Trump Is Improving, Doctors Say

Home , Bill Stepien, Burg bei Magdeburg, Guo Wengui

P2JW279000-5-A00100-17FFFF5178F

***** MONDAY,OCTOBER 5, 2020 ~VOL. CCLXXVI NO.81 WSJ.com HHHH $4.00

Last week: DJIA 27682.81 À 508.85 1.87% NASDAQ 11075.02 À 1.5% STOXX 600 362.69 À 2.0% 10-YR. TREASURY g 11/32 , yield 0.694% OIL $37.05 g $3.20 EURO $1.1718 YEN 105.31

What’s Trump Is Improving, Doctors Say

News Presidentsuffered two drops in blood oxygen Business&Finance level; he is on asteroid used in severe cases ineworld’s Regal, the C second-largest cinema BY ANDREW RESTUCCIA chain in the U.S., is closing AND CATHERINE LUCEY all itslocations nationwide after reopening in August, WASHINGTON—Doctorssaid escalating the pandemic- President Trump’s condition driven crisis facing the en- wasimproving on Sunday, two tertainment industry. A1 days afterhechecked intothe hospital, though they also noted  A government effort to that his blood oxygen level had break up Facebook from In- droppedonSaturday and that stagram and WhatsApp would he wastaking asteroid that has defyestablished law, cost bil- typically been given to Covid-19 lions and harm consumers, patientswho areseriously ill. according to apaper prepared Doctorssaid on Sundaythe by company lawyers. A2 president could be sent back to  Major U.S. tech stocks the WhiteHouse as soon as look vulnerable to a corpo- Monday, as they sought to clar- rate-tax increase that might ifyhis condition afterseveral result from a Democratic days of contradictoryinforma- sweep in November,poten- tion from doctorsand advisers. tially undermining one of the Dr.Sean Conley,the president’s strongest driversofthe mar- physician, said at anewsconfer-

ket’s recovery this year. B1 GES enceonSundayatWalter Reed

IMA National MilitaryMedical Cen-  Automakers,pumping bil- terthat Mr.Trump’scondition

lions intodevelopingelectric GETTY “continues to improve.” But he cars,faceacritical choice: get SE/ also said Mr.Trump’ssymptoms more involved with manu- had been serious,adding that he facturing the core batteries tried to provide an “upbeat” as- or buy them from others. B1 ANCE-PRES FR sessment in aSaturday briefing.  Guo Wengui, a Chinese Dr.Conley said the presi- ENCE

businessman allied with AG PleaseturntopageA4 ex-Trump adviser Bannon, is in an increasingly vola-  New York acts to halt virus

tile fight with investors EDELMAN/ spike...... A3 over a fundraising plan  Trump delayed revealing first ALEX that has drawnscrutiny. A8 President Trump left the hospital briefly on Sunday to drive by supporters outside of the Walter Reed medical center. positive test...... A4  Coca-Cola is discontinu- ing its Zico coconut water brand and considering axing some less-popular versions Regal’s Movie Screens to Go Dark in U.S. of Coke and Diet Coke. B2  Sable Permian has agreed to sell itself to bank lenders, BY R.T. WATSON most recently the coming James fruit, meat,” Cineworld CEO Comcast Corp.’sUniversal Pic- ingsInc. and Cinemark Hold- all but wiping out morethan Bond title “No Time to Die.” MookyGreidinger said in an in- tures made the family film ings Inc.reopened in August $700 million of debt held Thesecond-largest cinema Thestudio behind the film, terviewwith TheWall Street “Trolls World Tour” available ahead of the spy film “Tenet,” by secured bondholders. B2 chaininthe U.S. is closing all MGM HoldingsInc., said on Journal. “Wecannot operatefor on digital-rental platforms for distributed by AT&T Inc.’s itslocations nationwide after Fridayitwas delaying the film along time without aproduct.” about $20. Warner Bros. reopening in August,escalating forthe second time,tonext Some Hollywood studios Like many businesses that The highly anticipated the pandemic-driven crisis fac- April from this November.It have experimented with ship- rely on gathering consumers movie from director Christo- World-Wide ing the entertainment industry. had originally been scheduled ping big-budget movies di- in public spaces,theatersin pher Nolan had been delayed Thedecision by Cineworld forrelease in April of this year. rectly online,likeWalt Disney the U.S. have endured historic repeatedly amid continuing un-  Doctorssaid Trump’scon- Group PLC’sRegal Entertain- Cineworld is the second- Co.which opted against re- levels of financial strain for certainty about which theaters dition wasimproving Sunday, ment Group to suspend opera- largest movie-theater operator leasing its $200 million “Mu- months.After the coronavirus would be allowedtoopen. two days after he checked tions at itsmorethan 500 loca- on a global basis as well as in lan” remakeinU.S.theaters. pandemic initially caused most But with only about two- intothe hospital, though they tions this Thursdayfollows a the U.S. The company instead put the U.S. cinemas to close in thirds of domestic theaters also notedthat his blood oxy- cascade of postponements for “Weare likeagrocery shop movie on itsstreaming service March, major chains likeRe- able to open because of vary- genlevel haddropped on Sat- big-budget Hollywood films, that doesn’thavevegetables, forabout $30.Beforethat, gal, AMC Entertainment Hold- PleaseturntopageA2 urdayand that he wastaking a steroid that has typically been given to Covid-19 pa- China’s Recovery Lifts Stocks tientswho areseriously ill. A1 Restaurants Recent Revival Stocks in China have fared better than U.S. markets for much  New York City on of the year, powered by the nation’s economic recovery. B9 Wednesday will close pub- UseIgloos, lic schools and nonessen- CSI300*, 10-yearperformance Of Small Towns tial businesses in parts of Brooklyn and Queens that Heatersas 5500 have seen aweek-long spike Puttothe Test in coronavirus cases. A3 It Gets Cold 5000  Trump is drawing his weakest votersupport of the year in his re-election race af- BY DAVE SEBASTIAN 4500 terTuesday’scontentious de- AND JULIE WERNAU Downtown shops enlivening Emporia, Kan., bate, a newWall Street Jour- 4000 now struggle with pandemic’s challenges nal/NBC News poll finds. A5 Restaurant ownerssay they have grownaccustomed  Federal agencies were told this year to constantly rein- 3500 BY RUTH SIMON Ms. Redeker. Until recently, to suspend diversity train- venting themselves to sur- she had a staff of 16. ing programs until they are vive. Formany, the next chal- Kim Redeker opened The As of today, a couple of deemed compliant with a lengeisgetting around 3000 Sweet Granada chocolate Emporia’s businesses are Trump order banning “anti- Mother Natureasthe U.S. shop in Emporia, Kan., in shutting their doors for American race and sexstereo- heads toward winter. 2500 2004, in a storefront that good. Others are being typing and scapegoating.” A3 Sales from outdoor dining, had been vacant for years. propped up in part by gov-  Pope Francis offered his reduced indoor dining,delivery She was an early foot soldier ernment aid and private do- prescription for poverty, and takeout haven’t equaled 2000 in a push to revitalize Empo- nations. One Emporia official terrorism, racism and other what most restaurantsex- 2011 '15'20 ria’s downtown. estimates that 20% of its ills plaguing societies in an pected to earn this year before *Comprised of the 300 largeststockslistedinShanghai or Shenzhen. Other specialty shops, res- Main Street businesses are encyclical written in the the pandemic upended public Source:FactSet taurants and bars popped at risk. shadowofthe pandemic. A9 life, some ownerssaid. Adding up—the Bourbon Cowboy Many small-town down- heatersand other fixturesto bar, a bike shop called Gravel towns experienced some-  Belgian police arrested draw dinerstooutdoor tables City Adventure & Supply Co., thing of a revival in recent three men suspected of in- as theweather cools adds to Dynamic Discs for disc golf. years, thanks to businesses volvement in the Rwandan the costsofsustaining amod- Devotees Lament Tossing By early 2020, the vacancy like Sweet Granada. They genocide,the latest in aseries estrevenue stream. rate on Emporia’s Main brought much-needed of high-profile arrests. A18 Butdetermined restaurant Of the Salad Bar Street corridor had dropped growth to spots that for de-  Western Germany has operatorssaid they have no below 10%, compared with cades had lost ground to registered morecoronavirus other choice. They said run- ii about 40% in 1991. “It has larger cities, shopping malls, cases than the former commu- ning at alosswhile they have been a sweet ride being part big-box stores and, most re- nist East, anew divide three funds to do so—in the hope CasualtyofCovid had nostalgic appeal: of that redevelopment,” said PleaseturntopageA10 decades afterreunification. A9 that thethreat of the virus abates—is betterthan the chal- ‘With each visit Icould create something’ lenges they would faceafter closing temporarily,such as BY STEVE GARBARINO chapter in childhood memo- INSIDE JOURNAL REPORT finding reliable staff. ries.Salad bars, mirages of Investing in Funds: “I just think people feel saf- Acasualty of the pandemic, healthful eating,provided free Acloser look at social est outdoors, and we arewant- the days of the salad bar are choicefor kids.Affection for impact. R1-12 ing to really be able to accom- gone forthe foreseeable fu- the set-up oftencarried into modatethem,” said Laura ture. adulthood. GES

Garcia,general manager of To those who always “Salad bars arefantastic IMA CONTENTS Outlook...... A2 ninetwentyfive,arestaurant in sniffed at the self-servesta- because the combinations are

Arts in Review... A13 Personal Journal A11-12 GETTY BusinessNews...... B3 Sports...... A14 Wayzata, Minn., that is adding tion, it should have been limitless. You can go through 7-foot-tall heated igloos and tossed long ago, and meritsno like30ingredientsand not eat Crossword...... A14 Technology...... B4 SLIEN/

HeardonStreet... B10 U.S. News...... A2-8 outfitting itsbalconies with re- eulogy. Salad-and-hot bars the same salad twicefor FO Markets...... B9-10 Weather...... A14 tractable shades to trap heat. snobs find them unappetizing, years,” said SteveHughes,a Opinion...... A15-17 World News...... A9,18 Chicago’scity government their open-air fixingsexposed 35-year-old structural engi- HANNAH recently held acontest to to coughs and picked up with neer.Hecalls them “one of the > crowdsource ideas to keep res- shared utensils,containers most delightful epicurean ex- SPORTS PERSONAL JOURNAL taurantsafloat this winter.Sug- topped with sneeze-guards periences I for one have ever Near-daily testing Elitefrequentfliers gestions included outdoor pods splatteredwith ranch dress- had.” didn’t stop spreadof missthe perksbut made of recycled plastic that ing. Seeking an escape in early enclose each table and tables But to devotees,the banish- August, Mr.Hughes planned a Covid-19 through the discoveranew levelof s 2020 Dow Jones & Company, Inc. All Rights Reserved outfittedwith fire pits. ment of buffet barssignifies road trip with afew friends to Titans. A14 work-lifebalance. A11 PleaseturntopageA7 the closing of acherished PleaseturntopageA10 P2JW279000-2-A00200-1------XA

A2 | Monday, October 5, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Paul Hannon ECONOMIC CALENDAR

Economies Await aShotinthe Arm Monday The Institutefor Supply Management’ssurvey of pur- Gaining a Number of doses per capita ordered by governments of each it were successfully rolled taurant dining.Itwould also chasing managers in the service vaccine to Covid-19 vaccine in an advanced stage of development out, itsbenefitswould be enable manyworkerstore- sector is expected to showan- help contain distributed quitesymmetri- turn to officebuildings, re- other expansion in U.S. activity the novel cor- Oxford/AstraZeneca Valneva Novavax Sanoﬁ/GSK cally acrossregions.” viving cities stilled by the lastmonth as businesses re- onavirus BioNTech/Pﬁzer J&J/Janssen Moderna/NIAID Sinovac Other vaccines would pandemic. opened even as newcoronavi- would provide Gamaleya CureVac UniversityofQueensland/GSK likely have amoregeographi- TheInternational Mone- rus cases emerged in different abig boost to the global cally limited impact, at least tary Fund has warned that pockets of the country.Sepa- economyin2021, but the ini- 0 1 2 3 4 5 6 initially.While the U.K. has uneven access to vaccines rate surveysofpurchasing man- tial geographic distribution U.K. signed agreementswith the will hold back the global eco- agers in Europe and Japan are of that benefit will likely de- largest number of vaccine de- nomic recovery,and indeed due out. U.S. pend on which vaccine candi- velopers, it hasn’t done so slowitdownevenfor those Tuesday dateisshown to work first. Canada with Moderna Inc.Should countries with access to suc- The U.S. trade deficit is ex- Public health officials Japan that companysucceed, North cessfulvaccines.That’sa pected to widen in August as around the world increas- Americawould likely geta viewshared by other interna- Americans’ appetite for foreign ingly believeatleast one of EU head start. Thesame is true tional bodies. goods outpaced demand from the vaccines nowinthe later Australia to alesser extent of avaccine “Vaccine nationalism will overseas. stages of testing will become India being developed by Pfizer only perpetuatethe disease Federal ReserveChairman Je- usable.They say it is possible Inc.and German partner Bi- and prolong the global recov- rome Powell speaksvia webcast one or morewill be available Indonesia oNTech SE, although that ery,” said Tedros Adhanom about the economic outlook at forasmall number of vulner- Latam ex-Brazil partnership also has agree- Ghebreyesus, the WHO’sdi- the National Association forBusi- able people by the end of this mentswith anumber of Eu- rector-general. nessEconomics annual meeting. Brazil year,spreading out to more ropean governments. TheOrganization forEco- Mr.Powell in recent weekshas of the population over 2021. Switzerland Thereare other candidates nomic Cooperation and De- said swift governmentinterven- Economistsare increasingly Covax* that might leave the U.S. on velopment assumes avaccine tion helped support the economy factoring that rollout into the sidelines.China is home will only become available during the pandemic but more their forecasts. China to half the eight candidates forwidespread deployment would likely be needed. *Covax is afund backed by the Bill &Melinda GatesFoundation that's dedicatedtopurchasing in final testing,and their suc- at the end of next year.In Wednesday group of researchers vaccines foruse in developing countries. cess would be moreadvanta- that context, it expectsthe The Fedreleases minutes A affiliated with the Cen- Source:Deutsche Bank geous forthe world’ssecond- global economytogrow5% from its Sept. 15-16 meeting, terfor Global Develop- largest economyand a in 2021, aftershrinking 4.5% when officials signaled plans to ment estimatethereisa50% None have secured access to those are close to completing number of developing econo- this year.But if “therewere keep interest ratesnear zero probability avaccine safeand all of the front-runners, and the final phase of testing, mies than forthe U.S. and signs” deployment wasset to foryears.The minutes could re- effectiveenough to be ap- the initial economic impact with some of those likely be- Europe.Should Chinese firm be morerapid, the research flect divergentviews on how proved by astringent regula- will depend on which one coming usable in 2021. Sinovac Biotech succeed, for body estimates the global besttosupport the economy torwill be available by April crosses the threshold first. According to Deutsche example,itwould be particu- economycould grow 7%, and whatwould trigger arate 2021, with an 85% probability Rich countries with the Bank analysts, the candidate larly good news forIndone- which would be abig jump. increase. of that happening by the end money to spend on agree- with the widest potential dis- sia’seconomy, sincethe gov- Thescale of the economic Thursday of the year.However, manu- mentswith anumber of vac- tribution is under develop- ernment has placed most of boost also will depend on U.S. weekly jobless claims facturing challenges mean it cine developers—while know- ment at the U.K.’s Oxford itsfaith in that candidate. people’swillingnesstobe have remained stubbornly high is unlikely enough doses to ing some mayfail—areset to University in cooperation vaccinated. In manyrich in recent weeks, reflecting heavy coverthe world’spopulation receivealargerboost than with pharmaceuticals maker idespread vaccina- countries,skepticism about labor-market churn as compa- will be available beforeSep- most developing economies, AstraZenecaPLC.“TheOx- tion is key to the vaccines and their side ef- nies continue to lay off workers tember 2023. W even as the economy adds jobs. which will likely gain access ford/AstraZenecavaccine is global economy’sre- fectshas grownoverrecent In the rush to develop a to successfulvaccines later. the consensus front-runner, turn to morenormal patterns decades.Those concerns may Friday vaccine,several governments According to the World with most governments of activity.Itshould be apar- be heightened by the fact U.K. grossdomestic product have helped fund research Health Organization, there around the world having se- ticular boon foractivities re- that the development and forAugustwill showwhether and development and signed are170 vaccine candidates in cured significant quantities,” quiring physical proximity, testing of the coronavirus the economycontinued to re- up forearly deliveryofa development, with 26 being the Deutsche Bank analysts such as public transportation, vaccines is taking placemuch coverfromasharp coronavirus- specified number of doses. tested on humans.Eight of wroteinanotetoclients. “If liveentertainment and res- morequickly than normal. induced contraction in the spring. Facebook Calls Antitrust Breakup a ‘Nonstarter’

BY JEFF HORWITZ galcitations and technical lan- ulation of speech, the com- guage, it offersawindowinto pany’scritics have argued that Agovernment effort to how Facebook may defend it- key Facebook acquisitions—in- break up Facebook Inc. from self if it is sued on antitrust cluding Instagram and Whats- Instagram and WhatsApp groundsand reflectsits law- App—illegally reduced competi- would defyestablished law, yers’ sense that any attempts tion in social media.

cost billions of dollarsand to forceadivestitureof GES Facebook declined to dis-

harm consumers, according to WhatsApp or Instagramwould IMA cussthe information in the apaper companylawyershave be fought in both the public memo.The FTC didn’t respond prepared in the wake of rising square and the courtroom. GETTY to a request for comment. antitrust legal threats. Facebook’sacquisitions of SE/ This summer,the antitrust The 14-page document, re- Instagram in 2012 and Whats- subcommitteepublished 2012 viewedbyThe Wall Street App in 2014wereexamined by emails in which Facebook Chief ANCE-PRES

Journal, offersapreviewof the Federal Trade Commission, FR ExecutiveMark Zuckerberg the social-media giant’sde- which closed itsreviewswith- cited the difficulty of compet- ENCE

fense as federal antitrust en- out issuing an objection. The AG ing with Instagram as aratio-

forcers and members of Con- companymade big invest- ON/ nale forbuying the photo-based gresscontinue to pursue mentstoboost growth on social-media company, which at

investigations intoFacebook’s those platforms and they now EDELS the time had 30 million users SH

powerand past competitive share numerous operations JO butonly 13 employees. behavior.Probes of other tech- that areintegrated. In the pa- Facebook, under scrutinyfromlawmakers and antitrustenforcers, says abreakup would harm consumers. “Thereare network effects nology companies such as Al- per, Facebook says unwinding around social productsand a phabet Inc.’sGoogle, Ama- thedeals would be nearly im- weak,” said Tim Wu,aColumbia the Instagram and WhatsApp is no ‘it’stoo hard’ defense,” finitenumber of different so- zon.com Inc.and Apple Inc. possible to achieve, forcing the University lawprofessor,tech deals, he said. Mr. Wu said. cial mechanicstoinvent,” Mr. are also continuing. companytospend billions of critic andauthor who has said “There’s no way a decision TheJournal reported last Zuckerbergwrote in an email. TheHouse Antitrust Sub- dollarsmaintaining separate Facebook should be broken up. on one merger would be pre- month that the FTC wasprepar- “Oncesomeone wins at aspe- committeethis month is ex- systems,weakening security Agovernment antitrust clusive,” he said, noting that ing to file apotential complaint cific mechanic,it’sdifficult for pected to release the findings and harming users’ experience. case against the company the FTC’s reviews of both ac- against Facebook beforeyear’s otherstosupplant them with- of its investigation into Face- “A ‘breakup’ of Facebook is would likely rely on the argu- quisitions had reserved the end, part of abroader wave of out doing something different.” book and other companies. thus acompletenonstarter,” ment that Facebook made se- right to revisit the deals at a government probes targeting In another messageMr. Thedocument waspro- the paper declares. rial acquisitions to reduce later time. Facebook,Apple,Amazon and Zuckerbergacknowledged that duced by staff at Facebook Facebook’scontention that competition, aquestion that Facebook’sclaim regarding Google. arationalefor buying Insta- basedonwork it commis- past government inaction on wasn’t considered when the the difficulty of apotential Against abackdrop of con- gram would be to “neutralize sioned from lawyers at Sidley the acquisitions should limit Federal Trade Commission breakup would also be unlikely cerns about Facebook’simpact acompetitor,” beforeback- Austin LLP. While light on le- currentaction is “surprisingly originally chose not to oppose to carrylegal weight. “There on politics,privacyand the reg- tracking in a later email.

financial relief forthe ailing sumer demand. evaluatetheatersalong similar youtakeoff your mask and Regal to sector. In lateSeptember,Cin- Theaters in Los lines as other indoor venues. yousit one in front of the “Ifthe status quo contin- eworld, which is already In states such as California other,” said Mr.Greidinger.“It ues,69% of small and midsize shouldering aheavy debt load, Angeles and New andNew York,theater owners simply doesn’t make sense.” Shut U.S. movie theater companies will released dismal midyear finan- Yo rk have yet to large and small have expressed In August, Mr.Cuomo,a be forced to file forbank- cial results. It reported reve- bewilderment as authorities Democrat, addressed movie ruptcy or to close perma- nue fell nearly 70%, to $712.4 reopen. have allowedsome indoor es- theaters’ closures,arguing Theaters nently,” the National Associa- million, in the six months end- tablishmentssuch as restau- that they weren’t high on the tion of Theatre Owners said. ing June 30 when compared rants, bowling alleysand priority list forbusinesses When the U.S.’s major the- with the first half of 2019. churches to open with capacity that should be allowed to re- ContinuedfromPageOne ater chains beganreopening Regal’s decision to close its Angeles and NewYork City restrictions while requiring the- open. “It is congregate. It’s ing state and local guidelines, late this summer, they touted doorsagain, lessthan two have yettoreopen. Mr. aterskeep their doorsclosed. one ventilation system. You’re and consumersapparently still elevated sanitation protocols months afterreopening,is Greidinger recently sent alet- “In the cinema, everyone is seated therefor along period wary of going to theaters, the and capacity limits. Despite partially because theatersin ter to New York Gov. Andrew seated and looks in the same of time.…This is a risky situa- $200 million movie grossed assurances they would be safe major U.S. marketslikeLos Cuomo,imploring the stateto direction…in the restaurant tion,” he said. just $45.1million in the U.S. returning to theaters, U.S. and Canada. That tepid perfor- moviegoershaven’t rushed mance has led Hollywood stu- back. CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL dios to recoil from releasing Without big-budget titles, (USPS 664-880) (Eastern Edition ISSN 0099-9660) costly films for now. theatershavelargely screened (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) North Americaisthe smallerindependent films and In some editions Saturday, to be considered aresident of Editorial and publication headquarters: 1211 Avenue of the Americas, New world’slargest theatrical mar- older movies. aPageOne article about Presi- PuertoRico, one of which in- York, N.Y. 10036 ket, grossing morethan $11 Movie theatersabroad— dent Trump’sCovid-19 diagno- cludes living there183 days a Published daily except Sundays and general legal holidays. billion each year since 2015. manyofwhich have been open sis omittedafirst referenceto year.AProperty Report article Periodicals postage paid at New York, N.Y., and other mailing offices. Afterwitnessing domestic formonths—have performed WhiteHouse chief of staff in some editions Wednesday Postmaster: Send address changes to The Wall Street Journal, moviegoers’ subdued interest betterthan in the U.S. “Tenet” Mark Meadows. didn’t make clear that federal 200 Burnett Rd., Chicopee, MA 01020. in “Tenet,” Warner Bros. said hasgrossed $262million from income taxapplies to income All Advertising published in The Wall Street Journal is subject to the applicable it wasmoving “Wonder international markets, accord- Alan Tobias was incor- sourcesoutside PuertoRicoand rate card, copies of which are available from the Advertising Services Woman 1984” to Christmas ing to Box Office Mojo. rectly identified as Alan that thereare additional teststo Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. Day, from October.Disney On topofclosing doors Thomas in a Page One article establish residency. 10036. The Journal reserves the right not to accept an advertiser’s order. Only quickly followed suit, shifting again at itsmorethan 500 Re- on Saturdayabout the impact publication of an advertisement shall constitute final acceptance of the release dates on 10 titles,in- galtheatersinthe U.S.,Cin- of the pandemic on Times advertiser’s order. cludingbumping itsMarvel eworld is also suspending op- Square. Noticetoreaders Letters to the Editor: Fax: 212-416-2891; email: [email protected] spinoff “Black Widow” by six erations at its127 locations in Wall Street Journal staff Need assistance with your subscription? months. the U.K.,the companysaid. PuertoRican residents pay membersare working re- By web: customercenter.wsj.com; By email: [email protected] Thestring of delays castsa Theclosures will affect the PuertoRicoincome taxofupto motely during the pandemic. By phone: 1-800-JOURNAL (1-800-568-7625) shadowoverthe remainder of employment status of thou- 33% but no other federal or local Forthe foreseeable future, Reprints &licensing: 2020’smovie calendar and po- sands of workers, the company income taxesonearningswhile please send reader comments By email: [email protected] tentially over the entiretheat- said. living in the territory. Also, only by email or phone, using By phone: 1-800-843-0008 rical industry. On Sept. 30,a Formajor movie theaters, thereare anumber of waysa the contactsbelow, not via WSJback issues and framed pages: wsjshop.com cinema owners’ trade group suspending operations might person canmeet requirements U.S. Mail. Our newspapers are100% sourcedfromsustainably certified mills. joined leading filmmakersin be lesscostly than staying sending alettertolawmakers open with a limited supply of Readers can alert The Wall Street Journal to any errors in news articles by GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS in the hopes of drumming up programming and little con- emailing [email protected] or by calling 888-410-2667. P2JW279000-0-A00300-1------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | A3 U.S. NEWS New York Acts to Halt Virus Spike

Cityseeksapproval lessthan an hour afterMr. Cuomo said NewYork state to close some schools would enforce guidelines in and businesses in parts partsofthe statewith ahigh number of cases,including in of Brooklyn, Queens Brooklyn and Queens. “Local governmentshave BY KATIE HONAN not done an effectivejob of enforcement in these hot spot NewYork City on Wednes- ZIP Codes,” the governor said. day will close public schools Theneighborhoods areFar and nonessential businesses in Rockaway,Edgemere, Kew

partsofBrooklyn and Queens Gardens,Kew Gardens Hills CK

that have registered a week- and Pomonok in Queens, and TO long spikeincoronavirus Borough Park,Gravesend, cases,asthe city works to Homecrest, Midwood, Benson- SHUTTERS

stop an increase in the virus hurst, Mapleton, Flatlands, A/ after keeping cases down all Gerritsen Beach and Sheeps- summer. head BayinBrooklyn. LANE/EP MayorBill de Blasio said They have loggedanin- TIN

during anewsconferenceSun- crease in positivity rate of JUS daythat all schools and nones- Covid-19 over the past few A Covid-19 testing site in the Borough Park section of Brooklyn. Closures loom this week in neighborhoods in nine New York City ZIP Codes. sential business in neighbor- weeks, topping a 3% rate for hoods within nine ZIP Codes seven straight days,which the holidayofSukkot. andQueens with higher posi- hoods,and thereare 100 pub- existing occupancyrestric- would close beginning prompted theincreased en- “Wecan stop this from be- tivity rates. These areas ha- lic-school sites and 200 non- tions,hesaid. Wednesday, pending approval forcement. ing a‘second wave’inNew ven’t, however, reached the 3% public-schoolsites.Michael Afederal court order re- from the state. A spokesman Mr. de Blasio, a Democrat, York City,” he said. “In these threshold. Therehas been in- Mulgrew,the president of the quires religious institutions to for Mr. de Blasio said his of- said the restrictions arepain- communities it is averytrou- creased testing,outreach, and union representing teachers, stay open, aspokeswoman for fice shared the plan with the fulbut necessarytokeep cases blesome reality that has to be enforcement of mask-wearing agreed with the decision. Mr.deBlasio said Sunday. state Sunday morning and is from spreading.The mayor addressed aggressively.” in theseneighborhoods. “This is the right decision, To liftthese restrictions, hoping for“swiftapproval.” said the Wednesdaystart Theseven-day averageposi- “Everything is based on one that helps protect our the areas would need to meet A spokesman for Gov. An- would giveneighborhoods the tivity rate forthe city overall data and based on the scien- schools, our neighborhoods, certain criteria and have aver- drew Cuomo didn’t immedi- chancetoadjust. Manyofthe is 1.72%, according to the tificapproach,” Mr.deBlasio andultimately our city,” he agepositivity ratesbelow3% ately respond to arequest for neighborhoods have alarge health department, although said. said in astatement. foreither two weeks or 28 comment. OrthodoxJewish community, the city also is monitoring 11 He said more than 500,000 Houses of worship will re- days,depending on other fac- Theannouncement came which is currently celebrating other ZIP Codes in Brooklyn people liveinthese neighbor- main open, but already have tors. Barrett’sEarlier Confirmation Offers Preview Diversity

BY SIOBHAN HUGHES tion-rightssupporter in Con- Training gress, focused her questions on WASHINGTON—When Su- Roe v. Wade,the 1973Supreme preme Court nominee AmyCo- Court decision that women Is Ordered ney Barretthad her firstcon- have aright to terminatea firmation hearing three years pregnancyunder certain cir- agotoserveonaChicago- cumstances. Suspended based federal appeals court, She noted that in a2013 ar- she stressed that ajudge’sper- ticle,JudgeBarrett, then a BY PAUL KIERNAN sonal views should remain sep- NotreDame lawprofessor,had AND ANDREW RESTUCCIA aratefromhis or her profes- omittedRoe from alist of Su- sional life. premeCourt precedentssoes- WASHINGTON—TheTrump “It’snever appropriatefor a tablished that they shouldn’t be administration instructed fed- judgetoimpose that judge’s overturned. eral agencies to suspend all di- personal convictions,whether “Thank you, Senator Fein- versity-training programs until they derivefromfaith or any- stein,” JudgeBarrettsaid and they aredeemed compliant whereelse,onthe law,” she smiled. “That wasn’t my list.” with the president’sexecutive told lawmakersonthe Senate When JudgeBarrettan- orderbanning “offensiveand JudiciaryCommittee. sweredother questions,she did anti-American race and sexste-

Her appearanceinSeptem- S so by referring to acompre- reotyping and scapegoating.”

ber 2017offersapreviewof NEW hensiveset of codes and TheU.S.OfficeofPersonnel the responses and rebuttals G cases—without translating Management said that “all that she could bring to her Su- them forthose without legal training programs for agency

preme Court confirmation OOMBER training. employees relating to diversity hearing in little morethan a As anominee foranappeals and inclusion shall, beforebe- week. court, she also had aready an- ing used, be reviewedby

Democratswho have studied FREEMAN/BL swertoquestions about OPM…even if those materials her decisions and writingsar- whether she would respect Su- have been utilized in the guethat JudgeBarrettcould be preme Court precedentslike past,” according to amemo

avoteagainst the Affordable DEMETRIUS Roev.Wade.“Therewould be sent Fridaytohuman-re- CareAct if she is seated on the Supreme Court nominee Amy Coney Barrett was on Capitol Hill last week to meet with senators. no opportunity to be anovote sources directors. court by November,when a on Roe,” she said and noted President Trump’s Sept. 22 case challenging the 2010 Thejudge, likeother judicial 2017hearing with plenty of Threeofher daughterssat that “foracourt of appeals,all order prohibitsthe federal health lawisset forargument. nominees,has tended to re- backup—a support system un- behind her,aswell as her Supreme Court precedent is su- government and itscontrac- They also argueher Catholic spond to senators’ questions likely to be present in the age mother and her father,who per-precedent.” tors from teaching that the faith signals that she would roll about her views with lofty or of the coronavirus,when hear- taught his daughter to prize ASupreme Court justice, U.S. is fundamentally racist or back,ifnot entirely void, Su- legalistic rhetoric rather than ingsare sparsely attended. emotional discipline.“Control however, has the option to re- sexist; that an individual preme Court precedents estab- direct answers. Threeyearsago, her sup- your emotions,orthey’ll con- consider past precedent if the should bear responsibility for lishing aconstitutional right to “A good federal appellate portersincluded then-White trol you,” she said earlier this court chooses to do so,and actions committedbypast abortion. judgeisone who is impartial, House counsel Don McGahn, year in describing her father’s Democratswill again trytode- members of the person’s race Republicans have character- who is unyieldingly committed whom SenateMajority Leader advice. termine whether JudgeBarrett or sex; that an individual ized her in moregeneral terms, to the rule of law, who gives Mitch McConnell (R., Ky.) had She didn’t flinch when Sen. would do so on the high court. should feel guilty as aresult of citing her overall qualifications, equalright to the rich and to credited with supplying his Dianne Feinstein (D., Calif.), the “I’veconducted myself as a theirraceorsex;orthat an in- her focus on the text of legisla- the poor,” JudgeBarretttesti- Senateastream of conserva- panel’stop Democrat, told the professional my whole career, dividual has privileges because tion rather than the purpose fied in September 2017, saying tivenominees to put on the nominee that she wascontro- andwould continue to do so if of their race or sex. To help lawmakersweretrying to she should also be “willing to courts, and JudgeLaurenceSil- versial, in part because she had confirmed,” she told asenator identifysuch curricula, the achieve,and her embraceof take the consequences of rul- berman, aleading light of the “a long historyofbelieving concerned her personal beliefs WhiteHouse recommended the approach of the lateJustice ings that might be unpopular, conservativelegal movement, that your religious beliefs would intrude. searchingtraining materials Antonin Scalia, the conserva- so one who is brave.” forwhom JudgeBarretthad should prevail.” —Brent Kendall forkeywordsincluding “white tive forwhom she clerked. JudgeBarrettarrived at her served as alaw clerk. Thesenator,aleading abor- contributed to this article. privilege,” “systemic racism” and “unconscious bias.” Diversity training programs have been offered fordecades Parties’ Political Fights Loom Over Court by public and privateemploy- ersalike, and they became morewidespread and gained BY JESS BRAVIN dropped itscontract with the Affordable CareAct un- pertinence following protests Catholic Social Services,an constitutional by reducing to sparked by the policekilling of WASHINGTON—An eight- arm of the Archdiocese of zero the taxpenalty forfailing George Floyd,aBlack man, by member Supreme Court recon- Philadelphia that places chil- to maintain insurance. awhiteofficer in Minneapolis venes Mondayinthe center of dren in foster homes,after Laterinthe term, the jus- in May. apolitical battle,with tensions learning the agency wouldn’t tices will consider whether the Mr. Trump, who is trailing high amid President Trump’s consider foster-parent applica- House JudiciaryCommittee, Democratic presidential candi-

decision to replacethe late S tions from gaycouples.Catho- over the Trump administra- dateJoe Biden in public opin-

JusticeRuth Bader Ginsburg PRES lic Social Services sued, con- tion’sobjection, canobtain ion polls,has pushed back

one month before an election TED tending that the constitutional grand jurymaterials from for- against what he says areat-

he predictsthe court itself CIA guarantee of religious exercise mer special counsel Robert temptstodepict the nation as might have to resolve. SO prohibited the city from im- Mueller’s probe of Russian in- inherently racist. He created a It is arole on the political AS posing the nondiscrimination terferenceinthe 2016 presi- commission last month to pro- stage the court doesn’t want, requirement on itsfoster-care dential election. mote“patriotic education” as suggested by the types of contracts. Thejustices arecontinuing and “encourageour educators

cases it has chosen to hear be- APPLEWHITE/ In recent years, the court’s to add cases to the docket. On to teach our children about T

fore the Nov.3election: Awa- OT conservativemajority has been Friday, they took acase from themiracle of American his- SC

terdisputebetween NewMex- J. expanding religious exceptions Arizona on voting rules that tory.” In July his administra- icoand Texas,acopyright The Supreme Court’s new term begins Monday with eight members. from generally applicable laws, prohibit thirdparties from de- tion moved to revoke a2015 battle between Alphabet Inc.’s cases whereJusticeGinsburg livering early-voting ballots rule intended to reducesegre- Google and Oracle Corp. and JudgeAmy Coney Barrett, Themorning afterpolls usually dissented. Conservatives and disallowin-person ballots gation in housing,which the whether the city of Chicago over the objections of the close, the court will hear a expect JudgeBarretttojoin the that aresubmittedinthe president called aDemocratic canimpound bankrupt motor- Democratic minority. clash between government majority’s viewthat secular wrong precinct. Thecourt’sde- effort to “abolish our beautiful ists’ cars until they pay their On Nov.4,however, the nondiscrimination policies and laws which impingeonreligious cision could further limit Vot- and successful suburbs.” parking tickets. court’sdocket swingstothe religious objections to same- beliefs deservesharp scrutiny. ing RightsAct protections,fol- Thepresident’seffortshave Important issues all, but type of disputes wherethe sex marriage. Continuing the Aweek afteranelection lowing a5-4 decision in 2013 prompted outragefrom none is likely to justifythe court’sideological makeup of- practice it began in May, the wherehealth care figuresasa that eliminated the JusticeDe- unions,activistsand his politi- standoff unfolding across the tenmatters—and the impact argumentsare being heard major issue,the court will partment’spowertoreview calopponents, who have ac- street from the courthouse, of replacing the liberal Justice over the telephone,asapre- hear arguments from the election-procedurechanges be- cused him of ignoring patterns wherethe Senate’smajority Ginsburg with a conservative caution against the coronavi- Trump administration and a fore they were implemented in of racism and sexism that af- Republicans aredriving to such as JudgeBarrettcould rus pandemic. coalition of Republican-led states that historically discrim- fect government workers and confirm Mr.Trump’snominee, become apparent. Thecity of Philadelphia states that Congressrendered inated against minority voters. members of the public. P2JW279000-6-A00400-17FFFF5178F

A4 | Monday, October 5, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS Pence Steps In to Lead Campaign Fundraiser Attendees With Trump sidelined, He is scheduled to debate his Mr. Trump’s family accom- Thecampaign would pro- andNevadaand Florida. The Democratic challenger,Sen. panied him to the first presi- ceed but with “anabundance Trump campaign’s“numbers vice president, allies to Kamala Harris,inSalt Lake dential debateinCleveland of caution,” said Trump cam- aregrowing” in North Caro- Describe travel the country in City on Wednesday. last Tuesday. Mr.Pencelast paign senior adviser SteveCor- lina and Georgia, he said. Mr.Miller described an ef- sawMr. Trump beforethe tesinanappearanceonFox “Pennsylvania is going to be an appeal to voters fort in which Mr.Pence, mem- president left for the debate. News.“That wasalready in tight, Michigan’sgoing to be Last Event bers of the Trump family and Mr.Penceand his wife, second placebut even moresonow.” tight, thewhole upper Mid- BY GORDON LUBOLD morethan 50 other surrogates lady KarenPence, tested nega- Mr.Trump’sdisclosureofa west is what this thing could At around noon on Friday, AND RYAN TRACY and key supporterswould begin tivefor Covid-19 again on Sun- positivetest forthe virus last come down to,” he said. the Trump campaign emailed “fanning out all over the coun- day, an administration official week and his subsequent admis- DoctorsonSundaysaid the attendees of afundraiser held President Trump’s re-elec- try” in amodified campaign. said. Thevicepresident has sion to the hospital on Friday president might leave Walter the daybeforeatthe president’s tion team is moving to gethis “He’sgoing to have avery remained at his residence forced the Biden and Trump Reed National Military Medi- Bedminster,N.J., golf club, campaign back on track even full, aggressiveschedule,as sinceFridayout of an abun- campaigns to adjust with the calCenter in Bethesda, Md., alerting them of Mr.Trump’s as hisprognosis remains un- well as the firstfamily,Don, dance of caution to limit con- election lessthan 30 days away. as early as Monday. coronavirus diagnosis and reit- certain while he is being Eric, Ivanka,” Mr. Miller said. tact with those individuals JoeBiden is leading Mr.Trump TheBiden campaign, which erating their safety procedures. treated for the coronavirus in “We’reinacampaign, we have who were potentially exposed, in the most recent Wall Street had paused negativeadvertis- amilitaryhospital outside a month to go,” he said. an official said. Journal/NBC poll,which showed ing as it said it hoped for Mr. By Emily Glazer, Washington. Mr.Miller declined to sayif Mr.Miller said initially the the former vicepresident with Trump’sspeedy recovery,was Paul Berger Vice President MikePence Trump family memberswould campaign eventswould be vir- 53% support compared with the going to consider the tone and and Rebecca Ballhaus will lead the effort, Jason quarantine for 14 days, which tual. “We’regoing to have a president’s39%. tenor of itsapproach going Miller,asenior adviser forthe is theguidancegiven by the big,virtual event or kind of our Mr.Miller dismissed the na- forward, said Kate Bedingfield, “Please contact your medical campaign, said on Sunday on WhiteHouse Coronavirus Task firstvirtual rally” on Monday, tional poll, saying the race the Biden campaign’sdeputy provider if youorany of your NBC. Mr.Penceisexpected to Forcefor someone who has he said. “Then, as soon as we’re could come down to the upper campaign manager. loved ones is ill or develops a makecampaign stops this close contact with acarrier of able to getback out therein Midwest and that the cam- “We’ll makethat adjust- fever, shortnessofbreath,or week in Arizona and Nevada. the disease. person, we’regoing to do so.” paign is confident in Arizona ment as we go,” she said. other respiratorysymptoms,” said theemail. Theemail included are- minder of the event’ssafety Trump DelayedRevealing FirstPositive Test measures.“Please be reminded that due to Trump Victory protocol,noattendees were BY MICHAEL C. BENDER The WhiteHouseasaCovid-19 HotSpot communication from anyone in ceived his ownpositiveresult allowedwithin 6ftofPresi- AND REBECCA BALLHAUS the West Wing,” an adminis- on arapid test. dent Trump at the event,” ac- Sincethe Sept.26Rose Garden ceremonyintroducing President tration official said. ButMs. Hicks had learned cording to the email, which WASHINGTON—President Trump's Supreme Court pick,manypeople in his orbit have tested TheWhiteHouse didn’t re- about her ownpositivetest re- wasreviewedbyThe Wall Trump didn’t disclose aposi- positivefor coronavirus. spond immediately to aresult that morning,and the in- Street Journal. tiveresult from arapid test for Latest Covd-19 test result* quest forcomment. formation waskept to atight Thehourslong event Thurs- Covid-19 on Thursdaywhile Positive NegativeUndetermined Previously had Covid-19 Thelack of clear communi- circle of advisers, according to day, which attracted morethan awaiting the findingsfroma cation about who wasgetting people familiar with the mat- 200 supportersofMr. Trump’s morethorough coronavirus thevirus has extended to re- ter. Ms.Hicks’spositivetest re-election, some of whom paid screening,according to people portsonthe president’sstatus resultswerefirst reported by $2,800 to attend, waslargely a familiar with the matter. as he undergoes treatment. BloombergNewslater that garden-variety fundraiser,say Mr.Trump received aposi- At a press briefing Satur- evening. TheWhiteHouse ofpeople who attended. Attend- tive result on Thursdayeve- President First Lady Vice Former Vice Judge Amy Chris day, the president, who has ferednoofficial statement on ees who gaveorraised at least ning beforemaking an appear- Trump Melania President President ConeyBarrett Wallace been hospitalized at Walter Ms.Hope’spositivetest. $50,000 were invited to pose anceonFox News in which he Trump MikePence Joe Biden ReedMedical Center sinceFri- Mr.Stepien and the rest of with him forphotos—at a6- didn’t reveal those results. In- day,watched as theWhite the Trump campaign first foot distance. stead, he confirmed earlier re- House physician, Dr.Sean Con- learned of Ms.Hicks’spositive But the revelation that Mr. portsthat one of his topaides ley,told reportersthat his test from Bloomberg News, Trump had tested positivefor had tested positivefor corona- symptoms were improving. and weren’t consulted on Covid-19 makes the Bedminster virus and mentioned the sec- Former WhiteHouse Rev. John Directorof Campaign Minutes later,Mr. Trump grew whether to proceed with a eventone of Mr.Trump’slast White aide Jenkins Oval Office Manager ond test he had takenthat House aide Hope Hicks Operations Bill Stepien alarmed when another person Thursdaytrip to NewJersey,a knownpublic appearances— night forwhich he wasawait- Kellyanne Nick Luna familiar with the situation campaign official said. with acrowd—beforehis diag- ing results. Conway warned reportersthat Mr. TheWhiteHouse has said nosis disclosure. “I’ll getmytest back either Other Republicans who had been in contactwiththe president Trump’srecent condition had the operations team deemed Theevent took placein- tonight or tomorrow morn- been concerning.Anangry the trip safe. The president doorsand outdoors, and ating,” Mr. Trump said during president quickly dialed an ad- had tested negativeonarapid tendees didn’t wear masks the the interview. At 1a.m. on Fri- viser from his hospital room. test that morning,according entiretime,according to peo- day, the president tweeted “Who the f— said that?” to aperson familiar with the ple who attended. Thecam- that he indeed had tested posi- Mr.Trump demanded, accord- matter. Mr.Meadows has said paign went ahead with the tive. Sen. Mike Sen. Thom Former Gov. Rep. Jim Sen. Marsha Sen. Mike ing to aperson familiar with the White House learned of eventafter Trump senior ad- Under WhiteHouse proto- Lee Tillis Chris Christie Jordan Blackburn Crapo thecall. TheAssociated Press Ms.Hicks’sresultsright as viserHope Hicks had tested cols,the morereliable test later identified the person as Marine One was leaving for positivefor the virus earlier in that screens aspecimen from WhiteHouse chief of staff NewJersey,and said the ad- the day. WhiteHouse officials deeper in the nasal passageis Mark Meadows. ministration pulled some ad- were aware that Ms.Hicks administered only afterarapid Thepresident’sdoctors said visersoff the trip.The presi- tested positivebeforethe fund- test shows apositivereading. Sen. Ted Sen. Deb Sen. Josh Sen. Kelly Sen. Sundaythat his condition was dent leftthe WhiteHouse just raiser and pulled some staff Based on people familiar with Cruz Fischer Hawley Loeffler BenSasse improving and that he could after1p.m. that day. from thetrip,chief of staff the matter, the president’s *AsofOct 4, 9p.m. ET be dischargedfromthe hospi- Thedecision not to cancel Mark Meadows said Friday. testsfollowedthat protocol. Photo credits: AgenceFrance-Presse, AssociatedPress,BloombergNews, Getty Images, PressPool, talassoon as Monday, but the NewJersey trip drew swift Attendees have so far Reuters, EPA/Shutterstock, South Bend Tribune, ZUMA Press As the virus spread among Source:Staff and news reports also said he wastaking aste- criticism from health experts. voiced varying levels of con- the people closest to him,Mr. roid typically recommended Lisa M. Lee, apublic-health ex- cern over the event, with sev- Trump also asked one adviser know that Hope Hicks, one of Mr.Trump’sinner circle has forserious cases. pert specializing in infectious- eral praising the cautiousness not to disclose resultsoftheir thepresident’sclosest White created asense of anxiety Thefast-moving revelations disease epidemiologyand pub- with which campaign staffers ownpositivetest. “Don’t tell Houseaides,had tested posi- within the West Wing. Pub- began Thursdayevening when lic-health ethics at Virginia approached it. anyone,” Mr.Trump said, ac- tiveonThursdaymorning un- licly,the WhiteHouse has is- Mr.Trump confirmed in atele- Tech University,said “holding TheWhiteHouse and New cording to aperson familiar til news reportslater that eve- sued evolvingand contradic- phone interviewwith Fox the [Bedminster,N.J.] event in Jersey’s health department said with theconversation. ning, according to a person tory statementsabout the News that one of his closest spiteofknowing that one of they have launched contact- Mr.Trump and his topad- familiar with the matter. The president’s health that have aides, Hope Hicks,had tested the team wasinfected and had tracing efforts, afterthe Trump visersalso aimed to keep such Trump campaign said Friday some officials worried about positivethat day, and said: “I exposed otherswas arecipe team sent attendees’ names aclose hold on the early posi- evening that Mr.Stepien had theirown credibility. just heardabout this.” CBS forspreading disease.” and contact information to New tiveresultsthat his campaign tested positive. “I’m glued to Twitter and News first reported that by —Andrew Restuccia Jersey officials,tosee if anyat- manager, Bill Stepien,didn’t The initial secrecy within TV because Ihavenoofficial that point, Mr.Trump had re- contributed to this article. tendees might be positive.

DoctorsSay Brief Drive Breaks be seen wearing amedical gown and amedical-grade mask. With CDC Protocol Secret Serviceagents and President Is policeofficers gathered on the street, with some holding back WASHINGTON—President members of the crowd, manyof Improving Trump briefly left Walter Reed whom weren’twearing masks. National Military Medical Center, The Centers forDisease whereheisbeing treatedfor Controland Prevention recom- ContinuedfromPageOne Covid-19,and wavedtosupport- mends thatpeople with

dent experienced two drops in GES ers from apresidential SUV,de- Covid-19 isolate themselves

oxygen saturation levels.Late IMA parting from governmenthealth from others.The CDC says a Fridaymorning,before he was guidelines designed to reduce person with Covid-19 can begin admittedtothe hospital,it GETTY the risk of spreading infection. to be around others 10 or more dropped below94%, and he SE/ On Sundayevening, the pres- days after symptoms firstap- wasgiven supplemental oxygen ident, traveling in alarge black peared and after at least24 forabout an hour.Heexperi- SUV with closed windows and hours with no feverwhile other ANCE-PRES

enced ahigh feveratthe time, FR wearing whatappeared to be a symptoms areimproving. If a Dr.Conley said, without speci- black cloth mask, wavedand person has aseverecase of ENCE

fying his temperature. The74- AG gave thumbs-up signs to dozens Covid-19, doctors mayrecom-

year-old president’soxygen KI/ of supporters who gathered on a mend longer isolation.

level also dropped on Saturday, OWS sidewalk outside the hospital WhiteHouse spokesman this time to about 93%, his grounds in Bethesda, Md. There Judd Deeresaid the drivewas physicians said. SMIAL appeared to be at leasttwo “cleared by the medical team as Amildly obese patient of AN other individuals in the SUV with safetodo.”

Mr.Trump’sage with oxygen BREND Mr.Trump. One of them could —Andrew Restuccia saturation below94% would Dr. Sean Conley, the president’s doctor, led a medical team at a briefing Sunday at Walter Reed. typically be given supplemen- taloxygenfor ahalf or full day had been treated with dexame- that the president’svital signs ride to wave to his supporters said that “ifyou or your col- public in afour-minutevideo and would be monitored to see thasone. Thegeneric drug is a were stable,hewasn’t experi- outside and has nowreturned to leagues feel youshould be prac- posted to TwitteronSaturday, if levels return to normal, said commonly used steroid that has encing shortnessofbreath,and the Presidential Suiteinside ticing telework or have ques- saying he wasfeeling much bet- PeterChin-Hong,aninfectious- been shown to help severely ill that he has been fever-free Walter Reed,” WhiteHouse tions about your ability to do so, terand added that he wantsto disease specialist and profes- Covid-19 patients. TheWorld sinceFriday. spokesman Judd Deeresaid. please contact your supervisor” recoverquickly so he canfinish sorofmedicine at the Univer- Health Organization issued up- Mr.Trump,inavideo mes- AskedSundaywhy he didn’t Mr.Trump’sCovid-19 diagno- the presidential campaign. The sity of California San dated guidelines last month rec- sage posted to TwitteronSun- offer the moreserious details sis might complicatethe process president said he had no choice Francisco. Normal blood oxy- ommending steroid treatment dayevening,said he would about the president’scondition of confirming anew Supreme but to be out in public during gensaturation levels rangebe- in patients with severeorcriti- makea“little surprise visit” to theday before, Dr.Conley said: Court nominee and by taking the the pandemic,explaining that tween 95% and 100%. calCovid-19,including patients his supportersgathered outside “I wastrying to reflect the up- GOP president off the trail has he waswilling to take the risk Dr.Conley didn’t offer a with difficulty breathing and Walter Reed. “I learned alot beat attitude that the team, further scrambled the presiden- of contracting the coronavirus clearanswerwhen pressed those requiring oxygen support about Covid. Ilearned it by re- that the president, through this tial campaign with just 30 days to continue leading the country. about whether Mr.Trump re- with aventilator or facemask. ally going to school. This is the course of illness, has had. I until Election Day. It also has “I can’t be locked up in aroom quired supplemental oxygen on TheWHO recommended not to real school. This isn’t the let’s- didn’t want to giveany infor- generated fresh anxiety about upstairs,” he said. Saturday, saying: “I’dhaveto use steroids in treating patients read-the-books school. And Iget mationthat would steer the the virus that to datehas Mr.Trump tweeted from check with the nursing staff.I with nonsevereCovid-19. it and Iunderstand it,” he said course of illnessinanother di- claimed about 209,000 lives in Walter Reed Sundayafternoon: don’t think—if he did, it was Mr.Trump also has takenRe- on the video. rection and in doing so it came theU.S. WhiteHouse officials “I really appreciateall of the very limited.” He also declined generon Pharmaceuticals Inc.’s Shortly afterthe message off that we were trying to hide andthe president’ssupporters fans and supportersoutside of to elaborateonwhat the doc- experimental antibody drug wasposted to Twitter, videos something,which wasn’t neces- have said Mr.Trump continues the hospital. Thefact is,they re- tors’examinations of the presi- cocktail, and he is currently on a posted online showedMr. sarily true.” to conduct his presidential du- ally loveour Countryand are dent’slungshad found. The five-daycourse of the antiviral Trump,wearing ablack mask, An email went out to White ties,despitehis illness. seeing howweare MAKING IT WhiteHouse didn’t respond to drug remdesivir,which has riding in the back of an SUVand House staff Sundayevening, Democratic presidential GREATER THAN EVER BE- follow-up inquiries. been authorized fortreatment waving to supportersgathered telling stafferstostayhome if nominee JoeBiden wastested FORE!” Raising additional questions of hospitalized Covid-19 pa- outside the hospital. they areexperiencing Covid-19 forCovid-19 Sundayand was —Jared S. Hopkins, Joseph about Mr.Trump’scondition, tients. “President Trump took a symptoms,said aperson famil- negative, his campaign said. Walker and Natalie Andrews the president’sdoctorssaid he Doctorsalso said Sunday short, last-minutemotorcade iar with the email. Theemail Mr.Trump addressed the contributed to this article. P2JW279000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | A5 U.S. NEWS Trump’sSupportWeakened AfterDebate, Poll Finds

BY AARON ZITNER moment to say, ‘What did I working-class men. voters said the event made no that the debatehad conse- Preferencefor president just see, and howdoIfeel Negativeviews of the presi- differencetotheir vote.But quence, at leastinitially,” said Donald Trump Joe Biden President Trump is drawing about it?’” he said. Mr.Trump dent dominatepositiveones among the other 25%, abigger Mr.McInturff. his weakest votersupport of could regain ground, Mr. by 16 percentagepointsinthe sharesaid the debatemade Voters in the survey viewed 55% the year in his reelection race McInturff said, given that “he new survey, up from 11 points them more likely to support Mr.Trump as bettersuited following Tuesday’sconten- has ahistoryofbouncing back last month, andthe shareof Mr. Biden than Mr. Trump. than his challenger to handle tious debatewith former Vice to some set point.” voters with “verynegative” Asked more broadly about the economy, 48% to 41%. 50 President JoeBiden, a new Fornow,though, the poll views has hit 50% forthe first the candidates’ personal quali- Mr. Trump’s bout with the Wall Street Journal/NBC News represents a number of flash- time sinceMr. Trump took of- ties,votersbyatwo-to-one virus will likely keep the pub- poll finds. ing caution signs forthe presi- fice. Meanwhile, views of Mr. margin said Mr.Biden was licfocused on the pandemic, Mr.Biden, the Democratic dent. His support has never Biden turned net positive for betteratdisplaying “the right an issuethat voters believe 45 nominee, leads the president, beforefallen below40% on the the firsttime since2018, temperament to be president,” Mr.Biden would be betterat 53% to 39%, among registered ballot against Mr.Biden. though narrowly so. 58% to 26%. handling, 52% to 35%. voters in the newpoll, which Women, who outnumber men Messrs. Horwitt and McIn- “It is clear that the debate, Half of voters say the win- 40 wasconducted following the de- in the electorate, favorMr. Bi- turffsaid one factor wasthe and Mr.Trump’sbehavior dur- ner of the presidential election batebut beforenewsemerged den in the survey by 27 per- debate, adecorum-destroying ing it, reinforcedthe negative should fill the Supreme Court that the Republican nominee centagepoints, 60% to 33%, eventinwhich the two candi- side of Mr.Trump personally seat, compared with 38% who 35 had tested positivefor Covid-19. compared with 20 points last dates traded insults and con- formanyrespondents,” said would moveahead with Mr. March April MayJune July Aug.Sept.Oct. Mr.Biden’s14-point lead com- month. At the same time,sup- tinually talked over each Mr.Horwitt. He said the presi- Trump’snomination now—es- pares with an 8-point advantage port forMr. Trump has soft- other,with Mr.Trump inter- dent “lost the American people sentially thesame shares who Note:Nodatafor May last month and 11 pointsinJuly, ened among some of his most rupting his opponent moreof- on style morethan substance.” support Mr.Biden and Mr. WSJ/NBC News telephone polls, most recently of 800 registeredvoters conducted Sept. which washis largest of the loyalgroups,such as white, ten. About three-quartersof “What we knowfor sureis Trump in the election. 30-Oct. 1, 2020; margin of error +/- 3.5pct. pts. campaign at that time. Thesurvey finds something rare in Journal/NBC News polling: evidencethat an individual news event—the debate—is having a material effect on Mr.Trump’spolitical standing,atleast fornow.Sig- nificant eventsinthe past, such as Mr.Trump’simpeach- ment by the House and acquit- talbythe Senate, had only hardened views of the president, not shifted them. Bill McInturff,aRepublican PRATT PROVIDES pollster who directed the sur- veywith Democrat Jeff Hor- witt, cautioned that the poll was conducted during an un- settled moment after the caustic presidential debate—“a shock to the system,” he called it—and could reflect atempo- rary reassessment of views. “The public canbetaking a 10,000 The Wall Street Journal/NBC News poll wasbased on nationwide telephone interviews of 800 registered voters. It wasconducted Sept. 30-Oct. 1, 2020, by the polling organizations of Bill McInturff of Public Opinion Strategies and Jeff HorwittofHart Research Associates. The sample wasdrawn in the following manner:Individuals were ran- domlyselected from national lists of AMERICAN FAMILIES registeredvotersand were chosen by asystematic proceduretoprovide a balanceofrespondents by sex. Re- spondents reached on their cellphone were randomly selected from national lists of cellphone numbers. Of the 800 interviews in the weighted data, 472 respondents were reached on acellphone and screened to ensurethat their cellphone wasthe only phone theyhad. In addition, WITH WELL-PAYING sevenrespondents were reached on a cellphone but reported also having a landline. The margin of error is plus or minus 3.5 percentage points. Texans GREEN-COLLAR Feud Over Rules for Vo ting MANUFACTURING

BY ELIZABETH FINDELL

AUSTIN,Texas—Texas political factions arebattlingover when voting canbegin in the state, what the ballot will look likeand wherevoterscan drop off ballots, lessthan 10 days JOBS beforepolls areset to open in America’ssecond-largest state. Gov.GregAbbottissued an executive proclamation limiting drop-off locations formail- in ballotstoone per county on Thursday, aftersome of the state’slargest counties had already sent voters as manyasa dozenoptions. Voting-rights groups sued,calling the move voter suppression and saying that it wasachangemade too close to the election. “The order is most unfortu- nate, and it is not timely and it is not good news forvoters,” said Dana DeBeauvoir, clerk of Austin’sTravis Anthony Pratt County,aDemocrat. “This is a deliberateattempt to manipulate the election.” Mr.Abbottsaid the move Chairman of would strengthen ballot integ- rity.“These enhanced security Pratt Industries protocols will ensuregreater transparencyand will help stop attemptsatillegal voting,” he &The Pratt Foundation said in announcing the plan. A spokesman forhis officeadded that Mr.Abbotthad expanded access to voting overall, from past years, and that Thursday’s order affectsonly mail-in ballots, most of which aresent in through the mail. Mr.Abbott, aRepublican, is also facing lawsuitsfrom Pratt Industries is one of the largest corrugated membersofhis ownparty seeking to stop early voting from beginning Oct. 13,as boxmanufacturers in the United States. planned, and to disallowdrop- ping off mail-in ballotsinper- son beforeNovember.The www.prattindustries.com state’sRepublican attorney general, KenPaxton, is bat- www.prattindustries.com tling with the Democratic clerk of Harris County, which includes Houston, over applications to vote by mail. P2JW279000-0-A00600-1------XA

A6 | Monday, October 5, 2020 THE WALL STREET JOURNAL. U.S. NEWS Errors Seen in Mail-in Votes Sexting,Covid Throw KeyRace intoDisarray BY ALEXA CORSE BallotTracking AND CHAD DAY BY NATALIE ANDREWS good for them as North Caro- Nearly all states offer voters the abilitytocheck the status of their mail ballots, while manyallow lina, and this throwsthat into As moreAmericans turn to voters to fix signatureorvoter identification errors. Thebattlefor the Senate uncertainty.” voting by mail due to the cor- Does astate allowall voters to check Does your stateallowvoters to resolve seat in NorthCarolina that Republicans had worked to onavirus,some election offi- the status of mail-in ballots? some signatureorIDerrors? could determine which party makethe Supreme Court the cialsare already seeing the controls the U.S. Senatenext topic of the race,whereMr. No kindsofmistakes that could No balloting tracking year has been cast intodisar- Tillis could show his support lead to large volumes of bal- Establishing aprocess ray, with incumbent Sen. Thom forthe president’snominee Offered by local jurisidictions lots being disqualified. Notcodifiedinlaw but local officials Tillis quarantined afteraposi- andget aboost of conserva- Some fraction of mail-in Statewide portal areencouragedtoallowit tiveCovid-19 test and Demo- tiveenthusiasm. NowMr. ballotsare disqualified every Yes craticcandidateCal Cunning- Tillis’sparticipation in the election.Around 1% of them ham facing asexting scandal. hearingsisdependent on his were rejected nationallyinthe AK ME AK ME Mr.Tillis revealed on Friday health and could be done re- 2016 general election, accord- that he had tested positivefor motely. Democrats are calling VT NH MA ing to the federal U.S. Election VT NH MA Covid-19,days afterheat- forthe hearingstobepost- AssistanceCommission. Com- WA ID MT ND MN MI NY CT RI WA ID MT ND MN MI* NY CT RI tended acrowded event at the ponedaltogether,saying the mon reasons include ballots WhiteHouse nominating health of lawmakersand at- OR UT WY SD IA WI IN OH PA NJ DE being received afterthe dead- OR UT WY SD IA WI IN OH PA NJ DE JudgeAmy Coney Barrettto tendees could be at risk. line or voters not signing the CA NV CO NE MO IL KY WV VA DC MD CA NV CO NE MO IL KY WV VA DC MD the Supreme Court. He closed “Rather than shifting the ballot envelope or supplying a his Charlotte campaign head- attention, it’sactually honed it AZ NM KS AR TN NC SC signaturethat doesn’t match AZ NM KS AR TN NC SC quarters,canceled all in-per- even further,” said Whitney staterecords. OK LA MS AL GA OK LA MS AL GA son eventsand announced RossManzo, associateprofes- This election, the Postal plans to quarantine. sor of political scienceatMer- HI TX FL Servicehas urgedvotersto HI TX FL Thesame day, Mr.Cunning- edith CollegeinRaleigh. “Tillis mail ballotsatleast aweek *Michigan's legislaturepassed abipartisan bill thatwould requirenotifying an absenteevoter if thereisasignatureissue. ham, a married father of two, getting Covid is the larger is- before their state’sdeadline, Sources: stateelection offices; National Vote at Home Institute apologized for text messages sue because it could feel as aftercomplaintsabout deliv- with aDemocratic strategist in though he’s not taking the erydelays.InPennsylvania, fervoterswho makecertain versity of Florida political-sci- ities in previous elections. which he called the woman pandemic seriously,and that is Democratshaveraised alarms errorsthat would invalidate enceprofessor Daniel Smith. Those voters generally lean “historically sexy” and dis- at theforefront at voters’ over arequirement forvoters their ballots—such as missing This year amid the pan- Democratic. cussed plans to meet with her, minds.” to mail ballotsintwo enve- or mismatched signatures—a demic,some primaries saw Forthe general election, though it is unclear if they Thefirst-term senator’s lopes, an inner secrecy sleeve chancetocorrect them. high numbersofmail-in bal- voters have already cast did. He has no plans to drop standing among conservatives andanouter one formailing. Which ballotscount and lotsbeing rejected fornot 2,105,553 mail-in ballotsand out of the race. Mr. Cunning- in North Carolina suffered in Thestate’s Supreme Court which getdisqualified could meeting staterequirements.In 94,338 early in-person votes, hamhasn’t discussed details 2019 when he announced his ruled last month that those provecritical in close elec- the June primaryinNew York based on datafrom22states of the relationship. opposition to Mr.Trump’s mailed without the secrecyen- tions up and down ballots. For City,thousands of ballotswere collected by the Associated “Wehave, as asociety, push to use anational emer- velope,also called “naked bal- the presidential race,the rejected fornot being post- PressasofFriday. taken‘October surprise’ much gencydeclaration to fund a lots,” should be disqualified. Trump and Biden campaigns marked on time,for voters So far, according to the AP, toofar,” said John Aldrich, a border wall, and some recent In North Carolina, more have vowedfull-scale efforts failing to sign the backs of en- registered Democratshave political-scienceprofessor at polls have shown him with than 300,000 people have al- to monitor voting and ballot velopes and forother reasons, outnumbered Republicans in DukeUniversity,when asked lesssupport than Mr.Trump ready successfully cast ballots counting,and the Republican voting by mail in some key about the past 48 hoursofthe among voters in the state. Key by mail in the general election and Democratic parties areen- states likeFlorida and North campaign. to changing that ahead of the through Thursday, morethan gagedinlegal battles in many Which ballots count Carolina. Both states also have Democratshavetargeted election would likely have the totalcast by mail in 2016. states over voting rules. sizable numbersofvotes cast the stateasamust-win in been campaigning alongside Still, around 3.4% of ballotsre- Voting-by-mail rules,which and which don’t by voters not registered with their bid to control of the Sen- President Trump, who is hos- turned had errors, so far vary acrossstates, specifythe could prove critical either party. ate. With Republicans’ 53-47 pitalized aftertesting positive slightly higher than four years deadlines forwhen mailed bal- Democratsare urging vot- majority and Democratsex- for the novel coronavirus. ago, the State BoardofElec- lotsshould be postmarked and in a close election. erstovoteearly,whether by pected to lose Sen. Doug Mr.Cunningham has consis- tionssaid. received by election officials mail or in person. “Ensuring Jones’ seat in Alabama, Minor- tently been ahead in polls that Areason forthe errors: and detail howballotsare to voters knowall the multiple ity Leader Chuck Schumer (D., showasmall percentageof “Manyvotersare casting their be filled out. optionsfor voting—in person N.Y.)likely needs to pick up undecided voters. ballotsbymail forthe first These requirements, com- according to candidates and and by mail—is acentral focus four seatstogain control of Apoll published last week time,sosome mistakes areex- bined with the surge in voters progressiveactivists. New down the stretch,” said Biden the chamber. by the UMassLowell Center pected,” said KarenBrinson expected to cast ballotsby York Gov.Andrew Cuomo sub- campaign spokesman T.J. “North Carolina wasthe forPublic Opinion found Mr. Bell, executivedirector of the mail forthe firsttime due to sequently ordered the ballot Ducklo. fourth-best pickup opportu- Cunningham up 6points North Carolina State Boardof the coronavirus,are likely to envelope to be redesigned to President Trump has re- nity,” said JessicaTaylor,who against Mr.Tillis,49% to 43%, Elections.“We strongly en- producehigh numbersofre- clarifywherevotersmust peatedly criticized mail-in vot- analyzes Senate races for the with 7% of likely voters unde- couragevoterstocarefully jected mail ballots, according sign. ing,saying it is prone to fraud. nonpartisan Cook Political Re- cidedand 1% planning to vote read the instructions and be to some election scholars. Mr.Smith’sresearch has He has singled out states that port. foradifferent candidate. Last sure to completeall required “People who aremoving found mail-in ballot rejections decided to send ballotsauto- She listed the firstthree as week,nonpartisan Inside Elec- fields on the envelope.” intovoting by mail because of tended to disproportionately matically to all registered vot- Colorado, Arizona and Maine. tions moved itsrating of the North Carolina, along with the pandemic…are moreprone affect younger or inexperi- ersdue to the pandemic as “Democrats have other races, North Carolina race from “tos- morethan 30 other states,of- to making mistakes,” said Uni- enced voters and racial minor- particular concerns. but nothing waslooking as sup” to “tilt Democratic.”

youare invitevited 9 00 J8 6D D. VE SER RE HTS RIG LL

novembermber 11, 7 p.m. est .A NC register at wsj.comm//iinnonnovvaattoorraawawardsrds20202200 ,I NY PA OM &C

PRESENTING SPONSORS ES ON WJ DO 020 ©2 P2JW279000-0-A006A0-1------NS

THE WALL STREET JOURNAL. NY Monday, October 5, 2020 | A6A

PAID ADVERTISEMENT

Thesteel products we manufacture, theinnovations we bring forward, andthe partnerships andalliances we form protectpeople, house them andgivethemplaces to be together anddobusiness.Weare 100% domesticmakers, andsoare oursuppliers.Wecreateopportunity righthere. We make community. We stewardthe environment. We arebuilding thepresent while always looking at thefuturewith purpose,precision andinnovation. Many companies.One mission. Let’smakeithere.

Get involved.

20MXZI050-11-144942-5 P2JW279000-0-A006B0-1------NS

A6B | Monday, October 5, 2020 NY THE WALL STREET JOURNAL.

CELEBRATING OUR

Army SGT Nathan Shumaker Hillsboro, MO September 2020 Youcan help provide homes to injured Veterans

Give NowAw At:t: HFOTUSA.ORG -8- 866.7866.787.6677

OUR MISSION To build and donate specially adapted custom homes nationwide for severely injured post-9/11 Veterans, to enable them to rebuild their lives.

Homes For Our Troops is anational, publicly funded 501(c)(3) nonproﬁt organization thathas been evaluated as one of America’s TopRated Veterans and Military Charities. P2JW279000-0-A00700-10B2573178C

THE WALL STREET JOURNAL. Monday, October 5, 2020 | A7 U.S. NEWS Wisconsin SeeksCause Of NewCovid-19 Spike

BY ERIN AILWORTH Thesituation underscores dentsaged18to24rocketed the highly contagious nature from roughly 1,200 in the Asurge of Covid-19 cases in of the virus and howquickly it week of Aug. 23 to more than S

Wisconsin as studentsre- canspread. It also shows how 4,000 the week of Sept. 6. PRES

turned to universities in major much scientistsstill have to Many, including Wisconsin’s TED

cities likeMilwaukee and Mad- learn about howthat spread governor,made some link to CIA ison leftmanybelieving col- occurs, an understanding that what researcherssaid wasa SO AS legeparties and lax social dis- is necessary to better contain nationwide surge in cases pro- tancing were responsible for the disease. pelled by studentsreturning

what is nowthe state’sworst When the virus firstap- to university campuses. -SENTINEL/ case spikesincethe start of peared in the U.S.,outbreaks In Dane County, where the the coronavirus pandemic. proliferated in coastal states University of Wisconsin-Madi- But health officials soon no- likeNew York,California, son is located, health officials JOURNAL

ticed that cases were also ris- Texas and Florida, while much said UW-Madison students, as UKEE

ing in cities and towns with- of the Midwest was spared. well as some staff, accounted WA out a college campus, leading On Friday, Wisconsin formost of the cases when

them to question what else ranked thirdbehind Texas and Covid-19 infections basically MAN/MIL might be driving the increase. California in terms of total quadrupled in the firsttwo Outbreaks popped up across newcases in the last seven weeks of September compared HOFF

the statesoquickly they days,according to datafrom with the previous two weeks. MARK couldn’t do enough contact the Centersfor Disease Con- “Weneed folks to start tak- Students movedout of their residencehall at the UniversityofWisconsin-Madison earlier this month. tracing to determine—or rule trol and Prevention.For new ing this seriously,and young out—that collegestudents were cases per capita, it is thirdbe- people especially—please stay September worked in tandem ties—can only do so much be- barely October and the season moving around or were the hind the Dakotas,wheresome at home as much as youare with another dynamic: alarge cause neighboring communi- when respiratory viruses like cause of the surge,they said. outbreaks have been tied to able,skip heading to the bars, number of stateresidentswho ties have less stringent rules. theflu and coronavirus tend “Tosay that Acaused B, we meatpacking plants and large and wear amask whenever don’t wear masks,they say, be- Though the rise started to getworse because winter need to have morethan just A gatherings like concerts. yougoout,” Gov.TonyEvers cause manycommunities don’t with an upswing among 18- to weather keeps people cooped happened beforeB,”said Ryan Last Wednesday, Wisconsin said on Sept. 22, when he ex- requirethem or don’t enforce 24-year-olds, it has been sus- up in close proximity. Westergaard, Wisconsin’schief loggedits highest daily death tended an order that people ordersrequiring them. tained in recent weeks by ev- “This could still getdramat- medical officer forthe Bureau toll, 27.The state’sCovid-19 age5and older wear masks In Dane County,home to eryother agegroup.Accord- ically worsethan it is now,” he of Communicable Diseases. case tracker,meanwhile, when in an enclosed space UW-Madison, Katarina Grande, ing to statedata, allbut the said, especially if large num- “Saying that these rapid out- showedhospital beds state- open to the public. with Public Health Madison & 18-to-24 set have loggedin- bersofpeople requirehospital breaks at collegecampuses wide at 82% capacity on Friday. Some public-health officials Dane County,said her agency’s creasing Covid-19 case num- care,stretching amedical caused statewide transmission At first, what was happen- saythey suspect the large public-health policies—includ- bers since mid-September. workforce already worn thin. to go up—wedon’t have ing seemed relatively clear-cut number of socially inclined stu- ing amask mandate, bars Dr.Westergaard, the chief “Wewould runout of hospital enough evidencetomakethat as the number of positive dentsreturning to the stateat closed to indoor patrons and a medical officer,said the surge resources—not just hospital link with any certainty.” Covid-19 cases among resi- the end of August and start of prohibition on off-campus par- worries him given that it is beds, but hospital staff.” U.S. Coronavirus Cases Rise as Daily Deaths Recede

TheU.S.saw 50,000 new showedsymptoms or have the 7-dayaverage of daily creased slightly to 4.8%, but fornia, according to datafrom Meanwhile,coronavirus in- coronavirus cases on Saturday, sincerecovered. deaths fell below700.Infec- that is still well behind the Johns Hopkins. fections continue to hamper as the nation’stotal death toll Thenew-case count was tious-disease expertssay that 20.37% recorded on April 11. In neighboring Michigan, professional sports. TheNa- reached 209,394. down slightly from 54,441 re- deaths usually lag behind cases Johns Hopkins recorded which has also seen itscase tional Football League said it An additional 690 deaths corded on Friday, but marked and other indicatorsbecause 975,914test resultsfor Satur- count increase,the Supreme postponedSunday’sgame be- were reported on Saturday, ac- the thirdstraight daywith severecases of the disease can day, up from 109,215 on April 1. Court on Fridayruled that tween the NewEngland Patri- new cases topping the 14-day take weeks to progress. In Wisconsin, newcases Gov.Gretchen Whitmer has no otsand the Kansas City Chiefs By Jing Yang, average. Thelast time new Theseven-day averageof reached an all-time high Sat- authority to extend a state of afterPatriots quarterback Cam Konrad Putzier cases were at or above50,000 newcases washigher than the urdayasthe state continues to emergency based on the pan- Newton tested positivefor the and Katie Honan for two consecutive days was 14-dayaverage in 31 states,up grapple with outbreaks among demic. virus. Aug. 13 and 14. from 29 on Fridayand an indi- university studentsinthe cit- In NewYork City,Mayor Bill Globally,morethan 244,000 cording to datacompiled by But while cases areincreas- catorthat infections areon ies of Milwaukee and Madison. de Blasio said he would close cases were reported, the low- Johns Hopkins University.Total ing,deaths appear to be head- the rise. Thestate had the third- public schools and nonessen- est daily tally in six days, infections in the U.S. climbed to ing in the oppositedirection, at The14-dayaverage of the highest number of new cases tial businesses in Brooklyn and bringing the totalto34.9mil- 7. 38 million on Saturday. Many least fornow.Saturday marked shareofCovid-19 testsacross in the countrywith 2,892, Queens neighborhoods with lion. Fatalities rose to 1.03 mil- of those infected either never thefirst time sinceJuly 10 that theU.S.that arepositivein- trailing only Texas and Cali- rising cases of coronavirus. lion. Restaurant Sector Sees Winter Test

ContinuedfromPageOne Manyrestaurateurshope they canextendoutdoor dining intoroughly November,according to aNational Restaurant As-

sociation survey of about 3,500 S operatorsconducted between Aug. 26 and Sept. 1. That alone PRES won’t offset the lossinbusiness TED CIA

from busy dining rooms,owners SO and consultantssaid. Some 40% AS

of those operatorssaid they OUX/ don’t expect to be in businessin RA six months without additional JOHN government assistance. Owners hope to extendoutdoor dining into November but many “Patio dining is good for saytheyneed governmentaid. Dining lastweek in Winter Park, Fla. supplemental revenue,” said Trevor Boomstra, adirector in from the federal Paycheck Pro- he said he nearly brokeevenin the restaurant, hospitality and tection Program and the Small September because of aPay- leisurepracticeatconsulting BusinessAdministration as well check Protection Program loan firm AlixPartnersLLP.“It really as GoFundMe donations to of $90,000 and cost savings cannot be the primarydriver of keep his restaurant open, in such as reducing the number of the business.” hopesthat the pandemic will workersper shiftand taking a Outdoor dining has risen abate. “Everything we have in 35% paycut himself. from around afifth of revenue the world is invested in it,” said “I’m aKorean-American im- at many restaurantsbeforethe Mr.Cretarola, who has oper- migrant, and my mom also pandemic to as much as 40% ated the restaurant with his owns abusinesstoo,and we now, Mr.Boomstrasaid. That wifefor 13 years. don’t close foranything,” Mr. won’t be enough to turn a About 30 states,the District Leesaid. “The advicethat Igot profit, he said. In addition to of Columbia and PuertoRico from my parentswas,‘Hey,lis- prolonging patio service, he maintained occupancylimits ten, if youclose,you lose.’” said,restaurantsneed to sim- forindoor dining as of Oct. 1, Thethreat of losing outdoor- plifymenus,negotiaterent according to National Restau- dining spaceisparticularly dire breaks andramp up takeout rant Association data. Some in Minneapolis,wherecold operations. places also hadadditional re- weather comes early.Many TheNational Restaurant As- strictions,such as on the total businesses thereare also reel- sociation expectssome 100,000 number of patrons allowedata ing from the fallout of the po- of the 1million restaurantsand time,the association said. lice killing of George Floyd in barsoperating in the U.S. before In NewYork,which re- May, which led to fires, looting the pandemic to permanently opened dining rooms at 25% and property damage. closebythe end of this year. capacity on Sept. 30,itishard Kim Bartmann,who owns Francis Cretarola, co-owner forrestaurantsthat weren’t fo- several Minneapolisrestau- of Italian restaurant Le Virtù in cused on takeout or delivery rants, said she is closing her Philadelphia, would in past before the pandemic to break Tiny Diner forthe winter be- wintersclose his 100-seat out- even at less than 80% capacity, cause she expectscoststo door spaceand host dinersex- said Jason Kaplan, chief execu- eclipse sales.The restaurant, clusively inside the roughly 75- tiveofJKConsulting.The city near whereMr. Floyd was seat restaurant. Now, due to has made permanent an expan- killed, made $12,000 aweek in social-distancing protocols,Mr. sion of outdoor dining. grossrevenue during thesum- Cretarola said he has spacefor Nowon, aKorean restaurant mer,about 75%lessthan ayear fewerthan 50 people on the in NewYork’sEast Village, has ago, even as sheextendedout- patio,whereheisinstalling five drawnwait listsofuptotwo door seating intoaparking lot. infrared heatersatacost of hoursonweekends sinceout- Meanwhile,she has $10,000. door seating wasallowedin equipped her Book Club restau- He said indoor dining re- June.Chef JaeLee has equipped rant with a$4,000 ionizer de- mains impractical because of the patio with tents,lights, signed to neutralizetinyparti- capacity constraintsand con- stained-glasspartitions and cles and plans to install them at cerns surrounding the virus’s plants. Mr.Lee said he expects two other sites. Ms.Bartmann spread. “It’salso not abusiness to spend $500 on two electric said she doesn’t plan to host at aratethat allows youtosur- heaterstoextendthe patio sea- dinersinthe frigid air. viveanyway,” he said. son as long as he can. He hasn’t “HereinMinnesotayou can Mr.Cretarola said he has made aprofitsincethe restau- only tough it out eating outside gotten morethan $250,000 rant opened last November.But forsolong,” she said. P2JW279000-0-A00800-1------XA

A8 | Monday, October 5, 2020 THE WALL STREET JOURNAL. U.S. NEWS Businessman Under Fire GoesAfter Critics

BY BRIAN SPEGELE and the investigation is mov- In China, he is awanted man sioned with China’sdirection. AND SHA HUA ing quickly, according to peo- who faces accusations of Messrs. Guo and Bannon ple familiar with the matter. money laundering,fraud, rape used the distrust of China to Pastrychef Jiamei Lu said In a statement through his andother crimes.Hehas de- build aglobal network of fol- she told the Federal Bureau of lawyer,Mr. Guo said, “I have nied allsuch allegations. lowers,which GTVthen sought Investigation this summer that never condoned anytype of vi- Mr.Guo says GTVraised to tapfor investments. GTV she was the victim of a finan- olencetowardsany individu- more than $300 million from said it would competewith cial fraud being runbyacom- als.” He said the baseball bat privateinvestorsthis spring.A webgiantssuch as Tencent

pany linked to exiled Chinese wasaprophehad used in GES related fundraising effort for HoldingsLtd.’sWeChat and

businessman Guo Wengui and multiple videos. IMA GTVbyaclose associateof Amazon.comInc., and inves- former White House political “Ms.Luisnothing morethan Mr.Guo’s took in morethan tors said they believed this was

adviser Steve Bannon. an unhinged, [Chinese Commu- GETTY $100 million, says Mr.Guo, their chancetoget in on the

Ms.Lusaid that aftershe nist Party] proxy,” he said, a SE/ from small-time investorssuch ground floor of amultibillion- metwith FBI agentsinNew claim she strongly denies. as homemakers, blue collar dollar startup,according to in- York,Mr. Guo lambasted her GTVdidn’t provide com- workers and students. terviews and investment docu- in an online video.Clutching a ment forthis article.The com- ANCE-PRES Mr.Bannon, who served on mentsreviewedbythe Journal. FR baseball bat, Mr.Guo called panyhas previouslysaid it GTVMedia’sboardduring the Ms.Lu, 35,says she was

Ms.LuaChinese spy,describ- wasprepared to cooperate ENCE fundraising this spring,was one of Mr.Guo’s most commit- AG

ing her in vulgar terms. “You with any U.S. probes into the T/ arrested in August on unre- tedsupporters. Fearing the wait and see,” he said. fundraising and that “all of the latedallegations of fraud in- yuan’scollapse,Ms. Lu says

Ms.Lusays she wasamong raised funds are intact.” EMMER volving anonprofit that advo- she requested that her mother

the many people who sent What beganasanonline DON catedbuilding awall on the transfer money from aChinese money to invest in GTV, which fight between Mr.Guo and A company linked to Chinese businessman Guo Wengui, shown in U.S. border with Mexico. He bank account to Ms. Lu’s U.S. according to Mr.Guo raised some of his investors and de- 2018, is said to be under investigation by U.S. authorities. was on Mr. Guo’s yacht when bank account, which she used hundreds of millions of dollars tractorsisbecoming morevol- he wasarrested and has to invest $40,000 in the this spring.Some of those peo- atile,with supportersofMr. he wasprepared to kill him. views with people involved.In pleaded not guilty in that case. startup.But she said she soon ple including Ms.Lusaid they Guo taking to the streetsto Mr. Wu said the intimidation recent online videos, Mr. Guo In astatement, Mr.Bannon grew worried when asigned later became convinced they’d confront his critics in person, prompted himtostayinside has identified morethan a called Mr.Guo the toughest contract forthe investment been defrauded and reported part of what Mr.Guo has with his family and report the dozenpeople by name,includ- opponent China’s Communist never came.When she tried to theirconcerns to authorities. called agrass-rootscampaign matter to local police. ing Mr. Wu and others. Party has ever encountered messageMr. Guo about the Thecompanyhas come un- to unearth Chinese agents. Asked about Mr.Wu’sac- Mr.Guo said he encourages and said Mr. Guo was the top matter,she says he blocked der investigation by the FBI, In southern California, Chi- count, Mr.Guo said he doesn’t all of his supporterstofollow target “oftheir lies and ma- her on WhatsApp. Securities and ExchangeCom- nese democracyactivist Wu condone anythreatsoractsof the law. “Tosay,report, or in- nipulationeventoour own She said the criticism by Mr. mission and NewYork attor- Jianmin says in recent days violence. Mr.Guo has pledged sinuatethat anyindividual who justice system.” Guo began soon aftershe began ney general’soffice, according that around 10 supportersof in an online video to support is violent is following my ideals Mr.Guo’s influenceover speaking with FBI agentsand to people familiar with the Mr.Guo showedupoutside his anyofhis followers who get or directions is completely un- parts of the Chinese diaspora she took to Twittertoeducate matter, while bank accounts house,wherehesaid they intotrouble.Those supporters fair and false,” he said. reflectsuncertainty among othersabout howtoreport linked to GTV’sfundraising yelled coarse insultsabout also have shown up at the SinceMr. Guo fled China a manyChinese-Americans over concerns over GTVtothe FBI. have been frozen. himand distributed leaflets homes of awell-known former few yearsago, he has portrayed what information they can In online videos,Mr. Guo la- In recent weeks, FBI agents about him to his neighbors. Chinese protest leader in New himself as awealthyCommu- trust. Mr. Guo’s allegations of beledMs. Lu aChinese spy.A have been asking witnesses Oneofthe participantsposted York and of a prominent Chi- nist Party dissident, and built a corruption in the party’s ranks U.S. citizen, Ms.Lusays she’s questions specifically about avideo on social media out- nese-American pastor, among large following through his resonated with overseas Chi- had no contact with China’s Mr.Guo’s online statements, side of Mr. Wu’s house saying others, according to inter- partnership with Mr.Bannon. nese who have grown disillu- government about Mr.Guo. U.S. WATCH

HOMELAND SECURITY PENNSYLVANIA Grants Aim to Fight Sen. Toomey Won’t Far-Right Extremism Seek Re-Election The Department of Homeland Sen. Pat Toomey, a Pennsyl- Security, through a little-known vania Republican who favored program, intends to distribute limited government spending, millions of dollars to groups fo- plans to announce on Monday cused largely on combating that he won’t seek re-election in white supremacists and other 2022, according to a person fa- far-right extremists, even as miliar with the matter. The two- President Trump has sought to term senator plans to share his play down their threat. plans at a press conference in Homeland Security’snew Tar- Bethlehem, Pa. geted Violenceand Terrorism Pre- A spokesman for Mr. Toomey vention program announced $10 declined to comment. million in grants in recent weeks Mr.Toomey, 58 years old, was to organizations dedicatedto elected to the Senate during the stopping whitesupremacistand 2010 tea-partymovement. far-rightviolence, and identifying S Mr.Toomeyhas focused on extremists of all kinds. PRES trade and tax policy.Hewas in-

The groups receiving funds in- TED strumental in PresidentTrump’s clude anonprofit staffed by for- CIA signaturefiscal achievement, a SO

mer neo-Nazis, universityresearch- AS $1.5 trillion 2017 tax cut, negoti- ers studying howtocombatonline ating the deal thatenabled cuts disinformation by whitesuprema- GANA/ in the corporatetax rate and the MA

cists, and the Simon Wiesenthal IS household income-tax rate.

Center,which runs aprogram to LU But Mr. Toomey was uncom- SE

rehabilitate people who have com- JO fortable with Mr. Trump. In his mittedhatecrimes, among other MOURNING: Liza Billing, left, and Naeha Quasba held photographs of loved ones who have died in the coronavirus pandemic during the 2016 re-election race, Mr. things. The McCain Institute, National Covid-19 Remembrance at the Ellipse, a park next to the White House on Sunday. Toomey was among Republican named after the late Sen. John senators who distanced them- McCain, is creating anetwork of CALIFORNIA Coast, California set a grim new record for the most land burned known as Cal Fire. selves from Mr. Trump during specialists nationwide to accept record Sunday when officials in a single year in California. The area burned is an area the campaign. referrals of people feared at risk of Wildfires Surpass said that the wildfires of 2020 “The 4 million mark is unfath- that is larger than the state of Mr. Toomey battled with the committing violence. The institute 4 Million Acres have now scorched a record 4 omable. It boggles the mind, and Connecticut. “And that number White House over Mr. Trump’s said it expects to primarily handle million acres, in a fire season it takes your breath away,” said will grow,” Mr. McLean said. trade agenda, trying to thwart far-rightthreats, including white In a year that has already that is far from over. Scott McLean, a spokesman for The fires have killed 31 peo- the president’s plans to place supremacists. brought apocalyptic skies and The unprecedented figure is the California Department of ple. 20% tariffs on imported vehicles. —Rachael Levy smothering smoke to the West more than double the previous Forestry and Fire Protection, —Associated Press —Siobhan Hughes LOWEST 8CIGARS PRICE only * EVER! $ by AV203 TV Speaker 10 $ 99 199 SAVE $70 First-Class Premium CigarSampler Introducing an

When it comes to cigars, no one even comes close to CigarsInternational and we’re readytoprove it to ‘yawith an Ergonomic Heat outrageous introoffer: 8premium handmadecigarsfor just $10.* Go ahead, price shop this one and preparetobestunned. and Massage When you’reready, we’re herewaiting with the world’s largest selection of premium handmadecigarsatthe Chair for Work planet’slowest prices, delivered fast and fresh. That’sour guarantee. and Home

Includes 1each of: Macanudo•Hoyo de Monterrey Arganese •Gurkha •Villazon Can’tHear Voices On TV? Sancho Panza •Bahia •CAO $ Save 70 On TV Speaker With $52 Hearing Aid Technology. value! Can’thear dialogue on TV? Flat-screen TVs have tiny speakers with weak sound. Our top-of-the-line AccuVoice® AV203 Speaker uses patented hearing aid technology to lift voices out of background sounds. With six levels of voice boost, dialogue is super-clear,even at low volumes. Only 17" wide, it fits anywhere. Hookup is simple – one connecting cord. CNET says “Great for people who have trouble hearing TV.” 60-day money-back guarantee...plus our lowest price ever.Agreat way to make your time at home mmororeennjoyable.joyable. %( 1-# *( /!& +$) 0-.'", TryVoiceBud Hearing Aids Risk Free $ •Dual-microphones reduce background noises.. 5UPGRADE •Smartphone app control. ADD ATRAVEL HUMIDOR •60-day home trial. CRUSHPROOF WATERPROOF $30 VALUE •VB20 Hearing Aids…$399.99 pair SAVE $2000 www.CigarsIntl.com/SA8074 Enter complete web address or search keyword: SA8074 Free Shipping&30Day Risk Free Trial Great Sound. Made Simple. 1-888-244-2790 Save $100 Now! And, Use code Ergonomic 800-711-8348 For Free X-Wheel Casters 60-Day Home Trial |FreeShipping |zvox.com Mention codeSA8074| Item #: CA49-SP *$50 per month based on purchase of $89999 for 18-months 0% interest ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio. *Plus $299 s/h.Purchase maybesubject to state, local or excise taxes whereapplicable. First-time purchasersonly. One per customer. No sales to anyone under the age of 21. We do notship to Utah or South Dakota. Forshipping information &restrictions please visit ORDER AT ZVOX.COM OR AMAZON—SEARCH FOR “ACCUVOICE 203” www.CigarsIntl.com/SHIP.Offer expires 11/15/20. P2JW279000-5-A00900-1030041020C

THE WALL STREET JOURNAL. ***** Monday, October 5, 2020 | A9 WORLD NEWS Virus Splits East, West in Germany Pope Calls For Unity Disparities that outlasted reunification In Wake of account for differing impact from Covid-19 Pandemic

BY RUTH BENDER BY FRANCIS X. ROCCA

SCHWERIN,Germany—A ROME—Pope Francis of- sharp differenceinthe number feredhis prescription fora of coronavirus cases between host of ills plaguing societies western Germanyand the for- around the world, including mer communist East has poverty,terrorism and racism, emergedasanew divide,three in amajor document written decades afterreunification. in the shadowofthe coronavi- Thefivestatesthat once rus pandemic. made up the bulk of East Ger- “Fratelli tutti” (“Brothers, manyare among the regions all”), released by the Vatican of the countryleast affected on Sunday,isonly the third by the pandemic.(Berlin, lo- time Pope Francis has written

catedinthe East but politi- JOURNAL an encyclical, one of the most cally divided in the Cold War, authoritative genres of papal REET

has fared less well.) ST writing. The43,000-wordtext

No scientific study has ana- LL echoes some of the major lyzedthe phenomenon, but vi- WA themes of his social teaching,

rologists, economistsand politi- THE including the rightsofmigrants R

cians saypart of the FO and the poor,with aspecial ur-

explanation could lie in the un- TZ gencyinspired by Covid-19. derlying East-West differences “Oncethis health crisis that still exist—the legacyofa SKUBA passes,our worstresponse 41-year separation that ended would be to plungeevenmore

on Oct. 3, 1990,when the two MARZENA deeply intofeverishconsumer- Germanys signed the agreement Schwerin, in eastern Germany, was able to temporarily close its Covid-19 testing center, but has reopened it to screen travelers. ism and newforms of egoistic that reunited them. Factorsthat self-preservation,” the pope have long handicapped the Covid-19 casesper 100,000 residents Covid-19 deaths per 100,000 residents writes.“If only we might keep East, including an aging,lessaf- Cultural Differences in mind all those elderly per- fluent population, mayhave 100 200 300 400 5101520 sons who died for lack of res- shielded it from Covid-19. Provide Some Clues pirators, partly as result of the “It’sprettystriking that Former West/East dismantling,year afteryear,of thereisthis gaprunning along Germanyborder health-care systems.” the former border,” said Hajo There are subtle cultural But he writes that the expe- Schwerin Schwerin Zeeb, aresearcher at the Leib- Hamburg Hamburg differences that may go some rienceofthe pandemic also of- niz Institutefor Prevention way to explaining the East’s feredhope in the examples of Bremen Bremen Researchand Epidemiologyin WEST EAST Berlin WEST EAST Berlin low infection levels. ordinary people—cleanersand Bremen. “But for once, it’s to Emil Reisinger, a virologist supermarket workersaswell as the East’s advantage.” Burgbei Magdeburg Burgbei Magdeburg at the university clinic in Ros- doctors, nurses and priests— Mecklenburg-Western Pom- Düsseldorf Düsseldorf tock, said he found as an who risked their lives to keep erania, anortheastern state Leipzig Leipzig Austrian living in Rostock society going: “They understood Dresden Dresden roughly the sizeofNew Jer- that people hugged a lot less that no one is savedalone.” sey, has had the fewest infec- there. Thesocial plagues Pope tions per person in Germany: Frankfurt Frankfurt Till Hilmar, a postdoctoral Francis denounces include rac- 75 cases per 100,000 inhabit- researcher at Bremen Univer- ism, which he describes as a ants, or seven times less than Nuremberg Nuremberg sity, said research had shown “virus that quickly mutates in Bavaria. Itsstate capital, that the generation of East and, instead of disappearing, Schwerin, hasn’t registered a Stuttgart Stuttgart Germans who grew up under goes intohiding and lurks in single Covid-19 death. Munich Munich communism tended to be waiting,” and acultureofradi- The government’s latest more socially withdrawn than calindividualism, which he post-reunification report, pub- Note:AsofOct. 3 West Germans. also likens to a virus. lished in September,stressed Source:Robert Koch Institute And, he said, there is evi- His targetsinclude what he the eastern states’ progressin dence from sociological stud- calls the dogma of neoliberal catching up with the West eco- While East and West have in western Germany. it gotahead start in preparing. ies that they are more in- economicsand itspromises of nomically,but acknowledged slowly convergedeconomically Amoreplausible explana- “Wewent intolockdown clined to accept government trickle-down prosperity.“The that manydisparities re- over the past 30 years, they tion, said Emil Reisinger,avi- when we were still ahead of intervention in their lives. fragility of world systems in the mained. Eastern Germany’s have divergedinpopulation rologist at the university clinic the wave,” said Schwerin Whatever the reasons for faceofthe pandemic has dem- grossdomestic product per growth. Some 2.2 million East in Rostock,isthat fewerpeople MayorRicoBadenschier.When the lower Covid-19 cases, onstratedthat not everything person was79% of the na- Germans leftfrom1990 to travel abroad from eastern Ger- Schwerin registered itsfirst economists say the structural canberesolved by market free- tional averagein2019,and just 2019,mostly seeking jobs in many. Themain international case on March 11, Bavaria had disadvantages that have held dom,” he writes. 73%when excluding Berlin. the West. Saxony-Anhalt lost a airportsare located around counted 120.Schools in both the East’s economy back Thepope emphasizes that Eastern Germanyisless quarter of itspopulation. western businesshubs in Mu- states closed on March16. could help it cushion the the right to privateproperty is denselypopulated than the Meanwhile, western Germany nich andFrankfurt. Thedis- Schwerin had no newinfec- damage from the pandemic. subordinate to the “universal West, has morerural areas gained 5.4million people, tancetothe Alps also means tions between mid-Mayand The Munich-based Ifo In- destination of created goods,” and still lacks industrial hubs boosted partly by foreign im- fewereastern Germans go ski- mid-July,soittemporarily stitute for Economic Research aprinciple he says extends be- andlarge corporations.Eco- migration. ing in Austria and northern It- shut itstest center.Infections forecasts a 5.9% contraction yond national borders. “Each nomically,these featureshave Eastern Germany’spopula- aly,fromwhich the virus spread in eastern Germanyhaverisen in eastern Germany’s gross countryalso belongstothe long been weaknesses.But in a tion is also older.Mr. Zeeb rapidly last winter,hesaid. again, mostly through return- domestic product this year, foreigner,inasmuch as aterri- pandemic, they have helped. thinks this could help explain Kerstin Weiss, administra- ing vacationers, but politicians less than the 6.7% fall pro- tory’s goods must not be de- “Weprettymuch count as lowerinfections,asthe virus torofadistrict north of saythe situation is largely un- jected across the country, be- nied to aneedy person coming depopulated,” said Steffen wasspread mostly by younger Schwerin, also pointstoMeck- der control. cause of the West’s larger from elsewhere,” he writes. Burchhardt,administrator of people both last winter and in lenburg-Western Pomerania’s Margit Heinrich,a77-year- proportion of hard-hit manu- He offersthe biblical figure the JerichowerLand, adistrict the second wave of infections averagedisposable income— old from Rostock visiting facturing industries. of the Good Samaritan, who in the stateofSaxony-Anhalt nowsweeping the country. the lowest in Germany—which Schwerin forthe day, said she “Eastern Germany is a lit- helped aneedy stranger ne- that has one of the lowest pop- Some scientistssay low means residentshavelessto thought “Ossis followthe rules tle bit lucky in having less in- glected by his ownneighbors, ulation densities in one of the density doesn’t explain why spend on expensivevacations. more,” using the nickname dustry, and that its industry as his model forsocial action. most densely populated coun- large eastern German cities Manylocal politicians said still given to people from east- tends to be more local or re- “Each daywehavetodecide tries in Europe.Mr. Burchhardt such as Rostock,Leipzig or thefact that eastern Germany ern Germany. “That wasthe gional,” said Joachim Ragnitz whether to be Good Samari- believes that has limited the Dresdenhavealso had fewer wasn’t hit particularly hard case back then and is the case from Ifo’s Dresden branch. tans or indifferent bystand- virusfromspreading. cases than similar-sizecities when the virus arrived meant now,” she said. ers,” he writes. Positive TestsLiftedU.K., Brazil Leaders

President Trump’s contrac- Jair Bolsonaroand Boris Johnson sawtheir popularitytick up specter of his death intensified tion of Covid-19 putshim in aftercontracting Covid-19,though Mr.Johnson’s soonfell back. doubtsabout his government’s the companyoftwo other con- handling of the public-health servativeleaderswho also Bolsonaro's approvalratings Johnson's approvalratings emergencyand sowedconcern made light of the risks of the July 7 April 5 that the countrywas at risk of coronavirus only to fall ill Testedpositive Hospitalization another bout of political insta- SAVE themselves,U.K.Prime Minis- 100% 100% bility following astormyfour- ter Boris Johnson and Brazil- year journey out of the Euro- $170 ian President Jair Bolsonaro. 75 Don't know 75 pean Union. Public sympathyfor the 56- Bad/terrible By Samantha Pearson year-old British prime minister 50 50 in São Paulo and Jason Neutral boosted his personal poll rat- Douglas in London Great/good ingsbut didn’t affect Britons’ 25 25 overall viewofhis government, TOP Forboth those leaders, get- according to analysis by poll- ting ill not only didn’t hurt 0 0 ster YouGov PLC.Mr. Johnson’s their political fortunes,but Jan. 2020 Aug. Jan. 2020 Sept. popularity rose during his hos- mayhaveboosted them, at pitalization, peaking April 14 least in the short term. Note:Values arerounded to nearestwhole number and maynot add up to 100% with around two-thirds of vot- Sources: YouGovonline polls; most recent poll of 1,633adults conducted Sept. 28;margin of error: Soon afterMr. Johnson +/- 3percentage points (Johnson); Datafolha telephone poll; most recent poll of 2,065adults erspolled by YouGov reporting tested positivefor coronavirus conducted Aug. 18;margin of error: +/-2percentage points (Bolsonaro) afavorable opinion of him. on March 27,his condition He leftthe hospital April 12 12 worsened and he ended up in supporters in Brazil, Mr. Bol- that pointed away from its and returned to work full-time intensivecare, prompting an sonaro’s quick recovery sub- usefulnessfor Covid-19 and to- April 27.Hehas sinceurged outpouring of public support. stantiated his claims that ward cardiac and other risks. Britons to lose weight, saying WinesYou Months later that boosthas Covid-19 is nothing morethan TheU.K.prime minister, his ownphysical condition Need to Try faded, opinionpolls suggest, a“little flu,” as he has fre- who likeMr. Trump wasover- contributed to the intensity of as thegovernment he leads quently called the disease,and weight when he gotill, suf- his illness. grapples with afresh surge of that the country needs to re- feredamuch moreserious Mr.Bolsonaro, forhis part, Plus infections. turn to normal forthe sakeof bout of thedisease than his from the beginning of the pan- Mr.Bolsonaro, a65-year- the economy. Brazilian counterpart. He was demic playeddownthe risks 3BONUS Bottles oldformer armycaptain, got During upbeat videos admittedtothe hospital April of the virus,evenasBrazil sick at the beginning of July, posted to Facebook during his 5, initially for tests after fail- went on to become the coun- but ended up having amild fe- convalescence, Mr. Bolsonaro ing to shakepersistent try with the greatest number ver, acough, and ultimately also used his illness to cham- Covid-19 symptoms.His condi- of fatalities afterthe U.S. Over higher approval ratings. pion the use of the antimalar- tion worsened and he was 140,000 Brazilians have died Neither the Brazilian nor ial drug hydroxychloroquine, moved to an intensive-care from Covid-19. British leader, however, faced which he has heralded as a unit a day later. But Mr.Bolsonaroismore an election within a month of form of miracle cure, and fur- Theseverityofhis illness, popular than ever.Inthe latest falling ill, and Mr. Trump had ther vilifythe press. Mr. coming when the pandemic national Datafolha poll in Au- been eager to spend as much Trump has also promoted the ragedatits fiercest, shook a gust, 37% of respondentssaid time as possible on the cam- drug,which the U.S. Food and countrythat prides itself on a they approved of the Bolsonaro paign trail with his opponent, Drug Administration hasn’t cheerydetermination in the administration, the best num- Joe Biden, leading in polls. approved as acoronavirus face of adversity. bershehas registered since Go to wsjwine.com/now 2WSJW1907 In theeyesofmanyofhis treatment, following evidence Hisincapacitation and the taking officeinJanuary2019. P2JW279000-0-A01000-1------XA

A10 | Monday, October 5, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

ingpickled beets. “Oh, there Mickey Costello,79, misses memories of going to all-you- terand say, ‘I’ll just have a Fans Rue were smoked oysters…who the social aspects. He went to can-eat salad barswith his salad.’ ” does that?” he said. “And aSouplantation restaurant parentswhen he wasingrade It provided an illusion of di- those tinycorns and actual ba- near hisSeal Beach, Calif., school in suburban NewJer- eting.Her self-built salad con- Tossing of con, but also Bacos—I mix the home three times amonth for sey. sisted, she said, of “three two together. And those little eight years, often on Sundays “With each visit Icould cre- pieces of shredded iceberg friedonions,and green-bean with his wife, Carol, to meet ate something new, live a lit- topped with four pounds of Salad Bars casserole,and like10ormore friends heading therefrom tle. It waspersonal, reward- croutons, two cups of cottage dressings.” He took abreath. Do it yourself church. ing,” he said. His affinity cheese,seven plasticspoonfuls “Atthe Peddler Iate whatever “Going to the soup-and- carried over intoadulthood, of sunflowerseeds,and five ContinuedfromPageOne I wanted.” limited salad bars, and salad bar makes you feel you wherehefrequented abranch handfuls of raisins—all smoth- Tennessee’sGreat Smoky On this visit, amasked wondered aloud if creamyItal- aredoing something healthy of asmall salad-bar chain in ered in ladles of either ‘low- Mountains from his Louisiana server brought the table pre- ian dressing wasborn from even if you’re overeating,” he SantaMonica, temporarily fat’ ranch, blue,orRussian.” home.Beforethey entered the dinner salads made in the customers mixing Italian and said. “The best thing about closed now. “It’sabummer,” Thechain discontinued its forests, therewas ariteof kitchen. Thesalad bar itself, ranch. “The firsttime,getting them is that they areindul- he said. salad bar in 2006. passagefromhis youth that normally holding 45 items, to makeyour ownsalad…it gences.” Self-service food, with ori- Beforethe pandemic,Ms. needed addressing. Around 5 wasempty.Mr. Hughes was was like…it’s yours, yours for Garden Fresh Restaurants, gins such as the Swedish Post frequented hot-food and p.m., he and his pals strolled crestfallen. the making,” she said. owner of around 100 Souplan- smorgasbord, began to gain salad barsatgrocery markets intowhat Mr.Hughes called Geoff Wolpert,the Peddler’s Pre-Covid, Ms.Lyons said, tation and Sweet Tomatoes popularity in theU.S.inthe in Manhattanthat featuredba- the main reason he chose the owner,said it wasclosed until the salad bar at alocal Whole buffet-focused restaurants, 1940s.Salad barsspread in gels,make-your-own bowls, Smokies: the Peddler Steak- May. When it reopened, the Foods was an educational in- filed for bankruptcy in May. the 1970s,when casual restau- soups,sushi and other special- house, a restaurant in Gatlin- salad bar,oncethe most-popu- troduction to items such as “Buffet barsare likestep- rants incorporated them. ties. burg, gateway to the moun- lar entree afterthe rib eye, quinoa. “I wasn’t even sure ping over the line into a little ChassiePost, aNew York- “I am so sadthat they are tains and, morecrucially, stayed shut. It’sdecorated as howtosay it,” she said. “I bit of evil,” Mr. Costello said. basedstyle consultant, fre- disappearing,” Ms.Post said. home to awondrous salad bar. a seasonal display now. knowI’m making asalad bar “You canalways getalittle quentedWendy’s salad bar “There were so many options After his parents took him “I feel asense of loss,” said sound likesome sort of Uto- treat likeice cream on topofa when she wasgrowing up in based on your cravings at the therefor his 10th birthday, he J. Lynn Lyons, a New Orleans pia. But they were pretty piece of cake.” Atlanta. Eschewing french moment. Iactually liked that I returned everycouple of bartender who frequented Siz- damned awesome.” Dave Swanson,amarketing fries and aFrosty,she said, “I alone wasincharge of how years. He recalls the chilled zler steakhouses with her par- In September, Sizzler USA strategist who nowlives in remember it being a point of many croutons went on my plates, and his first time try- entsinLos Angeles forthe un- filed for bankruptcy. Hollywood, Calif., has fond pride to stride up to the coun- salad.”

nated roughly $18 million in Downtown federal Paycheck Protection Program loans over the summer.“Thestressisgoing to Comebacks come nine to 24 months down the road,” said Michael Black, an executivevicepresident Face Covid with the bank. RickBecker took apart- time jobstocking shelves at ContinuedfromPageOne the local Walmart to bring in cently, the internet. some extracash when his bar, How their owners respond Mulready’s Pub, temporarily to the pandemic will shape the closed. When it reopened for future of Main Streets across takeout, he began offering Ma- theU.S.—and will ultimately son jars of craft cocktails. help determine howwell these He wasanurse formore towns come out of the result- than two decades beforeopen- ing economic downturn. ing the bar seven yearsago. “The worryisthat what we “Entrepreneurslikemede- sawwith Covid could set us cided we were sick of the big- back at least ageneration,” boxstores,” he said. “No one said PatriceFrey, chief execu- goes to asmall town to see tiveofthe National Main how cool your Walmart is.” Street Center, a subsidiary of Angie Baker of coffee shop thenonprofit National Trust Gravel City Roastershas taken for Historic Preservation. a$10,000 loan to replacea Between 2015 and 2019, broken espresso machine and U.S. towns with populations of buy other equipment. She and 25,000 or lessinvested more her husband, Nic Baker,pur- than $20 billion in public and chased alocal coffee shop in privatefunds in their down- 2011 afterhetook ajob at a town cores and created more nearby nuclear power plant. than 28,000 newbusinesses, Sincethe spring,she has according to datacollected by built a website to take online

the National Main Street Cen- (3) ordersand started offering terfromroughly 1,000 com- cold brew to go in 32-ounce munities. The businesses cre- bottles.“Iamveryfortunate,” ated roughly 106,000 net new JOURNAL she said, “because my husband

full-time and about 25,000 net REET has an outside job that pays new part-time jobs. ST the bills.” LL

Manysmall towns found WA Susan Brinkman, an Empo- newvigor by fostering niche riaState University adminis- THE

businesses and unique experi- R trator and city commissioner, ences.Emporia, with apopula- FO stitched together financing to- tion of roughly 25,000,had 55 taling $600,000 to open the leisureand hospitality busi- CURRID Bourbon Cowboyfour years nesses on the Main Street cor- TIE agoina120-year-old building, KA ridor in 2019,upfrom27in Emporia, Kan., downtown businesses battle the pandemic: Granite City Roasters, top, added cold brew to go. Susan Brinkman of the oncehome to aJ.C.Penney. 2015, according to the Brook- Bourbon Cowboy, above left, is getting a small-business grant. Rick Becker of Mulready’s Pub offers Mason jars of craft cocktails.. Thebar and pool hall makes ings Institution think tank. most of itsmoney selling bot- Thepandemic has hit the down for several weeks after the brick facade of Mucken- doubled. On the wholesale two Commercial Street stal- tles and cans of beer. hospitalitysector and spe- the Easter holiday. She re- thaler Inc., on the southern side, “the only reason we are warts, decamped foranew “Beforethe pandemic,busi- cialty shops especially hard, turned to find a letter with a end of Commercial Street. not up more than 50% is that mall 3miles away.Walmart nesswas spectacular,” said turning the strengths intovul- $100 check. “Scottand Iap- Muckenthaler, a third-gen- we can’t keep up with supply,” opened a store in Emporia in Ms.Brinkman, who nowhas nerabilities.Having astrong preciateyour business’scon- eration food serviceequip- said Mr.Rusco, 37.Hehas 1983,replacing it in 2000 with nine employees,downfromas network of locally owned busi- tributiontoour community ment supplier with 10 employ- hired about 15 newemployees an even bigger supercenter. manyas22. In lateSeptember, nesses is “really important for and want youtothrivedespite ees,struggled as restaurants and signed alease foralarger Community leaders looked she learned the bar will re- generating wealth in these ru- the current challenges! We and other commercial custom- warehouse. to recruit businesses from ceiveasmall-businessgrant ralcommunities that areal- hope youare able to reopen ersincreasingly checked out Plans foranew,larger larger communities,setting from the state that will allow ready struggling and for a re- very soon!” the note said. pots, silverwareand commer- store, in the works before the their sightsfirst on ahigh-end it to hold on until mid-2021, newedsense of community “It made me bawl buckets,” cial freezers at thestore,then pandemic,are moving for- Kansas City giftshop.“We despitea70% drop in revenue. pridethat cancontributeto said Ms.Redeker,51yearsold. bought them online. ward.The project will include dressed up in our Sunday “I need 300 sweaty bodies population retention,” said Still, sales have fallen 22% The pandemic was “the fi- three or four floorsofhotel best,” recalled MaryHelmer, at any given time on a Friday HannaLove, asenior Brook- from last year,and she wor- nal nail in the coffin,” said rooms,Commercial Street’s then-director of Emporia Main or Saturdaynight to makemy ings research analyst. ries about the holidayseason. John Muckenthaler, 57. Street, the development debt servicework,” she said. “What we areall struggling SoulRide Yoga, a yoga stu- agency. Theshop owner told with right nowisthat emo- dio and gift shop, closed ear- One shop is thriving them, “I getwhy youwant me. Dirty Kanza tional roller coaster,” she said. lier this year.Covid sped up a Idon’t understand whyI High-end bikes Since1991, privateinves- Emporia boastsaTyson decision to close,said owner in the pandemic—a should want you. Supply shortages have tors and government sources Foods meat processing plant, Natalie Martin. seller of equipment Chastened, Emporia Main added to the strains at Gravel have poured roughly $117mil- the only factorythat makes Dynamic Discs,a15-year- Street worked with local uni- City Adventure&Supply.“I lion intoEmporia’s12-block HostessTwinkies and three old retailer and wholesaler of to play disc golf. versities to offer business am in the businessofselling Main Street corridor,centered pet-food makers. Commercial equipmentfor disc golf with classes to aspiring entrepre- bicycles and can’t getbicycles on Commercial Street. The Street businesses,bycontrast, 50 employees, has seen some neurs. They offeredzero-inter- foranother five months,” said city has 200 units of market- have median annual sales of unexpected gains.Ithas one of est loans and taxincentives to operations manager Aaron rate housing downtown, with $245,000,according to Oxx- itsfour stores in Emporia, firstsincethe 75-room Mit- ease the cost of starting anew Apel, who has more than 100 moreonthe way.Itishome to ford Information Technology, along with 25,000 squarefeet Way Hotel closed in 1989. business. Emporia refurbished high-end bicycles on order. Emporia State University and which tracks U.S. businesses. of warehouse space. It started Emporia, settled in 1857 as its historic Main Street, add- “Thisiswheresmall mom- attracts events likethe Dirty Nearly aquarter were started planning forpay cutsand fur- atrading post, oncewas a ing ornatestreetlights, speak- and-pop shops in the U.S. are Kanza gravel bicycle race and in the past seven years. loughs earlier this year. Then railroad hub. In the mid-20th erstoplaymusic and corner at areal disadvantage. When a a disc golf competition. Through Oct. 1, the county interest in the sport—similar centuryits manystoreswel- gardens that volunteerscould customer comes in and we Manyofits roughly 200 health department reported to golf,but with discs and bas- comed cross-countrytravelers. adopt. can’t servethem, it’salost Main Street small businesses 1,092 Covid-19 cases and 35 kets instead of balls and Emporia’sfortunes began to Over time, tourists flocked sale.” have added curbside pickup deaths.InMarch, Kansas Gov. clubs—took off as people unravel in the 1970s,fueled in to events like the Dirty Kanza At The Sweet Granada, Ms. anddelivery. Roughly 40% LauraKelly ordered nonessen- looked for outdoor activities, part by the arrival of malls race,launched in 2006 by two Redeker hascut her staff to 11 have an online presence, dou- tial businesses to shut forsev- owner Jeremy Rusco said. and big-boxstores. Montgom- friends who set out with 32 from 16.She purchased a ble the portion beforethe pan- eral weeks,then let them open Online sales have morethan eryWardand Woolworth’s, otherridersona200-mile $2,200 cookie dough crank to demic, said Casey Woods, ex- at reduced capacity. ride. In 2018, the race gener- turn out cookies with less ecutivedirector of Emporia Taxrevenue highlights Small World ated nearly $2.2 millionindi- staff, standardized gift boxes Main Street, an economic de- spending shifts.Sales taxreve- rect and indirect spending,ac- to reduceshipping costsand velopment agency. nuefromfast food outletsrose Ruralareas tend to have abigger shareofsmall businesses than cording to an analysis by the addedsome specialty items Localboostersraised about 9% through September versus morepopulatedareas. state. from outside vendors. $200,000 in the spring fora thesame time last year,while Small businessjob sharebyareatype,2017 A week-long disc golf com- Ms. Redeker believes com- relief fund that aided 79 busi- revenue from sit-down bars petition, called the Glass munity support and determi- nesses,supplementing state and restaurants dropped 18%. Fewerthan 50 employees Fewerthan 500 employees Blown Open, generated more nation will carryher through. and federal efforts. One resi- The data track spending from than twice as much that year. A$1,500 local grant paid for dent donated $1,000 to each of November to July, understat- 29% Both eventswerecanceled this plexiglassbarriers, hand sani- the town’s two coffee shops. ing the full impact of the pan- All counties year. tizer and floor decals.Another 50% When businesses began demic,said the city’s trea- Holidaysales will be an im- grant, forroughly $11,000,will closing in March, Ms.Redeker surer, Janet Harrouff. portanttest forbusinessown- coverfour weeks of inventory put her staff on paid leave and Research suggestscommu- Metropolitan areas 28% ers, but much remains uncer- purchases. used her iPhone to snap pho- nities likeEmporia that have a (population at least50,000) 49% tain about howlong the “I worry about a lot of our tosofEaster items to post for network of small businesses pandemic will last and when businesses,not just financially. sale online.Unused to juggling close to each other are better Micropolitan areas 35% people will feel comfortable Arewegoing to really have in-person and internet orders, positioned to weather the (10,000-49,999) 57% going out again. Fornow,own- the stamina and the grit to she oversold dark chocolate downturn, Ms.LoveofBrook- ersare looking to survivewith come back?” Ms.Redeker said. Easter Bunnies,then stayed ingssaid. Still, the pandemic the help of extrareserves and “It would be areally hard Non-metropolitan areas 42% late to make more. Nearly all could be adeath blowfor (lessthan 10,000) 65% additional aid. Theability to draw forany of us to be the her Easter inventorysold out. some businesses that were al- pivot to accommodatechanges only unique shopping stop off Ms.Redeker,who grew up ready troubled. In Emporia, a in shopping habits helps, too. the highway.” Note:Based on population of the geographic area's centralcore nearby and started the busi- red-and-yellow“Sale! Going Source:The Brookings Institution analysis of Longitudinal Employer-Household Dynamics Quarterly ESBFinancial,a119-year- Her billboard on Interstate nesswith her mother,shut Out of Business” sign hangson Workforce Indicators oldcommunity bank,origi- 35 can only do so much. P2JW279000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, October 5, 2020 | A10A GREATER NEW YORK Business Leaders Feel Left Out in Crisis

Some executives say However, the mayorhasn’t appeared in person at agathering they haven’t found of the Association foraBetter much of a partner in NewYork, agroup of civic and businessleaders, sincethe eve Mayor de Blasio of his 2017re-election, business leaderssay.The group is now BY KATIE HONAN hostingvirtual gatherings, in- AND JIMMY VIELKIND cluding an August session with City Department of Small Busi- NewYork City’s business nessServices Commissioner leadershavelooked forways to Jonnel Doris. help the city during itslooming Theassociation wasborn financial crisis,asthey have out of the 1970s fiscal crisis. done previouslyintough times, Founder LewRudin met with but some saythey haven’t otherbusinessleadersin1971 found much of apartner in and recruited other executives MayorBill de Blasio. from multiple sectorstofigure Thenew coronavirus pan- out waystohelp NewYork City. demic has devastated the city’s In the ensuing years, the economy and erased billions of group’smembersworked with dollarsintax revenue.Nearly city officials to help secure 650,000 people were unem- morefederal assistance. ployedasofAugust and thou- ABNY Chairman Steven sands of small businesses have Rubenstein, apublic-relations closed sinceMarch. executive, said he has aweekly Executives acrossmajor in- call with NewYork City Eco- GES dustries have offered their as- nomic Development President IMA sistance, as they did in the James Patchettand has worked

1970s and afterthe Sept. 11, ETTY with anumber of city depart- /G

2001, terrorist attacks. GO mentstoencourageNew York- “I don’tfeel likewehavea erstofill out U.S. Census NTIA

plan as it relates to the city SA forms.

emerging betterand stronger,” M. Mr.Rubenstein said he be- said ScottRechler,chief execu- lieved the mayorcould get

tiveofRXR Realty,adeveloper MICHAEL morehelp from the business and property manager whose The mayor recently unveiled a plan to revive the city’s economy, a “recovery agenda,” focused on public health and other matters. community if he made moredi- portfolio includes several mid- rect outreach. town buildings. ministration needed to layout from businesses big and small Manhattanofficetower, lauding an economically divided city. “[The mayor’s] leadership Mr.Rechler wasone of more aplan to addressthese issues. as we continue to work to- it as an example of good devel- But with the city government would be essential in embrac- than 160 businessleaderswho Mr.deBlasio has brushed off gether fighting Covid and opment, as itsbuildersput facing a$9billion deficit over ing the businesscommunity, signed an open letter warning the letter, asking these top bringing our economyback,” $220 milliontoward fixing thenexttwo years, aslowre- and it has not been embraced,” of deteriorating conditions in businessleaderstoinstead help Mr.Schwartz said. partsofnearby Grand Central turn of workerstoManhattan said TomGrech,chairman of thecity and growing anxiety the city in itseffortstoobtain Mr.deBlasio recently un- Terminal. offices and asurge in crime, theQueens Chamber of Com- over public safety,cleanliness borrowing authority from the veiled aplan to revivethe city’s “It’sreally up to developers the frustration in the business merce, which representssmall and other quality-of-lifeissues. stateand financial help from economy, a“recovery agenda” to come forwardinthat spirit community over Mr.deBlasio’s and large businesses. They urgedthe mayortore- thefederal government. How- focused on investing in ahub of serving the surrounding “tale of two cities” rhetoric is Hal Fetner, CEO of Fetner storesome essential services ever,helater restored some forpublic-health research, cre- community,ifthey want to get boiling over,Ms. Wylde said. properties,anaffordable-hous- like garbagepickups and graf- trash-removal services. ating more high-paying jobs the support of the city govern- In interviews,executives ing developer,said he called fiti removal that had been re- MitchSchwartz,aspokes- and providing additional fund- ment,” Mr.deBlasio said at a said they had betterresults Mr.deBlasio in early Septem- duced or eliminated from the manfor Mr.deBlasio,said the ing to underserved communi- recent pressconference. connecting with membersof ber afternoticing ahigher city’s most recent budget. mayorhas held morethan 30 ties.But the proposal, some Therelationship between the mayor’sstaff,but these number of homelesspeople in Kathryn Wylde,chief execu- meetingsand calls with advi- businessexecutives say, was the city’s businessleadersand channels weren’t always suffi- MidtownManhattan. He said tiveofthe businessgroup Part- sorycouncils and business short on details. Mr.deBlasio has never been cient to advanceapolicyorini- the mayorpromised to look nership forNew York City, leaderssincethe start of the Themayor also recently at- warm. In his mayoralcam- tiative. Ms.Wylde said Mr.de intothe issue.“He’sreally get- which gathered signatures for pandemic. tended the grand opening of paigns he has vowedtobea Blasio wasfriendly and even ting an unfair shakeright now,” the letter, said the de Blasio ad- “We’regratefulfor the input One Vanderbilt,anew Midtown champion of the have-notsin charming in privatemeetings. Mr.Fetner said. STATESTREET | By Jimmy Vielkind New Jersey Vo ters New York Lawyers to Swoop Into Set to Decide Swing States to Monitor Voting On Legalizing Pot

Kevin Han- BY JOSEPH DE AVILA ratty isn’t cer- disparities in the enforcement tain exactly of drug laws and canproduce where he will NewJersey voters will de- newtax revenues forthe state. be on Election cide whether to legalizerecre- Theproposal faces GOP re- Day. But the ational marijuananextmonth, sistance. TheNew Jersey Re- Queens lawyer knows he afterthe Democratic-led state publican County Chairmen’s won’t be home—he will be in legislaturefell short of enough Association passed aresolu- a swing state watching the votestoget it done. tion opposing theballot mea- voting there, and standing Theballot measure, if surelast month. by for any recounts. passed, would amend the state Jose Arango, chairman of Mr. Hanratty is one of constitution to allowpeople theRepublican Party in Hud- hundreds of attorneys identi- ages 21 and older to use mari- son County and leader of the fied by the Republican Na- juana. It would also allowthe county association, said large tional Lawyers Association statetoestablish aregulated corporations would control the to observe election proce- market to grow,distributeand marijuana market if the mea- dures. Both the GOP and sell the drug. surepassed. He predicted a Democratic groups that en- All registered voters will be black market for the drug list New Yorkers to travel to sent ballotsthis month that would continue selling it at battleground states say they they caneither mail in or drop prices lowerthan those of the have expanded their opera- off at specific sites.Thereisno legally produced product. He tions and seen an uptick in early in-person voting in the also noted that if the measure interest. state. is approved, lawmakerswould “Generally, New York is If the measureisapproved, still have to passlegislation to not in play,” the 48-year-old NewJersey would become the regulatethe marijuana market. lawyer said. He has traveled 12th stateinthe U.S. along “When youdoitthrough an for the past three presiden- with Washington, D.C.,tole- amendment to the constitu-

tial election cycles. S galizemarijuana forrecre- tion,you open aPandora’s RNLA Executive Director ational purposes.The statehas box” if youdon’t have regula- PRES Michael Thielen said the already legalized medical mar- tions in place, Mr.Arangosaid. group is planning to direct TED ijuana. While legalization advo- CIA

people to more than a dozen SO Theballot question became catesexpect the public to ap- states around the country, AS the fallback option foradvo- provethe ballot measure, con- O/ including Pennsylvania and catesoflegalization afterleg- cerns remain that problems Wisconsin. With election islation stalled in Trenton. The might emerge during an elec- procedures reworked to ac- MINCHILL NewJersey Senate, controlled tion settobeheld largely by

commodate the new corona- JOHN by Democrats, scuttled a mail.Amid the Covid-19 pan- virus pandemic, Mr. Thielen Election officials arepreparing to handle an unprecedentednumber of mailed ballots. scheduled vote on abill legal- demic, Democratic Gov.Phil predicted, “there’s going to izing the substancein2019 af- Murphysigned an executive be confusion like never be- Day and 17% during the this year’s election are there from your side making terlawmakersfailed to secure orderrequiring officials to fore.” state’s early-voting period, choosing virtual options, but sure that the other side isn’t enough support to passit. The send ballots to the state’s Election officials around which starts on Oct. 24. some are traveling. cheating and stealing,” said Democratic-led stateAssembly morethan six million voters. the country are preparing to Poll spokesman Steven Attorney Julia Elmaleh- Mr. Sweeney, a Republican also demurred when it became “I want to manageexpecta- handle an unprecedented Greenberg said more New Sachs said she is preparing from upstate New York. clear therewas no path to ap- tions here,” said Amol Sinha, number of mailed ballots York Democrats than Repub- to go to Ohio or Pennsylva- Researchers have found proval in the Senate. executivedirector of the ACLU from voters concerned about licans plan to vote by mail, nia with several other lawyer instances of absentee voter “The legislaturecouldn’t get of NewJersey.“Thereisobvi- the spread of the virus. In but the gap is much smaller friends, a reprise of a trip fraud, but studies show it it done,” said Axel Owen,the ously strong support forlegal- New York, Gov. Andrew than in other states. she took to the Philadelphia isn’t widespread. campaign manager forNJCAN ization, but all the hiccups we Cuomo signed a law that al- A late September Siena area in 2016. It was easy to Mr. Sweeney earned the 2020,acoalition of groups see in anormal election are lows any registered voter to survey of Pennsylvania vot- find compatriots for such an nickname “Congressman that advocatefor marijuana le- going to be amplified here.” request an absentee ballot ers found 42% of Democrats important election, she said. Kick-Ass” for leading a pro- galization. “It’stime forusto Mr.Sinha said he is worried because of the virus, and planned to vote by mail, “People are a little antsy test in Florida that caused turn the pageand end the pro- that some voters unaccus- election administrators say compared with 13% of Re- and don’t want to just be do- election officials to stop hibition on cannabis.” tomed to voting by mail could they have processed more publicans. ing phone banking anymore,” their counting in 2000 and About six out of 10 resi- makeminor mistakes that re- than twice the number of Liza Abraham, executive said Ms. Elmaleh-Sachs, who said he plans to again be in a dentsinthe statesupport le- sult in their votesnot count- ballot applications as in director of the New York is also an officer in the swing state on Election Day. galizing the drug,according to ing. Another concern is that 2016. Democratic Lawyers Council, Brooklyn Young Democrats. “What you’re doing by two polls from the Monmouth the measurewill appear on the But problems with mail said her group began operat- Former U.S. Rep. John building presence in re- University Polling Institute back of manyvoters’ ballots. voting—and the concern, ing a hotline for people with Sweeney, who said he is ad- counts is establishing and conducted in 2018 and 2019. Some voters might maketheir mostly from Republicans, questions on voting in Sep- vising President Trump’s preserving evidence that NJ CAN2020 has launched selection forpresident without that it could lead to fraud— tember. They normally wait campaign on election opera- could be used in a court pro- adigital advertising campaign noticing the question on the might drive people to vote in until the start of in-person tions, traveled to Florida to ceeding in order to challenge to makesurethe ballot ques- reverseside,hesaid. person. Sixteen percent of balloting. watch the contested recounts the validity,” he said. “I tion remains on voters’radar. Theballot measurewould 504 likely voters surveyed “We’re here for all voters after the 2000 presidential think, given the mail-in bal- Coalition members, including makemarijuana subject to the last week by the Siena Col- to uphold the infrastructure contest between George W. lots and given the current the American Civil Liberties state’s6.625% sales tax. State lege Research Institute said of democracy,” Ms. Abraham Bush and Al Gore. environment all the way Union of NewJersey and the lawmakerswould be allowed they planned to vote by mail, said. “In the end, the biggest around that this is apt to be NAACPNew Jersey State Con- to authorizelocal governments compared with 54% who said She said many people vol- and most important thing is the worst experience any of ference, said legalizing mari- to collect an additional 2% they would vote on Election unteering to help monitor presence. You need people us have ever had.” juanawould help end racial sales taxonmarijuana. P2JW279000-2-A010B0-1------NS

A10B | Monday, October 5, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Tricks, Treats Still Allowed

On Oct. 31 S PRES

BY CHARLES PASSY even though theCentersfor UMA Disease Control and Preven- /Z In previous years, Allison tion has classified trick-or- GES Chiaramontehas looked for- treating as one of several IMA PA

ward to taking her two sons “higher risk” holidayactivi- SO trick-or-treating on Hallow- ties. een, creating happy memories. To date, NewYork Gov.An- CION/ NA But the resident of Manhat- drew Cuomo,aDemocrat, has

tan’sUpper East Side said this said he won’t ban trick-or- JOHN year’s celebration will be dif- treating in thestate,though S;

ferent because of the corona- stateofficials arereviewing PRES

virus pandemic and concerns the situation. In addition, Mr. TED

about itscontinuing spread. Cuomo has approved avariety CIA SO

Instead of letting her chil- of other traditional fall attrac- AS dren knock on strangers’ tions,fromcorn mazes to II/ doors, she is considering join- haunted houses,with capacity

ing with some parentsand restrictions and other pan- ANKLIN hosting an outdoor party,with demic-related requirements. FR prewrapped candy forall the Connecticut Gov.Ned La- ANK FR

kids,ataneighborhood park. mont andNew Jersey Gov. P: “My kids aren’t going to be Phil Murphy, both Democrats, TO OM

the happiest about it, but at also have indicated Halloween FR least we cancelebrateinsome happeningscan go forward. fashion,” she said. “I anticipateweare going Revelers march during last Halloween 2020 in the New to have aHalloween season,” year’s Greenwich Village York metropolitan area is said Mr.Lamont in Septem- Halloween Parade. A local store shapinguptobejust what ber. “It’satime of year when sells costumes. Ms.Chiaramontedescribes—a people automatically wear celebration in revised form. It masks,they oftenwear longer be able to purchase isn’t just that manyparents gloves.Soitseems likeyou ticketsonawalk-up basis,but areputting akibosh on trick- are90% of the way towardsa will instead have to reserve or-treating.Itisalso that ma- safeway to do Halloween, just times strictly in advance. jor holidayhappeningsare be- by definition.” BaneHaunted House is ing canceled. Some major Halloween planning to set up shop at a Chief among them: the Vil- events aretaking placeas location in Manhattan’sfar lage Halloween Parade,anaf- planned, including the Great West Side forthe second con- fair that drawsthousands of Jack O’Lantern Blaze, awalk- secutiveyear.Jennifer Con- costumed participantsand a through attraction held annu- dron, the attraction’schief ex- far greater number of specta- ally at the VanCortlandt ecutive, said that, if anything, tors to Greenwich Villageev- Manorinthe Westchester the scaryfun is needed this eryOct. 31. Jeanne Fleming, County villageofCroton-on- year. theparade’sartistic and pro- Hudson that featuresmore “Peoplewant to getsome ducing director,said it is sim- than 7,000 carved real and ar- senseofnormalcy, and Hal- ply impossible to hold the tificial pumpkins.Organizers loween is the best thing for eventthis year,given the pro- arebringing the Blazetoa it,” she said. hibitions against crowds. But second location this year, Plenty of parentsinthe she is trying to keep it alivein Long Island’sOld Bethpage metropolitan area also say other forms,including inviting VillageRestoration, as well. they will go forwardwith 40 artiststocreateavatar- Certain changes arebeing trick-or-treating,both in type dollsthat will be show- made with thepandemic in terms of taking their children cased in avideo released on mind, said Rob Schweitzer,a around the neighborhood and proaches.Koleen McCrink,a goodies to trick-or-treatersat theme. Halloween. vicepresident of Historic in handing out candy them- resident of Maplewood, N.J., adistance. Ms.McCrink,abig “We’regoing to go crazy Not that stateleadershave Hudson Valley,the nonprofit selves. said her family is creating a Halloween enthusiast, also this year,” she said. said all traditional Halloween organization behind the Blaze. To keep things safer, some candy “chute,” made from PVC plans to decoratethe exterior —Joseph De Avila celebrations areforbidden, Forexample,visitorswill no aretrying different ap- pipe,sothey candeliver the of her house with aspider contributed to this article.

Medicine in theRaw Healthcare Starts with HealthyFood.

Since1985, we’vebeencooking and home-delivering nutritious, individually tailored meals to people living with serious illness in the NYCmetropolitan area. Being sick and hungry is acrisis. Youcan help. Donate,volunteer,orjustlearn more at glwd.org

godslovewedeliver @godslovenyc God’sLove We Deliver is amember of the Food is Medicine Coalition (FIMC). To learn moreabout FIMC’s work around the country,visit fimcoalition.org P2JW279000-0-A01100-1------XA

CAREERS & LEADERSHIP PERSONALJOURNAL.

Kara Goldin at her California home, left, and during a 2019 work trip to Ireland, bottom. Jay Stevens, below, in Nashville, Tenn., on one of his first work trips in the Covid-19 era.

provided. Carol Watson, chief inclusion officer at BCW, a communications agency, began her job in January. She was beginning a tour of the company’s offices when the pandemic halted travel. Over her career, she has regularly voyaged TheGrounded Road Wa rriors around the world. “Now I work from my bedroom everyday,” she says. At first she While elite frequent fliers miss the perks, many discover a new level of work-life balance struggled with the sameness of her New York home. Now she says that even if she longs for chances BY CHIP CUTTER “I’m wondering, did I waste a to meet people in-person, she’s lot of my time for the last 30 more productive, and finds that or almost 17 years, Atlanta years running around the world on colleagues world-wide are even health-caretechnologysales jets and everything going to Abu more eager to meet, knowing ev- executiveEric Goldmann Dhabi and Singapore for a couple eryone can join virtually. “The has spent nearly everyweek of meetings?” says David Ruben- walls have definitely come down on the road working. stein, co-executive chairman of and it’s much easier to feel much F private-equity giant Carlyle Group more connected.” LikemanyAmericans,the 42-year-old took his last flight in in Washington, D.C. But even the best virtual technol- mid-March. He’sstill adjusting to Many miss the adventure and ogycan makeittough to glean the lifeonthe ground. In the eraofvir- personal connections of travel, not type of information that might oc- tual meetings, moreclientscancel to mention the uninterrupted time cur morenaturally in person. Amy on him with little notice, something to read, write and think. But a Novogratzco-founded Aqua-Spark, that rarely happened when he trav- number of business travelers also which investsinsustainable fish- eled to see them. On Zoom, he finds say they’re happier, healthier and farming operations and other aqua- it harder to sniff out what he calls more connected to family with cultureeffortsaround the globe.

GOLDIN the “anti-sponsors” who could de- wings clipped. Some are getting She says she oftenlearned some of

RA rail adeal. their best sleep in years anchored her most valuable information by KA Mr.Goldmann pines forthe plea- in one time zone. spending time on the ground with sures of businesstravel. Afterflying Kara Goldin, founder and CEO of entrepreneursinplaces likeIndone- EVENS; forsolong,hecould almost recite the flavored-water brand Hint, sia and Madagascar. ST

Y the schedules of his favoriteairport traveled so often in building her Ms.Novogratz, who divides her JA club loungebartendersand gate San Francisco-based company that time between NewYork and the agents. He had honed preferred she rented a New York apartment. Netherlands,expectsshe will re-

JOURNAL; running locations on the road Since the pandemic, she’s come to wise seen. She visited Bentonville, executive, recently droveseven sume travel when she is able: “I (Tampa’swaterfront) andfound fa- cherish expanded time with her Ark., home of retail giant Walmart, hoursfromhis Virginia home to don’t want to gettoatravel-free REET

ST voriterestaurants(Sandro’s, an Ital- family: a walk with the family’s with low expectations. But Ms. attend meetingsinNashville, society,and Idon’t think we’re

LL ian spot in NewYork). Labrador retrievers or an outdoor Goldin found she enjoyed the city’s Tenn. Beforethe Covid crisis,Mr. going to gettoatravel-free work-

WA Even the delays and indignities movie night with her children. small town square and its Crystal Stevensaveragedabout 150 nights place.”

THE of travel take on a rosier hue in Ms.Goldin has returned to lim- Bridges museum. She advised ayear in hotel rooms.“It’sall I Meanwhile, some road warriors R

FO the pandemic. Mr. Goldmann is ited businesstraveltopromoteher friends to partake in bourbon knew,” he said. are making alternative plans. In O wistful for the days when he newbook,“Undaunted.” But that tours in Kentucky after a business While he may have once Atlanta, Mr. Goldmann recently did

CENZ would watch passengers fume at travel looks far different. Instead of trip to Louisville. “I went on the thought nothing of spending something radical: Knowing he will DE gate agents and storm through air- speaking to crowdsofconference- whiskey trail, and I don’t even par- $1,000 to fly to Dallas the next day likely remain grounded, he decided ports, plowing over passersby in a goers, as she did before, she re- ticularly enjoy whiskey,” she says. for a one-hour meeting, Mr. Ste- to replace his beat-up desk of 15 ANGELA

: mad rush to reach a gate. cently flew to LosAngeles to stand Manycompanies have extended vens says he will now consider years in his makeshift home office, “I miss everything associated in anearly empty ballroom of a travel restrictions formonths. video over brief visits. “We can splurging for a new chair, a new LEFT

P with travel,” he says. downtownJWMarriott, whereshe Other executives have made per- create an environment where there bookshelf and other furniture. He TO It’s a time of reflection for gaveaspeech while looking on at sonal decisions to travel only by car is a work-life balance, where I can doesn’t expect to hit the road for OM

FR hardened road warriors. As the TV monitorsofaudiencemembers. fornow to protect their families. enjoy having dinner with my fam- work until at least the second pandemic drags, some of them are In years of traveling for work, JayStevens, chief growth offi- ily more than one night a week.” quarter of 2021. WISE questioning whether they will ever Ms. Goldin says she appreciates ceratPrivia Health and along- Some say they miss the break “And that is really, really sad,” OCK

CL fully return to their old lives. cities she never would have other- time health-caretechnologysales from monotony that work trips he says.

BY RAY A. SMITH Some colleagues tors and can arecarefully leave to go to hey made do for a while with returning to the another broker- TZoom happy hours. But as Enough of Zoom—OfficeDrinks in-person age any time coronavirus cases eased, of- gettogethersand they like. Part fice workers at KDG, a professional ForRealAre Making aComeback connections they of the value of technology services company in have missed. sticking with Allentown, Pa., were eager to get one office is together for drinks in person. having a family feeling,” says the Meeting on the building’s out- 37-year-old. “Happy hour get-to- door deck, about 35 employees, all gethers are a huge part of main- still working from home, brought taining that connection.” their own booze. Food was individ- She and her colleagues started ually packaged. Those attending with “trivia happy hour” Zoom had to stay six feet apart, and calls. Though local bars started re- bathroom doors were labeled as opening in mid-May, they didn’t entrances and exits. feel comfortable getting together “Oncewedecided to do it, we in person until the end of June. were very clear that if you’regoing Captions go here and The meetings aren’t what they to come to the happy hour,hereare more. Cap tions go here once were. “Typically, the people the rules.They’renot breakable and more. Captions go showing up to events right now do rules,” says the company’schief ex- here and more. not have any conditions that put ecutiveKyle H. David. them at additional risk for Covid As the coronavirus has forced complications,” Ms. Kauffman says. many to work from home, it’s also “We do ask everyone to do their disrupted a fixture of office life— best to maintain six feet of dis- afterwork drinks. While virtual tance and wear a mask when not happy hours have helped keep col- of 2,100 adults conducted by ana- In a recent Harris Poll survey of about 10 colleagues on the outdoor eating or drinking. We have hand leagues in touch, many are gin- lytics firm Qualtrics and business- 2,002 U.S. adults, 62% say they patio of a microbrewery next door sanitizer available at tables. Every- gerly trying to resume more tradi- news site Quartz. feel less connected to their team to the office following a few thing has been outdoors, so that tional socializing. There are As the novelty of Zoom meet- since remote-working rules have months of hosting virtual socials. helps people feel a lot safer.” psychological and career benefits ings wore off, some participants been put in place. Keeping the camaraderie going “is At KDG in Allentown, the com- from meeting up with colleagues found them lacking when it came “What is lost in not having incredibly important because pany’s volunteer “social commit- in person, whether grabbing lunch, to networking and relaxing. Re- those experiences is the uncover- working remotely, you lose just a tee” has tried to keep the socially drinks, celebrating colleagues’ searchers point to similar conclu- ing of shared experiences, under- little bit of your culture,” he says. distanced happy hours light- birthdays or goodbyes–and some sions on the value of ad hoc social- standing people’s back stories and Emilie Kauffman, an agent-ser- hearted, including one where at- workers are eager to get back to izing with colleagues. “To the things that don’t get shared in a vices coordinator with a real-es- tendees brought their dogs. that, though it might not be quite extent that relationships are vital professional setting that rise to tate company in Sacramento, Ca- The meetings have been impor- the same post-coronavirus. for promotion, advancement, or the surface in more informal occa- lif., was thrilled that her tant for morale, the company’s During strict lockdowns, col- being tapped for leadership posi- sions,” Dr. Nordgren says. colleagues wanted to continue the CEO Mr. David says.”It keeps us all leagues tried to keep the happy- tions, these things are vital,” says “In-person meetings are much company’s “Final Friday Happy really well-connected even though hour tradition going online with Loran Nordgren, professor of man- more effective,” says Denny Crain, Hour” tradition online after we’re all apart, because we’ve sort virtual meetings. Organizing online agement and organizations at a principal of Remiger Design, a Covid-19 hit. “Our office has a of all committed to ‘OK, we’re all social events ranked as one of the Northwestern University’s Kellogg St. Louis, Mo.,-based architecture wonderful work-family vibe and in this together, we’re going to get GES top five things companies were do- School of Management. Such meet- firm, which figured out how to we were all of a sudden so iso- out of this together, and dammit IMA ing to strengthen their cultures, ings also are critical to helping co- start holding safe, in-person, so- lated. In the real-estate world, we’re going to have some fun

GETTY according to a global July survey workers form or strengthen bonds. cially-distanced happy hours with agents are independent contrac- along the way.’ ” P2JW279000-0-A01200-1------NS

A12 | Monday, October 5, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

BY ANNE STEELE the award-winning independent Pandemic, New Platforms film “Assisted Living” in 2005—he orethan adecade still felt at odds with himself while intoanadvertising working. career,Fernando Bar- “There was a dignity to under- celona wasamidlevel standing the nature of my charac- creativeinhis mid Spur SurgeinTherapists ter and what was going on and I M wanted to spend more time think- 30s.Hehad moved from SanFranciscoto ing about those types NewYork to Seattle.He of forces that are in- had worked on aSuper side of people,” says Bowl ad. Mr. Greenebaum, who But he also was de- in 2014 began study- pressed. ing at what is now “I don’t want to do called the Psychoana- this anymore,” Mr. Bar- lytic Association of celona, now 38 years New York. He’s now old, remembers think- in training and clini- ing. “The pressure just cal practice at the didn’t really justify the Contemporary Freud- money for me.” ian Society where he He had always been sees patients in interested in mental downtown Brooklyn. health, and at the be- “I didn’t feel un- ginning of 2019 he en- comfortable when I rolled in Antioch Uni- began as a therapist,” versity Los Angeles’s he says, adding he two-year graduate pro- found parallels from gram in clinical psy- his work in film and chology. He sees about documentary. “It felt 15 clients a week now. somewhat like finding “I’m feeling much the truer voice of an more connected to who actor or an interview I am,” says Mr. Barce- subject.” lona. “People change, After10yearsin and trying to maintain political fundraising a career that came to on Capitol Hill, Liz you during a high Kelly started to feel school job fair—I out- the polarizing and grew it.” competitivenature of Thepandemic has her work wasnolon- accelerated acareer- geragood fit. Always changetrend that has interested in howpeo- been on the rise for ple overcame chal- years: morepeople are lenges,she craved becoming therapists. one-on-one interac- Theflexibility and au- tion, and in 2010 went tonomyallowedbythe back to school to be- rise in telemedicine come asocial worker. and text therapy, cou- Several yearsinto pled with morepeople seeking eagerly adopted. Those groups “It’sone hour wherethey can Paycan vary widely based on practicing in hospital and agency out mental health help,isspur- have the highest prevalence of se- close the door and it’sall about education, specialty and yearsof settings, Ms.Kelly,who has two ring morepeople intothe field. rious mental illness among all age them,” says Mr.Lang,who’s been experience. While psychologists, small children, waslooking for Antioch says its clinical psychol- groups, according to the National conducting sessions from his week- who typically earn adoctoral de- something flexible.She joined ogy program had a 200% increase Institute of Mental Health. end cabin in Lake Arrowhead, Calif. gree in seven yearsofschooling, Talkspacetwo yearsago and sees in applicants this fall. At Talk- “It’s a direct result of this time “A lot morepeople arefinding their makeonaverage over $80,000 a all her clientsremotely,through space, an app that connects clients of isolation and people pausing way to therapy.” year,according to the text conversations,audio and video to licensed therapists via text and and saying what do I want to do Morgan Sammons, Bureau of Labor Statis- messages,and livevideo sessions. video calls, therapist application with my life? Is there something executive officer of the tics,most people who Though her 20-client caseload has inquiries have tripled since mid- more practical and workable for National Register of 200% areentering therapy growntobetween 25 and 30 amid March. User growth since then has me?” says Charley Lang, co- Health Service Psychol- as asecond career the pandemic,she says her work is doubled year-over-year. founder of Narrative Counseling ogists, says the organi- increase in completeamaster’s still compatible with being apar- Therapists have seen their ranks Center in Los Angeles and a pro- zation saw a record applicants at program and 3,000 in- ent. swell as the stigma of counseling fessor at Antioch. number of new appli- Antioch University ternship hourstobe- “I feel fortunate to continue do- has diminished and new therapy Mr. Lang, who transitioned from cants seeking to become grad program for come alicensed psy- ing this work even though I’m fac- platforms have launched. U.S. gov- acting into therapy 20 years ago, credentialed in the fis- clinical psychology chotherapist or clinical ing my own challenges,” she says. ernment data shows the number of says the graduate program attracts cal year that ended social worker.These Ms.Kelly also spends time on- mental-health counselors in- people who are discontent in other Sept. 1, and the number therapistsearn around boarding and mentoring therapists creased 19% and the number of careers and are looking for mean- of psychologists being granted the $50,000 on average, according to newtoTalkspace. She says her big- marriage and family therapists ingful work helping others. health service psychologist creden- the bureau. Licensed therapistsin gest adviceistothink of the text

T grew 37% between 2011 and 2017, He worried about his business tial has increased by approxi- privatepractice, especially in ur- interactions as acontinuing conver- according to the latest data avail- when the pandemic hit, assuming mately 40% over the past three ban areas,often earn two and sation, and to trytoshowyour per- FEIND

N able. Talkspace and BetterHelp, people would lose their jobs and fiscal years. Surveys the group has three times that amount, those in sonality whether you’recommuni- JA founded in 2012 and 2013, respec- stop going to therapy. Instead, he’s conducted indicate that while in the industrysay. cating via writing or video. BY tively, have mainstreamed online seen increased demand with many early March there was a drop off Elliot Greenebaum, a filmmaker, “I try to show that I’m a real ION

AT counseling sessions and texting adults at home juggling the anxiet- in demand for services, six months started psychoanalysis as a patient person,” she said. “Behind the

TR therapists, which young adults be- ies of teaching children, preparing into the pandemic most therapists 10 years ago. Despite success—in- screen there is a person there that US

ILL tween the ages of 18 and 25 have meals and working remotely. are seeing an increase in business. cluding directing and producing is invested.”

recommends activeprocess” between worker applying for and employer. short-term dis- If an employee’sstressstems abilityand from their being part of the immu- HEALTH IN THE WORKPLACE leave under the nocompromisedorat-risk popula- Family and tion, the ADAcan also help. Ihavestressabout Covid-19 Medical Leave Ms.Falconer,who worksonthe at my office. Can Ifile for Act—which has employer’sordefense side of litiga- alowerthresh- tion, says while mostcases coming short-term disability? old forap- in stemfromthe employeehaving proval—at the ageneralized stress about The bottom line same time. Employees maybeable to file for Short-term dis- short-term disabilityifamedical abilityleave is ‘Stress itself is not professional diagnoses them with six months and an anxietydisorder,depression or pays out apor- enough. It has to other mental illnessdue to that tion, usually manifest in a physical or stress.But thereare other options around 60%, of to consider under the Americans an employee’s mental condition.’ With Disabilities Act, depending on salary. FMLA is the person’s condition and work- 12 weeksand placeenvironment. typically un- paid, but offers Covid-19,some aremoredirectly The details job protection linked to the workplaceitself. Em- This worker’s situation is common Workers with Covid-related stress can qualify for certain benefits, depending on the employer. during the time ployees who arestressedbecause these days. of leave,which of their work and the fear of catch- “Weget this question every short-term dis- ing the virus maybeable to file a week multiple times aweek,” says Island—also have such programs. mental health. abilitydoesn’t. worker’s compensation claim. Michelle BarrettFalconer,apartner To apply,employees need amedi- Valdi Licul, partner at Wigdor, Both areprotected under the “For fictional worker Larry, let’s at employmentlaw firm Littler calprovider to identifytheyare says manyinsurancecompanies Americans With Disabilities Act. saypart of his job is going to pub- Mendelson. temporarily disabledfromperform- have put out FAQs in recent But lawyers also recommend using lic events and he’s supposedtogo First,workersshould consult ing their particular job. months.Hesaysemployees the ADAtoseekother reasonable speak at abanquet,” she says.“If their employeehandbook or hu- “Stressitselfisnot going to be shouldn’t be afraid to ask to see accommodations,such as working his bosssaysyou’ve gottogo man-resourcesportal to find out areason. It hastomanifestin thepolicy,which usually has a remotely,having asingle closed speak and he says I’msofearful whether their companyprovides somephysical or mental condition,” “summaryplan description” ex- room to the employee’sself,ora andthe bossisputting pressureon GES forshort-term disabilitybenefits. says AlexBerkeofBerke-Weiss plaining the worker’s rights in lay- flexible or staggered schedule. him, he maysay he has stress as a IMA Fivestates—California, Hawaii, Law, noting thatsome short-term man’s terms. Such accommodations areworked result of Covid and the pressure

GETTY NewJersey, NewYork and Rhode disabilityplans have exclusions for Carey &Associates’sMark Carey out during what’scalledthe “inter- the bossisputting on him, which could be psychiatric injury.” P2JW279000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | A13 ARTS IN REVIEW

ARTREVIEW ACarver Working Against TheGrain The long overlooked, self-taught Elijah Pierce receives a resonant retrospective

BY KAREN WILKIN ligious subjects include a “Crucifixion” (1930s or ’40s), on a Philadelphia crowded Golgotha, and “The Sacri- iming cancount foralot. fice of Isaac” (1952), with seashells Theupheavals of the scattered on the ground and the Black Lives Mattermove- lamb provided as a substitute vic- ment have added reso- tim caught between shrubs. nancetoimportant exhi- Autobiographical themes range T from an account of Pierce’s appar- bitions by Black artists, oncepostponed but nowresched- ent death, after refusing to read uled to open museum programs as the Bible with his mother, and sub- they come back to life. Witnessthe sequent resurrection, to “Elijah Es- celebration of aremarkable,self- capes the Mob” (1950s), a graphic taught woodcarver,“Elijah Pierce’s recollection of being mistaken for America,” at the Barnes Foundation a murderer and arrested, with red- in Philadelphia. Theinstitution's capped Pierce appearing several founder,the irascible Albert C. times, at different stages of the Barnes, would have approved as a story, as in a medieval manuscript. longtime supporter of Black culture Moralizing narratives, such as “Pil- who,among other things, playeda grim’s Progress” (1938) and “Devil crucial role in focusing attention on Fishing” (late 1940s), present the work of the self-taught painter worldly temptations in the form of of Black life, HoracePippin. playing cards, dice, liquor, money, Pierce (1892-1984) was born in cars and scantily clad women. Re- Baldwyn, Miss., to a farmer and cent history inspired “Love (Mar- church deacon father, a former tin Luther King Jr.)” (c. 1968), with slave. Deeply religious, Pierce ex- the seated hero sheltered by an perienced several ecstatic conver- angel, and “Martin Luther King Jr. Elijah Pierce’s ‘Elijah Escapes the sion events while still in his 20s and the Kennedy Brothers” (1977), Mob’ (1950s), above; ‘Martin Luther before he, like millions of other all sporting natty neckties, with King Jr. and the Kennedy Brothers’ Southern African-Americans, gold stars over their heads, (1977), right; and ‘The Book of moved north in the Great Migra- against red, white and blue stripes. Wood’ (1932), below tion. By 1923, he and his wife, Cor- Theorigin storyisthat, in 1923, nelia, were living in Columbus, Pierce carved asmall elephant— Ohio, where Pierce spent the rest on view—as apresent forhis wife. up thereinthe French 18th-cen- of his life, working as a barber. He She liked it so much, we learn, turytradition of singeries—scenes learned that trade in Baldwyn that she put aribbon around its of costumed monkeysbehaving while still a child, about the same neck and set it on the mantel- likepeople. time that an uncle taught him to piece. “Ifyou likethat ugly thing,” Which raises the question of carve wood. Pierce didn’t retire Pierce is supposed to have said, sources. Pierce preferred simpli- from barbering until 1978, and was “I’ll makeyou awhole zoo.” Cer- fied profiles and unambiguous also a preacher, yet he found time tainly thereare plenty of lively frontality, and said “I’d carve any- to create the wealth of brilliantly animals throughout the exhibition, thing that was a picture in my painted reliefs and free-standing both free-standing and in the mind,” but many figures, especially constructions from which the exhi- complexnarrativereliefs,most those in conventional poses, seem bition is drawn. unexpectedly in the three-dimen- derived from traditional religious These include vividly imagined sional tableau “MonkeysataCard imagery—not surprising for Bible stories, such as Table” (1938-40)—a high stakes someone who spent a lot of “Saul on the Road to game,with liquor,kibitzersand time with the Bible and Damascus” (1948), an armed guard. It’sright hymn books; the “por- with the future traits” of public figures (3) disciple—in a seem based on pub- ION

AT black suit, on a lished photos.

UND mule—trans- Pierce’s story- FO fixed by an telling reliefs— uniform deep-green background faculty to the barber shop.Pierce’s immense with their eloquent emphasizes and unifies the images, career as an artist burgeoned, with

BARNES lightning bolt silhouettesand densely which shiftdramatically in scale. international shows,awards, and against a clear blue sky. packed compositions; their Pierce displayed“TheBook of documentaryfilms (shown at the /THE And “Nativity” (late 1930s- crisp,shape-defining color,con- Wood” and other works in his bar- exhibition). Surprisingly,“Elijah OHIO early 1940s), with the Holy Family trasting patterns and occasional ber shop and, afterparticipating in Pierce’s America” is the firstmajor T,

AR filling one side of the panel, the wood grain—arethe most memora- the Columbus Folk Art showatthe retrospectiveofhis work presented

OF other packed with white-robed fly- ble works on view. Themost spec- YMCA, in 1968,used part of the outside of Columbus in morethan ing angels, neatly stacked sheep, tacular is “The Book of Wood” shop as agallery, the Elijah Pierce 25 years. Time to put on amask and the three Magi riding across (1932), acompendium of carved Wood Studio.In1970, an Ohio and book aticket at the Barnes. MUSEUM the bottom, the legs of their cam- biblical scenes “collaged,” scrap- State University graduatestudent,

MBUS els alternating with yellow flow- book-like, ontosturdy wooden pan- who had seen the Folk Art exhibi- Ms. Wilkin is an independent LU curator and critic. CO ers. Pierce’s three-dimensional re- els,each about 27 by 31 inches.A tion, began bringing studentsand

MUSIC REVIEW ballrooms,rather than clubsor She even kicks thingsupanotch concert halls. with “Mack the Knife,” the Ger- Not only does she begin the 1962 man theater song that caused a Ella concert at West Berlin’sSportpalast sensation at her legendarycon- with “Cheek to Cheek” (singing Ber- cert in the same city two years Fitzgerald: lin in Berlin) but the beat never earlier.Onthat occasion, Fitzger- stops.Evenwhen Fitzgeraldissing- aldhad famously forgottenthe ing about not dancing,in“IWon’t lyrics but made musical history Alwaysin Dance,” she never stops swinging. by devising newones on the spot. She uses rhythm to differentiatebe- She singsall the right wordshere tween the diverse songsinher 17- (although she does forget what Full Swing number set. “I Won’t Dance” in- city she’sin) and attains an even cludes areferencetothe twist, and higher level of exhilaration. BY WILL FRIEDWALD “Hallelujah, ILoveHim So” begins with agrandly baroque piano intro- hirty seconds of listening to duction by musical director Paul On anewly released “Cheek to Cheek,” the open- Smith and goes on to introducean T R&B backbeat intoFitzgerald’spow- ing track of the newly re- concertrecording,the leased “The Lost Berlin Tapes” erful4/4 swing time. singer performs withher (Verve), make it clear that we are Afew yearsearlier,inspired by hearing, at her pinnacle, the great- Dizzy Gillespie and Charlie Parker, usual dynamism and style est of all artists American music Fitzgeraldhad greatlyexpanded has ever offered. And yet what we her musical purviewbyincorpo- experience on this previously un- rating elementsofmodern jazz heard concert recording from intoher music.Though she in- Then she does something ex- March 25, 1962, was just business creased her ca- traordinary—rather than end with as usual for Ella Fitzgerald—she pacity forhar- averyfast improv number,she performed at this level, or nearly monic concludes by slowing down. so, every night of her long profes- improvisation, Fitzgeraldcharacteristically gen- sional life. To truly surprise us, she stuck to her erated incredible excitement with she would have had to give a per- long-established an uptempo blues like“Roll’Em formance in which she doesn’t principles of Pete,” but she rarely sang aslow swing, generates no excitement, puremelody and one such as this.She startswith and sings without any feeling. Ob- unceasing swing. the lyrics to Big JoeTurner’s viously, this never happened. While there’sno “Wee Baby Blues,” but soon be- It’safamous part of the long scat number gins making up her own: “I could Fitzgeraldstory that she firsten- (like“HowHigh go on singing all night long,/But teredanApollo Theater amateur the Moon?”)in the union man tells us we’re night contest (at 17 in 1934) as a this concert, her through.” By the time she reaches dancer,but switched to singing at big improv- Ella Fitzgerald performs in Berlin in 1960; a previously the coda (thanking the German the last minutewhen she sawthat driven piecehere unreleased recording of a 1962 concert is just out crowd with “danke schön”), she apopular danceact wasperform- is “Mr.Paganini,” has us convinced that she could GES ing right beforeher.She wonthe in which she ingeniously deploys about the wordsshe sang,it’s Fitzgeraldcarefully modulates the have been one of the world’sbest IMA competition singing—but in areal scat as part of alonger narrative. hardtoimagine anyone putting mood, balancing between swing- blues singershad she done this ETTY sense,her music is all about danc- Even Fitzgerald’sballads are morefeeling intothese lyrics. ers(likethe relatively rare “My kind of material moreoften. /G ing.Inthe earliest part of her driven by rhythm. UnlikeBillie “Someone to WatchOverMe” Kind of Boy” and “Clap Hands! Therewas nothing that she BILD professional career,during her Holiday, she rarely sloweddown movingly reveals the heart of a HereComes Charlie”)and what couldn’t sing.Nomatterhow

TEIN tenurewith drummer Chick to full rubato; “Someone to Watch woman who’s spent her lifelook- she called “pretty” numbers, like great we expect her to be,she’s Webb’sorchestra, Fitzgeraldwas Over Me” and “Angel Eyes” are ing forthe right man, while “Cry her blissfully warm and maternal always even better. /ULLS christened the “princessofthe the perfect tempo forromantic Me aRiver” and “Good Morning “Summertime.” But by the time ONER Savoy,” and it would have been social dancing.And although Heartache” arelamentstothe she finishes “Paganini,” the crowd Mr. Friedwald writes about music CR

Y appropriatefor her to spend the some observershaveargued that man who gotaway. is so ecstatic that she realizes and popular culture for the

HARR rest of her career working in such Fitzgeralddoesn’t always “care” As in most of her concerts, there’snodialing it back down. Journal. P2JW279000-0-A01400-2------XA

A14 | Monday, October 5, 2020 THE WALL STREET JOURNAL. SPORTS Near-DailyTesting Didn’tStop Outbreak

The NFL is investigating how Covid-19 spread rapidly through the Titans—including if protocols were breached

BY ANDREW BEATON AND LOUISE RADNOFSKY

On Sept. 25,Tennessee Titans assistant coach Shane Bowen worked in close contact with play- ersduring practicewithout wearing amask or facecovering,pho- tosshow. He also took aCovid-19 test. Thenextday,that result came back positive. He didn’t fly with the team to Minnesotafor a game against the Vikings—but the players who had been in close proximity to him weren’t isolated. Aweek later,the Titans arein the midst of afull-blown outbreak. Eighteen players and staff—including two moreSunday—have tested positivethis week.And that doesn’t include Bowenoraprac- ticesquad playerwho wasplaced on the Covid-19 reservelist two days beforeBowenreceived his test result. LikeMajor League Baseball before it—and the WhiteHouse this past week—the NFL is lefttofig- ureout howthis happened and whether it canbestopped without upending the big eventsofthe fall. Theleague is investigating mo- mentslikethe one at Tennessee’s practicethat Fridaytounderstand howthe virus spread through the organization and whether the Ti- tans violated the league’sproto- OL

cols that were designed to prevent PO this situation. S

Consequences arepiling up.The /PRES Titans’ game on Sundayagainst IV

the Pittsburgh Steelerswas post- LKER

poned until later in the season. WA

TheNew England Patriots’ mar- GE OR

quee matchup against the Kansas GE City Chiefs wasdelayeduntil Mon- Titans assistant coach Shane Bowen worked in close contact with players. He tested positive for Covid-19 before the team’s game against the Vikings. day, pending continued negative test results, afterstarquarterback Cam Newton and amember of the outbreaks that showedhow its at theUniversity of California, San the NFL’s first. Other players and tosindicated Bowenhad close en- Chiefs received positiveresults flawedprotocols were routinely Francisco. “That’snot the right staff acrossthe league had tested counterswith players,including Saturday. violated. way to do it.” positiveoverthe last several one who later tested positive. Yet One finding is already painfully “There’snoperfect way to pre- TheNFL,which has conducted months without producing aclus- while Bowendidn’t flywith the on display. Even the most power- vent everyinfection unlessyou morethan 400,000 testsalready, terinside ateam. Beforethe Ti- team forits game against the Min- ful, most tested institutions on the completely close off people from said that it wasdifferent from tans’ 18 cases arose this week, nesotaVikings, no players were planet—including the NFL and the outside,and then youimplement a American communities because it Tennessee had two the week be- isolated. U.S. presidency—aren’t immune to testing protocol,” said Bill Miller, testsits players almost everyday. fore. Then on Sept. 27,notestswere this virus.Blocking an outbreak senior associatedean of research “That’saverydifferent scenario On Sept. 24,the Titans placed conducted; the league’sprotocols requires not just near-daily testing and professor of epidemiologyat than typical community spread,” practicesquad cornerback Greg call fortesting on players and cer- to prevent the virus from entering Ohio State. Sills said. “That being said, we’ll Mabin on the league’sCovid list. tain staff everyday except game agroup,but also protocols forso- TheCentersfor Disease Control continue to trytolearn from these Theteam had signed Mabin just a day. That meansit’sunclear if any cial distancing and contract trac- and Prevention tells regular Amer- situations.” couple of days earlier,and the membersofthe team were posi- ing that must be followedtoim- icans to isolatefor 14 days after NFL’s protocols sayaplayermust tiveand potentially infectious at pede the virus’ transmission if it close contact with aperson who have two negativePCR tests, 24 the time of the game. does getin. has apositivetest result. Epidemi- Leagues have had varying hoursapart, and then apoint-of- When the standarddaily testing “Wecan never test our way to ologistssay that the coronavirus care test beforeaworkout or join- cadenceresumed on Sept. 28,it safety,” said Dr.Allen Sills,the has an incubation period of at success at thwarting the ing the team. wasquickly clear the pathogen NFL’s chief medical officer.“The least two days,though three to virus, based on their Thefollowing day, Bowen, the wasspreading through the team. episode this week is an illustration five days is considered the most team’soutside linebackerscoach, Eight membersofthe organization of that.” likely,and 14 is thought unlikely. different approaches. wasatpractice. TheNFL strongly received positiveresultsonTues- Sportsleagues have had varying But the NFL’s protocols allow encourages coaches to wear face day. TheTitans and Vikingsboth success at thwarting the virus, personnel to test out of such a coveringsatpractices outdoors, shutteredtheir facilities. based on their different ap- quarantine in one day—meaning but they’renot required to do so, But the Vikingsslipped away proaches.The National Basketball someone who had close contact Thequestions aren’t only about as they areduring games.Several without aproblem. Association and National Hockey with aperson who generated a potential gaps in the protocols.It’s head coaches have been fined by One possibility forhow they’ve League seasons proceeded largely positiveresult could return before also if they were followed. Now the NFL forflaunting the game- escaped so far is that they were withoutincident with all person- it wasknown whether or not they the NFL is examining the Titans’ daymask mandate. fortunatetomeet Tennessee in nel living inside sequestered “bub- had actually contracted the virus. activities over the past 10 days to Bowen’stest from that day the exact windowafter the Titans bles.” Baseball’sseason, which in- “You canbefalsely lulled into determine whether they were bro- would come back positive—a re- players’exposure, but beforethey volved travel from city to city,not the sense that they’reuninfected,” ken—and whether they were suffi- sult that registered Saturday were infectious. isolation, teetered on the brink of said George Rutherford, professor cient to begin with. morning.Without amask,working “Luck,” Rutherford said, “isan collapse,however, aftersuffering of epidemiologyand biostatistics Thecases in Tennessee weren’t up close with various players,pho- extremely important contributor.”

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 50s 40s <0 12345678 910111213 Down 32 Bowling ball 50s Eddtmonton 40s target 0s 1Fill one’stank VaV ncouver CalgaryCalgarCl y 50s 14 15 16 2St. Patrick’sDay 33 Penfill 70s 70s 10s 50s 17 18 19 celebrants 34 Amountthat’s 60s Seattle Winnipegp 50s 20s 60s notexorbitant PortlandP d Montrealt 60s 30s 20 21 22 23 3Rome-based 80s Helena 60s Ottattawwaa fashion house 35 Natural talents 60s 40s Eugeneg Billings AugustA g ta 24 25 26 27 28 60s Bismarckk 4Labor Daymo. 37 Free (of) 80s Mpp/plsls.//St.Paul ToT ronto 50s 50s AlbanA b nyy Bostont 29 30 31 32 5Makethe wrong 39 ___ Lanka 70s Boisei Siouxoux FFallsll Milwaukeek Harttfordd 60s 70s Pierre Detroitt Buffalo choice 41 Documentary 50s ChicagoCCh g 70s 33 34 35 36 37 38 39 90s Reno Salt LakeL CityCity 60s 80s Dess Moines Cleveland 70s Newew YoY rkk 6Salmon eggs filmmaker Burns CheyenneCh y 80s Omahah PiP tttsbbhurgh 70s PhiladelphiaPhh dll hi 40 41 42 43 Sacramento Springfieldp ifild IndianapolisIndianapo 7Suitcase 42 Cries loudly 70s Denver 50s Washingtonhihingtgtonon D.CD.DCC.. 90s attachment Sann Francisco Topekp ka Kansas ChCharlesarleltston 44 45 46 43 Game played CiCityityy Richmondhd 100+ LasL Colorado St.Lououisis 70s 8Command to a Vegas Wichhitita LouisLoL u villeill with long 60s Springs Raleighligh 47 48 49 50 LossAAlnngeles 60s retriever mallets AlbuquerqueA b q q SantaFe 70s Nashvillehill CChCharlottltte Oklahomak homahom CityCitC y Memphisphi 70s 51 52 53 54 55 56 57 9Phone programs 48 Raison d’___ Sanan DiegDie o PPhoenixh ColumbiaC bib Warm Rain Atlantalt 10 Before,inpoems 100s 80s 90s LLittlee Rockk 58 59 60 50 Dollar fractions: Birminghamh TuT csonc Ft.F .WWoorrthh JaJacckkson 80s El Paso DlDallasl Cold T-storms 11 California city Abbr. Mobilebil Jacksonville 61 62 63 64 65 66 known forits AAustin 70s 51 Letin 30s Houstot n Stationary wineries Sanan AntonioAtA i Orlandoldd Snow 67 68 69 40s 80s Newew Orleansl 53 Yokels 80s Tampa 12 Ritz-Carlton AAnchorh ageg 80s 80s 54 Relativeby Showers Flurries 70 71 72 alternative 50s Honolulull Miami marriage 70s 90s 13 “Justkidding!” Ice 55 “I’ll takeanother VARIETY PACK |ByZhouqin Burnikel 19 Mysterious card, please” Himalayan U.S. Forecasts TodayTomorrow TodayTomorrow Across 28 Sound from a 52 “Which of these 56 Addglitterto, City Hi Lo WHiLoW City Hi Lo WHiLoW creature s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1Pictureformat massage do youprefer?” say Omaha 78 50 s7955s Frankfurt 56 49 sh 58 49 r 21 Goreand Pacino t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice of manyonline recipient 58 Joanne of “Red 57 Lukewarm Orlando 86 75 c8975sh Geneva 55 48 sh 58 50 r 25 Asian drink made TodayTomorrow Philadelphia 71 54 pc 72 57 s Havana 90 73 t8775r memes 29 Egypt’s___ Canal River” City Hi Lo WHiLoW from fermented 59 Anna’ssisterin Phoenix 104 72 s104 70 s Hong Kong 88 75 t8674pc 4Fontflourish 30 Computer 59 “___ go bragh!” “Frozen” Anchorage 52 42 c5143r Pittsburgh 59 40 pc 67 51 s Istanbul 85 69 pc 85 70 pc mare’smilk 9Fables author support whiz Atlanta 77 56 s7960s Portland, Maine 64 49 c6653pc Jakarta 91 75 sh 91 75 pc 60 One of six on a 26 Fill in Vegas 62 Hosp. staffers Austin 85 57 s8958s Portland, Ore. 73 54 s7654s Jerusalem 80 62 s8463s 33 “___ tree falls in 14 “Where___ hexagon lights 63 Cry of discovery Baltimore7149pc7254s Sacramento 90 52 pc 91 55 s Johannesburg7756t 65 54 t my manners?” the forest...” 61 Average income Boise 79 50 s8253s St.Louis 66 51 s7756s London 62 51 c6049sh 27 Big name in 64 Cunning 15 Wear away 36 Othello,for one group, and ahint Boston6453sh6756s Salt LakeCity 82 50 s8253s Madrid 67 47 pc 75 51 pc casual shirts 65 Emergency Burlington 65 51 c6552pc SanFrancisco7555pc7257pc Manila 91 79 t9180c 38 Unruly to hidden words 16 British baby 31 Quake transmission Charlotte 76 51 s7755s SantaFe8342s 82 42 s Melbourne 57 49 r5951r buggies demonstrations in 18-, 24-, 40- Chicago 61 51 s7057pc Seattle6752pc6954s MexicoCity 70 44 pc 72 44 pc and 52-Across Cleveland 58 44 pc 67 53 pc Sioux Falls 79 48 s8151s Milan 65 49 pc 67 51 c 17 Moral lapse 40 Diner table Previous Puzzle’sSolution 66 Summit Dallas 79 59 s8761s Wash., D.C.7154pc7357s Moscow 65 50 c6552c 18 Considerable fixture TOFUTT IFATCELL Denver8147s 84 50 s Mumbai 90 80 t9280pc 44 Toys with tails 67 Cake workers GRAPHICAMRAD IO Detroit 60 44 s6652pc Paris 59 51 r6151sh amountof ISRAEL IMAIMING International FOESELFROUTE Honolulu 88 73 pc 90 76 s Rio de Janeiro8274pc8776pc money, so to 45 Tragic fate 68 Mexican painter TodayTomorrow CARYAT IDS Houston8458s 87 60 s Riyadh 103 75 pc 103 76 pc speak Frida PIOUSDELE FB I City Hi Lo WHiLoW 46 “Moonlight” Indianapolis 62 44 s7153pc Rome 71 56 pc 71 59 pc 69 Sports physician’s BRONCNEALHELM Kansas City 73 52 s7856s Amsterdam 57 53 r5852sh SanJuan 88 77 t8877sh 20 Letters on actor TANGELOROTATES Seoul 66 48 s6650c packages of Mahershala diagnostic scan OH IO ITSY ADANO Las Vegas 96 65 s9767s Athens 87 72 pc 89 73 pc BAASPIT FIELD Little Rock 68 47 s7955s Baghdad 100 66 pc 97 65 pc Shanghai 73 64 pc 74 65 c meat 47 Wash the suds 70 Thompson who PASTORALS LosAngeles 92 64 s8963pc Bangkok 90 78 t9077t Singapore8876c 88 77 pc 22 High cards from plays Valkyrie in GUAVA PELE SHE Miami 88 82 sh 88 79 sh Beijing 68 39 s7044pc Sydney8964s 75 66 pc BOSWELLMANHOUR Milwaukee 60 51 s6856pc Berlin 62 49 c6050sh Taipei City 79 73 t8072c 23 Nervous 49 Group of like- Marvel movies UNNERVEANDORRA DEADSETPASTELS Minneapolis 70 51 s7353pc Brussels 58 50 r5849sh Tokyo7864pc7362pc twitch minded voters 71 Influences Nashville 68 43 s7751s BuenosAires 63 53 pc 64 55 pc Toronto5846pc6351pc The contestanswerisLIFE MODELS. The last NewOrleans 80 66 s8069pc Dubai 101 83 s101 82 pc Vancouver 63 51 pc 63 51 s 24 Nikeco-founder 51 Fitting 72 Finish Across answer, PASTELS, suggests looking at the letters pastELinthe grid. Those 10 letters spell the NewYork City 68 56 pc 70 58 s Dublin 57 46 r5744sh Warsaw7150t 65 50 s s Oklahoma City 76 52 s8357s Edinburgh 57 47 sh 56 44 sh Zurich 57 50 sh 59 48 r Solvethis puzzle online and discussitatWSJ.com/Puzzles. contestanswer. P2JW279000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | A15 OPINION TikTok Meets the Meddling Feds BOOKSHELF | By Adam Rowe

TikTok shock: ing datatransfers. Isuggest likeJPMorganChase and many trendy brand in Europe but A Deadly Last week a making TikTok put up abond, hedgefunds,and put it in the tastes likegasoline.These federal judge say$50 billion, that gets for- hands of atrust forunion re- aren’t the governmentsthe U.S. enjoined an feited if it is caught providing tirees and Fiat, whichwasn’t should want to imitate. executiveor- datatoBeijing. even acreditor.AWall Street Iget that national security Confrontation der blocking Thereal problem is that the Journal report quoted an ad- cantakeprecedence: Defense INSIDE newdown- current remedy,aforcedown- ministration official: “You companies should be U.S.- VIEW loads of the ership transfer of TikTok’sU.S. don’t need banks and bond- owned, and Ican even tolerate The Zealot and the Emancipator Chinese video- operations to American inves- holderstomakecars.” the rule that U.S. airlines can By Andy sharing social tors,violates all forms of busi- It waspredictable that the only be 25% foreign-owned. By H.W. Brands Kessler network, nessdecency. TheTrump ad- Obamaadministration would And yes, China bans Facebook, (Doubleday, 445 pages, $30) which has 100 ministration is basically hand agifttothe autounion, a Twitter, Google and most million usersinthe U.S. stripping away equity from other search and social-media ow does a good man challenge a great evil?” Wow—that’salot of people Chineseinvestors. Originally, companies.Last year Amazon ‘H Fittingly, H.W. Brands asks this question at the wasting time.Now aNov.12 Microsoftand Walmart were Trump’smove to strip shut down itsChinese domes- outset of “The Zealot and the Emancipator: John deadline looms to shut off Tik- to invest and runthe U.S. Tik- tic e-commerce businesstofo- Brown, Abraham Lincoln, and the Struggle for American Tok’sU.S.operation or out- Tok. When they dropped out, itsassetslooksmore cus on cross-border selling. Freedom.” The great evil was slavery, and the subjects of source itsmanagement to U.S. Oracle (with Walmart as a likenationalization But the optics of President Mr. Brands’s dual biography were the two most famous partners. TheTrump adminis- marketing partner) negotiated Trump on aphone call with martyrs in the struggle against it. Recounting their parallel tration is concerned that the to be the “trusted technology than national security. Oracle’sLarryEllison discuss- lives, Mr. Brands offers two diametrically opposed answers app’suser datacould be fun- provider” to TikTok.The data ing aforcedtransfer of TikTok to his initial question. neled back to the Chinese gov- would stay in the U.S.,and Or- equity don’t seem that differ- Lincoln once compared slavery to a poisonous snake ernment, which owner Byte- acle would buy an equity major campaign backer.But ent. Whereare the Truman-era coiled in the bed with his children. The metaphor was Dancedenies. stake—basically buying acus- Fiat? Maybethe central plan- Supreme Court justices when designed to show why the Republican Party opposed the In July,TreasurySecretary tomer.And somehow, still un- nershad some dreamyview youneed them? Could aBiden expansion of slavery into new territories but not immediate Steven Mnuchinannounced clear,Chinese investorswould that with increased fuel stan- administration hand refineries abolition where it already existed. No decent father would TikTok wasunder reviewby ownlessthan 50%. This taking dards we’d all be forced to buy and frackerstothe Sierra allow a snake to slither into his children’s bed, Lincoln said. the CommitteeonForeign In- doesn’t smell right. those utilitarian Fiat 500s— Club? But afather whofound the snakealready theremust be vestment in the U.S.,orCfius. There’sahistoryofpresi- Obamamobiles.That’salmost Facebook and Snap Inc. careful. “Would Idoright to strikehim there? Imight There’snoquestion TikTok has dentsmanhandling corporate as bad as agovernor telling might benefit in the short term hurt the children; or I might not kill, but only arouse and quickly turned intoamajor so- assets. Franklin Roosevelt youwhat kind of caryou can from aweakened TikTok.But exasperate the snake, and cial-media platform, but is it threatened to nationalizethe drive. Oh wait, California’s they shouldn’t celebrate: Once he might bite the children.” really asecurity threat? banks in 1933,forcing Congress Gavin Newsom just did exactly government gets involved, Lincoln was not suggest- No one cansay whythe Chi- to passthe EmergencyBanking that. those high price/earningsstock ing, like many slaveholders, nese government might want Act to strengthen balance Either way,they gavea multiples that tech companies that abolitionists threatened to spy on 16- to 24-year-olds sheets. And to head off astrike chunk of an American company enjoy, which provide access to the physical safety of whites whowatch twerking routines. in 1952, HarryTruman issued to an Italian manufacturer and cheap capital, will start fading. in the South. He expressly TikTok maycensor informa- ExecutiveOrder 10340 and union members. This is taking Investorsdon’t likepaying up dismissed such fears as tion critical of Beijing, but it’s seized steel companies.Two value from one entity and giv- forfutureearningsifthey feel absurd. The real danger was primarily an app forentertain- months later,the Supreme ing it to another.Why no Su- the government has aheavy that slavery would corrupt ment, not news.Maybe some- Court ruled against Truman in preme Court case afew months hand. the devotion of Americans to daythe platform could feature Youngstown Sheet&Tube Co. later? Ididn’t likethe precedent Take alook: Facebook,Ap- their own national creed. videos that influenceelections. v. Sawyer.The president, it then and, sureenough, it’shap- ple and Google have price/ “Familiarizeyourselves with But that’sabig “maybe.” And seemed, couldn’t simply seize pening again. earnings multiples over 30. the chains of bondage, and please don’t makemethink of privateproperty. Remember, the Sovietsna- General Motorsand Lockheed youare preparing your own JoeBiden twerking. Until one did. In 2009 Ba- tionalized allbusiness. And in Martin areataround 15.Before limbs to wear them,” Lincoln As forits potential as aspy rack Obama’s Presidential Task 1959 Fidel Castroseized Bac- Covid, United Airlines’ P/Era- warned in 1858.Slavery was tool, thereare simpler reme- Forceonthe AutoIndustry, ardi’sCuban rumfactories as tio was8.Believeme, inves- as old as sin. But the nation dies,likehaving Apple and with lead adviser Steven Ratt- thecompanymoved itsopera- tors won’t likegovernment dedicated to the proposition that all men arecreated Google set limitsonthe data ner,effectively took Chrysler tions abroad. Todaythe Cuban messing with technology. equalwas young and fragile—as vulnerable,inLincoln’s TikTok cancollect. Or restrict- away from secured creditors, remnant, Havana Club,isa Write to [email protected]. eyes,asasleeping child. His task wastopreservethe nation from an evil that menaced it. John Brownhad adifferent purpose.“Thecrimes of this guilty land, will never be purgedaway;but with blood,” he Mexico’s Supreme Court Plays Politics wrotein1859,just beforehewas hanged fortreason. As the sectional conflict over slavery escalated in the 1850s,Brown In his remain- Obrador declared victoryand establishment. anything with which to throt- did morethan anyone to transform amoral impasse intoa ing four years shut down both operations. Thecentral problem was tle the justices in public dis- civil war. in office, Mex- He wasonly warming up. that none of the past presi- courses. Yet the question re- Born in 1800, Brown was an old man when he began to ican President Thepresident calls his dentsnamed in the question mains unconstitutional, and make his mark on history, a failed businessman, the object AndrésMa- agenda forMexicothe have been chargedwith any by refusing to stamp it so and of multiple lawsuits and the father of 20 children. American nuel López “fourth transformation.” It crime.Asany first-year law instead writing its own ques- history is full of controversy, but no figure remains as AMERICAS Obrador may envisionsthe centralization student knows,the question tion, the court does politics it- polarizing as Brown. Historians have dismissed him as a yetsucceed in of powerasitwas in the would therefore violate basic self.That can’t be good. As lunatic, condemned him as a terrorist and canonized him as By Mary ruling as an 1970s and astronger role for civil rightsbecause the law Mexican lawprofessor Martín a hero. Mr. Brands, a history professor at the University of Anastasia autocrat. But the stateinthe economy. It does not investigatepeople.It Vivanco Lira wrote last week Texas, scrupulously narrates the relevant facts and trusts O’Grady apowergrab blames economic liberalism investigates crimes.All per- forthe magazine Nexos, Mex- readers to form their own conclusions. is on hold for forincome disparities,cor- sons in the Mexican republic ico now has “the guardian of Between 1854 and 1856,asKansas settlersprepared the now, thanks to aSupreme ruption and violence. areentitled to the presump- the Constitution acting uncon- territoryfor statehood, proslavery and antislavery partisans Courtdecision Thursday This line of reasoning has tion of innocence. stitutionally.” struggled to align itsfuturewith the North or the South. checking his latest attempt to made Mr.LópezObrador pop- Notwithstanding the climate Likemanyriotous cities this past summer,the territory trample his opponents. ular.But in amodern liberal of fear that AMLO’sreferen- became amagnet forideological fanatics and well-meaning That said,danger still lurks democracy, institutions that López Obrador’s dum question would have cre- fools,making lifemiserable forsettlersprimarily interested because the high court’sdeci- protect civil liberties, private ated amonghis opponents, its in earning aliving.AsLincoln argued forexcluding slavery sion foolishly wades into the property andthe rule of law referendum question real purpose wastogather the from the territoryincountlessspeeches,John Browntrav- political arena. As AMLO—the are likely to get in the way of was unconstitutional crowdsbeforethe guillotines eled therewith awagon full of weapons,ready forwar. president is known by his ini- the populism and nationalism and createexcitement on the “I mean to steal a march on the slave hounds,” Brown tials—nominates newmem- he thinks best forthe country. but justices balked. dayofmidterm elections in declared in May 1856. He and several followers, including bers to the court in the com- The AMLO solution to this June.AMLO is spinning it oth- four of his sons, targeted the Pottawatomie settlement in ing years, the risk to the problem is to use his popular- erwise,but the newquestion, the middle of the night. Their first victim was James Doyle, republic will increase. ity to unleash a French Revo- Thehigh court is already which will be posed afterthose who was asleep in a modest cabin with his wife and three Mexicohas arepresentative lution against the moderniza- politicizedbut even it could elections,isdeliberately flat sons when Brown’sso-called Armyofthe North knocked democracythat guarantees tion of the economy over the notignorethis reality.The and takesthe drama out of his on his door. Brandishing pistols and broadswords, they minority rights. Mr.LópezOb- past 25 years. To that end, he justices voted 6-5 in favor of political theater. kidnapped Doyle and two of his sons, sparing the youngest rador is not afan. He prefers petitioned the Supreme Court the constitutionality of the Political corruption is a boy after his mother begged for his life. Mahala Doyle “participatorydemocracy,” to allowalegally binding ref- question but then immediately problem in Mexicothat needs heard her husband and sons being murdered, and her which uses street manifesta- erendum on whether Mexico rewroteitand approved the investigation. But the López youngest son discovered their corpses the next morning. tions and popular referendums ought to “investigateand, new question 8-3. Now Mexi- Obrador government appears to settle political matters.In whereappropriate, punish the cans will be asked whether wholly uninterested in using this world view, the will of the alleged commission of crimes they areinfavor of “a process itspowerunder the lawto As Lincoln sought to protect the nation from majority,not the rule of law, is by former presidentsCarlos of clarification of the political prosecute. With one excep- a menacing evil, John Brown went about the path to progress. Salinas de Gortari,Ernesto decisions takeninrecent tion, the attorney general has While still president-elect, Zedillo PoncedeLeón, Vicente years by political actors.” not brought chargesagainst transforming a moral impasse into a civil war. Mr. López Obrador organized Fox Quesada, Felipe Calderón Anyone who has followed former high-ranking govern- apublic referendum to sup- Hinojosa and Enrique Peña Ni- the political decisions of U.S. ment officials despite claims port his objectiveofcanceling etobefore, during and after Chief JusticeJohn Roberts by the president that previous Brown’s militia continued its ghoulish campaign at the the new airport outside Mex- their respectiveadministra- will recognizethe strategybe- administrations stole from the homes of two moresleeping settlers, claiming atotal of icoCity,nearly 40% complete. tions.” hind themental gymnastics of public treasury. five victims.None of them were slaveholders, and despite In March he held another ref- This seems preposterous, this decision. To avoid apresi- No mystery here. Success- amountain of scholarship on the incident, no one knows erendum, which canceled a butit’sagood bet that the dential backlash, the justices fulprosecutions of politicians exactly why these men were singled out for murder. new brewery near Mexicali. president thought he could blocked theunconstitutional would destroy the narrative ThePottawatomie massacremade Browninfamous in Both projectshad cleared intimidate the justices—and question without saying so. that Mexico’sdemocratic in- Kansas.But his antislavery allies outside the territory environmental and regulatory with no downside.Ifthey de- Chief Justice Arturo Zaldí- stitutions arenot capable of dismissed the storyasasmear.“To the armchair hurdles.Neither vote wasle- clared his question unconsti- varmay have been clever in delivering justice. AMLO can’t abolitionistsofNew England,” Mr.Brands writes,“he was gally binding,and turnout for tutional, he could also label defeating the proposed ques- have that. agreat hero.” They hosted Brownintheir homes and both waslow.But Mr.López them corrupt membersofthe tion without handing AMLO Write to O’[email protected]. raised money forhis endeavors.Intohis grim appetitefor righteous violencethey projected their ownlofty ideals. “I think him about the manliest man Ihaveeverseen,” Bronson Alcott, the father of Louisa MayAlcott, wroteas Ballgames Aren’t the Same Without Crowds Brownprepared foranevenmoreaudacious adventure. In October 1859, Brown invaded Virginia (present-day By Alan Smolinisky Me Out to the Ball Game,” struggling with lost loved ones, morethan distance. West Virginia) with 21 men, intending to seize the arsenal thereisasense of camaraderie. lost jobs,alost sense of com- When the last out is made, at Harpers Ferry as the beginning of a general uprising Los Angeles Thewhole experienceisunify- munity and purpose.But alot everything stops.Silencede- against slavery. “When I strike,” Brown predicted, “the bees he sinking feeling setsin ing and uniquely American, as of theescapes we depend on, scends.The lightsfade.I will begin to swarm.” It didn’t turn out that way. As Lincoln T the moment Isee the my dad, an immigrant from Ar- from the big-league ballgame tighten my mask and head back later put it, the effort “was so absurd that the slaves, with field. I’m in my usual gentina, always pointed out. at thestadium to the family to the deserted parking lot. As all their ignorance, saw plainly enough that it could not seat along the first-base line. Notanymore. Themotions ballgame in the park,are out of Ireach the stairs, Ilook back succeed.” Their masters, however, took the incident far Everything else is unusual. arethe same,but the emotions reach. and think of the famous speech more seriously. Brown’s futile raid created a sense of crisis Sure,the players arethere, the aren’t. Thereare no parentsex- from “Field of Dreams”:“Amer- in the South that paved the way for the secession move- umpireiscalling balls and plaining the game to their chil- icahas rolled by likeanarmy ment a little more than a year later. strikes,and Dodger Stadium is dren or teaching them the Players and umpires of steamrollers. ...But base- “The Zealot and the Emancipator” relates these familiar as beautiful as the daydad proper way to load up ahot ball has marked the time....It events skillfully without pretending to offer new material or brought me to my firstgame in dog.There’snoone to grumble are on the Dodger reminds us of all that oncewas original interpretations. The final 150 pages gallop through 1981. But nowthere’snolife. with when the ump makes a Stadium field, but good, and it could be again.” the Civil War, quoting extensively from Lincoln’s most Just asense of loss. bad call and, worse, no one to Thehope is building and the famous works, with cursory paragraphs providing context. Anyone who’s been to aball- celebratewith when the ball the stands are empty. return is coming: Asmall num- But Mr. Brands, who has written about nearly every era game knows howspecial it is. sails out of the park.When I ber of fans will attend the of American politics, seems to recognize that the contrast Thegrass is so green, the uni- bring my baseball-obsessed 8- World Series later this month between Brown and Lincoln offers a lesson that has never forms so white, the smell of year-old son, he falls asleep. That’swhat’scausing the in Arlington, Texas.Many been timelier. Prudence and idealism are complementary peanutsand hot dogssopleas- When aplayerhitsahome run, feeling in my stomach—an ut- morewill hopefully join when virtues. And zeal unencumbered by a concern for ing.The sounds of the game no one knows at first. It’sa terlack of togetherness. Right thenextseason starts. Aftera consequences is indistinguishable,inpractice, from bloodlust. areamplified by the roar of the guessing game until the DJ now, players areadvocating for year when it seems likeso Lincoln compared Brown to a political assassin who crowd,fromthe crack of the amps up aTop 40 hit that racial justice. But they don’t much is falling apart, it will be substitutes a single mad act for the constructive efforts wooden bat to the smack of the echoes through the empty have the fans at their backs, good to be united again—for that sustain political freedom. One future assassin, who cowhide-and-cork ball hitting a stands. showing support through the fans,for the players and detested Brown’s politics, couldn’t resist admiring a fellow leather glove. Sitting therealone,Ifeel cheers. Similarly,the fans don’t forAmerica. maniac. “John Brown was a man inspired,” John Wilkes It’smuch morethan agame. that Americansare missing have the players in front of us Booth declared, “the grandest character of the century!” When fans belt out “The Star- something we especially need to liftour spiritsinthis terrible Mr. Smolinisky is aLos An- Spangled Banner” and “Take right now. Millions of folks are year.We’vebeen separated by geles Dodgers owner. Mr. Rowe is ahistorian in Dallas. P2JW279000-0-A01600-1------XA

A16 | Monday, October 5, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR An End to Michigan’s Endless Emergency Biden and Lawful Avoidance of Payroll Taxes

ichigan’sone-woman rule is no more. Ms.Whitmer’s ordershaverequired residents Chris Jacobs writes that Joe Biden Joe Biden is surely aware of the When the coronavirus hit the state to stay home; mandated masks; forced the clo- and his wife legally avoided over tax issue, as it was widely discussed M this spring,Gov.Gretchen Whitmer sureofchurches,cafes,salons,gyms,schools,li- $513,000 of payroll taxes in 2017 and when it was revealed that vice presi- 2018 (“Joe Biden’s ObamaCare Tax dential candidate John Edwards and drew complaintsfor the seem- braries and so forth; prohib- Gov. Gretchen Whitmer Avoidance,” op-ed, Oct. 1). This is former Speaker of the House Newt ingly arbitrarynature of her ited nonessential travel; and correct, but whether or not it was Gingrich had undertaken similar lockdown orders.Storeswere has her powers pared by barred privategatherings be- “legal” is essentially unresolved. strategies. told to cordon off nonessential tween people from different Thereexistssufficient case lawto What better case to make the sections.You could buy lottery the state’s high court. households. challengethe Bidens’ salaries as un- point for the large numbers of tax- tickets, but not paint or gar- Unlike the other law, this reasonably small in relation to the payers who have and will engage in dening supplies. oneincludes no specific time income generated from their per- the same “unfair” behavior. The stat- Those rules have eased, but Ms.Whitmer ex- limitation, so in theorythe Governor’s emer- sonal services forthe IRS to chal- ute for an additional tax assessment tended Michigan’sstate of emergency again gencypowers could continue indefinitely.“Al- lengetheir taxtreatmentontheir for 2017 doesn’t expire earlier than last week,this time through Oct. 27.InaFriday most certainly,” JusticeMarkman wrotefor the corporatereturns. April 15, 2021, and a year later for opinion that limitsthe Governor’s emergency majority,“no individual in the historyofthis Additionally, the IRS has indicated 2018. it would challenge unreasonably low KIP DELLINGER, CPA powers,the Michigan Supreme Court quoted statehas ever been vested with as much concen- compensation, and various IRS man- Santa Monica, Calif. Montesquieu: “When the legislativeand execu- trated and standardlesspowertoregulatethe agement personnel have made similar Mr. Dellinger is the Tax Policy and tivepowers areunited in the same person, or lives of our people,freeofthe inconvenienceof statements at professional confer- Practice columnist for Tax Notes in the same body of magistrates,therecan be having to act in accord with other accountable ences. magazine. no liberty.” branches of government.” In a 4-3 vote, the Ms.Whitmer,aDemocrat, has acted under court struck down the statuteas“an unlawful two statelaws. TheEmergencyManagement Act delegation of legislativepower” under Michi- Don’t Postpone the Big Philip Guston Show letsthe Governor declareadisaster,but only for gan’sconstitution. 28 days unlessalonger period is approved by the Credit to the plaintiffs—a group of health Eric Gibson’sCultural Commentary of this same thing at aprivateMid- Legislature. In this case,Republican lawmakers providersand apatientneeding knee surgery— “Going,Going,Guston” (Oct. 1) re- west university whereIworked. Our declined to authorizeany declaration past April forchallenging the Governor’s initial ban on bukes the museum collectivethat re- campus wasrocked by protesters cently postponed itsown exhibition. who were appalled at the inclusion 30.Ms. Whitmer’s response,the high court said nonessential procedures,aswell as to the Macki- According to the joint statement, of an imagethat, in effect, hurt their in itsopinion, wastoend the firstemergency nac Center forPublic Policy, which provided le- that well-conceived and researched feelings. Theexhibition showcased andimmediately declareanew one “forthe galfirepower. retrospectiveofPhilip Guston must student photographs of striking mo- identicalreasons.” What now? “Representativedemocracy wait until atime in the futurewhen mentsfromtheir studies abroad. One Thelaw says the Governor “shall” issue adec- should not go away in acrisis—that’sexactly his work “can be moreclearly inter- photograph wasstartling: It featured laration “ifheorshe finds that an emergency when it’sneeded most,” the Detroit News said preted.” But as Mr.Gibson points awhite-hooded figure.But those who has occurred,” so Ms.Whitmer argued, as the last week.IfMs. Whitmer isn’t on the phone with out, that time should be now. Both stopped to viewthe imageand read court explained it, that she “had no choicehere lawmakers“to begin working on aplan forcoop- his essayand, according to those the thoughtfultextdiscovered that but to redeclareastate of emergency.” But as eratively managing Michigan through the pan- who have seen it, the exhibition cata- the subject wasnot apresumed Ku JusticeStephen Markman wrotefor aunani- demic,she’sderelict in her duty.” logue,are wise,thoughtfulreflec- Klux Klan member; instead, it de- tions on powerful work. picted ahooded penitent in atradi- mous court on this point, “Toallowsuch are- There’slittle sign she carestodeal with the But here’sthe rub: Clear factsand tional, religious Holy Week proces- declaration would effectively render the 28-day Legislature. “It is important to notethat this rul- rational analysis arepowerless sion in the streetsofMadrid. limitation anullity.” ing does not take effect foratleast 21 days,” the against today’scultural tsunami of In both cases,the imageryin Asecond statelaw,the EmergencyPowers of Governor said Friday.“Manyofthe responsive feelings. Guston’swork cannot be question is disconcerting,raises big the Governor Act, says Ms.Whitmer cantake measures Ihaveput in placetocontrol the shown publicly because itsimagery questions and evokes powerful emo- “reasonable” action as needed “toprotect life spread of the virus will continue under alterna- (which includes white-hooded fig- tions.But the futureofour educa- and property or to bring the emergencysitua- tivesourcesofauthority that were not at issue ures) is a“trigger.” It has the poten- tional and cultural institutions de- tion within the affected area under control.” As in today’sruling.” What wasitagain that Lord tial to hurt someone’sfeelings, and pends on honoring both feelingsand an illustration of itsscope,the court said that Acton said aboutabsolutepower? that fact alone dictates what is now reason. Let’shope it’snot toolate safetoteach, exhibit, exhibit or forboth. study. EILEEN CARR White House Medical Confusion Adecade ago, we sawaharbinger Dayton, Ohio

resident Trump’sdoctorssaid Sundayhe 24 hoursand that the next 48 hourswould be could be released from Walter Reed med- crucial to determining the President’spath to re- Quality Health CareWith NPsand M.D.s P ical center as early as Mondayifhis covery.“We’restill not on aclear path to afull symptoms keep improving. recovery,” the briefer report- There is no room for misinforma- I agree that experience and educa- This is good to hear,but it also Mixed messages like edly said. tion in any debate about nurse prac- tion matter. The average NP has been underscores the need forthe those on Saturday Dr.Conley had said only titioner and physician comparability. a nurse for 10 years before becoming WhiteHouse to be transparent moments before that Mr. Rebekah Bernard argues (Letters, a NP and has more than 20,000 hours about Mr.Trump’scondition hurt the President. Trump’sbreathingaswell as Sept. 26) that “studies that show of direct patient care, reviewing phy- on adaily basis. his heart, liver and kidney equivalence in care between nurse sician orders, dispensing medications practitioners and physicians are and managing patient care before Sunday’sbriefing wasmore function were normal. TheAs- flawed” and that “not a single large- they even apply for NP school (which forthcoming than Saturday’sfiascowhen the Pres- sociated Presslater reported that the official scale study has compared the care is another three years and 1,500 ident’sphysician, ScottConley,was evasiveon speaking on background wasMark Meadows, provided by nurse practitioners prac- hours). whether Mr.Trump had at anytime been adminis- the WhiteHouse chief of staff. ticing independently without physi- As a nurse, I personally have teredoxygen. That refusal served no purpose,as These sound morelikemistakes than deliber- cian supervision.” Dr. Bernard is trained, advised and intervened in the media naturally took it as an invitation to find ateattemptstodeceive, but the lesson forthe wrong on both counts. helping dozens of interns, residents, the answer. Thepress wassoon reporting that Mr. WhiteHouse is to let Dr.Conley and his medical In 2000 the Journal of the Ameri- fellows and attending physicians Trump had received oxygen at the WhiteHouse team do the talking on the President’shealth. can Medical Association published an make sure that they provided the when hisbreathingwas labored beforehewas And don’t undercut their credibility by whisper- article written by the chairman of the best care to patients. At the end of takentoWalter Reed on Friday. ing mixed messages on background or by muz- Department of Medicine at Columbia the day, it isn’t the ego of the health- University, the chair of the Columbia care provider that matters—it’s the Dr.Conley also wasconfusing about when Mr. zling the medical team. Presbyterian Medical Center physi- patient who matters. Health care Trump wasfirst diagnosed, referring to the Some matters mayneed to be kept from the cian-contracting group, several other should be a team process, not a hier- President having been 72 hoursintothe disease. public forreasons of personal privacy, but then eminent physicians, and me. The arti- archical system that puts one disci- That would have meant his positivetest was make that clear.That cannot include such basic cle was a report of a randomized pline over all others. Wednesday, not Thursdayevening as the origi- issues as the status of Mr.Trump’sdisease,the clinical trial (which is the gold stan- Whether we like it or not, demand nal WhiteHouse statement had said. Dr.Conley seriousnessofhis symptoms,and the details of dard for medical-research evaluation) for access, the cost of health care and later cleared that up in astatement and con- his treatment regimen. Themedia have medical of more than 1,300 patient subjects insurance are changing the face of firmed the Thursdaytest. Thedoctor is arookie specialistsoncall who will quickly second guess over two years that showed that health care. NPs aren’t better or in this media cauldron, and he said Sundayhe everynon-disclosure, oftenwith political malice nurse practitioners (NPs) could pro- worse than physicians. They came to wastrying to convey optimism.But candor is aforethought. vide the same care and achieve the their primary-care roles through dif- betterbecause thereisnohiding the truth about Americans want to knowthe truth about the same health outcomes for patients as ferent paths, and patients still get care delivered by physicians. Colum- competent, high-quality care. So, let’s Mr.Trump’sCovid-19 condition forlong. President’shealth, which bearsoncurrent gov- bia Presbyterian Medical Center au- start an honest conversation about Even stranger wasthe briefing immediately ernanceand the election in amonth. TheWhite thorized full admitting and discharge how to meet the needs of the patient afterthe Saturdaypress conferencewhen an of- House needs to reassureAmericans not with privileges for the NPs, and New York and stop this demeaning “I am better ficial told the presspool on background that Mr. happy talk but with daily medical briefingsthat state gave them full prescriptive priv- than you” argument that only inhibits Trump’svital signs had been worrying in the last arecandid and complete. ileges, so the parameters of the com- access to care for all. parison were valid. Numerous strong ANN SCHLIMM, CRNP research studies from other practices Erie, Pa. The Supreme Court’s Hot Takes have since been published in premier journals confirming these results. he Supreme Court startsits newterm on TheJustices on Fridayalso agreed to hear two MARY O’NEIL MUNDINGER, R.N., DR.PH One Museum’s Loss Could Monday, even as theconfirmation fight cases (Arizona Republican Party v. Democratic Dean Emerita Be Another’s Major Gain Columbia University School of T over Judge Amy Coney Barrett contin- National Committee and Brnovich v. Democratic Nursing Regarding TerryTeachout’s“An ues.The good news is that the National Committee)involving New York Art Museum Sells ItsSoul” (Sight- Justices appear to be tuning TheJustices agree to Arizona election laws that ban ings, Sept. 23): Iamafounding out the confirmation noise and hear casesonclimate ballot harvesting and voting in member of the CrystalBridges Mu- on Fridayagreed to hear three other precincts. Manystates New Venture Fund Doesn’t seum of American Art. Agoal of the important cases involving vot- changeand voting rights. have similar laws intended to Make Political Donations museum is public access to great ing rightsand climatechange. reducethe opportunities for American works.Acquiring Jackson Morethan adozencities voterfraud, but the liberal Your editorial “Questions forSena- Pollock’s“Red Composition(Paint- andcounties including NewYork City,San plaintiffs claim the restrictions disproportion- torWhitehouse” (Sept. 22)makes as- ing 1946)” would further enhance Franciscoand Baltimorehavesued fossil-fuel ately affect Hispanics and thus violateSection 2 sertions about NewVentureFund the museum’sexpansivecollection (NVF) that warrant clarification. The of American contemporaryart. Ad- producersfor causing apublic nuisance. Car- of the Voting RightsAct, which prohibitsvoting piecedescribes revenues of NVF as mission to the museum has always bon-dioxide emissions contributetoclimate practices or procedures that discriminateonthe “political cash” and asks whether been free to the public through the change, which they claim will cause damageto basis of race. NVF has given resourcestoSen. generous support of Walmart. their citizens and infrastructure. TheSupreme Court last heardamajor Vot- Sheldon Whitehouse.NVF is a CHARLIE TEAL Yetthe Supreme Court held unanimously in ingRightsAct case in Shelby County v. Holder 501(c)(3) charitable organization, Bella Vista, Ark. AEP v. Connecticut (2011) that regulating CO2 (2013) when it eliminated the Section 5federal which consistent with the lawdoes emissions is the Environmental Protection “clearance” requirement forstate election not contributetoorsupport political Agency’s job. The Clean Air Act displaces “any changes. TheObama JusticeDepartment and campaigns.Tobeveryclear,NVF has Pepper ... federal common-lawright to seek abatement of liberalgroups then pivoted to the Section 2 not donated to Sen. Whitehouse or, And Salt carbon-dioxide emissions from fossil-fuel fired catch-all to challengestate voterIDrequire- forthat matter, anyother candidate powerplants,” JusticeRuth Bader Ginsburg ments, early voting limitations and laws like or political party.NVF is afiscal THE WALL STREET JOURNAL sponsor that provides guidanceand wrote for the Court. Arizona’s. administrativesupport to newnon- Cities have tried to end-run this precedent TheNinth Circuit and some other lowercourts profit projects. And while we are by suinginstate courtswherejudges canbe have interpreted Section 2broadly to enjoin any proud of our work on behalf of morefriendly.The Fourth, Ninth and Tenth Cir- lawthat allegedly has adisparateimpact on mi- causes that aresupported by pro- cuit Courts of Appeal have squashed petitions norities no matterifthe laws have anon-discrim- gressives,the majority of our work is by energy companies to have their cases heard inatoryintent. TheArizona cases provide the nonideological, grounded in biparti- in federal court, but the Justices on Friday High Court an opportunity to clarifyand tighten san ideas or purely philanthropic. agreed to hear their appeal in BP v. Mayor and the standards forSection 2claims. LEE BODNER City Council of Baltimore. Liberals arewarning that the Supreme Court President, New Venture Fund Letting the fossil-fuel companies movelaw- in the Arizona cases could “destroy what re- Washington suits to federal courts would effectively cause mains of the Voting RightsAct,” as one headline Lettersintended forpublication the cases to combust because of the Court’s AEP howled. But the use of Section 2 has been ex- should be emailed to [email protected]. precedent. We’reglad to see that Justices aren’t panded beyond itsintent to reducediscrimina- Please include your city, stateand punting on this important issue despiteRhode tory barrierstovoting,and it deserves legal telephone number.All letters aresub- Island Sen. Sheldon Whitehouse’s threatstothe scrutiny. As ever, the left is playing racial poli- ject to editing,and unpublished letters cannot be acknowledged. Court’s independence. tics as the election approaches. “It’s nice to see John finally relaxing.” P2JW279000-0-A01700-2------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | A17 OPINION The Trump Coronavirus Spread Trump Can Champion By Scott Gottlieb over whether this spring’sshutdowns And Yuval Levin were necessary. That is alegitimate subject fordebate. But that dispute Coronavirus hiteHouse chief of has kept us from grasping the truly staff Mark Meadows critical mistake—the failuretodeploy started Friday by diagnostic testsearly that would have Awareness W briefing reporters helped gaugewherethe virus was with his faceuncov- spreading.Some cities,such as New ered. He ended it wearing an N95 S York,wereonthe brink of collapse. By Bob Brody NEW

mask while escorting President G Othersstill had little spread and con- Trump to the hospital. It wasajar- tainment waspossible.This failureled ow that President Trump has ring imagetofinish astartling day, both to exploding caseloads and over- tested positivefor Covid-19, OOMBER

BL N as it became apparent that the White broad shutdowns. he has aunique opportunity House wasatthe center of aCovid-19 S/ Failures compounded failures, to become aposter boyfor aware- outbreak that could runthrough and afterthe shutdowns came apo- ness of the disease. He can trans-

America’spolitical class. REYNOLD litical backlash. As aresult, in the form himself intoastrong advocate

All should hope and pray fora ANI tenth month of the public health cri- forindividual responsibility to com- EF

quick recovery forthe president, his ST sis,thereisagrim risk that rising bat the pandemic: urging Americans wifeand the staffers, elected offi- Trump introduces Amy Coney Barrett to a Rose Garden crowd Sept. 26. caseloads acrossthe countrywill to follow all the standard recom- cials, journalistsand otherswho turn into athirdwaveofinfection mended protocols, from frequent seem to have been victims of a 1,000 newcases aday.All of these rely on diagnostic screening as the that could end up dwarfing prior hand-washing to wearing amask and spreader event. But it didn’t have to countries combined arereporting sole tool to keep the virus from surges.While the health-caresys- social distancing.Doing so would not happen. Mr.Trump and his team fewernew daily Covid cases than spreading inside the West Wing and temismuch betterprepared, and only be asmart political movebut aren’t passivevictims of bad luck Los Angeles. notcombine testing with masks and death ratesfromCovid have been also amonumental servicetothe na- and an aggressivevirus.For months, Not all that differenceiseasy to distancing.The WhiteHouse instead cut, perhapsinhalf,through ad- tion, clinically and economically. some of them condoned nonchalance explain, but part of it is asimple deployedteststhat areknown to be vances in medical care,wewill This proposal is based morein about the virus,mocking precautions willingnesstofacereality.Some prone to false negatives when they probably have to contend with at fact than opinion. I’veled media-re- such as wearing masks as marks of Asian-Pacific nations have been ef- areused to screen an asymptomatic least one moreswell of infection be- lations campaigns about dozens of weaknessand dismissing public- fectiveingetting citizens to wear population. fore investmentsinbettertreat- public health issues foralmost 30 health concerns as overwrought. masks and avoid high-risk gather- People advising the president mentsand avaccine canoffset our years. I’verepresented pharmaceuti- ings. These countries have used have told him, even recently,that policyshortcomings. calcompanies,federal health-care widespread testing and contact trac- herdimmunity is at hand and that It isn’t toolatefor the president’s It might have been avoided ing to isolatethe infected and re- masks don’t work.The latest rosy team to changecourse.Inmonths if White House officials ducespread. In the U.S.,manybusi- scenario in administration circles sciencecan likely start to turn the He can help himself and nesses and schools have reopened holds that most Americans harbor T- tide against the virus.Until then, the the country by turning his had worn masks and relied following the same principles: test- cells from fighting other coronavirus pandemic calls forcaution and pa- ing people and keeping them in infections that areprogrammed to tience, and forleadership attuned to diagnosis into a call for on more-sensitive tests. smallpods,and requiring masks. attack Covid, and thus the epidemic hard realities. Butatthe highest levels of Amer- is much closer to ending than main- following virus protocol. ica’sgovernment, leadersplayed stream scientists believe. Dr. Gottlieb is aresident fellow at This attitude wasreflected in down risks and dismissed these Everytheoryshould be explored, the American Enterprise Institute policy choices that put the presi- practices.Last month Mr.Meadows but wishful thinking isn’t sound pol- and was commissioner of the Food agencies andnonprofit patient or- dent andnation at risk.Evenifwe said “I will gladly wear my mask icy. Thepresent situation calls fora andDrug Administration, 2017-19. ganizations,among others, in fights assume that China’sreported Covid each andevery day, if that’swhat balanced caution—not for shutting He serves on health-care boards and against diseases ranging from can- figures—a few dozencases aday— makes the difference. And it down the economy but for avoiding is apartner at the venture-capital cer, diabetes and asthma to high areafiction, Australia, Hong Kong, doesn’t.” Masks aren’t foolproof,but large gatherings, covering faces,and firm New Enterprise Associates.Mr. blood pressure, anemia and hepati- Japan, Malaysia, NewZealand, they do makeadifference. keeping aclose eyeonthe still-ram- Levin is director of social, cultural tis C. Nothing succeeds betterthan Singapore, South Korea, Taiwan, The White House needed a com- pant spread of the virus. andconstitutional studies at the presenting an individual,particu- Thailand and Vietnam areseeing a prehensivetesting strategyfor staff Caution has become politically con- American Enterprise Instituteand larly acelebrity,who embodies a combined averageoffewerthan and visitorsifthey were going to tentious in part because of disputes editor of National Affairs. given condition. Youmay remember that in 1998 AtlantaFalcons coach Dan Reeves suffered aheart attack and under- The Truth About Critical Race Theory went quadruple-bypass surgery. He recovered quickly and was back on By Christopher F. Rufo who were enslaved” and that all “heterosexual privilege.” In one of such as “Americaisthe land of op- the sidelines five weeks later to lead whiteAmericans arecomplicit in a theopening exercises,the instruc- portunity,” “Everybody cansucceed his team to the conference champi- oderator Chris Wallace system of whitesupremacy“by au- tors wroteonawhiteboardthat in this society,ifthey work hard onship.Myclient Merck and Ien- M asked President Trump dur- tomatic response to the wayswe’re “whitemale culture” canbeassoci- enough,” and “I believethe most listed Dan as aspokesman foranun- ing last week’sdebatewhy taught.” ated with “white supremacists,” qualified person should getthe job” branded educational initiativeabout he “directed federal agencies to end In accompanying documents, Mr. “KKK,” “Aryan Nation,” “MAGA hat” areracist and harmful—merely code high cholesterol. Soon Dan told his racial-sensitivity training that ad- Rossargues that whites shareanin- and “masskillings.” On the final day, for“People of color arelazy and/or storyall over,encouraging thou- dresses whiteprivilegeorcritical born oppressivestreak.“Whiteness,” the trainersasked employees to incompetent and need to work sands of Americans to visit aphysi- race theory.” Mr.Trump answered: employees aretold, “includes white writeletters to women and people harder.” If awhiteemployeedis- cian and start an informed conversa- “I ended it because it’sracist.” Par- privilegeand whitesupremacy.” of color.One participant apologized agrees,his point of viewisdis- tion about potential treatment. ticipants“were asked to do things Consequently,whites “struggle to forhis privilegeand another missed as a“denial of individual rac- Isaw this approach—recruiting a that were absolutely insane,” he ex- owntheir racism.” He instructs pledged to “beabetterally.” ism”—another type of celebrity with ahealth problem to plained. “Theywereteaching people managerstoconduct “listening ses- microaggression. go public with atriumph-over-ad- to hateour country.” sions” in which black employees can To anyfair-minded observer, versity storyfor the greater good— “Nobody’s doing that,” JoeBiden speak about their experienceand be Trump is right. Training these arenot “racial sensitivity succeed again and again. Two-time replied. He’swrong. “seen in their pain,” while whiteem- trainings,” as Mr.Wallacedescribed AcademyAward-winning actress My reporting on critical race ployees are instructed to “sit in the sessions for government them at the debate. They arepoliti- Sally Field,diagnosed with osteopo- theoryinthe federal government discomfort” and not “fill the silence employees amounted to calindoctrination sessions.While rosis,promoted bone mineral den- wasthe impetus forthe president’s with your ownthoughtsand feel- this misrepresentation is adisap- sity testing forthe disease,driving executiveorder,soIcan saywith ings.” Membersof“the group you’re political indoctrination. pointment, it isn’tasurprise.Pro- thousands of older women to be confidencethat these training ses- allying with,” Mr.Rosssays,are not gressiveactivistsand their media screened. So it went with football sions had nothing to do with devel- “obligated to likeyou, thank you, enablersroutinely manipulate playerJerome Bettis (asthma), oping “racial sensitivity.” As Idocu- feel sorryfor you, or forgiveyou.” At the Department of Homeland wordstoconceal the truth: Violent Olympic decathlon champion Bruce, ment in detailed reportsfor City Fortraining likethis,Mr. Rossand Security,diversity trainersheld a riotshavebecome “mostly peaceful nowCaitlyn, Jenner (arthritis pain), Journal and the NewYork Post,crit- hisfirm have been paid $5 million session on “microaggressions,” protests” and “defund the police” basketball playerAlonzoMourning ical race theorytraining sessions in over 15 years, according to federal based on the work of psychologist has become “reimagine public (anemia), and dozens of others. Like public agencies have pushed a disclosures. Derald Sue. In his academic work, safety.” If Mr.Trump and the Re- it or not, Americans on the whole deeply ideological agenda that in- At the Sandia National Laborato- Mr.Sue argues that whiteAmericans publicans want to win the election, take seriously—and oftenfollow— cludes reducing people to aracial ries, which develops technology for have been “fedaracial curriculum they must quickly break through recommendations coming from the essence, segregating them, and judg- America’snuclear arsenal, execu- based on falsehoods,unwarranted this blockade of euphemisms and famous and infamous. ing them by their group identity tives held aracially segregated fears, and the belief in their ownsu- educateAmerican voters about the Mr.Trump canfollowsuit, and he rather than individual character,be- training session forwhitemale em- periority,” and thus have been “so- facts. When the debateshifts from should. In articulating his personal havior and merit. ployees.The three-dayevent, which cialized intooppressor roles.” Train- generalizations to specifics,pro- experience, from detection to treat- Theexamples areinstructive. At wasled by acompanycalled White erstaught Homeland Security gressives will find themselves de- ment and recovery,hecan inspire a series of events at the Treasury Men as Full Diversity Partners, set employees that the “mythofmeri- fending the indefensible. Americans who still suspect a hoax Department andfederal financial thegoal of examining “whitemale tocracy” and “color blindness” is a or resent government guidelines to agencies,diversity trainer Howard culture” andmaking the employees foundation of racist microaggres- Mr. Rufo is director of the Discov- take this virus seriously.None of the Ross taught employees that America take responsibility fortheir “white sionsand “microinequities.” The ery Institute’s Center on Wealth and other national leadersafflicted with was“built on the backs of people privilege,” “male privilege” and trainersinsisted that statements Poverty. the infection—U.K.Prime Minister Boris Johnson,Belarusian President Alexander Lukashenko, Brazilian President Jair Bolsonaroand Russian The Cynicism of Joe Biden’s Minimum-Wage Politics Prime Minister Mikhail Mishustin— have undertaken anything of similar By Steven E. Landsburg Trump,but I’dhoped forbetter. flexibility to negotiatewith employ- consumerswould payagreater price magnitude. Take Mr.Biden’sstanceonthe fed- ers, accepting alowerwageinex- than NewYorkers. Thepresident’sbasic message or nearly four years, I’velooked eral minimum wage,which he wants changefor more-flexible hoursor Of the 20 states with the lowest could be: If it canhappen to me,it F forwardtovoting against Don- to increase to $15 an hour from $7.25. betterconditions.The minimum averagewages,only NewMexicois canhappen to you. He could rou- ald Trump. But JoeBiden keeps Whytransfer income to low-wage wage precludes that. So whydoes Mr. pulling solidly forMr. Biden in No- tinely remind Americans in his testing my resolve. workersasopposed to poor people Biden want to raise the minimum vember.Ofthe 20 with the highest speeches and pressbriefingstotake It isn’t only that Ithink Mr.Biden generally? Mr.Biden has ignored the wage instead of the EITC? He hasn’t wages, all but Alaska, North Dakota the precautions his ownfederal is frequently wrong.It’sthat he tends question. But even if you’relaser-fo- said, so Ihavetwo guesses,neither of and Wyoming look set to support Mr. health agencies have advised. He to be wrong in waysthat suggest he cused on raising wages, thereare bet- which reflectswell on him. Biden. Anationwide minimum-wage could film apublic-servicean- never caredabout being right. He teralternatives.The Earned Income GuessNo. 1: He’sdissembling hikeisaneffectiveway to punish red nouncement to air hourly on all sta- makes no attempt to defend manyof TaxCredit increases after-tax wages about the cost. TheEITC comes out states and reward blue ones.This tions.Hecould finally sayeverything his policies with logic or evidence, and gives businesses an incentiveto of the federal budget, wherethe bur- isn’t anew way of thinking: Federal we really need to hear him say. Wear and he deals with objections by ig- hiremoreemployees—an incentive denisvisible and widely shared. The minimumwages were proposed in your mask outside.Keep your dis- noring or misrepresenting them. You theminimum wage gets backward. minimum wage,bycontrast, comes the1930s forthe explicit purpose of tance. Wash your hands thoroughly. cansay the same about President TheEITC also allows workersthe directly from employers but indi- protecting northern textile firms Avoid crowds(yes, including massive rectly (afterfirms shrink and prices from southern competition. political rallies). rise)fromconsumers. Aminimum Anotheralternativetothe mini- Whatever thecase might be wage is astealth taxoneating at mumwageistocut taxesoninvest- against his handling of this global PUBLISHED SINCE 1889 BY DOWJONES&COMPANY McDonald’sorshopping at Walmart. ment income,encouraging the con- crisis to date, Mr.Trump would have Rupert Murdoch Robert Thomson It is understandable but disheart- struction of factories and equipment achancetoredeem himself some- Executive Chairman, News Corp Chief Executive Officer, News Corp ening that apolitician would favora that makeworkersmoreproductive what. He could venturesomething Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher stealth taxoveratransparent budget and able to command higher wagesin he’sreally never tried beforeinpub- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: item. Mr.Biden should acknowledge the marketplace. But Mr.Biden wants lic and reveal himself to be vulnera- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; the cost of wage hikes and arguefor to raise these taxes, not lowerthem. ble and humbled, even empathetic. Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; accepting it. Instead he’ssilent about Therich should paymore, he argues. Mr. Trump could parlay his diagno- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; the cost, hoping he canfoist it on But thereare plenty of waystomake sisintoanew persona as amodel Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer people whowon’t realizethey’re them pay—agraduated consumption citizen and possibly something re- Andrew Dowell, Asia; AnthonyGalloway, Video & footing this bill. tax, forone—without hurting work- sembling a hero. He could forge the Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; GuessNo. 2: He’srewarding his ers. connection required to win over the Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; friendsand punishing his enemies. Mr.Biden’scase forhigher taxes undecidedvoters. This newattitude Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; NewYork is going to vote forMr. Bi- on investment, likehis case forrais- and behavior could boost his stand- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News den. Thestate also has ahigh cost of ing the minimum wage,islong on ing in the polls and his re-election Thomas SanFilippo, Customer Service; living and high wages—so NewYork- bluster and avoids an honest reckon- prospectsintime to keep him in the GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; erswould be largely unaffected by ing of costs, benefitsand alterna- White House. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; the minimum-wagehike. Alabama is tives.That’swhat Iwas hoping to He has nothing to lose. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International going to vote against Mr.Biden. Ala- vote against. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: bama has alow cost of living and rel- Mr. Brody is apublic-relations LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head atively lowwages—so under the Bi- Mr.Landsburg is aprofessor of consultant and author of the memoir

EDITORIAL AND CORPORATEHEADQUARTERS: den plan Alabama firms would economicsatNew York’s University “Playing Catch with Strangers: A 1211 Avenue of the Americas, New York, N.Y., 10036 shrink,tothe benefit of competitors of Rochester and author of “Can You Family Guy(Reluctantly) Comes of Telephone 1-800-DOWJONES in NewYork.Alabama workersand Outsmart an Economist?” Age.” P2JW279000-0-A01800-1------XA

A18 | Monday, October 5, 2020 THE WALL STREET JOURNAL. WORLD NEWS Big Carrier’s Turbulence Shakes Dubai Travel Turmoil Hit hard by pandemic, the hospitality sector,the res- Dubai's economyhas been hurt Dubai officials have long Emirates Airline slashes taurateurs, the hoteliers, but City Businesses Saudis deprived of entertain- by adropinEmirates Airline's wanted the airline to operate they are not alone,” Emirates ment options in their more passenger numbers without further cash injections jobs, wreaking havocon Airline President Tim Clark Join the Ride Down conservative kingdom. from the state and to remain said.“Thenumber of people The numbers of pilots, Economytracker index profitable in itsown right. Gulf state’s economy coming intoDubai has signifi- cabin crew and other staff also Emirates said it would need a 65 cantly reduced. Everything has By building aglobal network swelled. “Ladies Night” became bailout in March. Officials BY RORY JONES got to go into a deep freeze.” thatserved developing mar- popular with Emirates’ major- 60 moved quickly to shoreupthe Dubai’sRock BottomCafe, kets, Emirates Airline endured ity-female cabin crew in bars airline with $2 billion in eq- DUBAI—Emirates Airline near an apartment building earlier economic pain in Dubai. on Tuesdays, and bottomless 55 uity,the firsttime the govern- poweredDubai’srise from whereEmirates houses hun- It also addedtothe growing Friday brunches multiplied ment had provided fresh capi- desert backwatertoteeming dredsofstaff,onceteemed cityscape, building accommoda- across the city’s hotels and 50 tal since its establishment. Mideastmetropolis,making with partyers until the early tions to house its staff and ex- restaurants, fueled in part by TheDubai government the city one of the world’sbig- hours. Nowitserves only panding into hoteloperations. aviation professionals. 45 didn’t respond to questions on gest intercontinental hubs and about 50 people on the week- In 2014, Dubai International These same places are the bailout or broader impact generating ayearslong eco- ends,said MitendraSharma, overtook London’s Heathrow as dealing not only with Emir- 40 of Emirates’downsizing.The nomic boom. the general manager of the the world’s busiest airport for ates’s job cuts but also corona- 35 airline declined to comment on But now, the coronavirus Ramee Group,which owns the international travelers, largely virus-related restrictions—a cost savingsfromthe job cuts. pandemic and the economic cafe as well as four hotels in driven by Emirates. The city double whammy that has 2016 ’17 ’18 ’19 ’20 GymNation, afitness-center devastation it has wrought Dubai. Thegroup has cut staff became a playground for Euro- wrung the life out of some es- Note:Readings below50indicate contraction, operator popular with cabin have forced the firstmajor to 300 from 1,000 as itshotels peans seeking winter sun and tablishments. above,expansion. crew,lost membersafter downsizing foranairline that areat10%-15% occupancy, Source:IHS Markit Emirates job cutsand fora has weathered Middle East compared with nearly 95% this moment considered nixing conflictsand oil-market time last year, he said. gantostopinthe city,driving month sinceJanuary, mirroring penses if they arediagnosed planstoopen anew branch shocks. As a result, the state- “Emirateswas the driving hotel and shopping-mall con- adecline in activity acrossthe with Covid-19. near staff apartments but de- owned carrier’s woes aretear- forcefor the tourists, and it is struction. That helped contrib- emirate, according to an index “That’sbeen really,really cidedtomoveahead, hoping ing through Dubai’s economy. cutting jobs and reducing des- ute to a bubble in the real-es- compiled by IHS Market. Real- helpful,” said Kabir Mulchan- the airline would rehire once Theairline’sparent com- tinations,” Mr.Sharma added. tate market and adramatic estatefirm ColliersInterna- dani,who runs the luxuryfive- the global travel market re- pany, one of Dubai’sbiggest “All industries are affected as collapse during the financial tional predictsDubai hotels will star Five Hotel on Dubai’s bounds, according to CEO Lo- employers,has slashed tens of a result.” crisis in 2009. see occupancyofjust 45% to palm-shaped island. It sawoc- ren Holland. thousands of jobs from its Dubai’s government estab- While Dubai reopened to 50% during 2020.S&P Global cupancyamong touristscol- TheDubai branch of private 100,000-strong workforce af- lished Emirates in 1985 with touristsonJuly 7after a Ratingssaid Saturdayitex- lapse at the start of the pan- school Kent College—a U.K. in- terthe pandemic halted much $10 million and two leased air- three-month closure, travel pectsDubai’seconomywill demic but is nowwelcoming stitution that Mr.Clark at- of global air travel, afall from craftfromPakistan Interna- from its top feeder markets— contract around 11% in 2020, more foreigner travelers. tended as a child—is now ne- grace for an airline that long tional Airlines.The current India, theU.K., Saudi Arabia, citing the city-state’sconcen- Emirates passengerscom- gotiating discountswith outmuscled competitorsinthe ruler,Sheikh Mohammed bin China and Russia—has re- tration in travel and tourism. ing to the United Arab Emir- parents of Emirates staff who U.S. and Europe forlanding Rashid Al Maktoum,helped set mained depressed due to high TheU.A.E. reported 1,231 ates must present anegative have lost their jobs,according rights and passengers. up the carrier and ordered levels of infections or travel newdaily coronavirus cases Covid-19 test four days before to Principal AnthonyCashin. That has in turn driven an that it had to “begood, look restrictions.The surge in Saturday, a record, taking its departure. Dubai doesn’t break Pilotsstill employedalso have exodus of Dubai-based expatri- good and make money.” cases globally means Emirates total to 97,760 cases and 426 out figuresoncases,but its had education allowances ates linked to the airlines, Theairline soon became is nowcarrying 12% of the deaths sincethe pandemic be- population makes up athirdof trimmed, further straining the shrinking spending at restau- one of the world’sbiggest,us- passengersitdid this time last gan. the nearly 10 million people in school’s finances, he said. rants, barsand even private ing afleet of wide-body jetsto year, according to Mr. Clark. To enticepeople to travel, the U.A.E., which on Sept. 21 “It’satough time,” Mr. schools. ferrypassengersthrough its Dubai’straveland tourism Emirates is committing to cov- surpassed China in total con- Cashin added. “We’reworking “It is extremely difficult for Dubai hub.Manytravelersbe- sector has contracted each ering passengers’ medical ex- firmed infections. with families case by case.” Belgium Arrests ThreeAccused in Rwanda Genocide

BY NICHOLAS BARIYO station used to fan hatred and stepped up effortstotrack incite killingsofthe minority down and arrest all suspectsin Belgian policehavearrested Tutsiethnic group and moder- the four-month carnagethat three men suspected of in- atemembersofthe Hutu major- wasonly stopped by rebel fight- volvementinthe Rwandan itywho opposed their slaughter. ers, led by then-rebel leader genocide,the latest in aseries Mr. Kabuga’s lawyers have Paul Kagame,who has been of high-profile arrestsamid a denied the chargesthat in- Rwanda’spresident since2000. manhunt forperpetratorsofthe clude the alleged importation Some of those allegations 1994genocide that killed almost of several thousand machetes have been controversial. Last one million people in the cen- used during the killings. In month, Rwandan authorities tral African nation. September,aFrench court detained Paul Rusesabagina—a Federal prosecutorscon- ruled that he should be sent permanent U.S. resident whose firmed on Sundaythat three fortrial at the International role helping victims of the Rwandan nationals were ar- Criminal Tribunal in the Tan- genocide inspired the Holly- rested in Belgium last week zanian city of Arusha. wood movie “Hotel Rwanda”— and arebeing held under pre- Theidentities of the sus- as he transited through Dubai ventativedetention, charged pectsinBelgium were con- Airport in what his family and with aserious abuse of human ducted with the help of wit- lawyersdescribed as akidnap- rights. One of the three is at ness testimonycollected in ping.Rwanda’sgovernment home under policesurveillance. Rwanda by a Belgian investi- says Mr.Rusesabagina, aKag- Aspokesman declined to gation, according to the Bel- ame critic,wasn’t kidnapped

givefurther details on their /REUTERS gian media. Belgian officials but arrested on an international identity or on the reasons for said the detentions didn’t ap- warrant. He has been charged TNER

the arrests. Rwanda’s foreign RA pear to be linked to the arrest with araftofcrimes,including ministry didn’t immediately of Mr. Kabuga. terrorism, which he denies. BAZ respond to calls forcomment. An exhibit at the Kigali Genocide Memorial in Rwanda last year showed photos of some of the victims. Thequarter-of-a-century Over the past two decades, Rwanda’sstate media iden- manhunt forthe so-called Belgiumhas held several trials tified the three suspectsas servant indicted in 2014for al- the killing zones.The Rwan- infamous Interahamwe,aHutu genocidaires who fled after of Rwandans accused of involve- PierreBasabose,Seraphin legedly forming and com- dan prosecutor’s office didn’t militia that slaughtered thou- the 1994killingshas takenin- ment in the genocide.InDecem- Twahirwaand Christophe manding a 600-strong militia return calls seeking comment sands of ethnic Tutsis,was ar- vestigatorsacrossthe ber,acourt in Belgium con- Ndangali. Mr.Basabose is a that killed thousands in TheBelgian detentions rested by French authorities in world. TheUnited Na- victed Fabien Neretse,aformer former soldier,who wasin- Rwanda’scentral and western came just a few months after May, which ended a decades- tions’ International Criminal Rwandan agricultural scientist, dicted in 2015 for his alleged provinces.Mr. Ndangali the arrest of Félicien Kabuga, long manhunt. Tribunal for Rwanda indicted forwar crimes and sentenced role distributing guns and worked with the education aformer teaand coffee ty- The84-year-old Mr.Kabuga morethan 90 people and pros- himto25yearsinprison. money to the Interahamwe mi- ministryand wasindicted in coon who is accused of financ- is also facing chargesoverhis ecuted 80 of them beforeit —Laurence Norman litia that led the genocide.Mr. 2012 forallegedly patrolling ing the genocide. Mr. Kabuga, fundingofRadio Télévision Li- ceased operation in 2015. in Brussels Twahirwawas aformer civil andmounting roadblocks in whoallegedly bankrolled the bredes Mille Collines,aradio Meanwhile,Rwanda has contributed to this article. WORLDWATCH

BELARUS Authorities Search Another MassProtest For Flood Survivors Urges Leader’s Ouster French authorities deployed Morethan 100,000 people about 1,000 firefighters, four mil- marched in Belarus’scapital to itary helicopters and troops to protestagainstauthoritarian Pres- search foratleasteightpeople identAlexander Lukashenko, who who were missing after devas- wonhis sixth term in officeinan tating floods hit amountainous election widely seen as rigged. border region with Italy,where The demonstrators demanded at leastfour people were killed. the president’s resignation and Emergency workers in Italy freedom for political prisoners. recovered two corpses in north- Police used water cannons in an ern Liguria that they feared may attempt to disperse the crowds. have been washed away as a re- The Viasna human-rights cen- sult of the storms that killed ter said that about 120,000 took two other people on Saturday. part in a rally on Sunday. Floods washed away houses Massprotestshave rocked and destroyed roads and bridges Belarus foralmost twomonths, surrounding the city of Nice on with the largestrallies taking the French Riviera after almost a placeonSundays and drawing year’s average rainfall fell in less up to 200,000 people. The un- than 12 hours. precedentedwave of unrestwas —Associated Press triggered by the results of the Aug. 9presidential election that FINLAND handed Mr.Lukashenko, who has /REUTERS run Belarus for26years, acrush- AKIR U.S., Russia to Hold AZ ing victory with 80% of the vote. New Nuclear Talks His main challenger, Svetlana MED

Tikhanovskaya, got only 10%. MOHA The U.S. and Russia will hold She and her supporters refused GRIM REMEMBRANCE People in Beirut on Sunday carried balloons to commemorate the victims of the deadly Aug. 4 port explosion. a round of nuclear-arms-control to recognize the results as valid, talks in Finland’s capital, Helsinki, saying the outcome of the vote push for a transition of power, instead of her husband, apopular FRANCE marks a crucial step in a three- on Monday to follow up on ne- was manipulated. have been arrested or forced to opposition blogger jailed in May, decade-long decolonization ef- gotiations in Austria this sum- In the first days after the leave the country. said she supported the protest NewCaledonia Voters fort. The archipelago has been mer, the office of Finnish Presi- vote, Belarusian authorities More than 10,000 people and demands to free political pris- Reject Independence part of France since 1853. dent Sauli Niinisto said. cracked down brutally on the have been detained since the oners. She wasforcedtoleave Mr. Macron welcomed “an ex- The talks are aimed at pro- protesters. The government has election and at least 244 people Belarus in fear forher safetyand A majority of voters in New pression of confidence in the Re- ducing a new agreement to re- since scaled down the violence, have been implicated in criminal thatofher children and is cur- Caledonia, an archipelago in the public with a deep feeling of place the New START treaty but detained hundreds of pro- cases on various charges related rently in exile in Lithuania. South Pacific, chose to remain gratitude... and modesty.” The that expires in February—the testers and prosecuted top ac- to the protests, Viasna leader “Let the whole world see: Be- part of France instead of backing overseas ministry said results last remaining pact constraining tivists. Many prominent mem- Ales Bialiatski said. larusians want to live in free- independence. It led French Pres- show 53.3% of the voters chose the arsenals of the world’s two bers of the Coordination Council, Ms. Tikhanovskaya, who en- dom, not in prison,” she said. ident Emmanuel Macron to call to maintain ties with France. major nuclear powers. formed by the opposition to teredthe presidential race to run —Associated Press for dialogue, as the referendum —Associated Press —Associated Press P2JW279000-4-B00100-1------XA BUPERSOSINAL TECHNOLNEOGY: ANOSSVA’S SMART ST&FEAM OVEN OFFERINS RECIPEANFOR SUCCESSCEB4

Last Week: S&P 3348.44 À 1.52% S&P FIN À 3.29% S&P IT À 0.81% DJ TRANS À 0.24% WSJ $ IDX g 0.85% LIBOR 3M 0.234 NIKKEI 23029.90 g 0.75% See more at WSJ.com/Markets Market LeadersStand to PayMore TikTok Bid The three S&P500 sectors thathave ledthe benchmark stock indexthis year areprojected Estimatedearnings reduction from Biden tax proposals to be the mostvulnerable to Democratic presidential nomineeJoe Biden’s tax proposals. Minimum tax Foreign income tax Corporatetax Again Puts 30% Communication services Consumer Information technology Consumer discretionary discretionary Ellison in Information technology S&P500 Communication –10% –5%0% Spotlight services Consumer staples BY AARON TILLEY S&P500 Materials Netincome and effectivetax rates, by year AND STU WOO

TE Health care INCOME EFFECTIVE TAXRATE 0% DA Oracle Corp.co-founder 2019 In billions S&P500 average tax rate TO LarryEllison’s pursuit of adeal 17.50% Industrials Alphabet $34 13.33% with TikTok could win him two EAR Amazon.com 12 16.99 prizes at once: aflashynew ,Y Apple 55 15.94 customer forhis company’slag-

ANCE Facebook 18 25.50 ging cloud-computing business 10.18 and avictoryoverafierce rival.

ORM Microsoft 39 Financials Mr.Ellison, 76 yearsold and

PERF chairman of the company, has –30% 2018 17.72% reason to be abig fan of Chi- Alphabet $31 nese-owned TikTok,avideo- INDEX 11.96% Amazon.com 10 10.63 sharing app famously beloved Apple 60 18.34 by young people.But firstOra- cle,TikTok and their partners Facebook 22 12.81 have to getadeal done that Microsoft 17 54.57* could return the business-software companytothe center of Energy 2017 24.37% thetech world. Alphabet $13 53.44%* Mr.Ellison maneuvered Ora- –60% cle ahead of Microsoft Corp.in –13% –11% –9%–7% Amazon.com 3 20.20 *Alphabet’s 2017 and the race to become TikTok’s Apple 24.56 ESTIMATED EARNINGS REDUCTION FROM BIDEN TAXPROPOSALS 48 Microsoft’s 2018 tax rates U.S. tech partner,and person- Facebook 16 22.63 were unusually high because of aone-time tax on foreign ally lobbied President Trump to Note:BofA Global Research estimatesexclude the utilities sector and real-estate investmenttrusts. Microsoft 8.40 Sources: FactSet (indexperformance, companies’tax rates, income); BofA Global Research (earnings impact); S&P DowJones Indices (S&P 500 average tax rate) 21 income under the 2017 tax law. sign off on apreliminaryagree- ment,people familiar with the talks said. Under the current deal Biden Tax Plan Would Hit Tech terms,Oracle and Walmart Inc. would take acombined 20% stakeinanew U.S.-based Tik- BofA study cites ing anew minimum taxonU.S. tors,BofA’s analysis found. ented sectorsthat have been pactsthe economic well-being, Tok. Oracle would guarantee companies and increasing Those sectors, which arelead- theprimarydriverssincethe hopes and aspirations...of all the security of U.S. user infor- increase in corporate taxesonforeign income of ing the charge in the S&P 500 March lows,” said Chad Oviatt, American working families,” a mation to satisfyWhiteHouse rate, higher levy on manyU.S.-based multination- this year,are home to Apple director of investment man- campaign official said. “There concerns that China’sgovern- als,among other plans. Inc., Microsoft Corp., Google agement at HuntingtonPrivate is no reason that an economic ment mightget access to such foreign income Together,the taxproposals parent Alphabet Inc., Face- Bank. plan that asks everyone to pay data.But the parties,including would reduceexpected earn- book Inc.and Amazon.com “Do they still have the same their fair sharewhile doing TikTok’sBeijing-based owner, BY KAREN LANGLEY ingsamong companies in the Inc. tailwinds that they’vehad, or moretoreach full-employment ByteDance Ltd., arestill com- S&P 500 by 9.2%, according to Such ahit could challenge does theidea of taximplica- quicker with morejobs and pleting their agreement and Acorporatetax increase estimates from BofA Global the leadership of those tionsproduceaheadwind for stronger growth should not need approval from both the stemming from aDemocratic Research. Theeffectswould stocks—which have helped in- them that the marketsaren’t help everyone from essential U.S. and Chinese governments. victoryinNovember could un- especially hit technologycom- sulatethe market during the currentlypricing in?” workerstoinvestors.” Oracle hasn’t said what it dermine one of the strongest panies. pandemic—and test the dura- TheBiden campaign cited a As the coronavirus pan- would payfor itsplanned 12.5% driversofthis year’s market Mr.Biden’splan would pro- bility of the 2020 rally. recent Moody’s Analytics re- demic shut down much of the stake, though based on esti- recovery,market analystssay. duceestimated double-digit TheS&P 500 has surged port in saying the candidate’s economyand pushed an in- mates forTikTok’stotal valua- Democratic presidential percentagedeclines in profits 50% from itslow in lateMarch plans would lead to growth creasing shareoflifeonline, tion theinvestment could top nominee JoeBiden has pro- in the information-technology, and is up 3.6% forthe year. and job creation. investorsflocked to technol- $7 billion. An initial public of- posed raising the corporatetax communication-services and “The concern thereisthat “Joe Biden’sfocus is on the ogy-focused stocks that were fering of TikTok in the U.S., rate to 28% from 21%, impos- consumer-discretionarysec- youhavethese growth-ori- real economyand howitim- PleaseturntopageB2 which the preliminarydeal says would happen within ayear, could return some of that STREETWISE | By James Mackintosh money. Winning the TikTok contest would payother dividends for Mr.Ellison, most significantly FewPlaces to Hide When Stock Market Plunges boosting Oracle’seffortstogain traction in the hot field of cloudcomputing—which he September It wasn’t just the normal companies growth beat Japan in the 1990s afterthe vestorsasmall amount). oncedismissed as afad. hurt share- pattern of asset returns that value.Sector performance countryslashed interest Treasurys have nowfol- As he plays catch-up with holders, not brokedown. Within the stock followednodiscernible pat- ratesand government bond lowedsuit. In the firstphase market leadersAmazon.com only because market the correction in tech tern either.And stocks that yields plunged. But it has be- of the pandemic they made Inc.and Microsoft, Mr.Ellison stocks fell but upended manyofthe reliable normally rise and fall faster come most obvious with Ger- roughly 10%, beforethe brief already has deployedthe hard- also because waystominimizelosses. or slowerthan the market, many. In the eurozone crisis period of chaos in the bond ball tactics forwhich he’slong the thingsthey had bought High-quality stocks,compa- known in market jargonas of May2011 to July 2012, market. But sincethen they been known. Oracle over the to protect their portfolios nies with strong balance high or lowbeta, didn’t be- German 10-year bunds gained have been basically flat, giv- past few yearshas been poach- also fell. From the S&P 500’s sheetsand reliable profits, have predictably. 25%, similar to the losson inginvestorslittle to no pro- ing hundreds of employees high on the second of the fell by morethan the market. Nowthe froth has been eurozone stocks.But by this tection—including inflicting from Amazon WebServices,the month, stocks,Treasurys, Smaller companies beat big- blown off the big disruptive year the plummeting yield asmall lossasstocks fell online retailer’s cloud arm, of- gold, bitcoin and the VIX vol- gercompanies. growth stocks,wecan hope and already-negativeinterest from the Sept. 2high. fering massivesalaryincreases. atility indexall dropped. Within the S&P 500, that the normal market rela- ratesmeant therewas little Theproblem is that, with And four yearsago, Oracle This totalfailureofhedg- cheap or “value” stocks out- tionships will reassert them- moretogain: Bunds made al- yields so low, it is hardfor spent around $9 billion on ing is unusual, but investors performed,although they selves.But the biggest hedge most nothing from the Feb- them to fall much further, cloud-software provider Net- need to getused to the idea still lost money.But while against losses,Treasurys, ruarystock-market high to causing prices to rise.The SuiteInc., itsbiggest-ever ac- that Treasurys no longer pro- tech-dominated growth probably won’t be back as a the lowand have provided Federal Reservemight still quisition. vide the ballast foraportfo- stocks lost out among large useful tool foryears, if ever. essentially nothing since step in with anew Operation Oracle also hasbeen trying lio. companies,among small Theproblem showedupin (Japanese bonds have lost in- PleaseturntopageB6 PleaseturntopageB2 INSIDE Electric-Car Firms

Take Different S PRES TED

Routes on Batteries CIA SO AS

BY BEN FOLDY With regulatorsworld-wide pushing carcompanies to sell Automakers, pumping bil- moreelectric cars,autoexecu- BUSINESSNEWS lions of dollarsintodeveloping tives worrytherewon’t be Coca-Cola discontinues electric cars,are facing acriti- enough factories building high- GAZETTE-JOURNAL/ calchoice: getmoreinvolved quality batteries. coconut-water brand RENO with manufacturing the core California, the U.S.’s largest and reviews fate of batteries or buy them from carmarket, said it would end lesspopular sodas. B2 others. thesale of newgasoline- and Batteries areone of an elec- diesel-poweredpassenger cars SPILLMAN/THE

tric vehicle’smost expensive by 2035,putting pressureon IN S

components, accounting for the autoindustrytoaccelerate AM PRES

between aquarter and athird itsshifttoelectric vehicles. BENJ

TED of the car’svalue.Driving Theracetolock in supplies Robots help assemble battery cells from Panasonic for Tesla’s Model 3 sedan in Reno, Nev. CIA down their cost is key to prof- forelectric cars has automak- SO

AS itability,executives say. erstaking varied paths. the packs.The electric-car ensureitcan keep up with de- In Europe, Volkswagen AG But whereas the internal While most makethe bat- maker wanted to securepro- mand forits cars,said Chief is taking asimilar path, invest- TINI/

OS combustion-engine tradition- tery pack,alarge metal enclo- ductionspecifically forits own Executive Elon Musk last ing about $1 billion in Swedish AG ally hasbeen engineered and sureoften lining the bottomof models and lowermanufactur- month. battery startup Northvolt AB, AN

EV built by automakersthem- the car, they also need the ing and logistics costs. Following Tesla’slead, Gen- including some funding to selves,battery production for cells that arebundled together Now it is looking to in- eral Motors Co.and South Ko- build acell-manufacturing MEDIA electric cars is dominated by to form the core electricity source moreofthat produc- rea’sLGChem are putting $2.3 plant in Salzgitter, Germany, as AT&T’s newCEO John Asian electronics and chemical storage. tion. billion intoanearly 3million- part of ajoint venture. Stankey asksinvestors firms,such as LG Chem Ltd. Tesla several years ago While Tesla will continue to square-foot factoryinLords- Otherslike Ford Motor Co. and Panasonic Corp., and opened itsGigafactoryinNe- buy cells from Panasonic and town, Ohio,which GM says will and Daimler AG aresteering to trusthis strategy of newcomers likeChina’s Con- vada to makebatteries with other suppliers, it is also work- eventually produceenough clear of manufacturing their deal making. B3 temporaryAmperex Technol- Panasonic,which in the shared ing on itsown cell technology battery cells to outfithundreds owncells,with executives say- ogy Co. spacewould producecells for andproduction capabilities to of thousands of cars each year. PleaseturntopageB5 P2JW279000-4-B00200-1------XA

B2 | Monday, October 5, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A - B Automobiles...... B10 Quantum Energy...... B5 CokePulls Plug on Zico Drink Brand Alphabet.....A2,A3,B1,R8 Fidelity Investments..R7 R - S Amazon.com.....A2,B1,R8 Ford Motor...... B1, B10 Regal Entertainment BY JENNIFER MALONEY Anova...... B4 G - J Group...... A1 Apple...... A2,B1,R2 Garden Fresh Regeneron AT&T...... B3 Restaurants...... A10 Pharmaceuticals...... A4 Coca-Cola Co.isdiscontinu- Bank of America...... B10 General Motors...B1,B10 Sable Permian ing itsZicococonut water Beijing Byte Dance Goldman Sachs GroupR3 Resources...... B2 brand and considering axing Telecommunications.B1 Gravel City Adventure & Sizzler USA...... A10 Berkshire Hathaway...R8 Supply...... A10 SK Innovation...... B5 some lesspopular versions of BlackRock...... R7 Invitae...... R5 Square...... R5 Cokeand Diet Cokeasit C - D JPMorgan Chase...... B2 T - U slashes itsproduct offeringsin Cineworld Group...... A1 L - O Target...... B10 response to the coronavirus Citigroup...... B10 Lennar...... B10 Tesla...... R5 pandemic. Coca-Cola...... B2 LG Chem...... B1 Toyota Motor...... B10 Contemporary Amperex Lowe's...... B10 Uber Technologies....B10 Thedecision to discontinue Technology...... B1 Microsoft...... B1,R2 United Airlines Holdings Zicobythe end of the year Coupa Software...... R5 Netflix...... R3 R3 “comes at atime when we are CSX...... R3 Northvolt...... B1 V hyper focused on delivering on Daimler...... B1 Optiva...... B5 Volkswagen...... B1 Domino's Pizza...... B10 Oracle...... A3,B1 our consumers’ wantsand D.R. Horton...... B10 Oxxford Information W needs,” aCokespokeswoman E - F Technology...... A10 Walmart...... B1 said.The companyiswinnow- Walt Disney...... R8 ESB Financial...... A10 P - Q Wendy's...... A10 ing down itsbrands to ones S ESW Capital...... B5 Panasonic...... B1 that canachievealarge scale, Facebook...... A2,B1,B2 PNC Financial Services Z PRES Farasis Energy...... B5 Group...... B10 Zoom Video she said.

Fiat Chrysler Postmates...... B10 Communications...... R5 Productsnow under review ZUMA include Diet CokeFeisty

Cherry; CokeLife, alower-cal- LEVINE/

orie version of the cola sweet- B. INDEX TO PEOPLE ened with stevia; and regional

American soda brands such as RICHARD A H Nadig, Dave...... R8 Northern Neck Ginger Ale and The coconut water’smarket sharehas dropped. Coca-Cola is also reviewing some lesspopular sodas. Ablin, Jack...... R8 Herman, Christopher..R7 O - R Delaware Punch, according to B Huang, Edmond...... B9 Oviatt, Chad...... B1 a person familiar with the to fountain machines only,the becoming permanent. this year to date, according to Källenius, Ola...... B5 Ranson, David...... R12 Ballmer, Steve...... B2 matter. spokeswoman said. Hubert’sis Coke acquired Zicoin2013, Nielsen datacompiled by Coke. Rose, Brian...... B10 Benz, Christine...... R8 L Thebeveragecompanyhas replacing Odwalla lemonade in aftertaking aminority stake But Zico’ssales plummeted Brady, Jason...... B10 Lee, Alexious...... B9 S 500 fully or partially owned the fountain machines that pre- for$15 million in 2009.Atthe 46% during the same period, as C Lee, Homin...... B9 Shalett, Lisa...... B2 brands around theworld and viously carried it, she said. time of the acquisition, coconut Cokegaveitlesspriority in fa- Liemandt, Joseph...... B5 Slott, Ed...... R11 Chan, Kam Fong...... R3 last monthsaid it is aiming to Sellersofsoda, potatochips, waterwas asmall but growing vorofhigher-demand products Loeys, Jan...... B6 Stankey, John...... B3 cut that number by morethan motorcycles and toilet paper category in the U.S.,and Zico likeSmartwaterand Powerade, D Lux, Michael...... R11 Stovall, Sam...... R12 half.The effort is part of a have temporarily narrowed wasthe No.2brand. the Cokespokeswoman said. Lynch, Dennis...... R5 Stucky, Matt...... R2 DeSpirito, Tony...... R4 broader restructuring spurred their offeringssincethe coro- Ziconever caught up to Last year,Zicowas the sec- M T Donabedian, David...... B2 by thecoronavirus crisis that navirus choked supply chains market leader Vita Coco, and ond-largest U.S. coconut water E Mahoney, Ken...... R8 Tengler, Nancy...... R8 Thai-Tang, Thai-Tang..B5 includes layoffs and are- last spring.Cokeand itsbot- U.S. coconut-water sales have brand, accounting forabout Egenes, Matthew...... R4 Marsh, Terry...... R3 Thin, Win...... R2 vamped marketing strategy. tlingnetwork arestill making slumped in recent years. Retail- 20% of retail-storesales,ac- Einhorn, Andrew...... B5 McCafferty, Jim...... B9 McKnett, Chris...... R7 W TheWall Street Journal in July fewervarieties of drinks to storesales of coconut water cording to Euromonitor Inter- Elkady, Osama...... B2 reported that Cokeplanned to meet demand forits topbever- fell to $528 million in 2019, national. This year,its market Ellison, Larry...... B1 McMillan, Brad...... B10 Wang, Howard...... B9 Mies, Andrew...... R4 close itsOdwalla juice and ages.That has made products down 22%from2015,according sharedropped to 4%, Coke F Weiskopf, Dan...... R8 Morris, Ken...... B5 Wood, Catherine...... R5 smoothie business. likeCokeLife, Decaffeinated to Euromonitor International. said. Cheaper coconut water Fredrickson, Tom...... R8 Musk, Elon...... B1 Wright, Robert...... R2 Cokeisalso planning to halt Diet Coke, Fantaand Northern Coconut-water sales in U.S. brands such as Goya and pri- G N Z retail-storesales of Hubert’s Neck Ginger Ale hardtofind. retail stores ticked up during vate-label productshavegained Geraci, Nate...... R8 Nadella, Satya...... B2 Zackery, Anthony...... R5 Lemonade,limiting the brand Some of thosechoices are the pandemic,climbing 4.4% ground.

work with Zoom influenced the belonging to ayounger genera- 2000,Mr. Ellison admittedto that go overboard.Mr. Ellison rithm to addressnational secu- TikTok Bid outcome. tion of tech titans such as Face- hiring privateinvestigators to hasrepeatedly tried to buy a rity concerns,people familiar This summer’s drama has book Inc.’sMark Zuckerberg look intoMicrosoft, calling it a National Basketball Association with themattersaid. That left also returned the billionaire and Amazon’sJeff Bezos. “civic duty.” Theinvestigators franchise,but most recently lost Mr.Ellison in pole position. PutsEllison back to the center of the action “Larrywantstobeinthe found Microsofthelped fund out on the LosAngeles Clippers With adeadline approaching in the tech industry. spotlight. It doesn’t matterhow companies that supported Mi- to former MicrosoftCEO Steve foradeal to head off apartial One of the world’srichest manybillions it will cost,” said crosoftinabattlewith the Jus- Ballmer in 2014. banofTikTok,Mr. Ellison got In Spotlight men, Mr.Ellison has long OsamaElkady,alongtime Ora- ticeDepartment. TikTok could be Mr.Ellison’s on the phone with Mr.Trump, sought to keep Oracle in the cle executivewho leftin2013 Mr.Ellison is an avid sports revenge, of sorts. Microsoftear- forwhom he hosted afund- public eye. Thecompanypaid and nowisCEO at data-analyt- mogul who had his biggest suc- lier this summer was the leading raiser this year,people familiar ContinuedfrompageB1 fornaming rightstothe San ics companyIncortaInc.And cess with the America’sCup candidate to join with TikTok to with the talks said. to land the kind of high-profile FranciscoGiantsbaseball park Oracle,hesaid, has had to sailing competition. With awill- addressU.S.national security Mr.Ellison also proposed to cloud clientsthat bring brag- and forthe Oakland home of showitistaking the cloud seri- ingnesstoboth spend money concerns.Its current CEO,Satya Mr.Trump that the companies ging rightsaswell as big reve- the National Basketball Associ- ously.“This might givethem and tussle—he paid handsomely Nadella,also spokewith Mr. establish a$5billion education nue.This year,itwon business ation’s Golden State Warriors, newblood,” Mr.Elkady said. to luresome of Australia’sand Trump to getthe deal done. fund, an idea the president from Zoom Video Communica- beforethey moved to SanFran- Oracle declined to makeMr. NewZealand’sbest yachts- TheMicrosoftdeal talks later touted. tions Inc.when the videocon- cisco. Mr.Ellison himself sits Ellison available forcomment. men—he scored a2010 victory stalled when China imposed ex- Soon after, Mr.Trump gave ferencing app needed extraca- on the board of one of Silicon Acollegedropout, Mr.Elli- that returned the trophyto port restrictions on the soft- his blessing to adeal that pacity to handle skyrocketing Valley’s buzziest companies, sonisamong asmall group of American hands.Mr. Ellison ware that TikTok uses to rec- would makeOracle TikTok’sse- demand during thepandemic. Tesla Inc. fabled tech entrepreneurswho himself served on the crew. ommend videos to users, an curity partner and provide the AfterMr. Trump signaled his ButOracle’scorebusiness, drovethe rise of Silicon Valley He’salso passionateabout algorithm seen as the app’sse- cloud-computing services that, backing forOracle’sTikTok ar- database software forcompa- andchanged howpeople live basketball. He has had ahoops cret sauce. Microsoftsaw that analystsestimate, could repre- rangement, the U.S. software nies,isanything but splashy anddobusiness. His competi- court on his yacht, with apow- as adeal breaker because it felt sent amultibillion-dollar busi- companysaid in astatement its compared with the businesses tivestreak is legendary. In erboat tailing it to retrieveballs it needed control over the algo- nessoverthe next few years. Bankrupt Shale Firm Sells Itself to Lenders

BY ALEXANDER GLADSTONE rupt, the oil reserves that banks lent against turned out Bankruptshale fracker Sable to be worth lessthan the loans Permian Resources LLC has made.Other examples have in- agreed to sell itself to bank cluded shale driller AltaMesa lenders, all but wiping out Resources Inc.and Gulf of Mex- morethan $700 million of debt icooperator Arena Energy LP. held by secured bondholders. Investors have lost billions of Thebid from lendersled by dollarsinthe shale sector since S agent JPMorgan Chase &Co. aplungeindemand this year NEW

G wasthe only qualified offer duetothe coronavirus pan- that Sable Permian received for demic and aglobal supply glut. itsassets, according to afiling Sable Permian filed forchapter OOMBER

/BL on Thursdayinthe U.S. Bank- 11 protection in June as aparade

AY ruptcy Court in Houston. of oil-and-gas exploration and GR Under the bank’soffer,the production companies buckled VID

DA lenderswould take 100% own- amid lowcommodity prices. Apple is part of a group of stocks leading the charge in the S&P 500 that could see profit declines with Joe Biden’s tax proposals. ership of the Houston company Even beforethe pandemic, plus their shareofa$315 mil- Sable Permian had struggled datatogaugehow quickly the tech companies is the possibil- economycould lead to adelay lion exit loan that would help foryears, narrowly avoiding Tech Faces labor market is recovering. ity of acrackdown by regula- in attempting an increase. fund Sable Permian’sway out bankruptcy in 2019 through an Manyinvestorshavesaid tors. In 1993,President Clinton of bankruptcy.The lenders out-of-court restructuring deal. conditions areprime for are- TheFederal Trade Commis- signed adeficit-reduction were owed$650 millionin But JPMorganreined in the Hit With vivalinvalue stocks,pointing sion is gearing up to file apos- packagethat raised the corpo- bankruptcy loans and reserve- company’sfinancial lifeline in to an improving economy, ac- sible antitrust lawsuit against rate income tax. The S&P 500 based loans they had extended, April as banks reassessed credit celerated potentially by the de- Facebook,and federal and posted asmall lossin1994 court paperssaid. lines backed by oil and gasun- Tax Plan ployment of acoronavirus vac- stateauthorities have investi- but went on to notch double- If approved in bankruptcy derground. cine.Value stocks,which gatedGoogle over arangeof digit percentagegains each court, the proposal would mark Sable Permian wasfounded outperformed their growth potential antitrust issues,The year forthe rest of the de- the latest instanceinwhich, in 2014bythe latewildcatting ContinuedfrompageB1 counterpartsinSeptember,are Wall Street Journal has re- cade,which wasatime of when the borrowerwent bank- pioneer Aubrey McClendon. positioned to benefit. Amazon oftendefined as those that ported. Facebook has defended technological innovation and shares have surged69% in trade at alow multiple of their itsacquisitions,saying apps rising globalization. 2020,while Apple and Micro- book value,ornet worth. like Instagram became more “All else being equal, tax ADVERTISEMENT softare up 54% and 31%, re- Predicting astrong eco- popular because Facebook im- increases areanegativefor spectively. Facebook has nomic recovery would boost proved them. Google has said equity investors, but all else is climbed 27%, and Alphabet has cyclical stocks,MorganStanley itsproductsexpand competi- never equal,” said David Don- TheMarketplace gained 8.7%. Wealth Management bought tion and level the playing field abedian, chief investment offi- To advertise: 800-366-3975orWSJ.com/classiﬁeds Corporateearningsare the shares of industrial, materials forsmall businesses. cerofCIBC PrivateWealth biggest driver of stocks over and financial companies in the GoldmanSachs Group Inc. Management. “There’salways the long term. However, in re- spring while trimming itsposi- analystshavealso raised the other stuff going on.” BUSINESSOPPORTUNITIES cent years, stock prices have tion in technology, said Chief possibility of ashiftinmomen- Other investorssay the climbed faster than profits. Investment Officer Lisa Shal- tum in the stock market, partly paceofthe economic recov- ')(, *$%+0/!-(#.-&!#" ).+#+! Apple shares,for instance, ett. because of Mr.Biden’s call for ery, success at countering the THE #8OM ?37D6( F=( 73: ADVERTISE TODAY 6!H=KBB1D *9;FF.F,0 7,/;4,)F)> <+LAA =% Broadly,earningsare ex- ative impact would probably market’sleadersahead of the zero will playalargerrole in 6(F4K03?K11D (K310 =0H,F (K31)3,9> (FF;+"H00H+ %HH) (800)366-3975 pected to begin rebounding be larger on some of the com- increase particularly hard, the determining the stock mar- =41F8+ $;4/ 2$H%HH) 2&F13> !FG #4IF, 'HK,0D+':> Formoreinformation visit: next year from 2020’scorona- panies that have dominated,” analystswrote in arecent re- ket’strajectory. ?(/C B/3$8G<;7(H@G/35O ,/<5+1 virus-induced slide.Analysts she said. port. Plus,evenwhen an election BA!*'9 )I-4".-... wsj.com/classifieds polled by FactSet expect prof- Mr.Biden’sproposal for Still, investorscaution result is known, it isn’t always %=15/1753,1/ 4<6%0 All Rights Reserved. will examine jobless-claims Another wild card forbig anyfurther downturn in the in the global economy. P2JW279000-0-B00300-17FEFF7178F

THE WALL STREET JOURNAL. Monday, October 5, 2020 | B3 BUSINESS NEWS AT&T CEO Says Deals Gamble Will Pay Off

Stankey works to sidelines of the stock market’s Inc.and Alphabet Inc.’s persuade investors record run. Thecompany’s Google.But the companylater roughly $205 billion market folded its ad-sales units back acquisitions won’t value is about $25 billion less intoWarnerMedia, leaving the weigh it down than itsworth beforeitac- futureofits separateAppN- quired Time Warner,inadeal exus ad exchange in doubt. BY D REW FITZGERALD that wasdelayedfor nearly two “There’s nothing that’s sa- yearsbyanantitrust challenge. cred anywhereinthe busi- Backwhen AT&T Inc.was But deal making is in AT&T’s ness,” Mr.Stankey said, refer- mostly atelephone company DNA,and Mr.Stankey said re- ring to the companyasa and John Stankey wasrising cent resultshavedone nothing whole.“WarnerMedia is no ex- through itsupper ranks,heand to changethat. He called deals ception to that.” other executives considered the firststepina“wash-repeat Mr.Stankey said Turner’s several acquisition targets. cycle” that companyleaders Cartoon Network cable chan- They looked at CBS, have used effectively forde- nel, forexample,would be- Scripps’ cable channels and cades to build aconstantly come lessvaluable with every even Twitterbefore deciding evolvingcash generator. hour viewers spend watching most of the options were too “The balancesheet has al- the same shows on HBO Max. small, according to people fa- ways been used as a strategic But the companyisn’t ready to miliar with the deliberations. tool,” Mr. Stankey said. There cut the cartoon channel loose AT&T wassearching forabig- are“times when youchoose to while millions of families &T

ger audience. use it forwhat it’stherefor, AT watch it the traditional way. Thecompanyfound it in which is to extend it abit to ‘The balancesheet has alwaysbeen used as astrategic tool,’the newchief executivesaid in an interview. AT&T’s overall show-busi- Time Warner.The roughly $85 do something that’s opportu- nessturn has warded off some billion cash-and-stock deal, nistic.Sometimes youwalk AT&T has pared jobs acrossthe companyafter swallowing DirecTV and Time Warner while returns potential investors. Parnassus along with the preceding pur- away from an opportunity,but have laggedthe market in the wake of its big media deals. Investments, aSan Francisco- chaseofsatellite operator Di- youdid it knowing that the based money manager,has in- recTV,turned AT&T intothe best bullet youcould put in Employeecount Cumulativetotal shareholder return vested in Verizon Communica- world’ssecond-biggest movie the chamber was the transac- 300,000 300% tions Inc.totakeadvantage of studio behind Walt Disney Co. tion you did.” S&P500 itswirelessprofits while avoid- and atop pay-TV provider.The Mr.Stankey,57yearsold, ing AT&T.“Media’sjust not a deals also made AT&T the most moved intothe corner office 250,000 250 great placetobefromanin- indebted nonfinancial company. of anearly deserted Dallas NowMr. Stankey,who took headquartersonJuly 1, after 200,000 200 Verizon over as chief executivethis the pandemic sent most of the summer,isworking to con- company’smorethan 200,000 150,000 150 vince investors the deal mak- workershome.The crisis 27% ing executives pursued to for- forced the newbosstodevote tify AT&T in lean times won’t moretime each week to the 100,000 100 Decline in the company’s share end up weighing it down. The basics of keeping employees AT&T price so far this year CEO urgedpatience in arecent protected while they shoot TV 50,000 50 interviewwith TheWall Street shows,install internet lines AT&T reaches deal to Journal, saying some of the and staff retail stores. buy Time Warner 0 0 company’sbetswill take years Most of the carrier’s more vestment perspective,” said to payoff but were the right than 9,000 shops have since 2014 ’15 ’16 ’17 ’18 ’19 ’20 2011 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 Parnassus analyst Andrew Choi. choices long-term. reopened, though sales of new Sources: the company(employees); FactSet (returns) “Hollywood’salways soaked up AT&T’s Warner Bros.stu- smartphones have plummeted. as much capital as possible.” dios can’t churn out movies The Warner Bros. studio pro- told investorsitwill expand tinue refinancing itsdebt and been discussing apotential sale AT&T’s annual dividend and TV shows as quickly as it ductions that areshooting itsfiber-optic cable installa- shedding assetsbeforeitcuts of itsDirecTV businesswith yield, which reflectsthe an- did beforeCovid-19 hit. Big again must take expensiveand tions to gain more residential itsdividend, which doles out private-equity firms,the Jour- nual dividend paid per share movie releases like“Tenet” time-consuming health pre- customers, an investment nearly $15 billion to share- nal reported in August. Adeal divided by itsprice, has and “Wonder Woman 1984” cautions.Revenue lost from worth billions of dollars. It holders each year. It has paid could value the businessbelow surgedabove7%after trading have been delayed.Customers the droves of satellitesub- planstokeep spending but down about $30 billion of debt $20 billion, or lessthan half around 6% or lowerfor most continue to flee pay-TV as scribersdropping DirecTV ser- would also welcome moregov- and bought back other bonds what AT&T paid in 2015,ac- of the past decade. That high they flock to cheaper stream- vice each year is outpacing ernment support, Mr.Stankey to reduceits near-term obliga- cording to some people famil- ratio suggestsinvestorsaren’t ing platforms.And AT&T’s growth at HBO, the TV brand recently wrote in Politico. tions while keeping dividend iar with the matter. confident the stock cankeep much-hyped competitor to on which the companyisstak- AT&T has said it has the re- payouts intact. Other advertising assets growing with the dividend. Netflix,HBO Max,isoff to a ing much of its future. sourcesitneeds to keep haul- “That dividend is their formerly part of the com- That high yield“doesn’t slowstart. Thecompany’s AT&T has said it plans to ing in billions of dollarsof thirdrail,” said Roger Entner, pany’sXandr unit areonthe makesense to me,and Ican telephone rivals have mean- bundle HBO Max’smovies and cash that help support itsrich atelecom researcher.“AT&T block, according to people fa- only conclude we must not whilebeen bulking up their TV shows with wirelessand dividend. AT&T stopped buy- investorsexpect and rely on miliar with the matter. Two have carried the dayinpeople wirelessbusinesses through broadbandpackages to keep ing back its own stock earlier the dividend.” yearsago, AT&T talked up the believing in that regard,” Mr. acquisitions. cellphone users happy and to this year to preserve cash. Mr.Stankey is meanwhile prospectsofbuilding adigital Stankey said. “But the decision Shares aredown27% so far attractnew home-internet Some Wall Street analysts scanning businessunitsfor po- advertising businessthat to gettothis placewas acon- this year,leaving AT&T on the customers. Thecompanyhas expect the companytocon- tential divestiture. AT&T has could rival those of Facebook scious one.” THIS IS NOT STEAK. Atimelessnecklace This is ama masterclass.asterclass. of diamondsand pearls This is 100 years of family tradition. This is exclusive,,p premiumremium beef. Twoclassicscometogether in this This is aged to peak tenderness. elegant drop necklace. This isn’t steak. Subtly graduating in size, THIS IS OMAHA STEAKS 6-8.5mm culturedfreshwater pearls THEBESTSTEAK OF YOUR LIFE. alternate with sparklingdiamond rondelles. In sterling silver, it’s aluxelookatavalueprice.

GET 4MORE PORK CHOPS & 4MORE CHICKEN BREASTS FREE

GET THE BUTCHER’S DELUXE PACKAGE INTRODUCTORYPRICE: $129 99 4(5oz.) Butcher’s Cut Top Sirloins 4(4oz.) Boneless Pork Chops 4Boneless Chicken Breasts (1 lb. pkg.) 8(4oz.) Omaha Steaks Burgers $ 8(3oz.) Gourmet Jumbo Franks 89 8(3.8 oz.) Individual Scalloped Potatoes Plus Free Shipping 8(4oz.) Caramel Apple Tartlets Steak Seasoning (1 oz. jar) Cultured Pearland Diamond Necklace in Sterling Silver $298.87*separately 6-8.5mm culturedfreshwater pearls..10ct.t.w. diamonds. 18"cable chain with a2"extender.Springringclasp. Also available in blackpearls. Item #919116 ORDERNOW 1.800.811.7832 | OmahaSteaks.com/deluxe10 Shownlarger fordetail. Askfor theButcher’s Deluxe Package 66762WFA Ross-SimonsItem #915011

*Savingsshown overaggregated singleitembaseprice. Photos exemplaryofproductadvertised. Limit2.4free(4oz.)pork chops and 4free chicken breasts(1lb. pkg.)will be sent to each shipping addressthat includes (66762).Freeproduct(s) maybesubstituted. StandardS&H added To receivethisspecial offer, use offercode: JOY151 per address. Offer available while supplies last.Items maybesubstituted due to inventorylimitations. Cannotbecombined with other offers.Other restrictions mayapply. Allpurchasesacknowledge acceptanceofTermsofUse.Visit omahasteaks.com/termsof-useOSI or call 1-800-228-9872 1.800.556.7376 or visitross-simons.com/joy foracopy. Expires12/31/20. SRC0677 P2JW279000-0-B00400-1------XA

B4 | Monday, October 5, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Wilson Rothman SmartSteam Oven Finds Recipe forSuccess

Look,Ihave cally adjusting the oven set- Anovagavemecontrol I to tell you tingsvia Wi-Fiasyou go. didn’t otherwise have.Icould about the ba- While it isn’t perfect, the bakethose beautiful buns guettesImade AnovaPrecision Oven deliv- again and again, without re- acouple of ered the best crash course in sorting to anyovenhacks. weeks ago. steam/combi cooking that I ThereIwas,watchingthis could have possibly received. gloopy dough rise,working it And it made amiddling baker HowYou Use It with floured hands intolong likemelook likeIwas ready My conventional oven has thin strands,seeing it swell to forthe Great British baking ahardtime competing with fitthe pan, then witnessing the tent. Whether you’realso a the Anovaoven, and so do real miracle,the puffing and big food nerdorjust a Anova’sown $129-and-up tanning of these pale tubes kitchen competent looking to sous-vide cookers. This oven intocamera-ready loaves. level up the boring dinner basically does sous vide,only Icouldn’t believeImade routine, this oven is areason faster and easier.Ihaveal- them. Neither could my to rejoice. wayscooked baby back ribs French uncle-in-law. And in using sous vide,then finished truth, Ionly sort of did. Most them on the grill. Theoven of the credit goes to the spe- HowItAll Works handled both the low-temper- cial baguette pan, the rec- Steam ovens likethis have aturecooking and the high- ipe—and the oven. two separatemodes: alow- Themicrowave-sized Anova Precision Oven holds watertocook with steam, keeping food’smoisturein. heat browning,minus about Forabout amonth, I’ve temperaturemode that ranges 20 minutes of prep work. been testing the Anova Preci- from about 75 degrees Fahr- Theovendoes have short- sion Oven, an internet-con- enheit up to 212 degrees, and comings. Theapp covers alot

nected countertop electric ahigher-temperaturemode, (5) of ground, but thereare no oven that cooks with steam. In which canpump steam into quick-and-easy preset buttons restaurantsand home kitchens the oven when it’srunning at to cook the most popular JOURNAL fancier than mine,these combi much higher temperatures. meats, fish and vegetables.

ovens cancost thousands. With the firstapproach, REET Youcan still cook without the ST

Anova’s1,800-wattappliance, youcan use the oven likeyou LL app,but youwould have to

which plugsintoaregular wall would steam vegetables and WA figure out your owntempera- socket, costs$600. fish on the stove, just without tureand steam settings. Yetitmanaged to showup boiling waterfirst. But be- While it will fitawhole my powerful gasovenagain cause steam conductsheat chicken, spatchcock or not, THMAN/THE

and again, with crunchyyet moreefficiently than dryair RO youprobably can’t use it to

chewy baguettesand dinner does—and youcan set the ON roast awhole Thanksgiving

rolls,crispy yetjuicyroasted oven’stemperaturefar lower WILS turkey.The steak Imade came chicken, afull head of evenly than apot of boiling water— Crunchybaguettesand juicy pork outdid results from agas oven. Custardfor crème brûléewasn’tasgreat. out exactly 125 degrees Fahr- steamed cauliflower, succu- youcan put apieceofmeat in enheit, but the app recom- lent ribs and pork butt the oven with the included and very precise real-time sent to the oven as youprog- to help youget back to your mended Ifinish browning it in cooked overnight, perfect me- thermal probe,and cook it at temperaturereadings. ress.With “Roast Chicken Netflix binge. And even apan on the stove: Chicken dium-rarebeef tenderloin, agentle heat until it reaches 101,” I spatchcocked the bird though it takesupcounter skin crisps up just fine,but and more. itstargetinternal tempera- to flattenit, seasoned it, then space, it won’t necessarily re- achieving agreat steakcrust People in other countries ture. No risk of overcooking. HowItGuides You set it in the oven with aprobe placeyour toaster.It’satool requires moreheat than this might laugh at my revelation: Meanwhile,that steamy Anova’scontribution to whereitcooked at 145degrees that extends an experienced oven canprovide. Steam ovens arealready pop- environment preventsmois- steam cooking isn’t just its Fahrenheit forabout two cook’sabilities. Imissed my Instant Potex- ular around the world. But in turefromescaping your food. versatile hardware.The com- hours. When my phone alerted Case in point is that ba- actly twiceduring the testing the U.S.,they arefew and far So even when youuse steam pany’sprevious hit, apreci- me that the chicken reached guette.Yes,the recipe is a process: when Icooked arti- between. Beyond the price, at higher temperatures,your sion cooker forsous vide,was itstargettemperature, Ipulled hugepart of it, and yes, it re- chokes and when Icooked a part of the fear,for me,isthat food stays moremoist. The successfulbecause it pairs it out, as the app instructed, quired aspecial pan that I custardfor crème brûlée. The Iwouldn’t knowhow to use it. bread dough is able to spring with your phone to send in- and brushed it with oil. The had never really used before. artichokes were tough and None of my cooking buddies up and take form with that structions on what to do next. oven preheated forthe searing But when Ibaked two loaves started to dryout, so Itrans- have one.That is whyAnova’s initial hit of heat and steam, Youdidn’t really have to un- phase,atthe oven’smaximum in the Anovaovenand two in ferred them to apot on the appearanceonthe scene is then dryout nicely when the derstand sous vide—a process 482 degrees.Iput it back in, my conventional one,the dif- stove. And the custard, made welcome.Not only is it acom- steam pump is cut off in the that involves bagging food tapped abuttoninthe app, ferencewas visible: The with arecipe in the Anova petitively priced hardwareop- second stageofbaking. and cooking it in aprecisely and 10 minutes later,itwas Anova’scame out areddish app,came out alittle soupy. tion, but it also already has a Steam aside,the Anova heated waterbath. crisped up perfectly. gold; the other oven’scame TheAnovaPrecision Oven deep catalog of recipes. The Precision Oven, about the size Theovensimilarly uses Despitethe hand-holding out an ashen tan. signals the beginning of the oven’sapp carries you of alarge microwave,has su- technologytohelp youalong. that Anovaand itscontribut- Thereare probably 15 next smart-kitchen revolution. through everystepofevery per insulation; heating ele- Theapp’smain feature is aset ing cooks provide,this oven tricks Icould learn formak- In acouple of years, even the dish, with instructions and mentsonthe top, bottomand of morethan 150 recipes,each isn’t aset-it-and-forget-it ro- ing arosier baguette,but I home cooks will be full steam animations,while automati- rear (with convection fan); with in-line controls that get botic cooking assistant, there look at it another way:The ahead. P2JW279000-0-B004A0-1------NS

THE WALL STREET JOURNAL. NY Monday, October 5, 2020 | B4A

Investment involves risk. Past performance is not aguarantee or areliable indicator of future performance. This material is for distribution to professional investors only and issued by Pictet Asset Management Inc., (Pictet AM Inc) which is registered as an SEC Investment Adviser.

It took us 215years to gethere. Nothinglike alittle preparation.

Pictet Asset Management announces the opening of our first US office. We are honored to be here.

Pictet Asset Management (USA) Corp 712Fifth Ave., 25th Floor New York, NY 10019

Pictet Asset Management is the Asset Management arm of the Pictet Group, founded in 1805 in Geneva, Switzerland, with 18 offices worldwide. assetmanagement.pictet P2JW279000-0-B004B0-1------NS

B4B | Monday, October 5, 2020 NY THE WALL STREET JOURNAL.

Find Help.FIND hope. Drugfree.org

©Center on Addiction |Partnership for Drug-Free Kids P2JW279000-2-B00500-1------XA

THE WALL STREET JOURNAL. ** Monday, October 5, 2020 | B5 SMALL BUSINESS Software Startups Find a Haven S

BY BECKY YERAK and, important forhim, al- NEW AND PEG BRICKLEY lowed Synoptos customers to G tap into other software prod-

Founders of small technol- ucts as part of the subscrip- OOMBER ogybusinesses cansometimes tion service. He is nowchief /BL hit awall generating enough executiveofLevelFields Inc., a

profitstoexpand their compa- financial-technologystartup HARRER EINHORN nies.Some have found asolu- that hasn’t come to market

tion by selling their companies yet, and says he has no regrets ANDREW ANDREW to ESWCapital LLC,anin- about selling to ESW. Joseph Liemandt’s ESW Capital aims for at least 30 deals in 2021. Andrew Einhorn co-founded Synoptos and sold it to ESWlastyear. vestment firm that is stocking Instead of buying and sell- aNetflix-likesubscription ser- ing companies the way pri- nowpart of ESW. Mr.Lie- Small Price, Big Potential TaxBreaks vice with business-to-business vate-equity firms do,ESW op- mandt couldn’t be reached to software. erates the software businesses comment. ESWisaregular bankruptcy-court shopper,salvaging at least10struggling business-software ESW, short forenterprise it buys, increasingly through ESWoccasionally investsin companies since2015. The bankruptcompanies ESWhas made deals forinrecentyearscarry software,iscontrolled by its Aurea Inc. unit. largertech companies such as potential tax breaks thatfar outweigh their purchase prices. Texas billionaireJoseph Lie- Technology created by the Canada-based Optiva Inc.In Approximate purchaseprice Potential tax breaks foreach company mandt. Over the past couple of small businesses ESWhas other cases,the firm actsasa decades, the firm has bought bought is often collected in a see-you-in-court patent owner, $22.0 million BroadVision $592 million more than 100 companies in libraryofsoftware tools for ready to battle over its rights deal sizesranging from less sales and marketing, collabo- to valuable technology. 12.0 Prysm 300 than amillion dollarstoat ration and integration, and Besides the field of compa- least $460 million. ESW aims other businessessentials.ESW nies backed by venturecapi- 7.5 First Rain 110 foratleast 30 moreacquisi- sells access to the collected of- talistslooking to cash out, 7.0 Wave Systems 317 tions next year as the feringsunder asubscription ESW’shunting grounds in- big companies that areits tar- model. clude smaller, ailing software 6.0 Security First 150 get customers rely ever more businesses destined for bank- 5.7 Hipcricket 94 heavily on technologytoget ruptcy court.Since2015,ESW through the pandemic. ESW’s hunting sealed deals forabout 10 2.0 Ensequence 152 Austin, Texas-based ESW bankrupt companies,including has the infrastructure—man- grounds include at least three in 2020, a Wall 2.0 Compressus 75 agers, lawyers, recruiters, de- smaller, ailing Street Journal reviewofcourt 1.0 Sococo 40 velopersand sales profession- records found. als—that small companies software businesses. Because bankruptcy deals 0.8 Zumobi 52 struggle to afford. It also has arepublic,they offer aviewof the cash to allow early inves- privately held ESW’sdistinc- Source:Court documents tors and founders to move to tive buying style. the next creative challenge. Thedeal team works with ESWdoesn’t just buy up on taxreturns.Bankrupt com- curity Firstrecorded $92,000 in entire$150 million in potential Andrew Einhorn co-founded venture capitalists and some- bankrupt businesses’ assets, panies areoften sold forparts revenue.Itentered bankruptcy taxbreaks,itwill be able to media-intelligencecompany timesdirectly with founders software and patents. It ac- in chapter 11, their tax breaks with three employees and no avoid paying taxonthe profits Synoptos in 2014and sold the who have hung on to equity in quires the entirecompany—in- wasted. ESW’s deals typically office. But it did have net oper- it does make, at leastfor a Virginia-based provider of their software startups cluding the potential fortax aredesigned to preservenet ating losses that could eventu- while. real-time reputation-manage- through the rounds of early in- breaks.The big losses that operating losses,essentially ally translateintomorethan One advantageofrunning a ment software to ESWlast vestments, product creation pushed the companies into using the previous CEO’s $150 million in taxbreaks.ESW privateempirelikeMr. Lie- year foranundisclosed sum. and customer capture, only to bankruptcy translateintotax- losses to reducethe next has offered at least $6 million mandt’s is that if his strategy Synoptos had been growing stall when it came time to break opportunities onceESW CEO’s taxes. forSecurity First. succeeds,nobody knows but steadily but itsfounders scale the business. owns the business and starts Take ESW’srecent deal for Closing the deal will start the Internal Revenue Service. wanted it to expand faster,ei- An early technologypio- generating profits. Security FirstCorp.The Califor- theclock running on ESW’s The exception would be if Se- ther by raising venturecapital neer,Mr. Liemandt dropped Losses usually stack up in nia cybersecurity software ability to use Security First’s curity Firstlanded back in in exchangefor partial owner- outofStanfordUniversity to tech companies’ early yearsas company filed forbankruptcy in potential taxbreaks,which ex- bankruptcy court, opening its ship or by selling the company co-found Trilogy, which sold they plow millions into prod- August,having burned through pire over time. It will have to books to inspection. That has outright to alarge company software to large companies. uct creation. Onceastartup at least$140million in debt take the companyfromalmost hardly ever happened to busi- like ESW, he said. Trilogy boomed in the 1990s, startsmaking money,itcan andequity financing sinceits no sales to sizable profits, and nesses ESW has acquired, ac- ESW, Mr. Einhorn said, of- retracted when the technology use net operating losses re- 2002 founding.Inthe two years while it might never generate cording to aperson familiar fered“founder-friendly” terms bubble burst in 2001, and is corded earlier to offset income beforefiling forbankruptcy,Se- enough income to use up the with the company. BUSINESS NEWS

Cost breakdownfor Demand and supply for Car Makers electric vehicle electric vehicle batteries battery-cell production Diverge on 100% 700gigawatt hours WhenThefutursmalleof Labor 5.5% 600 Demand for 80 transportation use Batteries Capital small business equipment 500 Production from businesswins, 14.3% majorsuppliers 60 ContinuedfrompageB1 400 is everyone’s ing they prefer contracting Overhead & with specialized battery mak- 300 40 other we all win. ers. Supply-chain disruptions 28.1% have already challenged some business 200 newmodel launches and put projectsatrisk,automakers 20 Materials 100 say. 52.1% Forinstance, Ford and VW PROJECTED have agreementsinplacewith 0 0 SK Innovation to supply bat- 2017 '20'25 tery cells forfutureelectric- Sources: Viswanathan Group at Carnegie Mellon University(breakdown); Benchmark Mineral vehicle models.The South Ko- Intelligence(demand &production) rean companyisbuilding a factoryinGeorgia to help meet arealso risks with making big setting up manufacturing facil- this demand, but afight over investmentsonone battery ities to the battery companies, trade secrets has put the technologybecause abreak- Mr.Thai-Tang said. plant’sfutureinjeopardy and through could makeitobso- Germany’sDaimler has tried could disrupt newmodel lete. both strategies. launches,both automakers Ford cites those factorsin Thecar companymade its have said in legal filings. deciding against asimilar in- ownlithium-ion cells through GM executives saythe risk vestment fornow. asubsidiaryuntil 2015.But the of relying on suppliershas Thecompanysees the in- capital required to scale up pushed them to producetheir dustry’sconventional model of wasbetterspent elsewhere, ownbattery cells,albeit with contracting with independent said Ola Källenius,Daimler’s LG Chem. supplierstobuild partsasbet- chief executiveofficer. “We’vegot to be able to tersuited to itsbattery-cell Theautomaker instead control our owndestiny,” said needs,FordexecutiveHau signed long-term supply agree- KenMorris,GM’svicepresi- Thai-Tang told analystsinAu- mentswith Asian companies dent of electric vehicles. gust. likeChinese battery-maker Bringing the manufacturing “Wehavethe competitive CATL and Farasis Energy in house will givethe company tension with dealing with mul- (Ganzhou) Co., which Daimler more control over the rawma- tiple suppliers, which allows us invested in last year. terials it purchases and the to drivethe cost down,” Mr. Thecompanyhas said it is battery-cell chemistry, Mr. Thai-Tang said, adding that spending roughly $23.6 billion Morris said. the companyexpectstopay on purchase agreementsbut We’reinspired by the ways small businesses But establishing production, prices forcells in line with GM keeping itsbattery research in- have adaptedtoaddressincredible even in ajoint venture, is a and Tesla. house. challenges.It’snot easy, but we can help. costly proposition, and it Meanwhile, Ford canleave “Let’srather putthat capi- won’t necessarily ensurea the capital-intensivetask of talintowhat we do best, cars,” timely supply of cells. There conducting the research and Mr.Källenius said. Visit our Resource Centeratmutualofamerica.com forinsights into the currentenvironment, or Quantum Energy Plans New Fund call 866.954.4321 forone-on-one support.

BY LUIS GARCIA billion foraflagship fund and In the firsthalf of this year another $750 million foraco- oil- and gas-focused funds Quantum Energy Partners investment pool it could use for raised around $6.2 billion is defying an investor exodus largerdeals,the people said. acrossthree vehicles,down from the oil-and-gas sector, Thefund will have ahard 33% from the $9.2 billion they betting it canamass$5billion capof$5.5billion, similar to raised across11vehicles in the foranew energy-focused fund. the $5.58billion Quantum col- year-agoperiod, according to TheHouston firm aims to lected forits previous flagship PitchBook DataInc. launch formal fundraising ef- fund,which closed in 2018. Quantumisbetting itssolid fortsfor itseighth flagship Quantum’slatestfund effort record,focus on environmental, fund, Quantum Energy Partners comes at ashakytime forthe social and governancescreen- Securities offeredbyMutual of America Securities LLC, Member FINRA/SIPC. Insurance products areissued by Mutual of America LifeInsurance Company, 320Park Avenue,New York, NY 10022-6839.Mutual of America® is VIII LP,this month, said people industry, as oil pricevolatility ingand ahigher allocation to aregisteredservice mark of Mutual of America LifeInsurance Company. familiar with the matter. The and environmental concerns renewable energy deals will firm wantstoraise about $4.25 keep manyinvestorsaway. help it beat the odds. P2JW279000-0-B00600-2------XA

B6 | Monday, October 5, 2020 THE WALL STREET JOURNAL. BUSINESS & FINANCE

is nowopenly contemplating short-term losses nowthan Few Places the idea. they were in the past, though, Even negativerates only and the hunt foralternatives provideabrief respite, to Treasurys is strong. To Hide though: TheEuropean Cen- Theproblem is that many tral Bank reckons it could in of the suggested instruments principle go as lowasminus arealso sensitivetothe In Market 1%, but if German bund yields same thingsasequities. followedsuit, the pricegain Gold, forexample,istouted forinvestorswould still only as the ultimatedefensiveas- ContinuedfrompageB1 be 7%. That doesn’tprovide set, but it shares the sensitiv- Twist to buy morelonger- much protection against ity of stocks to inflation. dated Treasurys,which could stock-pricefalls. Both gold and bitcoin are lowerthe 10-year yield abit “Fixed income is now100% also dominated by specula- from itscurrent 0.7%. But fixedand 0% income,” said tion, so when thereisaspec- even if it wasreduced to JanLoeys, long-term strate- ulativebust—as in Septem- zero,that would offer apal- gist at JPMorgan. ber—they canbeexpected to trypotential pricegain of 7% Mr.Loeysrecommends in- shareinthe losses of stocks from the bonds. vestorsgiveuponshort-term being dumped by traders Of course,the Fedcould hedging entirely and focus in- rushing forcash. followJapan and Europe in stead on howtomakegains Forthose with enough taking interest ratesnegative, in the long run. This includes savingsnot to need to in- which would createmore using moreinstrumentsthat crease their wealth, Trea- spacefor bond gains,but pol- offer equitylikeshort-term surys still offer asmall guar- icymakershaverepeatedly volatility but morepredict- anteed income,albeit less insisted that such apolicy able long-run returns such as than expected inflation. The would be inappropriatefor junk bonds or preferred rest of us should plan fora the U.S. stocks. morevolatile portfolio and

It is worth noting that the Investorsare no more lowerreturns in the future S U.K. used to saythe same but likely to be willing to endure than the past. PRES

Bunds worked in the eurozone crisis... …but notinthe Covid-19 crisis. ZUMA

Total return, April 2011–July 2012 Total return sinceFeb.19stock-market high* WIRE/ PA

20% 20% S/ TTHEW

10 10 MA German 10-year bund German10-year bund

0 0 ANDREW Helen of Troy Ltd., whose products include digital thermometers, is expected to post per-share EuroStoxx index earnings of $2.38 this Thursday. –10 –10

EuroStoxx index THE TICKER | Market events coming this week –20 –20

Monday Refin., previous –30 –30 Wednesday Earnings expected* down 7% Estimate/Year Ago($) 2011 ’12 March June Sept. ISM nonmanufacturing Acuity Brands Inc. Consumer Credit Earnings expected* 2.03/2.75 index Jul., previous Estimate/Year Ago($) Helen of Troy Ltd. Treasurysworked when Covid-19 hit...... but notinSeptember’s selloff. Aug., previous 56.9 up $12.3 bil. 2.38/2.24 Total return sinceFeb.19stock-market high* Total return sinceSept. 2* Sept., expected 57.0 Aug., expected RPM International Inc. up $13.8 bil. 1.15/0.95 10% 10% Tuesday Friday EIA status report 10-year U.S. Treasury Previous change in stocks in Thursday 10-year U.S. Treasury millions of barrels 0 0 International trade Short-selling reports deficit Ratio, days of trading volume of Crude-oil stocks, S&P500 (in billions) EIA report: natural gas current position, at Sep . 15 –10 S&P500 –10 down 2 NYSE 3.4 Jul., previous $63.56 Gasoline stocks Previous change in stocks in Nasdaq 2.5 billions of cubic feet Aug., expected $66.10 up 0.7 up 76 Distillates down 3.2 –20 –20 Wholesale inventories Earnings expected* Initial jobless claims Jul., previous Estimate/Year Ago($) Mort. bankers indexes down 0.3% –30 –30 Paychex Inc. Purchase, previous Previous 837,000 Aug., expected March June Sept. Sept. 7142128 0.55/0.71 down 2% Expected 845,000 up 0.5%

* FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR *Through Sept. 30 Source:Reﬁnitiv STOCK SPLIT NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS

Recharge With aSecludedEscape

DiscoverAmerica’s best getawayhavens, setamidtranquil landscapes. In partnershipwithluxurytravel- planningcompany Indagare,relax withour brand-newseriesofwellnessretreats, curated forindividuals or couples. Take scenic drivestopremier resortsand unwind with innovative spatreatments, privatecanoe picnics, horsebackriding, yoga andmore.

Book with code “WSJWellness” to enjoyexclusive rates, specialresortamenities, Indagare Tier 3 membershipand more.WSJ members canalsobookonWSJplus.com to unlock extrabonus perks.

•Calistoga RanchinNapaValley, California •CommodorePerry Estate in Austin,Texas •Miraval Austin in Austin,Texas •Hotel Jerome in Aspen, Colorado •Miraval ArizonainTucson, Arizona •The Lodge at Blue SkyinParkCity, Utah •Miraval Berkshires in Lenox, •The MayflowerInn &Spa in Washington,Connecticut Massachusetts

We’vechosenthese hotelpartners becausetheypracticeenhancedsanitization procedures andcontactless measures.

Indagare.com/offers-wsj | 646.780.8383

THE WALL STREET JOURNAL. Monday, October 5, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market More on B8 Last Year ago Last Year ago 27682.81 s508.85, or 1.87% last week Trailing P/E ratio 27.16 19.07 3348.44 s49.98, or 1.52% last week Trailing P/E ratio * 36.94 22.60 Public Offerings of Stock High, low, open and close for each of P/E estimate * 23.97 17.27 High, low, open and close for each of P/E estimate * 24.82 17.60 the past 52 weeks Dividend yield 2.23 2.35 the past 52 weeks Dividend yield * 1.81 1.93 IPOs in the U.S. Market All-time high All-time high 29551.42, 02/12/20 3580.84, 09/02/20 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.15198707565833 30000 4100 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) 28000 3800 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 10/7 9/14 Aziyo Biologics Inc AZYO 2.9 16.00/ Piper Sandler, Cowen & Company 200-day moving average Developer of customized Nq 18.00 tissue products for use in 26000 3500 orthopedic, spinal, sports medicine, and dermal applications. 200-day moving average 24000 3200 Lockup Expirations

22000 2900 Below, companies whose officers and other insiders will become eligible Week's high to sell shares in their newly public companies for the first time. Such DOWN UP 65-day moving average sales can move the stock’s price. Monday's open Friday's close t 20000 2600 Lockup Offer Offer amt Through Lockup Friday's close Monday's open expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision t 65-day moving average Oct. 5April 8, ’20 Keros Therapeutics KROS 16.00 75.0 129.8 180 days Week's low 18000 2300 Bars measure the point change from Monday's open Sources: Dealogic; Dow Jones Market Data 16000 2000 Off the Shelf O N D J F M A M J J A S O O N D J F M A M J J A S O “Shelf registrations” allow a company to prepare a stock or bond for Primary sale, without selling the whole issue at once. Corporations sell as NYSE weekly volume, in billions of shares t

market t Composite conditions become favorable. Here are the shelf sales, or takedowns, 36 Track the Markets Compare the performance of over the last week: 24 selected global stock indexes, Takedown date/ Deal value 12 bond ETFs, Issuer/Industry Registration date ($ mil.) Bookrunner(s) 0 currencies and commodities at Caesars Entertainment Inc Sept. 29 $1,996.4 DB, JPM O N D J F M A M J J A S wsj.com/graphics/track-the-markets Leisure & Recreation June 15,320 *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index FuelCell Energy Inc Sept. 29 $91.4 JPM, Barclays, Canaccord Genuity Computers & Electronics Aug. 10,318 Nasdaq Composite Major U.S. Stock-Market Indexes Cardiff Oncology Inc Sept. 30 $87.8 Cowen & Company LLC, Piper Sandler Healthcare June 25,319 Latest Week 52-Week % chg s 161.45, or 1.48% High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week International Money Express Inc Sept. 30 $66.5 Credit Suisse, BTIG LLC, BMO Cptl Mkts, Dow Jones Computers & Electronics Sept. 18,320 JMP Securities LLC, KeyBanc Industrial Average 28041.46 27338.09 27682.81 508.85 1.87 18591.93 l 29551.42 4.2 -3.0 7.1 Owens & Minor Inc Oct. 1 $173.7 Citi, BofA Securities, JPM, Transportation Avg 11513.82 11036.28 11297.10 27.10 0.24 6703.63 l 11555.14 12.6 3.6 4.5 Healthcare May 7,320 R W Baird & Co 11400 Utility Average 836.74 805.28 832.49 24.36 3.01 610.89 l 960.89 -5.5 -5.3 4.7 Lithia Motors Inc Sept. 30 $805.0 GS, JPM, BofA Securities, Citi, MS Auto/Truck July 21,320 Total Stock Market 34672.72 33959.74 34283.40 651.81 1.94 22462.76 l 36434.12 13.6 3.8 9.3 11100 Par Technology Corp Sept. 30 $127.3 Jefferies Barron's 400 724.61 707.59 721.61 24.15 3.46 455.11 l 752.15 7.6 -1.5 1.8 Computers & Electronics Sept. 30,320 Nasdaq Stock Market Sun Communities Inc Sept. 30 $1,283.4 Citi, BofA Securities, 10800 Real Estate/Property April 6,318 BMO Cptl Mkts, JPM, RBC Cptl Mkts Nasdaq Composite 11344.13 11019.14 11075.02 161.45 1.48 6860.67 l 12056.44 38.7 23.4 19.3 LogicBio Therapeutics Inc Oct. 1 Jefferies, Barclays, W. Blair LLC l $48.3 Nasdaq 100 11606.73 11225.17 11255.69 104.56 0.94 6994.29 12420.54 45.2 28.9 23.5 Healthcare Nov. 15,319 10500 S&P 25 28 29 30 1 2 Triton International Ltd Oct. 1 $409.5 GS Finance Aug. 28,320 500 Index 3397.18 3323.69 3348.44 49.98 1.52 2237.40 l 3580.84 13.4 3.6 9.8 September Heritage Global Inc Oct. 2 Lake Street Capital Markets LLC MidCap 400 1910.36 1838.15 85.52 4.71 1218.55 l 2106.12 -7.8 $8.3 1902.79 -0.1 1.7 DJ US TSM Finance Sept. 3,320 SmallCap 600 879.62 843.95 876.58 41.65 4.99 595.67 l 1041.03 -5.8 -14.2 -1.5 s 651.81, or 1.94% Other Indexes last week Public and Private Borrowing l Russell 2000 1544.50 1477.43 1539.30 64.39 4.37 991.16 1705.22 2.6 -7.7 0.7 Treasurys NYSE Composite 12803.52 12551.97 12749.79 264.41 2.12 8777.38 l 14183.2 -0.6 -8.4 1.3 Value Line 466.68 450.00 465.16 15.16 3.37 305.71 l 562.05 -8.8 -15.8 -5.1 34600 Monday, October 5Thursday, October 8 NYSE Arca Biotech 5421.57 5268.19 5282.13 -11.37 -0.21 3855.67 l 6142.96 25.2 4.2 7.2 Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; NYSE Arca Pharma 664.35 649.65 651.45 -2.90 -0.44 494.36 l 675.64 11.3 -0.3 5.7 announced on October 1; settles on October 8 announced on October 6; settles on October 13 33900 KBW Bank 75.05 71.26 74.73 3.66 5.14 56.19 l 114.12 -23.1 -34.1 -9.2 Tuesday, October 6 § l PHLX Gold/Silver 146.14 139.79 142.84 2.88 2.06 70.12 161.14 56.8 33.6 18.9 Auction of 52 week bill; PHLX§ Oil Service 29.35 26.11 27.89 -0.193 -0.69 21.47 l 80.99 -55.6 -64.4 -41.6 33200 announced on October 1; settles on October 8 PHLX§ Semiconductor 1.99 l 2297.41 2193.52 2221.12 43.28 1286.84 2370.18 41.1 20.1 23.5 Auction of 3 year note; CBOE Volatility 29.90 24.90 27.63 1.25 4.74 11.54 l 82.69 62.1 100.5 43.0 32500 announced on October 1; settles on October 15 25 28 29 30 1 2 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data September International Stock Indexes Commodities and A Week in the Life of the DJIA Currencies Alook at how the Dow Jones Industrial Average component stocks Latest Week 52-Week Range YTD Region/Country Index Close % chg Low Close High % chg did in the past week and how much each moved the index. The DJIA Last Week YTD gained 508.85 points, or 1.87%, on the week. A$1change in the price World The Global Dow 2957.35 1.46 2138.97 • 3300.22 –9.0 Close Net chg % Chg % chg of any DJIA stock =6.58-point change in the average. To date, a DJ Global Index 430.56 1.71 292.30 • 451.87 –0.8 DJ Commodity 611.51 -11.54 -1.85 -4.79 $1,000 investment on Dec. 31 in each current DJIA stock component DJ Global ex U.S. 246.54 1.60 174.38 • 267.54 –6.5 would have returned $29,774, or aloss of 0.75%, on the $30,000 144.12 -4.24 -2.86 -22.43 Americas DJ Americas 780.65 1.72 512.68 • 830.76 2.6 TR/CC CRB Index investment, including reinvested dividends. Brazil Sao Paulo Bovespa 94015.68 –3.08 63569.62 119527.63 –18.7 Crude oil, $ per barrel 37.05 -3.20 -7.95 -39.32 • The Week’s Action Canada S&P/TSX Comp 16199.25 0.83 11228.49 • 17944.06 –5.1 Natural gas, $/MMBtu 2.438 -0.369 -13.15 11.38 Pct Stock price Point chg $1,000 Invested(year-end '19) Mexico S&P/BMV IPC 36642.38 0.16 32964.22 • 45902.68 –15.84 Gold, $ per troy oz. 1900.20 42.40 2.28 25.05 chg (%) change in average* Company Symbol Close $1,000 Chile Santiago IPSA 2526.02 2.15 2045.49 • 3722.44 –24.3 7.72 12.05 79.28 Boeing BA $168.08 $519 U.S. Dollar Index 93.81 -0.83 -0.88 -2.68 EMEA Stoxx Europe 600 362.69 2.02 279.66 • 433.90 –12.8 5.56 5.35 35.20 American Express AXP 101.61 827 Stoxx Europe 50 2911.13 1.01 2383.14 • 3539.12 –14.5 WSJ Dollar Index 88.74 -0.76 -0.85 -0.91 4.73 4.42 29.08 JPMorgan Chase JPM 97.89 721 Eurozone Euro Stoxx 354.62 2.08 261.53 • 421.34 –12.2 Euro, per dollar 0.8534 -0.0063 -0.73 -4.29 4.01 10.76 70.80 Home Depot HD 279.31 1,302 3.13 9.48 62.37 UnitedHealth Group UNH 311.98 1,074 Euro Stoxx 50 3190.93 1.72 2385.82 • 3865.18 –14.8 Yen, per dollar 105.31 -0.27 -0.26 -3.07 Austria ATX 2100.79 0.85 1630.84 3250.61 –34.1 2.76 1.27 8.36 Dow DOW 47.31 • U.K. pound, in dollars 1.29 0.0187 1.47 -2.47 909 Belgium Bel-20 3248.23 2.67 2528.77 • 4198.31 –17.9 2.76 4.03 26.52 Caterpillar CAT 149.94 1,039 France CAC 40 4824.88 2.01 3754.84 • 6111.24 –19.3 52-Week 2.55 4.12 27.11 Honeywell HON 165.61 953 Low Close(l) High % Chg Germany DAX 12689.04 1.76 8441.71 • 13789.00 –4.2 2.54 4.95 32.57 Goldman Sachs GS 199.90 886 Greece Athex Composite 625.67 1.26 484.40 • 948.64 –31.7 DJ Commodity 433.70 l 647.86 1.08 2.35 3.23 21.25 Walmart WMT 140.50 1,198 Israel Tel Aviv 1318.93 3.43 1171.21 • 1751.79 –21.6 TR/CC CRB Index 106.29 l 187.39 -16.93 2.14 1.07 7.04 Intel INTC 51.01 867 Italy FTSE MIB 19064.31 1.96 14894 • 25478 –18.9 2.13 4.21 27.70 Visa V 201.46 Netherlands AEX 553.12 2.26 404.10 • 629.23 –8.5 Crude oil, $ per barrel -37.63 l 63.27 -29.84 1,077 2.11 5.11 33.62 salesforce.com CRM 247.85 1,524 Portugal PSI 20 4086.96 2.29 3596.08 • 5435.85 –21.6 Natural gas, $/MMBtu 1.482 l 2.862 3.66 Russia RTS Index 1148.07 –1.43 832.26 1646.60 –25.9 2.06 4.49 29.54 McDonald’s MCD 222.67 1,148 • Gold, $ per troy oz. 1452.10 l 2051.50 26.16 South Africa FTSE/JSE All-Share 54219.24 1.18 37963.01 • 59001.87 –5.0 1.94 2.41 15.86 Nike NKE 126.64 1,259 Spain IBEX 35 6754.50 1.90 6107.2 • 10083.6 –29.3 U.S. Dollar Index 92.14 l 102.82 -5.06 1.36 1.62 10.66 IBM IBM 120.57 933 Sweden OMX Stockholm 725.75 2.07 478.95 • 732.67 6.6 1.31 0.64 4.21 Coca-Cola KO 49.36 915 WSJ Dollar Index 87.52 l 97.02 -3.05 Switzerland Swiss Market 10252.40 0.35 8160.79 • 11263.01 –3.4 0.96 0.34 2.24 Walgreens WBA 35.77 626 Euro, per dollar 0.8378 l 0.9352 -6.30 U.K. FTSE 100 5902.12 1.02 4993.89 • 7674.56 –21.7 0.66 0.74 4.87 Apple AAPL 113.02 1,550 Asia-Pacific Yen, per dollar 102.37 l 112.11 -1.51 0.65 1.59 10.46 Amgen AMGN 245.41 1,039 Australia S&P/ASX 200 5791.50 –2.91 4546.0 • 7162.5 –13.4 U.K. pound, in dollars 1.15 l 1.34 4.86 0.43 0.47 3.09 Travelers TRV 108.58 810 China Shanghai Composite 3218.05 –0.04 2660.17 • 3451.09 5.5 0.40 0.58 3.82 Johnson & Johnson JNJ 146.24 1,023 Hong Kong Hang Seng 23459.05 0.96 21696.13 29056.42 –16.8 • Real-time U.S. stock 0.36 0.50 3.29 Procter & Gamble PG 138.12 1,127 India S&P BSE Sensex 38697.05 3.50 25981.24 41952.63 –6.2 • quotes are available on 0.06 0.09 0.59 3M MMM 160.36 935 Japan Nikkei Stock Avg 23029.90 –0.75 16552.83 24083.51 –2.6 • WSJ WSJ.com. Track most- –0.25 –0.15 –0.99 Verizon VZ 59.24 997 Malaysia FTSE Bursa Malaysia KLCI 1500.30 –0.59 1219.72 • 1615.67 –5.6 .COM active stocks, new Singapore Straits Times 2496.11 0.96 2233.48 • 3285.72 –22.5 highs/lows, mutual –0.47 –0.18 –1.18 Cisco CSCO 38.27 825 South Korea Kospi 2327.89 2.15 1457.64 • 2443.58 5.9 funds and ETFs. –0.78 –1.63 –10.72 Microsoft MSFT 206.19 1,318 Taiwan TAIEX 12515.61 2.31 8681.34 • 12976.76 4.3 –0.89 –0.64 –4.21 Chevron CVX 71.19 615 All are available free at –1.17 –1.45 –9.54 Walt Disney DIS 122.55 847 Source: FactSet; Dow Jones Market Data WSJMarkets.com –2.57 –2.13 –14.01 Merck MRK 80.80 909

*Based on Composite price. DJIA is calculated on primary-market price. Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet. U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its 30-year mortgage, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 3.02% U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, MidWestOne Bank 2.63% 2.50% 10% Fri YTD chg Fri YTD chg 4.00% Iowa City, IA 800-247-4418 One year ago Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)

2.00 Euro

Farmers State Bank 2.75% Americas Vietnam dong .00004312 23192 0.1 s 30-year ﬁxed-rate t 3.00 t 5 mortgage Waterloo, IA 877-FSB-1879 1.50 Argentina peso .0130 76.8793 28.4 Europe 2.00 First National Bank 2.75% 0 Brazil real .1760 5.6833 41.4 Czech Rep. koruna .04316 23.168 2.2 1.00 Canada dollar .7513 1.3311 Denmark krone .1574 6.3528 10-year Treasury Waverly, IA 319-266-2000 2.5 –4.7 Tradeweb ICE Chile peso .001266 789.60 6.8 Euro area euro 1.1718 .8534 –4.3 tnote yield 1.00 –5 TBK Bank, SSB 2.85% Friday Close 0.50 s s Colombiapeso .000258 3872.00 18.0 Hungary forint .003268 306.04 3.6 Yen WSJ Dollar index Dallas, TX 214-365-6900 t Ecuador US dollar 11unch Iceland krona .007221 138.49 14.4 0.00 0.00 –10 Mexico peso .0463 21.6192 14.2 Norway krone .1073 9.3199 6.2 Dearborn Federal Svgs Bk 2.88% O N D J F M A M J J A SO 1 3 6 1 2 3 5 7 10 20 30 Uruguay peso .02350 42.5500 14.6 Poland zloty .2602 3.8430 1.3 Dearborn, MI 2019 2020 2019 2020 313-565-3100 month(s) years Asia-Pacific Russia ruble .01279 78.194 26.0 Sweden krona .1119 8.9327 –4.6 maturity Australian dollar .7162 1.3963 –2.0 Switzerland franc 1.0862 .9206 –4.8 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1473 6.7909 –2.5 Yield/Rate (%) 52-Week Range (%) 3-yr chg Turkey lira .1286 7.7739 30.7 Hong Kong dollar .1290 7.7502 –0.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Ukraine hryvnia .0351 28.4500 20.2 India rupee .01363 73.347 2.8 Corporate Borrowing Rates and Yields UK pound 1.2933 .7732 2.5 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Indonesia rupiah .0000673 14860 7.0 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 5.00 -1.00 Spread +/- Treasurys, Japan yen .009496 105.31 –3.1 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002308 433.30 13.5 Bahrain dinar 2.6525 .3770 –0.01 Libor, 3-month 0.23 0.22 0.22 l 2.03 -1.10 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1252 7.9890 –0.4 Egypt pound .0635 15.7501 –1.9 Money market, annual yield 0.22 0.22 0.22 l 0.78 -0.08 Malaysia ringgit .2401 4.1645 1.8 Israel shekel .2914 3.4314 –0.7 U.S.Treasury,Barclays 0.500 0.4807.36 5.46 Five-year CD, annual yield 0.63 0.63 0.63 l 1.55 -0.81 New Zealand dollar .6637 1.5067 1.4 Kuwait dinar 3.2648 .3063 1.1 U.S. Treasury Long,Barclays 1.350 1.28014.98 11.73 30-year mortgage, fixed† 3.02 2.96 2.93 l 4.22 -0.85 Pakistan rupee .00607 164.645 6.2 Oman sul rial 2.5974 .3850 unch Aggregate,Barclays 1.180 1.180n.a. 39 127 6.59 5.23 Philippines peso .0206 48.496 –4.4 Qatar rial .2747 3.641 –0.1 15-year mortgage, fixed† 2.59 2.53 2.48 l 3.57 -0.55 Fixed-Rate MBS,Barclays 1.270 1.300n.a. 28 132 4.23 3.68 Singapore dollar .7332 1.3638 1.3 Saudi Arabia riyal .2666 3.7510 –0.01 Jumbo mortgages, $510,400-plus† 3.05 2.93 2.93 l 4.43 -1.32 South Korea won .0008574 1166.31 1.0 South Africa rand .0605 16.5295 18.1 High Yield 100,ICE BofA 5.009 5.080 465 271 10181.774 3.206 Five-year adj mortgage (ARM)† 3.20 2.86 2.85 l 4.61 -0.18 Sri Lanka rupee .0054177 184.58 1.8 Muni Master,ICE BofA 1.075 1.039 33 -12 41 3.869 4.046 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.14 4.14 4.14 l 4.65 1.08 Taiwan dollar .03456 28.935 –3.3 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBIGlobal,J.P. Morgan 4.843 4.874 397 277 662 2.005 3.276 Thailand baht .03168 31.570 6.1 WSJ Dollar Index 88.74 0.03 0.04 –0.91 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data P2JW279000-0-B00800-1------XA

B8 | Monday, October 5, 2020 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not NuvFloatRateIncFd JFR NA 8.38 NA 8.0 InvAdvMuIncTrII VKI 11.88 10.90 -8.2 4.9 buy their shares back from investors who wish to cash Cohen&Steers TotRet RFI 12.79 12.23 -4.4 -10.4 CalamosConvHi CHY 13.45 11.79 -12.3 18.7 NuvFloatRteIncOppty JRO NA 8.24 NA 7.9 Invesco MuniOp OIA 7.45 7.33 -1.6 5.1 SharesPost 100:I 32.83 NA NA 12.0 in their holdings. Instead, fund shares trade on a stock CohenStrsREITPrefInc RNP 22.58 20.69 -8.4 -8.9 CalmosConvOp CHI 12.77 11.15 -12.7 18.7 SharesPost 100:L 32.39 NA NA 11.5 exchange. NA signifies that the information is not PionrFltRate Tr PHD 10.87 10.15 -6.6 6.7 InvescoMuOppTr VMO 13.29 12.36 -7.0 4.8 available or not applicable. NS signifies funds not in Columbia Sel Prm Tech Gr STK 21.98 21.69 -1.3 9.6 World Equity Funds High Yield Bond Funds InvescoMuTr VKQ 13.29 12.08 -9.1 4.8 USQ Core Real Estate:I 24.75 NA NA 0.3 existence for the entire period. 12 month yield is DNP Select Income DNP 8.58 10.13 +18.0 -15.5 Aberdeen Emg Mkts Eq Inc AEF 7.58 6.43 -15.2 -4.9 AllianceBernGlHiIncm AWF 12.11 10.45 -13.7 7.4 InvescoQual Inc IQI 13.49 12.37 -8.3 4.7 USQ Core Real Estate:IS 24.76 NA NA 0.3 computed by dividing income dividends paid (during Duff&Ph Uti&Infra Inc Fd DPG 12.18 10.47 -14.0 -24.3 Aberdeen Tot Dyn Div AOD 9.16 7.89 -13.9 4.8 Versus Cap MMgr RE Inc:I the previous 12 months for periods ending at month- Angel Oak FS Inc Trm FINS NA 17.01 NA 7.6 InvTrInvGrMu VGM 13.72 12.54 -8.6 4.9 26.91 NA NA NE end or during the previous 52 weeks for periods EtnVncEqtyInc EOI 15.61 14.69 -5.9 6.2 Calamos GloDynInc CHW 8.32 8.06 -3.1 15.4 Barings Glb SD HY Bd BGH 14.87 13.41 -9.8 11.2 InvescoValMunInc IIM 16.39 14.83 -9.5 4.7 Versus Capital Real Asst 24.74 NA NA -0.3 ending at any time other than month-end) by the EtnVncEqtyIncoII EOS 18.89 18.67 -1.2 21.5 Cdn Genl Inv CGI 41.88 26.30 -37.2 12.5 BR Corporate HY HYT 11.32 10.75 -5.0 8.7 MAINSTAY:MK DEFTR MUN OP MMD NA 20.85 NA 4.9 Wildermuth Endwmnt:A 13.16 NA NA -2.1 latest month-end market price adjusted for capital EVRskMnDvsEqInc ETJ 9.73 9.69 -0.4 15.3 China CHN 30.02 25.68 -14.5 41.2 BlackRock Ltd Dur Inc BLW 16.20 14.76 -8.9 8.0 NeubrgrBrm NBH 14.78 15.49 +4.8 4.8 Wildermuth Endwmnt:C 12.70 NA NA -2.9 gains distributions. Depending on the fund category, EV TxAdvGlbDivInc ETG 16.84 14.85 -11.8 -0.1 either 12-month yield or total return is listed. ETnVncTxMgdBuyWrtInc ETB 13.68 13.64 -0.3 -5.3 BNY Mellon Hi Yield Str DHF 3.09 2.74 -11.3 9.5 Nuveen AMT-Fr Mu Val NUW NA 15.95 NA 3.0 Wildermuth Endowment:I 13.23 NA NA -2.4 Source: Lipper EtnVncTxMgdBuyWrtOpp ETV 13.47 13.71 +1.8 3.3 EtnVncTxAdvOpp ETO 23.31 20.81 -10.7 -9.5 Brookfield Real Asst Inc RA 19.19 16.34 -14.9 14.4 Nuveen AMT-Fr Qlty Mun I NEA NA 14.39 NA 4.5 Income & Preferred Stock Funds Gabelli Multimedia GGT Friday, October 2, 2020 EvTxMnDvsEqInc ETY 11.96 10.86 -9.2 0.7 6.63 6.42 -3.2 -8.6 CrSuisHighYld DHY 2.40 2.12 -11.7 9.6 Nuveen AMT-Fr Mu CI NVG NA 15.76 NA 5.0 A3 Alternative Cr 10.55 NA NA 11.6 Highland Global Alloc HGLB 9.43 6.10 -35.3 -29.2 52 wk EtnVncTxMgdGlbB ETW 9.56 8.57 -10.4 -0.6 DoubleLine Inc Sol DSL 16.19 16.16 -0.2 11.5 Nuveen Enh Muni Val NEV NA 14.65 NA 4.7 Calamos L/S Eqty and DI CPZ 17.89 14.46 -19.2 NS India Fund IFN 19.51 16.57 -15.1 -6.1 Prem Ttl EVTxMnGblDvEqInc EXG 8.37 7.51 -10.3 1.1 DoubleLine Yld Opps DLY NA NA NA NS Nuveen Int Dur Mun Term NID NA 13.30 NA 3.8 Destra Multi-Altrntv;A 11.77 NA NA -8.0 Japan Smaller Cap JOF 9.99 8.71 -12.8 7.1 Fund (SYM) NAV Close /Disc Ret First Trust Energy Inc G FEN 11.75 9.23 -21.4 -53.7 EVHiInc2021 EHT 9.85 9.57 -2.8 3.9 Destra Multi-Altrntv;C LazardGlbTotRetInc LGI Nuveen Mu Crdt Opps NMCO NA 12.75 NA 5.2 11.28 NA NA -8.6 First Tr Enhanced Eq FFA 16.31 15.05 -7.7 3.7 17.58 15.47 -12.0 9.0 First Tr Hi Inc Lng/Shrt FSD 15.58 13.87 -11.0 9.4 General Equity Funds MS ChinaShrFd CAF Nuv Muni Credit Income NZF NA 14.78 NA 5.1 Destra Multi-Altrntv;I 12.01 NA NA -7.8 FirstTrEnergyInfra FIF 11.21 8.88 -20.8 -38.8 25.72 21.08 -18.0 7.4 IVY HIGH INCOME OPP IVH 13.55 11.94 -11.9 10.3 Adams Diversified Equity ADX 18.79 16.15 -14.1 12.2 MS India IIF 21.01 17.34 -17.5 -6.2 NuvMuniHiIncOpp NMZ NA 13.45 NA 5.3 Destra Multi-Altrntv;T 11.44 NA NA -8.5 FirstTrMLPEner&Inc FEI 6.12 4.69 -23.4 -52.3 NeubHgYldStrt NHS 11.74 11.18 -4.8 9.7 Boulder Growth & Income BIF 12.17 9.99 -17.9 -6.6 New Germany GF 19.97 16.93 -15.2 29.0 Nuveen Muni Val NUV NA 10.70 NA 3.4 Flat Rock Opportunity 17.38 NA NA -1.7 Gabelli Healthcare GRX 12.44 10.27 -17.4 6.5 New Amer Hi Inc HYB 9.36 8.22 -12.2 7.0 Central Secs CET 35.71 28.75 -19.5 -3.3 Templeton Dragon TDF 25.10 21.82 -13.1 41.5 Nuveen Quality Muni Inc NAD NA 14.61 NA 4.5 Variant Altrntv Inc:Inst 26.25 NA NA 6.2 Gab Utility GUT 3.88 7.68 +97.9 19.0 NexPointStratOppty NHF 17.05 8.73 -48.8 19.6 CohenStrsCEOppFd FOF 11.47 11.25 -1.9 -4.7 Templeton Em Mkt EMF 17.35 15.40 -11.2 13.0 Nuveen Sel TF NXP NA 16.95 NA 3.2 Variant Altrntv Inc:Inv 26.26 NA NA 5.9 GAMCOGlGold&NatRes GGN 3.91 3.38 -13.6 -9.4 Nuveen CI Nov 2021 Tgt JHB EVTxAdvDivIncm EVT 21.39 19.75 -7.7 -10.5 Wells Fargo Gl Div Oppty EOD NA 4.31 NA -9.1 NA 8.98 NA 4.8 Nuveen Sel TF 2 NXQ NA 15.21 NA 3.3 Convertible Sec's. Funds GabelliDiv&IncTr GDV 21.69 18.68 -13.9 -2.9 J Han Finl Opptys BTO 20.11 21.75 +8.2 -24.1 Nuveen Crdt Opps 2022 TT JCO NA 7.95 NA 7.1 Nuveen Sel TF 3 NXR NA 16.38 NA 3.1 Calmos Dyn Conv and Inc CCD 25.55 23.27 -8.9 43.4 Neuberger Brmn MLP & EI NML 3.36 2.36 -29.8 -63.4 Prem12 Mo Nuveen Global High Inc JGH NA 13.59 NA 8.5 Gabelli Equity Tr GAB 5.02 5.06 +0.8 -2.9 Fund (SYM) NAV Close /Disc Yld PIMCO MuniInc PMF 12.86 13.48 +4.8 4.9 World Equity Funds GeneralAmer GAM 41.12 34.24 -16.7 2.3 Nuv Dow 30 Dyn Overwrite DIAX NA 13.57 NA -15.9 PGIM Global High Yield GHY 15.40 13.36 -13.2 9.5 PIMCOMuniIncII PML 12.02 13.69 +13.9 5.3 ACAP Strategic:A 25.55 NA NA 44.9 JHancockTaxAdvDiv HTD 21.48 19.56 -8.9 -25.4 NuvCorEqAlpha JCE NA 12.81 NA -1.9 U.S. Mortgage Bond Funds PGIM High Yield Bond ISD 15.90 14.00 -11.9 9.1 Pimco Muni III PMX 10.96 11.65 +6.3 4.9 ACAP Strategic:W 19.06 NA NA 46.0 BlckRk Income BKT Librty AllStr Eq USA 6.47 5.98 -7.6 4.9 Nuveen Nasdaq 100 Dyn Ov QQQX NA 24.32 NA 17.7 6.30 6.01 -4.6 6.7 PioneerHilncmTr PHT 8.73 8.14 -6.8 9.3 PioneerHilncAdv MAV 12.12 11.01 -9.2 4.4 BMO LGM Front ME;I 6.26 NA NA -22.1 Nuv Real Est JRS Invesco HI 2023 Tgt Term IHIT Librty AllStr Gr ASG 6.98 7.14 +2.3 33.7 NA 7.78 NA -21.4 8.26 7.96 -3.6 7.5 Wells Fargo Income Oppty EAD NA 7.44 NA 9.6 PioneerMunHiIcmT MHI 12.97 11.66 -10.1 4.6 CalamosGlbTotRet CGO 12.46 11.92 -4.3 22.4 Nuveen Rl Asst Inc & Gro JRI Investment Grade Bond Funds Royce Micro-Cap Tr RMT 9.36 7.82 -16.5 7.9 NA 12.24 NA -23.3 WstAstHIF II HIX 6.86 6.43 -6.3 9.1 Putnam Mgd Inc PMM 7.93 7.65 -3.5 5.0 Primark Priv Eq Inv:III NA NA NA NS NuvS&P500DynOvFd SPXX NA 13.34 NA -5.8 BlRck Core Bond BHK 16.11 15.67 -2.7 5.1 Royce Value Trust RVT 15.15 12.90 -14.9 4.6 Western Asset Hi Inc Opp HIO 5.28 4.94 -6.4 7.8 Putnam Muni Opp PMO 13.57 13.05 -3.8 4.9 VirtusTotalRetFd ZTR 8.86 7.86 -11.3 -5.2 BR Credit Alloc Inc BTZ Source Capital SOR 41.35 37.04 -10.4 5.4 NuvSP500BuyIncFd BXMX NA 11.32 NA -5.9 15.01 14.00 -6.7 7.0 Western Asset Hi Yld D O HYI 15.30 14.25 -6.9 8.0 RiverNorth Mgd Dur Mun I RMM 18.51 16.80 -9.2 6.0 ReavesUtilityIncome UTG Insight Select Income INSI Prem12 Mo Tri-Continental TY 29.94 26.08 -12.9 4.8 31.36 31.54 +0.6 -6.8 21.87 20.37 -6.9 4.1 Other Domestic Taxable Bond Funds Western Asset Mgd Muni MMU 13.56 12.20 -10.0 4.5 Tortoise Enrgy Infra Crp TYG InvescoBond VBF 21.20 20.15 -5.0 3.8 Fund (SYM) NAV Close /Disc Yld Specialized Equity Funds NA 14.55 NA -80.2 Ares Dynamic Crdt Alloc ARDC NA 12.74 NA 9.7 Westn Asst Mu Def Opp Tr MTT NA 20.20 NA 3.4 J Han Income JHS Loan Participation Funds Aberdeen Glb Prem Prop AWP 5.65 4.72 -16.5 -16.7 Income & Preferred Stock Funds 15.95 15.40 -3.4 4.9 Barings Part Inv MPV NA 10.77 NA 8.6 Single State Muni Bond CalamosStratTot CSQ 13.68 13.48 -1.5 17.0 MFS Intmdt MIN 3.98 3.74 -6.0 9.1 1WS Credit Income 19.10 NA NA 6.2 Adams Natural Resources PEO 11.40 9.69 -15.0 -31.8 BlackRock Mlt-Sctr Inc BIT 17.64 15.75 -10.7 9.4 BlackRock CA Mun BFZ 15.47 13.12 -15.2 3.5 CohenStrsLtdDurPref&Inc LDP 24.64 23.30 -5.4 -1.8 Western Asset Inf-Lk Inc WIA NA 12.12 NA 3.2 AlphCntrc Prime Merid In 9.87 NA NA NS AllianzGI AI & Tech Opps AIO 24.57 21.84 -11.1 NS BlackRock Tax Muni Bd BBN 24.93 25.85 +3.7 5.1 BR MH CA Qly Fd Inc MUC 15.64 14.04 -10.2 4.0 CohenStrsSelPref&Income PSF 25.37 26.02 +2.6 -4.9 Western Asset Inf-Lk O&I WIW NA 11.20 NA 3.6 Angel Oak Str Crdt:Inst NA NA NA 8.0 GI DivInt&PremStr NFJ 13.80 11.80 -14.5 5.0 DoubleLine:Oppor Crdt Fd DBL 19.52 19.16 -1.8 7.4 BR MH NJ Qly MUJ 15.66 13.66 -12.8 4.8 FirstTrIntDurPref&Inc FPF 22.57 21.48 -4.8 -1.1 Westn Asst IG Def Opp Tr IGI NA 20.43 NA 4.1 Axonic Alternative Inc 21.04 NA NA 3.9 ASA Gold & Prec Met Ltd ASA 24.97 21.49 -13.9 71.6 Duff&Ph Util Cor DUC 9.61 9.16 -4.7 6.0 BR MH NY Qly MHN 14.83 13.57 -8.5 4.1 JHanPrefInc HPI 18.59 18.84 +1.3 -12.5 Loan Participation Funds Blackstone/GSO FR EI D 22.87 NA NA 6.0 BR Enh C&I CII 17.14 15.45 -9.9 4.1 EVLmtDurIncm EVV 13.20 11.41 -13.6 10.6 BR MuniYld CA MYC 15.80 13.85 -12.3 3.7 JHPrefIncII HPF 18.28 17.87 -2.2 -13.7 Apollo Senior Floating AFT NA 12.91 NA 7.8 Blackstone/GSO FR EI I 22.84 NA NA 6.3 BlackRock Energy & Res BGR 6.67 5.87 -12.0 -42.1 Franklin Ltd Dur Income FTF 9.19 8.59 -6.5 11.1 BR MuniYld CA Qly MCA 15.74 14.37 -8.7 4.0 HnckJPfdInco III HPS 16.35 16.03 -2.0 -9.6 BR Debt Strategy DSU 11.22 10.05 -10.4 8.5 Blackstone/GSO FR EI T 22.80 NA NA 5.8 BlackRock Eq Enh Div BDJ 8.28 7.28 -12.1 -10.7 J Han Investors JHI 17.08 15.86 -7.1 8.5 BR MuniYld MI Qly MIY 15.64 14.08 -10.0 4.2 BlackRock Enh Glbl Div BOE J Han Prm PDT 12.80 12.66 -1.1 -24.1 BR F/R Inc Str FRA 13.45 11.66 -13.3 8.2 Blackstone/GSO FR EI T-I 23.36 NA NA 5.7 11.27 9.68 -14.1 1.4 KKR Income Opportunities KIO NA 13.80 NA 11.0 BR MuniYld NJ MYJ 15.71 13.80 -12.2 5.2 BlackRock Enh Intl Div BGY LMP CapInco SCD NA 10.36 NA -14.5 BlackRock Floatng Rt Inc BGT 13.05 11.39 -12.7 8.1 Blackstone/GSO FR EI U 23.80 NA NA NS 6.14 5.29 -13.8 6.8 MFS Charter MCR 8.72 8.12 -6.9 8.7 BR MuniYld NY Qly MYN 14.25 12.76 -10.5 4.1 BlackRock Hlth Sci Tr II BMEZ 26.09 24.22 -7.2 NS Nuveen Pref & Inc Opp JPC NA 8.45 NA -9.1 Blackstone / GSO Strat BGB NA 12.22 NA 9.98 Blstn Commnty Dev 10.08 NA NA 3.5 Nuveen Taxable Muni Inc NBB NA 22.43 NA 5.0 EVCAMuniBd EVM 12.66 11.46 -9.5 4.0 BlackRock Hlth Sciences BME 42.45 42.42 -0.1 20.1 Nuveen Fd JPS NA 8.90 NA -3.8 Blackstone/GSO Sr Flt Rt BSL 15.25 13.81 -9.4 8.6 BNYM Alcntr Glb MS Cr Fd 94.86 NA NA 7.3 PIMCO Corp & Inc Oppty PTY 12.68 16.20 +27.8 9.8 Eaton Vance NY Muni Bd ENX 13.25 11.68 -11.8 4.1 BlackRock Res & Comm BCX 7.19 5.96 -17.1 -11.6 Nuveen Pref & Inc Term JPI NA 22.28 NA -3.1 EtnVncFltRteInc EFT 13.79 11.97 -13.2 7.9 CLIFFWATER CL FD;I 10.36 NA NA 4.4 PIMCO Corp & Inc Strat PCN 13.00 15.78 +21.4 9.0 InvCaValMuIncTr VCV 13.46 12.46 -7.4 4.2 BlackRock Sci&Tech Tr II BSTZ 29.37 26.47 -9.9 37.7 Nuveen TxAdvDivGr JTD NA 12.99 NA -13.5 EV SenFlRtTr EFR 13.56 11.77 -13.2 8.1 CNR Strategic Credit 9.39 NA NA 8.4 PIMCOHilnco PHK 5.16 5.52 +7.0 12.4 InvPAValMuIncTr VPV 13.98 12.30 -12.0 4.7 BlackRock Sci&Tech Trust BST 42.87 43.60 +1.7 50.2 TCW Strat Income TSI NA 5.56 NA 2.9 EVSnrIncm EVF 6.47 5.88 -9.1 6.8 PIMCO IncmStrFd PFL FedProj&TrFinanceTendr 9.91 NA NA 2.8 9.63 10.23 +6.2 10.6 InvTrInvGrNYMu VTN 14.03 12.42 -11.5 4.5 BlackRock Utl Inf & Pwr BUI 21.58 21.75 +0.8 -1.0 Convertible Sec's. Funds FT/Sr Fltg Rte Inc 2 FCT 12.42 10.95 -11.8 9.8 PIMCO IncmStrFd II PFN Garrison Capital Inc GARS NA 3.87 NA NA 8.63 9.18 +6.4 10.5 Nuveen CA AMT-F Qual MI NKX NA 15.36 NA 4.1 CBRE ClrnGlbRlEst IGR 7.54 6.16 -18.3 -14.2 AdvntCnvrtbl&IncFd AVK 16.25 13.88 -14.6 6.4 FT/Sr Fltg Rte 2022 TgTr FIV 9.11 8.47 -7.0 3.3 Putnam Mas Int PIM Schrdrs Opp Inc;A 24.87 NA NA NS 4.31 4.11 -4.6 8.7 Nuveen CA Val NCA NA 10.74 NA 3.0 CLEARBRIDGE ENGY MDS OPP EMO NA 8.74 NA -77.2 GI Conv & Inc NCV 5.34 4.62 -13.5 -7.5 Highland Income HFRO 12.71 8.79 -30.8 10.7 Putnam Prem Inc PPT 4.77 4.56 -4.4 9.4 Schrdrs Opp Inc;A2 NA NA NA NS NuveenCAQtyMuInc NAC NA 14.56 NA 4.2 ClearBridge MLP & Midstm CEM NA 10.98 NA -78.0 AGI Conv & Inc II NCZ 4.79 4.14 -13.6 -6.6 InvDYCrOpp VTA 11.03 9.20 -16.6 9.7 Wells Fargo Multi-Sector ERC NA 10.80 NA 10.9 Schrdrs Opp Inc;I 24.91 NA NA NS Nuveen MD Qual Muni Inc NMY NA 13.21 NA 4.1 ChnStrInfr UTF 23.04 22.28 -3.3 -8.5 AGI Dvs Inc & Conv ACV 29.38 25.60 -12.9 23.7 InvSnrIncTr VVR 4.25 3.67 -13.6 7.5 World Income Funds Schrdrs Opp Inc;SDR 24.94 NA NA NS Nuveen MI Qual Muni Inc NUM NA 14.27 NA 3.9 Cohen&SteersQualInc RQI 12.63 11.42 -9.6 -20.7 AGI Eqty & Conv Inc NIE 27.80 24.33 -12.5 23.4 Nuveen Credit Strat Inc JQC NA 6.03 NA 18.4 Abrdn AP IncFd FAX 4.65 3.97 -14.6 7.9 Invesco Sr Loan A 6.02 NA NA 4.8 NuvNJ Qual Muni Inc NXJ NA 13.59 NA 4.7 BrndywnGLB Glb Inc Oppts BWG 13.45 11.48 -14.6 7.2 Invesco Sr Loan C 6.03 NA NA 4.0 Nuveen NY AMT/Fr Qual MI NRK NA 12.88 NA 4.2 EtnVncStDivInc EVG 13.29 11.50 -13.5 7.9 Invesco Sr Loan IB 6.02 NA NA 5.0 Nuveen NY Qual Muni Inc NAN NA 13.50 NA 4.3 MS EmMktDomDebt EDD 6.73 5.57 -17.2 8.2 Invesco Sr Loan IC 6.02 NA NA 4.9 | Nuveen OH Qual Muni Inc NUO NA 15.11 NA 3.5 Cash Prices wsj.com/market-data/commodities Friday, October 02, 2020 PIMCO Dyn Crd & Mrt Inc PCI 18.72 20.15 +7.6 12.6 Invesco Sr Loan Y 6.02 NA NA 5.0 Nuveen PA Qual Muni Inc NQP NA 13.53 NA 4.6 PIMCO Dynamic Income PDI 23.43 25.47 +8.7 12.0 Pioneer Sec Inc 8.94 NA NA NS These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Nuveen VA Qlty Mun Inc NPV NA 14.91 NA 3.5 PIMCO Income Opportunity PKO 21.99 23.32 +6.0 9.8 High Yield Bond Funds PIMCO CA PCQ 13.87 17.82 +28.5 4.6 separate from the futures price on an exchange, which reflects what the commodity might be worth in future PIMCO Stratg Inc RCS 6.18 6.49 +5.0 10.8 Griffin Inst Access Cd:A NA NA NA 6.4 PIMCOCAMuniII PCK 8.80 9.33 +6.0 4.2 months. Templeton Em Inc TEI 8.84 7.39 -16.4 8.4 Griffin Inst Access Cd:C NA NA NA 6.4 Pimco CA Muni III PZC 10.00 10.79 +7.9 4.3 Templtn Glbl Inc GIM 6.15 5.33 -13.3 4.9 Griffin Inst Access Cd:F NA NA NA 6.5 Friday Friday Friday WstAstEmergDebt EMD NA 12.53 NA 9.7 52 wk Griffin Inst Access Cd:I NA NA NA 6.4 Energy Aluminum, LME, $ per metric ton *1716.0 Wheat,No.1soft white,Portld,OR-u 5.6750 Western Asset Gl Cr D Op GDO 18.01 16.73 -7.1 7.3 Prem Ttl Griffin Inst Access Cd:L NA NA NA 6.5 Copper,Comex spot 2.9785 Fund (SYM) NAV Close /Disc Ret PIMCO Flexible Cr I;A-2 NA NA NA NS Food National Muni Bond Funds Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 123.2 AllBerNatlMunInc AFB 14.99 13.75 -8.3 4.1 Specialized Equity Funds PIMCO Flexible Cr I;A-4 NA NA NA 10.6 Shredded Scrap, US Midwest-s,m 283 Bluerock Total Inc+ RE:A 28.93 NA NA 1.5 PIMCO Flexible Cr I;Inst NA NA NA 11.4 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.700 Beef,carcass equiv. index BlckRk Inv Q Mun BKN 16.25 15.80 -2.8 4.5 Steel, HRC USA, FOB Midwest Mill-s 611 BlackRock Muni 2030 Tgt BTT Bluerock Total Inc+ RE:C 27.58 NA NA 0.8 PionrILSBridge 10.00 NA NA 0.0 choice 1-3,600-900 lbs.-u 183.12 26.16 25.00 -4.4 3.0 Metals BlackRock Muni BFK Bluerock Total Inc+ RE:I 29.47 NA NA 1.8 WA Middle Mkt Dbt 599.17 NA NA 8.3 Fibers and Textiles select 1-3,600-900 lbs.-u 172.07 14.21 13.84 -2.6 4.7 BlackRock Muni II BLE Bluerock Total Inc+ RE:L 28.69 NA NA 1.3 WA Middle Mkt Inc 582.35 NA NA 9.7 Broilers, National comp wtd. avg.-u,w 0.6324 14.66 15.08 +2.9 4.7 Gold, per troy oz CIM RA&C A 25.03 NA NA NS Other Domestic Taxable Bond Funds Burlap,10-oz,40-inch NY yd-n,w 0.6100 Butter,AA Chicago 1.5100 BlckRk Muni Inc Qly BYM 15.50 14.32 -7.6 4.0 Engelhard industrial CIM RA&C C 24.95 NA NA NS Am Beacon Apollo TR:T 10.10 NA NA NS 1909.00 Cotton,1 1/16 std lw-mdMphs-u 0.6182 Cheddar cheese,bbl,Chicago 195.50 BR MuniAssets Fd MUA 13.99 13.89 -0.7 4.5 Handy & Harman base CIM RA&C I 25.06 NA NA NS Am Beacon Apollo TR:Y 10.12 NA NA 3.1 1903.05 Cotlook 'A' Index-t *71.30 Cheddar cheese,blk,Chicago 261.00 BR MuniEnhanced MEN 12.15 11.40 -6.2 4.2 Handy & Harman fabricated CIM RA&C L 25.01 NA NA NS Am Beacon SP Enh Inc:T 9.27 NA NA NS 2112.39 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 112.25 BR MuniHoldings Qly MFL 14.62 13.48 -7.8 4.0 LBMA Gold Price AM GS Real Est Div Inc:A 9.45 NA NA -6.8 Am Beacon SP Enh Inc:Y *1895.55 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.0059 BR MH Qly 2 MUE 13.92 12.86 -7.6 4.3 9.31 NA NA 4.4 LBMA Gold Price PM GS Real Est Div Inc:C BR Credit Strat;A *1902.00 Coffee,Colombian, NY 1.5409 BR MuniHoldngs MHD 16.68 15.27 -8.5 4.8 9.44 NA NA -7.3 10.01 NA NA NS Krugerrand,wholesale-e Grains and Feeds GS Real Est Div Inc:I 1977.66 Eggs,large white,Chicago-u 0.8550 BR MuniVest Fd MVF 9.55 8.66 -9.3 4.7 9.85 NA NA -6.6 BR Credit Strat;Inst 10.01 NA NA 5.2 Maple Leaf-e 1996.68 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.00 BR MuniVest 2 MVT 15.00 14.14 -5.7 4.7 GS Real Est Div Inc:L 9.45 NA NA -7.0 BlackRock Mlt-Sctr Oppty 81.35 NA NA 9.2 American Eagle-e 1996.68 Bran,wheat middlings, KC-u 115 Hams,17-20 lbs,Mid-US fob-u n.a. BR MuniYield Fd MYD 14.64 13.50 -7.8 5.0 GS Real Est Div Inc:W 9.59 NA NA -6.8 BlackRock Mlt-Sec Opp II 84.28 NA NA 8.9 Mexican peso-e 2300.76 Corn,No. 2 yellow,Cent IL-bp,u 3.5800 Hogs,Iowa-So. Minnesota-u 74.32 BR MuniYield Qlty MQY 16.17 16.26 +0.6 4.1 NexPointRlEstStrat;A 15.48 NA NA -20.6 Carlyle Tact Pvt Cred:A NA NA NA 7.3 Austria crown-e 1866.95 Corn gluten feed,Midwest-u,w 117.0 Pork bellies,12-14 lb MidUS-u n.a. BR MuniYld Qlty2 MQT 14.22 13.16 -7.5 4.2 NexPointRlEstStrat;C 15.65 NA NA -20.8 Carlyle Tact Pvt Cred:I NA NA NA 8.0 Austria phil-e 1996.68 Corn gluten meal,Midwest-u,w 415.4 Pork loins,13-19 lb MidUS-u 1.0277 BR MuniYld Qly 3 MYI 14.79 13.46 -9.0 3.9 NexPointRlEstStrat;Z 15.63 NA NA -20.1 Carlyle Tact Pvt Cred:L NA NA NA 7.6 Silver, troy oz. Cottonseed meal-u,w 268 Steers,Tex.-Okla. Choice-u 107.00 BNY Mellon Muni Bd Infra DMB 14.13 13.59 -3.8 4.7 PREDEX;I 25.06 NA NA 0.2 Carlyle Tact Pvt Cred:M NA NA NA NS Engelhard industrial 24.1000 Hominy feed,Cent IL-u,w 100 Steers,feeder,Okla. City-u,w 153.50 BNY Mellon Str Muni Bond DSM 8.08 7.38 -8.7 5.0 PREDEX;T 25.16 NA NA 0.2 Carlyle Tact Pvt Cred:N NA NA NA 8.1 Handy & Harman base 23.8250 Meat-bonemeal,50% pro Mnpls-u,w 210 BNY Mellon Strat Muni LEO 8.37 8.32 -0.6 5.0 PREDEX;W 25.15 NA NA 0.2 Carlyle Tact Pvt Cred:Y NA NA NA 7.8 Handy & Harman fabricated 29.7810 Oats,No.2 milling,Mnpls-u 3.0125 Fats and Oils DWS Muni Inc KTF 12.48 11.09 -11.1 4.2 Principal Dvs Sel RA A 23.13 NA NA -6.0 CION Ares Dvsfd Crdt;A NA NA NA 5.8 LBMA spot price *£18.4000 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 EVMuniBd EIM 14.06 13.08 -7.0 4.2 Principal Dvs Sel RA Ins 23.17 NA NA -5.8 CION Ares Dvsfd Crdt;C NA NA NA 5.8 (U.S.$ equivalent) *23.6200 Sorghum,(Milo) No.2 Gulf-u 5.7975 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.2500 EVMuniIncm EVN 13.87 12.74 -8.1 4.3 Principal Dvs Sel RA Y 23.22 NA NA -5.6 CION Ares Dvsfd Crdt;I NA NA NA 5.7 Coins,wholesale $1,000 face-a 18301 SoybeanMeal,Cent IL,rail,ton48%-u 350.90 Grease,choice white,Chicago-h 0.2850 EVNatMuniOpp EOT 21.17 20.16 -4.8 4.0 SharesPost 100;A 32.60 NA NA 11.7 CION Ares Dvsfd Crdt;L NA NA NA 5.8 Other metals Soybeans,No.1 yllw IL-bp,u 9.9650 Lard,Chicago-u n.a. CION Ares Dvsfd Crdt;U NA NA NA NS LBMA Platinum Price PM *898.0 Wheat,Spring14%-pro Mnpls-u 6.5675 Soybean oil,crude;Centl IL-u 0.3229 CION Ares Dvsfd Crdt:U2 NA NA NA NS Platinum,Engelhard industrial 894.0 Wheat,No.2 soft red,St.Louis-u 5.9825 Tallow,bleach;Chicago-h 0.3200 CION Ares Dvsfd Crdt;W NA NA NA 5.7 Palladium,Engelhard industrial 2327.0 Wheat - Hard - KC (USDA) $ per bu-u 5.1950 Tallow,edible,Chicago-u n.a. New to the Market CNR Select Strategies 11.41 NA NA 0.0 GL Beyond Income 0.78 NA NA NE KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; IPO Scorecard KKR CREDIT OPPTY;I NA NA NA NS M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 10/1 Performance of IPOs, most-recent listed first KKR CREDIT OPPTY;T NA NA NA NS Source: Dow Jones Market Data KKR CREDIT OPPTY;U NA NA NA NS % Chg From % Chg From Lord Abbett Cred Opps Fd 9.40 NA NA 7.5 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Lord Abbett Cred Opps Fd 9.40 NA NA 8.3 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Lord Abbett Crd Op:U 9.40 NA NA NS Insider-Trading Spotlight C4 Thera 25.49 34.2 ... Avanti Acquisition 9.95 –0.5 ... Palmer Square Opp Inc 17.28 NA NA 6.3 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys CCCC Oct. 2/$19.00 AVAN.UT Oct. 2/$10.00 Resource Credit Inc:A 9.75 NA NA 8.4 new information about the prospects of a company. Insiders are required to report large trades to the SEC Immunome 13.45 12.1 ... ION Acquisition 1 10.46 4.6 ... Resource Credit Inc:C 9.86 NA NA 7.7 IMNM Oct. 2/$12.00 IACA.UT Oct. 2/$10.00 Resource Credit Inc:I 9.77 NA NA 8.7 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Resource Credit Inc:L 9.75 NA NA 8.2 Oncorus 16.00 6.7 ... Sports Entertainment Acquisition 9.96 –0.4 ... Resource Credit Inc:W 9.75 NA NA 8.4 Thomson Financial on October 2, and year-to-date stock performance of the company ONCR Oct. 2/$15.00 SEAH.UT Oct. 2/$10.00 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Thrivent Church Ln&Inc:S 10.94 NA NA 2.7 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Academy Sports and Outdoors 12.99 –0.1 ... VG Acquisition 9.91 –0.9 ... World Income Funds ASO Oct. 2/$13.00 VGAC.UT Oct. 2/$10.00 Destra Int&Evt-Dvn Crd:A I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: 23.89 NA NA 4.8 Destra Int&Evt-Dvn Crd:I 23.89 NA NA 5.1 unknown VP: vice president Excludes pure options transactions Apollo Strategic Growth Capital 9.97 –0.3 ... Atlantic Avenue Acquisition 9.86 –1.4 ... APSG.UT Oct. 2/$10.00 ASAQ.UT Oct. 2/$10.00 Destra Int&Evt-Dvn Crd:L 23.89 NA NA 4.6 Destra Int&Evt-Dvn Crd:T 23.87 NA NA 4.4 Biggest weekly individual trades Sources: Dow Jones Market Data; FactSet National Muni Bond Funds PIMCO Flex Mun Inc;A-3 10.96 NA NA 2.2 Based on reports filed with regulators this past week Other Stock Offerings PIMCO Flex Mun Inc:A1 10.96 NA NA NS No. of shrs in Price range ($) $ Value PIMCO Flex Mun Inc;Inst 10.96 NA NA 2.9 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Secondaries and follow-ons expected this week in the U.S. market Tortoise Tax-Adv Soc Inf 9.64 NA NA 5.0 Symbol/ Primary Amount Friday’s Buyers Expected Issuer/Business exchange ($mil.) price ($) Bookrunner(s) StatementofOwnership, Management Oct. 1 Icahn Enterprises IEP B. Icahn D 203 49.32 10,000 50.05 -18.6 and Circulation Oct. 7 fuboTV Inc FUBO 150.0 12.09 Evercore, BMO, Needham, Oppenheimer 1. Publication Title: The Wall Street Journal Sept. 25 Continental Resources CLR H. Hamm H 769 12.68 9,750 12.30 -64.1 FUBO NRoth Capital Partners, 2. Publication Number: 664-880 Wedbush Securities 3. Filing Date: October 1, 2020 Sept. 28-29 Odonate Therapeutics ODT A. Davis DOI 215 13.03-14.08 2,932 14.66 -54.8 Oct. 8 Natura & Co Holding SA NTCO 1106.0 17.13 BofA, MS, Bradesco, 4. Issue Frequency: Daily except Sundays Sept. 28-29 K. Tang CEOI 111 13.06-13.85 1,456 or general legal holidays NTCO NCiti, Itau BBA 5. Number of Issues Published Annually: 304 Sept. 25-28 Douglas Emmett DEI J. Kaplan CEO 39 24.24-25.48 997 26.43 -39.8 6. Annual Subscription Price: $539.88 Sept. 28-29 Net 1 U.E.P.S. Technologies UEPS A. Ball DI 7. Complete mailing address of known 231 3.20-3.39 775 3.40 -8.6 office of publication: Sept. 24-25 A. Ball DI 237 3.13-3.18 748 Borrowing Benchmarks 1211 Avenue of the Americas, NewYork, NY 10036 Sept. 24 IMPAC Mortgage Holdings IMH R. Pickup BI 670 1.13 757 1.53 -70.9 8. Complete mailing address of the wsj.com/market-data/bonds/benchmarks headquarters of general business Sept. 25 Phillips 66 Partners PSXP P. Bairrington D 15 21.69-21.70 325 22.81 -63.0 offices of the publisher: 1211 Avenue of the Americas, NewYork, NY 10036 Sept. 28 Steelcase SCS E. Schmitt O 30 10.04 301 11.49 -43.8 9. Full names and compete address of Money Rates October 2, 2020 Publisher: Dow Jones & Co. Sept. 28 PBF Energy PBF T. Nimbley CEO 50 5.92 296 5.98 -80.9 1211 Avenue of the Americas, NewYork, NY 10036 Sept. 24-25 Limbach Holdings LMB J. Horowitz DI 34 7.74-8.14 273 10.48 177.2 Key annual interest rates paid to borrow or lend money in U.S. and Editor in chief: Matt Murray 1211 Avenue of the Americas, NewYork, NY 10036 Sept. 23 Hartford Financial Services Group HIG C. Swift CEO 735.98 251 37.56 -38.2 international markets. Rates below are a guide to general levels but Managing editor: Karen Miller Pensiero 1211 Avenue of the Americas, NewYork, NY 10036 Sept. 25 NVIDIA NVDA S. Neal D x500.95 249 522.49 122.1 don’t always represent actual transactions. 10. Owner: News Corporation Sept. 24 Eyenovia EYEN S. Grant B 75 2.98-3.00 225 3.13 -30.1 Week —52-WEEK— 1211 Avenue of the Americas, NewYork, NY 10036 Inflation Latest ago High Low Owners of Dow Jones & Company, Inc. are: Sept. 24 Corporate Office Properties Trust OFC C. Pickett D 10 22.16 222 25.03 -14.8 Aug. index Chg From (%) News Corporation, 1211 Avenue of the Americas, High 0.1000 0.1500 1.9500 0.1000 New York, NY 10036 Sept. 21-25 Century Bancorp CNBKA J. Filler B 363.27-65.25 210 67.91 -24.5 level July '20 Aug. '19 Low 0.0500 0.0500 1.7700 0.0100 11.Known bondholders, mortgagees, and other security holders owning or holding 1% or more of Sept. 25 American Equity Investment Life AEL D. Mulcahy D 10 19.57 196 31.75 6.1 U.S. consumer price index Bid 0.0800 0.0500 1.7800 0.0100 total amountofbonds, mortgages, or other Offer 0.0900 1.8500 0.0500 All items 259.918 0.32 1.3 0.1000 securities: None Sellers 12. Tax Status: Not applicable Core 268.756 0.39 1.7 Treasury bill auction 13. Publication Name: The Wall Street Journal Sept. 30 Scientific Games SGMS R. Perelman BI 14. Issue Date for Circulation Data: 4,700 28.00 131,600 36.48 36.2 International rates 4 weeks 0.085 0.075 1.750 0.000 September 25, 2020 Sept. 29 Walmart WMT S. Walton DOI 752 137.05-137.81 103,183 140.50 18.2 13 weeks 0.100 0.100 1.840 0.000 15. Extent and Nature of Circulation Sept. 29 A. Walton BI 752 137.05-137.81 103,183 Week 52-Week 26 weeks 0.105 0.105 1.795 0.080 Avg. No. No. of Latest High Low of Copies Single Sept. 29 J. Walton BI 752 137.05-137.81 103,183 ago Secondary market Each Issue Issue Sept. 24 Zoom Video Communications ZM E. Yuan CEO 65 459.37-491.83 30,423 482.23 608.7 During Published Prime rates Preceding Nearest to Sept. 23 E. Yuan CEO 47 485.13-520.32 24,204 Fannie Mae U.S. 3.25 3.25 5.00 3.25 12 MonthsFiling Date Sept. 23 E. Yuan CEO 23 521.30-528.36 11,870 30-year mortgage yields a. Total Number of Copies...... 986,405 860,161 Canada 2.45 2.45 3.95 2.45 Sept. 29 Broadcom AVGO H. Tan CEO 78 364.56-370.33 28,657 356.83 12.9 b. Paid and/or Requested Circulation Japan 1.475 1.475 1.475 1.475 30 days 1.944 1.963 3.388 1.751 b1. Paid/Requested Outside- Sept. 14 Peloton Interactive PTON W. Lynch P 314 80.88 25,356 107.51 278.6 60 days 1.981 2.004 3.403 1.804 County Mail Subscriptions Policy Rates Stated on Form 3541...... 80,640 82,295 Sept. 28-30Schrodinger SDGR D. Shaw BI 488 47.43-49.77 23,538 51.34 Other short-term rates b2. Paid In-County Euro zone 0.00 0.00 0.00 0.00 Subscriptions Stated on Form Sept. 28 Sherwin-Williams SHW J. Morikis CEO 22 703.29-711.66 15,780 688.98 18.1 Switzerland 0.00 0.00 0.50 0.00 3541...... 00 Week 52-Week Britain 0.10 0.10 0.75 0.10 b3. Sales Through Dealers Sept. 28-29 BeiGene BGNE J. Oyler CEO 54 272.74-283.80 15,226 283.28 70.900 Latest ago high low Australia 0.25 0.25 0.75 0.25 and Carriers, Street Vendors, Sept. 30 Paycom Software PAYC C. Richison CEO 45 310.44-312.29 14,008 331.53 25.2 Counter Sales and Other Call money Non-USPS Paid Distribution.... 666,927 634,559 Sept. 29 SolarEdge Technologies SEDG D. Inbar D 60 220.62-231.72 13,721 251.58 164.6 Overnight repurchase b4. Other Classes Mailed 2.00 2.00 3.75 2.00 Sept. 24 Nike NKE M. Parker OD U.S. 0.12 0.07 2.01 -0.07 Through the USPS...... 00 96 127.06 12,186 126.64 25.0 c. Total Paid and/or Re- Sept. 28 M. Parker OD 95 125.17 11,891 U.S. government rates Commercial paper (AA financial) quested Circulation (Sum of Sept. 28 A. Campion CO 80 125.58 10,046 90 days 0.14 n.a. 2.53 0.04 15b. (1), (2), (3), and (4)...... 747,567 716,854 d. Free Distribution by Mail Sept. 24 Broadridge Financial Solutions BR T. Gokey CEO 91 127.76 11,657 133.41 8.0 Discount Libor d1. Outside-County as Stated * Half the transactions were indirect **Two day transaction 0.25 0.25 2.50 0.25 on form 3541...... 9,772 7,884 One month 0.14000 0.14613 1.97800 0.13950 d2. In-County as Stated on p - Pink Sheets Federal funds Three month 0.23350 0.21788 2.02700 0.21788 Form 3541...... 00 d3. Other Classes Mailed Effective rate 0.0900 0.0900 1.9200 0.0600 Six month 0.24475 0.27125 1.98588 0.24475 Through the USPS...... 00 Buying and selling by sector One year 0.35750 0.36925 2.01200 0.35750 d4. Free Distribution Outside Notes on data: the Mail (Carriers or other Based on actual transaction dates in reports received this past week U.S. prime rate is the base rate on corporate Euro Libor means)...... 153,303 70,404 loans posted by at least 70% of the 10 largest e. Total Free Distribution One month -0.571 -0.567 -0.360 -0.621 (Sum of 15d and 15e)...... 163,075 78,288 Sector Buying Selling Sector Buying Selling U.S. banks, and is effective March 16, 2020. Three month -0.528 -0.513 -0.142 -0.539 f. Total Distribution (Sum of Other prime rates aren’t directly comparable; Six month -0.496 -0.502 -0.052 -0.504 15c and 15f)...... 910,642 795,142 lending practices vary widely by location; Basic Industries 01,136,831 Finance 2,912,351 46,261,663 One year -0.440 -0.436 0.008 -0.441 g. Copies not Distributed...... 75,763 65,019 Discount rate is effective March 16, 2020. h. Total (Sum of 15g and Business services 100,880 3,363,835 Health care 65,480 35,065,436 Secured Overnight Financing Rate is as of Secured Overnight Financing Rate 15h)...... 986,405 860,161 Capital goods 00Industrial 359,555 18,203,642 October 1, 2020. DTCC GCF Repo Index is i. Percent Paid and/or Depository Trust & Clearing Corp.'s weighted 0.08 0.07 2.05 0.01 Requested Circulation (15c Consumer durables 205,888 11,823,465 Media 02,980,446 average for overnight trades in applicable divided by 15g times 100)...... 82.09% 90.15% Consumer nondurables 043,774,073 Technology 207,619 64,830,446 CUSIPs. Value traded is in billions of U.S. dollars. Value 52-Week 16. Publication of StatementofOwnership: Federal-funds rates are Tullett Prebon rates as Latest Traded High Low October 5, 2020 Consumer services 4,719 14,317,946 Transportation 64,750 5,294,921 of 5:30 p.m. ET. 17. Signatureand title of Editor,Publisher, Energy 9,813,033 589,865 Utilities 71,111 11,000 Sources: Federal Reserve; Bureau of Labor DTCC GCF Repo Index BusinessManager or Owner: Carol Pollin Statistics; DTCC; FactSet; Manager,Circulation Audit Compliance Treasury 0.130 56.750 2.170 0.002 18. Icertify thatall information furnished by me Sources: Thomson Financial; Dow Jones Market Data Tullett Prebon Information, Ltd. MBS 0.133 55.680 2.093 0.011 above is true and complete. September 30, 2020 P2JW279000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | B9 MARKETS China’s Recovery Helps Drive Stocks

More gains are likely ruscases,including about 4,600 deaths. as the economic “Covid is still an X-factor,” rebound gathers said Howard Wang,aportfolio manager and head of Greater momentum China equities at J.P. Morgan Asset Management. BY CHONG KOH PING Theavailability of vaccines will also determine how long China’s fast recovery from it takes for global economies the coronavirus pandemic anddemand to bounceback, helped poweralarge stock- which has implications for market rally this past summer. China’sexport sector.About Moregains arelikely as the 170Covid-19 vaccines arein country’seconomic rebound development globally,accord- gathers steam. ing to the World Health Or- In early July, the Shanghai ganization, and several are in CompositeIndex jumped final testing rounds,but a nearly 17% in lessthan two commercially available U.S. weeks.The benchmark has vaccine could still be at least given up some of those gains months away.China, however, andisup5.5%inthe year to started what it calls “emer- date. gencyuse” of coronavirus vac- Chinese stocks have fared cines formedical workersand betterthan their U.S. counter- border-inspection officials in partsfor much of this year. July. Thenew coronavirus first PolicymakersinBeijing, emerged in the city of Wuhan meanwhile,haveleverstopull in late2019,and Chinese au- if they need to spur growth. thorities later imposed lock- They stillhaveample room to downs,travelrestrictions and cut rates, boost credit or in- quarantine measures across crease fiscal spending,said the countrytoprevent the re- Lombard Odier’s Mr. Lee. spiratorydisease known as Credit Suisse AG has fore- Covid-19 from spreading cast further gains for the CSI widely within its borders. 300 index, which it said could

Afterahistoric decline in GES hit 5500 by year-end. That

the firstquarter,China’secon- IMA would be anearly 20% gain omy grew by 3.2% in the sec- from current levels and a34% ond,and companies including GETTY increase for2020.The index industrial manufacturers and SE/ waslast above5,000 pointsin retailershaveexperienced a June 2015,beforeacrash in resurgenceinglobal and do- Chinese stocks that year. ANCE-PRES

mestic demand. TheInterna- FR Edmond Huang,head of tional MonetaryFund said it China equity strategyatCredit ENCE

expectsChina’sreal GDP to AG Suisse,said China’srecovery grow by 1% forthe full year, China’s economy grew by 3.2% in the second quarter. Companies including industrial manufacturers have had a rebound in demand. on theground has been un- whileglobal growth is pro- matched, following itscontain- jected to be negative 4.9%. “The good performanceof geopolitical tensions and un- are listed on the mainland as nomic recovery,however, ment of the virus,and the TheCSI 300 index, which the marketsislargely in line certainties around the U.S. well as in Hong Kong. could be derailed by the wors- market is benefiting from tracks the300 largest stocks with China’sstrong perfor- presidential election in No- Mom-and-pop investors in ening spread of the coronavi- moreinvestmentsfromindi- on mainland Chinese ex- manceincontaining the virus vember. China have been energized by rusinmanyother countries, vidual investors, as well as changes,has gained 12% since and having a solid framework Theoutcome of the U.S. the economic rebound, as well which could weigh on global foreign funds. the start of the year, versus a for keeping it that way,” said election doesn’t matterto as a hot domestic market for demand forChinese-made Alexious Lee, head of China 3.6% increase in the S&P 500. Homin Lee, Asia macrostrate- most Chinese companies initial public offerings. In Au- products and exports. strategy at Jefferies, predicts Stocks of Chinese food and gist at Lombard Odier. whose ownership and business gust, retail sales returned to Theworld-wide death toll the CSI300 will rise by an ad- beveragecompanies,aswell as Some analystsand large in- operations arelargely domes- precoronavirus levels and from thepandemic reached ditional 9% by year-end. He tourism and duty-free retail- vestorsare expecting Chinese tic,said Jim McCafferty,joint chalked up year-over-year one million on Sept. 28,ac- said that if a Chinese vaccine ers, have rallied, as have stocks to continue climbing in head of Asia-Pacific equity re- growth forthe firsttime in cording to Johns Hopkins Uni- forthe coronavirus becomes shares of automakersand the coming months.The coun- search at NomurainHong 2020.Investorshavealso versity data. available, it will be a boost to brokerages. try’s onshore markets, which Kong.The relatively closed na- rushed intonew mutual funds As of Sunday, therewere the economic outlook.“It Energy, banking and trans- are dominated by tens of mil- tureofChina’smarketscan that invest in domestic equi- nearly 35 million confirmed won’t impact the fundamen- portation stocks have lagged lionsofindividual investors, also be seen in the large price ties. cases globally.China has re- tals,” he added, but would im- behind. are somewhat insulated from differencebetween stocks that Thespeed of China’seco- ported about85,000 coronavi- prove sentiment.

Together youand Ican turn astairwell intoan ER at amoment’snotice.

Port-au-Prince,H, Haiti Dr.P. PaulMl McMaster, DDooccttoorrssW WithoutBt Borders SSuurrggeeoonn HAI TI 20 10 ©J uli eR em y

Donate todayat: doctorswithoutborders.org P2JW279000-0-B01000-1------XA

B10 | Monday, October 5, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Detroit’s Truck Bet Carries a Hidden Risk

Could leaner times interest Quarterly U.S. light-vehicle sales Americans in leaner vehicles? There’s no sign yet, but any reces- 4 million vehicles

S sionary shift back to cars would show up the pitfalls of Detroit’s Lighttruck NEW

G all-out bet on trucks. 3 On the face of it, this year’s cor-

OOMBER onavirus crisis cemented the

/BL American preference for the mon- sters of the road. In the third 2

MORRIS quarter, U.S. light-truck sales fell

UL 5% relative to the same period last PA year, according to Wards Intelli-

VID 1

DA gence. Car sales fell 22%. Light Uber has projected that its acquisition of its food-delivery rival will accelerate its path to profitability. trucks—a category that includes sport-utility vehicles—now ac- Car SharepriceofUber Technologies alone basis. According to the fil- count for 77% of the total market, 0 Postmates ing, Uber still expects to reach up from roughly half a decade ago. 2000 ’10 ’20 $40 profitability next year on an ad- But sales this year say less justed basis as a combined entity. about consumer tastes than about Source:Wards Intelligence Risks Being It is unclear, however, the ex- the geographic impact of the pan- tent to which that forecast banks demic, which has been concen- which are strong in compact or on the November passage of Cali- trated in cities. U.S. sales have “crossover” SUVs as well as se- 30 fornia’s Proposition 22. Postmates held up much better in small dans. After decades of growing A Raw Deal appears particularly exposed. If towns and rural markets, which market share, their U.S. businesses passed, gig economy companies have a bias toward larger vehicles, have stagnated in recent years, would be able to permanently says Tyson Jominy, vice president hitting profits. Toyota has the For Uber thwart the expensive reclassifica- of data and analytics at research scale and products to compete, 20 tion of drivers from independent firm J.D. Power. while Honda may eke out effi- contractors to employees in the Another factor has been incen- ciency gains from its partnership state of California as was man- tives: Early in the crisis, General with GM. Nissan has no easy solu- Filing suggests delivery dated by a state bill that went into Motors and its crosstown peers tion. rival maynot be so tasty 10 effect Jan. 1. offered generous credit terms on Unlike the Japanese manufac- Jan.2020Oct. Postmates had 27% of itscouri- their bestselling vehicles to keep turers, GM, Ford and Fiat Chrys- erslocated in California as of June the profit machine humming. They ler have all but abandoned sedans. It seems Uber Technologies Source:FactSet 30,according to the filing.And withdrew them as dealer invento- That has improved margins and may have been hungrier than in- while Uber says California repre- ries shrank over the summer, but vestors appreciated. evolution of the acquisition agree- sentslessthan 10% of itsglobal loans remain cheap by historic A regulatory filing last Friday ment included in the filing indicate grossbookings, Uber and Postmates standards thanks to the Federal Unlike Japanese auto by the company, including new de- that, beforethe boom in food deliv- have collectively put up nearly a Reserve’s rate cuts. The Japanese tails on its previously announced ery,Postmates’ financials looked thirdofthe roughly $184 million in players that dominate the smaller makers, GM, Ford and acquisition of smaller food-deliv- lessthan stellar. reported funding forthe initiative, end of the vehicle market have Fiat Chrysler have all ery rival Postmates, seemed to fly Initial acquisition discussions, underscoring the importanceofits been much less aggressive. under Wall Street’s radar. While which began in May of last year, passagetotheir businesseconom- Consumer demand could get but abandoned sedans. Uber has touted the deal as highly apparently ended in part because ics.The vote could go either way: more cautious over the coming synergistic—projecting it to accel- Uber determined Postmates’ eco- According to apoll in September by months, depending in part on the erate its path to profitability— nomics “remained in a challenged the UC Berkeley InstituteofGov- progress of another stimulus pack- fresh financials included in the fil- state.” The filing suggests Post- ernmental Studies,39% of voters age through Congress. This sum- their reputation on Wall Street. ing seem to spoil some of the mates might have passed on two surveyed said they would vote yes mer, spending was buoyed by fed- Even if the current taste for trucks promise of that narrative. alternative deals with special pur- on Proposition 22,which needs eral top-ups to unemployment and SUVs lasts, though, the strat- Thefiling gaveanupdateon pose acquisition companies in morethan 50% to pass, while 36% insurance that have expired. Lay- egy carries one risk: that entry- Postmates’ losses,which have con- June in part due to its need for said they would vote no. offs are gathering pace. Fuel prices level consumers without families tinued to grow—albeit at aslower cash “to meet future capital re- Wall Street seems optimistic have also bounced back since the still want cars. “You don’t want to pacethan last year.This is despite quirements.” about Uber’s post-acquisition pros- May trough. give up a person’s first introduc- solid demand forfood delivery Uber said in July it expects to pects on the whole. Uber’s shares For the vehicle market, this tion to your brand, even if it’s not amid the pandemic.According to incur more than $200 million in are up 25% this year, despite gross might not necessarily trigger a a major profit driver,” says Mio the filing,Postmates an accumu- run-rate synergies one year after bookings for Uber’s ride-hailing shift toward sedans and the car Kato, founder of LightStream Re- lated deficit of $929.3 million as of the close of the deal, while Post- business being down by half year- category, but it could mean a move search in Tokyo, who publishes on June 30.Compared with the previ- mates management pegs annual over-year in August, according to away from Detroit’s sweet spot of the Smartkarma research platform. ously reported deficit as of March cost savings from the deal at $225 the company. But to have revisited pickup trucks and larger SUVs. At Despite very robust truck sales, 31, that means Postmates lost more million in the filing. Those syner- Postmates despite its vulnerable the very least Americans seem the past few years haven’t been than $32 million in the second gies are key to Uber’s profitability position suggests Uber had to have likely to pay less for profitable ex- easy for the Detroit players, quarter at the height of the pan- next year, especially given the fact felt significant heat from the com- tras, weighing on manufacturers’ largely because of the cost and demic,despiteUber reporting Post- that Postmates’s forecasts included petitive market environment. margins. threat of new technologies. If con- mates sawanimplied $1 billion in in the filing imply its own revenue Ultimately, Uber could get The relative winners from any sumer demand moves against grossbookingsinthe period. would have been growing more served a more expensive meal than reversal in the current trend them, they will have nowhere left Meanwhile,new details on the slowly than Uber’s on a stand- it bargained for. —Laura Forman would be the Japanese players, to hide. —Stephen Wilmot MARKETS Retail, Housing Offer Shelter From Election Storm

BY PAUL VIGNA Share-priceperformance, year to date Percentage change forselected S&P500 sectors 80% Acontested election. No Consumer stocks areexpected to perform clear victor.Adisruption to well no matter who wins the WhiteHouse. mail-in voting. 200% Etsy Thepotential doomsdayout- 60 Consumer comes of an already-caustic discretionary presidential election campaign arespurring anxiety among in- 40 vestorswho aretrying to posi- Communication tion themselves forany wild 150 services surprises. Some areusing sophisti- 20 catedderivatives tied to the Consumer Cboe Volatility Indextobet on staples dramatic swingsinmarkets 100 through the end of the year. 0 Butfor those who don’t want May2020June July Aug. Sept.Oct. to getinvolved in exotic and Source:FactSet riskygambits, thereare other Amazon.com strategies investorscan take to protect their portfolios. 50 Mr.Brady said he is advising trend, he added. “I would expect volatility,” his clientstohold higher-than- Bigbank stocks have tum- said Jason Brady,president and normal levels of cash. The bled this year,partly because chief executiveofThornburg MonsterBeverage firm’sown fixed-income portfo- lowerinterest rateshave Investment Management in lios have about 10% of their as- dimmed their profit prospects. SantaFe, N.M. “The election it- setsincash, he said, adding Citigroup Inc., Bank of Amer- self maybereasonably priced 0 that thereislittle downside to ica Corp.and PNC Financial in. Theaftermath? I’m not sure money-market funds when gov- Services GroupInc.havede- that is.” ernment-bond yields arehover- clined more than 25%. TheS&P 500 has surged50% ing near record lows. Trying to playvolatility is PNC Financial Services sincebottoming in lateMarch Plus,inatightly correlated risky, though, especially forin- and is up 3.6% this year.Stocks, Bank of America market, investorsholding cash dividual investors, said Brad however, have been under pres- -50 Citigroup would be betterpositioned to McMillan,chief investment of- suresinceearly September as take advantageofbuying op- ficeratCommonwealth Finan- investorswonder about the Big commercial banks are portunitiesinthe event of an- cial Network in Waltham, Mass. contentious election season, down this year,but mightbe other selloff,hesaid. As stocks He and other strategistssug- the prospect of further stimu- attractive to some investors. declined in September,sodid gest investorstakeasimpler lus to support the economyand -100 Treasurys and gold, leaving in- approach:sit tight. “So we get arise in coronavirus cases, vestorslimited places to hide adecline in November,” Mr. among other things. Jan. 2020 Oct. during thedownturn. McMillan wroteinaresearch Forinvestorswho aretrying Source:FactSet “What I’vesaid, and it’svery note. “So what? We see de- to makeportfolio changes in informed by March, youcan clines all the time.Overtime, anticipation of volatility,Brian the clothes people wear or the Horton Inc.are both up more JoeBiden administration would turn cash intoanything,but they don’tmatter.” Rose, senior economist at UBS food they eat,” he said. than 45%. hurt marketsbecause of his tax youcan’t turn anything into UBS’sMr. Rosesaid the elec- Global Wealth Management, Lowe’s Cos., Target Corp. Mr.Rose cautioned investors policies.The effectsofextra cash,” Mr.Brady said. tion and itsaftermath maybe recommends focusing on sec- and Domino’s Pizza Inc.are against becoming tooattached government spending to re- He pointed to money-center chaotic,orthe outcome could tors that arelikely to be lessaf- among the retail stocks that to the fateofaparticular can- build infrastructureand limit banks and mortgageproviders be clearonelection night. Re- fected by either candidate’svic- have benefited from demand didateand making an emo- climatechangewould benefit as potentially attractiveinvest- gardless, the firm doesn’t fore- tory.His list forstocks includes during thepandemic,logging tional decision to buy or sell theeconomygenerally and, in mentswith lowvaluations. cast anychanges to the long- housing,consumer staples and double-digit share-pricein- shares. turn, buoythe stock market. Buying mortgageproviders term investment outlook. consumer discretionary. creases this year.The home Amistaketoavoid this year, “In our view, these roughly could be viewedasanother “Doing nothing is aperfectly “We’renot trying to change builders Lennar Corp.and D.R. Mr.Rose said, is assuming a offset,” he said. take on the work-from-home fine option,” he said. P2JW279000-0-R00100-17FFFF5178F INVESTJOINURNAGILREPONFRT • AQUNDuarterly AnalysisS&ETFS

AMisunderstood Investment

When you hear ‘socially responsible’ or ‘impact’ or ESG, you might be making wrong assumptions. Here are some of the biggest ones.

BY MEIR STATMAN

t is an investing strategy that goes by many names. Some call it socially responsible investing. Others call it social- impact investing, or just im- Ipact investing. Still others call it ESG (for environmental, social and governance) investing. But whatever the name, they all have one thing in common: a lot of misunderstanding. That’s because investors think they know intuitively what socially responsible/social-impact/impact/ ESG investing is all about. But many of their assumptions are su- perficial at best or just plain wrong. Here’s a closer look at some of those assumptions—and why they may not be quite as ac- curate as many people believe. • Socially responsible investing is liberal investing.

The notion that social-responsibility criteria appeal only to liberals is a myth. Sure, exclusion of companies that harm the environment might well appeal mostly to liberals, as does the exclusion of companies producing or distributing weapons. But other common so-

GES cial-responsibility criteria, such as

IMA exclusion of companies involved in

ETTY pornography, might appeal mostly

/G to conservatives. And the exclu- GES sion of companies in tobacco, alco- IMA

A hol or gambling arguably would have no political affiliation. TETR :

BY Consider twoother examples. S First,the AveMaria mutual funds TO

PHO PleaseturntopageR6 MRIE;

CO Dr. Statman is the Glenn Klimek professor of finance at Santa Clara TYLER University’s business school and BY author of “Behavioral Finance: ION

AT The Second Generation” (available

TR free at cfainstitute.org). He can US

ILL be reached at [email protected]. Inside

Winners’ Circle Ask Encore Fund Results SCOREBOARD JustOne Third-quarter 2020 fund performance, They’reNo. 1: total return by fund type.MoreonR2. In atoughmarket, Share Howtocreate Third-quarter U.S. Intl. Bonds your ‘doomsday mutual-fund stocks* stocks* (intmd.) ZevenbergenGenea It’s easierthan ever list’ of passwords and ETF data on Fund led the waywith to buy asingle share and other vital pages R5, R8, a121%return forthe of acompany. It can information 7.5% 6.8% 0.9% makesense (and not foryour R10 and R12 and *Diversiﬁedfunds only,excluding sector past 12 months. R5 justasagift). R8 family. R12 WSJMarkets.com and regional/countryfunds Source:Reﬁnitiv Lipper

today’sinnovations are tomorrow’spossibilities

Access the Nasdaq-100 all in one ETF.

NOTFDIC INSURED |MAY LOSE VALUE|NOBANK GUARANTEE Thereare risks involved withinvesting in ETFs, including possible loss of money. ETFsare subject to riskssimilar to those of stocks. Investmentsfocused in aparticular sector,such as technology,are subject to greaterrisk, and aremoregreatly impacted by market volatility, than morediversified investments. The Nasdaq-100 Index comprises the 100 largest non-financial companiestraded on the Nasdaq. Before investing, consider theFund’sinvestmentobjectives,risks,charges and expenses. Visitinvesco.com/fundprospectus foraprospectuscontainingthisinformation. Read it carefullybeforeinvesting. InvescoDistributors, Inc. P2JW279000-0-R00200-1------XA

R2 | Monday, October 5, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

U.S.-stock funds A Journal Report 6.3% 5.1 5.5

special look at the 2.2 DA Quarterly numbers and news about S Monitor this month’s investing MJJA 2020 –3.1 JR l TA William Power

l Insight 0.6

U.S.-Stock 94 Funds Rose 7.5% in a

% ChoppyQuarter

The third quarter forinvestors wasthe closestthing thatpasses for“normal” marketsthese days. The Yes, it waschoppy. Nerveswere minuscule short,astheyhave been in life yield of the overall. But therewas nothing close 10-year to the historic movements—down Treasury note. The yield has and up—ofthe first and second fallen in six of quarters. In those dizzying two the pasteight quarters, the average diversified quarters. U.S.-stock fund slid 25%and then (Moreon snappedback 24%. lowyields, In the thirdquarter,incontrast, page R12.) the average U.S.-stock fund rose a solid 7.5%, according to Refinitiv Lip- per data, to push slightly into the 10-yr. Treasury black forthe year,at0.4%. Jan.2:1.880% Big tech stocksincluding Apple and Microsoft arethe mostpromi- nentgroup thathas thrived during the pandemic lockdowns and the  remote-working era. The Nasdaq Amazon.com’s gaudy share Amazon.com stock’s CompositeIndex, dominatedby price. Its market capitalization price gain on Nasdaq such stocks, is up 23%in2020. 09.17.20 $3,125 stands at $1.57 trillion. 69% so far in 2020 Thatisreflected in the positive Oct. 2: 0.694% results, on average,for growth- stock funds—those poweredbycor- Megacap technology companies such as Amazon.com, and highflying momentum porate-earningspotential. Lipper’s In the measureoffunds thatinvestin stockslikecar maker Tesla, have been charging up the market.Manyofthesestocks large-cap growth stockswas up Lead gave back some gains in September,but arestill showing big year-to-date gains. 50 11.8% in the quarter and 23%for the Large-capgrowthmutual funds and ETFs, in turn, reapedthe benefitsfor the third year to date—while mostother stock-fund categories areinthe red. quarter. Shown, the first Amazon Fresh grocerystore,inWoodland Hills,Calif.—with “Eventhough thereisalot of moreonthe way—when it openedtothe public in September. uncertaintyinthe short term about

% the economyand the upcoming election, we think the economyis making strides toward normaliza- ‘The record pace of high-yield issuance reminds me of a tion,” says Matt Stucky, portfolio manager at Northwestern Mutual weekend yard sale. In a hunt for yield, everyone is buying The S&P500 Wealth ManagementinMilwaukee. index’sgain, junk, even from companies impacted by the pandemic.’ He cites arecovery in retail sales through Alexander Bridgeforth,fixed-income ETF portfolio manager at DWSGroup Friday, from and housing. “Thereare reasons to its2020 saythings aregettingbetter rather closing lowof than worse,” he says. 2237.40on International-stock funds were l Charted March 23, up 6.8% in the quarter,totrim the during the year-to-date lossto2.8%. worstofthe Bond funds rose.Funds tiedto Scoreatthe Quarter lockdown-tied intermediate-maturity, investment- Afterbeginning the year with twostartling quarters—one down, one up—the thirdquarter's returns were moreconventional. Average total stock-market grade debt(the mostcommon type return forU.S.diversifiedfunds,compared with international-stock funds and bond funds (funds focusing on intermediate-maturity, declines. of fixed-income fund) rose 0.9%,to investment-grade debt). push the year’s gain to 6.3%. Through it all, investorscontinue U.S.-stock funds International-stock funds Bond funds to be grateful forthe stock-fund 20% gains,but hedging their betsby pushing moremoneyintobond 15 34% funds.Investors withdrew anet $121.1 billion from U.S.-stock mutual 10 funds and exchange-tradedfunds and $17.0billion from international- 5 stock funds in the quarter,basedon 0.3 0.3 0.1 0.3 InvestmentCompanyInstituteesti- 0 mates. Theyinvestedanet $218.0 –0.4 –0.3 –0.3 –5 billion in bond funds in the quarter. Mr. Power is a Wall Street –10 This year’s Journal news editor in South total return Brunswick, N.J. Email him at forgold- –15 [email protected] oriented –20 mutual funds and ETFs. FOLLOW THE MONEY –25 Theyrose9% Third-quarter2020flow of in the third 2017 ’18 ’19 ’20 2017 ’18 ’19 ’20 2017 ’18 ’19 ’20 investor cash by fund type, quarter. in billions* Source:Refinitiv Lipper U.S. Intl. stocks stocks Bonds OW

l In Translation BL UL 23 –$121.1–$17.0 $218.0 PA

Explaining Output Gap adjustedbasis. Basedonthatdata, there *estimatedmutual-fund/ETF ﬂows TION: would appear to be little risk of the econ- through 9/23 Source:Investment CompanyInstitute ANSLA The metric is used to predictthe Fed’smoves omyoverheating and causing inflation. TR IN %

There are, however, drawbacks to us- A; Investors might start hearing a lot more interest ratessoon. In the second quarter, ing the output-gap metric to predict GNAR

about the output gap, an obscure metric the economywas operating approximately monetary-policy changes. First, measur- Reprints Available BA

Wall Street professionals historically have 10% belowpotential on areal or inflation- ing the output gap can be challenging, MO used to predict changes in Federal Re- says Robert Wright, a visiting fellow of CO The Nasdaq Individual Copies GIA serve monetary policy and the potential policy studies at Georgia College & State composite’s Recent issues of The Wall Street OR: for an increase in inflation. University. “Ultimately it’s a guesstimate year-to-date Journalcan be purchasedat Using it, however, can be more art for GDP, and potential GDP is a real advance, riding wsjshop.com while supplies last. MONIT The entireissue including this S; than science. guess in the dark, big-time,” he says. the rally in report canbeobtainedfor $11. Put simply,the metric tells us whether What’s more, a recent and subtle tech stocks.It The report alone is $6. PRES

the economyisoperating near its full ca- change in the Fed’s inflation target could is down 8% UMA

Bulk Orders /Z pacity. When the economyoperates be- reduce the output gap’s reliability even from the

Formorethan 10 copies, TER Sept.2record. yond its potential, it tends to overheat, further. Fed Chairman Jerome Powell pleaseemail [email protected] GIS

says Win Thin, global head of currency said the central bank is prepared to let to inquireabout discounted RE pricing and shipping.

strategy at NewYork bank BrownBrothers inflation rise above its 2% tar- UNTY

Harriman. “You cangrowabove trend, but get for a prolonged period. CO Sources: Reprint or License Articles: inflation takes off,” he says.That’ssome- When the output gap starts to DowJones To order reprints of individual NGE Market Data; articles in printordigital format, or RA thing thattypically happens late in the narrow and the economy /O to license content, pleasecontact: Refinitiv Lipper TZ economic cycle when unemploymentislow. reaches its potential, expect Online: www.djreprints.com The Fed usually raises the cost of bor- the Fed to allow inflation to Phone: 1-800-843-0008 rowing when economic output approaches rise higher than investors previ- Email: REINGEWIR

full capacity to keep inflation in check. ously imagined. [email protected] H RA

It seems unlikely thatthe Fedwill raise —Simon Constable SA P2JW279000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | R3 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

The Time to Buy High-BetaStocks? OnceaQuarter High Beta ETF on the overall market, you (SPHB), which in- could simply invest in the vests in the 100 low-beta ETF for all weeks These high-risk, overseveral years. Their cause of their high beta. into practice. One low-risk highest-beta stocks in the except the first of earnings high-reward stocks prediction is that, overtime, Absent acompelling rea- strategy during the first S&P 500. Alow-beta fund is season, when you would may not behave the high-beta stockswill out- son, youshould favorlow- week of earnings season Invesco S&P 500 Low Vola- instead invest in the high- perform in the first week of beta stocksiffor no other would be to invest in a tility ETF (SPLV), which in- beta ETF. way investors think earningsseasons. reason than youliketo high-beta stock ETF while vests in the 100 stocks in Thatdoesn’t mean you sleep moreeasily at night. shorting an equal dollar the S&P 500 with the low- Mr.Hulbert is acolumnist BY MARK HULBERT should automatically avoid amount of a low-beta ETF. est volatility (which is whose HulbertRatings high-beta stocksduring ETFs test the theory During the other weeks closely related to low beta). tracksinvestment bedrock princi- the other weeks. It just Exchange-traded funds you would do the reverse. If you instead want to fol- newslettersthatpay aflat ple of investment means thatyou shouldn’t make it straightforward to An example of a high-beta low the lead of this research feetobeaudited.Hecan be theoryisthat, bet on such stocksbe- put the professors’ theory fund is Invesco S&P 500 while simultaneously betting [email protected]. overtime,the high risk/reward Ashares known as high-beta stockswill make moremoneythan low-beta stocks. Now, newresearch suggests thatinvestors looking to takeadvantage of the potential of high-beta stocks canbestdosowith an active trading strategy,rather than simply holding high-beta stocksfor the long term. Beta refers to astock’s tendency to rise or fall along with the broad market.Ifa stock has abeta greaterthan 1, forexample,ittends to rise morethan averages like the S&P500 when the broad market rises—and fall more when the market declines. Low-beta stockstend to rise or fall by less. Investment theoryholds that, in order to induceinvestors to incur high-beta stocks’ additional risk,theymustovertime produceagreater return. But in practice, according to this newresearch, high- beta stockstend to outper- form in justone week per quarter.Only in thatweek, CanIﬁnd ﬁxed income

ABetaWindow that’snot my usual Average daily return difference* (in percentage points)between the 10% of same old, same old? stockswith the highest betas and the 10% of stocks with the lowest betas. With Capital Group, Betting on beta: During the ﬁrst busyweekof Ican. earnings seasons

During all other weeks 0 of the year Gains 0.29 Loses -0.04 *From2001through 2017 Source:Terry Marsh; KamFong Chan

therefore, does it make sensethattradersbet on high-beta stocks. This research wasconducted by TerryMarsh, an emeritus financeprofessor at the UniversityofCalifor- nia, Berkeleyand chief exec- utiveofQuantal Interna- tional, arisk-management firm forinstitutional investors,and KamFong Chan, a professor of financeatthe UniversityofWestern Aus- tralia. In an interview, Prof. Marsh says the one week of the quarter in which high- beta stocksare expected to beatlow-beta is the first re- If you always do the same old thing, don't be surprised if you ally busyweekofthe earnings season. Forthis quarter, get the same old results. Breakout of your comfortzone and thatisthe week of Oct.19. you'll see thatCapital Group's fixed income has delivered superior results over the last 5years. The earnings tell-all The reason thatthe first week of earningsseason playsthis outsizerole,he Take acloser look at adds:Investors in thatweek gain moreinsightintothe capitalgroup.com/fixedincome health of the economythan in all other weeksofthe quarter combined. As examples of these companies whose operations shedsuch lightonthe overall economy, Prof.Marsh men- tions Goldman Sachs, United Airlines, CSX and Netflix.All four earnings reports arescheduledfor the week of Oct.19. Note thatthereisno guaranteethatduring the week of Oct.19inparticular high-beta stockswill outper- form low-beta stocks. It could very well be,for example,thatthe story told by Investments arenot FDIC-insured, nor arethey deposits of or guaranteed by abank or any other these fivewill be thatthe economyisinworse shape entity,sothey may lose value. than previously thought. In Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is thatcase,the market would contained in the fund prospectuses and summary prospectuses, which can be obtained from afinancial professional and should mostlikely fall and high-beta stockswould lose even more. be readcarefully beforeinvesting. The professors’ research At least 80% of our bond funds (F-2 shares) beat their Morningstar category average annual return for the 1-, 3- and 5-year periods ended 6/30/20. American Funds Distributors, instead applies to an average Inc., member FINRA. ©2020 Capital Group.All rights reserved. P2JW279000-0-R00400-1------XA

R4 | Monday, October 5, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

GM suspended its dividend in April, joining Ford. Shown, GM ventilator financing like the Paycheck Protec- production. tion Program or disaster loans, or used the Main Street Lending Pro- gram, may also find themselves in exactly this position come next year if their businesses are still disrupted. These companies can’t use the funds to finance a dividend directly, and even in cases where revenue rebounds, provisions in loan agreements may mean that companies will have to keep dividends flat until loans are fully repaid.

3. Don’t chase after yields Companies thatpay dividends are typically maturecompanies,with limited competition and consistent revenue.But when uncertainty reigns,eventhe strongestcompanies cancome under pressure. And in an erawherethereare fewsourcesof investmentincome,dividend stocks arelikely to gain in popularityand value even if theyshowsigns of weakness. Againstthis backdrop,focusing on the sustainabilityofthe dividend is important. Some companies offering high dividends are in riskier industries or have overestimated growth. Energy investors, as well as those with exposure to travel and leisure compa- TheNew Mathfor Dividend Stocks nies, experienced this firsthand in the first quarter of this year. “Thereare manyexamples of in- vestorschasing high dividend It has gotten a lot more complicated also lagged behind the market in Disappointment yields only to lose money,” says thanks to the economy and 2020. The S&P Dividend Aristocrats Dividend stockshave laggedbehind Andrew Mies, founder and chief in- pandemic-related government loans Index, which tracks shares of com- the overall market in 2020 vestmentofficer at Wichita, Kan., panies that have consistently raised financial adviser 6Meridian. “You their dividends year over year, is 10% have to consider the sustainability down 4.6% for the year to date S&P500 Index of the dividend. If acompanyis BY BAILEY MCCANN compared with the S&P 500’s 4.1% paying $1 and making $4,that’s advance. Dividend stocks have been 0 probably pretty sustainable.Ifa or the past decade, dividend vulnerable to bigger selloffs this companyispaying $1 and making stocks were a pretty simple play: year as companies have announced $2,that’saproblem.” Forcompa- stable stocks that you hold for the cuts to or suspensions of pay- –10 nies thathave maintainedadivi- building wealth or generating in- outs; some funds are required to dend this year,now is agood time come in retirement. sell in the event of a negative forinvestors to examine whether –20 S&P500 Dividend But the math is beginning to change to the dividend. AristocratsIndex theythink it is sustainable going change. For one thing, during times Lower payouts will especially forward. If not, it maybeagood of economic downturns, as we’re in hurt investors who rely on dividend time to sellhigh and takeprofits. –30 now, companies consider changes to stocks for income in retirement. On the other hand, in the case of F the dividend to keep cash on hand. Companies typically pay out their companies that cut dividends but At the same time, government loans designed to dividends quarterly, so there will be are likely to reinstate and rebound, –40 help companies during the pandemic lockdowns a lag between any cuts or suspen- now may be the time investors can might also set limits on the dividends businesses sions and reinstatements. This Jan. 2020 Oct. get in at a slight discount. can pay out in the future. means if a company that cut its div- Source:FactSet “Cuts aren’t always permanent In this new environment, investors may need to idend earlier this year reinstates it and in some cases can be a sign of rethink their approach to dividend stocks. Here are now, investors aren’t likely to see a it does,” says Tony DeSpirito, portfo- strength,” says Matthew Egenes, cli- some things investors should consider. payout until the fourth quarter or, in lio manager of BlackRock Dividend ent portfolio manager at financial- some cases, next year. Equity Fund (MDDVX). advisory firm Barrow, Hanley, Me- According to Mr. DeSpirito, com- whinney & Strauss. “If a company 1. Expect lower payouts panies that add on debt in a draw- cuts a dividend instead of taking on The stock market has bounced back from its plunge 2. Be wary of financing down, whether to pay dividends or debt, that’s going to be better long earlier this year,but notall dividends have.According Not all companies made cuts or cover other costs, typically emerge term. We take it as an opportunity to data from Janus Henderson, which tracksdividend suspended dividends this year, but from the correction in a weaker po- to look at a company and see Retirees stocksthrough its Global Dividend Index, morethan there are times when maintaining a sition—and could be forced to cut or what’s going on.” Barrow Hanley might half of the companies in the indexcanceledtheir divi- dividend isn't necessarily a sign of suspend the dividend later on. “It identifies value opportunities as the dends in the second quarter and an additional 25% strength. Companies that borrowed may work short term, but if revenue adviser for Transamerica Dividend need to loweredpayouts. In its analysis of the companies in to maintain their dividend during growth doesn’t come back, that’s Focused fund (TDFAX). be less the index, Janus Henderson sees the firms’dividend the drawdown in March and April or when you see all sorts of issues pop reliant payouts falling—at best—by 19%, making 2020 the paid it from cash on hand despite up,” he says. “Financing a dividend is Ms. McCann is a writer in New on worstyear fordividends sincethe financial crisis. limited revenue are on a riskier a big red flag for us.” York. She can be reached at payouts. Perhaps not surprisingly, dividend stocks have path. “Financing doesn’t matter until Companies that took government [email protected].

OptionsTerms AreGreek to You receiving a small cash payment, a premium, for the risk they are taking on the trade, not unlike how insurance firms collect premiums. Do you know what DELTA vomma is? How about Delta is a ratio that measures how vega? It’s time to learn much an option’s price is expected VEGA to change for every $1 shift in the Vega, which isn’t a Greek letter but price of the underlying security. one of the Greeks, nonetheless, BY NICK RAVO Deltas on puts (which give the measures an option’s price sensitiv- owner the right to sell a security ity—how much it could change—in Options exchanges are racking at a certain price) can range from response to implied volatility up records in trading activity this 0 to negative 1; on calls (which changes in the underlying security. year—thanks to hedge funds’ high- give the owner the right to buy a Long-dated options have positive speed algorithms, as well as new security at a certain price) they vega; those expiring soon have neg- individual investors entering the are 0 to positive 1. If a call has a ative vega. Vega is useful for hedg- market. delta of 0.50 and the price of the ing against implied-volatility Some of these investors are so underlying stock rises $1, the price changes; changes in vega are mea- new, in fact, that they may lack of the call will go up, theoretically, sured by the aforementioned fluency in the language of options. about 50 cents, as long as every- vomma, a minor Greek, (a Pyrrho Sure, they probably know, or thing else remains constant. not a Plato, you might say). can easily learn, the basics: puts Delta can offer a rough gauge Perhaps more useful is this and calls; in-the-money and out-of- on the odds an option will wind up trader’s tip: If the vega is smaller the money; HV (historic volatility) in the money at expiration. (A call than the option’s bid-ask spread, and IV (implied volatility); the na- option is in the money if the mar- then the spread isn’t competitive. ked and the spread. ket price is above the strike price; But what about vomma? (No, it a put option is in the money if the RHO LELLA doesn’t gauge how a trader’s market price is below the strike CO

stomach will react if a position price.) For example, a trader buy- This comes in last, and for good CIC goes bad.) ing a far out-of-the-money put move in the price of the underly- goal of not losing money due to reason. It measures the expected CO

If the term vomma is Greek to with a negative 0.05 delta has a ing security. What does this theta (see below). change in an option’s price for every ANCES you, that is because it literally is. 5% chance of the option expiring mean? An oft-used analogy is that one-percentage-point change in in- FR Options traders use various Greek in the money. Not a good bet. delta is an option’s speed, and terest rates. Considering interest letters and terms to describe the Delta neutral is a common gamma reflects acceleration, a nu- THETA rates have pretty much disap- /REUTERS; sensitivity of an option’s price to phrase. It means a combination of ance that may be more important Theta measures the rate of peared, no one tracks it these days. various factors, such as volatility option deltas add up to 1, and the to professional traders hedging change in an option’s value due to The above is intended to show

in the underlying security. The combined options will move, for a large portfolios. time, and is usually expressed as a new traders how much they may /HANDOUT RS

most basic terms—delta, gamma, time, 100% in lockstep with the Gamma is small when an op- negative. For example, if an op- not know about the art and science TO

theta, vega, and rho—are referred underlying stock. It’s very useful tion is deep in or out of the tion’s theta is minus 0.20, an in- of options trading, a type of invest- MO to as “major Greeks.” Vomma, on for hedging a stock’s movement. money. It is at its largest when vestor can expect its premium to ment (sort of) where smart people AL

the other hand, is known as a mi- the option is near or at the money. decline, or decay, 20 cents a day, if sometimes get wiped out (and mint ENER /G

nor Greek because it provides in- Retail traders may often hear everything else remains constant. millions). ST

sight into vega. GAMMA advanced traders mention gamma The rate of decay tends to acceler- So, be careful out there. MA AJ

Hereisacloser look at what This one is tougher; it measures scalping, which is, very broadly ate as the option nears expiration. P: these terms mean to options the rate of change in the delta of speaking, adjusting an options po- Option writers, or sellers, collect Mr. Ravo is a writer in Seattle. He TO traders: an option for every one-point sition frequently with a primary theta when they open a trade, by can be reached at [email protected]. OM FR P2JW279000-0-R00500-1------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | R5 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Winners’Circle banks, with their high fixed costs and BY SUZANNE MCGEE relative lack of innovation. “Square helped deliver PPP [Paycheck Protec- ome mutual-fund And theNo. 1Stock‑Fund tion Program] funds to small busi- managers will look nesses, and it has calculated that back on 2020 as the 60% of the small businesses who worstoftimes.Others Managers Are… used it to get those funds were new arehaving the time of to Square and have now adopted its their lives,posting platform” for other uses, she says. year-to-date returns In Ms. Wood’s view, the soaring of 75%ormore. Afive-personteamatZevenbergen GeneaFund wins the values of stocks in companies that S The differencebe- benefit from pandemic-accelerated stock-picking crownfor the past12months,riding Tesla tweenthe winnersand the laggards is the extenttowhich portfolios were heavily weightedwith stocksof companies thatstand to benefit disproportionately from disruptive change.Some of these have become household names,like Zoom Video Communications Inc., whose visibility and sharepricehave soaredsince the Covid-19 pandemic lockdowns forced billions of people to reimagine their lives.Othersare lesswell- known, likemedical genetic testing company Invitae Corp.(up nearly 500% from its lows in March) or Coupa Software Inc., which delivers acloud-basedspending-management platform to help businesses get a grip on costs(up 155% sinceMarch’s market meltdown). “We would never have guessed that a pandemic-related recession would have led companies to reimagine the way they do business so rapidly,” says Anthony Zackery, one of the portfolio managers overseeing several top-performing mutual funds at Zevenbergen Capital Management, based in Seattle. Zevenbergen’s growth-stock funds captured three of the 10 top spots in The Wall Street Journal’s third-quarter survey of the best-performing actively managed U.S. equity funds, based on their returns over the trailing 12 months. Of these, Zevenber- gen Genea Fund (ZVGIX) triumphed in our quarterly Winners’ Circle com- Zevenbergen managers Brooke de Boutray, Anthony Zackery, Leslie Tubbs, Joe Dennison, Nancy Zevenbergen. Below, ARK’s Catherine Wood. petition by posting a return of 121% for the 12-month period ended Sept. 30, and a year-to-date gain of 92%. most from that transformation, three Zevenbergen funds, and was transformation simply means that in- Our quarterly survey limits its based on a research strategy that fa- 121% the largest holding for Genea Fund. novation is being valued more appro- scope to the universe of actively vors “innovation platforms” like ro- 12-month gain for Many of this quarter’s top-per- priately by the market. She thinks managed and diversified U.S. equity botics, DNA sequencing, energy stor- the winning fund, forming funds in our survey are ben- these businesses are capable of deliv- funds with more than $50 million in age, blockchain technology and Zevenbergen Genea efiting from companies that they ering sustained growth of 25% a year, assets and a track record of at least artificial intelligence. and others believe will dominate the even if the overall economy and mar- three years, and draws on data pro- This approach ledARK’s team to post-pandemic business and market ket are stuck in the doldrums. vided by Morningstar Inc. invest in Tesla Inc.about fiveyears 396% landscape. The Zevenbergen and If these top-performing managers Some of the share classes may be ago; forthe pastthree years, Ms. Tesla’s stock gain ARK funds all include Square Inc. in are correct in their assessment, the less-accessible to ordinary investors, Wood says,ithas been the fund’stop so far in 2020, a their top holdings, as do several real longer-term winners will be or carry unacceptably high fees. holding. Thatmeansinvestors have bonanza for funds funds overseen by Dennis Lynch, those investors able to accurately Genea typically owns positions in benefited handsomely from the nearly that invested in it head of the Counterpoint Global identify those resilient companies ca- only 25 to 35 companies, compared 10-fold explosion in Tesla’s shareprice team at Morgan Stanley pable of thriving in tough times by with as many as 45 positions in overthe past12months,asurge that Investment Management, solving problems for both consumers Zevenbergen Growth Fund (ZVNIX), occurred even though driversof including our third-place and businesses. Index investing may which ranked fourth in our quarterly Tesla’s electric cars mighthave been finisher, Morgan Stanley be less costly, but this kind of active contest, with a trailing 12-month re- expected to stay home during apan- Institutional Discovery stock-picking is the strategy most turn of 114%. demic lockdown while newbuyers Portfolio (MPEGX). likely to deliver above-average re- Catherine Wood, CEO of ARK In- mighthave postponedpurchases. Square, whose share turns consistently, they contend. Es- vestment and manager of American Thatconventional analysis of price has nearly tripled in pecially if pandemic-related economic Beacon ARK Transformational Inno- Tesla as no morethan an automotive the past 12 months, is a struggles re-emerge and continue. vation Fund (ADNIX), says her fund’s companymisses the point, Ms.Wood provider of a contactless “There’s a tendency to think that returns of 116% for the trailing 12 says:“It’s actually arobotics com- payment system used by we’re at the end point of the crisis,” months and 85% for the year to pany, it’s an energy-storage company retailers. The company is says Mr. Lynch. “But I think we’re still date—putting her in second place for because of its emphasis on battery morphing into a new breed in the middle of it.” our contest—come from trying to technology,and it’s an artificial-intel- of financial-services com- imagine what the world will look like ligencecompanybecause of the evo- pany that Ms. Wood be- Ms. McGee is a writer in in five to 10 years. The fund then lution of autonomous vehicles.” lieves will be a long-term New England. She can be reached looks for companies that will profit Tesla also is a top holding in the threat to commercial at [email protected].

Mutual-Fund Yardsticks: How Fund Categories Stack Up Largest Stock and Balanced Funds Includes mutual funds and ETFs for periods ended Sept. 30. All data are preliminary. Total returns are for periods ended Sept. 30. All data are preliminary. Assets are through Aug. 31. Performance data include both share prices and reinvested dividends. Performance (%) Performance (%) Investment objective September 3rd-qtr 1-yr 5-yr* Investment objective September 3rd-qtr 1-yr 5-yr* Assets Performance (%) Fund Name Symbol ($ billions) September 3rd-qtr 1-year 3-year* 5-year* Diversified stock & stock/bond funds World stock funds Vanguard TSM Idx;Adm VTSAX 974.21 –3.6 9.2 15.0 11.6 13.7 Large-Cap Core –3.5 8.5 12.8 12.4 Global –2.5 8.0 12.0 9.6 Vanguard 500 Idx;Adm VFIAX 596.67 –3.8 8.9 15.1 12.2 14.1 Large-Cap Growth –4.1 11.8 35.3 18.2 International (ex-U.S.) –1.9 6.8 6.1 5.8 Vanguard Tot I S;Inv VGTSX 427.70 –2.0 6.5 3.7 1.2 6.2 Large-Cap Value –2.8 5.0 –3.5 7.7 European Region –2.8 6.5 5.0 4.8 SPDR S&P 500 ETF SPY 307.22 –3.8 8.9 15.2 12.2 14.1 Midcap Core -2.5 5.6 –3.2 6.4 Emerging Markets –1.5 9.4 10.8 8.4 Fidelity 500 Index Fund FXAIX 259.22 –3.8 8.9 15.1 12.3 14.1 Midcap Growth –1.0 10.2 26.8 15.5 Latin American –5.0 –0.6 –24.3 4.5 Vanguard Instl Indx;InsP VIIIX 249.52 –3.8 8.9 15.2 12.3 14.1 Midcap Value –2.9 4.7 –11.4 3.9 Pacific Region –1.0 10.6 22.3 10.8 American Funds Gro;A AGTHX 235.44 –3.9 11.0 32.1 16.5 16.9 Small-Cap Core –3.9 3.7 –8.1 5.0 Gold Oriented –6.9 9.4 51.1 22.0 iShares:Core S&P 500 IVV 220.43 –3.8 8.9 15.1 12.3 14.1 American Funds Bal;A ABALX Small-Cap Growth –1.9 8.6 20.0 13.1 Global Equity Income –2.6 3.9 –3.1 5.6 171.44 –1.6 4.1 9.1 7.7 9.5 American Funds EuPc;R6 RERGX 167.89 –1.7 9.7 15.0 5.7 9.1 Small-Cap Value –4.7 2.8 –15.3 2.8 International Equity Income –2.5 3.7 –3.8 3.7 Multicap Core –3.0 8.2 10.4 10.8 Taxable-bond funds Invesco QQQ Trust 1 QQQ 140.25 –5.7 12.6 48.5 25.1 23.4 Fidelity Contrafund FCNTX 138.96 –4.9 11.8 35.1 18.5 17.8 Multicap Growth –2.7 12.2 35.5 16.9 Short-Term 0.02 0.7 2.9 2.2 Vanguard Gro Idx;ETF VUG 137.65 –4.7 13.0 38.2 21.0 19.2 Multicap Value –2.9 4.8 –6.7 6.1 Long-Term –0.2 1.3 7.4 5.5 American Funds Wash;A AWSHX 126.95 –2.0 5.8 4.1 7.9 11.5 Equity Income –2.7 5.4 –2.0 8.2 Intermediate Bond –0.1 0.9 6.5 4.1 Vanguard Dev Mkt;ETF VEA 121.67 –2.0 5.7 2.2 0.9 5.8 S&P 500 Funds –3.9 8.8 14.7 13.6 Intermediate U.S. -0.2 2.4 7.8 3.5 American Funds NPer;A ANWPX 116.01 –3.6 12.6 25.3 13.4 14.4 Specialty Divers. Equity –4.6 9.1 19.3 15.5 Short-Term U.S. –0.1 0.9 6.5 4.1 Vanguard Md-Cp I;Adm VIMAX 115.85 –1.7 8.0 7.1 8.0 10.3 Balanced –1.9 4.8 6.9 7.3 Long-Term U.S. 0.2 0.02 8.9 4.1 American Funds Inc;A AMECX 110.59 –1.6 5.0 1.8 4.1 7.4 Stock/Bond Blend –2.1 5.1 6.7 7.3 General U.S. Taxable –0.1 1.6 4.7 5.1 Vanguard Wellington;Adm VWENX 110.07 –2.0 5.9 7.7 8.2 10.0 American Funds FInv;A ANCFX Avg. U.S. Stock Fund† –3.1 7.5 9.0 10.6 High-Yield Taxable –0.9 3.9 1.0 5.3 107.19 –3.2 6.9 11.9 8.6 12.5 Sector stock funds Mortgage 0.1 0.3 3.2 2.6 American Funds ICA;A AIVSX 103.01 –3.4 6.7 12.7 8.4 11.7 American Funds CWGI;A CWGIX 101.14 –2.8 7.0 10.1 6.0 9.4 Science & Technology –3.7 11.4 41.7 22.5 World Bond –1.0 2.2 1.3 4.0 American Funds CIB;A CAIBX 99.00 –2.0 2.0 –0.6 1.8 5.2 Telecommunication –4.8 6.5 14.8 8.8 Avg. Taxable-Bond Fund** –0.2 2.1 3.8 3.7 Vanguard S-C Id;Adm VSMAX 93.20 –2.7 5.8 1.3 4.4 9.0 Municipal-bond funds Health/Biotechnology 0.5 5.1 32.4 11.0 T Rowe Price BC Gro TRBCX 92.99 –4.7 12.2 36.2 20.9 20.1 Utility –1.0 3.7 –7.6 8.5 Short-Term Muni 0.01 0.1 3.0 1.5 Vanguard EM St I;ETF VWO 87.94 –1.6 9.1 9.8 2.6 8.2 Natural Resources –13.4 –11.8 –41.4 –14.1 Intermediate Muni –0.1 0.8 2.5 2.6 Vanguard Val Idx;ETF VTV 84.08 –2.2 5.6 –3.4 4.4 9.3 Sector –3.1 2.6 –9.0 4.2 General & Insured Muni –0.1 1.0 2.3 3.5 SPDR Gold GLD 78.73 –3.6 6.6 26.5 13.3 10.7 Real Estate –2.7 2.4 –12.0 4.5 High-Yield Muni –0.1 1.6 –0.2 4.1 Vanguard Ext MI;Adm VEXAX 77.50 –3.0 9.9 13.0 8.1 11.2 American Funds AMCP;A AMCPX 75.09 –3.1 6.2 20.2 12.4 13.5 Stock & Bond Benchmark Indexes All total return unless noted iShares:Core MSCI EAFE IEFA 72.03 –2.4 5.5 1.4 0.9 5.7 T Rowe Price GS PRGFX Perfomance (%) Performance (%) 67.64 –4.5 12.2 34.6 18.9 18.4 Investment objective September 3rd-qtr 1-yr 5-yr* Investment objective September 3rd-qtr 1-yr 5-yr* Vanguard PRIMECAP;Adm VPMAX 66.37 –1.9 9.7 15.1 11.4 15.0 Franklin Cust:Inc;A1 FKINX 65.50 –1.9 2.4 –4.4 0.7 5.3

S Large-cap stocks Stock indexes American Funds Mut;A AMRMX 64.23 –2.5 4.8 2.3 6.6 10.3 DJIA –2.2 8.2 5.7 14.0 DJ U.S. TSM Growth –3.8 12.9 34.9 18.3 FUND Dodge & Cox Stock DODGX 63.59 –3.2 4.3 –2.4 2.8 9.1 S&P 500 –3.8 8.9 15.1 14.1 DJ U.S. TSM Value –2.1 5.1 –5.5 8.4 iShares:Russ 1000 Gr ETF IWF 62.09 –4.7 13.2 37.2 21.4 19.9 GEN Midcap stocks Taxable bonds Vanguard Wellesley;Adm VWIAX 60.63 –0.7 2.3 5.2 6.4 7.4 S&P MidCap 400 –3.2 4.8 –2.2 8.1 Barclays Agg. Bond –0.1 0.6 7.0 4.2 Fidelity Gro Company FDGRX 59.90 –3.3 17.7 67.3 27.3 25.0

ZEVENBER Vanguard Div A I;ETF VIG Small-cap stocks Municipal bonds 57.63 –1.1 10.4 9.8 12.9 14.0 T; Russell 2000 –3.3 4.9 0.4 8.0 Barclays Muni. Bond 0.02 1.2 4.1 3.8 Vanguard RE Idx;ETF VNQ 57.40 –2.7 1.3 –12.3 2.3 5.2

INVES Vanguard Intl Gro;Adm VWILX 56.56 –1.7 16.3 49.3 16.1 18.6 Broad stock market International stocks American Funds SMCP;A SMCWX 54.99 –0.5 10.3 25.0 11.7 13.0 ARK DJ U.S. Total Stock Market –3.7 9.1 14.8 13.6 MSCI EAFE†† (price return) –2.9 4.2 –1.8 2.4 P: iShares:Core MSCI EmMkts IEMG 54.62 –1.6 9.8 10.1 2.1 8.5 TO Russell 3000 –3.6 9.2 15.0 13.7 Dow Jones World (ex. U.S.) –2.3 6.7 3.9 6.5 Fidelity Total Market Ix FSKAX 51.72 –3.7 9.1 14.8 11.5 13.6

OM *Annualized †Diversified funds only **Excludes money-market funds ††Europe, Australia, Far East Source: Refinitiv Lipper

FR Note: For funds with multiple share classes, only the largest is shown *Annualized N.A.=Not applicable or not available Source: Refinitiv Lipper P2JW279000-0-R00600-1------XA

R6 | Monday, October 5, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

BOTTOMS UP: The formerly named Vice Fund between the tworeturns. compensation for a serious injury. is a contrarian Forinstance, when Istudied “I consider it a luxury that I now social-responsibility four socially responsible indexes, I have the ability to invest more in fund. Its values concludedthattheir returns were line with my values,” she told me. might be described somewhathigher than the returns as libertarian. of the conventional S&P500 index, but the differencebetweenreturns • wasn’t statistically significant. Socially responsible Allthis getsevenmurkier when investors do good youcomparethe returns that investors earn as opposedtowhat forothersbydivesting investments earn. Here, the evi- stocksofcompanies dence does suggestthateven inconsistent with when socially responsible indexes their values. yield returns somewhathigher than conventional indexes, inves- There’snoquestion thatinvestors tors in socially responsible index get an emotional benefit by divest- funds and ETFsearn lowerre- ing stocksofcompanies thatare in- turnsthan investorsinconven- consistent with their values.But do tional indexfunds and ETFs. This theydogood forothers? Forin- is because socially responsible instance, do investorsdeprivetobacco dexfunds and ETFsbear the companies of moneybydivesting higher costsofacquiring social-re- their stocks, therebyconstraining sponsibilityinformation, and be- the production of tobacco products cause theysuffer the higher costs and limiting the harm theydo? of funds with relatively lowas- Well, maybe. sets.Higher fees result in lower Socially responsible investors returns to the investors. who divest tobacco stocks don’t

Investors who separate their values from investments can actually do a lot of good.

• submit them to these companies AMost separate their values observant Jews to replace expen- Socially responsible for redemption, as they do with from their investments. sive kosher beef with cheaper pork investors are unwilling mutual funds stocks. Instead, they Misunderstood and donate the savings to their to sacrifice returns for sell their stocks to conventional in- Ihear this alot:Ifyou’re really true synagogues. their values. vestors. Therefore, divesting Investment to your values,your investments stocks doesn’t deprive tobacco need to reflect that. Well, thatmay There is no doubt some truth to companies of money directly. be so forsome people.But here’s • this. Indeed, many investors are Nevertheless, socially responsi- ContinuedfrompageR1 another way to think about it:In- Socially responsible in- enticed into socially responsible in- ble investors who divest stocks of reflect conservative, religion-based vestorswho separatevalues from vestments yield higher vesting precisely by promises of tobacco companies or refrain from values corresponding to the precepts investments canmaximizetheir in- market-beating returns. They are buying them can deprive tobacco of the Roman Catholic Church. The vestmentreturns, without regard returns than conven- told they can do well and do good, companies of money indirectly by companysaysthat“all investments to their values,and stay true to tional investments. with the emphasis on “value,” in- increasing their cost of equity. This arescreenedtoeliminate anycom- their values by contributing por- Socially responsible instead of “values.” In some sense, is the return shareholders expect panyengagedinabortion, pornogra- tions of their investmentreturnsor vestments yield lower you could call these pseudo-soif they are to be enticed to buy or phy, embryonic stemcell research,or volunteer activities to organizations returns than conven- cially responsible investors. hold the companies’ stocks. A those thatmakecorporatecontribu- promoting their values. But the evidence also suggests higher cost of equity can lead to- tions to PlannedParenthood.” A banker described to me doing tional investments. thatatleastsome investorsare bacco companies to reduce the Then there’s the Vitium Global precisely that when he invests in willing to sacrificeportions of amount of money they raise from mutual fund, formerly known as the international mutual funds. “Do I Ihear both arguments all the their returns forstaying true to selling additional shares. Vice Fund. The fund’s values might investigate the companies in those time.Ifyou’re afan (oraseller) their values.These investorsex- Having said that, this “punish- be described as libertarian, poking international funds and determine of sociallyresponsible invest- pect to earnlowerreturnson ment” may not, in reality, neces- fingers in the eyes of liberals and whether they are paying their ments, youoften argue thatthe their socially responsible funds sarily deprive these companies of conservatives alike. Its prospectus workers fair wages?” he says. “Ab- returns arehigher than adiversi- than on conventional funds and money. This is because some of says that the fund “will invest at solutely not.” fiedindexfund’s. If you’re nota arewilling to payhigher fees. these shunned companies may least 80% of its net assets…in eq- Yet by making as much as pos- fan, yousay the opposite. Still, all investors, even socially have so much money in hand that uity securities of companies that sible, the banker believes, he is Both sides have plenty of evi- responsible one, are constrained in they don’t need to raise money. derive a significant portion of their better able to stay true to his val- dencetobolstertheir claims.That’s the returns they can afford to sac- In addition, socially responsible revenues from a group of vice in- ues. He and his wife devote a lot because thereare hundreds, if not rifice. As one financial adviser said investors may be able to do good dustries that includes the alcoholic of time to their church’s activities, thousands,ofstudies comparing to me: “Even socially responsible by actively owning the individual beverages, defense/aerospace, gam- “whether helping the community, the returns of sociallyresponsible investors want to retire someday.” stocks of companies inconsistent ing and tobacco industries.” educating the children, helping the investments to those of conven- A woman described switching with their values. For example, so- church financially or working in tional investments. Some found from a socially responsible mutual cially responsible investors can the soup kitchen.” thatsocially responsible invest- fund to a conventional one when raise questions at a general meet- • Other investors, however, would ments yield higher returns than the low returns of the socially re- ing of the shareholders, file share- Socially responsible recoil at this. Advice to separate conventional ones,othersfound sponsible fund imperiled her finan- holder resolutions and complaints people shouldn’t values and investments makes as the opposite, and mostfound no cial security. Years later she re- with regulators or issue state- much sense to them as advice to statistically significantdifferences ceived a large settlement as ments to the news media.

Frontier and Emerging Markets Investors are getting annualized returns of 6.7% with low What’sBehind the GreaterRisk volatility in Thailand. And LowerLong-Run Returns Much of the blame goes to the underlying currency risk, or exchange-rate risk, for U.S.-based in- Much of the blame goes South Korea, Taiwan, Thailand, Tur- vestors in frontier- and emerging- to exchange-rate risk for key, Vietnam) but doesn’t include markets funds. U.S.-based investors Argentina, Malaysia and Pakistan. Trouble Abroad Exposed to fluctuations Since most companies operating in Taiwan, Thailand are tops Returns and volatilityoffrontier and emerging marketscompared a particular country have a good with the S&P500 BY DEREK HORSTMEYER Over the past 10 years, the two portion of their earnings coming countries with the best perfor- Annualized 10-year return (%) Volatility, 10-year horizon (%) to them in their local currency, this Investors looking to boost re- mance of funds specific to them leaves any U.S.-dollar-based fund turns over the long run often turn were Taiwan and Thailand, with investing in them exposed to fluc- to emerging-markets mutual funds annualized returns of 9.1% and Country: Turkey -5.50% tuations in the local exchange rate. and even frontier-markets funds, 6.7%, respectively. These two coun- 31.39 If a local currency should lose a lot with the idea that the more risk tries also had some of the lowest of its value, then the dollar-based you take, the greater the long-run volatility in their funds’ returns Brazil -5.12 fund investing in that country will returns. over this 10-year period, at 17.3% 29.78 fall in value as well (aside from But my look at the data for this volatility for Taiwan and 19.9% for the few ETF and mutual-fund sector shows that more often Thailand. Mexico -1.84 products that actively hedge the than not, the riskier the country’s On the other end of the spec- 21.49 local currency). stocks, the lower the long-run re- trum were Turkey and Brazil. For most investors this is a dif- CK South Africa 0.09 TO turns. These two countries averaged an- ficult problem to adjust for in their 25.65 And in most cases, the underly- nualized returns of minus 5.5% portfolio. Some can buy a cur- SHUTTERS ing reason for this mismatch in and minus 5.1%, respectively, over India 3.75 rency-hedged stock fund—but of- the risk-reward relationship is the past 10 years. And these mar- ten no such fund exists for these EFE/ 23.28 A-

something that’s difficult for most kets were especially risky. Turkish countries. In that case, an investor /EP investors to properly hedge and Brazilian funds averaged 10- Saudi Arabia would need to hedge the stock

3.90 NGRIT

against in their portfolios—the de- year volatility of 31.4% and 29.8%, 16.00 fund by also purchasing a currency YO

cline in the value of a particular respectively. fund that moves with the dollar’s OJ

emerging market’s currency rela- Overall, in these far-reaching Vietnam 4.21 fluctuations against the currency NGR RU tive to the U.S. dollar. parts of the world, even the top- 19.45 in question. Sometimes, again, no Iexaminedthe returns and vola- performing countries couldn’t such fund exists. But even when GES; tilityofmutual funds and ETFsin match the performance of U.S. Thailand 6.75 one does, buying the currency IMA emerging-marketsand frontier- stocks. Over the past 10 years the 19.89 fund in the correct proportion to GETTY marketscountries whereatleast S&P 500 averaged greater returns cancel out the currency risk of the 20 fundsare listedthatfocus on (15.1% annualized) and lower vola- Taiwan 9.12 stock fund is difficult. 17.29 QUILLAN/

thatparticular countryand are tility (13.8%) than any emerging or MC priced in dollars. This captures frontier market. Whether this con- Dr. Horstmeyer is an associate mostcountries investorsconsider tinues is to be seen. S&P500 professor of finance at George 15.05 CHARLES

to be emerging or frontier markets Now, what can help explain the 13.76 Mason University’s Business P: (Brazil, India, Indonesia, Mexico, relatively poor returns in the riski- School in Fairfax, Va. He can be TO Russia, Saudi Arabia, South Africa, est areas of the global economy? Source:Derek Horstmeyer, George Mason University reached at [email protected]. OM FR P2JW279000-0-R00700-1------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | R7 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Sector Strategy A proposed Labor largest money manager, said in its comment to the department. “We Department regulation find that ESG has much in common ‘Do Good’ ESG Funds Aren’t would make it even with existing quality metrics, such as less likely that these strong balance sheets, suggesting funds will be offered in that ESG-friendly portfolios could be Invited to the 401(k) Party retirement accounts more resilient in downturns.” In response, a Labor Department spokesman says, “The department is carefully considering all the thought- ful comments it received on the proposed rule,” which he said will help in “crafting the best possible path forward.” Some 37% of investors in a Wells Fargo survey released in April indicated that one of the top reasons they haven’t gotten involved in sustainable investing is because there are no sustainable funds in their 401(k) plans or their adviser hasn’t offered them one. “It does appear on its face a supply-and-demand mismatch,” says Chris McKnett, co-head of sustainable investing at Wells Fargo Asset Management. Fidelity Investments, the largest provider of 401(k) plans in the U.S., is among the big wealth managers that say demand for sustainable invest- S ments isn’t going away. PRES As of December 2019, 16% of the

TED 401(k) plans Fidelity manages of-

OCIA fered an ESG fund in their lineups, up SS

/A 15% from 2018, and 5.6% of plan participants held the funds, the company UNNER says. Still, overall assets in these BR funds remained low at 1.1% of total

KELSEY investments. “Our plan sponsors have recog- nized this growing preference among BY DIETER HOLGER to promote non-pecuniary benefits investorswantsuch options. their workers, and some have re- or objectives.” In the “rare” case an Many of those who expressed sponded by making ESG funds avail- nvestors looking for more sustainable-invest- ESG investment is “economically in- opposition to the Labor Depart- able,” says Christopher Herman, head ing funds in their retirement plans could be in distinguishable” from a non-ESG in- ment’s proposed rule during the 30- of investment strategists, workplace for a wait. vestment, the plan provider would day public comment period argued investing, at Fidelity. The U.S. Labor Department in June proposed have to explain why the ESG selec- that it singles out ESG investments He says that the Labor Depart- a rule that would make it more difficult for tion is in the financial interests of unfairly for heightened scrutiny, un- ment’s proposal “lacks clear defini- Ifunds focused on so-called do-good invest- the client, according to the proposal. necessarily burdens investment tion” for what money managers RAY OF ments—meaning they select securities based on en- In 2018,only 2.8% of 401(k)s of- firms and is based on a flawed idea should consider and that Fidelity has HOPE? vironmental, social and governance (ESG) factors— feredanESG fund in theirlineups, that ESG sacrifices returns, accord- requested changes for a more Solar to be included in 401(k) plans. The department says the American RetirementAsso- ing to an analysis by trade group straightforward explanation. panels in says the rule, which could take effect as early as ciation’s Plan Sponsor Council of US SIF: The Forum for Sustainable “The proposal will not achieve the Colorado Jan. 1, is needed to protect workers from invest- America, atrade group.Considering and Responsible Investment and department’s goal to provide clarity,” ments that aren’t in their best financial interests. manyAmericans do mostoftheir in- other organizations. The report Mr. Herman says. The rule would require retirement-plan providers vesting through their 401(k)s,that found that 95% of 8,737 comments to choose investment products based solely on fi- could help explain whysustainable opposed the rule. Mr. Holger is an ETF/ESG markets nancial considerations to avoid “inappropriate in- investing still accounts forjustafrac- “The proposal creates an overly reporter for Dow Jones Newswires vestments that sacrifice investment return, in- tion of overall U.S. fund assets de- prescriptive and burdensome stan- in Barcelona. Email him at crease costs or assume additional investment risk spitedozens of surveys thatsuggest dard,” BlackRock Inc., the world’s [email protected].

THE FINANCIALSECTOR OF THE S&P 500INONE ETF Sector SPDRs allowyou to invest in piecesofthe S&P 500. Like Financial. While adding diversification and reducing single stockrisk.These ETFs combine thediversification of amutual fund and thetracking of an index with transparencyand liquidity.

FINANCIALSECTOR SPDR ETFTOP10HOLDINGS* XLF CompanyName Symbol Weight BerkshireHathawayB BRK.b15.21% JP Morgan ChaseJPM 10.96% Bank of America BAC7.21% Citigroup C3.82% BlackRock BLK3.29% WellsFargo WFC3.23% S&P Global SPGI 3.17%

*Componentsand weightingsas American Express AXP2.41% of 8/31/20. Pleasesee website for Goldman SachsGS2.28% dailyupdates.Holdingssubject Visitwww.sectorspdrs.com or call 1-866-SECTOR-ETF to change. CMEGroup ACME 2.26%

Aninvestorshouldconsiderinvestmentobjectives,risks,chargesandexpensescarefullybeforeinvesting.To obtainaprospectus,whichcontainsthisandotherinformation,call1-866-SECTOR-ETForvisitwww.sectorspdrs.com.Readthe prospectuscarefullybeforeinvesting. TheS&P500,SPDRs®,andSelectSectorSPDRs® areregisteredtrademarksofStandard&Poor’sFinancialServicesLLC.andhavebeenlicensedforuse.ThestocksincludedineachSelectSectorIndexwereselectedbythecompilationagent.Theircompositionandweightingcanbeexpectedto differtothatinany similar indexes thatare publishedbyS&P.The S&P 500 Indexisanunmanagedindexof500 common stocksthatisgenerallyconsideredrepresentative of the U.S.stock market.The indexisheavilyweightedtoward stockswithlarge marketcapitalizationsand represents approximatelytwo-thirdsofthetotalmarketvalueofalldomesticcommonstocks.Investorscannotinvestdirectlyinanindex.TheS&P500Indexfiguresdonotreflectanyfees,expensesortaxes.Ordinarybrokeragecommissionsapply. ETFsareconsideredtransparentbecausetheirportfolio holdingsare discloseddaily. Liquidityis characterizedby ahigh level of trading activity. SelectSectorSPDRsaresubjecttoriskssimilartothoseofstocks,includingthoseregardingshort-sellingandmarginaccountmaintenance.AllETFsaresubjecttorisk,includingpossiblelossofprincipal.Fundsfocusingonasinglesectorgenerallyexperiencegreatervolatility.Diversification does not eliminate the risk of experiencing investment losses. ALPSPortfolio SolutionsDistributor,Inc., aregisteredbroker-dealer,isdistributor for the SelectSector SPDR Trust. P2JW279000-0-R00800-1------XA

R8 | Monday, October 5, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Some Stock InvestorsSay, ‘I’ll Have Just One,Please’

It is easier than ever to buy mission to zero. Some brokerages even straight years, Ms. Tengler says. Divi- Ridge, N.Y. “It’s like a placeholder.” a single share. Should you? offer free trading for fractional shares— dends from even single shares of such just a piece of one share—of companies stocks, when combined, can provide A gift idea and exchange-traded funds. meaningful payouts for small investors. Another benefit of buying asingle share BY DAN WEIL “Buying or selling a single share makes Or you can cherry-pick stocks from is thatitgives youaccess to the com- sense, because you’re not paying,” says larger indexes, such as the S&P 500 or pany’sannual meeting, he says.Many ne may be the lone- Nancy Tengler, chief investment officer at the Nasdaq-100 Index, which is heavily shareholderslove going to Berkshire liest number, as the Laffer Tengler Investments in Phoenix. weighted toward big technology compa- Hathaway’s meeting in Omaha, Neb., to song says. But there nies. “Index providers have done the re- seeCEO Warren Buffettpresiding. (This is nothing wrong search for you,” Ms. Tengler says. “If year’s meeting wasonline.) with owning one The big numbers you’re a tech geek, or If youare going to buy anysingle share of stock, finan- In mostcases,ofcourse,buying one if you’re into health share, Berkshirewould be the one,as cial advisers say. sharedoesn’t get youmuch. But some There care, you can create you’re getting “a basket of businesses In fact,buying popular stocksare so expensivethat are also your own sector fund. run by the bestcapital allocator of our O one shareofstock buying justone stock canoffer asub- You have to buy what lifetime,” says Morningstar’s Ms.Benz, has recently become stantiveinvestment. The listincludes fractional you understand.” who generally recommends funds over easier than ever. Amazon.com at $3,125 ashareand shares— Buying a single individual stocks. True, buying a single share might Google parent Alphabet at $1,458.42for share can also bring Finally,single shares canbeagood seem, well, kind of pointless. But for the ClassCshares (GOOG). less than psychological benefits. giftfor friends and family—sometimes smaller investors, it can be a powerful Largely,though, you’re going to be one—of If you want a stock as alark (a shareofWalt Disney to a psychological tool, a way to experiment buying single shares of less-pricey stocks but fear the market Disneyfan, forexample)oraway fora with investing in individual companies stocks, which allows youtoinclude more will turn against you, parentorgrandparenttohelp young and getting a feel for their day-to-day companies in your holdings.“Youcan and ETFs. picking up one share people learn about companies and finan- movements before taking a bigger moreeasily get diversifiedexposure,” gives you a safe way cial markets. “It’s ateachablemoment plunge. It can also be a relatively safe says Christine Benz, directorofpersonal to get the satisfaction forhow stocksand investments work,” and easy way to diversify a small port- financefor Morningstar,aninvestment- of following through on your belief. says TomFredrickson, aNew York finan- folio—or even introduce a young person research firm in Chicago. What’s more, going for just one share cial planner.“I’mthinking Ishould do to the world of investing. You can even set up your own mini-in- can help you ease into the idea of making thatwith my [20-year-old]son.” That hasn’t always been the case. In dex fund by purchasing a range of single larger stock investments. “It’s like getting Jack Ablin, chief investmentofficer at the past, commissions could add a shares. For instance, investors can buy into the pool slowly,” Ms. Tengler says. Cresset Capital in Chicago,sayshewas meaningful percentage to the price of shares of many companies from a small Once a stock is in your portfolio, you’ll given asingle shareofComsat—a tele- buying a single share or subtract a de- index, such as the Dow Jones Industrial likely follow it closely, learning more communications company—as ayoung- cent percentage from the income gained Average, which comprises 30 blue-chip about the company and perhaps buying ster. “it helpedspark my interest in by selling one. But going the solo-share stocks, or the S&P 500 Dividend Aristo- more later on. “The transaction makes stocks,” he says. route has become a strategically viable crats Index, which generally includes 40 you more aware of the stock than if you option in the past year, as most online to 50 stocks in the S&P 500 index that didn’t buy,” says Ken Mahoney, CEO of Mr.Weil is awriter in West Palm Beach, brokerages have cut their trading com- have increased dividends for at least 25 Mahoney Asset Management in Chestnut Fla. He [email protected].

ETNs (Not ETFs) Fall Out of Favor

This year, at least 47 pay a return based on the of ETNs this year—most no- markets are akin to the taking newassets in agiven product universe, with about have closed or been performance of an index. tably the rise in volatility Wild West, where standard strategy,” says Dave Nadig, $6.2 billion in assets as of liquidated The bank, however, doesn’t following the start of the rules of engagement seem chief investmentofficer and Sept. 6, down from $18.6 bil- own any of the securities or Covid-19 pandemic in March to fly out the window.” directorofresearch of ETF lion at the end of 2019. derivatives to facilitate this and the economic uncer- Credit Suisse declined to Trends and ETF Database. And ETNs continue to BY NICK RAVO index tracking, so its com- tainty that has followed. comment. He calls the process“incred- have their proponents, includ- putes the price internally. The products also have ibly anti-investor” because ing those individual investors Exchange-traded notes, This price can be different, received ablack eyebe- Tiny planet “the liquiditygenerally dries who like the use of leverage, which areverydifferentfrom sometimes wildly so, from cause of bizarreprice About 21 ETNs were trading rightup, leaving anyone who want to make bets on volatil- similar sounding exchange- the market price, especially movesinover-the-counter overthe counterasofOct. remains long with fewop- ity or want to engage in tradedfunds,have become if the bank can’t create new trading aftersome ETNs 2. But it isn’t justETNs on tions to exit their position short selling without using an asset classinextremis, shares fast enough. were delistedfrommajor the OTC marketsthatcan other than payprices well futures or options. falling out of favorwith These products areeasy exchanges. be problematic,analystssay. outside fair value.” manyinvestors and issuers. to understand only if “you’re For example, after being “We’ve had manycases now To be sure, ETNs are a Mr. Ravo is a writer in Sincethe start of the asophisticated investor,and delisted from the New York of ETN issuerssimply decid- tiny planet in the multitril- Seattle. He can be reached at year,atleast47ETNs have youcan drill deep into ex- Stock Exchange/Arca, Credit ing it wastoo hardtokeep lion-dollar exchange-traded [email protected]. closedorbeenliquidated, actly howthatindexshould Suisse’s VelocityShares 3x bringing the number trad- be priced,and thatETN Inverse Natural Gas ETN ing on major exchanges to should be priced,and have a (DGAZF) spiked 6,150% to a Tracking Exchange-Traded Portfolios 125asofSept. 30,accord- lawdegreeand canfigure high of $25,000 in OTC Performance figures are total returns for periods ended Sept. 30; for largest exchange-traded funds and ing to ETF Think Tank,a out all the scenarios,” says trading this summer. other portfolios, ranked by asset size. research service. Dan Weiskopf, aportfolio That led the issuer to liq- Assets Volume Expense Launch Performance (%) It is a trend that is likely manager with Toroso Invest- uidate the ETN, which at Fund Symbol ($ billions) (000s) ratio date September 3rd-qtr 1-year to continue, especially as ments and an ETF strategist the time still had more than SPDR S&P 500 ETF SPY 295.39 101,666.4 0.09 01/22/93 –3.8 8.9 15.2 ETFs continue to attract in- with ETF Think Tank. $4.5 billion in assets. Inves- iShares Core S&P 500 ETF IVV 214.75 4,729.5 0.04 05/15/00 –3.8 8.9 15.1 vestors through transpar- ETNs also are known for tors later received $93 a Vanguard Tot Stk Mkt Idx ETF VTI 163.22 4,782.1 0.03 05/24/01 –3.6 9.2 15.0 ency, while ETNs maintain a using leverage, sometimes note, which was the aver- Vanguard 500 Index ETF VOO 161.35 4,281.1 0.03 09/07/10 –3.8 8.9 15.1 reputation for opacity. double or triple the amount age of the note’s indicative Invesco QQQ QQQ 135.71 48,490.9 0.20 03/10/99 –5.7 12.6 48.5 ETNs and ETFs both the note is tracking (that’s value over several previous iShares Core US Aggregate Bond ETF AGG 80.80 6,090.7 0.05 09/22/03 –0.1 0.6 6.9 track indexes and trade on why 2x or 3x is in their days. Those burned were SPDR Gold Shares GLD 76.95 8,336.5 0.40 11/18/04 –3.6 6.6 26.5 exchanges like stocks. But names), which can magnify mainly short-selling high- Vanguard Developed Markets Idx ETF VEA 74.63 12,413.0 0.05 07/20/07 –2.0 5.7 2.2 they are different in struc- gains and losses. And in- speed traders and institu- iShares Core MSCI EAFE IEFA 71.19 12,754.0 0.08 10/18/12 –2.4 5.5 1.4 ture. ETFs hold securities verse ETNs, designed to tions who were forced to Vanguard Total Bond Market ETF BND 62.28 4,708.8 0.04 04/03/07 0.04 0.6 7.0 that are priced throughout move opposite to the uncover their positions as the Vanguard Growth ETF VUG 60.65 788.7 0.04 01/26/04 –4.7 13.0 38.2 the day, and the fund’s derlying investment, effec- price climbed.. Vanguard Emg Mkts Stk Idx ETF VWO 60.32 13,773.8 0.10 03/04/05 –1.6 9.1 9.8 share price usually reflects tively enable short selling. “Once ETNs are relegated iShares Russell 1000 Growth ETF IWF 58.29 1,942.6 0.19 05/22/00 –4.7 13.2 37.2 the value of the holdings. In to the OTC markets, all bets iShares iBoxx $ Inv Grade Cor B ETF LQD 55.20 11,634.7 0.14 07/22/02 –0.3 1.3 8.9

contrast, ETNs are bank-is- Bizarre moves are off,” says Nate Geraci, iShares Core MSCI Emerging Markets IEMG 53.47 20,702.5 0.14 10/18/12 –1.6 9.8 10.1 O sued unsecured debt obliga- Industry experts posit sev- president of investment-ad- *Expense charge is a maximum of 8 cents a share †Assets are estimated N.A.= Not applicable, fund is too new. JAS Note: Total returns are based on the change in the net asset values, not changes in market prices. Net asset values can vary from market prices, which tions, essentially IOUs, that eral reasons for the decline visory firm ETF Store. “OTC therefore can reflect a premium or discount to the net asset values. Source: Refinitiv Lipper MIKEL P2JW279000-0-R00900-1------NS

THE WALL STREET JOURNAL. NY Monday, October 5, 2020 | R9

HOWDOYOU MANAGE RISKWHENTHE WORLDIS UPSIDE DOWN?

We can'tcontrolwhat's next,but we canhelpnavigateit. CMEGroup provides 24-houraccess to trading opportunities in everyinvestable assetclass,allowing market participantsworldwide to manage risk and captureopportunities.For every economictwist and turn,whenthe newnormal is anything but… CMEGroup.

VISITCMEGROUP.COM/ACTION

Derivatives arenot suitable forall investors and involvethe risk of losing morethan the amount originallydeposited and anyprofit youmight havemade.This communicationisnot arecommendation or offer to buy,sell or retain anyspecific investment or service.Copyright ©2020 CME Group Inc. All rights reserved. P2JW279000-0-R01000-1------XA

R10 | Monday, October 5, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

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

Best Performers Worst Performers Balanced Funds Best and Worst Assets Total return (%) Total return for the best- Fund Third-quarter 12-month Fund Third-quarter 12-month Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* and worst-performing Multicap Growth 12.2% 35.5% Natural Resources –11.8% –41.4% Fidelity Puritan K6 Fund FPKFX 371.4 7.6 11.6 19.3 N.A. N.A. stock, bond and mixed Large-Cap Growth 11.8 35.3 Latin American –0.6 –24.3 Fidelity Puritan FPURX 29,645.9 7.7 11.8 19.3 11.3 10.5 mutual-fund categories; Science & Technology 11.4 41.7 Managed Futures –0.2 –5.9 Fidelity Balanced FBALX 37,838.2 7.8 9.9 17.8 11.3 10.4 for period ended Pacific Region 10.6 22.3 Long-Term U.S. 0.02 8.9 Fidelity Balanced K6 FBKFX 426.2 7.9 10.0 17.8 N.A. N.A. September 30; ranked by Midcap Growth 10.2 26.8 Short-Term Muni 0.1 3.0 Sit Balanced SIBAX 54.4 6.4 11.2 17.6 10.8 9.8 Gold Oriented 9.4 51.1 Mortgage 0.3 3.2 3rd-quarter returns. Category Average: 1,330.7 4.7 2.1 6.9 7.3 7.3 Emerging Markets 9.4 10.8 Short-Term Bond 0.7 2.9 Source: Refinitiv Lipper Specialty Diversified Equity 9.1 19.3 Intermediate Muni 0.8 2.5 Number of Funds: 548 540 537 484 407 Small-Cap Core Midcap Core Large-Cap Core Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Needham:Sm Cap Gro;Rtl NESGX 180.9 9.8 25.7 45.9 23.8 12.8 Frank Value;Inv FRNKX 13.2 1.5 9.0 10.9 2.1 6.9 Fidelity Magellan Fund FMAGX 21711.3 11.2 19.0 27.7 16.3 13.9 Jacob Micro Cap Gro;Inst JMIGX 20.8 14.3 22.9 43.7 18.6 12.8 Invesco S&P MidCap Qlty XMHQ 59.7 4.6 2.6 10.9 10.5 10.8 ImpShs:YMCA Wmn Empwrmt WOMN 8.8 14.7 14.2 26.1 N.A. N.A. Perkins Discovery PDFDX 9.2 19.5 9.0 19.7 14.4 8.9 JPMorgan:MdCp Eq;R6 JPPEX 1,782.6 7.3 2.5 10.8 11.2 N.A. HVIA Equity;Inst HVEIX 27.7 12.5 15.4 25.8 N.A. N.A. Paradigm:Micro-Cap PVIVX 67.6 9.4 4.8 18.8 12.6 10.7 Carillon:Sct Mid Cap;I UMBMX 2,822.6 9.2 4.6 9.8 11.6 12.1 Invesco S&P500 Top50 XLG 1,693.3 10.5 13.7 25.5 16.7 14.6 WesMark:Sm Company Gro WMKSX 104.0 5.3 7.0 17.0 7.3 8.8 Clarkston Founders;Inst CIMDX 73.9 10.4 3.4 9.3 N.A. N.A. CB Sustain Leaders;I LCISX 20.9 12.8 14.8 25.4 15.7 N.A. Category Average: 472.6 3.7 –15.0 –8.1 5.0 8.0 Category Average: 812.9 5.6 –9.2 –3.2 6.4 8.9 Category Average: 1,513.7 8.5 4.0 12.8 12.4 12.1 Number of Funds: 921 910 903 719 502 Number of Funds: 353 346 340 255 178 Number of Funds: 674 656 644 519 413 Small-Cap Growth Midcap Growth Large-Cap Growth Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Morg Stan I:Inc;I MSSGX 379.8 19.7 72.0 88.7 23.4 17.0 Morg Stan I:Disc;A MACGX 2878.5 24.9 98.7 114.9 30.8 18.6 Transam:Large Gro;I3 TGWTX 1078.0 17.4 51.9 67.6 N.A. N.A. Renaissance IPO ETF IPO 120.6 29.0 67.9 85.8 21.7 N.A. Baron Focused Gro;R6 BFGUX 498.0 43.7 68.3 94.3 N.A. N.A. Fidelity Blue Chip Gr K6 FBCGX 4,501.3 17.4 39.8 59.5 N.A. N.A. Delaware Sm Cap Gro;Inst DSGGX 118.3 18.4 55.0 68.3 N.A. N.A. Sparrow:Growth Fund;NL SGNFX 44.1 21.3 60.1 83.1 23.0 17.5 Touchstone Inst:Snd Gr CISGX 2,409.8 15.4 43.9 59.2 22.2 18.8 Wasatch:Ultra Gro;Inv WAMCX 1,984.3 11.1 39.2 59.5 26.8 18.2 Delaware Smd Cp G;Inst DFDIX 3,386.9 22.2 56.7 69.5 24.1 19.5 Touchstone:Sel Gro;Y CFSIX 2,326.1 15.4 43.7 58.9 21.9 18.5 Lord Abbett McCp Gro;I LMIYX 100.3 17.5 31.4 55.8 20.8 18.6 BNYM Small/Mid Cap Gro;I SDSCX 3,566.9 10.5 37.3 56.8 22.1 18.0 Fidelity Srs BlueChp G FSBDX 6,485.9 16.6 39.1 58.7 23.5 N.A. Category Average: 585.0 8.6 9.8 20.0 13.1 12.6 Category Average: 807.7 10.2 17.6 26.8 15.5 13.9 Category Average: 2,523.4 11.8 23.0 35.3 18.2 15.7 Number of Funds: 663 658 648 523 391 Number of Funds: 416 409 409 342 267 Number of Funds: 683 669 653 558 440 Small-Cap Value Midcap Value Large-Cap Value Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* North Star Micro Cap;I NSMVX 83.3 13.9 11.8 16.7 9.6 N.A. Hennessy:Crnst MdCp;Inv HFMDX 301.7 22.1 5.2 11.7 2.6 9.3 Barclays iPath Shiller CAPE 208.9 9.5 4.3 13.3 16.0 N.A. Aegis Value;I AVALX 112.6 9.4 –1.3 11.6 12.6 8.4 GoodHaven Fund GOODX 80.0 8.6 –6.9 1.0 4.0 N.A. DoubleLine:Sh En CAPE;I DSEEX $7,581.6 11.4 1.0 9.5 15.6 N.A. Bridgeway:Ultra-Sm Co BRUSX 61.2 7.3 –2.4 3.0 2.0 5.6 T Rowe Price MC Vl N.A. 4.6 –8.8 –1.6 6.9 9.1 Amer Cent:DC Val;Inv BIGRX 2,240.2 7.2 0.2 7.6 10.9 11.6 Brandes Inv:SC Val;I BSCMX 0.7 1.3 –5.3 0.1 N.A. N.A. J Hancock II:Mid Val;NAV 1,322.1 4.5 –8.9 –1.7 6.7 8.9 Invesco S&P 100 Eq Wght EQWL 62.0 6.7 –1.3 7.4 12.5 12.7 Royce Fd:Spec Eq;Inv RYSEX 841.0 2.5 –7.7 –0.7 5.8 7.3 Gabelli Eq:Foc Five;AAA GWSVX 32.4 5.7 –9.4 –3.5 1.1 5.0 Vanguard Windsor II;Adm VWNAX 44,624.5 7.8 –2.9 6.2 9.7 11.0 Category Average: 339.3 2.8 –21.4 –15.3 2.8 6.6 Category Average: 514.0 4.7 –17.1 –11.4 3.9 7.8 Category Average: 1,053.6 5.0 –10.5 –3.5 7.7 9.5 Number of Funds: 225 223 219 186 126 Number of Funds: 154 151 148 123 92 Number of Funds: 391 383 381 337 259 Multicap Core Multicap Growth Multicap Value Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Schwab Cap:Lg-Cap Gro SWLSX 231.6 11.2 18.1 29.7 15.5 14.5 Zevenbergen Genea;Inv ZVGNX 80.2 28.0 91.7 120.5 34.6 N.A. Nationwide Rsk-Bsd US Eq RBUS 107.7 9.0 5.2 10.3 N.A. N.A. Needham:Growth;Retail NEEGX 122.4 9.0 15.8 28.7 13.1 11.2 Zevenbergen Growth;Inst ZVNIX 77.5 21.5 85.2 113.8 30.4 N.A. Cambiar Opportunity;Inst CAMWX 228.8 7.5 0.7 10.3 9.8 9.9 Permanent Port:Aggr Gr;I PAGRX 27.5 11.7 15.1 27.6 12.3 11.8 Virtus:Zeven Inn Gr St;I SCATX 885.3 20.5 79.4 108.0 30.7 21.1 Main Sector Rotation ETF SECT 599.0 9.7 2.2 9.3 N.A. N.A. Domini:Impct Equity;Inv DSEFX 911.3 11.6 16.4 27.2 12.9 12.1 Bail Giff US EG;K N.A. 26.0 81.8 107.0 N.A. N.A. WellsFargo:Dvsfd Eq;Adm NVDEX 154.1 7.9 0.2 9.0 10.4 10.7 Saturna Sustainable Eqty SEEFX 13.1 11.2 13.4 22.9 12.7 N.A. Morg Stan Insight;A CPOAX 5,891.1 22.7 87.1 104.8 33.7 23.0 BlackRock:IS MF USA;K BKMFX 15.0 7.2 –2.1 6.2 N.A. N.A. Category Average: 2,457.2 8.2 1.9 10.4 10.8 11.4 Category Average: 736.9 12.2 24.2 35.5 16.9 14.9 Category Average: 635.3 4.8 –13.3 –6.7 6.1 8.4 Number of Funds: 682 668 659 508 363 Number of Funds: 516 508 507 400 275 Number of Funds: 596 591 586 455 331 Gold-Oriented Funds Health & Biotech Funds Science & Technology Assets Total return (%) Assets Total return (%) Assets Total return (%) Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* Symbol ($ millions) 3rd-qtr (%) YTD 1-yr 5-yr* 10-yr* ARK Next Gen Int ETF ARKW 2482.9 28.0 88.3 123.1 46.9 N.A. Invesco DWA Health PTH 508.9 11.1 42.0 73.6 20.2 18.7 Artisan:Dev World;Adv APDYX 6408.0 18.9 51.1 71.3 23.5 N.A. ARK Innovation ARKK 8,485.2 29.2 83.7 115.2 40.4 N.A. ETFis:Virtus LS Bio Clin BBC 42.6 –9.7 2.5 63.4 8.4 N.A. Fidelity Emerg Asia FSEAX 1,451.9 17.0 36.8 53.8 19.4 10.2 Amplify Online Retail IBUY 946.7 25.9 71.8 89.4 N.A. N.A. Eventide Hlthcare & LS;I ETIHX 1,667.1 2.3 7.6 57.5 19.7 N.A. Fidelity Adv Em Asia;I FERIX 747.5 16.4 36.1 53.0 19.5 10.1 ProShares:Online Retail ONLN 330.0 22.3 73.6 87.0 N.A. N.A. Principal Hlthcr Innv Id BTEC 101.1 6.7 22.6 54.9 N.A. N.A. PGIM Jenn EM Eq Opp;Z PDEZX 49.2 13.1 34.4 44.1 16.1 N.A. WisdomTree:Cloud Cmptng WCLD 708.2 9.6 67.1 81.2 N.A. N.A. Franklin Str:BD;A FBDIX 1,376.9 3.7 17.2 48.8 7.6 16.9 Morg Stan I:Em Mkt Ld;I MELIX 70.2 20.9 28.7 42.0 13.0 N.A. Category Average: 616.6 9.4 34.2 51.1 22.0 –2.6 Category Average: 1,222.2 5.1 11.3 32.4 11.0 15.9 Category Average: 1,542.8 11.4 26.0 41.7 22.5 16.8 Number of Funds: 70 70 69 58 48 Number of Funds: 114 111 108 83 64 Number of Funds: 193 185 183 150 130

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

Winners and Losers Best– and worst–performing stock funds for the periods ended Sept. 30; assets as of Aug. 31 and include all share classes. Performance data are preliminary and include share prices and reinvested dividends. Third–Quarter Best Performers Third–Quarter Worst Performers Five–Year Best Performers Five–Year Worst Performers Assets Performance (%) Assets Performance (%) Assets Performance (%) Assets Performance (%) Fund Name ($ millions) Sept. 3rd–qtr 1–year Fund Name ($ millions) Sept. 3rd–qtr 1–year Fund Name ($ millions) 3rd–qtr 1–year 5–year* Fund Name ($ millions) 3rd–qtr 1–year 5–year* MS FANG+ Index 3x Lev 751.3 –18.4 104.0 464.7 VelShs 3x Invrs Silver 3.9 60.9 –69.5 –86.0 Direxion:Semicnd Bull 3X 1,574.1 34.4 49.0 67.2 Direxion:Jr Mnr Bear 2X 89.8 –33.2 –97.4 –85.7 Direxion:Hbldrs&Sup Bl3X 476.5 8.4 95.1 –19.1 MS FANG+ Idx -3X Inv Lev 41.4 6.5 –63.8 –95.8 Direxion:Tech Bull 3X 2,104.6 31.4 84.0 60.6 VelShs Dly 2x VIX ST ETN 483.8 –50.0 –51.6 –81.8 MS US BO Idx -3X Inv Lev 9.7 54.8 80.9 –39.7 MS US BO Idx 3X Lvrgd 151.1 –42.8 –61.3 –96.1 ProShares:UltP QQQ 8,542.1 34.5 113.5 55.3 Direxion:Gold M Id Br 2X 135.9 –23.4 –90.7 –77.1 Direxion:Transport Bl 3X 44.6 0.2 79.0 –21.7 VelShs Dly 2x VIX ST ETN 483.8 –16.1 –50.0 –51.6 ProShares:Ult Semicond 94.4 25.8 70.4 46.9 VelShs 3x Long Nat Gas 399.9 0.5 –93.0 –77.0 Invesco Solar 1,335.3 13.6 78.6 119.4 MS FANG+ Idx -2X Inv Lev 6.0 5.6 –47.7 –86.0 ProShares:Ult Tech 713.7 22.1 85.2 46.9 ProShs II:UltVIX STF ETF 1,387.5 –38.8 –20.6 –76.6 MS FANG+ Index 2X Lev 157.5 –11.2 66.1 275.3 MS US BO Idx 2X Lvrgd 6.2 –30.1 –44.8 –80.5 ARK Next Gen Int ETF 2,482.9 28.0 123.1 46.9 Direxion:S&P OG EP Bl 2X 436.5 –37.4 –98.4 –74.5 MS US BO Idx -2X Inv Lev 19.7 35.3 53.8 4.1 ProShs II:UlS Blm Nat Gs 79.3 24.4 –43.0 30.3 Rydex:MR NASDAQ-100 2S;H 337.2 24.0 101.5 43.6 Direxion:Semicnd Bear 3X 101.0 –38.4 –91.3 –74.2 Direxion:MSCI Ind Bull3X 113.1 3.3 53.8 –48.5 ProShs II:UltVIX STF ETF 1,387.5 –11.1 –38.8 –20.6 Direxion:M NAS Bl 2x;Inv 429.7 23.8 101.5 42.5 Direxion:S&P Btech Br 3X 71.2 –14.4 –88.2 –64.9 Direxion:R AI & A Bl 3X 49.9 6.9 52.9 64.5 Direxion:Semicnd Bear 3X 101.0 –4.8 –38.4 –91.3 ProShares:Ult QQQ 3,577.7 24.0 89.7 41.4 Direxion:Tech Bear 3X 49.1 –36.4 –87.8 –63.6 Invesco WldHill CE 645.0 7.2 49.6 111.0 Direxion:Cons Dis BR 3X 2.7 3.2 –38.0 –71.6 ARK Innovation 8,485.2 29.2 115.2 40.4 ProShares:UltP Sht QQQ 1,314.0 –37.1 –85.3 –58.8 VelShs 3x Long Silver 604.3 –48.6 49.3 28.5 Direxion:EnergyBull 2X 353.6 –27.9 –37.5 –93.9 Rydex:NASDAQ 2x;H 724.5 23.9 88.9 40.3 ProShs II:Ult Blm Nat Gs 84.1 21.4 –73.3 –53.6 Frst Tr:NASDAQ CE Green 483.8 2.5 49.1 108.3 Direxion:S&P OG EP Bl 2X 436.5 –33.3 –37.4 –98.4 ProFunds:UltraNASDAQ;Inv 860.2 23.6 87.4 40.0 ProShares:UlS Semicond 5.3 –27.6 –75.9 –52.6 Direxion:Retail Bull 3X 38.6 –13.4 48.9 –4.1 ProShares:UltP Sht QQQ 1,314.0 12.0 –37.1 –85.3 ProFunds:Semiconduct;Inv 55.5 19.5 62.1 37.5 ProShs II:Ult Blm CrO 1,333.8 0.5 –92.9 –51.9 Direxion:Cons Dis BL 3X 17.2 –7.2 48.5 25.5 Direxion:Tech Bear 3X 49.1 10.3 –36.4 –87.8 Fidelity Adv Eq Gro;M 4,195.9 11.9 41.3 37.0 Direxion:EnergyBull 2X 353.6 –37.5 –93.9 –47.8 Global Clean Equity;I 5.4 4.1 48.1 N.A. ProShares:Ult Oil & Gas 106.9 –27.8 –36.3 –79.1 ProFunds:Technology;Inv 101.9 16.8 67.2 35.6 VelShs 3x Invrs Silver 3.9 –69.5 –86.0 –47.6 iShares:Gl Cl Energy 1,333.3 7.5 48.0 71.4 Direxion:DJ Int Bear 3X 2.8 10.5 –34.4 N.A. Zevenbergen Genea;Inv 80.2 28.0 120.5 34.6 ProShares:UlS MSCI Brz 27.0 –1.7 –29.8 –46.9 SPDR S&P Knsh Clean Pwr 52.1 7.1 47.4 89.9 ProFunds:UltSh EM;Inv 1.0 –1.0 –33.4 –53.1 Morg Stan Insight;A 5,891.1 22.7 104.8 33.7 ProShares:UlS Tech 3.7 –24.8 –70.8 –46.4 Baron Partners Fund;Rtl 5,225.5 –7.1 47.1 104.8 Direxion:Jr Mnr Bear 2X 89.8 12.4 –33.2 –97.4 UBS AG Enh LC Growth ETN 174.8 26.0 63.0 33.1 ProShares:UltP Sht Dow30 561.0 –24.4 –60.6 –44.8 WP:Sm Co Inc+;Inst 7.8 –6.2 46.7 –12.1 Rydex:Inv EM 2x Str;H 0.4 –1.0 –33.0 –52.3 Crdt Suis FI Lg Cp Gr 305.7 25.5 61.9 32.9 Direxion:S&P 500 Bear 3X 775.5 –26.0 –66.4 –44.1 Baron Focused Gro;R6 498.0 –4.5 43.7 94.3 Highland:Sm-Cp Eqty;A 15.3 –22.0 –30.5 –61.7 Leland TR VNCP Idx;I 264.6 16.7 70.9 32.1 ProShares:Ul PrSh S&P500 990.7 –26.1 –66.4 –43.8 KraneShs:MSCI Ch Env Idx 4.2 9.4 43.6 88.3 Direxion:Comm Svc Br 3X 0.2 16.3 –30.1 –68.6 ProFunds:Internet;Inv 242.0 14.8 56.1 31.9 ProShs II:VIX ST Fut ETF 288.4 –26.5 7.0 –43.1 Direxion:MSCI SKor Bl3X 31.3 10.0 43.4 –8.0 Direxion:MSCI EM Bear 3X 38.6 1.2 –30.1 –61.6 iShares:PHLX Semicon 3,658.7 12.7 45.8 31.8 Direxion:Finl Bear 3X 298.1 –14.6 –56.2 –43.0 ProShs II:Ult Silver 849.6 –34.1 42.9 44.7 ProShares:UlS Cons Gd 1.0 3.4 –29.9 –48.3 BlackRock:Tech Oppt;Inst 5,971.0 15.0 72.1 31.7 VelShs VIX ShTm ETN 21.7 –26.4 7.5 –42.9 Roundhill Sports B & iG 101.1 8.2 42.2 N.A. Glbl X Cannabis ETF 10.5 –24.2 –28.7 –63.1 GMO:Spec Opptys Fd;VI 301.2 35.4 155.9 31.6 ProFunds:UltSh NAS;Inv 11.0 –25.9 –69.4 –42.6 ALPS Clean Energy 375.0 3.6 42.1 82.2 ProFunds:Oil & Gas;Inv 11.7 –21.5 –28.2 –65.0 ProFunds:Prec Metals;Inv 47.2 10.6 81.5 31.2 ProShares:UltPSh Rus2000 161.6 –19.7 –64.1 –42.2 Direxion:EnergyBear 2X 26.6 33.1 41.4 45.6 ProFunds:UlSh China;Inv 1.4 3.2 –28.2 –64.2 Morg Stan I:Disc;A 2,878.5 24.9 114.9 30.8 ProFunds:OE & S US;Inv 11.2 –24.7 –78.7 –42.2 Firsthand Alt Energy 8.0 5.2 40.6 52.8 ProShares:UlS Semicond 5.3 –4.2 –27.6 –75.9 Virtus:Zeven Inn Gr St;I 885.3 20.5 108.0 30.7 Rydex:Inv NAS 2x;H 9.0 –25.5 –68.4 –42.1 ProShares:UlS OIl Gas 18.0 33.1 39.4 32.9 Direxion:Cons Stp BR 3X 0.4 3.5 –26.9 –48.0 Bail Giff LTGG;2 614.2 21.8 103.4 30.6 Direxion:Sm Cap Bear 3X 603.3 –19.6 –63.6 –42.0 Invesco Gl Cln En 97.7 4.9 38.5 82.4 MS FANG+ Index Inverse 19.3 3.4 –26.7 –60.0 Berkshire:Focus 715.8 21.9 76.9 30.6 ProShares:UlS QQQ 279.1 –25.4 –68.3 –41.8 ProFunds:UltraEM;Inv 14.6 –1.3 38.2 33.8 ProShs II:VIX ST Fut ETF 288.4 –6.7 –26.5 7.0 Morg Stan I:Growth;I 14,204.1 21.6 99.4 30.5 Direxion:MSCI EM Bear 3X 38.6 –30.1 –61.6 –40.6 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) Sept. 3rd–qtr 1–year Fund Name ($ millions) Sept. 3rd–qtr 1–year Fund Name ($ millions) 3rd–qtr 1–year 10–year* Fund Name ($ millions) 3rd–qtr 1–year 10–year* MS FANG+ Index 3x Lev 751.3 –18.4 104.0 464.7 Direxion:S&P OG EP Bl 2X 436.5 –33.3 –37.4 –98.4 ProShares:UltP QQQ 8,542.1 34.5 113.5 50.1 Direxion:Semicnd Bear 3X 101.0 –38.4 –91.3 –64.8 MS FANG+ Index 2X Lev 157.5 –11.2 66.1 275.3 Direxion:Jr Mnr Bear 2X 89.8 12.4 –33.2 –97.4 Direxion:Tech Bull 3X 2,104.6 31.4 84.0 43.6 Direxion:Tech Bear 3X 49.1 –36.4 –87.8 –54.3 GMO:Spec Opptys Fd;VI 301.2 –3.7 35.4 155.9 MS US BO Idx 3X Lvrgd 151.1 –42.8 –61.3 –96.1 Direxion:Semicnd Bull 3X 1,574.1 34.4 49.0 42.5 ProShares:UltP Sht QQQ 1,314.0 –37.1 –85.3 –53.9 Direxion:CSI Ch Int Bl2X 60.3 –6.8 18.1 137.4 MS FANG+ Idx -3X Inv Lev 41.4 6.5 –63.8 –95.8 Direxion:M NAS Bl 2x;Inv 429.7 23.8 101.5 37.2 Direxion:Sm Cap Bear 3X 603.3 –19.6 –63.6 –44.5 ARK Next Gen Int ETF 2,482.9 –3.4 28.0 123.1 Direxion:EnergyBull 2X 353.6 –27.9 –37.5 –93.9 ProShares:Ult QQQ 3,577.7 24.0 89.7 36.5 ProShs II:Ult Blm CrO 1,333.8 0.5 –92.9 –44.4 ARK Genomic Revolution 2,112.5 3.0 22.2 122.1 VelShs 3x Long Nat Gas 399.9 –53.6 0.5 –93.0 Rydex:NASDAQ 2x;H 724.5 23.9 88.9 35.4 Direxion:Finl Bear 3X 298.1 –14.6 –56.2 –44.3 Zevenbergen Genea;Inv 80.2 2.5 28.0 120.5 Direxion:MSCI Bra Bull2X 179.9 –15.2 –10.8 –93.0 ProFunds:UltraNASDAQ;Inv 860.2 23.6 87.4 35.2 ProShares:UltPSh Rus2000 161.6 –19.7 –64.1 –44.3 iPath ETN SP500 Dy VIX A 9.4 2.6 9.3 120.4 ProShs II:Ult Blm CrO 1,333.8 –13.4 0.5 –92.9 ProShares:Ult Tech 713.7 22.1 85.2 33.5 ProShares:UlS Semicond 5.3 –27.6 –75.9 –43.6 Invesco Solar 1,335.3 13.6 78.6 119.4 Direxion:Semicnd Bear 3X 101.0 –4.8 –38.4 –91.3 ProShares:Ult Semicond 94.4 25.8 70.4 32.5 Direxion:S&P 500 Bear 3X 775.5 –26.0 –66.4 –42.8 Am Beacon:ARK TI;Y 570.8 –3.2 27.9 116.3 Direxion:Gold M Id Br 2X 135.9 12.7 –23.4 –90.7 ProShares:Ult Cons Sv 26.9 27.9 31.3 30.6 ProShares:Ul PrSh S&P500 990.7 –26.1 –66.4 –42.2 ARK Innovation 8,485.2 –3.3 29.2 115.2 Direxion:Reg Bnk Bull 3X 127.4 –21.2 –26.4 –88.6 ProShares:UltPro S&P500 1,716.0 25.9 1.8 29.7 ProShares:UltPSh MdCp400 13.1 –17.9 –57.9 –41.3 Morg Stan I:Disc;A 2,878.5 4.0 24.9 114.9 Direxion:Latin Bull 3X 21.5 –15.7 –13.5 –88.5 Direxion:S&P 500 Bull 3X 1,546.0 25.8 1.4 29.0 ProShares:UltP Sht Dow30 561.0 –24.4 –60.6 –40.7 Zevenbergen Growth;Inst 77.5 1.0 21.5 113.8 Direxion:S&P Btech Br 3X 71.2 –6.7 –14.4 –88.2 ProFunds:Internet;Inv 242.0 14.8 56.1 27.4 Direxion:MSCI RE Bear 3X 39.6 –10.3 –46.1 –39.9 ProShares:UltP QQQ 8,542.1 –19.0 34.5 113.5 Direxion:Tech Bear 3X 49.1 10.3 –36.4 –87.8 ProShares:Ult Hlth Cr 111.5 11.2 32.8 27.3 ProShares:UlS Nasdaq Bio 12.6 –3.4 –61.0 –39.6 Invesco WldHill CE 645.0 7.2 49.6 111.0 iPath ETN S&P GSCI CTR A 30.0 –22.0 0.6 –86.9 ProShares:Ult Nasdaq Bio 226.5 –3.5 64.5 27.0 Direxion:Latin Bull 3X 21.5 –13.5 –88.5 –39.2 Frst Tr:NASDAQ CE Green 483.8 2.5 49.1 108.3 MS FANG+ Idx -2X Inv Lev 6.0 5.6 –47.7 –86.0 ProShares:UltP Dow30 792.3 23.6 –25.5 26.0 ProFunds:UltSh NAS;Inv 11.0 –25.9 –69.4 –38.6 Virtus:Zeven Inn Gr St;I 885.3 0.8 20.5 108.0 VelShs 3x Invrs Silver 3.9 60.9 –69.5 –86.0 ProFunds:Semiconduct;Inv 55.5 19.5 62.1 25.9 ProShares:UlS Tech 3.7 –24.8 –70.8 –38.4 Bail Giff US EG;K 51.8 –3.5 26.0 107.0 ProShares:UltP Sht QQQ 1,314.0 12.0 –37.1 –85.3 ProFunds:Technology;Inv 101.9 16.8 67.2 25.3 Rydex:Inv NAS 2x;H 9.0 –25.5 –68.4 –38.3 Morg Stan Insight;A 5,891.1 0.9 22.7 104.8 Direxion:Aero & Def Bl3X 241.4 –15.9 –15.6 –82.4 Fidelity Adv Eq Gro;M 4,195.9 11.9 41.3 24.8 ProShares:UlS QQQ 279.1 –25.4 –68.3 –38.0 Baron Partners Fund;Rtl 5,225.5 –7.1 47.1 104.8 MS US BO Idx 2X Lvrgd 6.2 –30.1 –44.8 –80.5 Direxion:M S&P Bl 2x;Inv 95.3 16.9 21.3 23.1 Direxion:China Bear 3X 49.8 –25.8 –55.4 –36.8 Bail Giff LTGG;I 614.2 –3.0 21.7 103.2 MS US BB Idx 3X Lvrgd 19.5 –13.2 –5.9 –79.7 Morg Stan Insight;A 5,891.1 22.7 104.8 23.0 ProShares:UlS Cons Sv 1.3 –25.3 –47.7 –33.2 Rydex:MR NASDAQ-100 2S;H 337.2 –11.5 24.0 101.5 ProShares:Ult Oil & Gas 106.9 –27.8 –36.3 –79.1 ProShares:Ultra S&P500 3,057.1 17.4 15.1 22.9 ProShares:UlS Hlth Cr 2.4 –12.9 –48.6 –31.5 Direxion:M NAS Bl 2x;Inv 429.7 –11.5 23.8 101.5 Crdt Suis XL MP 2L MREIT 119.9 –2.7 11.6 –79.0 T Rowe Price Glbl Tech 6,895.0 16.0 61.3 22.8 ProShares:UlS Indust 1.8 –21.5 –42.9 –30.6 Morg Stan I:Growth;I 14,204.1 1.4 21.6 99.4 ProFunds:OE & S US;Inv 11.2 –30.0 –24.7 –78.7 ProFunds:Cnsmr Svcs;Inv 75.9 20.5 28.1 22.8 Direxion:MSCI EM Bear 3X 38.6 –30.1 –61.6 –30.1 Transam:Cap Growth;I 4,164.4 1.4 21.0 97.6 Direxion:Jr Mnr Bull 2X 915.9 –17.0 16.5 –77.3 Morg Stan I:Growth;I 14,204.1 21.6 99.4 22.7 ProFunds:UltSh Japan;Inv 0.6 –10.3 –35.7 –29.8 Baron Focused Gro;R6 498.0 –4.5 43.7 94.3 ProShares:UlS Semicond 5.3 –4.2 –27.6 –75.9 ProFunds:Biotech;Inv 187.4 –4.6 39.2 22.4 ProFunds:UltSh Sm-Cp;Inv 8.3 –12.9 –41.4 –29.8 SPDR S&P Knsh Clean Pwr 52.1 7.1 47.4 89.9 Direxion:MSCI Mex Bl 3X 9.9 2.0 9.4 –74.3 Transam:Cap Growth;I 4,164.4 21.0 97.6 22.3 ProFunds:UltraBear;Inv 8.1 –17.8 –46.9 –29.6 ProShares:Ult QQQ 3,577.7 –12.1 24.0 89.7 ProShs II:Ult Blm Nat Gs 84.1 –27.0 21.4 –73.3 Fidelity Sel SW & IT Svc 11,611.4 9.0 41.7 22.2 Direxion:EnergyBull 2X 353.6 –37.5 –93.9 –29.6 Amplify Online Retail 946.7 –2.9 25.9 89.4 UBS ETRACS MP2xL SC HD B 24.0 –10.5 –8.4 –72.6 iShares:PHLX Semicon 3,658.7 12.7 45.8 22.0 ProShares:UlS SC600 6.9 –9.9 –30.6 –29.4 Rydex:NASDAQ 2x;H 724.5 –12.1 23.9 88.9 Direxion:Cons Dis BR 3X 2.7 3.2 –38.0 –71.6 Berkshire:Focus 715.8 21.9 76.9 21.7 Rydex:Inv Rus 2x;H 13.5 –12.7 –40.2 –29.2 Note: For funds with multiple share classes, only the largest is shown *Annualized N.A. = not applicable, fund is too new Source: Refinitiv Lipper P2JW279000-0-R01100-1------XA

THE WALL STREET JOURNAL. Monday, October 5, 2020 | R11 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

paying down credit-cardbalances, income ratio formortgage-application borrowers canimprove their chances purposes.When youpay aloan bal- of qualifying foramortgage. ancetozero, your credit scorewill im- “Each little biteyou takeatthat prove and the debtwill no longer fac- pile of debt, you’re helping your torintoyour debt-to-income ratio debt-to-income-ratio,” says Michael because thereisnomonthly obliga- Lux, founder of the StudentLoan tion, says Martin Lynch, directorof Sherpa, awebsitededicated to stu- education at Cambridge Credit Coun- dent-loan education, strategy and seling Corp., anonprofit debtcounsel- borroweradvocacy.Evenbetter,he ing organization in Agawam, Mass. says,ifyou’re able to payyour Things canget tricky forborrowers credit-cardbalanceinfull each who have studentloans thatare in month, it won’tfactor into your defermentorforbearance. That’sbe- debt-to-income-ratio at all. cause some lendersuse afixed per- Another way to improve your centage,say 0.5% or 1%, of the out- debt-to-income ratio is to tweak standing balanceinthe debt-to- your student-loan repaymentop- income ratio calculations.This, tions so thatyou arepaying less however, could be higher than abor- each month. Mr.Lux suggests borrower’sactual paymentwould be, rowers use the federal government’s says Mr.Lynch. In this case, borrow- Loan Simulator tool, available at stu- ersare advisedtoask their student- dentaid.gov/loan-simulator, to esti- loan servicer foranestimatedpay- mate whattheir monthly payments mentletter,sotheir back-end ratio could be under adifferentplan. Of isn’t distorted,hesays. course,therecan be trade-offsto switching plans,such as paying moreoverthe lifeofthe loan. 2. Borrowers on income-driven re- paymentmay find thatsome mort- Borrow less gage lendersautomatically apply a Making a larger down payment will fixed percentage of their loan bal- help reduce the housing or front-end ancewhen calculating the debt-to- ratio used in the approval process, income ratio,which could be higher helping you qualify, Mr. Lynch says. than their actual monthly payment. “Saving for a larger down payment This wasfar morecommon in the may only require temporary budget- past, but borrowers mostlikely to ing measures,” he says, and can be face this issue todayare those who, good for prospective homeowners, in basedontheir income,makeno the sense that, “if belt-tightening is monthly payments, Mr.Lux says. needed to meet some future crisis, Borrowers should ask prospective they know how to do it.” mortgage lendershow these calcula- It is also possible that depending tions aremade and be prepared to on the circumstances, instead of offerevidenceoftheir actual scrimping to come up with a larger monthly paymenttolowertheir down payment, a borrower could be debt-to-income ratio.Theycould also better off directing funds to pay choose to apply foramortgage with down existing debt. amoreflexible lender,Mr. Luxsays. You could also seek to buy a less Student-loan borrowers with pri- expensive home, Mr. Lynch says. “You vate loans could also consider refi- don’t want to jump into a situation nancing to get alowermonthly pay- where you are living paycheck to pay- menttoimprove their debt-to- check to afford the home.”

3. Saving for College lenders increasingly tightening By taking simple steps Seek to improve their lending standards to pro- such as reducing vide more cushion against bor- your credit score Don’t Let rower default, buying a home credit-cardbalances, Better scores earn lower interest could be more difficult for many borrowers canimprove rates and lower monthly payments. Student Debt student-loan holders. Borrowers can accomplish this by Here are some strategies that chances of qualifying opening new accounts judiciously, could help people who are car- foramortgage. paying on time, and keeping older ac- Ruin Yo ur rying student-loan debt qualify counts open to benefit from a longer for a mortgage. average credit history and a larger Homeownership income ratio.Such amove is likely amount of available credit. to lengthen the repaymentterm, 1. meaning you’ll paymoreoverthe Aspirations lifeofthe loan. However, youmay 4. Improve your debt-to- be spending only alittle moreinin- income ratio terest over the lifeofthe loan in ex- Don’t change jobs without considering the impact on When mortgage lendersevaluate change foralowermortgage rate, the lending decision There are steps to take that could borrowers,theylook at twodebt-to- which canresult in abigger savings, help you qualify for a home loan income ratios.The first,calledthe Mr.Lux says.Borrowers with federal Taking on a higher-paying job seems front-end ratio,compares an appli- loans should be wary of this strat- like a no-brainer, but job stability is a cant’s expected mortgage with his egy, sincebyrefinancing theywould factor for some lenders, who may BY CHERYL WINOKUR MUNK or her monthly income.The second lose certain protections such as in- want to see at least two years of comparison, the back-end ratio,is come-driven repaymentand stu- service with your current employer, espite the coronavirus lockdowns, or whereborrowers mayhave more dent-loan forgiveness, Mr.Lux says. Mr. Lynch says. So, unless you would helped by them perhaps, much of the wiggle room to help their cause. Yetanother option forborrowers be substantially increasing your in-  U.S. is in the midst of a red-hot hous- This ratio looksatanapplicant’s is to eliminate smaller loan balances come, staying put in a job, at least Ball ing market. But buying a home can be monthly expenses,including housing, thatcarryaminimum monthly pay- until the home purchase is complete, State’s challenging if you have student debt. carpayments, student-loan bills and ment. While experts typically advise can be helpful. campus in D More than 44 million Americans minimum monthly payments on thatborrowers paydowntheir high- Muncie, collectively owe around $1.6 trillion in student credit cards, compared with his or est-interest obligations first,anex- Ms. Winokur Munk is a writer in Ind., on loans, according to Federal Reserve and New her monthly income. ception is forthose trying to im- West Orange, N.J. She can be Sept. 10. York Federal Reserve data. With mortgage By taking simple steps,such as prove their credit scoreand debt-to- reached at [email protected].

When Saving for College, Don’t Forget Coverdell Accounts chairs and other related furniture for educational purposes fall under Similar to 529s, firms or banks by parents and the broad category of supplies and grandparents, who then make non- equipment related to online learn- but not exactly deductible cash contributions. ing,” says Ed Slott, president of Ed There is an overall $2,000 annual Slott & Co., a Rockville Centre, N.Y., limit on contributions to all ESAs tax consulting firm. “Schools can BY LEONARD SLOANE for the benefit of a particular child. easily make the case that this A beneficiary may owe a 6% excise equipment is required for enroll- It sometimes seems like when it tax every year that excess contri- ment and proper home learning.” comes to college-savings vehicles, butions are in his or her ESA. To be sure, ESAs have draw- 529s are the only game in town. There are limits that can dis- backs in comparison with 529s. In But investors are doing them- courage investors with large in- addition to their income and con- selves a disservice if they don’t comes from setting up an ESA. tribution limits, ESAs are also age- also look at another savings tool Those filing joint returns must limited, while 529s are not. Contri- available: Coverdell Education Sav- have less than $190,000 in modi- butions must end when the ings Accounts (ESAs). Like 529s, fied adjusted gross income student turns 18 and withdrawals ESAs are a tax-favored way to ($95,000 for single filers) to make must be distributed by the time save for education expenses. Both the $2,000 maximum contribution. the beneficiary turns 30.

S types of accounts allow assets to The maximum is phased out for Furthermore, 529s can take ad- grow tax-free when distributions joint filers with a modified advantage of five-year gift-tax aver- NEW Coverdells can get overlooked. Shown, Ohio State on Aug. 25. G are used for qualifying expenses. justed gross income falling be- aging—whereby up to five years of But ESAs have a nice additional tween $190,000 and $220,000 contributions, or $75,000, can be

OOMBER feature that 529s lack: They offer (between $95,000 and $110,000 access are now typically allowed in like, the code says they“aretobe made all at once—but ESAs can- /BL more flexibility in investment for single filers). addition to tuition, books and fees. usedprimarily by the beneficiary not. And 34 states offer income- choices than 529s. ESAs can be in- Once set up and properly “Coverdell is away to cover during anyofthe yearsthe benefi- tax breaks to 529s, but none do so WRIGHT vested in stocks, bonds and mu- funded, however, the assets grow these costs,” says Mark Kantrowitz, ciaryisenrolled.” And it warns that for ESAs. TY

S; tual funds, while 529s are limited tax-free, just as they do in a 529, publisher of Savingforcollege.com, allowable costsdonot include A portion of an ESA withdrawal

PRES to mutual funds. and offer tax-free distributions as which provides information on col- those “for computer software de- may be taxable, even when used

TED ESAs were introduced in 1998 long as the money is used for lege savings plans.“As long as the signedfor sports,games or hob- for college, if a family claims an

CIA as Education IRAs. They were re- qualified educational expenses. costsare reasonable.” bies unlessthe software is pre- American Opportunity or Lifetime SO

AS named in 2002 for the late Sen. As a result of the pandemic, Section 26 USC 529(e)(3) of dominantly educational in nature.” Learning credit in the same year.

OY/ Paul Coverdell, who had been the both 529s and ESAs have bene- the Internal Revenue Code is pre- Meanwhile, in light of the lock- Information about ESAs can be NR primary champion of these plans fited from a broadened interpreta- cise in defining a qualified ex- downs, financial advisers say other found in IRS Publication 970, “Tax CO in the Senate. Their benefits were tion of what constitutes qualified pense. It must be “required for the items may also fall into the cate- Benefits for Education.” made permanent by the American expenses. In this era of increased enrollment or attendance of a des- gory of qualified education ex- MICHAEL

P: Taxpayer Relief Act of 2012. remote-learning, costs for such ignated beneficiary at an eligible penses. “While not specifically Mr. Sloane is a writer in New York. TO Accounts are typically set up at items as computers and peripheral educational institution.” mentioned in the tax code or in He can be reached at OM mutual-fund companies, brokerage equipment, software and internet In discussing computersand the IRS publications, home desks and [email protected]. FR P2JW279000-0-R01200-1------XA

R12 | Monday, October 5, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Ask Encore • Glenn Ruffenach Get Started on Yo ur ‘LastInstructions’

It’s depressing to think about, but it will spare your family work and heartache

• Your Family Won’tHave To” by Mel- Ihavebeenmeaning to organize anie Cullen with Shae Irving. Don’t my recordsand personal informa- be put offbythe length: morethan tion formywife, justincase 400 pages.The authorscoverjust something happens to me. about everything acaretaker or sur- Can yourecommend anyre- sources—any plannersorwork- vivor mightneed to know. (See, for books—toget me started? instance, the section thatfocuses on “pets andlivestock.”) I think this is one of the most im- Then there’s the online route, portant financial tasks that any in- where you can store your instruc- dividual, retired or otherwise, should tions, information and records on a tackle—spelling out “last instruc- website or app, typically for a one- tions” if you become incapacitated time or recurring fee. These sites or die. In doing so, you spare your and services fall under various family much work and heartache. headings: estate-planning organiz- I assume you already have an es- ers, end-of-life planners, document tate plan with all the necessary storage and “death apps.” A favor- documents (a will, power of attor- ite: Everplans (noted above), which Cost: $75 a year. Other services in- tal-insurance trust fund will be de- family ties; rather, what’s most ney, etc.). If so, you can move to, describes itself as a “digital vault.” clude: My Life & Wishes, Final pleted in 2026, after which the gov- important is having a person—a first, writing down the steps your Roadmap and LifeSite. ernment will be able to cover about close friend, a co-worker, a col- family should take if something For my part, I’ve taken a low-tech 90% of scheduled benefits. league, a neighbor—who under- happens to you and, second, listing approach. I have a binder with (I Worse, the Congressional Budget stands your wishes and can be all the pieces and people—assets, AFinal Checklist hope) everything that my wife and Office in September estimated that trusted to carry them out. accounts, insurance policies, bills, Askedtoidentifythe biggestbeneﬁts our daughters need to know. I’ve the hospital trust fund could be de- The Conversation Project, a debts, credit cards, passwords, of having one’s affairsinorder—such also put the contents on two thumb pleted as soon as 2024, given a Boston-based initiative that helps bankers, lawyers and the like—that as creating awill or keeping drives, one for my wife in our safe- drop in payroll-tax revenue tied to individuals and families tackle is- are part of your financial life. documents organized—the following deposit box, and one for our youn- the Covid pandemic. (The trustees sues involving end-of-life care, has We’ll begin with “free.” If you percentages of surveyedadults age gest daughter, who is also our exec- report in April didn’t account for a terrific guide just for this pur- search online (example: what my 55 and older said: utor. I update all this material at the impact of the virus.) pose. Named, aptly, “Who Will family needs to know free pdf), least once a year. When I started And speaking of Medicare…the Speak for You? How to Choose you’ll find numerous worksheets Relieving the this project, it took me a couple of Kaiser Family Foundation, anon- and Be a Health Care Proxy,” this that you can print at no cost and burden on my months (an hour here, an hour profit thatspecializes in health-pol- 16-page booklet (go to theconver- lovedones fill out. In particular, check out Ever- there) to assemble everything. But icy analysis,has agood summary of sationproject.org and click on Top plans, which offers (in addition to if something happens to me, my whereDonald Trump and Joe Biden Tools) explains clearly what a an online planning service) more family—at least when it comes to stand on adozenhealth-careissues, proxy is and does and what you 43% than a dozen free checklists to get our finances—shouldn’t miss a beat. including Medicareand its future. and your proxy should talk you started. (At everplans.com, un- See: “Health Careand the 2020 through long before you might der Resources & Guides, search for: Having some Presidential Election” at kff.org. need her/him. downloadable checklists.) And if controlovermedical • Mostimportant,Iapplaud your you’re comfortable with Excel, you interventions In arecent column, effort to name aproxy.Astudy youwrote about the health can easily create files that list ac- 19 • publishedin2017inHealth Affairs counts, investments, contacts, etc. Being the one to of the Social Security program. I have a question about found thatonly 46%ofpeople age Whatabout Medicare? If you choose to buy a book, nu- decide whathappens health-care proxies. If a person 65 and older had some type of ad- Wheredoes thatstand? merous titles are available, from the to my belongings doesn’t have a family member vancehealth-caredirective. Ihope who can serve as a proxy, whom straightforward (“My Life Direc- 15 Unfortunately, Medicare is in worse your question encourages more does one usually appoint? tory”) to the cheeky (“I’m Dead. Being surethatmy shape than Social Security. people to takethe same step. Now What?”). Yes, you’re paying, ﬁnancial situation is In April, trustees for Social Secu- Actually, the issue here is trust. managedproperly for the most part, for blank pages. 14 rity and Medicare said Social Secu- Yes, it’s typical, and easy, to Mr. Ruffenach is a former reporter But again, that’s the point: You rity beneficiaries, starting in 2035, name a family member as your Having some and editor for The Wall Street need to get your instructions and will receive about 76% of their health-care proxy, a person who can controlovermy 9 Journal. His column looks at information down on paper. (Or in end of lifeand legacy scheduled payouts, unless Congress make decisions about your medical financial issues for those thinking your computer. More in a moment.) acts before then to beef up the pro- care if you’re unable to do so. But about, planning and living their One of my favoritebooks: “Get It gram’s finances. At the same time, the most important consideration retirement. Send questions and Source:Merrill Lynch Wealth Management/AgeWave Together:OrganizeYour RecordsSo ‘Leaving aLegacy: ALasting Gift to LovedOnes’2019 the trustees said Medicare’s hospi- in naming a proxy shouldn’t be comments to [email protected].

Reasons WhyInvestors Largest Taxable-Bond Funds During the 2008-09financial Total returns are for periods ended Sept. 30 and are preliminary; assets Buy Negative-Yielding Debt crisis,investors oftende- are through Aug. 31, and include all share classes. scribedthe U.S. as the least Assets Performance (%) dirty shirt in the laundrybas- Fund Name Symbol ($ billions) Sept. 3rd-qtr 1-yr 3-yr* 5-yr* From currency man bund, which has a the tradertomakeaprofit. ket, meaning thatwhile the Vanguard Tot Bd;Adm VBTLX 288.5 0.1 0.6 7.0 5.3 4.2 fluctuations to solid AAA credit rating, U.S. wasn’t in greatshape, Vanguard Tot Bd II;Inv VTBIX 201.8 0.1 0.6 6.6 5.1 4.0 would be 0.5% ayear 3. When expected other countries were in worse Vanguard Tot Itl BI;Adm VTABX 154.4 0.8 1.1 2.2 5.1 4.4 deflation, there are PIMCO:Income;Inst PIMIX 0.1 3.0 3.8 3.7 5.5 basedonrecentyields. currency moves condition. In terms of invest- 125.7 MetWest:Total Rtn;I MWTIX 88.4 0.04 1.3 8.0 5.8 4.5 several scenarios Yes, there’sacost, but you will likely offset ing in negatively yielding debt, iShares:Core US Agg Bd AGG 79.0 –0.1 0.6 6.9 5.2 4.1 that make it worth it have anear guarantee the negative yields we canuse asimilar idea. If PIMCO:Tot Rtn;Inst PTTRX 69.8 0.1 1.5 7.4 5.2 4.7 thatyou will get almost People who invest interna- bonds of similar qualityhave Dodge & Cox Income DODIX 67.0 –0.3 1.5 7.7 5.5 5.2 BY SIMON CONSTABLE all your moneyback when tionally also have to con- differentyields,then investors Vanguard Sh-Tm Inv;Adm VFSUX 65.6 –0.01 0.9 4.9 3.6 3.1 the securitymatures. tend with future changes would pick the ones with the American Funds Bond;A ABNDX 63.5 –0.2 1.0 9.5 5.6 4.4 Why would anyone want Holding cash in a de- in the value of a currency, leastnegativeyield. Such op- PGIM Tot Rtn Bond;Z PDBZX 60.3 –0.03 1.8 5.9 5.6 5.2 to buy a bond with a nega- posit account with zero or or more specifically, the portunities arerarebecause Vanguard Sh-Tm B;ETF BSV 57.8 –0.02 0.3 4.8 3.4 2.5 tive yield? ultralow interest might expected movement in the investorsquickly takeadvan- iShares:iBoxx $IG Corp LQD 56.4 –0.3 1.3 8.9 7.1 6.5 It’s agood question espe- not be an available alter- currency’s value. For in- tage of such discrepancies to Fidelity US Bond Index FXNAX 55.3 –0.1 0.4 7.1 5.2 4.1 cially given thatexperts esti- native to investors when stance, the 10-year U.S. snap up the betteryielding Lord Abbett Sh Dur;F LDLFX 54.4 –0.01 1.4 2.3 2.8 2.9 mate thatthereare almost bond yields turn negative. Treasury note currently securities. DoubleLine:Tot Rtn;I DBLTX 51.7 0.4 1.0 3.5 3.8 3.3 $16trillion of bonds in the Some banks already are yields around 0.7%, which Fidelity Str Adv Cre Inc FPCIX 40.9 –0.2 1.6 7.7 5.5 4.9 world thathave negative charging savings-deposit is better than the minus Vanguard Int Crp Bd;ETF VCIT 40.9 –0.2 1.7 8.2 6.4 5.8 yields.That’salot of securi- customers a negative 0.5% for the 10-year Ger- 5. Purchasing Vanguard Int-T B;Adm VBILX 38.8 0.1 1.0 8.9 6.3 4.9 Vanguard ST Corp Bd;ETF VCSH ties that investorshave pur- man bund. However, any- power is maintained 38.2 –0.1 0.9 4.9 3.9 3.3 chasedknowing thatthey’ll one buying the bund six The most important reason Vanguard ST IPSI;Ins VTSPX 37.3 –0.2 1.7 4.7 3.1 2.4 get back lessmoneythan months ago would have investors would willingly WA Core Plus Bond;I WACPX 36.2 –0.6 1.8 7.5 5.6 5.7 theyinvested. It means that Sometimes a made money from the choose to invest in negative- Vanguard Int-Tm Inv;Adm VFIDX 35.6 –0.1 1.5 9.1 6.1 5.2 JPMorgan:Core Bond;R6 JCBUX 34.8 0.2 1.0 6.8 5.4 4.3 aone-year bond with aface rally in the euro that more yielding bonds is when there Fidelity Srs Inv Gd Bd FSIGX 34.6 –0.1 1.5 8.5 5.9 5.1 value of $1,000 thatyields minus-0.5% than offset the difference is deflation, or a sustained Vanguard Infl-Prot;Adm VAIPX 32.7 –0.3 3.0 9.8 5.6 4.5 minus 1% will leave the in- German bund in the yields. On March 30 drop in the price level for BlackRock:Str Inc Opp;I BSIIX 32.4 –0.04 2.8 4.6 3.6 3.7 vestor with $990 when the one euro would fetch $1.10 goods and services. For in- iShares:iBoxx $HY Corp HYG 31.3 –1.2 4.2 1.3 3.4 5.6 bond matures. can pay off. versus $1.17 recently. The stance, consider a one-year Fidelity Total Bond FTBFX 30.9 –0.2 1.8 7.9 5.5 5.1 Making such an invest- 6% currency rally more bond that yields minus 5% Vanguard Inst IT;Inst+ VIITX 29.8 0.01 0.6 6.1 4.3 3.3 mentmightseemsilly.But than compensated for the but at the same time infla- Baird Aggregate Bd;Inst BAGIX 28.9 –0.1 1.1 7.8 5.6 4.7 thereare at leastfivesitu- 1.2 percentage point differ- tion is expected to be minus Baird Core Plus Bd;Inst BCOIX 27.7 –0.04 1.4 7.8 5.7 5.0 ations whereitmay make yield. Britain’s Starling ence in yields. 10% over the same period. Vanguard GNMA;Adm VFIJX 27.2 –0.1 –0.2 3.8 3.4 2.8 sense. Bank became the first If that trend continues, That means the investor in Vanguard HY Corp;Adm VWEAX 27.2 –0.8 4.3 3.3 4.3 6.1 U.K.-based bank to charge then it should be clear the bond would have more American Funds Intm;R6 RBOGX 27.0 0.04 0.9 7.6 4.2 3.1 customers a negative in- that the bund would make purchasing power at the end Fidelity SA Core Inc FIWGX 26.6 –0.1 1.6 8.4 N.A. N.A. 1. The bond offers terest rate: The digital a more attractive invest- of the year because prices BlackRock:HY Bd;I BHYIX 25.8 –1.0 4.8 2.2 4.0 6.1 security at a cost bank charges 0.5% on euro ment than the U.S. Trea- for goods and services would iShares:TIPS Bd ETF TIP 23.7 –0.4 3.0 10.0 5.7 4.5 Negative-yielding bonds deposits of €50,000 or sury. However, there are have declined far more than iShares:MBS ETF MBB 22.4 –0.1 0.2 4.4 3.6 2.8 T Rowe Price New Inc;Z TRVZX 22.2 0.02 1.5 N.A. N.A. N.A. that have a minuscule risk more, equivalent to about risks in investing this way would the value of the in- of default can be attractive $58,500 or more. because forecasting future vestment in the fixed-income iShares:1-3 Trs Bd ETF SHY 21.3 0.02 0.1 3.5 2.5 1.7 to someinvestors.“Think of currency movements is security. Vanguard Lg-Tm Inv;Adm VWETX 20.9 –0.2 1.2 11.6 9.5 9.0 Lord Abbett Ul Sht Bd;A LUBAX the negativeyield as the notoriously tricky. “You can have negative in- 20.8 0.04 0.3 1.6 2.0 N.A. Guggenheim:TR Bd;Inst GIBIX 20.5 0.2 2.7 11.2 6.2 5.9 cost of storage,” says Sam 2. The chance of a “You’d be putting an terest rates at any level as Bridge Bldr:Core Plus Bd BBCPX 20.5 –0.1 1.6 7.7 5.7 4.1 Stovall, chief investment quick trading profit awful lot of weight on long as the expected inflation iShares:1-5 IG Corp Bd IGSB 20.0 –0.1 1.0 5.1 4.1 3.1 strategistatNew York fi- Traderswould be willing to something that hasn’t had rate justified,” says Mr. Ran- J Hancock Bond;R6 JHBSX 19.9 –0.1 1.8 7.1 5.5 5.1 nancial research firm CFRA. buy anegative-yielding a long history,” says David son. Put simply, if your pur- iShares:Sh Trs Bd ETF SHV 19.8 ... 0.01 1.3 1.7 1.2 “Would yourather pay bond if theythoughtthat Ranson, director of re- chasing power grows over iShares:7-10 Trs Bd ETF IEF 19.7 0.3 0.2 9.9 6.7 4.4 nothing forquestionable the yield mightdivedeeper search at financial-analyt- the investment period, it PIMCO:Inv Grd Cr;Inst PIGIX 19.7 –0.4 2.0 5.5 5.7 6.2 security, or would you into negativeterritory. ics firm HCWE & Co. doesn’t matter how negative PGIM High Yield;Z PHYZX 19.4 –0.4 5.1 2.8 4.7 6.9 rather payalittle bit more Fixed-income prices and the yield is on the bond. American Funds Govt;R6 RGVGX 19.2 0.2 0.6 9.7 5.2 3.7 to ensureyour principal is yields move inversely,soif BlackRock:Tot Rtn;Inst MAHQX 18.8 0.04 1.7 7.5 5.3 4.5 Lord Abbett Bond-Deb;F LBDFX 18.4 –1.1 4.5 3.3 4.1 6.2 GNOLA safe?” Forinstance, the abond yield getseven 4. When the bond Mr. Constable is a writer in TO Templeton Gl Bond;Adv TGBAX 18.3 0.3 –0.6 –3.4 –1.5 1.7 “costofstorage” when in- morenegative, the bond is still safe, Edinburgh, Scotland. He canbe TIN vesting in a10-year Ger- pricewould rally,allowing relatively speaking [email protected]. *Annualized N.A.=not applicable, fund is too new Source: Refinitiv Lipper MAR