, “I am Diego.” they have ason, they saythey Church of Maradona. The boy vals from Buenos Aires to Bar- cer’s almighty one. The church also celebrates will name him Diego. wasreciting one of the group’s Worship celona. Fans in Naples still Baptism, for instance, re- Christmas on Mr. Maradona’s Hernán Amez, one of the prayerswhen Mr.Maradona keep shrines to him for steer- quires that apostulant recre- birthday. Afterheturned 60 in church founders, said he broke walked ontothe stage. They ing their team to Italy’s league ateMr. Maradona’sfamous October,the church began the down in tearsatthe sight of hugged, and Mr.Sinitocried. ContinuedfromPageOne title in the 1980s. “Hand of God” goal against Mr. Maradona’s coffin during Argentine Roman Fiori, 39, He and other followers say Alocal priest there, Salva- England in the 1986 World the November wake at the joined the church in 2004. As they plan to carryonchurch tore Giuliano,drewthe line on Cup,using their fist to punch a Commandment No. presidential palace. Thescene much as he liked Mr.Mara- traditions and hand them heroworship.Herecently ball past acharging goalie.Mr. turned to chaos when mobs of dona as aplayer, Mr.Fiori said down to their children and wrotealettertothe city’s Maradona said afterthat game 6: Any member who anguished fans overwhelmed he moreappreciated his rise grandchildren. Cardinal Crescenzio Sepe,ar- that ahigher powerhad inter- has a son must security.The worship,Mr. from . Threefriends in Argentina’s guing against amovement to vened in the goal, declaring it Amezsaid, goes beyond Mr. He wroteabook on Mr. port city of Rosario founded changethe name of the Na- was“alittle with the head of name him Diego. Maradona’sskilled play. The Maradona that discusses him the Church of Maradona in ples soccerstadium from St. Maradona, and alittle with the latesoccerstaralso brought in relation to German philoso- 1998,believing the godofsoc- Paul’stoMr. Maradona’s. “Di- hand of God.” He later admit- together Argentines long di- pher Friederich Nietzsche’s cerdeserved morethan just a egogaveustwo league titles, tedhis ownhand wasin- vided by income and social teachings—with Mr.Maradona fan club.The church drew crit- true,” Fr.Giuliano said in the volved,which by the rules year AD 60.The Maradonian class. “He managed to createa as the Übermensch, or super- icism in the traditionally Cath- letter. “But Saint Paul gaveus should have nullified the goal. Easter is June 22,the anniver- common feeling of happiness man. olic nation, home to Pope the faith.” Thebaptism ceremonyis sary of Mr. Maradona’s weav- among everyone,” he said. “It Mr.Fiori hopes to begin a Francis.Some people called it Thechurch has itsown Ten held onceayear on October ing, spellbinding goal against was really a miracle.” family but hasn’t talked with satanic; others, a pagan cult. Commandments, including No. 30,Mr. Maradona’sbirthday. England in the 1986 World MarianoSinito, a24-year- hisgirlfriend about naming Memberssay they never in- 6: Anymember who has ason Memberssay scoring the goal, Cup, in the same game as the old member in Rosario,said he their boyDiego. “I don’t think tended to offend anyone.They must name him Diego. even cheating, is harder than “Hand of God” goal. Celebrants attended Maradonian Easter I’dbeallowedto,” he said, don’t consider themselves a Thechurch has hymns and it looks. placeacrown of thorns on a festivities as achild. The “but I’ll try.” real church that representsan such prayersas“Ibelievein If they fail three times,they soccer ball. adults watched videos of past —Pietro Lombardi actual religion. While they Diego. All powerful soccer have to wait ayear to try Mr.Rodríguezwas too games and shared stories contributed to this article. P2JW011000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, January 11, 2021 | A10A GREATER NEW YORK In , Rollout Goes Smoothly

Statehas administered presidentofpolicyatthe Con- Balcezaksaid. “Our problem is necticut Hospital Association, making surepeople want it about half of allotted said the hospitals laid the and we have the vaccine from doses, compared with groundwork foragood rela- the federal allocation.” tionship with thestate at the He said the majority of the about 28% nationally start of the pandemic,sharing medical staff at his hospital dataand coordinating are- trust the safety of the vaccine BY JOSEPH DE AVILA sponse to the health emergency. and intend to get vaccinated, During weekly calls,state but most food-serviceand

Connecticut’s Covid-19 vac- GES and hospital officials talk about cleaning staff arestill reluc-

cine rollout has been relatively IMA current concerns,aswell as tant to be immunized. smooth, health officials said, anyproblems they should an- Thestate had estimated 80%

while the U.S. and manystates GETTY ticipatefor the next week and of the health-careand long-

lag behind their original dis- SE/ out intothe future, Mr.Kidwell term-careworkforce would get tribution plans. said. “Thereisastrong com- vaccinated. That number is Thestate has administered mitment to troubleshooting on hovering around 60% forhospi- ANCE-PRES

abouthalf itsallotteddoses, FR adaily basis,and Ithink it’s talworkersand about 50% or compared with neighboring been beneficial to getting the lowerfor long-term-carework-

NewYork,which has adminis- GENCE vaccine administered,” he said. ers, Dr.Giffordsaid. terednearly one-thirdofits al- /A Everynursing home in Con- Theloweracceptancerate SO

lotment, and NewJersey,with IO necticut will have concluded meansthe statewill open up EZ

little morethan aquarter of PR its first round of vaccinations the next phase of vaccina-

itsdoses distributed, accord- PH by Sunday, according to the tions—for people 75 and older, SE

ing to the Centersfor Disease JO Department of Public Health. front-line essential workers Control and Prevention.Across Public-healthofficials expect the next phase of Covid-19 vaccine distribution to be morechallenging. The federal effort to vacci- and people living in congregate the U.S.,about 28% of all the natenursing-home workers settingslikegroup homes—in firstdoses have been adminis- hospitals have been important Department of Public Health. ’s administra- andresidentsisbeing led by mid-Januaryasopposed to the tered, according to the CDC. factorsduring the firstphase. Thenumber of vaccines dis- tion and local elected officials. CVSHealth Corp.and Wal- end of Januaryasoriginally Theshortfall is due in part About 300,000 health-careand tributed to each statedepends Thegovernor’s team has as- greens BootsAllianceInc. planned, Dr.Giffordsaid. to alag in reporting data, gov- long-term-careworkersare el- on the population size, so sumed control of the vaccine- ChrisCox,aCVS executive The next phase of vaccina- ernment officials and health igible for the first phase. large states likeNew York distribution effortsand set who is overseeing the vaccina- tions, which comprises about expertssaid. But as the federal “Our hospital systems, our have amorecomplicated task. strict penalties formisallocat- tion program forthe company, 800,000 people,will be even government has leftittostates federally qualified health cen- In NewJersey,health offi- ing doses. said therehavebeen no major more challenging, she said. to determine what to do with ters and our local health de- cialshavesaid manyhealth- In Connecticut, communica- problems with the program in “Weare going to be working the vaccines,and with some partmentshavebeen success- care workersopted to wait un- tion andcoordination between Connecticut and the com- with awider rangeofemploy- states pushing decision-making fulinstanding up very large til afterthe holidays to get the state and hospitals hasn’t pany’srelationship with the ersnot in the health-caresec- to local health departments clinics in very short order and their firstshot, delaying the been a problem, said Thomas state “has been seamless.” , but also individuals not af- and hospitals,the processhas getting those employees into state’svaccination progress. Balcezak, chief clinical officer But the firstphase of vac- filiated with anyemployer,” Dr. hit snagsinmanyplaces. those clinics and getting them Thevaccination numbersalso of Yale NewHaven Hospital. cine distribution in Connecticut Giffordsaid. Thestate is work- Connecticut hospital execu- vaccinated,” said the state’s likely reflect an undercount be- The hospitals in the state are hasn’t been without itshiccups. ing on aprocess forscheduling tives said open lines of com- acting health commissioner, cause of reporting lagsfor hos- working well together,too, As in other states,asignificant that is easily accessible to peo- munication with Gov. Ned La- Deidre Gifford. pitals and long-term-carefacili- with his facility recently re- number of health-careand ple who don’t have good inter- mont’sofficeand the Connecticuthad adminis- ties,health officials have said. ceiving acouple of hundred long-term-care staffersare net access or computer skills Connecticut Department of terednearly 100,000 of its NewYork’svaccine-distri- dosesfromanother hospital wary of taking the vaccine. andfor non-English speakers. Public Health, along with good firstdoses,orabout 47%, as of bution effort has been marked when it was in need, he said. “Our problem is not shoot- —Jimmy Vielkind coordination among the state’s Wednesday, according to the by public spats between Gov. Paul Kidwell, senior vice ing it into people’s arms,” Dr. contributed to this article.

Two Mass Coronavirus Vaccination Sites Open in New York City STATESTREET | By Jimmy Vielkind Schumer’s Rise Gives New York A Welcome Boost

Leaders in atopraised Mr.Schumer and business, la- said Mr.Cuomo might have bor and gov- to cede some of the spotlight, ernment but he wasconfident the men across New could work it out. York are Spokespeople for Messrs. cheering U.S. Sen. Chuck Cuomo and Schumer both Schumer’s coming elevation pointed to instances when to majority leader after they spoke warmly of each Democrats won two runoff other in public. elections in Georgia. “Sen. Schumer has always Mr.Schumer,a70-year-old worked hard and delivered Brooklyn Democrat, will be- for New York, and he will come the firstNew Yorker to continue to do exactly that serveasU.S.Senatemajority in his new position,” said leader later this month. Angelo Roefaro, the sena- Themajority leader’s perch tor’s spokesman. /REUTERS will giveMr. Schumer the Mr. Roefaropromised the

GADO ability to steer funding forin- senator would continue visit-

DEL frastructureprojectslike a ing each of New York’s 62 newrail tunnel under the counties at least once a year. ‘DEE’ Hudson River,and leverageto The annual tour provides a VID

DA push policies that areoflocal local touch that can at times 24-HOUR SERVICE: One site opened Sunday at South Bronx Educational Campus, shown, and another at Bathgate Industrial Park in concern, likeeasing federal be hokey, but it has created Brooklyn as eligibilitywidened to people over75and front-line workers such as teachers and policeofficers. An appointmentisrequired. limitsonthe deductibility of a reservoir of goodwill stateand local taxes. around the state, according “Sen. Schumer has been te- to elected, business, labor nacious defending the inter- and party leaders. estsofNew York City.He Mr. Schumer has at this Political Campaigns Get Creative feels NewYork City in his point visited so many venues , in his soul, but he’s in upstate County also been agreat leader for (population: 4,434) that he this whole country,” Mayor BY KATIE HONAN Comedy shows, trivia nights, “She can’t go meet people, said last week. open mics and karaokeses- so we need to bring her to TheDemocratic mayorap- The majority Forthe past decade,New sionsare among the online them,” said her campaign peared alongside the senator York City Comptroller Scott events.InDecember,Jeffrey spokesman, PeterBrown.On in March to announcebil- leader’s perch will Stringer has relied on the help Omura, aDemocrat running Monday, abrewmaster from lions of federal dollarsthat let him push policies and star powerofactress forCity Council in , the Brooklyn Brewery is host- would flow to NewYork to host had actorsRyanSpahn and ing avirtual toast to raise through acoronavirus relief of local concern. fundraisersfor him at loca- Michael Urie host avirtual money for Ms. Garcia. package. Gov.Andrew Cuomo tionslikethe Plazaand Jane cocktail fundraiser that in- Lupe Todd-Medina, asenior said last week that Mr. hotels in Manhattan. cluded ascreening of “Ma adviser to former Citigroup Schumer and their fellow This year,with pandemic re- Rainey’s Black Bottom.” CEO and Democratic mayoral DemocratsinCongresswould once simply held a commu- strictions in place, Ms.Johans- This year hundreds of can- candidateRay McGuire, said be important in securing ad- nity meeting in a random ga- son has moved the party to didates arerunning forelected the calls have forced ditional funds forthe state. zebo, Mr. Vlasto recounted. Zoom. She will moderateafo- office in the city to fill seats him to work harder to engage Thegovernor and senator He shows up uninvited to AFT rumabout Mr.Stringer,aDem- on the city council, forthe city with donorsand voters.“They have acordial, professional re- college graduations and de- HCR

ocrat who is running formayor. comptroller spot, and for AS do become,atleast in our lationship but aren’t especially livers a stock speech. Ticketsstart at $25 forMon- mayor. And the primaries have case,moreintimate,” she said. close,people who work with Surnames are often mis- UREN

day’sevent, which featuresAsh- also been pushed from Sep- LA Last month, Cole Anthony both of them said. Twoofthe pronounced at events. Mr. win Vasan, an epidemiologist, tember to June,shortening the Queenie at a virtual fundraiser and Mohamed Bamba, mem- people analogized it to the Schumer once messed up the newU.S.Rep., usual campaign season. bersofthe Orlando Magic bas- Cold Warpolicyofdetente. number of the highway he and Melba , president of Thecity’s revised cam- and howthey have adjusted to ketball team, hosted an online Josh Vlasto, a press secre- had secured funding to reha- the NYCHospitality Alliance. paign-financeprogram has this unique campaign season. eventtoboost Mr.McGuire’s tary for both men who be- bilitate. He once confused a TheCovid-19 pandemic has also put apremium on the Most campaigns saythe profile among younger voters. came Mr. Cuomo’s chief of Hudson Valley economic de- disrupted nearly everyaspect number of local, individual switch to digital allows candi- ThecandidateisMr. Anthony’s staff in 2012 and now works velopment official with a of life in NewYork City.Ithas campaign contributors. Candi- dates to meet with morepeo- stepfather. at a public-affairs firm, said congressman. also changed the usual format dates for mayor need a mini- ple.They no longer have to hus- Lauren Ashcraftand Shani- Messrs. Cuomo and Schumer People relate these flubs of campaigning formayor and mumof1,000 individual do- tle acrossthe city during rush- yatChowdhury, two former usually stay in their own or- and flourishes not with other elected offices. nors who liveinthe city to hour traffic to attend multiple congressional candi- bits. “One’s power center is scorn or annoyance, but “Peoplecan’t campaign in qualifyfor matching city events or cancel afundraiser dates, organized a live online in Washington, one’s power rather with a smirk or thesame way,and we know funds. Those donors can give because of inclement weather. cooking classSunday to raise center is in Albany. But when chuckle. Even before he en- meeting acandidateexponen- up to $2,000,but only the first Candidates have used social- money forDemocratic mayoral they come together on an is- tered congressional leader- tially increases your chances $250 of that is matchable in media platforms to not just get candidate Dianne Morales. sue, they are successful,” Mr. ship, Chuck Schumer had of beinginterested, in sup- the mayor’srace. Other candi- their names out to the public Thepandemic has pushed Vlasto said. shtick—an invaluable asset portingand in fundraising,” dates have different criteria buttoactively raise money. Ms. Ashcraft to drum up new Other people who know in New York politics. said Christina Greer, a politi- for receiving matching funds. Policyvideos released when waysofshowing support for both men predicted there “He knows the is cal-science professor at Ford- All candidates have until Democratic mayoralcandidate candidates,eventurning to could be friction as they com- the message, and that’sthat ham University. Jan. 15 to submit information Kathryn Garcia officially an- four-leggedfriends.Asafund- petefor limited limelight. the senator came to town,” The 2021 candidates for about their fundraising efforts nounced her campaign in De- raiser forAleda Gagarin, a George Arzt, acommunica- IthacaMayor SvanteMyrick mayor and other local contests over thepast six months,with cember were crafted to make Democrat running forCity tions consultant who worked said. “IfIneed something, have gotten creative, replacing the filing period ending Jan. 11, sureMs. Garcia, aformer sani- CouncilinQueens,Ms. Ash- forformer MayorEdKoch, even if it’sstate-related, Iwill most in-person meet-and- according to the Campaign Fi- tation commissioner,was well craftput her newkitten said the relationship between call Schumer and Schumer’s greetsand fundraiserswith nanceBoard. Thefilingswill be understood by voters in the Queenie up on alive-stream. Messrs. Cuomo and Schumer officebecause they will do it.” digitaleventsthat areoften the clearest pictureyet of how absenceofin-person meetings, Donorscan watchwhile asking could be tense at times.For- moreintimateand lessformal. much money they have raised her team said. questions of Ms. Gagarin. mer U.S. Sen. Alfonse D’Am- [email protected] P2JW011000-2-A010B0-1------NS

A10B | Monday, January 11, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK MTA Board Weighs Fare Increase WATCH ROCHESTER BY PAUL BERGER MayorFacing Charges LeadersofNew York’s Met- Seeks Another Term ropolitan Transportation Au- thority areexpected to decide Rochester Mayor Lovely War- this month whether to raise ren has announced her re-elec- fares on New York City’s sub- tion campaign in a video that way and bus systems and re- touts her record leading the gional commuter rails at a western New York citywithout time when the Covid-19 pan- addressing the campaign finance demic hastaken afinancial charges she faces or calls for toll on many of its riders. her resignation over the suffoca- TheMTA,the operator of tion death of Daniel Prude. the nation’slargest transit sys- “Together we have made tre- tem, instituted aschedule ade- mendous progress,” the 43-year- cade agoofraising fareand toll old Democrat says in the video revenues by about 4% every posted on Facebook. Ms. Warren two yearstokeep pacewith in- says the coronavirus pandemic flation.The authority’s board hit the city “but it didn’t knock membersare slated to vote on us out.” increases to fares on Jan. 21 Ms. Warren, who is seeking a and on tolls next month. third term, was indicted last Oc- Some boardmembers want tober on charges she broke cam- to delaythe latest farein- paign finance rules and commit- creases,which could take ef- ted fraud during her 2017 re- fect in the spring, because so election campaign. She has many people are out of work. maintained her innocence. They also saythe extramil- The campaign video shows a lions of dollarsthe increase makeshift memorial to Mr.Prude, could raise wouldn’t dent the who died on March 30, 2020, a

authority’sexpected deficits, MOON/REUTERS week after policeofficers who which measureinthe billions. found him running naked

“This isn’t the time to do JEENAH through the street put ahood this,” said David Jones, one of Some sayafareincrease would hurt people likegrocery-store and health-careworkers who still commuteduring the pandemic. overhis head and then held him four voting MTA board mem- down until he stopped breathing. berswho represent MayorBill Thestate-controlled MTAis boardmembersappointed by eliminating seven-dayand 30- hiring and cutting contracts Ms. Warren has said she only de Blasio, a Democrat. desperate for revenue. It bal- Mr.Cuomo,said he didn’t want dayunlimited MetroCards and with consultants. Without fed- became awarethatMr. Prude’s Mr.Jones said he is consid- anced its2020 budget using a to take apublic position before raising the base subway and eral aid, authority officials death involved the use of force ering asking for the fare vote $3.9 billion federal bailout and he had achancetodiscussop- bus fare to $3. The proposals warn they mayhavetocut on Aug. 4when video of the fa- to be delayeduntil at least the by borrowing morethan $3 tions with boardcolleagues also include aflat farefor transit service by 40% or 50%. tal encounterwas released. But middle of the year.Bythat billion in short-term debt from ahead of and during their Jan. most commuter rail ridersand “Wefeel that the right bal- critics have alleged acoverup time he hopesthe authority the Federal Reserve’semer- 21 meeting.“Ithink theremay varying tolls at bridges and anceright nowwould be to and called forher to resign. will have a clearer view of its gency lending program. be waystogeneratethe reve- tunnels based on time of day. continue fareand toll increases Ms. Warren is Rochester’sfirst finances,the regional economy TheMTA boardisdomi- nue the MTAneeds without Abbey Collins: an MTA as scheduled because the fiscal female and second Black mayor. and employment levels. nated by six appointees of Gov. hurting people that rely on the spokeswoman, said, “We rec- situation is so dire,” said An- — RobertLinn, another of Mr. Andrew Cuomo who control a system the most,” he said. ognizeour customersare fac- drew Rein, presidentofthe de Blasio’s appointees,said he plurality of its14votes and Mr.Schwartz repeated pre- ing unprecedented hardship nonpartisanfiscal watchdog LONG ISLAND favors imposing afarein- who areoften supported by vious comments he has made and the MTABoardwill take Citizens Budget Commission. crease that doesn’t take effect membersrecommended by the that he would liketokeep the all this intoconsideration as During normal times,the Survives Crash until January2022. Mr.Linn executives of outlying counties. base fare for a subway or bus well as the thousands of public MTA carries about eight mil- Of Small Airplane noted that the MTA recently Transit advocates sayMr. ride at $2.75 or discount it commentsreceived aftereight lion people each weekdayon secured $4 billion in the latest Cuomo should find alternative further.Healso noted that the virtual hearingswhen making two commuter railroads and A pilot flying solo survived a coronavirus aid package, ways of raising revenue such MTAloses asignificant its decision.” on NewYork City’s subway small-plane crash on Long Island which should see the authority as taxing wealth and income amount of revenue to fraud The MTAwas in afiscal cri- and bus systems.Its seven on Sunday, authorities said. through 2021. rather than raising prices for associated with people tam- sis beforethe pandemic hit bridges and two tunnels The crash near the Old Beth- Mr.Linn added that with essential workers. pering with seven-dayand 30- the NewYork metropolitan re- earned revenue in 2019 of page solid waste-disposal plant mass-transit ridership down “The governor needs to find dayunlimited MetroCards. gion in early 2020.Its precari- about $2 billion. was reported just after 1 p.m., a between 50% or more, an in- progressive revenue raisers,” Previously,hehas suggested ous financial plan forthe com- Although traffic at the au- Nassau County Police spokesper- crease this year wouldn’t gen- said DannyPearlstein, a considering the elimination of ing years, which assumed thority’stolled crossingshas son said. eratemuch revenue.But it spokesman foradvocacygroup some unlimited cards. biennial fareand toll in- almost recoveredsincethe re- It appears that the pilot sur- would hurt people likegro- Riders Alliance. The authority held a series creases,included projected an- gion shut down earlier last vived and no one else was on cery-storeand health-care Representatives of Mr. of public hearings at theend nual shortfalls of hundreds of year,the authority doesn’t ex- board the plane, police said. In- workerswho have continued Cuomo,aDemocrat, declined of last year to receivecom- millions of dollars. pect mass-transit ridership to formation on injuries to the pilot to commutetowork during to comment. Lawrence mentsonalong list of fare The authority has reduced return to near pre-pandemic wasn’t immediately available. the pandemic. Schwartz,one of six voting and toll proposals that include costsbyfreezing nonessential levels until 2024. —Associated Press

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© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, January 11, 2021 | A11 ) ONS (IC GES IMA GETTYI Y; CALLER OR YL TA BY ION AT TR US ILL

One way people deceive is by Dr.Feldman says thatthere’s 1 ingratiation, says Nicolas Roulin, 7 oftenasort of conspiracy go- an associate professor of industrial ing on between the liar and the and organizational psychology at The Lies We Tell person who’s being liedto: They Saint Mary’s University in Halifax, both want the lie to be true. Nova Scotia, and author of the When that’sthe case—say, in the book “The Psychology of Job Inter- case of acompliment—we justac- views.” “This is really During Job Interviews cept it,hesays. Here, the inter- about trying to make a viewerishungryfor someone who connection with the in- speaks Spanish, so she buysthe terviewer and appear candidate’s claim of fluency with- more likable or similar WORK ences at the University of Massachusetts out even attempting to converse to the interviewer,” he &LIFE Amherst. “It’s a situation almost designed with him in the language or asking says. People laugh at RACHEL to encourage lying,” he says. Candidates moreabout his experience. jokes they don’t find funny or FEINTZEIG must put their best foot forward, and twist their own interests to fit managers need to sell the job. what the interviewer likes. This Mistruths exist on a spectrum, from candidate has gone on the occa- Is a job interview really an exercise in de- slight exaggerations to complete fabrica- sional weekend hike, but he hasn’t ception? Career coaches and researchers tions. Omissions can help to avert poten- “Every interviewerswearsthat visited Yosemite. who study falsehoods say yes. tial bias. They can also destroy careers. 8they’ve gotafabulous corporate Even as children we’re socialized to tell Follow along with our fictional job in- culture,” says Judson Vaughn, an im- white lies about the gifts that Grandma terview below as we dissect the obfusca- pression-managementconsultant brings or how dinner tastes. Job inter- tions, misdirects and boldfaced lies com- and CEOofFirst Impressions HQ in views are simply a high-stakes extension ing from both sides, with analysis drawn Atlanta. Companies often Kathryn Minshew, chief execu- of that dynamic, says Robert Feldman, a from recent academic research and con- cherry-pick the corporate 2 tive of careers site the Muse, professor of psychological and brain sci- versations with career experts. cheerleadersamong says candidates frequently mislead their rankstomeet when it comes to their expressions with candidates. of interest. “Perhaps they just ac- THE INTERVIEW tually need a paycheck,” she says. But no one’s going to confess that if they want to be hired. Candidate: Great to meet you. Love expansion in South America. that photo on your desk. I just hiked Candidate: Yes, I’m fluent in Spanish, It’s easyfor hiring managersto 1 9glossoverthe fact that a at Yosemite this summer. 6 and Python too. team’s putting in long hours, espe- Interviewer: Tell me moreabout why 7 cially if they’re desperatetofill an youwanttowork hereatNew Co. Interviewer: Excellent. What ques- Candidates tell tions do you have for me? open role.Ms. Minshewrecom- 3 two to three lies, Candidate: I’ve wanted to be an asso- mends asking very specific ques- on average, in a 10- ciate project manager ever since I was Candidate: I’d love to hear more about tions to trytoget asense of com- to-15 minute interview, panyculture. Queries like, “What a kid. 2 I’ve just always been incredibly the culture here at New Co. Dr. Feldman’s research finds. were the lasttwo team-bonding 3 passionate about widgets. Interviewer: We’re like family here. activities thatwereheld here?” Interviewer: As you know, we’re one Great work-life balance. 8 forceconcreteanswers. of the most innovative makers of wid- Candidate: What are the hours like? gets in the country. In a 2019 paper from a group Interviewer: Not bad, no nights or 4 of researchers at University of Candidate: Experimentation’s in my weekends really. 9 I mean, we work Guelph in Ontario, each of 775 par- DNA. In my last job, I was known as hard, but we keep it fun. People lie about things that ticipants surveyed admitted they the new ideas guy. 10arehardtoverify, Dr.Feld- would exaggerate or conceal at Candidate: Are there any downsides man says,and pastsalaries often least something in a job interview. Interviewer: Ah, right, you spent two at all? fall into that Here, the candidate is trying to years at Old Co. Why did you end up bucket.Still, this cover up for a messy back story leaving? Interviewer: Sometimes we just care is one of those about his departure. too much about the mission, I’d say. occasions where Fewer people fabricate entire Candidate: I was just ready for a new But it’s a small price to pay when it mightbeOK stories than fudge little details. Dr. challenge. you’re changing the world. Look, as to trytoavoid Roulin estimates that up to 80% of Interviewer: So it was your decision we get further along here, I have to spilling the people embellish some experiences to leave? Even with nothing else ask, how much did you make at your beans.After all, Ms.Minshew while 20% to 30% of people would last job? says,there’sareasonsome do things like invent a degree. lined up? states,cities and companies have Candidate: Yup, it just felt like the Candidate: About $100,000. 10 bannedsalary-history questions. right moment. 4 “Groups thathave historically Interviewer: Ah, I don’t know if we been discriminatedagainst Interviewer: I see here 5 that you could match that. But there’s tons of in the workplaceare oftendisad- Sometimes, arésumé is afont have experience with foreign lan- opportunities for growth here. You’d vantagedbyquestions likethis,” 5 of mistruths,likeifsomeone in- guages.That could be helpful with our move up super fast. 11 Ms.Minshewsays. vents adegreeoraward.But résu- mésmay also be dotted with omis- sions thatare warranted. Ms.Minshewsaysit’s sometimesprudentto Percentage of surveyrespondents who agree with each statementto... This is aclassic fib,Mr. Vaughn remove information like No extent Alittle extent Amoderateextent Aconsiderable extent Averygreat extent 11says—aninterviewerswears your graduation year or Iwould inflate the fit between my Iwould complimentthe organiza- Iwould trytofind out the folksmove up quickly at the com- addresstoprevent bias. values and goals and the values and tion on something, however interviewer’sviews and pany, when theremay be scantop- Youdon’t want to be passedover goals of the organization. insignificantitmay actually incorporatethem in my answers portunities to ascend and you’ll be forajob because of your age,orthe be to me. as my own. stagnantfor years. fact that youliveinadifferentcity, Thatlie canbackfireonthe em- if you’re dedicated to moving. 19.7%27.6% 39.0% 18.5 31.6 32.0 13.8 27.9 30.8 26.3 ployer, he says.The disgruntledhire will eventually complain to col- 4.8% 8.9% 4.1 8.0 7.0 leagues,and folkswho also haven’t Iwould exaggeratemyresponsibili- Iwould coverupsome ‘skeletons If asked directly, Iwould not gotten araise or promotion after ties on my previous jobs. in my closet.’ mention some problems Ihad in being made similar promises will People tend to inflate language 4.5 4.1 5.2 previous jobs. 4.9 feel deflated, realizing theywerefed 6 skills or even computer pro- the same lies.Morale will plummet. gramming skills, Dr. Roulin says. 22.2 38.8 30.3 13.9 34.128.4 18.5 15.9 40.1 25.7 13.4 Askwhatpercentage of people After all, the term “proficient” can they’ve hired have taken arapid be ambiguous. Source:Survey of 775participants as part of a2019paper by Jordan L. Ho ,Deborah M. Powell, PatBarclay, and Harjinder Gill of the UniversityofGuelph path up the corporateladder. published in Journal of Personnel Psychology. P2JW011000-0-A01200-1------XA

A12 | Monday, January 11, 2021 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

Smoothing TheTransition Working from home has helped transgender employees adapt to their new identities

BY FRANCESCA FONTANA

or those who decide to come out as transgender, the workplace can be a big hurdle—using the F bathrooms, keeping up a new appearance and dealing with reactions from co- workers. But with many offices going re- mote, more transgender employees are concluding they can come out Transgender professionals River Bailey, above, Fen Slattery, top left, and Kiri Stewart, left, at their homes. while letting their work—not their gender identity—speak for them. River Bailey, 41-year-old soft- creasingly working from home vice president at the remote job- erally describes people who iden- ware developer, says she doesn’t while juggling trips to the court- listings website FlexJobs. She says tifywith afeminine gender identity know if she would have come out house for name changes and doc- offering remote jobs can help level morethan amasculine one. as trans at work if not for her abil- in the safety of my office here at tor visits. Mx. Slattery was able to the playing field for underrepre- In March, she started working ity to work from her home in cen- home, and then I could step away keep in touch with colleagues via sented workers, such as those who from home in her job as a graphic ELLIS tral Texas. “It gave me the free- from the computer for a little bit Slack and avoid video calls, which are LGBT, nonwhites and disabled designer for a United Methodist

ANNA dom to just be able to exist,” she and calm down,” she says, adding they said made it easier for every- employees. church. When she was hired sev- JO says. that she was met with nothing but one to focus on work. It “gives them at the very least eral years ago, she had transi- She made the move in late 2019 support from her co-workers. About 1.4 million U.S. adults, or a running chance to let their talent tioned to identifying as a woman via a Slack message to colleagues Fen Slattery, who works for a roughly 0.6% of the population, speak first,” Ms. Cochran says. Re- in her personal life but not at JOURNAL; at her all-remote software-consult- website-consulting firm in Chi- identify as transgender, according mote workplaces can also help work. She came out to co-workers

REET ing agency. She considers herself cago, was stressed about transi- to the Williams Institute, a think about five months into the job. ST

LL lucky to work in a sector that can tioning at work before the pan- tank focused on LGBT legal and Her transition went well, but

WA offer remote positions, because demic. Mx. Slattery, who uses the policy issues based at the UCLA early on, colleagues asked if her

THE most of the trans people she gender-neutral identifier, is a non- School of Law. androgynous appearance would R knows have jobs in stores, ware- binary trans person, which gener- Before the pandemic, transgen- change much and what kind of FO 12% houses, and restaurants. ally describes people whose gen- der adults in the U.S. were more clothes she would wear. She didn’t NG

KA “Before I was even considering der identity falls outside of the likely to be unemployed or have The average transgender know how to answer them. Friends [coming out at work] I checked descriptor of man or a woman. Be- poverty-level income than the gen- unemployment rate from 2016-18 shared similar experiences, like be- INHEA

Y the company’s policies, the code of cause of this, the 31-year-old uses eral U.S. population, according to ing asked to keep their gender ex- conduct and various other policies the pronouns they, them and their. the institute’s most recent U.S. pression “from going too over-the- MAR that the company has to make sure Before starting masculinizing Transgender Population Health top” while at work. TER; that identity and gender expres- testosterone therapy, which low- Survey. The annual unemployment eliminate unconscious bias in hir- “If you try to be very feminine OT

TR sion and things like that were cov- ered the pitch of their voice, Mx. rate for transgender adults aver- ing, for example, when interviews as a trans woman, you’re often ered,” she says, adding that the Slattery found it stressful to talk aged 12% from 2016 to 2018, the are conducted over the phone in- seen as a caricature or stereotype, BRENT

: company’s human-resources team to co-workers. “If I had to describe survey found, more than double stead of via video interviews. but if you don’t try then you’re tweaked the guidelines based on it, imagine going to work when the average unemployment rate in In Grand Rapids,Mich., Kiri just seen as a man or as a trans LEFT

P her feedback. While she was ner- having people hearing you talk and the general population reported by Stewart says being stuck at home person who isn’t trying hard TO vous when sending her message, seeing you is immensely painful,” the U.S. government from the has helped her learn moreabout enough,” she says. “Working from OM

FR she says, it helped that everyone Mx. Slattery says. same period. her gender identity.Having come home lets you remove yourself was physically remote. Then, Mx. Slattery had some Still, the work-from-home shift out as atrans woman yearsago, from the constant struggle of try- WISE “I could make a statement that flexibility to work remotely when has shown how successful remote Ms.Stewart, 39,now identifies as a ing to meet those standards and OCK

CL was vulnerable and uncomfortable beginning to transition in 2019, in- work can be, says Carol Cochran, a nonbinarytrans woman, which gen- focus on who you are.”

enrolling at Ross University School Career Reboot of Medicine on the Caribbean is- land of Dominica. (It has since Dr. Pooja Goel UPDATE moved to Barbados). She liked the at her home in A Family Finds tropical setting and admired her Washington. Name: Pooja Goel classmates’ drive. “For a lot of Location: Washington A Passion Project in them, medicine was their second Selling Products That career,” she said. Her residency at Age: 38 Philadelphia’s Chestnut Hill Hospi- Former job: Family medicine Pledge ‘Green’ Beauty tal also was a positive experience, physician, Southern Maryland especially working at a family Medical Group medicine clinic. Current job: Founder of Hara BY LAUREN MECHLING Dr. Goel’s first job was at an ur- Clean Beauty gent care clinic in Maryland. She hen Pooja Goel was grow- loved the pace of the work and the Education: B. A., Lehigh Uni- ing up in suburban Mary- on-the-spot problem solving. versity, major in biological sci- W ences; M.D., Ross University land, there was little ques- “There was an element of excite- tion she would become a doctor. ment to my days,” she said. But School of Medicine “It was just woven into the back- working 14-hour shifts and coming Advice for changing jobs: Vi- ground,” she said. She was good at home at 11 o’clock at night was an- sualizeapointofsuccess in math and science, and her parents other thing. She and her husband your newcareerand commit it made no secret of their hope that relocated to New York, where she to writing. “If youput it on pa- their oldest daughter would pur- worked at another urgent care per,your subconscious will re- sue a career in medicine. “My clinic. “I knew I needed some time verse-engineer the rest of it,” mom’s sisters are all physicians back,” she said. she said. and they all married physicians,” She moved to a position at New she said. Nobody on her father’s York University’s student health A-ha moment: After years of side had become a doctor, “and it services. For in her grueling hours at urgent care was clear how much he valued career, she had a lunch hour and clinics, Dr. Goel switched to a that I would be the first.” Besides, an eight-hour workday. “It was job at NYU where she worked she had no other career dreams. better,” she said, “but it still it felt to do something I love.” passions: clean beauty. from 9 to 5. That was when Instead, she said, “I was like, ‘This wasn’t me.” Over the next couple of years, Her interest in products made she realized her ambivalence is what’s going to work.’ ” At the same time, Dr. Goel said she and her husband moved to Mi- without ingredients suspected to about medicine had to do with In high school, Ms. Goel applied she felt a stirring to do something ami and then to Washington, be harmful had deepened in recent more than the lifestyle. to B.A./M.D. programs, which pre- with her creative side. One eve- where both of their parents live. years, coinciding with the couple’s pare students to enter medical ning she and her husband had din- She worked part time at a medical fertility struggles. school right after college. She got ner with a real-estate agent, and practice, where she enjoyed tend- Dr. Goel decided to launch a into the hybrid program at Lehigh she surprised herself by offering ing to adults and geriatric pa- site that sells cosmetics and skin- Google ads and collaborating with University and ’s to stage his properties. He gave tients. “Things were falling into and -care products. She named other online on giveaways medical school. “It was the ‘no- her free rein over his empty con- place,” she said. “But my medical it Hara, which means green in and cross-promotions. worry track,’ ” she recalled. There dos, which she filled with rental job wasn’t feeling aligned with the Hindi. Dr. Goel said she’s “not at the was a hitch, though: In her junior furniture and plants and candles, rest of my life.” She sent a pitch email to 50 point where I’ve cracked the sales year, Ms. Goel got a C-minus in or- orchestrating makeovers alongside In February, she summoned the companies whose products she thing. But I’m sure it’s going to

JOURNAL ganic chemistry, which disqualified a photographer. courage to tell the office manager loves, asking if they would let her happen. It just takes time.” her from the medical-school por- She called her new company that she was thinking about leav- sell their products on her site. “We She expected her parents to be REET

ST tion of her program. When she West End Staging—but continued ing to pursue something in inte- got over 30 yeses,” she said. upset with her decision to leave

LL spoke with the professor who had to practice medicine. Her new ven- rior design. Covid threw a wrench After registering an account on medicine, but their reaction was WA given her the bad grade, she re- ture barely broke even, but that in Dr. Goel’s plan. Launching an in- Shopify, she designed a website, supportive.

THE membered him saying, “Maybe wasn’t the point. “I remember af- terior-design firm during a global which went live in July. “Their take was: All these years R

FO your path is something different ter staging my first property, I sat pandemic seemed a bad idea, she Dr. Goel dipped into her savings you’ve been a doctor, it’s already

YER than medicine.” down on the floor and didn’t want said. During a hike with her hus- for the $50,000 that it cost to set an accomplishment,” she said.

DW His words only drove her to to leave at the end of the day,” she band, he suggested that she build up the business. She has been fo- “Let’s see what else you can add

DEE prove him wrong. She ended up said. “I couldn’t believe how good a career around another of her cusing on marketing, purchasing on to who you are.” P2JW011000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, January 11, 2021 | A13 ARTS IN REVIEW

ARTREVIEW Old Masters in aNew Light, Literally After a two-year renovation at the Met, many of the museum’s European masterpieces have never looked better

BY KAREN WILKIN

or the past two years, about half of the old mas- tergalleries at the topof the grand staircase of the FMetropolitan Museum of Art have been closed for phase one of afour-year project to repair and upgrade the roof and skylightsoverthat part of the building.Sincethe skylightsdate from 1939 andwerelast remodeled in 1952, the work wasdesperately needed; bucketstocatch leakswere apparently apermanent fixture abovethe ceilings. Now, 21 galleries have reopened with “A NewLook at Old Masters,” afreshly rethought installation of works from the 13th to the early 19th centuries.It’san engaging mix of old friends,great- esthitsand surprises,described as “a prelude to the final, extensivere- installation of the European paint- ingsgalleries,” two yearshence when the project is completed. Themagical flood of natural light from the newskylightswill vary with the time of dayand the season (with strategic artificial sup- plementswhen necessary). Thanks to sophisticated, state-of-the-art baffles and high-tech glass, the light is perfectly modulated, with no shadows.Works we’veloved all our lives have never looked better, while some that we mayhave slighted in the past demand and re- ward attention in thought-provok- ing groupingsand comparisons that reveal the wealth and depth of the collection. Some galleries seem a little crowded, especially given so- cial-distancing protocols,but that’s unavoidable,given the abundance of notable holdingsand the reduced Pieter Bruegel the Elder’s ‘The exhibition spacecurrently available; Harvesters’ (1565), above; an the pleasureofseeing so manystel- installation view of ‘A New Look at lar works morethan compensates. Old Masters’ at the Metropolitan (Dutch Golden Agepaintingsremain Museum of Art, left downstairs, in the Lehman Wing.) Organized thematically and chronologically,but not in strict se- backlit woman with adrawing quence, the installation underlines boardbyMarie Denise Villers, the aesthetic desiderataofvarious among others. times and places,and bringstolife People of the 17th centuryare relationships among artists, reveal- made vivid by the dazzling,enor- ing similarities and differences,in- mous family group by Charles Le fluences and rejections.Occasion- Brun, court painter to Louis XIV, ally,sculptureand selections from combined with stunning portraits the decorativeartscollection en- by Anthonyvan Dyck,Peter Paul large our conception of the tasteof Rubens,Philippe de Champaigne, amoment. Thetextpanels through- and several by Velázquez, including out areminimal but informative, the searching imageofJuan de with lucid discussions of such vexed Pareja, his enslavedBlack assistant, issues as the ideologysurrounding and that enchanting little study of depictions of enslavedpeople and the Infanta, with the flock of butter- Africans in the Renaissanceand Ba- fly-likeornamentsonher wide wig. roque periods,opportunities for Elsewhere, our sense of the pe- women artists, and the foundation riod is heightened by the newly ac- of the fortune of the Met’smunifi- quired, never previouslyinstalled cent benefactorsH.O.and Louisine “Temptation of St.MaryMagdalen” Havemeyer in the sugar industry, by the short-lived German-born Jo- placed near works that trigger hann Liss, astupendous demonstra- questions. tion of brilliant brushwork and spa- We begin with “Baroque Eu- tial articulation that atteststohow rope, Between Naturalism and much the giftedyoung painter Theatricality”: dramatically lighted the gallery’s theme. Caravaggio’s ings, both Netherlandish and Ger- Tommaso Portinari and his wife learned from Gian LorenzoBernini religious motifs enacted by large potent influence is evident in the- man, arepunctuated with contem- (with agorgeous necklace). Else- during astayinRome,and from figures, painted by Italian and atrically lighted scenes by Guer- poraneous Italian works,reminding where, Pieter Bruegel the Elder’s Rubens,who is well represented (4)

T Spanish luminaries. The installa- cino and Jusepe de Ribera, the ex- us that despiteGiorgio Vasari’sin- beloved “The Harvesters” shares nearby.Liss’sindividuality is under- AR tion evokes the lively mix of inter- pat Spaniard who maintained sistence, in his 16th-century“The spacewith PierodiCosimo’s cranky scored by the proximity of disci- OF national artists in Rome in the Caravaggism in Naples. A luminous Lives of the Artists,” that Italians hunting scenes.Anoteworthynum- plined works by his contemporaries early 17th century and the influ- Guido Reni offers an alternative, invented everything except oil ber of convention-defying women Nicolas Poussin and VanDyck. It’sa

MUSEUM ence those artists exerted. Diego lyrical approach, while muscular paint, therewas vigorous exchange, artistsofthe 18th centuryare cele- typically instructiveand visually

AN Velázquez’s early, straightforward naturalism is announced by Ber- aesthetically as well as commer- brated via portraitsbyElisabeth Vi- opulent grouping.And. And. And.

OLIT “The Supper at Emmaus” and Car- nardo Strozzi’s “Tobias Curing His cially,between North and South géeLeBrun, aself-portrait by an All this and glorious light!

OP avaggio’s brooding, cinematic “The Father’s Blindness.” during those fertile centuries.Wit- elegantly dressed Adélaïde Labille-

METR Denial of St. Peter” embody, when Galleries devoted to the Met’s nessthe Netherlandish Hans Mem- Guiardwith two female pupils,and Ms. Wilkin is an independent placed together, the polarities of fine Northern Renaissancepaint- ling’sportraitsofthe Italian banker the cool, neoclassical imageofa curator and critic. THE

Charles Le Brun’s ‘EverhardJabach (1618–1695) and His Family’(c. 1660), above;Adélaïde Labille-Guiard’s ‘Self-Portrait With TwoPupils,Marie Gabrielle Capet (1761–1818)and Marie MargueriteCarreaux de Rosemond (Died1788)’(1785), right P2JW011000-0-A01400-1------XA

A14 | Monday, January 11, 2021 THE WALL STREET JOURNAL. SPORTS Ohio State, Alabama Extend Reach College teams must do more than dominate recruiting at home. The title combatants mined talent from coast to coast.

BY LAINE HIGGINS

Theengine of the 2020 Alabama team that will playfor the national championship on Mondaynight is the recruiting classof2017, an em- barrassment of riches that came to Alabama from sea to shining sea. TheHeisman Trophywinner,re- ceiver DeVontaSmith, is from Lou- isiana. Quarterback Mac Jones,a Heisman runner up,isfromFlor- ida. Running back Najee Harris hails from California. Other key players call Mississippi, Georgia, Alabama, Texas and Kentucky home.And that doesn’t include Tua Tagovailoa of Hawaii and other 2017classmemberswho are already in the NFL. Thegroup is emblematic of Nick Saban’sstrategytodominatere- cruiting not just in Alabama, or the South, but everywhere. NowNo. 3 Ohio State has made it to the title game by adopting itsopponent’s recruiting formula. TheBuckeyes have jumped from great to eliteinthe last decade

through an aggressivegeographic S shiftinrecruiting that wasushered PRES in by former coach Urban Meyer beginning with his firstclassin TED OCIA

2013 and has been perpetuated un- SS

der current coach Ryan Day. /A In the final three yearsunder

Jim Tressel, Meyer’s predecessor, JENKINS N

Ohio State signed 12 prospects RO ranked in the top100 of their A key to the Crimson Tide’s success is coach Nick Saban’s strategy to Spreading the Field classes,according to 247sports. dominate recruiting not just in Alabama, or the South, but everywhere. Alabama and Ohio Staterevolutionized college football recruiting by looking Seven were Ohioans; otherscame beyond their immediate regions fortalent. from Pennsylvania, Indiana and Michigan. sion of collegefootball television mentstogiveprospectiveathletes WhereAlabama and Ohio Statehaverecruited players* from since2010 Thefirst group Meyer signed in coverage that followedconference atasteoftheir team cultureand 2013,which included astaggering realignment and lucrativeleague sent coaches all over creation to 10 recruitsranked in 247sports’ broadcast networks. preach it in recruits’ living rooms. top100,hailed from Florida, Cali- “You didn’t gettosee other pro- It isn’t uncommon todayfor afoot- fornia, Georgia, NewJersey and grams playfootball,” said Ri- ball staff to include a“director of Texas in addition to the Buckeye vals.com director of national re- creativemedia” or “postproduction state. cruiting MikeFarrell of college assistant.” Ohio state recruited from Likethe players leading Ala- football prior to the .“Ire- Alabama offensivecoordinator amorelimited pool compared bama’s2020 campaign, the stars member when Ifirst started doing SteveSarkisian, who will take over to Alabama in 2010 OH on this Ohio State team aregeo- this [in the ’90s], the big advan- as Texas head coach afterMon- MD graphically diverse.Cornerback tage that NotreDame had is that day’sgame,said the strength of Al- Shaun Wade is aFloridian, future they were on TV everyweek.And abama’sbrand is exactly whyhis firstroundersoffensiveguardWy- they sold that likecrazy to kids boss“has the outreach to go na- attDavis and wideout Chris Olave and kids bought intoitand it was tional and to go to Hawaii or to go AL arefromCalifornia, and the defen- this advantagethat absolutely no to the northeast.” sivewrecking ball that is running one else had. And nowitmeans Atrio of coaches—Carroll at back Trey Sermon grew up in nothing.” USC, Meyer at Florida and Saban Georgia—as did quarterback Justin Oncecollegefootball began at Alabama—used the strategyto Fields. dominating the airwaves,teams gain big advantages over rivals. Meyer’s emphasis on recruiting from backwateruniversity towns— “Carroll, Meyer and Saban [were] in Southeastern Conferenceterri- like“Little Ole Clemson,” as coach playing chess,” Farrell said. “Every- Over the span of the lastdecade,Ohio Statehas dramatically tory wasinpart aholdover from Dabo Swinney calls it—became bet- one else is playing checkers.” expandedits geographic recruiting footprint, making up ground on his six-year tenureatFlorida. terknown outside of their immedi- Sincearriving in Tuscaloosa in eliteprograms likeAlabama. Nonetheless, it represented amajor ateregion. 2007,Saban has always been able break in tradition forthe Buckeyes “Kids growing up canbeafan to attractthe most eliteplayers re- 2019 recruits Recruits since2010 and the Big TenConference, which [of anyteam] acrossthe country, gardlessoftheir home ZIP Code.In Alabama recruits Ohio Staterecruits usually filled itsrosterswith Mid- because they’reseeing them every the past decade,Saban has signed western players from long-estab- week,” said John Peterson, Ohio players from 22 of the 41 states lished football hotbeds in the Rust State’s recruiting coordinator un- plus the District of Columbia that Belt. Meyer did not comment for der Tressel. It suddenly wasalot have produced atop 100 recruit. OH NJ this story. easier forCalifornia teens to be- Of the three coaches to revolu- CT MD Winning championships with a come diehardOhio State fans. tionizerecruiting—Carroll, Meyer NJ MD roster full of local boys wasthe Theteams that benefited the and Saban—only Saban is still ac- AL model forteams like1980s Miami, most were those who leveraged tiveinthe collegegame.Perhaps DC ’90s Nebraska and Texas in the their TV windfall and built strong that is whyAlabama is playing for 2000s.The mindset started to brands that would be recognizable yetanother national championship changeinthe mid-2000s with Pete acrossthe nation. They launched on Monday. Since2010,Saban has Note:Top players aredefined by the 100 highestranked high school players in each recruiting class Carroll’sSouthern California bespoke creativemarketing agen- signed awhopping 10% of all top according to recruiting database 247sports. squads and the subsequent explo- cies within their athletic depart- 100 players. Source:247sports

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 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THE WALL STREET JOURNAL. Monday, January 11, 2021 | A15 OPINION Latin Politics Arrive in the U.S. BOOKSHELF | By Benjamin Shull

On Wednes- action is tolerated as away to ward,asitwas applied to vir- repeatedly failed to win con- Examining dayafternoon do politics. tually everyform of organiza- trol of the city council at the I checked in Afirst step in reversing the tion that brought morepeople ballot box. So the party orga- with a Latin trend is admitting that the intothe decision-making pro- nized political operatives American slash-and-burn tactics of both cess.Inthe actual organiza- (unions,garbage-collection TheWreckage friend to get sides aresimilar.Both justify tions of the NewLeft, however, companies,etc.), labeled them AMERICAS his thoughts violence under the banner of the term came to be associated grass-rootsgroups and used about the “participatorydemocracy.” quitequickly with the combi- them to apply pressuretothe By Mary The Death of Camus chaos on Cap- Storming the Capitol or burn- nationofequality,consensus council. This undemocratic Anastasia itol Hill. “It ing down aStarbucks is the andface-to-faceassembly.” end-runbecame known as By Giovanni Catelli O’Grady looks like people speaking. In practicethis approach “participatorybudgeting.” (Hurst, 154 pages, $17.95) home,” he Participatorydemocracyas seems to giveway to amob Thestrategywas consid- quipped. defined by extreme groups has rule in which passionatebe- ered agreat success—until n Jan. 4, 1960, the world lost one of the most It wasnot aunique reflec- been putintoaction in the U.S. lievers, though unelected, gain other parties began to orga- O profound voices of the 20th century. Albert Camus, tion. By evening apopular ob- before. Theleftist upheavalin nizetheir ownpolitical - the 46-year-old author of “The Stranger” and “The servation making the rounds the streetsofSeattle against tives.Meanwhile,the PT ex- Plague” and arecent winner of the Nobel Prizein wasthat the invasion of Con- the World Trade Organization Why ‘participatory ported the idea to other parts Literature, wasriding in the passenger seat of aFacel Vega gresswas the stuff of banana ministerialconferencein1999 of Brazil and beyond. Latin en routetoParis when the carswerved off and republics.The bedlam also is one memorable example.It democracy’ seems America, whereFidel Castro crashed intoatree. Camus died instantly,while the evoked memories of what hap- is no coincidencethat ele- always to degenerate attempted to replicatethe So- driver—Camus’spublisher,Michel Gallimard—would die pened in manyU.S.cities over mentsofMr. Trump’sbase op- viets’ ThirdInternational with from his injuries afew days later.The man who taught us the summer when the Black pose and globaliza- into mob violence. the annual Foro do SãoPaulo, howtofaceanabsurdworld had died an absurddeath. LivesMattermarches turned tion. wasfertile ground. TheItalian writer Giovanni Catelli contends that this violent. Traditional American de- Thebreakdown of demo- wasno accident. In his book “The Death of Camus,” first Therewas abig difference mocracyis“deliberativede- powerbyorganizing.When cratic institutions in the re- published in 2013 and translated into English by Andrew between Wednesdayand the mocracy,” aprocess by which the other side discoverssimi- gion coincides with the use of Tanzi, Mr.Catelli lays out the theorythat Camus’scar American summer of terror. elected representatives use lar waystocheck them, the the term “participatoryde- crash was a political killing engineered by the KGB. Camus, During the latteritwas merely reason and debatetoshape participants,believing them- mocracy” as away of suffocat- Mr. Catelli notes, had issued various broadsides against the apresidential candidate (Joe public policies.Participatory selves democratic,employ ing pluralism and tolerance. Soviet Union in the wake of its 1956 invasion of Hungary. Biden)who refused to con- democracytells the aggrieved: physical intimidation. Wherever merepolitical activ- Greatly charismatic and internationally revered, Camus demn the BLM violence—until Never mind thelegislature. Go In a2009 essaytitled ism by organized pressure posed a serious challenge to Moscow. He was, the author he realized it washurting his to the streetstoget what you “Farewell to the ‘End of His- groups is not enough (because writes, “a free, indomitable polls numbers. Last week it want. tory’: Organization and Vision two canplaythat game), sovi- and dangerous man.” wasasitting U.S. president A2013 paper by Italian phi- in Anti-CorporateMove- etsclaiming grass-rootslegiti- In short, staccato who stirred up the passions of losopher Antonio Floridia ments,” the leftist Canadian macytakematters intotheir chapters, Mr. Catelli hisfollowers and continued to traces the origins of participa- author Naomi Klein explained ownhands.Bolivia, where recounts his investigation justifytheir anger even afterit tory democracytothe 1960s in why, in 2001, the antiglobal- mobs blocked highwaystopar- into the circumstances wasclear they were breaking the U.S.,“inspired by the great ization World Social Forum alyze the countryand bring surrounding Camus’s car the law, endangering lives, youth movementsofthat de- chose PortoAlegre, Brazil, for EvoMorales to power, and crash. He also revisits the damaging property,and at- cade.” Mr.Floridia cites the itsfirst annual confab: The , where“colectivos” Soviet invasion of Hungary tempting to disrupt an inde- American political scientist Workers’ Party (PT) wasin were unleashed to enforce and Camus’s connection to a pendent branch of govern- Jane Mansbridge, who writes powerinboth the city and in chavismo,are the most ex- pair of literary figures: the ment.President Trump may that the term “came intowide- the stateofRio Grande do Sul treme cases,but thereare Czech writer Jan Zábrana have set anew modern-day spread use” afterStudentsfor and it had “become known manyothers. and the Russian writer Boris low. aDemocratic Society “gaveita world-wide forits innovations TheU.S.issupposed to be Pasternak. Mr. Catelli’s case Yetthe main worryisthat central placeinits founding in participatorydemocracy.” different. But it won’t be if the is compelling but far from political violenceinthe U.S. on Port Huron Statement.” Ms. That “innovation” wasa reprehensible use of mob vio- ironclad, and some readers both the leftand the right Manbridgeadds: “What the clever way to circumvent elec- lenceislegitimized as partici- will be more convinced than seems to be on the rise.It term meant then wasunclear, tion results. ThePTsought to patorydemocracy. others. But his book provides won’t recede as long as mob and it became lessclear after- control the city’s budget but Write to O’[email protected]. aclear and useful window into the currents that political writers were forced to navigate during the Cold War. Zábrana (1931-1984) is central to Mr. Catelli’s narrative. A poet and translator whose parents were persecuted by Once Trump Leaves, Who’s Left to Blame? Czechoslovakia’scommunist regime,herendered Pasternak’s “Doctor Zhivago” into Czech. Mr. Catelli chances one day Here’smyangeMan bad,” “El Cheeto” of his presidency—walls, anti-Trumperstoblaming upon Zábrana’s posthumously published diaries in a Prague prediction: On and the Bidenism “C’mon judges, regs, the Middle East. themselves.It’salmost as if bookshop and alights on a passage from 1980, which reads: Jan. 20,the man!” Tariffs were a bust. He never we need aDepartment of “I heard something very strange from a knowledgeable and No.1video on So manyseemingly func- took on public-sector unions. Homeland Insecurity.Weneed well-connected man. He says the car crash that cost Camus YouTube will tioningadultsneeded some- But c’mon man. It washis per- new enemies, and quick. Rus- his life in 1960 was set up by Soviet intelligence. They be “Ding Dong one to blame.Aliteraryagent sona that bothered most, and China areold news. rigged the tyre with a tool that eventually pierced it when INSIDE the WitchIs told the NewYork Times: more than his policy. We already blamed Big Tech. the car was travelling at high speed.” VIEW Dead” from “Trump doesn’t want to let go Alas,soend four-plus years JoeBiden told the NewYork Zábrana’sman (who wouldn’t reveal his source)told “The Wizard of his job,and ashockingly of,um—shrinks call it border- Times, “I’ve never been a big him that the order was issued by Soviet minister Dmitri By Andy of Oz.” Go high number of us don’t want line personality disorder but Zuckerberg fan. I think he’s a Shepilov, in response to an article Camus wrote in March Kessler ahead, play to let go of him.” Author that’s too clinical. How about real problem.” 1957 that attacked Shepilov over the eventsinHungary. thesong in Douglas Coupland smartly “blame-itis.” Or even better, With the newcultural rules, Mr.Catelli writes that Camus “let loose with all the your head. I’ll wait. noted that “blame is just a “blame-itosis,” related to hali- it appearsthat youneed op- indignation of a libertarian who refused to bow to tyranny.” This hope formassemo- lazy person’sway of making tosis; it’sbothersome,and pressorsand victims.In“Star He first attacked Shepilov in a speech delivered on Oct. 30, tional relief wasbest summed sense of chaos.” whilethe sufferer canfunc- Wars,” the rebels were cool 1956, during a meeting of the exiled Spanish Republican up by House Speaker Nancy Years ago, I believe the co- tion, youdon’t want to gettoo while the empirewas evil and government. He continued to denounce Moscow over the Pelosi who,according to Polit- median Dennis Miller nailed it close or hang out forvery theImperial Forces dastardly. next few years; in 1958, he wrote the preface to “The Truth ico, told her leadership team, by saying—and I’ll clean it long. We blame the police, the sys- About the Nagy Affair,” a book published by the anti- “I’m counting down the hours up—that blaming cigarette tem, the establishment, the communist Congress for Cultural Freedom refuting the ’til he’sgone....Iplan to pull companies for getting cancer Electoral College, the Man. (So chargesbrought against ImreNagy, Hungary’srevolutionary him out of therebyhis hair, is likeblaming your Members People of all political why again is big government prime minister, whom the Soviets executed for treason. his little hands and his feet.” I Only jacket fornot getting always the solution?) Victim- tearing up the State of dates in the ’80s.Blame your- stripes can’t help but hood is apsychological trea- the Union speech wasn’t ther- self!Mr. Trump or Mrs. Pelosi project every problem sure trove. Wasthe carcrash that killed AlbertCamus apeutic enough. Nor is there maynot be to your liking,but Best to keep things vague. and his publisher in 1960 an accident or anypeacefor the mouth they weren’t the cause of all onto evil politicians. A(spoiled) rich heir dis- breatherswho stormed the your problems.Everyone avowed, in the NewYork an assassination engineered by theKGB? Capitol and sat feet-up on her ought to stop projecting and Times, the outlet malls he in- desk.Orthe quixotic and psy- look inward.Especially the Both leftand right were herited because they cause chotic contesting and protest- dude in the horns and animal loopy: Blame someone else for “intersectional oppression.” Mr.Catelli canbesomewhat breathlessintelling his story. ing of the 2020 election—or skins. your problems,get angry, lash Perfectly nonsensical! And I He says of the carcrash, forinstance, that “the illusory 2016,or2000 forthat matter. According to Salon, “Trump out on social media and stage can help—please send checks symmetryoffatehad come full circle ...aflawlessconver- What amentally unnerving is apsychopath. He has all the a“peaceful protest,” repeat. c/o WSJ. genceoffateand machination, the absoluteaccident and the four years. We’veall heard, “I defining characteristics in That wasn’t healthy. So now OK,85-year-old spoiler absolutesabotagerolled intoone.” We’rerepeatedly told of cried with my daughter that spades: narcissistic, sadistic, what? Go long therapists? If alert: Therewas no wicked Camus’sheroism, that he was“far-sighted and morally morning.” Some folks actually antisocial, paranoid.” OK, Mr.Trump has been, as the witch, west or east. It was all superior,and thereforecould passjudgement on [his] times,” sent me books on Hitler so I whatever,but it surefeels like expression goes,living rent- adream. Thewizard—actually and that he “sought the truth of things, the human truth of could brush up on what they this “malignant psychopathol- free in people’sheads and now the man behind the curtain, the righteous who canrecognise injustice, trickery, demagogy were convinced would come— ogyinthe embodiment of our moves out, this newempty- who kinda looks likeJoe Bi- and tyranny.” But Camus’svalue as adeeply humane writer but never did. Universities of- president” also managed to in- headedness seems dangerous den—said youcould always is assured—his deeds need no hyperbolizing. feredtherapy dogsand fect his detractors. Though to me.Sure, Covid offered have awakened from the Mr. Catelli is admirable in his dogged pursuit. He strives breathing spaces—some with I’m not afan, Idoadmit to some respite. Awoman nightmareand gone home. to determine who was the source for Zábrana’s diary entry, coloring books. “Resist” jew- being afflicted with morethan walked through our neighbor- Good advice.Soafter joyful and speculates how the Soviets could have known Camus’s elryjumped off shelves.NBC’s atingeofmerriment when I hood wearing 6-foot pool noo- ding-donging,blame-itosis itinerary that fateful day in 1960. He meets with Zábrana’s “Today” showseemed to open encountered these Trump- dles on her head. Scolds are may subside, but what comes widow, Marie Zábranová, who shares candidates who might everyday,asdid manycasual critical mental meltdowns.I’ll still rampant. next? With single-party rule,I have told her husband about the Camus incident. Certain conversations, with “Did you missthem. Feel free to diag- But what’sgoing to replace hope blame doesn’t give way parties get wind of Mr. Catelli’s snooping, which makes for see that tweet?” And we nose me as well. him? Idoubt people will go to retribution. some of the most gripping passages in the book; at one added to the vernacular “Or- We candebatethe merits from blaming Mr.Trump or Write to [email protected]. point, the author is called to a rendezvous in a Prague cafe where a mystery man walks in, drops off an envelope on Mr.Catelli’s table and then leaveswithout aword. Upon opening the letter, he finds apictureofhimself,taken When Studying Came Before Football with atelescopic lens. One of the book’s longer digressions concerns the By Bob Greene case to be votednational simply felt that studentswere the State Capitol. All to no fraught publication of Pasternak’s “Doctor Zhivago.” champions.Ohio State wasin- paying too much attention to avail. As thingsspun out of Zábrana wouldn’t live to see his translation published—the magine this,football fans: vited to playinthe most pres- football and not enough to control, who brought calm? Czech edition wasn’t released until 1990, after Czechoslo- I Undefeated Ohio State tigious of those games: the studying.The council believed None other than Ohio vakia’s Velvet Revolution. “Doctor Zhivago,” due to Soviet battles itsway to the big- Rose Bowl. that saying no to the Rose State’s head coach, Woody censorship, was first published in an Italian version in 1957, gest postseason game of the As theteam prepared for Bowl would send asignal Hayes. “I would not want and the CIA helped produce and distribute Russian- year.But beforethe revved-up the trip to Pasadena, Calif., to about the university’s priori- football to drivealine of language copies at the Brussels Expo a year later. Camus athletes can go to the airport faceUCLA, Ohio State’s Fac- ties. cleavage in our university,” he was in touch with Pasternak during this time. Mr. Catelli the university decides: You ulty Council met to take the According to contempora- said. “Football is not worth notes admiring letters between the two, and reports that know, all thingsconsidered, required formal vote to accept neous reports from the Asso- that.” Although he disagreed Camus sought to influence the jury to give Pasternak the we think it would be betterif the Rose Bowl invitation. ciated Press, the Faculty with the faculty’s vote,he Nobel Prize in Literature. Pasternak indeed won the Nobel we just didn’t play. Council wasupset that Ohio said, “they should not be in- in 1958—one year after Camus won his—to the great It oncehappened. And as State had gained areputation timidated.” He said he always embarrassment of the Soviets, who forced him to decline it. this year’s Buckeyes prepare The year Ohio State as a“football school.” Mem- taught his players “tolearn to Camus had poked his thumb once more in the eye of the to playAlabama forthe na- bersthought that because the accept defeat under pressure, Kremlin, which, if Mr. Catelli is to be believed, would soon tional championship Monday qualified for the Rose Buckeyes had already defeated and that may help us now.” orchestrate his demise. night, what transpired at the Bowl, but the faculty UCLA in the regular season, Thus the undefeated Buck- In an appendix, Mr. Catelli describes the vast infiltration end of the 1961 season re- therewas no point in are- eyes were ordered to stay of French intelligence by Soviet moles during the postwar mains one of the most bizarre nixed the trip. match. They didn’t want stu- home,purportedly so they years, and reveals that the French lawyer and Algerian episodes in collegefootball dentsand faculty to be dis- could study without having to independence activist Jacques Vergès had heard separately history. tractedfromtheir academic worryabout football. It was of KGB involvement in Camus’s death. Mr. Catelli’s thesis Ohio State,after tying its The faculty voted no. work: “the football tail wag- the only time the team turned deserves its day in court. Still, for all its merits, “The Death opener against Texas Chris- Just like that. By a tally of ging the collegedog.” And down abowlgame.And today of Camus” relies on agood deal of speculation. It is “quite tian, had run the table to fin- 28-25,the council decreed they were concerned that “the thereisanendowedfaculty likely” that Camus’scar wassabotaged the night before ish 8-0-1. In the final game of that the football team should RoseBowlisacommercial en- chair named in honor of his death. Camus’slover,the actressMaría Casares, the regular season, it not be allowed to play in the terprise.” Woody Hayes. “maybe” told othersthat he planned to come to Paris by trounced rival Michigan, Rose Bowl. So thetrip wasoff.There carrather than by trainbeforethe news reached an 50-20.This wasbeforethe By all accounts, therewere wasanuproar in Columbus; Mr. Greene’s books include informer.Ultimately,Mr. Catelli mayhavemoretosay about playoff system wasinstituted, no transgressions by the team students burned effigies of “And You Know You Should Camus the man and writer than Camus the murder victim. so the traditional bowl games or itscoaches that spurred faculty members, broke win- Be Glad: ATrue Story of Life- were howteams made their the vote. The Faculty Council dows, marched downtown to long Friendship.” Mr. Shull is a books editor at the Journal. P2JW011000-0-A01600-1------XA

A16 | Monday, January 11, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Progressive Purge Begins Ensuring Enough Appropriate Medical Care

an right-wing populist sentiment be days,Parler doubled itsteam of volunteer mod- Regarding your editorial “Con- Decades of research has clearly banished from by the erators—called ‘jurors’—tomorethan athou- gress’sDoctor Shortage” (Jan. 5): The shown that increasing the number of C bruteforce of social-media censorship? sand,” and proposed further enforcement government’smicromanagement of primary-care physicians per popula- health care has had manyunintended tion (as compared with similar in- We’reabout to find out. After steps.But Parler is nowapo- Tech’s stampede against consequences.Spending $900 million creases in subspecialty physicians) Wednesday’smob invasion of litical target, and it won’t be to add 1,000 post-graduatemedical- improves the overall quality of care, the Capitol that disrupted the the right will lead to the last. education slotsseems excessive. That lowers overall costs, improves the ex- counting of electoral votes, Sociologistshavedocu- is $900,000 per slot or over three perienceofpatients as they engage big tech firms have moved, more populist anger. mented howAmerica’spoliti- times the four-year tuition costsof with our health-caresystemand has a aggressively and in unison, caltribes increasingly shop at medical school. Graduatemedical edu- 2.5times greater impact on improving against Donald Trump and his different stores,liveindiffer- cation (GME) has mostly been hospital lifeexpectancy. And yetthe medical- supporters. Thecompanies saythey want to ent places and have different tastes.That cul- based while medical care is increas- education institutions which control marginalizethe violent fringe, but their censor- tural gapcontributed to Donald Trump’srise, ingly provided outside the hospital these GME dollarsand residencyposi- ship will grow it instead. and political segregation of the internet will setting.Restructuring graduatemedi- tions ignorethe societal need to use On Thursdayand Fridaycame the Facebook widen it. caleducation by increasing the focus or expand such funding forprimary- on community-based care and ambu- care positions and instead preferen- and Twitterbans of Mr.Trump. Given the ex- Conservatives of all stripes watched as Twit- latory-based surgery to supplement tially direct morefunding to addi- traordinarycircumstances,some commenta- terand Facebook took extraordinarymeasures hospital-based care would result in a tional subspecialty positions because tors who normally oppose webcensorship were to black out legitimatereporting on Hunter Bi- morecost-effectivemethod for it generates greater additional reve- untroubled. den in the run-up to the election. Nowaninfor- achieving this goal. nue to these institutions. An exception who deserves to be listened to mal confederation of webgatekeepers is me- Thesecond problem of health- DOUGLAS HENLEY, M.D. is AlexeiNavalny, the Russian democracyadvo- thodically destroying acompetitor that was care consolidation has been aresult Loch Lloyd, Mo. cate and scourge of who was created to accommodatetheir views. of obsoleteantitrust laws that en- poisoned last year.Hepointed out that, unlike iii couragehealth-careconsolidation Youlay toomuch blame on Con- the open election processthat ousted Mr. Dissenting opinion won’t vanish because resulting in lesscompetition. As far gress. Sincethe Flexner report in 1910, Trump,social-media decisions to de-platform tech CEOs ban it. Theviews will go under- back as 2010 areport by the attor- the medical establishment has worked elected officials areunaccountable and arbi- ground, perhaps become radicalized in frustra- ney general of Massachusetts found to limit itsnumbersbythe excessive up to a300% differenceincosts use of licenses and certifications,as trary. “Don’t tell me he wasbanned forviolat- tion, and eventually burst intothe open in the based on bargaining powerand not well as by the gradual expansion of ing Twitterrules.Iget death threatshereevery streets. Perceived political abuses by tech firms quality.Consolidation raises prices. residencyrequirements. This con- dayfor manyyears, and Twitterdoesn’t ban arebecoming amajor engine of populism in the We need greater flexibility in our trived shortagehas had the expected anyone,” Mr.Navalnytweeted. 21st century, and the companies’ moves on Par- antitrust laws to foster and preserve results, forthe median wage of physi- He addedthat while Twitterisaprivate ler will supply an infusion of fuel. competition. cians in Americaisalmost twicewhat company, “wehaveseen manyexamples in Rus- Allthe moresobecause Silicon Valley is Physician substitutes including phy- is in Europe and almost four times the sian and China of such privatecompanies be- truckling to the progressives who will soon sicians assistantsand nurse practitio- median wage of the averageworker. coming the state’sbest friends and enablers dominateWashington. Democratsare applaud- nerscan oftenprovide adequatebut So what canbedone? Therelax- when it comes to censorship.” ing the newtech blacklists, and formonths they not equivalent care to board-certified ation of medical school and residency Then the tech giantsmoved against Parler, have pounded Facebook’sMark Zuckerberg physicians.Ifthese substitutes were requirementswould be auseful first in fact equivalent, we should stop start. So,too,would be the adoption Twitter’sfree-speech competitor that is ahaven with threatsifhedoesn’t censor political con- spending time and money educating of accelerated medical-school curri- forTrump supportersaswell as moreextreme tent they don’t like. The big tech firms may be physicians. cula that would allowthe entranceof figures. Google and Apple indefinitely booted private, but their censorship at the behest of Approximately one-thirdofpractic- nurses and physician assistantsinto Parler from their app stores over the weekend, the powerful in government raises moral and ing physicians areoverthe ageof60 medical-school programs that were crippling itsviability on mobile phones.Then legal issues. and morelikely to retire. Covid has much shorter in duration. Amazon went forthe kill, announcing that on In Marsh v. Alabama (1946), the Supreme accelerated retirementsfor two rea- MICHAEL C. PETROWSKY Sundayitwould withdraw itscloud servicethat Court ruled that aprivately owned town couldn’t sons: Manyolder physicians who are Austin, Texas Parler relies on to storedata. restrict the distribution of religious materials at higher risk of dying from Covid Thestampeding tech giantssay Parler hosts because the companywas adefactogovern- have reduced or stopped seeing pa- Thesolutions to our health-care material that encourages violence. Though Par- ment. Tech firms that dominatethe flow of - tients. As physicians age, manycon- manpowershortagelie in the direc- ler has apolicyagainst incitement, Apple mation in the U.S. and censor at the behest of tinue to enjoypracticing but at are- tion of increased ancillaryprograms, duced practiceload. Thefurther such as physician assistantsand nurse pointed to recent violent poststhe sitedidn’t powerful Democratsalso deserveFirst Amend- reduction in practicevolume,elective practitionersand technological inno- take down. It’snot as if violent content hasn’t ment scrutiny. Thelock-step tech banning of Par- procedures and electivesurgery since vations,such as betterelectronic been posted on thelargerplatforms.None ler mayalso violateantitrust laws. Covid is making these smaller prac- medical recordsand telemedicine.The otherthan former TwitterCEO Dick Costolo JoeBiden said Fridaythat Americaneeds a tices unprofitable.Earlier retirement pandemic and vaccination rollout has posted last year that “me-first capitalists” “principled and strong” opposition party. by older physicians will lead to physi- highlighted the need forenlightened would be “the firstpeople lined up against the Whateverthe GOP’sfuture, and despitewide- cian shortages sooner than has been public-health policies,logistical plan- wall and shot in the revolution.” spread revulsion at the President’sactions last previouslyestimated. ning and patient empowerment. Parler’s morelax content moderation resem- week,tens of millions of his supporterswill be MICHAEL T. GOLDSTEIN, M.D., J.D. Congressional priorities aretoad- bles the approach takenbysocial-media com- the basis forthat opposition party.New and ag- New York dressthe probability of futurepan- panies in the early and mid-2010s,beforeSili- gressiveuses of corporate, politically endorsed demics,not cave in to the lobbying of conValley soured on itsearlier theories about powertosilencelargerswathes of the right will Your editorial says:“During the the medical establishment to create early 1990s economistsand physician 50% morethree- to five-year training an open internet promoting democracy. The be destructiveinaway that all Americans may groups sounded alarms about aphysi- programs wherehospitals getsubsi- Journal reported Saturdaythat “inthe past few livetoregret. cian glut—their theorybeing that dized to employnew doctorstowork moredoctorswould result in needless long hoursfor lowwages.Thereisno treatmentsand health spending.” overall doctor shortage, but go ahead New Jersey’s Subsidy Switcheroo Funnyhow Congressdidn’t seem to and build up supply,and higher costs think that therewas alawyer glut. will surely come. erhaps the biggest winnersinthe Geor- highest in the country. But last year he ex- ALAN BLUM JONATHAN L. FOX, M.D., FAAOS gia Senaterunoffs areDemocratic states tended the state’s “temporary” corporate tax Mt. Vernon, N.Y. Northfield, N.J. P banking on federal budget relief. New hike andborrowed$4billion to avoid spending Jersey Gov. Phil Murphyisalready cashing his cuts. Trenton Democratsin2018 raised the futurecheck with $14billion in newstate busi- state’s top corporate rate to 11.5% from 9% for ness subsidies to mitigate his Covid-19 lock- businesses with morethan $1 million in income. MLB Embraces Negro Leagues, More or Less down and corporate tax hike. That gave New Jersey the highest rate in the Congratulations to JaredDiamond home runchampion of all time,and it’s “Tax incentives should be used strategically countryafter Iowa (12%). Thetax increase was on his excellent article “MLB Elevates HenryAaron” (764 to Barry Bond’s and sparingly,” Mr.Murphysaid in 2019.He supposed to fall to 10.5% last year and sunset NegroLeagues to Major League Sta- 762.) But alas,they decided to truncate added that “tothose who bemoan our inability after2021, but Democrats, no surprise,ex- tus” (Sports, Dec.17). Sometimes for- the statistics at 1948,when presum- to payfor even the most basic items in our bud- tended the 11.5% rate through 2023. gotten is that, likemajor-league play- ably waspick- get, let me say,” spending $1 billion a year on NowDemocratsare offering asalvetopoliti- ers, NegroLeague all-star teams also ing off the best players from the Negro corporate subsidies “simply put, is nuts.” The cally favored businesses, thus completing the toured internationally. In 1927 ablack Leagues and thus making Governor let the tax breaks lapse. cycle of political life in New Jersey: Make rich team, the RoyalGiants, barnstormed no longer on par with the majors. He’snow back to “nuts.” Legislation he promises to public unions, increase taxes and Japan, preceding the 1934 tour of HARRY KIRSCH Babe Ruth, LouGehrig and Jimmie Lafayette, Calif. signed last week provides $11.5 billion in tax borrowing to pay for them, and then spend to Foxx.The RoyalGiantsfeatured fu- breaks over sevenyearsfor real-estateprojects keep businesses and jobs from leaving. Reve- tureHall of Fame players Biz Mackey as well as businesses that keep and createjobs nues have improved in New Jersey since the and Andy Cooper.Mackey later tu- Columbia Supports Open in the state. Another $2.6 billion in tax credits spring,but the budget is still bleeding from un- toredRoy Campanella in howto Discussion, Even in China are for film production. sustainable pension obligations. catch—lessons he later used in his Mr. Murphy says the tax breaks are needed No worries.With Democratscontrolling the great major-league career. William McGurn’s “Beijing’s Bigger to help businesses hurt by the pandemic—i.e., U.S. Senate, blue states cancharge their spend- J.D. THORNE Honey Trap” (Main Street, Dec. 29) his excessivebusinessshutdowns.New Jersey’s ing bills to Uncle Sam—i.e., taxpayers in Kala- Milwaukee recycles unattributed comments 10.2% unemployment rate in November wasthe mazoo and Orlando. about programming decisions at Co- Upon reading that the changeinre- lumbia’s Beijing Global Center in 2015 cordswill nowinclude NegroLeague to raise the specter of self-censor- statistics,Iwas excited at the thought ship. The claim is both false and at Biden’s First Fracking Test that HenryAaron’snine home runs odds with the core principles of aca- while playing forthe Indianapolis demic freedom and open debate that oe Biden promised at the end of the elec- tion. Reversing the Trump rule on train trans- Clowns in 1952 would cause me to hear define our institution. Public events tion campaign that he wouldn’t ban frack- port would put the squeeze on the industryby forthe second time: “There’sanew hosted by our Beijing Center are de- J ing foroil and natural gas. He’dmerely making it moreexpensiveand inefficient to termined independent of their politi- forbid newoil and gaspermits transport. cal content. That was the case in 2015 on federal land and waters. Will he allow a proposed LNG is hazardous if man- Covid-19 Shouldn’t Excuse and remains the case today, in Beijing Pennsylvania voters who have port for LNG to go handled, but trains carry Laxness on Student Cheats and at each of our global centers. The benefited from afracking many such materials and mission of a university is to foster an boom maysoon find out through as planned? with asolid safety record.A It is disturbing to read the rather atmosphere conducive to discussing cavalier attitude of some parentsto- controversial topics, and it is this whether he meant it. July 2020 reviewbythe ward cheating (“Cheating Is the Norm commitment to openness and diver- Progressives arecalling on Transportation Department’s in Some Virtual Classes,” Personal sity that makes American higher ed the Biden Administration to kill plans long un- Pipeline and Hazardous Materials Safety Ad- Journal, Dec.23). While one always the envy of the world. derway foraport on the NewJersey side of the ministration said that “bulk rail transit is a deals with student ambivalencere- PROF. SAFWAN MASRI Delaware River in Gibbstown. Theproject is de- safealternativefor this energy product.” It garding cheating in itsvarious forms, signed to allownaturalgas extracted from the adds that the DOT-113 cars that would trans- that some parentsseem to feel that New York Marcellus Shale to be liquified and then trans- port the LNG “haveanestablished track re- the circumstances wrought by ported by train to the port whereitwill be ex- cord of safety in transporting other cryogenic Covid-19 somehowexcuse lapses in ported, mostly to the Caribbean. flammable materials.” integrity makes it all the morediffi- Pepper ... Groups such as the Delaware Riverkeeper AJan. 5WashingtonPost storynotes that cult to instill in studentsthe impor- And Salt Network oppose the plans because they oppose groups that have been unable to stop the port tanceofethical behavior.Oncethat slipperyethical slope is encountered, THE WALL STREET JOURNAL all fossil fuels and anyeffort to makethem “are hoping to find allies in the incoming Biden it is difficult to pull back and return moreeconomical. So far they haven’t had much administration.” One of them could be Xavier to the high ground of integrity.When traction. TheArmyCorps of Engineershas ap- Becerra, Mr.Biden’spick forsecretaryfor parents, teachersand administrators proved the port, and in December the Delaware Health and Human Services, who in California condone and rationalizecheating, River Basin Commission gaveits okay. Oppo- joined asuit by 15 stateattorneysgeneral chal- what will be the long-term implica- nentsnow hope to getthe Federal Energy Regu- lenging the newrule allowing rail transporta- tions forsociety? This will be one latoryCommission to block it. tion. Vice-President-elect Kamala Harris has moreveryimportant consequenceof They’realso working to block transport of supported an outright fracking ban. the pandemic. the LNG. Last summer the Trump Administra- TheNew Jersey LNGport should be an easy CATHERINE KOCH SCHILDKNECHT tion approved arule that allows LNG to be call. It has been approved by local authorities, Cincinnati transportedbyrail. Activistsare raising the is supported by unions forthe jobs it would cre- Lettersintended forpublication should specter of “train bombs” blowing up as they ate, and it would help revitalizethe area where be emailed to [email protected]. Please passthrough cities such as Philadelphia. it is being built. Same forthe rule allowing rail include your city, state and telephone Aformal ban isn’t the only way to stop frack- transport of LNG.The test of Mr.Biden’sfrack- number.All letters aresubject to ing.Itcan also be done by denying permitsand ingpledgewill be if he letsthe project proceed editing,and unpublished letters cannot “When begging for food, be acknowledged. raising costsand imposing delays via regula- without interference. always make sad eye contact.” P2JW011000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, January 11, 2021 | A17 OPINION No, Trump Better Weapons for Stopping Riots Isn’t Guilty By Michael O’Hanlon topexpertsonthe subject, Col. Wendell Leimbach,acknowledged in Of Incitement an. 6inWashingtonwas a an October article about nonlethal major fiascofor the Capitol weapons,“personnel acrossthe Ser- Police, and to alesser extent vices—beyond the lawenforcement By J forthe District of Columbia community—rarely train to use National Guard. Intelligence them.” This maybeunderstandable ouse Democratshavedrafted and planning were poor.Itshouldn’t forwarsfought beyond the nation’s H an article of impeachment have been hardtoanticipatethat a shores.But it suggestslaw-enforce- that accuses President Trump massconvergenceofmanythou- ment agencies shouldn’t rely solely

of “incitement to insurrection.” Act- sandsofangrypeople could pose GES on the Pentagon to develop new

ing U.S. Attorney Michael Sherwin dangersatthe sitewhereall current IMA nonlethal technologies. said Thursdaythat his officeis membersofCongress, as well as the At least four categories of tech-

“looking at all actorshereand any- incumbent and incoming vicepresi- GETTY nologyare ripe fordevelopment and

one that had arole” in the Capitol dents, were present. Amasscasualty VA near-term deployment with Amer- riot. Some reportershaveconstrued eventcould have occurred. Five peo- ica’smajor policeforces: that as including Mr.Trump. ple lost their lives; several moreap- TIMES •Acoustic weapons designed to propriately lost their jobs in the af- be so unpleasant in atactical area

termath. ANGELES that most whoare present will dis- S

Inflaming emotions isn’t But even if policehad been better LO perse,unlessthey have excellent prepared, preserving order would Riot police clear a Capitol hallway Jan. 6. ear-protection equipment with a crime. The president have been achallenge. Officerson them. didn’t mention violence, the ground were quickly outnum- Syria joined in refugeeflows into per spray,tear gas, wash from low- •Biodegradable substances that bered by protesters, and they didn’t Europe afterIslamic State seized flying helicopters, watercannons, canberapidly spread on walking much less provoke it. want to shoot fellowAmericans on chunks of the Levant. In such situa- andother area-effect technologies. surfaces and that makepassageall thegrounds of Congress. As afor- tions,policemay not be deployedin These canhelp in some situations, but impossible.(Thereissome risk mer Hill staffer,Ihavelong admired adequatenumbers, establish proper but they canalso cause injury. That of injuryfromresulting falls,sothis Thepresident didn’t commit in- the Capitol Police, who preserve barricades,orbeable to call on is why aWashingtonPost article might not be the preferred technol- citement or anyother crime.I public access to the “people’s rapid backup.They need bettertools June 5,writtenafter the killing of ogyunlessitcan be deployedand should know. As aWashingtonpros- branch” of government even as they than the policehad last week—espe- George Floyd,described most nonle- flaggedbeforeprotestersarrivein ecutor Iearned the nickname “pro- protect those of us,most of all the cially nonlethal weapons to disperse thal weapons as “lesslethal weap- force.) tester prosecutor” from the antiwar nation’selected lawmakers, who ons” in explaining whymanycities •Electronic jammerstomakeit group CodePink.Inone trial, Icon- work there. Beijing and Moscow may around the countrywerereluctant impossible forrioterstocommuni- victed 31 protesterswho disrupted be mocking us,but Iwould far pre- Investments in acoustic to employsuch capabilities during cate by cellphone. congressional traffic by obstructing ferthe reactions,and relativere- the summer’s protestsand riots. •Low-flying drones equipped the Capitol Crypt. In another,Icon- straint, of those Capitol Hill officers and jamming technology Most of the nation’snonlethal with cameras that canphotograph victed aCodePink activist who to the kinds of bloodbaths that would help cops deal with weapons research is done by the De- individualsinthe crowd to makeit smeared her hands with fakeblood, would surely have occurred under fense Department. But it isn’t aPen- easier to prosecutethem later—not chargedatthen-SecretaryofState similarcircumstances in Russia, mobs without shooting. tagonpriority.Manyconcepts only forpurposes of punishment but CondoleezzaRiceinaHouse hearing China or manyother places. thought feasible 20 yearsago or also of deterrenceand dispersal. room, and incited the audienceto Theremay well be similar failures morehaven’t made hugeprogress. Themantrashould be not “de- seizethe secretaryofstate physi- of intelligenceand planning at mass and control unruly crowdsormobs. Traditional ordnanceremains the fund thepolice” but “improvethe cally.Inother cases,Idropped gatheringsinthe United Statesin Today’snonlethal weapons fall coin of the realm foralmost all tac- police”—including by giving them chargeswhen the factsfell short of the future. Sometimes it will be un- looselyintotwo categories.One is tical settingsinplaces likeIraqand thekinds of capabilities that avoid the legal standardfor incitement. derstandable,given information the group of arms that must be indi- Afghanistan. the Catch-22 of risking catastrophe One such defendant wasthe antiwar available to authorities at the time; vidually targeted—rubber bullets, Whether to stop asuspicious by either firing on unruly protesters activist Cindy Sheehan. sometimes,lessso. Nowthat it has , beanbag projectiles and the truck, incapacitateashooter im- or holding fire. Hostile journalistsand lawmakers happened, people or groups with like. These work reasonably well mersed within acivilian crowd,or have suggested Mr.Trump incited the trulyviolent objectives,including when policearen’t dramatically out- createaperimeter around asensi- Mr. O’Hanlon is asenior fellow at riot when he told arally that Repub- mass murder,may see an opportu- numbered and when particularly tivesite, lethal weaponryisstill the Brookings and author of the forth- licans need to “fight much harder.” nity to infiltratethemselves within dangerous individuals canbeidenti- default mechanism by which Ameri- coming “Defense 101: Understanding Mr.Trump suggested the crowd walk large groups that aren’t necessarily fied in acrowd. canmilitaryforcesprotect them- the Military of Today and Tomor- to the Capitol: “We’regoing to cheer otherwise violent, as jihadistsfrom Asecond category includes pep- selves.And, as one of Marine Corps’ row.” on bravesenatorsand congressmen and -women, and we’reprobably not going to be cheering so much for some of them. Because you’ll never A Light Regulatory Touch to Keep Covid Drugs Current take back our countrywith weakness. Youhavetoshowstrength and you By Take the man-made antibody But it is also important to make the novelty of both the virus and the have to be strong.” And Mark McClellan drugs, which latch on to aspecific re- surethese updated vaccines aresafe vaccines.But as it becomes clearer In the District of Columbia, it’sa gion of the virus and neutralizeit, po- and cangenerateenough immune that thevaccines mount the desired crime to “intentionally or recklessly ew variantsofthe Covid virus tentially preventing complications if cells.Flu vaccines targeting the prev- immune response,and their long- act in such a manner to cause an- N appear moreinfectious,and given early in the course of infection. alent strains each season are devel- term safety is well understood, we otherperson to be in reasonable it’surgent to getasmuch pro- Some of these antibodies target spike oped annually and approved by the need to be able to license vaccines ef- fear” and to “inciteorprovoke vio- tectiveimmunity intothe population proteins that arelikely to change. To Food and Drug Administration based ficiently that have small tweaks to lencewherethereisalikelihood that beforethese strains cantakeroot. help prevent threatening variants on safety dataand proof that they the genetic sequence. Updated vac- such violencewill ensue.” This lan- These newvariantsare evolvingin from emerging,such drugsshould be canelicit arobust antibody re- cines canmoreeffectively respond to guage is based on Brandenburg v. waysthat mayallowthem to slip targeted to regions of the virus that newvariantsofthe virus. Ohio (1969), in which the Supreme past diagnostic tests, drugsand vac- don’t changemuch. When worrisome Covid doesn’t mutateasquickly Court set the standard for speech cines.The effort will requireanew variantsemerge,the antibody drugs New variants of the virus and extensively as flu, so this shot is that could be prosecuted without vi- scientific and regulatoryframework canbeadapted to go afterpreserved unlikely to changeannually.But it’s olating the First Amendment. The that allowcountermeasures to be regions on the newstrains.But to will call for adaptations likely that vaccines and treatments justices held that aKuKlux Klan adapted and updated quickly as the keep up with the virus,wewill need of treatments, which alikewill need regular revamps to leader’s calls forviolenceagainst threat evolves. to evaluatethese modified antibodies keep up with newvariants. blacks andJewswereprotected Therecent variantsdon’t seem to on their safety and their ability to re- shouldn’t need full studies. speech. The court found that Clar- makeCovid infections moresevere, duceCovid viral loads,without re- Dr. Gottlieb is aresident fellow at enceBrandenburg’scommentswere but they do makethe virus easier to quiring full outcome studies. the American Enterprise Institute and “mereadvocacy” of violence,not transmit. Some have mutated part of Vaccines aren’t as vulnerable to sponse.Inthe case of flu, if the vac- was commissioner of the Food and “directed to inciting or producing the coronavirus spikeprotein called being overtaken by newvariants, cines candemonstrateinlaboratory Drug Administration,2017-19. Dr. imminent lawlessaction ...likely to the receptor binding domain, which sincethey generateimmunity against testing that they will generateapo- McClellan is director of the Duke- inciteorproducesuch action.” is atargetofdrugs and vaccines.This multiple sites on the virus.But new tent antibody response,that pro- Margolis Center for Health Policy at Thepresident didn’t mention vio- genetic evolution wasinevitable.The variantscould diminish vaccine effec- videssufficient proof of their effi- andwas FDA com- lenceonWednesday, much lesspro- virus has been racing around the tivenessovertime.The good news is cacy for the fall. missioner, 2002-04. Dr. Gottlieb voke or inciteit. He said, “I know world forayear.Countermeasures that the vaccines arebased on syn- In the case of Covid, the FDAisre- serves on the boards of Pfizer and Il- that everyone herewill soon be curtail itsspread, but they also en- thetic platforms that allowthe vac- quiring long-term studies to prove lumina and Dr. McClellan on the marching over to the Capitol build- rich thesurvival prospectsofsome cine to be updated based on newse- that the vaccines aresafeand prevent boards of Johnson&Johnson and ingtopeacefully and patriotically mutant strains. quenceinformation. Covid disease.This is necessarygiven . make your voices heard.” Twosteps would help us stay District lawdefines ariot as “a ahead of these developments. First, public disturbance...which by tu- engageinreal-time monitoring and multuous and violent conduct or the research. ACovid genomic surveil- Notable & Quotable: Pence on the Vote Count threat thereof creates grave danger lancesystemcould sample and se- of damageorinjurytoproperty or quence the virus at alarge scale,to From aJan. 6letter from Vice stitution and reveres its Framers, I is largely ceremonial, the role of the persons.” When Mr.Trump spoke, identifyvariantswhen and wherethey President to members of do not believe that the Founders of Congressismuch different, and the therewas no “public disturbance,” emerge.There’sasimilar system for Congress: ourcountryintended to invest the Electoral Count Act of 1887 estab- only arally.The “disturbance” came flu, but not Covid. Newinvestmentsin Vice President with unilateral au- lishes a clear procedure to address later at the Capitol by asmall mi- experimental sciencewould makepos- During the 130 yearssincethe thoritytodecide which electoral election controversies when they nority who entered the perimeter sible moreinsight intohow the ge- ElectoralCount Act waspassed, votes should be counted during the arise during the count of the vote of and brokethe law. They should be netic featuresofthe SARS-CoV-2 virus Congress has,without exception, Joint Session of Congress, and no the Electoral College. Given the vot- prosecuted. correlatewith itsclinical behavior. used theseformal procedures to Vice President in American history ing irregularities that took place in Thepresident’scritics want him That cananswerthe question of count the electoral votesevery four has ever asserted such authority.In- our November elections and the dis- chargedfor inflaming the emotions whether these evolutionarychanges years. stead, Vice Presidentspresiding over regard of state election statutes by of angryAmericans.That alone does raise newpublic-health concerns. Given the controversy surround- Joint Sessions have uniformly fol- some officials,Iwelcome the efforts not satisfythe elementsofany Next-generation sequencing is widely ing this year’s election, some ap- lowed the Electoral Count Act, con- of Senate and House members who criminal offense,and thereforehis available in the U.S.,but is not being proach this year’s quadrennial tradi- ducting the proceedingsinanor- have stepped forwardtouse their speech is protected by the Constitu- used systematically forpublic-health tion with great expectation, and derly manner even wherethe count authority under the lawtoraise ob- tion that membersofCongressare . Most of it is done as part otherswith dismissivedisdain. Some resulted in the defeat of their party jections and present evidence. sworn to support and defend. of academic studies that won’t detect believethat as Vice President, I or their own candidacy. As presiding officer,Iwill ensure strains as they appear. should be able to accept or reject As Supreme Court JusticeJoseph that anyobjections that arespon- Mr.Shapiro served as an assis- Second, when anew genetic vari- electoral votesunilaterally.Others Bradley wrotefollowing the conten- sored by both a Representative and tant attorney general of the District ant is identified and is judged to be a believethat electoral votesshould tious election of 1876, “the powers aSenator aregiven proper consider- of Columbia, 2007-09. He is aWhite threat, it will be important to have a never be challenged in a Joint Ses- of the President of the Senateare ation, and that all facts supporting House appointed official at the U.S. system forefficiently updating drugs sion of Congress. merely ministerial. ...Heisnot in- those objections arebrought before Agency for Global Media. and vaccines. After a careful study of our Con- vested with any authority for mak- the Congressand the American peo- stitution, our laws, and our history, ing any investigation outside of the ple. Those who suggest that raising I believe neither view is correct. Joint Meeting of the two Houses.... objections under the Electoral Count The President is the chief execu- [I]f anyexamination at all is to be Act is improper or undemocraticig- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY tive officer of the Federal Govern- gone into, or anyjudgment exercised noremorethan 130 yearsofhistory, Robert Thomson ment under our Constitution, pos- in relation to the votes received, it and fail to acknowledgethat Demo- Executive Chairman, Chief Executive Officer, News Corp sessing immense powertoimpact must be performed and exercised by crats raised objections in Congress Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher thelives of the American people. the two Houses.” More recently, as each of thelast three times that a Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: ThePresidencybelongstothe Amer- the former U.S. Court of Appeals Republican candidate for President Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; ican people,and to them alone. 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Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; ancesunder the Constitution of the It is my considered judgment that interestsaside,and do our part to , Deputy Editor, Editorial Page Jonathan Wright, International . my oath to support and defend the faithfully discharge our duties under WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: Vesting the Vice President with Constitution constrains me from the Constitution. Ialso pray that we LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head unilateral authority to decide presi- claiming unilateral authority to de- will do so with humility and faith,

EDITORIAL AND CORPORATEHEADQUARTERS: dential contestswould be entirely termine which electoral votesshould remembering the wordsofJohn 1211 Avenue of the Americas, New York, N.Y., 10036 antithetical to that design. As astu- be counted and which should not. QuincyAdams,who said, “Duty is Telephone 1-800-DOWJONES dent of history who loves the Con- While my role as presiding officer ours; results are God’s.” P2JW011000-6-A01800-1------XA

A18 | Monday, January 11, 2021 ****** THE WALL STREET JOURNAL. WORLD NEWS U.S. Takes Steps to Bolster Taiwan Ties

Restrictions governing gagementsreflect the strength sador to the United Nations, is will, have put on stagetheir and depth of our relationship,” set to visit Taiwan from ‘final madness,’unscrupu- diplomatic dealings Taiwan’smission to the U.S. Wednesdaythrough Friday and lously using the remaining are eased, with an eye said. “Welook forwardto will highlight the “importance days in officetosabotage broadening the Taiwan-U.S. of Taiwan’smeaningfuland ex- China-U.S.relations and serve to countering Beijing partnership in the months and panded participation in interna- their personal political gains,” yearsahead.” tional organizations,” the State she said on Friday. BY WILLIAM MAULDIN Mr.Pompeo’s movewill Department said on Thursday. TheState Department press likely sweep away restrictions TheU.S.and Taiwan don’t officedidn’t immediately elab- The U.S. eased restrictions on Taiwan officials’ entering have official relations,and orateonwhat the changes governing diplomats’ and the State Department and U.S. high-level visitsare rare.An would mean in practice. other officials’ dealingswith officials’ going to the official OL aide to Mr.Pompeo visited An official on the transition PO

Taiwan officials, Secretary of residenceofTaiwan’srepre- S Taiwan last year to discuss team of President-elect JoeBi- State MikePompeo said, de- sentative, said Bonnie Glaser, closer economic and business den said he voted for the Tai- /PRES

scribing the limitsas“anat- China expert at the Center for EB ties,but Washingtonhasn’t wanRelations Act as asenator tempt to appease the Commu- Strategic and International LO takenupTaiwan’srequest to and is committed to the law. UL

nist regime in Beijing.” Studies. SA launch negotiations on abilat- “He will continue to sup- “Executivebranch agencies “The Biden administration Secretary of State ’s move will likely allow Taiwan eral trade agreement. port apeaceful resolution of should consider all ‘contact will rightly be unhappy that a officials more access to the State Department, one expert said. Aspokesman forthe Chi- cross-strait issues consistent guidelines’ regarding relations policydecision likethis was nese Embassy in Washington with the wishes and best inter- with Taiwan previouslyissued made in the final days of the AcommentaryfromChina’s tries’ ties with Taiwan or Tai- didn’t respond to arequest for estsofthe people of Taiwan,” by the Department of State un- Trumpadministration,” Ms. official news agencyXinhua on wan’srepresentation in inter- comment. the official said. “He has long der authorities delegated to the Glaser said.“If these restric- Sundayaccused Mr.Pompeo of national organizations.The Asked about Ms. Craft’s said that American support for SecretaryofState to be null tions hampered the U.S. from “stoking unwarranted confron- State Department movedoesn’t visit, Hua Chunying,aspokes- Taiwan must remain strong, and void,” Mr.Pompeo said. promoting the relationship in tations” and “seeking to mali- fundamentally alter the frame- woman forthe Chinese Foreign principled andbipartisan.” Taiwan welcomed Satur- away that serves U.S. national ciously inflict along-lasting work of U.S. relations with Tai- Ministry, said China firmly op- Themovewill likely be wel- day’s move. interests, the Trump adminis- scar on China-U.S. ties.” wan, which aregoverned by poses anyform of official ties comed by manylawmakers “The State Department’sac- tration should have done this China has loudly criticized the Taiwan Relations Act. between the U.S. and Taiwan. who have pushed to boost ties tions to further Taiwan-U.S.en- much earlier.” anysteps to strengthen coun- , the U.S. ambas- “Pompeo and his like, if you with Taiwan. China’sNew RulesPressureU.S.Businesses WORLDWATCH INDONESIA

BY STELLA YIFAN XIE Two Landslides Kill At Least 11 People HONG KONG—Beijing hit back against recent U.S. re- Two landslides triggered by strictions targeting Chinese heavy rain in Indonesia left at companies, saying it plans to least 11 dead and 18 injured, offi- ban itsfirms and citizens from cials said on Sunday. complying with foreign laws The second landslide in and sanctions it deems unjus- Cihanjuang village in the Sumed- tified. ang district of West Java prov- Beijing’snew rules,released ince occurred as rescuers were on Saturday, also allowChi- still evacuating people following nese companies to sue in Chi- the first disaster on Saturday, nese courtsthose who comply said National Disaster Mitigation with the foreign laws. Agency spokesman Raditya Jati. Therules come afterthe U.S. Rescuers were among the imposed various restrictions victims, he said. against Chinese companies. The rain stopped on Saturday Those include blocking some night. A bridge and roads were Chinese companies likeHuawei blocked by the landslides as au- Technologies Co.fromobtain- thorities struggled to bring in ingcertain componentsmade heavy equipment to clear the by U.S. or foreign suppliers, or debris. accessing U.S. technology. Seasonal rains and high tide While the rules didn’t name in recent days have caused doz-

anyspecific foreign laws or S ens of landslides and wide- sanctions, they amp up pres- spread flooding across much of PRES sureagainst U.S. and other Indonesia, a chain of 17,000 is-

foreign companies with afoot- ZUMA lands where millions of people G/

print in China, possibly forcing TP live in mountainous areas or them to choose between The U.S. has blocked and other Chinese tech companies from obtaining certain components made by U.S. or foreign suppliers. near fertile flood plains close to American or Chinese regula- rivers. tions, people in the foreign put foreign companies in very panies that suffer lossasare- As a result of those Trump olas Turner,aHong Kong- —Associated Press business community said. difficult situations,” he said. sult of such foreign rulings administration actions, many basedlawyer at Steptoe & They also come as Presi- “A U.S.-headquartered com- cansue in Chinese courtsto American and foreign suppli- Johnson LLP. AFGHANISTAN dent-elect JoeBiden prepares pany can’t really not comply seek compensation, it added. ers have limited the scope of “Itprovides China with an to take office, presenting him with U.S. law.” ThelatestChinese order theirbusinessdealingswith additional tool that it canuse BlastContinues with the question of whether Thenew rules aredesigned comes at the end of aTrump the Chinese companies. to combat foreign sanctions on ADeadly Cycle to overturn Trump administra- to block anyforeign restric- administration that has im- Thetensions have squeezed Chinese companies,” he said. tion actions targeted at China. tion that “unjustifiably prohib- posedvarious restrictions manymultinational companies In the faceofthe U.S. re- Aroadside bomb exploded in MatthewMargulies,aBei- its” Chinese citizens or com- against Chinese companies,in- that operateinthe U.S. and strictions against Chinese Afghanistan’scapital on Sunday, jing-based vice president at panies from “engaging in tensifying the two countries’ China, the world’stwo biggest companies,Beijing has warned killing at leastthree people in a the Washington-based U.S.- normal economic,trade and battle over domination of the . of countermeasures,though vehicle. It wasthe latest attack China BusinessCouncil, said related activities with a third global technologysphereasbi- Beijing’snew order could thosehavemostly stopped to takeplaceasgovernment the newrules could send a stateorits citizens,” China’s lateral relations have soured. neutralizethe impact of U.S. short of specifics so far. negotiators in resume chilling to foreign busi- Ministry of Commerce said. Those restrictions include curb- or other foreign sanctions that Since 2019, the Ministry of peacetalkswith the Taliban. nesses,especially when it Those facing such foreign ing access to U.S. technology apply to Chinese companies by Commerce has been threaten- Aspokesman forthe minis- comes to deciding which set of restrictions must report to the forChinese companies Huawei creating amechanism that al- ing to blacklist U.S. companies try’spublic protection forces—a laws with which to comply. State Council, China’scabinet, and Shanghai-based chip maker lows China to issue prohibi- through an unreliable-entity securityforce—wasone of the “The Chinesegovernment within 30 days, it said. Semiconductor Manufacturing tions that canbeenforced list, though no companies have three people killed in the attack, has a lot of tools which could Chinesecitizens and com- International Corp. through the courts, said Nich- been named. according to aspokesman for the interior minister. One other person waswounded he said. No one immediately claimed Italy’s Government TeetersOverPost-Covid Plan responsibility. The Islamic Stategroup has claimed responsibilityfor multi- ple attacksinthe capital in re- BY GIOVANNI LEGORANO attacked Mr.Conte’seconomic cent months. plans as not up to the task. Beijing Lets WTO Taliban militants have mean- ROME—In the depths of the On Friday, the governing co- while continued their insur- pandemic,one sign of normal- alition—which mainly comprises Study Virus Origins gency againstgovernment ity is returning to Italy: politi- the center-leftDemocratic Party forces while keeping their calinstability. and the ideologically eclectic, promise nottoattack U.S. and Thegovernment of Prime antiestablishment 5StarMove- HONG KONG—China has NATO troops. Minister Giuseppe Conteis ment—was locked in talks to agreed to allowateam of —Associated Press struggling to avoid collapse af- find away to avoid collapse. World Health Organization ex- terasmall coalition member Italy hasn’t had the money to perts to enterthe country to SPAIN threatened to withdraw vital consider such ambitious eco- investigate the origins of the parliamentarysupport. TheIta- nomic-revival plans formany coronavirus pandemic, days af- Madrid Digs Out lia Viva party,led by former years. Thecountryhas one of terthe United Nations agency’s From Snowstorm ItalianPremier MatteoRenzi, the world’shighest national topofficial criticized Beijing for

haslong been skeptical of Mr. CK debt burdens,mostly inherited holding up the mission. Emergency crewsincentral

Conte’sleadership and is rais- TO from the spendthrift1980s,forc- The WHO experts are Spain cleared 500 roads and ingpressureonarangeofis- ing Rome to runtight budgets scheduled to start their mis- rescued morethan 1,500 people sues,including howtorecon- forthe past quarter-century. sion on Thursday and will be stranded in their vehicles, al- SHUTTERS

struct Italy’s batteredeconomy A/ Lowpublic investment has working with Chinese scien- lowing Madrid and other areas afterthe pandemic. contributed to Italy’s sluggish tists in studying the conta- on Sundaytoslowly shovelout CE/EP

If Mr.Renzi pulls out of the LA growth rates, which have rarely gion’s origins, China’s National of the country’sworstsnow-

coalition, forcing Mr.Conteto PA exceeded 1% ayear in recent Health Commission said on storm in recent memory. resign, the possible outcomes times,and leftthe country Monday. Afterrecording 20 inches of CHIGI rangefromanew government trailing othersinareas such as Ahealth commission offi- snowinthe Spanish capital be- TILI/

with the same center-leftlead- AT higher education and infra- cial earlier said the WHO tween Fridaynightand Satur- erstosnap elections that ari- O structure. team would be traveling to day, Madrid and aswath of the

valcenter-right alliancewould FILIPP Mr.Renzi, as premier in the centralChinese cityof country remained impassable likely win. Premier Giuseppe Contefaces pressureonreviving the economy. 2014-16,briefly carried popular , wherethe coronavirus on Sunday, with roads, rail lines Manyobserverspredict Mr. hopes of economic renewal, but wasfirstdetected and which and air traveldisrupted by Contewill continue,albeit with worked with allies and opposi- siveeconomic-recoveryfunding his party would nowstruggle became the firstCovid-19 hot Storm Filomena. The blizzard Mr.Renzi’ssmall party having tion parties to orchestratethe that the European Union is fun- to win seatsinParliament if spot. Aspokeswoman forthe has been blamed forfour moreclout. Whatever theout- firstlockdown of awhole coun- neling to hard-hit member electionswereheld. In recent WHO representativeofficein deaths. come,the tussle shows that the try, using rigorous measures countries.Italy is expected to weeks he has attacked Mr. China referred queries to the Madrid’sAdolfoSuárez Ma- surprising stability of Italian that were soon adopted around be the biggest recipient of EU Conte’sbid to control howthe agency’sheadquarters in Ge- drid-Barajas International Air- politics during the pandemic is the world. support, with over €200 billion, EU funds arespent. neva,which didn’timmedi- port wasexpected to slowly re- coming to an end. But Italy’s success at con- or around $244 billion, in Mr.Conte, scrambling to ately respond. open by Monday. Over 150 Mr.Conte, alittle-known law taining the virus by last sum- grantsand cheap loans from preservehis parliamentaryma- The WHO has been negoti- roads were still impassable on professor chosen to lead two merhas given way to aresur- the EU effort. jority,has made anumber of ating with China’sgovernment Sunday. rickety coalition governments genceofcontagion sincethe Thescale of the money—and concessions to Mr.Renzi’sde- overthe pastyear to get in- Trains traversing the capital in 2018 and2019,has become fall,widespread wearinessat the sense it could be aunique mands,including pledging formation on howthe corona- were gradually coming back on an unexpectedly strong premier lengthyrestrictions on daily life opportunity to revitalizeanItal- moremoney forthe health-care virus mighthave firstcrossed line, but the importanthigh- sincelast year,when Italy be- and mounting fearsfor the na- ian economythat has struggled sector.Sofar,the former pre- into humans as well as access speed line linking Madrid with came the firstWestern country tional economy. to grow forthe past two de- mier isn’t satisfied, and the to sites in Wuhan. Barcelona remained out of op- severely struck by Covid-19.His Thepolitical classinRome is cades—is fueling instability in government’sfatecontinues to —Chun Han Wong eration. approval ratingsrose as he placing itshopes on the mas- thegovernment. Mr.Renzi has hang in the balance. —Associated Press P2JW011000-0-B00100-1------XA BUSINECHANGESSIN TAX CODE&FAIDS LIFE INSURINANCE B8 ANCE

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, January 11, 2021 | B1

Last Week: S&P 3824.68 À 1.83% S&P FIN À 4.65% S&P IT À 0.43% DJ TRANS À 2.95% WSJ $ IDX À 0.15% 0.224 NIKKEI 28139.03 À 2.53% See more at WSJ.com/Markets China Ban, Rally Highlights Flip-Flops Wagers on Recovery Jar Investors BY MICHAEL WURSTHORN Investorsare showing signs Trump order meant to Theorder initially applied of increasing exuberance, re- to 31 companies and has since flecting optimism about avac- slap Beijing brings grownto35. Manyare private cine-fueled global recovery and confusion on NYSE firms with little connection to the changed economics of the Wall Street, but afew have postcoronavirus world. and among brokers American depositaryreceipts TheDow Jones Industrial listed on the NYSE. These in- Averagerose 1.6% forthe first BY ALEXANDER OSIPOVICH clude three large Chinese tele- week of 2021, marking its AND CHONG KOH PING comcarriers, as well as oil- fourth-straight weekly gain de- and-gasdriller Cnooc Ltd., spiteamob storming the U.S. U.S. investorshaveborne which wasadded to the black- Capitol Wednesday and a de-

the brunt of an executiveorder list in December. GES cline in nonfarm payrolls re-

signed by President Trump Investorsweretaken fora IMA ported Friday. that wasmeant to hit the Chi- wild ride afterthe NYSE said Theadvance,which took the

nese militarybycurtailing ac- Dec.31that it would delist the GETTY 30-stock indexpast 31000 in G/

cess to American dollars. ADRsofthe three telecom VC just 29 tradingdays,has been Theorder,which takesef- companies,only to reverseit- NYSE said it would delist China Mobile, then reversed itself, then went back to its original decision. led by banks and energy firms. fect on Monday, bans Ameri- self several days later and halt Bond yields have risen, taking cans from trading the securi- the delistings, beforedoing yet PriceperformanceofAmerican depositary receipts the yield on the 10-year U.S. ties of dozens of Chinese another U-turn and proceeding Treasurynoteto1.105%, the companies.People who in- with the delistingsafter all. Trump issues investmentban NYSE delisting announced Brief reversal highest sinceMarch. vested in those stocks areup- Anil Hingwe,aformer exec- When economically sensi- set afteraconfusing series of utiveatanautomotivesupplier 10% tivesectorsand bond yields events over the past two companyinMichigan, had been rise together,itoften signals weeks.During that time,U.S. an investor in China Mobile Wall Street is embarking on officials,the NewYork Stock Ltd. since2003,considering it 0 the classic reflation tradethat Exchangeand brokeragefirms asafedividend play. The75- anticipates afull-fledgeeco- sent mixed signals over which year-old retiree sold his shares nomic recovery.Itisimportant stocks would be prohibited and this past Mondayafter the -10 because it canherald rising in- howquickly the investorswere NYSE firstmoved to delist the comes,stronger resultsat required to sell them. companyand itsstock plum- firms from retailing to manu- China Unicom Mr.Trump signed the order meted. Then he watched with -20 facturing to technology, and in November,after losing his frustration as the Big Board China Mobile further market gains. bid forre-election. Theorder’s changed course hourslater and China Telecom But the blistering,stimulus- goal wastostopU.S.investors’ PleaseturntopageB4 -30 fueled rally over the past year money from supporting Bei- maycomplicatethat formula. jing’seffortstomodernizeits  Heard on the Street: Caution Nov. 2020 Dec.Jan. '21 While the case foreconomic military. on surging Asian stocks...... B8 Source:FactSet recovery appearssound and manyfund managersexpect themarket advancetocon- tinue,skeptics saystocks re- Chip Shortage Hurts Auto Makers’ Output main vulnerable to fallout from the pandemic,including still- high unemployment and ques- BY BEN FOLDY porary layoffs of about 3,900 lated to the health crisis,such tion, with several companies tabletlikedisplays and other tions about the paceofthe vac- workersatthe plant, which as high absenteeism. moving to revise production featuresthat consume more cine rollout.Supercharged Achip shortagethat has builds two popular sport-util- Now, they are also dealing forecastsdownwardinthe computing powerthan was gains in assetsfromsome fa- disrupted vehicle production ity vehicles,the Ford Escape with chip shortages. firstworking week of the new needed in the past. voredstocks to cryptocurren- in other partsofthe globe is and Lincoln Corsair. Theproblem wasfirst ob- year. Additionally,the industry’s cies to some commodities reaching U.S. shores,stifling Honda Motor Co., Fiat served at Chinesefactories “It’sincredible howquickly pivot to electrified vehicles is could turn out to be unsustain- output formajor carcompa- Chrysler Automobiles NV and latelast year and is spreading this just blewup,” said Jeff putting greater emphasis on able. nies and dimming prospects othersare also wrestling with to the rest of the world, as de- Schuster,president of global the need formoresoftware- That is likely arecipe for forasmooth recovery from the shortage, leading them to mand forelectronics has forecasting at industryfirm based systems, analysts said. volatility as earningsseason the coronavirus pandemic. reduceoutput on everything surged during the health cri- LMC Automotive. Most of today’scarshaveat begins.The S&P 500’s1.8%rise Ford Motor Co.isplanning from big pickup trucks to com- sis,particularly with many Theautoindustryhas least 40 different chips, with over the firstweek of the year to idle aLouisville,Ky.,factory pact sedans. people still spending most of emergedasamajor consumer higher-end models having up pushed the benchmark above foraweek starting Monday, As manufacturersglobally their time at home.The global of computer chips in recent to 150, said Sam Abuelsamid, year-end pricetargets of firms because of partsshortages try to recoup production lost chip industryhas struggled to years, rivaling the personal- an analyst at Guidehouse In- including stemming from limitedsup- last spring because of the cor- meet demand. electronics sector. sights. Corp., which has told clientsto pliesofsemiconductorsnow onavirus pandemic,manyhave Autoexecutives,lawyers Demand is increasing as “If even one has a produc- bracefor muted returns after vital to everything from dis- been hit with sporadic parts and analystssaid they were more carcompanies update tion disruption, youcan’t ship last year’s 16% advance. playscreens to transmissions. shortages,shipping bottle- startled at howquickly the the tech in their vehicles, the car,” he said. “The stock market is already Themovewill lead to the tem- necks and other challenges re- shortages cut intoU.S.produc- deckingthem out with big, PleaseturntopageB2 making the assumption we’ve crossed the bridgeand areget- ting to the full reopening of the economy,” said MikeWilson,a Airbnb Underscores chief U.S. equity strategist at .“Thingsare getting stretched and one- Reach of Law That sided now.” Businesses at the center of the economy, such as banks and energy firms,are often Shields Web Firms among the earliest beneficia- ries of an economic upturn. BY HEATHER SOMERVILLE icy chief, said in an interview Group Inc.and that regulating online content Exxon Mobil Corp.are among TION As lawmakers and tech ex- is a shared responsibility be- the winnerssofar this year. CIA

SO ecutives preparefor abattle tween companies,regulators Amoresurprising big AS

Y over an internet liability and users. Airbnb said it is gainer: Used-car retailer Car-

OG shield this year,alook at meeting itsresponsibilities by PleaseturntopageB2 Airbnb Inc.’suse of the law providing cities with the abil- CHNOL

TE showsthe stakes go well be- ity to monitor home-renting yond social-media giants. activity andassisting them Thehome-rental siteisn’t with collecting occupancy INSIDE NSUMER

CO usually mentioned in the taxes, among other things. CES 2021 live anchors rehearse for the show at a studio on ’s campus in Redmond, Wash. heated discourse over Section Mr.Lehane said Airbnb 230 of the Communications hasn’t backed aspecific bill to PERSONAL TECHNOLOGY | By Wilson Rothman DecencyAct, the 25-year-old overhaul Section 230 but new

legislation that has shielded legislation including anotice- GES

internet companies from lia- and-takedown mandate, which IMA bility forwhat userspost on requires platforms to remove ETTY

CES Show Trades Las Vegas their platforms. content oncethey arenotified /G

Since2016,Airbnb has cited that it is illegal, is “a reason- AFP Section 230 in seven lawsuits able path forward.” For Events in Cyberspace it filed in federal courts Passed in 1996 as part of AUTOS against local governmentsto the Communications Decency Electric-vehicle startup avoid responsibility forlist- Act, Section 230 states that in China unveils a CES, the fired a computer-assisted a global crossroads where, ingsonits sitethat violate platforms canremovecontent world’s larg- sniper rifle, attended a just last year, over 170,000 home-renting laws.While they deem objectionable while sedan to challenge est tech show, Tesla-coil music concert, attendees interacted with Airbnb had wins against Ana- not being held liable forev- Tesla. B3 is quite some- hitched a ride in self-driving more than 4,500 exhibitors. heim, Calif., and NewYork erything posted on their sites thing to be- vehicles and met countless It’s been a media spectacle, City,inmost cases it lost its by thirdparties.That allowed hold. Or it robots. but also much more: a forum argument and faced asettle- marketplaces to have outside would be if you could behold This year, you can see it for innovators, manufactur- ment compelling it to abide by vendorsand customer reviews it in person. all—but only from the screen ers and retailers to meet, by some or all of the demands to without being held liable for Almost inconceivably through which you see plan or by happenstance, take moreresponsibility for harmful content. Companies sprawling in its pre-pan- pretty much everything else and figure out what comes the listingsonits site, accord- successfully used the lawto demic incarnations, the in- these days. Vegas and CES next. ing to court filings. protect themselves from liabil- dustry extravaganza spanned will be without each other For CES 2021, which Theresult forAirbnb, ity forillegal gunsales,fake the entire Las Vegas Conven- for the first time in decades. starts Monday, its organizers which went public last month, sportsmemorabilia and ter- tion Center, the nearby The tech industry saw had to pivot into digital has been tougher regulation, rorist recruiting activities. HEARD ON THE Sands Expo and chunks of a many conferences go virtual space that, perhaps ironi- more expenses and less reve- U.S. lawmakershavepro- STREET dozen or more hotels up and during 2020 amid a general cally, is unfamiliar—and a bit nue in certain markets. Other posed morethan two dozen Exchange-tradedfund down the Strip. It was like a desire to reduce viral spread. of a gamble. platforms will likely encounter bills to changeSection 230. Disneyland for tech: Since I But CES isn’t an event based The main attraction will asimilar outcome,according Many GOP lawmakerscon- takes on Buffett, but started covering the annual on the agenda of a single be the exhibitors’ “digital ac- to legal scholarsand investors. tended that tech platforms maybetoo hot. B8 January event in 2001, I’ve company or organization: It’s PleaseturntopageB4 Chris Lehane,Airbnb’spol- PleaseturntopageB4 P2JW011000-2-B00200-17FFFF5178F

B2 | Monday, January 11, 2021 ** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. Lack of A Exxon Mobil...... B1 Reddit...... A1 Blizzard...... R7 F - G Roku...... B8 ShipMatrix...... A2 Airbnb...... B1 Facebook...... A1,R5 Chips Hits Shopify...... A4 Alphabet...... A1,A4,R5 ...... B8 Sierra Metals...... B3 Amazon.com....A1,A4,R5 FedEx...... A2 Anova Culinary...... B4 Sixgill...... A2 Fiat...... B1 Car Makers Apple...... A4,R5 Snap...... A1 Ford Motor...... B1 B SpaceX...... R7 ...... B8 Technology.....R7 Bed Bath & Beyond....B3 General MotorsB1, Square...... B8,R7,R8 ContinuedfrompageB1 Belkin...... B4 B3,B4 Sriwijaya Air...... A10 Problems appeared last ...B8 Genuine Parts...... B2 Target...... A1 month, when AG BlackRock...... B4 Goldman Sachs GroupB1 TD Ameritrade...... B4 said it would cut production in Boeing...... A10,B3 H - L Tesla...... B3,B8,R5,R7 Boot Barn Holdings....B3 the firstquarter in China, Eu- Honda...... B1 Toyota...... B1 BYD...... B3 rope and North America be- Hyatt Hotels...... R7 Twilio...... R7 C cause of a shortage of chips. J.P. Morgan Chase...... A4 Twitter...... A1,A4 Co. sent a Carvana...... B1 Li Auto...... B3 U - Z letterlast month to itssuppli- GES CBRE Group...... A2 Locus Robotics...... A2 Union Pacific...... B3 IMA Chewy...... A2 ers asking they move quickly M - P United Parcel Service Cl to stockpile an entireyear’s China Mobile...... B1 ETTY B...... A2 Cnooc...... B1 supply of chips to insulate /G Utz Brands...... R7 Commerce Bancshares A4 from the shortage, according Microsoft...... R2 Vail Resorts...... R7 UETER

A4 to acopy of the letterre- HL Volkswagen...... B1 ...... R5 SC D - E Walmart...... A1,B4 viewedbyThe Wall Street NIO...... B3

Daimler...... B3 XPeng...... B3 Journal. JENS Parler...... A4 eBay...... A9 Zoom Video Production isn’t currently Problems appeared last month, when Volkswagen said it would cut production in the first quarter. Exelon...... A3 R - T Communications...... R7 being affected, aGMspokes- man said. spokesman said. other factories. High absenteeism caused by Executives at two U.S.- Fiat Chrysler will idle its Dan Sharkey,aDetroit-area the pandemic,along with based suppliers for Japanese Jeep plant in Mexicoand ase- lawyer who works with auto higher-than-usual shipping INDEX TO PEOPLE automakerssay their custom- dan plant in because suppliers, said he has been ad- costsand other snagsinthe ersstarted to scale back North of the microchip shortage, the vising clientsaround the clock logistics network arealso ma- A K Rand, Doug...... A3 American output last week. company said Friday. on the issue and can’t recall a jor problems.Some companies Ahamed, Karim...... R8 Keck, Kim...... A4 Rekenthaler, John...... R8 Honda is cutting production Theshutdowns will last similar crisis disrupting the that have already cut costs Angel, James...... B4 Kelly, Ryan...... A2 Renzi, Matteo...... A18 of itsCivic and Accord sedans through the rest of January, whole global industryatonce. during the pandemic saythey B Kifowit, Stephanie.....A3 Roper, Barbara...... A3 by roughly 2,200 cars this according to aperson familiar “One of our clientsiscall- don’t have much in reserve. Koesterich, Russ...... R2 Roque, John...... R2 week in North America, down with the company’s plans. Af- ing it ‘chipageddon,’” Mr. “In normal years, youmight Baron, Michael...... R7 S Baron, Ron...... R7 Krinsky, Jonathan...... R2 roughly afifth from what had fected vehicles include the Sharkey said. have some fat and could prob- Buffett, Warren...... B8 L Sarvadi, Paul...... A4 been originally scheduled, ac- Jeep CompassSUV,Chrysler Supplierssay the chip ably weather the storm,” said Scher, Peter...... A4 cording to the executives. 300 sedan and the Dodge shortages and customers cut- one of the supplier executives. C Leech, Ken...... R7 Sharma, Amit...... A1 Honda is evaluating options Charger and Challenger mus- ting back on orders adds to a “But we’re already beat up.” Liang, Nellie...... A2 Colyer, Scott...... R7 Simpson, Dick...... A3 to mitigateproduction disrup- cle cars. growing list of problems they —Nora Naughton Lynch, Dennis...... R1 D Suit, Terrie...... B8 tions that aredue to the Fiat Chrysler doesn’t plan have to manageasthe autoin- and Mike Colias M Daco, Gregory...... A2 T shortages,aspokesman for to reduceproduction at any dustry’s recovery stretches on. contributed to this article. Donovan, Joan...... A4 Madigan, Michael...... A3 Tan, Eric...... B8 the company said. Matz, John...... A4 F V Toyota Motor Corp.now N plans on making roughly 40% Faulk, Rick...... A2 Vayanos, Dimitri...... R5 fewerofits full-sizeTundra Fears, Ken...... B8 Nentwick, Katie...... B8 Violin, Steven...... R2 pickups at its Texas assembly Fredericks, Michael.....R7 Nolan, Chris...... A4 W French, Kenneth...... R5 P plantinJanuarythan it had Weissman, Robert...... A3 originally intended, a spokes- G Parwada, Jerry...... B8 Wilson, Mike...... B1 man forthe companysaid. The Graham, Paul...... B8 Prakken, Joel...... A2 Wood, Catherine...... R7 automaker anticipates the J Prasad, Eswar...... R8 Z chip shortages could stretch Jiang, Hao...... R5 R Zheng, Lu...... R5 through the spring,the

200% Stimulus-era favorites likeTesla and cryptocurrency bitcoin have rallied alongside reflation-trade stocks. 150 Shareprice, indexand digital-currency performance Tesla 100

50 Goldman Sachs Exxon Mobil S&P500 0 Nov. Dec.Jan.

Sources: FactSet (indexes, stocks);CoinDesk (cryptocurrency)

adecade agoasanalternative When bond yields rise,prices Investors to fiat currencies distributed fall andthat means investors IBKR charges by governmentsand central who ownthese bonds lose banks,has risen 38% in 2021 to money,onpaper at least. Wager on $40,132, morethan doubling While sub-2% long-bond the high it set three yearsago. yields hardly sayinflation is at margin loan Therisk buyerstakeon hand, priceworries add to a Recovery acrossthe market now“is un- challenging businessclimate. equivocally worsethan eight or Mario Gabelli,chief execu- nine months agobecause of tiveofGamcoInvestors, said 1 ContinuedfrompageB1 price,” Mr.Wilson said. investorsshould look at sec- rates from vana Co., up 16% this year,has Thecase forarobust recov- tors of the consumer market risen morethan 800% from eryiswidely held. Economists that canwithstand economic last year’s lows,amarket at Goldmanthis year raised slowdowns.His fund, bright spot that few would their 2021 forecast forU.S.eco- Gabelli Asset Fund, has astake have predicted. nomic growth to 6.4%, reflect- in Genuine Parts Co., an At- Sales of used cars soared ing in part expectations of a lanta-based distributor of re- last year while purchases of $750 billion fiscal stimulus in placement autopartsthat has % newvehicles declined. Some of FebruaryorMarch. TheWorld risen morethan 6% over the 0.75 that buying wasattributed to Bank’sestimate, which is closer last month. Thecompanysaid consumersusing their stimulus to the Wall Street consensus, last year it wasable to pass checks,while autodealerships calls forgrowthofatleast 3.5% some coststied to the U.S.- hadtrouble getting newvehi- this year. China trade warontoconsum- cles from the factory. “A used Whenever the economydoes ers. TO carbought ayear agoisworth fully reopen, it will look very “Inflation is liketoothpaste: % morenow,” said Cole Smead, a different. Employment remains Onceitgetsout of the tube,it portfolio manager at Smead down by nearly 10 million com- can’t getput back in,” said Mr. 1.59 Capital Management. pared with Februaryoflast Gabelli, paraphrasing lateGer- Investor favorites of the year,and wage growth has man economist Karl Otto Pöhl. stimulus eraare also rising,in been muted. “So yousee what companies some cases at apacethat Thebad news has been canpassthrough rising prices.” promptstraderstoinvokepast countered in part by the stimu- Manyinvestorsand analysts market manias.Electric-car lus programs of the govern- sayconditions remain ripe for makerTesla Inc., apresumed ment and the Federal Reserve, stocks to keep rising,atleast beneficiaryofgreen-energy-re- an onslaught that with Demo- outside some of the most lated stimulus effortsfavored craticwins this month in the crowded trades.The greatest by the Democratswho now Senate has put investorsonin- threat to aroaring bull market control Congress, is up 25% flation watch. The30-year typically is aFederal Reserve this year.Tesla Chief Executive Treasuryyield has jumped by interest-rateincrease,and that is worth morethan almost one-quarter of aper- doesn’t appear likely forat Exxon, thanks to the rally. centagepoint sincethe start of least another year or two. Bitcoin, the cryptocurrency the year to settle at 1.863% on —Sam Goldfarb contributed that made itsdebut morethan Friday, itshighest sinceMarch. to this article. ibkr.com/margin

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THE WALL STREET JOURNAL. Monday, January 11, 2021 | B3 BUSINESS NEWS Boeing’s Legal Woes Over MAX Persist

Even after $2.5 billion two years. Boeing said it had previouslyset aside the money settlement, plane to compensatecustomers. maker faces inquiries Some lawmakerscriticized the deal. House Transportation by FAA and SEC CommitteeChairman PeterDe- Fazio (D., Ore.), whose panel BY ANDREW TANGEL conducted itsown investigation AND ANDY PASZTOR intothe MAXcrashes,said “se- nior management and the Boe- Boeing Co.’s$2.5billion ing boardwerenot held to ac- agreement to end acriminal in- count.” Sen. RichardBlumenthal vestigation by the JusticeDe- (D., Conn.) said the settlement partment intothe 737MAX de- “does nothing to changethe bacle resolves one of its rotten corporateculturethat al- highest-profile problems,but lowedBoeing to mislead and the plane maker still faces deceiveregulators.” GES other legal and businesschal- AJusticeDepartment IMA lenges. spokesman declined to com-

Federal Aviation Administra- GETTY ment on thelawmakers’ criti-

tion officials have said Boeing SE/ cism. David Burns,acting assis- facespotential civil penalties tant attorney general forthe stemming from itsalleged lack JusticeDepartment’scriminal

of candor in itsdealingswith ANCE-PRES division, said the resolution regulatorsbeforeand after two FR wasastrong punishment for

MAXcrashes that claimed 346 GENCE Boeing.“Boeing’semployees

lives. /A chosethe path of profit over Ever sincethose crashes, candor,” Mr.Burns said. Boeing has touted the overall TheFAA declined to com- safety of its737 family of sin- REDMOND ment on the settlement. ON

gle-aisle jets. An older model of JAS Boeing has reached aseries the jet, a737-500,carrying 62 Families of some of the 346 people who died in MAX airliner crashes in Indonesia and Ethiopia are continuing to sue the company. of criminal and civil settle- people crashed intothe Java mentsstemming from illegal Sea in Indonesia Saturday.The yetofwhat the pilotsdid and Boeing Chief ExecutiveOffi- tions that don’t fittogether commercial aircraftitdelivered business activities and safety cause of the accident wasun- howBoeing benefited from cerDavid Calhoun said Thurs- precisely as required. in 2018.The MAX, which regu- violations in the past.Ineach known. Boeing said it wasmon- their actions.Ifthey areprose- dayinamemo to employees Boeing has widened inspec- latorsgrounded in March 2019, of those cases,Boeing’stop itoring the situation. Pilot er- cuted, therecould be moreem- that wrongdoing detailed in the tionsand fixestoundelivered wascleared again forflights in management pledged to im- rors and maintenance barrassing revelations about JusticeDepartment’ssettle- Dreamliners. Theslowdownin November. proveinternal ethics rules and lapses generally have been re- theplane’sdevelopment.Ac- ment didn’t reflect Boeing’s production and deliveries pre- Boeing is expected to report compliancewith federal con- sponsible formajor crashes of cording to the JusticeDepart- broaderculture. Boeing has ventsBoeing from getting fourth-quarter earningslater tracting andsafety mandates. such earlier-model 737aircraft. ment, the two aviatorscon- pledged to revamp internal much-needed cash because cus- this month. Thecompanysaid In 2015,the FAAimposed a TheSecurities and Exchange spired to deceivethe FAAfor compliancesystems as well. it booked nearly $744 million in $12 million civil settlement on Commission, which is also in- theirbenefit and Boeing’s. Boeing has other challenges additional chargesinthe quar- Boeing,inwhich the company vestigating the MAXissues,has Lawyersfor the aviators ahead. Thepandemic imploded terrelated to the settlement. acknowledged regulatory proceeded moreslowly than the have said their clientsdid noth- Boeing’sbusinessoutlook by Thesettlement requires lapses.The missteps ranged JusticeDepartment, people fa- ing wrong.Boeing declined to sappingtraveldemand and $744 Boeing to pay a nearly $244 from delays in fuel-tank safety miliar with the mattersaid. An comment further Friday. The making it tough forairlines to millionfine,atthe lowerend upgrades to failures to police SEC spokesman didn’t respond JusticeDepartment deal limits payfor planes awaiting deliv- In millions,whatBoeing booked of potential penalties under defectiveparts. to arequest forcomment. what Boeing cansay publicly ery. Thedownturn has resulted in lastquarterfor settlement government guidelines.Prose- Nine yearsearlier,prosecu- While the company’scrimi- aboutthe settlement. in awaveofdeferred or can- cutorsgaveBoeing credit for tors determined that the com- nal settlement coveredBoeing’s Families of victims arepur- celed aircraftorders. itseventual cooperation in the panyillegally acquired Lock- responsibility forthe actions of suing lawsuitsagainst the Production ratesand deliv- probe and internal changes it heed Martin Corp.rocket two Boeing pilotsinvolved in plane maker.Chicagoattorney erydelays with the MAXand tomerspay much of aplane’s made to avoid future wrong- documents and used them to government approval of pilot RobertClifford, who has con- 787Dreamliner remain major purchase pricewhen they take doing. help win acompetition for training forthe MAX, those for- ducted depositions of current challenges forBoeing’scom- delivery. Thedeal also requires Boe- launching militarysatellites. mer employees arestill under andformer Boeing employees mercial jet business. TheFAA is Boeing delivered an esti- ing to pay$500 million to Boeing paid $615 million as criminal investigation. in alawsuit filed by families of reviewing the Dreamliner man- mated 157 passenger jetsin crash victims’ families and $1.8 part of asettlement with the Thedocumentsfiled in the victims of the March 2019 MAX ufacturing lapses,including de- 2020,according to figurespro- billion to that lost JusticeDepartment. settlement Thursdayprovide crash in Ethiopia, called the bris from theassembly line left vided by the aviation-data firm money when regulators —Dave Michaels themost authoritativepicture settlement an insult. inside planes and fuselagesec- Ascend by Cirium, afifth of the grounded the aircraftfor nearly contributed to this article. China Startup NIO Unveils Electric Sedan to ChallengeTesla

BY TREFOR MOSS “In 2021, we will striveto existing system, and with most-valuableautomaker, strongly in the second half of past year. liveuptothe expectation and three times the capacity of the aheadofindustrystalwarts 2020 afteraprolonged slump Tesla’sModel 3sedan, pro- SHANGHAI—Chinese elec- keep moving forward,” Mr. Li older system, with 15 stored such as Daimler AG and Gen- in the country’s auto market. duced at the company’s year- tric-vehicle startup NIO Inc. said at Saturday’s launch. batteries enabling up to 312 eral Motors Co. Most analysts expect sales to old Shanghai plant, wasthe unveiled itsfourth production Mr. Li also debuted several swaps a day. Recordsales in December build steadily in line with a bestselling EV in China in the model, as it prepares to face new technologies, including a NIO has championed bat- completed afourth quarter in government target for EVs to first11months of 2020,with thechallenge of Tesla Inc.’s more powerful 150-kilowatt- tery-swapping as a speedy al- which NIO sold 17,353 vehicles, account for20% of all Chinese morethan 116,000 vehicles locally built Model Ycross- hour battery pack—an im- ternativetorecharging.Mr. Li almost as manyasitmanaged vehicle sales by 2025—equiva- sold, according to the China over,which launches in China provementonthe 100-kWh said the company would have in all of 2019. lent to roughly 5 million pas- Passenger Car Association. in the coming weeks. battery pack the company 500 battery-swapstations in TwoChinese EV startups senger vehicles a year. Tesla has priced the China- At the company’sannual launched in November—which operation by the end of 2021, that listed in the U.S. last year At the same time competi- made Model Yataround “NIO Day” in the western city will giveNIO’svehicles a up from 177 stations now. arealso building momentum. Li tion in the electric-car seg- $52,580,making it slightly of Chengdu, Chief Executive claimed rangeofmorethan Having flirted with bank- Auto Inc.sold 14,464 vehicles ment is intensifying. BYD Co., cheaper than NIO’srival EC6 William Li said the luxuryET7 621 miles. ruptcy beforesecuring afinan- in the December quarter,while China’slargest EV maker,sold coupe,the company’sthird sedan, costing between By comparison, Tesla’s cial lifeline from the Chinese XPeng Inc.delivered 12,964 ve- 77,611 electric cars in the production car, which went on $69,185 and $81,230 depend- Model 3has aclaimed range authoritiesinApril, seven- hicles.Lihas one model on sale fourth quarter of 2020—73% sale in September.However, ing on the configuration, of 263 miles for the standard year-old NIO hit itsstride in and has said asecond will be- more than the three startups NIO offersprospectivecus- would be a“cozy living room” version, and 353 miles forthe the second half of 2020.A come available next year. combined. TheShenzhen- tomersthe chancetoknock with newautonomous-driving long-range version. surge in the value of itsNew XPeng has two models in pro- based companyisnow the about one-fifth off itsvehicles’ capabilities and featuresin- Mr.Lialso introduced an York-listed shares—which are duction, and announced Friday world’sfourth most-valuable sticker pricebypurchasing the cluding seatswith inbuilt mas- upgraded battery-swapsystem worth roughly 14 times more that it, too, is preparing to un- automaker,ahead of NIO,with carwithout abattery,which sagefunctions.The carwill be capable of switching the car’s than they were ayear ago— veil anew sedan. itssharepricehaving more they canlease from NIO for available in early 2022. battery morequickly than the has made NIO the world’sfifth Chinese EV sales grew than quadrupled during the around $150 amonth instead. CORPORATEWATCH Light &Easy Kayak UNION PACIFIC sales for the holiday quarter, SeaEagle 370Inflatable Kayak boosted by growth at its retail Yard Project Spurs locations. Earnings Charge The western and work-related So light, it can be carried anywherethereiswater. footwear, apparel and accesso- So compact, it can be checked as airline luggage. Union Pacific Corp. will re- ries retailer reported preliminary Easy to paddle,easy to inflate,easy to deflate. cord a charge of roughly $278 sales of $302.3 million for the Fits in acar trunk or apartmentcloset. million in its fourth-quarter re- third quarter ended Dec. 26, a sults as the company adjusts 6.5% increase over the year-ear- plans for its Brazos rail-yard lier period. Analysts surveyed by 12’6” Long x34”Wide project. FactSet were expecting $297.2 The Omaha, Neb., railroad million. Just 32 lbs. company began construction on Boot Barn said comparable

the yard in Robertson County, GES sales at its retail locations re-

Texas, three years ago. It was IMA turned to positive growth, rising originally intended to be a classi- 1.9%, while e-commerce grew

fication yard, a site where rail- GETTY 16%. The company said it bene-

cars are sorted by destination SE/ fited from disciplined promo- and assembled into trains. In- tional activity and strong sales stead, Union Pacific will now use at full price. Total same-store the site for block-swapping ac- ANCE-PRES sales are expected to increase FR tivities. 4.6%, the company said.

Block swapping involves GENCE —Kimberly Chin

transferring a linked set of rail- /A

cars between trains without FREY SIERRA METALS

sorting individual cars. Complet- GE OR Mining Company

ing the Brazos project as a clas- GE sification yard would have re- Union Pacific expects quarterly operating revenue of $5.1 billion. Weighs Sale, Merger quired additional investment, Union Pacific said on Friday. BED BATH & BEYOND purchase. Sierra Metals Inc. said on Fri- The company added that The Union, N.J., company said day that it is considering strate- newly created capacity at exist- Retailer Speeds Up on Friday that $450 million will gic alternatives including a sale ing facilities will be enough to Stock-Buyback Pact remain available for stock buy- of the company, an asset sale or handle Union Pacific’s planned backs after the accelerated re- a merger. southern-region growth without Bed Bath & Beyond Inc. said purchase. The Canadian mining com- Fits in aBag using the Brazos site as a classi- it signed an additional $150 mil- Shares of Bed Bath & Beyond pany said the strategic review fication yard. lion accelerated share-repurchase rose 1% on Friday to $18.94. has the support of the funds $399* completepackage! Union Pacific also provided agreement with JPMorgan —Colin Kellaher that are the company’s two larg- Includes: SE370 Inflatable Kayak, preliminary results for its fourth as part of the re- est shareholders. 2Inflatable DeluxeSeats,24-PartPaddles, quarter. It said it expects to re- tailer’s $825 million stock-buy- BOOT BARN Sierra said it has brought in Foot Pump,Storage Bag and aRepair Kit port operating revenue of back program. CIBC World Markets Inc. to as- *Plus local sales tax roughly $5.1 billion, operating ex- Bed Bath & Beyond, which Growth at Stores sist in the process. The company Visit SeaEagle.com penses of roughly $3.1 billion currently has about 121.2 million Boosts Holiday Sales closed Friday on the Toronto or call 800-944-7496 and operating income of about shares outstanding, said it ex- with a market foraFREE catalog $2 billion. pects to receive about 5 million Boot Barn Holdings Inc. re- cap of roughly US$540 million. Dept.WS011B —Matt Grossman shares under the accelerated re- ported better-than-expected —Matt Grossman P2JW011000-0-B00400-1------XA

B4 | Monday, January 11, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

launch later this year. (These tion. Tech Show experiences will be available Belkin, another CES regu- on Canon U.S.A.’s website af- lar, went the other direction. ter the show.) The maker of connected and Heads to To create this whole digi- home networking products tal CES, the organizers decided it didn’t need to buy teamed up with Microsoft, a spot on the CES website or Cyberspace accessing its technology as host an official CES press well as its video production conference. Nevertheless, it facilities in Redmond, Wash. is launching some products ContinuedfrompageB1 During 2020, Microsoft and participating in a virtual tivations.” These are interac- shifted a number of its major media-only showcase that tive portals for presenting conferences online, but this usually takes place in Las Ve- content, networking with at- is the first it’s developing gas during CES. “This year, tendees and conducting with an outside organization. we have the opportunity to meetings. Companies with Bob Bejan, Microsoft’s be creative about the way we bigger budgets developed corporate vice president for talk to our customers,” says highly visual, interactive ex- global events, says he Belkin’s newly anointed CEO periences. Some exhibitors pitched CTA by enumerating Steven Malony. He says his are adding live components. the mistakes his company company has secure relation- There will be live anchors made trying to stick to the ships with retailers and man- hosting the show itself— live-presentation playbook ufacturers, so he isn’t wor- something that wouldn’t when going digital. “If ried about missing an make sense at a convention there’s anything we’ve opportunity. center—but it will feature a learned it’s that you cannot Marjorie Costello, editor variety of keynotes and translate,” he says. and publisher of the industry

roundtable talks, a mainstay CANON Videos and other presen- newsletter CE Online News, of CES. After 2020, we all A Canon interactive offering will let attendees try a simulation that makes them part of a spy team. tations have to be shorter, first attended CES in 1981, know how video chats can go and attempts to re-create when it was still the Con- awry—but it will certainly be weather that shuts down people and gear around the just the printers and cam- the expo hall in virtual space sumer Electronics Show. “We more convenient, avoiding transportation,” says Mr. world, feeding them and eras for which the company are futile. He says they have to be flexible, the world the long lines to hear re- Shapiro. “Those things I’m housing them for up to a is mainly known. They devel- leaned into what made sense has changed, but I’m so used marks in Vegas theaters. not worried about.” week in hotels. (CES’s host oped an interactive experi- online: strong visuals, real- to walking around a show Gary Shapiro, chief execu- What does worry him: city is feeling that: The Jan- ence that takes attendees time engagement, interest- floor and stumbling into tive of the Consumer Tech- “What do we do if it doesn’t uary 2020 show would have around the world—from Yel- based networking. “There re- things,” she says. “You just nology Association, which work?” accounted for around $169 lowstone to Amsterdam to ally is this sense of place,” don’t stumble into things in hosts CES, says it’s easier to The current estimate is million in direct spending, Kawasaki, Japan—and even Mr. Bejan says. a virtual environment.” She’s book marquee speakers, that upward of 1,900 exhibi- with a potential economic up into space. The $1,200 fee “is very worried she and others will since people don’t have to tors will participate online. impact of over $290 million, In a few activities, people cheap compared with doing dip in and out, focused on travel. Keynotes this year That’s almost twice the according to estimates by can shoot virtual photos, actual CES,” says Scott Hei- specific companies or topics. will feature General Motors CTA’s initial target, but far the Las Vegas Convention sure. Yet they’ll also get a mendinger, chief marketing The CTA and its partners CEO Mary Barraand Wal- shy of last year’s showing. and Visitors Authority.) deeper look at things that officer at the smart-kitchen are proud of what they’ve mart CEO Doug McMillon; The cost is low for exhibi- Some companies, such as wouldn’t necessarily be front hardware maker Anova Culi- pulled off in a short span, Dua Lipa and Billie Eilish tors—most are paying $1,200 Canon U.S.A., found this a and center at a trade show, nary, which has exhibited in but acknowledge that it’s not will make appearances. to display their wares. welcome opportunity to re- such as Canon’s 3-D imag- Las Vegas for the past seven a replacement for the in-per- There are fewer hassles Higher tiers, up to $85,000, think their CES presence. ing—aka “volumetric years. He says his company son show. “It’s not my favor- for the organizers, too. “If have their own microsites, Charles Biczak, Canon’s di- video”—system. There’s a signed up in part because it ite CES, but we did our you think about the physical and host virtual news con- rector of strategic planning, kind of spy game designed to didn’t want to miss out on best,” says Mr. Shapiro. CES, you think about union ferences and live presenta- says his team was eager to demonstrate a gesture-based any opportunities that might —Nicole Nguyen strikes, you think about tions. And there’s no flying show attendees more than technology it expects to come as a result of participa- contributed to this article.

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“What recourse do Ihave? /BL Wall Street had begun planning vativeviews.Democratsar- Section 230 for protection. In

Probably none.The big boys LIU forthe order to take effect. gued it allowed companies to aMay 2017settlement with Y

managedtheir losses ahead of RO ATreasuryspokesman ignorefalse and dangerous in- San Francisco, the company’s the news.Little guys likeme China Telecom is one of the companies on the U.S. blacklist. didn’t respond to requestsfor formation spreading online. hometown, Airbnb agreed to gothurt,” he said. comment. Agovernment offi- President-elect JoeBiden said Afterlearning Wednesday stock on Tuesday. details of complying with Mr. cial said U.S. capital shouldn’t the lawshould be “revoked, that thedelisting wasback on Ariel voiced frustration with Trump’sorder,including on be used to fund Chinese mili- immediately.” Under Section 230, track, he said: “Well, the dam- the NYSE. “It feels likeatrial- whether it applied to subsidiar- tary and intelligenceactivities While Airbnb has repeat- ageisdone forme. This is and-error approach in aThird ies of the listed companies and that target Americans through edly sought protection under platforms can’t be nothing but political football in World country, completely un- to the telecom carriers’ ADRs. cyber operations and threaten the law, itseffortsdemon- held liable for things the remaining 14 days of this acceptable forone of the most In theory, the unwinding U.S. militarypersonnel. stratethe shield’slimitations. crazypresidency.” prestigious bourses in the shouldn’t have been so abrupt Institutional investorsand In 2019,afederal appeals that users post. Some investorssold the world,” he said. forinvestors.Mr. Trump’sorder managersofexchange-traded court upheld home-sharing telecom stocks foralossafter ATDAmeritrade spokes- doesn’t requireAmericans to di- funds have scrambled to ensure rules in SantaMonica, Calif., being notified by their brokers woman said: “This has been a vest the forbidden stocks until they arecompliant with Mr. deciding that Section 230 that they should hurrytoliqui- very fluid situation and we are November,10months from now. Trump’sorder,too.ETF issuers doesn’t cover online transac- build an online system for datetheir positions.Ariel, a being consistent in our ap- But in practicethe brokers like BlackRock Inc.and DWS tions such as home bookings. hoststoregister rental homes resident of NewYork City who proach, in accordancewith in- and trading firms that process Group have moved to sell Thedecision made it “much with the city and gaveregula- asked that his last name not be dustryguidance, in order to manystock transactions forin- stocks targeted by the order, easier forlocal governments tors datatopolicehome-rental published, dumped 3,000 flattenpotential volatility as dividual investorshaveshied particularly afterindexprovid- to do whatever they want in activity. shares of ChinaMobile on much as possible.” away from anyinvolvement in erssuch as MSCI Inc.and FTSE terms of regulating Airbnb,” Thesettlement’srequire- Mondayafter receiving ames- People familiar with the the affected Chinese stocks af- Russell said they would remove said Abbey Stemler, assistant mentsput adent in Airbnb’s sagefrom TD Ameritrade that matterblamed the NYSE’sre- terMonday, fearfulofrunning the stocks from their indexes. professorofbusinesslaw and business. By January2018, warned of potential difficulties versals on mixed signals from afoul of U.S. sanctions laws. Lesa Sroufe &Co.,abou- ethics at Indiana University Airbnb short-term home rent- if the shares weren’t sold by the TreasuryDepartment, “Mostbrokerage firms are tique investment-management Bloomington, who co-wrotean als in SanFranciscohad theend of the day. which oversees the blacklist. hyper-compliant and they don’t firm in Seattle with about $150 amicus brief forthe Santa dropped by morethan half,to He lost thousands of dollars Thedepartment has issued a want to take on anyregulatory million in assetsunder man- Monica case. about 3,500. Two years later, on the sale.Then came the flurryofguidancedocuments risk,” said James Angel,afi- agement, sold itsremaining Mr.Lehane said the six cit- they had rebounded only NYSE’sinitial U-turn and a during the past two weeks to nanceprofessor at Georgetown shares of China Mobile on ies and one county where slightly,tofewerthan 4,000, rally of morethan 9% in the instruct Wall Street firms on University.“Thereisnoupside Thursday. Airbnb sued areoutliersand according to city data.

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Monday Previous change in stocks in Thursday Friday Dec.,expecteddown0.5% Jan., prelim. 78.0 millions of barrels Earnings expected* Crude-oil stocks EIA report: natural-gas Empire Manufacturing Estimate/Year Ago Previous change in stocks in down 8.0 Dec., previous 4.9 Capacity utilization Earnings expected* Concentrix 2.03/n.a. billions of cubic feet Gasoline stocks up 4.5 Jan., expected 7.1 Nov., previous 73.3% Estimate/Year Ago Synnex 1.92/2.13 down 130 Distillates up 6.4 Dec., expected 73.6% Citigroup 1.31/2.15 Tuesday Import price index Producer-price index JPMorgan Chase Nov., previous up 0.1% All items, Nov. up 0.1% Industrial production 2.57/2.57 Every purchase backed by our rather famous Short-selling reports Mort. bankers indexes Dec., expected up 0.6% Dec., expected up 0.4% Nov., previous up 0.4% PNC Financial Services LIFETIME GUARANTEE Ratio, days of trading volume Purch., previous Core, Nov. up 0.1% of current position, at Dec 15 Dec., expected up 0.6% Group 2.59/2.97 down 0.8% Online: Hammacher.com NYSE 2.8 Initial jobless claims Dec., expected up 0.1% Wells 0.58/0.60 Nasdaq 1.9 Refinan., prev. down 6% Previous 787,000 Business inventories Toll Free: 1-866-409-5548 Expected 825,000 Retail sales Wednesday Nov.,previous down1.1% Oct., previous up 0.7% Treasury budget Consumer-price index Dec.,expected down0.1% Nov., expected up 0.5% Monday,Jan.18 Hammacher Schlemmer Dec.,‘20 $13billiondeficit Earnings expected* All items, Nov. up 0.2% Estimate/Year Ago Martin Luther Guaranteeing the Best, the Only, and the Unexpected for 173 years. Dec.,’21,expected N/A Dec., expected up 0.4% BlackRock 8.72/8.34 Retail sales, ex. autos U.Mich.consumerindex King Jr. Day *Any promotionaloffers arevalid fortimeperiodadvertised.Hammacher Schlemmer reserves theright Nov.,previous down0.9% Dec., final 80.7 U.S. markets are closed to limitquantities or ordersofspecific products. Total purchaseprice does notinclude shipping or sales Core, Nov. up 0.2% tax. Notvalid on giftcards,gift certificates, priorpurchases andisnot redeemablefor cash.Cannotbe Dec., expected up 0.2% Earnings expected* (2.48)/1.70 combined with otheroffers or promotions.Seller reserves theright to cancel or modifyofferatany time. * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in Estimate/Year Ago First Republic Bank parentheses) u Adjusted for stock split EIA status report IHS Markit 0.67/0.65 1.52/1.39 Note: Forecasts are from Dow Jones weekly survey of economists P2JW011000-0-B00500-1------XA

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B6 | Monday, January 11, 2021 THE WALL STREET JOURNAL. MARKETS DIGEST

New to the Market More on B7 Dow Jones Industrial Average S&P 500 Index Last Year ago Last Year ago Public Offerings of Stock 31097.97 s491.49, or 1.61% last week Trailing P/E ratio 30.86 21.46 3824.68 s68.61, or 1.83% last week Trailing P/E ratio * 41.17 25.46 IPOs in the U.S. Market High, low, open and close for each of P/E estimate * 25.49 19.50 High, low, open and close for each of P/E estimate * 25.45 19.65 Dividend yield 1.95 2.21 Dividend yield * 1.57 1.82 Initial public offerings of stock expected this week; might include some the past 52 weeks the past 52 weeks All-time high 31097.97, 01/08/21 All-time high 3824.68, 01/08/21 offerings, U.S. and foreign, open to institutional investors only via the Rule 144a market; deal amounts are for the U.S. market only Current divisor 0.15198707565833 Symbol/ Pricing 30000 3750 Expected primary Shares Range($) pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 200-day moving average 1/12 11/18 Affirm Holdings Inc AFRM 24.6 33.00/ MS, GS, Allen & Co LLC, Barclays, 28000 3500 2020 Software-E-Commerce Nq 38.00 , company. RBC Cptl Mkts, Corp, Siebert Williams Shank & 26000 3250 Co LLC 1/13 12/3 Petco Health and Wellness Co Inc WOOF 48.0 14.00/ GS, BofA Securities, Citi, 2020 Pet care industry .Nq 17.00 Evercore Inc, 24000 3000 Credit Suisse, UBS, WFS, R W Baird & Co 200-day moving average Week's high 1/13 12/17 Poshmark Inc POSH 6.6 35.00/ MS, GS, Barclays, Stifel, 22000 2750 2020 Software-E-Commerce Nq 39.00 W. Blair LLC, 65-day moving average DOWN UP company operating an Raymond James Monday's open Friday's close online marketplace for & Associates Inc, t fashion. Cowen & 20000 65-day moving average 2500 Company LLC Friday's close Monday's open 1/14 12/18 Playtika Holding Corp PLTK 69.5 22.00/ MS, Credit Suisse, Citi, GS, UBS, t 2020 Software-Gaming Nq 24.00 BofA Securities 18000 2250 Platforms holding Week's low company engaged with developing casino-style Bars measure the point change from Monday's open mobile game. 16000 2000 1/11 12/18 Kuke Music Holding Ltd KUKE 5.0 10.00/ DB, UP Fintech Holding Ltd, 2020 Media-Digital Content N 12.00 AMTD Group Co J F M A M J J A S O N D J J F M A M J J A S O N D J Company focused on Ltd operating online music Primary NYSE weekly volume, in billions of shares t

streaming platform. market t Composite 1/12 12/18 Motorsport Games Inc MSGM 2.4 16.00/ Canaccord Genuity, 36 Track the Markets 2020 Software-Gaming Nq 18.00 Benchmark Co Platforms company LLC 24 Compare the performance of selected engaged with virtual motor racing . 12 global stock indexes, bond ETFs, 0 currencies and commodities at 1/14 12/22 Driven Brands Holdings Inc DRVN 38.0 17.00/ MS, BofA Securities, GS, JPM, wsj.com/graphics/track-the-markets 2020 Provider of automobile Nq 20.00 Barclays, R W J F M A M J J A S O N D J repair services. Baird & Co, Credit Suisse, Piper *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; Based on Nasdaq-100 Index Sandler † Lockup Expirations Major U.S. Stock-Market Indexes Nasdaq Composite 313.69, or 2.43% Below, companies whose officers and other insiders will become eligible Latest Week 52-Week % chg s High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week to sell shares in their newly public companies for the first time. Such Dow Jones sales can move the stock’s price. Industrial Average 31193.40 29881.82 31097.97 491.49 1.61 18591.93 l 31097.97 7.9 1.6 7.1 Lockup Offer Offer amt Through Lockup Transportation Avg 12995.29 12151.41 12875.66 368.73 2.95 6703.63 l 12875.66 17.3 2.9 5.4 13000 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Utility Average 865.53 834.48 851.28 -13.36 -1.55 610.89 l 960.89 -2.6 -1.5 6.3 Jan. 10 July 14, ’20 GoHealth GOCO 21.00 750.5 –23.8 180 days Total Stock Market 40167.52 38245.45 40122.82 903.20 2.30 22462.76 l 40122.82 20.3 2.3 12.2 Jan. 11 July 15, ’20 Trean Insurance Group TIG 15.00 150.0 –10.5 180 days Barron's 400 896.34 842.50 888.34 36.14 4.24 455.11 l 892.05 21.2 4.2 6.8 12750 July 15, ’20 Relay Therapeutics RLAY 180 days 20.00 370.0 103.4 Nasdaq Stock Market Jan. 12 July 16, ’20 Berkeley Lights BLI 22.00 144.3 303.9 180 days 12500 Nasdaq Composite 13208.09 12543.24 13201.98 313.69 2.43 6860.67 l 13201.98 43.8 2.4 22.6 Jan. 13 July 17, ’20 ALX Oncology Holdings ALXO 19.00 128.0 352.6 180 days Nasdaq 100 13113.09 12537.42 13105.20 216.92 1.68 6994.29 l 13105.2 46.2 1.7 25.2 July 17, ’20 Pandion Therapeutics PAND 18.00 119.0 –2.6 180 days 12250 S&P Sources: Dealogic; Dow Jones Market Data 1 4 5 6 7 8 Off the Shelf 500 Index 3826.69 3662.71 3824.68 68.61 1.83 2237.40 l 3824.68 17.1 1.8 11.7 January “Shelf registrations” allow a company to prepare a stock or bond for MidCap 400 2434.16 2252.32 2416.37 109.75 4.76 1218.55 l 2421.07 17.8 4.8 7.5 DJ US TSM sale, without selling the whole issue at once. Corporations sell as SmallCap 600 1206.07 1094.37 1190.26 71.33 6.37 595.67 l 1199.81 17.7 6.4 7.8 s 903.20, or 2.30% conditions become favorable. Here are the shelf sales, or takedowns, Other Indexes last week over the last week: Russell 2000 2113.88 1927.15 2091.66 116.80 5.91 991.16 l 2096.89 26.2 5.9 10.2 Takedown date/ Deal value 3.04 l Issuer/Industry Registration date ($ mil.) Bookrunner(s) NYSE Composite 15006.16 14258.25 14966.83 442.03 8777.38 14966.83 7.2 3.0 4.5 Value Line 598.07 557.26 593.55 24.78 4.36 305.71 l 595.28 8.1 4.4 1.1 40000 My Size Inc Jan. 5 $1.7 Aegis Cptl Computers & Electronics Dec. 23,320 NYSE Arca Biotech 6014.20 5664.30 5958.69 219.67 3.83 3855.67 l 6142.96 14.6 3.8 11.6 1.05 l NGM Biopharmaceuticals Inc Jan. 5 $125.0 GS, Citi, Cowen & Company LLC, NYSE Arca Pharma 697.93 679.16 696.66 7.23 494.36 696.66 6.3 1.0 7.8 39000 Healthcare June 5,320 Raymond James & Associates Inc KBW Bank 108.80 95.77 106.31 8.40 8.58 56.19 l 111.97 -4.3 8.6 -0.8 Fate Therapeutics Inc Jan. 6 $460.0 Jefferies, BofA Securities, PHLX§ Gold/Silver 156.47 144.47 147.24 3.05 2.11 70.12 l 161.14 44.0 2.1 19.5 Healthcare Nov. 21,318 SVB Leerink, Barclays 38000 PHLX§ Oil Service 51.71 44.00 50.37 6.037 13.62 21.47 l 77.14 -34.7 13.6 -32.0 AdaptHealth Corp Jan. 5 $303.6 DB, Jefferies, BofA Securities, § 5.04 l Healthcare Dec. 18,320 Truist Finl, R W Baird & Co, RBC Cptl Mkts PHLX Semiconductor 2994.07 2763.09 2936.47 140.97 1286.84 2937 57.3 5.0 30.0 CBOE Volatility 29.19 21.42 21.56 -1.19 -5.23 12.10 l 82.69 71.7 -5.2 31.3 37000 Alexandria Real Estate Equities Inc Jan. 5 $984.0 JPM, BofA Securities, Citi, GS, RBC Cptl Mkts, 1 4 5 6 7 8 Real Estate/Property Jan. 5,321 Mizuho, BTIG LLCScotiabank, Sumitomo Mitsui Finl Grp §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data January NeoGenomics Inc Jan. 6 $200.0 BofA Securities, MS, GS, Healthcare May 20,319 SVB Leerink Harpoon Therapeutics Inc Jan. 6 $115.0 SVB Leerink, Piper Sandler Healthcare March 13,320 International Stock Indexes Commodities and Latest Week 52-Week Range YTD Currencies Regenxbio Inc Jan. 7 $200.2 BofA Securities, MS, Barclays Region/Country Index Close %chg Low Close High %chg Healthcare Aug. 8,318 Last Week YTD DermTech Inc Jan. 6 $125.0 Cowen & Company LLC, W. Blair LLC World MSCI ACWI 663.59 2.68 384.04 • 663.59 2.7 Healthcare Sept. 8,320 MSCI ACWI ex-USA 338.60 3.71 200.33 • 338.60 3.7 Close Net chg % Chg % chg Medical Properties Trust Inc Jan. 7 $737.8 GS, BofA Securities, JPM, Barclays, KeyBanc, MSCI World 2753.31 2.35 1602.11 • 2753.31 2.4 DJ Commodity 755.60 24.01 3.28 3.28 Real Estate/Property Dec. 31,318 Credit Agricole CIB, Truist Finl, RBC Cptl Mkts MSCI Emerging Markets 1353.53 4.78 758.20 • 1353.53 4.8 Summit Hotel Properties Inc Jan. 8 BofA Securities, DB Refinitiv/CC CRB Index 173.35 5.55 3.31 3.31 $250.0 Americas MSCI AC Americas 1497.52 2.02 850.77 • 1497.52 2.0 Real Estate/Property May 1,319 Crude oil, $ per barrel 52.24 3.72 7.67 7.67 Canada S&P/TSX Comp 18042.07 3.49 11228.49 18042.07 3.5 Playa Hotels & Resorts NV Jan. 6 $201.3 DB, BofA Securities, Citi, Nomura • Dining & Lodging June 20,318 Latin Amer. MSCI EM 2538.08 3.52 1382.94 • 2929.36 3.5 Natural gas, $/MMBtu 2.700 0.161 6.34 6.34 Blink Charging Co Jan. 8 $221.4 Barclays Brazil Sao Paulo Bovespa 125076.63 5.09 63569.62 • 125076.63 5.1 Gold, $ per troy oz. 1834.10 -59.00 -3.12 -3.12 Auto/Truck Jan. 6,321 Chile Santiago IPSA 3119.48 9.16 2045.49 • 3567.90 9.16 90.07 0.14 0.15 0.15 Cerecor Inc Jan. 7 $32.0 Jefferies Mexico S&P/BMV IPC 46729.30 6.04 32964.22 • 46729.30 6.0 U.S. Dollar Index Healthcare Sept. 27,319 EMEA Stoxx Europe 600 411.17 3.04 279.66 • 433.90 3.0 WSJ Dollar Index 85.12 0.12 0.15 0.15 Public and Private Borrowing Stoxx Europe 50 3192.91 2.72 2383.14 • 3539.12 2.7 Euro, per dollar 0.8184 -0.0003 -0.03 -0.03 Eurozone Euro Stoxx 408.88 2.85 261.53 • 421.34 2.8 Yen, per dollar 103.96 0.65 0.63 0.63 Treasurys Euro Stoxx 50 3645.05 2.60 2385.82 3865.18 2.6 • U.K. pound, in dollars 1.36 -0.01 -0.72 -0.72 Monday, January 11 Thursday, January 14 Austria ATX 2941.75 5.80 1630.84 • 3219.39 5.8 Belgium Bel-20 3761.88 3.88 2528.77 4198.31 3.9 52-Week Auction of 13 and 26 week bills; Auction of 4 week bill; • France CAC 40 5706.88 2.80 3754.84 6111.24 2.8 Low Close(l) High % Chg announced on January 7; settles on January 14 announced on January 12; settles on January 19 • Germany DAX 14049.53 2.41 8441.71 14049.53 2.4 • DJ Commodity 433.70 l 755.60 18.14 Auction of 3 year note; Auction of 8 week bill; Athex Composite 819.27 1.27 484.40 • 948.64 1.3 announced on January 7; settles on January 15 announced on January 12; settles on January 19 Israel Tel Aviv 1540.73 2.78 1171.21 • 1751.79 2.8 Refinitiv/CC CMD 106.29 l 184.13 -5.86 Italy FTSE MIB 22793.94 2.52 14894 • 25478 2.5 Crude oil, $ per barrel -37.63 l 59.04 -11.52 AEX 645.60 3.36 404.10 645.60 3.4 Currencies • Natural gas, $/MMBtu 1.482 l 3.354 22.62 PSI 20 5245.52 7.09 3596.08 • 5435.85 7.1 U.S.-dollar foreign-exchange rates in late New York trading Russia RTS Index 1466.50 5.70 832.26 • 1646.60 5.7 Gold, $ per troy oz. 1477.30 l 2051.50 17.76 US$ vs, US$ vs, South Africa FTSE/JSE All-Share 63519.18 6.92 37963.01 • 63519.18 6.9 Fri YTD chg Fri YTD chg U.S. Dollar Index 89.44 l 102.82 -7.49 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Spain IBEX 35 8407.70 4.14 6107.2 • 10083.6 4.1 Sweden OMX Stockholm 792.45 3.13 478.95 792.45 3.1 WSJ Dollar Index 84.56 l 97.02 -5.67 Americas Vietnam dong .00004335 23068 –0.1 • Switzerland Swiss Market 10797.99 0.88 8160.79 • 11263.01 0.9 Euro, per dollar 0.8112 l 0.9352 Argentina peso Europe -8.99 .0118 85.1041 1.2 U.K. FTSE 100 6873.26 6.39 4993.89 • 7674.56 6.4 Brazil real .1846 5.4177 4.3 Czech Rep. koruna .04671 21.408 –0.3 Yen, per dollar 102.37 l 112.11 -5.02 Canada dollar .7880 1.2691 –0.4 Denmark krone .1643 6.0851 –0.1 Asia-Pacific MSCI AC Asia Pacific 208.21 4.12 121.5 • 208.2 4.1 U.K. pound, in dollars l Chile peso .001404 712.10 0.2 Euro area euro 1.2220 .8184 –0.03 S&P/ASX 200 6757.90 2.59 4546.0 • 7162.5 2.6 1.15 1.37 3.85 Colombiapeso .000288 3468.90 1.4 Hungary forint .003400 294.12 –1.0 China Shanghai Composite 3570.11 2.79 2660.17 • 3576.20 2.8 Ecuador US dollar 11unch Iceland krona .007799 128.22 0.3 Hong Kong Hang Seng 27878.22 2.38 21696.13 • 29056.42 2.4 Real-time U.S. stock Mexico peso .0500 20.0090 0.6 Norway krone .1187 8.4240 –1.8 S&P BSE Sensex 48782.51 1.91 25981.24 48782.51 2.2 Uruguay peso .02353 42.4950 0.3 Poland zloty .2709 3.6914 –1.1 • quotes are available on Japan Nikkei Stock Avg 28139.03 2.53 16552.83 28139.03 2.5 Asia-Pacific Russia ruble .01350 74.084 0.1 • WSJ WSJ.com. Track most- Sweden krona .1214 8.2401 0.1 Malaysia FTSE Bursa Malaysia KLCI 1633.19 0.37 1219.72 • 1684.58 0.4 Australian dollar .7766 1.2877 –1.0 .COM active stocks, new Switzerland franc 1.1296 .8853 0.05 Straits Times 2993.19 5.25 2233.48 3281.03 5.3 China yuan .1544 6.4754 –0.9 • highs/lows, mutual Turkey lira .1358 7.3664 –0.9 .1289 7.7567 0.05 South Korea Kospi 3152.18 9.70 1457.64 • 3152.18 9.7 funds and ETFs. Ukraine hryvnia .0353 28.3500 unch India rupee .01363 73.353 0.4 Taiwan TAIEX 15463.95 4.96 8681.34 • 15463.95 5.0 UK pound 1.3566 .7371 0.7 All are available free at Indonesia rupiah .0000713 14020 –0.2 Source: FactSet; Dow Jones Market Data Japan yen .009619 103.96 0.6 Middle East/Africa WSJMarkets.com Kazakhstan tenge .002385 419.24 –0.5 dinar 2.6527 .3770 –0.02 Macau pataca .1251 7.9950 0.1 Egypt pound .0637 15.7078 –0.2 Consumer Rates and Returns to Investor Benchmark Yields and Rates Malaysia ringgit .2480 4.0325 0.2 Israel shekel .3137 3.1873 –0.8 New Zealand dollar .7239 1.3814 –0.8 Kuwait dinar 3.2946 .3035 –0.2 U.S. consumer rates Selected rates Treasury yield curve Forex Race Pakistan rupee .00623 160.450 0.05 Oman sul rial 2.5976 .3850 –0.01 Five-year ARM, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Philippines peso .0208 48.084 0.1 Qatar rial .2746 3.642 0.01 A consumer rate against its benchmark over the past year notes and bonds major U.S. trading partners Singapore dollar .7545 1.3253 0.3 riyal .2665 3.7519 0.01 Bankrate.com avg†: 3.11% South Korea won .0009149 1093.01 0.7 South Africa rand .0654 15.2968 4.1 5-year American Airlines Federal Credit Union 2.50% 2.50% Sri Lanka rupee .0053191 188.00 1.5 10%

Close Net Chg % Chg YTD % Chg adjustable-rate s Taiwan dollar .03569 28.017 –0.3 4.00% Ft Worth, TX 800-533-0035 Euro tmortgage (ARM) One year ago 2.00 Thailand baht .03317 30.150 0.4 WSJ Dollar Index 85.12 0.13 0.1 0.15 Hanscom Federal Credit Union 2.50% 3.00 t 5 Sources: Tullett Prebon, Dow Jones Market Data Hanscom AFB, MA 800-656-4328 1.50 s 2.00 Citadel Federal Credit Union 2.63% 0 Yen 1.00 ADVERTISEMENT Exton, PA 800-666-0191 Tradeweb ICE 5-year Treasury 1.00 Star One Credit Union 2.63% Friday Close 0.50 –5 s t note yield Sunnyvale, CA 408-742-2801 t WSJ Dollar Index TheMarketplace 0.00 0.00 –10 J F M A M J J A S O N DJ Associated Bank, NA 2.75% To advertise: 800-366-3975orWSJ.com/classifieds 1 3 6 1 2 3 5 7 10 20 30 2020 2021 2020 Rockford, IL 800-682-4989 month(s) years maturity Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Yield/Rate (%) 52-Week Range (%) 3-yr chg BUSINESSOPPORTUNITIES Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 THE Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return MARKETPLACE Libor, 3-month 0.22 0.24 0.20 l 1.84 -1.48 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Money market, annual yield 0.18 0.20 0.18 l 0.50 -0.17 U.S. Treasury,Barclays 0.680 0.570 6.564.91 ADVERTISE TODAY Five-year CD, annual yield 0.56 0.56 0.56 l 1.40 -0.95 U.S. Treasury Long,Barclays 1.730 1.510 12.63 8.83 (800)366-3975 30-year mortgage, fixed† 2.87 2.90 2.83 l 4.22 -1.05 %D=*9?":9D@ !3D?=8C A88BAD:08A94CA Aggregate,Barclays 1.210 1.120 37 37 127 6.415.12 54C -C4J9)H(F3D9I C893C:A +6E, 4C 15-year mortgage, fixed† 2.36 2.38 2.32 l 3.43 -1.02 Fixed-Rate MBS,Barclays 1.250 1.250 22 22 132 3.673.74 7, D:98C8A9 <8GG2:":@D:-H #8C< 6/ 94 Formoreinformation visit: Jumbo mortgages, $548,250-plus† 2.91 2.90 2.85 l 4.36 -1.40 High Yield 100,ICE BofA 3.578 3.550317 274 1018 3.943 4.930 >E <4AH %D: D:08A9 ;1EE& *@@C8=D98= wsj.com/classifieds Five-year adj mortgage (ARM)† 3.11 3.21 2.85 l 4.35 -0.97 ':08A94CA 4C $CD:@D."?A 4:?IH Muni Master,ICE BofA New-car loan, 48-month 4.03 4.02 4.02 l 4.50 0.79 0.867 0.87324-12 41 4.587 4.466 !,36#/)4(&,+/3)#,2+7043(*5,2 ©2021Dow Jones &Company,Inc. Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global,J.P. Morgan n.a. 4.295 n.a.n.a. n.a. n.a. n.a. '"%-%1$-1.1" All Rights Reserved. banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources:J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW011000-0-B00700-1------XA

THE WALL STREET JOURNAL. Monday, January 11, 2021 | B7 CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not Franklin Ltd Dur Income FTF 9.47 9.24 -2.4 9.9 PIMCO CA PCQ 14.26 18.10 +26.9 4.3 CLIFFWATER CL FD;I 10.33 NA NA 6.8 buy their shares back from investors who wish to cash BlackRock Res & Comm BCX 9.10 7.96 -12.5 9.6 FirstTrIntDurPref&Inc FPF 24.29 23.09 -4.9 3.7 J Han Investors JHI 18.48 17.44 -5.6 7.9 PIMCOCAMuniII PCK 9.10 9.05 -0.5 4.2 CNR Strategic Credit 10.27 NA NA 7.9 in their holdings. Instead, fund shares trade on a stock BlackRock Sci&Tech Tr II BSTZ 39.12 36.17 -7.5 82.0 JHanPrefInc HPI 19.61 19.13 -2.4 -9.3 KKR Income Opportunities KIO 16.25 14.65 -9.8 10.1 Pimco CA Muni III PZC 10.27 10.35 +0.8 4.4 FedProj&TrFinanceTendr 9.93 NA NA 2.7 exchange. NA signifies that the information is not BlackRock Sci&Tech Trust BST 52.33 53.64 +2.5 61.6 JHPrefIncII HPF 19.39 18.67 -3.7 -9.7 MFS Charter MCR 8.94 8.65 -3.2 7.9 FS Global Crdt Opptys D NA NA NA 8.4 available or not applicable. NS signifies funds not in 52 wk existence for the entire period. 12 month yield is BlackRock Utl Inf & Pwr BUI 24.76 25.95 +4.8 24.4 HnckJPfdInco III HPS 17.36 16.85 -2.9 -6.8 Nuveen Taxable Muni Inc NBB 22.86 23.50 +2.8 4.6 Schrdrs Opp Inc;A NA NA NA 1.9 computed by dividing income dividends paid (during CBRE ClrnGlbRlEst IGR 7.95 6.76 -15.0 -6.8 J Han Prm PDT 13.51 13.78 +2.0 -16.1 PIMCO Corp & Inc Oppty PTY 14.14 18.05 +27.7 8.7 Prem Ttl Schrdrs Opp Inc;A2 NA NA NA NS Fund (SYM) NAV Close /Disc Ret the previous 12 months for periods ending at month- CLEARBRIDGE ENGY MDS OPP EMO NA 15.15 NA -61.2 LMP CapInco SCD NA 11.67 NA -11.6 PIMCO Corp & Inc Strat PCN 14.26 17.24 +20.9 7.8 Schrdrs Opp Inc;I NA NA NA 1.9 end or during the previous 52 weeks for periods ClearBridge MLP & Midstm CEM PIMCOHilnco PHK 5.81 6.14 +5.7 10.6 ending at any time other than month-end) by the NA 18.67 NA -63.7 Nuveen Pref & Inc Opp JPC 9.65 9.18 -4.9 -6.4 General Equity Funds Schrdrs Opp Inc;SDR NA NA NA 2.0 latest month-end market price adjusted for capital ChnStrInfr UTF 24.95 26.80 +7.4 8.5 Nuveen Fd JPS 9.74 9.24 -5.1 -1.4 PIMCO IncmStrFd PFL 10.62 11.54 +8.7 9.4 Alternative Strategies:I 5.53 NA NA -13.4 Invesco Sr Loan A 6.34 NA NA 4.2 gains distributions. Depending on the fund category, Cohen&SteersQualInc RQI 12.77 12.21 -4.4 -7.2 Nuveen Pref & Inc Term JPI 24.59 23.71 -3.6 -0.9 PIMCO IncmStrFd II PFN 9.43 10.10 +7.1 9.6 Specialized Equity Funds Invesco Sr Loan C 6.36 NA NA 3.5 either 12-month yield or total return is listed. Cohen&Steers TotRet RFI 12.80 12.85 +0.4 -6.2 Nuveen TxAdvDivGr JTD 16.41 14.33 -12.7 -10.7 Putnam Mas Int PIM 4.53 4.20 -7.3 8.3 Bluerock Total Inc+ RE:A 29.25 NA NA 1.2 Invesco Sr Loan IB 6.34 NA NA 4.4 Source: Lipper CohenStrsREITPrefInc RNP 23.14 21.78 -5.9 -1.8 Convertible Sec's. Funds Putnam Prem Inc PPT 5.00 4.65 -7.0 8.8 Bluerock Total Inc+ RE:C 27.82 NA NA 0.5 Invesco Sr Loan IC 6.34 NA NA 4.3 Friday, January 8, 2021 Columbia Sel Prm Tech Gr STK 28.94 27.96 -3.4 25.4 AdvntCnvrtbl&IncFd AVK 19.73 16.92 -14.2 19.7 Multi-Sector ERC 13.07 12.27 -6.1 9.5 Bluerock Total Inc+ RE:I 29.82 NA NA 1.5 Invesco Sr Loan Y 6.35 NA NA 4.4 52 wk DNP Select Income DNP NA 10.18 NA -13.0 GI Conv & Inc NCV 6.42 5.88 -8.4 11.5 World Income Funds Bluerock Total Inc+ RE:L 28.99 NA NA 1.0 Pioneer Sec Inc 9.71 NA NA 4.5 Prem Ttl Duff&Ph Uti&Infra Inc Fd DPG 13.83 12.64 -8.6 -7.4 AGI Conv & Inc II NCZ 5.76 5.18 -10.1 11.9 Abrdn AP IncFd FAX 4.90 4.41 -10.0 7.4 CIM RA&C A NA NA NA NS High Yield Bond Funds Fund (SYM) NAV Close /Disc Ret EtnVncEqtyInc EOI 17.15 16.49 -3.8 9.3 AGI Dvs Inc & Conv ACV 36.01 33.34 -7.4 44.8 BrndywnGLB Glb Inc Oppts BWG 14.35 12.25 -14.6 7.4 CIM RA&C C NA NA NA NS Griffin Inst Access Cd:A NA NA NA 6.0 General Equity Funds EtnVncEqtyIncoII EOS 21.45 21.49 +0.2 27.1 AGI Eqty & Conv Inc NIE 31.66 28.44 -10.2 29.0 EtnVncStDivInc EVG 13.90 12.55 -9.7 6.6 CIM RA&C I NA NA NA NS Griffin Inst Access Cd:C NA NA NA 6.0 MS EmMktDomDebt EDD Adams Diversified Equity ADX 20.45 17.44 -14.7 16.2 EVRskMnDvsEqInc ETJ 10.18 10.28 +1.0 20.4 CalamosConvHi CHY 16.19 14.52 -10.3 36.9 7.23 6.20 -14.2 6.9 CIM RA&C L NA NA NA NS Griffin Inst Access Cd:F NA NA NA 6.0 PIMCO Dyn Crd & Mrt Inc PCI Boulder Growth & Income BIF 13.91 11.35 -18.4 -0.2 ETnVncTxMgdBuyWrtInc ETB 14.61 15.00 +2.7 1.1 CalmosConvOp CHI 15.34 13.79 -10.1 34.5 20.16 21.54 +6.8 9.8 GS Real Est Div Inc:A 9.64 NA NA -2.8 Griffin Inst Access Cd:I NA NA NA 6.0 PIMCO Dynamic Income PDI Central Secs CET NA 33.22 NA 6.3 EtnVncTxMgdBuyWrtOpp ETV 14.51 15.28 +5.3 12.0 World Equity Funds 24.75 26.61 +7.5 10.0 GS Real Est Div Inc:C 9.64 NA NA -3.4 Griffin Inst Access Cd:L PIMCO Income Opportunity PKO NA NA NA 6.0 CohenStrsCEOppFd FOF EvTxMnDvsEqInc ETY 12.93 12.36 -4.4 6.9 Aberdeen Emg Mkts Eq Inc AEF 9.88 8.60 -13.0 13.0 23.60 25.45 +7.8 9.0 GS Real Est Div Inc:I 10.06 NA NA -2.5 12.95 12.70 -1.9 0.5 PIMCO Stratg Inc RCS PIMCO Flexible Cr I;A-2 9.23 NA NA 7.3 EVTxAdvDivIncm EVT EtnVncTxMgdGlbB ETW 10.37 9.67 -6.8 2.9 Aberdeen Tot Dyn Div AOD 10.62 9.03 -15.0 9.99 NA 6.97 NA 9.5 GS Real Est Div Inc:L 9.65 NA NA -3.0 25.35 24.01 -5.3 2.7 Templeton Em Inc TEI PIMCO Flexible Cr I;A-3 9.23 NA NA NS GabelliDiv&IncTr GDV EVTxMnGblDvEqInc EXG 9.53 8.94 -6.2 10.4 BlackRock Capital Alloc BCAT 21.20 22.50 +6.1 NS 8.85 7.71 -12.9 7.3 GS Real Est Div Inc:W 25.80 22.36 -13.3 8.5 Templtn Glbl Inc GIM 9.79 NA NA -2.8 PIMCO Flexible Cr I;A-4 9.23 NA NA 7.6 Gabelli Equity Tr GAB First Trust Energy Inc G FEN 13.18 11.56 -12.3 -40.9 Calamos GloDynInc CHW 9.94 9.61 -3.3 24.7 6.08 5.57 -8.4 4.0 6.05 6.31 +4.3 17.7 WstAstEmergDebt EMD NexPointRlEstStrat;A 16.14 NA NA -13.0 PIMCO Flexible Cr I;Inst 9.23 NA NA 8.4 GeneralAmer GAM First Tr Enhanced Eq FFA 18.61 17.49 -6.0 12.0 China CHN 32.99 29.81 -9.6 46.4 NA 13.64 NA 8.4 44.96 37.99 -15.5 8.0 Western Asset Gl Cr D Op GDO NexPointRlEstStrat;C 16.31 NA NA -13.5 PionrILSBridge NA NA NA 0.0 JHancockTaxAdvDiv HTD FirstTrMLPEner&Inc FEI 7.08 6.13 -13.4 -40.9 EV TxAdvGlbDivInc ETG 20.16 18.17 -9.9 7.7 18.93 17.78 -6.1 6.7 22.59 20.98 -7.1 -14.6 National Muni Bond Funds NexPointRlEstStrat;Z 16.30 NA NA -12.8 WA Middle Mkt Inc 618.64 NA NA 7.4 Liberty All-Star Equity USA 7.55 7.02 -7.0 13.1 Gabelli Healthcare GRX 14.22 12.10 -14.9 12.7 EtnVncTxAdvOpp ETO 27.65 26.16 -5.4 8.8 AllBerNatlMunInc AFB 15.41 14.16 -8.1 4.1 PREDEX;I 25.11 NA NA 0.3 Other Domestic Taxable Bond Funds Liberty All-Star Growth ASG 8.19 8.60 +5.0 48.8 Gab Utility GUT 4.17 8.01 +92.1 16.2 FirstTr Dyn Euro Eq Inc FDEU 14.24 12.07 -15.2 -13.1 BlckRk Inv Q Mun BKN 16.75 16.79 +0.2 4.3 PREDEX;T 25.22 NA NA 0.3 Alternative Credit Inc:A 10.42 NA NA 6.7 Royce Micro-Cap Tr RMT GAMCOGlGold&NatRes GGN 4.12 3.61 -12.4 -5.7 Gabelli Multimedia GGT 8.32 8.19 -1.6 17.9 12.32 10.58 -14.1 34.2 BlackRock Muni 2030 Tgt BTT 26.88 25.50 -5.1 2.9 PREDEX;W 25.22 NA NA 0.3 Alternative Credit Inc:C 10.54 NA NA 6.0 Royce Value Trust RVT J Han Finl Opptys BTO 30.91 32.31 +4.5 1.5 India Fund IFN 23.76 20.56 -13.5 13.4 19.55 17.05 -12.8 25.4 BlackRock Muni BFK 14.77 15.19 +2.8 4.3 Principal Dvs Sel RA A 26.09 NA NA 2.4 Alternative Credit Inc:I 10.44 NA NA 7.0 Source Capital SOR Neuberger Brmn MLP & EI NML 4.91 3.74 -23.8 -43.3 Japan Smaller Cap JOF NA 9.05 NA 4.7 46.25 40.85 -11.7 8.3 BlackRock Muni II BLE 15.18 15.33 +1.0 4.6 Principal Dvs Sel RA Ins 26.14 NA NA 2.6 Alternative Credit Inc:L 10.42 NA NA 6.5 Tri-Continental TY Nuv Dow 30 Dyn Overwrite DIAX 16.81 15.11 -10.1 -8.3 LazardGlbTotRetInc LGI 20.09 18.38 -8.5 20.1 33.95 30.21 -11.0 13.9 BlckRk Muni Inc Qly BYM 15.90 14.84 -6.7 3.9 Principal Dvs Sel RA Y 26.22 NA NA 2.8 Alternative Credit Inc:W 10.42 NA NA 6.7 Specialized Equity Funds NuvCorEqAlpha JCE 15.46 14.14 -8.5 4.8 Mexico MXF NA 14.28 NA 3.5 BR MuniAssets Fd MUA 14.58 14.88 +2.0 4.3 SharesPost 100;A 36.50 NA NA 24.3 Am Beacon Apollo TR:T 10.24 NA NA 2.2 Aberdeen Glb Prem Prop AWP 5.87 5.21 -11.2 -12.3 Nuveen Nasdaq 100 Dyn Ov QQQX 26.70 25.94 -2.8 14.8 MS ChinaShrFd CAF 26.28 22.38 -14.8 12.1 SharesPost 100:I 36.79 NA NA 24.7 Am Beacon Apollo TR:Y 10.30 NA NA 3.0 Nuv Real Est JRS 9.38 8.13 -13.3 -16.3 BR MuniEnhanced MEN 12.49 11.98 -4.1 4.2 Adams Natural Resources PEO 14.92 12.48 -16.4 -18.9 MS India IIF 26.39 22.16 -16.0 9.0 BR MuniHoldings Qly MFL SharesPost 100:L 36.24 NA NA 24.0 Am Beacon SP Enh Inc:T 9.54 NA NA 4.0 Nuveen Rl Asst Inc & Gro JRI 15.93 13.50 -15.3 -20.9 15.19 14.00 -7.8 3.9 AllianzGI AI & Tech Opps AIO 28.89 27.49 -4.8 52.5 New Germany GF 22.73 19.68 -13.4 42.4 BR MH Qly 2 MUE USQ Core Real Estate:I 24.65 NA NA 0.0 Am Beacon SP Enh Inc:Y 9.62 NA NA 4.7 NuvS&P500DynOvFd SPXX NA 15.03 NA -0.8 14.28 13.11 -8.2 4.2 GI DivInt&PremStr NFJ 15.60 13.63 -12.6 12.2 Templeton Dragon TDF 26.16 23.88 -8.7 53.4 BR MuniHoldngs MHD USQ Core Real Estate:IS 24.66 NA NA 0.1 BR Credit Strat;A 10.44 NA NA NS NuvSP500BuyIncFd BXMX 13.82 12.66 -8.4 1.1 17.38 16.17 -7.0 4.4 ASA Gold & Prec Met Ltd ASA NA 22.00 NA 61.8 Templeton Em Mkt EMF 21.09 19.18 -9.1 24.2 BR MuniVest Fd MVF 9.92 9.10 -8.3 4.3 Versus Cap MMgr RE Inc:I 27.22 NA NA NE BR Credit Strat;Inst 10.44 NA NA 5.2 ReavesUtilityIncome UTG 32.62 32.76 +0.4 -5.7 BR Enh C&I CII 19.46 17.70 -9.0 8.9 Wells Fargo Gl Div Oppty EOD 5.67 4.96 -12.5 1.1 BR MuniVest 2 MVT 15.60 15.08 -3.3 4.5 Versus Capital Real Asst 25.44 NA NA 1.4 BlackRock Mlt-Sctr Oppty 87.77 NA NA 8.1 Tortoise Enrgy Infra Crp TYG 28.75 22.11 -23.1 -69.1 BlackRock Energy & Res BGR 8.86 7.83 -11.6 -29.8 Prem12 Mo BR MuniYield Fd MYD 15.28 14.25 -6.7 4.6 Wildermuth Endwmnt:A 13.56 NA NA -5.1 BlackRock Mlt-Sec Opp II 90.66 NA NA 7.9 BlackRock Eq Enh Div BDJ Income & Preferred Stock Funds 9.59 8.67 -9.6 -3.4 Fund (SYM) NAV Close /Disc Yld BR MuniYield Qlty MQY 16.63 16.53 -0.6 4.2 Wildermuth Endwmnt:C 13.05 NA NA -5.9 Carlyle Tact Pvt Cred:A NA NA NA 6.6 BlackRock Enh Glbl Div BOE 12.41 10.98 -11.5 6.8 CalamosStratTot CSQ 16.09 15.60 -3.0 24.8 BR MuniYld Qlty2 MQT 14.60 13.92 -4.7 4.1 Wildermuth Endowment:I 13.64 NA NA -5.3 Carlyle Tact Pvt Cred:I NA NA NA 7.3 BlackRock Enh Intl Div BGY 6.57 6.01 -8.5 12.8 CohenStrsLtdDurPref&Inc LDP 26.07 25.77 -1.2 5.2 U.S. Mortgage Bond Funds BR MuniYld Qly 3 MYI 15.31 14.18 -7.4 3.8 Income & Preferred Stock Funds Carlyle Tact Pvt Cred:L NA NA NA 6.9 BlackRock Hlth Sci Tr II BMEZ 30.99 29.94 -3.4 NS CohenStrsSelPref&Income PSF 26.82 27.18 +1.3 -3.2 BlckRk Income BKT 6.19 6.06 -2.1 6.8 BNY Mellon Muni Bd Infra DMB 14.61 14.05 -3.8 4.5 A3 Alternative Cr 10.39 NA NA 4.4 Carlyle Tact Pvt Cred:M BlackRock Hlth Sciences BME 46.46 48.17 +3.7 21.7 CohenStrsTaxAvPreSecs&I PTA 25.66 25.57 -0.4 NS Invesco HI 2023 Tgt Term IHIT 8.86 8.54 -3.6 7.1 NA NA NA NS Investment Grade Bond Funds BNY Mellon Str Muni Bond DSM 8.37 7.75 -7.4 4.5 Calamos L/S Eqty and DI CPZ 20.56 18.26 -11.2 10.0 Carlyle Tact Pvt Cred:N NA NA NA 7.3 BlRck Core Bond BHK 16.24 15.95 -1.8 5.0 BNY Mellon Strat Muni LEO 8.72 8.44 -3.2 4.9 Destra Multi-Altrntv;A 11.93 NA NA -6.2 Carlyle Tact Pvt Cred:Y NA NA NA 7.0 BR Credit Alloc Inc BTZ 15.58 14.85 -4.7 6.8 DWS Muni Inc KTF 12.78 11.51 -9.9 4.0 Destra Multi-Altrntv;C 11.41 NA NA -6.8 CION Ares Dvsfd Crdt;A NA NA NA 5.5 A Week in the Life of the DJIA Insight Select Income INSI 21.70 20.73 -4.5 3.6 EVMuniBd EIM 14.28 13.44 -5.9 4.2 Destra Multi-Altrntv;I 12.18 NA NA -5.9 CION Ares Dvsfd Crdt;C NA NA NA 5.5 InvescoBond VBF 21.02 20.55 -2.2 3.3 EVMuniIncm EVN 14.29 13.44 -5.9 4.2 Destra Multi-Altrntv;T 11.58 NA NA -6.6 CION Ares Dvsfd Crdt;I NA NA NA 5.5 Alook at how the Dow Jones Industrial Average component stocks J Han Income JHS 16.28 15.46 -5.0 5.0 EVNatMuniOpp EOT 21.91 20.54 -6.3 3.8 Flat Rock Opportunity 19.70 NA NA 13.4 CION Ares Dvsfd Crdt;L NA NA NA 5.5 InvAdvMuIncTrII VKI 12.24 11.33 -7.5 4.7 did in the past week and how much each moved the index. The DJIA MFS Intmdt MIN 3.93 3.77 -4.1 8.9 Variant Altrntv Inc:Inst 26.46 NA NA 5.1 CION Ares Dvsfd Crdt;U NA NA NA 5.5 Western Asset Inf-Lk Inc WIA NA 13.11 NA 5.7 Invesco MuniOp OIA 7.77 7.84 +0.9 4.8 Variant Altrntv Inc:Inv 26.47 NA NA 4.8 CION Ares Dvsfd Crdt: NA NA NA NS gained 491.49 points, or 1.61%, on the week. A$1change in the price Western Asset Inf-Lk O&I WIW NA 12.28 NA 3.2 InvescoMuOppTr VMO 13.68 12.80 -6.4 4.6 Convertible Sec's. Funds CION Ares Dvsfd Crdt;W NA NA NA 5.5 of any DJIA stock =6.58-point change in the average. To date, a Westn Asst IG Def Opp Tr IGI NA 21.68 NA 3.7 InvescoMuTr VKQ 13.72 NA NA 4.6 Calmos Dyn Conv and Inc CCD 31.49 28.69 -8.9 60.0 CNR Select Strategies 11.59 NA NA 0.0 Loan Participation Funds InvescoQual Inc IQI 13.86 12.87 -7.1 4.6 World Equity Funds First Eagle Crdt Opps A 25.66 NA NA NS $1,000 investment on Dec. 31 in each current DJIA stock component InvTrInvGrMu VGM Apollo Senior Floating AFT NA 14.46 NA 7.0 14.13 13.13 -7.1 4.6 ACAP Strategic:A 27.49 NA NA 48.4 First Eagle Crdt Opps I 25.66 NA NA NS InvescoValMunInc IIM 16.83 15.54 -7.7 4.4 would have returned $30,557, or again of 1.86%, on the $30,000 BR Debt Strategy DSU 11.62 10.39 -10.6 7.9 ACAP Strategic:W 20.27 NA NA 49.5 GL Beyond Income 0.63 NA NA NE MAINSTAY:MK DEFTR MUN OP MMD NA 21.85 NA 4.6 BR F/R Inc Str FRA 13.92 12.20 -12.4 7.6 BMO LGM Front ME;I 6.30 NA NA -25.4 KKR CREDIT OPPTY;D 25.00 NA NA NS investment, including reinvested dividends. NeubrgrBrm NBH 15.35 15.50 +1.0 4.9 BlackRock Floatng Rt Inc BGT CalamosGlbTotRet CGO 15.15 15.46 +2.0 37.0 KKR CREDIT OPPTY;I 27.63 NA NA NS 13.50 11.96 -11.4 7.5 Nuveen AMT-Fr Mu Val NUW 17.39 16.37 -5.9 2.8 Blackstone Strat Cr BGB CPG Cooper Square IE A NA NA NA NS KKR CREDIT OPPTY;T The Week’s Action 14.34 12.67 -11.6 8.7 Nuveen AMT-Fr Qlty Mun I NEA 16.00 15.00 -6.3 4.4 27.37 NA NA NS CPG Cooper Square IE I NA NA NA NS KKR CREDIT OPPTY;U Pct Stock price Point chg $1,000 Invested(year-end '20) Eagle Point Credit ECC NA 10.72 NA 13.0 Nuveen AMT-Fr Mu CI NVG 17.39 16.60 -4.5 4.6 26.42 NA NA NS Primark Priv Eq Inv:I chg (%) change in average* Company Symbol Close $1,000 EtnVncFltRteInc EFT 14.47 13.34 -7.8 5.4 Nuveen Enh Muni Val NEV 15.64 16.66 +6.5 4.3 11.65 NA NA NS Lord Abbett Cred Opps Fd 10.46 NA NA 6.8 EV SenFlRtTr EFR 14.25 13.07 -8.3 5.8 VirtusTotalRetFd ZTR 9.37 8.67 -7.5 0.0 Lord Abbett Cred Opps Fd 10.46 NA NA 7.4 13.37 5.33 35.07 WBA $45.21 $1,134 Nuveen Int Dur Mun Term NID 14.45 13.98 -3.3 3.7 EVSnrIncm EVF 6.82 6.45 -5.4 5.6 Prem12 Mo Lord Abbett Crd Op:U 10.46 NA NA NS 26.37 173.50 Goldman Sachs GS 290.08 Nuveen Mu Crdt Opps NMCO 14.35 13.30 -7.3 5.5 10.00 1,100 FT/Sr Fltg Rte Inc 2 FCT 12.86 11.55 -10.2 9.8 Nuv Muni Credit Income NZF 16.88 16.01 -5.2 4.7 Fund (SYM) NAV Close /Disc Yld Palmer Square Opp Inc 18.45 NA NA 5.8 7.85 6.63 43.62 Chevron CVX 91.08 1,079 FT/Sr Fltg Rte 2022 TgTr FIV 9.56 9.07 -5.1 2.5 NuvMuniHiIncOpp NMZ 14.12 14.25 +0.9 5.0 Thrivent Church Ln&Inc:S 10.84 NA NA 2.6 Highland Income HFRO Loan Participation Funds 12.95 10.25 -20.8 8.9 Nuveen Muni Val NUV 10.75 10.94 +1.8 3.3 1WS Credit Income World Income Funds 7.04 8.95 58.89 JPMorgan Chase JPM 136.02 1,078 InvDYCrOpp VTA NA NA NA 5.9 11.85 10.80 -8.9 8.3 Nuveen Quality Muni Inc NAD 16.33 15.19 -7.0 4.4 AlphCntrc Prime Merid In 9.62 NA NA 11.1 Destra Int&Evt-Dvn Crd:A 26.77 NA NA 2.5 6.72 12.24 80.53 Caterpillar CAT 194.26 1,067 InvSnrIncTr VVR 4.51 4.01 -11.1 6.7 Nuveen Sel TF NXP 16.48 17.83 +8.2 3.0 Angel Oak Str Crdt:Inst 22.76 NA NA 8.0 Destra Int&Evt-Dvn Crd:I 26.77 NA NA 2.7 Nuveen Credit Strat Inc JQC 7.11 6.39 -10.1 16.1 Nuveen Sel TF 2 NXQ 15.67 15.60 -0.4 3.1 Axonic Alternative Inc NA NA NA 3.3 Destra Int&Evt-Dvn Crd:L 26.75 NA NA 2.4 4.88 2.71 17.83 Dow DOW 58.21 1,049 NuvFloatRateIncFd JFR 10.17 8.97 -11.8 7.1 PIMCO MuniInc PMF 13.25 14.03 +5.9 4.6 Blackstone/GSO FR EI D 23.96 NA NA 5.5 Destra Int&Evt-Dvn Crd:T 26.72 NA NA 2.2 3.73 8.57 56.39 Amgen AMGN 238.49 1,037 NuvFloatRteIncOppty JRO 10.07 8.86 -12.0 7.1 PIMCOMuniIncII PML 12.45 14.15 +13.7 4.9 Blackstone/GSO FR EI I 23.93 NA NA 5.8 National Muni Bond Funds Nuveen Senior Income NSL 5.98 5.30 -11.4 7.5 Pimco Muni III PMX 11.39 11.91 +4.6 4.6 Blackstone/GSO FR EI T 23.89 NA NA 5.3 PIMCO Flex Mun Inc;A-3 11.53 NA NA 2.1 3.67 1.83 12.04 Intel INTC 51.65 1,037 PionrFltRate Tr PHD 11.56 10.39 -10.1 6.6 PioneerHilncAdv MAV 12.36 11.72 -5.2 4.4 Blackstone/GSO FR EI T-I 24.48 NA NA 5.3 PIMCO Flex Mun Inc:A1 11.53 NA NA NS 3.62 12.71 83.63 UnitedHealth Group UNH 363.39 1,036 High Yield Bond Funds PioneerMunHiIcmT MHI 13.24 12.46 -5.9 4.4 Blackstone/GSO FR EI U 24.94 NA NA 5.3 PIMCO Flex Mun Inc;A2 11.53 NA NA NS AllianceBernGlHiIncm AWF 12.93 11.71 -9.4 6.6 PIMCO Flex Mun Inc;Inst Nike NKE Putnam Mgd Inc PMM 8.24 8.06 -2.2 4.7 Blstn Commnty Dev 10.06 NA NA 3.3 11.53 NA NA 2.8 3.45 4.88 32.11 146.35 1,035 Angel Oak FS Inc Trm FINS 18.61 16.98 -8.8 7.4 Putnam Muni Opp PMO 13.93 13.81 -0.9 4.8 BNYM Alcntr Glb MS Cr Fd 102.16 NA NA 6.9 Tortoise Tax-Adv Soc Inf 9.51 NA NA 4.7 Barings Glb SD HY Bd BGH 2.11 2.65 17.44 IBM IBM 128.53 1,021 16.80 15.05 -10.4 9.1 RiverNorth Mgd Dur Mun I RMM 19.73 18.20 -7.8 6.1 BR Corporate HY HYT 11.98 11.23 -6.3 8.1 Western Asset Mgd Muni MMU 14.06 12.82 -8.8 4.2 1.72 2.48 16.32 Walmart WMT 146.63 1,017 BlackRock Ltd Dur Inc BLW 16.99 15.82 -6.9 7.3 Westn Asst Mu Def Opp Tr MTT NA 20.88 NA 3.1 IPO Scorecard 1.69 2.66 17.50 Johnson & Johnson JNJ 160.04 1,017 BNY Mellon Hi Yield Str DHF 3.29 2.98 -9.4 8.6 Single State Muni Bond Brookfield Real Asst Inc RA 20.05 18.09 -9.8 13.3 BlackRock CA Mun BFZ 16.03 13.95 -13.0 3.2 Performance of IPOs, most-recent listed first 1.50 1.23 8.09 Merck MRK 83.03 1,015 CrSuisHighYld DHY 2.54 2.29 -9.8 8.6 BR MH CA Qly Fd Inc MUC 15.98 14.91 -6.7 3.9 % Chg From % Chg From 1.31 3.47 22.83 Home Depot HD 269.09 1,013 DoubleLine Inc Sol DSL 17.85 16.61 -6.9 10.6 BR MH NJ Qly MUJ 16.13 14.42 -10.6 4.7 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day DoubleLine Yld Opps DLY 20.27 19.02 -6.2 NS BR MH NY Qly MHN 15.20 14.01 -7.8 4.2 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close 0.72 0.87 5.72 AXP 121.78 1,011 First Tr Hi Inc Lng/Shrt FSD 16.53 14.76 -10.7 8.9 BR MuniYld CA MYC 16.39 14.81 -9.6 3.4 Cullinan Management 29.91 42.4 ... LightJump Acquisition 10.19 1.9 ... 0.69 0.31 2.04 Cisco CSCO 45.06 1,015 First Trust HY Opp:2027 FTHY 21.43 19.93 -7.0 NS BR MuniYld CA Qly MCA 16.20 14.93 -7.8 4.0 CGEM Jan. 8/$21.00 LJAQU Jan. 8/$10.00 IVY HIGH INCOME OPP IVH 14.77 13.12 -11.2 8.6 BR MuniYld MI Qly MIY 15.84 14.45 -8.8 4.2 0.60 1.29 8.49 McDonald’s MCD 215.87 1,006 NeubHgYldStrt NHS 12.79 11.82 -7.6 9.2 BR MuniYld NJ MYJ 16.18 14.41 -10.9 5.0 Empowerment & Inclusion Capital I 10.28 2.8 ... Locust Walk Acquisition 10.40 4.0 ... –0.22 –0.49 –3.22 salesforce.com CRM 222.04 998 New Amer Hi Inc HYB 9.83 8.77 -10.8 6.4 BR MuniYld NY Qly MYN 14.57 13.25 -9.1 4.1 EPWR.UT Jan. 8/$10.00 LWACU Jan. 8/$10.00 NexPointStratOppty NHF 18.72 11.28 -39.7 11.8 EVCAMuniBd EVM 12.78 11.67 -8.7 4.0 Epiphany Technology Acquisition 10.54 5.4 ... Mountain Crest Acquisition II 10.40 4.0 ... –0.25 –0.35 –2.30 Procter & Gamble PG 138.79 997 Eaton Vance NY Muni Bd ENX Nuveen CI Nov 2021 Tgt JHB 9.48 9.30 -1.9 4.1 13.56 12.13 -10.5 4.0 EPHYU Jan. 8/$10.00 MCADU Jan. 8/$10.00 Nuveen Crdt Opps 2022 TT JCO 8.33 8.25 -1.0 7.0 InvCaValMuIncTr VCV 13.72 12.99 -5.3 4.0 –0.48 –0.64 –4.21 Apple AAPL 132.05 995 Nuveen Global High Inc JGH 17.05 15.13 -11.3 7.1 InvPAValMuIncTr VPV 14.27 12.62 -11.6 4.6 Global Synergy Acquisition 10.30 3.0 ... Pioneer Merger 10.55 5.5 ... –0.51 –0.72 –4.74 Travelers TRV 139.65 995 PGIM Global High Yield GHY 16.36 14.48 -11.5 8.6 InvTrInvGrNYMu VTN 14.47 12.91 -10.8 4.2 GSAQU Jan. 8/$10.00 PACXU Jan. 8/$10.00 Nuveen CA AMT-F Qual MI NKX PGIM High Yield Bond ISD 16.77 14.93 -11.0 8.4 16.93 15.55 -8.2 4.0 KL Acquisition 10.27 2.7 ... Powered Brands 10.53 5.3 ... –1.26 –2.67 –17.57 HON 210.03 987 Nuveen CA Val NCA 10.86 10.74 -1.1 2.9 PGIM Sh Dur Hi Yld Opp SDHY 20.15 NA NA NS KLAQU Jan. 8/$10.00 POWRU Jan. 8/$10.00 –1.26 –2.80 –18.42 Microsoft MSFT 219.62 987 PioneerHilncmTr PHT 9.43 8.96 -5.0 8.4 NuveenCAQtyMuInc NAC 16.33 14.87 -8.9 4.1 Nuveen MD Qual Muni Inc NMY –1.37 –2.49 –16.38 Walt Disney DIS 178.69 986 Wells Fargo Income Oppty EAD 9.08 8.15 -10.2 8.5 15.36 13.95 -9.2 4.0 WstAstHIF II HIX 7.25 6.79 -6.3 8.5 Nuveen MI Qual Muni Inc NUM 16.21 14.57 -10.1 3.8 Sources: Dow Jones Market Data; FactSet –1.50 –3.28 –21.58 Visa V 215.45 985 Western Asset Hi Inc Opp HIO 5.50 4.96 -9.8 7.8 NuvNJ Qual Muni Inc NXJ 16.78 14.27 -15.0 4.5 Nuveen NY AMT/Fr Qual MI NRK 15.09 13.37 -11.4 4.1 Other Stock Offerings VZ Western Asset Hi Yld D O HYI 16.02 15.34 -4.3 7.3 –1.62 –0.95 –6.25 57.80 994 Other Domestic Taxable Bond Funds Nuveen NY Qual Muni Inc NAN 15.63 14.09 -9.9 4.3 Secondaries and follow-ons expected this week in the U.S. market –1.94 –4.16 –27.37 Boeing BA 209.90 981 Apollo Tactical Income AIF NA 14.34 NA 7.3 Nuveen OH Qual Muni Inc NUO 17.77 15.57 -12.4 3.4 Nuveen PA Qual Muni Inc NQP 15.92 14.24 -10.6 4.3 –4.67 –8.17 –53.75 3M MMM 166.62 953 Ares Dynamic Crdt Alloc ARDC NA 14.49 NA 8.4 None expected this week BlackRock Mlt-Sctr Inc BIT 18.32 17.30 -5.6 8.4 Nuveen VA Qlty Mun Inc NPV 15.39 15.65 +1.7 3.4 –6.86 –3.76 –24.74 Coca-Cola KO 51.08 931 BlackRock Tax Muni Bd BBN 24.97 26.28 +5.2 5.0 DoubleLine:Oppor Crdt Fd DBL 19.49 19.17 -1.6 8.6 *Based on Composite price. DJIA is calculated on primary-market price. Duff&Ph Util Cor DUC 9.55 9.83 +2.9 5.9 Source: Dow Jones Market Data; FactSet. EVLmtDurIncm EVV 13.78 12.54 -9.0 9.5 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Money Rates January 8, 2021 Insider-Trading Spotlight Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a new information about the prospects of a company. Insiders are required to report large trades to the SEC guide to general levels but don’t always represent actual transactions. within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Inflation Week —52-WEEK— Week —52-WEEK— Refinitiv on January 8, and year-to-date stock performance of the company Latest ago High Low Latest ago High Low Nov. index Chg From (%) KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer level Oct. '20 Nov. '19 Low 0.0400 0.0500 1.5800 0.0100 Commercial paper (AA financial) CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Bid 0.0800 0.0500 1.6000 0.0100 90 days 0.14 0.20 2.53 0.04 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: U.S. consumer price index Offer 0.1000 0.0800 1.6300 0.0500 unknown VP: vice president Excludes pure options transactions All items Libor 260.229 –0.06 1.2 Treasury bill auction Core 269.473 0.05 1.6 One month 0.12638 0.14388 1.67663 0.12638 Biggest weekly individual trades 4 weeks 0.080 0.080 1.575 0.000 Three month 0.22438 0.23838 1.84263 0.20488 International rates 13 weeks 0.090 0.095 1.550 0.000 Six month 0.24650 0.25763 1.87250 0.23375 Based on reports filed with regulators this past week 26 weeks 0.090 0.100 1.535 0.080 One year 0.32963 0.34188 1.96663 0.32763 Week 52-Week No. of shrs in Price range ($) $ Value Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Latest ago High Low Secondary market Euro Libor Prime rates One month -0.595 -0.586 -0.360 -0.621 Buyers Fannie Mae Three month -0.571 -0.566 -0.142 -0.574 U.S. 3.25 3.25 4.75 3.25 30-year mortgage yields Six month -0.536 -0.533 -0.052 -0.540 Dec. 29 Hall of Fame Resort & Entertainment HOFV S. Lichter DOI 10,814 1.40 15,139 1.94 57.7 Canada 2.45 2.45 3.95 2.45 30 days 1.976 1.906 3.212 1.751 One year -0.495 -0.490 0.008 -0.501 Dec. 30 Root ROOT M. Malka BI 754 16.45-16.76 12,477 19.33 23.0 Japan 1.475 1.475 1.475 1.475 60 days 1.994 1.931 3.237 1.804 Dec. 2 Sinclair Broadcast Group SBGI F. Smith H 300 28.72 32.49 2.0 Secured Overnight Financing Rate 8,616 Policy Rates Dec. 30 Gritstone Oncology GRTS T. Woiwode DI 1,348 3.71 5,000 5.30 34.5 Other short-term rates 0.10 0.07 1.64 0.01 Euro zone 0.00 0.00 0.00 0.00 Jan. 4 At Home Group HOME C. Sosin BI 200 15.68 3,137 19.18 24.1 Switzerland 0.00 0.00 0.50 0.00 Value 52-Week Week 52-Week Jan. 4 Party City Holdco PRTY C. Sosin BI 407 6.11 2,482 7.97 29.6 Britain 0.10 0.10 0.75 0.10 Latest Traded High Low Latest ago high low Jan. 6 Clearside Biomedical CLSD B. Whitmore B 351 2.85 1,000 3.47 26.6 Australia 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Dec. 18 Berkshire Hathaway BRK.B R. Olson D 4222.33 889 234.03 0.9 Overnight repurchase Call money Treasury 0.114 44.800 1.720 0.002 Dec. 29-30 Air T AIRT R. Cabillot DI 39 18.01-20.25 746 23.45 -5.8 2.00 2.00 3.50 2.00 MBS 0.122 49.200 1.703 0.011 Dec. 31 R. Cabillot DI 19 20.11-20.11 374 U.S. 0.11 0.05 1.65 -0.07 Dec. 31 N. Swenson CEOI 19 20.11 374 U.S. government rates Notes on data: Jan. 4 World Acceptance WRLD C. Sosin BI 6104.28 574 123.88 21.2 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Dec. 31 Ring Energy REI W. Kruse B 620 .65-.68 412 1.08 63.7 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Dec. 9-10 Crown Castle International CCI J. Martin D 2* 157.02-157.90 330 154.06 -3.2 0.25 0.25 2.25 0.25 as of January 7, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Jan. 6 Perrigo PRGO R. Sorota O 843.48 327 44.64 -0.2 Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. Jan. 6 Greif GEF.B L. Hilsheimer CFO 553.08 260 51.62 6.7 Effective rate 0.0900 0.0900 1.6200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Jan. 5L. Hilsheimer CFO 549.86 244 Tullett Prebon Information, Ltd. Dec. 31 L. Hilsheimer CFO 549.24 234 High 0.1200 0.1500 1.6500 0.1000 Sellers Jan. 1 HLF C. Icahn BI 12,487 48.05 600,000 51.32 6.8 Cash Prices | wsj.com/market-data/commodities Friday, January 8, 2021 Jan. 4 Roku ROKU A. Wood CEOI 345 317.18-338.57 110,961 399.13 20.2 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Jan. 4 CrowdStrike Holdings CRWD B. Podbere CFO 320 196.58-210.65 64,475 223.55 5.5 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Jan. 4G. Watzinger DI 80 209.96 16,797 months. Jan. 4 NVDA J. Huang CEO 100 519.34-545.49 52,985 531.07 1.7 Jan. 4 Workday WDAY D. Duffield DOI 219 225.14-239.12 50,008 227.65 -5.0 Friday Friday Friday Jan. 4 Datadog DDOG O. Pomel CEO 439* 91.35-98.79 40,575 99.94 1.5 Energy Aluminum, LME, $ per metric ton *2008.0 Wheat - Hard - KC (USDA) $ per bu-u 6.1975 Jan. 4A. Le-Quoc PI 419 91.33-98.76 38,744 Copper,Comex spot 3.6735 Wheat,No.1soft white,Portld,OR-u 6.4900 Jan. 4 Arista Networks ANET J. Ullal CEOI 115 281.22-291.16 32,678 306.12 5.4 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 171.8 Food Jan. 4J. Ullal CEO 95* 281.22-291.16 26,828 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 371 Dec. 30 Zoom Video Communications ZM S. Subotovsky DI 71 352.04-353.74 24,871 349.61 3.6 Steel, HRC USA, FOB Midwest Mill-s 1043 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 180.53 Jan. 4 Square SQ J. Dorsey CEOI 100 218.33-224.25 21,953 241.45 10.9 Fibers and Textiles Gold, per troy oz select 1-3,600-900 lbs.-u 169.04 Jan. 5-7 PINS B. Silbermann CEO 315 65.53-70.97 21,576 71.87 9.1 Engelhard industrial 1888.00 Burlap,10-oz,40-inch NY yd-n,w 0.6450 Broilers, National comp wtd. avg.-u,w 0.8176 Jan. 5-7 Bandwidth BAND D. Morken CEO 131 148.00-157.12 20,025 156.07 1.6 Handy & Harman base 1862.90 Cotton,1 1/16 std lw-mdMphs-u 0.7727 Butter,AA Chicago 1.3800 Cheddar cheese,bbl,Chicago 165.25 Dec. 10-14 WW International WW O. Winfrey DO 590* 28.93-30.40 17,479 24.03 -1.5 Handy & Harman fabricated 2067.82 Cotlook 'A' Index-t *86.55 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1911.05 Hides,hvy native steers piece fob-u n.a. 191.75 Jan. 5 Monolithic Power Systems MPWR M. Hsing CEO 45 361.87-370.51 16,449 387.41 5.8 Milk,Nonfat dry,Chicago lb. 119.00 LBMA Gold Price PM *1920.10 Wool,64s,staple,Terr del-u,w n.a. Jan. 4 Deere DE M. Jones GC 59 264.26-273.58 15,918 293.91 9.2 Coffee,Brazilian,Comp Krugerrand,wholesale-e 1908.82 1.1351 Coffee,Colombian, NY 1.6969 Dec. 30-31 Allakos ALLK P. Walker DI 103 139.88-143.81 14,611 127.73 -8.8 Maple Leaf-e 1927.17 Grains and Feeds Eggs,large white,Chicago-u 0.7750 American Eagle-e 1927.17 * Half the transactions were indirect **Two day transaction Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.25 Mexican peso-e 2220.94 p - Pink Sheets Bran,wheat middlings, KC-u 148 Hams,17-20 lbs,Mid-US fob-u 0.61 Austria crown-e 1802.06 Corn,No. 2 yellow,Cent IL-bp,u 4.8900 Hogs,Iowa-So. Minnesota-u 64.24 Austria phil-e 1927.17 Corn gluten feed,Midwest-u,w 156.3 Pork bellies,12-14 lb MidUS-u n.a. Buying and selling by sector Silver, troy oz. Corn gluten meal,Midwest-u,w 577.0 Pork loins,13-19 lb MidUS-u 0.8380 Engelhard industrial 26.6500 Cottonseed meal-u,w 430 Based on actual transaction dates in reports received this past week Steers,Tex.-Okla. Choice-u 112.00 Handy & Harman base 25.5920 Hominy feed,Cent IL-u,w 118 Steers,feeder,Okla. City-u,w 151.38 Handy & Harman fabricated 31.9900 Meat-bonemeal,50% pro Mnpls-u,w 300 Sector Buying Selling Sector Buying Selling LBMA spot price *£20.0000 Oats,No.2 milling,Mnpls-u 3.7275 Fats and Oils Basic Industries 05,167,532 Finance 1,977,131 38,897,478 (U.S.$ equivalent) *27.1300 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.6000 Business services 20,050 13,711,452 Health care 34,755 40,570,700 Coins,wholesale $1,000 face-a 18577 Sorghum,(Milo) No.2 Gulf-u 7.0625 Grease,choice white,Chicago-h 0.3600 Capital goods 00Industrial 752,117 44,283,767 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 437.10 Lard,Chicago-u n.a. Soybeans,No.1 yllw IL-bp,u Consumer durables 012,496,087 Media 8,616,000 3,367,058 LBMA Platinum Price PM *1103.0 13.6650 Soybean oil,crude;Centl IL-u 0.4472 Platinum,Engelhard industrial 1115.0 Wheat,Spring14%-pro Mnpls-u 7.3775 Tallow,bleach;Chicago-h 0.4000 Consumer nondurables 326,665 92,253,405 Technology 330,283 88,108,603 Palladium,Engelhard industrial 2455.0 Wheat,No.2 soft red,St.Louis-u 6.8375 Tallow,edible,Chicago-u n.a. Consumer services 31,080 24,551,133 Transportation 1,125,720 1,514,300 Energy 300 19,834,241 Utilities 4,336 4,466,739 KEY TO CODES: A=ask; B=bid; BP=country bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 1/7 Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data P2JW011000-0-B00800-1------XA

B8 | Monday, January 11, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

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advice site Motley Fool touting the Performancesince thestart of 2020 the next four years—lessthan half amples.The Taiexand Kospi areup NEW performance of fund manager what one would have expected by 45% and 36%, respectively,since

200% NHAP

Cathie Wood. Variations on the purechance. And of course,most the beginning of 2020,while the YO “Buffett is done” theme have been ARK Innovation ETF actively managed funds lag behind S&P 500 is up morelike18%. South Korea’s Kospi has climbed by around since at least the tech bub- the indextowhich they arebench- China’sequity market recorded a 36% since the beginning of 2020. 150 ble, while the cult of star mutual- marked because of fees and taxes. strong 2020,but the most interest- fund managers goes back to the This explains the amazing rise ing performances maybeoutside ter than the U.S. or Japan. The 1960s. Such commentators have of index funds. It is mainly the the world’ssecond-largest economy. U.S. rally, as extreme as it has 100 eventually eaten their words. supposed existence of stars like Perhaps most perplexing is In- been, has been driven by expecta- Not that Ms. Wood’s perfor- Ms. Wood that has staved off an dia’s equity stock market. The tions for the years ahead, while in- mance is anything to sneeze at. 50 even bigger exodus from actively Sensex index now matches the S&P vestors look past the ugly reality Her largest exchange-traded fund, managed funds. Studies have 500’s gain in dollar terms for the of earnings through the pandemic. the ARK Innovation ETF, surged S&P500 shown, though, that actual stock- same period. India, of course, has The weakness of the dollar has by almost 160% last year, expand- 0 picking skill is very rare and is nothing like the capacity of the made life easier for parts of the ing assets 10-fold—unprecedented only provable after decades—the U.S. to support the economy with world with large revenue denomi- inflows for an active fund of that sort of record that Mr. Buffett has either monetary or fiscal policy. nated in other currencies, or dol- type. She made concentrated bets –50 established. Its price-to-earnings ratio for the lar-denominated debts. But the re- on hot stocks such as Tesla, Roku, An academic study by Jerry 12 months ahead has risen even cent upswing can’t be accounted Square and biotechs boosted by Feb. 2020 ’21 Parwada and Eric Tanthat exam- more than its U.S. equivalent since for by currency effects alone. the Covid-19 pandemic. An ARK In- Source:FactSet ined the Morningstar Fund Manag- the nadir in March. Thereare elementstoworry vest spokesperson wouldn’t elabo- ers of the Year between 1995 and The countries performing well about: Retail buying of stocks has rate, but Ms. Wood told an inter- March 2000, it went from being 2012 showed that winners got big each have some things going for ballooned in South Korea.Inthe viewer last month that she expects the 20th largest mutual-fund firm inflows but that their future per- them: India will be one of the first past week,individual investorshave to nearly triple unit holders’ to the fifth largest—an incredibly formance was unremarkable. In- developing countries in the world regularly transacted the equivalent money over the next five years. rapid ascent. It bet big on tech deed, one fund manager who later to begin a vaccine campaign, of morethan $30 billion aday in That is unlikely. In fact, similar highfliers such as Cisco Systems stumbled blamed the difficulty of South Korea’s low number of the equity market. In 2019,they star managers’ performance has and AOL. As the bubble burst, deploying the extra cash for his Covid-19 cases has been a model didn’t crack $10 billion on anyday. tended not only to be mean-revert- some of its funds lost two-thirds poor results. for countries with active out- India has seen what could well end ing but actually worse than aver- or more of their value. That makes sense. If one looks breaks, and Taiwan has managed up as unsustainable flowsfromfor- age after their runs end. Bill Fund managersare oftencom- at Mr. Buffett, his results when he to keep itself almost hermetically eign investors, who bought $37 bil- Miller, who famously beat the S&P pared with dart-throwing monkeys. ran a modest partnership in the sealed away from the pandemic. lion of the country’sstocks in 500 from 1991 through 2005, That mightbetoo flattering for 1960s were far better than those But the high levels of froth in 2020—the only large market in Asia drawing huge inflows into Legg those who getthe most attention. of his huge, diversified conglomer- quite different Asian markets—all that sawnet buying from abroad. Mason Value Trust, spent the next Hot funds’ performanceisoften ate recently. But, unlike a share of with distinct apparent justifica- There is no sense in betting few years as one of the worst fund worsethan random on the down- Berkshire Hathaway, the dollar- tions—is in itself a concerning against such rallies, especially managers in the country. side. Aregularly updated study on weighted returns of a growing sign. The pandemic won’t last for- where frenetic retail activity is in Comeuppances are especially the persistenceofinvestor perfor- fund are worse than the stated re- ever: Unless all those different play. But investors should be cau- harsh when a manager has ridden mancefromS&P DowJones Indi- sults because more people are bullish stories turn out to be tious about surges without founda- a hot category as Ms. Wood’s firm cesshows that just 0.18% of do- around for the stumble than structural tailwinds somehow, it is tions. If the market narrative has done. The fate of mutual-fund mestic equity funds in the top the ascent. unclear why Asian emerging-mar- changes, several Asian markets firm Janus is instructive: Between quartile of performancein2015 Hot funds can burn you. ket stocks generally should sud- look like they would be left most the end of 1998 and the end of maintained that through each of —Spencer Jakab denly be doing so very much bet- exposed. —Mike Bird MARKETS Tax Change Aids Life Insurance Fannie, Freddie Rules

BYLESLIE SCISM On Condos Toughened

Federal lawmakers’ big BY ANDREW ACKERMAN companies than on individuals year-end spending package who offer their unitsonAirbnb includes alittle-noticed WASHINGTON—Getting a Inc.orother hosting services. revision of the taxcode that is mortgagefor aresort-area “Wehavespecifically told likely to boost sales of life condo might become moredif- lendersthat seeing individual insurance, particularly for JOURNAL ficult after Fannie Mae and unitsadvertisedbytheir own-

wealthy Americans. REET Freddie Mac moved to tighten ersonhome-sharing platforms Thelaw lowers aminimum ST rules on buildingswith many does not, by itself,mean the interest rate used to deter- LL short-term rentals and hotel- project is acondotel,” aFannie WA mine whethercombination likeamenities,some Realtors spokesman said. THE

savingsand death-benefit poli- R andbankerssay. When aproject as awhole cies known as permanent life FO Fannie Mae last month functionsmorelikeavacation insuranceare toomuch likein- changed itsrules to makeit rental resort, the building is in- vestmentstoqualifyfor tax clearer that it won’t back cer- eligible forFannie financing, DEMCZUK advantages granted to insur- tain loans in high-rent vacation and mortgages secured by units ance. Theinterest-ratefloor areas,with Freddie Mac taking in that project arealso ineligi-

wasput in placein1984 to GABRIELLA similar steps that go intoeffect ble,the companysaid. weed out policies that were Arevision of the tax code is likely to boost sales of some lifepolicies. The IRS building in Washington. next month. “Fannie Mae’scharter is for mostly investment vehicles Themoves by the two gov- residential lending,” the com- with athin layerofinsurance. Congresswill generally in- 12% ernment-controlled mortgage panyspokesman said. “Wepro- Lowering the rate allows own- crease the amount of money giants come as the Trump ad- vided clarity to lendersregard- U.S. lifeinsurers’ investment-portfolio netyield erstoput moreinthe savings that policyholderscan contrib- 10 ministration seeks to shrink ing what areacceptable portion. utetotheir so-called cash- theirfootprint in housing,es- residential condominium proj- And it makes it morefeasible value accounts, though some pecially in areassuch as vaca- ectsand what meetsFannie forinsurerstooffer policies, restrictions remain. This 8 tion properties that maynot Mae residential lending stan- sincerates have tumbled so far changeapplies to buyersofall servethe core mission of en- dardsand practices.” in the past decade that the income levels,though wealth- 6 couraging homeownership by 1980s-eraminimum limit is ier people would typically be Net yield making it more affordable. nowwell abovelong-term gov- betterable to affordextrapay- 4 Theupdated rules,which Terrie Suit ernment-bond yields.That has ments into a policy. went intoeffect Dec.7for Fan- says Fannie led insurerstowarn they might “Given the impending rise nie,are starting to generate won’t discuss 2 quit selling some of the policies. of income-tax rates, this repre- pushback from Realtorsand why her condo The reduction in the inter- sentsaunique opportunity for 10-year Treasury note bankerswho sayentirebuild- building is est-rateassumption waseffec- high-net-worth investors and 0 ingscould be ineligible forfi- ineligible for tive Jan. 1 on new sales. investment advisers,” Ms. 1984 ’90 2000 ’10 ’19 nancing even if only some units financing. Asummarybythe U.S. Nentwick said. She said it Sources: A.M. Best (net yield); Ryan ALM, TradewebICE Closes (10-year Treasury) arerented out short term. House staff said the revision could take months to knowde- They also faultthe process wasnecessary“to reflect eco- tails of howitwill playout, as 4% growth rate in cash value to switch to afloating interest Fannie uses to determine the LikeFannie,Freddie has also nomicrealities” and givecon- many insurers must redesign forapolicytoenjoythe tax rate,said Paul Graham, the or- eligibilityofabuilding,saying long maintained rules against sumers“access to financial se- productsand obtain regula- advantages. ganization’ssenior vicepresi- it is opaque andcan’t be dis- financing condotels,but Fannie curity via permanent life- tory approvals. Industryexecutives said this dent of policydevelopment. puted by abuilding’sownersor has historically been abigger insurance policies.” An analysis by the Joint rule had become especially Lobbyistsalso included Fin- itshomeownersassociation. playerinthe condo market, ac- “It will createsome new CommitteeonTaxation in May problematic forwhole life, a seca, aprofession-based trade “We’reconcerned that ac- cording to Realtorsand bank- opportunities forclients,” said showedthat the lowerinterest- subset of permanent lifepopu- association. cess to credit could be limited ers. Katie Nentwick,amanaging rate assumptions could reduce lar with middle-income fami- Insurers’ investment yields forwhole projectsorcondo Terrie Suit,president of director at Long Road Risk federal income-tax revenue by lies and small-businessowners. “dropped to the point they buildings, which could affect SanctuaryatFalse Cape Condo- Management Services LLC in about $3.3 billion over 10 years. Lifeinsurersearn part of were bumping right up against notjust second-home buyers minium Association, said the Phoenix,which assistsinvest- In establishing the 1984 theirprofitbyinvesting cus- their ability to paythat 4% in- but some primaryhome buyers building with 248residential ment advisers with arranging rule—known as Section 7702— tomers’ premiums until needed terest rate on their policies, acrossthe country,” said Ken unitsinVirginia Beach, Va., and managing insuranceplans. Congresswas seeking to iden- forpayouts, and their invest- andthey faced adilemma,” Fears, asenior policyadviserat wasdisqualified from Fannie fi- Ownersofpermanent-life tify investment products dis- ment portfolios areheavy with Mr. Graham said. the National Association of Re- nancing last month afterthe policies defertaxes on their guised as lifeinsuranceto high-quality bonds.Insurers’ Without atax-code change, altors. revamped rules went intoef- investment gains,and their obtain the favorable taxtreat- portfolio yields have declined “whole lifeasweknewit Fannie says itsrevamped fect. Through aconsultant beneficiaries receivethe death ment, according to industry sinceapeak in 10-year Trea- would be severely compro- rules aremeant to clarifylong- hired by the condo association, benefit tax-free.The policies historians.Italso could root suryyields at nearly 16% in the mised and may no longer ex- standing policies,which revolve Fannie informed the building aredesigned to be in placefor out policyholderswrongly 1980s.The 10-year Treasury ist,” he said. around the eligibility of the en- just beforeChristmas that it no abuyer’s entirelife, and allow stuffing huge sums of money currently yields just over 1%. Under the changeapproved tirecondo project, not particu- longer qualified forfinancing abuyer to accumulatemoney intopolicies to avoid taxbills. Afterapandemic-related by Congress, the tax-code in- lar units. Thefocus is also more from thecompany. It wouldn’t to help fund the policy’sfuture In simple terms,the 1984 diveearly in 2020,trade terest rate will be 2% this year on “condotel” buildingsorga- discussits rejection with the costsand to tapprior to death. taxcode adopted an group American Council of and then it will float, Mr.Gra- nized centrally through man- association’srepresentatives, Theyear-end changeby assumption of aguaranteed LifeInsurerslobbied Congress ham said. agement, rental and real estate Ms.Suit said. P2JW011000-0-R00100-17FFFF5178F INVESTJOURNINALGIREPORNFT • AQUNDuarterly AnalySsis&ETFS

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Winners’ Circle No.1Fund Notcheda 150% Gain Last Year

Inception Portfolio won stock-fund race

BY SUZANNE MCGEE

Over the past 12 months, a pandemic has led to the deaths of hundreds of thou- sands of Americans, and lock- downs have pummeled busi- nesses and the economy. The stock market, however, shrugged off much of this gloom. Even when knocked off course by a wave of fear, share prices repeatedly bounced back, leaving bell- wethers like the Dow Jones Industrial Average and the S&P 500 index setting new records by year’s end. Investors in actively man- aged mutual funds fared even better, according to data from Refinitiv Lipper. While the Dow climbed 7.2% in 2020 and the S&P 500 wrapped up the year with a gain of more than 16%, the average diversi- fied U.S. stock fund rewarded investors with a 19.1% return. The Wall Street Journal’s quarterly Winners’ Circle sur- vey of top-performing actively managed U.S. stock mutual funds reveals that a baker’s dozen delivered gains of at least 100% for the 12 months SE ended Dec. 31, leaving a lucky AU

KR subset of fund investors feel-

JON ing that 2020 wasn’t such a grim year after all. The best The form of money— “capital” dollars of the value of stock itself? of the bunch, measured only salary vs. bonus, or income Rational investors answer “no” to each of by raw performance numbers A DOLLAR the three questions. After all, money is over that period, was Morgan vs. capital—colors our views. money, and rational investors can easily dis- Stanley Institutional Incep- For good and bad. tinguish between the substance of money tion fund (MSSGX), which and its form. Hard-earned dollars and capital posted a gain of 150.6%, in- IS A DOLLAR dollars are no greener than windfall dollars cluding a 19.5% surge in the BY MEIR STATMAN and income dollars. final four weeks of the year, Normal investors, however, are likely to an- based on Morningstar data. o you care if a clerk at the drug- PleaseturntopageR4 “We had this perfect IS A DOLLAR. store gives you change in one $10 storm, with low rates creating little in the way of alterna- bill or two $5 bills? Dr.Statman is the Glenn Klimek professor of tives” to stocks last year, says Are you more reluctant to financeatSanta ClaraUniversity’sbusiness D spend hard-earned dollars than Dennis Lynch, head of the school and author of “Behavioral Finance: The Except in Our Minds. windfall dollars? Second Generation” (available free at Counterpoint Global team at Do you distinguish the “income” dollars cfainstitute.org). He canbereachedat Morgan Stanley Investment paid as dividends on your stock from the [email protected]. Management, who oversees the fund. His team also man- ages three other funds that posted triple-digit gains in Inside 2020, including Morgan Stan- ley Institutional Discovery • Ask Encore • Fund Results SCOREBOARD fund (MPEGX). It posted a Bitcoin Full-year 2020 fund performance, gain of 142.6% for the year, total return by fund type.MoreonR2. making it the fifth-best per- A parent is moving The case for, Mutual-fund U.S. Intl. Bonds former in our survey. in with your family. and against, the and ETF stocks* stocks* (intmd.) These and other Morgan Here are the cryptocurrency,asit Stanley funds had “more than continues to dazzle quarterly data our fair share of investments financial issues on pages R4 investors. Is it aforce 19.1% 12.6%8.2% in companies benefiting from that need to be thatisheretostay, or and R6 and at e-commerce, people working *Diversifiedfunds only,excluding sector considered. R3 fool’sgold? R8 WSJMarkets.com and regional/countryfunds Source:Refinitiv Lipper PleaseturntopageR7

Meet the three newmembers of theInvesco QQQ family.

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

NOTADEPOSIT NOTFDIC INSURED NOTGUARANTEED BY THE BANK MAYLOSEVALUE NOTINSURED BY ANY FEDERAL GOVERNMENT AGENCY Thereare risksinvolved with investing in ETFs, including possible loss of money. ETFsare subject to riskssimilar to those of stocks. Investments focused in aparticular sector, such as technology,are subject to greater risk, and aremoregreatly impacted by market volatility,than morediversified investments. An investment cannot be made directly into anyindex. BEFORE INVESTING,CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGESAND EXPENSES. VISIT INVESCO.COM/FUNDPROSPECTUS FORAPROSPECTUS CONTAINING THIS INFORMATION.READ IT CAREFULLYBEFORE INVESTING. Invesco Distributors, Inc. P2JW011000-0-R00200-1------XA

R2 | Monday, January 11, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

A Journal Report U.S.-stock funds 13.4 Quarterly special look at the numbers and news about 5.5% 5.4 DA Monitor this month’s investing SO William Power AND –3.1 –0.7 TA JR l 2020

l Insight 37%

Stock Funds Rose 19.1%ina Average gain Grueling 2020 last year for large-cap For a second straightyear,stock- growth fund investorspocketed big gains. funds. But their fingersare crossed. Growth Powered by a 19.0% rally in the stocks like fourth quarter, the average diver- Apple and sified U.S.-stock fund rose 19.1% Tesla led the for the year, according to Refini- way in 2020. tiv Lipper data. That wasn’t as strong as the average 28.3% gain in 2019, but it could be seen as

68% more impressive considering what the economy and markets had to overcome last year. “It was a shockingly good year, given the backdrop,” says Russ Koesterich, portfolio manager of BlackRock Global Allocation Fund in Princeton, N.J. Still, investors realized that the stock market was trading at lofty The S&P500’s levels—and just like in 2019, they recovery from protectively poured money into March23to bond funds last year. Investors year-end.  March was put a net $445.3 billion into Above,anuncommonly empty Annual gain for the Dow’sElection Day the lowpoint bond-focused mutual funds and Times Square, including Nasdaq’s Dow Jones Industrial through year-end of the selloff exchange-traded funds in 2020, MarketSite(middle-left),early rise, the best such 01.01.21 7.2% Average, overcoming 11.4% in reaction to based on Investment Company on New Year’s Day morning the slide in the spring gain since 1928 the pandemic Institute estimates. and As they clutched their bonds, lockdowns. they pared their stocks—pulling a Party Judging only by the numbers,2020was apositiveyearfor investorsand net $258.5 billion out of U.S.- formanyworkers’ 401(k)accounts.But,ofcourse,the bigger storywas the stock funds even as the market On pain broughtonbythe pandemic and the lockdowns.Inthe end, the Dowrose -2 rose, and $108.8 billion from in- forthe 14th year of the past18. Nasdaq and itsbig tech stocksdominated, FOLLOW THE MONEY soaring nearly 44%—Nasdaq’slargestone-yearpercentage gain since2009. Full-year 2020 flowof investor cash by fund type,

1 in billions* U.S. Intl. ‘When you look at the entire year, you could say % stocks stocks Bonds policy makers drowned the black swan.’ Carsten Brzeski, global head of macro research at ING Groep, –$258.5 –$108.8 $445.3 using the Wall Street term for an unexpected crisis like Covid-19 Oil futures’ *estimatedmutual-fund/ETF flows decline in through 12/29 2020,or Source:Investment CompanyInstitute $12.54 abarrel to $48.52, ternational-stock funds. l Charted despitea “I get a lot of questions about late-yearrally. whether this is the late ’90s,” the internet-stock boom, says Mr. Scoreatthe Quarter Koesterich. It’s not, he says. He notes that interest rates are so AfterU.S.-stock funds began the year with twostartling quarters—one down, one up—the positivereturnscontinuedinthe thirdand fourth quarters. Average total return forU.S.diversifiedfunds,compared with international-stock funds and bond funds (funds focusing on GoldPrices much lower now, and the pan- demic has accelerated long-term intermediate-maturity, investment-grade debt). Dec.31, 2019: trends that benefit tech compa- $1,519.50 oz. U.S.-stock funds International-stock funds Bond funds nies (home shopping, streaming, 20% etc.). “It doesn’t mean you don’t want to trim some of the highfly- 15 ing names. But investors shouldn’t flee from tech,” he says. 10 Dec.31, 2020: Steven Violin, principal and 1,893.10 portfolio manager at F.L.Putnam 5 Investment Management in 25 0.3 0.3 0.1 0.3 Wellesley, Mass., says, “The mar- 0 ket made an incredible recovery from the volatility in the spring in –0.4 –0.3 –0.3 –5 2020, particularly referencing U.S. stocks. But as that rally has pro- % –10 ceeded, it has also evolved.” Forexample,though tech –15 stockshave ledthe market,Mr. Vi- olin expects leadership to broaden. –20 Goldfutures’ “Wesaw signs of thatinthe gain in 2020 fourth quarter,with small-caps and –25 (the best international, particularly emerging 2017 ’18 ’19 ’20 2017 ’18 ’19 ’20 since2010),or 2017 ’18 ’19 ’20 markets,” he says.International $373.60an Source:Refinitiv Lipper ounceto funds rose 12.6%in2020. $1,893.10. Bond funds rose. Funds tied to intermediate-maturity, invest- ment-grade debt rose 8.2%. l In Translation Stocks began 2021 with new Sources: highs. “Normal will look different, DowJones but the economy will continue to Explaining Brobdingnagian Base Market Data, Refinitiv Lipper improve,” says Mr. Koesterich. “The flip side is the markets have If Jonathan Swift were an pected to be. So-called Brobdingnagian bases already risen a great deal.” are those that have lasted for many years analyst, he’d invent this and thus are pointing to the potential for a Mr. Power is a Wall Street gigantic rally. Journal news editor in South Brunswick, N.J. Email him at When investors first hear the term “Brob- One historical example of a Brobdingnag- [email protected]. dingnagian base” they might be taken aback. ian base: Microsoft Corp., which moved side- Not only is it a mouthful, it is a literary ref- ways from 1999 to 2016. In 2016, it finally erence that seems unrelated to finance. broke through the previous all-time high of Reprints Available But understanding what the phrase around $60 reached in 1999. “At that point, means could be beneficial because some an- people thought of it as a stodgy old tech OW

alysts use it to describe potentially large stock,” says Jonathan Krinsky, chief market Printed Copies BL Individual copies of The Wall Street UL

profit-making opportunities in markets. technician at New York-based broker-dealer PA Journal and individual reports such Coined in the early 2000s by John Roque, Bay Crest Partners. After the $60 price was as this one can be purchased at now a technical analyst at Wolfe Research breached, the stock continued to rally to wsjshop.com while supplies last. TION: Bulk pricing is also available.

in New York, the term draws from Jonathan more than $220 recently. Simply ANSLA

Swift’s classic novel “Gulliver’s Travels”— put, the 17-year-long TR

Reprint or License Articles A; Brobdingnagians are the giants who live in Brobdingnagian base To order reprints of individual the fictional country of Brobdingnag. Base, was a precursor to articles in printordigital format, or GNAR to license content, pleasecontact: BA meanwhile, refers to a bullish chart pattern an almost fourfold Online: www.djreprints.com MO CO where the price of a security or other asset jump in the Phone: 1-800-843-0008 GIA has moved sideways for a period. stock price. Email: The longer the sideways price action has —Simon [email protected] OR:

gone on, the bigger a subsequent rally is ex- Constable MONIT P2JW011000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, January 11, 2021 | R3 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

finances,mywifeand Istill would that I didn’t take time to sit down have asked her to livewith us.In with a tax professional and consider hindsight, though, the three of us ways we might have been able to re- AskEncore • Glenn Ruffenach should have talked at length about duce our taxes. For your part, start moneybeforehand—howour house- with IRS Publication No. 501, “Depen- hold budget would change,whether dents, Standard Deduction and Filing Financial Issues When a my mother-in-lawwould contribute Information,” and IRS Form 2441, toward expenses,whether other fam- “Child and Dependent Care Expenses.” ily members(my wifehas abrother) Parent MovesIn would chip in, if need be. • Remodeling At various points during the yearsmy • Estate planning mother-in-lawspentwith us,wemod- It’s easy to not think of some of the most Twothings here. First,mywifeand I ifiedour home somewhat: adding grab also discovered—again, relatively barsinmymother-in-law’sbathroom, important issues. Learn from my mistakes. quickly—thatmymother-in-law’slast improving the lighting around en- will and testamentand relateddocu- trances to the house and in selected ments were badly out of date.We rooms and hallways, and changing • The amount of time all caregivershave cleanedupthatpaperwork fairly easily. handles on doorsand faucets. Question: My husband and I anticipate that my been providing, or provided, care But second, my mother-in-law, as At somepoint, though, we knew mother (age 84) will move in with us in 2021. Less than six months time passed, became increasingly con- bigger changes awaited us.All the She is growing frail, and we haven’t been able to 25%52% cernedabout money: whether she bedrooms in our house were on the visit with her during the pandemic. We want to Six months to lessthan 1year had enough, whether someone would second floor,and my mother-in-law ensure that we have all the financial bases cov- tryto“take” her checkbook,whether wastiring of climbing the stairs. 18 ered, both for her sake and ours. Are there any she would need to move,atsome Would we have to build abedroom red flags we should know about? 1to4four years point, to anursing home and howshe and additional bathroom on the first 27 would payfor it.Mywifeand Itried floor? Would we have to widen door- A good question, one I can speak to from per- to reassureher,repeatedly,thatshe waysif, at somepoint, she required a Average duration 4.5years sonal experience. wassafe, thatwealwayswould act in wheelchair? Would we need to find a My wife and I never expected that her mother 5to9years her bestinterests. newhome,one thatcould betterac- would end up living with us. But when my 15 But again, in hindsight, I wonder if commodate her changing needs? mother-in-law developed health problems and 10 yearsormore I should have talked with her about As it turned out, my mother-in-law needed help almost daily, the three of us decided 14 trusts and placing her admittedly lim- died before any of this was neces- she should move into our house. In all, we spent ited assets inside one, and whether sary. But again, this is something I Source:AARP and National Alliancefor Caregiving, almost 11 years together. “Caregiving in the U.S. 2020 Report.”Online surveysof1,392 she would have felt more comfort- could have done a better job of antic- It was certainly the right move; my mother-in- caregivers ages 18 and older,May-July 2019;margin of error able having a friend or other family ipating—and figuring out how we +/- 2.5percentage points. law was surrounded by people who loved her. But member help manage her money. would pay for such changes—long be- it was also a difficult move, emotionally and fi- I would like to think my mother-in- fore the need arose. nancially. My mother-in-law had a difficult time law trusted me and my wife, but let’s Afinal thought: Youand your hus- making new friends and finding new interests. way of savings. What’s more, my wife face it: There are adult children who band, if youend up sharing your home (She had been living outside of St. Louis; my wife cut back on her hours at work to spend take advantage of elderly parents. with your mother,are doing awonder- and I lived in New Jersey.) And there were days, I more time with her mother. You’re wise to consider ways to safe- ful thing. But it’s justasimportant to must admit, when my wife and I simply wanted Interestingly,each winter, if my wife guard everyone’s finances—you and takecareofyourselves as it is to care our home to ourselves. (We were empty-nesters, and Ileftthe house—say, to run errands your husband’s and your mother’s. foryour mother.Mywifeand Ishould for the most part; our two daughters already had or seefriends—mymother-in-law, who al- have reachedout morefrequently for left for college.) waysfelt achill, would set the thermostat • Taxes help,tofriends,family members, our As for finances, I made several mistakes. to “sauna.” Our utilitybills from November During the time my mother-in-law church, communityservices.You, and Among them: through March were lived with us,our tax returns and hers your mother,will benefit from that. full of surprises. were relatively straightforward.Ifilled Best of luck on your journey. • Income and budgets The point: Evenif them out myself. At one point, Ire- I knew almost nothing about my mother-in-law’s Ihad known more searchedbriefly whether tax credits Mr. Ruffenach is a former reporter finances before she moved in with us. She hated about my or deductions were available,given and editor for The Wall Street talking about money. My wife and I learned, mother-in-law’s the contributions my wifeand I Journal. His column looks at financial quickly, that—beyond a modest pension and made to her mother’s care.Nothing issues for those thinking about, planning and living their retirement. equally modest Social Security check—my came of it. Send questions and comments to mother-in-law, Looking back, I regret [email protected]. whose husband had died many years earlier, had little in the

Online Calculators Help With the Big Decision: When to Tap Social Security

The tools can help Couple No. 1 Couple No. 2 can continue working until 70. So, where the calculator recommends you figure out when A husband and wife plan to retire A 63-year-old man is married to a he compromises and delays col- the main earner claim Social Secu- the conventional at age 62. Each will get $36,000 a 38-year-old man. The older man lecting retirement to 68 and a half. rity early. The reason is that neither wisdom is wrong year from Social Security if they plans to start collecting Social Se- That increases his benefit to the son nor the husband can begin wait until their full retirement curity when he reaches his full re- $34,800—less than the $38,400 collecting benefits until the woman

BY NEAL TEMPLIN ages of 67 to start benefits. But tirement age of 66 and six he would get by waiting until 70 begins drawing Social Security. they plan to start benefits now months and will receive $30,000 a but more than the $30,000 he One of the most complicated and so will each receive $25,350 a year. The younger man is pro- gets by waiting until 66 and six What the couple ends up doing and consequential decisions in re- year, or a total of $50,700. jected to receive $12,000 a year in months. The calculator estimates The woman comes from afamily tirement—when to start collecting Social Security benefits at age 67. this compromise has a lifetime wherethe women routinely livewell Social Security—has been trans- Whatthe calculatorrecommends value 4.8% below the into their 90s.She adjusts the calcu- formed by online calculators. One spouse should file for benefits optimal strategy. latorsothatitassumes she will die The conventional wisdom says at age 65 and five months and get at 95.Thatchanges everything. With that you should wait to claim ben- $32,200 a year. The other should the longer age,the calculatortells efits, to maximize payments. But wait until 70 to file and receive Couple No. 3 her she should begin drawing bene- one size doesn’t fit all, and peo- $44,640. Together, the couple will A 60-year-old woman fits at 70 to maximizethe money ple’s circumstances are often dif- collect $76,840 a year at age 70, has just retired and Social Securitygives her family,even ferent than standard assumptions. about 52% more than they would plans to collect Social though it means delaying benefits That’s where these calculators by both claiming at age 62. Security at her full re- forher husband and son. are useful. Put in your age and When one of them dies, the tirement age, 67—a The woman doesn’t have enough your spouse’s age, as well as infor- survivor will receive the higher of benefit of $24,000 a money to wait until 70. But she mation from your Social Security the two checks, or $44,460, for year. Her 64-year-old does have enough to wait until 67, statement, and they will tell when the rest of his or her life. By con- husband stayed home her original plan. Delaying five years you should each begin benefits. trast, if they both retire at 62, the for most of their mar- beyond the original recommenda- You caneasily adjust the numbers survivor will receive only $29,700. riage to care for their tion boosts her family’s yearly bene- based on your individual situation. The calculatorestimatesthe cou- 40-year-old son, who fit by $7,100 for the rest of her life. There are a number of calcula- ple will receive12.5% morevalue is disabled, so didn’t With the assumption that she tors. Some are free, such as Open by following its recommendation work long enough to will live so long, the calculator esti- Social Security (opensocialsecu- than by both retiring at age 62. qualify for Social Se- mates that retiring at age 67 will rity.com), and some charge a fee, curity. The woman produce almost 2.4% in additional like Social Security Solutions (so- What the couple ends up doing Whatthe calculatorrecommends saved enough money to cover lifetime benefits for the family than cialsecuritysolutions.com) or Maxi- The couple decides that one of The older man, the higher earner, them until she begins collecting. retiring at 62 and one month. And mize My Social Security (maxi- them should hold off collecting should wait until 70, when he will the lifetime benefits will only be mizemysocialsecurity.com). benefits until 70 to maximize the get $38,400 a year. Because of the Whatthe calculatorrecommends 1.7% less than if she retired at 70. SE AU

Play with the assumptions to fit survivor benefit. But they plan to age gap, it is unlikely they will si- The woman should file for Social In this case, the woman has lon- KR

your circumstances. That is what travel in their early 60s, and they multaneously collect for long. So Security at 62 and one month. Her gevityinformation thatthe calcu- JON we’ve done with three imaginary would like at least one Social Se- the young man should begin at 62 husband should file for child in- latordoesn’t,and it makes all the

family situations below, using curity check to help cover costs. and a month, to receive $10,413 if care spousal benefit at that time, difference. GNOLA; Open Social Security. In each case, By studying the calculator, they his husband is alive. After one and her son should file for a bene- TO the couple adjusted the numbers notice they still will achieve 99.6% dies, the survivor gets $38,400. fit because he is disabled. The Mr. Templin is a former reporter TIN MAR

to fit their own situation—and re- of the optimal strategy if the woman gets $16,900, and her hus- and editor for The Wall Street P:

alized the conventional wisdom other spouse starts collecting im- What the couple ends up doing band and child will each get $9,761. Journal who lives in New Jersey. He TO didn’t quite make sense. mediately. So that is what they do. The older man doesn’t think he This is one of the rare instances can be reached at [email protected]. OM FR P2JW011000-0-R00400-1------XA

R4 | Monday, January 11, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

erally imposing a 10% pen- “extra” moneymakes you of company-paid dividends usedittobuy aTVset. ladder declines when inter- ADollar alty on withdrawals from morelikely to spend what is in the hands of the com- Compareittocreating a est rates increase, as much defined-contribution retire- youcan afford, go forit. pany. Also,taxes on home- $1,000 homemade dividend as the value of a corre- Is aDollar. ment saving accounts on made dividends arelikely by selling shares to buy a sponding mutual fund. those younger than 59½. lowerthan on company- TV,only to find thatthe Therefore, rational investors Except in Again, none of this is ra- paid dividends.Homemade priceofshares zoomed are, at best, indifferent be- tional. A dollar is a dollar is Tripped up by the dividends do involvetrans- soon afteryou sold them. tween the two if their costs a dollar. But thinking about ‘money illusion’ action fees as investors The pain of regret is likely are the same (more on that Our Minds. the form of those dollars Money illusion refers to sell shares,but these fees greaterwith homemade in a minute). can make us financially the failure to distinguish arenow pretty close to dividends because youbear Many normal investors, ContinuedfrompageR1 healthier. dollars framed as “nomi- zero. responsibilityfor selling however, prefer bond lad- swer “no” to the first ques- Except notalways. nal” from dollars framed Manynormal investors, shares when youdid, ders because they can man- tion, but many are sure to Sometimes self-control is as “real”—that is, after in- however, prefer company- whereas youdon’t bear re- age them in ways that re- answer “yes” to the second toostrong rather than too flation. For example, a 2% paid dividends to home- sponsibilityfor the com- duce regret. and third questions. weak,preventing reason- increase in a nominal an- made dividends. panypaying dividends Imagine that you hold a All of us are normal in- able dips into ample capital nual salary, say from Thatcan be both smart when it did. bond ladder with 10 bonds vestors. For us, the form of pots. That’sespecially true $100,000 to $102,000 is a and notsosmart. But the pain of selling with maturities ranging money does make a differ- forretirees who have 1% decrease in the real an- Normal investorshave stock—and then watching from one year to 10 years. ence. A dollar may be a dol- plenty of money, but have nual salary when the an- twodistinct mental pots: the pricerise—should not You bought each of them at lar may be a dollar. But not spentalifetime cultivating nual inflation rate is 3%. “income” and “capital.” be determining which form their $1,000 face value. Nine in our minds. asaving mantra: Neverdip Rational investors are Company-paid dividends, of moneywe“prefer” when months pass, and you need Sometimes, such normal into the capital pot. Nowat immune to the money illu- likewages,belong in the we need $1,000.Stock $1,000 to buy a TV set. thinking helps us in our fi- the very time when they sion, but many normal in- income pot. Shares,like prices do notzoom after Meanwhile, however, inter- nancial lives. But sometimes should be doing justthatto vestors are not. And that other savings,belong in we sellshares justbecause est rates increased such it hurts us. And understand- enjoylife, theycan’t bring is not to the benefit of the the capital pot. The self- we soldshares.It’sjustbad that the prices of all 10 ing the difference between themselves to do it.They normal investor. controlrule manypeople luck. bonds are now lower than the two—that is, knowing continue to spend only the We see the distortions livebyisto“spend income Avoiding selling stock $1,000. If you sell the one- when we’re being smart, income theyderivefrom caused by money illusion but don’t dip into capital.” and waiting fordividends year bond you’ll receive, say, even if not rational, and their savings,and their in the current concern Thinking of the money because of the fear of re- $995. Adding $5 to the when we’re being neither lives aremoreconstrained about the low yields of as being in twodistinct gret maybewhatanormal $995 will not squeeze your smart nor rational—can as aresult. bonds. For example, the pots is smart when self- investor would do.But it budget too much, but realiz- make us better savers, Rational? No. Smart? average nominal yield on controlistoo weak to pro- isn’t rational. And it proba- ing a $5 loss inflicts the spenders and investors. No. 3-month Treasury bills tect savings from excessive bly isn’t smart. pain of regret. A bond lad- der gives you the option to wait three months until the one-year bond matures and receive $1,000, avoiding the pain of regret. Bond mutual funds do not afford this waiting op- tion. You cannot be assured that you’ll be able to avoid realizing a loss, no matter how long you wait. None of it makes adif- ferencetorational inves- tors,because theyknow thata“paper loss” is no differentfroma“realized loss.” Sure, delaying real- ized losses maykeepregret at bay, but it has no finan- cial benefits. Indeed,ratio- nal investorsprefertoreal- izelosses,whether in a ladder or mutual fund, be- cause realized losses be- come tax deductions,yield- ing them extra money. And waiting three months (or howeverlong) to get the Here are some examples Distinguishing hard- during the first nine spending. A$1,000 com- Preferring ‘bond moneyyou need means of our normal thinking, and earned money from months of 2020 was a pany-paid dividend places a ladders’ to bond youwon’t be enjoying when it hurts and helps us: windfall money meager 0.42%. The real definitelimit on the mutual funds whateveryou need to use Easy come, easy go. yield is even lower, a nega- amountthatcan be spent, Abond ladder is composed thatmoneyfor. We regularly distinguish tive 0.98%, because the whereas a$1,000 home- of bonds of arange of ma- What’s more, rational in- money earned with much rate of inflation during the made dividend opens the turities.For example,a vestors would ask them- Framing money effort, such as salary, from period was 1.40%. Indeed, door to selling andspend- $10,000 bond ladder can selves: Why build a Rube into pots windfall money obtained inflation has exceeded ing, say, $2,000 of shares be built by allocating Goldberg bond ladder, when We regularly divide our pay- with little or no effort, such Treasury-bill yields in most when atempting vacation $1,000 to eachof10Trea- low-cost index bond mutual checks into pots. Sometimes as gifts. We tend to place years since 2002. overpowers weak self-con- surybonds with maturities funds are simpler and likely they are tangible pots, such Yettherewas lesscon- trol. ranging from one to 10 cheaper, don’t require home- as checking accounts or cern in 1979 when the Still, dividing moneythis years. The alternativeisto made construction, and glass jars. Sometimes they nominal yield on 3-month way canbackfire. To under- placethe $10,000 into a don’t have the extra trouble are virtual pots, such as Ex- Some retirees T-bills was10.07% and the stand why, consider that Treasury bond mutual of monitoring and replacing cel sheets or mental pots in have plenty of rate of inflation was12.26%, an anticipatedpain of re- fund. bonds that reach maturity our minds. We mark each money but avoid implying anegative2.19% gret is another reason for In substance, a bond lad- with new bonds? pot with a label such as real yield. This is because preferring company-paid der is a “homemade” bond In other words, it is nor- rent, food, entertainment, spending it manynormal investorsare dividends to homemade mutual fund with average mal to try to avoid the pain Christmas gifts or emer- when they misledbythe moneyillu- dividends.Imagine thatyou maturity equal to that of a of regret, but such avoid- gency funds, and refrain sion, comparing the low received $1,000 as acom- corresponding bond mutual ance can be costly. from dipping into pots other finally should be. 0.42%nominal yield of pany-paid dividend and fund. The value of a bond Normal? Yes. Smart? No. than designated ones. 2020 to the high 10.07% in Of course, none of this is 1979,while neglecting to rational. Rent dollars aren’t hard-earned money in one note thatthe real yield in any greener than entertain- mental pot and windfall 2020,while negative, is ment dollars. Rationally, they money in another, and we higher than in 1979. Mutual-Fund Yardsticks: How Fund Categories Stack Up should all be in one pot la- spend windfall money more Moreover, 1979 inves- Includes mutual funds and ETFs for periods ended Dec. 31. All data are final. beled “money.” easily than we spend hard- tors paid higher taxes on a Yet this practice is smart earned money. 10.07% yield than 2020 in- Performance (%) Performance (%) Investment objective December 4th-qtr 1-yr 5-yr* Investment objective December 4th-qtr 1-yr 5-yr* when it makes budgeting That distinction also af- vestors pay on 0.42%. In- easier and prevents bounced fects our willingness to vestors tend to overlook Diversified stock & stock/bond funds World stock funds checks and disappointed take risk. In one set of ex- this 2020 tax balm. Large-Cap Core 3.8 12.0 16.7 13.7 Global 5.0 15.2 19.0 11.7 children on Christmas morn- periments, people were di- Framing money in nom- Large-Cap Growth 4.0 11.2 36.8 19.0 International (ex-U.S.) 5.4 15.9 12.6 8.3 Large-Cap Value 3.9 16.3 4.1 9.9 European Region 5.7 16.1 10.6 7.2 ing. For example, one couple vided into two groups, inal terms is easier than in Midcap Core 5.3 20.4 9.2 9.8 Emerging Markets 7.5 19.4 19.5 12.1 I read about maintained a hard-work earners and real terms because it does Midcap Growth 6.1 19.8 41.4 18.9 Latin American 10.8 31.2 –11.2 10.8 joint account and two sets windfall receivers. People in not require knowledge of Midcap Value 5.5 24.0 2.5 7.8 Pacific Region 6.5 16.2 30.3 13.1 of checking and savings ac- the hard-work group re- inflation rates and how to Small-Cap Core 7.8 28.8 9.2 9.9 Gold Oriented 7.8 –1.5 31.9 21.6 counts—one for daily ex- ceived an amount of use them to convert nomi- Small-Cap Growth 8.8 26.5 38.4 17.7 Global Equity Income 3.7 12.5 2.3 7.3 penses, such as groceries, money for completing work nal dollars into real ones. Small-Cap Value 7.4 31.4 3.6 8.0 International Equity Income 4.8 14.6 1.7 6.1 and the other for larger ex- requiring physical effort— Yet such framing is not Multicap Core 4.3 14.20 16.6 12.9 Taxable-bond funds penses, such as taxes. The peeling 25 potatoes or smart when it misleads us Multicap Growth 4.8 14.6 42.8 18.9 Short-Term 0.3 0.9 3.4 2.5 wife was responsible for making nine envelopes to act as spendthrifts Multicap Value 4.2 17.9 2.7 8.9 Long-Term 0.5 2.8 10.0 6.3 paying daily expenses from within 30 minutes. People when high inflation pushes Equity Income 3.4 13.8 4.4 9.9 Intermediate Bond 0.4 1.5 8.2 4.6 one account and the hus- in the windfall-receiver nominal interest rates up, S&P 500 Funds 3.8 12.0 17.9 14.7 Intermediate U.S. 1.0 1.6 8.8 4.0 band was responsible for group received the same and as misers when low Specialty Divers. Equity 4.1 11.4 23.0 16.6 Short-Term U.S. 0.1 0.2 3.2 1.7 Balanced 2.9 9.3 11.7 8.7 paying larger expenses from amount of money as a gift, inflation presses nominal Long-Term U.S. –0.3 –0.9 9.5 4.2 Stock/Bond Blend 3.5 10.6 12.3 9.0 General U.S. Taxable 0.8 2.7 7.0 6.0 the other. The idea was to with no work requirement. interest rates down. Avg. U.S. Stock Fund† 5.4 19.0 19.1 13.4 make sure they always had Subsequently, people in the High-Yield Taxable 1.8 6.1 5.5 7.1 Sector stock funds Mortgage enough for both groceries hard-work group made 0.4 0.8 4.0 2.9 Science & Technology 6.4 20.2 52.2 24.9 World Bond 2.0 5.7 5.3 5.4 and taxes. less-risky and less-impul- Telecommunication 3.7 14.8 25.0 10.6 Avg. Taxable-Bond Fund** 0.9 2.8 5.7 4.5 Rational? No. Smart? Yes. sive choices than people in Spending company- Health/Biotechnology 4.8 13.6 27.5 11.9 Municipal-bond funds Of course, refraining from the windfall group. paid dividends but Utility 1.6 9.8 0.4 10.4 Short-Term Muni 0.1 0.2 3.2 1.7 dipping into pots other than Rationally,ofcourse,it not ‘homemade’ Natural Resources 7.1 33.5 –28.8 –8.0 Intermediate Muni 0.6 1.7 4.0 2.8 designated ones requires makes no difference dividends Sector 4.3 15.7 2.0 6.5 General & Insured Muni 0.9 2.5 4.8 3.7 self-control. Yet this is diffi- whether somebody receives Investors holding shares of Real Estate 3.3 9.9 –3.6 5.3 High-Yield Muni 1.7 3.9 3.6 4.5 cult when we face tempta- moneyfromawindfall or a company have two ways tion, such as using money in hardwork.Itmay also not to derive money from the emergency pot for en- be smart if it leads recipi- these shares. Say you Stock & Bond Benchmark Indexes All total return unless noted Perfomance (%) Performance (%) tertainment. One smart way ents of windfalls—whether need $1,000. You can re- Investment objective December 4th-qtr 1-yr 5-yr* Investment objective December 4th-qtr 1-yr 5-yr* to bolster self-control is to bonuses,bequests or lot- ceive a $1,000 company- Large-cap stocks Stock indexes place obstacles in the way tery winning—to fritter paid dividend. Or you can DJIA 3.4 10.7 9.7 14.7 DJ U.S. TSM Growth 5.1 13.4 38.1 20.0 of pots other than desig- away these windfalls on create a $1,000 home- S&P 500 3.8 12.1 18.4 15.2 DJ U.S. TSM Value 3.9 15.9 2.3 10.1 nated ones. meaninglesspurchases or made dividend by selling Midcap stocks Taxable bonds For example, one woman riskyinvestments. Then $1,000 of shares. who contacted me put her again, it could be smart if Rational investors S&P MidCap 400 6.5 24.4 13.7 12.3 Barclays Agg. Bond 0.1 0.7 7.5 4.4 money in a bank that is an you’re aperson who is not would prefer homemade Small-cap stocks Municipal bonds hour’s drive away, and cut spending as much as you dividends to company- Russell 2000 8.7 31.4 20.0 13.3 Barclays Muni. Bond 0.6 1.8 5.2 3.9 the bank’s ATM card. should because of an un- paid dividends because Broad stock market International stocks

Similarly, the government willingnesstotap money theycan time homemade DJ U.S. Total Stock Market 4.5 14.8 20.8 15.4 MSCI EAFE†† (price return) 4.6 15.7 5.4 4.6 SE Russell 3000 4.5 14.7 20.9 15.4 Dow Jones World (ex. U.S.) 5.5 17.2 11.6 9.2 AU

places obstacles to dipping from alarge account. If dividends when it is best KR into retirement pots by gen- thinking differently about forthem, whereas timing *Annualized †Diversified funds only **Excludes money-market funds ††Europe, Australia, Far East Source: Refinitiv Lipper JON P2JW011000-0-R00500-1------NS

THE WALL STREET JOURNAL. NY Monday, January 11, 2021 | R5 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

 There are several reasons: Baby boom: Toy maker Far less money is bench- was one of those marked to those smaller-cap S&P 500 ‘small’ stocks indexes than to the S&P (now in the midcap index). 500, and smaller-cap index funds are much less concen- last year. To the extent any trated in their largest stocks. of them was overvalued at Prof. Zheng emphasizes the beginning of 2020, they that the smallest stocks are even more so today, within the S&P 500 won’t Prof. Zheng says. This in beat the largest stocks all turn bodes poorly for their the time. Depending on the future performance relative flow of new money into in- to the smallest 50 stocks in dex funds, the largest S&P the S&P 500, whose com- 500 stocks may very well bined market caps are less beat the smallest stocks than 5% of FANMAG stocks. over the shorter term. What about the smaller When thathappens,how- stocks outside of the S&P ever,the prediction of this 500, such as those in the newresearch is thatthe sit- Russell Microcap Index? uation eventually will reverse. Prof. Vayanos says that he and his co-researchers Mr. Hulbert is a would expect that the pat- whose Hulbert Ratings tern they found for the S&P tracks investment to be significantly reduced newsletters that pay a flat in smaller-cap indexes, to fee to be audited. He can be the extent it exists at all. reached at [email protected]. The ‘Small‑Cap Effect’ Isn’t Dead, After All HOWDOYOU You just have to change has been the MANAGE RISK know where to look, growth of index funds, and says new research in particular index funds benchmarked to the S&P THROUGH 500. They found evidence BY MARK HULBERT that this growth has led the average large-cap BOTH CHAOS ontrary to reports stock within the S&P to in recent years that become overvalued. the small-cap effect That’s because any ANDCALM? has disappeared, it’s stocks in the S&P 500 actually alive and that are already over- Cwell. We’ve just valued will become even been looking for it in all the more so when money wrong places. flows into S&P 500 index The small-cap effect refers funds. By definition, of to the long-term tendency of course, these overvalued small-capitalization stocks to stocks will have a larger outperform large-caps. Since market cap than they the mid-1920s, according to would if they were instead data from Dartmouth finance fairly valued or underval- professor Kenneth French, ued. Just the opposite will the 10% of stocks with the be true for the group of smallest market caps have the smallest stocks. This beaten the largest 10% of widening spread in the stocks by an annualized mar- valuations of the smallest gin of 2.4 percentage points. and largest S&P 500 Much of the past two de- stocks sets up the precon- cades have been an excep- dition for the former to tion to this long-term pat- outperform the latter. tern, however. Over the past Notice that the profes- 15 years, for example, the sors’ argument doesn’t Russell Microcap Index (con- rely on an ability to know which of the stocks in the S&P 500 are over- or un- dervalued. Their theory is It’s best to look instead based on the un- objectionable assumption at ‘small’ as the that overvaluation exists. smallest stocks in the S&P 500. The Tesla test Consider Tesla, which upon joining the S&P 500 in December became the taining 2,000 of the tiniest sixth-largest stock in the exchange-listed stocks) entire index, with a market lagged behind the Russell cap of more than $600 bil- Top 50 Mega Cap Index (con- lion. If it was overvalued taining the 50 largest-cap upon becoming part of the stocks) by 2.5 annualized per- index, as many believe, centage points. then joining the S&P 500 According to just-released has made its overvaluation research,the small-cap effect even more extreme: The nowexists almostexclusively company’s market cap has within stocksinthe S&P500. grown by more than $200 Over the 15 yearsthrough billion in just the few 2019,the 10% of stocksinthe weeks since becoming part S&Pthatare the smallest of the S&P 500. outperformedthe largest10% A similar observation by 1.2annualized percentage can be made of the group points. Among stocksthat of so-called FANMAG aren’t in the S&P, researchers stocks—Facebook, Apple, found, small-caps slightly un- Netflix, Microsoft, Ama- derperformedlarge-caps. zon.com, and Google par- ent Alphabet. These six stocks represent just 1.2% Thank the index funds of the stocks in the S&P Youcan’t controlthe changing The authors of this new re- 500, but collectively have tide of themarkets, but we can search—Hao Jiangof Michi- grown to more than 20% gan State University, Dimitri of the index’s total market help younavigateit. CMEGroup Vayanos of the London cap. In part because of the helps youmanage risk and School of Economics, and Lu influx of new money into captureopportunities across all Zheng of the University of S&P 500 index funds, their California, Irvine—argue that combined market cap majorasset classes.Wedeliver the ultimate cause of this grew by nearly $3 trillion nearlyone billion datapoints daily,informingthe insight you need to refine your trading Value of $1 investedinsubsetsofthe S&P500 on Dec. 31, 2004 strategy.For takingadvantage $5.00 of opportunities in allmarket 4.00 environments… CMEGroup. Smallest50stocks 3.00 VISIT CMEGROUP.COM/ACTION 2.00

Largest50stocks 1.00 Derivatives arenot suitable forall investors and involvethe risk of losing morethan the amount originallydeposited and anyprofit youmight have made.This communication is not arecommendation or offer to buy,sell or retain anyspecific investment or service.Copyright ©2020 CME Group 0.00 GRI/REUTERS Inc. Allrightsreserved. 2005'10 '15 ALLE

O Sources: Hao Jiang, Michigan StateUniversity; Dimitri Vayanos, London School of Economics; Lu Zheng, UniversityofCalifornia, Irvine CARL P2JW011000-0-R00600-1------XA

R6 | Monday, January 11, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Category Kings in 16 Realms Data provided by Top-performing funds in each category, ranked by one-year total returns (changes in net asset values with reinvested distributions) as of Dec. 31; assets are as of Nov. 30. All performance numbers are preliminary.

Best and Worst Best Performers Worst Performers Balanced Fund Fourth-quarter 12-month Fund Fourth-quarter 12-month Assets Total return (%) Total return for the Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* best- and worst-per- Natural Resources 33.5% –28.8% Gold Oriented –1.5% 31.9% Dscpld Growth Invest;I DGIFX 283.1 21.2 5.9 24.0 14.3 N.A. forming stock, bond and Small-Cap Value 31.4 3.6 Long-Term U.S. –0.9 9.5 Fidelity Balanced K6 FBKFX 510.8 11.6 4.1 22.8 N.A. N.A. mixed mutual-fund Latin American 31.2 –11.2 Short-Term U.S. 0.2 3.2 Fidelity Balanced FBALX 39,422.5 11.4 4.1 22.4 12.8 10.8 Financial Services 29.9 –0.4 Short-Term Muni 0.2 3.2 categories; for period Fidelity Adv Bal;M FAIGX 5,159.2 11.2 4.0 21.8 12.1 10.2 Small-Cap Core 28.8 9.2 BBG Barc US Agg TRIX 0.7 7.5 ended December 31; Wisconsin:Plumb Bal;Inv PLBBX 140.8 10.9 4.2 21.7 13.8 10.2 ranked by 4th-quarter Small-Cap Growth 26.5 38.4 Mortgage 0.8 4.0 returns. Midcap Value 24.0 2.5 Short-Term Bond 0.9 3.4 Category Average: 1,374.6 9.3 2.9 11.7 8.7 7.6 Midcap Core 20.4 9.2 Intermediate Bond 1.5 8.2 Source: Refinitiv Lipper Number of Funds: 548.0 544 547 529 478 396 Small-Cap Core Midcap Core Large-Cap Core Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Jacob Discovery;Inst JMIGX 24.7 41.8 14.1 74.4 26.0 14.3 Carillon:Sct Mid Cap;I UMBMX 3164.4 21.6 7.0 27.3 15.3 12.6 HCM Defender 100 Idx ETF QQH 139.2 17.5 7.2 41.6 N.A. N.A. Needham:Sm Cap Gro;Instl NESIX 195.3 36.6 11.6 72.5 N.A. N.A. Tarkio TARKX 126.0 34.7 7.7 27.0 15.9 N.A. AdvsrShs DW FSM US Core DWUS 66.7 10.9 3.9 36.2 N.A. N.A. Perkins Discovery PDFDX 11.5 48.7 17.5 62.1 22.1 12.2 Invesco S&P MidCap Qlty XMHQ 87.7 23.4 6.6 26.5 14.6 12.0 CB Sustain Leaders;I LCISX 22.8 18.2 5.2 35.7 18.7 N.A. Paradigm:Micro-Cap PVIVX 86.5 40.2 9.6 46.9 18.7 12.9 Destinations SMC Eq;I DSMFX 1,095.1 28.2 8.0 23.6 N.A. N.A. ImpShs:YMCA Wmn Empwrmt WOMN 11.6 17.4 5.8 34.1 N.A. N.A. WesMark:Sm Company Gro WMKSX 113.2 27.6 10.5 36.6 12.3 10.1 Clarkston Founders;Inst CIMDX 210.8 19.2 5.6 23.2 N.A. N.A. Centre Am Sel Eq;Inv DHAMX 174.5 12.6 4.4 30.8 13.7 N.A. Category Average: 547.0 28.8 7.8 9.2 9.9 9.3 Category Average: 1,345.5 20.4 5.3 9.2 9.8 9.6 Category Average: 1,560.2 12.0 3.8 16.7 13.7 12.4 Number of Funds: 917.0 913 918 899 726 504 Number of Funds: 352.0 352 353 342 259 181 Number of Funds: 686.0 665 683 637 515 405 Midcap Growth Multicap Growth Pacific Region Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Morg Stan I:Disc;A MACGX 4253.0 21.7 3.7 141.9 35.2 19.6 Baron Partners Fund;Rtl BPTRX 5887.7 42.8 15.8 148.5 37.0 23.7 KraneShs:MSCI Ch Env Idx KGRN 51.6 42.3 10.8 136.1 N.A. N.A. Baron Focused Gro;R6 BFGUX 568.2 32.4 13.8 122.8 N.A. N.A. Zevenbergen Genea;Inv ZVGNX 133.5 27.4 5.9 144.3 39.3 N.A. Bail Giff China A;Inst BCANX 1.6 23.6 17.4 92.3 N.A. N.A. Sparrow:Growth Fund;NL SGNFX 59.2 24.2 8.1 98.8 27.8 18.6 Bail Giff US EG;K BGGKX 92.7 24.1 6.2 125.6 N.A. N.A. Matthews Asia:Innvs;Inst MITEX 1,437.3 29.1 12.1 87.0 22.5 N.A. Delaware Smd Cp G;Inst DFDIX 4,398.5 24.1 8.1 94.4 28.0 20.5 Zevenbergen Growth;Inst ZVNIX 98.7 21.3 6.0 124.6 33.8 N.A. Matthews Asia:Chn SC;Inv MCSMX 350.2 13.7 11.3 82.5 25.1 N.A. Alger:Mid Cap Fcs;Z AFOZX 467.4 25.5 8.9 84.9 N.A. N.A. Virtus:Zeven Inn GrSt;I SCATX 1,193.9 22.5 6.4 119.7 34.5 22.2 KraneShs:MSCI All Ch HCI KURE 141.1 16.3 16.0 67.3 N.A. N.A. Category Average: 893.4 19.8 6.1 41.4 18.9 14.5 Category Average: 787.5 14.6 4.8 42.8 18.9 15.2 Category Average: 460.7 16.2 6.5 30.3 13.1 7.5 Number of Funds: 418.0 415 417 406 344 266 Number of Funds: 521.0 517 518 507 406 275 Number of Funds: 229.0 225 227 215 159 105 Small-Cap Value Midcap Value Large-Cap Value Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* North Star Micro Cap;I NSMVX 97.2 22.7 3.8 37.2 13.3 N.A. Hennessy:Crnst MdCp;Inv HFMDX 362.4 17.3 5.0 23.4 7.1 9.7 Barclays iPath Shiller CAPE 262.6 14.4 3.8 19.4 17.1 N.A. Bridgeway:Ultra-Sm Co BRUSX 72.6 34.6 9.6 31.3 7.5 7.1 WM Blair:Sm-Md Cp Cr;I WBCIX 27.7 28.7 8.6 20.6 N.A. N.A. AMG Yacktman Focsd;N YAFFX 3,419.2 21.2 7.3 17.3 13.9 11.8 Bridgeway:U-Sm Co Mkt BRSIX 182.1 37.1 10.2 25.5 10.4 10.1 Ariel:Fund;Investor ARGFX 1,867.9 31.6 8.7 10.0 9.7 10.0 DoubleLine:Sh En CAPE;I DSEEX 8,166.6 15.1 3.7 16.3 16.9 N.A. Snow Capital SC Val;A SNWAX 14.4 43.0 9.7 21.8 8.2 8.1 T Rowe Price MC Vl TRMCX 12,507.6 20.4 5.6 9.9 10.3 10.1 AMG Yacktman Fund;I YACKX 7,288.5 20.5 6.8 15.3 12.9 11.4 Invesco S&P SC 600 Rev RWJ 264.1 36.1 6.7 20.5 10.6 10.7 J Hancock II:Mid Val;NAV 1,379.5 20.4 5.6 9.7 10.0 9.9 Vanguard Windsor II;Adm VWNAX 47,253.0 17.9 4.7 14.5 12.4 11.8 Category Average: 378.3 31.4 7.4 3.6 8.0 7.8 Category Average: 551.9 24.0 5.5 2.5 7.8 8.8 Category Average: 1,133.9 16.3 3.9 4.1 9.9 10.1 Number of Funds: 224.0 223 225 217 183 130 Number of Funds: 160.0 154 155 149 127 92 Number of Funds: 384.0 382 383 373 332 254 Multicap Core Large-Cap Growth Multicap Value Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* TANAKA:Growth Fund;R TGFRX 11.1 38.4 22.4 50.9 6.6 9.0 Transam:Large Gro;I3 TGWTX 1115.5 14.1 3.0 73.4 N.A. N.A. Invesco S&P500 Hi Be SPHB 762.1 37.3 7.2 25.5 16.1 N.A. Needham:Growth;Retail NEEGX 132.7 22.3 5.2 41.6 16.7 11.7 Touchstone:Sel Gro;Y CFSIX 2,476.0 18.0 6.7 69.6 23.9 18.8 Athena Bhvrl Tctcl;I ATVIX 20.4 38.2 17.2 22.1 11.4 N.A. Miller Opportunity;I LMNOX 2,069.4 35.9 9.9 38.9 16.4 14.1 PGIM Jenn Focused Gr;Z SPFZX 1,156.8 18.9 6.6 67.4 24.6 19.4 Am Beacon Spr EO;Y SHXYX 108.1 27.8 7.5 19.1 N.A. N.A. Permanent Port:Aggr Gr;I PAGRX 26.7 19.9 1.9 38.0 16.2 12.3 Fidelity Blue Chip Gr K6 FBCGX 5,025.8 16.6 5.8 62.9 N.A. N.A. AMG Yacktman FcSec;I YFSIX 119.6 25.8 10.7 18.5 N.A. N.A. Pacer Salt Hi truBeta US SLT 9.4 27.5 7.5 31.1 N.A. N.A. Fidelity Blue Chip Gr FBGRX 45,408.4 16.6 5.9 62.2 24.8 19.4 Clarkston:Inst CILGX 55.6 20.7 5.2 17.0 N.A. N.A. Category Average: 2,550.5 14.2 4.3 16.6 12.9 11.9 Category Average: 2,550.9 11.2 4.0 36.8 19.0 15.7 Category Average: 723.0 17.9 4.2 2.7 8.9 9.2 Number of Funds: 694.0 679 687 660 514 356 Number of Funds: 682.0 679 681 653 555 439 Number of Funds: 587.0 587 587 581 462 341 Science and Technology Gold-Oriented Small-Cap Growth Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* Symbol ($ millions) 4th-qtr (%) December 1-yr 5-yr* 10-yr* ARK Next Gen Int ETF ARKW 4163.3 36.6 8.9 157.1 53.2 N.A. US Glbl:World PM UNWPX 101.1 12.9 17.2 70.6 19.1 –6.9 Morg Stan Inst. Inception MSSGX 603.7 45.7 19.5 150.6 33.1 19.4 ARK Innovation ARKK 13,223.8 37.4 12.6 152.5 46.6 N.A. NorthShore Gl Urnium Min URNM 18.4 51.3 47.5 67.1 N.A. N.A. Renaissance IPO ETF IPO 469.3 23.5 0.2 107.3 25.8 N.A. Amplify Online Retail IBUY 1,203.9 30.1 8.8 123.5 N.A. N.A. iShares:MSCI Gl SMetal SLVP 202.3 12.0 17.6 56.0 27.2 N.A. Delaware Sm Cap Gro;Inst DSGGX 114.9 27.0 10.1 96.8 N.A. N.A. Jacob Internet Fund;Inv JAMFX 85.0 38.1 15.7 123.2 30.9 19.9 Sprott Junior Gold Mnrs SGDJ 106.4 13.0 11.1 48.5 21.7 N.A. Driehaus:Micro Cap Gro DMCRX 316.5 39.6 12.7 85.6 30.5 N.A. ProShares:Online Retail ONLN 796.9 21.8 5.3 111.4 N.A. N.A. OCM:Gold;Adv OCMAX 74.0 –0.2 9.4 45.5 27.4 –0.1 Osterweis Emerg Oppt OSTGX 198.1 28.3 6.7 83.2 N.A. N.A. Category Average: 1,631.9 20.2 6.4 52.2 24.9 17.5 Category Average: 517.1 –1.5 7.8 31.9 21.6 –4.2 Category Average: 660.4 26.5 8.8 38.4 17.7 13.5 Number of Funds: 194.0 194 195 185 150 130 Number of Funds: 71.0 70 71 70 58 49 Number of Funds: 678.0 677 678 670 539 406

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

Winners and Losers Data provided by Best– and worst–performing stock funds for the periods ended Dec. 31; assets as of Nov. 30 and include all share classes. Performance data are final and include share prices and reinvested dividends. Fourth–Quarter Best Performers Fourth–Quarter Worst Performers Five–Year Best Performers Five–Year Worst Performers Assets Performance (%) Assets Performance (%) Assets Performance (%) Assets Performance (%) Fund Name ($ millions) Dec. 4th–qtr 1–year Fund Name ($ millions) Dec. 4th–qtr 1–year Fund Name ($ millions) 4th–qtr 1–year 5–year* Fund Name ($ millions) 4th–qtr 1–year 5–year* Direxion:Reg Bnk Bull 3X 122.7 31.3 169.8 –76.6 MS US BO Idx -3X Inv Lev 38.1 –27.7 –79.6 –83.4 Direxion:Semicnd Bull 3X 1,766.1 84.4 70.0 79.4 Direxion:Jr Mnr Bear 2X 72.2 –13.9 –95.9 –85.3 Direxion:S&P 500 HB Bl3X 46.0 21.3 131.6 –25.1 Direxion:S&P 500 HB Br3X 36.3 –21.2 –70.3 –91.6 Direxion:Tech Bull 3X 1,933.8 33.6 69.1 62.5 VelShs Dly 2x VIX ST ETN 130.9 –59.1 –48.4 –82.4 MS US BB Idx 3X Lvrgd 29.6 29.0 125.5 –68.0 MS US BB Idx -3X Inv Lev 2.7 –25.5 –67.6 –83.3 ProShares:UltP QQQ 9,311.4 38.4 109.9 57.1 VelShs 3x Long Nat Gas 80.6 –57.3 –94.1 –76.6 Direxion:MSCI SKor Bl3X 37.5 43.7 123.8 49.2 Direxion:S&P OG EP Br 2X 78.9 –21.0 –62.6 –42.6 ARK Next Gen Int ETF 4,163.3 36.6 157.1 53.2 Direxion:Semicnd Bear 3X 78.7 –54.2 –92.9 –76.2 ProShares:UltP Rus2000 256.6 27.1 117.2 –8.1 ProShares:UltPSh Rus2000 118.6 –23.4 –59.5 –80.6 ProShares:Ult Semicond 154.5 35.6 68.5 49.4 ProShs II:UltVIX STF ETF 1,186.6 –47.1 –15.8 –76.2 Direxion:Sm Cap Bull 3X 1,211.4 27.1 116.8 –8.2 Direxion:Sm Cap Bear 3X 460.5 –23.3 –59.5 –80.3 ProShares:Ult Tech 708.2 25.8 80.4 49.2 Direxion:Gold M Id Br 2X 98.3 4.7 –85.7 –74.9 Direxion:Retail Bull 3X 38.6 22.8 109.4 62.2 VelShs Dly 2x VIX ST ETN 130.9 –6.3 –59.1 –48.4 ARK Innovation 13,223.8 37.4 152.5 46.6 Direxion:S&P OG EP Bl 2X 460.4 78.1 –97.4 –67.1 Direxion:MSCI Mex Bl 3X 20.1 21.0 109.3 –53.8 Direxion:S&P Btech Br 3X 91.4 –19.4 –57.5 –89.8 Rydex:MR NASDAQ-100 2S;H 396.9 25.5 101.0 45.0 Direxion:S&P Btech Br 3X 91.4 –57.5 –89.8 –66.6 ProFunds:UltraLatin;Inv 17.1 26.6 97.0 –50.1 VelShs 3x Long Nat Gas 80.6 –40.9 –57.3 –94.1 Direxion:M NAS Bl 2x;Inv 412.7 25.4 101.0 43.9 Direxion:Tech Bear 3X 62.4 –33.9 –87.8 –64.4 MS US BO Idx 3X Lvrgd 179.2 19.7 94.9 –93.7 ProFunds:UltSh Latin;Inv 2.2 –23.7 –55.0 –38.8 ProShares:Ult QQQ 3,585.6 25.7 89.0 42.7 ProShares:UltP Sht QQQ 1,330.0 –36.1 –86.4 –59.7 Direxion:Latin Bull 2X 31.2 25.9 94.3 –82.2 Direxion:Semicnd Bear 3X 78.7 –15.6 –54.2 –92.9 Rydex:NASDAQ 2x;H 645.7 25.4 88.2 41.6 ProShares:UlS Semicond 4.1 –31.8 –76.5 –53.7 Direxion:S&P Btech Bl 3X 308.0 16.2 87.8 74.7 Direxion:Finl Bear 3X 237.3 –17.6 –52.1 –73.8 ProFunds:UltraNASDAQ;Inv 846.9 25.4 86.7 41.2 ProShares:UlS MSCI Brz 17.4 –49.9 –52.9 –53.6 ProFunds:OE & S US;Inv 10.0 18.9 87.7 –67.5 ProShares:UltPSh MdCp400 9.5 –18.2 –51.2 –74.7 Zevenbergen Genea;Inv 133.5 27.4 144.3 39.3 VelShs 3x Invrs Silver 5.9 –42.7 –90.4 –53.6 ProShares:UltP MidCap400 35.9 20.1 85.9 –17.5 Direxion:EnergyBear 2X 37.2 –11.1 –50.6 –11.8 ProFunds:Semiconduct;Inv 92.0 26.2 60.8 39.3 ProShs II:Ult Blm Nat Gs 137.6 –38.9 –75.0 –53.1 Direxion:MidCapBull 3X 58.8 20.0 85.7 –18.2 Direxion:M SC Br 2x;Inv 3.1 –17.4 –50.2 –53.4 ARK Genomic Revolution 4,104.5 48.4 181.8 38.0 ProShares:UltPSh Rus2000 118.6 –59.5 –80.6 –50.2 Direxion:Semicnd Bull 3X 1,766.1 14.9 84.4 70.0 ProShares:UlS MSCI Brz 17.4 –22.7 –49.9 –52.9 ProFunds:Technology;Inv 68.6 19.3 64.5 37.3 Direxion:Sm Cap Bear 3X 460.5 –59.5 –80.3 –49.9 Direxion:Finl Bull 3X 1,759.7 19.2 79.1 –35.2 ProShares:UlS OIl Gas 18.4 –10.9 –49.9 –24.6 Baron Partners Fund;Rtl 5,887.7 42.8 148.5 37.0 Direxion:Finl Bear 3X 237.3 –52.1 –73.8 –48.6 Direxion:S&P OG EP Bl 2X 460.4 16.0 78.1 –97.4 ProShs II:UltVIX STF ETF 1,186.6 –4.1 –47.1 –15.8 Invesco WldHill CE 1,646.8 70.4 205.5 36.4 ProShares:UlS Tech 5.7 –25.3 –71.3 –47.5 ProShares:Ult MSCI Braz 6.9 25.1 76.6 –60.7 ProShares:UlS SC600 4.3 –15.5 –44.9 –55.2 GMO:Spec Opptys Fd;VI 265.5 21.5 193.7 36.0 Direxion:MSCI EM Bear 3X 32.6 –42.5 –68.7 –46.1 Direxion:MSCI Bra Bull2X 206.1 25.0 76.5 –91.3 Rydex:Inv Rus 2x;H 9.4 –16.3 –44.8 –60.0 Frst Tr:NASDAQ CE Green 1,512.6 58.7 183.5 35.6 ProShares:UltPSh MdCp400 9.5 –51.2 –74.7 –46.0 iPath ETN S&P GSCI CTR A 25.0 20.2 73.3 –80.8 MS FANG+ Idx -3X Inv Lev 67.1 –27.3 –44.7 –95.6 Morg Stan Insight;A 7,269.6 15.5 116.0 35.5 ProShares:UltP Sht Dow30 541.5 –29.7 –66.5 –45.9 VnEck Vctrs:Rare E/SM 239.0 20.8 72.0 63.3 ProFunds:UltSh Sm-Cp;Inv 5.5 –15.9 –44.6 –60.6 Morg Stan I:Disc;A 4,253.0 21.7 141.9 35.2 Direxion:S&P 500 Bear 3X 607.7 –32.1 –70.5 –45.7 UBS ETRACS MP2xL SC HD B 29.6 13.2 71.7 –53.1 ProShares:UlS Rus2000 81.5 –16.0 –44.5 –59.9 iShares:PHLX Semicon 4,468.0 24.9 52.9 35.1 ProShares:Ul PrSh S&P500 755.3 –32.1 –70.5 –45.5 Invesco WldHill CE 1,646.8 12.8 70.4 205.5 VelShs 3x Invrs Silver 5.9 –41.8 –42.7 –90.4 UBS AG Enh LC Growth ETN 140.1 22.4 65.8 35.0 ProShs II:VIX ST Fut ETF 266.0 –33.0 11.9 –44.7 ProShares:Ult Rus2000 507.0 17.6 69.8 16.5 Direxion:MSCI EM Bear 3X 32.6 –19.7 –42.5 –68.7 BlackRock:Tech Oppt;Inst 7,184.9 23.4 86.7 34.9 VelShs VIX ShTm ETN 12.9 –32.9 12.4 –44.5 ProFunds:UltraSm-Cap;Inv 67.8 17.5 69.3 13.9 AdvisorShs Dorsey W S 46.6 –8.1 –39.7 –49.6 Crdt Suis FI Lg Cp Gr 273.9 22.1 64.3 34.7 ProShs II:Ult Blm CrO 940.0 26.6 –92.9 –43.4 Rydex:Rus 2K 2x;H 38.3 17.4 69.2 16.3 ProShs II:Ult Blm Nat Gs 137.6 –26.9 –38.9 –75.0 Virtus:Zeven Inn GrSt;I 1,193.9 22.5 119.7 34.5 Rydex:Inv NAS 2x;H 16.8 –24.9 –69.7 –42.8 ProShares:Ult SC600 23.1 16.9 69.1 –1.4 ProFunds:UltSh Md-Cp;Inv 2.1 –12.4 –37.6 –53.9 VnEck Vctrs:Semicnd ETF 3,607.8 26.0 55.3 34.2 Direxion:S&P OG EP Br 2X 78.9 –62.6 –42.6 –42.7 AdvsrShs Pure USCannabis 132.3 9.1 66.7 N.A. ProShares:UlS MC400 3.4 –12.4 –37.5 –53.0 Firsthand Tech Opptys 322.2 41.5 96.5 34.1 ProShares:UlS QQQ 231.4 –24.9 –69.7 –42.7 Direxion:M SC Bl 2x;Inv 16.0 17.0 66.4 21.0 Direxion:DJ Int Bear 3X 3.7 –8.2 –37.2 –87.2 ARK Autonomous Tch & Rob 1,098.7 34.1 106.8 34.0 Direxion:EnergyBull 2X 407.5 54.4 –91.6 –42.1 One–Year Best Performers One–Year Worst Performers Ten–Year Best Performers Ten–Year Worst Performers Assets Performance (%) Assets Performance (%) Assets Performance (%) Assets Performance (%) Fund Name ($ millions) Dec. 4th–qtr 1–year Fund Name ($ millions) Dec. 4th–qtr 1–year Fund Name ($ millions) 4th–qtr 1–year 10–year* Fund Name ($ millions) 4th–qtr 1–year 10–year* MS FANG+ Index 3x Lev 969.2 33.2 49.6 379.3 Direxion:S&P OG EP Bl 2X 460.4 16.0 78.1 –97.4 ProShares:UltP QQQ 9,311.4 38.4 109.9 50.4 Direxion:Semicnd Bear 3X 78.7 –54.2 –92.9 –65.4 MS FANG+ Index 2X Lev 153.8 21.4 33.4 240.3 Direxion:Jr Mnr Bear 2X 72.2 –21.4 –13.9 –95.9 Direxion:Semicnd Bull 3X 1,766.1 84.4 70.0 44.5 Direxion:Tech Bear 3X 62.4 –33.9 –87.8 –54.6 Invesco Solar 2,801.7 21.3 59.1 233.3 MS FANG+ Idx -3X Inv Lev 67.1 –27.3 –44.7 –95.6 Direxion:Tech Bull 3X 1,933.8 33.6 69.1 43.5 ProShares:UltP Sht QQQ 1,330.0 –36.1 –86.4 –54.3 Invesco WldHill CE 1,646.8 12.8 70.4 205.5 VelShs 3x Long Nat Gas 80.6 –40.9 –57.3 –94.1 Direxion:M NAS Bl 2x;Inv 412.7 25.4 101.0 37.6 Direxion:Gold M Id Br 2X 98.3 4.7 –85.7 –50.9 GMO:Spec Opptys Fd;VI 265.5 9.4 21.5 193.7 MS US BO Idx 3X Lvrgd 179.2 19.7 94.9 –93.7 ProShares:Ult QQQ 3,585.6 25.7 89.0 36.8 Direxion:Gold M Id Bl 2X 1,000.8 –18.2 –60.1 –50.4 Frst Tr:NASDAQ CE Green 1,512.6 11.0 58.7 183.5 Direxion:Semicnd Bear 3X 78.7 –15.6 –54.2 –92.9 Rydex:NASDAQ 2x;H 645.7 25.4 88.2 35.7 VelShs VIX ShTm ETN 12.9 –32.9 12.4 –47.0 ARK Genomic Revolution 4,104.5 15.8 48.4 181.8 ProShs II:Ult Blm CrO 940.0 11.9 26.6 –92.9 ProFunds:UltraNASDAQ;Inv 846.9 25.4 86.7 35.5 Direxion:Sm Cap Bear 3X 460.5 –59.5 –80.3 –46.6 ARK Next Gen Int ETF 4,163.3 8.9 36.6 157.1 Direxion:EnergyBull 2X 407.5 8.0 54.4 –91.6 ProShares:Ult Tech 708.2 25.8 80.4 33.8 ProShares:UltPSh Rus2000 118.6 –59.5 –80.6 –46.5 ARK Innovation 13,223.8 12.6 37.4 152.5 Direxion:S&P 500 HB Br3X 36.3 –21.2 –70.3 –91.6 ProShares:Ult Semicond 154.5 35.6 68.5 32.4 Direxion:Finl Bear 3X 237.3 –52.1 –73.8 –46.4 Morg Stan Inst. Inception 603.7 19.5 45.7 150.6 Direxion:MSCI Bra Bull2X 206.1 25.0 76.5 –91.3 ProShares:Ult Cons Sv 26.4 22.6 46.5 30.6 ProShs II:Ult Blm CrO 940.0 26.6 –92.9 –44.2 Baron Partners Fund;Rtl 5,887.7 15.8 42.8 148.5 VelShs 3x Invrs Silver 5.9 –41.8 –42.7 –90.4 ProShares:UltPro S&P500 1,686.4 37.5 10.2 30.1 ProShares:UlS Semicond 4.1 –31.8 –76.5 –43.8 Am Beacon:ARK TI;Y 880.2 10.2 34.0 147.7 Direxion:S&P Btech Br 3X 91.4 –19.4 –57.5 –89.8 Direxion:S&P 500 Bull 3X 1,603.5 37.4 9.7 29.2 Direxion:S&P 500 Bear 3X 607.7 –32.1 –70.5 –43.0 Zevenbergen Genea;Inv 133.5 5.9 27.4 144.3 Direxion:Tech Bear 3X 62.4 –16.2 –33.9 –87.8 ProShares:Ult Hlth Cr 112.9 16.5 19.2 28.3 ProShares:UltPSh MdCp400 9.5 –51.2 –74.7 –43.0 Invesco Gl Cln En 222.1 15.2 58.9 144.2 Direxion:DJ Int Bear 3X 3.7 –8.2 –37.2 –87.2 ProShares:Ult Nasdaq Bio 201.8 23.1 39.7 27.7 ProShares:Ul PrSh S&P500 755.3 –32.1 –70.5 –42.5 Morg Stan I:Discovery;A 4,253.0 3.7 21.7 141.9 ProShares:UltP Sht QQQ 1,330.0 –14.5 –36.1 –86.4 Direxion:Retail Bull 3X 38.6 109.4 62.2 27.2 ProShares:UltP Sht Dow30 541.5 –29.7 –66.5 –41.3 iShares:Gl Cl Energy 3,066.6 19.5 52.7 141.3 Direxion:Gold M Id Br 2X 98.3 –10.8 4.7 –85.7 ProFunds:Internet;Inv 212.8 18.7 77.6 27.1 Direxion:MSCI RE Bear 3X 35.7 –27.9 –60.4 –40.3 ALPS Clean Energy 606.0 14.2 44.5 140.1 Direxion:Jr Mnr Bull 2X 681.8 19.2 –6.5 –85.5 ProShares:UltP Dow30 733.5 32.1 –17.1 26.7 ProShares:UlS Nasdaq Bio 9.0 –24.1 –56.0 –40.2 SPDR S&P Knsh Clean Pwr 145.0 14.0 49.0 139.6 MS FANG+ Idx -2X Inv Lev 5.3 –19.0 –31.5 –85.4 ProFunds:Semiconduct;Inv 92.0 26.2 60.8 25.9 Direxion:China Bear 3X 38.7 –34.5 –58.7 –39.0 KraneShs:MSCI Ch Env Idx 51.6 10.8 42.3 136.1 MS US BO Idx -3X Inv Lev 38.1 –27.7 –79.6 –83.4 ProFunds:Technology;Inv 68.6 19.3 64.5 25.6 ProShares:UlS Tech 5.7 –25.3 –71.3 –38.8 Direxion:DJ Int Bull 3X 42.3 7.0 36.0 131.9 MS US BB Idx -3X Inv Lev 2.7 –25.5 –67.6 –83.3 Baron Partners Fund;Rtl 5,887.7 42.8 148.5 23.7 Rydex:Inv NAS 2x;H 16.8 –24.9 –69.7 –38.6 Glbl X Lith & Bat Tech 1,357.4 18.7 55.6 126.5 Direxion:Latin Bull 2X 31.2 25.9 94.3 –82.2 T Rowe Price Glbl Tech 7,795.0 20.8 75.6 23.5 ProShares:UlS QQQ 231.4 –24.9 –69.7 –38.4 Bail Giff US EG;K 92.7 6.2 24.1 125.6 iPath ETN S&P GSCI CTR A 25.0 20.2 73.3 –80.8 Direxion:M S&P Bl 2x;Inv 98.4 23.5 27.5 23.3 Direxion:Latin Bull 2X 31.2 94.3 –82.2 –36.1 Zevenbergen Growth;Inst 98.7 6.0 21.3 124.6 ProShares:UltPSh Rus2000 118.6 –23.4 –59.5 –80.6 ProShares:Ultra S&P500 2,907.4 24.4 21.6 23.2 ProShares:UlS Cons Sv 0.9 –21.5 –54.5 –33.3 Amplify Online Retail 1,203.9 8.8 30.1 123.5 Direxion:Sm Cap Bear 3X 460.5 –23.3 –59.5 –80.3 Morg Stan Insight;A 7,269.6 15.5 116.0 23.1 ProShares:UlS Hlth Cr 1.7 –17.2 –44.1 –32.2 Jacob Internet Fund;Inv 85.0 15.7 38.1 123.2 Direxion:Reg Bnk Bull 3X 122.7 31.3 169.8 –76.6 Morg Stan I:Growth;I 16,638.3 16.5 115.6 23.1 Direxion:MSCI EM Bear 3X 32.6 –42.5 –68.7 –32.0 Baron Focused Gro;R6 568.2 13.8 32.4 122.8 ProShares:UlS Semicond 4.1 –8.0 –31.8 –76.5 ProFunds:Biotech;Inv 154.7 8.5 20.1 22.8 ProFunds:UltSh Sm-Cp;Inv 5.5 –44.6 –60.6 –31.5 Virtus:Zeven Inn GrSt;I 1,193.9 6.4 22.5 119.7 ProShs II:Ult Blm Nat Gs 137.6 –26.9 –38.9 –75.0 ProFunds:Cnsmr Svcs;Inv 80.6 16.6 39.1 22.8 ProShares:UlS SC600 4.3 –44.9 –55.2 –31.3 VnEck Vctrs:Low Carbon E 240.6 12.4 51.0 118.7 ProShares:UltPSh MdCp400 9.5 –18.2 –51.2 –74.7 iShares:PHLX Semicon 4,468.0 24.9 52.9 22.7 ProFunds:UltSh Japan;Inv 0.5 –30.5 –47.9 –31.1 Morg Stan Insight;A 7,269.6 0.4 15.5 116.0 Direxion:Finl Bear 3X 237.3 –17.6 –52.1 –73.8 ProShares:Ult Cons Gd 10.9 34.6 56.2 22.5 Rydex:Inv Rus 2x;H 9.4 –44.8 –60.0 –31.0 Direxion:CSI Ch Int Bl2X 64.5 3.4 24.1 116.0 Crdt Suis XL MP 2L MREIT 141.7 13.6 53.5 –72.2 Berkshire:Focus 845.3 22.2 92.3 22.5 ProShares:UlS Indust 1.4 –28.7 –54.2 –31.0 Note: For funds with multiple share classes, only the largest is shown *Annualized N.A. = not applicable, fund is too new Source: Refinitiv Lipper P2JW011000-0-R00700-1------XA

THE WALL STREET JOURNAL. Monday, January 11, 2021 | R7 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Saving forCollege Think Twice No.1Stock Fund a fan of resort and travel compa- nies like Hyatt Hotels Corp. and Before Forthe Year Vail Resorts Inc. Savvy manage- ment will help them ride out the Refinancing Rose 150% pandemic, he says, and position them for renewed growth once AFederal the Covid-19 vaccine has been ContinuedfrompageR1 widely distributed. Mr. Baron’s son StudentLoan from home, streaming entertain- and co-manager, Michael Baron, ment and e-commerce,” Mr. Lynch says, “We knew that Hyatt could says. Companies such as Square weather the storm since they had BY CHERYL WINOKUR MUNK Inc., Tesla Inc., Zoom Video Com- built up enough cash on their munications, Spotify Technology books to last for three years.” Low rates are causing many SA or Twilio Inc., he has said in pre- Some companies worry about how people to consider refinancing vious discussions with The Wall they will woo back customers, but mortgage and other debt. But Street Journal, have formed part of the younger Mr. Baron says Hyatt one type of debt you his portfolios in recent years, as he already has a strategy in place. shouldn’t touch right now is and his team recognized their po- Combining the perspectiveof federal student loans. tential to shake up how businesses twogenerations to build the port- Refinancing astudentloan function. During the pandemic, that folio has ledtosome greatdiscus- could help borrowers lower process accelerated, transforming sions,father and son agree. “Mi- their monthly interest rate, these stocks into market darlings. chael is moreskeptical thattravel decreasetheir monthly pay- “This isn’t just a one-year thing,” will look likeitdid before,” says the mentand payoff their loans says Ron Baron, founder and man- elder Mr.Baron. The younger Mr. faster.However, borrowers ager of Winners’ Circle runner-up Baronpoints to the investmentra- who refinanceafederal stu- BaronPartners fund (BPTRX), tionale behind the fund’sstakein dentloan with aprivate which delivered a148.5% return to gaming company Activision Bliz- lender lose out on consumer investorsin2020. “We’re seeing the zard Inc.“I’ve neverbeenagamer protection and repaymentpro- benefits of decisions we made five myself,” he says,“but Idounder- grams thatfederal loans offer, yearsago” or more, he says.Nor stand howthese games provide a including income-driven repay- does Mr.Baron claim anycredit for social element, and howActivision mentand loan forgiveness. anticipating either the pandemic or is blurring theline between gam- Now is an especially bad the form thatstock-market returns ing and videoentertainment.” time for federal-loan holders would takeasaresult.“We just For his part, Mr. Lynch is not to consider refinancing, since gravitate to entrepreneurial compa- only broadening the nature of his payments and interest on nies with disruptivebusinesses holdings but adding significantly many of these loans have changing the world—businesses that to their number. A year ago at this been automatically paused, at have irreplaceable assets,” he says. time, the concentrated funds that least through January, as a In thirdplacefor 2020 was he manages and that frequently result of pandemic-related re- American BeaconARK Transforma- appeared on the Journal’s list of lief. This pause has been ex- tional Innovation fund (ADNIX), outperformers had fewer positions tended twice, and it is possi- with again of nearly 148%, more than they do today. The Discovery ble there will be another than 30 percentage points above its Fund, for example, had anywhere extension under the new ad- third-placefinish forthe 12-month from 30 to 40 active investments; ministration. period endedSept. 30.The fund, Top: No. 1 finisher Dennis Lynch. Below: Michael Baron and Ron Baron. today that number is between 40 Borrowers who refinance managedbyCatherine Wood, chief and 60. He declined to comment these loans with a private executiveofficer of ARK Investment, on recent portfolio changes. lender, however, would no lon- also has benefited from investing in research into whether these What Mr. Lynch does note is ger qualify for the pause. disruptive, future-orientedbusiness funds—or any others—are suitable that the pandemic and the drop in They’d also lose out on the models.The pandemic,Ms. Wood for them. Some may have above- Funds that owned interest rates have caused inves- possibility to see some or all has noted, “accelerated the uptake” average fees, uneven return pat- Tesla shot to the top tors to bid up the prices of many of their federal debt canceled. rate of an array of products and ser- terns, or may not be readily acces- of the charts,thanks of those companies and industries To be sure, manyborrowers vices providedbycompanies in sible to individual investors. that have beaten the odds and have amix of loans—both fed- which the ARK team already had Looking at the funds that have to the 743% surge in continue to generate growth. In an eral and private. Sinceprivate establishedpositions. dominated our list of outperform- its stock last year. investment environment where loans don’t carrythe same To produce these quarterly rank- ing stock funds does produce bitcoin has become one of the protections as federal loans, ings of top U.S. equity funds, The some interesting insights, however. top-performing “asset classes,” in- and theyhave been excluded Wall Street Journal draws on data For starters, there was the vestors of all stripes are willing to from the paymentpause,refi- from Morningstar for the trailing 12 Tesla factor. Funds that owned Spotify, they emphasize that their tolerate premium valuations. nancing higher-rateprivate months. We limit the universe to shares in the electric-car maker smaller-than-average portfolios are “A lot of market returns have loans could makesense for those diversified funds that are ac- were pretty much guaranteed to surprisingly diverse. been pulled forward” in time, he those who areeligible. tively managed by portfolio manag- end up on the top of the heap in Mr. Lynch, for instance, has built says. Even if those companies ers and teams of analysts, and ex- 2020, thanks to the 743% surge in a position in Utz Brands Inc. since whose stocks soared last year—as Ms. Munk is a writer in clude index funds and quantitative its stock. Mr. Baron, for instance, the chip-and-pretzel maker went investors sought pockets of above- West Orange, N.J. She can be funds based on models rather than says that as of last week his port- public (via a merger with a spe- average growth—continue to de- reached at [email protected]. on research and stock selection by folios own Tesla stock valued at cial-purpose acquisition vehicle) in liver solid gains in revenue and managers. We also don’t include in $47.75 billion: of that, he says, $45 August. The new company’s share earnings in 2021 and beyond, their  More college-loan coverage these rankings any sector fund, or billion is profit on a position he price has been volatile, but Mr. stock prices could plateau. at WSJ.com/fundsreport funds that use leverage to amplify first established in 2014. Mr. Baron Lynch isn’t worried. “They have a The result,Mr. Lynch says,is their returns. Neither do we add ex- expects SpaceX, the rocket and big brand, they are one of the few thatfuturestock-market returns change-traded funds to this mix. satellite-launch business created companies to have a national dis- could be alot lower. He remains Our goal is to shed light on how by Tesla’s founder, Elon Musk, to tribution platform, and they are a comfortable hanging on to manyof managers who have performed well be just as lucrative for its poten- family-owned business that has those stocksthathave transformed recently approached the market, tial investors in the years to come. been well-run for a long time,” he his funds into topperformers. But and what led them to invest in the While most top-performing mu- says of the 99-year-old company. “our levelofconviction justisn’t as stocks that contributed most heav- tual-fund managers oversaw rela- Retail spending is struggling, but high as it wasayear ago,” he says. ily to their outperformance. Inves- tively concentrated funds and Mr. Lynch says this is the kind of tors shouldn’t view this as any kind could boast of being early inves- holding that will help his funds Ms. McGee is a writer in New of recommendation, however, and tors in some of the pandemic’s continue to deliver healthy returns. England. She can be reached at should always undertake their own biggest beneficiaries like Zoom or Mr. Baron, meanwhile, remains [email protected]. Don’t rush to refinance.

WhattoDoWith Your Bond Investments Now the Cares Actprograms.As tend to be higher risk than Congressmovesforward with those of other countries, but asecond wave of loans,BDCs Mr. Leech says the risk could With rates low, here is advice for short-, exposure that has a similar prove beneficial. BDCs did arepositionedtodowell. be worth it now. medium- and long-term investors (2) risk profile to Treasurys. betterbusinessthan ex- BDCs payincome out to in- “There has been a struc- S Both men caution that pected lastyear,inpart be- vestorsinaway thatissimi- tural underallocation to

FUND BY BAILEY MCCANN some classic maneuvers, cause of the availabilityof lar to bonds and mayalso in- emerging markets for many

ON like adding inflation-pro- pandemic relief programs. clude aspecial dividend based years” by investors, he says. BAR After a wild year in finan- might have to get creative. tected Treasury, or TIPS, to Some BDCs do nothing but on performance. “BDCs pro- As a result, valuations in S, cial markets, many investors Ken Leech, chief investment a portfolio might not work originate loans and took part vide the lion’s shareoftheir emerging markets remain rel- PRES ended 2020 with at least a officer at fixed-income in- as well as they have in the in originating newsmall- return back to investors,” says atively low. TED thing or two to smile about. vestment firm Western As- past, with yields so low. businessloans as part of ScottColyer, CEOand chief CIA

SO Stocks overall posted solid set Management, says the Even if inflation increases investmentofficer of Advi- AS The long view Y/ gains, and coronavirus vac- options for income will be this year, those investments It could be time sors AssetManagement. cines are slowly being doled limited over the short term are unlikely to outperform Mr. Colyer says investors Low yields won’t last forever, out, bolstering hopes for but there are areas that of- core Treasurys as the econ- get creative: Look should look for BDCs that are the investing pros say. SEMANSK economic growth this year. fer some opportunities. omy recovers, they say. at bank loans well diversified across indus- One option for investors TRICK But with interest rates “There are high-quality Adding asmall exposure tries and geographies. “The who won’t soon be in need of PA so low, these are rough bank loans that are trading to business-development or a fund that best-positioned BDCs are go- income from their portfolios: times for fixed-income in- at discounts and have the companies instead could invests in them. ing to be those that are origi- Some exchange-traded funds, vestors who need income opportunity to provide in- nating or investing in senior like SoFi Weekly Income ETF now from their portfolios. come to investors,” Mr. loans,” he says. “Those are (TGIF), provide small weekly Here’s some advice from in- Leech says. “Bank loans going to be repaid first.” payouts that can be rolled SENTINEL/REUTERS,

S vestment pros for those in- have been out of favor be- over and built up over time,

/NEW vestors, as well as those cause there were fears allowing investors to bolster Over the medium term

UNG with fixed-income portfolios about what would happen their savings without taking

YO geared more toward the with the pandemic, but we Investors who have a little on increased risk. The fund’s UL

SA medium or long term. haven’t seen deterioration more time before retirement share price rose 4% last year.

S, in high-quality loans.” have more options. 2021 is Preferred stocks, stock-

NEW Michael Fredericks, head shaping up to be a year bond hybrids that trade like a G If youneed income now of income investing for where investors may be able stock but deliver a set in- For investors in or near re- BlackRock’s multiasset to position their portfolios to come like a bond, have also OOMBER tirement, finding income- strategies team and portfo- take advantage of an emerg- done well. Funds like Invesco

ON/BL generating investments has lio manager of mutual fund ing global economic recovery. Preferred ETF (PGX) offer LL

FA become a tall order. In addi- BlackRock Multi-Asset In- Emerging-markets fixed- exposure to a broad basket T. tion to the low yields on come Portfolio (BIICX), income securities took a of preferred stocks. The fund

TRICK fixed-income investments, agrees. BIICX is heavily beating in 2020 as the pan- gained 7.32% last year, com- PA last year was one of the weighted to bank loans and demic hit many of these pared with Treasury yields P:

TO worst for stock dividends. structured credit heading economies first. Now, they’re that top out around 1.7%.

OM Dividends generally are into the new year. Mr. Fred- some of the first regions to FR projected to rebound this ericks says that by focusing move into recovery, a trend Ms. McCann is a writer in

WISE year, but when it comes to on quality and diversifica- that should be aided by the New York. She can be OCK fixed income, investors tion, investors can craft an virus vaccines. These markets reached at [email protected]. CL Adding inflation-protected Treasurys might not work now. P2JW011000-0-R00800-17FFFF5178F

R8 | Monday, January 11, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Hedged Equity (JHEQX). Pros and While Karim Ahamed, invest- mentstrategistatCerityPartners in Chicago,isn’t advocating forbit- Cons of coin investmentatthis point, his companyhas begun studying whether to invest.Mr. Ahamed Investing says having asmall investmentin bitcoin could work likeanalloca- tion to venturecapital. “In venture In Bitcoin capital,” he says,“one in 10 invest- ments is ahome run, twotothree lose moneyand the othersabout The pricehas soared break even. The home run makes over the past year. up foralot of misses.” Should you steer clear? THE MINUSES BY DAN WEIL Thereisnoobvious way to deter- mine bitcoin’s fair value.Bitcoin ith bitcoin trading stands as astore of value only be- at more than cause some investorsbelieve it is $40,000 apiece last one.“Bitcoin depends on the faith week—and quintu- of investorsand nothing more,” pling in value over Prof.Prasadsays. “It could equally the past year—the well go to zero tomorrow if 10% of Wquestion arises for investorssold.” A bitcoin ATM shop in investors: Get in or stay out? Marseille, France Bitcoin vs.Gold Other types of investment de- There are plenty of reasons for pend on similar underlying faith. Some investors/speculators viewbitcoin, much likegold, as ahedge against caution. The virtual currency’s value and against investing in it: inflation and declines in other markets. Daily cumulativepercentage change But when it comes to stocks and has soared and plunged repeatedly forbitcoin and gold sincethe end of 2019 and during the recession. bonds, for instance, there are legit- since its introduction in 2009. It fell imate mathematical models to de- 52% just from Feb. 13 to March 11 THE PLUSES 500% termine their value. Stocks pro- last year. What bitcoin really represents is RECESSION Bitcoin duce earnings and bonds produce And, while bitcoin is referred to a store of value. As such, it can 400 BEGAN IN income, for example, which helps as adigital currency,itdoesn’t meet be used to hedge against infla- FEBRUARY determine their values. at leastone important criterion of a tion and against declines in other Manyanalystsalso question bit- 300 currency:Itlackswidespread usage financial assets, such as stocks, coin’s value as ahedge.This year, as amedium of exchange in legiti- bonds and the dollar, some indus- it has largely risen in tandem with mate commercial transactions.In try pros say. Bitcoin has appreci- 200 stocksand bonds at atime when November,digital-paymentproces- ated while the dollar has slid inflation is quiescent. And no major sorshandledjust$269.7million of since last March. 100 inflation has broken out sincebit- merchantsales world-wide in bit- The “store of value” role for coin came on the scene 12 years coin, according to research firm bitcoin is similar to that of gold. 0 Gold ago,soitisdifficult to know Chainalysis. By comparison, total “I put it in the same bucket,” says whether it truly guards against U.S. retail sales registered$546.5 John Rekenthaler, vice president priceincreases.“Youneed thatem- billion in November. of research at investment-re- -100 pirical testing,” Mr.Ahamedsays. Many pros think individual inves- search firm Morningstar. 12/31/2019 6/20 1/8/21 Meanwhile, some critics ques- tors should steer clear of the cur- Some advocates endorse in- tion whether bitcoin’s scarcity is a Sources: CoinDesk (bitcoin); DowJones Market Data (gold) rency entirely. But others suggest vesting in bitcoin—though its vol- selling point. That scarcity also GES investors consider adding bitcoin to atility means timing can still be means illiquid and volatile trading. IMA their portfolio—generally as a small an issue—saying it will eventually Some analysts also see an up- should start to think about bitcoin. Skeptics also challenge GETTY

percentage of their overall assets. stabilize and then be used more side to bitcoin’s volatility. Its er- But I’m not saying the average in- that bitcoin’s volatility can be SE/ “Making bitcoin a significant part for legitimate commerce. ratic trading keeps bitcoin’s corre- vestor should have it.” viewed as beneficial to a portfolio of your portfolio would increase PayPal has said it plans to al- lation with stocks and bonds low, Because bitcoin is so volatile, for diversification. “If the volatility

your risk substantially,” says Eswar lowbitcoin to be usedasapay- creating diversification. “Volatility investors don’t need a lot of it to comes just from speculation, I’m ANCE-PRES FR Prasad, a trade-policy professor at mentmethod starting early this is bad if you’re tapping it into the diversify a portfolio, he says. Mr. not sure I want it as an uncorre- who is writing a year.Acompetitor, Square,also main part of your portfolio,” Mr. Rekenthaler reckons that a 5% al- lated asset,” Mr. Ahamed says. ENCE AG

book about digital currencies. “But a has shown interest in bitcoin Rekenthaler says. “But if it’s on location in bitcoin will diversify a T/

marginal amount seems worthwhile commerce,and announced in the side, that’s good. That helped balanced portfolio as effectively as Mr. Weil is a writer in West Palm TUCA given recent dynamics.” October thatitbought$50 mil- gold become a diversifier.” He a 25% position in the largest “al- Beach, Fla. He can be reached at S Some of the best arguments for lion of the asset. adds: “We mutual-fund owners ternative” mutual fund, JPMorgan [email protected]. OLA NIC

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