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****** MONDAY,APRIL 12, 2021 ~VOL. CCLXXVII NO.84 WSJ.com HHHH $4.00

Last week: DJIA 33800.60 À 647.39 2.0% NASDAQ 13900.19 À 3.1% STOXX 600 437.23 À 1.2% 10-YR. TREASURY À 16/32 , yield 1.664% OIL $59.32 g $2.13 EURO $1.1902 YEN 109.67 Matsuyama Wins Masters, in a First for a Japanese Man CEO Pay What’s News Climbs In Year Business&Finance Of Vast EO paysurged in 2020, Ca year of historic busi- nessupheaval, awrenching Upheaval labor market formanywork- ersand unprecedented chal- lenges formanyleaders. A1 Median compensation  Google foryearsoperated a reaches $13.7 million secret program that used past bid datainthe company’sad for leaders at 300 of exchange to allegedly give the biggest companies itsown ad-buying system an advantageovercompetitors, BY THEO FRANCIS according to acourt filing. A1

GES AND KRISTIN BROUGHTON

 Fed chief Powell said IMA the U.S. economy appears CEO paysurgedin2020,a

to be at an inflection point, GETTY year of historic businessup- with output and job growth heaval,awrenching labor mar- poised to accelerateaslong ketfor manyworkersand chal-

as the pandemic retreats. A2 EHRMANN/ lenges formanyleaders. Median payfor the chief ex-  Medline Industries is ex- MIKE FITTING: Hideki Matsuyama dons the greenjacket afterwinning the 85th Masters tournament at the Augusta National Golf ecutives of morethan 300 of ploring asale that could value Club in Augusta,Ga., on Sunday. Mr.Matsuyama is the first Japaneseman to win one of golf’s major championships.A14 the biggest U.S. public compa- the medical-supply company nies reached $13.7 million last at as much as $30billion. B1 year,upfrom$12.8million for  Alibaba said it would in- the same companies ayear vest in measures to support earlier and on track forare- merchantsonits platform, af- cord,according to aWall terChina’santitrust regulator Secret GoogleProjectAccused Street Journal analysis. imposed a$2.8billion fine. B1 Paykept climbing in 2020 as some companies moved per-  Senior business leaders formancetargets or modified met virtually to plan what paystructures in response to several said big businesses Of Using Ad Data to Lift Sales the Covid-19 pandemic and ac- should do next about new companying economic pain. voting laws under way in SalarycutsCEOs took at the Texas and other states. B1 BY JEFF HORWITZ hundreds of millions of dol- This week’sfiling,viewedby Google’sroles as both the op- depths of the crisis had little  VoxMedia said it is acquir- AND KEACH HAGEY larsinrevenue forthe com- TheWall Street Journal, erator of amajor ad ex- effect. Thestock market’sre- ing Cafe Studios, publisher panyannually,the documents wasn’t properly redacted when change—which Google likens bound boosted what topexecu- of apopular podcast hosted Google foryearsoperated a show. In itslawsuit, Texas al- uploaded to the court’spublic to the New York Stock Ex- tives took home because much by former Manhattan U.S. secret program that used data leges that the project gave docket. Afederal judgelet change in marketing docu- of their compensation comes in attorney Preet Bharara. B3 from past bids in the com- Google,aunit of Alphabet Google refile it under seal. ments—and arepresentativeof the form of equity. pany’sdigital advertising ex- Inc., an unfair competitivead- Some of the unredacted buyersand sellersonthe ex- In some cases,investors changetoallegedly giveits own vantageoverrivals. contentsofthe document change. Google also actsasan have responded by withholding World-Wide ad-buying system an advantage Thedocumentsfiled this were earlier disclosed by ad buyer in itsown right, sell- support forcompanypay prac- over competitors, according to week were part of Google’s MLex,anantitrust-focused ing ads on itsown properties tices in annual advisoryvotes, court documentsfiled in a initial response to the Texas- news outlet. such as search and YouTube PleaseturntopageA2  Acrucial period of negoti- Texas antitrust lawsuit. led antitrust lawsuit,which Thedocument sheds fur- through these same systems. ations expected to determine Theprogram, known as wasfiled in December and ac- ther lightonthe state’scase Texas alleges that Google Median total compensation the sizeand scope of Biden’s “Project Bernanke,” wasn’t cused the search company of against Google,along with the used itsaccesstodatafrom forS&P 500 CEOs on the job infrastructure package will disclosedtopublisherswho running adigital-ad monopoly search company’s defense. publishers’ ad servers—where at leastayear start this week when law- sold ads through Google’s ad- that harmed both ad-industry Much of thelawsuit in- morethan 90% of large pub- makersreturn to Capitol Hill buying systems.Itgenerated competitorsand publishers. volves theinterplayof PleaseturntopageA9 $14million from atwo-week recess. A4 12  Getting aBiden pro-union proposal through Congress could be a high hurdle for Fear of Covid-19 ShrinksLabor Force 10 Democrats, even as aunion- ization vote at Amazon puta 8 newspotlight on the issue. A4  The“no” vote at an Ala- Around 4 million adults aren’t looking for jobs due to virus; taming pandemic key to recovery 6 bama warehouse dealt a blowtoorganized labor’s BY GWYNN GUILFORD ing to go home. And I’m probably not too ill to take care of her two-year-old 4 push to reversefalling pri- going to come back,’ ” said Ms. McLau- daughter or infected her wife, an essen- vate-sector membership. A4 A little over a year ago, Chanee rin, who is 29 and lives in a suburb of tial worker with a warehousing job. 2  Iran said saboteurscaused McLaurin was a few weeks into a new Dallas. A year after the pandemic burst onto job selling insurance when she began to When her employer, after letting the U.S. economy, 8.4 million fewer a blackout at the country’s 0 main nuclear-enrichment hear coughing in her office. staff work from home, called them back Americans hold jobs. There are many 2010 ’12 ’14 ’16 ’18 ’20 plant, an attempt, Tehran Co-workers, one after another, to the office in early May, Ms. McLau- reasons, but one of the most important Note:2020reflects companies disclosing pay said, to derail talks on reviv- stopped showing up. Then she over- rin didn’t go. Although she wasn’t and least appreciated is the one that through April 8 ing the 2015 nuclear deal. A8 heard a colleague whispering into her aware of any outbreak at her office, her PleaseturntopageA10 Source:MyLogIQ phone that she had been diagnosed job involved going door to door at busi-  Regeneron said itsanti- with flu-like symptoms. nesses, and she feared what would hap-  New habits emerge post-pandemic...... A3  CEOs plan new push on body drug reduced the risk of “I was like, ‘You know what? I’m go- pen if she caught Covid-19 and grew  Working mothers face tough road...... A11 voting legislation...... B1 developing symptomatic Covid-19 infection in people living with someone infected Grateful Dead’s ‘Wall of Sound’ by the newcoronavirus. A3 INSIDE Hospital FightTypifies  Ecuador elected conser- Lives On in Fan’s Basement vativeex-banker Guillermo Lassoaspresident over his iii Plight in RuralAreas populist opponent. A6 Anthony Coscia spent two months  TheSupreme Court in a BY BRIAN SPEGELE businessand community lead- 5-4decision exempted building a miniature replica; ‘he’s nuts’ erslaunched an effort to build prayer meetingsfromCali- When the only hospital in a anew hospital instead. They fornia’sCovid-19 restrictions REUTERS BY ALEX LEARY lovewhat he’sdoing.He’snot small central Wyoming city said they have secured several on in-home gatherings. A3 faking it. He’s trying to repli- WORLD NEWS stopped delivering babies and million dollarsindonations,in- SOUTHBURY, Conn.—In cate it. It’s a mind blower.” Solar industry cut back on surgeries,local res- cluding land forthe proposed 1974the Grateful Dead revolu- Stuck home during identssought to start their hospital from the Eastern Sho- JOURNAL REPORT confronts itsuneasy tionized concert audio with a Covid-19,Mr. Coscia has la- own. Thefight that ensued now shone NativeAmerican tribe. Encore: Eightquestions to three-story, 28,800-watt sys- boredfour hoursaday over relianceonChina’s stretches to Washingtonand is Today, the group is one step answerbeforeyou retire. tem called the Wall of Sound. two months,creating asocial- Xinjiang region. A6 shininganuncomfortable light away from achieving itsgoal of R1-10 Fans were blown away,but the media phenomenon among on one of the country’sbiggest securing $40 million of low-in- wall only lasted a year. Deadheads,few of whom expe- hospital chains andits private- terest loans from the Agricul- CONTENTS Outlook...... A2 Nearly 50 yearslater,An- rienced the Wall of Sound—he equity owner. ture Department. LifePoint is Arts in Review... A13 Personal Journal A11-12

BusinessNews...... B3 Sports...... A14 thony Coscia has built a one- didn’t either—but who hold it ETTY LifePoint Health Inc., backed trying to scupper the effortsby Crossword...... A14 Technology...... B4 sixth scale model in his base- in mythical status forits size /G by Apollo Global Management lobbying the Biden administra- HeardonStreet... B10 U.S. News...... A2-5 ment—and fans are and pioneering of high fidel- Inc., controls the only hospital tion and Wyoming’ssenatorsto Markets...... B6 Weather...... A14 going wild once ity concert audio. DUCEY in working-classRiverton, Wyo. oppose the project.

Opinion...... A15-17 World News...... A6-9 REN again. Thepandemic has AfterLifePoint mergedRiver- TheCEO of LifePoint’sWyo- KA “He’snuts,” says driven people to bread ton’shospital with another fa- ming hospitals,John Ferrelli, > Richard Pechner, a baking,binge U.S. NEWS cility it owns in Lander,30 said in astatement the com- former roadie who watching and dog NativeAmerican miles away,itbegan consolidat- panyopposed the newhospital had the grueling ownership.For communities have ing services. because it “will not fill gaps in job of assembling music lovers, the With manyinRiverton wor- care.” He said the two hospi- thereal wall each lack of concerts been among the ried that cutbacks would hurt tals’ mergersought to use scale s 2021 Dow Jones & Company, Inc. All Rights Reserved show. “I mean, Pleaseturnto fastesttovaccinate. A3 the city’s futureand some con- to betterservepatients and co- look,Iabsolutely Jerry Garcia pageA10 cerned over Lander’s care,local PleaseturntopageA6 P2JW102000-2-A00200-1------XA

A2 | Monday, April 12, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Gwynn Guilford and Anthony DeBarros ECONOMIC CALENDAR

Forecasters Brace for Uncharted Liftoff Tuesday: China’s March ex- ports are expected to have re- bounded sharply from a year onald Reagan was in from 1.7% in February when Economists nowexpect consumer-price previous recession, so a earlier. Economists surveyed by the White House, “Re- March data is released Tues- inflation to hit 3% by June strong recovery was partly The Wall Street Journal are R forecasting a 40% annual in- turn of the Jedi” was day. That is partly a quirk of inevitable. Indeed, GDP re- Consumer priceindex, change from ayearearlier in theaters, and economic the data, as outright declines bounded strongly in the crease, a sharp reversal from the growth hit an astonishing in consumer prices recorded 4% third quarter of last year. 6.6% contraction in the year-ear- 7.9%. at the start of the pandemic Forecast The scale of federal stimu- lier period. The U.S. has produced in March of last year drop lus is greater than in the U.S. consumer prices are ex- many more Star Wars films from the 12-month calcula- 2 previous recoveries, at pected to have picked up in since 1983, but growth has tion. nearly $6 trillion, or more March, a potential signal of never approached that Still, economists see fur- than one-quarter of annual building inflation pressures. level—until this year, if econ- ther price pressures as the 0 GDP. Mr. Reagan’s combina- Wednesday: Federal Reserve omists are right. Those sur- economy reopens, with infla- tion of tax cuts and military Chairman Jerome Powell veyed by The Wall Street tion accelerating to 3% in spending was spread out speaks virtually to the Economic Journal boosted their aver- June, which would be the -2 over a longer period, said Club of Washington. Mr. Powell age forecast for 2021 eco- highest since 2012, before Mr. Sinai. “It makes it hard is likely to maintain the mantra nomic growth to 6.4%, mea- slowing to 2.6% by Decem- 2012 '15 '20 for a forecaster because I’ve that any upward pressure on

sured as the change in ber. They see the Federal Re- Note:June and December 2021 data reflect the average estimate of the survey’s economists. not seen anything like this, consumer prices from fiscal inflation-adjusted gross do- serve starting to raise rates Sources: Labor Department; Wall Street Journal Economic Forecasting Survey ever,” he said. stimulus “will be neither particu- mestic product in the fourth in mid-2023, rather than larly large nor persistent.” quarter from a year earlier. 2024 or later, as officials at the Centers for Disease Con- up sharply from 4.9 million hot economy could Thursday: U.S. retail sales If realized, that would be the central bank have indi- trol and Prevention, and projected in the survey late also bring the bugbear are expected to have surged in one of the few times in 70 cated. Congress has approved an- last year. The unemployment A March, more than reversing a of inflation. Its path years that the economy has The Wall Street Journal other $1.9 trillion in fiscal rate is expected to fall to depends on how easily surg- weather-induced soft spot in grown so fast. survey of 69 business, aca- support. On March 31, Presi- 4.8% by year-end, compared ing demand can be met with February. “We had an incredible demic and financial forecast- dent Biden unveiled an infra- with a projection of 5.6% late increased production. U.S. jobless claims are hover- shock, but look how fast ers was conducted April 5-7. structure investment plan to last year. If much of that increased ing near pandemic-era lows. we’re bouncing back,” said Not all participants re- be partly financed by higher Theoutlook remains highly spending goes to domesti- Economists expect a drop in Allen Sinai, chief global sponded to every question. corporate taxes. uncertain. In the past year, cally produced goods and claims for the week that ended economist and strategist at “Both in terms of magni- economistshavealternated services, production bottle- Saturday. Decision Economics Inc. srecently as December, tude and timing, that was a between excessiveoptimism necks will stoke inflation, U.S. industrial production fell “We’re in the early stages of economistsexpected bigger jolt to the economy and pessimism. Vaccine hesi- said James F. Smith, macro- sharply in February as severe recovery, and we’ve got A than anticipated,” said Mi- tancy, faster-spreading virus weather hit Texas and other solid but unspectacular economist at EconForecaster three to five years to go. I growth of 3.7% this year,re- chelle Meyer, head of U.S. variantsorthe potential drag LLC. More likely, though, de- parts of the country. The mea- think we’re going to end up flecting the reversal of pan- economics at BofA Global from alagging overseas econ- mand will be met by goods sure of factory, mining and util- in a boom.” demic-induced shutdowns as Research, referring to fiscal omycould yetundercut and services from abroad, ity output is expected to have Economists expect growth well as the Fed’slow interest stimulus. “Another very im- growth this year. keeping prices in check. bounced back in March amid to slow to 3.2% next year, rates. Then, in the waning portant factor is the vaccina- Growth of 6% or better “How does it shake out? strong demand for factory which would still make months of the Trump admin- tion campaign, which is hap- was more common before Well, no one knows because goods. 2021-22 the strongest two- istration, the federal govern- pening faster than the 1980s, when underlying no one has seen such an ex- Friday: China’s gross domes- year performance since ment authorized two Covid-19 anticipated.” growth was higher and usu- periment before,” he said. tic product for the first quarter 2005. vaccines,and Congress Economists in the survey ally came right after reces- “It’s like spending as much is expected to grow 19.5% from That boom might have a passed a$900 billion corona- on average now expect em- sions with the help of loose money to fight World War II a year earlier, a figure that re- potentially troubling side ef- virus relief package. ployers to add 7. 1 million monetary and fiscal policy. except there’s no enemy, flects last year’s short but sharp fect. Inflation, as measured About a third of Ameri- jobs in 2021, which would be The contraction in output in we’re not spending it on de- pandemic-induced downturn as by the consumer-price index, cans have now received at the largest December-to-De- the first half of last year was fense, and it’s not clear who much as it does a return to eco- is expected to jump sharply least one shot, according to cember gain on record and far more severe than any will buy what.” nomic growth. Economy, Job Growth Set to Accelerate, Fed Chief Says

BY PAUL KIERNAN “a string of months.” casterssay the U.S. economyis Mr.Powell and other Fedof- banksadequately understand Thecentral-bank chief positioned forits fastest year ficials have indicated in recent therisks they incur.“It wasa Federal ReserveChairman urgedAmericans to continue of growth sincethe early weeks that they expect to hold risk management breakdown— Jerome Powell said the U.S. socially distancing and wearing 1980s.Economistssurveyed by U.S. short-term interest rates and one that we’relooking economyappearstobeatan masks,saying aresurgenceof TheWall Street Journal in re- near zero through 2023.They very carefully at to trytomake inflection point, with output Covid-19 remains the primary cent days said they expect eco- also plan to continue the Fed’s sureitdoesn’t happen again,” and job growth poised to ac- risk to the economic outlook. nomic output to expand 6.4% $120 billion of monthly bond Mr.Powell said. “So that is sur- celerate in the months ahead TheU.S.seven-day average in 2021 and private-sector pay- purchases until the economy prising and concerning.”

as long as theCovid-19 pan- of newly reported Covid-19 rolls to rise by 7.06 million. makes “substantial further TV TheFed chairman also

demic retreats. cases has been climbing in re- Mr.Powell reiterated that progress” toward itsgoals of TE called forareform of money-

“Wefeel likewe’reata cent weeks afterasteady, the Fedplans to wait until the maximum employment and SENA market mutual funds,which placewherethe economy’s monthslong decline following a economy’srecoveryiscom- sustained, 2% inflation. Fed Chairman Jerome Powell required abailout from the about to start growing much deadly fall surge.Daily cases pletebeforeitraises interest Inflation hasremained be- central bank in March 2020 more quickly and job creation exceeded 75,000 on April 7, rates. “It’ll be awhile until we lowthe Fed’stargetfor most firm whose implosion in recent amid deep market turmoil. It coming much morequickly,” down from apeak of 300,000 gettothat place,” Mr.Powell of the past decade,while the weeks caused billions of dollars wasthe second time in 12 Mr.Powell said in an interview in early Januarybut higher said,according to atranscript U.S. labor market remains in losses forbanks,Mr. Powell yearsthe Fedhad to step in. broadcast Sundayevening on than at anypoint in the first of the interview, which took about 8.4million jobs short of said it didn’t appear to raise “There’sastructural issue,and CBS’s“60 Minutes.” He said six months of the pandemic. placeonWednesday. Asked itspre-pandemic level of em- questionsabout the broader we knowthis,” Mr.Powell said. theFed’sforecast is that the Still, with the vaccination whether arateincrease might ployment. stabilityofthe financial sys- “When something’shappened economycould produceclose campaign picking up speed, happen this year,Mr. Powell Asked about Archegos Capi- tem. But he indicated that the twice, it really is time to go to one million jobs amonth for Fedofficials and privatefore- said it is “highly unlikely.” talManagement, an investment Fedmight scrutinizewhether ahead and fixit.”

makeupthe bulk of the rest mark said some changes were CEO Pay have generally remained high, meant to retain executives and the Journal analysis shows. other employees receiving Thebiggest paypackages stock compensation and to rec- Climbed reported so far went to leaders ognizethe “extraordinarycir- who received special stock cumstances” of the pandemic. awardsduring the crisis.Chad Thecompanysaid the execu- Last Year Richison, founder and CEO of tives aren’t expected to receive Paycom Software Inc., received annual equity awardsin2021, compensation valued by the and the additional options will ContinuedfromPageOne companyat$211 million,in- only provide value if the com- increasing pressureoncorpo- cluding restricted shares.Larry pany’s sharepricerises.Ara- rate boards.With the annual- Culp, CEO of General Electric mark didn’t respond to re- meeting season just begin- Co., received compensation questsfor comment. ning—80% of the S&P 500 have valued by the companyat Most companies didn’t mod- yettohold their votes, accord- $73.2million tied to acontract ifyannual or long-term incen- ing to paydatafirm Equilar— extension and newperfor- tive plans,but those hardhit shareholdershave given a JOURNAL mancetargets. by thepandemic were more

thumbs-down to payarrange- REET At Aramark,the institu- likely to,consulting firm Pay ments at adozenbig companies, ST tional catering and uniform Governancefound in an analy- including Starbucks Corp.and LL provider,the boardbumped sis of S&P 1500 companies fil- WA Walgreens BootsAllianceInc. executives’ annual incentive ing early proxystatements. THE

“I don’t think we’veever R paymentsupto40% of initial When boards intervened to ad- seen anything likethis before FO targetsinstead of the 10% that just calculated payouts, they

in terms of the number of CHIE pay-program formulas would were morelikely to increase

changes we’veseen in incen- RIT have dictated. Aramark also them than lowerthem, Pay SH

tiveplans” during the pan- JO made aspecial one-time op- Governancefound. demic, said Shaun Bisman,a At Norwegian Cruise Line Holdings—which recorded a$4billion loss lastyear after sailings stopped tions grant and adjusted per- “We’veseen significant up- payand corporate-governance and revenue fell 80%—CEOFrank Del Rio’spay doubled to $36.4 million. formancetargets forathree- tick on thingsthat typically consultant at Compensation year award established in driveinvestor concern,” said AdvisoryPartnersinNew York. the company’sproxy. were in the best interestsof As thepandemic unfolded 2018. Julian Hamud, senior director Payrose for206 of the322 ANorwegian Cruise spokes- the companyand secured Mr. and whole industries slowedor ForCEO John Zillmer,2020 of executivecompensation re- CEOs in the Journal’sanalysis, man said Mr.Del Rio’s payin- Del Rio’s continued invaluable nearly froze, manyCEOs gave paytotaled $27.1 million, in- search at GlassLewis &Co.,a which uses datafor S&P 500 cluded amountsrelated to the expertise,” the spokesman said. up some or all of their salaries, steadofcloser to $11 million proxyadvisory firm. companies from research firm effectsofthe pandemic,aU.S. “Our management team took oftentogreat fanfare. But sal- without the changes.Mr. He said investorsare dis- MyLogIQ.The median raise government decision to halt quick,decisiveaction to reduce arymakes up lessthan 10% of Zillmer gaveup25% of his $1.3 pleased with boards issuing re- wasnearly 15%. TheJournal travel to Cuba and an employ- costs, conservecash, raise cap- totalcompensation formost million base salaryfromearly tention awardsand some uses figuresreported by com- ment-agreement extension. ital” and is executing aplan to big-companyCEOs.The equity April through Oct. 2. Covid-19-related changes to ex- panies in theirregulatoryfil- “Webelievethese changes relaunch itsships. awardsand cash bonuses that In itsproxystatement, Ara- ecutivepay plans. ings, which value equity awardsonthe dategranted. TheleadersofExxon Mobil CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL Corp., ad giant Omnicom Group (USPS 664-880) (Eastern Edition ISSN 0099-9660) Inc.and Intel Corp.made less (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) in 2020 than they did in 2019. PrincePhilip and Queen In negotiating aservices spelled as Schrader in aphoto Editorial and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 Published daily except Sundays and general legal holidays. Those companies generated to- Elizabeth II were married for contract forthe BaltimoreSun, caption with aDesign &Deco- Periodicals postage paid at NewYork, N.Y.,and other mailing offices. talshareholder returns,amea- 73 years. AWorld News article Maryland hotel magnateStew- rating article on Saturday Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. sureofshare-pricechanges about the British monarchy art Bainum Jr.’sgroup was about outdoor décor. AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies and dividends,between minus and the caption foraPageOne asked to pay$1million to Trib- of which areavailable from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue 36% and minus 15% in 2020. photomontageonSaturday une Publishing Co.incapital- Noticetoreaders of the Americas, NewYork, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only publication of an advertisementshall constitutefinal acceptanceofthe advertiser’s order. Compensation jumped for incorrectly said 74 years. In improvement fees.AnExchange Wall Street Journal staff Letters to the Editor: some executives at battered addition, Elizabeth became article on Saturdayabout nego- membersare working re- Fax: 212-416-2891; email: [email protected] companies.AtNorwegian queen in 1952. In some edi- tiations to buy the newspaper- motely during the pandemic. Need assistancewith your subscription? Cruise Line HoldingsLtd.— tions,the referenceinthe publishing companyincorrectly Forthe foreseeable future, By web: customercenter.wsj.com; By email: [email protected] which recorded a$4billion loss montagecaption to a1951 said the figure was$11 million. please send reader comments By phone: 1-800-JOURNAL (1-800-568-7625) Reprints &licensing: By email: [email protected] last year after sailingsstopped photoofthe couple incorrectly only by email or phone, using By phone: 1-800-843-0008 and revenue fell 80%—CEO implied she was queen at the Exterior designer Scott the contactsbelow, not via WSJback issues and framed pages: wsjshop.com Frank Del Rio’s paydoubled to time. Shrader’s surname wasmis- U.S. Mail. Our newspapers are100% sourcedfromsustainably certified mills. $36.4 million, in part with bo- nusestied to athree-year con- Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS tract extension, according to 888-410-2667. P2JW102000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Monday, April 12, 2021 | A3 U.S. NEWS NewOutlook, HabitsEmerge Post-Pandemic

Manycontemplate life to do what youwant to do.It gavemethat nudge, and it or career changes after wasahardnudge.” ayear of quarantining; Millions of Americans are nowdeciding what they will ‘It gave me thatnudge’ consider normal lifeasthe country’smassiveinoculation BY J ENNIFER LEVITZ campaign picks up pace. The ranks of the newly vaccinated SarahSmalls is tiptoeing arefacing decisions about

back intoher old routine,now wheretogo, whom to see, JOURNAL that she is fully vaccinated whichplans to dust off and REET

against Covid-19.She hosted which to scrap.Some are ST

Easter dinner.Her adult son moving quickly to book trips LL nowstops over forindoor vis- or sit in movie theatersagain, WA

its. She and her husband plan while othersare proceeding THE R

to travel again. more cautiously. FO

But likemanyother newly In Boise, Idaho,Rick Hal- YER

vaccinated Americans,Ms. stead, a54-year-old project DW

Smalls,who is 74 and lives in managerfor Boeing Co., says DEE Lorton, Va., isn’t seeking to that aftergetting his second Sarah Smalls, center, with, clockwise from left, her grandchildren and her husband, Curtis, at home last week. merely unfreeze and restart vaccine recently,“everything herpre-pandemic life. feels attainable onceagain.” Roaring ’20s,which might be tackled problems that take perplanning the schedule at ev- Luna, who is 27,says even after Ms.Smalls says the person But he says it feels abit true forsome,she says. yearstosolve, likethe need for eryfamily get-together.“Chill, getting the vaccine,the switch who went intothe pandemic strangethat he isn’t inter- Yetshe believes manywill affordable housing.Now she Mom,” her sons would tell her. won’t flip easily forher.Ms. isn’t the same person coming ested in pivoting back to shed the pandemic gradually. has shiftedher volunteer work She says the pandemic,with Luna, ananny, works fordoc- out. She is emerging with new some of his pre-pandemic in- “First youhavetorecover from to helping people with immedi- all itssadness, put thingsin tors’families and heardfirst- goals,priorities and concerns. terests, such as atradition he being burned out,” she says. ateneeds,such as food and perspective. “It’sbeen avery hand about the dangersofthe Thelong pause that forced and his wife, Julie,had of “It’salmost likeyou have to small-businessloans. transformativeyear,” she says. virus.Her boyfriend, ahotel both isolation and introspec- traveling to adifferent ball- find that joyagain.” “I will continue to do that,” “I don’t want to care anymore worker,was in ahigh-risk cate- tion has been acatalyst to park everyyear.This summer, Emilie Krasnow, who is 35 she says.“We arenot over the about everything being per- gory.“Our whole lifehas been changecourse. they would rather plan long andlives in South Burlington, pandemic.Alot of people act fect.” keeping indoorsfor the past Ms.Smalls intends to fi- weekends with extended fam- Vt., says she is starting to find likeweare.Evenifwe’revacci- Ms.Sumner tried out her year.” she says. nally learn howtoswim. She ily.“It feels likewe’vebeen so joyasshe emergesfromanex- nated, that doesn’t help people newpersona when she and her Ms.Luna describes the pan- wantstotakeweekend trips starved to see friends and hausting year,inwhich her un- who have been out of work for husband visited their sons in demic as a“looking-inward with her best friends.And family—that is what feels abating worrywas to keep her months.” Milwaukee forPassover. At the moment” that is prompting her most notably,she won’t go more important now,” he mother,Susan, acancer pa- Older adults, who were pri- Seder meal, hosted by ason to finally finish online credits back to the frenetic paceshe says. tient, from getting the virus. oritized forinoculation, are and daughter-in-law, Ms.Sum- foracollegedegree,takebet- kept foryearswhile raising Karestan Koenen, aprofes- She isn’t only picking up the amongthe firsttonavigate ner gotout of the way;the old tercareofherself and reach three grandchildren and sor of psychiatric epidemiol- manythingsthat fell to the post-vaccine life. her,she says,would have taken out to friends. working at anonprofit. ogyatthe HarvardT.H. Chan wayside,such as exercise and “It’slikestepping out of a charge and wound up “ex- “Even pre-pandemic Iwas a “Asthe kids say, ‘I’m gonna School of Public Health, ex- dating,but also adjusting her cocoon,” says Bonnie Sumner, hausted and crabby.” little bit of ahermit, but Iwill do me,’ ” Ms.Smalls says.“It pectsarangeofreactions as professional focus. 76,who lives in Woodland “I just sat back,and I’m trytobemoresocial,” she took apandemic to come the public transitions into Ms.Krasnow, apolitical Park,Colo. very proud of myself,” she says.“Lifeissoshort, right? along and showmethat you regular life. On the one hand campaign strategist and volun- Ms.Sumner says she has says. Younever really knowwhat don’t have awhole lot of time arepredictions of another teer community organizer,has sworn off her old habit of hy- In Flagstaff,Ariz., Emily could happen.” Indian TribesPull Ahead in Vaccination Effort Regeneron

BY ROBBIE WHELAN vaccines through the IHS. Drug Curbs So far, 48% of these pa- When Vanessa Begayeheard tientshavereceived at least in lateJanuarythat clinics on one vaccine shot, IHS says. Risk of theIndian reservation where Tens of thousands moretribal she lives in Arizona were of- membershavebeen vaccinated fering Covid-19 vaccinations to through their statehealth de- Infection all adults, she rushed to getin partments. Theagencyhas line forher shot. also provided vaccines to more BY JOSEPH WALKER The24-year-old is acollege than 200,000 Americans who student, mother of two and a aren’t tribal members, includ- An antibody drug from Re- member of the Navajo Nation. ing workerssuch as teachers generon Pharmaceuticals Inc. Her grandfather,adiabetic in and firstrespondersemployed reduced the risk of developing his60s,died in July afterhe on nativelands. symptomatic Covid-19 infection contracted the coronavirus and Among U.S. counties of by 81% compared with apla- wasput on arespirator. 1,000 people or more, 12 of the cebo in people living with “Prettymuch the whole Na- 15 counties with the highest someone infected by the new vajo Nation wanted to getthe vaccination ratesinthe coun- coronavirus,astudy found.

vaccine as soon as it came S trycontain Indian reservations Theresultspoint to poten-

out,” Ms.Begayesaid. “Weall NEW or Alaska Nativecommunities tial newpreventiveapplications felt it wasthe right thing to G whereIHS or tribal clinics are forthe drug,which is already do,toprotect our families,es- aprimarysource of healthcare, in usetotreat earlierCovid-19

pecially our elders. Almost ev- OOMBER according to a Wall Street cases. eryone Iknowhas lost some- /BL Journal analysis of CDC data. Regeneron said it would ask one,and we all just want this Some tribal entities had so the U.S. Food and Drug Adminis-

pandemic to be over.” DINGLEY manydoses that they opened tration to expand the drug’sau- TE

In Apache County,where CA up vaccination sites to out-of- thorization among people ex- Ms.Begayelives,about two- A vaccination in Gallup, N.M. The nearby Navajo Nation was a Covid-19 hot spot over the summer. towners. posed to the virus who haven’t thirds of which is coveredby “People were just knocking yetbeen vaccinated, which the Navajo,Fort Apache and American tribes.Asvaccina- emerged as a Covid-19 hot not going through your local down the door to getvacci- could provide stopgapprotec- Zuni Indian reservations,42% tions have quickly spread, case spot, with the disease spread- physician or practice, alot of nated,” said James McNeely, a tion as vaccines become more of the population is fully vacci- and death rateshaveplum- ing among families living in people weren’t really sure spokesman forthe Blackfeet widely available.Sofar,21.3% of nated, according to Centersfor metedamong nativegroups, cramped, multigenerational about howtogoabout getting Nation. the U.S. population has been Disease Control and Preven- which were onceamong the households on nativelands. a vaccine,” said Elizabeth Cultural factorshavealso fully vaccinated, and 35.3%have tion data. In GlacierCounty, hardest hit by the virus. Now, the IHS says that Fowler, IHS acting director. contributed to the high vacci- received at least one shot. Mont., home of the Blackfeet At the start of the pandemic some of the same factorsthat On Tuesday, Ms.Fowler vis- nationrate. Manynative cul- “With morethan 60,000 Nation, 46.7%ofthe popula- in 2020,tribal leadersacross have in the past constrained ited Fort Belknap Reservation tures in the U.S. treat elders Americans continuing to be di- tion is vaccinated. In Blaine thecountryworried that the the agency’sability to provide in Montana, home to members with aparticular reverence, agnosed with Covid-19 every County, Mont., where one- Indian Health Service—the care—chiefly itscentralized of the Gros Ventreand Assini- and thus vaccinating young day, the REGEN-COV antibody thirdofthe population lives on federal agencytasked with system whereall patientsgo boine tribes,tocelebratethe people to protect older mem- cocktail mayhelp provide im- the Fort Belknap Reservation, providing healthcareto2.6 forcare—have worked in the one millionth vaccine dose ad- bersofthe community has mediateprotection to unvacci- it is 45.9%. million NativeAmericans in agency’sfavor during the vac- ministered by the agency. been takenveryseriously,said nated people whoare exposed Overall, 34.5% of the U.S. theU.S.—would be unable to cination drive. In November,IHS gavena- Ms.Fowler. to the virus,” said George D. population has received at slowthe virus’sspread be- “Our population, forthe tivecommunities achoicebe- “Therearen’t alot of people Yancopoulos,Regeneron presi- least one vaccine shot, accord- cause of widespread staffing most part,they arefamiliar tween receiving vaccines questioning vaccines in gen- dent and chief scientific officer. ing to the CDC. shortages and constrained with IHS. They know howto through IHS or from state eral,” said Jill Jim, an epidemi- Regeneron issued thePhase Acrossthe country, some of supplies. reach the clinic,how to access health departments. Communi- ologist who heads the Navajo 3datainapress release,and the fastest communities to Over the summer,the Na- the services,whereas with the ties representing about Department of Health,which the findingshaven’t yetbeen vaccinateare home to Native vajo Nation in particular states,with the vaccine rollout 852,000 adultschose to receive runs that tribe’svaccine rollout. published in apeer-reviewed scientific journal. Thestudy wasjointly con- ducted by Regeneron and the HighCourtAllows Home Prayer MeetingsinCalifornia National InstituteofAllergy and Infectious Diseases and in- cludes fuller resultsthan in- BY JESS BRAVIN to his residencefor prayer ingeventsand concerts, and limitsall secular gatheringsin Theplaintiffs,SantaClara terim findingsthe companyre- meetingsand Bible study. indoor restaurantstobring to- homes to three households, it County residentsPastor Jer- leased in January. WASHINGTON—Adivided Public-health regulations gether morethan three house- has complied with the First emyWong and KarenBusch, Regeneron’s drug,REGEN- Supreme Court exempted aresuspect “whenever they holds at atime,” the court Amendment,” JusticeKagan said they had regularly played COV, is currently authorized to prayer meetingsfromCalifor- treat any comparable secular said, and thereforethe regula- wrote. “And the statedoes ex- host to gatherings of up to 12 treat people infected with nia’s Covid-19 restrictions on activity more favorably than tion of at-home religious gath- actly that.” people. Covid-19 who have mild to in-home gatherings, the latest religious exercise,” the court eringsviolates the First JusticeKagan pointed to In February, U.S. District moderatesymptoms and have a in astring of high court or- said.“It is no answerthat a Amendment. lower-court findingsdetailing Judge Lucy Koh, in San Jose, high risk of developing severe dersdirecting officials to sub- state treats some comparable Chief Justice John Roberts the lesser risk of exposure Calif., issued an 80-pageopin- diseasebecause of factorsin- ordinatepublic-health mea- secular businesses or other ac- dissented along with the three while shopping or visiting the ion denying their request to cluding ageorunderlying con- sures to religious exercise. tivities as poorly as or even liberal justices,but he neither barber compared with gather- block the restrictions.The ditionssuch as obesity. Thecourt’s5-4 unsigned lessfavorably than the reli- joined their opinion nor issued ing in privatehomes,where Ninth U.S. Circuit Court of Ap- In studies, the drug reduced order,issued shortly before giousexercise at issue.” Jus- one of his own. visits arelikely to last longer, peals in San Francisco upheld the risk of hospitalization or midnight Friday, provided the tices ClarenceThomas,Samuel JusticeElena Kagan, writ- ventilation maybeworse and that ruling. death by about 70%. clearest direction yettolower Alito, Neil Gorsuch, Brett Ka- ingfor herself and Justices social distancing is more diffi- In response to the Supreme Thenewest prevention study courtsthat arehearing reli- vanaugh and Amy Coney Bar- Stephen Breyer and Sonia So- cult. Thestate need not “treat Court, California said the re- enrolled about 1,500 people liv- gious challenges to public- rett, formed the majority. tomayor, accused the majority at-home religious gatherings strictions were based on sci- ing with someone recently diag- health measures. “California treatssome of ignoring legal precedent thesame as hardwarestores entific advice and had helped nosed with Covid-19.After one Thedecision comes aftera comparable secular activities and factsinthe case to elevate and hair salons—and thus un- contain the Covid-19 pan- month, 1.5% of volunteersre- pastor in SantaClaraCounty more favorably than at-home religious exercise aboveother likeat-home secular gatherings, demic.The stateadded that ceiving REGEN-COV had symp- challenged coronavirus-related religious exercise, permitting constitutional values. the obvious comparator here,” conditions had sinceimproved tomatic infections,compared restrictions against in-home hair salons, retail stores, per- “California limits religious she wrote. “The lawdoes not and that the regulations being with 7.8% of those who gotpla- gatherings, which prevented sonal care services,movie the- gatherings in homes to three requirethat the stateequally challenged were due to be cebos,an81% risk reduction, Re- him from bringing congregants aters, private suites at sport- households.Ifthe statealso treat apples and watermelons.” lifted next week. generon said. P2JW102000-0-A00400-17FFFF5178F

A4 | Monday, April 12, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL. U.S. NEWS Congress Tries to Shape Biden Proposal

White House plans to Some DemocratsfromNew Jersey andNew York said they meet with lawmakers wouldn’t support tax changes as it seeks buy-in for unlessthey included afull res- toration of the stateand local its infrastructure push taxdeduction, which is now capped at $10,000 under the BY KRISTINA PETERSON 2017 Republican tax law. Membersofthe Progressive WASHINGTON—Acrucial Caucus on Fridayreleased period of negotiations ex- their ownpriorities,urging pected to determine the size Mr.Biden to include apath to and scope of President Biden’s citizenship for many workers infrastructurepackagewill lackingpermanent legal sta- kick offthis week on Capitol tus,and lowerthe eligibility Hill, when lawmakersreturn ageofMedicare, among other from a two-week recess. items.The WhiteHouse has Mr.Biden and Democratic said it plans to unveil addi- leadershavesaid they hope to tional healthcareand antipov- secureGOP support forthe erty legislation later this $2.3 trillion infrastructure month. package the president unveiled “It’s time to go big and it’s latelast month. Mr.Biden said time to go bold, and enact last week he planned to meet these as part of asingle,ambi- with Republicans,beginning tious package,” said Rep. Monday, in an effort to see Pramila Jayapal (D., Wash.). wherecommon ground canbe Bipartisan negotiations are

found. But Democratic leaders GES also under way over apush

have also made clear they will IMA from Democratstoexpand be willing to moveforward background checks forpro- without GOP support and tapa GETTY spectivegun buyers. Senate processtied to the budget AN/ Majority Leader Chuck known as reconciliation. Schumer (D., N.Y.)has said the SULLIV “We hope to do this in the Senatewill vote on legislation TIN

most bipartisan way possible,” JUS passed by the House to expand House Speaker NancyPelosi Repaving astreet in San Franciscolastweek. Some Democratshave aired disagreements overthe makeup of an infrastructurepackage. background checks to nearly (D., Calif.) told reporters allgun sales and extend the Thursday. “Ifwehavetogoto Goldilocks.We’ll have those While some GOP lawmakers Sen. John Thune (R., S.D.) they would favor raising user windowfor background checks reconciliation, that’salever, discussions,” said WhiteHouse have indicated they might be said on “Fox News Sunday” fees, such as the gasoline tax, to 10 days from three days. but I hope it’s not something presssecretaryJen Psaki on able to support anarrower that aplan limited to spending or borrowing money to cover But with Mr.Manchin and that we need to do.” Friday. package focused on more tra- on assetssuch as roads and the cost of the plan. Adminis- manyRepublicans opposed to Bills using reconciliation in Republicans have expressed ditional infrastructure proj- bridgescould be paid forby tration officials have indicated the House bill, it faces dim the Senatecan advancewith a skepticism over Mr.Biden’s ects, it isn’t clear whether “repurposing” money for thereiswiggle room on the prospectsofsecuring 60 simple majority. plan,which proposes spending they would be able to reach an states that wasincluded in the proposed corporate rate. votes. Butsome Democratshave $621 billion on transportation, agreement with Democratson $1.9trillion coronavirus relief “Most of the dialogue we’re Sens.RichardBlumenthal also aired disagreementsover along with $300 billion fordo- howtopay forthem, or law passed earlier this year. having is around howwe’re and Chris Murphy, both Con- the sizeand makeup of the mestic manufacturing,$180 whether Democratswould Some Democrats have also going to payfor it,” said necticut Democrats, separately proposal, meaning party lead- billion forresearch and devel- agree to a more limited plan. floated changes to the tax Transportation SecretaryPete areleading talks with Republi- ersfaceachallengekeeping opment and $400 billion for GOP leadershaverejected Mr. plan. Sen. JoeManchin (D., Buttigieg on Friday. cans to see whether they can the rank and file in line. long-term care forelderly and Biden’sproposal to raise the W.Va.) has said he would sup- Already,House Democrats find support foranarrower “Some think it’s too small; disabled people under Medic- corporatetax rate to 28% from port raising the corporatetax from different factions are expansion of background some think it’stoo big.It’slike aid, among other items. the current 21%. rate to 25%. Others have said hoping to use their leverage. checks. Pro-Union MeasureFaces AHighHurdle to Passage

BY ELIZA COLLINS transform Mr.Biden’soutline tional debate over unioniza- AND KATE DAVIDSON intolegislation. Thelabor pro- tion,particularly in newand posal doesn’t squarewith Sen- fast-growing segmentsofthe President Biden has called aterules on what sort of legis- blue-collareconomy. on Congress to passthe most lation cantypically be TheAmazon vote showed significant changes to labor advanced with just asimple that legislation is needed “that laws in decades as part of his majority; most Republicans op- finally gives workersafair $2.3trillion infrastructurepro- pose it and several Democrats chancetowin organizing elec- posal.But getting that pro- in the50-50 chamber have re- tions,” said Sen. Bernie Sand- union proposal through Con- mained noncommittal. ers(I., Vt.). Sen. TommyTu- gresscould be ahigh hurdle AWhiteHouse official berville (R., Ala.) said the vote

forDemocrats, even as alabor didn’t specifyifthe president showedworkers“value their N/REUTERS

vote at Amazon.com Inc.put a wantsthe PROAct writteninto Right to Work protections.” SO newspotlight on the issue. an infrastructurebill or pur- Supporterssay the bill OL CH

Progressives,labor unions sued as acomplement to it. would ensurejobs created by NI CY

and the businesscommunity “The president supportsthe the Biden infrastructurepro- LU aresquaring off over the Pro- PROAct and wantstosee it posal arehigher-paying,as Supporters of the Protecting the Right to Organize Act rallied in Los Angeles on March 16. tecting the Right to Organize passed in itsentirety,” the offi- moreworkerswould be able to Act.The bill would makeit cial said. join unions that could negoti- makeitinAmerica,” he said. pendent earning opportunities ciation, said it is planning a easier forgig workersand Tim Schlittner,communica- ateontheir behalf. Opponents, including many formillions of app-based work- multimillion-dollarcampaign other independent contractors tionsdirector forthe AFL-CIO, Rep.Donald Norcross(D., Republicans,ride-sharecompa- ersovernight,” said Whitney againstthe legislation. to unionizeand set an enforce- said removing the act from the N.J.), an electrician who wasin nies and franchisees,say the Mitchell Brennan, aspokes- Fourteen Republican state able timeline forunion-em- emerging legislation would be local union leadership back legislation would impose woman forthe App-Based attorneysgeneral sent aletter ployernegotiations to com- amistake. “The labor move- home and co-founded the House sweeping changes to labor Work Alliance, which repre- to congressional leadership mence. It would also undercut ment turned outinforce in Labor Caucus,said the PROAct laws that have little to do with sentsUber,Lyftand food-deliv- Thursdayopposing the bill. states’ “right to work” laws by 2020 to elect this president makes sense to include in Mr. the president’sspending plan eryservices such as Postmates. ThePRO Act wasapproved allowing unions to collect dues and flipped the Senate,” Mr. Biden’sproposal because it is and would stifle businessand TheCoalition foraDemocratic by the House last month, from workerswho opted out. Schlittner said. aboutjobs.“We’relooking at a economic growth. Workplace, which includes the 225-206,with the support of Thepath of theunion bill is Thepush forthe PROAct mechanism to help level the If passed as is,the PROAct Chamber of Commerce and the nearly all Democratsand five hazy as Congressstartsto comes amid arenewedna- playing field forthose trying to “would end flexible and inde- National Small BusinessAsso- Republicans. Alabama Vote Upholds Long-Term Trend Labor’s Appeal Proved

BY ERIC MORATH bers worked forthe govern- data. union, according to the Na- Unpersuasive to Most AND LAUREN WEBER ment than forprivate-sector Organizing workers at ma- tional Labor Relations Board. employers, according to the jor employers such as Amazon ThefailureatAmazon BY SEBASTIAN HERRERA Workerssaid they were Workers’ rejection of a Labor Department, showing or Walmart Inc.has long been comes afterother unsuccessful wary of the cost of union dues union at Amazon.com Inc.’s the public sector is nowthe a“holy grail” forunions,he attemptstoorganizelarge Amazon.com Inc.employees and not persuaded that the warehouse in Bessemer, Ala., stronghold of organized labor. said, but manybig companies companies.United Food and in Alabama who sided against union would be able to add is asetback to organized la- Teacher strikes and protestsin have the powerand the capital Commercial Workershad unionization said they had significantlytotheir payor bor’s effortstoreverse ade- 2018 and 2019 wonpay in- to paycompetitively,survey sought to unionizeWalmart broad concerns about job secu- improvebenefits. In the end, cadeslong decline in private- creases and other concessions employees about their experi- stores and labor unions rity and grew convinced that lessthan 16% of the facility’s sector membership nationally. in Arizona, West Virginia, Los ences and respond to dissatis- backed the Fight for $15 pro- their payand benefitsmight totalworkforce votedtojoin The Alabama result under- Angeles and other states and faction before it grows. tests against McDonald’s not markedly increase with the theRetail, Wholesale and De- scores unions’ challenges in cities,and morerecently,edu- “Employers control the eco- Corp.and other chains.While help of aunion. partment StoreUnion. increasing membership in the cator unions influenced plans nomic issues,they decide what those protestsinfluenced state The resounding victoryfor “I work hardfor my money, U.S. privatesector,wherethey to reopen schools during the payand benefitslook likeand and local minimum-wage Amazon,the nation’ssecond- and Idon’t want anyofitgo- represent just 6.3% of workers, pandemic in Chicagoand else- if they want to pre-empt orga- changes,itfailed to secure largest privateemployer, came ing to aunion that maybe can down from 24.2% in 1973, ac- where. nizing based on economic is- new union members. afteritorganized what proved getusmorepay,ormaybe can cording to data from Georgia sues, they can do it,” he said. “One of the concerns here to be asuccessfullocal cam- getuslonger breaks,” said Me- State University. Amazon told itsworkersin forpeople who’d liketosee paign, highlighting the com- lissa Charlton Myers, a41- Hiring at Amazon—the sec- Theunionization bid Alabama that unionizing something changeisthey pany’sstrengths and question- year-old employee at the ond-largest private employer wasn’t necessary, highlighting spent alot of money and en- ing the union’sbenefits. Bessemer,Ala., facility that in the U.S.—and other e-com- at Amazonfailed that it startsworkersat$15 an ergy on it and it didn’t work, Nationally,Amazon grew vocal votedonunionization. “It’snot mercewarehouses increased despitePresident hour—morethan double the so there’s some reluctance to in pushing back against criti- worth the risk.” last year even as the country state’sminimum wage of $7.25 tryitagain with other retail cism about itsworkplacecon- Theunion has cited U.S. Bu- shed millions of jobs,includ- Biden’sendorsement. an hour,the federal mini- giants,” said Ruth Milkman, a ditions,including when atop reau of Labor Statistics data ing more than 300,000 union mum—and the healthcareben- sociologist and chair of the la- executiveengaged in disputes that show union memberson positions,during the pan- efits it offers employees. The bor studies department at the with membersofCongresson averageearning morethan demic.For unions,the time median payinthe U.S. for CUNY School of Labor and Ur- Twitter. nonunion members. appeared ripe to organize TheAmazon vote bodes warehouse and storage work- ban Studies. Some workerssaid Amazon Also playing arole were workers in an expanding sec- poorly fororganized labor try- erswas $17.77 an hour last The organizing difficulties helped steer their vote against fearsabout possible repercus- torand an environment where ing to increase the shareof year,according to the Labor faced by private-sector unions unionization. Other employees sions of forming aunion, in- labor unions traditionally have workers who are union mem- Department. stand in contrast to those in said they didn’t need convinc- cluding the possibility that operated: alarge blue-collar bers and revive organized la- The organizing union—the the public sector.Morethan ing by Amazon and were Amazon would shut down the sitewheremanyemployees do borasaformidable voicein Retail, Wholesale and Depart- 40% of local-government against unionizing from the facility if they decided to similar jobs. American workplaces,said ment Store Union—sought to workers, including teachers, start. unionize, some employees said. Theeffort failed despite Jonathan Spitz,co-leader of bargain over work rules and firefightersand police, are Amazon pointed to itsmini- Amazon declined to com- President Biden’sendorse- the labor relations practiceat betterpay,frequently citing union members. In some mum wage of $15 an hour, ment. ment,his stated goal of creat- Jackson Lewis,amanagement- the wealth of Amazon founder cases,those unions receive morethan double the state’s Pro-union workerssaid they ing more union jobs and a re- side lawfirm. Union members Jeff Bezos. widespread public support and minimum wage of $7.25 an wanted moresay over break newed embraceoflabor by accounted for10.8% of the to- Workersatthe Bessemer areoften morealigned with hour,which is also the federal times,how they aremonitored manycongressional Demo- talU.S.workforce last year, warehouse overwhelmingly re- their management. minimum. Thecompanyalso by the companyand the rate at crats. down from 24%in1973, ac- jected unionization, with 71% —Amara Omeokwe highlightedits healthcareand which they areexpected to Last year,moreunion mem- cording to Georgia State’s casting ballots not to join the contributed to this article. retirement benefits. sort and movepackages. P2JW102000-6-A00500-3------XA

THE WALL STREET JOURNAL. ****** Monday, April 12, 2021 | A5 U.S. NEWS Biden Trump,inSpeech, Again Bashes McConnell

Moves to BY ALEX LEARY former Vice President Mike weren’t helpful. “In some continues to saythe election speech.“Former President Pence, though he didn’t proj- ways, it’s not a big deal, what was rigged against him, even Trump’sactions preceding the Former President Donald ectthe same tension as with he said, but at the same time, though membersofhis own riot were adisgraceful derelic- Fill Key Trump lashed out at top Sen- Mr.McConnell, according to whenever it drawsattention, administration said therewas tion of duty.” ate Republican Mitch McCon- the person. we don’t need that,” he said. no evidenceoffraud. He has Hundreds of people have nell during aspeech before Mr. Trump had pushed Mr. lashed out at Republicans who been arrested on chargesre- Cyber Jobs GOP donors, according to a Pence to block Congress’scer- have criticized his remarks lated to the riot. Mr.Trump person present. tification of JoeBiden as pres- Theex­president leading up to the deadly Jan. 6 and othersare facing afederal BY DUSTIN VOLZ Theremarks Saturdaynight ident, but Mr.Pencedidn’t, Capitol riot. lawsuit accusing them of con- from Mar-a-Lago, Mr.Trump’s saying such amovehad no also criticized former Mr.McConnell joined all spiring to incite riot. WASHINGTON—President Florida estate,indicatehis an- constitutional basis. Vice President Pence but seven Republicans in vot- Mr.Trump has also created Biden is expected to name two gertoward Mr.McConnell Theoffices of Messrs. ing to acquit Mr.Trump in the tension with the party over former National Security hasn’t abated sincelosing the McConnell and Pencedidn’t in Mar­a­Lagotalk. Senateimpeachment trial, but fundraising, contending it Agencyofficials to high-level election and highlight the immediately respond to re- the KentuckyRepublican couldn’t use his name in ap- cybersecurity positions Mon- challenges the party faces in quests for comment. A repre- blamed Mr. Trump for the ri- peals without authorization as day, as the WhiteHouse looks trying to move on. sentativefor Mr.Trump didn’t oters’ actions. he sought to direct money to round out itspersonnel on Theformer president called respond to arequest forcom- “Weneed unity.Weneed to be “They did this because they from his still avid voterbase to an issue it has said is a prior- the Senateminority leader a ment. focused together.” had been fed wild falsehoods his owncommittees.That ap- ity aftertwo recent hacks “dumb son of abitch,” accord- Arkansas Gov.Asa Hutchin- Mr.Trump,who wasspeak- by the most powerful man on peared to be smoothed over, linked to foreign govern- ing to the person who heard son, aRepublican, said Sunday ing during aweekend donor Earth—because he was angry with the RNC choosing to move ments, people familiar with the remarks.Mr. Trump also on CNN that divisivecom- retreat organized by the Re- he’dlost an election,” Mr. part of itsweekend retreat in themattersaid. said he wasdisappointed in mentslikeMr. Trump’s publican National Committee, McConnell said in aFeb.13 Palm Beach to Mar-a-Lago. Mr.Biden is expected to nominateJen Easterly,afor- mer senior counterterrorism and cybersecurity official at NSA with experience in the ObamaWhiteHouse,tolead the Cybersecurity and Infra- structureSecurity Agency, an arm of the Department of Homeland Security responsible forelection security and pro- tecting civilian government networks from hackers, ac- cording to the people. Separately,Chris Inglis,the former deputy director of the NSA, is expected to be nomi- nated as the first-ever national cyber director,the people said. The position, housed within theExecutiveOfficeofthe president, wascreated through aprovision in the annual de- fense policyspending that passed CongressinJanuary. Therole is intended to co- PRATT ordinatecybersecurity efforts acrossthe federal government and will include itsown office with up to 75 dedicated staff. Thestructuregenerally resem- INDUSTRIES bles that of the Officeofthe U.S. Trade Representative. Mr.Biden also is expected to name Rob Silvers, apart- ner at the international law firm Paul Hastings, as under- HASBUILT secretary for policy at DHS, the people said. U.S. WATCH 5OFAMERICA’S LAST

MINNESOTA 6PAPER MILLS — Driver Dies After Shooting by Police The family of a20-year-old ALL 100% RECYCLED man told acrowdthathewas shotbypoliceoutside Minneapo- lis Sundaybeforegetting back into his car and driving away, then crashing the vehicle. The family of Daunte Wright said he waslater pronounced dead and demanded answers from the Brooklyn Center police. The incidenthappened with Minneapolis already on edge and midway through the trial of apo- liceofficer in George Floyd’sdeath. Thepolicesaid officers stopped aperson after determining the driver had an outstanding warrant. Policesaid when theytried to ar- rest the driver,the driver gotback in the vehicle and drove away.An officer fired at the vehicle, striking the driver.Policesaid the vehicle traveled severalblocksbefore striking another vehicle. By Sundayevening, about 100 people had gathered near the scene, the Star-Tribune reported, but theyweredispersed. —Associated Press PRATT CALIFORNIA Three Children Slain, Mother Arrested INDUSTRIES The mother of three children under the age of 5 who were found slain inside a Los Angeles apartment Saturday morning has been arrested, police said. Liliana Carrillo, 30, was ar- HASBUILT rested in Tulare County, about 200 miles north of Los Angeles. It wasn’tknown if she had a lawyer. 5OFAMERICA’S LAST The children’s grandmother returned home from work and found their bodies and the 6PAPER MILLS — mother missing, Los Angeles po- lice Lt. Raul Jovel said. —Associated Press UTAH ALL 100% RECYCLED Officers Wounded, Suspect Shot Dead

Two Salt Lake County sher- iff’s deputies were wounded, one shot in the eye and the other in the cheek, and the suspect was killed during a shootout Satur- day outside the county jail. The deputy shot in the eye was in critical but stable condi- tion and undergoing surgery, of- ficials said. “We do believe he is www.prattindustries.com going to survive,” Salt Lake County Sheriff Rosie Rivera said. —Associated Press P2JW102000-5-A00600-1------XA

A6 | Monday, April 12, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS Voters Elect Conservative In Ecuador

BY RYAN DUBE voters appeared to go to the left. An Ipsos exit poll showed Ecuador elected aconserva- PedroCastillo,asocialist who tiveformer banker and sup- favors undoing three decades porter of free-market policies of market-friendly policies, as presidentoverhis populist leading afield of 17 other can- opponent, setting the country didates.Peruwill hold asec- on a pro-business path. ond-round vote in June be- GuillermoLasso,65years tween the top two finishers. old, received over 52% of the In Ecuador,Mr. Lasso’s vote Sundaytoclinch the election wasadefeat forMr. presidency, his third attempt Correa, who had handpicked

REUTERS at running foroffice. He de- Mr.Arauz to runfor officeand A worker cleans solar panels at a photovoltaic industrial park in Hami, Xinjiang Uyghur Autonomous Region, China. feated AndrésArauz, a36- has continued to polarize the year-old leftist economist and nation’s politics. protégé of powerful ex-presi- Mr.Correa wassentenced RestiveChina Region Powers Solar Chain dent Rafael Correa. Mr.Arauz in absentia on acorruption conceded with morethan 95% charge last year.Political ana- of votes counted. lystssay he wasbanking on BY PHRED DVORAK trade with Xinjiang is building. Ashai said. “And given the ucts they buy aren’t tainted. Mr.Lasso will inherit a Mr.Arauz’s victorytoreturn AND MATTHEW DALTON The U.S. and the European troubling news and human Some investment advisers bruised economyand health to Ecuador from his exile in Union areweighing legislation rightsreportsthat have leaked have started warning clients crisis as the Covid-19 pan- Europe and overturn his legal Champions of the accelerat- that could lead to import bans from the province, as con- that U.S. sanctions arecoming. demic ragesacrossSouth problems, including an eight- ing push forsolar energy on moreproductsfromthe re- cerned global citizens,we European lawmakerssay America. From Brazil to Peru year prison sentence and ban around the world areconfront- gion, including polysilicon. The have to take that seriously.” they areready to take that and Chile,infections aresurg- on participating in politics for ing a previously overlooked U.S. already banned importsof China’sgovernment says step even if it means slowing ing to record levels. 25 years. Mr.Correa says his challenge: Theindustry’ssup- Xinjiang-produced cotton and thereisnoforcedlabor in Xin- the shifttorenewable energy, “For years, I’vedreamed conviction was political. ply chains areheavily reliant tomatoes in January. jiang,including in the solar in- one of the bloc’stop policy about the possibility of serv- Mr.Correa congratulatedMr. on Xinjiang,aChinese region ManyWestern solar compa- dustry, and that its activities goals. ing Ecuadoreans,sothe coun- Lasso. “Your success will be Ec- the U.S. government and oth- nies aretrying to cut exposure thereare meant to combat ter- Polysiliconismade in an try progresses. Today, you’ve uador’s,” he said. “I just ask erssay is the scene of geno- to the region, fearing their in- rorism and build livelihoods.If energy-intensive process that made that possible,” Mr.Lasso that he stops the lawfare, which cide against local ethnic mi- dustrywill be spotlighted next. Western solar companies want involves purifying silicon us- told cheering supporters. destroys lives and families,” he norities including the mostly Zaid Ashai, chief executive to stop doing businesswith ing chemicals and extremely “We’ll build amorejust coun- added, referring to using the ju- Muslim Uyghur inhabitants. of Boston-based Nexamp, China, it is theirloss, agov- high temperatures.The result- try, with more prosperity for diciarytogoafter political op- About half the world’ssup- which buyssolar panels and ernment spokesman has said. ing product is formed into everyone.” ponents. ply of polysilicon, an essential other componentsfromChina Extricating the solar industry crystalingotsthat aresliced While voters in Ecuador Mr. Lasso made it into the ingredient in most solar panels, and elsewherefor the U.S., from Xinjiang would be difficult, into thin wafers that are then chose a right-wing candidate, runoff vote afterfinishing sec- comes from this part of north- said it has become virtually given the way the supply chain pieced together with other in the firstround of presiden- ond in February’s first round western China, wherehuman- impossible to send indepen- is structured, and China’slock electronic componentstotial voting in neighboring Peru of voting. rightsgroups and U.S. officials dent auditors into Xinjiang to on production, manyindustry make solar panels. sayChina runs asprawling net- check operations there. insiders and analystssay. Daqo NewEnergy Corp., work of internment camps that Nexamp tries to look as far “You cannot avoid polysili- one of the four big polysilicon the U.S. says have held more as it canupthe supply chain to con from Xinjiang,” said Den- manufacturerswith operations than onemillion Uyghurs, a ensureeverything complies nis Ip, an analyst at Daiwa in Xinjiang, said forced labor Muslim minority group. with ethicallabor standards, Capital MarketsinHong Kong. is “morally abhorrent” and the

Some in the renewable-en- Mr.Ashai said. Fornow,the “Ifthe U.S. is serious about companyhas a“zero-tolerance GES

ergy industrysay they fear companyplans to continue buy- sanctions, doing it right now policy” forit. Thecompany IMA that polysilicon and other es- ing from Chinese suppliersand is not agood thing fortheir said it isn’t aware “of any use ETTY

sential materials that come is hoping the industrycan cre- solar-industry development.” of forced labor in the solar /G

from Xinjiang could have links ateatracking system to ensure TheSolar Energy Industries supply chain in Xinjiang.” AFP to forced labor.And lack of nothing is made in Xinjiang. Association, the U.S.’s national Theother three companies, unrestricted access to Xinjiang Even if Chinesesuppliersin trade group,has advised mem- GCL-Poly Energy Holdings MENDEZ/ means it is difficult to ensure Xinjiang saythey arefreeof berstomovetheir supply Ltd., XinteEnergy Co.and suppliersaren’t somehow forced labor,“attestations chains out of Xinjiang by as East Hope Group, didn’t re-

linked to human-rightsabuses. withoutverification mean early as June and createtrack- spond to requestsfor com- FERNANDO Global pressuretocurb nothingatthis point,” Mr. ing systems to ensureprod- ment. Guillermo Lasso vowed‘moreprosperityfor everyone’ as president. FROM PAGE ONE

watchthe psychiatric patient less than $1 million in 2018. Hospital hadn’t received special training Mr.Ferrelli took over as the to deal with adangerous situa- CEO of LifePoint’sWyoming tion. An emergency-room doctor unit afterthe Apollo deal. Mr. Cutbacks told the statethe hospital’s McGuffey said that over coffee emergencyroom didn’t have a last spring Mr.Ferrelli pushed locked room foraggressivepa- him to call off the newhospital Are Fought tients. effort, warning that it would be Thehospital said all staffers afinancial disaster. assigned to monitor patientshad “Corte, you’reayoung guy. ContinuedfromPageOne been given training. Thehospi- I’dhatefor your name to be ordinatecare, adding that both tal’sCEO,Mr. Ferrelli, said its tied to this when it fails,” Mr. marketsare currently being staff acted as quickly as possible. McGuffey says he recalled Mr. well served. “Thiswas an extreme and highly Ferrelli telling him. “I believethe promise of this unusual situation,” he said. Through aspokeswoman, mergerhas been realized,” he JOURNAL Theeffort to build anew Mr.Ferrelli denied saying this.

said.“We continue to explore REET hospital in Riverton attracted TheRiverton Medical Dis- ST

opportunitiestoexpand ser- LL CorteMcGuffey,atrained den- trictbythat point had raised

vices locally.” WA tist and former star high-school $150,000 to commission afea-

Riverton’seffort highlights THE quarterback who wonDivision sibility study about the project.

the struggles in ruralhealth- R II collegefootball’sequivalent It concluded the local market care and the clashes between FO of the Heisman Trophywhile at could support anew hospital, communities and for-profit the University of Northern Col- giving volunteersconfidenceto chains that ownsmall-town NIMMO orado.Mr. McGuffey moved moveahead. YLA

hospitals acrossthe country. Fi- CA back to Rivertonin2018 to run Mr.McGuffey found support nancial pressureonhospitals Membersofthe Riverton Medical District and the Eastern Shoshone BusinessCouncil in Riverton, Wyo. trucking and rail businesses in Cheyenne,Wyoming’scapi- caused by the pandemic has started by his wife’sfamily. tal. Yetmoney from the state further raised tensions. Wyoming affect communities: and other specialists. added to locals’ worries over Thegroup,dubbing their ef- has proved elusiveasitgrap- “Inarural community like “Get theformula right. Don’t That changedaround 2014, LifePoint’squality of care.Over fort the Riverton Medical Dis- ples with tightfinances. this,healthcareisone of the just look at it as abusiness as LifePoint began reducing several years, the statefound trict, found support from for- TheRiverton Medical Dis- major pillarsholding it up,” model.” medicalstaff,the former em- the hospital had used unsani- mer staff of the Riverton trictdecided itsbest funding says Eric Ridgway,alongtime Thegovernor said LifePoint’s ployees said. LifePoint then for- tary surgical tools,some con- hospital, including itsone-time shot wasthe U.S. Agriculture Riverton family physician who consolidation of health services mally mergedRiverton’shospi- taining the dried blood of pre- chief financial officer. Department,which gives low- previouslyworked in the hospi- “wasn’t what they promised the talwith the facility in Lander. vious patients. Wyoming’s Much of that support fol- interest loans to ruralcommu- tal’semergencyroom and now community and it certainly is One of the firsttoraise con- Department of Health urged lowedApollo’s purchase of Life- nity projects. is backing anew facility. somethingthey canreverse.” cerns with LifePoint wasVivian LifePoint to ensureadequate Point in 2018,ina$5.6billion LifePoint has pushed the de- Private-equity groups,which Apollo declined to comment Watkins,aretired banker who staffing so that surgical tools deal,injecting the private-eq- partment not to fund the non- poured morethan $200 billion forthis article.LifePoint didn’t onceserved as Wyoming’seco- would be properly sanitized. uity firm with $455 billion in profit hospital.InaFebruary into North American health in- comment on the governor’s re- nomic-development director.In Mr.Ferrelli said the hospital assetsintothe Wyoming dis- letter from Mr.Ferrelli, Life- vestmentsoverthe past de- marks. acall with LifePoint in 2018, worked with industryexperts pute.LifePoint said around $5 Point said anew hospital in cade,haveattimes exacerbated U.S. Sen. John Barrasso of shesaid the companyturned to resolvethe problem and that billion of debt financing would Riverton would hurt itsbusi- these tensions.Lucrativere- Wyoming,aRepublican, said he down arequest to sell or lease it has purchased newequip- be used to fund the buyout. ness and provide duplicative turns,anaging population and supported the Riverton com- the property to put it back in Afterthe Apollo takeover, medical services. other factorsmade healthcare munity exploring anew hospi- localhands. LifePoint sold achunk of its “Weanticipatesignificant companies attractivetargets. tal. Sen. Cynthia Lummis,also a Afterthe merger, manyin More than 130 rural real estateincluding the River- revenue and patient declines But private-equity strategies, Republican, said she supported Rivertonsaid basic services tonfacility to an investment forour hospital,” Mr.Ferrelli whichcan include the aggres- choiceinhealthcare, “especially weren’t being met, with some hospitals have firm called Medical Properties wrotetothe department.He sive use of debt to fund divi- if the people of Wyoming feel residentspointing to statedata closed nationwide Trust Inc. argued that anew hospital dends or selling off local assets that the lack of it is reducing that showair ambulancerides Under the deal, the Riverton would diminish the workload to clean up balancesheets, can qualityofcare.” from Fremont County,where since 2010. hospital pays rent on property foreach physician, making it deepen conflictswith small Morethan 130 ruralhospi- Rivertonislocated, jumped to it previouslyowned. Such morelikely they would move communities. tals have closed nationwide 937 in 2019 from 155 in 2014. transactions arecommon out of the area. Thelettercop- Around 24%ofU.S.hospitals since2010.Aconcern in River- Mr.Ferrelli responded that the among privateequity-backed ied AgricultureSecretaryTom areowned by for-profit inves- tonisthat traveling farther for need formorespecialized or ment, initiated extrastaff train- health providers, but they ef- Vilsack,Sens.Barrasso and tors,which includes privateeq- healthcareputspeople at risk, higher levels of care waspartly ing and put in placeother pro- fectively direct moreofahos- Lummis as well as Rep.Liz uity,according to the American particularly whereroads canbe behind the transfers, achal- cesses to ensure the pital’sbudget to paying rent in- Cheney (R., Wyo.). Hospital Association. That is up impassable in winter.Research lengehedoesn’t believeanew sterilization of itsequipment. stead of to patient care. TheUSDA, in response to from 16% in 2000. has linked hospital closures to Rivertonhospital would solve. Then, last November,apsy- Medical Properties Trust questions,said itsloans were Wyoming Gov.Mark Gordon, higher mortality ratesfor pa- TheCEO said Lander and chiatric patient chargedinto didn’t provide comment. Life- vital resourcestorural commu- aRepublican, said in an inter- tientswith time-sensitivecon- Riverton provide manyofthe the room of another patient Point said that it used proceeds nities but didn’t comment on view that privateequity’s ag- ditions. same services afterthe merger, and gouged her eyefromits from the real-estatesale to pay theWyoming case. gressivenessindriving effi- Despitethe ruralsetting, such as round-the-clock emer- socket, leaving it to dangle on down debt and reinvest in its TheRiverton group has had ciencyatcompanies it owns is Riverton’shospital had been gencyrooms,but also have the victim’scheek,according to hospitals, and hadn’t used the extensivetalks with the USDA “hugely problematic” forrural profitable,according to federal some distinct offerings, citing astate report on the matter. money to paydividends to and plans to formally submit healthcare when it leads to a disclosures and former employ- 3-D mammographyinRiverton Thepatienthad to be airlifted Apollo.LifePoint said it itsloan request this spring.If reduction of services. ees.Itoncemanaged arobust and OB-GYN services in Lander. out of stateand later died. boosted capital expenditures at approved, the group said it He called on Apollo to be staff, including full-time sur- Sanitation and safety issues Hospital staff told the state itsWyoming hospitals to more could break ground on anew aware of howits dealingsin geons,anOB-GYN,orthopedist at theLander facility have that the person assigned to than $3 million in 2020 from hospital later this year. P2JW102000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, April 12, 2021 | A7

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A8 | Monday, April 12, 2021 NY ***** THE WALL STREET JOURNAL. WORLD NEWS Feud Shakes Jordan Tribes Iran Says Saboteurs

Arrest of prince sows countryalready hemmed in by Hit Nuclear Facility wars in Iraq and Syria, they say unrest with groups it does have potential to cause Iran said saboteurs caused Iran ramped up its nuclear that traditionally lasting damageasthe monar- ablackout at the country’s activities afterthe U.S. leftthe chycelebrates itscentennial. main nuclear-enrichment accord,including moves to en- supported monarchy “Ifleftuntreated, these plant, accusing the alleged cul- rich uranium at ahigher pu- wounds arecumulativeand pritsofattempting to derail rity than the deal allows. Na- BY STEPHEN KALIN they’ll spread over so much of informal talks with the U.S. on tanz is at the center of Iran’s AND SUHA MA’AYEH the body politic that eventu- reviving a2015 nuclear accord efforts, and wasrelaunched ally you won’t be able to ban- that could pave the way for Saturdayafter adevastating KERAK,Jordan—Security dagethem,” said one Western rolling back sanctions on the explosion and fire in the sum- forces armed with assault ri- diplomat. “This is going to be Islamic Republic. mer of 2020,which Iran also fles burst intothe home of one just one morecrack in the citi- blamed on saboteurs. Iran on

of themost prominent families GES zen-state relationship.” By Sune Engel Saturdaycarried out testsona

in Jordan’sal-Majali tribe here IMA Jordan’s neighbors and al- Rasmussen in London, newgeneration of centrifuges. in the clan’shomeland by the lies have been quick to line up Aresu Eqbali in Tehran Israel is opposed to the nu- Dead Sea. They snatched GETTY behind King Abdullah, who has and Dov Lieber clear deal,which Prime Minister Yasser al-Majali, aretired army SE/ proved an indispensable part- in Tel Aviv Benjamin Netanyahu says im- colonel working forthe royal ner forthe U.S.,Israel and posesonly atemporarycap on family,and draggedhim away. Saudi Arabia. In 2018,Wash- Tehran didn’t disclose any Iran’snuclear capability and al- ANCE-PRES

TheApril 3arrest of Mr. FR ingtoncommittedtogiveAm- details about the electrical mal- lows Tehran to develop nuclear Majali and other notable tribal man at least $1.275 billion in function at Natanz,which it said weapons in the future. Israeli ENCE

figures—in what Jordanian of- AG foreign assistance for each of took placeonSunday, or the ex- officials have said they would

ficials characterizeasaneffort CE/ the next five years. tent of anydamageitcaused. seek to thwart Iran’snuclear to stamp out aplot to eventu- LA Therelationship between Nordid Iranian authorities say ambitions by anymeans neces- PA ally replacereigning monarch L thetribes and the monarchy who they thought might be re- sary, including covert opera- YA

King Abdullah II with his RO dates back to the country’s sponsible,though Ali Akbar tions,ifthey think that interna- younger half-brother,Prince modern founding after World Salehi,the head of Iran’satomic tional effortstocheck Iran’s

Hamzah bin Hussein—is sow- ANIAN WarI,when the British helped agency, said Iran reserved the ambitions arefalling short.

ingunrest in apart of society JORD install the Hashemites. In re- righttoretaliate. He called the Amos Yadlin,the former central to stability. Jordan’s neighbors and allies have been quick to line up behind turn for backing the new rul- incident an act of “nuclear ter- chief of Israeli militaryintelli- Jordan’straditional tribes King Abdullah II in a rift with his younger half-brother. ersagainst the Ottomans on rorism” amid heightened ten- gence, said in an interview have long provided crucial the battlefield, the tribes re- sions over the tentativediscus- support forthe Middle Eastern on the island of atraffic was snatched in similar fash- ceived jobs and basic services. sions on Iran’snuclear program. kingdom’sHashemiterulers, roundabout. They held up ion from a main street where By 1970, morePalestinian Israeli media, quoting what The head of Iran’s with membersfilling the ranks signsorchanted “Freedom” he was shopping, they said. residents, displaced from ar- they described as Western in- of the army, policeand intelli- and“Down with the security Thegovernment has said eas under Israeli control, out- telligencesources, said Israeli atomic agency genceservice. And some have grip.” Plainclothes security of- those detained areunder inves- paced Jordan’spre-existing intelligenceagencyMossad called the incident taken to the streets decrying ficers moved among them, re- tigation and could be referred population. So-calledEast had orchestrated acyberattack thetreatmentoftheir mem- cording videos. to the statesecurity court. The Bankers (as opposed to Pales- at theNatanzsite, causing se- ‘nuclear terrorism.’ bers. PrinceHamzah, who is ef- men’srelatives arepushing tinians from west of the Jor- vere damage. In an apparent sign of rap- fectively under house arrest,is back,organizing demonstra- dan River,which marks the Israeli officials declined to prochement, the palacere- popular with the tribes,who tions and calling forthe men to border with Israel) maintained respond to the reportsthat Is- leased aphotoonSunday see in him acopy of his father, be freed or least chargedand anear-monopoly on jobs in rael wasbehind the alleged at- with the country’sArmyRadio showing PrinceHamzah par- the beloved lateKing Hussein. givenaccesstoalawyer. the security services and gov- tack at Natanz.InWashington, on Sunday that Israel may be ticipating with King Abdullah UnlikeKing Abdullah, who “Wewon’t be silent on this ernment, while people of Pal- aspokeswoman forthe White pursuing short-term goals and other royals in an event grew up largely abroad, the topic,” Nasser al-Majali, one of estinian descent worked in the House National Security Coun- without considering the lon- marking the monarchy’s100th princeisfluent in local Jorda- Mr.Majali’sbrothers, told The private sector. cil declined to comment. ger-term impact they may anniversary. But the upheaval nian dialectsand tribal cus- Wall Street Journal inside the FaresBraizat, aformer Jor- Iran and the remaining five have on relations with the U.S. of the past week could con- toms and regularly visitstribal house wherethe raid unfolded. danian minister who nowruns partiestothe 2015 nuclear ac- Iran insistsits nuclear pro- tinue to ripple through Jorda- communities. “Wefeel likeweare the ones aresearch and consulting firm cord convergedinVienna last gram is peaceful. Itsdiplomats nian society. Tribal figuressay they sup- who have been plottedagainst.” in Amman, said economic lib- week to negotiate a road map saythey worrythat Israel At ademonstration on Sat- port the entireHashemitedy- Jordan’sgovernment eralization had put some Jor- forthe U.S. to return to the might take action to under- urdayinthe Shafa Badran dis- nasty and, despiteany per- spokesman didn’t respond to a danians at adisadvantage, es- agreement, which the Trump mine thenuclear talks if it trict of Amman, the Jordanian sonal preferences,they say request for comment. The of- pecially in tribal areas. But he administration leftin2018. senses that they might under- capital, membersofthe Anaizat they don’twant to be drawn fice of Amman’spublic prose- dismissed the notion that dis- Their objectiveistofind a mine its own security. tribe demanded the release of intowhat they consider an in- cutor and security officials,in- content would changethe fun- way for President Biden’s ad- Tehran’s announcement of one of their own, aretired lieu- ternal family conflict. cluding at the statesecurity damental relationship between ministration to liftsanctions the incident at Natanz came as tenant colonel who served as Mr.Majali, who runs Prince court, couldn’t be reached for the monarchy and the tribes. on Iran if Tehran agrees to U.S. Defense SecretaryLloyd one of PrinceHamzah’sguards. Hamzah’sprivateoffice, was comment during along holi- Widespread protestshave, comply with the 2015 pact, Austin landed in TelAviv for Limited in sizebecause of bundled intoablack sport- day weekend. however, brought down gov- which wasdeveloped to curtail meetings with Mr. Netanyahu concerns about Covid-19, utility vehicle, while security While Western diplomats ernmentsinJordan, most re- the growth of Iran’snuclear and other top Israeli officials, which has crippled Jordan’s menpointed weapons at his and analystsbelievethe situa- cently in 2018 afterthe govern- capability,and keep it from who were quick to raise the tourism-dependent economy, a relatives,his brother said. Mr. tion is unlikely to spark an im- ment tried to raise taxesand developing nuclear-weapons topic of Iran and the nuclear group of about 100 men stood Majali’scousin Samir al-Majali mediategoverning crisis in a prices forfuel and electricity. technology. talks in Vienna. WORLDWATCH REUTERS O/ FOT A AR NT /A RU RU KA BUR ZA People in Lumajang, East Java province, Indonesia, on Sunday salvaged their belongings from a INTERNATIONALLY, house damaged by a magnitude-6.0 earthquake the day before.

GERMANY year because of the coronavirus vice said its crews had re- ONEOFTHE MOST pandemic. Survivors from differ- sponded to an alarm call by a President Marks entparts of the world instead at- fishing boat that had located the DESIRABLELOCATIONS Liberation of Camp tended Sunday’smemorial cere- migrants in a flimsy craft unfit monyonline. for the high seas. President Frank-Walter Stein- —Associated Press Rescue helicopters airlifted IN FOOD INNOVATION meier marked the 76th anniver- groups of the migrants to Tener- sary of the liberation of the Bu- INDONESIA ife, including six people who chenwald concentration camp by were suffering from dehydration. reminding his compatriots of the Java Quake Leaves The Atlantic crossing from Findall your businessneedsin inconceivable atrocities the Nazis Eight People Dead the Western coast of Africa to committed there during the Spain’s Canary Islands has be- MiddlesexCounty,New Jersey. Third Reich. Astrong earthquakeonIndo- come a major route for migrants “Communists and democrats, nesia’smain island of Java killed and asylum-seekers fleeing con- homosexuals and so-called aso- eightpeople and damaged more flict, violence and economic Learnhow adeepcommitment from cials were incarceratedatBu- than 1,300 buildings, officials said. plight exacerbated by the coro- localgovernmentand thecommunity, chenwald. Jews,Sinti and Roma The U.S. Geological Survey navirus pandemic. were broughthereand mur- said the magnitude-6.0 quake More than 2,400 people have along with beingstrategicallylocated dered,” Mr.Steinmeier said during struck off the island’s southern reached the Canaries in the first in thewarehouse anddistribution hub aspeech in the nearbyGerman coast at 2 p.m. Saturday. It was three months of 2021. town of Weimar,76years after centered 28 miles south of Sum- —Associated Press of theNortheast,have created the U.S. forces liberated the camp. berpucung town of Malang Dis- perfectecosystem forbusinesses “With its diversity of victims’ trict in East Java province, at a CHINA groups, Buchenwald represents depth of 51 miles. in thefieldoffoodinnovation. the entire barbarism of the Na- Rahmat Triyono, the head of Rescuers Try to Free zis, its aggressive nationalism to Indonesia’s earthquake and tsu- Trapped Coal Miners the outside, its dictatorship on nami center, said the undersea the inside, and a racist way of temblor didn’t have the potential Rescuers were trying to reach thinking,” he said. “Buchenwald to cause a tsunami. 21 coal miners who were stands for racial fanaticism, tor- —Associated Press trapped by an underground flood ture, murder and elimination.” in China’s northwest, a state The Buchenwald concentration SPAIN news agency reported. camp wasestablished in 1937. The mine in Hutubi County in Morethan 56,000 of the Bodies of 4 Migrants the Xinjiang region flooded Sat- 280,000 inmatesheld at Buchen- Recovered on Boat urday evening, the Xinhua news wald and its satellitecamps were agency reported, adding that killed by the Nazis or died as a Authorities said they had re- eight people were rescued. result of hunger,illnessormedi- covered the bodies of four mi- China’s coal mines are among cal experiments beforethe grants from a boat along with the world’s deadliest, regularly camp’sliberation on April 11, 1945. 19 survivors who had taken the suffering explosions and gas DiscoverMiddlesex.com/Biz Holocaustsurvivors and their treacherous route from West Af- leaks despite repeated safety families weren’tallowedtogather rica to the Canary Islands. crackdowns. foranniversary observances this Spain’s maritime-rescue ser- —Associated Press P2JW102000-0-A00900-1------NS

THE WALL STREET JOURNAL. NY Monday, April 12, 2021 | A9 WORLD NEWS Prince Charles Moves Closer to Center Stage

BY MAX COLCHESTER conform to the royal conven- book “Harmony.” tion of political neutrality, Thedeath of PrincePhilip LONDON—Thedeath of campaigning on issues around brings a moment of quiet and PrincePhilip,Queen Elizabeth’s the environment, designing his possibly conciliation as the husband of morethan 73 years, owntownand launching a royalfamily and the country sharpens the spotlight on their brandoforganic food. The unite to paytributetoBrit- eldest son PrinceCharles,who prince’svision foramore ain’slongest-serving royal is increasingly tasked with slimmed-down, low-cost mon- consort.Acrossthe countryon managing the House of Wind- archyisstarting to take shape, Saturdayguns saluted, flags S

sor’s complexprivateaffairsas but he has struggled to corral flew half-staff and well-wish- PRES well as matters of state. the family amid aseries of ers lined up outside Bucking- ZUMA

No person has waited so mishaps and scandals. hamPalace.“His energy was A/

long to rule the British realm Hiseffortstoreframe the astonishing in supporting my /DP AS

as PrinceCharles.The 72-year- role of the Prince of Wales as mama, and doing it forsuch a IT

old, also known as the Prince an agent forchangehas long time,” PrinceCharles told WO N

of Wales,isthe longest-ever brought both praise and criti- the British Broadcasting Corp. JA serving heir to the British cism. Opinion polls regularly The House of Windsor will Prince Charles has tried to reframe the role of the Prince of Wales as an agent for change. throne.And while both he and showPrinceCharles trails face a delicate branding exer- his father have played a sup- othermembersofthe royal cise in the next few years, say through no fault of his own,” he “The Young Prince Philip.” turned toxic. porting role to Queen Eliza- family in terms of popularity. royalwatchers. Queen Eliza- said. PrinceCharles’s38-year- PrinceCharles faces the ThePrinceofWales says beth fordecades,they have His preaching forradical beth when she arrived on the old son PrinceWilliam is far dual task of managing family that his way of operating will taken differing approaches. change while simultaneously throne in 1952 had the good morepopular,raising questions politics and trying to reshape changeshould he become king. His father, the Duke of Ed- embracing ahighly privileged fortune to be aglamorous over whether he would at some the monarchywhile the 94- “The idea that Iamgoing to inburgh, wasastraight-talking existencegrateswith some.“It young woman, said Robert Ha- point step aside to protect the year-old queen still lives. go in exactly the same way if I former navalofficer who made is probably inevitable that if zell, an expert on the British institution, Mr.Hazell said. PrinceCharles washeavily in- have to succeed is complete avirtue of steadfastly defer- you challenge the bastions of constitution and professor at Otherssay that the risks volved in negotiations after nonsense,” PrinceCharles said ring to his wife while helping conventional thinking youwill University College London. areoverblown. “My hunch is his younger son Prince Harry in aBBC documentaryabout steer family matters behind find yourself accused of na- If and when he accedes the that he will be aperfectly suc- decided to quit royalduties af- his lifethat aired in 2018. the scenes. iveté,” PrinceCharles wrotein throne,“Charles is going to be cessfulking in his ownright,” termarrying the actress “The two situations are com- The prince has strained to the introduction to his 2010 an unattractiveold man says Philip Eade,author of Meghan Markle.That split pletely different.” FROM PAGE ONE

ingtools and paypublishers making our case in court.” He Project Bernankeused data tion as proof that Google ben- of desktopusers, excluding us- Google Had lessonitswinning bids forad referred the Journal to an about historical bids made efited from itsadvantage. ersofApple’sSafari web inventory. analysis conducted by aU.K. through Google Adstoadjust Thedocument also sheds browser,inadauctions.The Theunredacted documents regulator that concluded that itsclients’ bids and increase morelight on aonce-secret Texas complaint alleges that Secret Data showthat Texas claims Project Google didn’t appear to have theirchances of winning auc- deal between Facebook Inc. this activity appears“to allow Bernankeisacritical part of had an advantage. tionsfor ad impressions that and Google, known as Jedi Facebook to bid and win more that effort. TheTexas attorney gen- would have otherwise been Blue,which allegedly guaran- ofteninauctions.” Program Google acknowledged the eral’sofficedidn’t respond to teed Facebook would both bid Google further acknowl- existenceofProject Bernanke requestsfor comment. in—and win—a fixedpercent- edgedinthe filing that Jedi in itsresponse and said in the Google’soutsizerole in the Thecompanycalled ageofadauctions. Blue required Facebook to ContinuedfromPageOne filing that “the details of Proj- digital-ad market is both con- Theagreement wassigned spend $500 million or morein lishersuse Google to sell their ect Bernanke’soperations are troversial and at times murky. itsefforttogather by,among other individuals, Google’sAdManager or Ad- digital ad space—toguide ad- not disclosed to publishers.” In some instances,“we’re datacomparable to Philipp Schindler,Google’sse- Mob auctions in the fourth vertiserstoward the pricethey Google denied in the docu- on both thebuy side and the nior vicepresident and chief year of the agreement, and would have to bid to securean mentsthat therewas anything sell side,” Google’schief ‘other buying tools.’ business officer,and Sheryl that Facebook committedto ad placement. inappropriateabout using the economist, Hal Varian, said at Sandberg, Facebook’schief op- making commercially reason- Google’s use of bidding in- exclusiveinformation it pos- a2019 antitrust conference erating officer,anunredacted able effortstowin 10% of the formation, Texas alleges, sessed to inform bids,calling held by the University of Chi- section of Google’sfiling auctions in which it had bids. amounted to insider trading in it “comparable to datamain- cago Booth School of Busi- wonbyrival ad tools.The states. Facebook didn’t comment digital-ad markets. Because tained by other buying tools.” ness. Asked howthe company companyacknowledged as ac- Google acknowledged in its on the newinformation in the Google had exclusiveinforma- PeterSchottenfels,amanaged those roles,Mr. curateaninternal 2013 presen- responses that it had agreed to Texas documents. Thecom- tion aboutwhat other ad buy- Google spokesman, said the Varian said the topic was tation showing that the project make“commercially reason- panyhas said it doesn’t be- erswerewilling to pay, the complaint “misrepresents “too detailed forthe audi- wasexpected to generate$230 able efforts” to ensurethat lieveitwas given special treat- statesays,itcould unfairly manyaspectsofour ad tech ence, and me.” million in revenue that year; Facebook wasable to identify ment compared with other competeagainst rival ad-buy- business.Welook forwardto In the filing, Google said Texas has cited that presenta- 80% of mobile usersand 60% Google partners. RAISING OUR TEAM MEMBERS SO WE CAN RAISE HEALTH ©2021 FORTUNE Media IP Limited. All rights reserved. Used under license.

Forthe second year in arow, Northwell has been named one of the best places to work in the nation. And we oweitall to our team of 76,000 Health Raisers, whose continued dedication to an innovativeand inclusiveculture neverwavered—even while bravely risingtothe challenges of this past year. Because of their commitment, Northwell is atruly special place—forteam membersand community members, alike. P2JW102000-2-A01000-1------XA

A10 | Monday, April 12, 2021 ** THE WALL STREET JOURNAL. FROM PAGE ONE

return to work in the summer Virus Fears but shelved those plans indefi- nitely because of concern aboutcatchingCovid-19 at Keep Many work and spreading it to her grandparents. In June,her grandfather wasdiagnosed From Work with cancer, sealing the deal. “I’m in people’sfaces—I do makeup,” she said. “Even with ContinuedfromPageOne the precautions,itwas just keeps Ms. McLaurin at home: too much” risk. fear.AU.S.Census survey con- Some of thelong-term job- ducted in the second half of lessinthe U.S. appear to be March found that about 4.2 holding out for jobs in which million adults aren’t working they would be safer from because they areafraid of get- Covid-19.“Work from home” is ting or spreading the corona- the most frequent search term virus. on job marketplace Thelarge number helps ex- ZipRecruiter.Julia Pollak, ala- plain whysome companies say bor economist there, said 60% labor is scarce even though of applicantspreferremote the unemployment rate is 6%. work but just 9% of vacancies It suggeststhat even with gen- JOURNAL on ZipRecruiter offer that.

erous fiscal and monetary REET Theanxiety Ms.McLaurin ST

stimulus,the U.S. labor market LL and Ms.Noe speak of makes

might not fully heal until the WA standard recession-fighting

virus is tamed. THE policies work less effectively,

Indeed, if fear of the virus R according to some economists. keeps people out of the work FO By the same token, people’s force, it could add inflation worryabout going to work

pressureasemployers seeking MELLISH could quickly recede if vacci- to meet stimulus-fueled de- nation curbs the pandemic, ZERB mand areforcedtoraise Angel, left, and Chanee McLaurin live in the Dallas area. Both left their jobs to avoid the risk of contracting Covid-19. said Mr.Loewenstein of Carn- wagestohireenough workers egie Mellon. or keep those they have,and thespring of 2020 drovethe Virus anxietyhas pushedmillions out of the workforce. worseand the possibility of passthose costsontocustom- collapse in mobility moreso dying from Covid-19.That ers. However, manyecono- than government-mandated Number of U.S. adultswho ShareofU.S.adultsworking finding had abasis,inthat Inflation pressures mistsassume asuccessfulvac- shutdown orders did. hadn't worked in the past or looking forwork, Black and Latino workers are People getting vaccinated cine rollout would send a During more-recent out- week becauseofworries percentage-point change more likely than whites to be should increase demand forall surge of people rejoining the breaks, fear appeared to be a about getting or spreading the in jobs whereteleworking isn’t the thingsthey have done labor force, enabling the econ- major driver of consumer be- coronavirus* 2% RECESSION feasible, according to the La- without forthe past year, omytopotentially thrivewith- havior, according to a similar borDepartment, as wasthe while also allowing manyto out inflation caused by supply dataanalysis by Mr.Goolsbee, 6million case for the McLaurins. return to the workforce, said bottlenecks. aformer Obama administra- 0 Black and Latino people die Mr.Goolsbee of the University tion economist. from Covid-19 at around twice of Chicago. “That means the Theprecise effect of fear on 4 the rate of whites and arehos- recovery could be rapid but Full swing the labor market isn’t clear -2 pitalized at roughly three without the normal inflation- Theeffort to tame the virus because it isn’t something the times the rate,according to arybottleneck of atraditional is in full swing,with more government tracks.The Labor calculations by the Centersfor business cycle,” he said. 2 than athirdofAmericans hav- Department’smonthly jobs -4 Disease Control and Preven- However, if vaccines fail to ing received at least one survey in Marchfound that tion. Thecalculations relateto quell fearsabout the virus,a Covid-19 vaccine shot and thepandemic had prevented the whole population, not just resulting labor shortagecould PresidentBiden calling for 3.7million people from look- 0 -6 people who get Covid-19, and contributetoinflationary states to makeall adultseligi- ing for a job in the prior four June 2020 '21 2005'10 '15'20 take age into account. pressures,said James F. ble forvaccination by April 19. weeks,but didn’t specifythe Nonwhites aremorelikely Smith,amacroeconomist at Still, about 15.5%ofU.S. reason. A role that more-gen- *June and July data reflect two-week average. Gaps due to pauses between survey phases. to liveinmultigenerational EconForecaster LLC. adults saythey either defi- erous government support Sources: Census Bureau (coronavirus fear); Labor Department(adults working or looking forwork) households and with people Ms.Noe and her cousin Ms. nitely or probably won’t get programs might have been whosehealth or ageleaves McLaurin both saythey are vaccinated, according to the played was unclear. nerves always failed. Fear is apart of everyre- them particularly vulnerable, unlikely to getvaccinated, cit- most recent Census survey. Ms. McLaurin’s wife, Angel cession. One of John Maynard according to analyses by the ing concerns about the level of That’s down from 21%-plus in McLaurin, remained at her Keynes’sseminal insightswas Pew Research Center and the testing and reactions they’ve early January. Social media warehouse job through spring that swingsineconomic activ- Center forPublic Integrity, heardabout. TheCentersfor TheU.S.unemployment Ms. McLaurin in the Dallas and summer.InlateSeptem- ity have afundamentally emo- two nonpartisan organizations Disease Control and Preven- rate is down steeply from its area wasn’t worried at first ber,she learned on social me- tional basis, said George Loe- that research public policyis- tion says vaccines aresafeand peak of 14.8%inApril 2020. when the coronavirus ap- dia of three co-workerswho wenstein,aprofessor of sues. effective. Economistssay the current 6% peared in early 2020.She had were out because they had economics and psychology at Some 230 miles south in With her grandfather now figure somewhat exaggerates heard that Black people such tested positive. Her employer Carnegie Mellon University. the Houston suburbs, Chanee cancer-free,Ms. Noe’sworries the health of the labor market as herself were less at risk. had told them of only one.She Economists canestimatethe McLaurin’scousin, Chauntae about the virus have eased because so manypeople with- Then her sports-nut wife wondered howmanyothers economic effectsofchanges in Noe, is out of the workforce, slightly. She hasn’t gone back out jobs aren’t looking forone, told her that Utah Jazz guard theremight be.Afew days income or wealth, but not of too. The27-year-old spent to work.The salon businessis and thus don’t figure in the Donovan Mitchell,who is later, Angel, too, left her job. fear. four years at a popular blow- so slowthat her paywould rate calculation. Thelabor- Black,had tested positive. Nowneither woman works. Emotions canbemore drybar in Houston, doing hair only covercommuting costs, forceparticipation rate—the Soon, virus talk spread in Ms. They received government closely related to the vividness and makeup.She earned solid she says.She is researching shareofadultseither working McLaurin’ssocial-media feeds. stimulus checks, and both get of imagery than to statistical money and enjoyedmaking certification programs in a or looking forwork—has fallen Shewas glued to her phone as probabilities,said Mr.Loewen- people feel good about their more stable field. to 61.5% from 63.3%beforethe friends launched video blogs stein. He pointed to the alarm appearance, especially for ForChanee McLaurin, virus pandemic, a decline of nearly describing their Covid-19 Anxiety makes greeting reportslast spring weddings, proms or the annual worry has receded enough so 3.9 million people. bouts, including their strug- that asmall number of chil- Houston rodeo and country- that she nowshops forgrocer- Labor-force participation gles to breathe. News footage standard recession­ dren with Covid-19 had con- music festival. ies and has sent her daughter usually falls in recessions, as from Italy of coffins stacked in fighting policies tracted aserious condition back to daycare, but the fear is some people giveupjob hunt- army trucks alarmed her. called multisystem inflamma- easily roused. In mid-February, ing.But such discouraged “It waspeople’sfamilies work less effectively. tory syndrome. Parental leave she waschatting with aDoor- workersaccounted forjust 3% and kids and auntsand uncles “The reader doesn’t think, Ms.Noe wasonparental Dash deliverer who casually of last year’s decline in work- and moms and dads,” she said. ‘Well, howoften is this actu- leave when the pandemic ar- mentioned having had forcenumbers, according to Except foraMother’s Day ally occurring?’ ” Mr.Loewen- rived. She,her fiancé and their Covid-19 the previous month. Labor Department data. This gathering at her grandparents’ disability benefitsfromthe stein said. “Instead we think, two daughterslivewith her “I was like, ‘You had Covid suggeststhat fear of the coro- house,itwas mid-June before military, but they haven’t ap- ‘This is ahorrible story—I grandparents, both of them di- last monthand you’reDoor- navirus might explain a lot of Ms.McLaurin, who served plied forunemployment bene- don’t want that to happen to abetic.Except forher fiancé,a Dashing? Last month wastwo the remainder. eight yearsinthe Marines that fits. me or my children.’ ” UPS deliverer,noone left weeks ago!’ ” she said. Aftera Ahandful of studies,includ- included astint in Afghani- Chanee McLaurin has made Other times, fear is closely home except to get groceries hasty exit, she sanitized the ing one by Austan Goolsbee stan, ventured beyond her peacewith atanked credit linked to actual risk.AFrank- and to go on asocially dis- bag and sprayed down the en- and Chad Syverson of the Uni- backyard.When the food sup- scoreand morecredit-card lin Templeton-Gallup Econom- tanced family getaway. tryway. versity of Chicago, have ply dwindled, she seized on debt. “I’m not going to say it ics of Recoverystudy in Octo- “IfIcan prevent [Covid-19] “It just took me back all used cellphone location data the need for groceries as im- wasn’t astruggle,” she said. ber concluded that Black by just staying in the house, over again,” Ms.McLaurin to track individuals’ travel petus to leave the house. But “But in my house,we’venever women were about twiceas that’swhat I’m going to do,” said. “I don’t know if she still patterns and found that volun- as she hovered by the front had Covid. So it was worth it concerned as whitewomen she said. has Covid and I’m sick already. tary behavior changes during door,car keysinhand, her for me.” aboutthe pandemic getting Ms.Noe had been aiming to It freaked me out so bad.”

band,” Mr.Pechner says.“It tar,” he jokes. ‘Wall of wasamonumental effort.” The Themini wall wascon- Dead went on hiatus in 1975, ceived one dayasMr. Coscia only to return ayear later cleaned up scrap plywood Sound’ with asmaller rig.Still, the from acabinetmaking session. Wall of Sound remained afas- He fashioned the frame of the cination forfans.McIntosh curved speaker array that vi- Lives On MC2300 amplifiers that pow- sually anchorsthe real wall, ered the wall landed in the and cut 60 holes forspeakers. Rock & Roll Hall of Fame. “That night, the obsession ContinuedfromPageOne Aquarter-centuryafter Mr. began,” he says.“It just has stirred ayearning for Garcia’s death, Deadhead cul- clicked that I had to keep go- sonic blissthat the best live tureisdecidedly mainstream. ing.Ijust kept working my stream can’t produce. Mr.Coscia, 52 yearsold and a way out and it kept getting “My inspiration was being father of two,representsthe bigger.” His Facebook pagebe- into the Dead and their con- cleaned-up side,curly hair gan to attract more admirers.

stant pursuit of exploring JOURNAL rolling out of baby blue Bar- “You should open aspe- boundaries, with no end goal bour capwith acheckered cialty Airbnb with this unique REET

other than pushing that enve- ST button-down and cargopants. ‘amenity,’ ” one person wrote.

lope,atall expenses,” Mr.Cos- LL Mr.Coscia sawthe band 35 Another jumped on the idea,

cia says. WA times,and the JerryGarcia saying he’dstayfor acouple

Half amillion people have THE Band, aside group,another 25 of nights to listen to shows, seen the project on Facebook, Y/ times,beginning when he was listing exact dates from 1974,

cajoling the architect to add LEAR aphotographymajor at Roch- “aslong as it’sOKifIbring excruciating detail. Rolling off ester Institute of Technology party favors.” ALEX the couch at midnight and into Anthony Coscia with his one-sixth scale model of the Grateful Dead’s legendary Wall of Sound. in the late 80s. One recent afternoon, Mr. his workshop,Mr. Coscia With the exception of bass- Coscia demonstrated the dipped mini microphones into whichismade of 390 speak- nately my significant other the audience. Instruments ist Phil Lesh, surviving band sound system, playing are- blackpaint to mimic the foam ers, morethan 100 of them has been supportive,” says Mr. were fedintotheir own members, along with John cording of Scarlet Begonias windscreens used by Jerry only 23 millimeterswide.It Madkour,60, who saw87 speaker stacks,creating layers Mayer, formed Dead &Com- from Missoula, Mont., on May Garcia and Bob Weir. goes to 800 watts. Grateful Dead shows and plays of separation other systems at panyin2015,becoming one of 14,1974. “You lose yourself in He gashed open athumb Theproject has cost him in acover band. “She could the time couldn’t create. the highest-grossing touring it,” he said. “Even forastereo constructing the metal scaf- $2,000 and 200 hours. Two have said I’m crazy.” “It wasall forthe gloryof acts. Theband just announced recording you get the separa- folding.While watching Net- dozendeliverytrucks have Mr.Pechner,the former sound,” says Dennis McNally, January2022shows in Cancun tion that isn’t technically flix with his wife, Mr.Coscia visited his home outside New roadie,helped construct the the Grateful Dead’sformer and sold out immediately. there. Your mind inventsthe sneaked looks at his phone to Haven. He offered the system real wall, born from band frus- publicist, who witnessed the Over theyears, Mr.Coscia rest. Youfeel likeyou are source stagelights, the Christ- to Headcount, anonprofit that tration at inferior sound in ‘74wall at the Springfield hasbeen in the photobusi- transported to the arena.” mas kind. He has cut speaker registersvotersatconcerts, venues and the vision of LSD Civic Center as aUniversity of ness, then computersand His wife, apsychotherapist holes, soldered and forged a and an anonymous donor mavenand audio engineer Ow- Massachusetts student. “It home renovation. He taught who never attended aGrateful river of small wires. plunked down $100,000 forit, sley Stanley.Ittook 15 crew looked likeaspaceship,agi- himself how to build speaker Dead show, says she under- “It’samassiveglorified the group said. memberssix hoursbefore ant alchemical sculpture. Iwas cabinets and guitars. stands theemotional impact clock radio but it sounds bet- Arizonareal-estatedevel- each showtoassemble but the gobsmacked.” “My ideal client is a55- the project has had on people. terthan Ithought,” Mr.Coscia oper Mark Madkour has com- resultswerespectacular,an But lugging around the wall year-old bond trader who used But she passes on trying to ex- says of the 6-foot-8-inch tall missioned his own10-foot-tall, enveloping and distortion-free wasdraining.“It wore down to followthe Dead, but now plain her husband’sobsession, by 10-foot-wide creation, 13-foot-wide version. “Fortu- sound that could reach far into the crew and Ithink the candropeight grand on agui- explaining,“I’m off the clock.” P2JW102000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, April 12, 2021 | A10A GREATER NEW YORK Mayoral Hopefuls Seek More Face Time

Candidates increase S in-person events as PRES

they court undecided ZUMA

voters before primary NCHEZ/ SA EVE

BY KATIE HONAN ST

As aJune 22 primarynears and Covid-19 restrictions ease, Z/REUTERS; NewYork City mayoralcandi-

dates have ratcheted up in- MUNO person campaigning to win over undecided voters. ARDO EDU

Manyofthe morethan three S; dozencandidates entered the PRES race in the middle of the pan-

demic,while the city wasunder ZUMA lockdown. Therestrictions pushed them to participatein ARSKI/ MP

candidateforums on Zoom, LA host online fundraisersand find creativeways to engagevoters JOHN 2);

they couldn’t greet facetoface. S( But with morethan 4.8mil- lion doses of the Covid-19 vac- PRES

cine administered in NewYork ZUMA

City and the arrival of spring, DIN/

candidates arecoming out RA from behind theircomputer EV :L

screens to meet voters. EFT

Democratic mayoralcandi- PL dateDianne Morales an- TO OM

nounced March 30 that she FR would no longer participatein anyonline candidateforums, WISE OCK

opting instead to talk to voters CL wherethey are: at subway sta- New York City mayoral contenders who have begun doing more outdoor events and seeking to engage voters in person include, clockwise from top left, City tions,supermarketsand, on Comptroller Scott Stringer, Dianne Morales, Andrew Yang, Maya Wiley and Brooklyn Borough President Eric Adams. Many of the more than three dozen candidates Saturday, adog park at Herbert entered the race when the city was under lockdown due to the coronavirus pandemic, with restrictions that pushed them to take campaign activities online. VonKing Park in Brooklyn. Late last year and at the Joanna Holzman, who lives be in their neighborhood and tiveCovid-19 diagnosis in Feb- closer,therewill be moreout- Brooklyn, according to his start of 2021, the mayoralrace in Jackson Heights, Queens, seewhat they see,” said Kath- ruary. door events, his campaign said. campaign. On Saturday, he wasdominated by online fo- said she pays closer attention rynGarcia, aformer city sanita- “Meeting as manyvotersas “When people get to know met with community members rums,with candidates some- to the mayoralracethan alot tion commissioner and aDemo- possible—not on Zoom, but Eric and hear his message at alibrarybranch in the bor- timesparticipating in more of her friends,but she still cratic candidatefor mayor. whereNew Yorkersactually about lifting up working peo- ough. He plans to do more than one each day. hasn’t picked acandidate. She Andrew Yang,aDemocratic live, work and commute—has ple and ending inequality,they events as the weather warms “I’drather have three really said she likes manyofthe can- mayoralcandidateand former been our priority sinceday likehim and support him,” a up, a spokesman said. good conversations than 50 didatesbut is waiting forade- tech entrepreneur who has one and Andrew is just getting campaign spokesman, Evan RayMcGuire, aDemocratic Zooms,” said Maya Wiley, an- bateormoretime to figure emergedasthe leading candi- started,” the spokesman, Jake Thies, said. candidateand former vice other Democratic mayoralcan- out who will get her vote. datewith the latest poll show- Sporn, said. Other campaigns also plan chairman at Citigroup,rode didate, while out greeting vot- “All of us arefearfuland ing 16% of registered Demo- Brooklyn Borough President on doing moreoutdoor events. theStatenIsland Ferryand ersatafarmersmarket in aware that the city has big cratssupporting him, has Eric Adams,who the most re- Last week,Scott Stringer,a visited aStop&Shop in How- downtownBrooklyn last week. challenges coming out of this made in-personmeetingsa cent poll shows has the sup- Democratic candidateand the ardBeach, Queens,wherevot- Political-consulting firms past year,” the 42-year-old hallmark of his run, whether it port of 10% of registered Dem- city’s comptroller,was at a ersasked him about schools Fontas Advisors and Core De- homemaker said. “That makes is walking tours in neighbor- ocrats, the second-best after Brooklyn park to announcehis andrecognized him from his cision Analytics released a thechoicefeel moreweighty.” hoodsorattending opening- Mr.Yang,held an in-person campaign’splans formore ads,according to his campaign. mayoralracepoll in late Some candidates saythey day baseball games at Yankee pressconferenceabout gunvi- pools during the summer. “People feel more engaged March that found 50% of the welcome the opportunity to Stadium and Citi Field, a olencethis past week in the Democrat ShaunDonovan when they’reseeing the retail 800 New York City registered meet undecided voters in per- spokesman forhis campaign Bronx.Later,hewas in Sunset spent Fridayafternoon talking politics,” said Lupe Todd-Med- Democratssurveyed were still son. Thevoters“want youto said. His campaigning was Park,Brooklyn, to discusswind about his plan fortrash collec- ina, aspokeswoman forthe undecided. come and ask fortheir vote and temporarily slowedbyaposi- energy.Asthe primarygets tion at asanitation sitein McGuire campaign. Bill Seeks to Make Co-Op Boards Explain Rejections

BY WILL PARKER ershavebeen sympathetic to reason that isn’t protected un- legitimate concerns. Assemblyman N. Nick Perry, 2021, the averagepriceper objections from co-op boards, der local and federal antidis- MaryAnn Rothman,execu- the bill’s sponsor in the state squarefoot foracondominium State lawmakersare pro- who fear opening themselves crimination laws.But fair- tive director of the Council of Assembly,said that although apartment was$1,714, com- posing newrules that would up to morelitigation. The housing advocates sayaNewYork Cooperatives and discriminationismuch less pared with $1,054 foraco-op, requireNew York City co-op sponsorsbelieveithas abet- board’s lack of accountability Condominiums,alobbying and common than in the past, according to areport from boards to statewhy they re- ter chance of passing in the or transparencyintothe deci- advocacygroup,said she fears more transparencyisstill brokerage Douglas Elliman. jected apotential apartment now solidly progressiveLegis- sion-making processopens the anew lawwould lead to a needed to makesureco-op “The gapbetween the value buyer,seeking to end along- lature,and they hope to bring door to discrimination, based flood of lawsuits, which could boards aren’t acting on bias. of aco-op and the value of a standing practice that critics it to avotesometime this year. on apotential buyer’s race, ultimately dissuade moreresi- “I think it will always be condo continues to grow,” Ms. sayfacilitates housing dis- Co-op residents don’t own sexual orientation or religion. the case.It’snot always inten- Olshan said. Making the co-op crimination. their apartments, but rather Over the years, rejected ap- tional,” he said. “The intent is application processmore Thestate Senatebill, spon- buy shares in aco-owned plicants have sued city co-op Some fear proposed to prevent discriminatory de- transparent, she said, “will un- sored by housing committee building,asystemthat has boards forillegal racial, reli- cisions.” lock value. And it will be fair chair Brian Kavanagh (D., been around sincethe late gious and other forms of dis- rules would lead to Co-ops’reputation forex- and less discriminatory.” Manhattan), says residential 19th century. By co-owning crimination. Some real-estate more lawsuits by clusionarybehavior has hurt NewYork City’s Commis- co-op and condominium buildings with fellow tenants, attorneysand brokersthink themarket forthese apart- sion on HumanRightsfields boards would have to provide residents felt they could have the proposed bill could lead to denied applicants. ments over the decades, said complaintsofco-op boarddis- writtenexplanations when morecontrol over renovations morelawsuitsagainst boards. DonnaOlshan, president and crimination. Aspokesperson they decide to turn down ap- and over who could be their “I am concerned that some- owner of brokerageOlshan Re- said co-op claims makeupa plicantswho want to purchase neighbors. Co-ops were often thing likethis mayactually alty Inc.Although about 75% small portion of housing-dis- at theirbuilding.Under cur- morefinancially stable than createfodder forsomebody dentsfromserving on co-op of the for-sale housing market crimination claims.Between rent law, boards aren’t re- other types of buildingsdur- who wantstomakeaclaim of boards. “The vast majority of in Manhattan is still made up June 2019 and June 2020,the quired to offer anyreason, and ing economic downturns, be- discriminationwherethe rea- co-ops function like little de- of co-ops,developersinrecent commission received more they rarely do so. cause they could denysales to sons may be legitimate,” said mocracies and work well,” she decades have built few new than 500 housing-related in- Democratshaveintroduced potential buyerswho had to Steven Wagner,areal-estate said. “People who serveonthe ones,opting instead forcon- quiries, most of them related aversion of this bill many borrow heavily to buy in. attorney.Hecited weak finan- boardserveasvolunteersand dominiums, which typically to disabilities, according to times in the past, but it has Co-op boards canreject cials or an application that areprotecting their ownhome have less restrictive rules. the commission’smost recent failed because some lawmak- prospective residents for any lacksrequired documentsas and community.” As of the firstquarter of annual report.

STATESTREET | By Jimmy Vielkind Congressman Pushes to Restore Property-Tax Deductions

U.S. Rep. federal income taxes as a re- “It’s one of these issues ministration’s handling of Tom Suozzi sult of the 2017 law, the new that is absolutely perfect: If Covid-19 in nursing homes. has taken a limits forced about a million you win, you win big on be- The governor has said he leading role in New Yorkers to pay an addi- half of not only your constit- is cooperating with the fighting to re- tional $12 billion a year to uents but also your future probes and said the nursing- store a tax de- the federal government, prospects,” Mr. Levy said. home policies were crafted duction that is important to state officials estimate. “The question is, can he ride to preserve hospital capacity. people who live in and “SALT is an existential is- this to the governorship?” He has denied touching any- around New York City, and in sue for us,” Mr. Suozzi said Mr.Suozzisaid during the one inappropriately and doing so might be laying the in an interview. He said interviewthat he washappy apologized if his behavior groundwork for another gu- higher-income people will ei- in Congressbut, “obviously made anyone uncomfortable.

bernatorial run. ther leave the state or, if GES I’verun forgovernor in the A spokesman for Mr.

Mr. Suozzi, a Democrat they started working re- IMA past and Ithink I’dbeagood Cuomo declined to comment who represents parts of motely amid the pandemic, governor.” He said he hasn’t for this column. Mr. Cuomo GETTY

Queens and Long Island, has won’t return. Mr. Suozzi also Y/ takenany formal steps to signed a letter with six gov-

said he won’t support Presi- said tax increases on million- MA launch acampaign, adding: ernors asking President Bi- dent Biden’s planned infra- aires enacted in last week’s S “Whenever I’vetried to plan den to repeal the SALT cap. structure and tax package state budget could drive ahead, it never worked out Jeanne Zaino, a professor CHERIS unless it contains language them out of New York. Rep. Tom Suozzi has been reaching out beyond his district. ever.And the thingsIdidn’t of political science at Iona that would restore the full The58-year-old congress- plan arethe thingsIended College in New Rochelle, said deductibility of state and lo- man has been making his upstatecounties about hold- President Eric Adams’sbid to up being successfulat.” Mr. Suozzi would occupy a cal income and property case about SALT since2017, ing similar eventspushing be mayorofNew York City. Thecongressman is step- similar political lane as Mr. taxes, or SALT. but recently started reaching forthe removal of the SALT LawrenceLevy, executive ping intothe spotlight as Cuomo, who is also a moder- That deduction—which beyond his district. He ap- cap, people familiar with the dean of the National Center Democratic Gov.Andrew ate, Italian-American man. Mr. Suozzi and other state peared at aMarch 26 event in talks said. Aspokesman for forSuburban Studies at Cuomo’s candidacyfor a “And there’s another fight officials say is critical for WhitePlains with freshman the congressman said noth- HofstraUniversity in Hemp- fourth term is being ques- to be had,” she said. “Pro- people in high-cost, high-tax Rep.MondaireJones,aDem- ing has been scheduled. Mr. stead, remembered Mr. tioned by some lawmakers gressives feel they had to states such as New York— ocrat from Rockland County, Suozzi attended avirtual Suozzi complaining about the and political observers. Mr. put up with Cuomo for so was limited to $10,000 by and Westchester County Ex- fundraiser forDemocratsin effect of high property taxes Cuomo faces multiple investi- long, they are itching to have the 2017 federal tax over- ecutiveGeorge Latimer. Erie County,which includes as the Nassau County execu- gations into allegations that one of their own in office.” haul. While a majority of Mr.Suozzihas also Buffalo,and last week en- tiveduring his unsuccessful he sexually harassed women state residents pay lower reached out to officials in dorsed Brooklyn Borough 2006 campaign forgovernor. on his staff and over his ad- [email protected] P2JW102000-2-A010B0-1------NS

A10B | Monday, April 12, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK RestaurantsGet FedUpWithApp Fees WATCH

BY CHARLES PASSY FLORIDA

In recent years, NewYork N.Y. Federal Judge City restaurantshavecom- Killed in Hit-and-Run plained about the fees that third-party ordering and deliv- A Florida woman who eryplatforms,such as Grubhub claimed she is Harry Potter fa- and DoorDash, charge them. tally struck a federal judge visit- Those concerns have only esca- ing from New York and seriously lated during the pandemic, injured a 6-year-old boy after when dining spotshavebecome swerving her car onto a sidewalk moredependent on meals to go in Boca Raton, officials said. fortheir financial survival. Nastasia Snape, 23, is Now, restaurantsare in- charged with vehicular homicide creasingly finding a way and other felonies for Friday’s around theissue by avoiding crash that killed U.S. District theplatforms and assuming Judge Sandra Feuerstein, 75, ownership of the process who served in the Eastern Dis- themselves.And they saythe trict of New York since 2003. benefits go beyond the poten- Policesaid Ms. Snape fled the tial savingsonthird-party fees. scene and crashed in neighboring “It’s having a direct line of Delray Beach. She began scream-

communication with our cus- S ing and fighting with medics tomers,” said JonSherman, while yelling thatshe wasHarry NEW

chief executiveofficer of G Potter,policesaid. Theysaid they Sticky’sFinger Joint, a found in her purse the synthetic

chicken-centric chain with OOMBER drug commonly known as “bath several locations in the city. salts,” which can cause psychotic A/BL

Indeed, aburgeoning indus- MJ episodes. tryhas emergedoftechnol- HA Ms. Snape remained jailed ogy-focused companies that IR Sunday on $60,000 bond. AM assist restaurantswith creat- Establishments areincreasingly avoiding third-partyordering and delivery platforms and assuming ownership of the processthemselves. —Associated Press ing,managing and marketing their ownonline ordering plat- third-party fees to restaurants he believes that theboom in Vice President Kevin Kearns. rant with two locations in CONNECTICUT forms and connecting them could oftenequatetoasmuch deliveryvia third-party plat- Third-party companies also Manhattan. with deliverypeople.Afew of as 30%per order,according to forms is here to stay. saythat government pricing “Ifthe customer has aprob- Teen, 3-Year-Old Die the firms arebased in the city, restaurant-industryprofession- “It’s become natural to or- regulations,such as the capin lem, Ican treat him personally In HartfordShootings including Lunchbox, which als.(Thecompanies canalso der your food online,” Mr. NewYork,could forcethem to and makesureit’snot going to says it has seen 700% growth charge separate fees to custom- Gjonaj said. increase fees to consumersas happen again,” said Mr.Sudai, City leaders expressed anger in its business over the past ers.) TheNew York City Coun- The third-party companies a way to make up for the lost whohas implemented his own and called for action after sepa- year, and Traiilo, a company cil passed legislation last year justifytheir fees by saying revenue from restaurants. In ordering platform. rate shootings in Hartford that focuses on Latinx-owned that temporarily limitsthe fees they areproviding apowerful turn, they say that could lead Thethird-party companies claimed the life of a 16-year-old restaurantsand other food to restaurants to 20%—15% for marketing platform that con- to customersordering lessfre- saythey aretrying to giveres- and 3-year-old. and drink-related retailers. delivery, 5% forother charges— nects restaurants to plenty of quently from restaurants. taurantsoptions beyond their The shootings occurred Sat- Another major NewYork as away to help restaurants The third-party companies platforms.DoorDash says it urday afternoon about two firm in the mix is BentoBox, during thehealth crisis.Al- also notethat their fees are canhelp arestaurant set up its hours apart and less than a mile which is perhaps best known though dining establishments Owners say having adjustable based on the level ownordering system if it pre- away from each other. forhelping restaurantsdevelop cannow welcome customers of promotionand outreach a fers,for afee.Grubhub also In the first, 3-year-old Rondell their websites,but canalso as- indoorsand outdoors,they their own systems dining establishment seeks via has such services available. Jones was riding in a car with sist with ordering platforms. must contend with astate- gives them ‘a direct the platform. As much as some restau- his mother, two young siblings Most of these companies mandated capacity limit of 50% Restaurantshaveissues rantssay they aretrying to and aman when a Honda Ac- bill amonthly charge fortheir and manysay they arestill line’ to customers. with the platforms beyond the bring ordering operations in- cord pulled alongside and began work instead of levying fees heavily reliant on delivery. fees,which is whymanyare house, they say they must re- firing. Police believe the man in foreach order,asthe third- Restaurants are concerned also opting to assume respon- main on the third-party plat- Rondell’s car was the intended partyones typically do.At about what will happen after sibility for their ordering op- forms as well, sincethe target. No one else was hurt. Lunchbox, the monthly cost the legislation runs out, since customers. Plus,the compa- erations.Restaurantsnotethat platforms have such visibility Both the shooter and the in- canvary, but the averageis the feecaps will no longer ap- nies can manage the delivery they can’t connect directly and marketing clout. Plus,res- tended target fled after the $300,according to Nabeel ply at acertain point afteres- of food. Grubhub,for example, with customerswhen diners taurantsadmit that manyof shooting, police said. Alamgir, the company’sCEO. tablishmentsare allowedtogo pointstoits network of 30 go through thirdparties, their customersare simply ac- In the second shooting, 16- While that is still ahit forres- to full capacity. City Council- million dinersand says itsus- whether it is to promoteafu- customed to ordering through year-old Jamari Preston suffered taurants, Mr.Alamgir said the man Mark Gjonaj, aDemocrat ersplaced $9 billion in orders tureoffer or correct amistake third parties. multiple gunshot wounds and third-party fees cansurpass who representspartsofthe on its platform last year. with a previous order. “A lot of customersare was pronounced dead at a hos- that amount with as few as Bronx and helped push forthe “Grubhub supports restau- That matters to Shai Sudai, loyal to their platforms,” said pital. A 17-year-old boy suffered about eight orderseach month. cap, said that he is looking at rantssothey canbemoresuc- managing partner of Nish Mr.Sherman of Sticky’sFinger injuries. In the pre-pandemic era, permanentlegislation, since cessful,” said Grubhub Senior Nush, aMediterranean restau- Joint. —Associated Press

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CAREERS & LEADERSHIP PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, April 12, 2021 | A11 Working Mothers DerailedbyCovid Face Tough Road Newcareerhurdles,new paths followstruggles

BY RACHEL FEINTZEIG cording to census data. AND LAUREN WEBER The loss of prime working years for parents who take a ca- efore the Covid pan- reer break can have long-term con- demic erupted, Brooks sequences. A worker who earns McCoy made $103,000 a $50,000 a year and quits her job year as a regional direc- to raise children for two years B tor for a commercial loses, on average, $300,000 to cleaning franchise in $400,000 in total earnings over North Carolina. After being laid off her lifetime because of lost wages last March, the mother of two re- during the time off, lower retire- sorted to selling Pampered Chef ment savings and Social Security cookware to friends of friends. In payments, and the fact that people August, after months of looking, tend to earn less when they return she found a full-time job selling to work after an extended break, copiers and printers to businesses. according to a 2016 report from The company has given her the the Center for American Progress. childcare flexibility she needs now, In Los Angeles, Esme Williams- letting her work from home when Berenc is still stuck on a career her two daughters don’t have in- break after losing her job as an person school. But it pays $40,000 operations executive for an educa- a year. tion startup last year. She and her “I made that coming out of col- husband, a fitness director for a lege,” says Ms. McCoy, 40 years high-end gym chain, were both old. She hasn’t been able to get a laid off last year as lockdowns better-paying job. shut gyms and upended school After a brutal year of layoffs, budgets. A year later, only one of parenting struggles, and juggling them has bounced back. jobs and schooling under one roof, Ms. Williams-Berenc’s husband many working mothers are trying quickly moved into a new role af- to regain their career momen- ter spending his daytime hours tum—and hitting new obstacles. Some are finding it difficult to land jobs with the same level of status and pay. Oth- ers, bruised by pan- demic childcare dis- ruptions, say they need jobs that offer greater flexibility. Hundreds of thou- sands have thrownup their hands,exiting the labor forcefor Above: Ellen Sluder now. Between Febru- found a job with a ary2020 and March schedule that works 2021, nearly 1.1 mil- better for her and her lion women of prime family. Left: Esme working age—between Williams-Berenc. the ages of 25 and 54—dropped out of the labor force, com- program for women of pared with 830,000 Brooks McCoy’s new job is flexible, but pays less color offered by the men in that age than what she was making before a layoff. Mom Project, a Chi- group,according to cago-based organization the Labor Department. that helps place women A recently accelerating econ- job-hunting, a decision the couple in jobs. She’s learning omy has helped women regain made because he earned more skills associated with ground, but the setbacks of the money. Meanwhile, she found her- Salesforce’s platform. past year have stalled progress for self struggling to squeeze in appli- While she hasn’t many. While the share of mothers cations and interviews while car- gotten any job offers of school-age kids who are actively ing for their 1-year-old and 3-year- yet, Ms. Route says working fell far more sharply than old, who were home from daycare. she’s confident this was that of their male counterparts “It’s like, that is your job now,” the right move. “You last spring, that gap narrowed the 40-year-old says of providing can climb in the tech considerably by January, and re- round-the-clock childcare. Ex- industry,” she says. versed itself in March, according hausted from sleeping three hours Other women have to Census Bureau economist Misty a night—she usually worked on ap- used the pandemic to Heggeness. Those figures don’t re- plications until midnight and was reset the terms of their flect the quality of the jobs landed, often up with her kids in the wee careers. At the start of she says, and don’t hours—she gave 2020,Ellen Sluder,a include mothers up most of her job NewYork marketing with children un- The setbacks of the outreach over the executivewith an der age 5, who summer. M.B.A. from MIT’s need the most past year have stalled “I just couldn’t Sloan School of Man- hands-on care. career progress do it all,” she agement, wasworking One of the says. “I was hit- long days as the head most likely expla- for many mothers. ting this really RETURNING FROM AN EXTENDED CAREER BREAK of marketing foratelecommuni- nations is that good stride in my cations company. By the spring, some mothers had career before the her lifehad become unmanage- little choice, finan- pandemic and ereare somestrategies to more regular basis than others,” able: Her school-agedaughters cially, but to take paying work, then it just fell off a cliff.” Hhelp pave areturn to work, she says. “Later on, these rela- were relegated to remotelearn- says Ms. Heggeness, even if that This spring brought a few in- says Carol Fishman Cohen, chief tionships may come into play.” ing,her husband—a privatepilot meant taking a step backward. terviews for Ms. Williams-Berenc, executiveand co-founder of iRe- who wasessentially grounded by “Women are making choices out of as her older child transitioned launch, acareerre-entryprogram. Longer-term issues to consider: the pandemic—was overseeing need, that aren’t necessarily in the back to preschool. But she still  Keep certifications and licenses their kids’ education and manag- up-to-date. Find out what the re- best interests of their career,” she doesn’t have any offers and wor- Now, while work experiences ing the household, and they were APHY quirements are so you don’t miss GR says. She expects that “the quality ries the longer she’s out of work, are still fresh: all burned out.

TO a deadline or find out later about of jobs and the work environment the harder it will be to find a job.  Document your previous role “One time, my 6-year-old came PHO for moms [will look] much differ- Women who were out of the steps you could have taken. up and I could just hear her whim-

Y in detail, including your responsi-

WD ent for moms than it did pre-pan- workforce beforethe pandemic be- bilities and anecdotes about suc-  Assess your career and decide pering and petting the door of the

GO demic.” ganmay faceaneventougher road cesses and challenges. “When if you want to make a transition. office. Like I was so close, yet so Before Covid-19, researchers back now. Kayla Kerns,astay-at- you get ready to return to work, Some people end up on a career far,” she says of her work-from- KELLI had found that employers were home mother of four in Rock Creek, you’ll be asked about your prior path by accident or because home schedule. With a summer in sometimes unwilling to invest in Ohio,had hoped last spring would significant work experiences, and someone else pushed them in lockdown looming, Ms. Sluder women who left the workforce to be aturning point forher.She had you’ll thank yourself for writing it that direction. gave her boss nine weeks’ notice. MS-BERENC; care for their children, “because of spent five yearsworking toward a down when it was fresh in your Aftertaking time to decompress, beliefs that becoming a mother human-services degree at Kent mind,” Ms. Cohen says.  Determine what skill gaps you she began networking in earnest. WILLIA makes women categorically less State University and wasfinally set have for your current career or This winter,she washired as the  Assess your networks, from

ESME committed,” says Caitlyn Collins, a to graduate, with aplan to work for a new path, and come up head of marketing foratelecom- former managers and co-workers sociologist at Washington Univer- with children with special needs or with a plan to close them. software startup based in Europe. to outside individuals you worked sity in St. Louis. “Unfortunately, adultsbattlingaddiction. She She wasforthright about her needs.

JOURNAL; closely with, such as customers. these are often the years when started applying forjobs in Febru-  Go public with your job search. “I wassuper honest. Isaid Istill “Prioritize that list and think

REET women are best poised to acceler- ary2020,and by the time one pro- Tell everyone you know that want to drivethe carpool half the about certain people you might ST ate their career trajectories.” She spectiveemployercalled her in you’re ready to return to work. week,” among other items on her

LL want to be in touch with on a fears the Covid-related interrup- March, her childrens’ school had —Lauren Weber wish list. WA tions “will play out for years.” closed. She put the search on hold. Ms. Sluder has a conference call THE

R Pandemic career sacrifices fell “We had this plan, for us to at 6 a.m. every morning, then

FO mostly on mothers rather than fa- make more money and do better in works until 3 p.m., shortly before ON thers, research shows. One in four our lives,” says Ms. Kerns. “All of says, “but the person in me wants elderly grandfather; applying to her children return from school. women surveyed last summer by it was just blown up.” to do something else.” hundreds of jobs and selling home- Her base pay is comparable to her JOHNS McKinsey & Co. said they were After spending a year caring for Some women, in search of made crawfish bisque to keep last position, and the bonus and

ANNE considering downshifting their ca- her 2-year-old and helping her greater stability, are trying to rein- some money coming in. equity potential are greater. So far,

KRIS reers or dropping out of the work- other children with virtual learn- vent themselves. Nicole Route of Ms. Route’s grandfather died she loves the job.

P: force. One in three women be- ing, Ms. Kerns is eagerly eyeing Gonzales, La., was laid off from from Covid-19 in October at age “I have never quit ajob without TO tween the ages of 25 and 44 who the fall in the hope that schools her procurement job in the oil and 94. The loss hit hard, and the 40- another job before,” she says.“I OM

FR were not working cited childcare fully reopen and her children can gas sector over the summer. After year-old says she’s now seeking a think I’m going to be quicker to demands as the primary reason for attend in person. Until then, her that, she spent her days guiding new path, focusing on breaking choose quality of lifeinthe future.” WISE their departure, compared with career is on hold. “The mom in me her two children, 7 and 16, through into technology. —Eric Morath contributed OCK

CL 12% of men in that age group, ac- knows what I need to do,” she virtual learning; taking care of her She enrolled in a free retraining to this article P2JW102000-0-A01200-1------NS

A12 | Monday, April 12, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

AT WORK persuade workersthat averyspe- KRITHIKA cific way to dressisareasonable VARAGUR Some People Can’t burden.” Today, some workers plan to do some in-person shopping to pre- Wa it to Dress Up pare for in-person work, another lara Klarowicz broke out change after a year of booming e- her favorite dress for commerce. Harshit Patel, a busi- her first day back at the ness process analyst at an insur- office last month: a ForWorkAgain ance company in Bethlehem, Pa., K navy blue, three-quar- plans to go to the local mall before ter-sleeve number she his office reopens this summer to purchased in Poland that refresh his wardrobe. His office hadn’t seen the light of day culture tends more toward dress in a year. shirts than full suits, but he says It’s like a good-luck even that level of dressing up charm, she says. The mo- seems appealing. ment she got her return-to- “Sweatpants were uniquely work date, she knew she’d comfortable and ideal for the pan- wear it for her long-awaited demic’s working-from-home envi- return to in-person work. ronment, but I don’t think I will “I enjoy wearing busi- have a hard time giving them up,” ness clothes,” says Ms. Kla- he says. rowicz, a 25-year-old invest- AWells FargoSecurities survey ment associate at LDC, a of 1,000 American consumerspub- private-equity firm in Lon- lished in March found that the don. Even though she’s only product categories that respondents going in once a week, she’s were most likely to buy again after thrilled to swap out the Lu- the pandemic were makeup and lulemon leggings that had beauty (40% of all respondents) and become her de facto uni- going-out apparel (37%), according form for remote work. to senior analyst IkeBoruchow. Mr. Omnipresent sweatpants Boruchowalso forecaststhat the and spandex marked the athleisuresector will grow more early stages of quarantine, slowly in 2021 than in 2020. but many workers returning to the Clockwise, from top right: Harshit The most popular items on sale office now, like Ms. Klarowicz, Patel, Klara Klarowicz, Jeffery now at M.M. LaFleur, a womens- can’t wait to say good riddance Adler and Paula Nichols are excited wear startup known for tailored and dress up like old times for to move past their informal work- items, reflect a hybrid workplace work again. from-home outfits. where people might be in and out “Honestly it’s been really fun to different expectations forflexible of the office, says Sarah LaFleur, rediscover my closet. It’s almost dresscodes,says Katherine Karl, the label’s New York-based like a brand-new closet again,” ten back to being me.” amanagement professor at the founder. Dresses are flying off the says Paula Nichols, a 27-year-old For some, dressing up again is University of Tennessee at Chatta- digital shelves and knitwear went NICHOLS project manager at a land-develop- not just business-formal as usual. Silicon Valley, ground zero for nooga. from 16% to 25% of their sales be- ULA

PA ment company in Arlington, Texas. Jeffery Adler, 52-year-old CEO of a many of the corporate world’s “The tech industryiswell tween the first quarters of 2019 ; “Sometimes I even kind of video-learning platform for hospi- dominant casual trends, from known forits relaxed clothing, and 2021, she says.

APHY overdress for work because it tals, is thrilled to get dressed for hoodies to fleece vests, remains whereas therestill tends to be a And the companyhas recently GR

TO makes me feel better,” she says. work now, but also feels like the more on the informal side today— high degree of formality in occu- added some bold items likean

PHO March 17 marked her first day pandemic gave him permission to though not necessarily at a lower pations such as financeorlaw. off-the-shoulder silk jersey top, back in the office. “It makes me dress in a more casual way that price point. Manypublic-sector positions have which she says reflectshow

ADLER feel suitable, competent and aligns with his company culture. “I do have a few clients that are uniforms (likepoliceand fire- women will be morecomfortable A equipped.” Forhis occasional businesstrips totally sick of the comfy look and fighters), so they have lessdiscre- standing out in the workplaceaf- GILD She says she’s been wearing sinceOctober to meet with clients, can’t wait to dress up again, but tion in what to wear,” she says. terthe pandemic.“Astyle like

ICZ; more blazers recently, which Mr.Adler,who’s based in La Jolla, most of my clients want to come “Blue-collar jobs canbeeven that is lesssacrilegious nowthan OW makes her feel like a “boss lady” Calif., has mixed it up in terms of out of this pandemic with a more morerestrictivethan white-collar before,” she says.

KLAR and helps with the weather in the formality,frombutton-down sweat- relaxed professional style,” says jobs,” says Janet Ainsworth, alaw Slightly less-formal styles might A Dallas area, which can be cool in erstoaHugoBosssuit. Jackie Conlin, a style consultant in professor at Seattle University.“If provepopular foranyone going

KLAR the morning and hot later in the One of his favorite places to San Francisco. youlook at the way women who back to work this year,because

TEL; day. shop is Saks Off 5th, a discount Her recommendations typically work in restaurants, casinos,etc., bringing back structured work

PA Ms. Nichols got into the habit subsidiary of Saks Fifth Avenue. include upscale brands like Loeff- have to dress, it’ssometimes the clothes is not without itshiccups. of wearing shorts on Zoom calls He expects to drop $3,000 to ler Randall, Frame denim and Nili most restrictive, and most expen- “I’m sad to confess that on my

HARSHIT last year because no one would $4,000 there this spring to refresh Lotan. And although sneakers are sive, kinds of work outfits.” first business trip last year, my

P: see her bottom half. It was conve- his wardrobe. He’s on the hunt for highly in demand among her Bay “I think therehas been, to suit didn’t really fit,” says Mr. TO nient, but not ideal for her produc- a more comfortable pair of shoes. Area clients, especially millennials, some degree,aloosening of that Adler, the California CEO. OM

FR tivity or performance. “Some peo- “Wearing Dolce & Gabbana dress they are typically high-end ones during the pandemic,” she adds. “A few too many pretzels and ple thrive rolling out of bed, but it shoes to walk around a hospital like Golden Goose—which retail for “Bosses have realized that work potato chips in quarantine. But WISE just didn’t feel like work to me,” for two hours, I realized…it hurts,” around $500—for work settings. canget done in avariety of ways even then, it felt great to wear it OCK

CL she says. “Now I feel like I’ve got- he says. Specific occupations canhave and formatsand it will be hardto out again.” GES IMA GETTY

do have a way of helping.” right now, 24/7,that Iwon’t ANewPerk: Thenew corporateexperi- even getthe recovery?” mentsreflect genuine con- CashBonus cern among managers that Going Bigger burned-out employees have Third Factor recently added had few breaks over the past two companywide closings ForTaking year,asmanyhave worked to its schedule, creating long almost continuously at home. weekends in hopes that ev- Vacations Then thereare the financial eryone could log off at once. implications: Unused vacation Others, including Citigroup BY CHIP CUTTER time is considered aliability and German tech giant SAP, formost companies,some- have offered similar compa- anybosses have thing employers generally nywide days off, with an im- M pleaded with employ- payifemployees leave an or- perative that everybody, as ees formonths to use ganization. much as possible, hit pause their vacation time.Now together. some areadding incentives Limited Options PwC’splan to payemploy- to coax workersintousing People have hesitated to take ees to use their vacation ben- their bedrock benefit. time off with travel or lei- efitsinspired intense debate With time off piling up sureopportunities limited, among leaders, Mr.Ryansays. for many employees in the executives and employees Thefirm considered sending pandemic, companies are say. In the remoteera,work- some employees on company- getting creative in their ef- ersnervous about their job paid trips to Hawaii, but forts to persuade people to security or standing with didn’t want to createacom- disconnect. Some employers, bosses mayalso resist going petition among staffers. like Google, are offering a on vacation if few of their Mr. Ryan says he and the bonus vacation day for those peersare,says Dane Jensen, company’s other partners who book time off now. Oth- CEO of ThirdFactor, an em- have also tried to provide a ers are adding all-company ployee-coaching and leader- “tone at the top,” encourag- holidays to the schedule. ship development firm. ing people to disconnect in Even more unconventional is “It’s like a prisoner’s di- recent years. He has shared the approach of accounting lemma: If I’m the only one with employees when he and consulting giant Price- to take vacation, what does was taking time off, wanting waterhouseCoopers: It will that signal to the organiza- to inspire them to do the pay people to sign off. tion?” he says. same. It wasn’t enough, and PwC will begin offering Some workerssay that the issue worsened in the U.S. staffers $250 for every when they’realready at pandemic, with vacation bal- full week of vacation home and surrounded by ances growing. “Frankly, it booked, up to $1,000 a year. family,they see lessneed to became too easy to work,” The plan could cost the firm take avacation. Mr. Ryan says. millions, but the company Othersworry, with the The company has com- has exhausted other at- volume of work higher now, mitted to offering the vaca- tempts to get employees to vacations might not even tion cash for at least the disconnect, says Tim Ryan, seem likevacations.One com- next year, and will likely PwC’s U.S. chairman. mon worryMr. Jensen says continue it if it proves popu- “We want to show people he hears: “Will Iconstantly lar—and if it leads to more we’re serious,” Mr. Ryan be answering emails because vacation requests, a figure says. “Economic incentives there’ssomuch air traffic the company will track. P2JW102000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, April 12, 2021 | A13 ARTS IN REVIEW

ARTREVIEW Retelling theStory of aSubcontinent The revamped South Asian Art galleries contrast works and perspectives from colonial and post-colonial India.

M. F. Husain’s ‘Mahabharata’ (1990), BY LEE LAWRENCE above;Husain’s ‘Untitled’ (1986), left; Tyeb Mehta’s ‘Untitled’ (1973), Salem, Mass. belowleft; Gulam Rasool Santosh’s t the center of the Pea- ‘Untitled’ (1973), belowright body Essex Museum’s recently expanded South Asian Art galler- Mahatma Gandhi’s and, despite A ies are five large paint- some controversy, is still played at ings from M.F. Husain’s the conclusion of India’s National 1971 series on the Mahabharata Day celebrations. Severing ties epic about a family divided by war. with a colonizer, it seems to pro- In one painting, a yellow line slices claim, does not erase its legacies. the composition, bisecting a fe- Beforeus, alarge 1973Tyeb male nude. In another, two silhou- Mehtapainting shows semiabstract ettes mirror each other’s gestures, figuresfloating likecutoutsagainst but one is black, the other fuchsia, planes of color,and adiagonal, jag- and arrows beneath them point in gedwhiteline slashing the compo- different directions. sition. Mehta’ssymbol forPartition They areapowerful metaphor reappearsinHusain’sMahabharata forthe 1947 Partition that split the grouping,projected ontothe floor subcontinent intoPakistan and India likeascar. It is an effectivebit of and, here, Husain’spaintingsunder- staging,for Husain painted these scorethe break between the two works when the Bangladesh Libera- sections of this inaugural installa- tion Warwas sending millions flee- tion. Thefirst consistsof19th-cen- ing intoIndia, reopening the wound turyworks that merchants, officers of itsown Partition. and sailors—membersofthe East What follows are five densely India Marine Society of Salem— displayed groupings, some pegged brought back as souvenirs; the sec- to India’s modern history, some to ond presentsalively and varied se- artistic themes. From bustling con- lection of mid- and late-20th-century struction scenes and an array of works that Chester and Davida Her- portraits in “Building a Nation” we witz collected from the 1970s move to sectarian strife, hardship through the 1990s. and anxiety in “Conflicts and Con- Theaim is not to chronicle ahis- sequences.” Realism gives way to tory of South Asian art—thereisno the power of sheer color and line chronological order or mention of, in “Abstraction: From Form to say, the CompanySchool or the Pro- Formlessness,” which includes a gressiveArtistsGroup.Instead, Sid- welcome invitation to pause. After dhartha V. Shah, the museum’scura- being so closely surrounded by fig- torofSouth Asian art and director ural works, we stand before two of education and civic engagement, compositions overlapping ovoid wantsustoexperiencethe works shapes that Gulam Rasul Santosh from manyperspectives and doesn’t painted in 1973 and 1983. One can- hesitatetoreach out and occasion- vas is predominantly black, the ally giveusalittle shake. other white; and a guide to basic Except for a few paintings of meditation techniques includes ob- deities, the works in the first sec- serving—even gently probing—our tion depict Indians. Colorful paint- reactions to each. ings on small sheets of mica and The final suite’s figurative sensitively modeled figures illus- works burst with the power of trate a variety of occupations— “Women Revolutionaries” and the from clerk to basket weaver to synergies of artists in “India and ayah holding a white child—as the World.” A reprise of the Ma- well as such eye-catching subjects habharata with later paintings by as a snake charmer, a beggar and a Husain provides a coda. life-size Krishna devotee. They From beginning to end, the were all made by Indians in the works and their presentation can 19th century when Britain ruled surprise, enchant, upset, and the subcontinent, first through the throw us off balance. No sooner East India Company and, after tions in skin tone and features at- conclusions do we make about ences—as well as unfamiliar ones, did I leave than I wanted to go 1857, as a colony plentiful in natu- tested to an ethnically diverse people or cultures different from like the self-possessed odalisque of back to savor individual pieces and ral and human resources. population. Facial markings de- our own when they are repeatedly Rekha Rodwittiya’s 1993 “The explore more deeply the different The depictions advertised the noted a variety of religious and represented in a certain way?” Shedding of Innocence.” ways these 19th- and mid-20th- latter, and the sculptures’ natural- cultural affiliations. And gaunt In the second section, we cata- The ceiling in this section is century artists drew on both an istic details didn’t just make them faces and pocked skin spoke of pult forward to post-independence higher, the lighting brighter, and artistic heritage that reaches back appealing to foreign buyers. They poverty and disease. India with well-known works— the tune that fills the air as we to ancient India and a centuries- imbued them with veracity. In a The wall text notes that these most notably “Man,” Husain’s 1951 step in is—what?—“Abide With long history with European art. display of a dozen papier-mâché popular souvenirs helped shape painting in which allusions to an- Me,” a 19th-century Scottish hymn. heads, each sporting a cloth tur- Americans’ views of India, then cient Indian art jostle with Euro- The choice is most puzzling until Ms. Lawrence writes about Asian ban tied in a specific style, varia- bluntly, but astutely, asks: “What pean forms, techniques and refer- you learn that it was a favorite of and Islamic art for the Journal. (5) MUSEUM SEX

ES Installation view of the Herwitz Gallery, part of the Peabody Y Essex Museum’s recently expanded South Asian Art galleries PEABOD P2JW102000-2-A01400-1------XA

A14 | Monday, April 12, 2021 ** THE WALL STREET JOURNAL. SPORTS Hideki Matsuyama Wins the Masters

The 29-year-old took the green jacket and became the first Japanese man to claim a major golf championship

BY ANDREW BEATON When playresumed just over an hour later,hereturned to acourse Augusta, Ga. that wasnothing likeithad been. Hideki Matsuyama had the Therain softened the conditions, weight of agolf-obsessed, yet and nobody capitalized quitelike championship-deprived country Matsuyama. hovering over everyshot at Au- “After the horn blewfor the re- gustaNational Golf Club on Sunday start, Ihit practically everyshot ex- as he sought to become the first actly howIwanted to,” he said. man from Japan to win one of golf’s He emergedwith aspectacular major championships. recovery from his errant driveto And just when it looked likehe earn abirdie,and he didn’t stop.He wasabout to runaway with this finished those final eight holes after Masters, he flirted with amelt- the delayat6under,catapulting down, putting ashot in the water himto11under overall and afour and watching his five-shot lead shotsahead of four competitors— shrink to two on the back nine. including Schauffele and Zalatoris— But with acollection of Japanese at 7under. fans following him, Matsuyama re- It wasfitting that Matsuyama’s coveredand became the firstJapa- accomplishment came here, at Au- nese man to win amajor champion- gustaNational,whereMatsuyama ship.Hewon by one strokewith a firstmade historyand asserted 10-under par performancefor the himself as one of the most promis- tournament that overcame aserious ing players in this sport. He de- wobble down the stretch. He could buted 10 yearsago as the firstJap- finally exhale and slip intoagreen anese amateur to competeinthe jacket. Masters, and the 19-year-old fin-

Thevictorycompleted the rise of GES ished as the lowamateur,tied for

a29-year-old who burst ontothe IMA 27th. scene at this very course adecade Over the next decade he went on

agoand became one of the sport’s GETTY to acareer that had already estab- bright young talentsand one of lished him as perhaps the greatest Asia’sall-time greatsevenbefore male golfer from his country. Before

this win that quickly vacillated be- EHRMANN/ this Masters, he had wonfivetimes

tween near certitude and epic di- MIKE on the PGATour and placed in the saster. Japan’s Hideki Matsuyama won the Masters by one stroke with a 10-under par performance for the tournament. top-10 of everymajor.Itwasn’t in “Hopefully,I’ll be apioneer,” Ma- anyway asurprise that he would tsuyama said afterward. win amajor someday. Thestunning Forabrief moment, the four- while Matsuyama faltered. After Thedrama wasn’t finished. After his putting woes and playedspec- part is that it happened now. shot lead he entered Sundaywith Matsuyama bulleted one intothe parring the 17th, Matsuyama sent tacularly enough early on to build a Matsuyama hadn’t wonsince looked as secureasany edgeatAu- wateronthe par-5 15th, the lead his approach on 18 intothe green- cushion that helped him survivehis 2017, ayear when he took two tour gusta, which has the potential to had shrunk to two in amanner of side bunker while Zalatoris took latemiscues. titles,finished tied forsecond in punish even the smallest mistakes. minutes. practiceshotsonthe rangejust in Theleaderboardlooked stagger- the U.S. Open and reached No.2in Will Zalatoris,alanky24-year-old YetSchauffele,who trailed Ma- case of aplayoff.But afterwalking ingly different just aday earlier the world golf rankings. Over the American, birdied his firsttwo tsuyama by as manyasseven the final stretch of the fairway with when an air horn sounded through- next three yearshis ranking fell holes while Matsuyama bogeyed the strokesearlier in the round, gaveit his capdoffed to the applauding out AugustaNational on Saturday: along with his performance, all firstafter an errant firstdrive. The right back.The 27-year-old Ameri- fans,herecovered and made bogey. playhad to be paused in the lateaf- while other topyoung golferscap- lead rapidly diminished to just one. cansent one intothe wateronthe That wasall he needed. ternoon because of inclement tured tournamentsand appeared to But Matsuyama recoveredwith a 16th and triple bogeyed it—meaning It wastime forajacket fitting. weather.That, forMatsuyama, was surpasshim. birdie on the second and had afive- Matsuyama gained two strokes on Thewin wasaconfluenceofcon- tremendous.Hehad just hit his He finally brokethat streak.He shot lead entering the 14th. That’s him even as he struggled to abogey trollable and uncontrollable vari- worstshot of the dayfromthe 11th did so in the most thunderous way when abig edgebegan evaporat- himself.That leftMatsuyama two ables that aligned to createhistory. tee, when he wasforcedtoretreat he could. ing—again. Xander Schauffele,play- strokes ahead of Will Zalatoris,who Matsuyama capitalized on astroke to his carwherehedecompressed Hideki Matsuyama wonhis coun- ing alongside him, kept going lower had just wrapped up at 9under. of meteorological fortune,overcame by playing games on his phone. try’sfirst green jacket. The HotFashion Item at Augusta Is aPimento CheeseT-Shirt

BY ANDREW BEATON salad sandwich. around foryears: polos,caps, credentialed people foralimited Theclothing at AugustaNa- drinking glasses and the like. Then windowoftime. Augusta, Ga. tional Golf Club is abiggerpart of they made the sandwich T-shirts. Theshirtscost $29.50but are There’sabright, new, must-have the fanfarethan pretty much any And the sandwich T-shirtssold like selling forfar moreonthe second- pieceofclothing that everybody other tournament. That’sbecause hot cakes. An AugustaNational arymarket. Asearch on Saturday wantsand nobody canfind at this everything about AugustaNational spokeswoman declined to comment revealed pimentocheese shirtsgo- Masters. Golf Club tends to be alittle more on sales figuresfor the shirts. ing forasmuch as $120 on eBay. It’saT-shirt with apictureofa exclusivethan most everywhere They were already gone from Thehigh end forthe eggsalad mushysandwich on it. else.The membersare set apart the shop when TheWall Street shirtswas slightly tamer at $99.95

Thereare two versions of these from the crowd by their green Journal checked on Friday, and a on the website. UB shirts, which arebased on afa- jackets. Gear forsale isn’t made person working at the storesaid “That’sone of the great tradi- CL

mous part of Masters’ lore: sand- available to the general public—it’s they were sold out days beforethe tions of the MastersTournament is GOLF wiches that aresold forjust $1.50 mostly just forticket holders. And tournament even began. They had the pimentocheese and barbecue

and come in asmall sack of wax there’sevenaseparateshop with also disappearedfromthe online sandwich and eggsalad sand- TIONAL paper. exclusivegear only memberscan shop,which wasintroduced last wiches,” AugustaNational chair- NA One of the T-shirtshas apicture buy. year forthe pandemic-delayedNo- manFredRidley said. TA GUS

of apimentocheese sandwich on Most of the garb and trinkets vember tournament but still only Thebarbecue sandwiches,how- AU the back.The other has an egg arestandardfarethat have been available to ticket-goersand other ever,werenot given aT-shirt. A pimento cheese sandwich T-shirt.

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THE WALL STREET JOURNAL. Monday, April 12, 2021 | A15 OPINION Don’t Think, Just Bleep BOOKSHELF | By Sally Satel

Cancel culture newphrases to defeat clubs.And that mixed- A Bias Toward has avaccine. Bleep. martial-arts fighter, Itsname is But that’sonly the Gina Carano,could Bleep.Atthe start. Youcan adjust, still be in “StarWars” 2021 Game choosing between the Westerns.Though Easy Answers Developers same four settings, for now, why would she INSIDE Conference sexually explicit lan- want to? Showcase last guageand even white Politicians could re- VIEW TO The Quick Fix month, Intel nationalism. “Use of ally use this. A new, By Andy

touted re- the N-word, including CKPHO hot product, an up- By Jesse Singal Kessler search and all itsvariations,” ac- TO dated cone of silence, (Farrar, Straus & Giroux, 337 pages, $28) sample cording to the Intel /IS could wrap them in a screenshots of technologythat presentation, doesn’t GES virtual bubble and use ost of us like to think of ourselves as enlightened, “uses artificial intelligenceto have aslider,only an IMA Bleep to filter every- thoughtfulobserversofthe world around us,

GETTY M getrid of other gamers’ hate- on-off switch. Warning: thing that comes out skeptical of irrational claims, crazy ideas and silly fuland abusiveaudio chat.” Youcan getcanceled of theirmouths,soit theories. It is only other people, members of eccentric Silicon Valley never ceases to forevendiscussing this. never again have their feelings is always politically correct, subcultures in far-off places, who are susceptible to such amaze. Also available forfiltering hurt, be triggeredorfeel the vagueand as far from reality foolishness. It is a flattering self-portrait. But is it true? Oh, howMeyersLeonard, a areableism and body shaming, need to cancel anyone. as possible.Chuck Schumer In “The Quick Fix: WhyFad PsychologyCan’t CureOur National Basketball Associa- aggression (“negative lan- Why not install Bleep in might not need one. Social Ills,” JesseSingal, acontributing writer at NewYork tion player formerly with the guageintended to wound the keyboards? It’stoo latefor the OK,enough fun. This is one magazine,chronicles several dubious enthusiasms that MiamiHeat,could have used recipient”), LGBTQ+ hate, mi- would-be editor of Teen Vogue pieceoftechnologyIwould, permeateour culture. Along the way,hetries to showwhy this in early March, when a sogynyand even plain old who wascanned beforeher er,cancel. Why? Because they aresowidespread. His focus is on “the allureoffad video surfaced of him spewing “name-calling.” If youcan’t firstday on the job forwriting speaking of ownership class, psychology,” as he putsit, and on the waysinwhich “both play“Call of Duty” and call the anti-Asian tweetswhen she people need to ownwhat they individuals and institutions candoabetterjob of resisting it.” person you’reabout to virtu- was16. By the way,inBleep’s say. Sure,manydon’t getthe We all remember the self-esteem programs that beguiled Intel shows off new ally shootalying,dog-faced presentation I didn’t see a ever-changingmemo on what grade-school educators in the 1980s and 1990s. The idea pony soldier,why play? slider to control insults thingsare verboten. But most wasthat, by handing out moreprizes and encouraging technology to filter Youknowwho else could against Asians.That must be respectable human beings self-affirming rhetoric, out hate, aggression have used this technology? an oversight. And what about knowenough to think before young people would do better American Federation of Teach- Polish jokes? Irish jokes? Bo- they speak,using their ownbi- in their studies and in life and name-calling. ersPresident Randi Wein- ratwouldn’t stand achance. ological Bleep code. generally. But, as Mr. Singal garten. When asked by the Idon’t want to go all ad ab- On the flip side,those who notes, self-esteem failed to Jewish Telegraphic Agency surdum on you—though let’s melt at anysign of stresson “‘unlock the gates’ of success.” anti-Semitic languagewhile aboutteachersunions’ resis- agree cancel cultureisalready their psyche should ownwhat Nor did it help to reduce—as playing the videogame “Call of tancetoreopening schools, absurd—but canyou see the they hear.Not everything is an promised—crime, teen preg- Duty.” He wasfined $50,000 she launched into a tirade: endgame to all this? Using insult, nor should insultsdrive nancy and a host of other by theNBA,traded and sum- “American Jews arenow part noise-canceling algorithms people to hysterics.Sticks and social ills. marily cut and released. Game of the ownership class” and and Bleep, New York could stones,whatever doesn’t kill Then there was power- over. “wanttotakethat ladder of create SSS, Snowflake Safe you, and all that. Perversely, posing for women in the work- With simple,easy-to-use opportunityaway from those Spaces™,tofilter in real time Bleep would cause manynot place: the claim that, by adopt- slider controls,likefiddling who do not have it.” She that crazy guyoutside Penn to think forthemselves,much ing assertive positions (legs with the treble and bass, Bleep should set “stupid anti-Semitic Station, always swearing to as Google is agreat excuse for astride, hands on hips) for two letsyou adjust whether you tropes” to none. himself.Yes,this would make not remembering anything minutes before, say, going into hear,say,swear words. Settings Maybe the technology a great “Black Mirror” epi- anymore. ajob interview, or while giving a include none,some,most and ought to be built intoevery sode. Instead, let’stakepersonal presentation, anew confidencewill be engendered as well all. Hownice. Iwonder who de- setofAirPods and head- MelGibson could stay out responsibility forspeaking and as an improved status among otherwise dismissivemen. cides what constitutes swear- phones.Yes,anew meaning to of trouble. J.K. Rowlingcould listening.I’d saymankind ATED talk by an originator of power-posing and itschief ing.Does it work in all lan- “Intel Inside.” Collegestudents still be beloved. Michael Rich- needs to man up,but maybe evangelist, aHarvardpsychologist, garnered 61 million guages? Adolescentsofall ages and professorscould filter the ards,whom youknowasthat would just getBleeped. views.Sheryl SandbergofFacebook wasafan. But it turned will have afield dayfinding sounds of the real world and Kramer,could still work night- Write to [email protected]. out that standing likeWonder Woman didn’t givewomen the promised testosterone boost and confidencethey sought. AMacArthur Fellowship-winning social psychologist at the University of Pennsylvania championed amental trait Baseball Says Cuba ‘Sí,’ Georgia ‘No’ called “grit” (aka stick-to-itiveness). Teaching “grit” became awildly popular way to build character or boost grades in Major League dollarsback to the dictator- Americans endured the em- torn apart as human capital school-aged children acrossthe country. It didn’t deliver.As Baseball says ship—asifthe players were barrassing spectacle of their fled in search of freedom of Mr.Singal notes,established conceptssuch as conscientious- “values” com- the regime’sproperty rather presidentdoing “the wave” conscience. With the right to nessand IQ were far betteratpredicting performance. pelled it to than theteams’ employees. with Raúlatagame between earn aliving suppressed, Thetimeliest chapter in “The Quick Fix” concerns the movethis Major League Baseball said the Tampa BayRays and stealing became the only way Implicit Association Test, known as IAT: It supposedly re- summer’s All- it would be paying the Cuban Cuba’snational team. to survive. veals hidden biases that canbubble to the surfaceinpeople AMERICAS StarGame out baseball league,which it ab- TheCastropropaganda ef- Performanceartist Luis Ma- who explicitly renouncediscriminatorybeliefs or intent. of Georgia. surdly described as indepen- fort also gets help from Holly- nuel OteroAlcántaraand rap- Thecomputer-administered reaction-time test evaluates By Mary But this piety dent of the totalitarian regime. wood leftistslikeOliver Stone, per Maykel Osorbo Castillo are howstrongly aperson associates certain concepts, such as Anastasia doesn’t square At the time,aU.S.baseball of- Michael Moore, DannyGlover two leadersofthe SanIsidro “black” and “white,” with wordslike“good” and “bad.” O’Grady with itslong ficial assured me that the and Sean Penn, who admire Movement. They are under Someone who is quicker to link ablack facewith anegative record of col- league’s“intentions arepure.” the regime forits defianceof constant surveillance. State word than she is to link awhitefacetothe same word is laboration with Cuba’smilitary That made me laugh out the U.S.—and itsstaying security raids homes and de- deemed to harbor submerged, but nonethelessreal, bias. dictatorship,one of the loud because,asIwrote in a tains membersofthe move- Eventually the psychologistswho created the test world’smost notorious hu- column on Dec.30, 2018,the ment sporadically.They have conceded that it had severemeasurement problems. man-rightsviolators. deal waspurely mercenary: The league talks up not backed down. Among other things, it turned out that the IAThad This is especially relevant “The league gets cheaper tal- Over Easter weekend, the notoriously lowreliability,meaning that asubject could now, as the Cuban struggle for ent in exchangefor enforcing its ‘values’ in the groupheld aresistanceblock score“prejudiced” one daybut not the next. And the test free speech and artistic liberty regime control of the players.” U.S. but loves doing party.Neighborssang the pop- lacked predictivepoweror, as the creatorsacknowledged, reaches new heights in the TheTrump administration ular antigovernment anthem was“problematic to use to classifypersons as likely to humble SanIsidroneighbor- shot down the proposal, but it business with Castro. “Patria yVida,” or “Homeland engageindiscrimination.” Nonetheless, the IAThas avast hood of Havana. stands as evidenceofthe and Life.” When police and reach. Hundreds of thousands,perhaps millions,ofem- Baseballadvertisesitself as league’sethics. later state-security agentsar- ployees of corporations,foundations,universities,govern- achampion of racial justice. TheCastroregime is hyper- power. Afteryearsofagitprop rived and tried to arrest Mr. ment agencies and policedepartmentshavetaken the But the league’spracticeofen- sensitiveabout itsreputation from America’scultural elites, Osorbo,scoresmorebrave Cu- IAT—and have been told of the biases they possessbut do gaging with the Castros as if forrepression, and it spends dopey gringos still go around bans joined the singing.The not feel. Afterthe killing of George Floyd,the popularity the regime were normal has enormous resourcesonpropa- in T-shirtsemblazoned with police and the agentsbacked of the IATexploded, despitethe fact that it can’t predict had the oppositeeffect. It has ganda to combat it. Baseball the imageofChe Guevara, who off. the behavior that creates aracially unjust society. added to the isolation of Cu- has oftenproveduseful in that wasinfamous forsummaryex- But ashowdowniscoming. bandissidents. effort. ecutions. Thedays when the veneration San Isidro’s brave musi- In 1999 Baltimore Orioles Thepro-Castronarrative of Fidel wasobligatoryand The study of human behavior has led to real cians, performance artists, owner PeterAngelos provided ignores the ruin of the Cuban could be used to control the insights but also, too often, to simplistic, writersand intellectuals,who invaluable spin forthe dicta- nation brought on by the revo- nation arelong gone.San Isi- areoverwhelmingly people of torship when he took his play- lution. BeforeFidel took over dro’smessage, which is reductive ‘solutions’ to complex problems. color,are aprime example. erstothe island to facethe in 1959,Cuba wasthe third- spreading acrossthe island, is They have to work extrahard Cuban national team. Mr.An- wealthiest countryinLatin that it neither fearsnor re- against the myth, strength- gelos watched the game from Americaand had the lowest spectsthe decrepit Castro What is the allure of these interventions? Humans will ened by yearsofmajor-league elitebox seatswith Fidel and infant-mortality rate.Fidel dictatorship. instinctively respond to a novel and simple—but not too complicity,that Fidel and Raúl BaseballCommissioner Bud promised elections but never Therebellion maybemet alien—story about a subject of great social concern. What Castro ended social injustices, Selig. TedTurner,former held them. He wasgreedy, with brutal force, but the re- is more, fads arebased on behavioral scienceconducted including the marginalization owner of the AtlantaBraves narcissistic and maniacal. He gime won’t be able to hide a by researchers at esteemed institutions. Some of their col- of black Cubans. and CNN founder,isaCastro wrecked the economyand crackdown. Cellphones will re- leagues grasp the exaggeration of their claims, but, as Mr. As recently as 2018,Major admirer from way back. made Cubans slavesintheir cord it and it will go viral. The Singal writes, “it’s unrealistic to expect the average human League Baseball sought adeal During President Obama’s owncountry. movement will need interna- resources manager or school principal or other institutional with Raúlunder which Havana trip to Cuba in 2016,Major It wasn’t enough to ownin- tional solidarity.Let’shope decision-maker to possess such skill and knowledge.” would send players to the U.S. League Baseball hooked up dustryand commerce.Castro’s MajorLeague Baseball is not On the supply side,psychologistshaveincentives to and baseball would garnish with Raúl, who sought to use absolutism needed to ownthe busy negotiating another deal. promotesimple rather than complextheories.Inacompeti- their salaries and send the thevisit to humanizehimself. Cuban soul. Families were Write to O’[email protected]. tiveacademic field, asexypress release canget one noticed. Even if fad originatorsweresincereatfirst, and most appear to have been, they oftenbecome toopersonally invested in what they arepromoting.AsMr. Singal notes,they are“able to Flattered to Be on China’s Sanctions List charge higher speaking fees,pursue lucrativeconsulting jobs, securebook deals,and enjoythe perks of minor celebrity.” By Gayle Manchin pean and other officials on oric and actions demonstrate vestigateindependently and Academic journals, too, are keen to publish supposedly And Tony Perkins whom the party has likewise that international criticism determine formally whether newsworthy findings. Under such conditions, it’s easy to applied sanctions forstanding andscrutinyofits human- the Chinese Communist Party’s see why a psychologist would be reluctant to re-examine he Chinese Communist up to aregime that has vio- rightsrecordare effective. abusivepolicies in Xinjiang her too-good-to-be-true resultswhen doubts—her own T Party recently imposed lated itsobligations under the Genocide and crimes against amount to genocide and and those of colleagues—begin to nag. sanctionsagainst us for Genocide Convention. humanity aredeeply damaging crimes against humanity,as Each chapter of “The Quick Fix” presents accessible our work on the U.S. Commis- Meanwhile,Beijing’sthreats to China’simageand under- well as supporting an impar- explanations of the research that was eventually shown to sion on International Religious gaveusaglimpse intothe mine itsambition to project it- tial international investigation be “half-baked,” as Mr. Singal puts it. The problems, he Freedom. It’spart of adesper- state-ledoppression under self as aglobal power. of the question. We should shows, often derive from dodgy statistical analysis or faulty ateattempt to silenceinterna- which so manyUighurs, Tibet- TheCommunist’sParty’s also exploreways to pressthe experimental design. Researchers, for instance, might use tional scrutinyofBeijing’s ans,Christians,Falun Gong hostile actions are also coun- International Olympic Commit- various statistical tests until one shows a sought-for result, abysmal human-rightsrecord, practitionersand othersare terproductive. They’rehelping teetomovethe 2022Olympics or they might submit only positive results to a journal for particularly itsgenocidal poli- forced to live. solidify a coalition of govern- away from Beijing,sinceatten- publication, holding the negative ones back, a practice cies against the Uighursand mentstocounter such aggres- dance could play into the known as “file-drawering.” Mr. Singal also traces the social other Turkic Muslims in Xin- sion. In this regard,this inter- party’s propaganda and be and political currents that helped propel certain trends. jiangand itspersecution of We’ll keep exposing national coalition should take seen as an endorsement of the Mr. Singal’s analysis is thus a quick fix for readers who other religious minorities. several immediateactions. regime and itspolicies. want to be more enlightened and thoughtful consumers of We won’t be intimidated or Beijing’s egregious Congress should pass the Ui- Thebroader international psychological science. It is also a bracing reminder that silenced. We appreciateSecre- religious-freedom ghur Forced Labor Prevention community and global busi- social realms in which there are Big Problems—such as tary of State AntonyBlinken’s Act,which creates a“rebutta- nesses must decide between crime,education and poverty—arebeyondthe reach of support, and we areproud that violations in Xinjiang. ble presumption” that bans all good and evil. It is unconsciona- fads and quick fixes, no matter how seductive. Optimisti- USCIRF has long been at the goods exported from Xinjiang. ble to condone or,evenworse, cally, the field of psychology—chastened by the problems forefront in exposing the Com- TheU.S.government and like- to aid and abet the Chinese Mr. Singal describes so compellingly—is becoming more munist Party’s egregious reli- Given the Communist minded partners should con- Communist Party as it commits circumspect, putting overdue emphasis on replication. We gious-freedomviolations.In Party’s oppression at home tinue to impose targeted sanc- a21st-centurygenocide. might all want to be more circumspect when we encounter fact, we’reflatteredbythe andincreasing aggression tions on Chinese agencies and yet again a startling headline announcing a key “scientific” Chinese government’srecogni- abroad, we must continue to officials responsible forsevere Ms. Manchin and Mr. Per- finding about human behavior. tion forour work in defending stand with our partnerstoex- violations of religious freedom kins are, respectively, chair- religious freedom in China, as pose,condemn and hold the and human rights. manand vice chairman of the Dr. Satel, a visiting professor of psychiatry at Columbia we join an increasing list of Chinese government account- TheU.S.should also urge U.S. Commission on Interna- University’s Vagelos College of Physicians and Surgeons, courageous American, Euro- able.Beijing’sbelligerent rhet- international partnerstoin- tional Religious Freedom. is a resident scholar at the American Enterprise Institute. P2JW102000-4-A01600-1------XA

A16 | Monday, April 12, 2021 **** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Targeting the U.S. Senate InvestigateGood, Existing Covid Therapies

etween the drivetoeliminatethe legisla- Nor is therestrong evidenceofpartisan imbal- We appreciateformer FDACom- such research. This must change. tivefilibuster and the campaign to add ance. Thewriter Robert Showahhas shown that missionersScott Gottlieb’sand Mark Drs. Gottlieb and McClellan say B newstatesfor partisan advantage, the the party breakdown in the House and Senatehas McClellan’sbelated realization that a therapeutic antibodies and drugslike “good weapon forthe Covid arsenal remdesivir and dexamethasone have U.S. Senatehasn’t been under become more, not less, aligned The progressive goal is a would be asafeand effectivedrug been the only options.Wedisagree this much politicalpressure in recent years. Democratsnow that could be takenathome” (“Covid and have published detailed reviews sincethe passageofthe 17th House-like body run by control 50.5%ofthe Senate, in- Arsenal Needs Pills as Well as of successfulearly treatment. Amendment (on the direct cluding the Vice President’stie- Shots,” op-ed, April 5). Thousands of lives have been election of Senators) in 1913. big-state majorities. breaking vote,and about 51% of Unfortunately,ittook them over a saved. Theenduring influenceand le- seatsinthe population- year to use their reputations to call Twodrugs used, ivermectin and gitimacyofAmerica’slegisla- weighted House. forsuch common-sense action. hydroxychloroquine,havetwo of the tiveupper house has long distinguished the U.S. ThelegitimacyofAmerica’sversion of bicam- Meanwhile,morethan 500,000 died best safety recordsonthe market, from manylessstable democracies.But anew eralism has rarely been called intoquestion, under federal guidelines that in ef- with billions of doses safely pre- majoritarian ideologythreatens to upend that even as upperhouses in Europe have faded. U.S. fect say, “Isolateathome and do scribed. achievement. states were seen as political entities with Madi- nothing until youare so sick youre- Theformer commissionerssug- quirehospitalization.” gest judging drugsonwhether they As early as this week aHouse committeewill son’s“residuarysovereignty”—toraise their Fortunately,thereare doctors “shorten the duration of symptoms advanceapartisan and constitutionally suspect owntaxes,establish legal systems,and, recently, with the compassion to ignorethis or reduceviral load”—poorly mea- bill to add Senatorsbymaking Washington, D.C., chart courses forpandemic response.Their rep- callous approach and instead save sured and unimportant outcomes the 51st state. The Senate’s traditional 60-vote resentation in Congressbalances the morepo- lives.Yet media and agencies have compared with hospitalization and requirement to passlegislation hangsbya larized House. vilified these courageous physicians. mortality.Wealready have evidence thread. Agreat deal hasbeen writtenabout the But nationalization of politics and media has TheNew York Times even labeled forgenerics reducing Covid death meritsofboth issues,but it’swrong to see them helped open the door to attacks on the Senate’s some as “snake-oil salesmen” for rates. Agencies should devotetheir in isolation. They arepolitical manifestations of structure. These attacks encourageaviewofthe pointing out that early treatment is effortstoconfirming these results afundamental challengetothe Senateasanin- U.S. as “one simple republic,” in Madison’s essential. instead of chasing new, moreexpen- stitution that is worth understanding—and re- words, wheretemporarymajorities candomi- Sen. Johnson has writtentoagen- sivedrugs. pudiating—in itsown right. nateatall levels. cies asking what resourceswerede- SEN. RON JOHNSON (R., WIS.) votedtoexploring repurposed Oshkosh, Wis. iii Other trends arealso at work.The Framers drugs. This has yielded little to no PROF. HARVEY RISCH, M.D., PH.D. Debateoverthe Senate’sstructure—two gavethe Senatepowertoconfirm executiveoffi- response,leading us to assume Yale School of Public Health Senatorsfor each state, regardlessofpopula- cials and judges but expected Congresstodrive those agencies have done little to no New Haven, Conn. tion—is as old as the nation. At the 1787 Phila- domestic policy. When 20th-centuryprogres- delphiaConvention,delegates from the larger sives backed an increasingly powerful adminis- states,especially in the South, wanted Senate trativestate and imperial judiciary, the signifi- seatsapportioned according to population. canceofpresidential appointmentsgrew, Are Vaccine Passports a Freedom or Control? They were outvoted, as smaller states likeNew increasing the salienceofthe Senateinnational Jersey didn’t want to forfeit their influencein policymaking. Regarding Martin Kulldorff and all my vaccines.Therewas one, the newfederal government the Constitution Insteadofrecommitting to constitutional JayBhattacharya’s “Vaccine Pass- sleeping sickness, Ithink,which had portsProlong Lockdowns” (op-ed, alifeofonly six months.Having created.The large states’ sizewould be re- principles,the progressiveremedy is to under- April 7): Theauthors’ idea is that one’syellowbook up to datewas re- flected in the House of Representatives.This mine the Senateasapretext forenlarging it in the passport (valid at the most for quired forentrytomanycountries, Great Compromise wasessential to the Consti- what they foresee will be their political interest. six months without abooster shot) especially African ones.Having a tution’sratification. Hencethe appetitefor statehood forD.C.(rather is apunishment scheme to deter valid yellowbook wasnomoretrou- Thedesign became apart of America’scivil than Maryland retrocession) and admittanceof bad behavior and will lead to a ble than having avalid passport, religion. As James Madison (a large-stater at the PuertoRico(though opinion on the island re- mad rush that will, perhaps un- which we areall used to doing. convention) wroteinthe Federalist, equal state mains sharply divided), and perhaps “East and fairly,trample on the truly vulner- DAN MACLEAN representation in the Senatewould guard West Massachusetts,” as an Atlantic article sug- able.However, is it not possible Kansas City, Mo. “against an improper consolidation of the States gested last year. forthe oppositetobetrue, that is, intoone simple republic.” Theability of states iii this heavily time-limited passport If I’m fully vaccinated, whyshould likeFlorida and NewYork,orWyoming and Dela- One mysteryiswhy moreSenateDemocrats is atemporaryincentiverewarding Icarewhether the guysitting next responsible behavior and ensuring to me is? Onceeveryone who wants ware,topursue different policies remains avital don’t fear afilibuster-free Senateunder Republi- fairnessbypreventing some from avaccine has had the chancetoget outlet forAmerica’snational partisan divisions. cancontrol, given their complaintsabout the free-riding on the immunity of it, the risk to the unvaccinated isn’t Yettoday, likesomanyother featuresofthe Senate’sstructure. A2013 Yale LawJournal arti- others? society’s problem, and all pandemic- Constitution, the Senate’sequal weighting of cle noted that “whenever one of the major par- PROF. SUBIMAL CHATTERJEE instituted restrictions should end. states finds itself under siegeinthe pressand ties holds aconsistent advantageinlow-popula- Binghamton University, SUNY Let’shope Americans will see vac- academy. “Minority rule” has become abuzz- tion states,the filibuster serves as an Binghamton, N.Y. cine passportsfor what they are: word among punditscalling forsmashing the fil- underappreciated check on that party’s power the government’sattempt to cling to ibuster and expanding the Senate. to enact itsagenda.” Nuking the filibuster in the Ifind the controversy over vac- powergranted by us to battle a ANew York Magazine article last year de- name of ashallowversion of democracywould cine passportspuzzling.Irecall that threat that, very soon, will no lon- clared that “the Senate’spro-whitebias is a pave the way forabareGOP Senatemajority to foryearsItraveled with ayellow gerbemuch of athreat. problemthe political system is only beginning passfar-reaching legislation. booklet which Ikept with my pass- LISA DICKMANN port and which listed the status of Portsmouth, R.I. to absorb.” TheHarvardLaw Review led arecent Thelefttodaythinks it has awinning argu- issue with an treatise on “the degradation of ment in denouncing certain institutions as anti- American democracy,” suggesting that Demo- democratic and racist, as part of alargerproject A Global Minimum Corporate Tax Is a Loser cratsaddressthe Senate’s“malapportionment to overturn core American principles.The ideo- problem” through D.C. and PuertoRican state- logical assault on the Senateisultimately achal- As long as there are corporate The Biden administration’s call for hood—or else “ignorethe constitutional provi- lengetothe state-federal balancethat is acore taxes there will be arguments about a global minimum corporate tax rate sion mandating two senatorsfor everystate.” feature of America’sConstitution. what is fair, competitive and how to is an American initiative to suppress Youwouldn’t knowfromsuch rhetoric that Federalism, and the political diversity and avoid a “race to the bottom” (“U.S. economic competition among nations. the Senate’srelationship to population has been competition it makes possible,isasource of Aims for Global Minimum Corporate Bottom line, it’s based on the notion remarkably stable throughout U.S. history. The America’sstability and success.The Senatewas Tax Rate,” Page One, April 6). Alas, that people in government are wise there is a simple solution: Set the and government structures and bu- 10 smallest states in 2019 represented the same designed to protect liberty by checking precisely rate at zero. reaucracies are efficient. Who be- population share(under 3%) as in 1970. The10 the kind of opportunistic majoritarianism that Corporate taxes support only about lieves that? largest ticked to about 54% of the population nowseeks to undo it. Thecountrydenatures its 10% of federal receipts, a figure that LOUISE VOGEL from 55%. upper chamber at itsperil. could be easily covered by raising Upton, Mass. other taxes. Economists already de- bate whether corporations truly pay If Treasury Secretary Janet Yellen Inflation Arrives. Is It ‘Transitory’? taxes or merely pass them along in was an executive in the private sec- an inefficient and, yes, unfair, man- tor, her attempt to collude on inter- ongratulations to those who want ing later this year as supply constraintsease. ner. Clever ploys such as domicile national corporate tax rates would higher inflation. You’ve got it. The U.S. Let’shope they’reright. But the Fedmay also shifting and inversions will be rele- likely lead to charges of conspiracy to C on Fridayreported arise of 1% in pro- be underestimating the impact of itswide-open gated to the scrapheap of corporate fix prices. history. And if none of this works, This is another case of the govern- ducer prices forMarch, dou- monetarypolicies despitean well, deficit spending is all the rage ment telling all of us to do as I say, ble the consensus prediction Producer prices rise 1% economythat will boom as anyway; there isn’t the slightest pre- not as I do. of economists. Prices areup in March as supply-side the pandemic lockdowns end tense of fiscal discipline anywhere R. MARK ADAMS 4.2% in the last year,with and the joblessratecontinues near our nation’s capital. Kill Devil Hills, N.C. goods prices up 7%. constraints bite. to fall at arapid rate. JOHN CARLSON Theyear-over-year in- Theyield on the 10-year Boulder, Colo. crease is higher in part be- Treasurynotepopped to Baseball’s Big Idols Depend cause of low, pandemic-induced numbersfrom 1.66% on Friday, though down from itspeak for On Folks Like John Coleman 2020.The recent acceleration is also related the day. Investorswill be watching Tuesday’s Do Progressives Care About to constraintsonthe supply of goods,while de- report on consumer prices formoreinflation The Violence in Poor Areas? Regarding unbreakableMajor mand surgesasthe pandemic eases and con- clues.The U.S. has never beforepursued gov- League Baseball records(Letters, Regarding your editorial “ASoft- April 7): We must not forget the as- sumersspend their pent-up savingsand gov- ernment-spending and monetaryexpansion of on-Crime Backlash” (April 7): While tonishing achievementsofmy ernment checks. this magnitude with ahot economy, and the the baselessleft-wing gibberish of great-granduncle John Francis Cole- Forthese reasons,Federal Reserveecono- Fedsays it will wait fordurable inflation to ap- “systemic racism” and “massincarcer- man (circa 1860-1922). Pitching for mistssay inflation will be “transitory,” reced- pear beforechanging.Good luck. ation” touted by Philadelphia’sDis- the Philadelphia Quakers(later the trict Attorney LarryKrasner is dis- Phillies) in a98-game season in turbing,the comment that “Mr. 1883,heestablished the incredible A Free Exercise of Religion Court Krasner remains popular in affluent record of 14 wins and 48 losses, neighborhoods with lesscrime” gets with 772hitsgiven up,512 runs al- he firstsignificant distinction of the mayorand Stephen Breyer. to the root of the problem. Liberal- lowed, and 291 earned runs.These newlyconstituted Supreme Court con- But the majority pointsout that the burden progressives canvirtue signal all day four recordsremain unbroken to long and feel smug in the safety of this day. It is pitcherslikeJohn T cerns the free exercise of religion from of “strict scrutiny” in such cases requires the their leafysuburbs and gatedcommu- Coleman who makeothers’ records government control. Thelatest statetoprove that meetingsin The Justices slap down nities because they don’t have to deal possible. evidence is the 5-4 ruling late privatehomes aremoredan- with the realities of living with violent DAVID SAVIGNAC Fridayslapping down another another California gerous forCovid transmission criminals in the inner cities. Crofton, Md. California pandemic diktaton than those in public settings. Of course it is ano-brainer that the freedom of worship. pandemic order. Is therereally adifferencebe- demoralizing calls to defund the po- Theunsigned majority tween the risks at ahair solon liceinthe faceofthe dramatic,yet Pepper ... opinion in Tandon v. Newsom or theater than in ahome? The rare,unjustified use of lethal forceis And Salt overturned an appellate-court ruling that upheld statedidn’t trytoprove it in the case of the going to result in moredeath and an order barring meetingsofmorethan three plaintiffs whobrought the lawsuit against the destruction, but white, well-off liber- THE WALL STREET JOURNAL families to worship in aprivatehome. pandemic order. als basically don’t care about the consequences because they areun- “California treatssome comparable secular Chief JusticeJohn Robertswas missing in ac- likely to affect their tony neighbor- activities morefavorably than at-home religious tion, failing to writeorjoin an opinion while hoods.This abject disregardfor the exercise,permitting hair salons,retail stores, saying he “would denythe application” forrelief welfareoftheir fellowand less-well- personal care services,movie theaters, private from the California order.The ruling shows the off citizens is the real faceofmod- suites at sporting eventsand concerts, and in- difference on the Court from the confirmations ern liberal progressivism. So much door restaurantstobring together morethan of Justices BrettKavanaugh and AmyConey forthose “Black Lives Matter” lawn three households at atime,” says the majority Barrett.Atleast on religious liberty,the Chief signs and their owners’ passion for opinion. Such disparatetreatmentbetween reli- is no longer the swing Justice. “social justice.” gious and secular activities is barred by the First Thedecision is the fifthtime the Court has TOM O’HARE Amendment, as the Court’sprecedentshave overruled the Ninth Circuit Court of Appeals on Charlestown, R.I. long held. pandemic ordersagainst worship,asanexasper- Lettersintended forpublication should In atesty dissent, JusticeElena Kaganar- ated majority points out. Thewillfulnessofthe be emailed to [email protected]. Please gues that the staterule passes muster because lowercourtsindefying the High Court under- include your city, state and telephone it barsboth secular and religious meetingsof scores howmuch religious liberty needs pro- number.All letters aresubject to morethan three families in aprivatehome. tecting against the militant secular values that editing,and unpublished letters cannot be acknowledged. She wasjoined by liberal Justices Sonia Soto- nowdominateAmerican public life. “I thought it was just a metaphor.” P2JW102000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, April 12, 2021 | A17 OPINION The Case God and the Border Crisis For Vaccine By Jillian Kay Melchior that more than athirdofthem ac- cepted Christ. ‘Passports’ Matamoros, Mexico Yetthis sort of ministryiscon- mericans don’t know troversial among American Chris- howthis countryis, tians.Asurvey by the nonprofit By Scott Gottlieb Mexico,” Yaimin Fuentes Public Religion Research Institute Caña says.“TheMexi- last year found that 66% of white he idea of a“vaccine pass- ‘A cans extort Cubans, evangelical Protestantsbelieve“that T port,” which would let people Hondurans,anyone who comes here immigrantsare invading the United provethey’reinoculated to this country. This countryissu- States,” making them “the only reli- against Covid, has been swept up in per violent.” gious group with majority agree- a political debate over personal lib- The38-year-old migrant speaks ment on the question.” Thesurvey erty.But this misunderstands how from experience. He says he fled also found that 62%ofwhiteevan- these apps arelikely to be used. Cuba afterauthorities roughed him gelical Protestantsbelieved that the O

Passports would empower consum- up because he refused to participate RR presenceofimmigrantsincreases ersbygiving them morecontrol over in the communist dictatorship’s VA crime,and 71% see them as aburden their own health information. sham elections.Herequested pro- NA on local communities. OS Millions of Americansnow have tection in the U.S.,but under the “Manyofour donorswereex- indexcards noting their vaccine lots Trump administration’sMigrant CARL treme right-wing evangelicals,” Mr. OF

and dates.But your doctor and Protection Protocols,asylum seekers Y Barberi says.When he began work-

health plan don’t necessarily have were required to wait in Mexicofor TES ing with migrants, “they were like, UR

that information. Thecardcould get their cases to be adjudicated. Mr. CO ‘Wait—you’reworking with ille- lost and is easy to forge. TheCenters Fuentes Caña says that sincehear- Pastor Carlos Navarro preaches at the Brownsville, Texas, bus station. gals?’ ” He estimates that he has lost for Disease Control and Prevention rived in Matamoros in May2019, as much as half of his financial sup- requires states to maintain databases he’s been kidnapped several times breaking 18,890 unaccompanied chil- verted his InstitutoBiblicoBautista port because of his migrant ministry. as acondition of vaccine shipments. and released only afterpaying the dren and morethan 53,600 family Sola Scripturaintoamigrant shel- Mr.Navarro’sexperienceissimilar: But thereare morethan 60 separate cartels aransom. Corrupt officials units. Their numbershaveover- ter. On the dayIvisit, he bringsa “A lot of conservatives and churches systems—some large states like and criminals extort migrantsevery whelmed Mexican and American au- bunk bed from Texas to Matamoros, decided to turn away from migrants. Texas have afew,and NewYork City chancethey get, he says,and the thorities,sothese faith-based shel- part of an effort to makeroom for ...Eveninthe local Hispanic Bap- has itsown. Therecordsystemuses cartels also pressuremigrantsto ters areproviding avital service. moremigrantswho would otherwise tist church, nobody wanted to help an existing arrangement forchild- payupfor acoyoteand enter the “I never in my wildest dreams be sleeping on the streets. He esti- us.” He creditsthe Southern Baptist hood-vaccination programs: It was U.S. illegally: “Imagine: Whodoesn’t thought I’dbedoing this,” says Pas- mates it costssome $650 aday to Texas Convention and the Coopera- set up yearsago so pediatricians can pay, doesn’t last. Younever see torAbraham Barberi,who runs the provide three meals,water,shelter tive Baptist Fellowship for helping ask these sites forrecords that a them again.” migrantshelter whereIinterviewed and other needs for as many as 120 fund migrant ministries when others child has been vaccinated. Mr.Fuentes Caña finally found Mr.Fuentes Caña. An immigrant him- migrants, and during my visit he backed away. refuge at aseminaryturned shelter self,Mr. Barberi gotintodrugs and awaitsthe electricity bill with Juvenal Gonzalez, apastor who in Matamoros,supported by Texan alcohol in his youth beforeconvert- dread. helpsrun migrant sheltersinTi- Digital proof would allow Christians.It’sone of dozens that ing to Christianity.Helives in “My biggest job,” Mr.Barberi says, juana, says some of his American have sprung up on both sides of the Brownsville,Texas,but he sees his is not logistics but “pastoral care.” congregantshaveraised concerns. Americans to visit family border to help with the unfolding work in Matamoros as redemptive. Mr.Barberi and other pastorsem- An immigrant from Mexicohimself, in the hospital, not keep humanitarian crisis.These makeshift phasizethat no migrant is required Mr.Gonzalezasks them, “When I folks out of restaurants. sheltersprovide migrantswith food, to attend services or convert in ex- washungry, would youhelp me? abed, showers—and amodicum of Churches play a vital role changefor help,though manyare in- And without adoubt they sayyes. protection against the corrupt offi- terested in Christianity.“That’sa Itell them my story, and sometimes cials,cartels and criminals who are sheltering migrants, who hardissue,because we don’t want to it changes their mind.” Even if it Thefederal government needed to making afortune exploiting those are overwhelming U.S. be exploitative,” and “there’salong doesn’t, Mr.Gonzalezsays,he set up arecordsystemquickly,be- fleeing persecution or seeking abet- historyinChristianity” of “trading won’t stop what he’sdoing: “In the fore the country could reach a con- terlifeinAmerica. To the benefit of and Mexican authorities. ricefor souls,” says Marv Knox,aco- end I’m not doing this foranybody sensus about howconsumersshould migrants, manyofthese rogues get ordinator with Fellowship Southwest, but God.” storethis information. Instead, superstitious about meddling with an ecumenical network founded by Mr.Barberi, who leans conserva- states were asked to work off of the churches and their ministries. “I’m known as the pastor of the the CooperativeBaptist Fellowship tivebut generally eschews politics, existing system with no obvious plan President Biden is phasing out rappers,” he says.BeforeCovid, he that supports migrant sheltersfrom finds the backlash maddening.“U.S. forconsumer access;the priority the Migrant Protection Protocols hosted Christianhip-hop concerts Matamoros to Tijuana. evangelicals arewilling to spend was getting shots in arms. andgradually admitting asylum that drew teenagedrugdealersand Still, helping migrantsis“not a millions of dollarsonmission work In some cases,health plans are seekerswho enrolled in the pro- youthful delinquents, and he has crisis andnot aproblem forus. It’s to take the Gospel to ThirdWorld notified that youhavereceived a gram. Mr.Fuentes Caña is still wait- also ministered to cartel members abeautiful opportunity to sharethe countries.But they don’t want im- vaccine,atleast if youvolunteer ing forhis turn to enter the U.S. le- who fear divine retribution fortheir Gospel,” says Pastor Rosalio Sosa, migrants.” He doesn’t encourageil- your insurancecardwhen vacci- gally,and he’sdetermined to abide violent lives.Mr. Barberi helped es- who runs 14 sheltersinCiudad legalborder crossing,and he rou- nated. But that doesn’t help the mil- by the lawbecause he wantstore- tablish aBible school fortrainee Juárez and Palomas,Mexico. Carlos tinely turns down migrants’ request lions who areuninsured or getthe unitesomedaywith his wifeand five pastorsfromMexicoand Central Navarro, apastor at Iglesia Bautista to recommend reliable coyotes,but shot at amassvaccination siteor children, whom he leftbehind in America. Butwhen the number of West Brownsville,adds that many he believes that “when youread the other nonstandard place like an op- Cuba. But the pastors I interviewed migrantsinthis cartel-controlled migrants“were,psychologically Gospel, we aretowelcome the for- tometrist’s office. said other migrantsmisinterpreted border town surged, Mr.Barberi felt speaking,tortured”—“they saymy eigner,wehavetobekind to immi- As aresult, there’snoeasy way to Mr.Biden’spolicyasasign that the compelled to help them. countrybetrayed me,Mexicoisnot grants, to lovethem. We always proveyou’vebeen vaccinated. You’d U.S. border is nowopen to them. He spent much of 2020 running treating me good, the United States pray,‘Letustakethe Gospel to all need cryptographically signed data Migrantshaveflocked to the bor- waterand firewood to arefugee is not giving me permission to go nations.’ This is the greatest oppor- that can’t easily be forged—a digital der by the hundreds of thousands. camp in Matamoros filled with asy- inside the country, so Ithink the tunity: We have people herefrom18 card that enables youtoretrieveand In March alone,U.S.Customs and lum seekersenrolled in the Migrant only solution is God. ...People are nations.” storetesting and vaccination informa- Border Protection reported some Protection Protocols.After Mexican hungry forGod.” Mr.Navarrosays tion in asecureand verifiable way,via 172,300 encountersonthe southern authorities shut down that camp in his church has served morethan Ms. Melchior is an editorial page either an app or aQRcode. border,including with arecord- February2021, Mr.Barberi con- 8,000 migrants, and he estimates writer for the Journal. Some have panned this as away of denying Americans access to restau- rantsorother businesses.It’smore likely to allowAmericans to visit The Filibuster Made the Civil Rights Act Possible places they otherwise can’t, such as nursing homes or hospitals that aren’t By David Hoppe even forlegislation they supported. ued. Senatorsofboth parties of- will on the minority but by allowing allowing family members. Therewereseveral successful fil- feredmanyamendments, some of the two sides to argue their case at Another way of thinking about he debateoverthe futureof ibustersofcivil-rightslegislation which passed. Atotal of 543 hours, length, by allowing the legislative vaccine passportsisasafast lane. T the Senate’slegislativefili- between 1917and 1964. But after 1minuteand 51 seconds were con- processofdebateand amendment Those who present proof of avaccine buster has focused on the President John F. Kennedy’s assassi- sumedbythe longest filibuster in to proceed unhindered, by gather- might be able to skip requirements simple useofmajority powerto nation, President Lyndon B. John- Senatehistory. Most importantly, ingthe votesneeded to showthe foratemperaturecheck,health ques- crush the opposition. While the fu- son decided to makethe Civil theSenateand the countrysaw an countrythat it must changethe law, tionnaireornegativeCovid test. ture of America’s bicameral legisla- RightsAct his chief legislativepri- open processthat allowedthe mi- by carrying the countryalong Some people stop at toll booths and tureand the balanceofpowercre- ority. He worked with SenateMa- nority everyopportunity to debate through the months of discussion pay; othersbuy an E-ZPassand zoom ated by theFoundersisriding on jority Leader MikeMansfield and and offer amendments. They saw and compromise,byfulfilling the through. The“passport” wouldn’t im- this debate, manyhavelost sight of Minority Leader EverettDirksen to highestexpectations of the Found- pose an intrusivenew layer; it would the true natureand value of the maneuver the bill through the chal- ers, Mansfield, Dirksen and other eliminateother requirements. Senate, an institution that takes lenges of senatorswho planned to It prevented Southern senatorsbuilt support foralaw the Half of cities and states are mak- time andrequires compromise to filibuster. countryneeded. In the wordsof ing vaccination information available find long-term answers to major is- It began with Mansfield meeting senators from blocking Victor Hugo, quoted by Dirksen dur- through an online portal. Some coun- sues.Critics have linked the filibus- with Georgia Democrat Richard debate and created the ing the close of debatein1964, tries and organizations arenegotiat- tertoJim Crow segregation, but Russell, theleader of the senators “Stronger than all the armies is an ing with third-party apps.Apple the tactic actually playedacrucial opposed to the Civil RightsAct. conditions for consensus. idea whose time has come.” could take asimilar approach with role in passing civil-rightslegisla- Mansfield promised therewould be Abipartisan consensus seems its health-data app on iPhones. tion andensuring it wasaccepted no tricks and he would keep Russell likeadistant dream in this divided But these apps won’t be allowed by theSouth. fully informed of Mansfield’sac- theleadersofboth parties in the country, but the filibuster is central to flourish if stateofficials take apo- Rule22, which establishes apro- tions as he guided the bill through Senatework to gather the 67 votes to achieving it. Ramming legislation litical stand and block apps from re- cedurecalled “cloture” to end afili- floor debate. Some insisted the bill then needed to cut off debateand down thethroatsofthe minority by trieving the underlying data. Some buster,was created to provide a should be driven through and passabill that extended civil rights anarrow margin or asingle vote states maythus leave residentsin way to close debatewith support of passed as quickly as possible,but to black Americans acrossthe U.S. breeds animosity,distrust and un- the slow lane. Patients should have asupermajority in the Senateand Mansfield treated everysenator Writing in the Atlantic 50 years rest. Thefilibuster,byslowing full access and totalcontrol over move to passlegislation. Therule equally and fairly.Hebelieved legis- afterthe passageofthe Civil Rights down legislation and giving time to their ownhealth information if they protected the minority’s rights lation should be addressed “not in Act,Michael O’Donnell observed: build asolid majority,achieves con- desire, and making it available on a while allowing acompromise to be the seeking of short-cuts, not in the “In the yearssince, the act has been sensus whereitseems impossible. trustedand secureapplication is a achieved that would ultimately re- cracking of nonexistent whips,not aremarkable success.Its accep- By giving theminority time to be sensible idea in a digital world. sult in legislation being passed. in wheeling and dealing,but in an tanceinthe south wassurprisingly fully heardand negotiated with, Forthe first47yearsafter Rule honest facing of the situation and a quick and widespread. In astroke, passageoflegislation with biparti- Dr. Gottlieb is aresident fellow at 22’s enactment in 1917, therewere resolution of it by the Senateit- the act demolished the rickety but san support creates apath fora the American Enterprise Institute only five successful attempts to cut self.” persistent foundation forsegrega- morestable,peaceful democracy. and was commissioner of the Food off debateinthe U.S. Senate. Afew Consideration of the bill, which tion and Jim Crow.” andDrug Administration, 2017-19. senatorsfelt so strongly about their had passed the House,began in Perhaps that had something to Mr. Hoppe was chief of staff to He serves on the boards of Pfizer and right to extended debatethat they February1964. Throughout the fol- do with the way the act passed— Senate Majority Leader TrentLott, Illumina. vowednever to vote forcloture, lowing months the filibuster contin- not by asimple majority forcing its 1996-2001.

PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable  Quotable: EU Threatens Irish Peace Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp From “The EU Plays Politics With Northern Ireland. While trucks carry- Several constitutional changes in Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Northern Ireland” by David Trimble, ing goods canenter the North by land the protocol fundamentally alter Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: publishedonthe Journal’s website from the Republic of Ireland without Northern Ireland’srelationship with Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; April9: being inspected, foods likemilk and therest of the U.K. First, everyEU Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; eggs entering through Northern Irish law, regulation and directiveonagri- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; ThenationalistCatholic politician portsfromEngland, Scotland and culture, manufacturing,environment, Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer John Hume and Icompleted what be- Wales must passthrough EU inspec- work practices and so on will con- Andrew Dowell, Asia; AnthonyGalloway, Video & came known as the Good Friday tions.The protocol disregards the tinue to apply to Northern Ireland, Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Agreement 23 yearsago Saturday. ... unionist concerns of being cut adrift even though the rest of the U.K. is Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; Todaytensions arereturning,asthe from the rest of the U.K. nowfreeofthese rules.... Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; agreement is in danger from adis- Moreimportant, the protocol Anyfuturelawsmade by the EU in Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News pute over Brexit. ... doesn’t safeguardthe Good Friday these areas will also apply to North- Thomas SanFilippo, Customer Service; TheEuropean Union insiststhat Agreement. It demolishes the agree- ernIreland, even though Northern GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; the Good FridayAgreement is sacro- ment’scentral premise by removing Irelandwill have no input in the de- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; sanct and must continue undisturbed the assurancethat democratic con- bate. ... Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International by Brexit agreements. But these sent is required to change Northern Farfromkeeping the peace, the WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: promises areringing hollow. Ireland’sstatus.That is whyIfeel protocol risks areturn to the cycle of LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Although intended merely to keep betrayed personally by the protocol; recriminatoryviolence, even as sup-

EDITORIAL AND CORPORATEHEADQUARTERS: trade flowing during Brexit negotia- it is also whythe unionistsinNorth- portersclaim they aretrying to pro- 1211 Avenue of the Americas, New York, N.Y., 10036 tions,the protocol created adefacto ern Ireland aresoincensed at its tect the Good FridayAgreement. It’s Telephone 1-800-DOWJONES sea border between Great Britain and imposition. all totally unnecessary. P2JW102000-0-A01800-1------XA

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Last Week: S&P 4128.80 À 2.71% S&P FIN À 1.90% S&P IT À 4.66% DJ TRANS À 1.15% WSJ $ IDX g 0.57% LIBOR 3M 0.188 NIKKEI 29768.06 g 0.29% See more at WSJ.com/Markets Stocks Set High Bar for Earnings Medline Explores Investors look forclues Indexand sector performance about profits as they 40% Communication Sale With S&P500 Energy Financials Industrials Real estate weigh sharevalues services after a record rally 20 Va lue Near 0 BY KAREN LANGLEY 2020 $30 Billion Thestock market is running –20 hot entering first-quarter BY MIRIAM GOTTFRIED earnings season. –40 AND CARA LOMBARDO A formidable rally has pro- pelled the S&P 500 up 9.9% –60 1STQUARTER Medline Industries Inc. is this year to 20 record closes, exploring asale that could keeping stock valuations at Jan. 2021 April Jan. April Jan. April Jan. April Jan. April Jan. April value the big medical-supply historic highs.Some investors, 20% Consumer Consumer companyatasmuch as $30 Materials Technology Healthcare Utilities though, sayshares mayhave discretionary staples billion and mark the latest in a more room to run as the roll- recent string of large lever- 0 outofCovid-19 vaccines and aged-buyout bids. bountiful government spend- Thefamily-owned company ing strengthen the outlook for –20 has hired Goldman Sachs corporate profits. Group Inc.torun the process, Earnings season kicks off in –40 according to people familiar earnest this week,with results Jan. 2021 April Jan. April Jan. April Jan. April Jan. April Jan. April with the matter. Thereisno from America’sbig banks—in- guarantee the companywill ul- cluding JPMorganChase & S&P500 quarterly earnings, Projected change from ayearearlier in first-quarterearnings forthe S&P500 and itssectors timately be sold. Theprocess Co., Bank of America Corp. change from ayearearlier* is at an early stage, the people DATE OF PROJECTION: DEC. 31, APRIL 9, and Wells Fargo &Co.—and 2020 2021 said, with some adding that an companies ranging from Delta 30% S&P500 IPO or minority investment is Air Lines Inc.toPepsiCo Inc. Consumer discretionary also apossibility. and UnitedHealth Group Inc. 20 Northfield,Ill.-based Med- Investorswill be watching Financials line is likely to attractprivate- forsigns of confidencefrom Materials equity bidders, partly because 10 executives that customer de- Technology industryplayers could struggle mand will keep rising and cost Healthcare 40 60 80 100 to swallowsuch abig rival, the increases canbemanaged to 0 people said. Communication services help ease concerns that stocks Blackstone Group Inc., are looking expensive. –10 Utilities KKR &Co. and Carlyle Group TheS&P 500 traded Thurs- Real estate Inc.are among those expected dayat22.6times itsprojected –20 Consumer staples to consider bids, some of the earningsoverthe next 12 people said, and they could ul- Energy months,abovethe five-year timately partner up given the –30 Industrials *1Q 2021 based on estimatesasofApril 9 average of 18.14, according to Source:FactSet size of the deal. FactSet. Paying up,evenfor 2016 ’17 ’18 ’19 ’20 ’21 –60% –40 –20 0 20 Tristan Wyatt/THE WALL STREET JOURNAL Thepossible deal is the latest shares of high-quality compa- sign of arenaissanceunder way nies,raises the prospect of earningsare expected to leap Even so,investment ana- year earlier.They areforecast Central-bank officials have forlarge leveraged buyouts, muted futurereturns for forthe quarter because Wall lystshavegrown moreupbeat to keep climbing in 2022. indicated they expect to keep which largely disappearedinthe shareholders. Street measures profits sincethe start of the year,lift- Long beforethe approval of supporting the economy with wake of the financial crisis as “Our biggest concern is re- against the same three-month ing their forecastsfor profit vaccines offered apath toward near-zero short-term interest firms eschewedpairing up and ally valuations,” said Gene period ayear earlier—one growth among S&P 500 com- reopening the economy, tril- ratesand bond purchases. taking on the mountains of debt Goldman,chief investment of- that in 2020 included the panies to 24%, from 16% at the lions of dollarsingovernment President Biden, meanwhile, such deals require. With risk ficeratCeteraInvestment rapid shutdown of much of end of December. spending and support from recently put forward his $2.3 tolerancerising broadly and pri- Management. “Has all the American business in the For2021 as awhole,profits the Federal Reservesent trillion infrastructureplan, vate-equity investorssitting on good news been priced in?” presenceofthe spreading cor- forcompanies in the indexare stocks rocketing off their pushing the S&P 500 above mountains of unspent cash, the It isn’t asurprise that onavirus pandemic. expected to rise 26% from a early-pandemic lows. PleaseturntopageB2 firms have been testing the wa- ters lately on megabuyouts again, including at RoyalKPN NV and Toshiba Corp. CEOs Step Up Push Against Voting Laws Medline makes and distrib- utes medical equipment and supplies used in hospitals,sur- Dozens of chief executives people.PayPalconfirmed it has gery centers, acute-careand andother senior leadersgath- signed the statement. PepsiCo, other medical facilities in over ered on Zoom this weekend to T. Rowe Priceand Hessdidn’t 125 countries.Ithad $17. 5bil- plot what several said big busi- respond to requestsfor com- lion in annual sales,according nesses should do next about ment. to its website. newvoting laws under way in As morecompanies and Founded in 1966 by brothers

Texas and other states. JOURNAL their leadershavespoken out James and JonMills,the com- on the issue in recent weeks, pany’s rootsdateto1910 when REET

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leaderstocollectively call for /Z theactions leadersare taking Thecompanywent public in greater voting access,accord- aren’t strong enough. Many 1972, but the Mills brothers TNS MARK ingtoseveral people whoat- Starbucks Chairwoman Mellody Hobson and Kenneth Chenault, former CEO of American Express CEOs nowfeel aduty,orpres- bought back the shares five tended. Messrs. Chenault and sure, to maketheir views ex- years later. Frazier cautioned businesses voting,the people said. last month in the wake of would sign on, including execu- plicitly known to employees James Mills,who served for against dropping the issue and Astatement could come changes to Georgia’svoting tives at PepsiCo Inc., PayPal and others, executiveadvisers manyyearsasMedline’sCEO, asked CEOs to sign astatement earlythis week,the people laws.Mr. Chenault told execu- Holdings Inc., T. Rowe Price said. died in 2019.His son Charlie opposing what they viewas said, and would build on one tives on the call that several Group Inc.and Hess Corp., Plenty of companies remain took over as CEO in 1997 and discriminatorylegislation on that 72 Black executives signed leadershad signaled they among others, according to the PleaseturntopageB2 currently holds the position. Alibaba to Cut Fees INSIDE Maturing Crypto Markets After Record Fine Threaten Coinbase’s Va lue J

BY STEPHANIE YANG goods both on Alibaba and on WS rival platforms,apractice R BY ALEXANDER OSIPOVICH and estimated it generated FO Coinbasequarterly revenue

TAIPEI—Alibaba Group dubbed er xuan yi—literally, SS earnings of $730 million to

Holding Ltd. said Mondaythat “choose one out of two.” VO Cryptocurrencycompany $2.0 billion $800 million on revenue of it would invest in measures to Alibaba shares,which had Coinbase Global Inc.isgearing $1.8billion. Even at the lower EPHEN

support merchantsonits plat- lost aboutaquarter of their ST up forwhat investorsexpect to end of that earningsrange, form, two days afterChina’s value sinceNovember,jumped be ablockbuster market debut, that is morethan twiceits antitrust regulator imposed a as much as 9% in early trad- BUSINESSNEWS though doubtspersist about its 1.5 profit for all of last year. record fine against the com- ing on Mondaymorning in VoxMedia buysPreet lofty valuation. Theconundrum facing in- pany founded by Jack Ma for Hong Kong beforeeasing Bharara’spodcastasit Coinbase planstogopublic vestorsiswhether those re- abusing itsdominant position slightly to stand about 6% Wednesday through adirect sultsare aharbinger of what’s over vendorsand rivals in the higher,inasign that inves- seekstoexpand its listingonthe Nasdaq Stock 1.0 to come,orjust ablip.Coin- country’se-commerce indus- tors welcomed the clarity audio business. B3 Market.The company, which base is valued at nearly 90 try. over the company’sfutureaf- runs the largest U.S. exchange times itstrailing 12-month In aconferencecall, Chief terfines were announced. forbitcoin and other digital earnings, based on the lower ExecutiveDaniel Zhang said However, the antitrust-in- currencies,could achievea 0.5 end of itsfirst-quarter esti- the companyhas reduced ser- vestigation outcome raised biggermarket capitalization mate. By comparison, Inter- vicefees and chargesfor ven- concerns among analysts than any of the world’s tradi- continental ExchangeInc., dors, in addition to investing about howthe companywould tional exchangeoperators. But owner of the New York Stock in improved technologyand retain merchants, particularly it faces anumber of threats, 0 Exchange, has amultiple of tools forthem on itsplatform. in an increasingly competitive including competition in the 2019 '20'21 about 31, while Nasdaq Inc. is Theinitiatives will cut further e-commerce landscape with ri- fast-evolving cryptocurrency tradingatabout 27 times its Note:Figurefor firstquarter of 2021 is intoprofitability forthe com- vals including JD.com Inc.and industry,that could under- approximate. trailing 12-month earnings. pany, which said it would use Pinduoduo Inc. mine itsstock priceinthe Source:Coinbase Coinbase makes money by existing liquidity to paya “Wewill incur additional long run. collecting fees when its users $2.8billion fine announced on cost, but we don’t viewthis as HEARD ON THE Based on thepriceofCoin- even before releasing blowout buyorsell cryptocurrencies. Saturday. aone-off cost,” Mr.Zhang said STREET base shares in private-market resultsfor the firstquarter, Although it doesn’t placebets China’sState Administra- of the company’splan former- Aproperty tax in China trading earlier this year,the when it benefited from ahuge on bitcoin directly,the com- tion forMarket Regulation chants. “Weviewthis as a companyisworth $91.5billion rally in the price of bitcoin. pany’ssharepricecould suffer said an investigation into Ali- necessaryinvestment to en- is alwaysadream, on afully diluted basis,securi- During the firstthree if bitcoin crashes,leading to a baba found that it punished able our merchants to have a neverareality. B10 ties filingsshow. And Coin- months of 2021, Coinbase at- slump in its trading volumes. certain merchantswho sold PleaseturntopageB2 base reached that valuation tracted13million newusers PleaseturntopageB5 P2JW102000-5-B00200-27FFFF5178F

B2 | Monday, April 12, 2021 ***** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A G PepsiCo...... B1 CharterHit With Judgment on Ads Alibaba...... B1 General Electric...... A2 Pfizer...... A3 Alphabet...... A1 Goldman Sachs GroupB1 R BY JONATHAN RANDLES leading and disputed the Amazon.com...... A4 H Raytheon AMC Entertainment...B2 damages asserted by Wind- Hess...... B1 Technologies...... B3 Apollo Global...... A1 Cable operator Charter stream. Themailers, produced Honest Co...... B2 S Communications Inc.told by an advertising agency, B J SK Innovation...... B4 consumers to say goodbye to fairly drew on information Bank of America...... B1 J.M. Smucker...... B3 Starbucks...... B2 rival Windstream Holdings from Windstream’sbankruptcy Blackstone Group...... B1 JPMorgan Chase ...... B1 T Inc. when it filed forchapter and industry experts, Charter Blue Yonder Holding...B3 11 bankruptcy in 2019.That said in a June court filing. K Texas Roadhouse...... B5 farewell messagecould be Little Rock,Ark.-based C Toshiba...... B1 KKR...... B1 costly following a bankruptcy S Windstream said when it filed Cafe Studios...... B3 KPN...... B1 Tractor Supply...... B3 judge’s ruling Thursday. NEW forbankruptcy in 2019 that its

Carlyle Group...... B1 G L T. Rowe Price Group...B1 JudgeRobert Drain of the services to customerswouldn’t Charter U U.S. BankruptcyCourt in be affected and that it hadn’t Communications ...... B2 LG Chem...... B4 White Plains, N.Y., said Char- OOMBER sought chapter11protection Coinbase Global...... B1 LifePoint Health...... A1 UnitedHealth Group....B1 ter, which operates under the because of anyoperational CyberCore M V Technologies...... B2 Spectrum brand, must pay NEILL/BL failures. Windstream filed for McDonald's...... A4 Valneva...... B3 morethan $19 million in dam- bankruptcy afterlosing a D Medline Industries.....B1 Volkswagen...... B4 OPER

ages forsending “literally CO costly legal fight with hedge Darden Restaurants...B5 Merck ...... B1 Vox Media...... B3 false and intentionally mis- Charter Communications operates under the Spectrum brand. fund Aurelius Capital Manage- Delta Air Lines...... B1 N W leading” mailersurging cus- ment LP. tomerstoswitch telecom pro- mimicking the bright pink and award abankruptcy court has Windstream emerged from E Nike...... B2 Walmart...... A4 viders after Windstream filed purple color scheme Wind- awarded forviolating the chapter 11 protection last year Estée Lauder...... B2 Wells Fargo...... B1 P for chapter 11. stream had used in itsown ad- bankruptcy stay,said Terence with acourt-approved plan Windstream Holdings B2 F Panasonic...... B3 Thelegal fight highlights vertising,court paperssaid, a Ross, alawyer who repre- backed by ElliottManagement Facebook...... A9,B3 Paycom Software...... A2 Z the wayscompanies cantry to similarity that Windstream ar- sented Windstream. Corp.that cut about $4 billion Ford Motor...... B4 PayPal Holdings...... B1 ZipRecruiter...... A10 capitalize when a competitor gued wasmeant to confuse its Theaward wascalculated in debt. files forbankruptcy,and the customers. based on Windstream’slegal Windstream included as ev- perils that can invite. Mailers Judge Drain agreed, ruling fees as well as itsestimated idencealawsuit Charter had that Charter sent to Wind- that Charter, which could ap- lost profit from customers filed over what it claimed INDEX TO PEOPLE stream customersinMarch peal,used misleading adver- who switched providersasa were misleading advertise- 2019 said they should switch tising to attractWindstream result of Charter’s mailersand mentsproduced by DirecTV B G Mitchill, Neil...... B3 to Spectrum “toensureyou customers and therefore vio- advertising that Windstream when Charteritself filed for Begaye, Vanessa...... A3 Goldman, Gene...... B1 Moffitt, David...... B6 arenot leftwithout vital In- lated the automatic stay, a le- produced in response to them, chapter11protection in 2009. Bezos, Jeff...... A4 H O ternet and TV services” be- galshield forbidding busi- according to the ruling. Charterargued that the Di- Bharara, Preet...... B3 O'Brien, Anthony...... B3 cause of the bankruptcy and nesses from meddling with ACharter spokesman de- recTV ads weren’t relevant to Hamud, Julian...... A2 Bisman, Shaun...... A2 Oh, Steven...... B6 told consumers to say “Good- customer deals when acom- clined to comment on the de- Windstream’scase and that its Bourla, Albert...... A3 K R bye, Windstream. Hello,Spec- petitor files forchapter 11 pro- cision. own mailers would have been C Karayannopoulos, Richison, Chad...... A2 trum.” tection. Charter denied in bank- permissible under the legal Culp, Larry...... A2 Constantine...... B1 S The ads were mailed in en- Thedecision representsthe ruptcy court that the adver- standardapplied in the earlier D M Schmidt, Susan...... B2 velopes with acolor strip largest compensatorydamages tisementswerefalse or mis- case. Dennison, Johnson.....A3 McClain, John...... B6 Spitz, Jonathan...... A4

founded the Coalition forInclu- Rally Sets Executives siveCapitalism, agroup that focuses on bridging the wealth divide,the people said. Others High Bar SpeakUp didn’t speak out. Mr.Aronand an AMC spokesman didn’t respond to ForResults About Votes requestsfor comment. Ms. Kuhn and Ms.Forester de Roth- schild said they were proud to ContinuedfrompageB1 ContinuedfrompageB1 support the statement. 4000 for the first time. wary of wading into politically Theissue is unlikely to dissi- Signs that the economywas chargedareas. One executive patesoon. Morethan 350 vot- strengthening and the vaccine from aFortune 100 consumer- ing bills areunder consider- rollout gaining steam drove a products companysaid board ation in dozens of states, recent resurgenceinshares of members, employees and ven- according to atally from the cyclical stocks,whose fortunes dorsare pressing leadersto BrennanCenter forJustice, a tend to rise and fall with eco- speak out, but doing so could public-policythink tank.Some nomic growth. Theenergy and putabull's-eyeonthe com- executives on the call described financial sectors are the top- pany. some bills as either racist or re- performing S&P 500 groups “It’sreally ano-win situation strictive, and several partici- for the year, after badly trail- from acorporatestandpoint,” pantsdescribed their effortsas ing the market in 2020. the executivesaid. critical to democracy, rather That rotation has recently AtlantaFalcons owner Ar- than partisan. cooled, suggesting that expec- thur Blank, whoalso owns the Jeffrey Sonnenfeld,aYale tations forrapid economic ex- AtlantaUnited soccerteam and School of Management profes- pansion mayalready be fac- PGATour Superstore, said on sor,helped convene the gather- toredintostock prices.Despite the call he believes alarge ing.Morethan 100 CEOs and lagging behind the broad stock shareoffans of the National other senior businessleaders indexfor the year,technology Football League,Major League were on the call. Other groups shares arethe best-performing Soccerand Professional Golf- involved were the Coalition for group in April. ers’ Association want the InclusiveCapitalism and the Forstocks to keep reaching groups to maketheir positions Leadership NowProject, a newheights, money managers known on voting rights, people group started by HarvardBusi- saycompanies will need to on the call said. nessSchool alumni whose prin- show they can deliver profits Take the Mr.Blank,aco-founder of ciples include that democracy that surpasseventhe rising Home Depot Inc., also said must be renewed, diversity is forecasts. some fans expect the NFL to an asset and the economymust “The market’s going to re- Bond Challenge! saymorenow compared with work forall. Mr.Sonnenfeld spond to earnings,” said Susan five yearsago when NFL player said manycorporateleaders Schmidt,head of U.S. equities Colin Kaepernick firstspoke areconcerned that voting legis- at AvivaInvestors. “Ifwekeep out on racial justice, the people lation could affect employees seeing earningsbeat and earn- said. or otherstakeholders. ings increase and surprise to Mellody Hobson, chair- “They don’t want wedgeis- the upside as we move Search our vast universe of bonds woman of Starbucks Corp., sues,” he said. “They just don’t through 2021, Ithink that is said on the call that political want angryconstituencies.It’s going to fuel the market.” with the Free Bond Search Tool unrest is bad forbusinessand not in the interest of business.” Beyond the quarterly re- executives should work to- Brad Karp,chairman of law sultsinthe coming weeks,in- to find the best bond prices gether on voting issues as firm Paul, Weiss, Rifkind, vestorswill poreoverexecu- states consider legislation and Wharton &Garrison LLP,has tive commentaryabout key as the trial over George Floyd’s organized dozens of large-law- issues.Will rising raw-mate- with no markups killing continues,the people firm leaderstoput out asepa- rial costslead to announce- said. Ms.Hobson declined to rate statement that would call mentsofpriceincreases,as comment through aspokes- on government officials to they recently did at Kimberly- woman. makevoting easier and chal- Clark Corp., the maker of Hug- Some leadersspokeout in lengebills that impose unnec- gies diapersand Scottpaper favorofsigning on to the new essaryobstacles,according to products? How would Mr. Bi- statement, including AMC En- people on the call and people den’s proposal forcorporate tertainment Holdings Inc.CEO familiar with theefforts. taxincreases affect the bottom Adam Aron and CyberCore Ford Foundation President line? With investors counting Technologies CEO Tina Kuhn, Darren Walker said that in his on sharp economic growth, according to people familiar conversations with CEOs,in- howmuch further can rising with the call. Another who cluding Republicans,most have consumer confidence improve spokeout in favorwas Estée said they don’t see the need for the outlook for companies? Lauder Cos.director Lynn For- laws to tighten voteraccess, Forthe firstquarter,ana- ester de Rothschild,who though manyfear speaking out. lystsexpect earningstorise in nine of the 11 sectorsinthe S&P 500.The strongest growth is tional HoldingsLtd., said he projected among the consumer Alibaba expectsthe fine to reduceAli- discretionary, financial and ma- baba’sprofitability as aone- terials groups,all of which tend time cost by about 10% in the to be sensitivetothe strength To Cut Fees financial year that ended in of the economy. Only the en- ibkr.com/challenge March—while the fines were ergy and industrial groups are announced in April, the com- forecast to post lowerprofits. After Fine panyislikely to reflect the Companies reporting early cost in last fiscal year’s ac- have found that simply beat- counting. ing profit estimates maynot ContinuedfrompageB1 The company’s growth will satisfythe market. Shares of better operation on our plat- also likely be hindered by in- Nike Inc.fell 4% the dayafter form.” creased regulatorymonitoring, the sneaker giant reported The18.2billion-yuan fine is he said. higher-than-expected earnings, equivalent to 4% of the com- Robin Zhu, an analyst at but also said shipping prob- Interactive Brokers Rated Best pany’s domestic annual sales. SanfordC.Bernstein, said in a lems had dented sales. Rated #1 ... Again Online Broker 2021 While the fine exceeded any Mondayreport that the end of But with economistslifting Best Online Broker for bonds other corporatepenalty in forced exclusivity could their growth forecasts, vacci- 2021 by Barron’s1 by Benzinga2 China’shistoryinabsolute prompt merchants to expand nations continuing and the po- value,analystssaid the an- theirpresenceoncompeting tential formoremarket stimu- nouncement alleviatedmuch e-commerce platforms such as lus,manyinvestorsbelieve of the uncertainty surrounding JD.com, Pinduoduo or Douyin. U.S. shares could have further Alibaba that had unnerved in- Alibaba is also investing gains in store. Member -NYSE, FINRA, SIPC –Supporting documentation for any claims and statistical information vestorssinceits financial affil- aggressively to tryand expand “Wedothink the momen- will be provided upon request. [1] Interactive Brokers rated #1, Best Online Broker according to iate, Ant Group Co., sawits newbusinesses such as dis- tum is still around stocks Barron’s Best Online Brokers Survey of 2021: February 26, 2021. For more information see, ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. initial public offering canceled count sales and groceryshop- grinding higher from here,” [2] For more information, see ibkr.com/awards. in November. ping, he added. said Greg Calnon, global head 04-IB21-1459CH1435 DannyLaw,research ana- —Joanne Chiu of multiasset solutions at Gold- lyst at Guotai Junan Interna- contributed to this article. man Sachs Asset Management. P2JW102000-0-B00300-1------XA

THE WALL STREET JOURNAL. Monday, April 12, 2021 | B3 BUSINESS NEWS VoxMedia Buys BhararaPodcastFirm Logistics Software BY BENJAMIN MULLIN President-elect Donald Trump. He launched his flagship VoxMedia said it is acquir- podcast, “StayTuned With Provider ing CafeStudios Inc., pub- Preet,” later that year.Itisthe lisher of apopular podcast most popular podcast in Cafe hosted by former Manhattan Studios’ portfolio,averaging Plans IPO U.S. Attorney Preet Bharara, about two million downloads a part of abid to expand its month, according to a person BY JENNIFER SMITH growing audio business. familiar with the matter. Thecompanies didn’t dis- Mr.Bhararasaid in an in- Software company Blue

closefinancial terms of the JOURNAL terviewthat he wanted to sell Yonder Holding Inc.isplan- deal. Mr.Bhararawill join Vox Cafe, in part, because teaming ning to go public,the latest Media as ahost, co-founder REET up with VoxMedia wasa technologyprovider to look at ST

and creative director of Cafe, LL quicker alternativetofund- apublic stock offering as pan-

which will continue to exist as WA raising and would create big- demic-driven upheavalinsup-

abrand. Mr.Bhararawill re- THE geropportunities.Together, ply chains drawsmoreinterest port to VoxMedia Studios R the companies hope to explore to tools that help companies FO

President Marty Moe. SS creating scripted shows and manage the flow of goods.

Spun off from Some Spider VO documentariesand hosting Blue Yonder said Fridayit Inc.in2020,CafeStudios pub- live events, he said. confidentially filed paperwork EPHEN

lishes ahandful of podcasts, ST Tapping intoVox Media’s with the Securities and Ex- including “StayTuned With Vox Media CEO Jim Bankoff, left, said Cafe Studios, publisher of the podcast of former Manhattan expertise and itslargerteam changeCommission forapro- Preet,” Mr. Bharara’s current- U.S. Attorney Preet Bharara, right, has a strong advertising business and quality shows. will allowCafetoexpand its posed initial public offering. eventsand pop-culturetalk reach, Mr.Bhararasaid. “I TheScottsdale,Ariz., supply- show; “ThirdDegree,” alegal- nity with large audiences,” Mr. Nine MediaInc.haveall re- tions in such areas as e-com- want to do thingsofquality in chain software provider said the analysis show; and “Doing Bankoff said. “And that’s pre- cently explored deals to go merce,sportsmedia, podcast- this spacelikeIdid in the number of shares and the price Justice,” anarrativepodcast cisely what Preet and the Cafe public or buy other firms ing and streaming video,the law,” he said. “And we felt that rangehaven’t been determined. based on a book by Mr. Bhar- team have done.” through special-purpose ac- person said. In 2019, Vox Me- Vox[Media] wasthe best fit Japanese electronics maker ara of the same name. Neither VoxMedia nor Cafe quisition companies,orSPACs, dia bought NewYork Media in for that.” Panasonic Corp.last year took a In an interview, Vox Media Studios discloses their finan- according to people familiar astock deal that valued the “StayTuned” became a 20% stakeinBlue Yonder,deep- Chief ExecutiveOfficer Jim cials,and Messrs. Bhararaand with the matter. parent of New York magazine source of in-depth analysis of ening the companies’ ties as Bankoff said CafeStudios was Bankoff declined to provide Vox Media, whose publish- at about $105 million. the legal issues regarding Mr. they jointly develop technology worth buying because of its them. VoxMedia expectsto ingbrands include Vox.com, The sale of Cafe Studios is Trump’sadministration, in- formanaging logistics,retail strong advertising business, turn a profit in 2021, accord- the Verge and SB Nation, was thelatesttwist in the career cluding the special-counsel in- and manufacturing operations. the quality of itsshows and its ing to aperson familiar with one of the companies recently of Mr.Bharara, the former vestigation intoMr. Trump’s Data-research group Garner subscription business. Cafe the matter, and it still has approached by aSPACcon- Manhattan U.S. attorney who conduct, overseen by Robert ranked Blue Yonder last year Studios chargessubscribers cash in the bank from a $200 nected to Group Nine,owner made aname forhimself pros- Mueller,and the president’s as theworld’sthird-largest foraccesstoexclusivepod- millionfunding round in 2015 of the digital brands TheDodo ecuting insider trading,politi- impeachments. provider in the supply-chain- casts, abusinessmodel that that valued the companyat and NowThis,but VoxMedia is calcorruption, international Mr.Bhararabringspoliti- management software market, Mr.Bankoff said he is inter- more than $1 billion, the per- unlikely to do adeal with that terrorism and cybercrime. He cians,legal experts, scientists, based on 2019 revenue,behind ested in exploring. son said. firm, one of the people said. was fired in 2017 after refus- celebrities and policywonks SAP SE and Oracle Corp. “Vox Media is acompany Manydigital-media compa- VoxMedia might consider ing arequest by then-Attorney ontohis show. His guestshave Blue Yonder’s potential IPO that is builtontalented, cre- nies areseeking deals as the merging with another SPAC or General Jeff Sessions to re- included comedian Samantha comes as investorsare pushing ative people who connect and sector matures.BuzzFeed Inc., raising financing in other sign. He earlier said he had Bee,Sen. CoryBooker (D., N.J.) millions of dollarsintologis- create authority and commu- Vice Media Group and Group ways, as it looks foracquisi- been asked to stay on by then- and geneticist Eric Lander. tics-technologycompanies that help manageoperations includ- ing sourcing,shipping and tracking amid aseries of sup- Raytheon Names Mitchill Chief Financial Officer ply-chain disruptions around the world. Theattention to such tools grew as companies re- BY KRISTIN BROUGHTON he wasnamed interim CFOof lease.Healso praised Mr. tion of equity awardsgranted proximately 181,000 employees tooled production at the onset United Technologies Corp. Mitchill forplaying akey role to him beforethe closing of as of Dec.31. It posted a$3.52 of the pandemic and continued Raytheon Technologies ahead of the company’s$135 in the combined company’s the merger, the companysaid billion lossfor the year,its as port congestion, commodi- Corp.named Neil Mitchill as billionmergerwith Raytheon capital allocation and cash sav- in aregulatoryfiling. firstasacombined entity. ties shortages and transport ca- chief financial officer,succeed- Co., apromotion that analysts ingsefforts. Thechangefollows arocky In itsannouncement Friday, pacity squeezeshit business. ing AnthonyO’Brien, who left viewedatthe time as an audi- Thecompanydeclined to year forRaytheon. Theclosing Raytheon also raised itsfirst- Blue Yonder customerswith the company. tion foralargerexecutiverole. makeMr. Mitchill available for of the company’sblockbuster quarterearningsguidanceto shipmentssnared when the Raytheon declined to pro- He joined United Technologies an interview. mergerinApril 2020 coincided between 87 centsand 90 cents Ever Given container ship vide areason forMr. O’Brien’s in 2014. Mr.O’Brien was named CFO with the beginning of the coro- asharefrombetween 70 cents blocked the Suez Canal used departure. “Neil is aprovenleader who of Raytheon in 2015,and four navirus pandemic.The com- and 75 centsashare, on an ad- the company’ssoftware to as- Mr.Mitchill waspreviously successfully guided our finance yearslater wasnamed CFOof panyinOctober said it would justed basis. sessinventorylevelsand help corporatevicepresident of fi- team through the merger,” the combined company. He is shed 20,000 jobs in 2020 as it —Allison Prang with contingencyplans such nancial planning and analysis Greg Hayes, Raytheon’schief eligible to receivecertain sepa- navigated declines in airline and Doug Cameron as air transport to getgoods and investor relations.In2019, executive, said in apress re- ration paymentsand accelera- traffic.The companyhad ap- contributed to this article. around the bottleneck. CORPORATEWATCH S-GAZETTE/REUTERS PRES Y BA GREEN OUGH/ CL PHER TO CHRIS In February, Tractor Supply said it agreed to buy Orscheln Farm & Home in an all-cash transaction.

TRACTOR SUPPLY program, VLA15, “is a Phase 2 UPC code 2927452099, with lot vaccine candidate targeting Bor- numbers 1081804 and 1082804 FTC Seeks More relia, the bacterium that causes and Best If Used By dates of Information on Deal Lyme disease, under develop- 9/14/2022 and 9/15/2022. ment in collaboration with —Josh Beckerman Tractor Supply Co. on Friday Pfizer.” The company also said said it received a request for ad- “it is the only active vaccine can- FACEBOOK ditional information and docu- didate against Lyme disease cur- mentary materials from the Fed- rently undergoing clinical trials.” Product Chief Pay eral Trade Commission Forthe year ended Dec. 31, Valued at $69.7 Million concerning its planned acquisi- 2020, Valneva said it had aloss tion of farm and ranch retailer per shareof€0.71, the equivalent Facebook Inc. Chief Product Orscheln Farm & Home. of 84 cents, on revenue of €110.3 Officer Chris Cox, who rejoined Orscheln received a similar million. Forthe year earlier,the the company in June, had 2020 request, Tractor Supply said. companyhad alossper shareof compensation valued at $69.7 The company also said Trac- €0.02 on revenue of €126.1 mil- million, the company said in its tor Supply and Orscheln Farm & lion. Groupe Grimaud La Corbiere proxy filing. Home “continue to cooperate SAS, Fonds MVM and Bpifrance Most of the total is for re- fully with the FTC in its review Participations SA arelisted stricted stock units with an ini- of the pending acquisition.” among its principal shareholders. tial equity value of $60 million, In February, Tractor Supply Valneva didn’tgiveanexpected with vesting scheduled to take said it agreed to acquire sizefor its IPO, nor did it indicate place in installments through Orscheln Farm & Home in an all- an expected pricerange. August 2024, subject to contin- cash transaction valued at about —Stephen Nakrosis ued employment. The filing lists $297 million. Orscheln operates $421,385 for base salary and bo- 167 stores in 11 states. J.M. SMUCKER nus amounts of $691,334. —Stephen Nakrosis Mr. Cox is entitled to receive Two Lots of Meow a $4 million sign-on bonus to be VALNEVA Mix Are Recalled paid after the first anniversary of rejoining the company, subject Vaccine Firm Files J.M. Smucker Co. said it is to continued service. Mr. Cox left For Nasdaq Debut voluntarily recalling two lots of the company in 2019 after dis- Meow Mix Original Choice Dry agreements with Chief Executive Vaccine company Valneva SE Cat Food due to the potential Mark Zuckerberg. filed for an initial public offering presence of salmonella. Facebook also said Chief Op- with the Securities and Ex- The company said it received erating Officer Sheryl Sandberg’s change Commission on Friday. no reports of pet illness or ad- total compensation value was Valneva said it intends to apply verse reaction. $24.8 million, with the majority to listits American depository Smucker said the recalled 30- of that reflecting stock awards. shares on the Nasdaq Global Mar- pound bags were sold at certain The $25.3 million figure for Mr. ketunder the symbol “VALN.” Its Walmart Inc. stores in Illinois, Zuckerberg includes security and stock is currently listedonEuron- Missouri, Nebraska, New Mexico, aircraft expenses. As in previous ext Paris under the symbol “VLA.” Oklahoma, Utah, Wisconsin and years, his base salary was $1. The company said its lead Wyoming. The items have the —Josh Beckerman P2JW102000-5-B00400-1------XA

B4 | Monday, April 12, 2021 ***** THE WALL STREET JOURNAL.

BUSINESS & TECHNOLOGY WSJ.com/Tech

Rare EarthLeader As well as being the biggestminer,China has the world's largestreserves of rare-earth minerals and dominates EV BatteryMakers the production chain thatprovides high-tech industries with these materials. Howrareearths areextractedand processed EndDisputeThat Threatened Plant

BY BEN FOLDY the state, which swung in fa- vorofMr. Biden in the last South Korean battery-mak- election and gaveDemocrats ing rivals SK Innovation Co. control of the Senate. Orewith rare-earth Minerals are Rare earths are Individual rare Oxides are Metals arecombined Those magnetscan be elements is mined separated extracted from earths are turnedinto to create alloys and usedinamotor and then and LG Chem Ltd. have agreed SKI has said the plant un- from waste other minerals separated metals magnets installedinanautomobile to settle atrade-secret dispute derconstruction will create as oxides that had threatened a$2.6bil- 2,600 newjobs,and Gov.Brian lion factory SKI is building in Kemp has described the fac- Rare earths produced in 2020,inthousands of tons Rare-earths reserves,inmillions of tons Georgia to supply Ford Motor tory project as one of the larg- Co. and Volkswagen AG with est job-creation investmentsin China China electric-vehicle batteries, the the state’s history. U.S. Vietnam companies said Sunday. Automakershavegiven Myanmar Brazil That plant’sfuturehad priority to securing asteady Australia Russia been in doubt afterthe U.S. In- supply of the batteries neces- Madagascar India ternational Trade Commission saryfor mass-producing elec- 050100 150 02040in February sanctioned SKI tric vehicles.Locating battery Sources: Industrial Minerals CompanyofAustralia (extraction process);U.S. Geological Survey (production, reserves) with a10-year ban on import- factories in the U.S. is aprior- ing batteries and the materials ity both forautomakers, for necessary to make them after whom shipping heavy batter- finding the companyde- ies between continents is ex- China Leads on Magnets stroyed evidencerelating to pensive, and for the adminis- the dispute. tration, which has said it sees Theagreement between the them as necessaryfor creating West trails in TheU.S.government is in- without some level of ongoing rare earths is six to nine years battery makerswill see SKI jobs and remaining globally vesting tens of millions of dol- government assistance,” he away,Mr. Scottsaid, given the payroughly $1.8billion and competitive. processing of larsineffortstomine and pro- said. time it will take to permit, fi- additional royalties, the com- The legal battle between materials key to cess rare earths.President Among those receiving U.S. nanceand build the mine. panies said. the two Korean battery-mak- BideninFebruarysigned an funding is Rare Element Re- Pini Althaus,the chief execu- “We have decided to settle ing giants began in 2019 when electric cars, turbines executiveorder directing are- sourcesLtd., which together tiveofUSA Rare Earth LLC, and to competeinanamicable LG Chem filed acomplaint viewofsupply chains forcriti- with itspartner,defense con- wantstoestablish aU.S.mines- way,all forthe futureofthe with thetrade commission, BY ALISTAIR MACDONALD calmaterials,including rare tractorGeneral Atomics, re- to-magnetssupply chain and U.S. and South Korean elec- accusing SKI of stealing its earths.His recent infrastruc- cently secured a$22 million hopes to take the company tric-vehicle battery indus- trade secrets. Last year,an Businesses and governments ture plan also pledged invest- Energy Department grant to public this year. tries,” said Jun Kim, chief ex- administrativejudgeruled in acrossthe West aregearing up ment in rare-earth separation processrareearths. Some consultantsquestion ecutiveofSKI, and Jong Hyun LG Chem’s favorafter finding to counter China’sdominance projects.Officials in Europe, Themining companyhasn’t thequality of USARareEarth’s Kim, chief of LG Chem’sbat- SKI had destroyed evidence in akey component of modern Canada, Japan and Australia received permission to tapits deposit in Texas aftera2019 as- tery division, in a statement. relating to the case.SKI ad- technology: the magnet. aregetting their checkbooks deposit in Wyoming eight years sessment found oregrades, Thesettlement comes just mittedinITC filingsthat But the dozens of companies outtoo. afterapplying.Itpaused itsap- which measuremineral concen- ahead of aSundaydeadline some documentshad been de- jostling forgovernment sup- YetWestern companies are plication in 2016 when funds tration within earth, of 0.06%. forthe Biden administration stroyed but denied it had sto- port will struggle to establish a mostly yearsaway from con- were tight. “It’snot easy,” That compares with 3% at rival to potentially veto the trade len trade secrets. supply chain to rival China’s tributingtoastable supply of Chief ExecutiveRandy Scott Rare Element Resources’ site commission’sdecision. Presi- The ITC is an independent rare-earth magnet industry, rare earths,orprocessing them said of getting amine up and and 7.06% forMPMaterials dent Biden has made electric government agencythat adju- which has adecadeslong head intoseparateminerals and running. Corp., which has America’sonly vehicles and the batteries dicates trade and intellectual- startand steadfast statesup- turning them intouseful prod- With itsmine yettobede- producing mine.Mr. Althaus that powerthem acorecom- property disputes. port, analystsand executives uctslikemagnets, analystssay. veloped, the companysaid the says minerals at his siteare ponent of hisproposed $2.3 The commission’s decision say. “For these minerals to go plan is to processmaterialit among the most valuable of the trillion infrastructure pro- in Februarytouphold the ear- Powerful magnetsmade of from ahole in the ground to an collected when testing the 17 rare earths. gram.Aspart of that plan, he lier ruling and sanction SKI rare-earth minerals areessen- electric motor,you need vast quality of itssite. Consultantsalso question has proposed investing $174 started a60-dayperiod in tial componentsinelectric-ve- skills and expertise,which But that stockpile will likely the feasibility of USARare billion in spurring uptakeof which the Biden administra- hicle motors, wind turbines and barely exist out of China,” said producejust 100 tons of rare Earth’splan to have processing electric vehicles. tion could reversethe deci- other technology. China mines Constantine Karayannopoulos, earths,Mr. Scottsaid, equiva- and magnet-making facilities Thefateofthe Georgia sion,based on the consumer over 70%ofthe world’srare chiefexecutiveofNeo Perfor- lent to the weight needed to up andrunning next year. factoryhas major implica- impact and competitive land- earths and is responsible for manceMaterials ULC, one of a makemagnetsfor 6,000 Toyota USARareEarth bought mag- tions forFordand VW,which scape.That decision wastobe 90% of the complexprocess of few Western companies able to Prius vehicles.Toyotasold al- net-manufacturing equipment arecounting on the newas- made by U.S. Trade Represen- turning them intomagnets, an- processrareearths and make most two million electric and from Hitachi Ltd. following the sembly complextobuild bat- tativeKatherineTai,according alystssay.That dominance magnets. hybrid vehicles in 2019. Japanese firm’sdecision to teries forelectric models to people familiar with the gives Beijing sway over makers “Manyproducerswill find it Should Rare Element Re- close down amagnet factoryin such as Ford’s F-150 pickup matter. Ms.Tai wasdeeply in- of various fast-growing tech- difficult to competehead-to- sourcesget amining permit, a 2015.The kit currently sitsina truckand VW’s ID.4 cross- volved in thesettlement talks, nologies. head againstChina on price regular supply of processed warehouse in North Carolina. over.Itisalso important to the people said.

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THE WALL STREET JOURNAL. NY Monday, April 12, 2021 | B5 BUSINESS & FINANCE

bitcoin’smeteoric rise contin- paymentsgiantsPayPalHold- Coinbase ues. ingsInc.and SquareInc., Individual investors“are which arealso making inroads paying much more than they into crypto, he said. Faces Risk need to,” said Scott Knudsen, “Its bread-and-butter busi- chiefexecutiveofCoveMar- ness is being eaten by much kets,astartup that makes larger, moreexperienced, big- To ItsValue software forcryptotraders. ger-market-cap companies “But the question is,dothey that have efficiencies built in really care?” and have massively largercon- ContinuedfrompageB1 Coinbase’srivals arebet- sumer bases,” said Mr.Quig- Bitcoin wasrecently trading ting that cryptoinvestorswill ley.“So in apricewar,Coin- at around $58,000,upfrom become morefee-conscious base is devastated.” JOURNAL about $7,000 ayear ago, partly over time.They notethat fees Still, executives likeCoin-

due to growing interest by in other marketsgradually REET base CEO and co-founder ST

hedgefunds and other institu- came down as competition LL Brian Armstrong believethe

tional investors. But it also mounted and, in some cases, WA world is on the cusp of broad

has a historyofextremevola- the fees chargedbyintermedi- THE adoption of digital currencies, tility.Atthe aries came under regulatory R and the company’sfans say CURRENCIES end of 2017, for scrutiny. In stocks,for in- FO Coinbase is well-positioned to

example,bit- stance, commissions charged CHER profit from the shift. coin neared $20,000.Amonth by brokerages likeCharles RIT “Margins are definitely go-

later,ithad crashed to around SchwabCorp.declined from NIKKI ing to come under pressure, half that value. more than $40 a trade in the Coinbase CEOBrian Armstrong. likeothers, believesthe world is on the cusp of broad cryptoadoption. but they’reinamarket where Some investorsand crypto- 1980s to zero today. it is my strong belief that it industry executives say Coin- “Aswe’veseen in every fees. “We anticipate fee pres- value proposition and offset ternet success storythat fell will grow 10 or 100 times what base hasanother major vul- otherasset class, the more suretoemerge over time,” theeffectsofany futurefee behind moreinnovativerivals. it is today,” said Dave Weis- nerability: its dependence on people payattention to the Coinbase said in aFebruary pressure.” Coinbase’scorebusinessfaces berger, chief executiveofCoin- transaction fees,which are fees they’re paying, the more regulatoryfiling.“Our strategy William Quigley, managing threatsfromnewcomerslike Routes, which builds algorith- likely to come under pressure pressurecomes on those mar- is to maintain our position as director at blockchain-invest- decentralized cryptoex- mic trading software forthe from cheaper competitorsas gins,and eventually those fees a trusted brand in the crypto ment firm Magnetic,says he changes, which allow trading cryptomarkets. “The Coinbase the cryptocurrencymarket come down,” said Matt space and develop new prod- worries that Coinbase could at afraction of the cost of es- playisthat they will have a matures. Trudeau, chief operating offi- ucts to enhance our customer end up like AOL, the early in- tablished exchanges,aswell as big slice of that.” Last year,96% of Coinbase’s cerofcrypto-exchangeopera- net revenue came from trans- tor ErisX. action fees.The company Coinbase has amassed 56 chargeshefty fees compared millionusersthanks to its with other crypto exchanges. prominent brand and trusted Asmall investor looking to reputation in an industry no- buy $100 of bitcoin at the pre- torious forcyber breaches, vailing market pricewould pay theftand fraud. It is especially about $3.49infees on Coin- popular with crypto newbies, base,and potentially more thanks to the user-friendly with some payment methods appitdeveloped at atime HOWDOYOU MANAGE like debit cards. At Kraken, a when bitcoin waslittle known rivalexchange, the same in- outside a few enthusiasts. vestor would pay$1.50.AtBit- Thecompanysays it is di- RISK WHEN THEWORLD IS stamp,another competitor,the versifying intoother busi- cost would be 50 cents. nesses—likestoring digital as- Of course, such fees might setsfor institutional investors UPSIDE DOWN? seem insignificant to investors —to protect its position even hoping to scoreafortune if if competition forces it to cut Restaurants Prepare For Diners to Return

BY HEATHER HADDON cities,including NewJersey, Michigan, Chicago and Wash- Afterayear of start-stop ington, D.C.,haverestricted openings, seating restrictions occupancyto50% or less. Fed- and deliveryexperiments, your eral recommendations of 6- favoriteeateryislikely seating foot distancing put some ta- dinersagain. MoreU.S.restau- bles out of commission, even rantsreopened in February in less restrictivestateslike than in anymonth sincelast Georgiaand Massachusetts. spring,when some cities first Wait times commonly runover started loosening restrictions, an hour during weekends and according to Yelp Inc.Reopen- other peak periods,restaurant ingsremained elevated last owners and customers say. month, theYelp datashows. While restaurantsare trying to What are restaurants doing resume normal service, some about it? pandemic practices will remain. Some chains,such as Texas Here’swhat youneed to know: Roadhouse Inc., built texting systems to keep customersin- Have restaurantsall re- formed as they ask dinersto opened? wait outside.OliveGarden They aregetting closer: 75% owner Darden Restaurants of U.S. restaurantsare open Inc.created an appsocustom- forbusiness and the number ers can see where they stand of people eating out is nearing on thewait list. Virtual wait pre-pandemic levels,according listssprung up at independent to reservation booking site restaurantsduring the pan- OpenTable.About 10% of the demictoallowcustomersto 778,807 restaurantsthat ex- sign up before arriving. isted beforethe pandemic closed forgood, market-re- Can I sit at the bar instead? search firm Datassential said. In NewYork City and New Jersey,restaurantsaren’t let- CanIeat indoors? And do I need to wear a mask? Everystate nowallows lim- Many that added ited on-sitedining,though lo- calofficials sayoccupancy QR­ code accessible limits could tighten again if menus are keeping coronavirus cases keep rising. Michigan Gov.Gretchen Whit- them for now. mer on Fridayurged people to avoid indoor dining fortwo weeks given the rise in cases there. Some counties in Cali- ting customerseat at their fornia continue to prohibit in- bars. Denverand some other door seating,though the state cities allowbar seating with 6 expects to lift restrictions by feet between customersand June if case numbers fall. staff.Some restaurantsare in- Warming weather givesres- stalling plexiglassdividersat taurateursand dinersmoreop- the bar to accommodatediners. tions.“I’m building hugepa- tios,” said JimArmstrong,a How will I order? Denvertavern owner who ex- Hope you didn’t leave your pectstoseat at least 40 people phone at home. Many restau- outside his pubs when possible. rantsthat added digital menus Most states still require accessible by QR codes are diners to wear masks when keeping them fornow.Some not seated at their table.More chains that invested in digital than adozenstates, including ordering kiosks andtabletsat Texas,Florida and Georgia, tables arerolling them out scrapped public mask man- more widely. dates,though some cities con- tinue to enforce them and Will I pay more? many businesses ask custom- Prices at sit-down restau- ers to keep wearing them. rantswereup2.9%inFebruary compared with the same time I’m vaccinated. Is it safe for last year,Labor Department We can'tcontrol what's next,but we canhelpnavigateit. CMEGroup me to dine indoors? datashows.Costsatfast-food Fully vaccinated people face restaurantsjumped 6.3% during provides24-houraccess to trading opportunitiesinevery investable lower risk for dining indoors, the same period, the largest 12- asset class,allowingmarketparticipantsworldwidetomanagerisk and but should still take precau- month increase sinceatleast capture opportunities. Forevery economic twistand turn,whenthe tions because they arelikely 1997.Restaurantssay they’re surrounded by manywho facing higher costsbecause of newnormalisanythingbut…CME Group. aren’t inoculated, according to the pandemic, along with infla- the Centersfor Disease Con- tion and wage increases. trol andPrevention. Diners Don Mancinelli, a 49-year- should wear amask inside old from Monroe Township, VISITCMEGROUP.COM/ACTION when not eating,maintain dis- N.J.,said restaurantsnear him tances of at least 6feet and liftedprices by afew dollars avoid crowds or poorly venti- per entree.But mostly he’s Derivatives arenot suitable forall investors and involvethe risk of losing morethan the amount originallydeposited and anyprofit youmight havemade. lated spaces, the CDC says. happy to just dine out again This communication is not arecommendation or offer to buy,sell or retain anyspecific investment or service.Copyright ©2020 CME Group Inc. All rights reserved. “afterall this time in the Will Ihavetowait foratable? house,cooking seven days a Very likely. Manystatesand week,” Mr. Mancinelli said. P2JW102000-0-B00600-1------XA

B6 | Monday, April 12, 2021 THE WALL STREET JOURNAL. MARKETS Defaults by Low-Rated U.S. Firms Fall

Investors move into peak in September at 4.17%. vestors’ demand forhigher- higher-yielding assets, ana- andloan sales last year,fol- tember’s peak in this cycle. The decline in defaults has yielding credit assets have lystssay,helping support lowedbyrecordissuancein Investorslook to these mar- higher-yielding assets, helped fuel a strong recovery helped companies buy time to prices on riskier junk bonds the first quarter of 2021. kets as a barometer of credit aiding leveraged loans, in the prices of marketsthat improve operations, said Ste- and leveraged loans.Improve- Manyinvestorsnow expect conditions,sincedeals tend to initially were hammered by venOh, head of global credit mentsamong even the riskiest the distribution of coronavirus involvedebt-laden companies riskier junk bonds the flight from risk on at PineBridge Investments. loan and bond borrowers sug- vaccines and stimulus money to with lowcredit ratings—a Covid-19.The averageyield on “Accesstoliquidity has gest that prices can continue fuel strong rebounds in GDP combination that tends to de- BY SEBASTIAN PELLEJERO aBloombergBarclays indexof been the most crucial pieceof to rally, investors said. growth and corporateearnings. terlending when people get junk bonds as of Thursdaywas the puzzle,” he said. “Markets “You’regoing to see more That outlook, combined with nervous about the future. Defaults by low-rated U.S. 3.9%, around 0.1percentage have morethan sufficient li- money come intoloans and manyborrowers’accesstocapi- At the same time,many companies have fallen to their point above the record low of quidity to stave off defaults.” junk bonds because whereelse tal, is prompting manytosay portfolio managers warn that lowest level in 10 months, February. Yields fall when Default ratesfor junk bonds areinvestorsgoing to get the worstofthis cycle is behind. anyrally has itslimits. High helping extend sharp rallies in bond prices rise. and leveraged loans areex- yield,” said John McClain, “Defaultshavecertainly debt prices cancrimp inves- the marketsfor junk bonds Loan prices are also rising. pected to fall back to pre-pan- portfolio manager at Diamond already peaked,” said Mr.Mc- tors’ returns by reducing op- and floating-rate loans. Theshareofloans to North demic levels over the next Hill Capital Management. Clain. portunities forpriceapprecia- Defaultsfor an indexofspec- American companies trading year,analystssay.That con- Actions by the Federal Re- Junk-bondprices currently tion, or by enabling borrowers ulative-grade loans to U.S. com- at less than 90 centsonthe trastswith forecastsfromlast serve, including cutting inter- imply a 1.9% default rate over to issue at loweryields. panies over the past year fell to dollar was4.35% as of April 7, spring,when investors est ratesand buying bonds, the next 12 months,says Bank Valuations areparticularly dif- 3.15% as of March, according to according to Refinitiv—down dumped billions of dollarsof have helped improve the for- of America. Forloans,more ficult to gaugegiven the un- S&P Global Market Intelli- from 5.18% amonth agoand a low-rated debt. tunes of manyborrowers. than 60% of leveraged finance knowns of exiting aglobal gence’sLCD.That is the lowest peak of 75.9%during last Credit investors seeking to Companies rated double-B or professionals surveyed by LCD pandemic, said David Moffitt, level sincelast April and down year’s selloff. benefit from arecovering U.S. lower raised hundreds of bil- in March said they don’t ex- co-head of credit management from the measure’s10-year Lowerinterest ratesand in- economy aremoving into lions of dollars through bond pect defaults to surpass Sep- at Investcorp.

THE TICKER | MARKETEVENTSCOMING THIS WEEK

Monday Import-price index EIA report: natural-gas Charles Schwab Feb.,previous up1.3% Previous change in stocks in 0.80/0.58 Short-selling reports March,expected up0.8% billions of cubic feet Citigroup 2.57/1.05 Ratio, days of trading volume of up 20 PepsiCo 1.12/1.07 current position, at March 15 Empire Manufacturing NYSE 2.3 UnitedHealth Group Mort. bankers indexes March previous 17.4 Nasdaq 1.7 Purch., previous 4.38/3.72 April, expected 20.1 down 5% Earnings expected* Friday Estimate/Year Ago Refinan., previous Industrial production down 5% Aphria (0.04)/0.01 Feb.,previous down2.2% Building Permits March,expected up2.6% Feb.,previous 1.682mil. Tuesday Earnings expected* Initial jobless claims March,expected 1.74mil. Estimate/Year Ago Previous 744,000 First Republic Bank HousingStarts Consumer-price index Expected 705,000 Allitems,Feb. up0.4% 1.54/1.20 Feb., previous 1.421 mil. March.,expected up0.5% Goldman Sachs Group Philadelphia Fed survey March, expected 1.61 mil. Core,Feb. up0.1% 10.20/3.11 March, previous 51.8 March,expected up0.2% JPMorgan Chase April, expected 41.5 U.Mich. consumer index

3.07/0.78 S Earnings expected* March, final 84.9 Wells Fargo 0.70/0.01 Retail sales

April, preliminary 88.1 PRES Estimate/Year Ago Feb.,previous down3.0% Fastenal 0.37/0.35

March.,expected up5.6% UMA Thursday Earnings expected* /Z Retail sales, ex. autos Estimate/Year Ago Wednesday Feb.,previous down2.7% Bank of New York Mellon

Business inventories PICTURES Jan., previous up 0.3% March,expected up4.8% 0.87/1.05 S Citizens Financial Group EIA status report Feb., expected up 0.4% NEW Previous change in stocks in Earnings expected* 0.96/0.03 millions of barrels Estimate/Year Ago

Kansas City Southern ONDON

Crude-oilstocks down3.5 Capacity utilization Bank of America /L Gasoline stocks up 4.0 Feb., previous 73.8% 0.66/0.40 1.97/1.96

Distillates up 1.5 March, expected 75.6% BlackRock 7.83/6.60 MorganStanley 1.73/0.99 CHUNG PNC Financial Services

* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in parentheses) Group 2.70/1.95 EPHEN

u Adjusted for stock split ST Note: Forecasts are from Dow Jones weekly survey of economists State Street 1.35/1.67 Goldman Sachs is expected to post earnings Wednesdayof$10.20 ashare, up from $3.11 ayear earlier.

ADVERTISEMENT Insider-Trading Spotlight Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys new information about the prospects of a company. Insiders are required to report large trades to the SEC TheMarketplace within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by To advertise: 800-366-3975orWSJ.com/classifieds Refinitiv on April 9, and year-to-date stock performance of the company KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner COMMERCIAL REAL ESTATE BUSINESSOPPORTUNITIES I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: unknown VP: vice president Excludes pure options transactions %'&* (;#-75!1&"31$!"9 '3-"-! 2)) <8/39$ 513@ *#:9$@ Biggest weekly individual trades 9ELg)L (gFL.-(HNL (Ig(S-.L) Qg.J Qg7gEEL #0L*HNg)] T.N[ -* g. gKhEHg(L-*)'f)HMHg*b(IL*L-K]-. '+., #7)95: (/7--$;)4- 623@&1 Based on reports filed with regulators this past week `4"' 62(,8>(* 5E>:U4_ -KKL*) K-*)gEL g( ,'fEHN g'N(H-. -. PgbB]CYCDg(DD;YY #[P[ DOLdj-*F(H0L_ &Hg *L0-(L &H*('gE g'N(H-. K-*dIHNI gdLf gMM*L)) g.M ,g))d-*M dHEE fL ,*-&HMLM (- gEE N-.h*0LM A.2%=D "0D?>?06D A-B4-343; :'?/D/< ,g*(HNH,g.() (Ig( Ig&L ,*-,L*Eb*LJH)(L*LM ,'*)'g.( (- (IL 5L*0) -K 7gEL Dg) 0-*L ,g*(HN'Eg*Eb ML)N*HfLM No. of shrs in Price range ($) $ Value fLE-d_] H. N-..LN(H-. dH(Ig3.HK-*0 !-00L*NHgE !-ML )gEL] DYY/ -K (IL EH0H(LMEHgfHEH(bN-0,g.b A#0!8,,<5 *CE//9/6> @67E=61/1 )4;22 !& Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) 0L0fL*)IH, H.(L*L)() H. 5k! 9:TO5X] QQ!] gkLEgdg*L EH0H(LMEHgfHEH(bN-0,g.b D(IL /O@>:$E$( A(/=8>?+8<<5 (8?<> !>06/ (8?<1?6C4 (//E4$0>>04 &001 ;@>>@X(>4_] dIHNI H) (IL )-EL -d.L* -K (IL ,*-,L*(b N-00-.Eb F.-d. g) 5IL 9-H.(LE-Ng(LMg(AYY O-*(I*HMJL 8-gM g.M @YY O-*(I*HMJL 8-gM] 7g.Mb 7,*H.J)] VL-*JHg D(IL /RA:(>(<:<4_[ 5IL T.(L*L)() g*L #".2<6 &)": !&+'++4 !(2.0 Buyers -d.LM fb 5k! 9:TO5X PXP"X8] QQ!] gkLEgdg*L EH0H(LMEHgfHEH(bN-0,g.b] Ig&H.J H() ,*H.NH,gE ,EgNL $23 %"52- *+7-916*+--2890879 -K f')H.L)) g( @BDY 7-'(I#E)(-. #&L.'L] 7'H(L CDY] k'*Ig0] O-*(I !g*-EH.g C>>DB D(IL /O(SSEA!A( ;@>>@X(>-C? "12= %26/B!<>1.#B26;) *2!;54 Apr. 1 Finance of America Companies FOA E. Safra CEOI 1,000 10.00 10,000 5IL 7LN'*LM 9g*(b] g) EL.ML*]0gML gE-g. D(IL /O(SSEA!A(P@EA4_ (- (IL PLaag.H.L"-**-dL*[ T. N-..LN(H-. dH(I (IL PLaag.H.L Q-g.] (IL PLaag.H.L "-**-dL*Ig) J*g.(LM (- (IL 7LN'*LM 9g*(bg %$&('9 307A8-7::: Apr. 1-5 HighPeak Energy HPK J. Hightower CEO 276 6.53-6.75 1,828 7.20 -54.9 h*)( ,*H-*H(b EHL. -. (IL T.(L*L)() ,'*)'g.( (- (Ig( NL*(gH. 9ELMJL g.M 7LN'*H(b #J*LL0L.( Mg(LM g) -K $!;5= ?:A@-:8@+::- PgbCA] CYD>]g)g0L.MLM g.M *L)(g(LM fb (Ig( NL*(gH. #0L.MLM g.M 8L)(g(LM 9ELMJL g.M 7LN'*H(b Mar. 31 Arcus Biosciences RCUS K. Falberg DI 20 28.35 567 31.30 20.6 #J*LL0L.( Mg(LM g) -K S'.L BY] CYCY[ 5IL 7LN'*LM 9g*(bH)-KKL*H.J (IL T.(L*L)() K-*)gEL H. N-..LN(H-. dH(I (IL K-*LNE-)'*L -. (IL ,ELMJL -K )'NI T.(L*L)()[ 5IL PLaag.H.LQ-g. H) )'f-*MH.g(L (- g0-*(JgJL )%%' +.(/ .# &-)** #., -! "./+$/ Apr. 5 Howard Hughes HHC A. Model D 497.17 418 99.94 26.6 E-g. g.M -(IL* -fEHJg(H-.) g.M EHgfHEH(HL) -K (IL P-*(JgJL "-**-dL*-*-(IL*dH)L gKKLN(H.J (IL ,*-,L*(b `4"' 62(A!@> P@EA-C? Apr. 6 Greif GEF.B G. Martz GC 759.18 414 58.32 20.5 5IL )gEL -K (IL T.(L*L)() dHEE fL )'fGLN( (- gEE g,,EHNgfEL (IH*M,g*(b N-.)L.() g.M *LJ'Eg(-*b &41+#1;%. 3-%4%+/99! %+! 1+2-49!8 g,,*-&gE)] HK g.b[ 1H(I-'(EH0H(g(H-. (- (IL K-*LJ-H.J] ,ELg)L (gFL.-(HNL(Ig( (IL*L g*L ),LNHhN Mar. 31 Windtree Therapeutics WINT J. Huang DO 150 2.36 354 2.39 -53.4 *L+'H*L0L.() K-*g.b ,-(L.(HgE )'NNL))K'EfHMML*H.N-..LN(H-. dH(I -f(gH.H.J H.K-*0g(H-. g.M fHMMH.J -. (IL T.(L*L)()] H.NE'MH.J f'( .-(EH0H(LM (-] DD_ (Ig( LgNIfHMML*0')( N-0,Eb dH(I (IL *L)(*HN(H-.) 7: '+/9492/ %+! 5: (6-1/, ;%1!8 g,,EHNgfEL (- (IL )gEL -K (IL T.(L*L)() '.ML* (IL T.(L*N*LMH(-* #J*LL0L.( Mg(LM g) -K PgbCA] CYD> fb Apr. 5 9 Meters Biopharma NMTR M. Sirgo D 300 1.00 300 1.15 33.9 g.M g0-.J (IL 7LN'*LM 9g*(b] (IL I-EML* -K (IL PLaag.H.LQ-g. g.M (IL I-EML* -K (IL 7L.H-* Q-g. Apr. 5J. Temperato CEO 100 1.00 100 `4"' 6RA:(>,>(*!:@>=$>((B(A:4_] H.NE'MH.J (Ig( )'NI fHMML* H) g /48E[!I(* 1>EA<&(>((4 Dg) MLh.LM *)+/%#/" 0##48492)-4#92$3,%1.8#), H. (IL T.(L*N*LMH(-* #J*LL0L.(_]Ig) -f(gH.LM (IL N-.)L.( -K (IL I-EML* -K (IL 7L.H-* Q-g. DHK *L+'H*LM Apr. 5E. Sitar CFO 50 1.00 50 '.ML* (IL T.(L*N*LMH(-* #J*LL0L.(_ -* dHEE*L,gb(IL 7L.H-* Q-g. ,*H-* (- (IL)gEL -K (IL T.(L*L)() g.M DC_ (Ig( LgNI fHMML* 0')( MLEH&L* )'NI M-N'0L.() g.M ,gb)'NI g0-'.() g) *L+'H*LMfb(IL T.(L*N*LMH(-* Apr. 5 Science Applications International SAIC P. Natarajan CFOI 384.31 253 85.19 -10.0 #J*LL0L.( g.M (IL g,,EHNgfEL J-&L*.H.JM-N'0L.() *LEg(H.J (- (IL T.(L*L)()[ '42 #$5" 5IL T.(L*L)() g*L fLH.J-KKL*LM g) g)H.JEL E-(] /g)\H)] dIL*L\H)4] dH(I .- Lc,*L)) -* H0,EHLM dg**g.(HL)] )2*44 ')*(-.(57/0.4.1$ Mar. 24-25 William Penn Bancorp WMPN K. Stephon CEOI 25 10.00-11.25 252 11.40 *L,*L)L.(g(H-.)] )(g(L0L.() -* N-.MH(H-.) -K g.bFH.M 0gMLfb(IL 7LN'*LM 9g*(b-*g.b ,L*)-. gN(H.J 4*( 5+'-,250( 23*! '0-+'5 65&-75) ')56 K-*-*-.fLIgEK -K (IL 7LN'*LM 9g*(b] dH(I-'( g.b*LN-'*)L dIg()-L&L*(-(IL 7LN'*LM 9g*(b-*g.b Apr. 6-7 A. Turner O 11* 11.39-11.39 125 -(IL* ,L*)-. gN(H.J K-*-*-.fLIgEK -K (IL 7LN'*LM 9g*(bg.M LgNI fHMML* 0')(0gFLH() -d.H.+'H*b -0 ,/**2* # *1*- *5)5**7/! *4). ')56 -0 *LJg*MH.J (IL T.(L*L)()[ 5IL dH..H.J fHMML* )IgEE fL *L),-.)HfEL K-*(IL ,gb0L.( -K gEE (*g.)KL* (gcL)] 65(57(-.0 .3 5(.4* &-*') #231 .3 7.&-6 Apr. 5 Delcath Systems DCTH G. Michel CEO 16 12.88 200 13.79 -23.0 )(g0,M'(HL) g.M )H0HEg*(gcL) H.N'**LM H. N-..LN(H-. dH(I (IL ,'*NIg)L -K (IL T.(L*L)()[ &*77-05)! .(/5* -(52) '065* 65&! 5IL 7LN'*LM 9g*(b*L)L*&L)(IL *HJI(] -. fLIgEK -K H()LEK -* g. gKhEHg(L-K7LN'*LM 9g*(b] (- N*LMH( fHM] 4.% *7+'-)-(-.0 7.)(! Mar. 3 American Assets Trust AAT E. Rady CEOI 533.87 169 33.15 14.8 )L(g0H.H0'0 *L)L*&L ,*HNL] *LGLN( gEE fHM) DH.NE'MH.J dH(I-'( EH0H(g(H-. g.bfHM (Ig(H(MLL0) (- Ig&L fLL. 0gML fb gfHMML*(Ig( H) '.gfEL (- )g(H)Kb (IL *L+'H*L0L.() H0,-)LM fb (IL7LN'*LM 9g*(b',-. ('),3+63)1;,)/)3.3%'3"6,!;1,, Apr. 7 Century Bancorp CNBKA J. Filler B 192.71 105 114.49 48.0 ,*-),LN(H&LfHMML*) H. N-..LN(H-.dH(I (IL )gEL -* (- dI-0 H. (IL 7LN'*LM9g*(b2) )-ELG'MJ0L.(g)gEL -/#*&0&*&&&- 0gb.-( EgdK'EEb fL 0gML_ g.M (L*0H.g(L-*gMG-'*. (IL )gEL (- g.-(IL* (H0L] dH(I-'( K'*(IL* .-(HNL[ Mar. 29-31 J. Filler B x92.50-94.60 37 5IL 7LN'*LM 9g*(bK'*(IL* *L)L*&L)(IL *HJI( (- *L)(*HN( ,*-),LN(H&L fHMML*)(-(I-)L dI- dHEE *L,*L)L.( (Ig( (ILbg*L ,'*NIg)H.J (IL T.(L*L)() K-*(ILH* -d.gNN-'.( K-*H.&L)(0L.( .-(dH(I g&HLd(-(IL Apr. 5 Genprex GNPX B. Longnecker D 15 4.15 62 4.46 7.5 MH)(*Hf'(H-. -* *L)gEL -K )'NI T.(L*L)()] (- &L*HKb (Ig( LgNI NL*(HhNg(LK-* (IL T.(L*L)() (- fL )-EM fLg*)g BUSINESSOPPORTUNITIES ELJL.M )'f)(g.(HgEEb (- (IL LKKLN( (Ig( )'NI H.(L*L)() Ig&L .-(fLL. *LJH)(L*LM '.ML* (IL 7LN'*H(HL) #N( Apr. 5 Athenex ATNX A. Campbell D 84.42 36 4.10 -62.9 -K D!:!(< =,:4_] g.M 0gb.-( fL MH),-)LM -K H. &H-Eg(H-. -K (IL ,*-&H)H-.) -K (IL 7LN'*H(HL)#N( g.M (- H0,-)L )'NI-(IL* EH0H(g(H-.) -* N-.MH(H-.) H. N-..LN(H-. dH(I (IL )gEL -K *' !,( 0/$$)48.<2-% 1"/+: (IL T.(L*L)() g) (IL 7LN'*LM 9g*(bMLL0) .LNL))g*b-*gM&H)gfEL H. -*ML* (- N-0,Eb dH(I (IL 7LN'*H(HL) Sellers #N(-*g.b -(IL* g,,EHNgfEL Egd[ "<("#=$)4)*/<)&"2:)!20"24' #EE fHM) D-(IL* (Ig. N*LMH( fHM) -K (IL 7LN'*LM 9g*(b_ 0')( fL K-*Ng)I] g.M (IL )'NNL))K'E fHMML* $2 %"1( (/ -'*70")2 !/'* 7/3-"1! Mar. 31-Apr. 1Occidental Petroleum OXY C. Icahn BI 8,000 26.88-27.28 217,200 24.59 42.1 0')( Dg_ fL ,*L,g*LM (- MLEH&L* H00LMHg(LEb g&gHEgfEL J--M K'.M) -. (IL Mgb-K(IL )gEL K-*g.b *L+'H*LM 75/)2/'()6 5.+'.4"(./1)6 2#72)).1&21(/*.2)6 ML,-)H(] Df_ dH(IH. (I*LL DB_ OLdj-*Ff')H.L)) Mgb) -K (IL )gEL ,gb(-7LN'*LM 9g*(b (IL fgEg.NL -K (IL Apr. 5-6 C. Icahn BI 7,000 25.60-25.70 179,550 fHM g0-'.( g.M DN_ -(IL*dH)L N-0,Eb dH(I (IL fHMMH.J *L+'H*L0L.()[W'*(IL* H.K-*0g(H-. N-.NL*.H.J )'*-5')-*/4'7()6 "14 /(02* 8').12))"))2(), (IL T.(L*L)()] (IL *L+'H*L0L.() K-*-f(gH.H.J H.K-*0g(H-.g.M fHMMH.J -. (ILH.(L*L)() g.M (IL 5L*0) -K "7#!/ 3()0-4)!,7+/ 7)- '$(24##,()7+ #4$8,34& Apr. 6 Open Lending LPRO G. Yoon DOI 5,331 34.00 181,265 38.56 10.3 7gEL Ng. fL K-'.M g( Dddd[[email protected]*(I*HMJL*-gM'NN)gEL[N-0C? 9*7++ 5+7$.4 %:7)!,!,4# 64+3(*4& "+47#4 #4)- -4!7,+# "*L(( 8-)L.fL*J ^D CDC\=DC\@( .R3Y9=37 =VH- _ 9"E?:(> -% 51/36*-6 +++ &84333 "$%!-:% 7(C:@> !A EW@>(!$A 5>@,((*!A$F _ 9E<( N@F +-G-D])# LYPWJ (/(:#.) *6"*(/""9*":#*,: +9.#*/(4 (2 Apr. 6-7 Ulta Beauty ULTA C. Heilbronn DI 155 317.22-317.50 49,219 322.22 12.2 0/(3)$ /" "3130! -0&5$-,30! /0 .$(3(3/0 %0&$, )5-.($, '# /" (5$ 7',.:/1'(0%5+& %03($& *(-($* +-02,%.()4 )/&$ 5,1+) #7-/ &* (71-(*72 '&7&1*+ Apr. 5 Entegris ENTG B. Loy CEO 300 119.45-125.99 36,260 121.45 26.4 5PY=2Y 1=QY N61R9Y (Ig(-.=?>![ ^H +D+-]k*[ PHNIgLE SgKKe D/9L(H(H-.L*4_ H. IH) Ng,gNH(b g) (IL K-*LHJ. *L,*L)L.(g(H&L-K1H*LNg*M#VD/1H*LNg*M-CABJ')>0@>9-@" <@:9:9#% ?#>6@$#=%9:9#% #? 17#>@9=% 39 ,1+) &(71+ (120 &* "0# 8*(/ $1&!. Apr. 5 Datadog DDOG A. Le-Quoc PI 352 82.31-87.86 29,296 88.80 -9.8 +19%<>#$@@"9%= 1%" ,!!39$1:9#%?#> 6@31:@" 6@39@?( 1%" +@&#>1%"8& #? .1'9%58!!#>:4;@>@#? D(IL 59 ,1+) 4*,,%&0 6! 47( &* "0# 8*(/ $1&!. /9L(H(H-.4_],'*)'g.( (- NIg,(L* D@ -K (H(EL DD -K (IL3.H(LM 7(g(L) !-ML D(IL /"g.F*',(Nb !-ML4_] dH(I Apr. 5O. Pomel CEO 329* 82.33-87.80 27,412 (IL 3.H(LM 7(g(L) "g.F*',(Nb !-'*(K-* (IL Xg)(L*. kH)(*HN( -K 9L..)bE&g.Hg D(IL /"g.F*',(Nb !-'*(4_[ ,>.*6,,*,%66 5PY=2Y 1=QY W031TY3 N61R9Y (Ig(]g0-.J -(IL* (IH.J)] (IL 9L(H(H-. )LLF) (IL L.(*b-Kg. Apr. 1 Unity Software U J. Riccitiello CEO 229* 100.44-103.89 23,252 97.26 -36.6 -*ML* J*g.(H.J *LN-J.H(H-. -K (IL VL*0g. 9*-NLLMH.J N'**L.(Eb ,L.MH.JH.VL*0g.bg)gK-*LHJ. 0gH. ,*-NLLMH.J g.M J*g.(H.J H.G'.N(H&Lg.M *LEg(LM *LEHLK H. gHM (IL*L-K[ Apr. 5 Square SQ J. Dorsey CEOI 100 226.97-232.72 23,013 261.65 20.2 5PY=2Y 1=QY W031TY3 N61R9Y (Ig((IL "g.F*',(Nb !-'*(Ig) )NILM'ELM gILg*H.J dH(I *L),LN( (- (IL 9L(H(H-. -. OEU#H+D+-H E: -D\DD EFBF D(IL /8LN-J.H(H-. ULg*H.J4_[ Apr. 7 Facebook FB M. Zuckerberg CEOI 68 306.53-314.12 21,130 312.46 14.4 5IL 8LN-J.H(H-. dHEE fL N-.M'N(LM fb &HML- N-.KL*L.NL[ 5IL gNNL)) EH.F (- (IL&HML-N-.KL*L.NL 0gb fL -f(gH.LM fb N-.(gN(H.J (IL !-'*(*--0 kL,'(b D5LEL; CD@\AY=\C=CD_[ Apr. 6M. Zuckerberg CEOI 68 306.12-311.20 20,912 !-,HL) -K (IL 9L(H(H-.] (IL kLNEg*g(H-. -K !I*H)(Hg. 9ELH)(L* H. 7',,-*(-K(IL 9L(H(H-.] (IL kLNEg*g(H-. THE -K 7(L,Ig. PgMg') H. 7',,-*(-K(IL 9L(H(H-.] (IL kLNEg*g(H-. -K 5-MM P[ V-*L. H. 7',,-*(-K(IL 9L(H(H-.] Apr. 5M. Zuckerberg CEOI 60 301.00-310.49 18,435 g.M (IL K-*0 -K -*ML* *L+'L)(LM g*L g&gHEgfEL (- ,g*(HL)\H.\H.(L*L)( -. (IL"g.F*',(Nb !-'*(2) XELN(*-.HN !g)L WHEH.J 7b)(L0] dIHNI Ng. fL gNNL))LM K*-0 (IL "g.F*',(Nb !-'*(2) dLf)H(Lg(I((,);ZZLNK[,gLf[ MARKETPLACE * Half the transactions were indirect **Two day transaction ')N-'*()[J-& Dg9#!X8 E-JH. g.M ,g))d-*Mg*L *L+'H*LM (- *L(*HL&L gM-N'0L.(_ -* ',-. d*H((L.*L+'L)( p - Pink Sheets (- (IL 9L(H(H-.L*2) 3.H(LM 7(g(L) N-'.)LE DH.NE'MH.J fb L\0gHE_gMM*L))LM (-; O633R26N ZW6Y321Y3 PP5H C@Y 1L)( @@(I 7(*LL(] OLdj-*F] OLdj-*F DYYD<] 5LEL,I-.L;CDC\A?=\=YYY] #((.; 5-MM P[ V-*L.] ADVERTISE TODAY #.M*LdRH)).L*]Rg(IL*H.L 8HNIg*M)-. #*.-'EM] (J-*L.$0-K-[N-0] gFH)).L*$0-K-[N-0] F*HNIg*M)-.$ 0-K-[N-0\g.M\ Q031KO=N 21Y=7MH PP9H AYD7[C.M 7(*LL(] 7'H(LCYY] 9IHEgMLE,IHg]9#D] (800)366-3975 Buying and selling by sector 5LEL,I-.L; DCD@_ ==B\D?YY] #((.; SLKK*LbR'*(a0g.] F'*(a0g.$F'*(a0g.)(LgMb[N-0[ 5PY=2Y 1=QY W031TY3 N61R9Y (Ig(g.b ,g*(b\H.\H.(L*L)( dH)IH.J (- )'f0H( g*L),-.)L -* -fGLN(H-. Based on actual transaction dates in reports received this past week (- (IL 9L(H(H-. -* (IL *LEHLK *L+'L)(LM fb (IL 9L(H(H-.L* 0')( M- )- H. gNN-*Mg.NL dH(I (IL "g.F*',(Nb Formoreinformation visit: !-ML g.M (IL WLML*gE 8'EL) -K "g.F*',(Nb 9*-NLM'*L] H. d*H(H.J] )L((H.J K-*(I(IL fg)H) (IL*LK-*] dIHNI 7'589:5' 97 9JJF H!4" 4"' 392745' BJ!:$ 5F54'; !: >**97)>:*' H!4" +4>:)!:$ .7)'7 E@=(@(==%A >5 >;':)') `>*98F9& dIHNI 0gbfL&HLdLM-.(IL !-'*(2) dLf)H(Lg(ddd[,gLf[')N-'*()[J-&_[ Basic Industries 012,255,659 Finance 146,757 37,331,820 5PY=2Y 1=QY W031TY3 N61R9Y (Ig( gEE,g*(HL)\H.\H.(L*L)( -,,-)LM (- (IL 9L(H(H-. -* 9L(H(H-.L*2) *L+'L)( K-**LEHLK 0')( g,,Lg* g( (IL 8LN-J.H(H-. ULg*H.J g( (IL (H0L g.M ,EgNL )L(K-*(I gf-&L[ 5PY=2Y 1=QY W031TY3 N61R9Y (Ig( g.b,g*(b dH)IH.J (- ')L -* -KKL*H.(-L&HML.NLM'*H.J Business services 8,410 13,777,913 Health care 584,696 46,143,427 4"' "'>7!:$>:F )9*2;':45 4">4 ">0' :94<'': 87'0!925JFBJ') 9: 4"' *9274)9*K'45">JJ 8790!)' (IL !-'*(*--0 kL,'(b dH(I g. LELN(*-.HN N-,b-K(IL M-N'0L.() fb L\0gHEH.J (IL0 (- IL* g( Capital goods 00Industrial 414,260 9,864,652 9g0LEgi"EgE-NF$,gLf[')N-'*()[J-&[ .- Eg(L* (Ig. -\DD ?FBF @A OEU'H+D+-[ 5PY=2Y1=QY W031TY3 N61R9Y 4">4 !& :9 7'589:5' 97 9:) 5'70')>5 Consumer durables 022,724,853 Media 350 6,295,179 ,*-&HMLMgf-&L](IL !-'*(0gb J*g.( (IL *LN-J.H(H-.g.M *LEHLK *L+'L)(LM H. (IL 9L(H(H-. dH(I-'( K'*(IL* .-(HNL[ Consumer nondurables 010,893,034 Technology 1,982 153,826,617 5PY=2Y 1=QY W031TY3 N61R9Y (IL8LN-J.H(H-. ULg*H.J 0gbfLgMG-'*.LM K*-0 (H0L (- (H0L H!4"924 &274"'7 :94!*' 94"'7 4">: >: >::92:*';':4 !: 98': *9274A 97 >:94!*'9&>)M927:;':4 BJ') H!4" Consumer services 0118,189,707 Transportation 5,187 3,193,360 (IL !-'*(] -K (IL gMG-'*.LM Mg(L-*Mg(L) g( (IL ILg*H.J -* g.b-(IL* K'*(IL* gMG-'*.LM ILg*H.J[ ©2021Dow Jones &Company,Inc. D Energy 01,461,691 Utilities 32,068 3,189,668 5IL kLf(-*2) N-0,g.b.'0fL*]*LJH)(L*LM dH(I (IL E-NgE N-'*(-KP'.HNI]H)U8" D?[ 5IL All Rights Reserved. 7'$!54'7') 9&B*' 9& 4"' 1'<497 !5 I!:54'!:7!:$(%A N%#=L 65*""'!;A G'7;>:F? Sources: Refinitiv; Dow Jones Market Data P2JW102000-0-B00700-1------XA

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B8 | Monday, April 12, 2021 THE WALL STREET JOURNAL. MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B7 Last Year ago Last Year ago 33800.60 s647.39, or 1.95% last week Trailing P/E ratio 34.28 18.37 4128.80 s108.93, or 2.71% last week Trailing P/E ratio * 46.92 21.19 Public Offerings of Stock High, low, open and close for each of P/E estimate * 21.48 18.58 High, low, open and close for each of P/E estimate * 23.49 18.81 the past 52 weeks Dividend yield 1.78 2.79 the past 52 weeks Dividend yield * 1.42 2.13 IPOs in the U.S. Market All-time high All-time high 33800.60, 04/09/21 4128.80, 04/09/21 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 33500 4100 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) 31000 3800 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 200-day moving average 4/14 2/18 Karat Packaging Inc KRT 4.0 18.00/ Stifel, W. Blair LLC, Manufacturer and Nq 20.00 Truist Financial distributor of single-use Corp, B Riley 28500 3500 disposable products Securities Inc, DA primarily used in Davidson & Co restaurants and foodservice settings. 26000 3200 4/14 3/2 AppLovin Corp APP 25.0 75.00/ MS, JPM, KKR, BofA Securities, Software-Computer, Nq 85.00 Citi, GS, Credit Week's high Traditional & Other. Suisse, UBS Software company DOWN UP 23500 200-day moving average 2900 offering a platform to Monday's open Friday's close manage, improve and t analyze in-app advertising. Friday's close Monday's open 21000 2600 4/13 3/10 Alkami Technology Inc ALKT 6.0 22.00/ GS, JPM, Barclays, Citi, t 65-day moving average Software-Financial Nq 25.00 W. Blair LLC 65-day moving average Technology. Designer and developer of digital Week's low banking and online banking 18500 2300 solutions for banks and credit unions. Bars measure the point change from Monday's open 4/14 3/18 agilon health Inc AGL 46.6 20.00/ JPM, GS, BofA Securities, DB, WFS, 16000 2000 Software-Medical N 23.00 W. Blair LLC, Technology engaged with Truist Financial A M J J A S O N D J F M A A M J J A S O N D J F M A developing integrated Corp, Nomura technology platform for Primary physicians and healthcare NYSE weekly volume, in billions of shares t

market t Composite providers. 36 Track the Markets 4/14 3/23 TuSimple Holdings Inc TSP 33.8 35.00/ MS, Citi, JPM, BofA Securities, Software services Nq 39.00 Cowen & 24 Compare the performance of selected provider. Company LLC, global stock indexes, bond ETFs, Credit Suisse, 12 Nomura 0 currencies and commodities at wsj.com/graphics/track-the-markets A M J J A S O N D J F M A Lockup Expirations *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Below, companies whose officers and other insiders will become eligible to sell shares in their newly public companies for the first time. Such Nasdaq Composite Major U.S. Stock-Market Indexes sales can move the stock’s price. Latest Week 52-Week % chg s 420.08, or 3.12% Lockup Offer Offer amt Through Lockup High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision April 13 Oct. 15, ’20 Kiromic Biopharma KRBP 12.00 15.0 180 days Industrial Average 33810.87 33222.38 33800.60 647.39 1.95 23018.88 l 33800.6 42.5 10.4 12.1 –22.9 Transportation Avg 14980.07 14661.54 14918.33 169.95 1.15 7761.00 l 14918.33 81.1 19.3 13.8 Oct. 13, ’20 Codiak BioSciences CDAK 15.00 82.5 3.3 180 days 13950 Utility Average 897.05 879.11 891.67 12.16 1.38 744.49 l 917.38 7.7 3.1 8.8 Oct. 14, ’20 Array Technologies ARRY 22.00 900.0 35.5 180 days Total Stock Market 43145.27 42445.86 43142.13 1003.79 2.38 27478.69 l 43142.13 53.7 10.0 16.8 Oct. 14, ’20 MINISO Group Holding MNSO 20.00 532.0 23.5 180 days Barron's 400 991.79 979.01 991.43 14.27 1.46 557.81 l 991.43 70.4 16.3 12.3 13800 Oct. 13, ’20 5:01 Acquisition FVAM 10.00 80.0 1.0 180 days Oct. 15, ’20 Praxis Precision Medicines PRAX 180 days Nasdaq Stock Market 19.00 175.0 55.5 13650 Oct. 15, ’20 Eargo EAR 18.00 100.0 193.8 180 days Nasdaq Composite 13905.41 13582.76 13900.19 420.08 3.12 8153.58 l 14095.47 70.5 7.9 26.0 Oct. 15, ’20 Tarsus Pharmaceuticals TARS 16.00 80.0 78.5 180 days Nasdaq-100 13849.31 13420.81 13845.05 515.54 3.87 8238.53 l 13845.05 68.1 7.4 28.8 13500 Oct. 15, ’20 Aligos Therapeutics ALGS 15.00 150.0 43.1 180 days S&P 2 5 6 7 8 9 Jan. 12, ’21 Affirm Holdings AFRM 49.00 1045.5 44.3 90 days 500 Index 4129.48 4034.44 4128.80 108.93 2.71 2736.56 l 4128.8 48.0 9.9 16.5 April Sources: Dealogic; Dow Jones Market Data 0.86 l DJ US TSM MidCap 400 2685.43 2631.90 2670.52 22.81 1490.58 2682.61 68.3 15.8 12.9 Other Stock Offerings SmallCap 600 1357.43 1315.30 1334.56 -5.74 -0.43 691.42 l 1397.66 79.6 19.3 12.7 s 1003.79, or 2.38% Secondaries and follow-ons expected this week in the U.S. market Other Indexes last week None expected this week Russell 2000 2280.83 2213.84 2243.47 -10.43 -0.46 1178.09 l 2360.17 79.9 13.6 14.0 NYSE Composite 15956.38 15752.24 15956.37 204.13 1.30 10706.44 l 15956.37 43.3 9.9 8.8 Value Line 657.24 645.74 653.79 5.04 0.78 368.54 l 662.15 67.7 14.9 6.5 43200 Off the Shelf NYSE Arca Biotech 5647.54 5396.92 5427.10 -144.85 -2.60 4734.18 l 6319.77 14.6 -5.4 6.5 None expected this week NYSE Arca Pharma 697.18 686.26 694.08 1.73 0.25 608.30 l 725.03 13.5 0.7 9.5 42800 KBW Bank 123.55 119.92 123.24 1.83 1.51 62.74 l 123.35 63.8 25.9 5.2 Public and Private Borrowing PHLX§ Gold/Silver 144.72 139.38 143.76 3.83 2.74 98.22 l 161.14 46.4 -0.3 21.0 42400 Treasurys PHLX§ Oil Service 55.30 51.55 51.82 -3.315 -6.01 24.29 l 63.89 82.9 16.9 -27.6 PHLX§ Semiconductor 3314.16 3236.86 3294.53 54.35 1.68 1588.70 l 3305.43 105.7 17.9 37.3 Monday, April 12 Thursday, April 15 Cboe Volatility 18.40 16.20 16.69 -0.64 -3.69 16.69 l 45.41 -59.9 -26.6 -8.5 42000 Auction of 13 and 26 week bills; Auction of 4 week bill; 2 5 6 7 8 9 announced on April 8; settles on April 15 announced on April 13; settles on April 20 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data April Auction of 3 year note; Auction of 8 week bill; announced on April 8; settles on April 15 announced on April 13; settles on April 20 International Stock Indexes Commodities and Currencies Latest Week 52-Week Range YTD Region/Country Index Close % chg Low Close High % chg A Week in the Life of the DJIA Last Week YTD World MSCI ACWI 694.71 2.01 460.91 • 694.71 7.5 Close Net chg % Chg % chg Alook at how the Dow Jones Industrial Average component stocks MSCI ACWI ex-USA 342.95 1.00 233.77 • 350.01 5.1 did in the past week and how much each moved the index. The DJIA DJ Commodity MSCI World 2910.10 2.40 1932.25 • 2910.10 8.2 805.43 0.70 0.09 10.09 gained 647.39 points, or 1.95%, on the week. A$1change in the price MSCI Emerging Markets 1330.36 –0.59 878.24 • 1444.93 3.0 Refinitiv/CC CRB Index 186.74 0.04 0.02 11.29 of any DJIA stock =6.58-point change in the average. To date, a Crude oil, $ per barrel 59.32 -2.13 -3.47 22.26 $1,000 investment on Dec. 31 in each current DJIA stock component Americas MSCI AC Americas 1602.79 2.68 1043.44 • 1602.79 9.2 would have returned $33,483, or again of 11.61%, on the $30,000 Canada S&P/TSX Comp 19228.03 1.25 13899.32 • 19228.87 10.3 Natural gas, $/MMBtu 2.526 -0.113 -4.28 -0.51 investment, including reinvested dividends. Latin Amer. MSCI EM Latin America 2336.91 2.46 1502.06 • 2546.61 –4.7 Gold, $ per troy oz. 1743.30 16.80 0.97 -7.91 Brazil Sao Paulo Bovespa 117669.9 2.10 75330.61 125076.63 –1.1 The Week’s Action • U.S. Dollar Index 92.18 -0.83 -0.89 2.50 Pct Stock price Point chg $1,000 Invested(year-end '20) 0 chg (%) change in average* Company Symbol Close $1,000 Chile Santiago IPSA 3376.74 1.49 2423.14 • 3376.74 18.17 WSJ Dollar Index 87.03 -0.50 -0.57 2.39 8.13 10.00 65.76 Apple AAPL $133.00 $1,004 Mexico S&P/BMV IPC 47627.67 0.81 33759.75 • 48245.85 8.1 Euro, per dollar 0.8402 -0.010 -1.19 2.64 5.75 3.71 24.41 Intel INTC 68.26 1,378 5.74 12.56 82.64 salesforce.com CRM 231.28 1,039 EMEA Stoxx Europe 600 437.23 1.16 323.06 • 437.23 9.6 Yen, per dollar 109.67 -1.04 -0.93 6.15 Stoxx Europe 50 3372.90 1.14 2700.62 3373.39 8.5 5.57 13.50 88.82 Microsoft MSFT 255.85 1,153 • U.K. pound, in dollars 1.37 -0.013 -0.92 0.29 Eurozone Euro Stoxx 438.61 0.74 305.48 • 438.61 10.3 4.70 10.18 66.98 Honeywell HON 226.98 1,072 Euro Stoxx 50 3978.84 0.83 2760.23 • 3978.84 12.0 52-Week 3.73 11.48 75.53 Home Depot HD 319.23 1,209 Low Close(l) High % Chg Austria ATX 3188.67 –0.27 1994.63 • 3206.14 14.7 3.07 4.16 27.37 Walmart WMT 139.78 974 Belgium Bel-20 3941.69 0.08 2899.51 • 3942.78 8.8 DJ Commodity 433.70 l 836.48 63.62 2.78 6.27 41.25 McDonald’s MCD 231.48 1,086 France CAC 40 6169.41 1.09 4273.13 • 6169.41 11.1 2.75 5.30 34.87 3M MMM 198.00 1,142 Refinitiv/CC CMD 106.29 l 195.13 46.10 Germany DAX 15234.16 0.84 10249.85 • 15234.16 11.0 2.61 5.66 37.24 Visa V 222.52 1,019 Greece Athex Composite 891.69 1.88 564.93 891.69 10.2 Crude oil, $ per barrel -37.63 l 66.09 160.63 • 2.51 9.23 60.73 UnitedHealth Group UNH 376.30 1,077 Israel Tel Aviv 1635.38 1275.23 1635.38 9.1 1.56 • Natural gas, $/MMBtu 1.482 l 3.354 45.76 2.22 3.21 21.12 American Express AXP 147.78 1,230 Italy FTSE MIB 24429.41 –1.14 16451 24761 9.9 • Gold, $ per troy oz. 1676.20 l 2051.50 0.41 2.20 2.92 19.21 Nike NKE 135.45 959 Netherlands AEX 713.36 0.70 491.13 • 713.38 14.2 1.88 2.50 16.45 IBM IBM 135.73 1,093 Portugal PSI 20 5017.16 0.80 3863.20 5282.02 2.4 • U.S. Dollar Index 89.44 l 100.47 -7.37 1.67 2.57 16.91 JPMorgan Chase JPM 156.28 1,246 Russia RTS Index 1417.77 –2.72 1012.15 • 1552.81 2.2 WSJ Dollar Index 84.56 l 94.38 -6.93 1.56 2.09 13.75 Procter & Gamble PG 136.37 986 South Africa FTSE/JSE All-Share 67191.27 –0.07 47628.87 • 68775.06 13.1 1.28 0.67 4.41 Coca-Cola KO 53.18 978 Spain IBEX 35 8565.80 –0.14 6411.8 • 8657.7 6.1 Euro, per dollar 0.8112 l 0.9278 -8.12 0.97 3.17 20.86 Goldman Sachs GS 330.81 1,259 Sweden OMX Stockholm 902.61 2.69 563.59 • 902.61 17.5 Yen, per dollar 102.72 l 110.72 1.22 0.68 1.03 6.78 Travelers TRV 151.65 1,086 Switzerland Swiss Market 11238.52 1.08 9320.20 • 11238.52 5.0 U.K. pound, in dollars 1.21 l 1.41 10.11 0.21 0.11 0.72 Cisco CSCO 52.09 1,182 U.K. FTSE 100 6915.75 2.65 5577.27 • 6942.22 7.0 –0.09 –0.22 –1.45 Amgen AMGN 248.95 1,091 Asia-Pacific MSCI AC Asia Pacific 206.47 –0.005 141.0 • 220.6 3.3 –0.24 –0.60 –3.95 Boeing BA 252.36 1,179 Australia S&P/ASX 200 6995.20 2.44 5217.1 • 6998.8 6.2 –0.57 –1.08 –7.11 Walt Disney DIS 187.89 1,037 China Shanghai Composite 3450.68 –0.97 2783.05 • 3696.17 –0.6 WSJ.com –0.86 –1.99 –13.09 Caterpillar CAT 230.75 1,274 Hong Kong Hang Seng 28698.80 –0.83 22930.14 • 31084.94 5.4 –0.97 –1.58 –10.40 Johnson & Johnson JNJ 161.25 India S&P BSE Sensex 30028.98 52154.13 3.9 1,031 49591.32 –0.88 • Real-time U.S. stock quotes are Japan Nikkei Stock Avg 29768.06 –0.29 19043.40 30467.75 8.5 –1.01 –0.78 –5.13 Merck MRK 76.31 941 • available on WSJ.com. Malaysia FTSE Bursa Malaysia KLCI 1612.25 1.70 1356.03 • 1684.58 –0.9 –1.04 –0.57 –3.75 Walgreens WBA 54.18 1,372 Singapore Straits Times 3184.54 0.09 2423.84 • 3209.74 12.0 Track most-active stocks, new highs/ –1.39 –0.81 –5.33 Verizon VZ 57.49 1,000 South Korea Kospi 3131.88 0.61 1825.76 • 3208.99 9.0 lows, mutual funds and ETFs. –2.26 –1.46 –9.61 Dow DOW 63.14 1,151 Taiwan TAIEX 16854.10 1.71 10099.22 • 16926.44 14.4 All are available free at –2.68 –2.83 –18.62 Chevron CVX 102.92 1,236 Source: FactSet; Dow Jones Market Data WSJMarkets.com *Based on Composite price. DJIA is calculated on primary-market price. Source: Dow Jones Market Data; FactSet. Consumer Rates and Returns to Investor Benchmark Yields and Rates Currencies U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its Money Market/Savings Accts Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading benchmark over the past year notes and bonds major U.S. trading partners US$ vs, US$ vs, Bankrate.com avg†: 0.10% Fri YTD chg Fri YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) BankDirect 0.50% 2.50% 16% Vietnam dong .00004335 23067 –0.1 0.40% Richardson, TX 877-839-2737 Americas 2.00 Euro s Argentina peso .0108 92.3519 9.8 Europe First Internet Bank of Indiana 0.50% Money market 0.30 Tradeweb ICE 8 Brazil real .1760 5.6817 9.4 Czech Rep. koruna .04575 21.857 1.8 t account yields Indianapolis, IN 888-873-3424 Friday Close 1.50 Canada dollar .7981 1.2530 –1.6 Denmark krone .1600 6.2496 2.6 t TAB Bank 0.50% 0 s Chile peso .001407 710.60 0.01 Euro area euro 1.1902 .8402 2.6 0.20 1.00 Ogden, UT 800-355-3063 Yen Colombiapeso .000273 3659.50 6.9 Hungary forint .003327 300.56 1.2 Federal-funds One year ago Ecuador US dollar 11unch Iceland krona .007844 127.48 –0.2 0.10 CFG Community Bank 0.56% 0.50 –8 s target rate t WSJ Dollar Index Mexico peso .0496 20.1612 1.4 Norway krone .1178 8.4894 –1.0 t Baltimore, MD 888-205-8388 Uruguay peso .02275 43.9600 3.8 Poland zloty .2627 3.8072 2.0 0.00 0.00 –16 Russia ruble .01292 77.425 4.6 M J J A S O N D J F MA BrioDirect 0.60% 1 3 6 1 2 3 5 7 10 20 30 Asia-Pacific 2020 2021 Sweden krona .1171 8.5390 3.8 Montebello, NY 877-369-2746 Australian dollar .7618 1.3127 1.0 2020 2021 month(s) years Switzerland franc 1.0817 .9245 4.5 China yuan .1526 6.5530 0.3 maturity Turkey lira .1224 8.1709 9.9 Yield/Rate (%) 52-Week Range (%) 3-yr chg Hong Kong dollar .1286 7.7781 0.3 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Ukraine hryvnia .0358 27.9500 –1.4 Interest rate Last (l)Week ago Low 0246 8High (pct pts) India rupee .01338 74.730 2.3 UK pound 1.3705 .7297 –0.3 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Corporate Borrowing Rates and Yields Indonesia rupiah .0000687 14565 3.7 Japan yen .009118 109.67 6.2 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002308 433.36 2.8 Bahrain dinar 2.6524 .3770 –0.01 Libor, 3-month l 0.19 0.20 0.18 1.22 -2.15 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1248 8.0150 0.3 Egypt pound .0637 15.7098 –0.2 Money market, annual yield 0.10 0.10 0.08 l 0.32 -0.25 Malaysia ringgit .2418 4.1350 2.8 Israel shekel .3038 3.2916 2.4 Five-year CD, annual yield 0.47 0.47 0.44 l 0.89 -1.21 U.S. Treasury,Barclays 0.970 1.030 -4.09 4.31 New Zealand dollar .7030 1.4225 2.2 Kuwait dinar 3.3124 .3019 –0.7 30-year mortgage, fixed† 3.19 3.26 2.83 l 3.73 -1.21 U.S. Treasury Long,Barclays 2.260 2.300 -15.07 6.61 Pakistan rupee .00655 152.640 –4.8 Oman sul rial 2.5976 .3850 –0.01 Philippines peso .0206 48.537 1.1 Qatar rial .2746 3.642 0.01 15-year mortgage, fixed† 2.47 2.53 2.32 l 3.28 -1.38 Aggregate,Barclays 1.560 1.630 n.a. 31 85 0.37 4.85 Singapore dollar .7454 1.3415 1.5 Saudi Arabia riyal .2666 3.7503 –0.04 Fixed-Rate MBS,Barclays 1.740 1.850 n.a. 10 75 -0.25 3.85 Jumbo mortgages, $548,250-plus† 3.20 3.28 2.85 l 3.82 -1.48 South Korea won .0008920 1121.12 3.3 South Africa rand .0685 14.6067 –0.6 High Yield 100,ICE BofA Five-year adj mortgage (ARM)† 3.13 3.12 2.85 l 3.48 -1.08 3.664 3.677 293 278 753 17.582 5.753 Sri Lanka rupee .0049910 200.36 8.2 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.04 4.05 4.02 l 4.44 0.31 Muni Master,ICE BofA 0.920 0.992 15 15 41 5.155 4.884 Taiwan dollar .03514 28.457 1.3 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global,J.P. Morgan 4.909 4.966 320 311 591 13.885 4.147 Thailand baht .03179 31.460 4.7 WSJ Dollar Index 87.03 0.19 0.22 2.39 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 P2JW102000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, April 12, 2021 | B9 CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not BlRck Core Bond BHK 15.89 15.66 -1.4 5.3 Western Asset Gl Cr D Op GDO NA 17.85 NA 6.8 Nuveen OH Qual Muni Inc NUO NA 15.75 NA 3.5 FedProj&TrFinanceTendr 9.93 NA NA 2.6 buy their shares back from investors who wish to cash GAMCOGlGold&NatRes GGN 4.03 3.60 -10.7 21.7 National Muni Bond Funds Schrdrs Opp Inc;A in their holdings. Instead, fund shares trade on a stock BR Credit Alloc Inc BTZ 15.40 14.54 -5.6 6.8 Nuveen PA Qual Muni Inc NQP NA 14.43 NA 4.5 26.17 NA NA 2.3 exchange. NA signifies that the information is not J Han Finl Opptys BTO 37.17 39.11 +5.2 103.1 Insight Select Income INSI 21.24 20.04 -5.6 3.8 AllBerNatlMunInc AFB 15.38 14.29 -7.1 4.3 Nuveen VA Qlty Mun Inc NPV 15.28 16.29 +6.6 3.4 Schrdrs Opp Inc;A2 NA NA NA 0.6 available or not applicable. NS signifies funds not in Neuberger Brmn MLP & EI NML 5.45 4.28 -21.5 109.7 existence for the entire period. 12 month yield is InvescoBond VBF 20.71 19.46 -6.0 3.5 BlckRk Inv Q Mun BKN 16.65 17.78 +6.8 4.4 PIMCO CA PCQ 14.05 18.19 +29.5 4.3 Schrdrs Opp Inc;I 26.16 NA NA 2.4 computed by dividing income dividends paid (during Nuv Dow 30 Dyn Overwrite DIAX 17.85 16.50 -7.6 32.8 J Han Income JHS 15.88 15.26 -3.9 5.4 BlackRock Muni 2030 Tgt BTT 26.87 25.73 -4.2 2.9 PIMCOCAMuniII PCK 8.99 9.13 +1.6 4.2 Schrdrs Opp Inc;SDR 26.20 NA NA 2.5 the previous 12 months for periods ending at month- NuvCorEqAlpha JCE 16.38 15.58 -4.9 42.6 end or during the previous 52 weeks for periods MFS Intmdt MIN 3.81 3.68 -3.4 9.0 BlackRock Muni BFK 14.70 15.18 +3.3 4.5 52 wk Invesco Sr Loan A 6.46 NA NA 3.7 ending at any time other than month-end) by the Nuveen Nasdaq 100 Dyn Ov QQQX 28.02 28.22 +0.7 47.3 Western Asset Inf-Lk Inc WIA NA 12.90 NA 5.9 BlackRock Muni II BLE 15.02 15.72 +4.7 4.7 Prem Ttl Invesco Sr Loan C 6.47 NA NA 3.0 latest month-end market price adjusted for capital Nuv Real Est JRS Fund (SYM) NAV Close /Disc Ret gains distributions. Depending on the fund category, 10.61 9.88 -6.9 42.2 Western Asset Inf-Lk O&I WIW NA 12.27 NA 3.1 BlckRk Muni Inc Qly BYM 15.88 15.39 -3.1 4.2 Invesco Sr Loan IB 6.46 NA NA 3.9 either 12-month yield or total return is listed. Nuveen Rl Asst Inc & Gro JRI NA 15.18 NA 47.9 Westn Asst IG Def Opp Tr IGI NA 21.33 NA 3.8 BR MuniAssets Fd MUA 14.73 15.08 +2.4 4.1 General Equity Funds Invesco Sr Loan IC 6.46 NA NA 3.8 Source: Lipper NuvS&P500DynOvFd SPXX NA 17.09 NA 44.0 Loan Participation Funds BR MuniEnhanced MEN 12.33 12.06 -2.2 4.5 Alternative Strategies:I NA NA NA N/A Invesco Sr Loan Y 6.46 NA NA 3.9 Friday, April 9, 2021 NuvSP500BuyIncFd BXMX 14.53 13.78 -5.2 35.9 BR MuniHoldings Qly MFL 15.23 14.37 -5.6 3.9 AMG Pantheon:1 NA NA NA N/A Pioneer Sec Inc 9.92 NA NA 4.4 52 wk Apollo Senior Floating AFT NA 15.13 NA 6.4 Prem Ttl ReavesUtilityIncome UTG 33.27 33.81 +1.6 24.8 BR Debt Strategy DSU 11.71 11.13 -5.0 7.3 BR MH Qly 2 MUE 14.24 13.41 -5.8 4.4 BOW RIVER CAPTL EVGN;I NA NA NA N/A High Yield Bond Funds Fund (SYM) NAV Close /Disc Ret Tortoise Enrgy Infra Crp TYG 32.07 25.27 -21.2 110.3 BR F/R Inc Str FRA 14.02 13.07 -6.8 6.9 BR MuniHoldngs MHD 17.24 16.39 -4.9 4.5 Specialized Equity Funds Griffin Inst Access Cd:A NA NA NA 5.9 General Equity Funds VAGIAI & Tech Opptys AIO 29.18 27.50 -5.8 81.4 BlackRock Floatng Rt Inc BGT 13.61 12.66 -7.0 6.9 BR MuniVest Fd MVF 9.91 9.40 -5.1 4.3 Bluerock Total Inc+ RE:A 29.77 NA NA 3.5 Griffin Inst Access Cd:C NA NA NA 5.9 Adams Diversified Equity ADX 22.03 18.96 -13.9 48.5 VDivInt&PremStr NFJ 16.08 14.33 -10.9 47.5 Blackstone Strat Cr BGB 14.62 13.42 -8.2 7.7 BR MuniVest 2 MVT 15.56 15.50 -0.4 4.5 Bluerock Total Inc+ RE:C 28.26 NA NA 2.7 Griffin Inst Access Cd:F NA NA NA 5.9 Boulder Growth & Income BIF 15.38 13.10 -14.8 38.8 Income & Preferred Stock Funds Eagle Point Credit ECC NA 12.15 NA 7.3 BR MuniYield Fd MYD 15.22 14.65 -3.7 4.6 Bluerock Total Inc+ RE:I 30.36 NA NA 3.7 Griffin Inst Access Cd:I NA NA NA 5.9 Central Secs CET 46.43 39.15 -15.7 46.8 CalamosStratTot CSQ 17.36 18.19 +4.8 82.1 EtnVncFltRteInc EFT 14.59 14.28 -2.1 5.2 BR MuniYield Qlty MQY 16.47 15.91 -3.4 4.5 Bluerock Total Inc+ RE:L 29.48 NA NA 3.2 Griffin Inst Access Cd:L NA NA NA 5.9 CohenStrsCEOppFd FOF 13.67 13.73 +0.4 43.2 CohenStrsLtdDurPref&Inc LDP 26.04 26.71 +2.6 30.0 EV SenFlRtTr EFR 14.38 14.01 -2.6 5.6 BR MuniYld Qlty2 MQT 14.56 14.01 -3.8 4.4 CIM RA&C A 25.49 NA NA NS PIMCO Flexible Cr I;A-1 9.46 NA NA NS EVTxAdvDivIncm EVT 27.40 26.66 -2.7 56.8 CohenStrsSelPref&Income PSF 26.79 28.88 +7.8 29.3 EVSnrIncm EVF 6.86 6.68 -2.6 5.8 BR MuniYld Qly 3 MYI 15.32 14.30 -6.7 4.0 CIM RA&C C 25.31 NA NA NS PIMCO Flexible Cr I;A-2 9.46 NA NA 7.2 GabelliDiv&IncTr GDV 27.73 24.64 -11.1 65.6 CohenStrsTaxAvPreSecs&I PTA 25.83 25.07 -2.9 NS FT/Sr Fltg Rte Inc 2 FCT 12.72 12.22 -3.9 9.9 BNY Mellon Muni Bd Infra DMB 14.60 14.53 -0.5 4.5 CIM RA&C I 25.55 NA NA NS PIMCO Flexible Cr I;A-3 9.46 NA NA NS BNY Mellon Str Muni Bond DSM PIMCO Flexible Cr I;A-4 Gabelli Equity Tr GAB 6.50 6.99 +7.5 68.4 FirstTrIntDurPref&Inc FPF 24.43 23.99 -1.8 30.7 FT/Sr Fltg Rte 2022 TgTr FIV 9.64 9.39 -2.6 2.2 8.35 8.02 -4.0 4.6 CIM RA&C L 25.43 NA NA NS 9.46 NA NA 7.4 BNY Mellon Strat Muni LEO PIMCO Flexible Cr I;Inst GeneralAmer GAM 48.34 41.35 -14.5 51.9 JHanPrefInc HPI 20.24 20.73 +2.4 26.1 Highland Income HFRO 13.56 11.10 -18.1 8.3 8.71 8.73 +0.2 4.9 GS Real Est Div Inc:A 9.94 NA NA 10.1 9.46 NA NA 8.1 DWS Muni Inc KTF 12.69 11.78 -7.2 4.1 PionrILSBridge NA NA NA 0.0 JHancockTaxAdvDiv HTD 24.28 23.70 -2.4 29.5 JHPrefIncII HPF 19.94 21.31 +6.9 37.2 InvDYCrOpp VTA 12.16 11.53 -5.2 7.9 GS Real Est Div Inc:C 9.94 NA NA 9.3 EVMuniBd EIM 14.14 13.39 -5.3 4.4 WA Middle Mkt Inc NA NA NA 7.1 Liberty All-Star Equity USA 7.98 7.92 -0.8 64.3 HnckJPfdInco III HPS 17.83 18.41 +3.3 32.2 InvSnrIncTr VVR 4.60 4.23 -8.0 6.1 GS Real Est Div Inc:I 10.39 NA NA 10.5 EVMuniIncm EVN 14.19 13.83 -2.5 4.0 Other Domestic Taxable Bond Funds Liberty All-Star Growth ASG 8.38 8.61 +2.7 86.8 J Han Prm PDT 14.43 15.14 +4.9 26.8 Nuveen Credit Strat Inc JQC NA 6.66 NA 14.7 GS Real Est Div Inc:L 9.95 NA NA 9.96 EVNatMuniOpp EOT 21.90 22.25 +1.6 3.4 Alternative Credit Inc:A 10.88 NA NA 6.5 Royce Micro-Cap Tr RMT 13.49 11.77 -12.8 112.4 LMP CapInco SCD NA 13.08 NA 56.5 NuvFloatRateIncFd JFR NA 9.73 NA 6.2 GS Real Est Div Inc:W 10.10 NA NA 10.1 InvAdvMuIncTrII VKI 12.23 11.73 -4.1 4.6 Alternative Credit Inc:C 11.00 NA NA 5.7 Royce Value Trust RVT 20.95 18.59 -11.3 90.1 Nuveen Pref & Inc Opp JPC 9.81 9.55 -2.7 28.5 NuvFloatRteIncOppty JRO NA 9.58 NA 6.1 NexPointRlEstStrat;A 17.21 NA NA 32.2 Invesco MuniOp OIA 7.81 7.92 +1.4 4.8 Alternative Credit Inc:I 10.90 NA NA 6.7 Source Capital SOR 48.48 44.04 -9.2 45.5 Nuveen Fd JPS 9.80 9.73 -0.7 30.2 Nuveen Senior Income NSL NA 5.64 NA 6.7 NexPointRlEstStrat;C 17.39 NA NA 31.1 InvescoMuOppTr VMO 13.68 13.23 -3.3 4.6 Alternative Credit Inc:L 10.88 NA NA 6.2 Tri-Continental TY 37.06 33.46 -9.7 58.0 Nuveen Pref & Inc Term JPI 24.99 25.24 +1.0 35.9 High Yield Bond Funds NexPointRlEstStrat;Z 17.38 NA NA 32.4 InvescoMuTr VKQ 13.70 13.14 -4.1 4.6 Alternative Credit Inc:W 10.88 NA NA 6.5 Specialized Equity Funds Nuveen TxAdvDivGr JTD 17.01 15.25 -10.3 33.4 AllianceBernGlHiIncm AWF 12.84 11.94 -7.0 6.6 PREDEX;I 25.46 NA NA 2.0 InvescoQual Inc IQI 13.79 13.14 -4.7 4.7 Am Beacon Apollo TR:T 10.12 NA NA 1.6 Aberdeen Glb Prem Prop AWP 6.34 6.04 -4.7 42.7 TCW Strat Income TSI NA 5.67 NA 9.1 Barings Glb SD HY Bd BGH 17.57 16.16 -8.0 7.8 PREDEX;T 25.58 NA NA 1.9 InvTrInvGrMu VGM 14.11 13.70 -2.9 4.6 Am Beacon Apollo TR:Y 10.21 NA NA 2.3 Adams Natural Resources PEO 16.83 14.70 -12.7 59.6 Convertible Sec's. Funds BR Corporate HY HYT 12.14 11.84 -2.5 7.9 PREDEX;W 25.58 NA NA 1.9 InvescoValMunInc IIM 16.76 15.84 -5.5 4.6 Principal Dvs Sel RA A Am Beacon SP Enh Inc:T 9.58 NA NA 2.9 ASA Gold & Prec Met Ltd ASA 24.48 21.32 -12.9 75.1 AdvntCnvrtbl&IncFd AVK 20.49 18.30 -10.7 74.7 BlackRock Ltd Dur Inc BLW 17.14 16.97 -1.0 7.0 26.48 NA NA 35.9 MAINSTAY:MK DEFTR MUN OP MMD NA 22.34 NA 4.6 Principal Dvs Sel RA Ins Am Beacon SP Enh Inc:Y 9.69 NA NA 3.4 BR Enh C&I CII 20.94 20.08 -4.1 54.8 CalamosConvHi CHY 16.34 15.98 -2.2 76.1 BNY Mellon Hi Yield Str DHF 3.31 3.09 -6.6 8.3 26.54 NA NA 36.1 NeubrgrBrm NBH 15.18 15.92 +4.9 4.7 Principal Dvs Sel RA Y Angel Oak Str Crdt:Inst 22.95 NA NA 8.1 BlackRock Energy & Res BGR 9.40 8.78 -6.6 27.2 CalmosConvOp CHI 15.48 15.31 -1.1 88.2 Brookfield Real Asst Inc RA NA 21.62 NA 11.5 26.63 NA NA 36.4 Nuveen AMT-Fr Mu Val NUW NA 16.66 NA 2.8 SharesPost 100;A 41.00 NA NA 36.8 BR Credit Strat;A 10.50 NA NA NS BlackRock Eq Enh Div BDJ 10.28 9.69 -5.7 47.6 VAGI Conv & Inc II NCZ 5.69 5.13 -9.8 67.5 CrSuisHighYld DHY NA 2.39 NA 8.1 VAGI Conv & Inc NCV 6.34 5.85 -7.7 66.9 DoubleLine Inc Sol DSL 18.33 18.18 -0.8 9.1 Nuveen AMT-Fr Qlty Mun I NEA 15.92 14.95 -6.1 4.6 SharesPost 100:I 41.34 NA NA 37.1 BR Credit Strat;Inst 10.50 NA NA 5.3 BlackRock Enh Glbl Div BOE 12.89 11.89 -7.8 40.9 Nuveen AMT-Fr Mu CI NVG BlackRock Mlt-Sctr Oppty VAGI Dvs Inc & Conv ACV 35.80 33.32 -6.9 82.0 DoubleLine Yld Opps DLY NA 19.54 NA 7.3 NA 17.07 NA 4.7 SharesPost 100:L 40.67 NA NA 36.4 88.44 NA NA 7.7 BlackRock Enh Intl Div BGY 6.71 6.24 -7.0 38.9 Nuveen Dyn Muni Opp NDMO BlackRock Mlt-Sec Opp II VAGI Eqty & Conv Inc NIE 32.17 29.07 -9.6 57.2 First Tr Hi Inc Lng/Shrt FSD 16.44 15.14 -7.9 8.7 NA NA NA NS USQ Core Real Estate:I 24.80 NA NA 0.8 91.28 NA NA 7.6 BlackRock Hlth Sci Tr II BMEZ 29.15 27.15 -6.9 50.4 Nuveen Enh Muni Val NEV Carlyle Tact Pvt Cred:A World Equity Funds First Trust HY Opp:2027 FTHY 21.27 20.10 -5.5 NS NA 16.95 NA 4.3 USQ Core Real Estate:IS 24.81 NA NA 0.9 NA NA NA 6.5 BlackRock Hlth Sciences BME 45.55 47.13 +3.5 30.8 Nuveen Int Dur Mun Term NID NA 14.31 NA 3.6 Carlyle Tact Pvt Cred:I NA NA NA 7.0 Aberdeen Emg Mkts Eq Inc AEF 9.85 8.58 -12.9 61.2 IVY HIGH INCOME OPP IVH 15.15 13.65 -9.9 8.1 Versus Cap MMgr RE Inc:I 27.72 NA NA NE BlackRock Res & Comm BCX 9.43 9.20 -2.4 78.5 Nuveen Mu Crdt Opps NMCO NA 14.31 NA 5.1 Carlyle Tact Pvt Cred:L NA NA NA 6.6 Aberdeen Tot Dyn Div AOD 10.90 9.78 -10.3 49.4 KKR Income Opportunities KIO NA 15.84 NA 8.8 Versus Capital Real Asst 25.72 NA NA 8.6 BlackRock Sci&Tech Tr II BSTZ 39.97 38.72 -3.1 122.6 Nuv Muni Credit Income NZF NA 16.37 NA 4.7 Carlyle Tact Pvt Cred:M NA NA NA NS BlackRock Capital Alloc BCAT 21.56 21.84 +1.3 NS NexPointStratOppty NHF 19.53 11.55 -40.9 7.9 Wildermuth Endwmnt:A 13.56 NA NA -0.1 BlackRock Sci&Tech Trust BST 53.46 58.84 +10.1 105.9 NuvMuniHiIncOpp NMZ NA 14.70 NA 5.1 Carlyle Tact Pvt Cred:N NA NA NA 7.0 Calamos GloDynInc CHW 10.07 10.88 +8.0 94.2 Nuveen CI Nov 2021 Tgt JHB 9.50 9.39 -1.2 3.4 Wildermuth Endwmnt:C 13.02 NA NA -1.0 BlackRock Utl Inf & Pwr BUI 24.91 25.48 +2.3 44.5 Nuveen Muni Val NUV 10.70 11.25 +5.1 3.3 Carlyle Tact Pvt Cred:Y NA NA NA 6.8 China CHN 32.17 29.40 -8.6 66.9 Nuveen Crdt Opps 2022 TT JCO 8.36 8.46 +1.2 6.7 Wildermuth Endowment:I 13.64 NA NA -0.5 CBRE ClrnGlbRlEst IGR 8.73 7.94 -9.0 49.5 Nuveen Quality Muni Inc NAD 16.21 15.22 -6.1 4.5 CION Ares Dvsfd Crdt;A NA NA NA 5.5 EV TxAdvGlbDivInc ETG 21.30 19.80 -7.0 61.6 Nuveen Global High Inc JGH 16.96 15.60 -8.0 7.0 Income & Preferred Stock Funds CLEARBRIDGE ENGY MDS OPP EMO NA 19.07 NA 141.4 Nuveen Sel TF NXP NA 18.34 NA 3.1 CION Ares Dvsfd Crdt;C NA NA NA 5.5 EtnVncTxAdvOpp ETO 29.25 28.09 -4.0 53.9 PGIM Global High Yield GHY 16.53 15.06 -8.9 8.4 A3 Alternative Inc 10.10 NA NA 2.6 ClearBridge MLP & Midstm CEM NA 24.13 NA 113.7 Nuveen Sel TF 2 NXQ NA 16.42 NA 3.1 CION Ares Dvsfd Crdt;I NA NA NA 5.5 FirstTr Dyn Euro Eq Inc FDEU 14.67 13.06 -11.0 39.1 PGIM High Yield Bond ISD 17.16 15.87 -7.5 8.0 Calamos L/S Eqty and DI CPZ 22.84 20.68 -9.5 43.0 ChnStrInfr UTF 26.11 29.11 +11.5 55.2 PIMCO MuniInc PMF 13.11 14.49 +10.5 4.4 CION Ares Dvsfd Crdt;L NA NA NA 5.5 Gabelli Multimedia GGT 9.17 10.04 +9.5 84.9 PGIM Sh Dur Hi Yld Opp SDHY 20.06 NA NA NS Destra Multi-Altrntv;A 11.49 NA NA 0.8 Cohen&SteersQualInc RQI 14.60 14.40 -1.4 50.3 PIMCOMuniIncII PML 12.31 14.80 +20.2 4.7 CION Ares Dvsfd Crdt;U NA NA NA 5.5 Highland Global Alloc HGLB 11.02 8.09 -26.6 91.4 PioneerHilncmTr PHT 9.66 9.64 -0.2 8.1 Destra Multi-Altrntv;C 10.96 NA NA 0.0 Cohen&Steers TotRet RFI 14.06 14.86 +5.7 39.1 Pimco Muni III PMX 11.28 12.42 +10.1 4.4 CION Ares Dvsfd Crdt:U2 NA NA NA NS India Fund IFN 23.19 21.40 -7.7 66.6 Wells Fargo Income Oppty EAD 9.16 8.58 -6.3 8.1 Destra Multi-Altrntv;I 11.74 NA NA 1.1 CohenStrsREITPrefInc RNP 25.16 24.82 -1.4 42.0 PioneerHilncAdv MAV 12.27 12.04 -1.9 4.7 CION Ares Dvsfd Crdt;W NA NA NA 5.4 Japan Smaller Cap JOF NA 9.39 NA 40.1 WstAstHIF II HIX NA 6.94 NA 8.5 Destra Multi-Altrntv;T 11.14 NA NA 0.4 Columbia Sel Prm Tech Gr STK 32.83 33.16 +1.0 79.7 PioneerMunHiIcmT MHI 13.08 12.58 -3.8 4.6 CNR Select Strategies 11.56 NA NA 0.0 Korea KF NA 44.74 NA 92.7 Western Asset Hi Inc Opp HIO NA 5.14 NA 7.6 Flat Rock Opportunity 20.68 NA NA 47.2 DNP Select Income DNP 9.44 9.95 +5.4 1.3 Putnam Mgd Inc PMM 8.27 8.45 +2.2 4.7 First Eagle Crdt Opps A 26.24 NA NA NS LazardGlbTotRetInc LGI 20.68 19.75 -4.5 64.8 Western Asset Hi Yld D O HYI NA 15.49 NA 7.3 Variant Altrntv Inc:Inst 26.89 NA NA 8.3 Duff&Ph Uti&Infra Inc Fd DPG 13.92 13.87 -0.4 46.0 Putnam Muni Opp PMO 13.90 13.63 -1.9 4.9 First Eagle Crdt Opps I 26.24 NA NA NS MS ChinaShrFd CAF 25.36 22.57 -11.0 32.8 Other Domestic Taxable Bond Funds Variant Altrntv Inc:Inv 26.90 NA NA 8.0 EtnVncEqtyInc EOI 18.13 17.49 -3.5 45.5 RiverNorth Flx Mu Inc II RFMZ 20.43 20.00 -2.1 NS FS Credit Income;A NA NA NA 5.3 MS India IIF 26.73 22.93 -14.2 73.0 Apollo Tactical Income AIF NA 15.26 NA 6.6 Convertible Sec's. Funds EtnVncEqtyIncoII EOS 22.61 22.60 0.0 60.8 RiverNorth Mgd Dur Mun I RMM 20.31 19.09 -6.0 5.9 FS Credit Income;I NA NA NA 5.6 New Germany GF 23.15 20.27 -12.4 83.7 Ares Dynamic Crdt Alloc ARDC NA 15.19 NA 7.7 Calmos Dyn Conv and Inc CCD 31.69 33.00 +4.1 95.4 EVRskMnDvsEqInc ETJ 10.40 10.86 +4.4 33.4 Western Asset Mgd Muni MMU NA 13.21 NA 4.1 FS Credit Income;T NA NA NA 5.1 Templeton Dragon TDF BlackRock Mlt-Sctr Inc BIT 18.60 18.33 -1.5 8.2 World Equity Funds ETnVncTxMgdBuyWrtInc ETB 15.50 16.00 +3.2 34.6 24.71 23.26 -5.9 68.7 Westn Asst Mu Def Opp Tr MTT NA 21.17 NA 2.9 FS Credit Income;U NA NA NA 5.0 Templeton Em Mkt EMF 21.18 19.27 -9.0 67.4 BlackRock Tax Muni Bd BBN 24.43 24.59 +0.7 5.5 ACAP Strategic:A 26.05 NA NA 37.6 EtnVncTxMgdBuyWrtOpp ETV 15.31 15.76 +2.9 36.4 Single State Muni Bond FS Credit Income;U-2 NA NA NA NS Wells Fargo Gl Div Oppty EOD 5.92 5.35 -9.6 47.9 DoubleLine:Oppor Crdt Fd DBL 19.54 20.25 +3.6 8.6 ACAP Strategic:W 19.25 NA NA 38.6 EvTxMnDvsEqInc ETY 13.56 13.16 -2.9 42.3 BlackRock CA Mun BFZ 15.98 14.45 -9.6 3.2 GL Beyond Income 0.49 NA NA NE EVLmtDurIncm EVV 13.55 12.60 -7.0 9.5 CalamosGlbTotRet CGO 15.44 16.05 +4.0 81.7 EtnVncTxMgdGlbB ETW 10.79 10.64 -1.4 45.9 Prem12 Mo BR MH CA Qly Fd Inc MUC 15.90 15.04 -5.4 4.1 KKR CREDIT OPPTY;D NA NA NA NS Fund (SYM) NAV Close /Disc Yld Franklin Ltd Dur Income FTF 9.39 9.14 -2.7 6.8 CPG Cooper Square IE A NA NA NA NS EVTxMnGblDvEqInc EXG 9.97 9.54 -4.3 52.7 BR MH NJ Qly MUJ 16.07 15.05 -6.3 4.8 KKR CREDIT OPPTY;I NA NA NA 5.6 J Han Investors JHI 18.63 18.37 -1.4 7.7 CPG Cooper Square IE I NA NA NA NS First Trust Energy Inc G FEN 13.96 13.77 -1.4 48.9 U.S. Mortgage Bond Funds BR MH NY Qly MHN 15.14 14.22 -6.1 4.4 KKR CREDIT OPPTY;T NA NA NA NS MFS Charter MCR 8.71 8.52 -2.2 8.1 Primark Priv Eq Inv:I 12.51 NA NA NS First Tr Enhanced Eq FFA 20.05 19.37 -3.4 56.5 BlckRk Income BKT 6.12 6.11 -0.2 6.7 BR MuniYld CA MYC 16.29 14.82 -9.0 3.5 KKR CREDIT OPPTY;U NA NA NA NS Nuveen Taxable Muni Inc NBB 22.37 22.46 +0.4 5.0 VirtusTotalRetFd ZTR 9.29 9.42 +1.4 24.9 FirstTrMLPEner&Inc FEI 7.83 7.06 -9.8 58.2 Invesco HI 2023 Tgt Term IHIT 9.20 9.14 -0.7 6.4 BR MuniYld CA Qly MCA 16.17 14.87 -8.0 4.2 Lord Abbett Cred Opps Fd 10.84 NA NA 6.0 PIMCO Corp & Inc Oppty PTY 14.16 18.67 +31.9 8.5 Prem12 Mo Gabelli Healthcare GRX 14.51 12.56 -13.4 37.3 Investment Grade Bond Funds BR MuniYld MI Qly MIY 15.86 15.22 -4.0 4.2 Lord Abbett Cred Opps Fd 10.84 NA NA 6.7 PIMCO Corp & Inc Strat PCN 14.33 17.83 +24.4 7.7 Fund (SYM) NAV Close /Disc Yld Gab Utility GUT Angel Oak FS Inc Trm FINS 18.86 17.67 -6.3 7.1 BR MuniYld NJ MYJ 16.13 14.94 -7.4 5.0 Lord Abbett Crd Op:U 10.84 NA NA NS 4.31 7.07 +64.0 21.7 Loan Participation Funds PIMCOHilnco PHK 5.87 6.96 +18.6 8.9 BR MuniYld NY Qly MYN 14.51 13.60 -6.3 4.3 Palmer Square Opp Inc 18.68 NA NA 5.3 1WS Credit Income;Inst NA NA NA 5.0 PIMCO IncmStrFd PFL 10.56 12.02 +13.8 8.9 EVCAMuniBd EVM 12.65 11.73 -7.3 4.2 Thrivent Church Ln&Inc:S 10.64 NA NA 2.6 AlphCntrc Prime Merid In IPO Scorecard PIMCO IncmStrFd II PFN 9.33 10.39 +11.4 9.3 Eaton Vance NY Muni Bd ENX 13.38 12.41 -7.2 4.2 9.83 NA NA 9.2 World Income Funds Putnam Mas Int PIM 4.46 4.22 -5.4 7.5 Axonic Alternative Inc NA NA NA 4.6 Performance of IPOs, most-recent listed first InvCaValMuIncTr VCV 13.66 12.97 -5.1 4.3 Destra Int&Evt-Dvn Crd:A 27.10 NA NA 2.2 Putnam Prem Inc PPT 4.94 4.74 -4.0 7.8 InvPAValMuIncTr VPV 14.30 13.05 -8.7 4.5 Blackstone/GSO FR EI D 24.13 NA NA 5.3 Destra Int&Evt-Dvn Crd:I 27.11 NA NA 2.4 % Chg From % Chg From Wells Fargo Multi-Sector ERC 12.87 12.58 -2.3 9.0 Blackstone/GSO FR EI I 24.09 NA NA 5.5 SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day InvTrInvGrNYMu VTN 14.44 13.16 -8.9 4.1 Destra Int&Evt-Dvn Crd:L 27.08 NA NA 2.0 Company World Income Funds IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Nuveen CA AMT-F Qual MI NKX 16.76 15.66 -6.6 4.1 Blackstone/GSO FR EI T 24.05 NA NA 5.0 Destra Int&Evt-Dvn Crd:T 27.05 NA NA 1.9 Abrdn AP IncFd FAX 4.67 4.19 -10.3 8.0 Blackstone/GSO FR EI T-I 24.65 NA NA 5.0 Aldel Financial 9.99 –0.1 ... Model Performance Acquisition 10.09 0.9 0.4 Nuveen CA Val NCA 10.79 10.32 -4.4 3.1 National Muni Bond Funds ADF.UT April 9/$10.00 MPACU April 8/$10.00 BrndywnGLB Glb Inc Oppts BWG NA 12.20 NA 7.1 NuveenCAQtyMuInc NAC 16.17 15.07 -6.8 4.3 Blackstone/GSO FR EI U 25.11 NA NA 5.0 Ecofin Tax-Adv Soc Inf 9.43 NA NA 4.4 EtnVncStDivInc EVG 13.77 13.32 -3.3 6.8 Blstn Commnty Dev Global SPAC Ptnrs 9.94 –0.6 ... Tio Tech A 10.00 ...... Nuveen MD Qual Muni Inc NMY 15.27 14.30 -6.4 4.2 9.93 NA NA 3.1 PIMCO Flex Mun Inc;A-3 11.64 NA NA 2.2 GLSPU April 9/$10.00 TIOAU April 8/$10.00 MS EmMktDomDebt EDD 6.78 6.00 -11.5 6.8 NuvNJ Qual Muni Inc NXJ 16.66 14.69 -11.8 4.6 BNYM Alcntr Glb MS Cr Fd 103.61 NA NA 7.0 PIMCO Flex Mun Inc:A1 11.64 NA NA NS PIMCO Dyn Crd & Mrt Inc PCI NA 22.81 NA 9.3 Reneo Pharmaceuticals 13.89 –7.4 ... CM Life Sciences III 11.20 12.0 0.1 Nuveen NY AMT/Fr Qual MI NRK 15.00 13.74 -8.4 4.1 CLIFFWATER CL FD;I 10.65 NA NA 6.7 PIMCO Flex Mun Inc;A2 11.64 NA NA NS PIMCO Dynamic Income PDI RPHM April 9/$15.00 CMLTU April 7/$10.00 NA 28.96 NA 9.4 Nuveen NY Qual Muni Inc NAN 15.56 14.38 -7.6 4.3 CNR Strategic Credit 10.64 NA NA 8.1 PIMCO Flex Mun Inc;Inst 11.64 NA NA 2.9 PIMCO Dynamic Inc Opp PDO NA 20.45 NA NS TPG Pace Solutions 10.11 1.1 ... Panacea Acquisition II 10.00 ...... PIMCO Income Opportunity PKO NA 26.99 NA 8.6 TPGS April 9/$10.00 PANA April 7/$10.00 PIMCO Stratg Inc RCS NA 7.52 NA 8.6 VectivBio Holding 24.23 42.5 ... Ace Global Business Acquisition 10.07 0.7 ... Templeton Em Inc TEI 8.28 7.45 -10.0 1.8 VECT April 9/$17.00 ACBAU April 6/$10.00 Templtn Glbl Inc GIM 5.84 5.42 -7.2 0.8 Sources: Dow Jones Market Data; FactSet WstAstEmergDebt EMD NA 13.48 NA 8.6

| YOU DESERVE MORE Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks Money Rates April 9, 2021 FROMYOUR Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a STEAK guide to general levels but don’t always represent actual transactions. Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low 100% GUARANTEED PERFECTION. EVERYSINGLE TIME. Feb. index Chg From (%) Low Commercial paper (AA financial) level Jan. '21 Feb. '20 0.0500 0.0300 0.0600 0.0000 That’sthe promise of afifth-generation family business Bid 0.0500 0.0600 0.1000 0.0100 90 days 0.12 0.11 0.26 0.04 U.S. consumer price index Offer 0.0800 0.0800 0.1100 0.0500 with morethan100years of expertise in selecting, Libor All items 263.014 0.55 1.7 Treasury bill auction naturally aging, and hand carving the best beef in the Core 270.696 0.35 1.3 One month 0.11125 0.11038 0.81400 0.10300 4 weeks 0.010 0.015 0.190 0.005 Three month 0.18750 0.19975 1.21888 0.17525 world into the best steak of your life, guaranteed! International rates 13 weeks 0.020 0.020 0.280 0.015 Six month 0.21138 0.20125 1.22588 0.18950 26 weeks 0.035 0.040 0.290 0.035 One year 0.28575 0.28050 1.05088 0.27588 Week 52-Week Latest ago High Low Secondary market Euro Libor One month -0.576 -0.578 -0.360 -0.607 Prime rates Fannie Mae Three month -0.544 -0.550 -0.142 -0.574 U.S. 3.25 3.25 3.25 3.25 30-year mortgage yields Six month -0.529 -0.525 -0.052 -0.543 Canada 2.45 2.45 2.45 2.45 30 days 2.479 2.541 2.622 1.751 One year -0.503 -0.499 0.008 -0.511 Japan 1.475 1.475 1.475 1.475 60 days 2.517 2.585 2.674 1.804 Secured Overnight Financing Rate Policy Rates Other short-term rates 0.01 0.01 0.13 0.01 Euro zone 0.00 0.00 0.00 0.00 Switzerland 0.00 0.00 0.50 0.00 Value 52-Week Week 52-Week Latest Traded High Low Britain 0.10 0.10 0.10 0.10 Latest ago high low Australia 0.10 0.10 0.25 0.10 DTCC GCF Repo Index Call money Overnight repurchase Treasury 0.004 41.000 0.151 -0.008 U.S. 0.01 0.02 0.14 -0.04 2.00 2.00 2.00 2.00 MBS 0.011 24.750 0.169 0.002 U.S. government rates Notes on data: U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.25 0.25 0.25 0.25 as of April 8, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. Effective rate 0.0700 0.0700 0.1000 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; High 0.0800 0.1000 0.1500 0.0800 Tullett Prebon Information, Ltd.

Cash Prices | wsj.com/market-data/commodities Friday, April 09, 2021 Grilling Classics Bundle These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 4Butcher’sCut Filet Mignons (5 oz.) separate from the futures price on an exchange, which reflects what the commodity might be worth in future 2pkgs. Premium Ground Beef (1 lb. pkgs.) months. 4Boneless Pork Chops (6 oz.) Friday Friday Friday 4Gourmet Jumbo Franks (3 oz.) Energy Aluminum, LME, $ per metric ton *2267.5 Wheat - Hard - KC (USDA) $ per bu-u 6.1650 Copper,Comex spot 4.0505 Wheat,No.1soft white,Portld,OR-u 6.7000 4Individual Scalloped Potatoes (3.8 oz.) Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 172.4 Food 4Caramel Apple Tartlets (4 oz.) Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 Shredded Scrap, US Midwest-s,m 451 1SignatureSeasoning (1 oz. jar) Steel, HRC USA, FOB Midwest Mill-s 1352 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 219.37 65242WPY separately $260.93* Fibers and Textiles select 1-3,600-900 lbs.-u 209.49 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.9884 Burlap,10-oz,40-inch NY yd-n,w 0.7200 PackagePrice $129.99 Engelhard industrial 1734.00 Butter,AA Chicago 1.8800 Cotton,1 1/16 std lw-mdMphs-u 0.8015 Handy & Harman base 1741.20 Cheddar cheese,bbl,Chicago 169.25 Cotlook 'A' Index-t Handy & Harman fabricated 1932.73 *86.60 Cheddar cheese,blk,Chicago 183.00 Hides,hvy native steers piece fob-u LBMA Gold Price AM *1743.70 n.a. Milk,Nonfat dry,Chicago lb. 120.50 Wool,64s,staple,Terr del-u,w Plus 4FREE Burgers LBMA Gold Price PM *1755.50 n.a. Coffee,Brazilian,Comp n.a. Krugerrand,wholesale-e 1814.28 Grains and Feeds Coffee,Colombian, NY n.a. &4FREE Chicken Breasts Maple Leaf-e 1831.73 Eggs,large white,Chicago-u 1.0150 American Eagle-e 1831.73 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.30 Mexican peso-e 2111.34 Bran,wheat middlings, KC-u 159 Hams,17-20 lbs,Mid-US fob-u n.a. Shop online or call now to order Austria crown-e 1712.96 Corn,No. 2 yellow,Cent IL-bp,u 5.3000 Hogs,Iowa-So. Minnesota-u 98.34 Austria phil-e 1831.73 Corn gluten feed,Midwest-u,w 178.3 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 623.5 Pork loins,13-19 lb MidUS-u 1.0920 OmahaSteaks.com/promise226 | 1.800.811.7832 Engelhard industrial 25.1000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u 121.00 Handy & Harman base 25.2650 Hominy feed,Cent IL-u,w 172 Steers,feeder,Okla. City-u,w 163.00 Ask for free burgers and chicken breasts with offer 65242WPY Handy & Harman fabricated 31.5810 Meat-bonemeal,50% pro Mnpls-u,w 358 Fats and Oils LBMA spot price *£18.4400 Oats,No.2 milling,Mnpls-u 3.8525 (U.S.$ equivalent) *25.3300 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Degummed corn oil, crude wtd. avg.-u,w 56.5000 Coins,wholesale $1,000 face-a 20337 Sorghum,(Milo) No.2 Gulf-u 7.9725 Grease,choice white,Chicago-h 0.5350 *Savings shownoveraggregated single item base price. Photos exemplary of product advertised.Limit 2. 4free Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 407.40 Lard,Chicago-u n.a. (5 oz.) burgersand 4freechicken breasts(1lb. total)will be sent to each shipping address that includes(65242). LBMA Platinum Price PM *1223.0 Soybeans,No.1 yllw IL-bp,u 14.0250 Soybean oil,crude;Centl IL-u,w 0.5842 Free product(s)may be substituted. Standard S&Hadded peraddress.Offeravailable while supplieslast. Items Platinum,Engelhard industrial 1207.0 Wheat,Spring14%-pro Mnpls-u Tallow,bleach;Chicago-h 7.7400 0.5350 maybesubstituteddue to inventorylimitations.Cannotbecombinedwithother offers.Other restrictionsmay Palladium,Engelhard industrial 2664.0 Wheat,No.2 soft red,St.Louis-u 6.6625 Tallow,edible,Chicago-u 0.5650 apply.All purchasesacknowledge acceptance of TermsofUse.Visitomahasteaks.com/termsof-useOSI or call 1-800-228-9872 foracopy. Expires 6/30/21. ©2021OCG |Omaha Steaks, Inc. |SRC0677 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 4/8 Source: Dow Jones Market Data P2JW102000-0-B01000-1------XA

B10 | Monday, April 12, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY

Investing S&PComposite1500,cyclically adjustedprice-to-earnings ratio 40 times GDP trough 1990-01 Chinese Property Tax

2020-Now 2001-07 When 2007-20 30 Is an Unlikely Dream Everything 20 China’s Ministry of Finance is real figure could be even lower, working on legislation for a direct given the limited rental markets in Is Pricey property tax, according to com- much of the country. 10 ments last week by the ministry’s And a tax on values could knock head of tax policy. But the idea has consumption for China’s heavily been in the works for more than a indebted homeowners: Research- Savers need to plan for 0 decade—China’s equivalent of a ers at Rhodium Group estimated lower future returns –300 30 60 90 120 New Year’s resolution that never that household debt sat at 128% of MONTHS SINCE TROUGH quite materializes. income at the end of 2019, above Note:Economic troughs aredefined by the National Bureau of Economic Research Aproperty taxhas merit as a U.S. levels, after a decade of near- The good news for your portfo- Source:Prof. Robert Shiller way to wean the nation off its hous- constant increase. lio is that the economic rebound ing addiction.But the overheated Replacing lost revenue from from Covid-19 is looking like a during the pandemic and are close trough, so valuations areattheir real-estatemarket has become an land sales with property-tax reve- fact. The bad news is that financial to 2007 levels relative to rents. highest starting point forarecovery essential crutch forfiscal revenue. nue would therefore be a high- assets have never been so expen- Savers shouldn’t panic yet. Wait- ever.Replicating the last cycle’s And despitearecent capital-market stakes balancing act—and could sive at the start of a recovery. ing forabubble to burst based on stellar performancewould take overhaul, thereisstill no clear al- end in a debilitating tumble. Land- Stocks have shaken off concerns high valuations has led to terrible them to an unprecedented CAPE of ternativedestination forthe bulk of sales revenue is driven by devel- about rising bond yields and are investment decisions in recent de- 52, which is hardtoimagine. China’senormous household sav- oper demand, driven in turn by setting highs.AsofFriday, the S&P cades.Prof. Shiller himself has un- Earnings will likely rebound ings. That suggestsany actual im- precariously high property prices. 500 indexisup10% this year. derscored that lowrates make equi- much faster from a pandemic than plementation is likely to be limited. If a property tax reduces prices, Analystsusually compareshare ties more attractive.And while there after previous crises: FactSet pre- The country’s experiments with revenues from land sales could fall prices to the earningscompanies aresigns of irrationality—including dicts a 23% year-over-year jump property taxes have been lacklus- and the actual revenue from the generate, which is what investors the proliferation of special-purpose this quarter. But even using opti- ter. Pilot programs in Shanghai new tax could end up insufficient. ultimately have aclaim on. Nobel acquisition companies—they aren’t mistic post-Covid-19 profit expec- and Chongqing in 2011 differed When an idea has spent adecade laureateRobert Shiller uses data comparable to the mom-and-pop tations, markets are pricey. greatly in their details but had in bubbling away without moving off stretching back as far as 1871 to crazefor Pets.com in the early Paradoxically,itiseasier to pro- common that they covered hardly the back burner,itisoften asign of calculateprice/earningsratios,av- 2000s.Today’smarket leadersare tect against an immediatecrash more than a sliver of the local an insurmountable barrier,nomat- eraging profitsoveradecade,ad- technologygiantsthat makemoney. than to find asolution to invest- market, and generated income to terhow worthythe principle.Inthe justed forinflation, to correct for All of this justifies higher valuations. ment returns eventually being match: 0.5% of Shanghai’s total case of aChinese property tax, the economic booms and busts—a met- Also,thanks to activist fiscal and lower. Theirony of aworld in revenue, 0.3% of Chongqing’s. dynamics of the housing market ric known as the Shiller P/E, or cy- monetarypolicies,Americans are which stocks have lessofanupside Twooverwhelming factorsgov- maysimply makethe coststoo high. clically adjusted P/Eratio(CAPE). awash in cash. Astrong rebound but areprotected from calamities ern China’sreal-estatemarket. —Mike Bird The S&P Composite 1500 is from the 2020 trough is under way, by central banks and governments Thereisthe push from local gov- trading at a CAPE of 37. That is judging by the latest economic data. is that it might actually be betterto ernments, which need ever-greater more than twice the historical av- The relevance of high valuations buy moreofthem. Portfolios with sums from land sales thanks to a erage, though still less than the isn’t—as often thought—that they 70%instocks and 30% in bonds— fiscal system that gives Beijing a dot-com bubble peak of 44. It point to a crash. Rather, they are versus the traditional 60/40 tilt— tight grip on taxrevenue butre- reached 33 before the 1929 crash. an indication that, over the long cansqueeze out moreofthe extra quires local governmentstocover Theproblem with an “everything run, gains might be lower. returns equities tend to provide. the bulk of spending.And thereis rally” is that, yes, everything is now Historical datashowthat nega- Manymoney managersare rec- the pull from high-saving house- expensive. Among stocks,even tivereturns canhappen at almost ommending discounted cyclical and holds with little else to invest in: manypandemic-stricken cyclical in- anylevel of valuation, but that foreign stocks,but lowvaluations Manyfinancial productsare notori- dustries such as airlines aren’t overall thereisstill an inversecor- aren’t an indication that their un- ously unreliable,and capital con- cheap anymore. And with interest relation between CAPE and future derperformanceoverthe past de- trols bar most individuals from less-

ratesatrecordlowsand economic 10-year equity returns.Usually, cade is at an end. Commodities speculativeinvestmentsoverseas. S growth accelerating,bonds arelook- stocks progressively cheapen after might offer betterupside exposure It is quite possible that a far ing stretched too. Treasurys could economic growth reaches apeak. to global growth: Despiterecent more aggressive property tax PRES

offer some value,but 10-year yields Oncethey hit abottom, they slowly gains,they arehistorically cheap. would pull the rug from under that ZUMA arestill under 1.7%. As forcorporate become expensiveagain. In the So much optimism about the framework, by revealing that A/

bonds,the extrareturn they offer 2009-2020 cycle,for example, post-pandemic recovery bodes well prices are held up only by specula- INHU /X

relativetogovernment paper has CAPE started at 16 and ended at 31. forthe economyitself.For savers, tive demand. In 100 of China’s YU

fallen to near itsrecent historic low. Not this time: Marketsrallied last however, it means planning forafu- largest cities, gross rental yields MU Nor is there a dip to buy in real spring in anticipation of a2009-like turewith lowerreturns. average barely above 2%, accord- The idea of a direct property tax has estate. Home prices have risen rebound as the economyreached a —Jon Sindreu ing to data service Wind—and the been around for more than a decade.

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© 2021 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. Monday, April 12, 2021 | R1

8 questions to ask yourself before taking the plunge

AreYou Emotionally Readyto

Retire? issues he had at home. People were shocked when he announced his retire- BY MARYANNE VANDERVELDE ment at age 67 because they thought he had nothing else in his life. But he knew the decision was right for him. For the next two years I saw him learn and grow and find t’s one of the most-important decisions many other sources of happiness with his family. His stomach of us will ever make. And we often get it wrong. had told him what his mind was unable to see. I’m talking about retirement—and specifically, when to do it. If youare luckyenough to be able to determine your ownretirement date,begratefulthatthis changeisnot being forced upon you. But also be awarethatitisn’t asimple decision. Manyofus knowfriends who thought theywereemotionallyreadybut laterregrettedhaving re- tired. And we knowcolleagues who thought theywere not ready, and then gotsick or died young,filled with regret thattheyhad missed out on aphase of lifethatcould have been wonderful. • It doesn’t have to be this way. Afterseeing hundreds of individuals 2. and couples in psychotherapy over many years, and writing a book on retirement, I believe thatretirement-timing mistakes canbethe exception rather than the rule.The Have Ithought carefullyabout key is to know what questions to ask yourself—and how to understand the answers. my financial picture? What ex- • To that end, here are eight questions that I think can make all the difference. penses am Iprepared to cut if moneybecomes tight? To answer this takes a little soul-searching, especially after decades of simply accepting your weekly routine. But if you pay attention to your gut feelings at the end of By this age, you should know what resources you need the weekend, or at the end of a vacation, you’ll know to live on and what you will have in whether your stomach is in an unhappy knot with worry, income and savings for your re- 1. a happy knot with anticipation, or tirement years. But people somewhere in between. sometimes screw up, or cir- Every Sunday night, One CEO, whom Isaw weekly cumstances screw them up. from ages 59 to 69,had been in Maybe they (or a financial ad- as I anticipate returning to his position for18years. Al- viser) mismanaged their nest egg. though he would tell youhe Maybe the market collapses in a to- work, do I look forward to lovedhis job,hehated the tally unexpected way just after they stop finishing tasks, seeing angst he felt at the office working. The unknowns are unknown. every day—especiallyon So it’s a useful exercise to imagine cutting ex- friends and colleagues, and Mondays. penses if you ever have to. How might your life perhaps learning something Over time,hereal- change in that way, and how would you feel about that? ized thathewas Are you emotionally prepared for it, or would it be best new? Or do I dread another hanging ontowork to keep working, at least for a while? week of tedious tasks and as his refuge—the PleaseturntopageR4 placewherehe difficult people? found success and Dr. Vandervelde is a psychologist in Seattle and author of recognition—to six books, including “Retirement for Two.” She can be avoid confronting reached at [email protected].

MARTIN TOGNOLA Inside The Best Way to Make a Nest Egg Last The Pain of Isolation BY NEAL TEMPLIN years—it is a one-size-fits-all and bigger chunks of their di- kind of solution. And some ad- minished portfolios. For oth- This pastyearhas shown us the For retirees seeking to make visers say that its lack of flexi- ers, the reverse can happen, high cost of loneliness. Let’stake a nest egg last, it might be bility means it tends to under- leaving them sitting on piles time to rethink the conven- of assets they might have whatwehavelearnedand apply it tional wisdom of withdrawing used earlier. to the post-pandemic world. R3 fixed amounts each year. It’s time to drop the Currently we’re in an espe- That conventional wisdom idea of withdrawing cially dangerous time for retir- is laid out in the so-called 4% ees living on fixed incomes be- rule, which says: Calculate 4% a fixed amount cause low interest rates are Go of the value of your nest egg every year. It’s keeping bond income down at retirement, and that initial better to be flexible. and lofty stock valuations No, Thank You amount, plus inflation, is how pose a risk that stock prices North much you should withdraw will fall in the coming years. Handing down each year. shoot or overshoot. Some A better approach than a family heirlooms, But while the 4% rule ap- retirees using the 4% rule can schedule of fixed withdrawals, Alaskawas the lastplace peals for its simplicity—and quickly deplete their portfolios some financial experts say, is this SanDiego couple ev- or trying to,leads tests using historical market during years of weak markets, one that bends with the mar- er wanted to visit.Then to some serious data suggest it can preserve a as those fixed-dollar-amount kets: a system that produces theyretired there. R7 re-evaluations. R6 nest egg for at least 30 withdrawals represent bigger PleaseturntopageR2 P2JW102000-2-R00200-1------XA

R2 | Monday, April 12, 2021 ** THE WALL STREET JOURNAL. JOURNAL REPORT | ENCORE

The Best Way to Make Sure Your Nest Egg Lasts: Be More Flexible

ContinuedfrompageR1 lower payouts in bad markets and higher pay- outs in good markets. Making flexibility a virtue lessens risk of nest-egg depletion if a market takes an extended big dip in the early years of an investor’s retirement. In such a case, the 4% rule would force a retiree to sell a bigger chunk of a depleted portfolio to withdraw the target amount, making it more difficult for the portfo- lio to recover even if the market rebounds. There are many variations on the theme of flexible distributions. But they all generally fea- ture adjusting withdrawals each year in line with current market levels, gradually giving big- ger payouts to retirees as they age, or a combi- nation of the two. San Francisco financial adviser David Yeske uses rules based on researchdone by Jonathan Guyton and Willliam Klinger in the early 2000s. Because of his system’s flexibility, Mr. Yeske says his clients who are retired are able to take 5% or even 6% withdrawals in good years. And by adjustments, he means some belt- tightening will be necessary in years when mar- kets don’t perform so well. When stocks crashed in late 2008 and early 2009, Mr. Yeske says, he told his retired clients that their monthly portfolio distributions were being cut 10% because of his system’s capital-preserva- tion rule. Suppose a retiree with $1 million port- folio was withdrawing 5%, or $50,000 a year in Mr. Yeske’s system. If that portfolio fell to realize—and more than they have to. $833,000 or lower, Mr. Yeske’s system would Ta rget‑Date Funds, According to an analysis by Univer- lower the withdrawal 10% to $45,000. sityofArizona Prof.David Brownand “The bottom line,” he says, “is you can launch UniversityofColorado Prof.Shaun Da- yourself on a high-spending trajectory as long After Retirement vis,Americans could be paying in excess as you are prepared to make adjustments.” of $2 billion ayear more than they “As much as no one wants to cut their would if theymanagedtheir ownsav- spending 10% for the coming year, it nonethe- ings with aportfolio of low-fee ETFs. less gives them a sense of control,” Mr. Yeske Should you move your Equity Allocations Funds, including target-date funds, adds. “And they understand that this is keeping that rely on low-cost indexes, by con- them on a sustainable path.” money into an individual Target-datefunds,which hold fewer equities as the expected date of trast, feature lower fees than target- Investors can set up a flexible system for retirement account? retirementnears, include "through" date funds found in many employer- themselves using the tables for required mini- and "to" strategies.The former tries sponsored plans. mum distributions published by the Internal to grow assets moreaggressively, Revenue Service. Go to IRS.gov and search “re- BY MICHAEL A. POLLOCK and so has ahigher equities allocation quired minimum distribution worksheets.” forlonger. RMDs base distributions on a percentage of the arget-date funds are Upsides to staying current value of your assets. If your account Through retirement To retirement a staple of employer- drops by a quarter, your distribution amount sponsored retirement 100% 1. Cheaper alternatives also drops by a quarter. The percentage also funds, due in part to can be hard to find changes over time, based on life expectancy, in- their ease of use. The 90 Although an IRA would give a retiree creasing the percentage slightly each year. funds adjust alloca- much more flexibility in getting low- While RMDs officially apply to tax-deferred 80 T tions over decades, fee ETFs, there is also a risk of inad- accounts, you can apply the same principle to starting with big equity exposures, 70 vertently paying more, depending on calculate safe withdrawals from all your ac- then glide gradually into more fixed the choice of IRA or the funds within counts. Simply take your balance and divide it income. 60 it, cautions David Blanchett, head of by the number in the table for your age. Cur- But some investors don’t stick retirement research for Morningstar rent RMDs start small, at around 3.91% for a 50 with them, particularly after they re- Investment Management. 72-year-old, and rise each year in amounts de- tire. Thinking they can do a better job 40 He says that employer plans, which termined by life expectancy. If your portfolio is of managing their money than a tar- have the leverage of many partici- $1 million, you could spend $39,100. For a 90- get-date funds’ manager, some inves- 30 pants, typically negotiate lower, insti- year-old, the RMD is 8.77%. (The IRS is getting tors shift the money into individual 20 tutional-level fund fees for funds they retirement accounts where they in- offer. Fees could be higher if an inves- vest in other types of funds. 2000 '60 tor, outside of a plan, chooses funds Is that the right move? Here are Source:Morningstar Direct. Data as of 12/31/2020 that are available only in costlier six things to consider before quitting classes of shares. a target-date fund: While manyself-directedIRAs Bear Negativities charge nothing to ownanaccount, Howtarget-datefunds performed, on otherscan carrysignificantly higher average,during Q1 2020,the first fees because theyinclude aprofes- Upsides to leaving bear market sincethe 2008-09 sional-advicefeature.Anyone consider- financial crisis ing rolling retirementfunds into an IRA needstocarefully examine the IRA’s 1. Target-date funds are TARGET DATE features and understand whattheyare short on customization 2015 ’40 ’60 getting into, Mr.Blanchettsays. While one of the marketing points of 0 target-date funds is that the funds are supposedly designed for the ex- 2. You’re already getting advice, pected retirement year, the actual -5 likely for less than many Fixed-percentage distributions can cause nest target dates typically are five years advisers charge eggs to under- and overshoot retiree needs. apart. That means investors usually Target-date funds themselves—even end up choosing a fund with the date -10 those based on index funds—contain ready to introduce a new RMD table for 2022 closest to the year in which they plan embedded professional advice, because with slightly smaller withdrawal numbers.) to leave full-time work. But retire- they are designed and overseen by Because of the volatility, the RMD system -15 ment dates can change. The dates professional managers, Mr. Blanchett works best for retirees who have most of their chosen can be off by years—as can CATEGORYRETURN says. Investors often also get no-cost fixed expenses covered by Social Security, pri- someone’s preferred risk level. -20 phone consultations with a profes- vate pensions or other secure sources of in- Employer plans typically feature sional to learn about the investments come, says Steve Vernon, a consulting research target-date funds from just one man- Source:Morningstar Direct. Data as of 12/31/2020 in a plan. fellow at the Stanford Center for Longevity. ager, so an IRA would provide many Denver area financial adviser Kaleb Paddock more options—including funds from has clients who live off a combination of Social other firms with lower equity expo- other types of funds can undermine 3. The funds operate with time Security and RMDs from tax-deferred accounts, sure. JP Morgan Asset Management the key objective of getting some con- and diversification in mind but he helps them build a cash reserve to tap offers some funds that hold less than tinuing growth of assets through re- Target-datefunds provide aso-called during market downturns. a third of their assets in stocks by an tirement, experts say. glide path, which means the equityallo- Financial adviser Wiliam Bengen, whose investor’s retirement date. cation is automatically reduced as the 1994 research paper first proposed the 4% rule, plannedretirementdateapproaches. agrees that preserving capital is key for retir- 3. Savvy investors can But some,such as the TIAA-CREF Life- ees. But Mr. Bengen says many investors will 2. A different approach might lower their costs cycle Funds,also givemanagersthe balk at cutting their spending in downturns as

better meet an investor’s needs Fund fees can seem like a moot issue flexibilitytotweak their allocations as most dynamic-withdrawal systems demand. TO While some target-date funds yield to investors who have the bulk of their market conditions change. “I think you have to go in with your eyes around 2%, from dividends, bonds and income-earning years behind them. In spring 2020,the TIAA-CREF tar- open as to what you might have to do as a sac- CKPHO TO

other fixed-income investments, it’s While the huge growth of ETFs clearly get-date funds modestly increased their rifice,” says Mr. Bengen, who believes his sys- /IS

common for yields to be lower—par- has put downward pressure on target- positions in the high-yield bond market tem of constant withdrawals is more practical GES

ticularly for a fund that has a larger date-fund fees, participants in defined- afterthatsectorwas slammedalong and has proven safe historically. IMA equity allocation. Target-date funds contribution plans tend to pay less at- with marketsbroadly,saysJohn Cun- Wade Pfau, a professor at the American Col- GETTY

are primarily designed for asset tention to such things. Many like the niff,aportfolio manager forthe funds. lege of Financial Services, has run tests that S: growth. Most seek to achieve that “set it and forget it” strategy. Target-date funds commonly spread support Mr. Bengen’s earlier research. But Prof. TO PHO

through equities, and often dividends But investment costs are still an money around in thousands of individ- Pfau says someone retiring today and taking J,

aren’t a primary concern. important concern to older investors, ual securities, ranging from U.S. stocks fixed inflation-adjusted withdrawals from a WS If an investor is concerned about says Matt Brancato, head of Vanguard to local-currency emerging-markets portfolio shouldn’t use the 4% rule; he calcu-

making next month’s rent, it could Institutional Investor Services. The bonds and inflation-linked securities— lates the safe number is just 2.8%, mostly be- GNOLA; make sense to also own a fund that amount of assets in a retirement port- markets that individuals might find cause bond rates have tumbled. TO TIN throws off more income—whether as folio likely has peaked at the time of challenging to navigate on their own. MAR

part of an employer plan or in an retirement, and, since fund fees are Mr. Templin is a former reporter and editor for P: IRA. But it is important to realize based on a percentage of assets, in- Mr. Pollock is a writer in Pennsylvania. The Wall Street Journal who lives in New TO that mixing target-date funds with vestors can be paying more than they Email: [email protected]. Jersey. He can be reached at [email protected]. OM FR P2JW102000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, April 12, 2021 | R3 JOURNAL REPORT | ENCORE What thePandemic Taught Us About The High Cost of Isolation

Let’s take the lessons of the personal needs and other problems, intoearlyretirement. He missed hug- Looking ahead past year and apply them to and blocks access to care, education ging his daughter and grandsons.Zoom But it would be foolish to think that so- the post-Covid world and services thatcould ameliorate classes were stimulating,but he cial isolation is something to be fos- those problems. couldn’t makefriends with other partic- tered. And if there is anything this pan- Theresult is not surprising but it is ipantsatthe end of each classbefore demic has taught us, it’s that we need BY MARC AGRONIN stunning in itseffects, with social isola- the virtual room snapped shut. to address the high cost of isolation and tion possiblyhaving agreater impact on As his experiencemakes painfully loneliness in our post-pandemic world. hen the full story mortality than smoking,obesity and clear,smiles,touches,greetings, so- These lessons are as profound as of Covid-19is physical inactivity,according to the re- cial pleasantries and face-to-face they are simple: written, it will port. Despitethese well-established talks,with all of their sensoryele- likelyemphasize findings, social isolation and loneli- ments, arethe currencyofahealthy • Technology is not a replacement for the physiologyof nesssomehowroutinelyescape mind and body. Thephysicality human contact. Our health depends on the disease.We the attention of our doctors, of these interactions taps the physical presence of other people. W will understand and the rest of us intothe most primal Optimal social connections are sensory the scientific na- Another of my centersinour experiences that enable our bodies and tureofthe virus,its tenacious binding patientstook a brains that brains to feel safe and comfortable, and to the lung and brain, and the cascade long walk serveto to explore authentic relation- of symptoms and immunologic reactions ships. If we confine health- thatdetermine itsrun through the body. care, education, business More subtle and complicated, how- and family meetings to ever, has been its disproportionate psy- video chats only, we miss a chological impact on the lives of critical, ineffable part of the aging individuals who avoided human experience vital to our the disease itself by largely well-being. staying at home and isolat- ing themselves. If we • Loneliness must be didn’t know it or believe it taken seriously. Aroutine before the pandemic, the partofmedical care and so- hard reality is now un- cial services should be as- avoidable: Social isolation sessing the roles and qual- cripples and it kills. ity of social contactsand As adoctor Iknewthe detecting the presenceand scienceofsocial isolation degree of loneliness, then beforethe pandemic.But building asocial-contact re- the pandemic has opened mediation plan intooverall our eyes to the tragic con- treatment. It is preventive sequences of lonelinessina medicine at it best. waythatwas impossible before. Now,aslifeslowly • Technology can help, returns to normal, let’snot but it needs to be better close our eyes to what designed for the elderly. we’velearned. Let’sac- Most hardwareand soft- knowledgethatdespiteour ware in the internet age best efforts and technology, has been designed by and thereisamissing element foryoung people with to living lifebytext, phone sharp eyes,nimble fingers and video chatthatmust and shortattention spans. be illuminatedand studied. Video chats aredesigned And let’smakesuretotake with fast on- and off-ramps the lessons of the past year thatmay obfuscaterather and applythem to our than emulate normal social post-pandemic world. interactions.Telehealth is Consider one of my patients, still clunkyand limited to the who is asad reminder of whatI’ve metrics thatcan be collected by seen both in my practiceand in my imperfect sensorsand eyeballs.Just a community.Fromthe very firstwaves of fewideas include biggerand moreeasily coronavirus thathit Miami Beach, she engaged visual and auditoryfields; less wasfastidious about staying at home and abrupt starting and stopping to encour- dutifullyavoiding all the previouslyen- reassure ageinteractions around the cornersof joyable rhythms of life, including her and soothe us. meetings; and novelinteractivefeatures beauty salon, weeklycardgame and fa- We eat and They relax muscles, to makesessions moreactiveand less voritelunch spot. At age90, she was lowerblood pressure passiveexperiences. among the most vulnerable of the popu- sleep better and stresshormones,and lation, and onlyafter her second vaccine when we eat and increase endorphins. During the pandemic,wehaveall missed did she begin to tentativelyventureout. In short, theyhelp us to maintain avital partofourselvesthatiswoven But she is not the same person Iknew sleep with others. good health. We eatand sleep better intoour neural wiring and cannot thrive at the outset. She is morehesitant and We are filled with when we eatand sleep with others. without real social connections.Asthe skittish about leaving her home,more more purpose and joy This is,inpart, whypeople who are pandemic ebbs and we tryour best to irritable at her adult children’s admoni- married or in long-term relationships resume the social lives we oncetook for tions,and moredepressed by the losses when we pray, sing livelonger than single people.Weare granted, we must take these lessons to of friends and social opportunities. and congregate filled with morepurpose and joy heartand applythem to our dailylives. together. when we pray,sing and congregate We must understand thatthe sharp pain together. of social isolation thatsomanyfelt over Sadly, it seems we needed apan- the past year is aconstant fact of life Isolation’s dangers demic to remind us of thatfundamen- forsomanyofour lovedones,our ac- Of course,the dangersofsocial isolation every day. He joined Zoom classes and taltruth. quaintances,our neighbors. and lonelinesswerehardlyunknown be- social groups.Hewould video-chatwith None of this is to saythatsocial We’ve seen the damage it does. Now fore Covid-19. Amajor report released in his daughter and her familyonaregu- isolation can’thaveits silverlinings. it is time to deal with it. 2020 concluded thatprior to the pan- lar basis.All of these efforts were Forsome,isolation canbeablessing, demic an estimated25% of older adults meaningfultohim, but theylacked the giving us time to reflect, pray,study Dr. Agronin, is a geriatric psychiatrist were sociallyisolatedand 43% were personal presenceand touch he was and find oneself.Itcan prompt us to at Miami Jewish Health in Miami, and lonely. We knowlack of contact— used to.Hemissed the camaraderie at find ways to cope,help others, and the author of “The End of Old Age: whether with family, friends or acquain- the doctor’s officewhereheused to expressour wisdom and creativity Living a Longer, More Purposeful Life.” tances—leads to alack of attention to work beforethe pandemic pushed him through newendeavors. He can be reached at [email protected].

Second Acts She SpentHer Career as aJob Counselor.Now,She’s aDoula.

It can be grueling, LINDA SPENCER “helping to do my part, one fam- but also rewarding Age: 64 ily at a time, to address the con- Hometown: Cambridge, Mass. tinued tragic Black maternal BY JULIE HALPERT Primary Career: Career counseling mortality crisis in America.” The Current Path: Doula, Boston Centers for Disease Control and Ever since she felt “railroaded” Medical Center Prevention says that for 2018, into having her two children by WhyThis Path: “I’mgrateful to the maternal-mortality rate for caesarean, she says, Linda Spen- be part of the labor and delivery Black women of both non-His- cer has been eager to help ex- team, helping to do my part,one panic and Hispanic origin was pecting mothers. family at atime,toaddressthe 37.3 per 100,000 live births, com- This year she got her chance continuedtragic Black maternal- pared with 14.9 for white women to singularly pursue this passion. mortality crisis in America.” of non-Hispanic origin and 11.8 Ms.Spencer started working for those of Hispanic origin. regularly as adoula in Januaryat Linda Spencer Being at a birth never gets old, the Birth Sisters program at Bos- in the inner city,” she says.“It’s feels likethis Ms. Spencer says. tonMedical Center.Adoula is a important formetobegiving is ‘God’swork.’ “It’s sacred and it’s magical to trained, nonclinical health profes- back,” she says.The hospital be witnessand to hold spacefor sional who provides intellectual, serves primarilylow-income Black her feet 20 hours at a time, and this eventinsomeone’s life,” she SPENCER physical and emotional support to and Brownfamilies,including childbirths kept calling to her. So, often goes without sleep or food. says.“It justbrings tearstome mothersduring pregnancy,child- somerefugees and immigrants. when Harvard offered her early At a birth in January, she stayed each and every time.” JENNA birth and the postpartum period. She spent most of her career retirement in December, she saw for 22 hours until the baby was She underwent training and certi- providing job counseling to stu- her opportunity. born. Two days later, she was at Second Acts looksatthe varied GNOLA;

TO fication in 2019,and worked occa- dents of all ages at Harvard Uni- “I’m not a religious person, but a 17-hour birth. paths people aretaking in their

TIN sionally at the hospital lastyear. versity, most recently as director I’m very spiritual,” she says. “I It takes its toll, Ms. Spencer 50s and beyond. Youcan reach

MAR Ms.Spencer wasborn near of career services at the Harvard feel like this is God’s work.” says. But she hopes to continue Ms.Halpert,awriter in Michigan,

BY BostonMedical Center.“Igrewup Extension School. Given the unpredictability of for five years. and let us knowhow you’re

ION in thatneighborhood, on welfare But the desire to assist with a birth, Ms. Spencer can be on She says she is grateful to be starting over,[email protected]. AT TR US ILL P2JW102000-0-R00400-1------XA

R4 | Monday, April 12, 2021 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, April 12, 2021 | R5 JOURNAL REPORT | ENCORE JOURNAL REPORT | ENCORE

AreYou Ready Percentage of Americans aged65and older who evaluatedtheir lives as The Benefitsof ‘thriving’* ning a year in Paris, and then a year in canbefinancially and emotionally critical, 5. Scheduling Your says Ms.Hannon. Working morning hours London. He decided it was time to retire Emotionally 54% and assumed she would feel the same. Days in Retirement also canmimic thatwell-establishedwork- Do Ihavehobbies or 53 He was shocked when she said she ing daytheyhave been so usedto. Afew wanted to work for another five years. hourswork in the morning, she adds,also intereststhatcould 52 Therepercussions were ugly. He ac- provides abase of structurethatretirees To Retire? cused her of ruining their lives,and their BY BRUCE HOROVITZ canlean into, and then givethemselves per- fill my time?Isthere 51 children all took his side.But she held mission formoreleisureorfamily-oriented volunteer work that 50 her ground. Despitethe pressure, she Retirees need daily schedules. activities laterinthe day. just wasn’t ready. Aftermuch discussion It canseemcounterintuitive. One of the I’dliketodo? 49 in therapy, theycame to an understand- things people saytheylook forwardtomost ing: He wasreadyand she wasnot. He in retirementishaving morefreetime and, USEAFTERNOONS TO... Some people are so consumed with 48 came up with other intereststopursue quitefrankly,the freedom to do nothing, at • hobbies already that they barely have 47 while she worked, and theyagreed they leastfor awhile,iftheychoose. • Learn: Asuccessful retirementrequires time to work, while others have never might spend two yearsabroad when she But giving structure to one’s days might learning something newevery day, says Ms. had a hobby and doubt that they can 46 retires.Theyare still happilymarried be one of the most important things a re- Hannon. Lectures, books, educational videos, think of anything in retirement. But and she hasn’t retired yet. tired person can do, some retirement spe- Zoom talks, classes—thereare as manydif- being able to an- be honored to be asked to be on a non- 45 I am often asked whether couples cialists say. ferent media as youlike. Lecturesare better swer this question profit board, but then walk into a hor- March ’21 should retire together or at different Afterdecades of constantdemands on our in the afternoon, she says,because energy in the affirmative is net’s nest of infighting that you had 2020 times. There are good individual reasons time from work and family,“Retireescan go levels tend to be higher than in the evening. often crucial: The thought you had left behind in your old *Using ascale from 0to10, Gallup classifies as thriving those for each position, but I generally recom- crazy when theyare unmoored from schedules most successful re- job. You may also find that a large fi- surveyed who ratedtheir currentlives a7orhigher and their mend that husbands retire first. This and structures,” says psychologistKen Dy- • Socialize: Don’tthink of afternoon social- anticipatedlifeinfive years an 8orhigher. tirees seem to need nancial contribution is expected. Source:Gallup Panel may happen naturally because women chtwald, founder of AgeWave,aconsulting izing as networking. Schedule time only with either part-time are usually younger and have gotten se- firm specializing in aging-relatedissues.Adding the people who really matter to you, says volunteer work or rious about their career later. In that aloose structuretoeach day, allotting certain Dr.Dychtwald. “Dothe things thatare hobbies that they case, husbands who have never learned types of activities to mornings or afternoons, meaningful to youand drop away from the love and that keep to cook or clean or organize the home “gives youfocus and patterns to work from. It superficial,” he says. them busy. than 20% of women said “my husband.” have time to learn these skills and then takes alot of uncertaintyout of one’s mind.” Still, people who Friendship is not as easy for most men share more equally in these tasks after Dr.Dychtwald suggests thinking of each • Giveback: Setaside aportion of each assume they would as it is for most women. Men think it’s a both are retired. dayinretirementasadelicious meal thatyou daytogiveback,saysMs. Hannon. This can like volunteer work compliment to name their wife as best preparefor yourself.“People need to think be volunteering at afood bank or mentoring would do well to friend, but it’s really not. We all need about which ingredients will mix in to makeit ayounger person. She strongly suggests af- explore the idea 6. best friends as well as spouses/partners. agood day,” he says. ternoons forvolunteer work,inpart,be- fully before answering this question. If So before retiring, think hard about Whattypes of activities work bestatwhat cause manyvolunteer organizations are ContinuedfrompageR1 you fall in love with the concept of a What friends do I whether you’re going to have those so- times is notalwaysobvious.Nor is it the brimming with senior volunteersinthe volunteer job, it’s a good sign you’re cial connections that most of us crave same forevery person. Alot depends on per- morning but strappedfor them in the after- ready to make the big move. have nowthatinvolve and need to stay healthy, whether we sonal needs, interestsand body chemistry. noon. Volunteering in the afternoon can But it is entirely possible that you’ll think we do or not. Whateverthe schedule,ithelps to use a broaden your base of opportunities. find it tedious—especially if you’ve neither my career weekly planner.“Writing it down helps you been a boss during your career. It is of- 8. figureout when to do whatinstead of clut- • Embracenature: At leasttwiceaweek, nor my partner? ten a shock to offer your time, and tering your head with things youprobably Mr.Conleyreservesanhour to be alone in 3. then be asked to stuff envelopes or won’tget to,” says psychologistand retire- nature. “I call it spying on the divine,” he Do my partner and work in a boring gift shop. Or you may This is a question that men, in particu- mentcoach Dorian Mintzer. says.Mr. Conleyoften takes walksinparks What do my already- lar, need to ask themselves. Ihavesimilar ideas It canalso be helpful to sharesome of near his house in Baja California, Mexico, Peopleseldom think about which about travel or where those plans with your spouse,oragood and closely observeshis surroundings there. retired friends, relatives work friendships will continue in their friend, who canhelp makeyou answerable for “This is the single bestway to get out of postretirement life. In fact, theyhave we want to livein achieving your goals,saysKerryHannon, are- your ownhead,” he says.“Younever know and colleagues think? Men tend to think no idea whether their co-workersare retirement? tirementconsultant. whatyou’ll see.” Afternoon hikes arebest, that their wife’s reallyfriends or not. They areoften You are unique, yes, but you can learn a friends are their own; shocked in retirement when theycall lot from people you know and trust. The easiest emotional transition former co-workersfor lunch and are In my survey, the No. 1 reason people Daily Rituals In my experience, seeking the advice of away from full-time work is some- they are not. There is told “no.” Also,men have atendencyto felt they might divorce after retirement Times of dayU.S.seniors 65 and older saytheyengage in certain activities. Sleeping, shopping, trusted friends is particularly important for times a part-time or consulting con- think thattheir wife’sfriends aretheir was because they wanted to live in dif- a famous quote: I personal care and caring forothersare notshown. Respondents report multiple activities in successful women, who are prone to sec- tract, either with a new company or own; theyare not. Thereisafamous ferent places and have different life- some hours. ond-guess themselves and feel insecure with your existing employer. It’s a married you for quote: Imarried youfor betteror styles—the woman often wanting to be about next steps, especially when it comes question many would-be retirees better or worse, but worse, but not forlunch. near grandchildren; the man wanting Leisureand sports Eating and Drinking Working and work-related to retirement. They have often worked should be asking themselves. not for lunch. In fact, a survey I did with groups I sun and sports. This is a difficult area in activities harder than men to establish their success, It often works well, allowing a re- spoke to showed that on the question of which to find compromise. But asking Organizational, civic,and Telephone calls,mail, and Educational activities and the job has given them identity and in- tiree to test the waters if they aren’t “Who is you best friend?” more than yourself whether you’re on the same religious activities e-mail dependence. They think they will go crazy absolutely sure it’s the right time to 60% of men said “my wife,” while less page before retirement is a crucial first without work. But almost all are surprised leave the work force completely. But step, rather than just assuming you are 110% how much they love retirement, how people need to do their homework be- seeing things alike. It could have a big 100 quickly they fill up their time with mean- fore they assume the answer is yes. I effect on whether you decide you’re ingful projects, and how much better they saw in therapy a former chief finan- emotionally ready for retirement. 90 feel when they control their own time. cial officer who at 66 wasn’t quite Similarly, travel canbeanother deal Ihaveone friend who lovedher job, ready to retire fully. So he took a job breaker if not talked about ahead of time. 80 and while she wanted to makesome kind handling the books for another com- A man I know has always loved to ski. 70 of changewhen she turned 65,she feared pany. He learned within the first week After he and his partner retired, he be- she would suffer arecurrenceofher life- how different that system was from came obsessed with planning trips to 60 long depression if she leftwork and had his old one, how upset he felt when 7. exotic ski destinations. But his partner nothing to do. he couldn’t quickly pick up nuances wasn’t on board, preferring to play ten- 50 Her husband advised her to continue from his underlings and how angry he nis and lie on beaches in warm climates. working.Instead, she gotagroup of profes- got when his boss criticized him. He What role is my Their arguments grew more fierce. My 40 sional women friends together,and theytold quit within one month. turn/your turn didn’t work because they 30 her: “Do it now! You’ll be glad youdid.” Although in the end it turned out partner playing in were both unhappy half the time. Fi- Their encouragement gave her the courage well—thanks,inpart, to therapy, my decision about nally, they tried separate vacations. For- 20 to see thatshe was readyfor retirement— which helped him to improvehis tunately, that has worked like a charm— Morning Afternoon Evening evenifher fear didn’t allowher to see that. marriageand understand the possi- retirement? for now, anyway. 10 She found volunteer work with apolitical bilities in retirement—it wasatrau- Had they asked themselves this ques- 0 candidate she admired, she startedspeaking matic period thatcould have been The decision should be yours as much tion ahead of time, had they talked it at schools about career choices,and she avoided had he answeredthis ques- as possible. You don’t want to blame out calmly when it was still in the fu- 5a.m. 12 noon 6p.m. Midnight starteddiscussion groups at the local YWCA, tion with morecare. your partner if things go wrong, as ture, they would have saved themselves Source:American Time Use Survey,U.S. Bureau of Labor Statistics helping othersmakethe retirement decisions tempting as that will be. a lot of angst and a near-breakup. They thathad been so hardfor her. Nevertheless, it is hugely important might have come to their separate-vaca- to understand the motivation behind tion solution earlier. Or one or both Whatfollows aresuggestions from retire- he says.Theyare inspiring and good exer- your partner’s advice on whether you might have decided that, in fact, they mentexperts about creating aschedule for cise.Theyalso discourage the afternoon Measuring Senior Happiness should retire. Is she already retired and weren’t ready for retirement. productiveand happydaysinretirement. napping thathis body sometimes wants to pushing me to be more available? Is he do instead. Howolder Americans comparewith other age groups in terms of happinessascouples and as individuals getting ready to retire and doesn’t want iii to be bored at home alone? USEMORNINGS TO... Your relationship will thrive much Retirement is wonderful, but it can • USEEVENINGS TO... As couples 20% to 40% to 60% to more in retirement if you both know not also be difficult. “Am I ready?” is an • Exercise: It’s critical to understand your • Less than 20% 40% 60% 80% 80% to 100% 4. Age emotional journey into yourself, as well high and lowenergy times,saysRobert • Engage in media: Evenings canbethe only each other’s surface meanings but Whatpercentage of open 40 and under also the deep feelings involved. In other as an assessment of your situation. Laura, founder of the RetirementCoaches As- perfecttime formedia entertainment of all Would Ilikepart-time hourseach week (time not words, this question is important as a There will be no perfect decision, but sociation.His “high energy” time is between kinds,saysDr. Dychtwald. Youcan binge on working or sleeping) do you 41 to 55 catalyst to a conversation—a lot of con- you’ll fare better if you consider all of 9:30a.m. and noon, so thatiswhen he tends movies,comedy shows and classes thatare spend in close physical versations—so that there are no sur- the options carefully. to do anystrenuous exercise.“If Iget to 1:30 available on everything from howtobake work foramoregradual 56 and older proximitytoyour partner? prises after the fact. Once one of you re- There is usually some excitement in and haven’tworked out,I’m notdoing it.” bread to howtospeak aforeign language. retirement, or is “cold 0% 50 100 tires, a lot of those conversations that every new stage of life. After raising Dr.Mintzer recommends exercising as turkey” betterfor me? never took place when work was a ref- kids and working hard and doing the soon as youwakeup. “It gives youasense of • Retain friendships: Evenings arewhen uge are suddenly on the table. It is much best we can, this is the first time that mastery and accomplishmentand getsyour Mr.Conleylikes to reach out to friends,or Of those “open”hours, what 40 and under Is part-time work even easier to have those conversations ear- most of us have had total control over mind and body connected to proceed with the people with whom he’d liketobefriends.He percentage do youideally realistic in my field? WANT to spend in close 41 to 55 lier rather than later. our lives. It can be the best time ever— day,” he says. uses the phone and social media, and some- physical proximitytoyour I counseled one couple for four years. time to learn a lot about ourself, finally times meetspeople fordinner.Dinnersare partner? 56 and older They were the same age, both accom- “growing whole” in so many ways. Are • Be spiritual: Chip Conley, founder of Mod- typically moreleisurely than lunches,he 0% 50 100 plished and working in jobs they en- you ready for that? ern Elder Academy, aretreatfor adults, prac- says.Italso gives the opportunity to drink a joyed. They had friends who were plan- tices spiritual wellnessveryfirst thing in the little alcohol which, he says,islesslikely at Notveryclose Fairly close Very close Extremely close morning, combining meditation and stretch- lunchtime.The combination of agood multi- ing. Stretching is very important laterinlife, course meal, alittle alcohol and alesscon- 40 and under he says,because we tend to compressaswe gestedschedule at nightcan create deeper age,and stretching canopen us up physically, conversations,hesays. 41 to 55 Howclose do youfeelto mentally and spiritually. your partner emotionally? 56 and older To Mr.Laura, the time of dayyou attend to • Relax at home: Relaxing at the end of spiritual mattersislessimportant than doing the day, perhaps afterthe media binge,can 0% 50 100 it everyday.Some daily form of prayerand help with restful sleep.Waystowind down meditation canincreaseyour lifeexpectancy canbeassimple as hotshowers or warm Extremely by 10 years, he says. baths,saysDr. Mintzer.Journaling works, As individuals Notveryhappy Fairly happyVeryhappy happy too, he says.Reflect on some positives or • Be curious and creative: Keep aliston “blessings” from the day, rather than nega-

40 and under GNOLA your refrigerator of things thatmakeyou cu- tives,orwriteabout something you’re look- TO rious,and look at it each morning, Ms.Han- ing forwardto. Thereare alwaysopportuni- Whatisyour levelof TIN 41 to 55 non advises.Itmightinspireanactivity for ties earlier during the daytofocus on the

happinesswith your MAR personal life? the day. “Curiosityisthe bestthing to keep negatives,Dr. Mintzer says,while journaling

56 and older IONS: youmotivated.Itconsistently gives younew in the evening canhelp youfind something AT

0% 50 100 TR things to look forwardto,” she says. to look forwardtothe next day. US ILL Source:M.Vandervelde, survey with 3,050 respondents conducted from 2011 to 2016 • Work: Finding away to bring in some ex- Mr. Horovitz is a writer in Falls Church, Va. traincome—evenifjustafew hoursweekly— He can be reached at [email protected]. P2JW102000-0-R00600-1------XA

R6 | Monday, April 12, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | ENCORE

 Some items were politely declined. For others, there still could be a taker one day.

ready had their own preferred equivalents, and I am re- minded once again that youn- ger generations make their own choices. More to the point, they aren’t hoarders. They take only what they need now. Having seen the degraded world they will inherit, they are dedicated to sustainability, recycling, preservation of the environment, fewer material goods. My generation is still catching up. They did give thumbs-up to desk lamps, guest sheets and towels, a few kitchen items and one folding chair, among other things—utilitarian items with no stories or expectations attached.

Keeping close Most interesting (and valu- able) to me were the things I realized I was not yet ready to part with. My mother gave me a ring she always wore en- twined with diamonds and ru- bies—too small to be of any monetary value, but meaning- course, with works ranging ful to me because I can still, 25 The Family Heirlooms That from Homer and Dante to years after her death, picture Adam Smith and Darwin. He her hands and by extension politely declined: No shelf her physical presence. I will Our Children Don’t Wa nt space now, but maybe later. someday offer the ring to my daughter-in-law, hoping she will appreciate it along with A hard-bound dinosaur the accompanying narrative. Passing on our however, washow complicated And yet I kept them, finding Nearby is an Encyclopaedia Isn’t that how this is supposed possessions forced me this seeminglysimple transac- it difficult to give away such a Britannica set I bought for my to work? We pass on posses- to look at them in a tion could be.Itinvolvedmulti- poignant memory of my two sons in their middle- sions that tie the generations whole new light ple perspectives,acrossmulti- mother’s aspirations for us and school years, hoping they together as they move through ple generations.Itshowedhow her concern for our future would see these as resources the family. possessions,when held up to well-being. My own children later on for their own children. Then there was the collec- the light, oftenlose the very would have none of these asso- What was I thinking? Some- tion of unrelated items I now BY ROBBIE SHELL qualities thatprompted us to ciations, but I made the offer where along the way I forgot saw in a different light—those set them aside.And, in my case, just in case: Could my son and (or never considered) how whose stories matter only to ow in my sixth it offered aglimpse of afuture much the world would change me: the child’s battered year of retirement, thatI’vethought about—and before the next generation wooden rocking chair from the Iamabout to em- looked forwardto—foryears. came of age. The set is a hard- porch of my grandparents’ bark on awhole I started with a set of eight Could these bound, museum-piece dino- summer house; a faded, in- newrelationship— bird-themed china plates my items find a saur, a record of the world in scribed photograph of my fa- grandmother to a mother had ordered decades the 1990s before geopolitical ther as a young man standing Nbabygirl. earlier for each of her four place in my son events rewrote the global map next to his own father, whom I Anticipating children. The plates, still in and daughter- and social upheavals rewrote never met; and the small tar- the addition to their family, their original boxes, were in-law’s new the cultural one. Then along nished music box with a twirl- my son and his wiferecently beautiful in a dated, old-world came Google, and computer ing ballerina on top that was a movedintoahouse near way. For my mother, these home? screens began to replace the gift from my godfather when I Washington, D.C.,the biggest plates were an investment books we bought or borrowed was young enough to still home my son has lived in whose value would increase for ourselves and our children. dream about being a dancer. sincebeing on his own. over time. daughter-in-law see a decora- My myopia continued with These thingswill stay with Thenew baby(my first But I looked at them and tive or functional use for these an attempt to interest my son me hereinthe home whereI grandchild) and newhouse ig- saw something different: the plates in their dining room? and his wife in a beautiful ma- have lived fordecades.Unless… nited one of my long-awaited result of a direct mail pitch for Their quick response: “Too or- hogany-trimmed white couch One day a young girl visit- projects—excavating crawl a plate-of-the-month club. namental.” in the basement that no longer ing her grandparents comes spaces and basement corners Revisiting them tucked Moving on, a cabinet in the fit into our current house. The upon the music box. She picks on ahunt forpossessions to away in the latest of a succes- living room holds 46 limited- reason for their rejection was it up and turns the key that passontothe next two gen- sion of attics, I realized there edition Harvard Classics circa now becoming familiar: “Too starts the music playing. erations. was also a dream behind these 1910 acquired from a literary ornate.” “Grandma,” she says, “what’s It’s easy to predict how this plates. I think my mother pic- neighbor decades ago. My hus- Hand-painted wine glasses, this? Can I have it?” “It’s played out. My son and his tured me bringing them out band and I considered it an in- colorful rugs, and framed yours,” I say, my heart skip- wife turned down many more for elegant dinner parties at a vestment of a different kind— prints of places our family had ping a beat. “It always has items than they accepted. country house similar to the in knowledge. Although I never visited were next. Could these been. You had only to ask.” Much of what I had hoped to one her own parents had en- found time to read any part of items and our memories of “upsize” to them stayed in my tertained in. That never hap- the set, I thought my son—a them find a place in my son Ms. Shell is a writer in basement and attic. pened. I chose my own life- philosophy major in college— and daughter-in-law’s new Philadelphia. She can be Whatwasn’t easytopredict, style and china. might welcome a “great books” home? It turns out they al- reached at [email protected].

Second Acts A Retired Physician Pursues a New Self Portrait in Photography

It was a hobby. Now of photos and immersing him- idea is to create a New York area. One recent addi- it’s his passion. self deeper in the craft. He at- warmer environment tion, Hackensack University tended lectures and workshops that’s more caring, more Medical Center in Hackensack, on photography, read books and welcoming,” Dr. Agress N.J., is showing four large prints When Harry Agress Jr. was “spent endless hours watching says. in a part of the hospital where 10 years old, his father gave online tutorials on the taking The first hospital to Covid patients are treated. him a camera that sparked a and processing of photographic display his work, he “I want [the employees] to be lifelong passion. images.” says, was Memorial able to just look up every once “I couldn’t wait to seewhat Since retiring, he has pro- Sloan Kettering Cancer in a while and see something my pictures looked likeafter duced roughly 50,000 photo- Center in New York, in beautiful,” Dr. Agress says. theycame back from the Kodak graphs, many of them taken late 2017. The next one One of the doctor’s favorite lab,” he says.“Eventoday, Ican’t overseas. Until Covid, he trav- didn’t come for two photographs is from a trip he wait to seewhattheywill look eled internationally once a year. years. But it was worth took to Myanmar in 2015. It cap- likeonmycomputer screen.” The transition has had its the wait. tures a young boy inside a mon- When it came time to challenges. “My whole self-iden- As he was hanging astery focusing on his home- choose a career, Dr. Agress piv- tity was as a physician,” he says. the photograph at work, bathed in the afternoon oted to different kinds of im- As a doctor, when he asked Mount Sinai Hospital, he light. It hangs in Dr. Agress’s ages as a physician in radiology questions, the responses were says, a nurse asked home office. and nuclear medicine. immediate. As an amateur pho- where it was taken. Kru- His foreign trips have paused, GNANO

“I never took it for granted tographer, few returned his calls ger National Park in South Af- but Dr. Agress says that he con- MA

that it was no small thing to be or emails. rica, he said. The nurse loved it tinues to take pictures in places AN

looking inside the human body A breakthrough of sorts came HARRY AGRESS JR. and said it reminded her of like Central Park, the New York SUS to determine what was causing in June 2017 when some of his Age: 74 growing up in Africa. Botanical Garden and the Hud- a patient’s illness,” he says. photographs were accepted in “That was everything I son Valley.

Hometown: New York City JOURNAL; Now, after 36 years of in- the Saatchi Art Show in New wanted to hear,” Dr. Agress says, “Having spent many years Primary Career: Radiologist creasing work and round-the- York. He was disheartened, he “that this brought out an emo- looking inside the human REET Current Path: Photographer ST clock consultations, Dr. Agress says, when he sold only one tion in somebody.” body…photography has allowed LL

has retired and made his former photo—to a friend. But out of Why This Path: “I love the Dr. Agress says showing his me to look outside the human WA

hobby his new focal point. that disappointment came the ability to capture an emotion, work in hospitals is infinitely body into its surroundings and THE R

Dr. Agress, now 74 and living path he has been on ever since. an action or a reaction and to more satisfying than if he were occasionally back again into its FO be able to experience it over O

in New York City, spent the first Dr. Agress decided he would a commercially successful pho- soul,” he says. “Both are all YM year and a half of his retire- donate his photographs for dis- and over.” tographer. He now has 14 photo- about exploring.” PHOB

ment organizing his thousands play in hospitals. “The whole graphs at six hospitals in the —Julie Halpert P: TO OM FR P2JW102000-0-R00700-1------XA

THE WALL STREET JOURNAL. Monday, April 12, 2021 | R7 JOURNAL REPORT | ENCORE

there are opportunities for out- door activities and adventures year-round. In winter, we hike, ski, snow- shoe and explore. (As the saying goes, “There is no bad weather, only bad gear.”) One of my favor- ite activities is skiing on frozen lakes, gliding smoothly over the vast peacefulness. Ice skating is available at many places in town—outside, like ponds and la- goons—as well as indoor rinks. In the summer, with seemingly endless daylight and tempera- tures from 50 to 70 degrees (if we’re lucky), we take long hikes, backpack, canoe and go camping. Picking blueberries on mountain- sides where you can see for miles is a favorite summer activity. Seeing Denali in the distance, North America’s tallest moun- tain, is a bonus. There are, of course, practical matters one should consider be- fore retiring to Alaska, like What It’s Like to healthcare. While the rest of the country has been catching up, healthcare still costs more here Retire in Alaska than in the Lower 48, and very few primary-care physicians in our area accept Medicare. San Diego wasn’t hot Housing doesn’t have to be ex- thing positive and didn’t see pensive in Anchorage. One- and enough for me. Now I’m any future for myself there. We two-bedroom homes can be living in Anchorage. were planning to retire in our found in the $200,00 to beloved home in San Diego. $400,000 range. The cost of daily Then our daughter-in-law be- items, however, frequently ex- came pregnant, and she and our ceeds those found elsewhere. BY MARILYN J. CARPENTER son honored us by asking us to Some basic monthly expenditures become “involved grandpar- for us include: $365 a month for love warm weather. Sun- ents.” electricity and natural gas; $600 shine caressing my skin, eve- Goodbye, San Diego. Hello, for groceries; $100 for internet; ning walks wearing tank tops Anchorage. $130 for cable. and shorts, bedroom windows The transition was anything My spirit certainly wasn’t open at night—so lovely and but smooth. The first thing to soaring when we decided to comfortable. For 30 years, I go was our budget. The year A new reality stared us in the  move here. I was sure we would Ihad lived in San Diego, which was 2008, and the housing and face: To afford to live in Alaska, At top, the Carpenters and be trapped inside our house all was never really hot enough for financial crisis were in full we had to go back to work. At their dog, Honey. Below, a winter, shivering until some sun me. I had never been to Alaska, swing. We had to slash the sell- least for a little while. Fortu- moose visits the neighbors. returned in April. My husband’s was not particularly interested in ing price on our home, which nately, we both had been self- fears, which he only told me it, and was fairly sure that it still took months to sell. Mean- employed for most of our ca- later, were that we really would be the last of the 50 states while, we had already bought a reers—my husband as a spirit soar to live here. wouldn’t be able to survive at all. I would visit. house in Anchorage, so we had statistician, myself as a family We live in the city of Anchor- He thought temperatures below So, why did I retire in Anchor- several months of paying two therapist. And we both enjoyed age, yet woods and wildlife are zero would literally take our age? What happened? Grandchil- separate mortgages. our work, so it wasn’t torture; all around us. The other day, a breath away. He worried about dren. That’s what happened. The move itself also cost we just needed to earn some moose was munching on a tree pipes bursting, cars not being When my son and his wife more than we expected. Relo- additional income, replenish our branch across the street in a able to start. moved to Alaska, I thought it cating to Alaska was considered savings a bit and reframe our green belt where we like to So, where is that San Diegan was just a phase. Surely, humans “an international move,” since timing. After several more years walk. We had wanted to go to who craves heat? I am still here. could not survive in the “Godfor- the vans had to cross through in a rewarding private practice, the right, but she was there, so I read by the fireplace; I’ve dis- saken frozen North” (a direct Canada. We had to pay extra I gave myself permission to re- we walked left. While you need covered 60 degrees is comfort- quote from my California sister). fees. Final cost: $20,000-plus. tire at 65; my husband followed to stay safe, mostly it is a de- able when it follows a winter be- When my daughter moved up And then Alaska’s higher cost suit a few years later at 68. light to see these big wild ani- low zero. I travel to California there also, I told myself it was of living hit us full on. Every- Now, to my complete aston- mals walking down our street when I can. In the meantime, I just another phase. thing was much more expensive ishment, I love living in Alaska. or snacking on the bushes. warm my heart by hugging my When my husband and I paid than we were used to. Shipping In addition to being close to my At any time of year, a typical grandkids. our first visit, in the dead of win- charges increase the price of grandchildren, who nourish my day for me now starts with a ter, my feet froze; my arthritic everything from fresh produce soul, this is such an extraordi- one-mile swim at the local Ms. Carpenter is a retired hands throbbed painfully in my to furniture. A gallon of gas at narily beautiful place, with so YMCA. We also do at least one therapist in Anchorage. She can pitiful gloves. I was blind to any- the time cost $4.35. much to offer, it makes my walk with our dog. After that, be reached at [email protected].

AskEncore • Glenn Ruffenach

for the Future of Aging, ranks RetirementDestinations The Best Places to Retire? 381 U.S. metropolitan areas on TopstateswhereAmericans variables such as healthcare, movedtoretire in 2020,basedon wellness, transportation and edu- percentage of all retirementmoves Here’s Where to Start. cational opportunities, things from out of state: that demonstrate a community’s commitment to older adults and Virginia 15.1% There’s a lot of information out there. And a lot of confusion. their evolving needs. (successfu- Florida 13.5 You just have to know which resources are worth your time. laging.milkeninstitute.org) Wyoming 10.3 The AARP Livability Index can Pennsylvania 7.0 help you determine, on a zero- Idaho 4.9 to-100 scale, how “livable” a Texas 3.8 • community might be. Thinking of Hawaii 3.8 My wifeand Iwould liketo retiring in St. Petersburg, Fla.? Oregon 3.2 move when we retire. For The index gives the town a per- Vermont 2.7 better or worse, there’sno fect 100 for housing (costs, shortage of articles and choices and accessibility), but a Rhode Island 2.7 lists thatidentifythe 37 for “opportunity,” including Source:HireAHelper.com; CurrentPopulation Survey “best” destinations.Can economic and educational oppor- youpointustowardsome tunities. (livabilityindex.aarp.org) resourcesorstarting Then there are websites and algorithms work correctly, could points thatmightbebetter tools that play matchmaker. You make for a good home. than others? enter your needs and interests, Finally, one way to narrow your

TO and the tools suggest places to search is to pick the “best state” You’re right: The amount of infor- live. Sperling offers one such tool in which to retire, an exercise that CKPHO

TO mation about where to retire can (which involves a 10-question Bankratethoughtfully performed

/IS be overwhelming—and puzzling. quiz). Two other tools of note: most recently in 2019. The rank- GES The “top” locales today are all but first, at MarketWatch, the finan- ings were based on affordability, IMA certain to be supplanted by new cial and business website owned wellness, weather, culture and favorites tomorrow. (Few writers by Dow Jones, which also owns crime. The top five: Nebraska, GETTY or editors are in the business of The Wall Street Journal (market- Iowa, Missouri, South Dakota and reprinting the same rankings year watch.com/retirement and click Florida. after year.) And while some lists on: Best Places); and second at At the bottom: Maryland. Other CARPENTER;

T are based on analyzing reams of Zillow, the real-estate website than agreeable weather (in which AR data—affordability, climate, access Florida finished among the top five in a 2019 ranking by Bankrate. (zillow.com/research and search it ranked 18th best), the Old Line to healthcare, crime rates, etc.— for: best place to retire). State fared poorly in almost every

JOURNAL; others are more concerned with Zillow, for instance, poses other category. (bankrate.com and

REET “personality,” the feel and look of “America’s 100 Best Places to though, has forced “Where to questions about what size town search for: retirement best and

ST a town or city. Retire” (get the sixth edition) Retire” to suspend operations. you prefer and whether “access worst.) LL In short, clarity is hard to come looks at a range of destinations, Sperling’s Best Places is a to entertainment” is a priority WA by. As an expert on retirement hot and groups some in categories valuable website for anyone con- for you. MarketWatch asks users THE Mr. Ruffenach is a former R spots once told us: “The more I such as best college towns, sidering a move. It gathers and to identify five “must haves” for

FO reporter and editor for The Wall S delve into it, the more I realize mountain towns, “undiscovered” provides research on thousands a retirement destination (exam- Street Journal. His column looks AM how much guess, by-gosh suppo- towns and “main street” towns. of destinations. See more below. ple: a Medicare-rated five-star

AD at financial issues for those H sitions, bias and plain bull goes The book, edited by Annette (bestplaces.net) hospital) and five “nice-to-have” thinking about, planning and living AS

P: into this business.” Fuller. is a spinoff from “Where Best Cities for Successful Ag- features (say, no state income their retirement. Send questions TO What follows are resources to Retire,” the leading magazine ing, an online resource published tax). Each tool then generates a and comments to OM that we think are helpful: in this field. The pandemic, by the Milken Institute Center list of communities that, if the [email protected]. FR P2JW102000-0-R00800-1------XA

R8 | Monday, April 12, 2021 THE WALL STREET JOURNAL.

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R10 | Monday, April 12, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | ENCORE

 One reason to yellowish substanceonthe teeth. return to the dentist: But plaque canharden and form for healthier gums. tartar.When it spreads and growsbelowthe gumline,bacte- and need foraventilator. rial toxins and the body’snatural Centers for Disease response to infection startto Control and Prevention break down the tissue,bones and data show close to half gums.Teeth canbecome loose of adults 30 and over and have to be extracted. have some form of gum The first aim of treatment is disease, and about 70% to disrupt the biofilm that causes of those over 65 have infection, and then to curb the periodontal disease. inflammation, says Leena Pal- “Moremiddle-aged omo, a professor of periodontics people aregrowing older at Case Western. Below the gum- with moreteeth, and line, a dental professional must thatmeans thatteeth use mechanical instruments like have longer exposureto scalers and power instruments. decay and periodontal Deep cleaning known as scaling disease,” says Dr.Robert and root planing removes tartar Holt, aperiodontist at and rough spots where bacteria the Florida Institutefor gather. Some patients may need Periodontics and Dental a procedure called flap surgery Implants. to lift back the gums, remove tar- “If your gums are tar and then sew the gums back bleeding, you have more in place. Doctors might also use bad breath, your teeth bone or tissue grafts. are loose or moving, Some doctors are also using there is pain and swell- lasers to treat gum disease. La- ing in your mouth, or sers can remove plaque and tar- changes in coloration of tar under the gum and kill bacte- your gums and teeth, ria without any surgical these are all reasons to incisions. But the American get back to the dentist,” says Dr. Academy of Periodontology says It Starts With Gum Disease Sasha Ross, a periodontist at there is no peer-reviewed, scien- Cleveland Clinic. tific evidence that laser surgery Gum disease can start out is better than traditional meth- But it can lead to a lot tacks and strokes. mildly as an inflammation called ods. The academy also warns worse health problems, “Therisk of getting Covid at Different gingivitis, with redness and that a laser with the wrong including heart attacks. the dentist is negligible,but the treatments for gum swelling. But it can advance to a wavelength or power level can risk of putting off going to the disease exist, more serious condition called damage tissues. dentist is very high,” says Dr. periodontitis, or inflammation When it isn’t possible to sal- AnitaAminoshariae,aprofessor of including oral around the tooth, that causes vage a natural tooth, doctors will BY LAURA LANDRO endodontics at Case Western Uni- surgery and lasers, gums to pull away from the teeth often recommend dental im- kipping those regular versity in Cleveland whose spe- and form pockets that become plants. These artificial tooth dental visitsduring the cialty focuses on diagnosing tooth but Leena Palomo, infected. roots are surgically implanted in pandemic maylead to pain and performing root canals. a professor of An infection caused by decay or the jaw then covered with a farmoretrouble than a Studies suggest a relationship periodontics, says abrokentooth canform an ab- crown. But implants, Dr. Palomo toothache. between periodontal disease—the scessinthe bone or tissue and warns, “like natural teeth, also Lots of people term for disease of the gums and prevention is best. triggersepsis,the body’soften- can get infection and inflamma- S missed dental exams bone structures supporting the deadlyresponse to infection. Bac- tion and therefore require long- and teeth cleanings teeth—and the inflammation that teria from the mouth cantravelto term professional maintenance.” over the past year because of can precede heart attacks and in the Journal of Clinical Perio- other parts of the bodysuch as Prevention is the best strategy, Covid-19. Now thatmanydental of- strokes. “Periodontal disease is dontologylinked periodontal dis- the lungsand infect heartvalves. says Dr.Palomo.

ficeshavereopened—and arecon- an inflammatory process, and we ease to severe Covid-19complica- Researchersare exploring the TO sidered safebyexperts—it’scrucial know that chronic inflammation tions.Of568 Covid patients links between periodontitis and Ms. Landro, a former Wall Street CKPHO

thatpeople catchupontheir gum is linked to increased risk for studied, those with periodontitis, severaltypes of cancer. Journal assistant managing TO health. Gum disease,oral-health ex- cardiovascular disease,” says Dr. the most severe form of gumdis- Brushing and flossing helps re- editor, is the author of “Survivor: /IS perts warn, has been linked to dan- Christine Jellis, a cardiologist at ease,wereatsignificantlyhigher move plaque on teeth formed by Taking Control of Your Fight GES gerous health problems in other the Cleveland Clinic. risk of complications including bacteria thatcreateanecosystem Against Cancer.” Email: IMA

parts of the body, including heartat- A study published in February death, admission to intensivecare known as abiofilm, awhiteor [email protected]. GETTY Youknow the feeling when youactually wake up early to work out?

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