Short Sellers Target Spacs Craftabill That Canwin Support Country’Sappeal As Avenue from Nearly Everydemocrat

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***** MONDAY,MARCH 15,2021~VOL. CCLXXVII NO.60 WSJ.com HHHH $4.00

Last week: DJIA 32778.64 À 1282.34 4.1% NASDAQ 13319.86 À 3.1% STOXX 600 À 3.5% 10-YR. TREASURY g 24/32 , yield 1.634% OIL $65.61 g $0.48 EURO $1.1955 YEN 109.03 In London, PoliceResponsetoVictim’s Vigil SparksProtests Biden What’s News Weighs How to Business&Finance Pay for hort sellers are target- S ing blank-check companies,with the dollar value of Agenda bearish betsagainst shares of SPACsmorethan tripling from their level at the start After relief law, party of the year, according to grapples with whether data from S3 Partners. A1 to borrow more or to  Turbocharged U.S. con- GES

sumer demand is straining IMA seek tax increases global supply chains and some businesses worry a further GETTY

SE/ BY KATE DAVIDSON surge could worsen disruptions and driveupcosts. A1 WASHINGTON—TheBiden

 Tech firms are turning ANCE-PRES administration is looking past their attention to statehouses FR its$1.9trillion coronavirus re- across the U.S. as a wave lief lawand is starting to con- GENCE

of local bills opens a new /A siderhow to payfor the next frontier in the push to limit AS round of programs meant to

Silicon Valley’s power. A1 -OLIV bolster long-term economic

LEAL growth with investmentsinin-  Chinese regulators at- frastructure, clean energy and

tempting to rein in Ant NIEL

DA education. and a swelling online-lend- SOMBER STAND:Protesters demonstratedinLondon on Sundayafter policebroke up avigil Saturdayfor SarahEverard,who Thechallenges aretwofold. ing industry are targeting wasabductedinearly March and found dead in woodland outside the U.K. capital. A9 Officials faceadecision over the debt-fueled lifestyles howmuch of the bill to payfor of the country’s youth. B1 with taxincreases and which  A coalition of German policies to financewith more blue-chip firms and foreign borrowing.Inanarrowly di- multinationals is pushing leg- vided Congress, they must also islation that would lessen the Short Sellers Target SPACs craftabill that canwin support country’sappeal as avenue from nearly everyDemocrat. forglobal patent litigation. B1 Thedecision will help determine howmuch of President  An experimental drug BY MATT WIRZ more than tripled to about plans to merge with lending bled in March to about 5%. Biden’s Build Back Bettereco- from Lilly showedamodest AND JULIET CHUNG $2.7billion from $724 million startup Social FinanceInc.isa Othersare wagering against nomic agenda he canadvance benefit to early-stage Alz- at thestart of the year,accord- popular target, with 19% of its companies afterthey combine in his firstyear. heimer’s patientsinasmall, Short sellersare coming for ing to datafromS3Partners. shares outstanding sold short, with SPACs. Muddy Waters TreasurySecretaryJanet midstage clinical study. B3 SPACs. Some of the stocks under according to data from S&P Capital LLC said last week it Yellen said Sundaythat the Bi-  Banner Ridgeisprepping Investorswho bet against attack belong to large SPACs Global Market Intelligence. wasbetting against XL Fleet den administration hasn’t de- its next secondary fund, stocks aretargeting special- that surgedinrecent months, Theshort interest in Churchill Corp., a fleet electrification cided whether to pursue a aiming to raise $600 million purposeacquisition compa- in part because they were Capital Corp.IV, aSPACcre- companythat went public in wealth tax,which the U.S. a little more than a year nies,one of the hottest growth backed by high-profile finan- ated by former investment December aftermerging with PleaseturntopageA4 after collecting $550 mil- areas on Wall Street. Thedol- ciers. Ablank-check company banker Michael Klein that is aSPAC. XL has sincesaid lion for its debut fund. B8 lar value of bearish bets created by venturecapitalist merging with electric-vehicle Muddy Waters’s report, which  Democrats see earmarks as against shares of SPACshas Chamath Palihapitiyathat startup Lucid, morethan dou- PleaseturntopageA10 bridge to skeptical GOP...... A5 World-Wide

 TheBiden administration is One School DistrictBridges FactoriesStruggle looking past itscoronavirus relief lawand starting to consider howtopay forthe next round of programs meant to TheReopening Divide To Meet Demand bolster long-term economic growth with investments in infrastructure, clean energy and education. A1 Ohio superintendent took unconventional approaches Sales at Honey-Can-Do Inter- created bottlenecks in shipping. national LLC aresoaring,as OrderstoHoney-Can-Do’s man-  TheHouse is scheduled homebound Americans snap up ufacturersinChina that took to vote on two immigration BY KRIS MAHER up in their yardsand form their ownsocial- the Chicago-area company’s 30 days ayear and ahalf ago bills this week,the first media groups.Yet forthe past two months, clothes racks,shelves and other nowtakeuptothree months, steps in Democrats’ effort WYOMING,Ohio—EveryTuesdaymorning, Mr.Weber has managed to do what many housewares. while shipping costsare 50% to see what, if anything, school superintendent Tim Weber meetswith other communities arestill struggling to ac- higher,Mr. Greenspon said. they canaccomplish on the ahandpicked team of adviserstodiscuss complish: reopen classrooms five days a By Paul Hannon in “Ships cansit offshorefor issue this year. A4 whether it’ssafetokeep classrooms open. week and keep peaceinthe district. London, Bob Tita weeks at atime in the U.S.,”  Griddy Energy, devoid Theteam includes two pediatricians,a SinceJan. 11, nearly 80% of the Cincinnati in Chicago and Eun- waiting to dock at busy ports, of customers and facing county health official and anurse.The deci- suburb’sstudentshavebeen back in school Young Jeong in Seoul Mr.Greenspon said. “There litigation after charging sion about whether the 2,000-student dis- in person, five days aweek.Manyother dis- doesn’t seem to be anyrelief.” customers hefty amounts trict will hold classes in person, in hybrid trictsinthe U.S. arestill mired in divisive But the company’scontract Successful vaccination cam- during Texas’ winter freeze mode or remotely the following week rests debates;othershaveopened their buildings manufacturersinChina and paigns in the U.S.,accumulated last month, is planning to with Mr.Weber.After the meeting,heemails but with lowerin-person participation rates, Southeast Asia aresobusy that savingsand pandemic-relief file for bankruptcy. A5 his verdict to parentsand teachers. frequent closures,oronly one or two days a they arestruggling to meet de- legislation areturbocharging Those decisions haven’t come easily.The week. mand, companyfounder and consumer demand. That is  While Covid-19 deaths schools’ plans have at timesdivided the Mr.Weber,ayouthful-looking 49-year-old ChiefExecutiveSteve Green- straining the supply chains head lower, states around town, leading frustrated parentstoput signs PleaseturntopageA10 spon said. companies rely on to deliver the country are steadily Moreover,the scramble for everything from toys to cars. finding previously unre- goods produced overseas has PleaseturntopageA2 ported deaths that are causing dataconfusion. A6 Your Corporate Retreat Is Still On INSIDE  Germany’s BioNTech is —And It’s Weirder Than Ever building an alliance of 13 States Take Up Battle companies in an effort to iii meet or exceed a target of making two billion Covid-19 Companies amp up virtual gatherings; Over Big Tech’s Power vaccine doses this year. A6 avatars at tiki bars, bonding in ‘space’  The Afghan government BY SEBASTIAN HERRERA grown during the pandemic. agreed to attend an interna- AND DAN FROSCH Google,Apple and others tional peaceconferencewith BY KRITHIKA VARAGUR other attendees from the cor- arehiring local lobbyistsand the Taliban next month. A9 porateworld to locatesun- Tech companies areturning immersing themselves in the LEE/REUTERS

 Died: Marvelous Marvin At the last global sales glasses,ahairdryerand are- Y their attention to statehouses minutiae of proposed legisla-

Hagler,66, boxing great. A2 meeting he attended beforethe freshing drinkintheir homes. KIRB across the country as a wave tion,according to staterepre- pandemic,Jeff Chase went to When the video panned to the of local bills opens anew fron- sentatives.Tech companies CaesarsPalaceLas Ve- Caribbean, they were SPORTS tier in the push to limit Silicon facepotential rules that would CONTENTS Outlook...... A2 gaswith about 60 col- asked to turn on their UndefeatedGonzaga Valley’s power. curb the reach of their plat- Arts in Review... A13 Personal Journal A11-12 leagues,plus manyof blowdryerstosimu- Arizona, Maryland and Vir- forms,crimp revenues with BusinessNews...... B3 Sports...... A14 is the overall No.1seed Crossword...... A14 Technology...... B4 their spouses.InFebru- lateacoastal breeze in ginia are among states where taxesorforce them to facilitate HeardonStreet..... B9 U.S. News...... A2-6 ary, the biotech sales their hair. as March Madness lawmakersare seeking to limit additional privacydisclosures. Markets...... B8 Weather...... A14 manager scouted aloca- “Myself,no, Idon’t bracket is set. A14 the poweroftech companies While federal lawmakers Opinion...... A15-17 World News...... A8-9 tion fortheir next re- have long hair,soI likeAlphabet Inc.’sGoogle and have held hearings and are in treat, the Renaissance couldn’t do that part,” Mr. Apple Inc.onarangeofis- discussionsabout policies to > ArubaResort &Casino, Chase says.Hestill en- PERSONAL JOURNAL sues, from online privacy and regulatetech companies,de- on Zoom.Henever left joyedthe whirlwind tour Taylor Swiftand digital advertisementstoapp- bates and votescould occur in his home in Indianapolis. enough that he’splanning Beyoncé have ahistoric storefees.State policypropos- states first. If passed, state Thewoman organizing to book one of Elevate als have bipartisan support laws matter because they can the visit, travel entrepre- Travel Co.’svirtual retreats nightatthe from lawmakers who want to become de factonational stan- s 2021 Dow Jones & Company, Inc. All Rights Reserved neur SarahReuter,in- forthe company’ssales Grammys. A12 temper companies’ influence dards in the absenceoffederal structed him and 70 PleaseturntopageA11 and financial clout, which have PleaseturntopageA6 P2JW074000-0-A00200-1------XA

A2 | Monday, March 15, 2021 THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Stella Yifan Xie ECONOMIC CALENDAR

China Inches Toward Stimulus Cuts Monday: Economic data from China is expected to look especially robust this week as s the first major econ- likeraising interest rates. China’s pandemic stimulus has daily open-market operations, lus wasabout 6% of itsGDP, base effects flatter year-over- omy to beat back “It is very clear that been much smaller than that atool used to control the versus 19% forthe U.S.,ac- year comparisons. A of manydevelopedcountries. Tuesday: U.S. retail sales Covid-19, China is now China’s policy makers intend money supply available to cording to IMF calculations. taking the global lead in to unwind stimulus and commercial banks.That China’seconomyhad re- posted their largest monthly moving to unwind its pan- tighten policies,” said Ding Total size of keyfiscal briefly sent akey short-term coveredits pre-pandemic mo- gain in seven months in January demic-driven economic stim- Shuang, chief economist for measures in responseto money rate to itshighest mentum in the last quarter of as consumers spent another ulus efforts. Greater China at Standard the Covid-19 pandemic level in five years. 2020,largely because of its round of stimulus checks. Febru- Unlike the U.S. and Eu- Chartered Bank, “but they’ve U.S. To tame rising property success in containing ary might be a step back. rope, which are still flooding been treading ahead care- $4.0 trillion prices,China’sfinancial regu- Covid-19 and strong exports. U.S. industrial production is their economies with liquid- fully without making a sud- latorsrecently imposed new Nowits leadersworrymore expected to soften in February, ity and spending, China has den U-turn.” Japan rules making it moredifficult about controlling debt and partly due to disruptions caused 2.2 started reining in credit in China signaled itsinten- forproperty developers, who other long-term economic is- by bad weather, chip shortages some corners. The shift puts tions during annual parlia- Germany aretypically highly leveraged, sues,analystssay. and other snarls in global supply China at the vanguard in mentarymeetingsheld earlier 1.5 to obtain newbank loans. chains. confronting a challenge this month. It set itstarget EU Broad credit growth picked anyeconomistsex- Wednesday: The Federal Re- other economies will face in for2021 grossdomestic prod- 1.4 up some in February, after pect China’scentral serve releases a policy state- coming years as their econo- uct growth at “above6%,” a declining forfour consecutive M ment and revised economic China bank to tame the mies recover: how to with- relatively lowrategiven the 0.9 months.Still, analystsexpect paceofnew credit issuance projections. Policy makers at draw stimulus without snuff- economy’smomentum and a lending will slowagain given rather than raise key interest the U.S. central bank are likely to ing out growth or causing sign that Beijing wantsflexi- U.K. Beijing’srecent signals. rates, which would risk at- upgrade forecasts for gross do- broader market instability. bility to withdraw stimulus in 0.9 In contrast, last week the tracting speculativemoney mestic product, inflation and China’spolicymakershave the coming months,econo- U.S. enacted afresh $1.9tril- inflows that canfuel danger- employment—but also to signal Note:Key fiscal measures include discretionary expressed concern about an mistssaid. TheInternational fiscal measures, and off-the-budget liquidity lion economic aid package ous asset bubbles.The cen- a long path to full recovery and overheating housing market MonetaryFund projects support such as equity, loans and guarantees. and the European Central tral bank has pledged to keep indicate that there are no plans and want to prevent bigger China’seconomywill expand Source:IMF staff estimatesasofend of Bank said it would boost its itsmonetarypolicyprudent to raise interest rates or other- imbalances.They arealso ea- around 8% this year. December 2020 purchases of eurozone debt. and flexible,while avoiding wise tighten policy any time gertoresume amultiyear China loweredits fiscal Thedifferent approaches flood-likestimulus. soon. campaign to curb debt that deficit target—the gapbe- “Asthe economyresumes reflect howBeijing views the “The market widely inter- Thursday: The Bank of Eng- started building during the tween government spending growth, we will makeproper pandemic as atemporarydis- pretsPBOC’stone as more land is likely to stand pat this previous global recession. and revenue—to3.2% of GDP adjustmentsinpolicybut in a ruption, while Western policy hawkish” than before, said week as policy makers gauge If mishandled, China’s this year,from3.6%in2020. moderateway,” China’spre- makersare still trying to re- Mr.Ding of StandardChar- the pace of economic recovery tightening could impair itsre- Asmaller deficit suggestsa mier,LiKeqiang,said at a vivetheir economies and pre- tered. and the outlook for inflation. covery,which would crimp morerestrictivefiscal policy. news conferenceMarch 11. vent long-term damagefrom Another possible land The U.K. suffered its worst the global economy. China’s Thegovernment also cut the “Some temporarypolicies will the pandemic’seffects. mine is the potential for downturn in more than 300 plans could also createwider quotafor local government be phased out, but we will in- Beijing’semergencymea- tighter credit to cause more years in 2020, but officials ex- problems if they triggermore special bonds,atype of off- troducenew structural poli- sures last year included cut- defaultsamong state-owned pect a strong rebound in the debt defaultsorabiggercor- budget financing to fund local cies liketax and feecutsto ting taxestohelp small busi- enterprises.Manyare heavily second half of this year. rection in China’sstock mar- investmentslikeinfrastruc- offset the impact.” nesses and ordering banks to indebted, and local govern- U.S. jobless claims are ap- kets,atatime when global ture, to approximately $560 extend moreloans.Still, mentsare increasingly wary proaching their lowest level investorsare already jittery. billion from $576billion last hose moves followed China’sfiscal measures of bailing them out. since the pandemic hit—but re- Forthose reasons,econo- year.Beijing didn’t announce earlier steps and were amounted to far lessasa “AsChina exitssupportive main historically elevated. Little T is expected to change in the mistssay,China is likely to further issuanceofspecial interpreted by inves- shareofGDP than those of measures,some of the prob- moveslowly,gradually tight- central government bonds tors as signaling tighter the U.S. and manydeveloped lems that gotglossed over week ended March 13. ening credit in certain parts this year,after selling approx- credit. In January, the central economies. At the end of last year mayshowupthis Friday: Bank of Japan offi- of the economywhile avoid- imately $154 billion of such bank mopped up moreliquid- 2020,China’stotal fiscal year,” said Wang Tao, China cials meet Thursday and Friday ing moreblunt-force moves bonds in 2020. ity than expected through spending on pandemic stimu- economist at UBS. to review monetary policy.

U.S. WATCH in the global shipping network. output in the firstquarter of Factories Sales of toys from Florida- this year,citing adearth of based Basic FunInc.started ris- semiconductors. TheGerman ing last spring as schools Association of theAutomotive Struggle stopped in-person classes and Industrysaid just under 240,000 summer camps and recreation passenger cars were made in programs were canceled. Overall January, down about half from To Deliver sales in 2020 were 20% higher November. from 2019. Some economistsand policy “Parentsneeded stuff for makershavepredicted that sup- ContinuedfromPageOne their kids to do,sothey bought ply-chain squeezes—particularly Fornow,economistsdon’t ex- Lite-Brites and Tonka trucks,” of health-related goods such as pect the shortages to be abig ChiefExecutiveJay Foreman masksand respirators—could drag. But some businesses said. inducemanufacturerstobring worrythat afurther surge in de- But85% of the world’stoys production of some goods home, mand, led by the U.S.,could ex- aremade in Southeast Asia, and or at least shorten supply acerbatesupply-chain disrup- companies have faced rising chains.Little such movement, tionsand driveupcosts. freightcostsand delays.The however, has so far materialized. “It is difficult to getelectron- cost of moving a40-foot steel Indeed, thereare already ics,insome cases deliverytimes shipping container of toys from signs of arebound in some sec-

GES arealittle longer,but we can China to aWest Coast port is tors,such as German automak-

IMA handle it,” said Gordon Riske, now$4,500,upfrom$2,500 to ing,and economistsdon’t expect chiefexecutiveofKion Group $3,000 ayear ago, Mr.Foreman capacity constraintstolimit the ETTY AG, aFrankfurt-based manufac- said. At that rate,the company’s paceofthe global rebound.Last O/G

GL turer of forklifts.“Sincethe transportation costswill in- week,the Organization forEco-

CIA stimulus packageisadone deal, crease by about $1.8million a nomic Cooperation and Develop- the U.S. will have about 7% year,hesaid. ment raised itsglobal growth

MICHAEL growth. And we’relikely to have Risingtransportation costs forecast forthis year to 5.6% An ambulance headed to a call Sunday in Denver. Runways closed at Denver International Airport some capacity issues that we have affected businesses every- from 4.2%.Economistsexpect just before noon and major roads were shut as the late-winter storm gained strength. will address.” where. shortagesofsemiconductorsto Theshortages aremost acute In Malaysia, Classic Interna- ease as governmentsloosen ROCKY MOUNTAINS in parts of Colorado,Wyoming its northeastcorner were closed and potentially costly in the sup- tional Sdn Bhd, aleather-goods pandemic restrictions and peo- and Nebraska. Sunday, including roads in and out ply of semiconductors,demand maker,isseeing itsfinished ple return to more-normal pat- Crippling Snowstorm The National Weather Service of Cheyenne and Casper. forwhich has surgedasworkers productspile up aftersome cli- terns of work and education. Shuts Roads, Runways in Wyoming called it a“historic Interstate 80 wasclosed bought newlaptops and other entsasked to delaydeliveryas That return to normality has and crippling” winterstorm that acrosssouthern Wyoming and electronics to turn homes into shipping costsstarted to climb happened formanufacturers Apowerful late-wintersnow- would cause extremely dangerous into the Nebraskapanhandle, theiroffices. around the beginning of this caught up in an early supply storm intensified overthe central to impossible travelconditions whereafootofsnowwas re- But surveysofmanufacturers year.The priceof“everymate- squeeze. Soosan CMC Co., a Rocky Mountains on Sundaywith through at leastearly Monday. ported justnorth of Kimball, Neb. indicatethat lengthening deliv- rial, everypart, plastic parts, South Korean maker of disinfec- heavy snowand wind leading to Major roads southeastofaline Interstate 25 wasclosed north erytimes—a sign that capacity glue,everything from China has tant products, had to look airport and road closures, power thatcrosses diagonally from the from Fort Collins, Colo., to its end is under strain—arenow anear- increased,” said Lim Bao Lih, ex- abroad forsuppliers, eventually outages and avalanche warnings southwest corner of Wyoming to at Buffalo,Wyo. ubiquitous problem. Datafirm port manager at Classic Interna- finding them in the U.S. and the At DenverInternational Airport, IHS Markit reported that global tional. U.K. the runways were closed justbe- deliverytimes were the second- She said her firm used to “Therewas aglobal shortage CORRECTIONS  AMPLIFICATIONS fore noon Sundaydue to blowing longest on record in February, source nearly 70%ofits rawma- of bottle spray guns,” said Kim snowand poor visibilities. An ava- with only India and Thailand re- terials from China, including its Jin-Kyu,director at Soosan CMC lanche warning wasineffect Sun- porting adecrease during the core material.Now,the company in Seoul. TheRussell 1000 Growth From mid-JanuarytoFeb. dayfor the Rocky Mountains month. buysmore-expensiveleather Then, Soosan CMC’snew Indexisdown0.2% so far this 23,the totalnumber of states in west of Fort Collins, Boulder,Den- Shortages arepushing prices from Malaysia to offset rising sourcesofbottles dried up,and year.APageOne article on which the seven-dayaverage of verand Colorado Springs where higher,according to the surveys. shipping costsand material the companyhad to cut back on Saturdayabout value stocks newCovid-19 cases eclipsed the “intense snowfall will cause large Factories reported the sharpest prices in China. the production.SinceDecember, incorrectly said it had edged 14-dayaverage wasinthe single and destructiveavalanches,” Colo- rise in the prices they payfor in- In some cases,shortages have however, the companyisback to up 0.2%. digits,and it hit zero on Jan. 24. rado Avalanche Center said. putsinalmost adecade,and led to adecline in production. dealing with just one supplier AU.S.Newsarticle on March 5 —Associated Press they,inturn, raised the prices German automobile makers forspray heads. Debt tied to the Secured about Covid-19 infections article they charged. warned as early as December —Tom Fairless in Frankfurt OvernightFinancing Rate,or imprecisely described the rela- OBITUARY Theproblems aremost acute that they would have to trim contributed to this article. SOFR,totaled morethan $900 tionship as aratio. billion through February, up Middleweight Boxing Deliverytimes forfactorysupplieshave lengthenedsharply overrecentmonths,and thathas been from $64.9billion in February Noticetoreaders Great Hagler Dies reﬂected in arise in prices forthe things manufacturersneed to maketheir goods. 2019,according to datafrom Wall Street Journal staff the CME Group and membersare working remotely MarvelousMarvin Hagler Purchasing managersindexesfor suppliers' delivery times Bloomberg. AMarketsarticle during the pandemic.For the stopped Thomas Hearns in a MAINLAND CHINA U.S. GERMANY in some editions on Saturday foreseeable future, please send fightthatlastedlessthan eight 60 about the moveaway from Li- reader comments only by minutes yetwas so epic thatit ▲Deliverytimes shortening bor incorrectly said the com- email or phone,using the con- still lives in boxing lore. Two 50 parisonwas from ayear ago. tactsbelow, not via U.S. Mail. years laterhewas so disgusted after losing adecision to Sugar 40 RayLeonard—stolen, he claimed, Readers can alert The Wall Street Journal to any errors in news articles by GLOBAL emailing [email protected] or by calling 888-410-2667. by the judges—thathenever 30 foughtagain. ▼Deliverytimes lengthening One of the greatmiddle- 20 THE WALL STREET JOURNAL weights in boxing history,Mr. 2019 ’20 ’21 ’19 ’20 ’21 ’19 ’20 ’21 (USPS 664-880) (Eastern Edition ISSN 0099-9660) Hagler died Saturdayatthe age (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) of 66. Editorial and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 Published daily except Sundays and general legal holidays. He foughtwith aproverbial Purchasing managersindexesfor input prices Periodicals postage paid at NewYork, N.Y.,and other mailing offices. chip on his shoulder,convinced Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. thatfans and promoters alike MAINLAND CHINA U.S. GERMANY 70 AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are didn’tgivehim his proper due. available from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of the Americas, New He wassoupset thathewasn’t ▲Prices rising York, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only publication of an 60 advertisementshall constitutefinal acceptanceofthe advertiser’s order. introduced beforea1982 fight Letters to the Editor: Fax: 212-416-2891; email: [email protected] by his nickname of ‘Marvelous’ 50 Need assistancewith your subscription? thathewenttocourt to legally By web: customercenter.wsj.com; By email: [email protected] |Byphone: 1-800-JOURNAL (1-800-568-7625) change his name. Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 “If theycut my bald head 40 WSJback issues and framed pages: wsjshop.com open, theywill find one big box- ▼Prices falling Our newspapers are100% sourcedfromsustainably certified mills. ing glove,” Mr.Hagler oncesaid. 30 2019 ’20 ’21 ’19 ’20 ’21 ’19 ’20 ’21 GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS “That’sall Iam. Iliveit.” —Associated Press Source:IHS Markit P2JW074000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Monday, March 15, 2021 | A3 U.S. NEWS Life NotSame in Border Towns Up North

Once-fluid crossing with steeply reduced milk sales. Marden’s, afamily-owned between Maine and businessthat sells surplus and New Brunswick is real salvagewares at 14 Maine stores,several near theborder, divider in Covid-19 era is also feeling the pinch. Reve- nue at the storeinCalais, BY JON KAMP Maine,near the state’sbusiest border crossing,has tumbled Residents living near the by about 35% to 40%, said riverdividing Madawaska, Craig Burgess,the company’s Maine,fromCanada saythe in- general manager.“We’vegot to ternational border has long getthat border open,” he said.

been moreconcept than bar- (2) Theclosures have caused rier.People crossed the 100- personal strain, keeping loved year-old bridgetoEdmundston, ones far apart even if they only

NewBrunswick,easily each day JOURNAL liveashort driveaway,said

to shop,visit family and head REET Eric Marquis,Edmundston’s

to work. ST deputy mayor. “All of these But ayear afterCovid-19 LL thingsare starting to take their caused tight travel restrictions, WA toll,” he said. THE

the border remains amajor im- R In Madawaska, the pandemic

pediment to these remote, in- FO has largely separatedVincent

terwoven communities and NTI Frallicciardi from his longtime CO

manyotherslikethem. Canadi- L. partnerand fiancée, Melanie ans arenolonger streaming Michaud, even though she HLEY

intoMaine forcheaper Ameri- AS works at acredit union just over cangoods likegasoline and Snowmobilers rode down a nearly empty Main Street in Madawaska, Maine, in early March. ‘When you grow up in this area, across the bridgeinEdmundston. Mr. milk.And families that straddle the river is just across the river,’ says Sharon Boucher, who heads the local chamber of commerce in Madawaska. Frallicciardi, adual citizen, said the border have been cut off. he canenter Canada forwork “We’reboth suffering,” said dominant languageinEdmund- purposes,but not casual visits. GaryPicard, the appointed ston, and her three daughters Were the bordersopen, Ms. town manager in Madawaska, were born in the Canadian city. Michaud could easily travel regarding his community and TheU.S. significantly re- from her nativeNew Brunswick itsCanadian neighbor. stricted border entries on over to Mr.Frallicciardi’sMaine Madawaska, population March21, 2020,when the home.During avisit in October, about 3,700, sitsatopMaine Covid-19 crisis wasramping up. she instead drovetwo hoursto along the Saint John River.The Commercial traffic and essen- the city of Fredericton, flew to nearestofMaine’slargercities, tial workersstill cross, but Montreal, and then to Boston. Bangor, is 200 miles south. Un- morecasual visits—the trips Mr.Frallicciardi picked her up der normal times,residentscan fordairyproductsortovisit an forthe long driveintoMaine, walk intoEdmundston, home to elderly parent—have been andshe quarantined fortwo about 16,000. largely restricted. TheU.S.lim- weeks aftercrossing back into These communities aretied itsare currently set to expire her home country. so closely they shareapaper later this month, but have been “Webreathethe same air, plant, with amill on the Cana- steadily extended through the but it’sariver crossing that dian side that pipes pulp to pandemic. separates us,” she said. Madawaska to makeproducts About 3.3million people In St.Stephen, asmall New likeburgerwrappersand phar- poured over bordersintoMaine Brunswick town that also bor- maceutical inserts. They also by car, bus,train or on foot in dersMaine,Canadian Jane Cur- shareanAcadian heritage, typi- 2019,federal datashow. But ranhas been separated from cally celebrated with summer thenumber plunged 79% to hermother and stepfather, festivals.Cross-border mar- about 700,000 last year,and both in their early 80s, riages arecommon. Canadian border dataalso throughout the pandemic.They “Whenyou grow up in this showsignificant drops in in- livealone just acrossthe divide area,acrossthe river is just coming travel. Maine’sOfficeof the bridgewherevisitorsstop would take ahit. He and his businessisCanadian,” Mr. in Maine. across the river,” said Sharon Tourism estimates Canadian to check in. That hasn’t sister BeckyPelletier,who Lausier said. “I looked at my “I FaceTime my mom and I Boucher, the 70-year-old head visitation tumbled by about changed, but restrictions have. jointly ownBob’sServiceCen- sister and said, ‘Becky, we can’t see howmuch she’saged,” said of thelocal chamber of com- 80% on the year,costing the As soon as the restrictions ter, had to let their eight part- keep these people on board.’ ” Ms.Curran, 58,atrucking-commerce in Madawaska. Anative stateabout $1 billion. were put in place, Tim Lausier time and two full-time employ- He estimated the pandemic panysupervisor.“Everytime on the Maine side,she grew up Thereisasmall border sta- knewhis gasstation and con- ees go, he said. has cost about one million gal- we talk we cry. Everything is speaking French, which is the tion on the Madawaska side of veniencestore in Madawaska “Seventy-fivepercent of my lons in gasoline sales,along badabout it. Everything.” Louisville Police StruggleWith Overhauls Some Tax Filers

BY ZUSHA ELINSON gling with howtodiscipline chief in St. Matthews. included official misconduct, AND LOUISE RADNOFSKY officers, hampered in part by Mr.Fischer said he also perjury, assault, public intoxi- Reel From Fraud contractswith powerful em- wantstosee officersdisci- cation, drunken driving and One year afterthe fatal ployee unions. plined faster and moreconsis- domestic violence. shooting of Breonna Taylor, Louisville is in the midst of tently.Inthe recent past, it has Some of the officerswere new law-enforcement leader- coming up with policeover- takenyears, at times, foralle- convicted of crimes,some In Jobless Funds ship is grappling with the hauls to meet the terms of gations of misconduct to be re- struck plea deals and others challenge of weeding out bad its $12 million settlement with solved. “For the rank and file, were acquitted. officersand hiring good ones. Ms. Taylor’s family. it makes it look likeit’snot a Of the 14 officersstill work- BY SARAH CHANEY CAMBON it isn’t yetclear howthe IRS is Former AtlantaPoliceChief One of the changes is anew serious issue,” the mayorsaid. ing, six had left the Louisville AND RICHARD RUBIN handling situations in which Erika Shields took over Ken- early-warning system that will Arepresentativefor the forceand joined other police thereisamismatch between tucky’sLouisville MetroPolice track citizen complaints, use- union representing policeoffi- departmentsinKentucky. An- This year’s taxseason is forms received by the govern- Department in January. Soon of-force incidentsand internal- cers in Louisville didn’t return other eight were still working bringing an extrasurprise to ment and money received by after, an internal audit ordered affairsprobes foreach officer. calls seeking comment. at Louisville Metro. manyAmericans: the news the individual. in the wake of Ms.Taylor’s Thedepartment is also raising AWall Street Journal anal- Of the 14 no longer work- that they were victims of un- “You want to hold people death on March 13 of last year starting pay29% to $45,000. ysis of datagathered by Bowl- ing, three were fired, nine re- employment-insurancefraud harmless in this,ifthey’re wasreleased. It found that Metrostarting payisstill ing Green State University signed and two retired. Twoof that has topped billions of dol- caught up in it in anyway,” said three-quarters of the depart- belownearby cities likeSt. criminologyprofessor Philip the 14 had been decertified, a lars nationwide. Rep.BradWenstrup (R., Ohio). ment’semployees believe Matthews,which pays $68,000 Stinson found that of 28 Lou- movethat would prevent them Michael Baird, a33-year-old Alatechangetothe relief newlyhired officersaren’t to start, or Middletown, which isville officers charged with a from obtaining futurework in marketing manager in Chicago, lawjust signed by President qualified for the job, and 55% pays $52,000.Both depart- crime between 2005 and 2015, Kentucky. hasn’t lived in Texas forsev- Bidenshould lessen the tax said thedepartment doesn’t mentsregularly hirecops from 14 were still working in law Kenneth Betts resigned eral years. And yettherewas a problem. Forhouseholds mak- effectively identifyat-risk be- Louisville.“They lose aton of enforcement in the summer of from Louisville Metrointhe taxform from the stateof ing lessthan $150,000 in havior among its officers. good, experienced officers,” 2020,according to Kentucky midst of an internal investiga- Texas sitting at his parents’ 2020,the first$10,200 per “Wewant to changethe said BarryWilkerson, aretired state records. tion intosex-abuse allegations house in Houston, showing that spouse won’t be treated as in- cultureofpolicing herein Metromajor who is nowthe Thechargesagainst them against him in 2014. He went the statehad paid him $1,014 come.That doesn’t address Louisville,” MayorGreg on to work at two other Ken- in unemployment benefits.

Fischer said in an interview. S tuckydepartments. He was Mr.Bairdwas among the Chief Shields,hesaid, is “a sentenced to stateand federal victims of jobless-benefitsfraud PRES Victims are often straightforwardperson in prison terms in 2019 forsexu- who found out when they re- TED

terms of expectations from po- CIA ally abusing children in a ceived a1099-G taxform noting confused when they

liceofficersand their relation- SO youth program runbythe unemployment compensation, AS receive fraudulent ship with the community.” Louisville department. even though they never applied In her introductorypress An investigation by an out- fororreceived the benefits. The 1099Gs.

conference, Chief Shields said JOURNAL/ side lawfirm said that then- forms,produced by stateagen- that most cops do the job pro- ChiefSteve Conrad allowed cies,are also sent to the Inter- fessionally. OURIER Mr.Betts to resign because nal Revenue Service. Unemploy- /C “There’safew that really Mr.Betts wasworried about ment benefitsare usually households abovethat income take us down,” she said. She losing his health insurance. considered taxable income,and level or resolveall statein-

didn’t respond to requestsfor CLEVENGER Alawyer forMr. Betts the IRS uses them to makesure come-tax implications. comment. didn’t respond to arequest for income is reported correctly. In addition to taxforms,

Manypolicedepartments MICHAEL comment. Mr.Conrad couldn’t “Myworryisthat I’m going victims discover the fraud around the countryare strug- Erika Shields took over the Louisville Metro Police in January. be reached for comment. to file fortaxes and the IRS is when they trytofile forjob- going to see that Igot this un- lessbenefitsorreceivenotifi- employment compensation cations from the state unem- and think that I’m not paying ployment officeortheir Embattled Cuomo Says He Won’t Step Down taxes on it,” Mr. Baird said. employer, according to a Fed- Victims are often confused eral Bureau of Investigation BY JIMMY VIELKIND while,are making calls to shore delegation to the House of Rep- ney GeneralLetitia James,is when they receive fraudulent notice. up support among officials and resentatives called forthe gov- completed. 1099-Gs. Manystatesrecom- Mr.Bairdsaid he submitted ALBANY,N.Y.—NewYork other political figuresinthe ernor’s resignation. Mrs. Pelosi said she had con- mend that victims freeze their afraud report to the Texas un- Gov.Andrew Cuomo dug in this state, people familiar with the AppearingSundayonCBS, fidenceinthat review, and she credit and report the fraud employment agency’sonline weekend against growing de- effort said. Mr.Cuomo didn’t ap- NewYork City MayorBill de didn’t sayMr. Cuomo should through the stateunemploy- fraud portal. He also tried call- mandsfromfellowDemocrats pear in public over theweekend. Blasio said Mr.Cuomo was resign. ment agency’swebsiteor ing the Texas unemployment that he step asideashefaces Threeformer female aides to used to getting his way and President Biden wasasked fraud hotlines. agencyseveral timesbut accusations of inappropriate the governor and one woman would continue to hold out. Sundayashereturned to the “We are collaborating with couldn’t connect with an conduct toward multiple who still works on his staff TheDemocratic mayor, who has WhiteHouse from aweekend in our partnersacrossfederal agency representative. women and criticism over the have accused Mr.Cuomo of frequently clashed with Mr. Delaware if Mr.Cuomo should and stategovernment to iden- He is concerned about what state’shandling of Covid-19 in sexual harassment or inappro- Cuomo,said the governor was resign. “I think the investiga- tify the most streamlined ap- the IRS will do if he doesn’t nursing homes. priatebehavior. “holding up our effort to fight tion is under way and we proach to providing clear di- getanamended 1099-G form House Speaker NancyPelosi Thethird-term Democrat has Covid.” should see what it bringsus,” rection, information, support before he files for taxes. (D., Calif.) said on Sundayon denied he inappropriately Aspokesman forthe gover- Mr.Biden said. andresourcesfor these indi- A spokesman for the Texas ABC that Mr.Cuomo “should touched anybody and apologized nor declined to comment on Federal prosecutorshavere- viduals who have had their Workforce Commission, which look inside his heart—he loves if anyofhis remarks or behavior the commentsfromMrs.Pelosi quested dataabout nursing- identities used to fraudulently administersunemployment in- NewYork—tosee if he cangov- made people uncomfortable. and Mr.deBlasio. home deaths and areinterested collect unemployment bene- surancefor the state, said the ern effectively.” Mrs. Pelosi and People familiar with Mr. On Friday, Mr.Cuomo said in the production of aJuly fits,” aU.S.Labor Department agencycan issue anoticewith Mr.Cuomo have known each Cuomo’s thinking said he calls forhis resignation were Health Department report spokesman said. the IRS and in some cases is- otherfor decades,sincethe wasn’t planning to vacate his politically motivated. He also about howCovid-19 affected TheIRS has been urging sue acorrected 1099-G.The governor’s latefather,Mario office even as NewYork’sU.S. asked that people reservejudg- those facilities,The Wall Street taxpayers to not include in- spokesman said Mr.Bairdtook Cuomo,served as governor of senators—Chuck Schumer and ment until an investigation of Journal has reported. come from fraudulent 1099-Gs the correct steps in reporting NewYork from 1982 to 1994. KirstenGillibrand—as well as the sexual harassment allega- —Catherine Lucey contributed on taxreturns and to seek cor- the case through the state’s Thegovernor’s allies,mean- 16 Democratic membersofits tions, overseen by stateAttor- to this article. rected forms from states. But online fraud portal. P2JW074000-5-A00400-17FFFF5178F

A4 | Monday, March 15, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS Beefed-Up Immigration Bills Set to Test Waters U.S. Capitol BY MICHELLE HACKMAN Security Will WASHINGTON—TheHouse is settovoteontwo immigra- Continue tion bills this week,the first steps in Democrats’ effort to BY NANCY A. YOUSSEF see what, if anything,they can AND ALEXA CORSE accomplish on the issue this year. National Guardmembers TheWhiteHouse and con- from 11 states and the District gressional Democraticleaders of Columbia will provide secu- have said immigration is one of rity at the U.S. Capitol through their priority issues forthis the spring,aNational Guard Congress. So far,though, they spokesmansaid, amid mount- haven’t settled on howambi- ing objections among lawmak- tious their approach will be or ersand some militaryleaders whether they arewilling to to their deployment. compromise with Republicans GuardmembersfromDela- to passlegislation. Democrats ware,Hawaii, Illinois,Indiana,

have anarrow majority in the GES Kentucky, Massachusetts,Mis-

House,and arepressing to pass IMA souri, NewJersey,Ohio,Wash- as much as they canquickly, ingtonstate and Wisconsin,

though many of the bills face GETTY along with D.C. National Guard

steep odds in the evenly di- SE/ troops,will help securethe vided Senate. Capitol complex, said National Aides to President Biden Guardspokesman Lt.Col. Rob- have said they areembracing a ANCE-PRES ert Carver. FR “multiple trains leaving the All50states, three territo-

station” approach, lobbying for GENCE ries,and the District of Colum- the president’scomprehensive /A bia agreed to deploytheir

immigration bill as well as sev- AKER Guardsmen to Washingtonafter eral narrowerbills.Two of the Jan. 6Capitol riot by apro- HUFF

those measures will be voted Y Trump mob,sending apeak of ND

on this week: One would pro- SA approximately 26,000 troops to vide apath to citizenship for Demonstrators in San Diego showed their support in June for a Supreme Court ruling that supported the DACA program. securethe city forthe presi- young immigrants, known as dentialinauguration. Several Dreamers, who came to the U.S. ThedebateinCongressbe- what they sayisthe adminis- to the Migration PolicyInsti- March. But an internal tally of states have sinceended those as children and have lived in gins as soaring numbersofmi- tration’sinadequateresponse tute, anonpartisan Washington Democratic membersshowedit deployments. thecountryillegally,and hun- grant children and families are at theborder.Republicans have think tank.They include people didn’t have enough support in Last week,Defense Secre- dreds of thousands of immi- being arrested at the border, said the situation makes them who entered the countryille- thecaucus,according to two tary Lloyd Austin approved a grantsliving in the U.S. with a wheremanycome to seek asy- less likely to want to support gally or overstayed visas,as Democratic aides,and lawmak- plan to keep nearly 2,300 humanitarian protection called lum. The surge is straining gov- anylegislativecompromise. well as Dreamersand others ersand aides nowexpect the Guardtroops in Washington. TemporaryProtected Status. ernment resources,pressuring Rep.August Pfluger (R., with protected status that bill will movethrough the Defense officials said they plan Theother would provide apath border towns and providing Texas), amember of the House shields them from deportation. House JudiciaryCommitteein to reducethe Guard’sfootprint to citizenship forfarmworkers fodder forthe president’spolit- Mr.Biden’scomprehensive April with some elementslikely as conditions allow, and the in the countryillegally. ical opponents. bill, which he sent to Congress stripped out. mission is nowslated to end Rep.Alexandria Ocasio-Cor- Republicans have blamed House leaders will during his firstmonth in office, “We’reworking on explain- May23. TheGuard’sdeploy- tez(D.,N.Y.), who with other Mr.Biden’sborder policies,in- would provide apath to citi- ing howthe bill works in detail ment at the Capitol is projected progressives has advocated for cluding the decision to end a use a fasttrack zenship forthose immigrants, a to all of our colleagues,” said to cost $521 million through afar-reaching immigration Trump-eraprogram known as process to bring two $4 billion aid packagefor Cen- Rep.TonyCárdenas,aCalifor- May, the Defense Department overhaul, said delaying avote RemaininMexico, forprompt- tral America, and several other niamember of the Democratic said last week. on the comprehensivepackage ing the surge,which they have bills up for votes. changes to the U.S. refugeeand whip team. Some lawmakershaveob- wasasign that the broader bill called acrisis.The administra- asylum systems. House leaderswill use afast- jected to the security levels and doesn’t yethavethe entire tion has acknowledged the lo- Thebill lacks manyofthe track processtobring up for the accompanying restrictions. party’s backing.“Thereare gistical challengeatthe border border-security elementsthat votesthe two immigration bills, Militaryofficials also ex- concerns in the caucus on the but declined to call it acrisis. CommitteeonHomeland Secu- Republicans have said they theDream and Promise Act and pressed concern. TheArmyrec- appetiteofmoderatemem- On Saturday, the government rity who is joining Mr.McCar- would need to support it, and the Farm Modernization Work- ommended deploying asmaller bers,” she said. directed the Federal Emergency thyonthe trip Monday, criti- people in both parties saythey forceAct, this week.The Senate number of troops,defense offi- Theintraparty split over Management Agencytoprovide cized the decision to vote on viewitmoreasaDemocratic is unlikely to pick up either bill cials said. Thecommander of strategyshows agrowing con- support at the border. the bills this week “while the messaging effort rather than a as writtennow,sincemost leg- the National Guard, Gen. Daniel cern among progressiveDemo- House Minority Leader perception and the reality is blueprint forwhat could be- islation in that chamber re- Hokanson, said in amemo that cratsthat not acting on the is- Kevin McCarthy(R.,Calif.) is that thereisanopen border.” come law. quires 60 votestopass. it would be difficult to fill the sue could cost them with base leading adelegation of adozen An estimated 11 million im- Democratic leadersinthe —Siobhan Hughes request formoretroops to ex- voters in the 2022midterm House Republicans to El Paso, migrants in the U.S. lack per- House had hoped to bring the and Eliza Collins tend the National Guardpres- elections. Texas,this week to highlight manent legal status,according Bidenpackageupfor avotein contributed to this article. ence. GES IMA ETTY /G RBIS CO REZ/ VA AL Z MUNO ARDO EDU The Covid-19 relief bill, which increases the U.S. debt, aims to address the effects of the pandemic.

paid for.” Biden Team Sperling to Lead In the past year,successive rounds of stimulus spending to Relief Law Effort combat the coronavirus and its Weighs the economic fallout have contributed to anearly $4.5trillion in- WASHINGTON—President crease in federal debt held by Long Term Biden is expected to tap the public,to$21.9trillion as of Gene Sperling, a veteran of March 1. Democratic administrations, Theyield on the 10-year ContinuedfromPageOne to lead the implementation of Treasurynotewas 1.634% on doesn’t have,and that while the $1.9 trillion coronavirus Friday, up from 0.9% at the theadministration intends to relief law, an administration start of the year,meaning that issue proposals to rein in defi- official said Sunday. the cost of borrowing is rising citsovertime,U.S.borrowing Mr. Sperling led the White forthe government and across costsare nowmanageable. House National Economic the economy. But policymakers Progressivelawmakersin- Council under President Bill have attributed therise to the cludingSen. Elizabeth Warren Clinton and President Barack brightening economic outlook (D., Mass.)recently proposed a Obama and served as an in- rather than market concerns so-called ultra-millionairetax. formal adviser to Mr. Biden’s about government borrowing. Thelegislation would createa presidential campaign. Fornow,thereare few signs 2% annual taxonthe net worth Mr. Biden is set to give of the kind of inflationaryspi- of households and trustsbe- remarks Monday on the im- ralorfiscal crisis that policy tween $50 million and $1 bil- plementation of the law, makersoncethought would ac- lion and an additional 1% surtax which includes direct pay- companydebt levels liketo- on those above$1billion. ments, an extension of en- day’s. “In spiteofthe fact that “That’s something that we hanced jobless benefits and the debt has increased substan- haven’t decided yetand can an extension of the child tax tially,interest paymentsrela- look at,” Ms.Yellen said on credit. —Catherine Lucey tivetothe sizeofthe economy ABC, referring to the wealth have remained quitelow,” Ms tax. She noted that Mr.Biden Yellen said Sunday. proposed higher taxesoncor- advisersare just starting to Mr.Biden, aDemocrat, never porations,onsome individuals grapple with the issue.While endorsed annual wealth taxes and on capital gains or divi- they haven’t ruled out more advanced by Ms.Warren and dend paymentsduring his 2020 borrowing to financepartsof Sen. Bernie SandersofVer- presidential campaign. “Those the plan, Mr.Biden has talked mont, instead offering asuite arealternatives that address— about his campaign proposals of taxincreases on corpora- that aresimilar in their impact to raise taxesoncorporations tionsand high-income house- to awealth tax.” and high-income households to holds,including higher taxeson TheU.S.has borrowedtril- payfor newpermanent pro- capital gains. lions of dollarsinthe past year grams,said JaredBernstein,a Republicans areunlikely to to payfor coronavirus relief. topeconomic adviser. support taxincreases.“Coming Some Democratshavesignaled One consideration influenc- outofthe pandemic and trying they might be willing to borrow ing the administration:distin- to rebuild this economy, there moretofinanceprograms such guishing between short-term is no worsetime to be raising as infrastructure.Some moder- stimulus and longer-term taxesonemployers,onthose ateDemocrats, including Sen. spending that is likely to feed whoinvest in the economy, or JoeManchin of West Virginia, deficitsovermanyyears. raising taxesinany waythat have said the ballooning na- “Whenyou’reworried about slowsthis growth,” said Kevin tional debt is areason to en- fiscal sustainability,the things Brady of Texas,the topRepub- surenew spending is offset that hurt youare not the tem- lican on the House Ways and with taxincreases,while Re- porarymeasures,” Mr.Bern- MeansCommittee. publicansare likely to call for steinsaid in an interviewlate —Richard Rubin cutselsewhereinspending. last month. “It’sthe thingsthat and Paul Kiernan Thepresident’seconomic arepermanent [and] that aren’t contributed to this article. P2JW074000-2-A00500-1------XA

THE WALL STREET JOURNAL. ** Monday, March 15, 2021 | A5 U.S. NEWS DemocratsSee Earmarks as aBridgetoSkeptical GOP

BY LINDSAY WISE howfederal taxpayerdollars sides of the aisle, and Capitol nity projectfunding”—will be Senateunlessthere’sabiparti- ations, absolutely.” were spent locally—although Hill has had a moratorium on limited in scope,transparent san agreement to do some- House Democratsan- WASHINGTON—Earmarks even in their heyday, in the earmarks since 2011. and accountable.And they are thing with appropriatesafe- nounced the return of ear- aremaking acomeback on mid-2000s,earmarks accounted Then-President Barack offering Republicans an equal guards.” marking in lateFebruary. In a Capitol Hill, pushed by Demo- forlessthan 1% of the federal Obama pledged to veto any share of the pot. SenateAppropriations memo, House Appropriations cratstrying to enticeRepubli- budget. Earmarks provided bills containing them,and GOP “I’m not surethat Dems CommitteeChairman Patrick Committee Chairwoman Rosa cans to support amajor infra- lawmakerstangible results,in conferences in the House and want to do it, just if it’s us, if LeahyofVermont has prom- DeLauro(D.,Conn.) recast ear- structurepackage and other the form of newhighways, mu- Senatestill have rules banning ised his Republican counter- marks as community project spending bills.But GOP law- seums or research projectsto them. part, Sen. RichardShelby of funding, and introduced rules makersare torn over whether promoteonthe campaign trail. Now, with Democratscling- Earmarks could act Alabama, that the panel, which banning for-profit grantees to take advantage of them. Still, reportsofwaste, ing to majorities in an evenly doles out federal funds,would and limiting earmarks to 1% of Earmarking, which fell out abuse and favoritism made dividedSenateand narrowly as sweetenerstopass evenly divide earmark money discretionary funding. of favor a decade ago, allows earmarks politically radioac- divided House,earmarks could an infrastructure between both parties. Under the plan, lawmakers lawmakerstodirect federal tive. An infamous example was act as crucial sweetenersto Mr. Shelby said he is ame- arerestricted to 10 projects agencies to spend specific a$223million earmark in passaninfrastructurepack- package. nable,ifsafeguards areput in each andmust certifythat amountsonprojectsintheir 2005 to link asmall city in age, one of President Biden’s place. “Of course Ithink it’s they and their families have home states or districts. Ear- Alaska to an airport on a toppriorities,orother legisla- Congress’srole,you know, di- no financial interestsinthose marks date to the Lighthouse nearby island, population 50. tion. rected appropriations.But projects. They must post all Act of 1789,which contained The“bridgetonowhere” be- Democratssay the newear- the Rs saythey’renot going to they abuse it, some people requestsonline,along with one for a pier in Philadelphia. came an enduring symbol of mark system—their preferred do it,” said Sen. Tim Kaine (D., abuse it,” he said. “We’ll see justifications. Thepracticegavemembers pork-barrel spending. terms are“congressionally di- Va.). “I don’t think you’ll see what happens…I would always TheWhiteHouse hasn’t of Congresssome control over Backlashcame from both rected spending” or “commu- earmarks coming back in the support meritorious appropri- takenaposition on the matter. Power Firm In Texas Plans to File Bankruptcy

BY ANDREW SCURRIA AND ALEXANDER GLADSTONE

Texas powerretailer Griddy Energy LLC,devoidofcus- tomersand facing litigation after charging hefty amounts during the winter freeze that swept the state last month, is planning to file forbank- ruptcy,people familiar with the matter said. Griddy is preparing to wind down itsbusinessthrough a PRATT bankruptcy filing that could come within days,according to people familiar with the matter. Texas regulatorshavealready barred Griddy from thestate INDUSTRIES powermarket afteritpassed steepincreases in electricity prices on to customersduring last month’senergy crisis. While most consumersin Texas buy electricity at fixed HASBUILT rates from municipal utilities and powerretailers, Griddy offered access to variable electricity prices that skyrocketed 5OFAMERICA’S LAST during the extreme winter weather.When spot prices briefly shot up to $9,000 per megawatt hour during the 6PAPER MILLS — winter freeze—compared with an averagelast year of less than $22—Griddy customers complained of receiving exor- bitant bills, part of a broader ALL 100% RECYCLED backlash over how regulators and market participants handled the weather emergency. Representatives for Griddy didn’t respond to requestsfor comment on Sunday. TheElectric Reliability Council of Texas, which oper- ates the state’s grid, revoked Griddy’s operating rights and transferred itscustomerselse- where last month after it defaulted on required payments. In a message to customers after Ercot’s decision, Griddy said, “Wehavealways been transparent and customer-cen- tric at every step. We wanted to continue to fight forour memberstoget relief and that hasn’t changed.” In that message, the company also said it was hopeful that stateand federal govern- mentswould “provide relief forall Texans” and that it was committedtoproviding credit for any relief we receive back PRATT to our customers on a dollar- for-dollar basis.” Ercotsaid Thursdaythat it wasshort nearly $3.1 billion in required paymentsfrommarket partici- INDUSTRIES pants, including morethan $29 million from Griddy. TheTexas attorney general is suing Griddy,saying it en- gagedindeceptivetrade practices by issuing excessivebills “with little to no warning” and HASBUILT auto-debiting customer accounts, despiteadvertising itself as abetteroption forcus- tomersthan traditional 5OFAMERICA’S LAST retailers. AGriddy customer said in aproposed class-action lawsuit last month that her 6PAPER MILLS — bill, typically between $200 to $250 a month, rose in Febru- ary to $10,995. Griddy is being advised on itsplanned liquidation by law firm Baker Botts LLP,people ALL 100% RECYCLED familiar with themattersaid. As part of the bankruptcy process, Griddy plans to waive certain customer chargesasso- ciated with the winter storm, a person familiar with the mat- tersaid. ABaker Botts representative didn’t respond to a request forcomment Sunday. Griddy has previously said it notified customers before the worstofthe weather event that they might be betteroff www.prattindustries.com switching providersfor a short time to avoid exposure to wholesale prices. P2JW074000-0-A00600-1------XA

A6 | Monday, March 15, 2021 THE WALL STREET JOURNAL. U.S. NEWS More Virus Fatalities Discovered Fauci Says NewSurge Real-time counts are sometimes revised Is Possible, after reconciling data with death certificates As in EU

BY JON KAMP BY NICOLE FRIEDMAN

While Covid-19 deaths head Newcases of Covid-19 are lower, raising hopes that the falling acrossthe countryand U.S. is turning acorner as vac- vaccine eligibility is expand- cinations continue,states ing,but the nation’stop infec- around the countryare tious-diseases expert warned steadily finding previouslyun- on Sundaythat reopening too reported deaths that arecaus- quickly could lead to another ing dataconfusion. surge. Theissues largely involve TheU.S.reported more systems that states areusing than 53,000 newcases forSat- to trytoreport Covid-19 data urday, according to datacom- in near real time,and not piled by Johns Hopkins Uni- deaths reported moreslowly versity that waspublished S through death certificates. Sunday. Saturday’stally was These front-line numbersare PRES down from arevised61,204

the ones that fuel statedash- TED cases forFriday. Thefigure boards and datatrackers, like CIA wassharply lowerthan peak SO

theclosely watched one cre- AS levels reached in January, ated by Johns Hopkins Univer- Y/ when daily totals oftensur- sity,which help policymakers passed 200,000.

and the public closely monitor SEMANSK The nation added just over pandemic trends. 1,700fatalitiestothe death TRICK

Ohio in Februaryannounced PA toll, bringing the totaltomore more than 4,000 additional Suzanne Brennan Firstenberg in October walked through her art installation in Washington memorializing those who died of Covid-19. than 534,000,according to deaths while reconciling its Johns Hopkins data. data, and Indiana added about certificates to be completed, found four privatelaboratories reporting didn’t seem to track to other issues,such as people Thepaceofvaccinations 1,500.Smaller revisions have Dr.Amjad said. But the state failed to report lab results, and arise in cases,and death cer- avoiding hospitals during continues to accelerateacross also recently come from Vir- last year asked medical pro- that led to finding another 138 tificates helped correct the er- health emergencies. the country. On Friday, the ginia, Minnesotaand Rhode Is- viders to also fill out a one- deaths.These had been re- ror, said Lilian Peake, Vir- “We’re kind of stuck with U.S. surpassed 100 million vac- land. On Thursday, authorities pagereport forCovid-19 corded on death certificates,a ginia’sstate epidemiologist. this underreporting,especially cinations and an averageof in West Virginia said medical deaths to create a faster re- health-department spokesman “Werealized something was at thebeginning of the pan- 2.5million doses aday have providershadn’t properly record.The statediscovered the said. wrong,” she said. demic,” said Robert Anderson, been administered over the ported 168 deaths to the recent undercount, of all An audit in Indiana uncov- These statefixes aren’t fill- chief of the mortality-statistics past week,according to aWall state’spublic-health depart- deaths from December and ered 1,507historical deaths, ing in major gaps in what re- branch at the National Center Street Journal analysis of data ment. January, by using death certif- mostly from 2020, state au- searchersbelieveisasignifi- forHealth Statistics,which is from the Centersfor Disease “Nobody likes surprises, icates to determine that the thorities said in early Febru- cant undercount of Covid-19 part of the Centersfor Disease Control and Prevention. and nobody likes datathat’s 168 death reportsweren’t ary. Death certificates were deaths.This is underscored by Control and Prevention. The drop in new cases and wrong because that’swhat properly filled out, Dr.Amjad used to verifythose fatalities, awide gapbetween known Thebig changes at the state the increased paceofvaccina- drives decisions,” said Ayne said. aspokeswoman forthe state Covid-19 deaths and excess level cancreateatleast tem- tions has led some states,like Amjad, West Virginia’sstate She said the reporting is- health department said.Soon deaths,ordeaths aboveaver- porary, and artificial, bulges in Texas, to allow businesses to health officer. sues were at about 70 sites, after, an issue with unrecon- agelevels in recent years. the datathat Johns Hopkins reopen at full capacity and Likemanycountries,the mostly hospitalsand long- ciled mortality dataled Ohio’s Misreporting Covid-19 and othersare knitting to- drop mask mandates.But U.S. is trying to track pan- term-carefacilities.ACovid-19 health department to find deaths wasparticularly likely gether to showdaily trends. some health officials worry demic events nearly as they surge likethe one that hit the 4,000unreported Covid-19 early in thepandemic,when This briefly happened with that thecountryisatrisk of happen, and abig part of this U.S. this winter canslowre- deaths. testing wasscarceand doctors the backlog of mortality data anotherwaveofnew cases, effort has required speeding porting, she said, but she and In Virginia, it wasasystem filling out death certificates from Indiana and Ohio,before amid aquick rush to return to up howdeaths arereported. Gov.Jim Justicecalled the re- problem that recently led the were lessfamiliar with the dis- those were backdated, which normal. In West Virginia, reporting porting errorsunacceptable. statetoadd about 900 deaths. ease,according to public- Johns Hopkins tracks and re- Dr.AnthonyFauci said Sun- deaths would typically require On Tuesday, Minnesota Officials thererealized the health experts. They have also flectsinits recordswhen pos- dayonNBC that if new waiting manyweeks fordeath health officials said an audit number of deaths they were chalked up some excess deaths sible. Covid-19 infections plateau around 60,000 a day, there is risk of another surge. “That’s the thing we really want to BioNTech RecruitsRivals to Lift Va ccine Output avoid, because we aregoing in the right direction,” he said. “That’swhy Iget so anxious BY BOJAN PANCEVSKI raised tensions between the the vaccine based on the inno- of delivery—a bottleneck Bi- Pfizer,acompanygoing when Ihear pulling back com- bloc and the U.K. and the U.S. vativemessenger RNA tech- oNTech’s new manufacturing back nearly two centuries that pletely on public-health mea- The maker of the West’sfirst This could pose achallenge nology in February 2020, and alliancenow aims to alleviate. employs around 100,000 peo- sures,likesaying,‘No more Covid-19 vaccine is building a to BioNTech’salliance. Itsvac- then teamed up with Pfizer to Aftermonths of negotia- ple,currently makes 50% of masks.’ ” newmanufacturing alliance cine uses sophisticated new test, produceand market it tions,the companyhas assem- the activeingredient forall NewCovid-19 cases have that could throw Europe and techniques that requirescarce around the globe. bled aweb of companies,most doses,aspokeswoman said, been rising in the European therest of the world alifeline ingredientsand expertise.This Thevaccine wasauthorized of them in Europe and some with theother half produced Union sincemid-February. amid apainful shortageofshots makes foradelicatesupply in Europe and the U.S. in De- key rivals to Pfizer. BioNTech by medium-sizeBioNTech. A “They always seem to be afew and arebound in infections. chain that is vulnerable to the cember aftertrials showedit said it was confident the alli- BioNTech spokeswoman said weeks ahead of us in the dy- BioNTech SE, aGerman type of export controls the EU, washighly effectiveatpre- ancewould allowitand Pfizer the company was in fact pro- namics of the outbreak,” Dr. companythat joined with the U.K. and the U.S. have im- to meet their goal of produc- ducing 60% of the output. Fauci said, referring to Eu- Pfizer Inc.tomanufactureand posed in recent months, coming two billion doses in 2021. BioNTech’s co-founder and rope,during an interviewon distributeits vaccine,has mar- pany officials have warned. Pfizer and BioNTech Under their original agree- chief executive, Ugur Sahin, Fox News. shaled an allianceof13com- Pfizer and BioNTech devel- ment,BioNTech, which owns told TheWall Street Journal Dr. Fauci also said the CDC panies,including Novartis AG, oped the firstCovid-19 vaccine have struggled to the marketing rightsfor the he realized last fall that his wasanalyzing newdatathat Merck KGaA and Sanofi SA,in authorized in the West in re- makeenough vaccine vaccine,supplies Germany, partnership with Pfizer found therewas no difference an effort to meet—and per- cord time,but itscomplex China and Turkey,while Pfizer wouldn’t marshal enough ca- between 3feet of social dis- haps exceed—an ambitious manufacturing has leftthe U.S. to satisfy demand. covers the rest of the world. pacity to meet global demand. tancing and 6 feet. “What the target of making two billion giant struggling to meet pro- So far, BioNTech and Pfizer Pfizer,which had no mRNA CDC wantstodois, they want doses of vaccine this year. duction targets. have sold 500 million doses to production capacity beforeits to accumulatedata,” Dr.Fauci TheEuropean Union has BioNTech’sresponse: an al- the EU,300 million to the U.S., deal with BioNTech, took lon- said on CNN.“And when the been struggling with ashortage liancedesigned to jolt produc- venting infections in adults. On 120 million to Japan, 110 mil- gerthan expected to set up datashows that thereisan of vaccines as manufacturers, tion of the vaccine and speed Thursday, areal-lifestudy by lion to China and itsterrito- plants at itssites in Kalama- ability to be 3feet, they will including British-Swedish phar- up vaccinations in Europe and Israel showedthe shot was ries,40million to the U.K. and zoo, Mich., and Puurs, Bel- act accordingly.” maceutical firm AstraZeneca elsewhere. Thenegotiations also 94%successful in stopping 20 million to Canada. gium, the companies said. Dr.Fauci expressed confi- PLC,have fallen behind on their forthe newmanufacturing al- asymptomatic transmission. Millions of doses have also APfizerspokeswoman dence that vaccines would be deliverypledges to the bloc. liance were coordinated with Yetdespitetheir successes, been sold in undisclosed con- blamed the delays on the need widely available by May1.“I Theshortagehas largely Pfizer,aBioNTech spokes- Pfizer and BioNTech have tractswith Middle Eastern and to put together asupply chain don’t think there’smuch that’s been limited to the EU, which woman said. struggled to makeenough of othercountries,and 40 million forraw materials,adding that going to prevent us from hav- wasslowerthan itsWestern Thecancer-research firm, the vaccine to satisfydemand, have been sold to Covax,anin- the companyhad sincescaled ing quantitatively the number allies in ordering and approv- based in the small German causing growing frustration ternational initiativetoprovide up production at an unprece- of vaccines that the president ing the vaccines,and it has town of Mainz, came up with around the world at the pace vaccines to developing nations. dented pace. promised,” he said on NBC.

in placefor customers.” turer in management and a or businesses need. That’swhy StatesTake Google declined to com- business-strategyresearcher we hope Congresswill passa ment on the legislation or any at Stanford University. national privacylaw.” lobbying efforts in the state. Thebiggest five compa- Technologycompanies have Up Fight on In February, Maryland law- nies—Amazon, Google,Face- stepped up legislative spend- makerspassed legislation that book,Apple and Microsoft—all ing at different levels of gov- would taxthe revenue of com- sawstaggering growth in 2020, ernment recently.Facebook Tech Firms panies such as Google,Face- as stuck-at-home Americans and Amazon outspent all other

S book and Amazon.comInc. turned to online shopping, U.S. companies in federal lob- from digital ads.This month smart devices and streaming. bying last year,The Wall NEW

ContinuedfromPageOne G Virginia Gov.Ralph Northam,a Those companies’ combined Street Journal has reported. action, as with California’s Democrat, signed intolaw new revenue grew by afifth, to $1.1 Facebook spent nearly $20

2018 privacylaw,which gave OOMBER privacy rules similar to those trillion, and their collective million, up 18% from the previ-

consumersboth the right to ac- /BL in California, with added lim- market capitalization soared to ous year,while Amazon spent cess personal information that its on the consumer data that $8 trillion during the pandemic. about $18 million last year,up

businesses collect from them MORRIS companies can collect online. Given the stakes and what 11%. Apple disclosed $6.7 mil-

and the right to request that UL Some states have targeted some view as the inevitability lion in lobbying spending, data be deleted and not sold. PA online content moderation, of moreregulation, tech com- down from a record $7.4 mil- VID

Facebook Inc.initially op- DA with Texas proposing amea- panies must playamoreactive lion in 2019,and Google also posed the California measures, Google is hiring lobbyists as it braces for laws curbing its power. surethat would prohibit social- role in influencing legislation, reported adrop, spending $7.5 but supported them afterthey mediacompanies from banning Mr.Siegel said. Facebook and million. Google and Facebook took effect.Companies such as Senateinthe next several said afinal vote could take usersbased on their view- Google areamong tech compa- arefacing multiple antitrust MicrosoftCorp.haveopted to weeks.The legislation would placewithin the next month. points. NewYork staterecently nies calling forfederal rules on lawsuits, and Amazon and Ap- honor the newrules acrossthe free some software developers Ms.Cobb said she believes looked intochanging itsanti- issues such as dataprivacyand ple have been the subject of country. from fees that Apple and thereare sufficient votesto trust laws to makeiteasier for artificial intelligence. preliminaryinquiries that “So much has happened Google placeonapps,which passthe bill in the narrowly it to sue tech companies. “Large technologycompa- could advancefurther under sinceCalifornia passed the canrun up to 30% of sales divided Senate. Apple and Statesmight have an easier nies have no choicebut to en- the Biden administration. original privacyact,” said Sam from paid apps andin-app Google have lobbied heavily path to passlawsthan Con- gage,” Mr.Siegel said. “So Statesare also using courts McGowan, a senior analyst at purchases.App developers against the bill, Ms.Cobb said. gressdoes,Mr. McGowansaid, much money has been made by to seek change. AColorado-led policyresearch firm Beacon would be able to charge peo- Apple declined to comment because manystate govern- these companies,and that has coalition of attorneys general PolicyAdvisors LLC.Lawmak- pledirectly through the pay- on lobbying in Arizona. A ments have fairly short legis- everyone gunning forthem. filed an antitrust suit against ers’ concerns nowstretch well ment system of their choice. company spokeswoman said lativesessions lasting afew They have asizeand scale and Google in December over its beyond privacytosuch topics Thebill would apply to Ari- Apple“created the App Store weeks or months,meaning reach that nobody has.” dominanceinonline search. as anticompetitivebehavior zona-based app developers to be asafeand trusted place billscan swiftly maketheir Facebook’svicepresident of Meanwhile,California is look- and how social-media compa- and consumersyet could set a foruserstodownload the apps way through committees and stateand local policy, Will ing intohow Amazon treats nies police content, he said. wider precedent. they loveand agreat business to votes. Castleberry, said the company sellersinits online market- In Arizona, aclosely State Rep.Regina Cobb,a opportunity fordevelopers. Tech companies’ soaring “will continue to support bills place, and authorities in Con- watched bill regarding app- Republicanand the legisla- This legislation threatens to growth and influence during that aregood forconsumers, necticut are investigating how storepaymentshas cleared tion’s chief sponsor,said the break that very successful the pandemic have raised ur- but apatchwork approach to Amazon sells digital books. the stateHouse and is ex- bill is about “consumer protec- modeland undermine the gencyatthe statelevel,ac- privacydoesn’t givethe consis- Amazon declined to com- pected to be debated in the tion and transparency,” and strong protections we’ve put cording to RobertSiegel,alec- tencyorclarity that consumers ment. P2JW074000-0-A00700-1------XA

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A8 | Monday, March 15, 2021 ** THE WALL STREET JOURNAL. WORLD NEWS Vaccine SuppliesGet aBoost From India

Company lifts output, India's local inoculations and exportedCovid-19 exports as Western vaccine doses countries focus on shots for their citizens 60 million Exports BY ERIC BELLMAN 50 PUNE, India—As much of the world struggled to secure Covid-19 vaccine supplies in 40 February, morethan 50 million doses were chilling in aware- house in western India, stacked 30 morethan 50 feet high.

Thecompanywith the CK Local stockpile,Serum Instituteof TO 20 India, used to be little known outside the vaccine industry, SHUTTERS

but itscapacity to ramp up A/ production to morethan 70 10 million doses amonth has put LANKI/EP

it and India solidly at center SO

stage in the fight against the NT 0 pandemic. KA YA Jan. Feb. March

TheU.S., Japan and Austra- DIV lia have just pledged more Senior citizens in Mumbai waited on Friday to get their first doses of a Covid-19 vaccine made by Serum Institute of India. Source:GovernmentofIndia than $200 million to help In- dian companies expand their Over time,its scientistsfig- a monthly basis is what most capacities faster and add one Scaling Up Output been turning to India forhelp. also been running into prob- ured out howtomakethe companies aredoing on an an- billion doses to the global sup- “I think alot of people don’t lems with vaccine production. doses faster,tinkering with nual basis,” said Serum Insti- ply.Tapping India’svaccine- Proves a Challenge understand whytheycan’tget The U.S. Government Ac- the processtoget moreout of tuteChief ExecutiveAdar production capabilities wasat vaccines, whyitissohardtojust countability Office outlined each batch. Thesecret, Se- Poonawalla. the center of virtual talks on get supply,” said Serum Institute what is getting in the way of rum’s scientists say, is know- Serum Instituteisnow try- Fridayamong the leadersof India has been the world’s Chief ExecutiveAdar Poonawalla. making more vaccines in a re- ing howtogrowlarge ing to repeat the rapid rollout, those three countries and In- biggestvaccine producer for “People underestimate manufac- port in February, saying the amountsofcells in biggerbio- this time building capacity to dia, an alliancetrying to coun- years. It produces morethan turing at scale; sometimes it’s building of new facilities, delays reactors, the large metal vats produceone billion doses of a terChinese expansionism half of the volume of the world’s actually harder to manufacture in the delivery of equipment used to grow the cells to make Covid-19 vaccine from Novavax, known as the Quadrilateral Se- vaccines and has built aspecial- at scale than it is to even de- and other supplies and the lack vaccines.Itisalso knowing which was recently shown to be curity Dialogue, or the Quad. ization in doing large batches of velop or invent avaccine.” of experienced managers have the right moment to introduce 89.3%effective at protecting China and Russia have been vaccines foremerging markets, This year, the makers of all weighed on expanding man- the virus intothe cells,aswell people from thedisease.Ina supplying vaccines produced which need each shottocost vaccines approved for use in ufacturing capacity. as when to harvest that virus, separatefacility in anew build- domestically to much of the lessthan afew dollars. the EU—Pfizer Inc. and BioN- “Vaccine manufacturing is which becomes the base for ing,six 4,000-liter steel vats developing world, while the As massproduction and dis- Tech SE, Moderna Inc. and As- highly complex and generally the vaccines. were being installed and tested. U.S. has focused much of its tribution of Covid-19 vaccines traZeneca PLC—cut deliveries will ramp up at a gradual pace, It took months to under- Successhas brought anew effortsonensuring supplies has proveddifficult, morecoun- because of manufacturing bot- rather than starting at full stand the best way to mass kind of headache as Serum has for Americans. tries and vaccine producers have tlenecks. China and Russia have scale,” the report said. producethe AstraZenecavac- had to navigateabacklash Thefinal details and scope cine,said Umesh Shaligram, against itsannouncements. As of the Quad vaccine program an executivedirector at Se- it began exporting tens of mil- arestill being worked out, an stitutehas had at ramping up Serum Institutecould move than $1 adose.Itdoes that, rum. “You have to under- lions of doses world-wide, Indian official said. It will start production.Serum Instituteat morequickly than most be- andstill makes aprofit, by stand—to kind of sense—how some questioned whythe doses by financing an expansion of firsthad contracted with Astra- cause it already had moreca- making batches of millions of your cells arebehaving,how a weren’t being kept forIndians. production capacity at an In- ZenecaPLC to supply vaccines pacity than anymanufacturer, dosesatatime.Overdecades, virus is behaving.Ittakes abit “I humbly request youto dian company, Biological ELtd., only to countries in the devel- much of which it could repur- it has built skills,equipment of time to understand,” he please be patient, @SerumIn- to makeone billion doses of oping world, but it wasable to pose to produceCovid-19 vac- and analytics few canmatch. said. “Each batch yourun you stIndia has been directed to Johnson &Johnson’svaccine. build production capacity so cines.Beforethe pandemic,the As soon as itsfirst vial of the understand better.” prioritise the hugeneeds of Authoritiesmight later con- quickly that it is nowfilling or- Serum Institutewas making cellular material used to create By December,itwas making India and along with that bal- sider including support forthe dersinthe West as well. This around 1.5billion doses of vac- the AstraZenecavaccine arrived 30 million doses amonth. This ancethe needs of the rest of Serum Institute’s production of month, it sent five million cines per year.Ithas been the in May, Serum Institute’sscien- month it is making morethan theworld,” Mr.Poonawalla avaccine by Novavax Inc., the doses to the U.K.,home of the go-tosupplier forinternational tistsstarted growing enough of 70 million doses,and it ex- tweeted in February. “We are official said. University of Oxford, which de- organizations such as Unicef it to fill large containers—some pectstoreach 100 million in trying our best.” Theprogram will attempt to veloped the vaccine with Astra- and emerging marketsbecause able to hold 2,000 liters, or the next month or two. —Rajesh Roy replicatethe success Serum In- Zeneca. it sells most vaccines at less nearly 530 gallons. “What we’re doing now on contributed to this article.

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THE WALL STREET JOURNAL. ***** Monday, March 15, 2021 | A9 WORLD NEWS Drop in SouthAfrica CasesFuels Queries

Steep decline remains The cause of this steep de- peaks coincide with over- clineincases remains some- whelmed hospitals and large a mystery in country what of amystery.Asinother numbersofdeaths.During the that hasn’t ramped up countries that have at some troughs,meanwhile,lifein point experienced surprising some places canfeel almost vaccines or lockdowns drops in Covid-19 cases—such normal again. as India, Pakistan and some Filling the gaps in the S BY GABRIELE STEINHAUSER partsofBrazil—epidemiolo- world’sunderstanding of the

gists and virologists are piec- viruscould have important PRES

JOHANNESBURG—This ing together different explana- implications for public-health TED

year,doctorsand epidemiolo- tions for why the outbreak in decisions. Those include how CIA SO

gistsinSouth Africa’seco- South Africaisn’t following to calibrategovernment inter- AS nomic capital were bracing for patterns set elsewhere. ventions such as lockdowns, Y/

the worst. Anew coronavirus Those include important wherebest to target vaccines, DELA strain wassurging acrossthe population groups reaching suf- and when acountryorregion OME

country, thousands of vaca- ficient levels of immunity to has reached herd immunity— JER tionersweredue to return slowtransmission, people stick- or if that is even possible, A woman is briefed before taking a Covid-19 test at the Ndlovu clinic in Groblersdal, South Africa. from Covid-19 hot spots, and ing moreclosely to social-dis- given the emergenceofnew one in three coronavirus tancing rules,such as wearing coronavirus strains. people who had recovered Indoor dining at limited ca- of the population had reached testswas coming back positive. masks and voluntarily reducing One complicating factor in from aprevious bout pacity,however, waspermit- alevel of immunity that made Then something unexpected contacts, when deaths were SouthAfrica, as in some other of Covid-19. tedthroughout and manyfam- it harder forthe virus to jump happened: Covid-19 cases mounting beforethe decline. countries,isthat researchers In contrast to the slump in ilies came together for between different groups,said started dropping. “Anybody who professes don’tknowthe true toll of the cases much of Europe experi- Christmas and NewYear’s. Jinal Bhiman, aprincipal med- Sincemid-January, con- certainty [about whyinfections virus. Because of limited testing enced last summer,the cur- Most restrictions came only ical scientist at the NICD. firmed Covid-19 infections in started dropping] is lying,” said capacities and asymptomatic rent drop in infections in aftertens of thousands of Perhaps the most difficult South Africa have fallen from HarryMoultrie,asenior medi- infections,thereisnodefinitive South Africadidn’t followa South Africans working in eco- question to answer is what is arecordofnearly 22,000 a calepidemiologist at South Af- dataonhow manypeople have strict government-imposed nomic centershad traveled to going to happen next. Juliet day to around 1,000,without a rica’sNational Institutefor recoveredfromCovid-19 and lockdown.Atthe turn of the see family in provinces Pulliam, who directsSouth Af- large-scale vaccination cam- Communicable Diseases,or maynow be immune. year, which overlaps with the where Covid-19 case numbers rica’sCentreofExcellencein paign or stringent lockdown. NICD.“Thereissomuch uncer- Virologistsare continuing Southern Hemisphere’s main were double the recordsset in Epidemiological Modeling and Fewerthan 5% of Covid-19 tainty in all of this.” to study the coronavirus vari- summer vacation, the govern- July,during the firstwave. Analysis,says thereisnoway tests are finding traces of the Morethan ayear intothe ant,known as B.1.351, that ment closed popular beaches, Workers’ return home in early to know. virus, asign health agencies pandemic,thereremains much poweredthe latest wave of in- tightened the nightly curfew Januarycreated perfect condi- “I don’t think it is possible aremissing fewercases.The scientistsdon’t knowabout fections here. Thestrain ap- and banned large social gath- tions for the virus to spread. to predict with certainty government has liftedmost howthe coronavirus moves pearstomakesome existing eringsand the sale of alcohol. Thesimplest explanation when, or even whether, there remaining restrictions forthe through society,often creating vaccines less effective and, in A national mask mandate has forthe sudden mid-January will be a third wave in South country of 60 million people. wavesofinfections whose some cases,has reinfected been in placesinceApril 2020. drop in cases is that sections Africa,” she said. U.K. Police Assailed forBreaking Up Vigil forSlain Woman

BY JAMES HOOKWAY handled and called forthe conduct of policeofficersto PoliceinLondon arefacing be examined. mounting condemnation and Theimageofone woman aformal inquiryintothe way in particular,Patsy Steven- officersbroke up aSaturday son, being held down and vigil forSarah Everard, a33- handcuffed spread quickly on year-old woman who wasab- social media. ducted from acity street in Policeofficer Wayne earlyMarch and found dead Couzens,48, waschargedin in woodland outside the U.K. court Saturdaywith kidnap- capital. ping and slaying Ms.Everard, Hundreds of people gath- whose remains were found ered outside the headquar- Friday. ters of London’sMetropolitan Ms.Everard went missing PoliceonSunday, protesting on the night of March 3after what they said wasthe leaving afriend’shome in the heavy-handed manner in Clapham area of London to which lawenforcement dis- walk to her apartment in persed agatheringthe night Brixton, which should have before, and accusing the po- takenaround 50 minutes.She liceforce of protecting its wore bright clothing and

own. Apoliceofficer has GES stuck to well-lit streets, ac-

been chargedwith Ms.Eve- IMA cording to policeand CCTV.

rard’s kidnapping and killing. ETTY Along the way she spokewith

Agroup then marched to /G her boyfriend. FP

Parliament, wherethey /A Ms.Everard’s death trig- spread out on the ground in a AS geredanoutpouring of anger

representation of violence -OLIV from women acrossthe U.K.

against women. Manycarried LEAL Manytook to social media to bannerscriticizing the police recount their ownexperi- NIEL

fortheir actions the previous DA ences of harassment and night, when officershand- Mourners left flowers Sunday in memory of Sarah Everard, who was abducted in early March and found dead outside London. abuse,and some held online cuffed several people and vigils. draggedthem away from the policetrampled flowers and lice force, Cressida Dick,to have to take action if people ordered an independent in- Other women, including vigil on Clapham Common, other tributes to the slain resign. areputting themselves mas- quiryintoSaturday’s events Kate,the DuchessofCam- near whereMs. Everardwas marketing executive. Ms.Dick said on Sunday sively at risk,” she told re- at ClaphamCommon. bridge and wifeofPrince last seen alive. Video of the ruckus drew that she wouldn’t step down. porters. London MayorSadiq Khan William, visited Clapham Policehad banned Satur- criticism from acrossthe po- “We’restill in apandemic. TheofficeofHome Secre- said he wasn’t satisfied with Common to put flowers at a day’sevent, citing Covid-19 litical spectrum and demands Unlawful gatheringsare un- tary Priti Patel, who oversees the policeaccount of how memorial beforethe Saturday restrictions.Witnesses said forthe chief of London’spo- lawful gatherings. Officers policing matters,said she had Saturdaynight’svigil was eveningvigil. WORLDWATCH

GERMANY MYANMAR Merkel’s Party Loses Clashes Kill Dozens; Two Regional Votes Factories Torched Impatienceatafour-month Dozens were killed and sev- lockdown and aglacial Covid-19 eral Chinese factories set ablaze vaccine rollout have begun to in Myanmar on Sunday during eatawayatsupport forGer- the deadliest weekend since the man Chancellor Angela Merkel country’s military seized power and her conservatives months in a coup last month. beforeageneral election in At least 38 were killed on September. S Sunday as security forces

The partysuffered ablowon PRES opened fire on protesters in sev-

Sunday, recording one of its TED eral cities, according to the As-

worstdefeats at regional elec- CIA sistance Association for Political SO

tions in twopopulous states in AS Prisoners, a nonprofit monitoring Germany’saffluentsouth, ac- Anticoup protesters in Myanmar’s largest city, Yangon, assisted a arrests and casualties. An esti- cording to preliminary results. man wounded in clashes with security forces on Sunday. mated 13 others were killed In Baden-Württemberg, one since Friday. of Germany’sindustrial power- AFGHANISTAN another peaceconferencein The biggestflashpointwas in houses and an erstwhile con- Russia this week. Hlaing Tharyar,apoor,industrial servativebastion, Ms. Merkel’s Kabul Accepts U.S. While the formatand pur- suburb of Yangon, Myanmar’s every Christian Democratic Union won Invitation to Talks pose of the Russian eventisn’t largestcity. At least22werekilled 23.9% of the vote,downfrom clear,the U.S.-proposed confer- there, as severalgarmentfacto- 28% in 2016, according to pre- The Afghan government enceinIstanbul is aimed at ries financed by Chinese owners liminary results calculatedby agreed to attend an interna- replicating the formatofthe were vandalized and set on fire. one the ARD broadcasters. tional peaceconferencewith 2001 conferenceinBonn, Ger- China’s embassy in Myanmar In neighboring Rhineland-Pa- the Taliban in Turkey next many, thatinstalled Hamid said in a statement Sunday that latinate,the partyrecorded month, an eventproposed by Karzai as presidentfollowing many Chinese employees were deservesadecent 26.5%, down from 31.8% at the the Biden administration to ac- the ousterofthe Taliban after trapped inside and injured. It lastelection. The Green party celeratetalkstowardending the Sept. 11 attacks. The Tali- called on protesters to express place to live. won31.9% of the vote in the 20-year war. ban weren’tinvited to attend it. their concerns lawfully and Baden-Württemberg, while the The planned negotiations, April’sconferencewill likely urged authorities to punish Social Democratstook 34.2% in the Biden administration’smost delayafull withdrawal of the those responsible. Rhineland-Palatinate. significanteffort yettoassert remaining 2,500 American Some opponents of the coup The ballots were seen as controloverthe peaceprocess, troops from Afghanistan be- view China as supportive of the bellwether contests ahead of areaimed at paving the way yond aMay 1deadline agreed military. the federal election in Septem- foranew governmentformed between the Trump administra- Nationwide protests continue ber,which will mark the end of jointly between the Taliban and tion and the Taliban. President despite an increasingly violent Learn moreat Ms. Merkel’s16-year reign as Kabul. Biden has said he wantsto response from the military. At habitat.org. chancellor.Theycome as a Afghan national securityad- withdraw all U.S. forces from least 126 people have been killed warning to her aspiring succes- viser Hamdullah Mohib said Afghanistan but possibly keep a since the coup, the Assistance sor,CDU Chairman Armin Saturdaythatthe government residual forceofcounterterror- Association for Political Prison- Laschet. intended to participate in the ism troops. ers said. —Bojan Pancevski Istanbul conference, as well as —Sune Engel Rasmussen —Feliz Solomon P2JW074000-0-A01000-1------XA

A10 | Monday, March 15, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

quarantine afterexposureto Diplomacy someone who tested positive forCovid, based on astudy of Covid-19 transmission in Ohio KeytoClass schools.The Wyoming science advisoryteam discussed the findingsand the decline in Reopening cases locally at itsJan. 5meet- ing. Ashort time later,Mr. We- ContinuedfromPageOne (2) ber decided: K-12 students who wearsbow ties on Tues- could return five days aweek.

days,and likes to runmara- JOURNAL “That sounds likeitwas an thons,had the good fortune to easy decision,” said Ms.Zoller. REET

be in an affluent district with ST However, she noted, “The doc-

resourcesand smaller class LL tors were cautioning us to be sizes.The local teachersunion WA careful.”

didn’t publicly resist returning THE Mr.Weber said he knewthe R

full-time. FO district could pull back if cases

Thesuperintendent also VEY rose. took some unconventional ap- ParentsonMs. Cielak’s GAR

proaches.Some parents MC Facebook group declared vic- wanted to have moretranspar- tory. Others were upset. A

encyand input, but he pre- MADDIE handful decided to switch to ferred to email or call parents Above, students played during recess outside of Wyoming Middle School last month. The Ohio district reopened for in-person school fully remote, because more one-on-one to discussissues, two months ago. Below, Tim Weber, superintendent of Wyoming City Schools. He meets each with advisors to decided on a plan. students in the classroom rather than open up the dis- meant lessdistancebetween trict’sdecision-making process Wyoming CitySchools has holding apublic meeting,but them. to apublic forum. allowedstudents to attend thought such ameeting might Katherine Auger,one of the Parentsand teachersalike classinperson ﬁvedaysaweek have been volatile and coun- physician parentsonthe sci- described Mr.Weber as acon- sinceJan. 11, relatively early terproductive. “I don’t think I enceadvisory team, said her sensus-seeker and said he was compared with other districts would have wanted to have a fifth-grade daughter went fully in atough spot, surrounded by in the state. meeting whereIhad my fellow remoteinJanuary, partly be- so manyopposing views. citizens yelling at each other,” cause the 6feet of distancebe- “I wish therewas aMagic Ohio public school districts by she said. “I don’t knowifwe tween studentswas no longer 8-Ball out theresaying: This is educational model, 2020-21 would have achieved any- being met. what you’resupposed to do,” thing.” “It just became afamily de- Mr.Weber said. “Wehad peo- Five-dayin-person option With emails flooding in, she cision that she wanted to re- ple coming from very different Hybrid said she and Mr.Weber often main remote,” said Dr.Auger. angles.Ialways realized Fully remote dividedthem up in order to be “Asapediatrician, Idothink there’snoperfect solution for able to respond to each within having more kids in class- everyone.” 0% of districts 50 100 24 hours. rooms is agood thing.” Thedebatearound reopen- Courtney Anness, another Under the district’scurrent ing schools has oftenpitted Sept.10 parent who led the petition plan,parentscan nowgofully parents, teachersunions and drive, said she wasfrustrated remoteatany time,and can school boards againstone an- at the time but credited Mr. choose to return in person at other around the country. San Nov. 5 Weber with keeping lines of the start of each month. Franciscocity officials sued communication open. “I never “I can’t imagine amandate their ownschool district. felt he wasn’t willing to listen to have to go back,” said par- Jan. 7 Teachersunions in cities in- to us,” she said. “He would re- entLisa Bernheisel. She said cluding NewYork and Chicago spond at 8o’clock on aSatur- her family has stayed home as have come close to going on March 3 daynight.” much as possible sinceshe was strike over reopening class- Ms.Cielak emailed Mr.We- diagnosed with stage4colon rooms, arguing conditions ber at least three times,and cancer last March. needed to be safer forteachers Source:Ohio DepartmentofEducation he met with her individually Her four sons have done and staff. The Los Angeles on Zoom on Nov.11. Even well in remotelearning while teachersunion and school dis- changes in case numbers, so lowing parentstochoose re- school absences and includes though he didn’t promise to she undergoes treatment, she trict reached atentativeagree- they put their trust in him. motelearning.They cited low Ms.Zoller,adistrict nurse,a changecourse,she felt hope- said. Theyoungest recently re- ment to return to some class- “Weneeded to be agile,” she case numbersinthe local ZIP county health official, the dis- ful. turned full-time, after Ms. rooms in mid-April, afterbeing said. Code. trict’shead of communications “I am confident that the ef- Bernheisel and her husband shut sincelast March. Mr.Weber had only been in When Mr.Weber didn’t take and two district parentswho fortsofthis group have been gotvaccinated. A recent analysis of 130 the job sinceAugust 2019,af- immediateaction, the families arepediatricians—one with a heardand seen,” Ms.Cielak Hamilton County,which in- studies done by government teracareer as afifth-grade submittedapetition to him on daughter learning remotely; told other parentsinaFace- cludes Wyoming,had the 30th health agencies andacademic teacher,elementary-school Oct. 30 with morethan 450 the other with ason back in book post. highest Covid-19 case count researchersfound that with principal and assistant super- signatures. Signs started ap- theclassroom. Theteam en- Jason Knepp,afirst-grade outofOhio’s 88 counties for precautions in place, Covid-19 intendent at aneighboring dis- pearing in front yards. One abledMr. Weber to avoid the teacher in Wyoming who has the two-week period ended transmission is limited in trict. He has adaughter in the read: “For Sale: unlessWyo- perception that he waspicking four children of his ownatlo- March 9. Currently,about 70% schools.Last month, the U.S. middle school. ming BoardofEducation starts sides. calschools,said teacherswere of Ohio school districtshave Centersfor Disease Control When Covid-19 cases spiked listening to parents.” Mr.Weber responded to the divided about whether to re- five days of in-person instruc- and Prevention urgedschools in early October,Mr. Weber Some parentswho opposed parent petition in aNov.4 turn in-person full-time.But tion, 29% have some form of to reopen as soon as possible. pulled back to hybrid mode.At reopening fully referred to the email. Bringing studentsback thelocal union didn’t make hybrid classes,and lessthan Mr.Weber keeps aposter the time,hewas following Ms Cielak’sgroup as privileged full-time went against the sci- public demands, he said, and 1% arefully remote. that staffgavehim in his of- Ohio’s public-health advisory bullies who didn’t care about ence team’sguidance, he said, discussed reopening directly Gov. Mike DeWine made fice,with some appreciative system, partly based on teachers’ well-being. and Covid wasatits highest with thesuperintendent, he vaccines available to employ- notes along with taped-on countywide Covid-19 case lev- Julie Straub,alocal parent levels so far in the community. said. ees of districtsthat pledged to candy bars. Over an empty els.His county had gone “red,” who is an online learning ad- He also said the board “Wekind of trusted our su- reopen at some level by March Nestlé Crunch wrapper, one with cases above100 per ministratoratMiami Univer- perintendent,” he said. 1. Most Wyoming teachersand notereads,“Stays calm when 100,000 over two weeks. sity,inOhio,had already Sincethe start of the school staff received their second it’scrunch time.” By lateOctober,frustration launched the Wyoming Fully ‘For Sale: unless year,the district has alloweda doses last week. among parentsoverstaying RemoteParent Group on Face- handful of high-risk teachers SinceAugust, atotal of 50 hybrid or returning full-time book,asasupport forparents Wyoming Boardof to teach classes from home. studentsand teachersinWyo- Hybrid mode had reached aboil, with much who wanted to stay remote. Education starts Mr.Knepp said that Mr.Weber ming have tested positivefor Schools in Mr.Weber’s dis- of it directed at Mr.Weber and She only letsparentswith re- attended meetingswith the Covidafter attending school trict, typically ranked among the school board. Manyfami- mote-learning studentsjoin. listening to parents.’ union, and agreed to teachers’ while they were considered in- the best in Ohio,started the lies had moved to the city be- “There’sbeen some hostility request forseveral remote fectious.Suzy Henke, adistrict school year in August in hy- cause of itshigh-performing around reopening,sothey’ve learning days to givethem spokeswoman, said thereisno brid mode,with manystudents schools. used this group as asafespace time to preparelessons. evidenceoftransmission in in classrooms two days a AmyCielak said she had to getsupport,” she said. wouldn’t hold an emergency Thepresident of the union, classrooms when masks were week. watched her 11-year-old son’s meeting or town hall, as par- which is affiliated with the worn. Thedistrict, which includes grades fall to aCfromanA entshad requested. He ac- Ohio Education Association, Ms.Zoller,the boardpresi- ahigh school, amiddle school average, and her 8-year-old Local data knowledged it wasadifficult declined to comment. dent, attributed the district’s and three elementaryschools, struggle to stay focused during Meanwhile,Mr. Weber was time,and said he hoped stu- success so far to Mr.Weber’s then offered full in-person in- online school. busy creating his ownscience dentscould return full-time in leadership, listening to all struction forseveral weeks be- On Oct. 24,she formed a advisoryteam, which met on the near future. Surge sidesand following adata- fore switching back intohybrid Facebook group called Wyo- Zoom forthe firsttime on Nov. In an interview, he said he In November,Covid-19 cases driven process. “I can’t speak mode through the fall. ming Parentsfor In-Building 3. Thegoal wastodevelop its didn’t agreetomorepublic surged across Ohio. Of the to other schools,” she said, In manydistricts, school Learning.Morethan 360 par- owncriteria forreopening, meetingsbecause he believed state’s609 school districts, “but sometimes Ithink they’ve boards decide howand when ents joined the group,which rather than relying solely on that thedistrict wasalready those that were fully remote let the politics runaway with students come intoschools. wanted to fully reopen class- the state’slagging Covid-19 answering questions at board rose from 37 in early Novem- them.” TheWyoming school board rooms. data. meetingsand in other commu- ber to 219 by Jan. 7, according “Wedidn’t gettothe solu- gaveMr. Weber authority to Twodays later,she and her Theteam, which tailored nications,and that each family to statedata. Wyoming stayed tion as quickly as some of us choose last August. Board husband and four other fami- recommendations from Har- had unique issues. in hybrid mode. would have liked, but we got President Jeanie Zoller said lies emailed aproposal to Mr. vard University public-health Ms.Zoller,the school board On Dec.29, statehealth of- therequicker than other dis- membersknewthe district Weber: They wanted to reopen specialists, takesintoaccount president, said she didn’t re- ficials loosened the criteria for trictswho arestill suffering might have to react quickly to the schools fully,while still al- morelocalized datasuch as call aspecific discussion about sending students home to through this,” said Ms.Cielak.

“SPACs are an area of fo- Value of SPAC shares shorted folio of SPAC stocks. short sellersinasimilar TheU.S.’sroster of public Shorts cus,” said Muddy Waters’s Car- Mr.Tuttle is preparing to squeeze. Shorting SPACscan companies had shrunk from son Block. Theveteran short $3 billion launch an ETFthat bets also be riskybecause their themid-1990s onward,but seller said SPACslargely make against “de-SPAC” stocks of shares have anaturalfloor at that trend has recently re- Target up the universe of companies companies that have merged $10, the price at which they versed, partly because of he views as both “abysmal” with aSPAC—likeelectric- canberedeemed beforea SPACs. and relatively free from tech- truck manufacturer Nikola merger, and because they are Their popularity has helped 2 SPACs nical challenges,such as high Corp.and baked-goods maker prone to sharp price moves, spark newWall Street offer- short interest, which canmake HostessBrands Inc.—and a analystssaid. ings. Goldman Sachs Group Inc. betting against them difficult. separatefund that investsin Still, the portion of shares this year started offering cli- ContinuedfromPageOne SPACsare shell firms that the stocks. sold shortinSPACs and their entsset basketsofsimilar alleged XL inflated its sales raise capital by issuing stock 1 Postmergercompanies are acquisitions is climbing. stocks to short, pitching them pipeline and made misleading with the sole purpose of buying particularly attractivetoshort Some are betting against as away to hedgeSPACexpo- claims about its technology or merging with aprivatecom- because they have largermar- stocks they believe rose too sure, people who have seen the among other issues,had “nu- panytotakeitpublic.They are ketcapitalizations,making fast, to unsustainable valua- offering said. Clientstypically merous inaccuracies.” dominating the market fornew their shares easier to borrow tions. Thepriceofbioplastics customizethe basketsGold- XL’s stock pricedropped stock issues,becoming astatus 0 and because early investorsin companyDanimer Scientific man offers, which arethematic theday Muddy Waters re- symbol forcelebrities while the SPACsare eager to sell Inc. nearly tripled to $64 in and sector-focused, such as on 2021March leased itsreport by about 13%, pumping the value of acquisi- shares to lock in profits, ana- the firstsix weeks of the year bitcoin and electric vehicles. to $13.86, from itsprior close tions,likebetting company Source:S3Partners lystsand fund managerssaid. afteritwas bought by aSPAC. Kerrisdale Capital founder on March 2. Shares closed Fri- DraftKingsInc., intothe tens of Short sellersborrow stocks Theshort interest in Danimer Sahm Adrangi started shorting dayat$12.79. billions of dollars. Amonthslong rally in the they believe are overvalued stock has climbed to 8.5% from postmergerSPACcompanies Shares of Lordstown Mo- Hedgefunds that buy into stocks lost steam recently amid andimmediately sell them, around 1% in January, and its earlier than most, with apub- tors Corp.fell nearly 17%Fri- SPACsearly see them as away a broad selloff in technology hoping to repurchase the sharepricehas traded down to lic bet in November against dayafter HindenburgResearch to makelofty returns without and high-growth companies. shares foralowerpricewhen about $42, according to data the stock of frozen-food maker released areport saying the much risk.Individual investors An indexofSPACstocks oper- they need to be returned and from S&P. Tattooed Chef Inc., which still electric-truck startup had mis- areattracted by the chanceto ated by Indxx fell about 17% to pocket the difference. Othersare making bearish trades aboveits priceatthat led investorsonits ordersand getpositions in newly public from mid-FebruarytoMarch The strategy proved dan- betstohedgeagainst potential time.But the stock has fallen production. companies that they could 10,while the Nasdaq Compos- gerous in recent months when losses in SPAC stocks they about13% during the recent Thecompany, which rarely purchase through tradi- iteIndexdeclined about 7. 3% individual investorsorganized own. market slump. mergedwith aSPACinOcto- tional IPOs. over thesame period. on social media to push up Veteranshort seller Ed- “Wesaw these stocks go up ber, said the report contained TheSecurities and Ex- “These areall momentum stocks like GameStop Corp., uardo Marques cited SPACs alot and nowthat people are half-truths and lies.The short changeCommission issued a stocks,and alot of people forcing short sellers to buy and their boosting the number de-risking, these highflying interest in Lordstownshares statement on Wednesday want to short them,” said Mat- shares and cap their losses, of U.S.-listed stocks as ashort- SPACsare coming down to rose to 5% from 3.4% in the warning that it “isnever a thewTuttle,whose firm Tuttle helping to drive prices still selling opportunity,according Earth,” Mr.Adrangi said. week beforethe report’spubli- good idea to invest in aSPAC Tactical Management runs an higher. to apitch forastock-picking —Amrith Ramkumar cation, according to datafrom just because someone famous exchange-traded fund that al- Continuedstrong investor hedgefund called Pertentohe and Mike DeStefano S&P. sponsorsorinvestsinit.” lows investorstohold aport- demand forSPACs could catch plans to launch this year. contributed to this article. P2JW074000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, March 15, 2021 | A10A GREATER NEW YORK NewLeader WantsMoreSummer School

Porter says all students wasappointed in lateFebru- closed Nov.19amid rising cor- ter said. “We absolutely need ary by MayorBill de Blasio. onavirus-infection rates. more financial support from could benefit; remote She will hold the job until Dec. As the DOE continues the the state, but right now, the learning likely to be a 31, when Mr. de Blasio’s term reopenings, manyhaveex- 25%Ithink wasthe best we ends.She most recently was pressedfrustration about a could do at the moment.” part of model for fall executivesuperintendent of policy that requires public New York City Councilman Bronx schools and succeeds schools to return to the Brad Lander,aDemocrat, said BY LEE HAWKINS Richard Carranza. agencysome funding if their he and acoalition of council During her nine months as enrollment dropped during the memberswill continue to NewYork City’s new chancellor, Ms. Porter will be pandemic. lobby for amnesty. Schools Chancellor Meisha tasked with tackling a host of Thepolicymandates that “Schools have so much Ross Porter is pushing to ex- contentious issues,including schools return aportion of the more need,” Mr. Lander said. pand the city’s summer-school launchingarobust summer funding received foreach stu- “Wecan’t clawback what they program to as many students school, managing budget cuts dent who left during the aca- already spent.” as possible,aspart of an ef- and executing Mr. de Blasio’s demicyear.The repayments Theteachersunion is lob- fort to help studentsrecover goal of resuming full-time in- S arepart of the DOE’sannual bying against further cuts from educational disruptions person instruction at all public PRES midyearbudget-adjustment ahead of the disbursement of during the coronavirus pan- schools by September. process. Some schools were funds from the stimulus bill ZUMA

demic. Ms.Porter said remote S/ initially told to repayasmuch that President Biden signed

Ms.Porter, who is taking learning will likely continue to PRES as $600,000,evenasthey intolaw last week.On the helm of the nation’s larg- be a part of the system’s edu- have allocated moremoney to Wednesday, the United Feder- IFIC

est school system Monday, cational model in fall, as AC hireadditional teachersand ation of Teacherscalled on said in an interviewthat she safety precautions might still cover other pandemic-related the city and the statetoear- DIN/P

envisions asummer school be necessarywhen the new RA costs. mark morethan $1 billion

that includes academic accel- school year begins. LEV Theagencyrecently told from the estimated $5 billion eration andenrichment pro- “The scienceischanging Meisha Ross Porter is the new New York City schools chancellor. principals that it would be rein newfunds coming to New grams. every day, but we’re going to storing 25% of the enrollment- York City to addresslearning “Therecannot be astan- followthe health and safety pected to return to 488 high Thereopening of high reduction-related funds lossand the psychological im- dard summer school coming protocols,” she said. schools,the DOE said. In total, schools follows the resump- schools had to payback during pact of the pandemic on stu- out of a pandemic,” she said, Thecity’s Department of thereare 282,000 high-school tion of some in-person in- the midyear adjustment, but dents. stressing that all students Education has announced students in the DOE’s system. struction at middle schools on some schools,parentsand city “NewYork cannot waste could benefit, as opposed to plans to reopen high schools Under the plan, about half Feb. 25.Studentsinpreschool officials areasking forfull am- this opportunitybyusing just those who arerecom- on March 22 for some in-per- of high schools will be able to through fifthgrade whose par- nesty. these newfederal funds as an mended or required to attend son learning,after being serve all or most of their stu- entsopted forin-person learn- “I know that for schools, it excuse foreither stateorlocal in preparation forthe next closed foratleast two months dentsfivedays aweek,and ing, and those with advanced doesn’tfeel likeenough, but government to reducethe year. because of Covid-19 restric- the number will continue to special needs,returned to schools also received addi- state’sown annual investment Ms.Porter,the firstBlack tions. About 55,000 students increase in the coming weeks, school buildingsearly Decem- tional resourcesthroughout in public schools,” said UFT woman to lead the district, and 17,000 school staff areex- the agency said. ber,after classrooms were this processaswell,” Ms.Por- President Michael Mulgrew. Plans to Revamp Hospital Remembers Those Lost Penn Station Say: BY KATIE HONAN Sundaymarked the anni- versaryofNew York City’s firstreported death from LetThereBeLight Covid-19 and aDay of Remem- brance, honoring the more than 30,000 NewYork City BY PAUL BERGER Penn Station is owned by residents who areconfirmed Amtrak,the national passen- or suspected to have died of NewYork Penn Station gerrailroad. It is also ahub Covid-19. could be transformed intoa forcommutersonNJTransit, At Elmhurst Hospital in bright, roomycommuter hub NewJersey’s statewide rail Queens,one of the city’s hard- with wide corridors, light- system, and the MTA’sLong est-hit hospitals,its memorial filled concourses and more Island Rail Road. Amtrak began as it wasstill in the JOURNAL

stairs,escalatorsand eleva- President Stephen Gardner middle of the crisis last REET tors to platforms,according said therailroad is working spring. ST to plans being considered by with itspartner agencies to In the remembrance room, LL WA transportation officials. develop aconsensus master Vladimir Gasca, director of be- Janno Lieber, the New plan that will meet the sta- havioral health services at the York Metropolitan Transpor- tion’s futurecapacity needs. hospital, worked with his staff tation Authority’s chief devel- Before the pandemic,the to createasomber,peaceful HONAN/THE TIE

opment officer,laid out two station struggled to serve placefor healthcareworkers KA visions forthe dingy, labyrin- morethan 450,000 daily rid- and other employees to grieve. The mural at ElmhurstHospital. Sundaywas the anniversary of the city’sfirstreported Covid-19 death. thine station during a private ersonNJTransit and the As the virus began spread- presentation to city,state, LIRR,aswell as about ingquickly acrossNew York hospital’spsychiatric ward, were invited to writemes- “The remembranceroom community and advocacy 150,000 ridersonthe New City last spring,Elmhurst was helped create three paintings sages forloved ones and co- wasaplacethat youcould lis- leadersonFriday. York City subway and Am- inundated with patients. Their to which othersatthe hospital workers who died. ten to the silence,” she said. Mr. Lieber said in an inter- trak.Transportation officials colleagues were becoming could contributeaspart of Thenotes,writtenonthe “I have not gone to the viewthat both visions solve areconfident that ridership sick,too.Aspokesman for their grieving.She sought help leaves of the tree, were often cemeterywheremyfather and the problem of Penn Station’s will grow rapidly in the com- NYCHealth +Hospitals,which from her partner,Voodo Fé, deeply personal. “Tomygirl my brother are,” she said. “So lowceilings, cramped corri- ing decades,despitesigns includes Elmhurst Hospital, who sawhow stressed she was Christina, Love you, missyou, it was kind of my cemetery.” dors and confusing layout. that some white-collar work- said 53 of the system’sem- coming home each dayfrom Your work sister, Millie,” one After the space closed, the “You arelost in this enclosed ersintend to continue work- ployees died of the virus last Elmhurst. mourner wrote. “Derik,Imade mural wasmoved to afirst- box,” Mr.Lieber said of the ing from home at least afew year.Hedidn’t specifythe Mr.Féand Ms.Mull painted the lemon cake as promised, floor hallway in the hospital. current station. “What we days aweek oncethe corona- number of people who died at silhouettesofpeople,atree Nancy,” read another.One note In December,aceremony want to do in either version virus pandemic is over. each hospital. with deep roots and birds on said, “You deserved better.” marked the firststaffersre- is to open it up.” Carrying out construction “One afterthe other,we pieces of wood. Therewas While it wasopen, the receiving their firstCovid-19 work on such abusy station were losing our staff and our symbolismbehind everyas- membranceroom gavesome vaccine shots. The arrival of will be achallenge. But offi- family members,” Dr.Gasca pect of the mural, they said. people the space to grieve in the vaccine brought anew Two proposals seek cials point out that it will be said. “It wasaverysomber “There’s something fragile the absenceoffunerals and sense of comfort to staffers easier nowthat Moynihan time.” about wood, but there’ssome- otherservices forthose who who are still processing what to transform dingy Train Hall has opened on the Inside the remembrance thing durable about wood,” died. they have been through this hub into pleasant, other side of Eighth Avenue. room, staff could sit quietly Mr.Fésaid. Thepoems they Dr.Pilar Gonzalez, who is past year, Dr. Gasca said. Amtrak has moved itstick- and sharephotos of their choseabout mourning were the head of the hospital’spedi- “Wehavelearned to be navigable station. eting and boarding opera- loved ones. An activity thera- nondenominational to reflect atric center,lost her father strong about those thingsand tions acrossthe street to the pist, Sonya Mull, who usually the hospital’sdiversity.Inside andbrother to Covid-19 late to go on,” he said. “Thereis newtrain hall. Some LIRR works with adolescentsinthe the remembrance room, staff last March in Madrid. hope.” ridershavealso moved there, Madison SquareGarden, freeing up spaceinPenn Sta- which sitsatopPenn Station, tion. STATESTREET | By Jimmy Vielkind has long been seen as an im- Officials saytherewill be pediment to the station’s res- further room forrenovations urrection. Mr.Lieber said the oncethe MTAcompletes an two proposals showthe sta- $11billion project to bring No. 2 Treads Lightly on Cuomo Matter tion canbeimproved without LIRR services to Grand Cen- moving the arena. tral Terminal,which is sched- As New tion, according to state and participant in senior staff One proposal envisions uled forthe end of next year. York Gov.An- local officials familiar with meetingsand wasn’t part of carving out 40% of the sta- Mr.Lieber said it is too drew Cuomo her thinking, including sev- the small circle of advisers tion’supper level to createa early to provide acost esti- fightsfor his eral people who have spoken who,with Mr.Cuomo,guided single-level station with ceil- matefor the plans.MTA offi- political life, to her in the past week. One the state’spandemic response. ing heightsofupto40feet. cials hope the project could the woman in person who spoke to her In 2018, Mr. Cuomo pub- Plannerswould widen the be incorporated intoafuture line to succeed him has said the lieutenant governor licly pushed Ms. Hochul to station’s three north-south federal infrastructurepackage stayed largely quietabout ac- didn’t feel it would be her campaign for a seat in Con- concourses and extend them possibly aligned with the cusations that the Democratic place to weigh in. gress representing Western south toward 31st Street. Gateway Program, aseries of governor acted inappropri- “She basically is saying New York rather than remain Theremoval of so much of projectsled by NewJersey ately toward multiple women that she’s the last person as his running mate. Ms. the upper level of the station andNew York to double rail in the workplaceand criticism who should offer an opinion Hochul said at the time that would also allowplannersto capacity between the two over howthe state handled on this because she would she felt privileged to be lieu- createa100-foot-tall train states. Covid-19 in nursing homes. appear to be self-interested,” tenant governor and had no

hall with askylight in the for- Theprogram, which is ex- Lt. Gov. Kathy Hochul, a the person said. HEUPEL interest in running for Con-

mer taxiway between Madi- pected to cost at least $30 Democrat from Buffalo who NewYork Republican DON gress again. She served in son SquareGarden and 2 billion, includes digging a was elected to her position State CommitteeChairman Lt. Gov. Kathy Hochul the House of Representatives Penn Plaza. newrail tunnel under the in 2014, last addressed the Nick Langworthyheld anews from 2011 to 2013 after win- Asecond proposal would Hudson River and expanding governor’s situation in a conferenceinBuffalo on judgment until the outside ning a special election in the retain the two-level station Penn Station one block south. statement last Tuesday. Ms. Wednesdaytosay Ms. reviews are concluded, and Republican-leaning district. andcreateanatrium in an Theprogram, which relies on Hochul said then that she Hochul should speak up. says he won’t resign. Instead, Ms. Hochul has area that wasrecently used billions of dollarsinfederal had confidence in an inde- “Cuomo’s victims arenot si- But manyofhis party- focused on representing the as an Amtrak waiting area. grantsand loans, stalled amid pendent review of the accu- lent. They aregrowing mates aren’t giving him that administration at public Both plans envision ex- disputes with the Trump ad- sations overseen by state At- louder by the day. Kathy space. Democratswho domi- events around the state. On panding or building neweast- ministration.Biden adminis- torney General Letitia James. Hochul’ssilence, however, is natethe stateAssembly said Friday, she went to a Buffalo west concourses at 31st, 32nd tration officials have signaled Threeformer aides to the deafening,” he said. on Thursdaythat they would hospital, where she received and 33rdstreetsthat would their support forGateway. governor and one current em- A spokeswoman for Ms. launch an impeachment in- a Covid-19 vaccination. link up to existing north- Kevin Corbett, the execu- ployeeinhis ExecutiveCham- Hochul declined to comment. vestigation.Both of New Albany Mayor Kathy Shee- south concourses,turning the tive director of NJ Transit, ber have accused Mr.Cuomo On TuesdayMs. Hochul ref- York’sU.S.senatorsaswell as han, a Democrat, said Ms. station’scurrent layout, noted that manysenior offi- of sexual harassment or inap- erenced Ms. James’s investi- 16 Democratic membersofits Hochul’s connections around which has several dead ends, cialsinthe newadministra- propriatebehavior.The gov- gation and said: “I am confi- House delegation have called the state would serve her intoagrid. Thereare also tion worked in NewYork or ernor has denied allegations dent everyone’s voice will be on Mr.Cuomo to resign. well if she became governor. proposals to add underground NewJersey transportation that he touched anyone inap- heard and taken seriously. I More than 130 state law- “Kathy Hochul is a con- connecting passageways from agencies and arefamiliar propriately and apologized if trust the inquiry to be com- makers from both parties summate public servant,” surrounding streetstoease with Penn Station’simpor- his workplacebehavior made pleted as thoroughly and ex- say the governor should step Ms. Sheehan said last week. street-level congestion and to tancetothe region’strans- people feel uncomfortable. peditiously as possible.” aside. Some have asked Ms. “She works hard, she listens turn 33rdStreet intoastreet portation infrastructure and Even in private conversa- This is in line with Mr. Hochul to take over tempo- to people, she cares.” wherevehicles arepermitted, economy. “The starsseem to tions, Ms. Hochul is treading Cuomo’s position. He has rarily pending the review. butpedestrians have priority. be in alignment,” he said. lightly on Mr. Cuomo’s situa- asked people to withhold Ms.Hochul isn’t aregular [email protected] P2JW074000-2-A010B0-1------NS

A10B | Monday, March 15, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Crisis Opened Doors for Entrepreneurs More-affordable leases amid pandemic led some New Yorkers to take the leap and set up their own shops

BY KATE KING

n a year marked by uncertainty and fear, some New York City I entrepreneurs decided it was worth the risk to open up shop. The pandemic’s toll on small businesses in New York City has been severe. In Brooklyn, Chamber of Com- merce President Randy Peers estimated that between one- fifth and one-third of small businesses have folded, depending on the neighbor- hood. In lower Manhattan, (6) more than 160 retail busi-

nesses—12% of the total— JOURNAL have permanently closed, ac- REET

cording to the Downtown ST

Alliance, a local business LL group. WA

But some businesses’ THE R

struggles have presented op- FO portunities for new ventures. Y Landlords reluctant to let GOR storefronts sit empty are of- GRE

fering more affordable PHER

leases, and heightened stress TO

over the past year has led to CHRIS increased demand for services like facials and guided Carla Nelson and Wendy Jules their fast success with strong support cure was for $3,000 from a local, meditation, business owners Sisters and registered nurses from the Midwood community and Black-owned bank. said. Some entrepreneurs, Carla Nelson, 36 years old, and social-media marketing.They also The sisters (shown together with laid off themselves at the be- Wendy Jules, 39, opened the doors opened afew months afterthe killing Ms. Jules at far right) have invested ginning of the pandemic, de- to Fleur De Lis Beauty & Esthetics of George Floyd by Minneapolis po- their life savings in the business and cided to pursue long-held on Brooklyn’s Flatbush Avenue last lice, and said customerswereeager turned to friends and family, includ- dreams of owning their own July. The spa, which offers services to support Black-owned businesses. ing Ms. Nelson’s husband, who emp- businesses. like chemical peels, IV hydration, fa- Still, they struggled to access cap- tied his 401(k). These are the stories of cials and Botox, was quickly inun- ital when getting started and now “We have the skills, we just don’t five new businesses—one in dated with customers. They are now that they’re looking to expand. The have the funding,” Ms. Nelson said. each borough—that opened booked through June. big banks turned them down, and “That’s our number No. 1 challenge, during the pandemic. Ms.Nelson and her sister credit the only loan they managed to se- and our only challenge.”

SommyPutthida digital marketing and beef- Cheryl Lafer nessisprofitable,and Ms. SommyPutthida, 35, ing up Pro Thai’s online or- Cheryl Lafer, 40, had been Laferislooking forabigger moved to NewYork City to dering platform. She built thinking about opening a ho- spaceand plans to add ser- livewith family last spring, outdoor seating with help listic wellness center in 2019 vices including facials and aftershe waslaid off from from a New York City Eco- and even designed the logo, halotherapy,which involves a her job at atech startup in nomic Development Corp. but it wasn’t until the pan- salt room that Ms.Lafer says SanFrancisco. Her cousin program that works with demic hit and she saw so provides respiratorybenefits. took her to ProThai restau- partners to provide pro-bono many people suffering from “We are having growing rant on LexingtonAvenue, design services to small stress and anxiety that she pains,” she said. and she learned through alo- businesses. decided to pull the trigger. She credits her success in calThai Facebook group that She has managed to keep She found a basement space part to social-media market- the ownerswanted to sell. all of the East Harlem res- on Lamberts Lane in Staten ing and a strong demand for “I saw it as an opportu- taurant’s employees from the Island’s Mid-Island neighbor- pampering after a difficult nity,” she said. previous owner on payroll, hood and opened Heal & year. She bought the Manhattan but they aren’t all working Prosper Holistic Wellness “The root cause of our cli- business for $100,000 using full-time hours. She hasn’t NYC last July. ents coming in is stress,” Ms. her savings and money she paid the rent in four months, Thebusiness’sservices in- Lafer said. “We offer help borrowed from her family. It and it’s possible she will clude reiki, guided medita- with healing, self care and reopened under the new have to take out a loan to tion, yoga,sound baths and self love, and that’s what ownership in late May, and keep the business afloat, she wellnesscoaching.The busi- people need right now.” Ms. Putthida has focused on said.

José Campos not turning a profit. Attract- José Campos, 39, was laid ing customers is a major off from a Manhattan retail challenge, Mr. Campos said. store at the start of the pan- “There’s still a lot of fear demic. For a couple months in the community of Covid,” he cooked and sold tradi- he said. tional Salvadoran food out of Mr. Campos, who is in his apartment. It was a skill training to receive his bar- he learned as a kid, when he ber’s license, recently sold would accompany his mother part of his stake to his part- on her rounds selling tama- ner and opened a small les out of a grocery-store clothing shop inside the bar- cart on the streets of Mary- bershop, which he hopes will land, where the family lived bring in more revenue. He is after emigrating from El Sal- behind on rent for his apart- vador. ment, and said the stress has Mr. Campos has long caused him to lose sleep and wanted to own his own com- weight. pany, and decided to go into He is thinking about sell- business with his barber. The ing food from his apartment partners found an affordable to make some extra income. place quickly on Roosevelt His mother, sensing he Avenue in Woodside, Queens, needed support, flew in a and opened Bibi & JD’s Bar- month ago from her home in bershop last September. Houston and is standing by, Six months later, the busi- ready to start making big ness is paying its bills but batches of tamales.

Alicia Corso wheremanypeople speak hair salon in the Morris Park on WhitePlains Road. The Alicia Corso, 36,spent English as asecond language, section of the Bronx was go- businessoffersservices like four yearsearning her ac- therewas aneed foradhoc ing out of business. The taxpreparation, notarizing counting degree while work- businessand taxservices. landlord didn’t want the and translation—Ms.Corso is ing as atax associateata “Not everyone can afford space to remain empty, and fluent in Spanish, and her tax-preparation companyand to have an accountant,” Ms. Ms. Corso and her three partnersspeak Arabic.Her as an officemanager at a Corso said. partners were able to get a biggest focus right nowis personal-injurylaw firm. She She saw a real-estate op- good deal on a lease. getting customersinthe door. realized that in working-class portunity when she learned In January, Ms.Corso “Little by little, it’s start- communities,particularly the owner of her daughter’s opened AYAMMultiservices ing to pick up,” she said. P2JW074000-2-A01100-1------XA

CAREERS & LEADERSHIP PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. Monday, March 15, 2021 | A11 WorriedThatYou Are Falling ShortatWork? Layoffs, furloughs and other workplace upheaval caused by the pandemic spark impostor syndrome

BY CORDILIA JAMES

ayoffs, furloughs and other workplaceup- heaval due to the pandemic have some em- L ployees second-guessing their skills and worrying that they won’t be able to find another job or measureuponce they do. Such persistent feelingscan signal impostor syndrome,where self-doubtsengender fearsofbe- ing exposed as afraud despite one’saccomplishments. Covid created fertile conditions forimpos- torsyndrome,asworkerswatched some jobs become remotewhile othersvanished. to getajob when “With the pandemic,people they have already dealt with areincreasingly working in isola- impostor feelingsasstudents,” Dr. tion, so it doesn’t surprise me Cokley says. that it’sreally exacerbated,” says Thefeelingsoften affect stu- Afterbeing furloughed in April ter—including “thrilled to an- youfeel. Comparethe two listsso Valerie Young,author of “The Se- dentsentering collegeorrecently 2020,Mrs.Champion, who has a nounce” and “some personal youcan see whereyou might be cret ThoughtsofSuccessful promoted workersfacing newsit- master’s degree in communica- news”—because they made her putting yourself down. This helps Women: WhyCapable People Suf- uations or challenges. tions,began taking online classes doubt herself.Ms. King has spent “you see howdiscounting your ferfromthe Impostor Syndrome Libby Champion experienced a to keep her skills current and bur- the pandemic with her parentsin abilities really discountsothers and HowtoThriveinSpiteofIt.” bout in November,when she was nish her résumé.After anumber Kure Beach, N.C., and although who evaluateyou, believeinyou It is normal to feel likeanim- hired as adigital communications of rejections,she began applying she already has asummer intern- and have writtenyou recommen- postor everysooften, with up to coordinator afterbeing fur- forpositions forwhich she was ship lined up,she says,“You’re dations,” she says.Itreminds you 82% of people doing so at some loughed last year.Mrs.Champion, overqualified—but eventually thinking,‘Oh shoot, on topof that people yourespect wouldn’t point, according to research pub- who is 30 yearsold, wasthrilled landed the digital communications school and work,should Ibefree- giveyou positivefeedback if they lished in 2019 in the Journal of but feared the job might be a coordinator post in Orlando,Fla., lancing? Should Ibedoing all didn’t mean it. General Internal Medicine.The stretch aftermonths out of work. which aligned with her skill level. these extrathings?’ ” findingswerebased on responses “It’sjust been such astressful Months intothe job,thingsare Some people overwork to man- Tapyour supportsystem from morethan 14,000 partici- year,mental health-wise and ev- much better. “It’snot likeit ageanxiety about being revealed Beforethe pandemic,Daniel Eren- pantsacross62studies. erything,that I’m like, youknow, doesn’t come up still,” she says.“I as afraud. “We’retrying to take stein, asenior studying neurobiol- care of ourselves under the cir- ogy, physiologyand behavior at cumstances.Something’skicking the University of California, Davis, in to protect us,but we do paya would discusshis uncertainties pricefor the protection,” Dr. about projectsand presentations Young says. with friends,peersormentors. Working twiceashardmay Those conversations have moved From left, Libby shield youfromscrutinybut is a online—and aren’t the same. Champion, a digital fast track to burnout. Not speak- “Thereissomething to be said for communications ing up in meetingswards off pos- connecting with someone on coordinator, and sible humiliation but oftenalso Zoom or over the phone,but as college students closes off opportunities.People far as physical connection, face SUGARMAN

N Daniel Erenstein should be aware of their coping to face, that’snot whereitwas

RO and Mary King. mechanisms so they candecide if before. You AA

; these arehabitsthey arewilling never mentally to accept despitethe cost—or leave the space

KIREYEV ones they should change, Dr. 82% whereyou’rein

SE Young says. of people feel necessarily,” JES Researchersfound that impostor maybe I’m losing it. I’vehad [im- feel it all the time,but nobody like an impostor says Mr.Eren- syndrome wascommon among men postor phenomenon] before, but knows howtoliveinaglobal pan- Reflect and record every so often, stein, 23. MPION; and women from adolescencewell this is awhole newdynamic of demic,soI’m trying to givemy- People with impostor feelingsof- according to Just be- CHA intoadulthood and particularly high it,” she says. self abreak.” tenforgetordiminish their ac- research pub- cause youcan’t among ethnic minority groups. People who work alone gener- Impostor phenomenon is asso- complishments. Dr.Cokley,whose lished in 2019. see your col- EPHEN Studentsofcolor who navigate ally aremorevulnerable to impos- ciated with impaired job perfor- research focuses on howimpostor leagues’ body ST : predominately whiteenvironments torfeelingsbecause they areless mance, decreased satisfaction at syndrome affectsstudentsof languagein

LEFT mayexperiencemorepressureto likely to receivecues from others work and burnout.Hereare sug- color,suggestskeeping adaily, person while younavigateanew

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OV kenized forreasons unrelated to Those dealing with such feel- It is useful to document “all aprofessor of communication at merit, says Kevin Cokley,aprofes- ingssometimes discredit their Recognizeyour response those successes that you’vehad, so Cornell University.“Makesure FEDOR

A sor of educational psychologyand achievements, emphasizing the One aspect of the phenomenon is youcan look back on that to remind youhavesocial support but also

ETT African-American studies at the enormous effort it took to reach a afear of falling behind one’s yourself that youare not afailure, have professional mentorswho YV University of Texas at Austin. Amid goal, says Pauline Rose Clance, a peers. In December,MaryKing,a that youhaveinfact done quite cansharewith younot just their BY the pandemic’slabor-market tur- psychologist in Atlantaand one of 21-year-old junior at the Univer- well on these occasions,” he says. successes but their failures,” Dr. ION

AT moil, “itstands to reason that im- the researcherswho introduced sity of North Carolina at Chapel Dr.Clancerecommends jotting Humphreyssays.Explaining your

TR postor feelingscould creep up es- the concept of impostor phenome- Hill, jokingly tweeted ascreenshot down feedback from someone you feelingstopeople youtrust and US

ILL pecially in ethnic minorities trying non in the 1970s. of phrases she ignored on Twit- trust and howthose wordsmade getting their feedback canhelp.

Fiat 500s around theTuscan country- firstvirtual offering,the company Virtual side—and usually requiremuch less created a“lunar outpost disaster sce- time and money.But they canstill nario” set in 2037.Itwas adapted help employees bond and let off from aNASA training exercise.Partic- Retreats Aim steam aftermonths of working in un- ipantsact as mission control fora usual conditions. crew of colleagues whose trip to the Sean Hoff,managing partner of moon’ssurfacehas gone awry. ForAdventure Toronto-based corporateretreats “We’vekissed the Blarney stone companyMoniker,says clientshave in Ireland, had whiskey at the topof started inquiring about in-person a mountain in Patagonia, rode on a ContinuedfromPageOne trips,but areholding off on deposits dogsled in Finland, sailed ayacht off meeting this fall. and flightsuntil at least June.So Cannes and hung out with a gorilla Some companies areinnorush to he’splowing ahead creating avirtual doctor in Rwanda,” says Liz Lathan, bring back the in-person off-sitere- island foranupcoming retreat of Austin, Texas-based CEO of Haute treat. Instead, they’returning to in- around 240people forWebflow, a Dokimazo, an events company that creasingly elaboratevirtual options, San Francisco website-design com- pivoted to virtual experiences during includingmurder mysteries staffed pany. the pandemic.Her corporateclients with actors, webcast trips to beach Employees will participateinvid- Zoomed with guides in 28 countries resortsand safaris,and purpose-built eogame-liketeam-building activities, between last May and December. digital islands. including aboat-building race.They Vanessa Blackburn, Cleveland- They’renot quiteasubstitutefor will inhabit customized avatarsand basedenterprise retail strategist at the splashiest pre-pandemic corporate gather in virtual locales like a “tiki Above, Moniker’s concept art for creating a virtual retreat. Below, a travel RetailZipline,acommunications off-sites—wheresome participants hut” and a“treehouse” forsmall- organizer’s laptop at the Renaissance Aruba Resort & Casino. startup forretail stores,has already mighthaveslept in acastle or raced groupmeetings. “I’m not going to done two virtual retreatswith her lie,Iwas alittle 104 sessions, including virtual yoga Moniker to stageavirtual, 1980s- team. Their last off-site, planned be- skeptical at first. and virtual escape rooms. themed murder mysteryfor her team fore the pandemic,was to take place But afterayear of Ms.Williams taught aclassto45 of about 80 people last June. in Lake Tahoe,and Ms.Blackburn remotework Iwas colleagues on calligraphyand says she Thescenario is awedding: The hoped to tack on afew extradays to so desperateto made anew friend, a“fellowpen groom mysteriously drops dead after ski. Her company’stwo-dayvirtual re- meet moreofmy nerd,” in the process. She also made taking asip of his drink.The partici- treat in March struck adifferent tone. AB

CHF colleagues that I newwork friends through the happy pantsmeet eight suspects, all paid ac- Instead of lavish cateredmeals, just dived in,” says hoursatavirtual beach club staged tors,and must solvethe crime. employees gottospend $25 on their SKET

.; AllisonWilliams,an on Remo,anonline conferencing plat- “Weasked everyone to be in char- corporatecardtoorder coffee and CO account manager form. Therewerevarious seating op- acter and be creative, and sent them lunch delivery. And the goody bags EL

AV based in St.Louis at tions,including abar,firepit, or surf- awedding invitation beforethe sent to their homes included atub of TR

E Articulate, an e- board-shaped table.Employees talked event,” Ms.Sereleas says.People em- slime,aplastic Slinkytoy and acol-

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EL company. Articulate gathered at each site. ponytails and ’80s-themed back- themselves,but to occupy the young :

FT held aweeklong vir- AlejandraSereleas,avicepresident grounds,likeaPac-Man maze. children that manystill had at home. LE tual retreat in early of accounting at the France-based Afterthe murder mystery, which “My daughter loved that,” Ms.Black- OM

FR Februarywith over videogamecompanyUbisoft, hired made itsdebut last MayasMoniker’s burn says. P2JW074000-5-A01200-1------NS

A12 | Monday, March 15, 2021 NY ***** THE WALL STREET JOURNAL. PERSONAL JOURNAL. Taylor Swift Claims Top Grammy Award

BY NEIL SHAH

The 63rd annual Grammy Awards struck an intimate tone in a difficult year, with leisurely paced live and taped performances joining moving tributes in a depar- ture from the glossy, celebrity- fueled shows of yore. At Sunday evening’s ceremony, Taylor Swift won the night’s most coveted award, album of the year, for “Folklore,” becoming the first female artist to notch three such wins in her career. She joins Frank Sinatra, Stevie Wonder and Paul Simon, and previously won for 2008’s “Fearless” and 2014’s “1989.” Billie Eilish, who performed at the ceremony, won record of the year. During her acceptance

S speech, Ms. Eilish said Houston rapper Megan Thee Stallion de- PRES served the award over her: “You TED had a year that was untoppable,” CIA

SO the alternative-pop artist said. AS

O/ “Can we just cheer for Megan Thee Stallion?”

PIZZELL Megan Thee Stallion picked up three awards: best new artist, best

CHRIS rap song and best rap performance

GES; for “Savage,” which features Be-

IMA yoncé. Beyoncé, whose “Black Pa- rade” won best R&B performance, ETTY

/G broke the record for total career-

BS spanning Grammy wins for a fe- /C male artist. R&B singer-songwriter

CKER H.E.R. won song of the year, which SPE recognizes songwriters and com- posers, for “I Can’t Breathe,” a ANCIS

FR song about police killings of un- S; armed Black people.

PRES Pop-rock star Harry Styles, in a Clockwise from top left, among the winners at Sunday night’s Grammy Awards were Taylor Swift, seen performing at the show; R&B singer-songwriter H.E.R.;

TED black leather jacket and green Billie Eilish; and Megan Thee Stallion, at microphone, alongside Beyoncé, who broke the record for total career-spanning Grammy wins for a female artist.

CIA feather boa, kicked off the night’s SO festivities with a performance of AS

O/ his hit “Watermelon Sugar,” before provided stirring performances. the first female rapper to win best nomination despite releasing one in clubs to festival food-truck em- other artists. While Grammy performances can new artist since Lauryn Hill in of 2020’s most praised albums, yet ployees.

PIZZELL That was the template for the historically feel forced, this year, 1999—in a big moment for hip-hop little-known names like British As vaccinations pick up, live- pandemic-era ceremony, where performances by artists such as and female rappers. Fiona Apple music prodigy Jacob Collier and music executives now expect a CHRIS performance took place in a room Bad Bunny won praise from music won best rock performance for her retro-soul duo Black Pumas gar- gradual return—with outdoor am-

GES; with fives stages facing one an- fans and experts online. song “Shameika” and best alterna- nered high-profile album of the phitheater shows in mid-summer—

IMA other. Rock sister-trio Haim also “Wow, that felt exactly like I tive music album for “Fetch the year nominations. but routing large tours could still performed. The ceremony com- was back in the club,” this year’s Bolt Cutters,” one of last year’s The Grammys, which were orig- prove tricky. GETTY

S/ bined live and taped performances. host, comedian Trevor Noah from most critically praised albums. inally scheduled for January, come There were some sound issues TA

: British pop singer Dua Lipa sur- “The Daily Show,” said after Bad Meanwhile, John Prine won two at a difficult time for the music in- online in the pre-telecast portion, prised fans with an energetic, Bunny’s performance. American roots awards for his last dustry. For a year now, nearly all when many of the night’s awards LEFT

P elaborate production featuring re- Earlier on Sunday, Megan Thee recorded song, “I Remember Ev- major concerts have been canceled are doled out. This sometimes TO cent hits. Taylor Swift, by con- Stallion and singer-songwriters erything,” along with a lifetime or postponed—slamming concert prompted moments of levity, such OM

FR trast, used a grassy, woodland Fiona Apple and the late John achievement award. promoters, mothballing music ven- as when the rock band The Strokes scene, including a cabin and fire- Prine scored wins, mostly during One of the biggest surprises ues, throwing artists in limbo and asked “Did we win?” a few times WISE flies, to convey intimacy. the pre-televised portion of the this year was that pop-R&B star eliminating the livelihood of thou- after winning best rock album for OCK

CL Lil Baby and Brandi Carlile also ceremony. Megan Thee Stallion is The Weeknd didn’t receive a single sands of workers, from bartenders their record “The New Abnormal.” UCINI ANDREA BY ION AT TR US ILL

cially during apandemic, ferent readers. Readers wherethereissuch an avail- Negotiations requirethat able talentpool out there, youknowyour counterpart’s Share depending upon the industry. position beforeyou negoti- It varies wildly today, forob- ate. This is knowledge that vious reasons. is acquired from companyre- Views On Industries that may have search, and your early dis- been lucrative eight months cussions.One mustdeter- PayTalks ago are now rendered moot, mine howacceptable a while others are now much negotiation mightbe. With more valued. It’s difficult un- workersneeded in some BY KRITHIKA VARAGUR less one possesses a crystal markets, and none needed in ball to see the future and others, an applicantbetter recent Wall Street how it will exactly play out. know in which spacetheyre- A Journal column called Iwish foreveryone in every side. “When Should You field to be able to land on their If people are provided bet- Think Twice About Salary feet.Asoptimistic as that ter information it will lead to Negotiation?” focused on re- is…sadly therewill be shifts in more thoughtful negotiations. thinking straightforward sal- equityand opportunity. —James Rogers, ary negotiation during the —Gregory Ferland, Atlanta pandemic, especially for North Kingstown, R.I. younger workers who have MANY THANKS for the had it drilled into them to ne- AS A PERSON who negoti- great and insightful article gotiate their base pay ever ates often, there are some covering a challenging topic. since entering the workforce. missing pieces. One of the As a point of reference, my Many who read the piece primary levers in negotiations last two jobs and current one weighed in with their own is being face to face. That are working in IT for large experiences, both in trying to one piece makes the pan- Pharma. I find it difficult to negotiate their own salaries demic almost a nonstarter. imagine negotiating a limit to and as employers of workers Negotiations are a soft the number of hours you who tried to negotiate. skill. Often millennials do not work in a job. It seems like Here are edited excerpts like to communicate verbally. having a calendar crowded of their comments: The adults in their past may with meetings is a badge of have intervened in difficult honor, and the expectation is AS AFORMER business situations, leaving them ill- that you work as long as it owner and also as an em- prepared. So they resort to takes to fulfill your responsi- ployee, I’dstate thatit’svery text or email. These are im- bilities, especially if you have industry-specific—very— personal forms of communi- upwardly mobile aspirations. wheresomeone could even cation. They indicate an It would be difficult, or a ca- takerisk of opting to negoti- avoidance of rejection or let reer-limiting move, to enforce ate, and theybetter be very downs in-person. Unfortu- it once on the job. qualifiedfor the position nately email and texts are in- —Jeff Neubauer, theyare trying to get.Espe- terpreted differently by dif- Summit, N.J. P2JW074000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, March 15, 2021 | A13 ARTS IN REVIEW

Clockwise from left: gallery of ancient stringed instruments at the Violin Museum in Cremona, Italy; George Hicks’s Barrel Piano (c. 1860); Andreas Ruckers’s 17th- century harpsichord GARDNER PHER TO HRIS /C UNIVERSITY LE YA T; AR OF MUSEUM AN OLIT OP METR ; MY ALA : LEFT P TO OM FR WISE OCK CL

THE STAYING INSIDE GUIDE revelatory. Moredelicatethan a modern piano,smaller in compass, and lacking pedals,itnevertheless produced asurprisingly sweet RareInstruments NowHeard sound with asubtle sonic over- hang,asifithad an invisible sustain pedal that wasbeing partly BY STUART ISACOFF along (think of akazoo). depressed. By comparison, today’s Visiting the collections of indi- Steinway is likeasportscar with raveling to see world- vidual entities from home offersa powersteering and brakes (cutting classcollections of musi- variety of delights. At Cremona, It- off the sound instantly), and a calinstrumentsisone of aly’s Violin Museum,for example, turbo-chargedengine. the manyenjoyable activ- one canroam, room by room, Among the real oddities is the Tities thwarted by the through the two-storystructure. “Barrel Piano” (c.1860) by Brook- Covid-19 pandemic.But Climb to the second floor’s “Trea- lyn’sGeorge Hicks,anautomatic fortuitously,overthe past several sureBox” and it is possible to view deviceplayedbyturning a years, institutions around the globe the “Cremonese” Stradivari violin, crank that activates arotat- have worked to makevirtual visits as well as reveredinstrumentsby ing cylinder,with pins that easier than ever. Andrea Amati and the Bartolomeo both engagethe hammers These effortshavebeen boosted Giuseppe Guarneri violin once and also control 10 articu- through an international network playedbythe phenomenal virtuoso lated painted figuresthat called MIMO—Musical Instrument Nicolò Paganini. This museum is stand on atray. Thesite’s Museums Online—which began in also featuredinaverygood docu- accompanying audio file 2009 as aEuropean consortium, mentary, “Cremona, TheItalian City allows viewers to hear the funded by acommission, that of Violins,” on YouTube.Initwe instrument as it renders aimed to createasingle access learn that one of the secretstothe “Yankee Doodle,” with point on the webfor all itscollec- extraordinarysound of violins made keyspounding away and tions.The organization’ssitesur- by Stradivari and otherslies in bells ringing. their materials,particularly the res- Theindividual instrument onant, light sprucewood from Pa- pages on the Met’swebsite, Listen to Cajun neveggio,aforest in the Dolomites just likethose of the Yale col- afew hoursnortheast of Cremona. lection, all offer audio exam- accordions, buzzing On the YouTube channel of ples.Tosample the full range mirlitons and the Phoenix’sMusical Instrument Mu- of Met offerings, click on the seum one cantour the various gal- museum’s“Videos” link to be world’s oldest piano leries,with the themes “Africaand takentotheir Youtube chan- the Middle East,” “Asia and Ocea- nel,which offersdemonstra- nia,” “Europe,” “Latin Americaand tions of avariety of instru- the Caribbean” and “The United ments, both exotic and familiar. veys 244museums around the Statesand Canada.” Among the These include the Indian sitar and globe,fromCité de la musique Phil- most interesting offeringsare the kohl (a double-sided drum); the harmonie de Paris,the Galleria Dell’ “Violano Virtuoso,” depicting a many. lute-likeAfghani rabab;the fretless Accademia di Firenze, the Univer- mechanical instrument singled out Finally, Chinese guqin,featuring itstypical sity of Edinburgh, and the Berlin from agroup of self-playing musi- thereisabounty sliding pitches; and Western violins Musical Instrument Museum to the calgadgets; ademonstration of a among its of instruments— and keyboards. Musical Instrument Museum in Cajun accordion and fiddle; a riches aresome par- gathered from six Virtual visitstomusical instru- Phoenix and the National Museum cross-section of mandolins in ticularly striking ex- continents, ancient and modern, ment collections have never been of Music in Ouagadougou, Burkina America; and aharpsichord, played amples forwhich both some bowedand plucked, others easier or morerewarding.And they Faso. Theresulting compilation by keyboardist Frank Hubbard. visual and audio samples areac- struck or blown into—at the Met- areexamples of rare cases where contains myriad images,videos Amoreextensive catalog of cessible: a1640 Ruckersharpsi- ropolitan Museum of Art. In 2012, I virtual visitsbeat actual ones,since and sound samples of keyboards, early keyboards is on displayin chord (“gorgeous,” says Ms.Lin- lectured and performed on pieces through modern technologyyou not zithers, bagpipes,bells,drums and Yale University’s online presence, senmeyer), from the storied Dutch from this collection, including the only cansee the instruments, but more, along with over 22,000 wind sampled from itscollection of family of instrument builders; a 1720 cypresskeyboard built by the hear them as well. instrumentsfromAsia, Africa, Eu- nearly 1,000 instruments. Yale was 1740 Blanchet harpsichord from inventor of the piano, Bartolomeo rope,the Americas,and Oceania, the firstNorth American member France; and the rare,spectacularly Cristofori. It is the oldest of three Mr. Isacoff’s latest book is “When ranging from the noble trumpet to of MIMO,Christina Linsenmeyer, large (5-choir,including a16-foot extant pianos made by him—mak- the World Stopped to Listen: Van the lowly mirlitons,whose buzzing associatecurator of the school’s register) Johann Adolph Hass ing it the most ancient piano in Cliburn’s Cold War Triumph and Its sound requires the playertohum collection, told me by phone,and harpsichord, c. 1760,fromGer- the world—and Ifound playing it Aftermath” (Knopf).

DANCE REVIEW lyrical,Baroque composition. The ShayBland’s“Wazn,” to piano Driscoll worked apart and together, sock-wearing,black-clad dancers music and playing by Mr.Fitzsousa, oftenwith moves that had them (none of the bill’scostuming was revealed Melissa Anderson and Ja- sinking to the floor.The presence ‘Dancersofthe Met’: credited) enacted their sometimes coby Pruittinaspacearranged and manipulation of abare, caged knotty interconnections with the with flickering candles,benches lightbulb on astand, known in the air of astark apache dance. and amiscellanyofother props. theater as aghost light, added some “‘The Millers’ FlamencoSoul”— Thesomewhat generalized move- eerienesstotheir dance. In Person and Inside choreographed and performed by mentsofthe dancersand their toy- Set to musical selections by Jo- Jose Moreno to Manuel De Falla’s ingswith the setting and itsobjects hannes Brahms and Gabriel Fauré, “El SombrerodeTresPicos,” with suggested tasks morearbitrary with fine musical accompaniment BY ROBERT GRESKOVIC were again the norm. Mr.Fitzsousa at the piano— than consequential. from Kari Jane Docter on cello and Bradley Shelver’s “Amarilli Mia amounted to ahard-shoe percus- “SmokeBreak,” with choreogra- bass, Seth Malkin’s rich singing, as New York Bella,” to acomposition of that siveforay of flamencointensity as phybyCaleb Marshall-Villarreal, well as Mr. Fitzsousa’s piano, Ms. “DANCERSOFTHE MET,” per- name by Giulio Caccini—artfully Mr.Moreno peppered the resonant aimed to provide the program with LeCrone’s moody choreography in- formed in collaboration with mem- sung by Anne Nonnemacher,with floor put in placefor his solo.A some comedy.Set to arrangements cluded footwork that revealed bersofthe Met Orchestra and Met Brian Fitzsousa expertly at the pi- simple but evocativeuncredited of the “Habanera” and “Toreadors” some of classical ballet’s distinc- Chorus Artists,offered aprogram ano—presented angular,somewhat lighting effect projected Mr.Mo- from Bizet’s“Carmen” suite, played tive details. Within the studio of newchoreography, with one mu- taut choreographic articulations of reno’s rotund figure in looming vibrantly by QianwenShen on vio- space, the dancers brought the sical interlude,running under an dancersCaraSeymourand Alonso shadowbehind him, magnifying his lin with Mr.Fitzsousa on piano,Mr. work’s emotive dimension directly hour.Ittook placeinfront of an in- Guzman, in contrast to Caccini’s presenceand his moves. Marshall-Villarreal’svaudeville-like to the viewer in ways only possible door audienceonMarch 6and 7 turn forhim and Annel- live and in person. with two performances each eve- ise Baker had them in Thefelicitous playing,bymem- ning.FromMarch 15 to 31, the pro- dapper black suitswith bersofthe Metropolitan OperaOr- gram will be streamed fora$10 fee. whitesneakers, and chestra, of the second movement Themodestly scaled presenta- wearing masks sporting from Ravel’sString Quartet in F tion, an initiativeled by Metropoli- athin mustache,alip- major filled out the program, tanOperadancersMaraDriscoll sticked grin and adan- sparking only the faintest wish that and Elizabeth Yilmaz-Dobrow,came gling cigarette;the re- this,too,had been used forapiece at the end of ayearlong period off- sult wasacartoonish of choreography. stageand marked areturn of the excursion that took its When this bill begins streaming, artistsinvolved heretoperforming cues from the music’s it’sunlikely that the filming will forin-person spectators. Held in morebroad and obvious catchthe atmosphereofwitnessing ArtsonSite, abare-bones studio in accents. these dances in person. As we’ve Manhattan’sEast Village, the inti- EmeryLeCrone’s been learning in this past year of mateaffair showcased itsperform- “Tristesse,” at about the Covid-19 pandemic,virtual pre- ersinfront of a16-person, social- seven minutes the lon- sentations missmanyofdance’sin- distanced audiencethat, likethe gest of these dances,is effable dimensions. performers, wasmasked. dedicated “In loving The five new dance works var- memoryofThomas J. Dancersofthe Met ied from about five to seven min- Fluty (Uncle Jack).” Per- Viewable online through March 31, utes in length and were created in forming with elegance $10. To watch, go to the five days before the program and aplomb in sometimes dancersofthemet.com

MANNING opened. The smoothly run show, sheer black costuming without intermission, made it with black facemasks, Mr. Greskovic writes about dance GHAN Annelise Baker and Caleb Marshall-Villarreal in ‘Smoke Break’ ME seem as though live dance theater Ricardo Zayasand Ms. for the Journal. P2JW074000-4-A01400-1------XA

A14 | Monday, March 15, 2021 **** THE WALL STREET JOURNAL. SPORTS The March Madness BracketIsSet

Undefeated Gonzaga is the overall No. 1 seed in the field, with Baylor, Illinois and Michigan getting the other top spots

BY LAINE HIGGINS

College basketball fans may be itching to fill out their 2021 NCAA tournament brackets after going without upsets, buzzer beaters and Cinderellas last March. But die- hards would be wise to wait a few days before making their picks this year. Covid-19 could still have something to say about who makes the field. The NCAA Selection Committee on Sunday unveiled the bracket for the 2021 tournament and made undefeated Gonzaga the overall No. 1 seed and Baylor, Illinois and Michigan as fellow top seeds. The Big Ten Conference proved its depth by sending a Division I- leading nine teams to the Big Dance, including four teams as No. 1 or 2 seeds, and will look to end its 20-year championship drought. And for the first time in nearly half a century, the action will un- fold without March mainstays from Duke or Kentucky. Yetperhaps the most unpredictable aspect of the tournament this year will take placeoff the court in the form of accidental Covid-19 outbreaks.Inaseason that sawone in tengames canceled due to coronavirus-related disruptions,the NCAA outlined a handful of contingencies in case a member of ateam testspositive— something that happened to Duke, Virginia and Kansas during their conferencetournamentslast week.(Kansas and Virginia both GES made the tournament field regard- IMA

less.) ETTY There are two important win- /G dows to watch, the first of which MILLER ends on Tuesday evening. In order

to get to Indianapolis—where the ETHAN entire tournament will take Pandemic unpredictability aside, one of the surest bets is 26-0 Gonzaga. The Bulldogs have decimated opponents by an average of 23 points per game. place—every member of a team’s 34-person traveling party must played varied greatly, with some Zags’ margin of victory puts them coach Mark Few’stenureinSpo- physical, they’re disciplined, test negative for Covid-19 for barely achieving the minimum in elite company: in the shot-clock kane,they’venever wonitall. The they’re smart,” he said. seven consecutive days. If they standard of 13 games created ex- era, only 1990-91 UNLV and Zagsare six wins away from be- The 14 toughest schedules in suffer an outbreak between Sun- clusively for the disjointed 1998-99 Duke finished their sea- coming collegebasketball’sfirst the country all came from the Big day and 6 p.m. ET on March 16, 2020-21 season. sons with more lopsided results. undefeated champions sinceIndi- Ten, according to basketball statis- the NCAA can replace them with “I think the committee will al- Neither one of those teams, how- ana in 1975-76—coincidentally tician Ken Pomeroy. Compare that another team on the bubble. ways go back to our perspective ever, were crowned NCAA champi- also the last time that both Duke to Gonzaga’s 93rd ranked strength That means the bracket is tech- and the foundational piece of who ons. and Kentuckymissed the tourna- of schedule, which included just nically fluid until 48 hours before did you play, where did you play ment. four games against ranked teams. the First Four play-in games get and how did you play them,” said Another streak could snap this Warren is aware that the big- under way on Thursday evening. men’s March Madness committee Every member of a March if one of the nine NCAA gest determinant of March Mad- A team can still be knocked out chair and Kentucky athletic direc- tournament teams from the Big ness success will likely be the vi- of contention once the bracket tor Mitch Barnhart earlier this team’s traveling party Ten cuts down the nets in Indy. rus. locks if an outbreak and subse- month. “We’re just going to have must test negative for The league hasn’t won a champi- “I think the biggest thing is we quent contact tracing leaves it to acknowledge at some point in onship since Michigan State in just need to remain prayerful that without five healthy players, the time there may not be great, com- Covid19 for 7 days. 2000 despite sending seven teams our teams stay healthy and they’re minimum number of players plete equity like everyone wants to the final since then. afforded the opportunity to show- needed to field a team. You don’t there to be.” In 2021, the Big Ten was both case their talents,” said Warren. need substitutes to advance to the Barnhart said teams that missed deep and top heavy: Illinois, Michi- For that reason, Warren advo- next round of March Madness in games due to Covid-19 outbreaks One of the things that makes gan and Iowa clustered between cated for the Big Ten to move its 2021. You might not even need to on their rosters, or the rosters of Gonzaga so great is their balanced third and fifth in the Associated conference championship last play a game: teams automatically their opponents, were not penal- scoring attack. Four of their start- Press Top 25 at the end of the reg- week from Chicago to Indianapolis advance if their opponent has four ized for having truncated regular ers, including freshman phenom ular season. No. 9 Ohio State and to reduce travel and potential or fewer players. seasons. “One needs to acknowl- and likely 2021 NBA lottery pick No. 20 Purdue were not far be- Covid-19 exposure. To “preserve Picking a tournament field this edge that people tried and they Jalen Suggs, average above 10 hind. competitive equity” with teams year required navigating numerous gave effort,” he said. points per game and combine for Big Ten commissioner Kevin that have to travel this week, how- unusual variables. Pandemic unpredictability aside, an average free-throw percentage Warren, a former college basket- ever, the NCAA required Big Ten There were dozens fewer non- one of the surest bets in the 2021 of 57.5% Translation: the Zags can ball player himself, said that gruel- teams to vacate their hotel rooms conference games for the selection field is 26-0 Gonzaga, a team from score often and from anywhere on ing conference slates sharpen for several hours on Sunday. committee to consider when rank- the West Coast Conference that’s the court. teams ahead of the NCAA tourna- “It’s been an abnormal year,” ing and seeding teams. Addition- decimated its opponents by an av- While Gonzagahas been a ment. said Warren. “I’m just fortunate ally, the number of games teams erage of 23 points per game. The steady tournament team during “Our teams are strong, they’re that we’re playing.”

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Each of Minneapolis 36 28 sn 42 30 c Brussels 48 38 sh 47 36 sh Tokyo6249s 67 48 s 23 Suffix with social belly-flop character ___ Nashville 68 55 r7752c BuenosAires 83 72 c7665t Toronto3225pc3831pc the six fictitious book titles contains the letters NewOrleans 81 68 t7969r Dubai 81 63 s8668s Vancouver 45 33 s4735pc or urban 48 Slow cooker MayClampett H-O-U-S-E in random order,and the letters immediately preceding them in each theme answer NewYork City 39 28 s4138c Dublin 53 46 c5736sh Warsaw4731sh4632pc s Oklahoma City 68 43 s7647c Edinburgh 51 43 c5638sh Zurich 42 33 r4331sh Solvethis puzzle online and discussitatWSJ.com/Puzzles. spell RANDOM. P2JW074000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, March 15, 2021 | A15 OPINION No Justice for Female FARC Victims BOOKSHELF | By Ian Marcus Corbin

March is Silva, who holds one of those never know. But it waswell- gress. He bolted forVenezuela. The Price Women’sHis- unelected seats, waslast year known that the FARC wasone Is the Colombian statein- tory Month named avicepresident of the of the largest and most profit- terested in justicefor FARC and the mas- Senatebyher colleagues as a able drug-trafficking opera- victims or even in the truth? ters of iden- demonstration of theircom- tions in the world when Mr. FARC membersstand accused Of Admission tity politics mitmentto“gender equity.” Santos offered amnesty and by Ms.Ramírez and manyoth- AMERICAS areusing it to This seasoned terrorist denies congressional seatswithout ersofunspeakable atrocities. promotetheir that the FARC ever recruited elections. Manyvictims claim that as mi- By Mary Little Platoons left-wing minors,despitemountains of It waspreposterous to ex- norsthey were held captive, Anastasia causes.Tough evidencetothe contrary. But pect that these career crimi- repeatedly raped, made to go By Matt Feeney O’Grady luck forFlor hey, she’sawoman! nals would confesstotheir on rebel missions and told (Basic, 303 pages, $28) Enid Ramírez. The Santos-FARC deal, crimes and surrender their ill- their families would be mur- Forfour years, Ms.Ramírez backed by the Obama adminis- gotten gains to compensate dered if they tried to escape.If hortly afterthe Industrial Revolution began plucking says she suffered sexual vio- tration, is falling apart. The they gotpregnant, they were S workersfromtheir ancestral villages and installing lenceasaforcedrecruit of the NewYork Times recently re- subjected to forced abortions. them in factorytowns,acertain bargain wasstruck. Colombian narco-trafficking ported that Mr. Santos is A special peace court Adel González, alawyer for Thefamily would need to be mobile and smaller now— guerrilla group FARC.When among those Nobel PeacePrize the nongovernmental organi- just mom, dad and the kids,most likely—but it would be former Colombian President recipients“whose actions and refuses to hear about zation CorporaciónRosa sacrosanct, ahaven in the heartlessworld of urban Juan Manuel Santos arranged behavior—either beforeoraf- atrocities against Blanca, which representssome anonymity and mechanized production. If public lifewas amnesty forthe FARC in 2016, terthe honor wasgiven—have 250 FARC victims,told me last to be marked by fierce competition and creative he promised that aspecial been viewedasunworthyorin Colombian women. week in atelephone interview destruction, at least in the family home youwould be peacecourt would hear griev- some cases even absurd.” from Bogotáthat his clients free,safe, independent. ances such as Ms.Ramírez’s, Backwhen Mr.Santos was want to go beforethe tribunal In “Little Platoons:ADefense of Family in a expose the truth about the negotiating with the FARC,he victims if only they were al- and describe howtheir lives CompetitiveAge,” MattFeeney outlines atroubling guerrillas’ crimes against civil- pledged in morethan one in- lowedtoskip jail time and were shatteredbyindividual deviation from this bargain, agrowing incursion of market ians,and ensurereparations. terviewwith me that he would givenaleg up in politics.It membersofthe FARC.They forces intothe havenofthe family home.Mr. Feeney’s Ms.Ramírez told the Co- hold areferendum to givethe wasevencrazier to think they want their tormentorstolook compact and compellingly lombian cable news outlet electoratethe last word on any would walk away from their them in the eye. They haven’t argued book,which grew out NTN 24 last week that she is agreement draftedinHavana. lucrativebusinesses. been given that chance. of a2016 article he wrotefor still waiting forher dayinthat When voters rejected the Pressreportsrefer to some Instead, Mr.Gonzálezsaid, the NewYorker,takes itstitle court—known by the Spanish agreement in 2016,itwas “a of the criminals involved in the JEP is handling charges from Edmund Burke’s initials JEP. deep embarrassment” to him, rising violence as “dissident” that the FARC recruited child- “Reflections on the Revolution Her storyisn’t unique.Hun- according to the Times.“While FARC.But the evidencesug- soldiersand engaged in sexual in France.” There, counseling dreds of women with similar apeacedeal waseventually geststhat the organization violence in ageneralized man- loyalty to one’sclosest stories have bravely risked re- pushed through the country’s hasn’t exited the business. In ner,spouting statistics and as- community,Burkewrites that prisals to come forward. legislature, recent develop- April2018 Colombia arrested signing blame to afacelessor- “tolovethe little platoon we Fordecades the FARC used mentsinthe countrysuggest it FARC leader JesúsSantrich ganization. belong to in society,isthe first child soldiersascannon fodder is onceagain descending into and Marlon Marín,the nephew TheFARCinstitutionalized principle (the germ as it were) and sexslaves. Thousands of conflict.” of FARC leader Iván Márquez, violence against women and of public affections.Itisthe underageColombians were This increase in violence is forconspiracytoimport co- children.The JEP is supposed firstlink in the series by which victimized. These areinterna- the result of turfwarsamong caine intothe U.S. When Co- to makesureitnever happens we proceed towardsaloveto tional crimes against human- criminal groups.Itcoincides lombia extradited Mr.Marín to again. But Colombia’spolitical our country, and to mankind.” ity.Yet as part of Mr.Santos’s with an increase in coca grow- the U.S.,Mr. Márquezwent establishment seems to want Mr.Feeney suggeststhat our deal, FARC leadership was ing and cocaine production into hiding and issued are- Ms.Ramírez and the other vic- little platoons arebeing diverted from this function and given seatsinCongresswith- that began during the Havana- newedcall to arms. tims to go away. transformed from schools of public affection to weapons out being elected. based talks with the FARC. In May2019 the JEP over- So much forsolidarity with of public competition. Think Colombian “peace” Whether Colombia’spoliti- ruled the Colombian prosecu- the Colombian sisterhood. The Mr.Feeney pointstoseveral breach points.Tech can’t getmorecynical? Think cians and businesselites,who torinthe case of Mr.Santrich politically incorrect need not gadgetsisolateusand prey on the idiosyncrasies of our again: Senator—and former backed the FARC negotiations, and released him so he could applyfor justice. brains.All-consuming youth sportsfashion not just soccer FARC fat cat—Griselda Lobo were cluelessorevil we may take his unelected seat in Con- Write to O’[email protected]. players but entiresoccerfamilies.Inthe ambitious, competitiveenvironmentsthat Mr.Feeney describes, year-round sportsclubs and camps promise not joyful playorhealthyexertion but “development” andpreparation Small-Business Loans Are MIA foradvancement to “the next level”—wherethe good, choiceworthything is always afew hardsteps away.If Selling the to fund day-to-dayoperations. termines creditworthiness, a canlowerservicing costsby thereisaterminus to this process, it is admission to a Covid relief Bars, hotels,small manufac- smart contract is needed to 117basis points. good college, which is,for manyofthe parentsMr. Feeney packageonturers, retail—maybe they own house the loan information. But that leavesfunding describes,the all-encompassing goal of child-rearing. Jan. 22,Vice the pizza oven and nowneed Loans canthen be packaged costs. Fortunately,Wall Street As aresult, the most powerful and insidious interlopers President Ka- some dough. with other loans and securi- is chock full of investorsthat in Mr.Feeney’s storyturn out to be elitecollege- mala Harris So whyonly 400 loans? tized to attractlargersources buy securitized loans,aslong admissions officers. These distant commissarsquietly INSIDE tweeted, Those $40,000 loans,well be- of capital. Enter MikeCagney, a as they understand the risk via communicateavision of the 18-year-old who will be VIEW “@POTUSand lowthe MSLP thresholds,usu- co-founder of SoFi, who has a atransparent rating system. worthyofpassing beneath their ivied arches,and “eager, Iare taking ally last 18 months and 12% newcompanycalled Figure.In But chicken-and-egg-like, they anxious,ambitious kids,” the author tells us,upon By Andy immediateac- never getpaid back.Add orig- itsProvenancesystem, loans need to see atrack record. “hearing of the latest behavioral and character traits Kessler tion to help ination and servicing costs, aredescribed in asmart con- Wije thinks the Biden ad- favoredbyadmissions people,will do their best to affect small busi- and banks need to charge in- tract, encrypted and then made ministration canhelp facilitate or adopt these traits.” nesses—because they power terest ratesinthe high teens traceable using blockchain— loans forasmanyeligible risk- Admissions officersexercise increasing powertoshape our economy, and they need or even 20% to makemoney— cryptotechnologyfinally being screened borrowers as possi- the lives of both the children and their families.Their relief.” It got120,000 likes! Tony Soprano rates. Not good used right—so investorscan ble—and not at a20% interest preferences hold so much weight that, morethan being Then? Not much. The$1.9tril- optics. rate,but at 10% or lower. merely instrumental, they createthe “vague assumption, lion “rescue plan” porkfest has Plus, banks liketolend to How? Apublic-privatepart- largely unquestioned,that acentral ethical duty of some one-off grantsbut is companies that don’t need it. There’s a reason the nership (I know, yuck,but only American teenagersistomakethemselves legible to a quiet on getting small-business Prime customershaveFICO forthree yearsuntil atrack bureaucratic processand morally agreeable to itsvain loans going again. TheU.S.has scores of 720and above. Too Fed’s Main Street record exists) constructsave- and blinkered personnel.” (or had) 30 million small busi- manysmall businesses score Lending Program hicle that can strip out the nesses,employing almost half between 580 and 720. And credit risk from the interest- theworkforce.Ofthe 10 mil- banks arerequired to take up- came up well short. rate risk.Itwould be liketra- There’smuch moretothe role of thefamily lion currently unemployed, front losses on these loans ditional securitized markets, in raising children than getting them into maybefivemillion to seven because of astandardknown with mezzanine levels of vari- million worked forsmall busi- as CECL:current expected use AI and other tools to drill ous risk profiles.This way,the theright kind of college. nesses.They need help. credit losses.Sobanks didn’t down andbuy only the loans Federal Reserve, which can TheMain Street Lending bother.Nowonder MSLP was they want. Mr.Cagney tells me buy only interest-raterisk,can Programinlast year’s Cares abust. that Provenanceisaregistry, buy securitized small-business Vain, blinkered—and also capricious.Mr. Feeney Act set aside $75 billion in Technologycan help,espe- an exchangeand aledger so loans.Sincethe averageloan explains,for instance, that admissions officersonce lossprovisions so the Federal cially with thetedious credit that repayment information is for18months,we’ll know looked favorably upon studentswho captained everyteam, Reservecould facilitate$600 analysis needed to processloan canbeupdated in real time.In quickly if this thing works. founded everyclub and spent everyschool break building billion in loans to small busi- applications.Yearsago Imet the mortgage-backed crisis of Wije suggeststhat expected homes in Africaand drilling forthe SATs.Ambitious nesses.Here’sthe report card: S.P. “Wije” Wijegoonaratna, the 2000s,noone knewwho returns will provehigh enough studentsand parentsobliged, shaping family lifein As of October,MSLP had made who runs acompanycalled Al- owned what loans,sodebt re- that deep pools of capital will accordancetothose preferences.Intime,though, colleges fewerthan 400 loans,totaling iya. Since2016 Aliyahas structuring wasscarce. Instead, gladly step in to replacethe found themselves deluged with résumé-padding $3.7 billion. That’sit! Adud. worked with big banks to auto- userssimply defaulted. Fedafter three years. renaissancestudents. Doing everything wasnolonger a That monthMSLP reduced its matecredit analysis and apply Howdoweget small-busi- Is that enough?It’sworth a sign of distinction, so admissions personnel changed the loan size from $250,000 to artificial intelligencetoloan ap- nessloans started again? Wije try, and it’smoreimportant signals they were sending.“Now,” Mr.Feeney says, $100,000 but still found few plications.Hetells me that the describesfour main problems: than forgiving student loans. “instead of ‘well-rounded’ generalist strivers, admissions takers.Itshut down in early AI considers121 attributes and production, risk assessment Small businesses,especially in officersfavor the passionatespecialist, otherwise known January. That’syour govern- the companycan replicateFICO and management, servicing, underserved communities, as the ‘well-lopsided’ applicant.” Striving families areonly ment inaction. scores with only four attributes, andfunding costs. Aliya’sAI, were wrecked by the pan- toohappy to comply. Theaverage small business so itsscoresare way moreac- along with itscompetitors’, demic. Rather than grants, Ahypercompetitivemarketplacelikethis is driven by (fewerthan 500 employees) curate. Aliya’sdefault rate for lowers origination costsand let’suse technologytocreatea fear,Mr. Feeney tells us,and, “if, thanks to this fear, borrowsjust under $40,000, prime customerswas under 3% does risk assessment. Mr.Cag- long-lasting funding system people come to believethat asuccessfulliferequires according to Fundera. Sixty- last year.Itworks. ney believes that Figure’s andkeep the dough flowing. passagethrough asuper-selectivecollege, and if such one percent take out the loans OnceAliya’salgorithm de- blockchain technologyalone Write to [email protected]. colleges use the leveragethis gives them to require sheepish levels of agreeablenessintheir successful applicants, then agreeable,sheepish collegestudentsare what you’regoing to get.” Under such conditions,familial Come Back to Florida for Spring Break autonomyrequires an uncommon quantity of deep reflection and defiant courage. Agreat many American By Dave Seminara an op-ed in the Boston Globe, immunocompromised and manypeople areignorant is families remain in thrall to the shifting demands of the likening them to “ticking time won’t receivemysecond vac- elitist. And some of the lock- market, and aremuch lessfreethan they were meant to St. Petersburg, Fla. bombs unleashed upon the na- cine dose untilearly April, but down-for-thee-but-not-forbe in the modern dispensation. pring break is atradition tion’stransportation hubs and I’m not losing sleep about col- me elites responsible forthese In another sense,however, Mr.Feeney suggeststhat S in Florida, and nowsois dinner tables.” lege students visiting my Covid fiatshavequietly made we’remuch freer than we realize. He tells us of studies Covid panic.For the sec- Much of thespring-break hometown. Idon’t take the their owntrips to Florida dur- showing that attending asecond-tier collegeisn’t nearly ond consecutiveyear,media travel scarerevolves around pandemic lightly, but life ing the pandemic. M.K Pritz- as detrimental to one’searning potential as most people coverage depicts college stu- the effort to discredit Florida doesn’t have to come to a ker,wifeofIllinois Gov.J.B. would believe. Referring to the work of the economists dentsasmarauding fools,hell- Gov.Ron DeSantis,whose less standstill untilevery person is Pritzker,vacationed at the Stacy Dale and Alan Krueger,Mr. Feeney writes that bent on infecting the elderly restrictiveapproach to the vaccinated. couple’s$12 million eques- “selectivecolleges don’t turn kids intobiggerearners. in nursing homes. pandemic has worked, infuri- Shutting down tourism, as trian estateinWellingtondur- They choose thekids who aremorelikely to be bigger “Spring break could be a ating Democrats. Perhaps Dr.Walenskywould prefer, ing the Land of Lincoln’slock- earners.” Much of what the college-admissions process perfect storm forspreading would be disastrous formany downs. does is filter the extremely talented from the very coronavirus variants,” a states,especially Florida. “A changeinthe weather is talented. If your child is one or the other,chances are CNN.com headline proclaimed. It’s an opportunity for Tourism generated $13.3 bil- sufficient to re-createthe their professional performancewill reflect it. Nowthere The article quoted a medical- lion in federal taxrevenue and world and ourselves,” Marcel areverygood reasons to think that one’scareer is only a school dean warning: “Spring college students not $11.4 billion in state and local Proust observed. College stu- small part of alifelived well. If collegeadmissions don’t break in Florida could spell di- only to have fun but to taxrevenue in 2017,according dentsare bombarded with lib- even determine that, then we need not playthis wild, saster forthe country.” Author to RockportAnalytics,and the eral indoctrination on cam- dizzying game of competition. We should feel free to Holly Yanconcluded that learn about freedom. industry supports more than puses. But travel can be life’s shape our families according to our ownvalues. therewould be “plenty more 1.5 million jobs in the state. greatest classroom, so let This is good news,and maybe also scary. It means that chances to party onceevery- Ihavecollege-agenieces them come to Florida foralit- it’suptoustodetermine,asparentsand families,what one is vaccinated.” some of his critics perversely and nephews,and their gener- tle sunshine and alesson in will makefor agood childhood, agood family culture, a RochelleWalensky, director hope that acalamitous out- ation is taking Covid morese- howindividual liberties canbe good life—and to set the fine balancebetween freedom of the Centersfor Disease break herewill givethem a riously than the media gives preserved responsibly during and attachment, work and leisure. As our children mature, Control and Prevention,said chance to blame Florida, the them credit for. Some stu- a pandemic. we’d betterwatch closely,because there’snotribunal in on Mar. 8 that even fully vac- stateprogressives lovetodents will behave irresponsi- CambridgeorManhattanthat cantell us if these cinated people shouldn’t loathe. bly on spring break. But the Mr. Seminara is aformer particular humans aregrowing intothe fullest, happiest travel. Last year she also Iliveinthe Tampa Bayre- answer isn’t to punish every- diplomat and author of “Foot- versions of themselves. warned parentsagainst wel- gion,close to St.PeteBeach, one. Heavy-handed efforts to steps of Federer: AFan’s Pil- coming their college-agechil- ranked the topbeach in the limit personal freedom based grimage Across 7 Swiss Can- Mr. Corbin is aco-director of the Human Network Initiative dren home forThanksgiving in countrybyTrip Advisor.I’m on the assumption that too tons in 10 Acts.” and asenior fellow at the think tank Capita. P2JW074000-0-A01600-1------XA

A16 | Monday, March 15, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Biden Border Mess Dividing by Race in Schools Is Destructive

he WhiteHouse on Saturdaydispatched to Biden policies and rhetoric.Because of Covid, In “Dividing by Race Comes to curriculum. Children in the BPS are the Federal EmergencyManagement the Centersfor Disease Control and Prevention Grade School” (op-ed, March 8), Bion taught the Black Lives Mattercurric- T Agencytothe southern border,tacitly has issued an emergencyorder to expel mi- Bartning concludes that the effort to ulum, which effectively divides chil- divide the country“isn’t an issue of dren against each other based on acknowledging the growing grants from noncontiguous Migrants rush to enter leftversus right.” Of course,itis. skin color.Children’sself-images suf- humanitarian crisis as mi- countries. But the Biden Ad- Whodoes he think “debuted [it] on ferwhen taught they areviewedei- grantssurge to enter the U.S. the U.S., creating a ministration exempted unac- collegecampuses morethan 40 years ther as victims or oppressors. Chil- Stephen Miller,the restric- companied children, and in ago”?Itwasn’t conservativeprofes- dren arebeing groomed to become tionist adviser to Donald humanitarian crisis. some cases entirefamilies sorsthen and it isn’t conservative social activistswho will tear down Trump,could not have devised have been released intothe professorsand othersonthe right institutions,not fixthem. abetterway to undermine the U.S. todayshifting the movement intohy- Last month, Black Lives Matter prospectsfor immigration reform. Under the Trump Administration’sMigrant perdrive. It’sthe progressiveleft. Global Network co-founder Patrisse iii Protection Protocols,asylum seekerswaited in PETER A. CERRA SR. Cullors, who believes in equity,not FEMA typically addresses unpredictable ca- Mexicofor their cases to be adjudicated by U.S. Wilmington, N.C. equality,asked that whitepeople vol- lamities like hurricanes, but this border mess immigration courts. TheBiden Administration untarily giveuptheir power. Equity Mr.Bartning’saccount of his chil- means achieving your goals because is man-made.U.S.Customs and Border Protec- ended this policyand has begun admitting asy- dren’sgrade school’snew “curricu- of your race,color or gender.Equal- tion (CBP)reported nearly 397,000 encounters lum seekerswith pending cases no matterhow lum” hit anerveinme. Igrewupin ity means everyone having the same with migrants on the southwestern border in far-fetched the claims. Migrants can seek per- Poland, born shortly afterWorld War opportunity to achievetheir dreams. the firstfivemonths of fiscal 2021, which began mission to work afterfiling asylum applica- II, so my early childhood experiences Theculturally responsivecurriculum in October. That’s about 25% more than in the tions. The wait for an asylum tribunal hearing included attending school in Stalinist in the BPS promotes Ms.Cullors’s same period in 2019. canbeyears, literally,and manyapplicants and communist times.We, too, were philosophy. Her beliefs areinopposi- In 2019 the surge of migrantsled to “danger- never bother to show up. encouraged to report on each other tion to the vision of Martin Luther ous overcrowding” at border control stations The clear signal to migrants, and to the hu- and our parents: their habits, what King Jr., who wanted his children to and detention facilities,inthe wordsofthe De- man smugglerswho runpeople acrossthe bor- radio stations they listened to,etc. be judged by their character,not the partment of Homeland Security’s inspector der, is that nowisthe time to come to America. Sincekindergarten we were spoon color of their skin. Ironically,despite general. Covid and social-distancing require- That signal wasmagnified by the WhiteHouse fedstories of heroic young pioneers the important differenceinoutlook, who,asactivists, valued their coun- Ms.Cullorsgaveher remarks at a mentshavefurther reduced capacity at govern- messagethat it wantstolegalizethe 11 million try’sleadersand itsagenda above University of Buffalo presentation ment facilities and nonprofit shelters. or so undocumented migrants already in the their ownfamilies.Weweretaught that wassupposed to commemorate Unaccompanied children arearriving in U.S. with a fast track to citizenship. Message: two versions of the historyofour Martin Luther King’swork. droves,with CBP reporting nearly 9,500 en- Get in as fast as you can to qualify. country: one,official and propagan- Icommend Bion Bartning for countersinFebruary, a61% increase over Janu- Meanwhile,the Biden proposal offersmi- dized in school, the other,real and speaking out on behalf of his chil- ary. TheWashingtonPost reports that more grantsfew incentives to wait and enter legally. truthful at home.Myparentslater dren. Perhaps other parentswho find than 8,500 migrant children areatfacilities run In aconcession to unions,the bill offersnonew told me they were afraid Iwould say themselves in asimilar situation will by the Department of Health and Human Ser- pathways forguest workerswho could enter le- something in school which would re- find the couragetodothe same. vices, while another 3,500—“the highest figure gally to work in unfilled jobs.Without the abil- sult in them being arrested. While taking astand is never com- ever”—are stuck at CBP stations waiting for a ity to moveback and forth legally,moremi- Iamappalled at what is currently fortable,having children absorb a occurring in schools in the U.S. destructivepolitical agenda is worse. spot to open at the shelters. grantswill enter illegally and take their chances Sadly,under the guise of progress, Ihope moreparentswill find their Thewait times forchildren stuck at CBP fa- on getting caught. historyisrepeating itself in the voicesoteacherscan getback to ed- cilities nowoften exceed the 72-hour legal limit, iii countryIchose to escape the night- ucating,not indoctrinating. and the Post says unaccompanied children are President Biden has backed himself intothis mares of my early childhood. ELINOR WEISS “waiting in cramped and austere holding cells boxcanyonbyfailing to heed political and eco- BARBARA ANDERSON East Amherst, N.Y. with concrete floors and benches” where the nomic reality. Americans want to be generous Winter Park, Fla. “lights remain on 24 hours a day.” Remember to immigrants, but they also reject the viewthat What seemstobehappening at in 2019 when the media and Democrats called the U.S. can finance the healthcare and educa- Itaught in the Buffalo Public Riverdale CountrySchool wascalled similar conditions a moral catastrophe? tion of anyone who breaks U.S. lawtoget here. Schools (BPS) forover30yearsand bullying in my school days. Texas Democratic Rep.HenryCuellar is That should be clearenough from the immigra- have watched in dismayas“cultural MICHAEL BIRELEY warning that the surging numbersare “a crisis tion reform failures going back to George W. responsiveness” has takenoverthe Plano, Texas forour local communities.” He says nonprofits Bush in 2007. and local governmentsare left“scrounging for U.S. immigration politics is stalemated by Covid-19 tests, food and housing for these mi- the extremes of the entry-for-everyone leftand Custom Degrees Help Grads and Employers grants.” The Val Verde Border Humanitarian the Stephen Miller restrictionist right. Even Coalition, aDel Rio nonprofit aiding migrants, modest reforms won’t passwithout public con- Whyhas it takensolong forpro- careers or setting up indigenous busi- reported last month that the human flood left fidencethat the government isn’t inviting a fessional-services firms in the U.S. nesses. their supplies nearly depleted. rush of illegal migration that overwhelms the to adopt abespokegraduate-degree MAURICE D. LANDERS Migrantsrespond to incentives,and the border and produces ahuman crisis.Anurgent approach (“Employers Customize New York surge in border crossings is a direct response White House rethink is necessary. BusinessDegrees,” BusinessNews, March 5)? Sinceinception in 2011, the Com- The former president of the Uni- mercial Banking Program in the Mays versity of Limerick, Edward Walsh, BusinessSchool of Texas A&M Uni- More Gun Control, More Gun Sales was way ahead of the game in this re- versity has joined with the banking gard. Dr. Walsh arguably created a industryinimplementing and teach- he Democratsrunning Washingtonseem Criminal Background Check System reported 21 new norm in Irish third-level educa- ing arequired commercial-banking intent on fulfilling everyother progres- million background checks,which translates to tion back in the early 1970s, from the curriculum that is designed to posi- T sivedream, so whynot guncontrol? 8.4million newgun owners. That’sarecord. university’s modest beginnings in the tion our graduates forsuccessfulca- Last week the House passed Therewereanestimated 2.9 “White House” as the building was reersincommercial banking.The two newgun measures,and More women and million newgun buyersin2019, and is still known, to a now very im- banking industryprovides us with SenateMajority Leader Chuck minorities are and the previous record was3.4 pressive campus with a proud record valuable input on essential training Schumer promises they’ll get million in 2016. of innovation in education and excel- and skills they requireofour stu- avoteonthe Senatefloor. buying firearms. Morebuyersare women lence in research and scholarship. Dr. dentstobeconsidered foremploy- Walsh customized our degrees to ment. In addition, selected partsof They’d betterhope this and minorities.“Forty percent match the requirements of Irish com- the program curriculum aretaught by doesn’t boomerang the way of 2020’sbuyerswerewomen panies and industry. senior banking executives from our rising crime has spurred gun purchases. and the biggest increase of any demographic My bespoke electronics-production advisoryboardofdirectors. Students Thefirst bill passed 227-203,with only eight category was among African Americans, who degree was customized because the receivecurrent, relevant banking-in- Republicans,and would impose background bought guns at arateof58percent greater than electronics industry in Ireland at the dustrytraining taught by banking ex- checks forevenperson-to-person gunsales.The in 2019,” says the National Shooting Sports time found that many electronic-engi- ecutives positioning them forsuc- other bill passed 219-210,with only two Repub- Foundation, which tracks the data. neering grads applying for produc- cessfulcareersincommercial lican votes. This would extend the window for Mr. Schumer surely knows the bills have no tion-oriented positions weren’t suit- banking.Banks find our graduates are background checks to 10 days from three. The chance to get 60 votes in the Senate. But hold- ably qualified. As a graduate in trained according to industryrequire- bills are aimed at making it harder to acquire ing the votes will please progressives, and if engineering, I believe it made my mentsand areproductivesooner and own guns. there’snew gunviolenceDemocratsmight ben- finding a job much easier than some than their peers, and the Commercial of my counterparts in other universi- Banking Program is helping alleviate Democratsare betting that background checks efit politically.But no one should think that ties, both in Ireland and abroad. Our the shortageoftrained talent within arepopular,but the result in practicemay be to pressing guncontrol will do anything other degrees opened many doors for my the banking industry. spur moregun sales.In2020 the National Instant than spur more gun sales. class in a lot of different industries, W. DWIGHT GAREY and I believe they still hold us in Texas A&M University Cuomo Becomes Expendable good stead today when changing our College Station, Texas he Democratic demands forAndrew appointed by the Democratic Attorney General Two Takes on a Proposed $15 Minimum Wage Cuomo to resign have become a stam- establish the facts. T pede, which is all the more reason for By all means.The Democratic default that ac- William McGurn couldn'tbemore Regarding “ManyBusinesses Back NewYork’sGovernor to resist. cusersare always to be be- dead on with “The Human Cost of a Higher Wage” (U.S.News, March 2): With Trump gone, the Minimum Wage” (Main Street, Feb. Robert MaynardofFamous Toastery Even unpopular politicians de- lieved is deeply unfair.It’salso 16). We areall aware that, for restaurantsappearstobelaboring serve due process, especially embarrassing Governor oftenadouble standard, as we Washingtonpoliticians,optics al- under the misconception that the when former idolatersturn as learned when the pressig- waysseem to rule over logic and only people employedinminimum- quickly as progressives have is no longer necessary. nored JoeBiden’s accuser.Like common sense. wage positions arestudentslooking on Mr. Cuomo. our friends at the NewYork Ihavetwo real-world examples of to earn spending money or gain We have no brief forthe Sun, these columns advised this rapidly occurring now, before work experiencetoinclude on aré- Governor, whose record on Covid-19 has been former Sen. Al Franken,who also said he wasin- anyactions by Congress. Kroger sumé.Hesays that the minimum one of the country’s worst. His excessive and nocent, to defend himself rather than resign Corp.has announced that it is be- wage is “not meant to be alifelong arbitrarylockdowns have done enormous harm amid astampede started by NewYork Sen. ginning atest program in one of its wage.” However, formanyAmeri- to thousands of businesses and millions of peo- Kirsten Gillibrand.Due processisowedeveryone, Dallas grocerystorestoreplaceall cans,minimum wage is alifelong checkout personnel with self-service wage.Not everyone is destined for ple.His administration’sguidancethat nursing not least politicians elected by voters. scanners. Can we have anyserious collegeorhas the potential to earn a homes had to accept Covid patientsfromhospi- By the way,can we stop equating Mr. doubtsthat this is the futurefor re- six-figuresalary. tals led to many needless deaths. Then his ad- Cuomo with Supreme Court JusticeBrett Ka- tail checkout in all businesses of AMY RENWANZ ministration lied about it. vanaugh?Mr. Cuomo has been accused by mul- anysize? Livonia, Mich. Yeteveryone has known all this formonths, tiple women who worked forhim of harassing My nephewand his businesspart- even as thepress nominated Mr.Cuomo for wordsoractions,including in the last year. ner,both with Ph.D.s in electrical en- Covid sainthood. TheWashingtonPost retired Theaccusation against JusticeKavanaugh gineering from M.I.T.,just sold their Pepper ... the adorer’s cup: “Can Andrew Cuomo become concerned behavior in high school and had no startup companyinwhich they de- And Salt FDR?” He wonanEmmyfor his media brief- corroborating evidence. Nada. His record to- veloped an AI robotic system for ings, of all things, and alucrativebook contract ward women in the workplaceisbyall ac- grading meat at large packing THE WALL STREET JOURNAL forself-serving musingsonthe pandemic and countsexemplary. houses.Congress, this is the tip of a very,verylarge iceberg. Arise to leadership. The left can make its hard turn against Mr. $15 in the hourly minimum wage Thenew media consensus is that Mr.Cuomo Cuomo now because he is expendable. He was will do nothing but hasten the inevi- is abully who runs a“toxic” workplaceand ha- important as a spokesman against President table shifttorobotics and AI,which rasses women. Abully? Youdon’t say. Mr. Trump.But nowthat Democratsrun all of is going to radically changethe em- Cuomo has been Governor for10years. He has Washington, and progressives areinpower, Mr. ployment scenario among the mil- bullied reportersinplain sight from the begin- Cuomo is no longer as useful. The harassment lions who rely on themost vulnera- ning, and threatened politicians who dared to accusations areembarrassing to Democrats, ble and easily automated starter- criticizehim, yetinthe local pressonly the New who want him gone without a fuss so this un- level jobs. York Post has taken him on. pleasantness doesn’t extend into 2022. JACK ADEN Theharassment charges, nowmade by seven Mr.Cuomo shouldn’t let these opportunists Westminster, S.C. women, vary in seriousness and deserve to be offeasy.IfDemocratswant him gone,then im- Lettersintended forpublication should investigated. Under Mr.Cuomo’s ownprevious peach and convict him based on specific be emailed to [email protected]. Please standard that women should be believed, he charges and evidence. Make the case for why include your city, state and telephone would have resigned by now. But the Governor the verdict of voters should be short-circuited. number.All letters aresubject to says he didn’t do what is alleged, and that ev- Makethem vote in Albany, and makethem editing,and unpublished letters cannot “You celebrate when you get it and be acknowledged. eryone should let the investigation by lawyers watch in Washington. you celebrate when you get rid of it.” P2JW074000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, March 15, 2021 | A17 OPINION New York’s Opportunity Beckons in the Mideast Hot Export: By Jared Kushner agree on an arbitrary vest in Israel; the boundary line. Arab world is no lon- People he geopolitical earthquake TheBiden adminis- gerboycotting the that began with the Abra- tration is making Jewish state but bet- ham Accordshasn’t ended. China apriority in its ting that it will thrive. By Mark Kingdon T Morethan 130,000 Israelis foreign policy, and Thereare also several have visited Dubai since rightly so—one of Mr. morecountries on the egislatorsinAlbanyare consid- PresidentTrump hosted the peace Trump’sgreatestleg- brink of joining the L ering two taxbills that could se- deal’ssigning this past September, acies will be changing Abraham Accords, in- riously damagethe economic and air travel opened up forthe first the world’sviewof cluding Oman, Qatar well-being and quality of lifeinNew time in August. New, friendly rela- China’sbehavior.But and Mauritania. York formanyyearstocome: awealth tions areflowering—wait until direct it would be amistake These relationships taxand astock transfer tax. flightsget going between Israel and not to build on the should be pursued ag- It is likely the topfederal rate on Morocco.Weare witnessing the last progressinthe Mid- gressively—everydeal capital gains will increase to 40%, vestiges of what has been known as dleEast. Eliminating is ablowtothose and the combined NewYork stateand the Arab-Israeli conflict. the ISIS caliphateand who prefer chaos. city rate mayreach 15%. Should New bringing about six Most important, York enact a2%wealth tax, awealthy peaceagreements— normalization be- NewYorker could wind up paying a The Biden administration between Israel and tween Saudi Arabia 77%tax on short-term stock market the United Arab Emir- and Israel is in sight. profits. And that’saconservativees- called Iran’s bluff early. It ates,Bahrain, Sudan, Thekingdom dipped a timate:Itassumes afour times port- should continue to play the Morocco and Kosovo, toeinthe waterby folio turnover rate,moderatefor ac- plus uniting the Gulf granting overflight tivemanagers, and that stocks return strong hand it was dealt. Cooperation Coun- rights to Israel and, 9% ayear.Ifthe return is 4.4% or cil—has changed the most recently, allow- less, or the portfolio is moreactively paradigm. ing an Israeli racing traded, the taxwould be morethan Theconflict’srootsstretch back During his2017 PIKE/REUTERS team to participatein

100%. Nowweknowwhat a“fair tax” to the yearsafter World WarII, visit to Saudi Arabia, PHER the Dakar Rally.The

looks like. when Arab leadersrefused to accept Mr.Trump called on TO Saudi people are

Earlier this year,Iwroteanop-ed the creation of the stateofIsrael and Muslim-majority CHRIS starting to see that in these pages about the threat to New spent 70 yearsvilifying it and using countries to root out Israelis and Arabs celebrate Hanukkah in Dubai, Dec. 10. Israel is not their en- York City’s futurefrompoorly con- it to divert attention from domestic extremist ideology. As emy. Relationswith ceived policies in Albanyand City Hall, shortcomings. But as moreMuslims the custodian of the two holiest sites thing and refused. Israel areinthe Saudi national inter- particularly on criminal justice, rent visit Israel through Dubai, images in Islam, Saudi Arabia has made sig- Mr. Trump has said that Iran has est and canbeachieved if the Biden control and taxes. Ireceived texts, arepopulating on social media of nificant progressincombating ex- never wonawar but never lost ane- administration leads. calls and emails from people who,like Jews and Muslims proudly standing tremism, which has greatlyreduced gotiation. This negotiation is high- I was touched when I read in the me,feel both loveand despair forthe together. More important, Muslims America’srisk of attack and created stakes and, thanks to his policies, Associated PressofaJewish man city,and have either moved out or are areposting pictures of peaceful vis- the environment fortoday’snew Americaholds astrong hand. Iran is whosaid he felt morecomfortable close to doing so. itstothe Al Aqsa Mosque in Jerusa- partnerships.InMr. Trump’sfinal feigning strength, but its economic wearing ayarmulkeinDubai than in lem, blowing ahole in the propa- deal beforeleaving office, he bro- situation is direand it has no ability France. The estrangement between ganda that the holy siteisunder keredthe end of the diplomatic con- to sustain conflict or surviveindefi- Jews and Muslims in the Middle East Some 65,000 families pay attack and Israelis prevent Muslims flict between Qatar and Saudi Ara- nitely under current sanctions. over the past 70 yearsisnot the from praying there. Everytime bia, restoring an important alliance Americashould be patient and insist norm. As Jews and Muslims now half the city’s income Prime Minister Benjamin Netanyahu to counter Iran. that anydeal include real nuclear in- travel morefreely through the re- taxes, but they’re fleeing tweetssomething positiveinArabic TheBiden administration, how- spections and an end to Iran’sfund- gion, they return to the tradition of about an Arab leader,itreinforces ever,has one asset that the Trump ing of foreign militias. ages past, when membersofthe high taxes and disorder. that Israel is rooting forthe success administration never had—a rela- If the threat from Iran decreases, Abrahamic faiths lived peacefully of the Arab world. tionship with Iran. While manywere so canthe region’smilitarybudgets. side by side. Oneofthe reasons the Arab-Is- troubled by the Biden team’sopening Imagine howmanylives could be im- Thetable is set. If it is smart, the As Democratic mayoralcandidate raeli conflict persisted forsolong offer to work with Europe and rejoin proved if that money,anoutsize Biden administration will seize this Eric Adams pointed out recently, wasthe myth that it could be solved the Iran deal, known as the Joint shareofgross domestic product, historic opportunity to unleash the 65,000 families payhalf of the city’s only afterIsrael and the Palestinians ComprehensivePlan of Action, Isaw were invested in infrastructure, edu- Middle East’s potential, keep Amer- income taxes, and they won’t stay if resolved their differences.That was it as asmart diplomatic move. The cation, small businessand impover- icasafe, and help the region turn the the taxesbecome unreasonable and never true.The Abraham Accordsex- Biden administration called Iran’s ished communities. pageonageneration of conflict and the city is unsafe. But aweakened posed the conflict as nothing more bluff.Itrevealedtothe Europeans Following the new road map will instability. It is time to begin a new Gov.Andrew Cuomo maynot be able than areal-estatedisputebetween that the JCPOAisdead and only a prevent the Biden administration chapterofpartnership,prosperity to stop an emboldened Legislature Israelis and Palestinians that need newframework canbring stability from repeating the mistakes of the and peace. with aveto-proof majority. not hold up Israel’srelations with forthe future. When Iran asked fora past andunlock opportunities for Either taxcould raise alot of the broader Arab world. It will ulti- reward merely forinitiating negotia- U.S. businesses.OnFridaythe U.A.E. Mr. Kushner was asenior adviser money—for Florida. Thetrickle of mately be resolved when both sides tions, President Biden did the right announced a $10 billion fund to in- to President Trump. wealthy émigrésout of NewYork has become asteady stream sincepolice “reforms” released prisonersand mentally ill homelesspeople intothe How to Make Spring the Last Lost Semester streets. It will be aflood if NewYork enactsawealth taxwith an associ- By Scott Gottlieb spread vaccination will mean that kids vaccinated eventually,espe- tion inside buildings. ated taxonunrealized gains,which And Caitlin Rivers many, if not most, people areviral cially if Covid worsens. Asymptomatic screening with would lower, not raise,tax revenues, dead ends,unable to spread the High-school studentsare most contact tracing canhelp reducerisk as those who leave take with them his month marks one year disease to others. likely to be vaccinated first, as they wheresubstantial community trans- jobs and related services,such as le- T sinceschools around the But no vaccine has been autho- aremorelikely both to catchand to mission persists. Districtsthat con- galand accounting.Morecompanies countryclosed classrooms rized forchildren under 18,and only spread the virus.Middle schoolers duct regular testing have been able mayallowemployees to work re- andmoved instruction online.In the Pfizer vaccine has been ap- will follow. Grade-school kids are to prevent outbreaks by identifying motely,which will reducedemand for manycommunities,children con- proved for16- and 17-year-olds.Clin- unlikely to be eligible forvaccina- cases early.Federal and stategov- officespaceand lowerthe value of tinue to learn from home or attend ical trials collecting dataonchildren tion this year.Clinical trials for ernment should support testing op- taxable real estate. school only one or two days aweek. 12 to 17 areunder way forall vac- them will take longer to complete tions forschools,asthese opera- Then there’sthe stock transfer tax Manyfamilies want to knowwhat cines and should start to produce andmay requirelowerdoses in the tions canbedifficult to set up. proposed by stateSen. James Sanders to expect forthe fall. Classroom youngest kids,who canmount Thesubstantial public-health and Assemblyman Phil Steck,which is learning might look alittle different strong immune responses to vac- harms of having so manykids out of a5-cent sales taxonevery $100 of than it did beforethe pandemic,but With Covid precautions cines.Itmay be 2022beforeyoung school forsolong must be consid- stock. This mayseem small, but the expect acloser return to normal children have avaccine option. ered along with the risks of the vi- initial proposal waslargerand, if en- classrooms,sportsand clubs by and eventual vaccines for This means classrooms will need rus. Against the backdrop of lower acted, the rate would inevitably in- September. children, classrooms can mitigation measures in the fall. prevalence, and declining risk from crease.Mr. Steck says that trading By sometime in April, most Masks areasimple and effective Covid through vaccination, normalcy computersare already in NewJersey, adultswill be able to getavaccine reopen in time for the fall. way to reducetransmission and forchildren ought to be apriority. so that therewould be little impact appointment regardlessofage,oc- should remain astaple.School as- from Wall Street’s“moving,” as the cupation or medical history. This semblies,crowded lunchrooms,and Dr. Gottlieb is aresident fellow taxwould be based on the location of means that educatorsand older rel- resultsinthe coming months.The other gatheringswill probably be at the American Enterprise Institute residences and brokers’ offices.But ativesathome—who aremorevul- Centersfor Disease Control and Pre- avoided, but the 6-foot distancing and was commissioner of the Food brokersand investorsmanaged to nerable than children to severedis- vention should encouragelargertri- requirementsthat arekeeping and Drug Administration, 2017-19. trade from home during the pan- ease—will be able to getvaccinated als nowifthe agencythinks those manydistrictsinhybrid mode will He serves on theboards of Pfizer demic.Thereisnoreason they need long beforefall. will be needed to recommend vacci- likely be relaxed. This will allow and Illumina.Ms. Rivers, an epide- to be in NewYork. Aprimaryargument forclosing nation in children. Most children children to resume full-time sched- miologist, is asenior scholar at the Due to the high percentageof schools is to reducecommunity won’t be able to be vaccinated by ules.Schools should also look to Johns Hopkins Center for Health commissions generated by individual spread. Schools canamplifydisease, fall,but it will be important to get improveair circulation and filtra- Security. and institutional traders, such atax as kids maybemorelikely to catch could makebrokerage firms lesscom- and spread an infection than adults. A petitivewith firms out of state. lot of this thinking is inferencebased Highly activetraderscould take a on flu, though it’snow clear the America Doesn’t Need More Stimulus performancehit of several percent- pathogens behave differently. agepointsayear.Both the brokerage Widespread vaccination will re- By Alexander William Salter run, spending matters quiteabit. A force, and the labor forceislimited and money-management communi- ducecommunity transmission to disruption in spending throwsa by the paceofthe vaccine rollout. ties would have another powerful in- moremanageable levels and reduce t’sdone: President Biden signed wrench in the gearsofthe economy. To fixthis,itisreasonable to dedi- centivetoleave the city.Alarge elec- exposurefor those who can’t or I the American Rescue Plan Act, Given enough time,this will sort it- cate federal resourcestoincrease tronic market maker,Virtu Financial, won’t getvaccinated. Covid may the $1.9trillion Covid relief bill, self out. But it would be niceifwe vaccine production and distribution. called the tax“foolish” and has prom- become seasonal, though epidemic into law last week. But this doesn’t could prevent demand-side disrup- ARPAdoes alittle of this,devoting ised to shut down itsNew York office waveswill be much lesslikely,as- mean Uncle Samiscoming to the tions from causing even temporary $16 billion to vaccine distribution with 400 employees if it becomes suming that treatmentsand vac- rescue.Instead, taxpayers areagain harm. and another $50 billion to virus law. Thegeese who have laid golden cines cankeep up with newmuta- getting fleeced to fund Democrats’ What didCovid do to the econ- testing and contact tracing.But this eggs foryearssee what is happening tions.The early evidenceisthat allies.The ARPAisn’t about econom- omy? Thevirus wasanegativeshock is far from satisfactory, given its in Albany, and they’ll flysouth to the vaccines also reducethe likeli- ics. It’s about politics. to both the supply and demand $1.9trillion total. avoid being carved up. hood that vaccinated people can The law has little to do with the sides.Interms of supply,the combi- Spending packages such as ARPA become asymptomatic carriersand pandemic.Bailoutsfor long-insol- nation of involuntarylockdowns and can’t fixsupply-side problems.Since Mr. Kingdon is CEO of Kingdon spread the infection. If that is vent pensions and fiscally irrespon- the economynolonger suffersade- Capital Management. borne out in later studies,wide- sible local governments won’t help mand shortfall, the main effect of combat the virus.Instead, the lawis The spending package thelaw will be to redistributere- aleft-wing wish list, rammed sourcesfromproductive, market- through under the pretextofboost- is the wrong tool to fix driven activities to unproductive, po- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY ing the economy. what’s still broken from litically driven ones. Don’t listen to Rupert Murdoch Robert Thomson As an economist, Ican’t let stand the Democratic spin doctors: This Executive Chairman, News Corp Chief Executive Officer, News Corp the claim that we need the ARPA’s Covid: the supply side. bill wasnever intended to jump-start Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher spending injection for the economy the economy. It was intended to re- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: to recover. Contrarytoits defenders, ward the left’spolitical clients, such Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; our current economic problems have voluntarycaution reduced the in- as teachersunions and blue-state Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; little to do with anemic spending. puts,especially labor,offered for public employees.Congressional News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Theperformanceofthe economy production. In terms of demand, the Democratsare buying public support Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer depends on both the supply side and flight to liquidity in financial mar- by spending money we don’t have on Andrew Dowell, Asia; AnthonyGalloway, Video & the demand side.The supply side kets represented a break in invest- things we don’t need. Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; has to do with the availability of la- ment patterns,while consumers ARPAisbad as aCovid counter- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; bor,capital and natural resources, as scaled back on purchases. measureand worseasastimulus Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; well as the technologyweuse to Both supply and demand prob- package. When voters next getto Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News transformthose inputsintovaluable lems plagued the economylast the polls,they should hold Demo- Thomas SanFilippo, Customer Service; outputs. Thedemand side has to do spring,but only the former persist. cratsaccountable fortrying to pass GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; with the flow of money throughout Last year’s Covid relief packages put offpolitical patronageaseconomic Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; the economy. In the long run, total plenty of money intoconsumers’ relief. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International spending on goods and services has pockets. In fact, households are WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: little effect on economic productiv- awash in cash. Privatesavingsrates Mr. Salter is an associate profes- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head ity.Workersand machines make areabout as high as ever.The prob- sor of economics in the Rawls Col-

EDITORIAL AND CORPORATEHEADQUARTERS: things; green pieces of paper don’t. lem isn’t alack of purchasing power, lege of Business at Texas Tech Uni- 1211 Avenue of the Americas, New York, N.Y., 10036 Higher spending doesn’t lead to but asupply-side bottleneck: Many versity and afellow at Texas Tech’s Telephone 1-800-DOWJONES greater productivity.But in the short businessrestrictions remain in Free Market Institute. P2JW074000-0-A01800-1------XA

A18 | Monday, March 15, 2021 THE WALL STREET JOURNAL. P2JW074000-2-B00100-1------XA BUSITENECHNOLOGY: HOMESSOFFICES SHIFT&FFIRMS’ TECHINSTRATEGIESANB4 CE

Last Week: S&P 3943.34 À 2.64% S&P FIN À 3.17% S&P IT À 1.86% DJ TRANS À 3.88% WSJ $ IDX g 0.35% LIBOR 3M 0.190 NIKKEI 29717.83 À 2.96% See more at WSJ.com/Markets Commodities Rally in Tandem Fintech Stripe Some investors bet on Change in inﬂation-adjustedcommodity prices since1900 U.S. crude prices arewell below prolonged boom, their peaks from 1980 and 2008 Va lued at others look at history 600% and expect a bust $95Billion

BY JOE WALLACE BY PETER RUDEGEAIR

Commodity marketsare Afresh fundraising round roaring,stirring adebateabout for Stripe Inc.has made the fi- whether prices areheaded for nancial-tech companyone of 400 an extended upswing.The his- the world’smost-valuable start- tory of booms and bustsinraw ups. materials suggeststhe condi- Stripe said on Sundaythat it tionsaren’t right. raised $600 million from a Prices forBrent crude,the group of investorsthat in- international benchmark in en- cluded Ireland’snational debt ergy markets, have jumped 82% office, insurers Allianz SE and sincethe end of October.Cop- AXA SA and investment manag- perismoreexpensivethan it 200 ers Baillie Gifford&Co. and has been since2011. Food Fidelity Investments.The hasn’t cost as much since2014, Gold round valued Stripe at $95 bil- according to aUnited Nations lion, morethan 2½ times the index. Oil valuation it attained in a2019 Some investorsand analysts fundraising round. saycommodities areinthe Thanks to the newfundrais- earlystagesofasupercycle. ing,Stripe is nowworth more That is aperiod when prices of than other startup darlingslike livestock,grains,metals,oil and 0 Instacart Inc.Globally,itstill gasall climb foryears, even de- All trails the Chinese fintech giant cades. commodities* Ant Group Co.interms of valu- Aprolonged upturn would Copper ation. present investorswith an op- Wheat As apayment processor to portunity to makemoney from startups and fast-growing in- long-term betsonexchange- U.S. INDUSTRIALIZATION EUROPE’S RECONSTRUCTION, CHINA'S GROWTH ternet companies,Stripe bene- traded productsthat track JAPANESE GROWTH fitedfromthe pandemic-in- commodity prices.Such vehi- duced boom in online shopping. cles bloomed in popularity –200 Stripe customersincluding when commodity markets 1900 1950 2000 DoorDash Inc., Shopify Inc. soared in the 2000s and early and Wayfair Inc.all experi- 2010s,only to fall out of favor enced asurge in demand as when prices tanked in 2014. Change in futures pricesinceprevious peak consumersshiftedtheir spend- But the chances of commod- ingfrombricks-and-mortar es- ity prices rising in tandem over Gold Brent crude oil Copper Soybeans tablishments. along period areslim. Such cy- Aug. 22,2011 July 3, 2008 Feb. 14,2011 Sept.4,2012 “We’rebiggernow than the cles arerare. They have oc- 0% 0% 0% 0% entiree-commerce [market] curred when amajor economy waswhen we firststarted such as theU.S.orChina un- -20 -20 -20 -20 Stripe,” Dhivya Suryadevara, dergoes rapid industrialization Stripe’schief financial officer, or urbanization, creating de- -40 -40 -40 -40 said. Stripe launched in 2010. mand forraw materials that ex- In the pandemic,some small isting supplies struggle to -60 -60 -60 -60 businesses were unhappy with meet. steps Stripe and other payment Economists saythey don’t processorstook to protect -80 -80 -80 -80 see asimilar catalyst rightnow. themselves from possible Aswiftexpansion in the global losses.The maneuvers, includ- -100 economythis year and next is -100 -100 -100 ing sometimes making the busi- likely to powerdemand. Be- 2005'10 '15'20 2005'10 '15'20 2005'10 '15'20 2005'10 '15'20 nesses wait extradays or even yond that, manyanalystssee *Indexofinﬂation-adjustedprices for40commodities with equal weights Note:Nominal prices adjustedwith U.S. consumer-priceinﬂation months to access money depos- oilconsumption, in particular, Sources: Jacks, D.S., 2019,'From Boom to Bust: ATypology of Real CommodityPrices in the Long Run' (prices); Cuddington, J.T. and Jerrett, D.,2008,'Super Cycles in Real Metals Prices?' and Jerrett, ited in their accounts, intensi- PleaseturntopageB8 forthcoming, 'HowSuper Is the CommodityCycle?' (dates forsupercycles); FactSet (futures) fied acash crunch at many firms. Stripe doesn’t disclose its paymentvolumes or financial HPE Stands Out on Disclosing ClimateRisks results. Thecompanysaid that it processes paymentsworth hundreds of billions of dollarsa BY RUSSELL GOLD Afterthe floodwatersre- HPE also did something few Under the Biden adminis- been prone to heavy flooding year formillions of businesses ceded, Chief ExecutiveAntonio companies do: It disclosed tration, the Securities and Ex- and hurricanes,for example, world-wide and that it counts When Hurricane Harvey Neri, then the company’snewly what it said were climate-re- changeCommission is ex- though some scientific re- as customersmorethan 50 stalledoverHouston and appointed president, toured lated risks to its investors. pected to issue rules search has begun to link higher companies that each use Stripe dumped about 3feet of rain in the facility wherediesel gener- Morecompanies maysoon compelling companies to do a ocean watertemperatures with to processmorethan $1 billion 2017, HewlettPackardEnter- atorsran machinerydrying out be required to makemoresub- betterjob of disclosing their increased storm intensity. annually. prise Co.’slargest campus was rooms to prevent mold. Two stantiveclimatedisclosures climate-related risks. Mr. Neri, who became CEO In December,Stripe said it heavily flooded. Itsglobal data months later, HPE announced amid growing pressurefromin- Such disclosures pose diffi- in February2018,said HPE de- was teaming up with Goldman center wasinundated, along it wasmoving all manufactur- vestorsand from regulators for cult questionsfor companies. cided to do more to estimate Sachs Group Inc., Citigroup Inc. with buildingswherethe tech ing operations out of the Hous- businesses to think moreabout What is aclimaterisk versus a itspotential exposuretobuild and otherstooffer checking accompany’sserversand data- tonareatolocations lessex- the futurephysical impact of normal extreme-weather risk? trust with investors. countsand other business- storage gear were assembled. posedtoextremeweather. changing climatepatterns. TheHouston region has always PleaseturntopageB2 banking services to merchants. PERSONAL TECHNOLOGY | By Joanna Stern Companies Press German Patent Rules Get Ready to Work at BY BERTRAND BENOIT Home and at the Office BERLIN—Germanyhas long been a magnet for global pat- entlitigation, ensnaring com- Hope your three times a week, as you panies like Apple Inc., Sam- magic Mary split time between your sung Electronics Co.and Poppins, go- home office and your office- Alphabet Inc.’s Google. back-to-the- office. Now a coalition of German office bag is Welcome to the exciting blue-chip firms and foreign ready. Let’s new world of hybrid work. multinationals, including big see, you’ll need your laptop “Somewhere in the vicin- U.S. tech firms,ispushing leg- GES and power adapter, your ity of 60% of the workforce islation that would lessen the IMA headphones and its power are choosing the hybrid op- country’sappeal forthose adapter… tion,” said Gartner analyst seeking to assert their intel- GETTY SE/ Oh, and you thought this Suzanne Adnams, “which lectual property. was just a one-time pack? means their ideal is working Germany’smain patent

Prepare to do this two to PleaseturntopageB4 courts, in Munich, Mannheim ANCE-PRES

and Düsseldorf, systematically FR order injunctions,ortempo- ENCE

rary sales bans,for products AG INSIDE subject to patent suits. That makes them attractivelegal

venues for patent holders. CDOUGALL/ Keytargets of the legislation MA

areso-called nonpracticing en- JOHN tities,orNPEs,which amass Acoalition of German firms and foreign multinationals, including big U.S. firms such as Apple, is pushing portfolios of patentsthat they legislation thatwould lessen the country’sappeal forthose seeking to assert their intellectual property. license instead of using them in their ownproducts. Critics AG, Siemens AG and BASF SE Multinationalsoften steer intellectual property analyst.

/REUTERS call them patent trolls. have lined up against it. cases to favorable legal venues “Remedy is an afterthought.”

GAR Theproposed rules aim to Foreign companies have around the world using their Such injunctions areharder SE makeitharder foraplaintiff to joined the fray.Apple,Samsung, far-flung subsidiaries. Patent to invoke in the U.S.,following

MIKE win an injunction. Theinitiative Nvidia Corp.and Microsoft litigatorssay the ability to ob- legal changes and astring of has split Germany’stypically Corp., among others, have tain an injunction can be key Supreme Court decisions.That PHARMACEUTICALS BOSS TALK unifiedbusinesscommunity, joined aEuropean lobby group forpatentholdersinchoosing is especially thecase when the Anew Eli Lilly drug Starbucks pitting some of the country’s pushing the measure. On the a jurisdiction for a suit. plaintiff is an NPE. Other shows promiseon Chairwoman Hobson biggest patent usersagainst its otherside arecompanies like “In the German legal tradi- friendly legal venues forpatent biggest patent holders. 3M Co., Panasonic Corp., Erics- tion, if youare doing something holdershaveemergedoutside treating Alzheimer’s says ‘Civil Rights 3.0’ is Volkswagen AG, SAP SE, son AB and Nokia Corp., which youshouldn’t be doing,then the U.S.,including China, Tur- disease. B3 brewing. B3 Deutsche Telekom AG and oth- through the yearshaveaccumu- firstyou have to stop,” said Flo- key and Russia, which have all ersare backing the bill. Bayer lated large libraries of patents. rian Mueller,anindependent PleaseturntopageB2 P2JW074000-2-B00200-1------XA

B2 | Monday, March 15, 2021 ** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. ual microchip circuits, he said. Some Press Supporters Pin rupted, for instance, or patients Supportersofthe bill say A-D E-M N-T who may be denied a lifesav- the current system unduly ActivePure Technologies Eli Lilly &...... B3 Natixis...... B8 Hopes on Overhaul ing drug. pressures companies to opt for B5 Ericsson...... B1 Netflix...... B9 Germany It also promises to address costly settlements. They also Allianz...... B1 Etsy...... B9 Nikola...... A10 Alphabet...... A1,B1 Facebook...... A6 Nokia...... B1 a peculiarity of the German le- saythe changes will rein in Amazon.com...... B4,B9 Fidelity Investments..B1 Novartis...... A6 The bill now making its gal system. Patent-infringe- NPEs,which they accuse of Apple...... A1,B1 Fortress Investment Nvidia...... B1 On Patents way through the German par- ment cases are handled in re- preying on companies in Ger- Ariel Investments...... B3 Group...... B2 Panasonic...... B1 liament was drafted by Chan- gional courts that can make mancourtsinorder to boost AstraZeneca...... A6 Goldman Sachs Group Pfizer...... A6 AXA...... B1 A10 Qualcomm...... B2 cellor Angela Merkel’s govern- decisions in less than a year. licensing fees from sometimes- Baillie Gifford ...... B1 Griddy Energy...... A5 Samsung Electronics..B1 ContinuedfrompageB1 ment last year but has But patent invalidity suits— large portfolios of patents. Banco de Sabadell...... B8 Hellman & Friedman...B5 Sanofi S.A...... A6 established frameworks forin- undergone changes following which test whether the patent “Germanyhas undeniably Banner Ridge...... B8 Hewlett Packard SAP...... B1 tellectual property protection. pressure from lobbyists on claimed by the plaintiff is in- become a paradise for patent BASF...... B1 Enterprise...... B1 Shopify...... B1 Basic Fun...... A2 Honey-Can-Do Siemens...... B1 Germany’snear-automatic both sides. Supporters of the deed valid and are the pre- trolls,” said Stephan Altmeyer, Bayer...... B1 International...... A1 Social Finance...... A1 injunctions,its large consumer overhaul hope the legislation ferred defense for companies vicepresident forpatentstrat- BioNTech...... A6 Hostess Brands...... A10 Soosan CMC...... A2 market andthe speedy paceat can be adopted before a gen- being sued for infringement— egy at Deutsche Telekom. Broadcom...... B2 II-VI...... B5 Starbucks...... B3 which itspatentcourtswork eral election in September. Fail- go through a special German Suitsinthe European Union Buckle...... B5 ING Groep...... B8 Stripe...... B1 Cardinal Health...... B5 InterContinental Hotels Tattooed Chef...... A10 compared with other European ure to do so could force the patent court, which can take pursued by NPEs tripled be- Churchill Capital IV ...A1 Group...... B8 Teck Resources...... B8 countries have made it the next government to restart the up to three times longer to tween 2011 and 2017—the Cisco Systems...... B4 International 3M...... B1 venue of choicefor some of the project from scratch. render decisions. most recent year forwhich fig- Classic International..A2 Consolidated Airlines TUI...... B8 Coherent...... B5 Group...... B8 West’sbiggest patent battles. The legislation would re- NPEs say the planned ures areavailable—according Costco Wholesale...... B9 Ivanhoe Mines...... B8 V-Z In December 2018,the court quire judges to conduct a pro- changes are alarming. Court- to Clarivate, adataprovider Danimer Scientific....A10 Kion Group...... A2 Volkswagen...... B1 in Munich ordered Apple to portionality check before grant- imposed sales bans during liti- that tracks intellectual prop- Darden Restaurants...B9 Lordstown Motors....A10 Wayfair...... B1 stop selling several iPhone ing an injunction, to ensure gation level the playing field, erty litigation. In Germany, a Deutsche Telekom...... B1 Lumentum Holdings...B5 XL Fleet...... A1 DoorDash...... B1 Microsoft...... B1,B4 Zoom Video models afterchip maker Qual- that the cost to the alleged in- they argue. Injunctions can fifthofpatentcases were DraftKings...... A10 Muddy Waters ...... A1 Communications...... B4 comm Inc.filed asuit, alleging fringer doesn’t massively ex- “bring big companies to the brought by NPEs in the period, that the fellowCalifornian com- ceed the claimed lost revenue negotiating table,” Pio Suh, compared with 4% to 6% in panywas infringing Qualcomm of the suing party. It would managing director of IPCom other European countries. patentsoniPhones’ modem also force courts to consider GmbH, a German NPE owned Critics of the bill arguethat INDEX TO PEOPLE chips.The injunction forced Ap- an injunction’s impact on third by Fortress Investment Group sincedamages in Germanyare ple to briefly ship custom-made parties—customers whose tele- LLC, a New York-based invest- lowerthan in the U.S.,and pu- A J N phones to Germany. Thetwo phone service would be inter- ment management firm. nitive damages don’t exist at Altmeyer, Stephan.....B2 Jacks, David...... B8 Neri, Antonio...... B1 companies later settled. all, removing the automatic in- B Jerrett, Daniel...... B8 S Theyear before, chip maker junction would leave the sys- Birx, Deborah...... B5 K Serio, Giovanni...... B8 Broadcom Inc.sued Volks- familiar with the matter. oneproduct,” said Ludwig von temlopsided and eliminate wagenand subsidiaryAudi, al- Volkswagen declined to com- Reiche, managing director for most deterrentsagainst in- C Kurtzman, Wayne...... B4 V leging the carmaker infringed ment on the settlement. Nvidia in Germany. He chairs fringement. Chen, Katie...... B5 von Reiche, Ludwig....B2 L Broadcom patentsinnaviga- Broadcom didn’t respond to a the German arm of “It’slikemaking the fine for E W Lovelock, John-David..B4 tion andentertainment sys- request for comment. IP2Innovate, aEuropean lobby faredodging the priceofa Elmgreen, Kasper...... B8 M Wang, Mona...... B5 tems.Rather than risk an in- Backersofthe proposed group pushing the bill. ticket,” said Beat Weibel, chief Webber, Simon...... B8 Ma, Jack...... B5 junction that would have legislation sayGerman patent Today’sincreasingly digitized counsel for intellectual prop- Y Gownder, J.P...... B4 Malek, Christyan...... B8 halted production, Volkswagen law, rooted in the 19th century, vehicles mayinvolvemorethan erty at Siemens.“We need Guichelaar, Jacqui...... B4 Miller, Jim...... B4 Yao, Aidan...... B5 settled for close to €500 mil- is out of date. When Carl Benz 100,000 patentsoneverything heavy consequences likethe H Mueller, Florian...... B1 Z lion, equivalent to about $598 received the patent forhis car from internet connectivity,sen- automatic injunction to bal- Hobson, Mellody...... B3 Mulqueen, Tom...... B8 Zhi, Daniel...... B1 million, according to people in 1886,“it wasone patent for sorsand algorithms to individ- ance the system.” HPE HewlettPackardEnterprise’sHoustonsiteflooded in 2017, It is moving all manufacturing out of the area.

reason cited is that the Mid- think we have alot of time. Companies west location is “lessvulnera- We have to do more, and we ble to acute physical climate- have to go faster.” related risks,” according to an In December 2019, HPE ex- Face Risks HPE disclosure. Other Houston panded itsdisclosures of risks operations were shiftedto and the need to build addi- Guadalajara, Mexico. tional resiliency. “Climate The Professional’s On Climate Thecompanytook a$93 changeserves as arisk multi- million charge in 2017 to pay plier increasing both the fre- forstorm damages not cov- quencyand severity of natural ContinuedfrompageB1 ered by insurance claims. Be- disasters that may affect our Gateway to the “This wasawake-up call to yond that, it didn’t disclose world-wide businessopera- forceustothink much more costsrelated to moving its tions,” the company stated in broadly” about the risks HPE headquartersand other opera- its annual securities filing. faced, Mr.Neri recalled re- tions to Texas from California, Last year,HPE convened cently.The companysaid it or the cost of itswork assess- workshops including execu- World’sMarkets hasspent the past 3½ years ing its climate-related risks. tives who handled siting of its identifying existing and future Ayear later,in2018,HPE operations, risk management vulnerabilities. wasone of the firsttopublicly and other businessunits. They Companies are required to estimatehow it would fareun- examined four future climate inform investorsabout all ma- der two climatescenarios: a scenarios designed to “test the terial risks they face, but the global temperatureincrease of extremes of those uncertain- climateisoften addressed in 1.5degrees Celsius,and atem- ties” and develop mitigation Starting at $0 Commissions generalities. The current SEC peratureincrease of morethan strategies.One result wasto guidanceonclimatedisclosure 2 degrees. The Task Force on incorporatemoreclimaterisk 1 is morethan adecade old and Climate-Related Financial Dis- analysis intosupply-chain on US listed stocksand ETFs focuses on the potential im- closure, agroup created by the planning decisions, to “buffer pact of regulations and inter- international Financial Stabil- HPE from supply chain disrup- nationalaccords.The acting ity Board, had recommended tions,” according to acompany SEC chair has promised to re- that companies conduct the synopsis of the workshop. examine this issue and update stress test to gauge risks. HPE’semphasis on building the guidance. more climate-resilient opera- “The quality of disclosures tions is already paying off,Mr. is highly uneven and generally “The quality of Neri said. Investorsare asking lousy,” concluded research morequestions,hesaid, and publishedlast year by the disclosures is highly customersare giving prefer- Hutchins Center on Fiscal and uneven and ence in contract bids for sus- MonetaryPolicyatthe Brook- tainability practices,such as ingsInstitution. Thenumber generally lousy.” reducing itscarbon emissions. of companies disclosing cli- Mr. Neri said he calculated mate-changerisk has been ris- that the companywas ing over the past few years, it awarded $847 million in con- said, but details were often HPE projected that an in- tracts in the fiscal year that too vague to help investors. crease of morethan 2degrees ended in October because of “The bigblind spot is the Celsius could result in “ex- extraconsideration from its ibkr.com/prof physical risk of climate treme weather events” that climateengagement. It booked change,” said David Victor, could cost the company $800 $27 billion in totalrevenue professor at the University of million, versus $200 million over the same span. California, San Diego and co- forthe smaller temperature Meanwhile,HPE has stuck author of the Brookingspaper. increase.The companyalso with apledgetoeliminate He added that very few com- concluded that the lowertem- greenhouse-gas emissions from panies disclose specific risks, peratureincrease presented a itsoperations and product use or what they aredoing to mit- large market opportunity,as by 2050.Mr. Neri says he plans igate their vulnerabilities. companies invest in cloud to eliminateemissions,not Interactive Brokers Rated #1 ... Again HPEhas takensignificant computing—and purchase HPE purchase carbon offsets. Best Online Broker 2021 by Barron’s* steps to safeguardits opera- equipment—touse technology Thecompanyannounced in tions,and has done morethan to find solutions.Itreran December that it is leaving Sil- most to talk to investorsabout these scenarios the following icon Valley forthe Lone Star its steps, according to securi- year using improved models. State.But itsnew campus, Member -NYSE, FINRA, SIPC -*Interactive Brokers rated #1, Best Online Broker according to ties expertsand areview of Mr. Neri said a key conclu- scheduled to open in early Barron’s Best Online Brokers Survey of 2021: February 26, 2021. For more information see, corporatedisclosures by The sion wasthat HPE had moreto 2022, demonstrates it is com- ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides commission-free trades in US exchange-listed stocksand ETFs routed to select market makers. Wall Street Journal. gain than to lose from con- mitted to doing things differ- IBKR may charge non-commission related fees. For more information, see ibkr.com/liteinfo Twomonths afterHurri- fronting climatechange, if it ently now. cane Harvey,HPE announced moved quickly. It is in the Houston suburb Neither Nasdaq, Inc. nor its affiliates makes any recommendation to buy or sell any security or any representation about any company’sﬁnancial condition. Investors should undertaketheir own due that it was moving all manu- “Definitely climatechange of Spring,intentionally located diligence before investing. ©2021. Nasdaq, Inc. All Rights Reserved. nasdaq.com facturing operations out of is going to have ahugeimpact 21 feet abovethe crest of Hur- 03-IB21-1442CH1433 Houston. Most went to afacil- to our society and the busi- ricane Harvey flooding,and is ity in Chippewa Falls,Wis.The nessoverall,” he said. “I don’t further from the coast. P2JW074000-0-B00300-1------XA

THE WALL STREET JOURNAL. Monday, March 15, 2021 | B3 BUSINESS NEWS LillyDrug Shows Promise on Alzheimer’s

IV treatment bettertreatmentfor the de- Current Alzheimer’s treat- released full resultsofthe the start of treatment to de- analyses in the study. But the mentia-causing disease. mentsonly temporarily relieve trial during the International tect changes. At baseline, the benefitsinseveral of these modestly slows TheIndianapolis-based symptoms but don’t slowor ConferenceonAlzheimer’s and averagescore from these tests secondaryanalyses at 76 mental decline in company has begun a second halt the underlying worsening Parkinson’sDiseases and pub- was 106 in both groups. weeks weren’t statistically sig- clinical study of the drug,and of disease,which affectsabout lished them in the NewEng- At 76 weeks,the scores of nificant, meaning no firm con- patients, study finds it is in discussions with regu- six million Americans.Lilly land Journal of Medicine. the patientsinthe placebo clusions could be drawn. This latorsabout what evidence and other companies have Thestudy enrolled more group dropped by an average included adisease-staging BY PETER LOFTUS would be needed for market- been trying to find treatments than 250 patientsinthe U.S. of 10.06, while falling by 6.86 scale known as CDR-SB,which ingapproval. Analystssaid a that canslow, halt or even re- and Canada with early symp- forthose who took do- has been amorecommon An Eli Lilly &Co. experi- drug proven to slowthe de- verse the decline. toms of Alzheimer’s who had nanemab,for a32% slowing of measureofeffectivenessin mental drug modestly slowed clineofAlzheimer’s patients Lilly’s drug, donanemab, is evidence from imaging scans the decline. Alzheimer’s drug studies than the cognitiveand functional would have high demand and an intravenous infusion that of amyloidand another sub- Researcherssaid in the New the main measurethat Lilly decline of early-stage Alzhei- could garner huge sales. targetsamyloid, asubstance stancecalled tauintheir England Journal of Medicine used in its study. mer’s patientsover18months “These results are encour- that forms plaques in the brains.About half received do- that the improvement wassta- Lilly Chief Scientific Officer in asmall, midstageclinical aging,” said Maria Carrillo, brain and is aprime suspect in nanemab and the othersre- tistically significant but that it Dan Skovronskysaid the re- study. chiefscienceofficer of the fueling the worsening of Alz- ceived aplacebo onceamonth fell short of their goal of sultsappeared to showthat Though moretesting is Alzheimer’s Association, a heimer’s.The drug is designed for up to 72 weeks. showing that donanemab patientswho received the needed to validate the drug’s nonprofit that funds research. to clear amyloid. Researchersgavepatients would slowpatients’decline drug had about the same level benefit, the finding wasa “What we really need is to fol- Lilly released preliminary various testsatthe start of by 50%. of cognitiveskills after18 promising one in aresearch low people for more time” to resultsofaPhase 2study of the study to assess their cog- The Lilly drug appeared to months of treatment as the field that has seen numerous see if the apparent benefit donanemab in January. nitiveand functional abilities, slowpatients’declines using placebo recipientshad after12 failures in attemptstofind a holds up, she added. On Saturday, the company andthen again 76 weeks after other measures in secondary months. Starbucks’ MellodyHobson Says Change Is Brewing

BY HEATHER HADDON to TheWall Street Journal people accountable.Ireally from the southern California give Kevin alot of credit for Mellody Hobson has seen home she shares with her hus- tying performance around di- corporatepledges to increase band, filmmaker George Lucas. versity to pay. That’swhere workplacediversity come and the rubber meets the road. go over the years. Starbucks WSJ: What areyour goals as Corp.’snew chairwoman be- chairwoman? What have been hurdles to S

lieves this time is different. Ms.Hobson: My job is to making those advancements? PRES

As co-CEO partner with [CEO] Kevin John- We’vehad this conversation TED

BOSS TALK and president son to help the organization in our boardroom formany, CIA SO

of minority- continue to scale to new manyyears. Now, the work is AS run, asset-management firm heights. I’m the band leader. very comprehensiveand there’s ArielInvestments LLC,Ms. I’m aperson of color and that completealignment.

Hobson is one of the U.S.’s most adds afascinating dimension to We have the worstprob- /INVISION/ prominent Black investors. She our story. Ithink that will be lem—whereyour good people

will be the only Black chair- really powerful forour people. getpicked off.Wejust had that HARRIS Y

woman of an S&P 500 company, with [Rosalind Brewer]. Of AM when she assumes that role at What about foryourself? course Ididn’t want to lose Roz Mellody Hobson says roughly 20 other women of color in her orbit were elected to boards recently. Starbucks Wednesday.She’sone Ihavethis friend who says at Starbucks,but the outcome of ahandful of Black women to being the firstoronly Black is pretty great forher and for on this forsome time.Last Fortune 500 companywithout ple I’verecommended. recently take on aleadership anything is aproud and lonely Black women. year,wespent morethan $600 adiverse person on your board. position in the highest echelons walk.I’m ecstatic,but Iunder- million with diverse suppliers, Starbucks lost other execu- of U.S. corporations.Another is stand the importanceofit. You Ariel launched an investment about 8% of our spending. What grade would yougive tives lately.Whatdoes that RosalindBrewer, whowas Star- have to do agood job so that arm to help fund minority- the U.S. in terms of boarddi- mean forthe executivebench? bucks’ operating chief and will therewill be moreopportuni- owned serviceprovidersto You’vesaid we’reina“civil versity? We’vehad people retire. be Walgreens BootsAlliance ties forothers. companies.How diverse is rights3.0” phase in the U.S. B-minus.Whitemen make Covid also had people soul- Inc.’sCEO Monday. Starbucks’ supplychain? What signs of real changedo up 30%ofthe U.S. population searchingabout what they Ms.Hobson, 51 yearsold, Starbucks last year announced Businessdiversity includes yousee? and 70%ofthe boardseats. The wanted to be.That said, Ithink rose from intern to the top of newmanagement diversity all areas of corporate spend- Thebroader society is keep- reason it’snot in the “C” cate- the executiveleadership team Chicago-based Ariel, which goals.Wheredoes thatstand? ing. About 2% of Fortune 500 ing score. Thereare conse- gory is because in the last year is strong.That’sreflected in the manages $15 billion in assets. It’snot time forany kind of spending right nowiswith mi- quences that exist fornot living or so,therehas been asea success we’veseen in the busi- She joined Starbucks’ board victorylap,but Iknowwe nority businessenterprises. up to those commitments. It’s change. Iknowhow manycalls ness,especially during avery nearly 16 yearsago.She spoke have aplan. We’reholding Starbucks has been focusing going to be super hardtobea I’ve gotten and howmanypeo- challengingtime.

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B4 | Monday, March 15, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Get Gear For Hybrid Work

ContinuedfrompageB1 at home and coming into the office three days a week.” I can’t tell you in detail what’s going to happen at your company, but I can say this hybrid life will make you even more dependent on your tech tools. The very tech that enables us to work from anywhere (laptops and smartphones, video calling, Slack) is also the technology

that stands to make this so WERED OFT PO

messy. OS BIN

Your colleagues are at the RO MICR office whiteboarding but The Robin app, left, lets youreserveadesk beforeyou go to the office. Right, in Microsoft's vision of conferencerooms, some people arephysically thereand others areavatars. you’re stuck at home in a little Zoom box? You survive (bring your own laptop). morefor video calling,too. Same idea with Google’sJam- the commute to the office, In Salesforce’s redesigned WhereYou LayYour don’thave apermanently as- An updatetothe Google Meet board.People in the officecan only to discover you left spaces, employees get a desk signed desk. Also referred to as phone app will betterdisplay scribble on the giant screen your USB-C dongle on the and two side-by-side moni- Laptop Is Your Desk hoteling, flexing or desk swap- people on video.Acoming and those in aGoogle Meet kitchen table. tors, Jo-ann Olsovsky, the ping, this is becoming the leading updatetoGoogle Docs, video call canviewand add to But Ihavehope.Not only company’s chief information hybrid option forakey reason: It Sheetsand Slides will include it. Zoom works with third- did we proveour tech resil- officer, told me. Where you’ll go once you doesn’tmakesense to have one the ability to overlayvoice party hardwaremakers to in- iencewhen we embarked on At least Salesforce em- get to the office will depend on desk per person if people only and video chat as people tegratewhiteboarding. the Great Work-From-Home ployees will be able to keep your employer. Here are three come in afew times aweek. work together on documents. Experiment a year ago but other belongings in lockers possible options: No desking: The office isn’t Slack: An audio-room fea- I’m working from home to- the makersofour most de- and get other tech peripher- Same-old desking: Business for solo work but collaboration. ture is coming,souserscan day—how do I share that pended-upon productsare als—mice, keyboards, head- as usual. You still get your own So instead of desks there are quickly hop on aconference with the world? paying attention and adapting sets, chargers—from tech desk, but maybe now, your mostly group meeting areas, call. Think Clubhouse but for Theupside to all this is be- forthis next phase.Hereare a vending machines around chair and your colleague’s chair with a privacy phone booth quick meetings. Thecompany, ing stuck at home won’t be as few of the biggest hybrid chal- the offices. You don’t pay. are farther apart. here and there. Companies in- which Salesforce agreed to bad as it oncewas.You’real- lenges and some potential so- Just swipe your employee Hotdesking: The horribly cluding Dropbox have commit- buy,isadding afeaturefor ready honing your setup,and lutions. badge, hit the button for named trend whereemployees ted to this route. sharing prerecorded video some companies even plan to your item and grab it from messages.This could help a continue subsidizing employ- I’m back to the old commute, the bottom tray. manager send an announce- ees home-officeneeds.And but at my hot desk,Ihave If your office’s vending I’m at the officewith some on a level playing field when ment to everyone. nowthat you’vegottenused nothing,not evenamug. machines dispense only stale colleagues; others arehome. on calls and working to- Zoom: Thepandemic’s to overcommunicating your There are no two ways Doritos, you might request If you think going back to gether. Here are initiatives breakout star has itsown con- schedule and deadlines? You about it, you’re going to stuff through your IT depart- the office means the end of they’ve launched: ference-room servicecalled, just keep doing that, wherever need a bigger bag. And for ment. Regardless, you’ll video calls, I have bad news. MicrosoftTeams: Asys- sayitwith me,Zoom Rooms. youare. the record: Anyone who tells likely be dragging your fa- Expect most meetings from temcalled Teams Rooms links TheZoom Rooms Controller Google’sadded some fea- you a backpack is only for vorite equipment to and fro. now on to have a video com- conferencerooms with remote app foriOS and Android lets turestoits calendar to help, middle schoolers is just Certainly, more expensive ponent and more cameras in userswho want to join in. people in the conferenceroom including what it calls “seg- wrong. gear that you don’t own two the office—and not just in Voicerecognition in newcom- control meetingsfromtheir mentable working hours.” You When youhead to your of—tablets, microphones, the conference rooms. patible speakerscan identify phones—no need to touch the canmakeitclear to colleagues building (assuming youre- noise-canceling head- “It’s hard to imagine go- who in aroom is talking,and shared keyboardorroom con- what location you’reworking member whereitis), you phones—will be in your bag. ing into an office now and the person’sname will appear trol panel. from or if you’redoing some- might have to pull out your For the smaller stuff—bat- all those little closed spaces on screen. Youwon’t be em- Abiggerchallenge: What if thing else,likeexercising or phone.Your employermight tery packs, charging cords, a that might have had a phone barrassed dialing in from thein-person meeting includes commuting.Slack is exploring requireCovid health check-ins mouse and miscellaneous in them not being video en- home,either: Anew presenter some physical stuff,likea adding morestatus options to and other precautions,but it adapters to connect drives, abled,” Logitech Chief Execu- mode removes the background whiteboard? Howdothe peo- indicateyour whereabouts. might giveyou the opportu- memory cards and cables to tive Bracken Darrell told me, of your video and places you ple at home contribute? This return to the office nity to book your workspace, your laptop—you’ll need a adding that he expects some in front of the presentation, or Google and Microsofthave mayhaveaslick name—hy- through systems like Robin or dongle bag. companies to put webcams positions the presentation in a tried to makethat easier.Mi- brid work—but makenomis- Salesforce’s Work.com. Don’t have one yet? The at hot-desk stations as well. boxoveryour shoulder in “re- crosoftmakes the Surface take,it’sashybrid as Franken- Congrats, you made it to one I just got, the InCase ny- Executives who work on porter mode.” Hub—a giant Windows tablet stein’smonster.Just “your” desk. I can’t guess lon accessory organizer, has collaboration platforms at Google Workspace: foroffices that runs the cloud- remember,one year agowe the tech that will be avail- mesh pockets and straps for Microsoft, Google, Slack and Google also powers speakers connected MicrosoftWhite- gotthrough aprettycataclys- able when you get there, but organizing cords and adapt- Zoom said a key need was and cameras forthe office, boardapp.Those on aMicro- micwork change, and we will expect it to be pretty bare- ers. It lists for $50, but I got for employees at home and but as people leave the house, softTeams call canviewand do it again. Just don’t forget bones, especially if you BYOL it for $15. at work to feel like they’re they’ll be using their phones add to the digital whiteboard. about the dog.

ADVERTISEMENT The Marketplace Home OfficesBring Shift To advertise: 800-366-3975orWSJ.com/classiﬁeds

CLASSACTION To CorporateITStrategies

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terthe World Health Organi- Y B;[ 'WYUW3909WX G7)X 93 ([9X< W??[4[] 0W )77 U[43WX3 J90; )X W4]9X)4H XWX:U4[?[44[] $7)9Y )<)9X30 C\^KAR Q" /7F5FL)P-K$& KP-L$K ;8 @QSD= -H -8/ H;9$ ;8 HP$ 5$L;7& +$H0$$8 I'$)$9+$L G.6T )272+2-8& T'$)$9+$L G.6J )272+2-8& )78H;8F$& H7 P7:& K79$ 7L zation declared the novel cor- BA -:: 7" HP7K$ KP-L$K -H T'$)$9+$L G.6J )272+2( /7F9-/ P-1$ KF)P -):-;9 -R-;8KH @QSD= -8& 9-/ +$ $:;R;+:$ H7 L$)$;1$ 5-/9$8H onavirus apandemic and PA F8&$L HP$ *7957K;H;78 B:-8R AM \? HWN )4[ )X W4]9X)4H XWX:U4[?[44[] $4[]90W4 W? C\^KA T) P*L$&;H7L6S_ HWN )4[ 9XL90[] 0W U)409$9U)0[ 9X 0;[ CWG U4W$[33 )X] >7[ HWN4 brought economies around the $7)9Y3 )3 3[0 WN0 9X 0;[ 'WYUW3909WX G7)X_ )3 HWN Y)H ([ [79<9(7[ 0W 4[$[9L[ U)HY[X0R world to a grinding halt. RHINE/T \X 903 ][$939WX 0W <4)X0 0;[ CWG_0;[ 'WN40 ][$9][] 0;)0 0;[ 'WYUW3909WX G7)X J977 ([ UN0 0W )LW0[ 9X )LW09X< ;[)49X< $WXL[X[] (H 0;[ Most businesses scrapped 'WN40 WX /F ZNX[ .F.V )0 VFRFF)Y T'#BSR B;[ LW09X< ;[)49X< 93 $WXL[X[] )0 0;[ 'WN40_ 7W$)0[] )0 G)4X)33N3J[<.@F 9X ,Y30[4])Y T0;[ K[0;[47)X]3SR \X )?N40;[4 ][$939WX ])0[] =M)4$; .F.V_ 0;[ 'WN40 ][$9][] )0 0;[ 4[QN[30 W? 0;[ CWG )]Y9X9304)0W43 0;)0" earlier plans and shifted into ENCIO &0;[ 30)0N0W4H 4[QN94[Y[X03 NX][4 %N0$; 7)J0WXW09?H '4[]90W43 W? 0;[ CWG )X] 0;[ 'WYUW3909WX G7)X_ )4[ ?N7>77[] (H Y[)X3 W? 0;93 XW09$[2 survival mode,turning primar- AS

&)XH ?W77WJNU$WYYNX9$)09WX W4 XW09$[3 0W '4[]90W43 U)409$9U)09X< 9X 0;[ CWG 3;)77 ([ Y)][ (H )XW09>$)09WX WX ily to cloud computing and re- THA JJJR30[9X;W??3[007[Y[X0R$WY2

mote-work software to MAR &'4[]90W43 Y)H >7[ 0;[94 $7)9Y3 9X 0;[ CWG (H )];[49X< 0W 0;[ U4W$[]N4[ )X] 9X304N$09WX3 )3 3[0 WN0 WX JJJR30[9X;W??3[007[Y[X0R$WY2 )X] weather lockdowns, travel Attention focused on keeping operations running saw many &?W4 0;[ UN4UW3[3 W? 0;[ CWG_'WYUN0[43;)4[ \XL[30W4 C[4L9$[3 U7$ 3;)77 )$0 )3 $7)9Y3 )]Y9X9304)0W4 ?W4 )X] WX ([;)7? W? 0;[ CWG )]Y9X9304)0W43R bans andother disruptions, companies pull back on some IT modernization efforts. B;[ ?W4[7[ HWN4 $7)9Y WX industry analysts say. Microsoft Corp.’sAzure, grew than I’veeverseen,” said W4 ([?W4[ V= ZNX[ .F.V 9X )$$W4])X$[ J90; 0;[ )UU79$)(7[ 9X304N$09WX3 0;)0 $)X ([ ?WNX] WX" JJJR30[9X;W??3[007[Y[X0R$WYR G7[)3[ XW0[ 0;)0 0;[ CWG )]Y9X9304)0W43 )4[ $WX39][49X< )4[QN[30 0W 0;[ 'WN40 ?W4 0;[ )UUW9X0Y[X0 W? )$WYY900[[ W? 4[U4[3[X0)09L[3R \? )UUW9X0[] (H Overall, global IT spending 8.5%,Mr. Lovelock said. Cisco’sChief Information Offi- 0;[ 'WN40_ 0;[ $WYY900[[ W? 4[U4[3[X0)09L[3_ 9X30[)] W? 9X]9L9]N)7 '4[]90W43_ J977 LW0[ WX 0;[ 'WYUW3909WX G7)XR !N40;[4 9X?W4Y)09WX 9X declined 3.2% last year from Companies world-wide spent cer, Jacqui Guichelaar. 0;93 4[3U[$0 J977 ([ 3[0 WN0 WX JJJR30[9X;W??3[007[Y[X0R$WYR 2019 levels,to$3.69 trillion, arecord$34.6billion on cloud What thecrisis taught com- ,XH$4[]90W43 )4[ XW09>[] 0;)0 9? 0;[H;W7] )$7)9Y 0;)0 93 XW0 3N(8[$0 0W 0;[ CWG ([$)N3[ 0;)0 $7)9Y 93 7[<)77H U4[?[44[]_ $WY[3 J90; ) 49<;0 W? 4[0[X09WX W? 0907[ W4 )3[$N490H 49<;0_ >79X< W? 3N$; $7)9Y Y)H 7[)] 0W 0;[ 7W33 W? 7[<)7 U4[?[4[X$[_ 4[0[X09WX W? 0907[ W4 0;[ 3[$N490H as companies “prioritized services in thesecond quarter, panies,she said, is that work is 49<;0 TNX7[33 3N$; $7)9Y >79X< 93 J90;]4)JX );[)] W? 0;[ LW09X< ?W4 0;[ 'WYUW3909WX G7)XSR !W4?N40;[4 9X?W4Y)09WX_ U7[)3[ $WX3N70 0;[ spending on technologyand up roughly 11% from the previ- “a thing youdo, not aplaceyou !,E3[$09WX WX JJJR30[9X;W??3[007[Y[X0R$WYR services that were deemed ous quarter and 30% from the go.” Morethan half of the em- \? )X] J;[X 0;[ 'WYUW3909WX G7)X ([$WY[3 [??[$09L[_U)HY[X0 J977 ([ Y)][ 0W 0;[ [79<9(7[ '4[]90W43 9X )$$W4])X$[ J90; 0;[ 'WYUW3909WX G7)XR \X W4][4 0W 4[$[9L[ 3N$; U)HY[X0_ '4[]90W43 J;W3[ $7)9Y3 ;)L[ XW0 )74[)]H ([[X 3N(Y900[] 9X 0;[ $7)9Y3 >79X< T)X] LW09X[] 9X 0;[ 'WYUW3909WX G7)XR tech research and consulting expect employees to work from -WN$)X >X] ?N40;[4 9X?W4Y)09WX WX 0;[ $WX0[X03 W? 0;[ 'WYUW3909WX G7)X )X] 9X304N$09WX3 WX ;WJ0WU)409$9U)0[ 9X 0;[ CWG U4W$[33 )X] >7[ $7)9Y3 ?W4Y3 WX79X[ )0" JJJR30[9X;W??3[007[Y[X0R$WYR firm Gartner Inc.said in a The home office home at least eight days every N8H:= BH:"M&8--!MH:/M@H"8M@Q #8Q;"M(K L/86/":H@/C P"O"H:; 510!"1204 "K K:6@/@H:QC 6/868K"M( @>8O6/8O"K: "M H:/OK 8- K:>H"8M 7)) Januaryreport. “Ultimately,the Covid year month, Ms.Guichelaar said. 8- H&: B8FH& ,-/">@M *8O6@M":K ,>H J7 8- G..9 5H&: 10!"12 0*,#/)+ '(( 1%)&)$.-04< H8 D&@H "K ;:+M:; H&:/:"M @K H&: 1B>&:O: */:;"H8/K03 !- C8F 6F/>&@K:; K&@/:K "M B!#LP @H @MC H"O: ?:-8/:I':>:O?:/ G.7) >383?3@M; >8MH"MF:; H8 &8Q; K8O: 8/ @QQ 8- H&8K: That’sacontrast to January wasall about making surethat K&@/:K @K K&@/:K "M B!#NA 5-8QQ8D"M( H&: K>&:O: 8- @//@M(:O:MH >8O6Q:H:; 8M J':>:O?:/ G.7)4 @H )':>:O?:/ G.7J >383?3< C8F last year,when Gartner fore- employees could gettheir Holding pattern O@C 2F@Q"-C @K @1B>&:O: */:;"H8/0 @M; C8F O@C ?: :Q"("?Q: H8 /:>:"E: 6@CO:MH FM;:/ H&: B!#LP B:>H"8M 7)) L/868K@Q3 %8/O8/: cast a 3.4% increase in world- work done,” said J.P. Gownder, Theattention focused on "M-8/O@H"8M @?8FH H&: B!#LP B:>H"8M 7)) L/868K@Q< 6Q:@K: E"K"H H&: D:?K"H: O:MH"8M:; @?8E:3 wide IT spending by December vicepresident and principal keeping operations running saw in 2020. analyst at Forrester Inc., an IT manycompanies pull back on AUCTIONS COMMERCIAL REAL ESTATE Hereisalook at the enter- research firm. Yetdatacom- some IT modernization efforts, prise IT market under Covid-19. piled by Forrester in May or plans to build out ambitious 3 47P%7> %7 I>(P E%8> (DCE%47 3 2020 found only about 40% of dataanalytics and businessin- /.), #0 -+2,+-"%-3.+2 /.&',)* !1,(,4$,+ !.+,+*$)* ",#&+,+*$ 4/'0%3(./&2 1)'.- ,& +*$(" !' %+#) '!$ "+%( Year of the cloud global companies felt their IT telligencesystems. 9VV Z#FC-' Q"EM 7JC#@#'1"'S :^ ]<]I9 $B+*.775D@?"9 F.45 ?4 6E5 *?6H./ When the pandemic struck, infrastructurewas prepared to Bob Parker,asenior vice A?."L E="(I 4PA (8DH>8>7E M(IQ 6E5 6E.D.0)E!D5: D"@5 6D"@< "4: &6 2>= that transplanting IT systems That prompted arun on at IDC, said manycompanies (),/+&%). *#/+#'/0 "0#/ -!$#$0 9"D)5 AE.II?4) 7"99 "@D.AA 6E5 A6D556G from in-house serverstocloud videoconferencing software, were simply channeling funds to QD)[ DOL)LDS Q&HDO =[&TK8Q [&JD:OD )0)&[)Z[D 7.&[[ ZD 8??DQDH &: providersmade it easier to among other remote-work and moreurgent needs.But another &LO D:L&QDL, =W&DJD;D)[ 7O8[H L8 L(D (&+(DOL ):H38Q ZDOL Z&HHDQUOR 8+3-=CCC;" @D5-,2B+31BC->- '%*'P%*'EHL managethem from afar.Italso collaboration tools,with most key obstacle wasaninability to ! )@BA#@#'1 WEFG Q-M#A -'6CBM-'P L2F-CC ! ?""M J"'6#AA-"' =WE>-C-"' D4B-X@#'1 ! YI )6F# Q#EC DA1E1# WE6GEP# gaveemployees readier access deploymentsconducted in access on-siteresourcestocon- Q-M#AS \-MM-# E'M ?E@-C% Q-M#A ! WEFG ?BF'-A2-'PA = ! OXF-'P ?#M [EG# *-12 :#* HE@ ! .E1#F WEFG Q-M#AS OC-M#A =)11FE61-"'A ;E-'1#'E'6# D4B-X@#'1 ! )'M ;"F# &!#(" "($%"%#' to business applications from “fire-drill fashion,” Mr. tinue pre-Covid initiatives,he E>I8HL L" Z# O"CM &' )66"FME'6# *-12 JQ+ L#F@A )A WB!C-A2#M 8' .#!E'M )B61-"' JE1EC"PN )CC J80&H/9$ OE5#1% WF"1"6"CA .-CC Z# &@XC#@#'1#MN &7<@9 $>.G/>3H $.>3+.9<.C based software. encing platforms,like Zoom quiring significant processre- +,01/,& .(%*"('- #'*$0! ))+ “The race to digital busi- Video Communications Inc., engineering,” such as enterprise )))GCI*PPCG2!; 39RRG,RRG09OB (9..6;:I>B5 $*C1-E %77IG@47HC ,DFA !4<3;80)FA :/2;C ness,enabled by cloud tech, MicrosoftTeams and Cisco resource planning implementa- "%#' "&!' $$$$ wascertainly at the heart of Systems Inc.’sWebex, sawa tions and upgrades. BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES ! nearly everything done in surge in business, he said. That is likely to changein 2020,” said John-David Love- Gartner estimates that the months ahead, as the '%$#*&( %'(&$%#$!") lock, vicepresident of re- more than 1.1 billion workers economyopens up and compa- !=E1@3, &$#!%'*3..3EA;6?A2 KL9 68 H)9 8,'#12 ADVERTISE TODAY E14181<3.14, 0>) =7, ?6 .=AB 3- "154 &%#%# /.+ %#%, !2(' 12-0 3'/)'$* serverstobusinesses acrossthe million in 2019. Gartner expectsworld-wide IT -;A;E1CE35AB 36 9=?6 B52, I&+L&8&;

~~THE WALL STREET JOURNAL. ** NY Monday, March 15, 2021 | B5 BUSINESS & FINANCE~~

~~Household consumption* Outstanding short-term RegulatorsEye as shareofGDP in China household debt 40% 10 trillion yuan Debt Held by 38 8 China’sYouth 36 6 34 4~~

~~BY XIE YU Weibo and Xiaohongshu, an- 32 2 otherpopular social-media Chinese regulatorsattempt- platform, people have posted /REUTERS ing to rein in Ant Group Co. photos of shredded credit 30 0~~

~~and a swelling online-lending cardsand screenshotsthat PETER~~

~~S 2010 '15 2014 '15'20 industryhaveatargetintheir showthem closing their online *Shows ﬁnal consumption expenditurebyhouseholds and nonproﬁts serving households,~~

sights: the excessive, debt- credit facilities.Some de- THOMA as percentage of China's GDP. fueled lifestyles of the coun- scribed clawing their way out ManyChinese consumers use short-term loans to payfor expenses Note:1trillion yuan =$153.7 billion try’s youth. of debt by reducing daily ex- such as prestige cosmetics and electronic gadgets. Sources: World Bank (GDP); Wind (debt) Leading up to last year’s cor- penses and avoiding unneces- onavirus pandemic,anew gen- sary purchases. fault ratesfor short-term equivalent of $267 billion in June alone. Most of the fund- various online lendersand eration of tech-savvyand free- “A top-down crackdown on loans have been low, but offi- outstanding consumer loans as ing has been supplied by banks, including Ant’s Huabei spending citizens helped power overspending has prompted a cials worryabout risks that of June, making up nearly a around 100 banks and other andcredit-cardissuers. The rising consumption, agrowing national soul-searching,” said could arise if excessivebor- fifth of China’stotal short- commercial lenders Ant part- debt, which totaled roughly 15 driver of China’seconomy. Daniel Zhi,apartner at KPMG rowing isn’t curtailed. term household debt. ners with. times her usual monthly in- Manyused short-term loans China who leads itsfinancial- Ant, which is controlled by Ant’spersonal-lending ser- Mona Wang,a27-year-old come,was largely theresult of to payfor expenses such as strategyconsulting service, billionaireJack Ma, is China’s vices Huabei and Jiebei— who works in the financial her spending on SalvatoreFer- prestigecosmetics,electronic adding that the regulatoryac- largest provider of online meaning “just spend” and sector in thecentral city of ragamo shoes and other gadgets and costly restaurant tion has “put a lid on the short-term consumer loans. “just borrow”—were used by Xi’an, said that at the end of branded items, she said. meals.They found credit easy whole online-lending industry.” Theowner of the popular pay- about half abillion Chinese last year she owedthe equiva- —Serena Ng to obtain, thanks to Ant and In November, a day before mentsapp Alipayhad the citizens in the 12 months to lent of morethan $15,000 to contributed to this article. other Chinese financial-tech- Ant’s blockbuster initial public nology companies that pro- offering was pulled, a column vided unsecured loans to mil- by an official from a division lions of people who didn’t of China’s banking and insur- have bank-issued credit cards. anceregulator said that while In 2019,online loans ac- consumption is apillar of counted forasmuch as half of China’seconomy, financial in- short-term consumer loans in stitutions and fintech compa- China, according to estimates nies need to act responsibly to from Fitch Ratings. protect the rightsand inter- Now, new financial regula- ests of their consumers. HOWDOYOU MANAGE tions areforcing lenderstore- Theofficial, Guo Wuping, assesstheir businessstrate- said fintech companies al- gies and have sparked a lowedpeople to borrow exces- RISK WHEN THEWORLD IS reckoning about the American- sively, causing “some low-in- style borrowing and spending come people and young people habitsofChina’syounger pop- to fall intodebt traps.” He de- UPSIDE DOWN? ulation. Starting in 2022, Ant scribed Ant’sHuabei virtual- and itspeerswill have to fund credit-line serviceasinclusive at least 30% of the loans they but not favorable,assome maketogether with banks,a fees associated with it were rule designed to make online higher than what banks charge lenders bear more risk. on credit cards. Ant declined In recent weeks,agrass- to comment. rootscampaign on Chinese so- Other Chinese state-media cial media dubbed “coming outletshavealso criticized fin- ashore”—a metaphor forbe- tech platforms forencouraging coming debt-free—has been young people to overspend. gathering steam, with people Last month, areport from sharingtheir experiences and China’scentral bank said the regretsabout overspending countryistrying to increase and borrowing. domestic consumption without On microblogging site relying on consumer debt. De- CORPORATEWATCH

COHERENT equity firm Hellman & Friedman for about $1 billion. II-VI Moves Ahead Cardinal said Friday that the In Bidding War sale of its Cordis unit is a result of its continued portfolio evalua- II-VI Inc. moved back into the tion. The company said it re- pole position in the takeover mains committed to its medical- battle for laser maker Coherent distribution and medical- Inc. with a new bid valued at products businesses. roughly $6.64 billion Cordis has annual revenue of Coherent on Friday said its about $750 million, a fraction of board has determined that II-VI’s the roughly $153 billion in reve- new offer, which valued the nue Cardinal posted in fiscal company at $271.51 a share, is 2020. superior to its revised agree- The Dublin, Ohio, healthcare ment to be acquired by rival Lu- services and products company mentum Holdings Inc. The Lu- said it expects to record a pre- mentum offer had valued tax loss of up to $120 million on Coherent at $262.60. the sale in the third quarter of Shares of Coherent closed fiscal 2021. Friday at $247.90. Cardinal also said that it Coherent said it notified Lu- could incur costs of up to $125 mentum that it plans to termi- million associated with the nate their deal in favor of the planned divestiture primarily in new II-VI bid unless Lumentum fiscal 2021 and 2022. makes a new proposal by March —Colin Kellaher 17 that its board finds at least as favorable to its shareholders. ACTIVEPURE TECHNOLOGIES Lumentum said it received the notice, and it doesn’t plan Deborah Birx Joins any further comment until the As Medical Adviser matching deadline. The company said it would receive a $217.6 Former White House corona- million termination fee if Coher- virus coordinator Deborah Birx ent walks away from the deal. will join air filtration company —Colin Kellaher ActivePure Technologies LLC as its chief medical and scientific BUCKLE adviser, the company said Friday. She joins the company after Higher Sales Posted spending roughly 40 years in For Fourth Quarter science and public service. Ms. Birx planned to retire from the The Buckle Inc. posted higher government following President revenue year-over-year in the Joe Biden’s transition. latest quarter, including a surge Ms. Birx will also join the Dal- in online ordering as business las-based George W. Bush Insti- shifted to e-commerce during tute as a global health fellow. the coronavirus pandemic. The privately held company The Kearney, Neb.-based ap- provides continuous surface and parel retailer logged fourth-quar- air-disinfection systems to ter earnings of $65.6 million, an healthcare and educational insti- increase from $47 million in the tutions as well as commercial year-earlier quarter. and public facilities. ActivePure Sales rose to $318.8 million in said its products have the ability the quarter ended Jan. 31, up to kill the Covid-19 virus and from $271 million a year earlier. other pathogens in the air and Comparable-store sales grew by on surfaces. We can'tcontrol what's next,but we canhelpnavigateit. CMEGroup 18% year over year, while online —Kimberly Chin sales increased almost 82% year provides24-houraccess to trading opportunitiesinevery investable over year to $66.2 million. asset class,allowingmarketparticipantsworldwidetomanagerisk and The company finished the capture opportunities. Forevery economic twistand turn,whenthe year with 443 stores, compared with 448 at the end of the 2019 newnormalisanythingbut…CME Group. fiscal year. Sound —Matt Grossman Thinking VISITCMEGROUP.COM/ACTION CARDINAL HEALTH Audio storytelling on news youcareabout,athome Heart-Device Maker or on the go. Sold for $1 Billion Derivatives arenot suitable forall investors and involvethe risk of losing morethan the amount originallydeposited and anyprofit youmight havemade. WSJ.COM/LISTEN This communication is not arecommendation or offer to buy,sell or retain anyspecific investment or service.Copyright ©2020 CME Group Inc. All rights reserved.

~~B6 | Monday, March 15, 2021 THE WALL STREET JOURNAL. MARKETS DIGEST~~

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 32778.64 s1282.34, or 4.07% last week Trailing P/E ratio 33.35 18.02 3943.34 s101.40, or 2.64% last week Trailing P/E ratio * 45.02 18.90 Public Offerings of Stock High, low, open and close for each of P/E estimate * 21.27 14.08 High, low, open and close for each of P/E estimate * 22.34 15.12 the past 52 weeks Dividend yield 1.81 2.82 the past 52 weeks Dividend yield * 1.49 2.35 IPOs in the U.S. Market All-time high All-time high 32778.64, 03/12/21 3943.34, 03/12/21 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.15198707565833 33500 4100 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) 31000 3800 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)

200-day moving average 3/16 2/8 Sun Country Airlines Holdings Inc SNCY 9.1 21.00/ Barclays, MS, DB, GS, 28500 3500 Air carrier that dynamically Nq 23.00 Nomura deploys shared resources across synergistic scheduled service, charter 26000 3200 and cargo businesses. Week of 03/152/19 Gain Therapeutics Inc GANX 3.6 10.00/ BTIG LLC, Oppenheimer 200-day moving average Clinical stage Nq 12.00 Week's high 23500 2900 biopharmaceutical company. DOWN UP Monday's open Friday's close 65-day moving average t 21000 2600 3/16 2/19 Olo Inc OLO 18.0 16.00/ GS, JPM, RBC Cptl Mkts Friday's close Monday's open 65-day moving average Software-E-Commerce N 18.00

t company engaged with food ordering platform. Week's low 18500 2300 3/17 2/22 Vine Energy Inc VEI 18.8 16.00/ Citi, Credit Suisse, MS Bars measure the point change from Monday's open Upstream energy N 19.00 16000 2000 company. M A M J J A S O N D J F M M A M J J A S O N D J F M 3/18 2/23 Duckhorn Portfolio Inc NAPA 20.0 14.00/ JPM, Credit Suisse, Jefferies, Primary Owner and operator of N 16.00 Barclays, BofA NYSE weekly volume, in billions of shares t wineries. Securities, Citi, market t Composite Evercore Inc, RBC Cptl Mkts 36 Track the Markets 24 Compare the performance of selected 12 global stock indexes, bond ETFs, Lockup Expirations 0 currencies and commodities at Below, companies whose officers and other insiders will become eligible wsj.com/graphics/track-the-markets M A M J J A S O N D J F M to sell shares in their newly public companies for the first time. Such *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index sales can move the stock’s price. Major U.S. Stock-Market Indexes Nasdaq Composite Lockup Offer Offer amt Through Lockup expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Latest Week 52-Week % chg s 399.72, or 3.09% High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week March 15 Sept. 16, ’20 Pactiv Evergreen PTVE 14.00 800.0 14.9 180 days Dow Jones Sept. 16, ’20 Sumo Logic SUMO 22.00 281.2 –0.0 180 days Industrial Average 32793.32 31512.15 32778.64 1282.34 4.07 18591.93 l 32778.64 41.4 7.1 9.2 Transportation Avg 14183.99 13656.57 14156.69 528.71 3.88 6703.63 l 14156.69 78.3 13.2 9.8 March 16 Sept. 17, ’20 Unity Software U 52.00 1150.0 103.3 180 days 13200 Utility Average 847.38 814.62 844.88 30.85 3.79 610.89 l 917.38 10.8 -2.3 7.8 March 17 Sept. 18, ’20 Vitru VTRU 16.00 102.0 –9.4 180 days Total Stock Market 41767.82 40122.18 41665.73 1306.65 3.24 22462.76 l 41733.23 52.7 6.2 13.1 Sept. 16, ’20 American Well AMWL 18.00 525.0 31.5 180 days Barron's 400 971.70 932.22 971.45 45.22 4.88 455.11 l 971.45 75.1 14.0 9.4 12900 Sept. 16, ’20 Dyne Therapeutics DYN 19.00 175.1 –11.4 180 days Nasdaq Stock Market 12600 Sept. 17, ’20 Athira Pharma ATHA 17.00 160.0 26.8 180 days Nasdaq Composite 13433.62 12599.23 13319.86 399.72 3.09 6860.67 l 14095.47 69.1 3.3 20.6 Nasdaq-100 13117.86 12287.57 12937.29 268.78 2.12 6994.29 l 13807.7 61.8 0.4 22.0 Sept. 17, ’20 COMPASS Pathways CMPS 17.00 100.5 142.9 180 days 12300 Sources: Dealogic; Dow Jones Market Data S&P 5 8 9 10 11 12 500 Index 3960.27 3819.25 3943.34 101.40 2.64 2237.40 l 3943.34 45.5 5.0 12.3 March IPO Scorecard 5.31 l MidCap 400 2647.00 2512.92 2646.34 133.42 1218.55 2646.34 71.1 14.7 10.7 DJ US TSM Performance of IPOs, most-recent listed first SmallCap 600 1399.31 1306.91 1397.66 95.54 7.34 595.67 l 1397.66 92.5 24.9 12.8 s 1306.65, or 3.24% % Chg From % Chg From Other Indexes Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day last week IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Russell 2000 7.32 l 2354.20 2192.48 2352.79 160.58 991.16 2352.79 94.4 19.1 13.7 CF Acquisition VIII 10.01 0.1 ... JOANN 12.25 2.1 ... NYSE Composite 15717.81 15236.93 15715.21 463.37 3.04 8777.38 l 15715.21 44.8 8.2 6.8 CFFEU March 12/$10.00 JOAN March 12/$12.00 Value Line 657.03 627.18 656.84 29.66 4.73 305.71 l 656.84 71.7 15.5 4.9 42000 FTAC Parnassus Acquisition 10.21 2.1 ... Longboard Pharmaceuticals 16.65 4.1 ... NYSE Arca Biotech 5588.88 5421.47 5547.85 11.30 0.20 3855.67 l 6319.77 27.7 -3.3 4.2 FTPAU March 12/$10.00 LBPH March 12/$16.00 NYSE Arca Pharma 691.20 675.17 687.25 10.38 1.53 494.36 l 725.03 17.9 -0.3 7.8 41000 Gores Technology Ptnrs 10.20 2.0 ... Prometheus Biosciences 25.29 33.1 ... KBW Bank 123.90 116.90 123.35 5.03 4.25 56.19 l 123.35 65.5 26.0 2.2 GTPAU March 12/$10.00 RXDX March 12/$19.00 PHLX§ Gold/Silver 140.02 131.44 139.73 6.15 4.61 70.12 l 161.14 98.9 -3.1 20.6 Gores Technology Ptnrs II 10.10 1.0 ... Ross Acquisition II 10.05 0.5 ... PHLX§ Oil Service 64.86 60.34 62.63 0.783 1.27 21.47 l 63.89 131.2 41.3 -23.5 40000 GTPBU March 12/$10.00 ROSS.UT March 12/$10.00 PHLX§ Semiconductor 3015.04 2759.20 2965.09 44.34 1.52 1286.84 l 3238.92 92.0 6.1 27.0 Hayward Hldgs 17.00 ...... Stratim Cloud Acquisition 10.00 ...... Cboe Volatility 28.39 20.63 20.69 -3.97 -16.10 19.97 l 82.69 -64.2 -9.1 9.5 39000 HAYW March 12/$17.00 SCAQU March 12/$10.00 5 8 9 10 11 12 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data March Sources: Dow Jones Market Data; FactSet Other Stock Offerings International Stock Indexes Commodities and Secondaries and follow-ons expected this week in the U.S. market Latest Week 52-Week Range YTD Currencies Symbol/ Region/Country Index Close % chg Low Close High % chg Primary Amount Friday’s Expected Issuer/Business exchange ($mil.) price ($) Bookrunner(s) World MSCI ACWI 674.47 2.58 384.04 685.08 4.4 Last Week YTD • March. 17 Baidu 9888 3138.0 264.25 BofA, CITIC, GS, China Int Cap, MSCI ACWI ex-USA 339.87 2.30 200.33 • 350.01 4.1 Close Net chg % Chg % chg 9888 Nq UBS, China Constr Bank, China Ren Hldgs, Nomura, MSCI World 2807.21 2.88 1602.11 • 2829.67 4.4 DJ Commodity 825.48 1.13 0.14 12.83 Citi, ICBC, Bank of China, Ag MSCI Emerging Markets 1348.20 0.663 758.20 • 1444.93 4.4 Bank of China, Haitong Refinitiv/CC CRB Index 193.79 0.34 0.18 15.49 Securities Americas MSCI AC Americas 1535.65 2.84 850.77 • 1543.63 4.6 65.61 -0.48 -0.73 35.22 Canada S&P/TSX Comp 18851.32 2.56 11228.49 • 18851.32 8.1 Crude oil, $ per barrel Off the Shelf Latin Amer. MSCI EM Latin America 2306.19 2.30 1382.94 • 2546.61 –5.9 Natural gas, $/MMBtu 2.600 -0.101 -3.74 2.40 “Shelf registrations” allow a company to prepare a stock or bond for Brazil Sao Paulo Bovespa 114160.4 –0.90 63569.62 125076.63 –4.1 Gold, $ per troy oz. 1719.50 21.50 1.27 -9.17 sale, without selling the whole issue at once. Corporations sell as 0 • conditions become favorable. Here are the shelf sales, or takedowns, Chile Santiago IPSA 3344.59 3.81 2045.49 • 3344.59 17.04 U.S. Dollar Index 91.66 -0.31 -0.34 1.93 over the last week: Mexico S&P/BMV IPC 47769.87 3.08 32964.22 • 47769.87 8.4 WSJ Dollar Index 86.47 -0.30 -0.35 1.73 Takedown date/ Deal value EMEA Stoxx Europe 600 423.08 3.52 279.66 • 424.17 6.0 Euro, per dollar 0.8365 -0.003 -0.35 2.18 Issuer/Industry Registration date ($ mil.) Bookrunner(s) Stoxx Europe 50 3260.82 3.11 2383.14 3275.07 4.9 • Yen, per dollar 109.03 0.65 0.60 5.53 Autohome Inc March 9 $687.8 China Int'l, GS, Credit Suisse, Eurozone Euro Stoxx 424.56 4.12 261.53 425.56 6.8 • Computers & Electronics March 2,321 HSBC, DB, Haitong Securities, Ping An Securities, Agri Bk of China Euro Stoxx 50 3833.36 4.46 2385.82 • 3845.64 7.9 U.K. pound, in dollars 1.39 0.008 0.60 1.86 FedNat Holding Co March 12 Piper Sandler Austria ATX 3158.36 2.46 1630.84 • 3158.36 13.6 52-Week $16.6 Belgium Bel-20 3864.84 2.54 2528.77 • 3872.61 6.7 Low Close(l) High % Chg Insurance June 6,318 France CAC 40 6046.55 4.56 3754.84 • 6046.55 8.9 Itron Inc March 10 $351.0 JPM, WFS DJ Commodity 433.70 l 836.48 62.58 Germany DAX 14502.39 4.18 8441.71 • 14569.39 5.7 Computers & Electronics March 8,321 Greece Athex Composite 849.81 3.00 484.40 • 850.07 5.0 Refinitiv/CC CMD 106.29 l 195.13 37.60 Cactus Inc March 10 $199.2 Citi, Credit Suisse Israel Tel Aviv 1596.81 3.76 1171.21 • 1631.18 6.5 Crude oil, $ per barrel -37.63 l 66.09 106.78 Oil & Gas March 15,319 Italy FTSE MIB 24113.22 5.00 14980 • 24121 8.5 Netherlands AEX 677.41 3.60 404.10 • 687.43 8.5 Natural gas, $/MMBtu 1.482 l 3.354 39.11 SJW Group March 9 $60.8 JPM, RBC Cptl Mkts Portugal PSI 20 4849.19 3.79 3596.08 • 5282.02 –1.0 Gold, $ per troy oz. 1477.30 l 2051.50 13.45 Utility & Energy Nov. 26,318 Russia RTS Index 832.26 1519.50 9.5 1519.50 4.98 • Smith Micro Software Inc March 10 $65.2 B Riley Securities Inc, U.S. Dollar Index 89.44 l 102.82 -7.18 South Africa FTSE/JSE All-Share 68209.86 –0.09 37963.01 • 68775.06 14.8 Computers & Electronics May 7,320 Roth Cptl Ptnrs Spain IBEX 35 8644.50 4.32 6107.2 • 8644.5 7.1 WSJ Dollar Index 84.56 l 97.02 -6.91 Sweden OMX Stockholm 864.21 5.11 478.95 • 865.93 12.5 Jounce Therapeutics Inc March 9 $56.3 Cowen & Company LLC, Piper Sandler Euro, per dollar 0.8112 l 0.9352 -7.12 Switzerland Swiss Market 10839.93 2.19 8160.79 • 10964.05 1.3 Healthcare March 8,318 U.K. FTSE 100 6761.47 1.97 4993.89 • 6873.26 4.7 Yen, per dollar 102.72 l 111.24 0.97 Xenon Pharmaceuticals Inc March 10 $115.0 Jefferies, Stifel, W. Blair LLC Asia-Pacific MSCI AC Asia Pacific 207.79 0.87 121.5 • 220.6 3.9 U.K. pound, in dollars 1.15 l 1.41 13.31 Healthcare June 3,320 Australia S&P/ASX 200 6766.80 0.83 4546.0 • 6917.3 2.7 Hess Midstream LP March 10 $144.9 GS, Citi, JPM, China Shanghai Composite 3453.08 –1.40 2660.17 • 3696.17 –0.6 Real-time U.S. stock Oil & Gas Dec. 20,319 Sumitomo Mitsui Financial Group Hong Kong Hang Seng 28739.72 –1.23 21696.13 • 31084.94 5.5 quotes are available on India S&P BSE Sensex 50792.08 0.77 25981.24 • 52154.13 6.4 WSJ WSJ.com. Track most- Public and Private Borrowing Japan Nikkei Stock Avg 29717.83 2.96 16552.83 • 30467.75 8.3 .COM active stocks, new Malaysia FTSE Bursa Malaysia KLCI 1615.69 0.97 1219.72 • 1684.58 –0.7 highs/lows, mutual Treasurys Singapore Straits Times 3095.22 2.70 2233.48 3108.53 8.8 • funds and ETFs. Monday, March 15 Thursday, March 18 South Korea Kospi 3054.39 0.93 1457.64 • 3208.99 6.3 Taiwan TAIEX 16255.18 2.52 8681.34 • 16452.18 10.3 All are available free at Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; announced on March 11; settles on March 18 announced on March 16; settles on March 23 Source: FactSet; Dow Jones Market Data WSJMarkets.com Consumer Rates and Returns to Investor Benchmark Yields and Rates Currencies U.S. consumer rates Selected rates Treasury yield curve Forex Race U.S.-dollar foreign-exchange rates in late New York trading A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. US$ vs, US$ vs, benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: Fri YTD chg Fri YTD chg 0.45% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Lone Star Bank 0.71% 2.50% 10% Americas Vietnam dong .00004337 23057 –0.1 1.00% Houston, TX 713-358-9400 Tradeweb ICE Argentina peso .0110 90.7723 7.9 Europe Friday Close t 2.00 Colorado Federal Savings Bank 0.75% s Five-year CD yields 0.75 5 Brazil real .1801 5.5522 6.9 Czech Rep. koruna .04566 21.901 2.0 t Greenwood Village, CO 877-484-2372 1.50 Euro Canada dollar .8015 1.2477 –2.0 Denmark krone .1607 6.2213 2.1 Chile peso Euro area euro 0.50 TAB Bank 0.75% 0 .001381 724.10 1.9 1.1955 .8365 2.2 1.00 Colombiapeso .000280 3576.00 4.5 Hungary forint .003256 307.17 3.4 Ogden, UT 800-355-3063 s Ecuador US dollar 11unch Iceland krona .007787 128.42 0.5 t Federal-funds One year ago Yen 0.25 CFG Community Bank 0.50 –5 target rate 0.82% t s Mexico peso .0482 20.7256 4.2 Norway krone .1186 8.4335 –1.7 Baltimore, MD 888-205-8388 WSJ Dollar Index Uruguay peso .02254 44.3750 4.8 Poland zloty .2608 3.8339 2.7 0.00 0.00 –10 Russia ruble .01365 73.260 –1.0 A M J J A S O N D J F M First Internet Bank of Indiana 0.96% Asia-Pacific 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Sweden krona .1179 8.4828 3.1 Indianapolis, IN 888-873-3424 Australian dollar .7763 1.2882 –0.9 2020 2021 month(s) years Switzerland franc 1.0756 .9297 5.1 China yuan .1536 6.5085 –0.4 maturity Turkey lira .1322 7.5623 1.7 Hong Kong dollar .1288 7.7628 0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Ukraine hryvnia .0359 27.8500 –1.8 India rupee .01376 72.690 –0.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) UK pound 1.3919 .7184 –1.8 Corporate Borrowing Rates and Yields Indonesia rupiah .0000695 14385 2.4 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.25 -1.25 Japan yen .009172 109.03 5.5 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 4.25 -1.25 Spread +/- Treasurys, Kazakhstan tenge .002387 418.93 –0.6 Bahrain dinar 2.6518 .3771 0.02 Yield (%) in basis pts, 52-wk Range Total Return Macau pataca .1250 7.9970 0.1 Egypt pound .0637 15.6981 –0.3 Libor, 3-month 0.19 0.19 0.18 l 1.45 -1.92 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Malaysia ringgit .2428 4.1180 2.4 Israel shekel .3009 3.3237 3.4 Money market, annual yield 0.10 0.08 0.08 l 0.44 -0.20 U.S.Treasury,Barclays 0.970 0.920-3.00 4.45 New Zealand dollar .7177 1.3933 0.1 Kuwait dinar 3.3078 .3023 –0.6 Five-year CD, annual yield l 0.45 0.45 0.45 1.15 -1.17 Pakistan rupee Oman sul rial U.S. Treasury Long,Barclays 2.320 2.210-14.20 6.97 .00636 157.117 –2.0 2.5972 .3850 0.01 30-year mortgage, fixed† 3.24 3.27 2.83 l 4.22 -1.22 Philippines peso .0207 48.393 0.8 Qatar rial .2746 3.641 ... Aggregate,Barclays 1.570 1.5103332127 0.88 4.89 15-year mortgage, fixed† 2.47 2.53 2.32 l 3.43 -1.45 Singapore dollar .7439 1.3443 1.7 Saudi Arabia riyal .2666 3.7510 –0.02 Fixed-Rate MBS,Barclays 1.730 1.6601110132 1.67 4.02 Jumbo mortgages, $548,250-plus† 3.27 3.29 2.85 l 4.36 -1.48 South Korea won .0008799 1136.49 4.7 South Africa rand .0669 14.9484 1.7 High Yield 100,ICE BofA 3.962 3.900 318 278 101815.669 5.368 Five-year adj mortgage (ARM)† 3.19 3.21 2.85 l 3.67 -1.19 Sri Lanka rupee .0050914 196.41 6.0 Muni Master,ICE BofA Taiwan dollar .03550 28.166 0.3 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.03 4.03 4.02 l 4.45 0.49 0.950 1.011 18 -12 41 5.736 4.852 Thailand baht .03261 30.670 2.1 WSJ Dollar Index 86.47 0.27 0.32 1.73 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBIGlobal,J.P. Morgan 4.976 4.956 326 311 662 9.276 4.031 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 P2JW074000-0-B00700-1------XA

~~THE WALL STREET JOURNAL. Monday, March 15, 2021 | B7 CLOSED‑END FUNDS~~

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not NeubHgYldStrt NHS 12.50 12.48 -0.2 8.8 PioneerHilncAdv MAV 12.18 11.84 -2.8 4.7 Loan Participation Funds buy their shares back from investors who wish to cash BlackRock Hlth Sciences BME 45.08 45.91 +1.8 37.0 VAGIAI & Tech Opptys AIO 28.70 26.90 -6.3 94.0 New Amer Hi Inc HYB 9.84 8.95 -9.0 7.3 PioneerMunHiIcmT MHI 13.02 12.41 -4.7 4.6 1WS Credit Income NA NA NA 5.0 in their holdings. Instead, fund shares trade on a stock BlackRock Res & Comm BCX VDivInt&PremStr NFJ exchange. NA signifies that the information is not 9.74 9.40 -3.5 110.4 15.35 13.57 -11.6 51.2 NexPointStratOppty NHF 19.32 11.45 -40.7 8.2 Putnam Mgd Inc PMM 8.23 8.00 -2.8 4.7 AlphCntrc Prime Merid In 9.79 NA NA 11.0 available or not applicable. NS signifies funds not in BlackRock Sci&Tech Tr II BSTZ 39.73 35.84 -9.8 135.3 Income & Preferred Stock Funds Nuveen CI Nov 2021 Tgt JHB 9.45 9.32 -1.4 3.6 Putnam Muni Opp PMO 13.84 13.59 -1.8 4.9 Axonic Alternative Inc NA NA NA 4.5 existence for the entire period. 12 month yield is BlackRock Sci&Tech Trust BST 52.69 54.11 +2.7 100.4 CalamosStratTot CSQ 16.63 17.09 +2.8 80.7 Nuveen Crdt Opps 2022 TT JCO 8.29 8.35 +0.7 6.8 RiverNorth Mgd Dur Mun I RMM Blackstone/GSO FR EI D computed by dividing income dividends paid (during 20.09 18.70 -6.9 6.1 NA NA NA 5.3 the previous 12 months for periods ending at month- BlackRock Utl Inf & Pwr BUI 24.13 24.49 +1.5 54.2 CohenStrsLtdDurPref&Inc LDP 25.88 25.42 -1.8 26.8 Nuveen Global High Inc JGH 16.76 15.65 -6.6 7.0 Western Asset Mgd Muni MMU NA 12.86 NA 4.2 Blackstone/GSO FR EI I NA NA NA 5.6 end or during the previous 52 weeks for periods CBRE ClrnGlbRlEst IGR 8.37 7.50 -10.4 38.3 CohenStrsSelPref&Income PSF 26.55 27.41 +3.2 24.7 PGIM Global High Yield GHY 16.37 14.89 -9.0 8.5 Westn Asst Mu Def Opp Tr MTT NA 21.07 NA 3.0 Blackstone/GSO FR EI T NA NA NA 5.1 ending at any time other than month-end) by the CLEARBRIDGE ENGY MDS OPP EMO NA 19.34 NA 76.8 CohenStrsTaxAvPreSecs&I PTA 25.51 24.89 -2.4 NS latest month-end market price adjusted for capital PGIM High Yield Bond ISD 16.93 15.55 -8.2 8.1 Single State Muni Bond Blackstone/GSO FR EI T-I NA NA NA 5.1 gains distributions. Depending on the fund category, ClearBridge MLP & Midstm CEM NA 24.51 NA 60.7 FirstTrIntDurPref&Inc FPF 24.19 23.32 -3.6 25.7 PGIM Sh Dur Hi Yld Opp SDHY 19.85 NA NA NS BlackRock CA Mun BFZ 15.86 14.11 -11.0 3.2 Blackstone/GSO FR EI U NA NA NA 5.1 either 12-month yield or total return is listed. ChnStrInfr UTF 25.20 26.48 +5.1 54.6 JHanPrefInc HPI 19.87 19.27 -3.0 21.4 PioneerHilncmTr PHT 9.60 9.54 -0.6 8.2 BR MH CA Qly Fd Inc MUC 15.81 15.08 -4.6 4.1 Blstn Commnty Dev 9.99 NA NA 3.3 Source: Lipper Cohen&SteersQualInc RQI 14.02 13.47 -3.9 34.0 JHPrefIncII HPF 19.57 19.20 -1.9 27.3 Wells Fargo Income Oppty EAD NA 8.34 NA 8.3 BR MH NJ Qly MUJ 15.97 14.85 -7.0 4.9 BNYM Alcntr Glb MS Cr Fd 102.84 NA NA 6.8 Friday, March 12, 2021 Cohen&Steers TotRet RFI 13.66 14.50 +6.1 30.3 HnckJPfdInco III HPS 17.53 17.08 -2.6 22.8 WstAstHIF II HIX NA 6.87 NA 8.6 BR MH NY Qly MHN 15.06 14.00 -7.0 4.4 CLIFFWATER CL FD;I 10.54 NA NA 6.7 52 wk CohenStrsREITPrefInc RNP 24.44 23.65 -3.2 31.2 J Han Prm PDT 14.02 13.96 -0.4 23.4 Western Asset Hi Inc Opp HIO NA 5.01 NA 7.9 BR MuniYld CA MYC 16.19 14.61 -9.8 3.5 CNR Strategic Credit 10.70 NA NA 7.6 Prem Ttl Columbia Sel Prm Tech Gr STK 30.53 29.84 -2.3 81.1 LMP CapInco SCD NA 12.77 NA 55.2 Fund (SYM) NAV Close /Disc Ret Western Asset Hi Yld D O HYI NA 15.28 NA 7.3 BR MuniYld CA Qly MCA 16.08 14.57 -9.4 4.2 FedProj&TrFinanceTendr 9.98 NA NA 2.7 DNP Select Income DNP 9.17 9.98 +8.8 0.7 Nuveen Pref & Inc Opp JPC 9.66 9.11 -5.7 16.7 Other Domestic Taxable Bond Funds BR MuniYld MI Qly MIY 15.76 14.58 -7.5 4.4 FS Global Crdt Opptys D NA NA NA 8.2 General Equity Funds Duff&Ph Uti&Infra Inc Fd DPG 13.32 13.78 +3.5 45.4 Nuveen Fd JPS 9.66 9.40 -2.7 23.9 Apollo Tactical Income AIF NA 14.86 NA 6.9 BR MuniYld NJ MYJ 16.03 14.63 -8.7 5.1 Schrdrs Opp Inc;A 26.07 NA NA 2.1 Adams Diversified Equity ADX 21.02 18.04 -14.2 49.3 EtnVncEqtyInc EOI NA 16.81 NA 53.8 Nuveen Pref & Inc Term JPI 24.59 24.45 -0.6 27.5 Ares Dynamic Crdt Alloc ARDC NA 15.05 NA 7.9 BR MuniYld NY Qly MYN 14.43 13.36 -7.4 4.3 Schrdrs Opp Inc;A2 NA NA NA 0.5 Boulder Growth & Income BIF 15.00 12.49 -16.7 42.8 EtnVncEqtyIncoII EOS NA 21.69 NA 68.3 Nuveen TxAdvDivGr JTD 16.54 14.68 -11.2 35.4 BlackRock Mlt-Sctr Inc BIT 18.55 17.88 -3.6 8.4 EVCAMuniBd EVM 12.63 11.43 -9.5 4.2 Schrdrs Opp Inc;I 26.07 NA NA 2.2 Central Secs CET 44.72 37.32 -16.5 54.2 EVRskMnDvsEqInc ETJ NA 10.65 NA 41.3 Convertible Sec's. Funds BlackRock Tax Muni Bd BBN 24.38 24.46 +0.3 5.4 Eaton Vance NY Muni Bd ENX 13.36 12.00 -10.2 4.2 Schrdrs Opp Inc;SDR 26.11 NA NA 2.3 CohenStrsCEOppFd FOF 13.31 13.30 -0.1 48.2 ETnVncTxMgdBuyWrtInc ETB NA 15.43 NA 29.7 AdvntCnvrtbl&IncFd AVK 20.43 17.26 -15.5 58.6 DoubleLine:Oppor Crdt Fd DBL NA 19.85 NA 8.6 InvCaValMuIncTr VCV 13.55 12.72 -6.1 4.2 Invesco Sr Loan A 6.43 NA NA 3.9 EVTxAdvDivIncm EVT NA 25.56 NA 56.5 EtnVncTxMgdBuyWrtOpp ETV NA 15.37 NA 45.4 CalamosConvHi CHY 16.25 14.73 -9.4 79.8 EVLmtDurIncm EVV NA 12.66 NA 9.5 InvPAValMuIncTr VPV 14.17 12.70 -10.4 4.6 Invesco Sr Loan C 6.45 NA NA 3.2 GabelliDiv&IncTr GDV 27.35 23.83 -12.9 62.7 EvTxMnDvsEqInc ETY NA 12.73 NA 48.5 CalmosConvOp CHI 15.40 14.01 -9.0 80.2 Franklin Ltd Dur Income FTF 9.40 9.26 -1.5 6.3 InvTrInvGrNYMu VTN 14.35 13.09 -8.8 4.2 Invesco Sr Loan IB 6.43 NA NA 4.1 Gabelli Equity Tr GAB 6.63 7.00 +5.6 55.0 EtnVncTxMgdGlbB ETW NA 10.06 NA 49.1 VAGI Conv & Inc II NCZ 5.74 5.02 -12.5 55.2 J Han Investors JHI 18.29 17.80 -2.7 7.7 GeneralAmer GAM Nuveen CA AMT-F Qual MI NKX 16.63 15.19 -8.7 4.2 Invesco Sr Loan IC 6.43 NA NA 4.0 45.95 39.34 -14.4 49.6 EVTxMnGblDvEqInc EXG NA 9.11 NA 59.9 VAGI Conv & Inc NCV 6.40 5.71 -10.8 58.5 KKR Income Opportunities KIO NA 15.60 NA 9.2 JHancockTaxAdvDiv HTD Nuveen CA Val NCA 10.74 10.06 -6.3 3.1 Invesco Sr Loan Y 6.44 NA NA 4.1 23.63 22.45 -5.0 30.4 First Trust Energy Inc G FEN 13.85 13.13 -5.2 29.5 VAGI Dvs Inc & Conv ACV 35.67 32.56 -8.7 97.7 MFS Charter MCR 8.68 8.69 +0.1 8.1 Liberty All-Star Equity USA NuveenCAQtyMuInc NAC 16.05 14.79 -7.9 4.3 Pioneer Sec Inc 9.89 NA NA 4.4 7.70 7.61 -1.2 65.6 First Tr Enhanced Eq FFA 19.56 18.60 -4.9 58.9 VAGI Eqty & Conv Inc NIE 31.11 27.96 -10.1 61.5 Nuveen Taxable Muni Inc NBB 21.92 22.27 +1.6 5.0 Liberty All-Star Growth ASG Nuveen MD Qual Muni Inc NMY 15.21 13.89 -8.7 4.3 High Yield Bond Funds 8.07 8.73 +8.2 101.2 FirstTrMLPEner&Inc FEI 7.80 6.95 -10.9 41.8 World Equity Funds PIMCO Corp & Inc Oppty PTY 14.07 17.96 +27.6 8.7 Royce Micro-Cap Tr RMT NuvNJ Qual Muni Inc NXJ 16.58 14.29 -13.8 4.7 Griffin Inst Access Cd:A NA NA NA 5.9 13.94 12.01 -13.8 122.6 Gabelli Healthcare GRX 14.42 12.42 -13.9 48.0 Aberdeen Emg Mkts Eq Inc AEF 10.00 8.74 -12.6 59.1 PIMCO Corp & Inc Strat PCN 14.24 17.06 +19.8 7.8 Royce Value Trust RVT Nuveen NY AMT/Fr Qual MI NRK 14.93 13.44 -10.0 4.2 Griffin Inst Access Cd:C NA NA NA 5.9 21.23 18.63 -12.2 99.8 Gab Utility GUT 4.23 8.00 +89.1 35.8 Aberdeen Tot Dyn Div AOD 10.64 9.36 -12.0 55.1 PIMCOHilnco PHK 5.84 6.47 +10.8 9.8 Source Capital SOR Nuveen NY Qual Muni Inc NAN 15.47 13.98 -9.6 4.4 Griffin Inst Access Cd:F NA NA NA 5.8 48.10 43.78 -9.0 46.5 GAMCOGlGold&NatRes GGN 3.94 3.48 -11.7 39.8 BlackRock Capital Alloc BCAT 21.36 21.16 -0.9 NS PIMCO IncmStrFd PFL 10.51 11.84 +12.7 9.2 Tri-Continental TY 36.11 32.02 -11.3 53.7 Nuveen OH Qual Muni Inc NUO 17.50 15.37 -12.2 3.6 Griffin Inst Access Cd:I NA NA NA 5.9 J Han Finl Opptys BTO 38.25 39.00 +2.0 91.4 Calamos GloDynInc CHW 10.01 10.05 +0.4 86.5 PIMCO IncmStrFd II PFN 9.30 10.26 +10.3 9.4 Specialized Equity Funds Nuveen PA Qual Muni Inc NQP 15.76 14.30 -9.3 4.5 Griffin Inst Access Cd:L NA NA NA 5.9 Neuberger Brmn MLP & EI NML 5.62 4.31 -23.3 81.6 China CHN 32.57 29.73 -8.7 74.2 Putnam Mas Int PIM 4.50 4.28 -4.9 8.0 Aberdeen Glb Prem Prop AWP 6.21 5.60 -9.8 28.2 Nuv Dow 30 Dyn Overwrite DIAX Nuveen VA Qlty Mun Inc NPV 15.20 16.05 +5.6 3.6 PIMCO Flexible Cr I;A-1 NA NA NA NS 17.56 15.83 -9.9 32.1 EV TxAdvGlbDivInc ETG NA 18.80 NA 65.3 Putnam Prem Inc PPT 4.97 4.78 -3.8 8.2 Adams Natural Resources PEO 17.99 15.52 -13.7 78.4 NuvCorEqAlpha JCE PIMCO CA PCQ 13.99 17.98 +28.5 4.3 PIMCO Flexible Cr I;A-2 NA NA NA 7.2 15.66 14.75 -5.8 42.0 EtnVncTxAdvOpp ETO NA 25.82 NA 45.8 Wells Fargo Multi-Sector ERC NA 12.36 NA 9.1 ASA Gold & Prec Met Ltd ASA PIMCOCAMuniII PCK 8.94 9.05 +1.2 4.3 PIMCO Flexible Cr I;A-3 NA NA NA NS 23.19 19.84 -14.4 123.1 Nuveen Nasdaq 100 Dyn Ov QQQX 26.71 26.99 +1.0 54.7 FirstTr Dyn Euro Eq Inc FDEU 14.55 12.64 -13.1 46.8 World Income Funds BR Enh C&I CII 20.36 18.99 -6.7 56.0 Nuv Real Est JRS 10.28 9.23 -10.2 27.6 Pimco CA Muni III PZC 10.12 10.47 +3.5 4.4 PIMCO Flexible Cr I;A-4 NA NA NA 7.4 Gabelli Multimedia GGT 9.66 10.12 +4.8 96.1 Abrdn AP IncFd FAX 4.72 4.20 -11.0 7.6 BlackRock Energy & Res BGR 10.06 9.34 -7.2 53.4 Nuveen Rl Asst Inc & Gro JRI 16.12 14.55 -9.7 33.4 52 wk PIMCO Flexible Cr I;Inst NA NA NA 8.2 India Fund IFN 24.06 21.62 -10.1 56.1 BrndywnGLB Glb Inc Oppts BWG NA 12.13 NA 6.9 BlackRock Eq Enh Div BDJ 10.10 9.23 -8.6 54.8 NuvS&P500DynOvFd SPXX 16.80 16.05 -4.5 43.3 Prem Ttl PionrILSBridge 10.00 NA NA 0.0 Japan Smaller Cap JOF NA 9.22 NA 50.3 EtnVncStDivInc EVG NA 13.17 NA 6.8 BlackRock Enh Glbl Div BOE 12.63 11.30 -10.5 48.4 NuvSP500BuyIncFd BXMX 14.12 13.07 -7.4 36.7 Fund (SYM) NAV Close /Disc Ret WA Middle Mkt Inc NA NA NA 7.2 LazardGlbTotRetInc LGI 19.80 18.59 -6.1 65.1 MS EmMktDomDebt EDD 6.92 5.93 -14.3 7.2 BlackRock Enh Intl Div BGY 6.62 5.99 -9.5 44.3 ReavesUtilityIncome UTG 32.05 32.08 +0.1 24.5 General Equity Funds Other Domestic Taxable Bond Funds Mexico MXF NA 14.08 NA 47.7 PIMCO Dyn Crd & Mrt Inc PCI NA 22.45 NA 9.6 BlackRock Hlth Sci Tr II BMEZ 29.72 27.06 -9.0 42.4 Tortoise Enrgy Infra Crp TYG 33.36 25.25 -24.3 20.1 Alternative Strategies:I 6.01 NA NA 23.2 Alternative Credit Inc:A 10.94 NA NA 6.4 MS ChinaShrFd CAF 25.16 22.09 -12.2 34.3 PIMCO Dynamic Income PDI NA 28.64 NA 9.6 BOW RIVER CAPTL EVGN;I NA NA NA N Alternative Credit Inc:C 11.04 NA NA 5.7 MS India IIF 27.69 24.07 -13.1 57.0 PIMCO Income Opportunity PKO 23.36 25.85 +10.7 8.8 Specialized Equity Funds Alternative Credit Inc:I 10.96 NA NA 6.7 New Germany GF 22.73 19.72 -13.2 100.1 PIMCO Stratg Inc RCS 6.55 7.27 +11.0 8.8 Bluerock Total Inc+ RE:A 29.98 NA NA 2.7 Alternative Credit Inc:L 10.93 NA NA 6.2 Templeton Dragon TDF 25.64 23.51 -8.3 82.1 Templeton Em Inc TEI 8.40 7.45 -11.3 1.1 A Week in the Life of the DJIA Bluerock Total Inc+ RE:C 28.48 NA NA 1.9 Alternative Credit Inc:W 10.93 NA NA 6.4 Templeton Em Mkt EMF 21.42 19.63 -8.4 74.9 Templtn Glbl Inc GIM 5.88 5.35 -9.0 0.5 Bluerock Total Inc+ RE:I 30.57 NA NA 3.0 Am Beacon Apollo TR:T 10.15 NA NA 1.8 Wells Fargo Gl Div Oppty EOD NA 5.19 NA 48.2 WstAstEmergDebt EMD NA 13.17 NA 8.8 Alook at how the Dow Jones Industrial Average component stocks Bluerock Total Inc+ RE:L 29.70 NA NA 2.5 Am Beacon Apollo TR:Y 10.24 NA NA 2.6 Western Asset Gl Cr D Op GDO NA 17.35 NA 6.8 Prem12 Mo Broadstone Rl Est Acc:I 9.63 NA NA 1.5 Am Beacon SP Enh Inc:T 9.63 NA NA 3.3 did in the past week and how much each moved the index. The DJIA Fund (SYM) NAV Close /Disc Yld National Muni Bond Funds Broadstone Rl Est Acc:W 9.62 NA NA 1.2 Am Beacon SP Enh Inc:Y 9.74 NA NA 4.0 gained 1,282.34 points, or 4.07%, on the week. A$1change in the AllBerNatlMunInc AFB 15.32 14.10 -8.0 4.2 U.S. Mortgage Bond Funds CIM RA&C A 25.48 NA NA NS Angel Oak Str Crdt:Inst NA NA NA 8.0 BlckRk Inv Q Mun BKN 16.52 17.64 +6.8 4.3 price of any DJIA stock =6.58-point change in the average. To date, a BlckRk Income BKT 6.15 6.05 -1.6 6.8 CIM RA&C C 25.31 NA NA NS BR Credit Strat;A 10.51 NA NA NS BlackRock Muni 2030 Tgt BTT 26.73 25.68 -3.9 2.9 $1,000 investment on Dec. 31 in each current DJIA stock component Invesco HI 2023 Tgt Term IHIT 9.12 9.04 -0.9 6.6 CIM RA&C I 25.53 NA NA NS BR Credit Strat;Inst 10.51 NA NA 5.2 BlackRock Muni BFK 14.57 14.44 -0.9 4.5 Investment Grade Bond Funds CIM RA&C L 25.42 NA NA NS BlackRock Mlt-Sctr Oppty 89.47 NA NA 8.0 would have returned $32,561, or again of 8.54%, on the $30,000 BlackRock Muni II BLE 14.97 15.45 +3.2 4.8 Angel Oak FS Inc Trm FINS NA 17.50 NA 7.1 GS Real Est Div Inc:A 9.96 NA NA 7.8 BlackRock Mlt-Sec Opp II 92.27 NA NA 7.8 investment, including reinvested dividends. BlckRk Muni Inc Qly BYM 15.78 14.79 -6.3 4.2 BlRck Core Bond BHK 15.85 15.52 -2.1 5.3 GS Real Est Div Inc:C 9.94 NA NA 7.0 Carlyle Tact Pvt Cred:A 8.87 NA NA 7.5 BR MuniAssets Fd MUA 14.64 14.71 +0.5 4.4 The Week’s Action BR Credit Alloc Inc BTZ 15.33 14.57 -5.0 7.0 GS Real Est Div Inc:I 10.40 NA NA 8.1 Carlyle Tact Pvt Cred:I 8.90 NA NA 8.2 Pct Stock price Point chg $1,000 Invested(year-end '20) Insight Select Income INSI 21.17 20.50 -3.2 3.7 BR MuniEnhanced MEN 12.35 11.72 -5.1 4.4 GS Real Est Div Inc:L 9.96 NA NA 7.6 BR MuniHoldings Qly MFL Carlyle Tact Pvt Cred:L 8.86 NA NA 7.7 chg (%) change in average* Company Symbol Close $1,000 InvescoBond VBF 20.48 19.22 -6.2 3.5 15.09 14.06 -6.8 4.0 GS Real Est Div Inc:W 10.11 NA NA 7.7 BR MH Qly 2 MUE Carlyle Tact Pvt Cred:M 8.91 NA NA NS 20.59 45.97 302.46 Boeing BA $269.19 $1,258 J Han Income JHS 15.72 15.50 -1.4 5.1 14.20 13.40 -5.6 4.3 NexPointRlEstStrat;A 16.85 NA NA 14.2 BR MuniHoldngs MHD 17.11 15.91 -7.0 4.5 Carlyle Tact Pvt Cred:N 8.86 NA NA 8.2 12.73 6.01 39.54 Walgreens WBA 53.21 1,347 MFS Intmdt MIN 3.83 3.73 -2.6 8.9 NexPointRlEstStrat;C 17.03 NA NA 13.5 BR MuniVest Fd MVF 9.82 9.17 -6.6 4.4 Carlyle Tact Pvt Cred:Y 8.87 NA NA 7.8 7.72 19.58 128.83 Home Depot HD 273.10 1,035 Western Asset Inf-Lk Inc WIA NA 12.95 NA 5.9 NexPointRlEstStrat;Z 17.02 NA NA 14.5 BR MuniVest 2 MVT 15.41 14.90 -3.3 4.6 CION Ares Dvsfd Crdt;A NA NA NA 5.5 6.55 21.44 141.06 Goldman Sachs GS 348.81 Western Asset Inf-Lk O&I WIW NA 12.09 NA 3.1 PREDEX;I 25.53 NA NA 1.0 1,328 BR MuniYield Fd MYD 15.16 14.40 -5.0 4.7 CION Ares Dvsfd Crdt;C NA NA NA 5.5 Westn Asst IG Def Opp Tr IGI NA 20.93 NA 3.8 PREDEX;T 25.63 NA NA 1.0 5.56 2.57 16.91 Cisco CSCO 48.82 1,100 BR MuniYield Qlty MQY 16.46 15.63 -5.0 4.4 CION Ares Dvsfd Crdt;I NA NA NA 5.5 Loan Participation Funds PREDEX;W 25.63 NA NA 1.0 BR MuniYld Qlty2 MQT 14.45 14.05 -2.8 4.3 CION Ares Dvsfd Crdt;L NA NA NA 5.5 5.32 7.10 46.71 Nike NKE 140.45 995 Apollo Senior Floating AFT NA 14.79 NA 6.7 Principal Dvs Sel RA A 26.57 NA NA 21.5 BR MuniYld Qly 3 MYI 15.28 13.99 -8.4 4.0 CION Ares Dvsfd Crdt;U NA NA NA 5.5 4.15 8.95 58.89 Visa V 224.36 1,027 BR Debt Strategy DSU 11.71 10.73 -8.4 7.6 Principal Dvs Sel RA Ins 26.63 NA NA 21.8 CION Ares Dvsfd Crdt:U2 NA NA NA NS BNY Mellon Muni Bd Infra DMB 14.54 14.13 -2.8 4.5 Principal Dvs Sel RA Y 4.02 8.84 58.16 Caterpillar CAT 229.00 1,265 BR F/R Inc Str FRA 14.03 12.93 -7.8 7.0 26.72 NA NA 22.0 CION Ares Dvsfd Crdt;W NA NA NA 5.5 BNY Mellon Str Muni Bond DSM 8.29 7.76 -6.4 4.6 SharesPost 100;A 3.89 4.78 31.45 IBM IBM 127.61 1,027 BlackRock Floatng Rt Inc BGT 13.62 12.43 -8.7 7.1 40.02 NA NA 34.1 CNR Select Strategies 11.56 NA NA 0.0 BNY Mellon Strat Muni LEO 8.64 8.41 -2.7 5.0 SharesPost 100:I 40.35 NA NA 34.4 3.87 5.00 32.90 Walmart WMT 134.12 Blackstone Strat Cr BGB NA 13.25 NA 8.0 First Eagle Crdt Opps A 26.06 NA NA NS 930 DWS Muni Inc KTF 12.65 11.49 -9.2 4.2 SharesPost 100:L 39.71 NA NA 33.7 Eagle Point Credit ECC NA 11.48 NA 9.7 First Eagle Crdt Opps I 26.06 NA NA NS 3.78 7.80 51.32 Honeywell HON 214.38 EVMuniBd EIM 14.12 13.04 -7.6 4.4 USQ Core Real Estate:I 24.89 NA NA 0.1 1,012 EtnVncFltRteInc EFT NA 13.91 NA 5.4 FS Credit Income;A NA NA NA 5.3 EVMuniIncm EVN 14.14 13.24 -6.4 4.2 USQ Core Real Estate:IS 24.91 NA NA 0.1 3.77 7.17 47.18 Walt Disney DIS 197.16 1,088 EV SenFlRtTr EFR NA 13.61 NA 5.9 FS Credit Income;I NA NA NA 5.5 EVNatMuniOpp EOT 21.83 22.08 +1.1 3.5 Versus Cap MMgr RE Inc:I 27.41 NA NA NE 3.56 2.16 14.21 Intel INTC 62.90 1,270 EVSnrIncm EVF NA 6.58 NA 5.8 FS Credit Income;T NA NA NA 5.1 InvAdvMuIncTrII VKI 12.13 11.84 -2.4 4.7 Versus Capital Real Asst 25.58 NA NA 6.8 3.47 5.24 34.48 JPMorgan Chase JPM 156.15 1,238 FT/Sr Fltg Rte Inc 2 FCT 12.79 12.05 -5.8 9.7 FS Credit Income;U NA NA NA 5.1 Invesco MuniOp OIA 7.73 7.91 +2.3 4.8 Wildermuth Endwmnt:A 13.61 NA NA 0.0 FT/Sr Fltg Rte 2022 TgTr FIV 9.63 9.33 -3.1 2.3 FS Credit Income;U-2 3.22 4.91 32.31 Travelers TRV 157.27 1,127 InvescoMuOppTr VMO 13.56 13.13 -3.2 4.6 Wildermuth Endwmnt:C 13.08 NA NA -0.8 NA NA NA NS Highland Income HFRO 13.52 10.66 -21.2 8.9 GL Beyond Income InvescoMuTr VKQ 13.59 12.96 -4.6 4.7 Wildermuth Endowment:I 13.69 NA NA -0.3 0.51 NA NA NE 2.57 8.92 58.69 UnitedHealth Group UNH 356.02 1,019 InvDYCrOpp VTA 12.05 11.08 -8.0 8.1 InvescoQual Inc IQI 13.69 12.85 -6.1 4.8 Income & Preferred Stock Funds KKR CREDIT OPPTY;D NA NA NA NS 2.40 4.97 32.70 McDonald’s MCD 212.34 996 InvSnrIncTr VVR 4.57 4.17 -8.8 6.2 InvTrInvGrMu VGM 13.99 13.33 -4.7 4.7 A3 Alternative Cr 10.14 NA NA 1.5 KKR CREDIT OPPTY;I NA NA NA 5.3 2.35 2.56 16.84 Chevron CVX 111.56 1,339 Nuveen Credit Strat Inc JQC 7.01 6.37 -9.1 15.3 InvescoValMunInc IIM 16.65 15.60 -6.3 4.5 Calamos L/S Eqty and DI CPZ 22.40 19.56 -12.7 50.9 KKR CREDIT OPPTY;T NA NA NA NS NuvFloatRateIncFd JFR 2.28 4.12 27.11 3M MMM 184.92 1,067 10.30 9.45 -8.3 6.4 MAINSTAY:MK DEFTR MUN OP MMD NA 21.35 NA 4.6 Destra Multi-Altrntv;A 11.95 NA NA 2.4 KKR CREDIT OPPTY;U NA NA NA NS 2.27 1.43 9.41 Dow DOW 64.34 1,173 NuvFloatRteIncOppty JRO 10.20 9.42 -7.6 6.3 NeubrgrBrm NBH 15.17 15.58 +2.7 4.8 Destra Multi-Altrntv;C 11.40 NA NA 1.6 Lord Abbett Cred Opps Fd 10.90 NA NA 6.1 Nuveen Senior Income NSL 6.06 5.54 -8.6 6.9 Nuveen AMT-Fr Mu Val NUW 17.36 16.27 -6.3 2.7 Lord Abbett Cred Opps Fd 10.90 NA NA 6.8 2.24 3.50 23.03 Johnson & Johnson JNJ 159.60 1,020 Destra Multi-Altrntv;I 12.20 NA NA 2.7 PionrFltRate Tr PHD 11.71 11.11 -5.1 6.6 Nuveen AMT-Fr Qlty Mun I NEA 15.81 14.74 -6.8 4.7 Destra Multi-Altrntv;T 11.58 NA NA 1.8 Lord Abbett Crd Op:U 10.90 NA NA NS 2.01 1.47 9.67 Merck MRK 74.60 920 High Yield Bond Funds Nuveen AMT-Fr Mu CI NVG 17.26 16.58 -3.9 4.8 Flat Rock Opportunity 20.70 NA NA 30.7 Palmer Square Opp Inc NA NA NA 5.6 1.79 4.15 27.30 Microsoft MSFT 235.75 1,062 AllianceBernGlHiIncm AWF 12.79 11.81 -7.7 6.7 Nuveen Enh Muni Val NEV 15.55 15.43 -0.8 4.5 Variant Altrntv Inc:Inst 27.03 NA NA 6.5 Thrivent Church Ln&Inc:S NA NA NA 2.5 1.71 2.16 14.21 Procter & Gamble PG 128.14 927 Barings Glb SD HY Bd BGH 17.38 15.81 -9.0 8.3 Nuveen Int Dur Mun Term NID 14.47 14.09 -2.6 3.7 Variant Altrntv Inc:Inv 27.03 NA NA 6.2 World Income Funds 1.15 2.63 17.30 Amgen AMGN 230.36 1,009 BR Corporate HY HYT 12.07 11.64 -3.6 8.1 Nuveen Mu Crdt Opps NMCO 14.61 14.14 -3.2 5.1 Convertible Sec's. Funds Destra Int&Evt-Dvn Crd:A 27.08 NA NA 2.5 BlackRock Ltd Dur Inc BLW 17.10 15.91 -7.0 7.4 Nuv Muni Credit Income NZF 16.78 15.98 -4.8 4.8 Calmos Dyn Conv and Inc CCD Destra Int&Evt-Dvn Crd:I 27.09 NA NA 2.7 American Express AXP 31.61 31.95 +1.1 100.5 0.82 1.21 7.96 148.54 1,233 BNY Mellon Hi Yield Str DHF 3.27 3.01 -8.0 8.4 NuvMuniHiIncOpp NMZ 14.17 14.30 +0.9 5.2 World Equity Funds Destra Int&Evt-Dvn Crd:L 27.05 NA NA 2.3 0.69 1.45 9.54 salesforce.com CRM 212.21 954 Brookfield Real Asst Inc RA 20.08 21.20 +5.6 11.8 Nuveen Muni Val NUV 10.66 10.98 +3.0 3.4 ACAP Strategic:A 25.81 NA NA 43.4 Destra Int&Evt-Dvn Crd:T 27.01 NA NA 2.2 –0.32 –0.39 –2.57 Apple AAPL 121.03 913 CrSuisHighYld DHY NA 2.39 NA 8.3 Nuveen Quality Muni Inc NAD 16.15 14.89 -7.8 4.6 ACAP Strategic:W 19.06 NA NA 44.4 National Muni Bond Funds –0.66 –0.37 –2.43 Verizon VZ 55.63 957 DoubleLine Inc Sol DSL NA 17.68 NA 9.6 Nuveen Sel TF NXP 16.38 16.95 +3.5 3.2 CalamosGlbTotRet CGO 15.35 15.34 -0.1 79.8 PIMCO Flex Mun Inc;A-3 NA NA NA 2.2 –0.85 –0.43 –2.83 Coca-Cola KO 50.36 926 DoubleLine Yld Opps DLY 20.32 19.20 -5.5 6.7 Nuveen Sel TF 2 NXQ 15.55 16.02 +3.0 3.1 CPG Cooper Square IE A NA NA NA NS PIMCO Flex Mun Inc:A1 NA NA NA NS First Tr Hi Inc Lng/Shrt FSD 16.30 14.99 -8.0 8.8 PIMCO MuniInc PMF 13.04 14.12 +8.3 4.6 CPG Cooper Square IE I NA NA NA NS PIMCO Flex Mun Inc;A2 NA NA NA NS *Based on Composite price. DJIA is calculated on primary-market price. First Trust HY Opp:2027 FTHY 21.20 19.58 -7.6 NS PIMCOMuniIncII PML 12.25 14.69 +19.9 4.9 Primark Priv Eq Inv:I 12.44 NA NA NS PIMCO Flex Mun Inc;Inst NA NA NA 2.9 Source: Dow Jones Market Data; FactSet. IVY HIGH INCOME OPP IVH 15.04 13.64 -9.3 8.3 Pimco Muni III PMX 11.22 12.20 +8.7 4.5 VirtusTotalRetFd ZTR 9.10 9.09 -0.1 23.3 Tortoise Tax-Adv Soc Inf 9.41 NA NA 4.6

Insider-Trading Spotlight Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Trading by ‘insiders’ of acorporation, such as acompany’s CEO, vice president or director, potentially conveys new information about the prospects of acompany. Insiders are required to report large trades to the SEC within two business days. Here’s alook at the biggest individual trades by insiders, based on data received by Refinitiv on March 12, and year-to-date stock performance of the company Money Rates March 12, 2021 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: guide to general levels but don’t always represent actual transactions. unknown VP: vice president Excludes pure options transactions Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Biggest weekly individual trades Feb. index Chg From (%) level Jan. '21 Feb. '20 Low 0.0400 0.0200 1.0000 0.0000 Commercial paper (AA financial) Based on reports filed with regulators this past week Bid 0.0600 0.0700 1.0500 0.0100 90 days 0.05 0.11 2.53 0.04 U.S. consumer price index Offer 0.0800 0.1000 1.1000 0.0500 No. of shrs in Price range ($) $ Value Libor Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) All items 263.014 0.55 1.7 Treasury bill auction Core 270.696 0.35 1.3 One month 0.10613 0.10325 1.01625 0.10300 4 weeks 0.030 0.030 0.395 0.000 Three month 0.18950 0.18538 1.45050 0.17525 Buyers International rates 13 weeks 0.045 0.040 0.390 0.000 Six month 0.19400 0.19588 1.23825 0.18950 Feb. 26 fuboTV FUBO E. Bronfman D 5301* 35.30 187,134 32.31 15.4 26 weeks 0.060 0.060 0.400 0.045 One year 0.27813 0.27775 1.06013 0.27725 Feb. 26 D. Leff DI 5,256 35.30 185,522 Week 52-Week Feb. 26 D. Gandler CEO 3152* 35.30 111,253 Latest ago High Low Secondary market Euro Libor Feb. 26 A. Horihuela O 1,074 35.30 37,912 One month -0.578 -0.579 -0.360 -0.607 Prime rates Mar. 4 Wayfair W M. Kumin DI 48 280.23-286.83 13,608 316.26 40.1 Fannie Mae Three month -0.549 -0.548 -0.142 -0.574 U.S. 3.25 3.25 4.25 3.25 30-year mortgage yields Six month -0.523 -0.520 -0.052 -0.543 Mar. 5 News Corp NWSA K. Murdoch ODI 500 24.09 12,045 26.21 45.9 Canada 2.45 2.45 3.45 2.45 One year -0.489 0.008 -0.511 30 days 2.456 2.485 3.017 1.751 -0.489 Mar. 3-5 Ironwood Pharmaceuticals IRWD A. Denner DOI 775 10.00-10.02 7,759 11.32 -0.7 Japan 1.475 1.475 1.475 1.475 60 days 2.505 2.534 3.081 1.804 Mar. 8-10 A. Denner DOI 225 10.30-10.54 2,336 Secured Overnight Financing Rate Policy Rates Mar. 5 Morphic Holding MORF T. Springer DOI 100 70.00 7,000 69.09 105.9 Other short-term rates 0.01 0.02 1.20 0.01 Euro zone 0.00 0.00 0.00 0.00 Mar. 4-5 Mack-Cali Realty CLI A. Katz A. DI 442 14.50-14.51 16.18 29.9 6,412 Switzerland 0.00 0.00 0.50 0.00 Value 52-Week Week 52-Week Latest Traded High Low Mar. 10 Dropbox DBX R. Mylod DI 100 24.59 2,459 27.06 21.9 Britain 0.10 0.10 0.75 0.10 Latest ago high low Mar. 4 Cortexyme CRTX D. Lamond DI 50 34.28-36.86 1,767 39.67 42.8 Australia 0.10 0.10 0.50 0.10 DTCC GCF Repo Index Mar. 8 Parker-Hannifin PH L. Fritz D 4299.82 1,169 312.56 14.7 Overnight repurchase Call money Treasury 0.012 52.620 1.158 0.002 MBS Mar. 2 Editas Medicine EDIT J. Mullen CEO 25 46.27 1,157 46.28 -34.0 U.S. -0.01 0.04 1.18 -0.07 2.00 2.00 3.00 2.00 0.019 16.200 1.149 0.011 Mar. 5 ADT ADT J. Devries CEO 143 7.13 1,019 8.32 6.0 U.S. government rates Notes on data: Mar. 10 Microsoft MSFT E. Walmsley D 4236.80 1,018 235.75 6.0 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Mar. 9 Kennedy-Wilson Holdings KW S. Zax D 50 20.14 1,007 20.74 15.9 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.25 0.25 1.75 0.25 Mar. 8 Walmart WMT R. Stephenson D 8129.63 1,001 134.12 -7.0 as of March 11, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. Sellers Effective rate 0.0700 0.0700 1.1200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; High 0.0800 0.0900 1.1500 0.0800 Tullett Prebon Information, Ltd. Mar. 4 WillScot Mobile Mini Holdings WSC S. Robertson DOI 17,413 26.79 466,394 27.74 19.7 Mar. 3 Syneos Health SYNH T. Allen DI 4,654 74.18 345,214 73.80 8.3 Mar. 3J. Maldonado DI 4,654 74.18 345,214 Mar. 3 Zoom Video Communications ZM D. Scheinman DI 525 340.73-368.97 185,553 346.39 2.7 Cash Prices | wsj.com/market-data/commodities Friday, March 12, 2021 Mar. 3D. Scheinman DI 223 340.39-382.36 78,440 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Mar. 3D. Scheinman DI 167 358.41-382.83 60,905 Mar. 3J. Chadwick D 147 340.67-369.69 51,497 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Mar. 9 BigCommerce Holdings BIGC S. Murray DI 1,500 59.36 89,040 59.56 -7.2 months. Mar. 8 SelectQuote SLQT W. Grant D 2,000 27.50 55,000 28.67 38.2 Friday Friday Friday Mar. 8 Dorian LPG LPG T. Coleman DOI 3,709 13.50 50,071 14.19 16.4 Energy Aluminum, LME, $ per metric ton *2159.0 Wheat - Hard - KC (USDA) $ per bu-u 6.3350 Copper,Comex spot 4.1455 Wheat,No.1soft white,Portld,OR-u 7.4250 Mar. 9 Usana Health Sciences USNA M. Wentz BI 500 95.00 47,500 100.59 30.5 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.100 Iron Ore, 62% Fe CFR China-s 165.7 Food Mar. 5-9 Lyft LYFT D. Lawee DI 579 65.03-65.30 37,809 66.37 35.1 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m 451 Mar. 8-10 Adaptive Biotechnologies ADPT D. Goel DI 806 38.22-42.38 32,229 41.49 -29.8 Steel, HRC USA, FOB Midwest Mill-s 1299 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 190.39 Mar. 8 Cooper Companies COO A. White CEO 80 385.33-392.02 30,991 376.39 3.6 Fibers and Textiles select 1-3,600-900 lbs.-u 181.40 Mar. 8-9 WW International WW O. Winfrey DO 851* 35.32-36.30 30,273 35.90 47.1 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8399 Engelhard industrial 1705.00 Burlap,10-oz,40-inch NY yd-n,w 0.7100 Butter,AA Chicago Mar. 5-8 Fidelity National Information Services FIS G. Norcross CEO 210 140.51-146.35 29,989 146.29 3.4 1.7150 Handy & Harman base 1704.80 Cotton,1 1/16 std lw-mdMphs-u 0.8481 Cheddar cheese,bbl,Chicago 155.25 Mar. 4 Discovery DISCA J. Perrette O 475 62.29-62.32 29,575 71.10 136.3 Handy & Harman fabricated 1892.33 Cotlook 'A' Index-t *91.15 Cheddar cheese,blk,Chicago 179.00 LBMA Gold Price AM Hides,hvy native steers piece fob-u n.a. Mar. 5 Oracle ORCL J. Henley OD 400 70.03 28,011 67.16 3.8 *1736.35 Milk,Nonfat dry,Chicago lb. 117.00 LBMA Gold Price PM *1724.25 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.2276 * Half the transactions were indirect **Two day transaction Krugerrand,wholesale-e 1792.23 Grains and Feeds Coffee,Colombian, NY 1.7785 p - Pink Sheets Maple Leaf-e 1809.47 Eggs,large white,Chicago-u 1.2350 American Eagle-e 1809.47 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.65 Mexican peso-e 2085.78 Bran,wheat middlings, KC-u 193 Hams,17-20 lbs,Mid-US fob-u 0.73 Buying and selling by sector Austria crown-e 1692.18 Corn,No. 2 yellow,Cent IL-bp,u 5.3050 Hogs,Iowa-So. Minnesota-u 86.83 Austria phil-e 1809.47 Pork bellies,12-14 lb MidUS-u n.a. Based on actual transaction dates in reports received this past week Corn gluten feed,Midwest-u,w 188.6 Silver, troy oz. Corn gluten meal,Midwest-u,w 649.5 Pork loins,13-19 lb MidUS-u 1.1293 Engelhard industrial 25.5000 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u n.a. Sector Buying Selling Sector Buying Selling Handy & Harman base 25.7600 Hominy feed,Cent IL-u,w 175 Steers,feeder,Okla. City-u,w 158.19 Basic Industries 204,030 45,880,933 Finance 7,019,860 169,107,639 Handy & Harman fabricated 32.2000 Meat-bonemeal,50% pro Mnpls-u,w 375 Fats and Oils LBMA spot price *£18.8100 Oats,No.2 milling,Mnpls-u Business services 37,279 18,652,285 Health care 645,233 113,894,692 3.8000 (U.S.$ equivalent) *26.2500 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Degummed corn oil, crude wtd. avg.-u,w 52.5000 Capital goods 00Industrial 1,458,125 97,021,330 Coins,wholesale $1,000 face-a 20530 Sorghum,(Milo) No.2 Gulf-u 7.9163 Grease,choice white,Chicago-h 0.4500 Consumer durables 200,070 32,970,187 Media 034,475,404 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 417.10 Lard,Chicago-u n.a. Soybean oil,crude;Centl IL-u,w 0.5568 Consumer nondurables 767,127 118,982,227 Technology 1,678,611 102,840,049 LBMA Platinum Price PM *1208.0 Soybeans,No.1 yllw IL-bp,u 14.1200 Platinum,Engelhard industrial 1190.0 Wheat,Spring14%-pro Mnpls-u 7.3725 Tallow,bleach;Chicago-h 0.4950 Consumer services 2,278,837 132,693,805 Transportation 026,085,687 Palladium,Engelhard industrial 2383.0 Wheat,No.2 soft red,St.Louis-u 6.7100 Tallow,edible,Chicago-u n.a. Energy 9,786 47,483,129 Utilities 165,187 3,356,782 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Sources: Refinitiv; Dow Jones Market Data 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 3/11 Source: Dow Jones Market Data P2JW074000-0-B00800-1------XA

~~B8 | Monday, March 15, 2021 THE WALL STREET JOURNAL. MARKETS Value Stocks in Europe Draw Investors~~

BY ANNA HIRTENSTEIN dominantly agrowthmarket,” Bank stocks and indexperformance 37% forthe S&P 500. risen 32%. said Kasper Elmgreen,head of Amundi’s Mr.Elmgreen has The VanguardFTSEEu- 50% European stocks have been equity investing at Amundi. bought shares of European rope ETF is up 5.6% forthe on the rise as international in- “This rotation benefitsEurope BancodeSabadell auto makersand companies year and the iShares Europe vestors reposition their port- disproportionately.” that produceconstruction ma- ETF has also risen 5.5%. An- 40 folios for the global economy Value stocks arethought to terials recently,and said he is other iShares ETFthat invests to return to normal—a trade be trading belowwhat they “significantly underweight” in European financial firms Natixis that hinges on smooth reopen- are currently worth. They are 30 U.S. tech, meaning he owns less has climbed 12%. ings in the region. typically in established indus- ING than the benchmark he tracks. Companies in sectorsstill Thepan-continental Stoxx tries and paydividends,and Another driver of Europe’s curbed by government restric- Europe 600 index has gained include banks, energy and in- 20 performanceisthe bond mar- tions have also jumped. Ger- 4.5% so far this month, pulling dustrial companies,which are ket. Thesense of optimism man travel company TUI AG is ahead of major U.S. gauges, also moresensitivetothe eco- abouteconomic growth has the biggest winner on the Stoxx and on Fridayhovered close to nomic cycle.Growthcompa- 10 also driven fund managers to Europe 600 this year,soaring itshighest point in morethan nies areyounger and per- dump safe-havenassetssuch 56%. International Consoli- StoxxEurope 600 ayear.The S&P 500 has added ceived to be innovative, with as sovereign debt, causing datedAirlines SA has added S&P500 3.5% in the same period and potential to do well in the fu- 0 yields to rise and prices to 39% and InterContinental Ho- the Russell 2000, an index of ture, such as technology. drop.Government bond yields tels Group PLC has risen 15%. small-cap U.S. companies,has But delays to the European areused as areferencefor the But whether these gains are increased 6.9%. TheNasdaq Union’sprocurement of vac- -10 cost of debt in the broader justifiable is still aquestion, Compositehas gained 1% so cines is likely to result in its 2021 March market, including loans to according to Simon Webber,a far this month. member states keeping social- companies.That rise in yields portfolio manager at Schrod- Analystssay this is due to a distancing andtravelrestric- Source:FactSet implies higher financing costs, ers with a focus on global eq- rotation from growth to value tions in placefor longer than benefiting lenders. uities. “Travel has fundamen- stocks: Investorshavebeen countries that areinoculating the U.S. [Value stocks] look recent strong stock-market European banks have been tally changed, people areused snapping up shares of compa- theirpopulations faster,such cheaper and moreundervalued performanceisthe composi- among the best performersso to working productively,meet- nies hithardbythe pandemic as the U.S. and Israel. This overseas,” said Brent Fred- tion of indexes. TheStoxxEu- far this year.Investorshave ing and supporting customers and selling those that bene- might mean that Europe’seco- berg, director of investments rope 600 is moreheavily been expecting the recent rise remotely,” he said. Aviation fitedfromstay-at-home or- nomic rebound is slowerand at BrandesInvestment Part- weighted toward industries in yields to improve their net stocks in particular “will be ders. Europe is emerging as a weaker. Italy reimposed stricter nersinSan Diego. “Now that areconsidered to be value, interest income, a key source heavily scrutinized,” he added. beneficiaryofthis trade, curbs in several regions last you’ve still got a long way to such as financials at 17%, in- of revenue.French bank He has increased his hold- which banks on a strong eco- week and plans to lock down go in manyofthese compa- dustrials at 16% and energy Natixis SA has surged47%, ingsofEuropean banks,but is nomic rebound. nationally over Easter. nies, even though they’ve ral- companies at 5%. Itsweighting whileAmsterdam-based ING also looking at buying more “Europe is predominantly a “We are finding a little bit lied hard.” fortechnologyand communica- Groep NV and Spain’s Banco growth stocks such as electric- value market, the U.S. is pre- more opportunity outside of Akey reason forEurope’s tions is 10%, compared with de Sabadell SA have both vehicle companies.

copper and nickel, bulls con- plenty of ships to moveoil,” Commodity tend. Beforethose effortschoke said Giovanni Serio,head of re- off demand forgasoline and search at Vitol. diesel, adearth of investment Copper hasleapt 67% over Rally Has in theoil industry could buoy the past year to $9,100 ametric crudeprices,too. tononthe London Metal Ex- Fornow,however, the oil change. Goldman Sachs Group Skeptics market remains on lifesupport sees them hitting arecord from membersofthe Organiza- $10,500 in the next 12 months, tion of the Petroleum Exporting in part because the energy ContinuedfrompageB1 Countries and Russia, which transition will requiremetals slowing down. areholding millions of barrels that storeand transmit power. “It pays investors, it pays of crude in the ground each day Thereare bumps in the road. policymakerstobealittle bit JOURNAL to bolster prices. Metal prices arethe beneficiary

~~skeptical of characterizing the REET Theproduction cutsand a of booming demand forgoods developmentsofthe past six to ST recovery in demand in China and the economy’semergence LL~~

~~12 months as the seeds of a WA and India have helped oil prices from lockdown. Both fillips are newsupercycle,” said David rebound sincecrashing last likely to fade.Also,itwill be THE~~

~~Jacks, aprofessor at Singa- R spring.Brent crude futures yearsbeforegreen infrastruc- pore’s Yale-NUSCollegewho FO have gained athirdthis year to ture and technologies devour TT~~

~~has studied the historyofcom- WE about $69 abarrel. Some inves- metals such as lithium at a~~

~~modity markets. HE tors arebetting they could sur- pacethat propels prices,ana- CY~~

Commodity prices areanim- LU passtheir record of $148 abar- lystssay. portant barometer forfinancial Copper prices have leapt 67% over the past year to $9,100 a metric ton. A copper wire inspection. relin2008. Traderssay thereisplenty markets. Risinggasoline and U.S. production won’t keep of copper available now. Teck energy costs contributed to a cheaper alternatives. chief investment officer at Stat- Some commodities have up with therecoveryincon- Resources Ltd., Ivanhoe Mines modest increase in the rate of Adjusting forinflation, U.S. egyCapital LP.Supply wasslow been swept up in the “every- sumption due to restrictions on Ltd. and othersare due to start U.S. inflation earlier this year. crude prices in 2020 were well to respond and commodity thing rally’’ phenomenon. The drilling on federal lands and producing at newmines in the Expectationsofaleap in con- belowtheir peaks from 2008 prices,adjusting forinflation, roaring market forassetsfrom belt-tighteningbyproducers, next few years. sumerprices sent bond yields and 1980,though they were shot up.“Is thereanything out stocks to bitcoin suggestsinves- said Christyan Malek,head of Thecurrent run-up in metal surging in recent weeks and morethan double the 1945 therelikethat now? Idon’t see tors areflush with cash and oiland gasresearch at JPMor- prices in part reflectsthe same cooled cornersofthe stock level, according to datacom- it,” Mr.Jerrettsaid. speculating that prices will ganChase &Co. Cutting emis- forces that have driven the past market. piled by Mr.Jacks.Inflation-ad- TheChina-led supercycle keep rising.Aninflux of money sionsatwells will boost pro- year’s recovery in stocks and When resources’ prices swing justed grain prices have kicked off with crude-oil and intoprecious metals has started duction costs, and big oil corporatebonds. higher foranextendedperiod, droppedsinceWorld WarII copper prices at their lowest to reverse, showing howfast companies areinvesting in re- “Fiscal and monetarystimu- one of three thingshappens.The due to advances in crop sci- level in more than adecade. money canflowback out. newable-energy sourcesinstead lus has underpinned the rally firstisaneconomic shock,such ence, Mr.Jacks said. That isn’tthe case now: Copper Abig unknown is howthe of crude,headded. sincelast March,” said Tom as the recession in the 1970s, Thelast supercycle occurred prices,for instance, areclose to drivetocut carbon emissions Theworld’sbiggest indepen- Mulqueen, head of research at caused in part by the Arab oil in the late1990s,when arapid records. shifts supply and demand for dent oil trader doesn’t see an Amalgamated Metal Trading embargo. Thesecond is arush of expansion of cities and industry Thecurrent outlook for differentcommodities.Switch- imminent supply crunch. “We Ltd. “There’sjust moremoney supply as miners, energy pro- in China unleashed wavesof commodity prices is especially ing to cleaner sourcesofenergy have plenty of reserves in the in financial markets.” ducersand farmersseek to cash demand fornaturalresources, complicated because of several will likely turbocharge pur- ground, we have plenty of re- —Ana Rivas contributed to in. Over time,people switch to according to Daniel Jerrett, competing forces. chases of materials such as fining capacity and we have this article. Fund Targets $600 Million

BY PREETI SINGH driven partly by ahandful of or limitedpartnership inter- multibillion-dollarofferings, ests, the regulatoryfiling said. Banner RidgePartners is according to datafromre- People familiar with Banner prepping itsnextsecondary search provider Preqin Ltd. Ridge said that the firm al- fund a little more than a year BannerRidgefocuses on ready has invested 71% of Ban- aftercollecting $550 million primary, secondaryand co-in- ner Ridge Secondary Fund III for its debut fund. vestment deals in strategies LP,its prior secondary BannerRidge’snew second- that span distressed debt, spe- fund. That fund’sname re- aryfund is targeting $600 mil- cial situations and credit asset flectsthe fact that Banner lion, according to people fa- classes. The firm also invests Ridge’s team raised two prior

~~miliar with the matter. in private-equity, hedge-fund funds while at previous em- S~~

However, the firm could raise and out-of-favor managers in ployer Siguler Guff & Co. NEW as much as $1 billionfor the the U.S. and Western Europe, NewYork-based Banner G fund, the people said. its regulatory filing and web- Ridge was formed in 2019 by

~~If the fund reaches itsupper site show. AnthonyCusano and C.J. OOMBER limit, it would be morethan In secondaryinvesting, Driessen, who previously /BL~~

81% largerthan itspredecessor, BannerRidgewill consider a worked together and oversaw ANT which closed in early 2020,and rangeofdeals including the the distressed-equity and spe- MORD would further underscore purchase of fund stakes from cial-situations strategyat

strong investor demand for investors, assetsfromprivate- Siguler Guff. ANGUS secondhand stakes in private- equity funds and the restruc- BannerRidge’sprevious FedEx is expected to post earnings of $3.31 a share Thursday, up from $1.41 a year earlier. equity assets. Last year,pri- turing of existing private-eq- fund wasbacked by two anchor vate-equity secondarybuyers uity funds,the filing stated. It investors, including the New THE TICKER | MARKETEVENTSCOMING THIS WEEK set arecordbycollecting more also provides financing solu- Mexicoeducators’ pension fund than $76billion fornew funds, tions for private-equity funds that committed$100 million. Monday Feb., expected up 0.2% Gasoline stocks Previous change in stocks in billions of cubic feet Retail sales down 11.9 Empire Manufacturing Distillates down 5.5 down 52 Bonds | wsj.com/market-data/bonds/benchmarks Feb., previous 12.1 Jan., previous up 5.3% Initial jobless claims Feb.,expected down0.1% March, expected 15.0 Housing Starts Previous 712,000 Global Government Bonds: Mapping Yields Earnings expected* Expected 715,000 Earnings expected* Jan., previous 1.580 mil Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Estimate/Year Ago Estimate/Year Ago Coupa Software Feb., expected 1.560 mil Leading indicators selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session HealthEquity 0.40/0.39 (0.11)/0.21 Jan., previous up 0.5% Mort. bankers indexes Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points CrowdStrike Holdings Feb., expected up 0.4% Purch., previous up 7% Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.08/(0.02) 0.125 U.S. 2 s l 0.141 0.109 0.483 Refinan., previous Philadelphia Fed survey 0.151 Tuesday Jabil 0.94/0.50 1.125 10 1.634 s l 1.525 1.199 0.842 down 5% Feb., previous 23.1 Business inventories Lennar 1.71/1.27 5.500 Australia 2 0.099 t l 0.110 0.111 0.445 -3.9 -2.8 March, expected 20.0 -5.1 Dec., previous up 0.6% New Fortress Energy FOMC Meeting 1.500 10 1.713 s l 1.664 1.230 0.771 8.4 12.6 -2.3 Jan., expected up 0.3% 0.07/(0.20) Earnings expected* 0.000 France 2 -0.610 t l -0.601 -0.638 -0.733 -75.9 -75.0 -120.6 Capacity utilization Smartsheet Earnings expected* Estimate/Year Ago Estimate/Year Ago Accenture 1.89/1.91 0.000 10 -0.053 s l -0.089 -0.195 -0.162 -168.2 -162.7 -95.6 Jan., previous 75.6% (0.13)/(0.13) Cintas 2.22/2.16 Dollar General 0.000 Germany 2 -0.681 s l -0.687 -0.701 -0.951 -83.6 -142.4 Feb., expected 75.8% -83.0 Five Below 2.11/1.97 2.72/2.10 s l Wednesday 0.000 10 -0.301 -0.333 -0.425 -0.744 -193.1 -187.0 -153.8 Import-price index Lordstown Motors FedEx 3.31/1.41 0.050 Italy 2 -0.357 s l -0.392 -0.423 0.746 -50.6 -54.1 27.3 Jan., previous up 1.4% Building permits (0.10)/ n.a. Luminar Technologies 0.900 10 0.641 s l 0.597 0.487 1.747 -98.9 -94.1 95.3 Feb., expected up 1.1% Jan., previous 1.881 mil Williams-Sonoma (0.06)/ n.a. 0.100 Japan 2 -0.134 t l -0.121 -0.133 -0.228 -28.3 -27.0 -70.1 Industrial production Feb., expected 1.750 mil 3.38/2.13 Nike 0.76/0.53 Jan., previous up 0.9% Ollie’s Bargain Outlet 0.100 10 0.114 s l 0.105 0.064 -0.069 -151.6 -143.3 -86.3 EIA status report Feb., expected up 0.5% Holdings 0.85/0.74 0.000 Spain 2 -0.481 s l -0.482 -0.527 -0.313 -63.0 -63.1 -78.6 Previous change in stocks in Thursday Retail sales, ex. autos millions of barrels 0.100 10 0.333 s l 0.292 0.157 0.464 -129.6 -124.6 -33.0 Jan., previous up 5.9% Crude-oil stocks up 13.8 EIA report: natural-gas Friday 0.125 U.K. 2 0.106 s l 0.081 -0.040 0.207 -4.3 -6.8 -26.6 4.750 10 0.825 s l 0.736 0.521 0.274 -80.4 -80.2 -52.0 * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in parentheses) Nomajorevents u Adjusted for stock split Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Note: Forecasts are from Dow Jones weekly survey of economists arescheduled P2JW074000-0-B00900-17FFFF5178F

~~THE WALL STREET JOURNAL. Monday, March 15, 2021 | B9 ON HEARDTHESTREET~~

FINANCIAL ANALYSIS &COMMENTARY Wall Street South KoreaNow Has Needs to Problems of the Rich Temper Its South Korea likely overtook It- World Economic Outlook GDP aly in gross national income per growth forecasts, annual average Optimism capita in 2020, a fact that made 8% S national news when announced by

PRES the Bank of Korea in January. Having overtaken a G-7 econ- South Korea Notevery winner during UMA 6 /Z omy in income, it has undeniably Covid-19 will repeat joined the rich world. But it now has some serious rich-world eco- UGH/TNS nomic problems to deal with. 4 Thetrend line on jigsawpuzzles One of the country’s most per- HINEBA and dried beans is looking bullish, so nicious economic challenges is 2 U.S.

just wait until the pandemic is over! JONAH epitomized by its latest political Of course, that is a ridiculous Online marketplace Etsy saw its sales more than double in 2020. scandal. Employees of Korea Land conceit, but it is also one that to and Housing Corp., a state-run de- FORECAST some degree is playing out on Wall U.S. e-commerce sales,quarterly eases,alot of spending will likely veloper, are suspected of buying 0 Street, where analysts are predict- be directed at categories people up land to capitalize on insider in- 1990 2000 ’10 ing companies that saw their sales $250 billion have been missing out on, such as formation about new public con- Note:Dataincludes twoyears of historical GDP growth jump during the Covid-19 crisis restaurant meals and family trips, struction projects. House prices data and six years of forecastdata will keep doing better. 200 but at least some will go toward and household debt have surged in Source:International Monetary Fund Sales at Amazon.com,for exam- thingssuch as replacing the Scrab- Korea, posing a serious threat to ple,rose by 38% last year from a ble set the pandemic puppy chewed. the country’s growth potential. U.S. rate of 7.6%, or Germany’s6.1%. year earlier,aspeople avoiding in- 150 Even taking that intoaccount, TheInternational Monetary At 110% of GDP,the debt of Korea’s person shopping turned to the e- however, it seems likealot of the Fund projectsthat forthe period nonfinancial corporations is just a commerce giant. Analystspolled by areas that have done well over the between 2018 and 2025,U.S.gross fraction belowthe record levels re- FactSet expect itssales to grow by 100 past year could be in forsome sort domestic product growth will av- corded in 1999,during the after- 23% this year.Online marketplace of hangover.Commerce Department erageout at 1.6% ayear,compared math of the Asian financial crisis. Etsy did even better, riding not just figuresshowthat consumer spend- with 2.1% forSouth Korea. That Moregenerous government the e-commerce wave,but acottage 50 ing on games,toys and hobbies last gapofhalf apercentagepoint is spending would help.Though un- mask-selling industry. Itssales rose year rose 19% from 2019,while the lowest on record,and would employment rose to a21-year high 111% in 2020,and analyststhink they spending on personal computers mean Korea’sconvergencewith in January, public spending during will rise an additional 25% this year. 0 and related equipment rose 15% and the U.S. is slowing to acrawl. Ko- Covid-19 has been restrained. At And so it goes.Analyststhink 2016 ’17 ’18 ’19 ’20 spending on video streaming and reaisnow rich by global stan- 4.2% of GDP,the country’sfiscal that Netflix will have another stel- Note:Seasonally adjusted rental services rose 23%. Much or dards,but itsGDP per capitain deficit wasthe fourth lowest in the lar year of growth in 2021, that Source:Commerce Department all of the coming years’ growth 2019 stood at $28,675,according Organization forEconomic Cooper- Costco’s businesswill be great and might have been pulled forwardby to World Bank databased on 2010 ation and Development last year. that, even though youordered more shot to 14%ofretail sales last year people working,studying and forced exchangerates,still only just half The government last year in- pizza in the past year than youpre- from 11% ayear earlier,according to entertain themselves at home. the U.S. level. creased capital-gains taxes on viously thought possible,Domino’s to the Commerce Department. With Moreover, while analyst esti- Thecountry’sparlous demo- house flipping, one of dozens of sales will continue to expand. Americans moreatease buying mates reflect an expectation that graphics—South Korea’stotal fertil- increasingly strict measures that What makes this situation diffi- thingsonline that they never many companies that benefited ity rate is the world’slowest,falling have nevertheless failed to halt cult forinvestorsisthat these are bought online before, much of those from the pandemic will continue to 0.84 in 2020—areamajor drag, surging prices and debt. Plans to all stories that could end up being market-sharegains could persist. to thrive, they also show that com- but not the whole story. Korean build more than 836,000 housing at least partially true.The pandemic Further complicating the situa- panies that got walloped by it will population growth has been lower units in the next four years are reshaped the economy in waysthat tion, while some businesscatego- rebound smartly. For example, than that of the U.S. foralmost all ambitious, but whatever effect we won’t fully understand until well ries’shareofspending over the sales at Olive Garden owner of the past three decades. they have on prices will take time. afterthe pandemic has passed. next year might shrink,the spend- Darden Restaurants are, by the In fact, the countryisatrisk of Korea’s achievements in break- Maybe people won’t buy as many ing pie looks as if it could getsig- quarter that ends this November, falling intoabalance-sheet trap of ing into the ranks of the world’s dried beans over the next year but, nificantly bigger. Americans have expected to exceed its sales during the variety encountered by Japan in richest countries are impressive— having learned howtocook them, it bulked up their savingsduring the the same period in 2019. Of course the 1990s,which happens when all but it will need to do much more is feasible that dried beans will sell Covid crisis,and the $1.9trillion re- the analysts who cover Darden sectorsofthe economytry to trim than just rest on its laurels if it betterthan they did pre-pandemic lief packagethat President Biden aren’t the same as the analysts their spending at the same time. wants to keep marching higher up from hereonout. signed on Thursdaywill provide who cover Netflix, but maybe they Korean households have adebt-ser- through the income ranks. E-commerce sales,for example, even moremoney.Asthe crisis should talk. —Justin Lahart vicing ratio of 12.8%, well abovethe —Mike Bird

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