Biden Fills out Economic Team About$37 Billion

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***** MONDAY,NOVEMBER 30,2020~VOL. CCLXXVI NO.128 WSJ.com HHHH $4.00

Last week: DJIA 29910.37 À 646.89 2.2% NASDAQ 12205.85 À 3.0% STOXX 600 393.23 À 0.9% 10-YR. TREASURY g 4/32 , yield 0.841% OIL $45.53 À $3.11 EURO $1.1963 YEN 104.09 Travel Surges forThanksgiving to HighestLevel SinceMarch S&P What’s News Seeks RivalIHS Business&Finance For $44 &P Global is nearing an Sall-stock deal to acquire IHS Markit forabout $44 bil- Billion lion, which would combine two of the largest providers Combination would of datatoWall Street. A1 create financial-data  Bidenintends to nomi- nateateam of liberal and powerhouse and mark centrist economic advisers biggest deal of year to serve alongside planned Treasury Secretary nomi- BY CARA LOMBARDO nee Yellen as he prepares to AND LIZ HOFFMAN confront the economic fallout from the pandemic. A1 S&P Global Inc.isnearing a S  Airbnb and DoorDash are deal to acquireIHS Markit Ltd. planning to release higher- PRES forabout $44 billion, accord- than-expected valuation TED ing to people familiar with the CIA

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NA Theall-stock deal, which at buy gifts and score Black ROLLING ON: Almost 50 million people were expected to have made a journey during the Thanksgiving holidays as they that pricewould be the largest Fridaydeals they used to get took to the air or the road, said AAA, despite tightening local clampdowns and warnings from federal health officials over of the year,could be an- in malls, as the pandemic the virus. Above, travelers passed through Terminal 3 at O’Hare International Airport in Chicago on Sunday. A3 nounced as soon as Monday, accelerated the remaking of the people said. Thereisal- the U.S. retail landscape. A1 waysachancethe talks could  The coming addition of fall apart at the last minute. Tesla, a $555 billion com- IHS Markit, based in Lon- pany prone to huge swings don, has a market value of in price, to the S&P 500 in- Biden Fills Out Economic Team about$37 billion. S&P’sis dex is causing headaches about $82 billion. across Wall Street. B1, B4 The deal would combine BY KEN THOMAS Mr.Biden has chosen Neera eyemo, aformer senior interna- aggressivefiscal stimulus to one of the oldest names in fi-  Investors’ penchant for AND KATE DAVIDSON Tanden, head of the Center for tional economic adviser during help return the economy nancial marketswith arelative risk-taking has rejuvenated American Progress, acenter-left the Obama administration, to quickly to itspre-pandemic newcomer.S&P traces itsroots leveraged and inverse WASHINGTON—President- think tank,toserveasdirector serveasMs. Yellen’stop deputy health, acause that could run to an 1860 compendium of in- ETFs, a volatile and some- elect JoeBiden intends to nom- of the OfficeofManagement and at theTreasuryDepartment. intoresistanceinaclosely di- formation forrailroad inves- times dangerous group of inateateam of liberal and cen- Budget. Theformer vicepresi- Andhewill turn to two cam- videdCongress. Theadvisers tors and is best known forits exchange-traded funds. B1 trist economic adviserstoserve dent has picked Cecilia Rouse,a paign economic advisers, Jared arealso known foradvocating bond ratings and its stock-  Neighborhood grocery alongside planned Treasury Princeton University labor econ- Bernstein and Heather Boushey, expanded government spending market indexes, which serveas stores aim to become ma- Secretarynominee Janet Yellen, omist, to be chairwoman of the to serveasmembersofthe they saywould boost the econ- shorthand forthe health of jor providers of Covid-19 people familiar with his plans CouncilofEconomic Advisers, CEA alongside Ms.Rouse,the PleaseturntopageA4 global markets. vaccinations as they rush said Sunday, as he prepares to these people said. people said. IHS Markit, formed in 2016 to secure medical gear for confront the economic fallout Thepresident-elect has se- Mr.Biden’sselections in-  Defense secretary delay by the mergeroftwo smaller administering shots. B1 from the coronavirus pandemic. lected Adewale “Wally” Ad- clude outspoken advocates for amplifies dissent...... A4 PleaseturntopageA9 World-Wide Closed GM FactorySpawns Airbnb, DoorDash  Biden’slooming decision on who should runthe Penta- gonhas become acompeti- tivecontest that pitsformer Wave of Industrial Migrants Aim High for IPOs topDefense Department official Flournoyagainst an array of potential candidates. A4 BY MAUREEN FARRELL That is greater than the$25 billion people close to the offering  Trump accused federal Lordstown workers leave families behind in Ohio for far-away jobs Airbnb Inc.and DoorDash Inc. had expected. law-enforcement agencies areplanning to release higher- Typically companies and run by his own appointees BY MICHAEL M. PHILLIPS AND NORA NAUGHTON Mr. Sherry is one of a cadre of Lordstown than-expected valuation ranges their underwritersseek to set of ignoring his unproven workers turned middle-aged industrial mi- fortheir initial public offerings, relatively conservativeinitial claims of mass election On Zach Sherry’s first day of work at the grants, venturing out alone in search of good the latest sign of strength in a ranges,with room to potentially fraud, as his legal setbacks General Motors Co. factory in Bedford, Ind., pay and benefits. booming market fornew issues. pricethe shares at the high end continued to mount. A5 trainers gave a safety presentation that in- Itinerant work has long been common in Airbnb is planning to target a or abovethem beforetrading  Friday’s killing of one cluded an image of a cartoon hand spurting manufacturing, including people moving rangeofaround $30 billion to starts. of Iran’s chief nuclear sci- blood from the ring finger. around the country for fracking jobs. Auto $33 billion—using afully diluted It isn’t clear what per-share entists has set back the The overt message was straightforward: workers haven’t been immune to chasing sharecount—when the home- priceranges the companies will country’snuclear program, Rings can get caught in the machinery, so their livelihoods across state lines, either. rental startup kicks off itsinves- disclose. which had staged a partial don’t wear them on the job. When GM and Chrysler LLC. closed plants as torroadshowTuesday, accord- Airbnb and DoorDash areon rebound after the 2015 nu- The symbolism wasn’t lost on the 48- part of their bankruptcy restructurings a de- ing to people familiar with the track forlistingsinmid-Decem- clear deal unraveled. A7 year-old Mr. Sherry, who had transferred to cade ago, workers were moved to the facto- matter. That is greater than $30 ber—typically aquiet month for the Indiana facility after losing his previous ries that survived. billion people close to the offer- offerings, ending abanner year  Dr. Fauci warned the job at the GM plant in Lordstown, Ohio, that The workers in Lordstown, many of whom ing had expected. forIPOs with abang.Therehas U.S. could experience “a shut down last year. The transfer meant are multigenerational GM employees, never DoorDash, meanwhile,plans already been arecordamount of surge upon a surge” of leaving his family behind one state away. planned to be among them. The plant was an to target arangeofaround $25 PleaseturntopageA8 new Covid-19 cases over “You just took me 450 miles from my example of American manufacturing might billionto$28 billion on afully the coming weeks. A3 home and you’re telling me to take my wed- when it opened in 1966, churning out Chev- diluted basis ahead of aroad-  Tesla set to add $100 billion  New York City public ding ring off,” he says. PleaseturntopageA10 showexpected to begin Monday. in trades...... B1 schools will reopen Dec. 7 for in-person learning for some students in preschool This Year, Smaller Thanksgivings programs and kindergarten INSIDE HolidayShoppersGo through fifth grades. A3 Mean Bigger Leftover Issues

 French prosecutors said S iii they are pressing prelimi- Online,Avoid Stores PRES naryassault chargesagainst The guest list shrank but the birds BY SARAH NASSAUER ping season, the online Black

four policeofficersallegedly ZUMA AND SUZANNE KAPNER Fridaysurge and an expected involved in the beating of didn’t. Anyone for turkey tikka masala? record dayonCyber Monday a Black music producer. A7 SMITH/ U.S. shopperswent online to will be enough to offset the

 Died: Tony Hsieh, 46, GOLD purchase holidaygifts and money lost from in-person NN

former Zappos CEO. A2 BYERIN AILWORTH no paltrypoultryproblem. She LY scoreBlack Fridaydeals they shopping formanychains. tried—likemanyAmericans— oncecrowded intomalls to Heading intothe critical Even afterfoisting apan of to getinonthe tinyturkey OBITUARY grab,asthe coronavirus pan- season, U.S. consumer spend- CONTENTS Outlook...... A2 turkey and gravyonher sis- craze for her family-of-four’s Tony Hsieh, former demic accelerated the years- ing has been strong despitethe Arts in Review... A13 Personal Journal A11-12 ter’sfamily and sending heap- downsized Thanksgiving. But long remaking of the nation’s economic shocks and shut- BusinessNews...... B3 Sports...... A14 CEOofonline shoe Crossword...... A14 Technology...... B4 ings of Jell-O salad off to her the 11-pounder she ordered retail landscape. downstied to Covid-19.The HeardonStreet... B10 U.S. News...... A2-6 neighborsinEvanston, Ill., through adeliveryservice retailer Zappos.com, Abouthalf as manypeople National Retail Federation, a Markets &FinanceB9 Weather...... A14 EmilyMilman surveyed the transformed intoahefty 21.11 46. A2 visitedstoresonBlack Friday tradegroup,has forecast that Opinion...... A15-17 World News...... A7-9 foil-wrapped pans and covered pounds by the time it was as they did last year,according holidaysales will increase at dishes packing her dropped off on her to research firms that track least3.6%toabout $755 bil- > refrigerator the front porch. U.S. NEWS foot traffic.Meanwhile,online lion,including at least 20% dayafter Thanks- “It wasthis be- NewYork schools to spending jumped 22%froma growth from online shopping giving with dismay. hemoth,” she says. reopen foryounger year ago, making it the second- to about $202 billion. “Eek,” she said. What to do with best online shopping dayever PleaseturntopageA8 “We didn’t make a leftover turkey is a students as city measured by Adobe Analytics. s 2020 Dow Jones & Company, Inc. All Rights Reserved dent.” Pleaseturn rethinksstrategy. A3 It is unclear whether an  Officials warn of escalating Ms.Milman’sis topageA8 early start to the holidayshop- Covid-19 surge...... A3 P2JW335000-4-A00200-1------XA

A2 | Monday, November 30, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Eric Morath ECONOMIC Racial GapShapes Path to Recovery CALENDAR Tuesday: Surveys of purchasing managers in the U.S. From ad- Unemployment rate*by Median weekly earnings† by sincethe middle of last year. managerial jobs in industries and Europe are expected to vanced-degree degree type and race, education and race, 2019 In June 2019,the 12-month susceptible to swingsinthe show continued, but slower, holders to October 2020 averageunemployment rate economy, such as construc- growth in manufacturing in No- high-school Bachelor's degree and higher,white forwhites with at least a tion and manufacturing. vember. A report on construction 15% dropouts, Less than $1,380 bachelor’s was0.7 percentage spending is expected to show it Black workers ahigh Bachelor's degree and higher,Black point lowerthan that forsim- nother factor is appar- rose at a faster pace in October. school have substantially higher un- 1,110 ilar Black grads,matchingthe ent discrimination, Federal Reserve Chairman Je- employment rates at every diploma narrowest gapsince2002. A rome Powell and Treasury Secre- said both Ms. Holder level of educational attain- Some college or assoc.degree, white That, in part,reflectsthat and Mr. Holzer. “There are tary Steven Mnuchin appear be- 10 High 894 ment than white workers— school Black workersdisproportion- negative penalties in the la- fore the Senate Banking and the disparity has wid- diploma High school graduate only,white ately held jobs that were lost bor market associated with Committee to present a quar- ened this year during the 778 this year,including in the gender and race that can’t be terly report on the Cares Act. economic downturn caused Associates transportation, hospitality explained by anything else,” This month, Mr. Mnuchin said he by the coronavirus pandemic degree Some college or assoc.degree, Black and retail sectors. said Ms. Holder, who re- would allow several emergency and related shutdowns. 5 720 Thereare several factors, searches economic dispari- Fed lending programs to expire. Bachelor’s The expanding gap signals degree High school graduate only,Black economistssay,that explain ties between racial and gen- Wednesday: The Fedre- Black Americans can expect 635 the long-term discrepancybe- der groups. leases its beige book report. to have a longer and slower Advanced Less than aH.S.diploma, white tween Black and whiteunem- That discriminationcan The last collection of business recovery from the 2020 eco- degree ployment. Black Americans take the form of direct bias anecdotes across Fed districts 604 nomic recession, regardless 0 morefrequently attend lower- against an individual and showed the economy grew at a Less than aH.S.diploma, Black of whether they have at- Black White quality elementaryand high structural factorssuch as ac- “slight to modest” pace in the tended college or not com- Latino 536 schools in racially segregated cess to quality education, early fall. pleted high school. neighborhoods,which may health care and generational Thursday: U.S. applications *Average monthly rate,12months ended Oct. 2020 †Annual data, full-time workers 25 and older leave them lessprepared to wealth, she said. for unemployment benefits are lack workerswith just Source:Labor Department succeed in collegeorattheir Lowerearningsand weaker expected to have remained ele- abachelor’s degree had firstjobs,said HarryHolzer, employment prospectsfor vated in the week ended Nov. B have ahigher unemployment a6.1% averageunem- rent and futuregrowth, econ- an economist at Georgetown Black workershavecostsfor 28, after rising the prior week. ployment rate in the 12 rate at each level of educa- omistssay. University. society overall, Ms.Holder The Institute for Supply Man- months ended in October,ac- tional attainment than Latino “Elevated unemployment, Blackworkerswith dispro- said. It means fewerdollars agement’s survey of purchasing cording to the Labor Depart- workers, but the disparity is and high levels of unemploy- portionately lowerskills and areearned, spent and taxed managers is expected to show ment. That washigher than lesspronounced. ment acrossdemographic higher unemployment levels in Black communities.Higher continued expansion in the ser- the 4.8% unemployment rate “Frequently, Black work- groups including Black Ameri- won’t be as productiveas ratesofunemployment and vices sector but at a slower forwhiteworkerswith just a ers need to send additional cans,signals an economyop- possible,Mr. Holzer said, lim- poverty areassociated with pace in November. bachelor’s degree,and ex- signals about their qualifica- erating belowfull potential,” iting howmuch the economy lessstable families,higher Friday: The highlight of the actly matched the jobless tions to get the same job,” Mr.Hardy said. canexpand. Black workers ratesofincarceration and week’s data will be the Novem- rate forwhitepeople with as- said Bradley Hardy, an econ- In October,the 12-month also canlack access to better, worsehealth outcomes.The ber payrolls report. U.S. employ- sociatedegrees. omist at American University averageunemployment rate morestable jobs because they people living in those commu- ers are expected to have added Thedisparity widens for in Washington. “That’s why forwhites with abachelor’s maynot have the network of nities oftenrequireadditional 425,000 jobs, marking the sev- those with lesseducation. you’ll see a Black person degree or higher was1.2 per- contactstoknowabout them, public assistance, such as enth straight month of job gains, Black workerswith only a with a master’s degree in a centagepointslowerthan or they mayfacechallenges food stamps and Medicaid. but at a notably slower pace high-school diploma had a job that only requires a that forBlack grads,among likelack of access to transpor- “One way or another, than the 638,000 clocked in Oc- 12.1% averageunemployment bachelor’s.” those 25 yearsorolder,ac- tation or child care,hesaid. Americawill bear the burden tober. Economists expect the un- rate over the past year,above Such gaps have broad im- cording to Labor Department Michelle Holder,anecono- of this,” she said. “Higher in- employment rate to tick slightly the 7.4% rate forsimilar white plications forthe U.S. econ- data. Forthose with just high- mist at John JayCollegeof carceration, higher Covid-19 lower in November to 6.7%. workers, and abovethe 10.1% omy’spath ahead, indicating school diplomas,the gapwas Criminal JusticeinNew York, deaths of Black people,more Also due out is trade data, rate forwhitehigh-school it isn’t fully using itsre- 4.7percentagepoints. said Black men, in particular, taxdollarsspent. Thebill will which is expected to show the dropouts. Black workersalso sources, which limitsits cur- Both gaps have widened areoverrepresented in non- come due.” deficit widened in October. U.S. WATCH Ex-Zappos CEO PutService First TEXAS Mr.Polis had started quaran- tining Wednesdayafter he said BY JAMES R. HAGERTY Suspect With Knife he wasexposed to the virus. Is Shot by Police The statehas been hit with a Tony Hsieh,who led online substantial spikeinCovid-19 shoe retailer Zappos.com Inc. Police in the West Texas city cases. One in 41 residents arebe- fortwo decades,had some sur- of San Angelo fatally shot a lievedtobecontagious. prising guidancefor employees: man early Sunday after he ap- —Associated Press If customerswanted ashoe proached officers with a knife Zappos couldn’t supply,the rep- during a domestic violence call, a CALIFORNIA resentativeshould direct them police spokesman said. to arival that could. Around 12:30 a.m., officers Newsom Halts Parole That service, he figured, was were dispatched to a home after For Manson Follower agood way to cultivateloyal getting a call about a man who customers. was punching a woman inside. California Gov. Gavin Newsom Mr.Hsieh, an internet pio- They arrived to find the woman reversed parole forCharles Man- neer,customer-servicefanatic, and 38-year-old Adam Lee Men- son followerLeslie VanHouten, management dez, police spokesman Josh marking the fourth time agover- OBITUARY guru and best- Schultz said. nor has blocked her release. TONY HSIEH selling author, An altercation followed and ACalifornia panel recom- 1973-2020 died on Friday Mr. Mendez displayed a knife, mended parole in July forVan at theage of 46 leading officers to use “less le- Houten, who has spentnearly of injuries from ahouse fire in thal devices,” Mr. Schultz said. fivedecades in prison. Mr. NewLondon, Conn. That failed to stop Mr. Mendez Newsom reversed her release As ayoung entrepreneur,Mr. and, ignoring the officers’ com- oncepreviously and his predeces- Hsieh changed the faceofinter- mands, he began approaching sor,Jerry Brown, blocked it twice. net retailing with bold strokes. S

them, so they shot him, Mr. Ms. VanHouten’sattorney, To overcome customer skittish- PRES Schultz said. Rich Pfeiffer,said theywould ap- nessabout ordering shoes with- Mr. Mendez was taken to a peal the decision. “This reversal out trying them on first, Zappos ZUMA hospital, where he died. The offi- will demonstratetothe courts offered free shipping and free cers weren’t hurt and were thatthereisnoway Newsom returns,giving customersas SMITH/

placed on leave pending an in- will let her out,” Mr.Pfeiffer said. long as ayear to send back un- GOLD NN

vestigation into the shooting. “Sotheyhave to enforce the law wanted products. Customers LY —Associated Press or it will neverbeenforced.” could order dozens of pairsof Former Zappos CEO Tony Hsieh, shown in 2013, died from injuries in a house fire. Ms. VanHouten is serving a shoes and keep only those they COLORADO lifesentencefor helping Manson liked—a policythat set ahigh yard and sell his slithering and others kill LosAngeles grocer barfor rivals. Recordings Raise chived by Broadcastify, which product to the public.Heburied Governor Has Virus Leno LaBianca and his wife, Rose- TheHarvard-educated CEO, streams public-safety, marine chicken wireinaneffort to But Is Asymptomatic mary,in1969. Ms. VanHouten whose parentswereimmigrants Questions on Death and aircraft radio dispatches, keep his worms from escaping was19when she and other cult from Taiwan, also insisted on and verified by Storyful, a and fedthem with rawegg Colorado Gov. Jared Polis has members fatally stabbed the La- keepinghis call center in the news and intelligence agency, yolks.After amonth, he discov- testedpositivefor the coronavi- Biancas and smeared the couple’s U.S. rather than outsourcing it Recordings of emergency re- which is owned by The Wall ered they had all escaped. rus. Mr.Polis and his partner, blood on the walls. to an overseas supplier that sponders offer aglimpse into Street Journal’s parent com- His SATtraining began in Marlon Reis, both have Covid-19 The daybefore, other Manson might not meet his exacting the circumstances surrounding pany, News Corp. sixth grade.His parentsalso re- and areasymptomatic, the gover- followers, notincluding Ms. Van standards.Instead of being aConnecticut fire thatled to Mr.Hsieh’sattorney, Puoy quired him to take piano and vi- nor said Saturdaynight. Houten, killed pregnantactress compensated forhandling a the death of former Zap- Premsrirut, and Thomas Curcio, olin lessons.Tomakethem Sharon Tate and four others. high number of calls quickly, pos.com Inc. Chief Executive the NewLondon firechief,didn’t think he waspracticing,here- THE WALL STREET JOURNAL Mr.Newsom said in his deci- Zappos employees were encour- Tony Hsieh. respond to questions about the corded practicesessions and sion that“evidenceshows that aged to spend hoursonthe line Firstresponders in New recordings. In response to ques- playedthem back early on (USPS 664-880) (Eastern Edition ISSN 0099-9660) she currently poses an unreason- with asingle customer if that London, Conn., rushed to a tions about Mr.Hsieh’sdeath, weekend mornings. (Central Edition ISSN 1092-0935) able danger to societyifreleased waswhat it took to reach satis- burning three-story,beachfront Chief Curcio confirmed thatfire- His mother hoped he would (Western Edition ISSN 0193-2241) from prison.” faction. home around 3:34 a.m. on Nov. fighters were called to the go to medical school or earn a Editorial and publication headquarters: —Associated Press Virtually all retailersclaim to 18, whereanemergency home, removedaman and took Ph.D.Hepreferred the idea of 1211 Avenue of the Americas, offer great service, agenerous worker said one man was him to the hospital. Ms. Prem- going intobusiness. New York, N.Y. 10036 assortment and competitive “stuck inside,” according to a srirut said Mr.Hsieh died from Aftergraduating from Har- Published daily except Sundays and general legal holidays. Periodicals postage paid at CORRECTIONS  prices,said Mark A. Cohen, di- radio recording of firstrespond- injuries suffered in aNov.18fire vard,hejoined Oracle Corp.in New York, N.Y., and other mailing offices. rector of retail studies at Co- ers. Some firefighters and dis- in NewLondon. 1995 and wastrained in data- Postmaster: Send address changes to AMPLIFICATIONS lumbia University Graduate patchers referred to the victim Chief Curcio said the fire base programming.Fivemonths The Wall Street Journal, 200 Burnett Rd., School of Business.“Most of as “trapped,” while one said the was still under investigation. later,hequit to focus on abusi- Chicopee, MA 01020. them,” he said, “are not telling man was“barricaded” inside. No cause has been released. nessheand aHarvardclass- All Advertising published in The Wall ThePageOne article on the truth.” Mr.Cohen, also a The recordings were ar- —Lee Hawkins mate, SanjayMadan, had Street Journal is subject to the applicable rate card, copies of which are available Fridayabout Salesforce.com longtime Zappos customer,said started to createwebsites for from the Advertising Services Department, Inc.’sbid to buy Slack Technol- the companypersisted with companies.Quickly bored by Dow Jones & Co. Inc., 1211 Avenue of the ogies Inc.was writtenbyCara what he called an incomparable He co-founded an online ad representatives rather than that business, they transformed Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an Lombardo,Aaron Tilley and servicelevel. companyinhis early 20s and email. “The telephone is one of it intothe LinkExchangeinter- advertiser’s order. Only publication of an Liz Hoffman, with contribu- Alfred Lin, who met Mr. sold it to MicrosoftCorp.for the best branding devices out net ad service, based in San advertisement shall constitute final tions from Dana Cimillucaand Hsieh at Harvardand served as about $265 million in 1998.The there,” Mr.Hsieh wroteinhis Francisco, and attracted fund- acceptance of the advertiser’s order. Maureen Farrell. Thebyline chief financial officer of Zappos next year he invested in what 2010 bestselling memoir,“De- ingfromSequoia Capital. Letters to the Editor: Fax: 212-416-2891; email: [email protected] incorrectly contained only Mr. in itsearly years, said Zappos became Zappos,nursed it livering Happiness.” Within two years, Mr.Hsieh Tilley’s name. succeeded partly because of his through the dot-com bust and Theoldest of three sons, wasbored by that businessand Need assistance with your subscription? By web: customercenter.wsj.com; friend’swillingnesstotry things later became chief executive. Tony Hsieh wasborn Dec.12, agreed to sell it to Microsoft. By email: [email protected] Noticetoreaders that struck othersascrazy.One Amazon.comInc.bought Zap- 1973,inIllinois,wherehis par- Mr.Hsieh wasunmarried By phone: 1-800-JOURNAL (1-800-568-7625) Wall Street Journal staff of those ideas wasoffering re- posin2009 forabout $1.2 bil- entsweregraduatestudents. and had no children. In 2012, he membersare working recent hires amonth’spay if they lion and, impressed with Mr. When he was5,the family told the NewYork Times that Reprints &licensing: By email: [email protected]; motely during the pandemic. quit. That proved agood way of Hsieh’sstyle,let it operateas moved to the LucasValley area he enjoyed“hanging out with By phone: 1-800-843-0008 Forthe foreseeable future, eliminating employees who an autonomous subsidiary of Marin County,Calif.His different people” rather than WSJback issues and framed pages: please send reader comments weren’t highly committed, Mr. headed by Mr.Hsieh, whose mother wasasocial worker, formally dating.“I’m not op- wsjshop.com only by email or phone, using Lin said. name is pronounced shay. He and his father achemical engi- posed to the idea of marriage,” Our newspapers are100% sourcedfrom the contactsbelow, not via Mr.Hsieh came acrossasshy retired in August as chief execu- neer at Chevron Corp. he said. “But statistically,ifhalf sustainably certified mills. U.S. Mail. and reserved but loved to throw tiveofZappos. At age9,hepersuaded his of all marriages end in divorce, hugeparties.For aspell he Phone numbersweredis- parentstopay $33 forabox of and of the ones that remain Readers can alert The Wall Street lived in an Airstream trailer in playedprominently on the web- dirt containing at least 100 marriedmanyare unhappily GOTATIP FORUS? Journal to any errors in news articles SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or downtownLas Vegas, wherehe site, and customerswereen- earthworms.His idea wasto married, theodds arestacked by calling 888-410-2667. kept apet alpacanamed Marley. couraged to call Zappos createaworm farm in his back- againstyou.” P2JW335000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Monday, November 30, 2020 | A3 U.S. NEWS Travel Returns With Gusto Officials Warn of Despite CDC advice, Rising Case Surge Thanksgiving period is busiestsincepandemic BY KATE DAVIDSON WhiteHouse coronavirus co- AND TARINI PARTI ordinator Deborah Birx,speak- took hold in March ing on CBS’s“Face the Nation,” AnthonyFauci, the Trump said states and cities with high BY DOUG CAMERON administration’stop infectious- coronavirus case numbersand AND ALISON SIDER disease expert, warned Sunday increased hospitalizations the countrycould see “a surge should consider mask mandates Theweekend afterThanks- upon asurge” of newCovid-19 and further restrictions on bars giving met expectations that it cases over the coming weeks, and restaurantstobettercon- would be the busiest travel adding that he expectsrestric- trol the spread. period in the U.S. sincethe tions on travel and large gath- “The firstthing youshould coronavirus pandemic began, erings will persist through the do is close spaces where peo-

aided by clement weather and S Christmas season. ple cannot wear masks and we

lowergas prices that encour- PRES “You know, we don’t want knowwherethat is—that’s aged some to driverather to frighten people,but that’s bars and indoor restaurants,” UMA

than fly. /Z just the reality,” Dr. Fauci, di- Dr.Birx said. “Reducecapacity Almost 50 million people TO rector of the National Institute if needed, you may even have were expected to have made a of Allergy and Infectious Dis- to close them.”

journey during the Thanksgiv- /NURPHO eases,said on ABC’s“This Therehavebeen morethan ing holiday, said AAA,despite SY Week.” “So I cannot see all of 13.3 million confirmed cases of tightening local clampdowns asudden arelaxation of the Covid-19 in the U.S.,according

and warningsfromfederal HENNES kinds of recommendations or to datafromJohns Hopkins UL

health officials.The U.S. Cen- PA restrictions,” he added. University.The country’s ters forDisease Control and Fliers lined up at asecuritycheckpointatOrlando International Airport on the daybeforeThanksgiving. Surgeon General Jerome Ad- death toll Sundaystood at Prevention on Nov. 19 recom- ams echoed those concerns on more than 266,000. mended people not travel over down the East Coast. Only spill over intothis week,even could celebratetogether “Fox News Sunday,” saying: “I Officials’ pessimism was Thanksgiving. around 200 flightswere though morepassengershave safely. want to be straight with the tempered by hopes that some Thenumber of travelers scrubbed acrossthe country been booking—and cancel- She said LosAngeles Inter- American people: It’sgoing to Americans could begin receiv- from Wednesdaythrough Sun- over this past weekend, with ing—at the last minute. Most national Airport last week was getworse over the next several ing vaccines over the next few daywas down morethan 10% the totalnumber of flights airlines have dropped change busier than when she flew in weeks.” weeks. from arecordset last year, ac- down by around half from a fees to encouragedemand. June,but not as crowded as it He said that people who Thevaccines likely won’t be cording to AAA,which in- year ago. “Wehad averageloads,as normally is during the holiday traveled or attended large available forthe general public cludes flightsand road trips of Most airlines have been fill- expected, with aslight uptick season. “For the most part, gatheringsfor Thanksgiving until the end of the firstquar- morethan 50 miles.Airlines, ing planes to flyfull or plan to in cancellations,” said a people aresocial distancing,” should isolateand gettested terorbeginning of the second which boosted capacity earlier do so soon. Southwest Air- spokesman forSouthwest. she said. over thenextfew days,and quarter, Dr. Adams said. in the month only to trim fly- lines Co.has been capping the Manywould-be fliersopted Othertravelersdecided to othersshould continue to wear ing when cancellations started number of passengers—the to remain at home or drive. call off their plans. masks and social distance.  More Covid-19 coverage...... A6 to climb in recent weeks,said equivalent of leaving middle TheAAA forecast road jour- WhenFrank Gervasi took a traveler numberswere in line seatsempty—but plans to stop neyswould be down around trip to Denveroverthe sum- with their revised expecta- that practiceDec.1.American 4% from last year,evenasgas mer,hesaid airportswererel- tions. Airlines Group Inc.and prices fell to their lowest level atively emptyand he had a TheTransportation Secu- United Airlines Holdings Inc. since2015,averaging $2.13 a rowtohimself on his flight. rity Administration said its have been filling middle seats gallon forregular on Sunday. But as Covid-19 case numbers workersscreened morethan formonths. Rail and bus travel is expected climbed this fall, he said he 964,000 people on Saturday, Airlines sayresearch indi- to be 76%loweroverthe holi- began to have second thoughts down 37% from ayear earlier, catesthe risk of transmission day period, said AAA. Amtrak about atrip to NewJersey and morethan amillion on during flightsislow even hasn’t updated ridership num- from Phoenix to visit family COLLECTION Wednesday, the busiest flying when they arefull. Some trav- bers forthe Thanksgiving sea- forThanksgiving. daysinceMarch. TSAsaid it elershavesaid they have been son. He thought that crowds Fifty Fathoms expected screeningsonSun- alarmed when flightsappear JessicaBrown decided to would probably be biggerfor daytobehigher than that. full. DeltaAir Lines Inc.has stick to her plans to flyto the holiday. He is still going to Travel flowswerehelped by said it would continue block- Tampa, Fla., to visit family for work in abar,soquarantining the lack of winter storms that ing middle seatsthrough the holiday. She works from beforethe trip would be im- affected travel last year,trig- March. home and so do most of her possible.Hecanceled his trip gering thousands of scrubbed Airlines said they didn’t ex- relatives,which she said led about two weeks beforethe flightsinthe Northeast and on pect higher holidaydemand to them to conclude that they holiday. oject Pr Ballesta/Gombessa ent GES Laur IMA

aph: NEW YORK ·697 FIFTH AVENUE BETWEEN ETTY TH TH /G 54 &55 STREET ·212 396 1735

ANO LAS VEGAS ·THE FORUM SHOPS AT IS CAESARS PALACE ·702 369 1735 ©Photogr CC LO MICHAEL Teacher Melissa Wong at Yung Wing School P.S. 124 in Manhattan on Nov. 19, when all in-person learning in the city was suspended. NewYorkSchools Will Reopen With In-Person Learning forSome

BY KATIE HONAN learning with no target datefor unions and parents. When in- program has conducted about AND LESLIE BRODY areturn, Mr.deBlasio said. The person instruction stopped ear- 160,000 tests, and found 453 over 500,000 studentsofall lier this month, schools had positiveresults, forapositivity NewYork City public schools ages whohaveopted forfully only been open fortwo months. rate of about 0.28% between will reopen Dec.7for in-person remotelearning this fall will When vaccines become when schools reopened in late learning forsome studentsin continue in that model, accord- widely available,the model Septemberand the closurein preschool programs and kinder- ing to city officials. could shiftagain, Mr.deBlasio November. garten through fifthgrades,but Thereturning studentscould said. He said when the virus Deborah Alexander,amem- middle-school and high-school see in-person instruction ex- caseload improves,theremight ber of the Community Educa- studentswill continue to re- pand to five days aweek if their be another windowfor families tion CouncilinDistrict 30 in ceivefully remoteinstruction schools have the capability and to opt intoin-person learning. Queens,said the newplan fornow,Mayor Bill de Blasio spaceallows,Mr. de Blasio said. Chancellor RichardCarranza prompted questions,including said Sunday. Thereturning studentswill also said some in-person teachers which specific schools could Theplan comes afterthe na- be tested forCovid-19 weekly, who were teaching just afew open and when older students tion’slargest school district he said. ‘‘We’reconvinced we studentsinaclassroom might might gettoreturn to campus. stoppedin-person learning in cankeep schools safeand do it nowteach seven or eight, which Thecity’s teachersunion mid-November when the share in asustainable manner,” the backsthe newplan. “Weare of positiveCovid-19 testsinthe mayorsaid. supportiveofaphased reopen- city over aseven-day average Special-education students Middle and high ing of schools in other neigh- hit 3%, athreshold the city had in aprogram known as District borhoods as long as stringent set beforethe academic year as 75 will resume in-person learn- school students will testing is in place,” United Fed- atriggerfor closures.The city’s ing on Dec.10. continue to have eration of TeachersPresident testing of school staff and stu- Thereopen plan follows a MichaelMulgrew said. GMT EARTH dentshas shown alow infection hectic and difficult chapter for remote instruction. TomSheppard, aBronx par- In platinum rate in classrooms,leading offi- city families.Public schools ent on the city’s Panel forEd- cials to rethink the 3% mark in shut down abruptly in mid- ucational Policy, said he un- recent days. March when the virus surged, derstood the desire to reopen Thedistrict is limiting the and the city scrambled to create could help alleviate astaffing schools. Buthesaid it didn’t CELLINI -NEW YORK reopening to those who have aremote-learning plan forthe crunch.“It’sstill aherculean makesense to reopen schools www.cellinijewelers.com already opted foramix of re- rest of the academic year. task forour principals and when virus cases were surging STEPHEN SILVER -SAN FRANCISCO motelearning and in-person NewYork City then became school communities,” he said. in the city, and the test posi- www.stephensilverfinejewelry.com instruction,and leavesout oneofthe few big urban dis- Manyparentshaveprotested tivity rate washigher than the SYDEL&SYDEL -CHICAGO,IL middle- and high-school stu- trictsnationwide to open for the recent closures,citing the mayor’soriginal closure www.sydelandsydel.com dentsand some others. in-person instruction this fall. lowinfection rate of students threshold. About 190,000 of the Itsinitial reopening of schools andstaff,asagrowing body of TheshareofCovid-19 tests FORINFORMATION ∙TIME ARTDISTRIBUTION LLC 335,000 studentswho chose wasdelayeduntil lateSeptem- research in the U.S. and abroad in the city that arepositiveis Phone +1 212 221-8041 ∙[email protected] mixed learning areeligible,the ber aftercity officials sought to finds that schools aren’t major 3.9% over aseven-day average mayorsaid.The other 145,000 take safety steps that would sites of transmission. through Friday, according to studentswill remain in remote satisfydemands of school Thedistrict’srandom testing city data. P2JW335000-4-A00400-17FFFF5178F

A4 | Monday, November 30, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Defense-Chief Delay Amplifies Dissent Progressives lobby against top candidate as other contenders for post emerge

BY MICHAEL R. GORDON AND NANCY A. YOUSSEF

President-elect Joe Biden’s looming decision on who should runthe Pentagon has become asurprisingly competitive contest that pits former top Defense Department official Michèle Flournoy against an array of potential candidates, including a retired U.S. militarycommander and aformer Homeland Security head. Thedecision is widely seen as a test of Mr. Biden’s prom- isetofield ateam that is di- verseinrace, gender and eth- nicity,but also carries implications forPentagon strategy and programs. Last week, Mr.Biden rolled out his picks for secretary of stateand other national-security posts, but didn’t name a GES defense chief,adelaycam- IMA

paignofficials haven’t ex- GETTY plained. Thelag has opened the door forsupportersand critics of Ms.Flournoyto MAKELA/

lobby the incoming president, MARK in social-media commentsand President-elect Joe Biden has promised to field a team that is diverse. He made his choices for secretary of state and other national-security positions last week. public statements. Just weeks ago, Ms. general counsel beforeleading Spokesmen forthe Biden rines and is on the House Statesneed asecretaryofDe- treaties and knowledgeofnu- Flournoywas seen by many the Homeland Security De- transition team declined to Armed Services Committee, fense who is untethered to the clear weapons. defense expertsasthe unri- partment under former Presi- comment, and none of the po- wrote in a tweet last week. weapons industry,” says a Connections to the defense valed favorite. Aformer top dent Barack Obama, and Lloyd tential candidates have com- Several progressivegroups, statement that is to be issued industryalso aren’t unusual Pentagon official forpolicy Austin, aretired Armygeneral mented. however, aremounting acam- Mondaybythe groups,includ- among the candidates Mr. Bi- during the Obama administra- who ranthe military’sCentral SupportersofMs. Flournoy paign against her nomination, ing CodePink,Our Revolution, den is considering. Mr. John- tion, she would have been Command during the Obama said she understands the ex- citing her role as aboard ProgressiveDemocratsofson is a member of the board picked as the firstfemale sec- years. isting Pentagon bureaucracy member of BoozAllen Hamil- America, RootsAction.organd of directors forLockheed Mar- retary of defense had Hillary Both Mr. Johnson and Gen. and the futureofU.S.defense. tonHolding Corp., aPentagon World Beyond War. tin Corp., while Gen. Austin is Clinton been elected president Austin areBlack,and some “That’sararecombination. I contractor,and her support of Progressivegroups,how- on the boardofdirectors for in 2016, former officials say. Democratshavesaid Mr.Biden would lovetosee her nomi- the surge of troops in Afghani- ever,aren’t of one mind, and a Raytheon Technologies Corp. Twoother candidates since so far hasn’t named asuffi- nated forSecretaryofDe- stan during the Obama admin- number of expertsfrompro- have emerged: JehJohnson, cient number of Black admin- fense,” Rep.Seth Moulton (D., istration. arms-control groups have  Biden’s goodwill sparks who served as the Pentagon’s istration officials. Mass.), who served in the Ma- “The people of theUnited praised her support of nuclear debate within NATO...... A7

left. Ms.Tanden has publicly adviser and chief spokesperson they prevail in at least one of Biden Picks tangled with allies of Sen. Ber- President-Elect detailed imaging,” Mr. Biden’s forMs. Harris. two runoff elections in Georgia nie SandersofVermont. Mr. doctor, Kevin O’Connor, director TheBiden economic team in January. Ademayo has worked at Black- Twists His Ankle of executive medicine at GW will facedifficult decisions on Just as he did with his for- Economic RockInc., the world’slargest Medical Faculty Associates, howmuch the federal govern- eign policyannouncements, Mr. assetmanager,apotential red said. A follow-up CT scan con- ment should borrow and spend Biden appearstobeplanning to flag forsome progressives op- President-elect Joe Biden firmed hairline fractures of Mr. as the Covid-19 pandemic hangs packagehis economic team as Advisers posed to anynominees with twisted his ankle over the Biden’s lateral and intermediate over the economy. much fortheir gender and ra- ties to Wall Street. weekend while playing with his cuneiform bones, which are in Growth has recoveredfaster cial diversity and their personal Many membersofthe new dog Major, his aides said Sun- the midfoot, Dr. O’Connor than manyeconomistsex- stories as on their economic re- ContinuedfromPageOne team have playeddowncon- day. The injury caused a hair- added. ”It is anticipated that he pected, afterwidespread shut- cord. omy’slong-term potential, in cerns about budget deficits, line fracture, requiring the 78- will likely require a walking downs aimed at slowing the Ms.Yellen, who wasnamed areas that areliberal priorities which have reached record lev- year-old to wear a walking boot for several weeks.” spread of the virus triggered by former President Barack such as education, infrastruc- els over the past year,arguing boot “for several weeks,” ac- Mr. Biden returned to Wil- millions of layoffs and plunged Obama as the Fed’sfirst chair- ture and the green economy, that the risks of doing toolittle cording to his physician. mington, Del., on Sunday after the economyintoarecession. woman, would be the first and policychanges aimed at to support the economyare far “Initial X-rays did not show spending the holiday weekend Thereare recent signs,how- woman to lead the Treasury narrowing racial disparities in greater than the risks of bor- any obvious fracture, but his in Rehoboth Beach, Del. ever,that momentum is slow- Department. the economy. rowing and spending toomuch. clinical exam warranted more —Tarini Parti ingasnew virus cases surge, Mr.Adeyemo,who as achild Several of the choices,in- Mr.Biden and Vice Presi- and much of the aid lawmakers emigrated to the U.S. from Ni- cludingMs. Rouse,Mr. Bern- dent-elect Kamala Harris are passed earlier this year has run geria with his family,would be stein and Mr.Adeyemo,are for- expected to introducehis key Council. He is considering Brian nation’smost prominent Black out. JPMorganChase &Co. the department’sfirst Black mer Obama administration economic picks TuesdayinWil- Deese,aformer senior Obama executives. economistssaid in November deputy secretary. Ms.Rouse officials who playedkey roles mington, Del., as his incoming administration official and a Mr.Biden announced on that they expect the economy would be the firstwoman of in the aftermath of the finan- administration faces achalleng- BlackRock executive, one of the Sundayhis WhiteHouse senior to shrink in the firstquarter of color to lead the council while cial crisis. ing economic outlook with mil- people familiar with the discus- communications team, an all- 2021. Ms.Tanden would be the first Some membersofthe eco- lions of people still seeking sions said. female seven-member group Mr.Biden campaigned on a woman of color and the first nomic team arelikely to please work and signs that job growth Another candidateisRoger that includes JenPsaki, afor- platform that centered around South Asian woman to oversee party progressives.All three might be slowing heading into Ferguson, chief executiveofthe mer Obama WhiteHouse com- raising taxesoncorporations, OMB. membersofthe CEA areknown the winter. TeachersInsuranceand Annu- munications director,ashis in- capital gains and households Ms.Tanden is aformer ad- fortheir work giving greater One member of Mr.Biden’s ity Association of America, the coming WhiteHouse press earningmorethan $400,000 visertoHillaryClinton, who prominenceinpolicydebates to economic team isn’t expected person said. Mr.Ferguson is a secretary, Kate Bedingfield as but he will facestiff opposition wonthe 2016 Democratic presi- inequality.But othersmight to be made public Tuesday: the former vicechairman of the his communications director, from Republicans who could dential nomination afterabit- draw some criticism from the head of his National Economic Federal Reserveand one of the andSymone Sandersassenior win anarrow Senatemajority if tercontest with Mr.Sanders. P2JW335000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** Monday, November 30, 2020 | A5 U.S. NEWS Trump Says FBI Ignores Voting Fraud

BY ALEX LEARY ment didn’t respond to are- quest to comment. WASHINGTON—President Sunday’scomplaintsabout Trump accused federal law-en- the two agencies followearlier forcement agencies runbyhis criticism by Mr.Trump against ownappointees of ignoring his officials at both. Thepresident claims of masselection fraud, has expressed frustration in re- as his legal setbacks continued cent months with Attorney to mount. General William Barr fornot “Missing in action,” Mr. moreaggressively probing Trump said during an interview shortcomingsinthe FBI’sinves- SundayonFox News.“You tigation intomembersofMr. would think if you’reinthe FBI Trump’s2016 presidential cam- OL

or Department of Justice, this paign and anylinks to Russia’s PO is thebiggest thing youcould election-interferenceefforts. S

be looking at. Whereare they? Mr.Trump has speculated /PRES I’venot seen anything.” openly about firing FBI Director ONIS No evidenceofwidespread Christopher Wray—whom he voterfraud has surfaced, and appointed in June 2017—and KLEP

homeland-security officials in hasdisagreed with him over CHRIS early November called the 2020 Russian election interference PresidentTrump returns to the WhiteHouse with his grandchildren after spending Thanksgiving weekend at Camp David. contest wonbyformer Vice andallegations of voterfraud. President JoeBiden “the most In September, Mr.Wray testi- rigged.” Pennsylvania Supreme Court on fied that Mr.Biden wonPenn- willing to hear acase,” he said secureelection in U.S. history.” fied beforeCongress that Rus- TheAssociated Pressde- Saturdaydealt another blowto sylvania’s20electoral votesby of the court losses.“Youneed a Federal officials also have sia wasactively trying to influ- clared Mr.Biden the winner of Republicaneffortstoreverse about 80,000 votes. Supreme Court that’swilling to agreed with stateelection au- encethe 2020 election by the election,with 306 electoral the election resultsthere, dis- On Friday, the Philadelphia- makeareal big decision.” thorities that they have seen no denigrating Mr.Biden, drawing votesto232 forMr. Trump.Mr. missing alawsuit brought by based ThirdU.S.Circuit Court On Sunday, Wisconsin elec- evidencethat voting systems Mr.Trump’sire. Biden also wonthe popular vote Rep.MikeKelly (R., Pa.) and of Appealsdenied an appeal in tion officials confirmed that Mr. were tampered with. Multiple Mr.Trump on Sundaymain- with morethan 80 million peo- other plaintiffs.They argued a aballot challenge, saying the Biden wonthe stateafter they federal judges—including some tained claims of widespread ple casting ballotsfor him ver- lawpassed last year allowing Trumpcampaign’scase lacked concluded arecount in two appointed by Mr.Trump—have fraudinMr. Biden’svictory. sus about 74 million forMr. expanded mail-in voting vio- proofand had no merit. That heavily Democratic counties, dismissed Trump campaign “And howthe FBI and Depart- Trump.The Electoral Collegeis lated the state’sconstitution. ruling could be appealed to the Milwaukee and Dane,which in- complaints, saying they lacked ment of Justice—I don’t know,” scheduled to meet to certifythe “They have failed to allege U.S. Supreme Court. cludes Madison. Mr.Biden’slead proof backing up allegations of he said. “Maybe they arein- election Dec.14. that even asingle mail-in bal- When asked about that pros- of roughly 20,000 votesgrewby fraud. TheFederal Bureau of volved.But howpeople areal- Mr.Trump’slatestcom- lot wasfraudulently cast or pect Sunday, Mr.Trump said, 87 votes, officials said. Investigation declined to com- lowedtoget away from this mentscame as his legal team counted,” JusticeDavid Wecht “It’sveryhardtoget acase to —Ben Kesling ment SundayonMr. Trump’s stuff—with this stuff is unbe- continues to lose cases in wrote. the Supreme Court.” and Tarini Parti remarks.The JusticeDepart- lievable.This election was courtsacrossthe country. The Thestate had already certi- “You need ajudgethat’s contributed to this article. Allegations in States Challenged U.S. Climate Policy TexasTurn Focus BY TIMOTHY PUKO WASHINGTON—Nearly two dozenDemocratic-led states at odds with the Trump adminis- On GoogleCase tration on climate-changepol- icyjoined forces last year to ex- ploreusing the courtstosecure BY ELIZABETH FINDELL productshelp expand choices federal mandates on green- AND KEACH HAGEY forconsumersand businesses. house-gas emissions,according Theturmoil has delayedthe to recordsand interviews. AUSTIN,Texas—Eight high- filing of the Google lawsuit, ac- Thecoalition agreed to co- ranking employees of the Texas cording to people familiar with operateinplanning litigation attorney general’soffice thematter. BeforeMr. Paxton’s against the federal government reached out to law-enforcement stafferscalled in September for and consulted with former En- authorities in September with a lawenforcement to investigate, vironmental Protection Agency bold accusation, according to a people familiar withthe case officials as part of the discus- lawsuit filed earlier this month. said the attorney general ex- sions, according to documents They claimedtheir boss, Repub- pected to file acase within reviewedbyThe Wall Street lican Attorney General KenPax- weeks—and certainly by the end Journal and people involved in ton, had illegally usedhis office of the year.That timeline is now the effort. to interfere with an FBI investi- up in the air, thepeople said. Theinitiativelost momen-

gation intoacampaign donor. Mr.Paxton’sofficedidn’t re- tum in recent months,some of S

In the weeks afterthe em- spond to requestsfor comment these people said, amid fearsof NEW ployees notified the attorney about the status of the Google an uphill fight in federal court G general’sofficeoftheir claims, investigation or about allega- and because stateleaders

all eight were firedorresigned, tions of wrongdoing.Hewanted to await resultsofthe OOMBER and some faced retaliation from tweeted astatement Nov.17 Nov.3election,which saw /BL Mr.Paxton, according to the saying his office’swork contin- Democrat JoeBiden defeat ANT

lawsuit, which wasbrought by ued unimpeded. He said the for- President Trump.Some lawyers MORD four of the firedemployees and mer employees’ “allegations are and people involved expect that

alleges violation of whistle- overblown, based upon assump- these states arenow more ANGUS blowerprotections.The Federal tions,and to alarge degree likely to focus on advancing APhillips 66 refinery in Texas. States pushed to requirefederal action on reducing greenhouse gases. Bureau of Investigation has be- misrepresent the facts.” their ownpolicies rather than gunquestioning people about Theaccusations against Mr. launching federal litigation. spotlight is on,” said Mr.Wood, Mr.Paxton, said people familiar Paxton center on his relation- Even so,the plans speak to Documents Reveal The document’s title says it nowapartner at Baker Botts with thematter. Mr.Paxton has ship with the Austin real-estate howaggressivestate govern- is to require federal action “to LLP.Headded that conserva- said he did nothing wrong. investor Nate Paul, afriend and mentshavebecome in their ef- A Push on Gases reduce or limit emissions of tiveappointees by Mr.Trump An FBI spokesman didn’t re- donor to Mr.Paxton. Mr.Paul fortstosway Washington. Pres- greenhouse gases that cause in thefederal judiciaryhave turn amessageseeking infor- donated $25,000 to Mr.Paxton’s identshavefaced increasing Documents show a coordi- climate change.” also raised the level of diffi- mation on the scope of the re-election campaign in 2018. opposition from stateattorneys nated research effort as part Those states “anticipate culty. agency’sinvestigation. They said Mr.Paxton in- general from the oppositepolit- of a larger state-led endeavor participating as litigants or Documentsobtained from Theallegations have sent structed them to investigate ical party,and manyexpect Re- to fight Trump administration counsel for litigants in judicial Michigan dated from July and shockwaves through the top complaintsbyMr. Paul that FBI publican-led states to continue environmental deregulation. or administrative actions under August 2019 showthat the co- ranks of the Texas Republican agentsand other law-enforce- the trend with challenges to In the summer of 2019, state or federal law, including alition had created aworking Party and raised questions ment agencies were violating President-elect Biden’sagenda. documents obtained from New but not limited to the Clean group devoted to “Climate about the futureofcases the at- his rightsasthey pursued an Thegroundwork laid by the Mexicoshow, 21 states and Air Act, to require the federal Change—Affirm. Litigation,” or torney general’sofficeishan- investigation related to him. Af- coalition of Democratic-led D.C.signed a“common interest government and/or private par- affirmativelitigation. Aspokes- dling,including an investigation terthe employees found no states could also come intoplay agreement” allowing them to ties to take action to reduce or woman forMichigan’sAttorney Texas is leading with acoalition credible evidenceofwrongdo- if Mr.Biden should fail to ad- shareinformation and plan con- limit the emissions,” the agree- General’sOfficeconfirmed their of stateattorneysgeneral of Al- ing by federal agentswithin vancehis platform aimed at fidentially on climate litigation. ment says. authenticity. phabet Inc.’sGoogle’sadvertis- statejurisdiction and recom- slowing climatechange. Thelegal initiativewas led ing business, in cooperation mended the investigation be “Climatechangeremains by lawyersfromNew York and with the U.S. JusticeDepart- closed, Mr.Paxton hired aspe- one of the greatest threatsfac- sometimes filed lawsuits volved in or familiar with the Oregon, the documentsshow. ment. Thelawyer who had been cial prosecutor to pursue it in- ing the people of our nation against friendly administra- states’ efforts. They included MichaelMyers, in charge of the case,Darren stead, according to the suit. and around the world,” said tions,aiming to lock federal “The plan appearstobefor the NewYork attorney gen- McCarty,was one of the em- Michael Wynne,alawyer for NewYork Attorney General Le- agencies intosettlements. activists, attorneysgeneral and eral’ssenior counsel forair pol- ployees who came forwardand Mr.Paul, said in alettertothe titia James.“If we aretoad- “With this climatethreat bureaucratstoteam up…to lution and climatechangeliti- resigned in lateOctober. attorney general’sofficethat dressthis challenge, then all growing worseevery day, we’ve avoid democracyand political gation, and SteveNovick,a Google’sadvertising technol- theofficemishandled his com- optionsmust be on the table. had to spend yearsincourt try- accountability foramajor, special assistant attorney gen- ogybusiness, which controls plaintsand that the former em- With that said, we have no ing to forcethe federal govern- costly economic restructuring,” eral in Oregon. tools used to buy and sell ads ployees “never intended to con- plans at this time to bring liti- ment to do itsjob and regulate said Rob Schilling,the group’s Oregon JusticeDepartment acrossthe web, has been called duct an objectivereview.” gation seeking to promoteone greenhouse-gas emissions,” executivedirector. officials declined to comment amonopoly.Google declined to —John D. McKinnon particular approach.” said aspokeswoman forMassa- One person familiar with the on the specific litigation effort. comment but previouslysaid its contributed to this article. AWhiteHouse spokesman chusetts Attorney General states’ effortscalled them “aca- But they did release aresponse said the Trump administra- MauraHealey. demic discussions.” But even from Attorney General Ellen tion’sderegulation efforts sup- Thedocumentsreviewedby with the Trump administration Rosenblum thanking other ported economic growth with- the Journal, dating to 2019, leaving office, Mr.Schilling’s states forworking together to outsacrificing environmental were obtained under open-regroup said the states could use fight Mr.Trump’senvironmen- protection. “Partisan Democrat cordsrequestsfiled by Energy the tactics to seek court rulings talrollbacks. attorneysgeneral appear to PolicyAdvocates,anonprofit to mandatechangefromthe Bi- want to use litigation to push groupthat researches govern- den administration. theirpreferred policyagendas ment lawsuits against the en- Jeffrey Wood, who oversaw Crafted in gold &platinum instead of protecting their citi- ergy industry. Thegroup says it environmental cases at the Jus- Order by

S zens based on the rule of law receives funding from conser- ticeDepartment early in the 12/22 and actual facts,” said the vativegroups but declined to Trumpadministration, said for the PRES Holidays spokesman Judd Deere. identifyspecific donors, nor is such attemptsfacehigh barri- TED Mr.Biden has promised to it legally required to do so. erstosuccess,inpart because CIA

SO push powerplants, automak- Therecords showthat 21 corporateopponentsare on AS ers, and oil and gasproducers states,including NewYork,Cal- guardfor settlementsbetween toward eliminating or vastly re- ifornia, Illinois and Massachu- federal agencies and outside ducing greenhouse-gas emis- setts,wereinvolved,along with parties such as states and envi- GUTIERREZ/ sions, but manyofhis policies the District of Columbia. The ronmental advocates. NY

TO could faceresistance. Journal confirmed the discus- “Blue states maybeen- Your Anniversary Immortalized Texas AttorneyGeneral KenPaxton called allegations of the now Environmental groups and, sionsrevealedinthese docu- ticed…nowthat they have an In Roman Numerals former employees overblown. to alesser degree,states, have mentswith several people in- ally in the WhiteHouse,but the JOHN-CHRISTIAN.COM 888.646.6466 P2JW335000-6-A00600-1------XA

A6 | Monday, November 30, 2020 ****** THE WALL STREET JOURNAL. U.S. NEWS RestaurantsPushBack AgainstNew Closures

BY HEATHER HADDON surged. Mr.Coughlin faced the trygroups pushing back as cit- AND JULIE WERNAU lossofholidaybusinessashis ies and states impose fresh re- financial reserves dwindled. strictions on restaurantsand Some restaurantsare re- He decided to keep his dining bars.Restaurantsand trade jecting anew round of shut- room open,evenifitmeant le- groups have filed lawsuits down orders, saying that serv- gal consequences or fines. against the bans and criticized JOURNAL

ing customersindoorsistheir “You pay my bills, you pay policies that they say have REET only way to stay in business my taxes, youpay my employ- made restaurantsscapegoats ST LL

and that they candososafely. ees,and I’ll close,” said Mr. forCovid-19’sspread. Restau- WA MikeCoughlin is breaking Coughlin,addressing Illinois rant operatorsinPennsylvania, THE

an Illinois stateorder by doing Gov.J.B.Pritzker.“I’m not go- NewYork City and Illinois R what he has done for26 ing to be the guywith a have held rallies calling for FO TT

years—serving pot-roast and boarded-up building because I dining rooms to stay open. WE

fish-fryplatters inside his Vil- followsomeone else’sscience.” Mr.Pritzker said at the HE CY

lageTavern and Grill. He says it At arecent news confer- news conferencethat Illinois LU is worth the risk if it keeps his ence, Mr.Pritzker,aDemocrat, statepoliceare issuing cita- Bartenders this month served unmasked patrons at Ki’s Steak and Seafood in Glendale Heights, Ill., restaurant in businessthrough pointed to studies that con- tions to restaurantsthat re- the coronavirus pandemic. nected Covid-19 infections to main open and that he has Illinois wasthe firststate at closequarters. In October,the Michigan, NewYork,Califor- Liketens of thousands of res- dining at restaurants, includ- called on state’sattorneysto to ban indoor dining again this CDC added aerosol transmission nia, Oregon andTexas,have taurant ownersacrossthe U.S., ing one the U.S. Centersfor prosecutethose who refuse to month, followedbyMichigan, to itslist of wayspeople can sued over dining restrictions Mr.Coughlin closed his dining DiseaseControl and Preven- close.Arepresentativefor the Washington, Minnesota, Ken- contract the coronavirus. in state and federal courts. room in the villageofCarol tion publishedinSeptember governor said that ultimately, tucky and most of California. TheNational Restaurant As- When Illinois ordered dining Stream, Ill., early in the pan- concluding that adultswho it is up to city and county au- New Mexico and Oregon have sociation and other industry rooms closed again, Ki’sSteak demic,reopened at limited ca- tested positivefor Covid-19 thorities to enforce the state’s eliminated table service alto- groups have said the Stanford and Seafood co-owner Spiro pacity when local rules allowed were twiceaslikely to have dining ban. gether.New York City officials study and an earlier one by the Roumpas decidedtoremain and expanded outdoor patio reported dining at arestau- RobertMellor,villageman- have warned they could sus- CDC relied on small samples, open. Sales at the 86-year-old service over thesummer.He rant as those who tested neg- ager forCarol Stream, said pend indoor dining if cases lack contact-tracing dataand restaurant in the Chicagosub- spent thousands of dollarson ative.Scientistssay the new that most restaurantsinthe rise further. don’t take intoaccount whether urb of Glendale Heightsare still seating dividersand bought a coronavirus is morelikely to community of around 40,000 AStanfordUniversity study the restaurantsthey analyzed down from last year,Mr. $10,000 air-purification system be transmittedinside where people arecomplying with the published this month found res- had properly followedsocial- Roumpas said,but not as much forhis dining room this fall. people areinclose contact and ban. He said reportsofrestau- taurantsand cafeshavebeen distancing and safety measures. as the 50% drop during the Then Illinois suspended in- not wearing masks. rantsignoring the ban were among superspreader sites Restaurantsand trade firstshutdown. door dining statewide this Mr.Coughlin is among some being referred to the village’s wheremanypeople have con- groups in an increasing num- “I wasfaced with alose-lose month as Covid-19 cases restaurant ownersand indus- health department. tracted Covid-19 aftergathering ber of states,including Illinois, situation,” Mr.Roumpas said. Transit Agencies Reduce Service as Ridership Drops

BY SCOTT CALVERT The pandemic has kept many ridersoffthe Washington D.C., Public transit agencies metrorail system acrossthe U.S. arecutting serviceand reducing their work- 20 million riders 2019 forces as they faceacash 2020 crunch that is worsening along 15 with the coronavirus pandemic. Ridership is stuckathistori- 10 cally lowlevels, and the current Covid-19 surge has further 5 dimmed odds that large num- bersofriderswill return to buses,subways and commuter 0 railroads soon, officials say. JFMAMJJASO Federal funding that agencies Source:Washington Metropolitan Area Transit received from the spring’srelief Authority package is starting to runout, and local taxrevenuesthat sup- Thetransit sector is calling port manytransit systems have on Congresstoapproveanew shriveled. $32 billion aid package, joining In SanFrancisco, the Muni other industries queued up for transit system faces the biggest morehelp from Washington. crisis of its110-year history, Arecent survey by the in- said Jeffrey Tumlin,transporta- dustrygroup American Public tion director of the SanFran- Transportation Association ciscoMunicipal Transportation found that 6in10transit sys-

Agency. Bus boardingsare S tems will need to scale back

down 70%, and transit revenue PRES serviceand furlough employees has plunged 93%. without federal funding. TED “We’vehad to cut expendi- “Wedoneed to build this OCIA

tures massively in order to keep SS bridgefromwhereweare in operating.Weare shrinking as /A the throes of this pandemic to

rapidly as we canthrough attri- CHIU when we come out,” said Paul

tion,” Mr.Tumlin said, citing JEFF Skoutelas,president and chief more than 800 vacancies.Offi- A Muni bus in San Francisco this month. Boardings on the system are down 70%, and revenue has plunged 93%. executiveofthe group. cials have slashed spending on Moody’s InvestorsService supplies to the point whereme- Dispatching morebuses isn’t Theagencyexpects$182 Act relief packagewill runout would layoff about 400 of its this monthpainted agloomy chanics haven’t always had an option, he said: “Weare out millioninrevenue this fiscal by March, he said, and further roughly 2,600 employees in Jan- pictureofmasstransit in 2021, partstofix buses,hesaid. of money.” year,downfrom$825 million a serviceand job cutsmay be uarybecause of aprojected $140 saying ridership would likely Theagencyhas eliminated In Washington, D.C.,the year beforethe pandemic,said necessary. million deficit. In addition, many grow only about 30% abovethis half itstransit lines and focused Metrosystem’sweekdayrail Paul Wiedefeld, general man- Thenation’s biggest transit employees will have to take fur- year’s depressed levels.Italso on serving essential workers ridership is about 88% lower ager andCEO of the Washing- agency, NewYork’sMetropoli- lough days and apay cut. said the rise of remoteworking and neighborhoods with the than normal, agencyfigures tonMetropolitan Area Transit tanTransportation Authority, “We’renow between arock and changing travel patterns fewest mobility options. show, with manypeople work- Authority.Metrowill offer re- recently warned it might have andahardplace, recognizing could cause permanent rider- Even so,Mr. Tumlin said, ing from home and few tourists tirement incentives,with agoal to cut service on the subway by that we arestill in the midst of ship declines. “weleave hundreds of essential in town. Bus ridership is down of cutting 1,400 of the agency’s 40% and on itstwo commuter this pandemic and thingsdon’t —PaulBerger workersbehind at the curb ev- nearly 60%, and the system isn’t 12,000 positions.Iftoo few em- rail systems by half unlessa seem to be getting better,” said contributed to this article. eryday,onadozenofour lines, charging bus ridersbecause ployees retire, the agencywill federal bailout comes soon. DebraJohnson, who took over because we’veexceeded the so- passengersboardatthe back to resort to layoffs,hesaid. In Denver, the Regional this month as the agency’sCEO  Commuter behavior will be cial-distancing requirements.” reducethe spread of the virus. Funds from the federal Cares Transportation District said it and general manager. affected for years...... A12 City’sBelt-Tightening HighlightsPandemic-Induced Budget Woes

BY DAVID HARRISON Quarterly change in Stateand local It maytakelonger to receive real stateand local government employment, building permits. In March, as the coronavirus government consumption* including education† “Our boulevards look terri- wasbeginning itsmarch across ble because they don’t cut 6% 21 million the country, Kansas City,Mo., them,” said PatClarke, acom- leadersapproved abudget 4 RECESSION munity activist. flush with newspending. Thepolicedepartment can-

JOURNAL 2 Five months later they pared 19 celed this year’s roughly 30-

it back. REET 0 person classofnew recruits, Thepandemic-induced eco- ST which will put fewerofficerson LL -2

nomic downturn hit the na- WA the street. As of Nov.16, the tion’sstate and local govern- 17 city had recorded 161 murders,

THE -4

mentsharder and faster than R the highest on record. anyother in almost 70 years. In FO -6 RECESSION Thecity’s bus system pared May, public-sector employment back servicebyhalf but is now

CURRID -8 15 plummeted, leaving fewerpeo- up to about 80% of itspre-pan-

TIE 2000 ’05 ’10 ’15 ’20 2005’10 ’15 ’20

ple working forstate and local KA demic level. Sales-tax revenues governmentsthan at anypoint Kansas City, Mo., turned off some of its public fountains, including *Seasonally adjustedatannual rates†Seasonally adjusted that account formost of its since2001, according to the La- this one near the Kansas City Plaza, because of budget cuts. Source:Commerce Department(quarterly change); Labor Department(employment) funding aredown15% from a bor Department. year ago. As hardasthis year has most all stateand local govern- spending on public services fell Further budget cutscould searcher at the Urban Institute. Sheila Styron,aKansas City been, next year could be worse. mentsare required to balance at aseasonally adjusted annual weigh on the national economy In August, Kansas City offi- resident who is blind and relies Governmentswent intothe their budgetsevery year. rate of 3.7% in the thirdquarter foryears, analystswarn. Public- cials cut department budgetsby on public transit to commuteto downturn with fat reserve In Kansas City,asinmany from the second, according to sector spending at the state 4.5% except forpoliceand fire, work,said her morning bus funds and have benefited from communities, workershavelost the Commerce Department. and local level accounted for which faced a2.25% reduction. nowcomes everyhalf-hour,up federal aid. Barring aquick eco- jobs or takenpay cuts. Fewer That followeda6%decline in 8.5% of the U.S. economyand Thecity also laid off 13 employ- from every20minutes before nomic recovery or another buses ply routes.Social workers thesecond quarter,the sharp- 13.1% of all jobs in 2019,making ees,froze hiring and temporar- the pandemic. round of stimulus,state and lo- juggle morecases.And fewer est since1952. it alargersector than retail on ily furloughed managers. “I really don’t think things calofficials could have to make policeofficersare on the street. By October,the sector had both counts. “I doubt that youwill ever aregoing to getalot better morecuts. Officials anticipatemoredif- roughly 1.2 million fewerjobs Thetoll of job losses and seethe same post-Covid num- with public transit in the near Moody’s Analytics estimates ficult decisions next year. than ayear earlier. closed businesses hit govern- ber of employees in Kansas City future,” she said. stateand local governments “All those sortsofthings It could take four to eight ments’ main revenue sources— that yousaw pre-Covid,” Mr. Thestate of Missouri has faced a$70 billion to $74billion that areimportant to howwe yearsfor the national economy income,sales and corporate Lucassaid. made itsown spending cuts. In shortfall in the 2020 fiscal year. function in our daily lives are to recover, estimates Dan White, taxes. Between March and Sep- Thegrass on public property June,Gov.Michael Parson cut That could balloon to $268 bil- thingsthat we maynot be able director of fiscal-policyresearch tember,state revenues in those is mowedlessfrequently.The nearly $440 million in general- lion in 2021 and $312 billion in to address,” said Kansas City at Moody’s Analytics.State and categories were down 4.8% from city turned off some of itsfa- fund spending,roughly 4%. 2022absent morefederal help. MayorQuinton Lucas. local governmentscould take up ayear ago, according to data mous fountains.Fewerdrivers About$133 million has since Unlikethe U.S. government, al- State and local government to 10 or 15 years, he said. compiled by Lucy Dadayan, are- will be available to plowsnow. been reinstated. P2JW335000-5-A00700-1736D45070F

THE WALL STREET JOURNAL. ***** Monday, November 30, 2020 | A7 WORLD NEWS Killing Complicates Iran’s Nuclear Goals

U.S., allies face big test Tehran’s enrichment efforts. Estimates vary on howlong in constraining Tehran it would take Iran to put to- despite the demise of gether anuclear weapon if left unconstrained. Some say sev- key program architect eral years; othersasfew as 12 months. BY LAURENCE NORMAN Sincethe Trump administra- AND MICHAEL R. GORDON tion leftthe 2015 nuclear agreement, Iran had accrued a Friday’skilling of one of low-enriched uranium stockpile Iran’smost important nuclear of 2,443 kilograms (5,386 scientists has dealt asetback to pounds), morethan 12 times the country’snuclear program, thetotal permittedunder the which had staged apartial re- 2015 accord,the International bound afterthe 2015 nuclear Atomic Energy Agencyreported deal brokered underPresident in November.The maximum Barack Obama unraveled. purity of this material is 4.5%, Yet, the U.S. and itsallies while weapons-grade material still facemajor hurdles in try- is around 90% enriched. Still, if ing to constrain Tehran’s nu- enriched to weapons grade,the clearambitions,current and /REUTERS current stockpile would be

former officials said. ENCY enough fortwo weapons. AG

Thechallengeislikely to be S Adding to Western con- particularly acutefor Presi- cerns,Iranhas resumed en- NEW

dent-elect JoeBiden, who is IA richment at itsunderground AS

planning to engageIrandiplo- T facility at Fordow,and it re- matically in the hope of nego- cently started feeding uranium

tiating restoring and building RI/WES to more-advanced centrifuges

on the 2015 deal. ZA underground at itsNatanznu- Mr.Biden will inherit con- NO clear center,the U.N. atomic

siderable economic leveragein OUD agency said. SS

his dealingswith Tehran: The MA Mr. Biden has said the U.S. sweeping sanctions the Trump The coffin containing the remains of Iranian nuclear scientistMohsen Fakhrizadeh is displayedatthe holy shrine of Imam Reza in Mashhad. would re-enter the 2015 ac- administration has imposed on cord if Tehran comes back into Iran afterwithdrawing from nuclear deal,” said Karim Sad- ing behind his killing. on aNissan pickup truck parked His knowledge would have compliancewith the deal’s the agreement in 2018 have de- jadpour, an Iran expert at the Israel hasn’t commented on some 150 yardsahead, Fars re- been important forIranto limits. He also wants to build pleted Iran’scurrencyreserves Carnegie Endowmentfor In- the allegation that it was be- ported on Sunday. mount acrash effort to build a on the agreement by negotiat- and batteredits economy. ternational Peace. But “to re- hind the assassination, which Seconds later,explosives nuclear bomb,current and for- ing stricter constraints. But the fatal shooting of storedeterrenceand regime took placeasMr. Fakhrizadeh planted inside the unmanned mer Western officials say. Mr.Biden’sefforts, however, Mohsen Fakhrizadeh, widely pride, Iran must avengethe was traveling in a bulletproof Nissan exploded. Mr.Fakhriza- Iran’saccelerating enrichment will take placewhile Iran is pre- seen as the father of Iran’s deaths of Fakhrizadeh and So- car with his wife to the east- deh was transferred first to a of uranium, aprogram of paring forits ownpolitical tran- weapons program in the 1990s leimani. Thelatterwill signifi- ern outskirtsofTehran, es- local clinic,then to aTehran growing concern in Western sition: apresidential election in and 2000s, and the American cantly complicate the former, corted by three cars carrying hospital by helicopter, where capitals,isanecessarystepin June.Iranian President Hassan strike in JanuaryinBaghdad which is likely among the rea- bodyguards,the semiofficial he died, Fars reported. producing fissile material fora Rouhani,generally viewedasa that killed topIranian military sons whyFakhrizadeh wasas- Fars news agency reported. Thereisbroad agreement possible nuclear weapon, offi- pragmatist, is barred from run- official Qassem Soleimani, is sassinated.” Thesound of bulletshitting that the killing of Mr.Fakhriza- cials say. Some analystssay, ning forre-election, and many also expected to complicate Iran has long said itsnuclear Mr.Fakhrizadeh’scar made the deh removed amanager with however, that while Mr. analystssay Iran’sSupreme Mr. Biden’s task. activities arefor purely peaceful scientist getout of the vehicle. unparalleled knowledgeofFakhrizadeh’skilling demon- Leader is likely to favormoreof “Torestoreits economy, purposes,such as powerplants. He wasthen showeredwith Iran’spast work and current strates the potential vulnera- ahard-liner successor,particu- Iran must agree to either afull It has hailed Mr.Fakhrizadeh as bulletsfromaremote-con- capabilities,aformer senior bility of itsscientists,he larly afterthe assassination of or partial return to the Iran aheroand accused Israel of be- trolled machine gunmounted U.S. intelligenceofficial said. hasn’t been instrumental to Mr.Fakhrizadeh. Biden’s Goodwill Sparks Debate Among NATO Allies

BY JAMES MARSON other allies say Europe needs German Defense Minister Anne- Defensespending as a the French Defense Ministry The European Union’s first to do morefor itself,but must gret Kramp-Karrenbauer wrote percentageofGDP* who is avisiting fellowatthe defense review, published this BRUSSELS—President- avoid pushing the U.S. away. in an op-ed forPoliticothat “il- Atlantic Council in Washington. month, highlighted slowprog- elect JoeBiden told NATO’s Thedebatehas highlighted lusions of European strategic 4% Mr.Bel noted the French- ress on beefing up European secretary-general in arecent the challenges the Biden ad- autonomymust come to an U.S. led militaryintervention in the militaries.Itnoted alack of 3 telephone call of the U.S.’s “en- ministration will faceasit end.” Mr.Macron hit back in an U.K. war-torn Sahel region of Af- troops ready to be deployed during commitment” to the seeks to forgeastron- interviewwith aFrench website, 2 France rica as an example of Europe and fragmentation and dupli- military alliance—a relief for ger Western alliance. Foreign saying: “The United Stateswill Germany shouldering moreofthe global cation of efforts. European allies afterPresident ministersfromNorth Atlantic only respect us as allies if we 1 security burden. There, France “Progressisglacial. We are Trump’sbrowbeatingsand Treaty Organization members areearnest, if we aresovereign is leading aEuropean force way behind the speed of chal- threats to leave. will meet by videoconference with respect to our defense.” 0 combating Islamist militants lenges that arearising,” said But the impending transi- on Tuesdayand Wednesday Mr.Macron, some French 2013 '15'20 that is also reliant on U.S. in- RadoslawSikorski, an EU law- tion to more-soothing tones forthe firsttime sincethe U.S. diplomatsand analystssay,still telligenceand logistical sup- maker and former Polish for- Notes: *Data based on 2015 prices. 2019 and from Washingtonhas also election. sees the U.S. as the fulcrum of 2020 areestimated port. Germanyhas committed eign minister.“We should bear sparked fresh, public squabbles “The Biden administration the NATO alliancebut is at- Source:North Atlantic Treaty Organization troops to peacekeeping there, a bigger burden of leadership in Europe over howfar and should encourageEuropean tempting to spur Europeans to but German politicians remain so that U.S. resourcesare fast it should pursue amore strategic capacity building,” greatereffortsondefense,wor- NATO’s spending target of 2% nervous about deploying freed up in the east.” independentpath on security. said IvoDaalder,U.S.ambassa- ried that they will return to of grossdomestic product. troops abroad in more active Meanwhile,the U.K.,which Mr.Trump’spresidencyhas dor to NATO forthe Obama lethargy under amore-friendly Only 10 membersout of 30 combat roles. is no longer an EU member, accelerated Europe’s quest to administration and nowpresi- Mr.Biden. However, Mr.Ma- will meet thegoal this year. “In the long run, the big- said last week it would in- become astronger military dent of the ChicagoCouncil on cron’soutspoken comments— Mr.Biden will want Europeans gest driver of whether Europe- crease spending on defense by player, in part to hedge Global Affairs. “We need it to he said NATO wasexperiencing to pressahead with greater ans spend moreondefense the equivalent of some $32 against aless-predictable U.S. changefromaU.S.-led Europe brain death in November defense investments, but use isn’t whether the Americans billion over the next four that is distracted by growing to aEurope that canlead by 2019—alongside attemptshe gentler tones,diplomatsand badger them,” Mr.Bel said. years, the largest amount demandselsewhere, such as itself and is astrategic partner has made to thawrelations analysts said. “Whatmatters is Europeans’ sincethe Cold War. “It’sim- China. French President Em- of the U.S.” with Moscow,havesowed “Weshouldn’t chuck the 2% understanding that the strate- pressive,” asenior European manuel Macron says Europe German and Polish officials doubtsabout his ambitions. baby out with the bathwaterof gic environment is more dan- diplomat at NATO said. “It’s needs to seek “strategic auton- have stressed Europe’sdepen- Mr.Trump harangued allies President Trump,” said Olivier- gerous and owning their secu- exactly what the Biden admin- omy.” Germanyand some denceonthe U.S. forsecurity. over their failure to reach Rémy Bel, aformer official in rity challenges.” istration will expect from us.” WORLDWATCH

CHINA Factory, Services Indexes Surge

Gauges of China’s manufacturing and nonmanufacturing activity climbed to their highest levels in three and eight years, respectively. The increases, signal a broad- ening recovery in the world’s It’s notjustaboutachievingyourgoals... second-largest economy nearly a It’s aboutthe path that gets youthere. year after the coronavirus began its spread. The official manufacturing S

purchasing managers index, a PRES measure of factory activity, rose ZUMA

to 52.1 in November from 51.4 in E/

October, according to data re- AC

leased Monday by the National ARF Bureau of Statistics. The reading ST is the highest since September 2017, and topped economists’ ARNAL/ GE

expectations of 51.5. SER China’s nonmanufacturing Thousands protestedinParis againstaproposed securitybill thatwould prohibit the publication of PMI, which includes services and images of policeofficers, amid tensions overthe alleged beating of aBlack man by police. construction activity, rose in No- vember to 56.4, its highest level last week after officials reviewed 133,000 people took to the commodities from coal to wine. since June 2012, from a previous footage from a security camera streets across France to protest China in May placed tariffs of Aplace to become... Abusinessleader, ateacher,an reading of 56.2 in October, the in the Paris music studio of legislation that would restrict 80.5% on Australian barley— artist.Ifkids andteens candream it,Boys&Girls Clubs can statistics bureau said. Michel Zecler, Paris Prosecutor people from publishing identifi- commonly used for beer brew- help them become it.Because at our Clubs,it’snot magic —Jonathan Cheng Remy Heitz said. able images of police officers. ing—saying it was being sold at that makesdreamscometrue, it’s thepeople. Like our The video shows three offi- —Sam Schechner unfairly low prices with the help YouthDevelopment Professionalswho ensure our youth have FRANCE cers punching Mr. Zecler and of subsidies. aplace to feel physically andemotionally safe.Aplace to striking him with a baton before ASIA-PACIFIC Australia rejected that finding belong.Aplace to have fun. Aplace to learnand grow on their Officers Face Assault tear gas is deployed in the stu- and appealed to Chinese authori- path to aGreat Future. Charges in Beating dio. Mr. Zecler told investigators Australia Vows WTO ties to reverse the duties, but one of the officers called him a Move Against China was rebuffed. Prosecutors said they are “dirty n—” in French while strik- “So now the WTO appeal for pressing preliminary assault ing him. Australia is preparing to take barley is the next step,” Austra- charges against four police offi- Preliminary charges are a piv- action against China at the lian Trade Minister Simon Bir- cers allegedly involved in the otal step in the judicial process World Trade Organization over mingham said Sunday. beating of a Black music pro- that indicates authorities are tariffs on barley imports, an- China didn’t immediately re- GreatFutures.org ducer. deepening a probe. The move other salvo in a trade dispute spond to a request to comment. The officers were detained comes a day after at least that has disrupted the supply of —David Winning P2JW335000-4-A00800-1------XA

A8 | Monday, November 30, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS U.S., Russia Face Off on Baltic Pipeline

Additional sanctions Cruz (R., Texas) and other former officials said. “He was Russiaskeptics in Congress abig hang-up at everyturning against Nord Stream 2 produced the hard-won sanc- point,” said one. would bolster efforts tions that brought work on ATreasuryDepartment NordStream 2toastandstill a spokesman declined to com- of Ukrainian opponents year ago, roughly 100 miles ment. short of completion. Now, the TheUkrainians concluded BY BRETT FORREST Ukrainians feel they areonthe that they would have to turn brink of success. to Congress. Mr.Vajdich had Forthe past year,U.S.offi- Thenew sanctions will be advised Mr. Cruz on his 2016 cials and Russia hawks on Cap- “the final nail intothe coffin of presidential campaign and itol Hill have closely watched a this project,” said Vadym Gla- knew him as hawkish on Rus- Russian ship as it sailed from mazdin, agovernment-relations sia. They went to Mr.Cruz, Russia’sFar East around Africa official with Ukraine’snational who then enlisted Sen. Jeanne to the Baltic Sea. oil-and-gas company, Naftogaz. Shaheen (D., N.H.), also a Thevessel—a pipe-layer To finish the pipeline,the Kremlin critic,toco-sponsor named the Akademik Chers- Akademik Cherskiy needs to Nord Stream 2 legislation. kiy—is the sole Russian-owned be refitted to handle pipes of Mr.Cruz, Ms.Shaheen and ship capable of completing an greater diameter. staff membersdrafted abill to

$11 billion pipeline.Nord Thenew sanctions would CHKE/REUTERS impose sanctions on companies Stream 2 is designed to carry come into force by the end of assisting NordStream’scon- natural gasunder the Baltic the year and target companies HANS struction, with Allseas as atar- from RussiatoGermany, but that would makethose modifi- get. Separateversions passed

itsconstruction has been cations as well as businesses HANNIBAL committees in the Senateand stalled forayear by the threat that would insure, test, in- Pipes were stacked in the German port of Mukran in preparation forcompletion of NordStream 2. House,but then stalled. of U.S. sanctions. spect and certifythe pipeline. In October,Allseas’sPio- As theAkademik Cherskiy TheAkademik Cherskiy’s AWashingtoncontact of The U.S. is readying sanctions to quash the Russian-backed neering Spirit fedthe pipeline shuttled between an anchor owner,the Russian gas-export Mr.Glamazdin introduced him NordStream 2natural gas pipeline,which is roughly 100 miles intoDanish waters.“It was point off Russia’s Kaliningrad monopoly Gazprom, didn’t re- to Daniel Vajdich, alobbyist short of completion. clear we were running out of and the German port of spond to requestsfor comment. who had worked on the Senate time,” Mr. Cruz said. Mukran, in recent months,U.S. Aspokesman forNord Foreign Relations Committee. One option wasthe National officials readied broader sanc- Stream 2 AG, the Swiss-regis- While working at the Senate, 100 miles FINLAND Defense Authorization Act, the tions.MembersofCongress tered, Russian-owned com- Mr.Vajdich said he helped draft 100 km NORWAY annual Pentagon spending bill this monthagreed on mea- pany building the pipeline, sanctions that obliged Exxon and last-minutesanctuaryfor sures intended to thwart the said that sanctions threats“af- Mobil Corp.toexit aventure Ust-Luga measures that hadn’t else- SWEDEN Akademik Cherskiy and bury fect a large group of Western with Rosneft, depriving the Rus- ESTONIA wherefound ahome. Nord Stream 2. contractorsand investors.” sian oil companyofcritical tech- Mr.Cruzand Ms.Shaheen Should those sanctions pre- Those companies and Nord nologyand stalling the project. RUSSIA attempted to insert aprovi- vail, it would likely foil aKrem- Stream 2, he said, “are con- “That wasthe model we ap- North Sea sion for Nord Stream 2 sanc- LATVIA lin-backed project that the U.S. vinced that the soonest possi- plied to NordStream 2,” Mr. DEN. tions into the NDAA. warned will expand Russia’sin- ble commissioning of the pipe- Vajdich said. “What do the Afterhitting aroadblock in fluenceinEurope.Itwould line is in the interest of Russiansneed that they don’t Baltic Sea LITHUANIA one committee, asecond ap- also mark awin forUkrainian Europe’s energy security.” have?” RUS. proved it, congressional aides officials who sawthe pipeline Laid alongside the original Messrs. Glamazdin and Greifswald said, allowing the sanctions’ as athreat to their country NordStream built adecade Kharchenko enlisted Kyiv- BELARUS inclusion. Mr.Trump signed it and worked behind the scenes ago, the newpipeline would based energy think tanks to NETH. into law on Dec. 20. in Washingtontoquash it. allow Russia to bypass a gas- study Nord Stream 2 for vul- GERMANY POLAND Allseasannounced itsexit Forfour years, the Ukraini- transit network in Ukraine. nerabilities.Inthe summer of from Nord Stream 2 less than ans—an energy-companyexec- Kyiv sees the network and the 2018,aresearcher stumbled UKRAINE an hour later,and the Pioneer- utiveand anational-security revenue it bringsMoscow as a upon a breakthrough. Source:NordStream 2 ing Spirit sailed away from the official—tried to persuade the check against Russia, espe- On an online energy forum, pipeline. Trump administration and cially afterMoscow seized the aMoscow energy expert men- vessels from anchoring in some ter pipe-laying vessels.” Mr. Glamazdin said he and congressional leaders. Presi- Ukrainian region of Crimea tioned that neither the Rus- areas,requiring ships to use an In the Trump administra- Mr.Kharchenkothen consid- dent Trump’simpeachment, and fomented rebellion in the sian statenor anyRussian anchorlesspositioning system. tion, some officials were push- ered howRussia would at- initiated afterheasked country’s east in 2014. company owned a vessel that Gazprom had contracted a ing to end an exemption for tempt to finish the pipeline. Ukraine’spresident to assist By 2016,when Gazprom could laypipe at the diameter Swiss firm, Allseas Group SA, NordStream 2under asanc- They and their congressional with an investigation intoMr. pursued plans forNordStream and depth of Nord Stream 2. whose ship,the Pioneering tions act passed in 2017that allies watched the Akademik Trump’sthen-presumed presi- 2, Mr.Glamazdin and longtime “It wasamoment,” Mr. Spirit, wascapable of laying targeted Iran, North Koreaand Cherskiy as it leftRussia’sFar dential rival JoeBiden, also friend Oleksandr Kharchenko, Kharchenko said. Nord Stream 2 pipes without Russia, severalformer admin- East and began its voyage. set back their efforts. an official at Ukraine’sNational Sincethe Baltic seabed still anchoring. istration officials said. In November, Congress ap- TheUkrainians’ lobbying Security and Defense Council, holds unexploded World WarII Mr. Glamazdin said he and Treasury Secretary Steven proved the newsanctions,for andsupport from Sen. Ted were determined to stop it. munitions,Denmark prohibits his partnersdecided to “goaf- Mnuchin wasopposed, these inclusion in the next NDAA. FROM PAGE ONE

said his family—four adults, as early as the firstweek of Turkey including his in-laws,and two Shoppers October.Online sales have children—did their best with jumped,favoring Amazon and the 19-pound turkey that they those chains with robust e- Leftovers ended up with because it was Skip Stores commerce operations. the smallest birdleftatthe On Black Fridayonline sales store. Even so,the leftovers hit $9 billion, up 22%fromlast Abound were so plentiful that some- For Online year,according to Adobe Ana- howapie mysteriously went lytics,which measures 80 of missing. the top100 U.S. e-commerce ContinuedfromPageOne “It’sseriously likethe pie ContinuedfromPageOne sites.The gain wasnear the perennial Thanksgiving conun- just grew legsand walked This year,web shopperson lowend of Adobe’sforecast, drum, right up therewith how away,” he said. “That’sOK Amazon.com Inc.orBest Buy which had projected growth of youmanaged to gain 5pounds though, no one in this house Co.could getmanyofthe same between 20% and 42% from in one day. But with the size needs more pie!” deals that stores oncedangled last year. of family gatheringsheld in TamaraBarnes,the vege- only to those who lined up It wasthe second biggest check by the pandemic, small tarian in Eugene, said she or- overnight. Those who did ven- online-sales day, afterCyber households that ended up with Y dered an 8- to 12-pound turkey tureout made fewerstops and Monday 2019 when sales hit MIL

unexpectedly large turkeys FA but wound up with a24- increasingly turned to big-box $9.4 billion, according to

have asupersizechallengeon TES pounder.OnFriday, she and chains like Walmart Inc.and Adobe.The firm expectsthis

their hands. WIR her husband still had half of it Target Corp.that sell every- Mondaytoset anew record, In Eugene,Ore., Kirk Bissell Kathy Wirtes ordered a 10-pound turkey for her family of four to carve. Her plan: to look up thing from lettucetoLegos,ac- with online sales of at least mayhavetorely on his four but got this 19-pounder instead. Instant Potrecipes that in- cording to the foot-traffic data, $10.8 billion or growth of at dogs, three hens and the 20 volveturkey and package shoppersand retail analysts. least 15% from last year. felines his wife, alongtime cat ing their plethoraofleftovers, and leftoverstuffing wrapped some intofreezer meals for Christina Prezawas brows- Meanwhile,foot traffic to rescuer,currently caresfor to Mr.Lampe promised, “I am in interwoven pieces of bacon. Mr. Bissell, and to make bone ing Christmas decorations in- stores on Black Fridayfell 48% help him tackle the 24-pound the guy that can help.” “When you’rebored with broth for all the animals. side aWalmart storeonBlack this year from last year,said heavyweight that he’sother- His first suggestion—after everything else,” Mr.Lampe “Usually we don’t have left- Friday. The60-year-old execu- RetailNext, which provides wise eating alone. drying the tearshe’ssure said, “this thing has four slices overs for an army,” she said. tivefromWoodstock,N.Y., has cameras,software and analyt- “I’m avegetarian,” Mr.Bis- manynovices cried while carv- of bacon on it. It’sgoing to Back in Evanston, Ms. Mil- been spending moremoney at ics to thousands of U.S. stores sell’swife, TamaraBarnes, ing an extra-large turkey—was taste good.” man served up leftovers for Walmart sincethe pandemic andshopping centers. Sensor- laughingly admitted. “The to have agame plan fortaking In Broomfield, Colo., Kathy lunch on Fridayafternoon in started, she said, because she matic Solutions,another track- dogs and cats will be happy.” on whatever remained of the Wirtes had several containers an effort to chip away at “Mt. is trying to limit her time in- ing firm with cameras in Recognizing that thepan- giant gobbler.“Iwould slice of sliced turkey stowed in the Turkey” and had plans to work side stores forhealth reasons. stores,said in-storetraffic fell demicwould spur manyto- some and chop some and mix fridge on Friday and planned through the rest using sugges- “It’seasier to buy all in one 52% on Black Fridaycompared ward asmaller celebration, the whitemeat and the dark to deal with them using one of tions leftbyfriends on aFace- shop because I’m going about with last year. theNational Turkey Federa- meat,” he said. “That cango her favoritekitchen gadgets: book post she’dmade about everytwo weeks,” she said. Both companies said their tion hasbeen trotting out a into anything.” the vacuum sealer she bought her giant turkey afew days Thewell-worn formula of datashowedspending out- ton of post-turkey day recipe Think salad rolls, kebabs, at Costco years ago. before the holiday. one-stop shopping has proven pacedfoot traffic because recommendations to help quesadillas.He’sgot recipes Ms. Wirtes said her family “Thanksgiving dinner is not especially lucrativeduring the shopperspurchased at the those left in a leftovers lurch. ratedfrombeginner to back- of four,including her husband, canceled,” she’d written. “We pandemic.Big-boxstoreswith stores they did visit. “Custom- With all the buzzabout yard bosstopitmaster at tur- Al, and two high school-aged are, however, going to have groceries were deemed essen- ers, if they chose to shop in leftovers this year,group keysmoke.org.For the carcass, sons,didn’t even makeit leftovers til 2021.” tial andallowedtostayopen stores,they chose to be alittle spokeswoman Beth Breeding Mr.Lampe recommended tak- through half of the 19-pound It was, she said, “kind of a when department stores and morethoughtfulabout where quipped, “You mightsay that ing the traditional routeand turkey they received in place plea forhelp” given that her malls were closed. Plus,Wal- they wanted to shop,” said leftovers areleftout no tossing it in apot with some of the 10-pounder they’d tried usual way of dealing with left- mart andTargetalready of- Brian Field, asenior director at more.” TheFederation en- veggies,herbs and waterfor a to order for their Thanksgiv- oversisto“take everything feredcurbside services in addi- Sensormatic. listed the expertise of its2020 soup that caneasily be frozen. ing dinner. youhaveand turn it intoa tion to online ordering. Spending at physical stores spokeschef RayLampe,also Looking ahead to days “There will be a lot of vac- casserole.” Some of the big-boxstores’ fell about 30% on Black Friday, known as Dr.BBQ,whose main down theline when the last uum sealing,likeadinner por- With fingerscrossed, she pandemic advantages were on estimates RetailNext, with ap- duty is to travel around to thinganyone wantsistoeat tion worth in abag,” she said. planned Saturdaytoturn to displayoverthe Black Friday parel, footwear and jewelryall barbecue events whereturkey moreturkey,hesuggested “They fitinthe freezersoeas- the first recipe in her new ar- weekend. This year manyre- down morethan 50%. In-store smoking is acompetition cate- prepping what he calls a tur- ily because they’re like these senal: “I am stepping it up and tailersclosed on Thanksgiving spending fell the most in the gory. key bacon bomb—a baseball- little flat packets.” Iamtrying aturkey tikka Day, instead offering holiday Northeast, down 52%, and least Forthose currently ponder- sized round of chopped turkey In Philadelphia, LucasCox masala.” deals both online and in stores in the South, which fell 42%.

Activityhas been buoyedby set at the height of the dot-com setofthe pandemic as travel upwardmarch. SanFrancisco- Inc.Investorswill be asked to Airbnb, the record-setting runfor the boom in 1999,according to Dea- came to avirtual standstill. based DoorDash’sprivatevalua- placeordersfor various stock market. TheNasdaq Com- logic datathat dates back to Airbnb Chief ExecutiveBrian tion had already ballooned to amountsofshares at different positehit aclosing record on 1995. Cheskyquickly borrowed$2bil- morethan $15 billion this year pricepoints. DoorDash and its DoorDash Fridayduring aholiday-short- Both Airbnb and DoorDash lion, slashed marketing spend- from just $1.4 billion in 2018 as bankerswill then use those bids ened trading session. Thebroad have weathered thecoronavirus ing,laid off aquarter of the it took an even greater shareof to pricethe deal and allocatethe S&P 500 notched its26th record pandemic as morepeople shun company’sstaff and put many the U.S. food-deliverymarket. It shares.Typically,underwriters Aim High close of the year Friday, and the hotels in favorofhouses forva- noncoreprojectsonhold. Book- is nowthe biggest playerinthe setpricing based on moregen- DowJones Industrial Average cations or longer-term stays, ingsatAirbnb rebounded by sector. eralized feedback on investor vaulted abovethe 30000 mark and order out to avoid restau- summer,though nowherenear DoorDash will take arela- demand. ContinuedfromPageOne forthe firsttime last week. rants. prepandemiclevels, as people tively newtack in determining Executives at both companies money raised in newissues on So far this year,morethan Airbnb wasvalued at $31 bil- increasingly seek houses forlo- the priceofits IPO.Working will market their offeringsto U.S. exchanges as soaring tech- $140 billionhas been raised in lion in a2017investment round. calgetaways. with itsunderwriters, the com- mutual funds and hedgefunds in nologyvaluations enticearaftof 383initial public offeringson TheSan Franciscocompany’s ForDoorDash, avaluation of panywill ask investorstoput or- Zoom meetingsrather than in a privatecompanies to join the U.S. exchanges,far exceeding the valuation fell to $18 billion when morethan $25 billion would dersintoanonline platform whirlwind tour acrossthe coun- public markets. previous full-year record high bookingsplummeted at the out- continue what has been asharp built by Goldman Sachs Group try. P2JW335000-4-A00900-1------XA

THE WALL STREET JOURNAL. **** Monday, November 30, 2020 | A9 WORLD NEWS

China Dependency Major projects ﬁnanced with foreign borrowing during 2019 Ethiopian Conflict Intensifies The Export–Import Bank of China $637 million BY NICHOLAS BARIYO tional elections because of the Marxist-Leninism, the TPLF ship,Ethiopia’seconomygrew AND JOE PARKINSON coronavirus pandemic and the grew from asmall guerrilla at nearly 10%ayear forroughly Asian DevelopmentBank 280 TPLF held itsown local vote, group to become the most pow- two decades,transforming lives For three decades, the Tig- despitethe central government erfularmed movement of manyofthe country’s110 GovernmentofJapan 178 rayPeople’sLiberation deeming it illegal. The rifts ex- in Ethiopia in the 1990s with million people.But the growth Front, arebel group that ploded intoarmed conflict on thousands of members. The didn’t come without acost: Int. Development evolved into a political party, Nov.4after the Ethio- group’slightly armed fighters, Tactically astuteand ruthless, Association 116 wasthe dominant forcein pian armyaccused the TPLF of backed by the forces of neigh- the TPLF brooked no dissent, Ethiopian politics.Itcon- attacking amilitarybase in Ti- boring Eritrea, became national detaining or disappearing tens International Bank for trolled the military, intelli- gray and killing manysoldiers. heroes afterconfronting Soviet- of thousands of people.Resent- Reconstruction & 62 genceservices and the econ- Ethiopia’sgovernment says backed dictator Mengistu Haile ment festered among Ethiopia’s Development omywhen it governed Africa’s the TPLF is a“criminal clique” Mariam, waging warinsome of other substantially largereth- second-most-populous nation. and has vowedtofight the the country’smost inhospitable nicgroups who felt marginal- Co-opCentrale Raiffeisen 57 Nowthe group,forcedfrom group to the end. On Saturday, mountainous terrain. Tens of ized from politics and the econ- Boerenleenbank powerin2018,isfighting for Mr.Ahmed hailed the liberation thousands of Tigrayans died in omy. TheTPLF helped insulate survival as federal government of Mekelleasavictory, prompt- brutal counterinsurgencycam- itself from international criti- Calyon Credit Agricole CIB 48 forces claim to have seized its ing thousands of supportersto paigns that helped provokethe cism by positioning itself as a last remaining stronghold three tweet #EthiopiaPrevails. 1984 famine.By1991, the TPLF key ally of the U.S. waronter- weeks afterastruggle forcon- But the TPLF has pledged rorism, deploying troops in So- Deutsche Bank AG 42 trol of Ethiopia flared into to never surrender and to malia against al Qaeda affiliate armed conflict,threatening to makeTigray “hell” for Government forces al-Shabaab.But by 2017there China DevelopmentBank 40 tear the countryapart. theEthiopian government, were hugenationwide demon- On Saturday, government raising fearsofaconflict that claimed they have strations against the regime. Source:Central Bank of Sri Lanka forces claimed to have taken won’t end but simply mutate. taken control of the When the 39-year-old Abiy control of the Tigrayan capital “Tigray didn’t start this Ahmed, amember of Ethio- of Mekelle,home to half amil- war.…It is heroically defending Tigrayan capital. pia’smajority Oromo ethnic Beijing Regains lion civilians and thousands of against the invaders,” said Ge- groupand the firstnon-Tig- battle-hardened TPLF fighters tachew Reda, a TPLF spokes- rayanprime minister for who had dug trenches man. nearly four decades,came to Clout in SriLanka and blown up bridges to halt Some analysts saythe con- and itsallies had toppled power a year later, he quickly the advanceoffederal troops. flict is unlikely to end, but will Mengistu, marching on the cap- moved to sideline the TPLF, Thegovernment troops appear instead shiftintoanew phase ital,Addis Ababa, and emerging with broad public support. Se- to have faced little resistance, that could still jeopardize the as leadersofaruling coalition nior Tigrayan officials and DespiteU.S.Pressure meaning TPLF fightershave integrity of Ethiopia. namedthe Ethiopian People’s businessmen were dismissed likely melted into the civilian “What is being destroyed is RevolutionaryDemocratic or detained in moves Mr. Ah- population and hideouts else- not just Ethiopia’s cohesion,” Front. med said were acrackdown on BY SAEED SHAH though the president, who is where in the state, where re- said Alex de Waal, executive TheTPLF’schairman, Meles corruption, but that manyTig- AND UDITHA JAYASINGHE head of state, is morepowerful. gional analystsand Western director of the Massachu- Zenawi, wasinstalled as coali- rayans viewedasanattempt Under the previous pro-West- diplomatssay they areprepar- setts-based World PeaceFoun- tion leader and became Ethio- to silenceand disempower COLOMBO,Sri Lanka—China ern government headed by Ra- ing to mount an armed insur- dation. “Itsonce-promising pia’sprime minister at the head them. is poised to start building a$13 japaksa opponents, SriLanka gency. model of the developmental of an autocratic government, Theconflict between bet- billion city on SriLanka’ssea- hadcooled toward China. Tensions between Tigray stateinAfricaisnow history.” which followedaChinese model ter-equipped Ethiopian forces front, as the nation located During the Rajapaksas’ first and the government reached a Founded in the 1970s by a of liberalizing the economy and Tigray fightersescalated, near some of the world’smost stint in power, between 2005 flashpoint when Prime Minis- student movement inspired by while keeping astranglehold on and forced Tigray forces to re- important shipping lanes deep- and2015,they signed up for terAbiy Ahmed postponed na- the revolutionaryideas of politics.Under TPLF steward- treat. They arenow in hiding. ensits ties with Beijing despite multiple Chinese projects, in- U.S. effortstogain influence. cluding aChinese-built port in ThePort City,which will be their home constituencyof builton660 acres of land re- Hambantota, and started the claimed from the sea close to land reclamation forthe Port Colombo’s city center,had been City development in Colombo. delayedand debated under a Washingtonhas held up Sri previousgovernment, as the Lanka as aprime example of countrytried to decrease its what it calls China’s“debt trap dependenceonChina. Nowthe diplomacy.” China denies its family of Mahinda Rajapaksa, projectsare created to entrap who had earlier overseen a borrowers or spread itscontrol tightening of ties with China, of countries. hasreturned to power. TheRajapaksa government Oncecompleted, Port City has rejected aproposed $480 could become an important million U.S. economic aid pack- symbol of thepowerofBei- ageand amilitaryagreement jing’sBelt and Road Initiative, because it says they came with which seeks to spread Chinese toomanyconditions,such as influenceacrossAsia and be- mappingall state-owned land yond by unleashing itsfinancial and providing immunity from and construction firepower. prosecution forAmerican mili- SriLanka is trying to rebuild tary personnel in the country, afteracivil warand the more which critics claimed impinged

recent combined economic fallon SriLanka’ssovereignty. S

out from terrorist attacks and Last year,43% of loans for PRES Covid-19.Itsays that the U.S. is major projectscame from offering little financial support China, according to the Central TED OCIA

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Bankand India,” said Palitha This month,the firstfactory MANISH Kohona,Sri Lanka’sambassa- forHambantotawas an- Indian farmers rallied in and around NewDelhi, expressing concern governmentderegulation will hurt them and benefit big companies. dor-designatetoChina. “The nounced, a$300 million tire one entity that came to our as- plant from aChinese company, sistancehastily wasChina.” Shandong Haohua Tire. India’sFarmersProtest Deregulation SriLanka is also taking new Theauthorities arehoping loans from Beijing,despitea to attractmoremanufacturers visit from U.S. Secretaryof to a19-squaremile industrial BY VIBHUTI AGARWAL testers—who have faced tear have not only broken the shack- incomes,and oftenliveindebt. State MikePompeo last month, zone next to the port. AND ERIC BELLMAN gasand watercannons—say les of farmersbut have also Abhimanyu Kohar,national when he warned the nation of Among the other large proj- they have enough supplies to given newrightsand opportu- coordinator of the Rashtriya 22 million people against forg- ectsthat will be started or fin- NEW DELHI—Indian farmers continue demonstrating forup nities to them,” he said. Kisan Mahasangh, acoalition of ing closer ties with China, ished with Chinese backing is protested in and around the to six months. Thelegislation, passed in 180 farmer organizations in In- whichhecalled apredator. the $1 billion road from Co- capital over the weekend, wor- “This is afight about our September,dismantled along- dia, said it wasunfortunatethe Washingtonsays it wantsto lombotothe central city of ried that Prime Minister Naren- rights,” said Satnam Singh, who standing regulatorysystemthat government didn’t consult keep the Indian Ocean free and Kandy and a$300 million coal- draModi’s decision to deregu- farms wheat on 1.5acres of forced farmerstosell most of farmer organizations beforeap- open from Chinese domination. firedpowerplant in Noro- lateagricultural markets will land in thenorthern stateof their crops through govern- proving the legislation. TheRajapaksas staged apo- chcholai on the west coast. leave them without asafety Punjab.“Themain question is ment-approved wholesale mar- “Big companies will benefit litical comeback during the China will runthe Port City, net. howwill these laws playout in kets dominated by tradersand morefromthese ordinances as past year.Mahinda Rajapaksa’s which will have offices,apart- Farmersfromnorthern India reality? Will the big private middlemen, paving the way for morethan 80% of Indian farm- younger brother,Gotabaya Ra- ment blocks and amarina, on a used tractorsand motorcycles marketsreally come as aresult them to sell their producedi- ersare small growers who do japaksa, waselected president 99-year lease. to block highwaysonthe of these newrules? Ifeel no rectly to consumersorfood not have storagefacilities,” Mr. in November 2019,while the el- It is envisaged as afinancial fringes of NewDelhi, creating [privatefunding] will come to processing companies. Kohar said. “The farmerswill der brother waselected prime services and technologyhub,in traffic jams and forcing people small farmerslikeus.” Almost half of India’s1.3 bil- become laborersontheir own minister in August 2020,tak- contrast to the industrial zones to drivearound the protest. Mr.Modi said Sundaythat in lion population relies on agri- land.” ing two-thirds of the seatsin being created forits factories On Sunday, farmers’ group the long runthe newregulatory culture, though farming ac- Mr.Modi is hoping that the parliament. in other countries. said they will continue to pro- regime would benefit farmers countsfor just 17%ofgross easing of regulations in farming Authorityissplit between —Asiri Fernando contributed test until the government rolls as they become lessdependent domestic product. Most farm- as well as labor regulations the two positions in SriLanka, to this article. back the overhauls.The pro- on middlemen. “These reforms ersown tinyplots, with meager could triggermoreinvestment. FROM PAGE ONE

bond-price quotes,spawned which American companies able, a sign of how hot the yearsofslimming down. asubsidiary. S&P Seeks competitorsseeking market moved overseas to lowertheir market forfinancial datais. Thecompanyin2011 was Global M&A volume is run- intelligencethat could be taxrates. IHS in lateSeptember re- spun out of the McGraw Hill ning 12% lowerthan last year’s packaged and sold to informa- Markit wasfounded in 2003 ported that itsthird-quarter publishing conglomerateand pace, with the U.S. down 28%, Rival Data tion-hungryinvestors. in abarn outside London by profit rose while itsrevenue in 2016 sold J.D. Power, the afterthe pandemic forced Those players have them- former TD Securities executive fell as itscustomers—which marketing firm known forits companies to tend to their selves merged in recent years LanceUggla and wasbacked in include companies in financial customer-satisfaction rank- ownbusinesses. Provider into a handful of giants, as itsearly days by agroup of services,transportation and ings, beforerebranding from Deals dried up in the second data providers such as S&P large banks eager fortranspar- oil and gas—recovered from McGraw Hill Financial. quarter but have come roaring Global and FactSet Inc.battle ent pricing datainthe opaque S&P’srevenue rose 9% in back sincelatesummer,partic- ContinuedfromPageOne it out with big exchanges ea- world of credit derivatives. the thirdquarter,rising in all ularly among technologyand players,tracks millions of data gertomonetizetheir pricing It went public in 2014, rais- of itsdivisions and especially health-carecompanies. pointsinfinancial markets. It data to offset falling trade ing $1.3 billion in a larger- in the ratings business, its As in prioryears, technol- owns software that big Wall commissions. than-expectedIPO that al- 12% largest. ogyisbyfar the most active Street banks use to under- Blackstone Group Inc. in lowed12Wall Street banks, Thebusinesshas benefited sector forM&A,with $669 bil- writecorporatestock and 2018 bought amajority stake including Goldman Sachs Decline in global merger-and- as bond issuancesoarswith lion worth of deals so far. bond offeringsand tracks in Thomson ReutersCorp.’sfi- Group Inc.and Bank of Amer- acquisition activity this year interest ratesathistoric lows. With the stock market rally- transportation and energy nancial-dataarm and ayear icaCorp., to sell portions of Profit fell compared with a ing,manyacquirersare using data, the latterofwhich could lateragreed to sell the com- their stakes. year ago. theirrichly valued shares as pair with S&P’scommodities pany, by then rebranded as Re- Mr.Uggla took over the At $44 billion, S&P’sdeal currency,prompting asteady business,Platts. finitiv, to the owner of the combined companyaround the the shock of the coronavirus forIHS would be the largest of stream of all-stock deals in re- Financial datahas exploded London Stock Exchange. end of 2017fromhis counter- pandemic at varying speeds.A the year globally,according to cent weeks. over the past two decades as In 2016, IHS, which pro- part at IHS. unit that supplies datatoen- Dealogic data, topping both TheWall Street Journal re- marketssped up and com- vided analytics forbusinesses At the time of the merger ergy companies and one that chip maker Nvidia Corp.’s ported last week that Sales- puter-driven investment strat- and governments, bought Lon- between IHS and Markit, the sells technical information to nearly $40 billion deal to ac- force.comInc.isintalks to buy egies replaced human stock don-based Markit Inc.and two companies had a com- product designers, among quirechip designer Arm Hold- Slack Technologies Inc., for pickers. Thesuccess of moved itsdomicile to the U.K. bined market value of about other things, were the worst ingsand aroughly $40 billion morethan the $17billion mar- BloombergLP, which launched It was part of several such $13billion. Today, IHS Markit hit. deal between Nippon Tele- ketvalue of the maker of the in the 1980s offering electronic deals,known as inversions,in is nearly three times as valu- S&P is bulking up after graph &Telephone Corp.and popularoffice-chat app. P2JW335000-0-A01000-1------XA

A10 | Monday, November 30, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

He felt luckywhen his brother GM Closure hooked him up with GM in 2000.“In our area therearen’t many jobs,” he says. Spawns Nowhe’s10yearsaway from being eligible to retire and, having grownuppoor Migrants himself,hopes to have enough money when he dies to leave something forPaytonand ContinuedfromPageOne Parker. rolet Impalas,Bel Airsand Ca- To do that, he took on one prices. of the most dangerous jobs at It has since become a sym- the Bedfordfactory—mixing bol of the economic struggles alloys in afoundrythat burns of those who work in factory at 1,700degrees.Hespends all jobs.American autoworkers dayinasmock and afull in particular,already losing (3) sweat, melting down rejected work due to advances in auto- partsand other aluminum

mation and shifts to overseas JOURNAL scrap. plants, nowalso facedwin- “I don’t know if I’ve got 10 REET

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makersincreasingly look to LL mits. movetoeasier-to-assemble WA

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grownduring the economic VEY On the wall of Dan Santan- expansion over the past de- gelo’s rented house at Eagle GAR

cade,though the numbers MC Pointeisacluster of framed have shrunk over the long photos.Happy grandkids.An

term. In Ohio,the number of MADDIE expectant couple.Palm trees employees in manufacturing Dan Santangelo cries as he hugs his wife Anna goodbye before leaving for Indiana after a surprise trip home to Ohio. and a grinning vacationer. has dropped 35% since 2000, It’satypical displayoffam- to around 660,700 in Septem- Exodus Onemorning afterheleft ily photos.But it’sthe land- ber,according to the Bureau of forIndiana, she woke up to lord’sfamily on the wall, not Labor Statistics. When GM closedits Lordstown, Ohio,plantlastyear,hundredsofworkerstransferred to jobs discover that during the night Mr. Santangelo’s. Afew months aftertaking at distantcompanyfactories. she had organized his pillows Mr. Santangelo, 50, started office, President Trump trav- Employeetransfers from Lordstown into the shape of a person. missing his family even before eled to Youngstown, ashort Mrs. Sherrylives on her he leftthem to work at Bed- drivefromLordstown, ad- 60 120 240 340 family farm in East Palestine, ford last year.Day afterday he dressing blue-collar support- People relocated Origin cityTransfercity Ohio, in the dream house she sat silently in arecliner at the ers who worried their factory and Mr.Sherrybuilt together, house in NewMiddleton, Ohio, jobs were gone for good. sunflowers lining the drive- and stared intothe void likea Flint “They’re all coming back,” way. man facing aprison sen- he said. “Don’t move. Don’t MICHIGAN In Indiana, Mr.Sherry tence—fiveyearsaway from sell your house.” Toledo rented for a while. In July he home until he could retire. Instead, crateringdemand Iowa Lordstown bought atwo-bedroom condo, He’dchewoverthe what-ifs. Neb. Fort forthe Chevrolet Cruzeleft Wayne completewith furniture, in the What if hisparentsgot sick? the Lordstownplant without a Eagle Pointedevelopment What if somethinghappened to cartobuild, and, following a whereMr. Dyelived. The his two kids,orhis wife? What INDIANA 40-day strike, companyand Ill. condo retains the impersonal if he didn’t earn enough to United AutoWorkersunion of- cleanlinessofareal-estatede- covertwo households? ficials agreed on terms for Bedford W. Va. veloper’s model home. He stopped eating but closing the plant. Alarge Wentzville Thehouse backs ontoa couldn’t stop throwing up.His cadreofveteran employees Kan. MISSOURI Va. wooded hillside leading down wife, Anna Santangelo,finally faced the choicebetween stay- to Monroe Lake.Most morn- convinced him to seek help. ing home with their families Bowling Green ingsbeforework,Mr. Sherry Thedoctor put him on but uncertain financial fu- N.C. carves acouple of steps into “happy pills,” as Mr.Santan- tures,orrelocating to other the steep slope,gradually gelo calls the antidepressants. GM plants where they’d hang Spring Hill building astaircase connecting He’s not happy. But the drugs ontotheir union payand bene- Okla. TENNESSEE the condo to the shore. keep him suspended abovethe fits. Ark. S.C. It’s a ploy to make Indiana abyss. When the assembly lines at an appealing place to stay for The blackness was familiar Lordstownfinally stopped, his kids, 19-year-old Parker, a andfrightening.In2009,the nearly all of the plant’s Miss. Ala. Ga. quarterback at West Liberty Santangelos found themselves roughly 1,400 hourly auto TEXAS 100 miles University in Wheeling,W.Va., in adeep financial hole,hav- workerswereable to find jobs Arlington and 17-year-old Payton, in her ing overspent on their three- 100 km at otherGMplants. Thevast senior year of high school. bedroom ranch house.The na- majority were in Texas,Mis- Mr.Sherrybought two kay- tional recession led GM to cut souri, Tennessee and other 1970s,was just under 400,000 $50,000 he’dmakeatGMwith their three children. During aks and fantasizes that Parker shifts at theLordstownplant, out-of-statelocations,accord- last year. ahigh-school diploma. So he hisevening walks,Mr. Dye will do his online studies at andthe combination of growing to the company. GM’s Bedford, Ind., facility, quit school and, in 1996,took a fields calls from Jaxonabout thecondo and they’ll paddle ing debt and reduced income Some Lordstownworkers which took some 60 former job at Lordstown, aticket to football or his favorite around the laketogether.He forced the family to seek ref- sold theirhouses and hauled Lordstownworkers, churns the middle class. In six years hobby—racing small, high- watches Payton’sbasketball uge in bankruptcy. spouses and children to their outengine and transmission he’ll completethree decades at powered cars on a dirt track. games online and plans vaca- Mr.Santangelo contem- newjob sites.About half ven- components24hoursaday. GM and be eligible to retire When Mr. Dye visits home, tions around her golf tourna- plated suicide,contriving ways tured out on their own, leav- Thecompanyoften requires with a$3,400 monthly pension. every third weekend, he usu- ments. to makeitlook accidental so ing families and homes in employees theretowork seven As rumorsswirled about ally sleeps in Jaxon’s room. AfterMr. Sherryfinishes that his wifecould gethis life- Ohio,according to people in days aweek.There’sabundant Lordstown’sclosurein2017, In Bedford, he punchesin cutting stairs, he goes fora insurancepayout. “I felt likeI the union who helped with additional overtime for those Mr. Dye found comfort in Mr. each daybetween 6:54 and short hikeorjumps in the failed as aman, ahusband and transfers. who want it. Trump’swords and in the 6:56 a.m., and startsdriving lake. One recent morning he a father,” he says. LordstownMotorsCorp., an Theresult is that many UAW’sreassurances that union the forkliftat7.Heusually His family talked him back electric-truck startup that Lordstownmigrantshaveseen leaderswould pressGMto logs84hoursaweek—12 from the brink,and lifesettled bought GM’s factory in town, their lives reduced to work- find some use for the plant. hoursaday over seven days— ‘My whole life I down intoahappy decade of has promised to createjobs eat-sleep-work cycles,clocking “My whole lifeIthought loading trucks with partsfor basketball games with his for4,000 to 5,000 workers. in and clocking out until they Lordstownwas going to be factories in Mexico, Canada, thought Lordstown daughter, 19-year-old Gianna, Nearby, GM is building a $2.3 can rejoin their families. there,” he says. New York and other states. was going to be and working at the volunteer billion battery factory jointly His daughter,17-year-old “Right nowI’m existing,” fire department with his son, operated with LG Chem that Gianna, is adrummajorette Mr.Dye says.“I’m not really there,’ a worker says. 22-year-old Joe. Thefamily the companies saywill employ Jay Dye and acompetitivegolfer and living.” shared Sundaynight pasta 1,100 people. It’s almost likethe bright dancer.Neither Mr.Dye nor This fall, Mr. Dye got a re- dinners with his parents. Neither the battery nor the yellow Chevy Cobalt is taunt- his wife, clinical social worker prieveofsorts. GM granted Mr.Santangelo admitshe truck factoryhas begun full ing Jay Dye. CathyDye, wanted to tear her hisrequest to transfer to a pointedacrossthe cove to- cheated his way through high operations.The UAWwill rep- Everyday around 7:30 p.m., away from her high school and plant in Toledo,and he started ward the home of another school and struggled with the resent battery-plant workers, after another 12-hour shift at activities in Ohio. thereMonday. Unlikethe Bed- Lordstownbachelor.“He’sgot book work when he tried air- and LordstownMotorshas theBedfordfactory, Mr.Dye Some co-workerstrans- ford factory, Toledo doesn’t three kids,” Mr.Sherrysaid, craft mechanics. said it’s open to union repre- unwinds with a stroll around ferred to other factories in the have mandatoryweekend beforepivoting and pointing His father,PerrySantan- sentation forits workersbut theEagle PointeGolf Resort, months beforeGMand the shifts,soheplans to visit toward ahouse in the other gelo,worked at the GM Lords- doesn’t have a contract. Still, whereheshares atwo-bed- UAWagreed on terms forclos- home everyweek.And the direction. “He’s got kids.” town plant from 1966 to 2000. it’slikely manyofthe jobs room rental unit with another ing Lordstown. Mr.Dye held plant is just 2½ hoursaway, Stories circulateamong the He pulled stringswith the created at both factories will transient GM forkliftdriver. out until just a month before adding eight hoursoffamily Lordstowntransplantsofmar- union to getDan ajob in 1995. paylessthan those lost at GM. Therouteleads him past the the shutdown and found him- time to every weekend visit. riages crumbling under the “I knewifIgot intoGM, my VeteranGMworkershave home of aGMfamily with the self with limited options. pressure of separation. worries were over,” saythe an incentivetostaywith the Cobalt in the driveway. He settled for a $5,000 re- Payton feels guilty fornot younger Mr. Santangelo. company. Fordecades,good Themodel used to be as- location bonus,which commit- Zach Sherry making moretime forphone When Lordstownshut its payand defined-benefit pen- sembled at the Lordstownfac- tedhim to work one year in Beforehepunches in at the calls with her dad. To compen- doors, Mr.Santangelo took a sions were guaranteed in con- tory.The chances arepretty Bedford, 6½ hoursbycar from factoryby3each afternoon, sate, she saved their favorite $30,000 bonus forathree- tractsnegotiated by United good that Mr.Dye installed the home. Mr. Sherry takes off his wed- shows from Shark Week to year commitment to relocate Auto Workersfor workersat speedometer or the radio on He brought very little with ding ring, secures it in an Al- watch with him. to Bedford. “You’vegot no GM, Ford Motor Co.and Fiat the yellow one. him: Five pairsofDickies work toids tin and tucks it into his Parker worries about his choice, buddy,” his father told Chrysler Automobiles NV.U.S. “Seeing that car every day pants, four pairsofjeans, lunchbox. dad’sloneliness, and about his him. “You can’t just quit GM.” carcompanies and the union is a kick in the gut,” he says. some T-shirtsand afew He and his wife, Liz Sherry, own. “It’slikeIlost my best Until Mr.Dye moved to To- agreed to eliminatepensions Mr.Dye, 45 yearsold, sweatshirts.Hefigures he can 48,werehigh-school sweet- friend,” Parker says, his voice ledo this month, he and Mr. for new hires in 2007. started out studying special pack it all, start the carand be hearts. Thirty yearslater,heis catching. Santangelo shared the two- Thereduced benefitsparal- education at Kent State Univer- gone in two minutes. still happy to warm up her Afterhigh school, Mr. bedroom unit at Eagle Pointe. leled a larger decline in UAW sity. But the $18,000 he ex- TheDyes’ youngest, 9-year- cold feet at night. “It’sjust a Sherryworked in acountry- Some days,the only time they strength. Membership, which pected to earn as ateacher af- old Jaxon, has takenhis fa- little thing,but it makes me club locker room, beforestart- saw each other was when Mr. reached 1.5 million in the late tercollegecouldn’t match the ther’s absence the hardest of miss him,” says Mrs. Sherry. ing his owncleaning service. Santangelo finished the overnight shift, which starts at 11 p.m., and handed off the fork- lifttoMr. Dyeinthe morning. Everyday Mr.Santangelo packsthe same sandwich— ham, turkey,cheese and Mira- cle Whip on wheat—for the unnamedmeal that comes in the middle of his shift. He fretsoverthe possibility that he won’t be close enough to help if something bad happens to his family.Hecalls Joe to remind him to replacethe smoke-detector batteries.It was mere chance that he was home in May, when Mrs. San- tangelo’s father grew fevered and delirious and died of Covid-19 alone in the hospital. Thestability and security Mr.Santangelo thought would be his when he joined GM remain just out of reach. “Never in my wildest dreams did I think Lordstownwould close,” Jay Dye, left, made it home for his son’s birthday in September. Zach Sherry, right, who works in Indiana as an alloy melter, plays football with his son during a visit. he says. P2JW335000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, November 30, 2020 | A10A GREATER NEW YORK Connecticut Returning TravelersUrged to Test Prepares Screening sites set up period if they aretested within three days of departurebefore at airports, other hubs returning,quarantine forthree ForPaid as citybracesfor surge days oncethey areinNew York,and then receiveatest Family in Covid-19 after holiday on the fourth day, according to health department restric- BY KATIE HONAN tions.Ifboth testsare nega- Leave tive, they canleave quarantine. NewYork City health offi- Thecity’s strategytokeep- BY JOSEPH DE AVILA cials are ramping up Covid-19 ing Covid-19 cases down has testing to preparefor an ex- been rooted in urging people Connecticut workerswill pected surge in coronavirus to wear masks,social distance start seeing amandatorypay- cases as NewYorkersreturn and gettested. Sincethe check deduction in Januaryfor from traveling over the spring,morethan one million the state’snew paid family Thanksgiving weekend and the free Covid-19 tests have been leave program, which will be- holiday season begins. administered, Mr.deBlasio gin paying out benefitsin The Port Authority of New said Wednesday. 2022. York and NewJersey said it Thecity also has worked to Theprogram will be funded predictsapproximately tracepositivecases,which by a 0.5% tax on the wages of 504,000 travelerswill pass helped to identifyclustersand workers, with the maximum

through itsthree major air- /REUTERS hot spotsinthe summer and amount of income that canbe

ports in the New York metro- GAR early fall. Tracersare now taxed at $142,800. Employers

politan area between Wednes- SE reaching 95% of everyone who aren’t required to contribute

dayand Sunday, which is MIKE testspositive, and completing to the program. down nearly 71% compared Cars entering Manhattan via the Holland Tunnel were stopped at aCovid-19 rule checkpointlastweek. interviews with 81% of them, Thenew statelaw,ap- with the same time last year. Dr. Long said. proved by the Democratic-con- Officials saythat number is given self-test kitsstarting day at home this year. they wanted, even with gov- Still, the city has seen a trolled Legislaturein2019, still significant and have last week that canbemailed NewYork City MayorBill ernment warnings. “It is fully steady increase in cases,which will giveworkerspaid time off warned that travel and large back to NewYork when they de Blasio said Wednesdayhe understandable that people led to the closureofpublic for up to 12 weeks to care for family gatheringswould likely arrive at their destination. would missseeing extended will makechoices that arepri- schools earlier this month achild afterbirth or adoption, increase the spread Covid-19. “The more information we family in hishome stateof marily in their interest,” Dr. when theshareofCovid-19 to care foraseriously ill fam- The city has set up testing have—of who’s potentially Massachusetts, and New York Varma said in an interview, teststhat arepositivehit 3% ily member, or other qualify- sites at John F. Kennedy Inter- contracted Covid during the Gov. Andrew Cuomo canceled citing what he called “epi- over a seven-day average. ing circumstances.The national Airport and LaGuar- holidays—the betterwecan do plans to see his mother and demic fatigue.” Health officials expect that amount of benefitsaworker dia Airport that will remain our contact tracing,” said Ted sistersinManhattanon “That’swhy we also have to rate to continue to rise,and canqualifyfor depends on open through the holidaysea- Long,executivedirector of the Thanksgiving. make sure we also offer ways the mayorhas said the state howmuch they earn, but the son. It has also established city’s Test &Trace Corps, “Weare going to see an in- to reducethe harm,” he added. would likely impose tougher maximum benefit tops out at self-test sites at NewYork’s which runs the city’s contract- crease post-Thanksgiving,” the Thestate requires all trav- lockdown restrictions on the $780 weekly during the first Penn Station and the Port Au- tracing efforts. governor said Wednesdayata elers who were out of New city this week. year that benefits are paid. thority Bus Terminal in Mid- Dr.Long said in an inter- news conferenceabout an up- York formorethan 24 hoursto “We’regoing to need it to Connecticut will be joining town Manhattan, as well as a view that he was skipping his tick in Covid-19 cases.“That is quarantine for14days,unless keep fighting back this second NewYork and NewJersey in testing siteatamovie theater own family’s Thanksgiving in going to take abad situation they aretraveling from astate wave that is bearing down on offering paid family leave.Col- off the Staten Island Express- California forthe first and make it worse.” that bordersNew York or us moreevery day,” Mr.deBla- orado voters approved amea- way, just before the Goethals time,joining along list of city Jay Varma, a senior health other low-incident locations. sio said at anewsconference sureinthe November election Bridge to New Jersey. officials who said they adviser to Mr. de Blasio, said Return travelerscan test out last week. “Wehavetofight it that will establish asimilar JetBlue flierswerealso planned to celebrate the holi- people were going to do what of the mandatoryquarantine back,and testing is the key.” programthere. Ahandful of other states also have established paid family leave pro- I’ll Take Manhattanhenge grams, according to the Na- tional ConferenceofState Legislatures. “It is a critically important program forthe statebecause we knowthat people do better when they arehealthy,” said Andrea Barton Reeves,chief executiveofthe Connecticut Paid LeaveAuthority,which oversees theprogram. “We know people do betterwhen they don’t have to worry about having to take time off to take care of their families and are getting paid.” Beforethe newlaw,Con- necticut allowedemployees at large employers to take up to 16 weeks of unpaid leave for the birth of a child or to care for a close family member. Thenew paid family leave program wasopposed by manybusinessgroups who say it places new burdens on employers,especially on small businesses.One of the con- S cerns is finding temporaryem- PRES ployees to fill in when other

TED workersuse the paid time off, CIA said Andrew Markowski, the SO

AS statedirector in Connecticut A/ forthe National Federation of UR

AM Independent Business, which

IW represents small businesses.

YUKI “Finding qualified employ- CITY SILHOUETTE: Photographers across the Hudson in Weehawken, N.J., captured the rising sun as it aligned with the Manhattan grid along 42nd Street early Sunday. ees wasdifficult prior to the pandemic andwewould expect that to be the case after as well,” Mr. Markowski said. STATESTREET | By Jimmy Vielkind Ms.Barton Reeves said the state isn’t considering delay- ingthe start of the program because of the pandemic and StateAssembly Gets NewClassofProgressives economic downturn. She said herofficefields two to three times morecalls about access- Democrats But the insurgents could ing would change because one of 150 members, noise ing the benefits than calls re- who dominate create headaches for the the Democratic conference isn’t necessarily going to garding the payroll deduction. the NewYork speaker from the Bronx, who has always been diverse and help you.” Some small-business own- stateAssem- for nearly six years has con- progressive. Other members said Mr. ershavewelcomed the pro- bly will con- trolled the operations of the “The players may change Heastie could avoid prob- gram. vene virtually chamber and determined over the years, but the game lems by directing any of the Sally Grossman, aWindsor, this week to discusstheir which bills come to the floor plan remains the same under insurgents’ frustration to Mr. Conn., resident who runs a strategyfor the coming for votes. S Speaker Heastie’s stalwart Cuomo. The governor has small businesspainting

months and start to work Zohran Mamdani, who PRES leadership,” Mr. Whyland said he opposes many of houses,said forcing people to

out howtheir conferencewill was backed by the Demo- TED said. their top priorities, including come to work soon after they

absorb agroup of progres- cratic Socialists of America OCIA But longtime members raising taxes on the wealthy. have had achild or when they

siveinsurgentswho aresuc- in his successful campaign to SS said they wondered if the Assemblywoman Rodneyse need to care forafamily mem- ceeding some of the cham- represent Astoria and other /A speaker would nod to some Bichotte, a Democrat from ber isn’t in the best interest of ber’s most senior members. neighborhoods in northwest of the chamber’s young guns Brooklyn first elected in the business. That person The insurgents are among Queens, said he rejected the PENNINK and said they are closely 2014, said Mr. Heastie was wouldn’t be able to focus on

the 19 new Democratic mem- dynamic by which major HANS watching who are appointed more attuned to his flock the job, she said. bers who won seats in No- laws are made at the Capitol: Carl Heastie is expected to win to run some of the more sig- than his predecessor, Shel- “For me,Iwould rather pay vember, a larger class of new a centralized negotiation be- a new term as speaker. nificant committees. Both don Silver, who was speaker someone temporarily who is lawmakers than most years. tween Gov. Andrew Cuomo, the economic-development for two decades before his able to help out and is able to The insurgents say they plan Mr. Heastie and Senate Ma- that was eventually enacted committee and the codes 2015 arrest on federal cor- give100% to my business,” to continue their campaigns jority Leader Andrea Stew- made rent regulations per- committee, which oversees ruption charges. Mr. Silver Ms. Grossman said. for increasing taxes on the art-Cousins that is then pre- manent. criminal-justice legislation, was subsequently convicted. Ms. Grossman said she ex- wealthy, expanding tenants’ sented for an up-or-down Phara Souffrant Forrest, are available. Mr. Heastie has made it perienced returning to work rights and changing crimi- vote, often as one piece of another DSA-backed insur- Many members said they easier for rank-and-file mem- tooquickly afterthe birth of a nal-justice laws from inside an omnibus bill or as part of gent who won a seat in were skeptical that the new bers to sponsor important child. During her prior job as a the Capitol. the state budget. Brooklyn, was arrested at insurgents would have much legislation and is more ac- contractor,she wastold by her Assembly Speaker Carl “I think what we desper- the Capitol that year and effect, given the large size of cessible, she said. She didn’t doctor to rest for at least six Heastie reached out to each ately need to do is bring the said she would encourage the conference and the un- foresee any major changes to weeks following aCaesarean of the insurgentsafter their intensity of campaigning into similar demonstrations. spoken social pressure that the chamber’s operations be- delivery, but she went back to victories in Democratic pri- the work of governing, be- “No longer is it viable to minimizes rabble-rousing in cause the coronavirus has work painting afteronly three maries this June.This month cause fundamentally both say, ‘Oh, the unions don’t closed-door sessions. For forced many meetings and weeks because she needed the he has been texting each are about organizing and want this.’ Or, ‘Oh, we don’t generations, several mem- discussions to take place vir- money, she said. member of the107-person about power,” Mr. Mamdani want that,’ ” she said. bers said, insurgents were tually. “I don’tthink that should Democratic conferenceask- said. Mr. Heastie declined to be absorbed into the existing “There’s a learning curve” happen to anybody,regardless ing fortheir support in an- He pointed to the 2019 interviewed. The speaker system after realizing they for new members, she said. of wherethey liveorwhat other term as speaker in a push to strengthen and ex- spoke in 2019 of his frustra- would have to learn how to “The core structure will stay their occupation is,” Ms. vote that is scheduled to take pand rent regulations as an tion with the protests and pull its levers if they wished and should stay. We’re in a Grossman said. “I think you placeMondayafternoon. No example. Tenant advocates said protecting tenants was to get anything done. transitional period. We’ve all should be able to take time off one else is campaigning for protested outside a fund- always a priority for him and “Ultimately, Carl’s going got to stick together and op- and heal from surgery,orto the position, memberssaid, raiser for Mr. Heastie and the Assembly Democrats. to win. That’s the way it is,” erate together.” take care of an ailing family and Mr.Heastie is expected targeted him; the activists Mr. Heastie’s spokesman, said one Democratic Assem- member,without being finan- to win easily. were pleased that the law Michael Whyland, said noth- bly member. “When you’re [email protected] cially ruined.” P2JW335000-2-A010B0-1------NS

A10B | Monday, November 30, 2020 NY ** THE WALL STREET JOURNAL.

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CAREERS & LEADERSHIP PERSONAL JOURNAL.

BY RAY A. SMITH

ith the rise of working from home, some people accustomed to us- Wing their charisma in person have learned a tough lesson: Command- ing a room isn’t the same thing as commanding a Zoom. It comes down to “E-charisma.” In face-to-face meetings, physical charisma often goes a long way in helping someone get noticed and advance in their career. More reserved or shy types are often at a disadvantage. But physical charisma can be more challenging to replicate online—creating a potentially different pecking order. “E-charisma involves a com- pletely different set of skills and attributes than does P-charisma,” says Leigh Thompson, a professor of management & organizations at the Kellogg School of Management at Northwestern University, who addresses the issue in her latest book, “Negotiating the Sweet Spot: UM

The Art of Leaving Nothing on the NABA Table.” In person, charismatic people ALEX could get away without saying BY ION

much of substance because of all AT

the other visual stimuli those TR US

around them were taking in, such ILL as the way they stood (confi- dently) or moved (gracefully) or dressed (with flair). Online, with fewer physical cues, what people HowtoBoost Yo ur E‑Charisma are saying or writing takes on more weight, academics and career advisers say. The charm thatworksfor in-personmeetings doesn’t alwayswork on video—here’swhattodo After months of working from home, many people may not real- ize they’ve been getting E-cha- Shtull. “When we areinperson, we Slowing down speech and ar- person’sturn to talk,Dr. Signo- that charisma is opening with an risma wrong. Fortunately, it can be use alot of vocalcues like‘uh-huh.’ ticulating canalso help ensure rello advises. acknowledgment of what the pre- learned. Here are some tips from It’sdifficult to do that on video,” youcome acrossasconfident, vious speaker said, Ms. Shtull says. experts. she says,noting it cancause an- clear and charismatic,says Rosa- Make Eye Contact Paraphrase or say something noying effectsinalarge meeting. rioSignorello,phonetician and It canbechallenging to master eye like, “Cheryl, I hear what you’re Zoom In to Stand Out Those who tend to be more ex- voicescientist at Laboratoirede contact on video calls,with so many saying,” before diving into your Stage presenceispart of what it pressive with their hands should Phonétique et Phonologie at Uni- places on the screen forthe eyes to own remarks. Or ask questions to takestobecharismatic in person. move the laptop back enough to versité de la Sorbonne Nouvelle go. “In order to connect and engage show that you care how others feel To achievethat on video meetings, demonstrate engagement in the and CNRS in Paris. in this virtual world, youhaveto about what’s being discussed. youshould makesureyour face conversation when listening, or to Vary your pitch and speech pat- look at the camera, as opposed to Other tricks to invite others to takesupatleast athirdofthe “make your words come alive” terns to emphasize points and people on the screen,” says Mr.Chen engage include using metaphors, screen. when speaking, Ms. Shtull says. of Exec-Comm. Ideally,position the asking rhetorical questions and “Ideally you’reinthe middle of A smile does wonders in com- cameraateye level. That maymean listing points in threes, says John that screen, so youwant to be close municating charisma, she says. A A smile does wonders in youneed to elevateyour computer Antonakis, professor of organiza- enough wherethere’sjust alittle simple, warm smile (without teeth so youare looking at the camera tional behavior at the University of spacebetween the topofyour head showing) should do the trick most communicating lens or the topthirdofthe screen. Lausanne in Switzerland and a and the topofthat frame,” says of the time when others are speak- charisma on Zoom, an When delivering prepared re- leading researcher on charisma RobertChen, apartner at business ing, and a broader smile when marks,havequick notes or outlines and leadership. communication skills consulting someone on the call makes a joke. executive coach says. with key wordsyou canglanceat “Three is likeamagic number firm Exec-Comm and amanagerial Otherwise try to look thoughtful in rather than reading the full speech. because three is easy to remember, communication lecturer at the the most natural way you can, If it’s a smaller meeting where three gives an impression of com- Wharton School of the University of without looking stuffy. you need to interact more, it’s OK pletenessand three sounds nice,” he Pennsylvania. “It’staking up your Avoid a negative “resting face” make the conversation more en- to look at the people on the says.Recently published research he spaceinthe frame just likeyou and don’t slouch as you listen— gaging, says Dr. Signorello, who screen. “Just look at one person or co-authored examines howthe per- would take up spaceatthe table if telltale signs of weak charisma. has led studies that examine the one pair of eyes,” Mr. Chen says. sonal charisma of informal leaders youwerelive.” voice’s role in the charisma of This gives the illusion of intimacy canhaveanimpact via media,in Also makesureyou arewell-lit, Use Your Voice public figures giving speeches. If and helps you appear to be a good TED Talk videos and Twitterposts. with adesk lamp or ring light, so The guy whose voice booms in you’re reading from notes, try to listener—a mark of charisma. Speaking forshort burstsof your imagelooks brighter. person might sound less com- vary your voice so it doesn’t come time,then pausing,helps signal manding on video or mobile phone off as robotic. Create Space for Others giveand take during the conversa- Nod More—Smile More calls because of poor Wi-Fi con- Remembertocome to full In person you can use gestures tion. Direct aquestion to aspecific In video meetings, whether you’re nections and other electronic dis- stops when making pointssothat and posture to cue another partici- person when youfinish your the host or aparticipant, use non- tortion. Consider investing in high- it doesn’t sound likeanoblivious pant to speak, but those signals thought—“What do youthink, verbal energy likenodding to show quality microphones and stream of consciousness. are often hard to discern online. George?”—tomakeitpersonal. It’s that you’reengaged, says New headphones so that nuances and And take alonger pause than When it is your turn to talk in a amark of the spotlight-sharing that York-based executivecoach Ora rhythms in your voice aren’t lost. usual to signal that it’sanother video meeting, one way to display charismatic people do so well.

AT WORK one conversations in the era of re- The Resurrection of the OfficePhone Call mote work. Still, it’s best not to KRITHIKA take the phone’s sense of immedi- VARAGUR acy as an open invitation for con- stant contact. “Even though I prefer phone all it the Goldilocks theory of calls, I’m usually Slacking my team Cthe pandemic workplace. members to say, ‘Hey, are you Nonstop Zooms and video available to chat about this?’” says meetings are too taxing. Emails Manu Kumar, co-founder of a con- and Slack hold companies to- tact manager app called HiHello in gether, but written text can never Palo Alto, Calif. It helps to flag capture the nuance of human con- why he wants to talk first. versation. What’s the answer? The Video calls retain other benefits humble phone call. for remote workplaces. Liz Foss- “A phone call is in many ways lien, San Francisco-based head of the happy medium,” says Marissa content at Humu, a startup that Shuffler, associate professor of or- uses AI to “nudge” employees to ganizational psychology at Clem- boost their happiness, still loves son University. “It’s perfect for how easy it is to screen-share on one-on-one discussions and has video chats. Plus, she says, “If just as much richness as a video you’re going to have a difficult call, without overwhelming you conversation with someone about with visual information.” performance management, I think In March, as the pandemic hit, it’s always better to have your many offices shifted their work- camera on.” flows into hours of video calls al- Video also helps people with at- most overnight. But they quickly tention disorders, says JessicaCar- realized that video doesn’t work illi, amarine scientist who works for everything. Zoom fatigue has many young people reaching for the phone for the first time in their working lives. forthe NavalInformation Warfare “It was a process of trial and Center Pacific in SanDiegoand has error, but within a month of going ADHD.“Work from home is horrible remote, by early April, I found my- Thephone call’srenaissance uncomfortable for young workers, it wasn’t really working for us and forme, period, because of howfrag- self doing most of my discovery comes afterits near-death at the they were displaced by a new I started pushing back on video mented my dayis—especially with calls with new clients on the hands of the infamously phone-pho- world of video-driven cringe this and shifting back to the phone,” he two kids at home,” she says.“I phone rather than Zoom,” says bic millennial generation, who tend year. The workplace’s mass migra- says. There were immediate bene- knowthat Ipreferavideo call to a Anna Kareis, a 25-year-old finan- to prefer text-basedcommunication tion to video revealed virtual fits. “You get to walk around, you phone call, because it’sharder for cial adviser in San Antonio who to the technologyAlexander Gra- meeting rooms to be places for un- don’t have to worry about what’s me to focus on just the audio,and mainly advises other millennials. ham Bell pioneered in 1876. expected guests, exasperating mut- in your background.” Now he takes moredifficult formetoexplain “People tend to tell me their As smartphones have become ing and frozen screens. the initiative on client meetings by thingswhen Ican’t use my hands, deepest, darkest secrets, and it’s ubiquitous,actual phone calls have The staff of eCommerceFuel, an sending the invite himself, so he or look at the person I’m talking betterwhen they don’t have to declined in volume,eveninbusi- online community for entrepre- can actively suggest a phone call. to,” she says. CTION makeeye contact with me forsome nesses that used to liveand die by neurs, switched to Zoom in the By manymetrics,phone traffic Even for millennials rediscover- LLE

CO of that. And, honestly,sometimes them. A2018 study by sales train- spring, says founder Andrew You- shot up during the pandemic.On ing the work call, there is a degree people tell me thingsIfind abit ing companyValueSelling Associ- derian, who is based in Tucson, April 29,weeks intomanymajor of compartmentalization involved. shocking too, so it’sgood formeto ates found that 48% of sales profes- Ariz. “The weird thing was, our cities’ lockdowns,AT&Treported a “I call clients, even unannounced,

X/EVERETT be able to hide my reaction.” sionals were scared to makecold team had always been fully remote 32% uptick in wirelessvoicemin- much more than I used to. But FO

Y It’sasurprising shift, she says, calls.The polling companyGallup and we had been doing just fine utes and a94% increase in Wi-Fi when it comes to running errands, because she wasonceasphone-call- noted a drop in itscall response with phone calls, Slack and Google calling minutes on itsnetwork, like setting up a doctor’s appoint-

CENTUR averse as they come.But she’snow rate forthe Gallup Poll Social Se- Docs before the pandemic.” But compared with an averageWednes- ment, there’s still no way I’m go- at thepoint that she has also shifted ries,aset of public opinion surveys, they got swept up in the Zoom daybeforethe pandemic. ing to pick up the phone,” says Ms. her standing weekly meeting with a from 28% in 1997 to 7% in 2017. zeitgeist. Phone calls may have emerged Kareis in San Antonio. “That’s

TWENTIETH career mentor to aphone call. But if phone calls were once “Within three weeks, I realized as the better option for one-on- what apps are for.” P2JW335000-0-A01200-1------NS

A12 | Monday, November 30, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

Wrists tingling, feet sore, employ- at Sunnyvale, Calif.-based NetApp, Do Something ees are now investing in everything whose 10,000 employees are set to Make Time to Get from treadmill desks to special foot- work remotely until at least July. Be- stools in a bid for relief. Some compa- fore the pandemic, Mr. McEnaney’s Comfortable nies are offering stipends for equip- team received requests for help from About Yo ur ment and hosting virtual stretch and about 10 workers a week. That’s bal- rgonomics experts Deborah dance breaks. Underlying it all is an looned to more than 100. The technol- ERead and Brian McEnaneyof- acknowledgment that we’re in this for ogy company has rolled out online ferthese tips foravoiding com- Work‑at‑Home the long haul, so we might as well try classes on recovery breaks—short mid- mon home-officelayout pitfalls: to get comfortable. work stretching sessions that focus on “We can all rally and push through gentle motions and deep breathing—as n Survey your equipment:Ditch for two, three months, no problem,” well as “ergonomic open office hours,” broken task chairs and backless Ergonomics says Deborah Read, founder and presi- where employees can drop in with stools. Avoid wooden kitchen dent of Seattle-based ErgoFit Consult- questions and concerns. chairs if you can. Aim for a desk ing, which advises companies on ergo- Mr. McEnaney says you don’t need that’s 30 to 36 inches deep and at nomics. “Then it starts to get old.” to get fancy to correct many problems. least 3 feet wide. or the firsttwo weeks,Kathryn Left unchecked, ergonomic issues Simple hacks, like sitting on a pillow n Get moving: Every hour, spend Benjamin worked from her sofa. can lead to permanent pain, disability to raise your body, can help. He also at least a couple minutes stretch- When hunching over her laptop and an inability to work at all. Still, at implores workers to avoid rounding ing or walking around. started to hurt, the 34-year-old the beginning of the pandemic, em- their spines and pushing their necks marketing manager moved to a ployers were understandably more out, an injury-prone position he calls n Watch your posture: Don’t F round your back into the danger- high-top table wedged in the concerned with pressing crises—keep- the Office Turtle. Back at the actual of- kitchen of her tinyLondon flat. She ing their businesses afloat, keeping fice, he used to employ a 6-foot cutout ous Office Turtle position that Mr. bought abar stool to sit on. workers safe from the virus—than the of a turtle to get his message across. McEnaney warns against. Relax In theory, that was better. But it threat of aches and pains. “They know me to be the turtle your shoulders and keep your el- turns out not having Demand for Ms. Read’s services has hunter,” he says. bows to your side. WORK your feet touch been climbing since late summer, she Several workers I talked to admit- n Sit tall: Make sure your eyes are &LIFE the floor is says, with companies seeking help for ted it was hard to stay vigilant about level with the top of your com- RACHEL “actually employees stationed in things like slouching and exer- puter screen and you’re an arms FEINTZEIG really un- makeshift home of- cise routines amid the length away from the monitor. If comfort- singular stress of you need to raise yourself up, stack 2020. Who can pillows on your chair and use a box blame them? I my- or binders to fashion a makeshift self spent most of footrest. election season slumped awkwardly in my office chair, stress-eating vari- Mr. Khara was lucky enough to snag ous carbohydrates a free chair, shepherding it home in an while typing. Uber and carrying it up three flights of “I think I just stairs to his apartment. He marvels at have a posture how it forces him to sit up straight. problem,” says Other workers are shelling out for Monish Khara, a 25- expensive gear and gadgets, some- year old graphic de- times with help from their employers. signer whose lower Firms in industries like technology back started bother- have been giving employees stipends ing him when he of up to $2,000, says Ron Wiener, the began working from CEO of iMovR, a Bellevue, Wash., man- his Manhattan ufacturer of active office furniture. apartment this The company’s monthly sales of stand- spring. He dabbled ing desks have more than tripled since in a special yoga February. “Treadmill desks we cannot

HO workout meant to keep in stock,” he says. TC target his back, but Adam Wolf, a co-founder and chief MA couldn’t get himself scientist of agriculture data startup

MARK to commit. Arable, has tried almost everything

BY “I kind of just since the pandemic started: an old

ION put up with it,” he chair from college, an older chair up- AT

TR says of the pain. “It holstered in green velvet, a trip to the

US was like, yeah this orthopedist. He purchased a standing ILL is life right now.” desk and a $200-dollar competition- That changedthis grade gymnastics mat. But the thing able,” Ms. Benjamin says. Her neck and fices, as well as for essential workers fall when he spottedaLinkedIn post that helped most, he says, was simply back ached. In September, she gave in, in fields like health care. from Brian Collins, the chief creativeof- admitting defeat and returning to the Your long- finally ordering a proper desk and task “They haven’t had much of a ficerand co-founder of aNew York Princeton, N.J., co-working space he chair for almost $400 and moving the break,” she says. “They sacrifice their strategyand design consulting firm, an- had frequented before the pandemic. term health bed belonging to her longhaired dachs- body for the sake of the work.” nouncing he wasgiving away 20 “in- “It’s the most average IKEA chair,” may depend hund, Ralph, to make room. Protective gear crucial to protect- sanely comfortable” high-end office he says of his setup there. But it on getting “I think I was in denial,” she says. ing essential workers from Covid-19 chairsthat normally retail for$675. helped ease the pain in his legs and “I was sitting at a bar stool for six adds extra weight that can strain the “I got100 inquiries in likeanhour.I glutes so much that he asked if he your desk months.” neck, upper back and shoulders, she wasshocked,” says Mr.Collins,who’s could buy one to take home. (Staff set up well. It’s been a long time since employ- says. Those at home are often plunking reconfiguring his officefor reduced ca- there said sure, charging him $25.) ers around the world abruptly sent down in broken chairs, using desks pacity amid the pandemic.Young de- There’s an extra benefit to the chair, their staff home, and workers are feel- that are too shallow or even experienc- signerstold Mr.Collins they were work- he’s realized—especially on the days ing it. What was once a creative working foot pain from walking around ing on the edges of beds in studio when he commutes to the co-working around or show of resilience—plop a barefoot. Or worse, they’re just not apartmentsorfinding their feet were space. It just makes him feel like his monitor on your ironing board, take a getting up at all. swollen when they stood up from sub- old professional self. conference call in your car—has be- “We need to get people moving,” par seats. Manysaid they couldn’t af- “I’m in my work persona now,” he come an ergonomic nightmare. says Brian McEnaney, an ergonomist ford to upgrade their bare-bones setup. says. “And I don’t feel pain.”

discussed how the pandemic will af- A subway arrived in a Taking Steps fect rider behavior for years and station in Brooklyn, how cash-strapped transit agencies N.Y., last month. need to partner with the private To Contain sector if they want to improve customers’ experience. Edited excerpts We want to keep run- The Risksin from the conversation: ning as much service as possible.Social dis- Should people keep wearing tancing is key. We do Commuting masks on trains and buses after notwanttolimit the the pandemic? amountofservice BY PAUL BERGER Definitely,because we’reseeing in we’rerunning. We the Asian systems thatthat’swhat don’t want to down- nyone planning to commute works. They’re back to almostfull sizethe service, right- by public transit during or af- ridership yetthe outbreaks are sizeit, because right A contained. It shows and proves ter the pandemic should care nowit’sreally impor- about what Sarah Meyer has to say. thatpublic transit cancontinue to tant thatwetry to A former public relations execu- operateathigher levels of passen- maintain as much so- tive with Edelman, she left and took gerswithout becoming epicenters cial distancing as pos- a pay cut in 2018 to become New of infection. sible. York City Transit’s first chief customer officer. Now Ms. Meyer, 37, How do you reassure passengers Howdoyou manage oversees customer communications that public transit can be safe for people’s expectations for millions of subway and bus rid- travel? afteravaccine comes ers and faces an unprecedented We’re trying to get as much re- out if budgetcuts challenge. The pandemic has deci- search as we can to show that the lead to less-frequent mated revenue from fares and ventilation on our trains and buses What public-private partnerships thatshows plannedwork.Ijusthope serviceand morecrowding? taxes, causing the Metropolitan is enough. We do think it is enough. can augment mass-transportation thereare morebusinesses thatsee Ithink we’rebuilding areally

GES Transportation Authority to mull Based on what we’re seeing in the service during budget crunches? the importanceoftransportation for strong digital infrastructureto

IMA potential service cuts and put most Asian countries, it certainly is. We We’vebeenworking on micro-mobil- climate change and awhole bunch of makesurethatpeople knowwhen of its improvements on hold. Transit do need to keep talking about the ity. We have apilotgoing on around other reasons,and seethatthis is a and wheretheir vehicles,whether ETTY agencies around the country face differences between essential travel scooteruse,foldable scooters that spaceworth investing in. theybetrain or bus or paratransit /G

TT similar budgetary nightmares. and nonessential travel. That being canget on ourbuses.Wehave a vehicle,when they’re getting there,

PLA Ms. Meyer spoke with The Wall said, I have not seen any effective greatpartnership with acompany How do you scale service to re- howlong it takes forthe next one Street Journal at the recent Future argument that says that a car or a calledWork &Co.,which has built us flect building occupancy rates in to arrive, howcrowded those par-

SPENCER of Transportation live event. She taxi is safer than a train or a bus. an amazing livemap of the subway the city after the pandemic? ticular vehicles are. P2JW335000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, November 30, 2020 | A13 ARTS IN REVIEW (3) CTION LLE CO CRITERION

FILM REVIEW FedericoFellini: IconicallyItalian

BY DAVID MERMELSTEIN

hen it comes to Italian filmmakers, the moralistshave Roberto Rossellini; Wthesentimentalists, Vittorio De Sica; the aesthetes,Luchino Visconti; and the intellectuals,Michelangelo Antonioni. But foreveryone else, thereisFedericoFellini. And even those who swear by these others Scenes from Fellini’s ‘La Dolce Vita’ (1960), top; ‘Amarcord’ (1973), above; and ‘La Strada’ (1954), left cherish deeply at least one Fellini picture. Forheisthe most “characteristic” Italian writer-director.His in post-production, so it was not (it’sset in the summer of 1914), the life and art of the star of “La Dolce films contain in abundancehumor, uncommon for American, or Brit- film is alittle bit Woody Allen Vita” and “8½,” among a host of pathos,compassion and—perhaps ish, actors to appear in such pic- (think “Zelig,” which wasreleased other significant cinematic most of all—style. tures, a practice that also allowed the same year) and alot WesAn- achievements. But the essential ex- So it’snosurprise that this year, for wider box-office appeal.) derson—anyone partial to “The tra is the nearly hour-long Masina the centenaryofFellini’sbirth, wel- By contrast, the mid-career tri- Grand Budapest Hotel” is certain to documentary that complements comes the arrival of aset every Dolce Vita” (1960), “8½” (1963)— umphs—“Juliet of the Spirits” adoreit. “Intervista” (1987), whose “Cabiria.” Composed entirely of in- lover of Italian cinema has been to elicit knowing affirmations from (1965), in addition to “La Dolce title means interview, is atougher terviews from throughout her ca- awaiting.Fittingly titled “Essential even budding cineastes. Vita” and “8½”—convey a vivid reer—some in black-and-white, Fellini” and just released on Blu-ray Examining these 14 movies audacity in which Fellini continues others in color—it’s a patchwork by the Criterion Collection, it con- afresh—four of which won Acad- his breakdown of traditional narra- Acollection of his films biography of a seemingly reluctant tains 14 movies that absolutely live emy Awards for best foreign film, tive while embracing ambitious set actress gifted with sui generis tal- up to their billing—all the moreso a record for a single director—one pieces that border (and occasion- celebrates thehumor and ent. (Her description of meeting because 13 of them have been naturally finds much to admire. ally enter) the surreal. And few if compassion that make Clark Gable after picking up her gleamingly restored in 4K,actsof Personally, Fellini’s early films im- any directors more comfortably in- husband’s Oscar for “Cabiria” is devotion largely undertaken in com- press me most. “La Strada” and tegrated crowd scenes or elaborate his work unforgettable. nearly as moving as her perfor- memoration of the anniversaryyear the less tragic “Nights of Cabiria” tracking shots (with the camera mance in the film itself.) by an assortment of entities,includ- (1957)—both starring Fellini’s wife, angled behind archways, pillars or Once we get beyond Fellini’s ing the CinetecadiBologna and the Giulietta Masina, in career-making doors) than Fellini did in “Roma” elaborate street scenes and intri- Film Foundation. performances—never fail to touch (1972) and “Amarcord” (1973), the sell. Annoyingly self-referential, to cately ordered interiors, something In the nearly three decades me, no matter how often I see former an eccentric homage to his saynothing of self-indulgent, it even more vital persists: the ex- since Fellini’s death, at age 73 in them. And “Il Bidone” (1955), adopted hometown; the latter a finds Fellini (playing aversion of traordinary contours and complex- 1993, his reputation has barely di- which translates roughly as “The bittersweet valentine to his youth himself)the subject of aJapanese ities of his characters. Their faces minished, and he remains a potent Swindle,” is a revelation in its new in the small city of Rimini on the TV crew as he tries to mount afilm may appear superficially grotesque influence on filmmakers of all restoration, which now includes Adriatic Sea. similar to “Amarcord.” or impossibly beautiful, but his stripes thanks to his emphasis, to footage excised following its pre- Theset concludes with two late Generous supplements, some camera has captured something varying degrees and in various miere. Starring a dubbed Broderick pictures.“And the Ship Sails On” previously released with older edi- more important. It’s as if he’s pictures, on human frailty, toxic Crawford, who won a best-actor (1983) wasthe firstFellini film I tions of these films, add to this holding up a mirror to his viewers. masculinity, spectacle, and the ten- Oscar for “All the King’s Men” five ever saw, and it remains as delight- collection’s value, especially a 15th When we watch his films, we see sion between the past’s familiarity years earlier, the film follows an fulasitwas on the big screen disc containing the more than ourselves staring back. and the future’s promise. One need aging con man as he ponders his nearly 40 yearsago. An arch nos- three-hour-long documentary only speak the names of certain poor life choices. (Italian movies talgia trip to aworld that even “Marcello Mastroianni: I Remem- Mr. Mermelstein writes for the films—“La Strada” (1954), “La have long favored syncing dialogue Fellini wasn’t old enough to recall ber” (1997), which chronicles the Journal on film and classical music.

CULTURAL COMMENTARY became lifelong fans and where al- Eschewing the prevailing bebop bums such as “Jazz at Oberlin” style, Brubeck developed his own were recorded. piano sound, marked by block Brubeck at In 1958, his quartet jelled as the chords, a solid touch, poly- now-classic foursome—the tightest rhythms, polytonality (harmonies 100:Beyond of his career—with the supremely in two different keys at the same lyrical alto saxophonist Paul Des- time), and experiment. His music mond, the versatile drummer Joe and career sparked frequent con- ‘TakeFive’ Morello, and the solid bassist Eu- troversy—over his classicism, gene Wright, who was Black. When sense of swing, and commercial BY JOHN EDWARD HASSE asked to undertake lucrative tours success. Yet, as a warm and gra- of the South and of South Africa cious performer, he made many hen pianist Dave Brubeck with only white musicians, friends for modern jazz. Wappeared on the cover of Brubeck refused. Deeply religious, he composed Time magazine in 1954, he Fighting aCold Warwith the large-scale choral and orchestral was both thrilled and embar- U.S.S.R. in the mid-1950s,the U.S. works starting in the 1960s, in- rassed. At age 33, he was only the State Department began sending cluding the oratorio “The Light in second jazz artist to be so hon- American jazzmusicians abroad the Wilderness” and cantata “The ored—Louis Armstrong was fit- to promotethe ideal of freedom. Gates of Justice.” Upon Desmond’s tingly the first—and Brubeck felt In 1958,they sent Brubeck to per- death in 1977, the long-running the distinction should go to his form atwo-month tour of Eastern quartet broke up, but Brubeck idol Duke Ellington, who would Europe,the Middle East, and kept performing until 2011. He wait two years to be recognized. South Asia. Paul Desmond, Dave Brubeck, Joe Morello and Eugene Wright in 1959 died on Dec. 5, 2012. In the 1950s, it seemed that The Black musicians whom the His centennial is being marked Brubeck was everywhere—on col- U.S. sent abroad were hailed wher- by Philip Clark’srefreshing new lege campuses and world stages, ever they went (in the Congo, rhythm. “I was on my way to a ra- the surprise of all, the album be- biography, “Dave Brubeck: ALife on records, radio and TV—becom- Louis Armstrong was carried on a dio station to be interviewed in came a bestseller, earning a gold in Time”;his last studio album, ing a household name. He forged a throne), but they returned home Turkey,” said Brubeck in a Smith- record, and spawning a radio hit “Lullabies,” recorded forhis singular trail in American culture to the same old pernicious racism sonian oral history. “There were with Desmond’s “Take Five.” The grandchildren; “Time OutTakes,” as a musical magnet, popular pia- and exclusion from many hotels street musicians playing in 9/8.” piece melded the simple—a re- alternateversions of his 1959 al- nist, and—his supreme calling— and restaurants. Inspired by jazz That unfamiliar beat inspired him peated vamp—with an unexpected bum; and aseries of liveand composer. diplomacy, Dave and Iola Brubeck to compose “Blue Rondo à la Turk” 5/4 meter. The first jazz album to streamed concerts. Born on Dec.6,1920,and raised wrote a one-of-a-kind musical, around the rhythm. His recording sell one million copies, “Time Out” “You can’t understand America on aCalifornia ranch, Brubeck took “The Real Ambassadors.” Featur- of it works magically, in part be- was a breakthrough—all-new ma- without understanding jazz,” said piano lessons from his mother.Asa ing Armstrong and singer Carmen cause of a contrast: Brubeck’s firm terial in meters that challenged President Obama when Brubeck re- teenager,hebegan playing jazz. He McRae, the 1962 album is a com- piano playing grounds the perfor- listeners used to tapping along. ceived a Kennedy Center Honor in studied counterpoint and orchestra- plex mixture of celebration, satire mance, while Desmond’s ethereal Brubeck’s embrace of repertoire 2009. “And you can’t understand GES tion with the French émigré com- and social commentary. In the lines lift it skyward. stretched from Disney songs—the jazz without understanding Dave IMA poser Darius Milhaud, one of the song “Cultural Exchange,” Arm- “Blue Rondo” became a corner- album “Dave Digs Disney” drew Brubeck.”

ETTY 20th century’sfinest, who deeply strong sings: stone of his landmark 1959 album flak from jazz purists—to popular /G influenced Brubeck’spurpose. The State Department has dis- “Time Out,” which featured seven standards, jazz originals, and even Mr. Hasse is curator emeritus of Brubeck called himself “a composer covered jazz pieces in such unusual meters as Japanese koto music, as in his American music at the Smithsonian CHIVES

AR who plays piano.” It reaches folks like nothing 6/4 and 7/4. Brubeck was not the “Koto Song.” Among his over 400 Institution’s National Museum of In the 1950s, he and his wife, ever has. first American jazz musician to ex- jazz compositions, two became American History. His books include

OCHS Iola, hit upon the novel idea of Arriving for a 1958 concert in plore odd meters—drummer Max standards: “In Your Own Sweet “Beyond Category: The Life and Ge- booking his band at college cam- Istanbul, Brubeck encountered a Roach had been doing that—but Way” and “The Duke,” inspired by nius of Duke Ellington” (Da Capo)

MICHAEL puses, where legions of students folk dance in an unfamiliar Brubeck popularized the idea. To Ellington. and “Discover Jazz” (Pearson). P2JW335000-0-A01400-1------XA

A14 | Monday, November 30, 2020 THE WALL STREET JOURNAL. SPORTS The Week Covid Crushed the NFL

The Ravens had a massive outbreak, the 49ers were left homeless and the Broncos played without a quarterback

BY ANDREW BEATON

TheNational Football League’s Thanksgiving weekend is supposed to be afeast of tradition and mar- quee matchups.The pandemic-year edition has exploded intoaseries of crises that threaten to break the NFL’s season. Over the past several days,new coronavirus problems erupted acrossthe league as Covid-19 cases continued to surge throughout the country. Thesituation is so severe that, afterSunday’sgames,the NFL will shut down most in-person activities fortwo days to regroup from the weekend amid worries that behavior over the holidaymay makematters worse. Theproblems include: •Anoutbreak inside the Balti- moreRavens that led to the postponement of their Thanksgiving night game against the undefeated Pittsburgh Steelers, who nowhave their owncluster of cases; •The DenverBroncos being left without aquarterback fortheir game Sundayafter one player’spos- itivetest sent all of the itsquarter- backs intoleague-mandated quaran- S tine; •Atemporaryban on contact PRES sportsinSantaClaraCounty,Calif., TED CIA

that has sent the SanFrancisco SO

49ersscrambling foraplaceto AS practiceand play. KI/ WS

In astark signal of the situation’s BO

severity,commissioner Roger Good- LU ell sent amemo on Fridaythat pro- ZA VID

hibitsteams from practicing or con- DA ducting anyin-person activities on The Broncos’ Kendall Hinton looks to throw against the Saints during the first half of Sunday’s game. Denver played the game without a quarterback. Mondayand Tuesdaythis week,ex- cepting the teams playing on those days. mained steady ever since aprevious not cleared to play. the DenverBroncos reckoned with problem forthe league: alocal gov- Thememo said the decision was outbreak inside the Tennessee Ti- Thesituation makes staging the having to playwithout anyone who ernment’sdeclaration that it is tem- in response to both the increase in tans nearly two months ago. With game on Tuesdaytenuous.There’s plays the most important position porarily banning football and other positivity ratesacrossthe country bolstered protocols designed to pre- little leeway to overhaul the sched- in football: quarterback. sportsatall levels because of the and the recent holiday, saying it is vent transmission within teams,the ule and find anew spot forthe ThreeBroncos quarterbacks,in- pandemic surge. the league’s“understanding that a league had gone over amonth with- game,however, without anylarge- cluding starter Drew Lock,were SantaClaraCounty introduced a number of players and staff cele- out even aschedule changebecause scale changes.The NFL’s owners sent home Saturdaytoisolatefor newlist of requirements, including brated the Thanksgiving holiday of the virus. previouslyvoted on acontingency five days because they were aban on contact sports, that will go with out-of-townguests.” TheNFL Then came Thanksgiving. to expand the playoffs to 16 teams, deemed “high-risk” close contacts intoeffect on Mondayand last until isn’t yetconsidering pausing the TheRavens were set to playthe from 14,ifcontenderscan’t getin of backup quarterback Jeff Driskel, at least Dec.21. Teams in the season or immediately trying to get SteelersThursdaynight in aprime all their games in the season’s17 who had tested positiveearlier in county include Stanford’sfootball players intomoresealed environ- time game featuring Lamar Jackson weeks or in apossible 18th week. the week. team, the NHL’s SanJose Sharks ments, such as hotels,during the and the team that had the best re- This bizarresituation wasonfull and the 49ers, who said in astate- regular season, aperson familiar cord in 2019 against the topteam displayonthe game’sopening pos- ment they were aware of the direc- with the mattersaid. so far in 2020.The Ravens,how- At least 20 Ravens session, when Denverdirectly tiveand working with the NFL on TheNFL’s crisis didn’t happen in ever,suffered what maybethe snapped the ball to running backs operational plans. isolation. Recent weeks have pro- worstoutbreak of the NFL season. players have been placed Phillip Lindsayand RoyceFreeman Theorder means the 49erswill duced record-high case totals in the At least 20 Ravens players have on the league’s Covid19 on the firstseveral plays.When this have to find anew placetopractice U.S.—and America’smost popular been placed on the league’s highly unconventional offense and conduct at least two home sport isn’t immune. Covid-19 reservelist, which is for reserve list. mixed in itsfirst pass, it came from games because local officials no Over the season’sfirst three players who tested positiveorhad Kendall Hinton, awide receiver longer believeit’ssafefor them to weeks back in September,anaver- close contact with someone who signed off the practicesquad who playthere. ageofsix players or staff tested did. That number doesn’tinclude a began his career at Wake Forest as Jeffrey Smith, adoctor and law- positiveper week acrossthe entire number of staff membersand Several players on the Steelers, aquarterback and has never played yerwho is SantaClara’scounty ex- league.Inthe firsttwo weeks of coaches who have tested positive who previouslyhad their schedule an NFL game at anyposition. ecutive, said officials heardfrom November that weekly leaguewide and is expected grow based on tests upended by the Titans’ outbreak, TheBroncos quarterbacks were the team afterthe announcement averagewas nine times higher: 54. from the weekend. Thepositives in- complained on social media after deemed high-risk close contacts but that the virus doesn’t respect “It reflectsthe continued uptick clude Jackson, the NFL’s reigning the Ravens’ situation forced the with Driskel because they failed to whether you’reaprofessional foot- that we’reseeing in cases around most valuable playerwho became postponement of this game.Then wear amask around him, in viola- ball team or not. the country,” Dr.Allen Sills,the the biggest star to test positive. the Steelersplaced four of their tion of league protocols,inwhat “I wouldn’t saythey were threat- NFL’s chief medical officer,said re- Their game waspostponed to ownplayers—including running Lock called an “honest mistake.” ening,but they were quiteupset,” cently. Sundayand then Tuesday. If it is back James Conner,acancer survi- TheRavens,onWednesday, said Smith said. “It’sabiological fact Yetwhile moreplayers had actually playedthen, the Ravens vorwho tested positive—on the they had disciplined astaff member that the virus is spread by close tested positivethan before, and would be at an enormous competi- Covid list on Fridayand Saturday. forconduct surrounding the recent contact, and youcan’t have afoot- otherswereisolated aftercontact tivedisadvantagewithout Jackson On Saturday, the league’sprob- Covid cases. ball game without having close con- tracing,the NFL’s season had re- and large groups of position players lems took aturn forthe absurdas Saturdayalso brought anew tact.”

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THE WALL STREET JOURNAL. Monday, November 30, 2020 | A15 OPINION Beware the Dow 30K Euphoria BOOKSHELF | By Daniel Ford

Agreat Wall market is booming.First, in- As I’ve said before, that’sa From Hell-Raiser Street lesson: dexesoverweigh successful hugemultiple on zero-emis- Keep those companies (remember when sions regulatorycreditstied to decamillen- General Electric gottossed amoney-losing carbusiness. nial hats from the Dow?). Thirty Dow Most thinkthe Biden adminis- To Hero around. Last companies and acap-weighted tration will keep the green INSIDE Tuesdaysaw S&P 500 mean trillion-dollar- juice flowing, so the Tesla VIEW the Dow valued companies drivethe in- train parties on. Inferno Jones Indus- dexes. Aquarter of the Dow’s Howdoes it end? Ican By Andy S trialAverage past 10,000 pointswerepro- guesswhy but not when. Re- By Joe Pappalardo

Kessler PRES close above vided by Apple alone. member,astock’svalue is in (St. Martin’s, 343 pages, $28.99) 30000 forthe Then add lowinterest TED expectations forfutureearn- CIA

firsttime,but by Fridayitwas rates—effectively zero,be- SO ings, not what happened in tsome point in their schooling,studentsused to

underwater again. Remember, cause thereisaglut of capital AS thepast. This market mania encounter “The Death of the Ball Turret Gunner,” a A/ A morethan 10 yearspassed be- and lowdemand forit. The ends when reality doesn’t brief,bleak,harrowing poem from 1945 by Randall tween March 1999,when the Federal Reserveseems on meet expectations and specu- Jarrell. Itslast line is especially memorable: “When Idied PEREIR market firstcrossed 10000 course to keep rateslow for- lations.Thereare signs.The they washed me out of the turret with ahose.” These days, OLE

(withwild celebration), and ever.The main reason is that NIC dollar is weak.InOctober Isuspect, the poem is rarely encountered in classrooms, November 2009,when it fi- we areinthe midst of aseri- spending wasup0.5%, but in- whereteachersare required to dispense triggerwarnings nally crossed that mark for ous digital dividend. Cloud trucker Nikola became apublic come wasdown0.7%. That and emotional support with anydose of reality. computing,artificial intelli- company. Buyer beware. doesn’t sound good. Aball turret is aplexiglasssphereslung beneath aheavy genceand smartphone apps Is it frothyout there? Obvi- AHeardonthe Street head- bomber,such as the magnificent Boeing B-17 Flying Fortress The market always have driven hugeproductivity ously.Software company line last week suggested: of World WarII. It rotates360 degrees horizontally and gains,inpart by reducing each Salesforce is selling at 100 “Facebook AdsCould Be nearly 180 degrees vertically.Ahatch on topallows entry dives en route to long- company’sneed to build out times trailing earnings. Newly ReachingSaturation Point.” and exit, but only if it’sprecisely aligned and the gunner is term rises. And tech itsown infrastructure. Plus, minted IPO sensation Snow- Apple’sgross margins arede- skinny. Youcan imagine what happens to the turret if aB-17 work from home will mean flakeisselling at 200 clining.Google has an anti- makes acrash landing. stocks look wobbly. fewerofficebuildings, less times ...revenue!Through trustdragonbreathingonit. In “Inferno,” JoePappalardo tells the storyofB-17s over maintenance on roads and Sept.30U.S.venturecapital Theoil and energy markets German-occupied Europe beforelong-rangeescort fighters bridges,and lessinventoryin funds had invested $88 billion, will eventually revive. could help them survive. His major character—and what a good (hopefully). Even more stores.Each Zoom call equals well abovethe $66 billion for Perhaps the biggest risk to character!—is an over-aged time passed between when the one lessairline seat. all of 2000.Itwas $41 billion tech stocks is the one no one juvenile delinquent, a31- market briefly crossed 1000 in Themarket is paying for in 2012. seems to consider: that Covid year-old among teenagers 1966 and when it passed that the digital dividend twice(or Tradersoften look at mar- vaccines getdistributed by who as alittle guygetsthe mark permanently lateinmore). It pays forthe profit ket signalslikethe volatility next year,and that work from ball turret. 1982. upside of Apple,Amazon, Mi- indexand put/call ratios to home,orWFH, rolls over and MaynardSmith doesn’t It’sjust anumber,right? crosoft, Google and Facebook, identifyspeculation. Nowthey lifereturns to normal. “RTN” have much to commend him, Yes, but blared acrosstickers, but then again with high earn- canjust look at bitcoin, which maybethe ugly acronym of but the American military radio,TV, the weband now ingsmultiples induced by low still isn’t widely used formuch 2021.WFH stocks likeZoom, isn’t fussyin1942. TheArmy Twitter, market milestones inflation. With interest rates of anything but is apretty Amazon, Teladoc and maybe willingly takeshim on when symbolizeprogress. Or is it ex- near zero,the market pays up good speculativedivining rod. Netflix might still grow,but he is delivered to the cess?Either way,they’re hugefor futureearnings. But It ranunimpeded this year to not as fast, failing expecta- induction center in handcuffs. thought of as ascorecard of not forever: Forthose keeping $18,000 but then sold off al- tions as liferegresses toward (He failed to paychild success. Oh what afeeling.In track,long-dated bond yields most 10% of itsbloat on the mean. support, and the judgemade manyways,today’smarket bottomed on Aug.4. Thanksgiving Day. It’sare- If you’rebold, enjoythe him choose between prison feels like1999.Lower-than-ex- But who cares? Wall Street minder that stocks toocan ride in the meantime. But and patriotism.) He earns pected inflation—check.Rela- loves abull market. We’vegot drop 10% at the drop of ahat. please,don’t throw away those sergeant’sstripes at the end of tivepeace—check.Fed print- IPO mania and SPAC attacks.If Speaking of which—Tesla Dow30K hats. Putthem in the his training,such as it is,and ingmoney—check.Plus new youcan’t pull off an initial wasrecently added to the S&P back of your drawer along finds himself in England as part of the nascent 8th Air Force. technological paradigms and public offering,you canmerge 500,forcing $11 trillion in in- with other not-quite-obsolete On his very firstmission, Sgt. Smith runs intothe worstsort IPO mania. Will it end the with aspecial-purpose acquisi- dexedmoney to clamor forits items,likethat Keith Richards of trouble,and foroncehedoes everything right. He saves same way? tion corporation. This is how shares and driving itsvalue to photoand your AOLpassword. himself,the airplane and those still aliveinit. Forthis,heis It’s easy to see why the somewhat scandalized electric an eye-popping $555 billion. Write to [email protected]. awarded the Medal of Honor,the firstenlisted airman to receiveAmerica’shighest award forvalor.Naturally,hewill eventually lose those stripes and finish the warasaprivate. Mr.Pappalardo,aveteran journalist, has aniceway with Ve nezuela’s Guide to Election Theft words: “The flak-bruised sky,” he says,tointroduceustothe black puffs from anti-aircraftguns—puffs filled with shards On Wednes- they areentitled access to the foreign observerswereon the public that the established of steel. And he provides avivid if somewhat disjointed daysix plain- courtstopresent their griev- hand to ensurefairnesswas a protocol had been violated. account of the travails of the bombersasthey adheretothe tiffs filed a ances.Far from undermining joke. TheEuropean Commis- Some 50 minutes later pro- notion of daytime precision bombing,which canbeashap- civil action in American democracy, this sion didn’t send an observer Chávez CNE member Fran- hazardasthe nighttime version preferred by the British in the U.S. Dis- demonstrates itsstrengths— mission because,itsaid, it had ciscoCarrasqueroemerged their attacks on large cities.American losses areindeed heavy trict Court for and setsitapart from the likes “not been possible to secure” alone to proclaim Chávez the (they’reheavy forthe British, too), but the author is tooawed AMERICAS the Northern of Venezuela, whereelections theconditions “tocarryout winner.” by them. He can’t quitecredit howawful 1940s combat was. District of arestolen with impunity. an observation in line with the TheCarter Center went “The entire8th Air Force,” he says of one day’smission, as if By Mary Georgia Venezuela’spracticeof[European] Union’sstandard along with the announcement, reporting amajor calamity,“sufferstwo killed, four wounded, Anastasia against Re- electronic election theftbegan methodology.” as did the OAS, claiming that and 159 missing.” Foraninfantrydivision, that would be all O’Grady publican Gov. with the 2004 recall referen- That wasapoliteway of a “quick count” confirmed it. in aday’s work,and afoot soldier doesn’t getaticket home Brian Kemp, dum. It wasriddled with ir- saying that thepolicestate But as Ireported, the quick after25missions. the secretaryofstate and four regularities. But Venezuelans made honest observation im- count wasmerely a“look at Thereality of warfareissnafu: situation normal, all fouled others. The complaint alleges were denied requestsfor a possible.Nomatter, the Carter the tally sheets spat out by a up, or wordstothat effect. (Clausewitz phrased it more “massiveelection fraud” to statistically sound audit while Center signed up.Its main sample of voting machines.” elegantly: No battle plan survives firstcontact with the enemy.) help JoeBiden win the Nov.3 the Carter Center and former role turned out to be blessing Theuseful foreigners, Ihad When thingsgosideways, the author’s tone canbecome election for president. President JimmyCarter, the adubious result and the dicta- learned, had not been “al- accusatory, as if the Air Forcehas inexplicably blundered. It further alleges “the fraud Organization of American torship’swall of secrecyinas- lowedtocheck this against wasexecuted by manymeans, States, and the BushState De- sessing what happened. ballotsthe machines issued to but the most fundamentally partment rushed to endorse voters as confirmation that Foronceinhis error-prone life, an airman does troubling,insidious,and egre- the lack of transparency. It is their voteswereproperly reg- everything right—as his bomber is consumed gious is the systemic adapta- a record worth reviewing. Americans have a istered.” Three days later the tion of old-fashioned‘ballot- TheChávezregime used an Bush State Department caved by ﬁreand acrashing landing seems inevitable. stuffing.’ ” This was“amplified electronic voting system run legal path when a vote in to Mr.Carter’s insistence and rendered virtually invisi- by acompanycalled Smart- is disputed. Chávez that his friend Hugohad won. ble by computer software cre- matic. Computer expertsal- It announced “the people of On May1,1943, the dayofMaynardSmith’sfirst mission, ated andrun by domestic and lege that itssoftware is the denied all recourse. Venezuela have spoken.” alot of thingsgowrong.The mission itself,targeting foreign actorsfor that very same used by Dominion Vot- Venezuelans beggedfor German submarine pens in France, is fairly routine and purpose.” ing Systems in 28 states,in- justice. Enrique terHorst,a brilliantly described. We even getinside the head of an Theplaintiffs want Georgia cluding Georgia, earlier this On theday of the referen- Venezuelan and former U.N. enemypilot in his Focke-Wulf 190 fighter: “Josef Wurm- to decertify the election. The month. dum, Sunday, Aug.15, 2004, deputy high commissioner of heller and his wingman ...scanthe B-17 formations with an 104-pagecomplaint is nowbe- The companies insist they Venezuelans turned out in big human rights, wroteatthe eyefor weakness.” Theclash over Saint-Nazaireisbad fore the federal court, which arerivals.But sinceany vot- numbers, confident that they time about his concerns in the enough, with four American bombersshot down, but on the will reviewthe material pre- ing software canbemanipu- could rid themselves of the International Herald Tribune: way home anavigator errs, thinking that he sees England sented and make a ruling. lated, whether thereare links antidemocraticstrongman “The papersthe newma- while still over France. He calls foraright turn, leading the Central to the argument between the two wouldn’t through the democratic pro- chines produced . . . were not B-17soverthe vital navy base at Brest, which accordingly against the governor and his seem to be the crux of the cess.Anexit poll by the Amer- added up and compared with bristles with German defenses.For Smith, Mr.Pappalardo associates is the claim that matter. ican polling companyPenn, thefinal numbersthese ma- tells us,“the mission has gone from routine to catastrophic. software used by Georgia was Theimportant distinction Schoen & Berland Associates chines produceatthe end of ...One second he’slooking at aplacid if industrialized developed by Hugo Chávez— is the decentralized architec- found that Chávezlost his bid the voting process, as the vot- coastline,the next he’ssurrounded by bursting cannon fire, whodied in 2013—tosteal turearound aU.S.election to stay in powerby59% to ing-machine manufacturer the streaks of passing tracers, and the sound of . . . flak air- elections in Venezuela. Critics and the legal paths that chal- 41%. had suggested.” bursts scraping acrosshis turret.” aredismissing this as afan- lengers enjoy in U.S. courts. Yet, as I reported on Aug. Venezuelans never gottheir TheB-17isarguably the toughest warplane of itstime, tastic conspiracytheory. But Chávezhad already rewrit- 20, “at three o’clock on Mon- dayincourt, but Americans fabled forbringing crewshome even if it must flyin“ground they should instead welcome tenthe constitution and fired daymorning two membersof still gettheirs. In the interest effect,” the cushion of air that helps keep aplane aloftwhen and help to air it. 18,000 petroleum-industry the National Electoral Council of securing the confidence of it’snear the surface. Realizing hisplane is sinking toward Plaintiffs have collected af- workersinretribution fora (CNE) who are politically op- the electorate, court chal- the English Channel, Smith struggles out of his turret, fidavits, board-of-elections re- strike at national oil-monop- posed to Chávezannounced lenges ought to be allowed to which has lost electric powerand must be cranked by hand. cords, and other documentary oly PdVSA when the recall that they had been shut out of play out. He finds himself in “a raging crematorium.” evidenceand under the law vote washeld. Theidea that the audit processand warned Write to O’[email protected]. Theradioman and two waist gunnersparachuteto seeming safety but actually to their deaths.Smith doesn’t jump.Instead he grabs an extinguisher and fightsthe fire that’sconsuming the B-17 and severed communications with How to Stop the Paris Climate Accord the men in the front. Thetail gunner crawls out of his turret, shot through alung; Smith dragshim clear,jabs him with By Steve Milloy YetifMr. Biden brought dural; the justices didn’t deny resurrect alegislatively morphine,and rolls him over so he won’t drowninhis own the U.S. back into the accord, that the president canreverse tossed treaty.Without the blood. Thesergeant returns to his fire extinguisher,breaking oe Biden has promised to it’spossible it will take on apredecessor’s executiveac- help of judges,Mr. Biden off from time to time to aim one or the other waist gunat J rejoin the Paris Climate theweight of law. Although tion. But creativelawyersand would need awinning ratifi- the vultureFw190s.The fire starts“cooking off” the bullets Accord on dayone,but thereisnothing about the judges canfind waysofblock- cation vote to makethe ac- stored in metal boxes; Smith pitches them through aburn- President Trump could stop it agreement’sterms or the ing anew president from cord binding,which he likely hole in the fuselage. Next he jettisons the waist guns and from having anybinding legal manner in which the U.S. en- changing policies,with Con- couldn’t getnomatterhow “anything not bolted in place.” To an observer,“the B-17 power. tereditthat makeitlegally gressnever having asay. well DemocratsdoinGeor- looks skeletal, likeafish on the beach afterthe gulls have President Obama signed on binding on the U.S.,some gia’sJanuaryrunoffs and the stripped away ...the meat.” Thus lightened, the bomber to the international agree- green group mayfind a 2022midterm elections. stays aloftuntil the pilot canreach and gently land at a ment by executiveaction in friendly federal court to pro- Trump should submit Mr.McConnell could also British airfield on the coast. 2015,which meant Mr.Trump ducethat result. it for the Senate to call aratification vote after Noweveryone has aproblem: Smith, because he still has 24 could withdraw from it the Example: Mr.Trump re- Mr.Biden’sinauguration, missions to fly; the 8th Air Force, because the day’sheroisa same way,ashedid in 2017. scinded Mr.Obama’s2012 De- ratify, or rather reject. even if Mr.Trump does noth- goofy-looking deadbeat; and Mr.Pappalardo,because history As per the terms of the ac- ferred Action forChildhood ing.This would similarly ele- books traditionally runtomorethan 300 pages.Sothere’salot cord,that withdrawalbecame Arrivals immigration pro- vate the treaty’s status and of dead air in what follows.Itdoes have itsmoments, as when effectiveonNov.4,2020.Mr. gram, yetitremains in place. To prevent the Paris Cli- makeitdifficult forMr. Biden Smith is called off KP—kitchen duty—toget his Medal of Honor Obama’spledgetoreduce Although DACAwas both cre- mate Accord from taking on to bind his successorstohis from the SecretaryofWar; and when his superior officer takes greenhouse-gas emissions at ated andreversedbyexecu- such undue power, Mr.Trump executiveactions. time out of the wareffort to writea“historically bad perfor- least 26% by 2025 wasn’t le- tiveaction, the Supreme should submit it to the Sen- mancereview” to take away his stripes.That doesn’t stop the gally binding.Only Senate Court blocked itsrescission in ate, and Majority Leader Mr. Milloy publishes Junk- ex-sergeant. He buysaset of stripes over the counter and wears consent to itsratification June on grounds that the MitchMcConnell should Science.com,served on the them forhis homecoming.Though overlong,the book works out could have made it so—and Trump administration’sdeci- schedule aquick vote.ItTrump Environmental Protec- in the end, and the heart of it is awonderfulyarn. the upper chamber would sion was“arbitraryand capri- would certainly be rejected— tion Agency transition team have rejected the treaty cious” under the Administra- ratification requires atwo- andisthe author of “Scare Mr. Ford is the author of “Poland’s Daughter: How IMet handily if Mr.Obama had tiveProcedures Act. The thirds vote—and it is unlikely Pollution: Why and How to Basia, Hitchhiked to Italy, and Learned About Love, War, and submittedit. court’srationalewas proce- anycourt could subsequently Fix the EPA.” Exile.” P2JW335000-0-A01600-1------XA

A16 | Monday, November 30, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Can Republicans Regroup on Health Care? School’s Out, but It’s Not About the Children

bamaCarereturned to the Supreme tion over mandates and political control. Seth Barron is right (“School’sOut Courtthis month and the lawseems Forinstance: TheAffordable CareAct’ssub- forAutumn in NewYork,” Cross O sure to survive a legal challenge from sidies function as transfers to insurers, not to Country, Nov.21). Thedecision to close schools in NewYork is far from GOP state attorneys general. patientsracking up medical a“data-driven, science-driven” deci- That lawsuit has long looked The party needs to bills. Give the subsidy money sion. Thesciencethat is missing is GES

like a futile exercise, and the address its biggest to states to spend on those economics,inparticular cost-benefit IMA real question forRepublicans with pre-existing conditions analysis,the branch of economics in- ETTY

is: Howmanyelections will policy vulnerability. through “high risk pools” or tended exactly forsuch decisions. /G

the party lose before coming other arrangements. The Af- Medical doctorscan and should pro- ANO IS

up with a potent political ar- fordable Care Act’s mandates vide inputsand guidelines,but there CC gument on health care? on benefitsalso preclude specialized plans for, aremanyother factorsthat should be LO Forall the Republican success in Senateand say, diabetics or cancer patients. Allowing tai- explicitly quantified.

House races, health care continues to haunt lored options would betterservethose with Forexample,arecent Wharton MICHAEL theGOP.John Hickenlooper,the Colorado pre-existing conditions who arecurrently study suggeststhat everymonth of P.S. 124 in New York City school closures cancost each student Democrat who defeated GOP Senator Cory trapped in ObamaCare’s high deductibles and $12,000-$15,000 in lost futurelifetime Safety had nothing to do with it—it Gardner, set up the subtly named CoryGard- narrow doctor networks,aspolicyanalyst John earnings. This is alow estimateofthe wastoappease the unions.Iopted nerWontProtectPreexistingConditions.com. Goodman has written. damagesinceitdoesn’t include the out of the United Federation of Teach- Manyotherspounded the GOP as wanting to Under ObamaCare’sMedicaid expansion, the extensivesocial and mental-health erslast year because Ididn’t want to snatch away health insurancefromAmericans feds paid states moretoenroll prime-aged men costsaswell as coststoparentswho contributetoanorganization that, during apandemic.Arizona Democrat Mark abovethe poverty line than to coverthe truly misswork as they care forchildren at among other things, promoted the Kelly cut an ad touting himself as adefender needy—even as Democratsclaim to be the party home.These costsfall disproportion- mayor. Ihaven’t contributed to a of the vulnerable featuring amother of achild of compassion. Republicans should broadcast ally on underprivileged studentsand union that putsthe convenienceof with aheart defect. that messageacrossthe suburbs and vow to parents. Thesame study calculates teachersahead of the needs of chil- This playbook helped Democratswin the correct the dysfunction. the expected cost to society of a dren and parents. House in 2018, and you can bet they’ll reprise TheGOP also needs to think biggerthan the Covid-19 infection at about $38,000 NewYork City never really opened forSeptember. school this year.Yes,onpaper,the it in theJanuarySenaterunoffs in Georgia, individual market, which is not wheremost This means that an infection rate of city offered “blended” classes but it’s where Democrat Jon Ossoff is running on de- Americans areinsured. Federal rules permit 0.355 per student amonth warrants easy to see the charade.Children from fending the Affordable CareAct. “I want to live tax-preferred health-savingsaccountstobe closing schools.InNew York City the sixth to 12th grade were going to in an Americawhereevery family has great paired only with plans that have ahigh deduct- infection rate as reported to the state, school onceaweek.The majority of health care,” he tweeted recently, as if anyone ible.Why not allowmoreAmericans to control including studentsand staff,is0.0014 teacherschose to teach remotely and disagrees with this bromide. more of their own health-care dollars? Other per student per month, which is dra- so when children had their one dayof iii good ideas include supporting direct primary matically lower. Even if the calcula- classes,manyweretaught by substi- Yetafter trying and failing to replacethe Af- care that offers preventive services for a low tions areimprecise and based on tutes likeme. Children in the lower fordable CareAct in 2017, the GOP seems more monthly fee, or improving reimbursement for manyassumptions,they should give grades might have been in school ev- or lessresigned to defeat on health care.Atleast telemedicine. decision makerssome pause.Inciden- eryother day, but the restrictions tally,most European countries have were so onerous that afterexperienc- anarrow RepublicanSenatemajority could pre- These and other ideas can be found in a re- kept their schools open despiterising ing in-school “education,” I’m sure vent aPresident Biden from passing a“public cent policy blueprint produced and supported Covid infections,and even Canada is they were disappointed. option,” the thinking goes.But that is merely a by center-right policyminds likeMr. Goodman, keeping schools open through aTo- So beforeany morejournalists stay of execution until the next time Democrats Grace-Marie Turner, Brian Blase and Doug Bad- rontolockdown. credit MayordeBlasio foroffering in- control government. About two-thirds of Ameri- ger. They deservecredit forcontinuing to push PROF. S. ABRAHAM RAVID school education in NewYork City cans support agovernment plan that competes this rock up the hill even without manychampi- YeshivaUniversity even forafew weeks,they should with privateinsurance, according to aJanuary ons in Congress. Republicans have lost muscle New York have abetterunderstanding of what Kaiser Family Foundation poll. memory on health care with the departure of “in-school” really meant. And then One reason that idea is popular is that Re- members like Tom Coburn and Paul Ryan. As asubstituteteacher in the New the conclusion would be that the publicans have struggled to explain howapub- iii York City school system, Ican say mayorand governor effectively shut lic option would exploit unlimited taxpayer fi- So far what Republicans have tried is writing that Mr.Barron is absolutely right down schools in September.OnThurs- about the real reason MayorBill de day, Nov.19, they just made it official. nancing to cannibalizecompeting insurersand bills on pre-existing conditions registering their Blasio, with the blessing of Gov.An- GINA FRIEDLANDER moveevermoreAmericans from generous em- agreement with Democratsonpreserving drew Cuomo, shut down our schools. Forest Hills, N.Y. ployerinsuranceintoplans that look likeMed- ObamaCare’s mandates. Few have bothered to icaid. Some two-thirds of Americans who sup- point out that only 2.7% of an estimated roughly port Medicare for All (single payer) wrongly 130 million people with pre-existing conditions thoughtthey’d be able to keep their current gained access to health insurance through the Bad Polling and the Accuracy of Predictions health insurance, Kaiser reported in October. Affordable Care Act. These polls suggest that what Americans re- It’struethe presswill help the leftdisparage Your editorial “ThePriceofBad key wrench intotheir projections and ally want isn’t single payer. They want protec- everyRepublican idea. But apublic option that Polling” (Nov.23) warns that bad poll- claim they gotthe big picturemostly tion from the risk that they or someone they was too radical to pass as part of ObamaCare ing causes all kinds of mischief,in- right, awin forJoe Biden. Political loveneeds help paying forcancer immunother- is nowthe moderateposition in the Democratic cluding reinforcing the perception of polling is politics,not science. Sci- media bias,mobilizing or demoraliz- ence, particularly the settled-science apy or surgery.Thereisapolitical opening for Party, and the party’s goal remains a governing voters and influencing turnout and variety,may not even be scienceany- policythat covers costsfor the sick without ment monopoly on medical care. Republicans making people even moreskeptical of more. Guesses by political pollsters, compromising medical innovation or prompt owe it to the country to be more than speed datapresented with an imprimatur of the CBO,the World Health Organiza- access to care, and favors choice and competi- bumps on the road to single payer. scientific authority.The bad 2020 tion or the Intergovernmental Panel polling has only two explanations: in- on ClimateChangedeservethe same nocent ignoranceand poor polling assumption of scientific accuracythat Team Obama’s Iran Illusions methodology, or knowing use of poor aforecast forweather aweek from methodologyinfected by media group- nowdeserves. fter last week’sassassination of atop &toresist the urge to respond against per- think and asubconscious desirefor a ALEX WILLIAMS Iraniannuclear scientist, it’shardto ceived culprits.” self-fulfilling,blue-waveprophecy. Re- Sarasota, Fla. publicansshould trust political polls A tell who is moreupset: Iran, or Barack This turns the Middle East upside down, as as much as they do news reports. Iamofthe opinion that datafrom Obama’s foreign-policyteam. the Obama foreign policyalso While youare calling out pollsters flawedsurveysorpolling methodol- Tehran is blaming Israel and Its gurus have learned did. The2015 deal wassup- formiserable performance, howabout ogyare being used by manydue to a promising revenge, but con- nothing in their years posed to restrain Iran’snu- ashout-out to the Congressional Bud- widespread lack of understanding of sider the tweetsbythe men clear-weapons development getOfficefor routinely producing sampling or polling theory. It seems who gavethe world the out of power. andmoderateits regional be- numberswith only apassing resem- that manyinthe media todaythink flawed2015 nuclear deal. havior.Ithas done neither.But blancetoreality,but usually treated that they aresurvey sampling experts. Former national-security nowthe architectsofthat deal by journalistsashaving the imprima- Theonly eight point differencein aide andmedia spinner Ben Rhodes: “This is blame not Iran forits behavior but whoever is tur of scientific authority? Remember this election wasan8%higher popular an outrageous action aimed at undermining di- trying to slowIran’snuclear progress. the Federal Reserve’sconsistently vote total(79.8 million forMr. Biden plomacybetween an incoming US administra- In other words, the Obama crowd is siding overoptimistic (i.e.,wrong) GDP compared with 73.8 million forPresi- growth predictions during the Obama dent Trump), which few predicted. tion and Iran. It’stime forthe ceaselessescala- with Iran against Israel and the U.S. (though nei- administration? Thefinal outcome,asweknow, was tion to stop.” ther of the latterhaveclaimed responsibility for Some pollstersblame the silent, de- 51.1% and 47.2%, interestingly enough And this from former CIA director John the killing). TheObama crowd’s continuing illu- plorable minority forthrowing amon- just outside of the margin of error. Brennan, leading promoter of the false Russia sions about their Iranian diplomacyshows that MARK CROWLEY collusion narrative: “This wasacriminal act & they have learned nothing in exile.Yet if Israel Naples, Fla. highly reckless. It risks lethal retaliation &a did plan the assassination, it surely did so be- Actors’ Equity Errs; More newround of regional conflict. Iranian leaders cause it fearsthat the same illusions about Iran Eyeballs Build Demand Polls and surveys—myprofession— would be wise to wait forthe return of respon- arereturning to U.S. powerwith the Biden Ad- naturally contain some “sampling er- sible American leadership on the global stage ministration, and so it must act on itsown. Regarding TerryTeachout’s“The- ror,” but that error should be random. ater Caught in aUnion Headlock” The2020 polls again showedsys- (Sightings, Nov.23): By keeping alid temic,not random, error consistently on streaming broadcasts, the Actors’ in the Democrats’ favor. Manysources The Election Lost in Pennsylvania Court Equity Association is ignoring afunda- of bias exist—e.g., instrumentation mental marketing insight that was and response biases—but there’salso icole Ziccarelli is a39-year-old lawyer,a 2,349 in all of AlleghenyCounty,aswell as 2,470 demonstrated in Chicagobythe con- howthe pollstersadjust their findings mother of four,and aRepublican candi- in Philadelphia. If the presidential margin were trasting views of two sportsmagnates, forthe likely profile of the electorate. N datefor stateSenateinadistrict east of afew hundred or thousand, instead of 80,000, William Wirtz (ChicagoBlackhawks) Thepollstersdon’t understand how Pittsburgh. As of last Tuesday, it could be ahugedeal. State- and P. K. Wrigley (ChicagoCubs). “non-college-educated whites” vote. it seemed she might topple a She was up by four wide,mail votesbroke 76%for Wirtz kept the ChicagoBlackhawks And we wonder whythe polls are Democraticincumbent, Jim votes, until the state Mr.Biden. Assuming the same off television on the theorythat people wrong? Brewster,whom Ms.Ziccarelli ratio forundated mail votes, should and would payfor access to Perhaps the most interesting ques- led by four votes, according to Supreme Court ruled. the question of whether to mediocrehockey by coming to Chicago tion should be posed to Facebook and Stadium. Wrigley realized that a Twitter, who flag or ban what they unofficial returns. count the ballotsinPhilly and broadcast of aChicagoCubs baseball deem as falsehoods and misinforma- Todayshe’sbehind by 89. Alleghenyalone would repre- game,nomatterhow mediocrehis tion. Given the consistent errors, What happened?After astate Supreme Court sent aswing of about 2,500. team, wasathree-hour advertisement shouldn’t polling databebanned from ruling,AlleghenyCounty tallied some 300 ab- We’ll spareyou the creativelegal explana- forhis product (a dayout in the their platforms? sentee ballotsthat were in disputedue to incom- tionsbythe statejudges,especially JusticeDa- friendly confines of Wrigley Field) for FRED VAN BENNEKOM, PH.D. pletevoter declarations.These ballotshave vid Wecht,who waselected as aDemocrat. Suf- which his organization waspaid. Bolton, Mass. proper signatures,but the voterneglected to fice it to saythat this is aperfect illustration of Afixtureonlocal television and ulti- datethem. Ms.Ziccarelli’slawyersmust be pull- theproblems with massmail voting as it has mately on WGN, the Cubs developed a ing their hair out: State lawexplicitly says that been quicklygrafted ontoAmerican elections: national following and made money Pepper ... upon completing an absentee ballot, the voter It introduces slack and toomuch discretion into despiteyearsoffailureonthe field, And Salt “shall then fill out, dateand sign the declaration the system. while the Blackhawks’ fan base with- ered. When Bill Wirtz died, his son THE WALL STREET JOURNAL printed on such envelope.” Some ballotsshowuplate, whether the blame Rockyput the Blackhawks on televi- But when the Pennsylvania Supreme Court is is on voters or lax deadlines or the post office. sion within 30 days,energizing new around,the wordsinastatute arenoguarantee. Other ballotsare missing signatures,dates,se- generations of young fans.Three Stan- Abaremajority,four of seven Justices,found crecyenvelopes and so forth. Localofficials dif- ley Cups followed. that undated ballotsare invalid. One of them, ferinwhat they decide to count. Manyjurisdic- Abroadcast game,orplay, increases however, said the rule should apply only “pro- tions givevotersachancetofix faulty ballots, your reach and builds your audience. spectively.” This could nowswing that stateSen- but manydon’t. In aclose election, all of this is Thereisgold in those hearts, minds ateseat, although Ms.Ziccarelli is appealing,ac- catnip forlawyersand politically oriented and eyeballs. cording to her attorney,MattHaverstick. “It is judges. LELAND E. HUTCHINSON the outcome of the litigation that is nowinfed- Thereare good reasons to end the mail-vote Chicago eral court,” Mr.Haverstick says,“that’sgoing to experiment oncethe pandemic recedes.But at Lettersintended forpublication decide this election.” the least, statelawmakersshould take this op- should be emailed to [email protected]. Imagine if JoeBiden or Donald Trump were portunity to go through their election codes and Please include your city, stateand in asimilar position. AcrossPennsylvania, there trytowring out this kind of ambiguity,asmuch telephone number.All letters aresub- arethousands of undated ballots. Thestate Su- as possible.The next election will be herebefore ject to editing,and unpublished letters “I smoke so I can spend cannot be acknowledged. preme Court’sruling involved two batches: they knowit. more time outdoors.” P2JW335000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, November 30, 2020 | A17 OPINION Another Bold Strike Against Iran

By Reuel Marc Gerecht teams positioned in the coun- JoeBiden’s people,who try. Given the level of internal were Mr.Obama’speople, ny American intelligence dissent, which has spread even playeddownIsrael’sconcerns operativewho’s worked on among children of the original about the Islamic Republic’s Iran has to tip his hat to Iranian revolutionaries,it’s nuclear ambitions and imperi- A Israel’sMossad.The assas- possible Israel has acquired alism. Trying to getthese offi- sination FridayofIran’s valuable agentsinIran’sarmed cials to payattention to the pre-eminent atomic-bomb scientist, forces and security services. manyunansweredquestions Mohsen Fakhrizadeh,and, even Though the assassinations of about the regime’smilitariza- moreimpressively,the warehouse Fakhrizadeh and others, such tion of nuclear research and heist of the clerical regime’snuclear as Daryoush Rezainejad in 2011, gaping holes in the verification archiveinJanuary2018,shows a maybethe work of Iranian as- procedures of Mr.Obama’s level of risk-taking and accomplish- setsinJerusalem’semploy— atomic accord wasahapless

ment that has no U.S. parallel. In Kurdsmay be the most accessi- GES task.American flirtations with

June therewerelarge,damaging ex- ble and motivated—the archival IMA “moderate” President Hassan plosions at the Natanz uranium en- theftismorelikely an intrusion Rouhani andForeign Minister richment site, which probably in which Israeli officerswere GETTY Mohammad JavadZarif seemed weren’t caused by shoddy mainte- on the ground in command. By SE/ to manyIsraelis adanceofna- nance. comparison, it’sdoubtfulthat ïfs. the CIA has ever deployeda Distance gives the U.S. the ANCE-PRES

single nonofficial-cover officer FR capacity to test theories about The killing of Mohsen inside Iran to sustain either in- foreigners. Being ahegemon ENCE

telligencecollection or covert AG encouraged otherstofollow Fakhrizadeh demonstrates action sincethe failed Opera- Men carry Mohsen Fakhrizadeh’s coffin in Mashhad, Iran, Nov. 29. even when they had doubts. Israel’s capabilities and tion Eagle Clawhostagerescue But the evident hugeincrease in 1980. the Islamic RevolutionaryGuards, administration, with Secretaryof in Mossad operations inside Iran constrains Biden’s options. Fakhrizadeh had probably been who oversee both the nuclear and State HillaryClinton in the lead, isn’t only abyproduct of President an Israeli target forsome time; the ballistic-missile programs,whereit once spooked Israeli confidence Trump’ssympathy. It is an early assassination’stiming might have hurtsmost. If Israelis cankill Teh- aboutpreventivemilitaryaction sign of anew post-American order. TheCentral IntelligenceAgency been coincidental, dictated by afor- ran’smost prized personnel and sur- against Iran’snuclear program. This Mr.Biden and his officials maytry hasn’t been aparticularly bold or- tuitous intercept or piece of human reptitiously damageits guarded fa- time,Jerusalem doesn’t have to be to twist Jerusalem’sarm to go eas- ganization in decades (the aggres- intelligencethat convinced Prime cilities,and Tehran candolittle in so ambitious. ier on Iran. Good luck.The presi- siveinterrogation of al Qaeda mem- Minister Benjamin Netanyahu to go response,then the clerical regime’s American will to intervene in the dent-elect’s looming defense cuts bersmay be an exception). It isn’t forit. But the Israeli achievements, haybat, itsunchallengeable awe,is Middle East is declining rapidly,and will be moretelling.The Middle East only the timidity of the CIA’s senior which have continued despitethe degraded forall to see.For aregime Israel’sposition is significantly is all about powerpolitics,and Mos- management and Washington’spo- Iranianregime’srepeated attempts that knows the extent of popular an- stronger than it wasin2012, when sad has begun to showwhat acom- litical classthat enfeebles Langley; to thwart them, mean that Jerusa- geragainst it, that is aperilous situ- President Obama began secret nego- mittedFirst World intelligenceser- it’sthe absenceofamission against lemcan playhavoc with the Biden ation. tiations with Tehran in Oman. Israel vicecan do against aThirdWorld astate-threatening foethat focuses administration’shoped-for nuclear Iran’stheocracyisdeeply infected has Iran in acorner,and Ayatollah Islamist statewhose ownsecurity the mind and attractsreal talent. An diplomacy. with conspiratorial anti-Semitism. Khamenei is obviously scared to es- apparatus is increasingly decrepit. Iran with nukes would threaten Is- Thesignal to Democratic Wash- Supreme Leader Ali Khamenei in calate. Beyond Mossad’sactions,the rael’sexistence, not America’s. ingtonisunmistakable: Jerusalem particular has Jews on the brain, Israeli Air Forcehas been pummel- Mr. Gerecht, aformer Iranian-tar- Israel has been lethally penetrat- hasthe means,evenwithout acon- seeing concentric circles of enmity ingthe RevolutionaryGuards and gets officer in the Central Intelli- ingthe Islamic Republic foratleast ventional air attack against Iran’s revolving around Zion.Hehas diffi- their proxies in Syria, fundamentally gence Agency, is asenior fellow at adecade.Mossad nowappearsto nuclear sites,tochallengethe su- culty disconnecting Israeli actions challenging Iranian plans in the Le- theFoundation for Defense of De- have stationarysurveillanceand hit preme leader and his praetorians, from American consent. TheObama vant. Tehran has done little about it. mocracies. Canceling Student Debt Would Be a ‘Brahmin Bailout’

By Zaid Jilani lowedthe Democratstocapturenew sures trytoput money in people’s tend to be relatively affluent. Were the wealthiest people with the best territory, including Arizona and pocketssothat they canspend it. But the government to forgive$50,000 prospectsinAmerica. he economist Thomas Piketty Georgia. student debt forgivenessdoes not do forall Americans without Ms.War- Stopping the Brahmin bailout T used postelection surveys Political parties arecoalitions of this.It’slikegiving out $1+ trillion ren’s$250,000 cap, the result would would draw aline in the sand forthe takenfromFrance, the U.K. voters;asbases evolve, so do poli- that is then immediately garnished be to transfer even moremoney to Democratic Party.Itcan choose to and the U.S. to track a remarkable cies.Itishardly asurprise that Mr. by creditors, leaving households with wealthier Americans. spend up to $1.6trillion in taxpayer evolutioninleft-wing political par- Schumer,who has pushed the Demo- no extraliquid cash to spend.” Ablanket forgivenessofstudent dollarstocancel all student debt—as ties:“from the worker party to the cratstoembraceasuburban strat- debt would be aBrahmin bailout, socialist standard-bearer Sen. Bernie high-education party.” He noted in a egy, is nowadvising President-elect delivering economic benefitstothe Sandersproposed during his presi- 2018 paperthat leftist parties in the JoeBiden to forgiveupto$50,000 in The Democratic Party upper classwhile doing nothing for dential campaign—or it could focus mid-20th centuryrelied on less-edu- federal student-loan debt forevery the trucker in Toledo,Ohio,orthe resourcesinstead on the least among catedand lower-income voters to graduate. looks to build policy Waffle House waitressinAtlanta. It us.Brookings’sMelissa Kearney has form their electoral base.But more Canceling student debt would play around the interests of would increase divisions between estimated that we could eliminate recently these parties have come to well with the Democrats’ growing the college-educated and the rest of most child poverty in the U.S. by en- rely on collegegraduates.Mr. base of educated elites.But how its educated elite voters. the countrywithout reforming the acting Social Security benefitsfor Pikettyreferstothis newbase as much would it help the workerswho studentlending system or bloated poor children at an annual cost of the“Brahmin left,” as in the Indian onceformed the backbone of the universities that created the debt $179 billion. upper caste. Democratic Party? Sen. Elizabeth Some would counter that forgive- problem. Seeking votesand campaign Thetransformation of the Demo- Warren claims forgiving student debt nesswill help unburden Americans Thefederal government instead money,Democratic politicians have craticParty has been summarized would be the “single biggest stimulus weighed down by student debt. But could let current borrowers refinance correctly decided that America’scol- aptly by SenateMinority Leader we could add to the economy.” notewhich Americans will getmost their loans at lowerrates,allowstu- lege-educated eliteare akey to both. Chuck Schumer,who in 2016 But Jason Furman, achairman of of the benefit. As the BrookingsIn- dent loanstobedischargedthrough But should they build policyaround boasted, “For everyblue-collar Dem- the Council of Economic Advisersun- stitution’sAdam Looney found last bankruptcy,orrequirecolleges and the narrow interestsofthis elite, ocrat we lose in Western Pennsylva- derPresident Obama, writes that this year,Ms. Warren’sproposal to for- universities to repaysome of the they risk further polarizing Ameri- nia, we will pick up two moderate debt forgiveness“likely has amulti- giveupto$50,000 of debt forAmeri- loan balanceofstudentswho areun- cans along the classdivide.That’sa Republicans in the suburbs in Phila- plier close to zero,” because it would cans whose households earn less able to do so themselves. These recipe forigniting apopulist move- delphia, and youcan repeat that in be taxable.MattBruenig,founder of than $250,000 ayear is regressive. ideas,offered by senatorsasideolog- ment that would makeDemocrats Ohio and Illinois and Wisconsin.” The the left-wing People’sPolicyProject, Under her plan, the bottom60% of ically diverse as Ms.Warren and Mis- look back at theTrump yearswith strategydidn’t work forhis party writes that forgiving student debt is households would receiveonly 34% souri Republican Josh Hawley,recog- affection. that year,but in the 2020 presiden- “possibly the least effectivestimulus of the benefit. That’sbecause college nize that student debt is a real tial election it borefruit. Strong per- imaginable on adollar-for-dollar ba- graduates—even the ones who went problem. But they don’t propose a Mr. Jilani is afreelance journalist formanceinthe educated suburbs al- sis,” because “normal stimulus mea- intodebt to payfor their degrees— largetransfer of income to some of in Arlington, Va. Deploying Big Data to Determine How Well Va ccines Work

By Scott Gottlieb so,partsofthe countrywith low trials foratleast two years. But TheCDC is setting up anational macy. Federal and state And Mark McClellan spread and high ratesofvaccination with millions of people being vacci- Covidregistrytotrack information governmentsare establishing special maybeable to ease up on mitiga- nated, thereare opportunities to on vaccine use that will be con- administration sites that mayoper- he Food and Drug Administra- tion measures likewearing masks learn at afar largerscale. nected with statevaccine registries. ateoutside traditional insurance. T tion mayapproveaCovid-19 anddistancing. Extensive research on safety and Ideally,this registrywould have One way to handle this is forthe vaccine foremergencyuse Public-health authorities also effectivenessfor previous vaccines mechanisms to passalong pertinent federal government to set up secure within the next few weeks.Within need to monitor which patientsre- has been developed through systems datatoapatient’sdoctor and health datalinks forhealth plans and clini- days of that green light, millions of ceived aparticular vaccine and make such as the Vaccine Safety Datalink cians.Another approach is through doses will start making their way to surethey followupfor the second and the FDA’sSentinel and BEST Medicare. Thefederal government is patients. Thedistribution and ad- dose that most of these vaccines re- (Biological Effectivenessand Safety) As the initial rollout paying forall vaccines,but Medicare ministration will be logistically com- quiretobefully effective. initiatives.These collaborations in- expectstoreceiveclaims paperwork plexand difficult. And the study of It will also be important to track volvethe FDA, the Centersfor Dis- starts, it’s time to start that will include some information avaccine’ssafety and efficacy the vaccine’srisks.Some patients ease Controland Prevention,Medi- planning a registry to on everyone who receives avaccina- doesn’t end with FDAapproval. Re- mayhaverareand potentially seri- care,privatehealth plans,large tion. Medicarecould passalong this searcherswill be gathering evidence ous health events. Theimportant health systems and health-technol- monitor health outcomes. datatothe health plans in Medicare on howwell these productswork in question is whether those eventsare ogycompanies. Advantageand the prescription-drug the real world. happening at higher ratesinthose These effortsput together and plans in MedicarePart D, as well as Thevaccine is likely to reducethe vaccinated than in those who aren’t. analyzesecure, anonymized regis- plan. Clinicians and plans would be to the primarycareprovidersof odds of serious or symptomatic in- Other questions: Howlong does the triesofthe vaccine use and health betterable to followupontheir pa- Medicarepatients.Statescould also fection. But will vaccinated patients protectivebenefit last? Is the vaccine outcomes of large patient popula- tients, monitor forunusual adverse use their registries to provide simi- be lesslikely to be infected at all? lesseffectiveinsome patients? tions.Medicareisworking with the events, and reach out to those not lar information to Medicaid plans Do thevaccines confer,asprelimi- Thebest way to answerthese FDAand CDC on such an approach vaccinated. Health plan sponsors andproviders. naryevidencesuggested, “mucosal questionsisthrough randomized forstudying Covid vaccines in Medi- mayreceivevaccination dataon Thereisstill alittle time to iron immunity,” in which immune cells in clinical trials.That’swhy the vac- care patients, and abroader public- some of their patientsthrough bill- out approaches forthose outside gov- the respiratorytract canhelp reduce cine makerswill continue to follow privatecollaboration could be even ing,but not everyone will getvacci- ernment health programs,sincemost thechanceofspreading the virus? If the tens of thousands of patientsin moreuseful. nated in adoctor’s officeorphar- of the early vaccinations will be given to older patientscovered by Medicare and to health-careworkers. The vaccines in development are PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Trump promising,but society won’t bene- Rupert Murdoch Robert Thomson fitwithout adistribution and moni- Executive Chairman, News Corp Chief Executive Officer, News Corp From “The Biden Popular Front Is Jeff Bezoshad added $90 billion to toring system that allows Ameri- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Doomed to Unravel,” by Christopher his wealth on the year.The country cans to be inoculated in asafeand Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Caldwell, New Republic, Nov. 23: rebounded with 33.1 percent growth timely manner.Yet with careful Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; (again, annualized) in the third work and ingenuity,the most seri- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Theproblem forTrump’sreelec- quarter.The good news waspub- ous disruptions of the pandemic News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; tion wasnot that his response was lished by theCommerce Depart- could be historyinamatterof Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer tooanti-lockdown and loosey- ment’sBureau of Economic Analysis months. Andrew Dowell, Asia; AnthonyGalloway, Video & goosey.Onthe contrary. It wasthat on the Thursdaybeforethe election Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; the lockdowns imposed were draco- to much fanfarefromTrump,but Dr. Gottlieb is aresident fellow at Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; nian enough to disfigurethe econ- this looked more likethrough-the- the American Enterprise Institute Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; omy. Covid-19 ...subjected the looking-glasssurrealism than trust- andwas commissioner of the Food Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News countrytothe most plutocrat-en- worthyeconomic policy. And be- andDrug Administration, 2017-19. Thomas SanFilippo, Customer Service; riching trimester in itshistory. sides,bythen much of the country Dr. McClellan is director of the GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Plumbersand waitersweresuddenly had already voted. Duke-Margolis Center for Health Pol- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; without incomes,and Uber rides That is thesecond way Covid-19 icy at Duke University and was FDA Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International dropped80percent. Theeconomy brought about Trump’sloss: It ren- commissioner, 2002-04. Dr. Gottlieb WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: shrank at an annualized rate of 5 dered irresistible the pressureto serves on the boards of Pfizer and LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head percent in the first quarter of 2020 broaden access to ballotsand pio- Illumina and Dr. McClellan on the

EDITORIAL AND CORPORATEHEADQUARTERS: and by an astonishing 31.4percent neer newforms of voting that on boards of Johnson and Johnson and 1211 Avenue of the Americas, New York, N.Y., 10036 in the second. But the giant internet election night would cut Demo- Cigna; each company is involved in Telephone 1-800-DOWJONES retailersboomed. By latesummer, crats’ way. aspects of the Covid response. P2JW335000-0-A01800-1------XA

A18 | Monday, November 30, 2020 THE WALL STREET JOURNAL.

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Last Week: S&P 3638.35 À 2.27% S&P FIN À 4.60% S&P IT À 2.10% DJ TRANS À 2.69% WSJ $ IDX g 0.53% LIBOR 3M 0.225 NIKKEI 26644.71 À 4.38% See more at WSJ.com/Markets Tesla Set to Add $100 Billion in Trades

Inclusion in S&P 500 whether they would prefer addition to the S&P 500 over Share-priceand index Tesla joins the index. Shares of Tesla arewidely adding Tesla’sweight all at two separatetrading sessions. performance, year to date Tesla’sinclusion is expected traded, with daily volumes to compel asset once on Dec.21orsplit over Tesla’saddition to the index to put more than $100 billion reaching as high as nearly $65 managers to account two trading days in Decem- is expected to be particularly 600% Tesla into motion. Index funds will billion in mid-July,suggesting ber—an unprecedented move challenging because the com- have to sell smaller stocks al- thereisenough liquidity to 500 for the stock for S&P. panywill be the largest to ready in the S&P 500,some- cover the trade. Asset managersand trading ever join, and it is expected to 400 wherebetween $60 billion and Thetrade date, Dec.18, co- BY MICHAEL WURSTHORN desks across Wall Street have makeupatleast 1% of the $80 billion depending on incides with a once-quarterly AND GUNJAN BANERJI held virtual summitstodebate gauge. At its current value, it 300 Tesla’smarket cap, and use eventknown as quadruple the matter. Thevotefrom would be the sixth-largest that money to buy shares of witching, the Friday near the Additions and subtractions manyappearstobefor the company in the S&P 500, just 200 the carmaker,asset managers endofeach calendar quarter to the S&P 500 arenormally a two-dayoption, partly because bigger than Berkshire Hatha- and traders said. on which options and futures ho-hum affair. The 509th big- of Tesla’s size, along with the way Inc.and smaller than 100 Actively managedfunds on both indexesand stocks ex- gest companyinthe U.S. potential for elevated volatil- Facebook Inc. S&P500 benchmarked to the S&P 500 piresimultaneously.Volume is might jump to 497th place, ity in the stock market. Thestock,which has a cult- 0 areprojected to buy $8 billion usually heavy on those days and thus intothe index. Inves- “Ifwebegin to anticipatea like investor base, has surged of Tesla shares,Goldman said and would help boost liquidity –100 tors who track it buy the one worst-case scenario from what morethan 40% to $585.76 in arecent note. Themovewill on the dayofTesla’sinclusion, stock and sell another. could happen from the sinceNov.16, when S&P an- Jan. Nov. also spur trading within sepa- investors said. But no one has ever tried to Thanksgiving holiday, we nounced itsintended inclu- Source:FactSet rately managed accounts that They said thecurveball is add Tesla Inc., a $555 billion could expect greater than sion, extending itsgains for usethe S&P 500 as abench- accounting forother potential companyprone to hugeswings usual volatility,” said David the year to sevenfold. TheS&P traders expect the market for mark,aswell as hedging activ- volatility in the stock market in price. That is what happen- Mazza,amanaging director 500 itself is up 13% in 2020. Tesla shares to heat up even ity by trading firms that buy tied to Covid-19 or signs the ing next month, and it is caus- andhead of product at ex- Thedecision restswith S&P, further ahead of the inclusion. and sell ETFs. economic recovery is faltering. ing headaches acrossWall change-traded-fund manager which said it intends to an- Goldman Sachs Group Inc.pre- Those sums arebig,but in- The market has been particu- Street. Direxion, referring to a possi- nounceresultsofthe consulta- dictsshares will eventually vestorssay Tesla’saddition to larly rockythis year.There To avoid missteps,S&P ble further surge in coronavi- tion on Monday. Regardlessof touch $600,a2%gain from the indexwould normally be have been moresingle-day polled big investorsonruscases.Heendorses Tesla’s the outcome,investorsand currentlevels, by the time manageable in asingle day. PleaseturntopageB4 STREETWISE | By James Mackintosh Vo latile Funds Recovery Hopes Fail to Rally Bonds Draw Risk Takers Afterthe U.S. governmentbond yields jumpedonthe positivevaccine news but fell back afterward. Covid-19 vac- BY MICHAEL WURSTHORN tors should be very careful.” cines proved Total return, selected S&P500 sectors U.S. Treasury yield Take the $8.6 billion effective, al- Year-though-October November* 2.5% Investors’ penchant forrisk- ProShares UltraPro QQQ ETF, the most every taking has rejuvenated avolatile biggest leveraged ETFbyassets. corner of the Energy and sometimes dangerous group It triples the daily return of an market signaled that afaster Financials of exchange-traded funds. indexthat tracks the top100 recovery is on the way.Eco- 2.0 Leveragedand inverseETFs Nasdaq stocks and nearly dou- nomically sensitivestocks,in- Industrials rakedin$16.3 billion through bled in value over the past six dustrial metals,crude oil and S&P500 30-year the first10months of the year, months.Investorsrushed into the flakiest junk bonds all ral- 1.5 on pacetotop 2008’srecord the fund in March and April, relied hard. But not Treasurys. Technology haul of $16.7 billion, according to versing several months of out- The U.S. government bond Morningstar.The funds use le- flows. In September,investors Consumer discretionary market is usually highly sen- 1.0 verage to double or triple daily putnearly $2 billion intothe sitized to growth prospects, Real estate 10-year returns and sometimes offer in- fund, itsbiggest month of in- and especially to what’s vestorsachancetoprofitoff the flowsever, according to Morn- known as the “reflation Health care inverse, or opposite, of an in- ingstardata. 0.5 trade”: The bet that the 10-year Treasury dex’smove. LeveragedETFsare designed economy will rebound Jan. Nov. Those featureshaveproved to be held over the course of a quickly. Faster growth al- –40% –20 0 20 popular in this year’s stock mar- single tradingsession. Forperi- most always means higher Exxon Mobil shares,monthly change Nov. ’20* ketrally.Stimulativeeffortsby odslonger than that, investors 23.2% inflation, higher yields and 20% the U.S. government to support risk seeing returns,oreven so lower Treasury prices. the economyhavecreated a losses,that deviate from the per- This time, the bet has springboardfor stocks to surge formanceofthe indexthe fund changed, with investors sincethe market cratered in tracks.But eye-popping gains starting to accept that the 10 March. TheS&P 500 has risen over longer stretches tempt reflation trade won’t bring, 13% this year and is trading at some investorstohold those you know, actual inflation. record levels,despitefalling as funds formonths or even years, The prospect of vaccines 0 much as 34%overfiveweeks in PleaseturntopageB9 returning life to normal in- Februaryand March. jected wild hope into many Thehunt forbiggerreturns Flows intoleveragedand of the least-popular assets. has led manyinvestorstotake inverseexchange-traded Oil major Exxon Mobil is up –10 bold betsthat have the potential products,annually 23% so far in November, put- forbig gains and even bigger $20 billion ting it on track for its best losses.Moreinvestorsare using month since at least 1972, –20 options than ever beforetojuice the year Standard Oil Co. of returns,and some have gambled 15 New Jersey renamed itself. 1973 ’80 ’90 2000 ’10 ’20 on bounces in the shareprices of The Russell 2000 index of *Through Friday bankrupt companies.Investors small stocks, up 21%, is Sources: Reﬁnitiv (indexand sector performance; Exxon shares); TullettPrebon (yields) put morethan $14billion into 10 heading for its best month leveraged and inverseETFsin since at least 1988. of implied volatility has them, including those from laggedbehind badly this March and April alone,when The lockdown losers hit plunged from a pre-election Uber Technologies,and a month: disinfectant company those funds moved dramatically 5 the worst this year are doing high of 41 to flirt with the handful arebelow5%, accord- Clorox,gold-miner Newmont in tandem with the indexesthey incredibly well this month, summer lows just above 20. ing to ICE DataServices. and Spam maker Hormel track. 0 with nine S&P 500 stocks up Junk bonds ratedasclose Cyclical stocks sensitiveto Foods areall down, even as “These productsare ripe for more than 50%. Boeing, to default, or triple-C,havere- the economyhavedone very the market is up.The havenof investor attention,” said Todd cruise lines Carnival and turned 7. 3% so far in Novem- well, while defensivestocks gold has fallen, too. Rosenbluth, head of ETFand –5 Royal Caribbean, several ber,ontrack fortheir best able to ride out recessions are Themessageisclear: things mutual-fund research at CFRA. 2006 ’10 ’15 ’20 airlines, mall owners, hotels month sincethe panic about in lessdemand. In particular, PleaseturntopageB2 “People see the strong perfor- and entertainment stocks, shale oil in 2016.Investorsare some of the stocks that won manceand think,‘Iwant that Note:Flows consistofleveraged and inverse equity, debt and commodityexchange-traded and Citigroup are up more accepting extraordinarily low as we stockpiled groceries and  Heard on the Street: Virus too.’The market environment is products. 2020 ﬂows arethrough October. than a third. The Vix gauge yields,below6%for some of worked from home have winner is here to stay...... B10 conducivetoleverage, but inves- Source:Morningstar Grocery Stores Prep INSIDE Debt-Relief ImpactIsUneven

To Give Covid Va ccine BY ANNAMARIA ANDRIOTIS Shareofaccounts in ‘ﬁnancial hardship’bycredit product, monthly AND ORLA MCCAFFREY CREDIT CARD AUTO PERSONAL LOANS MORTGAGE BY JAEWON KANG tailersare Kroger Co., Albert- Jim Curran in Malvern, Pa., sons Cos.and CVSHealth lost his job in March and got 8% Neighborhood grocery Corp.These businesses are permission to pause his mort- stores areaiming to become part of “Operation Warp gage payments, freeing up 2.14%3.65% 3.87%5.44% majorprovidersofCovid-19 Speed,” which also includes thousands of dollarsamonth, 6 vaccinations. drugmakers, medical distribu- with no damage to his credit Supermarketsare rushing tors and federal agencies. CRUISE LINES score. to securefreezers, thermome- Grocershaveemergedas Big international Patricia OrndorfinSt. Louis 4 ters and other medical gear providers of Covid-19 testing operatorsmissout on Park,Minn., also lost her job in for administering shots. They foremployees and consumers March. Her bank let her tem- aretraining staff and estab- during the pandemic.Many revival of market they porarily skip her credit-card 2 lishing online services for supermarketshaveoffered built in China. B3 bill, which had aminimum scheduling appointments. customersflu shotsfor years, monthly payment of roughly With avaccine approval po- but vaccine distribution will $100,through July.But inter- 0 tentially weeks away,itisn’t requiremorecoordination est still piled up,and latefees yetknown howfederal and with stateand federal agen- forAugust, September and Oc- March Oct. state authorities will distrib- cies.Inaddition to the U.S. tober added to her balance. Note:Financial hardship includes deferment, forbearance, and frozen past-due payments and accounts. uteshotstothe public,and Centersfor Disease Control Thefederal government Source:TransUnion grocerssay they areunsure andPrevention’snationwide helped millions of Americans howmanycustomerswill seek distribution, states will receive through the early months of ended up with much lessrelief. including expanded unemploy- immunization when it be- their own allocation of doses. the pandemic by allowing As aconsequence, federal ment insurance, were more comes available. Many of these details arestill them to defer payments, with debt relief has been of greater helpful forlower-income work- TheU.S.Department of being ironed out. little negativeeffect, on mort- benefit to homeownersand ers. Health and Human Services United Airlines Holdings COMMODITIES gagesand student loans,two collegegraduates,manyof Thedeferral programs,un- hassigned on dozens of gro- Inc.onFridaybegan operating Platinum surges as marketsinwhich it holds huge whom entered the recession in precedented in scale,are cred- cery and pharmacychains to charter flightstoposition demand forgold sway.But the government’s relatively good financial shape. ited with keeping the economy provide Covid-19 vaccines doses of Pfizer Inc.’s Covid-19 reach doesn’t extend to credit- Lower-income workers, who temporarily afloat. But the di- once the inoculations are ap- vaccine for quick distribution wanes and disruptions card lending,autoloans or aremorelikely to rent and to vergenceinhow the programs proved by the Food and Drug if that shot is approved by causeshortage. B9 personal loans,and borrowers not have acollegedegree,saw areplaying out reflectsthat Administration. Among the re- PleaseturntopageB2 with those forms of debt lessbenefit. Other programs, PleaseturntopageB2 P2JW335000-4-B00200-1------XA

B2 | Monday, November 30, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A H B3 Airbnb...... A1 Hormel Foods...... B1 S Alphabet...... A5,B5 I S&P Global...... A1 Amazon.com...... A9 IAC/InterActiveCorp. B10 Shandong Haohua Tire Astro Ocean IHS Markit...... A1 A9 International Cruise.B3 Invenergy...... B5 Shopify...... B10 AT&T...... B5 Invesco...... B9 Spotify Technology...B10 B K T Beringea...... B9 Kohl's...... A9 Target...... A9 Best Buy...... A9 M Tesla...... B1,B4 BlackRock...... B9 TJX...... A9 Booz Allen Hamilton Macy's...... A9 Holding...... A4 N V Brideside...... B9 Newmont...... B1 Vanguard...... B9 C P W Carnival...... B3 Pfizer...... B10 Walmart...... A9 D R Z DoorDash...... A1 Royal Caribbean Group Zappos.com...... A2 JOURNAL

INDEX TO PEOPLE REET ST LL

B H S WA

Hsieh, Tony...... A2 THE

Bassuk, David...... A9 Skoutelas, Paul...... A6 R C J T FO ON

Juenger, Todd...... B10 YO Chesky, Brian...... A8 Tumlin, Jeffrey...... A6 M E V

Musk, Elon...... B1, B4 HANNAH Ek, Daniel...... B10 Vogel, Paul...... B10 Jim Curran’s credit score was protected this year because of a Cares Act requirement for mortgage companies. R F W Rogan, Joe...... B10 with student loans tend to dreds of thousands of people, accountsreceivable foranup- Field, Brian...... A9 Roumpas, Spiro...... A6 Wiedefeld, Paul...... A6 Debt Relief have collegedegrees,which at least, who can’t maketheir holsterywholesaler in Febru- usually equals higher earnings payments, and the timing ary. She hoped it would help power. couldn’t be worse. Manyare herget her finances in order. oneoftheir stores and their HasUneven TheFederal ReserveBank of about to exhaust their unem- Ms.Orndorf, 54, had spent Grocers pharmacies regularly offer NewYork found that most ployment benefits,and jobless yearscaring full time forher shotsfor flu, shingles and Americans didn’t qualifyfor claims have risen sharply in mother,and she owedabout other illnesses.For supermar- Results help under the mortgageand recent weeks as coronavirus $30,000 in credit card,auto Prep for kets,pharmacyoperations student-loan programs in the cases increased. and student debt. have historically been away to CaresAct. About 63% of bor- Mr.Curran, the Pennsylva- Instead, Ms.Orndorfgot bring in moreshoppers.Many ContinuedfrompageB1 rowers have neither student- niaman, asked both his mort- sick—she believes she had the Vaccine already have freezers and the tools used to restart an loan normortgagedebt, ac- gage lenders—Wells Fargo& coronavirus—and lost her new other tools in stores,aswell economyare usually blunt and cording to the NewYork Fed. Co.and Citadel Credit Union— job the next month. as pharmaciststrained to per- canhaveunexpected effects. Instead, they carrydebt like if he could pause his payments Herstudent loans were al- ContinuedfrompageB1 form immunizations. Deferral programs forpaus- credit cardsand autoloans. afterhelost his job as chief ready in deferral beforethe regulators. Albertsons,which owns ing mortgageorstudent-loan About 72%ofborrowers in revenue officer at asoftware pandemic.BMO Harris Bank K-VA-T Food Stores Inc., Jewel-Oscoand Vons,said it is paymentswereset out by the low-income areas have neither startup.The lendersgranted paused her autoloan in April. oneofthe grocersworking coordinating with government Cares Act, the $2 trillion stim- mortgagenor student debt, ac- him forbearances of three Her largest credit-cardbal- with the government, began agencies acrossthe country ulus program passed in March, cording to the NewYork Fed. months. ance, roughly $3,500,was with preparing fordistribution and building cold-storage ca- and shaped by further govern- Consumersinhigh-income About six weeks in, he Synchrony. Thebank paused about three months agowhen pacity for vaccines. ment involvement. That made and majority-whiteneighbor- landed ajob as amanager at a herpaymentsthrough July, pharmaceutical companies Though the CDC sees fewer them easier to getand more hoods were morelikely to ben- local logistics company. He then told her she had to start said work on Covid-19 vac- cases of fluthis year so far, generous and flexible.For ex- efit from Cares Act mortgage soon began making payments paying roughly $100 amonth. cines was showing promising moreconsumershaveopted to ample,mortgageservicers relief,the NewYork Fedsaid. againand dipped intohis sav- Ms.Orndorfcouldn’t afford results. Thecompany, which getaflu shot, industryexecu- were told to let borrowers Residents of these areas are that andmissed three pay- operates as Food City and runs tives said. That demand is pause paymentsfor up to a morelikely to have amortgage ments. Her credit scorefell more than 100 pharmacies in helpingfood retailersbetter year if their loans were gov- and higher monthly payments. Consumersinhigh from about730 to 620. Her the Southern U.S.,has pur- prepare for various scenarios ernment-backed, and thereare “Ifyou trytodeliver relief balancegrewtoabout $3,950 chased 30 medical-grade with Covid-19 vaccines. Konin- rules to protect borrowers to households by forbearing income and white from interest chargesand late freezers for$500 each to store klijkeAhold Delhaize NV, from being forced to makeup mortgagepayments, you’rego- neighborhoods were fees. vaccines,said Mickey Blazer, which owns the Stop &Shop all the missed paymentsat ing to disproportionately be ASynchronyspokeswoman executivevicepresident of and Giant chains,says it is once. Deferrals on federal stu- targeting households that have morelikelytobenefit. said the bank “iscommittedto pharmacyand fuel operations ready to set up socially dis- dent loans aregranted auto- higher incomes and arewhite being sympathetic to custom- at thegrocer. Thesupermarket tanced vaccination stations in matically,with no interest ac- households,” said Andrew ers’ circumstances regarding chain also bought devices that less-trafficked areas of itsgro- cruing,through Dec.31. Haughwout,asenior vicepres- thepandemic health crisis.” monitor freezertemperatures, cery stores,orremovedis- Deferral programs forcredit ident at the NewYork Fed. ingstopay off the missed pay- Thecompanyended itspan- as well as dozens of containers plays to create more space. cards, autoloans and personal Morethan 100 million con- mentstoWells Fargo, more demic-relief program in Octo- that can store used syringes. “Wehavelong aisles and loans,meanwhile,wereleftto sumerloans were in deferral than $7,000 total, by Septem- berbut continues to provide “Weare communicating lots of space that give us the lendersand oftendecided case or some other type of relief by ber. several forms of assistance, with states virtually on adaily abilitytospacepeople out,” by case.Manylendersgranted May,according to credit-re- The Cares Act requires she said. basis,” Mr. Blazer said. said John McGrath, vicepresi- customerstwo to three porting firm TransUnion.That mortgagecompanies to report Ms.Orndorfisstill out of Food City and other phar- dent of pharmacy services at months of relief beforerequir- number has been falling as borrowers as current even work.Tohelp payher $1,059 macies said they will receive Retail Business Services LLC, ing them to start paying again. people exit the programs,vol- when they areinforbearance, monthly rent, Ms.Orndorf the services businessofAhold Some areasking borrowers to untarily or otherwise. which protected Mr.Curran’s dipped intoher Roth IRA. She Delhaize. payback their skipped pay- Banks saymost credit-card credit score. This fall, he refi- also made and sold masks. Supermarkets say Ahold Delhaizeand other mentsinalump sum. customerswho signed up for nanced intoamuch-lowerrate BMO Harris is letting her make supermarketssay they are Already this recession has deferrals were making pay- that trimmed his paymentsto ahalf-payment on her auto they are looking to looking to hire more employ- been hardest on lower-income mentsagain when they exited $2,200. loan each month, fornow. hire more ees,particularly pharmacist workers,sincejobs like the assistanceprograms.Card Mr.Curran, 51 yearsold, In October,after months of technicians who were cleared barista, waiter and house- issuersCapital One Financial plans to use the savingsfor his trying,Ms. Orndorfreceived employees. in October by HHS to adminis- keeper arehardtoperform in Corp.and Discover Financial retirement accountsand the unemployment benefits. She terCovid-19 vaccines autho- apandemic. Services said 12% of card ac- collegefunds of his two high- called Synchronytooffer to rized or licensed by the FDA. Homeowners, who cantake countsand some 25% of card school-agechildren. makeapayment and wastold Pharmacist interns under the advantageofthe mortgage-re- balances,respectively,that ex- Theforbearances,hesaid, her card had been shut down. doses directly from the CDC supervision of pharmacistscan lief programs,generally al- ited deferment were behind as gavehim abreak “toreset and Ms.Orndorfaccepted aset- andwill provide them at no also giveout Covid-19 vac- ready have stronger finances. of September.SynchronyFi- figure out howtokeep the tlement that will forgiveabout cost for customers. The shots cines. (The median family net worth nancialsaid that some 34% of cash flow going without having 40% of her balance if she will be paid forwith taxdol- Other retailersare training of homeownerswas $255,000 accountsthat were in defer- to diveintoall the savingsor makesthree monthly pay- lars, and pharmacies and gro- existing staff. SpartanNash in 2019,according to the Fed- ment or had exited didn’t break intoretirement stuff.” mentsof$790.She plans to cers cancharge fees forad- Co.istraining some pharmacy eral Reserve,compared with makeapayment in September. Ms.Orndorf, the Minnesota use her unemployment bene- ministering vaccines to private technicians but doesn’t know $6,300 forrenters.)And those Still, that amountstohun- woman, started anew job in fits to pay. or public insurers, according howmanyitshould instruct to the CDC.The federal gov- sinceithasn’t yetlearned ernment is planning to payfor when and how many vaccines inoculations foruninsured it might receive, said Eddie Bonds Are people. Garcia, director of pharmacy The first phase of distribu- at the company. “Right now, tion will likely focus on it’sawait-and-see game,” he Left Out health-care professionals, es- said. sential workersand people Manyretailersare unsure with medical conditions that howmanyconsumerswill opt Of Rally put them at special risk.Most to getvaccines onceavailable. grocerypharmacies areex- Some people might have res- pected to step in afterthose ervations about getting the ContinuedfrompageB1 shotsare given, to administer immunization right away arelooking better. But the vaccines to awider group. partly because they believe Treasurymarket seems to Next month, afederal panel the side effects are unknown, have missed the memo.Yields expectstodecide which Amer- said Cindy Fong,director of leapt on the dayofthe Pfizer icans should getpriority for pharmacyatRaley’s Inc., a vaccine,but have sincefallen shots. chain of roughly 130 stores in back,with the 30-year yield—

Grocerssay they arewell- California and Nevada. Inter- usually supersensitiveto GES

positioned to provide Covid-19 nally, roughly half of her staff growth prospects—lowerthan IMA

vaccines because alarge share said they would getthe vac- at the start of the month, ETTY

of the population lives near cine after it is approved. along with the 10-year. /G

This unusual divergence DER isn’t because the bond whis- RY VID

perersthink the vaccine DA doesn’t matter. It is about Lockdown losers hit the worst this year, such as airlines, are doing incredibly well this month. the Federal Reserveand inflation,orrather thelack of boost to the economyavac- ring an unlikely double Demo- interest ratestostaylow even it. Afteradecade when cine is expected to bring.The cratic win in Georgia’srunoff as theeconomyaccelerates. faster growth, lowunemploy- implied inflation rate calcu- votes—Republicans will con- But thereare acouple of rea- ment and zero interest rates lated by comparing yields on trol the Senate.Investors sons forcaution. First, if the did nothing to spark infla- Treasurys and on Treasuryin- think that means much lower market sniffs anyhint of price tion, manynolonger expect flation-protected securities for fiscal stimulus,and so more rises,therecould be an explo- even extraordinaryFed ac- the five yearsstarting in five monetarystimulus,probably siverise in bond yields that tion to push up prices faster. years’ time has risen to 1.83% in the form of morebuying of hurtsstocks and other assets “The [vaccine] surprise is from 1.81% at the end of Octo- long-dated bonds.Tradersun- as investorsreturn to their on the growth side, not the ber,still belowthe 1.92% winding previous betsagainst normal inflation expectations. inflation side,” says John reached last month, the high- bonds and readying formore Second, this month’sgains Roe, head of multiasset est sinceAugust last year. Fedbuying keeps yields down. by economically sensitiveas- funds at Legal & General In- With inflation off the “With the outlook for ag- setsassumes aquick vaccine S vestment Management. agenda,investorsthink the gressive fiscal policy less approval and deployment. If

NEW “Even at very low levels of Fedwill stamp down hardon likely, that keeps the Fed in the massivelogistical chal- G unemployment the Fed anyrise in yields,because of the game,” says Johannes lengetakes longer than hoped struggled to generate any the drag on growth from Mueller, head of CIO office it would leave investorsfreeto OOMBER wage inflation, and now higher borrowing costs. and macro research at Ger- focus on the economic damage

AN/BL there is quite a lot of slack Theelection could still be man fund manager DWS. from arapidly worsening third

GU in the labor market.” having an effect, too. Inves- Inflation-free growth would wave of coronavirus in the

BING Inflation prospectshave tors prepped foraDemocratic be good not only forinvestors U.S. This month’sbig winners Albertsons is coordinating with governmentagencies acrossthe U.S. barely budged, despitethe sweep of Congress, but—bar- but foreveryone,asitallows could be hit hardbybad news. P2JW335000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY Monday, November 30, 2020 | B3 BUSINESS NEWS Big Cruise Lines Miss Out in China

Royal Caribbean and China’sfast-to-recover set up acruise joint venturein economyhas become alifeline 2018 with state-owned China Carnival are among forcompanies struggling with State Shipbuilding Corp., one those that can’t shriveled demand in much of of the country’stwo shipbuild- the rest of the world. U.S. ing giants. The Florida-based partake in its revival brands from NikeInc.toTesla company also helped get Ital- Inc. have found shelter in the ian shipbuilder Fincantieri BY JING YANG world’ssecond-largest econ- SpA to set up a separate joint AND DAVE SEBASTIAN omy, where consumer spend- venturewith the Chinese com-

ing has rebounded and GDP is panyand impart itsknow-how S Battered international expected to grow forthe year. in building large cruise ships. PRES cruise operatorsare keenly Cruise operatorsare also When CostaCruises

awaiting the reopening of the betting on that swift rebound brought its“Italy at Sea” voy- ZUMA Chinese market. They’regoing as they await the green light. agetoShanghai, the company A/

to have to wait a little longer. “Weare currently in dia- made sureChinese passengers XINHU China is set to resume logue with local and central would find not only Italian The Royal Caribbean cruise ship Spectrum of the Seas in Shanghai last year. cruises in December,asits econ- authoritiestomakesurewe cuisine,but also morefamiliar omyrevivesand the pandemic areready to resume opera- spicyhot pot, as well as mah- such as Quantumofthe Seas “Even though China has be- tial of theChina cruise mar- remains largely undercontrol in tions as soon as they will con- jong games. and Spectrum of the Seas. come the second-largest cruise ket,” said Adam Goldstein,for- the country. Thecatch is thein- sider it is safetodoso, work- RoyalCaribbean also has North Americaaccounted market in the world in a rela- mer CEO of RoyalCaribbean ternational cruise lines that ing on the basis of our safety chosen Shanghai as thebase forhalf of global passenger tively shortamount of time, and chairman of the industry spent the past decade building protocols,” said Mario Zanetti, forsome of itsnewest and volume in 2018,while China we haven’t…even scratched group Cruise Lines Interna- the market from scratch aren’t chief commercial officer of most luxurious cruise ships, claimed only 8.3%. the surface of the true poten- tional Association. invited to the party. Carnival unit CostaCruises. With standardcruise routes “China plays astrategic role from China to destinations for Costa Group.” such as Japan and Vietnam The country’s large and in- shut down by global travel re- creasingly wealthypopulation strictions, the country is tip- helped cruising volumes grow toeing back in with cruises to at a compound annual rate of nowhere that start and finish 38%between 2013 and 2018, in the sunnysouthern Chinese according to Chart Manage- resort island of Hainan with ment Consultants, making no stops in between. China the world’ssecond-larg- HOWDOYOU MANAGE Thegovernment awarded est cruise market by passen- thefirst permit to ply that gers afterNorth America. routetoAstroOcean Interna- Nearly 2.4million people in RISK WHEN THEWORLD IS tional Cruise Co. Ltd., a joint China went on acruise in venturebetween two state- 2018, the most recently avail- owned juggernauts. Interna- able data, the majority of UPSIDE DOWN? tional operators such as Car- them on international fleets. nival Corp.and Royal Yetthe firstsailing from Caribbean Group,which the Chinese city of Sanya will would need an exemption from be carried out by Piano Land, Chinese laws that ban foreign the country’sfirst domesti- vessels from doing business cally operated luxurycruise between the country’sports, ship and the only one operated haven’t been given approval to by Astro Ocean. sail. Foreign-owned and flagged vessels aren’t allowed to provide transport services in International cruise China’sdomestic waters,are- striction that also existsinthe lines spent thepast U.S. China’sgovernment made decade building the an exception for the 25-year- old, 13-deck Piano Land, which marketfromscratch. sails under aBermuda flag but is Chinese owned and operated. RoyalCaribbean Chief Exec- Zinan Liu,chairman of Royal utiveRichardFain said the Caribbean Asia, said he expects companydoesn’t plan to find a mainland Chinese portstobe joint-venturepartner in China among the last in Asia to re- and that it is in talks with the open to foreign-flaggedcruise country’scentral and local ships,which have already been governmentsabout futuresail- allowedtosail in Singapore ings. andTaiwan. Among China’s “Only one small operator main concerns,Mr. Liu said, is hasstarted so far—wedon’t the risk of importing the virus think that whether we’re Chi- through travel. nese or have aChinese partner “We’renot worried about would changethat,” Mr.Fain the Chinese consumers,” Mr. said in an October interview. Liu said at avirtual industry “Wethink this worked well be- event in October.“It is the fore the pandemic.” government that we are deal- Carnival’sChina itineraries ing with in China, maybe also accounted for4%ofits pas- in Japan, to regain their confi- senger capacity in 2019,ac- dence in the industry.” cording to a securities filing. Carnival, RoyalCaribbean Beforethe pandemic,the com- and othershavespent the past panyplanned to expand its decade prying open China’s fleet in the country, which it market. Those effortspaid off, said could become the world’s with passenger volumes from largest passenger market for Chinagrowing rapidly—until cruises. the coronavirus pandemic TedBlamey,principal at swept acrossthe world and consulting firm Chart, said he intocruise ships in aseries of believed foreign cruise ships notorious incidents that will be allowed back to China brought the industrytoahalt. onceauthorities feel comfort- Theroad back has been able enough to expand the pi- slow. European cruise sailings lot. resumed in the summer with GentingCruise Lines,part testing facilities and medical of the Malaysian conglomerate staff,but operatorscanceled Genting Bhd, has received ver- or cut voyages short as cases bal consent from Chinese au- surgedinthe fall. Taiwan thorities to deployaluxury started cruises with no stops cruise to Sanyastarting in De- in July; Singaporebegan simi- cember,according to aperson lar sailings this month. familiar with the arrangement. In the U.S.,cruise operators TheBahamas-flaggedGenting must conduct mock sailings Dream will be chartered to and apply forasailing permit and operated by ajoint ven- 60 days in advance to win ap- ture with a Chinese company, proval from the Centersfor which retains majority control DiseaseControl and Preven- of the entity, the person said. tion. To satisfythe long list of Genting didn’t comment. requirements, some cruise International cruise lines ships under Carnival have ex- went to great lengths to culti- tended their U.S. sailing hiatus vate the Chinese market be- into 2021. fore the pandemic.Carnival

China has seen asoaring growth in cruise volumes since2012, second only to the U.S. Number of cruisepassengers Topﬁve countries by cruise from mainland China passenger volume,2018 3.0million We can'tcontrol what's next,but we canhelpnavigateit. CMEGroup U.S. provides24-houraccess to trading opportunitiesinevery investable 2.5 asset class,allowingmarketparticipantsworldwidetomanagerisk and China 2.0 capture opportunities. Forevery economic twistand turn,whenthe newnormalisanythingbut…CME Group. 1.5 Germany

1.0 U.K. and VISITCMEGROUP.COM/ACTION Ireland 0.5

Australia Derivatives arenot suitable forall investors and involvethe risk of losing morethan the amount originallydeposited and anyprofit youmight havemade. 0 This communication is not arecommendation or offer to buy,sell or retain anyspecific investment or service.Copyright ©2020 CME Group Inc. All rights reserved. 2012 '15 01% 020304050 Note:2019isanestimate. Sources: CHARTManagementConsultants; Cruise Lines International Association P2JW335000-0-B00400-1------XA

B4 | Monday, November 30, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Tesla’sMusk NowTakes Long-Haul View Electric-car pioneer turns to trucks after defying pandemic to post successful year

BY HEATHER SOMERVILLE

Elon Musk defied the challenges of the coronavirus pandemic to help Tesla Inc.de- liver a wildly successful year. For2021, the chief executiveis setting expectations even higher and has the long-haul

trucking industryinhis sights. S

Having demonstrated that PRES consumerswill enthusiastically UMA

buy electric cars,Mr. Musk /Z nowwantstoshowthe truck- RS TO

ing industry—arisk-averseand MO thin-margin businesswith little patiencefor Silicon Valley

hype—will embraceabattery- ON/TESLA

poweredvehicle. GES TheTesla semitrailer truck is OR GE part of aflurryofvehicle-pro-

ductionactivity Mr.Musk has ALEXIS plannedfor 2021. Those plans Elon Musk, seen unveiling the Tesla Semi at the company’sHawthorne, Calif., headquarters in 2017, is making trucksabig part of the company’s2021 expansion plans. includeanew electric pickup truck, factories in Berlin and stating the development of its Walmart Inc., United Parcel types through their paces by range by 54%. buy the trucks likely will also Texas starting up,and higher technology. Nikola has called ServiceInc., PepsiCo Inc and moving itscarsbetween the Yetat$150,000,aTesla Semi need to factor in the cost of output at the company’sShang- the report’s accusations false Anheuser-Busch InBev SA.Most battery factoryinNevadaand costsaround 25% morethan the building charging stations. hai plant. Tesla is aiming to and misleading. of the ordersrepresent afrac- itsplant in Fremont, Calif., us- averagediesel truck.The differ- Uncertainties around the produceatleast 68% morevehi- When Tesla unveiled the tion of their respectivefleets. ing the 260-mile trip as part encecould be at least partly Semi didn’t deter Pride Group cles acrossits inventorynext Semi in 2017, it promised the President-elect JoeBiden,a test run and part public rela- offset by government credits. Enterprises,atrucking and lo- year,Mr. Musk has suggested, truck would be in customer supporter of clean energy,said tions exercise. Tesla says the trucks will pro- gisticscompanybased in To- from the 500,000 cardeliveries hands in 2019 and selling he plans to encourageelectric Tesla says itstrucks will vide morethan $200,000 in gas rontoand Dallas,fromordering the companytargets in 2020. 100,000 trucks ayear starting vehicle adoption and toughen sell for$150,000 to $200,000, savingsoveratruck’slifetime 150.The companyplans to build Investorshavealot riding in 2022. Mr. Musk touted the fuel-economyregulations.In apricethat analystssay looks andfleetswill recoup their in- charging stations on property it on Tesla’snew projectsgoing product with his characteristic September,California Gov. more realistic since the com- vestment in two years. owns in Canada and the U.S. smoothly.The company’sstock enthusiasm, saying on Twitter: Gavin Newsom ordered that, panyinSeptember unveiled Cowen’sMr. Osborne expects “Carbon footprint wasdefi- has morethan quintupled since “This will blowyour mind “where feasible,” heavy-duty advancementsthat would closer to athree-year payback, nitely one of the topreasons the start of the year,buoyedby clear out of your skull and into vehicles operating in the state bringthe cost of batteries based on certain assumptions we chose to makethis deci- five sequential quarterly prof- an alternate dimension.” must be zero-emission by 2045. down by 56% and boost energy aboutthe cost of maintenance sion,” said Aman Johal,vice itsthat put it on track forits Yetthe Semi features “Any truck going out of the capacity to increase driving and electricity.Companies that president of operations. first-ever full-year in the black. around five times morebattery portsofLong Beach or L.A. Thestock trades at morethan cells than Tesla’spassenger will have agun to itshead that 16 times annual sales,far more cars,which Mr.Musk has said it has to moveovertocleaner ADVERTISEMENT than itspeer automakers, and constrained his progresson energy,” said Jeff Osborne,an is poised to be added to the the trucks.Some observerssay equity analyst at Cowen&Co. S&P 500 index in December. such delays areevidenceofMr. Truck demand is up amid a The Marketplace TheSemi, to be built at Musk’stendencytooverprom- surge in e-commerce orders To advertise: 800-366-3975orWSJ.com/classiﬁeds Tesla’sAustin, Texas,factory, ise and underdeliver.Inthe amid thecoronavirus pan- and due to customersstarting past, Mr.Musk has denied that demic. To satisfy their imme- next year,will be anew chal- he setsunrealistic goals. diateneeds,companies have CLASS ACTION lengefor the Silicon Valley TheSemi project is runby been buying up diesel-pow- electric-car maker.Itwill test Jerome Guillen,alongtime ered trucks,with North Ameri- how far Tesla has come with transportation executivewho cansales in October up 83% battery improvementsitjoined Tesla in 2010.Tesla, Mr. over last year,according to (@<@5E@< !7B@D !2:KDE6E2A (B@AA *:6E7< teased in September,how far Guillen and Mr.Musk didn’t re- freight transportation re- "76E:2 7/ !266B2?2<6 *11D7J@B it canpush itsmanufacturing spond to requestsfor comment. search firm FTR.The pur- capabilities and whether the Thetwo-year delayworks chases mean some fleet own- (7KD6 &EB2 "7I ()>4C)4C companycan break intoanew in Tesla’sfavor,toanextent. erswill put off truck renewals industrywhereMr. Musk’s Electric vehicles have gained another five to 10 years, so star powerhas lesspull among popularity as companies con- Tesla mayhavetowait fora HHHI(@<@5E@ 8/3 $N44@Z/ )Z_ >Y4[@4 Y>=$@43 )Z_ _84@$/Y43 )77@;8Z; Shanker. and chief technologyofficer of provethe Semi canhandle [834@W4@3@Z/)/8YZ3 [)_@ 8Z $@4/)8Z Y> ')Z)_8)Z BY7)453Y4)7 3/)/@[@Z/3 )Z_ Controversy around elec- transportation solutions at TE 500-mile hauling with rough tric-truck companyNikola Connectivity Ltd., atechnol- weather or steep terrain. Die- WN&78$ _83$7Y3N4@3 4@7@)3@_ =26H22< #@F 0;8 0CC9 @<5 $K<2 48 0C4CT Corp.may also raise questions ogycompanythat supplies the sel trucks typically cango about the nascent industry. auto industry and others. about 1,600 miles beforerefu- A:@ %@>@Z_)Z/3 :)L@ );4@@_ /Y W)F /:@ /Y/)7 )[YNZ/ Y> ]X.aDDDaDDDTDD -B% Thecompanyisunder investi- Around 50 largeshippers, eling and cantop-up at sta- 8Z 3@//7@[@Z/ Y> /:@ $7)33 )$/8YZ V/:@ RB@//7@[@Z/6UT gation by the Justice Depart- carriersand retailershavere- tionsatevery major freeway ment andSecurities and Ex- served Tesla semis,based on exit. Battery-charging stations A:@ B@//7@[@Z/ 83 )$Y[W4Y[83@ Y> _83WN/@_ $7)8[3 )Z_ 83 ZY/ )Z )_[8338YZ Y> changeCommission aftera statementsfromthe companies are still sparse. 78)&878/F Y4 J4YZ;_Y8Z; &F ')Z)_8)Z BY7)4 Y4 )ZFY>/:@ Y/:@4 %@>@Z_)Z/3T short seller accused it of over- and media reports, including Tesla is putting Semi proto- A:@ B@//7@[@Z/ :)3 &@@Z )WW4YL@_&F/:@ GZ/)48Y BNW@48Y4 'YN4/ Y> QN3/8$@ V/:@ R'YN4/6UT A:@ 'YN4/ :)3 )WWY8Z/@_ #W8S '7)33 ,$/8YZ B@4L8$@3 ')Z)_) \Z$T )3 /:@ ,_[8Z83/4)/Y4 Y> /:@ B@//7@[@Z/T AY &@ @78;8&7@ >Y4 $Y[W@Z3)/8YZa $7)33 [@[&@43 ?KA6 3N&[8/ )_N7F $Y[W7@/@_ '7)8[ !Y4[ /Y /:@ ,_[8Z83/4)/Y4 <7 B@62D 6+@< #@F 348 0C04T\>FYN _Y ZY/ 3N&[8/ )$7)8[ &F /:83 _@)_78Z@a FYN [)F ZY/ &@ )&7@ /Y $7)8[ )WY4/8YZ Y> /:@ B@//7@[@Z/ )Z_ FYN4 $7)8[ [)F &@ @H/8Z;N83:@_T !Y4[Y4@ 8Z>Y4[)/8YZ )&YN/ FYN4 48;:/3 )Z_ :YJ/Y@H@4$83@ /:@[a 3@@ /:@ MYZ;9!Y4[ IY/8$@ Y> B@//7@[@Z/ ,WW4YL)7)L)87)&7@ YZ78Z@ )/ HHHI(@<@5E@

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THE WALL STREET JOURNAL. Monday, November 30, 2020 | B5 BUSINESS & FINANCE Solar-Energy Projects Brexit Bottlenecks Loom Are Booming in Texas BY COSTAS PARIS BY KATHERINE BLUNT “Solar is the natural next step in astate likeTexas,” Mr. TheU.K.faces alogistics Wind powermade Texas Romaine said. nightmarethat could bring de- the leading renewable-energy Five yearsago, the Electric lays and shortages in essential producer in the U.S. Nowsolar Reliability CouncilofTexas, goods after the country com- is fast catching up. the state’sgrid operator,pro- pletes its exit from the Euro- Invenergy LLC broke jected that as much as 12,500 pean Union at the beginning of ground this year on a$1.6bil- megawattsofsolar-generat- next year. lion solar farm northeast of ing capacity would be in- On Jan. 1, the free move- Dallas that is expected to be stalledacrossthe stateby ment of goods acrossthe Eng- the largest in the countryupon 2029.Itnow expectstosur- lish Channel is due to end for completion in 2023. AT&T Inc. passthat as soon as next the firsttime in half acentury. and Alphabet Inc.’sGoogle are year.Generally speaking, The change has sparked fears among the large corporations 1,000 megawattscan power of severe bottlenecks at Brit- that have contracted to pur- 200,000 Texas homes. ish portsand highways, where chase powerfromthe project, There are now about 3,800 customs officerswill inspect which will span more than megawattsofsolar capacity trucks amid an acutelack of 13,000 football fields and sup- on the Texas grid, afraction of staff that could rattle supply ply enough electricity to the 25,000 megawattsofwind chains. power300,000 homes. poweritsupports. By 2023, Some 10,000 trucks cross It is part of agrowing num- that gapisexpected to nar- the channel on ferries each ber of solar projectsinsunny, row, ERCOTsays,with as day, moving about half of all VILLE/REUTERS land-rich Texas,whereexperts much as 21,000 megawatts of goods between the U.K. and MEL BY

long predicted solar farms solar and 38,000 megawattsof the continent while dozens of TO would bloom. Solar-farm de- wind installed. daily sailingsmovefreight The changes have sparked fears of severe congestion at British ports. The Port of Dover. That could put Texas on mainly between Dover on the tracktosurpassCalifornia, British side and the French uctsmeans shipmentsthat portssuch as Dover,Ports- looking at airfreight to replace The state is the U.S. which leads the nation with ports of Calais and Dunkirk. oncebreezed through could be mouth and Holyhead in Wales. trucks,asolution that would more than 13,000 megawatts “The problem is that you held for hours or even days. Thework has been delayed bring logistics costsontop of leader in renewables of large-scale solar capacity. have to stop things,” said British supermarket chains by negotiations over atrade EU tariffs that could substan- overall, with nearly Texas is the leader in re- Richard Ballantyne, chiefexec- that built distribution plans on deal between the U.K. and tially raise the priceofBritish- newables overall with nearly utiveofthe British PortsAsso- the assumption that products Brussels sincethe Brexit refer- made vehicles sold in Europe. 29,000 megawatts. 29,000 megawattsofwind and ciation, atrade body.“Both would go straight from trucks endum in 2016 that would go Adding to the headaches,at solar generation. thedriver and the cargowill to storeshelves areshort of intoeffect afterthe divorce is least aquarter of amillion Part of the anticipated require documentation and if refrigerated warehousing, final. Amonthslong hiatus in smaller U.K. importersand ex- growth in solar is tied to a youqueue up,you would im- prompting fears that much of infrastructurework because of porterswill need to fill out velopment in Texas is ex- federal tax credit available to mediately facecongestion and the cargo could spoil. Covid-19 lockdowns has forced customsdeclarations forthe pected to accelerateinthe solar-project developers that delays.” “We’ll have to fill customs the U.K. government to push firsttime,according to the coming yearsasgeneration will be substantially reduced Officials at the Port of Do- declarations on the ferry and back the customs and tariffs National Audit Office. costsfall and powerdemand by 2022.Itmay be renewed verestimatethat forevery then an appwill tell us what kickoffdatetoJuly,while the Manycompanies arecon- grows. That growth putsiton under President-elect Joe Bi- two minutes of delayeach to do next,” said Thijs Van EU will start taxing British im- sidering strategies to shave track to claim amuch larger den, who has pledged support truckhas to spend at the Dijk,aDutch driver moving portsfromthe start of January. time off possible delays.One shareofapowermarket domi- for clean-energy projects. crossing, a 17-mile traffic jam freshfruit and flowers from Bottlenecks could affect plan is to drop off loaded trail- nated by wind farms and natu- Warren Lasher,ERCOT’sse- will be created on the M20 Dunkirk to Dover.“Idriveto more than 30 car makers, in- ersatferries on one side of ral-gas power plants. nior director of system plan- highway heading to the port. open markets, hoping there’ll cluding Honda Motor Co., Toy- thechannel and have them Invenergy has developed ning,said the grid operator TheBritish government has be no traffic so the cargostays otaMotor Co.and Jaguar Land picked up on the other side by wind farms in west and cen- anticipates growth to continue allocated the equivalent of fresh. Now we may be backed Rover Ltd.—companies that local truck driversrather than tral Texas,but the solar proj- regardlessofthe taxcredits $627 milliontobuild infra- up forhours. We can’t do busi- producearound 1.8million have the same driver haul a ect is itsfirst one in the as powerdemand increases structure, including customs ness like this.” cars everyyear in the U.K.,ac- load all the way.That could state. TedRomaine,the com- and large companies seek and holding facilities at ports British officials hope the cording to British motoring save time since drivers won’t pany’ssenior vicepresident clean energy sourcestosup- and further inland, to address Goods Vehicle Movement Ser- group Automobile Association. need to getpassportschecked. of origination, said that un- port carbon-reduction goals. the potential backups. viceapp,which is still being Themanufacturersdepend on TheBritish International like wind, which oftenpeaks “We’vereached aturning But work is progressing developed, will direct truckers just-in-time partsfromthe EU Freight Association,which at night, Texas solar has the point,” Mr.Lasher said. slowly on new facilities and a to checkpointsorgivethem the that go straight to assembly representsfreight forwarders, potential to boost electricity “These numberspoint to the shortage of customs officers go-ahead without checks.New lines to producemanyvehicles blames the U.K. government supplies when daytime de- fact that solar is really start- needed to test importssuch as customs facilities and parking exported to the continent. fornot providing aclear road mand is highest. ing to take off.” meat, poultry and fresh prod- arebeing identified outside Some manufacturersare map.

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THE WALL STREET JOURNAL. Monday, November 30, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 29910.37 s646.89, or 2.21% last week Trailing P/E ratio 29.69 20.88 3638.35 s80.81, or 2.27% last week Trailing P/E ratio * 41.34 24.58 Public Offerings of Stock High, low, open and close for each of P/E estimate * 24.58 18.67 High, low, open and close for each of P/E estimate * 25.95 19.12 the past 52 weeks Dividend yield 2.03 2.23 the past 52 weeks Dividend yield * 1.65 1.85 IPOs in the U.S. Market All-time high All-time high 30046.24, 11/24/20 3638.35, 11/27/20 None expected this week

Current divisor 0.15198707565833 Lockup Expirations 30000 3750 Below, companies whose officers and other insiders will become eligible 65-day moving average to sell shares in their newly public companies for the first time. Such 28000 3500 sales can move the stock’s price.

200-day moving average Lockup Offer Offer amt Through Lockup 26000 3250 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Nov. 30 June 3, ’20 Warner Music Group WMG 25.00 1715.0 13.4 180 days 200-day moving average 24000 3000 June 3, ’20 ZoomInfo Technologies Inc ZI 21.00 867.8 132.3 180 days June 3, ’20 Pliant Therapeutics Inc PLRX 16.00 135.0 106.2 180 days

Week's high 22000 2750 Dec. 2June 5, ’20 Dada Nexus Ltd DADA 16.00 264.0 248.6 180 days DOWN UP June 5, ’20 Legend Biotech LEGN 23.00 350.1 26.1 180 days Monday's open Friday's close t June 4, ’20 Shift4 Payments Inc FOUR 23.00 300.0 167.9 180 days 20000 65-day moving average 2500 Friday's close Monday's open June 5, ’20 Applied Molecular Transport Inc AMTI 14.00 130.0 135.5 180 days t Sources: Dealogic; WSJ Market Data Group Week's low 18000 2250 Bars measure the point change from Monday's open IPO Scorecard 16000 2000 Performance of IPOs, most-recent listed first N D J F M A M J J A S O N N D J F M A M J J A S O N % Chg From % Chg From Primary NYSE weekly volume, in billions of shares t Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day

market t Composite Track the Markets IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close 36 Compare the performance of Forest Road Acquisition 10.11 1.1 –0.9 Ozon Hldgs 40.00 33.3 –0.4 24 selected global stock indexes, FRX.UT Nov. 25/$10.00 OZON Nov. 24/$30.00 12 bond ETFs, currencies and Spartan Acquisition II 10.40 4.0 1.0 Spring Valley Acquisition 10.05 0.5 0.5 SPRQ.UT Nov. 25/$10.00 SVSVU Nov. 24/$10.00 0 commodities at 10X Capital Venture Acquisition Tiga Acquisition N D J F M A M J J A S O N wsj.com/graphics/track-the-markets 10.07 0.7 0.6 10.17 1.7 0.1 VCVCU Nov. 24/$10.00 TINV.UT Nov. 24/$10.00 *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Genesis Park Acquisition 10.00 ... –0.1 Vision Marine Tech 14.12 41.2 –2.2 GNPK.UT Nov. 24/$10.00 VMAR Nov. 24/$10.00 Major U.S. Stock-Market Indexes Nasdaq Composite HF Enterprises 5.55 –20.7 –20.5 Breeze Hldgs Acquisition 10.09 0.9 0.6 HFEN Nov. 24/$7.00 BREZU Nov. 23/$10.00 Latest Week 52-Week % chg s 350.88, or 2.96% High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones Sources: Dow Jones Market Data; FactSet Industrial Average 30116.51 29332.82 29910.37 646.89 2.21 18591.93 l 30046.24 6.6 4.8 8.2 Other Stock Offerings Transportation Avg 12772.74 12295.70 12561.43 329.33 2.69 6703.63 l 12715.38 15.7 15.2 9.4 12175 Secondaries and follow-ons expected this week in the U.S. market l Utility Average 886.55 869.46 873.18 -0.11 -0.01 610.89 960.89 2.5 -0.7 4.6 None expected this week Total Stock Market 37841.38 36856.58 37799.36 979.90 2.66 22462.76 l 37799.36 17.5 14.4 11.9 Barron's 400 813.45 802.32 812.17 18.68 2.35 455.11 l 813.45 13.6 10.9 5.4 11950 Off the Shelf Nasdaq Stock Market “Shelf registrations” allow a company to prepare a stock or bond for 11725 Nasdaq Composite 12236.23 11796.53 12205.85 350.88 2.96 6860.67 l 12205.85 40.9 36.0 21.1 sale, without selling the whole issue at once. Corporations sell as Nasdaq 100 12306.71 11817.53 12258.21 351.77 2.95 6994.29 l 12420.54 45.9 40.4 24.2 conditions become favorable. Here are the shelf sales, or takedowns, 11500 over the last week: S&P 20 23 24 25 26 27 Takedown date/ Deal value 500 Index 3644.31 3552.77 3638.35 80.81 2.27 2237.40 l 3638.35 15.8 12.6 11.8 November Issuer/Industry Registration date ($ mil.) Bookrunner(s) 2.72 l DJ US TSM MidCap 400 2223.52 2159.27 2205.92 58.31 1218.55 2217.84 9.7 6.9 5.9 EVO Payments Inc Nov. 25 $116.8 JPM SmallCap 600 1074.50 1028.05 1059.67 39.44 3.87 595.67 l 1069.41 6.7 3.8 4.7 s 979.90, or 2.66% Computers & Electronics June 3,319 Other Indexes last week Envision Solar International Inc Nov. 23 $7.5 Maxim Grp Utility & Energy May 26,320 Russell 2000 1862.17 1787.24 1855.27 69.93 3.92 991.16 l 1855.27 14.2 11.2 7.0 NYSE Composite 14271.09 13911.31 14198.50 371.50 2.69 8777.38 l 14249.5 4.8 2.1 4.6 Value Line 551.71 528.95 548.32 19.37 3.66 305.71 l 562.05 2.2 -0.7 0.04 37700 Public and Private Borrowing NYSE Arca Biotech 5512.16 5383.43 5511.58 115.93 2.15 3855.67 l 6142.96 10.2 8.8 9.7 Treasurys NYSE Arca Pharma 669.18 659.99 668.65 0.18 0.03 494.36 l 675.64 7.0 2.3 7.5 37300 KBW Bank 95.10 89.28 93.08 4.80 5.44 56.19 l 114.12 -15.2 -17.9 -1.9 Monday, November 30 Tuesday, December 1 PHLX§ Gold/Silver 136.30 129.15 133.76 -3.44 -2.51 70.12 l 161.14 40.0 25.1 18.0 Auction of 13 and 26 week bills; Auction of 52 week bill; 36900 PHLX§ Oil Service 44.11 38.52 42.01 4.323 11.47 21.47 l 80.99 -37.8 -46.3 -31.3 announced on November 25; settles on December 3announced on November 25; settles on December 3 PHLX§ Semiconductor 2647.64 2561.35 2631.56 76.06 2.98 1286.84 l 2631.56 53.3 42.3 25.7 Thursday, December 3 CBOE Volatility 23.96 19.51 20.84 -2.86 -12.07 12.10 l 82.69 65.1 51.2 28.3 36500 Auction of 4-week and 8-week bills; 20 23 24 25 26 27 announced on December 1; settles on December 8 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data November

International Stock Indexes Commodities and A Week in the Life of the DJIA Currencies Alook at how the Dow Jones Industrial Average component stocks Latest Week 52-Week Range YTD Region/Country Index Close %chg Low Close High %chg did in the past week and how much each moved the index. The DJIA Last Week YTD gained 646.89 points, or 2.21%, on the week. A$1change in the price World The GlobalDow 3406.67 3.45 2138.97 • 3406.67 4.8 Close Net chg % Chg % chg of any DJIA stock =6.58-point change in the average. To date, a DJ Global Index 477.37 2.38 292.30 • 477.37 10.0 DJ Commodity 694.81 16.55 2.44 8.17 $1,000 investment on Dec. 31 in each current DJIA stock component DJ Global ex U.S. 277.17 2.15 174.38 • 277.17 5.2 would have returned $32,222, or again of 7.41%, on the $30,000 160.97 4.81 3.08 -13.36 Americas DJ Americas 857.59 2.60 512.68 • 857.59 12.7 TR/CC CRB Index investment, including reinvested dividends. Brazil Sao Paulo Bovespa 110575.47 4.27 63569.62 119527.63 –4.4 Crude oil, $ per barrel 45.53 3.11 7.33 -25.43 • The Week’s Action Canada S&P/TSX Comp 17396.56 2.22 11228.49 • 17944.06 2.0 Natural gas, $/MMBtu 2.843 0.073 2.64 29.88 Pct Stock price Point chg $1,000 Invested(year-end '19) Mexico S&P/BMV IPC 41674.30 –0.55 32964.22 • 45902.68 –4.29 Gold, $ per troy oz. 1781.90 -90.50 -4.83 17.27 chg (%) change in average* Company Symbol Close $1,000 Chile Santiago IPSA 2828.16 1.30 2045.49 • 3567.90 –15.2 8.46 16.88 111.06 Boeing BA $216.50 $669 U.S. Dollar Index 91.78 -0.61 -0.66 -4.78 American Express AXP EMEA Stoxx Europe 600 393.23 0.93 279.66 • 433.90 –5.4 7.11 8.01 52.70 120.59 986 Stoxx Europe 50 3090.22 0.75 2383.14 • 3539.12 –9.2 WSJ Dollar Index 86.60 -0.46 -0.53 -3.30 6.43 5.52 36.32 Chevron CVX 91.31 800 IBM IBM Eurozone Euro Stoxx 393.49 1.83 261.53 • 421.34 –2.6 Euro, per dollar 0.8359 -0.0075 -0.89 -6.25 6.34 7.41 48.75 124.35 976 5.80 6.65 43.75 JPMorgan Chase JPM 121.22 901 Euro Stoxx 50 3527.79 1.74 2385.82 • 3865.18 –5.8 Yen, per dollar 104.09 0.23 0.22 -4.19 Austria ATX 2598.96 3.85 1630.84 3229.37 –18.4 5.40 12.05 79.28 Goldman Sachs GS 235.40 1,043 • U.K. pound, in dollars 1.33 0.0031 0.23 0.41 Belgium Bel-20 3719.36 3.73 2528.77 • 4198.31 –6.0 4.54 2.06 13.55 Intel INTC 47.45 812 France CAC 40 5598.18 1.86 3754.84 • 6111.24 –6.4 52-Week 4.30 6.06 39.87 Walt Disney DIS 147.13 1,017 Low Close(l) High % Chg Germany DAX 13335.68 1.51 8441.71 • 13789.00 0.7 4.22 1.73 11.38 Cisco CSCO 42.70 920 Greece Athex Composite 736.60 5.31 484.40 • 948.64 –19.6 DJ Commodity 433.70 l 694.81 13.93 3.92 1.47 9.67 Walgreens WBA 39.00 691 Israel Tel Aviv 1486.38 4.38 1171.21 • 1751.79 –11.7 TR/CC CRB Index 106.29 l 187.39 -8.88 3.67 7.41 48.75 Honeywell HON 209.41 1,211 Italy FTSE MIB 22352.46 2.97 14894 • 25478 –4.9 3.49 7.12 46.85 Visa V 211.00 1,130 Netherlands AEX 611.67 1.67 404.10 • 629.23 1.2 Crude oil, $ per barrel -37.63 l 63.27 -17.47 2.31 4.00 26.32 3M MMM 176.89 1,040 Portugal PSI 20 4651.82 5.15 3596.08 • 5435.85 –10.8 Natural gas, $/MMBtu 1.482 l 3.354 24.64 2.30 4.84 31.84 Microsoft MSFT 215.23 Russia RTS Index 1302.43 3.15 832.26 1646.60 –15.9 1,379 • Gold, $ per troy oz. 1459.10 l 2051.50 21.58 South Africa FTSE/JSE All-Share 57822.50 2.13 37963.01 • 59001.87 1.3 2.29 6.18 40.66 Home Depot HD 275.99 1,287 Spain IBEX 35 8190.70 2.67 6107.2 • 10083.6 –14.2 U.S. Dollar Index 91.78 l 102.82 -6.61 1.98 4.24 27.90 McDonald’s MCD 218.33 1,126 Sweden OMX Stockholm 762.42 0.58 478.95 • 762.42 12.0 1.65 2.85 18.75 Caterpillar CAT 175.08 1,221 WSJ Dollar Index 86.60 l 97.02 -5.11 Switzerland Swiss Market 10501.18 0.05 8160.79 • 11263.01 –1.1 1.22 0.67 4.41 Dow DOW 55.40 1,078 U.K. FTSE 100 6367.58 0.25 4993.89 • 7674.56 –15.6 Euro, per dollar 0.8359 l 0.9352 -7.89 0.97 3.24 21.32 UnitedHealth Group UNH 337.94 1,164 Asia-Pacific Yen, per dollar 102.37 l 112.11 -4.95 0.96 1.27 8.36 Nike NKE 134.25 1,335 Australia S&P/ASX 200 6601.10 0.95 4546.0 • 7162.5 –1.2 U.K. pound, in dollars 1.15 l 1.34 2.96 0.91 1.36 8.95 Walmart WMT 151.60 1,292 China Shanghai Composite 3408.31 0.91 2660.17 • 3451.09 11.7 0.90 0.54 3.55 Verizon VZ 60.58 1,030 Hong Kong Hang Seng 26894.68 1.68 21696.13 • 29056.42 –4.6 Real-time U.S. stock 0.73 1.64 10.79 Amgen AMGN 224.81 958 India S&P BSE Sensex 44149.72 0.61 25981.24 • 44523.02 7.0 quotes are available on 0.06 0.03 0.20 Coca-Cola KO 52.70 977 Japan Nikkei Stock Avg 26644.71 16552.83 26644.71 12.6 4.38 • WSJ WSJ.com. Track most- –0.08 –0.11 –0.72 Travelers TRV 134.44 1,003 Malaysia FTSE Bursa Malaysia KLCI 1607.59 0.87 1219.72 • 1615.67 1.2 .COM active stocks, new –0.50 –0.69 –4.54 Procter & Gamble PG 138.61 1,137 Singapore Straits Times 2855.82 1.52 2233.48 • 3281.03 –11.4 highs/lows, mutual –0.64 –0.75 –4.93 Apple AAPL 116.59 1,602 South Korea Kospi 2633.45 3.13 1457.64 • 2633.45 19.8 funds and ETFs. Taiwan TAIEX 13867.09 1.10 8681.34 • 13878.01 15.6 –0.73 –0.59 –3.88 Merck MRK 79.86 899 All are available free at –1.61 –2.36 –15.53 Johnson & Johnson JNJ 144.00 1,014 Source:FactSet; Dow Jones Market Data WSJMarkets.com –4.03 –10.41 –68.49 salesforce.com CRM 247.63 1,523

*Based on Composite price. DJIA is calculated on primary-market price. Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet. U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its Money Market/Savings Accts Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 0.21% U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, ableBanking, a division of Northeast Bank 0.60% 2.50% 10% Fri YTD chg Fri YTD chg 1.60% Lewiston, ME 877-505-1933 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Federal-funds

One year ago 2.00 s t BankDirect 0.60% s Euro Americas Vietnam dong .00004318 23162 –0.05 target rate 1.20 t 5 Yen Richardson, TX 877-839-2737 1.50 Argentina peso .0123 81.0683 35.4 Europe 0.80 First Internet Bank of Indiana 0.60% 0 Brazil real .1871 5.3441 33.0 Czech Rep. koruna .04566 21.899 –3.4 1.00 Canada dollar .7696 1.2994 Denmark krone .1607 6.2209 Money market Indianapolis, IN 888-873-3424 0.03 –6.6 account yields Tradeweb ICE Chile peso .001301 768.70 4.0 Euro area euro 1.1963 .8359 –6.3 0.40 –5 s t CFG Community Bank 0.62% Friday Close 0.50 Colombiapeso .000277 3606.90 9.9 Hungary forint .003308 302.31 2.4 Baltimore, MD 888-205-8388 t WSJ Dollar index Ecuador US dollar 11unch Iceland krona .007524 132.91 9.7 0.00 0.00 –10 Mexico peso .0499 20.0317 5.8 Norway krone .1132 8.8347 0.6 TAB Bank 0.65% D J F M A M J J A S O N 1 3 6 1 2 3 5 7 10 20 30 Uruguay peso .02344 42.6550 14.8 Poland zloty .2668 3.7484 –1.2 Ogden, UT 2019 2020 2020 800-355-3063 month(s) years Asia-Pacific Russia ruble .01314 76.079 22.6 Sweden krona .1177 8.4979 –9.3 maturity Australian dollar .7386 1.3539 –5.0 Yield/Rate (%) 52-Week Range (%) 3-yr chg Switzerland franc 1.1052 .9048 –6.5 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1520 6.5770 –5.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Turkey lira .1276 7.8352 31.7 Hong Kong dollar .1290 7.7507 –0.5 Ukraine hryvnia .0350 28.5500 20.6 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 India rupee .01353 73.935 3.6 Corporate Borrowing Rates and Yields UK pound 1.3314 .7511 –0.4 Prime rate* 3.25 3.25 3.25 l 4.75 -1.00 Indonesia rupiah .0000710 14090 1.5 Spread +/- Treasurys, Japan yen .009608 104.09 –4.2 Middle East/Africa Libor, 3-month 0.23 0.20 0.20 l 1.96 -1.25 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002356 424.53 11.2 Bahrain dinar 2.6521 .3771 0.01 Money market, annual yield 0.21 0.20 0.19 l 0.58 -0.12 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1252 7.9890 –0.4 Egypt pound .0640 15.6372 –2.6 Malaysia ringgit .2457 4.0695 –0.5 Israel shekel .3016 3.3161 –4.0 Five-year CD, annual yield 0.58 0.58 0.58 l 1.42 -0.91 U.S.Treasury,Barclays 0.570 0.5707.59 5.22 New Zealand dollar .7023 1.4239 –4.1 Kuwait dinar 3.2729 .3055 0.8 30-year mortgage, fixed† 2.95 2.94 2.90 l 4.22 -0.94 U.S. Treasury Long,Barclays 1.440 1.40015.55 10.52 Pakistan rupee .00628 159.350 2.8 Oman sul rial 2.5976 .3850 –0.01 15-year mortgage, fixed† 2.43 2.45 2.38 l 3.57 -0.86 Aggregate,Barclays 1.170 1.160n.a. 39 127 7.21 5.30 Philippines peso .0208 48.180 –5.0 Qatar rial .2746 3.641 –0.1 Singapore dollar .7473 1.3382 –0.6 Saudi Arabia riyal .2666 3.7507 –0.02 Jumbo mortgages, $510,400-plus† 3.00 2.90 2.90 l 4.36 -1.28 Fixed-Rate MBS,Barclays 1.330 1.270n.a. 28 132 4.00 3.65 South Korea won .0009049 1105.07 –4.3 South Africa rand .0657 15.2309 8.8 High Yield 100,ICE BofA 3.924 4.060 359 271 10184.675 4.678 Five-year adj mortgage (ARM)† 3.21 3.20 2.85 l 4.61 -0.40 Sri Lanka rupee .0053967 185.30 2.2 Muni Master,ICE BofA 0.966 0.964 33 -12 41 4.979 4.506 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.04 4.04 4.04 l 4.50 1.04 Taiwan dollar .03506 28.519 –4.7 EMBIGlobal,J.P. Morgan Thailand baht .03299 30.310 1.8 WSJ Dollar Index 86.60 –0.14–0.16 –3.30 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest 4.487 4.492 349 277 662 6.076 4.497 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 P2JW335000-0-B00800-1------XA

B8 | Monday, November 30, 2020 THE WALL STREET JOURNAL. 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 MFS Intmdt MIN 3.95 3.76 -4.8 9.1 PIMCO Corp & Inc Strat PCN NA 16.55 NA 9.2 BR MH NJ Qly MUJ 15.88 14.28 -10.1 4.9 Axonic Alternative Inc NA NA NA 3.6 buy their shares back from investors who wish to cash Gab Utility GUT 4.15 7.65 +84.3 14.0 in their holdings. Instead, fund shares trade on a stock Western Asset Inf-Lk Inc WIA NA 13.16 NA 3.1 PIMCOHilnco PHK NA 5.96 NA 12.7 BR MH NY Qly MHN 15.04 13.85 -7.9 4.3 Blackstone/GSO FR EI D 23.41 NA NA 5.9 exchange. NA signifies that the information is not GAMCOGlGold&NatRes GGN 3.91 3.41 -12.8 -7.9 Western Asset Inf-Lk O&I WIW NA 11.84 NA 3.5 PIMCO IncmStrFd PFL NA 11.02 NA 10.7 BR MuniYld CA MYC 16.29 14.32 -12.1 3.7 Blackstone/GSO FR EI I 23.38 NA NA 6.2 available or not applicable. NS signifies funds not in J Han Finl Opptys BTO existence for the entire period. 12 month yield is 27.53 28.66 +4.1 -11.3 Westn Asst IG Def Opp Tr IGI NA 21.41 NA 4.0 PIMCO IncmStrFd II PFN NA 9.75 NA 10.6 BR MuniYld CA Qly MCA 16.10 14.77 -8.3 4.0 Blackstone/GSO FR EI T 23.33 NA NA 5.7 computed by dividing income dividends paid (during Nuv Dow 30 Dyn Overwrite DIAX 16.67 14.92 -10.5 -10.8 Loan Participation Funds Putnam Mas Int PIM BR MuniYld MI Qly MIY 15.78 14.29 -9.4 4.4 Blackstone/GSO FR EI T-I 23.91 NA NA 5.7 the previous 12 months for periods ending at month- 4.43 4.12 -7.0 8.8 end or during the previous 52 weeks for periods NuvCorEqAlpha JCE 14.95 13.51 -9.6 -0.5 Apollo Senior Floating AFT NA 13.56 NA 7.7 Putnam Prem Inc PPT 4.91 4.59 -6.5 9.4 BR MuniYld NJ MYJ 15.95 14.18 -11.1 5.4 Blackstone/GSO FR EI U 24.37 NA NA NS ending at any time other than month-end) by the Nuveen Nasdaq 100 Dyn Ov QQQX 26.00 25.44 -2.2 13.5 Blstn Commnty Dev 10.12 NA NA 3.4 latest month-end market price adjusted for capital BR Debt Strategy DSU 11.44 10.29 -10.1 8.9 Wells Fargo Multi-Sector ERC NA 11.91 NA 10.7 BR MuniYld NY Qly MYN 14.44 13.10 -9.3 4.2 gains distributions. Depending on the fund category, Nuv Real Est JRS 9.66 8.41 -12.9 -13.6 BR F/R Inc Str FRA 13.67 12.05 -11.9 8.3 World Income Funds EVCAMuniBd EVM NA 11.66 NA 4.1 BNYM Alcntr Glb MS Cr Fd 100.69 NA NA 7.4 either 12-month yield or total return is listed. CLIFFWATER CL FD;I 10.48 NA NA 4.4 Source: Lipper Nuveen Rl Asst Inc & Gro JRI 15.50 13.10 -15.5 -19.7 BlackRock Floatng Rt Inc BGT 13.27 11.81 -11.0 8.2 Abrdn AP IncFd FAX 4.82 4.19 -13.1 8.6 Eaton Vance NY Muni Bd ENX NA 12.08 NA 4.2 CNR Strategic Credit Friday, November 27, 2020 NuvS&P500DynOvFd SPXX 16.02 14.75 -7.9 -1.5 Blackstone / GSO Strat BGB 14.02 12.38 -11.7 10.1 BrndywnGLB Glb Inc Oppts BWG NA 11.92 NA 7.5 InvCaValMuIncTr VCV 13.64 12.79 -6.2 4.3 10.16 NA NA 8.3 FedProj&TrFinanceTendr 10.00 NA NA 2.8 52 wk NuvSP500BuyIncFd BXMX 13.68 12.44 -9.1 -2.4 Blackstone/GSO Sr Flt Rt BSL 15.66 14.17 -9.5 8.8 EtnVncStDivInc EVG 13.59 12.52 -7.8 7.6 InvPAValMuIncTr VPV 14.14 12.41 -12.2 4.8 Prem Ttl FS Global Crdt Opptys D NA NA NA 7.2 ReavesUtilityIncome UTG 32.87 33.39 +1.6 -3.2 Eagle Point Credit ECC NA 9.15 NA 19.5 MS EmMktDomDebt EDD 7.17 6.09 -15.1 8.2 InvTrInvGrNYMu VTN 14.25 12.71 -10.8 4.6 Fund (SYM) NAV Close /Disc Ret Schrdrs Opp Inc;A 25.60 NA NA NS Tortoise Enrgy Infra Crp TYG NA 19.66 NA -69.0 EtnVncFltRteInc EFT 14.18 13.20 -6.9 7.4 PIMCO Dyn Crd & Mrt Inc PCI NA 20.53 NA 13.4 Nuveen CA AMT-F Qual MI NKX 16.90 15.52 -8.2 4.1 General Equity Funds Schrdrs Opp Inc;A2 NA NA NA NS Income & Preferred Stock Funds EV SenFlRtTr EFR 13.96 12.75 -8.7 7.7 PIMCO Dynamic Income PDI NA 26.38 NA 12.6 Nuveen CA Val NCA 10.86 10.40 -4.2 3.1 Adams Diversified Equity ADX 19.43 16.81 -13.5 15.2 Schrdrs Opp Inc;I 25.61 NA NA NS CalamosStratTot CSQ 15.21 14.98 -1.5 22.9 EVSnrIncm EVF 6.68 6.22 -6.9 6.8 PIMCO Income Opportunity PKO NA 24.50 NA 10.1 NuveenCAQtyMuInc NAC 16.29 14.99 -8.0 4.3 Boulder Growth & Income BIF 13.42 11.01 -18.0 0.4 Schrdrs Opp Inc;SDR 25.65 NA NA NS CohenStrsLtdDurPref&Inc LDP 25.63 24.95 -2.7 2.3 FT/Sr Fltg Rte Inc 2 FCT 12.71 11.45 -9.9 10.4 PIMCO Stratg Inc RCS NA 6.78 NA 11.1 Nuveen MD Qual Muni Inc NMY 15.17 13.78 -9.2 4.2 Central Secs CET 37.57 30.88 -17.8 1.3 Invesco Sr Loan A 6.17 NA NA 4.7 CohenStrsSelPref&Income PSF 26.51 26.16 -1.3 -5.4 FT/Sr Fltg Rte 2022 TgTr FIV 9.35 8.71 -6.8 3.1 Templeton Em Inc TEI NA 7.67 NA 8.4 Nuveen MI Qual Muni Inc NUM 16.17 14.61 -9.6 3.9 CohenStrsCEOppFd FOF 12.36 11.59 -6.2 -3.1 Invesco Sr Loan C 6.19 NA NA 3.9 FirstTrIntDurPref&Inc FPF 23.87 22.73 -4.8 1.2 Highland Income HFRO 12.59 8.97 -28.8 11.7 Templtn Glbl Inc GIM NA 5.34 NA 4.8 NuvNJ Qual Muni Inc NXJ 16.49 14.13 -14.3 4.7 EVTxAdvDivIncm EVT 24.25 22.94 -5.4 -0.2 Invesco Sr Loan IB 6.17 NA NA 4.9 JHanPrefInc HPI 19.75 19.20 -2.8 -6.0 InvDYCrOpp VTA 11.44 10.25 -10.4 9.7 WstAstEmergDebt EMD NA 13.38 NA 9.9 Nuveen NY AMT/Fr Qual MI NRK 14.90 13.20 -11.4 4.3 GabelliDiv&IncTr GDV 24.24 20.90 -13.8 6.6 Invesco Sr Loan IC 6.17 NA NA 4.8 JHPrefIncII HPF 19.39 18.44 -4.9 -7.3 InvSnrIncTr VVR 4.38 3.94 -10.0 7.6 Western Asset Gl Cr D Op GDO NA 17.80 NA 7.3 Nuveen NY Qual Muni Inc NAN 15.41 13.85 -10.1 4.5 Gabelli Equity Tr GAB 5.79 6.21 +7.3 13.9 Invesco Sr Loan Y 6.18 NA NA 4.9 HnckJPfdInco III HPS 17.33 16.95 -2.2 -3.8 Nuveen Credit Strat Inc JQC 6.96 6.25 -10.2 18.3 National Muni Bond Funds Nuveen OH Qual Muni Inc NUO 17.72 15.59 -12.0 3.5 GeneralAmer GAM 42.60 35.97 -15.6 4.7 Pioneer Sec Inc 9.29 NA NA NS J Han Prm PDT 13.79 14.05 +1.9 -9.6 NuvFloatRateIncFd JFR 9.80 8.55 -12.8 8.2 AllBerNatlMunInc AFB 15.23 14.11 -7.4 4.3 Nuveen PA Qual Muni Inc NQP 15.77 14.01 -11.2 4.6 JHancockTaxAdvDiv HTD 23.16 21.26 -8.2 -15.9 High Yield Bond Funds LMP CapInco SCD NA 11.39 NA -11.2 NuvFloatRteIncOppty JRO 9.70 8.41 -13.3 8.1 BlckRk Inv Q Mun BKN 16.53 17.21 +4.1 4.6 Nuveen VA Qlty Mun Inc NPV 15.22 15.47 +1.6 3.6 Liberty All-Star Equity USA 7.17 6.63 -7.5 11.6 Griffin Inst Access Cd:A NA NA NA 6.4 Nuveen Pref & Inc Opp JPC 9.47 9.00 -5.0 -5.3 Nuveen Senior Income NSL 5.76 5.03 -12.7 8.6 BlackRock Muni 2030 Tgt BTT 26.54 25.35 -4.5 3.0 PIMCO CA PCQ NA 17.44 NA 4.6 Liberty All-Star Growth ASG 7.51 8.13 +8.3 45.2 Griffin Inst Access Cd:C NA NA NA 6.4 Nuveen Fd JPS 9.63 9.35 -2.9 -0.2 PionrFltRate Tr PHD 11.16 10.74 -3.8 6.7 BlackRock Muni BFK 14.52 14.81 +2.0 4.7 PIMCOCAMuniII PCK NA 9.10 NA 4.3 Royce Micro-Cap Tr RMT 11.14 9.43 -15.4 23.6 Griffin Inst Access Cd:F NA NA NA 6.4 Nuveen Pref & Inc Term JPI 24.14 23.39 -3.1 -0.8 High Yield Bond Funds BlackRock Muni II BLE 14.96 15.33 +2.5 4.9 Pimco CA Muni III PZC NA 10.48 NA 4.6 Royce Value Trust RVT 17.67 15.49 -12.3 15.9 Griffin Inst Access Cd:I NA NA NA 6.4 Nuveen TxAdvDivGr JTD 15.84 13.71 -13.4 -13.7 AllianceBernGlHiIncm AWF 12.73 11.30 -11.2 7.6 BlckRk Muni Inc Qly BYM 15.74 14.62 -7.1 4.1 52 wk Griffin Inst Access Cd:L Source Capital SOR 44.10 39.10 -11.3 7.4 NA NA NA 6.4 TCW Strat Income TSI 5.71 5.71 -0.1 5.2 Angel Oak FS Inc Trm FINS NA 16.99 NA 7.8 BR MuniAssets Fd MUA 14.22 14.66 +3.1 4.6 Prem Ttl PIMCO Flexible Cr I;A-2 9.06 NA NA 10.3 Tri-Continental TY 32.80 29.16 -11.1 11.3 Fund (SYM) NAV Close /Disc Ret Convertible Sec's. Funds Barings Glb SD HY Bd BGH 16.15 14.40 -10.8 11.3 BR MuniEnhanced MEN 12.34 11.90 -3.6 4.4 PIMCO Flexible Cr I;A-3 9.06 NA NA NS Specialized Equity Funds General Equity Funds AdvntCnvrtbl&IncFd AVK 18.21 15.86 -12.9 14.4 BR Corporate HY HYT 11.82 11.51 -2.6 8.8 BR MuniHoldings Qly MFL 14.93 13.93 -6.7 4.1 PIMCO Flexible Cr I;A-4 9.06 NA NA 10.5 Aberdeen Glb Prem Prop AWP 5.87 5.17 -11.9 -12.3 Alternative Strategies:I 5.39 NA NA -13.8 GI Conv & Inc NCV 5.95 5.39 -9.4 7.5 BlackRock Ltd Dur Inc BLW 16.75 15.75 -6.0 8.2 BR MH Qly 2 MUE 14.14 13.18 -6.8 4.4 PIMCO Flexible Cr I;Inst 9.06 NA NA 11.4 Adams Natural Resources PEO 13.82 11.43 -17.3 -20.7 Specialized Equity Funds AGI Conv & Inc II NCZ 5.33 4.78 -10.3 7.6 BNY Mellon Hi Yield Str DHF 3.23 3.00 -7.1 9.5 BR MuniHoldngs MHD 17.04 15.85 -7.0 4.8 PionrILSBridge NA NA NA 0.0 AllianzGI AI & Tech Opps AIO 27.29 23.95 -12.2 26.5 Broadstone Rl Est Acc:W 9.56 NA NA NA AGI Dvs Inc & Conv ACV 32.88 29.95 -8.9 34.5 Brookfield Real Asst Inc RA 19.95 17.57 -11.9 15.0 BR MuniVest Fd MVF 9.77 9.05 -7.4 4.6 WA Middle Mkt Dbt 609.46 NA NA 7.9 GI DivInt&PremStr NFJ 14.96 13.03 -12.9 10.3 CIM RA&C A 25.28 NA NA NS WA Middle Mkt Inc 608.93 NA NA 9.0 ASA Gold & Prec Met Ltd ASA 23.86 19.40 -18.7 59.2 AGI Eqty & Conv Inc NIE 30.09 26.97 -10.4 28.9 CrSuisHighYld DHY NA 2.30 NA 9.6 BR MuniVest 2 MVT 15.33 14.72 -4.0 4.8 CIM RA&C C NA NA NA NS Other Domestic Taxable Bond Funds BR Enh C&I CII 18.73 17.05 -9.0 9.7 CalamosConvHi CHY 15.06 13.55 -10.1 31.5 DoubleLine Inc Sol DSL NA 17.05 NA 12.0 BR MuniYield Fd MYD 14.98 14.25 -4.9 5.0 CIM RA&C I 25.32 NA NA NS Am Beacon Apollo TR:T 10.34 NA NA 1.7 BlackRock Energy & Res BGR 8.37 7.38 -11.8 -26.4 CalmosConvOp CHI 14.28 12.74 -10.8 28.3 DoubleLine Yld Opps DLY 19.71 17.98 -8.8 NS BR MuniYield Qlty MQY 16.42 17.12 +4.3 4.2 CIM RA&C L NA NA NA NS Am Beacon Apollo TR:Y 10.38 NA NA 2.7 BlackRock Eq Enh Div BDJ World Equity Funds First Tr Hi Inc Lng/Shrt FSD 16.30 14.49 -11.1 9.7 BR MuniYld Qlty2 MQT 14.43 13.68 -5.2 4.3 GS Real Est Div Inc:A 9.72 NA NA -4.7 9.19 8.23 -10.4 -5.8 Am Beacon SP Enh Inc:T 9.52 NA NA NS Aberdeen Emg Mkts Eq Inc AEF 8.98 7.63 -15.0 10.9 First Trust HY Opp:2027 FTHY 21.23 19.95 -6.0 NS BR MuniYld Qly 3 MYI 15.07 13.92 -7.6 4.0 GS Real Est Div Inc:C 9.71 NA NA -5.2 BlackRock Enh Glbl Div BOE 12.11 10.65 -12.1 7.1 Am Beacon SP Enh Inc:Y 9.58 NA NA 3.8 Aberdeen Tot Dyn Div AOD 9.96 8.55 -14.2 8.3 IVY HIGH INCOME OPP IVH NA 12.59 NA 10.4 BNY Mellon Muni Bd Infra DMB 14.36 13.85 -3.6 4.8 GS Real Est Div Inc:I 10.14 NA NA -4.6 BlackRock Enh Intl Div BGY 6.39 5.75 -10.0 9.9 BR Credit Strat;A 10.35 NA NA NS Calamos GloDynInc CHW 9.21 9.20 -0.2 19.9 NeubHgYldStrt NHS 12.36 11.54 -6.6 10.1 BNY Mellon Str Muni Bond DSM 8.23 7.66 -6.9 5.0 GS Real Est Div Inc:L 9.73 NA NA -4.8 BlackRock Hlth Sci Tr II BMEZ 27.78 27.45 -1.2 NS BR Credit Strat;Inst 10.35 NA NA 5.3 China CHN 32.95 30.12 -8.6 56.6 New Amer Hi Inc HYB NA 8.56 NA 6.9 BNY Mellon Strat Muni LEO 8.52 8.41 -1.3 5.1 GS Real Est Div Inc:W 9.87 NA NA -4.7 BlackRock Hlth Sciences BME 43.22 46.23 +7.0 17.6 BlackRock Mlt-Sctr Oppty 86.47 NA NA 9.1 EV TxAdvGlbDivInc ETG NexPointStratOppty NHF 17.40 9.76 -43.9 16.9 DWS Muni Inc KTF 12.67 11.35 -10.4 4.3 NexPointRlEstStrat;A 16.04 NA NA -16.5 BlackRock Res & Comm BCX 8.16 6.90 -15.4 -1.7 18.83 17.04 -9.5 6.8 BlackRock Mlt-Sec Opp II 89.50 NA NA 8.8 Nuveen CI Nov 2021 Tgt JHB 9.45 9.14 -3.3 4.6 EVMuniBd EIM NA 13.20 NA 4.3 NexPointRlEstStrat;C 16.21 NA NA -16.8 BlackRock Sci&Tech Tr II BSTZ 34.46 32.53 -5.6 72.8 EtnVncTxAdvOpp ETO 25.89 23.68 -8.5 0.7 Carlyle Tact Pvt Cred:A NA NA NA 7.7 Nuveen Crdt Opps 2022 TT JCO 8.26 8.18 -1.0 7.1 EVMuniIncm EVN NA 13.29 NA 4.4 NexPointRlEstStrat;Z 16.19 NA NA -16.0 BlackRock Sci&Tech Trust BST 47.47 49.10 +3.4 59.7 FirstTr Dyn Euro Eq Inc FDEU 13.33 11.42 -14.3 -15.5 Carlyle Tact Pvt Cred:I NA NA NA 8.5 Nuveen Global High Inc JGH PREDEX;I 25.25 NA NA 0.2 BlackRock Utl Inf & Pwr BUI 23.41 24.29 +3.8 21.0 Gabelli Multimedia GGT 7.88 7.67 -2.7 6.4 16.59 14.67 -11.6 8.3 EVNatMuniOpp EOT NA 21.50 NA 3.9 Carlyle Tact Pvt Cred:L NA NA NA 8.1 PREDEX;T 25.35 NA NA 0.1 CBRE ClrnGlbRlEst IGR 7.88 6.64 -15.7 -8.4 Highland Global Alloc HGLB 10.08 6.10 -39.5 -19.0 PGIM Global High Yield GHY 16.01 14.00 -12.6 9.9 InvAdvMuIncTrII VKI 12.07 11.19 -7.3 4.9 Carlyle Tact Pvt Cred:M NA NA NA NS PREDEX;W 25.34 NA NA 0.1 ClearBridge MLP & Midstm CEM NA 17.18 NA -61.6 India Fund IFN 21.43 18.60 -13.2 2.8 PGIM High Yield Bond ISD 16.44 14.76 -10.2 9.3 Invesco MuniOp OIA 7.61 7.67 +0.8 5.3 Carlyle Tact Pvt Cred:N NA NA NA 8.6 Principal Dvs Sel RA A 25.09 NA NA 1.4 ChnStrInfr UTF 24.79 25.91 +4.5 5.9 Japan Smaller Cap JOF 10.66 9.53 -10.6 11.1 PioneerHilncmTr PHT 9.23 8.76 -5.1 9.6 InvescoMuOppTr VMO 13.50 12.65 -6.3 4.8 Carlyle Tact Pvt Cred:Y NA NA NA 8.3 Principal Dvs Sel RA Ins 25.14 NA NA 1.6 Cohen&SteersQualInc RQI 12.87 12.46 -3.2 -7.7 LazardGlbTotRetInc LGI 19.07 17.23 -9.6 17.8 Wells Fargo Income Oppty EAD NA 7.84 NA 9.7 InvescoMuTr VKQ 13.52 12.72 -5.9 4.9 CION Ares Dvsfd Crdt;A NA NA NA 5.8 Principal Dvs Sel RA Y 25.21 NA NA 1.8 Cohen&Steers TotRet RFI 12.94 12.85 -0.7 -11.7 MS ChinaShrFd CAF 27.68 23.35 -15.6 15.2 WstAstHIF II HIX NA 6.86 NA 9.0 InvescoQual Inc IQI 13.69 12.68 -7.4 4.8 CION Ares Dvsfd Crdt;C NA NA NA 5.8 SharesPost 100;A 35.53 NA NA 21.1 CohenStrsREITPrefInc RNP 23.16 22.48 -2.9 -1.6 MS India IIF 23.57 19.84 -15.8 1.3 Western Asset Hi Inc Opp HIO NA 5.04 NA 7.9 InvTrInvGrMu VGM 13.94 12.90 -7.5 4.9 CION Ares Dvsfd Crdt;I NA NA NA 5.8 SharesPost 100:I 35.79 NA NA 21.4 Columbia Sel Prm Tech Gr STK 25.70 25.59 -0.4 18.2 New Germany GF 21.95 18.70 -14.8 30.1 Western Asset Hi Yld D O HYI NA 15.25 NA 8.0 InvescoValMunInc IIM 16.62 15.40 -7.3 4.7 CION Ares Dvsfd Crdt;L NA NA NA 5.8 SharesPost 100:L 35.28 NA NA 20.8 DNP Select Income DNP 9.24 10.49 +13.5 -10.3 Templeton Dragon TDF 27.15 24.46 -9.9 52.1 Other Domestic Taxable Bond Funds MAINSTAY:MK DEFTR MUN OP MMD NA 21.47 NA 4.8 CION Ares Dvsfd Crdt;U NA NA NA 5.8 USQ Core Real Estate:I 24.80 NA NA 0.0 Duff&Ph Uti&Infra Inc Fd DPG 13.75 12.10 -12.0 -10.7 Templeton Em Mkt EMF Apollo Tactical Income AIF NA 13.60 NA 8.0 NeubrgrBrm NBH 15.04 15.31 +1.8 5.3 CION Ares Dvsfd Crdt:U2 NA NA NA NS 19.75 17.81 -9.8 24.8 USQ Core Real Estate:IS 24.81 NA NA 0.1 EtnVncEqtyInc EOI 16.47 15.62 -5.2 5.5 Ares Dynamic Crdt Alloc ARDC NA 13.50 NA 9.8 Nuveen AMT-Fr Mu Val NUW 17.16 16.55 -3.6 2.9 CION Ares Dvsfd Crdt;W NA NA NA 5.8 Wells Fargo Gl Div Oppty EOD NA 4.77 NA -2.3 Versus Cap MMgr RE Inc:I 26.96 NA NA NE EtnVncEqtyIncoII EOS 20.43 20.68 +1.2 27.1 BlackRock Mlt-Sctr Inc BIT 18.21 16.82 -7.6 9.4 Nuveen AMT-Fr Qlty Mun I NEA 15.83 14.78 -6.6 4.6 CNR Select Strategies 11.58 NA NA 0.0 Prem12 Mo Versus Capital Real Asst 25.04 NA NA 1.0 EVRskMnDvsEqInc ETJ Fund (SYM) NAV Close /Disc Yld BlackRock Tax Muni Bd BBN 25.01 26.38 +5.5 5.3 Nuveen AMT-Fr Mu CI NVG 17.15 16.37 -4.5 5.0 GL Beyond Income 0.76 NA NA NE 9.94 10.23 +2.9 20.9 Wildermuth Endwmnt:A 13.42 NA NA -3.5 DoubleLine:Oppor Crdt Fd DBL NA 19.77 NA 7.5 Nuveen Dyn Muni Opp NDMO 15.39 NA NA NS KKR CREDIT OPPTY;D 25.00 NA NA NS ETnVncTxMgdBuyWrtInc ETB 14.32 14.34 +0.1 -2.0 U.S. Mortgage Bond Funds Wildermuth Endwmnt:C 12.92 NA NA -4.4 Duff&Ph Util Cor DUC KKR CREDIT OPPTY;I 27.10 NA NA NS EtnVncTxMgdBuyWrtOpp ETV 14.16 14.70 +3.8 9.6 BlckRk Income BKT 6.23 6.11 -2.0 6.7 9.59 9.84 +2.6 6.2 Nuveen Enh Muni Val NEV 15.46 15.51 +0.3 4.8 Wildermuth Endowment:I 13.49 NA NA -3.8 KKR CREDIT OPPTY;T 26.84 NA NA NS EvTxMnDvsEqInc ETY 12.51 12.08 -3.4 7.7 Invesco HI 2023 Tgt Term IHIT 8.56 8.27 -3.4 7.6 EVLmtDurIncm EVV 13.55 12.23 -9.7 10.2 Nuveen Int Dur Mun Term NID 14.05 13.77 -2.0 3.8 Income & Preferred Stock Funds KKR CREDIT OPPTY;U 25.95 NA NA NS EtnVncTxMgdGlbB ETW 10.02 9.49 -5.3 2.3 Investment Grade Bond Funds Franklin Ltd Dur Income FTF 9.31 8.66 -7.0 11.4 Nuveen Mu Crdt Opps NMCO 13.34 12.59 -5.6 6.2 A3 Alternative Cr 10.30 NA NA 7.9 Lord Abbett Cred Opps Fd 10.09 NA NA 7.6 EVTxMnGblDvEqInc EXG 9.05 8.29 -8.4 5.7 BlRck Core Bond BHK 16.36 16.14 -1.3 5.2 J Han Investors JHI 18.26 17.07 -6.5 8.7 Nuv Muni Credit Income NZF 16.40 15.62 -4.8 5.1 Calamos L/S Eqty and DI CPZ 20.48 17.43 -14.9 8.9 Lord Abbett Cred Opps Fd 10.09 NA NA 8.3 First Trust Energy Inc G FEN 13.07 10.84 -17.1 -39.2 BR Credit Alloc Inc BTZ 15.56 14.83 -4.7 7.2 KKR Income Opportunities KIO NA 14.09 NA 11.3 NuvMuniHiIncOpp NMZ 13.63 13.78 +1.1 5.5 Destra Multi-Altrntv;A 11.82 NA NA -7.7 Lord Abbett Crd Op:U 10.09 NA NA NS First Tr Enhanced Eq FFA 17.79 16.47 -7.4 9.2 Insight Select Income INSI 22.34 21.39 -4.3 3.9 MFS Charter MCR 8.90 8.50 -4.5 8.5 Nuveen Muni Val NUV 10.64 11.14 +4.7 3.4 Destra Multi-Altrntv;C 11.31 NA NA -8.4 Palmer Square Opp Inc 18.12 NA NA 6.3 FirstTrMLPEner&Inc FEI 7.10 6.10 -14.1 -38.5 InvescoBond VBF 21.82 20.59 -5.6 3.8 Nuveen Taxable Muni Inc NBB 22.44 22.33 -0.5 5.1 Nuveen Quality Muni Inc NAD 16.14 15.02 -6.9 4.6 Destra Multi-Altrntv;I 12.06 NA NA -7.5 Resource Credit Inc:A 10.31 NA NA 8.4 Gabelli Healthcare GRX 13.37 11.36 -15.0 7.7 J Han Income JHS 16.44 15.86 -3.5 4.8 PIMCO Corp & Inc Oppty PTY NA 17.27 NA 9.8 Nuveen Sel TF NXP 16.33 16.67 +2.1 3.2 Destra Multi-Altrntv;T 11.48 NA NA -8.1 Resource Credit Inc:C 10.41 NA NA 7.7 Nuveen Sel TF 2 NXQ 15.54 15.59 +0.3 3.3 Variant Altrntv Inc:Inst 26.54 NA NA 6.0 Resource Credit Inc:I 10.33 NA NA 8.7 Nuveen Sel TF 3 NXR 16.75 16.53 -1.3 3.1 Variant Altrntv Inc:Inv 26.54 NA NA 5.8 Resource Credit Inc:L 10.30 NA NA 8.2 PIMCO MuniInc PMF NA 13.87 NA 5.1 Convertible Sec's. Funds Insider-Trading Spotlight Resource Credit Inc:W 10.30 NA NA 8.5 PIMCOMuniIncII PML NA 14.17 NA 5.4 Calmos Dyn Conv and Inc CCD 28.99 26.95 -7.0 55.2 Thrivent Church Ln&Inc:S NA NA NA 2.7 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Pimco Muni III PMX World Equity Funds NA 11.97 NA 5.0 World Income Funds new information about the prospects of a company. Insiders are required to report large trades to the SEC BMO LGM Front ME;I 6.49 NA NA -20.9 PioneerHilncAdv MAV 12.29 11.45 -6.8 4.4 Destra Int&Evt-Dvn Crd:A 24.92 NA NA 4.8 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by CalamosGlbTotRet CGO 13.94 13.68 -1.9 30.4 PioneerMunHiIcmT MHI 13.16 12.40 -5.8 4.7 Destra Int&Evt-Dvn Crd:I 24.93 NA NA 5.1 Primark Priv Eq Inv:III NA NA NA NS Thomson Financial on November 27, and year-to-date stock performance of the company Putnam Mgd Inc PMM 8.07 7.95 -1.5 5.0 Destra Int&Evt-Dvn Crd:L 24.91 NA NA 4.6 VirtusTotalRetFd ZTR 9.42 8.47 -10.1 NA KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Putnam Muni Opp PMO 13.80 13.45 -2.5 4.9 Destra Int&Evt-Dvn Crd:T 24.89 NA NA 4.4 Prem12 Mo CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner RiverNorth Mgd Dur Mun I RMM 19.13 17.49 -8.6 6.1 National Muni Bond Funds I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Fund (SYM) NAV Close /Disc Yld Western Asset Mgd Muni MMU NA 12.67 NA 4.4 PIMCO Flex Mun Inc;A-3 11.25 NA NA 2.2 unknown VP: vice president Excludes pure options transactions Loan Participation Funds Westn Asst Mu Def Opp Tr MTT NA 20.50 NA 3.3 PIMCO Flex Mun Inc:A1 11.25 NA NA NS Single State Muni Bond 1WS Credit Income NA NA NA 6.2 PIMCO Flex Mun Inc;A2 11.25 NA NA NS Biggest weekly individual trades BlackRock CA Mun BFZ 15.93 13.79 -13.4 3.5 AlphCntrc Prime Merid In 9.99 NA NA NS PIMCO Flex Mun Inc;Inst 11.25 NA NA 2.9 Based on reports filed with regulators this past week BR MH CA Qly Fd Inc MUC 15.92 14.62 -8.2 4.0 Angel Oak Str Crdt:Inst NA NA NA 8.0 Tortoise Tax-Adv Soc Inf 9.51 NA NA 5.0

No. of shrs in Price range ($) $ Value Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Buyers Money Rates November 27, 2020 Nov. 24 Stoke Therapeutics STOK S. Harrison DOI 375 39.00 14,625 51.17 80.7 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Nov. 19 Party City Holdco PRTY C. Sosin BI 1,600 4.00 6,400 4.88 108.5 guide to general levels but don’t always represent actual transactions. Nov. 20 Coty COTY J. Huth DI 1,000 6.20 6,199 6.89 -38.8 Week —52-WEEK— Week —52-WEEK— Nov. 25 O. Goudet D 50 7.10 355 Inflation Latest ago High Low Latest ago High Low Oct. index Chg From (%) Nov. 19 Danaher DHR M. Rales OD 27 226.14 6,057 216.78 41.2 level Sept. '20 Oct. '19 Bid 0.0800 0.0800 1.6000 0.0100 Libor Offer 0.1000 0.1100 1.6300 0.0500 Nov. 19 Pandion Therapeutics PAND D. Becker DI 198 15.12 2,989 17.28 One month 0.15475 0.15013 1.80475 0.12663 U.S. consumer price index Nov. 17-18 D. Becker DI 29 14.63-15.43 449 Treasury bill auction Three month 0.22538 0.20488 1.96050 0.20488 All items 260.388 0.04 1.2 4 weeks 0.080 0.070 1.620 0.000 Six month 0.25738 0.24875 1.92438 0.23375 Nov. 16 Startek SRT B. Rao DI 207 7.02 1,452 7.90 -1.0 Core 269.328 0.10 1.6 13 weeks 0.085 0.090 1.560 0.000 One year 0.33038 0.33650 2.01200 0.32763 Nov. 16 M. Sharda DI 207 7.02 1,452 International rates 26 weeks 0.090 0.100 1.580 0.080 Nov. 24 vTv Therapeutics VTVT R. Perelman BI 625 1.60 1,000 2.15 26.5 Euro Libor Week 52-Week Secondary market One month -0.581 -0.578 -0.360 -0.621 Nov. 23-25 Urban One UONEK A. Liggins CEO Latest ago High Low Fannie Mae 719 1.21-1.32 905 1.41 -25.8 Three month -0.545 -0.544 -0.142 -0.548 30-year mortgage yields Nov. 18 G1 Therapeutics GTHX G. Muir D 50 13.50 675 14.30 -45.9 Prime rates Six month -0.515 -0.519 -0.052 -0.526 30 days 1.894 1.856 3.362 1.751 U.S. 3.25 3.25 4.75 3.25 One year -0.477 -0.469 0.008 -0.477 Nov. 20-23 Casi Pharmaceuticals CASI W. He CEO 227 2.12-2.18 488 2.42 -21.7 60 days 1.921 1.880 3.370 1.804 Canada 2.45 2.45 3.95 2.45 Nov. 19 B. Riley Financial RILY B. Riley CEO 15 32.53 488 36.58 45.3 Japan 1.475 1.475 1.475 1.475 Other short-term rates Secured Overnight Financing Rate Policy Rates 0.08 0.06 1.65 0.01 Nov. 23 Chiasma CHMA R. Kannan CEO 120 4.00 480 4.26 -14.1 Week 52-Week Euro zone 0.00 0.00 0.00 0.00 Latest ago high low Value 52-Week Nov. 18-19 Net 1 UEPS Technologies UEPS A. Ball DI 136 3.36-3.40 458 3.59 -3.5 Switzerland 0.00 0.00 0.50 0.00 Latest Traded High Low Call money Nov. 23 Biohaven Pharmaceutical Holding BHVN J. Childs D 589.55 448 91.36 67.8 Britain 0.10 0.10 0.75 0.10 Australia 0.10 0.10 0.75 0.10 2.00 2.00 3.50 2.00 DTCC GCF Repo Index Nov. 20 Flushing Financial FFIC D. Manditch D 27 14.10 381 14.86 -31.2 Overnight repurchase Commercial paper (AA financial) Treasury 0.110 53.500 1.720 0.002 90 days n.a. 0.14 2.53 0.04 MBS 0.122 22.400 1.763 0.011 Sellers U.S. 0.07 0.07 1.65 -0.07 U.S. government rates Notes on data: Nov. 23 Catalent CTLT P. Zippelius DI 5,392 99.26 535,238 97.40 73.0 Discount U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Nov. 18-19 Sysco SYY J. Frank DI 1,752 72.06-74.12 126,885 71.24 -16.7 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary 0.25 0.25 2.25 0.25 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Nov. 18-19 N. Peltz DI 1,752 72.06-74.12 126,885 as of November 26, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Federal funds average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Nov. 23 Netflix NFLX R. Hastings CEO 213 476.32-490.45 102,942 491.36 51.9 Effective rate 0.0900 0.0900 1.6200 0.0600 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. High 0.1000 0.1000 1.6500 0.1000 Nov. 24 TPI Composites TPIC P. Giovacchini DI 2,575 37.59 96,794 41.67 125.1 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Low 0.0500 0.0300 1.5800 0.0100 Tullett Prebon Information, Ltd. Nov. 18 Revolve Group RVLV H. Mullin DI 4,868 19.75 96,144 23.70 29.1

Nov. 20 Walmart WMT S. Walton DOI 450 150.22-152.23 67,927 151.60 27.6 Nov. 20 A. Walton BI 450 150.22-152.23 67,927 Cash Prices | wsj.com/market-data/commodities Friday, November 27, 2020 Nov. 20 J. Walton BI 450 150.22-152.23 67,927 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Nov. 23-25 S. Walton DOI 260 149.94-151.88 39,107 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Nov. 23 Playa Hotels Resorts NV PLYA R. Fried DOI 15,612 4.10 64,009 5.24 -37.6 months.

Nov. 17 BigCommerce Holdings BIGC S. Murray DOI 912 65.79 59,988 80.12 Friday Friday Friday Energy Aluminum, LME, $ per metric ton *1961.5 Wheat - Hard - KC (USDA) $ per bu-u n.a. Nov. 23-25 Schrodinger SDGR D. Shaw BI 840 63.74-69.15 56,417 69.60 Copper,Comex spot 3.3995 Wheat,No.1soft white,Portld,OR-u n.a. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750 Iron Ore, 62% Fe CFR China-s 131.0 Nov. 19 Container Store Group TCS T. Flynn DOI Food 5,500 10.00 55,000 9.58 127.0 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 287 Nov. 19 J. Galashan DOI 5,500 10.00 55,000 Metals Steel, HRC USA, FOB Midwest Mill-s n.a. Beef,carcass equiv. index Nov. 19 J. Sokoloff DOI 5,500 10.00 55,000 Fibers and Textiles choice 1-3,600-900 lbs.-u n.a. Gold, per troy oz select 1-3,600-900 lbs.-u n.a. Nov. 24 Carlyle Group CG D. Rubenstein H 2,000 27.30 54,600 28.63 -10.8 Engelhard industrial n.a. Burlap,10-oz,40-inch NY yd-n,w 0.6450 Broilers, National comp wtd. avg.-u,w 0.8383 Handy & Harman base 1779.30 Cotton,1 1/16 std lw-mdMphs-u 0.7024 Butter,AA Chicago n.a. Nov. 18 Plains GP Holdings PAGP J. Raymond DI 6,221 8.05 50,079 8.29 -56.3 Handy & Harman fabricated 1975.02 Cotlook 'A' Index-t *78.95 Cheddar cheese,bbl,Chicago n.a. Cheddar cheese,blk,Chicago LBMA Gold Price AM *1814.85 Hides,hvy native steers piece fob-u 39.000 n.a. * Half the transactions were indirect **Two day transaction Milk,Nonfat dry,Chicago lb. n.a. LBMA Gold Price PM *1807.40 Wool,64s,staple,Terr del-u,w n.a. p - Pink Sheets Coffee,Brazilian,Comp Krugerrand,wholesale-e n.a. 1.0970 Coffee,Colombian, NY 1.6503 Maple Leaf-e n.a. Grains and Feeds Eggs,large white,Chicago-u 1.0150 American Eagle-e n.a. Buying and selling by sector Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.65 Mexican peso-e n.a. Bran,wheat middlings, KC-u 135 Hams,17-20 lbs,Mid-US fob-u n.a. Based on actual transaction dates in reports received this past week Austria crown-e n.a. Corn,No. 2 yellow,Cent IL-bp,u n.a. Hogs,Iowa-So. Minnesota-u 64.47 Austria phil-e n.a. Corn gluten feed,Midwest-u,w 150.2 Pork bellies,12-14 lb MidUS-u n.a. Sector Buying Selling Sector Buying Selling Silver, troy oz. Corn gluten meal,Midwest-u,w 549.3 Pork loins,13-19 lb MidUS-u 0.8250 Engelhard industrial n.a. Cottonseed meal-u,w 403 Steers,Tex.-Okla. Choice-u 111.00 Basic Industries 31,000 14,959,470 Finance 1,341,229 45,083,324 Handy & Harman base 22.6450 Hominy feed,Cent IL-u,w 120 Steers,feeder,Okla. City-u,w 145.63 Handy & Harman fabricated Business services 3,439,294 32,733,469 Health care 562,243 90,937,830 28.3060 Meat-bonemeal,50% pro Mnpls-u,w 260 LBMA spot price *£17.4900 Oats,No.2 milling,Mnpls-u n.a. Fats and Oils Capital goods 00Industrial 6,056,934 62,492,902 (U.S.$ equivalent) *23.3600 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.0000 Coins,wholesale $1,000 face-a 17134 Sorghum,(Milo) No.2 Gulf-u n.a. Grease,choice white,Chicago-h 0.2900 Consumer durables 518,457 13,366,442 Media 904,585 20,542,306 Other metals SoybeanMeal,Cent IL,rail,ton48%-u n.a. Lard,Chicago-u 0.4100 Consumer nondurables 6,999 45,701,535 Technology 217,036 120,418,969 LBMA Platinum Price PM *958.0 Soybeans,No.1 yllw IL-bp,u n.a. Soybean oil,crude;Centl IL-u n.a. Platinum,Engelhard industrial n.a. Wheat,Spring14%-pro Mnpls-u n.a. Tallow,bleach;Chicago-h 0.3250 Consumer services 382,651 81,468,600 Transportation 031,445,108 Palladium,Engelhard industrial n.a. Wheat,No.2 soft red,St.Louis-u n.a. Tallow,edible,Chicago-u 0.3400 Energy 305,615 1,333,402 Utilities 25,600 1,796,788 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 11/26 Sources: Thomson Financial; WSJ Market Data Group Source: Dow Jones Market Data P2JW335000-2-B00900-1------XA

THE WALL STREET JOURNAL. ** Monday, November 30, 2020 | B9 MARKETS & FINANCE Platinum Heats Up as Gold Rally Stalls

BY WILL HORNER Gapinplatinum production Performanceofprecious- and demand metal futures sinceSept. 23 Platinumisattracting re- newedinterest as aglobal push 1.0 million ounces 20% forcleaner energy and waning Forecasts demand forgold promise to lift 0.5 Surplus 15 Platinum demand forthe metal. Thepriceofplatinum has rallied 14% so far this month, 0 10 despite edging down 0.5% on Fridayto$964.80 atroy ounce. –0.5 5 President-elect JoeBiden’s pledge to spend $2 trillion on greenenergy droveupplati- –1.0 0 numprices in recent weeks, Deﬁcit S

said Kirill Kirilenko, aprecious- Gold NEW

–1.5 –5 G metals analyst at CRUGroup. Themetal, which has industrial 2013 ’15 ’17 ’19 ’21 Oct. Nov. uses as well as demand from Sources: World Platinum InvestmentCouncil, Metals Focus (gap); FactSet (performance) OOMBER BL

investors, stands to benefit in V/ the long term from aglobal feeling is that we areinthe ersand carmakershas takena KO DA

push toward renewable sources latter stages of its run.” knock,the crisis has driven RU of energy,hesaid. Less than 10 yearsago, money into safe-haven assets

Meanwhile,gold has wa- platinum wasthe most expen- including precious metals. In- ANDREY veredthis month as promising siveofthe major precious vestors’ positions in platinum The supply of the metal was crimped by lockdowns. A bar of platinum in a Russian foundry. results from Covid-19 vaccine metals. It is used in autocata- futures rose by the most in trials boosted the global eco- lysts, which filter out harmful just under ayear last week, role in aglobal push toward in hydrogen power. times moreplatinum than is nomic outlook and sapped de- emissions from car exhausts, according to datafromthe green energy.Renewable-hy- Theprospect of arevivalin currently used in a diesel car mand forsafe-havenassets. and itshigh priceprompted Commodity Futures Trading drogen technologygenerates demand forplatinum from hy- with a platinum autocatalyst, Thepriceofthe precious many auto makers to look for Commission. combustible gasfromwater drogen technology, coupled Mr.Kirilenkoestimated. Unlike metal, which hit arecordhigh cheaper alternatives such as Thesupply of platinum, and stores it in fuel cells that with tight supplies,ispresent- autocatalysts, which canuse in the summer,last week fell palladium. Both metals are which primarily comes from canbeused to powerhomes ing the most bullish outlook palladiumorplatinum, only 4.8% to $1,781.90,its lowest used in catalytic converters. South African miners, has and vehicles.Platinum plays a forplatinum in years, said platinum canbeused in hy- settlement since July 1. Declining demand from car been severely crimpedby key role,both in electrolysis— Trevor Raymond, the World drogen fuel cells. That selloffisprompting makershas led to asurplus of strict lockdowns this year. the processofderiving hydro- PlatinumInvestment Council’s “The hydrogen economyre- investorstolook to other pre- the metal in recent years. Plat- TheWorld PlatinumInvest- genfromwater—and in the head of research. quires fuel cells and fuel cells cious metals such as platinum, inum prices slipped in re- ment Council, an industry fuel cells used to store it. “We haven’t had a demand need platinum,” Mr. Kirilenko betting that they still have sponse,and have been largely group,forecast last week that TheEuropean Union earlier growth storyofthis magni- said. room to climb. flat since 2015. demand would exceed supply this year pledged to make re- tude in platinum foryears, but Investorsare also watching “Thereisalonger-term But the coronavirus pan- forplatinum this year by are- newable hydrogen akey part we do now,” Mr.Raymond to see whether automakers growth story associated with demichas shaken up the de- cord 1.2 million ounces.Be- of itsEuropean Green Deal, said. turn back to platinum fortheir platinum that we areinthe mand-and-supply dynamic for tween 7 million and 8 million whichaims to makethe bloc The quantities of platinum autocatalysts. Current prices earlystagesof,” said Steven the metal and is expected to ounces of themetal areused carbon neutral by 2050.China used in hydrogen technology provide a strong financial in- Dunn, head of exchange-traded lead to arecordshortageof each year. has also said it aims to could be sizable.Acar pow- centivetodoso, potentially funds at Aberdeen Standard platinum this year. At the same time,investors achievenet-zeroemissions by ered by ahydrogenfuel cell generating moredemand, said Investments. “With gold, the While demand from jewel- aretaking noteofplatinum’s 2060,and is expected to invest would requirealmost four Mr. Dunn.

tions about whether investors and it doesn’t include leveraged Brideside Shutdown Is Latest Risky ETFs fully understand the risks of the or inversefunds in itsproduct products. lineup. Forthose reasons,some of Vanguard,the second-biggest See More the biggest players in the $5 tril- playerinthe ETFspace, banned WoeinBad Year forWeddings lion ETFindustrysay they have thepurchase of inverseand lev- no interest in adding leveraged eraged funds from itsbrokerage Investors products to their lineups,even platform last year.Aspokesman BY BECKY YERAK aftersecurities regulators said such productsare “incom- opened the door to greater com- patible with our longstanding Brenna Hogan gotwordin ContinuedfrompageB1 petition. buy-and-hold approach.” lateOctober that the latte-col- putting them at risk of suffering Last month, the Securities Invesco,another big playerin ored satin bridesmaid gown she aseverelossifthat index and ExchangeCommission gave the market, has no intentions of ordered from Brideside Inc. plunges. ablanket blessing to newlever- jumping in at this time,said wasready.But her appointment “Ifyou’rebullish about the aged ETFs, ending itsfreezeon Anna Paglia, head of ETFs and to pick it up from ashowroom S&P 500,then all the morerea- such activity when it shelved a indexedstrategies.“We continue in Chicago’sWest Loop neigh- LE son youshould be bullish about measurethat would have re- to believethat levered [and] in- SA

borhood wasquickly canceled. AM aleveraged S&P500 fund,” said quired more-stringent sales verseETFscarryaset of risks She didn’t hear from the R John Rossi, a69-year-old retiree practices forsuch funds.Direx- that areseparateand distinct FO wedding apparel retailer again who says he has used leveraged ion and ProShares had previ- from the traditional investment untillast week when the busi- GES ETFs throughout the past de- ouslybeen the only firms with risk associated with ETFs,” she nessemailed her that it had IMA cade.Hefavorstriple-leveraged approval to market the products. said. permanently closed. Calls and funds that track the S&P 500 Thepositions of thefirms, GETTY emails about picking up the and the top100 Nasdaq stocks, which together control about dresswent unanswered, she YIM/ among others, saying the prod- 70%ofthe ETFmarket, aren’t a JP Some big ETF said. A display of bridesmaid gowns by dress designer Amsale uctshavebeen reliable contribu- surprise.They were part of a As if weddingsduring apan- tors to his portfolio’s perfor- players say they consortium that petitioned the demic aren’t hardenough, thirds of weddingscanceled thefamily officeofaformer mance. have no interest in majorstock exchanges earlier Brideside’ssudden shutdown this year and an uncertain Walgreens chief executive. Astretch of sharp volatility, this year foranew naming sys- aftereight yearsinbusiness 2021, its“chapter has come to ABeringea spokeswoman such as the one in March, is leveraged products. temthat would prohibit lever- has become another headache an end.” said that Brideside’sdifficulties nothing morethan an opportu- aged and inversefunds from us- forMs. Hogan and other brides Ms.Hogan said she has con- were caused by the pandemic’s nity to buy even moreshares of ing the ETFmoniker.They and bridesmaids trying to navi- tacted her dressdesigner, impact on the industry. She those funds,hesaid. “You have argued that “ETF” had become a gate nuptials amid restrictions JennyYoo Collection Inc., and said Brideside is changing its to have ahigh risk toleranceto In anod to the extreme volatility blanket term forarangeofprod- on some businesses and social wastold her gown is stranded leadership.Brideside didn’t re- do that,” said Mr.Rossi, who es- these productscan experience, uctsthat canlead to signifi- gatherings. at theBrideside showroom. spond to questions. timates about 30% of his portfo- the SEC capped leverageofnew cantly different outcomes forin- Some customerswho put JennyYoo Collection offered to Neil Brown, co-founder and lio is in leveraged ETFs. funds at two times. vestors. down money were leftscram- rush-order the dressatadis- owner of dressdesigner Am- But some long-term holders Usually such an invitation TheSEC,for itspart, said lev- bling afterfinding out their or- counted price, Ms.Hogan said. sale,said the pandemic has se- of leveragedETFswereburned from aregulator would lead to a eraged ETFs maybeappealing to dershad never been placed Brideside wasmostly an on- verely restricted demand for in dramaticfashion. Investors rash of newproducts, such as alimited number of sophisti- with dressdesigners. line businessbut also had wedding attire. Weddingshave lost millions in 2018 aftervolatil- when theSEC greenlighted ac- catedretail investorswho under- They aredisputing their showrooms in Chicago, Boston, been slowly resuming in recent ity surged, saddling some lever- tively managed ETFs last year. stand howthe productswork, Brideside credit- and debit-card NewYork and Charlotte,N.C. months with social distancing aged funds and other exchange- Notthis time. but aren’t appropriatefor most. charges, hoping to reclaim their Thecompany’sventure-capital and mask wearing,yet with traded productswith sudden, Aspokeswoman for Black- “Wewould expect broker- money while trying to secure backing included $7 million coronavirus cases surging in massivelosses.Several lever- Rock Inc.’siShares,the biggest dealersand investment advisers thesame dressdirectly with raised last year from an invest- some U.S. regions,state and lo- aged exchange-traded products ETFmanager by market share, to recommend them in limited the designer. ment group led by Beringea calgovernmentsare reintro- blewupearlier this year afteroil said the firm has given priority circumstances,” SEC Chairman Brideside said in itsemail to LLC. Other backershavein- ducing restrictions on gather- prices fell intonegativeterritory. to the rollout of sustainable in- JayClayton said in an emailed customersthat with about two- cluded Dreamit Ventures and ings. Those incidentsraised ques- vesting and fixed-income funds, statement.

THE TICKER | Market events coming this week

Monday Previouschangeinstocksin Oct., previous 56.6 millionsofbarrels Nov., expected 55.5 Chicago PMI Crude-oilstocks down0.8 Oct., previous 61.1 Gasolinestocks up2.2 Earningsexpected* Nov., expected 59.1 Distillates down 1.4 Estimate/Year Ago($) Earningsexpected* Cooper Cos. 3.09/3.30 Dollar General 1.99/1.42 Estimate/Year Ago($) Mort. bankers indexes Donaldson 0.45/0.51 Adient PLC 0.67/0.63 Purch., previous up 4% Kroger 0.66/0.47 CureVac NV (0.42)/n.a. Refinan., prev. up 5% Marvell Technology 0.25/0.17 Tuesday Earningsexpected* Ulta Beauty 1.43/2.25 Estimate/Year Ago($) Construction spending Descartes Systems Sept., previous up 0.3% 0.14/0.11 Friday Oct., expected up 0.9% Five Below 0.20/0.18 Nonfarm payrolls PVH Corp. 0.18/3.10 Oct., previous 638,000 Splunk Inc. 0.09/0.58 Nov., expected 425,000 ISM mfg. index Synopsys 1.56/1.15 Oct., previous 59.3 Zscaler 0.06/0.03 Int’l trade deficit Nov., expected 57.5 in billions Earningsexpected* Thursday Estimate/Year Ago($) Sep., previous $63.86 S Hewlett Packard EIA report: natural-gas Oct., expected $64.80 Previouschangeinstocksinbillions PRES Enterprise 0.34/0.49 ofcubicfeet

TED NetApp 0.73/1.09 down18 Unemployment rate Salesforce.com 0.75/0.75

OCIA Oct., previous 6.9% SS Initial jobless claims

/A Nov., expected 6.7% ST Wednesday Previous 778,000 Expected 768,000 Factory orders

ARBOGA Sept., previous up 1.1%

REX EIA status report ISM nomfg. index Oct., expected up 0.8%

* FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN CHARLES PARENTHESES)  ADJUSTED FOR STOCK SPLITNOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF Ulta Beauty is expected to report quarterly earnings of $1.43 a share on Thursday, down from $2.25 a share a year earlier. ECONOMISTS P2JW335000-0-B01000-17FFFF5178F

B10 | Monday, November 30, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Vimeo Is Spotify Needs More Here to Stay, Than a Cup of Joe Pandemic CK JoeRogan has raised some eye- Spotify’suserbase, quarterly TO browsatSpotify.The question re- Or Not mains if he canbend manynew 200 million

SHUTTERS ears—especially those willing to pay

A/ Premium subscribers forthe experience. /EP Ad-supported users Thepopular podcaster moved his 150 Investors will tune in showtothe streaming platform on NOGIER Sept. 1, per adeal valued at more even after remote work IEN

ST than $100 million struck earlier in 100

SEBA the year.Spotifyishot on podcasts Positive coronavirus vaccine Vimeo raised $150 million in early November in an equity offering. of late. It struck recent deals with data has created a whiplash effect Kim Kardashian and the DC Comics for investors who until recently For investors looking to turn IACsays Vimeo has over 3,500 brand, and made several acquisitions were hiding in pandemic beneficia- movies into money, opportunity paying enterprise customersacross to beef up itspodcast platform. This 50 ries. But with the timeline for re- may soon knock. IAC said earlier several industries,including Ama- includes a$235 million outlay ear- covery still uncertain, the best of- this month it is considering a full zon, Starbucks,Deloitte and Sie- lier this month forMegaphone, fense may still be a good defense. spinoff of Vimeo, which would mens, but the majority of itscus- which provides production and ad- 0 One place to look is in and make it the 11th public company to tomersare small businesses. vertising services to podcasters. around e-commerce—a sector that come from IAC’s golden breeding Vimeo’s platform is attractivefor But the deal with Mr.Rogan is the 2016 ’17 ’18 ’19 ’20 is likely to continue its red-hot run grounds. Fostered by the very those smaller businesses because it most closely watched, as it bringsa Source:the company during the holiday shopping sea- hands that helped turn public enables them to createamarketing star with ahugeand dedicated fol- son and beyond. Shopify, for ex- companies such as Expedia Group video without anyfootageoftheir lowing.Italso bringsafair dose of quarter.Its forecast implies similar ample, is up over 150% this year. and Match Group into behemoths, own, pulling product shotsfrom heat, given Mr.Rogan’spenchant for outsizegrowthfor the ad-driven tier And while its shares fell more than Vimeo’s business was accelerating their websites and combining them booking controversial guestssuch as in the fourth quarter. 13% the day Pfizer reported effi- before the pandemic. Its organic with avideo templateand music. talk-radio host AlexJones.Arecent Simply adding earsfor advertis- cacy results, they have since re- bookings growth consistently ac- Thefact that morethan 80% of Vi- appearancebythe lattersparked ing won’t be enough to justifythe covered nearly all of those losses celerated last year from 11% in the meo’s subscribersopt forannual some consternation among Spotify investmentsSpotifymade in pod- as investors digest both the long first quarter to 27% by the fourth versus monthly plans,according to employees,who debated internally casts—and the market-value boost it winter ahead of the Covid-19 vac- quarter of 2019 according to IAC. Vimeo Chief ExecutiveAnjali Sud, whether that showand othersmet has so far gotten forits effort. De- cine as well as the fact that online But this year could be a game suggestsits customers, once the company’scontent guidelines. spitesome slippagesincethe quar- shopping is likely to continue to changer. IAC said Vimeo’s revenue hooked, aretheirsfor the long term. SpotifyChief ExecutiveDaniel Ek ad- terly report on Oct. 29,Spotify’s grow in earnest, pandemic or not. has risen 40% to 50% monthly Vimeo offers its members one- dressed the matteronits third-quar- shares areup67% sincethe deal But while Shopify is certainly year-over-year throughout the click distribution of its video con- tercall last month, affirming the with Mr.Rogan wasunveiled in May. well loved at this point—its mar- pandemic, leading to a profitable tent to all major platforms such as need to apply content policies Ad-supported listenersoncedom- ket capitalization tops $126 bil- third quarter for the video-plat- LinkedIn and YouTube. Separately, evenly.“If we can’t do that, then inated Spotify’suser base,account- lion—lesser-known opportunities form company on the basis of ad- Vimeo has continuing partnerships thereare other choices foralot of ing formorethan double the num- are popping up for those investors justed earnings before interest, with big traffic sites like Shopify, creatorstogoto,” he said. ber of paid subscribersfiveyears paying close attention. One such tax, depreciation and amortization. GoDaddy, Facebook and Pinterest, Thecompanywill learn soon ago. But the companyhas grownits play is IAC/InterActiveCorp.’s Vi- Because its platform is ad-free, which natively integrate Vimeo’s whether Mr.Rogan’sshowisworth paid base remarkably sincethen: meo, a video hosting and sharing Vimeo says it is less like YouTube tools within their platforms. Those the trouble.The program becomes Premium subscriptions account for platform used by a growing num- and Facebook and more like Slack partnerships will be key to Vimeo’s exclusivetoSpotifyinDecember, morethan 90% of totalrevenue. ber of Shopify’s customers, among or Dropbox. Its freemium model post-pandemic success as more which means itsfourth-quarter re- SpotifyChief Financial Officer many others, to easily and effec- now has over 200 million global consumers come online to shop. sultswill be the firsttoreflect any Paul Vogelataninvestment confer- tively help tell their story and in- members and about 1.5 million Further, the rise in remote work changeinusageorrevenue from the encelast week said the companyhas crease conversion online. paying subscribers. While those means video will become all the show’s fans who won’t be able to get “built in some expectations” fornew IACsaid Vimeo raised $150 mil- numbers hardly make for a proven more essential to how businesses it elsewhere. But the types of users subscribersand listenerswho will lion in November in an oversub- business model, they certainly sug- reach those consumers. will matteraswell. Spotify’smost come forMr. Rogan’s show, though scribed equity offering from outside gest a big upside opportunity if Acquired by IAC 14 years ago, recent resultsshowedabiggerjump he didn’t detail howmany. Todd investorsthat valued itssoftware-as- the company can demonstrate Vimeo isn’t a new platform, but its in usersfor itsfree, advertising- Juenger of Bernstein says podcasts a-servicecompanyat$2.75 billion. timely conversions. Recent results takeoff is quite recent. For inves- driven servicecompared to subscrib- will need to drivegrowthinpre- That impliesbig potential foracom- are encouraging: Vimeo’s subscrib- tors who believe the future is in- ersfor the premium tier.The com- mium subscriptions to be worth the panyoperating at a$300 million an- ers increased 21% and average rev- creasingly online, Vimeo is a fresh panyadded 15 million usersfor the company’sinvestment. Hopefully, nual revenue runrateimplied by its enue per subscriber rose 22% in way to bet on that theme. free tier,compared with six million Mr.Rogan’sfans have their credit third-quarter results. the third quarter, year over year. —Laura Forman premium subscribersinthe third cardspaid up. —Dan Gallagher

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